Keck Seng Investments (Hong Kong) Limited (0184.HK)

Industry: Travel Lodging Sector: Consumer Cyclical Currency Used: HK Live Price: $2.22

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	2.17	2.20	2.38	3.39	3.17	4.85	5.82	6.85	5.90	6.90	6.68	4.38	3.60	3.38	3.75	3.56	3.48	6.19	2.49	2.19	1.72	0.93	0.81	0.71
Market Capitalization	738.23M	746.74M	809.68M	1,151.58M	1,076.73M	1,649.97M	1,978.27M	2,330.38M	2,007.19M	2,345.69M	2,272.54M	1,488.38M	1,223.02M	1,149.88M	1,275.79M	1,209.45M	1,182.19M	2,104.14M	846.96M	742.68M	584.07M	313.36M	276.33M	243.36M
(-) Cash & Equivalents	597.09M	1,316.71M	1,291.10M	1,187.79M	1,489.19M	1,816.71M	1,729.23M	1,984.13M	1,886.48M	1,717.49M	1,629.74M	1,764.38M	1,371.75M	1,090.13M	941.05M	637.52M	1,267.17M	1,027.56M	791.33M	590.68M	405.49M	256.27M	136.51M	19.70M
(+) Total Debt	1,322.77M	1,519.79M	1,557.62M	1,599.60M	1,719.15M	1,857.71M	1,634.43M	1,714.25M	1,879.65M	1,967.88M	1,242.95M	441.54M	693.50M	969.17M	881.38M	283.60M	132.36M	19.48M	79.42M	200.19M	284.45M	278.03M	267.98M	86.91M
Enterprise Value	1,463.91M	949.81M	1,076.19M	1,563.39M	1,306.70M	1,690.97M	1,883.47M	2,060.50M	2,000.36M	2,596.08M	1,885.75M	165.53M	544.77M	1,028.92M	1,216.12M	855.53M	47.38M	1,096.05M	135.05M	352.18M	463.03M	335.12M	407.80M	310.57M

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	3,371M	2,508M	1,692M	1,738M	1,429M	483M	666M	1,943M	2,022M	1,949M	1,955M	1,940M	1,519M	1,260M	1,364M	1,182M	1,188M	890M	808M	638M	628M	586M	404M	340M	225M	247M
Cost of Revenue	1,794M	1,602M	862M	1,018M	133M	44M	90M	201M	219M	198M	186M	176M	159M	136M	162M	140M	148M	129M	116M	88M	95M	92M	82M	144M	105M	141M
Gross Profit	1,577M	906M	830M	720M	1,297M	439M	576M	1,742M	1,804M	1,751M	1,770M	1,764M	1,360M	1,124M	1,202M	1,042M	1,041M	762M	692M	550M	533M	494M	322M	196M	119M	106M
Gross Profit Margin	46.8%	36.1%	49.0%	41.4%	90.7%	90.9%	86.5%	89.6%	89.2%	89.8%	90.5%	90.9%	89.5%	89.2%	88.2%	88.1%	87.6%	85.6%	85.6%	86.1%	84.8%	84.3%	79.8%	57.6%	53.2%	43.0%
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	0M	0M
SG&A Expenses	994M	828M	495M	509M	432M	303M	367M	496M	527M	493M	519M	492M	385M	297M	286M	691M	637M	481M	370M	110M	0M	0M	0M	0M	0M	0M
Operating Expenses	892M	828M	398M	499M	1,135M	652M	862M	1,500M	1,494M	1,399M	1,405M	1,384M	1,023M	821M	828M	788M	696M	432M	420M	388M	379M	331M	232M	155M	111M	96M
Operating Income (EBIT)	685M	78M	432M	221M	162M	-213M	-286M	241M	310M	352M	364M	379M	337M	304M	375M	254M	345M	330M	271M	162M	154M	163M	90M	41M	8M	10M
Operating Income Margin	20.3%	3.1%	25.5%	12.7%	11.3%	-44.1%	-43.0%	12.4%	15.3%	18.1%	18.6%	19.6%	22.2%	24.1%	27.5%	21.5%	29.0%	37.1%	33.6%	25.4%	24.5%	27.8%	22.4%	12.1%	3.6%	3.9%
Interest Income	203M	59M	80M	67M	24M	8M	18M	47M	36M	27M	19M	23M	26M	24M	35M	24M	33M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Interest Expense	179M	80M	89M	99M	50M	32M	44M	60M	55M	47M	40M	34M	9M	7M	15M	11M	14M	2M	0M	1M	0M	0M	0M	0M	0M	0M
Net Interest Income	24M	-20M	-9M	-32M	-27M	-24M	-26M	-13M	-19M	-21M	-21M	-11M	17M	18M	20M	14M	19M	-2M	0M	-1M	0M	0M	0M	0M	0M	0M
