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