Ardmore Shpng
Buy or Sell?

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Company's Financial Health
A deep dive into the books. How are the numbers doing? Is Ardmore Shpng even making a profit? Is the company skyrocketing? Or is it sinking like the Titanic. The trend is your friend.
Market Valuation
Finally, you now have an insight of how Ardmore Shpng is doing in the market. If the company is worth buying. The latest step is to find out how other investors value Ardmore Shpng. The closing price on 2022-09-29 was $9.08 per share. Is the company over- or underpriced?
Key Performance Indicators
A total overlook on how the company is doing. Based on the (trends in) the key performance indicators.

Summary

Financial Health

Profitability Details

	Compared to previous year	Compared to industry
The company is making a loss.
Using its assets, the company is inefficient in making profit.
Using its investors money, the company is very inefficient in making profit.

Operating Efficiency Details

	Compared to previous year	Compared to industry
The company is operating less efficient.
The company is inefficient in keeping operating costs low.

Liquidity Details

	Compared to previous year	Compared to industry
The company is able to pay all its short-term debts.
The company is just able to pay all its short-term debts with the most liquid assets.

Solvency Details

	Compared to previous year	Compared to industry
The company is able to pay all its debts by selling its assets.
The company is able to pay all its debts with equity.

1.1. Profitability of Ardmore Shpng.

1.1. Profitability

An important factor of a company's health is the profitability.

1.1.1. Net Profit Margin

Measures how much net profit Ardmore Shpng earns for each $1 of revenue.

Above 10% is considered healthy but always compare Ardmore Shpng to the Marine Shipping industry mean.
A Net Profit Margin of -6.1% means that $-0.06 for each $1 in revenue is generated as profit.

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

The MRQ is 27.7%. The company is making a huge profit. +2
The TTM is -6.1%. The company is making a loss. -1

Trends

Current period		Compared to		+/-
MRQ	27.7%	TTM	-6.1%	+33.8%
TTM	-6.1%	YOY	-17.3%	+11.2%
TTM	-6.1%	5Y	-10.1%	+4.0%
5Y	-10.1%	10Y	-5.2%	-4.9%

Compared to industry (Marine Shipping)

Period	Company	Industry (mean)	+/-
MRQ	27.7%	18.6%	+9.1%
TTM	-6.1%	14.2%	-20.3%
YOY	-17.3%	5.4%	-22.7%
5Y	-10.1%	6.7%	-16.8%
10Y	-5.2%	6.5%	-11.7%

Measures how much net profit Ardmore Shpng earns for each $1 of revenue.

Revenue is the amount of profit Ardmore Shpng generates before taxes and all other costs. For example, when you buy a cup of coffee it will cost you $3. The company does not earn $3 in profit but also has to pay various costs and taxes to create that cup of coffee. Let's assume the cost of creating a cup of coffee is $1.5.

The $3 you pay for a cup of coffee is called revenue.
The $1.5 that’s left over when all costs to create that cup of coffee (including taxes) are deduced from the revenue is called net profit.

The net profit margin looks at how much net profit Ardmore Shpng earns for each $1 in revenue.

How to use net profit margin

Higher profit margin is better (more profit).
Above 10% is considered healthy but always compare Ardmore Shpng to the Marine Shipping industry mean.
Can be used to compare companies within the Marine Shipping industry.

You typically want a high profit margin. This means that for each $1 in sales, Ardmore Shpng makes more profit. This shows the investor how efficiently Ardmore Shpng is operating in general and compared to other companies in the same industry. Ardmore Shpng operates in the Marine Shipping industry.

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Ardmore Shpng. If profit margins remain low (compared to the Marine Shipping industry mean) and there are no improvements to make in production costs or other areas that might be a warning sign. If profit margins are high that means the company has low overhead costs and is efficiently using its resources to generate profit.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Net Profit Margin of Ardmore Shpng is -6.1%. This means that Ardmore Shpng earned $-0.06 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Net Profit Margin of the Marine Shipping industry is 18.6%.
What is the trend?
The trend is important because it shows you how Ardmore Shpng is performing over time. The most recent quarter might be important if Ardmore Shpng released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Ardmore Shpng up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare Ardmore Shpng with other companies in the same industry (Marine Shipping).
Net profit margin should rise over the years.
Can be influenced when Ardmore Shpng sells assets (profit will increase while costs remain the same).
It won’t show what part of Ardmore Shpng is doing great or needs improvement (it only looks at total revenue and total net income).

How to calculate net profit margin

Net profit margin = net income / total revenue * 100%

Real example of Ardmore Shpng

You need the following data to determine net profit margin:

Income statement from the period you want to calculate (for example, MRQ or TTM).

Net income MRQ Ardmore Shpng = 29,687
Total revenue MRQ Ardmore Shpng = 107,125
$29,687 / $107,125 = 0.28 or 27.7%

Higher is better

The higher the net profit margin, the more efficient the company is generating income. This helps investors to determine how the company is managing money. The net profit margin is an important indicator when diving into the financial health of a company. Overall, you want to see the net profit margin rising over the years. That means the company improved their production and made it more efficient (if possible).

You can use the net profit margin to compare companies within the same industry. If there are two companies where one is much bigger but the smaller one has a higher net profit margin, that means the smaller company is more efficiently using operational costs.

Important: Profit margins can be very different between industries. Companies with assembly lines or transports are much more prone to see shifting in prices for fuel, ingredients and maintenance compared to companies that only provide services. You should never compare net profit margin between different industries.

1.1.2. Return on Assets

Shows how efficient Ardmore Shpng is using its assets to generate profit.

Above 5% is considered healthy but always compare Ardmore Shpng to the Marine Shipping industry mean.
0.1% Return on Assets means that Ardmore Shpng generated $0.00 profit for each $1 in assets.

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

The MRQ is 4.0%. Using its assets, the company is less efficient in making profit.
The TTM is 0.1%. Using its assets, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	4.0%	TTM	0.1%	+4.0%
TTM	0.1%	YOY	-1.1%	+1.2%
TTM	0.1%	5Y	-0.5%	+0.6%
5Y	-0.5%	10Y	-0.2%	-0.3%

Compared to industry (Marine Shipping)

Period	Company	Industry (mean)	+/-
MRQ	4.0%	1.8%	+2.2%
TTM	0.1%	1.5%	-1.4%
YOY	-1.1%	0.7%	-1.8%
5Y	-0.5%	0.9%	-1.4%
10Y	-0.2%	0.8%	-1.0%

Shows how efficient Ardmore Shpng is using its assets to generate profit.

For a farm, a tractor is considered an asset. The tractor helps ploughing the land making it possible to plant and harvest crops. But the tractor might be old and needing maintenance all the time reducing its efficiency. Return on assets indicates how effectively the farm is using the tractor (and other assets that help the core business) to plough the land.

How to use return on assets

0.1% return on assets means the company generated $0.00 for each $1 in assets.

Higher is better
Above 5% is considered healthy but always compare Ardmore Shpng to the Marine Shipping industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use return on assets in their analysis

Shows the investor how effectively Ardmore Shpng is using its resources to generate profit. If the return on assets (0.1%) from Ardmore Shpng are higher than the Marine Shipping mean (1.8%) that means Ardmore Shpng is using its resources better than their competitors. If not, that means their competitors are more efficient in using their resources to generate profit.

An investor should always look at:

What is the current return on assets?
The current most recent quarter (MRQ) Return on Assets of Ardmore Shpng is 0.1%. This means the company generated $0.00 for each $1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the Marine Shipping industry is 1.8%.
What is the trend?
The trend is important because it shows you how Ardmore Shpng is performing over time. The most recent quarter might be important if Ardmore Shpng released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Ardmore Shpng up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
If a company has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

How to calculate return on assets

Return on assets = net income / total assets * 100%

Real example Ardmore Shpng

You need the following data to determine return on assets (ROA):

Income statement
Balance sheet

Net income MRQ (income statement) from Ardmore Shpng = 29,687
Total assets MRQ (balance sheet) from Ardmore Shpng = 733,043
29,687 / 733,043 = 0.04 or 4.0%

ROA is an important ratio as it will tell you how effectively Ardmore Shpng is using its resources to generate profits. Example:

Bob and Kristin both sell ice cream in the summer. They both have an ice cream truck. The truck Bob owes cost him $20.000 and the truck Kristin owes cost her $1500. Over the summer, Bob earned $2000 and Kristin earned $200. To calculate the return on assets:

Bob: $2000 / $20.000 * 100% = 10%
Kristin: $200 / $1500 * 100% = 13.3%

This tells you Bob’s company is more valuable but Kristin's company is more efficient. Be aware that total assets can change over time. A transportation business will buy and sell trucks or planes all the time. Before using return on assets as a guideline, you have to know what the exact assets are. For a company that has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

1.1.3. Return on Equity

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

Above 15%-20% is considered healthy but always compare Ardmore Shpng to the Marine Shipping industry mean.
8.0% Return on Equity means the company generated $0.08 for each $1 the owners (shareholders) invested.

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

The MRQ is 8.0%. Using its investors money, the company is less efficient in making profit.
The TTM is -0.1%. Using its investors money, the company is very inefficient in making profit. -2

Trends

Current period		Compared to		+/-
MRQ	8.0%	TTM	-0.1%	+8.1%
TTM	-0.1%	YOY	-2.5%	+2.3%
TTM	-0.1%	5Y	-1.3%	+1.2%
5Y	-1.3%	10Y	-0.5%	-0.7%

Compared to industry (Marine Shipping)

Period	Company	Industry (mean)	+/-
MRQ	8.0%	4.0%	+4.0%
TTM	-0.1%	3.0%	-3.1%
YOY	-2.5%	2.0%	-4.5%
5Y	-1.3%	1.9%	-3.2%
10Y	-0.5%	1.8%	-2.3%

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

A publicly traded company (any company that issues shares to the public) is owned by its shareholders. Return on equity calculates the amount of profit for every $1 the shareholders invested.

How to use return on equity

-0.1% return on equity means Ardmore Shpng generated $0.00 for each $1 the owners (shareholders) invested.

Higher is better
Above 15%-20% is considered healthy but always compare Ardmore Shpng to the Marine Shipping industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use return on equity in their analysis

To find out the owners/management's attitude toward their company. You typically want the owners/management to invest in the company and focus on generating profit. If not enough profit is generated (compared to the Marine Shipping industry mean), the company might not be investing their money efficiently.

The three steps every investor should look at:

What is the current return on equity?
The current most recent quarter (MRQ) Return on Equity of Ardmore Shpng is -0.1%. This means that Ardmore Shpng earned $0.00 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Return on Equity of the Marine Shipping industry is 4.0%.
What is the trend?
The trend is important because it shows you how Ardmore Shpng is performing over time. The most recent quarter might be important if Ardmore Shpng released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Ardmore Shpng up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Does not include intangible assets (non physical assets like licences, computer software, etc.).
Stockholders equity and shareholders equity refer to the same thing.
Liabilities should not be more than three times return on equity.

How to calculate return on equity

Return on equity = net profit / shareholders equity * 100%

Real example of Ardmore Shpng

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Ardmore Shpng = 29,687
Shareholders equity (balance sheet) MRQ Ardmore Shpng = 373,182
29,687 / 373,182 = 0.08 or 8.0%

A negative shareholder equity is a warning sign. It means the company has more liabilities than assets. It might also mean that the owners did not invest enough money or they are taking money out of the business.

1.2. Operating Efficiency of Ardmore Shpng.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Ardmore Shpng is operating .

Measures how much profit Ardmore Shpng 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 Ardmore Shpng to the Marine Shipping industry mean.
An Operating Margin of 32.1% means the company generated $0.32 for each $1 in revenue (before taxes).

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

The MRQ is 32.1%. The company is operating very efficient. +2
The TTM is 1.0%. The company is operating less efficient.

Trends

Current period		Compared to		+/-
MRQ	32.1%	TTM	1.0%	+31.0%
TTM	1.0%	YOY	-8.5%	+9.6%
TTM	1.0%	5Y	-0.9%	+1.9%
5Y	-0.9%	10Y	3.2%	-4.1%

Compared to industry (Marine Shipping)

Period	Company	Industry (mean)	+/-
MRQ	32.1%	22.5%	+9.6%
TTM	1.0%	14.9%	-13.9%
YOY	-8.5%	9.7%	-18.2%
5Y	-0.9%	11.0%	-11.9%
10Y	3.2%	7.8%	-4.6%

1.2.2. Operating Ratio

Measures how efficient Ardmore Shpng is keeping operating costs low.

