Cash Flow Statement

Operating Cash Flow

+544%

+112%

10Y

Currency: BRL

	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025
Operating Cash Flow
Net Income	296	287	280	336	361	300	190	115	117	170	267	336	321	310	315	172	54	(223)	(169)	95	120	408	450	450	804	1 127	1 453	1 607	1 367	1 137	646	372	813	975	1 177	1 374	1 062	1 027	1 067	1 353	2 135	2 274	2 389	2 504	2 928	2 506	2 172	1 503	(372)	(693)	(891)	(779)	(967)	(818)	(2 086)	(3 075)	(2 115)	(2 095)	(469)	836	1 213	1 288	1 404	1 178	1 390	1 451	945	455	517	(1 052)	(1 304)	(1 170)	(3 091)	(2 568)	(3 454)	(3 580)	(1 869)	(251)	2 180	3 579	3 692	4 283	3 924
Depreciation & Amortization	105	107	112	114	117	126	132	135	146	283	321	355	294	330	398	481	602	614	590	696	591	651	749	718	840	821	831	820	886	904	918	944	967	1 000	1 059	1 113	1 176	1 193	1 189	1 185	1 230	1 253	1 289	1 329	1 317	1 379	1 450	1 533	1 603	1 668	1 732	1 832	1 632	1 612	1 595	1 521	1 747	1 895	2 023	2 158	2 301	2 308	2 321	2 357	2 394	2 484	2 608	2 677	2 746	2 764	2 806	2 885	2 992	3 097	3 120	3 152	3 225	3 289	3 374	3 441	3 525	3 515	3 533
Change in Deffered Taxes	0	0	8	0	3	14	1	(10)	(39)	(44)	(37)	(18)	(14)	(39)	(36)	(122)	(291)	(163)	(148)	(71)	182	60	59	116	66	163	99	(42)	117	42	63	121	(21)	(36)	83	138	116	149	67	93	235	254	270	(13)	(407)	(568)	(757)	(481)	(104)	(151)	(386)	(310)	(211)	(180)	123	248	(340)	(425)	(276)	(171)	(221)	(50)	(39)	(310)	(320)	(319)	(651)	(710)	(808)	(565)	(426)	(440)	208	(26)	(29)	(60)	(244)	(231)	(70)	283	8	214	261
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	5	5	6	9	16	0	0	0	0	0	0	0	27	32	41	52	21	26	21	51	59	56	66	46	43	52	34	22	26	0	0	0	0	0	0	0	7	13	15	36	45	45	51	42	42	51	45	37	29	1	10	27	38	64	98	92	123	102	78
Other Non-Cash Items	23	20	(11)	(33)	60	17	61	133	102	19	43	(3)	(44)	190	86	514	1 042	976	534	(171)	(619)	(239)	1 144	2 005	231	1 585	325	674	940	1 668	2 921	2 277	877	1 608	1 219	1 156	1 532	1 283	976	1 353	1 318	2 578	2 663	3 805	3 191	1 575	955	(261)	142	733	2 149	1 421	2 310	2 648	2 628	3 871	2 885	2 807	2 285	1 582	2 195	2 869	2 502	2 706	2 360	1 934	2 487	3 015	3 213	3 589	3 514	3 256	3 574	3 467	3 986	3 919	2 872	2 681	2 230	2 078	3 798	3 736	4 045
Cash Taxes Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	101	104	38	57	42	44	98	124	72	67	2	(41)	6	5	6	4	5	7	7	7	5	3	(40)	(9)	(8)	(7)	37	5	3	2	1	1	1	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash Interest Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	207	304	451	546	460	453	464	466	472	467	470	495	497	538	525	568	561	597	567	619	617	704	662	694	656	795	903	851	1 204	1 101	1 173	1 323	1 049	1 151	1 205	1 147	1 155	1 156	1 199	1 291	1 307	1 287	1 383	1 422	1 693	1 514	1 442	1 196	1 228	1 403	1 604	1 771	1 952	2 098	2 216	2 379	2 325	2 114	2 100	1 787	1 712	1 671
