PJSC ALROSA-Nyurba (ALNU.ME)

Analysis: Margins & Ratios Industry: Other Precious Metals Sector: Basic Materials Live Price: $65,400.00

Income Statement Margins

Metric	3Y Avg	5Y Avg	10Y Avg	TTM	TTM-1	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
Revenue	538,294,139	541,711,371	443,426,017	329,214,226	503,694,238	440,121,768	628,861,709	545,898,941	506,885,649	586,788,787	442,005,157	389,001,926	322,021,596	294,706,372	277,968,260	214,478,069	144,427,536	184,692,029
Cost of Revenue	250,626,724	243,699,032	184,726,670	127,744,029	227,999,833	184,576,480	302,157,451	265,146,241	280,768,450	185,846,539	136,222,356	162,239,773	141,518,893	96,460,485	92,330,036	95,720,945	52,892,734	70,910,402
Cost of Revenue Margin	46.19%	45.12%	40.80%	38.80%	45.27%	41.94%	48.05%	48.57%	55.39%	31.67%	30.82%	41.71%	43.95%	32.73%	33.22%	44.63%	36.62%	38.39%
Gross Profit	287,667,415	298,012,338	258,699,346	201,470,197	275,694,405	255,545,288	326,704,258	280,752,700	226,117,199	400,942,248	305,782,801	226,762,153	180,502,703	198,245,887	185,638,225	118,757,124	91,534,802	113,781,628
Gross Profit Margin	53.81%	54.88%	59.20%	61.20%	54.73%	58.06%	51.95%	51.43%	44.61%	68.33%	69.18%	58.29%	56.05%	67.27%	66.78%	55.37%	63.38%	61.61%
R&D Expenses	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%
SG&A Expenses	4,179,470	9,342,883	18,711,885	-2,956,141	10,979,639	3,741,457	4,255,359	4,541,594	4,544,256	29,631,748	29,088,760	12,658,961	5,355,995	4,766,129	88,534,594	81,878,489	69,181,255	70,405,872
SG&A Expenses Margin	0.79%	1.66%	5.33%	-0.90%	2.18%	0.85%	0.68%	0.83%	0.90%	5.05%	6.58%	3.25%	1.66%	1.62%	31.85%	38.18%	47.90%	38.12%
Operating Expenses	19,010,906	39,006,816	61,253,038	6,380,469	21,361,204	10,625,985	23,307,382	23,099,352	23,502,980	114,498,385	108,983,640	86,208,164	70,822,143	62,947,760	88,534,594	81,878,489	69,181,255	70,405,872
Operating Expenses Margin	3.45%	6.90%	15.65%	1.94%	4.24%	2.41%	3.71%	4.23%	4.64%	19.51%	24.66%	22.16%	21.99%	21.36%	31.85%	38.18%	47.90%	38.12%
Operating Income (EBIT)	270,512,786	261,053,074	198,654,319	197,541,809	257,431,884	244,919,303	306,495,559	260,123,495	205,373,919	288,353,093	199,770,346	141,451,535	108,675,823	134,276,488	97,103,631	36,878,635	22,353,547	43,375,756
Operating Income (EBIT) Margin	50.68%	48.34%	43.75%	60.00%	51.11%	55.65%	48.74%	47.65%	40.52%	49.14%	45.20%	36.36%	33.75%	45.56%	34.93%	17.19%	15.48%	23.49%
Interest Income	10,864,045	6,539,358	3,323,313	26,045,017	13,801,720	18,385,611	11,629,472	2,577,053	5,324	99,328	356,886	179,452	0	0	0	0	0	0
Interest Income Margin	2.17%	1.30%	0.66%	7.91%	2.74%	4.18%	1.85%	0.47%	0.00%	0.02%	0.08%	0.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Interest Expense	0	0	1,252,621	0	0	0	0	0	0	0	0	0	227,544	6,887,178	5,411,491	4,593,524	4,767,578	5,633,463
Interest Expense Margin	0.00%	0.00%	0.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.07%	2.34%	1.95%	2.14%	3.30%	3.05%
Net Interest Income	10,864,045	6,539,358	2,070,691	26,045,017	13,801,720	18,385,611	11,629,472	2,577,053	5,324	99,328	356,886	179,452	-227,544	-6,887,178	-5,411,491	-4,593,524	-4,767,578	-5,633,463
Net Interest Income Margin	2.17%	1.30%	0.23%	7.91%	2.74%	4.18%	1.85%	0.47%	0.00%	0.02%	0.08%	0.05%	-0.07%	-2.34%	-1.95%	-2.14%	-3.30%	-3.05%
Unusual Items	-20,953,080	-10,441,852	-3,268,489	-43,518,000	-30,284,329	-40,406,255	-21,227,936	-1,225,050	6,132,433	4,517,548	3,416,243	-11,886,497	4,467,698	12,703,944	10,822,982	9,187,048	9,535,155	11,266,927
Unusual Items Margin	-4.26%	-2.16%	-0.35%	-13.22%	-6.01%	-9.18%	-3.38%	-0.22%	1.21%	0.77%	0.77%	-3.06%	1.39%	4.31%	3.89%	4.28%	6.60%	6.10%
