Buckle up for $2, page-1422

part of the issue is that APT only finances for short periods while Flexi can be carrying the debt for 5 years - quite different. Long term debt for APT is a fraction of what it is for FXL or even Z1P.

the important debt in my opinion is corporate debt and Flexi runs at a gearing of 35% which is quite reasonable. It was much higher - maybe 70%, but a few years ago they took the dividend payout from around 70% to 35% and this enabled them to reduce corporate debt significantly. I am not sure what corporate debt is for the others, but given they make losses, they should have a level of corporate debt, unless they are funding via capital raises.