My point is that it is easy to pick one or two figures out of an...

My point is that it is easy to pick one or two figures out of an annual report and say how bad it is, but I think there is a bigger picture here and to me I can see the investment in growth and future earnings. Not trying to be argumentative, but that's how I view things. Each to their own.

Sure, but I'm responding to the one figure you happened to pick, namely "gearing", as a measure of solvency, when it is a meaningless measure given the nature of GXL's equity base.

When your balance sheet is purely intangible, quoting debt as a proportion of such a balance sheet is flawed. The lending to GXL is cash flow based, not asset based; hence you need to look at coverage ratios.

And all I'm saying is that they are high for a retailer...well, too high for my liking.