Ann: COH Full Year Results Media Release 06.08.13, page-7

re: Ann: COH Full Year Results Media Release ... Cyph - fair enough.

But then again they repaid portion of debt, and took out more.

Just what is the new drawn down debt for is more the question? True from the cashflow pov, it appears to pay the dividend but the intention in terms of the amount borrowed may be for other purposes. Perhaps working capital or other expansionary credit in line with nucleus 6 roll out. Be good to know or if someone has crunched the numbers/info and knows. obviously would prefer clsoer to the nil gearing they had before.

They also disclose their gearing ratio in the capital management note in the financials - interesting that they take out cash and divide by equity + debt... would've thought i wouldn't adjust for the cash given there's other liabilities on the b/s which could technically eat up the cash, so i wouldn't show debt as a net figure divided by total equity + debt to work out gearing ratio. By doing that it does appear more favourable though. to the company that is. 40%-45% when you dont though.