Bailment finance is part of the working capital cycle. While it is more expensive than other forms of debt, it is cheaper than equity.
So personally, I would prefer Management to use bailment finance instead of raising extra equity.
Also while Bailment Finance has increased, so has inventory across the business.
Bailment as a percentage of New Motorcycles is actually the lowest it has been.
Ann: EBITDA Guidance, page-26
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