Horizon Bancorp
Buy, Hold or Sell?

Let's analyse Horizon Bancorp together

Penke I guess you are interested in Horizon Bancorp. 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 Horizon Bancorp. 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.

You can find me behind Let's Analyse Together in the top-right of each section.

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Quick analysis of Horizon Bancorp (30 sec.)

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

How much money do you get?

$0.64

When do you have the money?

1 year

How often do you get paid?

100.0%

What is your share worth?

Current worth

$16.30

Expected worth in 1 year

$17.23

How sure are you?

82.5%

+ What do you gain per year?

Total Gains per Share

$1.58

Return On Investment

13.4%

For what price can you sell your share?

Current Price per Share

$11.84

Expected price per share

$10.58 - $12.83

How sure are you?

50%

1. Valuation of Horizon Bancorp (5 min.)

Live pricePrice per Share (EOD)

$11.84

Book Value per Share

$16.30

Intrinsic Value Per Share

$8.45 - $20.64

Total Value Per Share

$24.75 - $36.94

My calculation of the intrinsic value of Horizon Bancorp is based how much money is coming from the company's main activities (Free Cash Flow).

The following numbers are based on moving averages and per share and per quarter.
I use a 6% discount rate for the low estimation and 3% for the high estimation.
The current Free Cash Flow Per Share is 10Y: ($0.37) 3Y: ($0.51) TTM: ($0.45)
The change per quarter (trend) of the Free Cash Flow Per Share is 10Y: ($0.00) 3Y: ($-0.01) TTM: ($-0.02)

Years	Total Low est.	Total High est.	Added Free Cash Flow
1	$1.40	$2.05	$1.42 - $2.11
2	$2.64	$4.11	$1.34 - $2.19
3	$3.75	$6.17	$1.26 - $2.26
4	$4.72	$8.24	$1.18 - $2.33
5	$5.58	$10.31	$1.09 - $2.40
6	$6.34	$12.38	$1.01 - $2.47
7	$6.99	$14.46	$0.93 - $2.55
8	$7.56	$16.52	$0.85 - $2.62
9	$8.04	$18.59	$0.77 - $2.69
10	$8.45	$20.64	$0.69 - $2.76

2. Growth of Horizon Bancorp (5 min.)

Is Horizon Bancorp growing?

	Current year	Previous year	Grow	Grow %
How rich?	$718.8m	$664.4m	$41.5m	5.9%

How much money is Horizon Bancorp making?

	Current year	Previous year	Grow	Grow %
Making money	$6.9m	$23.3m	-$16.3m	-233.8%
Net Profit Margin	12.4%	38.6%	-	-

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

Quarterly Yearly

3. Financial Health of Horizon Bancorp (5 min.)

4. Comparing to competitors in the Banks - Regional industry (5 min.)

Industry Rankings (Banks - Regional)

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

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

What can you expect buying and holding a share of Horizon Bancorp?

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

Speculation

The Price per Share of Horizon Bancorp is $11.84. 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 Horizon Bancorp.
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 Horizon Bancorp, 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 $16.30. Based on the TTM, the Book Value Change Per Share is $0.23 per quarter. Based on the YOY, the Book Value Change Per Share is $-0.26 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 $0.16 per quarter.

Based on historical numbers we can estimate the returns while holding a share of Horizon Bancorp.

How much money are you going to get?

	MRQ		TTM		YOY		5Y		10Y
	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share
Usd Eps	-0.57	-4.8%	0.16	1.3%	0.53	4.5%	0.39	3.3%	0.28	2.3%
Usd Book Value Change Per Share	0.58	4.9%	0.23	2.0%	-0.26	-2.2%	0.26	2.2%	0.31	2.7%
Usd Dividend Per Share	0.16	1.4%	0.16	1.4%	0.16	1.3%	0.14	1.2%	0.10	0.8%
Usd Total Gains Per Share	0.74	6.2%	0.40	3.3%	-0.10	-0.9%	0.40	3.3%	0.41	3.5%
Usd Price Per Share	14.31	-	11.62	-	17.28	-	15.30	-	20.06	-
Price to Earnings Ratio	-6.26	-	3.45	-	8.16	-	8.21	-	25.85	-
Price-to-Total Gains Ratio	19.42	-	3.55	-	-50.44	-	26.74	-	45.58	-
Price to Book Ratio	0.88	-	0.72	-	1.15	-	1.01	-	2.44	-
Price-to-Total Gains Ratio	19.42	-	3.55	-	-50.44	-	26.74	-	45.58	-

When do you get the money?

Usd Investment	$.00
Usd Price Per Share	11.84
Number of shares	84

Gains per Quarter	Trailing 12 Months	5 Year
Usd Dividend Per Share	0.16	0.14
Usd Book Value Change Per Share	0.23	0.26
Usd Total Gains Per Share	0.40	0.40
Gains per Quarter (84 shares)	33.20	33.25
Gains per Year (84 shares)	132.82	133.01

Years	Return on Investment (TTM)			Return on Investment (5Y)
	Dividend	Book Value gain	Total gains	Dividend	Book Value gain	Total gains
Broker costs	-	-	-10	-	-	-10
1	54	79	123	47	86	123
2	108	158	256	93	173	256
3	162	237	389	140	259	389
4	216	316	522	187	346	522
5	270	395	655	233	432	655
6	323	473	788	280	518	788
7	377	552	921	326	605	921
8	431	631	1054	373	691	1054
9	485	710	1187	420	777	1187
10	539	789	1320	466	864	1320

How sure are you?

Based on the past periods, how sure are you to get value out of your investment.

Linear %

	Trailing 12 Months				3Y				5 Year				10 Year				ALLTIME
				%				%				%				%				%
Earnings Per Share	3.0	1.0	0.0	75.0%	11.0	1.0	0.0	91.7%	19.0	1.0	0.0	95.0%	39.0	1.0	0.0	97.5%	111.0	3.0	0.0	97.4%
Book Value Change Per Share	3.0	1.0	0.0	75.0%	6.0	6.0	0.0	50.0%	13.0	7.0	0.0	65.0%	31.0	9.0	0.0	77.5%	85.0	29.0	0.0	74.6%
Dividend per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	20.0	0.0	0.0	100.0%	40.0	0.0	0.0	100.0%	114.0	0.0	0.0	100.0%
Total Gains per Share	3.0	1.0	0.0	75.0%	8.0	4.0	0.0	66.7%	15.0	5.0	0.0	75.0%	33.0	7.0	0.0	82.5%	90.0	24.0	0.0	78.9%

Fundamentals of Horizon Bancorp

About Horizon Bancorp

https://www.horizonbank.com
Banks - Regional
818
515 Franklin Street, Michigan City, IN, United States, 46360
Google Maps Bing Maps

Horizon Bancorp, Inc. operates as the bank holding company for Horizon Bank that engages in the provision of commercial and retail banking services. The company offers checking, saving, money market, certificate of deposits, individual retirement accounts, and time deposits, as well as non-interest- and interest-bearing demand deposits. It also provides commercial, residential real estate, mortgage, home equity, auto, personal, business, agricultural, and SBA loans, as well as credit cards. In addition, the company offers corporate and individual trust and agency, investment management, and real estate investment trust services; debit cards; treasury management; online and mobile banking; wealth, retirement, and estate and trust services; and sells various insurance products. It operates through full-service offices in northern and central Indiana and southern and central Michigan. Horizon Bancorp, Inc. was founded in 1873 and is headquartered in Michigan City, Indiana.

Fundamental data was last updated by Penke on 2024-04-11 10:35:04.

Financial Health

Profitability Details

	Compared to previous year	Compared to industry
The company is making a huge 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 year	Compared to industry
The company is operating efficient.
The company is very efficient in keeping operating costs low.

Liquidity Details

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

Solvency Details

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

Valuation

Valuation Details

	Compared to previous year	Compared to industry
Based on the equity, the company is cheap.
Based on the earnings, the company is cheap.
Based on how much money comes from the company's main activities, the company is cheap.

1.1. Profitability of Horizon Bancorp.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit Horizon Bancorp earns for each $1 of revenue.

Above 10% is considered healthy but always compare Horizon Bancorp to the Banks - Regional industry mean.
A Net Profit Margin of -40.0% means that $-0.40 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Horizon Bancorp:

The MRQ is -40.0%. The company is making a huge loss. -2
The TTM is 12.4%. The company is making a huge profit. +2

Trends

Current period		Compared to		+/-
MRQ	-40.0%	TTM	12.4%	-52.4%
TTM	12.4%	YOY	38.6%	-26.2%
TTM	12.4%	5Y	30.7%	-18.3%
5Y	30.7%	10Y	27.2%	+3.5%

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
MRQ	-40.0%	18.4%	-58.4%
TTM	12.4%	28.0%	-15.6%
YOY	38.6%	25.2%	+13.4%
5Y	30.7%	22.8%	+7.9%
10Y	27.2%	19.8%	+7.4%

Measures how much net profit Horizon Bancorp earns for each $1 of revenue.

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

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

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

How to use net profit margin

Higher profit margin is better (more profit).
Above 10% is considered healthy but always compare Horizon Bancorp to the Banks - Regional industry mean.
Can be used to compare companies within the Banks - Regional industry.

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

Why do investors use net profit margin in their analysis

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

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Net Profit Margin of Horizon Bancorp is -0.40. This means that Horizon Bancorp earned $-0.40 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Net Profit Margin of the Banks - Regional industry is 18.4%.
What is the trend?
The trend is important because it shows you how Horizon Bancorp is performing over time. The most recent quarter might be important if Horizon Bancorp released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Horizon Bancorp up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

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

How to calculate net profit margin

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

Real example of Horizon Bancorp

You need the following data to determine net profit margin:

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

Net income MRQ Horizon Bancorp = -25,215
Total revenue MRQ Horizon Bancorp = 63,065
$-25,215 / $63,065 = -0.40 or -40.0%

Higher is better

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

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

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

1.1.2. Return on Assets

Shows how efficient Horizon Bancorp is using its assets to generate profit.

Above 5% is considered healthy but always compare Horizon Bancorp to the Banks - Regional industry mean.
-0.3% Return on Assets means that Horizon Bancorp generated $0.00 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Horizon Bancorp:

The MRQ is -0.3%. Using its assets, the company is very inefficient in making profit. -2
The TTM is 0.1%. Using its assets, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	-0.3%	TTM	0.1%	-0.4%
TTM	0.1%	YOY	0.3%	-0.2%
TTM	0.1%	5Y	0.3%	-0.2%
5Y	0.3%	10Y	0.3%	+0.0%

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
MRQ	-0.3%	0.1%	-0.4%
TTM	0.1%	0.2%	-0.1%
YOY	0.3%	0.2%	+0.1%
5Y	0.3%	0.2%	+0.1%
10Y	0.3%	0.2%	+0.1%

Shows how efficient Horizon Bancorp is using its assets to generate profit.

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

How to use return on assets

Higher is better.
Above 5% is considered healthy but always compare Horizon Bancorp to the Banks - Regional industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on assets in their analysis

Shows the investor how effectively Horizon Bancorp is using its resources to generate profit. If the return on assets (-0.3%) from Horizon Bancorp are higher than the Banks - Regional mean (0.1%) that means Horizon Bancorp is using its resources better than their competitors. If not, that means their competitors are more efficient in using their resources to generate profit.

An investor should always look at:

What is the current return on assets?
The current most recent quarter (MRQ) Return on Assets of Horizon Bancorp is -0.3%. This means the company generated $0.00 for each $1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the Banks - Regional industry is 0.1%.
What is the trend?
The trend is important because it shows you how Horizon Bancorp is performing over time. The most recent quarter might be important if Horizon Bancorp released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Horizon Bancorp up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

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

How to calculate return on assets

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

Real example Horizon Bancorp

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

Income statement
Balance sheet

Net income MRQ (income statement) from Horizon Bancorp = -25,215
Total assets MRQ (balance sheet) from Horizon Bancorp = 7,931,195
-25,215 / 7,931,195 = 0.00 or -0.3%

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

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

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

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

1.1.3. Return on Equity

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

Above 15%-20% is considered healthy but always compare Horizon Bancorp to the Banks - Regional industry mean.
-3.5% Return on Equity means Horizon Bancorp generated $-0.04 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Horizon Bancorp:

The MRQ is -3.5%. Using its investors money, the company is very inefficient in making profit. -2
The TTM is 1.0%. Using its investors money, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	-3.5%	TTM	1.0%	-4.5%
TTM	1.0%	YOY	3.5%	-2.5%
TTM	1.0%	5Y	2.6%	-1.5%
5Y	2.6%	10Y	2.4%	+0.1%

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
MRQ	-3.5%	1.4%	-4.9%
TTM	1.0%	2.5%	-1.5%
YOY	3.5%	2.7%	+0.8%
5Y	2.6%	2.5%	+0.1%
10Y	2.4%	2.8%	-0.4%

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

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

How to use return on equity

Higher is better.
Above 15%-20% is considered healthy but always compare Horizon Bancorp to the Banks - Regional industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on equity in their analysis

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

The three steps every investor should look at:

What is the current return on equity?
The current most recent quarter (MRQ) Return on Equity of Horizon Bancorp is -3.5%. This means Horizon Bancorp generated $-0.04 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Banks - Regional industry is 1.4%.
What is the trend?
The trend is important because it shows you how Horizon Bancorp is performing over time. The most recent quarter might be important if Horizon Bancorp released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Horizon Bancorp up to 10 years back (depending if Horizon Bancorp existed 10 years ago) when you exit this learning section.

Things to be aware of

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

How to calculate return on equity

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

Real example of Horizon Bancorp

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Horizon Bancorp = -25,215
Shareholders equity (balance sheet) MRQ Horizon Bancorp = 718,812
-25,215 / 718,812 = -0.04 or -3.5%

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

1.2. Operating Efficiency of Horizon Bancorp.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Horizon Bancorp is operating .

Measures how much profit Horizon Bancorp 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 Horizon Bancorp to the Banks - Regional industry mean.
An Operating Margin of -31.2% means the company generated $-0.31 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Horizon Bancorp:

The MRQ is -31.2%. The company is operating very inefficient. -2
The TTM is 24.6%. The company is operating efficient. +1

Trends

Current period		Compared to		+/-
MRQ	-31.2%	TTM	24.6%	-55.9%
TTM	24.6%	YOY	57.6%	-32.9%
TTM	24.6%	5Y	51.1%	-26.4%
5Y	51.1%	10Y	49.1%	+2.0%

Measures how efficient Horizon Bancorp is operating .

The more effecient a company creates products or provides services, the more profit it generates.

How to use operating margin

Higher is better
Above 15% is considered healthy but always compare Horizon Bancorp to the Banks - Regional industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use operating margin in their analysis

To determine how much profit Horizon Bancorp is making from it’s core business.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Operating Margin of Horizon Bancorp is -31.2%. This means that Horizon Bancorp earned $-0.31 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Banks - Regional industry is .
What is the trend?
The trend is important because it shows you how Horizon Bancorp is performing over time. The most recent quarter might be important if Horizon Bancorp released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Horizon Bancorp up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Can be calculated in different ways

How to calculate operating margin

Operating margin = operating earnings / total revenue

Real example of Horizon Bancorp

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Horizon Bancorp = -18,796
Total revenue MRQ Horizon Bancorp = 63,065
$-18,796 / $63,065 = -0.31 or -31.2%

Operating margin is used to calculate how much profit a company makes after variable costs of production but before paying interest and taxes. Some variable costs examples are wages, raw materials, packaging, and transaction fees. The amount of variable costs is different for each company and industry. In general, a higher operating margin is better as this implicates that a company is running efficiently.

For investors, a higher operating margin is a good sign. Although you should always look at operating margin in the long term. If operating margin is fluctuating over the years this might be a sign that things are not running efficiently enough. It’s a way to check how much profit a company is making from its core business.

Operation earnings can be calculated in multiple ways:

Operation earnings = EBIT - non operating income + non operating expense
Operation earnings = Gross profit - operating expense - depreciation and amortisation
Operation earnings = Total revenue - COGS (costs of goods sold) - indirect costs

1.2.2. Operating Ratio

Measures how efficient Horizon Bancorp is keeping operating costs low.

Below 1 is considered healthy (always compare to Banks - Regional industry mean).
An Operation Ratio of 0.23 means that the operating costs are $0.23 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of Horizon Bancorp:

The MRQ is 0.225. The company is very efficient in keeping operating costs low. +2
The TTM is 0.232. The company is very efficient in keeping operating costs low. +2

Trends

Current period		Compared to		+/-
MRQ	0.225	TTM	0.232	-0.007
TTM	0.232	YOY	0.011	+0.220
TTM	0.232	5Y	0.036	+0.196
5Y	0.036	10Y	0.124	-0.088

Measures how efficient Horizon Bancorp is keeping operating costs low.

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

How to use operating ratio

Lower is better.
Below 1 is considered healthy but always compare Horizon Bancorp to the Banks - Regional industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use operating ratio in their analysis

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

The three steps every investor should look at:

What is the current Operatin ratio?
The current most recent quarter (MRQ) Operating Ratio of Horizon Bancorp is 22.5%. This means that Horizon Bancorp earned $0.23 for each $1 in net sales in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Ratio of the Banks - Regional industry is .
What is the trend?
The trend is important because it shows you how Horizon Bancorp is performing over time. The most recent quarter might be important if Horizon Bancorp released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Horizon Bancorp up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
You need COGS to calculate operating ratio which is not always shown in the income statement.
Does not consider debt.

How to calculate operating ratio

Operating ratio = Operating expenses + COGS \ Net sales

Real life example Horizon Bancorp

You need the following data to determine operating ratio:

Income statement

COGS is not always specified on the income statement. If so you can use the following calculation:

(cost of revenue + total operating expenses) \ total revenue
(0 +14,193) \ 63,065 = 0.23

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

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

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

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

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

1.3. Liquidity of Horizon Bancorp.

1.3. Liquidity

1.3.1. Current Ratio

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

Above 1.5 is considered healthy (always compare to Banks - Regional industry mean).
A Current Ratio of 0.97 means the company has $0.97 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of Horizon Bancorp:

The MRQ is 0.971. The company is just not able to pay all its short-term debts. -1
The TTM is 171.945. The company is very able to pay all its short-term debts. +2

Trends

Current period		Compared to		+/-
MRQ	0.971	TTM	171.945	-170.974
TTM	171.945	YOY	543.103	-371.158
TTM	171.945	5Y	1,148.654	-976.710
5Y	1,148.654	10Y	1,940.077	-791.423

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
TTM	171.945	0.124	+171.821
YOY	543.103	0.225	+542.878
5Y	1,148.654	0.219	+1,148.435
10Y	1,940.077	0.131	+1,939.946

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

How to use current ratio

Higher is better
Above 1.5 is considered healthy (always compare to Banks - Regional industry mean).
Can be very different between industries
Can be used to compare companies

Why do investors use current ratio in their analysis

Shows if the company can pay of short term debts if needed. A company that can't pay off it's short term debts might get in trouble if they have to pay off their short term debts for whatever reason. For example, markets can change due to global events like covid-19 or the war in Ukraine versus Russia. Because debts are always taken based on future income, it might become troublesome for Horizon Bancorp if something happens in the market that will cause sales to plummet.

The three steps every investor should look at:

What is the current current Ratio?
The current most recent quarter (MRQ) Current Ratio of Horizon Bancorp is 0.97. This means Horizon Bancorp has $0.97 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Banks - Regional industry is .
What is the trend?
The trend is important because it shows you how Horizon Bancorp is performing over time. The most recent quarter might be important if Horizon Bancorp released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Horizon Bancorp up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Might be deluded.
Not all assets can always be quickly sold.
Can be manipulated by increasing or decreasing the assets and/or liabilities.

How to calculate current ratio

Current ratio = current assets \ current liabilities

Real life example Horizon Bancorp

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
1,105,321 \ 1,138,254) = 0.97

The current ratio measures if Horizon Bancorp is able to pay short-term debts (obligations). Short term in this context means all debt obligations that are about to expire within one year. The current ratio incorporates current liabilities and current assets. Current assets are all the assets a company has that are expected to be consumed or sold within standard business operations. You can find the current assets in the balance sheet. They consist of:

Inventory
Accounts receivable
Marketable securities
Prepaid expenses
Cash
Cash equivalents
liquid assets

The current liabilities are short term obligations that are due within one year. These consist of:

Short term debts
Dividends
Income taxes
Short-term debts
Accounts payable
Interest payments

The result shows an investor if Horizon Bancorp is able to pay all its short-term debts if they were due all at once. When the result of the above formula is below 1, then Horizon Bancorp does not have enough capital after selling all its assets to pay all short-term debts. If the ratio drops far below 1 that might indicate Horizon Bancorp is or will be in financial trouble anytime soon.

Although this gives an investor some clues, the current ratio may also be deluded. Because owning assets does not mean the company can easily sell them. Also, Accounts receivable may be quite old (they will probably never pay) which deludes the current ratio. As with all ratios, you should only compare them between the same industries and companies.

1.3.2. Quick Ratio

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

Above 1 is considered healthy but always compare Horizon Bancorp to the Banks - Regional industry mean.
A Quick Ratio of 1.45 means the company can pay off $1.45 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Horizon Bancorp:

The MRQ is 1.452. The company is able to pay all its short-term debts with the most liquid assets. +1
The TTM is 242.954. The company is very able to pay all its short-term debts with the most liquid assets. +2

Trends

Current period		Compared to		+/-
MRQ	1.452	TTM	242.954	-241.502
TTM	242.954	YOY	1,019.724	-776.770
TTM	242.954	5Y	917.416	-674.462
5Y	917.416	10Y	1,106.259	-188.843

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

How to use quick ratio

Higher is better.
Above 1 is considered healthy but always compare Horizon Bancorp to the Banks - Regional industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use quick ratio in their analysis

Shows how fast Horizon Bancorp can pay off its short term debts. This shows if Horizon Bancorp can survive emergencies due to market changes or other reasons.

The three steps every investor should look at:

What is the current Quick Ratio?
The current most recent quarter (MRQ) quickRatio of Horizon Bancorp is 1.45. This means that Horizon Bancorp can pay off $1.45 for each $1 in debt (using most liquid assets).
How does it compare to the industry?
The mean MRQ Quick Ratio of the Banks - Regional industry is .
What is the trend?
The trend is important because it shows you how Horizon Bancorp is performing over time. The most recent quarter might be important if Horizon Bancorp released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Horizon Bancorp up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Incorporates only most liquid assets.

How to calculate quick ratio

Quick ratio = cash and equivalents + marketable securities + accounts receivable / current liabilities

Real life example Horizon Bancorp

You need the following data to determine operating ratio:

Balance sheet
Quick ratio = cash and short-term investments + short-term investments + netReceivables / total current liabilities
MRQ quick ratio Horizon Bancorp: (1,066,611 + 547,251 +38,710) / 1,138,254 = 1.45

The quick ratio measures the same thing as the current ratio, only it uses the most liquid assets a company has. Meaning, the assets that can be sold for cash the easiest and fastest.

As the quick ratio only incorporates the most liquid assets, you should also check the current ratio which also includes less liquid assets. But they may be harder to sell.

1.4. Solvency of Horizon Bancorp.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Horizon Bancorp assets are financed with debt.

Below 1 (100%) is considered healthy but always compare Horizon Bancorp to Banks - Regional industry mean.
A Debt to Asset Ratio of 0.91 means that Horizon Bancorp assets are financed with 90.9% credit (debt) and the remaining percentage (100% - 90.9%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Horizon Bancorp:

The MRQ is 0.909. The company is just able to pay all its debts by selling its assets.
The TTM is 0.911. The company is just able to pay all its debts by selling its assets.

Trends

Current period		Compared to		+/-
MRQ	0.909	TTM	0.911	-0.002
TTM	0.911	YOY	0.913	-0.002
TTM	0.911	5Y	0.896	+0.015
5Y	0.896	10Y	0.896	0.000

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
MRQ	0.909	0.915	-0.006
TTM	0.911	0.917	-0.006
YOY	0.913	0.919	-0.006
5Y	0.896	0.919	-0.023
10Y	0.896	0.927	-0.031

Measures how much % of Horizon Bancorp assets are financed with debt.

When there are more debts than assets, that means creditors have a larger stake Horizon Bancorp than its shareholders.

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Horizon Bancorp to Banks - Regional industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to asset ratio in their analysis

It shows how much debt the company used to finance its assets. If a company is almost entirely financed with debt that means the company might get into serious trouble when emergencies arise like a raise in interest.

The three steps every investor should look at:

What is the current debt to asset ratio?
The current most recent quarter (MRQ) Debt to Asset Ratio of Horizon Bancorp is 0.91. This means means that Horizon Bancorp is financed with 90.9% credit and the remaining percentage is financed by it's owners (shareholders).
How does it compare to the industry?
The mean MRQ Current Ratio of the Banks - Regional industry is .
What is the trend?
The trend is important because it shows you how Horizon Bancorp is performing over time. The most recent quarter might be important if Horizon Bancorp released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Horizon Bancorp up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Some companies can have higher debt to assets ratio's (for example, banks).
Debt to asset ratio should improve over the years.
If the debt to asset ratio is above 1, look at the industry mean and find out why Horizon Bancorp has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Horizon Bancorp

You need the following data to determine debt to asset ratio:

Balance sheet
Debt to asset ratio = total debt \ total assets
7,212,383 \ 7,931,195 = 90.9% or 0.91.

The debt to total assets ratio shows if the company is owned by creditors or shareholders. Or in other words, the total debt in relation to the total amount of assets. It shows how much debt the company used to finance its assets.

1.4.2. Debt to Equity Ratio

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

Below 2 is considered healthy but always compare Horizon Bancorp to the Banks - Regional industry mean.
A Debt to Equity ratio of 1,003.4% means that company has $10.03 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Horizon Bancorp:

The MRQ is 10.034. The company is unable to pay all its debts with equity. -1
The TTM is 10.246. The company is unable to pay all its debts with equity. -1

Trends

Current period		Compared to		+/-
MRQ	10.034	TTM	10.246	-0.212
TTM	10.246	YOY	10.539	-0.294
TTM	10.246	5Y	8.812	+1.433
5Y	8.812	10Y	8.771	+0.041

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
MRQ	10.034	10.829	-0.795
TTM	10.246	11.013	-0.767
YOY	10.539	11.363	-0.824
5Y	8.812	11.437	-2.625
10Y	8.771	13.038	-4.267

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

How to use debt to equity ratio

Lower is better.
Below 2 is considered healthy (always use industry average).
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to shareholders equity ratio in their analysis

It shows how much debt the company uses to finance their operations. Shareholders equity is whats left over when you subtract total liabilities from total assets. It's another way to meassure how much of Horizon Bancorp is financed with debt or own resources.

The three steps every investor should look at:

What is the current debt to equity ratio?
The current most recent quarter (MRQ) quickRatio of Horizon Bancorp is 10.03. This means that Horizon Bancorp can pay off $10.03 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Banks - Regional industry is 10.83.
What is the trend?
The trend is important because it shows you how Horizon Bancorp is performing over time. The most recent quarter might be important if Horizon Bancorp released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Horizon Bancorp up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Not all debt is equally risky (for example, short term risk is less risky).

How to calculate debt to equity ratio

Debt to equity ratio = total debt \ shareholders equity.

Real life example Horizon Bancorp

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
7,212,383 \ 718,812 = 10.03 or 1,003.4%

Debt to equity measures the total debt versus the total shareholders equity. While the total debts to total assets ratio uses total assets, the debt to equity ratio looks at the total equity of shareholders. Where equity of shareholders are:

Common shares.
Preferred shares.
Retained earnings.

You can find the shareholders' equity in the balance sheet. A ratio between 0,5 and 1,5 is preferred. If the ratio is above 1.5, that would indicate creditors have significantly more stake (debt) in the company than the shareholders. In other words, the company is using a lot of debt to finance their operations.

Not all debt is equally risky. Meaning you can adjust the ratio by including or excluding certain amounts of debt. Short term debts are less risky because they have to be paid back within one year anyway. It’s much easier to plan one year ahead versus five or ten years.

2. Market Valuation of Horizon Bancorp

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 Horizon Bancorp generates.

Above 15 is considered overpriced but always compare Horizon Bancorp to the Banks - Regional industry mean.
A PE ratio of -6.26 means the investor is paying $-6.26 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Horizon Bancorp:

The EOD is -5.178. Based on the earnings, the company is expensive. -2
The MRQ is -6.258. Based on the earnings, the company is expensive. -2
The TTM is 3.455. Based on the earnings, the company is cheap. +2

Trends

Current period		Compared to		+/-
EOD	-5.178	MRQ	-6.258	+1.080
MRQ	-6.258	TTM	3.455	-9.713
TTM	3.455	YOY	8.159	-4.705
TTM	3.455	5Y	8.207	-4.752
5Y	8.207	10Y	25.852	-17.646

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
EOD	-5.178	7.604	-12.782
MRQ	-6.258	6.680	-12.938
TTM	3.455	5.295	-1.840
YOY	8.159	6.943	+1.216
5Y	8.207	9.770	-1.563
10Y	25.852	9.943	+15.909

Measures how much money you pay for each share for every $1 in earnings Horizon Bancorp generates.

Indicates if the company’s shares are under or overvalued.

