ARCC
Valuation Ratios
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Price to Earnings | 8.97 | 7.28 | 15.26 | 6.04 |
| Price to Sales | 5.63 | |||
| Book Value Per Common Share | 41.01 | 39.29 | 36.82 | 18.95 |
| Price to Book | 0.53 | 0.51 | 0.50 | 1.12 |
| Price to Operating Cash Flow | -6.42 | 21.72 | -6.77 | -3.84 |
| Price to Free Cash Flow | -3.84 | |||
| Enterprise Value to EBITDA |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Price to Earnings | 14.08 | 24.95 | 61.56 | 11.02 | 16.28 | 27.39 | 9.59 | 16.63 | 35.14 | 19.63 | |||
| Price to Sales | |||||||||||||
| Book Value Per Common Share | 20.00 | 19.88 | 19.81 | 41.01 | 19.77 | 19.63 | 19.53 | 39.29 | 19.01 | 18.59 | 18.44 | 36.82 | 18.57 |
| Price to Book | 1.02 | 1.10 | 1.12 | 0.53 | 1.06 | 1.06 | 1.07 | 0.51 | 1.02 | 1.01 | 0.99 | 0.50 | 0.91 |
| Price to Operating Cash Flow | -10.98 | -29.14 | -50.10 | -6.91 | -9.38 | -586.48 | 12.26 | 12.34 | 11.19 | -8.31 | |||
| Price to Free Cash Flow | |||||||||||||
| Enterprise Value to EBITDA |
Earnings Data
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Earning YoY | -11.27 | 127.27 | -65.53 | |
| Revenue YoY | ||||
| EBITDA YoY | ||||
| Net Profit YoY | 0.00 | 153.67 | -61.71 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Earning YoY | 64.77 | 144.44 | 48.44 | 68.42 | 79.65 | 117.31 | -39.53 | ||||||
| Revenue YoY | |||||||||||||
| EBITDA YoY | |||||||||||||
| Net Profit YoY | 67.11 | 149.79 | 51.10 | 71.71 | 82.10 | 119.06 | -34.74 |
Financial Strength
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Cash Per Common Share | 4.29 | 3.55 | 2.63 | |
| Quick Ratio | ||||
| Current Ratio | ||||
| Debt to Equity | 1.87 | 2.09 | 2.41 | 1.35 |
| Long-Term Debt to Equity |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash Per Common Share | 3.41 | 2.31 | 2.64 | 3.98 | 3.51 | 4.23 | 3.10 | 3.38 | 3.25 | 2.85 | 2.87 | 2.53 | 0.58 |
| Quick Ratio | |||||||||||||
| Current Ratio | |||||||||||||
| Debt to Equity | 1.95 | 1.87 | 1.83 | 1.87 | 1.89 | 1.93 | 1.94 | 2.09 | 2.12 | 2.19 | 2.26 | 2.41 | 1.34 |
| Long-Term Debt to Equity |
Profitability
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| ROA | 2.94 | 3.07 | 1.28 | 7.52 |
| ROE | 8.46 | 9.48 | 4.38 | 17.67 |
| Gross Margin | ||||
| Operating Margin | ||||
| EBITDA Margin | ||||
| Net Profit Margin | 93.39 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROA | 1.93 | 1.20 | 0.50 | 2.30 | 1.53 | 0.91 | 2.29 | 1.28 | 0.59 | 1.93 | |||
| ROE | 5.69 | 3.45 | 1.41 | 6.64 | 4.50 | 2.68 | 7.16 | 4.08 | 1.91 | 4.51 | |||
| Gross Margin | |||||||||||||
| Operating Margin | |||||||||||||
| EBITDA Margin | |||||||||||||
| Net Profit Margin |
Dividends
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Dividend Yield | 0.00 | |||
| Dividend Payout Ratio | 44.29 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | |||||||||||||
| Dividend Payout Ratio |
Financial Statements
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Assets | 51,735,000.00 | 49,559,000.00 | 46,706,000.00 | 20,843,000.00 |
| Cash and Short-Term Investments | 2,677,000.00 | 1,967,000.00 | 1,311,000.00 | 0 |
