Valuation Ratios

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Price to Earnings 194.72 28.00 5.01 -28.69 -1.17
Price to Sales 2.51 1.45 1.09 0.83 0.43
Book Value Per Common Share 22.57 23.00 22.72 18.34 21.47
Price to Book 1.55 0.99 1.36 0.95 0.25
Price to Operating Cash Flow 12.77 6.84 3.12 3.25 2.02
Price to Free Cash Flow 12.94 6.95 3.13 3.32 2.03
Enterprise Value to EBITDA
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-12-31 2023-03-31 2022-12-31 2022-03-31 2021-12-31 2021-03-31 2020-12-31
Price to Earnings 134.24 80.56 60.36 -409.29 241.67 32.07 -61.06 -204.00
Price to Sales 9.14 10.38 9.31 9.06 7.88 4.87 5.36 2.21
Book Value Per Common Share 23.82 23.58 23.17 22.57 22.44 22.73 23.00 23.09 22.72 17.60 18.34 19.50 21.47
Price to Book 1.41 1.71 1.75 1.55 1.28 1.28 0.99 1.00 1.36 1.73 0.95 0.52 0.25
Price to Operating Cash Flow 33.42 25.39 27.50 53.62 33.80 19.93 16.95 5.37
Price to Free Cash Flow 311.90 26.87 27.54 63.82 34.66 20.20 17.18 5.40
Enterprise Value to EBITDA

Earnings Data

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Earning YoY -77.78 -86.89
Revenue YoY -7.61 -46.26 33.82 86.43
EBITDA YoY
Net Profit YoY -76.44 -87.21
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-12-31 2023-03-31 2022-12-31 2022-03-31 2021-12-31 2021-03-31 2020-12-31
Earning YoY -50.00 -25.37 -83.33
Revenue YoY -5.86 -10.99 37.53 -12.36 -20.31 -21.25 30.53
EBITDA YoY -20.40
Net Profit YoY -51.35 -24.71 -82.97

Financial Strength

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Cash Per Common Share
Quick Ratio
Current Ratio 0.35 0.33 0.44 0.33 0.58
Debt to Equity 0.80 0.89 1.01 1.29 1.16
Long-Term Debt to Equity 0.60 0.69 0.76 0.95 1.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-12-31 2023-03-31 2022-12-31 2022-03-31 2021-12-31 2021-03-31 2020-12-31
Cash Per Common Share
Quick Ratio
Current Ratio 0.31 0.30 0.39 0.35 0.28 0.29 0.33 0.29 0.44 0.28 0.33 0.48 0.58
Debt to Equity 0.72 0.71 0.76 0.80 0.84 0.86 0.89 0.93 1.01 1.41 1.29 1.09 1.16
Long-Term Debt to Equity 0.53 0.52 0.56 0.60 0.66 0.67 0.69 0.73 0.76 0.96 0.95 0.89 1.00

Profitability

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
ROA 0.44 1.78 13.45 -1.34 -9.64
ROE 0.79 3.37 27.06 -3.08 -20.82
Gross Margin -98.84 -19.02 99.92 99.90 99.97
Operating Margin 2.17 11.44 29.85 -0.71 -41.76
EBITDA Margin
Net Profit Margin 1.32 5.19 21.80 -2.87 -36.31
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-12-31 2023-03-31 2022-12-31 2022-03-31 2021-12-31 2021-03-31 2020-12-31
ROA 0.59 1.23 1.59 -0.15 0.27 1.54 -1.13 -0.12
ROE 1.01 2.09 2.81 -0.28 0.50 2.98 -2.73 -0.25
Gross Margin 15.21 20.15 -60.51 5.20 -25.19 2.55 99.95 99.98
Operating Margin 12.98 19.49 21.97 1.95 7.89 24.79 -10.63 2.09
EBITDA Margin 29.72 35.15 15.75
Net Profit Margin 6.72 13.00 15.37 -2.08 3.24 15.15 -8.75 -1.13

Dividends

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Dividend Yield 0.00 0.00 0.00 0.00 0.00
Dividend Payout Ratio 129.81 53.03 9.14 -52.13 -2.83
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-12-31 2023-03-31 2022-12-31 2022-03-31 2021-12-31 2021-03-31 2020-12-31
Dividend Yield 0.00 0.00 0.00 0.00 0.00
Dividend Payout Ratio 7.68 64.98 24.05 -22.86 -159.36

