ANNUAL REPORT - HSE
ANNUAL REPORT - HSE
ANNUAL REPORT - HSE
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OPERATING FIXED ASSETS RATE 31/12/2008 31/12/2007<br />
1. Property, plant and equipment in € 1,301,732,514 1,189,336,408<br />
2. Intangible assets and Long-term accrued revenue and deferred costs in € 48,274,010 27,874,726<br />
3. Total fixed assets at carrying amount in € (1 + 2) 1,350,006,524 1,217,211,134<br />
4. Assets in € 1,747,710,783 1,628,551,663<br />
Operating fixed assets rate = 3 / 4 77.24 74.74<br />
The share of property, plant and equipment and intangible assets in the Group's total assets stood at 77% at the end<br />
of 2008. The operating fixed assets rate increased compared with the end of 2007 as a result of higher investments in<br />
property, plant and equipment, intangible assets and long-term investments.<br />
LONG-TERM ASSETS RATE 31/12/2008 31/12/2007<br />
1. Property, plant and equipment in € 1,301,732,514 1,189,336,408<br />
2. Intangible assets and Long-term accrued revenue and deferred costs in € 48,274,010 27,874,726<br />
3. Investment property in € 922,758 936,992<br />
4. Long-term investments in € 51,541,008 49,870,537<br />
5. Long-term operating receivables in € 3,131,217 692,280<br />
6. Total (1 + 2 + 3 + 4 + 5) 1,405,601,507 1,268,710,943<br />
7. Assets in € 1,747,710,783 1,628,551,663<br />
Long-term assets rate = 6 / 7 80.43 77.90<br />
The Group’s total long-term assets account for 80% of its total assets. The rate increased relative to 2007, mainly due<br />
to an increase in property, plant and equipment, intangible assets and long-term investments.<br />
EQUITY TO FIXED ASSETS RATIO 31/12/2008 31/12/2007<br />
1. Equity in € 1,127,608,615 1,037,374,202<br />
2. Property, plant and equipment in € 1,301,732,514 1,189,336,408<br />
3. Intangible assets and Long-term accrued revenue and deferred costs in € 48,274,010 27,874,726<br />
4. Total fixed assets at carrying amount in € (2 + 3) 1,350,006,524 1,217,211,134<br />
Equity to operating fixed assets ratio = 1 / 4 0.84 0.85<br />
The ratio represents the relationship between equity and fixed assets. The ratio stood at 0.8 at the end of 2008,<br />
meaning that the majority of the Group’s most illiquid assets were financed from equity.<br />
<strong>ANNUAL</strong> <strong>REPORT</strong> <strong>HSE</strong> | BUSINESS <strong>REPORT</strong><br />
ACID TEST RATIO 31/12/2008 31/12/2007<br />
1. Cash in € 13,453,168 15,297,292<br />
2. Short-term investments in € 116,375,273 103,505,751<br />
3. Total liquid assets in € (1 + 2) 129,828,441 118,803,043<br />
4. Short-term liabilities in € 194,052,222 241,650,620<br />
Acid test ratio = 3 / 4 0.67 0.49<br />
The acid test ratio describes the relationship between liquid assets and short-term liabilities. At the end of 2008,<br />
it stood at 0.7, meaning that almost three quarters of the company’s short-term liabilities were covered by liquid<br />
assets. The ratio improved compared with the end of 2007.<br />
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