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Cofinimmo SA
Buy, Hold or Sell?

Let's analyze Cofinimmo together

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.

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.

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Quick analysis of Cofinimmo (30 sec.)










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

How much money do you get?

How much money do you get?
‚ā¨18.90
When do you have the money?
1 year
How often do you get paid?
100.0%

What is your share worth?

Current worth
‚ā¨100.67
Expected worth in 1 year
‚ā¨104.15
How sure are you?
100.0%

+ What do you gain per year?

Total Gains per Share
‚ā¨20.91
Return On Investment
34.8%

For what price can you sell your share?

Current Price per Share
‚ā¨60.15
Expected price per share
‚ā¨54.97 - ‚ā¨65.71
How sure are you?
50%
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1. Valuation of Cofinimmo (5 min.)




Live pricePrice per Share (EOD)

‚ā¨60.15

Intrinsic Value Per Share

‚ā¨39.78 - ‚ā¨57.60

Total Value Per Share

‚ā¨140.45 - ‚ā¨158.28

2. Growth of Cofinimmo (5 min.)




Is Cofinimmo growing?

Current yearPrevious yearGrowGrow %
How rich?$4b$3.9b$34.6m0.9%

How much money is Cofinimmo making?

Current yearPrevious yearGrowGrow %
Making money-$60.1m$523.6m-$583.8m-970.2%
Net Profit Margin-14.0%131.8%--

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

3. Financial Health of Cofinimmo (5 min.)




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

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

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

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

Speculation

The Price per Share of Cofinimmo is ‚ā¨60.15. 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 Cofinimmo.
  • 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 Cofinimmo, you will have to let go of the thought of selling in the future. If you have to sell the share for less than you bought it, it can still be a good investment. Focus on what it means to hold the stock forever:

  • You own a part of the company. The equity of this part can grow or shrink. The current Book Value per Share is ‚ā¨100.67. Based on the TTM, the Book Value Change Per Share is ‚ā¨0.87 per quarter. Based on the YOY, the Book Value Change Per Share is ‚ā¨10.33 per quarter.
  • You may receive quarterly/yearly dividend in the form of additional shares.
  • You may receive quarterly/yearly dividend in the form of cash. Based on the TTM the Dividend per Share is ‚ā¨4.36 per quarter.
Based on historical numbers we can estimate the returns while holding a share of Cofinimmo.

How much money are you going to get?

 MRQTTMYOY5Y10Y
 ‚ā¨% of Price per Share‚ā¨% of Price per Share‚ā¨% of Price per Share‚ā¨% of Price per Share‚ā¨% of Price per Share
Usd Eps-1.64-2.7%-1.64-2.7%14.2523.7%5.979.9%4.267.1%
Usd Book Value Change Per Share0.941.6%0.941.6%11.2018.6%9.0515.0%5.959.9%
Usd Dividend Per Share4.727.9%4.727.9%3.986.6%3.706.2%3.285.5%
Usd Total Gains Per Share5.679.4%5.679.4%15.1825.2%12.7521.2%9.2415.4%
Usd Price Per Share77.43-77.43-90.76-118.94-116.07-
Price to Earnings Ratio-47.27--47.27-6.37-8.00-10.51-
Price-to-Total Gains Ratio13.66-13.66-5.98-11.41-413.89-
Price to Book Ratio0.71-0.71-0.84-1.34-1.67-
Price-to-Total Gains Ratio13.66-13.66-5.98-11.41-413.89-

When do you get the money?

Usd Investment
$.00
Usd Price Per Share65.22666
Number of shares15
Gains per QuarterTrailing 12 Months5 Year
Usd Dividend Per Share4.723.70
Usd Book Value Change Per Share0.949.05
Usd Total Gains Per Share5.6712.75
Gains per Quarter (15 shares)85.04191.19
Gains per Year (15 shares)340.14764.74
YearsReturn on Investment (TTM)Return on Investment (5Y)
 DividendBook Value gainTotal gainsDividendBook Value gainTotal gains
Broker costs---10---10
128357330222543755
256711367044410861520
3850170101066616282285
41134227135088821713050
514172831690111027143815
617013402030133232574580
719843972370155438005345
822684532710177643426110
925515103050199848856875
1028355673390222054287640

