BRF SA ADR
Buy, Hold or Sell?

Let's analyse BRF SA ADR together

Penke I guess you are interested in BRF SA ADR. Buy, hold or sell? I don't know! However, I do recommend doing research before doing anything. I will help you with that.

I'm going to help you getting a better view of BRF SA ADR. At the end you don't have to ask anyone for trading advice. You can make your own decision, with more confidence, the odds in your favor, backed by data.

You can find me behind Let's Analyse Together in the top-right of each section.

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Quick analysis of BRF SA ADR (30 sec.)

What can you expect buying and holding a share of BRF SA ADR? (30 sec.)

How much money do you get?

$0.00

When do you have the money?

1 year

How often do you get paid?

35.0%

What is your share worth?

Current worth

$9.32

Expected worth in 1 year

$17.38

How sure are you?

50.0%

+ What do you gain per year?

Total Gains per Share

$8.06

Return On Investment

237.6%

For what price can you sell your share?

Current Price per Share

$3.39

Expected price per share

$3.02 - $3.52

How sure are you?

50%

1. Valuation of BRF SA ADR (5 min.)

Live pricePrice per Share (EOD)

$3.39

Book Value per Share

$9.32

Intrinsic Value Per Share

$1.18 - $12.85

Total Value Per Share

$10.50 - $22.17

My calculation of the intrinsic value of BRF SA ADR is based how much money is coming from the company's main activities (Free Cash Flow).

The following numbers are based on moving averages and per share and per quarter.
I use a 6% discount rate for the low estimation and 3% for the high estimation.
The current Free Cash Flow Per Share is 10Y: ($0.04) 3Y: ($0.03) TTM: ($0.05)
The change per quarter (trend) of the Free Cash Flow Per Share is 10Y: ($0.00) 3Y: ($0.02) TTM: ($0.01)

Years	Total Low est.	Total High est.	Added Free Cash Flow
1	$0.13	$0.31	$0.14 - $0.42
2	$0.26	$0.88	$0.14 - $0.70
3	$0.38	$1.68	$0.15 - $0.97
4	$0.50	$2.71	$0.15 - $1.25
5	$0.62	$3.94	$0.16 - $1.52
6	$0.74	$5.38	$0.17 - $1.80
7	$0.86	$7.00	$0.17 - $2.07
8	$0.97	$8.79	$0.18 - $2.35
9	$1.08	$10.75	$0.18 - $2.62
10	$1.18	$12.85	$0.19 - $2.90

2. Growth of BRF SA ADR (5 min.)

Is BRF SA ADR growing?

	Current year	Previous year	Grow	Grow %
How rich?	$15.6b	$2.3b	$3.2b	57.7%

How much money is BRF SA ADR making?

	Current year	Previous year	Grow	Grow %
Making money	-$98m	-$153.3m	$55.3m	56.5%
Net Profit Margin	-4.1%	-6.3%	-	-

How much money comes from the company's main activities?

Quarterly Yearly

3. Financial Health of BRF SA ADR (5 min.)

4. Comparing to competitors in the Packaged Foods industry (5 min.)

Industry Rankings (Packaged Foods)

Richest
#10 / 493

Most Revenue
#47 / 493

Most Profit
#485 / 493

Most Efficient
#402 / 493

What can you expect buying and holding a share of BRF SA ADR? (5 min.)

Welcome investor! BRF SA ADR's management wants to use your money to grow the business. In return you get a share of BRF SA ADR.

What can you expect buying and holding a share of BRF SA ADR?

First you should know what it really means to hold a share of BRF SA ADR. And how you can make/lose money.

Speculation

The Price per Share of BRF SA ADR is $3.39. The market price reflects what other people think it is worth; not what it's really worth. Your job is to find out if the market price is fair, overpriced, or underpriced. I will help you with that.

If you buy blind, there is a 50% chance of making or losing money by selling the stock in the future. However, we can look at a few things to determine the odds in our favor:

The fundamentals: the financial health trends of BRF SA ADR.
The technials: based on market psychology, we can make a calculated estimate of what the price will do in the future. We can do this through technical analysis. We can calculate the probabilities and the expected value (millionaire math). That's called speculation.
The book value: what is the market price compared to it's book value.

Investing

If you really want to invest in BRF SA ADR, you will have to let go of the thought of selling in the future. If you have to sell the share for less than you bought it, it can still be a good investment. Focus on what it means to hold the stock forever:

You own a part of the company. The equity of this part can grow or shrink. The current Book Value per Share is $9.32. Based on the TTM, the Book Value Change Per Share is $2.01 per quarter. Based on the YOY, the Book Value Change Per Share is $0.06 per quarter.
You may receive quarterly/yearly dividend in the form of additional shares.
You may receive quarterly/yearly dividend in the form of cash. Based on the TTM the Dividend per Share is $0.00 per quarter.

Based on historical numbers we can estimate the returns while holding a share of BRF SA ADR.

How much money are you going to get?

	MRQ		TTM		YOY		5Y		10Y
	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share
Usd Eps	0.09	2.6%	-0.03	-0.9%	-0.09	-2.7%	-0.01	-0.4%	-0.01	-0.2%
Usd Book Value Change Per Share	7.58	223.7%	2.01	59.4%	0.06	1.7%	0.42	12.5%	0.19	5.6%
Usd Dividend Per Share	0.00	0.0%	0.00	0.0%	0.00	0.0%	0.00	0.0%	0.02	0.6%
Usd Total Gains Per Share	7.58	223.7%	2.01	59.4%	0.06	1.7%	0.42	12.5%	0.21	6.3%
Usd Price Per Share	2.78	-	2.00	-	2.61	-	4.16	-	9.48	-
Price to Earnings Ratio	7.99	-	-4.15	-	-15.00	-	15.43	-	379.42	-
Price-to-Total Gains Ratio	0.37	-	-3.13	-	21.56	-	-127.56	-	-19.13	-
Price to Book Ratio	0.30	-	1.05	-	1.81	-	4.11	-	6.81	-
Price-to-Total Gains Ratio	0.37	-	-3.13	-	21.56	-	-127.56	-	-19.13	-

When do you get the money?

Usd Investment	$.00
Usd Price Per Share	3.39
Number of shares	294

Gains per Quarter	Trailing 12 Months	5 Year
Usd Dividend Per Share	0.00	0.00
Usd Book Value Change Per Share	2.01	0.42
Usd Total Gains Per Share	2.01	0.42
Gains per Quarter (294 shares)	592.12	124.11
Gains per Year (294 shares)	2,368.47	496.46

Years	Return on Investment (TTM)			Return on Investment (5Y)
	Dividend	Book Value gain	Total gains	Dividend	Book Value gain	Total gains
Broker costs	-	-	-10	-	-	-10
1	0	2368	2358	0	496	486
2	0	4737	4726	0	993	982
3	0	7105	7094	0	1489	1478
4	0	9474	9462	0	1986	1974
5	0	11842	11830	0	2482	2470
6	0	14211	14198	0	2979	2966
7	0	16579	16566	0	3475	3462
8	0	18948	18934	0	3972	3958
9	0	21316	21302	0	4468	4454
10	0	23684	23670	0	4964	4950

How sure are you?

Based on the past periods, how sure are you to get value out of your investment.

Linear %

	Trailing 12 Months				3Y				5 Year				10 Year				ALLTIME
				%				%				%				%				%
Earnings Per Share	1.0	3.0	0.0	25.0%	3.0	9.0	0.0	25.0%	9.0	11.0	0.0	45.0%	22.0	18.0	0.0	55.0%	72.0	21.0	0.0	77.4%
Book Value Change Per Share	2.0	1.0	1.0	50.0%	6.0	5.0	1.0	50.0%	9.0	8.0	3.0	45.0%	14.0	20.0	6.0	35.0%	41.0	32.0	20.0	44.1%
Dividend per Share	1.0	0.0	3.0	25.0%	3.0	0.0	9.0	25.0%	3.0	0.0	17.0	15.0%	14.0	0.0	26.0	35.0%	34.0	0.0	59.0	36.6%
Total Gains per Share	2.0	1.0	1.0	50.0%	6.0	5.0	1.0	50.0%	9.0	8.0	3.0	45.0%	20.0	16.0	4.0	50.0%	57.0	26.0	10.0	61.3%

Fundamentals of BRF SA ADR

About BRF SA ADR

https://www.brf-global.com
Packaged Foods
100000
Av. Das NaCOes Unidas, São Paulo, SP, Brazil, 04794-000
Google Maps Bing Maps

BRF S.A. engages in raising, producing, and slaughtering poultry and pork for processing, production, and sale of fresh meat, processed products, pasta, margarine, pet food, and other products. The company's product portfolio comprises meat products, including frozen whole and cut chicken, frozen pork, and turkey; processed food products, such as marinated, frozen, whole, and cut chicken, roosters, sausages, ham products, bologna, frankfurters, salamis, bacon, cold meats, other smoked products; and frozen processed meats comprising hamburgers, steaks, breaded meat products, kibbeh, and meatballs, as well as chicken sausages, chicken hot dogs, and chicken bologna. It also produces and sells frozen prepared meals, such as lasagna, macaroni and cheese, pies, ready-to-eat meals, pizzas, and other frozen foods; plant-based products, such as nuggets, pies, vegetables, and burgers; frozen desserts and cheese bread; spreads, that includes margarine, butter, cream cheese, and pate, as well as animal feed and hatcheries. The company primarily sells its products under the Sadia, Perdigão, Qualy, Chester, Kidelli, Perdix, Biofresh, Gran Plus, and Banvit brands. It serves supermarkets, wholesalers, retail stores, food services, restaurants, and other institutional buyers. The company is also involved in the provision of consultancy, marketing, and logistics services; generation and commercialization of electric energy; and import, industrialization, and commercialization of products. BRF S.A. operates primarily in Brazil, the Americas, Eurasia, Europe, Malaysia, the Middle East, Africa, Asia, and internationally. The company was formerly known as BRF-Brasil Foods S.A. and changed its name to BRF S.A. in April 2013. BRF S.A. was founded in 1934 and is headquartered in São Paulo, Brazil. BRF S.A. operates as a subsidiary of Marfrig Global Foods S.A.

Fundamental data was last updated by Penke on 2024-04-13 08:04:03.

Financial Health

Profitability Details

	Compared to previous year	Compared to industry
The company is making a loss.
Using its assets, the company is very inefficient in making profit.
Using its investors money, the company is very inefficient in making profit.

Operating Efficiency Details

	Compared to previous year	Compared to industry
The company is operating less efficient.
The company is less efficient in keeping operating costs low.

Liquidity Details

	Compared to previous year	Compared to industry
The company is just able to pay all its short-term debts.
The company is just not able to pay all its short-term debts with the most liquid assets.

Solvency Details

	Compared to previous year	Compared to industry
The company is just able to pay all its debts by selling its assets.
The company is unable to pay all its debts with equity.

Valuation

Valuation Details

	Compared to previous year	Compared to industry
Based on the equity, the company is underpriced.
Based on the earnings, the company is expensive.
Based on how much money comes from the company's main activities, the company is underpriced.

1.1. Profitability of BRF SA ADR.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit BRF SA ADR earns for each $1 of revenue.

Above 10% is considered healthy but always compare BRF SA ADR to the Packaged Foods industry mean.
A Net Profit Margin of 5.2% means that $0.05 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of BRF SA ADR:

The MRQ is 5.2%. The company is making a profit. +1
The TTM is -4.1%. The company is making a loss. -1

Trends

Current period		Compared to		+/-
MRQ	5.2%	TTM	-4.1%	+9.3%
TTM	-4.1%	YOY	-6.3%	+2.1%
TTM	-4.1%	5Y	-2.2%	-1.9%
5Y	-2.2%	10Y	-1.4%	-0.8%

Compared to industry (Packaged Foods)

Period	Company	Industry (mean)	+/-
MRQ	5.2%	3.0%	+2.2%
TTM	-4.1%	2.9%	-7.0%
YOY	-6.3%	2.9%	-9.2%
5Y	-2.2%	3.2%	-5.4%
10Y	-1.4%	3.6%	-5.0%

Measures how much net profit BRF SA ADR earns for each $1 of revenue.

Revenue is the amount of profit BRF SA ADR generates before taxes and all other costs. For example, when you buy a cup of coffee it will cost you $3. The company does not earn $3 in profit but also has to pay various costs and taxes to create that cup of coffee. Let's assume the cost of creating a cup of coffee is $1.5.

The $3 you pay for a cup of coffee is called revenue.
The $1.5 that’s left over when all costs to create that cup of coffee (including taxes) are deduced from the revenue is called net profit.

The net profit margin looks at how much net profit BRF SA ADR earns for each $1 in revenue.

How to use net profit margin

Higher profit margin is better (more profit).
Above 10% is considered healthy but always compare BRF SA ADR to the Packaged Foods industry mean.
Can be used to compare companies within the Packaged Foods industry.

You typically want a high profit margin. This means that for each $1 in sales, BRF SA ADR makes more profit. This shows the investor how efficiently BRF SA ADR is operating in general and compared to other companies in the same industry. BRF SA ADR operates in the Packaged Foods industry.

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of BRF SA ADR. If profit margins remain low (compared to the Packaged Foods industry mean) and there are no improvements to make in production costs or other areas that might be a warning sign. If profit margins are high that means the company has low overhead costs and is efficiently using its resources to generate profit.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Net Profit Margin of BRF SA ADR is 0.05. This means that BRF SA ADR earned $0.05 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Net Profit Margin of the Packaged Foods industry is 3.0%.
What is the trend?
The trend is important because it shows you how BRF SA ADR is performing over time. The most recent quarter might be important if BRF SA ADR released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for BRF SA ADR up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare BRF SA ADR with other companies in the same industry (Packaged Foods).
Net profit margin should rise over the years.
Can be influenced when BRF SA ADR sells assets (profit will increase while costs remain the same).
It won’t show what part of BRF SA ADR is doing great or needs improvement (it only looks at total revenue and total net income).

How to calculate net profit margin

Net profit margin = net income / total revenue * 100%

Real example of BRF SA ADR

You need the following data to determine net profit margin:

Income statement from the period you want to calculate (for example, MRQ or TTM).

Net income MRQ BRF SA ADR = 751,382
Total revenue MRQ BRF SA ADR = 14,426,294
$751,382 / $14,426,294 = 0.05 or 5.2%

Higher is better

The higher the net profit margin, the more efficient the company is generating income. This helps investors to determine how the company is managing money. The net profit margin is an important indicator when diving into the financial health of a company. Overall, you want to see the net profit margin rising over the years. That means the company improved their production and made it more efficient (if possible).

You can use the net profit margin to compare companies within the same industry. If there are two companies where one is much bigger but the smaller one has a higher net profit margin, that means the smaller company is more efficiently using operational costs.

Important: Profit margins can be very different between industries. Companies with assembly lines or transports are much more prone to see shifting in prices for fuel, ingredients and maintenance compared to companies that only provide services. You should never compare net profit margin between different industries.

1.1.2. Return on Assets

Shows how efficient BRF SA ADR is using its assets to generate profit.

Above 5% is considered healthy but always compare BRF SA ADR to the Packaged Foods industry mean.
0.3% Return on Assets means that BRF SA ADR generated $0.00 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of BRF SA ADR:

The MRQ is 0.3%. Using its assets, the company is inefficient in making profit. -1
The TTM is -1.2%. Using its assets, the company is very inefficient in making profit. -2

Trends

Current period		Compared to		+/-
MRQ	0.3%	TTM	-1.2%	+1.4%
TTM	-1.2%	YOY	-1.4%	+0.2%
TTM	-1.2%	5Y	-0.3%	-0.8%
5Y	-0.3%	10Y	-0.1%	-0.2%

Compared to industry (Packaged Foods)

Period	Company	Industry (mean)	+/-
MRQ	0.3%	1.3%	-1.0%
TTM	-1.2%	1.3%	-2.5%
YOY	-1.4%	1.3%	-2.7%
5Y	-0.3%	1.4%	-1.7%
10Y	-0.1%	1.6%	-1.7%

Shows how efficient BRF SA ADR is using its assets to generate profit.

For a farm, a tractor is considered an asset. The tractor helps ploughing the land making it possible to plant and harvest crops. But the tractor might be old and needing maintenance all the time reducing its efficiency. Return on assets indicates how effectively the farm is using the tractor (and other assets that help the core business) to plough the land.

How to use return on assets

Higher is better.
Above 5% is considered healthy but always compare BRF SA ADR to the Packaged Foods industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on assets in their analysis

Shows the investor how effectively BRF SA ADR is using its resources to generate profit. If the return on assets (0.3%) from BRF SA ADR are higher than the Packaged Foods mean (1.3%) that means BRF SA ADR is using its resources better than their competitors. If not, that means their competitors are more efficient in using their resources to generate profit.

An investor should always look at:

What is the current return on assets?
The current most recent quarter (MRQ) Return on Assets of BRF SA ADR is 0.3%. This means the company generated $0.00 for each $1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the Packaged Foods industry is 1.3%.
What is the trend?
The trend is important because it shows you how BRF SA ADR is performing over time. The most recent quarter might be important if BRF SA ADR released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for BRF SA ADR up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
If a company has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

How to calculate return on assets

Return on assets = net income / total assets * 100%

Real example BRF SA ADR

You need the following data to determine return on assets (ROA):

Income statement
Balance sheet

Net income MRQ (income statement) from BRF SA ADR = 751,382
Total assets MRQ (balance sheet) from BRF SA ADR = 57,272,090
751,382 / 57,272,090 = 0.00 or 0.3%

ROA is an important ratio as it will tell you how effectively BRF SA ADR is using its resources to generate profits. Example:

Bob and Kristin both sell ice cream in the summer. They both have an ice cream truck. The truck Bob owes cost him $20.000 and the truck Kristin owes cost her $1500. Over the summer, Bob earned $2000 and Kristin earned $200. To calculate the return on assets:

Bob: $2000 / $20.000 * 100% = 10%
Kristin: $200 / $1500 * 100% = 13.3%

This tells you Bob’s company is more valuable but Kristin's company is more efficient. Be aware that total assets can change over time. A transportation business will buy and sell trucks or planes all the time. Before using return on assets as a guideline, you have to know what the exact assets are. For a company that has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

1.1.3. Return on Equity

Shows how efficient BRF SA ADR is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare BRF SA ADR to the Packaged Foods industry mean.
1.0% Return on Equity means BRF SA ADR generated $0.01 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of BRF SA ADR:

The MRQ is 1.0%. Using its investors money, the company is inefficient in making profit. -1
The TTM is -6.6%. Using its investors money, the company is very inefficient in making profit. -2

Trends

Current period		Compared to		+/-
MRQ	1.0%	TTM	-6.6%	+7.6%
TTM	-6.6%	YOY	-6.8%	+0.2%
TTM	-6.6%	5Y	-1.8%	-4.9%
5Y	-1.8%	10Y	-1.7%	-0.1%

Compared to industry (Packaged Foods)

Period	Company	Industry (mean)	+/-
MRQ	1.0%	2.9%	-1.9%
TTM	-6.6%	2.7%	-9.3%
YOY	-6.8%	3.0%	-9.8%
5Y	-1.8%	2.9%	-4.7%
10Y	-1.7%	3.1%	-4.8%

Shows how efficient BRF SA ADR is using its investors money to generate profit.

A publicly traded company (any company that issues shares to the public) is owned by its shareholders. Return on equity calculates the amount of profit for every $1 the shareholders invested.

How to use return on equity

Higher is better.
Above 15%-20% is considered healthy but always compare BRF SA ADR to the Packaged Foods industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on equity in their analysis

To find out the owners/management's attitude toward their company. You typically want the owners/management to invest in the company and focus on generating profit. If not enough profit is generated (compared to the Packaged Foods industry mean), the company might not be investing their money efficiently.

The three steps every investor should look at:

What is the current return on equity?
The current most recent quarter (MRQ) Return on Equity of BRF SA ADR is 1.0%. This means BRF SA ADR generated $0.01 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Packaged Foods industry is 2.9%.
What is the trend?
The trend is important because it shows you how BRF SA ADR is performing over time. The most recent quarter might be important if BRF SA ADR released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for BRF SA ADR up to 10 years back (depending if BRF SA ADR existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Does not include intangible assets (non physical assets like licences, computer software, etc.).
Stockholders equity and shareholders equity refer to the same thing.
Liabilities should not be more than three times return on equity.

How to calculate return on equity

Return on equity = net profit / shareholders equity * 100%

Real example of BRF SA ADR

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) BRF SA ADR = 751,382
Shareholders equity (balance sheet) MRQ BRF SA ADR = 14,923,428
751,382 / 14,923,428 = 0.01 or 1.0%

A negative shareholder equity is a warning sign. It means the company has more liabilities than assets. It might also mean that the owners did not invest enough money or they are taking money out of the business.

1.2. Operating Efficiency of BRF SA ADR.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient BRF SA ADR is operating .

Measures how much profit BRF SA ADR makes for each $1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
Above 15% is considered healthy but always compare BRF SA ADR to the Packaged Foods industry mean.
An Operating Margin of 7.0% means the company generated $0.07 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of BRF SA ADR:

The MRQ is 7.0%. The company is operating less efficient.
The TTM is 1.5%. The company is operating less efficient.

Trends

Current period		Compared to		+/-
MRQ	7.0%	TTM	1.5%	+5.5%
TTM	1.5%	YOY	-0.2%	+1.7%
TTM	1.5%	5Y	5.7%	-4.2%
5Y	5.7%	10Y	3.4%	+2.3%

Compared to industry (Packaged Foods)

Period	Company	Industry (mean)	+/-
MRQ	7.0%	5.1%	+1.9%
TTM	1.5%	3.6%	-2.1%
YOY	-0.2%	4.9%	-5.1%
5Y	5.7%	5.2%	+0.5%
10Y	3.4%	5.1%	-1.7%

Measures how efficient BRF SA ADR is operating .

The more effecient a company creates products or provides services, the more profit it generates.

How to use operating margin

Higher is better
Above 15% is considered healthy but always compare BRF SA ADR to the Packaged Foods industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use operating margin in their analysis

To determine how much profit BRF SA ADR is making from it’s core business.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Operating Margin of BRF SA ADR is 7.0%. This means that BRF SA ADR earned $0.07 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Packaged Foods industry is 5.1%.
What is the trend?
The trend is important because it shows you how BRF SA ADR is performing over time. The most recent quarter might be important if BRF SA ADR released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for BRF SA ADR up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Can be calculated in different ways

How to calculate operating margin

Operating margin = operating earnings / total revenue

Real example of BRF SA ADR

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ BRF SA ADR = 1,016,729
Total revenue MRQ BRF SA ADR = 14,426,294
$1,016,729 / $14,426,294 = 0.07 or 7.0%

Operating margin is used to calculate how much profit a company makes after variable costs of production but before paying interest and taxes. Some variable costs examples are wages, raw materials, packaging, and transaction fees. The amount of variable costs is different for each company and industry. In general, a higher operating margin is better as this implicates that a company is running efficiently.

For investors, a higher operating margin is a good sign. Although you should always look at operating margin in the long term. If operating margin is fluctuating over the years this might be a sign that things are not running efficiently enough. It’s a way to check how much profit a company is making from its core business.

Operation earnings can be calculated in multiple ways:

Operation earnings = EBIT - non operating income + non operating expense
Operation earnings = Gross profit - operating expense - depreciation and amortisation
Operation earnings = Total revenue - COGS (costs of goods sold) - indirect costs

1.2.2. Operating Ratio

Measures how efficient BRF SA ADR is keeping operating costs low.

Below 1 is considered healthy (always compare to Packaged Foods industry mean).
An Operation Ratio of 0.93 means that the operating costs are $0.93 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of BRF SA ADR:

The MRQ is 0.930. The company is less efficient in keeping operating costs low.
The TTM is 0.988. The company is less efficient in keeping operating costs low.

Trends

Current period		Compared to		+/-
MRQ	0.930	TTM	0.988	-0.058
TTM	0.988	YOY	1.004	-0.016
TTM	0.988	5Y	0.950	+0.037
5Y	0.950	10Y	0.941	+0.009

Compared to industry (Packaged Foods)

Period	Company	Industry (mean)	+/-
MRQ	0.930	1.556	-0.626
TTM	0.988	1.515	-0.527
YOY	1.004	1.467	-0.463
5Y	0.950	1.404	-0.454
10Y	0.941	1.262	-0.321

Measures how efficient BRF SA ADR is keeping operating costs low.

If the operating ratio is below 1 that means the company is making money. The lower the operating ratio, the more efficient the company.

How to use operating ratio

Lower is better.
Below 1 is considered healthy but always compare BRF SA ADR to the Packaged Foods industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use operating ratio in their analysis

Shows if costs of creating products and or services is increasing or decreasing. The lower the operating ratio, the more efficient the company is creating products and services.

The three steps every investor should look at:

What is the current Operatin ratio?
The current most recent quarter (MRQ) Operating Ratio of BRF SA ADR is 93.0%. This means that BRF SA ADR earned $0.93 for each $1 in net sales in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Ratio of the Packaged Foods industry is 1.56.
What is the trend?
The trend is important because it shows you how BRF SA ADR is performing over time. The most recent quarter might be important if BRF SA ADR released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for BRF SA ADR up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
You need COGS to calculate operating ratio which is not always shown in the income statement.
Does not consider debt.

How to calculate operating ratio

Operating ratio = Operating expenses + COGS \ Net sales

Real life example BRF SA ADR

You need the following data to determine operating ratio:

Income statement

COGS is not always specified on the income statement. If so you can use the following calculation:

(cost of revenue + total operating expenses) \ total revenue
(11,385,794 +2,023,771) \ 14,426,294 = 0.93

The operating ratio measures the efficiency of a company at keeping low costs while generating profits from sales. It compares the total operating expenses to the net amount of sales. The total operating expenses exists of:

COGS (materials, labour, rent of facility, repairs)
Operating expenses (legal fees, marketing, wages, rent, maintenance/repairs)

Operating expenses are all the costs the company makes that are not directly tied to the production of the service or product. Where COGS are costs that are directly tied to the production of a product or service.

Do note that COGS is not always available in the income statement. Some companies include COGS in the operating expenses while others list COGS separately. To make it even more confusing, COGS is also known as “costs of sales” and costs of sales is the same as costs of revenue.

The operating ratio tells you how efficient the company is creating its products or services while keeping prices low. In this case, a lower ratio is better. Higher or rising operating ratios might tell you that costs are rising while sales are not improving or staying the same.

1.3. Liquidity of BRF SA ADR.

1.3. Liquidity

1.3.1. Current Ratio

Measures if BRF SA ADR is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to Packaged Foods industry mean).
A Current Ratio of 1.34 means the company has $1.34 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of BRF SA ADR:

The MRQ is 1.339. The company is just able to pay all its short-term debts.
The TTM is 1.229. The company is just able to pay all its short-term debts.

Trends

Current period		Compared to		+/-
MRQ	1.339	TTM	1.229	+0.109
TTM	1.229	YOY	1.280	-0.051
TTM	1.229	5Y	1.266	-0.036
5Y	1.266	10Y	1.400	-0.134

Compared to industry (Packaged Foods)

Period	Company	Industry (mean)	+/-
MRQ	1.339	1.561	-0.222
TTM	1.229	1.607	-0.378
YOY	1.280	1.609	-0.329
5Y	1.266	1.638	-0.372
10Y	1.400	1.615	-0.215

Measures if BRF SA ADR is able to pay off Short-term Debt.

How to use current ratio

Higher is better
Above 1.5 is considered healthy (always compare to Packaged Foods industry mean).
Can be very different between industries
Can be used to compare companies

Why do investors use current ratio in their analysis

Shows if the company can pay of short term debts if needed. A company that can't pay off it's short term debts might get in trouble if they have to pay off their short term debts for whatever reason. For example, markets can change due to global events like covid-19 or the war in Ukraine versus Russia. Because debts are always taken based on future income, it might become troublesome for BRF SA ADR if something happens in the market that will cause sales to plummet.

The three steps every investor should look at:

What is the current current Ratio?
The current most recent quarter (MRQ) Current Ratio of BRF SA ADR is 1.34. This means BRF SA ADR has $1.34 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Packaged Foods industry is 1.56.
What is the trend?
The trend is important because it shows you how BRF SA ADR is performing over time. The most recent quarter might be important if BRF SA ADR released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for BRF SA ADR up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Might be deluded.
Not all assets can always be quickly sold.
Can be manipulated by increasing or decreasing the assets and/or liabilities.

How to calculate current ratio

Current ratio = current assets \ current liabilities

Real life example BRF SA ADR

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
25,954,262 \ 19,390,348) = 1.34

The current ratio measures if BRF SA ADR is able to pay short-term debts (obligations). Short term in this context means all debt obligations that are about to expire within one year. The current ratio incorporates current liabilities and current assets. Current assets are all the assets a company has that are expected to be consumed or sold within standard business operations. You can find the current assets in the balance sheet. They consist of:

Inventory
Accounts receivable
Marketable securities
Prepaid expenses
Cash
Cash equivalents
liquid assets

The current liabilities are short term obligations that are due within one year. These consist of:

Short term debts
Dividends
Income taxes
Short-term debts
Accounts payable
Interest payments

The result shows an investor if BRF SA ADR is able to pay all its short-term debts if they were due all at once. When the result of the above formula is below 1, then BRF SA ADR does not have enough capital after selling all its assets to pay all short-term debts. If the ratio drops far below 1 that might indicate BRF SA ADR is or will be in financial trouble anytime soon.

Although this gives an investor some clues, the current ratio may also be deluded. Because owning assets does not mean the company can easily sell them. Also, Accounts receivable may be quite old (they will probably never pay) which deludes the current ratio. As with all ratios, you should only compare them between the same industries and companies.

1.3.2. Quick Ratio

Measures if BRF SA ADR is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare BRF SA ADR to the Packaged Foods industry mean.
A Quick Ratio of 0.85 means the company can pay off $0.85 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of BRF SA ADR:

The MRQ is 0.852. The company is just not able to pay all its short-term debts with the most liquid assets. -1
The TTM is 0.610. The company is just not able to pay all its short-term debts with the most liquid assets. -1

Trends

Current period		Compared to		+/-
MRQ	0.852	TTM	0.610	+0.242
TTM	0.610	YOY	0.687	-0.077
TTM	0.610	5Y	0.692	-0.082
5Y	0.692	10Y	0.842	-0.150

Compared to industry (Packaged Foods)

Period	Company	Industry (mean)	+/-
MRQ	0.852	0.554	+0.298
TTM	0.610	0.575	+0.035
YOY	0.687	0.608	+0.079
5Y	0.692	0.695	-0.003
10Y	0.842	0.724	+0.118

Measures if BRF SA ADR is able to pay off Short-term Debt but only using the most liquid assets.

How to use quick ratio

Higher is better.
Above 1 is considered healthy but always compare BRF SA ADR to the Packaged Foods industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use quick ratio in their analysis

Shows how fast BRF SA ADR can pay off its short term debts. This shows if BRF SA ADR can survive emergencies due to market changes or other reasons.

The three steps every investor should look at:

What is the current Quick Ratio?
The current most recent quarter (MRQ) quickRatio of BRF SA ADR is 0.85. This means that BRF SA ADR can pay off $0.85 for each $1 in debt (using most liquid assets).
How does it compare to the industry?
The mean MRQ Quick Ratio of the Packaged Foods industry is 0.55.
What is the trend?
The trend is important because it shows you how BRF SA ADR is performing over time. The most recent quarter might be important if BRF SA ADR released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for BRF SA ADR up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Incorporates only most liquid assets.

