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Cez A.S.
Buy, Hold or Sell?

Let's analyze Cez together

I guess you are interested in Cez A.S.. 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 Cez A.S.. 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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1. Quick Overview

1.1. Quick analysis of Cez (30 sec.)










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

How much money do you get?

How much money do you get?
Kč6.06
When do you have the money?
1 year
How often do you get paid?
100.0%

What is your share worth?

Current worth
Kč442.06
Expected worth in 1 year
Kč466.19
How sure are you?
65.0%

+ What do you gain per year?

Total Gains per Share
Kč168.49
Return On Investment
18.7%

For what price can you sell your share?

Current Price per Share
Kč900.00
Expected price per share
Kč850.50 - Kč925.94
How sure are you?
50%
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2. Detailed Analysis

2.1. Valuation of Cez (5 min.)




Live pricePrice per Share (EOD)
Kč900.00
Intrinsic Value Per Share
Kč1,068.92 - Kč2,451.25
Total Value Per Share
Kč1,510.98 - Kč2,893.31

2.2. Growth of Cez (5 min.)




Is Cez growing?

Current yearPrevious yearGrowGrow %
How rich?$9.9b$8.4b$1.9b18.5%

How much money is Cez making?

Current yearPrevious yearGrowGrow %
Making money$298m$728.5m-$430.4m-144.4%
Net Profit Margin8.9%19.5%--

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

2.3. Financial Health of Cez (5 min.)




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3. Summary and Key Metrics

3.1. What can you expect buying and holding a share of Cez?

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

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

Speculation

The Price per Share of Cez is Kč900.00. 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 Cez.
  • 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 Cez, 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 Kč442.06. Based on the TTM, the Book Value Change Per Share is Kč6.03 per quarter. Based on the YOY, the Book Value Change Per Share is Kč55.36 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 Kč36.09 per quarter.
Based on historical numbers we can estimate the returns while holding a share of Cez.

How much money are you going to get?

 MRQTTMYOY5Y10Y
 % of Price per Share% of Price per Share% of Price per Share% of Price per Share% of Price per Share
Usd Eps0.590.1%0.560.1%1.360.2%0.580.1%0.450.0%
Usd Book Value Change Per Share-2.02-0.2%0.250.0%2.330.3%-0.040.0%-0.040.0%
Usd Dividend Per Share0.000.0%1.520.2%0.500.1%0.630.1%0.510.1%
Usd Total Gains Per Share-2.02-0.2%1.770.2%2.830.3%0.590.1%0.470.1%
Usd Price Per Share36.96-38.38-37.60-31.19-26.19-
Price to Earnings Ratio15.62--124.77-8.37-26.63-12.70-
Price-to-Total Gains Ratio-18.33-15.18--6.75-22.86-25.94-
Price to Book Ratio1.99-2.01-2.84-2.08-1.57-
Price-to-Total Gains Ratio-18.33-15.18--6.75-22.86-25.94-

When do you get the money?

Usd Investment
$.00
Usd Price Per Share37.8
Number of shares26
Gains per QuarterTrailing 12 Months5 Year
Usd Dividend Per Share1.520.63
Usd Book Value Change Per Share0.25-0.04
Usd Total Gains Per Share1.770.59
Gains per Quarter (26 shares)46.0015.42
Gains per Year (26 shares)184.0061.67
YearsReturn on Investment (TTM)Return on Investment (5Y)
 DividendBook Value gainTotal gainsDividendBook Value gainTotal gains
Broker costs---10---10
11582617466-452
231553358132-8114
347379542198-13176
4631105726263-17238
5788132910329-21300
69461581094395-25362
711041841278461-29424
812612111462527-33486
914192371646593-38548
1015762631830658-42610

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 Share3.01.00.075.0%11.01.00.091.7%16.04.00.080.0%34.06.00.085.0%72.06.00.092.3%
Book Value Change Per Share3.01.00.075.0%6.06.00.050.0%10.010.00.050.0%22.018.00.055.0%37.024.017.047.4%
Dividend per Share4.00.00.0100.0%12.00.00.0100.0%20.00.00.0100.0%40.00.00.0100.0%78.00.00.0100.0%
Total Gains per Share3.01.00.075.0%7.05.00.058.3%12.08.00.060.0%26.014.00.065.0%59.019.00.075.6%
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3.2. Key Performance Indicators

The key performance indicators of Cez A.S. 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---48.1186.032-898%55.359-187%-0.956-98%-1.043-98%
Book Value Per Share--442.065456.955-3%372.335+19%406.751+9%445.383-1%
Current Ratio--1.1031.240-11%1.1060%1.1070%1.138-3%
Debt To Asset Ratio--0.6910.6940%0.799-13%0.738-6%0.663+4%
Debt To Equity Ratio--2.2562.288-1%6.822-67%4.259-47%2.868-21%
Dividend Per Share--0.11236.091-100%11.963-99%15.074-99%12.145-99%
Eps--14.08113.220+7%32.290-56%13.747+2%10.616+33%
Free Cash Flow Per Share--53.63233.725+59%45.612+18%33.377+61%28.658+87%
Free Cash Flow To Equity Per Share--53.63233.725+59%56.601-5%28.419+89%19.399+176%
Gross Profit Margin--1.0001.0000%1.0000%1.0000%1.0000%
Intrinsic Value_10Y_max--2451.249--------
Intrinsic Value_10Y_min--1068.916--------
Intrinsic Value_1Y_max--167.291--------
Intrinsic Value_1Y_min--114.083--------
Intrinsic Value_3Y_max--562.347--------
Intrinsic Value_3Y_min--338.767--------
Intrinsic Value_5Y_max--1029.389--------
Intrinsic Value_5Y_min--557.338--------
Market Cap483128985600.000+2%472393017360.000490577464477.125-4%480980456416.000-2%398786214545.210+18%335137592399.355+41%
Net Profit Margin--0.1030.089+16%0.195-47%0.095+8%0.088+17%
Operating Margin----0%0.310-100%0.159-100%0.152-100%
Operating Ratio--1.2541.359-8%0.708+77%0.918+37%0.885+42%
Pb Ratio2.036+2%1.9912.008-1%2.841-30%2.083-4%1.565+27%
Pe Ratio15.979+2%15.624-124.773+899%8.367+87%26.634-41%12.703+23%
Price Per Share900.000+2%880.000913.875-4%895.250-2%742.540+19%623.610+41%
Price To Free Cash Flow Ratio4.195+2%4.102-27.102+761%-3.264+180%0.372+1002%1.567+162%
Price To Total Gains Ratio-18.748-2%-18.33115.182-221%-6.754-63%22.857-180%25.939-171%
Quick Ratio--0.3290.361-9%1.002-67%0.908-64%1.095-70%
Return On Assets--0.0100.009+11%0.016-38%0.007+40%0.007+47%
Return On Equity--0.0320.029+11%0.111-71%0.043-25%0.029+10%
Total Gains Per Share---48.00642.124-214%67.322-171%14.118-440%11.102-532%
Usd Book Value--9966810000.00010302526500.000-3%8400819000.000+19%9173871000.000+9%10053935850.000-1%
Usd Book Value Change Per Share---2.0210.253-898%2.325-187%-0.040-98%-0.044-98%
Usd Book Value Per Share--18.56719.192-3%15.638+19%17.084+9%18.706-1%
Usd Dividend Per Share--0.0051.516-100%0.502-99%0.633-99%0.510-99%
Usd Eps--0.5910.555+7%1.356-56%0.577+2%0.446+33%
Usd Free Cash Flow--1209180000.000760368000.000+59%1029210000.000+17%752721900.000+61%646493400.000+87%
Usd Free Cash Flow Per Share--2.2531.416+59%1.916+18%1.402+61%1.204+87%
Usd Free Cash Flow To Equity Per Share--2.2531.416+59%2.377-5%1.194+89%0.815+176%
Usd Market Cap20291417395.200+2%19840506729.12020604253508.039-4%20201179169.472-2%16749021010.899+18%14075778880.773+41%
Usd Price Per Share37.800+2%36.96038.383-4%37.601-2%31.187+19%26.192+41%
Usd Profit--317478000.000298063500.000+7%728511000.000-56%310088100.000+2%239438850.000+33%
Usd Revenue--3093132000.0003238809000.000-4%3740299500.000-17%2804900700.000+10%2437188600.000+27%
Usd Total Gains Per Share---2.0161.769-214%2.828-171%0.593-440%0.466-532%
 EOD+3 -5MRQTTM+16 -18YOY+10 -255Y+21 -1410Y+16 -19

3.3 Fundamental Score

Let's check the fundamental score of Cez A.S. based on Penke's default stock scanner.