EBT Excluding Unusual Items	301,554,901	275,397,420	203,120,606	258,532,792	304,198,822	307,346,202	337,321,959	259,996,543	193,103,729	279,218,669	192,580,973	165,045,077	99,967,971	115,755,777	80,869,157	23,098,064	8,050,814	26,475,366
EBT Excluding Unusual Items Margin	57.03%	51.36%	44.22%	78.53%	60.39%	69.83%	53.64%	47.63%	38.10%	47.58%	43.57%	42.43%	31.04%	39.28%	29.09%	10.77%	5.57%	14.33%
Pre-Tax Income	280,601,821	264,955,568	199,852,117	215,014,792	273,914,493	266,939,947	316,094,023	258,771,492	199,236,162	283,736,217	195,997,216	153,158,579	104,435,669	128,459,721	91,692,140	32,285,112	17,585,969	37,742,292
Pre-Tax Income Margin	52.77%	49.20%	43.87%	65.31%	54.38%	60.65%	50.26%	47.40%	39.31%	48.35%	44.34%	39.37%	32.43%	43.59%	32.99%	15.05%	12.18%	20.44%
Income Tax Expense	56,420,122	53,513,531	40,422,640	43,712,001	54,449,015	53,040,885	63,369,107	52,850,375	40,795,273	57,512,013	39,056,084	31,874,562	20,951,050	25,629,267	19,147,785	7,181,709	4,485,243	9,813,527
Income Tax Expense Margin	10.60%	9.93%	8.88%	13.28%	10.81%	12.05%	10.08%	9.68%	8.05%	9.80%	8.84%	8.19%	6.51%	8.70%	6.89%	3.35%	3.11%	5.31%
Net Income	224,181,698	211,442,038	159,429,477	171,302,791	219,465,477	213,899,062	252,724,916	205,921,117	158,440,889	226,224,204	156,941,132	121,284,018	83,484,620	102,830,455	72,544,355	25,103,403	13,100,726	27,928,765
Net Income Margin	42.17%	39.26%	34.99%	52.03%	43.57%	48.60%	40.19%	37.72%	31.26%	38.55%	35.51%	31.18%	25.93%	34.89%	26.10%	11.70%	9.07%	15.12%
Depreciation and Amortization	3,339,397	2,039,667	529,628	-2,450,054	9,600,236	10,772	9,976,673	30,745	70,974	109,172	112,676	128,339	127,770	140,647	-5,411,491	-4,593,524	-4,767,578	-5,633,463
Depreciation and Amortization Margin	0.53%	0.33%	-0.02%	-0.74%	1.91%	0.00%	1.59%	0.01%	0.01%	0.02%	0.03%	0.03%	0.04%	0.05%	-1.95%	-2.14%	-3.30%	-3.05%
EBITDA	272,462,992	260,148,296	198,648,858	195,089,727	267,030,348	242,477,994	316,108,745	258,802,237	199,452,896	283,899,610	196,109,893	153,286,919	103,837,817	135,487,546	97,024,919	32,161,898	17,585,969	37,742,292
EBITDA Margin	50.92%	48.10%	43.74%	59.26%	53.01%	55.09%	50.27%	47.41%	39.35%	48.38%	44.37%	39.41%	32.25%	45.97%	34.91%	15.00%	12.18%	20.44%
NOPAT	216,100,538	208,305,753	158,469,118	157,382,024	206,259,299	196,253,913	245,050,708	206,996,993	163,321,889	229,905,261	159,962,395	112,013,382	86,874,148	107,486,706	76,825,781	28,675,114	16,652,348	32,097,448
NOPAT Margin	40.49%	38.58%	34.90%	47.81%	40.95%	44.59%	38.97%	37.92%	32.22%	39.18%	36.19%	28.80%	26.98%	36.47%	27.64%	13.37%	11.53%	17.38%
Owner's Earnings	224,191,947	211,484,216	159,501,509	171,302,791	219,465,477	213,899,062	252,724,916	205,951,861	158,511,863	226,333,376	157,053,808	121,412,357	83,612,390	102,971,102	72,544,355	25,103,403	13,100,726	27,928,765
Owner's Earnings Margin	42.17%	39.27%	35.01%	52.03%	43.57%	48.60%	40.19%	37.73%	31.27%	38.57%	35.53%	31.21%	25.96%	34.94%	26.10%	11.70%	9.07%	15.12%

Balance Sheet Margins

Metric	3Y Avg	5Y Avg	10Y Avg	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
Revenue	538,294,139	541,711,371	443,426,017	440,121,768	628,861,709	545,898,941	506,885,649	586,788,787	442,005,157	389,001,926	322,021,596	294,706,372	277,968,260	214,478,069	144,427,536	184,692,029
Cash & Cash Equivalents	5,782	227,814	1,334,903	1,189	4,321	11,837	336,345	785,378	266,139	256,283	2,729,587	1,685,326	7,272,630	2,421,932	1,098,469	1,556,962
Cash & Cash Equivalents Margin	0.00%	0.04%	0.44%	0.00%	0.00%	0.00%	0.07%	0.13%	0.06%	0.07%	0.85%	0.57%	2.62%	1.13%	0.76%	0.84%
