China State Construction Development Holdings Limited (0830.HK)

Industry: Engineering & Construction Sector: Industrials Currency Used: HK Live Price: $1.18

Enterprise Value

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Stock Price	1.97	2.51	2.02	1.40	0.52	0.83	0.64	0.94	1.05	1.59	1.31	2.06	1.49	0.73	0.84	1.29	1.29
Market Capitalization	4,443.48M	5,650.14M	4,446.13M	3,006.99M	1,110.11M	1,778.32M	1,368.79M	2,026.24M	2,264.02M	3,416.66M	2,813.21M	4,440.56M	2,965.59M	818.67M	882.63M	1,096.50M	1,096.50M
(-) Cash & Equivalents	833.80M	671.85M	892.73M	752.69M	647.48M	634.80M	530.96M	460.92M	406.85M	218.79M	223.51M	228.07M	468.63M	139.49M	373.13M	157.84M	96.84M
(+) Total Debt	1,610.63M	1,327.50M	1,437.30M	1,383.55M	1,155.31M	827.59M	686.11M	597.68M	506.04M	389.67M	335.66M	463.15M	75.84M	53.24M	0.00M	0.00M	0.00M
Enterprise Value	5,220.31M	6,305.79M	4,990.70M	3,637.85M	1,617.93M	1,971.11M	1,523.94M	2,162.99M	2,363.20M	3,587.54M	2,925.36M	4,675.64M	2,572.79M	732.42M	509.50M	938.66M	999.66M

Income Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Revenue	15,389M	15,977M	8,102M	8,666M	7,669M	6,295M	4,536M	4,619M	4,243M	3,133M	2,647M	2,195M	1,682M	1,419M	1,296M	848M	867M	860M	1,285M	659M	885M
Cost of Revenue	13,543M	14,228M	7,135M	7,693M	6,871M	5,638M	4,062M	4,092M	3,757M	2,686M	2,458M	1,983M	1,507M	1,410M	1,219M	651M	641M	668M	1,032M	576M	817M
Gross Profit	1,846M	1,749M	967M	973M	798M	657M	474M	527M	486M	446M	189M	212M	175M	8M	77M	197M	226M	192M	253M	83M	68M
Gross Profit Margin	12.0%	10.9%	11.9%	11.2%	10.4%	10.4%	10.4%	11.4%	11.5%	14.2%	7.2%	9.6%	10.4%	0.6%	6.0%	23.2%	26.0%	22.3%	19.7%	12.6%	7.7%
R&D Expenses	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	287M	535M	139M	49M	181M	237M	139M	178M	206M	209M	108M	56M	85M	99M	198M	113M	91M	93M	116M	59M	50M
Operating Expenses	299M	535M	139M	181M	239M	237M	199M	231M	206M	208M	155M	167M	196M	175M	257M	101M	88M	94M	115M	59M	50M
Operating Income (EBIT)	1,547M	1,213M	828M	792M	559M	420M	274M	296M	281M	238M	35M	45M	-20M	-167M	-180M	96M	137M	98M	138M	24M	18M
Operating Income Margin	10.1%	7.6%	10.2%	9.1%	7.3%	6.7%	6.1%	6.4%	6.6%	7.6%	1.3%	2.0%	-1.2%	-11.7%	-13.9%	11.3%	15.9%	11.4%	10.7%	3.6%	2.1%
Interest Income	10M	9M	4M	4M	6M	5M	3M	3M	3M	2M	1M	1M	1M	1M	5M	2M	0M	0M	0M	3M	3M
Interest Expense	154M	103M	75M	82M	51M	30M	32M	39M	29M	17M	15M	12M	11M	15M	4M	1M	0M	0M	0M	0M	0M
Net Interest Income	-144M	-93M	-71M	-78M	-46M	-25M	-29M	-36M	-26M	-15M	-14M	-11M	-10M	-13M	1M	2M	0M	0M	0M	3M	3M
Unusual Items	-84M	-1M	-32M	-64M	-5M	1M	10M	17M	-3M	5M	-2M	-7M	-2M	12M	-2M	-9M	0M	0M	2M	0M	-1M
