In the enterprise value to equity bridge, there are a number of items that can exist, let's go up the right hand side. First of all, our sources of finance, the equity value recognizes ordinary shareholders in the business. But we do have another group of shareholders that's not quite captured in the equity value, and that's the NCI or non-controlling interest, sometimes referred to as minority interest. This group of shareholders, they are shareholders in a subsidiary of this business. If we think this business is a holding company, then a subsidiary sits underneath that. If the NCI shareholders are not being captured in the equity value, but they are providing a source of finance, then they need their own box on this right hand side. Other sources of finance include net debt. Net debt is your total debt, less any cash you have. So our true indebtedness is actually a bit less than our total debt, but it may also include any debt equivalents, and these are debts like claims.

Imagine you wanted to buy a plane and use that plane as part of your business, but you can't go to the bank and borrow money to take on any debt and then buy the plane. So instead, you might lease the plane as part of a finance lease or capital lease. That's a debt like claim because if you were to go bust, then the lease company could come after you and either take back the plane or demand payments. So debt equivalents are another source of finance. If I total up everything on the right hand side there, that gives me loads and loads of money to spend. But what have I spent it on? Well, I firstly spend on everything in the enterprise value. We may have bought lots of operating assets or net operating assets, but we may have bought some non-core assets as well. This could include the value of any small share holdings you have. Could be an associate or an equity method investment. Any non-marketable securities might be put in there, but nothing that's core to our business, nothing that we have real control over and we can use to make money and include in our operations. So you might notice that our right hand side, the sources of finance, has to equal the left hand side, the uses of finance.