Short-Term Investments	319,486,534	191,691,921	96,465,060	617,765,419	231,847,415	108,846,769	0	0	0	6,191,000	0	0	0	0	0	0
Short-Term Investments Margin	65.72%	39.43%	19.88%	140.36%	36.87%	19.94%	0.00%	0.00%	0.00%	1.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Cash & Short-Term Investments	319,492,317	191,919,735	97,799,964	617,766,607	231,851,737	108,858,607	336,345	785,378	266,139	6,447,283	2,729,587	1,685,326	7,272,630	2,421,932	1,098,469	1,556,962
Cash & Short-Term Investments Margin	65.72%	39.47%	20.31%	140.36%	36.87%	19.94%	0.07%	0.13%	0.06%	1.66%	0.85%	0.57%	2.62%	1.13%	0.76%	0.84%
Net Receivables	31,085,052	17,808,746	9,604,283	43,821,768	22,514,017	26,919,372	2,076,090	-6,287,518	2,381,665	1,966,992	1,882,225	768,216	0	1,800,590	1,906,543	13,422,744
Net Receivables Margin	6.16%	3.56%	1.97%	9.96%	3.58%	4.93%	0.41%	-1.07%	0.54%	0.51%	0.58%	0.26%	0.00%	0.84%	1.32%	7.27%
Inventory	137,896,014	141,685,289	118,213,105	27,766,932	213,536,233	172,384,879	152,666,333	142,072,071	131,130,593	74,357,464	89,728,355	100,401,874	78,086,315	74,479,030	81,481,955	58,127,844
Inventory Margin	23.95%	25.23%	26.50%	6.31%	33.96%	31.58%	30.12%	24.21%	29.67%	19.11%	27.86%	34.07%	28.09%	34.73%	56.42%	31.47%
Other Current Assets	5,618,159	16,547,956	12,765,198	124,377	9,334,827	7,395,273	41,486,126	24,399,177	7,807,334	14,713,233	12,332,311	3,372,597	6,686,726	10,246,278	6,052,359	201,282
Other Current Assets Margin	0.96%	3.04%	2.81%	0.03%	1.48%	1.35%	8.18%	4.16%	1.77%	3.78%	3.83%	1.14%	2.41%	4.78%	4.19%	0.11%
Total Current Assets	495,352,138	370,309,118	241,138,757	689,485,628	479,863,902	316,706,883	196,074,319	169,414,858	143,252,323	104,031,818	108,645,871	111,866,293	92,045,671	88,003,208	89,123,432	73,605,022
Total Current Assets Margin	96.99%	71.71%	52.25%	156.66%	76.31%	58.02%	38.68%	28.87%	32.41%	26.74%	33.74%	37.96%	33.11%	41.03%	61.71%	39.85%
Property, Plant & Equipment	33,434,557	35,316,713	29,522,872	30,917,904	33,409,323	35,976,446	37,545,728	38,734,165	39,345,873	42,910,539	22,490,974	7,104,222	6,793,545	6,840,622	7,300,514	7,648,089
Property, Plant & Equipment Margin	6.31%	6.59%	6.47%	7.02%	5.31%	6.59%	7.41%	6.60%	8.90%	11.03%	6.98%	2.41%	2.44%	3.19%	5.05%	4.14%
Goodwill	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Goodwill 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%
Intangible Assets	17,900,352	16,366,879	9,985,139	17,058,892	17,927,204	18,714,960	15,602,756	12,530,584	9,539,563	6,422,469	967,975	1,086,991	0	1,800,590	1,906,543	13,422,744
Intangible Assets Margin	3.38%	3.07%	1.98%	3.88%	2.85%	3.43%	3.08%	2.14%	2.16%	1.65%	0.30%	0.37%	0.00%	0.84%	1.32%	7.27%
Long-Term Investments	0	0	28,425	0	0	0	0	0	0	0	0	0	284,254	0	0	0
Long-Term Investments Margin	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.10%	0.00%	0.00%	0.00%
Tax Assets	463,211	496,704	391,665	332,172	538,976	518,484	629,266	464,622	488,767	266,597	244,173	229,649	203,944	51,435	294,246	29,308
Tax Assets Margin	0.09%	0.09%	0.09%	0.08%	0.09%	0.09%	0.12%	0.08%	0.11%	0.07%	0.08%	0.08%	0.07%	0.02%	0.20%	0.02%
Other Non-Current Assets	-45	-27	239,713	0	0	-136	0	0	683,016	674,584	796,026	243,145	495	608,191	610,829	136,474
Other Non-Current Assets Margin	0.00%	0.00%	0.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.15%	0.17%	0.25%	0.08%	0.00%	0.28%	0.42%	0.07%
Other Assets	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%
Total Non-Current Assets	51,798,075	52,180,269	40,288,415	48,308,967	51,875,503	55,209,753	53,777,750	51,729,371	50,057,219	50,274,189	24,499,149	8,664,007	8,488,245	7,500,384	8,205,725	7,814,008
