The Cross-Harbour (Holdings) Limited (0032.HK)

Industry: Education & Training Services Sector: Consumer Defensive Currency Used: HK Live Price: $8.12

Enterprise Value

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003
Stock Price	6.96	8.05	10.98	11.91	12.49	11.63	12.36	12.19	10.88	10.20	6.89	6.31	6.31	6.55	6.79	6.53	6.66	8.37	6.38	6.75	4.83	3.55
Market Capitalization	2,612.07M	3,000.14M	4,092.11M	4,438.72M	4,654.87M	4,334.36M	4,606.43M	4,543.07M	4,054.85M	3,801.42M	2,567.82M	2,351.67M	2,349.80M	2,432.98M	2,498.65M	2,386.41M	2,432.80M	3,065.16M	2,291.18M	2,266.38M	1,502.12M	996.22M
(-) Cash & Equivalents	2,468.69M	2,425.90M	2,189.99M	2,152.37M	2,092.35M	1,673.30M	1,797.41M	2,887.17M	2,329.74M	1,824.36M	1,520.53M	941.88M	742.79M	816.32M	848.64M	822.16M	238.48M	605.19M	218.50M	242.94M	221.13M	110.46M
(+) Total Debt	304.15M	320.69M	53.61M	94.71M	131.64M	184.99M	300.24M	265.48M	278.73M	250.71M	226.16M	203.13M	118.16M	208.33M	401.04M	239.58M	0.00M	0.00M	0.00M	0.00M	0.00M	27.49M
Enterprise Value	447.53M	894.92M	1,955.73M	2,381.06M	2,694.16M	2,846.05M	3,109.26M	1,921.38M	2,003.84M	2,227.77M	1,273.45M	1,612.91M	1,725.16M	1,825.00M	2,051.05M	1,803.83M	2,194.32M	2,459.97M	2,072.68M	2,023.44M	1,280.99M	913.25M

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
Revenue	2,514M	1,474M	1,225M	875M	702M	700M	761M	696M	249M	1,066M	231M	444M	308M	290M	284M	247M	227M	218M	244M	291M	274M	250M	254M	255M
Cost of Revenue	683M	485M	351M	310M	245M	229M	210M	214M	199M	178M	167M	154M	134M	116M	116M	0M	0M	98M	109M	113M	109M	0M	0M	0M
Gross Profit	1,830M	989M	874M	565M	457M	471M	551M	482M	50M	888M	64M	290M	174M	174M	168M	247M	227M	119M	136M	178M	165M	250M	254M	255M
Gross Profit Margin	72.8%	67.1%	71.4%	64.5%	65.0%	67.3%	72.4%	69.2%	20.0%	83.3%	27.8%	65.3%	56.5%	60.0%	59.2%	100.0%	100.0%	54.8%	55.6%	61.2%	60.2%	100.0%	100.0%	100.0%
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	0M	0M
SG&A Expenses	569M	498M	301M	262M	203M	222M	211M	250M	206M	183M	160M	137M	114M	92M	96M	82M	192M	83M	80M	96M	95M	88M	86M	89M
Operating Expenses	568M	498M	300M	178M	237M	275M	177M	250M	413M	427M	417M	392M	359M	92M	96M	304M	148M	83M	80M	-9M	77M	88M	86M	89M
Operating Income (EBIT)	1,263M	491M	575M	387M	220M	196M	373M	232M	-363M	461M	-353M	-101M	-185M	82M	73M	-57M	79M	36M	56M	187M	88M	162M	168M	166M
Operating Income Margin	50.2%	33.3%	46.9%	44.2%	31.4%	28.0%	49.1%	33.3%	-145.7%	43.3%	-152.8%	-22.8%	-60.2%	28.2%	25.6%	-22.8%	34.9%	16.7%	22.8%	64.4%	32.1%	64.7%	66.2%	65.1%
Interest Income	0M	9M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	1M	1M	0M	0M	6M	5M	0M	0M	0M	0M
Interest Expense	37M	9M	19M	16M	2M	3M	4M	5M	0M	0M	0M	0M	0M	0M	1M	6M	10M	5M	0M	2M	1M	4M	2M	59M
Net Interest Income	-37M	0M	-19M	-16M	-2M	-3M	-3M	-5M	0M	0M	0M	0M	0M	0M	0M	-5M	-10M	-5M	5M	3M	-1M	-4M	-2M	-59M
