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Aedifica
Buy, Hold or Sell?

Let's analyze Aedifica together

I guess you are interested in Aedifica. Buy, hold or sell? I don't know! However, I do recommend doing research before doing anything. I will help you with that.

I'm going to help you getting a better view of Aedifica. At the end you don't have to ask anyone for trading advice. You can make your own decision, with more confidence, the odds in your favor, backed by data.

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Quick analysis of Aedifica (30 sec.)










What can you expect buying and holding a share of Aedifica? (30 sec.)

How much money do you get?

How much money do you get?
‚ā¨10.58
When do you have the money?
1 year
How often do you get paid?
100.0%

What is your share worth?

Current worth
‚ā¨75.33
Expected worth in 1 year
‚ā¨99.87
How sure are you?
100.0%

+ What do you gain per year?

Total Gains per Share
‚ā¨34.29
Return On Investment
57.4%

For what price can you sell your share?

Current Price per Share
‚ā¨59.75
Expected price per share
‚ā¨54.03 - ‚ā¨69.77
How sure are you?
50%
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1. Valuation of Aedifica (5 min.)




Live pricePrice per Share (EOD)

‚ā¨59.75

Intrinsic Value Per Share

‚ā¨26.61 - ‚ā¨98.11

Total Value Per Share

‚ā¨101.95 - ‚ā¨173.44

2. Growth of Aedifica (5 min.)




Is Aedifica growing?

Current yearPrevious yearGrowGrow %
How rich?$3.8b$3.5b$316.1m8.1%

How much money is Aedifica making?

Current yearPrevious yearGrowGrow %
Making money$26.6m$359.7m-$333.1m-1,252.3%
Net Profit Margin7.6%119.7%--

How much money comes from the company's main activities?

3. Financial Health of Aedifica (5 min.)




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What can you expect buying and holding a share of Aedifica? (5 min.)

Welcome investor! Aedifica's management wants to use your money to grow the business. In return you get a share of Aedifica.

What can you expect buying and holding a share of Aedifica?

First you should know what it really means to hold a share of Aedifica. And how you can make/lose money.

Speculation

The Price per Share of Aedifica is ‚ā¨59.75. The market price reflects what other people think it is worth; not what it's really worth. Your job is to find out if the market price is fair, overpriced, or underpriced. I will help you with that.

If you buy blind, there is a 50% chance of making or losing money by selling the stock in the future. However, we can look at a few things to determine the odds in our favor:

  • The fundamentals: the financial health trends of Aedifica.
  • The technials: based on market psychology, we can make a calculated estimate of what the price will do in the future. We can do this through technical analysis. We can calculate the probabilities and the expected value (millionaire math). That's called speculation.
  • The book value: what is the market price compared to it's book value.

Investing

If you really want to invest in Aedifica, you will have to let go of the thought of selling in the future. If you have to sell the share for less than you bought it, it can still be a good investment. Focus on what it means to hold the stock forever:

  • You own a part of the company. The equity of this part can grow or shrink. The current Book Value per Share is ‚ā¨75.33. Based on the TTM, the Book Value Change Per Share is ‚ā¨6.13 per quarter. Based on the YOY, the Book Value Change Per Share is ‚ā¨10.60 per quarter.
  • You may receive quarterly/yearly dividend in the form of additional shares.
  • You may receive quarterly/yearly dividend in the form of cash. Based on the TTM the Dividend per Share is ‚ā¨2.44 per quarter.
Based on historical numbers we can estimate the returns while holding a share of Aedifica.

How much money are you going to get?

 MRQTTMYOY5Y10Y
 ‚ā¨% of Price per Share‚ā¨% of Price per Share‚ā¨% of Price per Share‚ā¨% of Price per Share‚ā¨% of Price per Share
Usd Eps0.560.9%0.560.9%7.5712.7%3.926.6%2.744.6%
Usd Book Value Change Per Share6.6511.1%6.6511.1%11.5019.2%9.8216.4%7.2612.2%
Usd Dividend Per Share2.654.4%2.654.4%2.724.5%1.943.2%1.232.1%
Usd Total Gains Per Share9.3015.6%9.3015.6%14.2123.8%11.7519.7%8.4914.2%
Usd Price Per Share69.02-69.02-82.20-101.03-87.89-
Price to Earnings Ratio123.31-123.31-10.86-49.07-51.10-
Price-to-Total Gains Ratio7.42-7.42-5.78-25.14-26.46-
Price to Book Ratio0.84-0.84-1.10-1.96-2.93-
Price-to-Total Gains Ratio7.42-7.42-5.78-25.14-26.46-

When do you get the money?