Financial Statements

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Assets 13,010,050.00 13,619,414.00 14,118,039.00 13,896,528.00 13,150,845.00
   Current Assets 507,546.00 475,692.00 787,525.00 686,119.00 574,139.00
      Cash and Short-Term Investments 0 0 0 0 0
            Cash and Cash Equivalents 0 0 0 0 0
            Short-Term Investments 0 0 0 0 0
      Net Receivables 34,413.00 42,619.00 35,488.00 78,998.00 453,771.00
      Inventory 0 0 0 0 0
      Other Current Assets 473,133.00 433,073.00 752,037.00 607,121.00 120,368.00
   Non-Current Assets 12,502,504.00 13,143,722.00 13,330,514.00 13,210,409.00 12,576,706.00
      Property, Plant, Equipment Net 12,342,819.00 12,989,190.00 13,167,044.00 13,063,479.00 12,334,902.00
      Goodwill 0 0 0 0 0
      Intangible Assets 0 0 0 0 0
      Long-Term Investments 231,048.00 222,255.00 220,429.00 232,399.00 255,082.00
      Non-Current Deferred Assets 0 0 0 0 0
      Other Non-Current Assets -71,363.00 -67,723.00 -56,959.00 -85,469.00 -13,278.00
Liabilities 5,793,517.00 6,405,312.00 7,100,885.00 7,830,436.00 7,060,574.00
   Current Liabilities 1,445,927.00 1,452,091.00 1,774,909.00 2,068,117.00 983,054.00
      Payables and Expenses 481,591.00 446,340.00 539,331.00 482,063.00 370,252.00
            Account Payables 79,000.00 65,000.00 77,543.00 24,819.00 26,728.00
            Current Accrued Liabilities 402,591.00 381,340.00 461,788.00 457,244.00 343,524.00
      Short-Term Debt 492,624.00 538,954.00 556,137.00 455,950.00 265,178.00
      Other Current Liabilities 471,712.00 466,797.00 679,441.00 1,130,104.00 347,624.00
   Non-Current Liabilities 4,347,590.00 4,953,221.00 5,325,976.00 5,762,319.00 6,077,520.00
      Long-Term Debt 1,489,230.00 1,537,596.00 1,183,476.00 2,125,444.00 3,001,593.00
      Other Non-Current Liabilities 2,858,360.00 3,415,625.00 4,142,500.00 3,636,875.00 3,075,927.00
Equity 7,216,533.00 7,214,102.00 7,017,154.00 6,066,092.00 6,090,271.00
   Shareholders Equity 7,021,650.00 6,981,404.00 6,754,558.00 5,757,160.00 5,767,705.00
      Capital Stock 3,111.00 3,035.00 2,974.00 3,139.00 2,686.00
      Share Premium 5,909,373.00 5,846,541.00 5,838,848.00 6,371,398.00 6,195,497.00
      Retained Earnings 1,109,166.00 1,131,828.00 913,896.00 -617,377.00 -430,478.00
      Treasury Shares 0 0 -1,160.00 0 0
      Accumulated Other Comprehensive Income 0 0 0 0 0
   Minority Interest 194,883.00 232,698.00 262,596.00 308,932.00 322,566.00
Investments 231,048.00 222,255.00 220,429.00 232,399.00 255,082.00
Debt 1,489,230.00 1,537,596.00 1,183,476.00 2,125,444.00 3,001,593.00
Common Shares Outstanding 311,165.00 303,544.00 297,359.00 313,930.00 268,672.00
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Revenues 4,325,596.00 4,681,972.00 8,711,507.00 6,509,680.00 3,491,699.00
Cost Of Revenue 8,601,220.00 5,572,381.00 7,409.00 6,566.00 1,083.00
Gross Profit -4,275,624.00 -890,409.00 8,704,098.00 6,503,114.00 3,490,616.00
Operating Expenses -4,935,710.00 -2,762,736.00 6,130,193.00 6,479,254.00 4,444,063.00
   Selling, General and Administrative Expenses 882,066.00 844,769.00 559,910.00 436,414.00 234,013.00
   Other Operating Expenses -5,817,776.00 -3,607,505.00 5,570,283.00 6,042,840.00 4,210,050.00
