Azimut Holding S.p.A. (AZM.MI)

Analysis: Margins & Ratios Industry: Asset Management Sector: Financial Services Live Price: $37.16

Income Statement Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31
Revenue	1,581,877,871	1,544,034,483	1,216,331,756	948,657,505	796,611,507	1,460,288,173	1,587,656,991	1,564,824,283	1,634,534,202	1,546,275,130	1,539,464,654	1,435,074,147	1,113,773,503	823,269,126	913,381,118	796,415,889	796,305,513	621,464,155	534,504,944	500,598,167	187,062,640	222,915,099	227,029,566	155,796,684	302,021,126	352,811,857	664,708,329	24,521,236	102,319,182
Cost of Revenue	674,384,684	700,605,878	645,104,726	498,259,904	384,098,106	490,687,750	554,946,940	560,673,611	624,243,533	838,236,909	846,537,470	633,337,867	651,566,458	627,507,865	628,744,319	550,107,979	490,091,247	393,398,927	322,160,173	298,275,364	0	9,016,835	8,070,414	179,215,328	5,531,750	7,478,607	7,767,465	16,820,702	30,416,995
Cost of Revenue Margin	42.74%	45.47%	56.15%	49.92%	43.62%	33.60%	34.95%	35.83%	38.19%	54.21%	54.99%	44.13%	58.50%	76.22%	68.84%	69.07%	61.55%	63.30%	60.27%	59.58%	0.00%	4.04%	3.55%	115.03%	1.83%	2.12%	1.17%	68.60%	29.73%
Gross Profit	847,627,146	821,000,768	560,013,112	442,921,655	406,906,441	969,600,423	1,032,710,051	1,004,150,672	1,010,290,668	528,440,098	692,927,184	869,195,219	462,207,044	195,761,262	284,636,799	246,307,910	306,214,266	228,065,228	212,344,771	202,322,803	187,062,640	213,898,264	218,959,152	-23,418,644	296,489,376	345,333,250	656,940,863	7,700,535	71,902,187
Gross Profit Margin	53.38%	53.15%	43.16%	49.62%	56.03%	66.40%	65.05%	64.17%	61.81%	34.18%	45.01%	60.57%	41.50%	23.78%	31.16%	30.93%	38.45%	36.70%	39.73%	40.42%	100.00%	95.96%	96.45%	-15.03%	98.17%	97.88%	98.83%	31.40%	70.27%
R&D Expenses	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
R&D Expenses Margin	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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses	174,660,920	161,968,619	143,756,702	113,310,273	94,062,772	138,704,738	177,753,424	173,927,815	180,934,386	169,120,558	148,585,799	137,274,538	145,197,000	139,157,986	126,848,638	119,291,358	97,228,939	68,859,783	59,463,675	44,616,837	46,130,407	43,016,375	38,032,986	39,611,137	30,351,239	27,329,971	46,276,010	49,078,873	22,469,874
SG&A Expenses Margin	11.04%	10.47%	12.34%	13.23%	13.27%	9.50%	11.20%	11.11%	11.07%	10.94%	9.65%	9.57%	13.04%	16.90%	13.89%	14.98%	12.21%	11.08%	11.13%	8.91%	24.66%	19.30%	16.75%	25.42%	10.05%	7.75%	6.96%	200.15%	21.96%
Operating Expenses	231,029,742	231,732,552	154,688,690	114,246,048	131,016,935	299,815,941	332,419,334	287,952,796	209,867,166	195,269,263	172,914,463	292,659,070	214,201,212	172,347,315	-5,724,323	28,398,511	-20,998,576	9,633,301	-1,956,251	-9,985,567	84,655,391	84,456,948	73,947,679	-71,282,199	137,833,466	195,519,217	570,629,822	-11,815,002	34,790,964
Operating Expenses Margin	14.62%	15.10%	11.60%	13.22%	18.60%	20.53%	20.94%	18.40%	12.84%	12.63%	11.23%	20.39%	19.23%	20.93%	-0.63%	3.57%	-2.64%	1.55%	-0.37%	-1.99%	45.26%	37.89%	32.57%	-45.75%	45.64%	55.42%	85.85%	-48.18%	34.00%
Operating Income (EBIT)	721,752,328	718,366,425	469,873,527	372,243,553	308,565,465	669,784,482	700,290,717	716,197,876	800,423,502	648,635,605	877,729,450	548,845,693	248,005,832	23,413,947	290,361,122	217,909,399	327,212,842	218,431,927	214,301,021	212,308,370	110,435,391	129,441,316	145,011,473	47,863,556	158,655,910	149,814,033	86,311,041	19,515,536	37,111,223
Operating Income (EBIT) Margin	45.56%	46.39%	35.73%	39.47%	39.73%	45.87%	44.11%	45.77%	48.97%	41.95%	57.02%	38.25%	22.27%	2.84%	31.79%	27.36%	41.09%	35.15%	40.09%	42.41%	59.04%	58.07%	63.87%	30.72%	52.53%	42.46%	12.98%	79.59%	36.27%
Interest Income	14,089,074	9,861,100	5,313,228	4,176,309	4,160,547	19,885,416	22,950,130	25,777,652	12,633,433	3,856,138	4,127,383	2,910,891	1,167,175	1,407,890	346,395	612,943	292,381	359,311	254,806	434,461	5,435,464	3,028,313	1,682,657	3,817,389	6,145,867	3,368	8,917,027	500,218	1,311,604
Interest Income Margin	0.89%	0.63%	0.36%	0.53%	0.73%	1.36%	1.45%	1.65%	0.77%	0.25%	0.27%	0.20%	0.10%	0.17%	0.04%	0.08%	0.04%	0.06%	0.05%	0.09%	2.91%	1.36%	0.74%	2.45%	2.03%	0.00%	1.34%	2.04%	1.28%
Interest Expense	13,241,679	17,105,802	9,794,874	7,939,449	16,391,876	3,805,647	14,283,212	10,947,253	12,087,421	16,690,363	23,128,611	22,675,362	7,942,424	1,825,912	1,445,465	1,096,721	109,202	1,308,081	1,355,050	2,395,409	7,067,630	9,016,835	8,070,414	179,897,549	5,531,750	7,478,607	7,767,465	16,820,702	30,416,995
Interest Expense Margin	0.84%	1.12%	0.68%	1.04%	6.99%	0.26%	0.90%	0.70%	0.74%	1.08%	1.50%	1.58%	0.71%	0.22%	0.16%	0.14%	0.01%	0.21%	0.25%	0.48%	3.78%	4.04%	3.55%	115.47%	1.83%	2.12%	1.17%	68.60%	29.73%
Net Interest Income	1,025,877	-7,137,614	-4,428,101	-3,719,146	-12,198,334	16,079,769	8,515,443	14,830,399	394,538	-12,147,306	-19,001,228	-19,764,471	-6,775,249	-418,022	-1,099,070	-483,779	183,178	-948,770	-1,100,244	-1,960,947	-1,507,698	-5,988,522	-6,387,757	-176,080,160	614,117	-7,475,240	1,149,561	-16,320,484	-29,105,391
Net Interest Income Margin	0.06%	-0.49%	-0.32%	-0.50%	-6.25%	1.10%	0.54%	0.95%	0.02%	-0.79%	-1.23%	-1.38%	-0.61%	-0.05%	-0.12%	-0.06%	0.02%	-0.15%	-0.21%	-0.39%	-0.81%	-2.69%	-2.81%	-113.02%	0.20%	-2.12%	0.17%	-66.56%	-28.45%
Unusual Items	-57,671,032	-15,643,898	-51,208,791	-32,805,750	-15,195,338	-140,232,398	-201,311,799	-243,186,833	65,918,362	4,255,373	42,078,174	52,715,433	-276,958,575	-159,697,443	1,108,464	1,292,816	386,318	2,330,827	1,411,412	851,310	9,419,593	5,988,522	6,387,757	176,080,160	-614,117	7,475,240	-1,149,561	16,320,484	29,105,391
Unusual Items Margin	-3.74%	-0.97%	-4.88%	-2.68%	3.87%	-9.60%	-12.68%	-15.54%	4.03%	0.28%	2.73%	3.67%	-24.87%	-19.40%	0.12%	0.16%	0.05%	0.38%	0.26%	0.17%	5.04%	2.69%	2.81%	113.02%	-0.20%	2.12%	-0.17%	66.56%	28.45%
EBT Excluding Unusual Items	836,246,997	756,898,924	576,772,754	441,618,193	351,187,471	934,169,509	1,094,247,398	1,187,741,143	668,040,765	652,959,083	812,574,331	463,179,299	808,698,230	343,226,854	289,243,264	215,807,545	326,257,027	214,719,043	212,578,440	212,566,698	93,228,371	123,452,794	138,623,716	-128,216,604	159,270,027	142,338,793	87,460,602	3,195,053	8,005,832
EBT Excluding Unusual Items Margin	53.00%	48.81%	45.81%	45.34%	38.25%	63.97%	68.92%	75.90%	40.87%	42.23%	52.78%	32.28%	72.61%	41.69%	31.67%	27.10%	40.97%	34.55%	39.77%	42.46%	49.84%	55.38%	61.06%	-82.30%	52.73%	40.34%	13.16%	13.03%	7.82%
Pre-Tax Income	778,575,965	741,255,026	525,563,963	408,812,443	335,992,133	793,937,111	892,935,599	944,554,310	733,959,127	657,214,457	854,652,504	515,894,731	531,739,656	183,529,412	290,351,728	217,100,362	326,643,345	217,049,870	213,989,853	213,418,008	102,647,964	129,441,316	145,011,473	47,863,556	158,655,910	149,814,033	86,311,041	19,515,536	37,111,223
