VLY
Valuation Ratios
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 |
|---|---|---|---|---|---|
| Price to Earnings | 12.94 | 11.43 | 9.92 | 12.17 | 10.37 |
| Price to Sales | 74.63 | 124.83 | 148.62 | 261.41 | 215.71 |
| Book Value Per Common Share | 42.95 | 39.32 | 39.22 | 37.39 | 34.10 |
| Price to Book | 0.21 | 0.28 | 0.29 | 0.37 | 0.29 |
| Price to Operating Cash Flow | 5.47 | 6.86 | 2.98 | 5.68 | 11.03 |
| Price to Free Cash Flow | |||||
| Enterprise Value to EBITDA | 20801.30 | 14859.51 | 35799.68 | 57776.46 | 34383.83 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Price to Earnings | 15.59 | 22.33 | 49.39 | 18.49 | 22.52 | 44.22 | 10.44 | 14.09 | 33.00 | 13.50 | 23.13 | 48.22 | 15.48 | 23.56 | 49.07 |
| Price to Sales | 131.35 | 172.06 | 330.48 | 99.89 | 114.43 | 225.50 | 135.02 | 187.20 | 446.38 | 194.24 | 296.58 | 885.71 | 345.71 | 535.06 | 1090.48 |
| Book Value Per Common Share | 27.28 | 26.82 | 26.57 | 27.16 | 26.15 | 26.16 | 25.71 | 25.58 | 25.40 | 25.88 | 26.50 | 24.04 | 23.70 | 23.32 | 22.96 |
| Price to Book | 0.39 | 0.33 | 0.33 | 0.33 | 0.27 | 0.30 | 0.33 | 0.30 | 0.36 | 0.42 | 0.39 | 0.54 | 0.56 | 0.58 | 0.60 |
| Price to Operating Cash Flow | 40.37 | 35.23 | -290.52 | 29.51 | 11.33 | 40.65 | 6.62 | 13.92 | -17.37 | 4.20 | 6.00 | 11.07 | 9.27 | 11.99 | 17.76 |
| Price to Free Cash Flow | |||||||||||||||
| Enterprise Value to EBITDA | 35115.66 | 46122.93 | 95359.46 | 26754.90 | 31471.07 | 39684.99 | 15756.33 | 22593.38 | 58918.12 | 57633.47 | 106420.85 | 247815.75 | 72462.23 | 107927.07 | 218312.52 |
Earnings Data
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 |
|---|---|---|---|---|---|
| Earning YoY | -26.32 | -16.67 | 0.89 | 20.21 | |
| Revenue YoY | 41.80 | 19.57 | 72.38 | 17.35 | |
| EBITDA YoY | -39.44 | 141.87 | 58.17 | -15.31 | |
| Net Profit YoY | -23.72 | -12.37 | 20.05 | 21.31 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Earning YoY | 70.00 | 122.22 | 58.06 | 72.22 | 49.09 | 96.43 | 77.78 | 66.67 | 50.88 | 103.57 | |||||
| Revenue YoY | 55.47 | 93.51 | 48.69 | 73.26 | 53.11 | 100.63 | 63.51 | 162.06 | 53.29 | 99.61 | |||||
| EBITDA YoY | 55.95 | 107.95 | 52.71 | 10.75 | 58.37 | 118.97 | 97.44 | 104.99 | 47.77 | 97.91 | |||||
| Net Profit YoY | 68.29 | 125.56 | 58.70 | 73.15 | 49.49 | 94.89 | 83.57 | 82.60 | 51.89 | 104.15 |
Financial Strength
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 |
|---|---|---|---|---|---|
| Cash Per Common Share | 9.87 | 4.59 | 4.42 | 14.65 | 8.82 |
| Quick Ratio | |||||
| Current Ratio | |||||
| Debt to Equity | 3.52 | 3.81 | 3.71 | 1.99 | 3.71 |
| Long-Term Debt to Equity |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash Per Common Share | 6.39 | 5.17 | 5.12 | 4.55 | 4.47 | 4.38 | 5.38 | 10.08 | 32.32 | 5.51 | 7.17 | 3.53 | 9.89 | 12.43 | 10.96 |
| Quick Ratio | |||||||||||||||
| Current Ratio | |||||||||||||||
| Debt to Equity | 7.19 | 7.28 | 7.25 | 7.91 | 8.21 | 8.07 | 8.23 | 8.38 | 8.88 | 7.91 | 7.77 | 2.87 | 7.56 | 7.71 | 7.84 |
| Long-Term Debt to Equity |
Profitability
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 |
|---|---|---|---|---|---|
| ROA | 0.54 | 0.73 | 0.88 | 0.82 | 0.85 |
| ROE | 2.43 | 3.50 | 4.14 | 2.46 | 4.01 |
| Gross Margin | -402.08 | -14.94 | -30.61 | -28.39 | -578.76 |
| Operating Margin | 3461.27 | 8211.53 | 3853.31 | 4167.41 | 5820.28 |
| EBITDA Margin | 3587.17 | 8399.96 | 4152.62 | 4525.70 | 6270.84 |
