As of December 31, As of December 31, As of December 31, As of September30, 2017 2018 2019
2020 Current liabilities Loans and borrowings € (3,103) € (5,864) € (4,138) € (15,262) Debentures € (4,644) € (8,758) € (26,773) € (6,668) Non-current liabilities Finance lease obligations €
(3,690) € - € - € - Long-term loans € (42,091) € (60,228) € (89,182) € (168,932) Debentures € (52,987) € (42,585) € (44,811) € (36,460) Financial Debt (A) € (106,515) € (117,435) € (164,904) €
(227,322) Less: Cash and cash equivalents € 23,962 € 36,882 € 44,509 € 53,989 Marketable Securities € 2,162 € 2,132 € 2,242 € 788 Short term deposits - - € 6,446 € 7,949 Financial Debt, net (B)
€ (80,391) € (78,421) € (111,707) € (164,596) Total equity (C) € (77,500) € (76,957) € (107,566) € (126,284) Financial Debt (A) € (106,515) € (117,435) € (164,904) € (227,322) CAP (D) € (184,015) €
(194,392) € (272,470) € (353,606) Financial Debt to CAP (A/D) 58% 60% 61% 64% Financial Debt, net to CAP (B/D) 44% 40% 41% 47% Appendix B – Leverage Ratios The Company defines Financial Debt as loans and
borrowings plus debentures (current liabilities) plus finance lease obligations plus long-term bank loans plus debentures (non-current liabilities), Financial Debt, Net as Financial Debt minus cash and cash equivalent minus investments held
for trading minus short-term deposits and CAP as equity plus Financial Debt. The Company presents these measures in order to enhance the understanding of the Company’s leverage ratios and borrowings. While the Company considers these measures
to be an important measure of leverage, these measures should not be considered in isolation or as a substitute for long-term borrowings or other balance sheet data prepared in accordance with IFRS as a measure of leverage. Not all companies
calculate these measures in the same manner, and the measure as presented may not be comparable to similarly-titled measures presented by other companies. Use of NON-IFRS Financial Measures Calculation of Leverage Ratios (in € thousands)