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Heineken
Buy, Hold or Sell?

Let's analyse Heineken together

PenkeI guess you are interested in Heineken. 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 Heineken. 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 Heineken (30 sec.)










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

How much money do you get?

How much money do you get?
‚ā¨10.13
When do you have the money?
1 year
How often do you get paid?
100.0%

What is your share worth?

Current worth
‚ā¨40.41
Expected worth in 1 year
‚ā¨49.82
How sure are you?
90.0%

+ What do you gain per year?

Total Gains per Share
‚ā¨18.88
Return On Investment
20.3%

For what price can you sell your share?

Current Price per Share
‚ā¨92.94
Expected price per share
‚ā¨89.39 - ‚ā¨97.50
How sure are you?
50%

1. Valuation of Heineken (5 min.)




Live pricePrice per Share (EOD)

‚ā¨92.94

Intrinsic Value Per Share

‚ā¨17.09 - ‚ā¨41.47

Total Value Per Share

‚ā¨57.49 - ‚ā¨81.88

2. Growth of Heineken (5 min.)




Is Heineken growing?

Current yearPrevious yearGrowGrow %
How rich?$24.3b$23.4b$929.5m3.8%

How much money is Heineken making?

Current yearPrevious yearGrowGrow %
Making money$2.4b$2.8b-$404.3m-16.4%
Net Profit Margin7.6%9.3%--

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

3. Financial Health of Heineken (5 min.)




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

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

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

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

Speculation

The Price per Share of Heineken is ‚ā¨92.94. 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 Heineken.
  • 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 Heineken, you will have to let go of the thought of selling in the future. If you have to sell the share for less than you bought it, it can still be a good investment. Focus on what it means to hold the stock forever:

  • You own a part of the company. The equity of this part can grow or shrink. The current Book Value per Share is ‚ā¨40.41. Based on the TTM, the Book Value Change Per Share is ‚ā¨2.35 per quarter. Based on the YOY, the Book Value Change Per Share is ‚ā¨3.85 per quarter.
  • You may receive quarterly/yearly dividend in the form of additional shares.
  • You may receive quarterly/yearly dividend in the form of cash. Based on the TTM the Dividend per Share is ‚ā¨2.37 per quarter.
Based on historical numbers we can estimate the returns while holding a share of Heineken.

How much money are you going to get?

 MRQTTMYOY5Y10Y
 ‚ā¨% of Price per Share‚ā¨% of Price per Share‚ā¨% of Price per Share‚ā¨% of Price per Share‚ā¨% of Price per Share
Usd Eps4.374.7%4.374.7%4.985.4%3.844.1%3.563.8%
Usd Book Value Change Per Share2.522.7%2.522.7%4.124.4%2.763.0%2.032.2%
Usd Dividend Per Share2.532.7%2.532.7%2.042.2%1.972.1%1.872.0%
Usd Total Gains Per Share5.055.4%5.055.4%6.166.6%4.725.1%3.904.2%
Usd Price Per Share98.35-98.35-94.01-99.44-89.63-
Price to Earnings Ratio22.51-22.51-18.87--34.74--5.24-
Price-to-Total Gains Ratio19.48-19.48-15.26-7.93-21.47-
Price to Book Ratio2.28-2.28-2.31-2.85-2.88-
Price-to-Total Gains Ratio19.48-19.48-15.26-7.93-21.47-

When do you get the money?

Usd Investment
$.00
Usd Price Per Share99.417918
Number of shares10
Gains per QuarterTrailing 12 Months5 Year
Usd Dividend Per Share2.531.97
Usd Book Value Change Per Share2.522.76
Usd Total Gains Per Share5.054.72
Gains per Quarter (10 shares)50.5047.23
Gains per Year (10 shares)201.99188.93
YearsReturn on Investment (TTM)Return on Investment (5Y)
 DividendBook Value gainTotal gainsDividendBook Value gainTotal gains
Broker costs---10---10
110110119279110179
2203201394157220368
3304302596236331557
4405403798315441746
55065041000393551935
660860412024726611124
770970514045517721313
881080616066308821502
991290618087089921691
1010131007201078711021880

How sure are you?

