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Compagnie Generale des Etablissements Michelin SCA
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Let's analyse Michelin

Let's start. I'm going to help you getting a better view of Compagnie Generale des Etablissements Michelin SCA. 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.

  1. Company's Financial Health
    A deep dive into the books. How are the numbers doing? Is Compagnie Generale des Etablissements Michelin SCA even making a profit? Is the company skyrocketing? Or is it sinking like the Titanic. The trend is your friend.
  2. Market Valuation
    Finally, you now have an insight of how Compagnie Generale des Etablissements Michelin SCA is doing in the market. If the company is worth buying. The latest step is to find out how other investors value Compagnie Generale des Etablissements Michelin SCA. The closing price on 2022-10-03 was €23.32 per share. Is the company over- or underpriced?
  3. Key Performance Indicators
    A total overlook on how the company is doing. Based on the (trends in) the key performance indicators.
Compagnie Generale des Etablissements Michelin SCA Daily Candlestick Chart


Summary

Financial Health

Profitability Details
 Compared to previous yearCompared to industry
Using its assets, the company is less efficient in making profit.
Using its investors money, the company is inefficient in making profit.
Operating Efficiency Details
 Compared to previous yearCompared to industry
Liquidity Details
 Compared to previous yearCompared to industry
The company is 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 able to pay all its debts with equity.

1.1. Profitability of Compagnie Generale des Etablissements Michelin SCA.

1.1. Profitability

An important factor of a company's health is the profitability.

1.1.1. Net Profit Margin

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

  • Above 10% is considered healthy but always compare Michelin to the Auto Parts industry mean.
  • A Net Profit Margin of 0.0% means that €0.00 for each €1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Compagnie Generale des Etablissements Michelin SCA:

  • The MRQ is 0.0%. The data is not here.
Trends
Current periodCompared to+/- 
MRQ-TTM-0.0%
TTM-YOY-0.0%
TTM-5Y3.3%-3.3%
5Y3.3%10Y4.9%-1.7%
Compared to industry (Auto Parts)
PeriodCompanyIndustry (mean)+/- 
MRQ-3.6%-3.6%
TTM-3.0%-3.0%
YOY-4.3%-4.3%
5Y3.3%2.8%+0.5%
10Y4.9%3.7%+1.2%
1.1.2. Return on Assets

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

  • Above 5% is considered healthy but always compare Michelin to the Auto Parts industry mean.
  • 1.2% Return on Assets means that Michelin generated €0.01 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Compagnie Generale des Etablissements Michelin SCA:

  • The MRQ is 1.2%. Using its assets, the company is less efficient in making profit.
  • The TTM is 1.2%. Using its assets, the company is less efficient in making profit.
Trends
Current periodCompared to+/- 
MRQ1.2%TTM1.2%0.0%
TTM1.2%YOY1.4%-0.2%
TTM1.2%5Y1.3%0.0%
5Y1.3%10Y1.4%-0.1%
Compared to industry (Auto Parts)
PeriodCompanyIndustry (mean)+/- 
MRQ1.2%0.8%+0.4%
TTM1.2%0.7%+0.5%
YOY1.4%1.0%+0.4%
5Y1.3%0.8%+0.5%
10Y1.4%1.0%+0.4%
1.1.3. Return on Equity

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

  • Above 15%-20% is considered healthy but always compare Michelin to the Auto Parts industry mean.
  • 2.7% Return on Equity means the company generated €0.03 for each €1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Compagnie Generale des Etablissements Michelin SCA:

  • The MRQ is 2.7%. Using its investors money, the company is inefficient in making profit. -1
  • The TTM is 2.8%. Using its investors money, the company is inefficient in making profit. -1
Trends
Current periodCompared to+/- 
MRQ2.7%TTM2.8%-0.1%
TTM2.8%YOY3.5%-0.7%
TTM2.8%5Y3.1%-0.2%
5Y3.1%10Y1.9%+1.2%
Compared to industry (Auto Parts)
PeriodCompanyIndustry (mean)+/- 
MRQ2.7%1.7%+1.0%
TTM2.8%1.5%+1.3%
YOY3.5%2.1%+1.4%
5Y3.1%1.6%+1.5%
10Y1.9%1.9%0.0%

1.2. Operating Efficiency of Compagnie Generale des Etablissements Michelin SCA.

1.2. Operating Efficiency
1.2.1. Operating Margin

Measures how efficient Michelin is operating .

  • Measures how much profit Michelin 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 Michelin to the Auto Parts 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 Compagnie Generale des Etablissements Michelin SCA:

  • The MRQ is 0.0%. The data is not here.
Trends
Current periodCompared to+/- 
MRQ-TTM-0.0%
TTM-YOY-0.0%
TTM-5Y5.1%-5.1%
5Y5.1%10Y8.2%-3.1%
Compared to industry (Auto Parts)
PeriodCompanyIndustry (mean)+/- 
MRQ-4.6%-4.6%
TTM-3.8%-3.8%
YOY-6.0%-6.0%
5Y5.1%4.6%+0.5%
10Y8.2%4.0%+4.2%
1.2.2. Operating Ratio

Measures how efficient Michelin is keeping operating costs low.

