Jiangsu Zhangjiagang Rural Commercial Bank Co., Ltd (002839.SZ)

Industry: Banks - Regional Sector: Financial Services Currency Used: CN Live Price: $4.42

Enterprise Value

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Stock Price	4.35	4.25	4.27	4.94	4.68	4.83	5.03	5.10	14.38	5.24	5.24
Market Capitalization	10,633.54M	9,526.56M	9,258.98M	10,708.69M	9,045.73M	9,672.12M	9,970.74M	9,996.28M	28,146.79M	9,320.40M	8,383.09M
(-) Cash & Equivalents	9,085.06M	9,415.43M	12,311.58M	11,707.14M	11,082.29M	11,770.43M	13,482.33M	11,812.72M	11,507.56M	6,934.88M	6,936.16M
(+) Total Debt	13,014.57M	12,655.35M	11,069.31M	13,016.36M	10,228.89M	6,079.72M	7,642.99M	3,654.89M	1,495.33M	813.85M	1,040.92M
Enterprise Value	14,563.05M	12,766.49M	8,016.70M	12,017.90M	8,192.33M	3,981.41M	4,131.41M	1,838.44M	18,134.55M	3,199.37M	2,487.86M

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
Revenue	8,187M	8,777M	8,625M	8,693M	8,573M	7,967M	6,775M	6,153M	4,894M	4,260M	4,190M	4,103M	4,022M	3,958M	3,968M	3,435M	2,027M	1,677M	1,629M	1,362M	1,031M	791M
Cost of Revenue	2,687M	4,273M	4,050M	4,297M	3,860M	3,440M	2,679M	2,447M	1,993M	1,936M	1,856M	1,795M	1,747M	1,852M	1,946M	1,627M	717M	0M	699M	566M	409M	259M
Gross Profit	5,500M	4,504M	4,575M	4,395M	4,713M	4,527M	4,096M	3,706M	2,901M	2,324M	2,333M	2,308M	2,275M	2,106M	2,022M	1,808M	1,310M	1,677M	930M	796M	621M	531M
Gross Profit Margin	67.2%	51.3%	53.0%	50.6%	55.0%	56.8%	60.5%	60.2%	59.3%	54.6%	55.7%	56.2%	56.6%	53.2%	51.0%	52.6%	64.6%	100.0%	57.1%	58.4%	60.3%	67.2%
R&D Expenses	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	-329M	393M	563M	458M	464M	410M	337M	286M	325M	301M	258M	278M	219M	227M	569M	508M	363M	297M	238M	189M	182M	176M
Operating Expenses	2,045M	2,478M	2,526M	2,466M	2,858M	3,155M	3,093M	2,740M	2,047M	1,577M	1,645M	1,595M	1,461M	898M	826M	705M	481M	1,079M	339M	239M	253M	219M
Operating Income (EBIT)	3,456M	2,026M	2,049M	1,929M	1,855M	1,373M	1,003M	966M	854M	748M	688M	713M	814M	1,208M	1,196M	1,103M	829M	598M	591M	556M	368M	313M
Operating Income Margin	42.2%	23.1%	23.8%	22.2%	21.6%	17.2%	14.8%	15.7%	17.5%	17.6%	16.4%	17.4%	20.2%	30.5%	30.1%	32.1%	40.9%	35.7%	36.3%	40.9%	35.7%	39.5%
Interest Income	5,117M	7,709M	7,430M	8,162M	7,777M	7,131M	6,280M	5,630M	4,713M	4,060M	3,837M	3,795M	3,845M	3,786M	3,831M	3,322M	1,935M	1,608M	1,591M	1,336M	1,001M	770M
Interest Expense	2,687M	4,273M	4,050M	4,297M	3,860M	3,440M	2,679M	2,447M	1,993M	1,936M	1,856M	1,795M	1,747M	1,852M	1,946M	1,627M	717M	0M	699M	566M	409M	259M
Net Interest Income	2,430M	3,435M	3,379M	3,864M	3,917M	3,691M	3,601M	3,183M	2,720M	2,125M	1,981M	2,000M	2,098M	1,934M	1,885M	1,695M	1,218M	1,608M	893M	770M	592M	511M
Unusual Items	-3,697M	-3,435M	-3,379M	-3,864M	-3,917M	-3,691M	-3,601M	-3,183M	-2,720M	-2,125M	-1,981M	-2,000M	-2,098M	-1,934M	-1,885M	-1,695M	-1,218M	-1,608M	-893M	-770M	-592M	-511M
