Chow Sang Sang Holdings International Limited (0116.HK)

Industry: Luxury Goods Sector: Consumer Cyclical Currency Used: HK Live Price: $12.86

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	2002	2001
Stock Price	6.87	8.79	9.55	12.17	8.51	10.67	13.37	18.48	14.05	14.16	19.90	19.05	16.49	21.90	16.14	7.60	5.96	10.28	3.72	4.10	2.89	1.66	1.17	1.47
Market Capitalization	4,643.02M	5,954.64M	6,466.11M	8,244.37M	5,761.58M	7,224.83M	9,061.99M	12,526.62M	9,518.25M	9,585.19M	13,470.72M	12,896.25M	11,162.41M	14,824.55M	10,756.31M	4,801.85M	3,584.43M	6,187.04M	2,238.97M	2,468.25M	1,627.80M	804.90M	523.02M	647.93M
(-) Cash & Equivalents	1,367.35M	1,176.98M	829.70M	946.44M	1,759.13M	1,087.74M	1,475.55M	1,157.73M	1,220.88M	1,452.48M	1,262.40M	1,077.60M	781.56M	734.02M	858.17M	383.51M	72.56M	132.27M	325.23M	183.75M	227.40M	224.26M	143.93M	78.54M
(+) Total Debt	5,737.20M	5,585.90M	4,939.63M	3,621.08M	3,205.52M	4,187.93M	1,995.45M	2,072.14M	1,979.89M	2,612.54M	2,902.15M	1,772.12M	1,973.10M	1,633.46M	542.86M	299.02M	194.55M	4.73M	63.85M	48.92M	31.00M	5.20M	14.79M	5.05M
Enterprise Value	9,012.86M	10,363.56M	10,576.03M	10,919.02M	7,207.97M	10,325.02M	9,581.89M	13,441.03M	10,277.26M	10,745.25M	15,110.48M	13,590.78M	12,353.95M	15,723.99M	10,441.00M	4,717.37M	3,706.42M	6,059.49M	1,977.59M	2,333.42M	1,431.39M	585.83M	393.89M	574.44M

Income Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31
Revenue	44,225M	44,719M	21,176M	25,013M	20,557M	21,988M	14,998M	17,736M	18,806M	16,633M	16,093M	19,069M	19,246M	25,142M	18,260M	17,158M	11,705M	9,463M	9,882M	7,874M	6,981M	5,761M	7,017M	6,328M	4,818M	4,686M
Cost of Revenue	31,371M	32,103M	15,188M	18,410M	15,014M	16,469M	10,647M	12,611M	14,175M	12,643M	12,042M	14,841M	14,951M	20,935M	14,828M	13,904M	9,403M	7,576M	8,319M	6,473M	6,010M	5,015M	6,326M	5,751M	4,273M	4,178M
Gross Profit	12,854M	12,615M	5,988M	6,604M	5,543M	5,518M	4,351M	5,125M	4,631M	3,991M	4,050M	4,228M	4,295M	4,208M	3,432M	3,254M	2,302M	1,887M	1,562M	1,401M	972M	746M	691M	577M	544M	508M
Gross Profit Margin	29.1%	28.2%	28.3%	26.4%	27.0%	25.1%	29.0%	28.9%	24.6%	24.0%	25.2%	22.2%	22.3%	16.7%	18.8%	19.0%	19.7%	19.9%	15.8%	17.8%	13.9%	12.9%	9.9%	9.1%	11.3%	10.8%
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	0M	0M
SG&A Expenses	9,921M	10,117M	4,967M	5,225M	4,710M	4,571M	3,137M	3,471M	3,389M	3,114M	3,112M	3,227M	3,009M	2,839M	2,318M	1,904M	1,416M	1,184M	1,038M	831M	670M	599M	508M	452M	477M	510M
Operating Expenses	9,921M	10,117M	4,967M	5,217M	4,671M	4,632M	3,158M	3,930M	3,391M	2,918M	3,094M	2,892M	2,968M	2,711M	2,318M	1,833M	1,344M	1,103M	956M	826M	670M	523M	449M	422M	459M	479M
Operating Income (EBIT)	2,933M	2,498M	1,021M	1,386M	871M	887M	1,193M	1,195M	1,240M	1,072M	956M	1,337M	1,327M	1,497M	1,115M	1,421M	958M	784M	606M	575M	302M	222M	242M	155M	86M	29M
Operating Income Margin	6.6%	5.6%	4.8%	5.5%	4.2%	4.0%	8.0%	6.7%	6.6%	6.4%	5.9%	7.0%	6.9%	6.0%	6.1%	8.3%	8.2%	8.3%	6.1%	7.3%	4.3%	3.9%	3.4%	2.4%	1.8%	0.6%
Interest Income	50M	23M	29M	18M	13M	14M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Interest Expense	269M	175M	140M	130M	82M	60M	76M	89M	37M	31M	19M	27M	32M	32M	39M	47M	22M	20M	23M	39M	0M	5M	4M	2M	0M	0M
Net Interest Income	-219M	-152M	-111M	-112M	-69M	-47M	-76M	-89M	-37M	-31M	-19M	-27M	-32M	-32M	-39M	-47M	-22M	-20M	-23M	-39M	0M	-5M	-4M	-2M	0M	0M
