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Cofinimmo SA
Buy, Hold or Sell?

Should you buy, hold or sell Cofinimmo?

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

Let's analyse Cofinimmo

Let's start. I'm going to help you getting a better view of Cofinimmo SA. 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.

  1. Company's Financial Health
    A deep dive into the books. How are the numbers doing? Is Cofinimmo SA even making a profit? Is the company skyrocketing? Or is it sinking like the Titanic. The trend is your friend.
  2. Market Valuation
    Finally, you now have an insight of how Cofinimmo SA is doing in the market. If the company is worth buying. The latest step is to find out how other investors value Cofinimmo SA. The closing price on 2023-02-06 was €86.90 per share. Is the company over- or underpriced?
  3. Key Performance Indicators
    A total overlook on how the company is doing. Based on the (trends in) the key performance indicators.
Cofinimmo SA Daily Candlestick Chart
Cofinimmo SA Daily Candlestick Chart
Summary









1. Valuation of Cofinimmo




Current price per share

€86.90

2. Growth of Cofinimmo




Is Cofinimmo growing?

Current yearPrevious yearGrowGrow %
How rich?$3.5b$2.8b$684.7m19.4%

How much money is Cofinimmo making?

Current yearPrevious yearGrowGrow %
Making money$279.3m$127.9m$151.4m54.2%
Net Profit Margin76.4%40.4%--

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

3. Financial Health of Cofinimmo




Comparing to competitors in the REIT-Diversified industry




  Industry Rankings (REIT-Diversified)  


Richest
#22 / 130

Most Revenue
#18 / 130

Most Profit
#20 / 130


Summary

Financial Health

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

1.1. Profitability of Cofinimmo SA.

1.1. Profitability
1.1.1. Net Profit Margin

Measures how much net profit Cofinimmo earns for each €1 of revenue.

  • Above 10% is considered healthy but always compare Cofinimmo to the REIT-Diversified industry mean.
  • A Net Profit Margin of 76.4% means that €0.76 for each €1 in revenue is generated as profit.

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

  • The MRQ is 76.4%. The company is making a huge profit. +2
  • The TTM is 76.4%. The company is making a huge profit. +2
Trends
Current periodCompared to+/- 
MRQ76.4%TTM76.4%0.0%
TTM76.4%YOY40.4%+36.0%
TTM76.4%5Y59.2%+17.2%
5Y59.2%10Y41.3%+17.9%
Compared to industry (REIT-Diversified)
PeriodCompanyIndustry (mean)+/- 
MRQ76.4%32.0%+44.4%
TTM76.4%41.4%+35.0%
YOY40.4%22.2%+18.2%
5Y59.2%31.7%+27.5%
10Y41.3%33.6%+7.7%
1.1.2. Return on Assets

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

  • Above 5% is considered healthy but always compare Cofinimmo to the REIT-Diversified industry mean.
  • 4.2% Return on Assets means that Cofinimmo generated €0.04 profit for each $1 in assets.

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

  • The MRQ is 4.2%. Using its assets, the company is less efficient in making profit.
  • The TTM is 4.2%. Using its assets, the company is less efficient in making profit.
Trends
Current periodCompared to+/- 
MRQ4.2%TTM4.2%0.0%
TTM4.2%YOY2.3%+1.9%
TTM4.2%5Y3.6%+0.6%
5Y3.6%10Y2.7%+1.0%
Compared to industry (REIT-Diversified)
PeriodCompanyIndustry (mean)+/- 
MRQ4.2%1.0%+3.2%
TTM4.2%1.4%+2.8%
YOY2.3%0.5%+1.8%
5Y3.6%0.9%+2.7%
10Y2.7%0.9%+1.8%
1.1.3. Return on Equity

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

  • Above 15%-20% is considered healthy but always compare Cofinimmo to the REIT-Diversified industry mean.
  • 8.1% Return on Equity means Cofinimmo generated €0.08 for each €1 the owners (shareholders) invested.

