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ENCE Energía y Celulosa S.A
Buy, Hold or Sell?

Let's analyze Ence together

I guess you are interested in ENCE Energía y Celulosa S.A. 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 ENCE Energía y Celulosa S.A. 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 Ence (30 sec.)










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

How much money do you get?

How much money do you get?
€0.13
When do you have the money?
1 year
How often do you get paid?
90.0%

What is your share worth?

Current worth
€2.68
Expected worth in 1 year
€2.68
How sure are you?
60.0%

+ What do you gain per year?

Total Gains per Share
€0.13
Return On Investment
3.6%

For what price can you sell your share?

Current Price per Share
€3.52
Expected price per share
€3.246 - €
How sure are you?
50%
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2. Detailed Analysis

2.1. Valuation of Ence (5 min.)




Live pricePrice per Share (EOD)
€3.52
Intrinsic Value Per Share
€3.65 - €8.31
Total Value Per Share
€6.33 - €10.99

2.2. Growth of Ence (5 min.)




Is Ence growing?

Current yearPrevious yearGrowGrow %
How rich?$677.2m$734.7m-$45.8m-6.6%

How much money is Ence making?

Current yearPrevious yearGrowGrow %
Making money$11.5m$39.5m-$28m-243.5%
Net Profit Margin4.9%14.6%--

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

2.3. Financial Health of Ence (5 min.)




2.4. Comparing to competitors in the Paper & Paper Products industry (5 min.)




  Industry Rankings (Paper & Paper Products)  


Richest
#29 / 115

Most Revenue
#50 / 115

Most Profit
#36 / 115
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3. Summary and Key Metrics

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

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

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

Speculation

The Price per Share of Ence is €3.518. 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 Ence.
  • 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 Ence, 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 €2.68. Based on the TTM, the Book Value Change Per Share is €0.00 per quarter. Based on the YOY, the Book Value Change Per Share is €0.00 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 €0.03 per quarter.
Based on historical numbers we can estimate the returns while holding a share of Ence.

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 Eps0.061.7%0.051.3%0.205.6%0.010.4%0.041.0%
Usd Book Value Change Per Share-0.07-1.9%0.000.0%0.00-0.1%0.000.1%0.010.4%
Usd Dividend Per Share0.113.2%0.030.9%0.185.0%0.061.6%0.061.7%
Usd Total Gains Per Share0.051.3%0.030.9%0.174.9%0.061.6%0.072.1%
Usd Price Per Share3.13-3.25-3.20-3.19-3.71-
Price to Earnings Ratio12.75-25.10--10.55-5.75-9.88-
Price-to-Total Gains Ratio69.45-33.22-45.75-7.59-8.72-
Price to Book Ratio1.12-1.18-1.09-1.12-1.38-
Price-to-Total Gains Ratio69.45-33.22-45.75-7.59-8.72-

When do you get the money?

Usd Investment
$.00
Usd Price Per Share3.6615344
Number of shares273
Gains per QuarterTrailing 12 Months5 Year
Usd Dividend Per Share0.030.06
Usd Book Value Change Per Share0.000.00
Usd Total Gains Per Share0.030.06
Gains per Quarter (273 shares)9.0115.83
Gains per Year (273 shares)36.0263.33
YearsReturn on Investment (TTM)Return on Investment (5Y)
 DividendBook Value gainTotal gainsDividendBook Value gainTotal gains
Broker costs---10---10
13512660353
2702621216116
31062981819179
4141313424211242
5176417030214305
6211520636317368
7247624242320431
8282627848423494
9317731454426557
10352835060528620

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 Share4.00.00.0100.0%10.02.00.083.3%12.08.00.060.0%30.010.00.075.0%64.014.02.080.0%
Book Value Change Per Share2.02.00.050.0%5.07.00.041.7%7.013.00.035.0%16.024.00.040.0%38.041.01.047.5%
Dividend per Share2.00.02.050.0%10.00.02.083.3%18.00.02.090.0%36.00.04.090.0%52.00.028.065.0%
Total Gains per Share3.01.00.075.0%9.03.00.075.0%11.09.00.055.0%24.016.00.060.0%50.029.01.062.5%
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3.2. Key Performance Indicators

The key performance indicators of ENCE Energía y Celulosa S.A 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---0.0640.001-9076%-0.002-97%0.003-2651%0.012-636%
Book Value Per Share--2.6802.658+1%2.829-5%2.738-2%2.575+4%
Current Ratio--1.2171.095+11%1.226-1%1.277-5%1.490-18%
Debt To Asset Ratio--0.6180.610+1%0.590+5%0.610+1%0.577+7%
Debt To Equity Ratio--1.6201.817-11%1.676-3%1.804-10%1.511+7%
Dividend Per Share--0.1070.031+246%0.169-36%0.053+101%0.058+86%
Enterprise Value---219487.44438742179.912-101%100941703.653-100%59022047.422-100%274913432.776-100%
Eps--0.0590.045+32%0.191-69%0.014+319%0.035+67%
Ev To Ebitda Ratio---0.0010.211-101%1.611-100%9.181-100%5.663-100%
Ev To Sales Ratio--0.0000.042-101%0.104-100%0.056-100%0.347-100%
Free Cash Flow Per Share--0.1860.030+510%-0.151+182%0.034+451%0.027+591%
Free Cash Flow To Equity Per Share--0.1880.038+396%-0.182+197%0.014+1266%0.028+567%
Gross Profit Margin--1.0000.976+2%1.0000%0.995+0%0.998+0%
Intrinsic Value_10Y_max--8.306--------
Intrinsic Value_10Y_min--3.649--------
Intrinsic Value_1Y_max--0.350--------
Intrinsic Value_1Y_min--0.152--------
Intrinsic Value_3Y_max--1.420--------
Intrinsic Value_3Y_min--0.645--------
Intrinsic Value_5Y_max--2.933--------
Intrinsic Value_5Y_min--1.340--------
Market Cap853234612.000+15%729480512.556778868679.912-6%764115203.653-5%757962347.422-4%892693382.776-18%
Net Profit Margin--0.0630.049+29%0.146-56%-0.009+115%0.038+68%
Operating Margin--0.1000.088+14%-0.023+123%0.059+69%0.105-5%
Operating Ratio--0.9520.935+2%1.043-9%0.9550%0.895+6%
Pb Ratio1.313+15%1.1211.176-5%1.092+3%1.1210%1.383-19%
Pe Ratio14.935+15%12.75325.104-49%-10.552+183%5.753+122%9.884+29%
Price Per Share3.518+15%3.0043.121-4%3.075-2%3.066-2%3.564-16%
Price To Free Cash Flow Ratio4.739+15%4.0477.271-44%79.274-95%15.910-75%13.702-70%
Price To Total Gains Ratio81.336+15%69.45233.222+109%45.753+52%7.588+815%8.720+696%
Quick Ratio--1.0080.867+16%1.003+1%1.095-8%1.318-24%
Return On Assets--0.0080.007+29%0.021-61%0.001+1483%0.005+56%
Return On Equity--0.0220.019+16%0.049-55%-0.004+118%0.009+136%
Total Gains Per Share--0.0430.032+36%0.167-74%0.056-22%0.069-38%
Usd Book Value--677248560.000688969529.200-2%734771754.600-8%704671662.480-4%670262580.300+1%
Usd Book Value Change Per Share---0.0660.001-9076%-0.002-97%0.003-2651%0.012-636%
Usd Book Value Per Share--2.7892.767+1%2.944-5%2.849-2%2.680+4%
Usd Dividend Per Share--0.1110.032+246%0.175-36%0.055+101%0.060+86%
Usd Enterprise Value---228442.53240322860.852-101%105060125.162-100%61430146.957-100%286129900.833-100%
Usd Eps--0.0610.046+32%0.199-69%0.015+319%0.037+67%
Usd Free Cash Flow--46904692.8006775087.600+592%-38116177.600+181%8572393.080+447%6980593.560+572%
Usd Free Cash Flow Per Share--0.1930.032+510%-0.158+182%0.035+451%0.028+591%
Usd Free Cash Flow To Equity Per Share--0.1960.040+396%-0.189+197%0.014+1266%0.029+567%
Usd Market Cap888046584.170+15%759243317.468810646522.052-6%795291103.962-5%788887211.197-4%929115272.793-18%
Usd Price Per Share3.662+15%3.1273.248-4%3.200-2%3.191-2%3.710-16%
Usd Profit--14883440.00011513850.000+29%39555604.000-62%1448689.520+927%8207852.880+81%
Usd Revenue--234553647.200227378111.800+3%220096414.800+7%217655634.720+8%211058107.600+11%
Usd Total Gains Per Share--0.0450.033+36%0.173-74%0.058-22%0.072-38%
 EOD+4 -4MRQTTM+28 -12YOY+13 -265Y+22 -1810Y+22 -18