Penke's Stock Scanner

  
  
IndicatorConditionValue
Price to Earnings Ratio (EOD)Between0-1515.979
Price to Book Ratio (EOD)Between0-12.036
Net Profit Margin (MRQ)Greater than00.103
Operating Margin (MRQ)Greater than00.000
Quick Ratio (MRQ)Greater than10.329
Current Ratio (MRQ)Greater than11.103
Debt to Asset Ratio (MRQ)Less than10.691
Debt to Equity Ratio (MRQ)Less than12.256
Return on Equity (MRQ)Greater than0.150.032
Return on Assets (MRQ)Greater than0.050.010
Total3/10 (30.0%)

3.4 Technical Score

Let's check the technical score of Cez A.S. based on Penke's default Symbol scanner.

Penke's Symbol Scanner

  
  
IndicatorConditionValue
RsiGreater than5056.608
Ma 20Greater thanMa 50889.825
Ma 50Greater thanMa 100873.570
Ma 100Greater thanMa 200883.612
OpenGreater thanClose901.000
Total4/5 (80.0%)

4. In-depth Analysis

4.1 About Cez A.S.

CEZ, a. s. engages in the generation, distribution, trade, and sale of electricity and heat in Western, Central, and Southeastern Europe. The company operates through four segments: Generation, Distribution, Sales, and Mining. It operates hydro, wind, solar, nuclear, coal, natural gas, biogas, and biomass power plants; and combined cycle gas turbine plant and small combined heat and power units. The company is also involved in the trade and sale of natural gas; mining of coal; quarrying and processing of construction aggregates and limestones; commodity trading business; and provision of energy services. It also holds interest in the lithium ore mining project in Cínovec. CEZ, a. s. was incorporated in 1992 and is headquartered in Prague, the Czech Republic.

Fundamental data was last updated by Penke on 2024-10-30 18:54:03.

4.2 In-depth Summary

4.2.1. Financial Health Summary

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 inefficient in keeping operating costs low.
Liquidity Details
 Compared to previous yearCompared to industry
The company is just able 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 able to pay all its debts by selling its assets.
The company is just not able to pay all its debts with equity.

4.2.2. Valuation Summary

Valuation Details
 Compared to previous yearCompared to industry
Based on the equity, the company is underpriced.
Based on the earnings, the company is expensive.
Based on how much money comes from the company's main activities, the company is expensive.
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4.3 Financial Health

4.3.1. Profitability

4.3.1 Profitability
4.3.1.1. Net Profit Margin

Measures how much net profit Cez earns for each Kč1 of revenue.

  • Above 10% is considered healthy but always compare Cez to the Utilities - Renewable industry mean.
  • A Net Profit Margin of 10.3% means that Kč0.10 for each Kč1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Cez A.S.:

  • The MRQ is 10.3%. The company is making a huge profit. +2
  • The TTM is 8.9%. The company is making a profit. +1
Trends
Current periodCompared to+/- 
MRQ10.3%TTM8.9%+1.4%
TTM8.9%YOY19.5%-10.7%
TTM8.9%5Y9.5%-0.7%
5Y9.5%10Y8.8%+0.7%
4.3.1.2. Return on Assets

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

  • Above 5% is considered healthy but always compare Cez to the Utilities - Renewable industry mean.
  • 1.0% Return on Assets means that Cez generated Kč0.01 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Cez A.S.:

  • The MRQ is 1.0%. Using its assets, the company is inefficient in making profit. -1
  • The TTM is 0.9%. Using its assets, the company is inefficient in making profit. -1
Trends
Current periodCompared to+/- 
MRQ1.0%TTM0.9%+0.1%
TTM0.9%YOY1.6%-0.7%
TTM0.9%5Y0.7%+0.2%
5Y0.7%10Y0.7%+0.0%
4.3.1.3. Return on Equity

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

  • Above 15%-20% is considered healthy but always compare Cez to the Utilities - Renewable industry mean.
  • 3.2% Return on Equity means Cez generated Kč0.03 for each Kč1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Cez A.S.:

  • The MRQ is 3.2%. Using its investors money, the company is inefficient in making profit. -1
  • The TTM is 2.9%. Using its investors money, the company is inefficient in making profit. -1
Trends
Current periodCompared to+/- 
MRQ3.2%TTM2.9%+0.3%
TTM2.9%YOY11.1%-8.3%
TTM2.9%5Y4.3%-1.4%
5Y4.3%10Y2.9%+1.4%
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4.3.2. Operating Efficiency of Cez A.S..

4.3.2. Operating Efficiency
4.3.2.1. Operating Margin

Measures how efficient Cez is operating .

  • Measures how much profit Cez makes for each Kč1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
  • Above 15% is considered healthy but always compare Cez to the Utilities - Renewable industry mean.
  • An Operating Margin of 0.0% means the company generated Kč0.00  for each Kč1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Cez A.S.:

  • The MRQ is 0.0%. The data is not here.
Trends
Current periodCompared to+/- 
MRQ-TTM-0.0%
TTM-YOY31.0%-31.0%
TTM-5Y15.9%-15.9%
5Y15.9%10Y15.2%+0.8%
4.3.2.2. Operating Ratio

Measures how efficient Cez is keeping operating costs low.

  • Below 1 is considered healthy (always compare to Utilities - Renewable industry mean).
  • An Operation Ratio of 1.25 means that the operating costs are Kč1.25 for each Kč1 in net sales.

Let's take a look of the Operating Ratio trends of Cez A.S.:

  • The MRQ is 1.254. The company is inefficient in keeping operating costs low. -1
  • The TTM is 1.359. The company is inefficient in keeping operating costs low. -1
Trends
Current periodCompared to+/- 
MRQ1.254TTM1.359-0.105
TTM1.359YOY0.708+0.651
TTM1.3595Y0.918+0.440
5Y0.91810Y0.885+0.033
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4.4.3. Liquidity of Cez A.S..

4.4.3. Liquidity
4.4.3.1. Current Ratio

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

  • Above 1.5 is considered healthy (always compare to Utilities - Renewable industry mean).
  • A Current Ratio of 1.10 means the company has Kč1.10 in assets for each Kč1 in short-term debts.

Let's take a look of the Current Ratio trends of Cez A.S.:

  • The MRQ is 1.103. The company is just able to pay all its short-term debts.
  • The TTM is 1.240. The company is just able to pay all its short-term debts.
Trends
Current periodCompared to+/- 
MRQ1.103TTM1.240-0.137
TTM1.240YOY1.106+0.134
TTM1.2405Y1.107+0.133
5Y1.10710Y1.138-0.031
4.4.3.2. Quick Ratio

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

  • Above 1 is considered healthy but always compare Cez to the Utilities - Renewable industry mean.
  • A Quick Ratio of 0.33 means the company can pay off Kč0.33 for each Kč1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Cez A.S.:

  • The MRQ is 0.329. The company is just not able to pay all its short-term debts with the most liquid assets. -1
  • The TTM is 0.361. The company is just not able to pay all its short-term debts with the most liquid assets. -1
Trends
Current periodCompared to+/- 
MRQ0.329TTM0.361-0.032
TTM0.361YOY1.002-0.640
TTM0.3615Y0.908-0.547
5Y0.90810Y1.095-0.187
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4.5.4. Solvency of Cez A.S..

4.5.4. Solvency
4.5.4.1. Debt to Asset Ratio

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

  • Below 1 (100%) is considered healthy but always compare Cez to Utilities - Renewable industry mean.
  • A Debt to Asset Ratio of 0.69 means that Cez assets are financed with 69.1% credit (debt) and the remaining percentage (100% - 69.1%) is financed by its owners/shareholders. 