EBT Excluding Unusual Items	1,404M	1,120M	757M	715M	513M	395M	246M	260M	255M	223M	20M	34M	-30M	-180M	-179M	98M	137M	98M	138M	26M	21M
Pre-Tax Income	1,320M	1,118M	724M	650M	508M	396M	256M	277M	252M	228M	18M	27M	-33M	-168M	-181M	89M	137M	98M	140M	26M	20M
Pre-Tax Margin	8.6%	7.0%	8.9%	7.5%	6.6%	6.3%	5.7%	6.0%	5.9%	7.3%	0.7%	1.2%	-1.9%	-11.9%	-14.0%	10.5%	15.9%	11.4%	10.9%	4.0%	2.3%
Income Tax Expense	149M	215M	80M	78M	98M	112M	73M	109M	74M	114M	58M	22M	-23M	-129M	-26M	9M	22M	24M	36M	1M	2M
Net Income	1,180M	925M	650M	580M	422M	292M	194M	176M	183M	124M	88M	71M	58M	50M	-136M	77M	110M	74M	105M	25M	18M
Net Income Margin	7.7%	5.8%	8.0%	6.7%	5.5%	4.6%	4.3%	3.8%	4.3%	3.9%	3.3%	3.3%	3.4%	3.6%	-10.5%	9.0%	12.7%	8.6%	8.2%	3.8%	2.1%
Depreciation & Amortization	299M	326M	128M	157M	152M	175M	145M	182M	137M	7M	14M	10M	10M	33M	9M	10M	3M	3M	4M	3M	2M
EBITDA	1,846M	1,540M	956M	950M	711M	595M	419M	478M	418M	245M	49M	54M	-11M	-134M	-171M	105M	140M	102M	142M	26M	20M
EBITDA Margin	12.0%	9.6%	11.8%	11.0%	9.3%	9.4%	9.2%	10.3%	9.8%	7.8%	1.8%	2.5%	-0.6%	-9.4%	-13.2%	12.4%	16.2%	11.8%	11.0%	4.0%	2.3%
NOPAT	1,373M	980M	736M	697M	451M	301M	196M	179M	199M	119M	-74M	7M	-16M	-132M	-142M	86M	115M	75M	102M	22M	16M
NOPAT Margin	8.9%	6.1%	9.1%	8.0%	5.9%	4.8%	4.3%	3.9%	4.7%	3.8%	-2.8%	0.3%	-1.0%	-9.3%	-11.0%	10.1%	13.3%	8.7%	7.9%	3.4%	1.9%
Owner's Earnings	1,291M	1,027M	713M	660M	484M	238M	143M	253M	11M	22M	83M	75M	56M	65M	-187M	27M	111M	74M	92M	-11M	14M
Owner's Earnings Margin	8.4%	6.4%	8.8%	7.6%	6.3%	3.8%	3.1%	5.5%	0.3%	0.7%	3.1%	3.4%	3.3%	4.6%	-14.4%	3.2%	12.8%	8.6%	7.2%	-1.7%	1.6%
EPS (Basic)	0.52	0.42	0.29	0.26	0.19	0.14	0.09	0.08	0.08	0.06	0.04	0.03	0.03	0.02	-0.07	0.07	0.10	0.09	0.12	0.02	0.02
EPS (Diluted)	0.52	0.42	0.29	0.26	0.19	0.14	0.09	0.08	0.08	0.06	0.04	0.03	0.03	0.02	-0.07	0.07	0.10	0.09	0.12	0.02	0.02
Shares (Basic)	2,256M	2,207M	2,256M	2,256M	2,208M	2,156M	2,156M	2,156M	2,156M	2,156M	2,156M	2,156M	2,156M	2,156M	1,990M	1,114M	1,054M	850M	850M	1,122M	1,122M
Shares (Diluted)	2,256M	2,207M	2,256M	2,256M	2,208M	2,156M	2,156M	2,156M	2,156M	2,156M	2,156M	2,156M	2,156M	2,156M	1,990M	1,126M	1,062M	850M	850M	1,122M	1,122M

Balance Sheet

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash & Cash Equivalents	823.89M	982.51M	982.51M	712.95M	974.84M	928.10M	858.15M	826.58M	696.74M	478.14M	386.89M	200.49M	242.03M	310.45M	340.47M	81.56M	364.22M	315.68M	290.53M	129.11M	84.85M
Short-Term Investments	193.98M	184.18M	184.18M	26.19M	24.44M	68.39M	61.08M	54.01M	0.00M	0.00M	0.00M	19.06M	0.00M	0.00M	0.00M	45.69M	0.00M	71.82M	38.19M	0.00M	0.00M
