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• Publié par: prince._.abdouman
• Publié le: 24 février 2016
• Nombre de lectures: 0

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M o o d y’s Basic De finitio ns fo r C re d it Statistic s

U s e r ’s G u id e

Intro d uc tio n This re po rt c o lle c ts into a s ingle do c ume nt the de f initio ns fo r the mo s t c o mmo n financ ial te rms o ur Co rpo rate Financ e analys ts us e ac ro s s the glo b al franc his e . The s e are the b uilding b lo c ks fo r mo s t o f Mo o dy's financ ial analys is o ut s ide o f s pe c ialize d are as s uc h as financ ial ins titu tio ns and pro je c t financ e .

Mo o dy's has c hange d its prac tic e o f adjus ting finan c ial data thro ugh the de finitio n o f ratio s . Our b as ic ratio s no lo nge r c o ntain c o mplic ate d add b ac ks to the nume rato rs and de no minato rs b ut are ins te ad s imple r c o ns truc ts b as e d o n fully adjus te d s e ts o f financ ial s tate me nts . In ge n e ral, Mo o dy's adjus ts financ ial s tate me nts to b e tte r re fle c t, fo r analytic al purpo s e s , the unde rlying e c o no mic s o f trans ac  tio ns and e ve nts and to impro ve c o mparab ility o f a c o mpa ny's financ ial s tate me nts with tho s e o f its pe e rs .

Our c o rpo rate financ e analys ts make s tandard adjus tme nts that are s tate d in the fo llo wing rating me tho do lo gie s :

■ Appro ac h to Glo bal Standard Adjustme nts in theMo o dy's Analysis o f Financ ial State me nts fo r No nFinanc ial Co rpo ratio ns  Part I: Standardize d Adjustme nts to Enable Glo bal Co nsiste nc y fo r US and Canadian GAAP Issue rs, pub lishe d in Fe bruary, 2 0 0 6 (# 9 6 76 0 )

■ nts in thebal Standard Adjustme Mo o dy's to Glo Appro ac h Analysis o f Financ ial State me nts fo r No nFinanc ial Co rpo ratio ns  Part II: Standardize d Adjustme nts to Enable Glo bal Co nsiste nc y fo r Issue rs Re po rting unde r Inte rnatio nal Financ ial Re po rting Standards ('IFRS'), publishe d in Fe bruary, 2 0 0 6 (# 9 6 7 2 9 )

■ Appro ac h to Glo Mo o dy's bal Standard Adjustme nts in the Analysis o f Financ ial State me nts fo r No nFinanc ial Co rpo ratio ns  Part III: Standardize d Adjustme nts to Enable Glo bal Co nsiste nc y fo r Issue rs Re po rting unde r Japane se GAAP, publishe d in Oc to be r, 2 0 0 6 (# 9 8 8 4 2 )

In additio n to the s tandard adjus tme nts , analys ts will o fte n make no ns tandard adjus tme nts whe re the y c o ns ide r s uc h adjus tme nts to b e appro priate to re fle c t the unique re quire  me nts o f the ir re gio n o r s e c to r. Fo r e xample , analys ts may adjus t financ ial s tate me nts to re fle c t e s timate s o r as s ump tio ns that the y b e lie ve are mo re prude nt fo r c re dit analys is .

Go ing fo rward, o ur analys ts may re fe re nc e this do c u me nt in the ir re s e arc h to pro vide gre ate r c larity fo r the re ade r.

M o o d y’s Re late d Re se arc h Spe c ial Co mme nt:

■ o dy’sUse with Mo fo r Multiple s Expe nse Re nt Guide line Glo bal Standard Adjustme nt to Capitalize Ope rating Le ase s, publishe d in Marc h, 2 0 0 6 (# 9 6 8 3 0 )

Basic De finitio ns fo r C re d it Statistic s

Interest .....................................................Gross Interest Expense per the Income Statement

Note that Interest Income is not deducted from Interest Expense.