| Cash and Cash Equivalents | 2,677,000.00 | 1,967,000.00 | 1,311,000.00 | 372,000.00 |
| Short-Term Investments | 0 | 0 | 0 | 0 |
| Net Receivables | 516,000.00 | 261,000.00 | 176,000.00 | 222,000.00 |
| Inventory | 0 | 0 | 0 | 0 |
| Other Current Assets | 0 | 0 | 0 | 0 |
| Property, Plant, Equipment Net | 0 | 10,000.00 | 20,000.00 | 27,000.00 |
| Goodwill | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 20,009,000.00 |
| Non-Current Deferred Assets | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 |
| Liabilities | 33,739,000.00 | 33,501,000.00 | 32,999,000.00 | 11,975,000.00 |
| Payables and Expenses | 0 | 0 | 0 | 0 |
| Account Payables | 0 | 0 | 0 | 316,000.00 |
| Current Accrued Liabilities | 0 | 0 | 0 | 0 |
| Short-Term Debt | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 0 | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 | 11,137,000.00 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 |
| Equity | 17,996,000.00 | 16,058,000.00 | 13,707,000.00 | 8,868,000.00 |
| Shareholders Equity | 27,562,000.00 | 22,864,000.00 | 19,108,000.00 | 8,868,000.00 |
| Capital Stock | 1,000.00 | 1,000.00 | 1,000.00 | 0 |
| Share Premium | 12,502,000.00 | 10,738,000.00 | 9,556,000.00 | 8,553,000.00 |
| Retained Earnings | 1,224,000.00 | 714,000.00 | 0 | 315,000.00 |
| Treasury Shares | 0 | 0 | 0 | 0 |
| Accumulated Other Comprehensive Income | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 |
| Debt | 13,727,000.00 | 23,785,000.00 | 24,451,000.00 | 11,137,000.00 |
| Net Debt | 11,050,000.00 | 21,818,000.00 | 23,140,000.00 | 10,722,000.00 |
| Common Shares Outstanding | 672,000.00 | 582,000.00 | 519,000.00 | 468,000.00 |
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Revenues | 0 | 0 | 0 | 1,678,000.00 |
| Cost Of Revenue | 35,000.00 | 23,000.00 | 30,000.00 | 0 |
| Interest Income | 0 | 0 | 0 | 1,247,000.00 |
| Interest Expense | 2,921,000.00 | 2,742,000.00 | 1,657,000.00 | 372,000.00 |
| Non-Interest Expense | 0 | 0 | 0 | 39,000.00 |
| Operating Expenses | 0 | 0 | 0 | 82,000.00 |
| Selling, General and Administrative Expenses | 48,000.00 | 52,000.00 | 47,000.00 | 39,000.00 |
| Other Operating Expenses | 0 | 0 | 0 | 43,000.00 |
| EBT | 0 | 0 | 0 | 1,596,000.00 |
| Income Tax | 0.00 | 0.00 | 0.00 | 29,000.00 |
| Net Income Including Non-Controlling Interests | 0 | 0 | 0 | 1,567,000.00 |
| Net Income | 1,522,000.00 | 1,522,000.00 | 600,000.00 | 1,567,000.00 |
| Deprecation and Amortization | 17,000.00 | 18,000.00 | 13,000.00 | 0 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 |
| Diluted EPS | 0.00 | 0.00 | 0.00 | 0.00 |
| Average Shares Outstanding Basic | 624,000.00 | 554,000.00 | 498,000.00 | 446,000.00 |
| Average Shares Outstanding Diluted | 624,000.00 | 575,000.00 | 518,000.00 | 446,000.00 |
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Operating Cash Flow | -2,128,000.00 | 511,000.00 | -1,359,000.00 | -2,459,000.00 |
| Operating Net Income | 2,159,000.00 | 2,352,000.00 | 953,000.00 | 1,567,000.00 |
| Deprecation and Amortization | 17,000.00 | 18,000.00 | 13,000.00 | 0 |