3.3 Fundamental Score

Let's check the fundamental score of ENCE Energía y Celulosa S.A based on Penke's default stock scanner.

Penke's Stock Scanner

  
  
IndicatorConditionValue
Price to Earnings Ratio (EOD)Between0-1514.935
Price to Book Ratio (EOD)Between0-11.313
Net Profit Margin (MRQ)Greater than00.063
Operating Margin (MRQ)Greater than00.100
Quick Ratio (MRQ)Greater than11.008
Current Ratio (MRQ)Greater than11.217
Debt to Asset Ratio (MRQ)Less than10.618
Debt to Equity Ratio (MRQ)Less than11.620
Return on Equity (MRQ)Greater than0.150.022
Return on Assets (MRQ)Greater than0.050.008
Total6/10 (60.0%)

3.4 Technical Score

Let's check the technical score of ENCE Energía y Celulosa S.A based on Penke's default Symbol scanner.

Penke's Symbol Scanner

  
  
IndicatorConditionValue
RsiGreater than5077.539
Ma 20Greater thanMa 503.326
Ma 50Greater thanMa 1003.094
Ma 100Greater thanMa 2003.004
OpenGreater thanClose3.494
Total3/5 (60.0%)

4. In-depth Analysis

4.1 About ENCE Energía y Celulosa S.A

ENCE Energía y Celulosa, S.A., together with its subsidiaries, produces and sells eucalyptus hardwood pulp and renewable energy in Spain, Germany, Poland, Italy, the Netherlands, the United Kingdom, Greece, Turkey, and internationally. It offers bleached eucalyptus kraft pulp; and forest land management and forestry services, as well as produces renewable energy using forestry and agricultural biomass sources. The company is also involved in generating and selling electric energy and carbon credits; producing and selling biogas and fertilizers; developing and constructing biogas plants; operating and selling biomass; and managing forest and non-hazardous waste. The company was formerly known as Grupo Empresarial ENCE, S.A. and changed its name to ENCE Energía y Celulosa, S.A. in April 2012. ENCE Energía y Celulosa, S.A. was founded in 1957 and is headquartered in Madrid, Spain.

Fundamental data was last updated by Penke on 2025-01-26 14:29:05.

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 operating less efficient.
The company is less efficient 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 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 overpriced.
Based on how much money comes from the company's main activities, the company is cheap.
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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 Ence earns for each €1 of revenue.

  • Above 10% is considered healthy but always compare Ence to the Paper & Paper Products industry mean.
  • A Net Profit Margin of 6.3% means that €0.06 for each €1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of ENCE Energía y Celulosa S.A:

  • The MRQ is 6.3%. The company is making a profit. +1
  • The TTM is 4.9%. The company is making a profit. +1
Trends
Current periodCompared to+/- 
MRQ6.3%TTM4.9%+1.4%
TTM4.9%YOY14.6%-9.6%
TTM4.9%5Y-0.9%+5.9%
5Y-0.9%10Y3.8%-4.7%
Compared to industry (Paper & Paper Products)
PeriodCompanyIndustry (mean)+/- 
MRQ6.3%3.9%+2.4%
TTM4.9%1.8%+3.1%
YOY14.6%4.1%+10.5%
5Y-0.9%4.9%-5.8%
10Y3.8%4.5%-0.7%
4.3.1.2. Return on Assets

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

  • Above 5% is considered healthy but always compare Ence to the Paper & Paper Products industry mean.
  • 0.8% Return on Assets means that Ence generated €0.01 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of ENCE Energía y Celulosa S.A:

  • The MRQ is 0.8%. Using its assets, the company is inefficient in making profit. -1
  • The TTM is 0.7%. Using its assets, the company is inefficient in making profit. -1
Trends
Current periodCompared to+/- 
MRQ0.8%TTM0.7%+0.2%
TTM0.7%YOY2.1%-1.5%
TTM0.7%5Y0.1%+0.6%
5Y0.1%10Y0.5%-0.5%
Compared to industry (Paper & Paper Products)
PeriodCompanyIndustry (mean)+/- 
MRQ0.8%0.8%+0.0%
TTM0.7%0.5%+0.2%
YOY2.1%1.2%+0.9%
5Y0.1%1.1%-1.0%
10Y0.5%1.2%-0.7%
4.3.1.3. Return on Equity

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

  • Above 15%-20% is considered healthy but always compare Ence to the Paper & Paper Products industry mean.
  • 2.2% Return on Equity means Ence generated €0.02 for each €1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of ENCE Energía y Celulosa S.A:

  • The MRQ is 2.2%. Using its investors money, the company is inefficient in making profit. -1
  • The TTM is 1.9%. Using its investors money, the company is inefficient in making profit. -1
Trends
Current periodCompared to+/- 
MRQ2.2%TTM1.9%+0.3%
TTM1.9%YOY4.9%-3.0%
TTM1.9%5Y-0.4%+2.3%
5Y-0.4%10Y0.9%-1.3%
Compared to industry (Paper & Paper Products)
PeriodCompanyIndustry (mean)+/- 
MRQ2.2%1.4%+0.8%
TTM1.9%1.0%+0.9%
YOY4.9%2.3%+2.6%
5Y-0.4%2.0%-2.4%
10Y0.9%2.4%-1.5%
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4.3.2. Operating Efficiency of ENCE Energía y Celulosa S.A.

4.3.2. Operating Efficiency
4.3.2.1. Operating Margin

Measures how efficient Ence is operating .

