Valuation Ratios

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Price to Earnings -0.72 -2.65 29.29 -87.95
Price to Sales 1.01 1.88 2.19 4.37
Book Value Per Common Share 11.32 23.84 31.32 30.05
Price to Book 0.82 0.82 0.77 1.14
Price to Operating Cash Flow -2.68 -5.18 -5.98 -8.61
Price to Free Cash Flow -0.59 -1.24 -1.78 -2.81
Enterprise Value to EBITDA 1039264.43
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-03-31 2022-03-31 2021-03-31
Price to Earnings 247.00 6.70 26.64 -0.74 -48.81 -32.95 -17.99 -72.31 -504.00
Price to Sales 5.51 3.29 2.63 4.01 7.52 6.32 7.33 12.78 36.59
Book Value Per Common Share 12.88 12.71 11.51 11.32 23.55 23.48 30.06 29.91 30.29
Price to Book 1.34 0.64 0.51 0.82 0.77 0.56 0.67 1.02 2.00
Price to Operating Cash Flow -32.86 -6.41 -12.73 -8.05 -25.87 -20.25 -9.84 -24.72 -65.99
Price to Free Cash Flow -4.62 -1.90 -12.71 -1.98 -4.39 -9.75 -24.11 -65.98
Enterprise Value to EBITDA 239416.87 299570.60 1387189.47 507335.81 1646887.32

Earnings Data

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Earning YoY
Revenue YoY -9.83 -2.65 44.19
EBITDA YoY
Net Profit YoY
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-03-31 2022-03-31 2021-03-31
Earning YoY -94.26 454.55
Revenue YoY 27.26 12.90 -2.74 -3.48 17.24 -22.32 18.97 48.09
EBITDA YoY 165.85 555.38
Net Profit YoY -94.07 459.42

Financial Strength

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Cash Per Common Share 2.59 3.13 3.50 3.01
Quick Ratio 0.56 0.57 0.83 0.75
Current Ratio 1.29 1.26 1.82 1.53
Debt to Equity 3.78 1.96 1.36 1.18
Long-Term Debt to Equity 3.46 1.74 1.21 1.04
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-03-31 2022-03-31 2021-03-31
Cash Per Common Share 3.07 2.70 4.32 2.56 2.39 3.56 3.93 4.13 4.02
Quick Ratio 0.67 0.63 0.91 0.56 0.66 0.75 0.92 0.99 1.18
Current Ratio 1.46 1.41 1.32 1.29 1.47 1.31 1.81 1.60 1.59
Debt to Equity 3.79 3.77 3.97 3.78 2.14 2.08 1.42 1.25 1.01
Long-Term Debt to Equity 3.48 3.49 3.67 3.46 1.99 1.89 1.27 1.11 0.91

Profitability

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
ROA -14.30 -7.85 0.90 -0.48
ROE -68.35 -23.21 2.12 -1.05
Gross Margin 16.12 7.22 12.87 15.19
Operating Margin -173.41 -90.39 -17.30 -39.97
EBITDA Margin -142.94 -66.86 2.13 -15.87
Net Profit Margin -139.67 -71.00 7.47 -4.93
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-03-31 2022-03-31 2021-03-31
ROA 0.07 1.32 0.25 -14.14 -0.38 -0.42 -1.22 -0.51 -0.16
ROE 0.36 6.29 1.22 -67.57 -1.19 -1.30 -2.94 -1.14 -0.32
Gross Margin 33.57 21.04 19.60 18.80 19.26 7.09 5.58 8.91 12.08
Operating Margin -1.96 -22.27 -31.79 -610.70 -39.16 -20.34 -42.84 -13.61 -43.06
EBITDA Margin 23.09 11.05 1.90 -579.39 -10.21 12.51 -21.97 7.79 -15.60
Net Profit Margin 2.29 49.14 9.92 -542.66 -15.59 -19.17 -40.75 -17.70 -7.11

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 2024-03-31 2023-03-31 2022-03-31 2021-03-31
Dividend Yield
Dividend Payout Ratio

Financial Statements

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Assets 19,897,884.00 20,450,237.00 19,268,805.00 16,483,252.00