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

  • The MRQ is 8.1%. Using its investors money, the company is less efficient in making profit.
  • The TTM is 8.1%. Using its investors money, the company is less efficient in making profit.
Trends
Current periodCompared to+/- 
MRQ8.1%TTM8.1%0.0%
TTM8.1%YOY4.6%+3.4%
TTM8.1%5Y7.0%+1.0%
5Y7.0%10Y5.3%+1.8%
Compared to industry (REIT-Diversified)
PeriodCompanyIndustry (mean)+/- 
MRQ8.1%2.3%+5.8%
TTM8.1%3.1%+5.0%
YOY4.6%1.1%+3.5%
5Y7.0%1.7%+5.3%
10Y5.3%1.8%+3.5%

1.2. Operating Efficiency of Cofinimmo SA.

1.2. Operating Efficiency
1.2.1. Operating Margin

Measures how efficient Cofinimmo is operating .

  • Measures how much profit Cofinimmo 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 Cofinimmo to the REIT-Diversified industry mean.
  • An Operating Margin of 86.1% means the company generated €0.86  for each €1 in revenue (before taxes).

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

  • The MRQ is 86.1%. The company is operating very efficient. +2
  • The TTM is 86.1%. The company is operating very efficient. +2
Trends
Current periodCompared to+/- 
MRQ86.1%TTM86.1%0.0%
TTM86.1%YOY48.8%+37.3%
TTM86.1%5Y67.8%+18.3%
5Y67.8%10Y53.2%+14.6%
Compared to industry (REIT-Diversified)
PeriodCompanyIndustry (mean)+/- 
MRQ86.1%38.3%+47.8%
TTM86.1%41.0%+45.1%
YOY48.8%31.6%+17.2%
5Y67.8%38.6%+29.2%
10Y53.2%34.3%+18.9%
1.2.2. Operating Ratio

Measures how efficient Cofinimmo is keeping operating costs low.

  • Below 1 is considered healthy (always compare to REIT-Diversified industry mean).
  • An Operation Ratio of 0.33 means that the operating costs are €0.33 for each €1 in net sales.

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

  • The MRQ is 0.335. The company is very efficient in keeping operating costs low. +2
  • The TTM is 0.335. The company is very efficient in keeping operating costs low. +2
Trends
Current periodCompared to+/- 
MRQ0.335TTM0.3350.000
TTM0.335YOY0.327+0.008
TTM0.3355Y0.342-0.007
5Y0.34210Y0.331+0.011
Compared to industry (REIT-Diversified)
PeriodCompanyIndustry (mean)+/- 
MRQ0.3350.575-0.240
TTM0.3350.619-0.284
YOY0.3270.645-0.318
5Y0.3420.522-0.180
10Y0.3310.467-0.136

1.3. Liquidity of Cofinimmo SA.

1.3. Liquidity
1.3.1. Current Ratio

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

  • Above 1.5 is considered healthy (always compare to REIT-Diversified industry mean).
  • A Current Ratio of 0.15 means the company has €0.15 in assets for each €1 in short-term debts.

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

  • The MRQ is 0.150. The company is unable to pay all its short-term debts. -2
  • The TTM is 0.150. The company is unable to pay all its short-term debts. -2
Trends
Current periodCompared to+/- 
MRQ0.150TTM0.1500.000
TTM0.150YOY0.135+0.015
TTM0.1505Y0.161-0.011
5Y0.16110Y0.167-0.006
Compared to industry (REIT-Diversified)
PeriodCompanyIndustry (mean)+/- 
MRQ0.1501.169-1.019
TTM0.1501.281-1.131
YOY0.1351.210-1.075
5Y0.1611.211-1.050
10Y0.1671.117-0.950
1.3.2. Quick Ratio

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

  • Above 1 is considered healthy but always compare Cofinimmo to the REIT-Diversified industry mean.
  • A Quick Ratio of 0.07 means the company can pay off €0.07 for each €1 in debt (using most liquid assets).