| Net Profit Margin | 607.31 | 1128.93 | 1540.35 | 2211.73 | 2139.49 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROA | 0.64 | 0.38 | 0.17 | 0.43 | 0.27 | 0.16 | 0.70 | 0.46 | 0.23 | 0.70 | 0.39 | 0.23 | 0.87 | 0.57 | 0.28 |
| ROE | 5.23 | 3.16 | 1.41 | 3.79 | 2.47 | 1.43 | 6.44 | 4.34 | 2.25 | 6.24 | 3.44 | 0.87 | 7.44 | 4.99 | 2.48 |
| Gross Margin | 47.55 | -15.27 | -42.37 | -70.33 | |||||||||||
| Operating Margin | 3626.89 | 3608.01 | 3351.52 | 3607.62 | 3507.61 | 5573.74 | 8376.53 | 8086.40 | 7380.66 | 3069.34 | 2487.94 | 3263.10 | 4407.19 | 4569.96 | 4607.54 |
| EBITDA Margin | 3741.26 | 3729.60 | 3470.68 | 3733.01 | 3634.72 | 5686.43 | 8569.84 | 8285.07 | 7590.99 | 3367.90 | 2789.07 | 3565.47 | 4775.78 | 4954.17 | 4996.61 |
| Net Profit Margin | 890.25 | 822.45 | 705.60 | 572.75 | 536.61 | 536.98 | 1326.78 | 1358.89 | 1398.92 | 1469.96 | 1309.30 | 1879.07 | 2297.95 | 2319.09 | 2267.49 |
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 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | |||||||||||||||
| Dividend Payout Ratio |
Financial Statements
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 |
|---|---|---|---|---|---|
| Assets | 70,719,710.00 | 68,461,022.00 | 64,817,367.00 | 57,619,066.00 | 45,829,166.00 |
| Deposits | 98,552,984.00 | 100,239,141.00 | 90,656,726.00 | 65,452,361.00 | 61,209,246.00 |
| Cash and Short-Term Investments | 5,088,166.00 | 2,328,084.00 | 2,147,272.00 | 5,969,682.00 | 3,563,079.00 |
| Cash and Cash Equivalents | 4,847,551.00 | 2,105,495.00 | 1,955,441.00 | 5,739,698.00 | 3,471,925.00 |
| Short-Term Investments | 240,615.00 | 222,589.00 | 191,831.00 | 229,984.00 | 91,154.00 |
| Net Receivables | 745,504.00 | 767,134.00 | 607,936.00 | 430,162.00 | 151,516,423.00 |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 |
| Property, Plant, Equipment Net | 675,771.00 | 724,523.00 | 664,873.00 | 585,020.00 | 571,090.00 |
| Real Estate | 0 | 0 | 0 | 0 | 1,000.00 |
| Goodwill | 1,868,936.00 | 1,868,936.00 | 1,868,936.00 | 1,459,008.00 | 1,382,442.00 |
| Intangible Assets | 128,661.00 | 160,331.00 | 197,456.00 | 70,386.00 | 70,449.00 |
| 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 | 55,056,564.00 | 54,233,583.00 | 51,061,947.00 | 38,362,377.00 | 36,093,956.00 |
| 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 | 72,718.00 | 917,834.00 | 138,729.00 | 655,726.00 | 1,147,958.00 |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 113,300.00 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 |
| Equity | 15,663,146.00 | 14,227,439.00 | 13,755,420.00 | 19,256,689.00 | 9,735,210.00 |
| Shareholders Equity | 22,150,047.00 | 19,957,717.00 | 19,038,404.00 | 15,234,266.00 | 13,768,642.00 |
| Capital Stock | 550,343.00 | 387,878.00 | 387,876.00 | 358,173.00 | 351,437.00 |
| Share Premium | 5,442,070.00 | 4,989,989.00 | 4,980,231.00 | 3,883,035.00 | 3,637,468.00 |
| Retained Earnings | 1,598,048.00 | 1,471,371.00 | 1,218,445.00 | 883,645.00 | 611,158.00 |
| Treasury Shares | 0 | 1,391.00 | 21,748.00 | 22,855.00 | 225.00 |
| Accumulated Other Comprehensive Income | -155,334.00 | -146,456.00 | -164,002.00 | -17,932.00 | -7,718.00 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| Investments | 7,213,425.00 | 5,326,810.00 | 5,342,735.00 | 6,768,460.00 | 129,924,242.00 |
| Debt | 317,801.00 | 2,006,992.00 | 447,738.00 | 1,480,691.00 | 2,464,111.00 |
| Common Shares Outstanding | 0 | 0 | 0 | 0 | 0 |
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 |
|---|---|---|---|---|---|
| Revenues | 62,616.00 | 44,158.00 | 36,930.00 | 21,424.00 | 18,257.00 |
