ABEV
Valuation Ratios
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Price to Earnings | 2.01 | 3.04 | 2.89 | 3.37 |
| Price to Sales | 0.33 | 0.55 | 0.54 | 0.60 |
| Book Value Per Common Share | 6.27 | 5.01 | 5.21 | 5.25 |
| Price to Book | 0.29 | 0.56 | 0.52 | 0.53 |
| Price to Operating Cash Flow | 1.12 | 1.78 | 2.07 | 1.92 |
| Price to Free Cash Flow | 1.36 | 2.36 | 3.03 | 2.89 |
| Enterprise Value to EBITDA | 10028.26 | 18169.79 | 18547.51 | 20990.86 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Price to Earnings | 7.33 | 13.83 | 9.88 | 5.97 | 11.09 |
| Price to Sales | 1.67 | 1.87 | 1.62 | 1.08 | 1.74 |
| Book Value Per Common Share | 5.90 | 5.93 | 6.04 | 6.27 | 6.24 |
| Price to Book | 0.38 | 0.41 | 0.39 | 0.29 | 0.39 |
| Price to Operating Cash Flow | 5.03 | 12.33 | 30.30 | 2.09 | 4.73 |
| Price to Free Cash Flow | 5.92 | 19.17 | 97.08 | 2.35 | 5.54 |
| Enterprise Value to EBITDA | 46156.39 | 66038.57 | 50945.55 | 30366.89 | 55015.66 |
Earnings Data
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Earning YoY | 0.00 | -2.13 | 13.25 | |
| Revenue YoY | 12.18 | 0.04 | 9.41 | |
| EBITDA YoY | 19.54 | 5.13 | 9.96 | |
| Net Profit YoY | -0.45 | 0.30 | 14.10 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Earning YoY | 74.57 | -26.12 | -23.94 | 40.91 | |
| Revenue YoY | 3.77 | -10.70 | -16.79 | 22.35 | |
| EBITDA YoY | 32.39 | -20.49 | -25.31 | 37.35 | |
| Net Profit YoY | 74.60 | -26.43 | -24.31 | 41.04 |
Financial Strength
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Cash Per Common Share | 1.90 | 1.04 | 0.98 | 1.18 |
| Quick Ratio | 0.80 | 0.62 | 0.58 | 0.67 |
| Current Ratio | 1.10 | 0.89 | 0.93 | 0.99 |
| Debt to Equity | 0.63 | 0.66 | 0.66 | 0.65 |
| Long-Term Debt to Equity | 0.14 | 0.14 | 0.17 | 0.19 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Cash Per Common Share | 1.27 | 1.12 | 1.30 | 1.90 | 1.33 |
| Quick Ratio | 0.79 | 0.71 | 0.74 | 0.80 | 0.83 |
| Current Ratio | 1.15 | 1.11 | 1.11 | 1.10 | 1.20 |
| Debt to Equity | 0.52 | 0.53 | 0.54 | 0.63 | 0.49 |
| Long-Term Debt to Equity | 0.12 | 0.13 | 0.13 | 0.14 | 0.13 |
Profitability
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| ROA | 8.88 | 10.93 | 10.48 | 9.14 |
| ROE | 14.50 | 18.09 | 17.35 | 15.08 |
| Gross Margin | 51.24 | 50.72 | 49.29 | 51.05 |
| Operating Margin | 24.47 | 22.39 | 21.49 | 21.41 |
| EBITDA Margin | 32.43 | 30.44 | 28.96 | 28.82 |
| Net Profit Margin | 16.14 | 18.19 | 18.14 | 17.39 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| ROA | 3.37 | 1.91 | 2.51 | 3.00 | 2.35 |
| ROE | 5.12 | 2.92 | 3.87 | 4.90 | 3.50 |
| Gross Margin | 51.46 | 49.99 | 51.35 | 53.68 | 50.34 |
| Operating Margin | 28.46 | 19.85 | 24.19 | 27.88 | 23.74 |
| EBITDA Margin | 36.13 | 28.32 | 31.81 | 35.44 | 31.57 |
| Net Profit Margin | 22.76 | 13.53 | 16.42 | 18.05 | 15.66 |
Dividends
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Dividend Yield | 0.00 | 0.00 | 0.00 | 0.00 |
