In the "Operating and Financial Review Overview, the third paragraph stated:
"Our Balance Sheet remained strong with gearing, being net debt against net debt and equity of approximately 32%"
So, I think they've divided the sum of $28,850 (Cash), $3,787 (Current borrowing), $157,784 (Long term borrowing) by $278,639 (Equity) plus the sum of $28,850, $3787 and $157784.
Which means that they've represented $132,721 as a percentage of ($132,721 + $278,639) to achieve 32%.
I thought gearing was simply $132,721 (net debt) divided by $278,639 (equity) which = 48%.
I may be misunderstanding how it should be calculated or perhaps it doesn't matter as long as they're consistent with their approach.
In the "Operating and Financial Review Overview, the third...
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