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intercontinental Balance sheet

Assets
Fiscal year is January-December. All values GBP Millions. 2017 2016 2015 2014 2013
Cash & Short Term Investments 124 167 771 108 158
Cash Only 124 167 771 104 150
Short-Term Investments - - - 4 8
Cash & Short Term Investments Growth -25.51% -78.39% 611.74% -31.22% -
Cash & ST Investments / Total Assets 5.29% 7.04% 30.17% 6.00% 8.51%
Total Accounts Receivable 427 382 266 249 223
Accounts Receivables, Net 334 298 240 210 203
Accounts Receivables, Gross 391 298 240 210 203
Bad Debt/Doubtful Accounts -57 - - - -
Other Receivables 93 84 26 40 21
Accounts Receivable Growth 11.86% 43.62% 6.61% 11.68% -
Accounts Receivable Turnover 3.24 3.33 4.44 4.52 5.45
Inventories 2 2 2 2 2
Other Current Assets 67 79 50 40 39
Prepaid Expenses 55 62 50 40 39
Miscellaneous Current Assets 12 16 - - -
Total Current Assets 620 630 1,090 400 423
Net Property, Plant & Equipment 314 339 290 475 706
Property, Plant & Equipment - Gross 619 653 647 879 1,191
Buildings 287 306 256 449 665
Other Property, Plant & Equipment 332 347 391 430 526
Accumulated Depreciation 305 314 356 404 485
Buildings 64 63 50 78 94
Other Property, Plant & Equipment 241 251 306 326 391
Total Investments and Advances 273 297 250 238 194
LT Investment - Affiliate Companies 104 96 94 76 51
Other Long-Term Investments 169 201 156 162 142
Long-Term Note Receivable - 19 52 22 10
Intangible Assets 1,084 1,046 832 412 313
Net Goodwill 175 188 158 47 48
Net Other Intangibles 909 858 674 365 264
Other Assets 14 - 9 204 142
Deferred Charges 2 - - 5 4
Tangible Other Assets 12 - 9 199 138
Total Assets 2,347 2,369 2,557 1,807 1,852
Assets - Total - Growth -0.92% -7.37% 41.49% -2.40% -
Asset Turnover 0.59 - - - -
Return On Average Assets 19.50% - - - -
Liabilities & Shareholders' Equity
All values GBP Millions. 2017 2016 2015 2014 2013
ST Debt & Current Portion LT Debt 93 86 290 81 78
Short Term Debt 81 72 26 69 69
Current Portion of Long Term Debt 12 14 263 12 10
Accounts Payable 60 76 59 56 59
Accounts Payable Growth -21.29% 28.88% 4.59% -3.63% -
Income Tax Payable 47 40 58 30 28
Other Current Liabilities 764 715 522 437 395
Miscellaneous Current Liabilities 764 715 522 437 395
Total Current Liabilities 964 918 929 605 560
Current Ratio 0.64 0.69 1.17 0.66 0.75
Quick Ratio 0.64 0.68 1.17 0.66 0.75
Cash Ratio 0.13 0.18 0.83 0.18 0.28
Long-Term Debt 1,399 1,300 841 1,006 766
Long-Term Debt excl. Capitalized Leases 1,240 1,130 700 877 646
Non-Convertible Debt 1,240 1,130 700 877 646
Capitalized Lease Obligations 159 170 140 130 120
Provision for Risks & Charges 81 82 88 99 111
Deferred Taxes 75 164 58 38 40
Deferred Taxes - Credit 116 203 92 94 106
Deferred Taxes - Debit 41 39 33 56 65
Other Liabilities 416 481 392 462 353
Other Liabilities (excl. Deferred Income) 353 481 392 462 353
Deferred Income 63 - - - -
Total Liabilities 2,976 2,983 2,341 2,267 1,896
Total Liabilities / Total Assets 126.80% 125.93% 91.54% 125.44% 102.41%
Common Equity (Total) -634 -621 210 -465 -50
Common Stock Par/Carry Value 39 39 39 39 39
Additional Paid-In Capital/Capital Surplus 75 75 75 75 75
Retained Earnings 1,039 1,127 1,800 1,049 1,409
