Valuation Ratios

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Price to Earnings -72.07 -68.75 -54.67 -91.38
Price to Sales 8.81 7.61 9.11 10.68
Book Value Per Common Share 18.99 20.08 20.87 17.15 14.64
Price to Book 1.10 0.96 1.13 1.54
Price to Operating Cash Flow 25.40 17.16 18.56 24.85
Price to Free Cash Flow
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 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31
Price to Earnings -81.25 -148.69 79.52 -162.67 1054.00 95.43 -113.13 -296.43 -193.75 -87.10 -138.42 -323.75 -103.20 -129.90
Price to Sales 15.05 24.04 42.81 12.73 18.18 35.46 9.80 17.43 38.98 13.98 22.49 44.52 14.35 22.19 43.89
Book Value Per Common Share 18.23 18.52 19.07 18.99 19.29 19.77 20.18 20.08 20.41 20.54 20.58 20.87 20.38 18.89 18.24 17.15 16.33 15.73 15.10 14.64
Price to Book 1.07 1.04 1.04 1.10 1.18 1.07 0.99 0.96 0.89 1.01 1.13 1.13 1.28 1.39 1.42 1.54 1.58 1.65 1.69
Price to Operating Cash Flow -195.00 83.10 160.97 45.43 39.08 210.06 28.52 32.75 175.34 39.04 46.75 117.57 37.03 43.07 105.71
Price to Free Cash Flow
Enterprise Value to EBITDA

Earnings Data

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Earning YoY
Revenue YoY -5.73 1.30 18.48 32.07
EBITDA YoY
Net Profit YoY -8.75 209.37 34.71 -29.05
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 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31
Earning YoY -90.48
Revenue YoY 61.12 73.17 54.32 105.16 55.49 100.04 60.17 101.76 59.50 105.36
EBITDA YoY
Net Profit YoY 28.87 -52.14 0.05 -6.07 32.70 448.86 100.50 52.29 -15.92 6500.00 -95.84

Financial Strength

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Cash Per Common Share 0.51 0.52 1.77 0.55 0.35
Quick Ratio
Current Ratio
Debt to Equity 0.91 0.93 0.99 1.29 1.78
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 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31
Cash Per Common Share 0.31 0.84 1.19 0.51 0.37 1.39 1.44 0.52 0.70 1.35 1.09 1.74 1.07 1.41 1.44 0.49 2.28 2.37 2.65 0.35
Quick Ratio
Current Ratio
Debt to Equity 0.85 0.88 0.86 0.91 0.91 0.91 0.89 0.93 0.92 0.94 0.94 0.99 1.03 1.16 1.19 1.29 1.40 1.50 1.72 1.78
Long-Term Debt to Equity

Profitability

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
ROA 1.01 1.05 0.32 0.26 0.46
ROE 1.93 2.02 0.64 0.59 1.28
Gross Margin
Operating Margin
EBITDA Margin
Net Profit Margin 15.60 16.11 5.28 4.64 8.64
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 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31
ROA 0.76 0.57 1.18 0.97 0.94 1.00 0.91 0.67 0.12 0.25 0.13 0.09 0.12 0.00 0.05
ROE 1.41 1.08 2.19 1.84 1.80 1.88 1.74 1.31 0.24 0.51 0.28 0.19 0.29 0.00 0.13
Gross Margin
Operating Margin
EBITDA Margin
Net Profit Margin 19.87 24.85 89.91 19.88 30.67 66.99 19.33 22.65 8.25 5.58 4.46 5.91 2.89 0.07 3.45

Dividends

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Dividend Yield
Dividend Payout Ratio
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 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31
Dividend Yield
Dividend Payout Ratio

