Hengan International Group Company Limited (1044.HK)

Industry: Household & Personal Products Sector: Consumer Defensive Currency Used: CN Live Price: $27.44

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	21.52	28.16	34.03	37.96	50.75	50.89	56.84	60.40	53.18	67.44	65.08	66.93	58.79	58.44	56.05	41.34	21.06	29.91	15.94	7.44	5.36	3.81	2.65	2.00	1.79	2.21	2.21	2.21
Market Capitalization	24,552.29M	32,654.73M	39,542.72M	44,644.60M	60,354.80M	60,550.31M	68,641.07M	72,770.83M	64,478.90M	82,580.30M	80,031.35M	82,442.55M	72,280.02M	71,731.41M	68,806.02M	49,508.04M	25,677.66M	32,620.34M	17,220.55M	8,040.86M	5,702.44M	3,893.19M	2,636.44M	1,991.71M	1,783.67M	2,240.20M	1,971.41M	1,673.89M
(-) Cash & Equivalents	17,642.71M	22,469.83M	21,591.88M	17,811.96M	24,242.83M	20,435.45M	19,732.59M	18,413.46M	12,945.93M	11,708.66M	17,599.46M	15,728.57M	6,807.54M	6,715.28M	4,419.71M	3,948.18M	709.05M	1,011.75M	511.71M	260.20M	289.69M	343.20M	376.61M	290.14M	266.29M	317.74M	0.00M	0.00M
(+) Total Debt	16,903.62M	19,085.06M	19,996.42M	20,998.99M	25,154.93M	22,856.38M	21,198.55M	19,477.20M	13,794.42M	15,348.81M	17,199.41M	15,454.00M	8,233.04M	6,062.24M	3,753.27M	1,935.64M	795.94M	887.55M	887.95M	498.40M	413.77M	185.76M	0.00M	87.96M	0.00M	37.48M	0.00M	0.00M
Enterprise Value	23,813.20M	29,269.97M	37,947.25M	47,831.62M	61,266.90M	62,971.24M	70,107.03M	73,834.57M	65,327.39M	86,220.46M	79,631.30M	82,167.98M	73,705.52M	71,078.38M	68,139.58M	47,495.50M	25,764.55M	32,496.14M	17,596.79M	8,279.06M	5,826.53M	3,735.76M	2,259.83M	1,789.54M	1,517.38M	1,959.94M	1,971.41M	1,673.89M

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	46,041M	45,637M	22,669M	23,768M	22,616M	20,790M	22,374M	22,493M	20,514M	18,080M	19,277M	18,663M	19,060M	16,542M	14,916M	13,799M	11,447M	9,539M	7,045M	5,328M	4,126M	3,154M	2,487M	1,800M	1,184M	1,292M	1,233M	1,203M	1,399M	848M
Cost of Revenue	30,682M	30,317M	15,344M	15,757M	14,926M	13,018M	12,918M	13,804M	12,678M	10,526M	9,873M	9,723M	10,272M	9,078M	8,220M	8,296M	6,381M	5,154M	4,226M	3,195M	2,401M	1,843M	1,459M	1,039M	675M	794M	764M	726M	1,047M	673M
Gross Profit	15,359M	15,320M	7,325M	8,011M	7,689M	7,772M	9,456M	8,689M	7,836M	7,554M	9,404M	8,940M	8,788M	7,464M	6,695M	5,504M	5,066M	4,385M	2,820M	2,132M	1,725M	1,311M	1,028M	761M	509M	499M	469M	477M	352M	175M
Gross Profit Margin	33.4%	33.6%	32.3%	33.7%	34.0%	37.4%	42.3%	38.6%	38.2%	41.8%	48.8%	47.9%	46.1%	45.1%	44.9%	39.9%	44.3%	46.0%	40.0%	40.0%	41.8%	41.6%	41.3%	42.3%	43.0%	38.6%	38.0%	39.6%	25.1%	20.6%
R&D Expenses	549M	705M	0M	0M	353M	352M	389M	406M	411M	409M	411M	380M	346M	217M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	10,291M	10,119M	5,110M	5,069M	4,908M	4,536M	4,837M	4,495M	3,469M	3,422M	5,204M	4,598M	5,120M	4,098M	3,333M	3,207M	2,722M	2,189M	1,554M	1,053M	880M	125M	625M	454M	328M	72M	267M	205M	0M	0M
Operating Expenses	7,970M	9,920M	3,970M	4,033M	4,820M	3,229M	3,063M	3,853M	3,047M	2,733M	4,864M	4,500M	4,686M	3,626M	3,056M	2,984M	2,581M	2,095M	1,468M	954M	842M	724M	612M	404M	275M	236M	223M	128M	0M	0M
Operating Income (EBIT)	7,388M	5,400M	3,355M	3,978M	2,869M	4,544M	6,392M	4,836M	4,789M	4,821M	4,540M	4,439M	4,102M	3,838M	3,640M	2,519M	2,485M	2,290M	1,352M	1,178M	883M	587M	417M	357M	234M	262M	246M	349M	352M	175M
