87

3.29539E-11 (32,073,248) -1812830.077 (33,886,079)

3.17819E-11 24,509,554 -1804349.738 22,705,205

U=K-
T INDEX
26287105.78 5 0 18,010,674 90.54 2.03
48414593.33 3.9 0 27,899,336 90.93 1.98
50962890.83 7.6 0 40,132,812 92.30 2.43
28218626.28 12 1 45,396,662 88.13 2.25
18963418.9 2.84 1 49,075,991 88.81 2.38
33886078.44 2.13 1 44,871,942 87.87 2.10
22705204.6 4.33 1 52,213,883 86.31 2.51

Net Income
N.C.F. operating (A) (B) TACCR I,(C)

C=A-B
279,600,878 31,765,872 (247,835,006)
329,596,919 74,051,778 (255,545,141)
109,980,326 94,705,866 (15,274,460)
560,757,791 111,463,294 (449,294,497)
188,714,605 101,322,745 (87,391,860)
621,808,648 66,562,510 (555,246,138)
380,657,044 88,437,238 (292,219,806)

revenues
Assets I,T revenues
year t year
t-1
D E F G=E-F
2,030,610,781 125,741,011 115,710,642 10,030,369
2,494,931,963 215,650,282 125,741,011 89,909,271
3,196,252,968 276,866,266 215,650,282 61,215,984
4,096,450,307 346,353,828 276,866,266 69,487,562
5,020,071,766 373,377,648 346,353,828 27,023,820
5,430,579,044 362,525,485 373,377,648 (10,852,163)
6,090,337,737 355,578,016 362,525,485 (6,947,469)
88

Receivables Receivables
in year t-
in year t 1
H I J=H-I
884,899,062 628,819,522 256,079,540
1,262,618,624 884,899,062 377,719,562
1,589,871,677 1,262,618,624 327,253,053
1,936,250,617 1,589,871,677 346,378,940
2,341,696,067 1,936,250,617 405,445,450
2,368,648,748 2,341,696,067 26,952,681
2,449,148,398 2,368,648,748 80,499,650

K=C/D L=1/D M=(G-J)/D N=(P.P.E)/D

-0.122049488 4.92463E-10 -0.121170031 0.019479509
-0.102425695 4.00813E-10 -0.115357972 0.017277397
-0.004778865 3.12866E-10 -0.083234047 0.017177776
-0.109678981 2.44114E-10 -0.067593003 0.01667911
-0.017408488 1.992E-10 -0.075381717 0.015549693
-0.102244371 1.84142E-10 -0.006961476 0.017130015
-0.047980887 1.64195E-10 -0.014358337 0.016897966

O=1/D P=G-J P.P.E

4.92463E-10 (246,049,171) 39,555,300
4.00813E-10 (287,810,291) 43,105,931
3.12866E-10 (266,037,069) 54,904,516
2.44114E-10 (276,891,378) 68,325,146
1.992E-10 (378,421,630) 78,060,574
1.84142E-10 (37,804,844) 93,025,899
1.64195E-10 (87,447,119) 102,914,317

P*Q*R=T
3.34761E-11 56959517.52 6108058.024 50851459.5
2.7246E-11 66627069.89 6656340.053 59970729.84
2.12677E-11 61586645.6 8478256.251 53108389.34
1.65941E-11 64099379.94 10550645.71 53548734.24
89

1.3541E-11 87603276.11 12053972.93 75549303.19

1.25174E-11 8751688.394 -14364891.4 -5613203.006
1.11614E-11 20243700.42 15891843.06 4351857.365

U=K-T INDEX
50851459.62 5 0 31,765,872 86.26 1.27
59970729.94 3.9 0 74,051,778 88.04 2.32
53108389.35 7.6 0 94,705,866 87.64 2.31
53548734.34 12 1 111,463,294 79.61 2.22
75549303.2 2.84 1 101,322,745 82.27 1.87
5613202.904 2.13 1 66,562,510 83.22 1.09
4351857.413 4.33 1 88,437,238 84.13 1.32

Net Income
N.C.F. operating (A) (B) TACCR I,(C)