Operating Income 660,086.00 1,872,327.00 2,573,905.00 23,860.00 -953,447.00
Net Non-Operating Income -684,574.00 -1,454,489.00 -99,241.00 -252,046.00 -704,446.00
Interest Expense 118,207.00 117,870.00 125,372.00 181,868.00 199,872.00
Net Interest -118,207.00 -117,870.00 -125,372.00 -181,868.00 -199,872.00
EBT -24,488.00 417,838.00 2,474,664.00 -228,186.00 -1,657,893.00
Income Tax 118,185.00 75,994.00 448,692.00 74,077.00 397,482.00
Equity Method Investments Income -281,361.00 -248,856.00 -72,327.00 -77,085.00 62,660.00
Net Income Including Non-Controlling Interests 93,697.00 341,844.00 2,025,972.00 -154,109.00 -1,260,411.00
Net Income Non-Controlling Interests -36,471.00 -98,925.00 -127,201.00 -32,790.00 -7,486.00
Net Income 57,226.00 242,919.00 1,898,771.00 -186,899.00 -1,267,897.00
EBIT 93,719.00 535,708.00 2,600,036.00 -46,318.00 -1,458,021.00
Deprecation and Amortization 0.00 0.00 0.00 0.00 0.00
EPS 0.00 0.00 0.01 -0.00 -0.00
Diluted EPS 0.00 0.00 0.01 -0.00 -0.00
Average Shares Outstanding Basic 309,489.00 299,793.00 307,202.00 308,146.00 272,433.00
Average Shares Outstanding Diluted 313,414.00 311,597.00 329,223.00 308,146.00 272,433.00
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Operating Cash Flow 849,288.00 994,721.00 3,051,342.00 1,660,116.00 735,640.00
   Operating Net Income 93,697.00 341,844.00 2,025,972.00 -154,109.00 -1,260,411.00
   Deprecation and Amortization 0 0 0 0 0
   Deferred Income Tax -118,640.00 74,407.00 447,845.00 -74,293.00 -397,482.00
   Share Based Compensation 66,462.00 59,519.00 35,443.00 20,437.00 23,317.00
   Change in Working Capital 73,851.00 -57,173.00 30,098.00 34,044.00 6,390.00
   Other Operating Activities 733,918.00 576,124.00 511,984.00 1,834,037.00 2,363,826.00
Investing Cash Flow -714,153.00 -1,140,767.00 -943,612.00 -710,784.00 -530,061.00
   Capital Expenditure -10,929.00 -16,382.00 -14,313.00 -35,623.00 -2,963.00
   Net Purchase/Sale of PPE -1,430.00 -15,935.00 -11,566.00 -32,431.00 -2,262.00
   Net Purchase/Sale of Investments Net 0 0 0 0 0
   Net Purchase/Sale of Business 0 0 0 0 0
   Net Loan & Lease Activity 97,984.00 126,483.00 103,244.00 88,910.00 106,867.00
   Other Investing Activities -799,778.00 -1,234,933.00 -1,020,977.00 -731,640.00 -631,703.00
Financing Cash Flow -135,135.00 146,046.00 -2,107,730.00 -949,332.00 -205,579.00
   Net Issuance/Repayment of Debt -24,000.00 382,026.00 34,631.00 -1,102,648.00 752,500.00
   Net Issuance/Repurchase of Equity 0 75,355.00 873,744.00 0 43,443.00
   Dividends Paid -74,286.00 -128,823.00 -173,537.00 -97,424.00 -35,920.00
   Other Financing Activities -36,849.00 -182,512.00 -2,842,568.00 250,740.00 -965,602.00
Net Change in Cash 0 0 0 0 0
   Cash at Beginning of Period 0 0 0 0 0
   Cash at End of Period 0 0 0 0 0
Free Cash Flow 838,359.00 978,339.00 3,037,029.00 1,624,493.00 732,677.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-12-31 2023-03-31 2022-12-31 2022-03-31 2021-12-31 2021-03-31 2020-12-31
Assets 12,912,057.00 12,766,073.00 13,049,321.00 13,010,050.00 13,223,618.00 13,548,494.00 13,619,414.00 13,871,146.00 14,118,039.00 13,803,500.00 13,896,528.00 13,000,382.00 13,150,845.00
   Current Assets 427,794.00 427,534.00 574,785.00 507,546.00 368,646.00 402,712.00 475,692.00 437,642.00 787,525.00 724,776.00 686,119.00 586,307.00 574,139.00