Unusual Items	44M	-1,600M	7M	-31M	-891M	-136M	454M	-64M	826M	854M	835M	783M	718M	407M	396M	332M	314M	284M	106M	108M	117M	37M	21M	16M
EBT Excluding Unusual Items	1,226M	491M	556M	371M	219M	193M	370M	227M	-363M	461M	-353M	-101M	-185M	82M	72M	-62M	70M	31M	61M	190M	87M	158M	167M	107M
Pre-Tax Income	1,270M	-1,109M	563M	339M	-673M	57M	824M	163M	463M	1,315M	482M	682M	533M	490M	468M	270M	384M	314M	167M	298M	203M	195M	187M	123M
Pre-Tax Margin	50.5%	-75.2%	46.0%	38.8%	-95.8%	8.2%	108.4%	23.4%	185.6%	123.3%	208.4%	153.4%	173.2%	168.5%	165.0%	109.2%	169.2%	144.6%	68.4%	102.4%	74.2%	78.0%	73.7%	48.3%
Income Tax Expense	87M	85M	46M	40M	42M	40M	35M	25M	-33M	88M	26M	18M	22M	13M	24M	11M	9M	8M	9M	16M	12M	14M	32M	20M
Net Income	1,051M	-518M	435M	520M	-445M	-49M	725M	727M	447M	1,180M	410M	620M	472M	440M	404M	239M	359M	291M	140M	262M	173M	162M	135M	87M
Net Income Margin	41.8%	-35.1%	35.5%	59.4%	-63.4%	-7.0%	95.4%	104.5%	179.5%	110.7%	177.6%	139.4%	153.5%	151.5%	142.2%	96.4%	158.0%	133.9%	57.4%	90.0%	63.0%	64.9%	53.1%	34.2%
Depreciation & Amortization	75M	163M	114M	92M	74M	89M	96M	104M	41M	39M	36M	27M	21M	21M	18M	17M	21M	19M	25M	24M	20M	18M	20M	17M
EBITDA	1,337M	655M	689M	479M	294M	285M	469M	335M	-322M	501M	-317M	-74M	-164M	102M	91M	-39M	100M	55M	81M	212M	108M	180M	189M	183M
EBITDA Margin	53.2%	44.4%	56.2%	54.7%	41.9%	40.8%	61.7%	48.2%	-129.1%	47.0%	-137.2%	-16.7%	-53.3%	35.3%	32.0%	-15.9%	44.0%	25.2%	33.0%	72.8%	39.4%	72.1%	74.2%	71.8%
NOPAT	1,176M	388M	528M	341M	174M	60M	357M	196M	-389M	431M	-334M	-99M	-177M	80M	69M	-54M	77M	35M	53M	177M	83M	150M	140M	139M
NOPAT Margin	46.8%	26.3%	43.1%	38.9%	24.8%	8.6%	47.0%	28.2%	-156.0%	40.4%	-144.6%	-22.2%	-57.7%	27.4%	24.3%	-21.9%	34.1%	16.2%	21.6%	60.9%	30.3%	60.0%	55.1%	54.6%
Owner's Earnings	1,083M	-391M	532M	586M	-381M	14M	801M	733M	414M	1,178M	412M	594M	472M	458M	296M	236M	265M	308M	158M	266M	177M	148M	146M	100M
Owner's Earnings Margin	43.1%	-26.6%	43.4%	67.0%	-54.3%	2.0%	105.3%	105.3%	166.1%	110.4%	178.5%	133.7%	153.5%	157.6%	104.1%	95.2%	116.5%	141.7%	64.6%	91.6%	64.4%	59.4%	57.3%	39.2%
EPS (Basic)	2.74	-1.40	1.17	1.40	-1.19	-0.13	1.95	1.95	1.20	3.17	1.10	1.66	1.27	1.18	1.08	0.65	1.01	0.82	0.40	0.74	0.52	0.55	0.53	0.37
EPS (Diluted)	2.82	-1.39	1.17	1.40	-1.19	-0.13	1.95	1.95	1.20	3.17	1.10	1.66	1.27	1.18	1.08	0.64	0.98	0.80	0.38	0.71	0.49	0.49	0.46	0.32
Shares (Basic)	378M	373M	373M	373M	373M	373M	373M	373M	373M	373M	373M	373M	373M	373M	373M	366M	353M	353M	353M	353M	352M	332M	293M	273M
Shares (Diluted)	373M	373M	373M	373M	373M	373M	373M	373M	373M	373M	373M	373M	373M	373M	373M	370M	366M	365M	366M	367M	352M	332M	293M	273M

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
Cash & Cash Equivalents	2,257.69M	2,521.90M	2,521.90M	2,498.53M	2,016.84M	2,447.01M	2,116.59M	1,694.69M	1,289.99M	3,018.04M	2,680.31M	1,873.55M	1,660.95M	1,063.04M	676.46M	806.36M	944.04M	1,115.34M	476.96M	1,210.38M	437.00M	485.88M	442.27M	331.37M