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

Linear %
 Trailing 12 Months3Y5 Year10 YearALLTIME
  % % % % %
Earnings Per Share1.00.00.0100.0%3.00.00.0100.0%4.01.00.080.0%9.01.00.090.0%24.01.00.096.0%
Book Value Change Per Share1.00.00.0100.0%3.00.00.0100.0%4.01.00.080.0%7.03.00.070.0%16.09.00.064.0%
Dividend per Share1.00.00.0100.0%3.00.00.0100.0%5.00.00.0100.0%10.00.00.0100.0%24.00.01.096.0%
Total Gains per Share1.00.00.0100.0%3.00.00.0100.0%4.01.00.080.0%9.01.00.090.0%19.06.00.076.0%

Fundamentals of Heineken

About Heineken

Heineken N.V. brews and sells beer and cider in the Americas, Europe, Africa, the Middle East, Eastern Europe, and the Asia Pacific. The company provides soft drinks and water. It offers its beers under the Heineken, Heineken Light, Orchard Thieves, Orchard Thieves Light, Birra Moretti, Coors, Murphy's and Beamish Stouts, Desperados, Tiger, Sol, and Foster's brand, as well as under regional and local brands. The company offers its products to retailers, wholesalers, cafes, bars, pubs, hotels, and restaurants. Heineken N.V. was incorporated in 1864 and is based in Amsterdam, the Netherlands. The company operates as a subsidiary of Heineken Holding N.V.

Fundamental data was last updated by Penke on 2024-06-16 19:40:03.

Financial Health

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

Valuation

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

1.1. Profitability of Heineken.

1.1. Profitability
1.1.1. Net Profit Margin

Measures how much net profit¬†Heineken earns for each €1 of revenue.

  • Above 10% is considered healthy but always compare¬†Heineken to the¬†Beverages - Brewers industry mean.
  • A Net Profit Margin of 7.6%¬†means that¬†€0.08 for each €1¬†in revenue is generated as profit.

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

  • The MRQ is 7.6%. The company is making a profit. +1
  • The TTM is 7.6%. The company is making a profit. +1
Trends
Current periodCompared to+/- 
MRQ7.6%TTM7.6%0.0%
TTM7.6%YOY9.3%-1.8%
TTM7.6%5Y8.0%-0.4%
5Y8.0%10Y8.2%-0.2%
1.1.2. Return on Assets

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

  • Above 5% is considered healthy¬†but always compare¬†Heineken to the¬†Beverages - Brewers industry mean.
  • 4.1% Return on Assets means that¬†Heineken generated¬†€0.04 profit for each $1 in assets.

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

  • The MRQ is 4.1%. Using its assets, the company is less efficient in making profit.
  • The TTM is 4.1%. Using its assets, the company is less efficient in making profit.
Trends
Current periodCompared to+/- 
MRQ4.1%TTM4.1%0.0%
TTM4.1%YOY5.0%-0.9%
TTM4.1%5Y4.0%+0.1%
5Y4.0%10Y4.2%-0.2%
1.1.3. Return on Equity

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

  • Above 15%-20% is considered healthy but always compare¬†Heineken to the¬†Beverages - Brewers industry mean.
  • 11.5% Return on Equity means Heineken generated €0.11¬†for each¬†€1 the owners (shareholders) invested.

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

  • The MRQ is 11.5%. Using its investors money, the company is less efficient in making profit.
  • The TTM is 11.5%. Using its investors money, the company is less efficient in making profit.
Trends
Current periodCompared to+/- 
MRQ11.5%TTM11.5%0.0%
TTM11.5%YOY13.7%-2.2%
TTM11.5%5Y11.2%+0.2%
5Y11.2%10Y12.2%-0.9%

1.2. Operating Efficiency of Heineken.

1.2. Operating Efficiency
1.2.1. Operating Margin

Measures how efficient Heineken is operating .

  • Measures how much profit Heineken 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¬†Heineken to the¬†Beverages - Brewers industry mean.
  • An Operating Margin of 12.7%¬†means the company generated €0.13 ¬†for each €1 in revenue (before taxes).

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

  • The MRQ is 12.7%. The company is operating less efficient.
  • The TTM is 12.7%. The company is operating less efficient.
Trends
Current periodCompared to+/- 
MRQ12.7%TTM12.7%0.0%
TTM12.7%YOY14.2%-1.5%
TTM12.7%5Y13.5%-0.8%
5Y13.5%10Y13.9%-0.4%
1.2.2. Operating Ratio

Measures how efficient Heineken is keeping operating costs low.

  • Below 1 is considered healthy (always compare to¬†Beverages - Brewers industry mean).
  • An Operation Ratio of 0.87 means that the operating costs are €0.87 for each €1 in net sales.

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

  • The MRQ is 0.873. The company is less efficient in keeping operating costs low.
  • The TTM is 0.873. The company is less efficient in keeping operating costs low.
Trends
Current periodCompared to+/- 
MRQ0.873TTM0.8730.000
TTM0.873YOY0.858+0.015
TTM0.8735Y0.865+0.008
5Y0.86510Y0.859+0.006

1.3. Liquidity of Heineken.

1.3. Liquidity
1.3.1. Current Ratio

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

  • Above 1.5 is considered healthy (always compare to¬†Beverages - Brewers industry mean).
  • A Current Ratio of 0.77¬†means the company has €0.77 in assets for each €1 in short-term debts.

