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Heineken Holding NV
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Let's analyse Heineken Holding NV together

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










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

How much money do you get?

How much money do you get?
€19.78
When do you have the money?
1 year
How often do you get paid?
100.0%

What is your share worth?

Current worth
€77.93
Expected worth in 1 year
€85.26
How sure are you?
90.0%

+ What do you gain per year?

Total Gains per Share
€25.91
Return On Investment
35.3%

For what price can you sell your share?

Current Price per Share
€73.40
Expected price per share
€70.10 - €79.75
How sure are you?
50%

1. Valuation of Heineken Holding NV (5 min.)




Live pricePrice per Share (EOD)

€73.40

Intrinsic Value Per Share

€36.48 - €80.94

Total Value Per Share

€114.41 - €158.87

2. Growth of Heineken Holding NV (5 min.)




Is Heineken Holding NV growing?

Current yearPrevious yearGrowGrow %
How rich?$23.8b$23.3b$504.6m2.1%

How much money is Heineken Holding NV making?

Current yearPrevious yearGrowGrow %
Making money$1.2b$3.2b-$1.9b-158.9%
Net Profit Margin3.9%10.6%--

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

3. Financial Health of Heineken Holding NV (5 min.)




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

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

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

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

Speculation

The Price per Share of Heineken Holding NV is €73.40. 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 Holding NV.
  • 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 Holding NV, 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 €77.93. Based on the TTM, the Book Value Change Per Share is €1.83 per quarter. Based on the YOY, the Book Value Change Per Share is €7.71 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 €4.65 per quarter.
Based on historical numbers we can estimate the returns while holding a share of Heineken Holding NV.

How much money are you going to get?

 MRQTTMYOY5Y10Y
 % of Price per Share% of Price per Share% of Price per Share% of Price per Share% of Price per Share
Usd Eps4.355.9%4.355.9%4.966.8%3.825.2%3.554.8%
Usd Book Value Change Per Share1.952.7%1.952.7%8.2111.2%5.117.0%3.735.1%
Usd Dividend Per Share4.956.7%4.956.7%4.065.5%3.895.3%3.715.1%
Usd Total Gains Per Share6.909.4%6.909.4%12.2716.7%9.0012.3%7.4410.1%
Usd Price Per Share81.55-81.55-76.70-83.73-78.63-
Price to Earnings Ratio18.75-18.75-15.45--29.29--3.46-
Price-to-Total Gains Ratio11.83-11.83-6.25-3.94-10.65-
Price to Book Ratio0.98-0.98-0.95-1.22-1.29-
Price-to-Total Gains Ratio11.83-11.83-6.25-3.94-10.65-

When do you get the money?

Usd Investment
$.00
Usd Price Per Share78.14164
Number of shares12
Gains per QuarterTrailing 12 Months5 Year
Usd Dividend Per Share4.953.89
Usd Book Value Change Per Share1.955.11
Usd Total Gains Per Share6.909.00
Gains per Quarter (12 shares)82.74108.00
Gains per Year (12 shares)330.97431.99
YearsReturn on Investment (TTM)Return on Investment (5Y)
 DividendBook Value gainTotal gainsDividendBook Value gainTotal gains
Broker costs---10---10
123794321187245422
2475187652374490854
37122819835617351286
495037413147489801718
51187468164593412252150
614245611976112114712582
716626552307130817163014
818997482638149519613446
921378422969168222063878
1023749363300186924514310

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%19.01.04.079.2%
Book Value Change Per Share1.00.00.0100.0%3.00.00.0100.0%4.01.00.080.0%7.03.00.070.0%16.08.00.066.7%
Dividend per Share1.00.00.0100.0%3.00.00.0100.0%5.00.00.0100.0%10.00.00.0100.0%24.00.00.0100.0%
Total Gains per Share1.00.00.0100.0%3.00.00.0100.0%4.01.00.080.0%9.01.00.090.0%21.03.00.087.5%

Fundamentals of Heineken Holding NV

About Heineken Holding NV

Heineken Holding N.V., through its subsidiaries, engages in brewing and selling beer and cider in the Netherlands and internationally. The company's portfolio consists of approximately 300 international, regional, local, and specialty beers and ciders. The company was founded in 1864 and is based in Amsterdam, the Netherlands. Heineken Holding N.V. is a subsidiary of L'Arche Green N.V.