How to calculate quick ratio

Quick ratio = cash and equivalents + marketable securities + accounts receivable / current liabilities

Real life example BRF SA ADR

You need the following data to determine operating ratio:

Balance sheet
Quick ratio = cash and short-term investments + short-term investments + netReceivables / total current liabilities
MRQ quick ratio BRF SA ADR: (9,726,356 + 447,878 +6,349,201) / 19,390,348 = 0.85

The quick ratio measures the same thing as the current ratio, only it uses the most liquid assets a company has. Meaning, the assets that can be sold for cash the easiest and fastest.

As the quick ratio only incorporates the most liquid assets, you should also check the current ratio which also includes less liquid assets. But they may be harder to sell.

1.4. Solvency of BRF SA ADR.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of BRF SA ADR assets are financed with debt.

Below 1 (100%) is considered healthy but always compare BRF SA ADR to Packaged Foods industry mean.
A Debt to Asset Ratio of 0.73 means that BRF SA ADR assets are financed with 72.7% credit (debt) and the remaining percentage (100% - 72.7%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of BRF SA ADR:

The MRQ is 0.727. The company is able to pay all its debts by selling its assets. +1
The TTM is 0.777. The company is just able to pay all its debts by selling its assets.

Trends

Current period		Compared to		+/-
MRQ	0.727	TTM	0.777	-0.051
TTM	0.777	YOY	0.786	-0.009
TTM	0.777	5Y	0.812	-0.034
5Y	0.812	10Y	0.744	+0.068

Compared to industry (Packaged Foods)

Period	Company	Industry (mean)	+/-
MRQ	0.727	0.485	+0.242
TTM	0.777	0.493	+0.284
YOY	0.786	0.484	+0.302
5Y	0.812	0.486	+0.326
10Y	0.744	0.492	+0.252

Measures how much % of BRF SA ADR assets are financed with debt.

When there are more debts than assets, that means creditors have a larger stake BRF SA ADR than its shareholders.

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare BRF SA ADR to Packaged Foods industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to asset ratio in their analysis

It shows how much debt the company used to finance its assets. If a company is almost entirely financed with debt that means the company might get into serious trouble when emergencies arise like a raise in interest.

The three steps every investor should look at:

What is the current debt to asset ratio?
The current most recent quarter (MRQ) Debt to Asset Ratio of BRF SA ADR is 0.73. This means means that BRF SA ADR is financed with 72.7% credit and the remaining percentage is financed by it's owners (shareholders).
How does it compare to the industry?
The mean MRQ Current Ratio of the Packaged Foods industry is 156.1%.
What is the trend?
The trend is important because it shows you how BRF SA ADR is performing over time. The most recent quarter might be important if BRF SA ADR released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for BRF SA ADR up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Some companies can have higher debt to assets ratio's (for example, banks).
Debt to asset ratio should improve over the years.
If the debt to asset ratio is above 1, look at the industry mean and find out why BRF SA ADR has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example BRF SA ADR

You need the following data to determine debt to asset ratio:

Balance sheet
Debt to asset ratio = total debt \ total assets
41,628,434 \ 57,272,090 = 72.7% or 0.73.

The debt to total assets ratio shows if the company is owned by creditors or shareholders. Or in other words, the total debt in relation to the total amount of assets. It shows how much debt the company used to finance its assets.

1.4.2. Debt to Equity Ratio

Measures if BRF SA ADR is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare BRF SA ADR to the Packaged Foods industry mean.
A Debt to Equity ratio of 278.9% means that company has $2.79 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of BRF SA ADR:

The MRQ is 2.789. The company is unable to pay all its debts with equity. -1
The TTM is 3.844. The company is unable to pay all its debts with equity. -1

Trends

Current period		Compared to		+/-
MRQ	2.789	TTM	3.844	-1.054
TTM	3.844	YOY	3.875	-0.031
TTM	3.844	5Y	4.649	-0.806
5Y	4.649	10Y	3.540	+1.109

Compared to industry (Packaged Foods)

Period	Company	Industry (mean)	+/-
MRQ	2.789	0.956	+1.833
TTM	3.844	0.984	+2.860
YOY	3.875	0.942	+2.933
5Y	4.649	0.997	+3.652
10Y	3.540	1.077	+2.463

Measures if BRF SA ADR is able to pay off its debts by using shareholders equity.

How to use debt to equity ratio

Lower is better.
Below 2 is considered healthy (always use industry average).
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to shareholders equity ratio in their analysis

It shows how much debt the company uses to finance their operations. Shareholders equity is whats left over when you subtract total liabilities from total assets. It's another way to meassure how much of BRF SA ADR is financed with debt or own resources.

The three steps every investor should look at:

What is the current debt to equity ratio?
The current most recent quarter (MRQ) quickRatio of BRF SA ADR is 2.79. This means that BRF SA ADR can pay off $2.79 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Packaged Foods industry is 0.96.
What is the trend?
The trend is important because it shows you how BRF SA ADR is performing over time. The most recent quarter might be important if BRF SA ADR released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for BRF SA ADR up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Not all debt is equally risky (for example, short term risk is less risky).

How to calculate debt to equity ratio

Debt to equity ratio = total debt \ shareholders equity.

Real life example BRF SA ADR

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
41,628,434 \ 14,923,428 = 2.79 or 278.9%

Debt to equity measures the total debt versus the total shareholders equity. While the total debts to total assets ratio uses total assets, the debt to equity ratio looks at the total equity of shareholders. Where equity of shareholders are:

Common shares.
Preferred shares.
Retained earnings.

You can find the shareholders' equity in the balance sheet. A ratio between 0,5 and 1,5 is preferred. If the ratio is above 1.5, that would indicate creditors have significantly more stake (debt) in the company than the shareholders. In other words, the company is using a lot of debt to finance their operations.

Not all debt is equally risky. Meaning you can adjust the ratio by including or excluding certain amounts of debt. Short term debts are less risky because they have to be paid back within one year anyway. It’s much easier to plan one year ahead versus five or ten years.

2. Market Valuation of BRF SA ADR

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every $1 in earnings BRF SA ADR generates.

Above 15 is considered overpriced but always compare BRF SA ADR to the Packaged Foods industry mean.
A PE ratio of 7.99 means the investor is paying $7.99 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of BRF SA ADR:

The EOD is 9.745. Based on the earnings, the company is underpriced. +1
The MRQ is 7.991. Based on the earnings, the company is underpriced. +1
The TTM is -4.150. Based on the earnings, the company is expensive. -2

Trends

Current period		Compared to		+/-
EOD	9.745	MRQ	7.991	+1.753
MRQ	7.991	TTM	-4.150	+12.141
TTM	-4.150	YOY	-15.001	+10.851
TTM	-4.150	5Y	15.428	-19.578
5Y	15.428	10Y	379.420	-363.992

Compared to industry (Packaged Foods)

Period	Company	Industry (mean)	+/-
EOD	9.745	13.934	-4.189
MRQ	7.991	12.839	-4.848
TTM	-4.150	14.097	-18.247
YOY	-15.001	12.959	-27.960
5Y	15.428	16.330	-0.902
10Y	379.420	19.036	+360.384

Measures how much money you pay for each share for every $1 in earnings BRF SA ADR generates.

Indicates if the company’s shares are under or overvalued.

How to use PE ratio

Above 15 is considered overpriced but is hard to determine. Always compare BRF SA ADR to the Packaged Foods industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use PE ratio in their analysis

The PE ratio tells investors the current sentiment in the market for that company. As with every stock, the stock price never shows the real valuation of a company but rather how the market thinks how much the stock is worth.

In other words, the current stock price also incorporates any future earnings or business opportunities in the future. The best example is the stock market crash in 2000. The PE ratio for any internet based company was going through the roof. Only based on the general assumption the internet and all associated businesses would thrive in the future. But this was based on nothing. A business still needs a good product or service to be able to survive. Instead, every investor bought any stock which did something related to the internet. Result: huge market crash.

Many investors were willing to pay premium prices and that was causing the PE ratio to rise. A high PE ratio is a warning sign that investors might be overvaluing a stock based on future earnings.

The three steps every investor should look at:

What is the current PE Ratio?
The current most recent quarter (MRQ) PE Ratio of BRF SA ADR is 7.99. This means the investor is paying $7.99 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Packaged Foods industry is 12.84.
What is the trend?
The trend is important because it shows you how BRF SA ADR is performing over time. The most recent quarter might be important if BRF SA ADR released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for BRF SA ADR up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Some industries might have very high or very low PE ratios in general.
PE ratios can be high for several years, it does not mean a sudden collapse is imminent.
Earnings growth is not included in the PE ratio.

How to calculate PE ratio

PE ratio = market value per share \ earnings per share

Real life example BRF SA ADR

You need the following data to determine the PE ratio:

Balance sheet
Income statement

The PE ratio is a very commonly used ratio to determine the value of a company by comparing the current stock price relative to its earnings per share (EPS). Before we can calculate the PE ratio we need to know the EPS. EPS is calculated as follows:

EPS = (net profit - preferred dividends) \ end of period outstanding shares*
Net profit = revenue - expenses
0 \ 1,678,656 = EPS
PE ratio MRQ = 7.99

* The net profit minus preferred dividends can be found in the incomestatement as netIncomeApplicableToCommonShares.

The PE value helps investors to determine if the current stock price is under or overvalued. It also projects future growth.

In general, a higher PE ratio means that investors predict higher future growth. If the PE ratio is too high, then investors expect way too much future growth the company can never fulfil. This is most likely to happen in faster moving companies like tech companies or automobile companies like Tesla. These are hot and booming markets where investors expect much future growth driven by new technology (electric cars). When looking at the current MRQ (most recent quarter) PE ratio of Tesla ( jan. 2021) it's about 247 while the average in the industry is only 6. That might be a clue that Tesla is trading for way too high prices compared to their current assets and is more based on future growth.

2.2. Price To Free Cash Flow Ratio

Let's take a look of the Price To Free Cash Flow Ratio trends of BRF SA ADR:

The EOD is 9.114. Based on how much money comes from the company's main activities, the company is cheap. +2
The MRQ is 7.474. Based on how much money comes from the company's main activities, the company is cheap. +2
The TTM is 18.733. Based on how much money comes from the company's main activities, the company is underpriced. +1

Trends

Current period		Compared to		+/-
EOD	9.114	MRQ	7.474	+1.640
MRQ	7.474	TTM	18.733	-11.259
TTM	18.733	YOY	6.566	+12.167
TTM	18.733	5Y	21.182	-2.449
5Y	21.182	10Y	34.092	-12.910

Compared to industry (Packaged Foods)

Period	Company	Industry (mean)	+/-
EOD	9.114	3.663	+5.451
MRQ	7.474	3.665	+3.809
TTM	18.733	1.934	+16.799
YOY	6.566	0.004	+6.562
5Y	21.182	1.494	+19.688
10Y	34.092	1.455	+32.637

2. Book Value per Share

2.3. Price to Book Ratio

Measures if the stock price of BRF SA ADR is to cheap or to expensive compared to its book value.

At or below 1 is considered healthy (always compare to Packaged Foods industry mean).
A PB ratio of 0.30 means the investor is paying $0.30 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of BRF SA ADR:

The EOD is 0.364. Based on the equity, the company is cheap. +2
The MRQ is 0.298. Based on the equity, the company is cheap. +2
The TTM is 1.048. Based on the equity, the company is underpriced. +1

Trends

Current period		Compared to		+/-
EOD	0.364	MRQ	0.298	+0.065
MRQ	0.298	TTM	1.048	-0.750
TTM	1.048	YOY	1.812	-0.764
TTM	1.048	5Y	4.114	-3.066
5Y	4.114	10Y	6.808	-2.694

Compared to industry (Packaged Foods)

Period	Company	Industry (mean)	+/-
EOD	0.364	1.455	-1.091
MRQ	0.298	1.487	-1.189
TTM	1.048	1.462	-0.414
YOY	1.812	1.750	+0.062
5Y	4.114	1.856	+2.258
10Y	6.808	2.397	+4.411

2. Total Gains per Share

3. Holders & Insider Transactions

Let's take a look at which institutions, funds and insiders are holding shares of BRF SA ADR.

3.1. Institutions holding BRF SA ADR

Institutions are holding 3.531% of the shares of BRF SA ADR.

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-09-30	Polunin Capital Partners Ltd	0.9942	7.6611	16614355	-369000	-2.1727
2023-09-30	UBS Group AG	0.832	0.0098	13902531	5357987	62.7065
2023-09-30	Macquarie Group Ltd	0.56	0.0241	9358794	118446	1.2818
2023-09-30	Herr Investment Group LLC	0.3937	1.0326	6578542	6578542	0
2023-12-31	Ninety One UK Limited	0.2619	0.0362	4376896	-4399392	-50.1282
2023-12-31	Renaissance Technologies Corp	0.1369	0.0099	2288300	-480581	-17.3565
2023-12-31	BlackRock Inc	0.1148	0.0001	1919091	-2140324	-52.7249
2023-09-30	SEI Investments Co	0.0993	0.0061	1658755	0	0
2023-09-30	State Street Corporation	0.0753	0.0001	1258898	20501	1.6554
2023-09-30	BNP Paribas Arbitrage, SA	0.0529	0.0023	884408	270636	44.0939
2023-12-31	American Century Companies Inc	0.0449	0.0014	749851	102093	15.761
2023-12-31	Two Sigma Investments LLC	0.0408	0.0044	681920	-921381	-57.4677
2023-12-31	CLOVERFIELDS CAPITAL GROUP, LP	0.0335	0.6107	560408	0	0
2023-12-31	NORGES BANK	0.0235	0.0002	393370	0	0
2023-09-30	National Asset Management Inc	0.0213	0.0197	356000	-58000	-14.0097
2023-09-30	Banco Bilbao Vizcaya Argentaria SA	0.0175	0.008	291890	-1100	-0.3754
2023-09-30	Manufacturers Life Insurance Co	0.016	0.0003	267389	-36413	-11.9858
2023-09-30	Credit Suisse First Boston (CSFB)	0.0146	0.0005	243743	-22112	-8.3173
2023-09-30	Morgan Stanley - Brokerage Accounts	0.0129	0	214931	-188937	-46.7819
2023-12-31	Banco Santander Central Hispano Sa	0.0105	0.0058	175794	-185200	-51.3028
Total		3.7565	9.4333	62775866	+3645765	+5.8%

3.2. Funds holding BRF SA ADR

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2024-02-29	Delaware Emerging Markets Instl	0.4102	0.4043	6850000	0	0
2023-12-31	Macquarie Emerging Markets Equity	0.4102	0.3856	6850000	0	0
2023-12-31	Ninety One Global Natural Resources	0.2372	1.7425	3961321	-3998309	-50.2323
2024-02-29	Ninety One GSF Glb Ntrl Res I Acc USD	0.1846	1.8457	3082561	-784130	-20.2791
2024-01-31	Old Westbury Small & Mid Cap Strategies	0.1646	0.1043	2748375	0	0
2024-03-29	iShares Agribusiness ETF USD Acc	0.0721	0.8187	1203634	0	0
2024-02-29	Polunin Developing Countries Fund, LLC	0.0681	1.1499	1137605	0	0
2024-03-28	SPDR® Portfolio Emerging Markets ETF	0.0588	0.0369	981775	0	0
2024-02-29	Delaware VIP Emerging Markets Std	0.0472	0.3881	788900	0	0
2024-03-29	Avantis Emerging Markets Equity ETF	0.0448	0.0476	747952	1384	0.1854
2024-03-29	iShares Global Agriculture ETF Comm	0.0414	0.9485	690965	0	0
2024-03-28	SPDR® S&P Kensho New Economies Comps ETF	0.0384	0.1045	640787	0	0
2024-02-29	Macquarie Emerging Markets Trust Cl A	0.0267	0.3271	445555	0	0
2023-12-31	Select Equities Emerging MultiMgmt B USD	0.0145	0.2993	241599	-114400	-32.1349
2024-02-29	Macquarie Emerging Markets A USD Acc	0.0131	0.3389	217986	0	0
2024-02-29	Voya Multi-Manager Emerging Markets Eq I	0.0118	0.304	197092	0	0
2024-02-29	Voya VACS Series Eme	0.0101	0.2234	168732	0	0
2024-02-29	Heed EuroBic-Brasil FIMA	0.0069	5.2869	115000	0	0
2023-09-30	United Global Resources Fd A SGD Acc	0.0068	2.46	113968	21762	23.6015
2024-01-31	Polunin Emerging Mkts Sm Cp	0.0061	1.0127	101900	0	0
Total		1.8736	18.2289	31285707	-4873693	-15.6%

4. Summary

4.1. Key Performance Indicators

The key performance indicators of BRF SA ADR compared to the Most Recent Quarter (MRQ).

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Change Per Share	-	-	7.582	2.014	+276%	0.059	+12731%	0.422	+1696%	0.190	+3886%
Book Value Per Share	-	-	9.319	3.359	+177%	1.425	+554%	1.511	+517%	1.504	+519%
Current Ratio	-	-	1.339	1.229	+9%	1.280	+5%	1.266	+6%	1.400	-4%
Debt To Asset Ratio	-	-	0.727	0.777	-7%	0.786	-8%	0.812	-10%	0.744	-2%
Debt To Equity Ratio	-	-	2.789	3.844	-27%	3.875	-28%	4.649	-40%	3.540	-21%
Dividend Per Share	-	-	0.000	0.000	+300%	0.000	+80%	0.000	+520%	0.022	-100%
Eps	-	-	0.087	-0.031	+135%	-0.092	+206%	-0.012	+114%	-0.007	+108%
Free Cash Flow Per Share	-	-	0.093	0.046	+103%	-0.012	+113%	0.021	+343%	0.036	+156%
Free Cash Flow To Equity Per Share	-	-	-0.218	0.030	-820%	0.088	-346%	0.010	-2303%	0.010	-2237%
Gross Profit Margin	-	-	1.000	2.398	-58%	4.636	-78%	-1.539	+254%	-3.202	+420%
Intrinsic Value_10Y_max	-	-	12.849	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	1.185	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	0.311	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	0.129	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	1.679	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	0.380	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	3.944	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	0.623	-	-	-	-	-	-	-	-
Market Cap	5661096491.520	+18%	4666663866.260	3350112474.725	+39%	4362718166.400	+7%	6944821924.705	-33%	15837063970.417	-71%
Net Profit Margin	-	-	0.052	-0.041	+179%	-0.063	+220%	-0.022	+142%	-0.014	+127%
Operating Margin	-	-	0.070	0.015	+366%	-0.002	+102%	0.057	+24%	0.034	+108%
Operating Ratio	-	-	0.930	0.988	-6%	1.004	-7%	0.950	-2%	0.941	-1%
Pb Ratio	0.364	+18%	0.298	1.048	-72%	1.812	-84%	4.114	-93%	6.808	-96%
Pe Ratio	9.745	+18%	7.991	-4.150	+152%	-15.001	+288%	15.428	-48%	379.420	-98%
Price Per Share	3.390	+18%	2.780	2.003	+39%	2.613	+6%	4.158	-33%	9.483	-71%
Price To Free Cash Flow Ratio	9.114	+18%	7.474	18.733	-60%	6.566	+14%	21.182	-65%	34.092	-78%
Price To Total Gains Ratio	0.447	+18%	0.367	-3.126	+953%	21.557	-98%	-127.556	+34889%	-19.128	+5317%
Quick Ratio	-	-	0.852	0.610	+40%	0.687	+24%	0.692	+23%	0.842	+1%
Return On Assets	-	-	0.003	-0.012	+558%	-0.014	+647%	-0.003	+236%	-0.001	+148%
Return On Equity	-	-	0.010	-0.066	+779%	-0.068	+797%	-0.018	+281%	-0.017	+272%
Total Gains Per Share	-	-	7.582	2.014	+276%	0.059	+12719%	0.422	+1696%	0.212	+3478%
Usd Book Value	-	-	15643656000.000	5630177598.575	+178%	2379814524.925	+557%	2526742062.985	+519%	2514217176.140	+522%
Usd Book Value Change Per Share	-	-	7.582	2.014	+276%	0.059	+12731%	0.422	+1696%	0.190	+3886%
Usd Book Value Per Share	-	-	9.319	3.359	+177%	1.425	+554%	1.511	+517%	1.504	+519%
Usd Dividend Per Share	-	-	0.000	0.000	+300%	0.000	+80%	0.000	+520%	0.022	-100%
Usd Eps	-	-	0.087	-0.031	+135%	-0.092	+206%	-0.012	+114%	-0.007	+108%
Usd Free Cash Flow	-	-	156100814.300	76540647.575	+104%	-20437494.075	+113%	35109019.070	+345%	60780979.433	+157%
Usd Free Cash Flow Per Share	-	-	0.093	0.046	+103%	-0.012	+113%	0.021	+343%	0.036	+156%
Usd Free Cash Flow To Equity Per Share	-	-	-0.218	0.030	-820%	0.088	-346%	0.010	-2303%	0.010	-2237%
Usd Market Cap	5661096491.520	+18%	4666663866.260	3350112474.725	+39%	4362718166.400	+7%	6944821924.705	-33%	15837063970.417	-71%
Usd Price Per Share	3.390	+18%	2.780	2.003	+39%	2.613	+6%	4.158	-33%	9.483	-71%
Usd Profit	-	-	145993522.600	-98032462.025	+167%	-153399461.400	+205%	-33453359.625	+123%	-17950502.650	+112%
Usd Revenue	-	-	2803028924.200	2604369998.000	+8%	2536312731.300	+11%	2188566511.605	+28%	1879519702.960	+49%
Usd Total Gains Per Share	-	-	7.582	2.014	+276%	0.059	+12719%	0.422	+1696%	0.212	+3478%
	EOD	+4 -4	MRQ	TTM	+31 -5	YOY	+29 -7	5Y	+31 -5	10Y	+28 -8

4.2. Fundamental Score

Let's check the fundamental score of BRF SA ADR based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	9.745
Price to Book Ratio (EOD)	Between	0-1	0.364
Net Profit Margin (MRQ)	Greater than	0	0.052
Operating Margin (MRQ)	Greater than	0	0.070
Quick Ratio (MRQ)	Greater than	1	0.852
Current Ratio (MRQ)	Greater than	1	1.339
Debt to Asset Ratio (MRQ)	Less than	1	0.727
Debt to Equity Ratio (MRQ)	Less than	1	2.789
Return on Equity (MRQ)	Greater than	0.15	0.010
Return on Assets (MRQ)	Greater than	0.05	0.003
Total			6/10 (60.0%)

Create your own Stock Scanner

Investing is personal. The best investors buy stocks based on their own analysis. Create your personal Stock Scanner with the key performance indicators that are important to you.
Create your own Stock Scanner

4.3. Technical Score

Let's check the technical score of BRF SA ADR based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	55.522
Ma 20	Greater than	Ma 50	3.298
Ma 50	Greater than	Ma 100	3.199
Ma 100	Greater than	Ma 200	2.988
Open	Greater than	Close	3.390
Total			4/5 (80.0%)

Create your own Symbol Scanner

Trading is personal. The best traders buy and sell based on their own technical analysis. Create your personal Symbol Scanner with the technical indicators that are important to you.
Create your own Symbol Scanner

Reversals in quarterly reports

I have detected a reversal (positive to negative, negative to positive) in the following values of the quarterly reports.

		2022-12-31		2023-03-31		2023-06-30		2023-09-30		2023-12-31
Income before Tax		-201,962	0	-201,962	-81,836	-283,797	240,785	-43,013	186,674	143,661
Net Income		-198,891	0	-198,891	-65,145	-264,036	188,839	-75,197	221,190	145,994

Latest Balance Sheet

Balance Sheet of 2023-12-31. All numbers in thousands.

Summary

Total Assets	57,272,090
Total Liabilities	41,628,434
Total Stockholder Equity	14,923,428

	As reported
Total Liabilities	41,628,434
Total Stockholder Equity	+ 14,923,428
Total Assets	= 57,272,090

Assets

Total Assets	57,272,090
Total Current Assets	25,954,262
Long-term Assets	31,317,828

Total Current Assets

Total Current Assets (as reported)	25,954,262
Cash And Cash Equivalents	9,278,478
Short-term Investments	447,878
Net Receivables	6,349,201
Inventory	9,454,373
Other Current Assets	424,332
Total Current Assets (calculated)	25,954,262
+/-	0

Long-term Assets

Long-term Assets (as reported)	31,317,828
Property Plant Equipment	16,467,230
Goodwill	3,390,938
Long-term Assets Other	7,903,292
Long-term Assets (calculated)	27,761,460
+/-	3,556,368

Liabilities & Shareholders' Equity

Total Current Liabilities	19,390,348
Long-term Liabilities	22,238,086
Total Stockholder Equity	14,923,428

Total Current Liabilities

Total Current Liabilities (as reported)	19,390,348
Short-term Debt	3,396,164
Accounts payable	12,592,006
Other Current Liabilities	3,111,899
Total Current Liabilities (calculated)	19,100,069
+/-	290,279

Long-term Liabilities

Long-term Liabilities (as reported)	22,238,086
Long-term Liabilities (calculated)	0
+/-	22,238,086

Total Stockholder Equity

Total Stockholder Equity (as reported)	14,923,428
Common Stock	13,349,156
Accumulated Other Comprehensive Income	1,670,417
Other Stockholders Equity	-96,145
Total Stockholder Equity (calculated)	14,923,428
+/-	0

Other

Cash and Short Term Investments	9,726,356
Common Stock Shares Outstanding	1,678,656
Current Deferred Revenue	290,279
Liabilities and Stockholders Equity	57,272,090
Net Debt	14,538,917
Net Working Capital	6,563,914
Short Long Term Debt Total	23,817,395

Balance Sheet

All numbers in thousands.

Trend

2023-12-31

2023-09-30

2023-06-30

2023-03-31

2022-12-31

2022-09-30

2022-06-30

2022-03-31

2021-12-31

2021-09-30

2021-06-30

2021-03-31

2020-12-31

2020-09-30

2020-06-30

2020-03-31

2019-12-31

2019-09-30

2019-06-30

2019-03-31

2018-12-31

2018-09-30

2018-06-30

2018-03-31

2017-12-31

2017-09-30

2017-06-30

2017-03-31

2016-12-31

2016-09-30

2016-06-30

2016-03-31

2015-12-31

2015-09-30

2015-06-30

2015-03-31

2014-12-31

2014-09-30

2014-06-30

2014-03-31

2013-12-31

2013-09-30

2013-06-30

2013-03-31

2012-12-31

2012-09-30

2012-06-30

2012-03-31

2011-12-31

2011-09-30

2011-06-30

2011-03-31

2010-12-31

2010-09-30

2010-06-30

2010-03-31

2009-12-31

2009-09-30

2009-06-30

2009-03-31

2008-12-31

2008-09-30

2008-06-30

2008-03-31

2007-12-31

2007-09-30

2007-06-30

2007-03-31

2006-12-31

2006-09-30

2006-06-30

2006-03-31

2005-12-31

2005-09-30

2005-06-30

2005-03-31

2004-12-31

2004-09-30

2004-06-30

2004-03-31

2003-12-31

2003-09-30

2003-06-30

2003-03-31

2002-12-31

2002-09-30

2002-06-30

2002-03-31

2001-12-31

2001-09-30

2001-06-30

2001-03-31

2000-12-31

2000-09-30

2000-06-30

2000-03-31

> Total Assets

1,088,448
1,069,145
1,098,223
2,552,277
0
0
0
2,424,052
0
2,424,052
0
3,007,233
3,007,233
941,771
940,283
2,767,784
2,767,784
938,345
918,931
2,525,437
2,525,437
2,649,433
2,927,463
3,629,933
3,629,933
3,841,432
3,963,471
4,817,729
4,817,729
4,783,804
5,043,878
6,542,760
6,542,760
8,365,053
9,151,139
11,219,500
11,219,500
10,407,220
25,518,000
25,714,300
25,714,300
18,613,475
24,972,014
27,751,500
27,751,500
28,892,946
29,479,000
29,983,500
29,983,500
31,351,556
31,602,302
30,772,000
30,772,000
31,587,077
31,934,877
32,374,600
31,982,658
33,298,980
33,792,091
36,103,700
36,716,931
35,959,000
39,989,729
40,388,000
40,388,000
41,554,896
43,126,498
42,944,900
42,944,900
48,081,627
48,285,630
45,228,500
45,228,500
45,529,173
44,518,707
42,382,400
42,382,400
42,161,180
43,351,458
41,700,631
41,700,631
48,908,837
51,182,250
49,664,906
51,415,155
49,617,892
53,048,848
55,903,387
55,613,797
56,832,387
59,038,039
57,742,806
57,742,806
54,279,167
59,253,909
57,272,090

57,272,090

59,253,909

54,279,167

57,742,806

59,038,039

56,832,387

55,613,797

55,903,387

53,048,848

49,617,892

51,415,155

49,664,906

51,182,250

48,908,837

41,700,631

43,351,458

42,161,180

42,382,400

44,518,707

45,529,173

45,228,500

48,285,630

48,081,627

42,944,900

43,126,498

41,554,896

40,388,000

39,989,729

35,959,000

36,716,931

36,103,700

33,792,091

33,298,980

31,982,658

32,374,600

31,934,877

31,587,077

30,772,000

31,602,302

31,351,556

29,983,500

29,479,000

28,892,946

27,751,500

24,972,014

18,613,475

25,714,300

25,518,000

10,407,220

11,219,500

9,151,139

8,365,053

6,542,760

5,043,878

4,783,804

4,817,729

3,963,471

3,841,432

3,629,933

2,927,463

2,649,433

2,525,437

918,931

938,345

2,767,784

940,283

941,771

3,007,233

2,424,052

2,552,277

1,098,223

1,069,145

1,088,448

> Total Current Assets

0
0
0
1,205,352
0
0
0
1,043,035
0
1,043,035
0
1,862,349
1,862,349
0
0
1,659,853
1,659,853
0
0
1,269,117
1,269,117
1,328,919
1,568,628
2,187,234
2,187,234
2,087,368
2,078,483
2,838,125
2,838,125
2,485,051
2,492,513
3,767,889
3,767,889
4,346,516
4,928,718
5,985,100
5,985,100
5,138,908
11,048,000
10,446,300
10,446,300
4,504,128
9,516,034
9,852,000
9,852,000
10,989,875
11,093,000
11,123,800
11,123,800
11,609,079
11,362,937
11,590,000
11,590,000
11,972,385
12,343,638
13,242,500
13,086,094
14,333,748
14,772,142
17,488,300
17,774,588
15,715,000
19,444,466
19,180,100
19,180,100
18,053,246
19,075,276
18,893,700
18,893,700
21,851,195
21,582,432
19,185,400
19,185,400
19,315,091
18,253,204
19,030,900
19,030,900
16,572,096
17,013,842
15,045,427
15,045,427
21,336,492
23,935,212
22,911,984
24,321,881
22,597,774
24,242,226
26,243,123
26,291,933
25,818,028
27,370,847
26,288,477
26,288,477
23,952,572
28,535,378
25,954,262

