Ann: Media Release - AVJennings Delivers Strong Results, page-13

Their debt has been increasing, however it's part of a well laid-out strategy, and the debt ratio sits around 25% (which is well within their 15-35% target bracket).

You can clearly see they have used the debt to invest in their WIP - this will turn into cash in the short term and they'll be able to stabilise the debt ratio, if not reduce it - they'll make that decision in line with their dividend payout within the parameters of both their debt and divi payout targets, and taking into account business conditions at the time.

This is an extremely run business with their finger on the pulse - not sure you're analysis stacks up