ESOP Debt Guarantee - - - -22 -23
Cumulative Translation Adjustment/Unrealized For. Exch. Gain 276 365 183 173 137
Unrealized Gain/Loss Marketable Securities 58 90 77 71 60
Other Appropriated Reserves -2,117 -2,307 -1,952 -1,850 -1,747
Treasury Stock -4 -9 -12 - -
Common Equity / Total Assets -27.02% -26.20% 8.20% -25.73% -2.67%
Total Shareholders' Equity -634 -621 210 -465 -50
Total Shareholders' Equity / Total Assets -27.02% -26.20% 8.20% -25.73% -2.67%
Accumulated Minority Interest 5 6 7 5 5
Total Equity -629 -614 216 -460 -45
Liabilities & Shareholders' Equity 2,347 2,369 2,557 1,807 1,852
my hotel intercontinental hotel
2017 2016 2015
Current Ratio 64.32% 68.63% 117.33%
Quick Ratio 64.11% 68.41% 117.12%
Working Capital -344.00 -288.00 161.00
inventory turnover Ratio 692.50 635.50 590.00
Asset Turnover Ratio 59.01% 53.65% 46.15%
Debt Ratio 126.80% 125.92% 91.55%
Debt to Equity Ratio -469% -480% 1115%
TImes interest earned 8.38 7.52 7.33
Profit margin 33.21% 24.15% 67.80%
return on assets 19.60% 12.96% 31.29%
return on equity -72.56% -49.44% 380.95%
P/E ratio 26.68 30.66 11.37
dividends payout ratio -10.01 -40.87 -1.54
dividend yield

income statement

Fiscal year is January-December. All values GBP Millions. 2017 2016 2015 2014 2013
Sales/Revenue 1,385 1,271 1,180 1,128 1,217
Sales Growth 8.99% 7.70% 4.58% -7.31% -
Cost of Goods Sold (COGS) incl. D&A 558 508 494 519 570
COGS excluding D&A 478 437 431 461 516
Depreciation & Amortization Expense 80 71 63 58 54
Depreciation 27 22 23 26 29
Amortization of Intangibles 53 49 40 32 25
COGS Growth 9.81% 2.88% -4.83% -8.90% -
Gross Income 827 763 686 609 647
Gross Income Growth 8.44% 11.18% 12.61% -5.91% -
Gross Profit Margin 59.70% - - - -
SG&A Expense 248 244 246 221 225
Other SG&A 248 244 246 221 225
SGA Growth 1.91% -0.92% 11.33% -1.83% -
EBIT 578 519 440 388 -
Unusual Expense 54 21 40 61 107
Non Operating Income/Expense 65 7 583 89 111
Non-Operating Interest Income 3 4 3 1 3
Interest Expense 69 69 60 50 50
Interest Expense Growth 0.27% 14.46% 19.46% 1.02% -
Gross Interest Expense 69 70 62 52 50
Interest Capitalized - 1 1 1 -
Pretax Income 524 439 926 367 379
Pretax Income Growth 19.26% -52.55% 152.48% -3.14% -
Pretax Margin 37.84% - - - -
Income Tax 66 129 123 126 145
Income Tax - Current Domestic 6 1 -7 4 8
Income Tax - Current Foreign 155 40 110 78 80
Income Tax - Deferred Domestic -95 87 20 44 56
Equity in Affiliates 2 -1 -2 -2 5
Consolidated Net Income 460 309 801 238 239
Minority Interest Expense 1 2 1 1 1
Net Income 460 307 800 237 238
Net Income Growth 49.82% -61.64% 236.82% -0.22% -
Net Margin 33.18% - - - -
Net Income After Extraordinaries 460 307 800 237 238
Net Income Available to Common 460 307 800 237 238
EPS (Basic) 2.38 1.51 4.27 1.21 1.22
EPS (Basic) Growth 57.56% -64.56% 254.01% -1.54% -
Basic Shares Outstanding 193 203 188 197 194
EPS (Diluted) 2.37 1.5 4.21 1.19 1.21
EPS (Diluted) Growth 58.23% -64.45% 253.81% -1.63% -
Diluted Shares Outstanding 194 205 190 199 197
EBITDA 658 590 503 446 477
EBITDA Growth 11.62% 17.36% 12.61% -6.34% -
EBITDA Margin 47.53% - - - -
EBIT 578 519 440 388 -

Cash Flow

Operating Activities