EBT Excluding Unusual Items	5,886M	5,462M	5,429M	5,793M	5,772M	5,064M	4,604M	4,148M	3,574M	2,872M	2,669M	2,713M	2,912M	3,141M	3,081M	2,799M	2,047M	2,206M	1,484M	1,326M	960M	823M
Pre-Tax Income	2,189M	2,026M	2,049M	1,929M	1,855M	1,373M	1,003M	966M	854M	748M	688M	713M	814M	1,208M	1,196M	1,103M	829M	598M	591M	556M	368M	313M
Pre-Tax Margin	26.7%	23.1%	23.8%	22.2%	21.6%	17.2%	14.8%	15.7%	17.5%	17.6%	16.4%	17.4%	20.2%	30.5%	30.1%	32.1%	40.9%	35.7%	36.3%	40.9%	35.7%	39.5%
Income Tax Expense	228M	150M	174M	131M	156M	36M	8M	28M	36M	-7M	-7M	32M	93M	176M	192M	181M	144M	79M	91M	89M	56M	5M
Net Income	1,965M	1,875M	1,879M	1,787M	1,682M	1,304M	1,001M	954M	835M	763M	689M	673M	731M	1,003M	978M	909M	680M	519M	501M	468M	312M	307M
Net Income Margin	24.0%	21.4%	21.8%	20.6%	19.6%	16.4%	14.8%	15.5%	17.1%	17.9%	16.5%	16.4%	18.2%	25.3%	24.6%	26.5%	33.5%	30.9%	30.8%	34.4%	30.3%	38.9%
Depreciation & Amortization	0M	0M	189M	205M	205M	157M	106M	81M	88M	75M	79M	91M	76M	67M	0M	0M	0M	0M	0M	0M	0M	0M
EBITDA	3,456M	2,026M	2,238M	2,134M	2,060M	1,530M	1,109M	1,047M	942M	823M	768M	805M	890M	1,274M	1,196M	1,103M	829M	598M	591M	556M	368M	313M
EBITDA Margin	42.2%	23.1%	25.9%	24.5%	24.0%	19.2%	16.4%	17.0%	19.2%	19.3%	18.3%	19.6%	22.1%	32.2%	30.1%	32.1%	40.9%	35.7%	36.3%	40.9%	35.7%	39.5%
NOPAT	3,095M	1,877M	1,875M	1,798M	1,699M	1,337M	996M	937M	818M	754M	696M	681M	721M	1,032M	1,004M	923M	685M	519M	500M	468M	312M	307M
NOPAT Margin	37.8%	21.4%	21.7%	20.7%	19.8%	16.8%	14.7%	15.2%	16.7%	17.7%	16.6%	16.6%	17.9%	26.1%	25.3%	26.9%	33.8%	30.9%	30.7%	34.4%	30.3%	38.9%
Owner's Earnings	1,898M	1,798M	1,988M	1,876M	1,612M	1,168M	728M	765M	749M	646M	593M	506M	635M	997M	912M	818M	624M	477M	451M	329M	245M	263M
Owner's Earnings Margin	23.2%	20.5%	23.0%	21.6%	18.8%	14.7%	10.7%	12.4%	15.3%	15.2%	14.2%	12.3%	15.8%	25.2%	23.0%	23.8%	30.8%	28.4%	27.7%	24.2%	23.8%	33.3%
EPS (Basic)	0.83	0.87	0.87	0.78	0.73	0.60	0.46	0.44	0.38	0.36	0.35	0.34	0.38	0.52	0.50	0.47	0.35	0.80	0.77	0.83	0.68	0.72
EPS (Diluted)	0.86	0.80	0.86	0.65	0.62	0.48	0.37	0.38	0.38	0.36	0.35	0.34	0.37	0.52	0.50	0.47	0.35	0.80	0.77	0.83	0.67	0.72
Shares (Basic)	2,444M	2,170M	2,193M	2,291M	2,170M	2,170M	2,169M	2,484M	2,179M	2,130M	1,970M	1,970M	1,949M	1,940M	1,948M	1,948M	1,942M	649M	654M	561M	463M	429M
Shares (Diluted)	2,285M	2,336M	2,193M	2,746M	2,721M	2,705M	2,690M	2,489M	2,179M	2,130M	1,970M	1,970M	1,949M	1,941M	1,956M	1,948M	1,942M	649M	654M	561M	463M	429M

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
Cash & Cash Equivalents	0.00M	12,987.92M	13,540.58M	13,017.12M	13,325.63M	11,226.86M	11,868.75M	13,047.36M	12,401.30M	12,221.08M	13,119.56M	13,872.32M	17,610.90M	23,216.34M	22,053.04M	23,489.42M	11,421.24M	6,742.84M	6,258.65M	6,010.57M	2,478.10M	3,144.19M
