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Gearing ratio 2007 2006
Total borrowings excluding subordinated loan 94.15.604 1.0.48.79
Less: Cash & cash equivalent (176.798.897) (14.795.84)
Less: Blocked deposits (56.767.90)
709.586.787 (57.069.8)
Net debt 1.114.1.1 840.619.281
Total capital – (equity plus net debt) 1.06.168.75
0,64
Gearing ratio 0,70
The decrease in the gearing ratio during 007 resulted primarily from the repayment of borrowings and
the positive financial results for the year.
Total borrowings excluding subordinated loan 94.15.604 1.0.48.79
Less: Cash & cash equivalent (176.798.897) (14.795.84)
Less: Blocked deposits (56.767.90)
709.586.787 (57.069.8)
Net debt 1.114.1.1 840.619.281
Total capital – (equity plus net debt) 1.06.168.75
0,64
Gearing ratio 0,70
The decrease in the gearing ratio during 007 resulted primarily from the repayment of borrowings and
the positive financial results for the year.