Cash & Short-Term Investments	1,017.87M	1,166.69M	1,166.69M	739.14M	999.28M	996.49M	919.23M	880.59M	696.74M	478.14M	386.89M	219.55M	242.03M	310.45M	340.47M	127.26M	364.22M	387.51M	328.72M	129.11M	84.85M
Net Receivables	7,914.32M	7,435.76M	7,435.76M	6,604.05M	6,688.49M	4,827.55M	3,659.55M	3,480.30M	3,529.11M	1,918.07M	1,383.70M	1,392.85M	1,141.31M	1,412.89M	830.16M	527.42M	299.96M	315.74M	465.07M	286.33M	327.81M
Inventory	168.58M	152.89M	152.89M	152.46M	173.26M	154.15M	137.19M	98.52M	127.38M	9.93M	10.34M	13.65M	12.55M	17.65M	8.60M	4.79M	0.08M	0.07M	0.80M	0.50M	0.19M
Other Current Assets	873.58M	818.43M	818.43M	807.96M	957.59M	964.81M	922.66M	897.41M	0.00M	0.00M	0.49M	0.88M	4.76M	0.94M	4.93M	0.00M	2.90M	2.91M	5.33M	0.00M	0.00M
Total Current Assets	9,974.34M	9,573.76M	9,573.76M	8,303.61M	8,818.61M	6,943.01M	5,638.62M	5,356.82M	4,353.22M	2,406.14M	1,781.42M	1,626.93M	1,400.65M	1,741.93M	1,184.16M	659.46M	667.16M	706.22M	799.91M	415.94M	412.85M
Property, Plant & Equipment	1,804.66M	1,788.50M	1,788.50M	1,781.16M	2,019.76M	2,269.21M	2,107.75M	1,957.14M	1,838.29M	231.42M	143.50M	138.50M	154.53M	162.63M	159.99M	114.47M	33.31M	41.26M	53.58M	54.52M	21.36M
Goodwill	0.00M	0.00M	0.00M	0.00M	87.65M	112.65M	129.65M	138.15M	138.15M	138.15M	138.15M	138.15M	138.15M	138.15M	138.15M	159.71M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	0.00M	0.00M	0.00M	139.73M	87.65M	112.65M	129.65M	138.15M	0.00M	34.93M	0.00M	0.00M	0.00M	11.93M	0.00M	45.77M	0.00M	0.00M	0.00M	2.76M	3.04M
Long-Term Investments	8.43M	9.01M	9.01M	-3.44M	67.84M	69.91M	132.89M	193.89M	0.00M	0.00M	0.00M	0.00M	18.85M	18.56M	42.28M	0.00M	-32.72M	-68.85M	-35.44M	20.51M	20.20M
Tax Assets	111.17M	112.16M	0.00M	115.17M	110.50M	169.30M	175.12M	171.97M	172.56M	94.06M	147.01M	161.52M	154.80M	117.56M	6.00M	0.00M	0.00M	0.00M	0.00M	6.16M	3.70M
Other Non-Current Assets	18.94M	18.94M	131.11M	45.13M	-87.65M	-112.65M	-129.65M	-138.15M	166.50M	34.93M	33.13M	0.00M	-154.80M	-117.56M	30.51M	56.08M	82.68M	100.50M	61.16M	-3.95M	-1.51M
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	156.46M	124.78M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	1,943.20M	1,928.61M	1,928.61M	2,077.74M	2,285.74M	2,621.07M	2,545.41M	2,461.15M	2,315.49M	533.49M	461.79M	438.17M	467.98M	456.05M	376.93M	376.02M	83.28M	72.91M	79.30M	79.99M	46.78M
Total Assets	11,917.55M	11,502.37M	11,502.37M	10,381.35M	11,104.36M	9,564.08M	8,184.04M	7,817.97M	6,668.71M	2,939.62M	2,243.21M	2,065.10M	1,868.63M	2,197.98M	1,561.09M	1,035.48M	750.44M	779.13M	879.21M	495.93M	459.63M
Accounts Payable	5,426.44M	3,227.21M	5,197.97M	3,339.87M	3,208.41M	1,792.72M	1,270.15M	1,209.07M	1,051.92M	530.01M	306.73M	307.45M	219.63M	157.23M	361.88M	269.01M	52.13M	311.02M	480.11M	190.26M	167.83M