Total Non-Current Assets Margin	9.78%	9.75%	8.66%	10.98%	8.25%	10.11%	10.61%	8.82%	11.33%	12.92%	7.61%	2.94%	3.05%	3.50%	5.68%	4.23%
Total Assets	547,150,212	422,489,387	281,427,172	737,794,595	531,739,406	371,916,636	249,852,069	221,144,229	193,309,542	154,306,007	133,145,020	120,530,301	100,533,916	95,503,592	97,329,157	81,419,030
Total Assets Margin	106.77%	81.46%	60.91%	167.63%	84.56%	68.13%	49.29%	37.69%	43.73%	39.67%	41.35%	40.90%	36.17%	44.53%	67.39%	44.08%
Accounts Payable	370,523	3,723,116	15,805,707	359,771	514,992	236,806	17,381,319	122,693	19,743,285	3,125,737	48,260,925	28,219,767	40,091,777	43,029,765	33,875,716	10,905,595
Accounts Payable Margin	0.07%	0.73%	4.79%	0.08%	0.08%	0.04%	3.43%	0.02%	4.47%	0.80%	14.99%	9.58%	14.42%	20.06%	23.46%	5.90%
Short-Term Debt	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short-Term Debt 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%
Tax Payables	8,492,896	8,090,421	7,653,173	1,613,139	13,922,271	9,943,278	10,642,143	4,331,273	10,523,759	13,124,326	4,655,781	7,775,760	0	1,122,527	2,634,939	1,942,513
Tax Payables Margin	1.47%	1.45%	1.71%	0.37%	2.21%	1.82%	2.10%	0.74%	2.38%	3.37%	1.45%	2.64%	0.00%	0.52%	1.82%	1.05%
Deferred Revenue	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Revenue 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%
Other Current Liabilities	13,531,157	8,417,628	5,076,102	34,913,352	5,580,741	99,378	644,706	849,962	1,504,363	1,588,041	2,439,440	1,581,082	1,559,959	1,462,314	1,462,314	1,471,143
Other Current Liabilities Margin	2.95%	1.82%	1.17%	7.93%	0.89%	0.02%	0.13%	0.14%	0.34%	0.41%	0.76%	0.54%	0.56%	0.68%	1.01%	0.80%
Total Current Liabilities	22,585,994	46,601,618	43,108,350	36,927,804	20,203,140	10,627,037	96,298,132	68,951,978	52,287,267	23,635,195	50,700,365	29,800,849	41,651,736	44,492,080	46,672,587	35,369,208
Total Current Liabilities Margin	4.52%	8.86%	10.30%	8.39%	3.21%	1.95%	19.00%	11.75%	11.83%	6.08%	15.74%	10.11%	14.98%	20.74%	32.32%	19.15%
Long-Term Debt	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Long-Term Debt 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%
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations 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%
Deferred Tax Liabilities	21,738,677	22,562,889	19,821,324	6,124,571	30,881,129	28,210,332	25,163,307	22,435,107	19,991,073	11,165,048	18,551,876	20,435,005	15,255,788	14,261,922	15,851,597	11,158,510
Deferred Tax Liabilities Margin	3.82%	4.05%	4.58%	1.39%	4.91%	5.17%	4.96%	3.82%	4.52%	2.87%	5.76%	6.93%	5.49%	6.65%	10.98%	6.04%
Other Non-Current Liabilities	735,549	1,021,594	670,597	0	0	2,206,646	1,798,535	1,102,790	1,269,044	328,953	0	0	0	0	0	0
Other Non-Current Liabilities Margin	0.13%	0.19%	0.13%	0.00%	0.00%	0.40%	0.35%	0.19%	0.29%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Non-Current Liabilities	22,474,226	23,584,483	20,491,920	6,124,571	30,881,129	30,416,977	26,961,842	23,537,897	21,260,117	11,494,000	18,551,876	20,435,005	15,255,788	14,261,922	15,851,597	11,158,510
Total Non-Current Liabilities Margin	3.96%	4.24%	4.72%	1.39%	4.91%	5.57%	5.32%	4.01%	4.81%	2.95%	5.76%	6.93%	5.49%	6.65%	10.98%	6.04%
Total Liabilities	45,060,219	70,186,102	63,600,271	43,052,375	51,084,269	41,044,015	123,259,975	92,489,875	73,547,384	35,129,195	69,252,241	50,235,854	56,907,523	58,754,002	62,524,184	46,527,718
Total Liabilities Margin	8.47%	13.10%	15.02%	9.78%	8.12%	7.52%	24.32%	15.76%	16.64%	9.03%	21.51%	17.05%	20.47%	27.39%	43.29%	25.19%
