Power Assets Holdings Limited (0006.HK)

Industry: Independent Power Producers Sector: Utilities Currency Used: HK Live Price: $56.65

Enterprise Value

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Stock Price	48.33	43.18	46.05	48.13	42.08	57.20	54.68	64.22	58.61	59.70	60.10	60.07	52.26	48.82	40.13	35.86	37.73
Market Capitalization	102,985.66M	92,010.46M	98,215.28M	102,711.34M	89,799.06M	122,079.77M	116,690.76M	137,062.28M	125,078.40M	127,415.42M	128,269.13M	128,205.10M	111,536.51M	104,183.98M	85,647.92M	76,534.62M	80,525.69M
(-) Cash & Equivalents	2,090.00M	2,033.00M	3,042.00M	3,538.00M	2,845.00M	2,653.50M	4,568.00M	18,504.50M	40,449.50M	64,633.50M	55,546.00M	8,296.50M	6,379.00M	4,660.50M	5,276.00M	4,610.50M	2,987.33M
(+) Total Debt	2,687.50M	3,187.50M	3,300.00M	3,520.00M	3,479.00M	3,365.50M	3,504.50M	8,041.00M	8,789.00M	9,671.50M	10,780.50M	23,959.50M	24,914.50M	23,816.50M	19,759.00M	12,465.50M	3,555.67M
Enterprise Value	103,583.16M	93,164.96M	98,473.28M	102,693.34M	90,433.06M	122,791.77M	115,627.26M	126,598.78M	93,417.90M	72,453.42M	83,503.63M	143,868.10M	130,072.01M	123,339.98M	100,130.92M	84,389.62M	81,094.03M

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
Revenue	2,108M	2,588M	6,774M	1,292M	1,265M	1,276M	1,270M	1,348M	1,555M	1,420M	1,288M	1,308M	2,131M	10,222M	10,415M	10,201M	10,371M	10,395M	12,773M
Cost of Revenue	316M	-517M	424M	0M	0M	111M	-193M	0M	1M	1M	6M	8M	307M	4,228M	4,162M	4,032M	3,938M	3,820M	3,782M
Gross Profit	1,792M	3,105M	6,350M	1,292M	1,265M	1,165M	1,463M	1,348M	1,554M	1,419M	1,282M	1,300M	1,824M	5,994M	6,253M	6,169M	6,433M	6,575M	8,991M
Gross Profit Margin	85.0%	120.0%	93.7%	100.0%	100.0%	91.3%	115.2%	100.0%	99.9%	99.9%	99.5%	99.4%	85.6%	58.6%	60.0%	60.5%	62.0%	63.3%	70.4%
R&D Expenses	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	81M	306M	0M	0M	156M	140M	150M	168M	310M	523M	2M	0M	0M	0M	0M	0M	0M	0M	0M
Operating Expenses	1,416M	-264M	36M	161M	101M	-336M	288M	-328M	6,106M	6,777M	4,821M	6,073M	58,730M	1,465M	1,276M	-143M	-249M	-19M	-79M
Operating Income (EBIT)	376M	3,369M	6,314M	1,131M	1,164M	1,501M	1,175M	1,676M	-4,552M	-5,358M	-3,539M	-4,773M	-56,906M	4,529M	4,977M	6,312M	6,682M	6,594M	9,070M
Operating Income Margin	17.8%	130.2%	93.2%	87.5%	92.0%	117.6%	92.5%	124.3%	-292.7%	-377.3%	-274.8%	-364.9%	-2,670.4%	44.3%	47.8%	61.9%	64.4%	63.4%	71.0%
Interest Income	0M	204M	123M	0M	68M	12M	56M	111M	224M	515M	550M	612M	898M	89M	1,443M	1,417M	0M	0M	0M
Interest Expense	348M	242M	169M	143M	104M	125M	86M	96M	194M	295M	248M	264M	434M	692M	648M	617M	391M	334M	463M
Net Interest Income	-348M	-38M	-46M	-143M	-36M	-113M	-30M	15M	30M	220M	302M	348M	464M	-603M	795M	800M	-391M	-334M	-463M
