Valuation Ratios

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Price to Earnings 15.64 17.80 13.65 12.03 10.46
Price to Sales 3.24 2.80 2.68 2.93 2.28
Book Value Per Common Share 65.03 60.87 59.77 59.50 56.23
Price to Book 1.93 1.53 1.42 1.65 1.22
Price to Operating Cash Flow 146.85 -4.53 -22.47 5.16 -4.35
Price to Free Cash Flow -95.25 -4.11 -15.17 5.53 -4.12
Enterprise Value to EBITDA 29589.21 26105.27 46927.73 68894.94 56289.00
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
Price to Earnings 56.17 65.52 44.53 54.58 46.16 51.05 42.84 34.98
Price to Sales 14.62 14.24 10.42 11.54 9.96 9.95 10.23 8.87
Book Value Per Common Share 69.11 67.69 66.47 65.03 64.29 60.98 60.87 60.36 59.77 58.59 59.50 56.86 56.23
Price to Book 2.30 2.08 1.76 1.93 1.62 1.54 1.53 1.45 1.42 1.49 1.65 1.37 1.22
Price to Operating Cash Flow -74.95 18.78 -7.71 -9.56 34.58 -14.64 633.79 5.19
Price to Free Cash Flow -61.74 20.07 -7.49 -9.08 42.54 -13.65 -366.76 5.29
Enterprise Value to EBITDA 105299.27 92807.91 110900.78 257350.75 218581.75

Earnings Data

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Earning YoY 53.44 -15.89 -23.65 24.58
Revenue YoY 14.07 0.89 -10.19 23.98
EBITDA YoY 17.48 91.47 20.22 14.59
Net Profit YoY 47.35 -17.61 -26.64 36.72
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 31.63 -17.94 37.17 -6.37 18.60 -15.69 -8.11
Revenue YoY 9.48 -12.04 23.71 -5.27 4.26 -1.92 -5.84
EBITDA YoY 24.80 121.73 -10.18
Net Profit YoY 31.19 -21.39 42.50 -11.25 14.50 -18.71 -11.02

Financial Strength

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Cash Per Common Share 140.76 122.83 143.13 138.78 138.42
Quick Ratio
Current Ratio
Debt to Equity 10.53 10.94 10.66 10.15 9.82
Long-Term Debt to Equity
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 132.44 139.36 140.56 122.91 141.73 144.46 152.25 139.78 129.72 122.59
Quick Ratio
Current Ratio
Debt to Equity 11.29 11.39 11.06 10.53 11.02 11.27 10.94 10.77 10.66 10.74 10.15 9.77 9.82
Long-Term Debt to Equity

Profitability

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
ROA 1.10 0.76 0.93 1.27 0.99
ROE 12.70 9.09 10.89 14.10 10.66
Gross Margin
Operating Margin 102.20 99.48 49.11 35.20 37.90
EBITDA Margin 110.56 107.35 56.56 42.26 45.72
Net Profit Margin 21.68 16.78 20.55 25.16 22.81
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 0.33 0.25 0.33 0.24 0.28 0.25 0.30 0.36
ROE 4.01 3.10 4.00 2.89 3.41 2.92 3.52 3.83
Gross Margin 99.74
Operating Margin 95.49 102.60 84.62 33.93 36.60
EBITDA Margin 100.37 109.04 91.09 40.29 42.24
Net Profit Margin 26.05 21.74 24.32 21.12 22.54 20.53 24.77 26.21

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 2024-03-31 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
Dividend Payout Ratio 38.31 46.70 52.51

Financial Statements

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Assets 1,215,071,000.00 1,193,693,000.00 1,180,231,000.00 1,188,140,000.00 1,115,862,000.00
   Deposits 376,007,000.00 351,804,000.00 356,646,000.00 347,574,000.00 310,782,000.00
