The company shows a low equity ratio (approximately 16 % of total assets) and a net‑debt‑to‑EBITDA ratio around 2.6‑2.7 x, which is moderate. However, its interest coverage is weak (EBIT‑based coverage ≈ 1.2 x and EBITDA‑based coverage ≈ 2.6 x), well below the thresholds usually required for hybrid‑bond issuers (interest coverage > 3 x and investment‑grade rating). In addition, free cash flow after dividends is negative, and the high level of derivative liabilities adds risk. These financial metrics suggest the firm does not meet the typical credit‑quality criteria for issuing hybrid bonds.

<answer>Not Suitable</answer>