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ING Groep NV
Buy, Hold or Sell?

Let's analyse Ing together

PenkeI guess you are interested in ING Groep 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 ING Groep 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 Ing (30 sec.)










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

How much money do you get?

How much money do you get?
€3.61
When do you have the money?
1 year
How often do you get paid?
100.0%

What is your share worth?

Current worth
€14.64
Expected worth in 1 year
€17.54
How sure are you?
70.0%

+ What do you gain per year?

Total Gains per Share
€6.24
Return On Investment
37.9%

For what price can you sell your share?

Current Price per Share
€16.45
Expected price per share
€13.16 - €
How sure are you?
50%

1. Valuation of Ing (5 min.)




Live pricePrice per Share (EOD)

€16.45

Intrinsic Value Per Share

€-101.70 - €28.77

Total Value Per Share

€-87.06 - €43.41

2. Growth of Ing (5 min.)




Is Ing growing?

Current yearPrevious yearGrowGrow %
How rich?$56.6b$54.7b$1.9b3.4%

How much money is Ing making?

Current yearPrevious yearGrowGrow %
Making money$7.9b$3.9b$3.9b49.6%
Net Profit Margin32.3%12,669.0%--

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

3. Financial Health of Ing (5 min.)




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

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

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

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

Speculation

The Price per Share of Ing is €16.45. 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 Ing.
  • 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 Ing, 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 €14.64. Based on the TTM, the Book Value Change Per Share is €0.73 per quarter. Based on the YOY, the Book Value Change Per Share is €-200.62 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 €0.83 per quarter.
Based on historical numbers we can estimate the returns while holding a share of Ing.

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 Eps2.2213.5%2.2213.5%3.6322.1%1.8411.2%1.519.2%
Usd Book Value Change Per Share0.794.8%0.794.8%-217.83-1,324.4%0.291.8%0.181.1%
Usd Dividend Per Share0.905.5%0.905.5%0.935.6%0.653.9%0.623.8%
Usd Total Gains Per Share1.6910.3%1.6910.3%-216.90-1,318.7%0.945.7%0.794.8%
Usd Price Per Share14.69-14.69-12.37-12.05-12.69-
Price to Earnings Ratio6.62-6.62-3.40-8.14-10.37-
Price-to-Total Gains Ratio8.68-8.68--0.06-1.28-4.79-
Price to Book Ratio0.92-0.92-0.82-0.38-0.65-
Price-to-Total Gains Ratio8.68-8.68--0.06-1.28-4.79-

When do you get the money?

Usd Investment
$.00
Usd Price Per Share17.8592384
Number of shares55
Gains per QuarterTrailing 12 Months5 Year
Usd Dividend Per Share0.900.65
Usd Book Value Change Per Share0.790.29
Usd Total Gains Per Share1.690.94
Gains per Quarter (55 shares)93.1151.51
Gains per Year (55 shares)372.43206.03
YearsReturn on Investment (TTM)Return on Investment (5Y)
 DividendBook Value gainTotal gainsDividendBook Value gainTotal gains
Broker costs---10---10
119917436214363196
2398347734285127402
35965211106428190608
47956951478571253814
599486818507133171020
61193104222228563801226
71392121525949994431432
815901389296611415071638
917891563333812845701844
1019881736371014276342050

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%5.00.00.0100.0%10.00.00.0100.0%24.02.00.092.3%
Book Value Change Per Share1.00.00.0100.0%1.02.00.033.3%3.02.00.060.0%7.03.00.070.0%17.09.00.065.4%
Dividend per Share1.00.00.0100.0%3.00.00.0100.0%5.00.00.0100.0%10.00.00.0100.0%22.00.04.084.6%
Total Gains per Share1.00.00.0100.0%1.02.00.033.3%3.02.00.060.0%7.03.00.070.0%18.08.00.069.2%

Fundamentals of Ing

About ING Groep NV

ING Groep N.V. provides various banking products and services in the Netherlands, Belgium, Germany, rest of Europe, and internationally. It operates through five segments: Retail Netherlands, Retail Belgium, Retail Germany, Retail Other, and Wholesale Banking. The company accepts current and savings accounts. It also offers business lending products; SME loans; consumer lending products, such as residential mortgage loans and other consumer lending loans; and mortgages. In addition, the company provides working capital solutions; debt and equity market solutions; various loans; payments; and cash management, trade and corporate finance, and treasury services, as well as savings, investment, insurance, and digital banking services. It serves individual customers, corporate clients, and financial institutions. ING Groep N.V. was founded in 1762 and is headquartered in Amsterdam, the Netherlands.

Fundamental data was last updated by Penke on 2024-05-01 06:44:06.

Financial Health

Profitability Details
 Compared to previous yearCompared 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 less efficient in making profit.
Operating Efficiency Details
 Compared to previous yearCompared to industry
The company is operating very inefficient.
The company is very efficient in keeping operating costs low.
Liquidity Details
 Compared to previous yearCompared to industry
The company is unable to pay all its short-term debts.
The company is unable to pay all its short-term debts with the most liquid assets.
Solvency Details
 Compared to previous yearCompared 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 yearCompared 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 expensive.