Short-Term Investments	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
Cash & Short-Term Investments	0.00M	12,987.92M	13,540.58M	13,017.12M	13,325.63M	11,226.86M	11,868.75M	13,047.36M	12,401.30M	12,221.08M	13,119.56M	13,872.32M	17,610.90M	23,216.34M	22,053.04M	23,489.42M	11,421.24M	6,742.84M	6,258.65M	6,010.57M	2,478.10M	3,144.19M
Net Receivables	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	302.87M	7,210.57M	8,529.45M	5,262.46M	5,051.29M	428.53M	358.06M	358.51M	331.56M	204.24M	188.54M	208.05M	179.16M	125.29M	77.16M
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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current 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
Total Current Assets	0.00M	12,987.92M	13,540.58M	13,017.12M	13,325.63M	11,226.86M	11,868.75M	13,350.24M	19,611.86M	20,750.53M	18,382.02M	18,923.61M	18,039.43M	23,574.40M	22,411.55M	23,820.99M	11,625.48M	6,931.38M	6,466.70M	6,189.72M	2,603.39M	3,221.35M
Property, Plant & Equipment	949.85M	964.64M	986.14M	1,072.29M	1,145.03M	1,078.60M	1,036.83M	754.73M	604.99M	625.64M	413.99M	418.04M	412.01M	335.32M	327.39M	327.00M	295.40M	283.73M	277.80M	253.77M	225.14M	173.64M
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	0.00M	0.00M	0.00M
Intangible Assets	79.67M	86.89M	97.15M	129.60M	153.52M	179.79M	166.71M	124.66M	104.61M	100.69M	104.04M	110.44M	107.39M	104.75M	103.76M	96.30M	96.94M	96.36M	94.97M	100.63M	14.13M	15.34M
Long-Term Investments	0.00M	132,237.29M	122,839.60M	68,514.29M	104,821.96M	91,033.27M	79,315.37M	67,856.06M	52,029.04M	47,155.14M	43,389.48M	38,707.05M	36,943.60M	35,431.98M	30,673.41M	27,193.21M	22,461.36M	17,840.35M	13,170.22M	11,075.05M	9,697.12M	7,928.85M
Tax Assets	1,971.28M	2,147.05M	1,983.90M	0.00M	1,724.10M	1,390.35M	1,093.87M	834.43M	790.00M	734.24M	491.58M	485.29M	350.39M	273.45M	170.56M	97.80M	66.67M	48.06M	65.01M	55.67M	81.83M	92.75M
Other Non-Current Assets	-3,000.80M	75,361.51M	79,460.67M	132,314.48M	66,362.51M	59,669.85M	50,411.29M	40,124.56M	40,457.80M	33,762.58M	27,397.06M	23,709.22M	16,117.40M	12,850.49M	17,841.26M	18,710.55M	18,144.45M	7,300.59M	6,748.92M	6,868.27M	4,548.70M	2,678.40M
Other Assets	221,200.81M	0.00M	0.00M	-7,920.98M	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	221,200.81M	210,797.38M	205,367.45M	194,109.68M	174,207.13M	153,351.86M	132,024.06M	109,694.45M	93,986.44M	82,378.29M	71,796.16M	63,430.04M	53,930.79M	48,995.99M	49,116.37M	46,424.86M	41,064.82M	25,569.09M	20,356.92M	18,353.39M	14,566.94M	10,888.97M
Total Assets	221,200.81M	223,785.29M	218,908.03M	207,126.80M	187,532.76M	164,578.72M	143,892.82M	123,044.68M	113,598.30M	103,128.82M	90,178.18M	82,353.65M	71,970.23M	72,570.40M	71,527.93M	70,245.84M	52,690.30M	32,500.47M	26,823.62M	24,543.12M	17,170.33M	14,110.32M
