What items are considered in the calculation of net debt?

In the calculation of net debt, the appropriate approach is to consider all interest-bearing debt and then subtract cash and other non-operating assets. This calculation aims to provide a clearer picture of a company's financial obligations in relation to its easily accessible liquid assets.

The rationale is straightforward: interest-bearing debts, such as loans and bonds, represent the total liabilities the company must repay. By subtracting cash and other non-operating assets—like marketable securities and short-term investments that can quickly be converted into cash—one arrives at net debt. This figure more accurately reflects the company’s leverage and financial health, as it shows how much debt remains after accounting for liquid assets that could be used to settle some of those liabilities.

This reasoned consideration effectively highlights the company's actual indebtedness, giving stakeholders a nuanced view of financial risk and liquidity. The other options focus on limited categories of debt or assets that do not encompass the full liability picture necessary for accurate net debt calculation.