Xingfa Aluminium Holdings Limited (0098.HK)

Industry: Aluminum Sector: Basic Materials Currency Used: CN Live Price: $7.18

Enterprise Value

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
Stock Price	6.95	5.73	7.98	8.30	6.32	7.02	4.73	4.15	2.68	2.24	1.29	1.24	1.00	1.64	1.70	1.47	1.45	2.02	2.16
Market Capitalization	2,924.10M	2,413.33M	3,358.77M	3,485.55M	2,652.08M	2,939.40M	1,980.51M	1,733.99M	1,121.04M	936.65M	539.67M	516.71M	419.87M	684.57M	708.08M	615.24M	564.84M	627.38M	671.60M
(-) Cash & Equivalents	2,800.94M	2,816.83M	1,891.50M	1,420.27M	526.95M	536.12M	533.39M	625.94M	416.72M	483.57M	626.79M	313.54M	342.25M	266.64M	208.18M	210.83M	107.45M	123.83M	18.70M
(+) Total Debt	3,097.35M	3,547.95M	2,629.74M	2,602.43M	1,375.84M	1,856.28M	2,254.41M	2,348.86M	1,781.23M	2,072.07M	2,209.40M	2,324.51M	1,309.54M	1,713.15M	1,279.42M	703.35M	279.66M	60.00M	0.00M
Enterprise Value	3,220.51M	3,144.46M	4,097.01M	4,667.71M	3,500.97M	4,259.55M	3,701.53M	3,456.92M	2,485.56M	2,525.16M	2,122.27M	2,527.67M	1,387.16M	2,131.08M	1,779.32M	1,107.75M	737.05M	563.55M	652.90M

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
Revenue	37,704M	33,547M	18,855M	17,353M	16,933M	15,433M	11,887M	11,281M	9,925M	7,240M	5,577M	4,978M	4,844M	3,907M	3,547M	3,067M	2,306M	1,871M	2,136M	2,149M	1,861M
Cost of Revenue	34,199M	29,850M	17,091M	15,362M	15,158M	13,621M	10,257M	9,791M	8,574M	6,225M	4,752M	4,148M	4,086M	3,397M	3,150M	2,813M	2,072M	1,684M	1,961M	1,949M	1,725M
Gross Profit	3,505M	3,697M	1,764M	1,990M	1,775M	1,812M	1,629M	1,490M	1,351M	1,015M	825M	830M	758M	510M	397M	254M	234M	187M	175M	199M	137M
Gross Profit Margin	9.3%	11.0%	9.4%	11.5%	10.5%	11.7%	13.7%	13.2%	13.6%	14.0%	14.8%	16.7%	15.6%	13.1%	11.2%	8.3%	10.2%	10.0%	8.2%	9.3%	7.3%
R&D Expenses	1,697M	1,580M	840M	808M	791M	690M	527M	490M	425M	319M	243M	23M	16M	8M	6M	0M	0M	0M	0M	0M	0M
SG&A Expenses	1,666M	1,446M	847M	813M	699M	716M	756M	676M	639M	492M	404M	401M	361M	252M	201M	167M	119M	89M	99M	30M	32M
Operating Expenses	1,601M	2,304M	798M	1,074M	1,263M	757M	756M	766M	743M	570M	474M	509M	488M	341M	287M	236M	151M	106M	137M	-92M	70M
Operating Income (EBIT)	1,904M	1,393M	965M	916M	512M	1,055M	873M	723M	608M	444M	351M	321M	269M	169M	110M	18M	83M	82M	38M	291M	66M
Operating Income Margin	5.1%	4.2%	5.1%	5.3%	3.0%	6.8%	7.3%	6.4%	6.1%	6.1%	6.3%	6.4%	5.6%	4.3%	3.1%	0.6%	3.6%	4.4%	1.8%	13.5%	3.6%
Interest Income	109M	31M	47M	63M	61M	77M	51M	43M	8M	8M	8M	11M	7M	6M	7M	4M	3M	4M	7M	2M	2M
Interest Expense	221M	271M	106M	138M	142M	99M	96M	151M	171M	127M	123M	154M	156M	132M	123M	77M	36M	31M	41M	25M	23M
