shareholders take action .... they lied, page-2

hmm... I know by terminology that most people consider gearing to be D/(D+E).
Others use D/E (as you have)

If you were to use the D/(D+E), you would get (in loose terms since you need to make adjustments for other factors).

13.1 / (13.1 + 15.6 + 2.5) using your numbers below.

Using these numbers (haven't checked the numbers so please DYOR), the result will surely be less than 50%.

I must say, the numbers are questionable since I was expecting about 60% (which probably you were as well)