   Current Assets 1,722,636.00 1,882,259.00 2,097,643.00 1,547,719.00
      Cash and Short-Term Investments 574,956.00 678,821.00 740,508.00 617,634.00
            Cash and Cash Equivalents 574,956.00 678,821.00 740,508.00 617,634.00
            Short-Term Investments 0 0 0 0
      Net Receivables 170,706.00 172,001.00 214,255.00 146,037.00
      Inventory 402,083.00 459,746.00 783,904.00 506,819.00
      Other Current Assets 574,891.00 571,691.00 358,976.00 277,229.00
   Non-Current Assets 18,175,248.00 18,567,978.00 17,171,162.00 14,935,533.00
      Property, Plant, Equipment Net 15,230,164.00 13,269,645.00 11,160,559.00 9,609,289.00
      Goodwill 0 3,122,168.00 4,280,169.00 4,280,169.00
      Intangible Assets 0 0 7,527.00 12,891.00
      Long-Term Investments 81,297.00 132,563.00 186,197.00 63,826.00
      Non-Current Deferred Assets 1,843,037.00 1,399,015.00 985,859.00 631,032.00
      Other Non-Current Assets 0 0 550,851.00 338,326.00
Liabilities 15,733,674.00 13,536,224.00 11,089,788.00 8,910,665.00
   Current Liabilities 1,334,482.00 1,488,159.00 1,155,451.00 1,012,120.00
      Payables and Expenses 805,899.00 642,142.00 644,754.00 558,689.00
            Account Payables 354,214.00 230,723.00 339,166.00 288,108.00
            Current Accrued Liabilities 410,221.00 376,239.00 273,538.00 238,999.00
      Short-Term Debt 286,494.00 615,804.00 217,105.00 233,033.00
      Other Current Liabilities 242,089.00 230,213.00 293,592.00 220,398.00
   Non-Current Liabilities 14,399,192.00 12,048,065.00 9,934,337.00 7,898,545.00
      Long-Term Debt 12,735,966.00 10,471,144.00 8,547,652.00 6,638,249.00
      Other Non-Current Liabilities 1,663,226.00 1,576,921.00 1,386,685.00 1,260,296.00
Equity 4,164,210.00 6,914,013.00 8,179,017.00 7,572,587.00
   Shareholders Equity 2,554,207.00 5,230,228.00 6,708,122.00 6,254,736.00
      Capital Stock 23.00 22.00 21.00 21.00
      Share Premium 6,747,236.00 6,609,229.00 6,470,194.00 6,330,344.00
      Retained Earnings -4,279,866.00 -1,433,699.00 170,798.00 -2,579.00
      Treasury Shares 0 0 0 0
      Accumulated Other Comprehensive Income 86,814.00 54,676.00 67,109.00 -73,050.00
   Minority Interest 1,610,003.00 1,683,785.00 1,470,895.00 1,317,851.00
Debt 13,022,460.00 11,086,948.00 8,764,757.00 6,871,282.00
Net Debt 12,326,536.00 9,993,107.00 7,658,641.00 5,885,256.00
Common Shares Outstanding 225,662.00 219,392.00 214,184.00 208,176.00
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Revenues 2,037,719.00 2,259,813.00 2,321,422.00 1,609,954.00
Cost Of Revenue 1,709,165.00 2,096,752.00 2,022,710.00 1,365,472.00
Interest Expense 848,366.00 652,989.00 445,819.00 327,700.00
Non-Interest Expense 862,289.00 961,888.00 939,997.00 887,504.00
Gross Profit 328,554.00 163,061.00 298,712.00 244,482.00
Operating Expenses 901,593.00 983,704.00 960,904.00 910,669.00
   Selling, General and Administrative Expenses 862,289.00 961,888.00 939,997.00 887,504.00
   Research and Development Expenses 39,304.00 21,816.00 20,907.00 23,165.00