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

  • The MRQ is 0.769. The company is just not able to pay all its short-term debts. -1
  • The TTM is 0.769. The company is just not able to pay all its short-term debts. -1
Trends
Current periodCompared to+/- 
MRQ0.769TTM0.7690.000
TTM0.769YOY0.776-0.007
TTM0.7695Y0.770-0.001
5Y0.77010Y0.777-0.007
1.3.2. Quick Ratio

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

  • Above 1 is considered healthy but¬†always compare¬†Heineken to the¬†Beverages - Brewers industry mean.
  • A Quick Ratio of 0.48¬†means the company can pay off €0.48 for each €1 in debt (using most liquid assets).

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

  • The MRQ is 0.476. The company is just not able to pay all its short-term debts with the most liquid assets. -1
  • The TTM is 0.476. The company is just not able to pay all its short-term debts with the most liquid assets. -1
Trends
Current periodCompared to+/- 
MRQ0.476TTM0.4760.000
TTM0.476YOY0.486-0.010
TTM0.4765Y0.515-0.039
5Y0.51510Y0.492+0.023

1.4. Solvency of Heineken.

1.3. Liquidity
1.4.1. Debt to Asset Ratio

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

  • Below 1 (100%) is considered healthy but always compare¬†Heineken to Beverages - Brewers industry mean.
  • A Debt to Asset Ratio of 0.60¬†means that Heineken assets are¬†financed with 59.6% credit (debt) and the remaining percentage (100% - 59.6%)¬†is financed by its owners/shareholders.¬†

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

  • The MRQ is 0.596. The company is able to pay all its debts by selling its assets. +1
  • The TTM is 0.596. The company is able to pay all its debts by selling its assets. +1
Trends
Current periodCompared to+/- 
MRQ0.596TTM0.5960.000
TTM0.596YOY0.590+0.006
TTM0.5965Y0.619-0.023
5Y0.61910Y0.624-0.005
1.4.2. Debt to Equity Ratio

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

  • Below 2 is considered healthy but¬†always compare¬†Heineken to the¬†Beverages - Brewers industry mean.
  • A Debt to Equity ratio of 167.5% means that company has €1.68 debt for each €1 in shareholders equity.

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

  • The MRQ is 1.675. The company is just able to pay all its debts with equity.
  • The TTM is 1.675. The company is just able to pay all its debts with equity.
Trends
Current periodCompared to+/- 
MRQ1.675TTM1.6750.000
TTM1.675YOY1.611+0.064
TTM1.6755Y1.813-0.138
5Y1.81310Y1.832-0.019

2. Market Valuation of Heineken

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 Heineken generates.

  • Above 15 is considered overpriced but¬†always compare¬†Heineken to the¬†Beverages - Brewers industry mean.
  • A PE ratio of 22.51 means the investor is paying €22.51¬†for every €1 in earnings.

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

  • The EOD is 22.750. Based on the earnings, the company is fair priced.
  • The MRQ is 22.505. Based on the earnings, the company is fair priced.
  • The TTM is 22.505. Based on the earnings, the company is fair priced.
Trends
Current periodCompared to+/- 
EOD22.750MRQ22.505+0.245
MRQ22.505TTM22.5050.000
TTM22.505YOY18.874+3.631
TTM22.5055Y-34.744+57.250
5Y-34.74410Y-5.241-29.503
2.2. Price To Free Cash Flow Ratio

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

  • The EOD is 29.901. Based on how much money comes from the company's main activities, the company is underpriced. +1
  • The MRQ is 29.579. Based on how much money comes from the company's main activities, the company is underpriced. +1
  • The TTM is 29.579. Based on how much money comes from the company's main activities, the company is underpriced. +1
Trends
Current periodCompared to+/- 
EOD29.901MRQ29.579+0.322
MRQ29.579TTM29.5790.000
TTM29.579YOY20.371+9.208
TTM29.5795Y26.292+3.287
5Y26.29210Y23.859+2.433
2. Book Value per Share
2.3. Price to Book Ratio

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

  • At or below 1 is considered healthy¬†(always compare to Beverages - Brewers industry mean).
  • A PB ratio of 2.28 means the investor is paying €2.28¬†for each €1 in book value.

