Date: 06/21/18 Time: 13:15

Sample: 1 1892

EBITM CIS ENTITY_TYPE FGTO INDUSTRY_G OP RMTO

Mean 7.046355 636.2283 1.370507 99.08130 8.838795 401.3567 17.04108

Median 2.136042 182.5912 1.000000 22.07992 9.000000 132.1742 6.043694
Maximum 170.7300 22332.18 8.000000 13277.97 13.00000 19516.35 2798.921
Minimum 0.000000 -6108.017 1.000000 1.209524 1.000000 -756.5167 -31.41167
Std. Dev. 12.87983 1687.905 0.628629 569.9340 3.777374 1079.023 85.90290
Skewness 4.903324 5.976360 3.862918 15.69467 -0.649367 8.466136 22.78155
Kurtosis 41.90471 56.69007 34.29884 293.2012 2.220674 104.7501 659.4557

Jarque-Bera 126901.7 238509.6 81931.97 6716762. 180.8481 838770.4 34135632

Probability 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000

Sum 13331.70 1203744. 2593.000 187461.8 16723.00 759366.9 32241.73

Sum Sq. Dev. 313698.1 5.39E+09 747.2743 6.14E+08 26981.83 2.20E+09 13954273

Observations 1892 1892 1892 1892 1892 1892 1892

Date: 06/21/18 Time: 13:15
Sample: 1 1892

ROTA TITO WIPTO

Mean -0.148133 0.369143 586.9418

Median 1.025417 0.177454 193.9297
Maximum 29.07750 62.14167 15867.94
Minimum -236.5656 0.001111 1.260000
Std. Dev. 11.05414 1.740634 1341.982
Skewness -10.05565 26.71359 5.439014
Kurtosis 190.3729 876.3449 39.64100

Jarque-Bera 2799614. 60353675 115167.2

Probability 0.000000 0.000000 0.000000

Sum -280.2668 698.4185 1110494.

Sum Sq. Dev. 231068.7 5729.365 3.41E+09

Observations 1892 1892 1892

 Correlogram of Residuals

Date: 06/21/18 Time: 13:12

Sample: 1 1892
Included observations: 1892

Autocorrelation Partial Correlation AC PAC Q-Stat Prob

1 -0.006 -0.006 0.0798 0.778

2 0.007 0.007 0.1729 0.917
3 0.033 0.033 2.1965 0.533
4 0.000 0.001 2.1969 0.700
5 -0.027 -0.028 3.6037 0.608
6 0.030 0.028 5.2582 0.511
7 -0.023 -0.022 6.2516 0.511
8 -0.006 -0.005 6.3234 0.611
9 0.045 0.043 10.146 0.339
10 0.037 0.038 12.686 0.242
11 -0.006 -0.004 12.757 0.309
12 0.005 -0.000 12.808 0.383
13 0.049 0.048 17.338 0.184
14 0.028 0.031 18.807 0.172
15 0.066 0.066 27.211 0.027
16 0.001 -0.001 27.215 0.039
17 -0.035 -0.036 29.609 0.029
18 0.028 0.025 31.158 0.028
19 -0.002 -0.005 31.164 0.039
20 -0.012 -0.007 31.446 0.050
21 0.032 0.029 33.351 0.042
22 -0.019 -0.021 34.019 0.049
23 0.017 0.015 34.564 0.057
24 0.015 0.004 35.022 0.068
25 -0.033 -0.037 37.129 0.056
26 -0.022 -0.020 38.020 0.060
27 0.025 0.020 39.268 0.060
28 0.015 0.012 39.730 0.070
29 -0.004 -0.006 39.754 0.088
30 -0.002 -0.008 39.760 0.110
31 0.044 0.044 43.533 0.067
32 0.006 0.012 43.610 0.083
33 -0.008 -0.015 43.749 0.100
34 0.038 0.035 46.505 0.075
35 0.027 0.037 47.928 0.071
36 -0.017 -0.020 48.470 0.080
120
Forecast: EBITMF
Actual: EBITM
80 Forecast sample: 1 1892
Included observations: 1892
Root Mean Squared Error 12.19008
Mean Absolute Error 7.070315
40
Mean Abs. Percent Error 308.4239
Theil Inequality Coefficient 0.533369
Bias Proportion 0.001033
Variance Proportion 0.444309
Covariance Proportion 0.554659
0