25,954,262

28,535,378

23,952,572

26,288,477

27,370,847

25,818,028

26,291,933

26,243,123

24,242,226

22,597,774

24,321,881

22,911,984

23,935,212

21,336,492

15,045,427

17,013,842

16,572,096

19,030,900

18,253,204

19,315,091

19,185,400

21,582,432

21,851,195

18,893,700

19,075,276

18,053,246

19,180,100

19,444,466

15,715,000

17,774,588

17,488,300

14,772,142

14,333,748

13,086,094

13,242,500

12,343,638

11,972,385

11,590,000

11,362,937

11,609,079

11,123,800

11,093,000

10,989,875

9,852,000

9,516,034

4,504,128

10,446,300

11,048,000

5,138,908

5,985,100

4,928,718

4,346,516

3,767,889

2,492,513

2,485,051

2,838,125

2,078,483

2,087,368

2,187,234

1,568,628

1,328,919

1,269,117

1,659,853

1,862,349

1,043,035

1,205,352

Cash And Cash Equivalents

0
0
0
656,118
0
0
0
11,758
0
11,758
0
503,702
503,702
0
0
450,179
450,179
0
0
212,693
212,693
11,326
10,977
778,114
778,114
609,832
382,048
335,786
335,786
272,536
239,781
1,107,909
1,107,909
553,199
537,673
1,233,500
1,233,500
819,841
734,912
1,898,200
1,898,200
199,035
2,187,195
2,310,600
2,310,600
1,974,461
1,849,000
1,366,800
1,366,800
2,106,932
1,506,757
1,931,000
1,931,000
2,028,379
2,275,108
3,127,700
3,313,354
4,578,388
4,793,226
6,006,900
5,873,772
4,645,000
7,724,101
5,362,900
5,362,900
4,630,909
5,773,267
6,356,900
6,356,900
8,510,902
8,438,125
6,010,800
6,010,800
5,747,786
4,424,095
4,869,600
4,869,600
5,236,091
6,206,248
4,237,785
4,237,785
9,671,275
11,398,587
7,576,625
8,666,822
6,941,842
6,889,844
7,528,820
9,082,246
7,887,641
8,335,724
8,466,482
8,466,482
7,494,269
10,964,859
9,278,478

9,278,478

10,964,859

7,494,269

8,466,482

8,335,724

7,887,641

9,082,246

7,528,820

6,889,844

6,941,842

8,666,822

7,576,625

11,398,587

9,671,275

4,237,785

6,206,248

5,236,091

4,869,600

4,424,095

5,747,786

6,010,800

8,438,125

8,510,902

6,356,900

5,773,267

4,630,909

5,362,900

7,724,101

4,645,000

5,873,772

6,006,900

4,793,226

4,578,388

3,313,354

3,127,700

2,275,108

2,028,379

1,931,000

1,506,757

2,106,932

1,366,800

1,849,000

1,974,461

2,310,600

2,187,195

199,035

1,898,200

734,912

819,841

1,233,500

537,673

553,199

1,107,909

239,781

272,536

335,786

382,048

609,832

778,114

10,977

11,326

212,693

450,179

503,702

11,758

656,118

Short-term Investments

0
0
0
329,364
0
0
0
391,212
0
391,212
0
400,545
400,545
0
0
195,721
195,721
0
0
60,446
60,446
240,988
320,047
39,076
39,076
42,435
99,112
782,005
782,005
588,051
443,082
665,545
665,545
333,247
479,826
742,500
742,500
612,874
1,589,793
2,345,500
2,345,500
1,293,024
872,808
863,800
863,800
1,859,786
1,592,000
1,372,700
1,372,700
641,113
609,290
655,000
655,000
525,461
500,019
471,200
543,330
530,118
552,566
630,600
613,627
986,000
703,399
864,100
864,100
671,814
792,218
820,300
820,300
408,387
407,399
228,400
228,400
416,529
563,830
507,000
507,000
585,060
414,223
418,182
418,182
337,183
313,091
314,158
314,275
316,410
343,182
346,855
343,029
378,380
418,891
423,004
423,004
426,993
445,494
447,878

447,878

445,494

426,993

423,004

418,891

378,380

343,029

346,855

343,182

316,410

314,275

314,158

313,091

337,183

418,182

414,223

585,060

507,000

563,830

416,529

228,400

407,399

408,387

820,300

792,218

671,814

864,100

703,399

986,000

613,627

630,600

552,566

530,118

543,330

471,200

500,019

525,461

655,000

609,290

641,113

1,372,700

1,592,000

1,859,786

863,800

872,808

1,293,024

2,345,500

1,589,793

612,874

742,500

479,826

333,247

665,545

443,082

588,051

782,005

99,112

42,435

39,076

320,047

240,988

60,446

195,721

400,545

391,212

329,364

Net Receivables

0
0
0
277,083
0
0
0
275,069
0
275,069
0
197,518
197,518
0
0
152,392
152,392
0
0
244,738
244,738
315,827
382,613
638,503
638,503
653,804
734,969
846,449
846,449
779,847
832,868
978,219
978,219
1,702,965
1,935,529
1,378,000
1,378,000
1,194,275
0
2,532,900
2,532,900
1,135,051
2,281,194
2,565,000
2,565,000
2,461,349
2,450,000
3,207,800
3,207,800
2,813,326
2,830,458
4,499,000
4,499,000
4,595,150
4,268,879
4,641,300
4,419,072
4,314,001
4,331,407
4,056,000
3,815,592
4,668,000
4,880,646
5,411,800
5,411,800
4,840,807
4,359,684
4,468,900
4,468,900
5,136,865
5,411,642
5,266,500
5,266,500
5,146,637
4,867,130
3,794,200
3,794,200
3,631,588
2,938,857
3,716,909
3,716,909
3,552,370
3,298,685
5,079,381
3,929,144
3,906,535
4,565,427
5,155,051
4,377,867
4,981,478
5,120,939
5,416,439
3,606,787
4,984,428
5,735,641
6,349,201

6,349,201

5,735,641

4,984,428

3,606,787

5,416,439

5,120,939

4,981,478

4,377,867

5,155,051

4,565,427

3,906,535

3,929,144

5,079,381

3,298,685

3,552,370

3,716,909

2,938,857

3,631,588

3,794,200

4,867,130

5,146,637

5,266,500

5,411,642

5,136,865

4,468,900

4,359,684

4,840,807

5,411,800

4,880,646

4,668,000

3,815,592

4,056,000

4,331,407

4,314,001

4,419,072

4,641,300

4,268,879

4,595,150

4,499,000

2,830,458

2,813,326

3,207,800

2,450,000

2,461,349

2,565,000

2,281,194

1,135,051

2,532,900

1,194,275

1,378,000

1,935,529

1,702,965

978,219

832,868

779,847

846,449

734,969

653,804

638,503

382,613

315,827

244,738

152,392

197,518

275,069

277,083

Other Current Assets

0
0
0
2
0
0
0
45,299
0
45,299
0
123,582
123,582
28,744
29,472
129,123
129,123
0
0
122,680
122,680
110,287
109,526
79,948
79,948
48,976
51,253
94,973
94,973
48,066
64,447
115,891
115,891
109,687
114,790
238,500
238,500
210,719
11,048,000
394,600
394,600
119,629
228,573
1,269,600
1,269,600
1,522,003
1,516,000
1,570,400
1,570,400
1,880,740
1,768,565
518,637
518,637
392,867
338,579
535,900
326,966
314,009
298,160
764,800
493,844
265,000
484,480
799,800
799,800
793,576
581,059
566,800
566,800
600,570
480,891
961,100
961,100
849,220
806,133
683,700
683,700
656,410
594,406
2,193,772
2,193,772
502,874
495,714
446,269
503,909
597,398
387,341
481,464
523,367
603,129
680,172
76,374
76,374
64,893
89,512
424,332

424,332

89,512

64,893

76,374

680,172

603,129

523,367

481,464

387,341

597,398

503,909

446,269

495,714

502,874

2,193,772

594,406

656,410

683,700

806,133

849,220

961,100

480,891

600,570

566,800

581,059

793,576

799,800

484,480

265,000

493,844

764,800

298,160

314,009

326,966

535,900

338,579

392,867

518,637

1,768,565

1,880,740

1,570,400

1,516,000

1,522,003

1,269,600

228,573

119,629

394,600

11,048,000

210,719

238,500

114,790

109,687

115,891

64,447

48,066

94,973

51,253

48,976

79,948

109,526

110,287

122,680

129,123

29,472

28,744

123,582

45,299

> Long-term Assets

0
0
0
1,346,926
0
0
0
1,381,016
0
1,381,016
0
1,144,884
1,144,884
0
0
1,107,931
1,107,931
0
0
1,256,320
1,256,320
1,320,514
1,358,835
1,442,699
1,442,699
1,754,064
1,884,988
1,979,604
1,979,604
2,298,752
2,551,365
2,774,871
2,774,871
4,018,537
4,222,420
5,234,400
5,234,400
5,268,312
14,470,000
15,268,000
15,268,000
14,109,347
15,455,980
17,899,500
17,899,500
17,903,071
18,386,000
18,859,700
18,859,700
19,742,477
20,239,365
19,182,000
19,182,000
19,614,692
19,591,239
19,132,100
18,896,564
18,965,232
19,019,949
18,615,400
18,942,343
20,245,000
20,545,263
21,207,900
21,207,900
23,501,650
24,051,222
24,051,200
24,051,200
26,230,432
26,703,198
26,043,100
26,043,100
26,214,082
26,265,503
23,351,500
23,351,500
25,589,084
26,337,616
26,655,204
26,655,204
27,572,345
27,247,038
26,752,922
27,093,274
27,020,118
28,806,622
29,660,264
29,321,864
31,014,359
31,667,192
31,454,329
31,454,329
30,326,595
30,718,531
31,317,828

31,317,828

30,718,531

30,326,595

31,454,329

31,667,192

31,014,359

29,321,864

29,660,264

28,806,622

27,020,118

27,093,274

26,752,922

27,247,038

27,572,345

26,655,204

26,337,616

25,589,084

23,351,500

26,265,503

26,214,082

26,043,100

26,703,198

26,230,432

24,051,200

24,051,222

23,501,650

21,207,900

20,545,263

20,245,000

18,942,343

18,615,400

19,019,949

18,965,232

18,896,564

19,132,100

19,591,239

19,614,692

19,182,000

20,239,365

19,742,477

18,859,700

18,386,000

17,903,071

17,899,500

15,455,980

14,109,347

15,268,000

14,470,000

5,268,312

5,234,400

4,222,420

4,018,537

2,774,871

2,551,365

2,298,752

1,979,604

1,884,988

1,754,064

1,442,699

1,358,835

1,320,514

1,256,320

1,107,931

1,144,884

1,381,016

1,346,926

Property Plant Equipment

439,123
455,403
456,015
1,155,951
0
0
0
903,623
0
903,623
0
934,095
934,095
324,806
315,573
911,278
911,278
288,719
312,382
918,722
918,722
987,309
1,027,944
1,106,108
1,106,108
1,359,496
1,482,065
1,566,605
1,566,605
1,870,611
2,037,818
2,136,724
2,136,724
2,744,999
2,913,228
2,918,500
2,918,500
3,010,459
6,989,000
9,275,100
9,275,100
3,173,265
9,382,400
9,066,800
9,066,800
9,168,696
9,326,000
9,798,400
9,798,400
9,812,034
10,214,297
10,671,000
10,671,000
10,939,909
11,021,943
10,821,600
10,769,149
10,785,184
10,929,638
10,059,300
10,090,320
11,697,000
10,701,526
10,915,700
10,915,700
11,526,050
11,710,786
11,746,200
11,746,200
12,510,810
12,322,029
12,190,600
12,190,600
11,903,185
11,948,535
10,697,000
10,697,000
12,456,302
12,258,788
12,276,889
12,276,889
12,265,597
12,227,225
12,215,580
12,329,178
12,336,681
12,822,742
13,040,862
13,037,064
13,693,696
14,173,566
14,391,575
14,391,575
14,157,929
14,631,389
16,467,230

16,467,230

14,631,389

14,157,929

14,391,575

14,173,566

13,693,696

13,037,064

13,040,862

12,822,742

12,336,681

12,329,178

12,215,580

12,227,225

12,265,597

12,276,889

12,258,788

12,456,302

10,697,000

11,948,535

11,903,185

12,190,600

12,322,029

12,510,810

11,746,200

11,710,786

11,526,050

10,915,700

10,701,526

11,697,000

10,090,320

10,059,300

10,929,638

10,785,184

10,769,149

10,821,600

11,021,943

10,939,909

10,671,000

10,214,297

9,812,034

9,798,400

9,326,000

9,168,696

9,066,800

9,382,400

3,173,265

9,275,100

6,989,000

3,010,459

2,918,500

2,913,228

2,744,999

2,136,724

2,037,818

1,870,611

1,566,605

1,482,065

1,359,496

1,106,108

1,027,944

987,309

918,722

312,382

288,719

911,278

315,573

324,806

934,095

903,623

1,155,951

456,015

455,403

439,123

Goodwill

0
0
0
2,731
0
0
0
0
0
0
0
3,344
0
0
0
2,783
0
0
0
1,612
0
0
0
16,590
16,590
76,393
77,574
84,296
84,296
0
11,921
269,477
269,477
177,776
173,960
666,825
671,398
784,853
911,387
3,021,500
3,021,500
1,756,308
1,858,306
2,833,000
2,833,000
2,833,194
1,533,501
2,973,800
2,973,800
3,337,299
3,276,724
3,083,263
3,083,263
3,102,582
3,102,479
3,101,800
3,091,374
3,129,603
3,067,101
2,525,300
2,594,121
925,917
3,074,182
2,778,100
2,778,100
4,601,489
4,589,062
4,343,500
4,343,500
4,692,788
4,123,307
4,192,200
4,192,200
4,366,386
4,617,380
2,695,100
2,695,100
2,669,281
2,751,680
2,713,602
2,713,602
3,011,740
3,033,284
2,935,577
3,045,307
2,878,380
4,031,431
3,425,183
3,234,798
3,471,986
3,504,300
3,461,602
3,461,602
3,349,155
3,425,818
3,390,938

3,390,938

3,425,818

3,349,155

3,461,602

3,504,300

3,471,986

3,234,798

3,425,183

4,031,431

2,878,380

3,045,307

2,935,577

3,033,284

3,011,740

2,713,602

2,751,680

2,669,281

2,695,100

4,617,380

4,366,386

4,192,200

4,123,307

4,692,788

4,343,500

4,589,062

4,601,489

2,778,100

3,074,182

925,917

2,594,121

2,525,300

3,067,101

3,129,603

3,091,374

3,101,800

3,102,479

3,102,582

3,083,263

3,276,724

3,337,299

2,973,800

1,533,501

2,833,194

2,833,000

1,858,306

1,756,308

3,021,500

911,387

784,853

671,398

666,825

173,960

177,776

269,477

11,921

84,296

77,574

76,393

16,590

1,612

2,783

3,344

2,731

Long 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
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
163,992
0
0
0
500,527
0
0
0
641,930
0
416,000
509,340
586,400
524,410
604,470
641,714
637,000
136,054
91,835
86,396
24,533
361,736
203,837
326,090
322,232
398,851
433,257
401,013
353,451
232,199
342,435
382,817
454,526
485,452
579,493
544,636
507,466
509,652
431,982
439,090
0

439,090

431,982

509,652

507,466

544,636

579,493

485,452

454,526

382,817

342,435

232,199

353,451

401,013

433,257

398,851

322,232

326,090

203,837

361,736

24,533

86,396

91,835

136,054

637,000

641,714

604,470

524,410

586,400

509,340

416,000

641,930

500,527

163,992

Intangible Assets

0
0
0
5,327
0
0
0
0
0
0
0
3,344
0
0
0
2,783
0
0
0
1,612
0
0
0
92,741
92,741
0
0
89,582
89,582
0
11,921
151,490
0
0
0
1,545,700
1,545,700
1,542,471
1,617,000
76,800
76,800
1,549,498
3,243,716
1,414,300
1,414,300
1,403,181
4,241,000
1,412,300
1,412,300
1,335,330
1,387,498
1,668,398
1,668,398
1,656,266
1,648,456
1,656,100
1,627,940
1,635,040
1,576,111
1,803,300
1,882,797
1,521,982
1,960,555
2,232,800
2,232,800
2,026,437
2,038,692
2,329,100
2,329,100
2,505,464
3,063,626
3,005,400
3,005,400
2,996,419
3,072,446
2,324,300
2,324,300
2,281,884
2,294,204
2,194,477
2,194,477
2,465,151
2,377,486
2,284,525
2,292,524
2,173,893
2,213,614
2,724,631
2,587,447
3,001,667
2,987,942
2,961,204
2,961,204
2,785,214
2,836,149
0

2,836,149

2,785,214

2,961,204

2,987,942

3,001,667

2,587,447

2,724,631

2,213,614

2,173,893

2,292,524

2,284,525

2,377,486

2,465,151

2,194,477

2,294,204

2,281,884

2,324,300

3,072,446

2,996,419

3,005,400

3,063,626

2,505,464

2,329,100

2,038,692

2,026,437

2,232,800

1,960,555

1,521,982

1,882,797

1,803,300

1,576,111

1,635,040

1,627,940

1,656,100

1,648,456

1,656,266

1,668,398

1,387,498

1,335,330

1,412,300

4,241,000

1,403,181

1,414,300

3,243,716

1,549,498

76,800

1,617,000

1,542,471

1,545,700

151,490

11,921

89,582

92,741

1,612

2,783

3,344

5,327

Long-term Assets Other

0
0
0
152,895
0
0
0
442,080
0
442,080
0
174,495
174,495
0
0
155,268
155,268
0
0
305,880
305,880
302,009
297,369
180,088
180,088
278,394
282,283
189,741
189,741
371,724
458,586
290,776
290,776
469,285
500,971
274,800
274,800
464,676
2,190,000
1,256,700
1,256,700
767,635
1,236,522
1,702,600
1,702,600
1,786,262
1,854,000
1,128,000
1,128,000
2,189,489
2,416,580
2,923,000
2,923,000
3,063,912
2,996,561
2,722,900
2,699,211
2,812,615
2,767,063
3,013,000
3,031,865
2,749,000
3,154,889
3,383,400
3,383,400
3,770,977
3,991,167
3,942,900
3,942,900
3,989,551
4,830,942
4,648,500
4,648,500
4,904,105
4,962,829
5,738,800
5,738,800
6,280,373
7,248,211
7,302,142
7,302,142
7,216,541
7,208,947
6,854,725
7,004,407
6,927,694
6,851,013
7,073,792
7,318,124
7,513,216
7,722,369
7,516,795
2,349,251
7,476,155
7,293,913
7,903,292

7,903,292

7,293,913

7,476,155

2,349,251

7,516,795

7,722,369

7,513,216

7,318,124

7,073,792

6,851,013

6,927,694

7,004,407

6,854,725

7,208,947

7,216,541

7,302,142

7,248,211

6,280,373

5,738,800

4,962,829

4,904,105

4,648,500

4,830,942

3,989,551

3,942,900

3,991,167

3,770,977

3,383,400

3,154,889

2,749,000

3,031,865

3,013,000

2,767,063

2,812,615

2,699,211

2,722,900

2,996,561

3,063,912

2,923,000

2,416,580

2,189,489

1,128,000

1,854,000

1,786,262

1,702,600

1,236,522

767,635

1,256,700

2,190,000

464,676

274,800

500,971

469,285

290,776

458,586

371,724

189,741

282,283

278,394

180,088

297,369

302,009

305,880

155,268

174,495

442,080

152,895

> Total Liabilities

0
765,754
797,243
1,771,799
0
0
0
1,751,256
0
1,751,256
0
2,331,594
2,331,594
699,962
691,952
2,007,680
2,007,680
0
0
1,555,061
1,555,061
1,578,539
1,748,875
2,407,898
2,407,898
2,596,324
2,692,748
2,679,011
2,679,011
2,542,907
2,716,461
3,317,025
3,317,025
5,103,320
5,870,137
7,108,200
7,108,200
6,393,904
12,342,000
12,575,000
12,575,000
5,300,902
11,401,574
14,114,800
14,114,800
14,675,156
15,305,000
15,873,500
15,873,500
17,281,392
17,398,398
16,196,000
16,196,000
17,005,949
17,070,630
17,678,400
16,818,641
18,163,073
18,419,542
20,413,800
21,792,297
20,736,000
25,756,684
26,552,000
26,552,000
28,693,644
30,431,738
30,725,500
30,725,500
36,339,415
35,744,055
33,515,600
33,515,600
35,912,502
35,278,416
34,850,600
34,850,600
34,716,294
35,931,914
33,552,282
33,552,282
41,863,372
43,840,381
40,851,372
43,034,664
41,206,849
45,372,602
47,077,764
42,911,484
44,005,989
46,431,225
46,885,752
46,885,752
44,672,984
44,323,145
41,628,434

41,628,434

44,323,145

44,672,984

46,885,752

46,431,225

44,005,989

42,911,484

47,077,764

45,372,602

41,206,849

43,034,664

40,851,372

43,840,381

41,863,372

33,552,282

35,931,914

34,716,294

34,850,600

35,278,416

35,912,502

33,515,600

35,744,055

36,339,415

30,725,500

30,431,738

28,693,644

26,552,000

25,756,684

20,736,000

21,792,297

20,413,800

18,419,542

18,163,073

16,818,641

17,678,400

17,070,630

17,005,949

16,196,000

17,398,398

17,281,392

15,873,500

15,305,000

14,675,156

14,114,800

11,401,574

5,300,902

12,575,000

12,342,000

6,393,904

7,108,200

5,870,137

5,103,320

3,317,025

2,716,461

2,542,907

2,679,011

2,692,748

2,596,324

2,407,898

1,748,875

1,578,539

1,555,061

2,007,680

691,952

699,962

2,331,594

1,751,256

1,771,799

797,243

765,754

> Total Current Liabilities

471,761
492,255
517,063
921,036
0
0
0
1,013,995
0
1,013,995
0
1,667,160
1,667,160
447,500
464,331
1,315,023
1,315,023
471,813
439,470
1,037,149
1,037,149
892,218
843,966
1,129,194
1,129,194
1,162,712
1,239,657
1,248,476
1,248,476
1,284,600
1,342,528
1,941,040
1,941,040
2,621,228
2,683,343
3,080,900
3,080,900
2,989,317
5,569,000
5,876,700
5,876,700
2,896,243
4,897,227
5,686,200
5,686,200
6,392,323
7,025,000
7,987,800
7,987,800
7,686,664
7,447,663
7,464,000
7,464,000
7,505,686
7,687,982
8,436,000
7,809,449
8,703,970
8,285,249
9,569,100
9,466,803
9,494,000
10,632,991
11,621,200
11,621,200
13,035,368
13,572,057
12,640,400
12,640,400
13,464,828
14,229,748
14,907,900
14,907,900
17,830,101
15,246,812
14,488,600
14,488,600
14,469,911
13,633,561
13,324,005
13,324,005
16,886,015
18,112,304
15,440,328
16,088,237
17,420,464
20,233,893
21,225,289
19,427,993
19,862,988
21,401,873
22,114,922
22,114,922
21,688,959
22,194,308
19,390,348

19,390,348

22,194,308

21,688,959

22,114,922

21,401,873

19,862,988

19,427,993

21,225,289

20,233,893

17,420,464

16,088,237

15,440,328

18,112,304

16,886,015

13,324,005

13,633,561

14,469,911

14,488,600

15,246,812

17,830,101

14,907,900

14,229,748

13,464,828

12,640,400

13,572,057

13,035,368

11,621,200

10,632,991

9,494,000

9,466,803

9,569,100

8,285,249

8,703,970

7,809,449

8,436,000

7,687,982

7,505,686

7,464,000

7,447,663

7,686,664

7,987,800

7,025,000

6,392,323

5,686,200

4,897,227

2,896,243

5,876,700

5,569,000

2,989,317

3,080,900

2,683,343

2,621,228

1,941,040

1,342,528

1,284,600

1,248,476

1,239,657

1,162,712

1,129,194

843,966

892,218

1,037,149

439,470

471,813

1,315,023

464,331

447,500

1,667,160

1,013,995

921,036

517,063

492,255

471,761

Short-term Debt

0
0
0
491,871
0
0
0
696,627
0
696,627
0
1,262,190
1,262,190
0
0
808,306
808,306
0
0
478,746
478,746
305,338
295,999
548,358
548,358
462,399
562,951
545,679
545,679
619,065
599,528
1,051,714
1,051,714
1,385,098
1,302,481
1,646,400
1,646,400
1,567,137
0
2,913,700
2,913,700
790,835
1,937,726
2,227,700
2,227,700
2,588,698
3,106,000
3,452,500
3,452,500
3,410,992
2,653,569
2,441,000
2,441,000
2,443,488
2,576,487
2,696,600
2,690,765
2,757,571
2,529,360
2,738,900
2,426,743
2,081,000
2,153,590
2,628,200
2,628,200
3,748,265
4,164,277
3,245,000
3,245,000
4,387,496
4,951,159
5,031,400
5,031,400
7,473,136
5,036,045
4,547,400
4,547,400
4,761,008
3,242,968
3,508,657
3,508,657
4,389,385
4,724,570
1,443,146
1,549,452
3,010,878
3,347,155
3,675,024
3,304,926
3,364,856
3,788,480
4,988,929
0
5,946,088
5,562,897
3,396,164

3,396,164

5,562,897

5,946,088

4,988,929

3,788,480

3,364,856

3,304,926

3,675,024

3,347,155

3,010,878

1,549,452

1,443,146

4,724,570

4,389,385

3,508,657

3,242,968

4,761,008

4,547,400

5,036,045

7,473,136

5,031,400

4,951,159

4,387,496

3,245,000

4,164,277

3,748,265

2,628,200

2,153,590

2,081,000

2,426,743

2,738,900

2,529,360

2,757,571

2,690,765

2,696,600

2,576,487

2,443,488

2,441,000

2,653,569

3,410,992

3,452,500

3,106,000

2,588,698

2,227,700

1,937,726

790,835

2,913,700

1,567,137

1,646,400

1,302,481

1,385,098

1,051,714

599,528

619,065

545,679

562,951

462,399

548,358

295,999

305,338

478,746

808,306

1,262,190

696,627

491,871

Short Long Term Debt

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
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
10,993,492
0
0
0
2,996,341
0
0
0
1,734,093
0
18,596,000
20,260,561
2,235,634
21,400,494
24,744,865
4,892,157
5,081,660
2,466,095
2,101,628
1,412,546
303,245
5,071,402
4,761,008
3,242,968
3,132,029
3,880,548
4,071,950
4,398,427
1,059,984
1,135,266
2,530,352
2,861,250
3,203,068
2,865,893
2,822,515
3,159,148
3,879,874
4,292,544
5,184,652
4,675,557
0

4,675,557

5,184,652

4,292,544

3,879,874

3,159,148

2,822,515

2,865,893

3,203,068

2,861,250

2,530,352

1,135,266

1,059,984

4,398,427

4,071,950

3,880,548

3,132,029

3,242,968

4,761,008

5,071,402

303,245

1,412,546

2,101,628

2,466,095

5,081,660

4,892,157

24,744,865

21,400,494

2,235,634

20,260,561

18,596,000

1,734,093

2,996,341

10,993,492

Accounts payable

0
58,266
0
127,269
0
0
0
151,289
0
151,289
0
278,605
278,605
86,720
90,277
322,173
322,173
0
0
308,414
308,414
366,634
343,022
332,393
332,393
540,392
492,763
485,325
485,325
423,204
476,432
575,553
575,553
851,376
1,020,738
1,083,400
1,083,400
43,656
1,011,211
1,905,400
1,905,400
950,066
1,915,780
2,059,200
2,059,200
2,082,125
2,247,000
2,681,300
2,681,300
2,772,448
3,267,264
3,381,246
3,381,246
3,176,279
3,450,730
3,674,700
3,737,335
4,081,181
4,056,216
3,977,300
4,381,009
1,521,187
5,486,268
4,745,000
4,745,000
6,090,270
6,731,766
5,839,800
5,839,800
6,596,132
6,610,364
6,445,500
6,445,500
7,060,656
7,000,201
5,552,400
5,552,400
6,460,937
6,703,845
5,784,419
5,784,419
6,725,495
8,098,659
8,996,206
9,548,379
9,751,391
11,077,197
11,701,996
11,229,888
11,941,378
12,988,510
13,482,772
13,482,772
12,545,386
13,244,346
12,592,006

12,592,006

13,244,346

12,545,386

13,482,772

12,988,510

11,941,378

11,229,888

11,701,996

11,077,197

9,751,391

9,548,379

8,996,206

8,098,659

6,725,495

5,784,419

6,703,845

6,460,937

5,552,400

7,000,201

7,060,656

6,445,500

6,610,364

6,596,132

5,839,800

6,731,766

6,090,270

4,745,000

5,486,268

1,521,187

4,381,009

3,977,300

4,056,216

4,081,181

3,737,335

3,674,700

3,450,730

3,176,279

3,381,246

3,267,264

2,772,448

2,681,300

2,247,000

2,082,125

2,059,200

1,915,780

950,066

1,905,400

1,011,211

43,656

1,083,400

1,020,738

851,376

575,553

476,432

423,204

485,325

492,763

540,392

332,393

343,022

366,634

308,414

322,173

90,277

86,720

278,605

151,289

127,269

58,266

Other Current Liabilities

0
43,244
0
268,798
0
0
0
131,240
0
131,240
0
126,364
126,364
112,540
160,069
184,544
184,544
0
0
249,989
249,989
220,247
204,946
248,443
248,443
159,921
183,943
217,472
217,472
242,331
266,568
313,774
313,774
384,754
360,125
88,000
88,000
1,171,442
5,569,000
344,300
344,300
132,410
528,005
819,000
819,000
701,862
829,000
763,900
763,900
608,747
556,221
547,000
547,000
719,133
692,957
2,044,100
413,505
451,865
515,213
2,187,200
1,529,261
7,413,000
1,667,466
2,821,800
2,821,800
1,454,435
1,387,742
2,264,900
2,264,900
1,289,721
988,356
1,617,300
1,617,300
1,812,303
1,013,501
2,776,800
2,776,800
878,633
1,259,603
666,203
666,203
3,035,710
2,667,698
1,221,325
2,909,098
2,144,188
3,258,609
3,480,351
4,893,179
4,556,754
4,624,883
3,504,815
1,437,804
3,001,151
3,073,254
3,111,899