  • Measures how much profit Ence 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 Ence to the Paper & Paper Products industry mean.
  • An Operating Margin of 10.0% means the company generated €0.10  for each €1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of ENCE Energía y Celulosa S.A:

  • The MRQ is 10.0%. The company is operating less efficient.
  • The TTM is 8.8%. The company is operating less efficient.
Trends
Current periodCompared to+/- 
MRQ10.0%TTM8.8%+1.2%
TTM8.8%YOY-2.3%+11.1%
TTM8.8%5Y5.9%+2.9%
5Y5.9%10Y10.5%-4.6%
Compared to industry (Paper & Paper Products)
PeriodCompanyIndustry (mean)+/- 
MRQ10.0%7.9%+2.1%
TTM8.8%4.9%+3.9%
YOY-2.3%5.4%-7.7%
5Y5.9%6.5%-0.6%
10Y10.5%6.7%+3.8%
4.3.2.2. Operating Ratio

Measures how efficient Ence is keeping operating costs low.

  • Below 1 is considered healthy (always compare to Paper & Paper Products industry mean).
  • An Operation Ratio of 0.95 means that the operating costs are €0.95 for each €1 in net sales.

Let's take a look of the Operating Ratio trends of ENCE Energía y Celulosa S.A:

  • The MRQ is 0.952. The company is less efficient in keeping operating costs low.
  • The TTM is 0.935. The company is less efficient in keeping operating costs low.
Trends
Current periodCompared to+/- 
MRQ0.952TTM0.935+0.017
TTM0.935YOY1.043-0.108
TTM0.9355Y0.955-0.019
5Y0.95510Y0.895+0.059
Compared to industry (Paper & Paper Products)
PeriodCompanyIndustry (mean)+/- 
MRQ0.9521.197-0.245
TTM0.9351.217-0.282
YOY1.0431.072-0.029
5Y0.9551.092-0.137
10Y0.8951.030-0.135
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4.4.3. Liquidity of ENCE Energía y Celulosa S.A.

4.4.3. Liquidity
4.4.3.1. Current Ratio

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

  • Above 1.5 is considered healthy (always compare to Paper & Paper Products industry mean).
  • A Current Ratio of 1.22 means the company has €1.22 in assets for each €1 in short-term debts.

Let's take a look of the Current Ratio trends of ENCE Energía y Celulosa S.A:

  • The MRQ is 1.217. The company is just able to pay all its short-term debts.
  • The TTM is 1.095. The company is just able to pay all its short-term debts.
Trends
Current periodCompared to+/- 
MRQ1.217TTM1.095+0.121
TTM1.095YOY1.226-0.130
TTM1.0955Y1.277-0.182
5Y1.27710Y1.490-0.213
Compared to industry (Paper & Paper Products)
PeriodCompanyIndustry (mean)+/- 
MRQ1.2171.532-0.315
TTM1.0951.489-0.394
YOY1.2261.583-0.357
5Y1.2771.565-0.288
10Y1.4901.400+0.090
4.4.3.2. Quick Ratio

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

  • Above 1 is considered healthy but always compare Ence to the Paper & Paper Products industry mean.
  • A Quick Ratio of 1.01 means the company can pay off €1.01 for each €1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of ENCE Energía y Celulosa S.A:

  • The MRQ is 1.008. The company is just able to pay all its short-term debts with the most liquid assets.
  • The TTM is 0.867. The company is just not able to pay all its short-term debts with the most liquid assets. -1
Trends
Current periodCompared to+/- 
MRQ1.008TTM0.867+0.141
TTM0.867YOY1.003-0.136
TTM0.8675Y1.095-0.228
5Y1.09510Y1.318-0.222
Compared to industry (Paper & Paper Products)
PeriodCompanyIndustry (mean)+/- 
MRQ1.0080.670+0.338
TTM0.8670.650+0.217
YOY1.0030.758+0.245
5Y1.0950.749+0.346
10Y1.3180.705+0.613
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4.5.4. Solvency of ENCE Energía y Celulosa S.A.

4.5.4. Solvency
4.5.4.1. Debt to Asset Ratio

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

  • Below 1 (100%) is considered healthy but always compare Ence to Paper & Paper Products industry mean.
  • A Debt to Asset Ratio of 0.62 means that Ence assets are financed with 61.8% credit (debt) and the remaining percentage (100% - 61.8%) is financed by its owners/shareholders. 

Let's take a look of the Debt to Asset Ratio trends of ENCE Energía y Celulosa S.A:

  • The MRQ is 0.618. The company is able to pay all its debts by selling its assets. +1
  • The TTM is 0.610. The company is able to pay all its debts by selling its assets. +1
Trends
Current periodCompared to+/- 
MRQ0.618TTM0.610+0.008
TTM0.610YOY0.590+0.020
TTM0.6105Y0.6100.000
5Y0.61010Y0.577+0.033
Compared to industry (Paper & Paper Products)
PeriodCompanyIndustry (mean)+/- 
MRQ0.6180.477+0.141
TTM0.6100.475+0.135
YOY0.5900.476+0.114
5Y0.6100.471+0.139
10Y0.5770.504+0.073
4.5.4.2. Debt to Equity Ratio

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

  • Below 2 is considered healthy but always compare Ence to the Paper & Paper Products industry mean.
  • A Debt to Equity ratio of 162.0% means that company has €1.62 debt for each €1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of ENCE Energía y Celulosa S.A:

  • The MRQ is 1.620. The company is just able to pay all its debts with equity.
  • The TTM is 1.817. The company is just able to pay all its debts with equity.
Trends
Current periodCompared to+/- 
MRQ1.620TTM1.817-0.197
TTM1.817YOY1.676+0.141
TTM1.8175Y1.804+0.013
5Y1.80410Y1.511+0.293
Compared to industry (Paper & Paper Products)
PeriodCompanyIndustry (mean)+/- 
MRQ1.6200.893+0.727
TTM1.8170.897+0.920
YOY1.6760.874+0.802
5Y1.8040.927+0.877
10Y1.5111.113+0.398
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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 €1 in earnings Ence generates.

  • Above 15 is considered overpriced but always compare Ence to the Paper & Paper Products industry mean.
  • A PE ratio of 12.75 means the investor is paying €12.75 for every €1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of ENCE Energía y Celulosa S.A:

  • The EOD is 14.935. Based on the earnings, the company is underpriced. +1
  • The MRQ is 12.753. Based on the earnings, the company is underpriced. +1
  • The TTM is 25.104. Based on the earnings, the company is overpriced. -1
Trends
Current periodCompared to+/- 
EOD14.935MRQ12.753+2.182
MRQ12.753TTM25.104-12.351
TTM25.104YOY-10.552+35.657
TTM25.1045Y5.753+19.352
5Y5.75310Y9.884-4.132
Compared to industry (Paper & Paper Products)
PeriodCompanyIndustry (mean)+/- 
EOD14.9356.527+8.408
MRQ12.7537.763+4.990
TTM25.1048.219+16.885
YOY-10.5525.406-15.958
5Y5.7538.993-3.240
10Y9.88411.186-1.302
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 ENCE Energía y Celulosa S.A:

  • The EOD is 4.739. Based on how much money comes from the company's main activities, the company is cheap. +2
  • The MRQ is 4.047. Based on how much money comes from the company's main activities, the company is cheap. +2
  • The TTM is 7.271. Based on how much money comes from the company's main activities, the company is cheap. +2
Trends
Current periodCompared to+/- 
EOD4.739MRQ4.047+0.692
MRQ4.047TTM7.271-3.224
TTM7.271YOY79.274-72.003
TTM7.2715Y15.910-8.640
5Y15.91010Y13.702+2.208
Compared to industry (Paper & Paper Products)
PeriodCompanyIndustry (mean)+/- 
EOD4.7393.607+1.132
MRQ4.0473.385+0.662
TTM7.2713.008+4.263
YOY79.2743.795+75.479
5Y15.9104.613+11.297
10Y13.7024.638+9.064
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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 Ence is to cheap or to expensive compared to its book value.

