Ann: FY2023 Results Presentation, page-16

Have they exceeded their net gearing ratio requirement? Surely they would state this plainly if they had. If not, what is the difference in how their referenced 'gearing level' is calculated?

Gearing level stated to be 46.2% and net gearing ratio requirement <40%. Is it a matter of using gross debt rather than net debt in the calculation? See below in the extracted text:

From the chair and MD statement:
The Company’s balance sheet remains in a sound position with excellent assets. Due to the lower volume of the 2023 crop and the lower quality profile of the 2022 and 2023 crops the level of cash receipts decreased. As a consequence, the Company’s net debt position increased to $190.2m with a gearing level of 46.2%. While this is higher than we would like, the Company’s forecast cashflows has us operating within banking limits and a reduction in debt level will follow the harvesting of the 2024 crop.

From the report:
During the financial year, the Group successfully secured credit approval for an increase in banking facilities, adjusted covenants as well as incorporating the seasonal facility into its overall banking facility. Incorporating the seasonal facility into the overall banking facility ensures certainty around access to the seasonal facility should the Group require it for the 2024 harvest. The new facility limit amounted to $260 million (2022: $175.1 million) with the limit reducing by $20 million each at 1st July 2024 and 1st July 2025. Please refer to note 4.4 for further information. The Group also adjusted it’s covenants computation by decreasing the fixed charge cover ratio (FCC) covenant from >3.0 applicable at the first testing date (as at 31 March 2024) to > 2.0 times. At the September 2024 testing date, the FCC ratio will revert back to > 3.0. The two other covenants remained the same as per the previous agreement:x Liquidity ratio requirement of >1.2x Net gearing ratio requirement of <40%There was no change made to the Company’s bank overdraft facilities which amounted to USD$5 million (2022: USD$5 million). The current interest rates at balance date are 5.81% (2022: 4.57%) on the debt facility, and 1.675% (2022: 1.675%) on the United States dollar bank overdraft facility.