Change in Working Capital	44	(26)	(105)	(159)	(62)	(122)	159	126	(229)	(211)	(388)	(338)	(219)	(686)	(892)	(921)	(772)	(478)	81	(360)	192	(143)	(444)	163	1 291	(650)	(1 037)	(1 938)	(2 168)	(2 050)	(2 305)	(1 470)	(192)	(1 175)	(943)	(717)	(568)	72	914	410	83	(827)	(1 510)	(2 186)	(2 892)	(2 347)	(1 968)	(826)	553	(669)	(1 131)	(1 703)	(2 116)	(1 384)	(900)	(1 534)	(1 882)	(2 059)	(2 991)	(2 063)	(2 968)	(1 078)	(166)	(489)	14	(584)	(2 446)	(1 775)	(1 745)	(4 385)	(2 606)	(2 945)	(1 806)	117	320	125	(45)	(221)	(924)	287	(246)	720	1 012
Cash from Operating Activities	468 N/A	389 -17%	285 -27%	257 -10%	479 +86%	324 -32%	532 +64%	499 -6%	97 -81%	216 +122%	205 -5%	331 +62%	338 +2%	105 -69%	(129) N/A	124 N/A	635 +412%	726 +14%	887 +22%	189 -79%	467 +147%	736 +58%	1 958 +166%	3 451 +76%	3 232 -6%	3 045 -6%	1 670 -45%	1 120 -33%	1 143 +2%	1 701 +49%	2 242 +32%	2 243 +0%	2 443 +9%	2 371 -3%	2 596 +9%	3 063 +18%	3 319 +8%	3 724 +12%	4 212 +13%	4 393 +4%	5 002 +14%	5 531 +11%	5 101 -8%	5 439 +7%	4 137 -24%	2 545 -38%	1 851 -27%	1 469 -21%	1 821 +24%	888 -51%	1 474 +66%	462 -69%	649 +41%	1 877 +189%	1 361 -28%	1 030 -24%	296 -71%	124 -58%	573 +364%	2 341 +309%	2 521 +8%	5 338 +112%	6 023 +13%	5 441 -10%	5 839 +7%	4 967 -15%	2 944 -41%	3 662 +24%	3 924 +7%	351 -91%	1 984 +464%	1 585 -20%	1 876 +18%	4 086 +118%	3 943 -4%	3 557 -10%	3 939 +11%	5 267 +34%	6 790 +29%	9 668 +42%	10 777 +11%	12 468 +16%	12 776 +2%
Investing Cash Flow
Capital Expenditures	(130)	(184)	(206)	(255)	(266)	(285)	(405)	(166)	(524)	(689)	(714)	(696)	(636)	(554)	(600)	(1 018)	(843)	(818)	(811)	(803)	(919)	(921)	(962)	(1 060)	(1 139)	(1 248)	(1 323)	(1 394)	(1 676)	(1 964)	(2 234)	(2 366)	(2 393)	(2 396)	(2 176)	(2 013)	(1 825)	(1 576)	(1 592)	(1 711)	(1 589)	(1 565)	(1 743)	(1 879)	(2 092)	(2 450)	(2 564)	(2 636)	(2 706)	(2 557)	(2 317)	(1 981)	(1 414)	(1 326)	(1 210)	(1 178)	(1 444)	(1 314)	(1 298)	(1 273)	(1 319)	(1 399)	(1 521)	(1 738)	(1 907)	(2 109)	(2 384)	(2 672)	(2 975)	(3 146)	(3 243)	(3 214)	(3 069)	(2 986)	(2 822)	(2 595)	(2 417)	(2 288)	(2 196)	(2 204)	(2 423)	(2 661)	(3 192)
Other Items	240	305	440	(25)	24	(96)	(111)	(404)	(812)	(609)	(506)	(467)	(195)	(971)	(933)	(747)	(785)	(251)	(227)	(855)	(304)	(340)	(463)	317	38	36	36	20	(200)	(237)	(227)	(186)	20	12	221	190	312	378	126	162	(325)	(253)	(332)	1 403	405	(459)	(1 088)	(3 086)	(1 453)	(582)	(785)	(469)	(721)	(1 170)	(166)	(195)	28	1 004	2 096	2 636	2 763	2 422	1 360	791	476	394	331	(525)	(574)	(849)	(888)	(183)	(190)	(145)	(52)	295	303	396	(498)	(803)	(1 076)	(1 691)	(659)