  • Below 1 is considered healthy (always compare to Auto Parts industry mean).
  • An Operation Ratio of 0.00 means that the operating costs are €0.00 for each €1 in net sales.

Let's take a look of the Operating Ratio trends of Compagnie Generale des Etablissements Michelin SCA:

  • The MRQ is 0.000. The data is not here.
Trends
Current periodCompared to+/- 
MRQ-TTM-0.000
TTM-YOY-0.000
TTM-5Y0.404-0.404
5Y0.40410Y0.571-0.167
Compared to industry (Auto Parts)
PeriodCompanyIndustry (mean)+/- 
MRQ-1.707-1.707
TTM-1.665-1.665
YOY-1.579-1.579
5Y0.4041.497-1.093
10Y0.5711.208-0.637

1.3. Liquidity of Compagnie Generale des Etablissements Michelin SCA.

1.3. Liquidity
1.3.1. Current Ratio

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

  • Above 1.5 is considered healthy (always compare to Auto Parts industry mean).
  • A Current Ratio of 1.67 means the company has €1.67 in assets for each €1 in short-term debts.

Let's take a look of the Current Ratio trends of Compagnie Generale des Etablissements Michelin SCA:

  • The MRQ is 1.673. The company is able to pay all its short-term debts. +1
  • The TTM is 1.673. The company is able to pay all its short-term debts. +1
Trends
Current periodCompared to+/- 
MRQ1.673TTM1.6730.000
TTM1.673YOY1.795-0.122
TTM1.6735Y1.635+0.038
5Y1.63510Y1.359+0.277
Compared to industry (Auto Parts)
PeriodCompanyIndustry (mean)+/- 
MRQ1.6731.587+0.086
TTM1.6731.523+0.150
YOY1.7951.537+0.258
5Y1.6351.394+0.241
10Y1.3591.156+0.203
1.3.2. Quick Ratio

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

  • Above 1 is considered healthy (always compare to Auto Parts industry mean)
  • A Quick Ratio of 1.03 means the company can pay off €1.03 for each €1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Compagnie Generale des Etablissements Michelin SCA:

  • The MRQ is 1.034. The company is just able to pay all its short-term debts with the most liquid assets.
  • The TTM is 0.743. The company is just not able to pay all its short-term debts with the most liquid assets. -1
Trends
Current periodCompared to+/- 
MRQ1.034TTM0.743+0.291
TTM0.743YOY0.790-0.047
TTM0.7435Y0.651+0.092
5Y0.65110Y0.395+0.257
Compared to industry (Auto Parts)
PeriodCompanyIndustry (mean)+/- 
MRQ1.0340.673+0.361
TTM0.7430.658+0.085
YOY0.7900.712+0.078
5Y0.6510.684-0.033
10Y0.3950.689-0.294

1.4. Solvency of Compagnie Generale des Etablissements Michelin SCA.

1.3. Liquidity
1.4.1. Debt to Asset Ratio

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

  • Below 1 (100%) is considered healthy (always compare to Auto Parts industry mean).
  • A Debt to Asset Ratio of 0.57 means that Michelin assets are financed with 56.9% credit (debt) and the remaining percentage (100% - 56.9%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Compagnie Generale des Etablissements Michelin SCA:

  • The MRQ is 0.569. The company is able to pay all its debts by selling its assets. +1
  • The TTM is 0.570. The company is able to pay all its debts by selling its assets. +1
Trends
Current periodCompared to+/- 
MRQ0.569TTM0.570-0.002
TTM0.570YOY0.595-0.025
TTM0.5705Y0.588-0.018
5Y0.58810Y0.584+0.005
Compared to industry (Auto Parts)
PeriodCompanyIndustry (mean)+/- 
MRQ0.5690.513+0.056
TTM0.5700.499+0.071
YOY0.5950.498+0.097
5Y0.5880.492+0.096
10Y0.5840.488+0.096
1.4.2. Debt to Equity Ratio

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

  • Below 2 is considered healthy (always compare to Auto Parts industry mean).
  • A Debt to Equity ratio of 131.8% means that company has €1.32 debt for each €1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Compagnie Generale des Etablissements Michelin SCA:

  • The MRQ is 1.318. The company is able to pay all its debts with equity. +1
  • The TTM is 1.326. The company is able to pay all its debts with equity. +1
Trends
Current periodCompared to+/- 
MRQ1.318TTM1.326-0.008
TTM1.326YOY1.472-0.146
TTM1.3265Y1.436-0.110
5Y1.43610Y0.825+0.611
Compared to industry (Auto Parts)
PeriodCompanyIndustry (mean)+/- 
MRQ1.3181.058+0.260
TTM1.3261.034+0.292
YOY1.4720.991+0.481
5Y1.4361.019+0.417
10Y0.8251.031-0.206

2. Market Valuation of Compagnie Generale des Etablissements Michelin SCA

2. Earnings
2.1. Price to Earnings Ratio

Measures how many years it takes to double your invested money in Michelin.