C=A-B
(18,041,280) 5,112,195 23,153,475
20,945,680 8,558,121 (12,387,559)
3,555,061 8,338,171 4,783,110
(11,864,705) 6,977,496 18,842,201
29,315,932 11,782,226 (17,533,706)
74,420,864 10,696,659 (63,724,205)
35,050,010 11,834,680 (23,215,330)

revenues
Assets I,T Revenues
year t-
year t 1
D E F G=E-F
376,014,579 18,341,741 17,801,423 540,318
402,931,525 29,512,058 18,341,741 11,170,317
477,821,156 37,755,160 29,512,058 8,243,102
549,039,513 42,829,842 37,755,160 5,074,682
636,778,592 52,194,123 42,829,842 9,364,281
697,473,021 52,283,994 52,194,123 89,871
800,824,481 53,972,896 52,283,994 1,688,902
90

Receivables Receivables
in year t in year t-1
H I J=H-I
76,721,179
71,998,161 76,721,179 (4,723,018)
69,474,795 71,998,161 (2,523,366)
73,076,562 69,474,795 3,601,767
119,284,258 73,076,562 46,207,696
126,209,742 119,284,258 6,925,484
178,073,494 126,209,742 51,863,752
238,351,071 178,073,494 60,277,577
282,471,433 238,351,071 44,120,362
292,830,023 282,471,433 10,358,590
323,820,854 292,830,023 30,990,831

K=C/D L=1/D M=(G-J)/D N=(P.P.E)/D

-0.030743584 2.48181E-09 0.010534874 0.014902855
0.010010252 2.09283E-09 -0.09129075 0.010727679
0.034318479 1.82136E-09 -0.10054448 0.019363289
-0.027535012 1.5704E-09 -0.05458111 0.021269215
-0.091364401 1.43375E-09 -0.01472275 0.024507435
-0.028989286 1.24871E-09 -0.0365897 0.025289525

O=1/D P=G-J P.P.E

2.48181E-09 4,244,833 6,004,830
2.09283E-09 (43,620,650) 5,125,912
1.82136E-09 (55,202,895) 10,631,211
1.5704E-09 (34,756,081) 13,543,781
1.43375E-09 (10,268,719) 17,093,275
1.24871E-09 (29,301,929) 20,252,471

P*Q*R=T
1.68706E-10 -982663.9068 -927255.0091 -1909918.916
1.42264E-10 10098027.02 -791534.0781 9306492.946
1.23811E-10 12779276 -1641652.412 11137623.59
1.06751E-10 8045910.485 -2091406.214 5954504.271
91

9.74618E-11 2377172.325 -2639512.67 -262340.3453

8.48837E-11 6783293.484 -3127350.014 3655943.47

U=K-
T INDEX
9843214.27 5 0 5,112,195 89.75 1.27
1909918.885 3.9 0 8,558,121 88.78 1.79
9306492.936 7.6 0 8,338,171 88.76 1.52
11137623.55 12 1 6,977,496 87.31 1.10
5954504.299 2.84 1 11,782,226 81.51 1.69
262340.2539 2.13 1 10,696,659 82.21 1.34
3655943.499 4.33 1 11,834,680 84.34 1.36

N.C.F. operating (A) Net Income (B) TACCR I,(C)

C=A-B
3,424,743 7,139,581 3,714,838
(5,894,940) 11,861,343 17,756,283
(35,119,016) 10,991,248 46,110,264
134,892,879 10,557,968 (124,334,911)
(11,217,246) 9,919,883 21,137,129
4,882,586 9,236,879 4,354,293
(13,124,929) 10,358,382 23,483,311

Assets I,T revenues Revenues

year t year t-1
D E F G=E-F
333,898,304 25,278,940 22,657,633 2,621,307
373,612,147 35,350,689 25,278,940 10,071,749
410,786,480 42,330,163 35,350,689 6,979,474
517,654,162 50,517,485 42,330,163 8,187,322
601,180,052 52,630,486 50,517,485 2,113,001
587,006,228 45,617,739 52,630,486 (7,012,747)
610,981,717 47,057,407 45,617,739 1,439,668
92

Receivables Receivables
in year t in year t-1
H I J=H-I
147,158,338 128,209,311 18,949,027
206,128,306 147,158,338 58,969,968
240,529,765 206,128,306 34,401,459
267,108,022 240,529,765 26,578,257
267,259,973 267,108,022 151,951
284,333,399 267,259,973 17,073,426
312,116,560 284,333,399 27,783,161