      Cash and Short-Term Investments 223,951,000.00 199,972,000.00 242,034,000.00 247,724,000.00 221,888,000.00
            Cash and Cash Equivalents 223,951,000.00 199,972,000.00 242,034,000.00 247,724,000.00 221,888,000.00
            Short-Term Investments 0 0 0 0 0
      Net Receivables 12,319,000.00 15,255,000.00 14,788,000.00 174,956,000.00 138,619,000.00
      Inventory 0 0 0 0 0
      Other Current Assets 0 0 0 0 0
      Property, Plant, Equipment Net 4,114,000.00 4,368,000.00 4,073,000.00 4,268,000.00 4,419,000.00
      Goodwill 16,706,000.00 16,707,000.00 16,652,000.00 16,833,000.00 11,635,000.00
      Intangible Assets 6,453,000.00 7,055,000.00 7,618,000.00 8,360,000.00 4,980,000.00
      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 1,109,643,000.00 1,093,711,000.00 1,079,000,000.00 1,081,542,000.00 1,012,713,000.00
      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 0 0 0 0 0
      Other Non-Current Liabilities 0 0 0 0 0
Equity 105,428,000.00 99,982,000.00 101,231,000.00 106,598,000.00 103,149,000.00
   Shareholders Equity 104,511,000.00 99,038,000.00 100,141,000.00 105,441,000.00 101,781,000.00
      Capital Stock 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00
      Share Premium 30,179,000.00 29,832,000.00 29,339,000.00 28,841,000.00 25,546,000.00
      Retained Earnings 104,989,000.00 97,996,000.00 94,862,000.00 89,432,000.00 78,694,000.00
      Treasury Shares -33,613,000.00 -31,139,000.00 -26,577,000.00 -17,500,000.00 -9,767,000.00
      Accumulated Other Comprehensive Income -6,814,000.00 -6,421,000.00 -6,253,000.00 -3,102,000.00 -1,962,000.00
   Minority Interest 0 0 0 0 0
Investments 242,424,000.00 231,831,000.00 247,281,000.00 249,712,000.00 228,625,000.00
Debt 284,307,000.00 260,544,000.00 233,867,000.00 227,363,000.00 213,388,000.00
Net Debt 60,356,000.00 60,572,000.00 0 0 0
Common Shares Outstanding 1,607,000.00 1,627,000.00 1,675,487.41 1,772,226.53 1,810,000.00
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Revenues 61,761,000.00 54,143,000.00 53,668,000.00 59,755,000.00 48,198,000.00
Interest Income 54,135,000.00 50,281,000.00 21,595,000.00 9,411,000.00 10,162,000.00
Interest Expense 45,524,000.00 42,051,000.00 12,268,000.00 1,366,000.00 3,849,000.00
Net Interest 8,611,000.00 8,230,000.00 9,327,000.00 8,045,000.00 6,313,000.00
Non-Interest Income 53,150,000.00 45,913,000.00 44,341,000.00 51,710,000.00 41,885,000.00
Non-Interest Expense 43,901,000.00 41,798,000.00 39,299,000.00 40,083,000.00 -33,780,000.00
   Selling, General and Administrative Expenses 9,859,000.00 9,626,000.00 9,197,000.00 8,420,000.00 6,663,000.00
EBT 17,596,000.00 11,813,000.00 14,089,000.00 19,668,000.00 14,418,000.00
Income Tax 4,067,000.00 2,583,000.00 2,910,000.00 4,548,000.00 3,239,000.00
Net Income Including Non-Controlling Interests 13,529,000.00 9,230,000.00 11,179,000.00 15,120,000.00 11,179,000.00
Net Income Non-Controlling Interests -139,000.00 -143,000.00 -150,000.00 -86,000.00 -183,000.00
Net Income 13,390,000.00 9,087,000.00 11,029,000.00 15,034,000.00 10,996,000.00
