Annual report - HSE
Annual report - HSE
Annual report - HSE
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
Operating fixed assets rate<br />
in € 31/12/2012 31/12/2011<br />
1. Property, plant 2,231,808,245 1,900,121,752<br />
and equipment<br />
2. Intangible assets 46,605,673 47,817,146<br />
3. Total fixed assets at 2,278,413,918 1,947,938,898<br />
carrying amount (1 + 2)<br />
The Group’s fixed assets represented<br />
88% of its total assets, at the end of<br />
2012. The operating fixed assets rate<br />
increased compared to the end of<br />
2011, as a result of high investments of<br />
the Group companies, particularly in<br />
the replacement Unit 6 at TEŠ.<br />
4. Assets 2,595,852,738 2,275,886,031<br />
Operating fixed assets rate = 3 / 4 87.77 85.59<br />
Long-term assets rate<br />
in € 31/12/2012 31/12/2011<br />
1. Property, plant 2,231,808,245 1,900,121,752<br />
and equipment<br />
2. Intangible assets 46,605,673 47,817,146<br />
3. Investment property 266,073 281,019<br />
The Group’s total long-term assets<br />
account for 88% of its total assets.<br />
The long-term assets rate increased<br />
compared to the end of 2011, mostly<br />
as a result of higher investments of the<br />
<strong>HSE</strong> Group companies.<br />
4. Long-term investments 422,300 4,378,971<br />
in subsidiaries<br />
5. Other long-term investments 3,995,914 5,137,980<br />
and loans<br />
6. Long-term operating 1,234,782 1,685,613<br />
receivables<br />
7. Other long-term assets 520,189 632,148<br />
8. Total 2,284,853,176 1,960,054,629<br />
(1 + 2 + 3 + 4 + 5 + 6 + 7)<br />
9. Assets 2,595,852,738 2,275,886,031<br />
Long-term assets rate = 8 / 9 88.02 86.12<br />
Equity to fixed assets ratio<br />
in € 31/12/2012 31/12/2011<br />
1. Equity 1,473,462,757 1,409,097,763<br />
2. Property, plant 2,231,808,245 1,900,121,752<br />
and equipment<br />
3. Intangible assets 46,605,673 47,817,146<br />
4. Total fixed assets at 2,278,413,918 1,947,938,898<br />
carrying amount (2 + 3)<br />
The equity to fixed assets ratio stood<br />
at 0.65 at the end of 2012, meaning<br />
that the majority of the most illiquid<br />
assets were financed from equity.<br />
Compared to the balance at the end of<br />
2011, the ratio decreased as the equity<br />
increased less than the fixed assets.<br />
This results from bridge financing of<br />
investments with short-term loans.<br />
Equity to fixed assets ratio = 1 / 4 0.65 0.72<br />
<strong>Annual</strong> Report <strong>HSE</strong> 2012<br />
2 Business Report<br />
78
Change language