Hydratec Industries N.V. (HYDRA.AS)

Analysis: Margins & Ratios Industry: Agricultural - Machinery Sector: Industrials Live Price: $174.00

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
Revenue	327,299,734	307,894,809	256,471,958	207,067,930	163,586,455	642,027,095	651,083,854	317,278,941	332,008,357	332,611,906	302,123,283	255,451,561	257,866,932	244,693,357	198,822,453	190,662,798	133,199,994	107,556,204	129,239,350	140,902,877	98,857,582	64,743,349	20,339,451	23,952,065	42,079,169	40,848,469	38,491,002	23,373,783
Cost of Revenue	169,194,925	159,406,236	134,785,309	110,483,350	86,570,471	298,499,640	603,450,446	153,242,755	171,768,424	182,573,597	157,664,868	131,781,536	143,197,303	131,688,773	103,069,509	100,474,483	72,391,837	57,736,397	75,782,985	88,131,082	55,282,278	32,464,419	10,359,050	10,474,386	18,995,546	17,776,494	16,553,696	18,823,554
Cost of Revenue Margin	51.64%	51.74%	52.69%	53.86%	51.71%	46.49%	92.68%	48.30%	51.74%	54.89%	52.19%	51.59%	55.53%	53.82%	51.84%	52.70%	54.35%	53.68%	58.64%	62.55%	55.92%	50.14%	50.93%	43.73%	45.14%	43.52%	43.01%	80.53%
Gross Profit	158,104,809	148,488,573	121,686,650	96,584,580	77,015,984	343,527,455	47,633,409	164,036,186	160,239,932	150,038,309	144,458,416	123,670,025	114,669,628	113,004,584	95,752,944	90,188,316	60,808,157	49,819,806	53,456,366	52,771,795	43,575,304	32,278,930	9,980,401	13,477,678	23,083,623	23,071,975	21,937,306	4,550,228
Gross Profit Margin	48.36%	48.26%	47.31%	46.14%	48.29%	53.51%	7.32%	51.70%	48.26%	45.11%	47.81%	48.41%	44.47%	46.18%	48.16%	47.30%	45.65%	46.32%	41.36%	37.45%	44.08%	49.86%	49.07%	56.27%	54.86%	56.48%	56.99%	19.47%
R&D Expenses	2,164,087	1,539,637	1,191,246	845,438	634,079	4,681,615	2,108,899	2,566,845	2,114,770	1,810,647	298,252	907,672	899,453	806,689	1,282,248	638,776	587,110	769,114	0	0	0	0	0	0	0	0	0	0
R&D Expenses Margin	0.66%	0.49%	0.45%	0.35%	0.26%	0.73%	0.32%	0.81%	0.64%	0.54%	0.10%	0.36%	0.35%	0.33%	0.64%	0.34%	0.44%	0.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses	22,595,124	21,075,370	21,814,307	17,292,660	12,969,495	186,671,625	174,220,196	24,657,446	21,698,411	21,429,515	19,441,561	18,149,919	27,757,387	28,235,294	22,912,555	20,486,616	13,374,366	18,060,678	11,056,456	12,129,693	0	0	0	0	0	0	0	4,026,855
SG&A Expenses Margin	6.92%	6.86%	8.89%	8.19%	6.14%	29.08%	26.76%	7.77%	6.54%	6.44%	6.43%	7.11%	10.76%	11.54%	11.52%	10.74%	10.04%	16.79%	8.56%	8.61%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	17.23%
Operating Expenses	130,879,344	125,420,317	105,587,976	83,593,037	66,761,805	277,467,012	280,799,448	134,382,434	134,376,563	123,879,036	117,932,786	116,530,767	102,490,618	103,879,721	85,841,353	82,190,703	54,375,780	42,511,461	45,274,401	44,468,886	37,090,087	28,670,958	11,416,283	11,474,708	19,499,485	19,370,113	19,579,954	4,041,110
Operating Expenses Margin	40.02%	40.95%	41.40%	40.13%	42.53%	43.22%	43.13%	42.35%	40.47%	37.24%	39.03%	45.62%	39.75%	42.45%	43.17%	43.11%	40.82%	39.52%	35.03%	31.56%	37.52%	44.28%	56.13%	47.91%	46.34%	47.42%	50.87%	17.29%
Operating Income (EBIT)	27,033,284	22,177,728	16,194,607	13,054,716	10,407,692	63,349,169	47,633,409	29,653,752	25,863,370	25,582,731	25,864,544	3,924,243	12,024,013	10,485,785	9,758,942	9,594,552	9,194,143	7,308,345	8,170,223	8,302,910	6,485,217	3,607,972	-1,435,882	2,584,964	5,124,809	3,701,862	2,357,352	509,115
Operating Income (EBIT) Margin	8.28%	6.98%	6.07%	6.12%	6.15%	9.87%	7.32%	9.35%	7.79%	7.69%	8.56%	1.54%	4.66%	4.29%	4.91%	5.03%	6.90%	6.79%	6.32%	5.89%	6.56%	5.57%	-7.06%	10.79%	12.18%	9.06%	6.12%	2.18%
Interest Income	245,412	564,565	282,282	232,029	221,569	0	2,347,266	210,185	367,531	158,520	89,241	1,997,348	0	0	0	0	0	73,976	124,467	137,384	180,830	140,947	408,135	476,356	50,281	7,981	8,196	14,768
Interest Income Margin	0.07%	0.21%	0.10%	0.11%	0.29%	0.00%	0.36%	0.07%	0.11%	0.05%	0.03%	0.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.07%	0.10%	0.10%	0.18%	0.22%	2.01%	1.99%	0.12%	0.02%	0.02%	0.06%
Interest Expense	1,372,272	1,587,311	1,373,720	1,089,197	831,737	2,228,670	2,347,266	1,379,709	1,487,737	1,249,370	1,736,671	2,083,066	1,589,894	1,369,141	1,177,743	1,490,085	173,785	567,148	645,821	756,198	307,646	323,937	10,215	4,214	28,146	41,199	213,015	93,871
Interest Expense Margin	0.42%	0.53%	0.53%	0.51%	0.42%	0.35%	0.36%	0.43%	0.45%	0.38%	0.57%	0.82%	0.62%	0.56%	0.59%	0.78%	0.13%	0.53%	0.50%	0.54%	0.31%	0.50%	0.05%	0.02%	0.07%	0.10%	0.55%	0.40%
Net Interest Income	-1,126,860	-1,022,746	-1,091,437	-849,352	-596,724	-2,228,670	0	-1,169,523	-1,120,206	-1,090,850	-1,647,431	-85,718	-1,589,894	-1,369,141	-1,177,743	-1,490,085	-173,785	-375,750	-521,354	-618,814	-126,816	-183,178	397,921	472,142	173,797	-33,218	-204,826	-79,103
Net Interest Income Margin	-0.34%	-0.32%	-0.43%	-0.39%	-0.11%	-0.35%	0.00%	-0.37%	-0.34%	-0.33%	-0.55%	-0.03%	-0.62%	-0.56%	-0.59%	-0.78%	-0.13%	-0.35%	-0.40%	-0.44%	-0.13%	-0.28%	1.96%	1.97%	0.41%	-0.08%	-0.53%	-0.34%
Unusual Items	2,253,720	2,045,491	2,182,758	1,720,285	1,224,798	3,676,483	2,347,266	2,339,046	2,240,412	2,181,701	3,294,861	171,436	3,179,788	2,737,107	2,355,485	2,980,170	347,569	986,345	1,133,122	1,237,628	253,632	365,979	-795,842	-944,284	-44,270	66,435	409,638	29,157
Unusual Items Margin	0.69%	0.65%	0.86%	0.81%	0.27%	0.57%	0.36%	0.74%	0.67%	0.66%	1.09%	0.07%	1.23%	1.12%	1.18%	1.56%	0.26%	0.92%	0.88%	0.88%	0.26%	0.57%	-3.91%	-3.94%	-0.11%	0.16%	1.06%	0.12%
EBT Excluding Unusual Items	23,652,705	19,109,491	12,920,530	10,471,313	8,568,264	58,224,873	42,938,877	26,145,183	22,502,752	22,310,180	20,922,252	3,667,089	7,254,331	6,380,711	6,225,714	5,124,296	8,672,789	5,828,828	6,425,332	6,446,468	6,104,770	3,059,004	-242,119	4,001,391	5,191,215	3,602,210	1,742,895	529,903
EBT Excluding Unusual Items Margin	7.24%	6.02%	4.78%	4.91%	5.75%	9.07%	6.59%	8.24%	6.78%	6.71%	6.93%	1.44%	2.81%	2.61%	3.13%	2.69%	6.51%	5.42%	4.97%	4.58%	6.18%	4.72%	-1.19%	16.71%	12.34%	8.82%	4.53%	2.27%