Operating Income -573,039.00 -820,643.00 -662,192.00 -666,187.00
Net Non-Operating Income 161,539.00 -63,900.00 260,657.00 22,628.00
EBT -4,382,034.00 -2,695,532.00 -847,354.00 -971,259.00
Income Tax -26,817.00 -12,691.00 2,291.00 9,271.00
Net Income Including Non-Controlling Interests -4,355,217.00 -2,682,841.00 -849,645.00 -980,530.00
Net Income Non-Controlling Interests 1,509,050.00 1,078,344.00 1,023,022.00 901,107.00
Net Income -2,846,167.00 -1,604,497.00 173,377.00 -79,423.00
EBIT -3,533,668.00 -2,042,543.00 -401,535.00 -643,559.00
Deprecation and Amortization 620,876.00 531,669.00 451,046.00 388,096.00
EBITDA -2,912,792.00 -1,510,874.00 49,511.00 -255,463.00
EPS -0.01 -0.01 0.00 -0.00
Diluted EPS -0.01 -0.01 0.00 -0.00
Average Shares Outstanding Basic 222,215.00 216,642.00 211,347.00 205,132.00
Average Shares Outstanding Diluted 222,215.00 216,642.00 219,157.00 205,132.00
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Operating Cash Flow -766,153.00 -820,740.00 -848,793.00 -817,186.00
   Operating Net Income -4,355,217.00 -2,682,841.00 -849,645.00 -980,530.00
   Deprecation and Amortization 620,876.00 531,669.00 451,046.00 388,096.00
   Deferred Income Tax -26,817.00 -12,716.00 2,291.00 9,607.00
   Share Based Compensation 112,825.00 111,781.00 110,633.00 211,000.00
   Change in Working Capital -318,509.00 -195,280.00 -410,777.00 -485,081.00
   Other Operating Activities 3,200,689.00 1,426,647.00 -152,341.00 39,722.00
Investing Cash Flow -2,701,024.00 -2,613,143.00 -2,086,066.00 -1,686,185.00
   Capital Expenditure 0 0 0 0
   Net Purchase/Sale of PPE -2,701,024.00 -2,608,143.00 -2,011,066.00 -1,686,185.00
   Net Purchase/Sale of Investments Net 0 0 0 0
   Net Purchase/Sale of Business 0 -5,000.00 -75,000.00 0
   Other Investing Activities 0.00 0.00 0.00 0.00
Financing Cash Flow 3,426,755.00 3,468,698.00 3,037,451.00 2,645,594.00
   Net Issuance/Repayment of Debt 1,895,176.00 2,188,385.00 1,912,993.00 1,662,935.00
   Net Issuance/Repurchase of Equity 0 0 0 0
   Dividends Paid 0 0 0 0
   Other Financing Activities 0 0 1,124,458.00 982,659.00
Net Change in Cash -40,422.00 34,815.00 102,592.00 142,223.00
   Cash at Beginning of Period 987,838.00 953,023.00 850,431.00 708,208.00
   Cash at End of Period 947,416.00 987,838.00 953,023.00 850,431.00
Free Cash Flow -3,467,177.00 -3,428,883.00 -2,859,859.00 -2,503,371.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-03-31 2022-03-31 2021-03-31
Assets 22,225,482.00 21,230,135.00 20,377,855.00 19,897,884.00 22,104,323.00 20,834,343.00 19,728,327.00 17,255,122.00 14,885,961.00
   Current Assets 2,070,471.00 1,785,811.00 1,667,213.00 1,722,636.00 1,602,462.00 1,670,606.00 2,084,272.00 1,709,350.00 1,268,654.00
      Cash and Short-Term Investments 709,148.00 618,057.00 978,755.00 574,956.00 533,863.00 783,031.00 843,078.00 862,467.00 813,285.00
            Cash and Cash Equivalents 709,148.00 618,057.00 978,755.00 574,956.00 533,863.00 783,031.00 843,078.00 862,467.00 813,285.00