| Cost Of Revenue | 314,380.00 | 50,755.00 | 48,236.00 | 27,507.00 | 123,922.00 |
| Interest Income | 3,357,497.00 | 3,138,891.00 | 1,976,683.00 | 1,334,226.00 | 1,383,719.00 |
| Interest Expense | 1,728,789.00 | 2,947,717.00 | 642,360.00 | 252,086.00 | 532,542.00 |
| Net Interest | 1,628,708.00 | 1,665,478.00 | 1,655,640.00 | 1,209,901.00 | 1,118,904.00 |
| Non-Interest Income | 224,501.00 | 225,729.00 | 206,793.00 | 155,013.00 | 183,032.00 |
| Non-Interest Expense | 1,105,860.00 | 1,162,691.00 | 1,024,949.00 | 691,542.00 | 646,148.00 |
| Provisions for Credit Losses | 314,380.00 | 50,755.00 | 48,236.00 | 27,507.00 | 123,922.00 |
| Gross Profit | -251,764.00 | -6,597.00 | -11,306.00 | -6,083.00 | -105,665.00 |
| Selling, General and Administrative Expenses | 102,124.00 | 101,470.00 | 94,352.00 | 143,507.00 | 139,739.00 |
| EBT | 438,519.00 | 678,332.00 | 780,667.00 | 640,739.00 | 530,066.00 |
| Income Tax | 4,231.00 | 168,860.00 | 198,718.00 | 157,398.00 | 135,514.00 |
| Net Income | 380,271.00 | 498,511.00 | 568,851.00 | 473,840.00 | 390,606.00 |
| EBIT | 2,167,308.00 | 3,626,049.00 | 1,423,027.00 | 892,825.00 | 1,062,608.00 |
| Deprecation and Amortization | 78,834.00 | 83,205.00 | 110,534.00 | 76,761.00 | 82,260.00 |
| EBITDA | 2,246,142.00 | 3,709,254.00 | 1,533,561.00 | 969,586.00 | 1,144,868.00 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Diluted EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Average Shares Outstanding Basic | 515,755.36 | 507,532.36 | 485,434.92 | 407,445.38 | 403,754.36 |
| Average Shares Outstanding Diluted | 517,991.80 | 509,245.77 | 487,817.71 | 410,018.33 | 405,046.21 |
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 |
|---|---|---|---|---|---|
| Operating Cash Flow | 854,211.00 | 803,944.00 | 1,840,729.00 | 986,711.00 | 356,854.00 |
| Operating Net Income | 1,140,813.00 | 1,495,533.00 | 1,706,553.00 | 1,421,520.00 | 1,171,818.00 |
| Deprecation and Amortization | 78,834.00 | 83,205.00 | 110,534.00 | 76,761.00 | 82,260.00 |
| Deferred Income Tax | -6,139.00 | -9,359.00 | 7,485.00 | 26,827.00 | -5,060.00 |
| Share Based Compensation | 86,976.00 | 99,306.00 | 86,376.00 | 62,674.00 | 48,808.00 |
| Change in Working Capital | 200,923.00 | 185,132.00 | 1,197,806.00 | -168,504.00 | 370,466.00 |
| Other Operating Activities | -647,196.00 | -1,049,873.00 | -1,268,025.00 | -432,567.00 | -1,311,438.00 |
| Investing Cash Flow | -1,268,485.00 | -3,355,685.00 | -7,036,504.00 | -1,313,408.00 | -2,151,362.00 |
| Capital Expenditure | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net Purchase/Sale of PPE | 19,343.00 | 94,354.00 | 79,767.00 | 48,363.00 | 43,718.00 |
| Net Purchase/Sale of Investments Net | 3,118,299.00 | 919,116.00 | 1,632,053.00 | 3,063,529.00 | 2,426,566.00 |
| Net Purchase/Sale of Business | 98,060.00 | 0 | 416,592.00 | 635,270.00 | 0 |
| Net Loan & Lease Activity | 1,226,759.00 | 0 | 0 | 4,498.00 | 30,020.00 |
| Other Investing Activities | -5,730,946.00 | -4,369,155.00 | -9,164,916.00 | -5,065,068.00 | -4,651,666.00 |
| Financing Cash Flow | 1,496,998.00 | 2,542,370.00 | 4,161,689.00 | 995,259.00 | 2,699,976.00 |
| Net Issuance/Repayment of Debt | 321,684.00 | 2,630,909.00 | -325,775.00 | 1,328,077.00 | 1,673,951.00 |
| Net Issuance/Repurchase of Equity | 1,209,370.00 | 30,962.00 | 48,486.00 | 70,304.00 | 15,152.00 |
| Dividends Paid | 499,194.00 | 479,498.00 | 438,290.00 | 384,710.00 | 381,306.00 |
