Shandong Hi-Speed Road and Bridge Group Co., Ltd. (000498.SZ)

Industry: Engineering & Construction Sector: Industrials Currency Used: CN Live Price: $6.15

Enterprise Value

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997
Stock Price	5.94	5.74	6.60	8.85	5.98	5.05	5.26	5.20	7.64	6.77	7.77	4.20	4.47	7.28	7.28	7.28	7.28	7.70	13.05	3.98	3.70	7.32	6.59	8.75	13.75	11.27	9.03	8.71	5.58
Market Capitalization	13,123.93M	8,932.52M	10,725.33M	16,501.86M	9,313.51M	5,650.88M	5,894.79M	5,827.37M	8,555.34M	7,555.97M	8,697.42M	4,697.56M	5,003.08M	4,066.95M	3,291.31M	3,193.40M	2,841.19M	2,995.73M	4,908.49M	1,567.17M	1,494.12M	2,955.93M	2,659.12M	3,531.36M	5,374.85M	4,405.42M	3,529.81M	3,404.72M	2,181.21M
(-) Cash & Equivalents	8,933.31M	7,796.79M	8,420.41M	6,124.56M	6,266.85M	3,893.97M	2,872.78M	2,468.27M	1,800.18M	1,163.93M	489.58M	536.67M	489.95M	149.64M	9.53M	83.94M	136.65M	1.13M	4.27M	207.05M	629.45M	639.54M	258.63M	339.41M	315.64M	112.82M	37.56M	16.66M	2.34M
(+) Total Debt	41,762.83M	36,320.13M	26,456.87M	17,728.13M	15,264.30M	9,206.11M	6,362.32M	5,273.54M	3,838.54M	3,065.68M	2,345.65M	2,459.16M	2,706.44M	655.25M	440.16M	0.00M	488.03M	734.05M	787.21M	774.65M	727.84M	777.88M	371.40M	568.11M	681.96M	476.81M	233.37M	158.51M	87.26M
Enterprise Value	45,953.45M	37,455.86M	28,761.79M	28,105.43M	18,310.96M	10,963.02M	9,384.33M	8,632.64M	10,593.70M	9,457.72M	10,553.49M	6,620.05M	7,219.57M	4,572.56M	3,721.93M	3,109.46M	3,192.57M	3,728.65M	5,691.44M	2,134.76M	1,592.50M	3,094.26M	2,771.90M	3,760.07M	5,741.17M	4,769.41M	3,725.62M	3,546.57M	2,266.12M

Income Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31	1995-12-31
Revenue	70,023M	70,143M	71,348M	73,024M	70,699M	57,522M	34,437M	24,591M	15,272M	12,385M	8,148M	7,419M	6,842M	7,161M	6,554M	7,332M	0M	19M	2M	20M	477M	654M	844M	735M	720M	815M	839M	726M	755M	644M	678M	972M
Cost of Revenue	60,767M	60,962M	61,927M	63,582M	62,141M	50,753M	30,865M	22,280M	13,677M	10,928M	7,026M	6,319M	5,769M	6,141M	5,534M	6,494M	0M	73M	71M	91M	481M	722M	704M	617M	719M	814M	774M	658M	641M	535M	580M	808M
Gross Profit	9,257M	9,182M	9,421M	9,442M	8,557M	6,769M	3,572M	2,311M	1,594M	1,456M	1,121M	1,100M	1,074M	1,021M	1,021M	839M	0M	-53M	-68M	-70M	-4M	-68M	140M	117M	1M	1M	66M	68M	114M	109M	98M	164M
Gross Profit Margin	13.2%	13.1%	13.2%	12.9%	12.1%	11.8%	10.4%	9.4%	10.4%	11.8%	13.8%	14.8%	15.7%	14.3%	15.6%	11.4%	0.0%	-276.7%	-2,910.2%	-345.7%	-0.8%	-10.4%	16.6%	16.0%	0.2%	0.1%	7.8%	9.4%	15.1%	16.9%	14.5%	16.8%
R&D Expenses	2,119M	2,126M	2,201M	2,213M	1,794M	1,257M	750M	335M	146M	90M	19M	39M	6M	20M	2M	0M	0M	0M	0M	0M	0M	0M	1M	0M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	1,567M	1,533M	1,560M	1,628M	1,616M	1,324M	757M	660M	422M	340M	379M	338M	383M	386M	364M	1M	2M	27M	21M	35M	30M	43M	33M	40M	49M	53M	37M	27M	32M	29M	31M	49M
Operating Expenses	5,414M	5,658M	5,763M	5,714M	4,342M	3,375M	1,751M	1,223M	679M	686M	517M	571M	645M	662M	707M	621M	2M	31M	151M	13M	374M	45M	58M	83M	96M	104M	61M	43M	37M	34M	54M	81M
Operating Income (EBIT)	3,843M	3,523M	3,658M	3,728M	4,215M	3,394M	1,822M	1,088M	915M	770M	604M	529M	429M	358M	314M	218M	-2M	-85M	-219M	-84M	-377M	-113M	83M	34M	-94M	-103M	4M	25M	77M	75M	44M	83M
Operating Income Margin	5.5%	5.0%	5.1%	5.1%	6.0%	5.9%	5.3%	4.4%	6.0%	6.2%	7.4%	7.1%	6.3%	5.0%	4.8%	3.0%	0.0%	-439.4%	-9,341.5%	-410.5%	-79.2%	-17.3%	9.8%	4.6%	-13.1%	-12.6%	0.5%	3.5%	10.3%	11.7%	6.5%	8.5%
Interest Income	785M	644M	707M	386M	513M	377M	351M	303M	199M	114M	42M	58M	142M	218M	158M	0M	0M	0M	0M	0M	8M	7M	8M	7M	6M	15M	11M	0M	0M	0M	0M	0M
Interest Expense	1,422M	1,352M	1,352M	1,240M	1,045M	795M	493M	431M	323M	184M	136M	124M	149M	164M	150M	0M	0M	36M	106M	88M	60M	55M	47M	48M	49M	40M	22M	14M	17M	10M	21M	30M