Pre-Tax Income Margin	49.26%	47.85%	40.93%	42.66%	42.12%	54.37%	56.24%	60.36%	44.90%	42.50%	55.52%	35.95%	47.74%	22.29%	31.79%	27.26%	41.02%	34.93%	40.04%	42.63%	54.87%	58.07%	63.87%	30.72%	52.53%	42.46%	12.98%	79.59%	36.27%
Income Tax Expense	200,520,375	159,400,835	95,827,859	76,586,856	63,275,663	202,159,586	231,517,435	250,323,742	196,151,103	155,086,281	135,935,927	59,507,121	76,210,401	17,967,914	25,084,862	8,907,633	33,103,610	107,564,423	30,953,613	25,108,346	8,189,010	18,708,847	6,175,223	-1,473,646	33,597,957	49,739,959	28,670,930	3,838,525	11,027,100
Income Tax Expense Margin	12.68%	10.20%	6.81%	7.26%	7.01%	13.84%	14.58%	16.00%	12.00%	10.03%	8.83%	4.15%	6.84%	2.18%	2.75%	1.12%	4.16%	17.31%	5.79%	5.02%	4.38%	8.39%	2.72%	-0.95%	11.12%	14.10%	4.31%	15.65%	10.78%
Net Income	554,698,788	564,644,823	414,662,759	322,102,637	265,016,287	579,269,733	627,288,286	676,544,466	510,277,263	477,274,635	710,939,719	448,188,032	434,474,316	143,426,276	252,206,017	202,770,181	290,526,687	108,140,965	182,888,288	188,691,283	94,458,954	110,732,469	138,836,250	49,294,930	122,991,325	100,074,074	57,589,620	19,515,536	26,084,123
Net Income Margin	35.11%	36.55%	32.87%	34.55%	34.44%	39.67%	39.51%	43.23%	31.22%	30.87%	46.18%	31.23%	39.01%	17.42%	27.61%	25.46%	36.48%	17.40%	34.22%	37.69%	50.50%	49.67%	61.15%	31.64%	40.72%	28.36%	8.66%	79.59%	25.49%
Depreciation and Amortization	42,525,552	40,292,655	29,675,827	20,971,021	16,150,809	2,375,447	10,061,891	33,846,892	51,520,077	42,209,686	41,054,254	32,832,365	28,188,325	17,398,418	18,620,781	18,978,918	12,108,557	7,236,718	5,023,313	2,424,764	1,285,771	1,836,480	2,050,188	1,505,350	2,755,894	2,139,429	0	51,617,537	46,450,969
Depreciation and Amortization Margin	2.68%	2.60%	2.36%	1.85%	1.55%	0.16%	0.63%	2.16%	3.15%	2.73%	2.67%	2.29%	2.53%	2.11%	2.04%	2.38%	1.52%	1.16%	0.94%	0.48%	0.69%	0.82%	0.90%	0.97%	0.91%	0.61%	0.00%	210.50%	45.40%
EBITDA	830,640,880	798,476,880	564,946,363	437,222,148	357,730,820	799,962,034	918,728,516	989,348,455	811,728,892	690,845,292	918,783,704	581,678,058	567,870,405	202,753,742	310,417,973	237,176,001	338,861,104	225,594,669	220,368,216	218,238,181	104,372,893	140,294,631	155,132,075	49,368,906	166,943,554	159,432,069	65,407,577	87,953,775	113,979,187
EBITDA Margin	52.52%	51.56%	43.97%	45.30%	44.49%	54.78%	57.87%	63.22%	49.66%	44.68%	59.68%	40.53%	50.99%	24.63%	33.99%	29.78%	42.55%	36.30%	41.23%	43.60%	55.80%	62.94%	68.33%	31.69%	55.28%	45.19%	9.84%	358.68%	111.40%
NOPAT	536,158,710	566,427,387	383,401,509	301,812,549	249,906,691	499,237,782	518,721,620	526,392,662	586,509,748	495,573,720	738,123,042	485,537,764	212,460,949	21,121,672	265,275,448	208,968,571	294,051,516	110,182,592	183,302,397	187,330,571	101,625,118	110,732,469	138,836,250	49,337,202	125,057,953	100,074,074	57,640,111	15,677,011	26,084,123
NOPAT Margin	33.86%	36.67%	29.72%	32.71%	33.10%	34.19%	32.67%	33.64%	35.88%	32.05%	47.95%	33.83%	19.08%	2.57%	29.04%	26.24%	36.93%	17.73%	34.29%	37.42%	54.33%	49.67%	61.15%	31.67%	41.41%	28.36%	8.67%	63.93%	25.49%
Owner's Earnings	573,262,815	570,392,865	406,441,458	315,470,094	259,585,696	594,505,238	601,093,786	707,085,929	549,877,832	462,824,684	692,362,384	439,813,495	360,457,359	121,548,209	248,574,154	198,737,909	283,132,623	97,012,882	178,103,341	187,151,880	94,193,580	111,175,150	139,383,437	48,024,424	123,700,554	98,376,152	50,177,943	70,086,843	71,582,800
Owner's Earnings Margin	36.25%	36.88%	31.92%	33.72%	33.72%	40.71%	37.86%	45.19%	33.64%	29.93%	44.97%	30.65%	32.36%	14.76%	27.21%	24.95%	35.56%	15.61%	33.32%	37.39%	50.35%	49.87%	61.39%	30.83%	40.96%	27.88%	7.55%	285.82%	69.96%

Balance Sheet Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31
Revenue	1,581,877,871	1,544,034,483	1,216,331,756	948,657,505	796,611,507	1,564,824,283	1,634,534,202	1,546,275,130	1,539,464,654	1,435,074,147	1,113,773,503	823,269,126	913,381,118	796,415,889	796,305,513	621,464,155	534,504,944	500,598,167	187,062,640	222,915,099	227,029,566	155,796,684	302,021,126	352,811,857	664,708,329	24,521,236	102,319,182
Cash & Cash Equivalents	453,059,871	379,746,975	189,887,343	126,599,077	94,956,940	463,586,753	545,508,560	350,084,299	211,411,266	328,143,999	22,310	27,007	32,878	24,659	31,704	38,749	18,788	22,310	19,962	12,916	9,394	9,394	32,878	62,234	38,749	15,265	40,517,635
Cash & Cash Equivalents Margin	28.55%	24.45%	12.23%	8.15%	6.12%	29.63%	33.37%	22.64%	13.73%	22.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	0.01%	0.01%	0.00%	0.01%	0.01%	0.02%	0.01%	0.06%	39.60%
Short-Term Investments	12,619,734	29,072,513	17,505,859	11,670,573	8,752,929	555,406	18,666,575	18,637,220	14,574,419	92,928,945	20,405,595	5,840,570	3,449,858	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short-Term Investments Margin	0.79%	1.96%	1.27%	0.85%	0.64%	0.04%	1.14%	1.21%	0.95%	6.48%	1.83%	0.71%	0.38%	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%
Cash & Short-Term Investments	459,739,617	402,408,717	204,187,817	136,132,726	102,107,177	464,142,159	564,175,135	350,901,556	211,751,789	421,072,944	20,427,905	5,867,577	3,482,737	24,659	31,704	38,749	18,788	22,310	19,962	12,916	9,394	9,394	32,878	62,234	38,749	15,265	40,517,635
Cash & Short-Term Investments Margin	28.96%	25.99%	13.29%	8.86%	6.65%	29.66%	34.52%	22.69%	13.75%	29.34%	1.83%	0.71%	0.38%	0.00%	0.00%	0.01%	0.00%	0.00%	0.01%	0.01%	0.00%	0.01%	0.01%	0.02%	0.01%	0.06%	39.60%
Net Receivables	375,346,468	456,139,380	417,611,930	421,317,416	356,795,436	350,172,366	582,705,501	193,161,538	547,400,228	607,257,267	593,372,115	448,350,074	137,455,367	381,623,848	334,620,996	418,220,763	702,432,495	463,989,510	246,488,740	312,510,433	248,584,722	137,069,049	149,089,539	170,986,394	110,417,778	0	0
Net Receivables Margin	23.51%	29.68%	36.11%	61.63%	61.82%	22.38%	35.65%	12.49%	35.56%	42.32%	53.28%	54.46%	15.05%	47.92%	42.02%	67.30%	131.42%	92.69%	131.77%	140.19%	109.49%	87.98%	49.36%	48.46%	16.61%	0.00%	0.00%
Inventory	373,884,956	483,366,724	241,683,362	161,122,241	120,841,681	0	0	1,121,654,867	1,295,178,751	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Inventory Margin	24.18%	31.33%	15.67%	10.44%	7.83%	0.00%	0.00%	72.54%	84.13%	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%
Other Current Assets	-182,432,690	-285,764,755	-97,863,370	-48,718,544	-36,538,908	162,056,451	-12,465,520	-696,889,002	-884,640,909	3,115,206	13,751,290	25,700,153	134,309,632	115,412,910	161,016,092	99,937,864	84,277,292	13,878,106	49,762,269	0	0	0	0	0	0	0	0