Fiscal year is January-December. All values GBP Thousands. 2017 2016 2015 2014 2013
Net Income before Extraordinaries 460,467.30 309,049.10 799,841.00 238,072.50 239,269.00
Net Income Growth 48.99% -61.36% 235.97% -0.50% -
Depreciation, Depletion & Amortization 79,980.00 71,148.00 62,835.30 58,303.50 54,379.30
Depreciation and Depletion 27,177.70 22,233.80 22,908.70 26,115.10 29,428.80
Amortization of Intangible Assets 52,802.30 48,914.30 39,926.60 32,188.40 24,950.50
Deferred Taxes & Investment Tax Credit -94,733.60 - - - -
Deferred Taxes -94,733.60 - - - -
Other Funds 62,896.90 115,615.50 -461,446.70 44,942.30 101,721.30
Funds from Operations 508,610.60 495,812.60 401,229.60 341,318.20 395,369.60
Changes in Working Capital -20,965.60 57,807.80 7,199.90 -12,753.90 3,838.50
Receivables -55,131.80 -17,787.00 1,963.60 -10,931.90 -5,757.80
Accounts Payable 34,166.20 75,594.80 5,236.30 37,047.00 5,118.10
Other Assets/Liabilities - - - -38,869.00 4,478.30
Net Operating Cash Flow 487,645.00 553,620.40 408,429.50 328,564.40 399,208.20
Net Operating Cash Flow Growth -11.92% 35.55% 24.31% -17.70% -
Net Operating Cash Flow / Sales 35.20% 43.56% 34.61% 29.12% 32.79%
Investing Activities
All values GBP Thousands. 2017 2016 2015 2014 2013
Capital Expenditures -211,985.80 -153,412.90 -130,252.30 -149,402.60 -156,740.40
Capital Expenditures (Fixed Assets) -34,166.20 -23,716.00 -27,490.40 -51,015.50 -101,721.30
Capital Expenditures (Other Assets) -177,819.60 -129,696.90 -102,761.90 -98,387.10 -55,019.10
Capital Expenditures Growth -38.18% -17.78% 12.82% 4.68% -
Capital Expenditures / Sales -15.30% -12.07% -11.04% -13.24% -12.87%
Net Assets from Acquisitions - -3,705.60 -286,686.10 - -
Sale of Fixed Assets & Businesses 10,871.10 - - - -
Purchase/Sale of Investments 20,965.60 -1,482.30 -30,108.60 15,790.50 -22,391.50
Purchase of Investments -59,790.90 -21,492.60 -54,326.40 -13,968.50 -104,920.10
Sale/Maturity of Investments 80,756.50 20,010.40 24,217.80 29,759.10 82,528.60
Other Uses -19,412.60 - -654.5 - -3,198.80
Other Sources - 2,223.40 835,840.40 209,528.10 294,288.10
Net Investing Cash Flow -199,561.70 -156,377.40 388,138.90 75,916.00 111,957.40
Net Investing Cash Flow Growth -27.62% -140.29% 411.27% -32.19% -
Net Investing Cash Flow / Sales -14.41% -12.30% 32.89% 6.73% 9.20%
Financing Activities
All values GBP Thousands. 2017 2016 2015 2014 2013
Cash Dividends Paid - Total -460,467.30 -1,254,724.70 -123,052.50 -572,102.80 -340,990.30
Common Dividends -460,467.30 -1,254,724.70 -123,052.50 -572,102.80 -340,990.30
Change in Capital Stock -2,329.50 -7,411.30 -30,763.10 -108,104.40 -206,001.70
Repurchase of Common & Preferred Stk. -2,329.50 -7,411.30 -30,763.10 -108,104.40 -209,200.40
Sale of Common & Preferred Stock - - - - 3,198.80
Proceeds from Stock Options - - - - 3,198.80
Issuance/Reduction of Debt, Net - 340,176.40 22,908.70 231,999.20 -639.8
Change in Current Debt - - -44,508.30 - -
Change in Long-Term Debt - 340,176.40 67,417.00 231,999.20 -639.8
Issuance of Long-Term Debt - 340,176.40 561,590.50 231,999.20 -
Reduction in Long-Term Debt - - -494,173.50 - -639.8
Other Funds -2,329.50 -4,446.80 14,399.80 1,214.70 -639.8
Other Uses -2,329.50 -4,446.80 - -1,214.70 -639.8