Net Interest Income	-637M	-708M	-645M	-854M	-532M	-418M	-142M	-129M	-124M	-71M	-94M	-66M	-7M	54M	7M	0M	0M	-36M	-106M	-87M	-52M	-47M	-40M	-41M	-43M	-25M	-11M	-14M	-17M	-10M	-21M	-30M
Unusual Items	378M	697M	644M	843M	544M	416M	138M	128M	120M	72M	94M	70M	23M	-48M	0M	2M	3M	395M	334M	-556M	61M	-17M	2M	56M	38M	19M	8M	35M	16M	23M	20M	27M
EBT Excluding Unusual Items	3,206M	2,815M	3,013M	2,874M	3,684M	2,976M	1,680M	959M	791M	700M	510M	462M	422M	412M	321M	218M	-2M	-121M	-325M	-171M	-429M	-161M	43M	-7M	-137M	-128M	-6M	11M	61M	66M	23M	53M
Pre-Tax Income	3,584M	3,513M	3,657M	3,717M	4,228M	3,392M	1,817M	1,088M	911M	771M	604M	533M	445M	364M	321M	220M	1M	274M	9M	-727M	-368M	-178M	45M	50M	-99M	-109M	2M	46M	77M	89M	43M	80M
Pre-Tax Margin	5.1%	5.0%	5.1%	5.1%	6.0%	5.9%	5.3%	4.4%	6.0%	6.2%	7.4%	7.2%	6.5%	5.1%	4.9%	3.0%	0.0%	1,418.4%	384.6%	-3,566.5%	-77.1%	-27.2%	5.3%	6.8%	-13.7%	-13.4%	0.3%	6.4%	10.2%	13.8%	6.4%	8.2%
Income Tax Expense	625M	463M	635M	645M	784M	641M	342M	287M	226M	194M	173M	155M	133M	103M	89M	58M	0M	0M	0M	-20M	-4M	-12M	-2M	0M	1M	9M	2M	11M	21M	25M	6M	2M
Net Income	2,276M	2,339M	2,322M	2,289M	2,697M	2,135M	1,339M	600M	671M	576M	430M	377M	311M	261M	232M	163M	1M	274M	9M	-727M	-368M	-178M	46M	50M	-99M	-109M	1M	36M	55M	64M	37M	78M
Net Income Margin	3.2%	3.3%	3.3%	3.1%	3.8%	3.7%	3.9%	2.4%	4.4%	4.7%	5.3%	5.1%	4.5%	3.6%	3.5%	2.2%	0.0%	1,418.4%	384.6%	-3,566.5%	-77.1%	-27.2%	5.5%	6.8%	-13.7%	-13.4%	0.1%	4.9%	7.3%	9.9%	5.4%	8.1%
Depreciation & Amortization	422M	513M	522M	508M	567M	514M	216M	131M	91M	95M	112M	61M	92M	128M	87M	0M	0M	68M	66M	74M	77M	76M	63M	62M	71M	59M	51M	46M	41M	0M	0M	0M
EBITDA	4,265M	4,036M	4,180M	4,237M	4,782M	3,908M	2,037M	1,219M	1,006M	865M	716M	590M	521M	487M	401M	218M	-2M	-17M	-153M	-9M	-301M	-37M	145M	96M	-23M	-45M	56M	72M	119M	75M	44M	83M
EBITDA Margin	6.1%	5.8%	5.9%	5.8%	6.8%	6.8%	5.9%	5.0%	6.6%	7.0%	8.8%	7.9%	7.6%	6.8%	6.1%	3.0%	0.0%	-88.4%	-6,518.3%	-46.4%	-63.1%	-5.7%	17.2%	13.1%	-3.2%	-5.5%	6.7%	9.9%	15.7%	11.7%	6.5%	8.5%
NOPAT	3,172M	3,059M	3,022M	3,081M	3,434M	2,753M	1,479M	801M	688M	577M	431M	375M	301M	257M	227M	161M	-2M	-85M	-219M	-66M	-298M	-89M	86M	34M	-74M	-81M	1M	20M	56M	54M	38M	81M
NOPAT Margin	4.5%	4.4%	4.2%	4.2%	4.9%	4.8%	4.3%	3.3%	4.5%	4.7%	5.3%	5.1%	4.4%	3.6%	3.5%	2.2%	0.0%	-439.4%	-9,341.5%	-324.3%	-62.5%	-13.7%	10.2%	4.6%	-10.3%	-10.0%	0.1%	2.7%	7.4%	8.4%	5.5%	8.3%
Owner's Earnings	1,962M	1,392M	2,733M	1,229M	2,815M	2,116M	1,083M	313M	251M	439M	460M	383M	357M	274M	220M	163M	0M	342M	75M	-653M	-293M	-107M	83M	-14M	-98M	-128M	-104M	29M	-69M	64M	37M	78M
Owner's Earnings Margin	2.8%	2.0%	3.8%	1.7%	4.0%	3.7%	3.1%	1.3%	1.6%	3.5%	5.6%	5.2%	5.2%	3.8%	3.4%	2.2%	0.0%	1,769.1%	3,206.9%	-3,202.4%	-61.5%	-16.3%	9.9%	-1.9%	-13.6%	-15.8%	-12.4%	4.0%	-9.1%	9.9%	5.4%	8.1%
EPS (Basic)	1.22	1.50	1.23	1.33	1.63	1.37	1.12	0.54	0.60	0.51	0.38	0.34	0.28	0.23	0.32	0.00	0.00	0.62	0.02	-1.55	-0.94	-0.46	0.12	0.10	-0.25	-0.23	0.00	0.07	0.11	0.12	0.09	0.20
EPS (Diluted)	0.89	1.32	0.94	1.08	1.63	1.37	1.12	0.54	0.60	0.51	0.38	0.34	0.28	0.23	0.32	0.37	0.00	0.62	0.02	-1.86	-0.94	-0.45	0.12	0.13	-0.25	-0.28	0.00	0.09	0.14	0.16	0.09	0.20
Shares (Basic)	2,052M	1,559M	1,891M	1,561M	1,651M	1,558M	1,193M	1,120M	1,120M	1,120M	1,120M	1,120M	1,120M	1,120M	716M	441M	427M	441M	390M	391M	391M	391M	391M	391M	391M	391M	391M	391M	391M	391M	391M	391M
Shares (Diluted)	2,544M	1,776M	2,474M	2,116M	1,651M	1,558M	1,193M	1,120M	1,120M	1,120M	1,120M	1,120M	1,120M	1,120M	716M	441M	427M	441M	451M	391M	391M	391M	391M	391M	391M	391M	391M	391M	391M	391M	391M	391M

Balance Sheet

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31	1995-12-31