1.1. Profitability of ING Groep NV.

1.1. Profitability
1.1.1. Net Profit Margin

Measures how much net profit Ing earns for each €1 of revenue.

  • Above 10% is considered healthy but always compare Ing to the Banks - Diversified industry mean.
  • A Net Profit Margin of 32.3% means that €0.32 for each €1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of ING Groep NV:

  • The MRQ is 32.3%. The company is making a huge profit. +2
  • The TTM is 32.3%. The company is making a huge profit. +2
Trends
Current periodCompared to+/- 
MRQ32.3%TTM32.3%0.0%
TTM32.3%YOY12,669.0%-12,636.7%
TTM32.3%5Y2,553.5%-2,521.2%
5Y2,553.5%10Y1,288.0%+1,265.5%
1.1.2. Return on Assets

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

  • Above 5% is considered healthy but always compare Ing to the Banks - Diversified industry mean.
  • 0.7% Return on Assets means that Ing generated €0.01 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of ING Groep NV:

  • The MRQ is 0.7%. Using its assets, the company is inefficient in making profit. -1
  • The TTM is 0.7%. Using its assets, the company is inefficient in making profit. -1
Trends
Current periodCompared to+/- 
MRQ0.7%TTM0.7%0.0%
TTM0.7%YOY0.4%+0.4%
TTM0.7%5Y0.5%+0.3%
5Y0.5%10Y0.5%+0.0%
1.1.3. Return on Equity

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

  • Above 15%-20% is considered healthy but always compare Ing to the Banks - Diversified industry mean.
  • 14.0% Return on Equity means Ing generated €0.14 for each €1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of ING Groep NV:

  • The MRQ is 14.0%. Using its investors money, the company is less efficient in making profit.
  • The TTM is 14.0%. Using its investors money, the company is less efficient in making profit.
Trends
Current periodCompared to+/- 
MRQ14.0%TTM14.0%0.0%
TTM14.0%YOY7.4%+6.6%
TTM14.0%5Y8.9%+5.1%
5Y8.9%10Y8.3%+0.5%

1.2. Operating Efficiency of ING Groep NV.

1.2. Operating Efficiency
1.2.1. Operating Margin

Measures how efficient Ing is operating .

  • Measures how much profit Ing 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 Ing to the Banks - Diversified industry mean.
  • An Operating Margin of -4.0% means the company generated €-0.04  for each €1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of ING Groep NV:

  • The MRQ is -4.0%. The company is operating very inefficient. -2
  • The TTM is -4.0%. The company is operating very inefficient. -2
Trends
Current periodCompared to+/- 
MRQ-4.0%TTM-4.0%0.0%
TTM-4.0%YOY16,165.5%-16,169.5%
TTM-4.0%5Y3,251.1%-3,255.1%
5Y3,251.1%10Y1,728.2%+1,522.9%
1.2.2. Operating Ratio

Measures how efficient Ing is keeping operating costs low.

  • Below 1 is considered healthy (always compare to Banks - Diversified industry mean).
  • An Operation Ratio of 0.51 means that the operating costs are €0.51 for each €1 in net sales.

Let's take a look of the Operating Ratio trends of ING Groep NV:

  • The MRQ is 0.512. The company is very efficient in keeping operating costs low. +2
  • The TTM is 0.512. The company is very efficient in keeping operating costs low. +2
Trends
Current periodCompared to+/- 
MRQ0.512TTM0.5120.000
TTM0.512YOY160.655-160.143
TTM0.5125Y31.822-31.310
5Y31.82210Y16.447+15.375

1.3. Liquidity of ING Groep NV.

1.3. Liquidity
1.3.1. Current Ratio

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

  • Above 1.5 is considered healthy (always compare to Banks - Diversified industry mean).
  • A Current Ratio of 0.25 means the company has €0.25 in assets for each €1 in short-term debts.

Let's take a look of the Current Ratio trends of ING Groep NV:

  • The MRQ is 0.254. The company is unable to pay all its short-term debts. -2
  • The TTM is 0.254. The company is unable to pay all its short-term debts. -2
Trends
Current periodCompared to+/- 
MRQ0.254TTM0.2540.000
TTM0.254YOY0.270-0.016
TTM0.2545Y0.282-0.028
5Y0.28210Y139.759-139.477
1.3.2. Quick Ratio

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

  • Above 1 is considered healthy but always compare Ing to the Banks - Diversified industry mean.
  • A Quick Ratio of -0.08 means the company can pay off €-0.08 for each €1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of ING Groep NV:

  • The MRQ is -0.083. The company is unable to pay all its short-term debts with the most liquid assets. -2
  • The TTM is -0.083. The company is unable to pay all its short-term debts with the most liquid assets. -2
Trends
Current periodCompared to+/- 
MRQ-0.083TTM-0.0830.000
TTM-0.083YOY0.340-0.423
TTM-0.0835Y0.274-0.357
5Y0.27410Y192.660-192.386

1.4. Solvency of ING Groep NV.

1.3. Liquidity
1.4.1. Debt to Asset Ratio

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

  • Below 1 (100%) is considered healthy but always compare Ing to Banks - Diversified industry mean.
  • A Debt to Asset Ratio of 0.95 means that Ing assets are financed with 94.7% credit (debt) and the remaining percentage (100% - 94.7%) is financed by its owners/shareholders. 