Unusual Items	64M	29M	44M	153M	-6M	-5M	-446M	-183M	45M	-118M	69M	54M	136M	216M	179M	71M	77M	35M	26M	178M	128M	31M	35M	3M	16M	5M
EBT Excluding Unusual Items	709M	58M	423M	189M	136M	-237M	-312M	229M	291M	332M	344M	369M	354M	322M	395M	268M	363M	329M	271M	161M	154M	163M	90M	41M	8M	10M
Pre-Tax Income	773M	87M	467M	342M	130M	-242M	-758M	45M	336M	213M	413M	422M	489M	537M	574M	339M	441M	363M	297M	339M	281M	194M	125M	44M	24M	15M
Pre-Tax Margin	22.9%	3.5%	27.6%	19.7%	9.1%	-50.1%	-113.8%	2.3%	16.6%	10.9%	21.1%	21.8%	32.2%	42.6%	42.1%	28.7%	37.1%	40.8%	36.8%	53.1%	44.8%	33.1%	31.1%	13.0%	10.7%	5.9%
Income Tax Expense	165M	-13M	113M	28M	6M	-58M	-212M	-79M	19M	-13M	103M	96M	109M	107M	101M	132M	71M	35M	16M	11M	16M	15M	5M	12M	-3M	-11M
Net Income	441M	31M	256M	220M	76M	-195M	-563M	45M	197M	131M	225M	229M	268M	326M	356M	149M	271M	254M	185M	328M	266M	179M	90M	33M	28M	27M
Net Income Margin	13.1%	1.2%	15.1%	12.6%	5.3%	-40.3%	-84.5%	2.3%	9.7%	6.7%	11.5%	11.8%	17.7%	25.9%	26.1%	12.6%	22.8%	28.5%	22.9%	51.4%	42.3%	30.6%	22.3%	9.7%	12.6%	11.1%
Depreciation & Amortization	260M	299M	138M	141M	149M	154M	164M	167M	146M	143M	135M	130M	99M	90M	94M	89M	84M	75M	71M	80M	92M	90M	94M	78M	50M	32M
EBITDA	945M	378M	570M	363M	311M	-59M	-122M	408M	456M	495M	499M	510M	436M	394M	469M	343M	428M	405M	343M	242M	245M	253M	185M	119M	58M	41M
EBITDA Margin	28.0%	15.1%	33.7%	20.9%	21.8%	-12.2%	-18.3%	21.0%	22.5%	25.4%	25.5%	26.3%	28.7%	31.2%	34.4%	29.0%	36.0%	45.5%	42.4%	38.0%	39.1%	43.1%	45.7%	35.0%	26.0%	16.8%
NOPAT	539M	90M	327M	203M	155M	-168M	-226M	666M	292M	373M	274M	293M	262M	243M	309M	155M	289M	299M	257M	157M	145M	151M	86M	30M	9M	17M
NOPAT Margin	16.0%	3.6%	19.3%	11.7%	10.9%	-34.9%	-34.0%	34.3%	14.4%	19.2%	14.0%	15.1%	17.3%	19.3%	22.6%	13.1%	24.3%	33.5%	31.8%	24.6%	23.1%	25.7%	21.4%	8.8%	4.0%	6.8%
Owner's Earnings	415M	271M	251M	314M	204M	-61M	-473M	-123M	150M	177M	260M	308M	286M	373M	392M	26M	-13M	-386M	237M	379M	342M	260M	156M	31M	71M	57M
Owner's Earnings Margin	12.3%	10.8%	14.8%	18.1%	14.3%	-12.7%	-71.0%	-6.3%	7.4%	9.1%	13.3%	15.9%	18.9%	29.6%	28.8%	2.2%	-1.1%	-43.3%	29.4%	59.4%	54.4%	44.3%	38.6%	9.1%	31.6%	23.2%
EPS (Basic)	1.30	0.08	0.75	0.65	0.22	-0.57	-1.65	0.37	0.58	0.39	0.66	0.67	0.79	0.96	1.05	0.44	0.80	0.75	0.55	0.69	59.70	0.36	0.29	0.10	0.08	0.08
EPS (Diluted)	1.30	0.09	0.75	0.65	0.22	-0.57	-1.65	0.13	0.58	0.39	0.66	0.67	0.79	0.96	1.05	0.44	0.80	0.75	0.54	0.96	0.78	0.53	0.26	0.10	0.08	0.08
Shares (Basic)	340M	340M	340M	340M	340M	340M	340M	340M	340M	340M	340M	340M	340M	340M	340M	340M	340M	340M	340M	340M	340M	340M	341M	339M	341M	341M
Shares (Diluted)	340M	340M	340M	340M	340M	340M	340M	340M	340M	340M	340M	340M	340M	340M	340M	340M	340M	340M	340M	340M	340M	340M	341M	339M	341M	341M

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	1,053.62M	8.81M	8.81M	1,511.70M	1,341.27M	1,175.98M	1,262.73M	1,978.47M	1,802.06M	1,971.10M	1,942.55M	1,790.71M	1,468.25M	1,753.67M	1,538.87M	1,122.51M	1,046.38M	1,275.04M	1,326.43M	1,089.42M	842.01M	639.30M	444.79M	287.58M	162.31M	59.10M