Cash from Investing Activities	110 N/A	121 +10%	234 +93%	(279) N/A	(242) +13%	(380) -57%	(516) -36%	(570) -10%	(1 336) -134%	(1 298) +3%	(1 220) +6%	(1 163) +5%	(831) +29%	(1 524) -83%	(1 533) -1%	(1 765) -15%	(1 628) +8%	(1 069) +34%	(1 038) +3%	(1 658) -60%	(1 223) +26%	(1 261) -3%	(1 426) -13%	(743) +48%	(1 101) -48%	(1 213) -10%	(1 288) -6%	(1 373) -7%	(1 876) -37%	(2 201) -17%	(2 461) -12%	(2 552) -4%	(2 373) +7%	(2 384) 0%	(1 955) +18%	(1 823) +7%	(1 513) +17%	(1 199) +21%	(1 467) -22%	(1 549) -6%	(1 914) -24%	(1 818) +5%	(2 075) -14%	(476) +77%	(1 686) -254%	(2 909) -72%	(3 652) -26%	(5 722) -57%	(4 160) +27%	(3 138) +25%	(3 102) +1%	(2 450) +21%	(2 135) +13%	(2 496) -17%	(1 376) +45%	(1 373) +0%	(1 416) -3%	(310) +78%	798 N/A	1 362 +71%	1 443 +6%	1 023 -29%	(161) N/A	(948) -488%	(1 431) -51%	(1 715) -20%	(2 053) -20%	(3 196) -56%	(3 549) -11%	(3 995) -13%	(4 131) -3%	(3 397) +18%	(3 259) +4%	(3 131) +4%	(2 873) +8%	(2 301) +20%	(2 114) +8%	(1 892) +11%	(2 694) -42%	(3 007) -12%	(3 499) -16%	(4 352) -24%	(3 851) +12%
Financing Cash Flow
Net Issuance of Common Stock	0	0	0	0	0	0	0	0	800	0	0	0	900	934	934	934	34	0	0	5 202	5 290	0	5 290	81	0	0	(38)	(65)	(72)	(65)	(27)	7	13	18	20	13	(26)	(6)	(12)	(60)	(251)	(1 285)	(1 535)	(2 619)	(3 683)	(2 853)	(2 957)	(1 820)	(537)	(358)	0	511	510	0	0	0	0	0	0	0	0	0	(106)	(106)	(106)	0	0	0	(28)	5 254	5 250	5 248	0	(5 282)	(5 277)	51	5 313	5 178	4 965	(858)	(1 288)	(1 570)	(1 357)
Net Issuance of Debt	(494)	(452)	(442)	60	414	562	487	301	59	(19)	(76)	(28)	441	751	1 130	1 072	1 199	955	455	(2 864)	(3 606)	(4 213)	(4 544)	(1 555)	(1 429)	(597)	307	392	260	199	751	397	911	430	(452)	90	(153)	83	552	193	409	(26)	(1 529)	(35)	259	3 628	5 476	5 733	5 434	3 964	5 895	4 178	538	(936)	(3 510)	(3 754)	174	(571)	(1 614)	(1 852)	(4 635)	(3 239)	(1 568)	(301)	(381)	(1 071)	(1 479)	(1 982)	890	784	(904)	(309)	(1 242)	157	849	(1 658)	(3 796)	(5 597)	(4 103)	(4 685)	(2 508)	(2 077)	(2 249)
Cash Paid for Dividends	(83)	(85)	(87)	(82)	(85)	(110)	(108)	(62)	(62)	(38)	(38)	(76)	(76)	(100)	(100)	(114)	(114)	(76)	(76)	(25)	(25)	(100)	(100)	(153)	(153)	(263)	(263)	(502)	(502)	(632)	(632)	(440)	(440)	(275)	(320)	(579)	(579)	(769)	(724)	(726)	0	(824)	(824)	(889)	(889)	(1 089)	(1 089)	(1 123)	(1 176)	(513)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(1 144)	0	0
Other	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(92)	(93)	(93)	(93)	(1)	(1)	0	(12)	(12)	0	0	0	(34)	0	0	(76)	0	0	0	42	0	0	0	0	20	0	0	20	0	0	0	0	9	143	195	(107)	(100)	(231)	(283)	(165)	(182)	(184)	(838)	(100)	(1 522)	(2 216)	(1 753)	(2 683)	(1 435)	(1 228)	(1 403)	(1 604)	3 497	3 317	3 170	3 052	(2 379)	(2 325)	(2 114)	(2 100)	(1 787)	(1 712)	(1 671)
Cash from Financing Activities	(577) N/A	(537) +7%	(528) +2%	(22) +96%	329 N/A	453 +38%	379 -16%	239 -37%	797 +234%	739 -7%	682 -8%	692 +1%	1 265 +83%	1 584 +25%	1 963 +24%	1 891 -4%	1 118 -41%	878 -21%	378 -57%	2 313 +511%	1 568 -32%	885 -44%	553 -37%	(1 720) N/A	(1 583) +8%	(860) +46%	7 N/A	(187) N/A	(326) -75%	(511) -56%	79 N/A	(36) N/A	450 N/A	140 -69%	(786) N/A	(552) +30%	(757) -37%	(693) +9%	(185) +73%	(551) -199%	(568) -3%	(2 135) -276%	(3 889) -82%	(3 543) +9%	(4 294) -21%	