Fundamental data was last updated by Penke on 2024-04-09 16:43:04.

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 inefficient 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 unable to pay all its debts with equity.

Valuation

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

1.1. Profitability of Heineken Holding NV.

1.1. Profitability
1.1.1. Net Profit Margin

Measures how much net profit Heineken Holding NV earns for each €1 of revenue.

  • Above 10% is considered healthy but always compare Heineken Holding NV to the Beverages - Brewers industry mean.
  • A Net Profit Margin of 3.9% means that €0.04 for each €1 in revenue is generated as profit.

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

  • The MRQ is 3.9%. The company is making a profit. +1
  • The TTM is 3.9%. The company is making a profit. +1
Trends
Current periodCompared to+/- 
MRQ3.9%TTM3.9%0.0%
TTM3.9%YOY10.6%-6.7%
TTM3.9%5Y8.0%-4.1%
5Y8.0%10Y8.7%-0.7%
1.1.2. Return on Assets

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

  • Above 5% is considered healthy but always compare Heineken Holding NV to the Beverages - Brewers industry mean.
  • 2.1% Return on Assets means that Heineken Holding NV generated €0.02 profit for each $1 in assets.

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

  • The MRQ is 2.1%. Using its assets, the company is less efficient in making profit.
  • The TTM is 2.1%. Using its assets, the company is less efficient in making profit.
Trends
Current periodCompared to+/- 
MRQ2.1%TTM2.1%0.0%
TTM2.1%YOY5.8%-3.7%
TTM2.1%5Y4.0%-1.9%
5Y4.0%10Y4.5%-0.5%
1.1.3. Return on Equity

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

  • Above 15%-20% is considered healthy but always compare Heineken Holding NV to the Beverages - Brewers industry mean.
  • 12.1% Return on Equity means Heineken Holding NV generated €0.12 for each €1 the owners (shareholders) invested.

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

  • The MRQ is 12.1%. Using its investors money, the company is less efficient in making profit.
  • The TTM is 12.1%. Using its investors money, the company is less efficient in making profit.
Trends
Current periodCompared to+/- 
MRQ12.1%TTM12.1%0.0%
TTM12.1%YOY31.3%-19.3%
TTM12.1%5Y22.6%-10.5%
5Y22.6%10Y26.1%-3.5%

1.2. Operating Efficiency of Heineken Holding NV.

1.2. Operating Efficiency
1.2.1. Operating Margin

Measures how efficient Heineken Holding NV is operating .

  • Measures how much profit Heineken Holding NV 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 Holding NV to the Beverages - Brewers industry mean.
  • An Operating Margin of 0.0% means the company generated €0.00  for each €1 in revenue (before taxes).

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

  • The MRQ is 0.0%. The data is not here.
Trends
Current periodCompared to+/- 
MRQ-TTM-0.0%
TTM-YOY14.9%-14.9%
TTM-5Y10.7%-10.7%
5Y10.7%10Y12.6%-1.8%
1.2.2. Operating Ratio

Measures how efficient Heineken Holding NV is keeping operating costs low.

  • Below 1 is considered healthy (always compare to Beverages - Brewers industry mean).
  • An Operation Ratio of 1.57 means that the operating costs are €1.57 for each €1 in net sales.

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

  • The MRQ is 1.568. The company is inefficient in keeping operating costs low. -1
  • The TTM is 1.568. The company is inefficient in keeping operating costs low. -1
Trends
Current periodCompared to+/- 
MRQ1.568TTM1.5680.000
TTM1.568YOY0.856+0.712
TTM1.5685Y1.021+0.547
5Y1.02110Y0.942+0.079

1.3. Liquidity of Heineken Holding NV.

1.3. Liquidity
1.3.1. Current Ratio

Measures if Heineken Holding NV 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 Holding NV:

  • 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
5Y0.77010Y0.770+0.000
1.3.2. Quick Ratio

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

  • Above 1 is considered healthy but always compare Heineken Holding NV to the Beverages - Brewers industry mean.
  • A Quick Ratio of 0.34 means the company can pay off €0.34 for each €1 in debt (using most liquid assets).

