1 How does the discussion explain the company’s view on the cash invested in working capital?

Chairman’s statement (extract)
Operating cash flow was £43.0 million (2008: £30 million), representing 93% of adjusted operating profit, despite an increase in stock and debtors commensurate with the growth of the business. Net debt for the year was reduced to £15.4 million (2008: £21.8 million) as operating cash flow was more than sufficient to fund acquisitions (including further investment in DB Power Electronics), capital expenditure, dividend payments, tax and interest.
. . . .
Net debt for the year was reduced to £15.4 million (2008: £21.8 million) as operating cash flow was more than sufficient to fund acquisitions (including further investment in DB Power Electronics), capital expenditure, dividend payments, tax and interest.