Preferred Stock	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%
Common Stock	247,640	247,640	247,640	247,640	247,640	247,640	247,640	247,640	247,640	247,640	247,640	247,640	247,640	247,640	247,640	247,640
Common Stock Margin	0.05%	0.05%	0.06%	0.06%	0.04%	0.05%	0.05%	0.04%	0.06%	0.06%	0.08%	0.08%	0.09%	0.12%	0.17%	0.13%
Retained Earnings	501,752,732	351,966,024	217,489,641	694,404,959	480,317,876	330,535,360	126,254,834	128,317,093	119,424,898	118,839,551	63,555,518	69,957,186	43,289,131	36,412,329	34,467,711	34,554,051
Retained Earnings Margin	98.23%	68.30%	45.81%	157.78%	76.38%	60.55%	24.91%	21.87%	27.02%	30.55%	19.74%	23.74%	15.57%	16.98%	23.87%	18.71%
Accumulated OCI	-2,132,667	-3,076,927	-2,243,065	0	0	-6,398,002	-5,177,620	-3,809,013	-2,558,307	-1,386,474	-1,205,375	-1,024,833	-871,024	-691,547	-566,464	-427,947
Accumulated OCI Margin	-0.39%	-0.57%	-0.48%	0.00%	0.00%	-1.17%	-1.02%	-0.65%	-0.58%	-0.36%	-0.37%	-0.35%	-0.31%	-0.32%	-0.39%	-0.23%
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest 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%
Total Shareholders’ Equity	502,089,993	352,303,285	217,826,901	694,742,220	480,655,137	330,872,621	126,592,095	128,654,354	119,762,159	119,176,812	63,892,779	70,294,447	43,626,392	36,749,590	34,804,972	34,891,312
Total Shareholders’ Equity Margin	98.30%	68.36%	45.89%	157.85%	76.43%	60.61%	24.97%	21.93%	27.10%	30.64%	19.84%	23.85%	15.69%	17.13%	24.10%	18.89%
Total Equity	502,089,993	352,303,285	217,826,901	694,742,220	480,655,137	330,872,621	126,592,095	128,654,354	119,762,159	119,176,812	63,892,779	70,294,447	43,626,392	36,749,590	34,804,972	34,891,312
Total Equity Margin	98.30%	68.36%	45.89%	157.85%	76.43%	60.61%	24.97%	21.93%	27.10%	30.64%	19.84%	23.85%	15.69%	17.13%	24.10%	18.89%
Total Liabilities & Equity	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%
Total Investments	319,486,534	191,691,921	96,517,800	617,765,419	231,847,415	108,846,769	0	0	0	6,191,000	0	243,145	284,254	597,097	597,097	120,105
Total Investments Margin	65.72%	39.43%	19.89%	140.36%	36.87%	19.94%	0.00%	0.00%	0.00%	1.59%	0.00%	0.08%	0.10%	0.28%	0.41%	0.07%
Net Debt	-5,782	-227,814	-1,334,903	-1,189	-4,321	-11,837	-336,345	-785,378	-266,139	-256,283	-2,729,587	-1,685,326	-7,272,630	-2,421,932	-1,098,469	-1,556,962
Net Debt Margin	0.00%	-0.04%	-0.44%	0.00%	0.00%	0.00%	-0.07%	-0.13%	-0.06%	-0.07%	-0.85%	-0.57%	-2.62%	-1.13%	-0.76%	-0.84%

Capital Metrics

Metric	3Y Avg	5Y Avg	10Y Avg	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
Revenue	538,294,139	541,711,371	443,426,017	440,121,768	628,861,709	545,898,941	506,885,649	586,788,787	442,005,157	389,001,926	322,021,596	294,706,372	277,968,260	214,478,069	144,427,536	184,692,029
Working Capital	472,766,144	323,707,500	198,030,406	652,557,823	459,660,763	306,079,845	99,776,187	100,462,880	90,965,056	80,396,623	57,945,506	82,065,444	50,393,935	43,511,128	42,450,845	38,235,814
Working Capital Margin	92.48%	62.85%	41.95%	148.27%	73.09%	56.07%	19.68%	17.12%	20.58%	20.67%	17.99%	27.85%	18.13%	20.29%	29.39%	20.70%
Total Capital	502,089,993	352,303,285	217,826,901	694,742,220	480,655,137	330,872,621	126,592,095	128,654,354	119,762,159	119,176,812	63,892,779	70,294,447	43,626,392	36,749,590	34,804,972	34,891,312
Total Capital Margin	98.30%	68.36%	45.89%	157.85%	76.43%	60.61%	24.97%	21.93%	27.10%	30.64%	19.84%	23.85%	15.69%	17.13%	24.10%	18.89%
Capital Employed	524,564,218	375,887,769	238,318,822	700,866,791	511,536,266	361,289,599	153,553,937	152,192,251	141,022,275	130,670,812	82,444,655	90,729,452	58,882,180	51,011,512	50,656,570	46,049,822
