Navigation aid

DES - Online Annual Report 2008

My Annual Report

Store page
My Annual Report

Capital management

The Group’s capital management is designed to maintain a strong equity base. The Group’s financial policies are also based on the annual payment of a dividend.

in € thousands 31 Dec 2008 31 Dec 2007
Equity 977,770 974,047
Equity ratio (%) 48.72 49.29
Net financial debt -856,397 -783,278

Equity is reported here including the share of the minority shareholders.

The net financial debt is determined from the financial liabilities on the balance sheet date less cash and cash equivalents and other financial investments. The increase in the net financial debt during the financial year was connected with our construction projects in Hameln and Passau. In addition, in 2008 payments totalling €42,991 thousand were made to Group shareholders and minority shareholders.

Continue reading: Joint ventures

Back to: Interest rate risk