Tristate Holdings Limited (0458.HK)

Industry: Apparel - Manufacturers Sector: Consumer Cyclical Currency Used: HK Live Price: $1.79

Enterprise Value

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003
Stock Price	2.73	1.34	0.75	0.90	1.12	1.61	1.73	1.68	1.84	2.83	2.93	3.47	4.48	3.98	2.21	1.55	1.45	2.39	3.29	2.15	1.26	1.56
Market Capitalization	746.22M	362.60M	202.35M	244.45M	302.84M	435.93M	466.99M	519.36M	509.50M	774.63M	793.75M	922.85M	1,212.09M	1,070.86M	592.80M	416.54M	389.67M	644.44M	887.13M	581.93M	344.23M	424.55M
(-) Cash & Equivalents	324.69M	351.38M	307.46M	303.27M	291.06M	223.89M	283.68M	437.35M	453.18M	665.33M	635.13M	633.97M	444.14M	530.34M	398.21M	386.36M	150.17M	194.70M	165.63M	158.95M	91.22M	20.16M
(+) Total Debt	276.19M	898.00M	972.59M	535.17M	578.09M	600.35M	126.92M	113.63M	255.10M	417.11M	564.21M	504.83M	348.25M	231.72M	262.61M	219.44M	105.42M	122.35M	102.93M	65.99M	1.32M	6.47M
Enterprise Value	697.72M	909.21M	867.48M	476.34M	589.88M	812.39M	310.23M	195.65M	311.41M	526.41M	722.83M	793.72M	1,116.20M	772.25M	457.20M	249.62M	344.91M	572.09M	824.43M	488.98M	254.33M	410.86M

Income Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31
Revenue	8,020M	7,594M	4,184M	4,216M	3,731M	3,038M	2,277M	3,001M	2,578M	1,923M	2,254M	2,516M	3,580M	3,600M	3,388M	3,273M	3,035M	2,829M	3,492M	2,913M	2,858M	2,684M	2,530M	2,514M
Cost of Revenue	4,741M	4,721M	2,468M	2,433M	2,470M	1,995M	1,683M	2,310M	1,958M	1,501M	1,724M	1,934M	2,489M	2,493M	2,374M	2,291M	0M	2,187M	2,783M	2,326M	2,271M	2,096M	2,037M	2,094M
Gross Profit	3,280M	2,873M	1,715M	1,783M	1,261M	1,043M	594M	691M	620M	422M	530M	581M	1,091M	1,107M	1,014M	982M	3,035M	642M	708M	587M	587M	589M	493M	420M
Gross Profit Margin	40.9%	37.8%	41.0%	42.3%	33.8%	34.3%	26.1%	23.0%	24.1%	21.9%	23.5%	23.1%	30.5%	30.8%	29.9%	30.0%	100.0%	22.7%	20.3%	20.2%	20.5%	21.9%	19.5%	16.7%
R&D Expenses	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	2,755M	2,369M	1,423M	1,426M	1,248M	1,063M	883M	821M	680M	520M	681M	769M	1,004M	1,000M	869M	708M	629M	546M	614M	461M	443M	478M	469M	509M
Operating Expenses	2,714M	2,368M	1,411M	1,475M	1,267M	1,110M	899M	683M	677M	489M	593M	596M	857M	1,019M	866M	703M	599M	539M	589M	461M	443M	478M	469M	509M
Operating Income (EBIT)	566M	505M	305M	308M	-6M	-67M	-305M	8M	-56M	-67M	-63M	-15M	234M	89M	148M	279M	2,436M	103M	120M	127M	144M	111M	24M	-89M
Operating Income Margin	7.1%	6.7%	7.3%	7.3%	-0.1%	-2.2%	-13.4%	0.3%	-2.2%	-3.5%	-2.8%	-0.6%	6.5%	2.5%	4.4%	8.5%	80.3%	3.6%	3.4%	4.3%	5.0%	4.1%	0.9%	-3.5%
Interest Income	10M	3M	4M	4M	1M	1M	1M	2M	4M	4M	7M	14M	15M	13M	12M	10M	5M	4M	8M	12M	0M	0M	0M	0M
Interest Expense	121M	110M	62M	64M	62M	32M	35M	34M	18M	4M	6M	9M	13M	13M	11M	7M	8M	9M	12M	12M	0M	0M	0M	0M
Net Interest Income	-111M	-108M	-58M	-61M	-61M	-31M	-34M	-32M	-14M	0M	1M	5M	2M	0M	1M	3M	-3M	-5M	-4M	0M	0M	0M	0M	0M
