target

first-level indicator

Secondary indicators

measurement method

financial flexibility

cash indicator

Cash holdings

(Money Funds + Trading Financial Assets)/Average Total Assets

Cash Dividend Coverage Multiple

Net operating cash inflow per share/cash dividend per share

Reinvested Cash Ratio

Net cash flow from operating activities/(fixed assets + long-term investment + other funds + working capital)

Leverage Indicator

Unused Debt Capacity

1-Asset-liability ratio

Long-term gearing ratio

Non-current liabilities/(non-current liabilities + shareholders’ equity)

Interest-bearing debt ratio

(Short-term borrowings + long-term borrowings due within 1 year + long-term borrowings + bonds payable + interest payable)/liabilities

Financing Cost Indicator

Z-score

Z = 1.2M1 + 1.4M2 + 3.3M3 + 0.6M4 + M5, where, M1 = working capital/assets; M2 = retained earnings/assets; M3 = earnings before interest and taxes/assets; M4 = market value/book value of liabilities; M5 = sales revenue/assets