Novartis AG (NVS) | Debt and Solvency

Ratios (Summary)

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Novartis AG, debt and solvency ratios

Source: Based on data from Novartis AG Annual Reports

Ratio	Description	The company
Debt-to-equity ratio	A solvency ratio calculated as total debt divided by total shareholders' equity.	Novartis AG's debt-to-equity ratio deteriorated from 2009 to 2010 but then slightly improved from 2010 to 2011.
Debt-to-capital ratio	A solvency ratio calculated as total debt divided by total debt plus shareholders' equity.	Novartis AG's debt-to-capital ratio deteriorated from 2009 to 2010 but then slightly improved from 2010 to 2011.
Interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments.	Novartis AG's interest coverage ratio deteriorated from 2009 to 2010 and from 2010 to 2011.

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		Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
	Selected Financial Data (USD $ in millions)
	Current financial debt
	Non-current financial debts
	Total debt
	Issued share capital and reserves attributable to Novartis AG shareholders
	Debt to Equity, Comparison to Industry
	Novartis AG¹
	Industry, Health Care

Source: Based on data from Novartis AG Annual Reports

2011 Calculations

¹ Debt to equity = Total debt ÷ Issued share capital and reserves attributable to Novartis AG shareholders
= ÷ =

Ratio	Description	The company
Debt-to-equity ratio	A solvency ratio calculated as total debt divided by total shareholders' equity.	Novartis AG's debt-to-equity ratio deteriorated from 2009 to 2010 but then slightly improved from 2010 to 2011.

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		Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
	Selected Financial Data (USD $ in millions)
	Current financial debt
	Non-current financial debts
	Total debt
	Issued share capital and reserves attributable to Novartis AG shareholders
	Total capital
	Debt to Capital, Comparison to Industry
	Novartis AG¹
	Industry, Health Care

Source: Based on data from Novartis AG Annual Reports

2011 Calculations

¹ Debt to capital = Total debt ÷ Total capital
= ÷ =

Ratio	Description	The company
Debt-to-capital ratio	A solvency ratio calculated as total debt divided by total debt plus shareholders' equity.	Novartis AG's debt-to-capital ratio deteriorated from 2009 to 2010 but then slightly improved from 2010 to 2011.

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		Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
	Selected Financial Data (USD $ in millions)
	Net income attributable to shareholders of Novartis AG
	Add: Net income attributable to non-controlling interests
	Add: Total interest expense
	Add: Income tax expense (benefit)
	Earnings before interest and tax (EBIT)
	Interest Coverage, Comparison to Industry
	Novartis AG¹
	Industry, Health Care

Source: Based on data from Novartis AG Annual Reports

2011 Calculations

¹ Interest coverage = EBIT ÷ Interest expense
= ÷ =

Ratio	Description	The company
Interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments.	Novartis AG's interest coverage ratio deteriorated from 2009 to 2010 and from 2010 to 2011.