I think you'll find that BAL are unlikely to have entered into any finance or operating leases that aren't visible. Renting more space will be a direct expense, as will renting shipping containers. If they've leased some containers on the view that they want to own them at some further point, this may be hidden, but given they operate a virtual company, I suspect not.
What may be hidden from investors at the half year is what they have done to "tidy up" their actual working capital position - have they sold more inventory at a discounted price to make sales look better, have they provided buyers with a rebate that doesn't kick in until the second half (so they can book revenue in the first half but not incur the rebate), and have they delayed payments to suppliers.
All will be revealed soon when there results are released and their transparency is or isn't on display !!
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