Operating Income Margin	16.0%	11.8%	14.8%	16.7%	12.7%	21.9%	28.6%	21.5%	23.3%	26.7%	23.6%	23.8%	21.5%	23.2%	24.4%	18.3%	21.7%	24.0%	19.2%	22.1%	21.4%	18.6%	16.8%	19.8%	19.7%	20.3%	19.9%	29.0%	25.1%	20.6%
Interest Income	995M	1,272M	839M	969M	868M	962M	1,136M	211M	115M	140M	19M	109M	171M	78M	222M	148M	91M	40M	41M	20M	15M	5M	0M	0M	0M	0M	0M	0M	0M	0M
Interest Expense	55M	0M	475M	635M	454M	449M	701M	755M	620M	365M	345M	390M	394M	266M	167M	108M	55M	55M	55M	87M	62M	23M	19M	9M	0M	2M	1M	6M	2M	1M
Net Interest Income	940M	1,272M	364M	334M	413M	513M	435M	-544M	-504M	-226M	-326M	-281M	-222M	-187M	55M	41M	37M	-16M	-14M	-67M	-48M	-19M	-19M	-9M	0M	-2M	-1M	-6M	-2M	-1M
Unusual Items	-1,591M	-384M	-747M	-706M	-449M	-727M	-866M	755M	620M	365M	345M	390M	394M	266M	-40M	75M	68M	0M	-8M	-3M	35M	-4M	0M	0M	0M	1M	0M	0M	2M	1M
EBT Excluding Unusual Items	8,328M	6,672M	3,719M	4,312M	3,282M	5,056M	6,828M	4,292M	4,285M	4,595M	4,214M	4,158M	3,880M	3,650M	3,694M	2,560M	2,522M	2,274M	1,338M	1,111M	836M	569M	397M	348M	233M	260M	245M	343M	350M	174M
Pre-Tax Income	6,737M	6,288M	2,972M	3,605M	2,833M	4,330M	5,961M	5,047M	4,904M	4,961M	4,559M	4,549M	4,273M	3,916M	3,655M	2,635M	2,589M	2,274M	1,330M	1,108M	871M	565M	397M	348M	233M	262M	245M	343M	352M	175M
Pre-Tax Margin	14.6%	13.8%	13.1%	15.2%	12.5%	20.8%	26.6%	22.4%	23.9%	27.4%	23.6%	24.4%	22.4%	23.7%	24.5%	19.1%	22.6%	23.8%	18.9%	20.8%	21.1%	17.9%	16.0%	19.3%	19.7%	20.3%	19.8%	28.5%	25.1%	20.6%
Income Tax Expense	1,491M	1,691M	675M	798M	884M	1,039M	1,353M	1,130M	1,097M	1,159M	1,079M	1,299M	1,095M	972M	806M	461M	470M	366M	146M	164M	172M	95M	59M	40M	19M	19M	21M	20M	44M	20M
Net Income	5,246M	4,564M	2,299M	2,801M	1,925M	3,274M	4,595M	3,908M	3,800M	3,794M	3,597M	3,392M	3,131M	2,908M	2,833M	2,144M	2,078M	1,864M	1,181M	942M	699M	469M	317M	272M	212M	241M	222M	322M	306M	154M
Net Income Margin	11.4%	10.0%	10.1%	11.8%	8.5%	15.7%	20.5%	17.4%	18.5%	21.0%	18.7%	18.2%	16.4%	17.6%	19.0%	15.5%	18.2%	19.5%	16.8%	17.7%	16.9%	14.9%	12.8%	15.1%	17.9%	18.7%	18.0%	26.8%	21.9%	18.2%
Depreciation & Amortization	1,724M	1,621M	987M	900M	811M	805M	779M	816M	769M	697M	657M	577M	578M	527M	452M	359M	328M	290M	251M	194M	166M	0M	153M	120M	80M	0M	58M	48M	41M	25M
EBITDA	9,112M	7,021M	4,342M	4,878M	3,680M	5,348M	7,172M	5,652M	5,558M	5,518M	5,197M	5,016M	4,680M	4,364M	4,091M	2,878M	2,813M	2,580M	1,604M	1,372M	1,050M	587M	570M	477M	314M	262M	304M	397M	393M	200M
EBITDA Margin	19.8%	15.4%	19.2%	20.5%	16.3%	25.7%	32.1%	25.1%	27.1%	30.5%	27.0%	26.9%	24.6%	26.4%	27.4%	20.9%	24.6%	27.0%	22.8%	25.8%	25.4%	18.6%	22.9%	26.5%	26.5%	20.3%	24.7%	33.0%	28.1%	23.5%
NOPAT	5,753M	3,948M	2,592M	3,097M	1,974M	3,453M	4,942M	3,754M	3,718M	3,695M	3,465M	3,171M	3,051M	2,885M	2,837M	2,078M	2,034M	1,921M	1,203M	1,003M	709M	488M	354M	315M	214M	243M	224M	329M	308M	155M
NOPAT Margin	12.5%	8.7%	11.4%	13.0%	8.7%	16.6%	22.1%	16.7%	18.1%	20.4%	18.0%	17.0%	16.0%	17.4%	19.0%	15.1%	17.8%	20.1%	17.1%	18.8%	17.2%	15.5%	14.3%	17.5%	18.1%	18.8%	18.2%	27.4%	22.0%	18.3%
Owner's Earnings	4,187M	3,826M	1,734M	2,180M	1,492M	3,297M	4,613M	3,826M	3,868M	3,602M	3,353M	3,110M	2,448M	2,390M	1,297M	538M	1,454M	1,320M	526M	289M	315M	-120M	165M	306M	254M	129M	130M	234M	208M	-47M
Owner's Earnings Margin	9.1%	8.4%	7.6%	9.2%	6.6%	15.9%	20.6%	17.0%	18.9%	19.9%	17.4%	16.7%	12.8%	14.4%	8.7%	3.9%	12.7%	13.8%	7.5%	5.4%	7.6%	-3.8%	6.6%	17.0%	21.4%	10.0%	10.5%	19.5%	14.9%	-5.6%