Usd Investment
$.00
Usd Price Per Share64.7929
Number of shares15
Gains per QuarterTrailing 12 Months5 Year
Usd Dividend Per Share2.651.94
Usd Book Value Change Per Share6.659.82
Usd Total Gains Per Share9.3011.75
Gains per Quarter (15 shares)139.46176.26
Gains per Year (15 shares)557.84705.04
YearsReturn on Investment (TTM)Return on Investment (5Y)
 DividendBook Value gainTotal gainsDividendBook Value gainTotal gains
Broker costs---10---10
1159399548116589695
2318798110623211781400
34761197166434817672105
46351596222246423562810
57941995278058129453515
69532394333869735344220
711112794389681341224925
812703193445492947115630
9142935925012104553006335
10158839915570116158897040

How sure are you?

Based on the past periods, how sure are you to get value out of your investment.

Linear %
 Trailing 12 Months3Y5 Year10 YearALLTIME
  % % % % %
Earnings Per Share1.00.00.0100.0%3.00.00.0100.0%5.00.00.0100.0%10.00.00.0100.0%17.02.00.089.5%
Book Value Change Per Share1.00.00.0100.0%3.00.00.0100.0%4.00.01.080.0%9.00.01.090.0%16.02.01.084.2%
Dividend per Share1.00.00.0100.0%3.00.00.0100.0%5.00.00.0100.0%10.00.00.0100.0%17.00.02.089.5%
Total Gains per Share1.00.00.0100.0%3.00.00.0100.0%5.00.00.0100.0%10.00.00.0100.0%18.01.00.094.7%
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Fundamentals of Aedifica

About Aedifica

Aedifica is a Regulated Real Estate Company under Belgian law specialised in European healthcare real estate, particularly in elderly care. Aedifica has developed a portfolio of approx. 620 sites in Belgium, Germany, the Netherlands, the United Kingdom, Finland, Sweden, Ireland and Spain, worth more than "5.8 billion. Aedifica is listed on Euronext Brussels (2006) and Euronext Amsterdam (2019) and is identified by the following ticker symbols: AED; AED:BB (Bloomberg); AOO.BR (Reuters). Since 2020, Aedifica has been part of the BEL 20, Euronext Brussels' leading share index. Moreover, since 2023, Aedifica has been part of the BEL ESG, the index tracking companies that perform best on ESG criteria. Aedifica is also included in the EPRA, Stoxx Europe 600 and GPR indices. Aedifica's market capitalisation was approx. "2.6 billion as at 20 February 2024.

Fundamental data was last updated by Penke on 2024-07-07 23:14:06.

Financial Health

Profitability Details
 Compared to previous yearCompared to industry
The company is making a profit.
Using its assets, the company is inefficient in making profit.
Using its investors money, the company is inefficient in making profit.
Operating Efficiency Details
 Compared to previous yearCompared to industry
The company is operating very efficient.
The company is very efficient in keeping operating costs low.
Liquidity Details
 Compared to previous yearCompared to industry
The company is unable to pay all its short-term debts.
The company is just not able to pay all its short-term debts with the most liquid assets.
Solvency Details
 Compared to previous yearCompared to industry
The company is very able to pay all its debts by selling its assets.
The company is very able to pay all its debts with equity.

Valuation

Valuation Details
 Compared to previous yearCompared to industry
Based on the equity, the company is cheap.
Based on the earnings, the company is expensive.
Based on how much money comes from the company's main activities, the company is underpriced.
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1.1. Profitability of Aedifica.

1.1. Profitability
1.1.1. Net Profit Margin

Measures how much net profit¬†Aedifica earns for each €1 of revenue.

  • Above 10% is considered healthy but always compare¬†Aedifica to the¬†REIT - Healthcare Facilities industry mean.
  • A Net Profit Margin of 7.6%¬†means that¬†€0.08 for each €1¬†in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Aedifica:

  • The MRQ is 7.6%. The company is making a profit. +1
  • The TTM is 7.6%. The company is making a profit. +1
Trends
Current periodCompared to+/- 
MRQ7.6%TTM7.6%0.0%
TTM7.6%YOY119.7%-112.1%
TTM7.6%5Y81.6%-74.0%
5Y81.6%10Y80.0%+1.6%
1.1.2. Return on Assets

Shows how efficient Aedifica is using its assets to generate profit.