EBIT 63,120,000.00 53,864,000.00 26,357,000.00 21,034,000.00 18,267,000.00
Deprecation and Amortization 5,161,000.00 4,256,000.00 3,998,000.00 4,216,000.00 3,769,000.00
EBITDA 68,281,000.00 58,120,000.00 30,355,000.00 25,250,000.00 22,036,000.00
EPS 0.01 0.01 0.01 0.01 0.01
Diluted EPS 0.01 0.01 0.01 0.01 0.01
Average Shares Outstanding Basic 1,591,000.00 1,628,000.00 1,691,000.00 1,785,000.00 1,603,000.00
Average Shares Outstanding Diluted 1,611,000.00 1,646,000.00 1,713,000.00 1,814,000.00 1,624,000.00
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Operating Cash Flow 1,362,000.00 -33,536,000.00 -6,397,000.00 33,971,000.00 -25,231,000.00
   Operating Net Income 13,529,000.00 9,230,000.00 11,179,000.00 15,120,000.00 11,179,000.00
   Deprecation and Amortization 5,161,000.00 4,256,000.00 3,998,000.00 4,216,000.00 3,769,000.00
   Deferred Income Tax 152,000.00 -463,000.00 -849,000.00 4,000.00 -250,000.00
   Share Based Compensation 1,622,000.00 1,709,000.00 1,875,000.00 2,085,000.00 1,312,000.00
   Change in Working Capital 3,638,000.00 -64,053,000.00 -29,655,000.00 17,607,000.00 -4,037,000.00
   Other Operating Activities -22,740,000.00 15,785,000.00 7,055,000.00 -5,061,000.00 -37,204,000.00
Investing Cash Flow -29,460,000.00 -3,084,000.00 -11,632,000.00 -49,897,000.00 -37,898,000.00
   Capital Expenditure -3,462,000.00 -3,412,000.00 -3,078,000.00 -2,308,000.00 -1,444,000.00
   Net Purchase/Sale of PPE -3,462,000.00 -3,412,000.00 -3,078,000.00 -2,308,000.00 -1,444,000.00
   Net Purchase/Sale of Investments Net -3,380,000.00 4,387,000.00 15,098,000.00 -70,403,000.00 -60,579,000.00
   Net Purchase/Sale of Business 0 0 0 -2,648,000.00 3,807,000.00
   Other Investing Activities -19,156,000.00 -647,000.00 -20,574,000.00 27,770,000.00 21,762,000.00
Financing Cash Flow 46,756,000.00 -2,726,000.00 22,714,000.00 41,547,000.00 83,784,000.00
   Net Issuance/Repayment of Debt 28,135,000.00 13,619,000.00 37,562,000.00 20,149,000.00 10,242,000.00
   Net Issuance/Repurchase of Equity 995,000.00 0 994,000.00 1,275,000.00 0
   Dividends Paid 6,138,000.00 5,763,000.00 5,401,000.00 4,171,000.00 2,739,000.00
   Other Financing Activities 11,488,000.00 -22,108,000.00 -21,243,000.00 15,952,000.00 70,803,000.00
Net Change in Cash 16,154,000.00 -38,895,000.00 402,000.00 22,071,000.00 23,483,000.00
   Cash at Beginning of Period 89,232,000.00 128,127,000.00 127,725,000.00 105,654,000.00 82,171,000.00
   Cash at End of Period 105,386,000.00 89,232,000.00 128,127,000.00 127,725,000.00 105,654,000.00
Free Cash Flow -2,100,000.00 -36,948,000.00 -9,475,000.00 31,663,000.00 -26,675,000.00
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 1,364,806,000.00 1,353,870,000.00 1,300,296,000.00 1,215,071,000.00 1,258,027,000.00 1,228,503,000.00 1,193,693,000.00 1,199,904,000.00 1,180,231,000.00 1,222,233,000.00 1,188,140,000.00 1,158,772,000.00 1,115,862,000.00
   Deposits 0 0 381,563,000.00 376,007,000.00 0 352,494,000.00 351,804,000.00 347,523,000.00 356,646,000.00 360,840,000.00 347,574,000.00 323,138,000.00 310,782,000.00