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

  • The MRQ is 0.339. The company is just not able to pay all its short-term debts with the most liquid assets. -1
  • The TTM is 0.339. The company is just not able to pay all its short-term debts with the most liquid assets. -1
Trends
Current periodCompared to+/- 
MRQ0.339TTM0.3390.000
TTM0.339YOY0.415-0.076
TTM0.3395Y0.473-0.135
5Y0.47310Y0.494-0.021

1.4. Solvency of Heineken Holding NV.

1.3. Liquidity
1.4.1. Debt to Asset Ratio

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

  • Below 1 (100%) is considered healthy but always compare Heineken Holding NV to Beverages - Brewers industry mean.
  • A Debt to Asset Ratio of 0.59 means that Heineken Holding NV assets are financed with 59.1% credit (debt) and the remaining percentage (100% - 59.1%) is financed by its owners/shareholders. 

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

  • The MRQ is 0.591. The company is able to pay all its debts by selling its assets. +1
  • The TTM is 0.591. The company is able to pay all its debts by selling its assets. +1
Trends
Current periodCompared to+/- 
MRQ0.591TTM0.5910.000
TTM0.591YOY0.582+0.009
TTM0.5915Y0.612-0.021
5Y0.61210Y0.618-0.006
1.4.2. Debt to Equity Ratio

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

  • Below 2 is considered healthy but always compare Heineken Holding NV to the Beverages - Brewers industry mean.
  • A Debt to Equity ratio of 332.5% means that company has €3.33 debt for each €1 in shareholders equity.

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

  • The MRQ is 3.325. The company is unable to pay all its debts with equity. -1
  • The TTM is 3.325. The company is unable to pay all its debts with equity. -1
Trends
Current periodCompared to+/- 
MRQ3.325TTM3.3250.000
TTM3.325YOY3.145+0.180
TTM3.3255Y3.558-0.233
5Y3.55810Y3.607-0.049

2. Market Valuation of Heineken Holding NV

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 Holding NV generates.

  • Above 15 is considered overpriced but always compare Heineken Holding NV to the Beverages - Brewers industry mean.
  • A PE ratio of 18.75 means the investor is paying €18.75 for every €1 in earnings.

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

  • The EOD is 17.965. Based on the earnings, the company is fair priced.
  • The MRQ is 18.748. Based on the earnings, the company is fair priced.
  • The TTM is 18.748. Based on the earnings, the company is fair priced.
Trends
Current periodCompared to+/- 
EOD17.965MRQ18.748-0.783
MRQ18.748TTM18.7480.000
TTM18.748YOY15.452+3.296
TTM18.7485Y-29.285+48.034
5Y-29.28510Y-3.461-25.824
2.2. Price To Free Cash Flow Ratio

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

  • The EOD is 12.031. Based on how much money comes from the company's main activities, the company is cheap. +2
  • The MRQ is 12.556. Based on how much money comes from the company's main activities, the company is cheap. +2
  • The TTM is 12.556. Based on how much money comes from the company's main activities, the company is cheap. +2
Trends
Current periodCompared to+/- 
EOD12.031MRQ12.556-0.525
MRQ12.556TTM12.5560.000
TTM12.556YOY8.351+4.205
TTM12.5565Y11.183+1.373
5Y11.18310Y10.846+0.338
2. Book Value per Share
2.3. Price to Book Ratio

Measures if the stock price of Heineken Holding NV 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 0.98 means the investor is paying €0.98 for each €1 in book value.

