Annual report - HSE
Annual report - HSE
Annual report - HSE
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Total financial liabilities / EBITDA<br />
The ratio shows the relationship<br />
between the Group’s debt and<br />
EBITDA. The ratio is higher than at<br />
the end of 2011, mostly due to higher<br />
short-term indebtedness of the <strong>HSE</strong><br />
Group as a consequence of financing<br />
investment in the replacement Unit 6<br />
at TEŠ. Despite the fact that the ratio is<br />
somewhat lower than in the previous<br />
year, it complies with the conditions<br />
determined by the banks involved in<br />
financing of investments.<br />
in € 2012 2011<br />
1. Short-term financial liabilities 224,986,772 81,031,495<br />
2. Long-term financial liabilities 383,769,140 411,791,973<br />
3. Total financial liabilities (1 + 2) 608,755,912 492,823,468<br />
4. EBIT – Operating profit or loss 113,297,265 96,190,255<br />
5. Amortisation/depreciation 89,668,593 92,705,604<br />
6. EBITDA (4 + 5) 202,965,858 188,895,859<br />
Total financial liabilities / 3.00 2.61<br />
EBITDA = 3/6<br />
EBITDA / Financial expenses from loans<br />
received<br />
The ratio showing the relationship<br />
between the indebtedness of the<br />
Group and financial expenses from<br />
loans is lower than in 2011, due<br />
to higher interest on loans, and it<br />
complies with conditions determined<br />
by banks participating in the financing<br />
of investments.<br />
in € 2012 2011<br />
1. EBIT – Operating profit or loss 113,297,265 96,190,255<br />
2. Amortisation/depreciation 89,668,593 92,705,604<br />
3. EBITDA (1 + 2) 202,965,858 188,895,859<br />
4. Financial expenses from 11,466,705 8,387,544<br />
loans received<br />
EBITDA / Financial expenses 17.70 22.52<br />
from loans received = 3/4<br />
Total financial liabilities / Assets<br />
The ratio showing the relationship<br />
between the Group’s indebtedness<br />
and assets slightly increased in<br />
comparison with 2011, mostly due to<br />
the groups’ increased indebtedness.<br />
The ratio complies with conditions<br />
determined by the banks involved in<br />
the financing of investments.<br />
in € 2012 2011<br />
1. Long-term financial liabilities 383,769,140 411,791,973<br />
2. Short-term financial liabilities 224,986,772 81,031,495<br />
3. Total financial liabilities (1 + 2) 608,755,912 492,823,468<br />
4. Assets 2,595,852,738 2,275,886,031<br />
Total financial liabilities / 0.23 0.22<br />
Assets = 3/4<br />
Dividend-to-equity ratio<br />
Within the scope of the <strong>HSE</strong> Group, the controlling company paid the owner the 2011<br />
accumulated profit of EUR 20 million; accordingly, the dividend-to-equity ratio reached<br />
1.4%.<br />
<strong>Annual</strong> Report <strong>HSE</strong> 2012<br />
2 Business Report<br />
81
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