Proceedings

Table 1. Financial leverage ratio calculation
Year Company
2005
2006
2007
2008
2009
Operating
Results
~ 206 ~
Financial
expenses
Financial leverage
ratio
A 135,954 106,098 4.55
B 340,480 12,965 1.04
C 42,462 0 1.00
D 259,340 92,433 1.55
E 152,315 2,256 1.02
A 148,039 90,419 2.57
B -217,481 20,220 0.91
C 100,234 44,344 1.79
D 191,170 57,360 1.43
E -224,138 0 1.00
A 122,680 134,543 -10.34
B -1,074,561 33,900 0.97
C 87,778 54,681 2.65
D 157,521 71,935 1.84
E 104,597 155,946 -2.04
A 203,248 232,993 -6.83
B -4,173,555 994,840 0.81
C 52,278 43,783 6.15
D 379,252 163,053 1.75
E 104,597 155,946 -2.04
A 474,635 439,066 13.34
B -2,912,626 1,485,391 0.66
C -214,284 19,722 0.92
D 513,750 253,856 1.98
E 324,285 118,090 1.57
(Source: Personal calculations based on data taken from the annual financial statements of
companies listed on BSE)
Company A – S.C. EXPRESS TRANSPORT S.A., Târgu Jiu
Company B – S.C. MONDOTRANS S.A., Târgoviște
Company C – S.C. TRANSALBA S.A., Alba Iulia
Company D – S.C. TRANSBUZ S.A., Slatina
Company E – S.C. VALEA PRAHOVEI S.A., Câmpina
The calculations made on the basis of such information is summarized in the chart
below where we realized an annual comparison of the evolution of financial leverage
ratio to highlight the evolution of the financial risk of each company within the five
years of analysis.