Let's take a look of the Debt to Asset Ratio trends of Cez A.S.:

  • The MRQ is 0.691. The company is able to pay all its debts by selling its assets. +1
  • The TTM is 0.694. The company is able to pay all its debts by selling its assets. +1
Trends
Current periodCompared to+/- 
MRQ0.691TTM0.694-0.003
TTM0.694YOY0.799-0.105
TTM0.6945Y0.738-0.044
5Y0.73810Y0.663+0.075
4.5.4.2. Debt to Equity Ratio

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

  • Below 2 is considered healthy but always compare Cez to the Utilities - Renewable industry mean.
  • A Debt to Equity ratio of 225.6% means that company has Kč2.26 debt for each Kč1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Cez A.S.:

  • The MRQ is 2.256. The company is just not able to pay all its debts with equity.
  • The TTM is 2.288. The company is just not able to pay all its debts with equity.
Trends
Current periodCompared to+/- 
MRQ2.256TTM2.288-0.033
TTM2.288YOY6.822-4.534
TTM2.2885Y4.259-1.971
5Y4.25910Y2.868+1.391
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4.6. Market Valuation

4.6.1. Earnings Per Share
4.6.2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every Kč1 in earnings Cez generates.

  • Above 15 is considered overpriced but always compare Cez to the Utilities - Renewable industry mean.
  • A PE ratio of 15.62 means the investor is paying Kč15.62 for every Kč1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Cez A.S.:

  • The EOD is 15.979. Based on the earnings, the company is fair priced.
  • The MRQ is 15.624. Based on the earnings, the company is fair priced.
  • The TTM is -124.773. Based on the earnings, the company is expensive. -2
Trends
Current periodCompared to+/- 
EOD15.979MRQ15.624+0.355
MRQ15.624TTM-124.773+140.396
TTM-124.773YOY8.367-133.140
TTM-124.7735Y26.634-151.407
5Y26.63410Y12.703+13.931
4.6.2.2. Price To Free Cash Flow Ratio

Let's take a look of the Price To Free Cash Flow Ratio trends of Cez A.S.:

  • The EOD is 4.195. Based on how much money comes from the company's main activities, the company is cheap. +2
  • The MRQ is 4.102. Based on how much money comes from the company's main activities, the company is cheap. +2
  • The TTM is -27.102. Based on how much money comes from the company's main activities, the company is expensive. -2
Trends
Current periodCompared to+/- 
EOD4.195MRQ4.102+0.093
MRQ4.102TTM-27.102+31.204
TTM-27.102YOY-3.264-23.838
TTM-27.1025Y0.372-27.474
5Y0.37210Y1.567-1.195
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4.6.2. Book Value per Share
4.6.2.1. Price to Book Ratio

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

  • At or below 1 is considered healthy (always compare to Utilities - Renewable industry mean).
  • A PB ratio of 1.99 means the investor is paying Kč1.99 for each Kč1 in book value.

Let's take a look of the Price to Book Ratio trends of Cez A.S.:

  • The EOD is 2.036. Based on the equity, the company is underpriced. +1
  • The MRQ is 1.991. Based on the equity, the company is underpriced. +1
  • The TTM is 2.008. Based on the equity, the company is underpriced. +1
Trends
Current periodCompared to+/- 
EOD2.036MRQ1.991+0.045
MRQ1.991TTM2.008-0.017
TTM2.008YOY2.841-0.833
TTM2.0085Y2.083-0.076
5Y2.08310Y1.565+0.518
4.6.2. Total Gains per Share
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6. Financial Statements




6.1. Latest Balance Sheet

Balance Sheet of 2024-06-30. Currency in CZK. All numbers in thousands.

Summary
Total Assets769,141,000
Total Liabilities531,836,000
Total Stockholder Equity235,763,000
 As reported
Total Liabilities 531,836,000
Total Stockholder Equity+ 235,763,000
Total Assets = 769,141,000

Assets

Total Assets769,141,000
Total Current Assets227,206,000
Long-term Assets541,935,000
Total Current Assets
Cash And Cash Equivalents 41,622,000
Short-term Investments 6,431,000
Net Receivables 61,368,000
Inventory 25,114,000
Other Current Assets 24,660,000
Total Current Assets  (as reported)227,206,000
Total Current Assets  (calculated)159,195,000
+/- 68,011,000
Long-term Assets
Property Plant Equipment 453,919,000
Long-term Assets  (as reported)541,935,000
Long-term Assets  (calculated)453,919,000
+/- 88,016,000

Liabilities & Shareholders' Equity

Total Current Liabilities206,022,000
Long-term Liabilities325,814,000
Total Stockholder Equity235,763,000
Total Current Liabilities
Short Long Term Debt 39,873,000
Accounts payable 39,708,000
Other Current Liabilities 19,355,000
Total Current Liabilities  (as reported)206,022,000
Total Current Liabilities  (calculated)98,936,000
+/- 107,086,000
Long-term Liabilities
Long term Debt 119,378,000
Long-term Liabilities Other 31,000
Long-term Liabilities  (as reported)325,814,000
Long-term Liabilities  (calculated)119,409,000
+/- 206,405,000
Total Stockholder Equity
Retained Earnings 181,877,000
Total Stockholder Equity (as reported)235,763,000
Total Stockholder Equity (calculated)181,877,000
+/- 53,886,000
Other
Capital Stock53,799,000
Common Stock Shares Outstanding 536,810
Net Debt 117,629,000
Net Invested Capital 395,014,000
Net Working Capital 21,184,000
Property Plant and Equipment Gross 1,007,534,000



6.2. Balance Sheets Structured

Currency in CZK. All numbers in thousands.