Short-Term Debt	667.65M	583.34M	583.34M	789.51M	419.79M	994.56M	652.26M	655.78M	505.18M	401.69M	322.84M	180.39M	119.59M	157.46M	24.11M	62.57M	0.00M	0.00M	0.00M	43.09M	47.48M
Tax Payables	0.00M	0.00M	0.00M	130.96M	135.57M	178.78M	148.73M	175.61M	106.76M	88.42M	68.27M	44.72M	23.82M	11.47M	15.88M	41.66M	35.37M	46.19M	30.58M	1.17M	1.28M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	112.45M	204.39M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	1,181.44M	1,533.21M	1,533.21M	1,691.55M	1,578.94M	1,741.52M	1,438.47M	1,329.43M	1,163.80M	389.56M	98.81M	380.35M	224.20M	180.70M	56.98M	16.04M	224.31M	105.01M	83.51M	70.23M	76.23M
Total Current Liabilities	7,275.54M	5,343.75M	7,314.51M	5,951.89M	5,342.71M	4,707.57M	3,509.60M	3,369.89M	2,827.65M	1,522.13M	1,001.04M	912.92M	587.23M	506.86M	458.84M	389.28M	311.81M	462.22M	594.20M	304.75M	292.81M
Long-Term Debt	1,095.02M	997.61M	997.61M	398.47M	906.01M	508.59M	641.46M	211.76M	244.93M	213.19M	200.00M	212.72M	215.78M	625.60M	27.39M	27.64M	0.00M	0.00M	0.00M	0.00M	0.00M
Capital Lease Obligations	91.96M	106.74M	106.74M	59.05M	23.77M	24.56M	15.71M	29.99M	1.84M	2.50M	2.14M	2.72M	4.48M	5.37M	6.10M	1.71M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	0.29M	0.29M	0.29M	0.29M	3.52M	3.52M	4.20M	4.54M	0.29M	0.29M	0.29M	0.29M	0.29M	5.11M	21.54M	22.65M	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	229.58M	673.58M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-6.16M	-3.70M
Total Non-Current Liabilities	1,187.27M	1,104.64M	1,104.64M	457.82M	933.30M	536.67M	661.37M	475.86M	920.64M	215.98M	202.43M	215.73M	220.55M	636.07M	55.02M	52.00M	0.00M	0.00M	0.00M	-6.16M	-3.70M
Total Liabilities	8,462.81M	6,448.40M	8,419.16M	6,409.70M	6,276.02M	5,244.24M	4,170.97M	3,845.76M	3,748.29M	1,738.11M	1,203.47M	1,128.65M	807.78M	1,142.93M	513.87M	441.28M	311.81M	462.22M	594.20M	298.59M	289.11M
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	7.71M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	22.56M	22.56M	22.56M	22.56M	22.56M	21.56M	21.56M	21.56M	21.56M	21.56M	21.56M	21.56M	21.56M	21.56M	21.56M	11.13M	11.16M	0.01M	147.26M	147.26M	147.26M
Retained Earnings	3,117.32M	2,602.78M	2,602.78M	2,210.85M	1,811.74M	1,522.82M	1,392.05M	1,219.26M	1,095.43M	591.70M	365.51M	307.30M	259.54M	223.36M	18.95M	281.92M	205.29M	0.00M	0.00M	-84.11M	-109.15M
Accumulated OCI	-1,193.80M	-1,067.30M	-1,067.30M	-948.26M	-858.65M	-772.30M	-909.24M	-1,014.14M	-983.44M	-491.44M	-43.40M	-54.93M	-24.89M	-7.71M	11.81M	18.83M	31.90M	-58.44M	-50.76M	3.58M	1.52M