Unusual Items	-229M	-411M	86M	83M	-210M	166M	-173M	-223M	119M	96M	63M	59M	67M	48M	146M	45M	37M	8M	11M	109M	66M	0M	3M	1M	0M	0M
EBT Excluding Unusual Items	2,714M	2,346M	911M	1,274M	803M	840M	1,117M	1,106M	1,203M	1,041M	937M	1,309M	1,295M	1,464M	1,075M	1,374M	936M	764M	584M	536M	302M	217M	237M	153M	86M	29M
Pre-Tax Income	2,485M	1,935M	996M	1,357M	593M	1,006M	944M	883M	1,323M	1,137M	1,000M	1,368M	1,362M	1,512M	1,222M	1,419M	973M	771M	595M	645M	368M	217M	240M	154M	86M	29M
Pre-Tax Margin	5.6%	4.3%	4.7%	5.4%	2.9%	4.6%	6.3%	5.0%	7.0%	6.8%	6.2%	7.2%	7.1%	6.0%	6.7%	8.3%	8.3%	8.1%	6.0%	8.2%	5.3%	3.8%	3.4%	2.4%	1.8%	0.6%
Income Tax Expense	593M	433M	236M	311M	117M	265M	305M	240M	310M	261M	258M	238M	277M	288M	233M	308M	206M	183M	112M	111M	61M	27M	37M	36M	22M	9M
Net Income	1,893M	1,387M	806M	1,013M	452M	643M	544M	644M	1,012M	876M	742M	1,130M	1,082M	1,218M	985M	1,094M	757M	574M	471M	535M	307M	190M	200M	117M	64M	20M
Net Income Margin	4.3%	3.1%	3.8%	4.0%	2.2%	2.9%	3.6%	3.6%	5.4%	5.3%	4.6%	5.9%	5.6%	4.8%	5.4%	6.4%	6.5%	6.1%	4.8%	6.8%	4.4%	3.3%	2.9%	1.9%	1.3%	0.4%
Depreciation & Amortization	967M	1,750M	964M	937M	871M	814M	932M	921M	213M	192M	182M	187M	185M	167M	140M	108M	102M	82M	66M	49M	42M	38M	29M	40M	45M	51M
EBITDA	3,899M	4,249M	1,986M	2,323M	1,742M	1,701M	2,125M	2,116M	1,453M	1,264M	1,138M	1,523M	1,512M	1,664M	1,254M	1,529M	1,061M	866M	672M	625M	344M	260M	271M	195M	130M	80M
EBITDA Margin	8.8%	9.5%	9.4%	9.3%	8.5%	7.7%	14.2%	11.9%	7.7%	7.6%	7.1%	8.0%	7.9%	6.6%	6.9%	8.9%	9.1%	9.2%	6.8%	7.9%	4.9%	4.5%	3.9%	3.1%	2.7%	1.7%
NOPAT	2,233M	1,939M	779M	1,069M	699M	653M	808M	871M	949M	826M	710M	1,104M	1,057M	1,211M	902M	1,113M	755M	598M	492M	477M	252M	195M	204M	119M	63M	20M
NOPAT Margin	5.0%	4.3%	3.7%	4.3%	3.4%	3.0%	5.4%	4.9%	5.0%	5.0%	4.4%	5.8%	5.5%	4.8%	4.9%	6.5%	6.5%	6.3%	5.0%	6.1%	3.6%	3.4%	2.9%	1.9%	1.3%	0.4%
Owner's Earnings	2,438M	2,084M	1,555M	1,502M	917M	1,009M	1,220M	1,141M	882M	855M	719M	1,145M	1,078M	1,106M	858M	1,011M	750M	575M	379M	519M	308M	172M	197M	146M	93M	57M
Owner's Earnings Margin	5.5%	4.7%	7.3%	6.0%	4.5%	4.6%	8.1%	6.4%	4.7%	5.1%	4.5%	6.0%	5.6%	4.4%	4.7%	5.9%	6.4%	6.1%	3.8%	6.6%	4.4%	3.0%	2.8%	2.3%	1.9%	1.2%
EPS (Basic)	2.76	2.05	1.19	1.49	0.67	0.95	0.80	0.95	1.49	1.29	1.10	1.67	1.60	1.80	1.46	1.62	1.16	0.95	0.78	0.86	0.49	0.31	0.33	0.26	0.15	0.05
EPS (Diluted)	2.80	2.05	1.19	1.49	0.67	0.95	0.80	0.95	1.49	1.29	1.10	1.67	1.60	1.80	1.45	1.62	1.16	0.95	0.78	0.89	0.51	0.32	0.33	0.26	0.14	0.05
Shares (Basic)	674M	677M	677M	677M	677M	677M	677M	677M	677M	677M	677M	677M	677M	677M	677M	677M	651M	602M	602M	602M	602M	602M	602M	458M	440M	440M
Shares (Diluted)	676M	677M	677M	677M	677M	677M	677M	677M	677M	678M	677M	677M	677M	677M	677M	677M	651M	602M	602M	602M	602M	602M	602M	458M	440M	440M

Balance Sheet

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31
Cash & Cash Equivalents	1,320.48M	1,335.83M	1,335.83M	1,096.15M	748.63M	671.55M	1,653.77M	1,028.33M	1,302.53M	1,199.92M	1,282.81M	1,620.98M	1,008.64M	1,008.87M	673.87M	931.32M	579.78M	767.01M	145.12M	264.54M	650.46M	367.50M	454.80M	448.53M	287.86M	235.62M
Short-Term Investments	15.00M	16.91M	16.91M	12.42M	14.33M	10.20M	9.63M	13.39M	58.80M	56.43M	71.40M	84.95M	58.88M	46.99M	12.13M	9.77M	12.02M	8.01M	5.82M	4.98M	22.97M	16.72M	20.26M	12.89M	10.56M	1.23M
