Valuation Ratios

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Price to Earnings 22.78 22.89
Price to Sales 2.65 2.98
Book Value Per Common Share 23.62 22.97 17.94 14.70
Price to Book 7.94 9.47
Price to Operating Cash Flow 17.73 18.69
Price to Free Cash Flow
Enterprise Value to EBITDA 143315.15 150242.48
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 2022-09-30 2022-06-30
Price to Earnings 105.75 44.20 89.65 33.45 47.64 117.71
Price to Sales 12.24 5.53 10.56 3.65 5.35 14.80
Book Value Per Common Share 25.71 25.00 24.01 23.62 23.73 23.17 22.98 22.97 21.43 20.93 16.01 15.76
Price to Book 9.17 8.29 7.88 7.94 8.09 8.14 11.12 9.47
Price to Operating Cash Flow 54.90 35.11 57.10 21.66 35.27 108.98
Price to Free Cash Flow 63.37
Enterprise Value to EBITDA 634918.94 276558.53 551731.00 204084.50 295145.82 756664.61

Earnings Data

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Earning YoY -13.37 16.71 74.68
Revenue YoY -4.37 11.44 16.30
EBITDA YoY -10.84 17.74 63.50
Net Profit YoY -14.51 15.46 70.74
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 2022-09-30 2022-06-30
Earning YoY -52.45 122.27 44.95 82.49 -67.90 49.89 -27.72 43.45
Revenue YoY -49.30 108.39 49.12 104.13 -68.68 49.20 -25.81 49.35
EBITDA YoY -50.60 116.14 46.56 88.55 -67.64 49.12 -25.98 44.37
Net Profit YoY -53.17 121.02 44.76 82.41 -68.24 49.89 -28.59 43.03

Financial Strength

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Cash Per Common Share 6.66 6.86 3.40 3.25
Quick Ratio 0.98 1.24 0.87 0.82
Current Ratio 1.87 2.24 1.83 1.71
Debt to Equity 1.65 1.58 2.08 2.00
Long-Term Debt to Equity 0.99 1.00 1.25 1.13
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 2022-09-30 2022-06-30
Cash Per Common Share 5.32 5.37 7.04 6.71 7.12 4.80 6.59 6.91 5.96 3.83 2.43 2.62
Quick Ratio 0.76 0.83 0.95 0.98 0.97 1.05 1.23 1.24 1.09 0.98 0.74 0.74
Current Ratio 1.71 1.68 1.78 1.87 1.85 2.06 2.24 2.24 2.07 2.03 1.70 1.62
Debt to Equity 1.70 1.70 1.70 1.65 1.74 1.60 1.58 1.58 1.71 1.76 1.87 2.00
Long-Term Debt to Equity 0.96 0.96 0.98 0.99 1.03 1.00 1.01 1.00 1.05 1.08 0.98 1.01

Profitability

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
ROA 13.24 16.14 14.85 10.67
ROE 35.11 41.66 45.67 32.01
Gross Margin 36.74 34.96 34.05 33.04
Operating Margin 16.14 17.61 16.55 10.74
EBITDA Margin 18.34 19.67 18.62 13.24
Net Profit Margin 11.63 13.01 12.56 8.55
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 2022-09-30 2022-06-30
ROA 3.21 7.03 3.27 8.89 6.59 3.65 11.68 7.83 13.69 9.26
ROE 8.67 18.98 8.84 24.33 17.15 9.44 31.71 21.58 39.28 27.80
Gross Margin 36.69 36.84 36.39 36.97 37.56 37.55 34.93 34.71 34.37 35.00
Operating Margin 16.93 17.46 16.69 15.60 15.97 17.38 16.89 16.90 16.92 17.56
EBITDA Margin 19.26 19.77 19.06 17.78 18.09 19.58 18.95 18.96 19.01 19.66
Net Profit Margin 11.56 12.51 11.80 10.91 11.24 12.58 12.40 12.35 12.83 13.40

Dividends

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Dividend Yield