Minority Interest	-114.77M	-114.52M	-114.52M	-105.96M	-98.64M	-85.68M	-78.14M	-66.81M	-59.01M	-54.20M	-45.26M	-206.97M	-122.59M	-54.47M	35.28M	53.20M	7.34M	1.81M	1.44M	0.00M	0.28M
Total Shareholders’ Equity	1,946.08M	1,558.03M	1,558.03M	1,285.14M	975.64M	772.08M	504.37M	226.67M	133.55M	121.82M	343.66M	273.93M	256.21M	244.92M	52.32M	311.88M	248.34M	-58.43M	96.50M	66.74M	39.63M
Total Equity	1,831.30M	1,443.51M	1,443.51M	1,179.18M	877.00M	686.40M	426.22M	159.86M	74.54M	67.61M	298.41M	66.95M	133.62M	190.45M	87.60M	365.08M	255.68M	-56.61M	97.94M	66.74M	39.91M
Total Liabilities & Equity	10,294.12M	7,891.90M	9,862.66M	7,588.89M	7,153.02M	5,930.65M	4,597.19M	4,005.62M	3,822.83M	1,805.72M	1,501.88M	1,195.60M	941.40M	1,333.38M	601.46M	806.37M	567.49M	405.60M	692.15M	365.33M	329.03M
Tangible Assets	11,917.55M	11,502.37M	11,502.37M	10,241.62M	10,929.06M	9,338.79M	7,924.74M	7,541.68M	6,530.57M	2,766.54M	2,105.06M	1,926.95M	1,730.48M	2,047.90M	1,422.94M	830.01M	750.44M	779.13M	879.21M	493.18M	456.60M
Tangible Equity	1,831.30M	1,443.51M	1,443.51M	1,039.46M	701.71M	461.11M	166.92M	-116.44M	-63.61M	-105.46M	160.26M	-71.20M	-4.53M	40.37M	-50.55M	159.61M	255.68M	-56.61M	97.94M	63.98M	36.88M
Tangible Book Value	1,831.30M	1,443.51M	1,443.51M	1,039.46M	701.71M	461.11M	166.92M	-116.44M	-63.61M	-105.46M	160.26M	-71.20M	-4.53M	40.37M	-50.55M	159.61M	255.68M	-56.61M	97.94M	63.98M	36.88M
Total Investments	202.41M	193.19M	193.19M	22.75M	92.28M	138.30M	193.97M	247.90M	0.00M	0.00M	0.00M	19.06M	18.85M	18.56M	42.28M	44.38M	-32.72M	2.97M	2.75M	20.51M	20.20M
Net Debt	938.78M	598.44M	598.44M	475.03M	350.97M	575.05M	435.56M	40.96M	53.37M	136.74M	135.95M	192.63M	93.33M	472.61M	-288.96M	8.65M	-364.22M	-315.68M	-290.53M	-86.02M	-37.37M

Capital Metrics

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Working Capital	2,673.5M	2,230.0M	2,230.0M	1,245.8M	1,302.3M	267.4M	196.8M	-155.9M	354.3M	683.7M	624.9M	743.2M	783.8M	1,260.3M	806.1M	302.0M	438.0M	267.1M	224.2M	111.2M	120.0M
Total Capital	4,916.6M	4,362.4M	4,362.4M	3,648.9M	3,465.3M	3,223.2M	2,723.0M	2,030.5M	1,780.3M	1,638.7M	1,455.2M	1,569.4M	1,494.7M	1,924.3M	1,151.5M	665.0M	514.0M	338.2M	302.1M	240.4M	217.7M
Capital Employed	4,616.8M	4,158.6M	4,158.6M	3,323.5M	3,588.1M	2,888.5M	2,742.2M	2,305.3M	2,669.8M	1,182.2M	1,086.7M	1,181.3M	1,251.8M	1,716.4M	1,183.0M	678.0M	521.3M	340.0M	303.5M	191.2M	166.8M
Invested Capital	4,092.8M	3,379.9M	3,379.9M	2,935.9M	2,490.4M	2,295.1M	1,864.8M	1,203.9M	1,083.6M	1,160.6M	1,068.3M	1,368.9M	1,252.7M	1,613.8M	811.0M	583.4M	149.8M	22.5M	11.6M	111.3M	132.9M