Unusual Items	-52M	-59M	0M	0M	188M	182M	186M	12M	0M	0M	0M	0M	0M	0M	15M	11M	-2,213M	-196M	-5M	24M	2M	93M	46M	7M
EBT Excluding Unusual Items	455M	397M	247M	247M	-66M	-98M	-339M	-24M	-71M	-67M	-62M	-9M	237M	89M	149M	282M	2,434M	98M	115M	126M	144M	111M	24M	-89M
Pre-Tax Income	403M	338M	247M	247M	121M	84M	-153M	-12M	-71M	-67M	-62M	-9M	237M	89M	164M	293M	221M	-97M	110M	150M	146M	203M	70M	-82M
Pre-Tax Margin	5.0%	4.5%	5.9%	5.9%	3.2%	2.8%	-6.7%	-0.4%	-2.7%	-3.5%	-2.7%	-0.4%	6.6%	2.5%	4.8%	9.0%	7.3%	-3.4%	3.1%	5.1%	5.1%	7.6%	2.8%	-3.2%
Income Tax Expense	134M	160M	84M	67M	81M	55M	14M	25M	9M	-2M	25M	36M	88M	45M	55M	43M	24M	7M	7M	17M	26M	36M	13M	10M
Net Income	255M	160M	156M	171M	31M	21M	-169M	-39M	-80M	-64M	-84M	-46M	148M	43M	109M	250M	197M	-104M	103M	132M	120M	168M	57M	-91M
Net Income Margin	3.2%	2.1%	3.7%	4.1%	0.8%	0.7%	-7.4%	-1.3%	-3.1%	-3.3%	-3.7%	-1.8%	4.1%	1.2%	3.2%	7.6%	6.5%	-3.7%	2.9%	4.5%	4.2%	6.3%	2.2%	-3.6%
Depreciation & Amortization	308M	430M	250M	241M	206M	203M	211M	164M	78M	59M	90M	152M	141M	124M	88M	83M	77M	73M	64M	11M	8M	8M	42M	41M
EBITDA	874M	935M	555M	549M	200M	135M	-94M	172M	22M	-8M	27M	137M	375M	213M	235M	362M	2,514M	176M	183M	138M	152M	118M	66M	-48M
EBITDA Margin	10.9%	12.3%	13.3%	13.0%	5.4%	4.5%	-4.1%	5.7%	0.9%	-0.4%	1.2%	5.5%	10.5%	5.9%	6.9%	11.0%	82.8%	6.2%	5.2%	4.7%	5.3%	4.4%	2.6%	-1.9%
NOPAT	377M	266M	201M	224M	-2M	-23M	-241M	7M	-45M	-53M	-50M	-12M	147M	43M	98M	238M	2,172M	81M	112M	112M	118M	91M	19M	-70M
NOPAT Margin	4.7%	3.5%	4.8%	5.3%	0.0%	-0.8%	-10.6%	0.2%	-1.7%	-2.8%	-2.2%	-0.5%	4.1%	1.2%	2.9%	7.3%	71.5%	2.9%	3.2%	3.8%	4.1%	3.4%	0.8%	-2.8%
Owner's Earnings	374M	420M	311M	314M	147M	174M	-9M	37M	-50M	-33M	-24M	85M	235M	93M	124M	288M	88M	-138M	1M	52M	85M	143M	77M	-85M
Owner's Earnings Margin	4.7%	5.5%	7.4%	7.5%	3.9%	5.7%	-0.4%	1.2%	-1.9%	-1.7%	-1.0%	3.4%	6.6%	2.6%	3.7%	8.8%	2.9%	-4.9%	0.0%	1.8%	3.0%	5.3%	3.1%	-3.4%
EPS (Basic)	0.94	0.58	0.57	0.63	0.11	0.08	-0.62	-0.14	-0.30	-0.24	-0.31	-0.17	0.55	0.16	0.40	0.93	0.73	-0.39	0.38	0.48	0.43	0.62	0.19	-0.34
EPS (Diluted)	0.93	0.59	0.57	0.63	0.11	0.08	-0.62	-0.14	-0.30	-0.24	-0.31	-0.17	0.55	0.16	0.40	0.92	0.73	-0.39	0.38	0.49	0.45	0.62	0.21	-0.34
Shares (Basic)	274M	272M	274M	272M	272M	272M	272M	272M	268M	267M	271M	269M	271M	271M	271M	269M	269M	269M	269M	269M	268M	271M	273M	272M
Shares (Diluted)	274M	272M	275M	272M	272M	272M	272M	272M	272M	272M	272M	271M	271M	271M	271M	270M	269M	269M	269M	269M	268M	271M	273M	272M

Balance Sheet

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31
Cash & Cash Equivalents	348.04M	466.55M	466.55M	462.66M	301.36M	378.91M	358.61M	285.36M	321.89M	512.99M	523.24M	666.13M	723.44M	692.93M	494.69M	629.35M	460.00M	401.40M	300.35M	389.40M	331.26M	317.89M	182.43M	60.49M