Other Current Assets Margin	-11.83%	-18.54%	-3.89%	1.48%	1.11%	10.36%	-0.76%	-45.07%	-57.46%	0.22%	1.23%	3.12%	14.70%	14.49%	20.22%	16.08%	15.77%	2.77%	26.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Current Assets	1,237,454,487	1,229,593,162	935,057,336	798,483,456	639,677,598	1,207,098,160	1,364,973,213	1,140,292,087	1,309,753,169	1,125,849,181	1,029,558,444	731,671,747	342,366,151	560,591,416	538,419,793	561,414,544	854,532,734	556,065,972	342,141,875	312,523,350	248,594,116	137,078,443	149,122,417	171,048,627	110,456,527	15,265	40,517,635
Total Current Assets Margin	78.13%	79.58%	75.47%	95.94%	87.55%	77.14%	83.51%	73.74%	85.08%	78.45%	92.44%	88.87%	37.48%	70.39%	67.61%	90.34%	159.87%	111.08%	182.90%	140.20%	109.50%	87.99%	49.37%	48.48%	16.62%	0.06%	39.60%
Property, Plant & Equipment	48,495,677	52,690,070	35,591,782	24,920,001	19,461,640	34,599,567	53,873,214	57,014,252	61,100,538	56,862,778	57,251,445	9,945,643	9,514,705	8,476,694	7,278,990	4,339,917	3,475,691	2,872,142	3,607,204	3,587,242	4,000,568	3,013,049	2,602,072	2,686,615	3,130,471	1,768,375	2,022,007
Property, Plant & Equipment Margin	3.06%	3.43%	2.65%	2.13%	1.89%	2.21%	3.30%	3.69%	3.97%	3.96%	5.14%	1.21%	1.04%	1.06%	0.91%	0.70%	0.65%	0.57%	1.93%	1.61%	1.76%	1.93%	0.86%	0.76%	0.47%	7.21%	1.98%
Goodwill	783,399,661	751,466,513	659,656,130	542,340,749	406,755,562	596,502,586	880,467,731	873,228,665	761,177,547	645,956,035	628,469,551	617,611,539	586,292,743	541,806,244	465,048,657	405,400,629	385,583,318	378,415,879	369,150,109	0	0	0	0	0	0	179,062,679	0
Goodwill Margin	49.49%	48.58%	56.50%	65.02%	48.76%	38.12%	53.87%	56.47%	49.44%	45.01%	56.43%	75.02%	64.19%	68.03%	58.40%	65.23%	72.14%	75.59%	197.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	730.24%	0.00%
Intangible Assets	137,208,390	135,253,000	107,899,428	109,686,630	156,932,389	85,789,687	167,810,129	158,025,353	139,489,116	125,150,716	116,387,512	89,676,356	68,229,227	65,635,375	62,800,808	58,345,818	47,997,417	43,818,368	41,894,995	374,248,573	372,015,206	373,549,912	373,579,267	374,203,952	0	190,720,335	210,539,994
Intangible Assets Margin	8.66%	8.75%	8.87%	20.41%	46.97%	5.48%	10.27%	10.22%	9.06%	8.72%	10.45%	10.89%	7.47%	8.24%	7.89%	9.39%	8.98%	8.75%	22.40%	167.89%	163.86%	239.77%	123.69%	106.06%	0.00%	777.78%	205.77%
Long-Term Investments	6,272,133,705	5,631,463,538	5,134,332,960	4,092,428,493	3,117,468,382	9,928,401,154	0	8,887,999,962	9,340,916,577	0	0	0	8,206,133,930	7,897,011,122	7,082,866,859	5,004,546,776	3,154,458,660	1,883,818,759	0	273,593	300,600	846,391,867	3,948,902	1,881,100	110,417,778	40,488,280	4,990,435
Long-Term Investments Margin	403.09%	363.21%	459.55%	424.49%	346.46%	634.47%	0.00%	574.80%	606.76%	0.00%	0.00%	0.00%	898.43%	991.57%	889.47%	805.28%	590.16%	376.31%	0.00%	0.12%	0.13%	543.27%	1.31%	0.53%	16.61%	165.12%	4.88%
Tax Assets	16,554,545	17,561,869	32,479,512	35,326,565	33,753,424	0	22,786,913	26,876,722	23,843,711	14,302,000	28,612,219	62,224,266	59,379,131	54,097,490	32,672,672	30,370,026	45,133,494	47,444,359	45,870,904	36,284,572	49,217,431	0	60,073,095	27,971,095	7,908,372	8,393,325	0
Tax Assets Margin	1.04%	1.14%	3.32%	6.45%	7.37%	0.00%	1.39%	1.74%	1.55%	1.00%	2.57%	7.56%	6.50%	6.79%	4.10%	4.89%	8.44%	9.48%	24.52%	16.28%	21.68%	0.00%	19.89%	7.93%	1.19%	34.23%	0.00%
Other Non-Current Assets	3,375,455,867	3,624,583,705	3,292,364,928	2,329,796,205	1,912,126,620	903,562,290	9,203,350,833	19,454,477	14,914,942	7,981,635,983	7,831,333,474	6,809,248,940	246,918,504	-54,097,490	-32,672,672	-29,508,149	-45,045,428	-47,137,888	1,039,070,801	1,105,914,448	955,058,882	-1,222,954,827	1,340,179,558	1,380,430,645	842,875,078	379,330,597	258,988,312
Other Non-Current Assets Margin	207.35%	235.84%	272.56%	250.30%	217.60%	57.74%	563.06%	1.26%	0.97%	556.18%	703.14%	827.10%	27.03%	-6.79%	-4.10%	-4.75%	-8.43%	-9.42%	555.47%	496.11%	420.68%	-784.97%	443.74%	391.27%	126.80%	1,546.95%	253.12%
Other Assets	-246,621,427	-147,973,091	-73,975,860	-49,317,318	-31,261,846	-739,864,280	-1,174	1,174	1,174	-2,348	0	0	105,680	1,174	0	-1,174	0	0	0	0	0	114,522,851	0	0	0	0	0
Other Assets Margin	-15.76%	-9.46%	-4.73%	-3.15%	1.31%	-47.28%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	73.51%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Non-Current Assets	10,633,247,844	10,213,018,695	9,262,324,741	7,134,498,643	5,726,355,838	11,548,855,283	10,328,288,820	10,022,599,430	10,341,442,432	8,823,907,511	8,662,054,201	7,588,706,744	9,176,468,241	8,512,929,435	7,617,995,314	5,473,495,017	3,591,603,153	2,309,231,620	1,499,594,014	1,520,308,429	1,380,592,688	1,222,954,827	1,780,382,894	1,787,173,408	1,338,533,301	799,763,590	476,540,748
Total Non-Current Assets Margin	672.70%	660.94%	803.45%	768.81%	711.13%	738.03%	631.88%	648.18%	671.76%	614.87%	777.72%	921.78%	1,004.67%	1,068.91%	956.67%	880.74%	671.95%	461.29%	801.65%	682.01%	608.11%	784.97%	589.49%	506.55%	201.37%	3,261.51%	465.74%
Total Assets	11,624,080,905	11,294,638,767	10,123,406,217	7,883,664,780	6,334,771,590	12,016,089,163	11,693,260,859	11,162,892,692	11,651,196,776	9,949,754,344	9,691,612,645	8,320,378,491	9,518,940,072	9,073,522,025	8,156,415,107	6,034,908,387	4,446,135,887	2,865,297,592	1,841,735,889	1,832,831,778	1,629,186,804	1,474,556,121	1,929,505,311	1,958,222,035	1,448,989,828	799,778,855	517,058,383
Total Assets Margin	735.07%	731.07%	874.19%	861.60%	800.00%	767.89%	715.39%	721.92%	756.83%	693.33%	870.16%	1,010.65%	1,042.17%	1,139.29%	1,024.28%	971.08%	831.82%	572.37%	984.56%	822.21%	717.61%	946.46%	638.86%	555.03%	217.99%	3,261.58%	505.34%
Accounts Payable	181,053,373	187,290,204	166,342,119	123,340,069	122,657,553	160,432,504	190,177,845	192,549,770	218,753,663	174,537,235	170,093,987	153,052,532	153,110,068	141,562,789	109,150,794	24,882,896	20,443,170	8,723,280	8,158,481	124,472,017	128,921,136	264,395,595	29,851,021	50,840,203	129,042,081	0	0
Accounts Payable Margin	11.45%	12.14%	14.28%	14.17%	24.14%	10.25%	11.63%	12.45%	14.21%	12.16%	15.27%	18.59%	16.76%	17.77%	13.71%	4.00%	3.82%	1.74%	4.36%	55.84%	56.79%	169.71%	9.88%	14.41%	19.41%	0.00%	0.00%
Short-Term Debt	165,565	99,339	49,670	33,113	24,835	0	0	496,695	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short-Term Debt Margin	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.03%	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%
Tax Payables	143,464,634	110,973,888	64,069,788	48,815,300	41,981,653	87,116,556	184,083,644	159,193,702	102,957,958	21,517,582	27,017,628	15,054,675	17,035,584	12,318,742	14,401,808	11,449,819	45,087,700	13,619,778	14,873,845	6,500,482	1,417,284	4,700,403	29,374,288	48,681,987	23,229,594	3,141,039	0
Tax Payables Margin	9.04%	7.06%	4.48%	4.58%	4.97%	5.57%	11.26%	10.30%	6.69%	1.50%	2.43%	1.83%	1.87%	1.55%	1.81%	1.84%	8.44%	2.72%	7.95%	2.92%	0.62%	3.02%	9.73%	13.80%	3.49%	12.81%	0.00%
