Real cash outflow from NWC is not equal to change in real NWC!

In Reading 43 “Valuation in Emerging mkts” Schweser page 108. If Net Working Capital remains the same in real terms, how is there a real cash outflow for NWC? Schweser says this is similar to currency translation gain and loss: Even if there is no real cash outflow for NWC (i.e., no flow effect), there is a holding period loss that should be replenished. Can someone explain?