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	66.60M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	348.04M	466.55M	466.55M	462.66M	301.36M	378.91M	358.61M	285.36M	321.89M	512.99M	523.24M	666.13M	723.44M	692.93M	561.29M	629.35M	460.00M	401.40M	300.35M	389.40M	331.26M	317.89M	182.43M	60.49M
Net Receivables	540.90M	485.89M	485.89M	568.96M	516.35M	462.11M	305.11M	378.19M	297.61M	264.86M	278.45M	461.22M	456.16M	416.82M	0.00M	383.29M	332.36M	303.59M	432.22M	1.95M	449.46M	340.25M	273.97M	0.00M
Inventory	854.94M	794.13M	794.13M	750.41M	872.30M	539.72M	402.53M	426.05M	415.11M	239.53M	246.02M	273.80M	643.40M	563.00M	481.66M	399.99M	298.54M	271.97M	343.47M	367.44M	336.14M	300.14M	225.41M	272.98M
Other Current Assets	0.61M	-1.47M	-1.47M	32.54M	15.79M	17.18M	39.36M	14.13M	41.08M	52.91M	140.04M	0.00M	176.01M	28.67M	418.47M	41.71M	38.10M	101.22M	11.49M	370.09M	0.00M	0.00M	0.00M	406.80M
Total Current Assets	1,744.49M	1,745.10M	1,745.10M	1,814.56M	1,705.80M	1,397.92M	1,105.62M	1,103.73M	1,075.69M	1,070.29M	1,187.75M	1,401.16M	1,999.02M	1,701.42M	1,461.42M	1,454.33M	1,129.00M	1,078.18M	1,087.53M	1,128.88M	1,116.86M	958.28M	681.81M	740.27M
Property, Plant & Equipment	615.49M	561.82M	561.82M	587.39M	552.25M	538.22M	626.54M	652.35M	308.96M	325.96M	332.15M	402.89M	478.43M	526.12M	699.24M	520.82M	536.04M	593.91M	571.34M	469.98M	418.21M	364.94M	261.79M	285.02M
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	22.12M	21.71M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	574.19M	575.46M	575.46M	630.93M	719.71M	400.75M	439.81M	455.67M	491.91M	208.33M	189.53M	185.82M	94.53M	156.56M	207.34M	420.99M	299.86M	174.54M	187.56M	47.14M	84.62M	81.98M	0.00M	0.00M
Long-Term Investments	6.03M	6.03M	6.03M	0.35M	4.05M	2.53M	3.70M	3.18M	3.65M	2.10M	2.10M	2.10M	2.10M	3.61M	-63.70M	995.34M	6.48M	4.69M	6.06M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	0.00M	19.84M	19.84M	17.00M	17.57M	16.86M	8.27M	3.49M	5.23M	4.67M	5.78M	29.87M	33.78M	0.00M	36.34M	30.15M	19.99M	9.07M	6.68M	3.79M	6.54M	6.20M	2.26M	1.42M
Other Non-Current Assets	56.54M	28.35M	28.35M	37.30M	27.82M	25.50M	34.03M	32.75M	-5.23M	-4.67M	-5.78M	-29.87M	-33.78M	267.26M	94.90M	-977.57M	15.33M	18.45M	19.63M	11.81M	11.30M	11.04M	125.52M	106.43M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	149.79M	159.82M	153.09M	230.25M	227.87M	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	1,252.25M	1,191.50M	1,191.50M	1,272.95M	1,321.38M	983.86M	1,112.35M	1,147.45M	954.31M	696.21M	676.87M	821.07M	802.93M	975.67M	995.83M	989.74M	877.70M	800.67M	791.26M	532.72M	520.66M	464.15M	389.56M	392.86M
Total Assets	2,996.74M	2,936.60M	2,936.60M	3,087.52M	3,027.19M	2,381.78M	2,217.96M	2,251.18M	2,030.00M	1,766.51M	1,864.61M	2,222.23M	2,801.95M	2,677.09M	2,457.26M	2,444.06M	2,006.70M	1,878.85M	1,878.79M	1,661.60M	1,637.52M	1,422.43M	1,071.37M	1,133.14M
Accounts Payable	300.63M	329.01M	329.01M	444.48M	437.32M	344.12M	218.26M	179.11M	166.18M	105.54M	88.13M	92.83M	174.83M	170.50M	204.04M	257.24M	189.31M	165.20M	185.27M	184.03M	196.90M	179.61M	303.97M	410.93M