Short-Term Investments	1,790.55M	1,481.16M	1,481.16M	1,265.60M	1,551.54M	1,700.46M	2,313.62M	2,711.42M	2,310.73M	1,297.40M	481.78M	554.78M	257.39M	291.79M	202.86M	235.41M	64.21M	80.18M	38.69M	186.20M	152.23M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	4,048.24M	4,003.06M	4,003.06M	3,764.13M	3,568.38M	4,147.47M	4,430.20M	4,406.10M	3,600.72M	4,315.44M	3,162.09M	2,428.33M	1,918.33M	1,354.83M	879.33M	1,041.77M	1,008.25M	1,195.52M	515.65M	1,396.58M	589.23M	485.88M	442.27M	331.37M
Net Receivables	6.58M	59.88M	59.88M	12.78M	202.81M	131.77M	206.56M	221.29M	134.83M	89.67M	87.65M	81.38M	57.34M	10.23M	7.10M	6.89M	0.00M	2.85M	7.42M	-49.97M	23.85M	13.72M	18.03M	0.00M
Inventory	1.28M	1.33M	1.33M	1.28M	1.36M	1.21M	1.02M	0.71M	0.95M	0.81M	0.70M	0.98M	1.09M	1.03M	1.18M	1.02M	1.02M	0.81M	0.96M	0.95M	0.69M	0.62M	0.62M	0.52M
Other Current Assets	79.36M	46.90M	46.90M	24.40M	133.09M	-20.33M	175.49M	0.00M	131.50M	45.63M	87.29M	79.21M	55.74M	13.82M	0.00M	0.00M	53.85M	0.00M	0.00M	63.73M	0.00M	0.00M	0.00M	58.71M
Total Current Assets	4,135.45M	4,111.16M	4,111.16M	3,802.60M	3,905.64M	4,260.13M	4,813.27M	4,628.11M	3,868.00M	4,451.54M	3,337.73M	2,589.91M	2,032.50M	1,379.90M	887.60M	1,049.68M	1,063.11M	1,199.18M	524.03M	1,411.29M	613.76M	500.22M	460.92M	390.60M
Property, Plant & Equipment	423.37M	472.19M	472.19M	519.76M	236.04M	320.43M	343.77M	420.43M	197.59M	164.81M	173.35M	176.49M	150.85M	151.17M	168.69M	156.90M	152.57M	73.88M	89.95M	111.04M	124.62M	121.88M	105.19M	75.53M
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	0.00M	0.00M
Intangible Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	221.29M	134.83M	89.67M	87.65M	81.38M	57.34M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Long-Term Investments	4,277.31M	3,966.34M	3,966.34M	4,104.29M	3,784.02M	3,690.28M	5,141.27M	3,136.58M	3,852.62M	2,631.13M	2,331.95M	2,780.20M	2,585.29M	2,451.91M	2,634.70M	1,952.87M	2,243.68M	1,969.13M	1,976.51M	1,293.34M	1,803.12M	0.00M	0.00M	0.00M
Tax Assets	0.00M	0.00M	0.00M	1.16M	2.22M	3.07M	4.59M	4.96M	2.29M	2.03M	1.81M	2.17M	2.49M	2.75M	2.83M	3.06M	3.06M	2.24M	1.36M	0.29M	0.14M	0.40M	1.00M	1.18M
Other Non-Current Assets	64.26M	45.66M	45.66M	44.88M	45.32M	73.66M	38.35M	-3,550.77M	-4,050.21M	-2,795.94M	-2,505.31M	-2,956.69M	-2,736.14M	291.79M	202.86M	235.41M	64.21M	80.18M	38.69M	186.20M	152.23M	1,697.49M	1,662.24M	1,488.89M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	3.22M	13.81M	2.99M	2.17M	2.49M	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	4,764.94M	4,484.19M	4,484.19M	4,670.10M	4,067.59M	4,087.44M	5,527.98M	232.50M	140.34M	105.50M	92.44M	85.72M	62.32M	2,897.62M	3,009.08M	2,348.25M	2,463.51M	2,125.43M	2,106.52M	1,590.86M	2,080.11M	1,819.77M	1,768.43M	1,565.60M