  • Above 15 is considered overpriced but is hard to determine (always use industry average).
  • A PE ratio of 13.98 means the investor is paying €13.98 for every €1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Compagnie Generale des Etablissements Michelin SCA:

  • The EOD is 2.262. Very good. +2
  • The MRQ is 13.983. Good. +1
  • The TTM is 13.525. Good. +1
Trends
Current periodCompared to+/- 
EOD2.262MRQ13.983-11.721
MRQ13.983TTM13.525+0.458
TTM13.525YOY21.450-7.925
TTM13.5255Y14.575-1.050
5Y14.57510Y9.294+5.280
Compared to industry (Auto Parts)
PeriodCompanyIndustry (mean)+/- 
EOD2.26214.262-12.000
MRQ13.98314.006-0.023
TTM13.52515.617-2.092
YOY21.45014.535+6.915
5Y14.57516.583-2.008
10Y9.29416.725-7.431
2.2. Price Earnings to Growth Ratio

Measures the predicted future growth of Michelin.

  • Lower is better
  • A PEG ratio of 1 means the investor is paying a fair price for the stock

Let's take a look of the Price Earnings to Growth Ratio trends of Compagnie Generale des Etablissements Michelin SCA:

  • The MRQ is 0.073. Very good. +2
  • The TTM is 0.076. Very good. +2
Trends
Current periodCompared to+/- 
MRQ0.073TTM0.076-0.004
TTM0.076YOY-2.090+2.167
TTM0.0765Y-3.182+3.258
5Y-3.18210Y-3.1820.000
Compared to industry (Auto Parts)
PeriodCompanyIndustry (mean)+/- 
MRQ0.073-0.016+0.089
TTM0.076-0.002+0.078
YOY-2.090-0.022-2.068
5Y-3.182-0.045-3.137
10Y-3.182-0.038-3.144

2. Books
2.3. Price to Book Ratio

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

  • At or below 1 is considered healthy (always compare to Auto Parts industry mean).
  • A PB ratio of 1.72 means the investor is paying €1.72 for each €1 in book value.

Let's take a look of the Price to Book Ratio trends of Compagnie Generale des Etablissements Michelin SCA:

  • The EOD is 0.278. Very good. +2
  • The MRQ is 1.719. Good. +1
  • The TTM is 1.719. Good. +1
Trends
Current periodCompared to+/- 
EOD0.278MRQ1.719-1.441
MRQ1.719TTM1.719+0.000
TTM1.719YOY1.590+0.128
TTM1.7195Y1.590+0.129
5Y1.59010Y1.646-0.057
Compared to industry (Auto Parts)
PeriodCompanyIndustry (mean)+/- 
EOD0.2781.448-1.170
MRQ1.7191.528+0.191
TTM1.7191.659+0.060
YOY1.5901.651-0.061
5Y1.5901.423+0.167
10Y1.6461.127+0.519

2.4. Latest News of Compagnie Generale des Etablissements Michelin SCA

Does Compagnie Generale des Etablissements Michelin SCA still have the same value as the quarterly reports suggest? Recent changes may be an indication that the value of the company is changing. Read the news from Compagnie Generale des Etablissements Michelin SCA to keep up to date. Note: the news is often already included in the price.

DateTitleRead
2022-09-12
16:02
Michelin: Launch of a new global employee share ownership plan: BIB'Action 2022Read
2022-09-12
14:00
Michelin: Disclosure of the total number of voting rights and of the number of shares making up the Company’s capitalRead
2022-09-12
14:00
Michelin: Capital reduction: cancellation of 4,326,536 treasury sharesRead

3. Summary

3.1. Key Performance Indicators

The key performance indicators of Compagnie Generale des Etablissements Michelin SCA compared to the Most Recent Quarter (MRQ).