| Other Financing Activities | -533,250.00 | -598,999.00 | 4,000,688.00 | -787,832.00 | 629,567.00 |
| Net Change in Cash | 1,082,724.00 | -9,371.00 | -1,034,086.00 | 668,562.00 | 905,468.00 |
| Cash at Beginning of Period | 807,401.00 | 900,596.00 | 1,982,033.00 | 1,381,358.00 | 423,737.00 |
| Cash at End of Period | 1,890,125.00 | 891,225.00 | 947,947.00 | 2,049,920.00 | 1,329,205.00 |
| 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 | 63,018,614.00 | 62,705,358.00 | 61,865,655.00 | 70,719,710.00 | 62,092,332.00 | 62,058,974.00 | 61,000,188.00 | 68,461,022.00 | 61,183,352.00 | 61,703,693.00 | 64,309,573.00 | 64,817,367.00 | 55,927,501.00 | 54,438,807.00 | 51,851,457.00 | 57,619,066.00 | 41,278,007.00 | 41,274,228.00 | 41,178,011.00 | 45,829,166.00 |
| Deposits | 99,695,082.00 | 101,174,931.00 | 97,396,168.00 | 98,552,984.00 | 104,123,247.00 | 104,048,102.00 | 98,524,107.00 | 100,239,141.00 | 106,778,135.00 | 106,653,757.00 | 94,430,366.00 | 90,656,726.00 | 79,580,969.00 | 72,589,411.00 | 64,888,681.00 | 65,452,361.00 | 56,299,416.00 | 56,595,563.00 | 58,989,282.00 | 61,209,246.00 |
| Cash and Short-Term Investments | 3,583,504.00 | 2,899,435.00 | 2,865,722.00 | 5,088,166.00 | 2,315,519.00 | 2,278,300.00 | 2,225,398.00 | 2,328,084.00 | 2,729,608.00 | 5,117,520.00 | 16,388,530.00 | 2,147,272.00 | 2,634,331.00 | 3,327,208.00 | 1,487,864.00 | 5,969,682.00 | 4,013,229.00 | 5,041,582.00 | 4,438,606.00 | 3,563,079.00 |
| Cash and Cash Equivalents | 3,358,888.00 | 2,677,511.00 | 2,653,317.00 | 4,847,551.00 | 2,095,825.00 | 2,071,207.00 | 2,024,845.00 | 2,105,495.00 | 2,541,755.00 | 4,936,591.00 | 16,227,684.00 | 1,955,441.00 | 2,492,102.00 | 3,202,108.00 | 1,344,690.00 | 5,739,698.00 | 3,890,644.00 | 4,876,277.00 | 4,339,669.00 | 3,471,925.00 |
| Short-Term Investments | 224,616.00 | 221,924.00 | 212,405.00 | 240,615.00 | 219,694.00 | 207,093.00 | 200,553.00 | 222,589.00 | 187,853.00 | 180,929.00 | 160,846.00 | 191,831.00 | 142,229.00 | 125,100.00 | 143,174.00 | 229,984.00 | 122,585.00 | 165,305.00 | 98,937.00 | 91,154.00 |
| Net Receivables | 746,675.00 | 742,930.00 | 742,355.00 | 745,504.00 | 1,593,594.00 | 773,388.00 | 823,461.00 | 767,134.00 | 747,192.00 | 710,798.00 | 688,042.00 | 607,936.00 | 484,291.00 | 422,394.00 | 385,633.00 | 430,162.00 | 451,303.00 | 456,460.00 | 160,675,924.00 | 151,516,423.00 |
| Inventory | 0 | 0 | 0 | 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 | 331,134.00 | 337,371.00 | 344,123.00 | 675,771.00 | 356,649.00 | 363,038.00 | 371,034.00 | 724,523.00 | 387,981.00 | 386,584.00 | 365,313.00 | 664,873.00 | 362,203.00 | 360,819.00 | 337,479.00 | 585,020.00 | 319,763.00 | 327,517.00 | 323,841.00 | 571,090.00 |
| Real Estate | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,000.00 |
| Goodwill | 1,868,936.00 | 1,868,936.00 | 1,868,936.00 | 1,868,936.00 | 1,868,936.00 | 1,868,936.00 | 1,868,936.00 | 1,868,936.00 | 1,868,936.00 | 1,868,936.00 | 1,868,936.00 | 1,868,936.00 | 1,871,505.00 | 1,871,505.00 | 1,468,354.00 | 1,459,008.00 | 1,382,442.00 | 1,382,442.00 | 1,382,442.00 | 1,382,442.00 |
| Intangible Assets | 107,658.00 | 114,579.00 | 121,340.00 | 128,661.00 | 135,478.00 | 143,644.00 | 151,469.00 | 160,331.00 | 169,266.00 | 177,946.00 | 187,171.00 | 197,456.00 | 208,226.00 | 218,642.00 | 74,884.00 | 70,386.00 | 62,525.00 | 65,523.00 | 67,972.00 | 70,449.00 |