Net Interest Income	-112M	-240M	-60M	-75M	-81M	-23M	-45M	-109M	-163M	-119M	-116M	-143M	-150M	-126M	-116M	-73M	-33M	-26M	-34M	-23M	-21M
Unusual Items	112M	240M	60M	75M	81M	23M	45M	109M	163M	119M	116M	143M	150M	126M	116M	73M	33M	26M	34M	23M	21M
EBT Excluding Unusual Items	1,792M	1,152M	906M	841M	431M	1,033M	828M	615M	445M	326M	236M	177M	120M	43M	-6M	-55M	50M	55M	4M	268M	46M
Pre-Tax Income	1,904M	1,393M	965M	916M	512M	1,055M	873M	723M	608M	444M	351M	321M	269M	169M	110M	18M	83M	82M	38M	291M	66M
Pre-Tax Margin	5.1%	4.2%	5.1%	5.3%	3.0%	6.8%	7.3%	6.4%	6.1%	6.1%	6.3%	6.4%	5.6%	4.3%	3.1%	0.6%	3.6%	4.4%	1.8%	13.5%	3.6%
Income Tax Expense	259M	171M	137M	108M	51M	168M	112M	121M	114M	62M	53M	55M	45M	38M	23M	4M	10M	11M	9M	-1M	6M
Net Income	1,640M	1,218M	826M	804M	458M	888M	765M	606M	495M	383M	298M	266M	225M	131M	87M	15M	73M	70M	29M	292M	60M
Net Income Margin	4.4%	3.6%	4.4%	4.6%	2.7%	5.8%	6.4%	5.4%	5.0%	5.3%	5.4%	5.3%	4.6%	3.3%	2.4%	0.5%	3.2%	3.8%	1.4%	13.6%	3.2%
Depreciation & Amortization	1,121M	881M	566M	457M	499M	374M	396M	324M	282M	263M	280M	177M	133M	95M	73M	68M	58M	42M	28M	25M	29M
EBITDA	3,025M	2,273M	1,531M	1,374M	1,011M	1,429M	1,270M	1,047M	890M	707M	632M	498M	402M	264M	182M	87M	141M	123M	66M	316M	95M
EBITDA Margin	8.0%	6.8%	8.1%	7.9%	6.0%	9.3%	10.7%	9.3%	9.0%	9.8%	11.3%	10.0%	8.3%	6.8%	5.1%	2.8%	6.1%	6.6%	3.1%	14.7%	5.1%
NOPAT	1,645M	1,222M	828M	808M	461M	887M	761M	603M	494M	383M	298M	266M	225M	131M	87M	15M	73M	70M	29M	292M	60M
NOPAT Margin	4.4%	3.6%	4.4%	4.7%	2.7%	5.7%	6.4%	5.3%	5.0%	5.3%	5.4%	5.3%	4.6%	3.3%	2.4%	0.5%	3.2%	3.8%	1.4%	13.6%	3.2%
Owner's Earnings	975M	275M	436M	281M	-18M	575M	723M	370M	431M	225M	391M	219M	63M	-82M	-113M	-309M	-429M	-102M	-219M	261M	73M
Owner's Earnings Margin	2.6%	0.8%	2.3%	1.6%	-0.1%	3.7%	6.1%	3.3%	4.3%	3.1%	7.0%	4.4%	1.3%	-2.1%	-3.2%	-10.1%	-18.6%	-5.4%	-10.3%	12.2%	3.9%
EPS (Basic)	3.89	2.90	1.96	1.91	1.09	2.12	1.83	1.45	1.18	0.92	0.71	0.64	0.54	0.31	0.21	0.04	0.17	0.17	0.08	0.94	0.19
EPS (Diluted)	3.90	2.89	1.96	1.91	1.09	2.11	1.83	1.45	1.18	0.92	0.71	0.64	0.54	0.31	0.21	0.04	0.17	0.17	0.07	0.94	0.19
Shares (Basic)	421M	421M	421M	421M	420M	419M	418M	418M	418M	418M	418M	418M	418M	418M	418M	418M	418M	418M	392M	311M	311M
Shares (Diluted)	421M	421M	421M	421M	420M	421M	419M	418M	418M	418M	418M	418M	418M	418M	418M	418M	418M	418M	392M	311M	311M

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
Cash & Cash Equivalents	2,701.52M	2,726.06M	2,726.06M	2,840.42M	1,849.77M	1,643.13M	509.64M	528.00M	448.79M	579.45M	443.43M	694.15M	636.07M	317.94M	372.62M	244.22M	144.93M	279.84M	214.91M	146.41M	56.09M