K=C/D L=1/D M=(G-J)/D N=(P.P.E)/D

0.011125657 2.99492E-09 -0.04890028 0.024513012
0.047525979 2.67657E-09 -0.13087963 0.019998536
0.112248738 2.43435E-09 -0.06675484 0.02375677
-0.240189146 1.93179E-09 -0.03552746 0.021058053
0.035159398 1.6634E-09 0.003262001 0.017545158
0.007417797 1.70356E-09 -0.04103223 0.018492599
0.038435374 1.63671E-09 -0.04311666 0.01780168

O=1/D P=G-J P.P.E

2.99492E-09 (16,327,720) 8,184,853
2.67657E-09 (48,898,219) 7,471,696
2.43435E-09 (27,421,985) 9,758,960
1.93179E-09 (18,390,935) 10,900,789
1.6634E-09 1,961,050 10,547,799
1.70356E-09 (24,086,173) 10,855,271
1.63671E-09 (26,343,493) 10,876,501

S=(P.P.E) P*Q*R=T
2.03586E-10 3779809.742 -1263890.226 2515919.516
1.81945E-10 11319765.68 -1153765.809 10165999.87
1.6548E-10 6348093.061 -1506960.987 4841132.074
1.31317E-10 4257436.756 -1683280.16 2574156.596
1.13073E-10 -453976.1763 -1628772.081 -2082748.258
1.15803E-10 5575864.318 -1676251.353 3899612.965
1.11259E-10 6098425.957 -1679529.651 4418896.306
93

U=K-
T INDEX
2515919.505 5 89.49 1.91
10165999.83 3.9 88.86 2.89
4841131.962 7.6 87.12 2.12
2574156.836 12 87.29 1.76
2082748.293 2.84 87.13 1.69
3899612.958 2.13 85.50 1.51
4418896.268 4.33 84.25 1.49

Net Income
N.C.F. operating (A) (B) TACCR I,(C)

C=A-B
8,565,409 4,681,969 (3,883,440)
30,380,252 27,551,003 (2,829,249)
1,515,530 9,771,765 8,256,235
(43,417,152) 6,385,123 49,802,275
48,693,583 8,875,046 (39,818,537)
37,792,604 7,238,285 (30,554,319)
(61,186,879) 10,887,111 72,073,990

revenues
Assets I,T revenues
year t year
t-1
D E F G=E-F
366,956,913 22,674,103 24,434,696 (1,760,593)
392,797,523 52,776,440 22,674,103 30,102,337
554,885,514 44,079,207 52,776,440 (8,697,233)
671,915,191 55,429,552 44,079,207 11,350,345
699,126,874 51,760,322 55,429,552 (3,669,230)
683,282,263 46,137,382 51,760,322 (5,622,940)
666,715,036 51,430,923 46,137,382 5,293,541
94

Receivables
Receivables
in year t-
in year t 1
H I J=H-I
92,025,909 82,516,947 9,508,962
162,353,590 92,025,909 70,327,681
221,948,847 162,353,590 59,595,257
287,632,475 221,948,847 65,683,628
303,259,965 287,632,475 15,627,490
299,598,411 303,259,965 (3,661,554)
350,274,314 299,598,411 50,675,903

K=C/D L=1/D M=(G-J)/D N=(P.P.E)/D

-0.010582823 2.72512E-09 -0.03071084 0.009011241
-0.007202818 2.54584E-09 -0.10240733 0.012577564
0.014879168 1.80217E-09 -0.12307492 0.009733118
0.074119882 1.48828E-09 -0.0808633 0.01195051
-0.056954665 1.43036E-09 -0.02760117 0.024146231
-0.04471698 1.46352E-09 -0.00287054 0.024830999
0.108103142 1.49989E-09 -0.0680686 0.03759394

O=1/D P=G-J P.P.E

2.72512E-09 (11,269,555) 3,306,737
2.54584E-09 (40,225,344) 4,940,436
1.80217E-09 (68,292,490) 5,400,766
1.48828E-09 (54,333,283) 8,029,729
1.43036E-09 (19,296,720) 16,881,279
1.46352E-09 (1,961,386) 16,966,581
1.49989E-09 (45,382,362) 25,064,445

