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Companhia de Saneamento Básico do Estado de São Paulo - SABESP
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Let's analyse Sabesp together

PenkeI guess you are interested in Companhia de Saneamento Básico do Estado de São Paulo - SABESP. 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 Companhia de Saneamento Básico do Estado de São Paulo - SABESP. 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 Sabesp (30 sec.)










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

How much money do you get?

How much money do you get?
R$0.68
When do you have the money?
1 year
How often do you get paid?
85.0%

What is your share worth?

Current worth
R$43.30
Expected worth in 1 year
R$46.57
How sure are you?
97.5%

+ What do you gain per year?

Total Gains per Share
R$6.57
Return On Investment
9.7%

For what price can you sell your share?

Current Price per Share
R$67.68
Expected price per share
R$57.15 - R$
How sure are you?
50%
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1. Valuation of Sabesp (5 min.)




Live pricePrice per Share (EOD)

R$67.68

Intrinsic Value Per Share

R$28.56 - R$96.86

Total Value Per Share

R$71.85 - R$140.16

2. Growth of Sabesp (5 min.)




Is Sabesp growing?

Current yearPrevious yearGrowGrow %
How rich?$6b$5.3b$476.4m8.2%

How much money is Sabesp making?

Current yearPrevious yearGrowGrow %
Making money$152.8m$156.2m-$3.4m-2.2%
Net Profit Margin12.3%14.3%--

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

3. Financial Health of Sabesp (5 min.)




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

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

What can you expect buying and holding a share of Sabesp?

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

Speculation

The Price per Share of Sabesp is R$67.68. 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 Sabesp.
  • 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 Sabesp, 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 R$43.30. Based on the TTM, the Book Value Change Per Share is R$0.82 per quarter. Based on the YOY, the Book Value Change Per Share is R$1.04 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 R$0.82 per quarter.
Based on historical numbers we can estimate the returns while holding a share of Sabesp.

How much money are you going to get?

 MRQTTMYOY5Y10Y
 R$% of Price per ShareR$% of Price per ShareR$% of Price per ShareR$% of Price per ShareR$% of Price per Share
Usd Eps0.250.4%0.220.3%0.230.3%0.200.3%0.170.3%
Usd Book Value Change Per Share0.250.4%0.170.2%0.210.3%0.160.2%0.130.2%
Usd Dividend Per Share0.250.4%0.170.2%0.150.2%0.150.2%0.130.2%
Usd Total Gains Per Share0.500.7%0.340.5%0.370.5%0.310.5%0.260.4%
Usd Price Per Share12.52-11.56-9.22-9.65-7.40-
Price to Earnings Ratio12.32-13.03-11.34-11.35-12.91-
Price-to-Total Gains Ratio24.98-41.09-27.71-40.31-67.46-
Price to Book Ratio1.41-1.35-1.17-1.35-1.23-
Price-to-Total Gains Ratio24.98-41.09-27.71-40.31-67.46-

When do you get the money?

Usd Investment
$.00
Usd Price Per Share13.887936
Number of shares72
Gains per QuarterTrailing 12 Months5 Year
Usd Dividend Per Share0.170.15
Usd Book Value Change Per Share0.170.16
Usd Total Gains Per Share0.340.31
Gains per Quarter (72 shares)24.2622.62
Gains per Year (72 shares)97.0490.46
YearsReturn on Investment (TTM)Return on Investment (5Y)
 DividendBook Value gainTotal gainsDividendBook Value gainTotal gains
Broker costs---10---10
1494887444780
297971848793170
3146145281131140260
4195194378175187350
5243242475219234440
6292290572262280530
7341339669306327620
8389387766350374710
9438435863394420800
10487484960437467890

How sure are you?

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

Linear %
 Trailing 12 Months3Y5 Year10 YearALLTIME
  % % % % %
Earnings Per Share4.00.00.0100.0%12.00.00.0100.0%19.01.00.095.0%38.01.01.095.0%76.01.02.096.2%
Book Value Change Per Share3.01.00.075.0%11.01.00.091.7%17.03.00.085.0%34.06.00.085.0%69.09.01.087.3%
Dividend per Share3.00.01.075.0%11.00.01.091.7%17.00.03.085.0%34.00.06.085.0%57.00.022.072.2%
Total Gains per Share4.00.00.0100.0%12.00.00.0100.0%20.00.00.0100.0%39.01.00.097.5%74.04.01.093.7%
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Fundamentals of Sabesp

About Companhia de Saneamento Básico do Estado de São Paulo - SABESP

Companhia de Saneamento Básico do Estado de São Paulo " SABESP provides basic and environmental sanitation services in the São Paulo State, Brazil. The company supplies treated water and sewage services to residential, commercial, and industrial private customers, as well as public. As of December 31, 2022, it provided water services through 10.1 million water connections; and sewage services through 8.6 million sewage connections in 375 municipalities of the São Paulo State. The company was founded in 1954 and is headquartered in São Paulo, Brazil.

Fundamental data was last updated by Penke on 2023-11-24 14:11:03.

Financial Health

Profitability Details
 Compared to previous yearCompared to industry
The company is making a huge profit.
Using its assets, the company is less efficient in making profit.
Using its investors money, the company is inefficient in making profit.
Operating Efficiency Details
 Compared to previous yearCompared to industry
The company is operating efficient.
The company is efficient in keeping operating costs low.
Liquidity Details
 Compared to previous yearCompared to industry
The company is just able to pay all its short-term debts.
The company is just able to pay all its short-term debts with the most liquid assets.
Solvency Details
 Compared to previous yearCompared to industry
The company is able to pay all its debts by selling its assets.
The company is able to pay all its debts with equity.

Valuation

Valuation Details
 Compared to previous yearCompared to industry
Based on the equity, the company is underpriced.
Based on the earnings, the company is underpriced.
Based on how much money comes from the company's main activities, the company is cheap.
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1.1. Profitability of Companhia de Saneamento Básico do Estado de São Paulo - SABESP.

1.1. Profitability
1.1.1. Net Profit Margin

Measures how much net profit Sabesp earns for each R$1 of revenue.

  • Above 10% is considered healthy but always compare Sabesp to the Utilities - Regulated Water industry mean.
  • A Net Profit Margin of 13.1% means that R$0.13 for each R$1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Companhia de Saneamento Básico do Estado de São Paulo - SABESP:

  • The MRQ is 13.1%. The company is making a huge profit. +2
  • The TTM is 12.3%. The company is making a huge profit. +2
Trends
Current periodCompared to+/- 
MRQ13.1%TTM12.3%+0.8%
TTM12.3%YOY14.3%-2.0%
TTM12.3%5Y14.3%-2.0%
5Y14.3%10Y14.1%+0.2%
1.1.2. Return on Assets

Shows how efficient Sabesp is using its assets to generate profit.

  • Above 5% is considered healthy but always compare Sabesp to the Utilities - Regulated Water industry mean.
  • 1.4% Return on Assets means that Sabesp generated R$0.01 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Companhia de Saneamento Básico do Estado de São Paulo - SABESP:

  • The MRQ is 1.4%. Using its assets, the company is less efficient in making profit.
  • The TTM is 1.3%. Using its assets, the company is less efficient in making profit.
Trends
Current periodCompared to+/- 
MRQ1.4%TTM1.3%+0.1%
TTM1.3%YOY1.4%-0.1%
TTM1.3%5Y1.3%-0.1%
5Y1.3%10Y1.3%+0.0%
1.1.3. Return on Equity

Shows how efficient Sabesp is using its investors money to generate profit.

