Gross Gearing (excl. Intangibles)Gross Gearing ratio (excl. intangibles), is the Total Debt (short-term and long-term) as a percentage of the Total of Shareholders' funds and Debt funds net of Intangibles. The calculation is the following:
= [(creditors,short + creditors,long + creditors,other + subordinated loans + insurance funds) / (ord cap,reserves + prefs,minorities + creditors,short + creditors,long + creditors,other + subordinated loans + insurance funds - intangibles)] * 100
= [TOTAL LIABILITIES / (TOTAL ASSETS - intangibles)] * 100
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