Let's take a look of the Debt to Asset Ratio trends of ING Groep NV:

  • The MRQ is 0.947. The company is just able to pay all its debts by selling its assets.
  • The TTM is 0.947. The company is just able to pay all its debts by selling its assets.
Trends
Current periodCompared to+/- 
MRQ0.947TTM0.9470.000
TTM0.947YOY0.948-0.001
TTM0.9475Y0.451+0.496
5Y0.45110Y0.696-0.245
1.4.2. Debt to Equity Ratio

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

  • Below 2 is considered healthy but always compare Ing to the Banks - Diversified industry mean.
  • A Debt to Equity ratio of 1,769.5% means that company has €17.70 debt for each €1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of ING Groep NV:

  • The MRQ is 17.695. The company is unable to pay all its debts with equity. -1
  • The TTM is 17.695. The company is unable to pay all its debts with equity. -1
Trends
Current periodCompared to+/- 
MRQ17.695TTM17.6950.000
TTM17.695YOY18.382-0.687
TTM17.6955Y8.487+9.208
5Y8.48710Y12.568-4.081

2. Market Valuation of ING Groep 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 Ing generates.

  • Above 15 is considered overpriced but always compare Ing to the Banks - Diversified industry mean.
  • A PE ratio of 6.62 means the investor is paying €6.62 for every €1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of ING Groep NV:

  • The EOD is 8.047. Based on the earnings, the company is underpriced. +1
  • The MRQ is 6.618. Based on the earnings, the company is cheap. +2
  • The TTM is 6.618. Based on the earnings, the company is cheap. +2
Trends
Current periodCompared to+/- 
EOD8.047MRQ6.618+1.430
MRQ6.618TTM6.6180.000
TTM6.618YOY3.404+3.214
TTM6.6185Y8.140-1.522
5Y8.14010Y10.368-2.228
2.2. Price To Free Cash Flow Ratio

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

  • The EOD is -5.061. Based on how much money comes from the company's main activities, the company is expensive. -2
  • The MRQ is -4.162. Based on how much money comes from the company's main activities, the company is expensive. -2
  • The TTM is -4.162. Based on how much money comes from the company's main activities, the company is expensive. -2
Trends
Current periodCompared to+/- 
EOD-5.061MRQ-4.162-0.899
MRQ-4.162TTM-4.1620.000
TTM-4.162YOY-3.639-0.524
TTM-4.1625Y-1.476-2.686
5Y-1.47610Y0.192-1.669
2. Book Value per Share
2.3. Price to Book Ratio

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

  • At or below 1 is considered healthy (always compare to Banks - Diversified industry mean).
  • A PB ratio of 0.92 means the investor is paying €0.92 for each €1 in book value.

Let's take a look of the Price to Book Ratio trends of ING Groep NV:

  • The EOD is 1.124. Based on the equity, the company is underpriced. +1
  • The MRQ is 0.924. Based on the equity, the company is cheap. +2
  • The TTM is 0.924. Based on the equity, the company is cheap. +2
Trends
Current periodCompared to+/- 
EOD1.124MRQ0.924+0.200
MRQ0.924TTM0.9240.000
TTM0.924YOY0.819+0.105
TTM0.9245Y0.378+0.546
5Y0.37810Y0.650-0.272
2. Total Gains per Share