Pre-Tax Income	25,906,424	21,154,982	15,103,287	12,191,599	9,793,062	61,901,356	45,286,143	28,484,229	24,743,164	24,491,881	24,217,113	3,838,525	10,434,119	9,117,818	8,581,200	8,104,466	9,020,358	6,815,173	7,558,454	7,684,096	6,358,401	3,424,983	-1,037,961	3,057,106	5,146,944	3,668,645	2,152,533	559,060
Pre-Tax Income Margin	7.93%	6.66%	5.64%	5.72%	6.01%	9.64%	6.96%	8.98%	7.45%	7.36%	8.02%	1.50%	4.05%	3.73%	4.32%	4.25%	6.77%	6.34%	5.85%	5.45%	6.43%	5.29%	-5.10%	12.76%	12.23%	8.98%	5.59%	2.39%
Income Tax Expense	6,392,845	5,063,002	3,006,355	2,447,237	1,971,039	14,641,349	11,725,761	7,068,804	6,194,011	5,915,720	6,447,642	-311,168	2,643,169	-555,406	228,973	1,210,621	1,221,189	1,448,987	1,460,730	1,352,701	1,474,820	907,754	-353,627	792,253	1,222,983	1,036,773	13,844	-826,740
Income Tax Expense Margin	1.96%	1.58%	1.03%	1.11%	1.19%	2.28%	1.80%	2.23%	1.87%	1.78%	2.13%	-0.12%	1.03%	-0.23%	0.12%	0.63%	0.92%	1.35%	1.13%	0.96%	1.49%	1.40%	-1.74%	3.31%	2.91%	2.54%	0.04%	-3.54%
Net Income	19,506,925	15,560,059	12,352,090	9,960,732	8,461,046	47,191,902	33,549,814	21,391,940	18,427,034	18,701,802	17,751,858	1,527,660	7,790,950	9,989,090	8,371,014	6,906,762	12,662,788	8,070,414	4,905,891	5,512,963	4,883,581	2,517,228	-290,406	11,409,345	3,923,961	2,631,872	2,135,166	1,399,993
Net Income Margin	5.97%	4.88%	4.88%	4.86%	7.02%	7.35%	5.15%	6.74%	5.55%	5.62%	5.88%	0.60%	3.02%	4.08%	4.21%	3.62%	9.51%	7.50%	3.80%	3.91%	4.94%	3.89%	-1.43%	47.63%	9.33%	6.44%	5.55%	5.99%
Depreciation and Amortization	12,415,419	13,015,054	10,009,051	7,689,445	6,094,839	23,307,093	26,929,561	11,676,444	12,749,681	12,820,134	13,627,997	14,201,017	10,893,239	7,127,515	6,406,544	6,507,527	4,080,415	3,061,192	4,024,052	3,345,353	2,556,277	2,264,285	804,119	792,270	1,422,287	1,798,475	1,737,951	1,397,142
Depreciation and Amortization Margin	3.79%	4.29%	3.83%	3.51%	3.61%	3.63%	4.14%	3.68%	3.84%	3.85%	4.51%	5.56%	4.22%	2.91%	3.22%	3.41%	3.06%	2.85%	3.11%	2.37%	2.59%	3.50%	3.95%	3.31%	3.38%	4.40%	4.52%	5.98%
EBITDA	39,694,116	35,757,347	26,251,332	20,607,484	16,447,571	86,656,262	74,516,001	41,540,381	38,980,581	38,561,385	39,581,782	20,122,608	22,917,252	17,613,300	16,165,487	16,102,079	10,928,466	7,260,202	12,317,568	11,785,646	9,222,324	6,013,204	-223,628	3,853,587	6,597,373	5,508,319	4,103,498	1,741,749
EBITDA Margin	12.14%	11.48%	9.83%	9.44%	9.82%	13.50%	11.44%	13.09%	11.74%	11.59%	13.10%	7.88%	8.89%	7.20%	8.13%	8.45%	8.20%	6.75%	9.53%	8.36%	9.33%	9.29%	-1.10%	16.09%	15.68%	13.48%	10.66%	7.45%
NOPAT	20,362,392	16,861,564	13,001,975	10,455,966	8,335,643	48,365,373	35,299,879	22,294,712	19,388,936	19,403,529	18,978,285	4,242,360	8,978,092	11,124,519	9,498,544	8,161,346	7,949,427	5,754,503	6,591,264	6,841,273	4,980,982	2,651,718	-946,686	1,915,067	3,907,086	2,655,702	2,342,191	1,261,995
NOPAT Margin	6.23%	5.33%	4.97%	4.94%	4.97%	7.53%	5.42%	7.03%	5.84%	5.83%	6.28%	1.66%	3.48%	4.55%	4.78%	4.28%	5.97%	5.35%	5.10%	4.86%	5.04%	4.10%	-4.65%	8.00%	9.29%	6.50%	6.09%	5.40%
Owner's Earnings	20,433,776	18,867,602	12,133,450	9,336,863	7,905,928	52,859,862	39,290,575	25,048,461	17,529,930	18,722,938	23,492,620	9,544,060	4,182,572	1,264,635	5,357,966	3,737,542	12,453,777	5,927,463	2,383,667	3,397,018	4,651,085	2,359,212	34,007	10,309,224	2,684,637	2,976,280	2,061,472	1,972,867
Owner's Earnings Margin	6.27%	6.06%	4.65%	4.30%	6.34%	8.23%	6.03%	7.89%	5.28%	5.63%	7.78%	3.74%	1.62%	0.52%	2.69%	1.96%	9.35%	5.51%	1.84%	2.41%	4.70%	3.64%	0.17%	43.04%	6.38%	7.29%	5.36%	8.44%

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
Revenue	327,299,734	307,894,809	256,471,958	207,067,930	163,586,455	317,278,941	332,008,357	332,611,906	302,123,283	255,451,561	257,866,932	244,693,357	198,822,453	190,662,798	133,199,994	107,556,204	129,239,350	140,902,877	98,857,582	64,743,349	20,339,451	23,952,065	42,079,169	40,848,469	38,491,002	23,373,783
Cash & Cash Equivalents	17,803,524	12,990,161	9,293,247	8,824,247	8,592,812	10,740,590	13,077,288	29,592,692	6,104,770	5,435,464	3,458,078	4,114,467	8,480,217	2,247,457	9,681,444	13,511,750	5,431,942	11,725,761	1,849,397	6,912,384	15,910,913	18,039,716	2,014,493	2,098,431	1,428,991	2,459,740
Cash & Cash Equivalents Margin	5.41%	4.07%	3.61%	4.92%	12.05%	3.39%	3.94%	8.90%	2.02%	2.13%	1.34%	1.68%	4.27%	1.18%	7.27%	12.56%	4.20%	8.32%	1.87%	10.68%	78.23%	75.32%	4.79%	5.14%	3.71%	10.52%
Short-Term Investments	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
Short-Term Investments 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%
Cash & Short-Term Investments	17,803,524	12,990,161	9,293,247	8,824,247	8,592,812	10,740,590	13,077,288	29,592,692	6,104,770	5,435,464	3,458,078	4,114,467	8,480,217	2,247,457	9,681,444	13,511,750	5,431,942	11,725,761	1,849,397	6,912,384	15,910,913	18,039,716	2,014,493	2,098,431	1,428,991	2,459,740
Cash & Short-Term Investments Margin	5.41%	4.07%	3.61%	4.92%	12.05%	3.39%	3.94%	8.90%	2.02%	2.13%	1.34%	1.68%	4.27%	1.18%	7.27%	12.56%	4.20%	8.32%	1.87%	10.68%	78.23%	75.32%	4.79%	5.14%	3.71%	10.52%
Net Receivables	71,047,747	71,604,875	57,922,864	44,566,233	34,386,702	71,668,518	63,712,003	77,762,720	77,952,943	66,928,192	58,215,479	50,331,766	47,717,952	34,963,575	29,975,488	14,879,716	23,234,291	22,334,839	20,837,708	7,978,311	3,186,190	2,580,816	0	7,016,953	6,456,585	4,114,585
Net Receivables Margin	21.72%	23.43%	22.51%	20.41%	18.33%	22.59%	19.19%	23.38%	25.80%	26.20%	22.58%	20.57%	24.00%	18.34%	22.50%	13.83%	17.98%	15.85%	21.08%	12.32%	15.67%	10.77%	0.00%	17.18%	16.77%	17.60%
Inventory	41,419,045	38,726,480	34,377,522	28,051,590	22,121,985	30,107,001	44,872,817	49,277,317	38,597,786	30,777,480	40,305,102	35,904,125	28,035,677	23,645,268	22,252,643	12,726,196	17,161,225	17,255,163	20,121,434	9,734,622	3,341,446	4,035,699	5,281,477	4,799,338	4,207,876	3,242,911
Inventory Margin	12.61%	12.53%	13.62%	13.93%	13.87%	9.49%	13.52%	14.82%	12.78%	12.05%	15.63%	14.67%	14.10%	12.40%	16.71%	11.83%	13.28%	12.25%	20.35%	15.04%	16.43%	16.85%	12.55%	11.75%	10.93%	13.87%