Short-Term Investments	290.78M	1,523.66M	1,523.66M	10.56M	12.15M	11.94M	13.63M	11.90M	27.97M	9.03M	9.61M	8.05M	9.51M	12.19M	1.94M	3.54M	2.54M	3.49M	37.99M	57.40M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	1,344.40M	1,532.47M	1,532.47M	1,522.26M	1,353.42M	1,187.92M	1,276.35M	1,990.37M	1,830.03M	1,980.13M	1,952.16M	1,798.76M	1,477.76M	1,765.86M	1,540.81M	1,126.05M	1,048.92M	1,278.53M	1,364.41M	1,146.81M	842.01M	639.30M	444.79M	287.58M	162.31M	59.10M
Net Receivables	29.50M	89.00M	89.00M	39.38M	75.67M	69.15M	69.41M	113.27M	91.83M	82.46M	95.29M	92.61M	145.59M	65.38M	37.37M	34.92M	133.85M	140.47M	0.00M	26.27M	82.76M	20.14M	27.73M	0.00M	0.00M	0.00M
Inventory	282.30M	282.65M	282.65M	283.40M	283.75M	282.95M	282.88M	286.55M	285.78M	286.30M	286.57M	287.08M	287.09M	285.53M	288.40M	4.83M	4.13M	4.10M	2.66M	2.45M	1.85M	2.82M	3.76M	3.12M	2.01M	2.17M
Other Current Assets	49.22M	2.47M	2.47M	149.16M	24.13M	35.87M	46.73M	1.97M	55.35M	40.49M	79.84M	93.77M	294.48M	211.81M	26.23M	26.25M	755.61M	254.06M	369.07M	331.84M	252.91M	313.55M	296.57M	428.52M	467.49M	544.91M
Total Current Assets	1,705.41M	1,906.59M	1,906.59M	1,994.20M	1,736.98M	1,575.89M	1,675.38M	2,392.16M	2,262.99M	2,389.38M	2,413.86M	2,272.22M	2,204.92M	2,328.57M	1,892.82M	1,192.06M	1,942.51M	1,677.17M	1,736.15M	1,507.37M	1,179.53M	975.80M	772.86M	719.22M	631.81M	606.18M
Property, Plant & Equipment	3,297.05M	2,375.75M	2,375.75M	2,209.19M	2,350.03M	2,520.30M	2,640.19M	3,077.26M	3,207.51M	3,190.38M	3,339.77M	3,384.75M	3,498.58M	1,368.45M	1,443.19M	1,316.30M	1,368.61M	1,679.32M	774.94M	1,007.39M	1,003.89M	1,025.06M	1,103.60M	1,161.07M	1,161.75M	1,190.00M
Goodwill	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	252.63M	96.82M	96.82M	1,136.94M	194.35M	189.70M	225.15M	360.16M	309.91M	123.73M	139.94M	144.25M	152.37M	197.83M	269.15M	190.70M	186.97M	164.55M	101.97M	79.39M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	0.00M	0.00M	0.00M	455.82M	423.61M	376.98M	303.09M	116.08M	8.35M	8.26M	6.12M	5.57M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	5.31M	4.51M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	430.16M	1,376.27M	1,376.27M	1,357.19M	1,125.27M	916.16M	910.73M	886.46M	867.94M	2,546.63M	813.11M	791.97M	752.51M	618.19M	424.60M	1,006.78M	752.14M	3.49M	285.39M	57.40M	106.04M	243.77M	354.50M	347.71M	359.08M	370.45M
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	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	3,979.84M	3,848.84M	3,848.84M	5,159.13M	4,093.26M	4,003.14M	4,079.15M	4,439.96M	4,393.71M	5,868.99M	4,298.94M	4,326.54M	4,403.47M	2,184.47M	2,136.95M	2,513.77M	2,307.72M	1,847.36M	1,162.30M	1,144.17M	1,115.25M	1,273.33M	1,458.10M	1,508.78M	1,520.83M	1,560.45M
Total Assets	5,685.25M	5,755.43M	5,755.43M	7,153.33M	5,830.24M	5,579.02M	5,754.53M	6,832.12M	6,656.70M	8,258.38M	6,712.80M	6,598.76M	6,608.39M	4,513.04M	4,029.77M	3,705.83M	4,250.23M	3,524.52M	2,898.45M	2,651.54M	2,294.78M	2,249.14M	2,230.96M	2,227.99M	2,152.64M	2,166.63M