Unusual Items	9,534M	-727M	84M	5,264M	4,710M	4,884M	5,055M	-27M	12,212M	13,554M	9,642M	12,146M	117,460M	7,665M	4,721M	2,776M	1,899M	1,530M	732M
EBT Excluding Unusual Items	28M	3,331M	6,268M	988M	1,128M	1,388M	1,145M	1,691M	-4,522M	-5,138M	-3,237M	-4,425M	-56,442M	3,926M	5,772M	7,112M	6,291M	6,260M	8,607M
Pre-Tax Income	9,562M	2,604M	6,352M	6,252M	5,838M	6,272M	6,200M	1,664M	7,690M	8,416M	6,405M	7,721M	61,018M	11,591M	10,493M	9,888M	8,190M	7,790M	9,339M
Pre-Tax Margin	453.6%	100.6%	93.8%	483.9%	461.5%	491.5%	488.2%	123.4%	494.5%	592.7%	497.3%	590.3%	2,863.4%	113.4%	100.7%	96.9%	79.0%	74.9%	73.1%
Income Tax Expense	487M	353M	233M	249M	189M	132M	68M	43M	54M	97M	-12M	-11M	13M	814M	835M	858M	937M	919M	1,000M
Net Income	12,205M	12,239M	6,119M	6,003M	5,649M	6,140M	6,132M	7,131M	7,636M	8,319M	6,417M	7,732M	61,085M	10,777M	9,658M	9,030M	7,253M	6,697M	8,029M
Net Income Margin	579.0%	472.9%	90.3%	464.6%	446.6%	481.2%	482.8%	529.0%	491.1%	585.8%	498.2%	591.1%	2,866.5%	105.4%	92.7%	88.5%	69.9%	64.4%	62.9%
Depreciation & Amortization	7M	6M	3M	4M	3M	3M	4M	2M	1M	1M	1M	2M	151M	1,981M	1,918M	1,835M	1,791M	1,530M	732M
EBITDA	383M	3,375M	6,317M	1,135M	1,167M	1,504M	1,179M	1,678M	-4,551M	-5,357M	-3,538M	-4,771M	-56,755M	6,510M	6,895M	8,147M	8,473M	8,124M	9,802M
EBITDA Margin	18.2%	130.4%	93.3%	87.8%	92.3%	117.9%	92.8%	124.5%	-292.7%	-377.3%	-274.7%	-364.8%	-2,663.3%	63.7%	66.2%	79.9%	81.7%	78.2%	76.7%
NOPAT	357M	2,912M	6,082M	1,086M	1,126M	1,469M	1,162M	1,633M	-4,520M	-5,296M	-3,546M	-4,780M	-56,894M	4,211M	4,581M	5,764M	5,918M	5,816M	8,099M
NOPAT Margin	16.9%	112.5%	89.8%	84.1%	89.0%	115.2%	91.5%	121.1%	-290.7%	-373.0%	-275.3%	-365.4%	-2,669.8%	41.2%	44.0%	56.5%	57.1%	56.0%	63.4%
Owner's Earnings	12,210M	12,243M	6,122M	6,005M	5,651M	6,143M	6,134M	7,133M	7,636M	8,320M	6,418M	7,733M	61,111M	10,755M	8,971M	8,330M	6,754M	5,800M	6,991M
Owner's Earnings Margin	579.2%	473.1%	90.4%	464.8%	446.7%	481.4%	483.0%	529.2%	491.1%	585.9%	498.3%	591.2%	2,867.7%	105.2%	86.1%	81.7%	65.1%	55.8%	54.7%
EPS (Basic)	5.73	5.74	2.87	2.82	2.65	2.88	2.87	3.34	3.58	3.90	3.01	3.62	28.58	5.23	4.56	4.25	3.37	3.14	3.76
EPS (Diluted)	5.73	5.74	2.87	2.82	2.65	2.88	2.87	3.34	3.58	3.90	3.01	3.62	28.62	5.05	4.53	4.23	3.40	3.14	3.76
Shares (Basic)	2,131M	2,133M	2,131M	2,131M	2,134M	2,134M	2,134M	2,134M	2,134M	2,134M	2,134M	2,134M	2,134M	2,134M	2,134M	2,134M	2,134M	2,134M	2,134M
Shares (Diluted)	2,131M	2,133M	2,131M	2,131M	2,134M	2,134M	2,134M	2,134M	2,134M	2,134M	2,134M	2,134M	2,134M	2,134M	2,134M	2,134M	2,134M	2,134M	2,134M

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