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

  • The EOD is 2.300. Based on the equity, the company is underpriced. +1
  • The MRQ is 2.275. Based on the equity, the company is underpriced. +1
  • The TTM is 2.275. Based on the equity, the company is underpriced. +1
Trends
Current periodCompared to+/- 
EOD2.300MRQ2.275+0.025
MRQ2.275TTM2.2750.000
TTM2.275YOY2.309-0.034
TTM2.2755Y2.854-0.579
5Y2.85410Y2.880-0.026
2. Total Gains per Share

3. Summary

3.1. Key Performance Indicators

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

 End of day+/-Most Recent QuarterTrailing 12 Months+/-Year-Over-Year+/-5 Year+/-10 Year+/-
Book Value Change Per Share--2.3542.3540%3.851-39%2.576-9%1.896+24%
Book Value Per Share--40.40740.4070%38.054+6%33.563+20%29.599+37%
Current Ratio--0.7690.7690%0.776-1%0.7700%0.777-1%
Debt To Asset Ratio--0.5960.5960%0.590+1%0.619-4%0.624-4%
Debt To Equity Ratio--1.6751.6750%1.611+4%1.813-8%1.832-9%
Dividend Per Share--2.3672.3670%1.908+24%1.839+29%1.753+35%
Eps--4.0854.0850%4.656-12%3.586+14%3.331+23%
Free Cash Flow Per Share--3.1083.1080%4.314-28%3.680-16%3.600-14%
Free Cash Flow To Equity Per Share--2.1692.1690%-0.436+120%1.658+31%1.502+44%
Gross Profit Margin--1.0001.0000%1.0000%1.0000%1.0000%
Intrinsic Value_10Y_max--41.474--------
Intrinsic Value_10Y_min--17.087--------
Intrinsic Value_1Y_max--4.019--------
Intrinsic Value_1Y_min--3.156--------
Intrinsic Value_3Y_max--12.179--------
Intrinsic Value_3Y_min--8.288--------
Intrinsic Value_5Y_max--20.466--------
Intrinsic Value_5Y_min--12.072--------
Market Cap52366952290.560+1%51852286262.80051852286262.8000%50621175425.600+2%53285410260.756-3%47981983356.244+8%
Net Profit Margin--0.0760.0760%0.093-19%0.080-5%0.082-7%
Operating Margin--0.1270.1270%0.142-11%0.135-6%0.139-9%
Operating Ratio--0.8730.8730%0.858+2%0.865+1%0.859+2%
Pb Ratio2.300+1%2.2752.2750%2.309-1%2.854-20%2.880-21%
Pe Ratio22.750+1%22.50522.5050%18.874+19%-34.744+254%-5.241+123%
Price Per Share92.940+1%91.94091.9400%87.880+5%92.964-1%83.793+10%
Price To Free Cash Flow Ratio29.901+1%29.57929.5790%20.371+45%26.292+13%23.859+24%
Price To Total Gains Ratio19.687+1%19.47619.4760%15.261+28%7.928+146%21.469-9%
Quick Ratio--0.4760.4760%0.486-2%0.515-8%0.492-3%
Return On Assets--0.0410.0410%0.050-19%0.040+3%0.042-3%
Return On Equity--0.1150.1150%0.137-16%0.112+2%0.122-6%
Total Gains Per Share--4.7214.7210%5.759-18%4.415+7%3.648+29%
Usd Book Value--24377393300.00024377393300.0000%23447824000.000+4%20562201280.000+19%18124568920.000+34%
Usd Book Value Change Per Share--2.5182.5180%4.119-39%2.756-9%2.028+24%
Usd Book Value Per Share--43.22443.2240%40.706+6%35.902+20%31.662+37%
Usd Dividend Per Share--2.5322.5320%2.041+24%1.967+29%1.875+35%
Usd Eps--4.3704.3700%4.981-12%3.836+14%3.563+23%
Usd Free Cash Flow--1875184100.0001875184100.0000%2658204500.000-29%2257922760.000-17%2205293520.000-15%
Usd Free Cash Flow Per Share--3.3253.3250%4.615-28%3.937-16%3.851-14%
Usd Free Cash Flow To Equity Per Share--2.3202.3200%-0.466+120%1.774+31%1.606+44%
Usd Market Cap56016928865.212+1%55466390615.31755466390615.3170%54149471352.764+2%56999403355.931-3%51326327596.174+8%
Usd Price Per Share99.418+1%98.34898.3480%94.005+5%99.444-1%89.633+10%
Usd Profit--2464588800.0002464588800.0000%2868935400.000-14%2197591680.000+12%2038634260.000+21%
Usd Revenue--32478231400.00032478231400.0000%30720714300.000+6%26721533880.000+22%24556033200.000+32%
Usd Total Gains Per Share--5.0505.0500%6.160-18%4.723+7%3.903+29%
 EOD+4 -4MRQTTM+0 -0YOY+13 -225Y+20 -1510Y+21 -14