Accounts Payable	109.71M	261.20M	261.20M	128.46M	81.38M	77.79M	68.21M	84.95M	89.68M	65.46M	48.51M	41.06M	60.89M	12.56M	244.99M	210.84M	202.35M	167.42M	193.42M	151.81M	104.12M	95.41M	92.77M	81.58M	57.49M	64.96M
Short-Term Debt	357.46M	395.25M	395.25M	324.01M	1,401.01M	371.66M	748.25M	1,808.48M	173.01M	97.80M	1,738.08M	122.72M	248.44M	104.62M	414.27M	366.11M	456.82M	165.17M	77.11M	77.27M	48.67M	46.28M	115.48M	142.01M	141.20M	87.78M
Tax Payables	0.00M	57.66M	57.66M	21.11M	24.24M	8.84M	8.46M	16.66M	19.63M	16.96M	19.50M	26.14M	22.05M	37.53M	65.89M	102.59M	30.48M	22.33M	29.97M	30.32M	38.58M	48.14M	43.57M	43.48M	31.79M	41.90M
Deferred Revenue	0.00M	0.00M	0.00M	21.11M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-102.60M	75.74M	0.00M	0.00M	0.00M	0.00M	30.32M	38.58M	48.14M	43.57M	43.48M	31.79M	41.90M
Other Current Liabilities	375.74M	176.39M	176.39M	304.04M	332.57M	261.98M	247.25M	356.37M	308.33M	304.66M	288.08M	276.17M	297.84M	230.11M	-10.97M	19.54M	28.16M	0.00M	6.11M	0.00M	97.94M	97.49M	109.44M	106.71M	115.57M	132.83M
Total Current Liabilities	842.91M	890.49M	890.49M	798.74M	1,839.20M	720.28M	1,072.17M	2,266.45M	590.65M	484.88M	2,094.17M	466.08M	629.23M	282.22M	789.92M	699.07M	717.80M	354.92M	306.61M	289.71M	327.89M	335.45M	404.82M	417.26M	377.83M	369.38M
Long-Term Debt	897.22M	923.84M	923.84M	1,164.91M	149.76M	1,228.21M	849.73M	83.70M	1,492.18M	1,505.90M	106.06M	1,819.91M	1,819.80M	260.03M	94.05M	593.33M	440.77M	402.02M	96.12M	0.00M	0.00M	125.39M	170.27M	138.56M	129.19M	172.94M
Capital Lease Obligations	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	82.29M	82.29M	89.91M	91.11M	90.29M	89.61M	99.61M	95.33M	109.27M	182.41M	149.79M	114.39M	90.09M	84.67M	69.79M	56.13M	18.63M	11.65M	10.92M	10.64M	4.53M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Liabilities	164.86M	0.00M	0.00M	0.00M	0.00M	0.00M	3.19M	0.00M	0.00M	0.00M	0.00M	1.41M	0.00M	100.53M	0.00M	87.67M	0.00M	0.00M	0.00M	90.62M	81.24M	76.63M	100.67M	197.12M	182.48M	172.63M
Total Non-Current Liabilities	1,062.08M	1,006.13M	1,006.13M	1,254.82M	240.88M	1,318.50M	942.52M	183.31M	1,587.51M	1,615.17M	288.47M	1,971.11M	1,934.19M	450.65M	178.72M	750.80M	496.90M	420.65M	107.77M	101.53M	91.88M	206.54M	270.93M	335.68M	311.67M	345.57M
Total Liabilities	1,904.98M	1,896.63M	1,896.63M	2,053.56M	2,080.08M	2,038.78M	2,014.70M	2,449.76M	2,178.15M	2,100.04M	2,382.63M	2,437.19M	2,563.41M	732.86M	968.64M	1,449.87M	1,214.70M	775.57M	414.39M	391.24M	419.76M	541.99M	675.76M	752.94M	689.51M	714.95M
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	0.00M	0.00M
Common Stock	498.31M	498.31M	498.31M	498.31M	498.31M	498.31M	498.31M	498.31M	498.31M	498.31M	498.31M	498.31M	498.31M	340.20M	340.20M	340.20M	340.20M	340.20M	340.20M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Retained Earnings	0.00M	2,841.51M	2,841.51M	2,629.90M	2,437.46M	2,374.76M	2,569.58M	3,175.87M	3,226.03M	3,174.83M	3,094.86M	2,920.54M	2,742.60M	2,535.70M	2,277.50M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Accumulated OCI	2,818.96M	-32.69M	-32.69M	-29.33M	1.04M	34.57M	33.59M	25.03M	-1,799.62M	-1,710.12M	-1,429.65M	-1,335.21M	-1,234.73M	-1,013.90M	-954.53M	-901.27M	-823.95M	-737.90M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Minority Interest	463.00M	548.86M	548.86M	621.42M	615.85M	629.05M	633.80M	678.46M	669.93M	678.57M	659.16M	659.66M	634.31M	562.01M	527.11M	474.40M	504.64M	495.23M	436.20M	358.48M	284.48M	230.15M	191.57M	176.73M	191.00M	212.56M