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

  • The MRQ is 0.072. The company is just not able to pay all its short-term debts with the most liquid assets. -1
  • The TTM is 0.072. The company is just not able to pay all its short-term debts with the most liquid assets. -1
Trends
Current periodCompared to+/- 
MRQ0.072TTM0.0720.000
TTM0.072YOY0.087-0.015
TTM0.0725Y0.083-0.011
5Y0.08310Y0.080+0.003
Compared to industry (REIT-Diversified)
PeriodCompanyIndustry (mean)+/- 
MRQ0.0720.402-0.330
TTM0.0720.534-0.462
YOY0.0870.407-0.320
5Y0.0830.448-0.365
10Y0.0800.403-0.323

1.4. Solvency of Cofinimmo SA.

1.3. Liquidity
1.4.1. Debt to Asset Ratio

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

  • Below 1 (100%) is considered healthy but always compare Cofinimmo to REIT-Diversified industry mean.
  • A Debt to Asset Ratio of 0.47 means that Cofinimmo assets are financed with 46.8% credit (debt) and the remaining percentage (100% - 46.8%) is financed by its owners/shareholders. 

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

  • The MRQ is 0.468. The company is very able to pay all its debts by selling its assets. +2
  • The TTM is 0.468. The company is very able to pay all its debts by selling its assets. +2
Trends
Current periodCompared to+/- 
MRQ0.468TTM0.4680.000
TTM0.468YOY0.496-0.028
TTM0.4685Y0.469-0.001
5Y0.46910Y0.491-0.023
Compared to industry (REIT-Diversified)
PeriodCompanyIndustry (mean)+/- 
MRQ0.4680.465+0.003
TTM0.4680.4680.000
YOY0.4960.480+0.016
5Y0.4690.457+0.012
10Y0.4910.452+0.039
1.4.2. Debt to Equity Ratio

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

  • Below 2 is considered healthy but always compare Cofinimmo to the REIT-Diversified industry mean.
  • A Debt to Equity ratio of 89.4% means that company has €0.89 debt for each €1 in shareholders equity.

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

  • The MRQ is 0.894. The company is very able to pay all its debts with equity. +2
  • The TTM is 0.894. The company is very able to pay all its debts with equity. +2
Trends
Current periodCompared to+/- 
MRQ0.894TTM0.8940.000
TTM0.894YOY1.011-0.118
TTM0.8945Y0.913-0.019
5Y0.91310Y1.019-0.105
Compared to industry (REIT-Diversified)
PeriodCompanyIndustry (mean)+/- 
MRQ0.8940.858+0.036
TTM0.8940.874+0.020
YOY1.0110.902+0.109
5Y0.9130.858+0.055
10Y1.0190.846+0.173

2. Market Valuation of Cofinimmo SA

2. Earnings Per Share
2.1. Price to Earnings Ratio

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

  • Above 15 is considered overpriced but always compare Cofinimmo to the REIT-Diversified industry mean.
  • A PE ratio of 17.74 means the investor is paying €17.74 for every €1 in earnings.

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

  • The EOD is 10.975. Very good. +2
  • The MRQ is 17.744. Very good. +2
  • The TTM is 17.744. Very good. +2
Trends
Current periodCompared to+/- 
EOD10.975MRQ17.744-6.769
MRQ17.744TTM17.7440.000
TTM17.744YOY33.589-15.845
TTM17.7445Y24.630-6.886
5Y24.63010Y21.132+3.498
Compared to industry (REIT-Diversified)
PeriodCompanyIndustry (mean)+/- 
EOD10.97517.885-6.910
MRQ17.74420.122-2.378
TTM17.74428.133-10.389
YOY33.58929.905+3.684
5Y24.63033.229-8.599
10Y21.13229.693-8.561
2.2. Price Earnings to Growth Ratio

Measures the predicted future growth of Cofinimmo.

  • Lower is better.
  • A PEG ratio of 1 means the market price of the stock and the expected future earnings are on par.