Total Assets	8,900.39M	8,595.35M	8,595.35M	8,472.70M	7,973.23M	8,347.57M	10,341.25M	4,860.61M	4,008.34M	4,557.04M	3,430.18M	2,675.64M	2,094.82M	4,277.53M	3,896.68M	3,397.92M	3,526.62M	3,324.60M	2,630.55M	3,002.15M	2,693.87M	2,319.99M	2,229.35M	1,956.20M
Accounts Payable	5.99M	6.98M	6.98M	7.28M	7.90M	8.33M	11.89M	5.70M	3.69M	3.40M	3.88M	3.52M	2.83M	2.05M	2.63M	1.83M	50.90M	45.72M	45.34M	83.54M	1.17M	2.55M	0.11M	0.65M
Short-Term Debt	102.20M	101.81M	101.81M	78.84M	15.50M	70.48M	56.06M	0.00M	300.67M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	156.25M	208.33M	114.58M	0.00M	0.00M	0.00M	19.55M	0.00M	0.00M
Tax Payables	0.00M	8.68M	8.68M	4.91M	11.12M	10.86M	14.43M	39.43M	18.57M	9.02M	5.30M	3.78M	8.39M	13.52M	18.04M	10.26M	9.92M	13.10M	11.76M	12.22M	8.67M	6.50M	2.74M	3.25M
Deferred Revenue	0.00M	0.00M	0.00M	591.70M	644.02M	597.59M	500.41M	363.01M	312.43M	0.00M	0.00M	0.00M	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	406.83M	503.38M	503.38M	72.34M	88.55M	42.82M	161.40M	103.53M	119.23M	400.56M	358.44M	283.31M	243.38M	209.58M	178.81M	147.87M	130.88M	132.92M	121.70M	169.51M	137.38M	115.91M	197.65M	71.03M
Total Current Liabilities	515.01M	620.85M	620.85M	755.07M	767.09M	730.07M	744.20M	511.67M	754.59M	412.98M	367.62M	290.61M	254.61M	225.14M	199.48M	316.21M	400.03M	306.32M	178.79M	265.27M	147.22M	144.51M	200.50M	74.93M
Long-Term Debt	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	272.87M	279.38M	252.88M	228.98M	205.52M	184.23M	0.00M	156.25M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	82.46M
Capital Lease Obligations	249.10M	297.93M	297.93M	348.86M	11.99M	27.20M	64.14M	116.48M	0.00M	0.00M	0.00M	0.00M	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	3.70M	2.97M	2.97M	3.80M	1.96M	2.18M	2.49M	3.92M	4.94M	66.15M	5.77M	4.17M	1.60M	0.33M	0.28M	0.53M	0.20M	0.15M	0.56M	1.50M	1.35M	2.39M	1.38M	2.80M
Other Non-Current 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	364.58M	0.00M	0.00M	0.00M	0.00M	20.00M	20.00M
Total Non-Current Liabilities	252.80M	300.89M	300.89M	352.66M	13.95M	29.38M	66.64M	120.41M	4.94M	339.02M	285.15M	257.05M	230.58M	205.85M	184.51M	0.53M	156.45M	364.73M	0.56M	1.50M	1.35M	2.39M	21.38M	105.26M
Total Liabilities	767.80M	921.74M	921.74M	1,107.72M	781.04M	759.45M	810.83M	632.07M	759.53M	752.00M	652.77M	547.66M	485.19M	430.99M	383.99M	316.74M	556.48M	671.05M	179.35M	266.77M	148.57M	146.90M	221.88M	180.18M
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
Common Stock	1,629.46M	1,629.46M	1,629.46M	1,629.46M	1,629.46M	1,629.46M	1,629.46M	1,629.46M	1,629.46M	1,629.46M	1,629.46M	1,629.46M	1,629.46M	372.69M	372.69M	372.69M	353.49M	353.49M	353.49M	353.49M	353.49M	0.00M	0.00M	0.00M
Retained Earnings	6,248.06M	5,840.80M	5,840.80M	5,562.82M	5,199.38M	5,801.16M	5,903.43M	5,334.72M	4,756.48M	4,376.52M	3,195.45M	2,915.47M	2,418.64M	2,058.24M	0.00M	0.00M	0.00M	1,058.43M	873.13M	0.00M	0.00M	0.00M	0.00M	0.00M