3,111,899

3,073,254

3,001,151

1,437,804

3,504,815

4,624,883

4,556,754

4,893,179

3,480,351

3,258,609

2,144,188

2,909,098

1,221,325

2,667,698

3,035,710

666,203

1,259,603

878,633

2,776,800

1,013,501

1,812,303

1,617,300

988,356

1,289,721

2,264,900

1,387,742

1,454,435

2,821,800

1,667,466

7,413,000

1,529,261

2,187,200

515,213

451,865

413,505

2,044,100

692,957

719,133

547,000

556,221

608,747

763,900

829,000

701,862

819,000

528,005

132,410

344,300

5,569,000

1,171,442

88,000

360,125

384,754

313,774

266,568

242,331

217,472

183,943

159,921

248,443

204,946

220,247

249,989

184,544

160,069

112,540

126,364

131,240

268,798

43,244

> Long-term Liabilities

0
0
0
850,762
0
0
0
737,261
0
737,261
0
664,435
664,435
0
0
692,657
692,657
0
0
517,912
517,912
686,321
904,909
1,278,704
1,278,704
1,433,612
1,453,091
1,430,534
1,430,534
1,258,307
1,373,933
1,375,985
1,375,985
2,482,092
3,186,794
4,027,300
4,027,300
3,404,587
6,773,000
6,698,300
6,698,300
2,404,659
6,504,347
8,428,600
8,428,600
8,282,833
8,280,000
7,885,700
7,885,700
9,594,728
9,950,735
8,732,000
8,732,000
9,500,263
9,382,648
9,242,400
9,009,192
9,459,103
10,134,293
10,844,700
12,325,494
11,242,000
15,123,693
14,930,800
14,930,800
15,658,276
16,859,681
18,085,100
18,085,100
22,874,587
21,514,307
18,607,700
18,607,700
18,082,401
20,031,604
20,362,000
20,362,000
20,246,383
22,298,353
20,228,277
20,228,277
24,977,357
25,728,077
25,411,044
26,946,427
23,786,385
25,138,709
25,852,475
23,483,491
24,143,001
25,029,352
24,770,830
24,770,830
22,984,025
22,128,837
22,238,086

22,238,086

22,128,837

22,984,025

24,770,830

25,029,352

24,143,001

23,483,491

25,852,475

25,138,709

23,786,385

26,946,427

25,411,044

25,728,077

24,977,357

20,228,277

22,298,353

20,246,383

20,362,000

20,031,604

18,082,401

18,607,700

21,514,307

22,874,587

18,085,100

16,859,681

15,658,276

14,930,800

15,123,693

11,242,000

12,325,494

10,844,700

10,134,293

9,459,103

9,009,192

9,242,400

9,382,648

9,500,263

8,732,000

9,950,735

9,594,728

7,885,700

8,280,000

8,282,833

8,428,600

6,504,347

2,404,659

6,698,300

6,773,000

3,404,587

4,027,300

3,186,794

2,482,092

1,375,985

1,373,933

1,258,307

1,430,534

1,453,091

1,433,612

1,278,704

904,909

686,321

517,912

692,657

664,435

737,261

850,762

Long term Debt Total

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
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
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4,539,215
16,549,042
16,020,031
17,834,156
15,488,250
21,318,237
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

21,318,237

15,488,250

17,834,156

16,020,031

16,549,042

4,539,215

Other Liabilities

0
58,968
0
80,853
0
0
0
56,355
0
0
0
35,455
195,895
60,131
41,596
37,330
0
0
0
48,044
0
0
0
57,669
0
67,300
666,291
57,211
66,249
651,954
69,029
74,087
1,213,061
1,557,855
1,636,412
102,934
97,855
99,308
308,252
319,368
322,254
407,780
410,298
1,090,493
1,004,189
1,025,007
821,331
788,485
803,790
722,526
712,837
770,174
823,033
891,299
841,881
735,852
715,513
726,675
645,997
716,805
550,628
728,698
559,151
553,538
635,390
709,484
698,437
679,792
722,781
889,608
915,678
863,048
893,935
784,755
750,631
164,640
2,562,068
2,313,670
2,624,466
2,685,475
2,839,148
1,980,655
2,018,221
1,912,356
1,926,833
1,725,294
1,715,975
1,550,362
1,727,612
1,744,310
1,703,319
1,553,744
1,912,804
0
1,792,883
0

1,792,883

1,912,804

1,553,744

1,703,319

1,744,310

1,727,612

1,550,362

1,715,975

1,725,294

1,926,833

1,912,356

2,018,221

1,980,655

2,839,148

2,685,475

2,624,466

2,313,670

2,562,068

164,640

750,631

784,755

893,935

863,048

915,678

889,608

722,781

679,792

698,437

709,484

635,390

553,538

559,151

728,698

550,628

716,805

645,997

726,675

715,513

735,852

841,881

891,299

823,033

770,174

712,837

722,526

803,790

788,485

821,331

1,025,007

1,004,189

1,090,493

410,298

407,780

322,254

319,368

308,252

99,308

97,855

102,934

1,636,412

1,557,855

1,213,061

74,087

69,029

651,954

66,249

57,211

666,291

67,300

57,669

48,044

37,330

41,596

60,131

195,895

35,455

56,355

80,853

58,968

Deferred Long Term Liability

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
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
0
33,900
0
0
0
47,600
0
0
0
48,000
0
0
0
46,800
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

46,800

48,000

47,600

33,900

> Total Stockholder Equity

303,370
295,197
292,937
763,936
0
0
0
672,796
0
672,796
0
675,638
675,638
241,809
248,331
760,104
760,104
284,782
322,806
970,376
970,376
1,070,894
1,178,588
1,222,036
1,222,036
1,213,874
1,236,533
2,099,813
2,099,813
2,200,876
2,283,857
3,225,735
3,225,735
3,261,334
3,280,482
4,110,600
4,110,600
4,012,272
13,172,000
13,134,600
13,134,600
13,312,573
13,562,289
13,629,100
13,629,100
14,206,482
14,175,000
14,070,400
14,070,400
14,018,987
14,159,312
14,576,000
14,576,000
14,546,091
14,822,624
14,655,100
15,121,535
15,092,785
15,339,760
15,590,400
14,807,390
14,954,000
13,906,096
13,516,900
13,516,900
12,558,716
12,385,959
11,840,000
11,840,000
11,361,949
12,069,888
11,200,300
11,200,300
9,018,879
8,625,215
6,964,600
6,964,600
7,207,065
7,149,921
7,895,623
7,895,623
6,793,900
7,086,932
8,585,784
8,299,809
8,337,034
7,599,847
8,462,532
12,423,107
12,186,918
12,000,440
10,268,821
10,268,821
9,152,646
14,121,839
14,923,428

14,923,428

14,121,839

9,152,646

10,268,821

12,000,440

12,186,918

12,423,107

8,462,532

7,599,847

8,337,034

8,299,809

8,585,784

7,086,932

6,793,900

7,895,623

7,149,921

7,207,065

6,964,600

8,625,215

9,018,879

11,200,300

12,069,888

11,361,949

11,840,000

12,385,959

12,558,716

13,516,900

13,906,096

14,954,000

14,807,390

15,590,400

15,339,760

15,092,785

15,121,535

14,655,100

14,822,624

14,546,091

14,576,000

14,159,312

14,018,987

14,070,400

14,175,000

14,206,482

13,629,100

13,562,289

13,312,573

13,134,600

13,172,000

4,012,272

4,110,600

3,280,482

3,261,334

3,225,735

2,283,857

2,200,876

2,099,813

1,236,533

1,213,874

1,222,036

1,178,588

1,070,894

970,376

322,806

284,782

760,104

248,331

241,809

675,638

672,796

763,936

292,937

295,197

303,370

Common Stock

0
0
0
675,268
0
0
0
415,425
0
415,425
0
490,000
490,000
0
0
488,021
488,021
0
0
490,130
490,130
794,032
802,078
0
0
0
0
749,695
777,454
828,973
871,460
1,405,284
1,975,231
2,160,552
1,791,938
1,486,195
1,497,389
1,752,935
7,025,415
7,151,653
6,992,285
6,945,249
7,346,976
7,492,334
7,650,562
7,990,042
6,740,855
6,689,467
6,844,532
6,202,325
6,145,126
12,460,000
12,460,000
12,460,471
12,460,471
12,460,500
12,460,471
12,460,471
12,460,471
12,460,500
12,460,471
12,460,000
12,460,471
12,460,500
12,460,500
12,460,471
12,460,471
12,460,500
12,460,500
12,460,471
12,460,471
12,460,500
12,460,500
12,460,471
12,460,471
12,460,500
12,460,500
12,460,471
12,460,471
12,460,471
12,460,471
12,460,471
12,460,471
12,460,471
12,460,471
12,460,471
12,460,471
12,460,471
12,842,509
12,837,800
12,836,522
12,835,915
13,053,418
12,835,915
13,363,411
13,349,156

13,349,156

13,363,411

12,835,915

13,053,418

12,835,915

12,836,522

12,837,800

12,842,509

12,460,471

12,460,500

12,460,471

12,460,500

12,460,471

12,460,500

12,460,471

12,460,500

12,460,471

12,460,000

12,460,471

12,460,500

12,460,471

12,460,500

12,460,471

12,460,000

6,145,126

6,202,325

6,844,532

6,689,467

6,740,855

7,990,042

7,650,562

7,492,334

7,346,976

6,945,249

6,992,285

7,151,653

7,025,415

1,752,935

1,497,389

1,486,195

1,791,938

2,160,552

1,975,231

1,405,284

871,460

828,973

777,454

749,695

802,078

794,032

490,130

488,021

490,000

415,425

675,268

Retained Earnings

65,701
5,862
8,629
-72,653
0
0
0
111,321
0
0
0
-6,280
-6,280
70,105
81,260
-11,350
-11,350
126,972
151,716
181,143
72,391
108,009
204,950
423,336
423,336
-17,006
2,919
504,477
504,477
98,332
190,887
726,740
726,740
-911,225
-924,761
704,500
704,500
289,037
664,000
724,900
724,900
2,945
4,766
661,355
1,136,625
589,042
2,381,000
1,836,700
1,836,700
1,905,000
1,809,635
-52,000
-52,000
148,591
414,374
2,511,900
288,619
149,196
750,553
1,251,905
436,333
819,000
1,172,440
1,262,157
14,846
19,000
-6,128
18,566
-271,697
-434,815
-300,600
101,400
-140,018
-1,791,949
-1,971,003
-4,279,000
-4,279,000
-5,003,010
-4,733,671
-3,996,985
-3,996,985
-3,739,036
-3,522,245
-2,594,028
-2,536,540
-2,780,682
-3,062,798
-2,132,230
-1,001,320
-1,344,286
-1,466,856
-3,397,092
-3,397,092
-4,756,000
-5,143,014
0

-5,143,014

-4,756,000

-3,397,092

-1,466,856

-1,344,286

-1,001,320

-2,132,230

-3,062,798

-2,780,682

-2,536,540

-2,594,028

-3,522,245

-3,739,036

-3,996,985

-4,733,671

-5,003,010

-4,279,000

-1,971,003

-1,791,949

-140,018

101,400

-300,600

-434,815

-271,697

18,566

-6,128

19,000

14,846

1,262,157

1,172,440

819,000

436,333

1,251,905

750,553

149,196

288,619

2,511,900

414,374

148,591

-52,000

1,809,635

1,905,000

1,836,700

2,381,000

589,042

1,136,625

661,355

4,766

2,945

724,900

664,000

289,037

704,500

-924,761

-911,225

726,740

190,887

98,332

504,477

2,919

-17,006

423,336

204,950

108,009

72,391

181,143

151,716

126,972

-11,350

81,260

70,105

-6,280

111,321

-72,653

8,629

5,862

65,701

Capital Surplus

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
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
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
42,819
166,192
166,192
166,192
166,192
166,192
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

166,192

42,819

Treasury Stock

-38,239

-50,695

-56,654

-14,602

-6,533

-21,588

-22,589

-218,367

-228,233

-221,905

-223,049

-226,184

-102,910

-997,129

-676,242

-500,569

-409,512

-114,774

-39,155

-20,118

-21,537

-32,785

-42,164

-16,184

-23,449

-25,350

-31,873

-32,170

-35,793

-35,067

-36,742

-24,535

-422

-421

-436

-14,547

-14,687

-15,832

-37,764

-415

-354

-345

-450

-444

-396

-375

-343

-307

-282

-278

-286

Other Stockholders Equity

0
0
0
2
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
-815
-815
-807
-817
1,340,861
1,340,861
803,805
804,521
2,316,688
2,316,688
1,599,151
1,594,113
3,376,522
3,376,522
3,441,621
3,488,955
5,023,100
5,023,100
4,012,272
12,465,000
15,702,900
15,702,900
13,178,219
13,239,563
13,593,900
13,593,900
13,562,579
11,794,000
12,395,200
12,395,200
12,375,561
12,488,832
100
100
0
0
-2,589,300
0
0
0
-304,900
0
-1,557,000
0
-3,947,900
-3,947,900
0
0
-721,900
-721,900
-463,881
198,415
-71,500
-71,500
193,148
198,926
-56,700
-56,700
223,302
231,496
-38,239
-38,239
-138,098
-123,938
-123,938
-195,496
-193,224
-185,933
-194,817
-186,277
-185,806
-188,056
-184,072
722,222
-179,763
-170,840
-96,145

-96,145

-170,840

-179,763

722,222

-184,072

-188,056

-185,806

-186,277

-194,817

-185,933

-193,224

-195,496

-123,938

-138,098

-38,239

231,496

223,302

-56,700

198,926

193,148

-71,500

198,415

-463,881

-721,900

-3,947,900

-1,557,000

-304,900

-2,589,300

100

12,488,832

12,375,561

12,395,200

11,794,000

13,562,579

13,593,900

13,239,563

13,178,219

15,702,900

12,465,000

4,012,272

5,023,100

3,488,955

3,441,621

3,376,522

1,594,113

1,599,151

2,316,688

804,521

803,805

1,340,861

-817

-807

-815

Balance Sheet

All numbers in thousands.

	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	2002-12-31	2001-12-31	2000-12-31	1999-12-31
Accounts Payable	12,592,006	12,735,628	13,939,971	10,448,843	6,626,456	6,438,217	7,160,675	7,175,420	5,919,587	3,977,327	3,674,705	3,381,246	2,681,343	2,059,196	3,323,895	154,587	575,553	485,325	332,393	308,414	322,173	151,289	151,289	127,269	111,559
Accumulated Amortization	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
Accumulated Depreciation	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
Accumulated Other Comprehensive Income	1,670,417	984,718	-1,670,892	-1,156,721	-529,624	-5,439,168	-1,188,777	101,363	5,004,239	3,434,880	2,271,979	2,130,000	-161,516	35,200	-3,293,200	-1,156,338	-877,527	-721,352	-542,161	481,062	283,433	257,371	257,371	161,318	118,288
Additional Paid In Capital	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
Capital Lease Obligations	0	3,044,934	2,479,246	2,536,681	2,431,180	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Stock	0	12,835,915	12,460,471	12,460,471	12,460,471	12,460,500	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Surpluse	0	0	0	0	166,192	166,192	166,192	166,192	174,014	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash	9,278,478	8,130,929	7,528,820	7,576,625	4,237,785	4,869,562	6,010,829	6,356,919	5,362,890	6,006,942	3,127,715	1,931,000	1,366,843	2,310,643	3,311,461	397,512	1,107,909	335,786	778,114	212,693	450,179	11,758	11,758	656,118	343,593
Cash And Equivalents	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
Cash And Short Term Investments	9,726,356	8,549,302	7,875,675	7,890,783	4,655,967	5,376,597	6,239,259	7,177,219	6,226,988	6,637,523	3,598,855	2,586,000	2,739,514	3,174,449	7,403,213	1,742,842	1,773,454	1,117,790	817,190	273,139	645,900	402,970	402,970	656,118	343,593
Common Stock	13,349,156	12,835,915	12,460,471	12,460,471	12,460,471	12,460,471	12,460,471	12,460,471	12,460,471	12,460,471	12,460,471	12,460,000	6,689,467	7,492,334	7,151,653	1,486,195	1,405,284	749,695	0	490,130	488,021	415,425	415,425	675,268	614,189
Common Stock Shares Outstanding	1,360,268	1,052,606	808,679	811,349	813,867	852,285	844,160	842,419	884,964	914,822	915,471	908,592	914,531	919,775	913,980	535,032	389,802	347,781	280,827	280,827	280,830	281,730	281,730	561,643	1,408,662,020
Common Stock Total Equity	0	0	0	12,460,471	12,460,471	12,460,500	12,460,500	12,460,500	12,460,500	12,460,500	12,460,500	12,460,500	0	0	0	0	0	0	0	490,130	488,021	490,000	415,425	675,268	614,189
Current Deferred Revenue	290,279	75,832	2,367,918	2,327,014	2,522,689	403,000	5	1,288,392	1,426,158	665,700	20,600	1,094,754	1,090,100	791,288	951,324	146,533	0	0	0	0	0	34,839	34,839	33,097	0
Deferred Long Term Asset Charges	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 Long Term Liab	0	0	0	0	0	0	0	0	0	33,900	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Earning 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
Good Will	3,390,938	3,474,103	3,425,183	2,935,577	2,713,602	2,694,965	4,192,228	4,343,550	2,778,102	2,525,343	3,101,750	3,083,263	2,973,815	2,833,000	3,021,500	91,306	269,477	84,296	16,590	1,612	2,783	3,344	0	2,731	0
Intangible Assets	0	2,960,507	2,724,631	2,284,525	2,194,477	2,324,433	3,005,408	2,329,004	2,232,809	1,803,300	1,656,172	1,668,398	1,412,284	4,247,264	5,404,988	32,983	151,490	89,582	92,741	1,612	2,783	3,344	0	5,327	0
Inventory	9,454,373	11,812,442	12,554,791	8,931,769	5,490,955	5,390,427	6,458,648	6,436,579	5,362,772	4,071,935	4,317,466	4,390,000	2,679,211	2,135,809	5,410,229	1,810,175	865,028	734,819	645,697	580,733	678,102	318,668	318,668	272,148	227,483
Liabilities And Stockholders Equity	57,272,090	57,854,447	55,903,387	49,664,906	41,700,631	42,382,377	45,228,481	42,944,936	40,388,014	36,103,735	32,374,569	30,772,000	29,983,456	27,751,547	44,858,386	14,281,751	6,542,760	4,817,729	3,629,933	2,525,437	2,767,784	2,424,052	2,424,052	2,552,277	2,103,281
Long Term Debt	0	19,637,126	22,252,962	21,344,442	15,488,250	17,618,100	15,413,000	15,717,400	12,551,104	3,331,865	3,170,366	3,480,753	2,483,009	2,993,987	3,376,967	1,604,702	682,462	603,084	482,177	146,265	202,039	150,118	258,984	313,226	0
Long Term Debt Total	0	0	0	0	15,488,250	17,618,055	15,413,027	15,717,376	12,551,104	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Long Term Investments	0	507,466	454,526	353,451	322,232	376,600	637,000	586,400	40,919	500,527	163,992	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Negative Goodwill	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 Debt	14,538,917	18,431,005	20,406,456	17,364,482	16,813,674	17,295,882	14,433,549	12,605,461	9,816,393	5,582,393	7,053,475	7,588,000	6,686,687	4,892,296	12,036,754	8,446,786	1,157,805	1,493,882	894,941	654,491	940,669	1,283,630	1,283,630	376,535	486,899
Net Invested Capital	0	34,787,008	33,918,562	30,990,210	26,380,974	29,130,100	31,644,700	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Receivables	6,349,201	5,617,975	5,155,051	5,079,381	3,716,909	3,794,217	5,266,595	4,476,372	5,433,369	4,281,262	4,641,310	4,499,000	4,172,677	2,565,029	3,117,992	2,852,115	978,219	846,449	638,503	244,738	152,392	275,069	275,069	277,083	175,805
Net Tangible Assets	0	4,836,887	2,331,256	3,407,216	2,998,434	1,938,170	3,996,436	5,167,400	542,192	11,261,834	9,897,149	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Working Capital	6,563,914	4,206,407	5,017,834	7,471,656	1,516,986	4,542,300	4,277,500	6,253,315	7,558,936	7,919,119	4,806,492	4,126,000	3,135,922	4,165,746	7,971,702	-913,559	1,826,849	1,589,649	1,058,040	231,968	344,830	29,040	29,040	284,315	41,008
Non Current Assets Total	31,317,828	31,350,101	29,660,264	26,752,922	26,655,204	23,351,477	26,042,958	24,051,198	21,207,965	18,615,490	19,132,046	19,182,000	18,859,705	17,899,417	26,634,847	6,374,857	2,774,871	1,979,604	1,442,699	1,256,320	1,107,931	1,381,016	1,381,016	1,346,926	1,343,719
Non Current Liabilities Other	0	331,899	325,098	242,089	1,093,942	1,108,000	1,321,500	837,300	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Current Liabilities Total	22,238,086	23,733,639	25,852,475	25,411,044	20,228,277	20,361,960	18,607,825	18,085,160	14,931,048	10,844,666	9,242,384	8,732,000	7,885,710	8,428,645	11,685,048	4,660,745	1,375,985	1,430,534	1,278,704	517,912	692,657	737,261	737,261	850,762	712,165
Non Currrent Assets Other	7,903,292	7,550,680	7,073,792	6,854,725	7,302,142	5,738,799	4,648,373	3,942,849	3,383,396	3,012,956	2,722,877	2,923,000	1,872,699	1,702,563	905,338	861,821	290,776	189,741	180,088	305,880	155,268	442,080	442,080	152,895	395,798
Noncontrolling Interest In Consolidated Entity	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	0	10,149,027	10,048,171	8,976,537	9,148,532	7,271,876	6,031,382	5,046,000	2,600,567	663,442	702,008	796,295	1,728,519	1,770,789	826,949	239,430	120,911	72,439	76,993	55,945	54,726	33,820	52,503	51,888	0
Other Current Assets	424,332	84,795	481,464	446,269	590,733	683,694	961,093	559,191	778,198	539,518	535,944	518,637	1,513,342	1,280,951	688,179	952,419	115,891	94,973	79,948	122,680	129,123	45,299	45,299	2	12,680
Other Current Liab	3,111,899	4,929,741	1,242,376	1,221,325	666,203	3,100,034	2,715,843	931,607	1,647,189	2,187,196	2,044,132	547,000	763,909	608,187	893,618	4,059,780	313,774	217,472	248,443	249,989	184,544	131,240	131,240	268,798	303,381
Other Liab	0	1,553,744	1,550,362	1,912,356	2,685,475	2,576,864	2,995,720	2,367,700	151,705	716,805	735,852	770,174	788,485	1,090,493	319,368	102,934	74,087	57,211	57,669	48,044	37,330	35,455	56,355	80,853	0
Other Stockholder Equity	-96,145	-187,552	-194,817	-123,938	-38,239	-56,700	-71,483	-721,856	-3,947,933	-304,874	-2,589,280	100	14,220,917	12,459,726	24,941,805	1,198,436	3,376,522	2,316,688	1,340,861	-815	0	0	512,046	475,399	332,223
Preferred Stock Redeemable	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 Total 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
Property Plant And Equipment Gross	0	25,044,727	22,453,030	12,215,580	12,276,889	10,697,000	12,190,600	11,746,200	10,915,700	10,059,300	10,821,600	10,670,700	9,798,400	9,066,800	9,275,100	2,918,500	2,136,724	1,566,605	1,106,108	918,722	911,278	934,095	903,623	1,155,951	947,921
Property Plant And Equipment Net	16,467,230	14,290,884	13,040,862	12,215,580	12,276,889	10,696,998	12,190,583	11,746,238	10,915,752	10,059,349	10,821,578	10,671,000	9,798,370	9,066,831	16,180,127	4,186,181	2,136,724	1,566,605	1,106,108	918,722	911,278	903,623	903,623	1,155,951	947,921
Property Plant Equipment	0	14,260,487	13,026,291	12,244,366	12,287,251	10,683,573	12,176,940	11,746,200	11,676,774	4,044,181	4,824,890	5,420,439	5,468,274	5,678,853	5,322,806	1,259,060	1,201,180	735,826	474,207	345,943	316,053	263,869	390,849	592,597	0
Retained Earnings	0	-2,363,073	-2,132,230	-2,594,028	-3,996,985	-4,279,000	101,367	1,350,700	6,189,681	1,251,905	2,511,880	-52,000	10,939	1,134,041	1,264,661	704,500	726,740	504,477	423,336	181,143	-11,350	-6,280	111,321	-72,653	-59,916
Retained Earnings Total 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
Short Long Term Debt	0	3,879,874	3,203,068	1,059,984	3,132,029	4,547,400	5,031,400	3,245,000	110,537	2,996,341	10,993,492	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt Total	23,817,395	26,561,934	27,935,276	24,941,107	21,051,459	22,165,444	20,444,378	18,962,380	15,179,283	11,589,335	10,181,190	9,519,000	8,053,530	7,202,939	15,348,215	8,844,298	2,265,714	1,829,668	1,673,055	867,184	1,390,848	1,295,388	1,295,388	1,032,654	830,493
Short Term Debt	3,396,164	4,556,738	3,675,024	1,443,146	3,508,657	4,547,389	5,031,351	3,245,004	2,628,179	2,738,903	2,696,594	2,441,000	3,452,477	2,227,713	5,082,999	4,459,553	1,051,714	545,679	548,358	478,746	808,306	696,627	696,627	491,871	303,615
Short Term Investments	447,878	418,373	346,855	314,158	418,182	507,035	228,430	820,300	864,098	630,581	471,140	655,000	1,372,671	863,806	4,091,752	1,345,330	665,545	782,005	39,076	60,446	195,721	391,212	391,212	329,364	0
Temporary Equity Redeemable Noncontrolling Interests	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 Assets	57,272,090	57,854,447	55,903,387	49,664,906	41,700,631	42,382,377	45,228,481	42,944,936	40,388,014	36,103,735	32,374,569	30,772,000	29,983,456	27,751,547	44,858,386	14,281,751	6,542,760	4,817,729	3,629,933	2,525,437	2,767,784	2,424,052	2,424,052	2,552,277	2,103,281
Total Current Assets	25,954,262	26,504,346	26,243,123	22,911,984	15,045,427	19,030,900	19,185,523	18,893,738	19,180,049	17,488,245	13,242,523	11,590,000	11,123,751	9,852,130	18,223,539	7,906,894	3,767,889	2,838,125	2,187,234	1,269,117	1,659,853	1,043,035	1,043,035	1,205,352	759,562
Total Current Liabilities	19,390,348	22,297,939	21,225,289	15,440,328	13,324,005	14,488,640	14,907,874	12,640,423	11,621,113	9,569,126	8,436,031	7,464,000	7,987,829	5,686,384	10,251,837	8,820,453	1,941,040	1,248,476	1,129,194	1,037,149	1,315,023	1,013,995	1,013,995	921,036	718,554
Total Liab	41,628,434	46,031,578	47,077,764	40,851,372	33,552,282	34,850,600	33,515,699	30,725,583	26,552,161	20,413,792	17,678,415	16,196,000	15,873,539	14,115,029	21,936,885	13,481,198	3,317,025	2,679,011	2,407,898	1,555,061	2,007,680	1,751,256	1,751,256	1,771,799	1,430,719
Total Permanent 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
Total Stockholder Equity	14,923,428	11,270,008	8,462,532	8,585,784	7,895,623	6,964,627	11,200,211	11,839,978	13,516,777	15,590,477	14,655,071	14,576,000	14,070,340	13,628,967	22,913,266	746,598	3,225,735	2,099,813	1,222,036	970,376	760,104	672,796	672,796	763,936	672,562
Treasury Stock	0	0	0	0	-38,239	-56,676	-71,483	-721,856	-3,947,933	-114,774	-32,785	-25,350	-35,067	-421	-15,832	-345	-450	-375	-343	-307	-282	0	0	0	0
Warrants	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