Cash & Short-Term Investments	1,335.48M	1,352.74M	1,352.74M	1,108.56M	762.96M	681.75M	1,663.40M	1,041.72M	1,361.32M	1,256.34M	1,354.21M	1,705.93M	1,067.52M	1,055.86M	686.00M	941.10M	591.80M	775.02M	150.94M	269.52M	673.43M	384.22M	475.06M	461.41M	298.41M	236.85M
Net Receivables	746.55M	905.47M	905.47M	1,064.66M	964.21M	981.69M	1,518.39M	1,506.21M	2,019.38M	1,904.99M	1,618.01M	962.02M	966.74M	964.79M	900.34M	749.05M	670.38M	548.22M	362.77M	615.40M	362.66M	246.04M	179.63M	0.00M	0.00M	0.00M
Inventory	14,318.94M	12,784.69M	12,784.69M	12,256.83M	12,112.35M	11,343.28M	8,774.59M	8,932.51M	7,451.33M	7,489.57M	6,557.88M	6,676.38M	7,385.32M	6,866.39M	6,602.02M	6,213.97M	4,426.97M	2,884.84M	2,528.75M	2,092.37M	1,567.59M	1,364.56M	1,165.69M	991.54M	931.07M	856.70M
Other Current Assets	4.21M	9.18M	9.18M	59.80M	74.01M	62.80M	540.90M	495.98M	454.41M	544.77M	431.84M	415.09M	432.61M	407.77M	29.67M	37.14M	21.59M	0.00M	11.38M	11.72M	10.38M	0.00M	128.15M	16.00M	41.75M	31.00M
Total Current Assets	16,405.17M	15,052.08M	15,052.08M	14,489.86M	13,913.54M	13,069.52M	12,497.28M	11,976.42M	11,286.44M	11,195.68M	9,961.94M	9,759.42M	9,852.20M	9,294.81M	8,218.03M	7,941.26M	5,710.74M	4,208.08M	3,053.84M	2,989.01M	2,614.06M	1,994.81M	1,948.52M	1,468.95M	1,271.23M	1,124.54M
Property, Plant & Equipment	1,744.27M	1,949.75M	1,949.75M	2,259.91M	2,052.42M	1,951.06M	1,815.00M	2,296.04M	853.82M	762.32M	704.19M	720.81M	760.31M	779.28M	677.27M	538.65M	442.72M	427.89M	443.76M	483.85M	458.08M	445.27M	438.45M	430.21M	598.47M	641.08M
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	0.00M	0.00M
Intangible Assets	3.20M	3.20M	3.20M	1.50M	1.50M	1.50M	0.27M	0.27M	1.77M	1.77M	1.77M	1.77M	1.77M	1.77M	0.27M	0.27M	670.38M	548.22M	362.77M	0.27M	0.32M	0.32M	0.32M	0.38M	0.44M	0.51M
Long-Term Investments	1,422.45M	993.02M	993.02M	1,348.73M	1,667.15M	2,024.35M	1,781.72M	1,271.56M	209.91M	187.05M	132.05M	373.30M	368.43M	359.14M	680.84M	640.53M	891.27M	708.86M	383.16M	1,118.40M	427.65M	171.42M	115.39M	103.22M	64.16M	86.65M
Tax Assets	0.00M	13.72M	13.72M	59.18M	68.24M	71.21M	92.20M	112.02M	27.06M	22.21M	13.38M	11.41M	29.31M	16.99M	16.06M	16.11M	14.15M	4.23M	1.32M	2.27M	2.86M	3.90M	3.99M	4.41M	10.56M	1.23M
Other Non-Current Assets	701.67M	684.59M	684.59M	213.60M	201.00M	221.77M	204.18M	203.41M	-27.06M	-22.21M	-13.38M	-11.41M	-29.31M	-16.99M	387.85M	340.67M	296.28M	236.46M	198.31M	56.32M	66.20M	50.63M	53.54M	17.58M	4.49M	4.48M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1,210.22M	1,284.49M	1,218.75M	1,034.16M	1,083.30M	785.58M	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	3,871.58M	3,644.26M	3,644.26M	3,882.91M	3,990.32M	4,269.88M	3,893.37M	3,883.30M	2,275.73M	2,235.64M	2,056.76M	2,130.04M	2,213.81M	1,925.77M	1,762.29M	1,536.23M	2,314.81M	1,925.64M	1,389.33M	1,661.11M	955.12M	671.55M	611.69M	555.80M	678.12M	733.95M
Total Assets	20,276.75M	18,696.34M	18,696.34M	18,372.77M	17,903.85M	17,339.41M	16,390.65M	15,859.73M	13,562.17M	13,431.32M	12,018.70M	11,889.45M	12,066.00M	11,220.58M	9,980.32M	9,477.48M	8,025.55M	6,133.72M	4,443.17M	4,650.12M	3,569.18M	2,666.37M	2,560.21M	2,024.75M	1,949.35M	1,858.49M
Accounts Payable	168.88M	111.94M	111.94M	135.40M	132.51M	185.19M	704.86M	116.16M	146.02M	122.07M	263.39M	86.86M	136.22M	582.03M	176.87M	72.04M	176.78M	132.23M	70.02M	118.06M	112.61M	265.00M	394.19M	329.57M	150.19M	144.16M