      Cash and Short-Term Investments 0 0 209,787,000.00 223,951,000.00 0 225,038,000.00 199,972,000.00 233,143,000.00 242,034,000.00 263,853,000.00 247,724,000.00 232,839,000.00 221,888,000.00
            Cash and Cash Equivalents 73,473,000.00 78,156,000.00 209,787,000.00 223,951,000.00 61,732,000.00 225,038,000.00 199,972,000.00 233,143,000.00 242,034,000.00 263,853,000.00 247,724,000.00 232,839,000.00 221,888,000.00
            Short-Term Investments 29,576,000.00 31,148,000.00 0 0 23,857,000.00 0 0 0 0 0 0 0 0
      Net Receivables 113,257,000.00 98,310,000.00 16,111,000.00 12,319,000.00 91,380,000.00 13,426,000.00 15,255,000.00 15,146,000.00 14,788,000.00 14,013,000.00 174,956,000.00 144,397,000.00 138,619,000.00
      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 4,114,000.00 0 0 4,368,000.00 0 4,073,000.00 0 4,268,000.00 0 4,419,000.00
      Goodwill 16,725,000.00 16,734,000.00 16,714,000.00 16,706,000.00 16,735,000.00 16,722,000.00 16,707,000.00 16,657,000.00 16,652,000.00 16,825,000.00 16,833,000.00 16,836,000.00 11,635,000.00
      Intangible Assets 6,097,000.00 6,185,000.00 6,305,000.00 6,453,000.00 6,620,000.00 6,914,000.00 7,055,000.00 7,470,000.00 7,618,000.00 8,244,000.00 8,360,000.00 8,846,000.00 4,980,000.00
      Long-Term Investments 387,926,000.00 369,322,000.00 0 0 372,280,000.00 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 1,253,755,000.00 1,244,600,000.00 1,192,449,000.00 1,109,643,000.00 1,153,356,000.00 1,128,363,000.00 1,093,711,000.00 1,097,950,000.00 1,079,000,000.00 1,118,158,000.00 1,081,542,000.00 1,051,184,000.00 1,012,713,000.00
      Payables and Expenses 226,445,000.00 215,345,000.00 0 0 216,591,000.00 0 0 0 0 0 0 0 0
            Account Payables 226,445,000.00 215,345,000.00 0 0 216,591,000.00 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 20,924,000.00 24,567,000.00 0 0 20,814,000.00 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 332,196,000.00 327,771,000.00 0 0 295,509,000.00 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 111,051,000.00 109,270,000.00 107,847,000.00 105,428,000.00 104,671,000.00 100,140,000.00 99,982,000.00 101,954,000.00 101,231,000.00 104,075,000.00 106,598,000.00 107,588,000.00 103,149,000.00
   Shareholders Equity 109,962,000.00 108,184,000.00 106,812,000.00 104,511,000.00 103,647,000.00 99,198,000.00 99,038,000.00 100,826,000.00 100,141,000.00 102,901,000.00 105,441,000.00 106,259,000.00 101,781,000.00
      Capital Stock 9,770,000.00 9,770,000.00 20,000.00 20,000.00 9,770,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00
      Share Premium 30,730,000.00 30,263,000.00 29,773,000.00 30,179,000.00 29,820,000.00 29,046,000.00 29,832,000.00 28,856,000.00 29,339,000.00 28,007,000.00 28,841,000.00 27,406,000.00 25,546,000.00
      Retained Earnings 112,426,000.00 109,567,000.00 107,653,000.00 104,989,000.00 102,911,000.00 99,811,000.00 97,996,000.00 96,392,000.00 94,862,000.00 91,722,000.00 89,432,000.00 82,034,000.00 78,694,000.00