 Trend2024-06-302024-03-312023-12-312023-09-302023-06-302023-03-312022-12-312022-09-302022-06-302022-03-312021-12-312021-09-302021-06-302021-03-312020-12-312020-09-302020-06-302020-03-312019-12-312019-09-302019-06-302019-03-312018-12-312018-09-302018-06-302018-03-312017-12-312017-09-302017-06-302017-03-312016-12-312016-09-302016-06-302016-03-312015-12-312015-09-302015-06-302015-03-312014-12-312014-09-302014-06-302014-03-312013-12-312013-09-302013-06-302013-03-312012-12-312012-09-302012-06-302012-03-312011-12-312011-09-302011-06-302011-03-312010-12-312010-09-302010-06-302010-03-312009-12-312009-09-302009-06-302009-03-312008-12-312008-09-302008-06-302008-03-312007-12-312007-09-302007-06-302007-03-312006-12-312006-09-302006-06-302006-03-312005-12-312005-09-302005-06-302005-03-31
> Total Assets 
68,552,000
68,552,000
68,552,000
68,552,000
77,844,250
77,844,250
77,844,250
77,844,250
78,163,500
78,163,500
78,163,500
78,163,500
98,148,250
98,148,250
98,148,250
98,148,250
132,564,750
132,564,750
132,564,750
132,564,750
135,922,750
135,922,750
135,922,750
543,691,000
580,805,000
149,526,750
573,859,000
598,107,000
606,276,000
649,529,000
625,668,000
636,070,000
648,657,000
663,723,000
636,021,000
641,136,000
647,780,000
634,651,000
599,332,000
627,870,000
633,292,000
614,106,000
609,237,000
602,686,000
625,757,000
611,060,000
608,069,000
630,841,000
616,647,000
592,588,000
612,799,000
626,207,000
625,839,000
671,642,000
742,879,000
707,443,000
675,762,000
678,804,000
671,957,000
704,574,000
783,393,000
699,881,000
672,795,000
702,458,000
738,067,000
844,245,000
1,226,565,000
1,182,922,000
1,367,773,000
1,467,923,000
1,653,964,000
1,029,000,000
943,093,000
894,730,000
789,459,000
825,765,000
824,791,000
769,141,000
769,141,000824,791,000825,765,000789,459,000894,730,000943,093,0001,029,000,0001,653,964,0001,467,923,0001,367,773,0001,182,922,0001,226,565,000844,245,000738,067,000702,458,000672,795,000699,881,000783,393,000704,574,000671,957,000678,804,000675,762,000707,443,000742,879,000671,642,000625,839,000626,207,000612,799,000592,588,000616,647,000630,841,000608,069,000611,060,000625,757,000602,686,000609,237,000614,106,000633,292,000627,870,000599,332,000634,651,000647,780,000641,136,000636,021,000663,723,000648,657,000636,070,000625,668,000649,529,000606,276,000598,107,000573,859,000149,526,750580,805,000543,691,000135,922,750135,922,750135,922,750132,564,750132,564,750132,564,750132,564,75098,148,25098,148,25098,148,25098,148,25078,163,50078,163,50078,163,50078,163,50077,844,25077,844,25077,844,25077,844,25068,552,00068,552,00068,552,00068,552,000
   > Total Current Assets 
3,887,500
3,887,500
3,887,500
3,887,500
8,372,750
8,372,750
8,372,750
8,372,750
7,996,750
7,996,750
7,996,750
7,996,750
24,995,000
24,995,000
24,995,000
24,995,000
28,826,000
28,826,000
28,826,000
28,826,000
23,914,250
23,914,250
23,914,250
95,657,000
130,995,000
32,632,000
122,000,000
130,528,000
140,701,000
168,032,000
142,187,000
141,173,000
154,475,000
181,073,000
159,067,000
154,618,000
155,787,000
143,437,000
110,759,000
130,354,000
131,853,000
117,280,000
118,673,000
109,631,000
131,929,000
113,940,000
123,455,000
141,587,000
132,612,000
115,452,000
133,356,000
138,254,000
155,390,000
202,461,000
270,897,000
226,996,000
192,588,000
193,863,000
184,221,000
202,638,000
279,287,000
204,320,000
182,380,000
230,513,000
272,875,000
390,267,000
772,965,000
708,918,000
898,018,000
985,744,000
1,150,147,000
553,805,000
436,097,000
383,151,000
276,963,000
285,107,000
280,145,000
227,206,000
227,206,000280,145,000285,107,000276,963,000383,151,000436,097,000553,805,0001,150,147,000985,744,000898,018,000708,918,000772,965,000390,267,000272,875,000230,513,000182,380,000204,320,000279,287,000202,638,000184,221,000193,863,000192,588,000226,996,000270,897,000202,461,000155,390,000138,254,000133,356,000115,452,000132,612,000141,587,000123,455,000113,940,000131,929,000109,631,000118,673,000117,280,000131,853,000130,354,000110,759,000143,437,000155,787,000154,618,000159,067,000181,073,000154,475,000141,173,000142,187,000168,032,000140,701,000130,528,000122,000,00032,632,000130,995,00095,657,00023,914,25023,914,25023,914,25028,826,00028,826,00028,826,00028,826,00024,995,00024,995,00024,995,00024,995,0007,996,7507,996,7507,996,7507,996,7508,372,7508,372,7508,372,7508,372,7503,887,5003,887,5003,887,5003,887,500
       Cash And Cash Equivalents 
245,750
245,750
245,750
245,750
3,753,500
3,753,500
3,753,500
3,753,500
461,000
461,000
461,000
461,000
1,752,750
1,752,750
1,752,750
1,752,750
6,681,750
6,681,750
6,681,750
6,681,750
5,540,750
5,540,750
5,540,750
22,163,000
19,040,000
5,515,500
24,275,000
22,062,000
22,246,000
41,379,000
22,471,000
17,957,000
25,215,000
32,553,000
29,182,000
25,118,000
35,943,000
37,681,000
16,815,000
20,095,000
24,047,000
20,021,000
13,027,000
13,482,000
31,930,000
21,996,000
15,118,000
11,226,000
18,366,000
18,669,000
13,783,000
12,623,000
11,541,000
10,539,000
12,168,000
7,278,000
8,120,000
8,266,000
8,138,000
9,755,000
15,222,000
7,027,000
6,269,000
6,064,000
25,428,000
23,608,000
8,023,000
26,640,000
51,972,000
45,519,000
80,622,000
33,012,000
89,481,000
125,290,000
10,069,000
10,892,000
44,451,000
41,622,000
41,622,00044,451,00010,892,00010,069,000125,290,00089,481,00033,012,00080,622,00045,519,00051,972,00026,640,0008,023,00023,608,00025,428,0006,064,0006,269,0007,027,00015,222,0009,755,0008,138,0008,266,0008,120,0007,278,00012,168,00010,539,00011,541,00012,623,00013,783,00018,669,00018,366,00011,226,00015,118,00021,996,00031,930,00013,482,00013,027,00020,021,00024,047,00020,095,00016,815,00037,681,00035,943,00025,118,00029,182,00032,553,00025,215,00017,957,00022,471,00041,379,00022,246,00022,062,00024,275,0005,515,50019,040,00022,163,0005,540,7505,540,7505,540,7506,681,7506,681,7506,681,7506,681,7501,752,7501,752,7501,752,7501,752,750461,000461,000461,000461,0003,753,5003,753,5003,753,5003,753,500245,750245,750245,750245,750
       Short-term Investments 
5,000
5,000
5,000
5,000
356,500
356,500
356,500
356,500
6,000
6,000
6,000
6,000
3,395,000
3,395,000
3,395,000
3,395,000
7,426,500
7,426,500
7,426,500
7,426,500
0
0
0
0
43,243,000
0
24,697,000
0
38,236,000
49,560,000
0
12,191,000
51,456,000
58,015,000
37,373,000
32,412,000
49,596,000
42,105,000
24,743,000
16,790,000
36,010,000
34,219,000
40,940,000
12,119,000
40,556,000
29,702,000
38,780,000
18,807,000
38,463,000
27,418,000
38,967,000
3,307,000
38,141,000
87,433,000
1,788,000
1,792,000
62,857,000
60,144,000
42,175,000
406,000
126,527,000
65,122,000
41,182,000
2,866,000
88,039,000
216,265,000
3,438,000
940,000
6,000
8,000
1,017,000
9,771,000
9,807,000
7,379,000
8,422,000
6,663,000
6,234,000
6,431,000
6,431,0006,234,0006,663,0008,422,0007,379,0009,807,0009,771,0001,017,0008,0006,000940,0003,438,000216,265,00088,039,0002,866,00041,182,00065,122,000126,527,000406,00042,175,00060,144,00062,857,0001,792,0001,788,00087,433,00038,141,0003,307,00038,967,00027,418,00038,463,00018,807,00038,780,00029,702,00040,556,00012,119,00040,940,00034,219,00036,010,00016,790,00024,743,00042,105,00049,596,00032,412,00037,373,00058,015,00051,456,00012,191,000049,560,00038,236,000024,697,000043,243,00000007,426,5007,426,5007,426,5007,426,5003,395,0003,395,0003,395,0003,395,0006,0006,0006,0006,000356,500356,500356,500356,5005,0005,0005,0005,000