Other Current Assets	5,955,644	4,013,954	5,071,808	5,595,706	4,514,006	3,513,266	13,906,287	447,378	2,202,837	0	3,116,380	7,800,343	12,080,375	3,351,224	4,299,994	1,398,496	2,612,640	391,015	20,837,708	7,977,651	3,186,190	3,158,331	0	0	0	0
Other Current Assets Margin	1.81%	1.23%	2.16%	3.91%	4.37%	1.11%	4.19%	0.13%	0.73%	0.00%	1.21%	3.19%	6.08%	1.76%	3.23%	1.30%	2.02%	0.28%	21.08%	12.32%	15.67%	13.19%	0.00%	0.00%	0.00%	0.00%
Total Current Assets	137,334,423	128,658,111	106,626,339	84,984,957	68,164,453	116,029,375	135,568,396	160,405,497	126,416,525	104,870,762	105,095,038	100,008,317	84,833,872	65,334,775	67,700,828	41,262,091	47,333,982	51,706,778	43,138,494	25,069,625	22,717,391	25,372,533	13,932,326	14,164,548	12,327,913	9,860,157
Total Current Assets Margin	41.88%	41.70%	41.79%	40.80%	46.47%	36.57%	40.83%	48.23%	41.84%	41.05%	40.76%	40.87%	42.67%	34.27%	50.83%	38.36%	36.63%	36.70%	43.64%	38.72%	111.69%	105.93%	33.11%	34.68%	32.03%	42.18%
Property, Plant & Equipment	86,448,033	86,815,721	76,294,827	58,831,715	45,741,440	86,402,630	87,698,969	85,242,501	85,541,927	89,192,577	104,905,989	68,224,530	54,496,724	51,993,287	49,249,135	26,576,121	28,682,672	26,010,147	23,828,446	14,430,065	4,367,772	4,148,084	8,525,487	7,389,842	7,921,899	6,040,943
Property, Plant & Equipment Margin	26.43%	28.50%	30.27%	27.63%	25.61%	27.23%	26.41%	25.63%	28.31%	34.92%	40.68%	27.88%	27.41%	27.27%	36.97%	24.71%	22.19%	18.46%	24.10%	22.29%	21.47%	17.32%	20.26%	18.09%	20.58%	25.84%
Goodwill	23,604,170	23,604,170	21,766,986	18,304,837	13,728,628	23,604,170	23,604,170	23,604,170	23,604,170	23,604,170	25,600,344	20,999,750	17,674,359	17,674,359	17,700,192	18,712,370	19,095,166	19,095,166	0	0	0	0	0	0	0	0
Goodwill Margin	7.22%	7.74%	8.87%	8.96%	6.72%	7.44%	7.11%	7.10%	7.81%	9.24%	9.93%	8.58%	8.89%	9.27%	13.29%	17.40%	14.78%	13.55%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Intangible Assets	6,788,166	7,667,657	5,977,132	6,268,513	4,796,934	5,579,893	6,556,844	8,227,760	9,235,240	8,738,545	8,557,715	3,397,018	3,323,043	2,956,686	3,198,575	4,437,377	3,250,241	3,415,806	19,689,321	3,463,632	1,090,011	221,599	212,989	237,261	149,126	0
Intangible Assets Margin	2.07%	2.54%	2.30%	3.82%	3.26%	1.76%	1.97%	2.47%	3.06%	3.42%	3.32%	1.39%	1.67%	1.55%	2.40%	4.13%	2.51%	2.42%	19.92%	5.35%	5.36%	0.93%	0.51%	0.58%	0.39%	0.00%
Long-Term Investments	5,650,738	3,436,472	2,233,132	1,491,651	1,118,738	16,319,310	280,639	352,266	28,181	201,966	3,084,676	105,680	565,974	780,856	611,769	43,446	0	0	0	0	0	0	0	0	0	0
Long-Term Investments Margin	1.78%	1.08%	0.78%	0.52%	0.39%	5.14%	0.08%	0.11%	0.01%	0.08%	1.20%	0.04%	0.28%	0.41%	0.46%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Tax Assets	5,413,937	5,763,776	4,206,408	2,843,021	2,132,266	6,186,965	5,699,664	4,355,182	5,976,780	6,600,291	4,354,008	4,395,105	1,479,517	361,660	2,654,911	167,913	160,868	252,457	0	0	0	0	0	0	0	739,836
Tax Assets Margin	1.66%	1.91%	1.59%	1.09%	0.82%	1.95%	1.72%	1.31%	1.98%	2.58%	1.69%	1.80%	0.74%	0.19%	1.99%	0.16%	0.12%	0.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.17%
Other Non-Current Assets	0	0	0	89,044	163,711	0	0	0	0	0	0	0	0	0	0	66,931	105,680	0	689,267	473,777	98,990	92,071	177,806	375,210	1,194,487	0
Other Non-Current Assets Margin	0.00%	0.00%	0.00%	0.10%	0.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.06%	0.08%	0.00%	0.70%	0.73%	0.49%	0.38%	0.42%	0.92%	3.10%	0.00%
Other Assets	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
Other Assets 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%
Total Non-Current Assets	127,905,045	127,287,796	110,478,485	87,828,781	67,681,718	138,092,969	123,840,287	121,781,879	124,386,299	128,337,549	146,502,733	97,122,085	77,539,618	73,766,849	73,414,583	50,004,159	51,294,626	48,773,576	44,207,035	18,367,473	5,556,773	4,461,753	8,916,282	8,002,313	9,265,512	6,780,779
Total Non-Current Assets Margin	39.15%	41.77%	43.82%	42.14%	37.14%	43.52%	37.30%	36.61%	41.17%	50.24%	56.81%	39.69%	39.00%	38.69%	55.12%	46.49%	39.69%	34.62%	44.72%	28.37%	27.32%	18.63%	21.19%	19.59%	24.07%	29.01%
Total Assets	265,239,468	255,945,908	217,104,824	172,813,738	135,846,171	254,122,344	259,408,682	282,187,376	250,802,824	233,208,312	251,597,771	197,130,402	162,373,490	139,101,624	141,115,411	91,266,250	98,628,609	100,480,354	87,345,529	43,437,099	28,274,164	29,834,286	22,848,608	22,166,861	21,593,424	16,640,935
Total Assets Margin	81.02%	83.47%	85.61%	82.93%	83.61%	80.09%	78.13%	84.84%	83.01%	91.29%	97.57%	80.56%	81.67%	72.96%	105.94%	84.85%	76.31%	71.31%	88.35%	67.09%	139.01%	124.56%	54.30%	54.27%	56.10%	71.19%
Accounts Payable	22,162,620	22,094,828	23,007,784	17,652,900	13,889,821	21,319,138	21,852,234	23,316,487	23,843,711	20,142,570	29,046,680	29,510,497	19,308,874	21,172,361	20,565,289	5,347,398	9,188,272	9,246,983	9,055,585	1,877,422	1,681,197	1,015,290	3,358,849	3,482,877	3,464,717	2,255,921
Accounts Payable Margin	6.77%	7.22%	9.57%	8.42%	8.22%	6.72%	6.58%	7.01%	7.89%	7.89%	11.26%	12.06%	9.71%	11.10%	15.44%	4.97%	7.11%	6.56%	9.16%	2.90%	8.27%	4.24%	7.98%	8.53%	9.00%	9.65%
Short-Term Debt	5,612,380	9,932,022	10,443,160	9,453,986	7,099,511	1,868,184	10,895,587	4,073,369	8,251,244	24,571,728	38,247,868	5,052,669	3,625,991	2,966,080	4,878,884	2,459,991	11,305,390	13,267,512	6,587,374	3,757,923	0	0	0	67,252	113,176	213,135
Short-Term Debt Margin	1.70%	3.49%	4.14%	4.95%	3.74%	0.59%	3.28%	1.22%	2.73%	9.62%	14.83%	2.06%	1.82%	1.56%	3.66%	2.29%	8.75%	9.42%	6.66%	5.80%	0.00%	0.00%	0.00%	0.16%	0.29%	0.91%
Tax Payables	3,943,814	4,994,897	3,452,559	2,568,254	2,027,834	2,285,032	1,776,595	7,769,814	6,937,292	6,205,753	2,978,996	3,358,269	1,522,963	1,235,279	455,597	501,392	1,702,619	1,794,208	0	0	0	488,351	495,366	750,645	298,510	157,242
Tax Payables Margin	1.20%	1.66%	1.26%	1.04%	1.07%	0.72%	0.54%	2.34%	2.30%	2.43%	1.16%	1.37%	0.77%	0.65%	0.34%	0.47%	1.32%	1.27%	0.00%	0.00%	0.00%	2.04%	1.18%	1.84%	0.78%	0.67%
Deferred Revenue	11,440,034	29,923,588	37,246,493	31,708,324	23,781,243	0	36,401	34,283,701	49,021,337	66,276,499	45,802,800	57,576,703	51,277,013	31,582,995	36,607,483	27,146,792	27,583,602	24,435,518	23,994,011	0	0	0	0	0	0	0