P*Q*R=T
1.85245E-10 2608862.338 510620.358 2098241.979
1.73059E-10 9312025.629 762893.209 8549132.42
1.22506E-10 15809471.19 833976.537 14975494.66
1.01169E-10 12577963.88 1239936.26 11338027.62
9.72312E-11 4467122.797 2606776.63 1860346.167
95

9.94859E-11 454053.9591 2619948.81 -2165894.852

1.01958E-10 10505857.15 3870406.35 6635450.802

U=K-
T INDEX
2098241.99 5 0 4,681,969 91.22 1.19
8549132.427 3.7 0 27,551,003 89.79 4.97
14975494.64 7.6 0 9,771,765 87.54 1.45
11338027.55 12 1 6,385,123 88.99 0.91
1860346.224 2.84 1 8,875,046 88.67 1.30
2165894.807 2.13 1 7,238,285 87.45 1.09
6635450.694 4.33 1 10,887,111 86.01 1.61

Net Income
N.C.F. operating (A) (B) TACCR I,(C)

C=A-B
(1,910,174) 12,137,294 14,047,468
(11,346,504) 31,474,539 42,821,043
(34,994,528) 19,248,635 54,243,163
133,251,324 20,909,814 (112,341,510)
111,095,114 20,294,839 (90,800,275)
(9,986,947) 25,549,038 35,535,985
(32,810,780) 34,748,836 67,559,616

revenues
Assets I,T revenues
year t
year t-1
D E F G=E-F
875,652,275 53,085,617 51,695,640 1,389,977
994,671,457 87,148,337 53,085,617 34,062,720
1,227,330,587 93,636,371 87,148,337 6,488,034
1,178,849,516 106,506,863 93,636,371 12,870,492
1,319,245,230 112,777,577 106,506,863 6,270,714
1,462,244,466 118,482,805 112,777,577 5,705,228
1,746,913,972 134,377,652 118,482,805 15,894,847
96

Receivables Receivables

in year t in year t-1

H I J=H-I
353,643,320 282,255,247 71,388,073
440,327,883 353,643,320 86,684,563
508,778,353 440,327,883 68,450,470
539,389,673 508,778,353 30,611,320
632,853,802 539,389,673 93,464,129
729,800,243 632,853,802 96,946,441
823,104,605 729,800,243 93,304,362

K=C/D L=1/D M=(G-J)/D N=(P.P.E)/D

0.01604229 1.14201E-09 -0.079938233 0.020797004
0.043050439 1.00536E-09 -0.052903743 0.020579023
0.044196049 8.14776E-10 -0.050485531 0.018669075
-0.095297583 8.48285E-10 -0.015049273 0.026281335
-0.068827442 7.58009E-10 -0.066093409 0.02620432
0.024302356 6.8388E-10 -0.062398057 0.023134398
0.038673694 5.72438E-10 -0.044312151 0.021486837

O=1/D P=G-J P.P.E

1.14201E-09 (69,998,096) 18,210,944
1.00536E-09 (52,621,843) 20,469,367
8.14776E-10 (61,962,436) 22,913,127
8.48285E-10 (17,740,828) 30,981,739
7.58009E-10 (87,193,415) 34,569,924
6.8388E-10 (91,241,213) 33,828,145
5.72438E-10 (77,409,515) 37,535,656

P*Q*R=T
7.76301E-11 16204312.98 -2812101.099 13392211.88
6.83411E-11 12181771.54 -3160842.702 9020928.836
5.5386E-11 14344085.96 -3538203.71 10805882.25
5.76638E-11 4106939.272 -4784144.21 -677204.938
5.15272E-11 20184968.84 -5338225.261 14846743.58
97

4.64881E-11 21122019.84 -5223681.087 15898338.75

3.89126E-11 17920030.41 -5796188.243 12123842.16

U=K-T INDEX
13392211.87 5 0 12,137,294 94.51 1.22
9020928.793 3.9 0 31,474,539 91.63 2.56
10805882.21 7.6 0 19,248,635 86.69 1.63
677204.8427 12 1 20,909,814 88.27 1.58
14846743.65 2.84 1 20,294,839 89.01 1.39
15898338.73 2.13 1 25,549,038 89.64 1.46
12123842.13 4.33 1 34,748,836 89.86 1.88

Net Income
N.C.F. operating (A) (B) TACCR I,(C)