Cash & Cash Equivalents	10,468.72M	7,977.39M	7,111.42M	8,172.60M	7,047.05M	7,304.94M	7,394.41M	3,443.70M	3,645.42M	1,929.46M	2,338.17M	749.61M	800.23M	740.83M	583.61M	10.49M	44.96M	544.80M	0.01M	2.10M	46.55M	364.33M	743.76M	557.83M	479.95M	366.23M	141.82M	42.15M	15.56M	4.68M	25.85M	49.18M
Short-Term Investments	0.00M	0.00M	230.96M	423.69M	0.00M	9.80M	23.32M	1,183.57M	7.42M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.20M	0.20M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	40.00M	0.00M	0.00M
Cash & Short-Term Investments	10,468.72M	7,977.39M	7,342.38M	8,596.29M	7,047.05M	7,314.74M	7,417.73M	4,627.27M	3,652.84M	1,929.46M	2,338.17M	749.61M	800.23M	740.83M	583.61M	10.49M	44.96M	544.80M	0.01M	2.10M	46.55M	364.52M	743.96M	557.83M	479.95M	366.23M	141.82M	42.15M	15.56M	44.68M	25.85M	49.18M
Net Receivables	98,748.92M	96,659.88M	92,954.25M	76,518.77M	60,174.35M	44,404.25M	24,775.89M	6,397.21M	5,087.06M	4,880.07M	3,603.05M	3,646.41M	2,782.98M	2,185.64M	1,967.46M	0.00M	0.00M	0.00M	6.58M	31.95M	534.40M	583.52M	34.23M	55.76M	52.58M	283.46M	31.58M	26.53M	0.00M	31.73M	33.73M	39.78M
Inventory	3,436.39M	3,215.35M	2,838.78M	3,016.00M	2,855.00M	0.00M	1,670.77M	1,541.83M	7,460.75M	6,189.25M	5,339.94M	3,426.53M	3,569.57M	3,389.12M	2,580.25M	0.00M	0.00M	0.00M	18.98M	21.40M	41.20M	148.85M	139.54M	123.79M	67.76M	122.84M	148.82M	96.14M	87.33M	121.60M	119.52M	219.91M
Other Current Assets	10,553.70M	11,853.56M	12,551.23M	11,355.93M	7,256.45M	9,923.87M	6,357.91M	5,309.19M	2,279.61M	1,463.53M	1,871.17M	1,623.30M	1,878.48M	1,750.16M	1,628.15M	0.00M	0.00M	0.56M	140.08M	0.00M	41.15M	42.47M	47.64M	2.07M	117.11M	0.00M	202.02M	150.17M	111.85M	96.39M	129.68M	87.99M
Total Current Assets	123,207.72M	119,706.17M	115,686.64M	99,486.99M	77,332.85M	61,642.86M	40,222.29M	17,875.50M	18,480.25M	14,462.31M	13,152.33M	9,445.84M	9,031.26M	8,065.74M	6,759.47M	10.49M	44.96M	545.36M	165.65M	55.45M	663.29M	1,139.36M	965.37M	739.45M	717.40M	772.54M	524.25M	314.99M	214.74M	294.41M	308.78M	396.86M
Property, Plant & Equipment	4,934.75M	4,576.75M	4,614.60M	4,852.32M	8,481.15M	6,381.19M	4,502.15M	910.43M	730.27M	668.00M	568.42M	451.68M	426.40M	467.36M	418.63M	0.11M	0.13M	0.00M	463.58M	647.08M	722.77M	796.99M	945.69M	942.50M	939.09M	911.42M	924.47M	860.27M	848.95M	630.19M	285.73M	233.06M
Goodwill	286.80M	286.80M	286.80M	286.80M	221.32M	221.32M	83.85M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	7,503.75M	7,536.15M	7,291.16M	6,233.10M	419.04M	364.74M	187.92M	55.38M	57.36M	39.24M	43.44M	60.13M	57.96M	44.09M	24.66M	0.09M	0.10M	0.00M	114.41M	117.09M	120.14M	122.84M	135.64M	136.70M	18.73M	5.45M	6.91M	6.97M	6.21M	6.33M	6.10M	6.23M
Long-Term Investments	33,576.57M	33,119.06M	31,751.20M	15,012.45M	0.00M	8,008.68M	6,268.56M	6,087.19M	2,566.54M	349.51M	120.46M	365.89M	406.27M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	8.78M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	846.63M	859.05M	831.23M	598.92M	461.92M	369.54M	211.78M	143.83M	127.47M	159.46M	100.91M	92.15M	101.05M	96.60M	73.94M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	1,469.50M	1,462.96M	1,485.50M	11,752.31M	20,172.73M	6,373.84M	3,604.36M	3,028.65M	2,821.63M	1,906.66M	1,057.58M	0.19M	3.13M	746.29M	1,567.99M	0.00M	0.00M	0.00M	4.07M	4.59M	0.00M	0.20M	0.00M	5.02M	4.20M	0.00M	0.69M	1.38M	2.07M	2.76M	0.00M	0.00M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	48,617.99M	47,840.77M	46,260.50M	38,735.91M	29,756.16M	21,719.31M	14,858.62M	10,225.48M	6,303.27M	3,122.86M	1,890.82M	970.04M	994.81M	1,354.34M	2,085.22M	0.20M	0.23M	0.00M	582.05M	768.77M	842.91M	928.80M	1,081.33M	1,084.22M	962.02M	916.87M	932.07M	868.62M	857.23M	639.29M	291.84M	239.30M