Deferred Revenue Margin	3.44%	10.50%	16.36%	16.79%	12.59%	0.00%	0.01%	10.31%	16.23%	25.94%	17.76%	23.53%	25.79%	16.56%	27.48%	25.24%	21.34%	17.34%	24.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Current Liabilities	79,407,410	55,505,614	35,378,192	29,644,658	22,792,673	77,856,657	79,946,769	80,418,805	36,012,153	3,293,687	-1,747,239	11,670,573	9,850,532	25,688,411	30,791,571	20,686,234	24,016,322	22,405,292	21,571,596	2,208,507	1,571,065	1,727,328	2,493,940	2,953,974	2,437,290	1,127,793
Other Current Liabilities Margin	24.27%	17.20%	13.16%	14.04%	12.25%	24.54%	24.08%	24.18%	11.92%	1.29%	-0.68%	4.77%	4.95%	13.47%	23.12%	19.23%	18.58%	15.90%	21.82%	3.41%	7.72%	7.21%	5.93%	7.23%	6.33%	4.83%
Total Current Liabilities	129,591,225	126,651,839	104,422,328	82,119,451	62,883,458	108,954,700	123,711,122	156,107,852	126,847,464	117,638,056	120,035,814	92,138,695	76,401,799	58,108,625	64,279,151	35,841,891	48,750,092	48,839,332	41,378,339	12,758,831	3,252,262	3,481,689	5,852,789	6,504,103	6,786,557	3,868,372
Total Current Liabilities Margin	39.51%	41.31%	40.79%	38.35%	32.66%	34.34%	37.26%	46.93%	41.99%	46.05%	46.55%	37.65%	38.43%	30.48%	48.26%	33.32%	37.72%	34.66%	41.86%	19.71%	15.99%	14.54%	13.91%	15.92%	17.63%	16.55%
Long-Term Debt	9,685,358	13,473,705	14,654,970	11,898,684	8,951,501	7,207,362	9,076,721	12,771,991	15,568,983	22,743,467	28,328,058	18,124,086	11,790,343	10,260,334	10,678,357	6,811,650	7,631,256	7,271,944	8,758,507	1,457,207	101,846	0	0	187,639	260,269	959,109
Long-Term Debt Margin	2.95%	4.58%	6.06%	5.94%	4.54%	2.27%	2.73%	3.84%	5.15%	8.90%	10.99%	7.41%	5.93%	5.38%	8.02%	6.33%	5.90%	5.16%	8.86%	2.25%	0.50%	0.00%	0.00%	0.46%	0.68%	4.10%
Capital Lease Obligations	9,041,103	10,570,328	8,457,672	5,715,633	4,286,725	8,278,251	8,780,817	10,064,240	13,018,577	12,709,757	13,922,727	3,587,242	4,756,765	5,070,282	4,388,060	321,736	387,493	448,552	0	0	0	0	0	0	0	0
Capital Lease Obligations Margin	2.76%	3.51%	3.28%	2.25%	1.68%	2.61%	2.64%	3.03%	4.31%	4.98%	5.40%	1.47%	2.39%	2.66%	3.29%	0.30%	0.30%	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Deferred Tax Liabilities	1,154,258	1,313,717	1,919,850	2,078,344	1,610,001	1,805,950	1,505,350	151,474	1,473,646	1,632,166	2,467,036	1,841,177	1,467,775	1,510,047	5,343,875	2,670,176	2,542,186	2,613,814	2,987,216	1,163,270	297,971	149,713	146,938	146,938	283,304	0
Deferred Tax Liabilities Margin	0.36%	0.44%	0.94%	1.37%	1.21%	0.57%	0.45%	0.05%	0.49%	0.64%	0.96%	0.75%	0.74%	0.79%	4.01%	2.48%	1.97%	1.86%	3.02%	1.80%	1.46%	0.63%	0.35%	0.36%	0.74%	0.00%
Other Non-Current Liabilities	6,273,857	6,587,374	5,389,670	3,932,269	3,029,244	6,804,605	7,742,807	4,274,161	6,534,534	7,580,764	15,476,220	3,044,752	1,258,764	34,052	1,146,039	671,654	1,147,213	58,711	2,012,613	1,197,143	126,991	146,755	265,457	225,649	836,002	223,242
Other Non-Current Liabilities Margin	1.92%	2.18%	1.96%	1.67%	1.48%	2.14%	2.33%	1.29%	2.16%	2.97%	6.00%	1.24%	0.63%	0.02%	0.86%	0.62%	0.89%	0.04%	2.04%	1.85%	0.62%	0.61%	0.63%	0.55%	2.17%	0.96%
Total Non-Current Liabilities	24,134,918	29,625,101	31,499,978	24,711,109	18,692,106	22,127,002	25,285,653	24,992,098	34,408,169	41,312,582	57,351,253	35,490,800	23,269,518	24,172,493	26,590,212	10,475,217	11,708,148	15,895,416	13,770,078	3,818,002	526,808	296,468	412,395	560,226	1,379,579	1,182,350
Total Non-Current Liabilities Margin	7.37%	9.93%	13.08%	12.04%	9.52%	6.97%	7.62%	7.51%	11.39%	16.17%	22.24%	14.50%	11.70%	12.68%	19.96%	9.74%	9.06%	11.28%	13.93%	5.90%	2.59%	1.24%	0.98%	1.37%	3.58%	5.06%
Total Liabilities	153,726,143	156,276,940	135,922,306	106,830,560	81,575,564	131,081,701	148,996,776	181,099,951	161,255,633	158,950,639	177,387,067	127,629,494	99,671,316	82,281,118	90,869,363	46,317,108	60,458,239	64,734,749	55,148,417	16,576,834	3,779,070	3,778,157	6,265,185	7,064,329	8,166,136	5,050,722
Total Liabilities Margin	46.88%	51.25%	53.87%	50.39%	42.18%	41.31%	44.88%	54.45%	53.37%	62.22%	68.79%	52.16%	50.13%	43.16%	68.22%	43.06%	46.78%	45.94%	55.79%	25.60%	18.58%	15.77%	14.89%	17.29%	21.22%	21.61%
Preferred Stock	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 Stock 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%
Common Stock	686,919	685,510	677,995	665,892	593,190	688,093	686,919	685,744	684,570	682,222	681,048	678,699	674,002	672,828	645,821	645,821	645,821	645,821	645,821	625,145	625,145	0	0	625,145	625,143	625,145
Common Stock Margin	0.21%	0.22%	0.28%	0.40%	0.61%	0.22%	0.21%	0.21%	0.23%	0.27%	0.26%	0.28%	0.34%	0.35%	0.48%	0.60%	0.50%	0.46%	0.65%	0.97%	3.07%	0.00%	0.00%	1.53%	1.62%	2.67%
Retained Earnings	19,506,925	15,560,059	12,352,090	9,889,750	7,637,435	21,391,940	18,427,034	18,701,802	17,751,858	1,527,660	7,790,950	9,989,090	8,371,014	6,906,762	12,662,788	8,070,414	4,905,891	5,512,963	4,263,593	2,072,485	-298,985	0	0	2,566,743	2,134,697	1,399,993
Retained Earnings Margin	5.97%	4.88%	4.88%	4.77%	4.10%	6.74%	5.55%	5.62%	5.88%	0.60%	3.02%	4.08%	4.21%	3.62%	9.51%	7.50%	3.80%	3.91%	4.31%	3.20%	-1.47%	0.00%	0.00%	6.28%	5.55%	5.99%
Accumulated OCI	82,784,076	75,273,373	3,711,005	-12,095,761	-9,518,617	92,730,502	81,669,349	73,952,376	63,470,114	64,544,525	58,058,134	-94,575,201	-94,186,535	-102,672,623	-105,880,592	-40,408,433	-48,768,879	-45,557,388	-44,360,857	-39,450,907	-8,935,925	0	0	0	0	6,092,179
Accumulated OCI Margin	25.35%	24.47%	-7.45%	-19.20%	-16.59%	29.23%	24.60%	22.23%	21.01%	25.27%	22.51%	-38.65%	-47.37%	-53.85%	-79.49%	-37.57%	-37.74%	-32.33%	-44.87%	-60.93%	-43.93%	0.00%	0.00%	0.00%	0.00%	26.06%
Minority Interest	202,749	201,496	159,459	992,533	794,983	241,889	250,109	116,248	210,185	189,049	587,110	0	0	0	0	2,879,187	2,450,597	2,394,235	3,561,409	2,007,971	377,083	0	0	348,526	286,052	282,062
Minority Interest Margin	0.06%	0.07%	0.06%	0.90%	0.85%	0.08%	0.08%	0.03%	0.07%	0.07%	0.23%	0.00%	0.00%	0.00%	0.00%	2.68%	1.90%	1.70%	3.60%	3.10%	1.85%	0.00%	0.00%	0.85%	0.74%	1.21%