Other Sources - - 14,399.80 2,429.30 -
Net Financing Cash Flow -346,321.10 -1,079,078.00 -116,507.10 -446,993.30 -548,271.50
Net Financing Cash Flow Growth 67.91% -826.19% 73.94% 18.47% -
Net Financing Cash Flow / Sales -25.00% -84.90% -9.87% -39.61% -45.03%
Exchange Rate Effect 12,424.10 -45,208.60 -41,890.20 -5,466.00 -1,919.30
Net Change in Cash -45,813.80 -727,043.70 638,171.00 -47,978.90 -39,025.20
Free Cash Flow 453,478.80 529,904.40 380,939.00 277,548.80 297,486.90
Free Cash Flow Growth -14.42% 39.10% 37.25% -6.70% -
Free Cash Flow Yield -0.08% - - - -

Choice Hotel International IS

Fiscal year is January-December. All values USD Millions. 2017 2016 2015 2014 2013
Sales/Revenue 1,007 925 860 758 724
Sales Growth 8.95% 7.53% 13.44% 4.65% -
Cost of Goods Sold (COGS) incl. D&A 580 537 500 422 416
COGS excluding D&A 567 526 489 413 407
Depreciation & Amortization Expense 12 12 12 9 9
Depreciation 10 10 9 6 6
Amortization of Intangibles 3 2 3 3 4
COGS Growth 7.83% 7.42% 18.56% 1.38% -
Gross Income 428 387 360 336 308
Gross Income Growth 10.49% 7.69% 7.02% 9.06% -
Gross Profit Margin 42.47% - - - -
SG&A Expense 162 144 134 121 114
Other SG&A 162 144 134 121 114
SGA Growth 12.84% 7.06% 10.57% 6.91% -
EBIT 266 243 225 215 194
Unusual Expense -2 4 1 - -2
Non Operating Income/Expense -1 0 0 0 1
Non-Operating Interest Income 6 4 2 2 3
Equity in Affiliates (Pretax) -5 0 -1 -1 1
Interest Expense 44 44 42 42 43
Interest Expense Growth 1.36% 3.84% -0.89% -2.42% -
Gross Interest Expense 44 44 42 42 43
Interest Capitalized - - 0 - -
Pretax Income 224 200 184 174 157
Pretax Income Growth 12.01% 8.69% 5.89% 10.73% -
Pretax Margin 22.24% - - - -
Income Tax 109 61 56 52 44
Income Tax - Current Domestic 68 70 56 74 52
Income Tax - Current Foreign 2 1 1 2 2
Income Tax - Deferred Domestic 39 -10 -1 -24 -9
Income Tax - Deferred Foreign 0 0 0 0 0
Other After Tax Income (Expense) -1 -1 -1 -1 -1
Consolidated Net Income 114 138 127 120 111
Net Income 114 138 127 120 111
Net Income Growth -17.56% 8.85% 5.60% 7.99% -
Net Margin 11.33% - - - -
Extraordinaries & Discontinued Operations - - - 2 -
Discontinued Operations - - - 2 -
Net Income After Extraordinaries 114 138 127 119 111
Net Income Available to Common 114 138 127 122 111
EPS (Basic) 2.02 2.46 2.22 2.1 1.91
EPS (Basic) Growth -17.89% 10.81% 5.71% 9.95% -
Basic Shares Outstanding 56 56 57 58 58
EPS (Diluted) 2.02 2.46 2.22 2.1 1.91
EPS (Diluted) Growth -18.10% 11.02% 5.93% 9.66% -
Diluted Shares Outstanding 57 56 57 58 58
EBITDA 278 255 237 224 204
EBITDA Growth 8.97% 7.74% 5.77% 9.79% -
EBITDA Margin 27.61% - - - -
EBIT 266 243 225 215 194
the competitor hotel--choice hotel international 2017 2016 2015
Current ratio 136.82% 130.80% 149.49%
quick ratio 136.82% 130.80% 149.49%
working capital 108,436.00 81,205.00 102,937.00
inventory turnover 0 0 0
asset turnover 108.56% 108.51% 119.94%
Debt ratio 122.87% 136.52% 155.22%
Debt to equity ratio -5.37 -3.74 -2.81
times interest earned
profit margin 11.32% 14.92% 14.77%
renturn on asset 12.29% 16.19% 17.71%
return on equity -53.75% -44.32% -32.08%
P/E ratio 38.42 22.78 22.71
dividend payout ratio -0.43 -0.33 -0.36
dividend yield

