Management Board Report on the activity of the JSW S.A. for 2012

3.2.2. Debt and the Company’s financing structure

		2012	2011	Growth rate
Equity ratio	Equity – Intangible assets Total assets	0.62	0.65	95.4%
Debt/EBITDA ratio	Loans, borrowings, financial lease liabilities EBITDA	0	0	-
Total debt ratio	Total liabilities Total liabilities and equity	0.38	0.35	108.6%
Short-term debt ratio	Short-term liabilities Total liabilities and equity	0.17	0.16	106.3%
Long-term debt ratio	Long-term liabilities Total liabilities and equity	0.2	0.19	105.3%
Debt to equity ratio	Total liabilities Equity	0.6	0.53	113.2%
Fixed capital to non-current assets ratio	Equity + long-term liabilities excluding long-term provisions Non-current assets	1.12	1.18	94.9%

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As at 31 December 2012, the share of liabilities in financing the Company's activity measured with the total debt ratio was 0.35 compared to 0.38 as at the end of 2011. In the period covered by the financial statements the Company's debt did not constitute a threat to its operations and ability to repay its liabilities on time. At the end of 2012, JSW S.A. did not have any loans, borrowings or financial lease liabilities. The fixed capital to non-current assets ratio as at the end of 2012 was 1.12 reflecting the Company's correct asset financing structure.