How to use PE ratio

Above 15 is considered overpriced but is hard to determine. Always compare Horizon Bancorp to the Banks - Regional industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use PE ratio in their analysis

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

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

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

The three steps every investor should look at:

What is the current PE Ratio?
The current most recent quarter (MRQ) PE Ratio of Horizon Bancorp is -6.26. This means the investor is paying $-6.26 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Banks - Regional industry is 6.68.
What is the trend?
The trend is important because it shows you how Horizon Bancorp is performing over time. The most recent quarter might be important if Horizon Bancorp released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Horizon Bancorp up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

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

How to calculate PE ratio

PE ratio = market value per share \ earnings per share

Real life example Horizon Bancorp

You need the following data to determine the PE ratio:

Balance sheet
Income statement

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

EPS = (net profit - preferred dividends) \ end of period outstanding shares*
Net profit = revenue - expenses
0 \ 43,650 = EPS
PE ratio MRQ = -6.26

* The net profit minus preferred dividends can be found in the incomestatement as netIncomeApplicableToCommonShares.

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

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

2.2. Price To Free Cash Flow Ratio

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

The EOD is 11.216. Based on how much money comes from the company's main activities, the company is cheap. +2
The MRQ is 13.556. Based on how much money comes from the company's main activities, the company is cheap. +2
The TTM is 7.684. Based on how much money comes from the company's main activities, the company is cheap. +2

Trends

Current period		Compared to		+/-
EOD	11.216	MRQ	13.556	-2.340
MRQ	13.556	TTM	7.684	+5.872
TTM	7.684	YOY	8.917	-1.232
TTM	7.684	5Y	8.730	-1.046
5Y	8.730	10Y	28.820	-20.090

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
EOD	11.216	-2.126	+13.342
MRQ	13.556	-1.868	+15.424
TTM	7.684	-0.342	+8.026
YOY	8.917	6.448	+2.469
5Y	8.730	0.429	+8.301
10Y	28.820	0.091	+28.729

2. Book Value per Share

2.3. Price to Book Ratio

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

At or below 1 is considered healthy (always compare to Banks - Regional industry mean).
A PB ratio of 0.88 means the investor is paying $0.88 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of Horizon Bancorp:

The EOD is 0.727. Based on the equity, the company is cheap. +2
The MRQ is 0.878. Based on the equity, the company is cheap. +2
The TTM is 0.725. Based on the equity, the company is cheap. +2

Trends

Current period		Compared to		+/-
EOD	0.727	MRQ	0.878	-0.152
MRQ	0.878	TTM	0.725	+0.153
TTM	0.725	YOY	1.149	-0.424
TTM	0.725	5Y	1.007	-0.282
5Y	1.007	10Y	2.441	-1.434

Compared to industry (Banks - Regional)

Period	Company	Industry (mean)	+/-
EOD	0.727	0.439	+0.288
MRQ	0.878	0.386	+0.492
TTM	0.725	0.470	+0.255
YOY	1.149	0.642	+0.507
5Y	1.007	0.795	+0.212
10Y	2.441	1.025	+1.416

2. Total Gains per Share

3. Holders & Insider Transactions

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

3.1. Institutions holding Horizon Bancorp

Institutions are holding 66.171% of the shares of Horizon Bancorp.

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-12-31	BlackRock Inc	14.0168	0.0023	6182984	197454	3.2989
2023-12-31	Vanguard Group Inc	5.0773	0.0007	2239674	55681	2.5495
2023-12-31	Dimensional Fund Advisors, Inc.	4.4336	0.0082	1955694	94332	5.0679
2023-12-31	PL Capital Advisors, LLC	3.446	7.5183	1520090	-100000	-6.1725
2023-12-31	State Street Corporation	2.634	0.0008	1161902	17859	1.561
2023-12-31	Manufacturers Life Insurance Co	2.3202	0.0087	1023473	-66914	-6.1367
2023-12-31	Geode Capital Management, LLC	2.1275	0.0014	938487	47141	5.2887
2023-12-31	Goldman Sachs Group Inc	1.6621	0.0009	733166	320020	77.4593
2023-12-31	Hotchkis & Wiley Capital Management LLC	1.6384	0.0368	722700	-30080	-3.9959
2023-12-31	Horizon Bancorp /in/	1.6048	4.9531	707883	-8533	-1.1911
2023-12-31	ProShare Advisors LLC	1.4789	0.0285	652363	-63434	-8.862
2023-12-31	LSV Asset Management	1.1843	0.0163	522415	-4500	-0.854
2023-12-31	AQR Capital Management LLC	1.1373	0.0135	501689	-133132	-20.9716
2023-12-31	Northern Trust Corp	1.0658	0.0012	470123	9002	1.9522
2023-12-31	American Century Companies Inc	1.0379	0.0045	457834	102460	28.8316
2023-12-31	Harbour Trust & Investment Management Co	0.977	0.8696	430980	430980	0
2023-12-31	Pacific Ridge Capital Partners, LLC	0.8728	1.119	385021	-9581	-2.428
2023-12-31	Morgan Stanley - Brokerage Accounts	0.8044	0.0005	354833	162278	84.2762
2023-12-31	Bank of New York Mellon Corp	0.7773	0.001	342865	58825	20.7101
2023-12-31	Nuveen Asset Management, LLC	0.7713	0.0016	340246	5366	1.6024
Total		49.0677	14.5869	21644422	+1085224	+5.0%

3.2. Funds holding Horizon Bancorp

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2024-03-28	iShares Russell 2000 ETF	2.5881	0.0224	1141649	552	0.0484
2024-02-29	Vanguard Total Stock Mkt Idx Inv	2.5689	0.0009	1133160	3030	0.2681
2024-02-29	Vanguard Institutional Extnd Mkt Idx Tr	1.4169	0.0074	624999	-848	-0.1355
2024-03-28	ProShares Russell 2000 Dividend Growers	1.4054	1.011	619940	0	0
2024-02-29	BlackRock Advantage Small Cap Core Instl	1.2707	0.1923	560534	-17006	-2.9446
2024-01-31	JHancock Regional Bank A	1.1455	0.8329	505294	-16213	-3.1089
2024-03-29	Avantis US Small Cap Value ETF	1.0636	0.0555	469152	0	0
2024-01-31	Fidelity Small Cap Index	1.0014	0.0234	441726	7603	1.7513
2024-03-28	iShares Russell 2000 Value ETF	0.9602	0.0433	423546	-269	-0.0635
2024-02-29	DFA US Small Cap I	0.8844	0.0303	390126	0	0
2024-01-31	JH Financial Opportunities	0.8581	0.7149	378518	0	0
2024-02-29	State St Russell Sm/Mid Cp® Indx NL Cl C	0.5986	0.0076	264059	5000	1.9301
2024-03-29	Dimensional US Targeted Value ETF	0.5792	0.0326	255491	0	0
2024-03-28	SPDR® S&P Regional Banking ETF	0.5359	0.1016	236409	1194	0.5076
2023-09-30	Pacific Ridge Capital Ptnrs Micro Cp Val	0.5169	1.1957	228006	156386	218.3552
2024-01-31	TIAA-CREF Quant Small-Cap Equity Instl	0.5153	0.0995	227300	0	0
2024-02-29	Fidelity Extended Market Index	0.4998	0.0069	220470	-1068	-0.4821
2024-02-29	DFA US Targeted Value I	0.4671	0.0192	206054	55680	37.0277
2024-02-29	Hotchkis & Wiley Sm Cp Divers Val I	0.445	0.2875	196300	0	0
2024-02-29	DFA US Micro Cap I	0.4304	0.0319	189860	0	0
Total		19.7514	4.7168	8712593	+194041	+2.2%

3.3. Insider Transactions

Insiders are holding 2.887% of the shares of Horizon Bancorp.

Date	Owner	Type	Amount	Price	Post Transaction Amount	Link
2023-05-26	Susan D Aaron	BUY	853	9.38
2023-05-03	Todd A Etzler	BUY	1100	9.35

4. Summary

4.1. Key Performance Indicators

The key performance indicators of Horizon Bancorp compared to the Most Recent Quarter (MRQ).

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Change Per Share	-	-	0.577	0.235	+146%	-0.260	+145%	0.257	+124%	0.314	+84%
Book Value Per Share	-	-	16.295	16.005	+2%	15.062	+8%	15.236	+7%	11.222	+45%
Current Ratio	-	-	0.971	171.945	-99%	543.103	-100%	1148.654	-100%	1940.077	-100%
Debt To Asset Ratio	-	-	0.909	0.911	0%	0.913	0%	0.896	+2%	0.896	+1%
Debt To Equity Ratio	-	-	10.034	10.246	-2%	10.539	-5%	8.812	+14%	8.771	+14%
Dividend Per Share	-	-	0.160	0.160	0%	0.157	+2%	0.139	+15%	0.096	+67%
Eps	-	-	-0.572	0.159	-460%	0.529	-208%	0.388	-247%	0.278	-306%
Free Cash Flow Per Share	-	-	0.264	0.449	-41%	0.498	-47%	0.543	-51%	0.375	-30%
Free Cash Flow To Equity Per Share	-	-	-0.844	0.361	-334%	3.080	-127%	2.314	-136%	1.529	-155%
Gross Profit Margin	-	-	1.000	1.000	0%	1.000	0%	1.000	0%	1.000	0%
Intrinsic Value_10Y_max	-	-	20.643	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	8.452	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	2.050	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	1.397	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	6.173	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	3.747	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	10.313	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	5.583	-	-	-	-	-	-	-	-
Market Cap	522276608.000	-21%	631231272.000	512351588.000	+23%	762351814.000	-17%	677666259.714	-7%	886220259.013	-29%
Net Profit Margin	-	-	-0.400	0.124	-421%	0.386	-203%	0.307	-230%	0.272	-247%
Operating Margin	-	-	-0.312	0.246	-227%	0.576	-154%	0.511	-161%	0.491	-164%
Operating Ratio	-	-	0.225	0.232	-3%	0.011	+1871%	0.036	+528%	0.124	+81%
Pb Ratio	0.727	-21%	0.878	0.725	+21%	1.149	-24%	1.007	-13%	2.441	-64%
Pe Ratio	-5.178	+17%	-6.258	3.455	-281%	8.159	-177%	8.207	-176%	25.852	-124%
Price Per Share	11.840	-21%	14.310	11.615	+23%	17.283	-17%	15.296	-6%	20.057	-29%
Price To Free Cash Flow Ratio	11.216	-21%	13.556	7.684	+76%	8.917	+52%	8.730	+55%	28.820	-53%
Price To Total Gains Ratio	16.071	-21%	19.424	3.555	+446%	-50.441	+360%	26.743	-27%	45.575	-57%
Quick Ratio	-	-	1.452	242.954	-99%	1019.724	-100%	917.416	-100%	1106.259	-100%
Return On Assets	-	-	-0.003	0.001	-461%	0.003	-204%	0.003	-219%	0.003	-225%
Return On Equity	-	-	-0.035	0.010	-445%	0.035	-200%	0.026	-237%	0.024	-244%
Total Gains Per Share	-	-	0.737	0.395	+86%	-0.102	+114%	0.396	+86%	0.410	+80%
Usd Book Value	-	-	718812000.000	705995750.000	+2%	664420750.000	+8%	674669500.000	+7%	496308875.000	+45%
Usd Book Value Change Per Share	-	-	0.577	0.235	+146%	-0.260	+145%	0.257	+124%	0.314	+84%
Usd Book Value Per Share	-	-	16.295	16.005	+2%	15.062	+8%	15.236	+7%	11.222	+45%
Usd Dividend Per Share	-	-	0.160	0.160	0%	0.157	+2%	0.139	+15%	0.096	+67%
Usd Eps	-	-	-0.572	0.159	-460%	0.529	-208%	0.388	-247%	0.278	-306%
Usd Free Cash Flow	-	-	11641000.000	19789250.000	-41%	21987750.000	-47%	24056300.000	-52%	16576825.000	-30%
Usd Free Cash Flow Per Share	-	-	0.264	0.449	-41%	0.498	-47%	0.543	-51%	0.375	-30%
Usd Free Cash Flow To Equity Per Share	-	-	-0.844	0.361	-334%	3.080	-127%	2.314	-136%	1.529	-155%
Usd Market Cap	522276608.000	-21%	631231272.000	512351588.000	+23%	762351814.000	-17%	677666259.714	-7%	886220259.013	-29%
Usd Price Per Share	11.840	-21%	14.310	11.615	+23%	17.283	-17%	15.296	-6%	20.057	-29%
Usd Profit	-	-	-25215000.000	6995250.000	-460%	23352000.000	-208%	17175850.000	-247%	12307825.000	-305%
Usd Revenue	-	-	63065000.000	60855750.000	+4%	60389500.000	+4%	56419750.000	+12%	43348325.000	+45%
Usd Total Gains Per Share	-	-	0.737	0.395	+86%	-0.102	+114%	0.396	+86%	0.410	+80%
	EOD	+3 -5	MRQ	TTM	+16 -19	YOY	+16 -19	5Y	+13 -22	10Y	+14 -21

4.2. Fundamental Score

Let's check the fundamental score of Horizon Bancorp based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	-5.178
Price to Book Ratio (EOD)	Between	0-1	0.727
Net Profit Margin (MRQ)	Greater than	0	-0.400
Operating Margin (MRQ)	Greater than	0	-0.312
Quick Ratio (MRQ)	Greater than	1	1.452
Current Ratio (MRQ)	Greater than	1	0.971
Debt to Asset Ratio (MRQ)	Less than	1	0.909
Debt to Equity Ratio (MRQ)	Less than	1	10.034
Return on Equity (MRQ)	Greater than	0.15	-0.035
Return on Assets (MRQ)	Greater than	0.05	-0.003
Total			3/10 (30.0%)

Create your own Stock Scanner

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

4.3. Technical Score

Let's check the technical score of Horizon Bancorp based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	50.073
Ma 20	Greater than	Ma 50	11.872
Ma 50	Greater than	Ma 100	11.985
Ma 100	Greater than	Ma 200	12.446
Open	Greater than	Close	11.360
Total			2/5 (40.0%)

Create your own Symbol Scanner

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

Reversals in quarterly reports

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

	2022-12-31		2023-03-31		2023-06-30		2023-09-30		2023-12-31
Other Current Liabilities	-5,380	-542	-5,922	-6,817	-12,739	-3,542	-16,281	1,154,535	1,138,254
Net Debt	1,132,555	157,572	1,290,127	-53,413	1,236,714	58,660	1,295,374	-1,814,734	-519,360
Net Working Capital	1,153,789	1,970,417	3,124,206	-1,964,610	1,159,596	-97,722	1,061,874	-1,094,807	-32,933
Income before Tax	23,814	-3,723	20,091	124	20,215	-2,726	17,489	-36,285	-18,796
Net Income	21,165	-2,937	18,228	535	18,763	-2,558	16,205	-41,420	-25,215
EBIT	42,219	3,530	45,749	-26,437	19,312	-2,726	16,586	-36,285	-19,699
EBITDA	45,273	1,379	46,652	-26,437	20,215	-2,726	17,489	-36,285	-18,796
Operating Income	42,219	3,530	45,749	-25,534	20,215	-2,726	17,489	-36,285	-18,796
Net Income from Continuing Operations	21,165	-2,937	18,228	535	18,763	-2,558	16,205	-41,420	-25,215

Latest Balance Sheet

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

Summary

Total Assets	7,931,195
Total Liabilities	7,212,383
Total Stockholder Equity	718,812

	As reported
Total Liabilities	7,212,383
Total Stockholder Equity	+ 718,812
Total Assets	= 7,931,195

Assets

Total Assets	7,931,195
Total Current Assets	1,105,321
Long-term Assets	263,420

Total Current Assets

Total Current Assets (as reported)	1,105,321
Cash And Cash Equivalents	519,360
Short-term Investments	547,251
Net Receivables	38,710
Inventory	-1,105,321
Other Current Assets	561,786
Total Current Assets (calculated)	561,786
+/-	543,535

Long-term Assets

Long-term Assets (as reported)	263,420
Property Plant Equipment	94,583
Goodwill	155,211
Long Term Investments	2,492,889
Intangible Assets	13,626
Long-term Assets Other	209,572
Long-term Assets (calculated)	2,965,881
+/-	2,702,461

Liabilities & Shareholders' Equity

Total Current Liabilities	1,138,254
Long-term Liabilities	6,074,129
Total Stockholder Equity	718,812

Total Current Liabilities

Total Current Liabilities (as reported)	1,138,254
Short-term Debt	652,902
Accounts payable	22,249
Other Current Liabilities	1,138,254
Total Current Liabilities (calculated)	1,813,405
+/-	675,151

Long-term Liabilities

Long-term Liabilities (as reported)	6,074,129
Long term Debt	899,821
Long-term Liabilities (calculated)	899,821
+/-	5,174,308

Total Stockholder Equity

Total Stockholder Equity (as reported)	718,812
Retained Earnings	429,021
Accumulated Other Comprehensive Income	-66,609
Other Stockholders Equity	356,400
Total Stockholder Equity (calculated)	718,812
+/-	0

Other

Cash and Short Term Investments	1,066,611
Common Stock Shares Outstanding	43,650
Current Deferred Revenue	-22,249
Liabilities and Stockholders Equity	7,931,195
Net Debt	-519,360
Net Invested Capital	1,618,633
Net Working Capital	-32,933
Property Plant and Equipment Gross	158,826
Short Long Term Debt Total	1,465,851

Balance Sheet

Currency in USD. All numbers in thousands.

Trend

2023-12-31

2023-09-30

2023-06-30

2023-03-31

2022-12-31

2022-09-30

2022-06-30

2022-03-31

2021-12-31

2021-09-30

2021-06-30

2021-03-31

2020-12-31

2020-09-30

2020-06-30

2020-03-31

2019-12-31

2019-09-30

2019-06-30

2019-03-31

2018-12-31

2018-09-30

2018-06-30

2018-03-31

2017-12-31

2017-09-30

2017-06-30

2017-03-31

2016-12-31

2016-09-30

2016-06-30

2016-03-31

2015-12-31

2015-09-30

2015-06-30

2015-03-31

2014-12-31

2014-09-30

2014-06-30

2014-03-31

2013-12-31

2013-09-30

2013-06-30

2013-03-31

2012-12-31

2012-09-30

2012-06-30

2012-03-31

2011-12-31

2011-09-30

2011-06-30

2011-03-31

2010-12-31

2010-09-30

2010-06-30

2010-03-31

2009-12-31

2009-09-30

2009-06-30

2009-03-31

2008-12-31

2008-09-30

2008-06-30

2008-03-31

2007-12-31

2007-09-30

2007-06-30

2007-03-31

2006-12-31

2006-09-30

2006-06-30

2006-03-31

2005-12-31

2005-09-30

2005-06-30

2005-03-31

2004-12-31

2004-09-30

2004-06-30

2004-03-31

2003-12-31

2003-09-30

2003-06-30

2003-03-31

2002-12-31

2002-09-30

2002-06-30

2002-03-31

2001-12-31

2001-09-30

2001-06-30

2001-03-31

2000-12-31

2000-09-30

2000-06-30

2000-03-31

1999-12-31

1999-09-30

1999-06-30

1999-03-31

1998-12-31

1998-09-30

1998-06-30

1998-03-31

1997-12-31

1997-09-30

1997-06-30

1997-03-31

1996-12-31

1996-09-30

1996-06-30

1996-03-31

1995-12-31

1995-09-30

1995-06-30

1995-03-31

> Total Assets

0
345,800
356,600
368,013
359,100
375,600
371,100
382,038
375,200
387,700
364,600
359,800
362,800
381,000
382,600
416,200
420,000
438,100
416,000
526,000
507,405
533,673
534,206
531,776
516,210
554,245
516,927
587,945
592,704
644,106
699,410
720,130
697,681
779,115
755,089
757,071
823,494
806,279
816,069
913,831
911,706
1,098,631
1,084,319
1,127,875
1,072,983
1,131,141
1,159,189
1,222,430
1,151,886
1,192,283
1,194,246
1,258,874
1,249,676
1,194,447
1,188,631
1,306,857
1,442,851
1,343,296
1,321,224
1,387,020
1,301,660
1,464,415
1,485,058
1,400,919
1,382,390
1,413,737
1,490,810
1,547,162
1,546,831
1,563,265
1,846,776
1,847,677
1,734,250
1,785,907
1,781,024
1,758,276
1,806,583
2,073,251
2,037,045
2,076,922
2,153,965
2,219,307
2,606,833
2,652,401
2,627,918
2,918,080
3,325,658
3,141,156
3,169,643
3,321,178
3,519,658
3,964,303
3,969,750
4,076,611
4,150,561
4,246,688
5,051,639
5,098,682
5,186,714
5,244,363
5,351,325
5,739,262
5,790,143
5,886,614
6,055,528
6,109,227
7,534,240
7,355,432
7,420,328
7,640,936
7,718,695
7,872,518
7,897,995
7,963,353
7,959,434
7,931,195

7,931,195

7,959,434

7,963,353

7,897,995

7,872,518

7,718,695

7,640,936

7,420,328

7,355,432

7,534,240

6,109,227

6,055,528

5,886,614

5,790,143

5,739,262

5,351,325

5,244,363

5,186,714

5,098,682

5,051,639

4,246,688

4,150,561

4,076,611

3,969,750

3,964,303

3,519,658

3,321,178

3,169,643

3,141,156

3,325,658

2,918,080

2,627,918

2,652,401

2,606,833

2,219,307

2,153,965

2,076,922

2,037,045

2,073,251

1,806,583

1,758,276

1,781,024

1,785,907

1,734,250

1,847,677

1,846,776

1,563,265

1,546,831

1,547,162

1,490,810

1,413,737

1,382,390

1,400,919

1,485,058

1,464,415

1,301,660

1,387,020

1,321,224

1,343,296

1,442,851

1,306,857

1,188,631

1,194,447

1,249,676

1,258,874

1,194,246

1,192,283

1,151,886

1,222,430

1,159,189

1,131,141

1,072,983

1,127,875

1,084,319

1,098,631

911,706

913,831

816,069

806,279

823,494

757,071

755,089

779,115

697,681

720,130

699,410

644,106

592,704

587,945

516,927

554,245

516,210

531,776

534,206

533,673

507,405

526,000

416,000

438,100

420,000

416,200

382,600

381,000

362,800

359,800

364,600

387,700

375,200

382,038

371,100

375,600

359,100

368,013

356,600

345,800

> Total Current Assets

0
109,300
111,900
50,282
98,200
96,100
92,300
22,556
0
0
0
0
0
0
0
0
0
0
0
0
19,663
37,321
35,492
38,590
25,731
49,001
32,193
22,084
34,464
64,171
24,843
39,523
28,784
37,077
37,502
247,898
21,736
26,539
49,158
304,223
317,982
766,447
770,827
822,706
792,625
857,948
888,139
947,759
885,440
935,860
931,446
991,737
977,854
908,386
923,754
967,771
1,078,553
973,761
935,252
1,004,463
895,121
1,010,793
1,044,325
966,135
893,154
911,608
1,006,874
1,066,150
1,062,363
1,077,588
1,278,632
1,299,446
1,186,128
1,226,767
1,190,272
1,170,545
1,206,647
1,452,324
1,457,932
1,502,789
1,572,747
1,639,191
1,872,106
1,902,021
1,868,266
2,162,815
2,430,254
2,355,467
2,343,145
2,464,569
2,634,065
3,046,379
3,048,193
3,134,347
3,178,305
3,231,627
3,887,484
3,940,250
3,937,482
3,934,028
3,981,636
4,344,935
4,327,234
4,317,304
4,366,298
4,003,755
4,817,562
876,098
1,264,988
1,178,864
1,128,224
1,159,169
3,130,128
1,172,335
1,078,155
1,105,321

1,105,321

1,078,155

1,172,335

3,130,128

1,159,169

1,128,224

1,178,864

1,264,988

876,098

4,817,562

4,003,755

4,366,298

4,317,304

4,327,234

4,344,935

3,981,636

3,934,028

3,937,482

3,940,250

3,887,484

3,231,627

3,178,305

3,134,347

3,048,193

3,046,379

2,634,065

2,464,569

2,343,145

2,355,467

2,430,254

2,162,815

1,868,266

1,902,021

1,872,106

1,639,191

1,572,747

1,502,789

1,457,932

1,452,324

1,206,647

1,170,545

1,190,272

1,226,767

1,186,128

1,299,446

1,278,632

1,077,588

1,062,363

1,066,150

1,006,874

911,608

893,154

966,135

1,044,325

1,010,793

895,121

1,004,463

935,252

973,761

1,078,553

967,771

923,754

908,386

977,854

991,737

931,446

935,860

885,440

947,759

888,139

857,948

792,625

822,706

770,827

766,447

317,982

304,223

49,158

26,539

21,736

247,898

37,502

37,077

28,784

39,523

24,843

64,171

34,464

22,084

32,193

49,001

25,731

38,590

35,492

37,321

19,663

22,556

92,300

96,100

98,200

50,282

111,900

109,300

Cash And Cash Equivalents

0
13,100
17,100
47,382
16,700
16,100
14,700
20,340
0
0
0
0
0
0
0
0
0
0
0
0
17,079
34,469
32,480
35,289
22,906
45,912
29,314
18,875
31,482
60,893
21,422
36,013
25,343
33,629
33,670
37,599
17,566
22,843
45,129
19,239
16,264
38,804
20,774
54,985
22,100
25,106
21,905
53,210
22,135
29,301
19,908
19,964
51,328
20,079
21,714
38,680
19,755
24,303
15,312
68,702
25,829
25,216
18,203
15,683
31,409
20,832
18,462
20,447
19,049
23,743
41,562
30,735
27,053
31,735
40,500
31,721
35,820
50,804
37,318
43,476
38,676
43,857
48,155
48,650
47,612
109,224
83,721
70,832
60,280
65,993
72,662
76,441
63,591
69,018
69,697
74,236
102,118
102,776
99,734
107,286
95,697
179,382
108,339
258,676
537,319
311,165
977,584
598,290
125,000
112,647
112,473
126,317
137,820
231,438
177,344
519,360

519,360

177,344

231,438

137,820

126,317

112,473

112,647

125,000

598,290

977,584

311,165

537,319

258,676

108,339

179,382

95,697

107,286

99,734

102,776

102,118

74,236

69,697

69,018

63,591

76,441

72,662

65,993

60,280

70,832

83,721

109,224

47,612

48,650

48,155

43,857

38,676

43,476

37,318

50,804

35,820

31,721

40,500

31,735

27,053

30,735

41,562

23,743

19,049

20,447

18,462

20,832

31,409

15,683

18,203

25,216

25,829

68,702

15,312

24,303

19,755

38,680

21,714

20,079

51,328

19,964

19,908

29,301

22,135

53,210

21,905

25,106

22,100

54,985

20,774

38,804

16,264

19,239

45,129

22,843

17,566

37,599

33,670

33,629

25,343

36,013

21,422

60,893

31,482

18,875

29,314

45,912

22,906

35,289

32,480

34,469

17,079

20,340

14,700

16,100

16,700

47,382

17,100

13,100

Short-term Investments

0
93,400
92,100
0
78,600
77,000
75,400
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,271
0
0
0
267
0
0
0
12,445
0
0
0
215,695
0
0
0
281,282
296,905
301,185
282,884
275,177
250,103
242,262
239,869
243,078
234,823
224,541
230,631
234,675
238,993
251,976
230,107
301,638
325,219
319,066
333,031
4,783
351,630
396,527
384,204
0
435,356
449,817
430,702
431,045
433,501
435,615
497,704
482,801
479,976
482,453
514,144
508,591
519,430
366,289
323,492
323,764
331,033
330,970
435,673
444,982
462,476
455,239
557,213
439,831
474,222
505,051
509,844
509,665
507,736
526,195
542,305
600,348
687,142
673,419
767,230
841,079
900,476
935,140
1,015,343
1,134,025
1,262,175
1,691,186
1,669,634
1,160,812
1,112,512
1,041,020
985,655
997,558
943,441
905,813
865,168
547,251

547,251

865,168

905,813

943,441

997,558

985,655

1,041,020

1,112,512

1,160,812

1,669,634

1,691,186

1,262,175

1,134,025

1,015,343

935,140

900,476

841,079

767,230

673,419

687,142

600,348

542,305

526,195

507,736

509,665

509,844

505,051

474,222

439,831

557,213

455,239

462,476

444,982

435,673

330,970

331,033

323,764

323,492

366,289

519,430

508,591

514,144

482,453

479,976

482,801

497,704

435,615

433,501

431,045

430,702

449,817

435,356

384,204

396,527

351,630

4,783

333,031

319,066

325,219

301,638

230,107

251,976

238,993

234,675

230,631

224,541

234,823

243,078

239,869

242,262

250,103

275,177

282,884

301,185

296,905

281,282

215,695

12,445

267

1,271

75,400

77,000

78,600

92,100

93,400

Net Receivables

0
2,800
2,700
2,900
2,900
3,000
2,200
2,216
0
0
0
0
0
0
0
0
0
0
0
0
2,584
2,852
3,012
3,301
2,825
3,089
2,879
3,209
2,982
3,278
3,421
3,510
3,441
3,448
3,832
3,769
4,170
3,696
4,029
4,688
4,854
5,383
5,678
5,813
5,318
5,365
5,655
6,094
5,759
6,134
6,354
5,897
5,704
5,888
5,518
5,708
6,038
6,051
6,222
5,986
6,206
6,583
6,720
6,519
6,633
6,778
6,651
6,671
6,798
6,685
8,248
7,716
7,549
7,749
7,506
7,501
7,536
8,280
8,411
8,246
8,431
8,823
10,862
10,535
10,476
11,526
12,702
12,713
12,581
13,316
14,880
16,244
12,044
12,993
13,999
14,239
17,423
19,015
18,282
18,828
17,774
20,185
20,456
21,396
20,951
21,702
24,762
26,137
27,476
28,996
30,096
35,294
36,428
37,536
37,850
38,710