Total Shareholders’ Equity	111,310,576	99,467,472	81,023,059	64,990,645	53,475,651	122,798,753	110,161,798	100,971,178	89,337,006	74,068,623	73,623,594	69,500,908	62,702,174	56,820,506	50,246,048	42,069,954	35,719,772	33,351,371	28,635,703	24,852,293	24,118,011	26,056,129	16,583,423	14,754,005	13,141,765	11,308,152
Total Shareholders’ Equity Margin	34.08%	32.16%	31.68%	31.64%	40.58%	38.70%	33.18%	30.36%	29.57%	29.00%	28.55%	28.40%	31.54%	29.80%	37.72%	39.11%	27.64%	23.67%	28.97%	38.39%	118.58%	108.78%	39.41%	36.12%	34.14%	48.38%
Total Equity	111,513,325	99,668,968	81,182,518	65,983,178	54,270,633	123,040,643	110,411,907	101,087,426	89,547,191	74,257,673	74,210,704	69,500,908	62,702,174	56,820,506	50,246,048	44,949,142	38,170,370	35,745,605	32,197,112	26,860,265	24,495,095	26,056,129	16,583,423	15,102,531	13,427,816	11,590,214
Total Equity Margin	34.14%	32.23%	31.74%	32.54%	41.43%	38.78%	33.26%	30.39%	29.64%	29.07%	28.78%	28.40%	31.54%	29.80%	37.72%	41.79%	29.53%	25.37%	32.57%	41.49%	120.43%	108.78%	39.41%	36.97%	34.89%	49.59%
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
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%
Total Investments	5,650,738	3,436,472	2,233,132	1,576,232	1,279,103	16,319,310	280,639	352,266	28,181	201,966	3,084,676	105,680	565,974	780,856	611,769	43,446	105,680	0	689,267	473,777	98,990	92,071	177,806	375,210	1,194,487	0
Total Investments Margin	1.78%	1.08%	0.78%	0.62%	0.73%	5.14%	0.08%	0.11%	0.01%	0.08%	1.20%	0.04%	0.28%	0.41%	0.46%	0.04%	0.08%	0.00%	0.70%	0.73%	0.49%	0.38%	0.42%	0.92%	3.10%	0.00%
Net Debt	6,535,709	20,986,130	24,528,986	18,423,263	11,879,329	6,613,207	15,677,011	-2,683,093	30,734,034	54,589,488	79,971,427	22,925,471	11,149,219	16,049,239	10,263,857	-3,918,372	13,892,197	9,262,247	13,519,969	-1,696,960	-15,809,068	-18,039,716	-2,014,493	-1,843,539	-1,055,553	-1,287,496
Net Debt Margin	2.00%	7.51%	9.97%	8.29%	-2.03%	2.08%	4.72%	-0.81%	10.17%	21.37%	31.01%	9.37%	5.61%	8.42%	7.71%	-3.64%	10.75%	6.57%	13.68%	-2.62%	-77.73%	-75.32%	-4.79%	-4.51%	-2.74%	-5.51%

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
Revenue	327,299,734	307,894,809	256,471,958	207,067,930	163,586,455	317,278,941	332,008,357	332,611,906	302,123,283	255,451,561	257,866,932	244,693,357	198,822,453	190,662,798	133,199,994	107,556,204	129,239,350	140,902,877	98,857,582	64,743,349	20,339,451	23,952,065	42,079,169	40,848,469	38,491,002	23,373,783
Working Capital	7,743,198	2,006,272	2,204,011	2,865,506	5,280,995	7,074,676	11,857,274	4,297,645	-430,939	-12,767,294	-14,940,775	7,869,622	8,432,074	7,226,150	3,421,677	5,420,200	-1,416,109	2,867,445	1,760,156	12,310,794	19,465,129	21,890,844	8,079,537	7,660,445	5,541,356	5,991,785
Working Capital Margin	2.36%	0.39%	1.00%	2.45%	13.81%	2.23%	3.57%	1.29%	-0.14%	-5.00%	-5.79%	3.22%	4.24%	3.79%	2.57%	5.04%	-1.10%	2.04%	1.78%	19.01%	95.70%	91.39%	19.20%	18.75%	14.40%	25.63%
Total Capital	135,649,808	133,443,762	114,845,292	92,238,155	73,947,792	140,152,551	138,916,097	127,880,778	126,175,810	134,093,576	157,053,099	96,540,846	82,331,610	75,117,202	70,191,349	51,663,332	55,043,911	54,339,379	44,005,069	30,067,717	24,219,857	26,056,129	16,583,423	15,008,896	13,515,202	12,480,396
Total Capital Margin	41.49%	43.74%	45.26%	44.85%	50.59%	44.17%	41.84%	38.45%	41.76%	52.49%	60.90%	39.45%	41.41%	39.40%	52.70%	48.03%	42.59%	38.57%	44.51%	46.44%	119.08%	108.78%	39.41%	36.74%	35.11%	53.39%
Capital Employed	135,648,243	129,294,069	112,682,496	90,694,287	72,962,713	145,167,644	135,697,560	126,079,524	123,955,360	115,570,255	131,561,957	104,991,707	85,971,692	80,992,999	76,836,260	55,424,358	49,878,517	51,641,021	45,967,190	30,678,267	25,021,903	26,352,597	16,995,819	15,662,757	14,806,867	12,772,564
Capital Employed Margin	41.51%	42.16%	44.81%	44.59%	50.95%	45.75%	40.87%	37.91%	41.03%	45.24%	51.02%	42.91%	43.24%	42.48%	57.68%	51.53%	38.59%	36.65%	46.50%	47.38%	123.02%	110.02%	40.39%	38.34%	38.47%	54.64%
Invested Capital	117,846,285	120,453,601	105,552,045	83,413,908	65,354,979	129,411,960	125,838,809	98,288,085	120,071,040	128,658,111	153,595,021	92,426,379	73,851,393	72,869,745	60,509,905	38,151,582	49,611,969	42,613,618	42,155,672	23,155,333	8,308,944	8,016,413	14,568,930	12,910,466	12,086,211	10,020,656
Invested Capital Margin	36.08%	39.67%	41.65%	39.93%	38.55%	40.79%	37.90%	29.55%	39.74%	50.36%	59.56%	37.77%	37.14%	38.22%	45.43%	35.47%	38.39%	30.24%	42.64%	35.76%	40.85%	33.47%	34.62%	31.61%	31.40%	42.87%

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
Revenue	327,299,734	307,894,809	256,471,958	207,067,930	163,586,455	317,278,941	332,008,357	332,611,906	302,123,283	255,451,561	257,866,932	244,693,357	198,822,453	190,662,798	133,199,994	107,556,204	129,239,350	140,902,877	98,857,582	64,743,349	20,339,451	23,952,065	42,079,169	40,848,469	38,491,002	23,373,783
Net Income	23,801,048	19,891,756	14,471,674	11,782,723	9,453,697	28,484,229	18,427,034	24,491,881	24,217,113	3,838,525	10,434,119	9,117,818	8,581,200	8,104,466	9,020,358	6,815,173	7,558,454	7,684,096	6,358,401	3,607,972	-1,435,882	2,584,964	5,124,809	3,701,862	2,357,352	1,399,993
Net Income Margin	7.30%	6.28%	5.45%	5.61%	5.76%	8.98%	5.55%	7.36%	8.02%	1.50%	4.05%	3.73%	4.32%	4.25%	6.77%	6.34%	5.85%	5.45%	6.43%	5.57%	-7.06%	10.79%	12.18%	9.06%	6.12%	5.99%
Depreciation & Amortization	12,386,064	12,994,623	10,022,555	7,698,447	6,101,590	11,676,444	12,749,681	12,732,067	13,613,907	14,201,017	10,894,413	7,363,534	6,406,544	6,507,527	4,080,415	3,061,192	4,024,052	3,345,353	2,556,277	2,264,285	804,119	792,270	1,422,287	1,798,475	1,737,951	1,397,142
Depreciation & Amortization Margin	3.78%	4.28%	3.83%	3.52%	3.62%	3.68%	3.84%	3.83%	4.51%	5.56%	4.22%	3.01%	3.22%	3.41%	3.06%	2.85%	3.11%	2.37%	2.59%	3.50%	3.95%	3.31%	3.38%	4.40%	4.52%	5.98%