Cash & Cash Equivalents	1,561.00M	2,733.00M	2,733.00M	2,456.00M	2,883.00M	4,241.00M	3,388.00M	3,239.00M	5,229.00M	24,557.00M	15,212.00M	66,097.00M	46,854.00M	7,894.00M	6,140.00M	6,121.00M	5,839.00M	5,093.00M	8,962.00M
Short-Term Investments	0.00M	0.00M	0.00M	1,745.00M	3,011.00M	369.00M	2,039.00M	1,637.00M	87.00M	851.00M	46,500.00M	2,060.00M	14,439.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	1,561.00M	2,733.00M	2,733.00M	4,201.00M	5,894.00M	4,610.00M	5,427.00M	4,876.00M	5,316.00M	25,408.00M	61,712.00M	68,157.00M	61,293.00M	7,894.00M	6,140.00M	6,121.00M	5,839.00M	5,093.00M	8,962.00M
Net Receivables	675.00M	755.00M	755.00M	158.00M	986.00M	353.00M	635.00M	139.00M	1.00M	166.00M	159.00M	1.00M	0.00M	650.00M	2,567.00M	1,103.00M	1,751.00M	1,059.00M	1,116.00M
Inventory	0.00M	0.00M	0.00M	0.00M	-984.00M	-351.00M	-632.00M	-137.00M	0.00M	-166.00M	-159.00M	0.00M	0.00M	948.00M	1,114.00M	1,115.00M	747.00M	930.00M	659.00M
Other Current Assets	-3.00M	0.00M	0.00M	-5.00M	982.00M	349.00M	629.00M	135.00M	158.00M	0.00M	0.00M	385.00M	808.00M	914.00M	2,504.00M	2,117.00M	0.00M	1,583.00M	998.00M
Total Current Assets	2,233.00M	3,488.00M	3,488.00M	4,354.00M	6,878.00M	4,961.00M	6,059.00M	5,013.00M	5,475.00M	25,408.00M	61,712.00M	68,543.00M	62,101.00M	10,406.00M	12,325.00M	10,456.00M	8,337.00M	8,665.00M	11,735.00M
Property, Plant & Equipment	18.00M	19.00M	19.00M	19.00M	18.00M	20.00M	17.00M	19.00M	14.00M	14.00M	29.00M	30.00M	32.00M	49,122.00M	49,298.00M	48,799.00M	47,924.00M	47,464.00M	46,488.00M
Goodwill	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1.00M	166.00M	159.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Long-Term Investments	93,985.00M	88,513.00M	88,513.00M	91,318.00M	87,623.00M	89,269.00M	87,356.00M	88,454.00M	84,522.00M	81,071.00M	67,008.00M	66,615.00M	74,133.00M	42,081.00M	40,829.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	0.00M	0.00M	0.00M	0.00M	0.00M	45.00M	111.00M	77.00M	46.00M	21.00M	19.00M	0.00M	4.00M	42.00M	86.00M	87.00M	0.00M	2.00M	11.00M
Other Non-Current Assets	857.00M	2,057.00M	2,057.00M	6.00M	6.00M	7.00M	6.00M	6.00M	-84,536.00M	-81,085.00M	-67,037.00M	-66,645.00M	-74,165.00M	3,498.00M	1,612.00M	36,470.00M	36,442.00M	19,849.00M	10,175.00M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1,426.00M	342.00M	869.00M	170.00M	8.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	94,860.00M	90,589.00M	90,589.00M	91,343.00M	87,647.00M	89,341.00M	87,490.00M	88,556.00M	1,473.00M	529.00M	1,047.00M	170.00M	12.00M	94,743.00M	91,825.00M	85,356.00M	84,366.00M	67,315.00M	56,674.00M