38,710

37,850

37,536

36,428

35,294

30,096

28,996

27,476

26,137

24,762

21,702

20,951

21,396

20,456

20,185

17,774

18,828

18,282

19,015

17,423

14,239

13,999

12,993

12,044

16,244

14,880

13,316

12,581

12,713

12,702

11,526

10,476

10,535

10,862

8,823

8,431

8,246

8,411

8,280

7,536

7,501

7,506

7,749

7,549

7,716

8,248

6,685

6,798

6,671

6,651

6,778

6,633

6,519

6,720

6,583

6,206

5,986

6,222

6,051

6,038

5,708

5,518

5,888

5,704

5,897

6,354

6,134

5,759

6,094

5,655

5,365

5,318

5,813

5,678

5,383

4,854

4,688

4,029

3,696

4,170

3,769

3,832

3,448

3,441

3,510

3,421

3,278

2,982

3,209

2,879

3,089

2,825

3,301

3,012

2,852

2,584

2,216

2,200

3,000

2,900

2,700

2,800

Other 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
0
0
0
0
0
0
0
0
0
722,260
744,375
761,908
765,207
827,477
860,579
888,455
857,546
900,425
905,184
965,876
920,822
882,419
896,522
923,383
1,052,760
943,407
913,718
929,775
863,086
978,994
1,019,402
943,933
855,112
883,998
981,761
1,039,032
1,036,516
1,047,160
731,118
778,194
671,550
704,830
628,122
622,732
643,861
1,028,822
1,088,711
1,127,303
1,194,607
1,255,541
1,377,416
1,397,854
1,347,702
1,586,826
1,776,618
1,832,091
1,796,062
1,880,209
2,036,679
2,444,029
2,464,822
2,526,141
2,552,304
2,542,804
3,080,801
3,145,040
3,052,236
2,973,138
2,967,689
3,210,228
3,183,096
2,903,207
2,545,853
1,979,702
2,145,582
-909,141
31,257
-3,799
142,569
163,751
174,248
268,974
215,194
561,786

561,786

215,194

268,974

174,248

163,751

142,569

-3,799

31,257

-909,141

2,145,582

1,979,702

2,545,853

2,903,207

3,183,096

3,210,228

2,967,689

2,973,138

3,052,236

3,145,040

3,080,801

2,542,804

2,552,304

2,526,141

2,464,822

2,444,029

2,036,679

1,880,209

1,796,062

1,832,091

1,776,618

1,586,826

1,347,702

1,397,854

1,377,416

1,255,541

1,194,607

1,127,303

1,088,711

1,028,822

643,861

622,732

628,122

704,830

671,550

778,194

731,118

1,047,160

1,036,516

1,039,032

981,761

883,998

855,112

943,933

1,019,402

978,994

863,086

929,775

913,718

943,407

1,052,760

923,383

896,522

882,419

920,822

965,876

905,184

900,425

857,546

888,455

860,579

827,477

765,207

761,908

744,375

722,260

> Long-term Assets

0
104,100
103,000
98,136
89,800
88,700
87,800
85,904
0
0
100
0
0
-100
0
0
-100
0
0
0
83,871
85,258
90,124
88,656
81,444
77,600
65,366
83,535
95,913
135,764
129,941
125,247
161,092
170,291
204,949
16,460
254,941
236,233
223,362
17,561
17,485
332,184
313,492
305,169
280,358
273,193
271,050
274,671
266,446
256,423
262,800
267,137
271,822
286,061
264,877
339,086
364,298
369,535
385,972
382,557
406,539
453,622
440,733
434,784
489,236
502,129
483,936
481,012
484,468
485,677
568,144
548,781
548,122
559,140
590,752
587,731
599,936
620,927
579,113
574,133
581,218
580,116
735,808
750,380
759,652
755,265
895,396
785,689
826,498
856,609
885,436
917,924
921,557
942,264
972,256
1,015,061
1,164,155
1,158,432
1,249,232
1,312,801
1,369,689
1,394,327
1,462,909
1,569,310
1,689,230
2,105,472
2,716,678
2,982,209
3,386,304
3,361,232
3,282,922
3,285,433
3,222,339
265,697
264,457
263,420

263,420

264,457

265,697

3,222,339

3,285,433

3,282,922

3,361,232

3,386,304

2,982,209

2,716,678

2,105,472

1,689,230

1,569,310

1,462,909

1,394,327

1,369,689

1,312,801

1,249,232

1,158,432

1,164,155

1,015,061

972,256

942,264

921,557

917,924

885,436

856,609

826,498

785,689

895,396

755,265

759,652

750,380

735,808

580,116

581,218

574,133

579,113

620,927

599,936

587,731

590,752

559,140

548,122

548,781

568,144

485,677

484,468

481,012

483,936

502,129

489,236

434,784

440,733

453,622

406,539

382,557

385,972

369,535

364,298

339,086

264,877

286,061

271,822

267,137

262,800

256,423

266,446

274,671

271,050

273,193

280,358

305,169

313,492

332,184

17,485

17,561

223,362

236,233

254,941

16,460

204,949

170,291

161,092

125,247

129,941

135,764

95,913

83,535

65,366

77,600

81,444

88,656

90,124

85,258

83,871

-100

100

85,904

87,800

88,700

89,800

98,136

103,000

104,100

Property Plant Equipment

0
10,700
10,900
11,027
11,200
11,700
12,400
14,053
15,000
15,700
16,200
16,100
16,200
16,500
16,900
18,400
18,600
18,900
18,400
18,100
17,836
17,468
17,275
17,281
17,039
16,708
16,528
16,197
15,657
15,406
15,828
15,794
15,757
15,674
15,473
16,460
16,529
16,732
17,390
17,561
17,485
22,243
21,946
21,425
21,781
22,550
22,891
23,394
23,513
23,861
24,232
24,607
25,054
25,575
26,424
28,280
29,548
30,210
29,972
30,534
30,628
34,458
34,274
34,194
34,710
33,255
34,289
34,665
35,775
35,980
40,297
42,184
42,431
43,362
43,473
46,194
47,013
50,853
50,945
52,461
53,989
54,778
60,700
60,798
60,190
61,186
67,265
66,357
66,314
65,358
73,743
75,529
75,408
75,063
75,348
74,331
93,822
91,469
92,800
92,209
92,785
92,232
92,189
92,416
92,109
88,604
93,866
93,441
93,075
93,778
92,356
92,677
91,814
95,053
94,716
94,583

94,583

94,716

95,053

91,814

92,677

92,356

93,778

93,075

93,441

93,866

88,604

92,109

92,416

92,189

92,232

92,785

92,209

92,800

91,469

93,822

74,331

75,348

75,063

75,408

75,529

73,743

65,358

66,314

66,357

67,265

61,186

60,190

60,798

60,700

54,778

53,989

52,461

50,945

50,853

47,013

46,194

43,473

43,362

42,431

42,184

40,297

35,980

35,775

34,665

34,289

33,255

34,710

34,194

34,274

34,458

30,628

30,534

29,972

30,210

29,548

28,280

26,424

25,575

25,054

24,607

24,232

23,861

23,513

23,394

22,891

22,550

21,781

21,425

21,946

22,243

17,485

17,561

17,390

16,732

16,529

16,460

15,473

15,674

15,757

15,794

15,828

15,406

15,657

16,197

16,528

16,708

17,039

17,281

17,275

17,468

17,836

18,100

18,400

18,900

18,600

18,400

16,900

16,500

16,200

16,100

16,200

15,700

15,000

14,053

12,400

11,700

11,200

11,027

10,900

10,700

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
5,787
5,787
5,787
5,787
5,787
5,787
5,787
5,787
5,787
5,787
5,787
5,787
5,787
5,787
5,787
5,787
5,787
5,787
5,787
5,787
5,910
5,910
5,910
5,910
5,910
5,910
5,910
5,910
5,910
19,748
19,748
19,748
19,748
19,748
19,748
20,483
28,034
28,034
28,176
28,176
28,176
49,214
49,600
49,600
56,458
75,596
77,052
77,644
77,644
93,925
119,880
119,880
119,880
119,880
119,880
145,690
151,111
151,238
151,238
151,238
151,238
151,238
151,238
151,238
151,238
162,788
154,572
154,572
154,572
155,211
155,211
155,211
155,211
155,211
155,211

155,211

154,572

162,788

151,238

151,111

145,690

119,880

93,925

77,644

77,052

75,596

56,458

49,600

49,214

28,176

28,034

20,483

19,748

5,910

5,787

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
0
0
0
0
0
0
0
0
14,975
22,932
21,190
17,302
15,400
24,263
13,744
11,215
24,620
14,504
13,191
15,245
180,486
176,616
171,910
170,511
170,338
187,770
195,546
183,459
181,508
194,396
201,281
200,657
203,204
202,221
203,542
208,662
212,767
225,828
211,150
208,306
216,953
211,366
211,987
205,712
1,141,988
1,208,666
1,316,239
1,431,623
1,844,470
2,438,874
2,713,255
3,122,422
3,093,792
3,017,191
3,020,306
2,958,978
2,889,309
2,831,651
2,492,889

2,492,889

2,831,651

2,889,309

2,958,978

3,020,306

3,017,191

3,093,792

3,122,422

2,713,255

2,438,874

1,844,470

1,431,623

1,316,239

1,208,666

1,141,988

205,712

211,987

211,366

216,953

208,306

211,150

225,828

212,767

208,662

203,542

202,221

203,204

200,657

201,281

194,396

181,508

183,459

195,546

187,770

170,338

170,511

171,910

176,616

180,486

15,245

13,191

14,504

24,620

11,215

13,744

24,263

15,400

17,302

21,190

22,932

14,975

Intangible 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
0
0
0
0
0
0
0
1,332
0
2,969
2,875
2,780
2,687
2,594
2,503
2,412
2,323
2,234
2,150
2,068
1,988
1,908
1,829
1,751
1,674
1,597
1,521
1,447
1,372
2,970
2,855
2,741
2,628
2,515
2,403
2,292
2,182
2,072
4,295
4,048
3,857
3,667
3,477
3,288
3,100
4,422
4,193
3,965
3,738
3,531
7,648
7,371
7,095
8,686
9,583
9,195
9,450
9,082
9,494
12,402
11,844
11,359
10,875
10,390
31,174
28,665
27,658
26,679
25,723
24,782
23,869
23,902
22,058
21,160
21,150
20,941
20,016
19,090
18,164
17,239
16,336
15,433
14,530
13,626

13,626

14,530

15,433

16,336

17,239

18,164

19,090

20,016

20,941

21,150

21,160

22,058

23,902

23,869

24,782

25,723

26,679

27,658

28,665

31,174

10,390

10,875

11,359

11,844

12,402

9,494

9,082

9,450

9,195

9,583

8,686

7,095

7,371

7,648

3,531

3,738

3,965

4,193

4,422

3,100

3,288

3,477

3,667

3,857

4,048

4,295

2,072

2,182

2,292

2,403

2,515

2,628

2,741

2,855

2,970

1,372

1,447

1,521

1,597

1,674

1,751

1,829

1,908

1,988

2,068

2,150

2,234

2,323

2,412

2,503

2,594

2,687

2,780

2,875

2,969

1,332

Earning 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
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
938,367
921,376
1,009,764
1,089,351
1,176,680
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

1,176,680

1,089,351

1,009,764

921,376

938,367

Other Assets

0
132,400
141,700
219,595
171,100
190,800
191,000
273,578
375,200
387,700
364,500
359,800
362,800
381,100
382,600
416,200
420,100
438,100
416,000
526,000
403,871
411,094
408,590
404,530
409,035
427,644
419,368
482,326
462,327
444,171
544,626
555,360
507,805
571,747
512,638
492,713
546,817
543,507
543,549
592,047
576,239
1,430,815
1,397,811
1,433,044
1,353,341
1,404,334
1,430,239
1,497,101
1,418,332
1,448,706
1,457,046
1,526,011
1,521,498
1,480,508
1,453,508
1,645,943
1,807,149
1,712,831
1,707,196
1,769,577
1,708,199
1,918,037
1,925,791
1,835,703
1,871,626
1,915,866
1,974,746
2,028,174
2,031,299
2,048,942
2,414,920
-550
2,282,372
2,345,047
2,371,776
2,346,007
2,406,519
2,694,178
2,616,158
2,651,055
2,735,183
2,799,423
-1,081
3,402,781
3,387,570
3,673,345
8
3,926,845
3,996,141
4,177,787
157
4,882,227
4,891,307
5,018,875
5,122,817
5,261,749
6,215,794
6,257,114
6,435,946
-2,466
6,721,014
7,133,589
7,253,052
7,455,924
7,744,758
8,214,699
10,250,918
3,497,125
2,769,036
3,100,840
3,307,549
3,427,916
1,545,528
6,525,321
6,616,822
6,562,454

6,562,454

6,616,822

6,525,321

1,545,528

3,427,916

3,307,549

3,100,840

2,769,036

3,497,125

10,250,918

8,214,699

7,744,758

7,455,924

7,253,052

7,133,589

6,721,014

-2,466

6,435,946

6,257,114

6,215,794

5,261,749

5,122,817

5,018,875

4,891,307

4,882,227

157

4,177,787

3,996,141

3,926,845

3,673,345

3,387,570

3,402,781

-1,081

2,799,423

2,735,183

2,651,055

2,616,158

2,694,178

2,406,519

2,346,007

2,371,776

2,345,047

2,282,372

-550

2,414,920

2,048,942

2,031,299

2,028,174

1,974,746

1,915,866

1,871,626

1,835,703

1,925,791

1,918,037

1,708,199

1,769,577

1,707,196

1,712,831

1,807,149

1,645,943

1,453,508

1,480,508

1,521,498

1,526,011

1,457,046

1,448,706

1,418,332

1,497,101

1,430,239

1,404,334

1,353,341

1,433,044

1,397,811

1,430,815

576,239

592,047

543,549

543,507

546,817

492,713

512,638

571,747

507,805

555,360

544,626

444,171

462,327

482,326

419,368

427,644

409,035

404,530

408,590

411,094

403,871

526,000

416,000

438,100

420,100

416,200

382,600

381,100

362,800

359,800

364,500

387,700

375,200

273,578

191,000

190,800

171,100

219,595

141,700

132,400

> Total Liabilities

0
315,000
324,900
339,460
330,500
346,800
342,200
352,741
341,700
353,700
331,600
327,000
330,100
347,900
350,300
384,300
389,000
408,600
387,400
497,000
477,999
503,564
503,122
500,152
483,475
520,912
482,071
553,002
545,014
606,084
658,766
678,720
655,029
734,189
710,258
710,848
774,383
760,987
766,250
863,399
862,068
1,045,800
1,030,165
1,074,345
1,017,887
1,076,514
1,099,699
1,160,553
1,087,393
1,129,111
1,126,580
1,188,229
1,175,005
1,120,834
1,113,559
1,203,507
1,336,424
1,236,102
1,207,391
1,272,415
1,185,944
1,347,903
1,364,946
1,288,636
1,266,330
1,292,230
1,372,130
1,425,697
1,420,593
1,432,653
1,690,914
1,688,709
1,571,973
1,625,742
1,617,565
1,593,657
1,636,800
1,885,915
1,847,265
1,882,508
1,954,474
2,017,176
2,342,095
2,385,569
2,366,501
2,637,078
2,980,133
2,800,301
2,821,068
2,963,919
3,127,446
3,507,225
3,509,334
3,606,076
3,672,967
3,754,696
4,442,171
4,472,221
4,544,003
4,588,340
4,720,483
5,087,056
5,119,850
5,194,398
5,366,149
5,398,853
6,825,698
6,632,223
6,742,878
6,983,071
7,073,702
7,195,143
7,195,436
7,254,110
7,266,065
7,212,383

7,212,383

7,266,065

7,254,110

7,195,436

7,195,143

7,073,702

6,983,071

6,742,878

6,632,223

6,825,698

5,398,853

5,366,149

5,194,398

5,119,850

5,087,056

4,720,483

4,588,340

4,544,003

4,472,221

4,442,171

3,754,696

3,672,967

3,606,076

3,509,334

3,507,225

3,127,446

2,963,919

2,821,068

2,800,301

2,980,133

2,637,078

2,366,501

2,385,569

2,342,095

2,017,176

1,954,474

1,882,508

1,847,265

1,885,915

1,636,800

1,593,657

1,617,565

1,625,742

1,571,973

1,688,709

1,690,914

1,432,653

1,420,593

1,425,697

1,372,130

1,292,230

1,266,330

1,288,636

1,364,946

1,347,903

1,185,944

1,272,415

1,207,391

1,236,102

1,336,424

1,203,507

1,113,559

1,120,834

1,175,005

1,188,229

1,126,580

1,129,111

1,087,393

1,160,553

1,099,699

1,076,514

1,017,887

1,074,345

1,030,165

1,045,800

862,068

863,399

766,250

760,987

774,383

710,848

710,258

734,189

655,029

678,720

658,766

606,084

545,014

553,002

482,071

520,912

483,475

500,152

503,122

503,564

477,999

497,000

387,400

408,600

389,000

384,300

350,300

347,900

330,100

327,000

331,600

353,700

341,700

352,741

342,200

346,800

330,500

339,460

324,900

315,000

> Total Current Liabilities

0
9,300
8,900
21,569
14,200
27,000
18,000
307,000
301,700
288,700
286,600
285,000
284,100
306,900
300,300
330,300
335,000
354,600
333,400
392,000
397,800
393,300
427,800
424,900
423,200
440,600
401,800
447,700
419,900
458,800
514,700
25,266
159,720
48,949
157,300
20,992
48,866
37,658
24,611
83,305
60,185
74,259
73,837
51,687
78,069
74,430
122,483
85,613
63,998
88,474
81,070
261,291
1,147,200
1,966
1,949
1,910
1,849
1,657
1,304
1,135
1,038
1,015
766
781
786
705
582
596
555
911
579
560
552
931
488
506
498
508
477
497
504
461
490
507
580
961
1,015
19,972
523
559
700
13,386
1,216
1,441
1,688
2,031
2,471
3,005
2,725
3,062
2,772
2,353
2,481
2,712
1,772
2,430
1,427
2,235
1,420
2,402
1,961
5,380
5,922
12,739
16,281
1,138,254

1,138,254

16,281

12,739

5,922

5,380

1,961

2,402

1,420

2,235

1,427

2,430

1,772

2,712

2,481

2,353

2,772

3,062

2,725

3,005

2,471

2,031

1,688

1,441

1,216

13,386

700

559

523

19,972

1,015

961

580

507

490

461

504

497

477

508

498

506

488

931

552

560

579

911

555

596

582

705

786

781

766

1,015

1,038

1,135

1,304

1,657

1,849

1,910

1,949

1,966

1,147,200

261,291

81,070

88,474

63,998

85,613

122,483

74,430

78,069

51,687

73,837

74,259

60,185

83,305

24,611

37,658

48,866

20,992

157,300

48,949

159,720

25,266

514,700

458,800

419,900

447,700

401,800

440,600

423,200

424,900

427,800

393,300

397,800

392,000

333,400

354,600

335,000

330,300

300,300

306,900

284,100

285,000

286,600

288,700

301,700

307,000

18,000

27,000

14,200

21,569

8,900

9,300

Short-term Debt

0
8,700
8,300
21,569
13,500
26,200
17,400
12,849
0
0
0
0
0
0
0
0
0
0
0
0
94,725
14,700
6,757
34,148
16,093
24,964
17,716
22,344
17,857
16,696
22,434
24,409
158,985
48,252
156,536
20,241
48,121
36,908
23,880
82,281
58,983
72,712
72,108
50,024
76,754
72,988
120,579
83,842
62,279
86,689
78,661
258,852
258,852
0
0
0
0
0
0
0
0
0
0
0
0
230,141
336,095
370,111
310,889
339,880
333,150
345,764
208,899
282,837
242,505
256,296
236,043
340,201
350,113
351,198
440,415
385,236
373,901
487,067
430,507
492,883
569,908
19,500
319,993
485,304
498,609
12,500
562,551
567,143
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
742,684
0
0
0
652,902

652,902

742,684

567,143

562,551

12,500

498,609

485,304

319,993

19,500

569,908

492,883

430,507

487,067

373,901

385,236

440,415

351,198

350,113

340,201

236,043

256,296

242,505

282,837

208,899

345,764

333,150

339,880

310,889

370,111

336,095

230,141

258,852

78,661

86,689

62,279

83,842

120,579

72,988

76,754

50,024

72,108

72,712

58,983

82,281

23,880

36,908

48,121

20,241

156,536

48,252

158,985

24,409

22,434

16,696

17,857

22,344

17,716

24,964

16,093

34,148

6,757

14,700

94,725

12,849

17,400

26,200

13,500

21,569

8,300

8,700

Short Long Term Debt

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
388,387
0
0
0
487,067
430,507
492,883
569,908
308,105
319,993
485,304
498,609
604,352
562,551
567,143
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

567,143

562,551

604,352

498,609

485,304

319,993

308,105

569,908

492,883

430,507

487,067

388,387

Accounts payable

0
600
600
0
700
800
600
0
800
600
700
700
800
600
800
800
900
800
800
900
378,784
374,537
1,362
1,015
1,286
1,032
1,025
765
819
712
762
857
735
697
764
751
745
750
731
1,024
1,202
1,547
1,729
1,663
1,315
1,442
1,904
1,771
1,719
1,785
2,409
2,439
883,730
1,966
1,949
1,910
1,849
1,657
1,304
1,135
1,038
1,015
766
781
786
705
582
596
555
911
579
560
552
931
488
506
498
508
477
497
504
461
490
507
580
961
1,015
472
523
559
700
886
1,216
1,441
1,688
2,031
2,471
3,005
2,725
3,062
2,772
2,353
2,481
2,712
1,772
2,430
1,427
2,235
1,420
2,402
1,961
5,380
5,922
12,739
16,281
22,249

22,249

16,281

12,739

5,922

5,380

1,961

2,402

1,420

2,235

1,427

2,430

1,772

2,712

2,481

2,353

2,772

3,062

2,725

3,005

2,471

2,031

1,688

1,441

1,216

886

700

559

523

472

1,015

961

580

507

490

461

504

497

477

508

498

506

488

931

552

560

579

911

555

596

582

705

786

781

766

1,015

1,038

1,135

1,304

1,657

1,849

1,910

1,949

1,966

883,730

2,439

2,409

1,785

1,719

1,771

1,904

1,442

1,315

1,663

1,729

1,547

1,202

1,024

731

750

745

751

764

697

735

857

762

712

819

765

1,025

1,032

1,286

1,015

1,362

374,537

378,784

900

800

900

800

600

800

700

600

800

600

800

700

600

Other Current Liabilities

0
-9,300
-8,900
-21,569
-14,200
-27,000
-18,000
294,151
300,900
288,100
285,900
284,300
283,300
306,300
299,500
329,500
334,100
353,800
332,600
391,100
303,075
378,600
419,681
389,737
405,821
414,604
383,059
424,591
401,224
441,392
491,504
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
-1,966
-1,949
-1,910
-1,849
-1,657
-1,304
-1,135
-1,038
-1,015
-766
-781
-786
-705
-582
-596
-555
-911
-579
-560
-552
-931
-488
-506
-498
-508
-477
-497
-504
-461
-490
-507
-580
-961
-1,015
2,471,210
-523
-559
-700
2,881,003
-1,216
-1,441
-1,688
-2,031
-2,471
-3,005
-2,725
-3,062
-2,772
-2,353
-2,481
-2,712
-1,772
-2,430
-1,427
-2,235
-1,420
-2,402
-1,961
-5,380
-5,922
-12,739
-16,281
1,138,254

1,138,254

-16,281

-12,739

-5,922

-5,380

-1,961

-2,402

-1,420

-2,235

-1,427

-2,430

-1,772

-2,712

-2,481

-2,353

-2,772

-3,062

-2,725

-3,005

-2,471

-2,031

-1,688

-1,441

-1,216

2,881,003

-700

-559

-523

2,471,210

-1,015

-961

-580

-507

-490

-461

-504

-497

-477

-508

-498

-506

-488

-931

-552

-560

-579

-911

-555

-596

-582

-705

-786

-781

-766

-1,015

-1,038

-1,135

-1,304

-1,657

-1,849

-1,910

-1,949

-1,966

491,504

441,392

401,224

424,591

383,059

414,604

405,821

389,737

419,681

378,600

303,075

391,100

332,600

353,800

334,100

329,500

299,500

306,300

283,300

284,300

285,900

288,100

300,900

294,151

-18,000

-27,000

-14,200

-21,569

-8,900

-9,300

> Long-term Liabilities

0
17,400
15,400
21,400
25,400
25,400
30,400
41,500
40,000
65,000
45,000
42,000
46,000
41,000
50,000
54,000
54,000
54,000
54,000
105,000
80,200
110,300
75,300
75,300
60,300
80,300
80,300
105,300
137,100
147,300
144,100
159,112
12,000
190,478
12,000
137,972
145,636
125,576
125,527
162,387
162,379
160,517
165,463
161,446
156,935
156,864
156,806
156,160
188,777
213,701
243,639
27,837
283,811
321,260
356,279
210,025
348,793
377,336
339,721
311,853
301,072
312,676
349,078
291,325
254,965
260,771
366,748
400,787
341,588
370,602
365,432
146,948
241,269
315,246
274,953
107,536
268,568
372,765
382,716
149,115
473,095
417,955
406,659
191,745
463,343
525,757
607,326
180,990
357,509
522,866
495,759
386,461
557,999
562,591
515,510
394,416
513,098
492,427
572,841
447,111
760,987
698,334
702,530
480,689
596,732
554,432
786,188
771,817
844,300
1,074,952
1,961
5,380
5,922
1,468,152
1,472,718
6,074,129

6,074,129

1,472,718

1,468,152

5,922

5,380

1,961

1,074,952

844,300

771,817

786,188

554,432

596,732

480,689

702,530

698,334

760,987

447,111

572,841

492,427

513,098

394,416

515,510

562,591

557,999

386,461

495,759

522,866

357,509

180,990

607,326

525,757

463,343

191,745

406,659

417,955

473,095

149,115

382,716

372,765

268,568

107,536

274,953

315,246

241,269

146,948

365,432

370,602

341,588

400,787

366,748

260,771

254,965

291,325

349,078

312,676

301,072

311,853

339,721

377,336

348,793

210,025

356,279

321,260

283,811

27,837

243,639

213,701

188,777

156,160

156,806

156,864

156,935

161,446

165,463

160,517

162,379

162,387

125,527

125,576

145,636

137,972

12,000

190,478

12,000

159,112

144,100

147,300

137,100

105,300

80,300

60,300

75,300

110,300

80,200

105,000

54,000

50,000

41,000

46,000

42,000

45,000

65,000

40,000

41,500

30,400

25,400

21,400

15,400

17,400

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
30,630
30,653
30,676
30,699
30,722
32,282
32,331
32,370
32,409
32,448
32,486
32,525
32,564
32,603
32,642
32,680
32,719
32,758
482,144
463,343
525,757
607,326
304,945
357,509
522,866
495,759
601,810
557,999
562,591
515,510
588,221
513,098
492,427
516,591
549,741
704,613
583,073
587,473
475,000
481,488
439,094
786,188
675,753
844,300
1,074,952
1,163,917
1,142,949
1,311,927
1,352,039
0
0

1,352,039

1,311,927

1,142,949

1,163,917

1,074,952

844,300

675,753

786,188

439,094

481,488

475,000

587,473

583,073

704,613

549,741

516,591

492,427

513,098

588,221

515,510

562,591

557,999

601,810

495,759

522,866

357,509

304,945

607,326

525,757

463,343

482,144

32,758

32,719

32,680

32,642

32,603

32,564

32,525

32,486

32,448

32,409

32,370

32,331

32,282

30,722

30,699

30,676

30,653

30,630

Other Liabilities

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4,490
4,007
4,990
4,336
4,665
4,580
5,316
5,766
5,340
5,492
6,159
5,940
5,439
6,017
6,522
6,467
5,462
5,564
5,725
6,514
5,896
7,743
7,510
7,309
6,288
6,547
7,128
6,578
6,593
7,777
8,436
7,876
7,464
7,318
7,858
10,118
10,142
10,616
9,673
8,854
11,350
12,232
16,385
11,813
9,956
11,183
15,633
15,045
14,384
16,262
18,511
17,011
15,641
13,240
14,292
13,355
12,661
14,047
14,886
16,349
16,283
14,498
23,442
23,272
24,679
29,060
36,426
24,146
19,860
22,270
23,412
24,412
17,659
21,329
27,123
23,308
32,463
26,495
25,895
32,091
26,833
27,853
29,219
70,402
45,829
32,464
58,184
55,180
45,661
60,132
76,986
30,448
0
0
0
0

