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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Its Footnote Nets Off More Than Cash","extraTitle":"","html":"<html><head></head><body>Iggy's Journal: Golden Agri Says Net Debt Is US$404M. Its Footnote Nets Off More Than Cash\n\n<img data-align=\"center\" src=\"https://community-static.tradeup.com/news/143475ac306564cca081f3b42514bd43\" tg-width=\"896\" tg-height=\"1200\">\nFri 13 Nov 2026 | Midday\n\nThe Numbers\nGolden 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.\n\nMy Personal Take\nWould 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.</body></html>","htmlText":"<html><head></head><body>Iggy's Journal: Golden Agri Says Net Debt Is US$404M. Its Footnote Nets Off More Than Cash\n\n<img data-align=\"center\" src=\"https://community-static.tradeup.com/news/143475ac306564cca081f3b42514bd43\" tg-width=\"896\" tg-height=\"1200\">\nFri 13 Nov 2026 | Midday\n\nThe Numbers\nGolden 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.\n\nMy Personal Take\nWould 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.</body></html>","text":"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? 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