Total Assets	97,093.00M	94,077.00M	94,077.00M	95,697.00M	94,525.00M	94,302.00M	93,549.00M	93,569.00M	6,948.00M	25,937.00M	62,759.00M	68,713.00M	62,113.00M	105,149.00M	104,150.00M	95,812.00M	92,703.00M	75,980.00M	68,409.00M
Accounts Payable	3,556.00M	3,967.00M	3,967.00M	2,896.00M	3,915.00M	3,384.00M	3,397.00M	4,165.00M	4,063.00M	3,183.00M	2,595.00M	2,034.00M	2,621.00M	4,107.00M	3,739.00M	3,447.00M	1,702.00M	1,600.00M	1,161.00M
Short-Term Debt	3,768.00M	3.00M	3.00M	3.00M	2.00M	2.00M	3,642.00M	0.00M	0.00M	3,544.00M	0.00M	0.00M	0.00M	503.00M	5,317.00M	617.00M	8,461.00M	0.00M	1,687.00M
Tax Payables	90.00M	107.00M	107.00M	231.00M	104.00M	137.00M	161.00M	45.00M	9.00M	91.00M	46.00M	41.00M	2.00M	340.00M	333.00M	218.00M	163.00M	236.00M	188.00M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	104.00M	137.00M	161.00M	45.00M	0.00M	-3,544.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	64.00M	104.00M	104.00M	116.00M	15.00M	29.00M	208.00M	111.00M	9.00M	105.00M	46.00M	85.00M	79.00M	342.00M	21.00M	4.00M	0.00M	0.00M	12.00M
Total Current Liabilities	7,478.00M	4,181.00M	4,181.00M	3,246.00M	4,140.00M	3,689.00M	7,569.00M	4,366.00M	4,081.00M	3,379.00M	2,687.00M	2,160.00M	2,702.00M	5,292.00M	9,410.00M	4,286.00M	10,326.00M	1,836.00M	3,048.00M
Long-Term Debt	0.00M	2,505.00M	2,505.00M	3,097.00M	3,236.00M	3,433.00M	0.00M	3,319.00M	3,437.00M	3,679.00M	8,514.00M	9,405.00M	10,204.00M	21,845.00M	19,282.00M	23,009.00M	17,312.00M	12,247.00M	8,980.00M
Capital Lease Obligations	3.00M	4.00M	4.00M	4.00M	1.00M	3.00M	2.00M	2.00M	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	322.00M	298.00M	298.00M	301.00M	275.00M	134.00M	57.00M	0.00M	0.00M	0.00M	14.00M	27.00M	0.00M	5,955.00M	5,911.00M	5,883.00M	5,771.00M	5,622.00M	5,479.00M
Other Non-Current Liabilities	376.00M	120.00M	120.00M	302.00M	120.00M	413.00M	1,323.00M	434.00M	371.00M	910.00M	197.00M	210.00M	282.00M	3,047.00M	2,169.00M	1,878.00M	2,295.00M	1,424.00M	1,972.00M
Total Non-Current Liabilities	701.00M	2,927.00M	2,927.00M	3,704.00M	3,632.00M	3,983.00M	1,382.00M	3,755.00M	3,808.00M	4,589.00M	8,725.00M	9,642.00M	10,486.00M	30,847.00M	27,362.00M	30,770.00M	25,378.00M	19,293.00M	16,431.00M
Total Liabilities	8,179.00M	7,108.00M	7,108.00M	6,950.00M	7,772.00M	7,672.00M	8,951.00M	8,121.00M	7,889.00M	7,968.00M	11,412.00M	11,802.00M	13,188.00M	36,139.00M	36,772.00M	35,056.00M	35,704.00M	21,129.00M	19,479.00M
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	1,773.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	6,610.00M	6,610.00M	6,610.00M	6,610.00M	6,610.00M	6,610.00M	6,610.00M	6,610.00M	6,610.00M	6,610.00M	6,610.00M	6,610.00M	6,610.00M	2,134.00M	2,134.00M	2,134.00M	2,134.00M	2,134.00M	2,134.00M