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	1.00M	1.01M	0.00M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	2,701.52M	2,726.06M	2,726.06M	2,840.42M	1,849.77M	1,643.13M	509.64M	528.00M	448.79M	579.45M	443.43M	694.15M	636.07M	317.94M	373.62M	245.23M	144.93M	279.84M	214.91M	146.41M	56.09M
Net Receivables	5,117.29M	4,939.46M	4,939.46M	3,995.61M	4,591.93M	4,526.16M	3,411.42M	2,824.83M	2,620.58M	1,999.86M	1,488.80M	1,203.83M	1,384.19M	1,155.25M	955.64M	0.00M	0.00M	0.00M	0.00M	525.57M	782.16M
Inventory	2,332.77M	1,809.96M	1,809.96M	1,362.12M	1,453.53M	1,481.80M	1,252.51M	1,134.38M	1,144.04M	1,263.68M	963.46M	678.26M	631.61M	445.70M	370.80M	389.12M	393.53M	244.21M	196.33M	239.63M	173.16M
Other Current Assets	866.23M	538.57M	538.57M	321.77M	387.59M	365.62M	518.78M	426.78M	370.08M	2,299.84M	306.04M	372.37M	484.23M	173.94M	1,100.62M	194.96M	77.02M	91.31M	36.65M	11.30M	2.98M
Total Current Assets	11,017.81M	10,014.05M	10,014.05M	8,519.91M	8,282.82M	8,016.71M	5,692.35M	4,913.99M	4,583.49M	6,142.83M	3,201.73M	2,948.62M	3,136.10M	2,092.82M	2,800.68M	829.31M	615.48M	615.36M	447.88M	922.90M	1,014.39M
Property, Plant & Equipment	4,097.28M	4,009.43M	4,009.43M	3,308.50M	2,852.62M	2,540.47M	2,279.77M	2,209.18M	2,317.30M	2,236.47M	1,794.19M	1,905.47M	1,882.74M	1,832.94M	1,560.83M	1,387.77M	1,083.78M	531.82M	351.71M	139.01M	191.85M
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
Intangible Assets	3.37M	3.82M	3.82M	2.59M	398.11M	327.56M	331.44M	338.12M	0.00M	0.00M	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	444.80M	23.46M	23.46M	36.51M	36.81M	20.16M	6.32M	5.79M	21.14M	16.45M	9.52M	1.42M	0.94M	11.91M	10.91M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	0.00M	0.00M	0.00M	460.37M	145.62M	68.43M	53.17M	43.64M	38.42M	48.57M	42.56M	41.47M	39.65M	21.00M	27.75M	39.19M	25.73M	16.08M	0.39M	0.00M	0.00M
Other Non-Current Assets	452.38M	491.68M	491.68M	431.25M	207.61M	169.43M	73.01M	71.69M	21.14M	16.45M	303.98M	302.91M	309.47M	375.19M	383.62M	379.96M	379.92M	295.75M	153.66M	0.00M	85.24M
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
Total Non-Current Assets	4,997.83M	4,528.39M	4,528.39M	4,239.21M	3,640.77M	3,126.05M	2,743.71M	2,668.42M	2,398.00M	2,317.94M	2,150.24M	2,251.26M	2,232.80M	2,241.04M	1,983.11M	1,806.92M	1,489.42M	843.65M	505.76M	139.01M	277.09M
Total Assets	16,015.64M	14,542.44M	14,542.44M	12,759.12M	11,923.59M	11,142.77M	8,436.06M	7,582.41M	6,981.49M	8,460.77M	5,351.97M	5,199.87M	5,368.90M	4,333.86M	4,783.78M	2,636.23M	2,104.90M	1,459.01M	953.65M	1,061.91M	1,291.47M
Accounts Payable	5,334.50M	4,461.62M	4,461.62M	3,006.75M	3,623.66M	3,992.77M	2,568.41M	1,635.75M	1,912.03M	787.50M	1,321.45M	976.93M	540.55M	833.62M	830.87M	1,258.25M	559.29M	326.13M	195.54M	246.77M	527.29M