30,448

76,986

60,132

45,661

55,180

58,184

32,464

45,829

70,402

29,219

27,853

26,833

32,091

25,895

26,495

32,463

23,308

27,123

21,329

17,659

24,412

23,412

22,270

19,860

24,146

36,426

29,060

24,679

23,272

23,442

14,498

16,283

16,349

14,886

14,047

12,661

13,355

14,292

13,240

15,641

17,011

18,511

16,262

14,384

15,045

15,633

11,183

9,956

11,813

16,385

12,232

11,350

8,854

9,673

10,616

10,142

10,118

7,858

7,318

7,464

7,876

8,436

7,777

6,593

6,578

7,128

6,547

6,288

7,309

7,510

7,743

5,896

6,514

5,725

5,564

5,462

6,467

6,522

6,017

5,439

5,940

6,159

5,492

5,340

5,766

5,316

4,580

4,665

4,336

4,990

4,007

4,490

> Total Stockholder Equity

0
30,800
31,700
28,553
28,600
28,800
28,900
29,297
33,500
34,000
33,000
32,800
32,700
33,100
32,300
31,900
31,000
29,500
28,600
29,000
21,599
22,996
24,201
31,624
32,735
33,333
34,856
34,943
35,690
38,022
40,644
41,410
42,652
44,926
44,831
46,223
49,111
45,292
49,819
50,432
49,638
52,831
54,154
53,530
55,096
54,627
59,490
61,877
64,493
63,172
67,666
70,645
74,671
73,613
75,072
103,350
106,427
107,194
113,833
114,605
115,716
116,512
120,112
112,283
116,060
121,507
118,680
121,465
126,238
130,612
155,862
158,968
162,277
160,165
163,459
164,619
169,783
187,336
189,780
194,414
199,491
202,131
264,738
266,832
261,417
281,002
345,525
340,855
348,575
357,259
392,212
457,078
460,416
470,535
477,594
491,992
609,468
626,461
642,711
656,023
630,842
652,206
670,293
692,216
689,379
710,374
708,542
723,209
677,450
657,865
644,993
677,375
702,559
709,243
693,369
718,812

718,812

693,369

709,243

702,559

677,375

644,993

657,865

677,450

723,209

708,542

710,374

689,379

692,216

670,293

652,206

630,842

656,023

642,711

626,461

609,468

491,992

477,594

470,535

460,416

457,078

392,212

357,259

348,575

340,855

345,525

281,002

261,417

266,832

264,738

202,131

199,491

194,414

189,780

187,336

169,783

164,619

163,459

160,165

162,277

158,968

155,862

130,612

126,238

121,465

118,680

121,507

116,060

112,283

120,112

116,512

115,716

114,605

113,833

107,194

106,427

103,350

75,072

73,613

74,671

70,645

67,666

63,172

64,493

61,877

59,490

54,627

55,096

53,530

54,154

52,831

49,638

50,432

49,819

45,292

49,111

46,223

44,831

44,926

42,652

41,410

40,644

38,022

35,690

34,943

34,856

33,333

32,735

31,624

24,201

22,996

21,599

29,000

28,600

29,500

31,000

31,900

32,300

33,100

32,700

32,800

33,000

34,000

33,500

29,297

28,900

28,800

28,600

28,553

31,700

30,800

Common Stock

0
0
0
732
0
0
0
708
700
700
700
700
700
700
700
700
700
800
800
900
873
890
899
907
907
902
902
1,038
1,038
1,038
1,038
1,038
1,038
1,040
1,040
1,041
1,043
1,050
1,062
1,062
1,078
1,078
1,092
1,092
1,108
1,109
1,110
1,111
1,112
1,113
1,113
1,114
1,114
1,114
1,114
1,114
1,114
1,114
1,118
1,119
1,122
1,122
1,122
1,122
1,123
1,139
1,126
1,126
1,126
1,135
1,403
31,965
32,037
32,108
32,237
99
32,604
45,438
45,729
45,916
46,064
46,622
106,083
106,370
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

106,370

106,083

46,622

46,064

45,916

45,729

45,438

32,604

32,237

32,108

32,037

31,965

1,403

1,135

1,126

1,139

1,123

1,122

1,119

1,118

1,114

1,113

1,112

1,111

1,110

1,109

1,108

1,092

1,078

1,062

1,050

1,043

1,041

1,040

1,038

902

907

899

890

873

900

800

700

708

732

Retained Earnings Total Equity

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
84,417
86,524
89,387
93,198
97,349
101,267
105,402
109,700
114,398
118,157
121,253
123,678
127,154
130,864
134,477
138,500
141,889
144,344
148,685
152,219
156,651
161,026
164,173
169,950
176,123
181,396
185,570
195,292
205,535
214,753
224,035
230,327
241,519
256,617
269,738
260,501
269,849
284,835
301,419
316,080
332,509
348,943
363,742
380,700
398,517
415,277
429,385
440,556
452,209
0
0

452,209

440,556

429,385

415,277

398,517

380,700

363,742

348,943

332,509

316,080

301,419

284,835

269,849

260,501

269,738

256,617

241,519

230,327

224,035

214,753

205,535

195,292

185,570

181,396

176,123

169,950

164,173

161,026

156,651

152,219

148,685

144,344

141,889

138,500

134,477

130,864

127,154

123,678

121,253

118,157

114,398

109,700

105,402

101,267

97,349

93,198

89,387

86,524

84,417

Accumulated Other Comprehensive Income

0
0
0
466
0
0
0
85
-400
800
800
800
800
600
600
600
200
-1,000
-1,800
-2,400
-1,319
-1,203
-782
9
515
358
1,055
430
370
1,771
3,162
2,671
2,506
3,203
1,399
2,075
3,661
-1,210
764
-78
-2,607
-686
-1,510
-3,613
-3,285
-5,202
-2,020
-1,507
-963
-3,898
-1,276
63
1,981
-1,625
-1,013
628
1,751
1,259
6,219
5,719
5,728
4,836
5,989
2,348
4,064
7,179
7,951
7,842
8,773
8,775
10,201
9,101
8,040
1,159
565
-1,729
1,001
2,244
687
1,521
2,427
1,120
1,811
-723
2,698
3,593
2,598
-5,644
-3,777
-1,416
-1,777
-3,551
-10,178
-10,587
-12,963
-8,144
178
4,207
6,646
6,432
9,322
21,270
23,278
27,852
10,686
18,638
7,645
7,345
-54,772
-93,064
-123,121
-106,198
-92,032
-97,919
-123,434
-66,609

-66,609

-123,434

-97,919

-92,032

-106,198

-123,121

-93,064

-54,772

7,345

7,645

18,638

10,686

27,852

23,278

21,270

9,322

6,432

6,646

4,207

178

-8,144

-12,963

-10,587

-10,178

-3,551

-1,777

-1,416

-3,777

-5,644

2,598

3,593

2,698

-723

1,811

1,120

2,427

1,521

687

2,244

1,001

-1,729

565

1,159

8,040

9,101

10,201

8,775

8,773

7,842

7,951

7,179

4,064

2,348

5,989

4,836

5,728

5,719

6,219

1,259

1,751

628

-1,013

-1,625

1,981

-1,276

-3,898

-963

-1,507

-2,020

-5,202

-3,285

-3,613

-1,510

-686

-2,607

-78

764

-1,210

3,661

2,075

1,399

3,203

2,506

2,671

3,162

1,771

370

430

1,055

358

515

-782

-1,203

-1,319

-2,400

-1,800

-1,000

200

600

800

-400

466

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
10,471
10,579
10,610
10,641
10,853
31,894
31,965
32,037
32,108
32,237
32,496
32,604
45,438
45,729
45,916
46,064
46,622
106,083
106,370
106,500
120,758
181,901
182,326
182,402
182,552
212,436
275,059
275,302
275,587
275,804
276,101
378,963
380,735
379,448
379,853
361,019
361,087
362,180
362,945
362,613
359,227
351,954
352,122
351,522
352,412
352,837
354,188
354,035
354,953
0
0

354,953

354,035

354,188

352,837

352,412

351,522

352,122

351,954

359,227

362,613

362,945

362,180

361,087

361,019

379,853

379,448

380,735

378,963

276,101

275,804

275,587

275,302

275,059

212,436

182,552

182,402

182,326

181,901

120,758

106,500

106,370

106,083

46,622

46,064

45,916

45,729

45,438

32,604

32,496

32,237

32,108

32,037

31,965

31,894

10,853

10,641

10,610

10,579

10,471

Treasury Stock

-17,152

-17,024

-16,638

-16,373

-15,525

-15,463

-15,462

-15,415

-14,732

-14,382

-14,222

Other Stockholders Equity

0
10,500
10,900
6,716
6,900
6,500
6,200
4,691
8,900
7,900
6,800
6,900
6,600
6,900
6,100
6,400
5,500
5,100
6,300
7,900
5,432
5,371
5,433
-1,152
-1,177
451
479
5,775
17,715
7,054
8,445
5,283
5,283
5,400
5,400
5,469
5,611
5,209
6,356
6,356
7,172
7,172
7,690
7,528
7,749
6,709
7,983
8,077
8,195
8,279
8,369
8,486
8,553
8,664
8,732
9,650
9,717
9,785
9,974
10,030
10,211
10,253
10,295
10,356
10,446
10,471
10,579
11,736
10,641
10,853
30,491
31,965
32,037
32,108
32,237
32,496
32,604
45,438
45,729
45,916
46,064
46,622
106,083
106,370
106,500
120,758
181,901
182,326
182,402
182,552
212,593
275,059
275,302
275,587
275,804
276,101
378,963
380,735
379,448
379,853
361,019
361,087
362,180
362,945
362,613
359,227
351,954
352,122
351,522
352,412
352,837
354,188
354,035
354,953
355,478
356,400