Let's take a look of the Price Earnings to Growth Ratio trends of Cofinimmo SA:

  • The MRQ is 8.126. Seems overpriced? -1
  • The TTM is 8.126. Seems overpriced? -1
Trends
Current periodCompared to+/- 
MRQ8.126TTM8.1260.000
TTM8.126YOY57.647-49.521
TTM8.1265Y24.497-16.372
5Y24.49710Y35.646-11.149
Compared to industry (REIT-Diversified)
PeriodCompanyIndustry (mean)+/- 
MRQ8.1260.055+8.071
TTM8.1260.100+8.026
YOY57.6470.022+57.625
5Y24.497-0.033+24.530
10Y35.646-0.037+35.683

2. Book Value per Share
2.3. Price to Book Ratio

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

  • At or below 1 is considered healthy (always compare to REIT-Diversified industry mean).
  • A PB ratio of 1.41 means the investor is paying €1.41 for each €1 in book value.

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

  • The EOD is 0.869. Very good. +2
  • The MRQ is 1.405. Good. +1
  • The TTM is 1.405. Good. +1
Trends
Current periodCompared to+/- 
EOD0.869MRQ1.405-0.536
MRQ1.405TTM1.4050.000
TTM1.405YOY1.511-0.106
TTM1.4055Y1.616-0.211
5Y1.61610Y1.725-0.109
Compared to industry (REIT-Diversified)
PeriodCompanyIndustry (mean)+/- 
EOD0.8690.785+0.084
MRQ1.4050.894+0.511
TTM1.4050.940+0.465
YOY1.5110.850+0.661
5Y1.6160.846+0.770
10Y1.7250.688+1.037
2. Total Gains per Share

3. Summary

3.1. Key Performance Indicators

The key performance indicators of Cofinimmo SA 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--19.41019.4100%3.510+453%8.322+133%5.390+260%
Book Value Growth--1.2411.2410%1.046+19%1.116+11%1.084+14%
Book Value Per Share--99.99399.9930%80.582+24%76.792+30%64.787+54%
Book Value Per Share Growth--1.2411.2410%1.046+19%1.116+11%1.084+14%
Current Ratio--0.1500.1500%0.135+11%0.161-7%0.167-10%
Debt To Asset Ratio--0.4680.4680%0.496-6%0.4690%0.491-5%
Debt To Equity Ratio--0.8940.8940%1.011-12%0.913-2%1.019-12%
Dividend Per Share--3.2573.2570%3.077+6%3.244+0%2.896+12%
Dividend Per Share Growth--1.0591.0590%0.820+29%1.019+4%1.068-1%
Eps--7.9187.9180%3.626+118%5.275+50%3.567+122%
Eps Growth--2.1842.1840%0.583+275%1.328+64%1.208+81%
Free Cash Flow Per Share--6.0506.0500%5.403+12%5.240+15%4.943+22%
Free Cash Flow Per Share Growth--1.1201.1200%1.053+6%1.069+5%1.457-23%
Free Cash Flow To Equity Per Share--21.75121.7510%17.651+23%10.419+109%5.289+311%
Free Cash Flow To Equity Per Share Growth--1.2321.2320%4.307-71%1.813-32%1.575-22%
Gross Profit Margin--0.9990.9990%0.997+0%0.998+0%0.997+0%
Intrinsic Value_10Y_max--71.135--------
Intrinsic Value_10Y_min--54.268--------
Intrinsic Value_1Y_max--6.297--------
Intrinsic Value_1Y_min--5.562--------
Intrinsic Value_3Y_max--19.553--------
Intrinsic Value_3Y_min--16.703--------
Intrinsic Value_5Y_max--33.574--------
Intrinsic Value_5Y_min--27.750--------
Net Profit Margin--0.7640.7640%0.404+89%0.592+29%0.413+85%
Operating Margin--0.8610.8610%0.488+76%0.678+27%0.532+62%
Operating Ratio--0.3350.3350%0.327+2%0.342-2%0.331+1%
Pb Ratio0.869-62%1.4051.4050%1.511-7%1.616-13%1.725-19%
Pe Ratio10.975-62%17.74417.7440%33.589-47%24.630-28%21.132-16%
Peg Ratio--8.1268.1260%57.647-86%24.497-67%35.646-77%
Price Per Share86.900-62%140.500140.5000%121.800+15%122.310+15%109.393+28%
Price To Total Gains Ratio3.834-62%6.1986.1980%18.491-66%13.887-55%370.578-98%
Profit Growth--2.1842.1840%0.583+275%1.328+64%1.205+81%
Quick Ratio--0.0720.0720%0.087-17%0.083-13%0.080-10%
Return On Assets--0.0420.0420%0.023+86%0.036+16%0.027+58%
Return On Equity--0.0810.0810%0.046+74%0.070+14%0.053+52%
Revenue Growth--1.1541.1540%1.032+12%1.060+9%1.053+10%
Total Gains Per Share--22.66822.6680%6.587+244%11.566+96%8.286+174%
Total Gains Per Share Growth--3.4413.4410%0.441+680%1.787+93%47.962-93%
Usd Book Value--3527522909.0003527522909.0000%2842765426.000+24%2709037221.400+30%2285538499.600+54%
Usd Book Value Change Per Share--20.82720.8270%3.766+453%8.930+133%5.783+260%
Usd Book Value Per Share--107.292107.2920%86.465+24%82.397+30%69.516+54%
Usd Dividend Per Share--3.4953.4950%3.301+6%3.480+0%3.108+12%
Usd Eps--8.4968.4960%3.891+118%5.660+50%3.827+122%
Usd Free Cash Flow--213445452.000213445452.0000%190589479.000+12%184838842.800+15%174373766.500+22%
Usd Free Cash Flow Per Share--6.4926.4920%5.797+12%5.622+15%5.304+22%
Usd Free Cash Flow To Equity Per Share--23.33923.3390%18.940+23%11.180+109%5.675+311%
Usd Price Per Share93.244-62%150.757150.7570%130.691+15%131.239+15%117.379+28%
Usd Profit--279341601.000279341601.0000%127925206.000+118%186090175.400+50%125825023.100+122%
Usd Revenue--365689130.000365689130.0000%316756038.000+15%310486713.600+18%295360310.700+24%
Usd Total Gains Per Share--24.32324.3230%7.068+244%12.410+96%8.891+174%
 EOD+3 -2MRQTTM+0 -0YOY+38 -55Y+38 -510Y+34 -9

