REFI

Valuation Ratios

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Price to Earnings 8.03 7.56 8.24 11.33
Price to Sales 5.45 9.69
Book Value Per Common Share 14.83 14.94 14.86 15.13
Price to Book 1.04 1.08 1.01 1.10
Price to Operating Cash Flow 12.84 10.30 15.64 16.08
Price to Free Cash Flow
Enterprise Value to EBITDA 69984.56 62056.37 70869.14 287955.61
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
Price to Earnings 9.62 15.51 30.63 10.14 16.17 32.85 9.09 14.16 22.52 10.15 17.31 40.30
Price to Sales 9.54 16.20 7.46 12.56 31.81
Book Value Per Common Share 14.71 14.71 14.87 14.83 15.05 14.92 15.71 14.94 15.17 15.06 15.04 14.86 15.23 15.13 15.17 15.13
Price to Book 0.87 0.95 0.99 1.04 1.03 1.03 1.00 1.08 0.97 1.01 0.90 1.01 0.95 1.00 1.17 1.10
Price to Operating Cash Flow 12.05 20.74 40.21 13.88 22.02 41.65 20.58 22.88 141.91 20.55 36.05 103.02
Price to Free Cash Flow
Enterprise Value to EBITDA 76419.91 123044.77 246180.60 84172.80 132766.78 253696.96 75682.76 117764.46 184864.07 89524.03 155869.42 361899.04

Earnings Data

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Earning YoY -10.28 16.94 24.49
Revenue YoY 341.15
EBITDA YoY -3.27 25.58 274.36
Net Profit YoY -4.30 19.87 240.05
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
Earning YoY 47.78 87.50 61.05 97.92 51.40 78.33 63.22 97.73
Revenue YoY 91.65 61.12 115.21
EBITDA YoY 47.52 91.65 59.35 100.71 51.25 76.88 66.51 97.20
Net Profit YoY 47.23 88.41 62.59 105.20 51.60 80.84 63.98 95.64

Financial Strength

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Cash Per Common Share 1.37 0.44 0.32 12.46
Quick Ratio
Current Ratio
Debt to Equity 0.41 0.32 0.30 0.05
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
Cash Per Common Share 1.38 1.70 0.47 1.27 0.35 0.38 0.38 0.43 0.48 1.00 0.26 0.32 0.53 0.38 0.34 4.60
Quick Ratio
Current Ratio
Debt to Equity 0.38 0.47 0.33 0.41 0.24 0.32 0.34 0.32 0.28 0.21 0.19 0.30 0.26 0.26 0.06 0.05
Long-Term Debt to Equity

Profitability

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
ROA 8.51 10.78 9.41 3.41
ROE 11.99 14.24 12.23 3.60
Gross Margin 80.15 84.95
Operating Margin 71.45 85.75
EBITDA Margin 77.33 91.13
Net Profit Margin 66.10 85.75
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
ROA 6.52 4.16 2.42 7.96 4.64 2.28 8.32 5.85 3.31 7.35 4.52 2.73
ROE 8.99 6.10 3.23 9.86 6.12 3.05 10.63 7.06 3.93 9.27 5.68 2.90
Gross Margin 77.86 77.77 84.17 85.49 88.99
Operating Margin 76.82 82.57 77.49 74.62 79.36
EBITDA Margin 81.83 88.67 83.77 81.06 88.46
Net Profit Margin 67.67 71.72 73.43 72.15 79.36

Dividends

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
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
Dividend Yield
Dividend Payout Ratio