Accounts Payable	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1,775.56M	1,688.55M	1,392.10M	1,277.58M	1,068.14M	855.85M	566.34M	505.74M	303.90M	263.92M	283.03M	180.03M	133.84M	105.57M
Short-Term Debt	3,380.06M	19,062.64M	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
Tax Payables	0.00M	236.14M	139.51M	86.98M	208.87M	155.84M	56.46M	108.80M	181.19M	86.52M	93.63M	61.40M	34.35M	88.08M	39.53M	63.24M	54.91M	12.28M	36.01M	33.73M	62.51M	81.78M
Deferred Revenue	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 Current Liabilities	-3,380.06M	161,209.93M	171,875.30M	-5,382.48M	147,043.41M	126,570.42M	110,415.14M	93,826.36M	83,790.58M	72,897.12M	66,196.15M	60,287.90M	54,753.86M	58,996.78M	57,154.64M	58,650.37M	44,149.64M	26,504.39M	20,630.17M	18,053.05M	14,864.03M	12,972.62M
Total Current Liabilities	0.00M	180,508.71M	172,014.81M	-5,295.50M	147,252.28M	126,726.26M	110,471.60M	93,935.16M	85,747.33M	74,672.19M	67,681.88M	61,626.88M	55,856.35M	59,940.72M	57,760.52M	59,219.34M	44,508.45M	26,780.59M	20,949.21M	18,266.82M	15,060.39M	13,159.97M
Long-Term Debt	16,663.72M	9,358.72M	8,007.40M	11,433.39M	11,519.80M	9,214.95M	7,281.43M	7,162.15M	6,946.14M	3,076.78M	1,023.57M	2,081.84M	373.00M	65.25M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Capital Lease Obligations	0.00M	0.00M	0.00M	47.16M	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	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 Non-Current Liabilities	-16,747.19M	13,953.50M	19,130.58M	178,482.39M	13,243.76M	14,227.49M	14,886.71M	11,318.76M	11,027.74M	17,077.49M	14,117.54M	11,562.95M	9,322.45M	7,058.67M	8,734.52M	6,568.32M	4,480.59M	2,483.13M	3,038.84M	3,853.38M	1,086.82M	210.10M
Total Non-Current Liabilities	-83.47M	23,312.22M	27,137.97M	189,962.94M	24,763.57M	23,442.44M	22,168.14M	18,480.90M	17,973.87M	20,154.27M	15,141.12M	13,644.79M	9,695.45M	7,123.93M	8,734.52M	6,568.32M	4,480.59M	2,483.13M	3,038.84M	3,853.38M	1,086.82M	210.10M
Total Liabilities	-83.47M	203,820.93M	199,152.79M	184,667.44M	172,015.85M	150,168.70M	132,639.74M	112,416.07M	103,721.21M	94,826.46M	82,823.00M	75,271.68M	65,551.80M	67,064.64M	66,495.04M	65,787.66M	48,989.03M	29,263.72M	23,988.04M	22,120.19M	16,147.21M	13,370.08M
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
Common Stock	2,444.35M	2,444.35M	2,444.34M	2,169.65M	2,169.65M	1,807.96M	1,807.96M	1,807.56M	1,807.53M	1,807.53M	1,626.77M	1,626.77M	1,626.77M	1,626.77M	1,626.77M	1,084.51M	542.26M	542.26M	542.26M	542.26M	386.64M	358.00M
Retained Earnings	4,289.37M	3,712.06M	4,248.96M	3,788.34M	3,364.88M	2,696.11M	2,186.38M	1,853.94M	1,607.78M	1,339.49M	1,177.44M	734.00M	664.97M	373.44M	361.22M	941.42M	726.42M	610.92M	565.63M	501.65M	224.76M	63.93M
Accumulated OCI	11,616.65M	0.00M	0.00M	2,889.94M	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	0.00M