Retained Earnings	1,662.00M	4,348.00M	4,348.00M	4,348.00M	4,347.00M	4,354.00M	4,354.00M	4,333.00M	85,357.00M	95,710.00M	119,971.00M	120,538.00M	118,251.00M	62,605.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Accumulated OCI	80,645.00M	76,118.00M	76,118.00M	77,794.00M	75,900.00M	75,803.00M	73,802.00M	74,549.00M	72,614.00M	71,831.00M	96,819.00M	116,987.00M	-1,773.00M	-35,062.00M	-33,214.00M	-31,397.00M	0.00M	0.00M	0.00M
Minority Interest	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 Shareholders’ Equity	88,917.00M	87,076.00M	87,076.00M	88,752.00M	86,857.00M	86,767.00M	84,766.00M	85,492.00M	164,581.00M	174,151.00M	223,400.00M	244,135.00M	124,861.00M	29,677.00M	-31,080.00M	-29,263.00M	2,134.00M	2,134.00M	2,134.00M
Total Equity	88,917.00M	87,076.00M	87,076.00M	88,752.00M	86,857.00M	86,767.00M	84,766.00M	85,492.00M	164,581.00M	174,151.00M	223,400.00M	244,135.00M	124,861.00M	29,677.00M	-31,080.00M	-29,263.00M	2,134.00M	2,134.00M	2,134.00M
Total Liabilities & Equity	97,096.00M	94,184.00M	94,184.00M	95,702.00M	94,629.00M	94,439.00M	93,717.00M	93,613.00M	172,470.00M	182,119.00M	234,812.00M	255,937.00M	138,049.00M	65,816.00M	5,692.00M	5,793.00M	37,838.00M	23,263.00M	21,613.00M
Tangible Assets	97,093.00M	94,077.00M	94,077.00M	95,697.00M	94,525.00M	94,302.00M	93,549.00M	93,569.00M	6,947.00M	25,771.00M	62,600.00M	68,713.00M	62,113.00M	105,149.00M	104,150.00M	95,812.00M	92,703.00M	75,980.00M	68,409.00M
Tangible Equity	88,917.00M	87,076.00M	87,076.00M	88,752.00M	86,857.00M	86,767.00M	84,766.00M	85,492.00M	164,580.00M	173,985.00M	223,241.00M	244,135.00M	124,861.00M	29,677.00M	-31,080.00M	-29,263.00M	2,134.00M	2,134.00M	2,134.00M
Tangible Book Value	88,917.00M	87,076.00M	87,076.00M	88,752.00M	86,857.00M	86,767.00M	84,766.00M	85,492.00M	164,580.00M	173,985.00M	223,241.00M	244,135.00M	124,861.00M	29,677.00M	-31,080.00M	-29,263.00M	2,134.00M	2,134.00M	2,134.00M
Total Investments	93,985.00M	88,513.00M	88,513.00M	93,063.00M	90,634.00M	89,638.00M	89,395.00M	90,091.00M	84,609.00M	81,922.00M	113,508.00M	68,675.00M	88,572.00M	42,081.00M	40,829.00M	35,764.00M	35,523.00M	19,363.00M	10,175.00M
Net Debt	2,207.00M	-225.00M	-225.00M	644.00M	355.00M	-806.00M	254.00M	80.00M	-1,792.00M	-17,334.00M	-6,698.00M	-56,692.00M	-36,650.00M	14,454.00M	18,459.00M	17,505.00M	19,934.00M	7,154.00M	1,705.00M

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
Working Capital	-5,245.0M	-589.0M	-589.0M	1,110.0M	2,842.0M	1,409.0M	-1,344.0M	691.0M	1,403.0M	18,742.0M	59,230.0M	66,424.0M	59,401.0M	5,542.0M	411.0M	5,088.0M	-1,989.0M	5,798.0M	8,718.0M