Total Shareholders’ Equity	3,317.27M	3,307.13M	3,307.13M	3,098.87M	2,936.80M	2,907.64M	3,101.47M	3,699.21M	1,924.71M	1,963.02M	2,163.52M	2,083.64M	2,006.18M	1,861.99M	1,663.17M	-561.07M	-483.75M	-397.70M	340.20M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Equity	3,780.26M	3,855.99M	3,855.99M	3,720.29M	3,552.65M	3,536.69M	3,735.27M	4,377.67M	2,594.64M	2,641.59M	2,822.68M	2,743.30M	2,640.49M	2,424.00M	2,190.28M	-86.67M	20.89M	97.54M	776.40M	358.48M	284.48M	230.15M	191.57M	176.73M	191.00M	212.56M
Total Liabilities & Equity	5,685.25M	5,752.61M	5,752.61M	5,773.84M	5,632.72M	5,575.46M	5,749.97M	6,827.43M	4,772.79M	4,741.64M	5,205.31M	5,180.49M	5,203.90M	3,156.86M	3,158.92M	1,363.19M	1,235.58M	873.10M	1,190.79M	749.72M	704.24M	772.14M	867.33M	929.67M	880.50M	927.51M
Tangible Assets	5,685.25M	5,755.43M	5,755.43M	7,153.33M	5,830.24M	5,579.02M	5,754.53M	6,832.12M	6,656.70M	8,258.38M	6,712.80M	6,598.76M	6,608.39M	4,513.04M	4,029.77M	3,705.83M	4,250.23M	3,524.52M	2,898.45M	2,651.54M	2,294.78M	2,249.14M	2,230.96M	2,227.99M	2,152.64M	2,166.63M
Tangible Equity	3,780.26M	3,855.99M	3,855.99M	3,720.29M	3,552.65M	3,536.69M	3,735.27M	4,377.67M	2,594.64M	2,641.59M	2,822.68M	2,743.30M	2,640.49M	2,424.00M	2,190.28M	-86.67M	20.89M	97.54M	776.40M	358.48M	284.48M	230.15M	191.57M	176.73M	191.00M	212.56M
Tangible Book Value	3,780.26M	3,855.99M	3,855.99M	3,720.29M	3,552.65M	3,536.69M	3,735.27M	4,377.67M	2,594.64M	2,641.59M	2,822.68M	2,743.30M	2,640.49M	2,424.00M	2,190.28M	-86.67M	20.89M	97.54M	776.40M	358.48M	284.48M	230.15M	191.57M	176.73M	191.00M	212.56M
Total Investments	1,588.17M	1,620.48M	1,620.48M	1,383.81M	206.50M	201.64M	238.77M	372.06M	337.88M	132.75M	149.55M	152.31M	161.89M	210.01M	271.09M	194.24M	189.52M	168.04M	139.96M	136.78M	104.26M	242.76M	353.68M	346.91M	358.30M	369.81M
Net Debt	201.06M	1,310.27M	1,310.27M	-22.78M	209.51M	423.90M	335.25M	-86.29M	-136.87M	-367.41M	-98.42M	151.92M	599.99M	-1,389.02M	-1,030.55M	-163.08M	-148.79M	-707.85M	-1,153.20M	-1,012.14M	-793.34M	-467.64M	-159.05M	-7.01M	108.08M	201.62M

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	862.5M	1,015.7M	1,015.7M	1,195.5M	-102.2M	855.6M	603.2M	125.7M	1,619.4M	1,871.2M	266.2M	1,757.3M	1,466.6M	1,917.1M	1,486.4M	1,319.3M	1,207.2M	1,303.6M	1,408.6M	1,219.4M	973.0M	708.6M	439.3M	345.4M	285.8M	278.7M
Total Capital	4,571.9M	4,626.2M	4,626.2M	4,607.3M	4,487.6M	4,507.5M	4,699.5M	5,591.4M	5,415.5M	5,314.2M	5,455.1M	5,388.4M	5,363.5M	3,545.2M	3,418.8M	3,655.0M	3,411.0M	2,802.2M	2,200.2M	1,913.3M	1,760.5M	1,716.9M	1,720.7M	1,622.4M	1,574.3M	1,541.7M
