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Net
borrowings
This is defined
as gross borrowings minus cash and near-cash assets. Thus a
negative value for net borrowings indicates a net cash position.
Gross borrowings incorporate all loan capital, including loan
stock and debenture stock, convertibles, bank loans and overdrafts.
Near-cash
assets are defined as current assets of a liquid nature which
can readily be converted to cash, for example cash on overnight
or short-term deposit, treasury bills or CD’s (Certificates
of Deposit).
Price sensitive
items, such as marketable securities, are not classed as near-cash
assets for two reasons. First, the market price itself can fluctuate,
and the balance sheet valuation may no longer apply. Second,
securities may or may not be marketable at the actual market
price. A company’s liquid cash position should arguably be assessed
with this risk factor removed.
Net borrowings
consist of the following items from each reported balance sheet:
CONVERTIBLES
DUE AFTER MORE THAN 1 YEAR
+ BANK LOANS
DUE AFTER MORE THAN 1 YEAR
+ OTHER LOANS
DUE AFTER MORE THAN 1 YEAR
+ LONG-TERM
BORROWINGS DUE WITHIN 1 YEAR
+ OVERDRAFTS
& SHORT-TERM BORROWINGS
- CASH &
NEAR-CASH ASSETS
= NET BORROWINGS
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REFS
is available in 3 formats to suit your needs 
Updated daily with data direct from the London
Stock Exchange 
Available
monthly or quarterly on CD
 
Available
monthly or quarterly in two hard-copy volumes
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