Total Capital	92,688.0M	89,585.0M	89,585.0M	91,853.0M	90,096.0M	90,205.0M	88,408.0M	88,816.0M	86,994.0M	102,803.0M	126,925.0M	133,002.0M	133,292.0M	91,786.0M	87,634.0M	81,499.0M	81,910.0M	64,391.0M	57,994.0M
Capital Employed	89,615.0M	90,000.0M	90,000.0M	92,453.0M	90,489.0M	90,750.0M	86,146.0M	89,247.0M	87,365.0M	100,169.0M	127,136.0M	133,239.0M	133,574.0M	100,285.0M	92,236.0M	90,444.0M	82,377.0M	73,113.0M	65,392.0M
Invested Capital	91,127.0M	86,852.0M	86,852.0M	89,397.0M	87,213.0M	85,964.0M	85,020.0M	85,577.0M	81,765.0M	78,246.0M	111,713.0M	66,905.0M	86,438.0M	83,892.0M	81,494.0M	75,378.0M	76,071.0M	59,298.0M	49,032.0M

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
Net Income	12,205.00M	12,239.00M	6,352.00M	6,003.00M	5,649.00M	6,140.00M	6,132.00M	7,131.00M	7,636.00M	8,319.00M	6,417.00M	7,732.00M	61,005.00M	11,165.00M	10,493.00M	9,888.00M	8,190.00M	6,697.00M	8,029.00M
Depreciation & Amortization	7.00M	6.00M	3.00M	4.00M	3.00M	3.00M	4.00M	2.00M	1.00M	2.00M	1.00M	2.00M	151.00M	1,981.00M	1,918.00M	1,835.00M	1,791.00M	0.00M	0.00M
Deferred Income Tax	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
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
Change in Working Capital	766.00M	255.00M	821.00M	31.00M	-1.00M	-9.00M	-46.00M	-217.00M	-47.00M	6.00M	194.00M	810.00M	129.00M	1,014.00M	-11.00M	530.00M	99.00M	0.00M	0.00M
Accounts Receivable	-127.00M	186.00M	80.00M	1.00M	3.00M	-53.00M	13.00M	-231.00M	-79.00M	-25.00M	181.00M	808.00M	59.00M	798.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	63.00M	170.00M	-18.00M	-359.00M	206.00M	0.00M	0.00M
Accounts Payable	229.00M	0.00M	179.00M	0.00M	0.00M	0.00M	-46.00M	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	664.00M	69.00M	632.00M	30.00M	-4.00M	44.00M	-13.00M	14.00M	32.00M	31.00M	13.00M	2.00M	7.00M	46.00M	7.00M	889.00M	-107.00M	0.00M	0.00M
Other Non-Cash Items	-5,286.00M	-10,397.00M	-6,235.00M	-4,900.00M	-4,879.00M	-5,195.00M	-5,128.00M	-5,493.00M	-5,035.00M	-7,214.00M	-5,886.00M	-6,674.00M	-59,092.00M	-5,897.00M	-5,176.00M	-4,822.00M	-3,037.00M	791.00M	333.00M
Net Cash from Operating Activities	7,692.00M	2,103.00M	941.00M	1,138.00M	772.00M	939.00M	962.00M	1,423.00M	2,555.00M	1,113.00M	726.00M	1,870.00M	2,193.00M	8,263.00M	7,224.00M	7,431.00M	7,043.00M	7,488.00M	8,362.00M
Capital Expenditures (PPE)	-2.00M	-2.00M	0.00M	-2.00M	-1.00M	0.00M	-2.00M	0.00M	-1.00M	0.00M	0.00M	-1.00M	-125.00M	-2,003.00M	-2,605.00M	-2,535.00M	-2,290.00M	-2,427.00M	-1,770.00M
Acquisitions (Net)	0.00M	0.00M	-782.00M	-638.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-1,281.00M	0.00M	-9,308.00M	-6,154.00M	-2,512.00M
Purchases of Investments	0.00M	0.00M	0.00M	-638.00M	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	-1.00M	-1,230.00M
