I do not think I can follow you.
I see it like this.
Net working capital is calculated as Current assets minus Current liabilities.
If Current assets are less than Current liabilities an entity has a Working Capital deficit.
Assets and liabilities are split between Current and Long term.
That we see on the Balance sheet from ORV.
According to the balance sheet Sept. 30 2012, ORV has got :
Current assets of : 69.4 MUSD and Current liabilities of 74.7 MUSD.
That means quite clearly that there is a Working capital problem.
Which also Doulis correctly pointed out.
Then I asked BW about this and he answered as you know,
that they are working throug it, that Capex costs can be reduced - and so is done -
and that better timely deliveries will take place etc.
In Current asstes not only Bank holdings and Bank debt are considered.
ORV has got the following Current assets:
Cash 13.2 , Restricted cash 16.7 , Concentrate and dore...10.0 , Value added taxes.. 13.0
Inventory 16.4 . Means a total of : 69.4
Also Current liabilities has got subaccounts.
And as I said before : the problem for us to estimate the Liquidity problem , is that we do not know when
the money has to be paid or received.
BUT if Capex is possible to be reduced for this time-period , it helps a lot.