Deferred Income Tax	-55,188	-68,340	-38,867	-25,911	-19,433	0	0	-165,565	-176,133	0	-46,969	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Income Tax Margin	-0.02%	-0.02%	-0.01%	-0.01%	-0.01%	0.00%	0.00%	-0.05%	-0.06%	0.00%	-0.02%	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	35,227	22,310	14,873	11,155	0	0	0	176,133	0	46,969	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock-Based Compensation Margin	0.00%	0.01%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.06%	0.00%	0.02%	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	2,396,192	3,933,872	1,066,896	708,684	692,229	14,717,673	-30,512,107	22,983,008	4,648,737	7,832,047	-1,767,201	-5,212,363	4,174,352	-7,646,521	1,451,336	2,920,285	-5,470,691	717,448	4,278,858	-2,484,607	958,308	2,092,449	-424,903	-1,625,166	2,213,640	-22,871
Change in Working Capital Margin	0.79%	1.39%	0.33%	0.19%	0.85%	4.64%	-9.19%	6.91%	1.54%	3.07%	-0.69%	-2.13%	2.10%	-4.01%	1.09%	2.72%	-4.23%	0.51%	4.33%	-3.84%	4.71%	8.74%	-1.01%	-3.98%	5.75%	-0.10%
Accounts Receivable	6,051,930	-2,609,821	-767,705	-215,587	-161,690	3,462,775	18,663,053	-3,970,038	-12,083,898	-19,120,998	18,195,713	839,567	-8,805,476	-3,581,371	-1,276,377	6,846,877	-2,403,628	0	0	0	0	0	0	0	0	-243,267
Accounts Receivable Margin	1.84%	-1.19%	-0.58%	-0.09%	-0.07%	1.09%	5.62%	-1.19%	-4.00%	-7.49%	7.06%	0.34%	-4.43%	-1.88%	-0.96%	6.37%	-1.86%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1.04%
Inventory	1,409,455	49,317	-528,164	9,587	84,938	15,269,557	-491,998	-10,549,192	-7,404,631	3,422,851	6,371,318	-5,141,909	-4,390,409	-1,298,687	-1,068,540	880,665	77,499	2,890,930	3,371,186	-1,794,832	694,253	1,245,778	-482,139	-576,794	673,861	-337,117
Inventory Margin	0.50%	0.08%	-0.29%	0.04%	0.42%	4.81%	-0.15%	-3.17%	-2.45%	1.34%	2.47%	-2.10%	-2.21%	-0.68%	-0.80%	0.82%	0.06%	2.05%	3.41%	-2.77%	3.41%	5.20%	-1.15%	-1.41%	1.75%	-1.44%
Accounts Payable	-5,065,194	6,494,376	3,183,663	1,826,225	1,369,669	-4,014,658	-48,683,161	37,502,238	24,137,266	23,530,195	-18,195,713	-839,567	17,370,236	-2,766,462	3,796,253	-6,846,877	2,403,628	0	0	0	0	0	0	0	0	557,513
Accounts Payable Margin	-1.55%	2.51%	1.53%	0.72%	0.54%	-1.27%	-14.66%	11.28%	7.99%	9.21%	-7.06%	-0.34%	8.74%	-1.45%	2.85%	-6.37%	1.86%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.39%
Other Working Capital	11,162,527	16,231,008	8,690,520	5,133,186	3,932,858	-4,014,658	0	37,502,238	24,137,266	23,530,195	-8,138,519	-70,453	16,021,058	937,028	-2,998,958	-4,807,257	-3,144,561	-2,173,481	907,672	-689,776	264,055	846,671	57,236	-1,048,372	1,539,778	0
Other Working Capital Margin	3.34%	5.44%	3.03%	1.45%	1.41%	-1.27%	0.00%	11.28%	7.99%	9.21%	-3.16%	-0.03%	8.06%	0.49%	-2.25%	-4.47%	-2.43%	-1.54%	0.92%	-1.07%	1.30%	3.53%	0.14%	-2.57%	4.00%	0.00%
Other Non-Cash Items	-4,974,387	-3,360,383	-3,670,259	-2,745,793	-2,159,146	-10,807,521	4,895,323	-9,010,964	-2,950,815	1,072,063	-11,142,174	-102,157	-2,767,637	-201,966	-5,686,747	-1,778,943	-1,171,872	-223,102	-408,629	-901,759	440,448	-392,359	-1,099,462	-705,724	-238,919	-713,601
Other Non-Cash Items Margin	-1.55%	-1.04%	-1.53%	-1.32%	-1.21%	-3.41%	1.47%	-2.71%	-0.98%	0.42%	-4.32%	-0.04%	-1.39%	-0.11%	-4.27%	-1.65%	-0.91%	-0.16%	-0.41%	-1.39%	2.17%	-1.64%	-2.61%	-1.73%	-0.62%	-3.05%
Net Cash from Operating Activities	33,553,728	33,426,756	21,874,310	17,433,023	14,080,093	44,070,825	5,559,932	51,030,427	39,528,942	26,943,652	8,419,157	11,166,832	16,394,460	6,763,507	8,865,361	11,017,706	4,939,944	11,523,795	12,784,907	2,485,891	766,992	5,077,325	5,022,731	3,169,448	6,070,025	2,060,663
Net Cash from Operating Activities Margin	10.30%	10.91%	8.08%	7.99%	9.01%	13.89%	1.67%	15.34%	13.08%	10.55%	3.26%	4.56%	8.25%	3.55%	6.66%	10.24%	3.82%	8.18%	12.93%	3.84%	3.77%	21.20%	11.94%	7.76%	15.77%	8.82%
Capital Expenditures (PPE)	-11,153,524	-9,503,667	-10,149,488	-8,261,178	-6,610,855	-7,169,787	-13,579,854	-12,710,932	-7,873,145	-6,184,617	-14,502,791	-16,087,988	-9,419,593	-9,676,747	-4,289,426	-5,204,143	-6,546,277	-5,461,297	-2,788,773	-2,422,301	-479,706	-1,892,391	-2,661,612	-1,454,067	-1,811,645	-824,271
Capital Expenditures (PPE) Margin	-3.39%	-3.04%	-4.04%	-4.05%	-4.28%	-2.26%	-4.09%	-3.82%	-2.61%	-2.42%	-5.62%	-6.57%	-4.74%	-5.08%	-3.22%	-4.84%	-5.07%	-3.88%	-2.82%	-3.74%	-2.36%	-7.90%	-6.33%	-3.56%	-4.71%	-3.53%
Acquisitions (Net)	-4,252,633	-2,766,697	-5,084,607	-5,104,467	-3,879,328	-15,296,564	0	2,538,664	98,634	-1,174,220	-24,941,607	-1,022,746	0	0	-11,048,236	0	0	0	-18,681,840	-7,039,084	-1,019,568	0	0	0	0	0
Acquisitions (Net) Margin	-1.35%	-0.90%	-2.29%	-3.51%	-2.88%	-4.82%	0.00%	0.76%	0.03%	-0.46%	-9.67%	-0.42%	0.00%	0.00%	-8.29%	0.00%	0.00%	0.00%	-18.90%	-10.87%	-5.01%	0.00%	0.00%	0.00%	0.00%	0.00%
Purchases of Investments	-65,756	-88,771	-135,270	-104,662	-280,624	-176,133	0	-21,136	-46,969	-199,617	-394,538	-514,308	0	0	0	0	0	0	-217,231	0	0	0	0	0	-4,042,546	0
Purchases of Investments Margin	-0.02%	-0.03%	-0.05%	-0.05%	-0.56%	-0.06%	0.00%	-0.01%	-0.02%	-0.08%	-0.15%	-0.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.22%	0.00%	0.00%	0.00%	0.00%	0.00%	-10.50%	0.00%
Sales / Maturities of Investments	-846,221	-143,490	94,642	89,476	665,959	0	0	-2,538,664	-98,634	1,919,850	895,930	558,929	25,833	183,178	0	4,697	86,892	167,913	136,210	0	0	11,977,044	0	0	0	0
Sales / Maturities of Investments Margin	-0.25%	-0.01%	0.06%	0.06%	2.55%	0.00%	0.00%	-0.76%	-0.03%	0.75%	0.35%	0.23%	0.01%	0.10%	0.00%	0.00%	0.07%	0.12%	0.14%	0.00%	0.00%	50.00%	0.00%	0.00%	0.00%	0.00%
Other Investing Activities	687,702	485,423	1,397,909	1,917,365	1,585,830	-804,341	328,782	2,538,664	98,634	265,374	1,726,103	-558,929	-799,644	62,234	11,122,212	14,438,209	14,091	66,931	58,711	203,445	0	2,425,458	57,465	108,418	364,783	0
Other Investing Activities Margin	0.20%	0.15%	0.92%	1.53%	1.72%	-0.25%	0.10%	0.76%	0.03%	0.10%	0.67%	-0.23%	-0.40%	0.03%	8.35%	13.42%	0.01%	0.05%	0.06%	0.31%	0.00%	10.13%	0.14%	0.27%	0.95%	0.00%
Net Cash from Investing Activities	-15,630,434	-12,017,202	-13,803,074	-11,414,305	-8,482,147	-23,446,825	-13,251,073	-10,193,404	-7,821,479	-5,373,231	-37,216,903	-17,625,042	-9,393,760	-9,493,569	-4,215,450	9,238,763	-6,445,294	-5,226,453	-21,492,923	-9,257,939	-1,499,275	12,510,112	-2,604,146	-1,345,649	-5,489,408	-824,271
