Annual report - HSE

Debt ratio
The debt ratio is an important indicator of the business and financial situation. The analysis
of the financial position of HSE Group companies reveals that from the perspective of debt
the business and financial position of HSE Group companies is under control, with the debt
ratios not exceeding the thresholds of safe operation at the end of 2012.
The share of debts (the items of long-term and short-term financial liabilities are taken
into account as well as long-term and short-term operating liabilities from the statement
of financial position) in the financing of the controlling company amounts to 35% and to
41% within the Group. In the debt structure of the parent company and the Group, financial
liabilities account for 61% and 59%, respectively. A more detailed structure of liabilities is
presented in the financial report of the controlling company HSE and the HSE Group.
HSE Group’s equity-to-debt ratio
as at 31 December 2012
2012
2011
Equity 59%
Liabilities 41%
Equity 65%
Liabilities 35%
Financial 59%
Operating 41%
Financial 64%
Operating 36%
Equity-to-debt ratio of the controlling company
as at 31 December 2012
2012
2011
Equity 65%
Liabilities 35%
Equity 75%
Liabilities 25%
Annual Report HSE 2012
2 Business Report
70
Financial 61%
Operating 39%
Financial 55%
Operating 45%