Financial Statements

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Assets 1,312,195.00 1,387,324.00 1,457,251.00 1,351,550.00 1,067,289.00
      Cash and Short-Term Investments 18,275.00 18,571.00 61,141.00 16,708.00 9,218.00
            Cash and Cash Equivalents 18,275.00 18,571.00 61,141.00 16,708.00 9,218.00
            Short-Term Investments 0 0 0 0 0
      Net Receivables 0 0 0 0 0
      Inventory 0 0 0 0 0
      Other Current Assets 0 0 0 0 0
      Property, Plant, Equipment Net 743,662.00 792,851.00 846,402.00 813,501.00 713,469.00
      Real Estate 1,324,632.00 1,383,742.00 1,432,394.00 1,357,800.00 1,046,203.00
      Goodwill 0 0 0 0 0
      Intangible Assets 3,588.00 4,782.00 5,702.00 4,456.00 3,732.00
      Long-Term Investments 0 0 0 0 0
      Non-Current Deferred Assets 0 0 0 0 0
      Other Non-Current Assets 0 0 0 0 0
Liabilities 625,013.00 667,711.00 725,889.00 762,484.00 683,499.00
      Payables and Expenses 0 0 0 0 0
            Account Payables 0 0 0 0 0
            Current Accrued Liabilities 0 0 0 0 0
      Short-Term Debt 0 0 0 0 0
      Other Current Liabilities 0 0 0 0 0
      Long-Term Debt 523,922.00 573,911.00 626,400.00 667,882.00 623,961.00
      Other Non-Current Liabilities 0 0 0 0 0
Equity 687,182.00 719,613.00 731,362.00 589,066.00 383,790.00
   Shareholders Equity 687,182.00 719,613.00 731,362.00 586,815.00 383,790.00
      Capital Stock 52.00 52.00 51.00 43.00 33.00
      Share Premium 854,059.00 856,206.00 836,674.00 668,275.00 440,470.00
      Retained Earnings 0 0 0 0 0
      Treasury Shares 0 0 0 0 0
      Accumulated Other Comprehensive Income 7,632.00 7,366.00 9,007.00 -1,036.00 -1,500.00
   Minority Interest 0 0 0 0 0
Debt 523,922.00 573,911.00 626,400.00 667,882.00 623,961.00
Net Debt 505,647.00 555,340.00 565,259.00 651,174.00 614,743.00
Common Shares Outstanding 36,184.66 35,838.44 35,050.40 34,210.01 26,219.02
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Revenues 85,216.00 90,398.00 89,236.00 75,318.00 57,031.00
Operating Expenses 55,942.00 56,915.00 55,315.00 43,614.00 29,380.00
   Selling, General and Administrative Expenses 2,625.00 2,924.00 2,740.00 2,139.00 2,102.00
   Other Operating Expenses 53,317.00 53,991.00 52,575.00 41,475.00 27,278.00
Net Non-Operating Income -15,984.00 -18,918.00 -29,205.00 -28,190.00 -22,696.00
Interest Expense 21,885.00 23,665.00 25,738.00 24,883.00 20,621.00
EBT 0 0 0 0 0
Income Tax 0.00 0.00 0.00 0.00 0.00
Equity Method Investments Income 0 0 -73.00 -61.00 -4.00
Net Income Including Non-Controlling Interests 79,740.00 87,390.00 4,700.00 3,476.00 4,897.00
Net Income Non-Controlling Interests -66,450.00 -72,825.00 8.00 19.00 29.00
Net Income 13,290.00 14,565.00 4,708.00 3,495.00 4,926.00
Deprecation and Amortization 34,000.00 36,100.00 35,366.00 27,183.00 16,655.00
EPS -0.00 -0.00 -0.00 -0.00 0
Diluted EPS -0.00 -0.00 -0.00 -0.00 0
Average Shares Outstanding Basic 35,909.96 35,733.74 34,563.46 30,357.27 0
Average Shares Outstanding Diluted 35,909.96 35,733.74 34,563.46 30,357.27 0
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Operating Cash Flow 29,548.00 40,081.00 43,788.00 32,377.00 25,002.00
   Operating Net Income 39,870.00 43,695.00 14,140.00 10,523.00 14,836.00