  • Above 15%-20% is considered healthy but always compare Sabesp to the Utilities - Regulated Water industry mean.
  • 2.9% Return on Equity means Sabesp generated R$0.03 for each R$1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Companhia de Saneamento Básico do Estado de São Paulo - SABESP:

  • The MRQ is 2.9%. Using its investors money, the company is inefficient in making profit. -1
  • The TTM is 2.6%. Using its investors money, the company is inefficient in making profit. -1
Trends
Current periodCompared to+/- 
MRQ2.9%TTM2.6%+0.2%
TTM2.6%YOY2.9%-0.3%
TTM2.6%5Y2.9%-0.2%
5Y2.9%10Y3.0%-0.1%
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1.2. Operating Efficiency of Companhia de Saneamento Básico do Estado de São Paulo - SABESP.

1.2. Operating Efficiency
1.2.1. Operating Margin

Measures how efficient Sabesp is operating .

  • Measures how much profit Sabesp makes for each R$1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
  • Above 15% is considered healthy but always compare Sabesp to the Utilities - Regulated Water industry mean.
  • An Operating Margin of 27.1% means the company generated R$0.27  for each R$1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Companhia de Saneamento Básico do Estado de São Paulo - SABESP:

  • The MRQ is 27.1%. The company is operating very efficient. +2
  • The TTM is 17.7%. The company is operating efficient. +1
Trends
Current periodCompared to+/- 
MRQ27.1%TTM17.7%+9.4%
TTM17.7%YOY18.4%-0.7%
TTM17.7%5Y25.5%-7.7%
5Y25.5%10Y18.2%+7.2%
1.2.2. Operating Ratio

Measures how efficient Sabesp is keeping operating costs low.

  • Below 1 is considered healthy (always compare to Utilities - Regulated Water industry mean).
  • An Operation Ratio of 0.74 means that the operating costs are R$0.74 for each R$1 in net sales.

Let's take a look of the Operating Ratio trends of Companhia de Saneamento Básico do Estado de São Paulo - SABESP:

  • The MRQ is 0.736. The company is efficient in keeping operating costs low. +1
  • The TTM is 0.785. The company is efficient in keeping operating costs low. +1
Trends
Current periodCompared to+/- 
MRQ0.736TTM0.785-0.049
TTM0.785YOY0.793-0.008
TTM0.7855Y1.168-0.383
5Y1.16810Y1.012+0.157
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1.3. Liquidity of Companhia de Saneamento Básico do Estado de São Paulo - SABESP.

1.3. Liquidity
1.3.1. Current Ratio

Measures if Sabesp is able to pay off Short-term Debt.

  • Above 1.5 is considered healthy (always compare to Utilities - Regulated Water industry mean).
  • A Current Ratio of 1.01 means the company has R$1.01 in assets for each R$1 in short-term debts.

Let's take a look of the Current Ratio trends of Companhia de Saneamento Básico do Estado de São Paulo - SABESP:

  • The MRQ is 1.009. The company is just able to pay all its short-term debts.
  • The TTM is 1.028. The company is just able to pay all its short-term debts.
Trends
Current periodCompared to+/- 
MRQ1.009TTM1.028-0.020
TTM1.028YOY1.349-0.321
TTM1.0285Y1.079-0.051
5Y1.07910Y0.749+0.331
1.3.2. Quick Ratio

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

  • Above 1 is considered healthy but always compare Sabesp to the Utilities - Regulated Water industry mean.
  • A Quick Ratio of 1.17 means the company can pay off R$1.17 for each R$1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Companhia de Saneamento Básico do Estado de São Paulo - SABESP:

  • The MRQ is 1.168. The company is just able to pay all its short-term debts with the most liquid assets.
  • The TTM is 1.206. The company is just able to pay all its short-term debts with the most liquid assets.
Trends
Current periodCompared to+/- 
MRQ1.168TTM1.206-0.038
TTM1.206YOY1.749-0.543
TTM1.2065Y1.180+0.025
5Y1.18010Y0.815+0.365
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1.4. Solvency of Companhia de Saneamento Básico do Estado de São Paulo - SABESP.

1.3. Liquidity
1.4.1. Debt to Asset Ratio

Measures how much % of Sabesp assets are financed with debt.

  • Below 1 (100%) is considered healthy but always compare Sabesp to Utilities - Regulated Water industry mean.
  • A Debt to Asset Ratio of 0.50 means that Sabesp assets are financed with 49.8% credit (debt) and the remaining percentage (100% - 49.8%) is financed by its owners/shareholders. 

Let's take a look of the Debt to Asset Ratio trends of Companhia de Saneamento Básico do Estado de São Paulo - SABESP:

  • The MRQ is 0.498. The company is very able to pay all its debts by selling its assets. +2
  • The TTM is 0.507. The company is able to pay all its debts by selling its assets. +1
Trends
Current periodCompared to+/- 
MRQ0.498TTM0.507-0.008
TTM0.507YOY0.519-0.012
TTM0.5075Y0.530-0.023
5Y0.53010Y0.545-0.015
1.4.2. Debt to Equity Ratio

Measures if Sabesp is able to pay off its debts by using shareholders equity.

  • Below 2 is considered healthy but always compare Sabesp to the Utilities - Regulated Water industry mean.
  • A Debt to Equity ratio of 99.3% means that company has R$0.99 debt for each R$1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Companhia de Saneamento Básico do Estado de São Paulo - SABESP:

  • The MRQ is 0.993. The company is very able to pay all its debts with equity. +2
  • The TTM is 1.028. The company is able to pay all its debts with equity. +1
Trends
Current periodCompared to+/- 
MRQ0.993TTM1.028-0.035
TTM1.028YOY1.080-0.052
TTM1.0285Y1.130-0.102
5Y1.13010Y1.201-0.071
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2. Market Valuation of Companhia de Saneamento Básico do Estado de São Paulo - SABESP

2.1. Earnings Per Share
2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every R$1 in earnings Sabesp generates.

  • Above 15 is considered overpriced but always compare Sabesp to the Utilities - Regulated Water industry mean.
  • A PE ratio of 12.32 means the investor is paying R$12.32 for every R$1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Companhia de Saneamento Básico do Estado de São Paulo - SABESP:

  • The EOD is 13.665. Based on the earnings, the company is underpriced. +1
  • The MRQ is 12.323. Based on the earnings, the company is underpriced. +1
  • The TTM is 13.026. Based on the earnings, the company is underpriced. +1
Trends
Current periodCompared to+/- 
EOD13.665MRQ12.323+1.343
MRQ12.323TTM13.026-0.703
TTM13.026YOY11.339+1.687
TTM13.0265Y11.352+1.674
5Y11.35210Y12.911-1.559
2.2. Price To Free Cash Flow Ratio

Let's take a look of the Price To Free Cash Flow Ratio trends of Companhia de Saneamento Básico do Estado de São Paulo - SABESP:

  • The EOD is 8.053. Based on how much money comes from the company's main activities, the company is cheap. +2
  • The MRQ is 7.262. Based on how much money comes from the company's main activities, the company is cheap. +2
  • The TTM is 11.718. Based on how much money comes from the company's main activities, the company is cheap. +2
Trends
Current periodCompared to+/- 
EOD8.053MRQ7.262+0.791
MRQ7.262TTM11.718-4.456
TTM11.718YOY10.301+1.418
TTM11.7185Y9.501+2.217
5Y9.50110Y6.483+3.018
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2. Book Value per Share
2.3. Price to Book Ratio

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

  • At or below 1 is considered healthy (always compare to Utilities - Regulated Water industry mean).
  • A PB ratio of 1.41 means the investor is paying R$1.41 for each R$1 in book value.