  • At or below 1 is considered healthy (always compare to Paper & Paper Products industry mean).
  • A PB ratio of 1.12 means the investor is paying €1.12 for each €1 in book value.

Let's take a look of the Price to Book Ratio trends of ENCE Energía y Celulosa S.A:

  • The EOD is 1.313. Based on the equity, the company is underpriced. +1
  • The MRQ is 1.121. Based on the equity, the company is underpriced. +1
  • The TTM is 1.176. Based on the equity, the company is underpriced. +1
Trends
Current periodCompared to+/- 
EOD1.313MRQ1.121+0.192
MRQ1.121TTM1.176-0.055
TTM1.176YOY1.092+0.084
TTM1.1765Y1.121+0.054
5Y1.12110Y1.383-0.262
Compared to industry (Paper & Paper Products)
PeriodCompanyIndustry (mean)+/- 
EOD1.3130.861+0.452
MRQ1.1210.957+0.164
TTM1.1760.982+0.194
YOY1.0921.018+0.074
5Y1.1211.126-0.005
10Y1.3831.273+0.110
4.6.2. Total Gains per Share
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6. Financial Statements




6.1. Latest Balance Sheet

Balance Sheet of 2024-09-30. Currency in EUR. All numbers in thousands.

Summary
Total Assets1,704,700
Total Liabilities1,054,000
Total Stockholder Equity650,700
 As reported
Total Liabilities 1,054,000
Total Stockholder Equity+ 650,700
Total Assets = 1,704,700

Assets

Total Assets1,704,700
Total Current Assets514,400
Long-term Assets1,190,300
Total Current Assets
Cash And Cash Equivalents 318,800
Short-term Investments 5,500
Net Receivables 96,400
Inventory 80,100
Other Current Assets 13,600
Total Current Assets  (as reported)514,400
Total Current Assets  (calculated)514,400
+/-0
Long-term Assets
Property Plant Equipment 1,031,100
Intangible Assets 40,700
Long-term Assets Other 48,400
Long-term Assets  (as reported)1,190,300
Long-term Assets  (calculated)1,120,200
+/- 70,100

Liabilities & Shareholders' Equity

Total Current Liabilities422,800
Long-term Liabilities631,200
Total Stockholder Equity650,700
Total Current Liabilities
Short-term Debt 129,000
Short Long Term Debt 129,000
Accounts payable 237,700
Other Current Liabilities 51,600
Total Current Liabilities  (as reported)422,800
Total Current Liabilities  (calculated)547,300
+/- 124,500
Long-term Liabilities
Long term Debt 423,500
Long-term Liabilities Other 100,000
Long-term Liabilities  (as reported)631,200
Long-term Liabilities  (calculated)523,500
+/- 107,700
Total Stockholder Equity
Other Stockholders Equity 650,700
Total Stockholder Equity (as reported)650,700
Total Stockholder Equity (calculated)650,700
+/-0
Other
Cash and Short Term Investments 324,300
Common Stock Shares Outstanding 242,836
Current Deferred Revenue4,500
Liabilities and Stockholders Equity 1,704,700
Net Debt 276,700
Net Invested Capital 552,500
Net Working Capital 91,600
Short Long Term Debt Total 595,500



6.2. Balance Sheets Structured

Currency in EUR. All numbers in thousands.

