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Vastned Retail Belgium
Buy, Hold or Sell?

Let's analyze Vastned together

I guess you are interested in Vastned Retail Belgium. 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 Vastned Retail Belgium. 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.

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Quick analysis of Vastned (30 sec.)










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

How much money do you get?

How much money do you get?
‚ā¨9.76
When do you have the money?
1 year
How often do you get paid?
100.0%

What is your share worth?

Current worth
‚ā¨45.66
Expected worth in 1 year
‚ā¨45.55
How sure are you?
90.0%

+ What do you gain per year?

Total Gains per Share
‚ā¨8.89
Return On Investment
29.7%

For what price can you sell your share?

Current Price per Share
‚ā¨29.90
Expected price per share
‚ā¨28.70 - ‚ā¨30.80
How sure are you?
50%
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1. Valuation of Vastned (5 min.)




Live pricePrice per Share (EOD)

‚ā¨29.90

Intrinsic Value Per Share

‚ā¨18.16 - ‚ā¨36.84

Total Value Per Share

‚ā¨63.82 - ‚ā¨82.51

2. Growth of Vastned (5 min.)




Is Vastned growing?

Current yearPrevious yearGrowGrow %
How rich?$251.4m$251.6m-$149.6k-0.1%

How much money is Vastned making?

Current yearPrevious yearGrowGrow %
Making money$12.2m$15.7m-$3.4m-28.4%
Net Profit Margin55.6%77.7%--

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

3. Financial Health of Vastned (5 min.)




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

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

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

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

Speculation

The Price per Share of Vastned is ‚ā¨29.90. 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 Vastned.
  • 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 Vastned, you will have to let go of the thought of selling in the future. If you have to sell the share for less than you bought it, it can still be a good investment. Focus on what it means to hold the stock forever:

  • You own a part of the company. The equity of this part can grow or shrink. The current Book Value per Share is ‚ā¨45.66. Based on the TTM, the Book Value Change Per Share is ‚ā¨-0.03 per quarter. Based on the YOY, the Book Value Change Per Share is ‚ā¨0.65 per quarter.
  • You may receive quarterly/yearly dividend in the form of additional shares.
  • You may receive quarterly/yearly dividend in the form of cash. Based on the TTM the Dividend per Share is ‚ā¨2.25 per quarter.
Based on historical numbers we can estimate the returns while holding a share of Vastned.

How much money are you going to get?

 MRQTTMYOY5Y10Y
 ‚ā¨% of Price per Share‚ā¨% of Price per Share‚ā¨% of Price per Share‚ā¨% of Price per Share‚ā¨% of Price per Share
Usd Eps2.418.1%2.418.1%3.0910.3%1.103.7%2.658.8%
Usd Book Value Change Per Share-0.03-0.1%-0.03-0.1%0.712.4%-1.56-5.2%-0.08-0.3%
Usd Dividend Per Share2.448.2%2.448.2%2.398.0%2.668.9%2.739.1%
Usd Total Gains Per Share2.418.1%2.418.1%3.0910.3%1.103.7%2.668.9%
Usd Price Per Share33.40-33.40-32.21-34.27-44.64-
Price to Earnings Ratio13.86-13.86-10.41-19.66-17.98-
Price-to-Total Gains Ratio13.86-13.86-10.41-19.66-17.95-
Price to Book Ratio0.67-0.67-0.65-0.67-0.84-
Price-to-Total Gains Ratio13.86-13.86-10.41-19.66-17.95-

When do you get the money?

Usd Investment
$.00
Usd Price Per Share32.42356
Number of shares30
Gains per QuarterTrailing 12 Months5 Year
Usd Dividend Per Share2.442.66
Usd Book Value Change Per Share-0.03-1.56
Usd Total Gains Per Share2.411.10
Gains per Quarter (30 shares)72.3232.88
Gains per Year (30 shares)289.26131.52
YearsReturn on Investment (TTM)Return on Investment (5Y)
 DividendBook Value gainTotal gainsDividendBook Value gainTotal gains
Broker costs---10---10
1293-4279319-187122
2586-7568638-375254
3878-11857956-562386
41171-1411461275-749518
51464-1814351594-936650
61757-2117241913-1124782
72050-2520132232-1311914
82342-2823022551-14981046
92635-3225912869-16861178
102928-3528803188-18731310

