If BHP Billiton’s $39bn bid for PotashCorp was a flash of the black Amex, yesterday’s full-year results were a comprehensive reminder of the group’s considerable spending power. The ratio of net debt to earnings before interest, tax, depreciation and amortisation, perhaps the best indicator of a company’s ability to add debt, was a mere 0.1 at the end of June – half the level of a year earlier.
如果必和必拓(BHP Billiton)對加拿大鉀肥(PotashCorp)發起的390億美元敵意收購，令人回想起前景黯淡的美國運通(Amex)，那么昨日必和必拓的全年業績報告則從各個方面證明了這家公司相當強勁的購買力。到6月底，必和必拓凈債務與息稅折舊及攤銷前利潤(EBITDA)之比——這一比率大概是衡量一家企業增加負債能力的最佳指標——為0.1，僅僅是去年同期水平的一半。
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