Cash Flow Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Net Income	1,180.18M	924.68M	650.25M	650.46M	421.85M	291.98M	194.34M	276.91M	182.78M	227.91M	88.39M	71.46M	-32.70M	-168.17M	-180.99M	89.09M	137.49M	98.42M	139.61M	25.04M	18.38M
Depreciation & Amortization	299.52M	326.35M	180.96M	157.20M	27.09M	174.86M	144.88M	16.85M	5.92M	7.84M	7.44M	9.67M	28.70M	33.03M	8.88M	7.10M	2.64M	3.09M	3.70M	2.55M	2.19M
Deferred Income Tax	0.00M	2,477.72M	0.00M	0.00M	0.00M	57.28M	6.35M	0.00M	24.17M	0.00M	0.00M	0.00M	0.00M	0.00M	42.58M	-0.07M	-40.85M	5.91M	0.00M	0.00M	0.00M
Stock-Based Compensation	1.82M	10.54M	0.76M	1.82M	3.89M	6.65M	0.59M	0.62M	0.64M	0.62M	0.00M	0.00M	0.00M	0.00M	4.17M	6.53M	5.50M	4.64M	0.00M	0.00M	0.00M
Change in Working Capital	-1,746.88M	-2,601.89M	-961.65M	-665.06M	-306.84M	-223.09M	75.53M	-260.15M	-24.81M	-175.87M	-2.10M	-96.78M	-6.30M	-167.71M	-246.90M	-156.17M	-96.73M	-1.96M	99.47M	59.35M	-16.61M
Accounts Receivable	-1,980.63M	-2,779.71M	-1,089.48M	-322.70M	-386.42M	-158.30M	285.19M	-351.76M	-8.18M	-35.28M	-5.41M	-95.68M	-109.33M	39.59M	0.00M	0.00M	0.00M	0.00M	0.00M	41.09M	-25.50M
Inventory	11.59M	-36.07M	-4.10M	15.70M	-19.10M	-16.97M	-38.66M	28.85M	-16.64M	0.41M	3.31M	-1.10M	5.10M	-9.05M	-3.75M	0.67M	0.25M	0.59M	-0.29M	-0.31M	0.03M
Accounts Payable	0.00M	0.00M	262.68M	120.17M	1,483.05M	588.91M	50.18M	150.08M	168.01M	0.00M	-111.95M	124.75M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	18.60M	9.91M
Other Working Capital	222.15M	213.89M	131.93M	-478.23M	-1,384.37M	-636.73M	-221.17M	0.00M	-168.01M	56.72M	111.95M	-124.75M	97.93M	-198.25M	-243.15M	-156.85M	-96.98M	-2.55M	99.76M	-0.03M	-1.05M
Other Non-Cash Items	580.06M	-612.47M	329.96M	106.07M	99.62M	-143.75M	-125.45M	174.39M	190.69M	40.63M	51.75M	-2.87M	25.21M	-8.78M	13.96M	-9.52M	16.77M	-1.01M	14.01M	-0.86M	1.58M
Net Cash from Operating Activities	314.70M	443.60M	200.28M	250.49M	245.61M	163.91M	296.24M	208.61M	379.39M	208.11M	145.48M	-18.52M	-3.81M	-336.67M	-358.31M	-63.05M	24.81M	109.08M	256.79M	86.09M	5.54M
Capital Expenditures (PPE)	-188.20M	-224.37M	-65.38M	-77.84M	-90.37M	-228.40M	-196.45M	-104.81M	-309.22M	-108.37M	-19.38M	-6.30M	-11.95M	-18.71M	-59.78M	-58.72M	-1.69M	-3.50M	-16.26M	-39.01M	-6.34M
Acquisitions (Net)	-2.13M	49.08M	0.00M	0.00M	1.66M	48.47M	133.94M	0.00M	19.95M	8.47M	0.00M	0.05M	0.00M	0.34M	0.00M	-227.41M	14.94M	0.00M	-0.61M	0.00M	0.00M
Purchases of Investments	0.00M	-3.33M	0.00M	0.00M	0.00M	-5.33M	-119.40M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-19.50M	-23.40M	-41.43M	-10.14M	-2.34M	-2.34M
Sales / Maturities of Investments	0.00M	0.00M	0.00M	0.00M	0.00M	-47.90M	-136.96M	0.00M	0.00M	0.00M	19.50M	0.00M	0.00M	23.70M	57.27M	11.45M	17.69M	2.34M	10.14M	3.11M	11.70M