Below 1 is considered healthy (always compare to Marine Shipping industry mean).
An Operation Ratio of 114.0% means that the operating costs are $1.14for each $1 in net sales.

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

The MRQ is 1.140. The company is inefficient in keeping operating costs low. -1
The TTM is 1.081. The company is inefficient in keeping operating costs low. -1

Trends

Current period		Compared to		+/-
MRQ	1.140	TTM	1.081	+0.059
TTM	1.081	YOY	1.087	-0.006
TTM	1.081	5Y	1.004	+0.077
5Y	1.004	10Y	0.955	+0.049

Compared to industry (Marine Shipping)

Period	Company	Industry (mean)	+/-
MRQ	1.140	1.357	-0.217
TTM	1.081	1.267	-0.186
YOY	1.087	1.337	-0.250
5Y	1.004	1.273	-0.269
10Y	0.955	1.094	-0.139

Measures how efficient the company is creating its products or services while keeping operating costs low.

If the operating ratio is below 1 that means the company is making money. The lower the operating ratio, the more efficient the company.

How to use operating ratio

keypoint text= An operation ratio of 0.5 means that the operating costs are $0,5 for each $1 in net sales.

Lower is better
Below 1 is considered healthy (always use industry average)
Can be very different between industries
Can be used to compare companies

Why do investors use operating ratio in their analysis

Shows if costs of creating products and or services is increasing or decreasing. The lower the operating ratio, the more efficient the company is creating products and services.

Things to be aware of

Only compare with other companies in the same industry
You need COGS (Cost Of Goods Sold) to calculate operating ratio which is not always shown in the income statement
Does not consider debt

The three steps every investor should look at:

What is the current net operating ratio?
What is the long term trend?
How does it compare to the industry?

How to calculate operating ratio

Operating ratio = Operating expenses plus COGS \ Net sales

Real life example

You need the following data to determine operating ratio:

Income statement

COGS is not specified on the income statement so we use the following calculation:

(cost of revenue plus total operating expenses) / total revenue
($12,700,000 plus $1,628,000) / $16,934,000 = 0.84

The operating ratio measures the efficiency of a company at keeping low costs while generating profits from sales. It compares the total operating expenses to the net amount of sales. The total operating expenses exists of:

COGS (materials, labour, rent of facility, repairs)
Operating expenses (legal fees, marketing, wages, rent, maintenance/repairs)

Operating expenses are all the costs the company makes that are not directly tied to the production of the service or product. Where COGS are costs that are directly tied to the production of a product or service.

Do note that COGS is not always available in the income statement. Some companies include COGS in the operating expenses while others list COGS separately. To make it even more confusing, COGS is also known as “costs of sales” and costs of sales is the same as costs of revenue.

The operating ratio tells you how efficient the company is creating its products or services while keeping prices low. In this case, a lower ratio is better. Higher or rising operating ratios might tell you that costs are rising while sales are not improving or staying the same.

1.3. Liquidity of Ardmore Shpng.

1.3. Liquidity

1.3.1. Current Ratio

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

Above 1.5 is considered healthy (always compare to Marine Shipping industry mean).
A Current Ratio of 253.5% means the company has $2.54 in assets for each $1 in short-term debts.

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

The MRQ is 2.535. The company is able to pay all its short-term debts. +1
The TTM is 1.883. The company is able to pay all its short-term debts. +1

Trends

Current period		Compared to		+/-
MRQ	2.535	TTM	1.883	+0.652
TTM	1.883	YOY	1.547	+0.336
TTM	1.883	5Y	1.609	+0.274
5Y	1.609	10Y	1.847	-0.238

Compared to industry (Marine Shipping)

Period	Company	Industry (mean)	+/-
MRQ	2.535	1.384	+1.151
TTM	1.883	1.314	+0.569
YOY	1.547	1.147	+0.400
5Y	1.609	1.177	+0.432
10Y	1.847	1.039	+0.808

1.3.2. Quick Ratio

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

Above 1 is considered healthy (always compare to Marine Shipping industry mean)
A Quick Ratio of 80.1% means the company can pay off $0.80 for each $1 in debt (using most liquid assets).

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

The MRQ is 0.801. The company is just not able to pay all its short-term debts with the most liquid assets. -1
The TTM is 1.091. The company is just able to pay all its short-term debts with the most liquid assets.

Trends

Current period		Compared to		+/-
MRQ	0.801	TTM	1.091	-0.291
TTM	1.091	YOY	1.271	-0.180
TTM	1.091	5Y	1.071	+0.020
5Y	1.071	10Y	0.655	+0.416

Compared to industry (Marine Shipping)

Period	Company	Industry (mean)	+/-
MRQ	0.801	0.399	+0.402
TTM	1.091	0.558	+0.533
YOY	1.271	0.579	+0.692
5Y	1.071	0.591	+0.480
10Y	0.655	0.574	+0.081

1.4. Solvency of Ardmore Shpng.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Ardmore Shpng assets are financed with debt.

Below 1 (100%) is considered healthy (always compare to Marine Shipping industry mean).
A Debt to Asset Ratio of 0.49 means that Ardmore Shpng assets are financed with 49.1% credit (debt) and the remaining percentage (100% - 49.1%) is financed by its owners/shareholders.

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

The MRQ is 0.491. The company is very able to pay all its debts by selling its assets. +2
The TTM is 0.536. The company is able to pay all its debts by selling its assets. +1

Trends

Current period		Compared to		+/-
MRQ	0.491	TTM	0.536	-0.045
TTM	0.536	YOY	0.560	-0.023
TTM	0.536	5Y	0.560	-0.023
5Y	0.560	10Y	0.519	+0.040

Compared to industry (Marine Shipping)

Period	Company	Industry (mean)	+/-
MRQ	0.491	0.447	+0.044
TTM	0.536	0.462	+0.074
YOY	0.560	0.511	+0.049
5Y	0.560	0.504	+0.056
10Y	0.519	0.508	+0.011

1.4.2. Debt to Equity Ratio

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

Below 2 is considered healthy (always compare to Marine Shipping industry mean).
A Debt to Equity ratio of 96.4% means that company has $0.96 debt for each $1 in shareholders equity.

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

The MRQ is 0.964. The company is very able to pay all its debts with equity. +2
The TTM is 1.164. The company is able to pay all its debts with equity. +1

Trends

Current period		Compared to		+/-
MRQ	0.964	TTM	1.164	-0.199
TTM	1.164	YOY	1.272	-0.108
TTM	1.164	5Y	1.277	-0.113
5Y	1.277	10Y	1.123	+0.154

Compared to industry (Marine Shipping)

Period	Company	Industry (mean)	+/-
MRQ	0.964	0.834	+0.130
TTM	1.164	0.923	+0.241
YOY	1.272	1.121	+0.151
5Y	1.277	1.177	+0.100
10Y	1.123	1.196	-0.073

2. Market Valuation of Ardmore Shpng

2. Earnings

2.1. Price to Earnings Ratio

Measures how many years it takes to double your invested money in Ardmore Shpng.

Above 15 is considered overpriced but is hard to determine (always use industry average).
A PE ratio of -95.72 means the investor is paying $-95.72 for every $1 in earnings.

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

The EOD is -124.692. Company is losing money. -2
The MRQ is -95.716. Company is losing money. -2
The TTM is -26.420. Company is losing money. -2

Trends

Current period		Compared to		+/-
EOD	-124.692	MRQ	-95.716	-28.976
MRQ	-95.716	TTM	-26.420	-69.297
TTM	-26.420	YOY	-5.162	-21.257
TTM	-26.420	5Y	-13.036	-13.384
5Y	-13.036	10Y	-9.317	-3.719

Compared to industry (Marine Shipping)

Period	Company	Industry (mean)	+/-
EOD	-124.692	5.777	-130.469
MRQ	-95.716	6.150	-101.866
TTM	-26.420	9.048	-35.468
YOY	-5.162	9.578	-14.740
5Y	-13.036	10.055	-23.091
10Y	-9.317	9.298	-18.615

Compares the company's stock price to its earnings.

Indicates if the company’s shares are under or overvalued. A very high PE ratio means that the price of the stock is much higher than the reported earnings.

How to use PE ratio

A PE ratio of 15 means the investor is paying $15 for every $1 in earnings

Above 15 is considered overpriced but is hard to determine (always use industry average)
Can be very different between industries
Can be used to compare companies

Why do investors use PE ratio in their analysis

The PE ratio tells investors the current sentiment in the market for that company. As with every stock, the stock price never shows the real valuation of a company but rather how the market thinks how much the stock is worth.

In other words, the current stock price also incorporates any future earnings or business opportunities in the future. The best example is the stock market crash in 2000. The PE ratio for any internet based company was going through the roof. Only based on the general assumption the internet and all associated businesses would thrive in the future. But this was based on nothing. A business still needs a good product or service to be able to survive. Instead, every investor bought any stock which did something related to the internet.

Many investors were willing to pay premium prices and that was causing the PE ratio to rise. A high PE ratio is a warning sign that investors might be overvaluing a stock based on future earnings.

Things to be aware of

Only compare with other companies in the same industry
Some industries might have very high or very low PE ratios in general
PE ratios can be high for several years, it does not mean a sudden collapse is imminent.
Earnings growth is not included in the PE ratio

How to calculate PE ratio

PE ratio = market value per share / earnings per share (The market value per share is simply the current stock price. )

The PE ratio is a very commonly used ratio to determine the value of a company by comparing the current stock price relative to its earnings per share (EPS). Before we can calculate the PE ratio we need to know the EPS. EPS is calculated as follows:

EPS = (net profit - preferred dividends) / end of period outstanding shares
Net profit = revenue - expenses
Outstanding shares can be found in the balance sheet

The PE value helps investors to determine if the current stock price is under or overvalued. It also projects future growth.

In general, a higher PE ratio means that investors predict higher future growth. If the PE ratio is too high, then investors expect way too much future growth the company can never fulfil. This is most likely to happen in faster moving companies like tech companies or automobile companies like Tesla. These are hot and booming markets where investors expect much future growth driven by new technology (electric cars). When looking at the current MRQ (most recent quarter) PE ratio of Tesla ( jan. 2021) it's about 247 while the average in the industry is only 6. That might be a clue that Tesla is trading for way too high prices compared to their current assets and is more based on future growth.

2.2. Price Earnings to Growth Ratio

Measures the predicted future growth of Ardmore Shpng.

Lower is better
A PEG ratio of 1 means the investor is paying a fair price for the stock

Let's take a look of the Price Earnings to Growth Ratio trends of Ardmore Shpng:

The MRQ is 1.015. Seems overpriced? -1
The TTM is 0.240. Very good. +2

Trends

Current period		Compared to		+/-
MRQ	1.015	TTM	0.240	+0.775
TTM	0.240	YOY	0.040	+0.200
TTM	0.240	5Y	0.085	+0.155
5Y	0.085	10Y	-0.064	+0.149

Compared to industry (Marine Shipping)

Period	Company	Industry (mean)	+/-
MRQ	1.015	0.013	+1.002
TTM	0.240	0.004	+0.236
YOY	0.040	0.003	+0.037
5Y	0.085	-0.039	+0.124
10Y	-0.064	-0.046	-0.018

PEG Ratio	Meaning
0.5	You can buy the stock cheap
1	You pay a fair price
2.5	The stock is overpriced

2. Books

2.3. Price to Book Ratio

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

At or below 1 is considered healthy (always compare to Marine Shipping industry mean).
A PB ratio of 0.69 means the investor is paying $0.69 for each $1 in book value.

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

The EOD is 0.903. Very good. +2
The MRQ is 0.693. Very good. +2
The TTM is 0.492. Very good. +2

Trends

Current period		Compared to		+/-
EOD	0.903	MRQ	0.693	+0.210
MRQ	0.693	TTM	0.492	+0.201
TTM	0.492	YOY	0.401	+0.091
TTM	0.492	5Y	0.567	-0.075
5Y	0.567	10Y	0.610	-0.043

Compared to industry (Marine Shipping)

Period	Company	Industry (mean)	+/-
EOD	0.903	0.977	-0.074
MRQ	0.693	1.084	-0.391
TTM	0.492	1.209	-0.717
YOY	0.401	1.077	-0.676
5Y	0.567	0.992	-0.425
10Y	0.610	0.776	-0.166

Measures if the stock price of Ardmore Shpng is to cheap or to expensive compared to its [abbr name=book value&text=What the company is worth when you subtract total liabilities from total assets).

The book value of a company is what remains when you subtract total liabilities from total assets. This can also become negative which means the company has more debts than assets.

The price to book ratio shows the investor if the stock is under or overvalued. A high price to book ratio means that the investor is paying more for a share than the company has in total assets.