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30	2002-06-30	2002-03-31	2001-12-31	2001-09-30	2001-06-30	2001-03-31	2000-12-31	2000-09-30	2000-06-30	2000-03-31
Accounts Payable	12,592,006	13,244,346	12,545,386	13,482,772	13,482,772	12,988,510	11,941,378	11,229,888	11,701,996	11,077,197	9,751,391	9,548,379	8,996,206	8,098,659	6,725,495	5,784,419	5,784,419	6,703,845	6,460,937	5,552,400	5,552,400	7,000,201	7,060,656	6,445,500	6,445,500	6,610,364	6,596,132	5,839,800	5,839,800	6,731,766	6,090,270	4,745,000	4,745,000	5,486,268	1,521,187	4,381,009	3,977,300	4,056,216	4,081,181	3,737,335	3,674,700	3,450,730	3,176,279	3,381,246	3,381,246	3,267,264	2,772,448	2,681,300	2,681,300	2,247,000	2,082,125	2,059,200	2,059,200	1,915,780	950,066	1,905,400	1,905,400	1,011,211	43,656	1,083,400	1,083,400	1,020,738	851,376	575,553	575,553	476,432	423,204	485,325	485,325	492,763	540,392	332,393	332,393	343,022	366,634	308,414	308,414	0	0	322,173	322,173	90,277	86,720	278,605	278,605	-	151,289	0	151,289	0	0	0	127,269	0	58,266	0
Accumulated Amortization	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	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	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	0	0	0	0	0	0
Accumulated Depreciation	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	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	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	0	0	0	0	0	0
Accumulated Other Comprehensive Income	1,670,417	6,072,282	1,252,494	0	1,014,070	818,830	879,210	768,195	-1,670,892	-1,611,893	-1,149,531	-1,428,626	-1,156,721	-1,727,356	-1,789,437	-529,624	-529,624	-808,375	-473,698	-1,160,200	-1,160,200	-2,063,179	-1,842,791	-1,188,700	-1,188,700	-288,398	-199,826	101,400	101,400	-68,384	79,245	5,004,300	5,004,300	273,185	3,232,000	1,910,586	3,434,800	2,128,736	2,483,118	2,372,445	2,272,000	1,947,779	1,937,029	2,130,000	2,130,000	-139,155	-261,574	-161,500	-161,500	0	54,861	35,200	35,200	317,960	131,409	-3,293,200	-3,293,200	43,000	0	-1,617,000	-1,617,000	716,288	730,938	-877,527	-877,527	498,858	503,394	-721,352	-721,352	429,093	427,075	-542,161	-542,161	172,377	169,660	481,062	481,062	0	0	283,433	283,433	0	0	191,918	191,918	-	257,371	0	257,371	0	0	0	161,318	0	0	0
Additional Paid In Capital	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	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	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	0	0	0	0	0	0
Capital Lease Obligations	0	3,567,034	3,163,564	3,169,115	3,044,934	2,982,587	2,709,076	2,470,743	2,479,246	2,555,210	2,509,131	2,524,951	2,536,681	2,398,643	2,478,631	2,558,286	2,431,180	1,839,731	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	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	0	0	0	0	0	0	0	-	0	-	-	0	0	0	0	0	0	0	0	0
Capital Stock	0	13,363,411	12,835,915	12,835,915	12,835,915	12,836,522	12,837,800	12,842,509	12,460,471	12,460,471	12,460,471	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	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	-	-	0	0	0	0	0	0	0	0	0
Capital Surpluse	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	166,192	166,192	166,192	166,192	166,192	42,819	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	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	0	0	0	0	-	0	-	-	0	0	0	0	0	0	0	0	0
Cash	9,278,478	10,964,859	7,494,269	8,466,482	8,466,482	8,335,724	7,887,641	9,082,246	7,528,820	6,889,844	6,941,842	8,666,822	7,576,625	11,398,587	9,671,275	4,237,785	4,237,785	6,206,248	5,236,091	4,869,600	4,869,600	4,424,095	5,747,786	6,010,800	6,010,800	8,438,125	8,510,902	6,356,900	6,356,900	5,773,267	4,630,909	5,362,900	5,362,900	7,724,101	4,645,000	5,873,772	6,006,900	4,793,226	4,578,388	3,313,354	3,127,700	2,275,108	2,028,379	1,931,000	1,931,000	1,506,757	2,106,932	1,366,800	1,366,800	1,849,000	1,974,461	2,310,600	2,310,600	2,187,195	199,035	1,898,200	1,898,200	734,912	819,841	1,233,500	1,233,500	537,673	553,199	1,107,909	1,107,909	239,781	272,536	335,786	335,786	382,048	609,832	778,114	778,114	10,977	11,326	212,693	212,693	0	0	450,179	450,179	0	0	503,702	503,702	-	11,758	0	11,758	0	0	0	656,118	0	0	0
Cash And Equivalents	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	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	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	0	0	0	0	0	0
Cash And Short Term Investments	9,726,356	11,410,353	7,921,262	0	8,889,486	8,754,615	8,266,021	9,425,275	7,875,675	7,233,026	7,258,252	8,981,097	7,890,783	11,711,678	10,008,458	4,655,967	4,655,967	6,620,471	5,821,151	5,376,600	5,376,600	4,987,925	6,164,315	6,239,200	6,239,200	8,845,524	8,919,289	7,177,200	7,177,200	6,565,485	5,302,723	6,227,000	6,227,000	8,427,500	5,631,000	6,487,399	6,637,500	5,345,792	5,108,506	3,856,684	3,598,900	2,775,127	2,553,840	2,586,000	2,586,000	2,116,047	2,748,045	2,739,500	2,739,500	3,441,000	3,834,247	3,174,400	3,174,400	3,060,003	1,492,059	4,243,700	4,243,700	0	1,432,715	1,976,000	1,976,000	1,017,500	886,446	1,773,454	1,773,454	682,863	860,588	1,117,790	1,117,790	481,160	652,267	817,190	817,190	331,024	252,314	273,139	273,139	0	0	645,900	645,900	0	0	904,247	904,247	-	402,970	0	402,970	0	0	0	656,118	0	0	0
Common Stock	13,349,156	13,363,411	12,835,915	13,053,418	12,835,915	12,836,522	12,837,800	12,842,509	12,460,471	12,460,471	12,460,471	12,460,471	12,460,471	12,460,471	12,460,471	12,460,471	12,460,471	12,460,471	12,460,471	12,460,500	12,460,500	12,460,471	12,460,471	12,460,500	12,460,500	12,460,471	12,460,471	12,460,500	12,460,500	12,460,471	12,460,471	12,460,500	12,460,500	12,460,471	12,460,000	12,460,471	12,460,500	12,460,471	12,460,471	12,460,471	12,460,500	12,460,471	12,460,471	12,460,000	12,460,000	6,145,126	6,202,325	6,844,532	6,689,467	6,740,855	7,990,042	7,650,562	7,492,334	7,346,976	6,945,249	6,992,285	7,151,653	7,025,415	1,752,935	1,497,389	1,486,195	1,791,938	2,160,552	1,975,231	1,405,284	871,460	828,973	777,454	749,695	0	0	0	0	802,078	794,032	490,130	490,130	0	0	488,021	488,021	0	0	490,000	490,000	-	415,425	0	415,425	0	0	0	675,268	0	0	0
Common Stock Shares Outstanding	1,678,656	1,599,535	1,078,141	1,078,117	1,078,117	1,078,022	1,077,639	974,274	848,519	807,709	807,934	809,043	849,920	848,262	850,794	852,774	852,774	852,540	852,438	852,413	852,413	852,274	852,274	852,122	852,122	845,679	844,412	839,375	839,375	853,523	839,336	847,701	847,701	704,904	876,692	899,598	899,505	923,237	967,208	903,944	903,944	895,212	913,400	909,916	909,916	913,612	913,626	916,555	916,555	914,882	914,264	917,610	917,610	923,587	916,467	914,067	914,067	455,733	216,962	433,925	433,925	437,018	433,925	433,925	433,925	347,780	347,780	347,780	347,780	280,546	280,546	280,546	280,546	280,827	280,827	280,827	280,827	280,827	280,827	818,611	818,611	280,828	280,835	280,812	280,812	280,967	280,901	280,901	280,901	527,530	440,121	561,643	561,643	563,460	563,460	563,460
Common Stock Total Equity	0	0	0	0	0	0	0	0	0	0	12,460,471	12,460,471	12,460,471	12,460,471	12,460,471	12,460,471	12,460,471	12,460,471	12,460,471	12,460,471	12,460,500	12,460,471	12,460,471	12,460,471	12,460,500	12,460,471	12,460,471	12,460,471	12,460,500	12,460,471	12,460,471	12,460,471	12,460,500	12,460,471	12,460,000	12,460,471	12,460,500	12,460,471	12,460,471	12,460,471	12,460,500	12,460,471	12,460,471	12,460,471	12,460,500	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	802,078	794,032	490,458	490,130	0	0	0	488,021	0	0	-	490,000	-	-	0	0	0	0	0	0	0	0	0
Current Deferred Revenue	290,279	313,811	196,334	0	138,406	0	0	0	2,367,918	2,550,932	2,514,007	2,081,308	3,779,651	2,621,377	2,735,425	3,364,726	3,364,726	2,427,145	2,369,333	1,612,000	1,612,000	2,197,065	1,484,006	1,813,700	1,813,700	1,679,869	1,191,479	1,290,700	1,290,700	1,288,272	1,742,398	1,426,200	1,426,200	1,325,667	0	1,129,790	665,700	1,184,460	1,413,353	967,844	20,600	967,808	1,166,786	1,094,754	1,094,754	970,609	894,477	1,090,100	1,090,100	843,000	1,019,638	580,300	580,300	515,716	1,022,932	713,300	713,300	0	207,082	263,100	263,100	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	-	34,839	0	34,839	0	0	0	33,097	0	0	0
Deferred Long Term Asset Charges	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	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	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	0	0	0	0	0	0
Deferred Long Term Liab	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	46,800	0	0	0	48,000	0	0	0	47,600	0	0	0	33,900	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	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
Earning 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	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	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	-	-	0	0	0	0	0	0	0	0	0
Good Will	3,390,938	3,425,818	3,349,155	3,461,602	3,461,602	3,504,300	3,471,986	3,234,798	3,425,183	4,031,431	2,878,380	3,045,307	2,935,577	3,033,284	3,011,740	2,713,602	2,713,602	2,751,680	2,669,281	2,695,100	2,695,100	4,617,380	4,366,386	4,192,200	4,192,200	4,123,307	4,692,788	4,343,500	4,343,500	4,589,062	4,601,489	2,778,100	2,778,100	3,074,182	925,917	2,594,121	2,525,300	3,067,101	3,129,603	3,091,374	3,101,800	3,102,479	3,102,582	3,083,263	3,083,263	3,276,724	3,337,299	2,973,800	2,973,800	1,533,501	2,833,194	2,833,000	2,833,000	1,858,306	1,756,308	3,021,500	3,021,500	911,387	784,853	671,398	666,825	173,960	177,776	269,477	269,477	11,921	0	84,296	84,296	77,574	76,393	16,590	16,590	0	0	0	1,612	0	0	0	2,783	0	0	-	3,344	-	-	0	0	0	0	0	2,731	0	0	0
Intangible Assets	0	2,836,149	2,785,214	2,961,204	2,961,204	2,987,942	3,001,667	2,587,447	2,724,631	2,213,614	2,173,893	2,292,524	2,284,525	2,377,486	2,465,151	2,194,477	2,194,477	2,294,204	2,281,884	2,324,300	2,324,300	3,072,446	2,996,419	3,005,400	3,005,400	3,063,626	2,505,464	2,329,100	2,329,100	2,038,692	2,026,437	2,232,800	2,232,800	1,960,555	1,521,982	1,882,797	1,803,300	1,576,111	1,635,040	1,627,940	1,656,100	1,648,456	1,656,266	1,668,398	1,668,398	1,387,498	1,335,330	1,412,300	1,412,300	4,241,000	1,403,181	1,414,300	1,414,300	3,243,716	1,549,498	76,800	76,800	1,617,000	1,542,471	1,545,700	1,545,700	0	0	0	151,490	11,921	0	89,582	89,582	0	0	92,741	92,741	0	0	0	1,612	0	0	0	2,783	0	0	-	3,344	-	-	0	0	0	0	0	5,327	0	0	0
Inventory	9,454,373	10,716,243	10,356,304	11,415,896	11,415,896	12,698,821	11,852,874	11,682,354	12,554,791	11,926,986	10,514,513	10,540,244	8,931,769	8,240,054	6,986,143	3,887,916	3,887,916	6,051,284	5,591,519	5,390,400	5,390,400	6,986,009	6,496,547	6,458,700	6,458,700	6,631,889	6,625,635	6,436,400	6,436,400	6,952,709	6,371,437	5,362,800	5,362,800	5,472,388	5,046,000	4,538,595	4,072,000	4,590,585	4,347,385	4,259,705	4,317,500	4,946,064	4,423,007	4,390,000	4,390,000	3,435,568	3,000,803	2,679,200	2,679,200	2,872,000	2,406,599	2,084,900	2,084,900	2,936,888	1,188,731	3,101,300	3,101,300	1,904,917	1,531,254	1,689,000	1,689,000	1,647,027	1,512,742	865,028	865,028	840,000	726,793	734,819	734,819	743,569	675,274	645,697	645,697	692,479	608,463	580,733	580,733	0	0	678,102	678,102	223,955	218,374	594,226	594,226	-	318,668	0	318,668	0	0	0	272,148	0	142,269	0
Liabilities And Stockholders Equity	57,272,090	59,253,909	54,279,167	0	57,742,806	59,038,039	56,832,387	55,613,797	55,903,387	53,048,848	49,617,892	51,415,155	49,664,906	51,182,250	48,908,837	41,700,631	41,700,631	43,351,458	42,161,180	42,382,400	42,382,400	44,518,707	45,529,173	45,228,500	45,228,500	48,285,630	48,081,627	42,944,900	42,944,900	43,126,498	41,554,896	40,388,000	40,388,000	39,989,729	35,959,000	36,716,931	36,103,700	33,792,091	33,298,980	31,982,658	32,374,600	31,934,877	31,587,077	30,772,000	30,809,512	31,602,302	31,351,556	29,983,500	29,983,500	29,479,000	28,892,946	27,751,500	27,751,500	24,972,014	18,613,475	25,714,300	25,714,300	25,518,000	10,407,220	11,219,500	11,219,500	9,151,139	8,365,053	6,542,760	6,542,760	5,043,878	4,783,804	4,817,729	4,817,729	3,963,471	3,841,432	3,629,933	3,629,933	2,927,463	2,649,433	2,525,437	2,525,437	0	0	2,767,784	2,767,784	0	0	3,007,233	3,007,233	-	2,424,052	0	2,424,052	0	0	0	2,552,277	0	0	0
Long Term Debt	0	17,653,254	18,648,567	20,239,052	19,637,126	20,886,578	20,203,810	19,711,342	22,252,962	21,317,352	20,024,831	22,901,908	21,344,442	21,616,002	20,791,601	19,124,159	15,488,250	17,834,156	16,020,031	16,549,042	1,169,509	4,234,711	3,836,354	3,887,502	4,708,160	5,772,943	5,926,892	5,188,849	4,831,367	4,453,682	4,128,229	3,870,584	3,170,032	3,228,251	2,981,444	3,280,590	3,331,865	3,484,101	3,560,516	3,272,334	3,170,366	3,375,596	3,400,928	3,355,945	3,480,753	3,236,616	3,129,687	2,501,362	2,483,009	2,725,396	3,177,727	3,126,101	2,993,987	3,209,504	3,258,778	3,452,251	3,376,967	3,451,371	1,600,464	1,565,530	1,604,702	0	0	0	682,462	665,763	0	566,905	603,084	0	591,300	0	482,177	0	0	0	146,265	0	0	0	202,039	185,117	191,344	-	150,118	-	-	0	258,984	0	0	0	313,226	0	214,531	0
Long Term Debt Total	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	21,318,237	15,488,250	17,834,156	16,020,031	16,549,042	4,539,215	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	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	0	0	0	0	-	0	-	-	0	0	0	0	0	0	0	0	0
Long Term Investments	0	439,090	431,982	509,652	507,466	544,636	579,493	485,452	454,526	382,817	342,435	232,199	353,451	401,013	433,257	398,851	322,232	326,090	203,837	361,736	24,533	86,396	91,835	136,054	637,000	641,714	604,470	524,410	586,400	509,340	416,000	0	641,930	0	0	0	500,527	0	0	0	163,992	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	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	-	-	0	0	0	0	0	0	0	0	0
Negative Goodwill	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	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	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	0	0	0	0	0	0
Net Debt	14,538,917	14,930,986	19,502,514	16,065,114	19,234,229	18,692,589	17,847,760	15,965,732	20,406,456	19,843,968	18,122,472	17,895,303	17,364,482	17,014,485	17,670,907	16,813,674	16,813,674	16,710,607	15,544,948	17,295,900	17,295,900	17,627,442	16,737,004	14,433,600	14,433,600	14,778,625	15,469,120	12,605,500	12,605,500	12,836,080	12,328,928	9,816,400	9,816,400	7,198,515	6,710,000	6,848,131	5,582,400	5,952,569	5,776,948	6,614,322	7,053,500	7,537,986	7,744,902	7,588,000	7,588,000	7,614,829	7,516,232	6,686,800	6,686,800	6,259,000	5,564,188	4,892,300	4,892,300	5,193,850	2,267,286	6,899,900	6,899,900	6,773,000	3,892,687	4,132,600	4,132,600	3,566,509	2,950,137	1,157,805	1,157,805	1,578,210	1,443,131	1,493,882	1,493,882	1,477,272	1,139,700	894,941	894,941	1,059,103	857,967	654,491	654,491	0	0	940,669	940,669	0	0	1,289,907	1,289,907	-	1,283,630	0	1,283,630	0	0	0	376,535	0	0	0
Net Invested Capital	0	36,450,650	32,985,865	34,800,417	34,787,008	36,046,166	35,213,243	35,000,342	33,918,562	31,778,449	30,892,217	32,336,983	30,990,210	33,101,361	31,657,451	29,480,944	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	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	0	0	0	0	0	0	0	0	0	-	0	-	-	0	0	0	0	0	0	0	0	0
Net Receivables	6,349,201	5,735,641	4,984,428	3,606,787	5,416,439	5,120,939	4,981,478	4,377,867	5,155,051	4,565,427	3,906,535	3,929,144	5,079,381	3,298,685	3,552,370	3,716,909	3,716,909	2,938,857	3,631,588	3,794,200	3,794,200	4,867,130	5,146,637	5,266,500	5,266,500	5,411,642	5,136,865	4,468,900	4,468,900	4,359,684	4,840,807	5,411,800	5,411,800	4,880,646	4,668,000	3,815,592	4,056,000	4,331,407	4,314,001	4,419,072	4,641,300	4,268,879	4,595,150	4,499,000	4,499,000	2,830,458	2,813,326	3,207,800	3,207,800	2,450,000	2,461,349	2,565,000	2,565,000	2,281,194	1,135,051	2,532,900	2,532,900	0	1,194,275	1,378,000	1,378,000	1,935,529	1,702,965	978,219	978,219	832,868	779,847	846,449	846,449	734,969	653,804	638,503	638,503	382,613	315,827	244,738	244,738	0	0	152,392	152,392	0	0	197,518	197,518	-	275,069	0	275,069	0	0	0	277,083	0	0	0
Net Tangible Assets	0	7,859,995	3,018,856	3,846,015	4,836,887	5,510,143	5,715,667	6,603,718	2,331,256	1,380,333	3,317,296	3,001,519	3,407,216	1,725,585	1,374,387	1,136,835	2,998,434	2,125,177	2,288,453	1,778,192	128,658	232,794	423,224	1,164,839	4,002,600	4,882,955	4,163,697	4,947,909	5,167,400	0	0	0	8,505,866	0	0	0	11,261,834	0	0	0	9,897,149	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	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	-	-	0	0	0	0	0	0	0	0	0
Net Working Capital	6,563,914	6,341,070	2,263,613	4,173,555	4,206,407	5,968,974	5,955,040	6,863,940	5,017,834	4,008,333	5,177,310	8,233,644	7,471,656	5,822,908	4,450,477	3,147,799	1,721,422	3,380,281	2,102,185	4,542,300	4,542,300	3,006,392	1,484,990	4,277,500	4,277,500	7,352,684	8,386,367	6,253,300	6,253,300	5,503,219	5,017,878	7,558,900	7,558,900	8,811,475	6,221,000	8,307,785	7,919,200	6,486,893	5,629,778	5,276,645	4,806,500	4,655,656	4,466,699	4,126,000	4,126,000	3,915,274	3,922,415	3,136,000	3,136,000	4,068,000	4,597,552	4,165,800	4,165,800	4,618,807	1,607,885	4,569,600	4,569,600	5,479,000	2,149,591	2,904,200	2,904,200	2,245,375	1,725,288	1,826,849	1,826,849	1,149,985	1,200,451	1,589,649	1,589,649	838,826	924,656	1,058,040	1,058,040	724,661	436,701	231,968	231,968	0	0	344,830	344,830	0	0	-	195,189	-	-	0	29,040	0	0	0	284,315	0	0	0
Non Current Assets Total	31,317,828	30,718,531	30,326,595	31,454,329	31,454,329	31,667,192	31,014,359	29,321,864	29,660,264	28,806,622	27,020,118	27,093,274	26,752,922	27,247,038	27,572,345	26,655,204	26,655,204	26,337,616	25,589,084	23,351,500	23,351,500	26,265,503	26,214,082	26,043,100	26,043,100	26,703,198	26,230,432	24,051,200	24,051,200	24,051,222	23,501,650	21,207,900	21,207,900	20,545,263	20,245,000	18,942,343	18,615,400	19,019,949	18,965,232	18,896,564	19,132,100	19,591,239	19,614,692	19,182,000	19,182,000	20,239,365	19,742,477	18,859,700	18,859,700	18,386,000	17,903,071	17,899,500	17,899,500	15,455,980	14,109,347	15,268,000	15,268,000	14,470,000	5,268,312	5,234,400	5,234,400	4,222,420	4,018,537	2,774,871	2,774,871	2,551,365	2,298,752	1,979,604	1,979,604	1,884,988	1,754,064	1,442,699	1,442,699	1,358,835	1,320,514	1,256,320	1,256,320	0	0	1,107,931	1,107,931	0	0	1,144,884	1,144,884	-	1,381,016	0	1,381,016	0	0	0	1,346,926	0	0	0
Non Current Liabilities Other	0	703,950	771,358	713,385	331,899	330,467	348,331	351,685	325,098	330,719	242,421	258,373	242,089	286,972	305,581	1,174,685	1,093,942	1,223,714	2,951,880	3,200,628	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	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	0	0	0	0	0	-	0	-	-	0	0	0	0	0	0	0	0	0
Non Current Liabilities Total	22,238,086	22,128,837	22,984,025	24,770,830	24,770,830	25,029,352	24,143,001	23,483,491	25,852,475	25,138,709	23,786,385	26,946,427	25,411,044	25,728,077	24,977,357	20,228,277	20,228,277	22,298,353	20,246,383	20,362,000	20,362,000	20,031,604	18,082,401	18,607,700	18,607,700	21,514,307	22,874,587	18,085,100	18,085,100	16,859,681	15,658,276	14,930,800	14,930,800	15,123,693	11,242,000	12,325,494	10,844,700	10,134,293	9,459,103	9,009,192	9,242,400	9,382,648	9,500,263	8,732,000	8,732,000	9,950,735	9,594,728	7,885,700	7,885,700	8,280,000	8,282,833	8,428,600	8,428,600	6,504,347	2,404,659	6,698,300	6,698,300	6,773,000	3,404,587	4,027,300	4,027,300	3,186,794	2,482,092	1,375,985	1,375,985	1,373,933	1,258,307	1,430,534	1,430,534	1,453,091	1,433,612	1,278,704	1,278,704	904,909	686,321	517,912	517,912	0	0	692,657	692,657	0	0	664,435	664,435	-	737,261	0	737,261	0	0	0	850,762	0	0	0
Non Currrent Assets Other	7,903,292	7,293,913	7,476,155	2,349,251	7,516,795	7,722,369	7,513,216	7,318,124	7,073,792	6,851,013	6,927,694	7,004,407	6,854,725	7,208,947	7,216,541	7,302,142	7,302,142	7,248,211	6,280,373	5,738,800	5,738,800	4,962,829	4,904,105	4,648,500	4,648,500	4,830,942	3,989,551	3,942,900	3,942,900	3,991,167	3,770,977	3,383,400	3,383,400	3,154,889	2,749,000	3,031,865	3,013,000	2,767,063	2,812,615	2,699,211	2,722,900	2,996,561	3,063,912	2,923,000	2,923,000	2,416,580	2,189,489	1,128,000	1,128,000	1,854,000	1,786,262	1,702,600	1,702,600	1,236,522	767,635	1,256,700	1,256,700	2,190,000	464,676	274,800	274,800	500,971	469,285	290,776	290,776	458,586	371,724	189,741	189,741	282,283	278,394	180,088	180,088	297,369	302,009	305,880	305,880	0	0	155,268	155,268	0	0	174,495	174,495	-	442,080	0	442,080	0	0	0	152,895	0	0	0
Noncontrolling Interest In Consolidated Entity	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	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	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	0	0	0	0	0	0
Other Assets	0	9,389,547	9,606,715	10,130,296	10,149,027	10,516,922	10,315,863	10,011,202	10,048,171	9,387,185	9,289,652	9,217,008	8,976,537	9,218,381	9,399,121	9,666,181	9,148,532	8,709,537	7,993,634	3,062,007	482,716	1,566,332	1,687,256	1,899,930	3,909,544	4,261,920	3,874,083	3,710,789	3,500,461	3,539,051	3,478,307	3,031,903	2,407,292	2,306,588	-1,000	2,560,864	2,963,872	3,071,469	3,452,675	3,352,760	3,279,185	3,660,745	3,729,682	4,003,688	3,947,733	4,746,522	4,746,277	4,747,092	4,656,655	4,699,752	5,359,191	5,023,666	5,083,879	3,581,121	3,448,295	3,382,205	3,439,309	4,216,210	1,151,707	1,014,705	999,094	672,250	799,310	1,271,831	358,742	280,600	221,829	205,384	193,984	184,753	181,200	147,353	144,302	149,167	142,429	0	127,121	135,339	107,419	69,892	68,204	67,047	68,082	61,746	59,544	-	-	0	206,487	0	0	0	97,904	72,438	151,748	239,582
Other Current Assets	424,332	89,512	64,893	76,374	76,374	680,172	603,129	523,367	481,464	387,341	597,398	503,909	446,269	495,714	502,874	2,193,772	2,193,772	594,406	656,410	683,700	683,700	806,133	849,220	961,100	961,100	480,891	600,570	566,800	566,800	581,059	793,576	799,800	799,800	484,480	265,000	493,844	764,800	298,160	314,009	326,966	535,900	338,579	392,867	518,637	518,637	1,768,565	1,880,740	1,570,400	1,570,400	1,516,000	1,522,003	1,269,600	1,269,600	228,573	119,629	394,600	394,600	11,048,000	210,719	238,500	238,500	114,790	109,687	115,891	115,891	64,447	48,066	94,973	94,973	51,253	48,976	79,948	79,948	109,526	110,287	122,680	122,680	0	0	129,123	129,123	29,472	28,744	123,582	123,582	-	45,299	0	45,299	0	0	0	2	0	0	0
Other Current Liab	3,111,899	3,073,254	3,001,151	1,437,804	3,504,815	4,624,883	4,556,754	4,893,179	3,480,351	3,258,609	2,144,188	2,909,098	1,221,325	2,667,698	3,035,710	666,203	666,203	1,259,603	878,633	2,776,800	2,776,800	1,013,501	1,812,303	1,617,300	1,617,300	988,356	1,289,721	2,264,900	2,264,900	1,387,742	1,454,435	2,821,800	2,821,800	1,667,466	7,413,000	1,529,261	2,187,200	515,213	451,865	413,505	2,044,100	692,957	719,133	547,000	547,000	556,221	608,747	763,900	763,900	829,000	701,862	819,000	819,000	528,005	132,410	344,300	344,300	5,569,000	1,171,442	88,000	88,000	360,125	384,754	313,774	313,774	266,568	242,331	217,472	217,472	183,943	159,921	248,443	248,443	204,946	220,247	249,989	249,989	0	0	184,544	184,544	160,069	112,540	126,364	126,364	-	131,240	0	131,240	0	0	0	268,798	0	43,244	0
Other Liab	0	1,792,883	0	1,912,804	1,553,744	1,703,319	1,744,310	1,727,612	1,550,362	1,715,975	1,725,294	1,926,833	1,912,356	2,018,221	1,980,655	2,839,148	2,685,475	2,624,466	2,313,670	2,562,068	164,640	750,631	784,755	893,935	863,048	915,678	889,608	722,781	679,792	698,437	709,484	635,390	553,538	559,151	728,698	550,628	716,805	645,997	726,675	715,513	735,852	841,881	891,299	823,033	770,174	712,837	722,526	803,790	788,485	821,331	1,025,007	1,004,189	1,090,493	410,298	407,780	322,254	319,368	308,252	99,308	97,855	102,934	1,636,412	1,557,855	1,213,061	74,087	69,029	651,954	66,249	57,211	666,291	67,300	0	57,669	0	0	0	48,044	0	0	0	37,330	41,596	60,131	195,895	35,455	-	-	0	56,355	0	0	0	80,853	0	58,968	0
Other Stockholder Equity	-96,145	-170,840	-179,763	722,222	-184,072	-188,056	-185,806	-186,277	-194,817	-185,933	-193,224	-195,496	-123,938	-123,938	-138,098	-38,239	-38,239	231,496	223,302	-56,700	-56,700	198,926	193,148	-71,500	-71,500	198,415	-463,881	-721,900	-721,900	0	0	-3,947,900	-3,947,900	0	-1,557,000	0	-304,900	0	0	0	-2,589,300	0	0	100	100	12,488,832	12,375,561	12,395,200	12,395,200	11,794,000	13,562,579	13,593,900	13,593,900	13,239,563	13,178,219	15,702,900	15,702,900	12,465,000	4,012,272	5,023,100	5,023,100	3,488,955	3,441,621	3,376,522	3,376,522	1,594,113	1,599,151	2,316,688	2,316,688	804,521	803,805	1,340,861	1,340,861	-817	-807	-815	-815	0	0	0	0	0	0	-	0	-	-	0	0	0	0	0	2	0	0	0
Preferred Stock Redeemable	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	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	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	0	0	0	0	0	0
Preferred Stock Total 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	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	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	0	0	0	0	0	0	0	0
Property Plant And Equipment Gross	0	25,816,470	25,016,649	25,269,659	25,044,727	24,596,579	0	0	0	0	12,336,681	12,329,178	12,215,580	12,227,225	12,265,597	12,375,656	12,276,889	12,258,788	12,456,302	12,727,224	10,697,000	11,948,535	11,903,185	12,057,494	12,190,600	12,322,029	12,510,810	11,766,725	11,746,200	11,710,786	11,526,050	11,267,621	10,915,700	10,701,526	11,697,000	10,090,320	10,059,300	10,929,638	10,785,184	10,769,149	10,821,600	11,021,943	10,939,909	10,886,217	10,670,700	10,214,297	9,812,000	10,138,000	9,798,400	9,326,000	9,168,696	9,104,964	9,066,800	9,382,400	3,173,265	9,231,756	9,275,100	6,989,000	3,010,459	2,904,486	2,918,500	2,913,228	2,744,999	2,622,584	2,136,724	2,037,818	1,870,611	1,752,427	1,566,605	1,482,065	1,359,496	1,183,199	1,106,108	1,027,944	987,309	951,955	918,722	0	0	0	911,278	0	0	-	934,095	-	-	0	0	0	0	0	0	0	0	0
Property Plant And Equipment Net	16,467,230	14,631,389	14,157,929	14,391,575	14,391,575	14,173,566	13,693,696	13,037,064	13,040,862	12,822,742	12,336,681	12,329,178	12,215,580	12,227,225	12,265,597	12,276,889	12,276,889	12,258,788	12,456,302	10,697,000	10,697,000	11,948,535	11,903,185	12,190,600	12,190,600	12,322,029	12,510,810	11,746,200	11,746,200	11,710,786	11,526,050	10,915,700	10,915,700	10,701,526	11,697,000	10,090,320	10,059,300	10,929,638	10,785,184	10,769,149	10,821,600	11,021,943	10,939,909	10,671,000	10,671,000	10,214,297	9,812,034	9,798,400	9,798,400	9,326,000	9,168,696	9,066,800	9,066,800	9,382,400	3,173,265	9,275,100	9,275,100	6,989,000	3,010,459	2,918,500	2,918,500	2,913,228	2,744,999	2,136,724	2,136,724	2,037,818	1,870,611	1,566,605	1,566,605	1,482,065	1,359,496	1,106,108	1,106,108	1,027,944	987,309	918,722	918,722	0	0	911,278	911,278	0	0	934,095	934,095	-	903,623	0	903,623	0	0	0	1,155,951	0	0	0
Property Plant Equipment	0	14,628,050	14,154,108	14,391,575	14,260,487	14,115,337	13,647,752	13,005,821	13,026,291	12,814,967	12,368,293	12,345,777	12,244,366	12,266,297	12,320,454	12,440,233	12,287,251	12,277,245	12,473,001	13,783,248	709,189	2,970,273	3,038,511	3,637,288	3,953,474	4,177,776	4,060,827	4,014,371	3,892,629	3,876,384	3,865,270	3,398,607	2,949,202	2,887,643	3,525,949	3,387,804	4,044,181	4,696,849	5,156,145	5,026,348	4,824,890	5,166,921	5,155,796	5,604,250	5,420,439	5,234,918	5,080,740	5,788,604	5,468,274	5,246,845	6,120,816	5,824,584	5,678,853	5,532,075	5,160,174	5,180,268	5,322,806	3,938,966	1,528,959	1,260,172	1,259,060	1,495,917	1,722,860	1,506,336	1,201,180	1,113,456	969,198	852,960	735,826	679,578	624,600	540,269	474,207	463,404	422,033	356,740	345,943	312,382	288,719	311,380	316,053	315,573	324,806	279,171	263,869	-	-	0	390,849	0	0	0	592,597	456,015	455,403	439,123
Retained Earnings	0	-5,143,014	-4,756,000	-3,397,092	-3,397,092	-1,466,856	-1,344,286	-1,001,320	-2,132,230	-3,062,798	-2,780,682	-2,536,540	-2,594,028	-3,522,245	-3,739,036	-3,996,985	-3,996,985	-4,733,671	-5,003,010	-4,279,000	-4,279,000	-1,971,003	-1,791,949	-140,018	101,400	-300,600	-434,815	-271,697	18,566	-6,128	19,000	14,846	1,262,157	1,172,440	819,000	436,333	1,251,905	750,553	149,196	288,619	2,511,900	414,374	148,591	-52,000	-52,000	1,809,635	1,905,000	1,836,700	1,836,700	2,381,000	589,042	1,136,625	661,355	4,766	2,945	724,900	724,900	664,000	289,037	704,500	704,500	-924,761	-911,225	726,740	726,740	190,887	98,332	504,477	504,477	2,919	-17,006	423,336	423,336	204,950	108,009	72,391	181,143	151,716	126,972	-11,350	-11,350	81,260	70,105	-6,280	-6,280	-	-	0	111,321	0	0	0	-72,653	8,629	5,862	65,701
Retained Earnings Total 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	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	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	0	0	0	0	0	0	0	0
Short Long Term Debt	0	4,675,557	5,184,652	4,292,544	3,879,874	3,159,148	2,822,515	2,865,893	3,203,068	2,861,250	2,530,352	1,135,266	1,059,984	4,398,427	4,071,950	3,880,548	3,132,029	3,242,968	4,761,008	5,071,402	303,245	1,412,546	2,101,628	2,466,095	5,081,660	4,892,157	24,744,865	21,400,494	2,235,634	20,260,561	18,596,000	0	1,734,093	0	0	0	2,996,341	0	0	0	10,993,492	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	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	-	-	0	0	0	0	0	0	0	0	0
Short Long Term Debt Total	23,817,395	25,895,845	26,996,783	0	27,700,711	27,028,313	25,735,401	25,047,978	27,935,276	26,733,812	25,064,314	26,562,125	24,941,107	28,413,072	27,342,182	21,051,459	21,051,459	22,916,855	20,781,039	22,165,500	22,165,500	22,051,537	22,484,790	20,444,400	20,444,400	23,216,750	23,980,022	18,962,400	18,962,400	18,609,347	16,959,837	15,179,300	15,179,300	14,922,616	11,355,000	12,721,903	11,589,300	10,745,795	10,355,336	9,927,676	10,181,200	9,813,094	9,773,281	9,519,000	9,519,000	9,121,586	9,623,164	8,053,600	8,053,600	8,108,000	7,538,649	7,202,900	7,202,900	7,381,045	2,466,321	8,798,100	8,798,100	6,773,000	4,712,528	5,366,100	5,366,100	4,104,183	3,503,336	2,265,714	2,265,714	1,817,991	1,715,667	1,829,668	1,829,668	1,859,321	1,749,533	1,673,055	1,673,055	1,070,080	869,293	867,184	867,184	0	0	1,390,848	1,390,848	0	0	1,793,609	1,793,609	-	1,295,388	0	1,295,388	0	0	0	1,032,654	0	0	0
Short Term Debt	3,396,164	5,562,897	5,946,088	0	4,988,929	3,788,480	3,364,856	3,304,926	3,675,024	3,347,155	3,010,878	1,549,452	1,443,146	4,724,570	4,389,385	3,508,657	3,508,657	3,242,968	4,761,008	4,547,400	4,547,400	5,036,045	7,473,136	5,031,400	5,031,400	4,951,159	4,387,496	3,245,000	3,245,000	4,164,277	3,748,265	2,628,200	2,628,200	2,153,590	2,081,000	2,426,743	2,738,900	2,529,360	2,757,571	2,690,765	2,696,600	2,576,487	2,443,488	2,441,000	2,441,000	2,653,569	3,410,992	3,452,500	3,452,500	3,106,000	2,588,698	2,227,700	2,227,700	1,937,726	790,835	2,913,700	2,913,700	0	1,567,137	1,646,400	1,646,400	1,302,481	1,385,098	1,051,714	1,051,714	599,528	619,065	545,679	545,679	562,951	462,399	548,358	548,358	295,999	305,338	478,746	478,746	0	0	808,306	808,306	0	0	1,262,190	1,262,190	-	696,627	0	696,627	0	0	0	491,871	0	0	0
Short Term Investments	447,878	445,494	426,993	423,004	423,004	418,891	378,380	343,029	346,855	343,182	316,410	314,275	314,158	313,091	337,183	418,182	418,182	414,223	585,060	507,000	507,000	563,830	416,529	228,400	228,400	407,399	408,387	820,300	820,300	792,218	671,814	864,100	864,100	703,399	986,000	613,627	630,600	552,566	530,118	543,330	471,200	500,019	525,461	655,000	655,000	609,290	641,113	1,372,700	1,372,700	1,592,000	1,859,786	863,800	863,800	872,808	1,293,024	2,345,500	2,345,500	1,589,793	612,874	742,500	742,500	479,826	333,247	665,545	665,545	443,082	588,051	782,005	782,005	99,112	42,435	39,076	39,076	320,047	240,988	60,446	60,446	0	0	195,721	195,721	0	0	400,545	400,545	-	391,212	0	391,212	0	0	0	329,364	0	0	0
Temporary Equity Redeemable Noncontrolling Interests	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	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	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	0	0	0	0	0	0
Total Assets	57,272,090	59,253,909	54,279,167	57,742,806	57,742,806	59,038,039	56,832,387	55,613,797	55,903,387	53,048,848	49,617,892	51,415,155	49,664,906	51,182,250	48,908,837	41,700,631	41,700,631	43,351,458	42,161,180	42,382,400	42,382,400	44,518,707	45,529,173	45,228,500	45,228,500	48,285,630	48,081,627	42,944,900	42,944,900	43,126,498	41,554,896	40,388,000	40,388,000	39,989,729	35,959,000	36,716,931	36,103,700	33,792,091	33,298,980	31,982,658	32,374,600	31,934,877	31,587,077	30,772,000	30,772,000	31,602,302	31,351,556	29,983,500	29,983,500	29,479,000	28,892,946	27,751,500	27,751,500	24,972,014	18,613,475	25,714,300	25,714,300	25,518,000	10,407,220	11,219,500	11,219,500	9,151,139	8,365,053	6,542,760	6,542,760	5,043,878	4,783,804	4,817,729	4,817,729	3,963,471	3,841,432	3,629,933	3,629,933	2,927,463	2,649,433	2,525,437	2,525,437	918,931	938,345	2,767,784	2,767,784	940,283	941,771	3,007,233	3,007,233	-	2,424,052	0	2,424,052	0	0	0	2,552,277	1,098,223	1,069,145	1,088,448
Total Current Assets	25,954,262	28,535,378	23,952,572	26,288,477	26,288,477	27,370,847	25,818,028	26,291,933	26,243,123	24,242,226	22,597,774	24,321,881	22,911,984	23,935,212	21,336,492	15,045,427	15,045,427	17,013,842	16,572,096	19,030,900	19,030,900	18,253,204	19,315,091	19,185,400	19,185,400	21,582,432	21,851,195	18,893,700	18,893,700	19,075,276	18,053,246	19,180,100	19,180,100	19,444,466	15,715,000	17,774,588	17,488,300	14,772,142	14,333,748	13,086,094	13,242,500	12,343,638	11,972,385	11,590,000	11,590,000	11,362,937	11,609,079	11,123,800	11,123,800	11,093,000	10,989,875	9,852,000	9,852,000	9,516,034	4,504,128	10,446,300	10,446,300	11,048,000	5,138,908	5,985,100	5,985,100	4,928,718	4,346,516	3,767,889	3,767,889	2,492,513	2,485,051	2,838,125	2,838,125	2,078,483	2,087,368	2,187,234	2,187,234	1,568,628	1,328,919	1,269,117	1,269,117	0	0	1,659,853	1,659,853	0	0	1,862,349	1,862,349	-	1,043,035	0	1,043,035	0	0	0	1,205,352	0	0	0
Total Current Liabilities	19,390,348	22,194,308	21,688,959	22,114,922	22,114,922	21,401,873	19,862,988	19,427,993	21,225,289	20,233,893	17,420,464	16,088,237	15,440,328	18,112,304	16,886,015	13,324,005	13,324,005	13,633,561	14,469,911	14,488,600	14,488,600	15,246,812	17,830,101	14,907,900	14,907,900	14,229,748	13,464,828	12,640,400	12,640,400	13,572,057	13,035,368	11,621,200	11,621,200	10,632,991	9,494,000	9,466,803	9,569,100	8,285,249	8,703,970	7,809,449	8,436,000	7,687,982	7,505,686	7,464,000	7,464,000	7,447,663	7,686,664	7,987,800	7,987,800	7,025,000	6,392,323	5,686,200	5,686,200	4,897,227	2,896,243	5,876,700	5,876,700	5,569,000	2,989,317	3,080,900	3,080,900	2,683,343	2,621,228	1,941,040	1,941,040	1,342,528	1,284,600	1,248,476	1,248,476	1,239,657	1,162,712	1,129,194	1,129,194	843,966	892,218	1,037,149	1,037,149	439,470	471,813	1,315,023	1,315,023	464,331	447,500	1,667,160	1,667,160	-	1,013,995	0	1,013,995	0	0	0	921,036	517,063	492,255	471,761
Total Liab	41,628,434	44,323,145	44,672,984	46,885,752	46,885,752	46,431,225	44,005,989	42,911,484	47,077,764	45,372,602	41,206,849	43,034,664	40,851,372	43,840,381	41,863,372	33,552,282	33,552,282	35,931,914	34,716,294	34,850,600	34,850,600	35,278,416	35,912,502	33,515,600	33,515,600	35,744,055	36,339,415	30,725,500	30,725,500	30,431,738	28,693,644	26,552,000	26,552,000	25,756,684	20,736,000	21,792,297	20,413,800	18,419,542	18,163,073	16,818,641	17,678,400	17,070,630	17,005,949	16,196,000	16,196,000	17,398,398	17,281,392	15,873,500	15,873,500	15,305,000	14,675,156	14,114,800	14,114,800	11,401,574	5,300,902	12,575,000	12,575,000	12,342,000	6,393,904	7,108,200	7,108,200	5,870,137	5,103,320	3,317,025	3,317,025	2,716,461	2,542,907	2,679,011	2,679,011	2,692,748	2,596,324	2,407,898	2,407,898	1,748,875	1,578,539	1,555,061	1,555,061	0	0	2,007,680	2,007,680	691,952	699,962	2,331,594	2,331,594	-	1,751,256	0	1,751,256	0	0	0	1,771,799	797,243	765,754	0
Total Permanent 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	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	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	0	0	0	0	0	0	0	0
Total Stockholder Equity	14,923,428	14,121,839	9,152,646	10,268,821	10,268,821	12,000,440	12,186,918	12,423,107	8,462,532	7,599,847	8,337,034	8,299,809	8,585,784	7,086,932	6,793,900	7,895,623	7,895,623	7,149,921	7,207,065	6,964,600	6,964,600	8,625,215	9,018,879	11,200,300	11,200,300	12,069,888	11,361,949	11,840,000	11,840,000	12,385,959	12,558,716	13,516,900	13,516,900	13,906,096	14,954,000	14,807,390	15,590,400	15,339,760	15,092,785	15,121,535	14,655,100	14,822,624	14,546,091	14,576,000	14,576,000	14,159,312	14,018,987	14,070,400	14,070,400	14,175,000	14,206,482	13,629,100	13,629,100	13,562,289	13,312,573	13,134,600	13,134,600	13,172,000	4,012,272	4,110,600	4,110,600	3,280,482	3,261,334	3,225,735	3,225,735	2,283,857	2,200,876	2,099,813	2,099,813	1,236,533	1,213,874	1,222,036	1,222,036	1,178,588	1,070,894	970,376	970,376	322,806	284,782	760,104	760,104	248,331	241,809	675,638	675,638	-	672,796	0	672,796	0	0	0	763,936	292,937	295,197	303,370
Treasury Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-38,239	-38,239	-38,239	-50,695	-56,654	-14,602	0	0	-6,533	-21,588	-22,589	-218,367	-228,233	-221,905	-223,049	-226,184	-102,910	-997,129	-676,242	-500,569	-409,512	-114,774	-39,155	-20,118	-21,537	-32,785	-42,164	-16,184	-23,449	-25,350	-31,873	-32,170	-35,793	-35,067	-36,742	-24,535	-422	-421	-436	-14,547	-14,687	-15,832	-37,764	-415	-354	-345	0	0	0	-450	-444	0	-396	-375	0	0	0	-343	0	0	0	-307	0	0	0	-282	-278	-286	-	0	-	-	0	0	0	0	0	0	0	0	0
Warrants	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	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	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	0	0	0	0	0	0