Dividend Payout Ratio 27.68 44.06
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 2022-09-30 2022-06-30
Dividend Yield 0.00
Dividend Payout Ratio 33.90

Financial Statements

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Assets 3,520,142.00 3,377,297.00 3,180,546.00 2,592,307.00
   Current Assets 1,645,281.00 1,693,111.00 1,557,790.00 1,289,593.00
      Cash and Short-Term Investments 377,262.00 393,787.00 197,150.00 192,958.00
            Cash and Cash Equivalents 377,262.00 393,787.00 197,150.00 192,958.00
            Short-Term Investments 0 0 0 0
      Net Receivables 481,979.00 538,830.00 541,529.00 429,074.00
      Inventory 544,037.00 562,864.00 665,451.00 539,919.00
      Other Current Assets 242,003.00 197,630.00 153,660.00 127,642.00
   Non-Current Assets 1,874,861.00 1,684,186.00 1,622,756.00 1,302,714.00
      Property, Plant, Equipment Net 673,457.00 628,600.00 544,871.00 511,744.00
      Goodwill 804,927.00 694,452.00 665,257.00 430,162.00
      Intangible Assets 221,005.00 186,667.00 202,706.00 149,393.00
      Long-Term Investments 0 0 0 0
      Non-Current Deferred Assets 77,611.00 45,176.00 22,811.00 18,318.00
      Other Non-Current Assets 97,861.00 129,291.00 187,111.00 193,097.00
Liabilities 2,192,709.00 2,068,445.00 2,146,505.00 1,728,398.00
   Current Liabilities 878,802.00 754,610.00 852,897.00 755,905.00
      Payables and Expenses 443,122.00 478,261.00 388,958.00 363,151.00
            Account Payables 338,748.00 365,888.00 352,079.00 330,230.00
            Current Accrued Liabilities 104,374.00 112,373.00 0 0
      Short-Term Debt 110,524.00 2,439.00 93,483.00 52,730.00
      Other Current Liabilities 325,156.00 273,910.00 370,456.00 340,024.00
   Non-Current Liabilities 1,313,907.00 1,313,835.00 1,293,608.00 972,493.00
      Long-Term Debt 1,150,551.00 1,102,771.00 1,110,396.00 717,089.00
      Other Non-Current Liabilities 163,356.00 211,064.00 183,212.00 255,404.00
Equity 1,327,433.00 1,308,852.00 1,034,041.00 863,909.00
   Shareholders Equity 1,327,433.00 1,308,852.00 1,034,041.00 864,102.00
      Capital Stock 9,858.00 9,858.00 9,858.00 9,858.00
      Share Premium 566,740.00 523,357.00 481,857.00 451,268.00
      Retained Earnings 3,993,016.00 3,688,038.00 3,306,500.00 2,970,303.00
      Treasury Shares 2,942,046.00 2,682,554.00 2,488,776.00 2,309,941.00
      Accumulated Other Comprehensive Income -300,135.00 -229,847.00 -275,398.00 -257,386.00
   Minority Interest 0 0 -99.00 -193.00
Debt 1,261,075.00 1,105,210.00 1,203,879.00 769,819.00
Net Debt 883,813.00 711,423.00 1,006,729.00 576,861.00
Common Shares Outstanding 56,211.22 56,975.82 57,623.54 58,786.78
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Revenues 4,008,670.00 4,191,636.00 3,761,211.00 3,234,180.00
Cost Of Revenue 2,535,758.00 2,726,191.00 2,480,451.00 2,165,575.00
Interest Income 10,130.00 6,762.00 0 0