Let's take a look of the Price to Book Ratio trends of Companhia de Saneamento Básico do Estado de São Paulo - SABESP:

  • The EOD is 1.563. Based on the equity, the company is underpriced. +1
  • The MRQ is 1.410. Based on the equity, the company is underpriced. +1
  • The TTM is 1.354. Based on the equity, the company is underpriced. +1
Trends
Current periodCompared to+/- 
EOD1.563MRQ1.410+0.154
MRQ1.410TTM1.354+0.056
TTM1.354YOY1.174+0.180
TTM1.3545Y1.347+0.007
5Y1.34710Y1.234+0.112
2. Total Gains per Share
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3. Summary

3.1. Key Performance Indicators

The key performance indicators of Companhia de Saneamento Básico do Estado de São Paulo - SABESP compared to the Most Recent Quarter (MRQ).

 End of day+/-Most Recent QuarterTrailing 12 Months+/-Year-Over-Year+/-5 Year+/-10 Year+/-
Book Value Change Per Share--1.2380.819+51%1.042+19%0.791+57%0.625+98%
Book Value Per Share--43.29741.607+4%38.210+13%35.155+23%28.714+51%
Current Ratio--1.0091.028-2%1.349-25%1.079-7%0.749+35%
Debt To Asset Ratio--0.4980.507-2%0.519-4%0.530-6%0.545-9%
Debt To Equity Ratio--0.9931.028-3%1.080-8%1.130-12%1.201-17%
Dividend Per Share--1.2050.823+46%0.755+60%0.740+63%0.633+90%
Eps--1.2381.090+14%1.114+11%0.996+24%0.842+47%
Free Cash Flow Per Share--2.1011.563+34%1.160+81%1.176+79%1.789+17%
Free Cash Flow To Equity Per Share--2.1631.032+110%1.060+104%0.435+398%1.389+56%
Gross Profit Margin--0.7200.553+30%0.714+1%0.807-11%0.878-18%
Intrinsic Value_10Y_max--96.859--------
Intrinsic Value_10Y_min--28.557--------
Intrinsic Value_1Y_max--7.537--------
Intrinsic Value_1Y_min--5.273--------
Intrinsic Value_3Y_max--24.299--------
Intrinsic Value_3Y_min--13.848--------
Intrinsic Value_5Y_max--43.054--------
Intrinsic Value_5Y_min--20.171--------
Market Cap46259957882.880+10%41714616276.48038510663076.480+8%30699852368.640+36%32137295351.008+30%24657976291.568+69%
Net Profit Margin--0.1310.123+7%0.143-8%0.143-8%0.141-7%
Operating Margin--0.2710.177+53%0.184+47%0.255+7%0.182+49%
Operating Ratio--0.7360.785-6%0.793-7%1.168-37%1.012-27%
Pb Ratio1.563+10%1.4101.354+4%1.174+20%1.347+5%1.234+14%
Pe Ratio13.665+10%12.32313.026-5%11.339+9%11.352+9%12.911-5%
Price Per Share67.680+10%61.03056.343+8%44.915+36%47.018+30%36.076+69%
Price To Free Cash Flow Ratio8.053+10%7.26211.718-38%10.301-30%9.501-24%6.483+12%
Price To Total Gains Ratio27.701+10%24.97941.093-39%27.712-10%40.311-38%67.461-63%
Quick Ratio--1.1681.206-3%1.749-33%1.180-1%0.815+43%
Return On Assets--0.0140.013+11%0.014+3%0.013+7%0.013+7%
Return On Equity--0.0290.026+9%0.029-1%0.029+0%0.030-3%
Total Gains Per Share--2.4431.642+49%1.797+36%1.531+60%1.258+94%
Usd Book Value--6072659251.2005835667153.500+4%5359247849.700+13%4930777178.460+23%4027272452.190+51%
Usd Book Value Change Per Share--0.2540.168+51%0.214+19%0.162+57%0.128+98%
Usd Book Value Per Share--8.8858.538+4%7.841+13%7.214+23%5.892+51%
Usd Dividend Per Share--0.2470.169+46%0.155+60%0.152+63%0.130+90%
Usd Eps--0.2540.224+14%0.229+11%0.204+24%0.173+47%
Usd Free Cash Flow--294686078.400219259739.700+34%162707440.500+81%164909287.800+79%250983757.170+17%
Usd Free Cash Flow Per Share--0.4310.321+34%0.238+81%0.241+79%0.367+17%
Usd Free Cash Flow To Equity Per Share--0.4440.212+110%0.218+104%0.089+398%0.285+56%
Usd Market Cap9492543357.567+10%8559839259.9347902388063.294+8%6299609706.045+36%6594573006.027+30%5059816735.030+69%
Usd Price Per Share13.888+10%12.52311.561+8%9.217+36%9.648+30%7.403+69%
Usd Profit--173659734.000152846298.000+14%156284680.500+11%139667410.080+24%118076327.640+47%
Usd Revenue--1324206079.2001243426995.900+6%1086910388.100+22%965898038.340+37%821364736.050+61%
Usd Total Gains Per Share--0.5010.337+49%0.369+36%0.314+60%0.258+94%
 EOD+4 -4MRQTTM+31 -5YOY+28 -85Y+28 -810Y+29 -7

3.2. Fundamental Score

Let's check the fundamental score of Companhia de Saneamento Básico do Estado de São Paulo - SABESP based on Penke's default stock scanner.

Penke's Stock Scanner

  
  
IndicatorConditionValue
Price to Earnings Ratio (EOD)Between0-1513.665
Price to Book Ratio (EOD)Between0-11.563
Net Profit Margin (MRQ)Greater than00.131
Operating Margin (MRQ)Greater than00.271
Quick Ratio (MRQ)Greater than11.168
Current Ratio (MRQ)Greater than11.009
Debt to Asset Ratio (MRQ)Less than10.498
Debt to Equity Ratio (MRQ)Less than10.993
Return on Equity (MRQ)Greater than0.150.029
Return on Assets (MRQ)Greater than0.050.014
Total7/10 (70.0%)

3.3. Technical Score

Let's check the technical score of Companhia de Saneamento Básico do Estado de São Paulo - SABESP based on Penke's default Symbol scanner.

Penke's Symbol Scanner

  
  
IndicatorConditionValue
RsiGreater than5072.105
Ma 20Greater thanMa 5063.183
Ma 50Greater thanMa 10061.686
Ma 100Greater thanMa 20059.238
OpenGreater thanClose67.690
Total5/5 (100.0%)



Latest Balance Sheet

Balance Sheet of 2023-09-30. Currency in BRL. All numbers in thousands.