How to use PB ratio

A PB ratio of 3 means the investor is paying $3 for each $1 in book value.

Lower is better
At or below 1 is considered healthy
Can be very different between industries
Can be used to compare companies

Why do investors use PB ratio in their analysis

Helps investors to determine if the current stock price is under or overvalued. A low PB ratio means the company’s stock is trading for less than the leftover of total assets - total liabilities. PB ratios can also turn negative which means the company might be in serious financial trouble. In other words, the company has more liabilities than assets.

Things to be aware of

Only compare with other companies in the same industry
Negative PB ratio means that the company might be in serious financial trouble
A higher PB ratio than 1 also means that you are last in line (shareholders get paid last when a company defaults) when the company goes bankrupt for whatever reason.

How to calculate price to book ratio

Calculate the book value: total assets - total liabilities
Calculate book value per share: book value / total outstanding shares
Price to book ratio = share price / book value per share

Real life example

You need the following data to determine Price to book ratio:

Balance sheet
Current stock price
Key performance indicators

1. Calculate the book value: total assets - total liabilities:

Book value = $68,513,000 - $30,855,000 = $37,658,000

2. Calculate book value per share:

Book value per share = $37,658,000 / total outstanding shares (can be found in the latest balance sheet):

Book value per share = $37,658,000 / 3,465,000 = $10.868

3. Price to book ratio = share price / $10.868:

MRQ (most recent quarter) PB ratio = $673.420 / $10.868 = $61,96

The price to book ratio is another way to determine if a stock is under or overvalued. The PB ratio is used to compare the current stock price to its book value. In other words, the PB ratio is used to compare all the assets minus liabilities in relation to the stock price.

If the PB ratio is greater than 1 that means the stock is trading for a higher price than the intrinsic value of the company. Meaning, you pay more than what the company is worth. Although future growth is hard to measure. A higher PB ratio than 1 also means that you are last in line (shareholders get paid last when a company defaults) when the company goes bankrupt for whatever reason.

Book value is limited for companies that offer services because there are not many tangible assets on the balance sheet compared to large manufacturing companies. It also does not take brand names, patents and other things in consideration.

2.4. Latest News of Ardmore Shpng

Does Ardmore Shpng still have the same value as the quarterly reports suggest? Recent changes may be an indication that the value of the company is changing. Read the news from Ardmore Shpng to keep up to date. Note: the news is often already included in the price.

Date	Title	Read
2022-09-28 15:00	Is Trending Stock Ardmore Shipping Corporation (ASC) a Buy Now?	Read
2022-09-28 14:50	Ardmore Shipping (ASC) Is a Great Choice for "Trend" Investors, Here's Why	Read
2022-09-27 16:00	Best Momentum Stocks to Buy for September 27th	Read
2022-09-27 13:07	New Strong Buy Stocks for September 27th	Read
2022-09-26 23:50	Ardmore Shipping (ASC) Gains As Market Dips: What You Should Know	Read
2022-09-16 23:50	Ardmore Shipping (ASC) Flat As Market Sinks: What You Should Know	Read
2022-09-14 15:00	Is Most-Watched Stock Ardmore Shipping Corporation (ASC) Worth Betting on Now?	Read
2022-09-09 14:50	Here's What Could Help Ardmore Shipping (ASC) Maintain Its Recent Price Strength	Read
2022-09-07 12:50	Those who invested in Ardmore Shipping (NYSE:ASC) a year ago are up 170%	Read

3. Holders & Insider Transactions

Let's take a look at which institutions, funds and insiders are holding shares of Ardmore Shpng.

3.1. Institutions holding Ardmore Shpng

Institutions are holding 65.862% of the shares of Ardmore Shpng.

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2022-06-30	Private Management Group Inc	7.0142	0.7952	2602794	-212887	-7.5608
2022-06-30	Aristotle Capital Boston, LLC	6.8657	0.5298	2547701	69510	2.8049
2022-03-31	Dimensional Fund Advisors, Inc.	4.6876	0.0024	1739447	26216	1.5302
2022-03-31	Oaktree Capital Management LLC	4.3118	0.0751	1600000	1600000	0
2022-06-30	Royce & Associates, LP	3.6596	0.0974	1358004	-540282	-28.4616
2022-03-31	Franklin Resources Inc	2.69	0.0018	998200	0	0
2022-03-31	RBF LLC	2.5382	0.2734	941880	-16608	-1.7327
2022-03-31	Macquarie Group Ltd	2.4301	0.0031	901747	25654	2.9282
2022-03-31	Nomura Holdings Inc	2.0646	0.0104	766120	-2553	-0.3321
2022-06-30	Donald Smith & Co Inc	1.6189	0.1885	600753	-238759	-28.4402
2022-06-30	SEI Investments Co	1.2803	0.0072	475072	3533	0.7492
2022-06-30	Acadian Asset Management LLC	1.2548	0.0066	465614	-333161	-41.709
2022-06-30	EAM Investors, LLC	1.2495	0.789	463656	463656	0
2022-03-31	Boston Partners Global Investors, Inc	0.7782	0.0016	288762	-4167	-1.4225
2022-06-30	WEALTHTRUST AXIOM LLC	0.7651	0.7048	283906	-19900	-6.5502
2022-06-30	Geode Capital Management, LLC	0.7644	0.0003	283666	283666	0
2022-06-30	EAM Global Investors, LLC	0.7467	0.474	277083	277083	0
2022-03-31	Arnhold & S. Bleichroeder Advisers, LLC	0.572	0.0023	212255	92516	77.2647
2022-03-31	D. E. Shaw & Co LP	0.4124	0.0006	153042	69398	82.9683
2022-06-30	Connor Clark & Lunn Inv Mgmt Ltd	0.3791	0.006	140659	6392	4.7607
Total		46.0832	3.9695	17100361

3.2. Funds holding Ardmore Shpng

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2022-06-30	Royce Small-Cap Opportunity Invmt	2.1947	0.4418	814393	-338200	-29.3425
2022-07-29	iShares Russell 2000 ETF	1.9446	0.011	721588	630	0.0874
2022-07-31	Franklin MicroCap Value A	1.7514	2.6054	649900	-198800	-23.4241
2022-06-30	Donald Smith & Co. All Eq Accounts Comp	1.5479	0.18	574379	-237531	-29.2558
2022-06-30	DFA US Small Cap Value I	1.338	0.0265	496485	0	0
2022-07-31	Aristotle Small Cap Equity CIT B	1.2218	1.1278	453368	-21704	-4.5686
2022-05-31	iProfile U.S. Equity Private Pool I	1.1345	0.0688	420979	7132	1.7233
2022-06-30	Legg Mason RY US SmCp Opp A USD Dis(A)	1.1211	0.4422	416000	-178600	-30.037
2021-12-31	Masira Inversión SICAV	0.9838	3.8888	365048	-381	-0.1043
2022-07-29	iShares Russell 2000 Value ETF	0.9168	0.0225	340212	0	0
2022-03-31	Aegis Value I	0.8976	0.5876	333082	0	0
2022-06-30	Delaware Ivy Natural Resources A	0.8073	0.8634	299563	-1706	-0.5663
2022-06-30	DFA US Targeted Value I	0.7594	0.0176	281793	0	0
2022-03-31	Adirondack Small Cap	0.7446	2.6615	276299	-52905	-16.0706
2022-06-30	Aristotle Small Cap Equity I	0.7326	1.0833	271861	15397	6.0036
2022-04-30	MM Equity Small Cap A EUR Acc	0.6179	0.1781	229284	-16192	-6.5962
2022-06-30	Delaware Climate Solutions Y	0.5867	0.5853	217718	-17652	-7.4997
2022-07-31	Russell Inv US Small Cap Equity E	0.575	0.1498	213351	0	0
2022-07-31	EAM Ultra Micro Cap	0.5498	1.3778	204029	-68708	-25.192
2022-07-29	Dimensional US Targeted Value ETF	0.5373	0.0235	199392	0	0
Total		20.9628	16.3427	7778724

3.3. Insider Transactions

Insiders are holding 9.769% of the shares of Ardmore Shpng.

Date	Owner	Type	Amount	Price
2016-06-07	Ryan Kalt	BUY	19500	0.16
2016-03-30	Ryan Kalt	BUY	6000	0.05
2016-03-29	Ryan Kalt	BUY	5000	0.05
2016-03-18	Ryan Kalt	BUY	5000	0.06
2016-03-16	Ryan Kalt	BUY	57500	0.05
2016-01-15	Ryan Kalt	BUY	5000	0.02
2015-11-17	Ryan Kalt	BUY	2000	0.03
2015-08-18	Ryan Kalt	BUY	29000	0.03
2015-07-30	Ryan Kalt	BUY	14000	0.03
2015-07-23	Ryan Kalt	BUY	100000	0.03
2015-07-22	Ryan Kalt	BUY	5000	0.03
2015-07-08	Ryan Kalt	BUY	30000	0.03
2015-07-07	Ryan Kalt	BUY	25000	0.04
2015-07-06	Ryan Kalt	BUY	20000	0.04
2015-06-26	Ryan Kalt	BUY	100000	0.03
2015-05-05	Ryan Kalt	BUY	5000	0.04
2015-04-14	Ryan Kalt	BUY	17000	0.03
2015-04-09	Ryan Kalt	BUY	1000	0.03
2015-04-07	Ryan Kalt	BUY	15000	0.03
2015-04-02	Ryan Kalt	BUY	8000	0.03

4. Summary

4.1. Key Performance Indicators

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

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Per Share	-	-	10.057	9.605	+5%	9.742	+3%	10.268	-2%	11.380	-12%
Current Ratio	-	-	2.535	1.883	+35%	1.547	+64%	1.609	+58%	1.847	+37%
Debt To Asset Ratio	-	-	0.491	0.536	-8%	0.560	-12%	0.560	-12%	0.519	-5%
Debt To Equity Ratio	-	-	0.964	1.164	-17%	1.272	-24%	1.277	-24%	1.123	-14%
Eps	-	-	0.777	-0.018	+102%	-0.321	+141%	-0.166	+121%	-0.042	+105%
Gross Profit Margin	-	-	1.000	1.000	0%	1.000	0%	1.000	0%	1.000	0%
Net Profit Margin	-	-	0.277	-0.061	+122%	-0.173	+162%	-0.101	+137%	-0.052	+119%
Operating Margin	-	-	0.321	0.010	+3060%	-0.085	+127%	-0.009	+103%	0.032	+895%
Operating Ratio	-	-	1.140	1.081	+5%	1.087	+5%	1.004	+13%	0.955	+19%
Pb Ratio	0.903	+23%	0.693	0.492	+41%	0.401	+73%	0.567	+22%	0.610	+14%
Pe Ratio	-124.692	-30%	-95.716	-26.420	-72%	-5.162	-95%	-13.036	-86%	-9.317	-90%
Peg Ratio	-	-	1.015	0.240	+323%	0.040	+2463%	0.085	+1094%	-0.064	+106%
Price Per Share	9.080	+23%	6.970	4.750	+47%	3.898	+79%	5.873	+19%	7.200	-3%
Quick Ratio	-	-	0.801	1.091	-27%	1.271	-37%	1.071	-25%	0.655	+22%
Return On Assets	-	-	0.040	0.001	+5307%	-0.011	+127%	-0.005	+113%	-0.002	+105%
Return On Equity	-	-	0.080	-0.001	+101%	-0.025	+131%	-0.013	+116%	-0.005	+107%
	EOD	+1 -2	MRQ	TTM	+10 -5	YOY	+10 -5	5Y	+9 -6	10Y	+11 -4

4.2. Fundamental Score

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

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	-124.692
Price to Book Ratio (EOD)	Between	0-1	0.903
Net Profit Margin (MRQ)	Greater than	0	0.277
Operating Margin (MRQ)	Greater than	0	0.321
Quick Ratio (MRQ)	Greater than	1	0.801
Current Ratio (MRQ)	Greater than	1	2.535
Debt to Asset Ratio (MRQ)	Less than	1	0.491
Debt to Equity Ratio (MRQ)	Less than	1	0.964
Return on Equity (MRQ)	Greater than	0.15	0.080
Return on Assets (MRQ)	Greater than	0.05	0.040
Total			6/10 (60.0%)

Create your own Stock Scanner

Investing is personal. The best investors buy stocks based on their own analysis. Create your personal Stock Scanner with the key performance indicators that are important to you.
Create your own Stock Scanner

4.3. Technical Score

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

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	42.385
Ma 20	Greater than	Ma 50	9.807
Ma 50	Greater than	Ma 100	9.387
Ma 100	Greater than	Ma 200	8.339
Open	Greater than	Close	9.470
Total			4/5 (80.0%)

Create your own Symbol Scanner

Trading is personal. The best traders buy and sell based on their own technical analysis. Create your personal Symbol Scanner with the technical indicators that are important to you.
Create your own Symbol Scanner

Reversals in quarterly reports

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

	2021-06-30		2021-09-30		2021-12-31		2022-03-31		2022-06-30
Income before Tax	-8,092	-4,158	-12,250	4,605	-7,644	440	-7,204	36,967	29,763
Net Income	-8,126	-4,169	-12,295	4,378	-7,916	914	-7,002	36,689	29,687
EBIT	-3,781	-4,086	-7,866	4,264	-3,602	772	-2,830	37,171	34,341
Total Other Income Expense Net	-4,315	-84	-4,400	279	-4,121	-6,320	-10,441	10,737	296
Net Income from Continuing Operations	-8,126	-4,169	-12,295	4,378	-7,916	914	-7,002	36,689	29,687
Net Income Applicable to Common Shares	-8,207	-4,623	-12,830	4,277	-8,553	703	-7,850	36,699	28,849

Latest Balance Sheet

Balance Sheet of 2022-06-30. Currency in USD. All numbers in thousands.