Total Assets	171,825.71M	167,546.94M	161,947.13M	138,222.89M	107,089.01M	83,362.16M	55,080.92M	28,100.98M	24,783.52M	17,585.17M	15,043.15M	10,415.88M	10,026.07M	9,420.08M	8,844.69M	10.69M	45.19M	545.36M	747.69M	824.22M	1,506.20M	2,068.16M	2,046.70M	1,823.67M	1,679.41M	1,689.41M	1,456.31M	1,183.60M	1,071.97M	933.70M	600.62M	636.15M
Accounts Payable	73,570.32M	74,038.05M	74,396.84M	62,086.13M	50,966.06M	37,253.34M	22,398.08M	10,116.50M	8,464.63M	6,986.25M	5,911.43M	4,606.89M	3,627.25M	3,305.02M	2,809.14M	3,429.22M	0.00M	0.00M	172.15M	185.49M	423.20M	812.06M	665.12M	455.16M	279.01M	280.86M	181.57M	165.10M	117.33M	63.02M	84.40M	56.57M
Short-Term Debt	13,737.94M	10,825.08M	8,879.16M	7,889.33M	8,687.81M	7,519.90M	4,669.86M	3,200.28M	2,759.60M	1,468.08M	2,235.00M	1,769.22M	1,874.56M	1,688.18M	2,321.00M	0.00M	0.00M	0.00M	587.01M	718.66M	851.77M	663.17M	716.79M	523.50M	441.70M	413.71M	323.10M	196.34M	154.10M	113.50M	155.09M	215.44M
Tax Payables	0.00M	528.18M	800.47M	554.44M	751.01M	703.52M	362.32M	194.48M	145.20M	164.50M	125.13M	276.97M	345.46M	320.76M	255.61M	0.00M	0.00M	0.00M	16.95M	19.08M	18.60M	5.03M	6.13M	14.30M	23.17M	7.01M	0.05M	-2.18M	16.77M	-0.53M	8.16M	5.72M
Deferred Revenue	3,067.32M	0.00M	0.00M	2,173.51M	0.00M	0.00M	0.00M	0.00M	0.00M	723.26M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	221.63M	315.34M	103.06M	115.35M	74.59M	116.85M	92.82M	46.54M	38.56M	42.33M	85.43M	21.52M	42.80M	0.00M
Other Current Liabilities	14,394.87M	10,225.51M	12,105.90M	13,639.58M	12,485.32M	8,537.89M	6,173.11M	4,022.88M	4,011.22M	1,680.38M	1,842.06M	678.74M	902.20M	806.22M	641.45M	0.00M	35.37M	0.00M	0.00M	0.00M	61.50M	0.00M	-59.22M	0.00M	37.02M	30.09M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Current Liabilities	104,770.45M	95,616.82M	96,182.37M	86,342.99M	72,890.22M	54,014.64M	33,603.37M	17,534.14M	15,380.65M	11,022.46M	10,113.62M	7,331.82M	6,749.47M	6,120.18M	6,027.20M	3,429.23M	35.38M	0.00M	997.74M	1,238.57M	1,458.12M	1,595.61M	1,403.41M	1,109.81M	873.71M	778.21M	543.28M	401.59M	373.63M	197.51M	290.45M	277.73M
Long-Term Debt	35,402.26M	27,131.17M	23,870.18M	17,084.00M	11,085.72M	7,099.11M	6,343.59M	4,841.57M	2,432.22M	2,525.02M	1,300.00M	0.00M	617.43M	776.54M	300.00M	100.00M	0.00M	0.00M	0.00M	0.00M	42.80M	86.00M	138.00M	175.00M	226.01M	228.19M	189.01M	69.91M	25.01M	50.01M	51.10M	28.10M
Capital Lease Obligations	0.00M	91.65M	91.66M	123.18M	137.99M	113.05M	188.22M	165.46M	11.87M	31.16M	35.88M	0.00M	0.00M	92.18M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	235.04M	223.54M	231.95M	235.08M	267.40M	197.44M	109.89M	98.32M	56.71M	19.55M	0.35M	0.11M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Liabilities	27.33M	763.60M	618.77M	687.94M	0.00M	423.87M	456.32M	320.42M	45.94M	5.78M	43.42M	49.05M	53.46M	0.00M	0.00M	0.00M	0.00M	0.00M	33.15M	26.78M	5.43M	5.43M	27.03M	19.63M	2.72M	2.17M	22.00M	1.42M	2.30M	2.22M	4.14M	3.09M
Total Non-Current Liabilities	35,664.64M	28,209.95M	24,812.57M	18,130.19M	11,491.11M	7,833.47M	7,098.03M	5,425.77M	2,546.74M	2,581.51M	1,379.65M	49.16M	670.89M	868.72M	300.00M	100.00M	0.00M	0.00M	33.15M	26.78M	48.23M	91.43M	165.03M	194.63M	228.73M	230.36M	211.01M	71.33M	27.31M	52.23M	55.24M	31.19M
Total Liabilities	140,435.09M	123,826.77M	120,994.94M	104,473.18M	84,381.32M	61,848.11M	40,701.40M	22,959.91M	17,927.39M	13,603.97M	11,493.27M	7,380.98M	7,420.36M	6,988.90M	6,327.20M	3,529.23M	35.38M	0.00M	1,030.89M	1,265.35M	1,506.35M	1,687.04M	1,568.44M	1,304.44M	1,102.44M	1,008.57M	754.29M	472.92M	400.93M	249.74M	345.69M	308.92M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	2,143.97M	2,152.53M	2,152.53M	2,152.52M	2,152.16M	2,149.60M	2,148.49M	1,711.67M	1,711.67M	1,711.67M	1,711.67M	1,711.67M	1,711.67M	1,711.67M	1,711.67M	1,038.24M	440.70M	440.70M	390.00M	390.00M	390.00M	390.00M	390.00M	390.00M	390.00M	390.00M	390.00M	390.00M	390.00M	195.00M	135.00M	135.00M