(293) +93%	1 450 N/A	2 810 +94%	3 721 +32%	3 093 -17%	5 383 +74%	4 637 -14%	1 057 -77%	(283) N/A	(2 805) -890%	(3 861) -38%	74 N/A	(802) N/A	(1 898) -137%	(2 017) -6%	(4 817) -139%	(3 423) +29%	(2 512) +27%	(508) +80%	(2 009) -296%	(3 393) -69%	(3 232) +5%	(4 665) -44%	(572) +88%	4 810 N/A	2 943 -39%	3 335 +13%	2 256 -32%	(1 808) N/A	(1 258) +30%	1 445 N/A	(862) N/A	(2 744) -218%	(1 252) +54%	(7 644) -511%	(6 727) +12%	(6 503) +3%	(6 421) +1%
Change in Cash
Effect of Foreign Exchange Rates	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(21)	41	0	103	39	(71)	(147)	(157)	(61)	(104)	(135)	(153)	(260)	101	116	122	272	2	43	49	66	80	148	100	(11)	226	359	982	919	1 511	1 199	422	347	(507)	(388)	(175)	125	16	82	110	57	190	71	96	15	95	55	399	1 085	1 207	939	847	(388)	(310)	150	(751)	150	(78)	(271)	237	(205)	(72)	170	469	1 120	741	1 350	872	185
Net Change in Cash	1 N/A	(27) N/A	(9) +68%	(44) -402%	566 N/A	396 -30%	395 0%	168 -57%	(442) N/A	(344) +22%	(334) +3%	(139) +58%	772 N/A	164 -79%	281 +71%	290 +3%	125 -57%	639 +409%	266 -58%	773 +190%	665 -14%	204 -69%	1 025 +402%	883 -14%	413 -53%	819 +99%	130 -84%	(338) N/A	(944) -179%	(888) +6%	132 N/A	(342) N/A	564 N/A	176 -69%	(79) N/A	768 N/A	1 197 +56%	1 932 +61%	2 550 +32%	2 518 -1%	2 879 +14%	2 561 -11%	57 -98%	2 931 +5 060%	(644) N/A	(234) +64%	(4) +98%	(1 951) -47 478%	994 N/A	668 -33%	3 880 +481%	2 665 -31%	(346) N/A	(791) -129%	(2 763) -249%	(4 014) -45%	(975) +76%	(892) +8%	(512) +43%	1 782 N/A	(798) N/A	3 338 N/A	4 435 +33%	5 192 +17%	3 339 -36%	706 -79%	(2 729) N/A	(4 509) -65%	(48) +99%	415 N/A	946 +128%	1 446 +53%	602 -58%	(616) N/A	(393) +36%	2 629 N/A	1 134 -57%	1 101 -3%	3 964 +260%	(243) N/A	1 901 N/A	2 485 +31%	2 688 +8%
Free Cash Flow
Free Cash Flow	338 N/A	205 -39%	79 -61%	3 -97%	213 +8 088%	39 -82%	128 +224%	333 +161%	(427) N/A	(473) -11%	(510) -8%	(365) +28%	(298) +18%	(449) -51%	(728) -62%	(894) -23%	(208) +77%	(92) +56%	76 N/A	(614) N/A	(452) +26%	(184) +59%	996 N/A	2 390 +140%	2 093 -12%	1 797 -14%	347 -81%	(273) N/A	(534) -95%	(263) +51%	8 N/A	(123) N/A	50 N/A	(25) N/A	420 N/A	1 050 +150%	1 494 +42%	2 148 +44%	2 620 +22%	2 682 +2%	3 413 +27%	3 967 +16%	3 358 -15%	3 560 +6%	2 045 -43%	95 -95%	(713) N/A	(1 167) -64%	(885) +24%	(1 668) -88%	(843) +49%	(1 519) -80%	(765) +50%	551 N/A	151 -73%	(147) N/A	(1 148) -679%	(1 190) -4%	(725) +39%	1 068 N/A	1 202 +13%	3 939 +228%	4 502 +14%	3 703 -18%	3 932 +6%	2 858 -27%	559 -80%	991 +77%	949 -4%	(2 794) N/A	(1 259) +55%	(1 629) -29%	(1 193) +27%	1 100 N/A	1 122 +2%	961 -14%	1 523 +58%	2 979 +96%	4 594 +54%	7 464 +62%	8 354 +12%	9 807 +17%	9 583 -2%

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Cash Flow Statement

Cash Flow Statement
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Cash Flow Statement
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