Short-Term Debt	1,246.41M	627.02M	627.02M	499.59M	550.45M	492.62M	811.42M	1,284.01M	1,467.52M	1,968.31M	1,384.15M	1,699.47M	1,723.78M	1,787.00M	1,443.81M	1,061.53M	706.04M	697.44M	559.33M	0.00M	0.00M
Tax Payables	0.00M	0.00M	0.00M	88.20M	70.89M	89.06M	54.01M	68.65M	52.81M	24.47M	27.51M	25.20M	26.12M	32.98M	30.58M	32.10M	24.00M	19.26M	0.60M	2.09M	3.94M
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
Other Current Liabilities	970.54M	880.81M	880.81M	1,020.42M	988.10M	787.12M	738.06M	872.65M	610.95M	637.30M	337.78M	430.70M	380.02M	0.00M	0.00M	5.12M	0.52M	0.08M	1.14M	297.72M	407.20M
Total Current Liabilities	7,551.46M	5,969.45M	5,969.45M	4,614.96M	5,233.10M	5,361.56M	4,171.91M	3,861.06M	4,043.31M	3,417.58M	3,070.89M	3,132.30M	2,670.47M	2,653.59M	2,305.25M	2,356.99M	1,289.84M	1,042.92M	756.61M	546.58M	938.43M
Long-Term Debt	2,193.72M	2,250.33M	2,250.33M	2,647.90M	1,948.55M	1,258.74M	318.87M	414.41M	378.20M	514.39M	419.25M	301.00M	279.25M	495.69M	571.88M	643.00M	545.00M	150.00M	0.00M	80.00M	0.00M
Capital Lease Obligations	1.22M	2.33M	2.33M	6.06M	8.05M	7.45M	8.89M	20.83M	0.00M	0.00M	0.00M	6.71M	32.53M	56.45M	0.00M	24.43M	47.68M	70.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	0.00M	20.68M	20.68M	27.90M	21.70M	29.95M	10.98M	11.61M	5.39M	5.12M	3.10M	3.69M	-63.85M	-63.46M	571.88M	0.00M	0.00M	0.00M	0.00M	0.00M	0.24M
Other Non-Current Liabilities	124.20M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	63.46M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Liabilities	2,319.13M	2,273.33M	2,273.33M	2,681.86M	1,978.31M	1,296.14M	338.74M	446.84M	383.59M	519.50M	422.35M	311.40M	247.93M	552.14M	1,143.77M	667.43M	592.68M	220.00M	0.00M	80.00M	0.24M
Total Liabilities	9,870.59M	8,242.78M	8,242.78M	7,296.82M	7,211.40M	6,657.70M	4,510.65M	4,307.90M	4,426.90M	3,937.08M	3,493.24M	3,443.70M	2,918.40M	3,205.73M	3,449.02M	3,024.42M	1,882.52M	1,262.92M	756.61M	626.58M	938.66M
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
Common Stock	3.75M	3.75M	3.75M	3.75M	3.75M	3.74M	3.73M	3.73M	3.73M	3.73M	3.73M	3.73M	3.73M	3.73M	3.73M	3.73M	3.73M	3.73M	3.73M	210.00M	225.00M
Retained Earnings	0.00M	5,100.93M	5,100.93M	4,942.47M	4,279.35M	4,059.98M	3,295.81M	2,304.86M	1,817.75M	1,427.36M	1,084.89M	856.98M	651.34M	479.79M	363.90M	0.00M	0.00M	0.00M	0.00M	225.33M	98.10M
Accumulated OCI	5,919.94M	5,894.12M	5,894.12M	223.85M	220.53M	227.57M	217.66M	217.70M	-1,585.39M	-1,301.17M	-983.53M	-722.21M	-545.81M	-417.25M	-348.46M	-280.13M	-227.83M	-177.07M	-153.89M	0.00M	0.00M
Minority Interest	8.72M	9.59M	9.59M	7.52M	3.59M	0.06M	0.74M	0.55M	-0.25M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	29.14M