3.2. Fundamental Score

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

Penke's Stock Scanner

  
  
IndicatorConditionValue
Price to Earnings Ratio (EOD)Between0-1522.750
Price to Book Ratio (EOD)Between0-12.300
Net Profit Margin (MRQ)Greater than00.076
Operating Margin (MRQ)Greater than00.127
Quick Ratio (MRQ)Greater than10.476
Current Ratio (MRQ)Greater than10.769
Debt to Asset Ratio (MRQ)Less than10.596
Debt to Equity Ratio (MRQ)Less than11.675
Return on Equity (MRQ)Greater than0.150.115
Return on Assets (MRQ)Greater than0.050.041
Total3/10 (30.0%)

3.3. Technical Score

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

Penke's Symbol Scanner

  
  
IndicatorConditionValue
RsiGreater than5047.889
Ma 20Greater thanMa 5093.467
Ma 50Greater thanMa 10092.389
Ma 100Greater thanMa 20089.936
OpenGreater thanClose93.840
Total4/5 (80.0%)



Reversals in quarterly reports

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

 2019-12-312020-12-312021-12-312022-12-312023-12-31
Long-term Assets Other  -11,026,000723,000-10,303,000-1,115,000-11,418,000-371,000-11,789,00012,293,000504,000



Latest Balance Sheet

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

Summary
Total Assets56,387,000
Total Liabilities33,598,000
Total Stockholder Equity20,056,000
 As reported
Total Liabilities 33,598,000
Total Stockholder Equity+ 20,056,000
Total Assets = 56,387,000

Assets

Total Assets56,387,000
Total Current Assets11,399,000
Long-term Assets44,988,000
Total Current Assets
Cash And Cash Equivalents 2,377,000
Net Receivables 4,683,000
Inventory 3,721,000
Other Current Assets 618,000
Total Current Assets  (as reported)11,399,000
Total Current Assets  (calculated)11,399,000
+/-0
Long-term Assets
Property Plant Equipment 14,772,000
Goodwill 12,238,000
Intangible Assets 21,781,000
Long-term Assets  (as reported)44,988,000
Long-term Assets  (calculated)48,791,000
+/- 3,803,000

Liabilities & Shareholders' Equity

Total Current Liabilities14,825,000
Long-term Liabilities18,773,000
Total Stockholder Equity20,056,000
Total Current Liabilities
Short-term Debt 4,192,000
Short Long Term Debt 3,886,000
Accounts payable 5,735,000
Other Current Liabilities 4,553,000
Total Current Liabilities  (as reported)14,825,000
Total Current Liabilities  (calculated)18,366,000
+/- 3,541,000
Long-term Liabilities
Long term Debt 13,085,000
Capital Lease Obligations 1,267,000
Long-term Liabilities Other 67,000
Long-term Liabilities  (as reported)18,773,000
Long-term Liabilities  (calculated)14,419,000
+/- 4,354,000
Total Stockholder Equity
Common Stock922,000
Retained Earnings 19,074,000
Accumulated Other Comprehensive Income -1,675,000
Other Stockholders Equity 1,735,000
Total Stockholder Equity (as reported)20,056,000
Total Stockholder Equity (calculated)20,056,000
+/-0
Other
Capital Stock922,000
Cash and Short Term Investments 2,377,000
Common Stock Shares Outstanding 563,980
Current Deferred Revenue345,000
Liabilities and Stockholders Equity 56,387,000
Net Debt 15,861,000
Net Invested Capital 20,056,000
Net Working Capital -3,426,000
Property Plant and Equipment Gross 29,505,000
Short Long Term Debt Total 18,238,000



Balance Sheet

Currency in EUR. All numbers in thousands.