Minority Interest	180.20M	179.16M	171.70M	175.02M	164.73M	148.54M	104.43M	69.34M	87.87M	110.26M	122.40M	116.07M	112.68M	122.38M	97.16M	62.54M	48.68M	43.25M	42.92M	0.00M	0.00M	0.00M
Total Shareholders’ Equity	18,350.37M	6,156.40M	6,693.31M	8,847.93M	5,534.53M	4,504.07M	3,994.33M	3,661.51M	3,415.31M	3,147.01M	2,804.20M	2,360.77M	2,291.74M	2,000.21M	1,987.98M	2,025.93M	1,268.68M	1,153.18M	1,107.88M	1,043.90M	611.40M	421.93M
Total Equity	18,530.57M	6,335.56M	6,865.01M	9,022.95M	5,699.27M	4,652.62M	4,098.76M	3,730.85M	3,503.18M	3,257.27M	2,926.60M	2,476.83M	2,404.41M	2,122.59M	2,085.14M	2,088.47M	1,317.36M	1,196.43M	1,150.80M	1,043.90M	611.40M	421.93M
Total Liabilities & Equity	18,447.10M	210,156.49M	206,017.79M	193,690.39M	177,715.12M	154,821.32M	136,738.50M	116,146.92M	107,224.39M	98,083.73M	85,749.60M	77,748.51M	67,956.22M	69,187.23M	68,580.18M	67,876.13M	50,306.39M	30,460.15M	25,138.85M	23,164.10M	16,758.61M	13,792.01M
Tangible Assets	221,121.14M	223,698.41M	218,810.88M	206,997.20M	187,379.23M	164,398.93M	143,726.11M	122,920.02M	113,493.69M	103,028.13M	90,074.14M	82,243.20M	71,862.84M	72,465.64M	71,424.17M	70,149.55M	52,593.36M	32,404.11M	26,728.65M	24,442.49M	17,156.19M	14,094.98M
Tangible Equity	18,450.90M	6,248.67M	6,767.86M	8,893.34M	5,545.74M	4,472.83M	3,932.05M	3,606.19M	3,398.57M	3,156.58M	2,822.56M	2,366.39M	2,297.03M	2,017.84M	1,981.38M	1,992.17M	1,220.42M	1,100.07M	1,055.84M	943.27M	597.27M	406.60M
Tangible Book Value	18,450.90M	6,248.67M	6,767.86M	8,893.34M	5,545.74M	4,472.83M	3,932.05M	3,606.19M	3,398.57M	3,156.58M	2,822.56M	2,366.39M	2,297.03M	2,017.84M	1,981.38M	1,992.17M	1,220.42M	1,100.07M	1,055.84M	943.27M	597.27M	406.60M
Total Investments	0.00M	132,237.29M	122,839.60M	68,514.29M	104,821.96M	91,033.27M	79,315.37M	67,856.06M	52,029.04M	47,155.14M	43,389.48M	38,707.05M	36,943.60M	35,431.98M	30,673.41M	27,193.21M	22,461.36M	17,840.35M	13,170.22M	11,075.05M	9,697.12M	7,928.85M
Net Debt	20,043.79M	15,433.44M	-5,533.19M	-1,583.72M	-1,805.82M	-2,011.90M	-4,587.32M	-5,885.22M	-5,455.16M	-9,144.30M	-12,095.98M	-11,790.48M	-17,237.90M	-23,151.09M	-22,053.04M	-23,489.42M	-11,421.24M	-6,742.84M	-6,258.65M	-6,010.57M	-2,478.10M	-3,144.19M

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
Working Capital	0.0M	-167,284.7M	-158,334.7M	-33,326.5M	-133,717.8M	-115,343.6M	-98,546.4M	-80,476.1M	-65,954.3M	-53,835.1M	-49,206.2M	-42,641.9M	-37,782.6M	-36,278.2M	-35,309.4M	-35,335.1M	-32,828.1M	-19,836.9M	-14,446.5M	-12,043.4M	-12,394.5M	-9,856.8M
Total Capital	38,477.6M	29,380.1M	27,730.4M	28,502.1M	27,080.8M	23,632.3M	18,486.5M	17,830.2M	16,916.5M	11,355.4M	8,350.0M	9,109.2M	6,713.1M	5,536.7M	4,975.3M	4,458.9M	3,707.5M	3,205.8M	2,828.7M	2,456.7M	1,085.6M	822.0M