Financial Statements

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Assets 435,148.97 359,225.60 343,271.05 278,170.46
      Cash and Short-Term Investments 26,400.45 7,898.04 5,715.83 80,248.53
            Cash and Cash Equivalents 26,400.45 7,898.04 5,715.83 80,248.53
            Short-Term Investments 0 0 0 0
      Net Receivables 4,427.23 3,343.63 1,204.41 197.74
      Inventory 0 0 0 0
      Other Current Assets 0 0 0 0
      Property, Plant, Equipment Net 0 0 0 0
      Goodwill 0 0 0 0
      Intangible Assets 0 0 0 0
      Long-Term Investments 0 0 335,332.60 196,850.02
      Non-Current Deferred Assets 0 0 0 0
      Other Non-Current Assets 0 0 0 0
Liabilities 126,190.88 87,372.21 79,238.03 14,092.49
      Payables and Expenses 0 0 0 212.89
            Account Payables 0 0 0 0
            Current Accrued Liabilities 0 0 0 0
      Short-Term Debt 55,000.00 66,000.00 58,000.00 200,359.03
      Other Current Liabilities 0 0 0 0
      Long-Term Debt 0 0 0 0
      Other Non-Current Liabilities 0 0 0 0
Equity 308,958.10 271,853.39 264,033.02 264,077.97
   Shareholders Equity 308,958.10 271,853.39 264,033.02 264,077.97
      Capital Stock 208.29 181.97 176.86 173.55
      Share Premium 318,886.77 277,483.09 268,995.85 264,081.98
      Retained Earnings -10,136.96 -5,811.67 -5,139.68 -177.56
      Treasury Shares 0 0 0 0
      Accumulated Other Comprehensive Income 0 0 0 0
   Minority Interest 0 0 0 0
Investments 0 996.77 335,332.60 196,850.02
Debt 153,192.50 66,000.00 58,000.00 200,359.03
Net Debt 126,792.05 58,101.96 52,284.17 120,110.50
Common Shares Outstanding 20,829.23 18,197.19 17,766.94 17,453.55
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Revenues 0 0 48,857.63 11,075.12
Cost Of Revenue 1,749.89 940.38 9,699.95 1,666.81
Interest Income 62,104.09 62,900.00 54,085.90 0
Interest Expense 7,153.21 5,752.91 2,614.14 0.00
Net Interest 54,950.89 57,147.10 51,471.77 10,749.47
Non-Interest Expense 17,737.31 18,617.24 0 0
Provisions for Credit Losses -1,749.89 940.38 0 0
Gross Profit 0 0 39,157.68 9,408.31
Operating Expenses 0 0 16,565.15 1,578.68
   Selling, General and Administrative Expenses 7,200.03 7,414.29 5,680.04 252.54
   Other Operating Expenses 0 0 10,885.11 1,326.13
Operating Income 0 0 22,592.53 7,829.63
EBT 37,045.40 38,710.25 32,292.48 9,496.44
Income Tax 0.00 0.00 0.00 0.00
Net Income Including Non-Controlling Interests 0 0 0 9,496.44
Net Income Non-Controlling Interests 0 0 0 0.00
Net Income 37,045.40 38,710.25 32,292.48 9,496.44
EBIT 44,198.61 44,463.16 34,906.61 9,496.44
Deprecation and Amortization 1,697.14 2,983.44 2,874.71 595.87
EBITDA 45,895.75 47,446.60 37,781.32 10,092.31
EPS 0.00 0.00 0.00 0.00
Diluted EPS 0.00 0.00 0.00 0.00
Average Shares Outstanding Basic 19,279.50 18,085.09 17,653.76 6,442.86
Average Shares Outstanding Diluted 19,713.92 18,343.72 17,746.21 6,450.38
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Operating Cash Flow 23,159.38 28,416.46 17,005.15 6,669.44
   Operating Net Income 37,045.40 38,710.25 32,292.48 9,496.44
   Deprecation and Amortization 1,697.14 2,983.44 2,874.71 595.87
   Deferred Income Tax 0 0 0 0
   Share Based Compensation 3,058.67 1,479.74 435.62 29.61
   Change in Working Capital 4,246.00 3,896.09 4,370.29 1,302.34
   Other Operating Activities -22,887.84 -18,653.06 -22,967.94 -4,754.82
Investing Cash Flow -39,296.86 -1,925.42 -125,244.04 -145,221.68
   Capital Expenditure 0.00 0.00 0.00 0.00
   Net Purchase/Sale of PPE 0 0 0 0
   Net Purchase/Sale of Investments Net 4,906.56 0 0 0
   Net Purchase/Sale of Business 0 19,300.00 3,778.81 0