Short-Term Debt	4,891.95M	4,701.22M	4,701.22M	4,136.62M	4,099.27M	2,843.28M	1,701.16M	2,250.37M	1,678.13M	2,192.47M	1,482.66M	1,780.09M	1,728.38M	1,405.01M	1,295.34M	1,714.80M	725.54M	598.04M	389.10M	9.45M	127.70M	97.84M	62.00M	10.39M	29.59M	15.14M
Tax Payables	0.00M	226.14M	226.14M	166.19M	37.27M	66.37M	168.76M	160.44M	125.81M	93.91M	96.33M	95.00M	31.13M	114.86M	229.84M	143.09M	88.98M	80.24M	78.64M	0.42M	0.29M	3.41M	0.69M	0.03M	64.42M	41.93M
Deferred Revenue	0.00M	0.00M	0.00M	72.17M	75.94M	84.04M	108.94M	88.61M	53.73M	40.33M	35.79M	-1,780.09M	-1,728.38M	-1,405.01M	0.00M	0.00M	0.00M	0.00M	686.33M	368.04M	247.87M	177.47M	175.71M	158.26M	199.91M	122.79M
Other Current Liabilities	854.44M	806.97M	806.97M	28.62M	470.94M	517.71M	522.39M	558.75M	831.64M	-153.85M	331.05M	11.11M	485.51M	529.98M	512.19M	493.17M	317.33M	133.79M	228.52M	539.37M	157.17M	117.92M	107.93M	0.00M	0.00M	0.00M
Total Current Liabilities	5,915.27M	5,846.27M	5,846.27M	4,539.00M	4,815.93M	3,696.58M	3,206.10M	3,174.32M	2,835.33M	2,294.92M	2,209.21M	192.97M	652.85M	1,226.88M	2,214.24M	2,423.10M	1,308.64M	944.31M	1,452.61M	1,035.35M	645.64M	661.63M	740.52M	498.24M	444.10M	324.02M
Long-Term Debt	455.71M	327.12M	327.12M	429.03M	540.76M	372.02M	380.91M	440.33M	257.73M	453.66M	360.15M	383.40M	526.28M	454.01M	606.30M	393.23M	0.00M	164.73M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Capital Lease Obligations	839.02M	926.71M	926.71M	1,059.14M	516.74M	423.49M	446.76M	727.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	410.33M	391.29M	391.29M	380.06M	366.31M	367.73M	322.66M	281.52M	250.12M	214.51M	197.47M	170.30M	160.99M	151.52M	138.07M	143.67M	125.40M	90.83M	57.47M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
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	-164.73M	0.00M	0.00M	56.38M	54.98M	51.17M	48.20M	3.57M	3.82M
Total Non-Current Liabilities	1,705.06M	1,645.13M	1,645.13M	1,868.23M	1,423.82M	1,163.24M	1,150.33M	1,448.86M	507.85M	668.17M	557.62M	553.70M	687.27M	605.53M	744.37M	536.89M	125.40M	90.83M	57.47M	0.00M	56.38M	54.98M	51.17M	48.20M	3.57M	3.82M
Total Liabilities	7,620.33M	7,491.39M	7,491.39M	6,407.22M	6,239.75M	4,859.82M	4,356.43M	4,623.17M	3,343.18M	2,963.09M	2,766.83M	746.67M	1,340.12M	1,832.41M	2,958.62M	2,959.99M	1,434.04M	1,035.13M	1,510.09M	1,035.35M	702.02M	716.61M	791.69M	546.44M	447.67M	327.84M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	174.59M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	167.93M	168.18M	168.18M	169.36M	169.36M	169.36M	169.36M	169.36M	169.36M	169.23M	169.23M	169.23M	169.23M	169.23M	169.23M	169.23M	169.23M	150.48M	150.48M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Retained Earnings	11,145.70M	9,818.17M	9,818.17M	9,426.49M	8,689.69M	8,539.76M	8,334.12M	7,946.07M	8,196.01M	7,569.94M	6,991.37M	6,641.80M	5,924.41M	5,298.28M	0.00M	0.00M	0.00M	0.00M	0.00M	156.50M	96.31M	72.23M	70.22M	55.18M	26.40M	8.80M
Accumulated OCI	1,391.72M	903.39M	1,383.76M	1,547.87M	1,971.14M	2,983.65M	2,455.28M	1,456.60M	1,403.41M	1,687.89M	1,119.62M	1,458.08M	1,501.60M	1,415.89M	-506.21M	-386.93M	-309.63M	-222.34M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Minority Interest	-48.67M	-45.99M	-45.99M	-33.88M	-20.32M	-9.66M	0.00M	4.90M	0.00M	0.00M	0.00M	0.00M	0.00M	83.57M	76.10M	81.06M	59.58M	47.92M	52.30M	56.43M	44.49M	33.60M	18.80M	16.58M	13.52M	8.49M
