Debt-to-Equity Ratio (excl. Intangibles)Debt-to-Equity (excl. Intangibles) ratio, is the Long-term Debt over the Equity after we deduct Intangibles from the latter. Again this ratio looks at the balance the company keeps between debt and equity in its financial structure. Only this time, equity has been decreased by the amount of intangibles, to provide a 'netted' amount of equity capital. Rather than containing much information by itself, this ratio should be compared with the straight Debt-to-Equity one.
The calculation is as follows:
= (creditors long + creditors other + subordinated loans + insurance funds) / (ord cap,reserves + prefs,minorities - intangibles)