3. Summary

3.1. Key Performance Indicators

The key performance indicators of ING Groep 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--0.7270.7270%-200.616+27699%0.265+174%0.163+346%
Book Value Per Share--14.63614.6360%13.909+5%131.405-89%72.421-80%
Current Ratio--0.2540.2540%0.270-6%0.282-10%139.759-100%
Debt To Asset Ratio--0.9470.9470%0.9480%0.451+110%0.696+36%
Debt To Equity Ratio--17.69517.6950%18.382-4%8.487+108%12.568+41%
Dividend Per Share--0.8320.8320%0.853-2%0.597+39%0.569+46%
Eps--2.0442.0440%3.346-39%1.696+20%1.391+47%
Free Cash Flow Per Share---3.250-3.2500%-3.130-4%3.874-184%2.744-218%
Free Cash Flow To Equity Per Share--1.9121.9120%-1.847+197%3.343-43%1.887+1%
Gross Profit Margin--0.9490.9490%0.910+4%0.916+4%0.889+7%
Intrinsic Value_10Y_max--28.772--------
Intrinsic Value_10Y_min---101.699--------
Intrinsic Value_1Y_max--3.668--------
Intrinsic Value_1Y_min---5.181--------
Intrinsic Value_3Y_max--10.423--------
Intrinsic Value_3Y_min---19.999--------
Intrinsic Value_5Y_max--16.457--------
Intrinsic Value_5Y_min---39.560--------
Market Cap54264584732.672+11%48224247800.00048224247800.0000%41273528400.000+17%41713799420.000+16%44640638564.624+8%
Net Profit Margin--0.3230.3230%126.690-100%25.535-99%12.880-97%
Operating Margin---0.040-0.0400%161.655-100%32.511-100%17.282-100%
Operating Ratio--0.5120.5120%160.655-100%31.822-98%16.447-97%
Pb Ratio1.124+18%0.9240.9240%0.819+13%0.378+145%0.650+42%
Pe Ratio8.047+18%6.6186.6180%3.404+94%8.140-19%10.368-36%
Price Per Share16.448+18%13.52613.5260%11.388+19%11.097+22%11.687+16%
Price To Free Cash Flow Ratio-5.061-22%-4.162-4.1620%-3.639-13%-1.476-65%0.192-2262%
Price To Total Gains Ratio10.550+18%8.6768.6760%-0.057+101%1.280+578%4.791+81%
Quick Ratio---0.083-0.0830%0.340-124%0.274-130%192.660-100%
Return On Assets--0.0070.0070%0.004+97%0.005+54%0.005+59%
Return On Equity--0.1400.1400%0.074+90%0.089+58%0.083+67%
Total Gains Per Share--1.5591.5590%-199.763+12913%0.862+81%0.732+113%
Usd Book Value--56659215600.00056659215600.0000%54736263800.000+4%553974508520.000-90%305241833280.000-81%
Usd Book Value Change Per Share--0.7890.7890%-217.829+27699%0.288+174%0.177+346%
Usd Book Value Per Share--15.89215.8920%15.103+5%142.679-89%78.634-80%
Usd Dividend Per Share--0.9040.9040%0.927-2%0.649+39%0.618+46%
Usd Eps--2.2192.2190%3.633-39%1.842+20%1.511+47%
Usd Free Cash Flow---12580078800.000-12580078800.0000%-12316229400.000-2%16837717760.000-175%11804600440.000-207%
Usd Free Cash Flow Per Share---3.528-3.5280%-3.398-4%4.206-184%2.980-218%
Usd Free Cash Flow To Equity Per Share--2.0762.0760%-2.005+197%3.630-43%2.049+1%
Usd Market Cap58920486102.735+11%52361888261.24052361888261.2400%44814797136.720+17%45292843410.236+16%48470805353.468+8%
Usd Price Per Share17.859+18%14.68714.6870%12.365+19%12.049+22%12.690+16%
Usd Profit--7912224600.0007912224600.0000%3989229200.000+98%4995331480.000+58%4617147340.000+71%
Usd Revenue--24513020800.00024513020800.0000%31488200.000+77748%16724794560.000+47%17611676000.000+39%
Usd Total Gains Per Share--1.6931.6930%-216.902+12913%0.936+81%0.795+113%
 EOD+5 -3MRQTTM+0 -0YOY+22 -145Y+20 -1610Y+22 -14

3.2. Fundamental Score

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

Penke's Stock Scanner

  
  
IndicatorConditionValue
Price to Earnings Ratio (EOD)Between0-158.047
Price to Book Ratio (EOD)Between0-11.124
Net Profit Margin (MRQ)Greater than00.323
Operating Margin (MRQ)Greater than0-0.040
Quick Ratio (MRQ)Greater than1-0.083
Current Ratio (MRQ)Greater than10.254
Debt to Asset Ratio (MRQ)Less than10.947
Debt to Equity Ratio (MRQ)Less than117.695
Return on Equity (MRQ)Greater than0.150.140
Return on Assets (MRQ)Greater than0.050.007
Total3/10 (30.0%)

3.3. Technical Score

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

Penke's Symbol Scanner

  
  
IndicatorConditionValue
RsiGreater than5071.375
Ma 20Greater thanMa 5015.852
Ma 50Greater thanMa 10014.864
Ma 100Greater thanMa 20013.512
OpenGreater thanClose16.560
Total5/5 (100.0%)



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
Inventory  -142,574,000-21,141,000-163,715,0004,415,000-159,300,00013,516,000-145,784,000235,164,00089,380,000
Accounts payable  4,741,000136,0004,877,000205,0005,082,000692,349,000697,431,000-765,975,000-68,544,000
Cash and Short Term Investments  85,991,00061,078,000147,069,000-9,265,000137,804,000-19,208,000118,596,000-208,810,000-90,214,000
EBIT  6,736,000-3,004,0003,732,0002,921,0006,653,000-1,965,0004,688,000-5,597,000-909,000
EBITDA  7,525,000-2,964,0004,561,0002,926,0007,487,000-2,088,0005,399,000-5,634,000-235,000
Operating Income  6,736,000-3,004,0003,732,0002,921,0006,653,000-1,965,0004,688,000-4,923,000-235,000