 End of day+/-Most Recent QuarterTrailing 12 Months+/-Year-Over-Year+/-5 Year+/-10 Year+/-
Book Value Per Share--83.85780.572+4%71.883+17%69.857+20%59.598+41%
Book Value Per Share Growth--6.5713.285+100%2.173+202%1.445+355%1.022+543%
Current Ratio--1.6731.6730%1.795-7%1.635+2%1.359+23%
Debt To Asset Ratio--0.5690.5700%0.595-4%0.588-3%0.584-3%
Debt To Equity Ratio--1.3181.326-1%1.472-10%1.436-8%0.825+60%
Dividend Per Share----0%1.075-100%0.852-100%0.725-100%
Eps--2.2832.2840%2.503-9%2.076+10%1.236+85%
Eps Growth--192.776177.678+8%3.526+5367%39.140+393%39.140+393%
Gains Per Share--6.5713.285+100%3.248+102%2.297+186%1.747+276%
Gross Profit Margin--1.0001.0000%1.0000%0.572+75%0.041+2348%
Net Profit Margin----0%-0%0.033-100%0.049-100%
Operating Margin----0%-0%0.051-100%0.082-100%
Operating Ratio----0%-0%0.404-100%0.571-100%
Pb Ratio0.278-518%1.7191.719+0%1.590+8%1.590+8%1.646+4%
Pe Ratio2.262-518%13.98313.525+3%21.450-35%14.575-4%9.294+50%
Peg Ratio--0.0730.076-5%-2.090+2982%-3.182+4487%-3.182+4487%
Price Per Share23.315-518%144.150138.475+4%114.705+26%110.807+30%97.729+47%
Quick Ratio--1.0340.743+39%0.790+31%0.651+59%0.395+162%
Return On Assets--0.0120.012-4%0.014-17%0.013-7%0.014-14%
Return On Equity--0.0270.028-4%0.035-22%0.031-11%0.019+44%
 EOD+3 -0MRQTTM+8 -6YOY+8 -85Y+12 -810Y+11 -9

3.2. Fundamental Score

Let's check the fundamental score of Compagnie Generale des Etablissements Michelin SCA based on Penke's default stock scanner.

Penke's Stock Scanner

  
  
IndicatorConditionValue
Price to Earnings Ratio (EOD)Between0-152.262
Price to Book Ratio (EOD)Between0-10.278
Net Profit Margin (MRQ)Greater than00.000
Operating Margin (MRQ)Greater than00.000
Quick Ratio (MRQ)Greater than11.034
Current Ratio (MRQ)Greater than11.673
Debt to Asset Ratio (MRQ)Less than10.569
Debt to Equity Ratio (MRQ)Less than11.318
Return on Equity (MRQ)Greater than0.150.027
Return on Assets (MRQ)Greater than0.050.012
Total5/10 (50.0%)

3.3. Technical Score

Let's check the technical score of Compagnie Generale des Etablissements Michelin SCA based on Penke's default Symbol scanner.

Penke's Symbol Scanner

  
  
IndicatorConditionValue
RsiGreater than5039.990
Ma 20Greater thanMa 5023.851
Ma 50Greater thanMa 10025.143
Ma 100Greater thanMa 20046.100
OpenGreater thanClose22.795
Total0/5 (0.0%)



Latest Balance Sheet

Balance Sheet of 2022-06-30. Currency in EUR. All numbers in thousands.

Summary
Total Assets34,944,000
Total Liabilities18,724,000
Total Stockholder Equity16,222,000
 As reported
Total Liabilities 18,724,000
Total Stockholder Equity+ 16,222,000
Total Assets = 34,944,000

Assets

Total Assets34,944,000
Total Current Assets14,933,000
Long-term Assets14,933,000
Total Current Assets
Cash And Cash Equivalents 1,763,000
Short-term Investments 889,000
Net Receivables 4,052,000
Inventory 6,759,000
Total Current Assets  (as reported)14,933,000
Total Current Assets  (calculated)13,463,000
+/- 1,470,000
Long-term Assets
Property Plant Equipment 12,535,000
Goodwill 2,407,000
Intangible Assets 1,824,000
Long-term Assets Other 889,000
Long-term Assets  (as reported)20,011,000
Long-term Assets  (calculated)17,655,000
+/- 2,356,000

Liabilities & Shareholders' Equity

Total Current Liabilities8,647,000
Long-term Liabilities10,077,000
Total Stockholder Equity16,222,000
Total Current Liabilities
Short-term Debt 1,363,000
Short Long Term Debt 1,127,000
Accounts payable 4,001,000
Other Current Liabilities 3,283,000
Total Current Liabilities  (as reported)8,647,000
Total Current Liabilities  (calculated)9,774,000
+/- 1,127,000
Long-term Liabilities
Long term Debt 5,249,000
Capital Lease Obligations 958,000
Long-term Liabilities  (as reported)10,077,000
Long-term Liabilities  (calculated)6,207,000
+/- 3,870,000
Total Stockholder Equity
Common Stock357,000
Retained Earnings 13,129,000
Other Stockholders Equity 2,736,000
Total Stockholder Equity (as reported)16,222,000
Total Stockholder Equity (calculated)16,222,000
+/-0
Other
Capital Stock357,000
Cash and Short Term Investments 2,652,000
Common Stock Shares Outstanding 712,638
Liabilities and Stockholders Equity 34,946,000
Net Debt 5,571,000
Net Invested Capital 22,598,000
Net Working Capital 6,286,000
Short Long Term Debt Total 7,334,000



Balance Sheet

Currency in EUR. All numbers in thousands.