Capital Employed	221,200.8M	43,512.7M	47,032.7M	160,783.1M	40,489.3M	38,008.3M	33,477.7M	29,218.3M	28,032.2M	28,543.2M	22,589.9M	20,788.2M	16,148.2M	12,717.8M	13,806.9M	11,089.7M	8,236.8M	5,732.2M	5,910.4M	6,310.0M	2,172.5M	1,032.1M
Invested Capital	38,477.6M	16,392.2M	14,189.9M	15,485.0M	13,755.2M	12,405.4M	6,617.8M	4,782.9M	4,515.2M	-865.7M	-4,769.6M	-4,763.2M	-10,897.8M	-17,679.6M	-17,077.8M	-19,030.5M	-7,713.7M	-3,537.1M	-3,430.0M	-3,553.9M	-1,392.5M	-2,322.2M

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
Net Income	577.31M	0.00M	1,878.56M	1,798.07M	1,698.63M	1,336.57M	995.62M	937.40M	817.74M	754.29M	695.80M	681.08M	721.29M	1,032.04M	978.01M	908.88M	679.68M	518.98M	501.26M	467.91M	312.28M	307.50M
Depreciation & Amortization	0.00M	0.00M	188.91M	251.07M	205.05M	157.01M	105.51M	80.87M	87.58M	75.03M	79.39M	91.21M	75.72M	66.77M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	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
Change in Working Capital	-36,848.63M	0.00M	-1,163.29M	832.15M	6,113.75M	-1,241.44M	6,356.19M	-4,783.00M	-12,311.26M	-2,400.27M	1,256.71M	-2,161.18M	-2,238.51M	-4,397.18M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Accounts Receivable	0.00M	0.00M	-11,893.33M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	291.34M	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	9,135.67M	6,749.06M	5,681.01M	5,534.39M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Accounts Payable	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 Working Capital	-36,848.63M	0.00M	10,730.05M	832.15M	6,113.75M	-1,241.44M	6,356.19M	-4,783.00M	-21,446.93M	-9,440.68M	-4,424.31M	-7,695.57M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Cash Items	28,159.93M	1,285.88M	-1,323.97M	-1,085.80M	-384.33M	-93.92M	159.51M	-11.03M	7,609.90M	7,076.74M	4,233.64M	9,290.80M	-2,036.81M	-2,123.77M	1,424.99M	4,681.85M	12,547.52M	89.91M	-329.60M	3,379.44M	655.54M	1,026.96M
Net Cash from Operating Activities	-8,111.39M	1,285.88M	-419.78M	1,795.49M	7,633.10M	158.22M	7,616.83M	-3,775.77M	-3,796.03M	5,505.79M	6,265.54M	7,901.91M	-3,478.32M	-5,422.14M	2,403.00M	5,590.72M	13,227.20M	608.89M	171.66M	3,847.35M	967.82M	1,334.46M
Capital Expenditures (PPE)	-66.29M	-76.41M	-79.37M	-115.95M	-275.21M	-293.32M	-378.46M	-269.88M	-174.01M	-191.71M	-175.45M	-258.46M	-171.51M	-71.93M	-65.61M	-91.25M	-55.71M	-42.43M	-50.38M	-138.68M	-67.25M	-44.51M
Acquisitions (Net)	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
Purchases of Investments	-1,299,481.22M	-148,407.88M	-988,477.30M	-294,274.92M	-673,763.66M	-673,551.62M	-311,384.40M	-278,684.36M	-195,596.16M	-207,760.89M	-144,271.90M	-38,856.37M	-10,828.38M	-10,055.03M	-10,353.17M	-6,209.63M	-15,149.02M	-12,057.43M	-4,152.36M	-17,269.78M	-23,217.10M	-1,987.87M