3.2. Fundamental Score

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

Penke's Stock Scanner

  
  
IndicatorConditionValue
Price to Earnings Ratio (EOD)Between0-1510.975
Price to Book Ratio (EOD)Between0-10.869
Net Profit Margin (MRQ)Greater than00.764
Operating Margin (MRQ)Greater than00.861
Quick Ratio (MRQ)Greater than10.072
Current Ratio (MRQ)Greater than10.150
Debt to Asset Ratio (MRQ)Less than10.468
Debt to Equity Ratio (MRQ)Less than10.894
Return on Equity (MRQ)Greater than0.150.081
Return on Assets (MRQ)Greater than0.050.042
Total6/10 (60.0%)

3.3. Technical Score

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

Penke's Symbol Scanner

  
  
IndicatorConditionValue
RsiGreater than5053.560
Ma 20Greater thanMa 5086.230
Ma 50Greater thanMa 10085.228
Ma 100Greater thanMa 20085.174
OpenGreater thanClose87.000
Total4/5 (80.0%)



Reversals in quarterly reports

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

 2017-12-312018-12-312019-12-312020-12-312021-12-31
Minority Interest  83,28095484,234-1,60982,625-8,03874,587-77,253-2,666
Total Other Income Expense Net -23,275-744-24,019-16,283-40,302-2,026-42,32868,94426,616



Latest Balance Sheet

Balance Sheet of 2021-12-31. Currency in EUR. All numbers in thousands.