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 Share0.01.00.00.0%2.01.00.066.7%4.01.00.080.0%8.02.00.080.0%21.03.00.087.5%
Book Value Change Per Share1.00.00.0100.0%3.00.00.0100.0%5.00.00.0100.0%8.02.00.080.0%20.04.00.083.3%
Dividend per Share1.00.00.0100.0%3.00.00.0100.0%5.00.00.0100.0%10.00.00.0100.0%19.00.05.079.2%
Total Gains per Share1.00.00.0100.0%3.00.00.0100.0%5.00.00.0100.0%10.00.00.0100.0%22.02.00.091.7%
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Fundamentals of Cofinimmo

About Cofinimmo SA

Cofinimmo has been acquiring, developing and managing rental properties for 40 years. The company has a portfolio spread across Belgium, France, the Netherlands, Germany, Spain, Finland, Ireland, Italy and the United Kingdom, with a value of approximately 6.2 billion EUR. Responding to societal changes, Cofinimmo's mission is to provide high-quality care, living, and working spaces to partner-tenants that directly benefit their occupants. 'Caring, Living and Working - Together in Real Estate" is the expression of this mission. Thanks to its expertise, Cofinimmo has built up a healthcare real estate portfolio of approximately 4.7 billion EUR in Europe. As an independent company applying the highest standards of corporate governance and sustainability, Cofinimmo offers tenant services and manages its portfolio through a team of approximately 155 employees in Brussels, Paris, Breda, Frankfurt and Madrid. Cofinimmo is listed on Euronext Brussels (BEL20) and benefits from the REIT system in Belgium (RREC), France (SIIC) and the Netherlands (FBI). Its activities are supervised by the Financial Services and Markets Authority (FSMA), the Belgian regulator.

Fundamental data was last updated by Penke on 2024-07-07 23:24:04.

Financial Health

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

Valuation

Valuation Details
 Compared to previous yearCompared to industry
Based on the equity, the company is cheap.
Based on the earnings, the company is expensive.
Based on how much money comes from the company's main activities, the company is cheap.
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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 -14.0%¬†means that¬†€-0.14 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 -14.0%. The company is making a huge loss. -2
  • The TTM is -14.0%. The company is making a huge loss. -2
Trends
Current periodCompared to+/- 
MRQ-14.0%TTM-14.0%0.0%
TTM-14.0%YOY131.8%-145.8%
TTM-14.0%5Y61.2%-75.2%
5Y61.2%10Y47.2%+14.0%
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.
  • -0.8% Return on Assets means that¬†Cofinimmo generated¬†€-0.01 profit for each $1 in assets.

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

  • The MRQ is -0.8%. Using its assets, the company is very inefficient in making profit. -2
  • The TTM is -0.8%. Using its assets, the company is very inefficient in making profit. -2
Trends
Current periodCompared to+/- 
MRQ-0.8%TTM-0.8%0.0%
TTM-0.8%YOY7.1%-7.9%
TTM-0.8%5Y3.4%-4.3%
5Y3.4%10Y2.9%+0.6%
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.
  • -1.5% Return on Equity means Cofinimmo generated €-0.02¬†for each¬†€1 the owners (shareholders) invested.

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

  • The MRQ is -1.5%. Using its investors money, the company is very inefficient in making profit. -2
  • The TTM is -1.5%. Using its investors money, the company is very inefficient in making profit. -2
Trends
Current periodCompared to+/- 
MRQ-1.5%TTM-1.5%0.0%
TTM-1.5%YOY13.3%-14.8%
TTM-1.5%5Y6.6%-8.1%
5Y6.6%10Y5.4%+1.1%
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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 63.8%¬†means the company generated €0.64 ¬†for each €1 in revenue (before taxes).

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

  • The MRQ is 63.8%. The company is operating very efficient. +2
  • The TTM is 63.8%. The company is operating very efficient. +2
Trends
Current periodCompared to+/- 
MRQ63.8%TTM63.8%0.0%
TTM63.8%YOY81.8%-17.9%
TTM63.8%5Y73.0%-9.2%
5Y73.0%10Y70.1%+3.0%
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 0.36 means that the operating costs are €0.36 for each €1 in net sales.