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%18.01.00.094.7%
Book Value Change Per Share0.01.00.00.0%1.02.00.033.3%1.04.00.020.0%5.05.00.050.0%14.05.00.073.7%
Dividend per Share1.00.00.0100.0%3.00.00.0100.0%5.00.00.0100.0%10.00.00.0100.0%19.00.00.0100.0%
Total Gains per Share1.00.00.0100.0%3.00.00.0100.0%4.01.00.080.0%9.01.00.090.0%18.01.00.094.7%
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Fundamentals of Vastned

About Vastned Retail Belgium

Vastned Belgium is a public regulated real estate company (RREC), the shares of which are listed on Euronext Brussels (VASTB). Vastned Belgium invests exclusively in Belgian commercial real estate, more specifically in multi-functional retail properties located in the popular shopping cities of Antwerp, Brussels, Ghent and Bruges. The real estate portfolio also comprises high-end retail parks and retail warehouses. A smaller part of the portfolio is invested in hospitality and residential units.

Fundamental data was last updated by Penke on 2024-07-08 00:33:03.

Financial Health

Profitability Details
 Compared to previous yearCompared to industry
The company is making a huge profit.
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
The company is operating very efficient.
The company is very efficient in keeping operating costs low.
Liquidity Details
 Compared to previous yearCompared to industry
The company is just 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 very able to pay all its debts by selling its assets.
The company is very able 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 underpriced.
Based on how much money comes from the company's main activities, the company is cheap.
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1.1. Profitability of Vastned Retail Belgium.

1.1. Profitability
1.1.1. Net Profit Margin

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

  • Above 10% is considered healthy but always compare¬†Vastned to the¬†REIT - Retail industry mean.
  • A Net Profit Margin of 55.6%¬†means that¬†€0.56 for each €1¬†in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Vastned Retail Belgium:

  • The MRQ is 55.6%. The company is making a huge profit. +2
  • The TTM is 55.6%. The company is making a huge profit. +2
Trends
Current periodCompared to+/- 
MRQ55.6%TTM55.6%0.0%
TTM55.6%YOY77.7%-22.1%
TTM55.6%5Y26.0%+29.5%
5Y26.0%10Y60.2%-34.2%
1.1.2. Return on Assets

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

  • Above 5% is considered healthy¬†but always compare¬†Vastned to the¬†REIT - Retail industry mean.
  • 3.6% Return on Assets means that¬†Vastned generated¬†€0.04 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Vastned Retail Belgium:

  • The MRQ is 3.6%. Using its assets, the company is less efficient in making profit.
  • The TTM is 3.6%. Using its assets, the company is less efficient in making profit.
Trends
Current periodCompared to+/- 
MRQ3.6%TTM3.6%0.0%
TTM3.6%YOY4.6%-1.0%
TTM3.6%5Y1.6%+2.0%
5Y1.6%10Y3.5%-1.9%
1.1.3. Return on Equity

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

  • Above 15%-20% is considered healthy but always compare¬†Vastned to the¬†REIT - Retail industry mean.
  • 4.9% Return on Equity means Vastned generated €0.05¬†for each¬†€1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Vastned Retail Belgium:

  • The MRQ is 4.9%. Using its investors money, the company is inefficient in making profit. -1
  • The TTM is 4.9%. Using its investors money, the company is inefficient in making profit. -1
Trends
Current periodCompared to+/- 
MRQ4.9%TTM4.9%0.0%
TTM4.9%YOY6.2%-1.4%
TTM4.9%5Y2.2%+2.7%
5Y2.2%10Y4.9%-2.7%
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1.2. Operating Efficiency of Vastned Retail Belgium.

1.2. Operating Efficiency
1.2.1. Operating Margin

Measures how efficient Vastned is operating .

  • Measures how much profit Vastned 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¬†Vastned to the¬†REIT - Retail industry mean.
  • An Operating Margin of 79.9%¬†means the company generated €0.80 ¬†for each €1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Vastned Retail Belgium:

  • The MRQ is 79.9%. The company is operating very efficient. +2
  • The TTM is 79.9%. The company is operating very efficient. +2
Trends
Current periodCompared to+/- 
MRQ79.9%TTM79.9%0.0%
TTM79.9%YOY68.8%+11.1%
TTM79.9%5Y56.9%+22.9%
5Y56.9%10Y82.9%-26.0%
1.2.2. Operating Ratio

Measures how efficient Vastned is keeping operating costs low.

