Annual report - HSE

in €
Capital management 31 December 2012 31 December 2011
Long-term financial liabilities 383,769,140 411,791,973
Short-term financial liabilities 224,986,772 81,031,495
Total financial liabilities 608,755,912 492,823,468
Total equity 1,473,462,757 1,409,097,763
Financial liabilities/equity 0.41 0.35
Net financial liability 601,960,715 425,816,230
Net debt/equity 0.41 0.30
5.5.8.9 Fair value
The Group estimates that the carrying amount is sufficient approximation for its financial
instruments, except derivatives, which are recorded at fair value.
31 December 2012 31 December 2011
Financial instruments Carrying Fair Carrying Fair
amount value amount value
Non-derivative financial assets at fair value 2,664,113 2,664,113 3,881,701 3,881,701
Available-for-sale financial assets 2,641,047 2,641,047 3,881,701 3,881,701
Derivatives (assets) 23,066 23,066 0 0
Non-derivative financial assets at 256,757,692 256,757,692 259,907,017 259,907,017
amortised cost
Financial receivables 1,387,620 1,387,620 2,227,269 2,227,269
Operating receivables 248,574,875 248,574,875 190,672,510 190,672,510
Cash 6,795,197 6,795,197 67,007,238 67,007,238
Total non-derivative financial assets 259,421,805 259,421,805 263,788,718 263,788,718
Non-derivative financial liabilities at 5,322,962 5,322,962 4,230,652 4,230,652
fair value
Derivatives (liabilities) 5,322,962 5,322,962 4,230,652 4,230,652
Non-derivative financial liabilities at 1,033,495,599 1,033,495,599 765,820,165 765,820,165
amortised cost
Bank loans 603,342,580 603,342,580 488,396,973 488,396,973
Other financial liabilities 90,370 90,370 195,843 195,843
Operating liabilities 430,062,649 430,062,649 277,227,349 277,227,349
Total non-derivative liabilities 1,038,818,561 1,038,818,561 770,050,817 770,050,817
in €
5 Financial Report of HSE Group
Annual Report HSE 2012
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