EPS (Basic)	4.58	3.92	2.01	2.41	1.66	2.79	3.86	3.28	3.15	3.15	2.73	2.62	2.55	2.36	2.31	1.75	1.70	1.56	1.03	0.87	0.65	0.43	0.30	0.27	0.21	0.24	0.22	0.32	0.40	0.21
EPS (Diluted)	4.58	3.92	2.02	2.41	1.66	2.79	3.86	3.28	3.14	3.15	2.97	2.77	2.55	2.36	2.30	1.74	1.69	1.55	0.97	0.86	0.65	0.43	0.30	0.27	0.21	0.24	0.22	0.32	0.40	0.21
Shares (Basic)	1,145M	1,164M	1,141M	1,160M	1,162M	1,175M	1,189M	1,190M	1,206M	1,205M	1,212M	1,222M	1,228M	1,231M	1,229M	1,226M	1,221M	1,196M	1,219M	1,090M	1,081M	1,081M	1,064M	1,023M	995M	995M	1,001M	1,012M	769M	750M
Shares (Diluted)	1,144M	1,164M	1,141M	1,160M	1,162M	1,175M	1,189M	1,190M	1,210M	1,205M	1,212M	1,224M	1,230M	1,232M	1,230M	1,229M	1,227M	1,200M	1,219M	1,090M	1,081M	1,081M	1,064M	1,023M	995M	995M	1,001M	1,012M	769M	750M

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	16,441.94M	14,261.72M	14,261.72M	18,189.94M	18,667.49M	18,246.69M	20,483.74M	20,540.27M	21,576.83M	18,429.72M	14,874.88M	5,893.70M	17,033.47M	15,275.27M	7,685.07M	6,683.60M	5,104.00M	3,917.71M	1,418.10M	2,023.51M	1,023.43M	520.40M	579.37M	686.40M	753.22M	580.27M	532.58M	635.49M	0.00M	0.00M
Short-Term Investments	0.00M	61.15M	61.15M	28.43M	29.76M	11.29M	113.16M	26.41M	26.04M	176.09M	77.12M	9,051.00M	150.46M	146.91M	0.00M	0.00M	11.76M	22.28M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	48.30M	0.00M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	16,441.94M	14,322.87M	14,322.87M	18,218.37M	18,697.25M	18,257.98M	20,596.90M	20,566.68M	21,602.87M	18,605.81M	14,952.00M	14,944.70M	17,183.93M	15,422.18M	7,685.07M	6,683.60M	5,115.76M	3,939.99M	1,418.10M	2,023.51M	1,023.43M	520.40M	579.37M	686.40M	801.52M	580.27M	532.58M	635.49M	0.00M	0.00M
Net Receivables	2,232.18M	2,661.73M	2,661.73M	2,553.36M	2,931.89M	2,970.18M	3,375.15M	3,651.22M	2,843.53M	2,312.06M	2,743.50M	2,216.56M	1,963.64M	1,705.61M	2,217.44M	0.00M	1,643.36M	997.83M	870.79M	914.36M	571.89M	417.42M	440.59M	293.49M	148.19M	174.21M	193.14M	346.93M	0.00M	0.00M
Inventory	3,474.59M	4,797.57M	4,797.57M	4,352.04M	4,544.94M	4,162.48M	4,310.92M	3,802.50M	4,285.48M	3,435.67M	3,194.64M	3,296.02M	2,955.20M	3,424.45M	3,084.29M	2,374.83M	2,352.22M	1,914.54M	1,873.74M	1,245.11M	1,097.21M	762.62M	638.87M	458.75M	248.57M	305.53M	318.62M	201.60M	0.00M	0.00M
Other Current Assets	1,271.83M	474.48M	474.48M	1,645.31M	1,887.38M	1,809.68M	1,618.57M	1,986.30M	1,773.79M	1,296.50M	1,208.13M	1,089.68M	829.13M	757.06M	2,019.45M	1,840.55M	62.25M	1,025.52M	870.79M	135.73M	0.00M	472.75M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1,329.47M	437.40M
Total Current Assets	23,420.54M	22,256.66M	22,256.66M	26,769.08M	28,061.45M	27,200.32M	29,901.53M	30,006.71M	30,505.67M	25,650.03M	22,098.27M	21,546.95M	22,931.89M	21,309.31M	15,006.26M	10,898.97M	9,173.58M	7,877.88M	5,033.42M	4,318.71M	2,692.52M	2,173.20M	1,658.83M	1,438.65M	1,198.28M	1,060.02M	1,044.34M	1,184.03M	1,329.47M	437.40M
Property, Plant & Equipment	10,711.11M	10,777.88M	10,777.88M	10,156.67M	9,260.55M	8,785.43M	9,030.65M	9,354.24M	8,676.15M	8,922.95M	8,438.95M	8,557.92M	8,194.50M	7,676.35M	8,172.45M	5,873.49M	3,851.28M	3,824.87M	3,428.75M	2,818.02M	2,048.15M	1,689.31M	1,265.74M	1,199.00M	754.93M	0.00M	760.07M	681.40M	594.40M	443.61M