  • Above 5% is considered healthy¬†but always compare¬†Aedifica to the¬†REIT - Healthcare Facilities industry mean.
  • 0.4% Return on Assets means that¬†Aedifica generated¬†€0.00 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Aedifica:

  • The MRQ is 0.4%. Using its assets, the company is inefficient in making profit. -1
  • The TTM is 0.4%. Using its assets, the company is inefficient in making profit. -1
Trends
Current periodCompared to+/- 
MRQ0.4%TTM0.4%0.0%
TTM0.4%YOY5.5%-5.1%
TTM0.4%5Y4.0%-3.6%
5Y4.0%10Y4.0%0.0%
1.1.3. Return on Equity

Shows how efficient Aedifica is using its investors money to generate profit.

  • Above 15%-20% is considered healthy but always compare¬†Aedifica to the¬†REIT - Healthcare Facilities industry mean.
  • 0.7% Return on Equity means Aedifica generated €0.01¬†for each¬†€1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Aedifica:

  • The MRQ is 0.7%. Using its investors money, the company is inefficient in making profit. -1
  • The TTM is 0.7%. Using its investors money, the company is inefficient in making profit. -1
Trends
Current periodCompared to+/- 
MRQ0.7%TTM0.7%0.0%
TTM0.7%YOY10.1%-9.4%
TTM0.7%5Y7.2%-6.6%
5Y7.2%10Y7.2%+0.0%
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1.2. Operating Efficiency of Aedifica.

1.2. Operating Efficiency
1.2.1. Operating Margin

Measures how efficient Aedifica is operating .

  • Measures how much profit Aedifica makes for each €1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
  • Above 15% is considered healthy but always compare¬†Aedifica to the¬†REIT - Healthcare Facilities industry mean.
  • An Operating Margin of 29.6%¬†means the company generated €0.30 ¬†for each €1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Aedifica:

  • The MRQ is 29.6%. The company is operating very efficient. +2
  • The TTM is 29.6%. The company is operating very efficient. +2
Trends
Current periodCompared to+/- 
MRQ29.6%TTM29.6%0.0%
TTM29.6%YOY107.3%-77.6%
TTM29.6%5Y90.6%-61.0%
5Y90.6%10Y98.8%-8.2%
1.2.2. Operating Ratio

Measures how efficient Aedifica is keeping operating costs low.

  • Below 1 is considered healthy (always compare to¬†REIT - Healthcare Facilities industry mean).
  • An Operation Ratio of 0.17 means that the operating costs are €0.17 for each €1 in net sales.

Let's take a look of the Operating Ratio trends of Aedifica:

  • The MRQ is 0.173. The company is very efficient in keeping operating costs low. +2
  • The TTM is 0.173. The company is very efficient in keeping operating costs low. +2
Trends
Current periodCompared to+/- 
MRQ0.173TTM0.1730.000
TTM0.173YOY0.171+0.002
TTM0.1735Y0.151+0.022
5Y0.15110Y0.180-0.029
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1.3. Liquidity of Aedifica.

1.3. Liquidity
1.3.1. Current Ratio

Measures if Aedifica is able to pay off Short-term Debt.

  • Above 1.5 is considered healthy (always compare to¬†REIT - Healthcare Facilities industry mean).
  • A Current Ratio of 0.31¬†means the company has €0.31 in assets for each €1 in short-term debts.

Let's take a look of the Current Ratio trends of Aedifica:

  • The MRQ is 0.313. The company is unable to pay all its short-term debts. -2
  • The TTM is 0.313. The company is unable to pay all its short-term debts. -2
Trends
Current periodCompared to+/- 
MRQ0.313TTM0.3130.000
TTM0.313YOY0.263+0.050
TTM0.3135Y0.188+0.124
5Y0.18810Y0.237-0.048
1.3.2. Quick Ratio

Measures if Aedifica is able to pay off Short-term Debt but only using the most liquid assets.

