=+1* Calculate and comment upon some gearing ratios for Vodafone plc.

Extracts from Vodafone Group ple Balance sheet and profit and loss account, 2003 Em Fixed assets 154,689 Current assets:

Stocks 365 Debtors 7.460 Investments 291 Cash 475 8.591 Creditors due within one year

(14,293)

of which:

Bank loans and overdraft 1.078 Creditors due after more than one year

(13,757)

Provisions for liabilities and charges

(3,696)

Net assets 131,534 Loss before interest and taxation

(5,456)

Interest payable

(752)

Market capitalisation 95.550 Note: Assume net assets equal shareholder funds.