Accumulated OCI	30.04M	24.54M	24.54M	22.90M	31.48M	-94.04M	1,581.72M	379.76M	510.19M	450.91M	154.80M	256.95M	77.68M	-257.46M	-239.53M	-232.65M	-229.19M	-236.54M	-219.18M	0.00M	0.00M	0.00M	0.00M	0.00M
Minority Interest	225.03M	189.50M	189.50M	197.85M	183.28M	201.40M	184.26M	158.88M	152.83M	141.54M	129.57M	121.00M	107.89M	103.32M	100.29M	78.85M	68.00M	64.35M	68.29M	68.97M	60.51M	55.35M	47.21M	42.86M
Total Shareholders’ Equity	7,907.55M	7,494.81M	7,494.81M	7,215.19M	6,860.32M	7,336.58M	9,114.61M	7,343.94M	6,896.14M	6,456.89M	4,979.71M	4,801.87M	4,125.78M	2,173.46M	133.16M	140.04M	124.30M	1,175.38M	1,007.44M	353.49M	353.49M	0.00M	0.00M	0.00M
Total Equity	8,132.58M	7,684.30M	7,684.30M	7,413.03M	7,043.60M	7,537.97M	9,298.87M	7,502.82M	7,048.97M	6,598.43M	5,109.28M	4,922.87M	4,233.67M	2,276.78M	233.44M	218.89M	192.31M	1,239.73M	1,075.73M	422.46M	413.99M	55.35M	47.21M	42.86M
Total Liabilities & Equity	8,900.39M	8,606.05M	8,606.05M	8,520.76M	7,824.64M	8,297.42M	10,109.70M	8,134.89M	7,808.50M	7,350.42M	5,762.05M	5,470.53M	4,718.86M	2,707.77M	617.43M	535.62M	748.79M	1,910.78M	1,255.08M	689.23M	562.56M	202.25M	269.09M	223.04M
Tangible Assets	8,900.39M	8,595.35M	8,595.35M	8,472.70M	7,973.23M	8,347.57M	10,341.25M	4,639.31M	3,873.51M	4,467.38M	3,342.53M	2,594.25M	2,037.48M	4,277.53M	3,896.68M	3,397.92M	3,526.62M	3,324.60M	2,630.55M	3,002.15M	2,693.87M	2,319.99M	2,229.35M	1,956.20M
Tangible Equity	8,132.58M	7,684.30M	7,684.30M	7,413.03M	7,043.60M	7,537.97M	9,298.87M	7,281.53M	6,914.13M	6,508.76M	5,021.63M	4,841.48M	4,176.34M	2,276.78M	233.44M	218.89M	192.31M	1,239.73M	1,075.73M	422.46M	413.99M	55.35M	47.21M	42.86M
Tangible Book Value	8,132.58M	7,684.30M	7,684.30M	7,413.03M	7,043.60M	7,537.97M	9,298.87M	7,281.53M	6,914.13M	6,508.76M	5,021.63M	4,841.48M	4,176.34M	2,276.78M	233.44M	218.89M	192.31M	1,239.73M	1,075.73M	422.46M	413.99M	55.35M	47.21M	42.86M
Total Investments	4,681.85M	6,801.31M	6,801.31M	5,354.70M	5,335.56M	5,390.74M	7,454.88M	5,848.00M	4,313.08M	2,943.65M	2,451.48M	3,003.78M	2,729.85M	2,743.71M	2,837.57M	2,188.28M	2,307.88M	2,049.31M	2,015.20M	1,479.54M	1,955.35M	1,697.49M	1,662.24M	1,488.89M
Net Debt	-2,155.49M	-2,420.09M	-2,420.09M	-2,419.69M	-2,001.34M	-2,376.54M	-2,060.52M	-1,694.69M	-989.31M	-2,745.18M	-2,400.93M	-1,620.67M	-1,431.96M	-857.52M	-492.23M	-650.11M	-579.45M	-1,000.76M	-476.96M	-1,210.38M	-437.00M	-466.33M	-442.27M	-248.92M

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
Working Capital	3,518.2M	3,399.2M	3,399.2M	3,016.8M	2,990.0M	3,479.9M	3,837.5M	4,061.2M	3,000.5M	3,996.2M	2,886.1M	2,223.0M	1,725.6M	1,154.8M	697.4M	743.0M	712.3M	949.6M	398.0M	1,234.6M	465.1M	355.5M	257.7M	243.1M
Total Capital	8,156.7M	7,792.7M	7,792.7M	7,564.0M	6,887.8M	7,434.2M	9,234.8M	7,515.6M	7,196.8M	6,598.3M	5,259.1M	5,056.7M	4,354.8M	3,948.7M	3,605.9M	3,168.1M	3,316.0M	3,125.1M	2,435.6M	2,755.0M	2,483.3M	2,117.5M	1,957.5M	1,743.1M