       Net Receivables 
2,351,750
2,351,750
2,351,750
2,351,750
2,361,500
2,361,500
2,361,500
2,361,500
6,717,250
6,717,250
6,717,250
6,717,250
18,549,750
18,549,750
18,549,750
18,549,750
11,836,750
11,836,750
11,836,750
11,836,750
10,973,000
10,973,000
10,973,000
43,892,000
50,894,000
14,808,250
53,963,000
59,233,000
59,010,000
56,268,000
57,983,000
87,169,000
53,088,000
67,010,000
68,661,000
53,117,000
48,764,000
45,226,000
49,808,000
78,429,000
54,730,000
49,266,000
49,894,000
70,443,000
44,565,000
47,568,000
54,826,000
99,080,000
59,381,000
52,134,000
54,805,000
102,396,000
83,643,000
81,230,000
230,155,000
191,468,000
83,964,000
83,839,000
88,927,000
154,795,000
86,661,000
73,308,000
79,755,000
172,632,000
82,894,000
68,868,000
670,125,000
647,858,000
797,598,000
886,687,000
1,006,654,000
473,478,000
263,554,000
200,618,000
74,180,000
84,759,000
64,407,000
61,368,000
61,368,00064,407,00084,759,00074,180,000200,618,000263,554,000473,478,0001,006,654,000886,687,000797,598,000647,858,000670,125,00068,868,00082,894,000172,632,00079,755,00073,308,00086,661,000154,795,00088,927,00083,839,00083,964,000191,468,000230,155,00081,230,00083,643,000102,396,00054,805,00052,134,00059,381,00099,080,00054,826,00047,568,00044,565,00070,443,00049,894,00049,266,00054,730,00078,429,00049,808,00045,226,00048,764,00053,117,00068,661,00067,010,00053,088,00087,169,00057,983,00056,268,00059,010,00059,233,00053,963,00014,808,25050,894,00043,892,00010,973,00010,973,00010,973,00011,836,75011,836,75011,836,75011,836,75018,549,75018,549,75018,549,75018,549,7506,717,2506,717,2506,717,2506,717,2502,361,5002,361,5002,361,5002,361,5002,351,7502,351,7502,351,7502,351,750
       Inventory 
865,500
865,500
865,500
865,500
868,000
868,000
868,000
868,000
812,000
812,000
812,000
812,000
975,250
975,250
975,250
975,250
1,975,750
1,975,750
1,975,750
1,975,750
1,789,500
1,789,500
1,789,500
7,158,000
7,340,000
2,218,000
8,948,000
8,872,000
8,620,000
10,528,000
10,888,000
11,703,000
9,662,000
9,965,000
10,637,000
10,609,000
9,522,000
10,757,000
11,408,000
9,943,000
8,395,000
9,275,000
10,161,000
10,131,000
8,965,000
9,482,000
9,984,000
8,516,000
8,224,000
8,744,000
15,340,000
10,558,000
10,052,000
10,986,000
12,327,000
9,803,000
9,209,000
10,919,000
11,371,000
10,653,000
10,536,000
12,049,000
12,804,000
11,118,000
10,059,000
11,086,000
15,377,000
13,946,000
14,994,000
23,686,000
37,655,000
16,328,000
20,999,000
23,262,000
25,640,000
23,112,000
22,837,000
25,114,000
25,114,00022,837,00023,112,00025,640,00023,262,00020,999,00016,328,00037,655,00023,686,00014,994,00013,946,00015,377,00011,086,00010,059,00011,118,00012,804,00012,049,00010,536,00010,653,00011,371,00010,919,0009,209,0009,803,00012,327,00010,986,00010,052,00010,558,00015,340,0008,744,0008,224,0008,516,0009,984,0009,482,0008,965,00010,131,00010,161,0009,275,0008,395,0009,943,00011,408,00010,757,0009,522,00010,609,00010,637,0009,965,0009,662,00011,703,00010,888,00010,528,0008,620,0008,872,0008,948,0002,218,0007,340,0007,158,0001,789,5001,789,5001,789,5001,975,7501,975,7501,975,7501,975,750975,250975,250975,250975,250812,000812,000812,000812,000868,000868,000868,000868,000865,500865,500865,500865,500
       Other Current Assets 
31,250
31,250
31,250
31,250
3,208,500
3,208,500
3,208,500
3,208,500
500
500
500
500
322,250
322,250
322,250
322,250
905,250
905,250
905,250
905,250
5,611,000
5,611,000
5,611,000
22,444,000
10,478,000
10,090,250
10,117,000
40,361,000
12,589,000
10,297,000
50,845,000
12,153,000
15,054,000
13,530,000
13,214,000
8,505,000
11,962,000
7,668,000
7,985,000
5,097,000
8,671,000
4,499,000
4,651,000
3,456,000
5,913,000
5,192,000
4,747,000
3,958,000
8,178,000
8,487,000
10,461,000
9,370,000
12,013,000
12,273,000
14,459,000
16,655,000
28,438,000
30,695,000
33,610,000
27,029,000
40,341,000
46,814,000
42,370,000
37,833,000
66,455,000
70,440,000
76,002,000
19,534,000
33,448,000
29,844,000
24,199,000
21,216,000
52,256,000
26,602,000
27,581,000
30,819,000
44,944,000
24,660,000
24,660,00044,944,00030,819,00027,581,00026,602,00052,256,00021,216,00024,199,00029,844,00033,448,00019,534,00076,002,00070,440,00066,455,00037,833,00042,370,00046,814,00040,341,00027,029,00033,610,00030,695,00028,438,00016,655,00014,459,00012,273,00012,013,0009,370,00010,461,0008,487,0008,178,0003,958,0004,747,0005,192,0005,913,0003,456,0004,651,0004,499,0008,671,0005,097,0007,985,0007,668,00011,962,0008,505,00013,214,00013,530,00015,054,00012,153,00050,845,00010,297,00012,589,00040,361,00010,117,00010,090,25010,478,00022,444,0005,611,0005,611,0005,611,000905,250905,250905,250905,250322,250322,250322,250322,2505005005005003,208,5003,208,5003,208,5003,208,50031,25031,25031,25031,250
   > Long-term Assets 
64,664,500
64,664,500
64,664,500
64,664,500
69,471,500
69,471,500
69,471,500
69,471,500
70,166,750
70,166,750
70,166,750
70,166,750
73,153,250
73,153,250
73,153,250
73,153,250
103,738,750
103,738,750
103,738,750
103,738,750
112,008,500
112,008,500
112,008,500
448,034,000
449,810,000
116,894,750
451,859,000
467,579,000
465,575,000
481,497,000
483,481,000
494,897,000
494,182,000
482,650,000
476,954,000
486,518,000
491,993,000
491,214,000
488,573,000
497,516,000
501,439,000
496,826,000
490,564,000
493,055,000
493,828,000
497,120,000
484,614,000
489,254,000
484,035,000
477,136,000
479,443,000
487,953,000
470,449,000
469,181,000
471,982,000
480,447,000
483,174,000
484,941,000
487,736,000
501,936,000
504,106,000
495,561,000
490,415,000
471,945,000
465,192,000
453,978,000
453,600,000
474,004,000
469,755,000
482,179,000
503,817,000
475,195,000
506,996,000
511,579,000
512,496,000
540,658,000
544,646,000
541,935,000
541,935,000544,646,000540,658,000512,496,000511,579,000506,996,000475,195,000503,817,000482,179,000469,755,000474,004,000453,600,000453,978,000465,192,000471,945,000490,415,000495,561,000504,106,000501,936,000487,736,000484,941,000483,174,000480,447,000471,982,000469,181,000470,449,000487,953,000479,443,000477,136,000484,035,000489,254,000484,614,000497,120,000493,828,000493,055,000490,564,000496,826,000501,439,000497,516,000488,573,000491,214,000491,993,000486,518,000476,954,000482,650,000494,182,000494,897,000483,481,000481,497,000465,575,000467,579,000451,859,000116,894,750449,810,000448,034,000112,008,500112,008,500112,008,500103,738,750103,738,750103,738,750103,738,75073,153,25073,153,25073,153,25073,153,25070,166,75070,166,75070,166,75070,166,75069,471,50069,471,50069,471,50069,471,50064,664,50064,664,50064,664,50064,664,500
       Property Plant Equipment 
43,888,750
43,888,750
43,888,750
43,888,750
42,211,250
42,211,250
42,211,250
42,211,250
42,873,500
42,873,500
42,873,500
42,873,500
43,258,000
43,258,000
43,258,000
43,258,000
82,201,250
82,201,250
82,201,250
82,201,250
90,266,500
90,266,500
90,266,500
361,066,000
362,813,000
96,715,750
371,938,000