C=A-B
22,294,191 14,076,150 (8,218,041)
39,431,461 23,207,357 (16,224,104)
9,453,584 25,582,705 16,129,121
78,920,627 24,244,265 (54,676,362)
127,165,196 32,858,476 (94,306,720)
121,187,639 25,369,137 (95,818,502)
13,874,779 32,115,410 18,240,631

revenues
Assets I,T revenues
year t-
year t 1
D E F G=E-F
901,654,157 64,206,952 57,776,375 6,430,577
968,797,329 81,920,314 64,206,952 17,713,362
1,185,713,310 99,536,304 81,920,314 17,615,990
1,376,230,654 119,607,193 99,536,304 20,070,889
1,455,719,079 129,395,094 119,607,193 9,787,901
1,686,018,203 127,043,962 129,395,094 (2,351,132)
1,907,991,848 130,944,645 127,043,962 3,900,683
98

Receivables
Receivables
in year t in year t-1
H I J=H-I
398,813,271 356,240,341 42,572,930
530,807,757 398,813,271 131,994,486
665,972,113 530,807,757 135,164,356
738,172,229 665,972,113 72,200,116
826,521,842 738,172,229 88,349,613
864,686,229 826,521,842 38,164,387
961,163,483 864,686,229 96,477,254

K=C/D L=1/D M=(G-J)/D N=(P.P.E)/D

-0.009114405 1.10907E-09 0.040084497 0.023563867
-0.016746644 1.03221E-09 0.117961849 0.021461656
0.013602884 8.43374E-10 0.099137258 0.017084318
-0.039729069 7.26622E-10 0.037878263 0.014677061
-0.064783598 6.86946E-10 0.053967632 0.022170565
-0.056831238 5.93113E-10 0.024030297 0.025229146
0.00956012 5.24111E-10 0.048520423 0.02386433

O=1/D P=G-J P.P.E

1.10907E-09 (36,142,353) 21,246,459
1.03221E-09 (114,281,124) 20,791,995
8.43374E-10 (117,548,366) 20,257,103
7.26622E-10 (52,129,227) 20,199,021
6.86946E-10 (78,561,712) 32,274,115
5.93113E-10 (40,515,519) 42,536,799
5.24111E-10 (92,576,571) 45,532,948

P*Q*R=T
7.53914E-11 8366827.576 -3280839.846 5085987.73
7.01663E-11 26455678.18 -3210662.336 23245015.85
5.733E-11 27212033.21 -3128065.279 24083967.93
4.93936E-11 12067732.67 -3119096.361 8948636.307
4.66965E-11 18186759.96 -4983710.579 13203049.38
4.0318E-11 9379200.121 -6568455.717 2810744.404
3.56275E-11 21431150.52 -7031115.637 14400034.88
99

U=K-
T INDEX
5085987.739 5 0 14,076,150 92.84 1.45
23245015.86 3.9 0 23,207,357 92.08 1.96
24083967.92 7.6 0 25,582,705 89.75 1.86
8948636.346 12 1 24,244,265 89.80 1.67
13203049.45 2.84 1 32,858,476 88.93 1.95
2810744.461 2.13 1 25,369,137 88.66 1.33
14400034.87 4.33 1 32,115,410 88.78 1.63

N.C.F. operating (A) Net Income (B) TACCR I,(C)

C=A-B
259,692,056 5,953,474 (253,738,582)
(128,147,504) 25,429,070 153,576,574
(214,195,437) 20,229,095 234,424,532
110,497,665 10,810,145 (99,687,520)
35,203,382 17,396,197 (17,807,185)
73,309,984 18,691,993 (54,617,991)
123,160,051 23,007,044 (100,153,007)

Assets I,T revenues revenues

year t-
year t 1
D E F G=E-F
1,302,400,125 75,508,476 75,316,807 191,669
1,571,426,157 128,151,959 75,508,476 52,643,483
1,674,647,045 118,448,848 128,151,959 (9,703,111)
1,740,841,639 143,167,335 118,448,848 24,718,487
1,976,151,767 151,789,468 143,167,335 8,622,133
2,106,172,872 151,229,781 151,789,468 (559,687)
2,256,082,381 157,358,396 151,229,781 6,128,615
100

