Financial Ratios
Our Financial Ratios are impacted by the payment of the purchase price of €3.7bn for the acquisition of the National Starch businesses on April 03, 2008.
|
2004* |
2005 |
2006 |
2007 |
2008 |
Q2/2009 |
|
| Debt Coverage Ratio** |
31.6% |
39.9% |
48.4% |
74.3% |
44.1% |
24.7% |
| Interest Coverage Ratio |
8.4 |
7.1 |
9.4 |
9.4 |
4.8 |
6.6 |
| Equity Ratio |
32.7 % |
38.7 % |
41.6% |
43.7% |
40.6% |
39.4% |
| Gearing |
0.85 |
0.68 |
0.58 |
0.41 |
0.72 |
0.75 |
* restated and comparable
** hybrid bond included on 50 % equity basis
Development of Debt
|
2003 |
2004 |
2005 |
2006 |
2007 |
2008 |
Q2/2009 |
|
| Liquid funds/Marketable securities |
1,188 |
1,695 |
1,212 |
929 |
1,440 |
338* |
709* |
| Financial debt |
1,855 |
3,174 |
3,805 |
3,334 |
3,142 |
4,219* |
4,623* |
| Net debt ** |
667 |
1,479 |
2,593 |
2,405 |
1,702 |
3,881 |
3,914 |
| Pension provisions |
1,937 |
2,218 |
1,061 |
788 |
657 |
833 |
878 |
* Short-term bank loans from the so-called bridge loan for the financing of the National Starch acquisition are set off against liquid funds where the deposit and the loan are with the same lender and are of similar maturity. The short-term borrowings set off amounted to 1,057 million euros in 2008 and 708 million euros in Q2/2009.
** Commercing with Q2/2009, net debt is defined as borrowings less liquid funds and less any positive or plus any negative fair value of hedging contracts covering those borrowings.
