Annual report - HSE

Total financial liabilities / Assets
The total financial liabilities to assets
ratio increased relative to the end
of 2011 due to increased short-term
financial liabilities.
in € 2012 2011
1. Long-term financial liabilities 89,558,481 100,009,595
2. Short-term financial liabilities 233,694,331 80,108,197
3. Total financial liabilities (1+2) 323,252,812 180,117,792
4. Assets 1,534,472,368 1,311,214,398
Total financial liabilities / 0.21 0.14
Assets = 3 / 4
Dividend-to-equity ratio
Dividend-to-equity ratio for 2012 amounts to 2% due to the accumulated profit in the
amount of EUR 20 million that the company HSE paid out in 2011. The management and
SB of the company HSE propose that the owner allocate the 2012 accumulated profit in the
amount of EUR 21.5 million to other revenue reserves due to significant Group investments
planned.
2.11.2 HSE Group’s ratios
Equity financing rate
At the end of 2012, the Group’s equity
represented 57% of its total liabilities.
Based on the HSE Group net profit
in the amount of EUR 86 million, the
Group’s equity increased compared
with 2012; however, the dividend-toequity
ratio was lower as a result of
increased long-term indebtedness
arising from financing the construction
of Unit 6.
in € 31/12/2012 31/12/2011
1. Equity and liabilities 2,595,852,738 2,275,886,031
2. Equity 1,473,462,757 1,409,097,763
Equity financing rate = 2 / 1 56.76 61.91
Long-term financing rate
The Group financed 74% of its assets
with long-term resources, while the
remaining 26% were financed with
short-term resources. Long-term
financing rate was lower than in
2011 because of short-term financial
liabilities, which increased due to the
HSE’s bridge financing of the TEŠ
replacement Unit 6.
in € 31/12/2012 31/12/2011
1. Equity 1,473,462,757 1,409,097,763
2. Long-term liabilities 458,930,107 501,407,398
3. Total (1 + 2) 1,932,392,864 1,910,505,161
4. Equity and liabilities 2,595,852,738 2,275,886,031
Long-term financing rate = 3 / 4 74.44 83.95
Annual Report HSE 2012
2 Business Report
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