Net Cash from Investing Activities Margin	-4.82%	-3.83%	-5.36%	-5.99%	-3.43%	-7.39%	-3.99%	-3.06%	-2.59%	-2.10%	-14.43%	-7.20%	-4.72%	-4.98%	-3.16%	8.59%	-4.99%	-3.71%	-21.74%	-14.30%	-7.37%	52.23%	-6.19%	-3.29%	-14.26%	-3.53%
Net Debt Issuance	-5,182,616	-10,551,541	-4,599,537	-2,982,047	-2,308,909	-11,132,780	3,193,878	-7,608,946	-23,696,934	-13,512,924	2,454,120	7,388,192	2,147,648	1,350,353	-6,577,980	-3,526,183	459,120	113,899	4,702,751	-484,924	-45,748	0	0	-118,554	-1,283,176	-319,703
Net Debt Issuance Margin	-1.61%	-3.59%	-1.71%	-1.07%	-0.99%	-3.51%	0.96%	-2.29%	-7.84%	-5.29%	0.95%	3.02%	1.08%	0.71%	-4.94%	-3.28%	0.36%	0.08%	4.76%	-0.75%	-0.22%	0.00%	0.00%	-0.29%	-3.33%	-1.37%
Long-Term Debt Issuance	-4,900,020	-5,270,134	-1,940,868	-1,209,603	-977,280	-2,184,049	-3,987,651	-8,528,360	-7,762,768	-3,887,842	2,454,120	7,388,192	2,147,648	1,350,353	-6,398,325	-3,526,183	459,120	113,899	4,702,751	-484,953	-45,748	0	0	-72,630	-1,283,176	-319,703
Long-Term Debt Issuance Margin	-1.48%	-1.71%	-0.76%	-0.43%	-0.51%	-0.69%	-1.20%	-2.56%	-2.57%	-1.52%	0.95%	3.02%	1.08%	0.71%	-4.80%	-3.28%	0.36%	0.08%	4.76%	-0.75%	-0.22%	0.00%	0.00%	-0.18%	-3.33%	-1.37%
Short-Term Debt Issuance	-282,596	-5,281,407	-2,658,669	-1,772,444	-1,331,629	-8,948,731	7,181,530	919,414	-15,934,165	-9,625,081	0	0	0	0	-179,656	0	0	0	0	29	0	0	0	-45,924	0	0
Short-Term Debt Issuance Margin	-0.13%	-1.88%	-0.96%	-0.64%	-0.48%	-2.82%	2.16%	0.28%	-5.27%	-3.77%	0.00%	0.00%	0.00%	0.00%	-0.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.11%	0.00%	0.00%
Net Stock Issuance	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
Net Stock Issuance 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%
Common Stock Issuance	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
Common Stock Issuance 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%
Common Stock Repurchased	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
Common Stock Repurchased 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%
Preferred Stock Issuance	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 Stock Issuance 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%
Net Dividends Paid	-8,269,640	-5,644,476	-4,216,037	-3,390,059	-2,861,368	-8,995,699	-8,952,253	-6,860,967	-3,413,458	0	-4,078,066	-3,388,799	-2,539,838	-1,965,644	-1,965,644	-1,965,644	-2,223,973	-1,722,581	-1,389,102	-1,389,213	-1,389,213	-1,389,213	-2,222,740	-1,041,909	-333,408	-305,025
Net Dividends Paid Margin	-2.53%	-1.74%	-1.55%	-1.59%	-2.26%	-2.84%	-2.70%	-2.06%	-1.13%	0.00%	-1.58%	-1.38%	-1.28%	-1.03%	-1.48%	-1.83%	-1.72%	-1.22%	-1.41%	-2.15%	-6.83%	-5.80%	-5.28%	-2.55%	-0.87%	-1.30%
Common Dividends Paid	-8,269,640	-5,644,476	-4,216,037	-3,390,059	-2,861,368	-8,995,699	-8,952,253	-6,860,967	-3,413,458	0	-4,078,066	-3,388,799	-2,539,838	-1,965,644	-1,965,644	-1,965,644	-2,223,973	-1,722,581	-1,389,102	-1,389,213	-1,389,213	-1,389,213	-2,222,740	-1,041,909	-333,408	-305,025
Common Dividends Paid Margin	-2.53%	-1.74%	-1.55%	-1.59%	-2.26%	-2.84%	-2.70%	-2.06%	-1.13%	0.00%	-1.58%	-1.38%	-1.28%	-1.03%	-1.48%	-1.83%	-1.72%	-1.22%	-1.41%	-2.15%	-6.83%	-5.80%	-5.28%	-2.55%	-0.87%	-1.30%
Preferred Dividends Paid	0	0	0	-151,076	-113,307	0	0	0	0	0	0	0	0	0	0	0	0	0	-2,266,245	110	0	0	0	0	0	0
Preferred Dividends Paid Margin	0.00%	0.00%	0.00%	-0.15%	-0.11%	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%	-2.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Financing Activities	-2,637,690	-3,462,070	-2,566,845	-1,849,868	-1,400,146	-2,326,130	-2,940,247	-2,646,692	-4,086,286	-5,310,997	-4,222,495	-1,576,977	0	0	-2,558,625	-317,039	-883,013	-372,228	-186,701	-320,591	0	0	-254,891	0	-4	0
Other Financing Activities Margin	-0.80%	-1.17%	-1.00%	-0.80%	-0.63%	-0.73%	-0.89%	-0.80%	-1.35%	-2.08%	-1.64%	-0.64%	0.00%	0.00%	-1.92%	-0.29%	-0.68%	-0.26%	-0.19%	-0.50%	0.00%	0.00%	-0.61%	0.00%	0.00%	0.00%
Net Cash from Financing Activities	-16,089,945	-19,658,087	-11,400,385	-8,288,782	-6,620,529	-22,454,609	-8,698,622	-17,116,605	-31,196,677	-18,823,921	-5,846,441	2,422,416	-392,189	-615,291	-11,281,906	-4,365,750	-2,647,866	-1,980,909	860,703	-2,194,065	-1,434,960	-1,389,213	-2,477,631	-1,160,463	-1,616,584	-624,727
Net Cash from Financing Activities Margin	-4.95%	-6.51%	-4.28%	-3.52%	-3.93%	-7.08%	-2.62%	-5.15%	-10.33%	-7.37%	-2.27%	0.99%	-0.20%	-0.32%	-8.47%	-4.06%	-2.05%	-1.41%	0.87%	-3.39%	-7.06%	-5.80%	-5.89%	-2.84%	-4.20%	-2.67%
Effect of FX on Cash	-288,075	-294,964	-218,875	-147,608	-118,112	-506,089	-125,642	-232,496	158,520	-769,114	-119,770	-214,882	-182,004	-305,297	108,028	-2,348	-17,613	2,348	24,659	-32,416	38,440	-173,001	-24,891	6,109	5,214	0
Effect of FX on Cash Margin	-0.09%	-0.10%	-0.08%	-0.06%	-0.07%	-0.16%	-0.04%	-0.07%	0.05%	-0.30%	-0.05%	-0.09%	-0.09%	-0.16%	0.08%	0.00%	-0.01%	0.00%	0.02%	-0.05%	0.19%	-0.72%	-0.06%	0.01%	0.01%	0.00%
Net Change in Cash	1,545,274	1,456,502	-3,548,023	-2,417,673	-1,140,696	-2,336,698	-16,515,404	23,487,923	669,305	1,977,386	-34,763,957	-4,250,676	6,426,506	-3,650,650	-6,523,966	15,888,371	-4,170,829	4,318,781	-7,822,654	-8,998,529	-2,128,802	16,025,223	-83,938	669,445	-1,030,754	0
Net Change in Cash Margin	0.45%	0.47%	-1.65%	-1.58%	1.58%	-0.74%	-4.97%	7.06%	0.22%	0.77%	-13.48%	-1.74%	3.23%	-1.91%	-4.90%	14.77%	-3.23%	3.07%	-7.91%	-13.90%	-10.47%	66.91%	-0.20%	1.64%	-2.68%	0.00%
Cash at Beginning of Period	16,258,250	11,533,659	8,802,305	6,608,056	6,258,110	13,077,288	29,592,692	6,104,770	5,435,464	3,458,078	3,762,201	8,011,703	1,585,197	5,235,847	11,759,813	-4,127,383	43,446	-4,275,335	3,546,144	15,910,913	18,039,716	2,014,493	2,098,431	1,428,986	2,459,744	0
Cash at Beginning of Period Margin	4.96%	3.60%	3.51%	3.76%	8.42%	4.12%	8.91%	1.84%	1.80%	1.35%	1.46%	3.27%	0.80%	2.75%	8.83%	-3.84%	0.03%	-3.03%	3.59%	24.58%	88.69%	8.41%	4.99%	3.50%	6.39%	0.00%
Cash at End of Period	17,803,524	12,990,161	5,254,282	4,190,383	5,117,415	10,740,590	13,077,288	29,592,692	6,104,770	5,435,464	-31,001,756	3,761,027	8,011,703	1,585,197	5,235,847	11,760,988	-4,127,383	43,446	-4,276,509	6,912,384	15,910,913	18,039,716	2,014,493	2,098,431	1,428,991	2,459,740