Capital Employed Margin	102.26%	72.60%	50.61%	159.24%	81.34%	66.18%	30.29%	25.94%	31.91%	33.59%	25.60%	30.79%	21.18%	23.78%	35.07%	24.93%
Invested Capital	502,084,210	352,075,471	216,491,998	694,741,031	480,650,816	330,860,784	126,255,750	127,868,976	119,496,020	118,920,529	61,163,192	68,609,120	36,353,762	34,327,659	33,706,503	33,334,350
Invested Capital Margin	98.30%	68.32%	45.45%	157.85%	76.43%	60.61%	24.91%	21.79%	27.03%	30.57%	18.99%	23.28%	13.08%	16.01%	23.34%	18.05%

Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	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
Revenue	538,294,139	541,711,371	443,426,017	440,121,768	628,861,709	545,898,941	506,885,649	586,788,787	442,005,157	389,001,926	322,021,596	294,706,372	277,968,260	214,478,069	144,427,536	184,692,029
Net Income	68,640,372	118,117,242	112,767,079	0	0	205,921,117	158,440,889	226,224,204	156,941,132	121,284,018	83,484,620	102,830,455	72,544,355	25,103,403	13,100,726	27,928,765
Net Income Margin	12.57%	21.51%	26.11%	0.00%	0.00%	37.72%	31.26%	38.55%	35.51%	31.18%	25.93%	34.89%	26.10%	11.70%	9.07%	15.12%
Depreciation & Amortization	10,248	42,178	72,032	0	0	30,745	70,974	109,172	112,676	128,339	127,770	140,647	0	0	0	0
Depreciation & Amortization Margin	0.00%	0.01%	0.02%	0.00%	0.00%	0.01%	0.01%	0.02%	0.03%	0.03%	0.04%	0.05%	0.00%	0.00%	0.00%	0.00%
Deferred Income Tax	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%
Stock-Based Compensation	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%
Change in Working Capital	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change in Working Capital 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%
Accounts Receivable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accounts Receivable 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%
Inventory	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%
Accounts Payable	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%
Other Working Capital	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Working Capital 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%
Other Non-Cash Items	-68,650,620	-118,159,420	-112,839,111	0	0	-205,951,861	-158,511,863	-226,333,376	-157,053,808	-121,412,357	-83,612,390	-102,971,102	-72,544,355	-25,103,403	-13,100,726	-27,928,765
Other Non-Cash Items Margin	-12.58%	-21.51%	-26.13%	0.00%	0.00%	-37.73%	-31.27%	-38.57%	-35.53%	-31.21%	-25.96%	-34.94%	-26.10%	-11.70%	-9.07%	-15.12%
Net Cash from Operating Activities	131,256,006	147,043,149	122,279,024	0	214,304,536	179,463,482	166,515,872	174,931,856	134,996,402	104,898,286	104,565,148	92,510,887	50,603,773	0	0	0
Net Cash from Operating Activities Margin	22.32%	25.92%	26.92%	0.00%	34.08%	32.87%	32.85%	29.81%	30.54%	26.97%	32.47%	31.39%	18.20%	0.00%	0.00%	0.00%
Capital Expenditures (PPE)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Expenditures (PPE) 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%
Acquisitions (Net)	0	0	705	0	0	0	0	0	0	7,045	0	0	0	0	0	0
Acquisitions (Net) 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%
Purchases of Investments	-205,921,806	-123,553,084	-61,776,542	-385,918,003	-123,000,646	-108,846,769	0	0	0	0	0	0	0	0	0	-476,992
Purchases of Investments Margin	-42.39%	-25.44%	-12.72%	-87.68%	-19.56%	-19.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.26%
Sales / Maturities of Investments	0	0	5,609	0	0	0	0	0	49,045	7,045	0	0	0	0	0	0