| Dividend Payout Ratio | 28.10 | 82.21 | 84.68 | 87.72 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Dividend Yield | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Dividend Payout Ratio | 43.87 | 76.56 | 178.98 | 79.28 | 2.60 |
Financial Statements
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Assets | 162,508,300.00 | 132,644,300.00 | 137,958,000.00 | 138,602,500.00 |
| Current Assets | 54,156,000.00 | 36,563,100.00 | 37,816,700.00 | 38,627,000.00 |
| Cash and Short-Term Investments | 29,837,700.00 | 16,336,200.00 | 15,380,900.00 | 18,542,300.00 |
| Cash and Cash Equivalents | 28,595,700.00 | 16,059,000.00 | 14,926,400.00 | 16,627,700.00 |
| Short-Term Investments | 1,242,000.00 | 277,200.00 | 454,500.00 | 1,914,600.00 |
| Net Receivables | 9,852,200.00 | 9,177,200.00 | 8,202,600.00 | 7,404,200.00 |
| Inventory | 11,689,800.00 | 9,081,100.00 | 12,564,700.00 | 10,354,400.00 |
| Other Current Assets | 2,776,300.00 | 1,968,600.00 | 1,668,500.00 | 2,326,100.00 |
| Non-Current Assets | 108,352,300.00 | 96,081,200.00 | 100,141,300.00 | 99,975,500.00 |
| Property, Plant, Equipment Net | 30,170,200.00 | 26,630,200.00 | 30,055,700.00 | 29,224,300.00 |
| Goodwill | 44,342,700.00 | 38,003,600.00 | 40,594,000.00 | 42,411,300.00 |
| Intangible Assets | 12,530,700.00 | 10,041,700.00 | 9,222,200.00 | 8,689,000.00 |
| Long-Term Investments | 579,900.00 | 531,300.00 | 551,000.00 | 498,100.00 |
| Non-Current Deferred Assets | 8,691,700.00 | 7,969,600.00 | 6,438,800.00 | 4,727,700.00 |
| Other Non-Current Assets | 12,037,100.00 | 12,904,800.00 | 13,279,600.00 | 14,425,100.00 |
| Liabilities | 62,927,800.00 | 52,500,500.00 | 54,630,200.00 | 54,584,900.00 |
| Current Liabilities | 49,389,200.00 | 41,005,100.00 | 40,540,400.00 | 38,866,200.00 |
| Payables and Expenses | 44,081,000.00 | 34,427,100.00 | 35,060,600.00 | 35,019,200.00 |
| Account Payables | 25,223,500.00 | 23,195,100.00 | 24,328,500.00 | 25,077,900.00 |
| Current Accrued Liabilities | 2,780,400.00 | 2,128,700.00 | 2,335,800.00 | 2,439,400.00 |
| Short-Term Debt | 1,276,400.00 | 1,298,100.00 | 1,056,900.00 | 877,600.00 |
| Other Current Liabilities | 4,031,800.00 | 5,279,900.00 | 4,422,900.00 | 2,969,400.00 |
| Non-Current Liabilities | 13,538,600.00 | 11,495,400.00 | 14,089,800.00 | 15,718,700.00 |
| Long-Term Debt | 2,176,300.00 | 2,203,000.00 | 2,788,100.00 | 2,253,500.00 |
| Other Non-Current Liabilities | 11,362,300.00 | 9,292,400.00 | 11,301,700.00 | 13,465,200.00 |
| Equity | 99,580,500.00 | 80,143,800.00 | 83,327,800.00 | 84,017,600.00 |
| Shareholders Equity | 98,642,100.00 | 78,969,300.00 | 81,955,600.00 | 82,643,000.00 |
| Capital Stock | 58,226,000.00 | 58,177,900.00 | 58,130,500.00 | 58,042,500.00 |
| Share Premium | 0 | 0 | 0 | 0 |
| Retained Earnings | 0 | 0 | 0 | 0 |
| Treasury Shares | 0 | 0 | 0 | 0 |
| Accumulated Other Comprehensive Income | 108,973,400.00 | 98,669,400.00 | 92,246,600.00 | 86,378,800.00 |
| Minority Interest | 938,400.00 | 1,174,500.00 | 1,372,200.00 | 1,374,600.00 |
