Fiducial Real Estate SA
PAR:ORIA
Income Statement
Earnings Waterfall
Fiducial Real Estate SA
Income Statement
Fiducial Real Estate SA
| Sep-2004 | Mar-2005 | Sep-2005 | Mar-2006 | Sep-2006 | Mar-2007 | Sep-2007 | Mar-2008 | Sep-2008 | Mar-2009 | Sep-2009 | Mar-2010 | Sep-2010 | Mar-2011 | Sep-2011 | Mar-2012 | Sep-2012 | Mar-2013 | Sep-2013 | Mar-2014 | Sep-2014 | Mar-2015 | Sep-2015 | Mar-2016 | Sep-2016 | Mar-2017 | Sep-2017 | Mar-2018 | Sep-2018 | Mar-2019 | Sep-2019 | Mar-2020 | Sep-2020 | Mar-2021 | Sep-2021 | Mar-2022 | Sep-2022 | Mar-2023 | Sep-2023 | Mar-2024 | Sep-2024 | Mar-2025 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||||||||||||||||||||||||||||||||||
| Interest Expense |
7
|
7
|
7
|
7
|
8
|
8
|
9
|
10
|
9
|
9
|
8
|
8
|
8
|
8
|
9
|
9
|
10
|
11
|
11
|
10
|
10
|
9
|
9
|
10
|
9
|
9
|
9
|
8
|
8
|
7
|
7
|
6
|
6
|
5
|
5
|
5
|
5
|
5
|
6
|
6
|
6
|
5
|
|
| Revenue |
25
N/A
|
27
+9%
|
28
+2%
|
28
0%
|
31
+12%
|
33
+7%
|
33
+1%
|
35
+6%
|
37
+4%
|
36
-1%
|
37
+2%
|
40
+7%
|
41
+3%
|
43
+3%
|
46
+8%
|
49
+7%
|
53
+7%
|
58
+10%
|
63
+8%
|
65
+3%
|
65
+1%
|
66
+0%
|
67
+2%
|
70
+6%
|
72
+2%
|
72
0%
|
74
+3%
|
77
+4%
|
77
+1%
|
77
-1%
|
82
+7%
|
87
+5%
|
80
-8%
|
78
-3%
|
80
+4%
|
82
+2%
|
85
+4%
|
86
+2%
|
87
+1%
|
86
-1%
|
87
+0%
|
86
0%
|
|
| Gross Profit | |||||||||||||||||||||||||||||||||||||||||||
| Cost of Revenue |
(4)
|
(3)
|
(6)
|
(1)
|
(0)
|
(0)
|
(0)
|
(0)
|
(1)
|
(1)
|
(1)
|
(0)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(2)
|
(2)
|
(2)
|
(3)
|
(3)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(2)
|
(2)
|
(1)
|
(1)
|
(1)
|
|
| Gross Profit |
21
N/A
|
24
+16%
|
22
-9%
|
27
+22%
|
30
+12%
|
33
+7%
|
33
+1%
|
35
+6%
|
36
+4%
|
36
-1%
|
37
+2%
|
39
+8%
|
41
+3%
|
42
+3%
|
45
+8%
|
49
+7%
|
52
+7%
|
57
+10%
|
62
+8%
|
63
+2%
|
64
+1%
|
64
+0%
|
63
0%
|
68
+7%
|
71
+4%
|
70
0%
|
72
+3%
|
76
+4%
|
76
+1%
|
76
0%
|
81
+7%
|
86
+5%
|
79
-8%
|
77
-3%
|
79
+4%
|
81
+2%
|
84
+3%
|
84
+0%
|
85
+1%
|
85
0%
|
85
+1%
|
85
0%
|
|
| Operating Income | |||||||||||||||||||||||||||||||||||||||||||
| Operating Expenses |
(7)
|
(10)
|
(9)
|
(9)
|
(17)
|
(17)
|
(16)
|
(17)
|
(19)
|
(10)
|
(20)
|
(20)
|
(22)
|
(22)
|
(25)
|
(26)
|
(28)
|
(32)
|
(33)
|
(35)
|
(38)
|
(37)
|
(35)
|
(34)