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

  • The EOD is 0.942. Based on the equity, the company is cheap. +2
  • The MRQ is 0.983. Based on the equity, the company is cheap. +2
  • The TTM is 0.983. Based on the equity, the company is cheap. +2
Trends
Current periodCompared to+/- 
EOD0.942MRQ0.983-0.041
MRQ0.983TTM0.9830.000
TTM0.983YOY0.947+0.036
TTM0.9835Y1.219-0.236
5Y1.21910Y1.288-0.068
2. Total Gains per Share

3. Summary

3.1. Key Performance Indicators

The key performance indicators of Heineken Holding NV 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--1.8311.8310%7.708-76%4.796-62%3.504-48%
Book Value Per Share--77.93477.9340%76.103+2%66.500+17%58.649+33%
Current Ratio--0.7690.7690%0.776-1%0.7700%0.7700%
Debt To Asset Ratio--0.5910.5910%0.582+2%0.612-3%0.618-4%
Debt To Equity Ratio--3.3253.3250%3.145+6%3.558-7%3.607-8%
Dividend Per Share--4.6464.6460%3.816+22%3.657+27%3.483+33%
Eps--4.0864.0860%4.663-12%3.588+14%3.335+22%
Free Cash Flow Per Share--6.1016.1010%8.628-29%7.331-17%6.964-12%
Free Cash Flow To Equity Per Share--6.1016.1010%-2.229+137%3.312+84%2.791+119%
Gross Profit Margin--1.0001.0000%1.0000%1.0000%0.311+222%
Intrinsic Value_10Y_max--80.940--------
Intrinsic Value_10Y_min--36.476--------
Intrinsic Value_1Y_max--7.963--------
Intrinsic Value_1Y_min--6.193--------
Intrinsic Value_3Y_max--24.039--------
Intrinsic Value_3Y_min--16.519--------
Intrinsic Value_5Y_max--40.250--------
Intrinsic Value_5Y_min--24.478--------
Market Cap20914081612.800-5%22010685752.20022010685752.2000%20752573604.400+6%22643087689.880-3%21267513576.148+3%
Net Profit Margin--0.0390.0390%0.106-63%0.080-52%0.087-55%
Operating Margin----0%0.149-100%0.107-100%0.126-100%
Operating Ratio--1.5681.5680%0.856+83%1.021+54%0.942+66%
Pb Ratio0.942-4%0.9830.9830%0.947+4%1.219-19%1.288-24%
Pe Ratio17.965-4%18.74818.7480%15.452+21%-29.285+256%-3.461+118%
Price Per Share73.400-4%76.60076.6000%72.050+6%78.650-3%73.856+4%
Price To Free Cash Flow Ratio12.031-4%12.55612.5560%8.351+50%11.183+12%10.846+16%
Price To Total Gains Ratio11.333-4%11.82711.8270%6.253+89%3.939+200%10.653+11%
Quick Ratio--0.3390.3390%0.415-18%0.473-28%0.494-32%
Return On Assets--0.0210.0210%0.058-63%0.040-47%0.045-53%
Return On Equity--0.1210.1210%0.313-62%0.226-47%0.261-54%
Total Gains Per Share--6.4776.4770%11.523-44%8.454-23%6.986-7%
Usd Book Value--23840652400.00023840652400.0000%23336032000.000+2%20380063640.000+17%17978219580.000+33%
Usd Book Value Change Per Share--1.9491.9490%8.205-76%5.106-62%3.730-48%
Usd Book Value Per Share--82.96982.9690%81.019+2%70.796+17%62.438+33%
Usd Dividend Per Share--4.9464.9460%4.062+22%3.894+27%3.708+33%
Usd Eps--4.3504.3500%4.964-12%3.820+14%3.551+22%
Usd Free Cash Flow--1866243800.0001866243800.0000%2645531000.000-29%2247157680.000-17%2134948840.000-13%
Usd Free Cash Flow Per Share--6.4956.4950%9.185-29%7.805-17%7.414-12%
Usd Free Cash Flow To Equity Per Share--6.4956.4950%-2.373+137%3.526+84%2.971+119%
Usd Market Cap22265131284.987-5%23432576051.79223432576051.7920%22093189859.244+6%24105831154.646-3%22641394953.167+3%
Usd Price Per Share78.142-4%81.54881.5480%76.704+6%83.731-3%78.627+4%
Usd Profit--1249840400.0001249840400.0000%3235319400.000-61%2136439280.000-41%2115360200.000-41%
Usd Revenue--32323385200.00032323385200.0000%30574247400.000+6%26552401520.000+22%24445877500.000+32%
Usd Total Gains Per Share--6.8956.8950%12.267-44%9.000-23%7.438-7%
 EOD+4 -4MRQTTM+0 -0YOY+12 -235Y+15 -2010Y+18 -18