Cash Flow

Currency in BRL. All numbers in thousands.

	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	2002-12-31	2001-12-31	2000-12-31	1999-12-31
Begin Period Cash Flow	8,130,929	7,528,820	7,576,625	4,237,785	3,826,698	6,010,829	6,356,919	5,362,890	6,006,942	3,127,715	1,930,693	1,367,000	2,310,643	1,898,240	2,151,750	1,012,988	336,573	776,718	212,468	452,124	501,670	13,646	13,646	344,914	431,633
Capital Expenditures	2,416,592	1,681,467	1,735,058	900,790	420,628	598,572	938,223	1,922,206	1,502,128	1,072,716	1,322,857	1,899,000	1,184,022	762,503	1,209,226	1,714,204	598,150	521,138	301,312	110,576	74,074	118,577	118,577	164,274	188,028
Cash And Cash Equivalents Changes	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
Cash Flows Other Operating	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
Change In Cash	1,147,549	602,109	-47,805	3,338,840	-2,457,718	-974,818	-346,090	994,029	-644,052	2,879,227	1,197,022	564,000	-943,800	412,403	1,159,711	-615,476	771,336	-440,933	565,647	-239,431	-51,492	-1,888	-1,888	-71,426	-117,918
Change In Working Capital	-261,764	-608,687	-1,748,548	-829,167	-1,431,044	-559,544	-628,885	1,658,578	-2,156,969	855,003	381,241	-444,000	-2,246,839	1,095,958	361,303	117,910	-222,980	-107,740	-61,964	37,227	-3,252	-10,806	-10,806	-75,198	-10,732
Change Receivables	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
Change To Account Receivables	-606,550	-144,597	386,889	-481,192	-806,010	992,512	-578,407	1,246,907	-1,112,454	459,197	-188,300	90,000	-640,215	-401,489	207,369	-194,900	0	0	0	0	15,375	16,607	0	0	0
Change To Inventory	1,961,810	712,913	-3,694,206	-3,147,116	-82,577	-276,139	34,436	-747,093	-1,265,470	444,454	54,529	-362,000	-538,610	167,727	426,845	-660,771	-223,781	-67,037	-61,462	100,300	-86,275	-56,639	-56,639	-22,042	-57,759
Change To Liabilities	0	-523,200	1,420,014	2,154,693	-392,533	-1,051,368	1,085,360	848,455	56,235	202,946	48,712	0	0	7,937	0	0	61,664	53,323	3,899	9,098	15,500	35,965	10,385	0	0
Change To Netincome	0	3,857,547	1,854,184	1,493,071	753,492	3,160,600	73,869	-21,496	173,694	1,514,829	1,588,498	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Operating Activities	0	-1,266,355	790,946	620,232	-31,760	170,940	-621,242	-483,520	-76,398	-733,563	-548,900	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	3,224,781	2,991,705	2,746,354	2,394,378	2,002,608	1,747,201	1,918,016	1,602,841	1,316,680	1,230,418	1,176,086	966,666	886,338	840,400	1,030,552	401,080	293,576	145,848	117,228	105,299	98,269	64,964	64,964	75,160	60,218
Dividends Paid	-851	0	0	0	0	0	0	1,176,266	869,075	726,013	579,050	0	501,644	153,200	43,234	202,054	0	0	85,148	82,481	0	50,473	50,473	14,359	13,934
End Period Cash Flow	9,278,478	8,130,929	7,528,820	7,576,625	1,368,980	5,036,011	6,010,829	6,356,919	5,362,890	6,006,942	3,127,715	1,931,000	1,366,843	2,310,643	3,311,461	397,512	1,107,909	335,786	778,114	212,693	450,179	11,758	11,758	273,488	313,716
Exchange Rate Changes	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
Free Cash Flow	-156,169	194,917	2,188,578	3,516,840	586,337	-302,887	-285,409	-101,032	2,634,532	3,929,075	1,995,826	544,000	-41,430	2,469,065	-394,389	-1,340,693	-260,878	-424,274	177,590	312,342	119,149	100,089	100,089	-108,451	-82,762
Investments	-2,300,719	-3,258,787	237,015	25,265	1,443,106	-1,415,900	-2,288,000	-4,159,900	825	-53,993	70,004	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Issuance Of Capital Stock	5,326,889	5,275,444	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	-1,241,655	890,008	-380,582	-4,634,997	173,742	537,796	5,433,813	16,482	409,060	-152,747	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	-2,028,559	-3,090,678	517,314	1,390,069	1,202,240	-2,114,506	-1,125,572	-372,383	2,928,082	2,135,214	1,062,430	813,000	1,367,400	804,106	210,084	-2,512,319	321,273	117,017	360,775	295,697	123,047	168,244	168,244	50,381	74,624
Other Cashflows From Financing Activities	-699,345	1,614,362	1,556,019	10,319,943	5,158,456	6,400,284	9,698,364	8,946,160	6,290,122	5,116,839	3,744,296	4,784,569	-12,224	2,927,433	8,481,995	2,978,876	365,169	-2,894	413,942	-494,249	-401,275	-9,561	-9,561	137,438	119,472
Other Cashflows From Investing Activities	0	-2,074	-17,150	285,672	541,065	-338,585	-9,407	1,257,983	405,211	-67,128	-93,918	0	0	0	37,205	0	0	0	0	0	0	0	0	0	0
Other Non Cash Items	9,959,566	2,047,283	3,341,078	2,990,497	2,593,201	2,418,273	422,700	182,576	19,688	-25,122	4,407	2,861,000	1,495,528	1,265,597	-1,201,734	3,158,832	13,398	-26,637	62,561	3	-3	-3,737	-3,737	2	4
Sale Purchase Of Stock	-742,458	0	-27,721	-106,070	0	0	0	-543,258	-3,765,753	-350,942	-78,634	0	-71,956	0	-159,902	-52,805	0	0	0	0	0	0	0	0	-31
Stock Based Compensation	-8,389,429	27,210	-132,177	-1,148,653	-2,756,689	-1,070,034	168,849	-1,560,378	2,336,819	264,441	263,648	-1,864,802	-476,478	0	96,685	-63,701	-53,795	7,483	-2,398	-25,880	-18,555	0	0	-2,285	-19,385
Total Cash From Financing Activities	817,137	2,255,538	-572,476	-587,042	-3,565,970	73,924	1,207,007	3,720,641	-4,293,822	-568,130	-757,269	450,000	-326,332	-1,583,227	2,734,692	1,349,489	1,265,095	795,173	328,795	-576,730	-401,275	-60,034	-60,034	123,079	105,507
Total Cash From Operating Activities	2,260,423	1,876,384	3,923,636	4,417,630	1,006,965	295,685	652,814	1,821,174	4,136,660	5,001,791	3,318,683	2,443,000	1,142,592	3,231,568	814,837	373,511	337,273	96,865	478,902	422,919	193,223	218,665	218,665	55,823	105,266
Total Cashflows From Investing Activities	0	-3,258,787	-3,548,791	-1,430,989	1,443,106	-1,415,879	-2,134,513	-4,159,920	-1,686,354	-1,913,519	-1,512,634	0	0	0	0	0	0	0	0	0	54,298	0	0	0	0

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2002-12-31	2002-03-31	2001-12-31	2001-09-30	2001-06-30	2001-03-31	2000-12-31	2000-09-30	2000-06-30	2000-03-31
Begin Period Cash Flow	10,978,292	7,494,269	8,466,482	8,130,929	8,130,929	7,887,641	9,082,246	7,528,820	6,889,844	6,941,842	8,666,822	7,576,625	11,398,587	9,671,275	7,960,987	6,206,248	6,206,248	5,236,091	4,623,135	4,424,095	4,424,095	5,747,786	5,515,699	8,438,125	8,438,125	8,510,902	6,307,017	5,773,267	5,773,267	4,630,909	5,639,250	7,724,101	7,724,101	4,645,000	5,874,000	6,006,942	4,793,226	4,578,388	3,313,000	3,127,715	2,275,108	2,028,379	1,381,000	1,507,000	1,507,000	2,106,932	1,205,307	1,848,692	1,848,692	1,974,461	130,699	2,187,195	2,187,195	199,035	1,274,761	1,303,955	1,303,955	819,841	1,070,409	537,673	537,673	553,199	430,723	239,781	239,781	272,536	266,917	382,048	382,048	609,832	615,939	10,977	10,977	11,326	-57,482	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Expenditures	544,064	560,048	656,139	287,271	287,271	424,150	489,042	410,181	550,784	480,242	423,679	280,353	283,806	272,594	204,594	94,880	94,880	104,380	122,925	104,583	104,583	158,200	122,687	133,018	133,018	200,879	283,075	448,926	448,926	500,878	490,144	414,106	414,106	471,994	447,000	163,857	195,409	375,143	287,000	213,816	368,586	250,884	256,000	542,000	542,000	419,433	488,514	538,838	538,838	240,587	302,965	260,138	260,138	316,473	100,972	243,752	243,752	153,100	175,825	115,649	115,649	97,286	230,264	112,882	112,882	485,259	147,563	114,511	114,511	157,551	154,369	133,187	133,187	59,785	65,293	10,797	41,637	23,663	-22,661	-4,673	25,691	22,619	15,136	33,791	0	51,288	0	0	0	84,216	612	16,280	0
Cash And Cash Equivalents Changes	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	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	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	0	0	0	0	0	0
Cash Flows Other Operating	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	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	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	0	0	0	0	0	0
Change In Cash	-1,699,814	3,470,590	-972,213	335,553	335,553	448,083	-1,194,605	1,553,426	638,976	-51,998	-1,724,980	1,090,197	-3,821,962	1,727,312	1,710,288	-4,837,268	-4,837,268	970,157	612,956	611,905	611,905	-1,323,691	232,087	-2,427,325	-2,427,325	-72,777	2,203,885	583,633	583,633	1,142,358	-1,008,341	-2,361,201	-2,361,201	3,079,101	-1,229,000	-133,170	1,213,674	214,838	1,265,000	185,639	852,592	246,729	647,000	424,000	424,000	-600,175	901,625	-481,892	-481,892	-125,769	1,843,762	123,405	123,405	1,988,160	-1,075,726	594,245	594,245	484,114	-250,568	695,827	695,827	-15,525	122,476	868,128	868,128	-32,755	5,619	-46,263	-46,263	-227,784	-6,106	767,137	767,137	-349	68,809	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change In Working Capital	-223,104	771,663	-582,898	102,281	102,281	-101,567	-258,521	-317,736	-1,161,641	-230,127	-343,805	-12,975	-1,561,119	466,272	-1,194,740	-1,129,939	-1,129,939	506,189	-348,983	380,365	380,365	-608,060	-276,508	272,948	272,948	-170,178	-39,919	462,486	462,486	440,112	759,648	-910,001	-910,001	-1,422,899	-64,000	-429,549	-55,533	-192,711	647,000	400,608	263,653	379,439	-54,000	-7,000	-7,000	-323,833	-270,707	-224,723	-224,723	-514,188	-1,487,805	-431,175	-431,175	-992,731	1,084,961	603,147	603,147	-584,291	327,084	37,200	37,200	-154,500	-231,787	-75,733	-75,733	-100,085	29,765	-86,977	-86,977	-166,261	152,406	144,069	144,069	-135,713	204,733	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change Receivables	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	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	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	0	0	0	0	0	0
Change To Account Receivables	-643,495	-582,981	71,821	548,105	548,105	-177,892	-269,970	414,768	-462,859	-218,543	-295,592	1,363,883	-1,308,252	183,624	291,156	-1,544,415	-1,544,415	389,670	8,687	418,195	418,195	393,043	-2,594	147,500	147,500	-322,306	-351,537	-113,633	-113,633	412,852	-14,764	-489,801	-489,801	-816,699	-230,000	423,966	-154,837	-77,583	208,000	484,092	-582,652	386,145	-121,000	-454,000	-454,000	164,898	-144,632	-770,203	-770,203	-86,622	158,823	32,706	32,706	-868,538	642,937	249,167	249,167	-349,537	207,140	12,130	0	0	0	16,614	0	10,204	0	20,815	0	0	0	0	0	0	0	0	0	0	0	0	15,375	14,660	14,137	16,607	0	0	0	0	0	0	0	0	0
Change To Inventory	1,390,545	-244,769	917,002	343,689	343,689	-960,026	61,109	427,278	-757,353	-1,186,675	-286,167	-1,464,011	-870,306	-784,795	-546,848	698,694	698,694	-472,238	-69,726	526,049	526,049	-484,735	-364,256	-3,552	-3,552	-2,022	60,758	491,447	491,447	-584,326	-278,930	70,237	70,237	-772,737	-168,000	-465,458	652,195	-275,460	9,000	58,565	680,875	-491,786	35,000	422,000	422,000	-360,095	-91,252	201,310	201,310	-459,198	-191,188	-37,838	-37,838	30,304	124,542	256,495	256,495	-183,960	84,516	-87,436	-87,436	-102,991	-55,742	-26,139	-26,139	-114,550	7,715	3,646	3,646	-67,698	56,304	44,917	44,917	-79,761	0	0	37,768	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Liabilities	0	128,456	0	-1,058,622	-827,299	617,371	449,952	-763,224	239,014	880,777	58,095	242,128	633,508	998,598	153,429	369,158	-34,300	23,740	-260,742	-121,231	0	-62,719	19,220	-153,276	165,761	-8,892	413,961	-338,138	187,047	109,532	0	0	355,450	332,396	200,495	102,196	202,946	175,713	116,407	0	48,712	57,586	0	0	0	0	0	0	0	0	0	0	7,937	0	0	0	0	0	0	0	0	0	0	0	61,664	21,666	0	0	53,323	0	0	0	3,899	0	0	0	9,098	0	0	0	15,500	0	0	35,965	0	10,385	0	0	0	0	0	0	0
Change To Netincome	0	853,497	853,497	878,231	1,193,114	-286,022	617,517	1,234,533	11,994	763,372	659,063	419,755	-1,015,275	189,781	18,782	2,299,783	-1,714,723	840,205	586,172	625,805	69,159	225,855	492,578	27,582	1,965,490	-78,603	600,656	-59,554	-21,496	0	0	0	2,724,897	0	0	0	1,514,829	0	0	0	1,588,498	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Operating Activities	0	448,364	448,364	252,627	309,240	1,591,790	-112,988	-1,955,992	347,854	891,287	-680,496	232,301	337,881	141,601	57,549	83,201	663,856	243,419	-340,698	-197,663	-39,718	-97,882	-82,547	35,616	-1,242,006	-37,682	-315,713	-638,917	-483,520	-201,752	181,000	0	-1,198,522	0	0	0	-733,563	0	0	0	-548,900	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	869,383	791,180	780,523	783,695	783,695	759,207	756,702	678,820	690,061	680,835	714,038	661,420	389,448	611,705	589,980	285,174	285,174	575,449	577,367	250,658	250,658	519,178	490,291	499,333	499,333	515,261	465,902	413,655	413,655	415,387	401,357	343,762	343,762	0	0	310,276	308,107	308,432	0	302,916	310,716	295,880	0	247,359	247,359	242,221	239,540	224,331	224,331	216,676	0	0	0	388,091	29,639	95,392	95,392	259,835	115,685	-1,241,732	-1,241,732	136,533	1,599,104	80,558	80,558	69,932	71,934	40,176	40,176	36,648	34,610	30,030	30,030	31,305	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Dividends Paid	-851	0	0	0	607	1,278	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1,123,426	1,123,426	460,375	0	889,113	889,113	889,113	0	463,254	726,013	361,000	165,689	365,013	579,050	359,000	0	439,790	439,790	100,000	0	339,790	0	292,344	0	209,300	0	54,025	0	100,000	0	5	0	1,517	1,517	0	0	62,590	0	0	0	37,991	0	55	157	259	259	47,011	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
End Period Cash Flow	9,278,478	10,964,859	7,494,269	8,466,482	8,466,482	8,335,724	7,887,641	9,082,246	7,528,820	6,889,844	6,941,842	8,666,822	7,576,625	11,398,587	9,671,275	1,368,980	1,368,980	6,206,248	5,236,091	5,036,000	5,036,000	4,424,095	5,747,786	6,010,800	6,010,800	8,438,125	8,510,902	6,356,900	6,356,900	5,773,267	4,630,909	5,362,900	5,362,900	7,724,101	4,645,000	5,873,772	6,006,900	4,793,226	4,578,000	3,313,354	3,127,700	2,275,108	2,028,000	1,931,000	1,931,000	1,506,757	2,106,932	1,366,800	1,366,800	1,848,692	1,974,461	2,310,600	2,310,600	2,187,195	199,035	1,898,200	1,898,200	1,303,955	819,841	1,233,500	1,233,500	537,673	553,199	1,107,909	1,107,909	239,781	272,536	335,786	335,786	382,048	609,832	778,114	778,114	10,977	11,326	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Exchange Rate Changes	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	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	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	0	0	0	0	0	0
Free Cash Flow	803,401	378,044	87,133	307,143	307,143	900,353	397,534	-2,025,771	439,198	1,888,906	-1,359,753	1,220,227	-976,553	1,284,711	519,452	-1,278,549	-1,278,549	1,481,205	469,822	48,801	48,801	-343,538	8,812	855,143	855,143	-103,142	327,194	249,022	249,022	658,767	-415,889	-69,052	-69,052	1,060,552	331,000	1,317,120	1,468,439	826,561	911,000	733,010	669,765	772,775	454,000	241,000	241,000	137,289	-3,280	42,133	42,133	315,188	-484,494	2,103,196	2,103,196	-270,703	712,423	533,850	533,850	-539,802	-75,672	448,496	448,496	276,549	-315,252	-17,167	-17,167	-427,318	316,863	-132,320	-132,320	-225,973	27,389	251,650	251,650	-93,743	128,023	0	117,612	0	0	0	41,324	-224	0	0	0	43,292	0	0	0	0	0	0	0
Investments	0	-334,867	-573,140	-670,599	-722,113	27,117	-13,103	-798,526	-204	-14,424	-262	251,905	-507,918	-497,719	-356,572	-275	-24,560	288,810	827,675	351,181	6,053	-5,212	35,929	-10,803	258,182	6,475	121,689	104,307	-149,331	0	0	0	12,947	0	0	0	-53,993	0	0	0	70,004	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Issuance Of Capital Stock	0	5,327,496	0	0	607	1,278	4,709	5,282,038	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	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	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
Net Borrowings	0	-1,962,311	-1,962,311	1,176,661	-343,745	545,021	-1,220,989	-221,942	588,479	-49,823	467,199	-115,847	-2,283,793	453,458	875,438	574,315	-2,204,386	-813,647	-795,169	-821,795	-54,552	-218,557	71,319	23,307	697,132	-275,716	2,876,522	1,396,112	5,433,813	0	0	0	258,569	0	0	0	409,060	0	0	0	-152,747	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	751,382	-262,387	-1,337,274	-1,023,627	-1,023,627	-136,785	-451,117	-1,546,461	964,395	-270,983	-198,559	22,461	902,463	218,709	307,129	678,890	678,890	445,605	191,023	226,407	226,407	-653,064	-1,574,037	-806,854	-806,854	129,999	-167,311	-460,141	-460,141	18,073	30,606	1,415,070	1,415,070	694,030	354,000	461,627	928,412	624,271	267,000	315,448	208,413	287,015	208,000	563,000	563,000	90,872	6,387	121,400	121,400	365,000	497,918	430,198	430,198	189,293	132,002	5,400	5,400	211,361	129,307	921,699	921,699	-37,124	-881,094	98,230	98,230	89,497	70,915	111,443	111,443	21,565	-26,476	108,207	108,207	98,404	82,907	26,929	37,556	18,696	27,462	27,630	25,096	12,921	6,671	8,031	7,739	38,615	11,165	18,899	4,092	15,031	4,580	2,068	4,149
Other Cashflows From Financing Activities	-187,000	-423,915	673,014	1,115,166	1,115,166	1,613,601	-37,917	-278,736	986,010	-455,793	1,121,259	-95,457	1,753,929	5,308,619	1,776,385	376,318	376,318	2,997,021	763,536	1,029,358	1,029,358	3,446,820	2,057,531	1,612,895	1,612,895	1,202,195	4,458,310	2,965,198	2,965,198	2,032,326	1,900,225	2,373,704	2,373,704	5,288,522	1,000	470,665	1,855,891	934,589	547,000	1,030,521	1,344,908	920,358	32,000	1,169,580	1,169,580	1,136,862	1,944,014	825,152	825,152	612,022	1,307,829	262,870	262,870	2,406,212	1,525,611	362,061	362,061	6,298,648	639,070	551,927	551,927	5,800	334,570	1,329,569	1,329,569	71,446	-45,009	754,679	754,679	61,429	12,155	198,391	198,391	247,412	-59,214	0	0	0	0	0	0	0	0	0	0	70,096	0	0	0	0	0	0	0
Other Cashflows From Investing Activities	0	12,851	12,851	12,851	12,851	0	-2,074	-2,074	-2,074	-2,074	-17,550	400	50	50	-1,999	287,621	343,405	1,889,993	-184,786	637,975	10,390	24,044	-19,294	-92,020	7,095	329,998	-300,025	-300,025	367,392	325,208	354,340	367,085	7,230	403,402	0	0	-67,128	0	0	0	-93,918	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	37,205	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	0	0	0	0	0	0	0
Other Non Cash Items	2,075,219	-536,128	1,970,895	677,883	676,222	724,167	916,504	-750,898	1,009,097	1,476,851	-566,543	1,421,673	329,293	593,509	1,295,139	841,391	841,391	589,791	748,658	2,406,327	2,406,327	-230,082	201,569	295,860	295,860	79,262	37,912	42,784	42,784	-10,719	-76,885	-90,326	-90,326	2,261,415	488,000	58,692	31,255	-13,185	284,000	-7,508	7,406	8,386	556,000	483,000	483,000	897,503	69,031	-290,852	-290,852	827,329	805,737	2,286,787	2,286,787	100,508	-95,146	166,187	166,187	-258,025	-494,621	988,474	988,474	-15,675	-26,324	83,350	83,350	-20,876	-5,621	-56,154	-56,154	51,006	25,776	62,564	62,564	-16,413	45,117	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Sale Purchase Of Stock	-196,268	0	0	0	-607	-1,278	-4,709	0	-27,721	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	509,875	509,875	509,875	-42	-42	0	-364,479	-1,274,132	-1,274,132	-1,199,668	-264,000	-1,028,771	-233,557	-67,065	-50,000	0	-36,933	0	0	612,900	612,900	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock Based Compensation	-2,054,065	130,102	-44,079	0	1,661	-4,506	909	0	25,420	616,011	-231,151	-542,457	-289,466	-421,609	-257,510	-1,516,328	-1,516,328	-596,582	-387,172	-2,743,339	-2,743,339	403,620	1,306,547	308,343	308,343	-249,759	581,939	-62,468	-62,468	162,891	-961,997	-196,514	-196,514	0	0	1,002,139	210,022	380,965	0	-135,037	118,425	-28,209	0	-663,527	-663,527	-281,553	415,443	580,578	580,578	-248,945	0	0	0	293,737	-278,933	-154,126	-154,126	-13,320	1,495	-445,598	-445,598	516,943	-48,739	-68,125	-68,125	11,959	-347	2,717	0	0	0	34,019	34,019	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Cash From Financing Activities	-2,683,561	2,670,249	-1,040,935	508,564	508,564	-33,470	-1,590,901	4,572,551	387,103	-1,072,510	467,199	-354,268	-2,283,793	453,458	668,978	-953,254	-953,254	-997,319	-795,169	595,834	595,834	-878,182	279,073	-3,299,693	-3,299,693	234,159	2,876,522	240,774	240,774	924,173	531,750	-670,294	-670,294	-435,606	-1,211,000	-1,976,701	65,167	-779,448	542,000	-405,029	97,229	-414,074	44,000	303,000	303,000	-648,857	959,900	-190,361	-190,361	-534,025	511,640	31,131	31,131	-797,050	8,586	-187,390	-187,390	1,932,821	-165,344	550,410	550,410	6,261	334,570	1,329,569	1,329,569	71,446	-45,009	754,679	754,679	61,374	11,998	198,132	198,132	200,402	0	0	0	0	0	0	0	0	0	78,333	0	0	0	0	0	0	0	0	0
Total Cash From Operating Activities	1,347,465	938,092	743,272	594,414	594,414	1,324,503	886,576	-1,615,590	989,982	2,369,148	-936,074	1,500,580	-692,747	1,557,305	724,046	-1,183,669	-1,183,669	1,585,585	592,747	153,384	153,384	-185,338	131,499	988,161	988,161	97,737	610,269	697,948	697,948	1,159,645	74,255	345,054	345,054	1,532,546	778,000	1,480,977	1,663,848	1,201,704	1,198,000	946,826	1,038,351	1,023,659	710,000	783,000	783,000	556,722	485,234	580,971	580,971	555,775	-181,529	2,363,334	2,363,334	45,770	813,395	777,602	777,602	-386,702	100,153	564,145	564,145	373,834	-84,988	95,715	95,715	57,942	169,301	-17,810	-17,810	-68,422	181,759	384,837	384,837	-33,958	128,023	0	159,249	0	0	0	67,015	22,395	0	0	0	94,580	0	0	0	0	0	0	0
Total Cashflows From Investing Activities	0	-334,867	-334,867	-670,599	-722,113	-907,621	-830,527	-798,526	-860,367	-1,641,084	-694,932	-352,408	-507,918	-497,719	-356,572	-68,780	-24,560	288,810	827,675	351,181	23,312	-67,943	-63,189	-237,910	-2,287,895	-284,803	-1,405,004	-393,485	-4,159,920	-930,520	-1,436,000	0	-1,683,188	63,986	0	0	-1,913,519	0	0	0	-1,512,634	0	0	0	0	0	0	0	0	0	0	0	0	651,197	430,640	120,066	0	0	0	0	0	0	0	0	0	0	0	3,659	0	0	0	0	0	0	0	0	0	0	0	0	54,298	69,031	94,326	0	0	0	0	0	0	0	0	0	0