|
(44)
|
(40)
|
(40)
|
(43)
|
(43)
|
(44)
|
(47)
|
(51)
|
(44)
|
(42)
|
(44)
|
(45)
|
(46)
|
(48)
|
(46)
|
(47)
|
(48)
|
(46)
|
|
| Selling, General & Administrative |
(4)
|
(5)
|
(4)
|
(9)
|
(10)
|
(11)
|
(11)
|
(12)
|
(12)
|
(13)
|
(13)
|
(14)
|
(14)
|
(14)
|
(16)
|
(17)
|
(18)
|
(23)
|
(25)
|
(26)
|
(26)
|
(25)
|
(26)
|
(28)
|
(29)
|
(28)
|
(29)
|
(30)
|
(31)
|
(31)
|
(33)
|
(35)
|
(32)
|
(28)
|
(29)
|
(30)
|
(32)
|
(32)
|
(32)
|
(33)
|
(33)
|
(33)
|
|
| Depreciation & Amortization |
(4)
|
(5)
|
(5)
|
(7)
|
(6)
|
(7)
|
(7)
|
(7)
|
(7)
|
(7)
|
(8)
|
(8)
|
(8)
|
(8)
|
(8)
|
(9)
|
(10)
|
(10)
|
(11)
|
(11)
|
(11)
|
(11)
|
(11)
|
(12)
|
(13)
|
(14)
|
(14)
|
(13)
|
(13)
|
(13)
|
(14)
|
(15)
|
(14)
|
(14)
|
(16)
|
(16)
|
(16)
|
(16)
|
(16)
|
(16)
|
(17)
|
(18)
|
|
| Other Operating Expenses |
0
|
1
|
0
|
7
|
(0)
|
1
|
2
|
2
|
1
|
10
|
1
|
2
|
0
|
0
|
(0)
|
(0)
|
(0)
|
1
|
3
|
2
|
(0)
|
(1)
|
2
|
6
|
(3)
|
1
|
3
|
1
|
1
|
(0)
|
0
|
(0)
|
2
|
0
|
1
|
1
|
2
|
1
|
3
|
3
|
2
|
5
|
|
| Operating Income |
14
N/A
|
15
+6%
|
13
-10%
|
18
+34%
|
14
-24%
|
16
+15%
|
16
+5%
|
18
+9%
|
17
-2%
|
26
+48%
|
17
-35%
|
20
+17%
|
19
-2%
|
20
+4%
|
21
+5%
|
23
+9%
|
24
+5%
|
25
+4%
|
29
+15%
|
28
-1%
|
26
-9%
|
26
+2%
|
28
+6%
|
34
+20%
|
26
-21%
|
30
+15%
|
33
+8%
|
33
+1%
|
33
+1%
|
32
-4%
|
34
+7%
|
35
+1%
|
35
+1%
|
35
0%
|
35
+1%
|
36
+2%
|
38
+5%
|
36
-5%
|
39
+8%
|
38
-2%
|
38
-1%
|
38
+2%
|
|
| Pre-Tax Income | |||||||||||||||||||||||||||||||||||||||||||
| Interest Income Expense |
(7)
|
(7)
|
(7)
|
(7)
|
(7)
|
(8)
|
(9)
|
(10)
|
(9)
|
(9)
|
(8)
|
(8)
|
(8)
|
(8)
|
(8)
|
(9)
|
(10)
|
(11)
|
(11)
|
(10)
|
(10)
|
(9)
|
(9)
|
(10)
|
(9)
|
(9)
|
(8)
|
(8)
|
(8)
|
(7)
|
(6)
|
(6)
|
(6)
|
(5)
|
(5)
|
(5)
|
(4)
|
(5)
|
(6)
|
(6)
|
(5)
|
(5)
|
|
| Non-Reccuring Items |
0
|
0
|
8
|
0
|
0
|
0
|
0
|
0
|
9
|
0
|
1
|
0
|
(0)
|
0
|
1
|
0
|
0
|
0
|
(1)
|
0
|
0
|
0
|
(0)
|
0
|
7
|
0
|
(0)
|
0
|
(0)
|
0
|
(1)
|
0
|
(2)
|
0
|
(0)
|
0
|
(1)
|
0
|
(0)
|
0
|
0
|
0
|
|
| Gain/Loss on Disposition of 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
|
|
| Total Other Income |
0
|
0
|
(0)
|
0
|
0
|
0
|
(0)
|
(0)
|
0
|
1
|
(0)
|
0
|
1
|
(1)
|
0
|
1
|
1
|
0
|
(1)
|
(1)
|
2
|
7
|
4
|
(1)
|
0
|
2
|
(3)
|
(7)
|
1
|
5
|
4
|
3
|
(3)
|