      Cash and Short-Term Investments 0 0 0 0 0 0 0 0 0 0 0 0 0
            Cash and Cash Equivalents 0 0 0 0 0 0 0 0 0 0 0 0 0
            Short-Term Investments 0 0 0 0 0 0 0 0 0 0 0 0 0
      Net Receivables 394,023.00 399,545.00 40,385.00 34,413.00 345,333.00 40,121.00 42,619.00 30,207.00 35,488.00 45,755.00 78,998.00 533,170.00 453,771.00
      Inventory 0 0 0 0 0 0 0 0 0 0 0 0 0
      Other Current Assets 33,771.00 27,989.00 534,400.00 473,133.00 23,313.00 362,591.00 433,073.00 407,435.00 752,037.00 679,021.00 607,121.00 53,137.00 120,368.00
   Non-Current Assets 12,484,263.00 12,338,539.00 12,474,536.00 12,502,504.00 12,854,972.00 13,145,782.00 13,143,722.00 13,433,504.00 13,330,514.00 13,078,724.00 13,210,409.00 12,414,075.00 12,576,706.00
      Property, Plant, Equipment Net 12,180,884.00 12,052,934.00 12,305,993.00 12,342,819.00 12,591,962.00 12,990,400.00 12,989,190.00 13,275,002.00 13,167,044.00 12,941,928.00 13,063,479.00 12,195,100.00 12,334,902.00
      Goodwill 0 0 0 0 0 0 0 0 0 0 0 0 0
      Intangible Assets 0 0 0 0 0 0 0 0 0 0 0 0 0
      Long-Term Investments 256,496.00 249,163.00 239,672.00 231,048.00 226,860.00 226,034.00 222,255.00 219,515.00 220,429.00 234,390.00 232,399.00 241,158.00 255,082.00
      Non-Current Deferred Assets 0 0 0 0 0 0 0 0 0 0 0 0 0
      Other Non-Current Assets 46,883.00 36,442.00 -71,129.00 -71,363.00 36,150.00 -70,652.00 -67,723.00 -61,013.00 -56,959.00 -97,594.00 -85,469.00 -22,183.00 -13,278.00
Liabilities 5,394,450.00 5,281,566.00 5,640,538.00 5,793,517.00 6,042,286.00 6,276,618.00 6,405,312.00 6,700,754.00 7,100,885.00 8,074,816.00 7,830,436.00 6,772,433.00 7,060,574.00
   Current Liabilities 1,386,040.00 1,404,729.00 1,485,346.00 1,445,927.00 1,323,955.00 1,382,903.00 1,452,091.00 1,497,541.00 1,774,909.00 2,551,052.00 2,068,117.00 1,221,328.00 983,054.00
      Payables and Expenses 831,790.00 824,079.00 427,393.00 481,591.00 774,228.00 408,664.00 446,340.00 401,769.00 539,331.00 409,461.00 482,063.00 392,753.00 370,252.00
            Account Payables 61,087.00 39,901.00 118,262.00 79,000.00 37,096.00 93,707.00 65,000.00 83,685.00 77,543.00 67,769.00 24,819.00 41,990.00 26,728.00
            Current Accrued Liabilities 301,590.00 295,014.00 309,131.00 402,591.00 284,309.00 314,957.00 381,340.00 318,084.00 461,788.00 341,692.00 457,244.00 350,763.00 343,524.00
      Short-Term Debt 509,402.00 514,292.00 514,441.00 492,624.00 505,652.00 534,463.00 538,954.00 552,806.00 556,137.00 455,409.00 455,950.00 264,858.00 265,178.00
      Other Current Liabilities 44,848.00 66,358.00 543,512.00 471,712.00 44,075.00 439,776.00 466,797.00 542,966.00 679,441.00 1,686,182.00 1,130,104.00 563,717.00 347,624.00
   Non-Current Liabilities 4,008,410.00 3,876,837.00 4,155,192.00 4,347,590.00 4,718,331.00 4,893,715.00 4,953,221.00 5,203,213.00 5,325,976.00 5,523,764.00 5,762,319.00 5,551,105.00 6,077,520.00
      Long-Term Debt 3,060,847.00 2,977,387.00 1,285,380.00 1,489,230.00 3,770,924.00 1,510,109.00 1,537,596.00 1,312,046.00 1,183,476.00 1,959,944.00 2,125,444.00 2,568,686.00 3,001,593.00
