Net Gearing (excl. Intangibles)Net Gearing (excl. intangibles), is the Total Debt net of cash & equivalents 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 - cash & equivalents) / (ord cap,reserves + prefs,minorities + creditors,short + creditors,long + creditors,other + subordinated loans + insurance funds - intangibles)] * 100
= [(TOTAL LIABILITIES - cash & equivalents) / (TOTAL ASSETS - intangibles)] * 100
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