Summary

Total Assets	733,043
Total Liabilities	359,861
Total Stockholder Equity	373,182

	As reported
Total Liabilities	359,861
Total Stockholder Equity	+ 373,182
Total Assets	= 733,043

Assets

Total Assets	733,043
Total Current Assets	164,426
Long-term Assets	164,426

Total Current Assets

Total Current Assets (as reported)	164,426
Cash And Cash Equivalents	45,385
Net Receivables	51,921
Inventory	18,638
Other Current Assets	44,258
Total Current Assets (calculated)	160,202
+/-	4,224

Long-term Assets

Long-term Assets (as reported)	568,617
Property Plant Equipment	549,882
Long-term Assets Other	11,481
Long-term Assets (calculated)	561,363
+/-	7,254

Liabilities & Shareholders' Equity

Total Current Liabilities	64,857
Long-term Liabilities	295,004
Total Stockholder Equity	373,182

Total Current Liabilities

Total Current Liabilities (as reported)	64,857
Short Long Term Debt	15,138
Accounts payable	6,390
Other Current Liabilities	1,455
Total Current Liabilities (calculated)	22,983
+/-	41,874

Long-term Liabilities

Long-term Liabilities (as reported)	295,004
Long term Debt	118,282
Capital Lease Obligations Min Short Term Debt	202,981
Other Liabilities	943
Long-term Liabilities Other	943
Deferred Long Term Liability	4,627
Long-term Liabilities (calculated)	327,776
+/-	32,772

Total Stockholder Equity

Total Stockholder Equity (as reported)	373,182
Common Stock	391
Other Stockholders Equity	5,253
Total Stockholder Equity (calculated)	5,644
+/-	367,538

Other

Capital Stock	37,434
Common Stock Shares Outstanding	37,108
Net Debt	88,035
Net Invested Capital	469,559
Net Tangible Assets	336,139
Net Working Capital	99,569

Balance Sheet

Currency in USD. All numbers in thousands.

Trend

2022-06-30

2022-03-31

2021-12-31

2021-09-30

2021-06-30

2021-03-31

2020-12-31

2020-09-30

2020-06-30

2020-03-31

2019-12-31

2019-09-30

2019-06-30

2019-03-31

2018-12-31

2018-09-30

2018-06-30

2018-03-31

2017-12-31

2017-09-30

2017-06-30

2017-03-31

2016-12-31

2016-09-30

2016-06-30

2016-03-31

2015-12-31

2015-09-30

2015-06-30

2015-03-31

2014-12-31

2014-09-30

2014-06-30

2014-03-31

2013-12-31

2013-09-30

2013-06-30

2013-03-31

2012-12-31

2012-09-30

2012-06-30

2012-03-31

2011-12-31

> Total Assets

160,631
162,772
0
0
179,960
214,399
238,959
363,874
357,966
506,871
498,102
557,349
570,841
633,672
705,697
750,803
778,198
775,505
804,711
879,936
883,643
869,843
875,744
861,711
845,540
852,448
854,910
837,322
844,760
809,847
783,257
766,676
772,438
778,771
780,158
762,004
727,103
727,103
732,980
728,557
724,531
721,758
733,043

733,043

721,758

724,531

728,557

732,980

727,103

762,004

780,158

778,771

772,438

766,676

783,257

809,847

844,760

837,322

854,910

852,448

845,540

861,711

875,744

869,843

883,643

879,936

804,711

775,505

778,198

750,803

705,697

633,672

570,841

557,349

498,102

506,871

357,966

363,874

238,959

214,399

179,960

162,772

160,631

> Total Current Assets

0
12,548
0
0
19,584
12,295
14,206
81,590
61,958
132,696
72,214
76,763
72,225
44,912
69,975
76,571
115,405
118,736
136,912
106,899
93,763
88,608
99,553
93,233
83,883
81,779
92,272
80,283
109,469
96,305
93,159
84,328
98,019
109,024
119,146
91,361
85,857
85,857
89,377
90,209
94,217
145,512
164,426

164,426

145,512

94,217

90,209

89,377

85,857

91,361

119,146

109,024

98,019

84,328

93,159

96,305

109,469

80,283

92,272

81,779

83,883

93,233

99,553

88,608

93,763

106,899

136,912

118,736

115,405

76,571

69,975

44,912

72,225

76,763

72,214

132,696

61,958

81,590

14,206

12,295

19,584

12,548

Cash And Cash Equivalents

5,460
4,486
0
0
15,334
6,575
9,856
76,978
56,861
128,117
65,987
65,998
59,880
22,084
41,888
43,306
40,109
47,470
103,129
52,970
55,953
45,240
54,814
45,814
39,457
35,284
47,891
33,271
56,903
52,288
54,842
46,214
51,723
64,469
72,913
58,217
50,196
50,196
55,421
54,477
55,449
53,246
45,385

45,385

53,246

55,449

54,477

55,421

50,196

58,217

72,913

64,469

51,723

46,214

54,842

52,288

56,903

33,271

47,891

35,284

39,457

45,814

54,814

45,240

55,953

52,970

103,129

47,470

40,109

43,306

41,888

22,084

59,880

65,998

65,987

128,117

56,861

76,978

9,856

6,575

15,334

4,486

5,460

Net Receivables

0
2,571
0
0
1,363
1,722
1,073
1,410
1,065
990
1,898
4,243
5,622
13,400
16,795
21,902
26,213
20,270
19,911
21,493
23,231
26,815
28,031
28,784
27,265
28,219
26,013
28,826
28,246
28,360
24,401
24,839
30,083
27,706
33,248
19,725
19,491
19,491
16,634
18,523
20,304
27,623
51,921

51,921

27,623

20,304

18,523

16,634

19,491

19,725

33,248

27,706

30,083

24,839

24,401

28,360

28,246

28,826

26,013

28,219

27,265

28,784

28,031

26,815

23,231

21,493

19,911

20,270

26,213

21,902

16,795

13,400

5,622

4,243

1,898

990

1,065

1,410

1,073

1,722

1,363

2,571

Inventory

622
565
0
0
666
830
978
1,222
1,131
1,162
1,680
2,856
2,486
3,818
4,229
4,128
3,969
4,300
4,752
6,588
7,339
7,971
7,681
9,151
9,632
10,918
12,488
14,774
12,812
11,264
9,748
9,028
10,159
10,697
6,571
8,921
9,055
9,055
9,457
10,268
11,095
15,084
18,638

18,638

15,084

11,095

10,268

9,457

9,055

8,921

6,571

10,697

10,159

9,028

9,748

11,264

12,812

14,774

12,488

10,918

9,632

9,151

7,681

7,971

7,339

6,588

4,752

4,300

3,969

4,128

4,229

3,818

2,486

2,856

1,680

1,162

1,131

1,222

978

830

666

565

622

> Long-term Assets

0
0
0
0
160,376
202,104
224,753
282,284
296,008
374,175
425,888
480,586
498,616
588,760
635,722
674,231
662,792
656,768
667,800
773,038
789,880
781,234
776,191
768,478
761,657
770,669
762,638
757,040
735,291
713,542
690,098
682,349
674,419
669,747
661,012
670,642
641,246
641,246
643,602
638,348
630,314
576,246
568,617

568,617

576,246

630,314

638,348

643,602

641,246

670,642

661,012

669,747

674,419

682,349

690,098

713,542

735,291

757,040

762,638

770,669

761,657

768,478

776,191

781,234

789,880

773,038

667,800

656,768

662,792

674,231

635,722

588,760

498,616

480,586

425,888

374,175

296,008

282,284

224,753

202,104

160,376

Property Plant Equipment

145,878
148,097
0
0
157,142
198,282
220,777
278,424
292,213
368,288
419,077
472,494
489,990
579,858
626,492
665,223
662,793
656,177
667,202
772,401
789,880
780,557
773,311
765,598
758,777
763,254
754,532
746,876
724,840
701,800
677,173
669,418
663,870
656,695
649,359
656,994
625,869
626,498
618,393
612,081
604,459
553,502
549,882

549,882

553,502

604,459

612,081

618,393

626,498

625,869

656,994

649,359

656,695

663,870

669,418

677,173

701,800

724,840

746,876

754,532

763,254

758,777

765,598

773,311

780,557

789,880

772,401

667,202

656,177

662,793

665,223

626,492

579,858

489,990

472,494

419,077

368,288

292,213

278,424

220,777

198,282

157,142

148,097

145,878

Long-term Assets Other

0
0
0
0
5,885
6,323
6,620
5,702
5,292
8,277
9,887
11,926
13,012
13,699
13,484
13,744
4,163
4,349
22,520
7,110
3,930
3,542
6,250
7,738
9,393
6,930
7,641
9,719
10,677
11,332
11,007
10,597
11,466
13,893
12,465
13,648
15,377
15,377
25,210
26,267
25,855
22,744
11,481

11,481

22,744

25,855

26,267

25,210

15,377

13,648

12,465

13,893

11,466

10,597

11,007

11,332

10,677

9,719

7,641

6,930

9,393

7,738

6,250

3,542

3,930

7,110

22,520

4,349

4,163

13,744

13,484

13,699

13,012

11,926

9,887

8,277

5,292

5,702

6,620

6,323

5,885

> Total Liabilities

99,027
102,407
0
0
71,569
106,048
131,792
128,839
125,608
173,818
167,105
228,497
243,641
303,651
369,186
402,120
430,586
426,678
389,385
472,139
479,373
467,626
475,267
465,759
464,566
474,384
479,623
473,781
498,176
471,975
454,762
443,255
446,383
447,101
434,802
422,406
414,157
414,157
399,256
406,993
395,533
397,036
359,861

359,861

397,036

395,533

406,993

399,256

414,157

422,406

434,802

447,101

446,383

443,255

454,762

471,975

498,176

473,781

479,623

474,384

464,566

465,759

475,267

467,626

479,373

472,139

389,385

426,678

430,586

402,120

369,186

303,651

243,641

228,497

167,105

173,818

125,608

128,839

131,792

106,048

71,569

102,407

99,027

> Total Current Liabilities

39,027
43,857
0
0
11,289
22,473
17,861
17,590
17,047
25,749
22,435
29,297
31,210
36,938
42,645
47,096
69,358
75,827
47,401
64,383
59,016
57,899
59,901
59,548
58,258
62,543
64,976
69,437
75,538
61,929
58,426
56,340
60,429
70,114
52,006
54,912
57,482
57,482
58,109
58,917
58,500
78,407
64,857

64,857

78,407

58,500

58,917

58,109

57,482

54,912

52,006

70,114

60,429

56,340

58,426

61,929

75,538

69,437

64,976

62,543

58,258

59,548

59,901

57,899

59,016

64,383

47,401

75,827

69,358

47,096

42,645

36,938

31,210

29,297

22,435

25,749

17,047

17,590

17,861

22,473

11,289

43,857

39,027

Short-term Debt

0
40,571
0
0
6,820
17,110
10,619
10,649
10,679
13,525
13,556
19,766
21,098
25,396
28,372
34,065
53,786
61,365
35,100
49,521
41,987
41,873
41,055
39,787
40,609
42,013
42,405
42,741
49,161
39,391
37,931
37,999
38,481
51,111
36,315
40,056
36,995
36,995
39,775
36,135
36,460
60,567
0

