tend to agree. But there is good debt and bad debt... the balance sheet for Myer is so misleading because the non current lease liabilities are what enable Myer to earn income.... as opposed to having cash debt that needs to be paid.
have a look at Myers historical balance sheet and you notice in 2019-2020 (recalling off the top of my head) that non current liabilities goes from $100m to $1.6b because of the change to accounting standards around lease payments...
the leases are also then represented on the non current assets side of the balance sheet, however with a discount applied. Eg myer reasses the value of the lease each year.
From 2020 fy report leased assets were shown as $1.272b, yet leased liabilities were $1.627b. Basically Myer paid too much for the leases they have and the balance sheet looks poor on face value.
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tend to agree. But there is good debt and bad debt... the...
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