3.2. Fundamental Score

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

Penke's Stock Scanner

  
  
IndicatorConditionValue
Price to Earnings Ratio (EOD)Between0-1517.965
Price to Book Ratio (EOD)Between0-10.942
Net Profit Margin (MRQ)Greater than00.039
Operating Margin (MRQ)Greater than00.000
Quick Ratio (MRQ)Greater than10.339
Current Ratio (MRQ)Greater than10.769
Debt to Asset Ratio (MRQ)Less than10.591
Debt to Equity Ratio (MRQ)Less than13.325
Return on Equity (MRQ)Greater than0.150.121
Return on Assets (MRQ)Greater than0.050.021
Total3/10 (30.0%)

3.3. Technical Score

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

Penke's Symbol Scanner

  
  
IndicatorConditionValue
RsiGreater than5053.366
Ma 20Greater thanMa 5072.980
Ma 50Greater thanMa 10073.255
Ma 100Greater thanMa 20074.320
OpenGreater thanClose72.900
Total2/5 (40.0%)



Latest Balance Sheet

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

Summary
Total Assets54,758,000
Total Liabilities32,364,000
Total Stockholder Equity9,733,000
 As reported
Total Liabilities 32,364,000
Total Stockholder Equity+ 9,733,000
Total Assets = 54,758,000

Assets

Total Assets54,758,000
Total Current Assets11,399,000
Long-term Assets43,359,000
Total Current Assets
Cash And Cash Equivalents 2,377,000
Net Receivables 5,019,000
Inventory 3,721,000
Total Current Assets  (as reported)11,399,000
Total Current Assets  (calculated)11,117,000
+/- 282,000
Long-term Assets
Property Plant Equipment 14,772,000
Long-term Assets Other 978,000
Long-term Assets  (as reported)43,359,000
Long-term Assets  (calculated)15,750,000
+/- 27,609,000

Liabilities & Shareholders' Equity

Total Current Liabilities14,825,000
Long-term Liabilities17,539,000
Total Stockholder Equity9,733,000
Total Current Liabilities
Accounts payable 9,432,000
Other Current Liabilities 531,000
Total Current Liabilities  (as reported)14,825,000
Total Current Liabilities  (calculated)9,963,000
+/- 4,862,000
Long-term Liabilities
Long-term Liabilities Other 67,000
Long-term Liabilities  (as reported)17,539,000
Long-term Liabilities  (calculated)67,000
+/- 17,472,000
Total Stockholder Equity
Retained Earnings 9,248,000
Total Stockholder Equity (as reported)9,733,000
Total Stockholder Equity (calculated)9,248,000
+/- 485,000
Other
Capital Stock461,000
Common Stock Shares Outstanding 287,346
Net Invested Capital 9,733,000
Net Working Capital -3,426,000



Balance Sheet

Currency in EUR. All numbers in thousands.

