Annual report - HSE

Equity to fixed assets ratio
in € 31/12/2012 31/12/2011
1. Equity 988,423,184 970,128,945
2. Property, plant 12,307,202 12,832,828
and equipment
3. Intangible assets 23,653,281 19,888,785
4. Total fixed assets at 35,960,483 32,721,613
carrying amount (2+3)
The ratio stood at 27 at the end of 2012,
meaning that all of the company’s
most illiquid assets were financed
through equity. Due to increase in
intangible assets (stocks of emission
coupons), the ratio was slightly lower
compared with 2011.
Equity to fixed assets ratio = 1 / 4 27.49 29.65
Acid test ratio
in € 31/12/2012 31/12/2011
1. Cash and cash equivalents 3,200,494 18,203,132
2. Short-term investments 303,599,771 109,317,324
and loans
3. Total liquid assets (1 + 2) 306,800,265 127,520,456
4. Short-term liabilities 449,323,041 232,358,446
Acid test ratio = 3 / 4 0.68 0.55
The acid test ratio describes the
relationship between liquid assets
and short-term liabilities. At the end
of 2012, it stood at 0.7, meaning that
more than a half of the company’s
short-term liabilities were covered by
liquid assets. Compared with 2011, the
ratio increased due to higher amounts
of short-term loans received.
Quick ratio
in € 31/12/2012 31/12/2011
1. Cash and cash equivalents 3,200,494 18,203,132
2. Short-term investments 303,599,771 109,317,324
and loans
3. Short-term operating 215,552,162 150,285,915
receivables
4. Total (1 + 2 + 3) 522,352,427 277,806,371
5. Short-term liabilities 449,323,041 232,358,446
The quick ratio stood at 1.2 at the
end of 2012, meaning that the
company finances a part of its longterm
liabilities with current assets.
Compared with the value at the end
of 2011, the ratio slightly decreased
due to increased short-term financial
liabilities that arose from the HSE’s
bridge financing of the replacement
Unit 6 in TEŠ.
Quick ratio = 4 / 5 1.16 1.20
Current ratio
in € 31/12/2012 31/12/2011
1. Short-term assets 524,780,555 291,420,090
2. Short-term liabilities 449,323,041 232,358,446
Current ratio 1.17 1.25
(short-term liabilities) = 1 / 2
The current ratio amounted to 1.17
at the end of 2012, which means that
the Group covered all of its current
liabilities through short-term assets.
Compared with the value at the end
of 2011, the ratio slightly decreased
due to increased short-term financial
liabilities arising from the HSE’s bridge
financing of the replacement Unit 6 in
TEŠ.
Annual Report HSE 2012
2 Business Report
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