Latest Balance Sheet

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

Summary
Total Assets975,583,000
Total Liabilities923,401,000
Total Stockholder Equity52,184,000
 As reported
Total Liabilities 923,401,000
Total Stockholder Equity+ 52,184,000
Total Assets = 975,583,000

Assets

Total Assets975,583,000
Total Current Assets150,443,000
Long-term Assets825,140,000
Total Current Assets
Cash And Cash Equivalents 89,892,000
Short-term Investments 40,166,000
Net Receivables 834,000
Inventory 89,380,000
Total Current Assets  (as reported)150,443,000
Total Current Assets  (calculated)220,272,000
+/- 69,829,000
Long-term Assets
Property Plant Equipment 2,399,000
Goodwill 469,000
Long Term Investments 210,975,000
Intangible Assets 1,198,000
Long-term Assets Other 8,708,000
Long-term Assets  (as reported)825,140,000
Long-term Assets  (calculated)223,749,000
+/- 601,391,000

Liabilities & Shareholders' Equity

Total Current Liabilities593,280,000
Long-term Liabilities330,121,000
Total Stockholder Equity52,184,000
Total Current Liabilities
Short-term Debt 68,530,000
Accounts payable -68,544,000
Other Current Liabilities 593,280,000
Total Current Liabilities  (as reported)593,280,000
Total Current Liabilities  (calculated)593,266,000
+/- 14,000
Long-term Liabilities
Long term Debt 148,838,000
Capital Lease Obligations 1,162,000
Long-term Liabilities  (as reported)330,121,000
Long-term Liabilities  (calculated)150,000,000
+/- 180,121,000
Total Stockholder Equity
Common Stock35,000
Retained Earnings 36,852,000
Accumulated Other Comprehensive Income -2,763,000
Other Stockholders Equity 18,060,000
Total Stockholder Equity (as reported)52,184,000
Total Stockholder Equity (calculated)52,184,000
+/-0
Other
Capital Stock35,000
Cash and Short Term Investments -90,214,000
Common Stock Shares Outstanding 3,565,300
Current Deferred Revenue14,000
Liabilities and Stockholders Equity 975,583,000
Net Debt 73,436,000
Net Invested Capital 200,078,000
Net Working Capital -442,837,000
Property Plant and Equipment Gross 6,174,000
Short Long Term Debt Total 163,328,000



Balance Sheet

Currency in EUR. All numbers in thousands.

