It seems they also account for bad debts after 180 days but use it as a percentage against the previous 12 months receivables, which does not paint a true picture against their current position IMO.Yes the problem is they calculate bad debts against prior receivables but it should be in reality IMO current H1 income against bad debts which gives you a truer picture and its sitting currently at circa 15% bd of income, add in borrow costs and it doesn't look so rosy.
Ann: Quarterly Report and Appendix 4C, page-112
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