| Deferred Income Tax | 0 | 0 | 0 | 0 |
| Share Based Compensation | 0 | 0 | 0 | 0 |
| Change in Working Capital | 73,000.00 | 122,000.00 | -36,000.00 | 208,000.00 |
| Other Operating Activities | -4,377,000.00 | -1,981,000.00 | -2,289,000.00 | -4,234,000.00 |
| Investing Cash Flow | 0 | 0 | 0 | 0 |
| Capital Expenditure | 0.00 | 0.00 | 0.00 | 0 |
| Net Purchase/Sale of PPE | 0 | 0 | 0 | 0 |
| Net Purchase/Sale of Investments Net | 0 | 0 | 0 | 0 |
| Net Purchase/Sale of Business | 0 | 0 | 0 | 0 |
| Other Investing Activities | 0 | 0 | 0 | 0 |
| Financing Cash Flow | 2,424,000.00 | -284,000.00 | 1,210,000.00 | 2,619,000.00 |
| Net Issuance/Repayment of Debt | 24,216,000.00 | 10,773,000.00 | 14,768,000.00 | 2,558,000.00 |
| Net Issuance/Repurchase of Equity | 1,364,000.00 | 1,155,000.00 | 1,001,000.00 | 819,000.00 |
| Dividends Paid | 1,139,000.00 | 1,031,000.00 | 912,000.00 | -694,000.00 |
| Other Financing Activities | -24,295,000.00 | -13,243,000.00 | -15,471,000.00 | -64,000.00 |
| Net Change in Cash | 296,000.00 | 227,000.00 | -149,000.00 | 160,000.00 |
| Cash at Beginning of Period | 564,000.00 | 337,000.00 | 486,000.00 | 326,000.00 |
| Cash at End of Period | 860,000.00 | 564,000.00 | 337,000.00 | 486,000.00 |
| Free Cash Flow | 0 | 0 | 0 | -2,459,000.00 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | 52,212,000.00 | 50,063,000.00 | 48,323,000.00 | 51,735,000.00 | 50,718,000.00 | 50,277,000.00 | 49,266,000.00 | 49,559,000.00 | 48,404,000.00 | 47,639,000.00 | 47,400,000.00 | 46,706,000.00 | 22,038,000.00 |
| Cash and Short-Term Investments | 2,364,000.00 | 1,585,000.00 | 1,783,000.00 | 2,677,000.00 | 2,156,000.00 | 2,551,000.00 | 1,833,000.00 | 1,967,000.00 | 1,783,000.00 | 1,543,000.00 | 1,535,000.00 | 1,311,000.00 | 286,000.00 |
| Cash and Cash Equivalents | 2,364,000.00 | 1,585,000.00 | 1,783,000.00 | 2,677,000.00 | 2,156,000.00 | 2,551,000.00 | 1,833,000.00 | 1,967,000.00 | 1,783,000.00 | 1,543,000.00 | 1,535,000.00 | 1,311,000.00 | 286,000.00 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Receivables | 631,000.00 | 306,000.00 | 272,000.00 | 516,000.00 | 382,000.00 | 331,000.00 | 464,000.00 | 261,000.00 | 259,000.00 | 186,000.00 | 187,000.00 | 176,000.00 | 160,000.00 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Property, Plant, Equipment Net | 0 | 0 | 0 | 0 | 7,000.00 | 8,000.00 | 9,000.00 | 10,000.00 | 13,000.00 | 15,000.00 | 18,000.00 | 20,000.00 | 21,000.00 |
| 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-Current Deferred Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Liabilities | 34,518,000.00 | 32,637,000.00 | 31,233,000.00 | 33,739,000.00 | 33,181,000.00 | 33,132,000.00 | 32,504,000.00 | 33,501,000.00 | 32,908,000.00 | 32,714,000.00 | 32,874,000.00 | 32,999,000.00 | 12,602,000.00 |
| Payables and Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Account Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Accrued Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 17,694,000.00 | 17,426,000.00 | 17,090,000.00 | 17,996,000.00 | 17,537,000.00 | 17,145,000.00 | 16,762,000.00 | 16,058,000.00 | 15,496,000.00 | 14,925,000.00 | 14,526,000.00 | 13,707,000.00 | 9,436,000.00 |