Cash at End of Period Margin	5.41%	4.07%	1.87%	2.19%	10.00%	3.39%	3.94%	8.90%	2.02%	2.13%	-12.02%	1.54%	4.03%	0.83%	3.93%	10.93%	-3.19%	0.03%	-4.33%	10.68%	78.23%	75.32%	4.79%	5.14%	3.71%	10.52%
Operating Cash Flow	33,553,728	33,804,620	22,063,242	17,558,977	14,174,559	44,070,825	5,559,932	51,030,427	39,528,942	28,832,972	8,419,157	11,166,832	16,394,460	6,763,507	8,865,361	11,017,706	4,939,944	11,523,795	12,784,907	2,485,891	766,992	5,077,325	5,022,731	3,169,448	6,070,025	2,060,663
Operating Cash Flow Margin	10.30%	11.06%	8.16%	8.04%	9.05%	13.89%	1.67%	15.34%	13.08%	11.29%	3.26%	4.56%	8.25%	3.55%	6.66%	10.24%	3.82%	8.18%	12.93%	3.84%	3.77%	21.20%	11.94%	7.76%	15.77%	8.82%
Capital Expenditure	-11,459,213	-9,687,080	-10,241,195	-8,322,316	-6,656,708	-8,019,923	-13,646,785	-12,710,932	-7,873,145	-6,184,617	-14,502,791	-16,087,988	-9,419,593	-9,676,747	-4,289,426	-5,204,143	-6,546,277	-5,461,297	-2,788,773	-2,422,301	-479,706	-1,892,391	-2,661,612	-1,454,067	-1,811,645	-824,268
Capital Expenditure Margin	-3.49%	-3.10%	-4.07%	-4.07%	-4.30%	-2.53%	-4.11%	-3.82%	-2.61%	-2.42%	-5.62%	-6.57%	-4.74%	-5.08%	-3.22%	-4.84%	-5.07%	-3.88%	-2.82%	-3.74%	-2.36%	-7.90%	-6.33%	-3.56%	-4.71%	-3.53%
Free Cash Flow	22,094,515	24,117,539	11,822,047	9,236,661	7,517,851	36,050,902	-8,086,853	38,319,495	31,655,797	22,648,355	-6,083,634	-4,921,156	6,974,867	-2,913,240	4,575,935	5,813,563	-1,606,333	6,062,498	9,996,135	63,590	287,286	3,184,934	2,361,119	1,715,380	4,258,379	1,236,395
Free Cash Flow Margin	6.82%	7.96%	4.08%	3.97%	4.75%	11.36%	-2.44%	11.52%	10.48%	8.87%	-2.36%	-2.01%	3.51%	-1.53%	3.44%	5.41%	-1.24%	4.30%	10.11%	0.10%	1.41%	13.30%	5.61%	4.20%	11.06%	5.29%

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
Revenue	327,299,734	307,894,809	256,471,958	207,067,930	163,586,455	317,278,941	332,008,357	332,611,906	302,123,283	255,451,561	257,866,932	244,693,357	198,822,453	190,662,798	133,199,994	107,556,204	129,239,350	140,902,877	98,857,582	64,743,349	20,339,451	23,952,065	42,079,169	40,848,469	38,491,002	23,373,783
EBITDA	39,694,116	35,757,347	26,251,332	20,607,484	16,447,571	41,540,381	38,980,581	38,561,385	39,581,782	20,122,608	22,917,252	17,613,300	16,165,487	16,102,079	10,928,466	7,260,202	12,317,568	11,785,646	9,222,324	6,013,204	-223,628	3,853,587	6,597,373	5,508,319	4,103,498	1,741,749
EBITDA Margin	12.14%	11.48%	9.83%	9.44%	9.82%	13.09%	11.74%	11.59%	13.10%	7.88%	8.89%	7.20%	8.13%	8.45%	8.20%	6.75%	9.53%	8.36%	9.33%	9.29%	-1.10%	16.09%	15.68%	13.48%	10.66%	7.45%
(-) Tax Adjustment	9,793,676	7,657,635	4,733,680	3,804,563	3,064,699	10,308,892	9,758,094	9,314,040	10,538,381	-1,631,230	5,805,394	-1,072,903	431,345	2,405,280	1,479,511	1,543,606	2,380,465	2,074,735	2,139,102	1,593,734	76,189	998,662	1,567,624	1,556,672	26,392	-2,575,704
(-) Tax Adjustment Margin	3.00%	2.37%	1.62%	1.71%	1.89%	3.25%	2.94%	2.80%	3.49%	-0.64%	2.25%	-0.44%	0.22%	1.26%	1.11%	1.44%	1.84%	1.47%	2.16%	2.46%	0.37%	4.17%	3.73%	3.81%	0.07%	-11.02%
(-) Change In Working Capital	2,396,192	3,933,872	1,066,896	708,684	692,229	14,717,673	-30,512,107	22,983,008	4,648,737	7,832,047	-1,767,201	-5,212,363	4,174,352	-7,646,521	1,451,336	2,920,285	-5,470,691	717,448	4,278,858	-2,484,607	958,308	2,092,449	-424,903	-1,625,166	2,213,640	-22,871
(-) Change In Working Capital Margin	0.79%	1.39%	0.33%	0.19%	0.85%	4.64%	-9.19%	6.91%	1.54%	3.07%	-0.69%	-2.13%	2.10%	-4.01%	1.09%	2.72%	-4.23%	0.51%	4.33%	-3.84%	4.71%	8.74%	-1.01%	-3.98%	5.75%	-0.10%
(-) Capital Expenditure	-11,459,213	-9,687,080	-10,241,195	-8,322,316	-6,656,708	-8,019,923	-13,646,785	-12,710,932	-7,873,145	-6,184,617	-14,502,791	-16,087,988	-9,419,593	-9,676,747	-4,289,426	-5,204,143	-6,546,277	-5,461,297	-2,788,773	-2,422,301	-479,706	-1,892,391	-2,661,612	-1,454,067	-1,811,645	-824,268
(-) Capital Expenditure Margin	-3.49%	-3.10%	-4.07%	-4.07%	-4.30%	-2.53%	-4.11%	-3.82%	-2.61%	-2.42%	-5.62%	-6.57%	-4.74%	-5.08%	-3.22%	-4.84%	-5.07%	-3.88%	-2.82%	-3.74%	-2.36%	-7.90%	-6.33%	-3.56%	-4.71%	-3.53%
Unlevered Free Cash Flow	16,045,036	14,478,760	10,209,561	7,771,922	6,033,934	8,493,893	46,087,809	-6,446,595	16,521,519	7,737,174	4,376,267	7,810,577	2,140,197	11,666,572	3,708,193	-2,407,832	8,861,517	3,532,166	15,591	4,481,776	-1,737,831	-1,129,915	2,793,040	4,122,746	51,822	3,516,056
Unlevered Free Cash Flow Margin	4.87%	4.62%	3.80%	3.47%	2.78%	2.68%	13.88%	-1.94%	5.47%	3.03%	1.70%	3.19%	1.08%	6.12%	2.78%	-2.24%	6.86%	2.51%	0.02%	6.92%	-8.54%	-4.72%	6.64%	10.09%	0.13%	15.04%
(-) Net Interest Income After Taxes	-848,813	-769,584	-905,168	-706,824	-496,477	-879,288	-839,782	-827,369	-1,208,813	-92,667	-1,187,142	-1,452,541	-1,146,317	-1,267,501	-150,257	-388,318	-420,598	-509,878	-97,401	-134,490	533,490	349,786	16,876	-23,830	-203,502	-196,080
(-) Net Interest Income After Taxes Margin	-0.26%	-0.24%	-0.36%	-0.33%	-0.07%	-0.28%	-0.25%	-0.25%	-0.40%	-0.04%	-0.46%	-0.59%	-0.58%	-0.66%	-0.11%	-0.36%	-0.33%	-0.36%	-0.10%	-0.21%	2.62%	1.46%	0.04%	-0.06%	-0.53%	-0.84%
Net Debt Issuance	-5,182,616	-10,551,541	-4,599,537	-2,982,047	-2,308,909	-11,132,780	3,193,878	-7,608,946	-23,696,934	-13,512,924	2,454,120	7,388,192	2,147,648	1,350,353	-6,577,980	-3,526,183	459,120	113,899	4,702,751	-484,924	-45,748	0	0	-118,554	-1,283,176	-319,703
Net Debt Issuance Margin	-1.61%	-3.59%	-1.71%	-1.07%	-0.99%	-3.51%	0.96%	-2.29%	-7.84%	-5.29%	0.95%	3.02%	1.08%	0.71%	-4.94%	-3.28%	0.36%	0.08%	4.76%	-0.75%	-0.22%	0.00%	0.00%	-0.29%	-3.33%	-1.37%
Levered Free Cash Flow	11,711,233	4,696,803	6,515,191	5,496,699	4,221,502	-1,759,599	50,121,469	-13,228,172	-5,966,601	-5,683,083	8,017,529	16,651,310	5,434,162	14,284,426	-2,719,530	-5,545,697	9,741,235	4,155,944	4,815,744	4,131,343	-2,317,068	-1,479,701	2,776,165	4,028,023	-1,027,852	3,392,433
Levered Free Cash Flow Margin	3.52%	1.27%	2.45%	2.74%	1.86%	-0.55%	15.10%	-3.98%	-1.97%	-2.22%	3.11%	6.80%	2.73%	7.49%	-2.04%	-5.16%	7.54%	2.95%	4.87%	6.38%	-11.39%	-6.18%	6.60%	9.86%	-2.67%	14.51%