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

  • The MRQ is 0.362. The company is very efficient in keeping operating costs low. +2
  • The TTM is 0.362. The company is very efficient in keeping operating costs low. +2
Trends
Current periodCompared to+/- 
MRQ0.362TTM0.3620.000
TTM0.362YOY0.298+0.063
TTM0.3625Y0.332+0.030
5Y0.33210Y0.334-0.003
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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 0.16¬†means the company has €0.16 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 0.162. The company is unable to pay all its short-term debts. -2
  • The TTM is 0.162. The company is unable to pay all its short-term debts. -2
Trends
Current periodCompared to+/- 
MRQ0.162TTM0.1620.000
TTM0.162YOY0.237-0.075
TTM0.1625Y0.169-0.007
5Y0.16910Y0.168+0.001
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 0.21¬†means the company can pay off €0.21 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 0.208. The company is just not able to pay all its short-term debts with the most liquid assets. -1
  • The TTM is 0.208. The company is just not able to pay all its short-term debts with the most liquid assets. -1
Trends
Current periodCompared to+/- 
MRQ0.208TTM0.2080.000
TTM0.208YOY0.263-0.055
TTM0.2085Y-1.545+1.753
5Y-1.54510Y-0.727-0.817
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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 0.45¬†means that Cofinimmo assets are¬†financed with 44.7% credit (debt) and the remaining percentage (100% - 44.7%)¬†is financed by its owners/shareholders.¬†

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

  • The MRQ is 0.447. The company is very able to pay all its debts by selling its assets. +2
  • The TTM is 0.447. The company is very able to pay all its debts by selling its assets. +2
Trends
Current periodCompared to+/- 
MRQ0.447TTM0.4470.000
TTM0.447YOY0.461-0.014
TTM0.4475Y0.463-0.016
5Y0.46310Y0.470-0.007
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 82.6% means that company has €0.83 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 0.826. The company is very able to pay all its debts with equity. +2
  • The TTM is 0.826. The company is very able to pay all its debts with equity. +2
Trends
Current periodCompared to+/- 
MRQ0.826TTM0.8260.000
TTM0.826YOY0.862-0.036
TTM0.8265Y0.884-0.058
5Y0.88410Y0.922-0.038
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2. Market Valuation of Cofinimmo SA

2.1. Earnings Per Share
2.1. Price to Earnings Ratio

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

  • Above 15 is considered overpriced but¬†always compare¬†Cofinimmo to the¬†REIT - Diversified industry mean.
  • A PE ratio of -47.27 means the investor is paying €-47.27¬†for every €1 in earnings.

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

  • The EOD is -39.824. Based on the earnings, the company is expensive. -2
  • The MRQ is -47.272. Based on the earnings, the company is expensive. -2
  • The TTM is -47.272. Based on the earnings, the company is expensive. -2
Trends
Current periodCompared to+/- 
EOD-39.824MRQ-47.272+7.448
MRQ-47.272TTM-47.2720.000
TTM-47.272YOY6.368-53.640
TTM-47.2725Y7.997-55.270
5Y7.99710Y10.506-2.509
2.2. Price To Free Cash Flow Ratio

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

  • The EOD is 10.919. Based on how much money comes from the company's main activities, the company is cheap. +2
  • The MRQ is 12.962. Based on how much money comes from the company's main activities, the company is cheap. +2
  • The TTM is 12.962. Based on how much money comes from the company's main activities, the company is cheap. +2
Trends
Current periodCompared to+/- 
EOD10.919MRQ12.962-2.042
MRQ12.962TTM12.9620.000
TTM12.962YOY14.704-1.743
TTM12.9625Y21.468-8.507
5Y21.46810Y23.116-1.648
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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 0.71 means the investor is paying €0.71¬†for each €1 in book value.