 Trend2023-12-312022-12-312021-12-312020-12-312019-12-312018-12-312017-12-312016-12-312015-12-312014-12-312013-12-312012-12-312011-12-312010-12-312009-12-312008-12-312007-12-312006-12-312005-12-312004-12-312003-12-312002-12-312001-12-312000-12-311999-12-31
> Total Assets 
6,017,000
6,289,000
7,217,000
7,781,000
10,897,000
10,418,000
11,829,000
12,997,000
12,968,000
20,563,000
20,180,000
26,549,000
27,127,000
35,979,000
33,337,000
34,830,000
40,122,000
39,321,000
41,034,000
42,151,000
47,508,000
43,515,000
49,821,000
53,419,000
56,387,000
56,387,00053,419,00049,821,00043,515,00047,508,00042,151,00041,034,00039,321,00040,122,00034,830,00033,337,00035,979,00027,127,00026,549,00020,180,00020,563,00012,968,00012,997,00011,829,00010,418,00010,897,0007,781,0007,217,0006,289,0006,017,000
   > Total Current Assets 
2,600,000
2,398,000
3,059,000
2,813,000
3,629,000
2,792,000
3,278,000
4,237,000
3,844,000
4,749,000
4,153,000
4,318,000
4,708,000
5,537,000
5,495,000
6,086,000
8,322,000
8,137,000
8,248,000
9,125,000
8,419,000
9,020,000
9,578,000
11,015,000
11,399,000
11,399,00011,015,0009,578,0009,020,0008,419,0009,125,0008,248,0008,137,0008,322,0006,086,0005,495,0005,537,0004,708,0004,318,0004,153,0004,749,0003,844,0004,237,0003,278,0002,792,0003,629,0002,813,0003,059,0002,398,0002,600,000
       Cash And Cash Equivalents 
1,165,000
801,000
1,146,000
680,000
1,340,000
628,000
585,000
1,374,000
715,000
698,000
520,000
610,000
813,000
1,037,000
1,290,000
668,000
3,232,000
3,035,000
2,442,000
2,903,000
1,821,000
4,000,000
3,248,000
2,765,000
2,377,000
2,377,0002,765,0003,248,0004,000,0001,821,0002,903,0002,442,0003,035,0003,232,000668,0001,290,0001,037,000813,000610,000520,000698,000715,0001,374,000585,000628,0001,340,000680,0001,146,000801,0001,165,000
       Short-term Investments 
42,000
23,000
29,000
0
76,000
76,000
23,000
12,000
105,000
14,000
15,000
17,000
14,000
11,000
11,000
13,000
16,000
0
0
0
0
0
0
0
0
0000000016,00013,00011,00011,00014,00017,00015,00014,000105,00012,00023,00076,00076,000029,00023,00042,000
       Net Receivables 
0
1,024,000
1,192,000
1,270,000
1,379,000
1,309,000
1,787,000
1,917,000
1,873,000
2,504,000
2,310,000
2,273,000
0
0
1,826,000
2,041,000
2,196,000
2,303,000
2,605,000
2,596,000
3,861,000
2,578,000
3,351,000
4,130,000
4,683,000
4,683,0004,130,0003,351,0002,578,0003,861,0002,596,0002,605,0002,303,0002,196,0002,041,0001,826,000002,273,0002,310,0002,504,0001,873,0001,917,0001,787,0001,309,0001,379,0001,270,0001,192,0001,024,0000
       Inventory 
490,000
550,000
692,000
0
834,000
779,000
883,000
893,000
1,007,000
1,246,000
1,010,000
1,206,000
1,352,000
1,596,000
1,512,000
1,634,000
1,702,000
1,618,000
1,814,000
1,920,000
2,213,000
1,958,000
2,438,000
3,250,000
3,721,000
3,721,0003,250,0002,438,0001,958,0002,213,0001,920,0001,814,0001,618,0001,702,0001,634,0001,512,0001,596,0001,352,0001,206,0001,010,0001,246,0001,007,000893,000883,000779,000834,0000692,000550,000490,000
   > Long-term Assets 
3,417,000
3,891,000
4,158,000
4,968,000
7,268,000
7,626,000
8,551,000
8,760,000
9,124,000
15,814,000
16,027,000
22,231,000
22,419,000
30,442,000
26,522,000
27,348,000
30,008,000
29,249,000
31,109,000
31,340,000
39,089,000
34,495,000
40,243,000
42,404,000
44,988,000
44,988,00042,404,00040,243,00034,495,00039,089,00031,340,00031,109,00029,249,00030,008,00027,348,00026,522,00030,442,00022,419,00022,231,00016,027,00015,814,0009,124,0008,760,0008,551,0007,626,0007,268,0004,968,0004,158,0003,891,0003,417,000
       Property Plant Equipment 
3,417,000
3,891,000
4,158,000
4,094,000
4,995,000
5,127,000
5,067,000
4,944,000
5,362,000
6,314,000
6,017,000
7,687,000
7,860,000
8,792,000
8,454,000