  • Above 1 is considered healthy but¬†always compare¬†Aedifica to the¬†REIT - Healthcare Facilities industry mean.
  • A Quick Ratio of 0.10¬†means the company can pay off €0.10 for each €1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Aedifica:

  • The MRQ is 0.102. The company is just not able to pay all its short-term debts with the most liquid assets. -1
  • The TTM is 0.102. The company is just not able to pay all its short-term debts with the most liquid assets. -1
Trends
Current periodCompared to+/- 
MRQ0.102TTM0.1020.000
TTM0.102YOY-0.127+0.229
TTM0.1025Y-3.562+3.664
5Y-3.56210Y-1.678-1.885
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1.4. Solvency of Aedifica.

1.3. Liquidity
1.4.1. Debt to Asset Ratio

Measures how much % of Aedifica assets are financed with debt.

  • Below 1 (100%) is considered healthy but always compare¬†Aedifica to REIT - Healthcare Facilities industry mean.
  • A Debt to Asset Ratio of 0.42¬†means that Aedifica assets are¬†financed with 42.0% credit (debt) and the remaining percentage (100% - 42.0%)¬†is financed by its owners/shareholders.¬†

Let's take a look of the Debt to Asset Ratio trends of Aedifica:

  • The MRQ is 0.420. The company is very able to pay all its debts by selling its assets. +2
  • The TTM is 0.420. The company is very able to pay all its debts by selling its assets. +2
Trends
Current periodCompared to+/- 
MRQ0.420TTM0.4200.000
TTM0.420YOY0.459-0.039
TTM0.4205Y0.441-0.021
5Y0.44110Y0.439+0.002
1.4.2. Debt to Equity Ratio

Measures if Aedifica is able to pay off its debts by using shareholders equity.

  • Below 2 is considered healthy but¬†always compare¬†Aedifica to the¬†REIT - Healthcare Facilities industry mean.
  • A Debt to Equity ratio of 72.6% means that company has €0.73 debt for each €1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Aedifica:

  • The MRQ is 0.726. The company is very able to pay all its debts with equity. +2
  • The TTM is 0.726. The company is very able to pay all its debts with equity. +2
Trends
Current periodCompared to+/- 
MRQ0.726TTM0.7260.000
TTM0.726YOY0.852-0.126
TTM0.7265Y0.795-0.069
5Y0.79510Y0.788+0.007
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2. Market Valuation of Aedifica

2.1. Earnings Per Share
2.1. Price to Earnings Ratio

Measures¬†how much money you pay¬†for each share for¬†every €1 in earnings Aedifica generates.

  • Above 15 is considered overpriced but¬†always compare¬†Aedifica to the¬†REIT - Healthcare Facilities industry mean.
  • A PE ratio of 123.31 means the investor is paying €123.31¬†for every €1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Aedifica:

  • The EOD is 115.758. Based on the earnings, the company is expensive. -2
  • The MRQ is 123.314. Based on the earnings, the company is expensive. -2
  • The TTM is 123.314. Based on the earnings, the company is expensive. -2
Trends
Current periodCompared to+/- 
EOD115.758MRQ123.314-7.556
MRQ123.314TTM123.3140.000
TTM123.314YOY10.860+112.454
TTM123.3145Y49.073+74.241
5Y49.07310Y51.101-2.028
2.2. Price To Free Cash Flow Ratio

Let's take a look of the Price To Free Cash Flow Ratio trends of Aedifica:

  • The EOD is 16.063. Based on how much money comes from the company's main activities, the company is underpriced. +1
  • The MRQ is 17.112. Based on how much money comes from the company's main activities, the company is underpriced. +1
  • The TTM is 17.112. Based on how much money comes from the company's main activities, the company is underpriced. +1
Trends
Current periodCompared to+/- 
EOD16.063MRQ17.112-1.048
MRQ17.112TTM17.1120.000
TTM17.112YOY16.548+0.564
TTM17.1125Y-18.154+35.266
5Y-18.15410Y17.740-35.894
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2. Book Value per Share
2.3. Price to Book Ratio

Measures if the stock price of Aedifica is to cheap or to expensive compared to its book value.

  • At or below 1 is considered healthy¬†(always compare to REIT - Healthcare Facilities industry mean).
  • A PB ratio of 0.84 means the investor is paying €0.84¬†for each €1 in book value.