      Treasury Shares 36,618,000.00 35,503,000.00 -34,423,000.00 -33,613,000.00 32,868,000.00 -31,372,000.00 -31,139,000.00 -27,481,000.00 -26,577,000.00 -19,696,000.00 -17,500,000.00 -8,197,000.00 -9,767,000.00
      Accumulated Other Comprehensive Income -6,346,000.00 -5,913,000.00 -5,961,000.00 -6,814,000.00 -5,986,000.00 -7,057,000.00 -6,421,000.00 -5,711,000.00 -6,253,000.00 -4,902,000.00 -3,102,000.00 -2,754,000.00 -1,962,000.00
   Minority Interest 1,089,000.00 1,086,000.00 0 0 1,024,000.00 0 0 0 0 0 0 0 0
Investments 0 0 259,274,000.00 242,424,000.00 0 255,585,000.00 231,831,000.00 268,101,000.00 247,281,000.00 278,762,000.00 249,712,000.00 216,870,000.00 228,625,000.00
Debt 353,120,000.00 352,338,000.00 296,997,000.00 284,307,000.00 316,323,000.00 266,150,000.00 260,544,000.00 245,595,000.00 233,867,000.00 225,671,000.00 227,363,000.00 208,267,000.00 213,388,000.00
Net Debt 279,647,000.00 274,182,000.00 87,210,000.00 60,356,000.00 254,591,000.00 41,112,000.00 60,572,000.00 12,452,000.00 0 0 0 0 0
Common Shares Outstanding 1,591,091.69 1,598,299.43 1,606,806.30 1,607,000.00 1,612,068.43 1,626,657.46 1,627,000.00 1,670,318.32 1,675,487.41 1,756,153.37 1,772,226.53 1,868,925.32 1,810,000.00
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 17,083,000.00 15,604,000.00 17,739,000.00 14,339,000.00 15,136,000.00 14,517,000.00 14,801,000.00 15,719,000.00
Cost Of Revenue 0 0 0 0 0 0 39,000.00 0
Interest Income 15,456,000.00 14,905,000.00 13,748,000.00 14,185,000.00 12,930,000.00 10,870,000.00 2,650,000.00 2,437,000.00
Interest Expense 12,965,000.00 12,558,000.00 11,395,000.00 11,989,000.00 11,134,000.00 8,524,000.00 434,000.00 409,000.00
Net Interest 0 0 2,353,000.00 0 1,796,000.00 2,346,000.00 2,216,000.00 2,028,000.00
Non-Interest Income 0 0 15,386,000.00 0 13,340,000.00 12,171,000.00 12,585,000.00 13,691,000.00
Non-Interest Expense 11,055,000.00 10,786,000.00 12,060,000.00 9,999,000.00 10,747,000.00 10,523,000.00 10,156,000.00 10,473,000.00
Provisions for Credit Losses 0 0 0 0 0 0 39,000.00 0
Gross Profit 0 0 0 0 0 0 14,762,000.00 0
   Selling, General and Administrative Expenses 7,722,000.00 7,487,000.00 2,411,000.00 6,957,000.00 2,273,000.00 2,312,000.00 2,136,000.00 1,908,000.00
EBT 6,028,000.00 4,622,000.00 5,544,000.00 4,221,000.00 4,395,000.00 3,760,000.00 4,588,000.00 5,344,000.00
Income Tax 1,373,000.00 1,047,000.00 1,173,000.00 995,000.00 933,000.00 727,000.00 873,000.00 1,176,000.00
Net Income Including Non-Controlling Interests 4,655,000.00 3,575,000.00 4,371,000.00 3,226,000.00 3,462,000.00 3,033,000.00 3,715,000.00 4,168,000.00
Net Income Non-Controlling Interests -45,000.00 -36,000.00 -56,000.00 -38,000.00 -50,000.00 -53,000.00 -49,000.00 -48,000.00
Net Income 4,450,000.00 3,392,000.00 4,315,000.00 3,028,000.00 3,412,000.00 2,980,000.00 3,666,000.00 4,120,000.00
EBIT 0 0 16,939,000.00 0 15,529,000.00 12,284,000.00 5,022,000.00 5,753,000.00
Deprecation and Amortization 1,348,000.00 1,307,000.00 865,000.00 1,270,000.00 975,000.00 940,000.00 942,000.00 887,000.00