Income Statement

Currency in BRL. All numbers in thousands.

	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	2002-12-31	2001-12-31	2000-12-31	1999-12-31
Cost Of Revenue	45,347,521	45,672,376	38,177,609	29,998,822	25,370,042	25,320,753	26,565,346	26,206,447	22,107,692	20,497,430	22,953,145	22,064,000	19,046,963	16,951,152	21,405,955	8,060,399	4,759,707	3,856,358	3,683,598	3,533,319	2,791,001	1,633,455	1,633,455	1,363,884	1,180,967
Depreciation And Amortization	3,224,781	2,991,705	2,920,328	2,673,923	2,002,608	1,747,201	1,918,016	1,602,841	1,316,680	1,230,418	1,176,086	966,666	886,338	840,425	1,030,552	401,080	293,576	145,848	117,228	105,299	98,269	64,964	64,964	75,160	60,218
Discontinued Operations	0	-50,948	-79,930	-79,930	-904,628	-2,333,093	-132,089	-132,089	11,671	89,822	47,179	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Ebit	788,020	484,105	3,009,787	2,846,793	3,945,857	636,470	1,589,339	1,682,132	3,987,975	3,621,554	2,206,345	421,334	2,846,926	2,364,771	2,145,070	972,175	445,565	95,768	454,121	431,673	158,168	374,979	374,979	47,414	141,744
Ebitda	4,012,801	3,475,810	5,930,115	5,520,716	5,948,465	2,383,671	3,507,355	3,284,973	5,304,655	4,851,972	3,382,431	1,388,000	3,733,264	3,205,196	3,175,622	1,373,255	739,141	241,617	571,349	536,972	256,437	439,943	439,943	122,574	201,963
Effect Of Accounting Charges	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
Extraordinary Items	0	0	0	0	-915,809	-2,351,740	0	0	183,088	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Gross Profit	8,267,919	8,132,652	10,165,696	9,470,878	8,076,938	4,867,668	6,904,006	7,526,419	10,088,909	8,509,413	7,568,101	6,453,000	6,659,275	5,730,101	6,341,512	2,668,243	1,873,145	1,340,852	1,458,390	1,351,226	1,018,742	800,207	800,207	467,030	522,973
Income Before Tax	-1,981,442	-2,805,044	-34,788	1,147,798	1,087,374	-2,447,808	-1,345,500	-317,481	2,558,268	2,487,621	1,212,112	817,000	1,521,606	1,001,454	582,679	-3,224,393	383,768	74,121	450,819	368,534	135,424	239,060	239,060	57,360	87,187
Income Tax Expense	-115,854	285,634	-552,102	-242,271	-125,887	-333,302	-246,646	49,858	-389,502	352,566	145,275	-2,000	156,517	196,458	344,099	-701,816	32,097	-61,450	62,461	47,347	12,377	57,168	57,168	6,979	12,564
Interest Expense	2,944,728	3,233,971	2,860,571	2,247,847	2,837,817	2,043,372	2,282,972	1,488,671	984,595	979,274	738,269	571,000	1,325,320	1,363,317	1,562,391	1,049,578	0	172,084	141,711	0	233,393	0	0	3,313	0
Interest Income	790,085	651,942	489,921	378,075	1,189,057	755,700	668,000	664,000	1,154,808	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	-112,564	-24,777	-17,929	227,750	252,726	567,150	512,571	379,400	20,339	99,466	1,864	3,634	0	481	0	173	1,799	3,327	0	0	0	0	0	242	0
Net Income	-2,028,559	-3,090,678	419,455	1,518,492	1,213,261	-4,466,246	-1,125,572	-372,383	3,111,170	2,225,036	1,062,430	813,000	1,367,409	804,106	210,084	-2,512,319	321,273	117,017	360,775	295,697	123,047	168,244	168,244	50,381	74,624
Net Income Applicable To Common Shares	0	-3,166,403	419,455	1,383,564	297,612	-4,448,061	-1,098,854	-372,400	3,111,170	803,830	450,017	397,161	734,100	483,495	69,112	23,469	180,607	54,962	154,670	111,344	42,676	2,325	72,771	25,828	0
Net Income From Continuing Ops	-3,579,603	-3,090,678	517,314	1,390,069	1,078,333	-2,114,500	-1,098,900	-367,400	187,900	2,135,055	1,019,658	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Interest Income	-2,957,372	-2,602,691	-2,564,999	-2,057,952	-1,834,236	-1,189,000	-1,661,600	-1,523,800	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Operating Income Net Other	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
Non Recurring	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
Operating Income	788,020	484,105	3,009,787	2,846,793	3,945,857	-206,334	736,078	1,815,174	4,228,410	3,478,319	1,959,648	1,748,000	2,001,129	1,484,580	350,200	786,339	403,667	80,306	455,416	372,013	147,406	359,032	359,032	53,739	134,775
Other Items	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 Operating Expenses	52,827,420	53,953,279	45,455,116	36,488,472	30,409,534	30,246,091	32,523,987	32,044,990	27,880,582	25,654,998	28,488,219	27,151,000	23,705,109	21,196,673	27,585,610	9,942,303	6,229,186	5,116,904	4,686,570	4,512,532	3,662,337	2,074,629	2,074,629	1,777,175	1,569,164
Preferred Stock And Other Adjustments	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
Reconciled Depreciation	3,152,374	2,991,705	2,746,354	2,394,378	1,503,039	962,700	1,159,300	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Research Development	48,041	33,389	42,010	65,168	67,846	0	0	0	0	72,577	29,058	16,142	13,008	12,447	9,979	7,291	6,015	3,374	2,699	2,429	0	0	0	0	0
Selling And Marketing Expenses	0	5,109,034	4,611,143	3,834,956	4,911,666	4,513,594	4,730,129	4,965,713	4,805,931	4,216,500	4,624,289	4,317,000	3,837,537	3,523,073	5,328,262	1,700,119	0	0	361,300	0	0	0	0	0	0
Selling General Administrative	7,530,922	2,158,604	2,315,319	2,444,696	866,219	585,638	665,658	706,074	935,376	812,661	703,429	389,000	426,872	332,882	402,504	186,014	1,369,287	1,161,387	24,300	852,812	735,306	601,465	441,174	338,130	327,979
Tax Provision	-56,875	285,634	-552,102	-242,271	-195,395	-333,300	-246,600	49,900	-389,502	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Operating Expenses	7,479,899	8,280,903	7,277,507	6,489,650	5,039,492	4,925,338	5,958,641	5,838,543	5,772,890	5,157,568	5,535,074	5,087,000	4,658,146	4,245,521	6,179,655	1,881,904	1,469,478	1,260,546	1,002,972	979,213	871,336	441,174	441,174	413,291	388,197
Total Other Income Expense Net	-2,769,462	-3,289,149	-3,044,575	-1,698,995	-2,858,483	-1,023,191	-629,484	-481,643	-423,245	50,179	-242,642	22,000	-479,500	-483,100	-257,400	-3,149,917	-41,898	-15,463	1,298	-59,660	-10,762	-15,947	-15,947	6,325	-6,969
Total Revenue	53,615,440	53,805,028	48,343,305	39,469,700	33,446,980	30,188,421	33,469,352	33,732,866	32,196,601	29,006,843	30,521,246	28,517,000	25,706,238	22,681,253	27,747,467	10,728,642	6,632,852	5,197,210	5,141,989	4,884,545	3,809,743	2,433,661	2,433,661	1,830,914	1,703,940

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30	2002-06-30	2002-03-31	2001-12-31	2001-09-30	2001-06-30	2001-03-31	2000-12-31	2000-09-30	2000-06-30	2000-03-31
Cost Of Revenue	11,385,794	11,324,122	10,719,235	11,504,756	11,504,756	11,458,083	10,956,264	10,928,229	10,604,370	9,765,303	9,410,919	8,397,017	8,579,567	7,598,133	7,125,034	6,917,609	6,917,609	6,363,893	6,246,360	3,889,293	3,889,293	7,364,966	7,520,312	7,024,999	7,024,999	6,799,838	6,380,523	6,897,090	6,897,090	6,623,395	6,596,310	6,155,387	6,155,387	5,679,716	5,857,000	4,884,664	3,762,716	5,641,501	5,647,087	5,446,096	6,126,565	5,666,151	5,648,333	6,050,000	6,050,000	5,666,573	5,352,968	5,152,000	5,152,000	4,687,000	4,733,526	5,050,968	5,050,968	4,114,093	2,099,320	3,900,600	3,900,600	4,192,000	2,110,170	2,062,426	2,062,426	2,384,502	2,206,522	1,376,271	1,376,271	1,159,718	1,118,733	1,092,683	1,092,683	996,205	955,210	937,637	937,637	923,927	935,985	875,109	441,613	359,282	261,430	268,139	933,905	0	0	0	571,308	0	0	0	678,425	0	0	0	222,471	169,364	168,343	177,547
Depreciation And Amortization	869,383	791,180	780,523	783,695	783,695	759,207	756,702	678,820	690,061	680,835	714,038	661,420	389,448	611,705	589,980	285,174	285,174	575,449	577,367	250,658	250,658	519,178	490,291	499,333	499,333	515,261	465,902	413,655	413,655	415,387	401,357	343,762	343,762	1,700,229	-210,000	310,276	308,107	308,432	257,567	302,916	310,716	295,880	430,314	247,359	247,359	242,221	239,540	224,331	224,331	216,676	353,833	242,687	242,687	388,091	29,639	95,392	95,392	259,835	115,685	-1,241,732	-1,241,732	136,533	1,599,104	80,558	80,558	69,932	71,934	40,176	40,176	36,648	34,610	30,030	30,030	31,305	9,942	4,328	0	0	0	0	0	0	0	-	0	-	-	0	0	0	0	0	0	0	0	0
Discontinued Operations	0	0	0	0	0	0	-16,408	-34,540	-32,128	-6,516	-41,286	-41,286	-41,286	-41,286	0	0	1,695	-141,201	133,931	-888,872	-59,680	-223,751	-229,761	0	-2,351,740	0	0	0	-2,351,740	0	0	0	183,088	0	0	0	89,822	0	0	0	47,179	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	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
Ebit	1,016,729	402,115	-287,667	-205,017	-205,017	822,467	-34,409	-563,067	1,144,753	762,271	584,535	558,400	996,194	790,663	611,362	893,823	893,823	1,570,976	1,253,849	399,271	399,271	129,819	-823,761	167,728	167,728	1,193,439	164,479	-2,010,874	-2,010,874	564,523	1,363,152	-2,356,785	-2,356,785	969,253	1,257,000	786,065	107,427	1,517,929	691,652	892,425	-491,607	777,770	500,315	360,641	360,641	339,010	415,778	1,353,900	1,353,900	514,000	685,609	1,101,484	1,101,484	433,642	226,875	1,125,500	1,125,500	281,000	323,936	2,009,226	2,009,226	-58,205	-1,344,053	124,402	124,402	194,858	95,686	102,179	102,179	9,982	-42,973	94,872	94,872	130,436	121,739	95,645	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Ebitda	1,886,112	1,193,295	492,856	578,678	578,678	1,581,674	722,293	115,753	1,834,814	1,443,106	1,298,573	1,219,820	1,385,642	1,402,368	1,201,342	1,178,997	1,178,997	2,146,425	1,831,216	649,929	649,929	648,997	-333,470	667,061	667,061	1,708,700	630,381	-1,597,219	-1,597,219	979,910	1,764,509	-2,013,023	-2,013,023	2,669,482	1,047,000	1,096,341	415,534	1,826,361	949,219	1,195,341	-180,891	1,073,650	930,629	608,000	608,000	581,231	655,318	1,578,231	1,578,231	730,676	1,039,442	1,344,171	1,344,171	821,733	256,514	1,220,892	1,220,892	540,835	439,621	767,494	767,494	78,328	255,051	204,959	204,959	264,790	167,619	142,355	142,355	46,630	-8,363	124,902	124,902	161,741	131,681	-3,296,707	-3,296,707	1,222,907	1,215,730	-2,698,250	-2,698,250	948,553	941,509	-2,070,497	-2,070,497	691,016	-1,263,541	700,885	-1,263,541	607,068	546,525	477,001	-1,355,406	457,901	458,766	457,768
Effect Of Accounting Charges	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	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	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	0	0	0	0	0	0	0	0	0
Extraordinary Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-9,486	-141,201	133,931	-899,053	-605,916	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	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Gross Profit	3,040,500	2,482,084	1,485,736	1,673,213	1,673,213	2,597,958	1,982,848	1,113,013	3,120,072	2,624,682	2,225,982	2,194,960	2,894,551	2,344,458	1,978,892	2,372,626	2,372,626	2,095,593	2,091,649	1,316,045	1,316,045	1,402,381	660,761	1,876,060	1,876,060	1,932,430	1,646,101	1,693,269	1,693,269	1,884,348	1,918,258	2,799,388	2,799,388	2,601,233	2,634,000	2,163,681	2,233,348	2,339,595	2,043,740	1,892,717	2,081,842	1,912,299	1,877,114	2,096,000	2,096,000	1,525,915	1,489,159	1,947,200	1,947,200	1,605,000	1,560,822	1,349,309	1,349,309	1,587,976	605,683	1,405,200	1,405,200	1,102,000	592,811	887,716	887,716	695,095	624,092	560,350	560,350	493,145	411,164	483,537	483,537	352,808	253,181	392,645	392,645	366,192	365,806	1,215,826	1,215,826	1,222,907	1,215,730	964,086	964,086	948,553	941,509	844,329	844,329	691,016	811,089	700,885	811,089	607,068	546,525	477,001	421,768	457,901	458,766	457,768
Income Before Tax	739,379	-221,373	-1,460,615	-1,039,432	-1,039,432	-118,983	-469,626	-1,301,379	373,475	-254,478	-179,056	25,271	495,046	307,658	396,884	257,445	257,445	809,277	310,719	-244,377	-244,377	-594,743	-1,570,905	-623,270	-623,270	207,906	-585,792	-436,985	-436,985	43,765	25,082	1,179,172	1,179,172	444,478	390,000	533,361	1,121,812	702,595	297,819	365,374	201,948	337,321	243,520	517,000	517,000	114,885	-6,905	322,600	322,600	268,000	457,716	488,153	488,153	311,524	89,987	46,000	46,000	238,000	166,994	1,225,243	1,225,243	-87,657	-1,343,783	82,408	82,408	131,753	97,300	70,342	70,342	15,971	36,471	120,964	120,964	119,410	120,732	88,343	47,209	20,559	28,987	32,418	46,969	0	0	0	461	0	0	0	97,498	0	0	0	15,211	5,433	1,878	7,126
Income Tax Expense	-17,722	41,014	-123,341	-15,805	-15,805	17,804	-18,509	245,082	-590,920	16,505	19,503	2,810	-407,417	88,949	89,755	-432,466	-432,466	363,672	119,696	-470,784	-470,784	217,710	3,132	161,171	161,171	70,319	-419,480	5,200	5,200	27,421	7,964	-255,125	-255,125	-234,743	27,000	71,686	192,939	83,195	30,538	45,928	-6,223	43,870	34,669	-51,000	-51,000	26,137	-18,133	203,500	203,500	-97,000	-41,670	83,810	83,810	106,746	-50,672	26,200	26,200	25,000	37,595	303,703	303,703	-71,454	-465,927	-26,384	-26,384	31,330	22,819	-55,665	-55,665	-8,606	-10,175	4,141	4,141	15,281	31,601	-73,601	-73,601	-74,032	-73,599	-31,138	-31,138	-30,636	-30,410	-2,384	-2,384	-1,949	-79,479	-1,977	-79,479	-37,041	-42,618	-8,682	-11,605	-12,600	-12,624	-12,597
Interest Expense	816,777	681,572	1,123,184	909,021	909,021	881,799	560,382	581,637	801,705	656,458	725,578	538,196	411,274	686,726	498,170	645,227	645,227	730,357	926,202	461,721	461,721	498,999	363,450	571,159	571,159	985,533	750,271	1,573,889	1,573,889	520,758	1,338,070	3,535,957	3,535,957	2,225,004	657,000	256,367	1,014,385	815,334	651,400	527,051	693,555	440,449	687,109	91,000	91,000	224,125	662,223	1,031,300	1,031,300	187,000	227,893	613,331	613,331	122,118	136,888	895,600	895,600	223,000	156,942	102,358	130,242	463,470	0	0	119,056	0	9,417	81,812	81,812	0	0	78,826	78,826	0	50,855	0	71,492	0	0	0	82,714	0	0	0	48,550	0	0	0	54,519	0	0	0	0	0	0	0
Interest Income	0	269,729	178,709	174,336	176,255	140,713	151,064	183,907	179,811	122,002	76,452	121,113	153,165	70,202	57,010	109,256	86,640	596,092	446,800	222,041	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	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	0	0	0	0	0	-	0	-	-	0	0	0	0	0	0	0	0	0
Minority Interest	0	-124,627	-21,634	-10,392	44,089	14,215	-91,634	43,093	-10,996	-4,617	74,009	80,682	227,750	254,937	251,565	320,215	252,726	269,623	237,821	537,376	37,648	153,076	152,771	161,774	6,708	2,352	361	380,871	5,501	0	-665	665	4,879	-2,588	2,588	15	210	-138	138	1,773	-1,041	2,905	279	0	2,463	-2,427	2,427	0	984	-1,031	1,031	2,012	-966	1,447	0	0	153	-58	58	66	17	31	68	57	-231	2,030	-825	825	1,529	1,398	400	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	263	0	0	0
Net Income	751,382	-387,014	-1,358,908	-1,023,627	-1,023,627	-136,787	-451,117	-1,546,461	921,271	-282,116	-244,142	24,442	908,824	216,791	303,870	681,655	681,655	293,907	322,825	-2,096,298	-2,096,298	-798,981	-1,584,918	-806,854	-806,854	129,999	-167,311	-460,141	-460,141	18,073	30,606	1,415,082	1,415,082	877,105	354,000	464,606	1,018,212	624,271	267,069	315,448	208,413	287,015	208,438	563,000	563,000	90,872	6,387	121,400	121,400	365,000	497,918	430,198	430,198	189,683	132,249	5,400	5,400	211,000	129,307	921,699	921,699	-25,707	-881,144	98,230	98,230	89,917	70,810	111,443	111,443	21,579	-26,450	108,207	108,207	96,843	82,907	73,601	73,601	74,032	73,599	31,138	31,138	30,636	30,410	2,384	2,384	1,949	79,479	1,977	79,479	37,041	42,618	8,682	11,605	12,600	12,624	12,597
Net Income Applicable To Common Shares	0	-387,014	-387,014	-1,034,019	-912,226	-122,570	-559,159	-1,572,448	921,271	-282,116	-244,142	24,442	908,824	216,791	303,870	-45,921	681,815	293,907	322,825	-1,000,935	-139,135	-198,845	-365,065	-37,546	-1,160,608	35,008	676,991	-281,434	-377,683	5,283	10,766	11,003	357,022	116,952	120,601	144,970	336,499	207,738	116,240	143,353	65,217	127,961	79,435	177,404	273,643	44,082	-84,152	84,152	59,824	109,104	329,728	235,444	263,034	117,781	73,160	29,520	4,466	113,829	49,033	0	468,827	75,683	-29,241	29,241	58,737	52,677	38,709	30,484	52,406	9,856	-4,787	4,787	40,811	47,961	38,969	26,929	37,556	18,696	27,462	27,630	25,096	12,921	6,671	0	8,031	0	-7,739	7,739	38,615	11,165	18,899	4,092	15,031	4,580	2,068	4,149
Net Income From Continuing Ops	0	-262,387	-1,337,274	-1,023,627	-956,315	-136,785	-451,117	-1,546,461	964,395	-270,983	-198,559	22,461	902,463	218,709	307,129	-38,232	554,983	445,605	191,023	-113,278	-141,060	-202,198	-361,525	-34,370	-1,283,377	-220,679	690,890	-285,734	-367,400	0	0	0	2,947,770	0	0	0	2,135,055	0	0	0	1,019,658	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	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 Interest Income	0	-716,015	-1,007,366	-861,853	-655,557	-608,708	-730,321	-609,303	-680,922	-574,675	-687,784	-606,055	-456,170	-664,057	-424,955	-456,683	-584,160	-237,795	-582,496	-429,781	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	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	0	0	0	0	0	-	0	-	-	0	0	0	0	0	0	0	0	0
Non Operating Income Net Other	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	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	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	0	0	0	0	0	0
Non Recurring	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	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	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	0	0	0	0	0	0	0	0	0
Operating Income	1,016,729	402,115	-287,667	-205,017	-205,017	822,467	-34,409	-563,067	1,071,074	730,480	580,322	627,911	1,254,288	772,852	564,399	512,348	512,348	1,110,654	933,367	365,241	365,241	-87,392	-778,955	140	140	558,657	109,202	162,891	162,891	468,507	528,774	1,560,426	1,560,426	969,253	1,257,000	640,906	1,322,412	902,369	691,652	561,867	461,580	466,398	500,315	780,000	780,000	232,095	280,588	311,100	311,100	514,000	512,911	971,253	971,253	311,524	179,516	276,200	276,200	58,000	166,994	2,097,978	2,097,978	-81,714	-1,333,944	92,099	92,099	135,891	100,040	73,458	73,458	17,254	-36,891	124,274	124,274	120,004	121,739	-3,296,707	-3,296,707	1,222,907	1,215,730	-2,698,250	-2,698,250	948,553	941,509	-2,070,497	-2,070,497	691,016	-1,263,541	700,885	-1,263,541	607,068	546,525	477,001	-1,355,406	457,901	458,766	457,768
Other Items	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	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	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	0	0	0	0	0	0	0	0	0
Other Operating Expenses	13,409,565	13,369,931	12,607,591	13,430,137	13,430,137	13,507,229	12,803,662	12,576,643	12,700,472	11,709,497	11,080,849	9,964,178	10,433,028	9,169,739	8,539,527	8,462,543	8,462,543	7,348,832	7,404,642	4,840,097	4,840,097	8,835,701	8,921,758	8,865,790	8,865,790	8,176,673	7,923,583	8,528,952	8,528,952	8,048,226	7,990,379	7,416,402	7,416,402	7,269,119	7,435,000	6,304,224	4,769,421	7,087,041	7,010,186	6,788,452	7,665,779	7,112,052	7,025,132	7,545,000	7,545,000	6,960,393	6,561,539	6,788,100	6,788,100	5,778,000	5,781,437	5,801,616	5,801,616	5,343,642	2,525,487	5,029,600	5,029,600	5,236,000	2,740,787	852,165	852,165	3,161,309	4,164,558	1,844,522	1,844,522	1,462,142	1,429,856	1,502,760	1,502,760	1,331,760	1,245,283	1,206,006	1,206,006	1,170,112	1,180,055	4,512,532	4,512,532	0	0	3,662,337	3,662,337	0	0	2,914,826	2,914,826	0	2,074,629	0	2,074,629	0	0	0	1,777,175	0	0	0
Preferred Stock And Other Adjustments	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	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	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	0	0	0	0	0	0
Reconciled Depreciation	0	791,180	780,523	783,695	796,976	759,207	756,702	678,820	690,061	680,835	714,038	423,224	1,266,424	386,901	376,285	364,768	583,844	575,449	577,367	564,618	250,658	519,178	490,291	487,073	499,333	515,261	465,902	437,504	413,655	415,387	401,357	372,401	343,762	0	0	310,276	308,107	308,432	0	302,916	310,716	295,880	0	270,521	247,359	242,221	239,540	237,580	224,331	216,676	353,833	91,460	242,687	388,091	29,639	179,983	95,392	259,835	115,685	119,788	-1,241,732	136,533	1,599,104	107,596	80,558	69,932	71,934	71,153	40,176	36,648	34,610	34,414	30,030	31,305	0	4,328	0	0	0	0	0	0	0	-	0	-	-	0	0	0	0	0	0	0	0	0
Research Development	13,511	12,082	15,905	0	6,543	6,791	8,601	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1,439	3,355	6,472	2,827	3,046	50,541	3,744	4,054	3,200	214,753	1,513	5,452	5,562	54,362	5,741	6,355	6,119	5,612	7,688	10,653	5,099	4,285	5,821	1,895	4,141	3,356	2,372	3,963	3,317	3,660	1,581	4,657	2,549	3,028	3,524	2,029	1,398	7,291	0	0	0	6,015	0	0	0	3,374	0	0	0	2,699	0	0	0	2,429	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Selling And Marketing Expenses	0	1,329,462	1,219,310	1,287,364	1,287,364	1,336,249	1,152,515	1,490,602	1,906,514	1,647,761	1,046,582	1,433,026	1,497,363	925,392	927,019	1,359,299	1,359,299	1,160,295	1,256,777	968,715	968,715	1,217,723	1,226,017	2,359,859	2,359,859	1,167,558	1,125,127	1,273,259	1,273,259	1,254,721	1,230,100	1,330,541	1,330,541	1,237,400	1,254,000	1,083,599	838,762	1,129,005	1,136,807	1,111,926	1,308,963	1,173,160	1,140,303	1,201,000	1,201,000	1,101,517	1,060,985	5,581,778	5,581,778	0	889,324	478,914	478,914	1,080,410	431,249	4,086,684	4,086,684	0	543,892	488,492	0	0	0	0	0	0	0	0	0	0	0	361,300	361,300	0	0	0	0	0	0	0	0	0	0	-	0	-	-	0	0	0	0	0	0	0	0	0
Selling General Administrative	0	575,630	557,895	514,512	514,512	598,925	581,218	151,320	210,284	267,485	551,954	163,998	330,143	603,513	604,803	445,836	445,836	138,389	135,054	115,369	115,369	176,573	131,744	853,822	853,822	145,924	148,733	94,582	94,582	138,058	142,265	424,819	424,819	143,464	123,000	235,395	377,686	103,803	108,825	101,886	293,314	117,595	118,227	114,000	114,000	95,115	94,497	240,770	240,770	476,624	102,054	520,802	520,802	91,497	65,657	45,698	45,698	779,991	74,472	84,930	885,551	521,512	1,990,651	265,065	246,401	343,363	328,219	154,522	162,926	305,064	275,274	24,300	24,300	228,198	225,687	79,719	112,503	90,884	64,393	66,174	255,021	0	0	0	170,101	0	0	0	195,995	0	0	0	50,970	41,566	39,196	41,610
Tax Provision	0	41,014	-123,341	-15,805	41,257	17,804	-18,509	245,082	-590,920	16,505	19,503	2,810	-407,417	88,949	89,755	-13,558	-501,974	363,672	119,696	-176,789	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	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	0	0	0	0	0	-	0	-	-	0	0	0	0	0	0	0	0	0
Total Operating Expenses	2,023,771	2,045,809	1,888,356	1,925,381	1,925,381	2,049,146	1,847,398	1,648,414	2,096,102	1,944,194	1,669,930	1,567,161	1,853,461	1,571,606	1,414,493	1,544,934	1,544,934	984,939	1,158,282	950,804	950,804	1,470,735	1,401,446	1,840,791	1,840,791	1,376,835	1,543,060	1,631,862	1,631,862	1,424,831	1,394,069	1,261,015	1,261,015	1,589,403	1,578,000	1,419,560	1,006,705	1,445,540	1,363,099	1,342,356	1,539,214	1,445,901	1,376,799	1,495,000	1,495,000	1,293,820	1,208,571	1,636,100	1,636,100	1,091,000	1,047,911	750,648	750,648	1,229,549	426,167	1,129,000	1,129,000	1,044,000	630,617	-1,210,260	-1,210,260	776,807	1,958,036	468,251	468,251	302,424	311,124	410,077	410,077	335,555	290,072	268,369	268,369	246,186	244,070	-4,512,532	-4,512,532	0	0	-3,662,337	-3,662,337	0	0	-2,914,826	-2,914,826	0	-2,074,629	0	-2,074,629	0	0	0	-1,777,175	0	0	0
Total Other Income Expense Net	-277,350	58,367	-50,629	-834,415	-834,415	-941,450	-435,217	-738,312	30,427	-360,291	-38,013	5,067	-89,874	203,721	283,692	8,849	8,849	-32,054	-17,788	-178,520	-178,520	-220,133	-380,347	-214,195	-214,195	3,062	6,161	-507,316	-507,316	8,990	4,585	-313,647	-313,647	-42,577	-9,000	-54,981	19,569	8,314	11,011	11,506	-250,448	-1,950	2,198	7,000	7,000	-117,210	4,000	11,500	11,500	-59,000	-55,195	-483,100	-483,100	46,903	-89,529	-181,400	-181,400	-43,000	-204,800	726,282	726,282	-23,507	10,109	-32,303	-32,303	-4,138	4,355	-28,719	-28,719	7,272	6,082	29,405	29,405	-10,429	-9,944	-7,622	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Revenue	14,426,294	13,806,206	12,204,971	13,177,969	13,177,969	14,056,041	12,939,112	12,041,242	13,724,442	12,389,985	11,636,901	10,591,977	11,474,118	9,942,591	9,103,926	9,290,235	9,290,235	8,459,486	8,338,009	5,205,338	5,205,338	8,767,347	8,181,073	8,901,059	8,901,059	8,732,268	8,026,624	8,590,359	8,590,359	8,507,743	8,514,568	8,954,775	8,954,775	8,280,949	8,491,000	7,048,345	5,996,064	7,981,096	7,690,827	7,338,813	8,208,407	7,578,450	7,525,447	8,146,000	8,146,000	7,192,488	6,842,127	7,099,200	7,099,200	6,292,000	6,294,348	6,400,277	6,400,277	5,702,069	2,705,003	5,305,800	5,305,800	5,294,000	2,702,981	2,950,142	2,950,142	3,079,597	2,830,614	1,936,621	1,936,621	1,652,862	1,529,897	1,576,220	1,576,220	1,349,014	1,208,392	1,330,282	1,330,282	1,290,119	1,301,791	1,215,826	1,215,826	1,222,907	1,215,730	964,086	964,086	948,553	941,509	844,329	844,329	691,016	811,089	700,885	811,089	607,068	546,525	477,001	421,768	457,901	458,766	457,768