Summary
Total Assets6,176,953
Total Liabilities2,889,420
Total Stockholder Equity3,233,274
 As reported
Total Liabilities 2,889,420
Total Stockholder Equity+ 3,233,274
Total Assets = 6,176,953

Assets

Total Assets6,176,953
Total Current Assets191,421
Long-term Assets191,421
Total Current Assets
Cash And Cash Equivalents 19,857
Net Receivables 72,064
Other Current Assets 171,564
Total Current Assets  (as reported)191,421
Total Current Assets  (calculated)263,485
+/- 72,064
Long-term Assets
Property Plant Equipment 2,019
Goodwill 41,627
Intangible Assets 2,487
Long-term Assets Other 5,935,481
Long-term Assets  (as reported)5,985,532
Long-term Assets  (calculated)5,981,614
+/- 3,918

Liabilities & Shareholders' Equity

Total Current Liabilities1,272,995
Long-term Liabilities1,616,425
Total Stockholder Equity3,233,274
Total Current Liabilities
Short-term Debt 1,100,972
Short Long Term Debt 1,100,189
Accounts payable 46,651
Other Current Liabilities 62,517
Total Current Liabilities  (as reported)1,272,995
Total Current Liabilities  (calculated)2,310,329
+/- 1,037,334
Long-term Liabilities
Long term Debt 1,467,877
Capital Lease Obligations 838
Other Liabilities 93,919
Long-term Liabilities Other 1
Long-term Liabilities  (as reported)1,616,425
Long-term Liabilities  (calculated)1,562,635
+/- 53,790
Total Stockholder Equity
Common Stock1,698,517
Retained Earnings 260,337
Other Stockholders Equity 1,274,420
Total Stockholder Equity (as reported)3,233,274
Total Stockholder Equity (calculated)3,233,274
+/-0
Other
Capital Stock1,698,517
Cash and Short Term Investments 19,857
Common Stock Shares Outstanding 28,546
Liabilities and Stockholders Equity 6,122,694
Net Debt 2,545,021
Net Invested Capital 5,801,340
Net Tangible Assets 3,189,161
Net Working Capital -1,081,574
Short Long Term Debt Total 2,564,878



Balance Sheet

Currency in EUR. All numbers in thousands.