| Debt | 3,452,700.00 | 3,501,100.00 | 3,845,000.00 | 3,131,100.00 |
| Common Shares Outstanding | 15,727,850.12 | 15,749,448.87 | 15,741,734.69 | 15,738,669.66 |
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Revenues | 89,452,700.00 | 79,736,900.00 | 79,708,800.00 | 72,854,300.00 |
| Cost Of Revenue | 43,615,100.00 | 39,291,600.00 | 40,422,100.00 | 35,659,700.00 |
| Interest Income | 1,623,900.00 | 1,121,400.00 | 964,300.00 | 1,144,100.00 |
| Interest Expense | 2,398,200.00 | 2,815,700.00 | 2,892,800.00 | 1,837,400.00 |
| Non-Interest Expense | 26,392,400.00 | 23,436,800.00 | 23,969,500.00 | 21,845,600.00 |
| Gross Profit | 45,837,600.00 | 40,445,300.00 | 39,286,700.00 | 37,194,600.00 |
| Operating Expenses | 24,330,800.00 | 21,672,600.00 | 21,884,000.00 | 20,004,200.00 |
| Selling, General and Administrative Expenses | 26,392,400.00 | 23,436,800.00 | 23,969,500.00 | 21,845,600.00 |
| Other Operating Expenses | -2,126,400.00 | -1,724,500.00 | -1,411,200.00 | -839,000.00 |
| Operating Income | 21,506,800.00 | 18,772,700.00 | 17,402,700.00 | 17,190,400.00 |
| EBT | 19,487,300.00 | 15,035,900.00 | 14,235,600.00 | 13,759,200.00 |
| Income Tax | 4,640,400.00 | 75,500.00 | -655,600.00 | 636,600.00 |
| Net Income Including Non-Controlling Interests | 14,846,900.00 | 14,960,400.00 | 14,891,200.00 | 13,122,600.00 |
| Net Income Non-Controlling Interests | -409,700.00 | -458,500.00 | -433,300.00 | -451,600.00 |
| Net Income | 14,437,200.00 | 14,501,900.00 | 14,457,900.00 | 12,671,000.00 |
| EBIT | 21,885,500.00 | 17,851,600.00 | 17,128,400.00 | 15,596,600.00 |
| Deprecation and Amortization | 7,126,400.00 | 6,417,900.00 | 5,956,300.00 | 5,396,700.00 |
| EBITDA | 29,011,900.00 | 24,269,500.00 | 23,084,700.00 | 20,993,300.00 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 |
| Diluted EPS | 0.00 | 0.00 | 0.00 | 0.00 |
| Average Shares Outstanding Basic | 15,734,500.00 | 15,744,800.00 | 15,741,900.00 | 15,736,900.00 |
| Average Shares Outstanding Diluted | 15,816,100.00 | 15,838,600.00 | 15,848,600.00 | 15,857,500.00 |
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Operating Cash Flow | 26,098,800.00 | 24,711,400.00 | 20,642,100.00 | 22,901,300.00 |
| Operating Net Income | 14,846,900.00 | 14,960,400.00 | 14,891,200.00 | 13,122,600.00 |
| Deprecation and Amortization | 7,126,400.00 | 6,417,900.00 | 5,956,300.00 | 5,396,700.00 |
| Deferred Income Tax | 4,914,800.00 | 253,800.00 | -316,000.00 | 853,200.00 |
| Share Based Compensation | 400,900.00 | 331,600.00 | 313,900.00 | 387,600.00 |
| Change in Working Capital | -165,000.00 | -296,100.00 | -2,683,900.00 | 2,999,400.00 |
| Other Operating Activities | -1,025,200.00 | 3,043,800.00 | 2,480,600.00 | 141,800.00 |
| Investing Cash Flow | -5,463,400.00 | -5,766,000.00 | -5,004,200.00 | -7,735,000.00 |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Net Purchase/Sale of PPE | -4,578,500.00 | -5,850,000.00 | -6,399,200.00 | -7,375,400.00 |