Let's take a look of the Price to Book Ratio trends of Aedifica:

  • The EOD is 0.793. Based on the equity, the company is cheap. +2
  • The MRQ is 0.845. Based on the equity, the company is cheap. +2
  • The TTM is 0.845. Based on the equity, the company is cheap. +2
Trends
Current periodCompared to+/- 
EOD0.793MRQ0.845-0.052
MRQ0.845TTM0.8450.000
TTM0.845YOY1.095-0.250
TTM0.8455Y1.963-1.118
5Y1.96310Y2.926-0.963
2. Total Gains per Share
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3. Summary

3.1. Key Performance Indicators

The key performance indicators of Aedifica compared to the Most Recent Quarter (MRQ).

 End of day+/-Most Recent QuarterTrailing 12 Months+/-Year-Over-Year+/-5 Year+/-10 Year+/-
Book Value Change Per Share--6.1346.1340%10.602-42%9.052-32%6.698-8%
Book Value Per Share--75.33475.3340%69.201+9%55.785+35%37.314+102%
Current Ratio--0.3130.3130%0.263+19%0.188+66%0.237+32%
Debt To Asset Ratio--0.4200.4200%0.459-9%0.441-5%0.439-4%
Debt To Equity Ratio--0.7260.7260%0.852-15%0.795-9%0.788-8%
Dividend Per Share--2.4402.4400%2.505-3%1.785+37%1.135+115%
Eps--0.5160.5160%6.980-93%3.612-86%2.530-80%
Free Cash Flow Per Share--3.7203.7200%4.581-19%2.846+31%2.108+76%
Free Cash Flow To Equity Per Share--5.5165.5160%14.329-62%15.406-64%10.251-46%
Gross Profit Margin--0.9710.9710%0.997-3%0.993-2%0.992-2%
Intrinsic Value_10Y_max--98.110--------
Intrinsic Value_10Y_min--26.612--------
Intrinsic Value_1Y_max--5.369--------
Intrinsic Value_1Y_min--2.272--------
Intrinsic Value_3Y_max--19.533--------
Intrinsic Value_3Y_min--7.209--------
Intrinsic Value_5Y_max--37.796--------
Intrinsic Value_5Y_min--12.527--------
Market Cap2840126625.000-7%3025507275.0003025507275.0000%3603039300.000-16%4428696195.000-32%3852400041.000-21%
Net Profit Margin--0.0760.0760%1.197-94%0.816-91%0.800-90%
Operating Margin--0.2960.2960%1.073-72%0.906-67%0.988-70%
Operating Ratio--0.1730.1730%0.171+1%0.151+14%0.180-4%
Pb Ratio0.793-7%0.8450.8450%1.095-23%1.963-57%2.926-71%
Pe Ratio115.758-7%123.314123.3140%10.860+1036%49.073+151%51.101+141%
Price Per Share59.750-7%63.65063.6500%75.800-16%93.170-32%81.046-21%
Price To Free Cash Flow Ratio16.063-7%17.11217.1120%16.548+3%-18.154+206%17.740-4%
Price To Total Gains Ratio6.969-7%7.4247.4240%5.783+28%25.142-70%26.456-72%
Quick Ratio--0.1020.1020%-0.127+224%-3.562+3593%-1.678+1745%
Return On Assets--0.0040.0040%0.055-93%0.040-90%0.040-90%
Return On Equity--0.0070.0070%0.101-93%0.072-91%0.072-91%
Total Gains Per Share--8.5748.5740%13.107-35%10.836-21%7.833+9%
Usd Book Value--3883129044.4003883129044.4000%3566970055.600+9%2875446006.800+35%1923356036.480+102%
Usd Book Value Change Per Share--6.6516.6510%11.497-42%9.815-32%7.263-8%
Usd Book Value Per Share--81.69281.6920%75.041+9%60.493+35%40.463+102%
Usd Dividend Per Share--2.6462.6460%2.717-3%1.935+37%1.231+115%
Usd Eps--0.5600.5600%7.569-93%3.917-86%2.743-80%
Usd Free Cash Flow--191733848.400191733848.4000%236110749.600-19%146679847.840+31%108665229.880+76%
Usd Free Cash Flow Per Share--4.0344.0340%4.967-19%3.086+31%2.286+76%
Usd Free Cash Flow To Equity Per Share--5.9815.9810%15.538-62%16.706-64%11.116-46%
Usd Market Cap3079833312.150-7%3280860089.0103280860089.0100%3907135816.920-16%4802478153.858-32%4177542604.460-21%
Usd Price Per Share64.793-7%69.02269.0220%82.198-16%101.034-32%87.886-21%
Usd Profit--26605754.00026605754.0000%359780063.200-93%198676610.960-87%134531206.200-80%
Usd Revenue--348392778.800348392778.8000%300450370.400+16%254893208.240+37%171985189.360+103%
Usd Total Gains Per Share--9.2979.2970%14.213-35%11.751-21%8.494+9%
 EOD+4 -4MRQTTM+0 -0YOY+11 -255Y+15 -2110Y+19 -17