Goodwill	0.00M	488.29M	488.29M	488.29M	488.29M	488.29M	488.29M	488.29M	488.29M	479.71M	479.71M	517.86M	396.15M	386.72M	398.81M	400.86M	422.11M	0.00M	436.11M	423.46M	453.25M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	597.51M	124.30M	124.30M	152.21M	168.69M	236.49M	267.15M	236.33M	1,042.80M	796.86M	770.11M	940.20M	976.24M	930.03M	76.91M	773.94M	618.03M	892.71M	326.14M	136.59M	66.62M	473.84M	485.40M	213.94M	5.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Long-Term Investments	6,635.06M	4,665.36M	4,665.36M	1,707.39M	3,151.64M	4,283.63M	3,735.93M	2,531.75M	4,439.67M	2,499.74M	1,760.00M	850.00M	876.97M	635.59M	1,484.65M	355.56M	458.25M	390.30M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-23.83M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	0.00M	0.00M	0.00M	0.00M	532.20M	544.76M	435.85M	213.21M	132.34M	172.24M	210.81M	186.00M	173.71M	123.08M	122.48M	106.11M	83.70M	78.71M	60.11M	42.36M	59.99M	33.79M	18.84M	8.60M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	807.68M	809.06M	809.06M	901.38M	-532.20M	-544.76M	-435.85M	-213.21M	-132.34M	-172.24M	-210.81M	-186.00M	-173.71M	-123.08M	223.04M	239.59M	1,236.92M	399.91M	419.45M	301.85M	175.63M	116.00M	24.56M	24.58M	48.30M	911.09M	106.94M	107.39M	0.00M	0.00M
Other Assets	0.00M	0.00M	0.00M	0.00M	1,159.56M	1,229.71M	977.45M	559.74M	481.57M	530.13M	568.94M	523.90M	650.06M	419.26M	0.00M	0.00M	0.00M	0.00M	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	18,751.35M	16,864.89M	16,864.89M	13,405.94M	14,228.72M	15,023.55M	14,499.48M	13,170.35M	15,128.47M	13,229.39M	12,017.71M	11,389.88M	11,093.92M	10,047.96M	10,478.36M	7,749.55M	6,670.29M	5,586.50M	4,670.57M	3,722.28M	2,803.63M	2,312.93M	1,794.54M	1,446.12M	784.39M	911.09M	867.00M	788.79M	594.40M	443.61M
Total Assets	42,171.90M	39,121.55M	39,121.55M	40,175.02M	42,290.17M	42,223.86M	44,401.01M	43,177.05M	45,634.14M	38,879.42M	34,115.98M	32,936.83M	34,025.82M	31,357.26M	25,484.62M	18,648.52M	15,843.87M	13,464.38M	9,703.99M	8,040.99M	5,496.16M	4,486.13M	3,453.37M	2,884.77M	1,982.67M	1,971.11M	1,911.34M	1,972.82M	1,923.86M	881.01M
Accounts Payable	1,845.80M	3,044.84M	3,044.84M	2,750.07M	2,913.74M	2,561.42M	2,237.03M	2,223.89M	2,594.76M	2,128.81M	2,078.59M	2,277.89M	1,814.24M	1,638.60M	1,451.81M	1,522.60M	1,124.01M	770.93M	790.83M	977.72M	774.59M	536.05M	325.64M	187.26M	72.18M	113.07M	80.76M	123.20M	0.00M	0.00M
Short-Term Debt	16,408.29M	10,669.79M	10,669.79M	13,911.88M	15,035.56M	17,488.83M	18,358.12M	20,381.20M	20,029.03M	15,837.62M	11,919.69M	14,346.00M	11,963.18M	10,340.29M	5,991.10M	5,515.27M	3,251.40M	1,915.13M	261.35M	231.21M	204.52M	800.51M	550.54M	371.53M	0.00M	175.92M	0.00M	74.96M	0.00M	0.00M
Tax Payables	0.00M	193.87M	193.87M	230.98M	298.13M	309.79M	27.76M	22.73M	25.54M	46.66M	101.22M	89.98M	93.40M	232.10M	301.07M	297.25M	241.25M	141.06M	70.57M	52.91M	96.95M	42.59M	25.94M	12.61M	7.47M	0.00M	28.72M	31.39M	0.00M	0.00M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	-15,053.67M	-17,509.42M	0.00M	-20,367.41M	-20,022.24M	-15,831.21M	-11,918.57M	-14,346.00M	-12,126.06M	-10,340.29M	290.26M	0.00M	241.25M	0.00M	-351.08M	1.86M	-230.88M	42.59M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	521.55M	1,572.01M	1,572.01M	1,028.83M	16,043.11M	18,239.23M	391.77M	20,768.67M	737.45M	723.35M	720.20M	714.37M	1,383.15M	123.74M	301.90M	246.20M	335.50M	1.41M	424.79M	0.00M	1.63M	1.63M	1.20M	164.74M	84.96M	-117.72M	69.49M	0.00M	318.95M	306.23M