Summary
Total Assets58,981,894
Total Liabilities29,388,038
Total Stockholder Equity29,593,856
 As reported
Total Liabilities 29,388,038
Total Stockholder Equity+ 29,593,856
Total Assets = 58,981,894

Assets

Total Assets58,981,894
Total Current Assets7,119,916
Long-term Assets7,119,916
Total Current Assets
Cash And Cash Equivalents 1,592,888
Short-term Investments 1,381,568
Net Receivables 3,889,370
Inventory 120,608
Other Current Assets 81,746
Total Current Assets  (as reported)7,119,916
Total Current Assets  (calculated)7,066,180
+/- 53,736
Long-term Assets
Property Plant Equipment 418,424
Long Term Investments 156,367
Intangible Assets 41,825,448
Long-term Assets Other 369,520
Long-term Assets  (as reported)51,861,978
Long-term Assets  (calculated)42,769,759
+/- 9,092,219

Liabilities & Shareholders' Equity

Total Current Liabilities7,059,252
Long-term Liabilities22,328,786
Total Stockholder Equity29,593,856
Total Current Liabilities
Short-term Debt 2,652,150
Short Long Term Debt 2,652,150
Accounts payable 518,199
Other Current Liabilities 897,547
Total Current Liabilities  (as reported)7,059,252
Total Current Liabilities  (calculated)6,720,046
+/- 339,206
Long-term Liabilities
Long term Debt Total 16,350,740
Long-term Liabilities Other 2,915,925
Long-term Liabilities  (as reported)22,328,786
Long-term Liabilities  (calculated)19,266,665
+/- 3,062,121
Total Stockholder Equity
Common Stock15,000,000
Retained Earnings 2,337,250
Accumulated Other Comprehensive Income 12,256,606
Total Stockholder Equity (as reported)29,593,856
Total Stockholder Equity (calculated)29,593,856
+/-0
Other
Capital Stock15,000,000
Cash And Equivalents1,532,444
Cash and Short Term Investments 2,974,456
Common Stock Shares Outstanding 682,496
Current Deferred Revenue2,991,356
Liabilities and Stockholders Equity 58,981,894
Net Debt 17,410,002
Net Invested Capital 48,596,746
Net Working Capital 60,664
Short Long Term Debt Total 19,002,890



Balance Sheet

Currency in BRL. All numbers in thousands.