3.2. Fundamental Score

Let's check the fundamental score of Aedifica based on Penke's default stock scanner.

Penke's Stock Scanner

  
  
IndicatorConditionValue
Price to Earnings Ratio (EOD)Between0-15115.758
Price to Book Ratio (EOD)Between0-10.793
Net Profit Margin (MRQ)Greater than00.076
Operating Margin (MRQ)Greater than00.296
Quick Ratio (MRQ)Greater than10.102
Current Ratio (MRQ)Greater than10.313
Debt to Asset Ratio (MRQ)Less than10.420
Debt to Equity Ratio (MRQ)Less than10.726
Return on Equity (MRQ)Greater than0.150.007
Return on Assets (MRQ)Greater than0.050.004
Total5/10 (50.0%)

3.3. Technical Score

Let's check the technical score of Aedifica based on Penke's default Symbol scanner.

Penke's Symbol Scanner

  
  
IndicatorConditionValue
RsiGreater than5059.608
Ma 20Greater thanMa 5058.241
Ma 50Greater thanMa 10057.312
Ma 100Greater thanMa 20055.653
OpenGreater thanClose59.300
Total4/5 (80.0%)



Reversals in quarterly reports

I have detected a reversal (positive to negative, negative to positive) in the following values of the quarterly reports.

 2019-12-312020-12-312021-12-312022-12-312023-12-31
Other Current Assets  10,199-8,5971,602-2151,387-396991-42,534-41,543
Accounts payable  38,468-19,70018,76822,63141,399-1,92439,475-52,420-12,945
Income before Tax  125,13374,630199,763139,791339,55446,852386,406-389,473-3,067
Tax Provision  20,2316,11026,34130,38856,729-2,05454,675-80,294-25,619
Income Tax Expense  20,231-2,67017,56139,16856,729-2,05454,675-80,294-25,619



Latest Balance Sheet

Balance Sheet of 2023-12-31. Currency in EUR. All numbers in thousands.

Summary
Total Assets6,176,811
Total Liabilities2,595,910
Total Stockholder Equity3,575,862
 As reported
Total Liabilities 2,595,910
Total Stockholder Equity+ 3,575,862
Total Assets = 6,176,811

Assets

Total Assets6,176,811
Total Current Assets127,337
Long-term Assets6,049,474
Total Current Assets
Cash And Cash Equivalents 18,253
Net Receivables 23,290
Total Current Assets  (as reported)127,337
Total Current Assets  (calculated)41,543
+/- 85,794
Long-term Assets
Property Plant Equipment 2,184
Goodwill 117,597
Intangible Assets 1,663
Long-term Assets Other 5,790,357
Long-term Assets  (as reported)6,049,474
Long-term Assets  (calculated)5,911,801
+/- 137,673

Liabilities & Shareholders' Equity

Total Current Liabilities407,308
Long-term Liabilities2,188,602
Total Stockholder Equity3,575,862
Total Current Liabilities
Short-term Debt 321,549
Short Long Term Debt 321,549
Accounts payable -12,945
Other Current Liabilities 85,759
Total Current Liabilities  (as reported)407,308
Total Current Liabilities  (calculated)715,912
+/- 308,604
Long-term Liabilities
Long term Debt 1,958,750
Capital Lease Obligations 77,763
Long-term Liabilities  (as reported)2,188,602
Long-term Liabilities  (calculated)2,036,513
+/- 152,089
Total Stockholder Equity
Common Stock1,203,638
Retained Earnings 161,444
Accumulated Other Comprehensive Income 495,087
Other Stockholders Equity 1,554,249
Total Stockholder Equity (as reported)3,575,862
Total Stockholder Equity (calculated)3,414,418
+/- 161,444
Other
Capital Stock1,203,638
Cash and Short Term Investments 18,253
Common Stock Shares Outstanding 43,706
Current Deferred Revenue12,945
Liabilities and Stockholders Equity 6,176,811
Net Debt 2,262,046
Net Invested Capital 5,856,161
Net Working Capital -279,971
Property Plant and Equipment Gross 2,184
Short Long Term Debt Total 2,280,299



Balance Sheet

Currency in EUR. All numbers in thousands.