  • Below 1 is considered healthy (always compare to¬†REIT - Retail industry mean).
  • An Operation Ratio of 0.20 means that the operating costs are €0.20 for each €1 in net sales.

Let's take a look of the Operating Ratio trends of Vastned Retail Belgium:

  • The MRQ is 0.201. The company is very efficient in keeping operating costs low. +2
  • The TTM is 0.201. The company is very efficient in keeping operating costs low. +2
Trends
Current periodCompared to+/- 
MRQ0.201TTM0.2010.000
TTM0.201YOY0.212-0.011
TTM0.2015Y0.203-0.002
5Y0.20310Y0.207-0.004
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1.3. Liquidity of Vastned Retail Belgium.

1.3. Liquidity
1.3.1. Current Ratio

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

  • Above 1.5 is considered healthy (always compare to¬†REIT - Retail industry mean).
  • A Current Ratio of 1.12¬†means the company has €1.12 in assets for each €1 in short-term debts.

Let's take a look of the Current Ratio trends of Vastned Retail Belgium:

  • The MRQ is 1.116. The company is just able to pay all its short-term debts.
  • The TTM is 1.116. The company is just able to pay all its short-term debts.
Trends
Current periodCompared to+/- 
MRQ1.116TTM1.1160.000
TTM1.116YOY0.154+0.963
TTM1.1165Y0.531+0.585
5Y0.53110Y0.336+0.195
1.3.2. Quick Ratio

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

  • Above 1 is considered healthy but¬†always compare¬†Vastned to the¬†REIT - Retail industry mean.
  • A Quick Ratio of 0.70¬†means the company can pay off €0.70 for each €1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Vastned Retail Belgium:

  • The MRQ is 0.695. The company is just not able to pay all its short-term debts with the most liquid assets. -1
  • The TTM is 0.695. The company is just not able to pay all its short-term debts with the most liquid assets. -1
Trends
Current periodCompared to+/- 
MRQ0.695TTM0.6950.000
TTM0.695YOY0.126+0.569
TTM0.6955Y0.384+0.311
5Y0.38410Y0.221+0.163
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1.4. Solvency of Vastned Retail Belgium.

1.3. Liquidity
1.4.1. Debt to Asset Ratio

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

  • Below 1 (100%) is considered healthy but always compare¬†Vastned to REIT - Retail industry mean.
  • A Debt to Asset Ratio of 0.27¬†means that Vastned assets are¬†financed with 26.6% credit (debt) and the remaining percentage (100% - 26.6%)¬†is financed by its owners/shareholders.¬†

Let's take a look of the Debt to Asset Ratio trends of Vastned Retail Belgium:

  • The MRQ is 0.266. The company is very able to pay all its debts by selling its assets. +2
  • The TTM is 0.266. The company is very able to pay all its debts by selling its assets. +2
Trends
Current periodCompared to+/- 
MRQ0.266TTM0.2660.000
TTM0.266YOY0.271-0.005
TTM0.2665Y0.280-0.014
5Y0.28010Y0.288-0.007
1.4.2. Debt to Equity Ratio

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

  • Below 2 is considered healthy but¬†always compare¬†Vastned to the¬†REIT - Retail industry mean.
  • A Debt to Equity ratio of 36.2% means that company has €0.36 debt for each €1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Vastned Retail Belgium:

  • The MRQ is 0.362. The company is very able to pay all its debts with equity. +2
  • The TTM is 0.362. The company is very able to pay all its debts with equity. +2
Trends
Current periodCompared to+/- 
MRQ0.362TTM0.3620.000
TTM0.362YOY0.372-0.009
TTM0.3625Y0.390-0.027
5Y0.39010Y0.405-0.015
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2. Market Valuation of Vastned Retail Belgium

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 Vastned generates.