386,863,000
386,577,000
401,894,000
404,834,000
419,754,000
416,758,000
419,684,000
417,053,000
426,560,000
423,807,000
423,432,000
420,453,000
426,542,000
425,685,000
423,880,000
420,760,000
421,364,000
418,459,000
417,976,000
419,114,000
426,895,000
423,291,000
420,544,000
420,345,000
428,019,000
413,042,000
411,592,000
413,934,000
415,908,000
417,167,000
416,842,000
416,309,000
428,088,000
426,604,000
424,262,000
421,426,000
410,372,000
406,913,000
395,502,000
393,647,000
403,083,000
399,271,000
398,617,000
408,898,000
252,829,000
432,496,000
433,223,000
433,436,000
452,132,000
450,689,000
453,919,000
453,919,000450,689,000452,132,000433,436,000433,223,000432,496,000252,829,000408,898,000398,617,000399,271,000403,083,000393,647,000395,502,000406,913,000410,372,000421,426,000424,262,000426,604,000428,088,000416,309,000416,842,000417,167,000415,908,000413,934,000411,592,000413,042,000428,019,000420,345,000420,544,000423,291,000426,895,000419,114,000417,976,000418,459,000421,364,000420,760,000423,880,000425,685,000426,542,000420,453,000423,432,000423,807,000426,560,000417,053,000419,684,000416,758,000419,754,000404,834,000401,894,000386,577,000386,863,000371,938,00096,715,750362,813,000361,066,00090,266,50090,266,50090,266,50082,201,25082,201,25082,201,25082,201,25043,258,00043,258,00043,258,00043,258,00042,873,50042,873,50042,873,50042,873,50042,211,25042,211,25042,211,25042,211,25043,888,75043,888,75043,888,75043,888,750
       Goodwill 
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
9,739,000
0
0
0
9,607,000
0
0
0
9,412,000
0
0
0
9,275,000
0
0
0
9,558,000
0
0
0
12,940,000
0
0
0
13,815,000
0
0
0
14,566,000
0
0
0
12,118,000
0
0
0
13,489,000
0
0
0
13,379,000
0
0
0
15,099,000
0
0
0015,099,00000013,379,00000013,489,00000012,118,00000014,566,00000013,815,00000012,940,0000009,558,0000009,275,0000009,412,0000009,607,0000009,739,0000000000000000000000000000000000
       Intangible Assets 
321,750
321,750
321,750
321,750
221,250
221,250
221,250
221,250
251,000
251,000
251,000
251,000
195,500
195,500
195,500
195,500
0
0
0
0
4,219,000
4,219,000
4,219,000
16,876,000
16,772,000
4,197,000
15,369,000
16,788,000
16,346,000
24,471,000
24,111,000
11,865,000
0
0
0
11,191,000
0
0
0
11,199,000
0
0
0
10,889,000
0
0
0
12,425,000
0
0
0
13,864,000
0
0
0
17,312,000
0
0
0
22,863,000
0
0
0
12,126,000
0
0
0
10,188,000
0
0
0
1,143,000
0
0
0
12,702,000
0
0
0012,702,0000001,143,00000010,188,00000012,126,00000022,863,00000017,312,00000013,864,00000012,425,00000010,889,00000011,199,00000011,191,00000011,865,00024,111,00024,471,00016,346,00016,788,00015,369,0004,197,00016,772,00016,876,0004,219,0004,219,0004,219,0000000195,500195,500195,500195,500251,000251,000251,000251,000221,250221,250221,250221,250321,750321,750321,750321,750
       Long-term Assets Other 
20,454,000
20,454,000
20,454,000
20,454,000
27,039,000
27,039,000
27,039,000
27,039,000
27,042,250
27,042,250
27,042,250
27,042,250
29,699,750
29,699,750
29,699,750
29,699,750
12,355,750
12,355,750
12,355,750
12,355,750
13,127,250
13,127,250
13,127,250
69,437,000
43,243,000
12,952,500
24,697,000
63,102,000
38,236,000
49,560,000
53,858,000
30,269,000
51,456,000
58,015,000
37,373,000
0
49,596,000
42,105,000
24,743,000
41,569,000
36,010,000
34,219,000
40,940,000
39,121,000
58,752,000
48,720,000
58,016,000
43,275,000
57,242,000
46,691,000
58,085,000
25,058,000
56,359,000
106,196,000
20,585,000
24,867,000
82,098,000
80,921,000
63,255,000
27,771,000
147,144,000
87,156,000
63,214,000
31,774,000
108,512,000
242,681,000
29,875,000
30,069,000
29,533,000
30,453,000
35,231,000
62,543,000
50,222,000
51,227,000
0
0
0
0
000051,227,00050,222,00062,543,00035,231,00030,453,00029,533,00030,069,00029,875,000242,681,000108,512,00031,774,00063,214,00087,156,000147,144,00027,771,00063,255,00080,921,00082,098,00024,867,00020,585,000106,196,00056,359,00025,058,00058,085,00046,691,00057,242,00043,275,00058,016,00048,720,00058,752,00039,121,00040,940,00034,219,00036,010,00041,569,00024,743,00042,105,00049,596,000037,373,00058,015,00051,456,00030,269,00053,858,00049,560,00038,236,00063,102,00024,697,00012,952,50043,243,00069,437,00013,127,25013,127,25013,127,25012,355,75012,355,75012,355,75012,355,75029,699,75029,699,75029,699,75029,699,75027,042,25027,042,25027,042,25027,042,25027,039,00027,039,00027,039,00027,039,00020,454,00020,454,00020,454,00020,454,000
> Total Liabilities 
24,983,000
24,983,000
24,983,000
24,983,000
30,138,750
30,138,750
30,138,750
30,138,750
40,801,500
40,801,500
40,801,500
40,801,500
59,416,500
59,416,500
59,416,500
59,416,500
80,896,000
80,896,000
80,896,000
80,896,000
79,160,000
79,160,000
79,160,000
316,640,000
337,188,000
91,507,250
352,619,000
366,029,000
355,503,000
415,927,000
380,419,000
381,851,000
375,719,000
402,729,000
372,871,000
378,011,000
374,380,000
374,945,000
337,909,000
362,019,000
357,216,000
350,592,000
343,401,000
330,531,000
340,119,000
346,642,000
343,518,000
369,481,000
345,431,000
335,253,000
358,831,000
371,885,000
360,242,000
428,773,000
505,413,000
468,162,000
419,536,000
431,239,000
423,841,000
449,210,000
509,854,000
448,291,000
422,845,000
463,895,000
489,881,000
638,288,000
1,045,634,000
1,020,082,000
1,201,056,000
1,362,437,000
1,564,437,000
830,560,000
655,804,000
669,908,000
554,307,000
580,164,000
561,656,000
531,836,000
531,836,000561,656,000580,164,000554,307,000669,908,000655,804,000830,560,0001,564,437,0001,362,437,0001,201,056,0001,020,082,0001,045,634,000638,288,000489,881,000463,895,000422,845,000448,291,000509,854,000449,210,000423,841,000431,239,000419,536,000468,162,000505,413,000428,773,000360,242,000371,885,000358,831,000335,253,000345,431,000369,481,000343,518,000346,642,000340,119,000330,531,000343,401,000350,592,000357,216,000362,019,000337,909,000374,945,000374,380,000378,011,000372,871,000402,729,000375,719,000381,851,000380,419,000415,927,000355,503,000366,029,000352,619,00091,507,250337,188,000316,640,00079,160,00079,160,00079,160,00080,896,00080,896,00080,896,00080,896,00059,416,50059,416,50059,416,50059,416,50040,801,50040,801,50040,801,50040,801,50030,138,75030,138,75030,138,75030,138,75024,983,00024,983,00024,983,00024,983,000
   > Total Current Liabilities 
5,145,500
5,145,500
5,145,500
5,145,500
8,632,500
8,632,500
8,632,500
8,632,500
15,082,500
15,082,500
15,082,500
15,082,500
31,608,250
31,608,250
31,608,250
31,608,250
32,767,000
32,767,000
32,767,000
32,767,000
25,169,250
25,169,250
25,169,250
100,677,000
116,735,000
31,348,000
92,895,000
125,392,000
120,408,000
145,343,000
110,675,000
118,943,000
109,488,000
127,725,000
119,688,000
119,716,000
102,433,000
123,004,000
88,964,000
107,339,000
92,360,000
96,360,000
91,132,000
93,699,000
92,535,000
98,884,000
107,566,000
129,440,000
111,010,000
104,995,000
121,937,000
130,282,000
125,530,000
189,511,000
260,622,000
218,140,000
164,316,000
196,453,000
186,619,000
186,771,000
235,860,000
177,175,000
147,960,000
207,636,000
230,900,000
395,493,000
795,353,000
758,996,000
919,224,000
1,041,061,000
1,199,532,000
537,095,000
325,073,000
350,413,000
216,654,000
233,659,000