   Net Loan & Lease Activity 121,461.11 167,151.81 6,696.78 4,872.23
   Other Investing Activities -165,664.54 -188,377.22 -135,719.63 -150,093.91
Financing Cash Flow 34,639.89 -24,308.83 33,706.19 218,800.77
   Net Issuance/Repayment of Debt 379,000.00 156,000.00 58,000.00 91,734.12
   Net Issuance/Repurchase of Equity 39,591.88 7,222.36 4,505.66 226,031.60
   Dividends Paid 41,632.36 39,134.34 28,173.93 5,136.07
   Other Financing Activities -425,584.35 -226,665.53 -56,973.41 -104,101.03
Net Change in Cash 18,502.41 2,182.21 -74,532.70 80,248.53
   Cash at Beginning of Period 7,898.04 5,715.83 80,248.53 0
   Cash at End of Period 26,400.45 7,898.04 5,715.83 0
Free Cash Flow 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
Assets 427,077.16 455,214.33 414,665.33 435,148.97 365,912.74 386,490.30 383,654.93 359,225.60 352,309.67 330,557.04 322,881.38 343,271.05 340,480.91 337,553.67 285,907.90 278,170.46
      Cash and Short-Term Investments 28,920.54 35,562.08 9,879.18 26,400.45 6,760.43 7,070.88 6,904.11 7,898.04 8,702.16 18,020.69 4,640.90 5,715.83 9,331.53 6,623.10 6,078.18 80,248.53
            Cash and Cash Equivalents 28,920.54 35,562.08 9,879.18 26,400.45 6,760.43 7,070.88 6,904.11 7,898.04 8,702.16 18,020.69 4,640.90 5,715.83 9,331.53 6,623.10 6,078.18 80,248.53
            Short-Term Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
      Net Receivables 14,160.25 10,403.67 4,860.84 4,427.23 1,453.08 3,508.83 2,780.56 3,343.63 6,967.19 994.81 4,159.75 1,204.41 727.28 975.57 373.69 197.74
      Inventory 0 0 0 0 0 0 0 0 0 994.81 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
      Property, Plant, Equipment Net 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
      Goodwill 0 0 0 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 0 0 0
      Long-Term Investments 0 0 0 0 0 0 0 0 0 309,415.32 312,174.21 335,332.60 329,577.61 328,998.56 278,644.08 196,850.02
      Non-Current Deferred Assets 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
Liabilities 117,162.49 145,185.93 103,885.29 126,190.88 70,445.98 93,765.40 97,694.16 87,372.21 76,524.28 56,867.16 50,758.05 79,238.03 70,328.12 68,926.16 16,523.39 14,092.49
      Payables and Expenses 0 0 0 0 0 0 0 0 0 500.00 0 0 0 0 571.82 212.89
            Account Payables 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 0 500.00 0 0 0 0 0 0
      Short-Term Debt 52,400.00 71,200.00 38,000.00 55,000.00 54,000.00 76,750.00 81,250.00 66,000.00 63,000.00 43,000.00 37,500.00 58,000.00 53,000.00 45,000.00 281,535.89 200,359.03
      Other Current Liabilities 0 0 0 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 0 0 0
      Other Non-Current Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Equity 309,914.68 310,028.39 310,780.05 308,958.10 295,466.76 292,724.91 285,960.78 271,853.39 275,785.39 273,689.87 272,123.33 264,033.02 270,152.79 268,627.51 269,384.52 264,077.97
   Shareholders Equity 309,914.68 310,028.39 310,780.05 308,958.10 295,466.76 292,724.91 285,960.78 271,853.39 275,785.39 273,689.87 272,123.33 264,033.02 270,152.79 268,627.51 269,384.52 264,077.97
      Capital Stock 210.75 210.75 208.94 208.29 196.34 196.25 191.00 181.97 181.82 181.75 180.89 176.86 176.58 176.58 176.58 173.55
      Share Premium 322,226.14 321,366.16 320,486.84 318,886.77 299,721.92 298,922.62 291,858.52 277,483.09 276,946.11 276,405.75 274,925.07 268,995.85 268,888.86 268,803.97 268,681.45 264,081.98
      Retained Earnings -12,522.21 -11,548.52 -9,915.73 -10,136.96 -4,451.50 -6,393.96 -6,088.75 -5,811.67 -1,342.54 -2,897.63 -2,982.63 -5,139.68 1,087.35 -353.04 526.49 -177.56