8,718,000
9,552,000
9,232,000
11,117,000
11,359,000
13,269,000
11,551,000
12,401,000
13,623,000
14,772,000
14,772,00013,623,00012,401,00011,551,00013,269,00011,359,00011,117,0009,232,0009,552,0008,718,0008,454,0008,792,0007,860,0007,687,0006,017,0006,314,0005,362,0004,944,0005,067,0005,127,0004,995,0004,094,0004,158,0003,891,0003,417,000
       Goodwill 
0
0
0
0
0
0
0
0
0
0
0
0
7,530,000
10,780,000
10,016,000
10,396,000
11,324,000
11,029,000
11,205,000
11,194,000
11,465,000
10,678,000
11,810,000
12,250,000
12,238,000
12,238,00012,250,00011,810,00010,678,00011,465,00011,194,00011,205,00011,029,00011,324,00010,396,00010,016,00010,780,0007,530,000000000000000
       Long Term Investments 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2,134,000
2,289,000
2,273,000
2,593,000
2,322,000
2,522,000
5,276,000
0
0
0
0
00005,276,0002,522,0002,322,0002,593,0002,273,0002,289,0002,134,00000000000000000
       Intangible Assets 
0
0
0
0
0
0
0
2,449,000
2,541,000
7,109,000
7,135,000
10,890,000
3,305,000
6,945,000
5,918,000
5,945,000
6,859,000
6,395,000
6,465,000
6,265,000
17,769,000
15,767,000
20,762,000
21,408,000
21,781,000
21,781,00021,408,00020,762,00015,767,00017,769,0006,265,0006,465,0006,395,0006,859,0005,945,0005,918,0006,945,0003,305,00010,890,0007,135,0007,109,0002,541,0002,449,0000000000
       Other Assets 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,320,000
1,396,000
1,792,000
1,935,000
1,677,000
1,686,000
1,771,000
1,740,000
1,826,000
1,290,000
0
01,290,0001,826,0001,740,0001,771,0001,686,0001,677,0001,935,0001,792,0001,396,0001,320,00000000000000000
> Total Liabilities 
3,151,000
3,769,000
4,078,000
4,845,000
6,998,000
6,556,000
7,315,000
7,477,000
7,022,000
15,811,000
14,533,000
16,032,000
17,035,000
23,217,000
20,981,000
21,378,000
25,052,000
24,748,000
26,513,000
26,443,000
30,197,000
29,123,000
30,121,000
31,499,000
33,598,000
33,598,00031,499,00030,121,00029,123,00030,197,00026,443,00026,513,00024,748,00025,052,00021,378,00020,981,00023,217,00017,035,00016,032,00014,533,00015,811,0007,022,0007,477,0007,315,0006,556,0006,998,0004,845,0004,078,0003,769,0003,151,000
   > Total Current Liabilities 
1,860,000
1,892,000
2,235,000
2,649,000
2,910,000
2,666,000
3,752,000
4,008,000
4,193,000
5,058,000
5,356,000
5,623,000
6,159,000
7,800,000
8,003,000
8,532,000
10,924,000
10,397,000
10,458,000
10,429,000
12,307,000
10,868,000
12,094,000
14,190,000
14,825,000
14,825,00014,190,00012,094,00010,868,00012,307,00010,429,00010,458,00010,397,00010,924,0008,532,0008,003,0007,800,0006,159,0005,623,0005,356,0005,058,0004,193,0004,008,0003,752,0002,666,0002,910,0002,649,0002,235,0001,892,0001,860,000
       Short-term Debt 
0
0
0
0
853,000
660,000
1,060,000
1,241,000
1,155,000
969,000
1,301,000
994,000
1,188,000
2,054,000
2,373,000
2,266,000
4,347,000
3,650,000
3,212,000
2,358,000
3,686,000
3,580,000
3,233,000
3,484,000
4,192,000
4,192,0003,484,0003,233,0003,580,0003,686,0002,358,0003,212,0003,650,0004,347,0002,266,0002,373,0002,054,0001,188,000994,0001,301,000969,0001,155,0001,241,0001,060,000660,000853,0000000
       Short Long Term Debt 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
12,226,000
1,102,000
802,000
3,650,000
3,212,000
2,358,000
3,431,000
3,317,000
2,977,000
3,148,000
3,886,000
3,886,0003,148,0002,977,0003,317,0003,431,0002,358,0003,212,0003,650,000802,0001,102,00012,226,00000000000000000
       Accounts payable 
0
0
0
0
968,000
987,000
2,451,000
2,496,000
2,806,000
3,846,000
3,696,000
4,265,000
2,009,000
2,244,000
2,140,000
2,339,000
2,797,000
2,934,000
3,430,000
4,016,000
4,720,000
3,663,000
4,631,000
5,852,000
5,735,000