Retained Earnings	12,585.42M	12,578.09M	11,750.22M	10,306.24M	8,604.63M	6,362.16M	4,505.98M	3,462.58M	2,876.81M	2,510.25M	1,993.97M	1,609.28M	1,266.22M	984.27M	747.29M	530.38M	-1,072.46M	-1,073.06M	-1,346.97M	-1,356.14M	-629.07M	-261.17M	-83.59M	-130.03M	-179.75M	-75.72M	12.34M	134.05M	107.96M	120.05M	81.96M	50.74M
Accumulated OCI	1,186.20M	0.00M	0.00M	0.00M	1,183.38M	1,914.31M	272.22M	210.93M	105.24M	455.64M	424.33M	378.84M	0.00M	0.00M	0.00M	106.45M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Minority Interest	16,098.70M	11,705.38M	11,078.67M	9,981.47M	7,242.61M	6,488.11M	4,248.93M	2,740.06M	1,359.37M	50.81M	3.81M	3.17M	3.05M	3.43M	3.44M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	19.27M	16.50M	16.50M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Shareholders’ Equity	15,915.60M	14,730.62M	13,902.74M	12,458.76M	11,940.16M	10,426.07M	6,926.69M	5,385.18M	4,693.72M	4,677.56M	4,129.97M	3,699.79M	2,977.88M	2,695.94M	2,458.96M	1,675.08M	-631.76M	-632.36M	-956.97M	-966.14M	-239.07M	128.84M	306.42M	259.97M	210.25M	314.28M	402.34M	524.05M	497.96M	315.05M	216.96M	185.74M
Total Equity	32,014.30M	26,435.99M	24,981.41M	22,440.23M	19,182.77M	16,914.17M	11,175.61M	8,125.25M	6,053.09M	4,728.37M	4,133.77M	3,702.96M	2,980.94M	2,699.37M	2,462.40M	1,675.08M	-631.76M	-632.36M	-956.97M	-966.14M	-239.07M	128.84M	325.68M	276.47M	226.75M	314.28M	402.34M	524.05M	497.96M	315.05M	216.96M	185.74M
Total Liabilities & Equity	172,449.38M	150,262.77M	145,976.35M	126,913.41M	103,564.09M	78,762.29M	51,877.01M	31,085.16M	23,980.48M	18,332.34M	15,627.05M	11,083.94M	10,401.30M	9,688.27M	8,789.60M	5,204.30M	-596.38M	-632.36M	73.92M	299.21M	1,267.28M	1,815.87M	1,894.12M	1,580.92M	1,329.19M	1,322.85M	1,156.64M	996.97M	898.89M	564.79M	562.65M	494.66M
Tangible Assets	164,035.16M	159,723.98M	154,369.17M	131,702.99M	106,448.66M	82,776.10M	54,809.14M	28,045.60M	24,726.16M	17,545.93M	14,999.71M	10,355.76M	9,968.11M	9,375.99M	8,820.03M	10.60M	45.09M	545.36M	633.29M	707.13M	1,386.07M	1,945.33M	1,911.06M	1,686.97M	1,660.68M	1,683.95M	1,449.40M	1,176.63M	1,065.76M	927.37M	594.52M	629.92M
Tangible Equity	24,223.75M	18,613.04M	17,403.45M	15,920.33M	18,542.41M	16,328.11M	10,903.84M	8,069.87M	5,995.73M	4,689.13M	4,090.33M	3,642.83M	2,922.98M	2,655.28M	2,437.74M	1,674.99M	-631.85M	-632.36M	-1,071.38M	-1,083.23M	-359.21M	6.00M	190.04M	139.78M	208.02M	308.83M	395.43M	517.07M	491.75M	308.71M	210.85M	179.51M
Tangible Book Value	24,223.75M	18,613.04M	17,403.45M	15,920.33M	18,542.41M	16,328.11M	10,903.84M	8,069.87M	5,995.73M	4,689.13M	4,090.33M	3,642.83M	2,922.98M	2,655.28M	2,437.74M	1,674.99M	-631.85M	-632.36M	-1,071.38M	-1,083.23M	-359.21M	6.00M	190.04M	139.78M	208.02M	308.83M	395.43M	517.07M	491.75M	308.71M	210.85M	179.51M
Total Investments	33,576.57M	33,347.21M	31,982.17M	15,436.14M	0.00M	8,018.48M	6,291.88M	6,095.52M	1,389.05M	349.51M	120.46M	365.89M	406.27M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	8.97M	0.20M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	40.00M	0.00M	0.00M
Net Debt	38,671.48M	29,978.87M	25,637.92M	16,800.73M	12,726.49M	7,314.07M	3,619.05M	4,598.16M	1,546.41M	2,063.65M	1,196.83M	1,019.62M	1,691.76M	1,723.89M	2,037.39M	89.51M	-44.96M	-544.80M	587.00M	716.56M	848.02M	384.85M	111.03M	140.67M	187.76M	275.67M	370.29M	224.10M	163.55M	158.83M	180.34M	194.36M

Capital Metrics

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31	1995-12-31