   Deprecation and Amortization 34,000.00 36,100.00 35,366.00 27,183.00 16,655.00
   Deferred Income Tax 0 0 0 0 0
   Share Based Compensation 0 0 0 0 0
   Change in Working Capital 3,716.00 4,476.00 13,217.00 10,302.00 4,194.00
   Other Operating Activities -48,038.00 -44,190.00 -18,935.00 -15,631.00 -10,683.00
Investing Cash Flow 63,308.00 -3,768.00 -85,484.00 -295,001.00 -272,901.00
   Capital Expenditure 0.00 0.00 0.00 0.00 0.00
   Net Purchase/Sale of PPE 0 0 0 0 0
   Net Purchase/Sale of Investments Net 0 0 0 0 0
   Net Purchase/Sale of Business 0 0 0 0 0
   Other Investing Activities 63,308.00 -3,768.00 -85,484.00 -295,001.00 -272,901.00
Financing Cash Flow -93,152.00 -78,883.00 86,129.00 270,114.00 243,429.00
   Net Issuance/Repayment of Debt 3,400.00 300.00 0 0 22,300.00
   Net Issuance/Repurchase of Equity 11,724.00 22,459.00 189,007.00 262,391.00 225,832.00
   Dividends Paid 44,343.00 45,090.00 36,961.00 29,170.00 21,015.00
   Other Financing Activities -152,619.00 -146,732.00 -139,839.00 -21,447.00 -25,718.00
Net Change in Cash -296.00 -42,570.00 44,433.00 7,490.00 -4,470.00
   Cash at Beginning of Period 18,571.00 61,141.00 16,708.00 9,218.00 13,688.00
   Cash at End of Period 18,275.00 18,571.00 61,141.00 16,708.00 9,218.00
Free Cash Flow 0 0 0 0 0
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 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31
Assets 1,225,778.00 1,258,585.00 1,281,736.00 1,312,195.00 1,317,935.00 1,352,553.00 1,363,510.00 1,387,324.00 1,406,112.00 1,428,732.00 1,426,450.00 1,457,251.00 1,437,812.00 1,410,321.00 1,385,748.00 1,351,550.00 1,261,836.00 1,201,634.00 1,134,466.00 1,067,289.00
      Cash and Short-Term Investments 11,312.00 30,481.00 42,917.00 18,275.00 13,213.00 49,757.00 51,555.00 18,571.00 25,080.00 48,208.00 38,728.00 61,141.00 37,006.00 48,444.00 49,381.00 16,708.00 66,491.00 66,789.00 72,894.00 9,218.00
            Cash and Cash Equivalents 11,312.00 30,481.00 42,917.00 18,275.00 13,213.00 49,757.00 51,555.00 18,571.00 25,080.00 48,208.00 38,728.00 61,141.00 37,006.00 48,444.00 49,381.00 16,708.00 66,491.00 66,789.00 72,894.00 9,218.00
            Short-Term Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
      Net Receivables 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
      Inventory 7,800.00 4,300.00 2,900.00 0 0 0 0 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 0 0 0 0 0 0 0
      Property, Plant, Equipment Net 728,591.00 728,749.00 743,158.00 743,662.00 791,130.00 791,974.00 792,310.00 792,851.00 843,205.00 843,210.00 845,684.00 846,402.00 843,444.00 831,103.00 813,421.00 813,501.00 769,384.00 752,798.00 715,359.00 713,469.00
      Real Estate 1,311,339.00 1,312,649.00 1,326,588.00 1,324,632.00 1,378,060.00 1,380,264.00 1,384,228.00 1,383,742.00 1,437,268.00 1,433,714.00 1,431,761.00 1,432,394.00 1,427,482.00 1,390,646.00 1,361,757.00 1,357,800.00 1,223,935.00 1,165,366.00 1,046,371.00 1,046,203.00
      Goodwill 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
      Intangible Assets 3,232.00 3,334.00 3,440.00 3,588.00 3,944.00 4,261.00 4,550.00 4,782.00 5,018.00 5,262.00 5,518.00 5,702.00 5,951.00 5,031.00 4,190.00 4,456.00 4,742.00 5,038.00 4,390.00 3,732.00