Deferred Revenue	482,604	688,328	344,164	229,443	172,082	0	0	1,447,813	1,993,826	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Revenue Margin	0.03%	0.04%	0.02%	0.01%	0.01%	0.00%	0.00%	0.09%	0.13%	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%
Other Current Liabilities	1,285,738,413	771,817,859	387,491,308	258,979,936	194,071,148	2,089,623,124	1,768,426,986	-834,870	410,977	1,463,078	1,444,291	4,577,110	2,920,285	3,189,182	3,692,922	3,401,715	3,319,520	2,038,446	1,026,268	0	0	-4,700,403	1,424,329	0	0	136,250,618	292,734,220
Other Current Liabilities Margin	80.56%	48.36%	24.37%	16.39%	12.16%	133.54%	108.19%	-0.05%	0.03%	0.10%	0.13%	0.56%	0.32%	0.40%	0.46%	0.55%	0.62%	0.41%	0.55%	0.00%	0.00%	-3.02%	0.47%	0.00%	0.00%	555.64%	286.10%
Total Current Liabilities	1,797,731,211	1,276,506,774	758,565,729	530,299,749	427,948,530	2,447,872,950	2,335,565,852	609,754,833	581,992,749	407,347,486	306,840,125	271,602,957	228,725,140	216,546,130	179,409,074	65,098,757	82,855,312	56,440,059	39,972,797	124,472,017	128,921,136	264,395,595	31,275,350	50,840,203	129,042,081	136,250,618	292,734,220
Total Current Liabilities Margin	112.92%	80.99%	54.02%	43.65%	46.27%	156.43%	142.89%	39.43%	37.80%	28.39%	27.55%	32.99%	25.04%	27.19%	22.53%	10.48%	15.50%	11.27%	21.37%	55.84%	56.79%	169.71%	10.36%	14.41%	19.41%	555.64%	286.10%
Long-Term Debt	389,417,147	634,019,854	569,709,586	464,718,779	389,470,867	180,830	583,566,204	584,504,406	1,001,641,364	1,000,206,467	1,070,849,891	425,405,815	430,094,476	299,197,127	301,449,281	370,695,383	393,094,804	198,904,648	229,925,192	81,065,800	229,533,003	0	112,022,936	350,069,034	127,010,681	112,607,698	27,186,716
Long-Term Debt Margin	24.50%	41.66%	47.86%	54.05%	53.37%	0.01%	35.70%	37.80%	65.06%	69.70%	96.15%	51.67%	47.09%	37.57%	37.86%	59.65%	73.54%	39.73%	122.91%	36.37%	101.10%	0.00%	37.09%	99.22%	19.11%	459.23%	26.57%
Capital Lease Obligations	42,810,496	46,009,932	28,108,478	18,738,986	14,054,239	32,491,842	47,252,961	48,686,684	52,817,590	48,800,583	51,035,124	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations Margin	2.71%	2.99%	1.95%	1.30%	0.98%	2.08%	2.89%	3.15%	3.43%	3.40%	4.58%	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%
Deferred Tax Liabilities	86,581,112	82,861,887	77,856,657	66,846,231	54,180,213	81,338,219	90,339,790	88,065,326	82,067,410	72,498,691	75,128,944	80,021,919	72,436,458	68,055,443	68,614,371	61,395,267	58,281,235	55,009,859	49,440,533	0	0	35,798,445	0	31,873,028	13,239,331	0	0
Deferred Tax Liabilities Margin	5.47%	5.36%	6.84%	8.44%	8.03%	5.20%	5.53%	5.70%	5.33%	5.05%	6.75%	9.72%	7.93%	8.55%	8.62%	9.88%	10.90%	10.99%	26.43%	0.00%	0.00%	22.98%	0.00%	9.03%	1.99%	0.00%	0.00%
Other Non-Current Liabilities	6,828,465,442	7,318,863,238	7,322,454,473	5,676,346,924	4,475,657,657	7,166,916,352	6,746,860,283	6,571,619,690	8,729,913,549	7,379,006,317	7,280,367,140	6,805,520,792	8,065,920,320	7,729,083,571	6,749,336,713	4,778,217,045	3,097,763,796	1,859,187,146	1,019,206,521	1,166,284,621	877,009,653	-35,798,445	1,404,752,264	1,190,385,487	931,600,315	355,816,841	191,745,429
Other Non-Current Liabilities Margin	431.92%	475.41%	655.85%	623.09%	532.62%	458.00%	412.77%	425.00%	567.07%	514.19%	653.67%	826.65%	883.08%	970.48%	847.58%	768.86%	579.56%	371.39%	544.85%	523.20%	386.30%	-22.98%	465.12%	337.40%	140.15%	1,451.06%	187.40%
Total Non-Current Liabilities	7,861,652,617	8,341,058,384	8,129,363,309	6,314,792,726	5,012,689,111	7,280,746,413	7,468,019,238	8,836,192,201	9,618,358,931	8,501,975,137	8,478,825,389	7,315,525,635	8,571,371,539	8,099,525,322	7,123,093,287	5,213,709,410	3,552,459,355	2,115,140,099	1,299,598,515	1,247,350,422	1,106,542,656	264,395,595	1,516,775,201	1,572,327,549	1,071,850,326	468,424,539	218,932,145
Total Non-Current Liabilities Margin	497.87%	542.17%	721.06%	692.74%	607.86%	465.28%	456.89%	571.45%	624.79%	592.44%	761.27%	888.59%	938.42%	1,017.00%	894.52%	838.94%	664.63%	422.52%	694.74%	559.56%	487.40%	169.71%	502.21%	445.66%	161.25%	1,910.28%	213.97%
Total Liabilities	9,659,383,829	9,617,565,158	8,887,929,039	6,845,092,475	5,475,034,948	9,728,619,363	9,803,585,090	9,445,947,034	10,200,351,680	8,909,322,623	8,785,665,514	7,587,128,592	8,800,096,678	8,316,071,452	7,302,502,361	5,278,808,167	3,635,314,667	2,171,580,158	1,339,571,312	1,371,822,438	1,235,463,793	1,216,737,332	1,548,050,550	1,623,167,752	1,200,892,407	604,675,157	511,666,365
Total Liabilities Margin	610.79%	623.16%	775.09%	736.38%	676.21%	621.71%	599.78%	610.88%	662.59%	620.83%	788.82%	921.59%	963.46%	1,044.19%	917.05%	849.41%	680.13%	433.80%	716.11%	615.40%	544.19%	780.98%	512.56%	460.07%	180.66%	2,465.92%	500.07%
Preferred Stock	34,388,598	44,052,742	22,026,371	14,684,247	11,013,186	0	0	103,165,795	117,097,915	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Margin	2.22%	2.86%	1.43%	0.95%	0.71%	0.00%	0.00%	6.67%	7.61%	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%
Common Stock	37,955,487	37,955,487	37,955,487	37,955,487	37,866,012	37,955,487	37,955,487	37,955,487	37,955,487	37,955,487	37,955,487	37,955,487	37,955,487	37,955,487	37,955,487	37,955,487	37,955,487	37,955,487	37,955,487	37,955,487	37,955,487	37,838,065	37,503,413	37,394,210	37,296,750	37,274,440	25,832,840
Common Stock Margin	2.40%	2.46%	3.40%	6.14%	8.09%	2.43%	2.32%	2.45%	2.47%	2.64%	3.41%	4.61%	4.16%	4.77%	4.77%	6.11%	7.10%	7.58%	20.29%	17.03%	16.72%	24.29%	12.42%	10.60%	5.61%	152.01%	25.25%
Retained Earnings	554,698,788	564,644,823	414,662,759	322,102,637	264,965,855	676,544,466	510,277,263	477,274,635	710,939,719	448,188,032	434,474,316	143,426,276	252,206,017	202,770,181	290,526,687	108,140,965	182,888,288	188,691,283	94,458,954	110,732,469	138,836,250	49,294,930	122,991,325	99,065,419	57,589,620	19,515,536	-53,906,092
Retained Earnings Margin	35.11%	36.55%	32.87%	34.55%	34.42%	43.23%	31.22%	30.87%	46.18%	31.23%	39.01%	17.42%	27.61%	25.46%	36.48%	17.40%	34.22%	37.69%	50.50%	49.67%	61.15%	31.64%	40.72%	28.08%	8.66%	79.59%	-52.68%
Accumulated OCI	415,048,804	225,609,699	112,804,850	75,203,233	71,223,195	1,348,312,206	0	-103,165,795	-117,097,915	0	0	0	0	0	0	0	0	0	0	0	0	296,415,400	0	0	0	0	0
Accumulated OCI Margin	26.50%	14.38%	7.19%	4.79%	13.11%	86.16%	0.00%	-6.67%	-7.61%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	190.26%	0.00%	0.00%	0.00%	0.00%	0.00%
Minority Interest	54,165,203	49,668,567	36,060,179	25,044,938	18,864,784	29,180,541	68,972,509	64,342,559	62,159,684	23,687,540	27,995,753	28,000,450	23,005,318	21,106,605	12,150,829	7,951,818	5,697,315	1,419,632	3,523	0	0	0	0	1,315,126	306,471	0	0
Minority Interest Margin	3.42%	3.19%	2.85%	2.08%	1.58%	1.86%	4.22%	4.16%	4.04%	1.65%	2.51%	3.40%	2.52%	2.65%	1.53%	1.28%	1.07%	0.28%	0.00%	0.00%	0.00%	0.00%	0.00%	0.37%	0.05%	0.00%	0.00%
