rjmrjm said: "and at the end of it you dont wind up with a clear statement of the companies actual debt level" --
Annual and half yearly reports should be accurate or the company will get into strife. However, the older the report obviously the less reliable it is - we're now 3 months from the half year report period for most companies.
Some companies at the moment are paying down debt, others are rolling it over or increasing it. Companies often issue updates, so it pays to keep an eye on company announcements as well.