| 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 | 55,323,240.00 | 55,129,937.00 | 54,365,758.00 | 55,056,564.00 | 55,119,952.00 | 55,321,237.00 | 54,273,049.00 | 54,233,583.00 | 54,556,053.00 | 55,128,509.00 | 57,797,992.00 | 51,061,947.00 | 49,653,672.00 | 48,233,894.00 | 38,455,073.00 | 38,362,377.00 | 36,455,509.00 | 36,536,421.00 | 36,518,341.00 | 36,093,956.00 |
| 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 | 51,052.00 | 162,244.00 | 59,026.00 | 72,718.00 | 58,268.00 | 63,770.00 | 75,224.00 | 917,834.00 | 89,802.00 | 1,088,899.00 | 6,413,056.00 | 138,729.00 | 919,283.00 | 1,522,804.00 | 484,181.00 | 655,726.00 | 783,346.00 | 854,378.00 | 1,084,666.00 | 1,147,958.00 |
| 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 296,200.00 | 296,000.00 | 0 | 113,300.00 |
| 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 | 7,695,374.00 | 7,575,421.00 | 7,499,897.00 | 15,663,146.00 | 6,972,380.00 | 6,737,737.00 | 6,727,139.00 | 14,227,439.00 | 6,627,299.00 | 6,575,184.00 | 6,511,581.00 | 13,755,420.00 | 6,273,829.00 | 6,204,913.00 | 13,396,384.00 | 19,256,689.00 | 4,822,498.00 | 4,737,807.00 | 4,659,670.00 | 9,735,210.00 |
| Shareholders Equity | 15,291,946.00 | 15,030,953.00 | 14,871,542.00 | 22,150,047.00 | 13,829,988.00 | 13,312,861.00 | 13,297,430.00 | 19,957,717.00 | 13,052,706.00 | 12,985,621.00 | 12,879,515.00 | 19,038,404.00 | 12,382,101.00 | 12,301,489.00 | 10,136,670.00 | 15,234,266.00 | 9,623,621.00 | 9,457,879.00 | 9,302,335.00 | 13,768,642.00 |
| Capital Stock | 551,076.00 | 550,951.00 | 550,865.00 | 550,343.00 | 533,006.00 | 388,336.00 | 388,226.00 | 387,878.00 | 387,878.00 | 387,878.00 | 387,877.00 | 387,876.00 | 387,876.00 | 387,876.00 | 358,173.00 | 358,173.00 | 352,667.00 | 352,241.00 | 352,126.00 | 351,437.00 |
| Share Premium | 5,456,944.00 | 5,451,543.00 | 5,444,756.00 | 5,442,070.00 | 5,002,718.00 | 4,995,638.00 | 4,989,023.00 | 4,989,989.00 | 4,982,748.00 | 4,974,507.00 | 4,967,662.00 | 4,980,231.00 | 4,972,732.00 | 4,965,488.00 | 3,872,236.00 | 3,883,035.00 | 3,672,467.00 | 3,658,636.00 | 3,651,948.00 | 3,637,468.00 |
| Retained Earnings | 1,787,141.00 | 1,694,903.00 | 1,634,690.00 | 1,598,048.00 | 1,551,428.00 | 1,516,376.00 | 1,506,738.00 | 1,471,371.00 | 1,460,284.00 | 1,379,534.00 | 1,300,980.00 | 1,218,445.00 | 1,100,838.00 | 982,146.00 | 945,225.00 | 883,645.00 | 818,780.00 | 744,768.00 | 672,651.00 | 611,158.00 |
| Treasury Shares | 985.00 | 2,087.00 | 2,162.00 | 0 | 0 | 0 | 0 | 1,391.00 | 1,719.00 | 1,988.00 | 1,291.00 | 21,748.00 | 22,060.00 | 22,260.00 | 23,152.00 | 22,855.00 | 41.00 | 103.00 | 50.00 | 225.00 |
| Accumulated Other Comprehensive Income | -98,802.00 | -119,889.00 | -128,252.00 | -155,334.00 | -114,772.00 | -162,613.00 | -156,848.00 | -146,456.00 | -201,892.00 | -164,747.00 | -143,647.00 | -164,002.00 | -165,557.00 | -108,337.00 | -56,098.00 | -17,932.00 | -21,375.00 | -17,735.00 | -17,005.00 | -7,718.00 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 7,960,852.00 | 7,726,461.00 | 7,490,862.00 | 7,213,425.00 | 6,472,981.00 | 6,142,633.00 | 5,431,514.00 | 5,326,810.00 | 5,238,397.00 | 5,247,781.00 | 5,322,668.00 | 5,342,735.00 | 5,181,825.00 | 8,986,305.00 | 7,349,905.00 | 6,768,460.00 | 6,538,383.00 | 6,361,473.00 | 137,499,325.00 | 129,924,242.00 |
| Debt | 108,768.00 | 382,117.00 | 175,594.00 | 317,801.00 | 173,904.00 | 184,822.00 | 207,643.00 | 2,006,992.00 | 236,625.00 | 2,234,732.00 | 12,882,959.00 | 447,738.00 | 1,895,239.00 | 1,579,391.00 | 540,681.00 | 1,480,691.00 | 1,623,018.00 | 1,764,995.00 | 1,140,818.00 | 2,464,111.00 |