Total Shareholders’ Equity	12,705.35M	10,889.74M	11,370.11M	11,143.72M	10,830.19M	11,692.76M	11,133.35M	9,572.03M	9,768.77M	9,427.06M	8,280.21M	8,269.11M	7,595.23M	6,883.40M	-336.98M	-217.70M	-140.40M	-71.86M	150.48M	156.50M	96.31M	72.23M	70.22M	55.18M	26.40M	8.80M
Total Equity	12,656.68M	10,843.74M	11,324.12M	11,109.84M	10,809.87M	11,683.11M	11,133.35M	9,576.93M	9,768.77M	9,427.06M	8,280.21M	8,269.11M	7,595.23M	6,966.97M	-260.88M	-136.64M	-80.83M	-23.94M	202.78M	212.93M	140.79M	105.83M	89.02M	71.76M	39.92M	17.29M
Total Liabilities & Equity	20,277.01M	18,335.13M	18,815.51M	17,517.06M	17,049.62M	16,542.93M	15,489.77M	14,200.10M	13,111.96M	12,390.15M	11,047.04M	9,015.78M	8,935.35M	8,799.38M	2,697.74M	2,823.35M	1,353.21M	1,011.19M	1,712.87M	1,248.27M	842.81M	822.44M	880.72M	618.20M	487.58M	345.13M
Tangible Assets	20,273.55M	18,693.14M	18,693.14M	18,371.27M	17,902.35M	17,337.91M	16,390.37M	15,859.45M	13,560.40M	13,429.55M	12,016.93M	11,887.68M	12,064.23M	11,218.81M	9,980.05M	9,477.21M	7,355.17M	5,585.50M	4,080.40M	4,649.85M	3,568.86M	2,666.05M	2,559.89M	2,024.36M	1,948.90M	1,857.99M
Tangible Equity	12,653.49M	10,840.55M	11,320.93M	11,108.34M	10,808.37M	11,681.61M	11,133.07M	9,576.66M	9,767.00M	9,425.29M	8,278.44M	8,267.34M	7,593.46M	6,965.20M	-261.15M	-136.91M	-751.21M	-572.16M	-159.99M	212.66M	140.47M	105.51M	88.70M	71.38M	39.48M	16.79M
Tangible Book Value	12,653.49M	10,840.55M	11,320.93M	11,108.34M	10,808.37M	11,681.61M	11,133.07M	9,576.66M	9,767.00M	9,425.29M	8,278.44M	8,267.34M	7,593.46M	6,965.20M	-261.15M	-136.91M	-751.21M	-572.16M	-159.99M	212.66M	140.47M	105.51M	88.70M	71.38M	39.48M	16.79M
Total Investments	1,437.45M	1,009.93M	1,009.93M	1,361.15M	1,681.49M	2,034.55M	1,791.35M	1,284.95M	255.11M	226.41M	170.37M	421.56M	413.92M	390.32M	692.97M	650.31M	903.29M	716.87M	388.98M	1,123.38M	450.62M	188.14M	135.65M	116.11M	74.71M	87.89M
Net Debt	4,027.18M	3,692.52M	3,692.52M	3,469.50M	3,891.40M	2,543.75M	428.30M	1,662.37M	633.34M	1,446.21M	560.00M	542.51M	1,246.02M	850.14M	1,227.78M	1,176.70M	145.76M	-4.24M	243.98M	-255.09M	-522.76M	-269.66M	-392.80M	-438.14M	-258.27M	-220.47M

Capital Metrics

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31
Working Capital	11,126.7M	9,920.1M	9,920.1M	9,638.3M	9,303.7M	9,636.8M	9,276.1M	8,197.9M	8,651.1M	8,557.6M	7,538.8M	7,501.6M	7,120.2M	6,698.2M	6,065.2M	5,420.9M	4,221.1M	2,854.6M	2,289.8M	2,086.5M	1,703.4M	1,509.5M	1,426.1M	1,359.2M	1,114.4M	1,032.3M
Total Capital	19,952.4M	18,385.5M	18,385.5M	17,828.9M	17,513.6M	16,875.6M	15,102.3M	15,126.3M	12,811.8M	12,771.2M	11,300.4M	11,241.4M	10,901.4M	9,793.9M	8,908.6M	8,447.2M	6,406.4M	4,526.8M	3,543.6M	3,643.7M	2,685.3M	2,190.3M	2,029.8M	1,860.6M	1,805.0M	1,769.1M
Capital Employed	14,998.3M	13,564.4M	13,564.4M	13,521.2M	13,294.0M	13,906.7M	13,169.4M	12,081.2M	10,926.8M	10,793.2M	9,595.5M	9,631.6M	9,334.0M	8,624.0M	7,827.4M	6,957.2M	5,865.8M	4,232.3M	3,316.6M	3,747.6M	2,658.5M	2,181.0M	2,037.8M	1,914.9M	1,792.5M	1,766.3M
Invested Capital	18,631.9M	17,049.7M	17,049.7M	16,732.7M	16,764.9M	16,204.1M	13,448.6M	14,097.9M	11,509.3M	11,571.3M	10,017.6M	9,620.4M	9,892.8M	8,785.0M	8,234.7M	7,515.9M	5,826.6M	3,759.8M	3,398.5M	3,379.2M	2,034.9M	1,822.8M	1,575.0M	1,412.0M	1,517.1M	1,533.5M

