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w
THPA
Business
Plan
FW : TJ-fPA
Business Plan
Air:
Makris Dimitrios
HLupou1vIc.:
Fri,
Jul
2011
15:10:05
0300
Hpo: Fpct.ttcLT6kt
2010
napai aX
va
caEtE apiOt
flpwtoKOAAou
E1aEpXovou
oto napa6oto
tq
Deloiffe.
A
AC
tiq
ipnc
MaKp
From: Amoiradaki,
Christina
GR
Thessaloniki)
[mailto:[email protected]]
Sent:
Friday,
Ju;y.8
2011 2:48 PM
r
To:
Makris
Dimitrios
u
o
iop,
ciiir
Subject:
THPA Business
Plan
Ayartrt
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Senior
Consultant
Deloitte
Business
Solutions
S.A.
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-
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W
THPA Business Plan
Content Encoding:
base64
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... .. .
... ..
6 2011
Document Code 2.2.6-1
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2
6
1. & 7
2. ... .. 12
3. ... .. 18
4. 22
5. 28
6. 35
72
Document Code 2.2.6-1
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5/198- 2 - Document Code 2.2.6-
(1/3)
7-8 .
o 405.000 TEUs* 450.000 - 480.000 TEUs.
2017 - 2018
.
o 3 , , . 8
.
235 . 2010. 46% 6 , 39% 15% . 1.240.000 TEUs.
13 ( 2023)
() .o 2022
2027.
* Twenty-Foot Equivalent Unit (TEU): TEU ( ) 20 (6,1 ). ,
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(2/3)
7,5 (20112018), ().
.
(, / , )
130,6* 20112016
( ) 11,5* 2 016 - 2018
*2010
() ( 50 .) . ,
61,3 . , 66,6 . 70,4 . .
(EBITDA / > 2,5, / EBITDA < 7,4 >95 .) , . , .
2016 2017 2018
EBITDA
/
/
EBITDA
EBITDA /
/
EBITDA
EBITDA /
/
EBITDA
49,5 37,8 6,8 3,4 154,7 46,7 66,6 4,6 3,7 160,4 43,3 53,5 4,8 2,8 166,8
49,5 34,3 7,6 3,1 157,2 46,7 61,3 5,3 3,3 164,2 43,3 45,9 5,7 2,3 172,4
49,5 40,1 6,3 3,7 153,2 46,7 70,4 4,2 4,0 157,8 43,3 59,0 4,3 3,1 162,8
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7/198- 4 - Document Code 2.2.6-
(3/3)
,
117 . .
, transit (12% 20%)
2017.
transit
1.000.000 TEUs 3 - 6
1 2 .
.
, ,
, , 2012
2013 .
RMGRTG.
-
7/25/2019 Thpa Business Plan_final
8/198- 5 - Document Code 2.2.6-
. ,
( , , )
, , .
, , ,
.
, .
,
Deloitte. .
. ,
, , ,
.
, .
. .
.
-
7/25/2019 Thpa Business Plan_final
9/198- 6 -6
1.
&
-
7/25/2019 Thpa Business Plan_final
10/198- 7 - Document Code 2.2.6-
, , .
1.
(.... , ,
, .) ,
.
2.
,
,
.
3.
560 ,
2.000 .
-
7/25/2019 Thpa Business Plan_final
11/198- 8 - Document Code 2.2.6-
,
...:
( , ...., , , )
(, ).
(.)
619
228
294
416
539
314
684 685
1.014
X IV ....
( )
200
482
140
347 333
529
443
736
252
254
: Ocean Shipping Consultants ..
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12/198- 9 - Document Code 2.2.6-
transit , .
,
,
:
, .
,
.
(.. ....), , ,
, .
.
.
.
-
7/25/2019 Thpa Business Plan_final
13/198
- 10 - Document Code 2.2.6-
, ,
(.. ,
, , , , , ).
.
(.. Panamax), , .
(, , .), ,
.
transit .
, , , .
: Ocean Shipping Consultants
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- 11 - 11
2.
... ..
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- 12 - Document Code 2.2.6-
/ , .
5.800
, 12 . 600.000 ..( )
, ,
2009 15.000.000
( 7.000.000 8.000.000 ), 270.000
TEUs , 2.000 , 160.000 .
() () () ()
1 325 8 16 320 10,1
2 90 8 17 190 11,1
3 200 8 18 220 9,9
4,5,6,7,8 400 8 19 175 8,9
9 230 8,6 20 350 9,7
10 320 10,1 21 185 12
11 240 9,7 22 370 9,5
12 240 9,2 23 184 8,913 135 10,1 24 635 12
14 230 9,726 550 12
15 175 10,4
: ..
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- 13 - Document Code 2.2.6-
() , ( , , ..)
6
550 340 ., 254.000
.. 3.695 TEUs .
12 .
4 (1 40 , 1 45 2 50
post panamax).
1 transtainer 50
276 (380V) / .
17 straddle carriers
4 tractors
5 front lifts
20 trailers
6
1.000.000 ..,
4.000 . 12 .
85.000 ..,
12.000 .., 500.000 ..,
20.000 .
,
(, , , ..),
(, , , , ..), (, , ,
..)
44 40
1 100
2 120 150
1 60
(, ,
..)
, ..,
( ), " in transit"
2007 440
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- 14 - Document Code 2.2.6-
282.755 274.248
358.259
204.379245.649 253.105
56.230 57.101
79.933
34.505
23.858 25.869
352.460337.596
442.638
238.912
269.844 279.276
0
50.000
100.000
150.000
200.000
250.000
300.000
350.000
400.000
450.000
2005 2006 2007 2008 2009 2010
(2005 - 2010)
( TEUs)
& Transit Transhipment
2007, 440 .TEUs, 2008 , , 2009 13% 2010 3,5%.
: transhipment
: ..
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- 15 - Document Code 2.2.6-
3.841 3.896
4.956
4.446
3.538
4.403
0
500
1.000
1.500
2.000
2.500
3.000
3.500
4.000
4.500
5.000
2005 2006 2007 2008 2009 2010
(2005 - 2010)
( . )
, 2007, 2008 2009 ( 2008-2009 20%). 2010 2008.
: ..
130 160
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- 16 - Document Code 2.2.6-
211.469
121.627 118.305 115.623 119.636
84.716
5.736 6.188 8.831
4.988
6.069
8.05726.161
41.691 29.712
11.051
217.538
129.684
150.202163.502 158.179
100.755
0
50.000
100.000
150.000
200.000
250.000
2005 2006 2007 2008 2009 2010
(2005 - 2010)( )
, 130-160 . , 2010 100 ., 2005 ( 200 .), .
: ..
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- 17 - 17
3.
... ..
2007 ( 66
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- 18 - Document Code 2.2.6-
25.649
39.568
24.298 25.173 24.519
14.904
20.638
18.812 15.333 19.267
5.394
6.079
6.2335.443
5.83145.947
66.285
49.34245.949
49.617
0
10.000
20.000
30.000
40.000
50.000
60.000
70.000
2006 2007 2008 2009 2010
... .. (2006 - 2010)( . )
... .. 2007 ( 66 ., 44%), . , 2006, 49 . 2008 2010 46 . 2009.
:
..
Containers
. .
/
, (EBITDA) (EAT) ...
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- 19 - Document Code 2.2.6-
6.887
19.916
8.593 7.657 9.148
3.639
13.868
5.303 4.4806.144
15,0%
30,0%
17,4%16,7%
18,4%
7,9%
20,9%
10,7%9,7%
12,4%
0%
5%
10%
15%
20%
25%
30%
35%
0
5.000
10.000
15.000
20.000
25.000
2006 2007 2008 2009 2010
000
... .. (2006 - 2010)
EBITDA EAT EBITDA (% ) EAT (% )
, (EBITDA) (EAT) ..... 2007, % . EBITDA 15%-18,5% 8%-12,5%.
:
..
(
65. 2010), .
, ... ..
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- 20 - Document Code 2.2.6-
. . . . .2006 2007 2008 2009 2010
(Current ratio) 4,9 4,3 4,9 6,9 5,6
(Quick ratio) 4,8 4,2 4,7 6,6 5,4
(%) 16,2% 33,8% 19,9% 7,8% 23,3%
(%) 7,0% 24,3% 9,7% 8,2% 13,8%
(%) 11,1% 28,2% 16,1% 14,1% 18,7%
(%) 7,9% 20,9% 10,7% 9,7% 12,4%
(ROA) 3,0% 10,2% 4,0% 3,4% 4,4%
(ROE) 3,5% 12,1% 4,6% 3,8% 5,1%
() 10,2 10,5 10,5 10,8 9,5
() 36 35 35 34 38
() 22,2 25,1 21,1 22,2 20,5
K () 16 15 17 16 18
() 24,6 24,5 11,2 24,6 10,1
() 15 15 33 15 36
0,4 0,5 0,4 0,3 0,4
9,8 10,6 16,3 10,4 12,1
0,6 0,1 0,6 0,5 0,5
0,2 0,2 0,2 0,1 0,1
n/a n/a n/a n/a n/a
B 0,1 0,1 0,1 0,1 0,1
(EBITDA / ) n/a n/a n/a n/a n/a
, ... .. . , .
: ..
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- 21 - 21
4.
:
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- 22 - Document Code 2.2.6-
6 550 . , .
1.200.000 TEUs , 405.000 TEUs .
T 2011 2016 3 (2016 2018) .
235 . 2010, 46% 6 , 39% .
() 50 ., .. ,
.
:
-
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- 23 - Document Code 2.2.6-
1. 6 107,4 .*
550 , 350 , , .
2. 6 23,2 .*
, , .
3. 11,5 .*
(RTG RMG).
4. 92,8 .*
(000 )* (000 )*
SPP 6 39.000 RTG 24 31.200
PP 1 5.500 Tractors 35 2.800
Straddle Carriers 5 3.650 Trailers 55 40 760
Reach Stackers 4 1.400 Trailers 60 2 44
Reach Stackers 1 450 - 8.000
* 2010.
. 1
-
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- 24 - Document Code 2.2.6-
2 , 3 4 RTG (RMG).
1
2
3
4
1 2+ , ,
3
RTG RMG)4+
7,5 (2011 2018)
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- 25 - Document Code 2.2.6-
2011 2015: 550 ., 350, 70
.
2016: (350 .)
2015 2016: 6 (, , , , )
2016 2018: RTG (RMG).
RTG (RMG), .
