WAY UPWARDS - HSE

82 Annual Report 2011
HSE Group’s ratios
Debt-to-equity ratio
in EUR 2011 2010
1. Short-term financial liabilities 81,031,495 60,204,864
2. Long-term financial liabilities 411,791,973 253,668,459
3. Total financial liabilities (1+2) 492,823,468 313,873,323
4. Equity 1,409,097,763 1,344,136,467
Debt-to-equity ratio = 3 / 4 0.35 0.23
The ratio shows the relationship between
the Group’s indebtedness and equity.
The value of the ratio is higher than at the
end of 2010, mostly due to higher longterm
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 realised in
the amount of € 69.8 million, the equity
has also increased. However, the increase
in equity is lower than increase in Group
indebtedness. The ratio remains within
the conditions determined by the banks
included in the financing of investments.
Total financial liabilities / EBITDA
in EUR 31/12/2011 31/12/2010
1. Short-term financial liabilities 81,031,495 60,204,864
2. Long-term financial liabilities 411,791,973 253,668,459
3. Total financial liabilities (1+2) 492,823,468 313,873,323
4. EBIT – Operating profit or loss 96,190,255 126,243,974
5. Amortisation/depreciation 92,705,604 88,630,047
6. EBITDA (4+5) 188,895,859 214,874,021
Total financial liabilities / EBITDA = 3 / 6 2.61 1.46
The ratio shows the relationship between
the Group’s debt and EBITDA. The ratio
is higher than at the end of 2010, mostly
due to higher long-term indebtedness
of the HSE Group as a consequence of
financing investment in the replacement
Unit 6 at TEŠ and lower EBITDA. Despite
the fact that the ratio is somewhat lower
than in the previous year, it complies with
the conditions determined by the banks
included in financing of investments.
EBITDA / Financial expenses from loans received
in EUR 2011 2010
1. EBIT – Operating profit or loss 96,190,255 126,243,974
2. Amortisation/depreciation 92,705,604 88,630,047
3. EBITDA (1+2) 188,895,859 214,874,021
4. Financial expenses from loans received 8,387,544 7,468,061
EBITDA / Financial expenses from loans received
= 3 / 4
22.52 28.77
The ratio showing the relationship
between the indebtedness of the Group
and financial expenses from loans is lower
than in 2010 due to lower EBITDA and it
complies with conditions determined by
banks included in the financing of investments.
Total financial liabilities / Assets
in EUR 2011 2010
1. Long-term financial liabilities 411,791,973 253,668,459
2. Short-term financial liabilities 81,031,495 60,204,864
3. Total financial liabilities (1+2) 492,823,468 313,873,323
4. Assets 2,275,886,031 1,900,508,353
Total financial liabilities / Assets = 3 / 4 0.22 0.17
The ratio showing the relationship
between indebtedness and assets of the
Group is higher compared to 2010 since
the assets have increased more than the
Group’s indebtedness. The ratio complies
with conditions determined by the banks
included in the financing of investments.