Sales / Maturities of Investments	-122.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1,158.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1,827.00M	2,275.00M
Other Investing Activities	3,787.00M	8,842.00M	6,468.00M	5,890.00M	4,009.00M	5,931.00M	3,978.00M	2,563.00M	585.00M	42,893.00M	-45,848.00M	23,167.00M	44,968.00M	34.00M	1,948.00M	1,096.00M	-3,586.00M	1,140.00M	11.00M
Net Cash from Investing Activities	3,663.00M	8,840.00M	5,686.00M	4,612.00M	4,008.00M	5,931.00M	5,134.00M	2,563.00M	584.00M	42,893.00M	-45,848.00M	23,166.00M	44,843.00M	-1,969.00M	-1,938.00M	-1,439.00M	-15,184.00M	-5,615.00M	-3,226.00M
Net Debt Issuance	617.00M	0.00M	-335.00M	-179.00M	-2.00M	6.00M	-3.00M	0.00M	-3,703.00M	-2,028.00M	0.00M	0.00M	0.00M	-1,181.00M	497.00M	-2,857.00M	13,322.00M	593.00M	-1,744.00M
Long-Term Debt Issuance	617.00M	0.00M	-335.00M	-179.00M	-2.00M	6.00M	-3.00M	0.00M	-3,703.00M	-2,028.00M	0.00M	0.00M	0.00M	-1,181.00M	497.00M	-2,857.00M	13,320.00M	593.00M	-1,744.00M
Short-Term Debt 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	-1,184.00M	0.00M	-2.00M	2.00M	0.00M	0.00M
Net Stock Issuance	0.00M	-121.00M	0.00M	0.00M	-121.00M	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	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	0.00M	-121.00M	0.00M	0.00M	-121.00M	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
Net Dividends Paid	-12,020.00M	-12,031.00M	-6,010.00M	-6,009.00M	-6,019.00M	-6,019.00M	-5,976.00M	-5,976.00M	-18,782.00M	-32,632.00M	-5,805.00M	-5,741.00M	-5,485.00M	-5,292.00M	-4,951.00M	-4,503.00M	-4,503.00M	-4,503.00M	-4,375.00M
Common Dividends Paid	-12,020.00M	-12,031.00M	-6,010.00M	-6,009.00M	-6,019.00M	-6,019.00M	-5,976.00M	-5,976.00M	-18,782.00M	-32,632.00M	-5,805.00M	-5,741.00M	-5,485.00M	-5,292.00M	-4,951.00M	-4,503.00M	-4,503.00M	-4,503.00M	-4,375.00M
Preferred Dividends Paid	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	-4.00M	-5.00M	-3.00M	-2.00M	0.00M	-3.00M	0.00M	-2.00M	0.00M	0.00M	0.00M	0.00M	10.00M	61.00M	38.00M	51.00M	72.00M	42.00M	49.00M
Net Cash from Financing Activities	-11,407.00M	-12,157.00M	-6,348.00M	-6,190.00M	-6,142.00M	-6,016.00M	-5,979.00M	-5,978.00M	-22,485.00M	-34,660.00M	-5,805.00M	-5,741.00M	-5,475.00M	-6,412.00M	-4,416.00M	-7,307.00M	8,889.00M	-3,868.00M	-6,070.00M
Effect of FX on Cash	1.00M	-11.00M	-2.00M	13.00M	4.00M	-1.00M	32.00M	2.00M	18.00M	-1.00M	42.00M	-52.00M	-1.00M	27.00M	-7.00M	0.00M	-4.00M	-47.00M	-9.00M
Net Change in Cash	-51.00M	-1,225.00M	277.00M	-427.00M	-1,358.00M	853.00M	149.00M	-1,990.00M	-19,328.00M	9,345.00M	-50,885.00M	19,243.00M	41,560.00M	-91.00M	863.00M	-1,315.00M	744.00M	-2,042.00M	-943.00M
