NO.PZ2016012101000125
问题如下:
The data in Exhibit 1 appear in the five-year summary of a major international company. A business combination with another major manufacturer took place in FY13.
Which of the following choices best describes reasonable conclusions an analyst might make about the company’s solvency?
选项:
A.
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.
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 the growth in its profits to GBP 645 million.
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.
解析:ABC三个选项都是看solvency,需要反应出什么ratio衡量了solvency,其中AB提到的ratio都是衡量长期偿债的能力,但C中提到profit的增长,这个不是衡量长期偿债能力的指标,所以C错误。A中说D/A在上升,说明杠杠上升,长期偿债能力应该是下降的,而不是improved,A错误。B选项说interest coverage ratio变低,这个指标变低说明公司的付息能力变差,长期偿债能力下降,因此B正确。
A选项我算出来是-0.14和-0.27,分子用的是-602 和 -3707。哪里出问题了呢?