      Treasury Shares 0 0 0 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 0 0 0
   Minority Interest 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Investments 0 0 0 0 0 0 0 996.77 3,778.00 310,292.93 312,174.21 335,332.60 329,577.61 328,998.56 278,644.08 196,850.02
Debt 150,949.29 169,630.03 136,311.43 153,192.50 54,000.00 76,750.00 81,250.00 66,000.00 63,000.00 43,000.00 37,500.00 58,000.00 53,000.00 45,000.00 281,535.89 200,359.03
Net Debt 122,028.75 134,067.95 126,432.25 126,792.05 47,239.57 69,679.12 74,345.89 58,101.96 54,297.84 24,979.31 32,859.10 52,284.17 43,668.47 38,376.90 275,457.71 120,110.50
Common Shares Outstanding 21,075.30 21,074.62 20,893.78 20,829.23 19,634.48 19,624.46 18,197.19 18,197.19 18,182.24 18,175.39 18,088.68 17,766.94 17,742.92 17,752.29 17,752.60 17,453.55
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 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31
Revenues 0 0 0 0 0 0 0 0 0 28,573.30 14,909.01 -16,231.69 34,095.01 21,161.26 9,833.05
Cost Of Revenue 631.23 74.01 2,146.55 -504.77 1,769.58 104.81 380.28 -11,088.01 2,387.76 6,326.26 3,314.38 147.48 5,398.91 3,070.54 1,083.03
Interest Income 46,860.22 31,609.35 15,107.32 -30,230.51 46,624.84 30,366.10 15,343.67 -35,415.32 46,369.98 33,799.75 18,145.60 -4,980.35 36,861.35 22,204.90 0
Interest Expense 5,708.02 4,142.43 2,065.38 -4,636.16 5,742.33 3,942.98 2,104.05 -2,540.97 4,062.36 2,613.22 1,618.30 709.14 1,383.17 521.82 0.00
Net Interest 41,152.19 27,466.92 13,041.93 -25,594.36 40,882.51 26,423.12 13,239.62 -32,874.35 42,307.61 31,186.53 16,527.30 -15,522.55 35,478.18 21,683.08 9,833.05
Non-Interest Expense 13,463.97 8,713.23 3,000.62 -7,028.62 11,753.62 8,505.86 4,506.44 5,509.59 13,107.65 0 0 0 0 0 0
Provisions for Credit Losses 631.23 74.01 -2,146.55 -465.40 -1,769.58 104.81 380.28 -1,447.37 2,387.76 0 0 0 0 0 0
Gross Profit 0 0 0 0 0 0 0 0 0 22,247.05 11,594.63 -16,379.17 28,696.10 18,090.72 8,750.03
Operating Expenses 0 0 0 0 0 0 0 0 0 9,237.58 4,216.66 -415.66 9,058.25 5,893.47 2,029.10
   Selling, General and Administrative Expenses 5,270.08 3,440.29 1,689.05 -3,370.42 5,226.52 3,503.81 1,840.12 -969.29 5,432.11 1,107.27 1,844.20 -2,126.45 4,059.51 2,633.93 1,113.05
   Other Operating Expenses 0 0 0 0 0 0 0 0 0 8,130.31 2,372.46 1,710.79 4,998.73 3,259.54 916.06
Operating Income 0 0 0 0 0 0 0 0 0 13,009.47 7,377.97 -15,963.50 19,637.85 12,197.25 6,720.93
EBT 27,853.23 18,918.69 10,041.31 -18,724.39 29,125.71 17,914.08 8,730.00 -20,630.55 29,312.72 19,335.73 10,692.35 -15,816.03 25,036.76 15,267.79 7,803.95
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
Net Income Including Non-Controlling Interests 0 0 0 0 0 0 0 0 0 0 0 0 0 7,803.95 7,803.95
Net Income Non-Controlling Interests 0 0 0 0 0 0 0 0 0 0 0 0 0 7,463.84 0.00
Net Income 27,853.23 18,918.69 10,041.31 -18,724.39 29,125.71 17,914.08 8,730.00 -20,630.55 29,312.72 19,335.73 10,692.35 -15,816.03 25,036.76 15,267.79 7,803.95
EBIT 33,561.25 23,061.12 12,106.69 -23,360.54 34,868.04 21,857.06 10,834.05 -23,171.53 33,375.09 21,948.95 12,310.65 -15,106.88 26,419.93 15,789.61 7,803.95
Deprecation and Amortization 1,712.97 850.11 369.97 -939.69 1,311.76 847.32 477.76 -1,348.10 1,989.37 1,433.29 908.87 -1,522.13 2,139.97 1,362.78 894.09
EBITDA 35,274.22 23,911.23 12,476.67 -24,300.24 36,179.80 22,704.37 11,311.81 -24,519.63 35,364.46 23,382.24 13,219.52 -16,629.01 28,559.90 17,152.39 8,698.04
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
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
Average Shares Outstanding Basic 20,979.47 20,931.03 20,858.47 20,923.44 19,094.46 18,826.18 18,273.92 18,418.93 18,052.29 17,989.68 17,879.44 17,672.06 17,652.37 17,649.55 17,641.09
