Annual report - HSE

Debt-to-equity ratio
in € 2012 2011
1. Short-term financial liabilities 233,694,331 80,108,197
2. Long-term financial liabilities 89,558,481 100,009,595
3. Total financial liabilities (1+2) 323,252,812 180,117,792
4. Equity 988,423,184 970,128,945
Debt-to-equity ratio = 3 / 4 0.33 0.19
The ratio shows the relationship
between the company’s debt and
equity. At the end of 2012, the ratio
stood at 0.33 and was higher than in
2011 as a result of increased shortterm
debt. This increase was caused
by the HSE’s bridge financing of Unit
6, as TEŠ could not draw the longterm
loans from EIB and EBRD by
the end of the year, before obtaining
the government guarantee. At the
end of March 2013, the ratio stood at
0.27 due to TEŠ’s drawing of the EIB
and EBRD loans for the construction
of replacement Unit 6. Consequently,
TEŠ repaid the bridge loan from the
company HSE. Short-term liabilities
to banks and to the Group decreased,
thanks to repayments.
Total financial liabilities / EBITDA
in € 2012 2011
1. Short-term financial liabilities 233,694,331 80,108,197
2. Long-term financial liabilities 89,558,481 100,009,595
3. Total financial liabilities (1+2) 323,252,812 180,117,792
Ratio represents relationship between
the company’s debt and EBITDA.
Compared with the end of 2011, the
ratio grew with the company’s shortterm
debt.
4. EBIT – Operating profit or loss 63,509,542 55,617,425
5. Amortisation/depreciation 2,015,856 1,425,928
6. EBITDA (4+5) 65,525,398 57,043,353
Total financial liabilities / 4.93 3.16
EBITDA = 3 / 6
EBITDA / Financial expenses from loans
received
in € 2012 2011
1. EBIT – Operating profit or loss 63,509,542 55,617,425
2. Amortisation/depreciation 2,015,856 1,425,928
The ratio is lower than in 2011, mainly
because of increased expenses for
interest due to higher indebtedness.
3. EBITDA (1+2) 65,525,398 57,043,353
4. Financial expenses from 7,753,911 3,298,008
loans received
EBITDA / Financial expenses 8.45 17.30
from loans received = 3 / 4
Annual Report HSE 2012
2 Business Report
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