Balance sheet – Consolidated

31-Dec-17 31-Dec-18 31-Dec-19
Goodwill 2,536,315 12,241,308 17,701,643
Other intangibles 163,040 6,099,112 6,039,991
Tangibles 475,751 2,003,818 6,742,571
Investments 0 1,230,328 1,236,738
Financial Assets 768,821 1,056,588 1,056,588
Deferred tax 88,009  – 562,443
Total Fixed Assets 4,031,935 22,631,153 33,339,974
Inventory 395,856 618,060 1,997,289
Receivables 15,409,713 22,771,507 32,300,201
Cash and equivalents 11,060,150 13,047,882 20,824,117
Current Assets 26,865,719 36,437,449 55,121,607
Total Assets 30,897,655 59,068,602 88,461,581
Subscribed capital 3,044,426 5,175,524 11,620,321
Premiums 680,248 2,594,889 0
Other elements 471,070 1,038,755 1,118,923
Legal reserves 164,559 266,124 352,151
Retained Earnings 394,597 352,234 1,708,978
Current results 1,205,609 4,371,203 -2,753,499
Total equity 5,960,508 13,798,728 12,046,873
Investments  – 201,818 324,703
Total shareholder equity 5,960,508 14,000,546 12,371,577
Bonds 8,472,806 18,380,362 28,195,593
Bank loans  – 1,164,199 4,807,687
Leasing  – 93,025 3,842,943
Payables 698,955  –  –
Deferred tax liabilities  – 28,852  –
Total Long Term Debt 9,171,761 19,666,438 36,846,223
Bonds  – 4,164,585  –
Bank loans 6,000,000 8,017,675 3,560,417

Income statement

2017 2018 2019
Revenues form customers 27,681,996 47,891,044 99,749,829
COGS -20,263,782 -39,013,343 -82,494,676
Gross Margin 7,418,214 8,877,701 17,255,153
Other Revenues 163,002 5,968,250 657,734
Sellign Expenses -1,633,463 -2,485,635 -6,417,530
G&A expennses -3,604,948 -6,006,901 -11,658,788
Investment gains 180,328 6,411
Interest Revenues 1,601 72,889 371,828
Financial Expenses -884,771 -1,317,020 -2,805,234
Gross Profit 1,459,636 5,289,611 -2,962,255
Incom Tax -254,026 -881,666 331,642
Net profit, of which 1,205,609 4,407,945 -2,630,613
Mother company 1,205,609 4,371,202 -122,885
Contolling interests 36,743 -2,753,499
Per Share reporting
basic 0.0404 0.0401 -0.0237
diluted 0.0362 0.0367 -0.0214
Net Profit 1,205,609 4,407,945 -2,630,613
Other Elements
Total global results 1,205,609 4,407,945 -2,630,613
Mother Company 1,205,609 4,371,202 -122,885
Contorlling interests 36,743 -2,753,499

Cash flow statement

2017 2018 2019
Gross Profit 1,459,636 5,289,611 -2,962,255
Adjustments:
 Amortization 97,844 179,283 2,283,370
 Stock Option Plan 301,865 567,685 1,001,644
Receivables provisioning 158,463 127,770 84,551
Financial Expenses 691,817 1,329,611 2,864,523
Leasing Interest 427,980
 Interest revenues -1,601 -72,889 -371,828
Investments -180,328 -6,411
Operational Profit before working capital changes 2,708,023 7,240,743 3,321,574
Receivables change -2,541,421 -6,123,581 -9,646,903
Inventory change 303,108 -219,330 -1,379,229
Payables change 150,858 3,014,280 16,810,546
Opeartional cashflow 579,620 3,912,111 9,105,989
Paid income tax -206,474 -514,751 -603,701
Net Operational Cashflow 373,146 3,397,360 8,502,288
Investment activities
Payments for acquiring subsidiaries 163,516 -1,392,067 -709,920
Payments for no-controlling interests -1,050,000
Loans to subbsidiaries -1,050,000
Goodwill acquisitions -9,366,943
Fixed Assets acquisitions -515,245 -7,413,586 -893,873
Interest revenue 1,601 39,232 405,485
Net cashflow from investment activities -350,128 -20,233,364 -1,198,308
Financing
Equity raising 1,602,763 2,899,332
Bank loans accessed 4,500,000 5,197,000
Bank loans reimbursed -1,122,689 -2,015,126 -813,770
Bonds Issuance 4,393,880 14,072,141 9,600,000
Bonds repayment -4,186,000
Leasing payments 1,500,098
Paid interest -691,817 -1,329,611 -2,627,877
Net cashflow from financing 8,682,138 18,823,735 472,255
Cash increase 8,705,157 1,987,731 7,776,235
Cash at the beginning of the year 2,354,993 11,060,150 13,047,882
Cash at the end of the year 11,060,150 13,047,882 20,824,117
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