Other Investing Activities	84.83M	78.79M	76.82M	4.66M	69.78M	47.90M	136.96M	207.33M	3.32M	2.45M	-32.25M	0.54M	1.91M	1.40M	5.71M	41.29M	-25.62M	2.03M	2.29M	-0.78M	7.26M
Net Cash from Investing Activities	-105.50M	-99.83M	11.44M	-73.18M	-18.92M	-185.26M	-181.90M	102.51M	-285.96M	-97.45M	-32.12M	-5.71M	-10.04M	6.73M	3.21M	-252.89M	-18.09M	-40.56M	-14.57M	-39.01M	10.29M
Net Debt Issuance	365.25M	130.29M	356.39M	-137.53M	-150.22M	208.41M	-301.22M	-78.19M	104.24M	91.02M	125.97M	60.54M	-443.36M	738.18M	-42.32M	55.31M	0.00M	0.00M	-43.09M	-4.39M	-0.31M
Long-Term Debt Issuance	376.01M	130.29M	356.39M	-137.53M	-158.47M	208.41M	421.64M	116.91M	104.24M	91.02M	125.97M	60.54M	-442.47M	738.95M	-42.85M	55.31M	0.00M	0.00M	-43.09M	0.00M	0.00M
Short-Term Debt Issuance	-10.76M	0.00M	0.00M	0.00M	8.26M	208.41M	-722.86M	-195.10M	0.00M	0.00M	0.00M	0.00M	-0.89M	-4.92M	0.52M	0.00M	0.00M	0.00M	0.00M	-4.39M	-0.31M
Net Stock Issuance	-0.75M	0.00M	0.00M	0.00M	219.03M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-3.91M	317.02M	-9.99M	0.00M	0.00M	0.00M
Common Stock Issuance	0.00M	219.03M	0.00M	0.00M	219.03M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.73M	320.67M	0.01M	0.00M	0.00M	0.00M
Common Stock Repurchased	-0.75M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-3.91M	-3.65M	-10.00M	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
Net Dividends Paid	-408.25M	-258.45M	-230.07M	-178.19M	-129.12M	-129.33M	0.00M	-51.73M	-43.11M	-193.60M	-30.18M	-23.71M	-29.36M	-10.78M	0.00M	-16.72M	-239.34M	-34.00M	0.00M	0.00M	0.00M
Common Dividends Paid	-408.25M	-258.45M	-230.07M	-178.19M	-129.12M	-129.33M	0.00M	-51.73M	-43.11M	-193.60M	-30.18M	-23.71M	-21.56M	-10.78M	0.00M	-16.72M	-239.34M	-34.00M	0.00M	0.00M	0.00M
Preferred Dividends Paid	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-7.80M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	61.77M	-79.17M	-16.18M	-106.98M	-86.66M	-23.13M	227.11M	-39.26M	-111.53M	-16.89M	-16.05M	-12.34M	429.67M	-515.37M	646.05M	0.57M	-36.68M	0.00M	0.00M	0.00M	0.00M
Net Cash from Financing Activities	18.01M	-207.33M	110.15M	-422.70M	-146.97M	55.95M	-74.11M	-169.18M	-50.40M	-119.47M	79.74M	24.48M	-43.05M	212.03M	603.73M	35.25M	41.00M	-43.99M	-43.09M	-4.39M	-0.31M
Effect of FX on Cash	-48.36M	-68.69M	-46.87M	-27.05M	-32.98M	35.35M	-8.65M	-12.10M	-30.97M	32.44M	-6.70M	-41.80M	-11.53M	-5.26M	5.35M	-1.97M	0.81M	0.63M	1.27M	0.00M	0.00M
Net Change in Cash	1,140.07M	67.76M	275.00M	-272.44M	46.73M	69.95M	31.58M	129.84M	218.60M	91.25M	186.41M	-41.55M	-68.42M	-123.17M	253.98M	-282.66M	48.54M	25.16M	200.39M	0.00M	0.00M