| Common Shares Outstanding | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenues | 45,221.00 | 29,087.00 | 15,031.00 | -32,571.00 | 46,191.00 | 31,066.00 | 17,930.00 | -19,516.00 | 32,180.00 | 21,018.00 | 10,476.00 | -12,178.00 | 26,617.00 | 16,279.00 | 6,212.00 | -9,479.00 | 15,614.00 | 10,186.00 | 5,103.00 |
| Cost Of Revenue | 0 | 0 | 0 | 314,380.00 | 0 | 0 | 0 | 50,755.00 | 0 | 0 | 0 | 44,978.00 | 0 | 0 | 3,258.00 | -13,685.00 | 17,998.00 | 14,502.00 | 8,692.00 |
| Interest Income | 2,416,687.00 | 1,589,764.00 | 784,752.00 | -1,655,952.00 | 2,522,671.00 | 1,662,122.00 | 828,656.00 | -1,409,735.00 | 2,320,707.00 | 1,507,689.00 | 720,230.00 | -487,313.00 | 1,330,133.00 | 793,405.00 | 340,458.00 | -657,265.00 | 994,247.00 | 665,446.00 | 331,798.00 |
| Interest Expense | 1,117,950.00 | 737,251.00 | 364,647.00 | -1,324,958.00 | 1,316,940.00 | 866,889.00 | 869,918.00 | -1,033,030.00 | 2,106,201.00 | 1,305,064.00 | 569,482.00 | 198,260.00 | 281,434.00 | 116,004.00 | 46,662.00 | -179,788.00 | 204,710.00 | 147,072.00 | 80,092.00 |
| Net Interest | 2,598,386.00 | 1,705,631.00 | 840,511.00 | -3,162,110.00 | 2,412,361.00 | 1,591,063.00 | 787,394.00 | -3,018,581.00 | 2,535,213.00 | 1,712,826.00 | 436,020.00 | -587,679.00 | 1,189,821.00 | 735,829.00 | 317,669.00 | -570,940.00 | 894,600.00 | 593,574.00 | 292,667.00 |
| Non-Interest Income | 185,785.00 | 120,898.00 | 58,294.00 | -122,841.00 | 173,299.00 | 112,628.00 | 61,415.00 | -115,982.00 | 173,038.00 | 114,374.00 | 54,299.00 | -84,277.00 | 153,997.00 | 97,803.00 | 39,270.00 | -67,369.00 | 116,790.00 | 74,359.00 | 31,233.00 |
| Non-Interest Expense | 842,725.00 | 560,740.00 | 276,618.00 | -559,535.00 | 827,278.00 | 557,807.00 | 280,310.00 | -486,882.00 | 822,270.00 | 555,137.00 | 272,166.00 | -428,170.00 | 758,709.00 | 497,070.00 | 197,340.00 | -307,805.00 | 507,028.00 | 332,106.00 | 160,213.00 |
| Provisions for Credit Losses | 0 | 0 | 0 | 314,380.00 | 0 | 0 | 0 | 50,755.00 | 0 | 0 | 0 | 44,978.00 | 0 | 0 | 3,258.00 | -13,685.00 | 17,998.00 | 14,502.00 | 8,692.00 |
| Gross Profit | 0 | 0 | 0 | -251,764.00 | 0 | 0 | 0 | -6,597.00 | 0 | 0 | 0 | -14,260.00 | 0 | 0 | 2,954.00 | 4,206.00 | -2,384.00 | -4,316.00 | -3,589.00 |
| Selling, General and Administrative Expenses | 76,236.00 | 51,371.00 | 25,888.00 | -46,322.00 | 75,548.00 | 48,575.00 | 24,323.00 | -44,871.00 | 73,880.00 | 49,205.00 | 23,256.00 | -61,051.00 | 70,906.00 | 44,420.00 | 40,077.00 | -68,133.00 | 105,619.00 | 70,602.00 | 35,419.00 |
| EBT | 522,166.00 | 312,211.00 | 139,120.00 | -263,176.00 | 349,458.00 | 222,784.00 | 129,453.00 | -509,286.00 | 589,367.00 | 394,535.00 | 203,716.00 | -199,913.00 | 535,531.00 | 289,007.00 | 156,042.00 | -316,144.00 | 483,428.00 | 318,424.00 | 155,031.00 |
| Income Tax | 119,732.00 | 73,086.00 | 33,112.00 | -170,321.00 | 85,102.00 | 56,215.00 | 33,235.00 | -158,766.00 | 162,059.00 | 108,557.00 | 57,010.00 | -60,055.00 | 144,014.00 | 75,648.00 | 39,111.00 | -86,690.00 | 123,690.00 | 81,464.00 | 38,934.00 |
| Net Income | 402,580.00 | 239,225.00 | 106,058.00 | -147,273.00 | 264,560.00 | 166,704.00 | 96,280.00 | -360,608.00 | 426,957.00 | 285,611.00 | 146,551.00 | -152,278.00 | 391,260.00 | 213,141.00 | 116,728.00 | -236,894.00 | 358,802.00 | 236,222.00 | 115,710.00 |
| EBIT | 1,640,116.00 | 1,049,462.00 | 503,767.00 | -1,588,134.00 | 1,666,398.00 | 1,089,673.00 | 999,371.00 | -1,542,316.00 | 2,695,568.00 | 1,699,599.00 | 773,198.00 | -1,653.00 | 816,965.00 | 405,011.00 | 202,704.00 | -495,932.00 | 688,138.00 | 465,496.00 | 235,123.00 |