2017,
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- 26 - Document Code 2.2.6-
18.661
38.125
24.824
19.58021.106
48.095
40.408
8.385
15.820
2.467
9.869
2.884
11.535
405 405 405
450
450
480
779
810846 846
981 981
1.116
0
200
400
600
800
1.000
1.200
0
5.000
10.000
15.000
20.000
25.000
30.000
35.000
40.000
45.000
50.000
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
&
2011 & 6
( . TEUs)
2018 .
(2011 2023):262 .*
000
000TE
Us
* ( ). 2011 17 . .
,
2017 , 90%
2014 .
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- 27 - 27
5.
, transit transhipment .
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- 28 - Document Code 2.2.6-
, .
Ocean Shipping Consultants Ltd (OSC)
2009.
, 1/3
.
.
,
:
,
, .
.
2008. ,
.
.
OceanShipping Consultants 11/2009
-
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- 29 - Document Code 2.2.6-
254,5 254,0 258,4 265,7 275,5
288,5
308,4333,0
363,1
396,0
436,1
471,3
0
50
100
150
200
250
300
350
400
450
500
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
( )
( 000 TEUs)
OSC
1
2011 3,0% -4,1%
2012 3,0% -0,1%
2013 3,0% 0,9%
2014 3,0% 1,5%
2015 3,0% 2,0%
1 : Economic Intelligence Unit 2011
Shipping Consultants 11/2009 . 2011 ... ..
transit
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- 30 - Document Code 2.2.6-
.
Ocean Shipping Consultants Ltd
2009.1 : Ocean Shipping Consultants Ltd
Transit Transhipment
,
, , , ,
.
5%-6% container. .
( ),
(), (, , )
.
11% 2007 4%-4,5% 2008 20091.
,
.
.
transhipment . ,
.
gateway port
transit
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- 31 - Document Code 2.2.6-
TRANSIT /
2009 2020 2009 2020 2009 2020 2009 2020 2009 2020 2009 2020 2009 2020
26 26
RIJEKA (HR) 24 25
DURRES (AL) 13 13
VLORE (AL) / / / / / / / 20
25 25
AMBARLI (TR) 22 22
VARNA (BG) 20 24
BURGAS (BG) 18 22
COSTANTA (RO) 25 26
transit . , transit .
Ocean Shipping Consultants Ltd
2009.
,
.
.
, transit Rijeka, Varna,
Costanta , transshipment . ,
, .
OSC(11/2009) 2011
-
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- 32 - Document Code 2.2.6-
33,5 44,8
59,074,9
92,7
120,1
154,3
196,2
247,0
310,9
387,5
464,4
10,7 11,4 12,2 13,2 14,3 15,6 17,4 19,5 22,1 25,0 28,8
32,3
0
50
100
150
200
250
300
350
400
450
500
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Tranzit Transhipment
( 000 TEUs)
Transit - Transhipment -
.
OSC
1
2011 5,4% 2,9%
2012 5,4% 4,2%
2013 5,4% 4,7%
2014 5,4% 4,5%
2015 5,8% 4,4%
1: Economic Intelligence Unit 2011
(11/2009) . 2011 ... .. transit .
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- 33 - Document Code 2.2.6-
0
500
1.000
1.500
2.000
2.500
3.000
3.500
4.000
(2011-2041)
(000 TEUs)
.
2.000.000 TEUs: : 2031
: 2035
: 2039
+0,5 -0,5 .
1.000.000 TEUs:
: 2022
: 2023
: 2025
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- 34 -
2.
34
:
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- 35 - Document Code 2.2.6-
2.1
2.2
2.3
2.4
2.5
2
6
1. &
7
2.
... .. 12
3. ... .. 18
4. 22
5. 28
6. 35
72
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- 36 - Document Code 2.2.6-
2.1
2.2
2.3
2.4
2.5
2
6
1. &
7
2.
... .. 12
3. ... .. 18
4. 22
5. 28
6. 35
72
.
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- 37 - Document Code 2.2.6-
3 ,
.
( )
( ).
.
, 2016 - 2017.
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- 38 - Document Code 2.2.6-
0
100
200
300
400
500
600
2009 2010 2011 2012 2013 2014 2015 2016
- ( 000 TEUs)
, .
.
5,2 .
2016 .
405. TEUs
2015 2016 2017
(000 TEUs) 402,4 451,2 515,7
(000 TEUs) 382,4 424,3 480,1
(000 TEUs) 369,0 404,8 452,9
( .) 5,1 5,2 5,4
450 . 480 . TEUs*
* 450 . TEUs Straddle Carriers 2014,
480 . TEUs .
2022 ,
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- 39 - Document Code 2.2.6-
2025 2027 .
2011 ... ..
,
, 2016 - 2019 .
(TEUs)
( )
(TEUs) ( )
2011 405.000 298.781 298.781 298.781 4.600.000
2012 405.000 310.191 314.920 307.625 4.750.000
2013 405.000 329.617 338.614 323.848 4.950.000
2014 450.000 353.750 367.815 344.426 5.000.000
2015 450.000 382.410 402.418 368.979 5.050.0002016 480.000 424.294 451.223 404.848 5.200.000
2017 778.918 480.093 515.720 452.897 5.400.000
2018 810.000 548.708 595.167 511.681 5.600.000
2019 846.000 632.190 692.187 582.717 5.900.000
2020 846.000 731.978 808.762 666.763 6.500.000
2021 981.000 852.507 949.629 766.896 6.500.000
2022 981.000 968.022 1.087.758 860.622 6.500.000
2023 1.116.000 1.033.031 1.169.415 911.635 6.500.0002024 1.116.000 1.101.767 1.256.409 965.252 6.500.000
2025 1.116.000 1.174.504 1.348.949 1.021.533 6.500.000
2026 1.116.000 1.249.125 1.447.095 1.077.301 6.500.000
2027 1.116.000 1.326.669 1.549.134 1.135.220 6.500.000
.
2022 , . 2016,
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- 40 - Document Code 2.2.6-
200
300
400
500
600
700
800
900
1.000
1.100
1.200
& (2010 2041)( 000 TEUs)
, .
,
2022
, 2025
, 2027
,
,
2016 2020
2
( 000 TEUs) 2011 2015 2020 2025
405 450 846 1.116
299 382 732 1.116
299 402 809 1.116
299 369 667 1.022
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- 41 - Document Code 2.2.6-
2.1
2.2
2.3
2.4
2.5
2
6
1. &
7
2.
... .. 12
3. ... .. 18
4. 22
5. 28
6. 35
72
.
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- 42 - Document Code 2.2.6-
/
1 2 3
4
5
, , (1/2).
-
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- 43 - Document Code 2.2.6-
1.
( , transit transshipment), , .
2015 .
2010, , 93,4 / TEU, 20% transit 2010. 1/1/2012 TEU 11.
2014 . 2010, 4,2 / 8,8 / . 77%-23%.
3% /
2. / 3.
.. 31/12/2010.
2015.
.
50 . .
5 20 .
4%.
7, 5 .
, , . 9%.
12 . (10% 2011, 30% 2012, 40% 2013 20% 2014)
logistics realestate ( ).
, , (2/2).
-
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- 44 - Document Code 2.2.6-
4.
2010 2011 , , .
( ) .
70.000 58.300 60.000 49.100. , . 45.000.
( ) 3 1,5% .
30/6 15.000 , .
,
.
5.
2014 2015 2041
, .
,
.
.
, .
. 35% .
-
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- 45 - Document Code 2.2.6-
2.1
2.2
2.3
2.4
2.5
2
6
1. &
7
2.
... .. 12
3. ... .. 18
4. 22
5. 28
6. 35
72
, , ,
-
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- 46 - Document Code 2.2.6-
...
:
.
. 22 . 16 . 4 .
,
.
:
, 235 . ( 2010), 50 .
.
(2010 2041)
, 2025 , .
-
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- 47 - Document Code 2.2.6-
49.6
17
53.6
57
58.7
89
61.3
07
64.3
17
68.5
90
75.0
11
83.5
7
8
93.7
99
106.4
19
122.6
13
139.7
20
157.0
07
168.8
94
181.7
46
188.1
31
192.8
48
197.6
84
202.6
41
207.7
22
212.9
30
218.2
70
223.7
43
229.3
53
235.1
05
241
.000
24
7.0
44
2
53.2
39
259.5
90
266.1
00
272.7
74
279.6
14
0
50.000
100.000
150.000
200.000
250.000
300.000
(2010 - 2041)( 000 )
2014 . 2012
.
( ) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2025 2030 2035 2041
27.847.154 32.311.487 34.334.269 36.847.169 40.310.180 45.396.125 52.136.732 60.481.937 70.729.036 83.121.693 143.383.654 162.225.443 183.543.199 212.853.840
23.981.241 24.594.036 25.032.724 25.471.269 26.221.199 27.494.150 29.257.249 31.067.054 33.372.685 37.105.001 41.980.903 47.497.539 53.739.105 62.320.887
1.829.082 1.883.955 1.940.473 1.998.688 2.058.648 2.120.408 2.184.020 2.249.540 2.317.027 2.386.537 2.766.651 3.207.307 3.718.148 4.439.663
53.657.478 58.789.477 61.307.466 64.317.125 68.590.028 75.010.682 83.578.001 93.798.532 106.418.748 122.613.232 188.131.208 212.930.289 241.000.452 279.614.390
(2011 2025)
.. . , 2025 .
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- 48 - Document Code 2.2.6-
521503 503
587 587 587 587 589 589 587 584 601
644
695
767
824
878
909
941 947
400
500
600
700
800
900
1.000
1.100
20
10
2011
(a)
2011
(b)
2012
(a)
2012
(b)
2013
(a)
2013
(b)
2014
(a)
2014
(b)
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
(2011-2025)( )
(31/12) 2011 (a) 2011 (b) 2012 (a) 2012 (b) 2013 (a) 2013 (b) 2014 (a) 2014 (b) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
156 156 188 188 189 189 190 190 189 189 197 218 240 270 293 314 326 339 341
347 347 399 399 398 398 399 399 398 395 404 426 455 497 531 564 583 602 606
503 503 587 587 587 587 589 589 587 584 601 644 695 767 824 878 909 941 947
, , :
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- 49 - Document Code 2.2.6-
.. 31/12/2011 503 , 31/5/2011 509 6
2011. 2011 . 1/1/2012
* 2011. 80-85 . , , 400.000 450.000 TEUs . 55 100.000 TEUs.
.