  • Above 15 is considered overpriced but¬†always compare¬†Vastned to the¬†REIT - Retail industry mean.
  • A PE ratio of 13.86 means the investor is paying €13.86¬†for every €1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Vastned Retail Belgium:

  • The EOD is 13.451. Based on the earnings, the company is underpriced. +1
  • The MRQ is 13.856. Based on the earnings, the company is underpriced. +1
  • The TTM is 13.856. Based on the earnings, the company is underpriced. +1
Trends
Current periodCompared to+/- 
EOD13.451MRQ13.856-0.405
MRQ13.856TTM13.8560.000
TTM13.856YOY10.409+3.447
TTM13.8565Y19.659-5.803
5Y19.65910Y17.984+1.675
2.2. Price To Free Cash Flow Ratio

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

  • The EOD is 10.509. Based on how much money comes from the company's main activities, the company is cheap. +2
  • The MRQ is 10.825. Based on how much money comes from the company's main activities, the company is cheap. +2
  • The TTM is 10.825. Based on how much money comes from the company's main activities, the company is cheap. +2
Trends
Current periodCompared to+/- 
EOD10.509MRQ10.825-0.316
MRQ10.825TTM10.8250.000
TTM10.825YOY11.441-0.616
TTM10.8255Y11.945-1.120
5Y11.94510Y14.350-2.405
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2. Book Value per Share
2.3. Price to Book Ratio

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

  • At or below 1 is considered healthy¬†(always compare to REIT - Retail industry mean).
  • A PB ratio of 0.67 means the investor is paying €0.67¬†for each €1 in book value.

Let's take a look of the Price to Book Ratio trends of Vastned Retail Belgium:

  • The EOD is 0.655. Based on the equity, the company is cheap. +2
  • The MRQ is 0.675. Based on the equity, the company is cheap. +2
  • The TTM is 0.675. Based on the equity, the company is cheap. +2
Trends
Current periodCompared to+/- 
EOD0.655MRQ0.675-0.020
MRQ0.675TTM0.6750.000
TTM0.675YOY0.650+0.024
TTM0.6755Y0.672+0.002
5Y0.67210Y0.843-0.170
2. Total Gains per Share
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3. Summary

3.1. Key Performance Indicators

The key performance indicators of Vastned Retail Belgium 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---0.027-0.0270%0.653-104%-1.439+5197%-0.070+159%
Book Value Per Share--45.66245.6620%45.6890%46.705-2%48.610-6%
Current Ratio--1.1161.1160%0.154+626%0.531+110%0.336+232%
Debt To Asset Ratio--0.2660.2660%0.271-2%0.280-5%0.288-8%
Debt To Equity Ratio--0.3620.3620%0.372-2%0.390-7%0.405-10%
Dividend Per Share--2.2502.2500%2.200+2%2.450-8%2.520-11%
Eps--2.2232.2230%2.853-22%1.011+120%2.440-9%
Free Cash Flow Per Share--2.8452.8450%2.596+10%2.640+8%3.358-15%
Free Cash Flow To Equity Per Share--0.0270.0270%-0.002+107%-0.720+2768%-0.223+926%
Gross Profit Margin--1.0001.0000%1.0000%1.000+0%1.000+0%
Intrinsic Value_10Y_max--36.844--------
Intrinsic Value_10Y_min--18.162--------
Intrinsic Value_1Y_max--3.438--------
Intrinsic Value_1Y_min--2.459--------
Intrinsic Value_3Y_max--10.523--------
Intrinsic Value_3Y_min--6.878--------
Intrinsic Value_5Y_max--17.842--------
Intrinsic Value_5Y_min--10.704--------
Market Cap151847748.000-3%156418570.000156418570.0000%150832192.500+4%160481390.000-3%209077795.725-25%
Net Profit Margin--0.5560.5560%0.777-29%0.260+114%0.602-8%
Operating Margin--0.7990.7990%0.688+16%0.569+40%0.829-4%
Operating Ratio--0.2010.2010%0.212-5%0.203-1%0.207-3%
Pb Ratio0.655-3%0.6750.6750%0.650+4%0.672+0%0.843-20%
Pe Ratio13.451-3%13.85613.8560%10.409+33%19.659-30%17.984-23%
Price Per Share29.900-3%30.80030.8000%29.700+4%31.600-3%41.169-25%
Price To Free Cash Flow Ratio10.509-3%10.82510.8250%11.441-5%11.945-9%14.350-25%
Price To Total Gains Ratio13.451-3%13.85613.8560%10.409+33%19.659-30%17.947-23%
Quick Ratio--0.6950.6950%0.126+452%0.384+81%0.221+215%
Return On Assets--0.0360.0360%0.046-22%0.016+122%0.035+2%
Return On Equity--0.0490.0490%0.062-22%0.022+122%0.049-1%
Total Gains Per Share--2.2232.2230%2.853-22%1.011+120%2.450-9%
Usd Book Value--251465853.600251465853.6000%251615500.8000%257210571.040-2%267700514.440-6%
Usd Book Value Change Per Share---0.029-0.0290%0.708-104%-1.561+5197%-0.076+159%
Usd Book Value Per Share--49.51649.5160%49.5450%50.647-2%52.712-6%
Usd Dividend Per Share--2.4402.4400%2.386+2%2.657-8%2.733-11%
Usd Eps--2.4112.4110%3.094-22%1.096+120%2.646-9%
Usd Free Cash Flow--15669580.00015669580.0000%14296729.600+10%14541370.240+8%18493357.600-15%
Usd Free Cash Flow Per Share--3.0853.0850%2.815+10%2.863+8%3.641-15%
Usd Free Cash Flow To Equity Per Share--0.0290.0290%-0.002+107%-0.780+2768%-0.242+926%
Usd Market Cap164663697.931-3%169620297.308169620297.3080%163562429.547+4%174026019.316-3%226723961.684-25%
Usd Price Per Share32.424-3%33.40033.4000%32.207+4%34.267-3%44.644-25%
Usd Profit--12241791.60012241791.6000%15714040.400-22%5566225.200+120%13436041.320-9%
Usd Revenue--22035008.00022035008.0000%20222975.600+9%20718112.640+6%21742328.440+1%
Usd Total Gains Per Share--2.4112.4110%3.094-22%1.096+120%2.656-9%
 EOD+4 -4MRQTTM+0 -0YOY+19 -165Y+26 -1010Y+16 -20