Capital Employed	4,842.3M	4,864.5M	4,864.5M	4,997.4M	3,796.7M	4,858.7M	4,682.4M	4,565.7M	6,013.2M	6,010.4M	4,565.2M	6,083.8M	5,870.0M	4,101.6M	3,623.4M	3,833.1M	3,514.9M	3,150.9M	2,570.9M	2,363.6M	2,088.2M	1,982.0M	1,897.4M	1,854.2M	1,806.6M	1,839.2M
Invested Capital	3,518.3M	4,617.4M	4,617.4M	3,095.6M	3,146.3M	3,331.5M	3,436.7M	3,612.9M	3,613.4M	3,343.1M	3,512.6M	3,597.7M	3,895.2M	1,791.6M	1,880.0M	2,532.5M	2,364.6M	1,527.2M	873.8M	823.9M	918.5M	1,077.6M	1,275.9M	1,334.8M	1,412.0M	1,482.6M

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	441.27M	31.23M	466.62M	219.66M	129.82M	-242.08M	-757.78M	45.09M	335.93M	213.35M	412.74M	422.17M	489.45M	537.26M	573.91M	338.90M	440.61M	363.48M	296.93M	328.06M	265.66M	179.49M	89.84M	32.86M	28.32M	27.29M
Depreciation & Amortization	179.92M	299.38M	112.71M	141.33M	149.29M	154.43M	164.34M	166.81M	145.84M	142.93M	134.88M	130.11M	99.30M	89.85M	94.19M	88.69M	83.56M	74.98M	71.38M	80.24M	91.78M	89.90M	94.41M	77.84M	50.48M	31.81M
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	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	0.00M	0.00M
Change in Working Capital	-12.12M	-4.00M	-7.53M	18.49M	68.35M	20.64M	-70.90M	28.05M	16.39M	43.74M	16.77M	-1.46M	28.34M	-6.96M	11.97M	37.45M	67.11M	-54.95M	-49.28M	103.58M	-52.94M	11.18M	39.18M	2.64M	-8.27M	-84.29M
Accounts Receivable	-12.91M	-3.56M	9.23M	-22.14M	-7.50M	0.38M	44.11M	-21.54M	-15.06M	14.41M	-2.35M	40.52M	-56.74M	-9.41M	2.97M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	0.79M	-0.44M	0.75M	0.04M	-0.80M	-0.07M	3.67M	-0.76M	0.51M	0.27M	0.51M	0.01M	0.08M	2.88M	19.81M	-0.71M	-0.03M	-1.44M	-0.22M	-0.60M	0.97M	0.95M	-0.64M	-1.11M	0.16M	-0.09M
Accounts Payable	0.00M	0.00M	-17.50M	40.59M	76.65M	20.34M	-118.68M	50.35M	30.94M	29.06M	18.61M	-41.99M	0.00M	0.00M	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	15.88M	43.47M	16.26M	-1.47M	28.26M	-9.83M	-7.84M	38.15M	67.14M	-53.51M	-49.06M	104.17M	-53.91M	10.24M	39.82M	3.75M	-8.43M	-84.21M
Other Non-Cash Items	37.73M	683.58M	-291.66M	-33.96M	-35.67M	39.68M	456.30M	188.90M	-34.28M	71.83M	-121.13M	-93.16M	-262.22M	-355.72M	-277.61M	-146.64M	-202.26M	-235.59M	6.68M	-173.03M	-125.12M	-66.04M	24.67M	61.04M	27.11M	13.55M
Net Cash from Operating Activities	646.79M	415.42M	280.15M	345.51M	311.79M	-27.33M	-208.04M	428.85M	463.89M	471.85M	443.26M	457.67M	354.87M	264.43M	402.46M	318.40M	389.02M	147.92M	325.71M	338.84M	179.38M	214.53M	248.09M	174.39M	97.64M	-11.64M
Capital Expenditures (PPE)	-162.14M	-59.22M	-143.19M	-47.08M	-21.65M	-21.00M	-74.30M	-335.19M	-192.11M	-97.16M	-100.15M	-50.85M	-81.04M	-42.65M	-57.48M	-211.83M	-367.29M	-714.65M	-19.29M	-29.48M	-15.37M	-9.48M	-28.28M	-79.77M	-7.94M	-1.92M