 Trend2023-12-312022-12-312021-12-312020-12-312019-12-312018-12-312017-12-312016-12-312015-12-312014-12-312013-12-312012-12-312011-12-312010-12-312009-12-312008-12-312007-12-312006-12-312005-12-312004-12-312003-12-312002-12-312001-12-312000-12-31
> Total Assets 
6,289,000
7,217,000
7,781,000
10,898,000
10,777,000
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
37,714,000
39,321,000
41,034,000
41,956,000
46,504,000
42,632,000
48,850,000
52,406,000
54,758,000
54,758,00052,406,00048,850,00042,632,00046,504,00041,956,00041,034,00039,321,00037,714,00034,830,00033,337,00035,979,00027,127,00026,549,00020,180,00020,563,00012,968,00012,997,00011,829,00010,777,00010,898,0007,781,0007,217,0006,289,000
   > Total Current Assets 
0
0
0
0
3,132,000
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
5,914,000
8,137,000
8,248,000
9,070,000
8,419,000
9,020,000
9,578,000
11,015,000
11,399,000
11,399,00011,015,0009,578,0009,020,0008,419,0009,070,0008,248,0008,137,0005,914,0006,086,0005,495,0005,537,0004,708,0004,318,0004,153,0004,749,0003,844,0004,237,0003,278,0003,132,0000000
       Cash And Cash Equivalents 
260,000
362,000
324,000
494,000
678,000
585,000
1,374,000
715,000
698,000
520,000
610,000
813,000
1,037,000
1,290,000
668,000
824,000
3,035,000
2,442,000
2,903,000
1,821,000
4,000,000
3,248,000
2,765,000
2,377,000
2,377,0002,765,0003,248,0004,000,0001,821,0002,903,0002,442,0003,035,000824,000668,0001,290,0001,037,000813,000610,000520,000698,000715,0001,374,000585,000678,000494,000324,000362,000260,000
       Short-term Investments 
564,000
813,000
454,000
922,000
26,000
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
0000000016,00013,00011,00011,00014,00017,00015,00014,000105,00012,00023,00026,000922,000454,000813,000564,000
       Net Receivables 
900,000
1,042,000
1,110,000
1,226,000
1,164,000
1,682,000
1,779,000
1,873,000
2,401,000
2,261,000
2,263,000
2,223,000
2,500,000
2,382,000
2,644,000
2,873,000
3,051,000
3,341,000
3,484,000
3,861,000
2,578,000
3,351,000
3,120,000
5,019,000
5,019,0003,120,0003,351,0002,578,0003,861,0003,484,0003,341,0003,051,0002,873,0002,644,0002,382,0002,500,0002,223,0002,263,0002,261,0002,401,0001,873,0001,779,0001,682,0001,164,0001,226,0001,110,0001,042,000900,000
       Other Current Assets 
124,000
150,000
160,000
154,000
1,646,000
23,000
1,958,000
2,017,000
2,791,000
2,608,000
2,485,000
2,529,000
2,893,000
2,682,000
3,771,000
3,372,000
3,484,000
3,992,000
4,247,000
139,000
101,000
133,000
5,000,000
0
05,000,000133,000101,000139,0004,247,0003,992,0003,484,0003,372,0003,771,0002,682,0002,893,0002,529,0002,485,0002,608,0002,791,0002,017,0001,958,00023,0001,646,000154,000160,000150,000124,000
   > Long-term Assets 
0
0
0
0
7,645,000
8,551,000
8,760,000
9,124,000
15,814,000
16,027,000
22,231,000
22,419,000
30,442,000
27,842,000
28,744,000
31,800,000
31,184,000
32,786,000
32,886,000
38,085,000
33,612,000
39,272,000
41,391,000
43,359,000
43,359,00041,391,00039,272,00033,612,00038,085,00032,886,00032,786,00031,184,00031,800,00028,744,00027,842,00030,442,00022,419,00022,231,00016,027,00015,814,0009,124,0008,760,0008,551,0007,645,0000000
       Property Plant Equipment 
3,276,000
3,614,000
4,094,000
4,995,000
4,773,000
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
14,772,00013,623,00012,401,00011,551,00013,269,00011,359,00011,117,0009,232,0009,552,0008,718,0008,454,0008,792,0007,860,0007,687,0006,017,0006,314,0005,362,0004,944,0005,067,0004,773,0004,995,0004,094,0003,614,0003,276,000