 Trend2023-12-312022-12-312021-12-312020-12-312019-12-312018-12-312017-12-312016-12-312015-12-312014-12-312013-12-312012-12-312011-12-312010-12-312009-12-312008-12-312007-12-312006-12-312005-12-31
> Total Assets 
123,466
274,243
367,894
368,442
443,760
530,872
609,092
652,197
794,723
1,020,284
1,173,162
1,570,122
1,766,643
2,386,127
0
4,067,175
5,161,867
6,085,540
6,176,811
6,176,8116,085,5405,161,8674,067,17502,386,1271,766,6431,570,1221,173,1621,020,284794,723652,197609,092530,872443,760368,442367,894274,243123,466
   > Total Current Assets 
6,836
7,251
6,717
5,305
4,674
8,281
11,896
4,659
5,250
11,627
15,880
21,858
23,566
34,447
49,019
51,245
83,659
139,932
127,337
127,337139,93283,65951,24549,01934,44723,56621,85815,88011,6275,2504,65911,8968,2814,6745,3056,7177,2516,836
       Cash And Cash Equivalents 
4,224
3,377
373
952
880
985
2,041
725
1,156
3,598
4,947
8,135
10,589
15,405
0
23,546
15,335
13,891
18,253
18,25313,89115,33523,546015,40510,5898,1354,9473,5981,1567252,0419858809523733,3774,224
       Net Receivables 
0
0
0
0
0
0
0
0
3,228
5,523
3,880
8,096
7,829
11,691
16,574
17,201
27,174
41,962
23,290
23,29041,96227,17417,20116,57411,6917,8298,0963,8805,5233,22800000000
       Other Current Assets 
181
3,874
688
4,353
3,794
7,296
2,956
299
495
354
386
782
260
972
10,199
1,602
1,387
991
-41,543
-41,5439911,3871,60210,1999722607823863544952992,9567,2963,7944,3536883,874181
   > Long-term Assets 
116,630
266,992
361,177
363,137
439,086
522,591
597,196
647,538
789,473
1,008,657
1,157,282
1,548,264
1,743,077
2,351,680
0
4,015,930
5,078,208
5,945,608
6,049,474
6,049,4745,945,6085,078,2084,015,93002,351,6801,743,0771,548,2641,157,2821,008,657789,473647,538597,196522,591439,086363,137361,177266,992116,630
       Property Plant Equipment 
2,128
1,935
1,887
1,708
1,894
1,822
2,078
1,849
1,911
1,834
1,624
1,611
2,569
1,326
3,361,731
2,813
2,368
2,573
2,184
2,1842,5732,3682,8133,361,7311,3262,5691,6111,6241,8341,9111,8492,0781,8221,8941,7081,8871,9352,128
       Goodwill 
0
0
0
1,856
1,856
0
1,856
1,856
1,856
1,856
1,856
1,856
1,856
0
0
161,726
161,726
143,669
117,597
117,597143,669161,726161,726001,8561,8561,8561,8561,8561,8561,85601,8561,856000
       Long Term Investments 
0
0
0
0
0
0
0
0
65
1,048
496
2,707
1,888
0
0
0
0
0
0
0000001,8882,7074961,0486500000000
       Intangible Assets 
0
0
0
108
60
0
20
21
21
102
118
220
300
407
0
1,789
1,934
1,857
1,663
1,6631,8571,9341,7890407300220118102212120060108000
       Long-term Assets Other 
112,582
263,047
357,279
359,465
435,276
518,884
593,242
643,812
785,441
1,004,755
1
1
1,738,352
2,349,947
0
1
1
5,628,804
5,790,357
5,790,3575,628,8041102,349,9471,738,352111,004,755785,441643,812593,242518,884435,276359,465357,279263,047112,582
> Total Liabilities 
66,469
96,855
173,985
195,727
263,000
256,903
341,516
270,038
397,648
422,014
552,413
682,083
824,996
956,475
0
1,894,239
2,376,470
2,796,191
2,595,910
2,595,9102,796,1912,376,4701,894,2390956,475824,996682,083552,413422,014397,648270,038341,516256,903263,000195,727173,98596,85566,469
   > Total Current Liabilities 
3,467