Capital Employed	8,283.2M	7,883.4M	7,883.4M	7,686.9M	7,057.6M	7,567.4M	9,365.5M	7,623.2M	7,053.9M	6,806.0M	5,394.4M	5,181.9M	4,464.3M	4,052.4M	3,706.5M	3,091.2M	3,175.8M	3,075.0M	2,504.5M	2,825.5M	2,545.2M	2,175.2M	2,026.1M	1,808.7M
Invested Capital	5,899.0M	5,270.8M	5,270.8M	5,065.5M	4,871.0M	4,987.2M	7,118.2M	5,820.9M	5,906.8M	3,580.2M	2,578.8M	3,183.2M	2,693.8M	2,885.7M	2,929.4M	2,361.8M	2,371.9M	2,009.7M	1,958.7M	1,544.6M	2,046.3M	1,631.6M	1,515.2M	1,411.7M

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
Net Income	1,050.88M	-518.12M	566.61M	224.09M	-445.25M	-49.25M	725.24M	727.31M	447.39M	1,180.05M	410.43M	619.81M	472.21M	489.58M	468.49M	270.19M	384.14M	314.48M	167.06M	297.88M	203.47M	161.99M	134.98M	87.24M
Depreciation & Amortization	155.44M	163.37M	114.47M	91.96M	74.20M	89.31M	95.85M	103.80M	41.31M	39.31M	36.02M	27.35M	21.31M	20.58M	18.40M	17.20M	20.53M	18.60M	24.89M	24.47M	20.15M	18.39M	20.31M	17.12M
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	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
Change in Working Capital	182.67M	-7.26M	-155.36M	181.04M	10.05M	9.33M	139.00M	54.44M	-5.18M	-32.80M	-3.96M	0.24M	2.55M	24.81M	32.38M	24.86M	15.88M	5.79M	-20.90M	6.19M	10.06M	0.27M	-7.89M	-12.48M
Accounts Receivable	-17.78M	-6.92M	-31.54M	13.76M	-26.81M	19.89M	-8.55M	-1.82M	-5.04M	-32.69M	-4.25M	0.13M	2.62M	-5.56M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	0.04M	-0.34M	-0.04M	0.08M	-0.15M	-0.19M	-0.31M	0.24M	-0.14M	-0.11M	0.29M	0.11M	-0.07M	0.15M	-0.16M	-0.01M	-0.21M	0.15M	-0.02M	-0.26M	-0.06M	0.00M	-0.11M	0.09M
Accounts Payable	0.00M	0.00M	14.41M	19.11M	-9.42M	-107.55M	10.46M	5.44M	2.76M	12.86M	17.05M	11.06M	0.00M	5.56M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	200.42M	0.00M	-138.18M	148.10M	46.43M	97.18M	137.40M	50.59M	-2.76M	-12.86M	-17.05M	-11.06M	0.00M	30.22M	32.53M	24.86M	16.09M	5.64M	-20.88M	6.45M	10.12M	0.26M	-7.78M	-12.57M
Other Non-Cash Items	-382.24M	2,201.46M	-461.37M	406.21M	1,197.16M	865.09M	122.32M	272.14M	-424.58M	-1,107.52M	-318.74M	-547.79M	-407.71M	-453.61M	-441.81M	-262.65M	-385.20M	-312.51M	-153.74M	-288.00M	-178.96M	-130.71M	-108.61M	-46.17M
Net Cash from Operating Activities	1,006.76M	1,519.97M	64.35M	903.30M	836.16M	914.48M	1,082.41M	1,157.69M	58.94M	79.04M	123.75M	99.61M	88.36M	81.35M	77.46M	49.59M	35.35M	26.37M	17.32M	40.54M	54.71M	49.94M	38.79M	45.71M
Capital Expenditures (PPE)	-28.94M	-36.68M	-16.84M	-25.97M	-10.06M	-26.24M	-19.94M	-98.00M	-74.78M	-41.60M	-34.08M	-53.01M	-21.29M	-3.11M	-126.54M	-20.14M	-114.72M	-1.71M	-7.26M	-19.69M	-16.29M	-32.06M	-9.69M	-4.20M
Acquisitions (Net)	0.53M	2.09M	0.00M	0.53M	1.42M	0.67M	0.26M	0.27M	12.51M	0.71M	13.69M	3.63M	38.94M	467.34M	5.63M	366.36M	-5.00M	107.21M	-1,019.28M	61.71M	40.23M	0.00M	1.36M	0.22M