            Short-Term Investments 0 0 0 0 0 0 0 0 0
      Net Receivables 248,279.00 186,525.00 172,121.00 170,706.00 182,513.00 169,661.00 218,692.00 200,549.00 125,499.00
      Inventory 569,987.00 491,150.00 414,401.00 402,083.00 342,348.00 411,993.00 887,890.00 555,946.00 289,772.00
      Other Current Assets 543,057.00 490,079.00 101,936.00 574,891.00 543,738.00 305,921.00 134,612.00 90,388.00 40,098.00
   Non-Current Assets 20,155,011.00 19,444,324.00 18,710,642.00 18,175,248.00 20,501,861.00 19,163,737.00 17,644,055.00 15,545,772.00 13,617,307.00
      Property, Plant, Equipment Net 16,754,547.00 16,232,593.00 180,560.00 15,230,164.00 14,645,233.00 245,447.00 186,925.00 155,814.00 134,931.00
      Goodwill 0 0 0 0 3,122,168.00 3,122,168.00 4,280,169.00 4,280,169.00 4,280,169.00
      Intangible Assets 0 0 0 0 0 0 6,186.00 11,550.00 17,109.00
      Long-Term Investments 81,297.00 81,297.00 81,297.00 81,297.00 132,579.00 132,563.00 186,197.00 186,100.00 62,927.00
      Non-Current Deferred Assets 2,141,672.00 2,034,212.00 0 1,843,037.00 1,725,675.00 0 0 0 0
      Other Non-Current Assets 0 0 18,448,785.00 1,020,750.00 876,206.00 15,663,559.00 12,984,578.00 10,912,139.00 9,122,171.00
Liabilities 17,580,903.00 16,783,913.00 16,280,334.00 15,733,674.00 15,069,930.00 14,075,960.00 11,560,573.00 9,573,860.00 7,493,365.00
   Current Liabilities 1,420,780.00 1,268,642.00 1,261,981.00 1,334,482.00 1,091,508.00 1,273,821.00 1,150,017.00 1,069,911.00 798,835.00
      Payables and Expenses 770,147.00 693,469.00 432,465.00 805,899.00 546,787.00 609,167.00 508,634.00 532,298.00 348,666.00
            Account Payables 336,547.00 279,775.00 268,908.00 354,214.00 244,184.00 286,923.00 345,968.00 385,265.00 212,230.00
            Current Accrued Liabilities 389,478.00 372,975.00 163,557.00 410,221.00 258,732.00 322,244.00 162,666.00 147,033.00 136,436.00
      Short-Term Debt 362,586.00 329,770.00 25,526.00 286,494.00 292,165.00 24,015.00 12,460.00 11,135.00 10,707.00
      Other Current Liabilities 288,047.00 245,403.00 803,990.00 242,089.00 252,556.00 640,639.00 628,923.00 526,478.00 439,462.00
   Non-Current Liabilities 16,160,123.00 15,515,271.00 15,018,353.00 14,399,192.00 13,978,422.00 12,802,139.00 10,410,556.00 8,503,949.00 6,694,530.00
      Long-Term Debt 14,354,391.00 13,805,514.00 888,744.00 12,735,966.00 12,290,559.00 736,588.00 415,398.00 403,024.00 400,145.00
      Other Non-Current Liabilities 1,805,732.00 1,709,757.00 14,129,609.00 1,663,226.00 1,687,863.00 12,065,551.00 9,995,158.00 8,100,925.00 6,294,385.00
Equity 4,644,579.00 4,446,222.00 4,097,521.00 4,164,210.00 7,034,393.00 6,758,383.00 8,167,754.00 7,681,262.00 7,392,596.00
   Shareholders Equity 2,983,902.00 2,926,727.00 2,615,402.00 2,554,207.00 5,278,033.00 5,180,451.00 6,467,758.00 6,264,342.00 6,165,560.00
      Capital Stock 23.00 23.00 23.00 23.00 22.00 22.00 21.00 21.00 20.00
      Share Premium 6,867,123.00 6,823,894.00 6,784,061.00 6,747,236.00 6,707,031.00 6,614,414.00 6,505,806.00 6,359,279.00 6,169,247.00