Short-Term Debt	76.50M	108.42M	108.42M	32.75M	107.01M	42.03M	54.29M	64.54M	73.79M	98.87M	198.91M	325.29M	443.80M	403.75M	293.59M	194.04M	189.83M	170.34M	210.84M	227.09M	163.63M	79.29M	2.64M	19.41M
Tax Payables	0.00M	53.24M	53.24M	44.06M	93.14M	64.51M	30.10M	34.35M	13.08M	5.54M	10.42M	34.51M	50.94M	0.00M	77.26M	72.48M	66.71M	48.65M	43.67M	40.34M	27.72M	32.25M	3.83M	3.02M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	27.65M	11.04M	0.48M	1.19M	4.90M	-101.25M	-199.65M	-340.04M	-443.80M	0.00M	0.00M	442.04M	340.39M	309.57M	0.00M	40.34M	27.72M	32.25M	3.83M	3.02M
Other Current Liabilities	94.77M	431.13M	431.13M	484.22M	97.03M	66.30M	30.10M	41.69M	21.43M	11.77M	30.05M	48.42M	56.31M	43.66M	377.73M	369.90M	274.51M	271.01M	205.63M	163.80M	170.60M	192.81M	100.81M	103.01M
Total Current Liabilities	471.89M	921.81M	921.81M	1,005.52M	762.15M	527.99M	333.23M	320.88M	279.38M	120.47M	127.85M	161.01M	282.09M	617.91M	952.62M	1,335.69M	1,060.75M	964.76M	645.42M	655.60M	586.57M	516.21M	415.07M	539.38M
Long-Term Debt	0.00M	545.33M	545.33M	592.41M	624.78M	310.30M	4.40M	301.70M	310.55M	0.00M	24.94M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	17.61M	42.23M	52.70M	0.00M	0.00M
Capital Lease Obligations	250.29M	232.89M	232.89M	246.80M	126.62M	117.07M	153.59M	144.60M	0.00M	0.00M	0.00M	0.00M	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	42.63M	42.63M	40.98M	39.17M	33.11M	27.78M	23.51M	25.15M	25.22M	31.43M	45.94M	58.78M	0.00M	52.67M	54.18M	60.35M	69.05M	83.63M	96.49M	107.84M	88.28M	13.59M	12.54M
Other Non-Current Liabilities	595.54M	30.92M	30.92M	25.91M	0.00M	0.00M	319.46M	0.00M	31.66M	52.51M	56.50M	50.96M	56.85M	-56.32M	156.12M	194.74M	100.49M	131.57M	164.53M	35.43M	36.48M	37.39M	18.84M	16.65M
Total Non-Current Liabilities	845.83M	851.77M	851.77M	906.10M	790.57M	460.48M	505.22M	469.81M	367.36M	77.73M	112.87M	96.90M	115.63M	-56.32M	208.79M	248.91M	160.84M	200.61M	248.16M	149.53M	186.55M	178.36M	32.42M	29.19M
Total Liabilities	1,317.73M	1,773.58M	1,773.58M	1,911.62M	1,552.72M	988.47M	838.45M	790.69M	646.74M	198.20M	240.73M	257.91M	397.72M	561.60M	1,161.41M	1,584.61M	1,221.59M	1,165.37M	893.58M	805.13M	773.12M	694.57M	447.49M	568.58M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	27.35M	27.26M	27.26M	27.16M	27.16M	27.16M	27.16M	27.16M	27.16M	27.16M	27.16M	27.16M	27.12M	27.08M	27.04M	27.01M	26.87M	26.87M	26.87M	0.00M	0.00M	0.00M	0.00M	0.00M
Retained Earnings	0.00M	572.21M	572.21M	487.59M	336.62M	299.62M	274.79M	446.95M	707.95M	786.33M	851.74M	933.81M	997.43M	868.41M	641.81M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Accumulated OCI	1,251.85M	347.03M	347.03M	385.37M	376.29M	419.08M	453.97M	382.85M	379.50M	417.50M	294.16M	354.53M	249.05M	282.72M	-713.00M	-653.61M	-652.25M	-582.72M	-554.44M	0.00M	0.00M	0.00M	0.00M	0.00M