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

  • The EOD is 0.597. Based on the equity, the company is cheap. +2
  • The MRQ is 0.709. Based on the equity, the company is cheap. +2
  • The TTM is 0.709. Based on the equity, the company is cheap. +2
Trends
Current periodCompared to+/- 
EOD0.597MRQ0.709-0.112
MRQ0.709TTM0.7090.000
TTM0.709YOY0.839-0.129
TTM0.7095Y1.341-0.632
5Y1.34110Y1.674-0.333
2. Total Gains per Share
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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--0.8710.8710%10.327-92%8.342-90%5.491-84%
Book Value Per Share--100.671100.6710%99.801+1%86.203+17%69.245+45%
Current Ratio--0.1620.1620%0.237-32%0.169-4%0.168-4%
Debt To Asset Ratio--0.4470.4470%0.461-3%0.463-3%0.470-5%
Debt To Equity Ratio--0.8260.8260%0.862-4%0.884-7%0.922-10%
Dividend Per Share--4.3574.3570%3.673+19%3.411+28%3.027+44%
Eps---1.510-1.5100%13.144-111%5.506-127%3.928-138%
Free Cash Flow Per Share--5.5095.5090%5.692-3%5.208+6%4.721+17%
Free Cash Flow To Equity Per Share---0.361-0.3610%9.059-104%9.524-104%5.206-107%
Gross Profit Margin--1.0161.0160%0.999+2%1.002+1%1.000+2%
Intrinsic Value_10Y_max--57.605--------
Intrinsic Value_10Y_min--39.777--------
Intrinsic Value_1Y_max--5.601--------
Intrinsic Value_1Y_min--4.582--------
Intrinsic Value_3Y_max--16.960--------
Intrinsic Value_3Y_min--13.332--------
Intrinsic Value_5Y_max--28.476--------
Intrinsic Value_5Y_min--21.539--------
Market Cap2210103480.000-19%2623464480.0002623464480.0000%3075405840.000-15%4029994176.000-35%3932888879.608-33%
Net Profit Margin---0.140-0.1400%1.318-111%0.612-123%0.472-130%
Operating Margin--0.6380.6380%0.818-22%0.730-13%0.701-9%
Operating Ratio--0.3620.3620%0.298+21%0.332+9%0.334+8%
Pb Ratio0.597-19%0.7090.7090%0.839-15%1.341-47%1.674-58%
Pe Ratio-39.824+16%-47.272-47.2720%6.368-842%7.997-691%10.506-550%
Price Per Share60.150-19%71.40071.4000%83.700-15%109.680-35%107.037-33%
Price To Free Cash Flow Ratio10.919-19%12.96212.9620%14.704-12%21.468-40%23.116-44%
Price To Total Gains Ratio11.506-19%13.65813.6580%5.978+128%11.406+20%413.887-97%
Quick Ratio--0.2080.2080%0.263-21%-1.545+843%-0.727+450%
Return On Assets---0.008-0.0080%0.071-112%0.034-124%0.029-129%
Return On Equity---0.015-0.0150%0.133-112%0.066-123%0.054-128%
Total Gains Per Share--5.2285.2280%14.000-63%11.754-56%8.518-39%
Usd Book Value--4011180418.4004011180418.4000%3976485040.400+1%3434692124.160+17%2759003677.000+45%
Usd Book Value Change Per Share--0.9440.9440%11.199-92%9.046-90%5.954-84%
Usd Book Value Per Share--109.168109.1680%108.224+1%93.478+17%75.089+45%
Usd Dividend Per Share--4.7254.7250%3.983+19%3.699+28%3.283+44%
Usd Eps---1.638-1.6380%14.253-111%5.971-127%4.260-138%
Usd Free Cash Flow--219485813.200219485813.2000%226803344.400-3%207515989.120+6%188095252.640+17%
Usd Free Cash Flow Per Share--5.9745.9740%6.173-3%5.648+6%5.119+17%
Usd Free Cash Flow To Equity Per Share---0.392-0.3920%9.824-104%10.328-104%5.645-107%
Usd Market Cap2396636213.712-19%2844884882.1122844884882.1120%3334970092.896-15%4370125684.454-35%4264824701.047-33%
Usd Price Per Share65.227-19%77.42677.4260%90.764-15%118.937-35%116.071-33%
Usd Profit---60180946.800-60180946.8000%523697967.200-111%219399061.200-127%156509174.760-138%
Usd Revenue--429957009.200429957009.2000%397341510.400+8%365464054.240+18%322979756.360+33%
Usd Total Gains Per Share--5.6695.6690%15.182-63%12.746-56%9.237-39%
 EOD+3 -5MRQTTM+0 -0YOY+14 -225Y+18 -1810Y+17 -19

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)Between0-15-39.824
Price to Book Ratio (EOD)Between0-10.597
Net Profit Margin (MRQ)Greater than0-0.140
Operating Margin (MRQ)Greater than00.638
Quick Ratio (MRQ)Greater than10.208
Current Ratio (MRQ)Greater than10.162
Debt to Asset Ratio (MRQ)Less than10.447
Debt to Equity Ratio (MRQ)Less than10.826
Return on Equity (MRQ)Greater than0.15-0.015
Return on Assets (MRQ)Greater than0.05-0.008
Total4/10 (40.0%)

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 than5054.913
Ma 20Greater thanMa 5059.223
Ma 50Greater thanMa 10059.295
Ma 100Greater thanMa 20057.420
OpenGreater thanClose59.800
Total2/5 (40.0%)