3.2. Fundamental Score

Let's check the fundamental score of Vastned Retail Belgium based on Penke's default stock scanner.

Penke's Stock Scanner

  
  
IndicatorConditionValue
Price to Earnings Ratio (EOD)Between0-1513.451
Price to Book Ratio (EOD)Between0-10.655
Net Profit Margin (MRQ)Greater than00.556
Operating Margin (MRQ)Greater than00.799
Quick Ratio (MRQ)Greater than10.695
Current Ratio (MRQ)Greater than11.116
Debt to Asset Ratio (MRQ)Less than10.266
Debt to Equity Ratio (MRQ)Less than10.362
Return on Equity (MRQ)Greater than0.150.049
Return on Assets (MRQ)Greater than0.050.036
Total7/10 (70.0%)

3.3. Technical Score

Let's check the technical score of Vastned Retail Belgium based on Penke's default Symbol scanner.

Penke's Symbol Scanner

  
  
IndicatorConditionValue
RsiGreater than5050.791
Ma 20Greater thanMa 5029.990
Ma 50Greater thanMa 10029.620
Ma 100Greater thanMa 20028.962
OpenGreater thanClose30.000
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
Long-term Assets Other  360,755-30,325330,430-15,884314,54691314,637-317,790-3,153



Latest Balance Sheet

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

Summary
Total Assets315,901
Total Liabilities84,007
Total Stockholder Equity231,894
 As reported
Total Liabilities 84,007
Total Stockholder Equity+ 231,894
Total Assets = 315,901

Assets

Total Assets315,901
Total Current Assets5,758
Long-term Assets310,143
Total Current Assets
Cash And Cash Equivalents 429
Short-term Investments 470
Net Receivables 2,687
Total Current Assets  (as reported)5,758
Total Current Assets  (calculated)3,586
+/- 2,172
Long-term Assets
Property Plant Equipment 488
Intangible Assets 44
Other Assets 315,901
Long-term Assets  (as reported)310,143
Long-term Assets  (calculated)316,433
+/- 6,290

Liabilities & Shareholders' Equity

Total Current Liabilities5,158
Long-term Liabilities78,849
Total Stockholder Equity231,894
Total Current Liabilities
Short-term Debt 191
Accounts payable 353
Other Current Liabilities 2,289
Total Current Liabilities  (as reported)5,158
Total Current Liabilities  (calculated)2,833
+/- 2,325
Long-term Liabilities
Long term Debt 77,800
Capital Lease Obligations 581
Long-term Liabilities Other 146
Long-term Liabilities  (as reported)78,849
Long-term Liabilities  (calculated)78,527
+/- 322
Total Stockholder Equity
Common Stock97,213
Retained Earnings 18,238
Accumulated Other Comprehensive Income 112,260
Total Stockholder Equity (as reported)231,894
Total Stockholder Equity (calculated)227,711
+/- 4,183
Other
Capital Stock97,213
Cash and Short Term Investments 429
Common Stock Shares Outstanding 5,079
Current Deferred Revenue2,325
Liabilities and Stockholders Equity 315,901
Net Debt 77,952
Net Invested Capital 309,694
Net Working Capital 600
Property Plant and Equipment Gross 488
Short Long Term Debt Total 78,381