Interest Expense 52,916.00 51,133.00 29,500.00 22,214.00
Net Interest -42,786.00 -44,371.00 0 0
Non-Interest Expense 0 0 656,636.00 597,109.00
Gross Profit 1,472,912.00 1,465,445.00 1,280,760.00 1,068,605.00
Operating Expenses 836,450.00 747,596.00 656,636.00 597,109.00
   Selling, General and Administrative Expenses 780,590.00 758,910.00 656,636.00 597,109.00
   Research and Development Expenses 81,821.00 71,235.00 0 0
   Other Operating Expenses -25,961.00 -82,549.00 0 0
Operating Income 636,462.00 717,849.00 624,124.00 471,496.00
Net Non-Operating Income -42,313.00 -30,983.00 10,144.00 -114,956.00
EBT 594,149.00 686,866.00 592,827.00 324,998.00
Income Tax 128,041.00 141,618.00 120,603.00 48,418.00
Equity Method Investments Income 235.00 556.00 0 0
Net Income Including Non-Controlling Interests 466,108.00 545,248.00 472,224.00 276,580.00
Net Income Non-Controlling Interests 0.00 0.00 0 -114.00
Net Income 466,108.00 545,248.00 472,224.00 276,580.00
EBIT 647,065.00 737,999.00 622,327.00 347,212.00
Deprecation and Amortization 88,238.00 86,670.00 78,059.00 81,146.00
EBITDA 735,303.00 824,669.00 700,386.00 428,358.00
EPS 0.01 0.01 0.01 0.00
Diluted EPS 0.01 0.01 0.01 0.00
Average Shares Outstanding Basic 56,639.00 57,364.00 58,030.00 59,309.00
Average Shares Outstanding Diluted 57,194.00 58,221.00 58,749.00 60,062.00
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Operating Cash Flow 598,977.00 667,542.00 383,386.00 365,063.00
   Operating Net Income 466,108.00 545,248.00 472,224.00 276,580.00
   Deprecation and Amortization 88,238.00 86,670.00 78,059.00 81,146.00
   Deferred Income Tax -40,328.00 -20,926.00 -48,207.00 -28,556.00
   Share Based Compensation 24,052.00 26,231.00 25,267.00 23,787.00
   Change in Working Capital -31,980.00 -123,135.00 -164,039.00 -95,868.00
   Other Operating Activities 92,887.00 153,454.00 20,082.00 107,974.00
Investing Cash Flow -361,231.00 -74,729.00 -504,691.00 -205,356.00
   Capital Expenditure 0.00 0.00 -71,883.00 -62,531.00
   Net Purchase/Sale of PPE 124,401.00 140,481.00 3,331.00 6,781.00
   Net Purchase/Sale of Investments Net -320.00 551.00 0 0
   Net Purchase/Sale of Business 252,746.00 32,685.00 -436,298.00 -156,106.00
   Other Investing Activities -738,058.00 -248,446.00 0 0
Financing Cash Flow -244,640.00 -412,392.00 133,725.00 -221,940.00
   Net Issuance/Repayment of Debt 959,126.00 -87,982.00 439,795.00 45,968.00
   Net Issuance/Repurchase of Equity 291,155.00 221,130.00 -181,293.00 -164,526.00
   Dividends Paid 162,143.00 148,010.00 -130,724.00 -121,851.00
   Other Financing Activities -1,657,064.00 -693,550.00 5,947.00 18,469.00
Net Change in Cash -16,525.00 196,637.00 12,420.00 -62,233.00
   Cash at Beginning of Period 393,787.00 197,150.00 192,958.00 257,279.00
   Cash at End of Period 377,262.00 393,787.00 197,150.00 192,958.00
Free Cash Flow 0 0 311,503.00 302,532.00
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 2022-09-30 2022-06-30