Balance sheet 2

Assets
Fiscal year is January-December. All values USD Thousands. 2017 2016 2015 2014 2013
Cash & Short Term Investments 235,336.00 202,463.00 193,441.00 215,093.00 168,195.00
Cash Only 235,336.00 202,463.00 193,441.00 214,879.00 167,795.00
Short-Term Investments - - - 214 400
Cash & Short Term Investments Growth 16.24% 4.66% -10.07% 27.88% -
Cash & ST Investments / Total Assets 25.37% 23.75% 26.98% 33.23% 31.15%
Total Accounts Receivable 139,356.00 115,525.00 99,945.00 97,100.00 66,337.00
Accounts Receivables, Net 125,452.00 107,336.00 89,352.00 91,681.00 53,521.00
Accounts Receivables, Gross 137,673.00 115,893.00 98,071.00 101,765.00 64,837.00
Bad Debt/Doubtful Accounts -12,221.00 -8,557.00 -8,719.00 -10,084.00 -11,316.00
Other Receivables 13,904.00 8,189.00 10,593.00 5,419.00 12,816.00
Accounts Receivable Growth 20.63% 15.59% 2.93% 46.37% -
Accounts Receivable Turnover 7.23 8 8.6 7.81 10.92
Other Current Assets 28,241.00 26,885.00 17,567.00 39,221.00 24,114.00
Prepaid Expenses 16,479.00 22,210.00 14,144.00 12,280.00 13,746.00
Miscellaneous Current Assets 11,762.00 4,675.00 3,423.00 26,941.00 10,368.00
Total Current Assets 402,933.00 344,873.00 310,953.00 351,414.00 258,646.00
Net Property, Plant & Equipment 83,374.00 84,061.00 98,364.00 77,309.00 66,092.00
Property, Plant & Equipment - Gross 236,729.00 214,520.00 211,354.00 169,987.00 148,383.00
Buildings 37,764.00 37,232.00 37,205.00 37,013.00 38,403.00
Land & Improvements 3,107.00 3,107.00 13,313.00 3,107.00 2,490.00
Construction in Progress - - 21,089.00 10,408.00 6,435.00
Leases 4,827.00 4,827.00 4,827.00 4,827.00 3,468.00
Computer Software and Equipment 173,029.00 152,435.00 117,762.00 99,306.00 81,216.00
Other Property, Plant & Equipment 18,002.00 16,919.00 17,158.00 15,326.00 16,371.00
Accumulated Depreciation 153,355.00 130,459.00 112,990.00 92,678.00 82,291.00
Total Investments and Advances 155,064.00 111,814.00 84,711.00 68,144.00 48,207.00
LT Investment - Affiliate Companies 134,226.00 94,839.00 67,037.00 50,605.00 32,257.00
Other Long-Term Investments 20,838.00 16,975.00 17,674.00 17,539.00 15,950.00
Long-Term Note Receivable 147,993.00 110,608.00 82,572.00 40,441.00 31,872.00
Intangible Assets 95,429.00 94,643.00 91,275.00 74,725.00 75,766.00
Net Goodwill 80,757.00 78,905.00 79,327.00 65,813.00 65,813.00
Net Other Intangibles 14,672.00 15,738.00 11,948.00 8,912.00 9,953.00
Other Assets 29,479.00 53,657.00 6,701.00 14,691.00 39,034.00
Deferred Charges - - - 7,273.00 28,081.00
Tangible Other Assets 29,479.00 53,657.00 6,701.00 7,418.00 10,953.00
Total Assets 927,607.00 852,468.00 717,010.00 647,270.00 539,899.00
Assets - Total - Growth 8.81% 18.89% 10.77% 19.89% -
Asset Turnover 1.13 - - - -
Return On Average Assets 12.82% - - - -
Liabilities & Shareholders' Equity
All values USD Thousands. 2017 2016 2015 2014 2013
ST Debt & Current Portion LT Debt 1,232.00 1,195.00 1,191.00 12,349.00 10,088.00
Current Portion of Long Term Debt 1,232.00 1,195.00 1,191.00 12,349.00 10,088.00
Accounts Payable 63,540.00 48,071.00 64,431.00 57,124.00 41,663.00
Accounts Payable Growth 32.18% -25.39% 12.79% 37.11% -
Income Tax Payable 2,776.00 796 159 85 2,282.00
