Economic importance of the Flemish maritime ports: Report 2002

o 3413 early retirement (*)o 3423 dismissal (*)o 3433 other reasons (*)oTraining provided to employees during the financial yearSource: NBB.oooooo5801 Number of male employees involved in training initiatives at the expense of the employer5802 Number of actual training hours followed by male employees5803 Costs for the enterprise of the training followed by men5811 Number of female employees involved in training initiatives at the expense of the employer5812 Number of actual training hours followed by female employees5813 Costs for the enterprise of the training followed by womenThe headings marked with an (*) relate only to companies filing their accounts based on the full presentation.The information for 2002 is presented in a format similar to that of previous editions in annex 7.4.5 Financial ratiosThree ratios are given by port for the period 2000 - 2002, at the level of clusters and « sectors ». Their numeratorsand denominators are detailed in the data base, in order to be able to present these ratios at any level ofaggregation. We have used the average approach on the basis of overall data, because the sample is of limitedsize. The level of detail in the analysis is high (see the « sectors »), and this increases the volatility of the figuresobserved.4.5.1 Return on equity after tax (ratio 9 of the Central Balance Sheet Office):This ratio gives the relationship between the year’s results and equity capital: it relates to the company’s capacityto maximize returns on its available financial resources: that is, to generate profit. The denominator must bestrictly positive, and the data must correspond to a 12-month period (financial year). This ratio is calculated asfollows:• Heading 70/67 or 67/70 (profit or loss for the period respectively) divided by heading 10/15 (equity capital)4.5.2 Liquidity in broad sense (ratio 13 of the Central Balance Sheet Office):The liquidity ratio expresses the company’s capacity to mobilise, within the required time limit, sufficient cash toenable it to meet its short-term commitments. The Liquidity in broad sense (also called current ratio) is just one ofthe ratios relating to liquidity and is defined as follows:• Sum of headings 3 (stocks and contracts in progress), 40/41 (amounts receivable within one year), 50/53(cashflow investments) 54/58 (cash at bank and in hand) and 490/1 (deferred charges and accrued income),divided by the sum of headings 42/48 (amounts payable within one year) and 492/3 (accrued charges anddeferred income).This ratio is another way of representing net working capital 74 . The net working capital is positive if the Liquidity inbroad sense is greater than one.4.5.3 Solvency (ratio 19 of the Central Balance Sheet Office):This is the ratio of equity capital to total liabilities, which provides information on the company’s independencefrom external funding and, thus, its self-financing capacity. This ratio reflects the company’s capacity to meet all ofits financial commitments: debt repayments within the agreed deadlines, interest payments and paymentsresulting from « off-balance-sheet » liabilities. It is calculated as follows:• Heading 10/15 (equity capital) divided by heading 10/49 (total liabilities).74Net working capital is calculated as follows: current assets less short-term debts.80 NBB WORKING PAPER No.56 - JUNE 2004