ANNUAL REPORT - HSE

2.11.1 The controlling
company’s ratios
EQUITY FINANCING RATE 31/12/2008 31/12/2007
1. Liabilities in € 1,158,781,276 1,141,859,460
2. Equity in € 798,817,478 757,166,486
Equity financing rate = 2 / 1 68.94 66.31
At the end of 2008, the company’s equity amounted to 69% of its total liabilities. Compared with the end of 2007, the
equity financing rate increased mainly due to higher net profit for the year 2008.
LONG-TERM FINANCING RATE 31/12/2008 31/12/2007
1. Equity in € 798,817,478 757,166,486
2. Long-term liabilities in € 161,302,465 156,475,386
3. Provisions and Long-term accrued costs and deferred revenue in € 19,175,683 7,943,631
4. Total (1 + 2 + 3) 979,295,626 921,585,503
5. Liabilities in € 1,158,781,276 1,141,859,460
Long-term financing rate = 4 / 5 84.51 80.71
The company financed 85% of its assets from long-term sources and 15% from short-term sources. Compared with
the end of 2007, the long-term financing rate increased by 4 percentage points due to an increase in equity and longterm
liabilities and a decrease in short-term financial liabilities.
OPERATING FIXED ASSETS RATE 31/12/2008 31/12/2007
1. Property, plant and equipment in € 6,774,756 127,881,827
2. Intangible assets and Long-term accrued revenue and deferred costs in € 8,178,427 8,430,458
3. Total fixed assets at carrying amount in € (1 + 2) 14,953,183 136,312,285
4. Assets in € 1,158,781,276 1,141,859,460
Operating fixed assets rate = 3 / 4 1.29 11.94
The share of property, plant and equipment and intangible assets in the company's assets amounts to 1% and has
decreased compared with the end of 2007 due to the transfer of the joint venture for the construction of HPPs on the
lower Sava River to the new company HESS. All of the company's investments in the joint venture were transferred
to long-term investments.
ANNUAL REPORT HSE | BUSINESS REPORT
LONG-TERM ASSETS RATE 31/12/2008 31/12/2007
1. Property, plant and equipment in € 6,774,756 127,881,827
2. Intangible assets and Long-term accrued revenue and deferred costs in € 8,178,427 8,430,458
4. Long-term investments in € 929,662,269 819,063,439
5. Long-term operating receivables in € 2,715,058 125,188
6. Total (1 + 2 + 4 + 5) 947,330,510 955,500,912
7. Assets in € 1,158,781,276 1,141,859,460
Long-term assets rate = 6 / 7 81.75 83.68
The company’s long-term assets account for 82% of its total assets. The ratio decreased compared with the end of
2007 mainly due to an increase in current assets.
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