Total Shareholders’ Equity	5,923.70M	10,998.80M	10,998.80M	5,170.07M	4,503.63M	4,291.29M	3,517.21M	2,526.29M	236.08M	129.93M	105.09M	138.51M	109.26M	66.26M	19.17M	-276.40M	-224.10M	-173.34M	-150.16M	435.33M	323.10M
Total Equity	5,932.42M	11,008.39M	11,008.39M	5,177.59M	4,507.22M	4,291.35M	3,517.95M	2,526.83M	235.83M	129.93M	105.09M	138.51M	109.26M	66.26M	19.17M	-276.40M	-224.10M	-173.34M	-150.16M	435.33M	352.24M
Total Liabilities & Equity	15,803.01M	19,251.17M	19,251.17M	12,474.41M	11,718.62M	10,949.06M	8,028.59M	6,834.73M	4,662.73M	4,067.01M	3,598.33M	3,582.21M	3,027.66M	3,271.99M	3,468.19M	2,748.02M	1,658.42M	1,089.59M	606.45M	1,061.91M	1,290.90M
Tangible Assets	16,012.27M	14,538.62M	14,538.62M	12,756.54M	11,525.48M	10,815.21M	8,104.62M	7,244.29M	6,981.49M	8,460.77M	5,351.97M	5,199.87M	5,368.90M	4,333.86M	4,783.78M	2,636.23M	2,104.90M	1,459.01M	953.65M	1,061.91M	1,291.47M
Tangible Equity	5,929.05M	11,004.57M	11,004.57M	5,175.01M	4,109.11M	3,963.79M	3,186.51M	2,188.72M	235.83M	129.93M	105.09M	138.51M	109.26M	66.26M	19.17M	-276.40M	-224.10M	-173.34M	-150.16M	435.33M	352.24M
Tangible Book Value	5,929.05M	11,004.57M	11,004.57M	5,175.01M	4,109.11M	3,963.79M	3,186.51M	2,188.72M	235.83M	129.93M	105.09M	138.51M	109.26M	66.26M	19.17M	-276.40M	-224.10M	-173.34M	-150.16M	435.33M	352.24M
Total Investments	444.80M	23.46M	23.46M	36.51M	36.81M	20.16M	6.32M	5.79M	21.14M	16.45M	9.52M	1.42M	0.94M	11.91M	11.91M	1.01M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Debt	738.61M	151.29M	151.29M	307.08M	649.23M	108.23M	620.65M	1,170.41M	1,396.94M	1,903.25M	1,359.97M	1,306.31M	1,366.96M	1,964.75M	1,643.08M	1,460.31M	1,106.11M	567.61M	344.42M	-66.41M	-56.09M

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
Working Capital	3,252.5M	3,768.0M	3,768.0M	3,832.1M	3,032.2M	2,673.0M	1,305.3M	830.6M	541.6M	332.5M	17.4M	-468.5M	-698.5M	-663.8M	-460.2M	-276.3M	-63.9M	131.1M	158.0M	376.3M	75.4M
Total Capital	9,365.0M	8,777.6M	8,777.6M	8,471.9M	7,158.9M	6,238.2M	4,836.4M	4,757.6M	4,349.8M	4,551.7M	3,491.3M	3,427.0M	3,219.5M	3,314.9M	2,878.1M	2,504.4M	2,076.1M	1,633.7M	1,223.1M	515.3M	323.1M
Capital Employed	8,250.3M	8,296.4M	8,296.4M	8,071.3M	6,672.9M	5,799.1M	4,049.0M	3,499.0M	2,918.4M	2,634.0M	2,158.1M	1,781.3M	1,533.4M	1,565.3M	1,522.9M	1,530.6M	1,425.5M	974.8M	663.8M	515.3M	352.5M
Invested Capital	6,663.5M	6,051.5M	6,051.5M	5,631.4M	5,309.2M	4,595.0M	4,326.7M	4,229.6M	3,901.1M	3,972.3M	3,047.9M	2,732.9M	2,583.4M	2,996.9M	2,505.4M	2,260.1M	1,931.2M	1,353.8M	1,008.2M	368.9M	267.0M

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	2007-12-31	2006-12-31