Assets 3,815,105.00 3,727,369.00 3,625,074.00 3,520,142.00 3,664,545.00 3,415,249.00 3,379,717.00 3,377,297.00 3,325,895.00 3,311,188.00 2,651,965.00 2,741,813.00
   Current Assets 1,779,972.00 1,725,226.00 1,729,627.00 1,645,281.00 1,757,101.00 1,613,106.00 1,679,750.00 1,693,111.00 1,672,294.00 1,646,178.00 1,395,398.00 1,465,203.00
      Cash and Short-Term Investments 292,997.00 299,481.00 394,705.00 377,262.00 404,218.00 272,672.00 374,978.00 393,787.00 342,667.00 220,483.00 141,307.00 152,796.00
            Cash and Cash Equivalents 292,997.00 299,481.00 394,705.00 377,262.00 404,218.00 272,672.00 374,978.00 393,787.00 342,667.00 220,483.00 141,307.00 152,796.00
            Short-Term Investments 0 0 0 0 0 0 0 0 0 0 0 0
      Net Receivables 501,538.00 554,277.00 522,721.00 481,979.00 517,035.00 549,237.00 544,514.00 538,830.00 537,637.00 570,294.00 463,106.00 518,371.00
      Inventory 671,515.00 621,440.00 574,329.00 544,037.00 612,412.00 582,730.00 567,279.00 562,864.00 612,338.00 674,754.00 632,376.00 639,393.00
      Other Current Assets 313,922.00 250,028.00 237,872.00 242,003.00 223,436.00 208,467.00 192,979.00 197,630.00 179,652.00 180,647.00 158,609.00 154,643.00
   Non-Current Assets 2,035,133.00 2,002,143.00 1,895,447.00 1,874,861.00 1,907,444.00 1,802,143.00 1,699,967.00 1,684,186.00 1,653,601.00 1,665,010.00 1,256,567.00 1,276,610.00
      Property, Plant, Equipment Net 677,257.00 713,878.00 687,482.00 673,457.00 682,968.00 638,161.00 634,793.00 628,600.00 618,611.00 615,743.00 535,183.00 546,900.00
      Goodwill 887,885.00 829,483.00 813,698.00 804,927.00 818,828.00 791,991.00 689,868.00 694,452.00 686,625.00 692,457.00 424,505.00 431,615.00
      Intangible Assets 0 0 0 221,005.00 0 0 0 186,667.00 0 0 0 0
      Long-Term Investments 0 0 0 0 0 0 0 0 0 0 0 0
      Non-Current Deferred Assets 0 0 0 77,611.00 0 0 0 45,176.00 0 0 0 0
      Other Non-Current Assets 0 458,782.00 394,267.00 97,861.00 405,648.00 371,991.00 375,306.00 129,291.00 348,365.00 356,810.00 296,879.00 298,095.00
Liabilities 2,400,472.00 2,347,756.00 2,284,904.00 2,192,709.00 2,325,355.00 2,102,343.00 2,071,889.00 2,068,445.00 2,100,313.00 2,109,764.00 1,727,737.00 1,828,830.00
   Current Liabilities 1,039,424.00 1,025,239.00 969,854.00 878,802.00 951,336.00 783,567.00 748,873.00 754,610.00 808,142.00 810,762.00 820,328.00 903,683.00
      Payables and Expenses 398,721.00 543,304.00 479,034.00 443,122.00 518,018.00 510,710.00 442,568.00 478,261.00 535,576.00 517,333.00 513,528.00 508,748.00
            Account Payables 398,721.00 375,833.00 365,267.00 338,748.00 323,584.00 351,445.00 327,798.00 365,888.00 328,460.00 358,160.00 329,890.00 364,495.00
            Current Accrued Liabilities 0 167,471.00 113,767.00 104,374.00 194,434.00 159,265.00 114,770.00 112,373.00 207,116.00 159,173.00 183,638.00 144,253.00