60,567

36,460

36,135

39,775

36,995

40,056

36,315

51,111

38,481

37,999

37,931

39,391

49,161

42,741

42,405

42,013

40,609

39,787

41,055

41,873

41,987

49,521

35,100

61,365

53,786

34,065

28,372

25,396

21,098

19,766

13,556

13,525

10,679

10,649

10,619

17,110

6,820

40,571

Short Long Term Debt

0
40,571
0
0
0
17,119
0
0
119,239
0
0
0
17,876
0
0
0
27,015
412,000
377,000
457,278
41,827
451,601
456,421
36,488
37,072
37,172
34,481
34,022
22,835
21,309
19,772
19,798
20,216
32,638
17,695
21,280
22,456
17,880
15,050
15,077
15,103
15,795
15,138

15,138

15,795

15,103

15,077

15,050

17,880

22,456

21,280

17,695

32,638

20,216

19,798

19,772

21,309

22,835

34,022

34,481

37,172

37,072

36,488

456,421

451,601

41,827

457,278

377,000

412,000

27,015

17,876

119,239

17,119

40,571

Accounts payable

2,189
2,864
0
0
2,514
3,248
4,341
5,468
3,999
9,267
7,339
6,657
7,039
9,567
9,959
9,436
12,483
9,652
8,717
11,239
14,448
13,989
16,906
17,790
16,104
18,210
20,775
24,837
24,608
20,721
18,453
16,564
4,790
6,679
3,374
4,159
8,345
8,345
6,018
7,930
8,578
6,209
6,390

6,390

6,209

8,578

7,930

6,018

8,345

4,159

3,374

6,679

4,790

16,564

18,453

20,721

24,608

24,837

20,775

18,210

16,104

17,790

16,906

13,989

14,448

11,239

8,717

9,652

12,483

9,436

9,959

9,567

7,039

6,657

7,339

9,267

3,999

5,468

4,341

3,248

2,514

2,864

2,189

Other Current Liabilities

973
423
0
0
1,955
2,115
2,901
1,472
2,369
2,957
1,540
2,874
3,074
1,975
4,314
3,595
3,089
4,810
3,584
3,623
2,581
2,037
1,941
1,971
1,544
706
45
66
36
67
84
73
0
0
169
10,696
12,142
350
11,341
13,489
11,392
10,771
1,455

1,455

10,771

11,392

13,489

11,341

350

12,142

10,696

169

706

1,544

1,971

1,941

2,037

2,581

3,623

3,584

4,810

3,089

3,595

4,314

1,975

3,074

2,874

1,540

2,957

2,369

1,472

2,901

2,115

1,955

423

973

> Long-term Liabilities

0
0
0
0
60,280
83,575
113,931
111,249
108,560
148,069
144,671
199,200
212,431
266,713
326,541
355,024
361,228
350,851
341,985
407,757
420,357
409,727
415,366
406,211
406,309
411,841
414,647
404,344
422,638
410,045
396,336
386,915
385,954
376,988
382,796
367,494
356,675
356,675
341,147
348,076
337,034
318,629
295,004

295,004

318,629

337,034

348,076

341,147

356,675

367,494

382,796

376,988

385,954

386,915

396,336

410,045

422,638

404,344

414,647

411,841

406,309

406,211

415,366

409,727

420,357

407,757

341,985

350,851

361,228

355,024

326,541

266,713

212,431

199,200

144,671

148,069

108,560

111,249

113,931

83,575

60,280

Long term Debt Total

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
421,147
408,683
395,033
385,719
384,771
375,798
380,957
365,945
367,305
355,761
340,264
347,285
335,369
0
0

335,369

347,285

340,264

355,761

367,305

365,945

380,957

375,798

384,771

385,719

395,033

408,683

421,147

Other Liabilities

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
943
943
943

943

Deferred Long Term Liability

0
0
0
0
0
0
0
0
5,134
0
0
0
4,230
0
0
0
3,730
4,000
5,000
4,192
3,721
3,353
3,844
4,588
4,565
4,536
5,226
7,283
7,551
8,862
8,515
8,083
7,669
10,172
8,773
7,346
10,216
9,058
8,450
10,090
8,879
5,345
4,627

4,627

5,345

8,879

10,090

8,450

9,058

10,216

7,346

8,773

10,172

7,669

8,083

8,515

8,862

7,551

7,283

5,226

4,536

4,565

4,588

3,844

3,353

3,721

4,192

5,000

4,000

3,730

4,230

5,134

> Total Stockholder Equity

61,604
60,365
0
0
108,391
108,351
107,167
235,035
232,358
333,053
330,997
328,852
327,200
330,021
336,511
348,682
347,611
348,827
415,326
407,797
404,270
402,217
400,477
395,952
380,974
378,065
375,287
363,542
346,584
337,872
328,495
323,421
326,056
331,669
345,356
339,598
312,945
312,945
333,724
321,564
328,998
324,722
373,182

373,182

324,722

328,998

321,564

333,724

312,945

339,598

345,356

331,669

326,056

323,421

328,495

337,872

346,584

363,542

375,287

378,065

380,974

395,952

400,477

402,217

404,270

407,797

415,326

348,827

347,611

348,682

336,511

330,021

327,200

328,852

330,997

333,053

232,358

235,035

107,167

108,351

108,391

60,365

61,604

Common Stock

0
0
0
0
0
0
0
181
181
261
261
261
261
261
262
262
263
264
340
341
341
341
341
341
341
341
350
350
350
350
350
350
350
351
352
352
354
354
364
364
364
366
391

391

366

364

354

352

351

350

341

340

264

263

262

261

181

Retained Earnings Total Equity

Accumulated Other Comprehensive Income

0
0
0
0
-12,400
0
0
0
-20,800
0
0
0
-35,600
-35,600
0
0
-59,700
0
-66,800
0
-76,242
0
0
0
-110,296
0
0
0
-135,400
0
0
0
-146,200
0
-773
-705
-141
-141
-144
-151
1,044
4,048
0

4,048

1,044

-151

-144

-141

-705

-773

-146,200

-135,400

-110,296

-76,242

-66,800

-59,700

-35,600

-20,800

-12,400

Capital Surplus

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
414,508
414,950
415,516
416,155
416,841
415,935
416,811
417,618
418,181
418,698
424,630
425,312
426,102
0
0

426,102

425,312

424,630

418,698

418,181

417,618

416,811

415,935

416,841

416,155

415,516

414,950

414,508

Treasury Stock

-15,636

-15,349

-12,909

-15,349

-4,272

-1,279

Other Stockholders Equity

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
-773
402,269
403,062
402,922
408,994
409,677
410,466
411,035
5,253

5,253

411,035

410,466

409,677

408,994

402,922

403,062

402,269

-773

Balance Sheet

Currency in USD. All numbers in thousands.

	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31
Accounts Payable	8,578	9,125	4,790	24,608	16,104	14,448	12,483	7,039	3,999	2,514	2,189	-
Accumulated Other Comprehensive Income	1,044	-729	-146,200	-135,400	-110,296	-76,242	-59,700	-35,600	-20,800	-12,400	-6,300	-
Capital Lease Obligations	227,450	199,202	217,151	243,445	42,494	9,131	-	-	-	-	-	-
Capital Stock	37,407	352	350	350	-	-	-	-	-	-	-	-
Capital Surpluse	426,102	418,181	416,841	414,508	405,550	405,279	338,226	-	-	-	-	-
Cash	55,449	58,365	51,723	56,903	39,457	55,953	40,109	59,880	56,861	15,334	5,460	-
Cash And Short Term Investments	55,449	58,365	51,723	56,903	39,457	55,953	40,109	-	-	-	-	-
Common Stock	364	352	350	350	341	341	263	261	181	-	-	-
Common Stock Shares Outstanding	33,883	33,443	33,098	32,838	33,442	30,142	26,059	24,548	12,242	8,050	8,050	8,000
Common Stock Total Equity	-	352	350	350	341	341	263	261	181	0	0	-
Current Deferred Revenue	2,070	-	-	-	-	-	-	-	-	-	-	-
Deferred Long Term Liab	8,879	10,216	7,669	7,127	4,565	3,721	3,730	4,230	5,134	-	-	-
Inventory	11,095	10,274	10,159	12,812	9,632	7,339	3,969	2,486	1,131	666	622	-
Liabilities And Stockholders Equity	724,531	752,008	772,438	844,760	845,540	883,643	778,198	570,841	357,966	179,960	160,631	-
Long Term Debt	129,998	188,055	187,067	205,520	367,352	411,386	361,228	212,431	108,561	60,280	60,000	-
Long Term Debt Total	335,369	367,305	384,771	421,147	406,309	420,357	361,228	-	-	-	-	-
Net Debt	317,102	171,063	173,824	197,778	368,504	397,419	374,905	146,552	33,578	51,766	90,405	-
Net Invested Capital	437,056	530,846	533,339	574,938	785,397	-	-	-	-	-	-	-
Net Receivables	20,304	17,808	30,083	28,246	27,265	23,231	26,213	5,622	1,065	1,363	2,410	-
Net Tangible Assets	291,954	320,335	326,056	346,584	380,974	404,270	347,611	327,200	232,358	-	-	-
Net Working Capital	35,717	39,643	37,590	33,931	25,625	-	-	-	-	-	-	-
Non Current Assets Total	630,314	649,464	674,419	735,291	761,657	789,880	662,792	498,616	296,008	160,376	147,648	-
Non Current Liabilities Other	943	-	-	-	-	-	-	-	-	-	-	-
Non Current Liabilities Total	337,034	368,773	385,954	422,638	406,309	420,357	361,228	212,431	108,560	60,280	60,000	-
Non Currrent Assets Other	25,855	13,096	11,466	10,677	9,393	3,930	4,163	13,012	5,292	5,885	1,887	-
Other Assets	14,773	15,665	10,933	10,007	6,200	3,721	3,730	8,626	3,795	3,234	1,769	-
Other Current Assets	7,369	16,096	6,054	11,508	7,529	7,239	44,071	3,737	2,366	648	819	-
Other Current Liab	11,392	12,400	17,158	1,769	1,544	513	1,337	3,074	2,369	1,955	973	-
Other Liab	943	-	-	-	-	-	-	-	-	-	-	-
Other Stockholder Equity	410,466	402,545	547,693	534,559	500,497	-	-	-	-	-	-	-
Property Plant And Equipment Gross	-	636,368	662,953	724,614	752,263	785,950	658,629	485,604	290,715	154,491	145,760	-
Property Plant And Equipment Net	604,459	636,368	662,953	724,614	752,263	-	-	-	-	-	-	-
Property Plant Equipment	604,459	633,799	663,486	725,284	755,457	786,159	659,062	489,990	292,213	157,142	145,878	-
Retained Earnings	-119,920	-81,833	-75,787	-52,926	-9,568	2,922	10,400	-10,864	-12,525	-8,682	-4,143	-
Short Long Term Debt	15,103	22,456	20,216	22,835	37,072	41,827	27,015	17,876	119,239	-	-	-
Short Long Term Debt Total	372,551	229,429	225,548	254,681	407,961	453,372	415,014	206,431	90,439	67,100	95,865	-
Short Term Debt	36,460	41,374	38,481	49,161	40,609	41,987	53,786	21,098	10,679	6,820	35,865	-
Total Assets	724,531	752,008	772,438	844,760	845,540	883,643	778,198	570,841	357,966	179,960	160,631	-
Total Current Assets	94,217	102,543	98,019	109,469	83,883	93,763	115,405	72,225	61,958	19,584	12,984	-
Total Current Liabilities	58,500	62,900	60,429	75,538	58,258	59,016	69,358	31,210	17,047	11,289	39,027	-
Total Liab	395,533	431,673	446,383	498,176	464,566	479,373	430,586	243,641	125,608	71,569	99,027	-
Total Stockholder Equity	328,998	320,335	326,056	346,584	380,974	404,270	347,611	327,200	232,358	108,391	61,604	-
Treasury Stock	-15,636	-15,636	-15,349	-15,349	-15,349	-4,272	-1,279	-1,279	-	-	-	-

