Annual report - HSE

Acid test ratio
The acid test ratio describes the
relationship between liquid assets
and short-term liabilities. At the end
of 2012, the acid ratio stood at 0.01,
which means that the Group covered
1.2% its current liabilities with its liquid
assets. Compared with 2011, the
ratio decreased due to the increase
in short-term trade liabilities, which
was a result of agreed-upon payment
delays regarding the suppliers of
equipment for the replacement Unit
6 at TEŠ, as the latter was unable to
draw the long-term loans from EIB
and EBRD.
in € 31/12/2012 31/12/2011
1. Cash and cash equivalents 6,795,197 67,007,238
2. Short-term investments 1,210,394 1,894,071
and loans
3. Total liquid assets (1 + 2) 8,005,591 68,901,309
4. Short-term liabilities 663,459,874 365,380,870
Acid test ratio = 3 / 4 0.01 0.19
Quick ratio
The quick ratio stood at 0.38 at the
end of 2012, meaning that the Group
finances 38% of all current liabilities
from short-term assets. Compared
with 2011, the ratio decreased
due to the increase in short-term
trade liabilities, which was a result
of agreed-upon payment delays
regarding the suppliers of equipment
for the replacement Unit 6 at TEŠ,
as the latter was unable to draw the
long-term loans from EIB and EBRD.
in € 31/12/2012 31/12/2011
1. Cash and cash equivalents 6,795,197 67,007,238
2. Short-term investments 1,210,394 1,894,071
and loans
3. Short-term operating 247,340,093 188,986,897
receivables
4. Total (1 + 2 + 3) 255,345,684 257,888,206
5. Short-term liabilities 663,459,874 365,380,870
Quick ratio = 4 / 5 0.38 0.71
Current ratio
The current ratio stood at 0.45 at the
end of 2012, meaning that the Group
finances 45% of all current liabilities
from its total short-term assets. The
ratio was lower than in the previous
period, due to discussed increase in
short-term trade liabilities regarding
the construction of Unit 6 at TEŠ, as
the company could not draw the longterm
loans from EIB and EBRD.
in € 31/12/2012 31/12/2011
1. Short-term assets 301,532,840 305,056,555
2. Short-term liabilities 663,459,874 365,380,870
Current ratio (short- 0.45 0.83
term liabilities) = 1 / 2
Operating efficiency ratio
In 2012, the Group’s operating revenue
exceeded its operating expenses
by 6%. The ratio dropped by 1%
compared with the 2011 ratio, due
to deteriorated profit or loss of the
controlling company.
in € 2012 2011
1. Operating revenue 1,894,454,884 1,388,711,186
2. Operating expenses 1,783,491,020 1,294,235,872
Operating efficiency ratio = 1 / 2 1.06 1.07
Annual Report HSE 2012
2 Business Report
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