      Short-Term Debt 88,203.00 105,323.00 109,620.00 110,524.00 111,993.00 6,254.00 4,720.00 2,439.00 7,700.00 10,406.00 68,375.00 125,458.00
      Other Current Liabilities 552,500.00 376,612.00 381,200.00 325,156.00 321,325.00 266,603.00 301,585.00 273,910.00 264,866.00 283,023.00 238,425.00 269,477.00
   Non-Current Liabilities 1,361,048.00 1,322,517.00 1,315,050.00 1,313,907.00 1,374,019.00 1,318,776.00 1,323,016.00 1,313,835.00 1,292,171.00 1,299,002.00 907,409.00 925,147.00
      Long-Term Debt 1,150,315.00 1,150,395.00 1,150,473.00 1,150,551.00 1,150,616.00 1,098,430.00 1,102,677.00 1,102,771.00 1,102,858.00 1,103,898.00 711,250.00 712,908.00
      Other Non-Current Liabilities 210,733.00 172,122.00 164,577.00 163,356.00 223,403.00 220,346.00 220,339.00 211,064.00 189,313.00 195,104.00 196,159.00 212,239.00
Equity 1,414,633.00 1,379,613.00 1,340,170.00 1,327,433.00 1,339,190.00 1,312,906.00 1,307,828.00 1,308,852.00 1,225,582.00 1,201,424.00 924,228.00 912,983.00
   Shareholders Equity 1,414,633.00 1,379,613.00 1,340,170.00 1,327,433.00 1,339,190.00 1,312,906.00 1,307,828.00 1,308,852.00 1,225,582.00 1,201,424.00 924,319.00 913,061.00
      Capital Stock 9,858.00 9,858.00 9,858.00 9,858.00 9,858.00 9,858.00 9,858.00 9,858.00 9,858.00 9,858.00 9,858.00 9,858.00
      Share Premium 595,644.00 586,234.00 581,250.00 566,740.00 561,148.00 559,327.00 560,439.00 523,357.00 519,151.00 515,303.00 471,172.00 465,624.00
      Retained Earnings 4,247,355.00 4,168,467.00 4,067,213.00 3,993,016.00 3,893,883.00 3,833,267.00 3,766,297.00 3,688,038.00 3,578,154.00 3,483,127.00 3,237,200.00 3,160,920.00
      Treasury Shares 3,226,314.00 3,174,289.00 3,047,239.00 2,942,046.00 2,889,873.00 2,839,641.00 2,789,312.00 2,682,554.00 2,615,748.00 2,570,678.00 2,464,460.00 2,438,144.00
      Accumulated Other Comprehensive Income -211,910.00 -210,657.00 -270,912.00 -300,135.00 -235,826.00 -249,905.00 -239,454.00 -229,847.00 -265,833.00 -236,186.00 -329,451.00 -285,197.00
   Minority Interest 0 0 0 0 0 0 0 0 0 0 -91.00 -78.00
Debt 1,238,518.00 1,255,718.00 1,260,093.00 1,261,075.00 1,262,609.00 1,104,684.00 1,107,397.00 1,105,210.00 1,110,558.00 1,114,304.00 779,625.00 838,366.00
Net Debt 945,521.00 956,237.00 865,388.00 883,813.00 858,391.00 832,012.00 732,419.00 711,423.00 767,891.00 893,821.00 638,318.00 685,570.00
Common Shares Outstanding 55,026.18 55,186.25 55,826.28 56,211.22 56,425.80 56,675.25 56,908.33 56,975.82 57,199.74 57,412.57 57,738.40 57,919.34
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-09-30 2023-06-30 2022-09-30 2022-06-30
Revenues 1,061,227.00 2,093,061.00 1,004,388.00 -1,962,046.00 2,986,639.00 2,002,880.00 981,197.00 3,133,122.00 2,099,908.00 2,830,277.00 1,895,037.00
Cost Of Revenue 671,916.00 1,322,066.00 638,940.00 -1,210,057.00 1,882,349.00 1,250,668.00 612,798.00 2,038,707.00 1,371,123.00 1,857,501.00 1,231,779.00
Interest Income 0 3,917.00 2,255.00 -5,585.00 7,301.00 5,193.00 3,221.00 3,520.00 1,668.00 980.00 604.00