 Trend2022-06-302021-12-312021-09-302021-06-302021-03-312020-12-312020-09-302020-06-302020-03-312019-12-312019-09-302019-06-302019-03-312018-12-312018-09-302018-06-302018-03-312017-12-312017-09-302017-06-302017-03-312016-12-312016-09-302016-06-302016-03-312015-12-312015-09-302015-06-302015-03-312014-12-312014-09-302014-06-302014-03-312013-12-312013-09-302013-06-302013-03-312012-12-312012-09-302012-06-302012-03-312011-12-312011-09-302011-06-302011-03-312010-12-312010-09-302010-06-302010-03-312009-12-312009-09-302009-06-302009-03-312008-12-312008-09-302008-06-302008-03-312007-12-312007-09-302007-06-302007-03-312006-12-312006-09-302006-06-302006-03-312005-12-312005-09-302005-06-302005-03-312004-12-312004-09-302004-06-302004-03-312003-12-312003-09-302003-06-302003-03-312002-12-312002-09-302002-06-302002-03-312001-12-31
> Total Assets 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
16,518,000
0
17,801,000
0
19,663,000
0
19,457,000
0
20,888,000
0
21,066,000
0
21,582,000
0
21,066,000
0
20,682,000
0
20,777,000
0
22,423,000
0
23,903,000
0
23,893,000
0
23,975,000
25,322,000
25,322,000
24,638,000
24,638,000
25,267,000
25,267,000
27,351,000
27,351,000
29,448,000
29,448,000
32,157,000
32,157,000
0
31,677,000
0
31,151,000
0
31,637,000
0
32,180,000
0
34,701,000
34,944,000
34,944,00034,701,000032,180,000031,637,000031,151,000031,677,000032,157,00032,157,00029,448,00029,448,00027,351,00027,351,00025,267,00025,267,00024,638,00024,638,00025,322,00025,322,00023,975,000023,893,000023,903,000022,423,000020,777,000020,682,000021,066,000021,582,000021,066,000020,888,000019,457,000019,663,000017,801,000016,518,00000000000000000000000000000000000
   > Total Current Assets 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
7,287,000
0
8,092,000
0
9,665,000
0
9,550,000
0
10,318,000
0
10,287,000
0
10,154,000
0
9,759,000
0
9,330,000
0
9,151,000
0
9,284,000
0
10,112,000
0
9,959,000
0
10,009,000
10,853,000
10,853,000
10,534,000
10,534,000
10,782,000
10,782,000
10,694,000
10,694,000
11,205,000
11,205,000
12,065,000
12,065,000
11,143,000
11,143,000
11,460,000
11,460,000
13,082,000
13,082,000
13,504,000
13,504,000
15,081,000
15,081,000
14,933,000
14,933,00015,081,00015,081,00013,504,00013,504,00013,082,00013,082,00011,460,00011,460,00011,143,00011,143,00012,065,00012,065,00011,205,00011,205,00010,694,00010,694,00010,782,00010,782,00010,534,00010,534,00010,853,00010,853,00010,009,00009,959,000010,112,00009,284,00009,151,00009,330,00009,759,000010,154,000010,287,000010,318,00009,550,00009,665,00008,092,00007,287,00000000000000000000000000000000000
       Cash And Cash Equivalents 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,231,000
0
767,000
0
1,590,000
0
728,000
0
1,593,000
0
1,250,000
0
1,858,000
0
1,166,000
0
1,563,000
0
807,000
0
1,167,000
0
1,153,000
0
1,552,000
0
994,000
1,496,000
1,496,000
827,000
827,000
1,773,000
1,773,000
1,021,000
1,021,000
2,100,000
2,100,000
1,361,000
1,361,000
0
1,466,000
0
2,809,000
0
4,697,000
0
3,761,000
0
4,379,000
1,763,000
1,763,0004,379,00003,761,00004,697,00002,809,00001,466,00001,361,0001,361,0002,100,0002,100,0001,021,0001,021,0001,773,0001,773,000827,000827,0001,496,0001,496,000994,00001,552,00001,153,00001,167,0000807,00001,563,00001,166,00001,858,00001,250,00001,593,0000728,00001,590,0000767,00001,231,00000000000000000000000000000000000
       Short-term Investments 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
165,000
0
173,000
0
882,000
0
763,000
0
366,000
0
276,000
0
292,000
0
468,000
0
486,000
0
478,000
0
313,000
0
377,000
0
205,000
0
279,000
0
492,000
667,000
667,000
180,000
180,000
326,000
326,000
180,000
180,000
360,000
360,000
0
180,000
0
476,000
0
285,000
0
451,000
0
435,000
889,000
889,000435,0000451,0000285,0000476,0000180,0000360,000360,000180,000180,000326,000326,000180,000180,000667,000667,000492,0000279,0000205,0000377,0000313,0000478,0000486,0000468,0000292,0000276,0000366,0000763,0000882,0000173,0000165,00000000000000000000000000000000000
       Net Receivables 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3,982,000
3,982,000
3,214,000
3,214,000
3,414,000
3,414,000
3,658,000
3,658,000
3,703,000