 Trend2023-12-312022-12-312021-12-312020-12-312019-12-312018-12-312017-12-312016-12-312015-12-312014-12-312013-12-312012-12-312011-12-312010-12-312009-12-312008-12-312007-12-312006-12-312005-12-312004-12-312003-12-312002-12-312001-12-312000-12-311999-12-311998-12-311997-12-31
> Total Assets 
278,392,358
392,703,477
494,260,463
651,974,374
706,347,089
717,017,487
777,411,746
865,561,254
1,157,759,243
1,226,307,000
1,312,510,000
1,331,663,000
1,159,972,000
1,242,844,000
1,273,580,000
1,162,128,000
1,076,602,000
992,856,000
841,769,000
845,081,000
846,216,000
887,030,000
891,744,000
937,379,000
951,290,000
967,817,000
975,583,000
975,583,000967,817,000951,290,000937,379,000891,744,000887,030,000846,216,000845,081,000841,769,000992,856,0001,076,602,0001,162,128,0001,273,580,0001,242,844,0001,159,972,0001,331,663,0001,312,510,0001,226,307,0001,157,759,243865,561,254777,411,746717,017,487706,347,089651,974,374494,260,463392,703,477278,392,358
   > Total Current Assets 
11,298,989
11,421,466
16,257,411
67,894,211
30,321,968
77,429,765
90,950,578
82,941,788
34,300,094
61,706,000
62,040,000
79,322,000
66,935,000
59,898,000
75,070,000
62,907,000
44,780,000
32,290,000
39,328,000
41,361,000
39,859,000
83,110,000
87,049,000
148,251,000
139,156,000
119,862,000
150,443,000
150,443,000119,862,000139,156,000148,251,00087,049,00083,110,00039,859,00041,361,00039,328,00032,290,00044,780,00062,907,00075,070,00059,898,00066,935,00079,322,00062,040,00061,706,00034,300,09482,941,78890,950,57877,429,76530,321,96867,894,21116,257,41111,421,46611,298,989
       Cash And Cash Equivalents 
2,411,452
2,324,692
4,992,801
44,254,853
9,280,125
57,154,376
72,671,214
66,058,506
13,073,296
14,326,000
12,406,000
22,045,000
15,390,000
13,072,000
31,194,000
17,657,000
13,316,000
49,352,000
51,446,000
19,671,000
21,989,000
49,987,000
53,202,000
112,230,000
108,007,000
87,251,000
89,892,000
89,892,00087,251,000108,007,000112,230,00053,202,00049,987,00021,989,00019,671,00051,446,00049,352,00013,316,00017,657,00031,194,00013,072,00015,390,00022,045,00012,406,00014,326,00013,073,29666,058,50672,671,21457,154,3769,280,12544,254,8534,992,8012,324,6922,411,452
       Short-term Investments 
0
0
0
0
0
0
0
0
107,000
26,351,000
26,079,000
30,904,000
27,781,000
25,016,000
24,776,000
29,031,000
19,283,000
95,401,000
87,000,000
14,816,000
69,730,000
28,844,000
32,789,000
34,839,000
29,797,000
30,982,000
40,166,000
40,166,00030,982,00029,797,00034,839,00032,789,00028,844,00069,730,00014,816,00087,000,00095,401,00019,283,00029,031,00024,776,00025,016,00027,781,00030,904,00026,079,00026,351,000107,00000000000
       Net Receivables 
8,887,537
9,096,774
11,264,610
23,639,357
21,041,843
20,275,390
18,279,365
16,883,282
21,226,798
21,029,000
23,555,000
26,373,000
23,764,000
21,810,000
19,100,000
16,219,000
12,181,000
7,692,000
7,267,000
6,874,000
5,670,000
1,036,000
1,058,000
1,182,000
1,352,000
1,266,000
834,000
834,0001,266,0001,352,0001,182,0001,058,0001,036,0005,670,0006,874,0007,267,0007,692,00012,181,00016,219,00019,100,00021,810,00023,764,00026,373,00023,555,00021,029,00021,226,79816,883,28218,279,36520,275,39021,041,84323,639,35711,264,6109,096,7748,887,537
       Other Current Assets 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
165,427,000
26,424,000
150,319,000
154,703,000
165,532,000
142,574,000
163,715,000
159,300,000
145,784,000
150,443,000
150,443,000145,784,000159,300,000163,715,000142,574,000165,532,000154,703,000150,319,00026,424,000165,427,00000000000000000000
   > Long-term Assets 
127,472,509
168,207,308
223,100,886
307,114,670
342,746,470
333,873,040
374,570,154
347,748,991
490,640,361
495,453,000
483,828,000
403,539,000
362,446,000
407,090,000
367,833,000
330,949,000
220,275,000
242,063,000
234,083,000
117,338,000
204,423,000
98,359,000
179,705,000
108,690,000
113,077,000
194,063,000
825,140,000
825,140,000194,063,000113,077,000108,690,000179,705,00098,359,000204,423,000117,338,000234,083,000242,063,000220,275,000330,949,000367,833,000407,090,000362,446,000403,539,000483,828,000495,453,000490,640,361347,748,991374,570,154333,873,040342,746,470307,114,670223,100,886168,207,308127,472,509
       Property Plant Equipment 
2,418,179
9,602,145
3,587,582
2,134,804
2,035,401
1,416,113
1,308,561
1,251,105
5,752,284
6,031,000
6,237,000
6,396,000
6,119,000
6,132,000
2,886,000
2,674,000
2,446,000
2,100,000
2,027,000
2,002,000
1,801,000
1,659,000
3,172,000
2,841,000
2,515,000
2,446,000
2,399,000
2,399,0002,446,0002,515,0002,841,0003,172,0001,659,0001,801,0002,002,0002,027,0002,100,0002,446,0002,674,0002,886,0006,132,0006,119,0006,396,0006,237,0006,031,0005,752,2841,251,1051,308,5611,416,1132,035,4012,134,8043,587,5829,602,1452,418,179