Cash at Beginning of Period	2,009.87M	3,290.83M	702.40M	974.84M	928.10M	858.15M	826.58M	696.74M	478.14M	386.89M	200.49M	242.03M	310.45M	433.62M	81.56M	364.22M	315.68M	290.53M	90.14M	84.85M	0.00M
Cash at End of Period	3,149.94M	3,358.59M	977.40M	702.40M	974.84M	928.10M	858.15M	826.58M	696.74M	478.14M	386.89M	200.49M	242.03M	310.45M	335.54M	81.56M	364.22M	315.68M	290.53M	129.11M	84.85M
Operating Cash Flow	415.08M	443.60M	200.28M	250.49M	245.61M	163.91M	296.24M	208.61M	379.39M	208.11M	145.48M	-18.52M	-3.81M	-336.67M	-358.31M	-63.05M	24.81M	109.08M	256.79M	86.09M	5.54M
Capital Expenditure	-188.20M	-224.37M	-65.38M	-77.84M	-90.37M	-228.40M	-196.45M	-104.81M	-309.22M	-108.37M	-19.38M	-6.30M	-11.95M	-18.71M	-59.78M	-58.72M	-1.69M	-3.50M	-16.26M	-39.01M	-6.34M
Free Cash Flow	226.88M	219.23M	134.90M	172.65M	113.50M	-64.48M	99.79M	70.90M	70.16M	99.74M	126.11M	-24.81M	-15.76M	-355.38M	-418.08M	-121.77M	23.12M	105.58M	240.53M	47.08M	-0.79M

Free Cash Flow

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
EBITDA	1,858.29M	1,539.63M	956.24M	1,081.51M	769.52M	594.72M	479.99M	530.85M	417.73M	244.23M	95.24M	165.18M	100.64M	-57.96M	-112.41M	93.45M	137.78M	102.14M	140.86M	26.25M	20.49M
(-) Tax Adjustment	209.88M	295.65M	106.13M	130.08M	148.81M	168.33M	137.53M	185.80M	121.77M	85.48M	33.33M	57.81M	35.22M	-20.29M	-16.18M	9.69M	22.12M	24.66M	36.80M	1.46M	2.10M
(-) Change In Working Capital	-1,746.88M	-2,601.89M	-961.65M	-665.06M	-306.84M	-223.09M	75.53M	-260.15M	-24.81M	-175.87M	-2.10M	-96.78M	-6.30M	-167.71M	-246.90M	-156.17M	-96.73M	-1.96M	99.47M	59.35M	-16.61M
(-) Capital Expenditure	-188.20M	-224.37M	-65.38M	-77.84M	-90.37M	-228.40M	-196.45M	-104.81M	-309.22M	-108.37M	-19.38M	-6.30M	-11.95M	-18.71M	-59.78M	-58.72M	-1.69M	-3.50M	-16.26M	-39.01M	-6.34M
Unlevered Free Cash Flow	3,207.09M	3,621.50M	1,746.38M	1,538.66M	837.18M	421.08M	70.49M	500.39M	11.55M	226.24M	44.63M	197.85M	59.77M	111.32M	90.90M	181.22M	210.70M	75.95M	-11.67M	-73.56M	28.67M
(-) Net Interest Income After Taxes	-127.40M	-75.47M	-63.26M	-68.21M	-36.81M	-17.78M	-20.37M	-23.37M	-18.23M	-9.69M	-9.35M	-7.15M	-6.50M	-8.77M	0.68M	1.57M	0.00M	0.00M	0.00M	2.36M	2.45M
Net Debt Issuance	365.25M	130.29M	356.39M	-137.53M	-150.22M	208.41M	-301.22M	-78.19M	104.24M	91.02M	125.97M	60.54M	-443.36M	738.18M	-42.32M	55.31M	0.00M	0.00M	-43.09M	-4.39M	-0.31M
Levered Free Cash Flow	3,699.74M	3,827.25M	2,166.03M	1,469.33M	723.78M	647.27M	-210.36M	445.57M	134.02M	326.96M	179.95M	265.54M	-377.09M	858.27M	47.90M	234.95M	210.70M	75.95M	-54.75M	-80.31M	25.91M