Minority Interest	27.67M	28.47M	28.47M	24.86M	19.33M	10.28M	2.21M	-0.43M	-2.33M	-2.95M	-2.15M	0.31M	0.34M	0.32M	0.35M	0.38M	0.40M	0.40M	0.44M	0.49M	15.54M	16.36M	5.59M	0.88M
Total Shareholders’ Equity	1,279.20M	946.51M	946.51M	900.12M	740.07M	745.86M	755.91M	856.96M	1,114.62M	1,230.98M	1,173.06M	1,315.49M	1,273.60M	1,178.21M	-44.15M	-626.59M	-625.38M	-555.85M	-527.56M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Equity	1,306.87M	974.98M	974.98M	924.98M	759.40M	756.14M	758.12M	856.53M	1,112.29M	1,228.03M	1,170.91M	1,315.81M	1,273.94M	1,178.52M	-43.80M	-626.22M	-624.98M	-555.44M	-527.12M	0.49M	15.54M	16.36M	5.59M	0.88M
Total Liabilities & Equity	2,624.60M	2,748.56M	2,748.56M	2,836.60M	2,312.12M	1,744.60M	1,596.58M	1,647.21M	1,759.03M	1,426.24M	1,411.63M	1,573.72M	1,671.65M	1,740.12M	1,117.61M	958.39M	596.61M	609.93M	366.46M	805.62M	788.67M	710.94M	453.08M	569.45M
Tangible Assets	2,422.55M	2,361.14M	2,361.14M	2,456.59M	2,307.48M	1,981.03M	1,778.15M	1,795.50M	1,538.09M	1,558.17M	1,675.08M	2,036.41M	2,707.42M	2,498.41M	2,228.21M	2,023.07M	1,706.84M	1,704.31M	1,691.23M	1,614.46M	1,552.90M	1,340.45M	1,071.37M	1,133.14M
Tangible Equity	732.68M	399.52M	399.52M	294.05M	39.69M	355.38M	318.31M	400.85M	620.39M	1,019.70M	981.38M	1,129.98M	1,179.41M	999.84M	-272.85M	-1,047.21M	-924.84M	-729.99M	-714.68M	-46.65M	-69.08M	-65.62M	5.59M	0.88M
Tangible Book Value	732.68M	399.52M	399.52M	294.05M	39.69M	355.38M	318.31M	400.85M	620.39M	1,019.70M	981.38M	1,129.98M	1,179.41M	999.84M	-272.85M	-1,047.21M	-924.84M	-729.99M	-714.68M	-46.65M	-69.08M	-65.62M	5.59M	0.88M
Total Investments	6.03M	6.03M	6.03M	0.35M	4.05M	2.53M	3.70M	3.18M	3.65M	2.10M	2.10M	2.10M	2.10M	3.61M	2.90M	995.34M	6.48M	4.69M	6.06M	0.00M	0.00M	0.00M	125.52M	106.43M
Net Debt	-271.54M	187.19M	187.19M	162.51M	430.43M	-26.59M	-299.93M	80.88M	62.45M	-414.12M	-299.40M	-340.84M	-279.64M	-289.17M	-201.10M	-435.31M	-270.17M	-231.06M	-89.51M	-144.69M	-125.41M	-185.90M	-179.80M	-41.08M

Capital Metrics

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31
Working Capital	808.8M	807.8M	807.8M	736.6M	529.7M	539.9M	431.1M	504.3M	590.4M	674.6M	672.0M	657.7M	865.7M	652.5M	615.9M	619.8M	466.8M	446.3M	507.9M	600.3M	558.0M	474.3M	270.6M	203.9M
Total Capital	1,606.0M	1,460.3M	1,460.3M	1,459.8M	1,975.2M	1,574.1M	1,621.0M	1,718.2M	1,564.0M	1,423.9M	1,462.7M	1,721.6M	1,996.4M	1,860.2M	1,696.2M	1,554.3M	1,373.1M	1,216.3M	1,261.4M	1,227.7M	1,082.4M	875.7M	624.8M	586.1M
Capital Employed	2,061.0M	1,999.3M	1,999.3M	2,009.6M	1,851.1M	1,523.8M	1,543.4M	1,651.8M	1,544.7M	1,370.8M	1,348.8M	1,478.8M	1,668.6M	1,628.1M	1,611.8M	1,609.6M	1,344.5M	1,246.9M	1,299.2M	1,133.0M	1,078.7M	938.5M	660.1M	596.8M
Invested Capital	1,257.9M	993.8M	993.8M	997.1M	1,673.9M	1,195.2M	1,262.4M	1,432.8M	1,242.1M	910.9M	939.5M	1,055.4M	1,273.0M	1,167.3M	1,201.5M	925.0M	913.1M	814.9M	961.1M	838.3M	751.2M	557.8M	442.3M	525.6M

