From a reread of its FY 23 annual report,. LAU's Board was...

From a reread of its FY 23 annual report,. LAU's Board was comfortable with gearing. Capex should be lower in FY 24 than FY 23 as the sudden Scott's collapse accounted for A$22.3 million in asset purchases in FY 23.

Like robrob I don't know the split between owned and leased B-Doubles and other heavy vehicles but highly doubt the majority are owned.

LAU's FY 23 annual report stated:

Interest rate movements – The Group actively monitors interest rate fluctuations to assess its position tomanage its interest bearing liabilities. The Group typically fixes equipment finance interest rates when newequipment is delivered and funded to minimise exposure to interest rate fluctuations. These funding terms rangefrom 3 to 5 years to provide certainty around future funding costs. At 30 June 2023, 71.1% of theGroup's borrowings were on fixed interest rates.

It also said on page 44 that it has about A$101 million in equipment finance leases with just above $36 million expiring by 30 June 2024.

On that basis I bought more, but please DYOR.