Working Capital	19,883.3M	17,259.1M	13,924.6M	12,067.5M	6,032.3M	6,133.7M	5,107.9M	4,217.3M	3,089.9M	3,638.1M	3,048.8M	2,118.9M	2,331.8M	1,728.2M	335.3M	10.1M	9.6M	9.2M	-1,208.1M	-1,410.4M	-736.0M	-436.9M	-382.8M	-405.9M	-299.5M	-168.2M	3.5M	-80.9M	-149.4M	44.0M	6.0M	-2.2M
Total Capital	65,820.5M	63,173.9M	57,134.8M	50,733.4M	35,220.8M	29,668.2M	19,659.0M	14,820.4M	10,579.1M	8,007.5M	7,037.5M	4,805.9M	5,144.7M	4,767.3M	4,642.0M	1,745.6M	9.8M	9.2M	121.0M	50.3M	953.2M	1,149.7M	1,369.1M	1,285.7M	1,255.8M	1,229.9M	1,093.3M	982.6M	864.8M	805.6M	448.8M	449.4M
Capital Employed	68,501.2M	65,099.8M	60,185.1M	50,803.4M	30,169.5M	27,853.0M	19,966.6M	12,204.9M	8,506.3M	6,761.0M	4,939.6M	3,089.0M	3,326.7M	3,082.6M	2,420.5M	10.3M	9.8M	9.2M	-626.1M	-641.6M	106.9M	491.9M	698.6M	678.3M	662.6M	748.7M	935.5M	787.7M	713.0M	683.3M	297.9M	237.1M
Invested Capital	55,351.8M	55,196.5M	50,023.3M	42,560.8M	28,173.7M	22,363.2M	12,264.6M	11,376.7M	6,933.7M	6,078.1M	4,699.3M	4,056.3M	4,344.5M	4,026.5M	4,058.4M	1,735.1M	-35.1M	-535.6M	121.0M	48.2M	906.7M	785.4M	625.3M	727.8M	775.9M	863.6M	951.5M	940.5M	849.2M	800.9M	423.0M	400.3M

Cash Flow Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31
Net Income	630.48M	2,338.23M	3,021.46M	3,072.03M	3,173.05M	2,751.04M	1,475.51M	819.31M	677.10M	577.87M	430.96M	377.70M	311.89M	261.78M	232.21M	0.47M	0.60M	273.92M	9.02M	-727.07M	-367.91M	-177.58M	44.73M	49.73M	-98.85M	-88.06M	7.09M	35.85M	54.60M
Depreciation & Amortization	0.00M	429.49M	687.38M	858.55M	909.51M	599.95M	215.53M	107.98M	91.20M	95.11M	111.56M	60.95M	91.76M	128.41M	87.50M	0.04M	0.00M	67.80M	66.23M	74.24M	76.64M	75.96M	57.85M	62.30M	70.74M	58.50M	51.47M	46.28M	41.41M
Deferred Income Tax	0.00M	0.00M	0.00M	0.00M	-93.65M	-100.91M	-1.00M	26.63M	69.80M	-39.24M	-8.52M	9.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Stock-Based Compensation	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-4,756.32M	-31,031.12M	-11,058.56M	-9,929.38M	-5,247.95M	-6,545.31M	-1,126.74M	-1,154.59M	-184.55M	-867.40M	49.25M	267.25M	-284.93M	70.87M	-1,223.40M	-34.90M	-500.23M	423.29M	-31.91M	-22.78M	-58.75M	-216.19M	51.13M	-120.03M	51.16M	107.48M	-99.79M	-91.53M	-29.64M
Accounts Receivable	-4,381.61M	-30,504.60M	-22,984.35M	-22,639.51M	-15,354.79M	1,740.82M	3,239.23M	1,250.68M	328.54M	-771.68M	-929.87M	-622.16M	-412.72M	377.21M	-938.47M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	-374.71M	-526.52M	177.22M	-160.99M	-72.71M	-14,825.35M	-6,491.80M	-2,338.66M	-1,057.17M	-963.15M	-1,913.35M	143.88M	-176.67M	-808.04M	81.71M	0.00M	0.00M	18.98M	2.42M	18.62M	111.07M	-9.26M	-20.92M	-54.78M	66.16M	16.35M	-56.08M	-9.31M	34.27M
Accounts Payable	0.00M	0.00M	11,748.57M	12,871.12M	10,273.19M	6,640.13M	2,126.82M	-423.29M	607.69M	906.68M	2,900.98M	736.51M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	0.00M	0.00M	11,513.20M	0.00M	-93.65M	-100.91M	-1.00M	356.67M	872.62M	95.75M	1,962.59M	123.37M	-108.26M	878.92M	-1,305.11M	0.00M	0.00M	404.31M	-34.34M	-41.40M	-169.82M	-206.93M	72.05M	-65.25M	-15.00M	91.13M	-43.72M	-82.22M	-63.92M
Other Non-Cash Items	3,619.25M	21,718.73M	2,210.63M	2,042.15M	1,317.37M	837.83M	410.19M	275.13M	246.36M	426.86M	222.48M	126.74M	196.15M	275.33M	138.25M	-0.07M	0.00M	-773.28M	-43.57M	621.41M	344.11M	76.48M	51.92M	26.09M	8.43M	57.11M	19.05M	17.30M	24.55M
Net Cash from Operating Activities	-486.45M	-6,365.18M	-5,139.08M	-3,956.65M	151.97M	-2,356.48M	974.49M	47.83M	830.10M	232.44M	814.25M	832.63M	314.87M	736.39M	-765.44M	-34.46M	-499.63M	-8.28M	-0.23M	-54.20M	-5.90M	-241.33M	205.62M	18.09M	31.48M	135.02M	-22.19M	7.90M	90.92M
Capital Expenditures (PPE)	-735.94M	-1,459.62M	-111.48M	-1,567.74M	-449.11M	-532.94M	-471.39M	-418.15M	-511.09M	-231.79M	-81.72M	-55.25M	-45.59M	-116.03M	-99.20M	-0.01M	-0.21M	-0.09M	-0.02M	-0.01M	-2.05M	-4.99M	-25.92M	-126.22M	-69.67M	-77.90M	-156.29M	-53.32M	-165.59M