3,703,000
3,847,000
3,847,000
3,992,000
3,992,000
2,844,000
2,844,000
3,350,000
3,018,000
3,543,000
3,543,000
4,074,000
4,074,000
4,052,000
4,052,0004,074,0004,074,0003,543,0003,543,0003,018,0003,350,0002,844,0002,844,0003,992,0003,992,0003,847,0003,847,0003,703,0003,703,0003,658,0003,658,0003,414,0003,414,0003,214,0003,214,0003,982,0003,982,00000000000000000000000000000000000000000000000000000000000000
       Other Current Assets 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
403,000
403,000
1,060,000
1,060,000
907,000
907,000
1,056,000
1,056,000
775,000
775,000
1,382,000
1,293,000
811,000
4,803,000
0
3,857,000
741,000
4,141,000
1,039,000
4,633,000
818,000
4,995,000
5,522,000
5,522,0004,995,000818,0004,633,0001,039,0004,141,000741,0003,857,00004,803,000811,0001,293,0001,382,000775,000775,0001,056,0001,056,000907,000907,0001,060,0001,060,000403,000403,00000000000000000000000000000000000000000000000000000000000000
   > Long-term Assets 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
9,231,000
0
9,709,000
0
9,998,000
0
9,907,000
0
10,570,000
0
10,779,000
0
11,428,000
0
11,307,000
0
11,352,000
0
11,626,000
0
13,139,000
0
13,791,000
0
13,934,000
0
13,966,000
0
14,469,000
0
14,104,000
0
14,485,000
0
16,657,000
0
18,243,000
0
20,092,000
0
20,534,000
0
19,691,000
0
18,555,000
0
18,676,000
0
19,620,000
20,011,000
20,011,00019,620,000018,676,000018,555,000019,691,000020,534,000020,092,000018,243,000016,657,000014,485,000014,104,000014,469,000013,966,000013,934,000013,791,000013,139,000011,626,000011,352,000011,307,000011,428,000010,779,000010,570,00009,907,00009,998,00009,709,00009,231,00000000000000000000000000000000000
       Property Plant Equipment 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
6,782,000
0
7,022,000
0
7,193,000
0
7,048,000
0
7,889,000
0
8,033,000
0
8,579,000
0
8,662,000
0
8,955,000
0
9,173,000
0
10,081,000
0
10,469,000
0
10,532,000
0
10,456,000
11,053,000
11,053,000
10,612,000
10,612,000
10,883,000
10,883,000
11,064,000
11,064,000
11,379,000
11,379,000
12,777,000
12,777,000
13,169,000
13,169,000
12,504,000
12,504,000
11,904,000
11,904,000
11,765,000
11,765,000
12,265,000
12,265,000
12,535,000
12,535,00012,265,00012,265,00011,765,00011,765,00011,904,00011,904,00012,504,00012,504,00013,169,00013,169,00012,777,00012,777,00011,379,00011,379,00011,064,00011,064,00010,883,00010,883,00010,612,00010,612,00011,053,00011,053,00010,456,000010,532,000010,469,000010,081,00009,173,00008,955,00008,662,00008,579,00008,033,00007,889,00007,048,00007,193,00007,022,00006,782,00000000000000000000000000000000000
       Goodwill 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
403,000
0
447,000
0
416,000
0
394,000
0
415,000
0
421,000
0
414,000
0
408,000
0
388,000
0
404,000
0
835,000
0
837,000
0
803,000
0
947,000
963,000
963,000
985,000
985,000
1,092,000
1,092,000
2,216,000
2,216,000
2,667,000
2,667,000
2,450,000
2,450,000
0
2,388,000
0
2,250,000
0
2,136,000
0
2,154,000
0
2,286,000
2,407,000
2,407,0002,286,00002,154,00002,136,00002,250,00002,388,00002,450,0002,450,0002,667,0002,667,0002,216,0002,216,0001,092,0001,092,000985,000985,000963,000963,000947,0000803,0000837,0000835,0000404,0000388,0000408,0000414,0000421,0000415,0000394,0000416,0000447,0000403,00000000000000000000000000000000000
       Long Term Investments 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
535,000
535,000
756,000
756,000
655,000
655,000
1,621,000
1,621,000
1,172,000
1,172,000
1,748,000
1,748,000
0
0
0
0
0
0
0
0
0
0
0
000000000001,748,0001,748,0001,172,0001,172,0001,621,0001,621,000655,000655,000756,000756,000535,000535,00000000000000000000000000000000000000000000000000000000000000
       Intangible Assets 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
321,000
0
346,000
0
360,000
0
380,000
0
390,000
0
402,000
0
403,000
0
407,000
0
451,000
0
473,000
0
602,000
0
665,000
0
621,000
0
621,000
630,000
630,000
631,000
631,000
785,000
785,000
866,000
866,000
1,828,000
1,828,000
2,262,000
2,262,000
0
2,280,000
0
2,113,000
0
1,980,000
0
1,818,000
0
1,811,000
1,824,000
