Net debt to EBITDA
AccountingBorrowings minus cash, divided by operating earnings.
In plain terms
Years of earnings needed to repay all debt. It is what rating agencies lead with.
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Glossary
Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.
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Trade payables
AccountingAmounts owed to suppliers for goods and services received in the ordinary course of business.
In plain terms
Funding with no interest line, no covenant and no credit rating, and none of it appears in borrowings, net debt to EBITDA or debt-to-equity. It is repayable on demand in the only sense that matters: the supplier can stop supplying.