 Trend2024-09-302024-06-302024-03-312023-12-312023-09-302023-06-302023-03-312022-12-312022-09-302022-06-302022-03-312021-12-312021-09-302021-06-302021-03-312020-12-312020-09-302020-06-302020-03-312019-12-312019-09-302019-06-302019-03-312018-12-312018-09-302018-06-302018-03-312017-12-312017-09-302017-06-302017-03-312016-12-312016-09-302016-06-302016-03-312015-12-312015-09-302015-06-302015-03-312014-12-312014-09-302014-06-302014-03-312013-12-312013-09-302013-06-302013-03-312012-12-312012-09-302012-06-302012-03-312011-12-312011-09-302011-06-302011-03-312010-12-312010-09-302010-06-302010-03-312009-12-312009-09-302009-06-302009-03-312008-12-312008-09-302008-06-302008-03-312007-12-312007-09-302007-06-302007-03-312006-12-312006-09-302006-06-302006-03-312005-12-312005-09-302005-06-302005-03-312004-12-312004-09-302004-06-302004-03-312003-12-312003-06-302002-12-312002-06-302001-12-312001-06-30
> Total Assets 
114,609,000
118,123,000
727,334
785,360
799,173
810,258
822,497
822,269
823,915
818,785
1,069,638
1,107,515
1,128,691
1,135,815
1,163,143
1,170,217
1,139,665
1,116,726
0
1,158,588
1,150,900
1,195,019
1,260,627
1,311,413
1,416,636
1,461,892
1,414,993
1,401,768
1,414,069
1,224,226
1,380,791
1,389,587
1,426,581
1,331,705
1,349,400
1,373,000
1,337,800
1,368,794
1,351,100
1,342,041
1,369,700
1,378,049
1,397,300
1,414,165
1,401,900
1,362,259
1,350,500
1,307,400
1,213,100
1,154,156
1,160,700
1,151,927
1,204,600
1,207,791
1,228,400
1,184,040
1,179,600
1,231,734
1,247,200
1,250,594
1,288,800
1,303,096
1,543,900
1,355,954
1,365,900
1,724,227
1,743,200
1,757,392
1,788,600
1,778,116
1,841,700
1,939,900
1,955,500
1,972,193
1,913,500
1,608,865
1,591,800
1,612,970
1,631,600
1,623,866
1,644,600
1,780,306
1,675,351
1,755,027
1,676,200
1,727,472
1,653,800
1,706,444
1,704,700
1,704,7001,706,4441,653,8001,727,4721,676,2001,755,0271,675,3511,780,3061,644,6001,623,8661,631,6001,612,9701,591,8001,608,8651,913,5001,972,1931,955,5001,939,9001,841,7001,778,1161,788,6001,757,3921,743,2001,724,2271,365,9001,355,9541,543,9001,303,0961,288,8001,250,5941,247,2001,231,7341,179,6001,184,0401,228,4001,207,7911,204,6001,151,9271,160,7001,154,1561,213,1001,307,4001,350,5001,362,2591,401,9001,414,1651,397,3001,378,0491,369,7001,342,0411,351,1001,368,7941,337,8001,373,0001,349,4001,331,7051,426,5811,389,5871,380,7911,224,2261,414,0691,401,7681,414,9931,461,8921,416,6361,311,4131,260,6271,195,0191,150,9001,158,58801,116,7261,139,6651,170,2171,163,1431,135,8151,128,6911,107,5151,069,638818,785823,915822,269822,497810,258799,173785,360727,334118,123,000114,609,000
   > Total Current Assets 
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
447,234
353,873
364,000
385,300
327,400
361,031
345,700
386,869
393,500
374,554
383,100
402,328
394,500
372,369
361,700
333,900
293,700
321,671
338,000
334,221
384,600
391,497
409,900
361,623
340,100
363,995
390,800
399,756
427,700
446,355
675,200
408,437
403,200
524,218
447,500
389,686
392,400
335,966
386,000
485,000
496,900
669,965
612,500
515,895
520,400
559,680
585,900
620,861
657,700
608,715
595,800
583,762
482,500
474,482
407,000
479,590
514,400
514,400479,590407,000474,482482,500583,762595,800608,715657,700620,861585,900559,680520,400515,895612,500669,965496,900485,000386,000335,966392,400389,686447,500524,218403,200408,437675,200446,355427,700399,756390,800363,995340,100361,623409,900391,497384,600334,221338,000321,671293,700333,900361,700372,369394,500402,328383,100374,554393,500386,869345,700361,031327,400385,300364,000353,873447,23400000000000000000000000000000000
       Cash And Cash Equivalents 
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
169,642
70,983
102,200
105,800
62,800
71,629
77,100
65,472
85,800
40,205
141,100
116,912
155,500
103,391
137,700
135,100
108,800
73,428
96,500
91,512
137,900
127,288
163,100
98,791
154,700
181,195
224,000
216,426
241,600
256,228
473,500
215,006
228,100
348,623
270,100
198,446
203,000
222,214
274,500
336,100
356,500
532,620
464,700
372,420
367,500
379,964
413,800
413,669
463,200
412,913
335,400
364,399
283,000
333,032
238,900
267,205
318,800
318,800267,205238,900333,032283,000364,399335,400412,913463,200413,669413,800379,964367,500372,420464,700532,620356,500336,100274,500222,214203,000198,446270,100348,623228,100215,006473,500256,228241,600216,426224,000181,195154,70098,791163,100127,288137,90091,51296,50073,428108,800135,100137,700103,391155,500116,912141,10040,20585,80065,47277,10071,62962,800105,800102,20070,983169,64200000000000000000000000000000000
       Short-term Investments 
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
13,017
14,586
0
0
0
22,824
0
22,382
0
7,575
0
55,796
0
55,876
0
0
0
8,513
0
8,542
0
8,699
9,300
11,299
10,700
9,580
10,200
9,770
8,800
5,276
5,500
2,613
1,500
295
2,800
4,336
3,700
2,571
6,200
6,100
3,300
3,209
10,600
18,027
7,700
318
6,600
10,549
7,400
2,058
4,500
3,447
4,600
7,938
3,600
9,089
5,500
5,5009,0893,6007,9384,6003,4474,5002,0587,40010,5496,6003187,70018,02710,6003,2093,3006,1006,2002,5713,7004,3362,8002951,5002,6135,5005,2768,8009,77010,2009,58010,70011,2999,3008,69908,54208,51300055,876055,79607,575022,382022,82400014,58613,01700000000000000000000000000000000
       Net Receivables 
20,316,000
21,301,000
136,444
113,341
117,034
125,941
129,440
123,944
110,619
125,414
0
107,751
135,170
138,068
136,009
142,614
154,144
144,511
0
170,525
158,273
181,933
169,037
162,389
177,374
148,416
147,868
107,347
91,433
102,806
116,313
124,999
151,604
160,072
150,700
161,000
153,000
140,200
155,700
190,349
139,300
246,947
154,000
146,218
155,900
142,605
137,600
113,600
117,300
202,676
204,700
198,159
209,000
215,459
191,000
203,511
121,800
126,609
111,100
128,062
130,200
144,291
155,300
146,616
132,600
130,541
116,900
121,727
128,200
52,877
45,400
73,300
76,700
81,346
75,800
72,011
80,700
111,918
70,400
124,920
94,500
89,479
140,000
102,397
102,000
32,157
63,900
82,894
96,400
96,40082,89463,90032,157102,000102,397140,00089,47994,500124,92070,400111,91880,70072,01175,80081,34676,70073,30045,40052,877128,200121,727116,900130,541132,600146,616155,300144,291130,200128,062111,100126,609121,800203,511191,000215,459209,000198,159204,700202,676117,300113,600137,600142,605155,900146,218154,000246,947139,300190,349155,700140,200153,000161,000150,700160,072151,604124,999116,313102,80691,433107,347147,868148,416177,374162,389169,037181,933158,273170,5250144,511154,144142,614136,009138,068135,170107,7510125,414110,619123,944129,440125,941117,034113,341136,44421,301,00020,316,000
       Other Current Assets 
139,000
460,000
1,570
2,043
6,613
2,122
10,324
6,839
6,723
1,752
173,903
77,526
57,122
59,783
68,814
87,136
70,956
65,708
0
4,487
7,089
11,692
4,301
3,516
5,292
9,352
11,708
275,538
