It admits to being more highly geared (its net debt-to-equity ratio is 95% and rising), but not to being more risky.

ECONOMIST: Alstom

Aside from the surprise profit and dividend cuts, the company also reported a net debt-to-equity ratio of 61%, double that of last year because of new loans, though Wu says much of that is for project financing.

CNN: HANGING ON AT HOPEWELL

Also on the plus side were a more than doubling of net current assets, to 769 million pounds and a debt-to-equity ratio that actually improved to 0.7 from 1.1 the previous year.

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