Total Shareholders’ Equity	1,914,455,725	1,629,759,354	1,200,594,155	1,014,312,137	841,460,436	2,258,289,260	1,820,703,260	1,664,374,655	1,388,685,412	1,016,744,182	877,951,378	705,249,448	695,838,075	736,343,968	841,761,917	748,148,402	805,123,905	692,297,802	502,161,054	461,009,340	393,723,011	257,818,789	381,454,761	333,739,157	247,790,950	195,103,698	5,392,018
Total Shareholders’ Equity Margin	121.11%	104.88%	96.32%	123.19%	122.24%	144.32%	111.39%	107.64%	90.21%	70.85%	78.83%	85.66%	76.18%	92.46%	105.71%	120.38%	150.63%	138.29%	268.45%	206.81%	173.42%	165.48%	126.30%	94.59%	37.28%	795.65%	5.27%
Total Equity	1,964,697,076	1,677,073,609	1,235,477,179	1,038,572,305	859,736,642	2,287,469,801	1,889,675,769	1,716,945,658	1,450,845,096	1,040,431,722	905,947,131	733,249,899	718,843,393	757,450,573	853,912,746	756,100,220	810,821,220	693,717,434	502,164,577	461,009,340	393,723,011	257,818,789	381,454,761	335,054,283	248,097,421	195,103,698	5,392,018
Total Equity Margin	124.28%	107.91%	99.10%	125.21%	123.79%	146.18%	115.61%	111.04%	94.24%	72.50%	81.34%	89.07%	78.70%	95.11%	107.23%	121.66%	151.70%	138.58%	268.45%	206.81%	173.42%	165.48%	126.30%	94.97%	37.32%	795.65%	5.27%
Total Liabilities & Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Liabilities & Equity Margin	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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Investments	9,338,641,330	9,070,482,674	8,357,578,955	6,311,482,209	4,781,758,669	9,905,935,976	9,203,350,833	8,906,637,181	9,355,490,996	7,980,998,381	7,859,945,693	6,871,120,940	8,512,431,566	7,897,011,122	7,082,866,859	5,004,546,776	3,154,458,660	1,883,818,759	1,053,345,793	273,593	300,600	846,391,867	3,948,902	1,881,100	110,417,778	40,488,280	4,990,435
Total Investments Margin	590.70%	587.19%	728.93%	641.62%	509.31%	633.04%	563.06%	576.01%	607.71%	556.14%	705.70%	834.61%	931.97%	991.57%	889.47%	805.28%	590.16%	376.31%	563.10%	0.12%	0.13%	543.27%	1.31%	0.53%	16.61%	165.12%	4.88%
Net Debt	-20,666,663	300,299,955	407,939,293	356,864,402	308,572,452	-430,914,081	85,310,606	283,603,486	842,636,711	720,863,052	1,121,862,704	425,378,808	430,061,598	299,172,468	301,417,577	370,656,634	393,076,016	198,882,338	229,905,231	81,052,884	229,523,609	-9,394	111,990,058	350,006,801	126,971,931	112,592,433	-13,330,920
Net Debt Margin	-1.33%	20.20%	37.59%	47.20%	48.23%	-27.54%	5.22%	18.34%	54.74%	50.23%	100.73%	51.67%	47.08%	37.56%	37.85%	59.64%	73.54%	39.73%	122.90%	36.36%	101.10%	-0.01%	37.08%	99.20%	19.10%	459.16%	-13.03%

Capital Metrics

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31
Revenue	1,581,877,871	1,544,034,483	1,216,331,756	948,657,505	796,611,507	1,564,824,283	1,634,534,202	1,546,275,130	1,539,464,654	1,435,074,147	1,113,773,503	823,269,126	913,381,118	796,415,889	796,305,513	621,464,155	534,504,944	500,598,167	187,062,640	222,915,099	227,029,566	155,796,684	302,021,126	352,811,857	664,708,329	24,521,236	102,319,182
Working Capital	-560,276,725	-46,913,612	176,491,607	268,183,707	211,729,068	-1,240,774,790	-970,592,639	530,537,255	727,760,420	718,501,695	722,718,319	460,068,790	113,641,012	344,045,286	359,010,720	496,315,787	771,677,422	499,625,913	302,169,078	188,051,333	119,672,980	-127,317,152	117,847,068	120,208,424	-18,585,554	-136,235,353	-252,216,585
Working Capital Margin	-34.79%	-1.40%	21.45%	52.29%	41.28%	-79.29%	-59.38%	34.31%	47.27%	50.07%	64.89%	55.88%	12.44%	43.20%	45.08%	79.86%	144.37%	99.81%	161.53%	84.36%	52.71%	-81.72%	39.02%	34.07%	-2.80%	-555.58%	-246.50%
Total Capital	2,346,848,932	2,309,806,283	1,798,420,792	1,497,775,616	1,244,989,828	2,290,961,931	2,451,522,425	2,298,062,439	2,442,733,389	2,065,751,232	1,999,836,392	1,130,655,264	1,125,932,551	1,035,541,095	1,143,211,198	1,118,843,785	1,198,218,708	891,202,450	732,086,247	542,075,140	623,256,014	257,818,789	493,477,697	683,808,191	374,801,630	307,711,396	32,578,734
Total Capital Margin	148.34%	149.53%	146.14%	178.54%	176.59%	146.40%	149.98%	148.62%	158.67%	143.95%	179.56%	137.34%	123.27%	130.03%	143.56%	180.03%	224.17%	178.03%	391.36%	243.18%	274.53%	165.48%	163.39%	193.82%	56.39%	1,254.88%	31.84%
Capital Employed	9,826,349,693	10,018,131,993	9,364,840,488	7,353,365,031	5,906,823,060	9,568,216,214	9,357,695,007	10,553,137,859	11,069,204,027	9,542,406,858	9,384,772,520	8,048,775,534	9,290,214,932	8,856,975,895	7,977,006,033	5,969,809,630	4,363,280,575	2,808,857,533	1,801,763,091	1,708,359,762	1,500,265,667	1,210,160,526	1,898,229,961	1,907,381,832	1,319,947,747	663,528,238	224,324,163
Capital Employed Margin	622.15%	650.08%	820.17%	817.95%	753.73%	611.46%	572.50%	682.49%	719.03%	664.94%	842.61%	977.66%	1,017.12%	1,112.10%	1,001.75%	960.60%	816.32%	561.10%	963.19%	766.37%	660.82%	776.76%	628.51%	540.62%	198.58%	2,705.93%	219.24%
Invested Capital	1,893,789,061	1,930,059,308	1,608,533,448	1,371,176,539	1,150,032,888	1,827,375,178	1,906,013,866	1,947,978,140	2,231,322,123	1,737,607,233	1,999,814,082	1,130,628,257	1,125,899,673	1,035,516,437	1,143,179,494	1,118,805,036	1,198,199,921	891,180,140	732,066,285	542,062,224	623,246,621	257,809,395	493,444,819	683,745,958	374,762,881	307,696,131	-7,938,901
Invested Capital Margin	119.79%	125.08%	133.91%	170.39%	170.47%	116.78%	116.61%	125.98%	144.94%	121.08%	179.55%	137.33%	123.27%	130.02%	143.56%	180.03%	224.17%	178.02%	391.35%	243.17%	274.52%	165.48%	163.38%	193.80%	56.38%	1,254.81%	-7.76%

Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31
Revenue	1,581,877,871	1,544,034,483	1,216,331,756	948,657,505	796,611,507	1,564,824,283	1,634,534,202	1,546,275,130	1,539,464,654	1,435,074,147	1,113,773,503	823,269,126	913,381,118	796,415,889	796,305,513	621,464,155	534,504,944	500,598,167	187,062,640	222,915,099	227,029,566	155,796,684	302,021,126	352,811,857	664,708,329	24,521,236	102,319,182
Net Income	553,097,935	563,684,311	414,483,808	322,052,771	260,078,516	676,544,466	510,277,263	472,472,076	710,939,719	448,188,032	434,474,316	143,426,276	252,206,017	202,770,181	293,539,735	109,485,447	183,036,239	188,240,382	94,458,954	110,732,469	138,836,250	49,294,930	125,057,953	0	57,589,620	19,515,536	-26,084,123
Net Income Margin	35.00%	36.48%	32.88%	34.56%	33.06%	43.23%	31.22%	30.56%	46.18%	31.23%	39.01%	17.42%	27.61%	25.46%	36.86%	17.62%	34.24%	37.60%	50.50%	49.67%	61.15%	31.64%	41.41%	0.00%	8.66%	79.59%	-25.49%
Depreciation & Amortization	42,525,552	40,292,655	29,675,827	20,971,021	16,043,838	33,846,892	51,520,077	42,209,686	41,054,254	32,832,365	28,188,325	17,398,418	18,620,781	18,978,918	12,108,557	7,236,718	5,023,313	2,424,764	1,285,771	1,836,480	2,050,188	1,505,350	2,755,894	0	0	51,617,537	46,450,969