	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31
Accounts Payable	6,390	6,209	8,578	7,930	6,018	8,345	8,345	4,159	3,374	6,679	4,790	16,564	18,453	20,721	24,608	24,837	20,775	18,210	16,104	17,790	16,906	13,989	14,448	11,239	8,717	9,652	12,483	9,436	9,959	9,567	7,039	6,657	7,339	9,267	3,999	5,468	4,341	3,248	2,514	-	-	2,864	2,189
Accumulated Other Comprehensive Income	-	4,048	1,044	-151	-144	-141	-141	-705	-773	-	-146,200	-	-	-	-135,400	-	-	-	-110,296	-	-	-	-76,242	-	-66,800	-	-59,700	-	-	-35,600	-35,600	-	-	-	-20,800	-	-	-	-12,400	-	-	-	-
Capital Lease Obligations	202,981	222,472	227,450	232,663	237,842	194,548	199,202	203,787	208,325	212,833	217,151	221,638	226,222	230,685	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Capital Stock	37,434	37,409	37,407	23,405	23,411	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Capital Surpluse	-	-	426,102	425,312	424,630	418,698	418,181	417,618	416,811	415,935	416,841	416,155	415,516	414,950	414,508	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash	45,385	53,246	55,449	54,477	55,421	50,196	50,196	58,217	72,913	64,469	51,723	46,214	54,842	52,288	56,903	33,271	47,891	35,284	39,457	45,814	54,814	45,240	55,953	52,970	103,129	47,470	40,109	43,306	41,888	22,084	59,880	65,998	65,987	128,117	56,861	76,978	9,856	6,575	15,334	-	-	4,486	5,460
Cash And Short Term Investments	-	53,246	55,449	54,477	55,421	50,196	50,196	58,217	72,913	64,469	51,723	46,214	54,842	52,288	56,903	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Common Stock	391	366	364	364	364	354	354	352	352	351	350	350	350	350	350	350	350	341	341	341	341	341	341	341	340	264	263	262	262	261	261	261	261	261	181	181	-	0	-	-	-	0	-
Common Stock Shares Outstanding	37,108	34,429	34,364	34,364	33,500	33,287	33,287	33,285	33,357	33,317	33,098	33,098	33,098	33,098	33,098	33,098	32,704	32,445	33,045	33,576	33,576	33,576	33,576	33,518	27,340	26,060	26,160	26,079	26,015	25,981	26,047	26,100	26,100	19,858	18,050	18,050	18,050	8,050	8,050	8,050	8,050	8,050	8,050
Common Stock Total Equity	-	-	-	-	364	354	352	352	352	351	350	350	350	350	350	350	350	341	341	341	341	341	341	341	340	264	263	262	262	261	261	261	261	261	181	181	0	0	0	-	-	-	-
Current Deferred Revenue	-	860	2,070	1,364	976	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred Long Term Liab	4,627	5,345	8,879	10,090	8,450	9,058	10,216	7,346	8,773	10,172	7,669	8,083	8,515	8,862	7,551	7,283	5,226	4,536	4,565	4,588	3,844	3,353	3,721	4,192	5,000	4,000	3,730	-	-	-	4,230	-	-	-	5,134	-	-	-	-	-	-	-	-
Inventory	18,638	15,084	11,095	10,268	9,457	9,055	9,055	8,921	6,571	10,697	10,159	9,028	9,748	11,264	12,812	14,774	12,488	10,918	9,632	9,151	7,681	7,971	7,339	6,588	4,752	4,300	3,969	4,128	4,229	3,818	2,486	2,856	1,680	1,162	1,131	1,222	978	830	666	-	-	565	622
Liabilities And Stockholders Equity	-	721,758	724,531	728,557	732,980	727,103	727,103	762,004	780,158	778,771	772,438	766,676	783,257	809,847	844,760	837,322	854,910	852,448	845,540	861,711	875,744	869,843	883,643	879,936	804,711	775,505	778,198	750,803	705,697	633,672	570,841	557,349	498,102	506,871	357,966	363,874	238,959	214,399	179,960	-	-	-	-
Long Term Debt	118,282	139,986	129,998	136,470	128,029	181,242	188,055	182,016	192,388	182,627	187,067	183,479	188,274	197,443	205,520	317,313	326,785	359,478	406,308	406,211	415,366	409,727	420,357	407,756	341,984	350,851	361,229	355,025	326,541	266,713	212,431	199,200	144,670	148,069	108,561	111,249	113,931	83,575	60,280	-	-	58,550	60,000
Long Term Debt Total	-	-	335,369	347,285	340,264	355,761	367,305	365,945	380,957	375,798	384,771	385,719	395,033	408,683	421,147	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Debt	88,035	325,007	317,102	329,734	112,382	168,041	168,041	163,856	155,789	169,269	173,824	175,264	171,363	184,546	197,778	326,783	319,440	364,320	368,504	360,365	360,903	397,583	397,419	404,307	273,955	364,745	374,905	320,054	286,823	243,372	146,552	125,425	64,259	5,077	33,578	15,707	85,074	94,110	51,766	-	-	-	-
Net Invested Capital	469,559	443,460	437,056	450,070	453,756	512,068	530,846	542,894	555,439	546,935	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Receivables	51,921	27,623	20,304	18,523	16,634	19,491	19,491	19,725	33,248	27,706	30,083	24,839	24,401	28,360	28,246	28,826	26,013	28,219	27,265	28,784	28,031	26,815	23,231	21,493	19,911	20,270	26,213	21,902	16,795	13,400	5,622	4,243	1,898	990	1,065	1,410	1,073	1,722	1,363	-	-	2,571	-
Net Tangible Assets	336,139	287,679	291,954	298,522	310,677	312,945	320,335	339,598	345,356	331,669	326,056	323,421	328,495	337,872	346,584	363,542	375,287	378,065	380,974	395,952	400,477	402,217	404,270	-	-	-	347,611	-	-	-	327,200	-	-	-	232,358	-	-	108,350	-	-	-	60,365	-
Net Working Capital	99,569	67,105	35,717	31,291	31,268	28,374	39,643	36,450	67,140	38,910	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non Current Assets Total	568,617	576,246	630,314	638,348	643,602	641,246	641,246	670,642	661,012	669,747	674,419	682,349	690,098	713,542	735,291	757,040	762,638	770,669	761,657	768,478	776,191	781,234	789,880	773,038	667,800	656,768	662,792	674,231	635,722	588,760	498,616	480,586	425,888	374,175	296,008	282,284	224,753	202,104	160,376	-	-	-	-
Non Current Liabilities Other	943	943	943	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non Current Liabilities Total	295,004	318,629	337,034	348,076	341,147	356,675	356,675	367,494	382,796	376,988	385,954	386,915	396,336	410,045	422,638	404,344	414,647	411,841	406,309	406,211	415,366	409,727	420,357	407,757	341,985	350,851	361,228	355,024	326,541	266,713	212,431	199,200	144,671	148,069	108,560	111,249	113,931	83,575	60,280	-	-	-	-
Non Currrent Assets Other	11,481	22,744	25,855	26,267	25,210	15,377	15,377	13,648	12,465	13,893	11,466	10,597	11,007	11,332	10,677	9,719	7,641	6,930	9,393	7,738	6,250	3,542	3,930	7,110	22,520	4,349	4,163	13,744	13,484	13,699	13,012	11,926	9,887	8,277	5,292	5,702	6,620	6,323	5,885	-	-	-	-
Other Assets	7,274	11,310	14,773	15,258	25,210	14,748	15,665	12,859	11,653	13,052	10,549	10,050	10,045	11,742	10,451	10,163	8,106	7,416	2,880	2,880	2,880	678	3,721	636	598	592	3,730	9,009	9,230	8,902	8,626	8,092	6,811	5,887	3,795	3,860	3,976	3,822	3,234	-	-	158	1,769
Other Current Assets	44,258	49,559	7,369	6,941	7,866	3,351	7,114	4,498	4,758	4,083	4,114	3,045	2,814	4,392	11,508	3,411	5,881	7,357	4,429	6,033	5,577	5,132	3,939	22,748	6,094	43,221	41,639	4,260	5,588	4,136	3,737	3,166	2,149	1,911	2,366	1,199	1,360	2,084	648	-	-	4,925	819
Other Current Liab	1,455	10,771	11,392	13,489	11,341	350	12,142	10,696	169	-	-	73	84	67	36	66	45	706	1,544	1,971	1,941	2,037	2,581	3,623	3,584	4,810	3,089	3,595	4,314	1,975	3,074	2,874	1,540	2,957	2,369	1,472	2,901	2,115	1,955	-	-	423	973
Other Liab	943	943	943	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Stockholder Equity	5,253	411,035	410,466	409,677	408,994	402,922	403,062	402,269	-773	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Property Plant And Equipment Gross	-	-	-	-	618,393	625,869	636,368	656,994	648,547	655,854	662,953	671,752	679,091	702,210	724,614	747,320	754,997	763,739	752,263	760,740	769,941	777,692	785,950	765,928	645,279	652,420	658,629	660,488	622,238	575,061	485,604	468,660	416,001	365,897	290,715	276,582	218,133	195,781	154,491	-	-	-	-
Property Plant And Equipment Net	-	553,502	604,459	612,081	618,393	-	625,869	656,994	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Property Plant Equipment	549,882	553,502	604,459	612,081	618,393	626,498	633,799	657,783	649,359	656,695	663,870	669,418	677,173	701,800	724,840	746,876	754,532	763,254	758,777	765,598	773,311	780,557	789,880	772,401	667,202	656,177	662,793	665,223	626,492	579,858	489,990	472,494	419,077	368,288	292,213	278,424	220,777	198,282	157,142	-	-	148,097	145,878
Retained Earnings	-98,920	-127,770	-119,920	-111,367	-98,537	-90,330	-90,330	-62,318	-55,685	-69,268	-75,787	-77,735	-72,023	-62,080	-52,926	-35,543	-23,318	-14,741	-9,568	-5,739	-1,099	755	2,922	6,610	15,090	13,736	10,400	13,934	2,123	-5,797	-10,864	-12,726	-12,844	-12,938	-12,525	-10,832	-9,912	-8,723	-8,682	-	-	-5,383	-
Short Long Term Debt	15,138	15,795	15,103	15,077	15,050	17,880	22,456	21,280	17,695	32,638	20,216	19,798	19,772	21,309	22,835	34,022	34,481	37,172	37,072	36,488	456,421	451,601	41,827	457,278	377,000	412,000	27,015	-	-	-	17,876	-	-	-	119,239	-	-	17,119	-	-	-	40,571	-
Short Long Term Debt Total	-	378,253	372,551	384,211	167,803	218,237	218,237	222,073	228,702	233,738	225,548	221,478	226,205	236,834	254,681	360,054	367,331	399,604	407,961	406,179	415,717	442,822	453,372	457,278	377,084	412,216	415,014	363,360	328,711	265,456	206,431	191,423	130,246	133,194	90,439	92,684	94,929	100,685	67,100	-	-	-	-
Short Term Debt	-	60,567	36,460	36,135	39,775	36,995	36,995	40,056	36,315	51,111	38,481	37,999	37,931	39,391	49,161	42,741	42,405	42,013	40,609	39,787	41,055	41,873	41,987	49,521	35,100	61,365	53,786	34,065	28,372	25,396	21,098	19,766	13,556	13,525	10,679	10,649	10,619	17,110	6,820	-	-	40,571	-
Total Assets	733,043	721,758	724,531	728,557	732,980	727,103	727,103	762,004	780,158	778,771	772,438	766,676	783,257	809,847	844,760	837,322	854,910	852,448	845,540	861,711	875,744	869,843	883,643	879,936	804,711	775,505	778,198	750,803	705,697	633,672	570,841	557,349	498,102	506,871	357,966	363,874	238,959	214,399	179,960	-	-	162,772	160,631
Total Current Assets	164,426	145,512	94,217	90,209	89,377	85,857	85,857	91,361	119,146	109,024	98,019	84,328	93,159	96,305	109,469	80,283	92,272	81,779	83,883	93,233	99,553	88,608	93,763	106,899	136,912	118,736	115,405	76,571	69,975	44,912	72,225	76,763	72,214	132,696	61,958	81,590	14,206	12,295	19,584	-	-	12,548	-
Total Current Liabilities	64,857	78,407	58,500	58,917	58,109	57,482	57,482	54,912	52,006	70,114	60,429	56,340	58,426	61,929	75,538	69,437	64,976	62,543	58,258	59,548	59,901	57,899	59,016	64,383	47,401	75,827	69,358	47,096	42,645	36,938	31,210	29,297	22,435	25,749	17,047	17,590	17,861	22,473	11,289	-	-	43,857	39,027
Total Liab	359,861	397,036	395,533	406,993	399,256	414,157	414,157	422,406	434,802	447,101	446,383	443,255	454,762	471,975	498,176	473,781	479,623	474,384	464,566	465,759	475,267	467,626	479,373	472,139	389,385	426,678	430,586	402,120	369,186	303,651	243,641	228,497	167,105	173,818	125,608	128,839	131,792	106,048	71,569	-	-	102,407	99,027
Total Stockholder Equity	373,182	324,722	328,998	321,564	333,724	312,945	312,945	339,598	345,356	331,669	326,056	323,421	328,495	337,872	346,584	363,542	375,287	378,065	380,974	395,952	400,477	402,217	404,270	407,797	415,326	348,827	347,611	348,682	336,511	330,021	327,200	328,852	330,997	333,053	232,358	235,035	107,167	108,351	108,391	-	-	60,365	61,604
Treasury Stock	-	-	-15,636	-15,636	-15,636	-15,636	-15,636	-15,349	-15,349	-15,349	-15,349	-15,349	-15,349	-15,349	-15,349	-15,349	-15,349	-12,909	-15,349	-4,272	-4,272	-4,272	-4,272	-4,272	-4,272	-4,272	-1,279	-1,279	-1,279	-1,279	-1,279	-	-	-	-	-	-	-	-	-	-	-	-

Cash Flow

Currency in USD. All numbers in thousands.