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 
180,128
203,535
238,218
260
0
294,273
287,408
331,976
334,891
337,217
333,256
364,272
362,934
365,033
362,414
348,278
352,912
380,666
374,440
363,315
333,494
317,746
318,242
315,901
315,901318,242317,746333,494363,315374,440380,666352,912348,278362,414365,033362,934364,272333,256337,217334,891331,976287,408294,2730260238,218203,535180,128
   > Total Current Assets 
0
0
0
5
0
9,121
6,124
18,563
7,199
12,643
3,915
1,866
3,142
2,768
5,391
1,082
1,583
1,907
1,658
1,685
2,312
2,518
3,043
5,758
5,7583,0432,5182,3121,6851,6581,9071,5831,0825,3912,7683,1421,8663,91512,6437,19918,5636,1249,12105000
       Cash And Cash Equivalents 
910
974
2,391
1
0
6,566
1,069
1,486
498
1,074
766
379
216
1,860
339
272
320
367
512
554
428
214
163
429
4291632144285545123673202723391,8602163797661,0744981,4861,0696,566012,391974910
       Short-term Investments 
0
7,437
76
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
470
47000000000000000000000767,4370
       Net Receivables 
0
0
0
0
0
0
0
0
0
0
0
0
0
908
896
151
491
524
342
651
1,351
1,914
2,327
2,687
2,6872,3271,9141,3516513425244911518969080000000000000
       Other Current Assets 
0
0
0
0
0
2,555
5,055
4,760
6,701
11,569
3,149
1,487
2,926
908
5,052
810
1,263
1,540
1,146
-1,205
-1,779
-1
-2,490
-3,116
-3,116-2,490-1-1,779-1,2051,1461,5401,2638105,0529082,9261,4873,14911,5696,7014,7605,0552,55500000
   > Long-term Assets 
0
0
0
254
0
285,152
281,284
313,413
327,692
324,574
329,341
362,406
359,792
362,265
357,023
347,196
351,329
378,759
372,782
361,630
331,182
315,228
315,199
310,143
310,143315,199315,228331,182361,630372,782378,759351,329347,196357,023362,265359,792362,406329,341324,574327,692313,413281,284285,1520254000
       Property Plant Equipment 
0
0
0
250
0
455
400
21,556
7,619
191
165
162
602
560
477
519
606
546
488
666
569
545
471
488
4884715455696664885466065194775606021621651917,61921,5564004550250000
       Long Term Investments 
0
0
0
0
0
0
0
0
0
0
0
0
0
17
0
0
0
0
0
0
0
0
0
0
0000000000170000000000000
       Intangible Assets 
0
0
0
0
0
4,571
13,875
18
12
27
16
13
4
7
3
1
1
15
13
209
183
137
91
44
4491137183209131511374131627121813,8754,57100000
       Long-term Assets Other 
0
0
0
4
0
280,126
267,009
291,839
320,061
324,356
329,160
362,231
359,186
361,698
356,543
346,676
350,722
378,198
372,281
360,755
330,430
314,546
314,637
-3,153
-3,153314,637314,546330,430360,755372,281378,198350,722346,676356,543361,698359,186362,231329,160324,356320,061291,839267,009280,12604000
> Total Liabilities 
57,691
76,947
111,885
129
0
122,570
113,682
144,214
135,643
137,629
128,050
135,533
127,854
129,566
119,447
103,783
100,631
106,158
105,998
105,030
98,461
89,032
86,210
84,007
84,00786,21089,03298,461105,030105,998106,158100,631103,783119,447129,566127,854135,533128,050137,629135,643144,214113,682122,5700129111,88576,94757,691
   > Total Current Liabilities 
0
0
0
59
0
49,256
41,432
77,036
35,893
49,152
52,506
41,289
33,206
12,601
27,815
34,008
37,327
8,012
8,414
8,668
3,650
4,516
19,784
5,158
5,15819,7844,5163,6508,6688,4148,01237,32734,00827,81512,60133,20641,28952,50649,15235,89377,03641,43249,256059000
       Short-term Debt 
0
0
0
0
0
32,719
32,741
62,754
27,574
43,002
46,548
37,619
27,399
8,405
19,256
30,280
32,900
4,400
4,850
