• 1H23 sales had been previously reported. Zephyr held US$6.2 mm in cash at the end of June, ahead of our expectations of US$4.8 mm. Zephyr is also carrying US$6.0 mm of current receivables and US$12.8 mm of current payables. Adding pre-payments results in a positive working capital position (pre debt) of ~US$2.2 mm. This is more favourable that the working capital deficit of US$5 mm that we were forecasting. • Total debt at the end of June was US$33.7 mm, very close to our estimate of US$32.1 m ....