Interest Expense 13,648.00 28,663.00 14,382.00 -22,432.00 38,715.00 24,633.00 12,000.00 39,228.00 26,567.00 21,847.00 13,261.00
Net Interest 0 -24,746.00 -12,127.00 16,847.00 -31,414.00 -19,440.00 -8,779.00 -35,708.00 -24,899.00 -20,867.00 -12,657.00
Non-Interest Expense 206,823.00 0 0 0 0 0 0 0 0 0 0
Gross Profit 389,311.00 770,995.00 365,448.00 -751,989.00 1,104,290.00 752,212.00 368,399.00 1,094,415.00 728,785.00 972,776.00 663,258.00
Operating Expenses 206,823.00 413,933.00 200,530.00 -450,074.00 644,845.00 438,327.00 203,352.00 580,597.00 386,408.00 501,928.00 334,519.00
   Selling, General and Administrative Expenses 206,823.00 407,526.00 196,665.00 -418,912.00 593,523.00 407,232.00 198,747.00 569,979.00 382,864.00 492,523.00 333,478.00
   Research and Development Expenses 0 0 0 81,821.00 0 0 0 0 0 0 0
   Other Operating Expenses 0 6,407.00 3,865.00 -112,983.00 51,322.00 31,095.00 4,605.00 10,618.00 3,544.00 9,405.00 1,041.00
Operating Income 182,488.00 357,062.00 164,918.00 -301,915.00 459,445.00 313,885.00 165,047.00 513,818.00 342,377.00 470,848.00 328,739.00
Net Non-Operating Income 2,986.00 -20,268.00 -11,683.00 15,284.00 -32,349.00 -18,731.00 -6,517.00 -23,981.00 -13,973.00 -13,779.00 -9,157.00
EBT 165,995.00 336,794.00 153,235.00 -286,631.00 427,096.00 295,154.00 158,530.00 489,837.00 328,404.00 457,069.00 319,582.00
Income Tax 43,367.00 74,911.00 34,748.00 -78,322.00 101,217.00 70,031.00 35,115.00 101,232.00 69,142.00 94,158.00 65,836.00
Equity Method Investments Income 0 0 0 235.00 0 0 0 463.00 294.00 -434.00 180.00
Net Income Including Non-Controlling Interests 122,628.00 261,883.00 118,487.00 -208,309.00 325,879.00 225,123.00 123,415.00 388,605.00 259,262.00 363,078.00 253,853.00
Net Income Non-Controlling Interests 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Income 122,628.00 261,883.00 118,487.00 -208,309.00 325,879.00 225,123.00 123,415.00 388,605.00 259,262.00 363,078.00 253,853.00
EBIT 179,643.00 365,457.00 167,617.00 -309,063.00 465,811.00 319,787.00 170,530.00 529,065.00 354,971.00 478,916.00 332,843.00
Deprecation and Amortization 24,744.00 48,246.00 23,784.00 -40,894.00 65,095.00 42,451.00 21,586.00 64,701.00 43,212.00 59,009.00 39,759.00
EBITDA 204,387.00 413,703.00 191,401.00 -349,957.00 530,906.00 362,238.00 192,116.00 593,766.00 398,183.00 537,925.00 372,602.00
EPS 0.00 0.00 0.00 -0.00 0.01 0.00 0.00 0.01 0.00 0.01 0.00
Diluted EPS 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.01 0.00 0.01 0.00
Average Shares Outstanding Basic 55,097.00 55,801.00 56,058.00 56,101.00 56,749.00 56,841.00 56,865.00 57,465.00 57,537.00 58,148.00 58,311.00
Average Shares Outstanding Diluted 55,574.00 56,242.00 56,527.00 56,281.00 57,349.00 57,505.00 57,641.00 58,277.00 58,353.00 58,815.00 58,970.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-09-30 2023-06-30 2022-09-30 2022-06-30