Receivables Receivables

in year
in year t t-1
H I J=H-I
420,208,016 429,047,089 (8,839,073)
560,147,166 420,208,016 139,939,150
621,668,426 560,147,166 61,521,260
739,377,849 621,668,426 117,709,423
889,730,076 739,377,849 150,352,227
980,816,924 889,730,076 91,086,848
1,066,571,053 980,816,924 85,754,129

K=C/D L=1/D M=(G-J)/D N=(P.P.E)/D

-0.194823831 7.67813E-10 0.006933923 0.039790076
0.097730697 6.36365E-10 -0.055551873 0.029719337
0.139984442 5.97141E-10 -0.042530975 0.029536522
-0.05726398 5.74435E-10 -0.053417229 0.030091469
-0.009011041 5.06034E-10 -0.071720248 0.027790888
-0.02593234 4.74795E-10 -.043513301 0.028533675
-0.044392442 4.43246E-10 -.035293709 0.026246308

O=1/D P=G-J P.P.E

7.67813E-10 9,030,742 51,822,600
6.36365E-10 (87,295,667) 46,701,744
5.97141E-10 (71,224,371) 49,463,250
5.74435E-10 (92,990,936) 52,384,483
5.06034E-10 (141,730,094) 54,919,012
4.74795E-10 (91,646,535) 60,096,852
4.43246E-10 (79,625,514) 59,213,833

P*Q*R=T
5.21936E-11 -2090585.004 -8002352.346 -10092937.35
4.32581E-11 20208639.82 -7211599.006 12997040.81
4.05918E-11 16488191.33 -7638025.778 8850165.552
3.90483E-11 21527074.56 -8089117.304 13437957.25
3.43987E-11 32810018.18 -8480494.697 24329523.48
101

3.22751E-11 21215850.45 -9280047.403 11935803.05

3.01305E-11 18433026.38 -9143693.203 9289333.177

U=K-T INDEX
10092937.16 5 0 5,953,474 94.39 0.38
12997040.71 3.9 0 25,429,070 93.83 1.52
8850165.412 7.6 0 20,229,095 89.17 1.16
13437957.31 12 1 10,810,145 87.78 0.55
24329523.49 2.84 1 17,396,197 90.01 0.83
11935803.08 2.13 1 18,691,993 90.36 0.83
9289333.221 4.33 1 23,007,044 90.42 0.65

Net Income
N.C.F. operating (A) (B) TACCR I,(C)

C=A-B
41,056,754 10,587,301 (30,469,453)
8,974,716 24,652,146 15,677,430
39,826,738 12,422,634 (27,404,104)
88,930,880 13,776,465 (75,154,415)
93,149,844 15,609,002 (77,540,842)
77,135,965 16,313,890 (60,822,075)
116,666,938 21,332,951 (95,333,987)

revenues
Assets I,T revenues
year t year
t-1
D E F G=E-F
392,722,306 29,406,086 21,261,162 8,144,924
509,181,714 54,853,845 29,406,086 25,447,759
652,410,491 53,809,058 54,853,845 (1,044,787)
891,725,489 75,885,274 53,809,058 22,076,216
1,068,090,450 86,387,461 75,885,274 10,502,187
1,134,469,444 88,362,246 86,387,461 1,974,785
1,456,573,683 90,117,411 88,362,246 1,755,165
102

Receivables
Receivables
in year t-
in year t 1
H I J=H-I
204,743,109 175,665,218 29,077,891
321,045,595 204,743,109 116,302,486
436,967,870 321,045,595 115,922,275
465,415,208 436,967,870 28,447,338
601,551,048 465,415,208 136,135,840
689,364,649 601,551,048 87,813,601
711,797,603 689,364,649 22,432,954

K=C/D L=1/D M=(G-J)/D N=(P.P.E)/D

-0.077585237 2.54633E-09 -0.05330221 0.021800827
0.03078946 1.96394E-09 0.178432816 0.016689054
-0.042004389 1.53278E-09 0.179284459 0.015228676
-0.084279765 1.12142E-09 0.007144712 0.01173662
-0.072597636 9.3625E-10 0.117624545 0.011314548
-0.053612793 8.81469E-10 0.075664282 0.015131318
-0.065450851 6.86543E-10 0.014196185 0.014324576

O=1/D P=G-J P.P.E

2.54633E-09 (20,932,967) 8,561,671
1.96394E-09 (90,854,727) 8,497,761
1.53278E-09 (116,967,062) 9,935,348
1.12142E-09 (6,371,122) 10,465,843
9.3625E-10 (125,633,653) 12,084,961
8.81469E-10 (85,838,816) 17,166,018
6.86543E-10 (20,677,789) 20,864,800