Latest Income Statement (annual, 2023-12-31)

Gross Profit (+$)
totalRevenue	53,615,440
Cost of Revenue	-45,347,521
Gross Profit	8,267,919	8,267,919

Operating Income (+$)
Gross Profit	8,267,919
Operating Expense	-7,479,899
Operating Income	788,020	788,020

Operating Expense (+$)
Research Development	48,041
Selling General Administrative	7,530,922
Selling And Marketing Expenses	0
Operating Expense	7,479,899	7,578,963

Net Interest Income (+$)
Interest Income	790,085
Interest Expense	-2,944,728
Other Finance Cost	-802,729
Net Interest Income	-2,957,372

Pretax Income (+$)
Operating Income	788,020
Net Interest Income	-2,957,372
Other Non-Operating Income Expenses	0
Income Before Tax (EBT)	-1,981,442	3,557,482 EBIT - interestExpense = -2,156,708 -2,144,413 916,169
Interest Expense	2,944,728
Earnings Before Interest and Taxes (EBIT)	788,020	963,286
Earnings Before Interest and Taxes (EBITDA)	4,012,801

After tax Income (+$)
Income Before Tax	-1,981,442
Tax Provision	--56,875
Net Income From Continuing Ops	-3,579,603	-1,924,567
Net Income	-2,028,559
Net Income Applicable To Common Shares	0

Non-recurring Events
Discontinued Operations	0
Extraordinary Items	0
Effect of Accounting Charges	0
Other Items	0
Non Recurring	0
Other Operating Expenses	52,827,420
Total Other Income/Expenses Net	-2,769,462	2,957,372

Technical Analysis of BRF SA ADR
The psychology behind the price

Technical indicators reflecting market sentiment and the collective psychology of you and other traders. Your emotions and other traders' emotions, such as fear and greed, play a significant role in driving price movements.

General trend

First of all, I'm going to put something in the back of your mind. One of the most stable factors that gives you more confidence as a trader: the general trend of BRF SA ADR. The general trend of BRF SA ADR is BULLISH with 100.0% confidence. It is very important for your mental being to use each indicator with this in mind. But beware, also the general trend flips once in a while! You can use moving averages to determine BRF SA ADR's overall trend. For convenience I use the most commonly used moving averages: 20, 50, 100 & 200. Of course you can use other moving averages or other indicators to determine the trend.

Indicator phases

Some of the indicators I use have 3 zones: overbought, oversold and neutral. Transitions between these zones (market phases) provide valuable trading signals and insights. Expecially with the general trend mind, I use the highlighted phases:

Indicator zone transitions	Bullish trend (100.0%)		Bearish trend (-100.0%)
Overbought to neutral	Bullish pullback	=	Bearish reversal
Upper to lower neutral	Bullish correction	=	Bearish continuation
Nuetral to oversold	Oversold	=	Oversold
Oversold to neutral	Bullish reversal	=	Bearish correction
Lower to upper neutral	Bullish continuation	=	Bearish pullback
Nuetral to overbought	Overbought	=	Overbought

1. Price Targets

1.1 Support & Resistance

Support and resistance are levels on a price chart that act as barriers or zones where the price of an asset tends to stop, reverse, or experience a significant amount of buying or selling pressure.

Support is a price level at which demand for an asset is strong enough to prevent the price from falling further.
Resistance is a price level at which selling pressure becomes significant enough to prevent the price of an asset from rising further.

Score

Let's take a look at the Support & Resistance of BRF SA ADR.

The long score for the Support & Resistance is 0/1.
The longshort score for the Support & Resistance is 0/(-1 +1).

Between support/resistance: The price is trading between support and resistance lines.

The bullish price targets are: 3.52 < 3.52.

The bearish price targets are: 3.135 > 3.065 > 3.02.

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BRF SA ADR Daily Support & Resistance Chart

2. Trend Indicators

2.1 Moving Averages

Shows the moving average of the selected period.

Moving averages are lagging trend indicators.
There are many types of moving averages.
Moving averages are also used within other indicators.

Score

Let's take a look at the Moving Averages of BRF SA ADR. The current mas is .

The long score for the Moving Averages is 14/14.
The longshort score for the Moving Averages is 14/(-14 +14).

MA 20 trending up: The MA 20 is trending up. +1
Close > MA 20: The price is above the MA 20. +1
MA 20 > MA 50: The MA 20 is higher than the MA 50. +1
MA 20 > MA 100: The MA 20 is higher than the MA 100. +1
MA 20 > MA 200: The MA 20 is higher than the MA 200. +1
MA 50 trending up: The MA 50 is trending up. +1
Close > MA 50: The price is above the MA 50. +1
MA 50 > MA 100: The MA 50 is higher than the MA 100. +1
MA 50 > MA 200: The MA 50 is higher than the MA 200. +1
MA 100 trending up: The MA 100 is trending up. +1
Close > MA 100: The price is above the MA 100. +1
MA 100 > MA 200: The MA 100 is higher than the MA 200. +1
MA 200 trending up: The MA 200 is trending up. +1
Close > MA 200: The price is above the MA 200. +1

Directionalities and relatives.

Moving Average	Amount of candles	vs. MA 50	vs. MA 100	vs. MA 200
MA 20	20
MA 50	50	-
MA 100	100	-	-
MA 200	200	-	-	-

Explanation: https://www.youtube.com/watch?v=xwW8h0lrQ-I

Shows the moving average of the selected period.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

There are various kinds of moving averages:

Simple moving average (SMA);
Exponential moving average (EMA);
Smoothed moving average (SMMA);
Linear weighted moving average (LWMA).

The moving average looks at a certain period of time and it calculates the price average. The various types of averages are using various formulas. Don’t worry, you don’t have to memorize any formula. All moving averages are calculated automatically by basically every charting software you use. But it’s good to know how moving averages are actually calculated.

Simple moving average

SMA is calculated by summing up the price closures of the selected period. The price is then divided by the selected period. For example, when using the 21 day moving average you sum up all the closing prices for each day and divide that by 21. The result is a line on the chart representing the average. Because it’s an average in the selected timeframe, the trend is always lagging. An moving average looks like this on the chart:

Source: Tradingview.com

In this case, the blue line represents a 21 day moving average. Because the average is based on results from the past, the indicator will always lag behind. For example, when price would suddenly go up, the moving average won't immediately follow.

All other moving averages discussed below look the same on the chart. The only difference is that the line will move in different directions based on the maths behind the used indicators and the amount of days used to determine the average.

Exponential moving average

The EMA gives more weight to the latest closing prices by giving them more value in the equation. EMA is calculated by adding a certain percentage to the latest closing prices:

EMA = (CLOSE (i) * P) + (EMA (i - 1) * (1 - P))

Where:

CLOSE (i) = current period close price.
EMA (i - 1) = value of the Moving Average of a preceding period.
P = the percentage of using the price value.

Smoothed moving average

A smoothed moving average is an exponential moving average with a long lookback period. Older prices are reduced in weight but are never left out in the calculation. Unlike SMA and EMA where prices are removed when they are beyond the selected period. SMMA is a combination of the SMA and EMA. The main advantage is that it smooths out fluctuations in price.

Linear weighted moving average

The LWMA gives the latest price the highest weight and then lineary scales down with each price before that. The result is that the LWMA reacts quicker to changes in price than the SMA or EMA. The formula:

LWMA = ((Pn∗W1)+(Pn−1∗W2)+(Pn−2∗W3)...) / ∑W

Where:

P = Price for the period.
n = The most recent period, n-1 is the prior period, and n-2 is two periods prior.
W = The assigned weight to each period, with the highest weight going first and then descending linearly based on the number of periods being used.

Moving averages are widely used by many traders. Which moving average you need depends on your trading strategy. Common practise is using a combination of multiple periods. For example, the EMA21, EMA50, EMA100 and EMA200. How does that look on a chart:

Source: Tradingview.com

The lowest (purple) line on the chart represents the EMA200 then following up the EMA100, EMA50 and EMA21.

You can use moving averages to determine a trend. The 200 moving average is mostly used as a baseline for determining the current trend:

When the 200 moving average is moving up it is considered a bullish trend.
When the 200 moving average is down it is considered a bearish trend.
When moving averages are flatlined, there is no clear trend so you should look for market structure, consolidation or trend reversals. Depending on how you want to trade.

This is not set in stone. Most trading strategies use multiple moving averages each with different settings. While one strategy might use the EMA20, the other uses the SMA21. There can be hundreds of different variations. Moving averages can also be used as support and resistance. More often than not, prices will bounce on moving averages.

2.2 Moving Average Convergence/Divergence (MACD)

Shows the momentum of the selected period based on two moving averages.

MACD is a lagging momentum indicator.
Uses two moving averages.
Can show buy or sell signals based on momentum.
Can show overbought. and oversold. levels.

Score

Let's take a look at the Moving Average Convergence/Divergence (MACD) of BRF SA ADR. The current macd is 0.04469862.

The long score for the Moving Average Convergence/Divergence (MACD) is 4/4.
The longshort score for the Moving Average Convergence/Divergence (MACD) is 4/(-4 +4).

MACD line > signal line: The MACD line is above the signal line, which indicates a bullish signal in the market. This means that the positive momentum is currently stronger than the average momentum, suggesting that buyers are more active than sellers, and there's a higher probability of the BRF SA ADR price going up in the near term. +2
MACD > 0: The MACD is above the zero line (centerline), it indicates a bullish signal for BRF SA ADR. This means that the short-term moving average is higher than the long-term moving average, signaling positive momentum and suggesting a higher likelihood of the BRF SA ADR price continuing to rise in the near future. It indicates that buyers are gaining control, and there is optimism in the market, leading to potential price increases. +1
Trending up: The MACD line is trending up. This indicates that the short-term moving average is rising faster than the long-term moving average, suggesting positive momentum in the market. This signals that buyers are becoming more active and confident, leading to potential price increases as traders anticipate further gains and are willing to buy at higher prices. +1

BRF SA ADR Daily Moving Average Convergence/Divergence (MACD) Chart

2.3 Directional Movement Index (DMI)

The DMI is a collection of 3 indicators: +DI (Plus Direction Indicator), -DI (Minus Direction Indicator) and ADX (Average Directional Index). The ADX helps you determine the strength of a trend.

Score

Let's take a look at the Directional Movement Index (DMI) of BRF SA ADR. The current adx is 11.56.

The long score for the Directional Movement Index (DMI) is 1/7.
The longshort score for the Directional Movement Index (DMI) is 1/(-7 +7).

PLUS_ID > MINUS_DI: The +DI line is above the -DI line. This indicates a bullish signal in the market, as the positive directional movement is currently stronger than the negative directional movement, showing that buyers have the upper hand. Market psychology suggests that traders are optimistic, expecting further price increases, and are more willing to buy BRF SA ADR shares, leading to potential upward momentum in its price. +1
PLUS_ID > MINUS_DI && ADX < 25 && ADX trending down: The ADX is below 25 and indicates a weak or no trend. Also, the ADX is declining so there is no trend indication.

BRF SA ADR Daily Directional Movement Index (DMI) Chart

2.4 Parabolic SAR

Shows the current trend and potential entry and exit signals.

Parabolic SAR (stop and reverse) is a lagging trend indicator.
Shows the current trend.
Shows potential entry signals.
Shows potential exit signals.
Can be used to place trailing stoplosses..

Score

Let's take a look at the Parabolic SAR of BRF SA ADR. The current sar is 3.49127622.

The long score for the Parabolic SAR is 0/1.
The longshort score for the Parabolic SAR is -1/(-1 +1).

Close < SAR: The price is below the SAR. It's generally considered a bearish signal. -1

3. Momentum Indicators

3.1 Relative Strength Index (RSI)

Measures the speed and change of price movements.

Leading momentum indicator, meaning the signals are instant.
Ranges between 0 and 100.
Above 70 is considered overbought.
Below 30 is considered oversold.
Above or below 50 can also be used to determine price trend or support and resistance.
RSI divergence looks at a deviation between RSI and price movement. Penketrading automatically calculates RSI divergences.
Can be used in many different ways

Score

Let's take a look at the Relative Strength Index (RSI) of BRF SA ADR. The current rsi is 55.52. The current phase is Continuation in bull market.

The long score for the Relative Strength Index (RSI) is 3/13.
The longshort score for the Relative Strength Index (RSI) is 2/(-13 +13).

Continuation in bull market: Uptrend continues after a consolidation or pullback. Hold or add to existing positions.
Trending down: The RSI is trending down. -1

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

The RSI measures the magnitude of recent price changes to determine if the asset is overbought or oversold.

Overbought (RSI above 70) means that the trading price is above its intrinsic value. This might indicate a sell or short signal.
Oversold (RSI below 30) means that the trading price is below its intrinsic value. This might indicate a buy or long signal.
RSI levels above or below 50 can also be used to determine a trend.
RSI divergence looks at a deviation between RSI and price movement.
Can be used in many different ways.

Original usage

Keep in mind that almost every indicator can be used in different ways. Even beyond the orginal settings. The relative strength index was developed by J. Welles Wilder. Wilder recommended a smoothing period of 14 days. That means a 14 day moving average (read more about this setting below). Another quote from the wikipedia page:

Wilders also considers the RSI 50 line as both support and resistance. I recommend to always read the original settings first before using an indicator. Many traders and websites are using their own version of the indicator which might be confusing.

How you can use RSI (Divergence)

First and foremost, there is no real right or wrong usage of the RSI indicator. You can use it in any way you want. Wilder recommends using a 14 day average but you can make it 50 or 100 if you like. Just keep in mind that using an indicator is just part of a larger trading plan. In other words, it’s not recommended to do any trading or investing based on a single indicator like the RSI.

The RSI is measured on a scale between 0 and 100. From 30 till 0 is considered oversold. and from 70 -100 is overbought. The RSI is a leading indicator, meaning the signals are instant.

I like to use the RSI as a trend\momentum indicator and not as an overbought or oversold indicator. I use the middle (50) as the baseline. When prices go above RSI 50 the trend is bullish and can indicate long positions. When below 50 it is considered bearish and can indicate short positions. Other traders use the 70 and 30 levels as overbought/oversold depending on the used strategy. The RSI indicator looks like this:

Source: Tradingview.com

The general concensus is that an RSI above 70 indicates that the security is overbought. In other words, the price this security is trading for is to high and should come down. So if RSI hits 70 or above this might indicate a sell signal or taking a short position (expecting the price will go down). Although RSI above 70 indicates the security is trading above it's fair value, that does not mean the price will go down.

Use tradingview to add indicators

I highly recommend using tradingview to add indicators to a chart. It has all the indicators you can think off and can add them for free (up to three indicators) to any chart you want. You can see that the levels 30 and 70 are marked with a dotted line. If you want you can remove these lines or give it another colour using Tradingview. You can also adjust the moving average used. You can also find RSI indicators made by the community that include other settings like RSI divergences.

Tradingview

Use Tradingview to (back)test your strategies and add hundreds of indicators created by the community.

View tool on Tradingview.com

RSI divergence

RSI is not only used to determine momentum but can also spot reversals or continuations of the trend. A reversal means that the trend is going in the opposite direction. From bullish to bearish or from bearish to bullish. These reversals can be spotted by looking at the price and the direction of the RSI. When the price is going up but the RSI is going down that means there is a divergence. This is also the case when RSI goes up but price is going down.

There are four types of divergences:

Regular bullish divergence
Regular bearish divergence
Hidden bullish divergence
Hidden bearish divergence

Regular bullish divergence

With a regular bullish divergence, the price is making lower highs but the oscillator (in this case the RSI) is making higher lows. A regular bullish divergence might indicate the end of the current trend. You’ll see regular bullish divergences mostly at the end of a downtrend. But that does not mean that every regular bullish divergence is a trend reversal.

Price is making lower highs
RSI is making higher lows
Indicating bullish reversal (price might go up)

Source: Tradingview.com

Regular bearish divergence

With a regular bearish divergence the price is making higher highs but the oscillator (in this case the RSI) is making lower highs. This might indicate the end of an uptrend.

Price is making higher highs
RSI is making lower highs
Indicating bearish reversal

Source: Tradingview.com

Hidden bullish divergence

With a hidden bullish divergence, the price is making a higher low while the RSI is making a lower low. This might indicate bullish trend continuation.

Price is making higher lows
RSI is making lower lows
Indicating bullish continuation

Source: Tradingview.com

As you have noticed, you can have multiple divergences in a row.

Hidden bearish divergence

With a hidden bearish divergence, price is making lower highs but RSI is making higher highs. This might indicate bearish trend continuation.

Price is making lower highs
RSI making higher highs
Indicating bearish continuation

Source: Tradingview.com

You can find many cheatsheets of RSI divergences online. Search for "RSI divergence overview" and you'll find a lot of examples. You can print these to learn the various types of divergences.

BRF SA ADR Daily Relative Strength Index (RSI) Chart

3.2 Stochastic Oscillator

Compares a certain price to multiple prices ranging over time.

Leading momentum indicator, meaning the signals are instant.
Used to determine overbought and oversold areas much like the RSI.
Ranges between 0 and 100.
Above 80 is considered overbought.
Below 20 is considered oversold.
Consists of two lines named K and D.
K compares the highest high and lowest low on the selected price range.
The D line is a moving average of the K line.
Can be used to spot divergences

Score

Let's take a look at the Stochastic Oscillator of BRF SA ADR. The current phase is Continuation in bull market.

The long score for the Stochastic Oscillator is 1/6.
The longshort score for the Stochastic Oscillator is -2/(-6 +6).

STOCH > 50: The STOCH %K is above 50. There are more buyers than sellers. +1
STOCH %K line < STOCH %D line: The STOCH %K line is below the STOCH %D line, which indicates a bearish signal in the market. This means that the negative momentum is currently stronger than the average momentum, suggesting that sellers are more active than buyers, and there's a higher probability of the BRF SA ADR price going down in the near term. -2
Trending down: The STOCH %K is trending down. -1

BRF SA ADR Daily Stochastic Oscillator Chart

3.3 Commodity Channel Index (CCI)

Measures the difference between the current price and the historical average price.

Lagging or leading Momentum indicator
When the CCI is above zero, the price is above the historical average
When the CCI is below zero, the price is below the historical average
Used for spotting trends
- If the CCI moves from negative or near zero to positive 100 that might indicate an uptrend
- If the CCI moves from positive or near zero to negative -100 that might indicate a downtrend

Score

Let's take a look at the Commodity Channel Index (CCI) of BRF SA ADR. The current cci is 86.93.

BRF SA ADR Daily Commodity Channel Index (CCI) Chart

3.4 Chande Momentum Oscillator (CMO)

Measures the difference between the sum of recent gains and the sum of recent losses. Then divides the result by the sum of all price movements in that period.

Lagging momentum indicator
Ranges between +100 and -100
Considered overbought above +50
Considered oversold below -50
It's possible to add a moving average that acts as a signal line

Score

Let's take a look at the Chande Momentum Oscillator (CMO) of BRF SA ADR. The current cmo is 11.79.

The long score for the Chande Momentum Oscillator (CMO) is 1/1.
The longshort score for the Chande Momentum Oscillator (CMO) is 1/(-1 +1).

CMO > 0: The CMO is above 0, the momentum of the price is positive, indicating a potential uptrend in the price. +1

BRF SA ADR Daily Chande Momentum Oscillator (CMO) Chart

3.5 Williams %R

Shows the current price relative to the highest high over the last 14 days.

Lagging momentum indicator
Ranging between 0 and -100
Above -20 is considered overbought
Below -80 is considered oversold
Is prone to give false signals

Score

Let's take a look at the Williams %R of BRF SA ADR. The current willr is -33.76623377.

The long score for the Williams %R is 0/1.
The longshort score for the Williams %R is 0/(-1 +1).

WILLR between -80 and -20: The Williams %R is between -80 and -20. This indicates that BRF SA ADR is trading in a neutral price range, neither oversold nor overbought, suggesting a balanced market condition without any extreme price signals.

4. Volatility Indicators

4.1 Bollinger Bands

Shows if the price is to high or to low relative to an average.

Lagging volatility indicator
Uses 3 bands: one upper, one lower and one in the middle
Works best when the middle band reflects an intermediate trend (MA20).
When the price is moving closer to the upper band, the market might be overbought
When the price is moving closer to the lower band, the market might be oversold

Score

Let's take a look at the Bollinger Bands of BRF SA ADR.

4.2 Average True Range (ATR)

Measures market volatility

Leading volatility indicator
Can be used to determine stop-loss positions
Calculated by:
- Current high minus the current low
- Current high minus the previous close
- Current low minus the previous close
The larger the range of the candles, the greater the ATR value

Score

Let's take a look at the Average True Range (ATR) of BRF SA ADR. The current atr is 0.1359864.

BRF SA ADR Daily Average True Range (ATR) Chart

5. Volume Indicators

5.1 On-Balance Volume (OBV)

Measures market volatility

Leading momentum indicator
Calculation:
- If the closing price is above the previous closing price: OBV = previous OBV + current volume
- If the closing price is below the previous closing price: OBV = previous OBV - current volume
- If the closing price is the same as the previous closing price than the OBV is the same.
Can be used to confirm price trends
Can be used with divergences

Score

Let's take a look at the On-Balance Volume (OBV) of BRF SA ADR. The current obv is 182,626,969.

BRF SA ADR Daily On-Balance Volume (OBV) Chart

5.2 Money Flow Index (MFI)

Measures the flow of money in and out of a security

Lagging momentum indicator
Looks like RSI but uses volume as an extra metric (RSI only considers price)
Above 80 is considered overbought
Below 20 is considered oversold
Can be used with divergences

Score

Let's take a look at the Money Flow Index (MFI) of BRF SA ADR. The current mfi is 61.09.

The long score for the Money Flow Index (MFI) is 1/2.
The longshort score for the Money Flow Index (MFI) is 1/(-2 +2).

MFI > 50: +1

BRF SA ADR Daily Money Flow Index (MFI) Chart

6. Summary

6.1. Notifications

Type	Notification	Date
Currently no notifications for BRF SA ADR.

6.2. Trading Signals

Below you will find trading signals as the indicator is commonly used. This doesn't mean you should use it that way. Learn from these, but don't use them blindly. I recommend using at least 4 indicators, 1 from each category: trend, momentum, volatility and volume.

Date	Indicator	Signal
2023-12-04	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	MFI	SHORT ENTRY	LONG CLOSE	80 crossover to downside
2023-12-05	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-06	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2023-12-07	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2023-12-13	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2023-12-15	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2023-12-18	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2023-12-19	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
2023-12-21	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-22	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-28	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-29	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-01-02	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-01-04	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-09	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-10	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-11	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-12	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-01-17	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-19	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-01-22	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-01-23	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-01-24	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-25	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-26	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-30	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-01-31	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-02-01	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-05	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-06	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-02-08	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-09	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
2024-02-12	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-02-14	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-15	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-02-16	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
2024-02-20	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-02-21	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-02-22	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-02-23	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
2024-02-26	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-27	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-29	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-04	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-03-05	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2024-03-11	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-12	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	MFI	LONG ENTRY	SHORT CLOSE	80 crossover to upside
2024-03-13	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-14	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-15	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-18	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	MFI	SHORT ENTRY	LONG CLOSE	80 crossover to downside
2024-03-19	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-20	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	MFI	LONG ENTRY	SHORT CLOSE	80 crossover to upside
2024-03-21	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2024-03-22	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-25	MFI	SHORT ENTRY	LONG CLOSE	80 crossover to downside
2024-03-26	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-03-28	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-04-01	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-03	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-04	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
2024-04-05	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-04-08	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
	MFI	LONG ENTRY	SHORT CLOSE	80 crossover to upside
2024-04-09	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2024-04-10	STOCH	LONG EXIT		The %K line crosses below the %D line.
	MFI	SHORT ENTRY	LONG CLOSE	80 crossover to downside
2024-04-12	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-15	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-04-17	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-18	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
2024-04-19	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-22	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-04-24	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	STOCH	LONG EXIT		The %K line crosses below the %D line.

6.3. Candlestick Patterns

Date	Candlestick Pattern

6.4. Technical Score

Let's check the technical score of BRF SA ADR based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	55.522
Ma 20	Greater than	Ma 50	3.298
Ma 50	Greater than	Ma 100	3.199
Ma 100	Greater than	Ma 200	2.988
Open	Greater than	Close	3.390
Total			4/5 (80.0%)

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Quick analysis of BRF SA ADR (30 sec.)

What can you expect buying and holding a share of BRF SA ADR? (30 sec.)

How much money do you get?

What is your share worth?

+ What do you gain per year?

For what price can you sell your share?

1. Valuation of BRF SA ADR (5 min.)

$3.39

$9.32

$1.18 - $12.85

$10.50 - $22.17

2. Growth of BRF SA ADR (5 min.)

Is BRF SA ADR growing?

How much money is BRF SA ADR making?

How much money comes from the company's main activities?

3. Financial Health of BRF SA ADR (5 min.)

4. Comparing to competitors in the Packaged Foods industry (5 min.)

Industry Rankings (Packaged Foods)

What can you expect buying and holding a share of BRF SA ADR? (5 min.)

What can you expect buying and holding a share of BRF SA ADR?

Speculation

Investing

How much money are you going to get?

When do you get the money?

How sure are you?

Linear %

Fundamentals of BRF SA ADR

About BRF SA ADR

Financial Health

Valuation

1.1. Profitability of BRF SA ADR.

1.1. Profitability

1.1.1. Net Profit Margin

Trends

Compared to industry (Packaged Foods)

1.1.2. Return on Assets

Trends

Compared to industry (Packaged Foods)

1.1.3. Return on Equity

Trends

Compared to industry (Packaged Foods)

1.2. Operating Efficiency of BRF SA ADR.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

Compared to industry (Packaged Foods)

1.2.2. Operating Ratio

Trends

Compared to industry (Packaged Foods)

1.3. Liquidity of BRF SA ADR.

1.3. Liquidity

1.3.1. Current Ratio

Trends

Compared to industry (Packaged Foods)

1.3.2. Quick Ratio

Trends

Compared to industry (Packaged Foods)

1.4. Solvency of BRF SA ADR.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Trends

Compared to industry (Packaged Foods)

1.4.2. Debt to Equity Ratio

Trends

Compared to industry (Packaged Foods)

2. Market Valuation of BRF SA ADR

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Trends

Compared to industry (Packaged Foods)

BRF SA ADR
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