Purchases of Investments	-605.40M	-2,639.30M	-638.02M	-1,134.13M	-1,326.88M	-2,594.77M	-1,837.72M	-1,005.81M	-2,765.74M	-409.94M	-216.57M	-547.85M	-172.12M	-90.64M	-175.29M	-410.06M	-224.99M	-200.00M	-305.03M	-382.31M	-422.66M	0.00M	-25.30M	-41.36M
Sales / Maturities of Investments	329.72M	2,116.36M	259.42M	893.87M	345.71M	2,373.94M	1,423.40M	598.37M	300.72M	20.24M	170.28M	134.82M	133.18M	1.55M	327.16M	99.32M	45.69M	174.97M	532.83M	581.04M	154.44M	54.30M	5.28M	25.93M
Other Investing Activities	-126.01M	2.88M	743.58M	83.68M	0.00M	688.01M	856.74M	0.00M	921.10M	853.73M	915.42M	730.08M	715.52M	75.00M	284.73M	-46.98M	350.89M	132.01M	172.95M	592.00M	62.90M	66.97M	66.18M	15.45M
Net Cash from Investing Activities	-430.10M	-554.65M	348.15M	-182.02M	-989.80M	441.60M	422.73M	-505.16M	-1,606.19M	423.12M	848.74M	267.67M	655.29M	450.14M	315.69M	-11.50M	51.88M	212.48M	-625.79M	832.75M	-181.39M	89.20M	37.82M	-3.96M
Net Debt Issuance	-89.60M	-21.08M	-97.52M	-29.06M	-23.08M	-19.70M	-27.96M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-156.25M	-213.92M	-114.58M	479.17M	0.00M	-2.14M	0.00M	-0.40M	0.00M	0.00M
Long-Term Debt Issuance	-89.60M	-21.08M	-97.52M	-29.06M	-23.08M	-19.70M	-27.96M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-208.33M	-114.58M	479.17M	0.00M	-2.14M	0.00M	-0.40M	0.00M	0.00M
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	0.00M	-156.25M	-5.59M	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	47.85M	0.00M	0.00M	0.00M	0.00M	190.59M	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	47.85M	0.00M	0.00M	0.00M	0.00M	190.59M	0.00M	0.00M	0.00M
Common Stock Repurchased	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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
Net Dividends Paid	-312.95M	-313.26M	-177.99M	-134.04M	-156.78M	-156.72M	-156.13M	-149.64M	-144.01M	-129.08M	-129.27M	-124.15M	-111.81M	-111.81M	-111.86M	-111.81M	-125.03M	-106.04M	-106.08M	-97.77M	-112.02M	-92.35M	-61.76M	-54.88M
Common Dividends Paid	-312.95M	-313.26M	-177.99M	-134.04M	-156.78M	-156.72M	-156.13M	-149.64M	-144.01M	-129.08M	-129.27M	-124.15M	-111.81M	-111.81M	-111.86M	-111.81M	-125.03M	-106.04M	-106.08M	-86.22M	-97.74M	-82.03M	-44.66M	-54.88M
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	-14.28M	-10.32M	-17.10M	0.00M
Other Financing Activities	-269.70M	-135.43M	-113.62M	-76.49M	-96.68M	-52.29M	-42.41M	-98.19M	-36.79M	-35.35M	-36.46M	-30.52M	-33.93M	-33.11M	-20.94M	-12.24M	-21.67M	-23.30M	-18.86M	-11.55M	-0.76M	0.00M	98.93M	42.22M
Net Cash from Financing Activities	-672.25M	-469.77M	-389.12M	-239.59M	-276.53M	-228.71M	-226.50M	-247.84M	-180.80M	-164.43M	-165.73M	-154.67M	-145.75M	-144.91M	-289.05M	-290.12M	-261.29M	349.82M	-124.95M	-99.91M	77.81M	-95.53M	34.28M	-12.66M
Effect of FX on Cash	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-95.59M	495.55M	23.37M	481.69M	-430.17M	330.43M	421.90M	404.70M	-1,728.05M	337.73M	806.76M	212.61M	597.91M	386.58M	104.09M	-252.03M	-174.06M	588.67M	-733.42M	773.38M	-48.88M	43.61M	110.89M	29.09M