258,939
1,377
3,118
11,483
6,238
16,907
5,600
7,900
3,700
13,916
1,500
6,800
75,000
896
1,600
8,176
6,300
953
12,000
15,100
14,200
1,321
2,600
2,990
1,800
472
5,000
6,857
5,700
3,570
5,700
6,484
5,400
2,063
3,800
5,497
2,800
2,056
3,800
3,193
900
1,830
5,000
3,900
900
1,332
14,200
6,299
9,700
2,177
23,700
12,403
17,000
2,282
5,000
8,984
4,600
35,473
23,400
51,234
13,600
13,60051,23423,40035,4734,6008,9845,0002,28217,00012,40323,7002,1779,7006,29914,2001,3329003,9005,0001,8309003,1933,8002,0562,8005,4973,8002,0635,4006,4845,7003,5705,7006,8575,0004721,8002,9902,6001,32114,20015,10012,0009536,3008,1761,60089675,0006,8001,50013,9163,7007,9005,60016,9076,23811,4833,1181,377258,939275,53811,7089,3525,2923,5164,30111,6927,0894,487065,70870,95687,13668,81459,78357,12277,526173,9031,7526,7236,83910,3242,1226,6132,0431,570460,000139,000
   > Long-term Assets 
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
979,347
977,832
985,400
987,700
1,010,400
1,007,763
1,005,400
955,172
976,200
1,003,495
1,014,200
1,011,837
1,007,400
989,890
988,800
973,500
919,400
832,485
822,700
817,706
820,000
816,294
818,500
822,417
839,500
867,739
856,400
850,838
861,100
856,741
868,600
947,517
962,700
1,200,009
1,295,700
1,367,706
1,396,200
1,442,150
1,455,700
1,454,900
1,458,600
1,302,228
1,301,000
1,092,970
1,071,400
1,053,290
1,045,700
1,003,005
986,900
1,171,591
1,196,900
1,171,265
1,193,700
1,252,990
1,246,800
1,226,854
1,190,300
1,190,3001,226,8541,246,8001,252,9901,193,7001,171,2651,196,9001,171,591986,9001,003,0051,045,7001,053,2901,071,4001,092,9701,301,0001,302,2281,458,6001,454,9001,455,7001,442,1501,396,2001,367,7061,295,7001,200,009962,700947,517868,600856,741861,100850,838856,400867,739839,500822,417818,500816,294820,000817,706822,700832,485919,400973,500988,800989,8901,007,4001,011,8371,014,2001,003,495976,200955,1721,005,4001,007,7631,010,400987,700985,400977,832979,34700000000000000000000000000000000
       Property Plant Equipment 
66,124,000
71,314,000
453,199
529,541
536,494
554,005
557,408
559,829
567,010
573,761
822,180
479,252
512,937
718,446
721,620
758,085
709,393
735,683
0
832,391
755,286
744,364
758,112
758,017
767,876
790,208
827,275
669,692
746,889
794,638
788,636
782,766
743,463
747,140
922,300
939,400
952,500
770,142
951,600
733,440
931,800
774,179
956,600
788,129
955,000
776,246
923,000
901,100
803,100
643,996
723,200
637,799
731,600
641,930
643,700
651,085
669,900
686,299
678,100
673,143
685,700
692,673
713,100
769,300
788,400
987,136
1,061,100
1,129,338
1,156,000
1,238,304
1,249,200
1,248,200
1,243,300
1,092,876
1,081,800
903,972
891,300
883,561
878,200
832,574
817,400
983,876
973,300
971,348
972,500
1,056,110
978,000
1,041,134
1,031,100
1,031,1001,041,134978,0001,056,110972,500971,348973,300983,876817,400832,574878,200883,561891,300903,9721,081,8001,092,8761,243,3001,248,2001,249,2001,238,3041,156,0001,129,3381,061,100987,136788,400769,300713,100692,673685,700673,143678,100686,299669,900651,085643,700641,930731,600637,799723,200643,996803,100901,100923,000776,246955,000788,129956,600774,179931,800733,440951,600770,142952,500939,400922,300747,140743,463782,766788,636794,638746,889669,692827,275790,208767,876758,017758,112744,364755,286832,3910735,683709,393758,085721,620718,446512,937479,252822,180573,761567,010559,829557,408554,005536,494529,541453,19971,314,00066,124,000
       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
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
2,697
0
2,613
0
2,488
0
7,114
0
5,675
0
6,482
0
6,066
0
0
0
1,742
0
1,617
0
1,493
0
2,737
0
2,737
0
2,737
0
2,737
0
2,737
0
02,73702,73702,73702,73702,73701,49301,61701,7420006,06606,48205,67507,11402,48802,61302,697000000000000000000000000000000000000000000000000000000000
       Long Term Investments 
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
1,590
11,600
1,530
13,200
4,120
3,200
0
1,700
13,700
2,800
6,663
6,700
49
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0000000000000000000496,7006,6632,80013,7001,70003,2004,12013,2001,53011,6001,590000000000000000000000000000000000000000000000000000000000
       Intangible Assets 
3,043,000
1,481,000
21,657
8,730
14,658
7,778
13,384
12,867
12,551
650
0
15,169
15,114
19,200
40,931
35,342
32,537
15,202
0
23,345
24,856
3,415
34,542
17,674
20,027
2,842
13,849
5,067
4,874
3,368
13,375
6,344
3,606
6,534
15,400
8,800
8,300
8,127
12,000
5,945
5,700
21,556
21,400
20,294
20,100
19,057
20,900
12,800
12,500
13,698
15,600
10,293
10,500
12,613
14,700
14,572
15,400
15,242
17,500
14,264
16,400
13,484
15,400
33,819
40,800
54,438
93,000
88,412
95,300
55,835
0
0
0
40,162
0
36,762
0
35,201
0
33,384
0
35,170
37,600
35,733
0
39,267
39,200
37,512
40,700
40,70037,51239,20039,267035,73337,60035,170033,384035,201036,762040,16200055,83595,30088,41293,00054,43840,80033,81915,40013,48416,40014,26417,50015,24215,40014,57214,70012,61310,50010,29315,60013,69812,50012,80020,90019,05720,10020,29421,40021,5565,7005,94512,0008,1278,3008,80015,4006,5343,6066,34413,3753,3684,8745,06713,8492,84220,02717,67434,5423,41524,85623,345015,20232,53735,34240,93119,20015,11415,169065012,55112,86713,3847,77814,6588,73021,6571,481,0003,043,000
       Long-term Assets Other 
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
179,650
5,788
47,700
39,500
49,600
205,600
41,800
195,340
38,700
180,611
36,200
227,810
32,300
211,988
44,900
59,600
103,800
98,760
83,900
96,115
77,900
96,592
96,100
96,973
96,100
92,991
93,500
97,792
91,200
91,110
85,600
83,523
80,100
96,283
-100
89,384
84,000
90,425
82,400
80,000
76,800
77,316
78,800
80,650
68,400
63,500
75,700
73,183
75,200
68,029
75,000
69,752
85,000
-1
79,700
37,512
48,400
48,40037,51279,700-185,00069,75275,00068,02975,20073,18375,70063,50068,40080,65078,80077,31676,80080,00082,40090,42584,00089,384-10096,28380,10083,52385,60091,11091,20097,79293,50092,99196,10096,97396,10096,59277,90096,11583,90098,760103,80059,60044,900211,98832,300227,81036,200180,61138,700195,34041,800205,60049,60039,50047,7005,788179,65000000000000000000000000000000000
> Total Liabilities 
61,171,000
64,978,000
405,715
448,025
450,976
445,311
454,674
441,803
434,681
421,006
484,087
545,309
563,082
398,867
410,983
416,003
400,102
374,325
0
427,558
434,572
449,252
502,082
570,604
661,379
732,328
784,171
800,652
830,786
647,329
670,625
665,908
664,619
565,349
572,200
606,700
605,600
648,631
622,100
624,278
634,500
653,325
682,300
655,322
641,800
651,959
655,700
669,200
668,100
611,228
605,400
607,653
650,900
639,573
672,200
633,029
624,200
670,169
676,500
649,383
669,200
660,862
875,100
686,581
682,800
1,026,931
1,046,100
1,055,749
1,109,700
1,103,183
1,188,800
1,293,000
1,321,200
1,122,064
1,101,300
1,002,175
984,000
987,452
986,800
961,993
