Question

Calculate the gearing ratios from 2016 to 2018 and interpret them.

ASX Code	Item	06/16	06/17	06/18
TLS	CA - Cash	3,550,000,000.00	938,000,000.00	629,000,000.00
TLS	CA - Receivables	4,737,000,000.00	5,468,000,000.00	5,018,000,000.00
TLS	CA - Prepaid Expenses	426,000,000.00	531,000,000.00	548,000,000.00
TLS	CA - Inventories	557,000,000.00	893,000,000.00	801,000,000.00
TLS	CA - Investments	62,000,000.00	21,000,000.00	75,000,000.00
TLS	CA - Other	8,000,000.00	11,000,000.00	6,000,000.00
TLS	Total Current Assets	9,340,000,000.00	7,862,000,000.00	7,077,000,000.00
TLS	NCA - Receivables	1,293,000,000.00	1,039,000,000.00	1,012,000,000.00
TLS	NCA - Inventories	29,000,000.00	29,000,000.00	19,000,000.00
TLS	NCA - Investments	2,745,000,000.00	2,109,000,000.00	3,170,000,000.00
TLS	NCA - PP&E	20,581,000,000.00	21,350,000,000.00	22,108,000,000.00
TLS	NCA - Intangibles(ExGW)	7,883,000,000.00	8,289,000,000.00	8,131,000,000.00
TLS	NCA - Goodwill	1,346,000,000.00	1,269,000,000.00	1,049,000,000.00
TLS	NCA - Future Tax Benefit	54,000,000.00	44,000,000.00	54,000,000.00
TLS	NCA - Other	15,000,000.00	142,000,000.00	250,000,000.00
TLS	Total NCA	33,946,000,000.00	34,271,000,000.00	35,793,000,000.00
TLS	Total Assets	43,286,000,000.00	42,133,000,000.00	42,870,000,000.00
TLS	CL - Account Payable	3,948,000,000.00	4,189,000,000.00	4,835,000,000.00
TLS	CL - Short-Term Debt	2,655,000,000.00	2,476,000,000.00	1,635,000,000.00
TLS	CL - Provisions	1,467,000,000.00	1,258,000,000.00	1,119,000,000.00
TLS	CL - Other	1,118,000,000.00	1,236,000,000.00	1,227,000,000.00
TLS	Total Curr. Liabilities	9,188,000,000.00	9,159,000,000.00	8,816,000,000.00
TLS	NCL - Account Payable	66,000,000.00	70,000,000.00	65,000,000.00
TLS	NCL - Long-Term Debt	14,647,000,000.00	14,808,000,000.00	15,316,000,000.00
TLS	NCL - Provisions	2,456,000,000.00	2,375,000,000.00	2,347,000,000.00
TLS	NCL - Other	1,022,000,000.00	1,161,000,000.00	1,312,000,000.00
TLS	Total NCL	18,191,000,000.00	18,414,000,000.00	19,040,000,000.00
TLS	Total Liabilities	27,379,000,000.00	27,573,000,000.00	27,856,000,000.00
TLS	Share Capital	5,167,000,000.00	4,421,000,000.00	4,428,000,000.00
TLS	Reserves	62,000,000.00	-105,000,000.00	-117,000,000.00
TLS	Retained Earnings	10,642,000,000.00	10,225,000,000.00	10,716,000,000.00
TLS	Outside Equity	36,000,000.00	19,000,000.00	-13,000,000.00
TLS	Total Equity	15,907,000,000.00	14,560,000,000.00	15,014,000,000.00

Answer 1