Sales / Maturities of Investments Margin	0.00%	0.00%	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%
Other Investing Activities	7,089,640	3,506,228	-1,894,659	13,561,967	11,652,292	-3,945,339	-3,726,833	-10,946	6,181,367	-26,938,180	-14,987,817	-586,102	-146,999	8,333	90,711	-12,927
Other Investing Activities Margin	1.40%	0.69%	-0.70%	3.08%	1.85%	-0.72%	-0.74%	0.00%	1.40%	-6.92%	-4.65%	-0.20%	-0.05%	0.00%	0.06%	-0.01%
Net Cash from Investing Activities	-198,832,166	-120,046,855	-63,664,887	-372,356,036	-111,348,354	-112,792,108	-3,726,833	-10,946	6,230,412	-26,924,089	-14,987,817	-586,102	-146,999	8,333	90,711	-489,919
Net Cash from Investing Activities Margin	-40.99%	-24.74%	-13.41%	-84.60%	-17.71%	-20.66%	-0.74%	0.00%	1.41%	-6.92%	-4.65%	-0.20%	-0.05%	0.00%	0.06%	-0.27%
Net Debt Issuance	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Debt 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%
Long-Term Debt Issuance	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Long-Term Debt 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%
Short-Term Debt Issuance	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short-Term Debt 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%
Net Stock Issuance	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%
Common Stock Issuance	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%
Common Stock Repurchased	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%
Preferred Stock Issuance	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%
Net Dividends Paid	-34,321,067	-88,068,119	-89,479,962	0	-102,963,202	0	-163,234,977	-174,142,417	-141,012,952	-82,687,095	-88,679,834	-96,815,279	-45,263,862	0	0	0
Net Dividends Paid Margin	-5.46%	-15.65%	-20.81%	0.00%	-16.37%	0.00%	-32.20%	-29.68%	-31.90%	-21.26%	-27.54%	-32.85%	-16.28%	0.00%	0.00%	0.00%
Common Dividends Paid	-56,718,628	-101,506,655	-96,199,230	0	-102,963,202	-67,192,681	-163,234,977	-174,142,417	-141,012,952	-82,687,095	-88,679,834	-96,815,279	-45,263,862	-12,629,640	0	0
Common Dividends Paid Margin	-9.56%	-18.11%	-22.04%	0.00%	-16.37%	-12.31%	-32.20%	-29.68%	-31.90%	-21.26%	-27.54%	-32.85%	-16.28%	-5.89%	0.00%	0.00%
Preferred Dividends Paid	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%
Other Financing Activities	0	0	12,529	0	0	0	0	0	125,293	0	0	0	0	0	0	0
Other Financing Activities Margin	0.00%	0.00%	0.00%	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%
Net Cash from Financing Activities	-56,718,628	-101,506,655	-96,186,701	0	-102,963,202	-67,192,681	-163,234,977	-174,142,417	-140,887,658	-82,687,095	-88,679,834	-96,815,279	-45,263,862	0	0	0
Net Cash from Financing Activities Margin	-9.56%	-18.11%	-22.04%	0.00%	-16.37%	-12.31%	-32.20%	-29.68%	-31.87%	-21.26%	-27.54%	-32.85%	-16.28%	0.00%	0.00%	0.00%
Effect of FX on Cash	65,426	-13,214	95,197	-25	-495	196,800	-3,096	-259,254	-329,299	2,239,594	146,764	-696,809	-342,214	0	0	0
Effect of FX on Cash Margin	0.01%	0.00%	0.02%	0.00%	0.00%	0.04%	0.00%	-0.04%	-0.07%	0.58%	0.05%	-0.24%	-0.12%	0.00%	0.00%	0.00%
Net Change in Cash	-111,719	-52,990	-242,074	-3,133	-7,516	-324,507	-449,033	519,239	9,856	-2,473,305	1,044,261	-5,587,303	4,850,698	1,323,462	-458,493	1,330,359
Net Change in Cash Margin	-0.02%	-0.01%	-0.05%	0.00%	0.00%	-0.06%	-0.09%	0.09%	0.00%	-0.64%	0.32%	-1.90%	1.75%	0.62%	-0.32%	0.72%
Cash at Beginning of Period	117,501	280,804	1,576,978	4,321	11,837	336,345	785,378	266,139	256,283	2,729,587	1,685,326	7,272,630	2,421,932	1,098,469	1,556,962	226,603
Cash at Beginning of Period Margin	0.02%	0.05%	0.49%	0.00%	0.00%	0.06%	0.15%	0.05%	0.06%	0.70%	0.52%	2.47%	0.87%	0.51%	1.08%	0.12%