 Trend2023-09-302023-06-302023-03-312022-12-312022-09-302022-06-302022-03-312021-12-312021-09-302021-06-302021-03-312020-12-312020-09-302020-06-302020-03-312019-12-312019-09-302019-06-302019-03-312018-12-312018-09-302018-06-302018-03-312017-12-312017-09-302017-06-302017-03-312016-12-312016-09-302016-06-302016-03-312015-12-312015-09-302015-06-302015-03-312014-12-312014-09-302014-06-302014-03-312013-12-312013-09-302013-06-302013-03-312012-12-312012-09-302012-06-302012-03-312011-12-312011-09-302011-06-302011-03-312010-12-312010-09-302010-06-302010-03-312009-12-312009-09-302009-06-302009-03-312008-12-312008-09-302008-06-302008-03-312007-12-312007-09-302007-06-302007-03-312006-12-312006-09-302006-06-302006-03-312005-12-312005-09-302005-06-302005-03-312004-12-312004-09-302004-06-302004-03-312003-12-312003-06-302002-12-312002-06-302001-12-312001-06-302000-12-312000-06-30
> Total Assets 
15,298,855
15,192,145
15,623,097
15,917,884
16,475,461
16,331,937
16,861,065
16,530,670
16,568,612
16,441,524
16,699,251
16,783,808
17,265,341
17,797,010
17,256,691
17,435,166
17,875,727
17,716,234
17,957,436
18,093,711
18,263,524
18,212,995
18,338,266
18,663,376
18,590,181
18,702,069
19,537,510
20,522,990
20,762,026
20,826,892
21,039,782
21,565,203
21,997,035
22,879,326
23,539,694
23,350,584
24,117,337
23,793,066
24,548,478
25,214,984
25,392,325
25,344,935
25,953,815
26,675,793
0
26,983,475
27,560,792
28,274,294
28,790,511
28,983,529
29,760,013
30,355,440
31,612,765
31,120,003
32,456,526
33,706,614
33,973,592
34,417,220
35,290,512
36,745,034
37,298,458
37,136,341
38,373,427
39,546,444
40,685,614
40,970,555
42,246,075
43,565,118
43,313,455
43,984,577
45,838,049
46,457,800
46,967,744
48,739,402
47,786,228
50,418,636
50,906,743
50,921,444
53,076,356
53,165,485
54,094,546
53,953,038
55,994,109
57,207,765
56,926,791
57,453,621
58,981,894
58,981,89457,453,62156,926,79157,207,76555,994,10953,953,03854,094,54653,165,48553,076,35650,921,44450,906,74350,418,63647,786,22848,739,40246,967,74446,457,80045,838,04943,984,57743,313,45543,565,11842,246,07540,970,55540,685,61439,546,44438,373,42737,136,34137,298,45836,745,03435,290,51234,417,22033,973,59233,706,61432,456,52631,120,00331,612,76530,355,44029,760,01328,983,52928,790,51128,274,29427,560,79226,983,475026,675,79325,953,81525,344,93525,392,32525,214,98424,548,47823,793,06624,117,33723,350,58423,539,69422,879,32621,997,03521,565,20321,039,78220,826,89220,762,02620,522,99019,537,51018,702,06918,590,18118,663,37618,338,26618,212,99518,263,52418,093,71117,957,43617,716,23417,875,72717,435,16617,256,69117,797,01017,265,34116,783,80816,699,25116,441,52416,568,61216,530,67016,861,06516,331,93716,475,46115,917,88415,623,09715,192,14515,298,855
   > Total Current 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
3,823,635
3,988,042
3,329,030
4,113,112
4,574,085
5,340,677
5,198,520
5,954,364
5,602,242
4,927,761
5,227,461
5,120,870
4,896,138
5,158,498
5,981,001
4,524,996
6,440,838
6,279,873
5,661,267
7,061,474
6,502,998
7,000,002
6,209,715
7,138,423
7,284,664
6,403,756
6,262,207
7,119,916
7,119,9166,262,2076,403,7567,284,6647,138,4236,209,7157,000,0026,502,9987,061,4745,661,2676,279,8736,440,8384,524,9965,981,0015,158,4984,896,1385,120,8705,227,4614,927,7615,602,2425,954,3645,198,5205,340,6774,574,0854,113,1123,329,0303,988,0423,823,63500000000000000000000000000000000000000000000000000000000000
       Cash And Cash 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
1,886,221
1,983,822
1,367,605
2,101,000
2,283,047
2,963,862
2,832,735
3,619,253
3,029,191
2,205,083
2,663,892
2,500,660
2,253,210
2,221,779
3,222,016
44,934
322,368
773,597
249,932
2,402,028
717,929
491,492
643,569
1,788,758
1,867,485
836,450
1,327,173
1,592,888
1,592,8881,327,173836,4501,867,4851,788,758643,569491,492717,9292,402,028249,932773,597322,36844,9343,222,0162,221,7792,253,2102,500,6602,663,8922,205,0833,029,1913,619,2532,832,7352,963,8622,283,0472,101,0001,367,6051,983,8221,886,22100000000000000000000000000000000000000000000000000000000000
       Short-term Investments 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,817,776
3,411,146
2,643,939
2,698,856
1,745,617
2,433,385
2,915,206
1,967,901
1,631,894
1,677,873
1,649,313
929,178
1,381,568
1,381,568929,1781,649,3131,677,8731,631,8941,967,9012,915,2062,433,3851,745,6172,698,8562,643,9393,411,1461,817,77600000000000000000000000000000000000000000000000000000000000000000000000000
       Net Receivables 
1,149,527
1,259,034
1,225,506
874,254
996,792
1,048,904
1,102,526
824,716
869,434
801,315
899,499
1,064,414
1,204,059
1,338,013
1,401,863
1,385,628
1,450,127
1,484,164
1,592,168
1,628,617
1,654,914
1,535,552
1,615,600
1,555,805
1,415,019
1,268,841
1,298,855
1,365,764
1,332,887
1,190,456
1,286,310
1,394,140
1,384,169
1,263,691
1,206,796
1,229,479
1,389,777
1,086,789
1,230,698
1,360,454
1,365,234
1,226,122
1,243,462
1,239,371
0
1,190,765
1,197,060
1,330,001
1,201,913
1,364,833
1,417,303
1,331,363
1,400,973
1,434,110
1,481,897
1,521,629
1,631,992
1,677,085
1,650,198
1,723,105
1,769,454
1,731,748
1,761,552
2,086,493
2,197,072
2,201,000
2,155,800
2,383,686
1,974,708
1,964,557
2,172,757
2,444,625
2,247,095
2,101,449
2,215,722
2,372,083
2,429,969
2,458,907
2,697,586
3,144,838
3,344,312
3,355,217
3,485,843
3,511,273
3,659,223
3,765,337
3,889,370
3,889,3703,765,3373,659,2233,511,2733,485,8433,355,2173,344,3123,144,8382,697,5862,458,9072,429,9692,372,0832,215,7222,101,4492,247,0952,444,6252,172,7571,964,5571,974,7082,383,6862,155,8002,201,0002,197,0722,086,4931,761,5521,731,7481,769,4541,723,1051,650,1981,677,0851,631,9921,521,6291,481,8971,434,1101,400,9731,331,3631,417,3031,364,8331,201,9131,330,0011,197,0601,190,76501,239,3711,243,4621,226,1221,365,2341,360,4541,230,6981,086,7891,389,7771,229,4791,206,7961,263,6911,384,1691,394,1401,286,3101,190,4561,332,8871,365,7641,298,8551,268,8411,415,0191,555,8051,615,6001,535,5521,654,9141,628,6171,592,1681,484,1641,450,1271,385,6281,401,8631,338,0131,204,0591,064,414899,499801,315869,434824,7161,102,5261,048,904996,792874,2541,225,5061,259,0341,149,527
       Inventory 
54,514
32,776
30,619
21,887
18,360
22,642
20,135
22,308
21,152
20,347
19,186
29,604
24,540
25,040
26,031
36,070
30,733
32,035
33,005
48,889
41,917
39,874
39,898
53,141
45,436
42,266
40,164
47,678
42,228
39,146
37,104
39,877
34,706
31,101
29,994
36,096
34,888
37,062
35,820
44,611
41,655
33,409
39,754
53,090
0
52,307
45,747
58,401
54,111
58,394
52,858
66,487
59,877
55,330
56,739
64,066
56,714
49,757
51,886
58,002
64,085
66,677
123,238
85,671
75,492
64,843
66,946
65,596
70,572
120,393
95,189
70,454
67,899
84,745
97,332
104,848
105,934
108,866
105,974
113,506
117,506
122,879
120,059
124,247
117,296
120,614
120,608