Net Income	1,640.48M	1,217.64M	826.03M	916.32M	511.88M	1,055.20M	873.41M	723.47M	607.92M	444.45M	351.29M	320.66M	269.26M	168.89M	109.70M	18.39M	82.93M	81.70M	38.02M	291.60M	60.29M
Depreciation & Amortization	1,148.23M	904.09M	579.87M	470.72M	510.88M	384.08M	408.65M	336.30M	290.43M	270.35M	280.47M	176.96M	132.68M	94.96M	80.96M	68.45M	58.32M	41.52M	28.27M	25.11M	28.91M
Deferred Income Tax	0.00M	-528.48M	0.00M	0.00M	0.00M	-51.09M	-114.54M	-59.74M	-53.61M	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	1.77M	0.00M	0.00M	-1.69M	0.63M	1.79M	2.33M	0.56M	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	-1,901.07M	-2,162.21M	-1,518.50M	-230.86M	-726.17M	-78.51M	-243.60M	-157.53M	252.28M	-823.62M	-218.81M	-122.78M	585.06M	-278.98M	-248.59M	118.58M	3.55M	6.30M	-102.32M	-306.96M	-199.24M
Accounts Receivable	-1,183.40M	-2,057.13M	-1,174.77M	234.01M	-833.13M	-1,224.00M	-676.13M	-338.85M	-685.35M	-555.62M	-290.31M	217.56M	-285.84M	-151.55M	175.22M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	-676.47M	-192.97M	-295.13M	68.78M	163.84M	-356.81M	-121.19M	9.67M	134.69M	-300.23M	-285.20M	-46.66M	-57.36M	-74.90M	18.32M	4.42M	-149.32M	-47.88M	43.29M	-94.82M	-74.68M
Accounts Payable	0.00M	0.00M	0.00M	0.00M	833.13M	1,224.00M	676.13M	338.85M	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
Other Working Capital	-41.21M	87.90M	-48.60M	-533.65M	-890.01M	278.30M	-122.41M	-167.20M	117.59M	-523.40M	66.38M	-76.12M	642.42M	-204.08M	-266.90M	114.16M	152.87M	54.18M	-145.61M	-212.14M	-124.56M
Other Non-Cash Items	2,478.17M	1,855.67M	1,528.09M	310.42M	495.86M	22.98M	47.69M	108.75M	156.41M	61.18M	75.72M	89.36M	107.49M	84.92M	106.41M	70.28M	22.83M	20.59M	5.10M	-155.36M	17.56M
Net Cash from Operating Activities	3,365.81M	1,816.96M	1,415.49M	1,466.61M	790.77M	1,333.30M	973.40M	953.57M	1,253.98M	-47.65M	488.67M	464.20M	1,094.50M	69.79M	48.48M	275.69M	167.62M	150.11M	-30.93M	-145.62M	-92.49M
Capital Expenditures (PPE)	-1,785.76M	-1,823.61M	-955.83M	-980.92M	-975.10M	-686.83M	-438.92M	-560.54M	-345.49M	-420.27M	-188.01M	-224.10M	-294.68M	-307.08M	-272.39M	-392.70M	-560.42M	-213.67M	-276.70M	-55.55M	-16.51M
Acquisitions (Net)	0.00M	10.75M	0.00M	0.00M	0.00M	9.15M	57.11M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	7.27M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	0.00M	-35.19M	0.00M	-29.52M	-141.00M	-26.18M	-160.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-4.00M	0.00M	-12.91M	-9.38M	-91.72M	-145.22M	0.00M	0.00M	0.00M
Sales / Maturities of Investments	0.00M	54.66M	0.00M	0.00M	161.87M	28.86M	175.35M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1.00M	1.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Investing Activities	-425.60M	147.35M	71.18M	173.73M	63.84M	70.19M	156.48M	66.93M	-169.76M	55.03M	72.81M	62.25M	-246.41M	109.98M	87.15M	-111.44M	20.00M	38.38M	28.93M	269.48M	55.45M