      Long-Term Investments 0 0 0 0 0 0 0 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 0 0 0 0 0 0 0
      Other Non-Current Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Liabilities 563,984.00 588,512.00 591,858.00 625,013.00 626,731.00 644,084.00 640,191.00 667,711.00 674,626.00 693,798.00 691,570.00 725,889.00 730,586.00 758,389.00 753,823.00 762,484.00 736,389.00 720,320.00 716,799.00 683,499.00
      Payables and Expenses 0 0 0 0 0 0 0 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 0 0 0 0 0 0 0
            Current Accrued Liabilities 0 0 0 0 0 0 0 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 0 0 0 0 0 0 0
      Other Current Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
      Long-Term Debt 480,156.00 496,184.00 498,631.00 523,922.00 530,478.00 549,192.00 551,954.00 573,911.00 584,098.00 593,656.00 598,957.00 626,400.00 639,646.00 661,846.00 659,998.00 667,882.00 645,967.00 627,408.00 628,912.00 623,961.00
      Other Non-Current Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Equity 661,794.00 670,073.00 689,878.00 687,182.00 691,204.00 708,469.00 723,319.00 719,613.00 731,486.00 734,934.00 734,880.00 731,362.00 707,226.00 651,932.00 631,925.00 589,066.00 525,447.00 481,314.00 417,667.00 383,790.00
   Shareholders Equity 661,794.00 670,073.00 689,878.00 687,182.00 691,204.00 708,469.00 723,319.00 719,613.00 731,486.00 734,934.00 734,880.00 731,362.00 707,226.00 651,932.00 629,677.00 586,815.00 523,320.00 479,284.00 415,832.00 383,790.00
      Capital Stock 52.00 52.00 52.00 52.00 52.00 52.00 52.00 52.00 52.00 52.00 52.00 51.00 50.00 48.00 46.00 43.00 41.00 38.00 35.00 33.00
      Share Premium 855,152.00 854,037.00 854,037.00 854,059.00 849,411.00 853,302.00 856,455.00 856,206.00 855,891.00 852,967.00 851,063.00 836,674.00 802,496.00 742,070.00 713,805.00 668,275.00 598,693.00 549,123.00 476,996.00 440,470.00
      Retained Earnings 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
      Treasury Shares 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
      Accumulated Other Comprehensive Income 5,049.00 5,458.00 6,314.00 7,632.00 5,775.00 8,341.00 8,374.00 7,366.00 10,271.00 8,714.00 7,359.00 9,007.00 9,455.00 6,256.00 3,694.00 -1,036.00 -987.00 -1,344.00 -133.00 -1,500.00
   Minority Interest 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Debt 480,156.00 496,184.00 498,631.00 523,922.00 530,478.00 549,192.00 551,954.00 573,911.00 584,098.00 593,656.00 598,957.00 626,400.00 639,646.00 661,846.00 659,998.00 667,882.00 645,967.00 627,408.00 628,912.00 623,961.00
Net Debt 468,844.00 465,703.00 455,714.00 505,647.00 517,265.00 499,435.00 500,399.00 555,340.00 559,018.00 545,448.00 560,229.00 565,259.00 602,640.00 613,402.00 610,617.00 651,174.00 579,476.00 560,619.00 556,018.00 614,743.00
Common Shares Outstanding 36,307.40 36,184.66 36,184.66 36,184.66 35,838.44 35,838.44 35,838.44 35,838.44 35,838.44 35,780.08 35,713.98 35,050.40 34,704.00 34,520.07 34,520.07 34,210.01 32,043.99 30,478.06 27,531.95 26,219.02
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 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31
Revenues 46,885.00 29,099.00 16,804.00 -40,705.00 64,120.00 41,549.00 20,252.00 -39,162.00 65,946.00 42,412.00 21,202.00 -35,388.00 64,445.00 40,236.00 19,943.00 -26,161.00 52,518.00 32,927.00 16,034.00
