紫同学2018-03-28 09:49:29
11. Based on the information provided in Exhibit 1, the EBITDA interest coverage ratio of Adidas AG is closest to: A. 7.91x. B. 10.12x. C. 12.99x. Adidas AG Excerpt from Consolidated Income Statement Year Ending 31 December 2010 (€ in millions) Exhibit 1. Gross profit 5,730 Royalty and commission income 100 Other operating income 110 Other operating expenses 5,046 Operating profit 894 Interest income 25 Interest expense 113 Income before taxes 806 Income taxes 238 Net income 568 Additional information: Depreciation and amortization: €249 million Source: Adidas AG Annual Financial Statements, December 2010 麻烦老师帮我讲一下EBITDA interest coverage ratio 方面的知识,原来财务课没讲那么详细。还是比较懵。
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Sinny2018-03-28 10:39:14
同学你好,这里EBITDA interest coverage ratio指的就是用EBITDA计算的利息保障倍数。我们通常计算利息保障倍数的时候,用的是EBIT除以interest,或者用CFO除以interest cost,但是这里在EBIT的基础上又加了depreciation和amortization这两项不需要有真实现金流出的费用,能够让分母部分的EBIT靠近企业的经营性现金流。
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好的,谢谢老师。
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