Acquisitions (Net)	247.01M	8.34M	0.00M	0.00M	6.17M	-1.54M	-63.75M	1.46M	-96.93M	1.89M	0.49M	0.00M	-2,050.23M	36.20M	5.44M	1.14M	1.96M	3.68M	24.76M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	-241.34M	-129.18M	-327.66M	-142.96M	-70.12M	-1.54M	-0.53M	-805.14M	-229.75M	0.00M	0.00M	-1.08M	25.97M	-9.76M	-48.45M	33.84M	-470.02M	-33.79M	-60.46M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Sales / Maturities of Investments	195.87M	82.77M	0.00M	0.00M	63.95M	529.42M	268.53M	2.05M	159.74M	13.37M	1.51M	0.00M	72.43M	399.92M	46.47M	7.65M	0.00M	30.64M	46.93M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Investing Activities	-299.54M	49.20M	347.79M	86.55M	-28.37M	22.97M	18.86M	57.50M	-101.55M	67.98M	80.44M	182.63M	12.92M	121.79M	508.09M	-233.89M	20.37M	15.40M	4.31M	-38.66M	174.58M	139.36M	17.52M	34.16M	29.52M	37.01M
Net Cash from Investing Activities	-260.14M	-39.75M	-123.06M	-103.50M	-50.03M	528.32M	148.81M	-1,079.32M	-460.59M	-15.81M	-18.20M	130.71M	-2,019.94M	505.49M	454.07M	-403.09M	-814.99M	-698.73M	-3.74M	-68.14M	159.21M	129.89M	-10.76M	-45.61M	21.58M	35.09M
Net Debt Issuance	-232.36M	-53.72M	-166.55M	-1.55M	-53.72M	-13.68M	-283.46M	231.44M	60.44M	-269.34M	-102.14M	-94.83M	1,607.40M	-76.29M	-520.29M	122.48M	332.50M	395.04M	0.25M	-41.34M	-168.00M	-119.63M	-44.37M	-40.66M	-10.10M	-62.88M
Long-Term Debt Issuance	-163.55M	-59.26M	-166.55M	-1.55M	-53.72M	-13.68M	-283.46M	231.44M	60.44M	-269.34M	-102.14M	-94.83M	1,607.40M	-76.29M	-520.29M	122.48M	332.50M	395.04M	0.25M	-41.34M	-168.00M	-116.37M	-44.37M	-40.66M	-10.10M	-62.88M
Short-Term Debt Issuance	-232.36M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-3.26M	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	7.13M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	7.13M	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	-78.25M	-30.62M	-44.23M	-27.22M	-13.61M	0.00M	-15.31M	-52.73M	-54.43M	-51.03M	-51.03M	-51.03M	-61.24M	-68.04M	-44.23M	-68.04M	-68.04M	-51.03M	0.00M	-66.46M	-39.24M	-23.81M	-26.29M	-19.86M	-23.98M	-32.91M
Common Dividends Paid	-105.46M	-30.62M	-44.23M	-27.22M	-13.61M	0.00M	-15.31M	-52.73M	-54.43M	-51.03M	-51.03M	-51.03M	-61.24M	-68.04M	-44.23M	-68.04M	-68.04M	-51.03M	-57.83M	-51.03M	-23.81M	-23.81M	-8.51M	-19.86M	-23.98M	-32.91M
Preferred Dividends Paid	27.22M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-15.43M	-15.43M	-13.21M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-364.10M	-93.93M	-245.20M	-183.30M	-98.39M	-44.07M	-87.70M	-167.16M	-162.20M	-122.35M	-112.84M	-115.28M	-85.09M	-72.43M	-80.09M	-98.67M	-85.66M	-23.93M	42.40M	2.42M	45.00M	43.16M	-42.64M	57.05M	18.30M	53.69M
Net Cash from Financing Activities	-674.71M	-205.09M	-455.97M	-212.06M	-165.71M	-57.75M	-386.47M	11.54M	-156.20M	-442.72M	-266.01M	-261.13M	1,461.08M	-214.82M	-644.60M	-44.22M	178.80M	320.08M	-15.56M	-106.64M	-163.23M	-123.82M	-95.52M	-3.47M	-15.77M	-42.10M
Effect of FX on Cash	-9.20M	0.26M	-16.81M	-2.49M	-0.88M	-0.57M	-2.79M	-4.58M	-1.73M	28.61M	-5.70M	-5.86M	-18.25M	-7.42M	6.92M	-2.66M	64.72M	145.55M	-87.44M	67.34M	27.35M	-26.04M	15.36M	0.00M	0.00M	0.00M
Net Change in Cash	-297.25M	171.10M	-315.70M	27.47M	95.18M	442.67M	-448.49M	-643.50M	-154.63M	41.93M	153.35M	321.38M	-222.25M	547.69M	218.84M	-131.57M	-182.45M	-85.18M	218.97M	231.39M	202.71M	194.55M	157.18M	125.31M	103.44M	-18.65M