993,400
962,168
995,400
1,078,443
1,027,000
1,071,865
993,400
1,025,305
1,054,000
1,054,0001,025,305993,4001,071,8651,027,0001,078,443995,400962,168993,400961,993986,800987,452984,0001,002,1751,101,3001,122,0641,321,2001,293,0001,188,8001,103,1831,109,7001,055,7491,046,1001,026,931682,800686,581875,100660,862669,200649,383676,500670,169624,200633,029672,200639,573650,900607,653605,400611,228668,100669,200655,700651,959641,800655,322682,300653,325634,500624,278622,100648,631605,600606,700572,200565,349664,619665,908670,625647,329830,786800,652784,171732,328661,379570,604502,082449,252434,572427,5580374,325400,102416,003410,983398,867563,082545,309484,087421,006434,681441,803454,674445,311450,976448,025405,71564,978,00061,171,000
   > Total Current Liabilities 
43,677,000
44,513,000
181,857
216,573
204,192
268,526
291,383
284,922
286,828
287,017
191,003
322,979
346,405
262,268
255,572
271,546
250,011
245,752
0
318,721
323,528
349,076
383,656
347,980
399,159
391,540
284,995
328,693
563,429
388,907
405,365
417,612
419,306
220,062
225,700
241,700
222,200
268,078
247,100
245,556
263,200
252,696
250,600
236,115
220,500
235,736
237,700
263,500
257,900
211,463
200,400
225,278
225,600
197,530
228,200
206,556
202,000
206,089
213,900
198,707
235,700
205,182
244,800
268,084
261,700
443,595
311,100
323,632
324,300
305,106
322,200
393,600
405,800
407,902
402,900
374,918
349,300
353,208
450,400
467,829
519,600
516,244
470,400
439,392
427,400
468,599
416,700
407,936
422,800
422,800407,936416,700468,599427,400439,392470,400516,244519,600467,829450,400353,208349,300374,918402,900407,902405,800393,600322,200305,106324,300323,632311,100443,595261,700268,084244,800205,182235,700198,707213,900206,089202,000206,556228,200197,530225,600225,278200,400211,463257,900263,500237,700235,736220,500236,115250,600252,696263,200245,556247,100268,078222,200241,700225,700220,062419,306417,612405,365388,907563,429328,693284,995391,540399,159347,980383,656349,076323,528318,7210245,752250,011271,546255,572262,268346,405322,979191,003287,017286,828284,922291,383268,526204,192216,573181,85744,513,00043,677,000
       Short-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
220,523
11,170
0
10,900
17,000
20,452
27,600
0
27,600
24,108
7,300
11,306
8,700
12,925
12,300
16,400
12,900
16,404
15,800
16,156
18,900
14,813
20,500
16,922
22,300
20,476
26,300
21,236
46,300
13,731
20,100
11,413
14,600
152,651
30,300
23,773
34,800
26,281
35,800
70,400
85,200
81,539
81,100
42,412
47,600
40,870
157,500
119,381
128,900
99,439
109,200
96,303
123,100
185,791
144,800
133,067
129,000
129,000133,067144,800185,791123,10096,303109,20099,439128,900119,381157,50040,87047,60042,41281,10081,53985,20070,40035,80026,28134,80023,77330,300152,65114,60011,41320,10013,73146,30021,23626,30020,47622,30016,92220,50014,81318,90016,15615,80016,40412,90016,40012,30012,9258,70011,3067,30024,10827,600027,60020,45217,00010,900011,170220,52300000000000000000000000000000000
       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
407,524
442,300
397,593
46,300
15,924
22,300
16,331
26,100
156,217
30,300
23,773
34,800
26,281
32,800
70,400
85,200
79,062
81,100
52,700
47,600
36,875
157,500
119,381
128,900
99,439
109,200
96,303
123,100
171,354
144,800
117,421
129,000
129,000117,421144,800171,354123,10096,303109,20099,439128,900119,381157,50036,87547,60052,70081,10079,06285,20070,40032,80026,28134,80023,77330,300156,21726,10016,33122,30015,92446,300397,593442,300407,524000000000000000000000000000000000000000000000000000000000
       Accounts payable 
11,308,000
11,090,000
59,383
77,172
61,182
65,668
57,183
57,910
61,794
78,664
0
71,093
72,903
103,598
77,922
83,227
81,449
89,995
0
101,743
93,385
105,597
96,948
114,679
109,280
154,688
104,810
116,076
116,556
154,140
174,181
162,310
168,496
205,956
180,200
186,500
154,300
199,619
163,100
167,590
198,000
177,479
192,000
177,399
166,700
179,578
193,300
180,700
165,600
139,559
141,100
150,166
150,600
139,101
192,500
141,326
165,700
129,768
166,000
138,379
165,200
147,898
205,100
162,112
204,300
161,258
226,900
164,414
238,500
154,578
240,100
289,100
290,400
193,402
244,700
235,385
237,800
227,019
260,200
250,366
347,700
311,820
306,000
241,942
261,200
141,041
228,400
182,152
237,700
237,700182,152228,400141,041261,200241,942306,000311,820347,700250,366260,200227,019237,800235,385244,700193,402290,400289,100240,100154,578238,500164,414226,900161,258204,300162,112205,100147,898165,200138,379166,000129,768165,700141,326192,500139,101150,600150,166141,100139,559165,600180,700193,300179,578166,700177,399192,000177,479198,000167,590163,100199,619154,300186,500180,200205,956168,496162,310174,181154,140116,556116,076104,810154,688109,280114,67996,948105,59793,385101,743089,99581,44983,22777,922103,59872,90371,093078,66461,79457,91057,18365,66861,18277,17259,38311,090,00011,308,000
       Other Current Liabilities 
13,181,000
5,121,000
36,661
33,828
43,189
24,484
27,129
40,853
41,227
28,637
0
40,423
48,356
17,549
48,434
68,989
66,639
35,834
0
73,483
73,950
40,204
53,431
38,517
57,212
21,712
34,938
47,455
248,760
48,527
26,282
43,236
3,573
208,892
45,500
15,500
21,500
501
13,000
245,556
26,200
453
38,500
11,838
32,600
738
18,800
44,400
39,800
606
18,400
6,742
37,200
43,616
3,700
33
100
55,845
21,600
39,092
24,200
43,553
19,600
94,559
-100
129,686
53,900
6,300
51,000
124,247
46,300
34,100
-100
132,961
300
-100
-100
85,319
-100
98,082
43,000
6,892
-100
7,147
-100
141,723
-1,000
89,497
51,600
51,60089,497-1,000141,723-1007,147-1006,89243,00098,082-10085,319-100-100300132,961-10034,10046,300124,24751,0006,30053,900129,686-10094,55919,60043,55324,20039,09221,60055,845100333,70043,61637,2006,74218,40060639,80044,40018,80073832,60011,83838,50045326,200245,55613,00050121,50015,50045,500208,8923,57343,23626,28248,527248,76047,45534,93821,71257,21238,51753,43140,20473,95073,483035,83466,63968,98948,43417,54948,35640,423028,63741,22740,85327,12924,48443,18933,82836,6615,121,00013,181,000
   > Long-term Liabilities 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
245,313
345,287
346,500
365,000
383,400
380,553
375,000
378,722
371,300
400,629
431,700
419,207
421,300
416,223
418,000
405,700
410,200
399,765
405,000
382,375
425,300
442,043
444,000
426,473
422,200
464,080
462,600
450,676
433,500
455,680
630,300
418,497
421,100
583,336
735,000
732,117
785,400
798,077
866,600
899,400
915,400
714,162
698,400
627,257
634,700
634,244
536,400
494,164
473,800
445,924
525,000
639,051
599,600
603,266
576,700
617,369
631,200