Cash Flow Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31
Net Income	1,883.53M	1,522.18M	805.58M	1,309.77M	486.37M	743.87M	639.14M	643.53M	1,012.26M	876.42M	742.18M	1,130.32M	1,082.32M	1,218.46M	1,221.67M	1,419.38M	973.43M	771.23M	594.82M	534.58M	306.50M	190.39M	200.20M	117.16M	63.64M	20.36M
Depreciation & Amortization	1,385.54M	1,750.39M	0.00M	937.13M	870.58M	814.08M	927.12M	921.11M	212.52M	192.01M	181.99M	186.84M	184.67M	167.44M	139.79M	107.52M	102.36M	82.44M	65.87M	49.48M	41.81M	37.68M	29.45M	40.42M	44.52M	51.09M
Deferred Income Tax	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	276.93M	979.96M	721.85M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Stock-Based Compensation	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	3.09M	9.05M	4.57M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	0.00M	0.00M	-968.64M	-556.06M	-1,490.28M	-2,252.07M	346.38M	-1,761.54M	-280.02M	-989.01M	-726.42M	556.07M	-597.97M	-272.28M	-265.42M	-1,405.47M	-1,806.72M	-443.13M	-444.99M	-513.56M	21.01M	-308.95M	-36.82M	-24.41M	-99.16M	-25.77M
Accounts Receivable	0.00M	0.00M	129.97M	-192.55M	-112.64M	427.37M	-2.25M	42.41M	-156.31M	-263.58M	-670.51M	-7.60M	-16.33M	-68.70M	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	-771.71M	-292.26M	-1,162.81M	-2,442.11M	346.01M	-1,551.73M	-123.71M	-725.43M	-55.92M	563.68M	-581.65M	-203.59M	-372.92M	-1,270.68M	-1,507.53M	-372.25M	-435.55M	-509.61M	-194.94M	-196.41M	-174.13M	-60.86M	-82.17M	-53.54M
Accounts Payable	0.00M	0.00M	-41.50M	-12.15M	-108.25M	72.04M	41.24M	-35.49M	9.58M	-129.03M	156.22M	-53.17M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	0.00M	0.00M	-285.42M	-59.11M	-106.57M	-309.36M	-38.63M	-216.74M	-9.58M	129.03M	-156.22M	53.17M	-189.39M	88.50M	107.49M	-134.79M	-299.19M	-70.88M	-9.44M	-3.95M	215.95M	-112.54M	137.31M	36.45M	-17.00M	27.77M
Other Non-Cash Items	217.25M	1,020.73M	1,947.76M	469.13M	166.73M	-31.04M	377.63M	817.30M	-293.64M	16.59M	124.66M	-470.14M	-280.55M	-265.37M	-106.10M	-88.34M	-112.28M	-111.77M	-85.41M	-47.45M	-129.67M	38.09M	-132.26M	-169.62M	86.04M	-8.36M
Net Cash from Operating Activities	3,486.32M	792.52M	1,784.70M	2,159.98M	33.40M	-725.16M	2,290.27M	620.40M	931.14M	105.05M	326.97M	1,403.09M	388.47M	848.26M	989.94M	33.09M	-843.21M	298.78M	130.29M	23.05M	239.66M	-42.80M	60.57M	-36.46M	95.04M	37.32M
Capital Expenditures (PPE)	-308.87M	-1,053.13M	-214.77M	-486.99M	-406.35M	-448.31M	-256.86M	-424.00M	-342.49M	-212.97M	-205.41M	-172.22M	-188.87M	-279.86M	-266.93M	-189.56M	-109.06M	-81.60M	-158.01M	-65.21M	-40.30M	-56.47M	-32.94M	-11.95M	-15.33M	-14.71M
Acquisitions (Net)	0.19M	1.86M	0.00M	0.00M	0.56M	1.51M	0.72M	0.28M	0.17M	0.18M	3.00M	0.03M	-35.48M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-4.70M	0.00M	27.74M	0.19M	0.00M	0.00M	-7.56M
Purchases of Investments	0.00M	-37.46M	0.00M	0.00M	-16.17M	-21.29M	0.00M	0.00M	-59.48M	-114.19M	0.00M	-245.64M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.53M	-0.10M	-10.89M	-1.40M	0.00M	0.00M	-0.37M
Sales / Maturities of Investments	23.00M	0.00M	0.00M	23.00M	0.00M	0.00M	100.66M	0.00M	59.31M	114.01M	0.00M	245.60M	0.00M	0.00M	1.56M	0.00M	0.00M	0.00M	2.32M	7.72M	0.00M	15.85M	8.14M	0.86M	0.01M	1.01M