| Net Purchase/Sale of Investments Net | -888,600.00 | 136,400.00 | 1,413,000.00 | -241,300.00 |
| Net Purchase/Sale of Business | 10,300.00 | -52,800.00 | -33,000.00 | -133,300.00 |
| Other Investing Activities | -6,600.00 | 400.00 | 15,000.00 | 15,000.00 |
| Financing Cash Flow | -10,352,000.00 | -16,115,200.00 | -16,337,800.00 | -16,042,000.00 |
| Net Issuance/Repayment of Debt | -1,446,300.00 | -1,357,700.00 | -810,000.00 | -2,802,000.00 |
| Net Issuance/Repurchase of Equity | -450,100.00 | -104,500.00 | -30,300.00 | -35,100.00 |
| Dividends Paid | -4,056,400.00 | -11,921,900.00 | -12,242,300.00 | -11,115,300.00 |
| Other Financing Activities | -4,399,200.00 | -2,731,100.00 | -3,255,200.00 | -2,089,600.00 |
| Net Change in Cash | 10,283,400.00 | 2,830,200.00 | -699,900.00 | -875,700.00 |
| Cash at Beginning of Period | 16,059,000.00 | 14,852,100.00 | 16,597,200.00 | 17,090,300.00 |
| Cash at End of Period | 28,595,700.00 | 16,059,000.00 | 14,852,100.00 | 16,597,200.00 |
| Free Cash Flow | 21,349,700.00 | 18,707,300.00 | 14,109,000.00 | 15,224,200.00 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Assets | 140,754,995.00 | 142,157,543.00 | 147,298,979.00 | 162,508,300.00 | 147,286,361.00 |
| Current Assets | 41,940,170.00 | 40,791,956.00 | 43,550,960.00 | 54,156,000.00 | 42,672,930.00 |
| Cash and Short-Term Investments | 19,840,921.00 | 17,524,578.00 | 20,310,261.00 | 29,837,700.00 | 20,939,039.00 |
| Cash and Cash Equivalents | 18,309,248.00 | 16,404,025.00 | 19,118,354.00 | 28,595,700.00 | 19,784,362.00 |
| Short-Term Investments | 1,531,673.00 | 1,120,553.00 | 1,191,907.00 | 1,242,000.00 | 1,154,677.00 |
| Net Receivables | 8,878,621.00 | 8,823,377.00 | 8,898,195.00 | 9,852,200.00 | 8,559,126.00 |
| Inventory | 10,471,858.00 | 11,351,630.00 | 11,551,852.00 | 11,689,800.00 | 10,464,164.00 |
| Other Current Assets | 2,748,770.00 | 3,092,371.00 | 2,790,652.00 | 2,776,300.00 | 2,710,601.00 |
| Non-Current Assets | 98,814,825.00 | 101,365,587.00 | 103,748,019.00 | 108,352,300.00 | 104,613,431.00 |
| Property, Plant, Equipment Net | 26,398,876.00 | 27,478,831.00 | 28,487,341.00 | 30,170,200.00 | 28,767,577.00 |
| Goodwill | 40,509,726.00 | 41,680,327.00 | 42,422,817.00 | 44,342,700.00 | 41,893,397.00 |
| Intangible Assets | 10,798,183.00 | 11,357,982.00 | 11,844,986.00 | 12,530,700.00 | 11,552,331.00 |
| Long-Term Investments | 445,013.00 | 462,607.00 | 555,804.00 | 579,900.00 | 576,018.00 |
| Non-Current Deferred Assets | 9,140,164.00 | 8,882,165.00 | 8,244,428.00 | 8,691,700.00 | 9,138,239.00 |
| Other Non-Current Assets | 11,522,863.00 | 11,503,675.00 | 12,192,643.00 | 12,037,100.00 | 12,685,869.00 |
| Liabilities | 48,026,583.00 | 48,946,586.00 | 51,823,085.00 | 62,927,800.00 | 48,402,284.00 |
| Current Liabilities | 36,577,101.00 | 36,872,239.00 | 39,343,473.00 | 49,389,200.00 | 35,673,114.00 |
| Payables and Expenses | 30,842,401.00 | 31,036,058.00 | 34,394,046.00 | 44,081,000.00 | 30,960,707.00 |
| Account Payables | 19,324,761.00 | 19,883,312.00 | 22,591,114.00 | 25,223,500.00 | 21,071,847.00 |