(4)
|
0
|
5
|
5
|
(1)
|
(0)
|
0
|
1
|
1
|
|
| Pre-Tax Income |
7
N/A
|
8
+11%
|
14
+79%
|
11
-21%
|
6
-43%
|
8
+19%
|
7
-2%
|
8
+9%
|
18
+126%
|
18
-1%
|
9
-48%
|
12
+29%
|
12
-4%
|
11
-4%
|
13
+20%
|
15
+13%
|
15
0%
|
14
-4%
|
16
+10%
|
17
+9%
|
18
+3%
|
24
+34%
|
22
-6%
|
22
0%
|
24
+7%
|
24
-1%
|
21
-12%
|
18
-14%
|
27
+49%
|
30
+11%
|
31
+5%
|
32
+2%
|
25
-21%
|
25
+1%
|
30
+20%
|
37
+21%
|
37
0%
|
31
-17%
|
33
+6%
|
33
0%
|
33
+3%
|
34
+3%
|
|
| Net Income | |||||||||||||||||||||||||||||||||||||||||||
| Tax Provision |
(3)
|
(3)
|
(5)
|
(2)
|
(2)
|
(4)
|
(3)
|
(4)
|
(6)
|
(6)
|
12
|
14
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(1)
|
(0)
|
(0)
|
(1)
|
(1)
|
0
|
(0)
|
0
|
0
|
(1)
|
(1)
|
(1)
|
(1)
|
(0)
|
0
|
(0)
|
(1)
|
(1)
|
(1)
|
(0)
|
(1)
|
(1)
|
(7)
|
|
| Income from Continuing Operations |
5
|
5
|
9
|
9
|
5
|
4
|
4
|
4
|
12
|
12
|
21
|
26
|
11
|
11
|
13
|
15
|
15
|
14
|
15
|
17
|
17
|
24
|
22
|
22
|
24
|
24
|
21
|
18
|
26
|
29
|
30
|
30
|
25
|
25
|
30
|
35
|
35
|
30
|
32
|
32
|
33
|
28
|
|
| Income to Minority Interest |
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
0
|
0
|
0
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
|
| Equity Earnings Affiliates |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
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 (Common) |
4
N/A
|
5
+16%
|
9
+73%
|
9
-4%
|
5
-46%
|
3
-26%
|
4
+26%
|
4
+2%
|
12
+166%
|
12
+1%
|
21
+81%
|
26
+22%
|
11
-56%
|
11
-4%
|
13
+19%
|
15
+12%
|
15
0%
|
14
-5%
|
15
+9%
|
17
+10%
|
17
+4%
|
23
+35%
|
22
-7%
|
22
+0%
|
24
+10%
|
24
-1%
|
21
-11%
|
18
-14%
|
26
+45%
|
29
+11%
|
30
+3%
|
30
+1%
|
25
-19%
|
25
+3%
|
30
+18%
|
35
+18%
|
35
0%
|
30
-15%
|
32
+7%
|
32
-1%
|
33
+3%
|
28
-13%
|
|
| EPS (Diluted) |
1.86
N/A
|
2.15
+16%
|
3.73
+73%
|
3.57
-4%
|
1.94
-46%
|
1.43
-26%
|
1.8
+26%
|
1.84
+2%
|
4.88
+165%
|
4.91
+1%
|
8.88
+81%
|
10.79
+22%
|
4.74
-56%
|
4.54
-4%
|
5.41
+19%
|
6.07
+12%
|
6.05
0%
|
5.75
-5%
|
6.28
+9%
|
6.9
+10%
|
7.19
+4%
|
9.69
+35%
|
8.99
-7%
|
9.01
+0%
|
9.92
+10%
|
9.81
-1%
|
8.7
-11%
|
7.48
-14%
|
10.86
+45%
|
12.07
+11%
|
12.44
+3%
|
12.52
+1%
|
10.15
-19%
|
10.5
+3%
|
12.38
+18%
|
14.67
+18%
|
14.59
-1%
|
12.42
-15%
|
13.29
+7%
|
13.11
-1%
|
13.48
+3%
|
11.68
-13%
|
|