120,608120,614117,296124,247120,059122,879117,506113,506105,974108,866105,934104,84897,33284,74567,89970,45495,189120,39370,57265,59666,94664,84375,49285,671123,23866,67764,08558,00251,88649,75756,71464,06656,73955,33059,87766,48752,85858,39454,11158,40145,74752,307053,09039,75433,40941,65544,61135,82037,06234,88836,09629,99431,10134,70639,87737,10439,14642,22847,67840,16442,26645,43653,14139,89839,87441,91748,88933,00532,03530,73336,07026,03125,04024,54029,60419,18620,34721,15222,30820,13522,64218,36021,88730,61932,77654,514
   > Long-term 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
38,385,694
38,757,116
40,717,179
41,561,662
41,809,246
42,758,401
43,261,232
43,977,798
44,626,870
45,260,177
46,014,882
46,662,487
47,094,544
47,743,323
48,855,686
49,923,101
50,523,035
51,191,414
51,861,978
51,861,97851,191,41450,523,03549,923,10148,855,68647,743,32347,094,54446,662,48746,014,88245,260,17744,626,87043,977,79843,261,23242,758,40141,809,24641,561,66240,717,17938,757,11638,385,69400000000000000000000000000000000000000000000000000000000000000000000
       Property Plant Equipment 
13,272,768
13,066,257
13,362,696
13,231,351
13,495,797
13,332,643
13,524,318
13,376,626
14,049,832
14,029,873
14,003,252
13,523,536
14,008,471
13,981,250
13,996,216
13,613,581
14,097,316
14,165,702
14,233,536
13,837,498
13,844,404
13,855,676
13,944,287
14,060,073
14,123,586
14,248,536
14,414,540
14,926,616
15,047,337
15,241,117
15,404,423
15,443,211
15,685,606
15,972,770
8,906,945
249,606
259,620
279,340
315,421
356,468
370,174
393,709
401,337
383,383
0
190,865
185,160
199,496
237,614
277,175
309,405
304,845
309,721
307,434
299,526
325,076
326,581
324,211
309,111
302,383
284,180
273,352
259,737
255,050
247,472
246,725
246,648
267,612
370,664
370,655
299,955
385,091
316,450
318,586
259,620
268,251
269,467
267,469
276,973
395,010
289,228
297,228
302,246
338,939
364,870
371,209
418,424
418,424371,209364,870338,939302,246297,228289,228395,010276,973267,469269,467268,251259,620318,586316,450385,091299,955370,655370,664267,612246,648246,725247,472255,050259,737273,352284,180302,383309,111324,211326,581325,076299,526307,434309,721304,845309,405277,175237,614199,496185,160190,8650383,383401,337393,709370,174356,468315,421279,340259,620249,6068,906,94515,972,77015,685,60615,443,21115,404,42315,241,11715,047,33714,926,61614,414,54014,248,53614,123,58614,060,07313,944,28713,855,67613,844,40413,837,49814,233,53614,165,70214,097,31613,613,58113,996,21613,981,25014,008,47113,523,53614,003,25214,029,87314,049,83213,376,62613,524,31813,332,64313,495,79713,231,35113,362,69613,066,25713,272,768
       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
0
0
0
0
31,096
32,966
34,563
35,795
36,932
40,404
41,281
41,783
44,587
57,053
60,819
63,171
53,187
56,327
59,667
63,166
63,417
71,471
75,632
79,243
79,437
85,020
86,991
92,933
110,765
149,551
154,907
156,367
156,367154,907149,551110,76592,93386,99185,02079,43779,24375,63271,47163,41763,16659,66756,32753,18763,17160,81957,05344,58741,78341,28140,40436,93235,79534,56332,96631,09600000000000000000000000000000000000000000000000000000000000
       Intangible Assets 
0
280,106
0
278,599
0
275,726
0
686,622
0
0
0
517,386
0
0
0
502,518
0
0
0
495,118
491,821
489,878
489,791
507,789
562,075
578,141
614,048
815,416
837,807
841,403
1,093,517
1,545,303
1,581,273
1,644,407
9,074,119
18,546,836
18,759,209
19,128,759
19,612,574
20,141,677
20,499,905
20,885,415
21,386,292
21,991,922
0
22,892,185
23,275,667
23,846,231
24,171,757
24,630,945
25,302,155
25,979,526
26,309,189
27,043,222
28,020,539
28,513,626
28,893,799
29,501,360
30,366,200
31,246,788
31,680,567
32,180,958
32,684,419
33,466,132
33,830,713
34,255,597
34,733,454
29,012,460
28,940,478
30,145,498
31,516,892
32,325,447
32,178,241
33,342,487
33,539,003
34,405,575
34,698,900
35,589,166
35,589,044
36,399,981
36,910,080
37,067,139
38,080,682
39,320,871
39,744,201
40,399,382
41,825,448
41,825,44840,399,38239,744,20139,320,87138,080,68237,067,13936,910,08036,399,98135,589,04435,589,16634,698,90034,405,57533,539,00333,342,48732,178,24132,325,44731,516,89230,145,49828,940,47829,012,46034,733,45434,255,59733,830,71333,466,13232,684,41932,180,95831,680,56731,246,78830,366,20029,501,36028,893,79928,513,62628,020,53927,043,22226,309,18925,979,52625,302,15524,630,94524,171,75723,846,23123,275,66722,892,185021,991,92221,386,29220,885,41520,499,90520,141,67719,612,57419,128,75918,759,20918,546,8369,074,1191,644,4071,581,2731,545,3031,093,517841,403837,807815,416614,048578,141562,075507,789489,791489,878491,821495,118000502,518000517,386000686,6220275,7260278,5990280,1060
       Long-term Assets 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
245,610
210,102
215,563
210,448
340,615
209,479
196,945
191,405
335,425
9,327,910
10,069,622
9,788,059
9,810,216
10,291,965
10,379,825
10,152,526
10,264,413
200,668
369,520
369,520200,66810,264,41310,152,52610,379,82510,291,9659,810,2169,788,05910,069,6229,327,910335,425191,405196,945209,479340,615210,448215,563210,102245,61000000000000000000000000000000000000000000000000000000000000000000000
> Total Liabilities 
6,904,196
6,923,672
7,414,532
7,921,194
8,803,971
9,085,461
9,267,833
8,953,727
8,915,169
8,860,614
8,881,893
8,832,220
9,198,577
9,455,778
8,805,982
8,952,618
9,180,922
8,837,846
8,879,730
8,981,471
8,851,686
8,597,453
8,605,534
8,879,370
8,502,450
8,454,815
9,058,883
10,030,561
10,013,383
9,752,564
9,769,727
11,037,566
11,178,786
11,727,446
11,938,007
13,668,784
14,252,744
13,517,586
14,205,034
14,669,088
14,354,516
14,302,458
14,549,574
14,960,216
0
14,949,043
15,051,397
15,343,493
15,382,124
15,315,582
16,000,565
17,051,037
17,990,184
17,182,109
19,098,776
19,990,008
19,628,197
19,285,747
19,766,225
21,325,823
21,204,885
20,773,679
21,110,240
22,033,435
22,592,174
22,748,768
23,459,124
24,013,430
23,114,476
23,391,554
24,036,166
24,822,017
25,989,907
27,464,378
26,089,611
27,624,932
27,616,181
26,884,206
28,570,587
28,233,626
28,187,148
27,678,812
28,638,823
29,874,232
28,846,046
28,706,060
29,388,038
29,388,03828,706,06028,846,04629,874,23228,638,82327,678,81228,187,14828,233,62628,570,58726,884,20627,616,18127,624,93226,089,61127,464,37825,989,90724,822,01724,036,16623,391,55423,114,47624,013,43023,459,12422,748,76822,592,17422,033,43521,110,24020,773,67921,204,88521,325,82319,766,22519,285,74719,628,19719,990,00819,098,77617,182,10917,990,18417,051,03716,000,56515,315,58215,382,12415,343,49315,051,39714,949,043014,960,21614,549,57414,302,45814,354,51614,669,08814,205,03413,517,58614,252,74413,668,78411,938,00711,727,44611,178,78611,037,5669,769,7279,752,56410,013,38310,030,5619,058,8838,454,8158,502,4508,879,3708,605,5348,597,4538,851,6868,981,4718,879,7308,837,8469,180,9228,952,6188,805,9829,455,7789,198,5778,832,2208,881,8938,860,6148,915,1698,953,7279,267,8339,085,4618,803,9717,921,1947,414,5326,923,6726,904,196
   > Total Current Liabilities 
945,164
789,502
933,268
1,518,559
1,528,887
2,021,285
1,874,016
1,728,322
1,662,552
1,621,482
2,069,733
2,100,889
2,176,499
2,136,018
1,599,034
1,691,966
1,807,491
1,662,890
1,938,285
2,101,936