       Goodwill 
0
0
0
1,093,000
1,627,000
2,138,000
2,195,000
2,292,000
5,393,000
5,433,000
7,313,000
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
0
012,250,00011,810,00010,678,00011,465,00011,194,00011,205,00011,029,00011,324,00010,396,00010,016,00010,780,0007,530,0007,313,0005,433,0005,393,0002,292,0002,195,0002,138,0001,627,0001,093,000000
       Long Term Investments 
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
00005,276,0002,522,0002,322,0002,593,0002,273,0002,289,0002,134,0000000000000000
       Intangible Assets 
0
0
0
1,093,000
210,000
2,380,000
2,449,000
2,541,000
7,109,000
7,135,000
10,890,000
10,835,000
6,945,000
5,918,000
5,945,000
6,859,000
6,395,000
6,465,000
6,265,000
6,304,000
5,089,000
8,952,000
9,158,000
0
09,158,0008,952,0005,089,0006,304,0006,265,0006,465,0006,395,0006,859,0005,945,0005,918,0006,945,00010,835,00010,890,0007,135,0007,109,0002,541,0002,449,0002,380,000210,0001,093,000000
       Other Assets 
0
13,000
39,000
58,000
64,000
316,000
428,000
555,000
705,000
896,000
1,332,000
1,691,000
1,644,000
1,320,000
1,314,000
958,000
1,935,000
1,677,000
1,686,000
1,771,000
1,740,000
1,826,000
1,679,000
0
01,679,0001,826,0001,740,0001,771,0001,686,0001,677,0001,935,000958,0001,314,0001,320,0001,644,0001,691,0001,332,000896,000705,000555,000428,000316,00064,00058,00039,00013,0000
> Total Liabilities 
3,769,000
4,078,000
4,845,000
6,999,000
7,044,000
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
22,644,000
24,748,000
26,513,000
26,416,000
29,193,000
28,240,000
29,150,000
30,486,000
32,364,000
32,364,00030,486,00029,150,00028,240,00029,193,00026,416,00026,513,00024,748,00022,644,00021,378,00020,981,00023,217,00017,035,00016,032,00014,533,00015,811,0007,022,0007,477,0007,315,0007,044,0006,999,0004,845,0004,078,0003,769,000
   > Total Current Liabilities 
1,892,000
2,235,000
2,649,000
2,911,000
3,044,000
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
8,516,000
10,397,000
10,458,000
10,450,000
12,307,000
10,868,000
12,094,000
14,190,000
14,825,000
14,825,00014,190,00012,094,00010,868,00012,307,00010,450,00010,458,00010,397,0008,516,0008,532,0008,003,0007,800,0006,159,0005,623,0005,356,0005,058,0004,193,0004,008,0003,752,0003,044,0002,911,0002,649,0002,235,0001,892,000
       Short-term Debt 
0
0
0
0
946,000
1,060,000
1,241,000
1,155,000
969,000
1,301,000
994,000
1,188,000
1,572,000
1,830,000
1,702,000
1,344,000
3,028,000
2,563,000
2,358,000
3,686,000
3,580,000
3,233,000
3,484,000
0
03,484,0003,233,0003,580,0003,686,0002,358,0002,563,0003,028,0001,344,0001,702,0001,830,0001,572,0001,188,000994,0001,301,000969,0001,155,0001,241,0001,060,000946,0000000
       Short Long Term Debt 
0
0
0
0
0
0
0
0
0
0
0
0
0
12,226,000
1,102,000
802,000
3,028,000
2,563,000
2,358,000
3,431,000
3,317,000
2,977,000
3,148,000
0
03,148,0002,977,0003,317,0003,431,0002,358,0002,563,0003,028,000802,0001,102,00012,226,0000000000000000
       Accounts payable 
529,000
620,000
629,000
745,000
804,000
2,451,000
2,496,000
2,806,000
3,846,000
3,696,000
4,265,000
4,624,000
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
9,432,000
9,432,0005,852,0004,631,0003,663,0004,720,0004,016,0003,430,0002,934,0002,797,0002,339,0002,140,0002,244,0004,624,0004,265,0003,696,0003,846,0002,806,0002,496,0002,451,000804,000745,000629,000620,000529,000
       Other Current Liabilities 