Net Cash from Investing Activities	-2,211.35M	-1,676.26M	-884.65M	-836.70M	-890.39M	-604.82M	-209.97M	-493.61M	-515.25M	-365.24M	-115.20M	-161.85M	-545.09M	-196.10M	-189.88M	-513.53M	-632.14M	-320.51M	-247.77M	213.94M	38.93M
Net Debt Issuance	723.15M	0.00M	-273.87M	648.49M	747.65M	621.07M	-572.86M	-150.05M	-636.97M	679.30M	-203.78M	-28.38M	-303.58M	267.00M	311.17M	453.49M	403.59M	288.11M	180.88M	174.48M	72.70M
Long-Term Debt Issuance	723.15M	0.00M	-273.87M	648.49M	747.65M	621.07M	-568.82M	-146.62M	-636.97M	679.30M	-197.07M	-2.57M	-279.66M	267.00M	311.17M	453.49M	403.59M	288.11M	182.33M	182.80M	72.70M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-4.04M	-3.43M	0.00M	0.00M	-6.71M	-25.81M	-23.92M	0.00M	0.00M	0.00M	0.00M	0.00M	-1.45M	-8.32M	0.00M
Net Stock Issuance	0.00M	0.00M	0.00M	0.00M	5.84M	6.08M	0.32M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	199.71M	0.00M	0.00M
Common Stock Issuance	0.00M	6.36M	0.00M	0.00M	5.84M	6.08M	0.32M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	218.72M	0.00M	0.00M
Common Stock Repurchased	0.00M	311.09M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-19.01M	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
Net Dividends Paid	-491.14M	-426.47M	-245.63M	-141.05M	-285.42M	-123.63M	-106.90M	-73.47M	-70.48M	0.00M	-31.90M	-30.15M	-16.60M	-16.59M	0.00M	-14.63M	-13.79M	-20.90M	0.00M	-118.96M	0.00M
Common Dividends Paid	-491.14M	-426.47M	-245.63M	-141.05M	-285.42M	-123.63M	-106.90M	-73.47M	-70.48M	0.00M	-31.90M	-30.15M	-16.60M	-16.59M	0.00M	-14.63M	-13.79M	-20.90M	0.00M	-118.96M	0.00M
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	0.00M	0.00M
Other Financing Activities	-1,478.54M	1,894.69M	-128.38M	-148.75M	-141.55M	-94.74M	-102.01M	-157.68M	-162.61M	-123.98M	-116.77M	-137.69M	-165.01M	-146.82M	-149.03M	-100.75M	-58.13M	-31.91M	-33.28M	-33.52M	-23.02M
Net Cash from Financing Activities	-1,246.53M	1,468.22M	-647.88M	358.69M	326.51M	408.78M	-781.45M	-381.19M	-870.06M	555.32M	-352.44M	-196.22M	-485.18M	103.58M	162.14M	338.12M	331.67M	235.30M	347.31M	22.00M	49.68M
Effect of FX on Cash	0.34M	-13.08M	2.68M	2.05M	-20.25M	-3.76M	-0.34M	0.45M	0.66M	-6.42M	6.40M	4.02M	0.71M	-1.16M	-0.16M	-0.98M	-2.05M	0.03M	-0.12M	0.00M	0.00M
Net Change in Cash	-133.02M	1,016.38M	-114.36M	990.64M	206.64M	1,133.49M	-18.36M	79.22M	-130.66M	136.02M	27.42M	110.16M	64.94M	-23.89M	20.58M	99.30M	-134.91M	64.93M	68.49M	90.32M	-3.88M