206,104,000
206,022,000
206,022,000206,104,000233,659,000216,654,000350,413,000325,073,000537,095,0001,199,532,0001,041,061,000919,224,000758,996,000795,353,000395,493,000230,900,000207,636,000147,960,000177,175,000235,860,000186,771,000186,619,000196,453,000164,316,000218,140,000260,622,000189,511,000125,530,000130,282,000121,937,000104,995,000111,010,000129,440,000107,566,00098,884,00092,535,00093,699,00091,132,00096,360,00092,360,000107,339,00088,964,000123,004,000102,433,000119,716,000119,688,000127,725,000109,488,000118,943,000110,675,000145,343,000120,408,000125,392,00092,895,00031,348,000116,735,000100,677,00025,169,25025,169,25025,169,25032,767,00032,767,00032,767,00032,767,00031,608,25031,608,25031,608,25031,608,25015,082,50015,082,50015,082,50015,082,5008,632,5008,632,5008,632,5008,632,5005,145,5005,145,5005,145,5005,145,500
       Short-term Debt 
1,942,500
1,942,500
1,942,500
1,942,500
1,455,000
1,455,000
1,455,000
1,455,000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
24,404,000
20,599,000
0
10,640,000
24,764,000
22,121,000
18,757,000
18,575,000
16,789,000
18,546,000
19,700,000
39,396,000
30,820,000
19,193,000
32,252,000
22,958,000
23,282,000
15,968,000
12,846,000
12,882,000
11,919,000
13,136,000
7,796,000
29,478,000
25,551,000
30,855,000
15,108,000
21,472,000
19,694,000
7,965,000
8,688,000
19,174,000
18,526,000
9,237,000
27,606,000
37,734,000
29,323,000
31,574,000
12,551,000
16,867,000
29,725,000
29,935,000
29,927,000
38,350,000
41,957,000
33,311,000
15,520,000
66,759,000
60,967,000
37,477,000
54,422,000
0
0
0
0
000054,422,00037,477,00060,967,00066,759,00015,520,00033,311,00041,957,00038,350,00029,927,00029,935,00029,725,00016,867,00012,551,00031,574,00029,323,00037,734,00027,606,0009,237,00018,526,00019,174,0008,688,0007,965,00019,694,00021,472,00015,108,00030,855,00025,551,00029,478,0007,796,00013,136,00011,919,00012,882,00012,846,00015,968,00023,282,00022,958,00032,252,00019,193,00030,820,00039,396,00019,700,00018,546,00016,789,00018,575,00018,757,00022,121,00024,764,00010,640,000020,599,00024,404,0000000000000000001,455,0001,455,0001,455,0001,455,0001,942,5001,942,5001,942,5001,942,500
       Short Long Term Debt 
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
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
66,759,000
60,967,000
37,477,000
26,833,000
31,494,000
37,868,000
43,728,000
39,873,000
39,873,00043,728,00037,868,00031,494,00026,833,00037,477,00060,967,00066,759,0000000000000000000000000000000000000000000000000000000000000000000000000
       Accounts payable 
1,304,750
1,304,750
1,304,750
1,304,750
1,773,000
1,773,000
1,773,000
1,773,000
2,231,500
2,231,500
2,231,500
2,231,500
8,897,000
8,897,000
8,897,000
8,897,000
19,213,250
19,213,250
19,213,250
19,213,250
14,701,000
14,701,000
14,701,000
58,804,000
74,346,000
19,546,500
63,920,000
78,186,000
70,083,000
103,171,000
71,009,000
43,724,000
66,815,000
88,566,000
58,764,000
36,164,000
59,595,000
76,159,000
50,127,000
33,518,000
54,698,000
70,111,000
62,977,000
32,329,000
58,506,000
73,781,000
59,103,000
36,941,000
59,792,000
72,632,000
81,377,000
39,366,000
89,058,000
155,777,000
44,431,000
63,093,000
55,167,000
54,355,000
57,455,000
66,244,000
56,842,000
52,179,000
53,945,000
73,189,000
72,139,000
64,162,000
79,481,000
85,928,000
77,729,000
62,412,000
67,972,000
76,525,000
59,491,000
47,417,000
43,951,000
59,869,000
44,382,000
39,708,000
39,708,00044,382,00059,869,00043,951,00047,417,00059,491,00076,525,00067,972,00062,412,00077,729,00085,928,00079,481,00064,162,00072,139,00073,189,00053,945,00052,179,00056,842,00066,244,00057,455,00054,355,00055,167,00063,093,00044,431,000155,777,00089,058,00039,366,00081,377,00072,632,00059,792,00036,941,00059,103,00073,781,00058,506,00032,329,00062,977,00070,111,00054,698,00033,518,00050,127,00076,159,00059,595,00036,164,00058,764,00088,566,00066,815,00043,724,00071,009,000103,171,00070,083,00078,186,00063,920,00019,546,50074,346,00058,804,00014,701,00014,701,00014,701,00019,213,25019,213,25019,213,25019,213,2508,897,0008,897,0008,897,0008,897,0002,231,5002,231,5002,231,5002,231,5001,773,0001,773,0001,773,0001,773,0001,304,7501,304,7501,304,7501,304,750
       Other Current Liabilities 
1,052,750
1,052,750
1,052,750
1,052,750
1,300,500
1,300,500
1,300,500
1,300,500
12,851,000
12,851,000
12,851,000
12,851,000
22,711,250
22,711,250
22,711,250
22,711,250
13,553,750
13,553,750
13,553,750
13,553,750
10,468,250
10,468,250
10,468,250
1,453,000
21,790,000
11,801,500
18,335,000
95,000
28,204,000
23,415,000
21,091,000
163,000
24,127,000
19,459,000
21,528,000
89,000
23,645,000
14,593,000
15,879,000
50,539,000
21,694,000
13,403,000
15,273,000
49,451,000
20,893,000
17,307,000
18,985,000
66,948,000
20,363,000
17,255,000
19,088,000
71,222,000
28,507,000
25,046,000
197,017,000
926,000
6,515,000
7,698,000
10,418,000
1,299,000
6,839,000
7,519,000
10,615,000
1,785,000
5,727,000
6,580,000
9,851,000
5,191,000
808,184,000
963,129,000
1,064,801,000
399,603,000
228,105,000
21,789,000
26,269,000
3,184,000
16,778,000
19,355,000
19,355,00016,778,0003,184,00026,269,00021,789,000228,105,000399,603,0001,064,801,000963,129,000808,184,0005,191,0009,851,0006,580,0005,727,0001,785,00010,615,0007,519,0006,839,0001,299,00010,418,0007,698,0006,515,000926,000197,017,00025,046,00028,507,00071,222,00019,088,00017,255,00020,363,00066,948,00018,985,00017,307,00020,893,00049,451,00015,273,00013,403,00021,694,00050,539,00015,879,00014,593,00023,645,00089,00021,528,00019,459,00024,127,000163,00021,091,00023,415,00028,204,00095,00018,335,00011,801,50021,790,0001,453,00010,468,25010,468,25010,468,25013,553,75013,553,75013,553,75013,553,75022,711,25022,711,25022,711,25022,711,25012,851,00012,851,00012,851,00012,851,0001,300,5001,300,5001,300,5001,300,5001,052,7501,052,7501,052,7501,052,750
   > Long-term Liabilities 
19,837,500
19,837,500
19,837,500
19,837,500
21,506,250
21,506,250
21,506,250
21,506,250
25,719,000
25,719,000
25,719,000
25,719,000
27,808,250
27,808,250
27,808,250
27,808,250
48,129,000
48,129,000
48,129,000
48,129,000
53,990,750
53,990,750
53,990,750
215,963,000
220,453,000
60,159,250
259,724,000
240,637,000
235,095,000
270,584,000
269,744,000
262,908,000
266,231,000
275,004,000
253,183,000
258,295,000
271,947,000
251,941,000
248,945,000
254,680,000
264,856,000
254,232,000
252,269,000
236,832,000
247,584,000
247,758,000
235,952,000
240,041,000
234,421,000
230,258,000
236,894,000
241,603,000
234,712,000
239,262,000
244,791,000
250,022,000
255,220,000
234,786,000
237,222,000
262,439,000
273,994,000
271,116,000
274,885,000
256,259,000
258,981,000
242,795,000
250,281,000
261,086,000
281,832,000
321,376,000
364,905,000
293,465,000
330,731,000
319,495,000
337,653,000
346,505,000
355,552,000
325,814,000