Depreciation & Amortization Margin	2.68%	2.60%	2.36%	1.85%	1.52%	2.16%	3.15%	2.73%	2.67%	2.29%	2.53%	2.11%	2.04%	2.38%	1.52%	1.16%	0.94%	0.48%	0.69%	0.82%	0.90%	0.97%	0.91%	0.00%	0.00%	210.50%	45.40%
Deferred Income Tax	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Income Tax Margin	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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock-Based Compensation Margin	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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Change in Working Capital	-695,807,154	-419,514,754	-136,540,650	-80,012,212	-59,242,511	-1,337,218,175	-73,671,737	-676,531,550	110,267,478	-120,419,784	626,887,877	-178,992,226	111,068,296	63,809,463	109,393,858	95,774,080	178,374,586	-45,596,137	-44,528,771	-18,800,436	-62,777,324	104,992,881	-55,193,037	28,310,444	0	-22,351,278	-14,020,187
Change in Working Capital Margin	-44.57%	-26.99%	-6.65%	-3.94%	-1.48%	-85.45%	-4.51%	-43.75%	7.16%	-8.39%	56.29%	-21.74%	12.16%	8.01%	13.74%	15.41%	33.37%	-9.11%	-23.80%	-8.43%	-27.65%	67.39%	-18.27%	8.02%	0.00%	-91.15%	-13.70%
Accounts Receivable	3,108,160	-211,594	-3,928,001	-2,766,619	-2,006,390	0	-418,022	9,742,503	-31,337,583	20,955,130	-22,090,601	0	-14,159,919	-4,561,845	2,590,329	-477,908	-1,741,368	0	0	0	0	-1,448,987	0	2,820,476	0	0	0
Accounts Receivable Margin	0.20%	0.01%	-0.38%	-0.28%	-0.21%	0.00%	-0.03%	0.63%	-2.04%	1.46%	-1.98%	0.00%	-1.55%	-0.57%	0.33%	-0.08%	-0.33%	0.00%	0.00%	0.00%	0.00%	-0.93%	0.00%	0.80%	0.00%	0.00%	0.00%
Inventory	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Inventory Margin	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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Accounts Payable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accounts Payable Margin	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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Working Capital	-698,915,314	-419,303,159	-132,612,649	-69,983,982	-45,891,394	-1,337,218,175	-73,253,715	-686,274,053	141,605,061	-141,374,914	648,978,478	-178,992,226	125,228,215	68,371,308	106,803,529	96,251,988	180,114,780	0	0	0	0	106,441,869	0	25,489,968	0	-22,351,278	0
Other Working Capital Margin	-44.77%	-26.99%	-6.27%	-0.90%	3.10%	-85.45%	-4.48%	-44.38%	9.20%	-9.85%	58.27%	-21.74%	13.71%	8.58%	13.41%	15.49%	33.70%	0.00%	0.00%	0.00%	0.00%	68.32%	0.00%	7.22%	0.00%	-91.15%	0.00%
Other Non-Cash Items	165,363,837	139,863,927	61,993,297	39,882,774	39,921,484	394,943,026	62,402,748	38,745,737	225,284,675	-22,056,548	62,857,171	13,188,839	46,429,833	-67,100,802	-134,761,707	-89,645,826	5,484,782	27,560,118	10,030,187	24,879,373	41,986,585	-9,317,436	8,851,270	114,747,127	43,920,525	-6,378,363	56,154,723
Other Non-Cash Items Margin	10.52%	8.93%	3.16%	2.68%	4.74%	25.24%	3.82%	2.51%	14.63%	-1.54%	5.64%	1.60%	5.08%	-8.43%	-16.92%	-14.42%	1.03%	5.51%	5.36%	11.16%	18.49%	-5.98%	2.93%	32.52%	6.61%	-26.01%	54.88%
Net Cash from Operating Activities	65,180,169	324,326,140	369,612,282	302,894,354	256,801,327	-231,883,791	550,528,350	-123,104,051	1,087,546,125	338,544,065	1,152,407,689	-4,978,693	428,324,926	218,457,760	280,280,443	122,850,419	371,918,920	172,629,128	61,246,141	118,647,886	120,095,699	146,475,725	81,472,080	143,057,571	101,510,145	42,403,433	62,501,382
Net Cash from Operating Activities Margin	3.63%	21.03%	31.75%	35.15%	37.85%	-14.82%	33.68%	-7.96%	70.64%	23.59%	103.47%	-0.60%	46.89%	27.43%	35.20%	19.77%	69.58%	34.48%	32.74%	53.23%	52.90%	94.02%	26.98%	40.55%	15.27%	172.93%	61.08%
Capital Expenditures (PPE)	-23,961,525	-34,544,613	-29,084,255	-21,728,315	-16,961,021	-3,305,429	-11,919,507	-56,659,638	-59,631,588	-41,206,902	-102,205,283	-3,125,774	-3,872,578	-4,142,648	-4,773,204	-18,364,801	-9,808,260	-3,964,167	-1,551,145	-1,393,799	-1,503,002	-1,420,806	-2,046,665	-913,543	-7,411,677	-467,340	-952,292
Capital Expenditures (PPE) Margin	-1.53%	-2.27%	-2.24%	-1.97%	-1.66%	-0.21%	-0.73%	-3.66%	-3.87%	-2.87%	-9.18%	-0.38%	-0.42%	-0.52%	-0.60%	-2.96%	-1.84%	-0.79%	-0.83%	-0.63%	-0.66%	-0.91%	-0.68%	-0.26%	-1.12%	-1.91%	-0.93%
Acquisitions (Net)	86,165,829	25,158,133	-7,745,625	-6,930,403	-5,197,802	377,787,672	-7,239,066	-112,051,118	-115,221,512	-17,485,310	-10,858,012	-31,318,796	-44,486,499	-70,658,689	-45,924,918	-19,334,707	-7,165,090	0	0	0	0	0	0	0	0	0	0
Acquisitions (Net) Margin	5.48%	1.55%	-1.65%	-1.40%	-1.05%	24.14%	-0.44%	-7.25%	-7.48%	-1.22%	-0.97%	-3.80%	-4.87%	-8.87%	-5.77%	-3.11%	-1.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Purchases of Investments	-37,084,607	-73,504,293	-37,209,153	-28,163,902	-21,165,198	0	-41,530,987	-69,722,835	-221,648,116	-34,619,528	-736,236	-1,568,758	-489,650	-964,035	-811,386	-11,293,648	-1,862,313	-1,739,020	-32,740,776	-2,731,236	0	0	-845,438	0	0	-13,389,631	-4,990,435
Purchases of Investments Margin	-2.35%	-4.77%	-2.44%	-3.04%	-2.30%	0.00%	-2.54%	-4.51%	-14.40%	-2.41%	-0.07%	-0.19%	-0.05%	-0.12%	-0.10%	-1.82%	-0.35%	-0.35%	-17.50%	-1.23%	0.00%	0.00%	-0.28%	0.00%	0.00%	-54.60%	-4.88%
Sales / Maturities of Investments	52,920,921	51,927,766	30,264,229	20,218,894	15,402,302	0	4,629,949	154,132,814	38,472,144	62,403,922	43,003,459	0	0	0	0	88,067	464,991	88,067	0	0	0	4,706,274	0	56,363	0	0	16,684,492
Sales / Maturities of Investments Margin	3.42%	3.42%	2.10%	1.41%	1.21%	0.00%	0.28%	9.97%	2.50%	4.35%	3.86%	0.00%	0.00%	0.00%	0.00%	0.01%	0.09%	0.02%	0.00%	0.00%	0.00%	3.02%	0.00%	0.02%	0.00%	0.00%	16.31%
Other Investing Activities	-65,416,188	-58,998,449	-42,612,444	-28,394,205	-21,412,665	-27,952,307	-29,895,641	-138,400,615	-36,339,761	-62,403,922	-43,003,459	-36,150,711	-18,380,066	-18,868,541	-14,729,416	88,067	17,613	105,680	0	0	0	-910,021	0	-784,379	-645,821	12,164,919	0
Other Investing Activities Margin	-4.19%	-3.85%	-3.38%	-2.25%	-1.73%	-1.79%	-1.83%	-8.95%	-2.36%	-4.35%	-3.86%	-4.39%	-2.01%	-2.37%	-1.85%	0.01%	0.00%	0.02%	0.00%	0.00%	0.00%	-0.58%	0.00%	-0.22%	-0.10%	49.61%	0.00%
Net Cash from Investing Activities	12,624,431	-89,961,456	-86,387,248	-65,003,802	-49,338,787	346,529,935	-85,955,252	-222,701,391	-394,368,832	-93,311,741	-113,799,531	-72,164,039	-67,228,792	-94,633,912	-66,238,924	-48,905,089	-18,353,059	-5,509,440	-34,291,921	-4,125,035	-1,503,002	2,375,447	-2,892,104	-1,641,560	-8,057,498	-1,692,051	10,741,765
Net Cash from Investing Activities Margin	0.83%	-5.93%	-7.62%	-7.25%	-5.53%	22.14%	-5.26%	-14.40%	-25.62%	-6.50%	-10.22%	-8.77%	-7.36%	-11.88%	-8.32%	-7.87%	-3.43%	-1.10%	-18.33%	-1.85%	-0.66%	1.52%	-0.96%	-0.47%	-1.21%	-6.90%	10.50%
Net Debt Issuance	-348,288,134	-215,387,644	-107,693,822	-71,795,881	-48,007,691	-593,807,751	-2,388,362	-448,668,288	-27,012,931	-5,060,888	0	0	0	0	0	0	0	0	0	0	0	221,548,307	-19,610,648	-85,734,499	581,239	-317,317,690	0
