For major investment projects, Enaex policy allows a mixed financing structure, including external sources (local and international banks), publicly tendered bonds, company-generated funds and capital contributions. The Company aims to maintain a conservative medium-term debt structure and comfortable covenant cushion.
The Company’s smaller investments aim to sustain growth and ensure normal replacement of operating assets, upgrades and new equipment to expand and improve production capacity. Such investments are generally funded with the Company’s operating cash flows.
Short-term bank debt is generally used to cover working capital needs, which are primarily related to the purchase of ammonia. It is worth noting that levels of short-term bank debt can vary throughout the year as a result of fluctuations in the international price of ammonia and production process efficiency.
MAIN CONSOLIDATED FINANCIAL RATIOS
Financial Debt* / EBITDA
Liabilities / Equity
EBITDA / Financial Expenses
* Financial Debt: (Total Financial Liabilities – Hedge Assets).