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
Net Income	254.75M	159.67M	246.66M	171.23M	30.77M	21.13M	-169.44M	-38.83M	-80.46M	-64.18M	-84.09M	-45.67M	148.28M	43.44M	163.71M	292.98M	220.72M	-97.19M	109.70M	132.25M	120.26M	167.79M	56.58M	-91.19M
Depreciation & Amortization	245.77M	429.59M	250.49M	241.11M	205.80M	202.57M	210.60M	163.83M	78.41M	59.18M	90.09M	152.35M	140.57M	124.49M	87.62M	82.60M	77.36M	72.82M	63.70M	11.15M	7.85M	7.78M	42.32M	40.61M
Deferred Income Tax	0.00M	-1,448.45M	0.00M	0.00M	-810.00M	-585.77M	-310.72M	-394.85M	234.20M	-25.31M	-69.79M	-419.77M	112.13M	87.19M	-27.99M	-71.09M	-63.06M	141.45M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Stock-Based Compensation	0.42M	1.44M	0.72M	0.74M	0.73M	0.73M	0.76M	0.75M	0.54M	0.48M	0.42M	0.35M	0.39M	0.40M	0.53M	0.67M	0.64M	0.51M	0.36M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-283.04M	-617.72M	-208.59M	-71.93M	-403.01M	-156.20M	104.13M	-75.67M	-234.75M	24.83M	69.37M	419.42M	-112.52M	15.98M	-242.72M	-8.25M	-7.66M	112.68M	75.09M	-32.62M	-148.23M	-15.76M	69.45M	87.76M
Accounts Receivable	110.74M	-337.53M	109.26M	-52.36M	-82.47M	-153.50M	70.20M	-60.89M	-33.71M	14.38M	36.16M	142.24M	-39.61M	-54.97M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	-123.52M	-355.41M	-100.76M	70.44M	-408.41M	-152.26M	3.11M	-18.49M	-201.03M	10.46M	33.21M	277.18M	-72.91M	-32.62M	-126.44M	-111.22M	-32.99M	63.21M	69.30M	-31.30M	-36.01M	29.87M	47.57M	25.43M
Accounts Payable	-68.44M	105.09M	-115.47M	7.16M	93.20M	125.86M	37.93M	12.93M	60.64M	17.41M	-7.57M	-82.00M	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	-201.82M	-29.88M	-101.62M	-97.17M	-5.34M	23.70M	-7.11M	-9.22M	-60.64M	-17.41M	7.57M	82.00M	-14.42M	103.57M	-116.28M	102.97M	25.32M	49.47M	5.78M	-1.32M	-112.22M	-45.63M	21.88M	62.33M
Other Non-Cash Items	403.02M	1,854.40M	47.89M	130.34M	1,028.99M	714.62M	377.96M	466.33M	-111.76M	78.90M	-43.20M	-391.61M	-155.91M	-39.01M	-0.98M	-3.07M	1.21M	-0.60M	-44.28M	32.34M	49.86M	36.71M	-11.68M	10.41M
Net Cash from Operating Activities	620.92M	378.92M	337.18M	471.49M	53.28M	197.08M	213.29M	121.56M	-113.80M	99.21M	32.59M	134.83M	20.80M	145.31M	-19.84M	293.85M	229.20M	229.66M	204.56M	143.13M	29.74M	196.52M	156.66M	47.59M
Capital Expenditures (PPE)	-137.93M	-169.76M	-95.45M	-98.05M	-89.95M	-49.68M	-50.63M	-87.62M	-48.01M	-28.12M	-29.60M	-22.12M	-54.17M	-75.31M	-72.55M	-44.37M	-185.94M	-106.71M	-165.42M	-91.32M	-43.16M	-32.11M	-21.45M	-34.08M
Acquisitions (Net)	23.83M	7.05M	0.00M	0.00M	6.04M	0.66M	1.07M	12.27M	0.70M	1.55M	-4.51M	158.89M	-0.34M	0.00M	11.55M	14.23M	23.11M	11.11M	-94.13M	-9.39M	-0.65M	-9.28M	0.00M	0.40M
Purchases of Investments	-5.92M	0.00M	-5.92M	0.00M	0.00M	0.00M	0.00M	-3.10M	-27.30M	-1.92M	0.00M	-2.10M	-204.33M	0.00M	-33.30M	-20.41M	0.00M	-3.41M	0.00M	12.87M	-7.15M	0.00M	-1.15M	-1.15M