      Other Non-Current Liabilities 947,563.00 899,450.00 2,869,812.00 2,858,360.00 947,407.00 3,383,606.00 3,415,625.00 3,891,167.00 4,142,500.00 3,563,820.00 3,636,875.00 2,982,419.00 3,075,927.00
Equity 7,517,607.00 7,484,507.00 7,408,783.00 7,216,533.00 7,181,332.00 7,271,876.00 7,214,102.00 7,170,392.00 7,017,154.00 5,728,684.00 6,066,092.00 6,227,949.00 6,090,271.00
   Shareholders Equity 7,345,816.00 7,305,622.00 7,218,374.00 7,021,650.00 6,979,962.00 7,050,853.00 6,981,404.00 6,911,364.00 6,754,558.00 5,473,786.00 5,757,160.00 5,874,687.00 5,767,705.00
      Capital Stock 3,083.00 3,098.00 3,115.00 3,111.00 3,110.00 3,102.00 3,035.00 2,993.00 2,974.00 3,110.00 3,139.00 3,011.00 2,686.00
      Share Premium 5,854,090.00 5,867,226.00 5,902,893.00 5,909,373.00 5,894,786.00 5,879,578.00 5,846,541.00 5,806,031.00 5,838,848.00 6,266,506.00 6,371,398.00 6,317,653.00 6,195,497.00
      Retained Earnings 1,488,643.00 1,435,298.00 1,312,366.00 1,109,166.00 1,082,066.00 1,168,173.00 1,131,828.00 1,102,340.00 913,896.00 -795,830.00 -617,377.00 -445,977.00 -430,478.00
      Treasury Shares 0 0 0 0 0 0 0 0 -1,160.00 0 0 0 0
      Accumulated Other Comprehensive Income 0 0 0 0 0 0 0 0 0 0 0 0 0
   Minority Interest 171,791.00 178,885.00 190,409.00 194,883.00 201,370.00 221,023.00 232,698.00 259,028.00 262,596.00 254,898.00 308,932.00 353,262.00 322,566.00
Investments 0 0 239,672.00 231,048.00 0 226,034.00 222,255.00 219,515.00 220,429.00 234,390.00 232,399.00 241,158.00 255,082.00
Debt 3,570,249.00 3,491,679.00 1,285,380.00 1,489,230.00 4,276,576.00 1,510,109.00 1,537,596.00 1,312,046.00 1,183,476.00 1,959,944.00 2,125,444.00 2,568,686.00 3,001,593.00
Net Debt 1,307,220.00 1,098,669.00 0 0 1,622,316.00 0 0 0 0 0 0 0 0
Common Shares Outstanding 308,385.00 309,869.00 311,584.00 311,165.00 311,031.00 310,170.00 303,544.00 299,321.00 297,359.00 311,020.00 313,930.00 301,190.00 268,672.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-09-30 2024-03-31 2023-03-31 2022-03-31 2021-03-31
Revenues 1,133,481.00 1,204,043.00 1,352,707.00 983,580.00 1,122,271.00 1,408,348.00 1,788,429.00 1,370,164.00
Cost Of Revenue 961,080.00 961,385.00 2,171,259.00 932,400.00 1,404,977.00 1,372,468.00 898.00 219.00
Interest Expense 18,232.00 19,954.00 23,368.00 28,278.00 30,187.00 25,700.00 37,713.00 42,743.00
Net Interest 0 0 -23,368.00 0 -30,187.00 -25,700.00 -37,713.00 -42,743.00
Non-Interest Expense 108,012.00 109,171.00 0 116,771.00 0 0 0 0
Gross Profit 172,401.00 242,658.00 -818,552.00 51,180.00 -282,706.00 35,880.00 1,787,531.00 1,369,945.00
Operating Expenses 68,557.00 70,745.00 -1,090,024.00 64,810.00 -466,244.00 -910,819.00 1,992,130.00 1,275,405.00
   Selling, General and Administrative Expenses 108,012.00 109,171.00 241,015.00 116,771.00 228,134.00 222,440.00 106,279.00 86,480.00
   Other Operating Expenses -39,455.00 -38,426.00 -1,331,039.00 -51,961.00 -694,378.00 -1,133,259.00 1,885,851.00 1,188,925.00
Operating Income 103,844.00 171,913.00 271,472.00 -13,630.00 183,538.00 946,699.00 -204,599.00 94,540.00
Net Non-Operating Income 0 0 2,394.00 0 -125,218.00 -623,314.00 -23,189.00 -108,590.00
EBT 128,940.00 214,763.00 273,866.00 -9,075.00 58,320.00 323,385.00 -227,788.00 -14,050.00
Income Tax 43,330.00 48,190.00 54,400.00 1,212.00 10,033.00 62,183.00 53,092.00 2,946.00