356,400

355,478

354,953

354,035

354,188

352,837

352,412

351,522

352,122

351,954

359,227

362,613

362,945

362,180

361,087

361,019

379,853

379,448

380,735

378,963

276,101

275,804

275,587

275,302

275,059

212,593

182,552

182,402

182,326

181,901

120,758

106,500

106,370

106,083

46,622

46,064

45,916

45,729

45,438

32,604

32,496

32,237

32,108

32,037

31,965

30,491

10,853

10,641

11,736

10,579

10,471

10,446

10,356

10,295

10,253

10,211

10,030

9,974

9,785

9,717

9,650

8,732

8,664

8,553

8,486

8,369

8,279

8,195

8,077

7,983

6,709

7,749

7,528

7,690

7,172

6,356

5,209

5,611

5,469

5,400

5,283

8,445

7,054

17,715

5,775

479

451

-1,177

-1,152

5,433

5,371

5,432

7,900

6,300

5,100

5,500

6,400

6,100

6,900

6,600

6,900

6,800

7,900

8,900

4,691

6,200

6,500

6,900

6,716

10,900

10,500

Balance Sheet

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31	1995-12-31
Accounts Payable	22,249	5,380	2,235	2,712	3,062	2,031	886	472	507	497	506	560	596	781	1,135	1,910	2,439	1,771	1,663	1,024	751	857	765	1,015	0	0	0	0	0
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Other Comprehensive Income	-66,609	-106,198	7,345	27,852	6,432	-8,144	-3,551	-5,644	-723	1,521	-1,729	9,101	7,842	2,348	5,719	628	63	-1,507	-3,613	-78	2,075	2,671	430	9	-1,201	336	400	85	466
Additional Paid In Capital	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Surpluse	0	354,188	352,122	362,945	379,853	276,101	275,059	182,326	106,370	45,916	32,496	31,965	10,610	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash	-519,360	126,317	598,290	258,676	107,286	74,236	76,441	70,832	48,650	43,476	31,721	30,735	20,447	15,683	68,702	38,680	19,964	53,210	54,985	19,239	37,599	36,013	18,875	35,289	34,844	31,869	20,358	20,340	47,382
Cash And 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
Cash And Short Term Investments	-519,360	1,123,875	1,759,102	1,392,701	948,365	674,584	586,106	510,663	493,632	367,240	540,312	513,536	20,447	15,683	68,702	38,680	19,964	53,210	54,985	19,239	37,599	36,013	18,875	35,289	34,844	31,869	20,358	20,340	47,382
Common Stock	0	0	0	0	0	0	0	0	106,370	45,916	99	31,965	1,126	1,122	1,119	1,114	1,114	1,111	1,092	1,062	1,041	1,038	1,038	907	873	741	720	708	732
Common Stock Shares Outstanding	43,837	43,699	43,955	44,123	43,598	38,495	34,760	30,124	24,296	21,272	20,252	18,610	17,074	16,881	16,558	16,435	16,418	16,261	16,026	15,815	15,752	15,049	15,060	15,556	14,934	15,615	16,201	16,785	17,094
Common Stock Total Equity	0	0	0	0	0	0	0	0	0	0	0	0	1,126	1,122	1,119	1,114	1,114	1,111	1,092	1,062	1,041	1,038	1,038	907	873	741	720	708	732
Current Deferred Revenue	-22,249	-737,304	0	-172,280	-274,384	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Long Term Asset Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Long Term Liab	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Earning Assets	0	0	0	0	1,089,351	845,492	732,266	665,652	656,775	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Good Will	155,211	155,211	154,572	151,238	151,238	119,880	119,880	77,052	49,600	28,176	19,748	19,748	5,910	5,910	5,787	5,787	5,787	5,787	5,787	0	0	0	0	0	0	0	0	0	0
Intangible Assets	13,626	17,239	20,941	23,902	26,679	10,390	12,402	9,195	7,371	3,965	3,288	4,048	2,292	2,741	1,447	1,751	2,068	2,412	2,780	1,332	0	0	0	0	0	0	0	0	0
Inventory	480,650	-163,751	-627,988	-280,072	-126,114	2,075	838	3,216	3,207	7,344	5,402	16,309	16,939	21,497	7,433	8,727	8,651	13,178	2,463	4,112	8,228	12,620	7,354	4,312	0	0	0	0	0
Liabilities And Stockholders Equity	7,931,195	7,872,518	7,355,432	5,886,614	5,244,363	4,246,688	3,964,303	3,141,156	2,652,401	2,076,922	1,758,276	1,847,677	1,547,162	1,400,919	1,387,020	1,306,857	1,258,874	1,222,430	1,127,875	913,831	757,071	720,130	587,945	531,776	525,996	416,154	359,751	382,038	368,013
Long Term Debt	899,821	1,258,872	771,817	475,000	549,741	588,221	601,810	304,945	482,144	32,642	32,486	32,331	30,676	30,584	27,837	340,320	281,989	156,160	161,446	162,387	120,155	122,434	65,264	35,293	0	0	0	0	0
Long Term Debt Total	0	1,142,949	675,753	475,000	549,741	588,221	601,810	304,945	482,144	32,642	32,486	32,331	30,676	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Long Term Investments	2,492,889	3,020,306	2,713,255	1,316,239	211,987	211,150	203,542	201,281	195,546	171,910	13,191	13,744	21,190	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Negative 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
Net Debt	1,985,211	1,132,555	173,527	331,475	498,766	513,985	525,369	234,113	433,494	340,364	257,061	347,360	380,340	275,642	243,151	171,345	266,725	186,792	156,485	225,429	120,614	147,508	3,469	-1,141	95,576	26,948	37,642	34,009	-4,413
Net Invested Capital	1,618,633	1,936,247	1,495,026	1,172,905	1,103,134	886,408	843,539	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Receivables	38,710	35,294	26,137	21,396	18,828	14,239	16,244	12,713	10,535	8,246	7,501	7,716	6,671	6,519	5,986	5,708	5,897	6,094	5,813	4,688	3,769	3,510	3,209	3,301	2,780	2,249	2,264	2,216	2,900
Net Tangible Assets	0	504,925	547,696	518,023	478,106	361,722	324,796	254,548	197,361	149,773	128,984	122,672	100,763	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Working Capital	-576,468	1,153,789	1,783,004	1,411,385	964,131	3,229,596	3,032,993	2,335,495	1,901,514	1,502,292	1,170,039	1,298,886	1,065,554	965,354	1,003,328	965,861	730,446	862,146	771,019	220,918	226,906	14,257	-530,916	3,427	13,124	30,118	6,622	9,707	28,713
Non Current Assets Total	7,369,409	3,285,433	2,982,209	1,570,257	1,319,104	1,015,061	917,924	785,689	750,380	574,133	587,731	548,781	481,012	434,784	382,557	339,086	267,137	274,671	305,169	17,561	16,460	125,247	83,535	88,656	86,014	84,751	76,229	85,904	98,136
Non Current Liabilities Other	0	189,040	170,715	185,553	107,001	25,068	23,526	23,674	22,765	15,852	12,948	16,451	14,449	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Current Liabilities Total	6,074,129	5,380	771,817	590,151	606,052	394,416	386,461	180,990	191,745	149,115	107,536	146,948	400,787	291,325	311,853	210,025	27,837	156,160	161,446	162,387	137,972	159,112	0	0	105,920	54,817	42,000	41,500	21,400
Non Currrent Assets Other	209,572	-3,285,433	-2,982,209	-1,570,257	-1,319,104	2,558,548	2,444,029	60	1,397,854	1,127,303	622,732	-579,516	-472,810	-426,133	-375,323	-2,580	7,855	8,199	8,567	-281,282	-215,695	-125,247	-83,535	-88,656	-86,014	-84,751	-76,229	-85,904	-98,136
Noncontrolling Interest In Consolidated Entity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets	0	3,427,916	2,587,984	2,902,260	2,958,066	5,261,749	4,882,227	3,926,845	3,402,781	2,651,055	2,346,007	-550	2,028,174	1,835,703	1,769,577	1,645,943	1,526,011	1,497,101	1,433,044	592,047	492,713	555,360	482,326	404,530	402,358	297,285	260,900	273,578	219,595
Other Current Assets	561,786	163,751	627,988	280,072	126,114	2,542,804	2,444,029	1,832,091	1,397,854	1,127,303	622,732	778,194	1,039,032	943,933	929,775	923,383	965,876	888,455	761,908	0	0	0	0	0	0	0	0	0	0
Other Current Liab	1,138,254	-5,380	-2,235	-2,712	-3,062	-2,031	3,443,686	2,471,210	-507	-497	-506	-560	-596	-781	-1,135	-1,910	0	0	0	0	0	0	529,891	0	0	0	0	0	0
Other Liab	0	30,448	55,180	70,402	32,091	23,266	21,795	20,514	17,842	16,349	13,355	17,011	15,045	11,813	8,854	10,118	7,876	6,578	7,309	6,514	6,467	5,940	5,766	4,336	0	0	0	0	0
Other Stockholder Equity	356,400	354,188	352,122	362,945	379,853	276,101	275,059	182,326	106,370	45,916	32,496	31,965	11,736	10,356	10,030	9,650	8,486	8,077	7,528	6,356	5,469	5,283	5,775	-1,152	-2,311	2,526	3,634	4,691	6,716
Preferred Stock Redeemable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Total Equity	0	0	0	0	0	0	0	0	12,500	12,500	12,500	12,500	12,500	18,217	24,306	24,405	0	0	0	0	0	0	0	0	0	0	0	0	0
Property Plant And Equipment Gross	158,826	151,278	147,722	92,416	92,209	74,331	75,529	66,357	60,798	52,461	46,194	42,184	34,665	34,194	30,534	28,280	24,607	23,394	21,425	17,561	16,460	15,794	16,197	17,281	18,134	18,393	16,144	14,053	11,027
Property Plant And Equipment Net	94,583	92,677	93,441	92,416	92,209	74,331	75,529	66,357	60,798	52,461	46,194	42,184	34,665	34,194	30,534	28,280	24,607	23,394	21,425	17,561	16,460	15,794	16,197	17,281	18,134	18,393	16,144	14,053	11,027
Property Plant Equipment	0	92,677	93,441	92,416	92,209	74,331	75,529	66,357	60,798	52,461	46,194	42,184	34,665	34,194	30,534	28,280	24,607	23,394	21,425	17,561	16,460	15,794	16,197	17,281	0	0	0	0	0
Retained Earnings	429,021	429,385	363,742	301,419	269,738	224,035	185,570	164,173	148,685	134,477	121,253	105,402	89,387	80,240	73,431	67,804	60,982	54,196	48,523	43,092	37,638	32,418	28,130	25,184	22,629	24,201	24,355	23,898	21,105
Retained Earnings Total Equity	0	429,385	363,742	301,419	269,738	224,035	185,570	164,173	148,685	134,477	121,253	105,402	89,387	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt	0	0	0	0	0	0	12,500	19,500	487,067	388,387	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt Total	1,465,851	1,258,872	771,817	590,151	606,052	588,221	601,810	304,945	482,144	383,840	288,782	378,095	400,787	291,325	311,853	210,025	286,689	240,002	211,470	244,668	158,213	183,521	22,344	34,148	130,420	58,817	58,000	54,349	42,969
Short Term Debt	652,902	742,684	0	174,992	277,446	0	12,500	19,500	487,067	351,198	256,296	345,764	370,111	0	0	0	258,852	83,842	50,024	82,281	20,241	24,409	22,344	34,148	24,500	4,000	16,000	12,849	21,569
Short Term Investments	547,251	997,558	1,160,812	1,134,025	841,079	600,348	509,665	439,831	444,982	323,764	508,591	482,801	431,045	382,344	333,132	301,638	234,675	243,078	275,177	281,282	215,695	12,445	267	1,271	0	0	0	0	0
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Assets	7,931,195	7,872,518	7,355,432	5,886,614	5,244,363	4,246,688	3,964,303	3,141,156	2,652,401	2,076,922	1,758,276	1,847,677	1,547,162	1,400,919	1,387,020	1,306,857	1,258,874	1,222,430	1,127,875	913,831	757,071	720,130	587,945	531,776	525,996	416,154	359,751	382,038	368,013
Total Current Assets	561,786	1,159,169	1,785,239	1,414,097	967,193	3,231,627	3,046,379	2,355,467	1,902,021	1,502,789	1,170,545	1,299,446	1,066,150	966,135	1,004,463	967,771	991,737	947,759	822,706	304,223	247,898	39,523	22,084	38,590	37,624	34,118	22,622	22,556	50,282
Total Current Liabilities	1,138,254	5,380	2,235	2,712	3,062	2,031	13,386	19,972	507	497	506	560	596	781	1,135	1,910	261,291	85,613	51,687	83,305	20,992	25,266	553,000	35,163	24,500	4,000	16,000	12,849	21,569
Total Liab	7,212,383	7,195,143	6,632,223	5,194,398	4,588,340	3,754,696	3,507,225	2,800,301	2,385,569	1,882,508	1,593,657	1,688,709	1,425,697	1,288,636	1,272,415	1,203,507	1,188,229	1,160,553	1,074,345	863,399	710,848	678,720	553,002	500,152	504,805	388,686	331,042	352,741	339,460
Total Permanent 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
Total Stockholder Equity	718,812	677,375	723,209	692,216	656,023	491,992	457,078	340,855	266,832	194,414	164,619	158,968	121,465	112,283	114,605	103,350	70,645	61,877	53,530	50,432	46,223	41,410	34,943	31,624	21,191	27,468	28,709	29,297	28,553
Treasury Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-17,152	-17,152	-17,152	-17,024	-16,373	-15,525	-15,525	-15,463	-15,415	0	0	0	0	0
Warrants	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30	2002-06-30	2002-03-31	2001-12-31	2001-09-30	2001-06-30	2001-03-31	2000-12-31	2000-09-30	2000-06-30	2000-03-31	1999-12-31	1999-09-30	1999-06-30	1999-03-31	1998-12-31	1998-09-30	1998-06-30	1998-03-31	1997-12-31	1997-09-30	1997-06-30	1997-03-31	1996-12-31	1996-09-30	1996-06-30	1996-03-31	1995-12-31	1995-09-30	1995-06-30	1995-03-31
Accounts Payable	22,249	16,281	12,739	5,922	5,380	1,961	2,402	1,420	2,235	1,427	2,430	1,772	2,712	2,481	2,353	2,772	3,062	2,725	3,005	2,471	2,031	1,688	1,441	1,216	886	700	559	523	472	1,015	961	580	507	490	461	504	497	477	508	498	506	488	931	552	560	579	911	555	596	582	705	786	781	766	1,015	1,038	1,135	1,304	1,657	1,849	1,910	1,949	1,966	883,730	2,439	2,409	1,785	1,719	1,771	1,904	1,442	1,315	1,663	1,729	1,547	1,202	1,024	731	750	745	751	764	697	735	857	762	712	819	765	1,025	1,032	1,286	1,015	1,362	374,537	378,784	900	800	800	900	800	800	600	800	700	700	600	800	0	600	800	700	0	600	600	-
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Accumulated Other Comprehensive Income	-66,609	-123,434	-97,919	-92,032	-106,198	-123,121	-93,064	-54,772	7,345	7,645	18,638	10,686	27,852	23,278	21,270	9,322	6,432	6,646	4,207	178	-8,144	-12,963	-10,587	-10,178	-3,551	-1,777	-1,416	-3,777	-5,644	2,598	3,593	2,698	-723	1,811	1,120	2,427	1,521	687	2,244	1,001	-1,729	565	1,159	8,040	9,101	10,201	8,775	8,773	7,842	7,951	7,179	4,064	2,348	5,989	4,836	5,728	5,719	6,219	1,259	1,751	628	-1,013	-1,625	1,981	63	-1,276	-3,898	-963	-1,507	-2,020	-5,202	-3,285	-3,613	-1,510	-686	-2,607	-78	764	-1,210	3,661	2,075	1,399	3,203	2,506	2,671	3,162	1,771	370	430	1,055	358	515	9	-782	-1,203	-1,319	-2,400	-1,800	-1,000	200	600	600	600	800	800	800	800	-400	85	0	0	0	466	0	-	-
Additional Paid In Capital	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Capital Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Capital Surpluse	0	0	354,953	354,035	354,188	352,837	352,412	351,522	352,122	351,954	359,227	362,613	362,945	362,180	361,087	361,019	379,853	379,448	380,735	378,963	276,101	275,804	275,587	275,302	275,059	212,436	182,552	182,402	182,326	181,901	120,758	106,500	106,370	106,083	46,622	46,064	45,916	45,729	45,438	32,604	32,496	32,237	32,108	32,037	31,965	31,894	10,853	10,641	10,610	10,579	10,471	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Cash	519,360	177,344	231,438	137,820	126,317	112,473	112,647	125,000	598,290	977,584	311,165	537,319	258,676	108,339	179,382	95,697	107,286	99,734	102,776	102,118	74,236	69,697	69,018	63,591	76,441	72,662	65,993	60,280	70,832	83,721	109,224	47,612	48,650	48,155	43,857	38,676	43,476	37,318	50,804	35,820	31,721	40,500	31,735	27,053	30,735	41,562	23,743	19,049	20,447	18,462	20,832	31,409	15,683	18,203	25,216	25,829	68,702	15,312	24,303	19,755	38,680	21,714	20,079	51,328	19,964	19,908	29,301	22,135	53,210	21,905	25,106	22,100	54,985	20,774	38,804	16,264	19,239	45,129	22,843	17,566	37,599	33,670	33,629	25,343	36,013	21,422	60,893	31,482	18,875	29,314	45,912	22,906	35,289	32,480	34,469	17,079	0	0	0	0	0	0	0	0	0	0	0	0	20,340	14,700	16,100	16,700	47,382	17,100	13,100	-
Cash And 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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Cash And Short Term Investments	1,066,611	1,040,305	1,134,799	3,093,700	1,123,875	1,098,128	1,153,667	1,237,512	1,759,102	2,647,218	2,002,351	1,799,494	1,392,701	1,123,682	1,114,522	996,173	942,062	866,964	776,195	789,260	674,584	612,002	595,213	571,327	586,106	582,506	571,044	534,502	510,663	640,934	564,463	510,088	493,632	483,828	374,827	369,709	367,240	360,810	415,222	555,250	540,312	554,644	514,188	507,029	513,536	539,266	23,743	19,049	20,447	18,462	20,832	31,409	15,683	18,203	25,216	25,829	68,702	15,312	24,303	19,755	38,680	21,714	20,079	51,328	19,964	19,908	29,301	22,135	53,210	21,905	25,106	22,100	54,985	20,774	38,804	16,264	19,239	45,129	22,843	17,566	37,599	33,670	33,629	25,343	36,013	21,422	60,893	31,482	18,875	29,314	45,912	22,906	35,289	32,480	34,469	17,079	0	0	0	0	0	0	0	0	0	0	0	0	20,340	90,100	93,100	95,300	47,382	109,200	106,500	-
Common Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	106,370	106,083	46,622	46,064	45,916	45,729	45,438	32,604	99	32,237	32,108	32,037	31,965	1,403	1,135	1,126	1,126	1,126	1,139	1,123	1,122	1,122	1,122	1,122	1,119	1,118	1,114	1,114	1,114	1,114	1,114	1,114	1,114	1,113	1,113	1,112	1,111	1,110	1,109	1,108	1,092	1,092	1,078	1,078	1,062	1,062	1,050	1,043	1,041	1,040	1,040	1,038	1,038	1,038	1,038	1,038	1,038	902	902	907	907	899	890	873	900	800	800	700	700	700	700	700	700	700	700	700	708	0	0	0	732	0	-	-
Common Stock Shares Outstanding	43,650	43,796	43,743	43,745	43,668	43,704	43,685	43,735	43,733	43,959	44,111	44,073	43,904	43,904	43,803	44,757	45,103	45,114	45,130	38,906	38,489	38,365	38,519	38,469	37,897	34,073	33,484	33,489	33,426	32,478	27,546	27,019	27,031	26,760	21,685	21,621	21,664	21,574	21,512	20,299	20,296	20,293	20,192	20,206	20,170	19,887	17,389	17,097	16,701	17,092	17,096	17,127	16,621	16,892	16,877	16,672	16,555	16,573	16,555	16,455	16,248	16,481	16,394	16,408	16,200	16,419	16,461	16,378	16,095	16,333	16,289	16,301	15,947	16,042	16,047	15,706	15,341	15,929	15,737	15,673	15,058	15,630	15,673	15,079	15,048	15,069	15,082	14,984	14,984	15,069	15,087	15,048	15,048	15,612	15,209	15,209	14,650	15,050	14,990	15,380	15,060	15,870	15,870	15,790	16,200	16,160	16,400	16,380	16,380	16,380	16,854	16,854	16,854	16,854	16,854	16,854
Common Stock Total Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1,403	1,135	1,126	1,126	1,126	1,139	1,123	1,122	1,122	1,122	1,122	1,119	1,118	1,114	1,114	1,114	1,114	1,114	1,114	1,114	1,113	1,113	1,112	1,111	1,110	0	1,108	1,092	1,092	1,078	1,078	1,062	1,062	1,050	1,043	1,041	1,040	1,040	1,038	1,038	1,038	1,038	1,038	1,038	902	902	907	907	899	890	873	900	800	800	700	700	700	700	700	700	700	700	700	708	0	0	0	732	0	-	-
Current Deferred Revenue	-22,249	0	0	0	-737,304	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Deferred Long Term Asset Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Deferred Long Term Liab	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Earning Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1,176,680	1,089,351	1,009,764	921,376	938,367	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Good Will	155,211	155,211	155,211	155,211	155,211	155,211	154,572	154,572	154,572	162,788	151,238	151,238	151,238	151,238	151,238	151,238	151,238	151,238	151,111	145,690	119,880	119,880	119,880	119,880	119,880	93,925	77,644	77,644	77,052	75,596	56,458	49,600	49,600	49,214	28,176	28,176	28,176	28,034	28,034	20,483	19,748	19,748	19,748	19,748	19,748	19,748	5,910	5,910	5,910	5,910	5,910	5,910	5,910	5,910	5,910	5,787	5,787	5,787	5,787	5,787	5,787	5,787	5,787	5,787	5,787	5,787	5,787	5,787	5,787	5,787	5,787	5,787	5,787	5,787	5,787	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Intangible Assets	13,626	14,530	15,433	16,336	17,239	18,164	19,090	20,016	20,941	21,150	21,160	22,058	23,902	23,869	24,782	25,723	26,679	27,658	28,665	31,174	10,390	10,875	11,359	11,844	12,402	9,494	9,082	9,450	9,195	9,583	8,686	7,095	7,371	7,648	3,531	3,738	3,965	4,193	4,422	3,100	3,288	3,477	3,667	3,857	4,048	4,295	2,072	2,182	2,292	2,403	2,515	2,628	2,741	2,855	2,970	1,372	1,447	1,521	1,597	1,674	1,751	1,829	1,908	1,988	2,068	2,150	2,234	2,323	2,412	2,503	2,594	2,687	2,780	2,875	2,969	0	1,332	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Inventory	-1,105,321	-215,194	-268,974	-174,248	-163,751	-142,569	1,472	2,420	3,561	3,007	1,500	1,733	1,908	2,300	2,600	2,800	3,726	4,000	3,900	3,700	2,075	2,300	3,000	2,843	3,872	5,409	5,965	4,764	11,303	11,160	11,348	6,985	11,124	6,865	8,148	6,978	7,344	5,421	8,513	7,053	5,402	5,933	15,768	10,807	16,309	20,818	10,369	11,005	16,939	15,865	8,436	7,244	21,497	20,517	15,667	10,757	7,433	7,932	12,005	10,244	8,727	6,191	10,666	7,937	8,651	18,217	16,233	16,261	13,178	6,194	4,779	2,394	2,463	5,632	4,653	2,825	4,112	2,156	2,249	3,719	8,228	3,314	5,069	3,957	12,620	6,018	1,710	4,285	7,354	5,245	9,114	3,885	4,312	126	0	137	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Liabilities And Stockholders Equity	7,931,195	7,959,434	7,963,353	7,897,995	7,872,518	7,718,695	7,640,936	7,420,328	7,355,432	7,534,240	6,109,227	6,055,528	5,886,614	5,790,143	5,739,262	5,351,325	5,244,363	5,186,714	5,098,682	5,051,639	4,246,688	4,150,561	4,076,611	3,969,750	3,964,303	3,519,658	3,321,178	3,169,643	3,141,156	3,325,658	2,918,080	2,627,918	2,652,401	2,606,833	2,219,307	2,153,965	2,076,922	2,037,045	2,073,251	1,806,583	1,758,276	1,781,024	1,785,907	1,734,250	1,847,677	1,846,776	1,563,265	1,546,831	1,547,162	1,490,810	1,413,737	1,382,390	1,400,919	1,485,058	1,464,415	1,301,660	1,387,020	1,321,224	1,343,296	1,442,851	1,306,857	1,188,631	1,194,447	1,249,676	1,258,874	1,194,246	1,192,283	1,151,886	1,222,430	1,159,189	1,131,141	1,072,983	1,127,875	1,084,319	1,098,631	911,706	913,831	816,069	806,279	823,494	757,071	755,089	779,115	697,681	720,130	699,410	644,106	592,704	587,945	516,927	554,245	516,210	531,776	534,206	533,673	507,405	526,000	416,000	438,100	420,000	416,200	382,600	381,000	362,800	359,800	364,600	387,700	375,200	382,038	371,100	375,600	359,100	368,013	356,600	345,800	-
Long Term Debt	899,821	1,472,718	1,468,152	1,427,947	1,258,872	1,163,917	1,074,952	844,300	771,817	786,188	554,432	481,488	475,000	587,473	583,073	704,613	549,741	516,591	492,427	513,098	588,221	515,510	562,591	557,999	601,810	495,759	522,866	357,509	304,945	607,326	525,757	463,343	482,144	32,758	32,719	32,680	32,642	32,603	32,564	32,525	32,486	32,448	32,409	32,370	32,331	32,282	30,722	30,699	30,676	30,653	30,630	30,607	30,584	30,562	30,539	27,837	27,837	27,837	27,837	27,837	340,320	27,837	27,837	27,837	281,989	243,639	213,701	188,777	156,160	156,806	156,864	156,935	161,446	165,463	160,517	162,379	162,387	125,527	125,576	145,636	137,972	147,972	190,478	147,712	159,112	144,112	147,264	137,093	105,293	80,293	80,293	60,320	75,320	75,320	110,320	80,225	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Long Term Debt Total	0	0	1,352,039	1,311,927	1,142,949	1,163,917	1,074,952	844,300	675,753	786,188	439,094	481,488	475,000	587,473	583,073	704,613	549,741	516,591	492,427	513,098	588,221	515,510	562,591	557,999	601,810	495,759	522,866	357,509	304,945	607,326	525,757	463,343	482,144	32,758	32,719	32,680	32,642	32,603	32,564	32,525	32,486	32,448	32,409	32,370	32,331	32,282	30,722	30,699	30,676	30,653	30,630	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Long Term Investments	2,492,889	2,831,651	2,889,309	2,958,978	3,020,306	3,017,191	3,093,792	3,122,422	2,713,255	2,438,874	1,844,470	1,431,623	1,316,239	1,208,666	1,141,988	205,712	211,987	211,366	216,953	208,306	211,150	225,828	212,767	208,662	203,542	202,221	203,204	200,657	201,281	194,396	181,508	183,459	195,546	187,770	170,338	170,511	171,910	176,616	180,486	15,245	13,191	14,504	24,620	11,215	13,744	24,263	15,400	17,302	21,190	22,932	14,975	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Negative 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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Net Debt	-519,360	1,295,374	1,236,714	1,290,127	1,132,555	1,051,444	962,305	719,300	173,527	-191,396	243,267	59,413	331,475	594,191	518,952	665,290	498,766	473,107	389,651	410,980	513,985	445,813	493,573	494,408	525,369	423,097	456,873	297,229	234,113	525,586	416,533	415,731	433,494	357,423	374,098	434,419	340,364	345,398	321,961	232,748	257,061	234,453	283,511	214,216	347,360	323,870	346,859	322,539	380,340	348,286	239,939	223,556	275,642	330,875	288,367	275,243	243,151	324,409	353,033	329,038	171,345	334,565	301,181	232,483	266,725	302,392	271,089	228,921	186,792	255,480	204,746	211,589	156,485	216,797	194,425	205,098	225,429	104,278	139,641	176,191	120,614	134,866	205,101	145,642	147,508	145,124	103,067	-13,625	3,469	-11,598	-20,948	-6,813	-1,141	49,597	90,551	77,646	129,500	54,700	57,400	58,700	58,000	57,600	44,000	49,000	58,000	45,000	65,000	43,800	34,009	33,100	35,500	22,200	-4,413	6,600	13,000	-
Net Invested Capital	1,618,633	2,166,087	2,177,395	2,130,506	1,936,247	1,808,910	1,732,817	1,521,750	1,495,026	1,494,730	1,264,806	1,286,111	1,172,905	1,372,823	1,350,540	1,391,829	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Net Receivables	38,710	37,850	37,536	36,428	35,294	30,096	28,996	27,476	26,137	24,762	21,702	20,951	21,396	20,456	20,185	17,774	18,828	18,282	19,015	17,423	14,239	13,999	12,993	12,044	16,244	14,880	13,316	12,581	12,713	12,702	11,526	10,476	10,535	10,862	8,823	8,431	8,246	8,411	8,280	7,536	7,501	7,506	7,749	7,549	7,716	8,248	6,685	6,798	6,671	6,651	6,778	6,633	6,519	6,720	6,583	6,206	5,986	6,222	6,051	6,038	5,708	5,518	5,888	5,704	5,897	6,354	6,134	5,759	6,094	5,655	5,365	5,318	5,813	5,678	5,383	4,854	4,688	4,029	3,696	4,170	3,769	3,832	3,448	3,441	3,510	3,421	3,278	2,982	3,209	2,879	3,089	2,825	3,301	3,012	2,852	2,584	0	0	0	0	0	0	0	0	0	0	0	0	2,216	2,200	3,000	2,900	2,900	2,700	2,800	-
Net Tangible Assets	0	0	538,599	531,012	504,925	471,618	484,203	502,862	547,696	524,604	537,976	516,083	518,023	495,186	476,186	453,881	478,106	463,815	446,685	432,604	361,722	346,839	339,296	328,692	324,796	288,811	270,533	261,481	254,548	261,845	215,858	204,722	197,361	194,990	157,924	155,077	149,773	145,053	142,380	133,700	128,984	127,734	124,250	126,172	122,672	119,319	110,130	105,646	100,763	97,867	94,781	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Net Working Capital	-32,933	1,061,874	1,159,596	3,124,206	1,153,789	1,126,263	1,176,462	1,263,568	873,863	4,816,135	4,001,325	4,364,526	4,314,592	4,324,753	4,342,582	3,978,864	3,930,966	3,934,757	3,937,245	3,885,013	3,229,596	3,176,617	3,132,906	3,046,977	3,032,993	2,633,365	2,464,010	2,342,622	2,335,495	2,429,239	2,161,854	1,867,686	1,901,514	1,871,616	1,638,730	1,572,243	1,502,292	1,457,455	1,451,816	1,206,149	1,170,039	1,189,784	1,225,836	1,185,576	1,298,886	1,278,053	1,076,677	1,061,808	1,065,554	1,006,292	910,903	892,368	965,354	1,043,559	1,009,778	894,083	1,003,328	933,948	972,104	1,076,704	965,861	921,805	906,420	-169,346	730,446	850,376	847,386	821,442	862,146	765,656	783,518	714,556	771,019	696,990	692,188	257,797	220,918	24,547	-11,119	-27,130	226,906	-119,798	-11,872	-130,936	14,257	-489,857	-394,629	-385,436	-425,616	-369,607	-391,599	-397,469	-386,310	-392,308	-355,979	-378,137	0	0	0	0	0	0	0	0	0	0	0	0	-284,444	74,300	69,100	84,000	28,713	103,000	-	-
Non Current Assets Total	263,420	264,457	265,697	3,222,339	3,285,433	3,282,922	3,361,232	3,386,304	2,982,209	2,716,678	2,105,472	1,689,230	1,569,310	1,462,909	1,394,327	1,369,689	1,312,801	1,249,232	1,158,432	1,164,155	1,015,061	972,256	942,264	921,557	917,924	885,436	856,609	826,498	785,689	895,396	755,265	759,652	750,380	735,808	580,116	581,218	574,133	579,113	620,927	599,936	587,731	590,752	559,140	548,122	548,781	568,144	485,677	484,468	481,012	483,936	502,129	489,236	434,784	440,733	453,622	406,539	382,557	385,972	369,535	364,298	339,086	264,877	286,061	271,822	267,137	262,800	256,423	266,446	274,671	271,050	273,193	280,358	305,169	313,492	332,184	17,485	17,561	223,362	236,233	254,941	16,460	204,949	170,291	161,092	125,247	129,941	135,764	95,913	83,535	65,366	77,600	81,444	88,656	90,124	85,258	83,871	0	0	0	-100	0	0	-100	0	0	100	0	0	85,904	87,800	88,700	89,800	98,136	103,000	104,100	-
Non Current Liabilities Other	0	0	180,000	175,642	189,040	76,986	60,132	45,661	170,715	58,184	175,703	161,073	185,553	193,607	194,031	130,827	107,001	108,730	46,014	38,579	25,068	27,215	25,881	16,443	23,526	22,712	21,711	19,337	23,674	35,411	28,099	24,099	22,765	22,952	14,037	15,779	15,852	14,409	13,539	12,163	12,948	13,804	12,309	15,089	16,451	17,932	15,351	13,829	14,449	15,051	10,478	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Non Current Liabilities Total	6,074,129	1,472,718	1,468,152	5,922	5,380	1,961	1,074,952	844,300	771,817	786,188	554,432	596,732	480,689	702,530	698,334	760,987	447,111	572,841	492,427	513,098	394,416	515,510	562,591	557,999	386,461	495,759	522,866	357,509	180,990	607,326	525,757	463,343	191,745	406,659	417,955	473,095	149,115	382,716	372,765	268,568	107,536	274,953	315,246	241,269	146,948	365,432	370,602	341,588	400,787	366,748	260,771	254,965	291,325	349,078	312,676	301,072	311,853	339,721	377,336	348,793	210,025	356,279	321,260	283,811	27,837	243,639	213,701	188,777	156,160	156,806	156,864	156,935	161,446	165,463	160,517	162,379	162,387	125,527	125,576	145,636	137,972	12,000	190,478	12,000	159,112	144,100	147,300	137,100	105,300	80,300	80,300	60,300	75,300	75,300	110,300	80,200	105,000	54,000	54,000	54,000	54,000	50,000	41,000	46,000	42,000	45,000	65,000	40,000	41,500	30,400	25,400	25,400	21,400	15,400	17,400	-
Non Currrent Assets Other	209,572	-2,831,651	-2,889,309	234,190	-3,285,433	-3,282,922	198,303	3,853,525	-2,806,696	3,785,965	-1,933,074	-1,689,230	-947	-1,287,802	3,219,475	2,976,928	-6,303	3,060,691	3,153,130	3,096,788	2,558,548	2,552,304	2,526,141	2,464,822	2,444,029	-175	1,880,209	1,796,062	60	-1,288	-325,247	-347,658	1,397,854	386	1,255,541	1,194,607	1,127,303	1,088,711	1,028,822	643,861	622,732	628,122	-535,725	-524,517	-579,516	-544,101	-477,695	-476,376	-472,810	-475,623	-493,704	-480,698	-426,133	-431,968	-444,742	-399,380	-375,323	-378,664	-2,520	-1,727	-2,580	-2,739	-2,783	7,775	7,855	7,937	8,021	8,110	8,199	8,290	8,381	8,474	8,567	8,662	8,756	-296,905	-281,282	-223,362	-236,233	-254,941	-215,695	-204,949	-170,291	-161,092	-125,247	-129,941	-135,764	-95,913	-83,535	-65,366	-77,600	-81,444	-88,656	-90,124	-85,258	-83,871	-18,100	-18,400	-18,900	-18,600	-18,400	-16,900	-16,500	-16,200	-16,100	-16,200	-15,700	-15,000	-85,904	-87,800	-88,700	-89,800	-98,136	-103,000	-104,100	-
Noncontrolling Interest In Consolidated Entity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Other Assets	6,562,454	6,616,822	6,525,321	1,545,528	3,427,916	3,307,549	3,100,840	2,769,036	3,497,125	10,250,918	8,214,699	7,744,758	7,455,924	7,253,052	7,133,589	6,721,014	-2,466	6,435,946	6,257,114	6,215,794	5,261,749	5,122,817	5,018,875	4,891,307	4,882,227	157	4,177,787	3,996,141	3,926,845	8	3,673,345	3,387,570	3,402,781	-1,081	2,799,423	2,735,183	2,651,055	2,616,158	2,694,178	2,406,519	2,346,007	2,371,776	2,345,047	2,282,372	-550	2,414,920	2,048,942	2,031,299	2,028,174	1,974,746	1,915,866	1,871,626	1,835,703	1,925,791	1,918,037	1,708,199	1,769,577	1,707,196	1,712,831	1,807,149	1,645,943	1,453,508	1,480,508	1,521,498	1,526,011	1,457,046	1,448,706	1,418,332	1,497,101	1,430,239	1,404,334	1,353,341	1,433,044	1,397,811	1,430,815	576,239	592,047	543,549	543,507	546,817	492,713	512,638	571,747	507,805	555,360	544,626	444,171	462,327	482,326	419,368	427,644	409,035	404,530	408,590	411,094	403,871	526,000	416,000	438,100	420,100	416,200	382,600	381,100	362,800	359,800	364,500	387,700	375,200	273,578	191,000	190,800	171,100	219,595	141,700	132,400	-
Other Current Assets	561,786	215,194	268,974	174,248	163,751	142,569	-3,799	31,257	-909,141	2,145,582	1,979,702	2,545,853	2,903,207	3,183,096	3,210,228	2,967,689	2,973,138	3,052,236	3,145,040	3,080,801	2,542,804	2,552,304	2,526,141	2,464,822	2,444,029	2,036,679	1,880,209	1,796,062	1,832,091	1,776,618	1,586,826	1,347,702	1,397,854	1,377,416	1,255,541	1,194,607	1,127,303	1,088,711	1,028,822	643,861	622,732	628,122	704,830	671,550	778,194	731,118	1,047,160	1,036,516	1,039,032	981,761	883,998	855,112	943,933	1,019,402	978,994	863,086	929,775	913,718	943,407	1,052,760	923,383	896,522	882,419	920,822	965,876	905,184	900,425	857,546	888,455	860,579	827,477	765,207	761,908	744,375	722,260	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Other Current Liab	1,138,254	-16,281	-12,739	-5,922	-5,380	-1,961	-2,402	-1,420	-2,235	-1,427	-2,430	-1,772	-2,712	-2,481	-2,353	-2,772	-3,062	-2,725	-3,005	-2,471	-2,031	-1,688	-1,441	-1,216	2,881,003	-700	-559	-523	2,471,210	-1,015	-961	-580	-507	-490	-461	-504	-497	-477	-508	-498	-506	-488	-931	-552	-560	-579	-911	-555	-596	-582	-705	-786	-781	-766	-1,015	-1,038	-1,135	-1,304	-1,657	-1,849	-1,910	-1,949	-1,966	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	491,504	441,392	401,224	424,591	383,059	414,604	405,821	389,737	419,681	378,600	303,075	391,100	332,600	353,800	334,100	329,500	299,500	306,300	283,300	284,300	285,900	288,100	300,900	294,151	-18,000	-27,000	-14,200	-21,569	-8,900	-9,300	-
Other Liab	0	0	0	0	30,448	76,986	60,132	45,661	55,180	58,184	32,464	45,829	70,402	29,219	27,853	26,833	32,091	25,895	26,495	32,463	23,308	27,123	21,329	17,659	24,412	23,412	22,270	19,860	24,146	36,426	29,060	24,679	23,272	23,442	14,498	16,283	16,349	14,886	14,047	12,661	13,355	14,292	13,240	15,641	17,011	18,511	16,262	14,384	15,045	15,633	11,183	9,956	11,813	16,385	12,232	11,350	8,854	9,673	10,616	10,142	10,118	7,858	7,318	7,464	7,876	8,436	7,777	6,593	6,578	7,128	6,547	6,288	7,309	7,510	7,743	5,896	6,514	5,725	5,564	5,462	6,467	6,522	6,017	5,439	5,940	6,159	5,492	5,340	5,766	5,316	4,580	4,665	4,336	4,990	4,007	4,490	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Other Stockholder Equity	356,400	355,478	354,953	354,035	354,188	352,837	352,412	351,522	352,122	351,954	359,227	362,613	362,945	362,180	361,087	361,019	379,853	379,448	380,735	378,963	276,101	275,804	275,587	275,302	275,059	212,593	182,552	182,402	182,326	181,901	120,758	106,500	106,370	106,083	46,622	46,064	45,916	45,729	45,438	32,604	32,496	32,237	32,108	32,037	31,965	30,491	10,853	10,641	11,736	10,579	10,471	10,446	10,356	10,295	10,253	10,211	10,030	9,974	9,785	9,717	9,650	8,732	8,664	8,553	8,486	8,369	8,279	8,195	8,077	7,983	6,709	7,749	7,528	7,690	7,172	7,172	6,356	6,356	5,209	5,611	5,469	5,400	5,400	5,283	5,283	8,445	7,054	17,715	5,775	479	451	-1,177	-1,152	5,433	5,371	5,432	7,900	6,300	5,100	5,500	6,400	6,100	6,900	6,600	6,900	6,800	7,900	8,900	4,691	6,200	6,500	6,900	6,716	10,900	10,500	-
Preferred Stock Redeemable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Preferred Stock Total 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	12,500	12,500	12,500	12,500	12,500	12,500	12,500	12,500	12,500	12,500	12,500	12,500	12,500	12,500	12,500	12,500	12,500	12,500	18,301	18,258	18,217	24,426	24,385	24,345	24,306	24,267	24,229	24,191	24,405	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Property Plant And Equipment Gross	158,826	0	0	0	151,278	0	0	0	0	0	88,604	92,109	92,416	92,189	92,232	92,785	92,209	92,800	91,469	93,822	74,331	75,348	75,063	75,408	75,529	73,743	65,358	66,314	66,357	67,265	61,186	60,190	60,798	60,700	54,778	53,989	52,461	50,945	50,853	47,013	46,194	43,473	43,362	42,431	42,184	40,297	35,980	35,775	34,665	34,289	33,255	34,710	34,194	34,274	34,458	30,628	30,534	29,972	30,210	29,548	28,280	26,424	25,575	25,054	24,607	24,232	23,861	23,513	23,394	22,891	22,550	21,781	21,425	21,946	22,243	17,485	17,561	17,390	16,732	16,529	16,460	15,473	15,674	15,757	15,794	15,828	15,406	15,657	16,197	16,528	16,708	17,039	17,281	17,275	17,468	17,836	18,100	18,400	18,900	18,600	18,400	16,900	16,500	16,200	16,100	16,200	15,700	15,000	14,053	12,400	11,700	11,200	11,027	10,900	10,700	-
Property Plant And Equipment Net	94,583	94,716	95,053	91,814	92,677	92,356	93,778	93,075	93,441	93,866	88,604	92,109	92,416	92,189	92,232	92,785	92,209	92,800	91,469	93,822	74,331	75,348	75,063	75,408	75,529	73,743	65,358	66,314	66,357	67,265	61,186	60,190	60,798	60,700	54,778	53,989	52,461	50,945	50,853	47,013	46,194	43,473	43,362	42,431	42,184	40,297	35,980	35,775	34,665	34,289	33,255	34,710	34,194	34,274	34,458	30,628	30,534	29,972	30,210	29,548	28,280	26,424	25,575	25,054	24,607	24,232	23,861	23,513	23,394	22,891	22,550	21,781	21,425	21,946	22,243	17,485	17,561	17,390	16,732	16,529	16,460	15,473	15,674	15,757	15,794	15,828	15,406	15,657	16,197	16,528	16,708	17,039	17,281	17,275	17,468	17,836	18,100	18,400	18,900	18,600	18,400	16,900	16,500	16,200	16,100	16,200	15,700	15,000	14,053	12,400	11,700	11,200	11,027	10,900	10,700	-
Property Plant Equipment	0	0	95,053	91,814	92,677	92,356	93,778	93,075	93,441	93,866	88,604	92,109	92,416	92,189	92,232	92,785	92,209	92,800	91,469	93,822	74,331	75,348	75,063	75,408	75,529	73,743	65,358	66,314	66,357	67,265	61,186	60,190	60,798	60,700	54,778	53,989	52,461	50,945	50,853	47,013	46,194	43,473	43,362	42,431	42,184	40,297	35,980	35,775	34,665	34,289	33,255	34,710	34,194	34,274	34,458	30,628	30,534	29,972	30,210	29,548	28,280	26,424	25,575	25,054	24,607	24,232	23,861	23,513	23,394	22,891	22,550	21,781	21,425	21,946	22,243	17,485	17,561	17,390	16,732	16,529	16,460	15,473	15,674	15,757	15,794	15,828	15,406	15,657	16,197	16,528	16,708	17,039	17,281	17,275	17,468	17,836	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Retained Earnings	429,021	461,325	452,209	440,556	429,385	415,277	398,517	380,700	363,742	348,943	332,509	316,080	301,419	284,835	269,849	260,501	269,738	256,617	241,519	230,327	224,035	214,753	205,535	195,292	185,570	181,396	176,123	169,950	164,173	161,026	156,651	152,219	148,685	144,344	141,889	138,500	134,477	130,864	127,154	123,678	121,253	118,157	114,398	109,700	105,402	101,267	97,349	93,198	89,387	86,524	84,417	82,169	80,240	78,280	75,916	74,310	73,431	72,255	70,807	69,654	67,804	66,239	65,460	63,023	60,982	59,460	57,678	56,149	54,196	52,417	50,902	49,524	48,523	46,882	45,267	43,995	43,092	41,637	40,243	38,796	37,638	36,992	35,283	33,825	32,418	31,161	29,930	28,937	28,130	27,417	26,591	25,836	25,184	24,752	23,848	23,101	22,600	23,300	24,600	24,600	24,200	24,900	24,900	24,600	24,400	24,700	24,600	24,300	23,898	22,700	22,300	21,700	21,105	20,800	20,300	-
Retained Earnings Total Equity	0	0	452,209	440,556	429,385	415,277	398,517	380,700	363,742	348,943	332,509	316,080	301,419	284,835	269,849	260,501	269,738	256,617	241,519	230,327	224,035	214,753	205,535	195,292	185,570	181,396	176,123	169,950	164,173	161,026	156,651	152,219	148,685	144,344	141,889	138,500	134,477	130,864	127,154	123,678	121,253	118,157	114,398	109,700	105,402	101,267	97,349	93,198	89,387	86,524	84,417	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
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	567,143	562,551	604,352	498,609	485,304	319,993	308,105	569,908	492,883	430,507	487,067	0	0	0	388,387	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Short Long Term Debt Total	1,465,851	1,472,718	1,468,152	1,427,947	1,258,872	1,163,917	1,074,952	844,300	771,817	786,188	554,432	596,732	590,151	702,530	698,334	760,987	606,052	572,841	492,427	513,098	588,221	515,510	562,591	557,999	601,810	495,759	522,866	357,509	304,945	609,307	525,757	463,343	482,144	405,578	417,955	473,095	383,840	382,716	372,765	268,568	288,782	274,953	315,246	241,269	378,095	365,432	370,602	341,588	400,787	366,748	260,771	254,965	291,325	349,078	313,583	301,072	311,853	339,721	377,336	348,793	210,025	356,279	321,260	283,811	286,689	322,300	300,390	251,056	240,002	277,385	229,852	233,689	211,470	237,571	233,229	221,362	244,668	149,407	162,484	193,757	158,213	168,536	238,730	170,985	183,521	166,546	163,960	17,857	22,344	17,716	24,964	16,093	34,148	82,077	125,020	94,725	129,500	54,700	57,400	58,700	58,000	57,600	44,000	49,000	58,000	45,000	65,000	43,800	54,349	47,800	51,600	38,900	42,969	23,700	26,100	-
Short Term Debt	652,902	0	0	0	742,684	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	567,143	562,551	12,500	498,609	485,304	319,993	19,500	569,908	492,883	430,507	487,067	373,901	385,236	440,415	351,198	350,113	340,201	236,043	256,296	242,505	282,837	208,899	345,764	333,150	339,880	310,889	370,111	336,095	230,141	0	0	0	0	0	0	0	0	0	0	0	0	258,852	258,852	78,661	86,689	62,279	83,842	120,579	72,988	76,754	50,024	72,108	72,712	58,983	82,281	23,880	36,908	48,121	20,241	156,536	48,252	158,985	24,409	22,434	16,696	17,857	22,344	17,716	24,964	16,093	34,148	6,757	14,700	94,725	0	0	0	0	0	0	0	0	0	0	0	0	12,849	17,400	26,200	13,500	21,569	8,300	8,700	-
Short Term Investments	547,251	865,168	905,813	943,441	997,558	985,655	1,041,020	1,112,512	1,160,812	1,669,634	1,691,186	1,262,175	1,134,025	1,015,343	935,140	900,476	841,079	767,230	673,419	687,142	600,348	542,305	526,195	507,736	509,665	509,844	505,051	474,222	439,831	557,213	455,239	462,476	444,982	435,673	330,970	331,033	323,764	323,492	366,289	519,430	508,591	514,144	482,453	479,976	482,801	497,704	435,615	433,501	431,045	430,702	449,817	435,356	0	384,204	396,527	351,630	4,783	333,031	319,066	325,219	301,638	230,107	251,976	238,993	234,675	230,631	224,541	234,823	243,078	239,869	242,262	250,103	275,177	282,884	301,185	296,905	281,282	0	0	0	215,695	0	0	0	12,445	0	0	0	267	0	0	0	1,271	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	75,400	77,000	78,600	0	92,100	93,400	-
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Total Assets	7,931,195	7,959,434	7,963,353	7,897,995	7,872,518	7,718,695	7,640,936	7,420,328	7,355,432	7,534,240	6,109,227	6,055,528	5,886,614	5,790,143	5,739,262	5,351,325	5,244,363	5,186,714	5,098,682	5,051,639	4,246,688	4,150,561	4,076,611	3,969,750	3,964,303	3,519,658	3,321,178	3,169,643	3,141,156	3,325,658	2,918,080	2,627,918	2,652,401	2,606,833	2,219,307	2,153,965	2,076,922	2,037,045	2,073,251	1,806,583	1,758,276	1,781,024	1,785,907	1,734,250	1,847,677	1,846,776	1,563,265	1,546,831	1,547,162	1,490,810	1,413,737	1,382,390	1,400,919	1,485,058	1,464,415	1,301,660	1,387,020	1,321,224	1,343,296	1,442,851	1,306,857	1,188,631	1,194,447	1,249,676	1,258,874	1,194,246	1,192,283	1,151,886	1,222,430	1,159,189	1,131,141	1,072,983	1,127,875	1,084,319	1,098,631	911,706	913,831	816,069	806,279	823,494	757,071	755,089	779,115	697,681	720,130	699,410	644,106	592,704	587,945	516,927	554,245	516,210	531,776	534,206	533,673	507,405	526,000	416,000	438,100	420,000	416,200	382,600	381,000	362,800	359,800	364,600	387,700	375,200	382,038	371,100	375,600	359,100	368,013	356,600	345,800	-
Total Current Assets	1,105,321	1,078,155	1,172,335	3,130,128	1,159,169	1,128,224	1,178,864	1,264,988	876,098	4,817,562	4,003,755	4,366,298	4,317,304	4,327,234	4,344,935	3,981,636	3,934,028	3,937,482	3,940,250	3,887,484	3,231,627	3,178,305	3,134,347	3,048,193	3,046,379	2,634,065	2,464,569	2,343,145	2,355,467	2,430,254	2,162,815	1,868,266	1,902,021	1,872,106	1,639,191	1,572,747	1,502,789	1,457,932	1,452,324	1,206,647	1,170,545	1,190,272	1,226,767	1,186,128	1,299,446	1,278,632	1,077,588	1,062,363	1,066,150	1,006,874	911,608	893,154	966,135	1,044,325	1,010,793	895,121	1,004,463	935,252	973,761	1,078,553	967,771	923,754	908,386	977,854	991,737	931,446	935,860	885,440	947,759	888,139	857,948	792,625	822,706	770,827	766,447	317,982	304,223	49,158	26,539	21,736	247,898	37,502	37,077	28,784	39,523	24,843	64,171	34,464	22,084	32,193	49,001	25,731	38,590	35,492	37,321	19,663	0	0	0	0	0	0	0	0	0	0	0	0	22,556	92,300	96,100	98,200	50,282	111,900	109,300	-
Total Current Liabilities	1,138,254	16,281	12,739	5,922	5,380	1,961	2,402	1,420	2,235	1,427	2,430	1,772	2,712	2,481	2,353	2,772	3,062	2,725	3,005	2,471	2,031	1,688	1,441	1,216	13,386	700	559	523	19,972	1,015	961	580	507	490	461	504	497	477	508	498	506	488	931	552	560	579	911	555	596	582	705	786	781	766	1,015	1,038	1,135	1,304	1,657	1,849	1,910	1,949	1,966	1,147,200	261,291	81,070	88,474	63,998	85,613	122,483	74,430	78,069	51,687	73,837	74,259	60,185	83,305	24,611	37,658	48,866	20,992	157,300	48,949	159,720	25,266	514,700	458,800	419,900	447,700	401,800	440,600	423,200	424,900	427,800	393,300	397,800	392,000	333,400	354,600	335,000	330,300	300,300	306,900	284,100	285,000	286,600	288,700	301,700	307,000	18,000	27,000	14,200	21,569	8,900	9,300	-
Total Liab	7,212,383	7,266,065	7,254,110	7,195,436	7,195,143	7,073,702	6,983,071	6,742,878	6,632,223	6,825,698	5,398,853	5,366,149	5,194,398	5,119,850	5,087,056	4,720,483	4,588,340	4,544,003	4,472,221	4,442,171	3,754,696	3,672,967	3,606,076	3,509,334	3,507,225	3,127,446	2,963,919	2,821,068	2,800,301	2,980,133	2,637,078	2,366,501	2,385,569	2,342,095	2,017,176	1,954,474	1,882,508	1,847,265	1,885,915	1,636,800	1,593,657	1,617,565	1,625,742	1,571,973	1,688,709	1,690,914	1,432,653	1,420,593	1,425,697	1,372,130	1,292,230	1,266,330	1,288,636	1,364,946	1,347,903	1,185,944	1,272,415	1,207,391	1,236,102	1,336,424	1,203,507	1,113,559	1,120,834	1,175,005	1,188,229	1,126,580	1,129,111	1,087,393	1,160,553	1,099,699	1,076,514	1,017,887	1,074,345	1,030,165	1,045,800	862,068	863,399	766,250	760,987	774,383	710,848	710,258	734,189	655,029	678,720	658,766	606,084	545,014	553,002	482,071	520,912	483,475	500,152	503,122	503,564	477,999	497,000	387,400	408,600	389,000	384,300	350,300	347,900	330,100	327,000	331,600	353,700	341,700	352,741	342,200	346,800	330,500	339,460	324,900	315,000	-
Total Permanent Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Total Stockholder Equity	718,812	693,369	709,243	702,559	677,375	644,993	657,865	677,450	723,209	708,542	710,374	689,379	692,216	670,293	652,206	630,842	656,023	642,711	626,461	609,468	491,992	477,594	470,535	460,416	457,078	392,212	357,259	348,575	340,855	345,525	281,002	261,417	266,832	264,738	202,131	199,491	194,414	189,780	187,336	169,783	164,619	163,459	160,165	162,277	158,968	155,862	130,612	126,238	121,465	118,680	121,507	116,060	112,283	120,112	116,512	115,716	114,605	113,833	107,194	106,427	103,350	75,072	73,613	74,671	70,645	67,666	63,172	64,493	61,877	59,490	54,627	55,096	53,530	54,154	52,831	49,638	50,432	49,819	45,292	49,111	46,223	44,831	44,926	42,652	41,410	40,644	38,022	35,690	34,943	34,856	33,333	32,735	31,624	24,201	22,996	21,599	29,000	28,600	29,500	31,000	31,900	32,300	33,100	32,700	32,800	33,000	34,000	33,500	29,297	28,900	28,800	28,600	28,553	31,700	30,800	-
Treasury Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-17,152	-17,152	-17,152	-17,152	-17,152	-17,152	-17,152	-17,152	-17,152	-17,152	-17,152	-17,152	-17,152	-17,024	-17,024	-16,638	-16,638	-16,373	-16,373	-16,373	-15,525	-15,525	-15,525	-15,525	-15,525	-15,525	-15,525	-15,525	-15,463	-15,463	-15,462	-15,462	-15,462	-15,415	-14,732	-14,382	-14,222	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Warrants	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-