Operating Expenses 38,930.00 25,637.00 13,127.00 -25,596.00 42,123.00 26,424.00 12,991.00 -25,259.00 41,276.00 27,141.00 13,757.00 -23,665.00 40,091.00 25,525.00 13,364.00 -16,304.00 30,609.00 19,402.00 9,907.00
   Selling, General and Administrative Expenses 1,760.00 1,203.00 682.00 -1,270.00 1,992.00 1,337.00 566.00 -1,620.00 2,181.00 1,577.00 786.00 -1,180.00 1,983.00 1,253.00 684.00 -1,101.00 1,582.00 1,119.00 539.00
   Other Operating Expenses 37,170.00 24,434.00 12,445.00 -24,326.00 40,131.00 25,087.00 12,425.00 -23,639.00 39,095.00 25,564.00 12,971.00 -22,485.00 38,108.00 24,272.00 12,680.00 -15,203.00 29,027.00 18,283.00 9,368.00
Net Non-Operating Income 1,362.00 3,768.00 11,431.00 -10,662.00 -9,247.00 -2,381.00 6,306.00 4,367.00 -11,924.00 -5,666.00 -5,695.00 9,846.00 -20,748.00 -12,911.00 -5,392.00 11,268.00 -20,383.00 -13,502.00 -5,573.00
Interest Expense 15,004.00 10,154.00 5,177.00 -11,252.00 16,492.00 11,090.00 5,555.00 -12,185.00 17,835.00 11,979.00 6,036.00 -13,127.00 19,446.00 12,971.00 6,448.00 -12,104.00 18,460.00 12,334.00 6,193.00
EBT 0 0 0 0 0 0 0 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 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Equity Method Investments Income 0 0 0 0 0 0 0 0 0 0 -27.00 39.00 -54.00 -29.00 -29.00 18.00 -42.00 -24.00 -13.00
Net Income Including Non-Controlling Interests 0 0 90,648.00 -113,925.00 76,500.00 76,464.00 40,701.00 15,087.00 38,238.00 28,815.00 5,250.00 -1,845.00 3,588.00 1,788.00 1,169.00 1,345.00 1,510.00 69.00 552.00
Net Income Non-Controlling Interests 0 0 -75,540.00 88,154.00 -63,750.00 -63,720.00 -27,134.00 -24,623.00 -25,492.00 -19,210.00 -3,500.00 -16.00 9.00 6.00 9.00 56.00 8.00 -46.00 1.00
Net Income 9,317.00 7,230.00 15,108.00 -25,771.00 12,750.00 12,744.00 13,567.00 -9,536.00 12,746.00 9,605.00 1,750.00 -1,861.00 3,597.00 1,794.00 1,178.00 1,401.00 1,518.00 23.00 553.00
Deprecation and Amortization 24,800.00 16,500.00 8,300.00 -17,200.00 25,600.00 17,100.00 8,500.00 -17,200.00 26,700.00 17,700.00 8,900.00 -14,034.00 25,100.00 16,200.00 8,100.00 -8,417.00 18,300.00 11,600.00 5,700.00
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 -0.00 -0.00 -0.00 0.00 -0.00 -0.00 0
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 -0.00 -0.00 -0.00 0.00 -0.00 -0.00 0
Average Shares Outstanding Basic 36,186.76 36,184.66 36,184.66 36,124.50 35,838.44 35,838.44 35,838.44 36,053.51 35,698.46 35,635.60 35,547.40 35,093.64 34,472.02 34,403.18 34,285.00 64,089.00 29,215.63 28,124.44 0
Average Shares Outstanding Diluted 36,186.76 36,184.66 36,184.66 36,124.50 35,838.44 35,838.44 35,838.44 36,053.51 35,698.46 35,635.60 35,547.40 35,093.64 34,472.02 34,403.18 34,285.00 64,089.00 29,215.63 28,124.44 0
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 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31
Operating Cash Flow -3,620.00 8,416.00 4,467.00 -11,171.00 17,966.00 19,333.00 3,420.00 -9,867.00 22,657.00 22,577.00 4,714.00 -6,193.00 23,073.00 19,355.00 7,553.00 -11,600.00 20,356.00 16,965.00 6,656.00
   Operating Net Income 9,317.00 7,230.00 45,324.00 -77,313.00 38,250.00 38,232.00 40,701.00 -28,608.00 38,238.00 28,815.00 5,250.00 -5,615.00 10,809.00 5,394.00 3,552.00 4,223.00 4,570.00 69.00 1,661.00