       Goodwill 
0
0
0
0
0
0
0
0
173,000
305,000
2,245,000
3,070,000
3,071,000
2,765,000
1,794,000
1,966,000
1,137,000
1,061,000
985,000
903,000
816,000
918,000
907,000
533,000
472,000
464,000
469,000
469,000464,000472,000533,000907,000918,000816,000903,000985,0001,061,0001,137,0001,966,0001,794,0002,765,0003,071,0003,070,0002,245,000305,000173,00000000000
       Long Term Investments 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
101,350,000
96,875,000
212,407,000
201,151,000
195,145,000
176,296,000
142,816,000
180,123,000
103,029,000
210,975,000
210,975,000103,029,000180,123,000142,816,000176,296,000195,145,000201,151,000212,407,00096,875,000101,350,00000000000000000000
       Intangible Assets 
0
0
0
0
0
0
0
0
3,661,000
3,217,000
3,495,000
3,845,000
2,950,000
2,607,000
1,764,000
673,000
704,000
594,000
582,000
581,000
653,000
921,000
1,010,000
860,000
684,000
637,000
1,198,000
1,198,000637,000684,000860,0001,010,000921,000653,000581,000582,000594,000704,000673,0001,764,0002,607,0002,950,0003,845,0003,495,0003,217,0003,661,00000000000
       Earning Assets 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
235,171,000
216,333,000
205,324,000
199,039,000
176,809,000
0
0
0
0
0000176,809,000199,039,000205,324,000216,333,000235,171,000000000000000000000
       Other Assets 
139,620,860
213,074,703
254,902,166
276,965,493
333,278,652
305,714,682
311,891,014
434,870,474
632,818,788
669,148,000
766,642,000
848,802,000
730,591,000
775,856,000
830,677,000
768,272,000
811,547,000
718,503,000
568,358,000
686,382,000
601,934,000
705,561,000
624,990,000
680,438,000
699,057,000
653,892,000
0
0653,892,000699,057,000680,438,000624,990,000705,561,000601,934,000686,382,000568,358,000718,503,000811,547,000768,272,000830,677,000775,856,000730,591,000848,802,000766,642,000669,148,000632,818,788434,870,474311,891,014305,714,682333,278,652276,965,493254,902,166213,074,703139,620,860
> Total Liabilities 
257,513,106
363,171,939
458,129,240
622,913,360
680,786,004
694,637,939
752,611,013
836,222,245
1,119,362,557
1,185,092,000
1,272,979,000
1,302,735,000
1,122,936,000
1,198,745,000
1,227,351,000
1,109,286,000
1,026,749,000
934,360,000
793,299,000
794,682,000
795,095,000
835,297,000
135,820,000
79,553,000
116,636,000
917,406,000
923,401,000
923,401,000917,406,000116,636,00079,553,000135,820,000835,297,000795,095,000794,682,000793,299,000934,360,0001,026,749,0001,109,286,0001,227,351,0001,198,745,0001,122,936,0001,302,735,0001,272,979,0001,185,092,0001,119,362,557836,222,245752,611,013694,637,939680,786,004622,913,360458,129,240363,171,939257,513,106
   > Total Current Liabilities 
99,073,992
161,636,966
82,085,066
77,269,247
9,243,036
13,945,763
15,093,716
16,512,967
42,917,966
40,433,317
41,104,781
91,565,813
17,109,000
13,504,000
11,853,000
10,640,000
7,880,000
5,742,000
5,156,000
4,394,000
3,606,000
61,000
476,209,000
416,598,000
401,101,000
444,094,000
593,280,000
593,280,000444,094,000401,101,000416,598,000476,209,00061,0003,606,0004,394,0005,156,0005,742,0007,880,00010,640,00011,853,00013,504,00017,109,00091,565,81341,104,78140,433,31742,917,96616,512,96715,093,71613,945,7639,243,03677,269,24782,085,066161,636,96699,073,992
       Short-term Debt 
94,971,269
161,636,966
73,655,740
66,435,517
9,243,036
6,627,906
8,854,229
10,015,481
32,227,313
29,639,317
27,100,781
73,749,813
0
0
0
0
0
150,550,000
51,549,000
59,231,000
59,328,000
122,832,000
117,834,000
39,628,000
51,091,000
83,013,000
68,530,000
68,530,00083,013,00051,091,00039,628,000117,834,000122,832,00059,328,00059,231,00051,549,000150,550,0000000073,749,81327,100,78129,639,31732,227,31310,015,4818,854,2296,627,9069,243,03666,435,51773,655,740161,636,96694,971,269
       Short Long Term Debt 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
150,550,000
51,549,000
42,278,000
44,387,000
55,310,000
51,809,000
0
0
0
0
000051,809,00055,310,00044,387,00042,278,00051,549,000150,550,00000000000000000000
       Accounts payable 
4,102,723
0
8,429,327
10,833,730
9,675,000
7,317,857
6,239,488
6,497,485
10,690,653
10,794,000
13,720,000
17,641,000
16,989,000
13,331,000
11,770,000
10,619,000
7,880,000
5,742,000
5,156,000
4,394,000
3,606,000
61,000
4,741,000
4,877,000
5,082,000
697,431,000
-68,544,000
-68,544,000697,431,0005,082,0004,877,0004,741,00061,0003,606,0004,394,0005,156,0005,742,0007,880,00010,619,00011,770,00013,331,00016,989,00017,641,00013,720,00010,794,00010,690,6536,497,4856,239,4887,317,8579,675,00010,833,7308,429,32704,102,723
       Other Current Liabilities 
-99,073,992
-161,636,966
-82,085,066
-77,269,247
-9,243,036
-13,945,763
-15,093,716