2,052,871
2,125,937
2,219,646
2,454,737
2,270,102
2,351,353
2,827,042
3,016,919
3,036,288
3,325,041
3,539,524
3,109,896
3,094,700
3,227,786
3,140,001
3,506,114
3,675,517
2,922,935
2,956,368
3,968,668
3,388,392
3,392,246
3,626,811
3,797,370
0
2,703,029
2,716,136
2,972,381
2,967,797
2,452,310
2,630,823
3,480,576
3,560,588
2,892,090
2,990,989
3,740,316
3,959,221
3,845,795
3,887,333
4,302,508
4,369,417
3,814,174
3,724,837
4,771,880
4,968,725
4,254,856
4,484,101
5,398,632
4,874,771
4,450,522
4,355,080
6,453,424
6,950,358
6,680,810
4,217,527
5,900,130
6,203,068
5,932,223
6,137,903
5,092,927
5,214,658
4,775,714
4,836,659
6,657,342
6,163,795
6,449,973
7,059,252
7,059,2526,449,9736,163,7956,657,3424,836,6594,775,7145,214,6585,092,9276,137,9035,932,2236,203,0685,900,1304,217,5276,680,8106,950,3586,453,4244,355,0804,450,5224,874,7715,398,6324,484,1014,254,8564,968,7254,771,8803,724,8373,814,1744,369,4174,302,5083,887,3333,845,7953,959,2213,740,3162,990,9892,892,0903,560,5883,480,5762,630,8232,452,3102,967,7972,972,3812,716,1362,703,02903,797,3703,626,8113,392,2463,388,3923,968,6682,956,3682,922,9353,675,5173,506,1143,140,0013,227,7863,094,7003,109,8963,539,5243,325,0413,036,2883,016,9192,827,0422,351,3532,270,1022,454,7372,219,6462,125,9372,052,8712,101,9361,938,2851,662,8901,807,4911,691,9661,599,0342,136,0182,176,4992,100,8892,069,7331,621,4821,662,5521,728,3221,874,0162,021,2851,528,8871,518,559933,268789,502945,164
       Short-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
0
0
0
0
11,964,143
11,741,469
11,624,811
1,368,957
1,729,182
1,859,237
1,952,177
2,087,319
2,084,535
1,425,232
1,457,043
1,536,936
0
0
0
0
0
0
3,277,147
3,281,186
1,830,617
1,777,935
1,789,406
1,787,602
2,245,960
1,976,816
2,578,954
2,652,150
2,652,1502,578,9541,976,8162,245,9601,787,6021,789,4061,777,9351,830,6173,281,1863,277,1470000001,536,9361,457,0431,425,2322,084,5352,087,3191,952,1771,859,2371,729,1821,368,95711,624,81111,741,46911,964,14300000000000000000000000000000000000000000000000000000000000
       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
0
0
0
0
11,964,143
11,741,469
11,624,811
1,368,957
1,729,182
1,859,237
1,952,177
2,087,319
2,084,535
1,425,232
1,457,043
1,536,936
2,859,843
3,198,162
3,334,503
1,385,146
2,969,026
3,136,112
3,180,982
3,180,672
1,830,617
1,777,935
1,789,406
1,787,602
2,245,960
1,976,816
2,578,954
2,652,150
2,652,1502,578,9541,976,8162,245,9601,787,6021,789,4061,777,9351,830,6173,180,6723,180,9823,136,1122,969,0261,385,1463,334,5033,198,1622,859,8431,536,9361,457,0431,425,2322,084,5352,087,3191,952,1771,859,2371,729,1821,368,95711,624,81111,741,46911,964,14300000000000000000000000000000000000000000000000000000000000
       Accounts payable 
36,316
56,442
31,619
81,023
41,114
36,611
24,283
51,934
26,436
24,264
36,319
51,578
35,899
46,553
58,345
77,781
39,011
88,032
103,845
144,167
89,844
91,722
128,095
165,267
106,953
122,248
159,476
385,654
323,770
350,876
404,643
435,259
361,974
175,933
390,239
144,043
494,375
172,719
471,490
255,557
207,118
195,275
257,128
297,198
0
239,393
217,658
275,051
230,651
249,768
314,280
323,513
238,468
254,389
225,804
248,158
198,089
236,626
257,166
311,960
201,694
384,174
284,833
344,947
310,685
271,137
384,482
465,993
427,383
454,105
325,896
369,631
242,106
396,951
237,840
263,741
250,019
225,901
257,195
236,763
252,052
311,737
289,126
430,946
257,746
256,679
518,199
518,199256,679257,746430,946289,126311,737252,052236,763257,195225,901250,019263,741237,840396,951242,106369,631325,896454,105427,383465,993384,482271,137310,685344,947284,833384,174201,694311,960257,166236,626198,089248,158225,804254,389238,468323,513314,280249,768230,651275,051217,658239,3930297,198257,128195,275207,118255,557471,490172,719494,375144,043390,239175,933361,974435,259404,643350,876323,770385,654159,476122,248106,953165,267128,09591,72289,844144,167103,84588,03239,01177,78158,34546,55335,89951,57836,31924,26426,43651,93424,28336,61141,11481,02331,61956,44236,316
       Other Current Liabilities 
469,889
328,679
360,387
808,025
965,494
652,205
660,083
709,385
694,403
500,099
520,356
607,090
608,247
669,289
785,658
948,879
979,933
932,397
973,382
1,105,294
1,223,301
1,045,519
1,400,969
1,547,356
1,183,030
1,097,240
1,280,676
1,182,405
1,422,727
1,359,853
1,515,464
1,664,100
1,776,915
1,638,899
1,586,120
2,119,928
1,904,790
1,742,216
1,455,604
2,083,101
2,181,704
1,871,625
2,053,179
2,132,781
0
1,697,313
1,792,507
2,056,390
2,116,492
1,564,644
1,606,170
1,949,937
1,943,887
1,777,830
1,791,459
1,965,896
2,287,100
2,013,451
1,915,840
2,743,981
2,722,756
2,087,954
2,051,991
2,680,178
2,781,265
884,779
882,172
1,688,923
521,254
666,901
595,338
2,022,162
2,053,744
1,105,633
1,041,460
1,560,756
1,528,053
2,429,175
2,337,281
2,768,417
3,184,671
2,674,571
2,759,931
3,980,436
3,929,233
873,051
897,547
897,547873,0513,929,2333,980,4362,759,9312,674,5713,184,6712,768,4172,337,2812,429,1751,528,0531,560,7561,041,4601,105,6332,053,7442,022,162595,338666,901521,2541,688,923882,172884,7792,781,2652,680,1782,051,9912,087,9542,722,7562,743,9811,915,8402,013,4512,287,1001,965,8961,791,4591,777,8301,943,8871,949,9371,606,1701,564,6442,116,4922,056,3901,792,5071,697,31302,132,7812,053,1791,871,6252,181,7042,083,1011,455,6041,742,2161,904,7902,119,9281,586,1201,638,8991,776,9151,664,1001,515,4641,359,8531,422,7271,182,4051,280,6761,097,2401,183,0301,547,3561,400,9691,045,5191,223,3011,105,294973,382932,397979,933948,879785,658669,289608,247607,090520,356500,099694,403709,385660,083652,205965,494808,025360,387328,679469,889
   > Long-term Liabilities 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
18,239,705
18,941,032
19,681,086
18,368,593
19,039,549
20,783,568
21,872,084
21,724,802
21,413,113
20,951,983
22,432,684
23,140,699
22,972,490
22,903,098
23,802,164
23,216,890
22,682,251
22,256,087
22,328,786
22,328,78622,256,08722,682,25123,216,89023,802,16422,903,09822,972,49023,140,69922,432,68420,951,98321,413,11321,724,80221,872,08420,783,56819,039,54918,368,59319,681,08618,941,03218,239,70500000000000000000000000000000000000000000000000000000000000000000000
       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
11,952,681
10,384,866
11,265,828
12,971,497
13,918,118
14,224,175
13,793,723
13,211,481
14,636,474
15,893,219
15,850,155
15,937,198
16,990,849
16,712,711
16,319,107
16,126,235
16,350,740
16,350,74016,126,23516,319,10716,712,71116,990,84915,937,19815,850,15515,893,21914,636,47413,211,48113,793,72314,224,17513,918,11812,971,49711,265,82810,384,86611,952,6810000000000000000000000000000000000000000000000000000000000000000000000
       Other Liabilities 
0
0
0
225,167
0
395,642
0
837,023
880,538
909,285
938,975
1,047,433
1,220,866
1,277,795
1,328,957
1,293,282
1,241,951
1,396,880
1,425,129
1,258,380
1,359,198
1,325,357
1,322,357
1,321,647
1,465,083
1,376,444
1,422,879
1,455,902
1,447,176
1,517,686
1,623,541
2,221,347
2,316,370
2,317,604