5,5 . 200 , 55% , 6,5 . 240 .
.
* . 1/1/2012
. .
.
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- 50 - Document Code 2.2.6-
0
20.000
40.000
60.000
80.000
100.000
120.000
140.000
160.000
180.000
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
(2011-2041)( 000 )
, 2014
. 2014 1,5% .
( )
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2025 2030 2035 2041
26.434.687 25.807.596 25.826.699 26.309.821 26.956.186 27.662.522 27.536.424 27.813.091 27.438.576 26.916.313 20.896.887 17.531.749 14.981.862 13.171.454
230.850 4.433.502 4.920.681 5.676.327 6.066.271 7.564.945 9.448.801 13.477.367 17.983.100 24.587.806 55.527.635 79.916.855 111.886.228 162.475.087
26.665.537 30.241.098 30.747.380 31.986.148 33.022.457 35.227.468 36.985.225 41.290.457 45.421.676 51.504.118 76.424.522 97.448.604 126.868.090 175.646.541
( 2025), , (EBITDA), % , ( ) .
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0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
0
10.000
20.000
30.000
40.000
50.000
60.000
70.000
80.000
90.000
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
EBITDA 000 % (2011-2041)
EBITDA () EBITDA (% )
EBITDA 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2025 2030 2035 2041
EBITDA () 15.480.093 17.397.049 19.021.462 20.303.435 22.254.332 25.393.358 30.800.350 35.071.324 41.536.947 49.071.969 78.917.152 78.253.720 71.880.747 54.805.944
EBITDA (% ) 28,85% 29,59% 31,03% 31,57% 32,45% 33,85% 36,85% 37,39% 39,03% 40,02% 41,95% 36,75% 29,83% 19,60%
50 . , 2016 2019, 66,6 . (2017), 2020. 3 2012
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- 52 - Document Code 2.2.6-
5.0
0
0
10.0
00
35.0
00
50.0
00
50.0
00
50.0
00
50.0
00
50.0
00
50.0
00
87
.322
113.2
89
96.8
14
80.4
8
0
36.6
67
33.3
33
3
0.0
00
26
.667
23.3
33
20.0
00
16.6
67
13.3
33
10.0
006.6
67
3.3
33
500
0
0
20.000
40.000
60.000
80.000
100.000
120.000
2011(
a)
2011(
b)
2012(
a)
2012(
b)
2013(
a)
2013(
b)
2014(
a)
2014(
b)
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
( 000 )
2032.
(50 .)
(EBITDA / ) (2,5 ) , (2016 2019).
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- 53 - Document Code 2.2.6-
11,45
9,218,80
10,039,42
10,68 11,01
6,83
4,614,83
6,99
14,41
0
2
4
6
8
10
12
14
16
18
20
2011(
b)
2012(
a)
2012(
b)
2013(
a)
2013(
b)
2014(
a)
2014(
b)
2015
2016
2017
2018
2019
2020
( : EBITDA / )
( )
= 2,5
(EBITDA / )
2016 2017 2018 2019
6,83 4,61 4,83 6,99
EBITDA (7,4 ) , (20162019).
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0,65
2,87 2,63 2,46 2,25
3,443,68
2,76
1,94
0,75 0,580,45 0,37 0,30 0,25
0
1
2
3
4
5
6
7
8
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
/ EBITDA
(2011 - 2025)
EBITDA = 7,4
/ EBITDA
2016 2017 2018 2019
3,44 3,68 2,76 1,94
... , , ( 95 .) .
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- 55 - Document Code 2.2.6-
0
100.000
200.000
300.000
400.000
500.000
600.000
700.000
800.000
900.000
1.000.000
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
(2011 - 2041)
( 000 )
( . )
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2025 2030 2035 2041
125.883 131.065 136.663 142.595 148.655 154.735 160.383 166.800 176.841 192.204 339.049 526.103 720.168 942.610
= 95 .
EAT (2011 2041)
H (Earnings After Tax - EAT) , 2041.
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- 56 - Document Code 2.2.6-
0%
5%
10%
15%
20%
25%
30%
35%
0
10.000
20.000
30.000
40.000
50.000
60.000
70.000
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
- EAT (2011-2041)( 000 % )
(000 ) EAT (% )
(EAT)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2025 2030 2035 2041
EAT () 7.872.735 7.797.050 8.394.722 8.896.092 9.092.270 9.094.364 8.470.976 9.612.496 15.049.430 23.016.307 53.387.612 59.585.275 59.605.678 53.885.036
EAT (% ) 14,7% 13,3% 13,7% 13,8% 13,3% 12,1% 10,1% 10,2% 14,1% 18,8% 28,4% 28,0% 24,7% 19,3%
& (2011 2020)
... , , 2016-2019, .
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- 57 - Document Code 2.2.6-
0
10.000
20.000
30.000
40.000
50.000
60.000
70.000
80.000
90.000
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
& (2011-2020)
( 000 )
(000)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
58.650 55.097 32.389 19.233 7.238 289 179 702 702 3.520
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2.1
2.2
2.3
2.4
2.5
2
6
1. &
7
2.
... .. 12
3. ... .. 18
4. 22
5. 28
6. 35
72
, ( ).
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- 59 - Document Code 2.2.6-
:
, (
, , .).
... , (
),
...
(EBITDA EAT) % , .
2024 (10 . EBITDA 8. ) . 2027 .
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- 60 - Document Code 2.2.6-
0
10.000
20.000
30.000
40.000
50.000
60.000
70.000
80.000
90.000
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
A EBITDA / EAT
( 000 )
EBITDA
EAT
EBITDA (000) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
22.254 25.393 30.800 35.071 41.537 49.072 57.174 66.480 71.589 77.483 78.91
23.454 27.161 33.155 38.165 45.578 54.329 63.952 67.195 77.501 78.286 78.59
21.384 24.187 28.993 32.620 38.189 44.612 51.199 58.867 62.836 67.509 72.05
EAT (000) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
9.092 9.094 8.471 9.612 15.049 23.016 32.173 41.796 46.408 51.250 53.38
10.016 10.555 10.524 12.356 18.681 27.431 37.413 42.732 51.083 52.297 53.50
8.420 8.109 6.916 7.472 12.089 19.065 27.221 35.799 39.456 43.285 47.61
EBITDA EAT .
% . - 20212024 EBITDA (1,4% - 1,6%) 2018-2024 (1,9% - 2,2%)
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0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
A EBITDA / EAT( % )
EBITDA
EAT
EBITDA (%) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
32,4% 33,9% 36,9% 37,4% 39,0% 40,0% 40,9% 42,3% 42,4% 42,6% 41,9%
33,2% 34,9% 37,9% 38,6% 40,3% 41,4% 42,3% 42,4% 43,3% 42,7% 41,8%
31,8% 33,2% 36,0% 36,4% 37,9% 38,7% 39,5% 40,8% 40,8% 41,0% 40,9%
EAT (%) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
13,3% 12,1% 10,1% 10,2% 14,1% 18,8% 23,0% 26,6% 27,5% 28,2% 28,4%
14,2% 13,6% 12,0% 12,5% 16,5% 20,9% 24,8% 27,0% 28,5% 28,5% 28,4%
12,5% 11,1% 8,6% 8,3% 12,0% 16,5% 21,0% 24,8% 25,6% 26,3% 27,1%
EBITDA EAT .
.
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2012 2013 2014 2015 2016 2017 2018 2019
50.000 50.000 50.000 50.000 49.500 46.667 43.333 40.000
0 0 0 0 37.822 66.623 53.480 40.480
50.000 50.000 50.000 50.000 87.322 113.289 96.814 80.480
EBITDA / 10,13 9,41 10,05 11,01 6,83 4,61 4,83 6,99
/ EBITDA 2,87 2,63 2,46 2,25 3,44 3,68 2,76 1,94
( 000 ) 131.065 136.663 142.595 148.655 154.735 160.383 166.800 176.841
50.000 50.000 50.000 50.000 49.500 46.667 43.333 40.000
0 0 0 0 34.316 61.279 45.890 29.836
50.000 50.000 50.000 50.000 83.816 107.946 89.224 69.836
EBITDA / 10,31 9,66 10,46 11,61 7,63 5,28 5,72 8,89
/ EBITDA 2,82 2,56 2,37 2,13 3,09 3,26 2,34 1,53
( 000 ) 131.219 137.062 143.420 150.096 157.151 164.169 172.416 184.880
50.000 50.000 50.000 50.000 49.500 46.667 43.333 40.000
0 0 0 0 40.135 70.393 59.045 48.594
50.000 50.000 50.000 50.000 89.635 117.060 102.378 88.594
EBITDA / 10,08 9,26 9,79 10,58 6,33 4,17 4,25 5,82
/ EBITDA 2,89 2,67 2,53 2,34 3,71 4,04 3,14 2,32
( 000 ) 131.031 136.474 142.145 147.757 153.180 157.791 162.780 170.846
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2.1
2.2
2.3
2.4
2.5
2
6
1. &
7
2.
... .. 12
3. ... .. 18
4. 22
5. 28
6. 35
72
, . :
1. .
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- 64 - Document Code 2.2.6-
1. .
50 ., . 117., 50% (
235 .). .
2.
50 .
22 . 148 . 60% , .
.
3. transit
tranzit 12% 2015 ( 2007) 20%
. transhipment .
Ocean Shipping Consultants 2009 .
1. (117 .), .
,
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- 65 - Document Code 2.2.6-
2012 2013 2014 2015 2016 2017 2018 2019
A. 50 . ( 000 )
50.000 50.000 50.000 50.000 49.500 46.667 43.333 40.000
0 0 0 0 37.822 66.623 53.480 40.480
50.000 50.000 50.000 50.000 87.322 113.289 96.814 80.480
EBITDA / 10,13 9,41 10,05 11,01 6,83 4,61 4,83 6,99
/ EBITDA 2,87 2,63 2,46 2,25 3,44 3,68 2,76 1,94
( 000 ) 131.065 136.663 142.595 148.655 154.735 160.383 166.800 176.841
. 117 . ( 000 )
55.000 85.000 117.000 117.000 116.500 113.500 108.333 100.533
0 0 0 0 0 0 0 0
55.000 85.000 117.000 117.000 116.500 113.500 108.333 100.533
EBITDA / 9,57 6,07 4,29 4,71 5,37 6,58 7,73 9,66
/ EBITDA 3,16 4,47 5,76 5,26 4,59 3,69 3,09 2,42
( 000 ) 131.031 136.319 141.616 147.126 153.276 160.100 167.972 179.069
2. , 2020. , 9. 2025.
