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