P*Q*R=T
1.73092E-10 4845908.221 -1322077.781 3523830.441
1.33502E-10 21032549.69 -1312208.914 19720340.77
1.04194E-10 27077463.38 -1534198.504 25543264.88
7.62308E-11 1474892.33 -1616116.584 -141224.2535
103

6.36434E-11 29083748.71 -1866137.863 27217610.85

5.99196E-11 19871383.94 -2650745.513 17220638.42
4.66691E-11 4786835.412 -3221904.752 1564930.66

U=K-T INDEX
3523830.518 5 0 10,587,301 92.15 2.08
19720340.74 3.9 0 24,652,146 90.41 3.78
25543264.92 7.6 0 12,422,634 83.76 1.39
141224.1693 12 1 13,776,465 88.55 1.29
27217610.92 2.84 1 15,609,002 79.87 2.40
17220638.48 2.13 1.00 16,313,890 80.74 1.12
1564930.725 4.33 1.00 21,332,951 84.26 1.39

Net Income
N.C.F. operating (A) (B) TACCR I,(C)

C=A-B
-22,205,098 12,346,354 34,551,452
17,682,404 21,358,989 3,676,585
(13,240,539) 18,059,905 31,300,444
29,247,749 13,508,666 (15,739,083)
(1,823,957) 15,250,169 17,074,126
209,959,984 1,338,383 (208,621,601)
(23,685,060) 5,149,968 28,835,028

revenues
Assets I,T revenues
year t
year t-1
D E F G=E-F
309,021,639 33,999,127 26,948,397 7,050,730
415,957,008 59,306,927 33,999,127 25,307,800
698,362,190 66,889,206 59,306,927 7,582,279
856,374,723 80,745,685 66,889,206 13,856,479
104

939,639,235 84,256,502 80,745,685 3,510,817

983,546,499 83,687,037 84,256,502 -569,465
1,074,603,476 76,616,654 83,687,037 -7,070,383

Receivables Receivables
in year t in year t-1
H I J=H-I
237,806,168 175,354,372 62,451,796
384,917,089 237,806,168 147,110,921
489,727,259 384,917,089 104,810,170
497,411,907 489,727,259 7,684,648
592,871,680 497,411,907 95,459,773
569,774,041 592,871,680 (23,097,639)
670,119,771 569,774,041 100,345,730

K=C/D L=1/D M=(G-J)/D N=(P.P.E)/D

0.111809167 3.23602E-09 -0.17927892 0.005270175
0.008838858 2.40409E-09 -0.29282623 0.012367918
0.044819786 1.43192E-09 -0.13922273 0.012794198
-0.018378734 1.16771E-09 0.007206928 0.011425706
0.018170938 1.06424E-09 -0.09785559 0.021314328
-0.212111579 1.01673E-09 0.022905042 0.024609636
0.02683318 9.30576E-10 -0.09995884 0.024759166

O=1/D P=G-J P.P.E

3.23602E-09 -55,401,066 1,628,598
2.40409E-09 121,803,121 5,144,522
1.43192E-09 -97,227,891 8,934,984
1.16771E-09 6,171,831 9,784,686
1.06424E-09 -91,948,956 20,027,779
1.01673E-09 22,528,174 24,204,721
9.30576E-10 107,416,113 26,606,286
105

P*Q*R=T
2.19975E-10 12825151.89 -251485.1633 12573666.72
1.63423E-10 28196994.03 -794407.8007 27402586.23
9.73377E-11 22507914.73 -1379724.101 21128190.63
7.93776E-11 -1428757.165 -1510933.55 -2939690.714
7.23437E-11 21285859.85 -3092653.48 18193206.37
6.91141E-11 -5215193.03 -3737649.324 -8952842.355
6.32577E-11 24866452.29 -4108494.656 20757957.63

INDEX
5 0 21,358,989 81.67 3.06
3.9 0 18,059,905 81.66 2.11
7.6 1 13,508,666 79.34 1.44
12 1 15,250,169 80.64 1.55
2.84 1 1,338,383 82.23 0.12
2.13
5,149,968
4.33 1 0.43