      Retained Earnings -3,933,493.00 -3,950,082.00 -4,229,855.00 -4,279,866.00 -1,466,209.00 -1,521,517.00 -69,590.00 -90,357.00 53,055.00
      Treasury Shares 0 0 0 0 0 0 0 0 0
      Accumulated Other Comprehensive Income 50,249.00 52,892.00 61,173.00 86,814.00 37,189.00 87,532.00 31,521.00 -4,601.00 -56,762.00
   Minority Interest 1,660,677.00 1,519,495.00 824,347.00 1,610,003.00 1,756,360.00 921,087.00 1,095,289.00 786,409.00 690,742.00
Investments 0 0 101,733.00 0 0 163,033.00 186,197.00 186,100.00 62,927.00
Debt 14,716,977.00 14,135,284.00 914,270.00 13,022,460.00 12,582,724.00 760,603.00 427,858.00 414,159.00 410,852.00
Net Debt 13,912,438.00 13,415,252.00 0 12,326,536.00 11,918,296.00 0 0 0 0
Common Shares Outstanding 231,605.00 230,321.00 227,325.00 225,662.00 224,087.00 220,672.00 215,166.00 209,417.00 203,562.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-03-31 2022-03-31 2021-03-31
Revenues 724,557.00 569,336.00 504,271.00 518,492.00 537,173.00 458,188.00 589,849.00 495,784.00 334,794.00
Cost Of Revenue 481,291.00 449,520.00 405,427.00 420,993.00 433,694.00 425,693.00 556,923.00 451,629.00 294,359.00
Interest Expense 265,788.00 247,137.00 227,434.00 233,385.00 215,615.00 192,159.00 142,698.00 92,254.00 74,270.00
Net Interest 0 0 -227,434.00 0 0 -192,159.00 -142,698.00 -92,254.00 -74,270.00
Non-Interest Expense 230,348.00 224,002.00 0 222,796.00 223,077.00 0 0 0 0
Gross Profit 243,266.00 119,816.00 98,844.00 97,499.00 103,479.00 32,495.00 32,926.00 44,155.00 40,435.00
Operating Expenses 239,615.00 232,065.00 213,732.00 231,590.00 231,257.00 215,617.00 260,620.00 225,605.00 218,960.00
   Selling, General and Administrative Expenses 230,348.00 224,002.00 203,753.00 222,796.00 223,077.00 203,530.00 254,722.00 218,007.00 211,743.00
   Research and Development Expenses 9,267.00 8,063.00 9,979.00 8,794.00 8,180.00 12,087.00 4,557.00 6,257.00 5,872.00
   Other Operating Expenses 0 0 0.00 0 0 0.00 1,341.00 1,341.00 1,345.00
Operating Income 3,651.00 -112,249.00 -114,888.00 -134,091.00 -127,778.00 -183,122.00 -227,694.00 -181,450.00 -178,525.00
Net Non-Operating Income -17,880.00 -14,528.00 -272,833.00 89,829.00 -82,598.00 -102,229.00 -167,698.00 21,704.00 -39,923.00
EBT -280,017.00 -373,914.00 -387,721.00 -3,399,815.00 -425,991.00 -285,351.00 -395,392.00 -159,746.00 -218,448.00
Income Tax -2,172.00 -94,930.00 110,550.00 136.00 -13,803.00 2,201.00 59,619.00 3,277.00 14,126.00
Net Income Including Non-Controlling Interests -277,845.00 -278,984.00 -277,171.00 -3,399,951.00 -412,188.00 -283,150.00 -335,773.00 -156,469.00 -204,322.00
Net Income Non-Controlling Interests 294,434.00 558,757.00 327,182.00 586,294.00 328,422.00 195,332.00 95,385.00 68,691.00 180,533.00
Net Income 16,589.00 279,773.00 50,011.00 -2,813,657.00 -83,766.00 -87,818.00 -240,388.00 -87,778.00 -23,789.00
EBIT -14,229.00 -126,777.00 -160,287.00 -3,166,430.00 -210,376.00 -93,192.00 -252,694.00 -67,492.00 -144,178.00
Deprecation and Amortization 181,546.00 189,713.00 169,890.00 162,343.00 155,528.00 150,520.00 123,105.00 106,110.00 91,955.00
