Ann: Half Year Results Presentation, page-37

I have had another look at this (using the correct report).
Borrowings have increased by ~$2.2bn. Using your formula debt/equity has increased from 69% to 122%. Using Total Liabilities, the ratio has risen to 185% from 119%.

What ever way you paint it they are highly leveraged. With increased borrowing comes increased risk, particularly in current climate of rising interest rates. The concern of course is their ability to service $5.3bn in borrowings. Whilst finance costs increased 59% to $102m, EBIT declined by 89% to $196m (down from $370m).