EBITDA 0 0 17,804,000.00 0 16,504,000.00 13,224,000.00 5,964,000.00 6,640,000.00
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 1,571,000.00 1,577,000.00 1,584,000.00 1,588,000.00 1,601,000.00 1,645,000.00 1,733,000.00 1,795,000.00
Average Shares Outstanding Diluted 1,590,000.00 1,593,000.00 1,600,000.00 1,609,000.00 1,616,000.00 1,663,000.00 1,755,000.00 1,818,000.00
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 -3,332,000.00 11,829,000.00 -23,976,000.00 -17,323,000.00 4,360,000.00 -9,865,000.00 239,000.00 26,879,000.00
   Operating Net Income 4,655,000.00 3,575,000.00 4,371,000.00 3,226,000.00 3,462,000.00 3,033,000.00 3,715,000.00 4,168,000.00
   Deprecation and Amortization 1,348,000.00 1,307,000.00 865,000.00 1,270,000.00 975,000.00 940,000.00 942,000.00 887,000.00
   Deferred Income Tax 0 0 0 0 0 0 0 0
   Share Based Compensation 449,000.00 469,000.00 539,000.00 372,000.00 442,000.00 558,000.00 431,000.00 518,000.00
   Change in Working Capital -9,896,000.00 6,124,000.00 -33,617,000.00 -22,316,000.00 2,612,000.00 8,258,000.00 24,290,000.00 5,012,000.00
   Other Operating Activities 112,000.00 354,000.00 3,866,000.00 125,000.00 -3,131,000.00 -22,654,000.00 -29,139,000.00 16,294,000.00
Investing Cash Flow -10,676,000.00 -17,672,000.00 -5,034,000.00 -6,696,000.00 1,054,000.00 -1,041,000.00 158,000.00 -22,561,000.00
   Capital Expenditure 0 0 -713,000.00 0 -816,000.00 -719,000.00 -652,000.00 -525,000.00
   Net Purchase/Sale of PPE -713,000.00 -763,000.00 -713,000.00 -916,000.00 -816,000.00 -719,000.00 -652,000.00 -525,000.00
   Net Purchase/Sale of Investments Net 707,000.00 -4,783,000.00 2,165,000.00 -1,055,000.00 2,225,000.00 500,000.00 -17,583,000.00 -32,377,000.00
   Net Purchase/Sale of Business 0 0 0 0 0 0 0 -2,648,000.00
   Other Investing Activities -10,670,000.00 -12,126,000.00 -5,773,000.00 -4,725,000.00 461,000.00 -103,000.00 19,045,000.00 13,514,000.00
Financing Cash Flow 9,076,000.00 21,667,000.00 13,045,000.00 23,048,000.00 8,857,000.00 -6,288,000.00 9,291,000.00 9,564,000.00
   Net Issuance/Repayment of Debt -1,259,000.00 12,655,000.00 11,594,000.00 10,039,000.00 10,358,000.00 6,018,000.00 9,190,000.00 4,338,000.00
   Net Issuance/Repurchase of Equity -1,146,000.00 0 0 189,000.00 0 0 0 0
   Dividends Paid -1,705,000.00 -1,584,000.00 1,616,000.00 -1,590,000.00 1,496,000.00 1,406,000.00 1,314,000.00 755,000.00
   Other Financing Activities 13,186,000.00 0 -165,000.00 14,410,000.00 -2,997,000.00 -13,712,000.00 -1,213,000.00 4,471,000.00
Net Change in Cash -4,932,000.00 15,824,000.00 -14,647,000.00 -971,000.00 13,073,000.00 -16,869,000.00 8,361,000.00 12,464,000.00
   Cash at Beginning of Period 109,130,000.00 90,739,000.00 105,386,000.00 90,160,000.00 89,232,000.00 128,127,000.00 127,725,000.00 105,654,000.00
   Cash at End of Period 103,734,000.00 109,130,000.00 90,739,000.00 91,084,000.00 102,305,000.00 111,258,000.00 136,086,000.00 118,118,000.00
Free Cash Flow -4,045,000.00 11,066,000.00 -24,689,000.00 -18,239,000.00 3,544,000.00 -10,584,000.00 -413,000.00 26,354,000.00