2,132,545
3,140,198
3,370,085
3,488,788
3,602,040
3,734,135
3,670,409
3,665,818
3,653,139
3,460,917
0
3,985,859
3,956,049
3,561,978
3,661,035
3,682,446
3,788,042
3,991,820
3,960,802
4,058,455
4,447,951
4,654,354
4,949,832
5,248,887
5,604,263
6,305,739
6,538,966
6,676,740
6,885,645
6,870,590
6,998,623
7,276,632
7,352,535
7,565,614
7,547,139
7,558,299
7,728,405
7,983,727
7,773,721
7,812,071
7,953,966
7,500,627
7,619,390
7,740,502
7,796,210
7,247,480
7,122,335
6,965,900
6,811,315
0
0
0
0
00006,811,3156,965,9007,122,3357,247,4807,796,2107,740,5027,619,3907,500,6277,953,9667,812,0717,773,7217,983,7277,728,4057,558,2997,547,1397,565,6147,352,5357,276,6326,998,6236,870,5906,885,6456,676,7406,538,9666,305,7395,604,2635,248,8874,949,8324,654,3544,447,9514,058,4553,960,8023,991,8203,788,0423,682,4463,661,0353,561,9783,956,0493,985,85903,460,9173,653,1393,665,8183,670,4093,734,1353,602,0403,488,7883,370,0853,140,1982,132,5452,317,6042,316,3702,221,3471,623,5411,517,6861,447,1761,455,9021,422,8791,376,4441,465,0831,321,6471,322,3571,325,3571,359,1981,258,3801,425,1291,396,8801,241,9511,293,2821,328,9571,277,7951,220,8661,047,433938,975909,285880,538837,0230395,6420225,167000
> Total Stockholder Equity
8,394,659
8,268,473
8,208,565
7,996,690
7,671,490
7,246,476
7,593,232
7,576,943
7,653,443
7,580,910
7,817,358
7,951,588
8,066,764
8,341,232
8,450,709
8,482,548
8,694,805
8,878,388
9,077,706
9,112,240
9,411,838
9,615,542
9,732,732
9,784,006
10,087,731
10,247,254
10,478,627
10,492,429
10,748,643
11,074,328
11,270,055
10,527,637
10,818,249
11,151,880
11,601,687
9,681,800
9,864,593
10,275,480
10,343,444
10,545,896
11,037,809
11,042,477
11,404,241
11,715,577
11,715,577
12,034,432
12,509,395
12,930,801
13,408,387
13,667,947
13,759,448
13,304,403
13,622,581
13,937,894
13,357,750
13,716,606
14,345,395
15,131,473
15,524,287
15,419,211
16,093,573
16,362,662
17,263,187
17,513,009
18,093,440
18,221,787
18,786,951
19,551,688
20,198,979
20,593,023
21,801,883
21,635,783
20,977,837
21,275,024
21,696,617
22,793,704
23,290,562
24,037,238
24,505,769
24,931,859
25,907,398
26,274,226
27,355,286
27,333,533
28,080,745
28,747,561
29,593,856
29,593,85628,747,56128,080,74527,333,53327,355,28626,274,22625,907,39824,931,85924,505,76924,037,23823,290,56222,793,70421,696,61721,275,02420,977,83721,635,78321,801,88320,593,02320,198,97919,551,68818,786,95118,221,78718,093,44017,513,00917,263,18716,362,66216,093,57315,419,21115,524,28715,131,47314,345,39513,716,60613,357,75013,937,89413,622,58113,304,40313,759,44813,667,94713,408,38712,930,80112,509,39512,034,43211,715,57711,715,57711,404,24111,042,47711,037,80910,545,89610,343,44410,275,4809,864,5939,681,80011,601,68711,151,88010,818,24910,527,63711,270,05511,074,32810,748,64310,492,42910,478,62710,247,25410,087,7319,784,0069,732,7329,615,5429,411,8389,112,2409,077,7068,878,3888,694,8058,482,5488,450,7098,341,2328,066,7647,951,5887,817,3587,580,9107,653,4437,576,9437,593,2327,246,4767,671,4907,996,6908,208,5658,268,4738,394,659
   Common Stock
0
3,403,688
0
3,403,688
0
3,403,688
0
3,403,688
0
0
0
3,403,688
0
0
0
3,403,688
3,403,688
3,403,688
3,403,688
3,403,688
3,403,688
3,403,688
3,403,688
0
3,403,688
6,203,688
6,203,688
6,203,688
6,203,688
6,203,688
6,203,688
6,203,688
6,203,688
6,203,688
6,203,688
6,203,688
6,203,688
6,203,688
6,203,688
6,203,688
6,203,688
6,203,688
6,203,688
6,203,688
0
6,203,688
6,203,688
6,203,688
6,203,688
10,000,000
10,000,000
10,000,000
10,000,000
10,000,000
10,000,000
10,000,000
10,000,000
10,000,000
10,000,000
10,000,000
10,000,000
10,000,000
10,000,000
10,000,000
10,000,000
10,000,000
10,000,000
15,000,000
15,000,000
15,000,000
15,000,000
15,000,000
15,000,000
15,000,000
15,000,000
15,000,000
15,000,000
15,000,000
15,000,000
15,000,000
15,000,000
15,000,000
15,000,000
15,000,000
15,000,000
15,000,000
15,000,000
15,000,00015,000,00015,000,00015,000,00015,000,00015,000,00015,000,00015,000,00015,000,00015,000,00015,000,00015,000,00015,000,00015,000,00015,000,00015,000,00015,000,00015,000,00015,000,00015,000,00010,000,00010,000,00010,000,00010,000,00010,000,00010,000,00010,000,00010,000,00010,000,00010,000,00010,000,00010,000,00010,000,00010,000,00010,000,00010,000,00010,000,00010,000,0006,203,6886,203,6886,203,6886,203,68806,203,6886,203,6886,203,6886,203,6886,203,6886,203,6886,203,6886,203,6886,203,6886,203,6886,203,6886,203,6886,203,6886,203,6886,203,6886,203,6886,203,6886,203,6886,203,6883,403,68803,403,6883,403,6883,403,6883,403,6883,403,6883,403,6883,403,6883,403,6880003,403,6880003,403,68803,403,68803,403,68803,403,6880
   Retained Earnings 
1,704,423
1,741,986
0
0
0
0
425,287
0
99,190
60,233
318,322
0
135,476
426,737
555,137
0
222,081
420,105
639,424
0
3,489,086
3,712,614
3,848,164
3,916,234
4,241,644
1,622,890
1,875,668
1,911,474
2,189,350
2,539,061
2,756,466
2,054,594
2,384,243
2,735,483
3,164,460
3,353,857
3,536,650
3,947,537
4,015,501
4,217,953
4,709,866
4,714,534
5,076,298
5,387,634
0
6,165,304
6,640,267
6,736,389
7,213,975
3,801,478
3,892,979
3,694,151
4,012,329
4,327,642
3,747,498
4,069,988
4,698,777
5,484,855
6,058,742
6,244,859
6,919,221
7,188,310
8,088,835
8,051,110
8,631,541
8,759,888
9,325,052
5,100,783
647,291
1,101,666
7,350,978
7,547,954
6,890,008
7,187,195
7,608,771
8,194,706
8,691,564
1,269,910
1,738,441
9,885,485
975,539
1,397,997
2,479,057
12,155,890
747,212
1,490,955
2,337,250
2,337,2501,490,955747,21212,155,8902,479,0571,397,997975,5399,885,4851,738,4411,269,9108,691,5648,194,7067,608,7717,187,1956,890,0087,547,9547,350,9781,101,666647,2915,100,7839,325,0528,759,8888,631,5418,051,1108,088,8357,188,3106,919,2216,244,8596,058,7425,484,8554,698,7774,069,9883,747,4984,327,6424,012,3293,694,1513,892,9793,801,4787,213,9756,736,3896,640,2676,165,30405,387,6345,076,2984,714,5344,709,8664,217,9534,015,5013,947,5373,536,6503,353,8573,164,4602,735,4832,384,2432,054,5942,756,4662,539,0612,189,3501,911,4741,875,6681,622,8904,241,6443,916,2343,848,1643,712,6143,489,0860639,424420,105222,0810555,137426,737135,4760318,32260,23399,1900425,28700001,741,9861,704,423
   Capital Surplus 000000000000000000000000000000000000000000000000000000000000000000000000000000000000000
   Treasury Stock000000000000000000000000000000000000000000000000000000000000000000000000000000000000000
   Other Stockholders 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
-825,648
-825,648
-825,648
-825,648
-538,101
-538,101
-538,101
-538,101
-549,095
-549,095
-549,095
-549,095
-912,171
-912,171
-912,171
-912,154
-401,002
-401,002
-401,002
-401,002
46,374
46,374
46,374
46,374
177,643
177,643
177,643
177,643
177,643177,643177,643177,64346,37446,37446,37446,374-401,002-401,002-401,002-401,002-912,154-912,171-912,171-912,171-549,095-549,095-549,095-549,095-538,101-538,101-538,101-538,101-825,648-825,648-825,648-825,64800000000000000000000000000000000000000000000000000000000000



Balance Sheet

Currency in BRL. All numbers in thousands.