1,131,000
1,286,000
1,242,000
1,313,000
1,294,000
241,000
271,000
232,000
243,000
359,000
364,000
347,000
3,984,000
4,033,000
4,491,000
4,375,000
4,435,000
4,465,000
4,076,000
3,901,000
3,625,000
4,230,000
4,854,000
531,000
531,0004,854,0004,230,0003,625,0003,901,0004,076,0004,465,0004,435,0004,375,0004,491,0004,033,0003,984,000347,000364,000359,000243,000232,000271,000241,0001,294,0001,313,0001,242,0001,286,0001,131,000
   > Long-term Liabilities 
0
0
0
0
4,000,000
3,563,000
3,469,000
2,829,000
10,753,000
9,177,000
10,409,000
10,876,000
15,417,000
12,978,000
12,846,000
14,128,000
14,351,000
16,055,000
15,966,000
16,886,000
17,372,000
17,056,000
16,296,000
17,539,000
17,539,00016,296,00017,056,00017,372,00016,886,00015,966,00016,055,00014,351,00014,128,00012,846,00012,978,00015,417,00010,876,00010,409,0009,177,00010,753,0002,829,0003,469,0003,563,0004,000,0000000
       Long term Debt Total 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
10,658,000
10,920,000
12,166,000
12,628,000
13,366,000
14,616,000
13,640,000
12,893,000
0
012,893,00013,640,00014,616,00013,366,00012,628,00012,166,00010,920,00010,658,000000000000000000
       Long-term Liabilities Other 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
168,000
153,000
131,000
141,000
116,000
67,000
67,000116,000141,000131,000153,000168,000000000000000000000
       Deferred Long Term Liability 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,819,000
2,018,000
1,764,000
1,795,000
0
0
0
0
0
0
0000001,795,0001,764,0002,018,0001,819,00000000000000000
> Total Stockholder Equity
1,198,000
1,379,000
1,272,000
1,584,000
1,628,000
3,969,000
5,009,000
5,404,000
292,000
2,682,000
4,702,000
4,804,000
5,766,000
5,620,000
6,125,000
6,750,000
6,598,000
6,633,000
7,158,000
7,993,000
6,604,000
8,593,000
9,694,000
9,733,000
9,733,0009,694,0008,593,0006,604,0007,993,0007,158,0006,633,0006,598,0006,750,0006,125,0005,620,0005,766,0004,804,0004,702,0002,682,000292,0005,404,0005,009,0003,969,0001,628,0001,584,0001,272,0001,379,0001,198,000
   Common Stock
356,000
392,000
392,000
392,000
392,000
784,000
784,000
784,000
392,000
392,000
461,000
461,000
461,000
461,000
461,000
461,000
461,000
461,000
461,000
461,000
461,000
461,000
461,000
0
0461,000461,000461,000461,000461,000461,000461,000461,000461,000461,000461,000461,000461,000392,000392,000784,000784,000784,000392,000392,000392,000392,000356,000
   Retained Earnings Total Equity000000000000000000000000
   Accumulated Other Comprehensive Income 00000-10,833,000-10,255,000-10,306,000-10,234,000-9,420,000-8,706,000-8,370,000-7,671,000-7,186,000-6,613,000000000000
   Capital Surplus 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,257,000
1,257,000
1,257,000
1,257,000
1,257,000
1,257,000
1,257,000
1,257,000
0
01,257,0001,257,0001,257,0001,257,0001,257,0001,257,0001,257,0001,257,000000000000000000
   Treasury Stock000000000000000000000000
   Other Stockholders Equity 
0
0
0
0
178,000
568,000
666,000
692,000
-1,966,000
6,713,000
8,879,000
9,200,000
9,824,000
9,555,000
10,499,000
11,380,000
11,195,000
10,645,000
11,153,000
458,000
-595,000
-136,000
67,000
0
067,000-136,000-595,000458,00011,153,00010,645,00011,195,00011,380,00010,499,0009,555,0009,824,0009,200,0008,879,0006,713,000-1,966,000692,000666,000568,000178,0000000



Balance Sheet

Currency in EUR. All numbers in thousands.




Cash Flow

Currency in EUR. All numbers in thousands.