Ann: AHG presentation to UBS Australasia conference, page-7

Thanks Inductor. Its a bit of a slight of hand to dismiss it, then, when reporting net debt ratio. Afterall, the majority of most companies' debt can be traced back to acquisition of tangible assets. The only difference here is that there is an expectation that they can monetise that asset through normal sales. Its a little bizarre that AHG does this and not any other retailer like, say, Dick Smith, with saleable inventory. I guess AHG are just doing the sums that investors might do anyway but without the inclusion of actualisation risk.