1,824,0001,811,00001,818,00001,980,00002,113,00002,280,00002,262,0002,262,0001,828,0001,828,000866,000866,000785,000785,000631,000631,000630,000630,000621,0000621,0000665,0000602,0000473,0000451,0000407,0000403,0000402,0000390,0000380,0000360,0000346,0000321,00000000000000000000000000000000000
       Other Assets 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,288,000
1,288,000
1,120,000
1,120,000
1,070,000
1,070,000
890,000
890,000
1,197,000
1,197,000
855,000
855,000
1,373,000
1,373,000
794,000
794,000
1,365,000
1,365,000
1,858,000
693,000
1,627,000
1,627,000
0
01,627,0001,627,000693,0001,858,0001,365,0001,365,000794,000794,0001,373,0001,373,000855,000855,0001,197,0001,197,000890,000890,0001,070,0001,070,0001,120,0001,120,0001,288,0001,288,00000000000000000000000000000000000000000000000000000000000000
> Total Liabilities 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
11,023,000
0
11,362,000
0
11,536,000
0
10,829,000
0
12,787,000
0
12,564,000
0
13,081,000
0
11,932,000
0
11,426,000
0
11,341,000
0
12,900,000
0
14,100,000
0
14,351,000
0
14,592,000
14,676,000
14,676,000
14,177,000
14,177,000
14,006,000
14,006,000
15,872,000
15,872,000
17,281,000
17,281,000
19,877,000
19,877,000
0
18,448,000
0
18,912,000
0
19,006,000
0
18,396,000
0
19,730,000
18,724,000
18,724,00019,730,000018,396,000019,006,000018,912,000018,448,000019,877,00019,877,00017,281,00017,281,00015,872,00015,872,00014,006,00014,006,00014,177,00014,177,00014,676,00014,676,00014,592,000014,351,000014,100,000012,900,000011,341,000011,426,000011,932,000013,081,000012,564,000012,787,000010,829,000011,536,000011,362,000011,023,00000000000000000000000000000000000
   > Total Current Liabilities 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3,936,000
0
4,322,000
0
4,845,000
0
4,980,000
0
5,601,000
0
4,966,000
0
5,437,000
0
5,083,000
0
4,857,000
0
4,525,000
0
5,096,000
0
5,370,000
0
5,220,000
0
5,842,000
6,419,000
6,419,000
5,611,000
5,611,000
5,882,000
5,882,000
7,649,000
7,649,000
6,770,000
6,770,000
8,308,000
8,308,000
7,093,000
7,093,000
7,416,000
7,416,000
7,136,000
7,136,000
7,690,000
7,690,000
9,015,000
9,015,000
8,647,000
8,647,0009,015,0009,015,0007,690,0007,690,0007,136,0007,136,0007,416,0007,416,0007,093,0007,093,0008,308,0008,308,0006,770,0006,770,0007,649,0007,649,0005,882,0005,882,0005,611,0005,611,0006,419,0006,419,0005,842,00005,220,00005,370,00005,096,00004,525,00004,857,00005,083,00005,437,00004,966,00005,601,00004,980,00004,845,00004,322,00003,936,00000000000000000000000000000000000
       Short-term Debt 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
165,000
0
173,000
0
882,000
0
763,000
0
366,000
0
276,000
0
292,000
0
468,000
0
486,000
0
478,000
0
313,000
0
377,000
0
205,000
0
279,000
3,093,000
492,000
3,257,000
667,000
301,000
180,000
2,543,000
326,000
909,000
180,000
2,227,000
360,000
0
1,137,000
0
2,574,000
0
1,718,000
0
1,792,000
0
1,809,000
1,363,000
1,363,0001,809,00001,792,00001,718,00002,574,00001,137,0000360,0002,227,000180,000909,000326,0002,543,000180,000301,000667,0003,257,000492,0003,093,000279,0000205,0000377,0000313,0000478,0000486,0000468,0000292,0000276,0000366,0000763,0000882,0000173,0000165,00000000000000000000000000000000000
       Short Long Term Debt 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3,093,000
3,093,000
3,257,000
3,257,000
301,000
301,000
2,543,000
2,543,000
909,000
909,000
2,227,000
2,200,000
0
911,000
0
2,349,000
0
1,496,000
0
1,563,000
0
1,580,000
1,127,000
1,127,0001,580,00001,563,00001,496,00002,349,0000911,00002,200,0002,227,000909,000909,0002,543,0002,543,000301,000301,0003,257,0003,257,0003,093,0003,093,00000000000000000000000000000000000000000000000000000000000000
       Accounts payable 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2,703,000
2,703,000
2,474,000
2,474,000
3,004,000
3,004,000
2,735,000
2,735,000
2,946,000
2,946,000
3,132,000
3,132,000
3,097,000
3,097,000
1,879,000
1,879,000
2,728,000
2,728,000
2,857,000
2,857,000
3,787,000
3,787,000
4,001,000
4,001,0003,787,0003,787,0002,857,0002,857,0002,728,0002,728,0001,879,0001,879,0003,097,0003,097,0003,132,0003,132,0002,946,0002,946,0002,735,0002,735,0003,004,0003,004,0002,474,0002,474,0002,703,0002,703,00000000000000000000000000000000000000000000000000000000000000