| Current Accrued Liabilities | 2,316,966.00 | 2,136,546.00 | 2,073,375.00 | 2,780,400.00 | 2,531,598.00 |
| Short-Term Debt | 1,050,685.00 | 1,100,578.00 | 1,120,592.00 | 1,276,400.00 | 1,211,089.00 |
| Other Current Liabilities | 4,684,015.00 | 4,735,603.00 | 3,828,835.00 | 4,031,800.00 | 3,501,318.00 |
| Non-Current Liabilities | 11,449,482.00 | 12,074,347.00 | 12,479,612.00 | 13,538,600.00 | 12,729,170.00 |
| Long-Term Debt | 1,845,381.00 | 2,057,186.00 | 2,097,578.00 | 2,176,300.00 | 2,169,184.00 |
| Other Non-Current Liabilities | 9,604,101.00 | 10,017,161.00 | 10,382,034.00 | 11,362,300.00 | 10,559,986.00 |
| Equity | 92,728,412.00 | 93,210,957.00 | 95,475,894.00 | 99,580,500.00 | 98,884,077.00 |
| Shareholders Equity | 92,027,435.00 | 92,471,636.00 | 94,528,274.00 | 98,642,100.00 | 98,140,388.00 |
| Capital Stock | 58,275,696.00 | 58,275,696.00 | 58,275,087.00 | 58,226,000.00 | 58,226,036.00 |
| Share Premium | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 7,429,566.00 | 4,324,819.00 | 2,993,887.00 | 0 | 14,834,556.00 |
| Treasury Shares | 0 | 0 | 0 | 0 | 0 |
| Accumulated Other Comprehensive Income | 106,907,396.00 | 106,808,173.00 | 107,486,640.00 | 108,973,400.00 | 98,560,814.00 |
| Minority Interest | 700,977.00 | 739,321.00 | 947,620.00 | 938,400.00 | 743,689.00 |
| Debt | 2,896,066.00 | 3,157,764.00 | 3,218,170.00 | 3,452,700.00 | 3,380,273.00 |
| Common Shares Outstanding | 15,592,433.35 | 15,592,209.79 | 15,647,164.47 | 15,727,850.12 | 15,728,175.79 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Revenues | 20,847,262.00 | 20,090,194.00 | 22,497,378.00 | 27,035,449.00 | 22,096,739.00 |
| Cost Of Revenue | 10,120,005.00 | 10,046,123.00 | 10,945,732.00 | 12,523,523.00 | 10,972,603.00 |
| Interest Income | 389,716.00 | 249,477.00 | 564,187.00 | 20,481.00 | 502,458.00 |
| Interest Expense | 719,722.00 | 567,897.00 | 586,316.00 | 626,268.00 | 575,396.00 |
| Non-Interest Expense | 5,834,585.00 | 6,179,600.00 | 6,435,469.00 | 7,685,568.00 | 6,386,275.00 |
| Gross Profit | 10,727,257.00 | 10,044,071.00 | 11,551,646.00 | 14,511,926.00 | 11,124,136.00 |
| Operating Expenses | 5,456,493.00 | 5,821,609.00 | 5,921,841.00 | 6,781,489.00 | 5,937,655.00 |
| Selling, General and Administrative Expenses | 5,834,585.00 | 6,179,600.00 | 6,435,469.00 | 7,685,568.00 | 6,386,275.00 |
| Other Operating Expenses | -475,553.00 | -408,820.00 | -582,608.00 | -845,191.00 | -471,432.00 |
| Operating Income | 5,270,764.00 | 4,222,462.00 | 5,629,805.00 | 7,730,437.00 | 5,186,481.00 |
| Net Non-Operating Income | 81,706.00 | 147,547.00 | 0 | 0 | 67,978.00 |
| EBT | 5,213,892.00 | 3,419,676.00 | 4,856,345.00 | 6,910,572.00 | 4,669,619.00 |
| Income Tax | 350,172.00 | 629,110.00 | 1,051,696.00 | 1,886,043.00 | 1,103,318.00 |
| Net Income Including Non-Controlling Interests | 4,863,720.00 | 2,790,566.00 | 3,804,649.00 | 5,024,529.00 | 3,566,301.00 |