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2.000
3.000
4.000
5.000
6.000
7.000
8.000
9.000
10.000
(2010 - 2041)( 000 )
22,1.,
20112017, 2020
9
. /
147,8. 2015 - 2021
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2. EBITDA, % , , , % , .
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- 68 - Document Code 2.2.6-
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
EBITDA & EAT (2011-2041) ( % )
EBITDA
EAT
EBITDA (%) 2019 2020 2021 2022 2023
39,0% 40,0% 40,9% 42,3% 42,4%
39,0% 40,0% 41,1% 42,6% 42,8%
(%) 2019 2020 2021 2022 2023
14,1% 18,8% 23,0% 26,6% 27,5%
3,4% 6,5% 11,7% 17,9% 21,0%
EBITDA EAT
2. , , EBITDA/ 2 , 2018 2019.
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EBITDA/
/ EBITDA
228 .
(2019)
2,17 (2018)
2,33 (2019)
6,31
(2017)
125,53 .
( 2011)
Transit( 000 TEU )
3. , transit 2013 - 2014 .
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0
500
1.000
1.500
2.000
2.500
3.000
(000 TEUs)
Transit Transit
(000 TEUs) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 204
Transit 299 310 330 354 382 424 480 549 632 732 853 968 1033 1102 1175 1249 1327 1409 1499 1589 1684 1776 1869 1968 2068 2190 2319 2463 2610 2765 292
Transit 299 310 321 342 366 399 442 494 556 626 709 782 830 881 935 990 1047 1109 1175 1241 1312 1381 1451 1526 1601 1692 1786 1891 1998 2111 222
0 0 8 12 16 25 38 54 76 106 144 186 203 221 240 259 279 300 324 348 373 396 418 442 467 499 533 572 612 654 69
1.000.000 TEUs 2027 2023
2.000.000 TEUs 2039 2034
3. transit, . 2023 ,
2026.
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(TEUs)
( )
(TEUs) ( )
2011 405.000 298.785 298.785 298.785 4.600.000
2012 405.000 310.195 314.923 307.628 4.750.000
2013 405.000 321.242 329.647 315.603 4.950.000
2014 450.000 341.731 354.724 332.699 5.000.000
2015 450.000 366.239 384.591 353.421 5.050.000
2016 480.000 399.029 420.075 383.595 5.200.000
2017 778.918 442.346 470.319 423.331 5.400.000
2018 810.000 494.231 526.912 470.624 5.600.000
2019 846.000 555.787 590.345 526.412 5.900.000
2020 846.000 626.308 663.286 589.697 6.500.0002021 981.000 708.827 806.571 650.812 6.500.000
2022 981.000 782.219 877.920 696.354 6.500.000
2023 1.116.000 830.356 938.866 733.726 6.500.000
2024 1.116.000 881.131 1.003.589 772.886 6.500.000
2025 1.116.000 934.627 1.072.237 813.874 6.500.000
2026 1.116.000 989.835 1.145.283 854.806 6.500.000
2027 1.116.000 1.047.427 1.221.524 897.476 6.500.000
2028 1.116.000 1.108.586 1.302.555 942.753 6.500.000
2029 1.116.000 1.175.130 1.390.702 992.037 6.500.0002030 1.116.000 1.241.338 1.478.047 1.041.272 6.500.000
2031 1.116.000 1.311.510 1.576.289 1.090.134 6.500.000
2032 1.116.000 1.380.635 1.673.125 1.138.226 6.500.000
.
3. transit, ..., , , .
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- 72 - Document Code 2.2.6-
transit
Transit 2012 2013 2014 2015 2016 2017 2018 2019
- (000) 7.797 7.996 8.357 8.266 7.765 6.329 6.431 10.511
(000 ) 50.000 50.000 50.000 50.000 90.389 118.405 104.698 92.363
EBITDA / 10,13 9,15 9,70 10,49 6,16 4,02 4,00 5,32
/ EBITDA 2,87 2,71 2,55 2,36 3,80 4,18 3,34 2,54
(000 ) 131.066 136.398 141.971 147.479 152.673 156.892 161.187 168.200
.
,
, (2016 2019).
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- 73 - 73
Ocean Shipping Consultants 2009.
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- 74 - Document Code 2.2.6-
: Ocean Shipping Consultants . 2009
( 000 TEUs)
OSC OSC OSC
/ Transit Transshipment
/ Transit Transshipment
/ Transit Transshipment
2010 255,1 33,2 10,5 298,8 257,1 33,6 10,7 301,4 253,0 32,8 10,3 296,1
2011 270,4 51,3 12,0 333,7 275,1 52,5 12,4 340,1 265,7 50,1 11,6 327,4
2012 286,3 73,6 13,7 373,5 294,0 76,1 14,4 384,4 278,7 71,1 13,0 362,8
2013 302,8 100,6 15,5 418,9 313,8 105,1 16,6 435,4 292,1 96,2 14,6 402,8
2014 319,8 133,1 17,6 470,4 334,4 140,5 19,0 493,9 305,8 126,0 16,2 448,0
2015 337,5 171,9 19,8 529,2 355,9 183,3 21,7 560,9 319,8 161,1 18,0 499,0
2016 355,7 206,4 21,5 583,6 378,4 222,2 23,9 624,5 334,2 191,6 19,3 545,2
2017 374,3 245,3 23,3 642,9 401,4 266,5 26,2 694,1 348,8 225,6 20,7 595,1
2018 393,2 288,6 25,2 707,0 425,0 316,2 28,7 769,9 363,4 263,1 22,1 648,6
2019 412,3 336,3 27,1 775,7 449,1 371,5 31,2 851,8 378,2 304,1 23,5 705,7
2020 431,6 388,2 29,0 848,8 473,6 432,1 33,9 939,6 392,9 348,4 24,8 766,2
2021 451,0 425,0 30,7 906,7 498,5 476,6 36,2 1.011,2 407,6 378,6 26,0 812,2
2022 471,3 464,4 32,3 968,0 524,7 524,6 38,5 1.087,8 422,9 410,7 27,0 860,6
2023 492,5 506,6 33,9 1.033,0 552,2 576,4 40,8 1.169,4 438,8 444,8 28,1 911,6
2024 514,6 551,7 35,5 1.101,8 581,2 632,1 43,1 1.256,4 455,2 480,9 29,1 965,3
2025 537,8 599,7 37,0 1.174,5 611,7 691,8 45,4 1.348,9 472,3 519,1 30,1 1.021,5
2030 670,2 869,3 49,5 1.589,1 790,1 1.040,4 63,7 1.894,2 567,8 725,2 38,4 1.331,4
2035 835,2 1.166,6 66,3 2.068,1 1.020,4 1.454,4 89,4 2.564,2 682,5 933,9 49,0 1.665,4
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%
OSC
OSC
OSC
OSC
OSC
OSC
OSC
OSC
OSC
2010 -0,60% -0,10% -1,10% 2,00% 2,50% 1,50% -1,00% -0,50% -1,50%
2011 3,00% 3,50% 2,50% 5,60% 6,10% 5,10% 5,60% 6,10% 5,10%
2012 3,00% 3,50% 2,50% 5,60% 6,10% 5,10% 5,60% 6,10% 5,10%
2013 3,00% 3,50% 2,50% 5,60% 6,10% 5,10% 5,60% 6,10% 5,10%
2014 3,00% 3,50% 2,50% 5,60% 6,10% 5,10% 5,60% 6,10% 5,10%
2015 3,00% 3,50% 2,50% 5,60% 6,10% 5,10% 5,60% 6,10% 5,10%
2016 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%
2017 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%
2018 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%
2019 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%
2020 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%
2021 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%
2022 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%
2023 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%
2024 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%2025 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%
2030 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%
2035 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%
: Ocean Shipping Consultants . 2009
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OSC
OSC
OSC
OSC
OSC
OSC
OSC
OSC
OSC
2010 1,00% 1,50% 0,50% 0,00% 0,50% -0,50% -2,00% -1,50% -2,50%
2011 5,20% 5,70% 4,70% 5,20% 5,70% 4,70% 5,60% 6,10% 5,10%
2012 5,20% 5,70% 4,70% 5,20% 5,70% 4,70% 5,60% 6,10% 5,10%
2013 5,20% 5,70% 4,70% 5,20% 5,70% 4,70% 5,60% 6,10% 5,10%
2014 5,20% 5,70% 4,70% 5,20% 5,70% 4,70% 5,60% 6,10% 5,10%
2015 5,20% 5,70% 4,70% 5,20% 5,70% 4,70% 5,60% 6,10% 5,10%
2016 5,50% 6,00% 5,00% 5,50% 6,00% 5,00% 6,00% 6,50% 5,50%
2017 5,50% 6,00% 5,00% 5,50% 6,00% 5,00% 6,00% 6,50% 5,50%
2018 5,50% 6,00% 5,00% 5,50% 6,00% 5,00% 6,00% 6,50% 5,50%
2019 5,50% 6,00% 5,00% 5,50% 6,00% 5,00% 6,00% 6,50% 5,50%
2020 5,50% 6,00% 5,00% 5,50% 6,00% 5,00% 6,00% 6,50% 5,50%
2021 5,50% 6,00% 5,00% 5,50% 6,00% 5,00% 6,00% 6,50% 5,50%
2022 5,50% 6,00% 5,00% 5,50% 6,00% 5,00% 6,00% 6,50% 5,50%
2023 5,50% 6,00% 5,00% 5,50% 6,00% 5,00% 6,00% 6,50% 5,50%
2024 5,50% 6,00% 5,00% 5,50% 6,00% 5,00% 6,00% 6,50% 5,50%2025 5,50% 6,00% 5,00% 5,50% 6,00% 5,00% 6,00% 6,50% 5,50%
2030 5,50% 6,00% 5,00% 5,50% 6,00% 5,00% 6,00% 6,50% 5,50%
2035 5,50% 6,00% 5,00% 5,50% 6,00% 5,00% 6,00% 6,50% 5,50%
%
: Ocean Shipping Consultants . 2009
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: European Intelligence Unit 2011* 2011 .