EBITDA 167,317.00 62,936.00 9,603.00 -3,004,087.00 -54,848.00 57,328.00 -129,589.00 38,618.00 -52,223.00
EPS 0.00 0.00 0.00 -0.01 -0.00 -0.00 -0.00 -0.00 -0.00
Diluted EPS 0.00 0.00 0.00 -0.01 -0.00 -0.00 -0.00 -0.00 -0.00
Average Shares Outstanding Basic 230,980.00 229,167.00 226,406.00 224,896.00 223,695.00 219,882.00 214,548.00 208,676.00 202,562.00
Average Shares Outstanding Diluted 267,473.00 261,152.00 257,911.00 224,896.00 223,695.00 219,882.00 214,548.00 208,676.00 202,562.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-03-31 2022-03-31 2021-03-31
Operating Cash Flow -121,523.00 -292,659.00 -104,206.00 -258,359.00 -156,156.00 -143,093.00 -439,323.00 -256,409.00 -185,647.00
   Operating Net Income -277,845.00 -278,984.00 -277,171.00 -3,399,951.00 -412,188.00 -283,150.00 -335,773.00 -156,469.00 -204,322.00
   Deprecation and Amortization 181,546.00 189,713.00 169,890.00 162,343.00 155,528.00 150,520.00 123,105.00 106,110.00 91,955.00
   Deferred Income Tax -999.00 -96,103.00 0 136.00 -13,803.00 0 0 0 -14,126.00
   Share Based Compensation 29,591.00 25,024.00 25,005.00 28,869.00 26,992.00 28,869.00 28,266.00 39,219.00 78,029.00
   Change in Working Capital -149,183.00 -227,171.00 -45,859.00 -154,825.00 -50,392.00 4,518.00 -221,840.00 -115,041.00 -118,020.00
   Other Operating Activities 95,367.00 94,862.00 23,929.00 3,105,069.00 137,707.00 -43,850.00 -33,081.00 -130,228.00 -19,163.00
Investing Cash Flow -743,641.00 -692,821.00 -655,021.00 -792,412.00 -764,363.00 -535,444.00 -510,310.00 -502,101.00 -357,051.00
   Capital Expenditure 0 0 -219.00 0 0 0.00 -3,996.00 -6,471.00 -39.00
   Net Purchase/Sale of PPE -743,641.00 -692,821.00 -219.00 -792,412.00 -764,363.00 3,531.00 -3,996.00 -6,471.00 -39.00
   Net Purchase/Sale of Investments Net 0 0 0 0 0 0 0 0 0
   Net Purchase/Sale of Business 0 0 0 0 0 0 0 -75,000.00 0
   Other Investing Activities 0.00 0.00 -654,583.00 0.00 0.00 -538,975.00 -502,318.00 -414,159.00 -356,973.00
Financing Cash Flow 1,008,843.00 1,018,654.00 790,714.00 987,570.00 888,888.00 473,878.00 839,836.00 770,694.00 647,923.00
   Net Issuance/Repayment of Debt 734,523.00 424,260.00 649,930.00 410,064.00 461,552.00 450,449.00 506,530.00 625,750.00 318,447.00
   Net Issuance/Repurchase of Equity 0 0 -2,103.00 0 0 1,056.00 1,328.00 2,529.00 8,541.00
   Dividends Paid 0 0 0 0 0 0 0 0 0
   Other Financing Activities 274,320.00 594,394.00 142,887.00 577,506.00 427,336.00 22,373.00 331,978.00 142,415.00 320,935.00
Net Change in Cash 143,679.00 33,174.00 31,487.00 -63,201.00 -31,631.00 -204,659.00 -109,797.00 12,184.00 105,225.00
   Cash at Beginning of Period 1,012,077.00 978,903.00 947,416.00 1,010,617.00 1,042,248.00 987,838.00 953,023.00 850,431.00 708,208.00
   Cash at End of Period 1,155,756.00 1,012,077.00 978,903.00 947,416.00 1,010,617.00 783,179.00 843,226.00 862,615.00 813,433.00
Free Cash Flow -865,164.00 -985,480.00 -104,425.00 -1,050,771.00 -920,519.00 0 -443,319.00 -262,880.00 -185,686.00