       Other Current Liabilities 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,470,000
1,470,000
2,222,000
2,222,000
1,312,000
1,312,000
2,350,000
2,350,000
1,560,000
1,560,000
2,742,000
2,742,000
1,686,000
2,859,000
2,940,000
2,963,000
1,557,000
2,690,000
2,951,000
3,041,000
1,852,000
3,419,000
3,283,000
3,283,0003,419,0001,852,0003,041,0002,951,0002,690,0001,557,0002,963,0002,940,0002,859,0001,686,0002,742,0002,742,0001,560,0001,560,0002,350,0002,350,0001,312,0001,312,0002,222,0002,222,0001,470,0001,470,00000000000000000000000000000000000000000000000000000000000000
   > Long-term Liabilities 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
7,087,000
0
7,040,000
0
6,691,000
0
5,849,000
0
7,186,000
0
7,598,000
0
7,644,000
0
6,849,000
0
6,569,000
0
6,816,000
0
7,804,000
0
8,730,000
0
9,131,000
0
8,750,000
0
8,257,000
0
8,566,000
0
8,124,000
0
8,223,000
0
10,511,000
0
11,569,000
0
11,355,000
0
11,496,000
0
11,870,000
0
10,706,000
0
10,715,000
10,077,000
10,077,00010,715,000010,706,000011,870,000011,496,000011,355,000011,569,000010,511,00008,223,00008,124,00008,566,00008,257,00008,750,00009,131,00008,730,00007,804,00006,816,00006,569,00006,849,00007,644,00007,598,00007,186,00005,849,00006,691,00007,040,00007,087,00000000000000000000000000000000000
       Other Liabilities 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
6,484,000
6,484,000
6,224,000
6,224,000
5,758,000
5,758,000
5,612,000
5,612,000
5,491,000
5,491,000
5,583,000
5,583,000
5,432,000
5,432,000
5,279,000
5,279,000
4,900,000
4,900,000
4,597,000
4,597,000
4,624,000
4,624,000
0
04,624,0004,624,0004,597,0004,597,0004,900,0004,900,0005,279,0005,279,0005,432,0005,432,0005,583,0005,583,0005,491,0005,491,0005,612,0005,612,0005,758,0005,758,0006,224,0006,224,0006,484,0006,484,00000000000000000000000000000000000000000000000000000000000000
> Total Stockholder Equity
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
10,599,000
10,599,000
10,418,000
10,418,000
11,226,000
11,226,000
11,448,000
11,448,000
12,145,000
12,145,000
12,271,000
12,271,000
0
13,226,000
0
12,239,000
0
12,633,000
0
13,785,000
0
14,974,000
16,222,000
16,222,00014,974,000013,785,000012,633,000012,239,000013,226,000012,271,00012,271,00012,145,00012,145,00011,448,00011,448,00011,226,00011,226,00010,418,00010,418,00010,599,00010,599,00000000000000000000000000000000000000000000000000000000000000
   Common Stock
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
360,000
360,000
361,000
361,000
359,000
359,000
358,000
358,000
360,000
360,000
360,000
360,000
357,000
357,000
357,000
357,000
357,000
357,000
357,000
357,000
357,000
357,000
357,000
357,000357,000357,000357,000357,000357,000357,000357,000357,000357,000357,000360,000360,000360,000360,000358,000358,000359,000359,000361,000361,000360,000360,00000000000000000000000000000000000000000000000000000000000000
   Retained Earnings Total Equity0000000000000000000000000000000000000000000000000000000000000000000000000000000000
   Accumulated Other Comprehensive Income 00000-18,075,000000-17,910,000000-16,609,000000-15,953,000000-16,024,000000-14,962,000000-13,889,000000-12,678,000000-12,385,000000-11,888,000000-11,299,000000-10,586,00000000000000000000000000000000000
   Capital Surplus 0000000000000000000000000000000000000000000000000000000000000000000000000000000000
   Treasury Stock0000000000000000000000000000000000000000000000000000000000000000000000000000000000
   Other Stockholders Equity 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
181,000
181,000
-133,000
-133,000
-397,000
-397,000
-438,000
-438,000
-472,000
-472,000
-350,000
-350,000
-209,000
12,869,000
-674,000
11,882,000
-1,151,000
12,276,000
-814,000
1,932,000
-526,000
14,617,000
2,736,000
2,736,00014,617,000-526,0001,932,000-814,00012,276,000-1,151,00011,882,000-674,00012,869,000-209,000-350,000-350,000-472,000-472,000-438,000-438,000-397,000-397,000-133,000-133,000181,000181,00000000000000000000000000000000000000000000000000000000000000



Balance Sheet

Currency in EUR. All numbers in thousands.




Cash Flow

Currency in EUR. All numbers in thousands.