Acquisitions (Net)	2.07M	2,069.06M	0.00M	0.00M	26.66M	-484.61M	-1,000.09M	-200.00M	16.27M	57.33M	0.80M	2.88M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	25.92M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	-1,955.63M	-870.80M	-3,400.15M	-4,681.11M	-3,457.12M	-5,739.67M	-2,321.07M	-1,719.24M	-1,283.80M	-116.05M	-2,204.90M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.20M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Sales / Maturities of Investments	600.85M	1,212.11M	1,398.62M	281.77M	789.88M	3,811.34M	1,460.18M	112.75M	57.06M	0.00M	21.85M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.24M	15.30M	5.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Investing Activities	1,087.94M	-2,317.89M	1.59M	100.76M	7.97M	0.64M	2.02M	-998.86M	-440.00M	-656.23M	-904.10M	2.88M	18.53M	2.17M	15.84M	-0.01M	-0.21M	185.62M	-0.02M	-0.01M	-2.05M	-10.03M	-25.92M	37.68M	0.15M	0.02M	1.25M	2.35M	-165.59M
Net Cash from Investing Activities	-2,191.34M	-922.33M	-2,111.42M	-5,866.31M	-3,081.71M	-2,945.25M	-2,330.36M	-3,223.51M	-2,161.55M	-1,004.06M	-963.97M	-52.37M	-27.06M	-113.86M	-83.36M	-0.01M	-0.21M	185.53M	-0.02M	-0.01M	-1.81M	0.28M	-21.12M	-88.54M	-69.53M	-77.88M	-155.04M	-50.97M	-165.59M
Net Debt Issuance	1,259.91M	5,037.65M	5,677.40M	3,578.66M	3,038.52M	2,122.86M	1,560.56M	1,615.69M	936.80M	420.02M	1,766.03M	-724.57M	11.00M	-283.43M	856.37M	663.39M	0.00M	-27.00M	-1.07M	9.41M	135.38M	-85.62M	36.28M	38.30M	134.33M	174.37M	299.63M	84.84M	-151.60M
Long-Term Debt Issuance	3,660.14M	5,037.65M	2,699.40M	3,578.66M	3,038.52M	2,122.86M	1,560.56M	1,615.69M	936.80M	420.02M	1,766.03M	-724.57M	11.00M	-283.43M	856.37M	663.39M	0.00M	-27.00M	-1.07M	9.41M	135.38M	-85.62M	36.28M	38.30M	134.33M	174.37M	299.63M	84.84M	-151.60M
Short-Term Debt Issuance	-2,400.23M	0.00M	2,978.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-3.41M	-1.05M	-500.00M	0.00M	0.00M	-450.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	450.00M	750.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock Repurchased	-3.41M	-601.05M	-500.00M	-600.00M	-8.00M	-450.00M	-750.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-1,106.78M	-1,682.54M	-1,969.15M	-1,563.74M	-195.00M	-155.70M	-200.83M	-85.21M	-399.03M	-133.07M	-118.62M	-137.24M	-177.75M	-152.76M	-225.48M	0.00M	0.00M	0.00M	-0.13M	-0.11M	-37.01M	-51.73M	-49.60M	-49.72M	-36.66M	-33.32M	-23.11M	-15.42M	-10.05M
Common Dividends Paid	-1,106.78M	-1,757.24M	-1,969.15M	-1,563.74M	-1,286.35M	-795.05M	-847.87M	-509.54M	-401.18M	-133.07M	-118.62M	-137.24M	-177.75M	-152.76M	-225.48M	-92.06M	0.00M	0.00M	-0.13M	-0.11M	-37.01M	-51.73M	-49.60M	-49.72M	-36.66M	-33.32M	-23.11M	-15.42M	-10.05M
Preferred Dividends Paid	0.00M	74.70M	0.00M	0.00M	0.00M	639.35M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	5,927.70M	2,807.10M	3,048.79M	9,251.40M	377.01M	3,461.15M	3,315.56M	2,169.39M	1,997.99M	1.78M	32.52M	0.00M	0.00M	0.00M	0.00M	500.00M	0.00M	394.53M	0.00M	43.50M	-92.00M	-107.00M	-46.25M	115.35M	24.09M	26.21M	0.38M	0.25M	247.20M
Net Cash from Financing Activities	6,077.42M	6,161.17M	6,257.04M	11,266.33M	2,129.19M	4,978.31M	4,028.25M	3,275.55M	2,532.76M	288.72M	1,679.93M	-861.81M	-166.75M	-436.19M	630.89M	0.00M	0.00M	367.53M	-1.19M	52.79M	6.37M	-244.35M	-59.57M	103.93M	121.76M	167.26M	276.90M	69.67M	85.55M
Effect of FX on Cash	-33.66M	-270.05M	4.71M	-30.16M	27.07M	-22.93M	-11.35M	2.97M	8.05M	7.50M	13.81M	6.58M	0.87M	0.50M	-0.57M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Change in Cash	3,374.14M	-1,201.00M	-988.76M	1,413.21M	-773.48M	-346.35M	2,661.03M	102.83M	1,209.36M	-475.41M	1,544.02M	-74.97M	121.93M	186.85M	-218.47M	-34.47M	-499.84M	544.78M	-1.45M	-1.42M	-1.34M	-485.39M	124.94M	33.48M	83.72M	224.41M	99.67M	26.59M	10.88M
