In going over the equity to enterprise value bridge, there are a number of items to include So we start off with our diluted market capitalization or equity value We then ask, what other sources of finance does this company have? Well another source of finance is your non-controlling interest Your non-controlling interest, these are shareholders but they're not shareholders in your company (the holding company) They're actually small shareholders in a subsidiary (majority owned by the company) So let's say the company owned a subsidiary and it owns 90% of that subsidiary Well it's all been included within the holding the company but 10% is owned by somebody else So technically they are a source of finance to a subsidiary Another source of finance is preference shares Preference shareholders are not ordinary shareholders, so we keep them as a separate source of finance We then have debt and debt equivalents Debt equivalents, we mean things like capital finance leases, pensions, debt like provisions etc. So that's all my sources of finance, I've got loads of money now. What have we done with that money? Well some of it we haven't actually spent. We've got it sat as cash in the bank It's interesting to note that the debt & debt equivalents box are sometimes netted off to make net debt Alternatively with some of your money, you may have invested it in short term investments You may also invested some of your money in smallholdings in other companies Equity affiliates, equity investments where you own less than 20% Non of these are the core business though. What you've really raised most of that money for is for enterprise value To have operating assets producing goods and selling them