Total Current Liabilities	18,775.64M	15,480.50M	15,480.50M	17,921.75M	19,236.87M	21,089.84M	21,014.68M	23,029.08M	3,364.53M	2,905.23M	2,901.13M	3,082.24M	3,127.92M	1,994.45M	8,336.14M	7,581.31M	5,193.41M	2,828.52M	1,196.48M	1,263.69M	846.81M	1,423.37M	903.32M	736.13M	164.60M	171.27M	178.97M	229.55M	318.95M	306.23M
Long-Term Debt	194.30M	2,420.06M	2,420.06M	330.43M	2,001.33M	739.34M	2,492.62M	1,246.99M	4,240.29M	3,247.23M	3,997.41M	0.00M	4,311.23M	4,834.39M	3,049.44M	326.75M	1,275.82M	488.68M	1,330.52M	1,543.90M	1,571.38M	196.29M	277.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Capital Lease Obligations	32.30M	23.08M	23.08M	30.62M	34.75M	28.45M	19.78M	10.33M	0.27M	0.55M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	153.23M	153.23M	182.39M	149.43M	224.63M	216.22M	171.47M	160.17M	120.01M	106.45M	158.10M	109.43M	132.17M	149.61M	146.41M	147.13M	101.67M	50.09M	35.57M	12.27M	20.79M	14.23M	14.78M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Liabilities	174.87M	0.00M	0.00M	182.39M	-166.07M	-235.48M	0.00M	-175.83M	-160.28M	-120.27M	0.00M	1.46M	0.00M	132.90M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	10.19M	11.85M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Liabilities	401.47M	2,596.37M	2,596.37M	725.83M	2,019.44M	756.95M	2,728.62M	1,252.95M	4,240.44M	3,247.52M	4,103.86M	159.56M	4,420.67M	5,099.46M	3,199.05M	473.16M	1,422.95M	590.35M	1,380.61M	1,579.47M	1,593.85M	228.94M	291.23M	14.78M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Liabilities	19,177.10M	18,076.86M	18,076.86M	18,647.58M	21,256.31M	21,846.79M	23,743.30M	24,282.03M	7,604.98M	6,152.75M	7,004.99M	3,241.81M	7,548.59M	7,093.91M	11,535.19M	8,054.48M	6,616.36M	3,418.87M	2,577.09M	2,843.16M	2,440.65M	1,652.31M	1,194.55M	750.91M	164.60M	171.27M	178.97M	229.55M	318.95M	306.23M
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	123.35M	123.35M	123.35M	123.35M	123.35M	123.35M	125.37M	125.65M	127.09M	127.08M	126.99M	128.13M	97.93M	96.14M	98.96M	99.47M	104.33M	107.35M	101.26M	106.95M	108.37M	0.00M	115.14M	110.87M	105.63M	0.00M	105.51M	106.70M	108.29M	0.00M
Retained Earnings	18,311.41M	17,894.97M	17,894.97M	19,875.26M	18,701.69M	18,403.59M	18,397.05M	16,716.97M	16,118.06M	14,898.55M	13,575.58M	13,381.20M	11,790.24M	10,547.88M	8,643.93M	7,064.29M	5,752.84M	3,485.04M	1,646.33M	1,273.76M	799.24M	531.28M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Accumulated OCI	2,974.91M	215.39M	215.39M	397.24M	698.57M	510.11M	515.41M	513.61M	551.60M	476.83M	500.94M	676.43M	2,218.74M	2,161.05M	-2,509.06M	-2,137.14M	3,093.90M	-1,550.82M	-1,298.82M	3,785.45M	-909.08M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Minority Interest	227.10M	224.63M	224.63M	234.01M	252.13M	243.41M	250.08M	278.94M	273.52M	237.88M	34.07M	380.93M	340.26M	300.66M	265.75M	305.39M	274.71M	246.51M	204.14M	21.17M	23.85M	25.50M	26.10M	179.37M	23.81M	12.41M	13.39M	13.39M	7.14M	6.77M
Total Shareholders’ Equity	21,409.67M	18,233.70M	18,233.70M	20,395.84M	19,523.61M	19,037.04M	19,037.83M	17,356.24M	16,796.75M	15,502.45M	14,203.51M	14,185.77M	14,106.91M	12,805.07M	6,233.83M	5,026.61M	8,951.08M	2,041.58M	448.77M	5,166.16M	-1.47M	531.28M	115.14M	110.87M	105.63M	0.00M	105.51M	106.70M	108.29M	0.00M