| Deprecation and Amortization | 51,721.00 | 35,368.00 | 17,911.00 | -38,779.00 | 57,917.00 | 39,490.00 | 20,206.00 | -42,791.00 | 62,206.00 | 41,756.00 | 22,034.00 | -36,741.00 | 79,470.00 | 49,022.00 | 18,783.00 | -39,781.00 | 57,552.00 | 39,136.00 | 19,854.00 |
| EBITDA | 1,691,837.00 | 1,084,830.00 | 521,678.00 | -1,626,913.00 | 1,724,315.00 | 1,129,163.00 | 1,019,577.00 | -1,585,107.00 | 2,757,774.00 | 1,741,355.00 | 795,232.00 | -38,394.00 | 896,435.00 | 454,033.00 | 221,487.00 | -535,713.00 | 745,690.00 | 504,632.00 | 254,977.00 |
| 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 | 0.00 |
| 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 | 0.00 | 0.00 | 0.00 | 0.00 |
| Average Shares Outstanding Basic | 560,504.28 | 560,336.61 | 559,613.27 | 536,311.95 | 509,227.54 | 509,141.25 | 508,340.72 | 507,677.45 | 507,650.67 | 507,690.04 | 507,111.29 | 577,610.28 | 478,383.34 | 464,172.21 | 421,573.84 | 413,082.65 | 405,986.11 | 405,560.15 | 405,152.60 |
| Average Shares Outstanding Diluted | 563,905.54 | 563,431.39 | 563,305.53 | 539,552.37 | 511,342.93 | 510,437.96 | 510,633.95 | 508,993.74 | 509,256.60 | 509,076.30 | 509,656.43 | 580,818.25 | 480,625.36 | 466,320.68 | 423,506.55 | 415,774.32 | 408,509.77 | 408,152.46 | 407,636.77 |
| 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 | 147,191.00 | 142,032.00 | -17,122.00 | 284,844.00 | 156,344.00 | 313,512.00 | 99,511.00 | 134,167.00 | 656,777.00 | 282,682.00 | -269,682.00 | -691,403.00 | 1,230,598.00 | 805,531.00 | 496,003.00 | -363,983.00 | 583,042.00 | 454,254.00 | 313,398.00 |
| Operating Net Income | 403,344.00 | 239,751.00 | 212,376.00 | 514,843.00 | 265,628.00 | 167,408.00 | 192,934.00 | 494,221.00 | 425,195.00 | 283,789.00 | 292,328.00 | 872,170.00 | 389,924.00 | 212,019.00 | 232,440.00 | 605,296.00 | 354,258.00 | 232,496.00 | 229,470.00 |
| Deprecation and Amortization | 51,721.00 | 35,368.00 | 17,911.00 | -38,779.00 | 57,917.00 | 39,490.00 | 20,206.00 | -42,791.00 | 62,206.00 | 41,756.00 | 22,034.00 | -36,741.00 | 79,470.00 | 49,022.00 | 18,783.00 | -39,781.00 | 57,552.00 | 39,136.00 | 19,854.00 |
| Deferred Income Tax | 0 | 0 | 0 | -6,139.00 | 0 | 0 | 0 | -9,359.00 | 0 | 0 | 0 | 7,485.00 | 0 | 0 | 0 | 26,827.00 | 0 | 0 | 0 |
| Share Based Compensation | 18,015.00 | 13,651.00 | 6,840.00 | 40,159.00 | 22,995.00 | 15,718.00 | 8,104.00 | 49,075.00 | 25,365.00 | 16,773.00 | 8,093.00 | 44,715.00 | 20,978.00 | 13,420.00 | 7,263.00 | 30,667.00 | 15,852.00 | 10,690.00 | 5,465.00 |
| Change in Working Capital | -673,060.00 | -547,895.00 | -383,659.00 | -140,470.00 | -289,299.00 | 320,202.00 | 310,490.00 | -1,329,653.00 | 861,276.00 | 482,719.00 | 170,790.00 | -1,167,985.00 | 1,395,775.00 | 738,592.00 | 231,424.00 | 614,248.00 | -231,399.00 | -236,622.00 | -314,731.00 |
| Other Operating Activities | 347,171.00 | 401,157.00 | 129,410.00 | -84,770.00 | 99,103.00 | -229,306.00 | -432,223.00 | 972,674.00 | -717,265.00 | -542,355.00 | -762,927.00 | -411,047.00 | -655,549.00 | -207,522.00 | 6,093.00 | -1,601,240.00 | 386,779.00 | 408,554.00 | 373,340.00 |
| Investing Cash Flow | -1,249,246.00 | -1,156,594.00 | -175,310.00 | 833,500.00 | -1,178,727.00 | -1,015,243.00 | 91,985.00 | 4,655,615.00 | -3,246,364.00 | -2,980,378.00 | -1,784,558.00 | 2,808,301.00 | -4,933,554.00 | -3,325,958.00 | -1,585,293.00 | 326,043.00 | -741,558.00 | -398,259.00 | -499,634.00 |