Cash Flow

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31	1995-12-31
Begin Period Cash Flow	123,505	593,508	249,711	98,831	58,492	59,980	70,832	48,650	43,476	31,721	30,735	20,447	15,683	68,702	36,001	55,029	58,812	39,250	18,254	45,464	35,692	18,628	35,051	34,844	31,869	20,358	20,340	22,066	28,134
Capital Expenditures	7,775	6,429	1,440	5,866	4,612	3,434	2,689	1,383	5,622	6,255	6,318	6,984	2,442	2,414	4,066	5,442	3,001	3,876	1,421	2,659	2,210	1,489	545	651	2,070	3,423	3,735	4,064	1,667
Cash And Cash Equivalents Changes	0	-470,003	343,797	150,880	40,339	-1,488	5,609	22,182	5,174	11,755	986	10,288	4,764	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash Flows Other Operating	0	-15,780	10,276	-19,021	98,284	3,057	6,173	328,866	319,269	229,831	375,559	402,213	282,484	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change In Cash	403,010	-470,003	343,797	150,880	40,339	-1,488	5,609	22,182	5,174	11,755	986	10,288	4,764	-53,019	27,918	-19,028	-3,783	19,562	20,996	-27,210	9,772	17,064	-16,423	207	2,975	11,511	18	-1,726	-6,068
Change In Working Capital	4,981	-24,790	3,301	-17,802	95,125	3,083	-2,042	-8,711	7,076	-4,681	10,564	-2,393	812	1,999	-6,441	-141,976	7,179	-9,538	-1,363	1,449	-648	646	105	-827	-428	158	613	2,398	-295
Change Receivables	0	-9,157	-4,222	-2,568	-2,101	-1,180	-2,591	-544	-1,010	-398	215	-225	-152	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Account Receivables	-3,416	-9,157	-4,222	-2,568	-2,101	-1,180	-2,591	-544	-1,010	-398	215	-225	0	0	0	189	197	0	0	0	0	0	0	0	0	0	0	0	0
Change To Inventory	0	0	0	-12,641	99,211	5,030	2,194	-6,274	9,321	-3,226	11,401	-1,052	6,449	5,255	3,553	5,011	7,256	0	3,152	6,503	0	0	0	0	0	0	0	0	0
Change To Liabilities	0	-1,669	-3,441	-1,247	-403	1,803	-5,624	-8,656	-483	662	444	-3,198	786	0	0	0	668	108	497	273	0	0	0	0	0	0	0	0	0
Change To Netincome	0	2,331	-5,814	13,446	-2,983	3,032	6,029	-329,467	-310,667	-236,609	-355,346	-398,206	-278,394	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Operating Activities	0	-15,633	7,523	-15,234	97,226	4,263	549	-8,167	8,086	-4,283	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	10,938	13,099	11,169	10,589	9,688	6,813	5,936	5,275	4,152	3,779	3,356	2,875	4,831	4,266	3,009	2,321	2,399	2,711	2,281	2,188	2,396	1,444	1,476	1,550	1,409	1,162	1,370	1,040	892
Dividends Paid	-28,311	27,765	24,768	21,183	20,835	15,418	11,720	8,424	6,341	4,877	4,025	3,528	3,117	3,485	3,361	2,147	1,917	1,811	1,660	1,481	1,311	1,211	1,179	1,228	1,218	1,237	1,264	1,031	895
End Period Cash Flow	526,515	123,505	593,508	249,711	98,831	58,492	76,441	70,832	48,650	43,476	31,721	30,735	20,447	15,683	63,919	36,001	55,029	58,812	39,250	18,254	45,464	35,692	18,628	35,051	34,844	31,869	20,358	20,340	22,066
Exchange Rate Changes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow	73,669	87,951	103,908	72,899	170,340	69,006	46,375	24,165	29,608	11,410	40,647	19,362	19,910	22,462	10,646	13,442	14,979	-4,885	9,795	11,321	11,088	2,479	3,269	1,276	15,213	-816	165	5,043	3,887
Investments	-168,058	-524,036	-1,446,272	-234,389	-221,204	-293,322	-334,028	55,694	-303,993	-152,696	-58,368	18,226	-34,751	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Issuance Of Capital Stock	0	0	0	1,390	1,705	622	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	430,210	201,137	-15,901	-71,040	-13,589	259,895	-255,994	49,421	78,068	-89,313	-25,415	109,462	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	27,981	93,408	87,091	68,499	66,538	53,117	33,117	23,912	20,549	18,101	19,876	19,543	12,797	10,455	9,140	8,972	8,140	7,484	7,091	6,935	6,534	5,499	4,125	3,783	-117	1,083	1,721	3,824	3,039
Other Cashflows From Financing Activities	409,963	1,238,922	627,172	658,955	-20,758	244,784	246,535	-209,404	96,168	147,848	-91,946	47,627	255,799	-64,150	18	103,610	187,522	105,713	200,273	228,097	200,965	245,511	233,399	81,508	127,767	115,988	-21,116	11,576	-6,924
Other Cashflows From Investing Activities	0	-489,467	1,084,636	-252,067	130,561	-7,160	56,843	172,079	185,427	9,905	114,483	-71,625	-104,980	6,137	8,242	972	0	1,317	936	0	0	0	0	0	0	0	0	0	0
Other Non Cash Items	37,280	8,011	15,591	18,547	4,614	6,642	11,178	10,255	6,827	4,289	17,508	13,545	3,769	8,239	9,678	152,806	3,055	-691	3,097	5,992	9,918	371	1,282	-2,142	16,517	-188	196	1,845	1,918
Sale Purchase Of Stock	-188,906	145	-293	1,390	1,705	622	1,604	-12,500	4,305	165	195	226	-18,750	-6,250	110,539	0	0	0	0	0	0	0	0	0	-7,619	-2,115	-1,173	-368	-745
Stock Based Compensation	3,586	2,475	68	132	215	251	325	324	288	203	48	33	35	30	39	-2,754	-2,568	-897	-64	-2,126	-4,377	-3,289	-2,366	-280	0	0	0	0	0
Total Cash From Financing Activities	-15,444	455,549	601,525	564,437	-39,888	229,988	236,419	-229,756	94,132	143,136	-95,776	44,325	124,585	-105,710	66,993	35,932	24,664	86,244	83,517	150,499	30,476	124,271	50,193	280	103,930	54,636	-23,553	10,177	-8,564
Total Cash From Operating Activities	81,444	94,380	105,348	78,765	174,952	72,440	49,064	25,548	35,230	17,665	46,965	26,346	22,352	24,876	14,712	18,884	17,980	-1,009	11,216	13,980	13,298	3,968	3,814	1,927	17,283	2,607	3,900	9,107	5,554
Total Cashflows From Investing Activities	0	-1,019,932	-363,076	-492,322	-94,725	-303,916	-279,874	226,390	-124,188	-149,046	49,797	-60,383	-142,173	27,815	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30	2002-06-30	2002-03-31	2001-12-31	2001-09-30	2001-06-30	2001-03-31	2000-12-31	2000-09-30	2000-06-30	2000-03-31	1999-12-31	1999-09-30	1999-06-30	1999-03-31	1998-12-31	1998-09-30	1998-06-30	1998-03-31	1997-12-31	1997-09-30	1997-06-30	1997-03-31	1996-12-31	1996-09-30	1996-06-30	1996-03-31	1995-12-31	1995-09-30
Begin Period Cash Flow	175,137	228,986	134,722	123,505	109,659	108,848	120,954	593,508	971,817	304,171	529,336	249,711	99,126	170,135	86,458	98,831	91,279	94,686	86,131	58,492	69,697	69,018	63,591	76,441	72,662	65,993	60,280	70,832	83,721	109,224	47,612	48,650	48,155	43,857	38,676	43,476	37,318	50,804	35,820	31,721	40,500	31,735	27,053	30,735	41,562	23,743	19,049	20,447	18,462	20,832	31,409	15,683	18,202	25,216	25,829	68,702	10,848	16,580	88,879	36,001	20,528	18,701	81,098	55,029	19,788	24,894	20,858	58,812	21,777	23,408	21,112	39,250	19,789	36,844	16,254	18,254	32,011	20,843	15,106	45,464	74,224	33,093	24,857	35,692	49,170	60,642	61,233	18,628	29,069	45,667	22,664	35,051	36,044	34,232	16,844	34,844	0	21,100	0	17,400	0	8,200	100	3,000	0	12,400	0	8,177	0	15,800	12,800	22,100	8,900	0
Capital Expenditures	1,335	1,163	4,710	567	1,728	1,477	2,146	1,078	978	1,459	1,118	1,118	1,614	1,339	883	2,030	852	2,222	773	34,011	142	1,422	796	1,074	22	1,615	27	1,025	1,719	1,036	446	237	865	1,170	1,419	2,168	2,169	760	1,932	1,394	3,285	677	1,515	841	2,464	2,196	702	1,622	894	1,535	977	990	394	287	1,185	548	1,018	221	1,114	1,713	2,301	1,285	964	892	804	810	801	586	977	803	1,239	857	556	295	242	328	586	1,028	572	473	1,393	180	-83	-37	528	779	-251	-540	193	184	41	127	425	162	-368	69	1,000	100	600	600	1,800	700	500	400	500	900	1,000	1,300	1,764	1,200	700	400	567	400
Cash And Cash Equivalents Changes	0	0	94,264	11,217	13,846	811	-12,106	-472,554	-378,309	667,646	-225,165	279,625	150,585	-71,009	83,677	-12,373	7,552	-3,407	8,555	27,639	5,256	679	5,427	-12,850	3,779	6,669	5,713	-10,552	-12,889	-25,503	61,612	-1,038	495	4,298	5,181	-4,800	6,158	-13,486	14,984	4,099	-8,779	8,765	4,682	-3,682	-10,827	17,819	4,694	-1,398	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash Flows Other Operating	0	0	-3,539	4,642	-4,933	-255	-16,072	5,480	-100	-619	2,663	8,332	-9,668	-10,111	-4,624	5,382	2,162	-372	-1,279	97,773	7,650	-208	-10,980	6,595	3,958	-1,499	-60,221	63,935	99,072	91,221	78,281	60,292	71,818	87,606	83,131	76,714	57,722	77,416	58,670	36,023	60,561	104,950	103,940	106,108	108,087	110,273	99,819	84,034	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change In Cash	351,378	-53,849	94,264	11,217	13,846	811	-12,106	-472,554	-378,309	667,646	-225,165	279,625	150,585	-71,009	83,677	-12,373	7,552	-3,407	8,555	27,639	-11,205	679	5,427	-12,850	3,779	6,669	5,713	-10,552	-12,889	-25,503	61,612	-1,038	495	4,298	5,181	-4,800	6,158	-13,486	14,984	4,099	-8,779	8,765	4,682	-3,682	-10,827	17,819	4,694	-1,398	1,985	-2,370	-10,577	15,726	-2,519	-7,014	-613	-42,873	53,071	-5,732	-72,299	52,878	15,473	1,827	-62,397	26,069	35,241	-5,106	4,036	-37,954	37,035	-1,631	2,296	-18,138	19,461	-17,055	20,590	-2,000	-13,757	11,168	5,737	-30,358	-28,760	41,131	8,236	-10,835	-13,478	-11,472	-591	42,605	-10,441	-16,598	23,003	-12,387	-993	1,812	17,388	-18,000	19,900	-18,800	21,100	-19,200	17,400	-14,200	8,200	100	3,000	-10,000	12,400	-5,400	8,177	-4,500	15,800	-9,300	10,136	8,900
Change In Working Capital	3,858	4,507	-1,282	-2,102	-5,415	-4,119	-7,863	-7,393	-308	-2,791	2,828	3,572	-10,418	-7,790	-5,595	6,001	-10,058	3,501	2,730	98,952	-4,655	941	-772	7,569	-291	-3,168	-36	1,453	7,327	-10,774	-2,134	-3,130	7,482	-2,381	-2,063	4,038	-6,646	2,935	-464	-506	1,607	2,501	3,627	2,829	366	-2,856	-971	1,068	1,317	-1,335	1,361	-531	-4,223	6,425	4,094	-4,297	-6,529	-1,516	2,235	-631	-146,373	4,443	-444	398	8,895	-1,346	1,119	-1,489	-8,306	1,810	-2,207	-835	154	139	-872	-784	2,369	-316	1,028	-1,632	-1,957	328	926	55	1,577	-1,441	753	-243	-1,059	1,079	-1,162	1,247	-1,770	1,187	-607	363	-58,600	21,200	-19,600	-4,700	-30,000	6,600	-22,800	900	1,600	2,100	13,000	5,300	3,198	1,800	-2,600	55,287	-10,495	3,600
Change Receivables	0	0	-1,108	-1,134	-5,198	-1,100	-1,520	-1,339	-1,375	-2,541	-751	445	-940	-271	-2,411	1,054	-546	733	-1,592	-696	-3,425	-1,006	-949	4,200	-780	-1,227	-735	151	143	-332	-414	59	327	-760	-392	-185	165	-131	-397	-35	5	243	-200	167	532	-743	113	-127	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Account Receivables	-860	-314	-1,108	-1,134	-5,198	-1,100	-1,520	-1,339	-1,375	-2,541	-751	445	-940	-271	-2,411	1,054	-546	733	-1,592	-696	-3,425	-1,006	-949	4,200	-780	-1,227	-735	151	143	-332	-414	59	327	-760	-392	-185	165	-131	-397	-35	5	243	-200	167	532	-743	113	-127	0	0	0	0	0	0	0	0	0	0	0	0	189	379	9	193	197	0	0	335	0	158	448	495	0	0	0	0	0	0	73	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1,200	-2,000	200	0	1,300
Change To Inventory	0	0	0	0	0	0	0	0	567	0	0	0	-9,143	-7,081	-2,208	5,791	-9,283	3,604	4,343	100,547	-1,041	2,203	394	3,474	968	-1,566	1,071	1,721	8,207	-9,868	-1,696	-2,917	7,494	-1,276	-1,371	4,474	-6,599	5,215	227	-230	1,829	2,945	3,705	2,922	14,123	10,121	5,685	2,274	6,449	3,986	1,841	533	5,255	4,196	2,567	1,154	3,553	2,507	0	0	5,011	5,507	0	1,379	7,256	0	0	0	0	0	0	373	3,152	0	386	1,556	6,503	8,115	7,246	5,374	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Liabilities	0	0	4,025	-4,868	882	-2,140	10,373	-10,784	1,303	119	1,233	-6,096	-2,539	1,340	726	-774	-11,684	3,353	6,068	1,860	-8,548	2,585	10,992	-3,226	-3,469	-442	2,769	-4,482	-9,946	575	2,174	-1,459	-1,475	2,539	-267	-1,280	385	1,517	-94	-1,146	190	866	72	-684	-979	-2,794	795	-220	0	0	0	5	0	0	0	0	0	0	0	0	0	0	0	384	668	638	14	0	108	241	0	0	497	563	381	178	273	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Netincome	0	0	-4,819	2,844	-3,029	-45	4,122	4,426	-10,818	2,614	-331	5,387	1,720	5,720	-247	6,253	-3,082	1,961	-841	-1,021	-4,139	1,627	-779	6,323	1,247	2,821	53,640	-51,679	-83,981	-101,713	-86,545	-57,228	-65,934	-89,622	-84,256	-70,855	-66,153	-72,190	-60,435	-37,831	-59,334	-93,639	-105,451	-96,922	-105,766	-108,411	-101,780	-82,249	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Operating Activities	0	0	-174	-174	-217	-3,019	-6,343	-6,054	1,067	-250	3,579	3,127	-9,478	-7,519	-3,184	4,947	-9,512	2,768	4,322	99,648	-1,230	1,947	177	3,369	549	-1,941	-2,070	5,784	-8,167	-11,017	-3,894	-1,730	8,086	0	0	0	-4,283	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	3,018	2,937	3,214	2,601	3,054	3,446	3,958	2,641	3,084	2,691	2,737	2,657	3,050	2,630	2,299	2,610	2,624	2,684	2,831	1,549	1,768	1,745	1,486	1,814	1,633	1,483	1,419	1,401	1,485	1,327	1,280	1,183	1,132	1,137	927	956	973	1,001	961	844	834	836	837	849	887	690	652	646	1,351	1,227	1,127	1,126	1,225	1,165	1,005	871	785	808	745	671	339	818	542	622	717	617	559	506	870	449	681	711	648	455	518	660	692	508	503	485	437	1,216	251	492	373	337	357	377	371	364	1,306	-565	389	431	362	368	400	300	400	300	300	200	300	300	600	200	300	300	0	0	0	0	0	0
Dividends Paid	-7,055	-7,089	7,110	7,057	7,057	7,061	7,042	6,605	6,626	6,637	5,744	5,761	5,309	5,326	5,291	5,257	5,422	5,439	5,450	4,524	3,851	3,847	3,872	3,848	3,476	2,898	2,899	2,447	2,456	2,227	1,894	1,847	1,834	1,833	1,339	1,335	1,335	1,248	1,302	992	1,019	1,026	967	1,013	1,035	932	759	802	659	861	802	795	869	874	869	873	869	871	873	748	554	553	553	487	488	488	487	454	454	453	456	448	439	413	408	400	397	369	356	359	358	319	317	317	318	297	298	298	297	298	298	286	299	309	310	310	300	300	300	300	300	300	300	300	300	300	400	300	231	300	200	300	95	200
End Period Cash Flow	526,515	175,137	228,986	134,722	123,505	109,659	108,848	120,954	593,508	971,817	304,171	529,336	249,711	99,126	170,135	86,458	98,831	91,279	94,686	86,131	58,492	69,697	69,018	63,591	76,441	72,662	65,993	60,280	70,832	83,721	109,224	47,612	48,650	48,155	43,857	38,676	43,476	37,318	50,804	35,820	31,721	40,500	31,735	27,053	30,735	41,562	23,743	19,049	20,447	18,462	20,832	31,409	15,683	18,202	25,216	25,829	63,919	10,848	16,580	88,879	36,001	20,528	18,701	81,098	55,029	19,788	24,894	20,858	58,812	21,777	23,408	21,112	39,250	19,789	36,844	16,254	18,254	32,011	20,843	15,106	45,464	74,224	33,093	24,857	35,692	49,170	60,642	61,233	18,628	29,069	45,667	22,664	35,051	36,044	34,232	16,844	19,900	-18,800	21,100	-19,200	17,400	-14,200	8,200	100	3,000	-10,000	12,400	-5,400	8,177	-4,500	15,800	12,800	10,136	8,900
Exchange Rate Changes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow	11,641	28,679	14,093	24,744	14,988	24,806	22,180	25,977	15,551	28,041	27,407	32,253	14,320	20,664	11,768	26,147	8,975	28,204	23,133	77,555	7,659	17,837	14,598	28,912	11,765	9,223	7,385	18,002	15,868	-1,640	2,142	9,178	12,406	4,921	3,265	9,016	-3,563	12,412	2,134	427	3,726	18,045	4,080	14,796	6,424	2,646	4,517	5,775	6,593	3,186	6,749	3,382	1,956	11,107	9,107	292	-1,876	7,351	3,587	1,584	289	7,815	698	4,640	12,118	1,189	2,091	-419	-5,766	267	-354	968	6,387	987	287	2,134	1,149	522	4,651	4,999	-6,149	4,528	1,576	11,770	-4,675	-2,419	4,517	5,238	-1,471	6,399	-4,319	2,660	-28,247	13,376	8,701	7,441	5,600	2,400	5,300	1,900	1,400	200	300	-600	17,200	500	-300	-400	4,143	800	-1,000	1,100	187	1,400
Investments	385,266	-71,357	59,542	8,205	-39,552	32,170	-27,561	-489,093	-277,764	-610,353	-411,921	-146,234	-891,802	855,746	-77,562	-120,771	-46,219	-91,793	-27,989	-55,203	-82,174	-70,756	-93,124	-47,268	-104,385	-33,018	-148,748	-47,877	169,954	-34,133	-104,070	23,943	-53,356	-102,710	-62,001	-85,926	-23,129	-115,966	-6,638	-6,963	775	-33,319	-24,027	-1,797	18,028	3,098	-613	-2,287	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Issuance Of Capital Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	0	40,112	168,978	94,858	88,869	230,457	16,026	5,100	231,756	-42,300	6,581	-112,379	4,196	-62,653	154,935	33,211	80,297	-21,487	-163,061	72,711	-47,081	4,592	-43,811	69,081	-27,107	165,357	52,564	-302,840	11,536	54,111	-18,801	75,485	-60,179	-55,140	89,255	1,124	9,951	87,207	-20,214	13,829	-40,293	73,977	-136,826	12,663	-7,893	29,014	-59,199	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	-25,215	16,205	18,763	18,228	21,165	23,821	24,859	23,563	21,425	23,071	22,173	20,422	21,893	20,312	14,639	11,655	18,543	20,537	16,642	10,816	13,133	13,065	14,115	12,804	7,650	8,171	9,072	8,224	5,603	6,602	6,326	5,381	6,175	4,288	4,728	5,358	4,948	4,958	4,778	3,417	4,115	4,785	5,665	5,311	5,170	4,850	4,910	4,613	3,522	3,417	3,093	2,765	2,870	3,279	2,515	1,791	2,084	2,357	2,064	2,635	2,122	1,332	2,990	2,528	2,010	2,270	2,016	1,844	2,233	1,968	1,834	1,449	2,080	2,028	1,680	1,303	1,852	1,763	1,803	1,517	1,007	2,028	1,775	1,724	1,575	1,528	1,291	1,105	1,010	1,124	1,053	938	753	1,201	1,049	780	270	-1,610	540	450	-430	370	590	550	10	300	650	760	1,524	600	800	900	339	800
Other Cashflows From Financing Activities	-35,204	-5,121	71,628	367,087	527,400	124,047	299,520	287,955	-171,230	583,620	17,510	198,652	82,465	32,886	362,675	106,204	48,256	65,485	22,886	-155,865	83,533	65,310	87,079	8,862	84,581	11,287	140,441	10,226	-218,755	-104,295	134,407	-20,475	42,563	-82,914	64,877	72,031	33,780	-39,361	109,720	43,837	-22,971	-9,229	56,170	-115,916	-156	42,044	39,362	54,756	54,155	69,200	18,867	8	-77,988	12,898	314	62	2	-27,616	-100,796	136,320	112,688	-7,815	-52,982	-10,934	210,179	-3,162	41,220	-73,153	74,464	22,790	58,007	434	83,236	5,184	111,726	127	96,360	20,250	19,467	92,020	322,888	200,194	78,701	-23,190	282,050	51,851	49,020	4,438	70,480	-39,577	37,522	-17,053	32,001	53,225	25,888	-19,606	111,900	-18,800	14,900	4,700	33,800	1,900	17,600	4,600	-4,800	-22,100	12,100	-6,300	8,408	-4,200	16,000	-9,000	10,231	9,100
Other Cashflows From Investing Activities	0	0	-19,733	-27,128	-76,325	-123,151	1,119	-65,788	62,053	674,434	266	202,797	-229,293	259	-1,755	-21,278	1,279	128,825	-127,972	128,429	-40	-7,914	402	392	14,306	21,493	9,534	11,510	23,597	116,792	31,027	663	589	183,045	379	1,414	368	130,677	-88,930	-32,210	10,549	34,260	-30,574	100,248	-33,973	-29,212	-8,799	359	0	0	1,069	1,469	6,137	2,982	3,392	875	8,242	8,833	5,359	290	972	0	0	0	0	0	0	0	1,317	25	25	0	936	484	256	375	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Non Cash Items	33,698	4,091	-5,006	5,826	-4,957	2,508	2,745	7,715	-4,457	5,327	4,409	10,312	6,359	12,289	-1,177	1,076	-353	4,450	650	-133	-3,256	2,554	236	7,108	2,048	3,987	-2,872	8,015	726	3,521	-408	6,416	-855	4,560	936	2,186	23	5,019	346	-1,099	2,009	11,473	-3,196	7,222	4,151	9,853	-234	-225	1,181	652	-211	-205	1,658	1,445	2,390	2,746	2,929	6,211	174	364	147,272	3,123	1,620	172	1,920	1,023	-106	-336	1,273	-2,380	584	-168	2,858	-241	-1,242	1,722	-1,725	512	1,970	5,235	-3,230	2,165	908	10,075	-4,828	-1,897	3,182	3,914	-457	4,508	22,764	-25,533	-27,942	11,785	7,897	6,189	64,630	-17,590	24,560	6,450	32,530	-6,270	23,110	-1,950	15,490	-1,200	-13,250	-5,460	1,185	-400	1,500	400	10,910	-2,300
Sale Purchase Of Stock	0	481	27	696	1,822	75	-25	-1,577	285	0	116	-694	694	730	119	552	8	56	1,504	-8	129	49	344	100	988	582	34	34	12,500	286	0	-12,500	127	3,789	389	0	37	128	0	0	161	34	0	0	30,185	175	166	0	29,395	0	11,612	15,911	10,628	0	51,455	-78,186	93,711	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-51,054	0	0	0	-1,097	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-5,300	0	-1,300	-1,000	-500	-1,000	-300	-300	-200	-700	0	-300	0	0	0	0	0	0
Stock Based Compensation	939	944	945	758	692	627	627	529	13	13	15	27	27	28	27	50	50	50	58	57	44	44	81	82	87	80	82	76	77	77	102	68	72	78	79	59	58	58	60	27	17	15	8	8	8	8	9	8	8	7	10	10	10	8	7	5	10	10	10	9	-840	-657	-647	9	-754	-675	-600	15	186	-708	-602	227	1,322	-500	-476	-410	-401	-785	-387	-553	-1,327	-845	-1,184	-1,021	-1,009	-1,402	-387	-491	-731	-572	-27,394	26,331	17	-345	0	-23	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Cash From Financing Activities	-48,868	-12,334	40,362	5,396	114,735	66,986	217,478	56,350	-178,149	576,983	11,882	190,809	77,145	28,290	357,503	101,499	42,987	60,102	17,436	-160,413	79,811	61,512	83,551	5,114	82,093	8,971	137,542	7,813	-220,925	-106,522	132,513	-34,822	40,856	-80,958	63,538	70,696	32,482	-40,609	108,418	42,845	-23,829	-10,221	55,203	-116,929	-1,306	41,287	9,589	-5,245	53,496	68,399	23,870	-21,180	-78,823	12,034	50,757	-89,678	65,004	-28,487	-101,669	132,145	112,134	-8,368	-53,535	-14,299	61,122	-3,650	40,733	-73,541	60,992	22,279	57,480	-54,507	43,780	-15,283	55,301	-281	95,963	4,832	-14,249	63,953	354	-24,755	78,384	-23,507	19,855	51,554	48,722	4,140	70,183	-39,875	37,224	-17,339	-3,298	-2,084	25,578	-19,916	106,300	-19,100	13,300	3,400	33,000	600	17,000	4,000	-5,300	-23,100	11,700	-6,900	8,177	-4,500	15,800	-9,300	10,136	8,900
Total Cash From Operating Activities	12,976	29,842	18,803	25,311	16,716	26,283	24,326	27,055	16,529	28,041	27,407	33,371	15,934	22,003	12,651	28,177	9,827	30,426	23,133	111,566	7,801	19,259	15,394	29,986	11,787	10,838	7,412	19,027	14,149	-604	2,588	9,415	13,271	6,091	4,684	11,184	-1,394	13,172	4,066	1,821	7,011	18,722	5,595	15,637	8,888	4,842	5,219	7,397	7,487	4,721	5,772	4,372	2,350	11,394	10,292	840	-858	7,572	4,701	3,297	2,590	9,100	1,662	5,532	12,922	1,999	2,892	167	-4,789	1,070	885	1,825	6,943	1,282	529	2,462	1,735	1,550	5,223	5,472	-4,756	4,708	1,576	11,770	-4,147	-1,640	4,517	5,238	-1,278	6,583	-4,278	2,787	-27,822	13,538	8,701	7,510	6,600	2,300	5,900	2,500	3,200	900	800	-200	17,700	1,400	700	900	5,907	2,000	-300	1,500	754	1,800
Total Cashflows From Investing Activities	0	0	35,099	-19,490	-117,605	-92,458	-253,910	-555,959	-216,689	62,622	-264,454	55,445	57,506	-121,302	-286,477	-142,049	-45,262	-93,935	-32,014	76,486	-82,356	-80,092	-93,518	-47,950	-90,101	-13,140	-139,241	-37,392	193,887	81,623	-73,489	24,369	-53,632	79,165	-63,041	-86,680	-24,930	13,951	-97,500	-40,567	8,039	264	-56,116	97,610	-18,409	-28,310	-10,114	-3,550	0	0	0	32,534	27,815	0	0	45,965	0	0	0	0	0	25,407	24,312	34,836	0	0	0	35,420	0	0	0	34,544	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