%
OSC
OSC
OSC
OSC
OSC
OSC
OSC
OSC
OSC
2010 -4,50% -4,00% -5,00% 3,70% 4,20% 3,20% 0,20% 0,70% -0,30%
2011* 1,50% 2,00% 1,00% 4,00% 4,50% 3,50% 2,70% 3,20% 2,20%
2012 -0,10% 0,40% -0,60% 4,50% 5,00% 4,00% 3,50% 4,00% 3,00%
2013 0,90% 1,40% 0,40% 5,60% 6,10% 5,10% 3,90% 4,40% 3,40%
2014 1,50% 2,00% 1,00% 5,60% 6,10% 5,10% 3,70% 4,20% 3,20%
2015 2,00% 2,50% 1,50% 5,60% 6,10% 5,10% 3,60% 4,10% 3,10%
2016 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%2017 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%
2018 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%
2019 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%
2020 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%
2021 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%
2022 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%
2023 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%
2024 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%
2025 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%
2030 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%
2035 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%
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%
OSC
OSC
OSC
OSC
OSC
OSC
OSC
OSC
OSC
2010 0,70% 1,20% 0,20% 1,80% 2,30% 1,30% 1,40% 1,90% 0,90%
2011 2,20% 2,70% 1,70% 3,00% 3,50% 2,50% 3,00% 3,50% 2,50%
2012 3,40% 3,90% 2,90% 5,00% 5,50% 4,50% 4,50% 5,00% 4,00%
2013 5,20% 5,70% 4,70% 5,00% 5,50% 4,50% 5,60% 6,10% 5,10%
2014 5,20% 5,70% 4,70% 4,80% 5,30% 4,30% 5,60% 6,10% 5,10%
2015 5,20% 5,70% 4,70% 4,60% 5,10% 4,10% 5,60% 6,10% 5,10%
2016 5,50% 6,00% 5,00% 5,50% 6,00% 5,00% 6,00% 6,50% 5,50%2017 5,50% 6,00% 5,00% 5,50% 6,00% 5,00% 6,00% 6,50% 5,50%
2018 5,50% 6,00% 5,00% 5,50% 6,00% 5,00% 6,00% 6,50% 5,50%
2019 5,50% 6,00% 5,00% 5,50% 6,00% 5,00% 6,00% 6,50% 5,50%
2020 5,50% 6,00% 5,00% 5,50% 6,00% 5,00% 6,00% 6,50% 5,50%
2021 5,50% 6,00% 5,00% 5,50% 6,00% 5,00% 6,00% 6,50% 5,50%
2022 5,50% 6,00% 5,00% 5,50% 6,00% 5,00% 6,00% 6,50% 5,50%
2023 5,50% 6,00% 5,00% 5,50% 6,00% 5,00% 6,00% 6,50% 5,50%
2024 5,50% 6,00% 5,00% 5,50% 6,00% 5,00% 6,00% 6,50% 5,50%
2025 5,50% 6,00% 5,00% 5,50% 6,00% 5,00% 6,00% 6,50% 5,50%
2030 5,50% 6,00% 5,00% 5,50% 6,00% 5,00% 6,00% 6,50% 5,50%
2035 5,50% 6,00% 5,00% 5,50% 6,00% 5,00% 6,00% 6,50% 5,50%
2011-2015 (2016 ) OSC GDP OSC. 2016-2021 OSC 2022
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/
Transit Transhipment /
Transit Transhipment /
Transit Transhipment
2011 254,5 33,5 10,7 298,8 254,5 33,5 10,7 298,8 254,5 33,5 10,7 298
2012 254,0 44,8 11,4 310,2 256,5 45,5 12,9 314,9 251,5 44,1 12,0 307
2013 258,4 59,0 12,2 329,6 263,4 60,6 14,6 338,6 253,5 57,3 13,1 323
2014 265,7 74,9 13,2 353,7 273,3 78,0 16,5 367,8 258,2 71,8 14,4 344
2015 275,5 92,7 14,3 382,4 285,9 97,7 18,9 402,4 265,3 87,7 16,0 369
2016 288,5 120,1 15,6 424,3 302,4 127,9 20,9 451,2 275,1 112,6 17,2 404
2017 308,4 154,3 17,4 480,1 326,5 165,9 23,3 515,7 291,1 143,2 18,6 452
2018 333,0 196,2 19,5 548,7 356,1 213,0 26,0 595,2 311,2 180,3 20,2 511
2019 363,1 247,0 22,1 632,2 392,3 270,8 29,1 692,2 335,9 224,8 22,0 582
2020 396,0 310,9 25,0 732,0 432,1 344,3 32,3 808,8 362,6 280,3 23,8 666
2021 436,1 387,5 28,8 852,5 480,7 433,4 35,5 949,6 395,4 346,0 25,5 766
2022 471,3 464,4 32,3 968,0 524,7 524,6 38,5 1.087,8 422,9 410,7 27,0 8602023 492,5 506,6 33,9 1.033,0 552,2 576,4 40,8 1.169,4 438,8 444,8 28,1 911
2024 514,6 551,7 35,5 1.101,8 581,2 632,1 43,1 1.256,4 455,2 480,9 29,1 965
2025 537,8 599,7 37,0 1.174,5 611,7 691,8 45,4 1.348,9 472,3 519,1 30,1 1.021
2026 561,6 648,2 39,3 1.249,1 643,8 754,5 48,7 1.447,1 489,5 556,2 31,6 1.077
2027 586,8 698,1 41,8 1.326,7 677,7 819,0 52,4 1.549,1 507,6 594,4 33,2 1.135
2028 613,3 750,7 44,9 1.408,9 713,4 887,0 57,0 1.657,4 526,7 634,5 35,3 1.196
2029 641,1 809,2 48,5 1.498,8 750,8 962,7 62,3 1.775,8 546,8 679,3 37,7 1.263
2030 670,2 869,3 49,5 1.589,1 790,1 1.040,4 63,7 1.894,2 567,8 725,2 38,4 1.331
2031 699,9 931,7 52,6 1.684,2 831,5 1.127,3 68,4 2.027,2 588,4 769,0 40,3 1.397
2032 731,3 989,1 55,9 1.776,3 875,3 1.207,2 73,5 2.156,0 610,2 809,3 42,4 1.462
2033 764,3 1.044,7 60,1 1.869,1 921,4 1.284,6 79,9 2.285,9 633,2 848,3 45,1 1.526
2034 798,9 1.104,2 65,0 1.968,0 969,7 1.367,4 87,3 2.424,5 657,3 890,1 48,2 1.595
2035 835,2 1.166,6 66,3 2.068,1 1.020,4 1.454,4 89,4 2.564,2 682,5 933,9 49,0 1.6652036 873,1 1.246,7 70,5 2.190,3 1.075,4 1.568,8 96,1 2.740,3 707,8 989,1 51,5 1.748
2037 912,2 1.332,6 74,6 2.319,4 1.132,3 1.691,3 102,8 2.926,4 734,0 1.048,3 54,0 1.836
2038 954,1 1.429,9 78,8 2.462,8 1.193,1 1.830,2 109,5 3.132,9 762,0 1.115,4 56,5 1.933
2039 996,8 1.530,1 83,0 2.609,8 1.255,1 1.973,2 116,3 3.344,6 790,5 1.184,4 59,0 2.033
2040 1.041,0 1.636,0 88,5 2.765,5 1.319,3 2.124,4 125,2 3.568,9 820,0 1.257,4 62,3 2.139
2041 1.087,7 1.739,1 94,1 2.920,8 1.387,1 2.271,5 134,2 3.792,7 851,2 1.328,4 65,7 2.245
2016 2021 OSC 2022 OSC.
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: .
transit : , , .
transshipment: , .
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( . TEUs)
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1. TEUs
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2. TEUs (gantry crane)
3. TEUs
,
(.. 2007).