Cash at Beginning of Period	5,669.08M	6,714.29M	2,840.42M	1,849.77M	1,643.13M	509.64M	528.00M	448.79M	579.45M	443.43M	416.01M	305.86M	240.92M	264.80M	244.22M	144.93M	279.84M	214.91M	146.41M	56.09M	59.97M
Cash at End of Period	2,742.81M	7,730.67M	2,726.06M	2,840.42M	1,849.77M	1,643.13M	509.64M	528.00M	448.79M	579.45M	443.43M	416.01M	305.86M	240.92M	264.80M	244.22M	144.93M	279.84M	214.91M	146.41M	56.09M
Operating Cash Flow	3,365.81M	1,816.96M	1,415.49M	1,466.61M	790.77M	1,333.30M	973.40M	953.57M	1,253.98M	-47.65M	488.67M	464.20M	1,094.50M	69.79M	48.48M	275.69M	167.62M	150.11M	-30.93M	-145.62M	-92.49M
Capital Expenditure	-1,785.76M	-1,823.61M	-955.83M	-980.92M	-975.10M	-686.83M	-438.92M	-560.54M	-345.49M	-420.27M	-188.01M	-224.10M	-294.68M	-307.08M	-272.39M	-392.70M	-560.42M	-213.67M	-276.70M	-55.55M	-16.51M
Free Cash Flow	1,580.06M	-6.65M	459.66M	485.69M	-184.33M	646.46M	534.48M	393.04M	908.50M	-467.92M	300.65M	240.11M	799.82M	-237.29M	-223.91M	-117.02M	-392.80M	-63.57M	-307.63M	-201.16M	-109.00M

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	2007-12-31	2006-12-31
EBITDA	1,261.92M	1,551.58M	642.70M	825.85M	783.65M	780.57M	742.78M	647.34M	567.77M	466.16M	458.76M	582.09M	513.45M	345.32M	261.80M	155.83M	173.07M	140.22M	104.31M	194.44M	133.12M
(-) Tax Adjustment	171.66M	190.12M	91.38M	97.54M	77.43M	124.34M	95.21M	108.15M	106.41M	64.84M	68.97M	99.65M	85.15M	78.29M	55.22M	30.31M	20.96M	19.72M	23.88M	0.00M	11.82M
(-) Change In Working Capital	-1,901.07M	-2,162.21M	-1,518.50M	-230.86M	-726.17M	-78.51M	-243.60M	-157.53M	252.28M	-823.62M	-218.81M	-122.78M	585.06M	-278.98M	-248.59M	118.58M	3.55M	6.30M	-102.32M	-306.96M	-199.24M
(-) Capital Expenditure	-1,785.76M	-1,823.61M	-955.83M	-980.92M	-975.10M	-686.83M	-438.92M	-560.54M	-345.49M	-420.27M	-188.01M	-224.10M	-294.68M	-307.08M	-272.39M	-392.70M	-560.42M	-213.67M	-276.70M	-55.55M	-16.51M
Unlevered Free Cash Flow	1,205.59M	1,700.06M	1,114.00M	-21.75M	457.30M	47.91M	452.26M	136.19M	-136.41M	804.68M	420.59M	381.12M	-451.44M	238.93M	182.78M	-385.75M	-411.86M	-99.47M	-93.95M	445.85M	304.03M
(-) Net Interest Income After Taxes	-96.81M	-210.67M	-51.09M	-66.04M	-73.19M	-19.00M	-39.31M	-90.47M	-132.08M	-102.33M	-98.25M	-118.87M	-124.88M	-97.62M	-91.27M	-58.74M	-28.72M	-22.77M	-26.38M	-22.85M	-18.68M
Net Debt Issuance	723.15M	0.00M	-273.87M	648.49M	747.65M	621.07M	-572.86M	-150.05M	-636.97M	679.30M	-203.78M	-28.38M	-303.58M	267.00M	311.17M	453.49M	403.59M	288.11M	180.88M	174.48M	72.70M
Levered Free Cash Flow	2,025.55M	1,910.73M	891.22M	692.78M	1,278.13M	687.97M	-81.29M	76.60M	-641.31M	1,586.30M	315.06M	471.61M	-630.14M	603.54M	585.22M	126.48M	20.45M	211.42M	113.31M	643.18M	395.41M