Operating Cash Flow 236,687.00 329,521.00 185,693.00 -341,480.00 503,182.00 303,981.00 133,294.00 545,880.00 322,776.00 271,584.00 141,301.00
   Operating Net Income 122,628.00 261,883.00 118,487.00 -208,309.00 325,879.00 225,123.00 123,415.00 388,605.00 259,262.00 363,078.00 253,853.00
   Deprecation and Amortization 24,744.00 48,246.00 23,784.00 -40,894.00 65,095.00 42,451.00 21,586.00 64,701.00 43,212.00 59,009.00 39,759.00
   Deferred Income Tax 97,737.00 -26,342.00 -5,838.00 -15,776.00 -13,340.00 -3,864.00 -7,348.00 3,201.00 3,774.00 -34,403.00 -21,772.00
   Share Based Compensation 3,633.00 12,277.00 8,352.00 -28,020.00 19,503.00 18,379.00 14,190.00 22,124.00 16,615.00 20,949.00 16,340.00
   Change in Working Capital -10,326.00 239,706.00 131,554.00 -146,981.00 48,005.00 51,607.00 15,389.00 -3,413.00 62,848.00 333,766.00 339,030.00
   Other Operating Activities -1,729.00 -206,249.00 -90,646.00 98,500.00 58,040.00 -29,715.00 -33,938.00 70,662.00 -62,935.00 -470,815.00 -485,909.00
Investing Cash Flow -134,805.00 -79,470.00 -22,303.00 200,812.00 -335,357.00 -200,746.00 -25,940.00 -101,109.00 -76,346.00 -72,257.00 -55,005.00
   Capital Expenditure -31,636.00 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 1,177.00 57,623.00 31,595.00 -40,492.00 87,623.00 50,698.00 26,572.00 71,055.00 44,444.00 54,639.00 36,294.00
   Net Purchase/Sale of Investments Net 0 0 0 -320.00 0 0 0 6,561.00 7,029.00 0 0
   Net Purchase/Sale of Business -104,346.00 32,309.00 0 -152,654.00 252,746.00 152,654.00 0 32,685.00 32,657.00 22,294.00 22,095.00
   Other Investing Activities 0 -169,402.00 -53,898.00 394,278.00 -675,726.00 -404,098.00 -52,512.00 -211,410.00 -160,476.00 -149,190.00 -113,394.00
Financing Cash Flow -107,685.00 -317,709.00 -144,488.00 251,510.00 -152,298.00 -218,452.00 -125,400.00 -311,382.00 -226,898.00 -237,426.00 -122,366.00
   Net Issuance/Repayment of Debt -17,116.00 5,375.00 -735.00 -800,005.00 956,029.00 800,917.00 2,185.00 -82,815.00 -79,202.00 14,999.00 71,829.00
   Net Issuance/Repurchase of Equity -52,664.00 240,218.00 112,948.00 -266,581.00 237,092.00 185,801.00 134,843.00 143,888.00 97,244.00 158,384.00 131,115.00
   Dividends Paid -41,572.00 84,904.00 42,975.00 -82,812.00 121,979.00 81,696.00 41,280.00 111,277.00 74,472.00 98,377.00 65,914.00
   Other Financing Activities 3,667.00 -648,206.00 -299,676.00 1,400,908.00 -1,467,398.00 -1,286,866.00 -303,708.00 -483,732.00 -319,412.00 -509,186.00 -391,224.00
Net Change in Cash -5,803.00 -77,781.00 17,443.00 112,968.00 10,431.00 -121,115.00 -18,809.00 145,517.00 23,333.00 -51,651.00 -40,162.00
   Cash at Beginning of Period 299,481.00 377,262.00 377,262.00 264,294.00 393,787.00 393,787.00 393,787.00 197,150.00 197,150.00 192,958.00 192,958.00
   Cash at End of Period 292,997.00 299,481.00 394,705.00 377,262.00 404,218.00 272,672.00 374,978.00 342,667.00 220,483.00 141,307.00 152,796.00
Free Cash Flow 205,051.00 0 0 0 0 0 0 0 0 0 0