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( )
SPP PP StraddleCarriers ReachStacker ReachStacker RTG TRACTOR TREILERS(55 ) TREILERS(65 ) -OPS
2011 (a)
2011 (b) 1 2
2012 (a) 2
2012 (b) 2
2013 (a) 1
2013 (b) 3
2014 (a)
2014 (b) 2 0,3
2015 0,7
2016
2017 3 9 9 9 2
2018 5 5
2019 1 8 10 14
2020
2021 1 3 5 62022
2023 1 4 4 6
6 1 5 4 1 24 35 40 2 1
(2010)
SPP 6.500.00
PP 5.500.00
S/C 730.00
Reach - Stacker 350.00
Reach - Stacker 450.00
RTG 1.300.00
TRACTOR 80.00
TREILERS 55 19.00
TREILERS 65 22.00
-OPS 8.000.00
2015
&
. ( ) &
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6
6
(TEUs)
(TEUs)
(TEUs)
2011 (a)2,6%
0 0 0 414.000 414.000 202.500 220.000 225.250
2011 (b) 718.306 0 0 488.000 1.206.306 202.500 220.000 225.250
2012 (a)-0,3%
19.708.107 0 0 2.408.000 22.116.107 202.500 220.000 225.250
2012 (b) 15.010.617 0 0 998.000 16.008.617 202.500 220.000 225.250
2013 (a)-0,7%
9.921.230 0 0 4.400.000 14.321.230 202.500 280.000 225.250
2013 (b) 8.750.427 0 0 1.752.000 10.502.427 202.500 280.000 238.500
2014 (a)0,7%
9.033.787 0 0 140.000 9.173.787 225.000 280.000 238.500
2014 (b) 7.446.537 0 0 2.960.000 10.406.537 225.000 280.000 238.500
2015 (a)1,2%
3.422.028 0 5.959.907 0 9.381.935 225.000 280.000 238.500
2015 (b) 128.080 0 5.995.774 5.600.000 11.723.855 225.000 280.000 238.500
2016 (a)1,5%
12.538.582 1.998.252 6.040.913 6.609.330 27.187.077 240.000 280.000 616.000
2016 (b) 12.610.392 2.013.296 6.086.391 198.068 20.908.146 240.000 280.000 616.000
2017 (a)1,5%
4.500.000 2.028.453 0 27.229.591 33.758.043 432.732 450.000 616.000
2017 (b) 4.500.000 2.043.724 0 106.444 6.650.168 432.732 450.000 616.000
2018 (a)1,5%
0 2.059.109 0 3.263.535 5.322.644 517.553 450.000 616.000
2018 (b) 0 2.074.611 0 987.400 3.062.011 517.553 450.000 616.000
2019 (a)1,5%
0 0 0 11.973.492 11.973.492 710.340 470.000 672.000
2019 (b) 0 0 0 3.846.177 3.846.177 710.340 470.000 672.000
2020 (a)1,5%
0 0 0 2.351.072 2.351.072 710.340 470.000 672.000
2020 (b) 0 0 0 116.197 116.197 710.340 470.000 672.000
2021 (a)2,5%
0 0 0 9.869.079 9.869.079 710.340 545.000 672.000
2021 (b) 0 0 0 0 0 710.340 545.000 672.000
2022 (a) 2,5% 0 0 0 2.780.574 2.780.574 710.340 545.000 672.000
2022 (b) 0 0 0 103.143 103.143 710.340 545.000 672.000
2023 (a)2,5%
0 0 0 11.534.865 11.534.865 710.340 620.000 700.000
2023 (b) 0 0 0 0 0 710.340 620.000 700.000
108.288.094 12.217.445 24.082.985 100.128.967 244.717.490
* 6 15 . , ,
2016 2017
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2011 (a) 5.000.000 0 5.000.000 5.000.000 0 5.000.000 5.000.000 0 5.000.000
2011 (b) 10.000.000 0 10.000.000 10.000.000 0 10.000.000 10.000.000 0 10.000.000
2012 (a) 35.000.000 0 35.000.000 35.000.000 0 35.000.000 35.000.000 0 35.000.000
2012 (b) 50.000.000 0 50.000.000 50.000.000 0 50.000.000 50.000.000 0 50.000.000
2013 (a) 50.000.000 0 50.000.000 50.000.000 0 50.000.000 50.000.000 0 50.000.000
2013 (b) 50.000.000 0 50.000.000 50.000.000 0 50.000.000 50.000.000 0 50.000.000
2014 (a) 50.000.000 0 50.000.000 50.000.000 0 50.000.000 50.000.000 0 50.000.000
2014 (b) 50.000.000 0 50.000.000 50.000.000 0 50.000.000 50.000.000 0 50.000.000
2015 50.000.000 0 50.000.000 50.000.000 0 50.000.000 50.000.000 0 50.000.000
2016 49.500.000 37.822.008 87.322.008 49.500.000 34.315.588 83.815.588 49.500.000 40.135.488 89.635.488
2017 46.666.667 66.622.745 113.289.412 46.666.667 61.279.124 107.945.791 46.666.667 70.393.132 117.059.799
2018 43.333.333 53.480.267 96.813.600 43.333.333 45.890.423 89.223.756 43.333.333 59.045.162 102.378.495
2019 40.000.000 40.479.757 80.479.757 40.000.000 29.835.982 69.835.982 40.000.000 48.594.325 88.594.325
2020 36.666.667 0 36.666.667 36.666.667 0 36.666.667 36.666.667 9.968.323 46.634.990
2021 33.333.333 0 33.333.333 33.333.333 0 33.333.333 33.333.333 0 33.333.333
2022 30.000.000 0 30.000.000 30.000.000 0 30.000.000 30.000.000 0 30.000.000
2023 26.666.667 0 26.666.667 26.666.667 0 26.666.667 26.666.667 0 26.666.667
2024 23.333.333 0 23.333.333 23.333.333 0 23.333.333 23.333.333 0 23.333.333
2025 20.000.000 0 20.000.000 20.000.000 0 20.000.000 20.000.000 0 20.000.000
2026 16.666.667 0 16.666.667 16.666.667 0 16.666.667 16.666.667 0 16.666.667
2027 13.333.333 0 13.333.333 13.333.333 0 13.333.333 13.333.333 0 13.333.333
2028 10.000.000 0 10.000.000 10.000.000 0 10.000.000 10.000.000 0 10.000.000
2029 6.666.667 0 6.666.667 6.666.667 0 6.666.667 6.666.667 0 6.666.667
2030 3.333.333 0 3.333.333 3.333.333 0 3.333.333 3.333.333 0 3.333.333
2031 500.000 0 500.000 500.000 0 500.000 500.000 0 500.000
2032 0 0 0 0 0 0 0 0 0
2033 0 0 0 0 0 0 0 0 0
2034 0 0 0 0 0 0 0 0 0
2011 (a) 2011 (b) 2012 (a) 2012 (b) 2013 (a) 2013 (b) 2014 (a) 2014 (b) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
2011 - 2024 (1/2).
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- 89 - Document Code 2.2.6-
26.157.684 27.499.794 28.680.407 30.109.070 29.917.221 31.390.245 31.396.602 32.920.524 68.590.028 75.010.682 83.578.001 93.798.532 106.418.748 122.613.232 139.719.574 157.006.519 168.894.304 181.745.54
-17.429.091 -17.429.091 -19.051.092 -19.252.390 -19.443.331 -19.647.808 -20.201.939 -20.424.749 -42.190.250 -45.103.512 -47.928.173 -53.242.012 -58.744.883 -66.483.578 -74.522.373 -81.653.944 -87.700.770 -93.907.75
(% ) - 66, 63% - 63 ,3 8% - 66, 43% - 63 ,9 4% - 64, 99% - 62 ,5 9% - 64, 34 % - 62 ,0 4% - 61, 51 % - 60 ,1 3% - 57, 35 % -56 ,7 6% -5 5, 20% - 54, 22% - 53 ,34 % - 52 ,0 1% -5 1, 93% - 51, 67
8.728.593 10.070.704 9.629.315 10.856.681 10.473.890 11.742.437 11.194.663 12.495.775 26.399.778 29.907.170 35.649.827 40.556.519 47.673.865 56.129.654 65.197.201 75.352.575 81.193.534 87.837.78
(% ) 33, 37% 36,62% 33, 57% 36,06% 35, 01% 37,41% 35, 66% 37,96% 38, 49% 39,87% 42, 65% 43,24% 44, 80% 45, 78% 46,66% 47,99% 48, 07% 48, 33
1.311.013 1.321.839 1.401.568 1.400.313 1.397.394 1.394.484 1.399.468 1.402.388 2.255.980 2.278.237 2.320.591 2.388.138 2.463.069 2.559.661 2.660.195 2.758.603 2.835.772 2.916.1
() 827 .296 838 .122 836 .865 835 .611 832 .691 829 .782 832 .691 835 .611 1 .691 .277 1 .716 .646 1 .742 .395 1 .768 .531 1 .795 .059 1 .821 .985 1 .867 .535 1 .914 .223 1 .962 .079 2 .011 .13
&
483 .7 17 4 83. 717 56 4. 702 5 64. 702 56 4. 702 5 64. 702 56 6. 777 5 66. 77 7 56 4. 703 5 61. 59 1 57 8. 195 6 19. 60 7 668 .0 10 73 7. 676 7 92. 660 8 44. 38 0 873 .69 4 904 .9
(% ) 5,01% 4,81% 4,89% 4,65% 4,67% 4,44% 4,46% 4,26% 3,29% 3,04% 2,78% 2,55% 2,31% 2,09% 1,90% 1,76% 1,68% 1,60
-2.632.805 -2.632.805 -2.573.508 -2.593.050 -2.616.036 -2.635.184 -2.704.426 -2.727.903 -5.618.109 -5.964.754 -6.293.830 -6.923.969 -7.569.663 -8.478.873 -9.428.914 -10.267.210 -10.990.130 -11.730.04
(% ) -10,07% -9,57% -8,97% -8,61% -8,74% -8,39% -8,61% -8,29% -8,19% -7,95% -7,53% -7,38% -7,11% -6,92% -6,75% -6,54% -6,51% -6,45
-300.548 -300.548 -316.224 -320.541 -321.301 -325.522 -330.315 -335.528 -689.443 -728.782 -771.786 -837.970 -910.540 -1.008.142 -1.112.344 -1.209.838 -1.287.980 -1.369.48
(% ) -1,15% -1,09% -1,10% -1,06% -1,07% -1,04% -1,05% -1,02% -1,01% -0,97% -0,92% -0,89% -0,86% -0,82% -0,80% -0,77% -0,76% -0,75
-42 .6 75 - 42. 675 -4 3. 344 - 44. 161 -4 3. 955 - 44. 747 -4 4. 841 - 45. 84 6 -9 3. 874 - 98. 51 4 - 104 .4 52 -1 11. 39 3 - 119 .78 5 - 13 0. 331 -1 42. 005 -1 53. 82 2 - 162 .44 0 - 171 .6
,
,
(EBITDA) 7.063.578 8.416.514 8.097.807 9.299.242 8.889.993 10.131.469 9.514.549 10.788.886 22.254.332 25.393.358 30.800.350 35.071.324 41.536.947 49.071.969 57.174.133 66.480.309 71.588.756 77.482.6
(% ) 27, 00% 30,61% 28, 23% 30,89% 29, 72% 32,28% 30, 30% 32,77% 32, 45% 33,85% 36, 85% 37,39% 39, 03% 40, 02% 40,92% 42,34% 42, 39% 42, 63
-2.320.128 -2.727.467 -2.985.277 -3.077.584 -3.246.542 -3.340.334 -3.376.834 -3.508.500 -8.264.226 -9.821.957 -12.724.639 -15.014.549 -15.463.577 -15.034.321 -13.627.880 -10.793.328 -10.834.503 -11.175.67
(EBIT) 4.743.450 5.689.047 5.112.530 6.221.659 5.643.451 6.791.136 6.137.716 7.280.385 13.990.106 15.571.401 18.075.711 20.056.775 26.073.370 34.037.647 43.546.253 55.686.981 60.754.253 66.307.0
(% ) 18, 13% 20,69% 17, 83% 20,66% 18, 86% 21,63% 19, 55% 22,12% 20, 40% 20,76% 21, 63% 21,38% 24, 50% 27, 76% 31,17% 35,47% 35, 97% 36, 48
/ () 668.820 526.932 -8.993 -334.122 -442.253 -583.295 -684.680 -766.397 -1.693.613 -3.626.113 -6.670.871 -7.245.798 -5.928.208 -3.352.110 -919.684 163.233 1.186.000 2.267.4
-627.847 0 -305.313 0 -86.929 0 -83.926 0 -138.447 141.033 -88.401 2.907 -65.047 -1.519 208.413 41.301 102.449 -21.38
(EBT) 4.784.423 6.215.979 4.798.223 5.887.536 5.114.269 6.207.840 5.369.110 6.513.988 12.158.046 12.086.321 11.316.440 12.813.883 20.080.115 30.684.019 42.834.982 55.891.515 62.042.702 68.553.0
(% ) 18, 29% 22,60% 16, 73% 19,55% 17, 09% 19,78% 17, 10% 19,79% 17, 73% 16,11% 13, 54% 13,66% 18, 87% 25, 03% 30,66% 35,60% 36, 73% 37, 72
0 -3.127.666 0 -2.888.710 0 -2.927.388 0 -2.987.006 -3.065.776 -2.991.957 -2.845.464 -3.201.388 -5.030.685 -7.667.712 -10.662.042 -14.095.206 -15.635.145 -17.302.7
() 4.784.423 3.088.313 4.798.223 2.998.827 5.114.269 3.280.453 5.369.110 3.526.982 9.092.270 9.094.364 8.470.976 9.612.496 15.049.430 23.016.307 32.172.939 41.796.309 46.407.557 51.250.3
(% )18, 29% 11,23% 16, 73% 9,96% 17, 09% 10,45% 17, 10% 10,71% 13, 26% 12,12% 10, 14% 10,25% 14, 14% 18, 77% 23,03% 26,62% 27, 48% 28, 20
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041
2025 - 2041 (2/2).