-16,512,967
-42,917,966
-40,433,317
-41,104,781
-91,565,813
-17,109,000
-13,504,000
-11,853,000
-10,640,000
-7,880,000
-5,742,000
-5,156,000
-59,231,000
-59,328,000
-61,000
353,625,000
372,078,000
344,909,000
361,051,000
593,280,000
593,280,000361,051,000344,909,000372,078,000353,625,000-61,000-59,328,000-59,231,000-5,156,000-5,742,000-7,880,000-10,640,000-11,853,000-13,504,000-17,109,000-91,565,813-41,104,781-40,433,317-42,917,966-16,512,967-15,093,716-13,945,763-9,243,036-77,269,247-82,085,066-161,636,966-99,073,992
   > Long-term Liabilities 
36,975,508
35,979,950
85,450,039
123,263,885
135,180,523
92,139,810
129,913,630
116,819,742
119,518,835
116,696,000
114,698,000
152,194,000
164,575,000
180,729,000
182,630,000
182,934,000
161,121,000
144,061,000
138,343,000
132,673,000
112,806,000
142,644,000
135,820,000
79,553,000
116,636,000
917,406,000
330,121,000
330,121,000917,406,000116,636,00079,553,000135,820,000142,644,000112,806,000132,673,000138,343,000144,061,000161,121,000182,934,000182,630,000180,729,000164,575,000152,194,000114,698,000116,696,000119,518,835116,819,742129,913,63092,139,810135,180,523123,263,88585,450,03935,979,95036,975,508
       Long term Debt Total 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
86,489,000
79,971,000
67,667,000
78,166,000
84,814,000
0
0
0
0
000084,814,00078,166,00067,667,00079,971,00086,489,000000000000000000000
       Other Liabilities 
0
0
0
41,147,000
30,545,000
38,836,000
69,722,000
37,235,000
139,926,000
177,875,000
464,401,000
473,594,000
402,814,000
431,966,000
503,980,000
431,708,000
363,200,000
261,201,000
9,022,000
15,381,000
15,241,000
15,466,000
12,484,000
11,211,000
12,683,000
15,476,000
0
015,476,00012,683,00011,211,00012,484,00015,466,00015,241,00015,381,0009,022,000261,201,000363,200,000431,708,000503,980,000431,966,000402,814,000473,594,000464,401,000177,875,000139,926,00037,235,00069,722,00038,836,00030,545,00041,147,000000
       Deferred Long Term Liability 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
962,000
640,000
658,000
435,000
0
0
0
0
0
0
000000435,000658,000640,000962,00000000000000000000
> Total Stockholder Equity
20,694,343
28,913,786
35,157,309
27,769,484
24,097,754
20,418,335
23,073,718
27,128,920
38,396,686
38,266,000
37,208,000
17,334,000
31,121,000
38,370,000
42,452,000
49,511,000
42,440,000
50,424,000
47,832,000
49,793,000
50,406,000
50,930,000
53,770,000
47,674,000
53,920,000
49,907,000
52,184,000
52,184,00049,907,00053,920,00047,674,00053,770,00050,930,00050,406,00049,793,00047,832,00050,424,00042,440,00049,511,00042,452,00038,370,00031,121,00017,334,00037,208,00038,266,00038,396,68627,128,92023,073,71820,418,33524,097,75427,769,48435,157,30928,913,78620,694,343
   Common Stock
0
0
539,628
473,000
479,000
479,000
508,000
530,000
530,000
530,000
534,000
495,000
919,000
919,000
919,000
919,000
921,000
16,971,000
16,982,000
39,000
17,045,000
17,088,000
17,117,000
525,000
39,000
37,000
35,000
35,00037,00039,000525,00017,117,00017,088,00017,045,00039,00016,982,00016,971,000921,000919,000919,000919,000919,000495,000534,000530,000530,000530,000508,000479,000479,000473,000539,62800
   Retained Earnings Total Equity000000000000000000000000000
   Accumulated Other Comprehensive Income 
0
0
26,562,019
6,133,967
-1,007,023
822,413
-687,630
-537,769
1,391,423
29,388,000
27,935,000
7,657,000
14,168,000
21,417,000
25,499,000
32,558,000
25,481,000
9,775,000
4,044,000
5,905,000
1,851,000
656,000
811,000
2,334,000
1,070,000
-985,000
-2,763,000
-2,763,000-985,0001,070,0002,334,000811,000656,0001,851,0005,905,0004,044,0009,775,00025,481,00032,558,00025,499,00021,417,00014,168,0007,657,00027,935,00029,388,0001,391,423-537,769-687,630822,413-1,007,0236,133,96726,562,01900
   Capital Surplus 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
16,054,000
16,950,000
17,006,000
17,049,000
17,078,000
0
0
0
0
000017,078,00017,049,00017,006,00016,950,00016,054,000000000000000000000
   Treasury Stock0000-10,000-11,000-15,000-8,000-18,000-46,000-32,000-410,000-665,000-715,000-737,000-866,000-3,740,000-1,436,000-868,00000000000
   Other Stockholders Equity 
20,694,343
28,913,786
28,035,810
9,850,974
3,003,088
0
0
0
1,689
8,132,816
8,717,738
9,182,000
16,034,000
16,034,000
16,034,000
-10,426,000
16,038,000
-7,678,000
-10,770,000
16,942,000
-15,000
-11,000
-10,000
16,542,000
15,493,000
15,911,000
18,060,000
18,060,00015,911,00015,493,00016,542,000-10,000-11,000-15,00016,942,000-10,770,000-7,678,00016,038,000-10,426,00016,034,00016,034,00016,034,0009,182,0008,717,7388,132,8161,6890003,003,0889,850,97428,035,81028,913,78620,694,343



Balance Sheet

Currency in EUR. All numbers in thousands.