Cash at Beginning of Period	28,496.16M	31,107.92M	7,408.59M	5,995.38M	6,542.06M	6,888.41M	4,227.38M	3,070.19M	1,773.14M	2,248.55M	704.53M	779.50M	657.58M	470.72M	689.19M	44.96M	544.80M	0.01M	1.46M	2.88M	4.22M	489.61M	364.68M	449.95M	366.23M	141.82M	42.15M	15.56M	4.68M
Cash at End of Period	31,870.30M	29,951.18M	6,419.83M	7,408.59M	5,768.58M	6,542.06M	6,888.41M	3,173.02M	2,982.50M	1,773.14M	2,248.55M	704.53M	779.50M	657.58M	470.72M	10.49M	44.96M	544.80M	0.01M	1.46M	2.88M	4.22M	489.61M	483.43M	449.95M	366.23M	141.82M	42.15M	15.56M
Operating Cash Flow	-486.45M	-6,163.19M	-5,139.08M	-3,956.65M	151.97M	-2,356.48M	974.49M	47.83M	830.10M	232.44M	814.25M	832.63M	314.87M	736.39M	-765.44M	-34.46M	-499.63M	-8.28M	-0.23M	-54.20M	-5.90M	-241.33M	205.62M	18.09M	31.48M	135.02M	-22.19M	7.90M	90.92M
Capital Expenditure	-735.94M	-1,459.62M	-111.48M	-1,567.74M	-449.11M	-532.94M	-471.39M	-418.15M	-511.09M	-231.79M	-81.72M	-55.25M	-45.59M	-116.03M	-99.20M	-0.01M	-0.21M	-0.09M	-0.02M	-0.01M	-2.05M	-4.99M	-25.92M	-126.22M	-69.67M	-77.90M	-156.29M	-53.32M	-165.59M
Free Cash Flow	-1,222.39M	-7,622.80M	-5,250.56M	-5,524.39M	-297.13M	-2,889.43M	503.09M	-370.32M	319.02M	0.65M	732.53M	777.38M	269.27M	620.37M	-864.63M	-34.47M	-499.84M	-8.36M	-0.25M	-54.21M	-7.95M	-246.32M	179.70M	-108.13M	-38.19M	57.13M	-178.48M	-45.43M	-74.67M

Free Cash Flow

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31
EBITDA	5,992.47M	6,035.98M	6,181.48M	6,108.73M	5,714.60M	4,701.40M	2,280.59M	1,447.16M	1,118.14M	1,121.55M	835.23M	784.08M	776.91M	742.06M	741.82M	837.41M	-1.51M	-12.75M	-23.46M	-30.96M	42.71M	-35.36M	169.82M	139.77M	23.02M	5.91M	79.88M	87.91M	124.27M
(-) Tax Adjustment	1,045.68M	796.34M	1,073.85M	1,059.82M	1,059.55M	888.14M	429.09M	381.20M	277.75M	281.41M	239.38M	228.03M	232.32M	209.10M	205.46M	219.12M	0.00M	0.00M	0.00M	-0.86M	0.42M	-2.34M	0.00M	0.00M	0.00M	0.00M	27.96M	19.92M	34.72M
(-) Change In Working Capital	-4,756.32M	-31,031.12M	-11,058.56M	-9,929.38M	-5,247.95M	-6,545.31M	-1,126.74M	-1,154.59M	-184.55M	-867.40M	49.25M	267.25M	-284.93M	70.87M	-1,223.40M	-34.90M	-500.23M	423.29M	-31.91M	-22.78M	-58.75M	-216.19M	51.13M	-120.03M	51.16M	107.48M	-99.79M	-91.53M	-29.64M
(-) Capital Expenditure	-735.94M	-1,459.62M	-111.48M	-1,567.74M	-449.11M	-532.94M	-471.39M	-418.15M	-511.09M	-231.79M	-81.72M	-55.25M	-45.59M	-116.03M	-99.20M	-0.01M	-0.21M	-0.09M	-0.02M	-0.01M	-2.05M	-4.99M	-25.92M	-126.22M	-69.67M	-77.90M	-156.29M	-53.32M	-165.59M
Unlevered Free Cash Flow	8,967.17M	34,768.85M	16,054.71M	13,410.55M	9,453.90M	9,825.62M	2,506.84M	1,802.40M	513.86M	1,475.75M	464.89M	233.55M	783.93M	346.06M	1,660.57M	653.19M	498.51M	-436.13M	8.44M	-7.34M	98.99M	178.18M	92.77M	133.58M	-97.81M	-179.46M	-4.57M	106.21M	-46.39M
(-) Net Interest Income After Taxes	-525.55M	-614.52M	-532.71M	-706.07M	-433.13M	-339.06M	-115.16M	-94.67M	-93.10M	-52.95M	-67.22M	-47.01M	-5.01M	38.63M	5.38M	0.15M	0.00M	-35.81M	-105.63M	-84.69M	-51.28M	-44.21M	-39.56M	-40.84M	-43.15M	-24.53M	-6.85M	-10.86M	-12.06M
Net Debt Issuance	1,259.91M	5,037.65M	5,677.40M	3,578.66M	3,038.52M	2,122.86M	1,560.56M	1,615.69M	936.80M	420.02M	1,766.03M	-724.57M	11.00M	-283.43M	856.37M	663.39M	0.00M	-27.00M	-1.07M	9.41M	135.38M	-85.62M	36.28M	38.30M	134.33M	174.37M	299.63M	84.84M	-151.60M
Levered Free Cash Flow	10,752.63M	40,421.03M	22,264.82M	17,695.29M	12,925.55M	12,287.55M	4,182.56M	3,512.77M	1,543.75M	1,948.72M	2,298.13M	-444.01M	799.94M	24.01M	2,511.56M	1,316.43M	498.51M	-427.32M	113.00M	86.76M	285.65M	136.78M	168.61M	212.72M	79.67M	19.44M	301.91M	201.90M	-185.93M