 Trend2021-12-312020-12-312019-12-312018-12-312017-12-312016-12-312015-12-312014-12-312013-12-312012-12-312011-12-312010-12-312009-12-312008-12-312007-12-312006-12-312005-12-312004-12-312003-12-312002-12-312001-12-312000-12-31
> Total Assets 
1,718,542
1,680,946
1,977,641
2,051,703
2,251,188
2,406,060
2,608,183
3,183,312
3,550,055
3,402,684
3,381,906
3,528,941
3,642,488
3,670,443
3,499,012
3,412,480
3,661,282
3,782,582
4,021,466
4,558,239
5,253,614
6,176,953
6,176,9535,253,6144,558,2394,021,4663,782,5823,661,2823,412,4803,499,0123,670,4433,642,4883,528,9413,381,9063,402,6843,550,0553,183,3122,608,1832,406,0602,251,1882,051,7031,977,6411,680,9461,718,542
   > Total Current Assets 
0
195,441
189,440
194,890
41,232
73,426
222,666
140,139
113,965
93,818
77,112
114,051
108,797
105,263
88,962
87,066
114,101
93,566
140,449
160,986
160,026
191,421
191,421160,026160,986140,44993,566114,10187,06688,962105,263108,797114,05177,11293,818113,965140,139222,66673,42641,232194,890189,440195,4410
       Cash And Cash Equivalents 
1,430
158
860
34
447
16,274
15,264
2,494
25,448
2,343
3,265
10,207
3,041
15,969
17,117
22,040
41,271
22,532
27,177
31,569
48,642
19,857
19,85748,64231,56927,17722,53241,27122,04017,11715,9693,04110,2073,2652,34325,4482,49415,26416,274447348601581,430
       Short-term Investments 
26,079
27,282
4,200
78
412
0
0
11,693
52
8,603
9,227
13,779
6,501
2,782
0
0
0
0
0
2
0
0
002000002,7826,50113,7799,2278,6035211,69300412784,20027,28226,079
       Net Receivables 
0
0
0
0
0
0
0
0
0
0
0
0
0
33,508
30,237
21,274
33,187
31,556
35,223
43,776
54,790
72,064
72,06454,79043,77635,22331,55633,18721,27430,23733,5080000000000000
       Other Current Assets 
0
195,283
188,580
194,856
40,785
57,152
207,402
125,952
88,465
82,872
64,620
90,065
105,756
86,512
71,845
65,026
72,830
71,034
113,272
129,415
111,384
171,564
171,564111,384129,415113,27271,03472,83065,02671,84586,512105,75690,06564,62082,87288,465125,952207,40257,15240,785194,856188,580195,2830
   > Long-term Assets 
0
1,485,505
1,788,201
1,856,813
2,209,956
2,332,634
2,385,517
3,043,173
3,436,090
3,308,866
3,304,794
3,414,890
3,533,691
3,565,180
3,410,050
3,325,414
3,547,181
3,689,016
3,881,018
4,397,253
5,093,589
5,985,532
5,985,5325,093,5894,397,2533,881,0183,689,0163,547,1813,325,4143,410,0503,565,1803,533,6913,414,8903,304,7943,308,8663,436,0903,043,1732,385,5172,332,6342,209,9561,856,8131,788,2011,485,5050
       Property Plant Equipment 
98
1,484,357
1,787,036
1,856,171
1,904,618
2,076,859
2,103,988
104,197
60,007
723
539
966
856
677
411
364
635
926
810
1,278
1,434
2,019
2,0191,4341,27881092663536441167785696653972360,007104,1972,103,9882,076,8591,904,6181,856,1711,787,0361,484,35798
       Goodwill 
0
0
0
0
0
0
0
135,658
171,689
163,924
164,012
157,456
150,356
129,356
118,356
111,256
99,256
85,156
71,556
56,947
46,827
41,627
41,62746,82756,94771,55685,15699,256111,256118,356129,356150,356157,456164,012163,924171,689135,6580000000
       Long Term Investments 
0
0
0
0
0
0
0
0
0
0
0
0
0
30,978
17,293
6,067
7,156
8,161
9,035
11,744
0
0
0011,7449,0358,1617,1566,06717,29330,9780000000000000
       Intangible Assets 
0
126
118
306
337
285
517
1,535
1,840
1,984
1,427
745
605
753
659
565
751
826
922
935
2,172
2,487
2,4872,1729359228267515656597536057451,4271,9841,8401,5355172853373061181260
       Long-term Assets Other 
0
1,022
1,047
336
305,001
255,490
281,012
2,801,783
3,202,554
3,142,235
3,138,816
3,268,664
3,381,874
3,429,921
3,290,624
3,213,229
3,446,539
3,601,660
3,806,347
4,327,312
5,041,766
5,935,481
5,935,4815,041,7664,327,3123,806,3473,601,6603,446,5393,213,2293,290,6243,429,9213,381,8743,268,6643,138,8163,142,2353,202,5542,801,783281,012255,490305,0013361,0471,0220
> Total Liabilities 
611,581
880,068
1,052,419
1,053,410
1,187,830
1,268,170
1,382,131
1,771,826
2,172,813
1,993,627
1,915,028
2,013,397
2,100,196
1,988,981
1,890,047
1,487,865
1,741,823
1,796,142
1,855,102
2,024,279
2,604,252
2,889,420