Reversals in quarterly reports

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

 2019-12-312020-12-312021-12-312022-12-312023-12-31
Other Current Assets  7,824677,8911,0388,929-8,9281-228,124-228,123
Retained Earnings  204,615-85,393119,222141,115260,337222,601482,938-538,435-55,497
Income before Tax  216,239-90,383125,856149,637275,493218,561494,054-533,660-39,606
Net Income  204,615-85,393119,222141,115260,337222,601482,938-538,435-55,497
Depreciation and Amortization  8,323-2,4535,8709,92315,79335,07050,863-232,882-182,019
Net Income from Continuing Operations  210,289-94,656115,633147,369263,002219,566482,568-536,739-54,171



Latest Balance Sheet

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

Summary
Total Assets6,691,421
Total Liabilities2,992,435
Total Stockholder Equity3,623,262
 As reported
Total Liabilities 2,992,435
Total Stockholder Equity+ 3,623,262
Total Assets = 6,691,421

Assets

Total Assets6,691,421
Total Current Assets178,500
Long-term Assets6,512,921
Total Current Assets
Cash And Cash Equivalents 19,958
Short-term Investments 642
Net Receivables 208,165
Total Current Assets  (as reported)178,500
Total Current Assets  (calculated)228,765
+/- 50,265
Long-term Assets
Property Plant Equipment 2,111
Intangible Assets 2,128
Long-term Assets Other 6,353,585
Long-term Assets  (as reported)6,512,921
Long-term Assets  (calculated)6,357,824
+/- 155,097

Liabilities & Shareholders' Equity

Total Current Liabilities1,100,919
Long-term Liabilities1,891,517
Total Stockholder Equity3,623,262
Total Current Liabilities
Short-term Debt 953,187
Short Long Term Debt 953,187
Accounts payable 128,645
Other Current Liabilities -1
Total Current Liabilities  (as reported)1,100,919
Total Current Liabilities  (calculated)2,035,018
+/- 934,099
Long-term Liabilities
Long term Debt 1,791,325
Long-term Liabilities Other 1
Long-term Liabilities  (as reported)1,891,517
Long-term Liabilities  (calculated)1,791,326
+/- 100,191
Total Stockholder Equity
Common Stock1,970,211
Retained Earnings -55,497
Accumulated Other Comprehensive Income 394,731
Other Stockholders Equity 1,313,817
Total Stockholder Equity (as reported)3,623,262
Total Stockholder Equity (calculated)3,623,262
+/-0
Other
Capital Stock1,970,211
Cash and Short Term Investments 19,958
Common Stock Shares Outstanding 34,068
Current Deferred Revenue19,088
Liabilities and Stockholders Equity 6,691,421
Net Debt 2,724,554
Net Invested Capital 6,367,774
Net Working Capital -922,419
Property Plant and Equipment Gross 2,111
Short Long Term Debt Total 2,744,512



Balance Sheet

Currency in EUR. All numbers in thousands.