631,200617,369576,700603,266599,600639,051525,000445,924473,800494,164536,400634,244634,700627,257698,400714,162915,400899,400866,600798,077785,400732,117735,000583,336421,100418,497630,300455,680433,500450,676462,600464,080422,200426,473444,000442,043425,300382,375405,000399,765410,200405,700418,000416,223421,300419,207431,700400,629371,300378,722375,000380,553383,400365,000346,500345,287245,31300000000000000000000000000000000
       Long term Debt Total 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
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
226,693
386,300
457,568
0
0
0
0
0
00000457,568386,300226,693000000000000000000000000000000000000000000000000000000000000000000000000000000000
       Other Liabilities 
0
5,306,000
0
28,217
0
31,127
30,324
27,884
27,048
22,362
70,605
19,131
17,113
23,474
37,896
35,315
34,982
39,498
0
28,707
28,691
29,880
44,148
39,128
33,795
63,963
88,829
81,577
82,704
79,200
81,354
74,692
0
78,676
94,800
71,943
106,000
78,078
97,100
77,004
94,900
59,252
78,400
47,737
70,200
49,653
68,700
35,181
0
37,768
56,600
34,230
49,800
34,848
29,300
35,263
26,700
67,005
26,300
60,747
22,400
36,577
17,700
42,939
44,600
117,771
84,000
121,328
83,400
144,027
78,500
134,239
72,800
98,264
33,600
137,550
102,500
194,646
178,900
212,921
176,100
183,607
0
0
0
0
0
0
0
0000000183,607176,100212,921178,900194,646102,500137,55033,60098,26472,800134,23978,500144,02783,400121,32884,000117,77144,60042,93917,70036,57722,40060,74726,30067,00526,70035,26329,30034,84849,80034,23056,60037,768035,18168,70049,65370,20047,73778,40059,25294,90077,00497,10078,078106,00071,94394,80078,676074,69281,35479,20082,70481,57788,82963,96333,79539,12844,14829,88028,69128,707039,49834,98235,31537,89623,47417,11319,13170,60522,36227,04827,88430,32431,127028,21705,306,0000
       Deferred Long Term Liability 
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
4,801
0
5,685
0
5,230
0
4,734
0
4,214
0
3,694
0
3,181
0
2,939
0
5,552
0
5,310
0
5,069
0
4,827
0
4,585
0
0
0
0
0
0
0
00000004,58504,82705,06905,31005,55202,93903,18103,69404,21404,73405,23005,68504,801000000000000000000000000000000000000000000000000000000000
> Total Stockholder Equity
53,438,000
53,145,000
321,308
336,603
347,881
364,947
367,823
380,466
388,854
396,144
585,551
560,648
564,078
735,418
750,656
752,773
737,934
740,700
742,401
729,477
716,259
745,764
758,542
740,806
755,254
729,564
630,822
601,116
583,283
576,897
710,166
723,679
761,962
766,356
777,200
766,300
732,200
720,163
729,000
717,763
735,200
724,724
715,000
758,843
760,100
710,300
694,800
638,200
545,000
542,928
555,300
544,274
553,700
568,218
556,200
551,011
555,400
554,331
570,700
593,306
619,600
632,331
668,800
661,234
674,961
679,024
678,828
683,791
661,048
656,683
634,650
628,650
616,050
713,423
675,494
470,460
607,800
512,660
531,942
545,078
534,405
700,889
679,951
558,106
530,722
534,062
544,873
564,045
650,700
650,700564,045544,873534,062530,722558,106679,951700,889534,405545,078531,942512,660607,800470,460675,494713,423616,050628,650634,650656,683661,048683,791678,828679,024674,961661,234668,800632,331619,600593,306570,700554,331555,400551,011556,200568,218553,700544,274555,300542,928545,000638,200694,800710,300760,100758,843715,000724,724735,200717,763729,000720,163732,200766,300777,200766,356761,962723,679710,166576,897583,283601,116630,822729,564755,254740,806758,542745,764716,259729,477742,401740,700737,934752,773750,656735,418564,078560,648585,551396,144388,854380,466367,823364,947347,881336,603321,30853,145,00053,438,000
   Common Stock
19,070,000
19,070,000
114,615
114,615
114,615
114,615
114,615
114,615
114,615
114,615
585,551
114,615
114,615
152,820
152,820
152,820
152,820
152,820
0
152,820
152,820
157,410
157,410
157,410
157,410
157,410
157,410
157,410
157,410
157,410
232,212
232,212
232,212
232,212
777,200
232,212
732,200
232,212
729,000
232,212
735,200
225,245
715,000
225,245
760,100
225,245
694,800
225,245
0
225,245
555,300
225,245
553,700
225,245
556,200
225,245
555,400
225,245
570,700
221,645
619,600
221,645
668,800
221,645
683,100
221,645
697,100
221,645
678,900
221,645
652,900
221,645
634,300
221,645
812,200
221,645
607,800
221,645
644,800
221,645
651,200
221,645
0
221,645
0
221,645
0
221,645
0
0221,6450221,6450221,6450221,645651,200221,645644,800221,645607,800221,645812,200221,645634,300221,645652,900221,645678,900221,645697,100221,645683,100221,645668,800221,645619,600221,645570,700225,245555,400225,245556,200225,245553,700225,245555,300225,2450225,245694,800225,245760,100225,245715,000225,245735,200232,212729,000232,212732,200232,212777,200232,212232,212232,212232,212157,410157,410157,410157,410157,410157,410157,410157,410157,410152,820152,8200152,820152,820152,820152,820152,820114,615114,615585,551114,615114,615114,615114,615114,615114,615114,615114,61519,070,00019,070,000
   Retained Earnings 
11,810,000
11,810,000
0
74,057
0
36,001
0
0
32,317
39,578
0
171,024
191,332
200,097
210,891
319,404
203,461
217,090
0
343,029
239,569
268,166
237,279
28,688
183,193
203,163
84,770
55,150
9,482
24,285
24,650
74,945
-76,689
64,711
0
134,258
0
41,192
0
15,963
0
43,031
0
30,318
0
4,311
0
0
0
-140,909
0
-86,984
0
-59,262
0
-97,759
0
-70,406
0
-60,971
0
-650
0
-21,061
0
57,934
0
-18,692
0
-34,459
0
112,501
0
-32,005
0
-194,676
0
-190,409
0
-136,681
0
247,220
0
-4,169
0
-24,720
0
63,493
0
063,4930-24,7200-4,1690247,2200-136,6810-190,4090-194,6760-32,0050112,5010-34,4590-18,692057,9340-21,0610-6500-60,9710-70,4060-97,7590-59,2620-86,9840-140,9090004,311030,318043,031015,963041,1920134,258064,711-76,68974,94524,65024,2859,48255,15084,770203,163183,19328,688237,279268,166239,569343,0290217,090203,461319,404210,891200,097191,332171,024039,57832,3170036,001074,057011,810,00011,810,000
   Capital Surplus 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
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
170,776
0
170,776
0
0
0
0
0
00000170,7760170,776000000000000000000000000000000000000000000000000000000000000000000000000000000000
   Treasury Stock0000000000000000000000000-4,1600-4,0160-3,6630-11,9630-4,2910-3,1080-2,7210-5,7440-1,7020-19,7620-3730-37,2130-34,6510-49,2170-6,0290-2,43400-958-4350-948-25100000000000000000000000000
   Other Stockholders Equity 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
606,439
469,433
0
0
0
446,759
0
469,588
0
456,448
0
503,280
0
480,744
0
0
0
458,592
0
406,013
0
402,235
0
423,525
0
399,492
0
432,632
0
411,336
0
460,650
0
399,445
0
480,838
0
469,497
0
136,022
0
523,783
0
402,453
0
398,260
0
341,371
0
-1,838
797,200
202,614
0
157,796
544,873
151,929
650,700
650,700151,929544,873157,7960202,614797,200-1,8380341,3710398,2600402,4530523,7830136,0220469,4970480,8380399,4450460,6500411,3360432,6320399,4920423,5250402,2350406,0130458,592000480,7440503,2800456,4480469,5880446,759000469,433606,43900000000000000000000000000000000



6.3. Balance Sheets

Currency in EUR. All numbers in thousands.