5,735,0005,852,0004,631,0003,663,0004,720,0004,016,0003,430,0002,934,0002,797,0002,339,0002,140,0002,244,0002,009,0004,265,0003,696,0003,846,0002,806,0002,496,0002,451,000987,000968,0000000
       Other Current Liabilities 
0
0
0
2,649,000
656,000
641,000
1,060,000
1,241,000
1,155,000
969,000
65,000
123,000
2,962,000
-191,000
3,490,000
3,927,000
3,780,000
3,813,000
3,816,000
6,413,000
3,606,000
3,353,000
3,939,000
4,477,000
4,553,000
4,553,0004,477,0003,939,0003,353,0003,606,0006,413,0003,816,0003,813,0003,780,0003,927,0003,490,000-191,0002,962,000123,00065,000969,0001,155,0001,241,0001,060,000641,000656,0002,649,000000
   > Long-term Liabilities 
1,291,000
1,877,000
1,843,000
2,196,000
4,088,000
3,890,000
3,563,000
3,469,000
2,829,000
10,753,000
9,177,000
10,409,000
10,876,000
15,417,000
9,848,000
9,489,000
10,658,000
10,954,000
12,166,000
12,628,000
17,890,000
18,255,000
18,027,000
17,309,000
18,773,000
18,773,00017,309,00018,027,00018,255,00017,890,00012,628,00012,166,00010,954,00010,658,0009,489,0009,848,00015,417,00010,876,00010,409,0009,177,00010,753,0002,829,0003,469,0003,563,0003,890,0004,088,0002,196,0001,843,0001,877,0001,291,000
       Long term Debt Total 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
12,166,000
12,628,000
13,366,000
14,616,000
13,640,000
12,893,000
0
012,893,00013,640,00014,616,00013,366,00012,628,00012,166,000000000000000000000
       Other Liabilities 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3,125,000
3,347,000
3,470,000
3,397,000
3,889,000
3,386,000
3,520,000
2,756,000
3,416,000
3,403,000
0
03,403,0003,416,0002,756,0003,520,0003,386,0003,889,0003,397,0003,470,0003,347,0003,125,00000000000000000
> Total Stockholder Equity
2,618,000
2,396,000
3,139,000
2,543,000
3,167,000
3,379,000
3,969,000
5,009,000
5,404,000
4,471,000
5,351,000
10,228,000
9,774,000
11,691,000
11,402,000
12,409,000
13,535,000
13,238,000
13,321,000
14,525,000
16,147,000
13,392,000
17,356,000
19,551,000
20,056,000
20,056,00019,551,00017,356,00013,392,00016,147,00014,525,00013,321,00013,238,00013,535,00012,409,00011,402,00011,691,0009,774,00010,228,0005,351,0004,471,0005,404,0005,009,0003,969,0003,379,0003,167,0002,543,0003,139,0002,396,0002,618,000
   Common Stock
0
0
0
0
784,000
784,000
784,000
784,000
784,000
784,000
784,000
922,000
922,000
922,000
922,000
922,000
922,000
922,000
922,000
922,000
922,000
922,000
922,000
922,000
922,000
922,000922,000922,000922,000922,000922,000922,000922,000922,000922,000922,000922,000922,000922,000784,000784,000784,000784,000784,000784,000784,0000000
   Retained Earnings Total Equity0000000000000000000000000
   Accumulated Other Comprehensive Income 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3,191,000
-730,000
-1,719,000
-1,879,000
-1,585,000
-3,689,000
-2,771,000
-2,363,000
-1,675,000
-1,675,000-2,363,000-2,771,000-3,689,000-1,585,000-1,879,000-1,719,000-730,0003,191,0000000000000000000
   Capital Surplus 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2,701,000
2,701,000
2,701,000
2,701,000
2,701,000
2,701,000
0
02,701,0002,701,0002,701,0002,701,0002,701,0002,701,000000000000000000000
   Treasury Stock0000000000000000000000000
   Other Stockholders Equity 
0
0
0
2,543,000
512,000
545,000
568,000
666,000
692,000
-74,000
159,000
4,181,000
3,199,000
3,066,000
1,038,000
1,531,000
-1,864,000
1,420,000
1,329,000
-689,000
2,638,000
2,676,000
2,664,000
2,641,000
1,735,000
1,735,0002,641,0002,664,0002,676,0002,638,000-689,0001,329,0001,420,000-1,864,0001,531,0001,038,0003,066,0003,199,0004,181,000159,000-74,000692,000666,000568,000545,000512,0002,543,000000



Balance Sheet

Currency in EUR. All numbers in thousands.




Cash Flow

Currency in EUR. All numbers in thousands.