For today, we decided to bring you an updated overview of the indebtedness and capital structure of Slovenian companies using H1 2021 results.

All Slovenian blue chips published their Q2 2021 results recently (Earnings overview available here), with virtually all of them indicating very strong operating performance. For today, we decided to revisit indebtedness of the companies in relation to their TTM EBITDA. Note that financials (NLB, Triglav Group, Sava Re) were excluded from this overview.

Net debt/EBITDA (TTM) of Slovenian Blue Chips

Among observed companies Cinkarna Celje and Krka operate at a negative net debt, meaning their cash positions exceed their financial debt. Of the observed companies, we can conclude that all companies are within the reasonable level of indebtedness, with Telekom Slovenije having the highest net debt/EBITDA of 2x. Petrol follows with 1.38x, followed by Luka Koper with 0.65x.

Turning our attention to the capital structure, we see that all the companies observed are equity funded. Of those, Cinkarna Celje leads the list with virtually 100% equity, followed by Krka with 99.4%. On the flip side, Telekom Slovenije’s capital structure consists of 44.1% debt.

Capital Structure of Slovenian Blue Chips