Net Debt Issuance Margin	-22.37%	-13.84%	-6.92%	-4.61%	2.11%	-37.95%	-0.15%	-29.02%	-1.75%	-0.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	142.20%	-6.49%	-24.30%	0.09%	-1,294.05%	0.00%
Long-Term Debt Issuance	-348,288,134	-215,387,644	-107,693,822	-71,795,881	-47,818,172	-593,807,751	-2,388,363	-448,668,288	-27,012,931	-5,060,888	0	0	0	0	0	0	0	0	0	0	0	221,548,307	-19,610,648	-85,734,499	4,371,621	83,252,198	0
Long-Term Debt Issuance Margin	-22.37%	-13.84%	-6.92%	-4.61%	2.14%	-37.95%	-0.15%	-29.02%	-1.75%	-0.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	142.20%	-6.49%	-24.30%	0.66%	339.51%	0.00%
Short-Term Debt Issuance	0	0	0	0	-371,288	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-3,635,385	-3,790,382	-400,569,888	0
Short-Term Debt Issuance Margin	0.00%	0.00%	0.00%	0.00%	-0.08%	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%	-1.03%	-0.57%	-1,633.56%	0.00%
Net Stock Issuance	-181,757,122	-113,075,038	-66,831,788	-42,582,305	-37,249,311	-245,987,348	-280,906,302	-18,377,717	32,239,384	-52,343,205	26,565,553	-47,050,995	-81,858,399	-2,103,028	1,504,176	-160,868	58,622,934	-2,818,128	-13,736,026	-12,324,613	8,143,216	-74,359,830	-42,011,243	1,976,212	0	0	0
Net Stock Issuance Margin	-11.36%	-7.13%	-4.80%	-3.37%	-5.40%	-15.72%	-17.19%	-1.19%	2.09%	-3.65%	2.39%	-5.72%	-8.96%	-0.26%	0.19%	-0.03%	10.97%	-0.56%	-7.34%	-5.53%	3.59%	-47.73%	-13.91%	0.56%	0.00%	0.00%	0.00%
Common Stock Issuance	0	6,447,877	6,060,971	10,819,341	9,088,404	0	0	0	32,239,384	0	26,565,553	0	0	0	1,804,776	785,553	58,622,934	42,271,920	0	0	8,143,216	6,745,894	2,612,640	1,976,212	0	0	0
Common Stock Issuance Margin	0.00%	0.42%	0.47%	1.62%	1.68%	0.00%	0.00%	0.00%	2.09%	0.00%	2.39%	0.00%	0.00%	0.00%	0.23%	0.13%	10.97%	8.44%	0.00%	0.00%	3.59%	4.33%	0.87%	0.56%	0.00%	0.00%	0.00%
Common Stock Repurchased	-181,757,122	-119,522,914	-72,351,327	-50,222,564	-43,616,108	-245,987,348	-280,906,302	-18,377,717	0	-52,343,205	0	0	-122,898,562	-2,699,532	-300,600	-946,421	0	-2,818,128	-13,736,026	-12,324,613	0	-74,359,830	-44,623,883	0	0	0	0
Common Stock Repurchased Margin	-11.36%	-7.55%	-5.16%	-4.34%	-6.38%	-15.72%	-17.19%	-1.19%	0.00%	-3.65%	0.00%	0.00%	-13.46%	-0.34%	-0.04%	-0.15%	0.00%	-0.56%	-7.34%	-5.53%	0.00%	-47.73%	-14.78%	0.00%	0.00%	0.00%	0.00%
Preferred Stock Issuance	0	0	0	-2,818,128	-2,113,596	0	0	0	0	0	0	0	0	0	0	0	0	-42,271,920	0	0	0	0	0	0	0	0	0
Preferred Stock Issuance Margin	0.00%	0.00%	0.00%	-0.56%	-0.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-8.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Dividends Paid	-282,446,487	-260,035,246	-241,750,527	-183,715,643	-142,679,296	-245,987,348	-280,906,302	-320,445,812	-227,790,460	-225,046,308	-242,489,346	-269,261,562	-185,976,486	-280,167,718	-139,433,928	-137,205,259	-112,692,242	-39,648,713	-39,546,555	-9,136,606	-15,323,571	-23,108,650	-33,994,843	-16,953,388	-8,470,823	0	0
Net Dividends Paid Margin	-17.88%	-16.82%	-21.16%	-19.20%	-16.34%	-15.72%	-17.19%	-20.72%	-14.80%	-15.68%	-21.77%	-32.71%	-20.36%	-35.18%	-17.51%	-22.08%	-21.08%	-7.92%	-21.14%	-4.10%	-6.75%	-14.83%	-11.26%	-4.81%	-1.27%	0.00%	0.00%
Common Dividends Paid	-282,446,487	-260,035,246	-241,750,527	-183,715,643	-142,679,296	-245,987,348	-280,906,302	-320,445,812	-227,790,460	-225,046,308	-242,489,346	-269,261,562	-185,976,486	-280,167,718	-139,433,928	-137,205,259	-112,692,242	-39,648,713	-39,546,555	-9,136,606	-15,323,571	-23,108,650	-33,994,843	-16,953,388	-8,470,823	0	0
Common Dividends Paid Margin	-17.88%	-16.82%	-21.16%	-19.20%	-16.34%	-15.72%	-17.19%	-20.72%	-14.80%	-15.68%	-21.77%	-32.71%	-20.36%	-35.18%	-17.51%	-22.08%	-21.08%	-7.92%	-21.14%	-4.10%	-6.75%	-14.83%	-11.26%	-4.81%	-1.27%	0.00%	0.00%
Preferred Dividends Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Dividends Paid Margin	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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Financing Activities	534,344,858	298,763,840	154,136,571	102,099,290	61,517,855	807,032,012	214,882,259	581,120,304	-77,962,337	-31,253,040	-45,853,291	187,292,787	-22,979,485	-16,961,608	-53,951,886	-26,061,813	-11,715,193	49,904,350	-21,136	-21,982,573	4,245,980	-297,011,904	-8,145,564	-4,486,695	4,265,941	242,353,137	-55,254,096
Other Financing Activities Margin	34.10%	19.01%	10.23%	6.40%	-4.81%	51.57%	13.15%	37.58%	-5.06%	-2.18%	-4.12%	22.75%	-2.52%	-2.13%	-6.78%	-4.19%	-2.19%	9.97%	-0.01%	-9.86%	1.87%	-190.64%	-2.70%	-1.27%	0.64%	988.34%	-54.00%
Net Cash from Financing Activities	-278,146,885	-289,734,088	-262,139,566	-195,994,540	-166,418,443	-278,750,434	-349,318,708	-206,371,513	-300,526,344	-313,703,441	-261,777,084	-129,019,771	-290,814,371	-299,232,354	-191,881,639	-163,427,940	-65,784,501	7,437,509	-53,303,717	-43,443,792	-2,934,376	-172,932,076	-103,762,299	-105,198,370	-3,623,643	-74,964,553	-55,254,096
Net Cash from Financing Activities Margin	-17.51%	-18.78%	-22.66%	-20.78%	-24.44%	-17.81%	-21.37%	-13.35%	-19.52%	-21.86%	-23.50%	-15.67%	-31.84%	-37.57%	-24.10%	-26.30%	-12.31%	1.49%	-28.50%	-19.49%	-1.29%	-111.00%	-34.36%	-29.82%	-0.55%	-305.71%	-54.00%
Effect of FX on Cash	0	175,194	87,597	58,398	43,798	0	0	0	0	875,968	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Effect of FX on Cash Margin	0.00%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.06%	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 Change in Cash	-200,342,285	-55,194,211	21,173,183	41,954,489	41,087,954	-164,104,290	115,254,390	-552,176,955	392,650,948	-67,595,149	776,831,074	-206,161,328	70,281,764	-175,408,506	22,159,880	-89,482,609	287,781,360	174,557,197	-26,349,497	71,079,059	115,658,322	-24,080,904	-25,182,322	36,217,642	89,829,004	-34,253,172	17,989,050
Net Change in Cash Margin	-13.05%	-3.67%	1.48%	7.13%	7.89%	-10.49%	7.05%	-35.71%	25.51%	-4.71%	69.75%	-25.04%	7.69%	-22.02%	2.78%	-14.40%	53.84%	34.87%	-14.09%	31.89%	50.94%	-15.46%	-8.34%	10.27%	13.51%	-139.69%	17.58%
Cash at Beginning of Period	1,151,592,781	1,139,931,367	853,914,272	709,069,891	566,105,259	1,044,370,056	929,115,666	1,481,292,621	1,088,641,672	1,156,236,821	379,405,747	585,567,075	515,285,311	690,693,817	668,533,937	758,016,547	470,235,187	295,677,990	322,027,487	250,948,427	135,290,106	159,371,010	184,553,332	148,335,690	58,506,686	92,759,857	22,251,469
Cash at Beginning of Period Margin	73.13%	74.13%	70.30%	83.78%	76.53%	66.74%	56.84%	95.80%	70.72%	80.57%	34.06%	71.13%	56.42%	86.73%	83.95%	121.97%	87.98%	59.06%	172.15%	112.58%	59.59%	102.29%	61.11%	42.04%	8.80%	378.28%	21.75%
Cash at End of Period	951,250,495	1,084,737,156	875,087,455	751,024,380	607,193,213	880,265,765	1,044,370,056	929,115,666	1,481,292,621	1,088,641,672	1,156,236,821	379,405,747	585,567,075	515,285,311	690,693,817	668,533,937	758,016,547	470,235,187	295,677,990	322,027,487	250,948,427	135,290,106	159,371,010	184,553,332	148,335,690	58,506,686	40,240,519