6,104
656
169
15,184
191
19115,1841696566,1044,8504,40032,90030,28019,2568,40527,39937,61946,54843,00227,57462,75432,74132,71900000
       Short Long Term Debt 
0
0
0
0
0
0
0
0
0
0
0
0
0
125,744
2,250
30,280
32,900
4,400
4,850
5,950
500
0
15,000
0
015,00005005,9504,8504,40032,90030,2802,250125,7440000000000000
       Accounts payable 
1,062
409
4,069
18
0
760
626
1,045
1,383
1,435
810
856
924
833
946
789
1,256
797
918
88
414
61
38
353
3533861414889187971,2567899468339248568101,4351,3831,0456267600184,0694091,062
       Other Current Liabilities 
0
0
0
41
0
15,777
8,065
14,282
8,319
6,150
5,958
3,670
4,883
3,363
7,613
2,939
3,171
2,815
735
683
659
2,863
3,106
2,289
2,2893,1062,8636596837352,8153,1712,9397,6133,3634,8833,6705,9586,1508,31914,2828,06515,777041000
   > Long-term Liabilities 
0
0
0
71
0
73,314
72,250
67,178
99,750
88,477
75,544
94,244
94,648
116,965
91,632
69,775
63,304
98,146
97,584
96,362
94,811
84,516
66,426
78,849
78,84966,42684,51694,81196,36297,58498,14663,30469,77591,632116,96594,64894,24475,54488,47799,75067,17872,25073,314071000
       Long term Debt Total 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
65,200
60,000
95,625
95,161
93,405
0
0
0
0
000093,40595,16195,62560,00065,200000000000000000
       Capital Lease Obligations Min Short Term Debt
0
0
0
0
0
-32,719
-32,741
-62,754
-27,574
-43,002
-46,548
-37,619
-27,399
-8,405
-19,256
-30,280
-32,900
-4,400
-4,850
-4,999
304
674
-14,467
390
390-14,467674304-4,999-4,850-4,400-32,900-30,280-19,256-8,405-27,399-37,619-46,548-43,002-27,574-62,754-32,741-32,71900000
       Long-term Liabilities Other 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
109
145
116
151
175
179
123
146
1461231791751511161451090000000000000000
> Total Stockholder Equity
122,437
126,432
126,333
131
0
171,700
173,723
187,759
199,245
199,588
205,206
228,739
235,080
235,467
242,800
244,495
252,281
274,508
268,442
258,285
235,033
228,714
232,032
231,894
231,894232,032228,714235,033258,285268,442274,508252,281244,495242,800235,467235,080228,739205,206199,588199,245187,759173,723171,7000131126,333126,432122,437
   Common Stock
97,000
97,000
97,213
97
0
97,213
97,213
97,213
97,213
97,213
97,213
97,213
97,213
97,213
97,213
97,213
97,213
97,213
97,213
97,213
97,213
97,213
97,213
97,213
97,21397,21397,21397,21397,21397,21397,21397,21397,21397,21397,21397,21397,21397,21397,21397,21397,21397,21397,21309797,21397,00097,000
   Retained Earnings Total Equity000000000000000000000000
   Accumulated Other Comprehensive Income 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
151,111
138,743
119,807
110,903
112,260
112,260110,903119,807138,743151,1110000000000000000000
   Capital Surplus 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4,183
4,183
4,183
4,183
4,183
0
0
0
0
00004,1834,1834,1834,1834,183000000000000000
   Treasury Stock000000000000000000000000
   Other Stockholders Equity 
0
0
0
32
0
62,646
65,628
90,546
102,032
102,375
90,361
95,218
118,172
124,996
123,968
130,870
133,375
141,400
162,035
4,183
12,707
91
-10,308
-14,055
-14,055-10,3089112,7074,183162,035141,400133,375130,870123,968124,996118,17295,21890,361102,375102,03290,54665,62862,646032000



Balance Sheet

Currency in EUR. All numbers in thousands.




Cash Flow

Currency in EUR. All numbers in thousands.