	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31
Begin Period Cash Flow	58,365	51,723	56,903	39,457	55,953	40,109	59,880	56,861	15,334	5,460	5,204
Capital Expenditures	2,633	20,905	2,600	17,405	2,020	174,543	232,497	209,686	144,569	14,890	56,800
Change In Cash	-2,916	6,642	-5,180	17,446	-16,495	15,843	-19,770	3,019	41,527	9,874	257
Change In Working Capital	-1,815	9,323	-6,388	8,143	-5,996	1,859	-20,407	-3,505	1,052	4,557	-2,262
Change To Account Receivables	-2,495	12,275	-2,623	-195	-4,116	3,041	-21,203	-4,242	121	1,126	-1,629
Change To Inventory	-821	-115	2,653	-3,180	-2,293	-3,370	-1,483	-1,355	-465	-44	-316
Change To Liabilities	3,221	2,543	-3,673	3,014	-1,700	1,281	5,093	3,364	1,540	343	1,621
Change To Netincome	-3,301	2,667	10,034	1,198	-3,353	3,905	1,437	1,383	571	-	-
Change To Operating Activities	-1,720	-5,380	-2,745	8,505	2,113	-2,192	-6,128	-5,604	-1,287	-	-
Depreciation	31,703	32,187	32,323	35,138	34,271	30,091	24,157	14,855	8,388	6,195	5,343
Dividends Paid	-792	-1,659	-1,659	-1,659	-1,659	-9,327	-12,980	-9,635	-1,191	-	-
End Period Cash Flow	55,449	58,365	51,723	56,903	39,457	55,953	40,109	59,880	56,861	15,334	5,460
Free Cash Flow	-5,519	25,190	17,871	-7,979	16,396	-131,908	-194,838	-197,265	-136,449	-10,905	-56,403
Investments	-5,541	-20,993	23,894	-17,557	-2,282	-122,311	-	-	-	-	-
Issuance Of Capital Stock	37,986	0	0	7,331	-	-	-	-	-	-	-
Net Borrowings	-37,871	-16,293	-47,247	21,985	-20,540	49,950	190,033	114,290	52,139	-	-
Net Income	-36,833	-6,046	-22,861	-42,939	-12,490	3,748	31,955	1,660	-3,843	-4,539	-2,975
Other Cashflows From Financing Activities	86,006	20,155	199,164	209,887	43,385	113,220	214,857	122,876	77,197	36,981	46,240
Other Cashflows From Investing Activities	-94	-89	-64	-204	-275	-425	-353	-55	-68	-	-
Other Non Cash Items	1,446	7,630	15,064	7,448	2,175	3,031	518	-1,973	1,951	-2,263	290
Sale Purchase Of Stock	37,986	-287	0	7,331	-11,263	-2,994	63,927	-1,279	128,430	-	-
Total Cash From Financing Activities	-1,658	-18,459	-49,545	25,576	-32,629	95,520	175,420	200,339	178,044	20,830	56,780
Total Cash From Operating Activities	-2,885	46,094	20,471	9,426	18,416	42,635	37,660	12,421	8,120	3,985	397
Total Cashflows From Investing Activities	1,627	-20,993	23,894	-17,557	-2,282	-122,311	-232,850	-209,742	-144,638	-	-

	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31
Begin Period Cash Flow	53,246	55,449	54,477	55,421	50,196	58,365	58,365	72,913	64,469	51,723	46,214	54,842	52,288	56,903	33,271	47,891	35,284	39,457	45,814	54,814	45,240	55,953	52,970	103,129	47,470	40,109	43,306	41,888	22,084	59,880	65,998	65,987	128,117	56,861	76,978	9,856	6,575	15,334	11,369	5,236	4,486	5,460	-
Capital Expenditures	23	200	490	929	633	581	581	18,688	621	606	322	1,030	346	902	790	1,295	5	15,315	1,748	93	35	144	25,741	130,798	17,201	802	40,413	44,861	52,873	94,349	21,279	56,726	53,491	78,191	16,445	60,773	24,364	42,987	1,727	4,833	4,451	3,879	56,799
Change In Cash	-7,861	-2,203	972	-944	5,225	-8,169	-8,169	-14,696	8,445	12,746	5,509	-8,628	2,554	-4,615	23,632	-14,619	12,607	-4,174	-6,357	-9,000	9,575	-10,713	2,982	-50,159	55,659	7,361	-3,197	1,418	19,804	-37,796	-6,118	11	-62,131	71,257	-20,117	67,122	3,281	-8,759	3,965	6,133	750	-974	-
Change In Working Capital	-23,696	-14,148	-2,289	1,087	-582	-31	-31	12,277	-3,856	-2,710	-4,801	-1,856	4,491	-4,222	2,820	1,238	3,274	812	880	-1,765	1,451	-6,563	3,093	-2,390	-1,765	2,921	-2,406	-6,421	-2,527	-9,054	-999	-3,886	-4,994	6,374	-1,057	-113	2,798	-576	404	3,876	686	-409	-
Change To Account Receivables	-24,316	-7,320	-1,780	-1,890	2,857	-1,683	1,917	13,523	-5,542	2,377	-5,380	-501	3,448	-190	423	-3,335	2,473	244	1,520	-754	-1,215	-3,666	-1,679	-1,582	358	5,944	-4,334	-5,411	-3,734	-7,725	-1,254	-2,260	-936	208	318	-187	-243	233	615	600	68	-156	-
Change To Inventory	-3,553	-3,989	-828	-811	-402	1,219	1,219	-2,350	4,125	-538	-1,131	720	1,516	1,548	1,962	-2,286	-1,570	-1,286	-482	-1,470	290	-632	-751	-1,836	-452	-331	159	100	-411	-1,331	369	-1,175	-519	-30	91	-244	-148	-163	-214	126	-13	56	-
Change To Liabilities	777	-3,284	2,007	1,353	-1,351	1,213	3,479	967	-2,464	561	4,038	-1,889	-1,935	-3,887	-224	4,942	1,684	2,106	1,126	3,194	2,296	-967	2,282	-	-	-	6,314	3,005	3,346	2,672	3,364	3,002	3,494	5,441	1,540	3,027	1,918	804	343	-	-	-20	1,621
Change To Netincome	-344	6,644	-62	-4,256	654	363	102	855	1,012	699	-4,675	577	7,156	6,975	6,242	465	631	39	457	114	114	114	3,905	-	-	-	1,437	-	-	-	1,383	-	-	-	571	-	-	90	-	-	-	75	-
Change To Operating Activities	3,916	-75	-1,688	5,765	-2,346	-3,451	4,103	-831	-1,370	-7,282	1,968	-817	-285	-3,611	-1,761	-444	-367	-1,016	-4,546	-1,954	-1,633	-1,543	-2,192	-1,644	-2,000	-2,000	-6,128	-	-	-	-5,604	-	-	-	-1,287	-	-	-1,141	-	-	-	-594	-
Depreciation	6,982	7,790	8,009	7,978	7,907	7,809	7,809	8,118	7,945	7,855	8,033	8,027	8,032	8,230	8,795	8,910	8,771	8,661	8,646	8,639	8,540	8,447	8,513	7,340	7,186	7,052	6,905	6,630	5,714	4,909	4,350	4,082	3,401	3,022	2,324	2,335	2,025	1,704	1,542	1,549	1,553	1,551	-
Dividends Paid	-838	-742	-536	-256	-256	-256	-1,659	-1,659	-1,659	-1,659	-	-	-	-	-	-	-	-	-	-	-	-	-27	-3,055	-3,448	-2,851	-6,799	-1,791	-1,793	-2,598	-2,610	-2,610	-2,610	-1,805	-1,191	-	-	-	-	-	-	-	-
End Period Cash Flow	45,385	53,246	55,449	54,477	55,421	50,196	50,196	58,217	72,913	64,469	51,723	46,214	54,842	52,288	56,903	33,271	47,891	35,284	39,457	45,814	54,814	45,240	55,953	52,970	103,129	47,470	40,109	43,306	41,888	22,084	59,880	65,998	65,987	128,117	56,861	76,978	9,856	6,575	15,334	11,369	5,236	4,486	5,460
Free Cash Flow	14,523	-5,873	-1,069	-3,553	796	-1,693	-1,693	-2,897	18,594	11,306	6,872	1,068	9,268	663	1,163	-3,705	4,877	-10,315	4,709	2,144	8,882	662	-15,666	-126,598	-6,448	16,804	-30,739	-30,457	-40,474	-93,167	-16,023	-56,572	-55,137	-69,533	-16,012	-58,697	-20,085	-41,655	-1,699	-2,267	-2,877	-4,063	-
Investments	-125	-113	-429	-115	-4,998	-4,998	-958	-18,747	-673	-615	-239	-1,049	8,574	16,608	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issuance Of Capital Stock	-	-	14,944	-6	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Borrowings	-51,847	4,491	-11,926	3,032	-12,623	-16,355	2,435	-11,740	-10,097	3,109	852	-9,677	-15,634	-22,788	25,086	-10,313	2,900	4,312	-20,540	-10,929	1,432	-11,330	49,950	-	-	-	190,033	-	-	-	114,290	-	-	-	52,139	-	-	33,585	-	-	-	3,250	-
Net Income	29,687	-7,002	-7,916	-12,295	-8,126	-8,496	-8,496	-6,633	13,584	6,519	1,948	-5,713	-9,943	-9,154	-16,964	-12,225	-8,577	-5,173	-3,829	-4,640	-1,854	-2,167	-3,688	-4,800	5,496	6,740	5,366	13,602	7,920	5,067	1,862	117	95	-413	-1,693	-920	-1,189	-41	-1,383	-1,417	-499	-1,240	-
Other Cashflows From Financing Activities	-	13,320	14,944	-6	70,983	84	84	-2,377	-771	10,949	199,164	-1,049	-3	3	150,751	496	42,862	15,778	11,090	-140	32,456	-21	26,411	89,015	64,067	-2,101	41,700	41,494	68,410	63,253	17,428	62,598	-1,135	42,706	10,131	-11,493	43,255	34,112	38,532	-11,117	4,979	4,586	13,685
Other Cashflows From Investing Activities	-7	-39	-13	-47	-18	-16	33	-60	-52	-9	83	26,558	26,558	-48	-18	-45	-16	-73	-262	-75	-77	-25	-425	-	-	-	-353	-	-	-	-55	-	-	-	-68	-	-	-12	-	-	-	-48	-
Other Non Cash Items	1,156	7,116	827	-78	1,609	-756	-911	1,221	530	-451	1,301	1,063	-124	-265	642	-798	783	660	646	-112	666	975	1,807	695	-44	573	-553	233	930	-92	-304	-507	-483	-679	507	560	639	245	-563	-1,444	-171	-86	-
Sale Purchase Of Stock	-	-	37,986	23,041	23,047	-	-287	-	-	-	-	-	-	-	7,331	-	-	2,225	-11,263	2,225	2,225	-	63,927	-	-	-2,994	63,927	-	-	-	102,712	-	-	-	128,430	-	-	-	-	-	-	-	-
Total Cash From Financing Activities	-35,938	3,749	2,483	2,770	9,444	-16,355	-16,355	-11,740	-10,097	1,449	-1,446	-9,677	-15,634	-22,788	22,486	-10,870	7,745	6,215	-10,980	-11,069	770	-11,351	3,683	76,539	24,543	-9,244	27,611	32,118	60,285	55,405	9,908	56,603	-6,987	140,815	-4,098	125,855	23,380	32,907	5,665	8,400	3,629	3,136	56,780
Total Cash From Operating Activities	14,546	-5,673	-579	-2,624	1,429	-1,112	-1,112	15,791	19,214	11,911	7,195	2,098	9,613	1,565	1,953	-2,409	4,883	4,999	6,457	2,237	8,917	806	10,076	4,200	10,753	17,606	9,674	14,404	12,400	1,182	5,256	154	-1,647	8,658	433	2,076	4,279	1,333	28	2,566	1,574	-183	397
Total Cashflows From Investing Activities	13,531	-279	-932	-1,090	-5,649	9,298	-958	-18,747	-673	-615	-239	24,133	25,183	16,608	-808	-1,340	-21	-15,388	-2,282	-168	-112	-168	-122,311	-130,897	19,362	-1,000	-232,850	-	-	-	-209,742	-	-	-	-144,638	-	-	-42,999	-	-	-	-3,927	-

Income Statement

Currency in USD. All numbers in thousands.