Sales / Maturities of Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	27.89M	26.60M	95.50M	88.28M	36.04M	3.40M	0.00M	13.08M	11.26M	0.00M	26.11M	0.00M	0.04M	0.78M	0.00M	0.46M	1.07M
Other Investing Activities	-49.92M	8.89M	26.11M	5.06M	0.00M	0.00M	0.00M	0.00M	-0.55M	4.34M	4.87M	-152.00M	50.30M	-35.45M	-18.18M	-32.72M	32.15M	8.28M	34.29M	11.67M	9.49M	15.02M	2.18M	1.08M
Net Cash from Investing Activities	-169.94M	-162.70M	-75.26M	-92.99M	-83.91M	-49.02M	-49.57M	-50.57M	-48.56M	71.35M	59.03M	18.72M	-205.15M	-110.76M	-99.40M	-72.00M	-130.68M	-64.61M	-225.26M	-76.12M	-40.69M	-26.37M	-19.96M	-32.67M
Net Debt Issuance	2.01M	-99.16M	-32.75M	-109.74M	64.98M	-16.66M	-5.85M	-9.25M	-25.08M	-100.03M	-128.58M	-118.51M	40.05M	110.16M	99.55M	4.21M	19.49M	-40.50M	-16.25M	63.47M	84.33M	-732.83M	-15.95M	14.74M
Long-Term Debt Issuance	-74.49M	-99.16M	0.00M	-109.74M	-89.62M	-16.66M	-5.85M	-9.25M	-25.08M	-100.03M	-128.58M	-118.51M	40.05M	110.16M	99.55M	4.21M	19.49M	-40.50M	-16.25M	63.47M	84.33M	-732.83M	-15.95M	14.74M
Short-Term Debt Issuance	76.50M	0.00M	-32.75M	0.00M	64.98M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	99.55M	4.21M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	1.48M	0.00M	0.72M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.79M	0.00M	0.00M	0.42M	2.38M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock Issuance	1.48M	0.00M	0.72M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.79M	0.60M	0.73M	0.42M	2.38M	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	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-84.45M	0.00M	-68.15M	-16.30M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-16.27M	-16.25M	-24.34M	-78.38M	-104.98M	-43.00M	-24.19M	-48.37M	-51.06M	-63.52M	-56.30M	0.00M	-26.87M
Common Dividends Paid	-84.45M	0.00M	-68.15M	-16.30M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-16.27M	-16.25M	-24.34M	-78.38M	-104.98M	-43.00M	-24.19M	-48.37M	-51.06M	-59.12M	-51.06M	0.00M	-26.87M
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	-5.24M	0.00M	0.00M
Other Financing Activities	-277.80M	-87.08M	-150.07M	-91.39M	-96.90M	-108.55M	-91.92M	-72.50M	-4.25M	-2.83M	-5.45M	-7.02M	-7.56M	-6.11M	-4.04M	-2.21M	-3.28M	-3.82M	-9.16M	-18.42M	-4.40M	757.07M	0.00M	0.00M
Net Cash from Financing Activities	-358.75M	-186.24M	-250.25M	-217.42M	-31.92M	-125.21M	-97.77M	-81.75M	-29.33M	-102.86M	-134.03M	-141.01M	16.25M	79.71M	17.56M	-100.60M	-26.79M	-68.50M	-73.78M	-16.22M	20.81M	-32.06M	-15.95M	-12.13M
Effect of FX on Cash	14.68M	-17.41M	-8.30M	1.56M	-14.81M	-2.56M	7.30M	-0.99M	-4.12M	15.62M	-12.21M	-35.91M	-2.32M	14.63M	0.32M	15.38M	5.19M	1.10M	5.43M	7.35M	3.50M	0.00M	2.02M	-3.67M
Net Change in Cash	119.17M	12.48M	3.04M	162.64M	-77.55M	20.30M	73.25M	-8.64M	-195.81M	83.33M	-54.62M	-23.37M	-170.41M	128.88M	-101.35M	136.63M	76.92M	97.65M	-89.05M	58.14M	13.37M	138.10M	122.77M	-0.88M
