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Hugo Boss - Annual Report 2011
03

Fiscal Year

Overall Statement on the Economic Situation


In summary, the results of operations, net assets and financial position indicate that the HUGO BOSS Group was in a sound financial position at the time that this Management Report was prepared.



20112010
Equity ratio in %Shareholders equity /36.126.6
Total assets
Net financial liabilities (in EUR million)
149.1201.1
Total leverageNet financial liabilities /0.30.6
EBITDA before SI1 and SAR2
Trade net working capital (in EUR million)
407.3322.7
Trade net working capital (in% of sales)319.919.2
Interest cover29.020.6
Free cash flow (in EUR million)193.3246.3
1 SI = Special items
2 SAR = Expenses for the """Stock Appreciation Rights Program"""
3 Moving average of Trade net working capital in % of sales