Other Investing Activities	-93.58M	100.69M	39.62M	54.92M	74.52M	66.91M	45.55M	0.00M	91.09M	48.51M	31.39M	-2.67M	-15.41M	10.98M	-0.48M	-5.90M	-10.21M	21.41M	42.66M	8.17M	-0.11M	11.28M	17.18M	28.79M	-28.68M	-0.01M
Net Cash from Investing Activities	-379.26M	-988.03M	-175.15M	-409.07M	-347.44M	-401.18M	-109.94M	-423.72M	-251.40M	-50.27M	-171.02M	70.75M	-239.75M	-268.88M	-265.85M	-195.45M	-119.26M	-60.18M	-113.03M	-53.49M	-40.50M	-12.49M	-8.84M	17.71M	-44.01M	-21.65M
Net Debt Issuance	-62.96M	1,693.31M	-255.24M	-506.89M	1,291.43M	1,137.86M	-836.35M	-404.68M	-127.23M	-83.29M	-29.87M	-381.30M	58.15M	-234.78M	-238.09M	1,008.98M	138.80M	110.01M	76.23M	159.64M	28.75M	35.84M	52.03M	-16.57M	14.80M	11.74M
Long-Term Debt Issuance	-354.38M	1,693.31M	135.54M	-46.62M	387.48M	105.13M	-2,748.89M	-1,560.31M	-35.56M	-1,355.30M	126.27M	-263.83M	58.15M	168.60M	-1,609.56M	1,008.98M	109.45M	110.01M	76.23M	159.64M	28.75M	35.84M	52.03M	-16.57M	14.80M	11.74M
Short-Term Debt Issuance	291.42M	0.00M	-390.77M	-460.27M	903.95M	1,032.73M	1,912.54M	2,102.11M	1,525.00M	1,482.08M	-156.14M	-117.47M	333.12M	2,137.66M	1,371.47M	1,249.13M	29.34M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-37.01M	0.00M	-30.46M	0.00M	0.00M	0.00M	0.00M	0.00M	7.65M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	997.50M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	140.45M	0.00M	0.00M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	7.65M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	997.50M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	140.45M	0.00M	0.00M
Common Stock Repurchased	-37.01M	0.00M	-30.46M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-749.89M	-487.75M	-372.59M	-237.10M	-291.30M	-379.36M	-203.23M	-392.91M	-386.14M	-297.85M	-297.85M	-412.92M	-446.77M	-399.38M	-399.38M	-311.38M	-230.15M	-193.94M	-223.25M	-144.46M	-114.36M	-100.32M	-101.05M	-46.83M	-26.40M	-39.60M
Common Dividends Paid	-749.89M	-487.75M	-372.59M	-237.10M	-291.30M	-379.36M	-203.23M	-392.91M	-386.14M	-297.85M	-392.61M	-412.92M	-446.77M	-399.38M	-399.38M	-311.38M	0.00M	-180.58M	-204.65M	-144.46M	-114.36M	-100.32M	-100.32M	-46.83M	-26.40M	-39.60M
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	-230.15M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.73M	0.00M	0.00M	0.00M
Other Financing Activities	-2,109.95M	-954.32M	-677.17M	-646.20M	-582.15M	-624.88M	-570.72M	337.24M	-117.04M	185.71M	-17.56M	-27.08M	254.91M	374.57M	-45.29M	-38.77M	-26.97M	-31.73M	-18.60M	-11.04M	-5.83M	69.82M	-44.46M	6.61M	-0.05M	-0.35M
Net Cash from Financing Activities	-2,959.82M	251.24M	-1,335.46M	-1,390.19M	417.98M	133.61M	-1,610.30M	-460.36M	-536.24M	-195.42M	-440.04M	-821.30M	-133.71M	-259.59M	-682.76M	658.83M	831.71M	-102.30M	-167.37M	4.14M	-91.45M	1.50M	-93.49M	83.66M	-11.65M	-28.22M
Effect of FX on Cash	-84.59M	-1,439.41M	-25.82M	-13.20M	-26.86M	10.51M	55.41M	-10.52M	-40.88M	57.75M	-54.09M	-40.18M	-15.24M	15.22M	1.58M	5.20M	6.64M	-1.35M	4.05M	5.96M	2.09M	0.32M	-0.01M	0.01M	0.00M	0.02M
Net Change in Cash	62.66M	36.49M	239.68M	347.52M	77.08M	-982.22M	625.44M	-274.20M	102.61M	-82.89M	-338.17M	612.35M	-0.24M	335.01M	42.90M	501.67M	-124.13M	134.95M	-146.06M	-20.34M	109.80M	-53.47M	-41.76M	64.91M	39.39M	-12.53M