12,317
12,012
5,904
10,837
11,997
70,644
66,181
84,919
39,507
54,429
60,406
64,259
307,660
618,860
649,273
401,854
532,211
407,308
407,308532,211401,854649,273618,860307,66064,25960,40654,42939,50784,91966,18170,64411,99710,8375,90412,01212,3173,467
       Short-term Debt 
9
50
0
0
0
198
60,209
55,721
70,945
25,897
31,027
34,524
22,830
272,317
0
606,479
327,014
438,651
321,549
321,549438,651327,014606,4790272,31722,83034,52431,02725,89770,94555,72160,209198000509
       Short Long Term Debt 
0
0
0
0
0
0
0
0
383,674
404,699
31,027
34,524
22,830
272,317
0
604,402
324,398
435,164
321,549
321,549435,164324,398604,4020272,31722,83034,52431,027404,699383,67400000000
       Accounts payable 
1,887
8,733
5,217
3,588
7,985
9,025
6,547
5,454
8,293
6,069
12,009
16,917
22,695
16,509
38,468
18,768
41,399
39,475
-12,945
-12,94539,47541,39918,76838,46816,50922,69516,91712,0096,0698,2935,4546,5479,0257,9853,5885,2178,7331,887
       Other Current Liabilities 
1,570
3,534
6,795
2,316
2,852
2,774
3,888
5,006
5,681
7,541
11,393
8,965
18,734
15,002
1,547
20,338
23,243
40,491
85,759
85,75940,49123,24320,3381,54715,00218,7348,96511,3937,5415,6815,0063,8882,7742,8522,3166,7953,5341,570
   > Long-term Liabilities 
63,003
84,538
161,973
189,823
252,163
244,906
270,872
203,857
312,729
382,507
497,984
621,677
760,737
648,815
0
1,244,966
1,974,616
2,263,980
2,188,602
2,188,6022,263,9801,974,6161,244,9660648,815760,737621,677497,984382,507312,729203,857270,872244,906252,163189,823161,97384,53863,003
       Other Liabilities 
0
0
0
0
0
0
0
0
0
3,705
4,208
8,452
10,600
16,452
112,656
79,896
127,480
170,783
0
0170,783127,48079,896112,65616,45210,6008,4524,2083,705000000000
> Total Stockholder Equity
56,995
177,386
193,908
172,714
180,760
273,969
267,576
382,159
397,075
598,270
620,749
888,039
941,647
1,429,549
0
2,170,311
2,781,171
3,282,785
3,575,862
3,575,8623,282,7852,781,1712,170,31101,429,549941,647888,039620,749598,270397,075382,159267,576273,969180,760172,714193,908177,38656,995
   Common Stock
40,435
95,958
102,830
108,430
126,820
177,490
180,873
248,072
264,231
360,633
364,467
459,231
465,126
624,713
685,569
836,401
917,101
1,006,881
1,203,638
1,203,6381,006,881917,101836,401685,569624,713465,126459,231364,467360,633264,231248,072180,873177,490126,820108,430102,83095,95840,435
   Retained Earnings 
-213
6,209
14,605
-8,893
2,790
25,321
15,338
34,595
29,103
53,725
52,128
79,658
100,686
165,116
144,847
147,827
369,356
448,801
161,444
161,444448,801369,356147,827144,847165,116100,68679,65852,12853,72529,10334,59515,33825,3212,790-8,89314,6056,209-213
   Capital Surplus 0000000000000000000
   Treasury Stock0000000000000000000
   Other Stockholders Equity 
16,773
75,219
76,473
73,177
51,150
71,158
71,365
99,492
103,741
183,912
204,154
349,150
375,835
565,068
131,306
906,282
937,540
1,076,335
1,554,249
1,554,2491,076,335937,540906,282131,306565,068375,835349,150204,154183,912103,74199,49271,36571,15851,15073,17776,47375,21916,773



Balance Sheet

Currency in EUR. All numbers in thousands.




Cash Flow

Currency in EUR. All numbers in thousands.