Cash at Beginning of Period	9,789.19M	8,684.72M	2,498.53M	2,016.84M	2,447.01M	2,116.59M	1,694.69M	1,289.99M	3,018.04M	2,680.31M	1,873.55M	1,660.95M	1,063.04M	676.46M	572.37M	824.40M	998.46M	409.79M	1,210.38M	437.00M	485.88M	442.27M	331.37M	302.28M
Cash at End of Period	9,693.60M	9,180.28M	2,521.90M	2,498.53M	2,016.84M	2,447.01M	2,116.59M	1,694.69M	1,289.99M	3,018.04M	2,680.31M	1,873.55M	1,660.95M	1,063.04M	676.46M	572.37M	824.40M	998.46M	476.96M	1,210.38M	437.00M	485.88M	442.27M	331.37M
Operating Cash Flow	796.69M	1,519.97M	64.35M	903.30M	836.16M	914.48M	1,082.41M	1,157.69M	58.94M	79.04M	123.75M	99.61M	88.36M	81.35M	77.46M	49.59M	35.35M	26.37M	17.32M	40.54M	54.71M	49.94M	38.79M	45.71M
Capital Expenditure	-42.25M	-36.68M	-16.84M	-25.97M	-10.06M	-26.24M	-19.94M	-98.00M	-74.78M	-41.60M	-34.08M	-53.01M	-21.29M	-3.11M	-126.54M	-20.14M	-114.72M	-1.71M	-7.26M	-19.69M	-16.29M	-32.06M	-9.69M	-4.20M
Free Cash Flow	754.44M	1,483.29M	47.51M	877.32M	826.10M	888.24M	1,062.47M	1,059.70M	-15.85M	37.44M	89.68M	46.60M	67.07M	78.25M	-49.08M	29.46M	-79.36M	24.65M	10.06M	20.85M	38.41M	17.87M	29.10M	41.51M

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
EBITDA	1,335.90M	654.61M	688.23M	395.13M	327.94M	338.68M	435.85M	335.40M	-114.80M	744.33M	-59.88M	180.94M	81.55M	102.43M	91.00M	182.52M	55.46M	54.84M	80.62M	106.50M	90.12M	179.99M	188.59M	183.25M
(-) Tax Adjustment	91.39M	0.00M	55.84M	47.06M	0.00M	118.54M	18.29M	50.85M	0.00M	49.74M	-3.23M	4.90M	3.38M	2.80M	4.66M	7.48M	1.33M	1.37M	4.37M	5.80M	5.10M	13.27M	31.77M	29.42M
(-) Change In Working Capital	182.67M	-7.26M	-155.36M	181.04M	10.05M	9.33M	139.00M	54.44M	-5.18M	-32.80M	-3.96M	0.24M	2.55M	24.81M	32.38M	24.86M	15.88M	5.79M	-20.90M	6.19M	10.06M	0.27M	-7.89M	-12.48M
(-) Capital Expenditure	-42.25M	-36.68M	-16.84M	-25.97M	-10.06M	-26.24M	-19.94M	-98.00M	-74.78M	-41.60M	-34.08M	-53.01M	-21.29M	-3.11M	-126.54M	-20.14M	-114.72M	-1.71M	-7.26M	-19.69M	-16.29M	-32.06M	-9.69M	-4.20M
Unlevered Free Cash Flow	1,019.59M	625.20M	770.90M	141.06M	307.83M	184.57M	258.61M	132.11M	-184.40M	685.79M	-86.76M	122.79M	54.32M	71.71M	-72.57M	130.05M	-76.47M	45.97M	89.88M	74.82M	58.67M	134.39M	155.01M	162.11M
(-) Net Interest Income After Taxes	-34.10M	0.00M	-17.37M	-14.23M	-1.50M	-1.76M	-3.35M	-3.86M	0.03M	-0.01M	-0.01M	0.00M	0.01M	0.25M	-0.22M	-4.97M	-9.48M	-5.29M	5.15M	2.72M	-1.14M	-3.40M	-1.44M	-49.60M
Net Debt Issuance	-89.60M	-21.08M	-97.52M	-29.06M	-23.08M	-19.70M	-27.96M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-156.25M	-213.92M	-114.58M	479.17M	0.00M	-2.14M	0.00M	-0.40M	0.00M	0.00M
Levered Free Cash Flow	964.09M	604.11M	690.75M	126.23M	286.26M	166.63M	234.00M	135.97M	-184.43M	685.80M	-86.76M	122.79M	54.32M	71.46M	-228.60M	-78.90M	-181.57M	530.43M	84.74M	69.96M	59.81M	137.38M	156.45M	211.71M