Cash at Beginning of Period	5,088.67M	3,552.28M	1,096.15M	748.63M	671.55M	1,653.77M	1,028.33M	1,302.53M	1,199.92M	1,282.81M	1,620.98M	1,008.64M	1,008.87M	673.87M	630.97M	129.30M	253.43M	118.48M	264.54M	284.88M	175.08M	228.55M	270.31M	205.40M	166.01M	178.54M
Cash at End of Period	5,151.33M	3,588.77M	1,335.83M	1,096.15M	748.63M	671.55M	1,653.77M	1,028.33M	1,302.53M	1,199.92M	1,282.81M	1,620.98M	1,008.64M	1,008.87M	673.87M	630.97M	129.30M	253.43M	118.48M	264.54M	284.88M	175.08M	228.55M	270.31M	205.40M	166.01M
Operating Cash Flow	3,544.55M	792.52M	1,784.70M	2,159.98M	9.41M	-732.42M	2,305.70M	620.40M	931.14M	105.05M	326.97M	1,403.09M	388.47M	848.26M	989.94M	33.09M	-843.21M	298.78M	130.29M	23.05M	239.66M	-42.80M	60.57M	-36.46M	95.04M	37.32M
Capital Expenditure	-421.48M	-1,053.13M	-214.77M	-448.31M	-406.35M	-448.31M	-256.86M	-424.00M	-342.49M	-212.97M	-205.41M	-172.22M	-188.87M	-279.86M	-266.93M	-189.56M	-109.06M	-81.60M	-158.01M	-65.21M	-40.30M	-56.47M	-32.94M	-11.95M	-15.33M	-14.71M
Free Cash Flow	3,123.07M	-260.61M	1,559.64M	1,711.67M	-396.95M	-1,180.72M	2,048.84M	196.40M	588.65M	-107.92M	121.56M	1,230.86M	199.59M	568.40M	723.01M	-156.47M	-952.27M	217.18M	-27.72M	-42.17M	199.36M	-99.27M	27.63M	-48.41M	79.71M	22.61M

Free Cash Flow

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31
EBITDA	3,899.48M	4,248.69M	1,985.89M	2,315.27M	1,703.40M	1,761.35M	2,146.26M	2,575.19M	1,454.94M	1,068.56M	1,120.42M	1,188.17M	1,470.43M	1,535.49M	1,254.34M	1,457.66M	988.57M	785.03M	589.61M	619.46M	343.82M	184.51M	212.52M	165.60M	111.73M	49.50M
(-) Tax Adjustment	930.69M	951.82M	470.83M	529.74M	336.23M	464.69M	692.74M	699.00M	341.44M	245.26M	289.09M	206.48M	298.89M	292.91M	239.08M	315.80M	209.61M	186.10M	111.05M	106.39M	57.38M	22.67M	32.94M	38.50M	29.02M	15.15M
(-) Change In Working Capital	0.00M	0.00M	-968.64M	-556.06M	-1,490.28M	-2,252.07M	346.38M	-1,761.54M	-280.02M	-989.01M	-726.42M	556.07M	-597.97M	-272.28M	-265.42M	-1,405.47M	-1,806.72M	-443.13M	-444.99M	-513.56M	21.01M	-308.95M	-36.82M	-24.41M	-99.16M	-25.77M
(-) Capital Expenditure	-421.48M	-1,053.13M	-214.77M	-448.31M	-406.35M	-448.31M	-256.86M	-424.00M	-342.49M	-212.97M	-205.41M	-172.22M	-188.87M	-279.86M	-266.93M	-189.56M	-109.06M	-81.60M	-158.01M	-65.21M	-40.30M	-56.47M	-32.94M	-11.95M	-15.33M	-14.71M
Unlevered Free Cash Flow	2,547.30M	2,243.74M	2,268.94M	1,893.28M	2,451.10M	3,100.43M	850.28M	3,213.74M	1,051.03M	1,599.34M	1,352.34M	253.39M	1,580.65M	1,235.00M	1,013.76M	2,357.77M	2,476.62M	960.46M	765.54M	961.41M	225.14M	414.32M	183.46M	139.57M	166.54M	45.41M
(-) Net Interest Income After Taxes	-166.54M	-118.21M	-84.52M	-86.64M	-55.00M	-34.51M	-51.56M	-64.96M	-28.31M	-23.92M	-14.13M	-22.61M	-25.71M	-26.03M	-31.70M	-36.85M	-17.51M	-15.20M	-18.59M	-32.60M	0.00M	-4.70M	-3.72M	-1.48M	0.00M	0.00M
Net Debt Issuance	-62.96M	1,693.31M	-255.24M	-506.89M	1,291.43M	1,137.86M	-836.35M	-404.68M	-127.23M	-83.29M	-29.87M	-381.30M	58.15M	-234.78M	-238.09M	1,008.98M	138.80M	110.01M	76.23M	159.64M	28.75M	35.84M	52.03M	-16.57M	14.80M	11.74M
Levered Free Cash Flow	2,650.88M	4,055.27M	2,098.22M	1,473.03M	3,797.52M	4,272.80M	65.50M	2,874.02M	952.11M	1,539.97M	1,336.61M	-105.29M	1,664.50M	1,026.25M	807.36M	3,403.60M	2,632.93M	1,085.67M	860.36M	1,153.65M	253.89M	454.87M	239.21M	124.48M	181.34M	57.15M