Debt and the Capital Group’s financing structure

		2012	2011	Growth rate
Equity ratio	Equity – Intangible assets Total assets	0.60	0.62	96.8%
Debt/EBITDA ratio	Loans, borrowings, financial lease liabilities EBITDA	0.11	0.12	91.7%
Total debt ratio	Total liabilities Total liabilities and equity	0.39	0.38	102.6%
Short-term debt ratio	Short-term liabilities Total liabilities and equity	0.17	0.18	94.4%
Long-term debt ratio	Long-term liabilities Total liabilities and equity	0.22	0.20	110.0%
Debt to equity ratio	Total liabilities Equity	0.64	0.61	104.9%
Fixed capital to non-current assets ratio	Equity + long-term liabilities excluding long-term provisions Non-current assets	1.13	1.20	94.2%

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As at 31 December 2012, the share of liabilities in financing the Group’s activity measured with the total debt ratio was 0.39 compared to 0.38 as at the end of 2011. In the period covered by the consolidated financial statements the Group’s debt did not constitute a threat to its operations or ability to repay its liabilities in a timely manner. The fixed capital to non-current assets ratio was 1.13, reflecting the Group’s ability to maintain long-term financial liquidity.