Cash at Beginning of Period	8,246.00M	13,160.00M	2,456.00M	2,883.00M	4,241.00M	3,388.00M	3,239.00M	5,229.00M	24,557.00M	15,212.00M	66,097.00M	46,854.00M	5,294.00M	5,385.00M	4,522.00M	5,837.00M	5,093.00M	7,135.00M	8,078.00M
Cash at End of Period	8,195.00M	11,935.00M	2,733.00M	2,456.00M	2,883.00M	4,241.00M	3,388.00M	3,239.00M	5,229.00M	24,557.00M	15,212.00M	66,097.00M	46,854.00M	5,294.00M	5,385.00M	4,522.00M	5,837.00M	5,093.00M	7,135.00M
Operating Cash Flow	3,591.00M	2,103.00M	941.00M	1,138.00M	772.00M	939.00M	962.00M	1,423.00M	2,555.00M	1,113.00M	726.00M	1,870.00M	2,193.00M	8,263.00M	7,224.00M	7,431.00M	7,043.00M	7,488.00M	8,362.00M
Capital Expenditure	-2.00M	-2.00M	0.00M	-2.00M	-1.00M	0.00M	-2.00M	0.00M	-1.00M	0.00M	0.00M	-1.00M	-125.00M	-2,003.00M	-2,605.00M	-2,535.00M	-2,290.00M	-2,427.00M	-1,770.00M
Free Cash Flow	3,589.00M	2,101.00M	941.00M	1,136.00M	771.00M	939.00M	960.00M	1,423.00M	2,554.00M	1,113.00M	726.00M	1,869.00M	2,068.00M	6,260.00M	4,619.00M	4,896.00M	4,753.00M	5,061.00M	6,592.00M

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
EBITDA	1,718.00M	2,805.00M	6,353.00M	1,296.00M	1,112.00M	1,028.00M	1,317.00M	1,182.00M	1,245.00M	897.00M	1,281.00M	1,302.00M	1,975.00M	7,975.00M	8,171.00M	8,004.00M	8,224.00M	8,105.00M	9,723.00M
(-) Tax Adjustment	87.50M	380.25M	233.04M	51.62M	36.00M	21.64M	14.44M	30.54M	8.74M	10.34M	0.00M	0.00M	0.42M	560.06M	650.22M	694.52M	940.89M	956.16M	1,041.12M
(-) Change In Working Capital	766.00M	255.00M	821.00M	31.00M	-1.00M	-9.00M	-46.00M	-217.00M	-47.00M	6.00M	194.00M	810.00M	129.00M	1,014.00M	-11.00M	530.00M	99.00M	0.00M	0.00M
(-) Capital Expenditure	-2.00M	-2.00M	0.00M	-2.00M	-1.00M	0.00M	-2.00M	0.00M	-1.00M	0.00M	0.00M	-1.00M	-125.00M	-2,003.00M	-2,605.00M	-2,535.00M	-2,290.00M	-2,427.00M	-1,770.00M
Unlevered Free Cash Flow	862.50M	2,167.75M	5,298.96M	1,211.38M	1,076.00M	1,015.36M	1,346.56M	1,368.46M	1,282.26M	880.66M	1,087.00M	491.00M	1,720.58M	4,397.94M	4,926.78M	4,244.48M	4,894.11M	4,721.84M	6,911.88M
(-) Net Interest Income After Taxes	-330.28M	-32.85M	-44.31M	-137.30M	-34.83M	-110.62M	-29.67M	14.61M	29.79M	217.46M	302.00M	348.00M	463.90M	-560.65M	731.74M	730.58M	-346.27M	-294.60M	-413.42M
Net Debt Issuance	617.00M	0.00M	-335.00M	-179.00M	-2.00M	6.00M	-3.00M	0.00M	-3,703.00M	-2,028.00M	0.00M	0.00M	0.00M	-1,181.00M	497.00M	-2,857.00M	13,322.00M	593.00M	-1,744.00M
Levered Free Cash Flow	1,809.78M	2,200.60M	5,008.28M	1,169.69M	1,108.83M	1,131.99M	1,373.23M	1,353.84M	-2,450.53M	-1,364.80M	785.00M	143.00M	1,256.68M	3,777.59M	4,692.04M	656.90M	18,562.38M	5,609.44M	5,581.31M