Total Equity	21,636.77M	18,458.33M	18,458.33M	20,629.85M	19,775.74M	19,280.45M	19,287.91M	17,635.18M	17,070.27M	15,740.34M	14,237.57M	14,566.70M	14,447.17M	13,105.73M	6,499.59M	5,332.00M	9,225.79M	2,288.08M	652.91M	5,187.33M	22.38M	556.78M	141.25M	290.25M	129.44M	12.41M	118.90M	120.09M	115.43M	6.77M
Total Liabilities & Equity	40,813.88M	36,535.20M	36,535.20M	39,277.43M	41,032.05M	41,127.24M	43,031.21M	41,917.21M	24,675.24M	21,893.08M	21,242.56M	17,808.50M	21,995.75M	20,199.63M	18,034.77M	13,386.47M	15,842.15M	5,706.95M	3,230.00M	8,030.49M	2,463.03M	2,209.09M	1,335.79M	1,041.16M	294.04M	183.68M	297.87M	349.64M	434.38M	313.00M
Tangible Assets	41,574.39M	38,508.96M	38,508.96M	39,534.52M	41,633.20M	41,499.08M	43,645.56M	42,452.43M	44,103.05M	37,602.84M	32,866.16M	31,478.77M	32,653.43M	30,040.51M	25,008.89M	17,473.72M	14,803.74M	12,571.67M	8,941.73M	7,480.94M	4,976.29M	4,012.29M	2,967.97M	2,670.83M	1,977.67M	1,971.11M	1,911.34M	1,972.82M	1,923.86M	881.01M
Tangible Equity	21,039.26M	17,845.74M	17,845.74M	19,989.35M	19,118.76M	18,555.67M	18,532.47M	16,910.56M	15,539.18M	14,463.76M	12,987.75M	13,108.63M	13,074.78M	11,788.97M	6,023.86M	4,157.19M	8,185.66M	1,395.37M	-109.34M	4,627.28M	-497.49M	82.94M	-344.16M	76.30M	124.44M	12.41M	118.90M	120.09M	115.43M	6.77M
Tangible Book Value	21,039.26M	17,845.74M	17,845.74M	19,989.35M	19,118.76M	18,555.67M	18,532.47M	16,910.56M	15,539.18M	14,463.76M	12,987.75M	13,108.63M	13,074.78M	11,788.97M	6,023.86M	4,157.19M	8,185.66M	1,395.37M	-109.34M	4,627.28M	-497.49M	82.94M	-344.16M	76.30M	124.44M	12.41M	118.90M	120.09M	115.43M	6.77M
Total Investments	6,635.06M	4,718.20M	4,718.20M	1,735.82M	3,179.91M	4,294.01M	3,748.20M	2,545.31M	4,462.79M	2,646.40M	1,837.12M	9,901.00M	1,027.43M	782.50M	1,484.65M	355.56M	470.02M	412.58M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	24.47M	107.06M	106.94M	107.39M	0.00M	0.00M
Net Debt	160.65M	-1,171.88M	-1,171.88M	-3,947.63M	-1,630.60M	-18.52M	367.00M	1,087.93M	2,692.48M	655.14M	1,042.22M	8,452.30M	-759.05M	-100.60M	1,355.48M	-841.57M	-576.77M	-1,513.91M	173.78M	-248.40M	752.47M	476.40M	248.17M	-314.88M	-753.22M	-404.35M	-532.58M	-560.53M	0.00M	0.00M

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	3,266.4M	6,863.0M	6,863.0M	7,749.7M	7,714.4M	5,231.7M	7,879.5M	6,404.4M	6,270.8M	6,482.4M	6,847.0M	3,861.5M	7,773.9M	8,125.2M	4,323.8M	3,020.3M	3,982.9M	3,193.9M	2,630.1M	3,055.0M	1,614.8M	375.0M	755.5M	702.5M	1,033.7M	873.7M	781.0M	847.8M	1,010.5M	131.2M
Total Capital	38,044.6M	34,033.9M	34,033.9M	34,668.8M	36,595.2M	37,296.6M	40,274.6M	39,491.7M	40,987.8M	35,185.1M	30,642.8M	29,056.9M	30,543.2M	28,083.9M	20,376.2M	15,830.3M	13,478.3M	10,342.8M	7,301.1M	6,941.3M	4,576.7M	3,430.3M	3,050.7M	2,322.3M	1,794.3M	1,948.3M	1,634.6M	1,698.1M	1,597.8M	568.0M
Capital Employed	22,017.8M	23,727.9M	23,727.9M	21,155.6M	21,943.1M	20,255.3M	22,379.0M	19,574.7M	21,399.2M	19,711.8M	18,864.7M	15,251.4M	18,867.9M	18,173.2M	14,802.1M	10,769.9M	10,653.2M	8,780.4M	7,300.6M	6,777.3M	4,418.5M	2,687.9M	2,550.0M	2,148.6M	1,818.1M	1,784.8M	1,648.0M	1,636.6M	1,604.9M	574.8M
