Debt

Russia’s Domestic Debt to Rise Considerably17   Feb. 8 – The domestic debt of Russia in terms of government securities rose in 2011 at the fastest pace in 15 years, according to data published by the Finance Ministry on its web site today. Russia’s domestic debt expanded 42.5 percent to 4.19 trillion rubles (US$139.8 billion) as of January 1, up from last year’s 40.4 percent advance to 2.94 trillion rubles, the data showed. Prime Minister Vladimir Putin has said Russia’s debt grade is an “outrage”

LONG-TERM TRENDS 1988 GDP (US$ billions) Gross capital formation/GDP Exports of goods and services/GDP Gross domestic savings/GDP Gross national savings/GDP Current account balance/GDP Interest payments/GDP Total debt/GDP Total debt service/exports Present value of debt/GDP Present value of debt/exports 1988-98 (average annual growth) GDP GDP per capita Exports of goods and services 2.4 0.6 5.9 22.2 21.0 25.9 20.8 23.6 2.1 4.4 95.1 24.7 .. .. 1998-08 4.6 3.4 7.5 1998 40.0 26.0 24.4 22.3 25.6 -0.4 2.8

1Organic growth in sales (+2%): € 7,081 million  Profit from recurring operations (+4%) Significant reinvestment to support brands  Increase in marketing investment: € 1,262 million (+2%, organic growth +5%) Further key stage in debt reduction  Marked improvement in Net Debt / EBITDA ratio (on average foreign exchange rates): 4.9 at 30 June 2010 vs 5.4 at 30 June 2009 Strong cash generation  Free Cash Flow from recurring operations € 1,160 million The following analysis will be focused on the examination

individual borrowing can substitute for firm borrowing; third, that investors have full information about the returns of the firm; and fourth-the importance of which M M themselves recognized-is that there are no taxes, or at least tax policy does not treat debt and equity differentially. The question has been not so much whether these assumptions are "realistic," but whether, or under what circumstances, altering these assumptions leads to situations where financial structure does indeed matter. The Risk

tough, unpopular steps. [pic] Yet today Ireland is facing searching, serious questions. Is it sliding back into recession? Is its recovery losing steam? Is it getting to the point when an increasing share of its revenue is needed just to service its debt? Could Ireland default? Could the former Celtic Tiger be locked into a cycle of decline? Hanging over Ireland is a question that hangs over many of Europe's countries. Is it asking the almost impossible to expect recovery while implementing deep austerity

how complementary bank debt and bond debt are. Banks distinguish themselves from the bond market in the sense that they are the best evaluators of firms’ riskiness. Due to market power, bank rates are therefore uninformative and also more expensive than bond rates. In a context of adverse selection, firms can signal their quality to the bond market by using the size of bank debt. We show within this framework that the less risky the firm is, the larger the part of bank debt in its whole financing

and national debt The subprime crisis has an important impact on the unemployment and on the national debt of the US. Job loss accelerated drastically starting in September 2008 following the bankruptcy of Lehman Brothers. As of October 2009, the official U.S. unemployment rate increased to 10.1%, the highest rate since 1983 and roughly twice the pre-crisis rate. POWERPOINT Secondly, the financial crisis increased the public debt of the country. In 2001, the national debt was $5.7 trillion

protection, or in distress and heading toward such a condition. The most common distressed securities are bonds and bank debt. While there is no precise definition, fixed income instruments with a yield to maturity in excess of 1000 basis points over the risk-free rate of return (e.g. Treasuries) are commonly thought of as being distressed. A related category is stressed debt yielding between 600-800 basis points over Treasuries. Distressed securities often carry ratings of CCC or below from agencies

Total Current liabilities | 4,461 | 5,450 | 4,077 | Total Long Term debt | 8,276 | 6,774 | 7,571 | Total Debt | | | 8,096 | Total Liabilities | 16,841 | 16,089 | 14,955 | Total Equity | 7,191 | 6,358 | 8,588 | Entre 2007 et 2009 : Le total des passifs courants a connu une baisse significative de 20% et est due essentiellement à une baisse des « short tem debt and current portion of long term debt » . Les «  LT debt ont augmenté (environ 25%) ; de même, les « account payable » (=les dettes

Net dette= gross debt- Cash (considering only financial dette). Not condisidering Creditors. ( bank loans, bonds, etc) Debt equity ratio= Net debt/ equity no real rules from figures but before the crisis we considered below 2 not agressive enough. Now we are expecting a debt on equity close to 1. Gearing ratio : Net Debt/Ebitda : number close to the operating cash flow : its means that how many years does it take from the ebtida to remboursed the debt. The bigger is the