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- Common-Size Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Aggregate Accruals
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Total Debt (Carrying Amount)
Sep 30, 2021 | Sep 30, 2020 | Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | Sep 30, 2016 | ||
---|---|---|---|---|---|---|---|
Short-term debt | |||||||
Long-term debt, excluding current portion | |||||||
Total debt (carrying amount) |
Based on: 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30).
- Short-term debt
- The short-term debt exhibited significant volatility over the analyzed period. Initially, it decreased sharply from 1001 million US dollars in 2016 to 203 million US dollars in 2017. Subsequently, it surged to 2601 million US dollars in 2018, representing a substantial increase. From 2019 onward, there was a consistent decline, with the figure reducing to 1309 million in 2019, then to 707 million in 2020, and further down to 500 million in 2021.
- Long-term debt, excluding current portion
- The long-term debt showed an overall upward movement from 2016 to 2018, increasing from 10,550 million US dollars in 2016 to a peak of 18,894 million in 2018. After reaching this peak, the long-term debt trended downward, decreasing gradually each year to 18,081 million in 2019, 17,224 million in 2020, and 17,110 million in 2021. This suggests a strategy focused on reducing long-term liabilities after 2018.
- Total debt (carrying amount)
- Total debt followed a pattern influenced by changes in both short-term and long-term components. The total debt rose significantly from 2016 (11,551 million) to 2018 (21,495 million), driven primarily by increases in both debt categories. After 2018, total debt declined steadily through the subsequent years, reaching 17,610 million in 2021. The reduction in total debt post-2018 aligns with the reductions observed in both short-term and long-term debt.
- Overall trends and insights
- The debt structure shows a period of increased borrowing culminating in 2018, followed by a cautious deleveraging phase through 2021. The volatility in short-term debt, particularly the sharp rise in 2018 and subsequent declines, may indicate adjustments in liquidity management or refinancing activity. The gradual decline in long-term debt after 2018 suggests an effort to reduce financial leverage or manage interest obligations more effectively. The consistent decrease in total debt from 2018 onwards reflects a strategic focus on strengthening the balance sheet and possibly improving financial stability.
Total Debt (Fair Value)
Sep 30, 2021 | |
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Selected Financial Data (US$ in millions) | |
Commercial paper borrowings | |
Current portion of long-term debt | |
Term Loan Facility | |
Other | |
Total short-term debt (fair value) | |
Long-term debt, excluding current portion | |
Total debt (fair value) | |
Financial Ratio | |
Debt, fair value to carrying amount ratio |
Based on: 10-K (reporting date: 2021-09-30).
Weighted-average Interest Rate on Debt
Weighted-average interest rate on debt:
Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
---|---|---|---|
Total | |||
Based on: 10-K (reporting date: 2021-09-30).
1 US$ in millions
2 Weighted-average interest rate = 100 × ÷ =
Interest Costs Incurred
12 months ended: | Sep 30, 2021 | Sep 30, 2020 | Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | Sep 30, 2016 | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Charged to operations interest | |||||||||||||
Capitalized interest | |||||||||||||
Interest costs |
Based on: 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30).
- Trends in Charged to Operations Interest
- The interest charged to operations exhibits a general upward trend from 2016 to 2018, increasing from 388 million USD to a peak of 706 million USD. However, following 2018, this figure decreases in subsequent years, falling to 639 million USD in 2019, 528 million USD in 2020, and further to 469 million USD in 2021. This pattern suggests a peak in operating interest costs in 2018, with a steady decline afterwards.
- Trends in Capitalized Interest
- Capitalized interest shows a modest but steady increase from 30 million USD in 2016 to 44 million USD in 2019. From 2019 onwards, the amount remains relatively stable, with values of 43 million USD recorded for both 2020 and 2021. This indicates a stabilization of capitalized interest expenditure in the latter years.
- Trends in Total Interest Costs
- Total interest costs reflect a pattern similar to that of the charged to operations interest, starting at 418 million USD in 2016 and rising to a peak of 748 million USD in 2018. Subsequently, total interest costs decline each year to 683 million USD in 2019, 571 million USD in 2020, and 512 million USD in 2021. The decrease is consistent with the reduction observed in operational interest, albeit total interest costs remain higher than operational interest due to the inclusion of capitalized interest.
- Overall Observations
- The data indicates that interest costs, both operational and total, rose significantly until 2018, followed by a steady decline through to 2021. Meanwhile, capitalized interest slightly increased until stabilizing from 2019 onwards. The overall reduction in interest expenses after 2018 could be indicative of improved debt management, refinancing efforts, or changes in borrowing levels or interest rates.
Adjusted Interest Coverage Ratio
Based on: 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30).
2021 Calculations
1 Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense
= ÷ =
2 Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs
= ÷ =
- Interest Coverage Ratio (without capitalized interest)
- The interest coverage ratio showed a declining trend from 3.77 in 2016 to a low of 2.66 in 2018, indicating a reduction in the company's ability to cover interest expenses with its earnings during this period. From 2018 onwards, there was a gradual recovery to 2.87 in 2020, followed by a significant improvement to 5.78 in 2021, suggesting enhanced earnings relative to interest obligations in the most recent year.
- Adjusted Interest Coverage Ratio (with capitalized interest)
- The adjusted interest coverage ratio mirrored the pattern of the unadjusted ratio, declining from 3.5 in 2016 to 2.51 in 2018. A modest recovery was observed through to 2020, reaching 2.65, and then a notable increase to 5.29 in 2021. This adjustment accounts for capitalized interest and confirms the strengthening position in managing interest expenses in the latest reported period.
- Overall Analysis
- Both coverage ratios indicate a period of decreasing ability to cover interest expenses up to 2018, followed by stabilization and a sharp improvement by 2021. The considerable increase in 2021 ratios suggests significant improvements in earnings performance or a reduction in interest expenses, enhancing financial stability with respect to debt servicing capacity.