ANNUAL REPORT - HSE
ANNUAL REPORT - HSE
ANNUAL REPORT - HSE
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Controlling company<br />
100<br />
80<br />
60<br />
40<br />
20<br />
0<br />
18 %<br />
82 %<br />
15 %<br />
85 %<br />
Assets<br />
Liabilities<br />
Current<br />
Long-term<br />
<strong>ANNUAL</strong> <strong>REPORT</strong> <strong>HSE</strong> | BUSINESS <strong>REPORT</strong><br />
66<br />
Capital adequacy<br />
Ensuring capital adequacy is one the most important<br />
responsibilities of managers of <strong>HSE</strong> Group companies.<br />
Information from the financial reports of the company<br />
<strong>HSE</strong> and the <strong>HSE</strong> group (presented below) shows that<br />
<strong>HSE</strong> Group companies complied with capital adequacy<br />
requirements as the amount of their capital was adequate<br />
considering the volume and type of transactions<br />
and the risks to which they are exposed in executing<br />
those transactions.<br />
The <strong>HSE</strong> Group also acknowledges the fact that nonfinancial<br />
elements – the so-called soft factors, such<br />
as staff, information etc. – are increasingly being<br />
treated as part of companies’ capital. This, in addition<br />
to financially responsible management, requires<br />
managers of <strong>HSE</strong> Group companies to pursue socially<br />
responsible management as far as capital adequacy<br />
is concerned.<br />
Debt ratio<br />
The debt ratio is an important indicator of the business<br />
and financial situation. The analysis of the financial<br />
position of <strong>HSE</strong> Group companies reveals that<br />
from the perspective of debt the business and financial<br />
position of <strong>HSE</strong> Group companies is under control,<br />
with the debt ratios not exceeding the thresholds of<br />
safe operation.<br />
The share of debt (as per long-term and short-term liabilities<br />
presented in the balance sheet) in the parent<br />
company’s and the Group’s financing amounts to 30%.<br />
In the debt structure of the parent company and the<br />
Group, financial liabilities account for 51% and 69%,<br />
respectively. A more detailed structure of liabilities<br />
is presented in the financial report of the controlling<br />
company <strong>HSE</strong> and the <strong>HSE</strong> Group.<br />
Goals achieved<br />
The analysis of financial operations of <strong>HSE</strong> Group companies<br />
in 2008 reveals that all goals were achieved as<br />
there were no problems with solvency and there were<br />
sufficient financial assets to implement the investments.<br />
What is more, surplus cash provided adequate<br />
return while the principles of safety and diversification<br />
were also observed.
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