Cheers.
Anyone want to have a go at calculating fixed charge ratio?
Assume EBIT stable yoy (pbt was 30.6mil and finance costs were 18.4 last year) = 49mil
Gross debt is 223mil. Last year debt repayments were 45mil so can we assume the equipment leases + loans for acquisitions is being amortised over ~ 6years. This maybe a bit high so maybe we should assume 10 years = 22mil per year?
so Fixed charge = 22 (debt repayment) + interest expense of 17 (disclosed in recent trading update) + leases (current lease liability) 14 = 53mil
so that would make the fixed charge ratio of only ~ 1.
Where have I gone wrong?
Ann: Trading Update, page-64
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