Invested Capital	21,602.6M	19,772.2M	19,772.2M	16,478.8M	17,927.8M	19,050.0M	19,790.9M	18,951.4M	19,411.0M	16,755.4M	15,767.9M	23,163.2M	13,509.8M	12,808.6M	12,691.1M	9,146.7M	8,374.3M	6,425.1M	5,883.0M	4,917.8M	3,553.2M	2,909.9M	2,471.3M	1,635.9M	1,041.0M	1,368.0M	1,102.0M	1,062.6M	1,597.8M	568.0M

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	1998-12-31	1997-12-31
Net Income	5,246.19M	4,564.33M	2,971.79M	3,605.40M	1,925.25M	3,273.60M	4,594.82M	3,907.72M	3,799.81M	3,794.04M	3,596.82M	3,259.86M	3,131.94M	2,905.33M	3,654.74M	2,634.67M	2,589.37M	2,273.96M	1,330.17M	1,107.76M	871.23M	468.72M	397.29M	347.51M	233.37M	241.15M	245.94M	343.12M	351.70M	175.16M
Depreciation & Amortization	1,464.12M	1,724.61M	986.91M	899.82M	864.71M	851.03M	819.65M	800.14M	732.13M	672.02M	630.81M	576.76M	578.05M	526.82M	451.51M	358.83M	327.68M	290.47M	251.48M	194.20M	166.11M	0.00M	153.44M	119.90M	79.97M	0.00M	58.06M	48.09M	41.39M	24.58M
Deferred Income Tax	0.00M	-487.40M	0.00M	0.00M	-517.44M	0.00M	156.69M	580.67M	1,031.17M	248.74M	-268.81M	784.02M	-249.10M	541.95M	-807.12M	-441.75M	-326.09M	-264.20M	-143.00M	-537.12M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Stock-Based Compensation	23.89M	88.20M	8.87M	45.00M	66.19M	0.00M	4.64M	11.61M	26.68M	37.84M	51.03M	52.53M	61.74M	63.64M	42.99M	19.21M	21.05M	23.45M	19.99M	10.06M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	565.84M	907.59M	225.33M	518.38M	451.25M	456.34M	-161.33M	-592.28M	-1,057.85M	-286.59M	217.79M	-834.52M	187.35M	-605.54M	-931.39M	231.31M	-634.60M	-121.02M	-306.65M	-346.04M	-223.03M	0.00M	-260.80M	-1.21M	68.85M	0.00M	62.02M	-140.26M	-35.22M	-64.59M
Accounts Receivable	767.94M	1,097.67M	317.18M	450.76M	780.24M	317.43M	359.19M	-1,070.73M	-274.63M	-122.85M	256.21M	-476.12M	-350.99M	-270.45M	0.00M	0.00M	0.00M	0.00M	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	-202.10M	-190.08M	-402.88M	200.78M	-328.99M	138.91M	-520.52M	478.46M	-783.22M	-163.73M	-38.43M	-358.40M	538.34M	-335.09M	-719.40M	-29.62M	-429.11M	-38.30M	-520.80M	-220.02M	-343.51M	0.00M	-178.34M	-76.89M	56.96M	0.00M	-117.87M	-25.81M	22.99M	-84.33M
Accounts Payable	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	311.02M	-133.16M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-211.99M	260.92M	-205.49M	-82.72M	214.15M	-126.03M	120.48M	0.00M	-82.46M	75.68M	11.88M	0.00M	179.89M	-114.46M	-58.21M	19.75M
Other Non-Cash Items	-666.42M	852.80M	-1,120.52M	-1,193.23M	1,019.90M	22.64M	-372.80M	-1,292.01M	-570.03M	-191.08M	-409.60M	418.13M	62.40M	127.51M	-30.40M	-86.24M	-34.67M	12.15M	13.87M	413.37M	-124.72M	164.67M	-36.41M	-65.76M	-51.74M	111.95M	-16.70M	-31.38M	2.05M	9.53M
Net Cash from Operating Activities	6,633.63M	8,137.52M	3,072.38M	3,875.38M	3,809.86M	4,603.61M	5,041.67M	3,415.86M	3,961.90M	4,026.24M	4,086.84M	3,470.73M	4,021.50M	3,017.70M	2,380.32M	2,716.03M	1,942.74M	2,214.82M	1,165.86M	842.23M	689.60M	633.39M	253.51M	400.43M	330.45M	353.10M	349.32M	219.58M	359.92M	144.68M
Capital Expenditures (PPE)	-2,046.17M	-2,358.96M	-1,551.65M	-1,469.76M	-1,244.66M	-781.33M	-760.70M	-898.14M	-701.35M	-888.78M	-901.11M	-858.60M	-1,261.74M	-1,044.28M	-1,987.97M	-1,964.91M	-951.73M	-835.10M	-906.26M	-847.49M	-549.20M	-588.39M	-305.94M	-86.12M	-38.41M	-111.77M	-149.89M	-135.86M	-139.54M	-226.06M