2,889,4202,604,2522,024,2791,855,1021,796,1421,741,8231,487,8651,890,0471,988,9812,100,1962,013,3971,915,0281,993,6272,172,8131,771,8261,382,1311,268,1701,187,8301,053,4101,052,419880,068611,581
   > Total Current Liabilities 
0
213,191
453,593
520,834
0
0
0
470,517
396,147
406,012
466,268
412,011
534,191
576,077
586,797
560,974
667,155
573,285
714,768
998,361
1,186,289
1,272,995
1,272,9951,186,289998,361714,768573,285667,155560,974586,797576,077534,191412,011466,268406,012396,147470,517000520,834453,593213,1910
       Short-term Debt 
0
0
0
0
0
0
0
381,587
220,844
244,659
313,730
246,316
351,203
455,509
473,499
445,676
558,167
462,810
613,107
870,994
1,036,612
1,100,972
1,100,9721,036,612870,994613,107462,810558,167445,676473,499455,509351,203246,316313,730244,659220,844381,5870000000
       Short Long Term Debt 
0
0
0
0
0
0
0
0
0
0
0
0
0
1,837,345
498,197
466,248
558,167
462,810
613,107
870,994
1,036,612
1,100,189
1,100,1891,036,612870,994613,107462,810558,167466,248498,1971,837,3450000000000000
       Accounts payable 
23,805
67,074
161,388
117,309
10,434
18,911
13,796
53,727
70,119
69,555
62,631
79,225
29,515
25,844
22,575
23,692
24,145
27,491
21,730
38,000
40,285
46,651
46,65140,28538,00021,73027,49124,14523,69222,57525,84429,51579,22562,63169,55570,11953,72713,79618,91110,434117,309161,38867,07423,805
       Other Current Liabilities 
0
146,117
292,205
403,525
0
0
0
35,203
105,184
91,798
89,907
86,470
153,473
94,724
90,723
91,606
84,843
82,984
43,952
42,078
53,195
62,517
62,51753,19542,07843,95282,98484,84391,60690,72394,724153,47386,47089,90791,798105,18435,203000403,525292,205146,1170
   > Long-term Liabilities 
0
666,877
598,826
532,576
0
0
0
1,301,309
1,776,666
1,587,615
1,448,760
1,601,386
1,566,005
1,412,904
1,303,250
926,891
1,074,668
1,222,857
1,140,334
1,025,918
1,417,963
1,616,425
1,616,4251,417,9631,025,9181,140,3341,222,8571,074,668926,8911,303,2501,412,9041,566,0051,601,3861,448,7601,587,6151,776,6661,301,309000532,576598,826666,8770
       Long term Debt Total 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
802,710
963,880
1,112,890
1,012,290
873,546
0
0
00873,5461,012,2901,112,890963,880802,710000000000000000
       Long-term Liabilities Other 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
0
-23
-1
-1,246,939
1
1-1,246,939-1-23010000000000000000
> Total Stockholder Equity
709,408
734,197
777,032
842,953
1,063,358
1,137,890
1,226,052
1,390,093
1,368,584
1,400,904
1,459,781
1,460,887
1,476,029
1,614,937
1,541,971
1,860,099
1,852,923
1,903,160
2,082,130
2,451,335
2,574,775
3,233,274
3,233,2742,574,7752,451,3352,082,1301,903,1601,852,9231,860,0991,541,9711,614,9371,476,0291,460,8871,459,7811,400,9041,368,5841,390,0931,226,0521,137,8901,063,358842,953777,032734,197709,408
   Common Stock
332,536
332,560
434,274
472,709
566,736
518,313
526,420
608,389
669,213
750,715
796,528
814,228
857,822
942,825
963,067
1,124,295
1,124,628
1,141,904
1,230,014
1,385,227
1,450,210
1,698,517
1,698,5171,450,2101,385,2271,230,0141,141,9041,124,6281,124,295963,067942,825857,822814,228796,528750,715669,213608,389526,420518,313566,736472,709434,274332,560332,536
   Retained Earnings Total Equity0000000000000000000000
   Accumulated Other Comprehensive Income 0000000000000000000000
   Capital Surplus 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
504,240
504,544
520,655
584,901
727,330
0
0
00727,330584,901520,655504,544504,240000000000000000
   Treasury Stock0000000000000000000000
   Other Stockholders Equity 
0
401,637
342,758
370,244
0
0
0
781,704
699,371
617,739
579,457
528,120
483,371
613,375
594,966
631,837
630,902
623,894
706,503
861,493
1,005,343
1,274,420
1,274,4201,005,343861,493706,503623,894630,902631,837594,966613,375483,371528,120579,457617,739699,371781,704000370,244342,758401,6370



Balance Sheet

Currency in EUR. All numbers in thousands.




Cash Flow

Currency in EUR. All numbers in thousands.




Income Statement

Currency in EUR. All numbers in thousands.