Other Current Liabilities 226,949.00 213,606.00 142,235.00 130,540.00 120,305.00
Dividends Payable 12,185.00 12,112.00 11,548.00 11,176.00 10,785.00
Accrued Payroll 40,797.00 42,698.00 34,707.00 30,959.00 27,535.00
Miscellaneous Current Liabilities 173,967.00 158,796.00 95,980.00 88,405.00 81,985.00
Total Current Liabilities 294,497.00 263,668.00 208,016.00 200,098.00 174,338.00
Current Ratio 1.37 1.31 1.49 1.76 1.48
Quick Ratio 1.37 1.31 1.49 1.76 1.48
Cash Ratio 0.8 0.77 0.93 1.07 0.96
Long-Term Debt 725,292.00 839,409.00 812,945.00 782,082.00 783,471.00
Long-Term Debt excl. Capitalized Leases 725,292.00 839,409.00 812,945.00 780,933.00 781,623.00
Non-Convertible Debt 725,292.00 839,409.00 812,945.00 780,933.00 781,623.00
Capitalized Lease Obligations - - - 1,149.00 1,848.00
Provision for Risks & Charges 28,469.00 24,954.00 26,479.00 4,108.00 22,527.00
Deferred Taxes -13,296.00 -52,520.00 -41,928.00 -20,546.00 -20,282.00
Deferred Taxes - Credit 39 292 506 - -
Deferred Taxes - Debit 13,335.00 52,812.00 42,434.00 20,546.00 20,282.00
Other Liabilities 91,412.00 35,494.00 64,963.00 89,783.00 23,808.00
Other Liabilities (excl. Deferred Income) 73,077.00 20,298.00 51,878.00 85,463.00 22,175.00
Deferred Income 18,335.00 15,196.00 13,085.00 4,320.00 1,633.00
Total Liabilities 1,139,709.00 1,163,817.00 1,112,909.00 1,076,071.00 1,004,144.00
Total Liabilities / Total Assets 122.87% 136.52% 155.22% 166.25% 185.99%
Common Equity (Total) -212,102.00 -311,349.00 -395,899.00 -428,801.00 -464,245.00
Common Stock Par/Carry Value 951 951 951 573 586
Additional Paid-In Capital/Capital Surplus 182,448.00 159,045.00 149,895.00 127,661.00 117,768.00
Retained Earnings 673,771.00 607,560.00 514,897.00 432,399.00 341,649.00
Cumulative Translation Adjustment/Unrealized For. Exch. Gain -2,401.00 -5,362.00 -4,756.00 -2,087.00 -472
Other Appropriated Reserves -2,298.00 -3,160.00 -4,022.00 -4,884.00 -5,745.00
Treasury Stock -1,064,573.00 -1,070,383.00 -1,052,864.00 -982,463.00 -918,031.00
Common Equity / Total Assets -22.87% -36.52% -55.22% -66.25% -85.99%
Total Shareholders' Equity -212,102.00 -311,349.00 -395,899.00 -428,801.00 -464,245.00
Total Shareholders' Equity / Total Assets -22.87% -36.52% -55.22% -66.25% -85.99%
Total Equity -212,102.00 -311,349.00 -395,899.00 -428,801.00 -464,245.00
Liabilities & Shareholders' Equity 927,607.00 852,468.00 717,010.00 647,270.00 539,899.00

Cash Flow 2

Operating Activities
Fiscal year is January-December. All values USD Thousands. 2017 2016 2015 2014 2013
Net Income before Extraordinaries 114,893.00 139,371.00 128,029.00 123,160.00 112,601.00
Net Income Growth -17.56% 8.86% 3.95% 9.38% -
Depreciation, Depletion & Amortization 12,431.00 11,705.00 11,542.00 9,365.00 9,469.00
Depreciation and Depletion 9,731.00 9,905.00 8,542.00 6,065.00 5,969.00
Amortization of Intangible Assets 2,700.00 1,800.00 3,000.00 3,300.00 3,500.00
Deferred Taxes & Investment Tax Credit 39,320.00 -10,542.00 615 -22,899.00 -8,024.00
Deferred Taxes 39,320.00 -10,542.00 615 -22,899.00 -8,024.00
Other Funds 37,208.00 23,047.00 19,014.00 15,046.00 16,351.00
Funds from Operations 203,852.00 163,581.00 159,200.00 124,672.00 130,397.00
