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AgnesWu · 2024年12月03日

关于int. coverage ratio

  1. CFA I
  2. FRA

NO.PZ2023081403000142

问题如下：

Q. Which of the following choices best describes reasonable conclusions an analyst might make about the company’s solvency?

The following data appear in the five-year summary of a major international company. A business combination with another major manufacturer took place in FY13.

Exhibit 1:

Five-Year Summary of a Major International Company

选项：

A.Comparing FY14 with FY10, the company’s solvency improved, as indicated by the growth in its profits to GBP 645 million. B.Comparing FY14 with FY10, the company’s solvency deteriorated, as indicated by a decrease in interest coverage from 10.6 to 8.4. C.Comparing FY14 with FY10, the company’s solvency improved, as indicated by an increase in its debt-to-assets ratio from 0.14 to 0.27.

解释：

B is correct. Comparing FY14 with FY10, the company’s solvency deteriorated, as indicated by a decrease in interest coverage from 10.6 (= 844/80) in FY10 to 8.4 (= 1,579/188) in FY14. The debt-to-asset ratio increased from 0.14 (= 602/4,384) in FY10 to 0.27 (= 3,707/13,799) in FY14. This is also indicative of deteriorating solvency. In isolation, the amount of profits does not provide enough information to assess solvency.

这个指标的分母我记得说最好用int. payable,想问下B/S表中的int. bearing of debt 是什么意思？

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1 个答案

王园圆_品职助教 · 2024年12月03日

同学你好，请看以下讲义截图，助教记得题库里有一道题目考的是fixed charge coverage的计算，根据fixed charge coverage这个指标里interest是指interest expense这个I/S表科目而非B/S表的interest payable科目，可以倒退知道interest coverage ratio里面的interest也是指的interest expense这个项目哦

另外 interest bearing debt就是指的支付利息的那种负债，因为公司也会有一些经营性负债譬如应付账款，应付职工薪酬，就是不用支付利息的，所以这里的“interest bearing ”相当于是把这类付息负债和不付息的经营负债做了更清晰的划分了

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