Cash at Beginning of Period	4,771.31M	4,801.45M	1,275.38M	1,247.92M	1,152.74M	710.07M	1,158.56M	1,802.06M	1,956.68M	1,914.76M	1,761.41M	1,440.03M	1,662.28M	1,112.01M	893.17M	1,024.75M	1,207.20M	1,292.38M	1,073.40M	842.01M	639.30M	444.76M	287.58M	162.27M	58.83M	77.48M
Cash at End of Period	4,474.06M	4,972.55M	959.69M	1,275.38M	1,247.92M	1,152.74M	710.07M	1,158.56M	1,802.06M	1,956.68M	1,914.76M	1,761.41M	1,440.03M	1,659.70M	1,112.01M	893.17M	1,024.75M	1,207.20M	1,292.38M	1,073.40M	842.01M	639.30M	444.76M	287.58M	162.27M	58.83M
Operating Cash Flow	640.63M	415.42M	280.15M	345.51M	311.79M	-27.33M	-208.04M	428.85M	463.89M	471.85M	443.26M	457.67M	354.87M	264.43M	402.46M	318.40M	389.02M	147.92M	325.71M	338.84M	179.38M	214.53M	248.09M	174.39M	97.64M	-11.64M
Capital Expenditure	-285.99M	-59.22M	-143.19M	-47.08M	-21.65M	-21.00M	-74.30M	-335.19M	-192.11M	-97.16M	-100.15M	-50.85M	-81.04M	-42.65M	-57.48M	-211.83M	-367.29M	-714.65M	-19.29M	-29.48M	-15.37M	-9.48M	-28.28M	-79.77M	-7.94M	-1.92M
Free Cash Flow	354.64M	356.21M	136.96M	298.43M	290.14M	-48.33M	-282.33M	93.66M	271.77M	374.69M	343.11M	406.82M	273.83M	221.78M	344.98M	106.57M	21.73M	-566.73M	306.42M	309.36M	164.01M	205.05M	219.81M	94.62M	89.69M	-13.56M

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	842.93M	377.61M	472.86M	352.71M	1,013.58M	290.73M	372.96M	1,412.70M	1,422.61M	1,401.86M	1,385.50M	1,402.34M	1,074.27M	916.91M	1,010.27M	439.34M	487.04M	355.58M	392.69M	520.25M	624.73M	583.98M	416.40M	273.49M	169.96M	137.85M
(-) Tax Adjustment	179.37M	0.00M	114.68M	28.91M	43.91M	69.50M	104.25M	0.00M	82.27M	0.00M	344.63M	320.27M	238.14M	182.59M	177.30M	153.77M	79.00M	34.13M	20.78M	16.92M	35.12M	43.65M	17.85M	74.58M	0.00M	0.00M
(-) Change In Working Capital	-12.12M	-4.00M	-7.53M	18.49M	68.35M	20.64M	-70.90M	28.05M	16.39M	43.74M	16.77M	-1.46M	28.34M	-6.96M	11.97M	37.45M	67.11M	-54.95M	-49.28M	103.58M	-52.94M	11.18M	39.18M	2.64M	-8.27M	-84.29M
(-) Capital Expenditure	-285.99M	-59.22M	-143.19M	-47.08M	-21.65M	-21.00M	-74.30M	-335.19M	-192.11M	-97.16M	-100.15M	-50.85M	-81.04M	-42.65M	-57.48M	-211.83M	-367.29M	-714.65M	-19.29M	-29.48M	-15.37M	-9.48M	-28.28M	-79.77M	-7.94M	-1.92M
Unlevered Free Cash Flow	389.69M	322.39M	222.52M	258.23M	879.67M	179.59M	265.32M	1,049.46M	1,131.83M	1,260.96M	923.96M	1,032.68M	726.75M	698.62M	763.52M	36.29M	-26.36M	-338.26M	401.90M	370.27M	627.18M	519.66M	331.09M	116.50M	170.29M	220.22M
(-) Net Interest Income After Taxes	19.12M	-20.48M	-7.02M	-29.31M	-25.47M	-18.44M	-18.63M	-12.90M	-17.64M	-20.62M	-15.64M	-8.40M	13.13M	14.30M	16.82M	8.93M	15.71M	-1.39M	-0.36M	-1.22M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Debt Issuance	-232.36M	-53.72M	-166.55M	-1.55M	-53.72M	-13.68M	-283.46M	231.44M	60.44M	-269.34M	-102.14M	-94.83M	1,607.40M	-76.29M	-520.29M	122.48M	332.50M	395.04M	0.25M	-41.34M	-168.00M	-119.63M	-44.37M	-40.66M	-10.10M	-62.88M
Levered Free Cash Flow	138.21M	289.16M	62.99M	286.00M	851.42M	184.35M	0.48M	1,293.80M	1,209.92M	1,012.25M	837.46M	946.25M	2,321.02M	608.03M	226.42M	149.85M	290.42M	58.17M	402.51M	330.16M	459.18M	400.03M	286.72M	75.84M	160.19M	157.34M