RDP 2022-05: The Real Effects of Debt Covenants: Evidence from Australia Appendix B: Other Descriptive Statistics
October 2022
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| Mean | Median | Standard deviation | |
|---|---|---|---|
| Revenue ($ million) | 378 | 15 | 2,189 |
| Debt ($ million) | 321 | 4 | 2,018 |
| Cash ($ million) | 87 | 6 | 648 |
| Assets ($ million) | 1,135 | 59 | 6,802 |
| Investment ($ million) | 463 | 5 | 4,270 |
| Staff expenses ($ million) | 55 | 3 | 267 |
| Return on equity ratio | 0.1 | 0.1 | 13.0 |
| Debt-to-equity ratio | 1 | 0 | 15 |
| Debt-to-EBITDA ratio | 0 | 0 | 132 |
| Interest coverage ratio | –5,282 | 4 | 329,514 |
|
Sources: Author's calculations; Connect4; Morningstar |
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Figure B1: Reported Debt Covenants by Sector
Non-financial listed firms, 2002–20
Sources: Author's calculations; Connect4
| 2002–10 | 2011–20 | ||||||
|---|---|---|---|---|---|---|---|
| 25th percentile | Median | 75th percentile | 25th percentile | Median | 75th percentile | ||
| Revenue ($ million) | 35.6 | 110.9 | 330.8 | 19.8 | 82.4 | 289.6 | |
| Debt ($ million) | 8.3 | 47.8 | 301.4 | 11.1 | 79.3 | 420.0 | |
| Cash ($ million) | 1.9 | 9.1 | 30.3 | 4.5 | 15.9 | 50.3 | |
| Assets ($ million) | 55.4 | 198.2 | 980.1 | 87.3 | 446.5 | 1,342.0 | |
| Investment ($ million) | 6.6 | 29.8 | 210.7 | 3.5 | 38.1 | 288.1 | |
| Staff expenses ($ million) | 5.3 | 17.5 | 60.8 | 3.1 | 20.2 | 81.7 | |
| Return on equity ratio | 0.1 | 0.2 | 0.4 | 0.1 | 0.2 | 0.3 | |
| Debt-to-equity ratio | 0.3 | 0.5 | 0.9 | 0.2 | 0.4 | 0.8 | |
| Debt-to-EBITDA ratio | 0.9 | 3.6 | 8.0 | 0.8 | 3.4 | 8.1 | |
| Interest coverage ratio | 2.8 | 5.8 | 12.6 | 2.1 | 5.5 | 13.2 | |
|
Sources: Author's calculations; Connect4; Morningstar |
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