| 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 | 11,241.00 | 8,431.00 | 5,302.00 | -9,924.00 | 13,426.00 | 9,352.00 | 6,489.00 | -63,966.00 | 89,974.00 | 49,958.00 | 18,388.00 | -49,014.00 | 57,911.00 | 42,429.00 | 28,441.00 | -1,162.00 | 24,787.00 | 14,954.00 | 9,784.00 |
| Net Purchase/Sale of Investments Net | 1,883,249.00 | 1,218,659.00 | 601,477.00 | -290,420.00 | 1,859,047.00 | 1,238,629.00 | 311,043.00 | -303,317.00 | 652,609.00 | 404,383.00 | 165,441.00 | -1,520,846.00 | 1,338,153.00 | 1,043,742.00 | 771,004.00 | -1,807,176.00 | 2,536,583.00 | 1,536,797.00 | 797,325.00 |
| Net Purchase/Sale of Business | 0 | 0 | 0 | -196,120.00 | 98,060.00 | 98,060.00 | 98,060.00 | 0 | 0 | 0 | 0 | -235,095.00 | 321,540.00 | 321,540.00 | 8,607.00 | 635,270.00 | 0 | 0 | 0 |
| Net Loan & Lease Activity | 1,226,759.00 | 0 | 0 | 4,498.00 | 30,020.00 | ||||||||||||||
| Other Investing Activities | -3,155,635.00 | -2,383,684.00 | -782,089.00 | 761,060.00 | -3,379,926.00 | -2,591,950.00 | -520,130.00 | 5,022,898.00 | -3,988,947.00 | -3,434,719.00 | -1,968,387.00 | 4,613,256.00 | -6,651,158.00 | -4,733,669.00 | -2,393,345.00 | 1,503,609.00 | -3,307,426.00 | -1,954,508.00 | -1,306,743.00 |
| Financing Cash Flow | 582,370.00 | 310,854.00 | -473,996.00 | -351,756.00 | 1,171,063.00 | 819,579.00 | -141,888.00 | -10,759,232.00 | 2,785,463.00 | 3,704,158.00 | 6,811,981.00 | -238,804.00 | 2,771,384.00 | 1,858,819.00 | -229,710.00 | -284,635.00 | 329,467.00 | 459,563.00 | 490,864.00 |
| Net Issuance/Repayment of Debt | 676,334.00 | 787,526.00 | 259,308.00 | -318,876.00 | 207,234.00 | 210,936.00 | 222,390.00 | -9,219,661.00 | 1,676,073.00 | 2,550,170.00 | 7,624,327.00 | -1,224,785.00 | 307,271.00 | 763,284.00 | -171,545.00 | -473,124.00 | 1,099,775.00 | 712,949.00 | -11,523.00 |
| Net Issuance/Repurchase of Equity | 34,056.00 | 8,070.00 | 5,567.00 | 1,040,407.00 | 153,209.00 | 8,322.00 | 7,432.00 | -11,343.00 | 15,073.00 | 14,883.00 | 12,349.00 | -23,347.00 | 24,119.00 | 23,992.00 | 23,722.00 | 41,263.00 | 15,898.00 | 6,878.00 | 6,265.00 |
| Dividends Paid | 208,608.00 | 139,151.00 | 69,886.00 | 128,186.00 | 186,462.00 | 122,483.00 | 62,063.00 | 114,978.00 | 181,519.00 | 121,515.00 | 61,486.00 | 132,090.00 | 157,861.00 | 98,962.00 | 49,377.00 | 95,091.00 | 144,376.00 | 96,545.00 | 48,698.00 |
| Other Financing Activities | -336,628.00 | -623,893.00 | -808,757.00 | -1,201,473.00 | 624,158.00 | 477,838.00 | -433,773.00 | -1,643,206.00 | 912,798.00 | 1,017,590.00 | -886,181.00 | 877,238.00 | 2,282,133.00 | 972,581.00 | -131,264.00 | 52,135.00 | -930,582.00 | -356,809.00 | 447,424.00 |
| Net Change in Cash | -519,685.00 | -703,708.00 | -666,428.00 | 766,588.00 | 148,680.00 | 117,848.00 | 49,608.00 | -5,969,450.00 | 195,876.00 | 1,006,462.00 | 4,757,741.00 | 1,878,094.00 | -931,572.00 | -661,608.00 | -1,319,000.00 | -322,575.00 | 170,951.00 | 515,558.00 | 304,628.00 |
| Cash at Beginning of Period | 1,890,125.00 | 1,890,125.00 | 1,890,125.00 | 1,123,537.00 | 891,225.00 | 891,225.00 | 891,225.00 | 6,860,675.00 | 947,947.00 | 947,947.00 | 947,947.00 | -930,147.00 | 2,049,920.00 | 2,049,920.00 | 2,049,920.00 | 2,372,495.00 | 1,329,205.00 | 1,329,205.00 | 1,329,205.00 |
| Cash at End of Period | 1,370,440.00 | 1,186,417.00 | 1,223,697.00 | 1,890,125.00 | 1,039,905.00 | 1,009,073.00 | 940,833.00 | 891,225.00 | 1,143,823.00 | 1,954,409.00 | 5,705,688.00 | 947,947.00 | 1,118,348.00 | 1,388,312.00 | 730,920.00 | 2,049,920.00 | 1,500,156.00 | 1,844,763.00 | 1,633,833.00 |
| Free Cash Flow | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |