Shanghai Industrial Holdings Limited (0363.HK)

Industry: Conglomerates Sector: Industrials Currency Used: HK Live Price: $14.66

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	2000	1999	1998	1997
Stock Price	11.75	10.53	10.50	11.41	11.26	15.97	17.06	22.85	19.26	23.33	23.43	26.20	23.83	25.10	32.33	35.43	20.30	32.00	15.97	15.65	15.48	14.38	12.82	13.86	13.98	16.02	16.02	16.02
Market Capitalization	12,774.74M	11,442.90M	11,410.29M	12,405.08M	12,242.00M	17,362.77M	18,549.23M	24,853.01M	21,163.59M	26,522.12M	27,253.45M	29,794.59M	25,736.62M	27,102.60M	34,903.49M	38,222.91M	21,840.82M	32,506.98M	15,503.30M	15,103.48M	14,825.40M	13,546.70M	11,892.64M	12,526.19M	12,585.18M	14,337.63M	14,081.37M	13,039.75M
(-) Cash & Equivalents	22,831.52M	26,794.26M	31,518.55M	35,756.41M	27,025.61M	27,750.18M	25,142.99M	32,099.37M	28,032.99M	24,666.93M	25,469.81M	20,134.27M	17,590.37M	15,283.74M	15,074.91M	10,727.94M	4,384.05M	3,362.81M	3,402.78M	3,034.20M	2,999.27M	2,677.40M	1,730.18M	1,560.34M	1,962.29M	2,397.83M	0.00M	0.00M
(+) Total Debt	60,112.75M	58,244.92M	62,961.43M	64,374.86M	56,079.31M	56,261.84M	52,857.67M	51,197.89M	41,180.19M	48,154.21M	41,115.93M	36,873.39M	36,370.70M	32,141.12M	22,520.64M	13,641.44M	4,827.05M	1,811.22M	1,088.35M	1,146.87M	1,050.02M	809.97M	821.73M	615.44M	892.87M	1,195.28M	1,276.63M	859.68M
Enterprise Value	50,055.97M	42,893.57M	42,853.17M	41,023.54M	41,295.70M	45,874.43M	46,263.91M	43,951.53M	34,310.79M	50,009.39M	42,899.57M	46,533.70M	44,516.94M	43,959.98M	42,349.22M	41,136.41M	22,283.82M	30,955.39M	13,188.87M	13,216.15M	12,876.14M	11,679.27M	10,984.19M	11,581.29M	11,515.76M	13,135.08M	15,358.00M	13,899.43M

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	2000-12-31	1999-12-31	1998-12-31	1997-12-31
Revenue	58,300M	66,572M	28,918M	32,698M	31,349M	38,748M	27,138M	32,345M	30,413M	29,520M	22,132M	19,694M	21,333M	21,568M	19,287M	14,969M	12,712M	6,918M	12,733M	7,954M	6,851M	6,025M	3,429M	2,826M	3,380M	3,199M	2,961M	3,301M	3,558M	3,557M
Cost of Revenue	39,368M	44,822M	21,017M	19,908M	22,318M	23,878M	17,320M	19,813M	18,765M	17,678M	14,461M	12,433M	13,488M	15,261M	13,704M	9,660M	8,806M	4,247M	8,084M	4,927M	4,307M	3,720M	1,505M	1,194M	1,545M	1,539M	1,388M	1,647M	0M	0M
Gross Profit	18,933M	21,750M	7,901M	12,790M	9,031M	14,870M	9,818M	12,532M	11,648M	11,842M	7,671M	7,261M	7,845M	6,306M	5,583M	5,309M	3,906M	2,671M	4,648M	3,026M	2,544M	2,306M	1,924M	1,631M	1,835M	1,660M	1,572M	1,654M	3,558M	3,557M
Gross Profit Margin	32.5%	32.7%	27.3%	39.1%	28.8%	38.4%	36.2%	38.7%	38.3%	40.1%	34.7%	36.9%	36.8%	29.2%	28.9%	35.5%	30.7%	38.6%	36.5%	38.1%	37.1%	38.3%	56.1%	57.7%	54.3%	51.9%	53.1%	50.1%	100.0%	100.0%
R&D Expenses	205M	212M	99M	106M	92M	120M	147M	4M	6M	8M	2M	4M	3M	17M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	5,885M	8,364M	3,088M	3,111M	2,963M	3,089M	3,371M	3,554M	3,386M	3,466M	3,378M	2,686M	2,758M	2,755M	2,527M	2,452M	2,194M	1,159M	2,738M	832M	792M	717M	399M	302M	270M	281M	283M	296M	0M	0M
Operating Expenses	5,973M	8,364M	3,187M	3,226M	3,096M	3,089M	3,371M	3,558M	1,686M	1,521M	524M	882M	306M	1,173M	2,527M	1,990M	898M	-507M	2,114M	1,909M	630M	1,005M	145M	102M	33M	35M	22M	796M	192M	0M
Operating Income (EBIT)	12,960M	13,385M	4,714M	9,563M	5,935M	11,781M	6,447M	8,974M	9,962M	10,321M	7,147M	6,378M	7,539M	5,133M	3,056M	3,319M	3,008M	3,178M	2,534M	1,118M	1,914M	1,301M	1,779M	1,529M	1,801M	1,625M	1,551M	858M	3,365M	3,557M
Operating Income Margin	22.2%	20.1%	16.3%	29.2%	18.9%	30.4%	23.8%	27.7%	32.8%	35.0%	32.3%	32.4%	35.3%	23.8%	15.8%	22.2%	23.7%	45.9%	19.9%	14.1%	27.9%	21.6%	51.9%	54.1%	53.3%	50.8%	52.4%	26.0%	94.6%	100.0%
Interest Income	1,371M	983M	695M	696M	469M	423M	478M	540M	605M	759M	698M	676M	712M	585M	458M	331M	0M	0M	22M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Interest Expense	4,060M	3,937M	2,025M	2,332M	1,867M	1,682M	1,854M	1,896M	1,969M	1,799M	1,427M	1,614M	1,362M	1,200M	1,032M	1,079M	414M	238M	322M	158M	420M	79M	164M	28M	493M	0M	0M	0M	0M	2,624M
Net Interest Income	-2,689M	-2,954M	-1,330M	-1,637M	-1,397M	-1,258M	-1,377M	-1,356M	-1,365M	-1,041M	-729M	-938M	-650M	-615M	-574M	-747M	-414M	-238M	-301M	-158M	-420M	-79M	-164M	-28M	-493M	0M	0M	0M	0M	-2,624M
Unusual Items	786M	1,858M	1,519M	814M	974M	224M	1,846M	796M	-74M	91M	1,081M	323M	102M	316M	3,465M	3,745M	280M	876M	1,158M	1,639M	242M	228M	122M	146M	143M	-135M	-236M	272M	-2,093M	183M
EBT Excluding Unusual Items	10,271M	10,432M	3,384M	7,927M	4,537M	10,522M	5,071M	7,619M	8,597M	9,280M	6,419M	5,440M	6,888M	4,518M	2,482M	2,572M	2,594M	2,939M	2,234M	959M	1,494M	1,222M	1,615M	1,501M	1,309M	1,625M	1,551M	858M	3,365M	933M
Pre-Tax Income	11,058M	12,290M	4,902M	8,741M	5,511M	10,746M	6,917M	8,414M	8,523M	9,372M	7,499M	5,763M	6,990M	4,834M	5,948M	6,317M	2,874M	3,815M	3,392M	2,599M	1,737M	1,450M	1,737M	1,647M	1,452M	1,490M	1,315M	1,130M	1,272M	1,117M
Pre-Tax Margin	19.0%	18.5%	17.0%	26.7%	17.6%	27.7%	25.5%	26.0%	28.0%	31.7%	33.9%	29.3%	32.8%	22.4%	30.8%	42.2%	22.6%	55.1%	26.6%	32.7%	25.3%	24.1%	50.7%	58.3%	43.0%	46.6%	44.4%	34.2%	35.8%	31.4%
Income Tax Expense	5,405M	7,361M	1,900M	4,215M	2,181M	6,633M	2,994M	3,573M	3,430M	4,237M	2,659M	2,071M	2,633M	1,390M	1,621M	2,037M	720M	1,099M	534M	282M	236M	194M	232M	242M	182M	109M	80M	43M	-68M	-82M
Net Income	5,897M	5,304M	2,808M	3,424M	2,314M	3,746M	2,219M	3,350M	3,333M	3,150M	2,903M	2,770M	3,069M	2,702M	3,438M	4,088M	5,278M	2,860M	2,102M	2,317M	1,258M	1,028M	1,383M	1,259M	1,126M	1,203M	1,135M	1,011M	1,154M	1,016M
Net Income Margin	10.1%	8.0%	9.7%	10.5%	7.4%	9.7%	8.2%	10.4%	11.0%	10.7%	13.1%	14.1%	14.4%	12.5%	17.8%	27.3%	41.5%	41.3%	16.5%	29.1%	18.4%	17.1%	40.3%	44.6%	33.3%	37.6%	38.3%	30.6%	32.4%	28.6%
Depreciation & Amortization	3,593M	3,223M	1,625M	1,692M	1,506M	1,720M	1,625M	1,762M	1,654M	1,532M	1,387M	1,242M	1,160M	1,052M	921M	828M	769M	538M	584M	322M	316M	287M	179M	115M	108M	535M	386M	0M	2,478M	0M
EBITDA	16,553M	16,608M	6,339M	11,255M	7,441M	13,500M	8,072M	10,737M	11,616M	11,852M	8,534M	7,620M	8,699M	6,185M	3,977M	4,147M	3,778M	3,716M	3,118M	1,440M	2,230M	1,587M	1,958M	1,645M	1,909M	2,161M	1,937M	858M	5,843M	3,557M
EBITDA Margin	28.4%	24.9%	21.9%	34.4%	23.7%	34.8%	29.7%	33.2%	38.2%	40.1%	38.6%	38.7%	40.8%	28.7%	20.6%	27.7%	29.7%	53.7%	24.5%	18.1%	32.6%	26.3%	57.1%	58.2%	56.5%	67.5%	65.4%	26.0%	164.2%	100.0%
NOPAT	6,625M	5,368M	2,887M	4,952M	3,586M	4,509M	3,657M	5,164M	5,954M	5,655M	4,613M	4,086M	4,699M	3,657M	2,223M	2,248M	2,255M	2,262M	2,136M	997M	1,654M	1,127M	1,542M	1,305M	1,575M	1,507M	1,456M	825M	3,545M	3,819M
NOPAT Margin	11.4%	8.1%	10.0%	15.1%	11.4%	11.6%	13.5%	16.0%	19.6%	19.2%	20.8%	20.7%	22.0%	17.0%	11.5%	15.0%	17.7%	32.7%	16.8%	12.5%	24.1%	18.7%	45.0%	46.2%	46.6%	47.1%	49.2%	25.0%	99.7%	107.4%
Owner's Earnings	4,191M	6,063M	-76M	3,793M	3,267M	-1,530M	834M	3,973M	4,271M	3,423M	3,694M	3,723M	3,859M	3,450M	3,931M	4,172M	5,585M	1,089M	773M	1,577M	476M	964M	1,171M	1,213M	1,100M	1,502M	1,430M	895M	3,632M	1,016M
Owner's Earnings Margin	7.2%	9.1%	-0.3%	11.6%	10.4%	-3.9%	3.1%	12.3%	14.0%	11.6%	16.7%	18.9%	18.1%	16.0%	20.4%	27.9%	43.9%	15.7%	6.1%	19.8%	7.0%	16.0%	34.2%	42.9%	32.5%	47.0%	48.3%	27.1%	102.1%	28.6%
EPS (Basic)	5.42	4.88	2.58	3.15	2.13	3.43	2.01	3.08	3.07	2.88	2.67	2.61	2.86	2.37	3.18	3.73	5.75	2.66	1.96	1.94	1.30	1.07	1.45	1.34	1.22	1.34	1.27	1.14	1.37	1.28
EPS (Diluted)	5.42	4.88	2.58	3.15	2.13	3.45	2.04	3.08	3.07	2.90	2.64	2.33	2.58	2.32	3.18	3.79	4.89	2.65	1.95	2.28	1.29	1.06	1.43	1.33	1.21	1.32	1.25	1.12	1.35	1.28
Shares (Basic)	1,087M	1,087M	1,087M	1,087M	1,087M	1,087M	1,087M	1,087M	1,087M	1,087M	1,086M	1,131M	1,165M	1,138M	1,080M	1,080M	1,080M	1,079M	1,075M	1,013M	968M	961M	950M	940M	923M	897M	893M	887M	843M	793M
Shares (Diluted)	1,087M	1,087M	1,087M	1,087M	1,087M	1,087M	1,087M	1,087M	1,087M	1,088M	1,101M	1,190M	1,192M	1,164M	1,081M	1,080M	1,080M	1,079M	1,077M	1,018M	975M	970M	970M	947M	931M	911M	908M	903M	855M	793M

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	2000-12-31	1999-12-31	1998-12-31	1997-12-31
Cash & Cash Equivalents	24,186.07M	20,841.49M	20,841.49M	25,225.03M	29,098.78M	38,859.27M	29,161.22M	29,197.12M	25,132.47M	32,137.74M	31,312.46M	26,810.77M	27,087.61M	25,975.35M	19,248.48M	17,932.13M	15,152.70M	9,518.59M	8,768.10M	6,725.61M	6,805.56M	6,068.40M	5,998.55M	5,354.80M	3,460.35M	3,120.68M	3,924.58M	4,795.66M	0.00M	0.00M
Short-Term Investments	3,136.19M	6,006.95M	6,006.95M	2,625.30M	2,062.34M	374.01M	775.14M	939.10M	948.04M	1,020.51M	536.67M	1,758.60M	959.94M	1,090.16M	621.26M	856.31M	144.71M	158.76M	117.17M	3,136.22M	1,660.11M	1,070.04M	1,084.04M	1,027.23M	286.37M	1.72M	248.79M	0.13M	0.00M	0.00M
Cash & Short-Term Investments	27,322.26M	26,848.44M	26,848.44M	27,850.33M	31,161.12M	39,233.27M	29,936.35M	30,136.21M	26,080.51M	33,158.25M	31,849.13M	28,569.37M	28,047.55M	27,065.51M	19,869.74M	18,788.44M	15,297.41M	9,677.35M	8,885.27M	9,861.83M	8,465.67M	7,138.44M	7,082.58M	6,382.04M	3,746.72M	3,122.39M	4,173.37M	4,795.79M	0.00M	0.00M
Net Receivables	13,183.05M	12,061.73M	12,061.73M	12,299.81M	12,399.89M	9,772.66M	14,552.06M	11,886.82M	9,715.86M	13,998.29M	0.00M	9,983.14M	7,682.85M	6,408.36M	6,525.70M	4,755.70M	4,234.55M	3,719.23M	4,153.21M	-1,657.95M	0.00M	0.00M	-2.16M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	24,221.61M	25,260.92M	25,260.92M	33,908.09M	40,666.89M	53,441.17M	59,557.44M	56,706.00M	57,825.83M	52,833.60M	45,899.42M	52,844.09M	53,298.12M	47,942.06M	51,021.59M	54,176.10M	36,655.23M	17,487.59M	14,353.18M	12,937.97M	1,216.61M	1,215.73M	877.79M	303.50M	401.57M	373.32M	418.05M	512.96M	0.00M	0.00M
Other Current Assets	239.80M	326.29M	326.29M	423.55M	8,426.16M	718.19M	328.67M	-1,066.22M	854.00M	751.16M	0.00M	11,263.71M	1,434.70M	1,751.04M	376.52M	1,461.32M	4,015.96M	11,685.17M	4,953.75M	5,601.14M	1,513.13M	1,602.62M	1,487.29M	141.51M	796.02M	594.79M	807.89M	627.46M	12,362.12M	11,539.98M
Total Current Assets	64,966.72M	64,497.38M	64,497.38M	74,481.77M	92,654.05M	103,165.29M	104,374.53M	97,662.82M	94,476.20M	100,741.30M	77,748.55M	102,660.30M	90,463.21M	83,166.97M	77,793.55M	79,181.56M	60,203.14M	42,569.34M	32,345.41M	26,742.99M	11,195.41M	9,956.79M	9,445.50M	6,827.04M	4,944.31M	4,090.50M	5,399.31M	5,936.20M	12,362.12M	11,539.98M
Property, Plant & Equipment	7,028.85M	6,972.89M	6,972.89M	7,572.94M	10,807.10M	14,423.58M	10,184.63M	7,609.56M	5,542.06M	5,027.21M	4,388.92M	4,312.10M	4,661.88M	3,599.56M	3,462.05M	3,190.65M	2,680.95M	4,260.05M	3,737.48M	4,895.92M	2,752.37M	2,456.17M	2,126.05M	1,201.71M	1,191.78M	1,143.44M	989.55M	1,002.66M	1,392.36M	711.18M
Goodwill	531.84M	517.74M	517.74M	533.78M	547.20M	590.59M	810.83M	771.09M	800.10M	848.01M	809.35M	572.86M	0.00M	0.00M	0.00M	0.00M	0.00M	13.72M	400.69M	1,378.26M	421.83M	397.99M	344.00M	256.74M	27.72M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	16,269.64M	15,884.01M	15,884.01M	14,289.32M	14,179.68M	15,792.60M	15,916.22M	15,879.09M	16,147.61M	17,613.67M	17,138.67M	15,238.59M	14,598.12M	15,103.60M	15,234.05M	15,546.66M	14,850.05M	9,588.19M	9,826.68M	1,966.47M	1,868.26M	1,871.88M	1,823.86M	1,841.08M	0.00M	0.00M	0.00M	0.00M	37.96M	39.74M
Long-Term Investments	75,637.60M	21,675.89M	21,675.89M	81,096.38M	75,204.32M	69,704.41M	63,432.66M	52,674.48M	10,842.03M	9,758.65M	8,016.38M	8,963.37M	6,992.63M	5,803.52M	4,086.69M	3,573.48M	4,836.83M	4,423.13M	5,664.38M	3,117.90M	4,775.88M	5,516.00M	5,671.44M	4,901.74M	4,449.29M	3,907.03M	2,023.02M	2,212.44M	0.00M	0.00M
Tax Assets	180.28M	0.00M	0.00M	197.80M	155.18M	136.39M	396.04M	502.83M	399.10M	320.78M	458.62M	417.09M	315.42M	0.00M	270.92M	288.21M	144.70M	96.95M	86.63M	71.80M	28.76M	25.88M	33.23M	1,027.23M	286.37M	0.00M	0.00M	0.00M	73.09M	37.30M
Other Non-Current Assets	89.00M	57,472.10M	57,472.10M	454.29M	-546.36M	-589.59M	-809.78M	-770.02M	-399.10M	-320.78M	-458.62M	-417.09M	-315.42M	14,220.25M	13,615.43M	13,220.63M	6,781.14M	2,926.25M	3,665.80M	3,507.81M	2,579.76M	1,394.15M	1,163.64M	121.77M	5,563.19M	5,695.24M	4,599.27M	4,459.89M	-73.09M	-37.30M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	38,737.50M	39,633.77M	32,009.68M	22,729.79M	21,227.02M	0.00M	0.00M	0.00M	0.00M	0.00M	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	99,737.20M	102,522.63M	102,522.63M	104,144.50M	100,347.12M	100,057.98M	89,930.60M	76,667.03M	72,069.30M	72,881.31M	62,362.98M	51,816.70M	47,479.65M	38,726.93M	36,669.14M	35,819.64M	29,293.67M	21,308.29M	23,381.66M	14,938.16M	12,426.85M	11,662.06M	11,162.22M	9,350.27M	11,518.35M	10,745.71M	7,611.83M	7,674.99M	1,430.31M	750.92M
Total Assets	164,703.92M	167,020.00M	167,020.00M	178,626.28M	193,001.17M	203,223.27M	194,305.13M	174,329.85M	166,545.51M	173,622.61M	140,111.53M	154,477.00M	137,942.86M	121,893.90M	114,462.69M	115,001.20M	89,496.81M	63,877.63M	55,727.07M	41,681.15M	23,622.26M	21,618.84M	20,607.72M	16,177.31M	16,462.66M	14,836.20M	13,011.14M	13,611.19M	13,792.43M	12,290.90M
Accounts Payable	13,839.15M	5,742.77M	5,742.77M	6,003.89M	6,580.45M	7,419.37M	9,074.44M	7,626.22M	6,217.21M	6,242.66M	4,109.74M	3,708.25M	3,016.95M	2,641.69M	3,209.02M	2,021.25M	19,450.10M	6,412.62M	1,744.51M	8,923.09M	1,535.92M	1,297.66M	1,226.85M	395.59M	552.72M	570.13M	553.96M	503.11M	0.00M	0.00M
Short-Term Debt	17,071.08M	19,205.07M	19,205.07M	14,546.53M	17,902.77M	24,208.41M	14,308.07M	19,443.75M	12,921.48M	11,850.42M	8,586.22M	14,659.45M	18,486.86M	16,430.76M	10,843.21M	15,052.83M	9,519.51M	3,490.74M	3,824.19M	1,414.45M	614.74M	1,320.18M	1,240.65M	819.95M	843.45M	1,226.69M	615.74M	635.56M	0.00M	0.00M
Tax Payables	1,858.07M	3,499.67M	3,499.67M	4,828.75M	3,589.37M	6,641.70M	3,410.43M	4,335.12M	4,145.23M	4,306.79M	4,207.44M	3,386.36M	3,411.95M	0.00M	3,737.31M	3,393.52M	2,296.95M	852.08M	614.65M	57.39M	102.46M	65.24M	96.82M	116.24M	73.92M	30.46M	39.64M	35.57M	0.00M	0.00M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	16,015.15M	21,065.31M	21,695.92M	14,803.39M	15,288.35M	78.08M	81.88M	90.00M	-18,431.87M	0.00M	25,257.15M	3,457.58M	3,347.35M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	39.64M	35.57M	0.00M	0.00M
Other Current Liabilities	1,382.58M	15,169.29M	15,169.29M	8,937.96M	8,307.65M	14,195.85M	-373.74M	12,052.27M	11,569.66M	16,501.34M	25,298.58M	7,320.54M	5,227.04M	8,302.92M	14,175.69M	19,837.85M	-5,634.74M	3,000.79M	0.00M	-3,294.83M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	273.96M	195.02M	0.00M	0.00M
Total Current Liabilities	34,150.88M	43,616.81M	43,616.81M	34,317.13M	52,395.38M	73,530.64M	48,115.12M	58,260.75M	50,141.93M	38,979.30M	42,283.85M	29,164.61M	11,710.93M	27,375.37M	57,222.38M	43,763.04M	28,979.16M	13,756.22M	6,183.35M	7,100.10M	2,253.13M	2,683.07M	2,564.31M	1,331.78M	1,470.09M	1,827.28M	1,522.94M	1,404.83M	0.00M	0.00M
Long-Term Debt	41,431.85M	40,274.02M	40,274.02M	44,116.83M	40,828.23M	40,619.52M	43,186.80M	34,983.84M	38,560.01M	41,305.44M	37,596.93M	33,957.37M	27,388.91M	21,646.53M	24,859.75M	20,985.28M	12,668.98M	10,136.99M	5,829.90M	2,207.99M	1,561.96M	973.57M	859.39M	800.00M	800.00M	4.19M	1,170.00M	1,755.00M	2,553.27M	2,579.03M
Capital Lease Obligations	246.66M	287.72M	287.72M	165.26M	125.04M	148.67M	317.84M	262.03M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	7,770.88M	7,705.11M	7,705.11M	7,830.57M	7,924.37M	8,495.15M	8,545.12M	8,446.09M	9,141.54M	9,757.52M	8,837.61M	7,303.47M	6,547.17M	0.00M	5,696.61M	4,359.57M	3,617.79M	2,248.15M	2,220.87M	2,324.64M	112.05M	107.48M	91.94M	71.90M	76.22M	84.02M	74.80M	71.05M	0.00M	0.00M
Other Non-Current Liabilities	73.28M	78.13M	78.13M	80.57M	80.48M	89.30M	88.16M	0.00M	87.33M	85.33M	349.12M	72.29M	7,126.48M	5,716.19M	79.52M	74.05M	74.58M	2,204.08M	0.00M	1,275.81M	-28.83M	-345.19M	0.00M	0.00M	0.00M	0.00M	0.00M	-1,369.26M	-2,553.27M	-2,579.03M
Total Non-Current Liabilities	49,522.66M	48,344.97M	48,344.97M	52,193.23M	48,958.12M	49,352.64M	52,137.91M	43,691.96M	47,788.88M	51,148.29M	46,783.66M	41,333.13M	41,062.56M	27,362.72M	30,635.88M	25,418.90M	16,361.35M	14,589.21M	8,050.77M	5,808.45M	1,645.18M	735.87M	951.33M	871.90M	876.22M	88.21M	1,244.80M	456.79M	0.00M	0.00M
Total Liabilities	83,673.54M	91,961.78M	91,961.78M	86,510.36M	101,353.50M	122,883.28M	100,253.03M	101,952.71M	97,930.81M	90,127.59M	89,067.51M	70,497.74M	52,773.49M	54,738.09M	87,858.26M	69,181.93M	45,340.52M	28,345.43M	14,234.12M	12,908.55M	3,898.30M	3,418.94M	3,515.63M	2,203.68M	2,346.31M	1,915.49M	2,767.74M	1,861.62M	0.00M	0.00M
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	0.00M	0.00M	0.00M	0.00M
Common Stock	13,649.84M	13,649.84M	13,649.84M	13,649.84M	13,649.84M	13,649.84M	13,649.84M	13,649.84M	13,649.84M	13,649.84M	13,633.45M	13,615.89M	13,527.83M	108.28M	108.03M	107.98M	107.98M	107.98M	107.64M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Retained Earnings	39,078.32M	32,770.37M	32,770.37M	31,351.98M	29,202.10M	28,118.63M	25,890.74M	24,866.76M	31,549.97M	29,227.84M	27,173.69M	25,248.05M	22,368.79M	21,568.17M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	3,763.45M	2,779.15M	2,082.18M	0.00M	0.00M
Accumulated OCI	0.00M	1,150.30M	1,150.30M	1,601.22M	2,672.08M	5,670.98M	4,138.19M	1,723.22M	4,190.29M	6,278.25M	3,443.80M	4,164.13M	0.00M	-148.67M	-1,916.93M	-1,705.12M	-1,929.70M	-1,907.02M	-2,197.48M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Minority Interest	31,175.19M	30,722.83M	30,722.83M	30,857.06M	31,269.89M	33,918.25M	38,388.62M	32,564.75M	28,227.67M	29,445.37M	25,556.23M	19,261.62M	18,203.77M	17,433.79M	15,829.54M	15,848.98M	11,622.05M	9,196.11M	8,479.65M	5,733.63M	2,225.61M	1,832.14M	1,476.79M	380.93M	618.55M	482.31M	396.86M	369.41M	318.63M	247.27M
Total Shareholders’ Equity	52,728.16M	47,570.51M	47,570.51M	46,603.04M	45,524.02M	47,439.45M	43,678.77M	40,239.81M	49,390.10M	49,155.93M	44,250.94M	43,028.07M	35,896.62M	21,527.78M	-1,808.90M	-1,597.14M	-1,821.72M	-1,799.05M	-2,089.83M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	3,763.45M	2,779.15M	2,082.18M	0.00M	0.00M
Total Equity	83,903.35M	78,293.33M	78,293.33M	77,460.10M	76,793.91M	81,357.70M	82,067.38M	72,804.56M	77,617.77M	78,601.31M	69,807.17M	62,289.69M	54,100.39M	38,961.57M	14,020.64M	14,251.84M	9,800.33M	7,397.06M	6,389.82M	5,733.63M	2,225.61M	1,832.14M	1,476.79M	380.93M	618.55M	4,245.76M	3,176.00M	2,451.59M	318.63M	247.27M
Total Liabilities & Equity	167,576.89M	170,255.11M	170,255.11M	163,970.46M	178,147.41M	204,240.98M	182,320.42M	174,757.27M	175,548.58M	168,728.89M	158,874.69M	132,787.43M	106,873.88M	93,699.66M	101,878.90M	83,433.78M	55,140.84M	35,742.49M	20,623.94M	18,642.17M	6,123.91M	5,251.08M	4,992.42M	2,584.61M	2,964.86M	6,161.25M	5,943.74M	4,313.21M	318.63M	247.27M
Tangible Assets	147,902.45M	150,618.25M	150,618.25M	163,803.18M	178,274.30M	186,840.08M	177,578.08M	157,679.66M	149,597.80M	155,160.93M	122,163.52M	138,665.56M	123,344.74M	106,790.30M	99,228.65M	99,454.54M	74,646.76M	54,275.72M	45,499.70M	38,336.42M	21,332.18M	19,348.98M	18,439.86M	14,079.49M	16,434.95M	14,836.20M	13,011.14M	13,611.19M	13,754.48M	12,251.15M
Tangible Equity	67,101.87M	61,891.58M	61,891.58M	62,637.00M	62,067.04M	64,974.52M	65,340.33M	56,154.38M	60,670.07M	60,139.63M	51,859.16M	46,478.24M	39,502.27M	23,857.96M	-1,213.40M	-1,294.82M	-5,049.72M	-2,204.85M	-3,837.55M	2,388.90M	-64.47M	-437.73M	-691.07M	-1,716.88M	590.83M	4,245.76M	3,176.00M	2,451.59M	280.67M	207.53M
Tangible Book Value	67,101.87M	61,891.58M	61,891.58M	62,637.00M	62,067.04M	64,974.52M	65,340.33M	56,154.38M	60,670.07M	60,139.63M	51,859.16M	46,478.24M	39,502.27M	23,857.96M	-1,213.40M	-1,294.82M	-5,049.72M	-2,204.85M	-3,837.55M	2,388.90M	-64.47M	-437.73M	-691.07M	-1,716.88M	590.83M	4,245.76M	3,176.00M	2,451.59M	280.67M	207.53M
Total Investments	78,773.79M	27,682.84M	27,682.84M	83,721.68M	77,266.66M	70,787.94M	64,207.79M	53,613.58M	11,790.07M	10,513.71M	8,367.48M	10,721.97M	7,952.57M	6,893.68M	4,707.95M	4,429.79M	4,981.54M	4,581.89M	5,781.56M	6,254.12M	6,435.99M	6,586.04M	6,755.48M	5,928.97M	4,735.66M	3,908.75M	2,271.81M	2,212.57M	1,575.19M	1,375.20M
Net Debt	34,316.86M	38,637.60M	38,637.60M	33,438.34M	29,632.22M	25,968.67M	28,333.65M	25,230.47M	26,349.03M	21,018.12M	14,870.69M	21,806.06M	18,788.15M	12,101.95M	16,454.48M	18,105.98M	7,035.80M	4,109.13M	886.00M	-3,103.17M	-4,628.86M	-3,774.65M	-3,898.51M	-3,734.86M	-1,816.90M	-1,889.80M	-2,138.84M	-2,405.10M	2,553.27M	2,579.03M

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	2000-12-31	1999-12-31	1998-12-31	1997-12-31
Working Capital	31,632.8M	25,821.3M	25,821.3M	27,742.5M	28,190.8M	34,021.3M	44,274.7M	39,913.8M	45,222.5M	49,454.9M	46,625.2M	44,809.7M	40,467.9M	41,015.6M	42,205.8M	36,259.6M	28,449.7M	25,164.2M	16,550.1M	17,818.2M	8,949.3M	7,281.8M	6,883.4M	6,393.4M	3,474.2M	2,263.2M	3,916.0M	4,566.9M	12,362.1M	11,540.0M
Total Capital	107,905.0M	107,337.3M	107,337.3M	105,431.7M	104,465.8M	112,516.6M	101,604.7M	95,030.2M	92,756.8M	94,898.4M	83,099.4M	84,753.4M	79,770.5M	73,023.3M	67,988.1M	66,726.2M	51,948.5M	38,519.0M	33,055.5M	26,316.4M	19,682.1M	18,669.6M	17,717.5M	16,110.8M	15,141.3M	13,669.3M	13,155.2M	13,806.3M	13,400.7M	12,006.3M
Capital Employed	131,370.0M	128,344.0M	128,344.0M	131,887.0M	128,537.9M	134,079.3M	134,205.3M	116,580.8M	117,291.8M	122,336.2M	108,988.2M	96,626.4M	87,947.6M	79,742.5M	78,874.9M	72,079.2M	57,743.4M	46,472.5M	39,931.8M	32,756.3M	21,376.2M	18,943.9M	18,045.6M	15,743.7M	14,992.6M	13,008.9M	11,527.8M	12,241.9M	13,792.4M	12,290.9M
Invested Capital	83,718.9M	86,495.8M	86,495.8M	80,206.6M	75,367.0M	73,657.4M	72,443.5M	65,833.1M	67,624.3M	62,760.7M	51,787.0M	57,942.6M	52,682.9M	47,048.0M	48,739.6M	48,794.0M	36,795.8M	29,000.4M	24,287.4M	19,590.8M	12,876.5M	12,601.2M	11,718.9M	10,756.0M	11,680.9M	10,548.6M	9,230.6M	9,010.6M	13,400.7M	12,006.3M

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	2000-12-31	1999-12-31
Net Income	5,897.45M	5,303.63M	4,902.37M	3,423.70M	2,313.92M	3,728.31M	2,189.31M	3,349.53M	3,333.02M	3,135.18M	2,903.03M	2,826.76M	3,096.26M	2,702.42M	5,947.74M	4,088.47M	5,423.38M	3,721.30M	3,391.59M	2,317.00M	1,257.78M	1,027.94M	1,383.06M	1,259.17M	1,126.34M	1,202.53M	1,134.67M	1,011.25M
Depreciation & Amortization	4,012.67M	3,222.66M	2,016.12M	1,691.67M	1,505.82M	1,719.51M	1,625.10M	1,762.49M	1,653.45M	1,531.45M	1,380.73M	1,241.92M	1,160.23M	1,052.00M	920.52M	828.25M	769.35M	538.40M	584.00M	321.84M	315.98M	286.65M	179.13M	115.48M	107.82M	0.00M	0.00M	0.00M
Deferred Income Tax	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	517.41M	-1,151.65M	-3,693.94M	-8,789.22M	-4,490.42M	0.00M	624.14M	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	0.16M	5.90M	48.51M	120.05M	108.18M	0.00M	1.95M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	9,686.57M	-7,640.66M	42.60M	-3,338.73M	-2,875.79M	-834.18M	1,710.82M	-3,042.41M	-4,155.75M	-2,026.24M	1,473.03M	-7,023.48M	-517.57M	1,141.70M	1.69M	-3,039.96M	826.91M	-3.50M	1,972.00M	-171.70M	276.47M	-556.26M	0.98M	53.13M	-82.06M	0.00M	0.00M	0.00M
Accounts Receivable	394.38M	-6,038.87M	58.41M	335.97M	-7,626.57M	1,587.70M	-3,912.29M	-3,101.34M	78.86M	-1,847.89M	-2,734.19M	-2,751.89M	429.67M	285.84M	0.00M	0.00M	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	9,298.92M	1,875.59M	6,800.57M	2,498.35M	1,349.94M	525.65M	-1,016.45M	-2,173.68M	-4,234.61M	-178.35M	4,207.21M	-4,271.59M	-947.24M	859.92M	1,234.06M	-8,080.75M	-346.22M	-3,656.63M	199.65M	-395.42M	60.18M	-197.01M	-226.23M	67.03M	-21.63M	0.00M	0.00M	0.00M
Accounts Payable	0.00M	0.00M	134.78M	536.48M	6,925.15M	-1,862.84M	991.67M	2,443.07M	96.90M	-974.90M	-3,183.58M	1,972.89M	0.00M	0.00M	0.00M	0.00M	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	-6.74M	-3,477.38M	-6,959.01M	-6,709.52M	-3,524.32M	-1,084.68M	5,647.90M	-210.46M	-96.90M	974.90M	3,183.58M	-1,972.89M	-4.38M	-4.05M	-1,232.38M	5,040.79M	1,173.13M	3,653.13M	1,772.36M	223.72M	216.29M	-359.25M	227.21M	-13.90M	-60.44M	0.00M	0.00M	0.00M
Other Non-Cash Items	-13,772.59M	2,610.26M	-2,147.83M	2,578.29M	-417.77M	4,945.81M	1,442.90M	606.32M	-471.31M	392.05M	4,027.75M	3,341.83M	-8,506.02M	1,286.77M	573.84M	6,450.73M	486.41M	-1,652.40M	-1,932.97M	-2,176.77M	-625.02M	-96.88M	-797.90M	-528.89M	-101.24M	4.30M	24.01M	62.35M
Net Cash from Operating Activities	5,824.09M	4,691.23M	4,813.27M	4,354.93M	526.18M	9,559.46M	6,968.12M	2,675.93M	359.41M	3,032.45M	9,784.53M	387.03M	-4,766.94M	6,188.79M	3,798.35M	-341.69M	3,123.81M	2,603.80M	4,640.72M	290.37M	1,225.21M	661.45M	765.27M	898.89M	1,050.86M	1,206.83M	1,158.68M	1,073.60M
Capital Expenditures (PPE)	-2,955.55M	-2,463.69M	-454.86M	-1,322.50M	-552.31M	-6,995.38M	-3,010.37M	-1,139.30M	-716.26M	-1,258.79M	-596.05M	-289.48M	-369.89M	-304.09M	-427.26M	-744.98M	-462.24M	-2,309.06M	-1,913.03M	-1,061.83M	-1,097.51M	-350.62M	-391.11M	-161.39M	-134.62M	-235.43M	-91.06M	-116.23M
Acquisitions (Net)	0.00M	4,285.06M	2,267.46M	359.11M	-186.59M	5,450.69M	808.78M	302.27M	-466.40M	-482.26M	-49.36M	-14.72M	-4,924.31M	-492.38M	602.24M	-2,968.08M	1,449.98M	1,456.14M	-3,292.01M	-1,060.65M	-1.89M	-108.04M	-192.42M	-1,895.94M	-41.30M	4.46M	-936.00M	33.82M
Purchases of Investments	-1,727.40M	-6,962.51M	-1,387.75M	-56.57M	-4,028.87M	-2,979.82M	-4,357.46M	-692.33M	-2,352.42M	-1,833.45M	-1,750.29M	-157.60M	-195.46M	0.00M	-474.21M	-119.77M	-33.77M	-629.66M	-4.55M	-56.12M	-60.33M	-52.05M	-2,478.72M	-1,888.90M	-615.04M	-256.03M	-700.60M	-65.16M
Sales / Maturities of Investments	663.10M	-1,472.91M	2,288.38M	9.52M	291.49M	657.94M	512.24M	393.05M	35.46M	410.63M	1,298.93M	375.89M	7.77M	0.00M	372.01M	26.75M	52.18M	434.86M	122.02M	36.86M	474.10M	38.29M	3,069.90M	6,512.47M	292.09M	479.52M	562.98M	79.36M
Other Investing Activities	-213.50M	3,567.75M	-9,630.65M	-3,026.98M	1,405.84M	1,289.61M	1,158.40M	-574.75M	2,286.94M	1,043.48M	-1,571.20M	1,389.51M	5,266.56M	1,602.44M	2,881.38M	2,939.57M	-1,441.83M	-1,653.28M	-879.56M	-786.29M	538.52M	1,023.61M	679.98M	-1,988.71M	-669.75M	-1,209.66M	-119.47M	30.52M
Net Cash from Investing Activities	-4,233.36M	-3,046.30M	-6,917.42M	-4,037.42M	-3,070.45M	-2,576.96M	-4,888.41M	-1,711.05M	-1,212.69M	-2,120.39M	-2,667.97M	1,303.60M	-215.33M	805.98M	2,954.17M	-866.52M	-435.68M	-2,701.00M	-5,967.12M	-2,928.03M	-147.12M	551.19M	687.63M	577.53M	-1,168.62M	-1,217.14M	-1,284.15M	-37.69M
Net Debt Issuance	865.83M	2,173.80M	2,722.68M	1,051.18M	1,762.97M	6,717.16M	-107.86M	4,152.01M	676.71M	2,194.25M	-2,089.63M	3,479.06M	6,726.23M	1,653.83M	-853.98M	4,345.18M	1,721.72M	6,195.34M	3,341.17M	-18.24M	-146.95M	-115.41M	78.80M	-20.59M	407.34M	-585.00M	-604.82M	-40.89M
Long-Term Debt Issuance	190.61M	2,173.80M	2,722.68M	1,051.18M	1,762.97M	6,717.16M	988.99M	4,152.01M	676.71M	2,194.25M	-2,089.63M	3,479.06M	6,726.23M	1,653.83M	-853.98M	4,345.18M	18,570.17M	6,195.34M	3,341.17M	-18.24M	-146.95M	-115.41M	78.80M	-20.59M	407.34M	-585.00M	-604.82M	-40.89M
Short-Term Debt Issuance	675.22M	0.00M	0.00M	0.00M	0.00M	0.00M	-1,096.85M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-65.41M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	3.94M	-3.94M	-3.92M	-1.32M	-0.97M	-32.76M	1,096.85M	-9.81M	0.00M	14.82M	16.24M	71.21M	958.26M	56.81M	10.53M	0.00M	0.73M	54.00M	80.42M	3,113.74M	11.64M	104.16M	147.14M	99.70M	372.71M	-6.54M	101.10M	46.41M
Common Stock Issuance	2.61M	-2.61M	0.00M	0.00M	0.00M	0.00M	1,096.85M	0.00M	0.00M	15.30M	4,431.04M	81.43M	958.26M	1,021.09M	10.53M	0.00M	0.73M	54.00M	80.42M	3,113.74M	11.64M	104.16M	147.14M	99.70M	442.98M	33.99M	121.61M	46.41M
Common Stock Repurchased	1.32M	-124.80M	-3.92M	-1.32M	-0.97M	-32.76M	0.00M	0.00M	0.00M	-0.48M	0.00M	-9.91M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-70.26M	-40.53M	-20.51M	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	-4,414.80M	0.00M	0.00M	-964.28M	0.00M	0.00M	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	-2,064.29M	-2,394.93M	-1,021.98M	-1,000.24M	-1,043.72M	-1,087.21M	-804.54M	-565.35M	-1,043.72M	-1,073.91M	-1,041.50M	-1,145.76M	-974.49M	-1,081.03M	-1,166.37M	-1,166.17M	-1,187.74M	-1,115.10M	-1,125.24M	-828.21M	-426.06M	-529.81M	-495.07M	-451.11M	-454.02M	0.00M	-293.26M	-291.39M
Common Dividends Paid	-2,064.29M	-2,394.93M	-1,021.98M	-1,000.24M	-1,043.72M	-1,087.21M	-804.54M	-565.35M	-1,043.72M	-1,073.91M	-1,041.50M	-1,145.76M	-974.49M	-1,081.03M	-1,166.37M	-1,166.17M	-1,187.74M	-906.63M	-946.79M	-686.62M	-426.06M	-529.81M	-495.07M	-451.11M	-454.02M	-395.49M	-293.26M	-291.39M
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	-27.70M	0.00M	-188.16M	-141.59M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-3,042.19M	-2,837.80M	-3,077.18M	-3,392.76M	-5,278.96M	-2,682.92M	-3,330.64M	-542.57M	-4,606.86M	-2,723.39M	1,349.74M	-3,857.03M	-266.83M	-949.33M	-2,116.52M	-100.47M	-1,263.46M	-1,273.55M	76.13M	131.87M	-252.07M	-26.96M	-17.30M	-130.41M	-150.21M	423.05M	295.11M	304.21M
Net Cash from Financing Activities	-4,236.71M	-617.57M	-1,380.40M	-3,343.14M	-4,560.68M	2,914.27M	-3,146.18M	3,034.27M	-4,973.87M	-1,588.23M	-1,765.16M	-1,452.52M	6,443.17M	-319.71M	-4,126.34M	3,078.54M	-2,190.94M	4,069.16M	1,901.44M	2,399.17M	-813.43M	-650.03M	-305.91M	-502.41M	175.82M	-563.97M	-501.87M	18.34M
Effect of FX on Cash	-6,974.85M	-3,926.04M	-898.97M	-619.54M	-2,174.94M	-101.38M	1,516.04M	-913.06M	-1,178.12M	1,280.51M	-849.71M	-515.25M	-532.24M	235.52M	92.47M	206.95M	234.12M	0.00M	422.62M	221.88M	72.90M	16.29M	0.00M	0.00M	0.00M	-279.32M	-243.75M	-156.20M