Cash at Beginning of Period	1,330.12M	1,221.46M	452.88M	290.24M	378.91M	358.61M	285.36M	294.00M	458.50M	375.18M	429.79M	453.16M	623.57M	494.69M	596.04M	459.41M	382.50M	284.85M	389.40M	331.26M	317.89M	179.80M	57.03M	57.91M
Cash at End of Period	1,438.65M	1,233.94M	455.92M	452.88M	301.36M	378.91M	358.61M	285.36M	262.69M	458.50M	375.18M	429.79M	453.16M	623.57M	494.69M	596.04M	459.41M	382.50M	300.35M	389.40M	331.26M	317.89M	179.80M	57.03M
Operating Cash Flow	624.31M	378.92M	337.18M	471.49M	53.28M	197.08M	213.29M	121.56M	-113.80M	99.21M	32.59M	134.83M	20.80M	145.31M	-19.84M	293.85M	229.20M	229.66M	204.56M	143.13M	29.74M	196.52M	156.66M	47.59M
Capital Expenditure	-188.12M	-169.76M	-95.45M	-98.05M	-89.95M	-49.68M	-50.63M	-87.62M	-48.01M	-28.12M	-29.60M	-22.12M	-54.17M	-75.31M	-72.55M	-44.37M	-185.94M	-106.71M	-165.42M	-91.32M	-43.16M	-32.11M	-21.45M	-34.08M
Free Cash Flow	436.19M	209.17M	241.39M	373.44M	-36.67M	147.41M	162.65M	33.93M	-161.81M	71.10M	2.99M	112.72M	-33.37M	70.00M	-92.39M	249.48M	43.26M	122.95M	39.14M	51.81M	-13.42M	164.41M	135.21M	13.52M

Free Cash Flow

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31
EBITDA	832.15M	933.69M	542.66M	598.24M	218.83M	181.90M	-78.04M	33.95M	18.50M	-39.15M	-60.89M	-34.86M	227.73M	231.45M	232.08M	357.41M	2,483.44M	168.22M	157.79M	137.68M	151.71M	118.36M	65.89M	-47.96M
(-) Tax Adjustment	277.31M	326.79M	184.18M	162.59M	76.59M	63.66M	0.00M	0.00M	0.00M	-1.29M	0.00M	0.00M	79.71M	81.01M	77.53M	52.75M	269.84M	0.00M	10.38M	15.96M	26.80M	20.67M	12.45M	0.00M
(-) Change In Working Capital	-283.04M	-617.72M	-208.59M	-71.93M	-403.01M	-156.20M	104.13M	-75.67M	-234.75M	24.83M	69.37M	419.42M	-112.52M	15.98M	-242.72M	-8.25M	-7.66M	112.68M	75.09M	-32.62M	-148.23M	-15.76M	69.45M	87.76M
(-) Capital Expenditure	-188.12M	-169.76M	-95.45M	-98.05M	-89.95M	-49.68M	-50.63M	-87.62M	-48.01M	-28.12M	-29.60M	-22.12M	-54.17M	-75.31M	-72.55M	-44.37M	-185.94M	-106.71M	-165.42M	-91.32M	-43.16M	-32.11M	-21.45M	-34.08M
Unlevered Free Cash Flow	649.76M	1,054.87M	471.61M	409.53M	455.30M	224.76M	-232.80M	22.00M	205.24M	-90.81M	-159.86M	-476.40M	206.37M	59.16M	324.71M	268.53M	2,035.32M	-51.17M	-93.10M	63.01M	229.98M	81.34M	-37.46M	-169.79M
(-) Net Interest Income After Taxes	-73.88M	-70.15M	-38.27M	-44.26M	-39.57M	-19.83M	-33.58M	-32.19M	-14.35M	0.14M	1.28M	5.44M	1.34M	-0.02M	0.65M	2.62M	-2.42M	-4.76M	-4.10M	-0.38M	0.00M	0.00M	0.00M	0.00M
Net Debt Issuance	2.01M	-99.16M	-32.75M	-109.74M	64.98M	-16.66M	-5.85M	-9.25M	-25.08M	-100.03M	-128.58M	-118.51M	40.05M	110.16M	99.55M	4.21M	19.49M	-40.50M	-16.25M	63.47M	84.33M	-732.83M	-15.95M	14.74M
Levered Free Cash Flow	725.65M	1,025.86M	477.14M	344.06M	559.85M	227.92M	-205.08M	44.93M	194.51M	-190.99M	-289.71M	-600.34M	245.08M	169.34M	423.62M	270.12M	2,057.23M	-86.91M	-105.26M	126.86M	314.32M	-651.49M	-53.41M	-155.05M