Equity Method Investments Income 0 0 -85,983.00 0 -70,041.00 -53,043.00 -25,178.00 -18,694.00
Net Income Including Non-Controlling Interests 85,610.00 166,573.00 219,466.00 -10,287.00 48,287.00 261,202.00 -174,696.00 -11,104.00
Net Income Non-Controlling Interests -9,431.00 -9,988.00 -11,495.00 -10,157.00 -11,942.00 -47,771.00 18,277.00 -4,395.00
Net Income 76,179.00 156,585.00 207,971.00 -20,444.00 36,345.00 213,431.00 -156,419.00 -15,499.00
EBIT 147,172.00 234,717.00 297,234.00 19,203.00 88,507.00 349,085.00 -190,075.00 28,693.00
Deprecation and Amortization 189,724.00 188,531.00 0.00 135,677.00 0.00 0.00 0.00 0.00
EBITDA 336,896.00 423,248.00 0 154,880.00 0 0 0 0
EPS 0.00 0.00 0.00 -0.00 0.00 0.00 -0.00 -0.00
Diluted EPS 0.00 0.00 0.00 -0.00 0.00 0.00 -0.00 -0.00
Average Shares Outstanding Basic 308,763.00 310,323.00 311,328.00 311,025.00 304,943.00 296,763.00 314,081.00 296,746.00
Average Shares Outstanding Diluted 311,034.00 313,184.00 314,798.00 311,025.00 312,503.00 311,846.00 314,081.00 296,746.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-09-30 2024-03-31 2023-03-31 2022-03-31 2021-03-31
Operating Cash Flow 310,090.00 492,358.00 457,739.00 166,177.00 261,610.00 343,902.00 565,673.00 563,731.00
   Operating Net Income 85,610.00 166,573.00 219,466.00 17,471.00 48,287.00 261,202.00 -174,696.00 -11,104.00
   Deprecation and Amortization 189,724.00 188,531.00 0 135,677.00 0 0 0 0
   Deferred Income Tax 43,282.00 49,013.00 53,462.00 8,907.00 9,962.00 62,149.00 -57,383.00 -2,946.00
   Share Based Compensation 15,501.00 15,855.00 15,145.00 16,065.00 16,077.00 13,018.00 4,649.00 5,642.00
   Change in Working Capital 8,978.00 116,475.00 -70,265.00 -10,615.00 -57,004.00 -82,335.00 -30,057.00 -2,610.00
   Other Operating Activities -33,005.00 -44,089.00 239,931.00 -1,328.00 244,288.00 89,868.00 823,160.00 574,749.00
Investing Cash Flow -448,809.00 -197,489.00 -207,891.00 -174,126.00 -226,810.00 -350,804.00 -215,117.00 -122,975.00
   Capital Expenditure 0 0 -604.00 0 -6,500.00 -4,631.00 -7,530.00 -3,336.00
   Net Purchase/Sale of PPE -276,853.00 -27,209.00 -29.00 -26,555.00 -6,137.00 -4,540.00 -7,335.00 -3,336.00
   Net Purchase/Sale of Investments Net 0 0 0 0 0 0 0 0
   Net Purchase/Sale of Business 0 0 0 0 0 0 0 0
   Net Loan & Lease Activity 97,984.00 126,483.00 103,244.00 88,910.00 106,867.00
   Other Investing Activities -171,956.00 -170,280.00 -211,768.00 -147,571.00 -242,149.00 -374,513.00 -206,289.00 -140,330.00
Financing Cash Flow 138,719.00 -294,869.00 -249,848.00 7,949.00 -34,800.00 6,902.00 -350,556.00 -440,756.00
   Net Issuance/Repayment of Debt 208,200.00 -187,787.00 -89,100.00 30,700.00 -1,900.00 145,214.00 387,700.00 -873,800.00
   Net Issuance/Repurchase of Equity -51,355.00 -74,872.00 10,094.00 0 0 75,356.00 100,045.00 0
   Dividends Paid 0 0 -15,969.00 0 -23,617.00 -51,339.00 -35,757.00 -24,699.00
   Other Financing Activities -18,126.00 -32,210.00 -154,873.00 -22,751.00 -9,283.00 -162,329.00 -802,544.00 457,743.00
Net Change in Cash 0 0 0 0 0 0 0 0
   Cash at Beginning of Period 0 0 0 0 0 0 0 0
   Cash at End of Period 0 0 0 0 0 0 0 0
Free Cash Flow 33,237.00 465,149.00 457,135.00 139,622.00 255,110.00 339,271.00 558,143.00 560,395.00