Average Shares Outstanding Diluted 21,413.42 21,376.65 21,264.89 21,418.05 19,531.69 19,265.43 18,640.49 19,027.71 18,269.17 18,117.92 17,960.10 17,754.03 17,747.61 17,745.23 17,737.97
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
Operating Cash Flow 22,273.69 14,088.50 7,625.17 -18,219.13 21,331.81 13,128.82 6,917.87 1,888.88 12,912.74 11,912.77 1,702.07 -5,782.99 12,377.83 7,374.68 3,035.63
   Operating Net Income 27,853.23 18,918.69 10,041.31 -18,724.39 29,125.71 17,914.08 8,730.00 -20,630.55 29,312.72 19,335.73 10,692.35 -15,816.03 25,036.76 15,267.79 7,803.95
   Deprecation and Amortization 1,712.97 850.11 369.97 -939.69 1,311.76 847.32 477.76 -1,348.10 1,989.37 1,433.29 908.87 -1,522.13 2,139.97 1,362.78 894.09
   Deferred Income Tax 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
   Share Based Compensation 2,459.09 1,530.44 649.31 -1,053.39 2,213.15 1,367.63 531.29 -3.38 942.61 402.18 138.34 -257.14 328.36 243.47 120.94
   Change in Working Capital -1,764.02 6,847.73 -2,791.93 6,850.35 -927.54 -271.27 -1,405.54 -4,944.84 7,034.22 -167.33 1,974.04 799.52 1,710.44 1,559.05 301.27
   Other Operating Activities -7,987.59 -14,058.46 -643.50 -4,352.00 -10,391.27 -6,728.93 -1,415.64 28,815.76 -26,366.19 -9,091.10 -12,011.52 11,012.78 -16,837.70 -11,058.40 -6,084.62
Investing Cash Flow 16,011.91 1,952.04 5,507.31 -974.91 1,968.14 -21,572.74 -18,717.35 -66,571.84 8,814.17 30,515.37 25,316.89 191,384.98 -120,724.57 -118,729.08 -77,175.37
   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
   Net Purchase/Sale of PPE 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
   Net Purchase/Sale of Investments Net 0 3,805.04 3,322.04 4,906.56 0 0 0 0 0 0 0 0 0 0 0
   Net Purchase/Sale of Business 0 0 0 0 0 0 0 -3,097.27 19,300.00 1,986.06 1,111.21 915.63 1,500.13 980.91 382.14
   Net Loan & Lease Activity 121,461.11 167,151.81 6,696.78 4,872.23
   Other Investing Activities -53,505.08 -14,132.06 -6,985.36 -24,841.79 -75,230.85 -43,211.08 -22,380.81 -64,753.03 -149,559.76 15,129.59 10,805.97 190,469.35 -128,921.48 -119,709.99 -77,557.52
Financing Cash Flow -35,765.50 -6,878.91 -29,653.75 40,655.14 -24,437.56 7,616.76 10,805.56 52,648.90 -18,740.58 -30,123.28 -28,093.88 -41,421.92 37,429.75 37,728.97 -30.61
   Net Issuance/Repayment of Debt 214,800.00 97,600.00 49,000.00 102,000.00 159,000.00 77,250.00 40,750.00 -93,500.00 123,000.00 49,000.00 77,500.00 -40,000.00 53,000.00 45,000.00 0
   Net Issuance/Repurchase of Equity 1,033.47 1,033.47 1,033.47 -11,769.97 20,796.75 20,753.24 9,811.86 -13,222.37 7,222.36 7,222.36 6,000.01 -9,011.33 4,505.66 4,505.66 4,505.66
   Dividends Paid 33,938.24 24,030.32 13,605.15 -27,705.40 32,364.65 23,106.45 13,866.66 -26,922.21 30,566.09 22,004.27 13,486.19 -7,788.60 19,874.72 11,575.50 4,512.33
   Other Financing Activities -285,537.22 -129,542.70 -93,292.38 -21,869.49 -236,598.96 -113,492.93 -53,622.96 186,293.48 -179,529.03 -108,349.91 -125,080.07 15,378.01 -39,950.63 -23,352.19 -9,048.60
Net Change in Cash 2,520.09 9,161.64 -16,521.27 21,461.10 -1,137.61 -827.16 -993.93 -12,034.06 2,986.33 12,304.86 -1,074.92 144,180.08 -70,917.00 -73,625.43 -74,170.35
   Cash at Beginning of Period 26,400.45 26,400.45 26,400.45 4,939.35 7,898.04 7,898.04 7,898.04 19,932.10 5,715.83 5,715.83 5,715.83 -138,464.25 80,248.53 80,248.53 80,248.53
   Cash at End of Period 28,920.54 35,562.08 9,879.18 26,400.45 6,760.43 7,070.88 6,904.11 7,898.04 8,702.16 18,020.69 4,640.90 5,715.83 9,331.53 6,623.10 6,078.18
Free Cash Flow 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0