Income Statement

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31	1995-12-31
Cost Of Revenue	76	0	0	0	0	34,505	18,853	22,379	17,016	16,280	15,423	17,846	21,783	32,429	41,497	40,453	45,328	38,040	27,489	18,556	18,742	19,737	22,475	25,309	0	0	0	0	0
Depreciation And Amortization	3,612	13,099	11,169	10,589	9,688	6,813	5,936	5,275	4,152	3,779	3,356	2,875	4,831	4,266	3,009	2,321	2,399	2,711	2,281	2,188	2,396	1,444	1,476	1,550	1,409	1,162	1,370	1,040	892
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Ebit	38,999	142,099	102,447	78,369	79,841	95,159	64,336	53,250	41,635	37,478	40,427	42,311	33,484	34,272	39,104	43,719	53,127	47,457	36,004	26,995	26,562	26,583	27,687	28,894	16,086	14,959	15,242	17,223	14,318
Ebitda	38,999	155,198	113,616	88,958	89,529	101,972	70,272	58,525	45,787	41,257	43,783	45,186	38,315	38,538	42,113	46,040	55,526	50,168	38,285	29,183	28,958	28,027	29,163	30,444	17,495	16,121	16,612	18,263	15,210
Effect Of Accounting Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Extraordinary Items	0	0	0	0	0	0	-2,426	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Gross Profit	324,303	241,558	228,265	219,933	195,216	162,641	140,266	118,384	99,757	84,490	82,621	81,261	68,412	67,522	62,625	51,181	45,079	41,682	40,686	36,091	35,291	33,402	29,328	25,510	6,982	6,453	6,316	5,816	3,987
Income Before Tax	38,999	105,584	102,447	78,369	79,841	63,560	47,953	32,713	27,781	24,256	26,924	27,989	16,983	13,397	11,210	10,834	10,867	10,322	10,036	9,429	9,170	8,374	6,717	5,595	484	1,428	2,305	5,423	3,206
Income Tax Expense	11,018	12,176	15,356	9,870	13,303	10,443	14,836	8,801	7,232	6,155	7,048	8,446	4,186	2,942	2,070	1,862	2,727	2,838	2,945	2,494	2,636	2,778	2,592	1,812	675	345	584	1,599	167
Interest Expense	146,284	36,515	18,305	34,438	47,541	31,599	16,383	20,537	13,854	13,222	13,503	14,322	16,501	20,875	27,894	32,885	42,260	37,135	25,968	17,566	17,392	18,112	20,970	23,299	15,765	13,531	12,937	11,800	11,112
Interest Income	295,978	236,033	199,995	205,378	208,332	166,168	128,483	106,529	88,588	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	27,981	93,408	87,091	68,499	66,538	53,117	33,117	23,912	20,549	18,101	19,876	19,543	12,797	10,455	9,140	8,972	8,140	7,484	7,091	6,935	6,534	5,693	4,125	3,783	-354	1,083	1,721	3,824	3,039
Net Income Applicable To Common Shares	0	93,408	87,091	68,499	66,538	53,117	33,117	23,870	20,424	17,968	19,506	19,062	11,472	9,049	7,738	8,972	8,140	7,484	7,091	6,935	6,534	5,596	4,125	3,783	0	0	0	0	0
Net Income From Continuing Ops	74,361	93,408	87,091	68,499	66,538	53,117	33,117	23,912	20,549	18,101	19,876	19,543	12,797	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Interest Income	182,269	199,518	181,690	170,940	160,791	134,569	112,100	85,992	74,734	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Operating Income Net 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
Non Recurring	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Operating Income	38,999	142,099	102,447	78,369	79,841	95,159	64,336	53,250	41,635	37,478	40,427	42,311	33,484	34,272	39,104	43,719	53,127	47,457	36,004	26,995	26,562	26,583	27,687	28,894	16,086	14,959	15,242	17,223	14,318
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Operating Expenses	38,999	1,843	-125,818	-141,564	115,375	67,482	2,490	2,752	2,070	1,731	1,668	1,990	1,497	1,701	1,413	7,462	8,048	5,775	4,682	9,096	8,729	6,819	1,641	3,384	9,104	8,506	8,926	11,407	10,331
Preferred Stock And Other Adjustments	0	0	0	0	0	0	0	42	125	133	370	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Reconciled Depreciation	12,186	13,099	11,169	10,589	9,688	6,813	5,936	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Research Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Selling And Marketing Expenses	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Selling General Administrative	81,978	82,841	94,839	89,455	82,090	70,154	65,353	58,802	49,197	40,770	37,578	34,521	31,428	30,552	26,994	16,749	17,154	16,433	16,518	14,767	13,948	12,752	11,801	9,115	9,017	9,439	8,316	8,671	8,364
Tax Provision	7,248	12,176	15,356	9,870	13,303	10,443	14,836	8,801	7,232	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Operating Expenses	38,999	1,843	-125,818	-141,564	-115,375	-67,482	2,490	2,752	2,070	1,731	1,668	1,990	1,497	1,701	1,413	-7,462	8,048	5,775	-4,682	-9,096	-8,729	-6,819	-1,641	3,384	9,104	8,506	8,926	11,407	10,331
Total Other Income Expense Net	38,999	-36,515	102,447	78,369	79,841	-31,599	-16,383	-20,537	-13,854	-13,222	-13,503	-14,322	-16,501	-20,875	-27,894	-32,885	-42,260	-37,135	-25,968	-17,566	-17,392	-18,209	-20,970	-23,299	-15,602	-13,531	-12,937	-11,800	-11,112
Total Revenue	220,474	241,558	228,265	219,933	195,216	162,641	140,266	118,384	99,757	84,490	82,621	81,261	68,412	67,522	62,625	51,181	45,079	41,682	40,686	36,091	35,291	33,402	29,328	25,510	6,982	6,453	6,316	5,816	3,987

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30	2002-06-30	2002-03-31	2001-12-31	2001-09-30	2001-06-30	2001-03-31	2000-12-31	2000-09-30	2000-06-30	2000-03-31	1999-12-31	1999-09-30	1999-06-30	1999-03-31	1998-12-31	1998-09-30	1998-06-30	1998-03-31	1997-12-31	1997-09-30	1997-06-30	1997-03-31	1996-12-31	1996-09-30	1996-06-30	1996-03-31	1995-12-31	1995-09-30	1995-06-30	1995-03-31
Cost Of Revenue	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	10,422	9,675	7,826	6,582	6,419	4,901	3,937	3,596	9,073	5,007	4,013	4,286	3,910	4,102	5,183	3,821	4,220	5,192	3,673	3,195	2,313	3,476	4,131	5,503	5,172	4,761	3,726	4,187	4,706	5,584	5,581	5,912	7,265	7,913	8,439	8,812	9,984	10,182	10,876	10,455	9,522	10,899	9,425	10,607	12,438	11,464	10,889	10,537	10,702	10,066	9,039	8,233	8,194	7,586	6,357	5,352	5,159	4,409	4,500	4,488	4,648	4,793	4,650	4,669	5,241	5,129	4,971	4,396	4,941	5,272	5,898	6,364	6,732	6,677	5,955	5,945	4,370	3,820	3,880	3,700	3,630	3,390	3,190	3,070	3,200	3,320	3,280	3,150	0	0	0	0	0	0	-	-
Depreciation And Amortization	903	903	903	903	3,054	3,446	3,958	2,641	3,084	2,691	2,737	2,657	3,050	2,630	2,299	2,610	2,624	2,684	2,831	1,549	1,768	1,745	1,486	1,814	1,633	1,483	1,419	1,401	1,485	1,327	1,280	1,183	1,132	1,137	927	956	973	1,001	961	844	834	836	837	849	887	690	652	646	1,351	1,227	1,127	1,126	1,225	1,165	1,005	871	785	808	745	671	339	818	542	622	717	617	559	506	870	449	681	711	648	455	518	660	692	508	503	485	437	1,216	251	492	373	337	357	377	371	364	1,306	-565	389	431	362	368	400	300	400	300	300	200	300	300	600	200	300	300	0	0	0	0	0	0	-	-
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Ebit	-19,699	16,586	19,312	45,749	42,219	32,023	33,398	31,013	39,936	31,451	30,731	28,923	33,472	31,387	23,980	23,968	34,342	36,789	32,268	23,983	25,562	24,161	24,096	21,340	18,727	14,868	16,199	14,542	15,662	13,743	12,732	11,113	11,958	9,443	9,757	10,477	9,854	10,147	10,002	7,475	8,513	9,786	11,302	10,826	10,825	10,548	10,689	10,249	8,532	8,672	8,341	7,939	8,397	9,610	8,546	7,719	8,701	9,682	10,147	10,574	10,024	9,096	11,439	13,160	13,169	14,010	13,216	12,732	13,630	12,648	11,379	9,800	10,756	10,129	8,352	6,767	7,415	6,633	6,713	6,225	5,659	7,333	6,783	6,787	7,308	7,079	6,423	5,773	6,052	6,827	7,267	7,541	7,241	7,736	7,187	6,728	4,680	2,340	4,690	4,390	2,950	3,990	4,030	3,860	3,170	3,630	4,200	4,260	1,823	1,100	1,200	1,300	806	0	-	-
Ebitda	-18,796	17,489	20,215	46,652	45,273	35,469	37,356	33,654	43,020	34,142	33,468	31,580	36,522	34,017	26,279	26,578	36,966	39,473	35,099	25,532	27,330	25,906	25,582	23,154	20,360	16,351	17,618	15,943	17,147	15,070	14,012	12,296	13,090	10,580	10,684	11,433	10,827	11,148	10,963	8,319	9,347	10,622	12,139	11,675	11,712	11,238	11,341	10,895	9,883	9,899	9,468	9,065	9,622	10,775	9,551	8,590	9,486	10,490	10,892	11,245	10,363	9,914	11,981	13,782	13,886	14,627	13,775	13,238	14,500	13,097	12,060	10,511	11,404	10,584	8,870	7,427	8,107	7,141	7,216	6,710	6,096	8,549	7,034	7,279	7,681	7,416	6,780	6,150	6,423	7,191	8,573	6,976	7,630	8,167	7,549	7,096	5,080	2,640	5,090	4,690	3,250	4,190	4,330	4,160	3,770	3,830	4,500	4,560	4,923	4,100	4,000	4,100	3,718	3,500	3,200	1,500
Effect Of Accounting Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Extraordinary Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Gross Profit	63,065	52,800	55,760	71,798	58,175	60,657	62,945	59,781	60,001	59,943	54,732	53,589	60,394	57,221	51,429	50,889	51,015	52,779	50,379	41,043	40,476	40,736	40,957	40,472	39,401	34,685	34,160	32,020	29,628	32,984	29,329	26,443	26,568	26,825	23,669	22,695	21,980	22,588	22,143	17,779	18,704	19,539	22,022	22,356	23,530	21,398	19,561	18,340	18,591	18,529	15,911	15,381	18,036	18,268	16,291	14,927	15,675	15,261	15,779	15,910	13,058	12,754	13,233	12,136	12,159	11,389	11,030	10,501	10,952	10,674	10,215	9,841	10,852	11,051	9,730	9,053	9,563	9,263	8,981	8,284	8,140	9,434	9,043	8,674	8,880	9,313	7,581	7,487	8,158	7,130	7,252	6,788	6,247	6,526	6,662	6,075	1,280	1,360	1,350	1,250	6,550	1,600	1,790	1,990	2,410	2,040	1,910	2,010	2,816	1,000	1,100	1,000	1,187	800	900	-
Income Before Tax	-18,796	17,489	20,215	20,091	23,814	25,834	28,834	27,102	25,505	27,127	25,943	23,872	23,860	24,638	16,632	13,239	22,463	24,541	19,947	12,890	15,668	15,662	16,905	15,325	13,408	10,677	12,592	11,276	7,212	9,191	8,951	7,359	8,390	5,641	6,480	7,270	6,612	6,696	6,668	4,280	5,203	6,414	7,900	7,407	7,368	6,828	7,172	6,621	4,664	4,652	4,092	3,575	3,796	4,354	3,107	2,140	2,417	2,916	2,561	3,316	2,665	1,334	3,504	3,331	2,659	3,096	2,692	2,420	3,108	2,702	2,565	1,947	3,012	2,903	2,376	1,745	2,579	2,417	2,450	1,983	1,315	2,845	2,513	2,497	2,373	2,325	1,827	1,849	1,611	1,855	1,722	1,529	1,033	1,550	1,726	1,286	330	-1,460	900	720	-600	620	880	820	-30	310	920	1,110	1,823	1,100	1,200	1,300	806	0	-	-
Income Tax Expense	6,419	1,284	1,452	1,863	2,649	2,013	3,975	3,539	4,080	4,056	3,770	3,450	1,967	4,326	1,993	1,584	3,920	4,004	3,305	2,074	2,535	2,597	2,790	2,521	5,758	2,506	3,520	3,052	1,609	2,589	2,625	1,978	2,215	1,353	1,752	1,912	1,664	1,738	1,890	863	1,088	1,629	2,235	2,096	2,198	1,978	2,262	2,008	1,142	1,235	999	810	926	1,075	592	349	333	559	497	681	543	2	514	803	649	826	676	576	875	734	731	498	932	875	696	442	727	654	647	466	308	817	738	773	798	797	536	647	601	731	669	591	280	349	677	506	40	130	270	240	-250	230	250	240	-40	10	270	350	299	500	400	400	467	-700	-400	-1,500
Interest Expense	13,881	38,035	30,708	26,561	18,405	9,635	4,564	3,911	4,142	4,324	4,788	5,051	9,612	6,749	7,348	10,729	11,879	12,248	12,321	11,093	9,894	8,499	7,191	6,015	5,319	4,191	3,607	3,266	8,450	4,552	3,781	3,754	3,568	3,802	3,277	3,207	3,242	3,451	3,334	3,195	3,310	3,372	3,402	3,419	3,457	3,720	3,517	3,628	3,868	4,020	4,249	4,364	4,601	5,256	5,439	5,579	6,284	6,766	7,586	7,258	7,359	7,762	7,935	9,829	10,510	10,914	10,524	10,312	10,522	9,946	8,814	7,853	7,744	7,226	5,976	5,022	4,836	4,216	4,263	4,242	4,344	4,488	4,270	4,290	4,741	4,754	4,596	4,021	4,441	4,972	5,545	6,012	6,230	6,174	5,453	5,442	4,370	3,820	3,880	3,700	3,630	3,390	3,190	3,070	3,200	3,320	3,280	3,150	3,100	3,000	2,800	2,800	2,912	2,800	2,800	-
Interest Income	83,514	80,125	76,868	71,798	67,187	63,030	57,572	52,082	54,118	50,829	47,420	47,589	53,234	50,146	50,344	51,654	53,398	55,711	53,850	45,373	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Net Income	-25,215	16,205	18,763	18,228	21,165	23,821	24,859	23,563	21,425	23,071	22,173	20,422	21,893	20,312	14,639	11,655	18,543	20,537	16,642	10,816	13,133	13,065	14,115	12,804	7,650	8,171	9,072	8,224	5,603	6,602	6,326	5,381	6,175	4,288	4,728	5,358	4,948	4,958	4,778	3,417	4,115	4,785	5,665	5,311	5,170	4,850	4,910	4,613	3,522	3,417	3,093	2,765	2,870	3,279	2,515	1,791	2,084	2,357	2,064	2,635	2,122	1,332	2,990	2,528	2,010	2,270	2,016	1,844	2,233	1,968	1,834	1,449	2,080	2,028	1,680	1,303	1,852	1,763	1,803	1,517	1,007	2,028	1,775	1,724	1,769	1,528	1,291	1,105	1,010	1,124	1,053	938	731	1,213	1,057	780	270	-1,610	540	450	-430	370	590	550	10	300	650	760	1,524	600	800	900	339	700	400	1,500
Net Income Applicable To Common Shares	0	0	18,763	18,228	21,165	23,821	24,859	23,563	21,425	23,071	22,173	20,422	21,893	20,312	14,639	11,655	18,543	20,537	16,642	10,816	13,133	13,065	14,115	12,804	7,650	8,171	9,072	8,224	5,603	6,602	6,326	5,339	6,143	4,257	4,697	5,327	4,918	4,918	4,746	3,386	4,053	4,719	5,569	5,165	5,014	4,787	4,804	4,457	3,460	2,707	2,816	2,489	2,521	2,926	2,163	1,439	1,733	2,006	1,714	2,285	2,122	1,332	2,990	2,528	2,010	2,270	2,016	1,844	2,233	1,968	1,834	1,449	2,080	2,028	1,680	1,303	1,852	1,763	1,803	1,517	1,007	2,028	1,775	1,724	1,575	1,528	1,291	1,202	1,010	1,124	1,053	938	731	1,213	1,057	782	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Net Income From Continuing Ops	-25,215	16,205	18,763	18,228	21,165	23,821	24,859	23,563	21,425	23,071	22,173	20,422	21,893	20,312	14,639	11,655	18,543	20,537	16,642	10,816	13,133	13,065	14,115	12,804	7,650	8,171	9,072	8,224	5,603	6,602	6,326	5,381	6,175	4,288	4,728	5,358	4,948	4,958	4,778	3,417	4,115	4,785	5,665	5,311	5,170	4,850	4,910	4,613	0	3,417	3,093	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Net Interest Income	42,257	42,090	46,160	45,237	48,782	53,395	53,008	48,171	49,976	46,544	42,632	42,538	43,622	43,397	42,996	40,925	41,519	43,463	41,529	34,280	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Non Operating Income Net 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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Non Recurring	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Operating Income	-18,796	17,489	20,215	45,749	42,219	32,023	33,398	31,013	29,647	31,451	30,731	28,923	33,472	31,387	23,980	23,968	34,342	36,789	32,268	23,983	25,562	24,161	24,096	21,340	18,727	14,868	16,199	14,542	15,662	13,743	12,732	11,113	11,958	9,443	9,757	10,477	9,854	10,147	10,002	7,475	8,513	9,786	11,302	10,826	10,825	10,548	10,689	10,249	8,532	8,672	8,341	7,939	8,397	9,610	8,546	7,719	8,701	9,682	10,147	10,574	10,024	9,096	11,439	13,160	13,169	14,010	13,216	12,732	13,630	12,648	11,379	9,800	10,756	10,129	8,352	6,767	7,415	6,633	6,713	6,225	5,659	7,333	6,783	6,787	7,308	7,079	6,423	5,773	6,052	6,827	7,267	7,541	7,241	7,736	7,187	6,728	330	-1,460	900	720	-600	620	880	820	-30	310	920	1,110	4,923	4,100	4,000	4,100	3,718	3,500	3,200	1,500
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Other Operating Expenses	81,861	17,489	20,215	533	1,560	552	283	314	2,216	522	588	544	2,433	25,834	518	536	1,946	335	598	493	1,926	437	376	501	2,490	649	535	613	2,752	612	747	831	2,070	409	660	527	1,731	358	419	608	1,668	357	454	499	1,990	1,483	8,872	534	1,497	359	331	349	1,701	417	530	471	1,413	316	310	395	3,034	263	291	249	1,010	214	372	369	2,678	1,974	1,164	41	96	922	1,378	2,286	2,148	2,630	2,268	2,059	2,481	2,101	2,260	1,887	1,572	2,234	1,158	1,714	2,106	303	15	753	994	1,210	525	653	14,070	14,280	12,100	11,640	18,040	11,150	10,480	10,400	12,040	11,700	10,830	10,350	2,107	3,100	2,900	3,100	2,531	2,700	2,300	1,500
Preferred Stock And Other Adjustments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	42	32	31	31	31	30	40	32	31	370	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Reconciled Depreciation	3,218	903	903	903	3,054	3,446	3,958	2,641	3,084	2,691	2,737	2,657	3,050	2,630	2,299	2,610	2,624	2,684	2,831	1,549	1,768	1,745	1,486	1,814	1,633	1,483	1,419	1,401	1,485	1,327	1,280	1,183	1,132	1,137	927	956	973	1,001	961	844	834	836	837	849	887	690	652	646	1,351	1,227	1,127	1,126	1,225	1,165	1,005	871	785	808	745	671	339	818	542	622	717	617	559	506	870	449	681	711	648	455	518	660	692	508	503	485	437	1,216	251	492	373	337	357	377	371	364	1,306	-565	389	431	362	368	400	300	400	300	300	200	300	300	600	200	300	300	0	0	0	0	0	0	-	-
Research Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Selling And Marketing Expenses	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	4,370	3,820	3,880	3,700	3,630	3,390	3,190	3,070	3,200	3,320	3,280	3,150	0	0	0	0	0	0	-	-
Selling General Administrative	23,077	21,358	21,002	19,252	20,366	26,677	25,824	25,522	26,216	24,036	22,838	21,749	25,139	23,200	20,055	21,061	20,491	20,367	21,110	20,122	17,781	17,702	17,028	17,643	18,189	17,187	15,476	14,501	15,093	16,977	14,058	12,674	12,634	15,565	10,608	10,390	10,657	10,030	10,813	9,270	10,020	9,326	9,293	9,099	9,812	9,574	8,784	7,217	8,625	8,158	7,347	7,298	8,347	8,139	7,363	6,703	8,652	5,955	7,344	6,394	4,051	4,203	4,220	4,275	4,007	4,277	4,501	4,369	3,909	4,228	4,062	4,234	4,047	4,221	4,100	4,150	3,929	3,903	3,557	3,378	3,582	3,662	3,455	3,249	3,576	3,145	3,103	2,928	3,505	2,740	2,823	2,733	2,443	2,279	2,138	2,255	5,330	6,640	4,340	4,240	10,780	4,370	4,100	4,260	5,640	5,060	4,270	4,050	2,571	2,000	2,100	2,000	2,264	2,200	1,900	-
Tax Provision	6,419	1,284	1,452	1,863	2,649	2,013	3,975	3,539	4,080	4,056	3,770	3,450	1,967	4,326	1,993	1,584	3,920	4,004	3,305	2,074	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-
Total Operating Expenses	14,193	17,489	20,215	533	1,560	552	283	314	2,216	522	588	544	2,433	-25,834	518	536	1,946	335	598	493	1,926	437	376	501	2,490	649	535	613	2,752	612	747	831	2,070	409	660	527	1,731	358	419	608	1,668	357	454	499	1,990	1,483	-8,872	534	1,497	359	331	349	1,701	417	530	471	1,413	316	310	395	-3,034	263	291	249	1,010	214	372	369	2,678	1,974	1,164	-41	-96	-922	-1,378	-2,286	-2,148	-2,630	-2,268	-2,059	-2,481	-2,101	-2,260	-1,887	-1,572	-2,234	-1,158	-1,714	-2,106	-303	15	753	994	1,210	525	653	9,700	10,460	8,220	7,940	14,410	7,760	7,290	7,330	8,840	8,380	7,550	7,200	2,107	3,100	2,900	3,100	2,531	2,700	2,300	1,500
Total Other Income Expense Net	-18,796	17,489	20,215	-25,658	-18,405	-6,189	-4,564	-3,911	-4,142	-4,324	-4,788	-5,051	-9,612	-6,749	-7,348	-10,729	-11,879	-12,248	-12,321	-11,093	-9,894	-8,499	-7,191	-6,015	-5,319	-4,191	-3,607	-3,266	-8,450	-4,552	-3,781	-3,754	-3,568	-3,802	-3,277	-3,207	-3,242	-3,451	-3,334	-3,195	-3,310	-3,372	-3,402	-3,419	-3,457	-3,720	-3,517	-3,628	-3,868	-4,020	-4,249	-4,364	-4,601	-5,256	-5,439	-5,579	-6,284	-6,766	-7,586	-7,258	-7,359	-7,762	-7,935	-9,829	-10,510	-10,914	-10,524	-10,312	-10,522	-9,946	-8,814	-7,853	-7,744	-7,226	-5,976	-5,022	-4,836	-4,216	-4,263	-4,242	-4,344	-4,488	-4,270	-4,290	-4,935	-4,754	-4,596	-3,924	-4,441	-4,972	-5,545	-6,012	-6,208	-6,186	-5,461	-5,442	0	0	0	0	0	0	0	0	0	0	0	0	-3,100	-3,000	-2,800	-2,800	-2,912	0	-	-
Total Revenue	63,065	52,800	55,760	71,798	58,175	60,657	62,945	59,781	60,001	59,943	54,732	53,589	60,394	57,221	51,429	50,889	51,015	52,779	50,379	41,043	40,476	40,736	40,957	40,472	39,401	34,685	34,160	32,020	29,628	32,984	29,329	26,443	26,568	26,825	23,669	22,695	21,980	22,588	22,143	17,779	18,704	19,539	22,022	22,356	23,530	21,398	19,561	18,340	18,591	18,529	15,911	15,381	18,036	18,268	16,291	14,927	15,675	15,261	15,779	15,910	13,058	12,754	13,233	12,136	12,159	11,389	11,030	10,501	10,952	10,674	10,215	9,841	10,852	11,051	9,730	9,053	9,563	9,263	8,981	8,284	8,140	9,434	9,043	8,674	8,880	9,313	7,581	7,487	8,158	7,130	7,252	6,788	6,247	6,526	6,662	6,075	5,650	5,180	5,230	4,950	10,180	4,990	4,980	5,060	5,610	5,360	5,190	5,160	2,816	1,000	1,100	1,000	1,187	800	900	-