-40

-80
250 500 750 1000 1250 1500 1750

EBITMF ± 2 S.E.
 Gradients of the Objective Function
CIS ENTITY_TYPE FGTO
1,200,000 400 200,000

800,000 200
100,000

400,000 0
0
0 -200

-100,000
-400,000 -400

-800,000 -600 -200,000

250 500 750 1000 1250 1500 1750 250 500 750 1000 1250 1500 1750 250 500 750 1000 1250 1500 1750

INDUSTRY_GROUP OP RMTO
1,000 1,200,000 200,000

0 800,000 100,000

-1,000 400,000 0

-2,000 0 -100,000

-3,000 -400,000 -200,000

-4,000 -800,000 -300,000

250 500 750 1000 1250 1500 1750 250 500 750 1000 1250 1500 1750 250 500 750 1000 1250 1500 1750

ROTA TITO WIPTO

20,000 1,000 600,000

400,000
15,000 500

200,000
10,000 0
0
5,000 -500
-200,000

0 -1,000
-400,000

-5,000 -1,500 -600,000

250 500 750 1000 1250 1500 1750 250 500 750 1000 1250 1500 1750 250 500 750 1000 1250 1500 1750
Dependent Variable: EBITM
Method: Least Squares
Date: 06/21/18 Time: 13:09
Sample: 1 1892
Included observations: 1892

Variable Coefficient Std. Error t-Statistic Prob.

CIS -0.000605 0.000192 -3.150249 0.0017

ENTITY_TYPE 1.173472 0.333128 3.522582 0.0004
FGTO 0.001187 0.000493 2.405253 0.0163
INDUSTRY_GROUP 0.344291 0.051391 6.699484 0.0000
OP 0.003649 0.000299 12.19399 0.0000
RMTO 0.011954 0.003307 3.615027 0.0003
ROTA 0.116232 0.026032 4.464994 0.0000
TITO 0.946405 0.161414 5.863214 0.0000
WIPTO 0.000460 0.000210 2.191506 0.0285

R-squared 0.103764 Mean dependent var 7.046355

Adjusted R-squared 0.099956 S.D. dependent var 12.87983
S.E. of regression 12.21918 Akaike info criterion 7.848636
Sum squared resid 281147.5 Schwarz criterion 7.875014
Log likelihood -7415.809 Hannan-Quinn criter. 7.858349
Durbin-Watson stat 2.010117
 Group Unit Root Test on UNTITLED

Group unit root test: Summary

Series: EBITM, CIS, ENTITY_TYPE, FGTO, INDUSTRY_GROUP, OP,
RM ROTA, TITO, WIPTO
Date: 06/21/18 Time: 13:15
Sample: 1 1892
Exogenous variables: Individual effects
Automatic selection of maximum lags
Automatic lag length selection based on SIC: 0 to 1
Newey-West automatic bandwidth selection and Bartlett kernel

Cross-
Method Statistic Prob.** sections Obs
Null: Unit root (assumes common unit root process)
Levin, Lin & Chu t* -145.863 0.0000 10 18909

Null: Unit root (assumes individual unit root process)

Im, Pesaran and Shin W-stat -135.669 0.0000 10 18909
ADF - Fisher Chi-square 554.243 0.0000 10 18909
PP - Fisher Chi-square 522.798 0.0000 10 18910

* Probabilities for Fisher tests are computed using an asymptotic Chi

-square distribution. All other tests assume asymptotic normality.