| Shareholders Equity | 14,322,000.00 | 14,034,000.00 | 13,672,000.00 | 27,562,000.00 | 12,773,000.00 | 12,364,000.00 | 11,872,000.00 | 22,864,000.00 | 10,815,000.00 | 10,354,000.00 | 10,049,000.00 | 19,108,000.00 | 9,436,000.00 |
| Capital Stock | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 0 |
| Share Premium | 13,470,000.00 | 13,244,000.00 | 12,906,000.00 | 12,502,000.00 | 12,044,000.00 | 11,721,000.00 | 11,251,000.00 | 10,738,000.00 | 10,505,000.00 | 10,273,000.00 | 10,033,000.00 | 9,556,000.00 | 9,370,000.00 |
| Retained Earnings | 1,155,000.00 | 1,081,000.00 | 1,103,000.00 | 1,224,000.00 | 1,104,000.00 | 1,008,000.00 | 936,000.00 | 714,000.00 | 507,000.00 | 248,000.00 | 0 | 0 | 0 |
| Treasury Shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated Other Comprehensive Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5,000.00 | 0 | 0 |
| Debt | 30,194,000.00 | 27,205,000.00 | 26,842,000.00 | 13,727,000.00 | 27,013,000.00 | 25,934,000.00 | 23,405,000.00 | 23,785,000.00 | 23,054,000.00 | 22,766,000.00 | 22,356,000.00 | 24,451,000.00 | 23,665,000.00 |
| Net Debt | 27,830,000.00 | 25,620,000.00 | 25,059,000.00 | 11,050,000.00 | 24,857,000.00 | 23,383,000.00 | 21,572,000.00 | 21,818,000.00 | 21,271,000.00 | 21,223,000.00 | 20,821,000.00 | 23,140,000.00 | 23,379,000.00 |
| Common Shares Outstanding | 716,000.00 | 706,000.00 | 690,000.00 | 672,000.00 | 646,000.00 | 630,000.00 | 608,000.00 | 582,000.00 | 569,000.00 | 557,000.00 | 545,000.00 | 519,000.00 | 508,000.00 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cost Of Revenue | 0 | 0 | 0 | 35,000.00 | 0 | 0 | 0 | 23,000.00 | 0 | 0 | 0 | 0 |
| Selling, General and Administrative Expenses | 28,000.00 | 17,000.00 | 8,000.00 | -23,000.00 | 37,000.00 | 23,000.00 | 11,000.00 | -30,000.00 | 42,000.00 | 27,000.00 | 13,000.00 | 20,000.00 |
| Interest Expense | 1,971,000.00 | 1,254,000.00 | 626,000.00 | -1,449,000.00 | 2,208,000.00 | 1,446,000.00 | 716,000.00 | -1,231,000.00 | 2,015,000.00 | 1,315,000.00 | 643,000.00 | 314,000.00 |
| EBT | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Tax | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net Income | 1,006,000.00 | 602,000.00 | 241,000.00 | -863,000.00 | 1,165,000.00 | 771,000.00 | 449,000.00 | -474,000.00 | 1,109,000.00 | 609,000.00 | 278,000.00 | 426,000.00 |
| Deprecation and Amortization | 12,000.00 | 8,000.00 | 4,000.00 | -10,000.00 | 14,000.00 | 9,000.00 | 4,000.00 | -8,000.00 | 12,000.00 | 9,000.00 | 5,000.00 | 8,000.00 |
| EPS | 0.00 | 0.00 | 0.00 | -0.00 | 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 | 0.00 | 0.00 | 0.00 | 0.00 |
| Average Shares Outstanding Basic | 694,000.00 | 686,000.00 | 676,000.00 | 688,000.00 | 614,000.00 | 603,000.00 | 591,000.00 | 593,000.00 | 548,000.00 | 541,000.00 | 534,000.00 | 492,000.00 |