Changes in Working Capital 58,091.00 -7,846.00 1,190.00 59,219.00 21,643.00
Receivables -53,764.00 -39,329.00 -22,665.00 43,015.00 27,328.00
Accounts Payable 12,455.00 -13,689.00 6,493.00 9,636.00 2,304.00
Income Taxes Payable 31,383.00 5,775.00 -4,399.00 -3,582.00 4,807.00
Other Accruals 7,176.00 5,225.00 5,166.00 6,678.00 -9,595.00
Other Assets/Liabilities 60,841.00 34,172.00 16,595.00 3,472.00 -3,201.00
Net Operating Cash Flow 261,943.00 155,735.00 160,390.00 183,891.00 152,040.00
Net Operating Cash Flow Growth 68.20% -2.90% -12.78% 20.95% -
Net Operating Cash Flow / Sales 26.00% 16.84% 18.65% 24.26% 20.99%
Investing Activities
All values USD Thousands. 2017 2016 2015 2014 2013
Capital Expenditures -25,954.00 -27,771.00 -27,765.00 -20,946.00 -31,524.00
Capital Expenditures (Fixed Assets) -23,437.00 -25,191.00 -27,765.00 -20,946.00 -31,524.00
Capital Expenditures (Other Assets) -2,517.00 -2,580.00 - - -
Capital Expenditures Growth 6.54% -0.02% -32.56% 33.56% -
Capital Expenditures / Sales -2.58% -3.00% -3.23% -2.76% -4.35%
Net Assets from Acquisitions - -29,924.00 -13,269.00 - -
Sale of Fixed Assets & Businesses 1,000.00 11,462.00 - - 243
Purchase/Sale of Investments -50,756.00 -34,411.00 -23,787.00 -19,619.00 -4,193.00
Purchase of Investments -53,001.00 -36,322.00 -26,957.00 -20,583.00 -8,361.00
Sale/Maturity of Investments 2,245.00 1,911.00 3,170.00 964 4,168.00
Other Uses -19,738.00 -32,604.00 -46,703.00 -3,982.00 -1,823.00
Other Sources 764 11,081.00 11,196.00 26,901.00 9,748.00
Net Investing Cash Flow -94,684.00 -102,167.00 -100,328.00 -17,646.00 -27,549.00
Net Investing Cash Flow Growth 7.32% -1.83% -468.56% 35.95% -
Net Investing Cash Flow / Sales -9.40% -11.05% -11.67% -2.33% -3.80%
Financing Activities
All values USD Thousands. 2017 2016 2015 2014 2013
Cash Dividends Paid - Total -48,651.00 -46,182.00 -45,214.00 -43,529.00 -32,799.00
Common Dividends -48,651.00 -46,182.00 -45,214.00 -43,529.00 -32,799.00
Change in Capital Stock 4,300.00 -22,975.00 -65,817.00 -67,874.00 4,899.00
Repurchase of Common & Preferred Stk. -9,807.00 -35,926.00 -72,873.00 -77,972.00 -3,965.00
Sale of Common & Preferred Stock 14,107.00 12,951.00 7,056.00 10,098.00 8,864.00
Other Proceeds from Sale of Stock 14,107.00 12,951.00 7,056.00 10,098.00 8,864.00
Issuance/Reduction of Debt, Net -115,663.00 25,073.00 26,373.00 -9,858.00 -61,844.00
Change in Long-Term Debt -115,663.00 25,073.00 26,373.00 -9,858.00 -61,844.00
Issuance of Long-Term Debt - 26,061.00 156,874.00 250 3,360.00
Reduction in Long-Term Debt -115,663.00 -988 -130,501.00 -10,108.00 -65,204.00
Other Funds 24,237.00 - 5,207.00 3,721.00 1,460.00
Other Sources 24,237.00 - 5,207.00 3,721.00 1,460.00
Net Financing Cash Flow -135,777.00 -44,084.00 -79,451.00 -117,540.00 -88,284.00
Net Financing Cash Flow Growth -208.00% 44.51% 32.41% -33.14% -
Net Financing Cash Flow / Sales -13.48% -4.77% -9.24% -15.51% -12.19%
Exchange Rate Effect 1,391.00 -462 -2,049.00 -1,621.00 -2,589.00
Net Change in Cash 32,873.00 9,022.00 -21,438.00 47,084.00 33,618.00
Free Cash Flow 238,506.00 130,544.00 132,625.00 162,945.00 120,516.00
Free Cash Flow Growth 82.70% -1.57% -18.61% 35.21% -
Free Cash Flow Yield 4.33% - - - -