| Net Income Non-Controlling Interests | -118,592.00 | -72,844.00 | -110,703.00 | -144,187.00 | -106,028.00 |
| Net Income | 4,745,128.00 | 2,717,722.00 | 3,693,946.00 | 4,880,342.00 | 3,460,273.00 |
| EBIT | 5,933,614.00 | 3,987,573.00 | 5,442,661.00 | 7,536,840.00 | 5,245,015.00 |
| Deprecation and Amortization | 1,599,347.00 | 1,702,403.00 | 1,713,251.00 | 2,043,952.00 | 1,730,270.00 |
| EBITDA | 7,532,961.00 | 5,689,976.00 | 7,155,912.00 | 9,580,792.00 | 6,975,285.00 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Diluted EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Average Shares Outstanding Basic | 15,603,840.84 | 15,601,159.59 | 15,665,589.48 | 15,728,200.00 | 15,728,513.64 |
| Average Shares Outstanding Diluted | 15,670,832.23 | 15,673,137.26 | 15,739,011.50 | 15,809,800.00 | 15,814,776.05 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Operating Cash Flow | 6,918,986.00 | 3,050,040.00 | 1,203,972.00 | 13,914,043.00 | 8,108,432.00 |
| Operating Net Income | 4,863,720.00 | 2,790,566.00 | 3,804,649.00 | 5,024,529.00 | 3,566,301.00 |
| Deprecation and Amortization | 1,599,347.00 | 1,702,403.00 | 1,713,251.00 | 2,043,952.00 | 1,730,270.00 |
| Deferred Income Tax | 447,633.00 | 679,939.00 | 1,120,676.00 | 2,013,842.00 | 1,149,043.00 |
| Share Based Compensation | 99,999.00 | 107,141.00 | 98,966.00 | 113,659.00 | 102,759.00 |
| Change in Working Capital | 693,606.00 | -2,265,212.00 | -4,344,905.00 | 4,796,985.00 | 1,044,713.00 |
| Other Operating Activities | -785,319.00 | 35,203.00 | -1,188,665.00 | -78,924.00 | 515,346.00 |
| Investing Cash Flow | -1,169,993.00 | -961,261.00 | -784,447.00 | -1,470,681.00 | -1,134,031.00 |
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 |
| Net Purchase/Sale of PPE | -1,005,529.00 | -1,053,599.00 | -796,041.00 | -1,465,996.00 | -1,159,481.00 |
| Net Purchase/Sale of Investments Net | -411,267.00 | 91,166.00 | 51,245.00 | -11,436.00 | 32,060.00 |
| Net Purchase/Sale of Business | 241,824.00 | 57.00 | -40,270.00 | 6,927.00 | -186.00 |
| Other Investing Activities | 4,979.00 | 1,115.00 | 619.00 | -176.00 | -6,424.00 |
| Financing Cash Flow | -3,223,205.00 | -3,959,748.00 | -8,826,875.00 | -5,262,777.00 | -1,087,890.00 |
| Net Issuance/Repayment of Debt | -333,985.00 | -291,611.00 | -343,374.00 | -354,351.00 | -350,033.00 |
| Net Issuance/Repurchase of Equity | 27.00 | -774,602.00 | -1,032,828.00 | -100,031.00 | -228.00 |
| Dividends Paid | -2,081,745.00 | -2,080,560.00 | -6,611,438.00 | -3,868,896.00 | -89,948.00 |
| Other Financing Activities | -807,502.00 | -812,975.00 | -839,235.00 | -939,499.00 | -647,681.00 |
| Net Change in Cash | 2,525,788.00 | -1,870,969.00 | -8,407,350.00 | 7,180,585.00 | 5,886,511.00 |
| Cash at Beginning of Period | 16,404,025.00 | 19,118,354.00 | 28,595,666.00 | 19,784,362.00 | 14,154,434.00 |
| Cash at End of Period | 18,307,699.00 | 16,404,025.00 | 19,118,354.00 | 28,595,700.00 | 19,784,362.00 |
| Free Cash Flow | 5,875,042.00 | 1,961,837.00 | 375,821.00 | 12,394,931.00 | 6,922,430.00 |