Sales / Maturities of Investments	1,306,949.63M	152,464.05M	991,156.21M	289,373.05M	669,115.98M	667,309.26M	306,373.06M	282,733.23M	195,025.23M	200,310.38M	137,432.31M	28,808.32M	8,415.65M	11,693.55M	8,354.08M	5,286.29M	11,509.93M	12,079.13M	3,580.87M	15,727.61M	21,276.35M	810.67M
Other Investing Activities	439.57M	9.71M	9.98M	25.61M	24.43M	48.89M	29.81M	52.66M	0.00M	2.34M	0.17M	0.00M	0.42M	2.21M	1.66M	2.80M	2.33M	0.08M	5.08M	2.92M	0.73M	0.39M
Net Cash from Investing Activities	7,841.69M	3,989.48M	2,609.53M	-4,992.21M	-4,898.45M	-6,486.78M	-5,359.99M	3,831.65M	-744.94M	-7,639.88M	-7,014.87M	-10,306.50M	-2,583.81M	1,568.79M	-2,063.03M	-1,011.79M	-3,692.46M	-20.65M	-616.79M	-1,677.93M	-2,007.28M	-1,221.32M
Net Debt Issuance	-13.36M	-577.42M	-1,614.93M	4,435.51M	-348.36M	5,853.91M	-1,167.27M	415.76M	2,268.97M	2,218.78M	-1,159.95M	1,997.43M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Long-Term Debt Issuance	508.91M	-577.42M	-1,614.93M	4,435.51M	-348.36M	5,853.91M	-1,167.27M	415.76M	2,268.97M	2,218.78M	-1,159.95M	1,997.43M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Short-Term Debt Issuance	-522.27M	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	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	12.15M	44.34M	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	0.00M	0.00M	0.00M	0.00M	-12.15M	-44.34M	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
Net Dividends Paid	-159.69M	-852.99M	-886.45M	-822.78M	-677.28M	-501.88M	-390.11M	-281.40M	-181.68M	-188.40M	-199.45M	-214.33M	-3.95M	-538.36M	-296.90M	-162.68M	-162.68M	-162.68M	-135.56M	-38.66M	-42.96M	-64.44M
Common Dividends Paid	-866.15M	-852.99M	-886.45M	-822.78M	-677.28M	-501.88M	-390.11M	-281.40M	-181.68M	-188.40M	-199.45M	-214.33M	-3.95M	-538.36M	-296.90M	-162.68M	-162.68M	-162.68M	-135.56M	-38.66M	-42.96M	-64.44M
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	0.00M	0.00M	0.00M
Other Financing Activities	-490.53M	-32.43M	-31.17M	-28.27M	-32.50M	-11.09M	44.34M	-1.76M	0.00M	730.67M	0.00M	-4.69M	0.00M	-7.63M	8.90M	0.00M	0.00M	0.00M	8.76M	927.39M	0.00M	0.00M
Net Cash from Financing Activities	-663.58M	-1,462.85M	-2,532.55M	3,584.45M	-1,058.14M	5,340.94M	-1,513.04M	132.60M	2,087.29M	2,761.06M	-1,359.40M	1,778.41M	-3.95M	-545.99M	-288.00M	-162.68M	-162.68M	-162.68M	-126.80M	888.73M	-42.96M	-64.44M
Effect of FX on Cash	-499.73M	11.42M	-2.64M	-10.05M	34.17M	-44.93M	-26.46M	4.64M	13.83M	8.16M	14.72M	13.48M	11.46M	8.60M	10.72M	9.74M	9.09M	7.84M	8.68M	7.62M	5.06M	2.33M
Net Change in Cash	-1,433.02M	3,823.92M	-345.45M	377.68M	1,710.68M	-1,032.55M	717.34M	193.12M	-2,439.85M	635.12M	-2,094.00M	-612.70M	-6,054.63M	-4,390.73M	62.69M	4,426.00M	9,381.15M	433.40M	-563.25M	3,065.77M	-1,077.36M	51.03M
Cash at Beginning of Period	19,305.61M	18,237.74M	5,122.11M	4,744.42M	3,033.75M	4,066.30M	3,348.96M	3,155.84M	5,595.69M	4,960.58M	7,054.58M	7,667.27M	13,721.90M	18,112.63M	18,049.94M	13,623.94M	4,242.79M	3,009.39M	0.00M	0.00M	0.00M	0.00M
