Analysis of capital structure and long-term solvency Leverage Debt ratio 98.274,399/319,710,874 111,472,314/321,610,806 0.30 Long-term debt & total capital Debt equity 0.34 41,624,732/41,624,732+ 210,138,492 0.17 111,472,314/210,138,492 42,345,396/42,345,396 +221,436,475 0.16 98.274,399/221,436,475 0.44 0.53 Financial leverage index Times interest earned Cash interest coverage Fixed charge coverage Cash flow adequacy 0.14/0.091.5 Not possible Not possible 36,263,024+616,362/0+ 616,36228,998,387+583,415/0+583,415 0.12/0.07- 1.7 Not possible Not possible 44,729,844/163,819,684 +37,480,836+20,795,784 0.20 50.7 38,677,305/167,355,911 +9,040,786+14,667,416 -0.20 Analysis of capital structure and long-term solvency Leverage Debt ratio 98.274,399/319,710,874 111,472,314/321,610,806 0.30 Long-term debt & total capital Debt equity 0.34 41,624,732/41,624,732+ 210,138,492 0.17 111,472,314/210,138,492 42,345,396/42,345,396 +221,436,475 0.16 98.274,399/221,436,475 0.44 0.53 Financial leverage index Times interest earned Cash interest coverage Fixed charge coverage Cash flow adequacy 0.14/0.091.5 Not possible Not possible 36,263,024+616,362/0+ 616,36228,998,387+583,415/0+583,415 0.12/0.07- 1.7 Not possible Not possible 44,729,844/163,819,684 +37,480,836+20,795,784 0.20 50.7 38,677,305/167,355,911 +9,040,786+14,667,416 -0.20