   Deprecation and Amortization 24,800.00 16,500.00 8,300.00 -17,200.00 25,600.00 17,100.00 8,500.00 -17,200.00 26,700.00 17,700.00 8,900.00 -14,034.00 25,100.00 16,200.00 8,100.00 -8,417.00 18,300.00 11,600.00 5,700.00
   Deferred Income Tax 0 0 0 0 0 0 0 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 0 0 0 0 0 0 0
   Change in Working Capital -5,435.00 -8,029.00 -4,809.00 77.00 949.00 4,708.00 -2,018.00 6,298.00 -589.00 1,558.00 -2,791.00 4,305.00 5,005.00 4,021.00 -114.00 -6,496.00 8,660.00 7,226.00 912.00
   Other Operating Activities -32,302.00 -7,285.00 -44,348.00 83,265.00 -46,833.00 -40,707.00 -43,763.00 29,643.00 -41,692.00 -25,496.00 -6,645.00 9,151.00 -17,841.00 -6,260.00 -3,985.00 -910.00 -11,174.00 -1,930.00 -1,617.00
Investing Cash Flow 76,402.00 57,395.00 60,216.00 -120,928.00 60,039.00 61,678.00 62,519.00 -2,767.00 -1,086.00 3,101.00 -3,016.00 31,862.00 -78,627.00 -35,147.00 -3,572.00 -55,144.00 -149,501.00 -84,950.00 -5,406.00
   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 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 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 0 0 0 0 0 0 0
   Net Purchase/Sale of Business 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
   Other Investing Activities 76,402.00 57,395.00 60,216.00 -120,928.00 60,039.00 61,678.00 62,519.00 -2,767.00 -1,086.00 3,101.00 -3,016.00 31,862.00 -78,627.00 -35,147.00 -3,572.00 -55,144.00 -149,501.00 -84,950.00 -5,406.00
Financing Cash Flow -79,745.00 -53,605.00 -40,041.00 72,991.00 -83,363.00 -49,825.00 -32,955.00 41,471.00 -57,632.00 -38,611.00 -24,111.00 -65,943.00 75,852.00 47,528.00 28,692.00 -104,286.00 186,418.00 125,556.00 62,426.00
   Net Issuance/Repayment of Debt 3,400.00 3,400.00 3,400.00 3,400.00 0 0 0 300.00 0 0 0 0 0 0 0 0 0 0 0
   Net Issuance/Repurchase of Equity 1,171.00 18.00 18.00 1,217.00 7,024.00 3,199.00 284.00 -33,442.00 22,101.00 18,885.00 14,915.00 -277,810.00 210,768.00 145,567.00 110,482.00 -131,013.00 190,316.00 138,470.00 64,618.00
   Dividends Paid 33,215.00 22,143.00 11,072.00 -22,284.00 33,277.00 22,233.00 11,117.00 -21,202.00 33,989.00 21,658.00 10,645.00 -15,080.00 26,685.00 17,093.00 8,263.00 -12,337.00 21,265.00 13,924.00 6,318.00
   Other Financing Activities -117,531.00 -79,166.00 -54,531.00 90,658.00 -123,664.00 -75,257.00 -44,356.00 95,815.00 -113,722.00 -79,154.00 -49,671.00 226,947.00 -161,601.00 -115,132.00 -90,053.00 39,064.00 -25,163.00 -26,838.00 -8,510.00
Net Change in Cash -6,963.00 12,206.00 24,642.00 -59,108.00 -5,358.00 31,186.00 32,984.00 28,837.00 -36,061.00 -12,933.00 -22,413.00 -40,274.00 20,298.00 31,736.00 32,673.00 -171,030.00 57,273.00 57,571.00 63,676.00
   Cash at Beginning of Period 18,275.00 18,275.00 18,275.00 77,383.00 18,571.00 18,571.00 18,571.00 -10,266.00 61,141.00 61,141.00 61,141.00 101,415.00 16,708.00 16,708.00 16,708.00 187,738.00 9,218.00 9,218.00 9,218.00
   Cash at End of Period 11,312.00 30,481.00 42,917.00 18,275.00 13,213.00 49,757.00 51,555.00 18,571.00 25,080.00 48,208.00 38,728.00 61,141.00 37,006.00 48,444.00 49,381.00 16,708.00 66,491.00 66,789.00 72,894.00
Free Cash Flow 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0