Cash at End of Period Margin	60.08%	70.46%	71.78%	90.91%	84.42%	56.25%	63.89%	60.09%	96.22%	75.86%	103.81%	46.09%	64.11%	64.70%	86.74%	107.57%	141.82%	93.93%	158.06%	144.46%	110.54%	86.84%	52.77%	52.31%	22.32%	238.60%	39.33%
Operating Cash Flow	65,180,169	324,326,140	369,612,282	302,894,354	256,801,327	-231,883,791	550,528,350	-123,104,051	1,087,546,125	338,544,065	1,152,407,689	-4,978,693	428,324,926	218,457,760	280,280,443	122,850,419	371,918,920	172,629,128	61,246,141	118,647,886	120,095,699	146,475,725	81,472,080	143,057,571	101,510,145	42,403,433	62,501,382
Operating Cash Flow Margin	3.63%	21.03%	31.75%	35.15%	37.85%	-14.82%	33.68%	-7.96%	70.64%	23.59%	103.47%	-0.60%	46.89%	27.43%	35.20%	19.77%	69.58%	34.48%	32.74%	53.23%	52.90%	94.02%	26.98%	40.55%	15.27%	172.93%	61.08%
Capital Expenditure	-23,961,525	-34,544,613	-37,897,129	-27,603,564	-21,474,429	-3,305,429	-11,919,507	-56,659,638	-59,631,588	-41,206,902	-102,205,283	-39,276,485	-22,252,643	-23,011,189	-19,502,620	-18,364,801	-9,808,260	-3,964,167	-1,551,145	-1,393,799	-1,503,002	-2,775,856	-2,046,665	-1,697,922	-7,411,677	-1,046,230	-952,292
Capital Expenditure Margin	-1.53%	-2.27%	-3.31%	-2.67%	-2.24%	-0.21%	-0.73%	-3.66%	-3.87%	-2.87%	-9.18%	-4.77%	-2.44%	-2.89%	-2.45%	-2.96%	-1.84%	-0.79%	-0.83%	-0.63%	-0.66%	-1.78%	-0.68%	-0.48%	-1.12%	-4.27%	-0.93%
Free Cash Flow	41,218,645	289,781,527	331,715,154	275,290,791	235,326,898	-235,189,221	538,608,843	-179,763,688	1,027,914,536	297,337,163	1,050,202,406	-44,255,178	406,072,283	195,446,571	260,777,823	104,485,618	362,110,660	168,664,961	59,694,996	117,254,087	118,592,697	143,699,869	79,425,415	141,359,649	94,098,468	41,357,203	61,549,090
Free Cash Flow Margin	2.10%	18.76%	28.45%	32.48%	35.61%	-15.03%	32.95%	-11.63%	66.77%	20.72%	94.29%	-5.38%	44.46%	24.54%	32.75%	16.81%	67.75%	33.69%	31.91%	52.60%	52.24%	92.24%	26.30%	40.07%	14.16%	168.66%	60.15%

Free Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31
Revenue	1,581,877,871	1,544,034,483	1,216,331,756	948,657,505	796,611,507	1,564,824,283	1,634,534,202	1,546,275,130	1,539,464,654	1,435,074,147	1,113,773,503	823,269,126	913,381,118	796,415,889	796,305,513	621,464,155	534,504,944	500,598,167	187,062,640	222,915,099	227,029,566	155,796,684	302,021,126	352,811,857	664,708,329	24,521,236	102,319,182
EBITDA	830,640,880	798,476,880	564,946,363	437,222,148	357,730,820	989,348,455	811,728,892	690,845,292	918,783,704	581,678,058	567,870,405	202,753,742	310,417,973	237,176,001	338,861,104	225,594,669	220,368,216	218,238,181	104,372,893	140,294,631	155,132,075	49,368,906	166,943,554	159,432,069	65,407,577	87,953,775	113,979,187
EBITDA Margin	52.52%	51.56%	43.97%	45.30%	44.49%	63.22%	49.66%	44.68%	59.68%	40.53%	50.99%	24.63%	33.99%	29.78%	42.55%	36.30%	41.23%	43.60%	55.80%	62.94%	68.33%	31.69%	55.28%	45.19%	9.84%	358.68%	111.40%
(-) Tax Adjustment	214,050,813	171,076,750	102,751,416	81,697,933	67,028,433	262,194,990	216,935,128	163,022,322	146,136,253	67,095,058	81,388,760	19,850,017	26,818,480	9,731,337	34,341,817	111,799,009	31,876,243	25,675,433	8,326,621	20,277,535	6,606,203	-1,519,994	35,353,000	52,933,256	21,727,186	17,299,693	33,867,380
(-) Tax Adjustment Margin	13.52%	10.95%	7.29%	7.70%	7.37%	16.76%	13.27%	10.54%	9.49%	4.68%	7.31%	2.41%	2.94%	1.22%	4.31%	17.99%	5.96%	5.13%	4.45%	9.10%	2.91%	-0.98%	11.71%	15.00%	3.27%	70.55%	33.10%
(-) Change In Working Capital	-695,807,154	-419,514,754	-136,540,650	-80,012,212	-59,242,511	-1,337,218,175	-73,671,737	-676,531,550	110,267,478	-120,419,784	626,887,877	-178,992,226	111,068,296	63,809,463	109,393,858	95,774,080	178,374,586	-45,596,137	-44,528,771	-18,800,436	-62,777,324	104,992,881	-55,193,037	28,310,444	0	-22,351,278	-14,020,187
(-) Change In Working Capital Margin	-44.57%	-26.99%	-6.65%	-3.94%	-1.48%	-85.45%	-4.51%	-43.75%	7.16%	-8.39%	56.29%	-21.74%	12.16%	8.01%	13.74%	15.41%	33.37%	-9.11%	-23.80%	-8.43%	-27.65%	67.39%	-18.27%	8.02%	0.00%	-91.15%	-13.70%
(-) Capital Expenditure	-23,961,525	-34,544,613	-37,897,129	-27,603,564	-21,474,429	-3,305,429	-11,919,507	-56,659,638	-59,631,588	-41,206,902	-102,205,283	-39,276,485	-22,252,643	-23,011,189	-19,502,620	-18,364,801	-9,808,260	-3,964,167	-1,551,145	-1,393,799	-1,503,002	-2,775,856	-2,046,665	-1,697,922	-7,411,677	-1,046,230	-952,292
(-) Capital Expenditure Margin	-1.53%	-2.27%	-3.31%	-2.67%	-2.24%	-0.21%	-0.73%	-3.66%	-3.87%	-2.87%	-9.18%	-4.77%	-2.44%	-2.89%	-2.45%	-2.96%	-1.84%	-0.79%	-0.83%	-0.63%	-0.66%	-1.78%	-0.68%	-0.48%	-1.12%	-4.27%	-0.93%
Unlevered Free Cash Flow	1,288,435,696	1,012,370,271	560,838,468	407,932,862	328,470,469	2,061,066,211	656,545,994	1,147,694,882	602,748,385	593,795,882	-242,611,514	322,619,466	150,278,555	140,624,011	175,622,810	-343,221	309,127	234,194,718	139,023,898	137,423,734	209,800,195	-56,879,838	184,736,926	76,490,446	36,268,714	91,959,130	93,179,701
Unlevered Free Cash Flow Margin	82.03%	65.33%	40.02%	38.86%	36.36%	131.71%	40.17%	74.22%	39.15%	41.38%	-21.78%	39.19%	16.45%	17.66%	22.05%	-0.06%	0.06%	46.78%	74.32%	61.65%	92.41%	-36.51%	61.17%	21.68%	5.46%	375.02%	91.07%
(-) Net Interest Income After Taxes	498,167	-6,393,839	-3,945,392	-3,281,918	-12,029,376	10,900,078	400,090	-9,805,667	-15,979,006	-17,484,690	-5,804,202	-377,097	-1,004,116	-463,929	164,614	-478,583	-941,094	-1,730,245	-1,501,955	-5,122,969	-6,115,738	-181,501,400	484,068	-4,993,375	767,698	-13,110,396	-20,457,116
(-) Net Interest Income After Taxes Margin	0.03%	-0.43%	-0.29%	-0.44%	-6.35%	0.70%	0.02%	-0.63%	-1.04%	-1.22%	-0.52%	-0.05%	-0.11%	-0.06%	0.02%	-0.08%	-0.18%	-0.35%	-0.80%	-2.30%	-2.69%	-116.50%	0.16%	-1.42%	0.12%	-53.47%	-19.99%
Net Debt Issuance	-348,288,134	-215,387,644	-107,693,822	-71,795,881	-48,007,691	-593,807,751	-2,388,362	-448,668,288	-27,012,931	-5,060,888	0	0	0	0	0	0	0	0	0	0	0	221,548,307	-19,610,648	-85,734,499	581,239	-317,317,690	0
Net Debt Issuance Margin	-22.37%	-13.84%	-6.92%	-4.61%	2.11%	-37.95%	-0.15%	-29.02%	-1.75%	-0.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	142.20%	-6.49%	-24.30%	0.09%	-1,294.05%	0.00%
Levered Free Cash Flow	939,649,395	803,376,466	457,090,039	339,418,899	292,492,154	1,456,358,382	653,757,542	708,832,261	591,714,460	606,219,684	-236,807,312	322,996,563	151,282,671	141,087,941	175,458,196	135,362	1,250,221	235,924,962	140,525,854	142,546,702	215,915,933	346,169,869	164,642,210	-4,250,678	36,082,255	-212,248,164	113,636,818
Levered Free Cash Flow Margin	59.64%	51.92%	33.39%	34.69%	44.82%	93.07%	40.00%	45.84%	38.44%	42.24%	-21.26%	39.23%	16.56%	17.72%	22.03%	0.02%	0.23%	47.13%	75.12%	63.95%	95.10%	222.19%	54.51%	-1.20%	5.43%	-865.57%	111.06%