 Trend2023-12-312022-12-312021-12-312020-12-312019-12-312018-12-312017-12-312016-12-312015-12-312014-12-312013-12-312012-12-312011-12-312010-12-312009-12-312008-12-312007-12-312006-12-312005-12-312004-12-312003-12-312002-12-312001-12-312000-12-31
> 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
6,803,566
6,691,421
6,691,4216,803,5666,176,9535,253,6144,558,2394,021,4663,782,5823,661,2823,412,4803,499,0123,670,4433,642,4883,528,9413,381,9063,402,6843,550,0553,183,3122,608,1832,406,0602,251,1882,051,7031,977,6411,680,9461,718,542
   > 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
245,385
178,500
178,500245,385191,421160,026160,986140,44993,566114,10187,06688,962105,263108,797114,05177,11293,818113,965140,139222,66673,42641,232194,890189,440195,4410
       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
19,611
19,958
19,95819,61119,85748,64231,56927,17722,53241,27122,04017,11715,9693,04110,2073,2652,34325,4482,49415,26416,274447348601581,430
       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
-4,971,238
-5,839,901
642
642
642642-5,839,901-4,971,2382000002,7826,50113,7799,2278,6035211,69300412784,20027,28226,079
       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
161,166
171,992
240,824
251,217
208,165
208,165251,217240,824171,992161,16635,22331,55633,18721,27430,23733,5080000000000000
       Other Current Assets 
0
182,109
172,711
183,111
40,785
57,152
207,402
125,952
88,465
82,872
64,620
90,065
6,289
7,024
3,949
5,962
5,040
4,243
7,526
7,824
7,891
8,929
1
-228,123
-228,12318,9297,8917,8247,5264,2435,0405,9623,9497,0246,28990,06564,62082,87288,465125,952207,40257,15240,785183,111172,711182,1090
   > 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
6,558,181
6,512,921
6,512,9216,558,1815,985,5325,093,5894,397,2533,881,0183,689,0163,547,1813,325,4143,410,0503,565,1803,533,6913,414,8903,304,7943,308,8663,436,0903,043,1732,385,5172,332,6342,209,9561,856,8131,788,2011,485,5050
       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
2,357
2,111
2,1112,3572,0191,4341,27881092663536441167785696653972360,007104,1972,103,9882,076,8591,904,6181,856,1711,787,0361,484,35798
       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
27,337
0
027,33741,62746,82756,94771,55685,15699,256111,256118,356129,356150,356157,456164,012163,924171,689135,6580000000
       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
0
0
000011,7449,0358,1617,1566,06717,29330,9780000000000000
       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
2,374
2,128
2,1282,3742,4872,1729359228267515656597536057451,4271,9841,8401,5355172853373061181260
       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
2,502
-1
6,246,543
6,353,585
6,353,5856,246,543-12,5024,327,3123,806,3473,601,6603,446,5393,213,2293,290,6243,429,9213,381,8743,268,6643,138,8163,142,2353,202,5542,801,783281,012255,490305,0013361,0471,0220
> 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
3,136,575
2,992,435
2,992,4353,136,5752,889,4202,604,2522,024,2791,855,1021,796,1421,741,8231,487,8651,890,0471,988,9812,100,1962,013,3971,915,0281,993,6272,172,8131,771,8261,382,1311,268,1701,187,8301,053,4101,052,419880,068611,581
   > 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
1,034,939
1,100,919
1,100,9191,034,9391,272,9951,186,289998,361714,768573,285667,155560,974586,797576,077534,191412,011466,268406,012396,147470,517000520,834453,593213,1910
       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
880,054
953,187
953,187880,0541,100,9721,036,612870,994613,107462,810558,167445,676473,499455,509351,203246,316313,730244,659220,844381,5870000000
       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
880,054
953,187
953,187880,0541,100,1891,036,612870,994613,107462,810558,167466,248498,1971,837,3450000000000000
       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
132,421
128,645
128,645132,42146,65140,28538,00021,73027,49124,14523,69222,57525,84429,51579,22562,63169,55570,11953,72713,79618,91110,434117,309161,38867,07423,805
       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
1
-1,007
89,953
-782
4,138
-1
-14,138-78289,953-1,007182,98484,84391,60690,72394,724153,47386,47089,90791,798105,18435,203000403,525292,205146,1170
   > 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
2,101,636
1,891,517
1,891,5172,101,6361,616,4251,417,9631,025,9181,140,3341,222,8571,074,668926,8911,303,2501,412,9041,566,0051,601,3861,448,7601,587,6151,776,6661,301,309000532,576598,826666,8770
       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
0
0
0000873,5461,012,2901,112,890963,880802,710000000000000000
       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
111-1,246,939-1-23010000000000000000
> Total Stockholder Equity
709,408
667,516
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
3,637,413
3,623,262
3,623,2623,637,4133,233,2742,574,7752,451,3352,082,1301,903,1601,852,9231,860,0991,541,9711,614,9371,476,0291,460,8871,459,7811,400,9041,368,5841,390,0931,226,0521,137,8901,063,358842,953777,032667,516709,408
   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
1,761,872
1,970,211
1,970,2111,761,8721,698,5171,450,2101,385,2271,230,0141,141,9041,124,6281,124,295963,067942,825857,822814,228796,528750,715669,213608,389526,420518,313566,736472,709434,274332,560332,536
   Retained Earnings Total Equity000000000000000000000000
   Accumulated Other Comprehensive Income 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
338,778
320,008
620,753
940,703
394,731
394,731940,703620,753320,008338,7780000000000000000000
   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
0
0
0000727,330584,901520,655504,544504,240000000000000000
   Treasury Stock000000000000000000000000
   Other Stockholders Equity 
0
334,956
342,758
370,244
991,374
1,054,274
1,141,642
781,704
699,371
617,739
579,457
528,120
483,371
613,375
594,966
631,837
630,902
623,894
706,503
522,715
685,335
653,667
451,900
1,313,817
1,313,817451,900653,667685,335522,715706,503623,894630,902631,837594,966613,375483,371528,120579,457617,739699,371781,7041,141,6421,054,274991,374370,244342,758334,9560



Balance Sheet

Currency in EUR. All numbers in thousands.




Cash Flow

Currency in EUR. All numbers in thousands.