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- 90 - Document Code 2.2.6-
188.131.208 192.848.322 197.683.778 202.640.548 207.721.678 212.930.289 218.269.583 223.742.840 229.353.424 235.104.783 241.000.452 247.044.054 253.239.304 259.590.010 266.100.074 272.773.500 279.614
-98.315.366 -102.572.082 -106.662.754 -111.172.365 -115.351.906 -120.955.294 -127.048.535 -132.358.300 -138.456.866 -145.183.749 -151.552.734 -158.943.295 -166.465.277 -174.652.130 -182.936.723 -191.692.552 -200.989
(% ) -52, 26% -53, 19% -53, 96% -54, 86% -55, 53% -56, 81% -58, 21% -59, 16% -60, 37% -61, 75% -62, 88% -64, 34% -65, 73% -67, 28% -68, 75% -70, 28% -71,
89.815.842 90.276.239 91.021.024 91.468.183 92.369.772 91.974.995 91.221.048 91.384.540 90.896.559 89.921.035 89.447.718 88.100.759 86.774.027 84.937.880 83.163.352 81.080.948 78.624
(% ) 47,74% 46,81% 46,04% 45,14% 44,47% 43,19% 41,79% 40,84% 39,63% 38,25% 37,12% 35,66% 34,27% 32,72% 31,25% 29,72% 28,1
2.972.430 3.023.965 3.076.789 3.130.933 3.186.431 3.243.316 3.301.623 3.361.388 3.422.647 3.485.438 3.549.799 3.615.768 3.683.387 3.752.696 3.823.738 3.896.556 3.971.
() 2.061.409 2.112.944 2.165.768 2.219.912 2.275.410 2.332.295 2.390.602 2.450.367 2.511.627 2.574.417 2.638.778 2.704.747 2.772.366 2.841.675 2.912.717 2.985.535 3.060.
&
911. 021 911. 021 911. 021 911. 021 911. 021 911. 021 911. 021 911. 021 911. 021 911. 021 911. 021 911. 021 911. 021 911. 021 911. 021 911. 021 911.
(% ) 1,58% 1,57% 1,56% 1,55% 1,53% 1,52% 1,51% 1,50% 1,49% 1,48% 1,47% 1,46% 1,45% 1,45% 1,44% 1,43% 1,4
-12.270.227 -12.797.776 -13.305.014 -13.863.866 -14.382.246 -15.075.793 -15.829.680 -16.487.359 -17.242.138 -18.074.289 -18.862.564 -19.776.567 -20.706.859 -21.719.030 -22.743.357 -23.825.763 -24.974
(% ) -6,52% -6,64% -6,73% -6,84% -6,92% -7,08% -7,25% -7,37% -7,52% -7,69% -7,83% -8,01% -8,18% -8,37% -8,55% -8,73% -8,9
-1.423.823 -1.473.758 -1.522.774 -1.575.535 -1.626.094 -1.688.414 -1.755.075 -1.815.959 -1.883.586 -1.956.689 -2.027.436 -2.106.813 -2.187.752 -2.274.508 -2.362.584 -2.454.964 -2.552.
(% ) -0,76% -0,76% -0,77% -0,78% -0,78% -0,79% -0,80% -0,81% -0,82% -0,83% -0,84% -0,85% -0,86% -0,88% -0,89% -0,90% -0,9
- 177 .069 -181 .504 -18 6. 05 0 -1 90. 710 - 195. 487 - 200. 384 - 205 .403 -21 0. 54 8 -21 5. 82 2 -2 21. 228 - 226. 769 - 232. 450 - 238 .272 -24 4. 24 1 -25 0. 35 9 -2 56. 631 - 263.
,
,
(EBITDA) 78.917.152 78.847.166 79.083.974 78.969.004 79.352.375 78.253.720 76.732.513 76.232.061 74.977.660 73.154.267 71.880.747 69.600.697 67.324.530 64.452.796 61.630.789 58.440.147 54.805
(% ) 41,95% 40,89% 40,01% 38,97% 38,20% 36,75% 35,15% 34,07% 32,69% 31,12% 29,83% 28,17% 26,59% 24,83% 23,16% 21,42% 19,6
-11.050.678 -10.358.178 -9.521.827 -9.273.313 -8.753.912 -8.291.238 -8.262.188 -8.233.139 -8.207.353 -8.181.568 -7.865.801 -7.258.101 -6.473.231 -6.106.127 -5.821.550 -5.536.974 -4.996.
(EBIT) 67.866.475 68.488.988 69.562.147 69.695.690 70.598.464 69.962.482 68.470.325 67.998.922 66.770.307 64.972.699 64.014.947 62.342.596 60.851.299 58.346.669 55.809.239 52.903.173 49.809
(% ) 36,07% 35,51% 35,19% 34,39% 33,99% 32,86% 31,37% 30,39% 29,11% 27,64% 26,56% 25,24% 24,03% 22,48% 20,97% 19,39% 17,8
/ () 3.544.765 4.810.723 6.084.168 7.355.653 8.605.171 9.857.554 11.098.551 12.339.030 13.535.218 14.717.962 15.896.023 17.063.259 18.207.462 19.323.085 20.408.121 21.464.420 22.485
-4. 188 61. 013 39. 149 53. 216 -141. 270 -98. 407 32. 520 -76. 762 -104. 826 -48. 018 -148. 619 -130. 697 -161. 188 -131. 527 -149. 751 -168. 794 -176.
(EBT) 71.407.052 73.360.725 75.685.464 77.104.559 79.062.365 79.721.629 79.601.395 80.261.190 80.200.699 79.642.643 79.762.350 79.275.158 78.897.572 77.538.227 76.067.609 74.198.799 72.118
(% ) 37,96% 38,04% 38,29% 38,05% 38,06% 37,44% 36,47% 35,87% 34,97% 33,88% 33,10% 32,09% 31,16% 29,87% 28,59% 27,20% 25,7
-18.019.439 -18.499.382 -19.090.371 -19.445.647 -19.978.570 -20.136.354 -20.079.829 -20.268.176 -20.258.525 -20.106.345 -20.156.672 -20.030.151 -19.940.971 -19.592.026 -19.224.580 -18.756.820 -18.233
() 53.387.612 54.861.343 56.595.093 57.658.912 59.083.794 59.585.275 59.521.566 59.993.014 59.942.174 59.536.298 59.605.678 59.245.007 58.956.601 57.946.201 56.843.028 55.441.979 53.885
(% )28,38% 28,45% 28,63% 28,45% 28,44% 27,98% 27,27% 26,81% 26,14% 25,32% 24,73% 23,98% 23,28% 22,32% 21,36% 20,33% 19,2
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2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041
2025 - 2041 (2/2).
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- 92 - Document Code 2.2.6-
157.012.460 203.757.473 248.644.855 295.996.260 340.724.964 386.296.973 431.257.789 476.180.224 524.099.438 572.253.231 619.901.713 667.676.117 714.447.862 760.356.557 804.813.360 848.244.406 890.373.6
EBITDA 78.917.152 78.847.166 79.083.974 78.969.004 79.352.375 78.253.720 76.732.513 76.232.061 74.977.660 73.154.267 71.880.747 69.600.697 67.324.530 64.452.796 61.630.789 58.440.147 54.805.9
/ ()
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
/ ()
584.097 604.131 572.362 641.124 580.981 822.408 903.112 764.728 896.667 1 .000.911 935.441 1 .107.128 1 .125.616 1 .235.748 1 .248.235 1 .324.850 1 .413.3
-17.939.120 -18.685.957 -19.197.199 -19.805.542 -20.176.894 -20.689.217 -20.861.735 -20.830.272 -21.002.928 -20.987.099 -20.841.065 -20.872.391 -20.744.901 -20.646.094 -20.290.377 -19.905.542 -19.416.5
() / 2.269.888 663.255 2.653.019 0 0 0 0 0 0 0 0 0 0 0 0 0
( ) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
( ) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
-3.333.333 -3.333.333 -3.333.333 -3.333.333 -3.333.333 -3.333.333 -2.833.333 -500.000 0 0 0 0 0 0 0 0
-909.185 -774.491 -639.797 -505.103 -370.409 -235.715 -104.388 -10.102 -0 -0 -0 -0 -0 -0 -0 -0
-17.298.437 -18.018.602 -18.511.585 -19.098.201 -19.456.291 -19.950.316 -20.116.673 -20.086.333 -20.252.824 -20.237.560 -20.096.742 -20.126.948 -20.004.012 -19.908.733 -19.565.721 -19.194.630 -18.723.06
199.303.523 243.059.641 289.272.296 332.864.208 377.321.394 421.164.520 464.977.285 511.750.306 558.718.013 605.183.751 651.780.095 697.384.603 742.149.095 785.490.274 827.836.286 868.909.230 908.453.4
(+) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
(-)
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
(-)
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
(+)
4.453.950 5.585.214 6.723.964 7.860.756 8.975.579 10.093.269 11.202.938 12.349.132 13.535.218 14.717.962 15.896.023 17.063.259 18.207.462 19.323.085 20.408.121 21.464.420 22.485.33
203.757.473 248.644.855 295.996.260 340.724.964 386.296.973 431.257.789 476.180.224 524.099.438 572.253.231 619.901.713 667.676.117 714.447.862 760.356.557 804.813.360 848.244.406 890.373.651 930.938.7
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2011 (a) 2011 (b) 2012 (a) 2012 (b) 2013 (a) 2013 (b) 2014 (a) 2014 (b) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
() 2011 - 2024 (2/4).