Cash at End of Period	17,872.59M	22,061.66M	4,776.66M	5,122.11M	4,744.42M	3,033.75M	4,066.30M	3,348.96M	3,155.84M	5,595.69M	4,960.58M	7,054.58M	7,667.27M	13,721.90M	18,112.63M	18,049.94M	13,623.94M	3,442.79M	-563.25M	3,065.77M	-1,077.36M	51.03M
Operating Cash Flow	-8,111.39M	1,285.88M	-419.78M	1,795.49M	7,633.10M	158.22M	7,616.83M	-3,775.77M	-3,796.03M	5,505.79M	6,265.54M	7,901.91M	-3,478.32M	-5,422.14M	2,403.00M	5,590.72M	13,227.20M	608.89M	171.66M	3,847.35M	967.82M	1,334.46M
Capital Expenditure	-66.29M	-76.41M	-79.37M	-115.95M	-275.21M	-293.32M	-378.46M	-269.88M	-174.01M	-191.71M	-175.45M	-258.46M	-171.51M	-71.93M	-65.61M	-91.25M	-55.71M	-42.43M	-50.38M	-138.68M	-67.25M	-44.51M
Free Cash Flow	-8,177.68M	1,209.47M	-499.15M	1,679.53M	7,357.89M	-135.10M	7,238.37M	-4,045.65M	-3,970.05M	5,314.08M	6,090.10M	7,643.45M	-3,649.82M	-5,494.08M	2,337.39M	5,499.48M	13,171.49M	566.45M	121.28M	3,708.66M	900.56M	1,289.95M

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
EBITDA	5,829.50M	4,110.75M	4,200.68M	4,141.80M	4,454.61M	4,274.94M	3,864.39M	3,500.61M	2,662.81M	2,098.95M	2,154.63M	2,120.82M	2,131.57M	1,945.73M	1,452.83M	1,300.01M	947.72M	1,380.05M	692.01M	606.99M	439.27M	355.49M
(-) Tax Adjustment	608.30M	303.74M	356.50M	281.32M	375.56M	111.99M	29.32M	103.02M	113.04M	0.00M	0.00M	95.83M	242.93M	282.86M	233.56M	212.74M	164.89M	182.21M	105.99M	96.63M	66.64M	5.80M
(-) Change In Working Capital	-36,848.63M	0.00M	-1,163.29M	832.15M	6,113.75M	-1,241.44M	6,356.19M	-4,783.00M	-12,311.26M	-2,400.27M	1,256.71M	-2,161.18M	-2,238.51M	-4,397.18M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
(-) Capital Expenditure	-66.29M	-76.41M	-79.37M	-115.95M	-275.21M	-293.32M	-378.46M	-269.88M	-174.01M	-191.71M	-175.45M	-258.46M	-171.51M	-71.93M	-65.61M	-91.25M	-55.71M	-42.43M	-50.38M	-138.68M	-67.25M	-44.51M
Unlevered Free Cash Flow	42,003.54M	3,730.60M	4,928.10M	2,912.38M	-2,309.91M	5,111.07M	-2,899.58M	7,910.70M	14,687.01M	4,307.51M	722.47M	3,927.72M	3,955.65M	5,988.12M	1,153.66M	996.02M	727.13M	1,155.40M	535.64M	371.67M	305.38M	305.18M
(-) Net Interest Income After Taxes	2,176.38M	3,181.34M	3,092.56M	3,601.87M	3,586.57M	3,594.55M	3,573.74M	3,089.00M	2,604.52M	2,124.64M	1,980.83M	1,909.33M	1,858.92M	1,652.54M	1,582.25M	1,418.04M	1,006.24M	1,395.96M	755.88M	647.15M	501.90M	502.28M
Net Debt Issuance	-13.36M	-577.42M	-1,614.93M	4,435.51M	-348.36M	5,853.91M	-1,167.27M	415.76M	2,268.97M	2,218.78M	-1,159.95M	1,997.43M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Levered Free Cash Flow	39,813.79M	-28.16M	220.62M	3,746.02M	-6,244.84M	7,370.44M	-7,640.59M	5,237.47M	14,351.46M	4,401.66M	-2,418.31M	4,015.82M	2,096.73M	4,335.58M	-428.59M	-422.02M	-279.11M	-240.56M	-220.24M	-275.47M	-196.52M	-197.10M