325,814,000355,552,000346,505,000337,653,000319,495,000330,731,000293,465,000364,905,000321,376,000281,832,000261,086,000250,281,000242,795,000258,981,000256,259,000274,885,000271,116,000273,994,000262,439,000237,222,000234,786,000255,220,000250,022,000244,791,000239,262,000234,712,000241,603,000236,894,000230,258,000234,421,000240,041,000235,952,000247,758,000247,584,000236,832,000252,269,000254,232,000264,856,000254,680,000248,945,000251,941,000271,947,000258,295,000253,183,000275,004,000266,231,000262,908,000269,744,000270,584,000235,095,000240,637,000259,724,00060,159,250220,453,000215,963,00053,990,75053,990,75053,990,75048,129,00048,129,00048,129,00048,129,00027,808,25027,808,25027,808,25027,808,25025,719,00025,719,00025,719,00025,719,00021,506,25021,506,25021,506,25021,506,25019,837,50019,837,50019,837,50019,837,500
> Total Stockholder Equity
43,569,000
43,569,000
43,569,000
43,569,000
47,705,500
47,705,500
47,705,500
47,705,500
37,362,000
37,362,000
37,362,000
37,362,000
38,731,750
38,731,750
38,731,750
38,731,750
51,668,750
51,668,750
51,668,750
51,668,750
56,762,750
56,762,750
56,762,750
221,611,000
237,951,000
58,019,500
215,494,000
226,713,000
246,007,000
228,806,000
240,949,000
250,235,000
267,483,000
255,488,000
258,354,000
258,076,000
268,709,000
255,265,000
257,154,000
261,308,000
271,512,000
259,001,000
261,417,000
267,893,000
281,284,000
259,973,000
260,024,000
256,812,000
266,562,000
252,752,000
249,318,000
250,018,000
261,207,000
238,342,000
233,039,000
234,721,000
251,585,000
242,984,000
243,383,000
250,761,000
268,339,000
246,595,000
244,820,000
233,871,000
242,722,000
200,576,000
179,040,000
161,098,000
164,986,000
103,765,000
87,830,000
198,440,000
285,905,000
223,440,000
233,618,000
244,052,000
261,535,000
235,763,000
235,763,000261,535,000244,052,000233,618,000223,440,000285,905,000198,440,00087,830,000103,765,000164,986,000161,098,000179,040,000200,576,000242,722,000233,871,000244,820,000246,595,000268,339,000250,761,000243,383,000242,984,000251,585,000234,721,000233,039,000238,342,000261,207,000250,018,000249,318,000252,752,000266,562,000256,812,000260,024,000259,973,000281,284,000267,893,000261,417,000259,001,000271,512,000261,308,000257,154,000255,265,000268,709,000258,076,000258,354,000255,488,000267,483,000250,235,000240,949,000228,806,000246,007,000226,713,000215,494,00058,019,500237,951,000221,611,00056,762,75056,762,75056,762,75051,668,75051,668,75051,668,75051,668,75038,731,75038,731,75038,731,75038,731,75037,362,00037,362,00037,362,00037,362,00047,705,50047,705,50047,705,50047,705,50043,569,00043,569,00043,569,00043,569,000
   Common Stock
14,559,250
14,559,250
14,559,250
14,559,250
14,319,500
14,319,500
14,319,500
14,319,500
14,805,250
14,805,250
14,805,250
14,805,250
14,805,250
14,805,250
14,805,250
14,805,250
13,449,750
13,449,750
13,449,750
13,449,750
13,449,750
13,449,750
13,449,750
53,799,000
53,799,000
13,449,750
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
53,799,000
0
0
0
0
000053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00053,799,00013,449,75053,799,00053,799,00013,449,75013,449,75013,449,75013,449,75013,449,75013,449,75013,449,75014,805,25014,805,25014,805,25014,805,25014,805,25014,805,25014,805,25014,805,25014,319,50014,319,50014,319,50014,319,50014,559,25014,559,25014,559,25014,559,250
   Retained Earnings 
29,009,750
29,009,750
29,009,750
29,009,750
33,386,000
33,386,000
33,386,000
33,386,000
36,549,750
36,549,750
36,549,750
36,549,750
40,654,000
40,654,000
40,654,000
40,654,000
37,928,250
37,928,250
37,928,250
37,928,250
43,107,750
43,107,750
43,107,750
172,431,000
188,771,000
44,324,000
166,077,000
177,296,000
196,590,000
179,389,000
191,532,000
209,487,000
227,395,000
216,836,000
208,937,000
224,327,000
234,239,000
220,246,000
222,873,000
225,364,000
232,867,000
219,305,000
220,610,000
224,684,000
234,586,000
216,989,000
217,862,000
217,698,000
226,304,000
216,432,000
216,286,000
218,711,000
228,545,000
188,094,000
182,774,000
213,857,000
201,105,000
192,087,000
192,469,000
215,027,000
217,397,000
195,641,000
193,866,000
201,952,000
191,661,000
148,224,000
126,688,000
108,722,000
112,593,000
51,320,000
35,365,000
145,975,000
233,440,000
170,975,000
181,153,000
188,713,000
202,270,000
181,877,000
181,877,000202,270,000188,713,000181,153,000170,975,000233,440,000145,975,00035,365,00051,320,000112,593,000108,722,000126,688,000148,224,000191,661,000201,952,000193,866,000195,641,000217,397,000215,027,000192,469,000192,087,000201,105,000213,857,000182,774,000188,094,000228,545,000218,711,000216,286,000216,432,000226,304,000217,698,000217,862,000216,989,000234,586,000224,684,000220,610,000219,305,000232,867,000225,364,000222,873,000220,246,000234,239,000224,327,000208,937,000216,836,000227,395,000209,487,000191,532,000179,389,000196,590,000177,296,000166,077,00044,324,000188,771,000172,431,00043,107,75043,107,75043,107,75037,928,25037,928,25037,928,25037,928,25040,654,00040,654,00040,654,00040,654,00036,549,75036,549,75036,549,75036,549,75033,386,00033,386,00033,386,00033,386,00029,009,75029,009,75029,009,75029,009,750
   Accumulated Other Comprehensive Income 0000000000000000000000000000000000000000000000000000-76,453,25000-68,825,500-68,825,500-68,825,500-66,594,250-66,594,250-66,594,250-66,594,250-40,555,000-40,555,000-40,555,000-40,555,000-37,497,250-37,497,250-37,497,250-37,497,250-35,280,250-35,280,250-35,280,250-35,280,250-32,592,000-32,592,000-32,592,000-32,592,000
   Capital Surplus 000000000000000000000000000000000000000000000000000000000000000000000000000000
   Treasury Stock000000000000000000000000000000000000000000000000000000000000000000000000000000
   Other Stockholders Equity 
32,592,000
32,592,000
32,592,000
32,592,000
35,280,250
35,280,250
35,280,250
35,280,250
23,504,250
23,504,250
23,504,250
23,504,250
23,827,500
23,827,500
23,827,500
23,827,500
66,885,000
66,885,000
66,885,000
66,885,000
69,030,750
69,030,750
69,030,750
-4,619,000
-4,619,000
76,699,000
-4,382,000
-4,382,000
-4,382,000
-4,382,000
-4,382,000
-13,051,000
-13,711,000
-15,147,000
-4,382,000
-20,050,000
-19,329,000
-18,780,000
-19,518,000
-17,855,000
-15,154,000
-14,103,000
-12,992,000
-10,590,000
-7,101,000
-10,815,000
-11,637,000
-14,685,000
-13,541,000
-17,479,000
-20,767,000
-22,492,000
-21,137,000
-3,551,000
-3,534,000
-32,935,000
-3,319,000
-2,902,000
-2,885,000
-18,065,000
-2,857,000
-2,845,000
-2,845,000
-21,880,000
-2,738,000
-1,447,000
-1,447,000
-1,423,000
-1,406,000
-1,354,000
-1,334,000
-1,334,000
-1,334,000
-1,334,000
0
0
0
0
0000-1,334,000-1,334,000-1,334,000-1,334,000-1,354,000-1,406,000-1,423,000-1,447,000-1,447,000-2,738,000-21,880,000-2,845,000-2,845,000-2,857,000-18,065,000-2,885,000-2,902,000-3,319,000-32,935,000-3,534,000-3,551,000-21,137,000-22,492,000-20,767,000-17,479,000-13,541,000-14,685,000-11,637,000-10,815,000-7,101,000-10,590,000-12,992,000-14,103,000-15,154,000-17,855,000-19,518,000-18,780,000-19,329,000-20,050,000-4,382,000-15,147,000-13,711,000-13,051,000-4,382,000-4,382,000-4,382,000-4,382,000-4,382,00076,699,000-4,619,000-4,619,00069,030,75069,030,75069,030,75066,885,00066,885,00066,885,00066,885,00023,827,50023,827,50023,827,50023,827,50023,504,25023,504,25023,504,25023,504,25035,280,25035,280,25035,280,25035,280,25032,592,00032,592,00032,592,00032,592,000



6.3. Balance Sheets

Currency in CZK. All numbers in thousands.