Ann: ASIC decision on Flex Commissions, page-20

The high level of debt that APE has is not what I would like to have, but I am old and getting more risk averse. APE has been growing well over the years using the same business model, both when interest rates were higher than today and also when they fell. Obviously they have the skills to manage their cashflow.

APE has lots of property via the car lots.
It also has a large investment in another company that does similar business.
For mine, APE is fine with the debt it has.
It is the only coy that has such high debt in my portfolio.
I am no expert, but in my own experience in business, debt used for trading stock makes a lot of sense if your gross margin covers it easily.
That is really the only way to increase profit at a reasonable rate if the business buys in goods and then sells them on.
It is called risk for a reason.
I inherited APE shares from my father that had a cost price of 80c from around 2001.
The reason I am a shareholder is because I believe in APE.
If we motorists decide to stop buying new cars then I will be a seller.

Cheers,