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CAPITAL STRUCTURE

Total debt to total capital Measures the percentage of assets financed with debt Is computed as: average total debt / average total assets

Total debt to total equity Measures debt financing as a percentage of total financing Is computed as: average total debt / average total shareholders equity

Long-term debt to total capital Measures the percentage of assets financed with long-term debt Eliminates current obligations from the ratio because they are paid with maturing current assets Is computed as: average long-term debt / average total assets

Long-term debt to total capital Measures the percentage of assets financed with long-term debt Eliminates current obligations from the ratio because they are paid with maturing current assets Is computed as: average long-term debt / average total assets

Earnings coverage ratio Measures the extent to which an entity can meet its fixed charges Is known as the times interest earned ratio, which is a simplified version of earnings coverage Times interest earned is computed as: operating income before interest and taxes / interest expense It is acceptable substitute for earnings coverage so long as accrual numbers approximate required cash payments for fixed changes

Bankruptcy prediction Mathematical models that provide information about an entitys bankruptcy probability The Z-score is an accepted measure of bankruptcy prediction Computed as a function of five weighted ratios Z-scores above 3.0 indicate little probability of bankruptcy Those below 1.81 indicate a high possibility of bankruptcy Scores between 1.81 and 3.0 are inconclusive

Observe: Long-term debt Short-term debt Cash

AON Common-size Balance Sheet


2009 ASSETS Current assets Total cash Receivables Other current assets Total current assets Non-current assets Property, plant and equipment Equity and other investments Goodwill Intangible assets Deferred income taxes Other long-term assets Total non-current assets Total assets LIABILITY AND STOCKHOLDER'S EQUITY Current liabilities Short-term debt Other current liabilities Total current liabilities Non-current liabilities Long-term debt Deferred taxes liabilities Pensions and other benefits Minority interest Other long-term liabilities Total non-current liabilities Total liabilities Stockholders' equity Common stock Additional paid-in capital Retained earnings Treasury stock Accumulate other comprehensive income Total stockholders' equity Total liabilities & stockholders' equity 1.6 14.0 31.9 -16.8 -7.3 23.4 100.0 1.3 13.8 27.1 -7.2 -6.6 28.5 100.0 1.3 13.6 29.1 -8.6 -8.0 27.3 100.0 0.0 14.6 19.5 0.0 -8.6 25.5 100.0 0.0 15.8 18.9 0.0 -7.8 26.9 100.0 8.7 0.6 8.2 0.2 3.8 21.5 76.6 13.8 2.3 6.5 0.2 4.0 26.9 71.5 14.1 1.0 7.4 0.1 3.5 26.1 72.7 12.2 1.0 7.5 0.1 3.4 24.2 74.5 12.2 1.4 5.3 0.2 3.1 22.1 73.1 0.0 55.0 55.1 1.7 43.0 44.7 1.1 45.4 46.6 1.5 48.9 50.4 2.3 48.6 50.9 2.0 1.4 26.5 3.4 3.8 1.9 39.1 100.0 2.7 1.1 29.8 12.5 1.1 2.8 49.9 100.0 2.6 0.8 29.7 11.1 0.9 2.4 47.5 100.0 2.7 0.5 29.3 9.8 0.9 3.0 46.3 100.0 2.6 0.4 29.7 8.5 0.6 4.1 46.0 100.0 2.8 8.9 49.2 60.9 3.9 9.3 36.9 50.1 3.6 10.8 38.1 52.5 2.1 10.2 41.5 53.7 3.3 9.6 41.1 54.0 2010 2011 2012 2013

Aon Horizontal Common-Size Balance Sheet

2009 ASSETS Current assets Total cash Receivables Other current assets Total current assets Non-current assets Property, plant and equipment Equity and other investments Goodwill Intangible assets Deferred income taxes Other long-term assets Total non-current assets Total assets LIABILITY & STOCKHOLDER'S EQUITY Current liabilities Short-term debt Other current liabilities Total current liabilities Non-current liabilities Long-term debt Deferred taxes liabilities Pensions and other benefits Minority interest Other long-term liabilities Total non-current liabilities Total liabilities Stockholders' equity Common stock Additional paid-in capital Retained earnings Treasury stock Accumulate other comprehensive income Total stockholders' equity Total liabilities & stockholders' equity

2010

2011

2012

2013

100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

177.0% 131.6% 94.6% 103.8% 169.4% 97.8% 142.3% 456.5% 34.6% 183.8% 161.3% 126.2%

165.4% 155.1% 99.7% 110.8% 169.8% 74.9% 144.3% 414.2% 29.3% 164.2% 156.6% 128.7%

99.7% 151.1% 111.9% 117.1% 177.9% 51.7% 147.1% 376.1% 32.3% 208.7% 157.3% 132.8%

156.5% 141.1% 110.1% 116.7% 171.6% 41.4% 148.0% 325.9% 21.9% 280.2% 155.2% 131.8%

100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

4920.0% 98.6% 102.4% 200.9% 514.0% 100.4% 105.8% 132.5% 157.6% 117.9% 106.3% 124.4% 107.2% 53.9% 114.4% 153.4% 126.2%

3370.0% 106.3% 108.9% 208.0% 233.3% 116.0% 80.8% 117.6% 156.2% 122.2% 106.3% 125.1% 117.2% 66.2% 141.5% 150.2% 128.7%

4520.0% 118.0% 121.4% 185.8% 237.2% 120.5% 82.7% 118.9% 149.3% 129.3% 0.8% 138.0% 80.9% 0.0% 155.8% 144.3% 132.8%

7030.0% 116.5% 121.9% 184.5% 325.6% 85.1% 96.2% 107.0% 135.6% 125.8% 0.8% 148.8% 78.1% 0.0% 141.7% 151.4% 131.8%