Cash at End of Period	5,782	227,814	1,334,903	1,189	4,321	11,837	336,345	785,378	266,139	256,283	2,729,587	1,685,326	7,272,630	2,421,932	1,098,469	1,556,962
Cash at End of Period Margin	0.00%	0.04%	0.44%	0.00%	0.00%	0.00%	0.07%	0.13%	0.06%	0.07%	0.85%	0.57%	2.62%	1.13%	0.76%	0.84%
Operating Cash Flow	131,256,006	147,043,149	122,279,024	0	214,304,536	179,463,482	166,515,872	174,931,856	134,996,402	104,898,286	104,565,148	92,510,887	50,603,773	0	0	0
Operating Cash Flow Margin	22.32%	25.92%	26.92%	0.00%	34.08%	32.87%	32.85%	29.81%	30.54%	26.97%	32.47%	31.39%	18.20%	0.00%	0.00%	0.00%
Capital Expenditure	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Expenditure 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%
Free Cash Flow	255,373,649	221,513,735	159,514,317	372,352,928	214,304,536	179,463,482	166,515,872	174,931,856	134,996,402	104,898,286	104,565,148	92,510,887	50,603,773	0	0	0
Free Cash Flow Margin	50.52%	42.84%	35.38%	84.60%	34.08%	32.87%	32.85%	29.81%	30.54%	26.97%	32.47%	31.39%	18.20%	0.00%	0.00%	0.00%

Free Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	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
Revenue	538,294,139	541,711,371	443,426,017	440,121,768	628,861,709	545,898,941	506,885,649	586,788,787	442,005,157	389,001,926	322,021,596	294,706,372	277,968,260	214,478,069	144,427,536	184,692,029
EBITDA	272,462,992	260,148,296	198,648,858	242,477,994	316,108,745	258,802,237	199,452,896	283,899,610	196,109,893	153,286,919	103,837,817	135,487,546	97,024,919	32,161,898	17,585,969	37,742,292
EBITDA Margin	50.92%	48.10%	43.74%	55.09%	50.27%	47.41%	39.35%	48.38%	44.37%	39.41%	32.25%	45.97%	34.91%	15.00%	12.18%	20.44%
(-) Tax Adjustment	54,803,005	52,558,760	40,189,753	48,180,302	63,372,059	52,856,655	40,839,651	57,545,132	39,078,537	31,901,271	20,831,113	27,031,403	20,261,412	7,154,300	4,485,243	9,813,527
(-) Tax Adjustment Margin	10.24%	9.71%	8.85%	10.95%	10.08%	9.68%	8.06%	9.81%	8.84%	8.20%	6.47%	9.17%	7.29%	3.34%	3.11%	5.31%
(-) Change In Working Capital	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
(-) Change In Working Capital 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%
(-) Capital Expenditure	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
(-) Capital Expenditure 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%
Unlevered Free Cash Flow	217,659,987	207,589,537	158,459,104	194,297,691	252,736,687	205,945,582	158,613,246	226,354,478	157,031,355	121,385,648	83,006,704	108,456,144	76,763,506	25,007,598	13,100,726	27,928,765
Unlevered Free Cash Flow Margin	40.69%	38.39%	34.89%	44.15%	40.19%	37.73%	31.29%	38.58%	35.53%	31.20%	25.78%	36.80%	27.62%	11.66%	9.07%	15.12%
(-) Net Interest Income After Taxes	8,693,723	5,232,920	1,661,605	14,732,396	9,298,047	2,050,727	4,234	79,195	285,770	142,106	-181,896	-5,513,103	-4,281,426	-3,571,711	-3,551,623	-4,168,684
(-) Net Interest Income After Taxes Margin	1.73%	1.04%	0.18%	3.35%	1.48%	0.38%	0.00%	0.01%	0.06%	0.04%	-0.06%	-1.87%	-1.54%	-1.67%	-2.46%	-2.26%
Net Debt Issuance	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Debt 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%
Levered Free Cash Flow	208,966,263	202,356,617	156,797,499	179,565,296	243,438,639	203,894,855	158,609,011	226,275,283	156,745,585	121,243,542	83,188,600	113,969,246	81,044,932	28,579,309	16,652,348	32,097,448
Levered Free Cash Flow Margin	38.95%	37.34%	34.70%	40.80%	38.71%	37.35%	31.29%	38.56%	35.46%	31.17%	25.83%	38.67%	29.16%	13.33%	11.53%	17.38%