EBIT .........................................................Pretax Income + Interest + Non-Recurring Expenses/(Gains)

Note: (1) Income from equity accounted entities may be included in EBIT if required by the relevant Industry Rating Methodology, or where the equity accounted entity is considered to be an inte- gral part of the company' s income generating operations and the equity-accounted income is deemed to be sufficiently backed by cash distributions from the equity accounted entities. (2) For Japanese GAAP reporters, income from equity accounted entities is included in reported EBIT but excluded from adjusted EBIT. (3) US GAAP reporters have the option of reporting minority interest either before or after as reported EBIT. Minority interest should be excluded from adjusted EBIT.

EBITA .......................................................EBIT + Amortization of Intangibles

Note: (1) Income from equity accounted entities may be included in EBITA if required by the relevant Industry Rating Methodology, or where the equity accounted entity is considered to be an inte- gral part of the company' s income generating operations and the equity-accounted income is deemed to be sufficiently backed by cash distributions from the equity accounted entities. (2) For Japanese GAAP reporters, income from equity accounted entities is included in reported EBIT but excluded from adjusted EBIT (3) US GAAP reporters have the option of reporting minority interest either before or after as reported EBIT. Minority interest should be excluded from adjusted EBIT

EBITDA ....................................................EBIT + Depreciation + Amortization of intangibles

Note: (1) Income from equity accounted entities may be included in EBITDA if required by the relevant Industry Rating Methodology, or where the equity accounted entity is considered to be an inte- gral part of the company' s income generating operations and the equity-accounted income is deemed to be sufficiently backed by cash distributions from the equity accounted entities. (2) For Japanese GAAP reporters, income from equity accounted entities is included in reported EBIT but excluded from adjusted EBIT (3) US GAAP reporters have the option of reporting minority interest either before or after as reported EBIT. Minority interest should be excluded from adjusted EBIT

Assets ......................................................Total Assets per the Balance Sheet

Debt .........................................................Short-term Debt + Current Portion of Long-term Debt + Long-term Debt, net of Current Portion + Liability for Capital Leases (if not already included in Debt)

NetDebt ..................................................Debt - Cash and Cash Equivalents per the Balance Sheet - Cash-like current financial assets per the Balance Sheet

(c o ntinue d o n ne xt page )

Basic De finitio ns fo r C re d it Statistic s (c o ntinue d )

Capitalization ............................................Debt + Total Equity per the Balance Sheet + Minority interest per the Balance Sheet + Non-Current Deferred Income Taxes per the Balance Sheet

Note that, for IFRS and JGAAP reporters, Minority interest is already included in Total Equity per the Balance Sheet.

CapitalExpenditures ................................Gross expenditures for plant and equipment and intangible assets, per the Investing activities sec- tion of the Consolidated Statement of Cash Flow.

FundsFromOperations(FFO) ..................Cash flow from operations before changes in working capital and changes in other short-term and long-term operating assets and liabilities

CashFlowFromOperations(CFO) ...........Cash Flow from Operating activities per the Consolidated Statement of Cash Flow.

Note that, for IFRS reporters, interest paid and received, taxation paid and dividends received are included in CFO irrespective of where they are reported in the Consolidated Statement of Cash Flow.

RetainedCashFlow(RCF) .......................Funds from Operations (FFO) - Common Dividends per the Consolidated Statement of Cash Flow - Preferred Dividends per the Consolidated Statement of Cash Flow - Minority Dividends per the Consolidated Statement of Cash Flow

FreeCashFlow(FCF) ...............................Cash Flow From Operations (CFO) - Capital Expenditures per the Consolidated Statement of Cash Flow - Common Dividends per the Consolidated Statement of Cash Flow - Preferred Dividends per the Consolidated Statement of Cash Flow - Minority Dividends per the Consolidated Statement of Cash Flow

une 2007 J

78480/SP4467 /