Iggy's Journal: Golden Agri Says Net Debt Is US$404M. Its Footnote Nets Off More Than Cash
Iggy's Journal: Golden Agri Says Net Debt Is US$404M. Its Footnote Nets Off More Than Cash
Fri 13 Nov 2026 | Midday
The Numbers
Golden Agri says its net debt is US$404 million. Its footnote deducts trade receivables, inventories and supplier advances, not only cash. Netting off cash and short-term investments alone leaves US$2,429 million of interest-bearing debt. Golden Agri's net debt to EBITDA ratio was 0.3 times.
My Personal Take
Would I call a company low-debt if its net debt includes customers who have not paid yet? That is the question I started with, and it leaves me with one more. What does the definition beneath the 0.3 times ratio include, and what does it leave out? I read the footnote before I compare the figure with another company's cash-only net debt. I am not putting a verdict on the shares in this entry. The episode reads the footnote line by line.
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