	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31
Cost Of Revenue	188,045	114,808	195,729	203,935	172,823	126,328	102,832	53,338	30,548	23,724	19,661
Depreciation And Amortization	31,703	32,187	32,323	35,138	34,271	2,715	2,121	2,031	1,421	441	5,343
Ebit	-19,912	10,476	1,397	-20,039	5,889	18,147	42,606	4,909	-1,118	-1,776	-172
Ebitda	11,791	42,664	33,720	15,099	40,160	20,862	44,727	6,940	303	-1,335	5,171
Gross Profit	4,440	105,250	34,313	6,244	23,112	38,076	55,051	13,989	5,319	1,449	2,714
Income Before Tax	-36,366	-5,847	-22,802	-42,776	-12,431	3,808	32,035	1,707	-3,809	-4,488	-2,962
Income Tax Expense	150	199	59	163	60	60	80	47	34	51	13
Interest Expense	16,771	16,323	24,200	22,738	18,320	14,339	10,571	3,202	2,691	2,711	2,790
Interest Income	-16,716	282	-25,271	-24,531	-20,944	-17,589	-12,267	-	-	-	-
Net Income	-36,833	-6,046	-22,861	-42,939	-12,490	3,748	31,955	1,660	-3,843	-4,539	-2,975
Net Income Applicable To Common Shares	-38,087	-6,046	-22,861	-42,939	-12,490	3,748	31,955	1,660	-3,843	-	-
Net Income From Continuing Ops	-36,833	-6,046	-22,861	-42,939	-12,490	3,748	31,955	1,660	-3,843	-	-
Net Interest Income	-16,716	-17,887	-25,422	-24,579	-21,164	-17,730	-	-	-	-	-
Operating Income	-19,926	18,601	16,319	-9,616	8,733	24,140	44,454	5,914	-351	-1,527	115
Other Operating Expenses	212,411	195,259	213,724	219,748	187,202	140,264	113,428	61,412	36,218	26,699	22,260
Reconciled Depreciation	31,703	32,187	32,323	35,138	34,271	-	-	-	-	-	-
Selling General Administrative	19,197	17,904	17,995	15,813	14,379	13,936	10,597	8,074	5,670	2,975	2,599
Tax Provision	150	199	59	163	60	60	80	-	-	-	-
Total Operating Expenses	24,366	80,451	17,995	15,813	14,379	13,936	10,597	8,074	5,670	2,975	2,599
Total Other Income Expense Net	-16,440	-24,447	-39,121	-33,160	21,164	20,332	12,419	4,207	3,458	2,961	3,077
Total Revenue	192,484	220,058	230,042	210,179	195,935	164,404	157,882	67,327	35,867	25,173	22,375

	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31
Cost Of Revenue	49,300	36,988	50,487	33,360	29,759	29,405	29,405	42,938	44,623	48,489	47,971	46,995	47,305	53,458	57,281	50,470	49,899	46,284	43,241	44,039	42,246	43,298	38,646	31,862	27,068	28,751	28,925	26,969	26,125	20,812	17,319	15,588	10,821	9,610	8,896	8,655	6,892	6,105	1,793	5,675	5,878	6,294	14,319
Depreciation And Amortization	-	7,790	8,009	7,978	7,907	7,809	7,809	8,118	7,945	7,855	8,033	8,027	1,115	1,139	1,042	944	819	833	953	771	587	613	665	771	685	594	503	448	607	563	564	511	514	442	366	341	366	349	366	76	1,553	1,551	-
Discontinued Operations	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Ebit	34,341	-2,830	-3,602	-7,866	-3,781	-4,662	-4,662	-2,590	18,444	11,996	7,579	93	-3,597	-2,677	-10,632	-5,847	-1,885	-37	-1,528	802	3,856	2,150	412	-880	9,494	10,593	8,027	17,426	10,464	6,690	2,126	1,185	1,108	489	-1,995	150	219	508	-1,207	-806	472	-236	0
Ebitda	41,639	4,960	4,407	112	4,126	3,147	3,147	5,528	26,390	19,851	15,611	8,120	-2,482	-1,539	-9,590	-4,903	-1,067	796	-575	1,573	4,443	2,764	1,077	-108	10,179	11,187	8,530	17,873	11,071	7,252	2,690	1,696	1,623	931	-1,629	491	584	857	-842	-730	2,025	1,316	-
Effect Of Accounting Charges	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Extraordinary Items	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Gross Profit	57,825	26,380	1,972	13,839	17,515	16,146	16,146	2,269	23,310	16,705	12,714	5,103	7,687	8,809	1,140	-1,547	2,464	4,187	4,526	4,614	7,605	6,367	4,533	6,107	12,651	14,785	12,847	20,213	13,187	8,804	4,931	3,273	3,008	2,776	731	1,965	1,453	1,170	3,947	-56	1,157	485	8,056
Income Before Tax	29,763	-7,204	-7,644	-12,250	-8,092	-8,439	-8,439	-6,613	13,662	6,549	1,960	-5,748	-9,895	-9,120	-16,939	-12,165	-8,525	-5,147	-3,818	-4,623	-1,837	-2,153	-3,705	-4,781	5,534	6,760	5,402	13,619	7,934	5,080	1,872	128	108	-401	-1,683	-910	-1,181	-34	-1,354	-1,411	-491	-1,232	0
Income Tax Expense	9	34	14	45	33	58	58	20	78	31	12	-35	48	34	25	60	52	26	12	17	17	15	-17	19	38	20	36	17	14	12	10	11	14	13	10	10	8	7	29	7	8	8	13
Interest Expense	4,894	4,138	4,300	4,383	4,311	3,776	3,776	4,023	4,782	5,447	5,618	5,841	6,298	6,443	6,307	6,318	6,640	5,110	2,290	5,425	5,693	4,303	4,116	3,901	3,960	3,833	2,626	3,806	2,529	1,610	255	1,057	1,000	890	-312	1,060	1,400	543	147	605	964	996	3,624
Interest Income	20	10	-4,284	9	17	13	26	-3,986	-4,708	-5,302	-5,955	-6,110	-6,487	238	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Minority Interest	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	29,687	-7,002	-7,916	-12,295	-8,126	-8,496	-8,496	-6,633	13,584	6,519	1,948	-5,713	-9,943	-9,154	-16,964	-12,225	-8,577	-5,173	-3,829	-4,640	-1,854	-2,167	-3,688	-4,800	5,496	6,740	5,366	13,602	7,920	5,067	1,862	117	95	-413	-1,693	-920	-1,189	-41	-1,383	-1,417	-499	-1,240	0
Net Income Applicable To Common Shares	28,849	-7,850	-8,553	-12,830	-8,207	-8,496	-19,515	-6,633	13,584	6,519	1,948	-5,713	-9,943	-9,154	-16,964	-12,225	-8,577	-5,173	-410	-18,895	8,982	-2,167	3,748	-5,496	5,496	6,740	5,366	13,602	7,920	5,067	1,861	118	94	0	-3,843	0	41	-41	0	0	1,240	-1,240	0
Net Income From Continuing Ops	29,687	-7,002	-7,916	-12,295	-8,126	-8,496	-19,515	-6,633	13,584	6,519	1,948	-5,713	-9,943	-9,154	-16,964	-12,225	-8,577	-5,173	-410	-18,895	8,982	-2,167	3,748	0	0	0	31,955	0	0	0	1,660	0	0	0	-3,843	0	41	-41	0	0	1,240	-1,240	0
Net Interest Income	-4,874	-4,128	-4,284	-4,374	-4,294	-3,764	-3,890	-3,986	-4,708	-5,302	-6,106	-6,110	-6,487	-6,719	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non Recurring	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Operating Income	34,341	3,237	-3,523	-7,850	-3,777	-4,776	-4,776	-2,639	18,470	11,852	8,604	362	3,184	4,169	-1,980	-5,992	-2,038	441	1,644	666	3,756	2,668	1,863	2,083	9,022	11,172	9,886	17,421	10,459	6,688	3,145	1,182	1,100	487	-1,224	148	218	508	-589	-807	471	-236	114
Other Items	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Operating Expenses	-	60,131	56,041	55,050	51,051	50,328	50,328	47,845	49,463	53,342	52,081	51,737	51,808	58,097	60,401	54,915	54,401	50,031	46,123	47,987	46,095	46,997	41,316	35,887	30,697	32,364	31,886	29,761	28,853	22,928	19,105	17,679	12,729	11,899	10,850	10,473	8,128	6,767	6,329	6,426	6,563	7,015	0
Reconciled Depreciation	6,982	7,790	8,009	7,978	7,907	7,809	8,269	8,118	7,945	7,855	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Research Development	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Selling General Administrative	5,344	5,359	4,270	5,044	4,947	4,937	4,937	4,908	4,840	4,853	4,111	4,742	4,503	4,640	3,120	4,445	4,502	3,746	2,882	3,948	3,849	3,700	2,670	4,024	3,629	3,613	2,961	2,792	2,728	2,116	1,786	2,091	1,908	2,289	1,955	1,818	1,236	662	817	751	685	721	2,599
Tax Provision	9	34	14	45	33	58	71	20	78	31	12	-35	48	34	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Operating Expenses	72,784	23,143	5,554	21,690	21,292	20,922	20,922	4,908	4,840	4,853	4,111	4,742	4,503	4,640	3,120	4,445	4,502	3,746	2,882	3,948	3,849	3,700	2,670	4,024	3,629	3,613	2,961	2,792	2,728	2,116	1,786	2,091	1,908	2,289	1,955	1,818	1,236	662	4,536	751	685	721	0
Total Other Income Expense Net	296	-10,441	-4,121	-4,400	-4,315	3,662	-3,662	3,974	4,808	5,302	6,643	6,110	13,079	13,289	14,959	6,173	6,488	5,587	5,461	5,289	5,593	4,820	5,568	6,863	3,488	4,412	4,484	3,802	2,525	1,608	1,274	1,054	992	888	459	1,058	1,399	542	765	604	963	996	0
Total Revenue	107,125	63,368	52,459	47,200	47,274	45,551	45,551	45,206	67,932	65,194	60,685	52,099	54,992	62,266	58,421	48,923	52,363	50,472	47,767	48,653	49,851	49,665	43,179	37,969	39,719	43,536	41,771	47,182	39,313	29,616	22,251	18,861	13,829	12,386	9,627	10,620	8,345	7,275	5,740	5,619	7,034	6,779	22,375

Latest Income Statement (annual, 2021-12-31)

Gross Profit (+$)
totalRevenue	192,484
Cost of Revenue	-188,045
Gross Profit	4,440	4,440

Operating Income (+$)
Gross Profit	4,440
Operating Expense	-24,366
Operating Income	-19,926	-19,926

Operating Expense (+$)
Research Development	-
Selling General Administrative	19,197
Selling And Marketing Expenses	-
Operating Expense	24,366	19,197

Net Interest Income (+$)
Interest Income	-16,716
Interest Expense	-16,771
Net Interest Income	-16,716	-33,487

Pretax Income (+$)
Operating Income	-19,926
Net Interest Income	-16,716
Other Non-Operating Income Expenses	-
Income Before Tax (EBT)	-36,366	-3,487 EBIT - interestExpense = -36,683 -36,683 -20,061
Interest Expense	16,771
Earnings Before Interest and Taxes (ebit)	-19,912	-19,595
Earnings Before Interest and Taxes (ebitda)	11,791

After tax Income (+$)
Income Before Tax	-36,366
Tax Provision	-150
Net Income From Continuing Ops	-36,833	-36,516
Net Income	-36,833
Net Income Applicable To Common Shares	-38,087

Non-recurring Events
Discontinued Operations	-
Extraordinary Items	-
Effect of Accounting Charges	-
Other Items	-
Non Recurring	-
Other Operating Expenses	212,411
Total Other Income/Expenses Net	-16,440	16,716