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- 94 - Document Code 2.2.6-
30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.0
60.863.071 61.263.928 61.263.928 61.657.139 61.657.139 62.077.788 62.077.788 62.523.474 62.979.472 63.432.779 63.857.212 64.337.808 65.090.930 66.241.760 67.848.323 67.848.323 67.848.323 67.848.3
34.357.309 34.379.065 39.177.289 39.168.052 44.282.320 44.344.810 49.713.919 49.831.405 55.435.290 61.061.849 66.285.914 72.221.852 81.509.900 95.722.353 115.605.087 142.775.578 172.947.662 206.258.8
125.460.380 125.882.993 130.681.217 131.065.190 136.179.459 136.662.597 142.031.707 142.594.878 148.654.762 154.734.628 160.383.126 166.799.660 176.840.830 192.204.113 213.693.410 240.863.902 271.035.985 304.347.2
4.087.441 4.087.441 4.392.755 4.392.755 4.479.684 4.479.684 4.563.609 4.563.609 4.702.056 4.561.024 4.649.424 4.646.517 4.711.564 4.713.083 4.504.670 4.463.368 4.360.919 4.382.2
6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.0
800.989 800 .989 800.989 800.989 800 .989 800.989 800.989 800 .989 800.989 800 .989 800.989 800.989 800.989 800.989 800.989 800.989 800.989 800 .9
93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.8
5.000.000 10.000.000 35.000.000 50.000.000 50.000.000 50.000.000 50.000.000 50.000.000 50.000.000 49.500.000 46.666.667 43.333.333 40.000.000 36.666.667 33.333.333 30.000.000 26.666.667 23.333.3
9.988.386 14.988.386 40.293.700 55.293.700 55.380.629 55.380.629 55.464.554 55.464.554 55.603.001 54.961.969 52.217.036 48.880.795 45.612.509 42.280.694 38.738.948 35.364.313 31.928.531 28.616.5
5.193.965 5.327.212 5.694.886 5.836.726 5.940.472 6.086.716 6.234.223 6.385.521 6.809.742 7.447.197 8.297.775 9.312.488 10.565.446 12.173.264 13.871.613 15.587.892 16.768.133 18.044.0
1.029.075 2.110.951 1.128.322 2.312.850 1.176.980 2.411.911 1.235.181 2.530.315 2.698.416 2.951.012 3.288.061 3.690.149 4.186.644 4.823.755 5.496.739 6.176.829 6.644.509 7.150.0
-956.454 2.026.807 -956.454 1.865.087 -956.454 1.952.679 -956.454 2.012.928 2.081.632 2.063.710 1.871.330 2.245.515 4.061.221 6.710.954 9.747.271 13.147.012 14.699.181 16.341.9
-1.512.000 1.153.699 -1.512.000 1.102.853 -1.512.000 1.285.315 -1.512.000 1.451.811 1.520.386 1.502.497 1.310.478 1.683.962 3.496.261 6.141.023 9.171.643 13.113.817 14.723.473 16.427.1
2.763.955 5.527.910 2.991.216 6.001.195 3.044.833 6.108.423 3.158.936 6.339.439 6.561.816 6.992.757 7.384.760 8.186.647 8.994.519 10.147.435 11.342.541 12.379.651 13.289.942 14.217.1
0 0 0 0 0 0 0 0 0 37.822.008 66.622.745 53.480.267 40.479.757 0 0 0 0
6.518.541 16.146.579 7.345.970 17.118.711 7.693.831 17.845.044 8.159.886 18.720.012 19.671.993 58.779.181 88.775.149 78.599.027 71.783.849 39.996.431 49.629.807 60.405.201 66.125.238 72.180.3
141.967.307 157.017.959 178.320.886 203.477.601 199.253.919 209.888.270 205.656.147 216.779.445 223.929.756 268.475.778 301.375.311 294.279.483 294.237.188 274.481.239 302.062.165 336.633.416 369.089.753 405.144.1
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041
() 2025 - 2041 (3/4).
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- 95 - Document Code 2.2.6-
6.933.568 6.933.568 6.933.568 6.933.568 6.933.568 6.933.568 6.933.568 6.933.568 6.933.568 6.933.568 6.933.568 6.933.568 6.933.568 6.933.568 6.933.568 6.933.568 6.933.5
175.597.833 165.239.655 155.717.828 146.444.515 137.690.603 129.399.365 121.137.177 112.904.038 104.696.684 96.515.116 88.649.316 81.391.215 74.917.983 68.811.856 62.990.306 57.453.332 52.456.8
( & )
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
17.661.896 17.661.896 17.661.896 17.661.896 17.661.896 17.661.896 17.661.896 17.661.896 17.661.896 17.661.896 17.661.896 17.661.896 17.661.896 17.661.896 17.661.896 17.661.896 17.661.89
18.270 18.270 18.270 18.270 18.270 18.270 18.270 18.270 18.270 18.270 18.270 18.270 18.270 18.270 18.270 18.270 18.27
828.965 841.168 848.998 859 .641 831.387 811.705 818.209 802.857 781.892 772.28 8 742.564 716.425 68 4.187 657.882 627.932 594.17 3 558.89
201.040.532 190.694.557 181.180.560 171.917.890 163.135.724 154.824.805 146.569.121 138.320.629 130.092.310 121.901.139 114.005.614 106.721.374 100.215.905 94.083.472 88.231.972 82.661.239 77.629.4
9.366.198 9.601.042 9.841.777 10.088.552 10.341.519 10.600.832 10.866.651 11.139.140 11.418.465 11.704.799 11.998.318 12.299.201 12.607.635 12.923.807 13.247.914 13.580.154 13.920.7
19.812.358 20.309.124 20.818.352 21.340.357 21.875.457 22.423.983 22.986.272 23.562.668 24.153.526 24.759.210 25.380.091 26.016.551 26.668.982 27.337.783 28.023.367 28.726.155 29.446.5
3.316.274 2.653.019 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1.865.353 1.865.353 1.865.353 1.865.353 1.865.353 1.865.353 1.865.353 1.865.353 1.865.353 1.865.353 1.865.353 1.865.353 1.865.353 1.865.353 1.865.353 1.865.353 1.865.3
400.000 400.000 400.000 400 .000 400.000 400.000 400.00 0 400.000 400.000 400.000 400.000 400.000 4 00.000 400.000 400.000 400.00 0 400.0
203.757.473 248.644.855 295.996.260 340.724.964 386.296.973 431.257.789 476.180.224 524.099.438 572.253.231 619.901.713 667.676.117 714.447.862 760.356.557 804.813.360 848.244.406 890.373.651 930.938.7
238.517.656 283.473.392 328.921.743 374.419.226 420.779.302 466.547.957 512.298.499 561.066.598 610.090.576 658.631.075 707.319.879 755.028.967 801.898.526 847.340.303 891.781.040 934.945.312 976.571.4
439.558.188 474.167.950 510.102.303 546.337.116 583.915.027 621.372.762 658.867.620 699.387.227 740.182.886 780.532.214 821.325.493 861.750.341 902.114.431 941.423.775 980.013.012 1.017.606.551 1.054.200.8
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041
() 2025 - 2041 (4/4).
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30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.0
67.848.323 67.848.323 67.848.323 67.848.323 67.848.323 67.848.323 67.848.323 67.848.323 67.848.323 67.848.323 67.848.323 67.848.323 67.848.323 67.848.323 67.848.323 67.848.323 67.848.3
240.960.549 276.624.693 313.414.243 350.896.261 389.290.839 428.014.379 466.705.673 505.695.759 544.650.834 583.346.066 622.079.354 660.579.459 698.889.967 736.545.791 773.483.277 809.508.748 844.521.6
339.048.872 374.713.016 411.502.567 448.984.584 487.379.162 526.102.702 564.793.996 603.784.082 642.739.158 681.434.390 720.167.677 758.667.783 796.978.290 834.634.114 871.571.600 907.597.071 942.609.9
4.386.487 4.325.474 4.286.325 4.233.109 4.374.379 4.472.786 4.440.266 4.517.028 4.621.854 4.669.872 4.818.491 4.949.188 5.110.377 5.241.903 5.391.654 5.560.448 5.736.8
6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.0
800.989 800.989 800.989 800.989 800.989 800.989 800.989 800.989 800.989 800.989 800.989 800.989 800.989 800.989 800.989 800.989 800.9
93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.8
20.000.000 16.666.667 13.333.333 10.000.000 6.666.667 3.333.333 500.000 0 0 0 0 0 0 0 0 0
25.287.432 21.893.086 18.520.603 15.134.054 11.941.991 8.707.064 5.841.211 5.417.973 5.522.799 5.570.817 5.719.436 5.850.133 6.011.322 6.142.848 6.292.599 6.461.393 6.637.7
18.678.008 19.146.331 19.626.404 20.118.521 20.622.985 21.140.105 21.670.200 22.213.595 22.770.624 23.341.629 23.926.962 24.526.982 25.142.057 25.772.567 26.418.898 27.081.448 27.760.6
7.401.313 7.586.890 7.777.122 7.972.128 8.172.026 8.376.939 8.586.993 8.802.318 9.023.045 9.249.311 9.481.254 9.719.016 9.962.745 10.212.590 10.468.703 10.731.244 11.000.3
17.062.148 17.555.131 18.141.747 18.499.837 18.993.862 19.160.219 19.129.879 19.296.370 19.281.106 19.140.288 19.170.494 19.047.558 18.952.279 18.609.267 18.238.176 17.766.608 17.241.6
17.173.957 17.685.199 18.293.542 18.664.894 19.177.217 19.349.735 19.318.272 19.490.928 19.475.099 19.329.065 19.360.391 19.232.901 19.134.094 18.778.377 18.393.542 17.904.508 17.360.1
14.906.458 15.588.297 16.240.318 16.963.098 17.627.784 18.535.998 19.527.069 20.381.962 21.371.057 22.466.715 23.499.280 24.705.968 25.933.644 27.274.012 28.629.493 30.064.280 31.590.3
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
75.221.883 77.561.848 80.079.133 82.218.478 84.593.874 86.562.996 88.232.413 90.185.173 91.920.930 93.527.008 95.438.380 97.232.425 99.124.819 100.646.813 102.148.813 103.548.087 104.953.1
439.558.188 474.167.950 510.102.303 546.337.116 583.915.027 621.372.762 658.867.620 699.387.227 740.182.886 780.532.214 821.325.493 861.750.341 902.114.431 941.423.775 980.013.012 1.017.606.551 1.054.200.8
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