Latest Income Statement (annual, 2023-12-31)

Gross Profit (+$)
totalRevenue	220,474
Cost of Revenue	-76
Gross Profit	324,303	220,398

Operating Income (+$)
Gross Profit	324,303
Operating Expense	-38,999
Operating Income	38,999	285,304

Operating Expense (+$)
Research Development	0
Selling General Administrative	81,978
Selling And Marketing Expenses	0
Operating Expense	38,999	81,978

Net Interest Income (+$)
Interest Income	295,978
Interest Expense	-146,284
Other Finance Cost	-32,575
Net Interest Income	182,269

Pretax Income (+$)
Operating Income	38,999
Net Interest Income	182,269
Other Non-Operating Income Expenses	0
Income Before Tax (EBT)	38,999	0 EBIT - interestExpense = -107,285 38,999 174,265
Interest Expense	146,284
Earnings Before Interest and Taxes (EBIT)	38,999	185,283
Earnings Before Interest and Taxes (EBITDA)	38,999

After tax Income (+$)
Income Before Tax	38,999
Tax Provision	-7,248
Net Income From Continuing Ops	74,361	31,751
Net Income	27,981
Net Income Applicable To Common Shares	0

Non-recurring Events
Discontinued Operations	0
Extraordinary Items	0
Effect of Accounting Charges	0
Other Items	0
Non Recurring	0
Other Operating Expenses	38,999
Total Other Income/Expenses Net	38,999	-182,269

Technical Analysis of Horizon Bancorp
The psychology behind the price

Technical indicators reflecting market sentiment and the collective psychology of you and other traders. Your emotions and other traders' emotions, such as fear and greed, play a significant role in driving price movements.

General trend

First of all, I'm going to put something in the back of your mind. One of the most stable factors that gives you more confidence as a trader: the general trend of Horizon Bancorp. The general trend of Horizon Bancorp is BEARISH with 14.3% confidence. It is very important for your mental being to use each indicator with this in mind. But beware, also the general trend flips once in a while! You can use moving averages to determine Horizon Bancorp's overall trend. For convenience I use the most commonly used moving averages: 20, 50, 100 & 200. Of course you can use other moving averages or other indicators to determine the trend.

Indicator phases

Some of the indicators I use have 3 zones: overbought, oversold and neutral. Transitions between these zones (market phases) provide valuable trading signals and insights. Expecially with the general trend mind, I use the highlighted phases:

Indicator zone transitions	Bullish trend (-14.3%)		Bearish trend (14.3%)
Overbought to neutral	Bullish pullback	=	Bearish reversal
Upper to lower neutral	Bullish correction	=	Bearish continuation
Nuetral to oversold	Oversold	=	Oversold
Oversold to neutral	Bullish reversal	=	Bearish correction
Lower to upper neutral	Bullish continuation	=	Bearish pullback
Nuetral to overbought	Overbought	=	Overbought

1. Price Targets

1.1 Support & Resistance

Support and resistance are levels on a price chart that act as barriers or zones where the price of an asset tends to stop, reverse, or experience a significant amount of buying or selling pressure.

Support is a price level at which demand for an asset is strong enough to prevent the price from falling further.
Resistance is a price level at which selling pressure becomes significant enough to prevent the price of an asset from rising further.

Score

Let's take a look at the Support & Resistance of Horizon Bancorp.

The long score for the Support & Resistance is 0/1.
The longshort score for the Support & Resistance is 0/(-1 +1).

Between support/resistance: The price is trading between support and resistance lines.

The bullish price targets are: 12.67 < 12.76 < 12.83.

The bearish price targets are: 11.09 > 11.07 > 10.58.

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Horizon Bancorp Daily Support & Resistance Chart

2. Trend Indicators

2.1 Moving Averages

Shows the moving average of the selected period.

Moving averages are lagging trend indicators.
There are many types of moving averages.
Moving averages are also used within other indicators.

Score

Let's take a look at the Moving Averages of Horizon Bancorp. The current mas is .

The long score for the Moving Averages is 6/14.
The longshort score for the Moving Averages is -2/(-14 +14).

MA 20 trending down: The MA 20 is trending down. -1
Close < MA 20: The price is below the MA 20. -1
MA 20 < MA 50: The MA 20 is lower than the MA 50. -1
MA 20 < MA 100: The MA 20 is lower than the MA 100. -1
MA 20 > MA 200: The MA 20 is higher than the MA 200. +1
MA 50 trending down: The MA 50 is trending down. -1
Close < MA 50: The price is below the MA 50. -1
MA 50 < MA 100: The MA 50 is lower than the MA 100. -1
MA 50 > MA 200: The MA 50 is higher than the MA 200. +1
MA 100 trending up: The MA 100 is trending up. +1
Close < MA 100: The price is below the MA 100. -1
MA 100 > MA 200: The MA 100 is higher than the MA 200. +1
MA 200 trending up: The MA 200 is trending up. +1
Close > MA 200: The price is above the MA 200. +1

Directionalities and relatives.

Moving Average	Amount of candles	vs. MA 50	vs. MA 100	vs. MA 200
MA 20	20
MA 50	50	-
MA 100	100	-	-
MA 200	200	-	-	-

Explanation: https://www.youtube.com/watch?v=xwW8h0lrQ-I

Shows the moving average of the selected period.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

There are various kinds of moving averages:

Simple moving average (SMA);
Exponential moving average (EMA);
Smoothed moving average (SMMA);
Linear weighted moving average (LWMA).

The moving average looks at a certain period of time and it calculates the price average. The various types of averages are using various formulas. Don’t worry, you don’t have to memorize any formula. All moving averages are calculated automatically by basically every charting software you use. But it’s good to know how moving averages are actually calculated.

Simple moving average

SMA is calculated by summing up the price closures of the selected period. The price is then divided by the selected period. For example, when using the 21 day moving average you sum up all the closing prices for each day and divide that by 21. The result is a line on the chart representing the average. Because it’s an average in the selected timeframe, the trend is always lagging. An moving average looks like this on the chart:

Source: Tradingview.com

In this case, the blue line represents a 21 day moving average. Because the average is based on results from the past, the indicator will always lag behind. For example, when price would suddenly go up, the moving average won't immediately follow.

All other moving averages discussed below look the same on the chart. The only difference is that the line will move in different directions based on the maths behind the used indicators and the amount of days used to determine the average.

Exponential moving average

The EMA gives more weight to the latest closing prices by giving them more value in the equation. EMA is calculated by adding a certain percentage to the latest closing prices:

EMA = (CLOSE (i) * P) + (EMA (i - 1) * (1 - P))

Where:

CLOSE (i) = current period close price.
EMA (i - 1) = value of the Moving Average of a preceding period.
P = the percentage of using the price value.

Smoothed moving average

A smoothed moving average is an exponential moving average with a long lookback period. Older prices are reduced in weight but are never left out in the calculation. Unlike SMA and EMA where prices are removed when they are beyond the selected period. SMMA is a combination of the SMA and EMA. The main advantage is that it smooths out fluctuations in price.

Linear weighted moving average

The LWMA gives the latest price the highest weight and then lineary scales down with each price before that. The result is that the LWMA reacts quicker to changes in price than the SMA or EMA. The formula:

LWMA = ((Pn∗W1)+(Pn−1∗W2)+(Pn−2∗W3)...) / ∑W

Where:

P = Price for the period.
n = The most recent period, n-1 is the prior period, and n-2 is two periods prior.
W = The assigned weight to each period, with the highest weight going first and then descending linearly based on the number of periods being used.

Moving averages are widely used by many traders. Which moving average you need depends on your trading strategy. Common practise is using a combination of multiple periods. For example, the EMA21, EMA50, EMA100 and EMA200. How does that look on a chart:

Source: Tradingview.com

The lowest (purple) line on the chart represents the EMA200 then following up the EMA100, EMA50 and EMA21.

You can use moving averages to determine a trend. The 200 moving average is mostly used as a baseline for determining the current trend:

When the 200 moving average is moving up it is considered a bullish trend.
When the 200 moving average is down it is considered a bearish trend.
When moving averages are flatlined, there is no clear trend so you should look for market structure, consolidation or trend reversals. Depending on how you want to trade.

This is not set in stone. Most trading strategies use multiple moving averages each with different settings. While one strategy might use the EMA20, the other uses the SMA21. There can be hundreds of different variations. Moving averages can also be used as support and resistance. More often than not, prices will bounce on moving averages.

Horizon Bancorp Daily Moving Averages Chart

2.2 Moving Average Convergence/Divergence (MACD)

Shows the momentum of the selected period based on two moving averages.

MACD is a lagging momentum indicator.
Uses two moving averages.
Can show buy or sell signals based on momentum.
Can show overbought. and oversold. levels.

Score

Let's take a look at the Moving Average Convergence/Divergence (MACD) of Horizon Bancorp. The current macd is -0.17555314.

The long score for the Moving Average Convergence/Divergence (MACD) is 1/4.
The longshort score for the Moving Average Convergence/Divergence (MACD) is -2/(-4 +4).

MACD line < signal line: The MACD line is below the signal line, which indicates a bearish signal in the market. This means that the negative momentum is currently stronger than the average momentum, suggesting that sellers are more active than buyers, and there's a higher probability of the Horizon Bancorp price going down in the near term. -2
MACD < 0: The MACD is below the zero line (centerline), it indicates a bearish signal for Horizon Bancorp. This means that the short-term moving average is lower than the long-term moving average, signaling negative momentum and suggesting a higher likelihood of the Horizon Bancorp price continuing to fall in the near future. It indicates that sellers are gaining control, and there is negativism in the market, leading to potential price decreases. -1
Trending up: The MACD line is trending up. This indicates that the short-term moving average is rising faster than the long-term moving average, suggesting positive momentum in the market. This signals that buyers are becoming more active and confident, leading to potential price increases as traders anticipate further gains and are willing to buy at higher prices. +1

Horizon Bancorp Daily Moving Average Convergence/Divergence (MACD) Chart

2.3 Directional Movement Index (DMI)

The DMI is a collection of 3 indicators: +DI (Plus Direction Indicator), -DI (Minus Direction Indicator) and ADX (Average Directional Index). The ADX helps you determine the strength of a trend.

Score

Let's take a look at the Directional Movement Index (DMI) of Horizon Bancorp. The current adx is 12.08.

The long score for the Directional Movement Index (DMI) is 1/7.
The longshort score for the Directional Movement Index (DMI) is 1/(-7 +7).

PLUS_ID > MINUS_DI: The +DI line is above the -DI line. This indicates a bullish signal in the market, as the positive directional movement is currently stronger than the negative directional movement, showing that buyers have the upper hand. Market psychology suggests that traders are optimistic, expecting further price increases, and are more willing to buy Horizon Bancorp shares, leading to potential upward momentum in its price. +1
PLUS_ID > MINUS_DI && ADX < 25 && ADX trending down: The ADX is below 25 and indicates a weak or no trend. Also, the ADX is declining so there is no trend indication.

Horizon Bancorp Daily Directional Movement Index (DMI) Chart

2.4 Parabolic SAR

Shows the current trend and potential entry and exit signals.

Parabolic SAR (stop and reverse) is a lagging trend indicator.
Shows the current trend.
Shows potential entry signals.
Shows potential exit signals.
Can be used to place trailing stoplosses..

Score

Let's take a look at the Parabolic SAR of Horizon Bancorp. The current sar is 12.26.

The long score for the Parabolic SAR is 0/1.
The longshort score for the Parabolic SAR is -1/(-1 +1).

Close < SAR: The price is below the SAR. It's generally considered a bearish signal. -1

Horizon Bancorp Daily Parabolic SAR Chart

3. Momentum Indicators

3.1 Relative Strength Index (RSI)

Measures the speed and change of price movements.

Leading momentum indicator, meaning the signals are instant.
Ranges between 0 and 100.
Above 70 is considered overbought.
Below 30 is considered oversold.
Above or below 50 can also be used to determine price trend or support and resistance.
RSI divergence looks at a deviation between RSI and price movement. Penketrading automatically calculates RSI divergences.
Can be used in many different ways

Score

Let's take a look at the Relative Strength Index (RSI) of Horizon Bancorp. The current rsi is 50.07. The current phase is Correction in bear market.

The long score for the Relative Strength Index (RSI) is 4/13.
The longshort score for the Relative Strength Index (RSI) is 4/(-13 +13).

Correction in bear market: Extended price decline in a downtrend, significant pullback. Consider reducing exposure, wait for signs of trend reversal.
Trending up: The RSI is trending up. +1

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

The RSI measures the magnitude of recent price changes to determine if the asset is overbought or oversold.

Overbought (RSI above 70) means that the trading price is above its intrinsic value. This might indicate a sell or short signal.
Oversold (RSI below 30) means that the trading price is below its intrinsic value. This might indicate a buy or long signal.
RSI levels above or below 50 can also be used to determine a trend.
RSI divergence looks at a deviation between RSI and price movement.
Can be used in many different ways.

Original usage

Keep in mind that almost every indicator can be used in different ways. Even beyond the orginal settings. The relative strength index was developed by J. Welles Wilder. Wilder recommended a smoothing period of 14 days. That means a 14 day moving average (read more about this setting below). Another quote from the wikipedia page:

Wilders also considers the RSI 50 line as both support and resistance. I recommend to always read the original settings first before using an indicator. Many traders and websites are using their own version of the indicator which might be confusing.

How you can use RSI (Divergence)

First and foremost, there is no real right or wrong usage of the RSI indicator. You can use it in any way you want. Wilder recommends using a 14 day average but you can make it 50 or 100 if you like. Just keep in mind that using an indicator is just part of a larger trading plan. In other words, it’s not recommended to do any trading or investing based on a single indicator like the RSI.

The RSI is measured on a scale between 0 and 100. From 30 till 0 is considered oversold. and from 70 -100 is overbought. The RSI is a leading indicator, meaning the signals are instant.

I like to use the RSI as a trend\momentum indicator and not as an overbought or oversold indicator. I use the middle (50) as the baseline. When prices go above RSI 50 the trend is bullish and can indicate long positions. When below 50 it is considered bearish and can indicate short positions. Other traders use the 70 and 30 levels as overbought/oversold depending on the used strategy. The RSI indicator looks like this:

Source: Tradingview.com

The general concensus is that an RSI above 70 indicates that the security is overbought. In other words, the price this security is trading for is to high and should come down. So if RSI hits 70 or above this might indicate a sell signal or taking a short position (expecting the price will go down). Although RSI above 70 indicates the security is trading above it's fair value, that does not mean the price will go down.

Use tradingview to add indicators

I highly recommend using tradingview to add indicators to a chart. It has all the indicators you can think off and can add them for free (up to three indicators) to any chart you want. You can see that the levels 30 and 70 are marked with a dotted line. If you want you can remove these lines or give it another colour using Tradingview. You can also adjust the moving average used. You can also find RSI indicators made by the community that include other settings like RSI divergences.

Tradingview

Use Tradingview to (back)test your strategies and add hundreds of indicators created by the community.

View tool on Tradingview.com

RSI divergence

RSI is not only used to determine momentum but can also spot reversals or continuations of the trend. A reversal means that the trend is going in the opposite direction. From bullish to bearish or from bearish to bullish. These reversals can be spotted by looking at the price and the direction of the RSI. When the price is going up but the RSI is going down that means there is a divergence. This is also the case when RSI goes up but price is going down.

There are four types of divergences:

Regular bullish divergence
Regular bearish divergence
Hidden bullish divergence
Hidden bearish divergence

Regular bullish divergence

With a regular bullish divergence, the price is making lower highs but the oscillator (in this case the RSI) is making higher lows. A regular bullish divergence might indicate the end of the current trend. You’ll see regular bullish divergences mostly at the end of a downtrend. But that does not mean that every regular bullish divergence is a trend reversal.

Price is making lower highs
RSI is making higher lows
Indicating bullish reversal (price might go up)

Source: Tradingview.com

Regular bearish divergence

With a regular bearish divergence the price is making higher highs but the oscillator (in this case the RSI) is making lower highs. This might indicate the end of an uptrend.

Price is making higher highs
RSI is making lower highs
Indicating bearish reversal

Source: Tradingview.com

Hidden bullish divergence

With a hidden bullish divergence, the price is making a higher low while the RSI is making a lower low. This might indicate bullish trend continuation.

Price is making higher lows
RSI is making lower lows
Indicating bullish continuation

Source: Tradingview.com

As you have noticed, you can have multiple divergences in a row.

Hidden bearish divergence

With a hidden bearish divergence, price is making lower highs but RSI is making higher highs. This might indicate bearish trend continuation.

Price is making lower highs
RSI making higher highs
Indicating bearish continuation

Source: Tradingview.com

You can find many cheatsheets of RSI divergences online. Search for "RSI divergence overview" and you'll find a lot of examples. You can print these to learn the various types of divergences.

Horizon Bancorp Daily Relative Strength Index (RSI) Chart

3.2 Stochastic Oscillator

Compares a certain price to multiple prices ranging over time.

Leading momentum indicator, meaning the signals are instant.
Used to determine overbought and oversold areas much like the RSI.
Ranges between 0 and 100.
Above 80 is considered overbought.
Below 20 is considered oversold.
Consists of two lines named K and D.
K compares the highest high and lowest low on the selected price range.
The D line is a moving average of the K line.
Can be used to spot divergences

Score

Let's take a look at the Stochastic Oscillator of Horizon Bancorp. The current phase is Correction in bear market.

The long score for the Stochastic Oscillator is 4/6.
The longshort score for the Stochastic Oscillator is 4/(-6 +6).

STOCH > 50: The STOCH %K is above 50. There are more buyers than sellers. +1
STOCH %K line > STOCH %D line: The STOCH %K line is above the STOCH %D line, which indicates a bullish signal in the market. This means that the positive momentum is currently stronger than the average momentum, suggesting that buyers are more active than sellers, and there's a higher probability of the Horizon Bancorp price going up in the near term. +2
Trending up: The STOCH %K is trending up. +1

Horizon Bancorp Daily Stochastic Oscillator Chart

3.3 Commodity Channel Index (CCI)

Measures the difference between the current price and the historical average price.

Lagging or leading Momentum indicator
When the CCI is above zero, the price is above the historical average
When the CCI is below zero, the price is below the historical average
Used for spotting trends
- If the CCI moves from negative or near zero to positive 100 that might indicate an uptrend
- If the CCI moves from positive or near zero to negative -100 that might indicate a downtrend

Score

Let's take a look at the Commodity Channel Index (CCI) of Horizon Bancorp. The current cci is -35.88878003.

Horizon Bancorp Daily Commodity Channel Index (CCI) Chart

3.4 Chande Momentum Oscillator (CMO)

Measures the difference between the sum of recent gains and the sum of recent losses. Then divides the result by the sum of all price movements in that period.

Lagging momentum indicator
Ranges between +100 and -100
Considered overbought above +50
Considered oversold below -50
It's possible to add a moving average that acts as a signal line

Score

Let's take a look at the Chande Momentum Oscillator (CMO) of Horizon Bancorp. The current cmo is 7.54899432.

The long score for the Chande Momentum Oscillator (CMO) is 1/1.
The longshort score for the Chande Momentum Oscillator (CMO) is 1/(-1 +1).

CMO > 0: The CMO is above 0, the momentum of the price is positive, indicating a potential uptrend in the price. +1

Horizon Bancorp Daily Chande Momentum Oscillator (CMO) Chart

3.5 Williams %R

Shows the current price relative to the highest high over the last 14 days.

Lagging momentum indicator
Ranging between 0 and -100
Above -20 is considered overbought
Below -80 is considered oversold
Is prone to give false signals

Score

Let's take a look at the Williams %R of Horizon Bancorp. The current willr is -45.

The long score for the Williams %R is 0/1.
The longshort score for the Williams %R is 0/(-1 +1).

WILLR between -80 and -20: The Williams %R is between -80 and -20. This indicates that Horizon Bancorp is trading in a neutral price range, neither oversold nor overbought, suggesting a balanced market condition without any extreme price signals.

4. Volatility Indicators

4.1 Bollinger Bands

Shows if the price is to high or to low relative to an average.

Lagging volatility indicator
Uses 3 bands: one upper, one lower and one in the middle
Works best when the middle band reflects an intermediate trend (MA20).
When the price is moving closer to the upper band, the market might be overbought
When the price is moving closer to the lower band, the market might be oversold

Score

Let's take a look at the Bollinger Bands of Horizon Bancorp.

Horizon Bancorp Daily Bollinger Bands Chart

4.2 Average True Range (ATR)

Measures market volatility

Leading volatility indicator
Can be used to determine stop-loss positions
Calculated by:
- Current high minus the current low
- Current high minus the previous close
- Current low minus the previous close
The larger the range of the candles, the greater the ATR value

Score

Let's take a look at the Average True Range (ATR) of Horizon Bancorp. The current atr is 0.36462409.

Horizon Bancorp Daily Average True Range (ATR) Chart

5. Volume Indicators

5.1 On-Balance Volume (OBV)

Measures market volatility

Leading momentum indicator
Calculation:
- If the closing price is above the previous closing price: OBV = previous OBV + current volume
- If the closing price is below the previous closing price: OBV = previous OBV - current volume
- If the closing price is the same as the previous closing price than the OBV is the same.
Can be used to confirm price trends
Can be used with divergences

Score

Let's take a look at the On-Balance Volume (OBV) of Horizon Bancorp. The current obv is -6,279,411.

Horizon Bancorp Daily On-Balance Volume (OBV) Chart

5.2 Money Flow Index (MFI)

Measures the flow of money in and out of a security

Lagging momentum indicator
Looks like RSI but uses volume as an extra metric (RSI only considers price)
Above 80 is considered overbought
Below 20 is considered oversold
Can be used with divergences

Score

Let's take a look at the Money Flow Index (MFI) of Horizon Bancorp. The current mfi is 46.63.

The long score for the Money Flow Index (MFI) is 0/2.
The longshort score for the Money Flow Index (MFI) is -1/(-2 +2).

MFI < 50: -1

Horizon Bancorp Daily Money Flow Index (MFI) Chart

6. Summary

6.1. Notifications

Type	Notification	Date
Currently no notifications for Horizon Bancorp.

6.2. Trading Signals

Below you will find trading signals as the indicator is commonly used. This doesn't mean you should use it that way. Learn from these, but don't use them blindly. I recommend using at least 4 indicators, 1 from each category: trend, momentum, volatility and volume.

Date	Indicator	Signal
2023-11-29	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2023-11-30	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-01	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-05	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-07	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2023-12-11	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-13	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-14	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-19	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2023-12-21	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-22	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2023-12-28	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-29	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
2024-01-03	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
2024-01-05	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-08	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-09	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-11	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-01-12	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-17	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-19	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-01-22	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-01-25	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-29	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-30	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-31	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-01	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-02-05	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-06	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-07	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-13	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-15	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-16	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-02-20	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-26	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-02-28	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-05	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-03-06	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
2024-03-12	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-03-14	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-03-18	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-03-19	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-20	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-03-21	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2024-03-22	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-26	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-03-27	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-03-28	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2024-04-01	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-04-02	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-04-05	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
2024-04-08	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-09	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-04-10	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-12	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-15	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-04-18	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-19	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).

6.3. Candlestick Patterns

Date	Candlestick Pattern

6.4. Technical Score

Let's check the technical score of Horizon Bancorp based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	50.073
Ma 20	Greater than	Ma 50	11.872
Ma 50	Greater than	Ma 100	11.985
Ma 100	Greater than	Ma 200	12.446
Open	Greater than	Close	11.360
Total			2/5 (40.0%)

Create your own Symbol Scanner

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Horizon Bancorp Buy, Hold or Sell?

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Quick analysis of Horizon Bancorp (30 sec.)

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

How much money do you get?

What is your share worth?

+ What do you gain per year?

For what price can you sell your share?

1. Valuation of Horizon Bancorp (5 min.)

$11.84

$16.30

$8.45 - $20.64

$24.75 - $36.94

2. Growth of Horizon Bancorp (5 min.)

Is Horizon Bancorp growing?

How much money is Horizon Bancorp making?

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

3. Financial Health of Horizon Bancorp (5 min.)

4. Comparing to competitors in the Banks - Regional industry (5 min.)

Industry Rankings (Banks - Regional)

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

What can you expect buying and holding a share of Horizon Bancorp?

Speculation

Investing

How much money are you going to get?

When do you get the money?

How sure are you?

Linear %

Fundamentals of Horizon Bancorp

About Horizon Bancorp

Financial Health

Valuation

1.1. Profitability of Horizon Bancorp.

1.1. Profitability

1.1.1. Net Profit Margin

Trends

Compared to industry (Banks - Regional)

1.1.2. Return on Assets

Trends

Compared to industry (Banks - Regional)

1.1.3. Return on Equity

Trends

Compared to industry (Banks - Regional)

1.2. Operating Efficiency of Horizon Bancorp.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

1.2.2. Operating Ratio

Trends

1.3. Liquidity of Horizon Bancorp.

1.3. Liquidity

1.3.1. Current Ratio

Trends

Compared to industry (Banks - Regional)

1.3.2. Quick Ratio

Trends

1.4. Solvency of Horizon Bancorp.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Trends

Compared to industry (Banks - Regional)

1.4.2. Debt to Equity Ratio

Trends

Compared to industry (Banks - Regional)

2. Market Valuation of Horizon Bancorp

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Trends

Compared to industry (Banks - Regional)

Horizon Bancorp
Buy, Hold or Sell?