Much is commented on Arrium's debt position.
Which ignores about 38% of the debt is for working capital.
Using 1H14 numbers
Stat Net Debt 1975
less Inventory 1332
plus Receivables 593
less Payables 1030
Stat Net Debt excluding working capital funding = $1,220m
Implied gearing = 1220 / (1220 + 3877) = 23%
I get 38% by (1975 - 1220) / 1975 = 38%
It world better represent the 'actual' debt position of the group.
The writer implies no investment recommendation. This report contains material speculative in nature.
Investors should seek professional investment advice. The writer owns shares in Arrium.
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- Net Debt excluding working capital funding = $1,220m
Net Debt excluding working capital funding = $1,220m
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