| Average Shares Outstanding Diluted | 694,000.00 | 686,000.00 | 676,000.00 | 688,000.00 | 614,000.00 | 603,000.00 | 591,000.00 | 616,000.00 | 568,000.00 | 561,000.00 | 555,000.00 | 512,000.00 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -1,290,000.00 | -517,000.00 | -299,000.00 | 1,092,000.00 | -1,860,000.00 | -1,339,000.00 | -21,000.00 | -2,055,000.00 | 870,000.00 | 824,000.00 | 872,000.00 | -999,000.00 |
| Operating Net Income | 1,438,000.00 | 902,000.00 | 405,000.00 | -1,356,000.00 | 1,697,000.00 | 1,138,000.00 | 680,000.00 | -699,000.00 | 1,687,000.00 | 961,000.00 | 403,000.00 | 426,000.00 |
| Deprecation and Amortization | 12,000.00 | 8,000.00 | 4,000.00 | -10,000.00 | 14,000.00 | 9,000.00 | 4,000.00 | -8,000.00 | 12,000.00 | 9,000.00 | 5,000.00 | 8,000.00 |
| Deferred Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | -30,000.00 | 20,000.00 | -111,000.00 | -46,000.00 | 50,000.00 | 58,000.00 | 11,000.00 | 16,000.00 | 89,000.00 | 16,000.00 | 1,000.00 | -46,000.00 |
| Other Operating Activities | -2,710,000.00 | -1,447,000.00 | -597,000.00 | 2,504,000.00 | -3,621,000.00 | -2,544,000.00 | -716,000.00 | -1,364,000.00 | -918,000.00 | -162,000.00 | 463,000.00 | -1,387,000.00 |
| Investing Cash Flow | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditure | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net Purchase/Sale of PPE | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Purchase/Sale of Investments Net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Purchase/Sale of Business | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing Activities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Financing Cash Flow | 1,684,000.00 | 321,000.00 | 181,000.00 | -986,000.00 | 1,920,000.00 | 1,456,000.00 | 34,000.00 | 1,858,000.00 | -602,000.00 | -708,000.00 | -832,000.00 | 875,000.00 |
| Net Issuance/Repayment of Debt | 16,966,000.00 | 8,900,000.00 | 5,042,000.00 | -13,809,000.00 | 19,340,000.00 | 14,075,000.00 | 4,610,000.00 | -3,653,000.00 | 6,713,000.00 | 4,636,000.00 | 3,077,000.00 | 9,238,000.00 |
| Net Issuance/Repurchase of Equity | 906,000.00 | 702,000.00 | 384,000.00 | -91,000.00 | 836,000.00 | 534,000.00 | 85,000.00 | -945,000.00 | 919,000.00 | 704,000.00 | 477,000.00 | 808,000.00 |
| Dividends Paid | 945,000.00 | 625,000.00 | 308,000.00 | -516,000.00 | 836,000.00 | 549,000.00 | 270,000.00 | -512,000.00 | 768,000.00 | 514,000.00 | 261,000.00 | 665,000.00 |
| Other Financing Activities | -17,133,000.00 | -9,906,000.00 | -5,553,000.00 | 13,430,000.00 | -19,092,000.00 | -13,702,000.00 | -4,931,000.00 | 6,968,000.00 | -9,002,000.00 | -6,562,000.00 | -4,647,000.00 | -9,836,000.00 |
| Net Change in Cash | 394,000.00 | -196,000.00 | -118,000.00 | 106,000.00 | 60,000.00 | 117,000.00 | 13,000.00 | -197,000.00 | 268,000.00 | 116,000.00 | 40,000.00 | -124,000.00 |
| Cash at Beginning of Period | 860,000.00 | 860,000.00 | 860,000.00 | 754,000.00 | 564,000.00 | 564,000.00 | 564,000.00 | 761,000.00 | 337,000.00 | 337,000.00 | 337,000.00 | 486,000.00 |
| Cash at End of Period | 1,254,000.00 | 664,000.00 | 742,000.00 | 860,000.00 | 624,000.00 | 681,000.00 | 577,000.00 | 564,000.00 | 605,000.00 | 453,000.00 | 377,000.00 | 362,000.00 |
| Free Cash Flow | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |