Annual report - HSE

Net return on equity ratio (ROE)
in € 2012 2011
1. Net profit for the period 85,980,549 69,753,103
2. Average equity 1,441,280,260 1,376,617,115
ROE = 1 / 2 0.060 0.051
Net return on equity ratio – ROE for
2012 amounts to 6.0%; therefore,
more than in 2011 (5.1%). The reason
for this increase is larger net profit of
the Group in 2012.
Net return on asset ratio (ROA)
in € 2012 2011
1. Net profit for the period 85,980,549 69,753,103
2. Average assets 2,435,869,385 2,088,197,192
ROA = 1 / 2 0.035 0.033
Net return on assets ratio – ROA for
2012 amounts to 3.5%, which is more
than in 2011 when it amounted to
3.3%, since the net profit of the Group
increased more than its average
assets.
Added value
in € 2012 2011
1. Operating revenue 1,894,454,884 1,388,711,186
2. Costs of goods, materials 1,459,518,583 995,533,662
and services
Compared to 2012, the value added of
the Group was higher by 12%, mostly
due to improved operating profit or
loss.
3. Other operating expenses 57,786,308 56,205,456
Added value = 1-2-3 377,149,993 336,972,068
Added value / employee
in € 2012 2011
1. Added value 377,149,993 336,972,068
2. Average number of employees 3,860 3,822
Compared to 2012, the value added
per employee was higher by 11%,
mostly due to increased value added
of the Group.
Added value/employee = 1/2 97,720 88,178
Annual Report HSE 2012
2 Business Report
80
Debt-to-equity ratio
in € 31/12/2012 31/12/2011
1. Short-term financial liabilities 224,986,772 81,031,495
2. Long-term financial liabilities 383,769,140 411,791,973
3. Total financial liabilities (1+2) 608,755,912 492,823,468
4. Equity 1,473,462,757 1,409,097,763
Debt-to-equity ratio = 3/4 0.41 0.35
The ratio shows the relationship
between the Group’s indebtedness
and equity. The value of the ratio
is higher than at the end of 2011,
mostly due to increased short-term
indebtedness of the HSE Group as a
consequence of financing investment
in the replacement Unit 6 at TEŠ.
Due to net profit of the HSE Group
in the amount of EUR 86 million, the
equity has also increased. However,
the equity increase is lower than
the increase in Group indebtedness.
The ratio complies with conditions
determined by the banks involved in
the financing of investments.