---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/100000000986366.md"
description: "Iggy's Journal: Golden Agri Says Net Debt Is US$404M. Its Footnote Nets Off More Than CashFri 13 Nov 2026 | MiddayThe NumbersGolden Agri says its net debt is US$404 million. Its footnote deducts trade receivables, inventories and supplier advances, not only cash. Netting off cash and short-term investments alone leaves US$2,429 million of interest-bearing debt. Golden Agri's net debt to EBITDA ratio was 0.3 times. $Golden Agri-Res(E5H.SG) My Personal TakeWould I call a company low-debt if its net debt includes customers who have not paid yet? That is the question I started with, and it leaves me with one more. What does the definition beneath the 0.3 times ratio include, and what does it leave out? I read the footnote before I compare the figure with another company's cash-only net debt. I am not putting a verdict on the shares in this entry. The episode reads the footnote line by line.📺 YouTube: https://youtu.be/bH6_ABtxazECheers,  Iggy 🦖Not financial advice. Iggy's Forensic Compliance Standards apply."
datetime: "2026-11-13T05:39:07.000Z"
locales:
  - [en](https://longbridge.com/en/topics/100000000986366.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/100000000986366.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/100000000986366.md)
author: "[TheInvestingIguana](https://longbridge.com/en/profiles/22116548.md)"
generator: "portal-rs"
---

# Iggy's Journal: Golden Agri Says Net Debt Is US$40…


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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**