Net Change in Cash	-24,616.54M	-4,473.07M	-4,383.53M	-3,645.17M	-9,279.55M	9,795.39M	449.57M	3,436.60M	-7,005.27M	825.28M	4,501.69M	-276.95M	928.67M	6,910.57M	2,718.65M	2,077.29M	731.31M	3,971.96M	997.65M	-16.61M	337.56M	578.90M	1,147.00M	974.01M	58.06M	-853.61M	-871.09M	898.05M
Cash at Beginning of Period	99,267.36M	134,549.91M	25,225.03M	28,870.19M	38,859.27M	29,161.22M	29,197.12M	25,760.52M	32,137.74M	31,312.46M	26,810.77M	27,087.72M	26,159.05M	19,248.48M	16,529.84M	14,452.55M	11,412.87M	7,289.13M	6,223.12M	6,102.15M	5,764.60M	5,185.69M	4,038.70M	3,064.69M	3,006.64M	3,920.71M	4,795.66M	3,897.62M
Cash at End of Period	74,606.83M	130,076.84M	20,841.49M	25,225.03M	29,098.78M	38,859.27M	29,161.22M	29,197.12M	25,132.47M	32,137.74M	31,312.46M	26,810.77M	27,087.72M	26,159.05M	19,248.48M	16,529.84M	12,144.18M	11,261.09M	7,220.77M	6,085.54M	6,102.15M	5,764.60M	5,185.69M	4,038.70M	3,064.69M	3,067.10M	3,924.58M	4,795.66M
Operating Cash Flow	5,302.72M	4,691.23M	4,813.27M	4,354.93M	-1,532.77M	7,931.57M	4,535.96M	2,675.93M	359.41M	3,032.45M	9,784.53M	387.03M	-4,766.94M	6,188.79M	3,798.35M	-341.69M	3,123.81M	2,603.80M	4,640.72M	290.37M	1,225.21M	661.45M	765.27M	898.89M	1,050.86M	1,206.83M	1,158.68M	1,073.60M
Capital Expenditure	-5,299.46M	-2,463.69M	-4,508.59M	-1,322.50M	-552.31M	-6,995.38M	-3,010.37M	-1,139.30M	-716.26M	-1,258.79M	-596.05M	-289.48M	-369.89M	-304.09M	-427.26M	-744.98M	-462.24M	-2,309.06M	-1,913.03M	-1,061.83M	-1,097.51M	-350.62M	-391.11M	-161.39M	-134.62M	-235.43M	-91.06M	-116.23M
Free Cash Flow	3.25M	2,227.54M	304.68M	3,032.43M	-2,085.09M	936.19M	1,525.59M	1,536.63M	-356.85M	1,773.66M	9,188.49M	97.55M	-5,136.83M	5,884.70M	3,371.08M	-1,086.67M	2,661.57M	294.75M	2,727.69M	-771.46M	127.70M	310.84M	374.16M	737.50M	916.23M	971.40M	1,067.62M	957.37M

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	2000-12-31	1999-12-31
EBITDA	16,436.49M	16,396.50M	6,338.68M	11,264.92M	7,481.53M	13,380.43M	7,925.43M	10,736.60M	9,910.23M	9,899.61M	5,678.00M	5,812.68M	6,244.15M	4,586.11M	3,976.66M	3,685.33M	2,481.27M	2,050.58M	2,493.99M	2,516.34M	2,067.75M	1,875.56M	1,704.03M	1,445.41M	1,672.93M	1,914.46M	1,676.00M	1,358.19M
(-) Tax Adjustment	5,752.77M	5,738.77M	2,218.54M	3,942.72M	2,618.54M	4,683.15M	2,773.90M	3,757.81M	3,468.58M	3,464.86M	1,987.30M	2,034.44M	2,185.45M	1,318.34M	1,083.97M	1,188.65M	621.51M	590.70M	392.54M	272.94M	281.51M	251.06M	227.57M	212.34M	210.15M	139.87M	102.38M	52.00M
(-) Change In Working Capital	9,686.57M	-7,640.66M	42.60M	-3,338.73M	-2,875.79M	-834.18M	1,710.82M	-3,042.41M	-4,155.75M	-2,026.24M	1,473.03M	-7,023.48M	-517.57M	1,141.70M	1.69M	-3,039.96M	826.91M	-3.50M	1,972.00M	-171.70M	276.47M	-556.26M	0.98M	53.13M	-82.06M	0.00M	0.00M	0.00M
(-) Capital Expenditure	-5,299.46M	-2,463.69M	-4,508.59M	-1,322.50M	-552.31M	-6,995.38M	-3,010.37M	-1,139.30M	-716.26M	-1,258.79M	-596.05M	-289.48M	-369.89M	-304.09M	-427.26M	-744.98M	-462.24M	-2,309.06M	-1,913.03M	-1,061.83M	-1,097.51M	-350.62M	-391.11M	-161.39M	-134.62M	-235.43M	-91.06M	-116.23M
Unlevered Free Cash Flow	-4,302.32M	15,511.87M	-431.04M	9,338.42M	7,186.47M	2,536.07M	430.34M	8,881.91M	9,881.13M	7,202.20M	1,621.63M	10,512.24M	4,206.38M	1,821.98M	2,463.74M	4,791.66M	570.61M	-845.68M	-1,783.58M	1,353.26M	412.26M	1,830.14M	1,084.36M	1,018.55M	1,410.22M	1,539.16M	1,482.57M	1,189.96M
(-) Net Interest Income After Taxes	-1,747.58M	-1,919.87M	-864.70M	-1,063.84M	-908.32M	-817.98M	-894.73M	-881.15M	-887.18M	-676.34M	-473.76M	-609.70M	-422.60M	-438.21M	-417.42M	-506.36M	-310.50M	-169.72M	-253.35M	-141.28M	-362.72M	-68.18M	-142.37M	-23.98M	-430.86M	0.00M	0.00M	0.00M
Net Debt Issuance	865.83M	2,173.80M	2,722.68M	1,051.18M	1,762.97M	6,717.16M	-107.86M	4,152.01M	676.71M	2,194.25M	-2,089.63M	3,479.06M	6,726.23M	1,653.83M	-853.98M	4,345.18M	1,721.72M	6,195.34M	3,341.17M	-18.24M	-146.95M	-115.41M	78.80M	-20.59M	407.34M	-585.00M	-604.82M	-40.89M
Levered Free Cash Flow	-1,688.90M	19,605.54M	3,156.33M	11,453.44M	9,857.77M	10,071.22M	1,217.21M	13,915.06M	11,445.02M	10,072.79M	5.76M	14,601.01M	11,355.21M	3,914.02M	2,027.18M	9,643.19M	2,602.83M	5,519.39M	1,810.93M	1,476.30M	628.03M	1,782.92M	1,305.53M	1,021.94M	2,248.41M	954.17M	877.75M	1,149.07M