Acquisitions (Net)	0.00M	0.00M	0.00M	0.00M	-6.18M	-2,518.44M	-1,233.87M	-39.01M	-212.17M	-80.45M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-100.34M	-196.92M	0.00M	0.00M	0.00M	-193.67M	-203.83M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	0.00M	0.00M	0.00M	-15,445.48M	-12,272.03M	-9,407.58M	-257.48M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-250.97M	-412.25M	0.00M	0.00M	0.00M	0.00M	-43.82M	43.73M	0.00M	0.00M	0.00M	-107.39M	0.00M	0.00M
Sales / Maturities of Investments	0.00M	0.00M	0.00M	19,422.60M	6,740.48M	11,926.02M	1,491.35M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	5.02M	0.00M	0.00M	53.30M	0.00M	5.87M	48.52M	47.72M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Investing Activities	3,772.96M	-6,467.13M	1,441.39M	1,076.57M	716.48M	3,457.40M	2,316.87M	2,050.55M	18.33M	-2,578.69M	-879.08M	-365.88M	-622.00M	-3,029.88M	-422.23M	-2,467.03M	-141.46M	182.72M	73.96M	-240.65M	-76.96M	19.25M	7.40M	4.58M	14.51M	-1.10M	1.94M	3.22M	5.73M	0.00M
Net Cash from Investing Activities	1,726.79M	-8,826.08M	-110.26M	3,583.92M	-6,065.91M	2,676.06M	1,556.17M	1,113.40M	-895.20M	-3,547.92M	-1,780.20M	-1,224.48M	-1,883.74M	-4,074.16M	-2,410.20M	-4,431.94M	-1,344.16M	-1,159.95M	-1,029.21M	-1,088.14M	-572.86M	-569.13M	-530.15M	-193.11M	23.83M	-111.77M	-147.95M	-240.04M	-133.81M	-226.06M
Net Debt Issuance	9,946.60M	10,737.11M	-1,243.45M	-2,899.81M	-2,043.07M	-2,364.39M	-62.98M	-2,883.67M	4,665.95M	3,716.06M	778.38M	-2,352.10M	685.07M	6,510.66M	3,221.40M	1,479.34M	2,175.80M	2,100.96M	-10.58M	54.78M	786.33M	188.26M	456.30M	-41.06M	0.00M	0.00M	-74.64M	-26.73M	-28.08M	84.42M
Long-Term Debt Issuance	9,946.60M	10,737.11M	-1,243.45M	-2,877.93M	-2,019.11M	-2,344.52M	-49.54M	-2,872.89M	4,665.95M	3,716.06M	778.38M	-2,352.10M	685.07M	6,510.66M	3,221.40M	1,479.34M	2,175.80M	2,100.96M	-10.58M	54.78M	786.33M	188.26M	-117.19M	46.50M	0.00M	0.00M	-74.64M	-26.73M	-28.08M	84.42M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	-21.89M	-23.96M	-19.86M	-13.43M	-10.78M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	689.10M	573.50M	-87.56M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-589.58M	-556.54M	-205.46M	-358.40M	0.00M	-936.73M	-154.41M	-215.57M	-590.63M	63.43M	-719.57M	-387.12M	-437.53M	80.25M	0.41M	97.13M	104.78M	0.00M	0.00M	1,683.97M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-15.83M	-25.93M	736.41M	0.00M
Common Stock Issuance	0.00M	0.00M	-205.46M	0.00M	0.00M	0.00M	0.61M	0.30M	23.31M	63.43M	1.32M	2.73M	0.00M	80.25M	0.41M	97.13M	104.78M	0.00M	0.00M	1,683.97M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	788.06M	0.00M
Common Stock Repurchased	-589.58M	-556.54M	0.00M	-358.40M	0.00M	-936.73M	-154.41M	-215.57M	-590.63M	0.00M	-719.57M	-387.12M	-437.53M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-15.83M	-25.93M	-51.65M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.61M	-0.30M	-23.31M	0.00M	-1.32M	-2.73M	-0.10M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-3,205.22M	-3,615.58M	-1,594.49M	-1,626.97M	-1,626.97M	-2,705.92M	-2,914.73M	-2,617.29M	-2,593.26M	-2,470.02M	-2,197.14M	-2,148.09M	-1,815.99M	-1,731.98M	-1,484.41M	-1,290.34M	-1,249.46M	-964.75M	-644.15M	-536.85M	-368.45M	-270.00M	-248.09M	-217.00M	-190.13M	-192.56M	-211.75M	-197.97M	-127.97M	-167.94M
Common Dividends Paid	-3,205.22M	-3,615.58M	-1,594.49M	-1,626.97M	-1,626.97M	-2,705.92M	-2,914.73M	-2,617.29M	-2,593.26M	-2,470.02M	-2,197.14M	-2,068.64M	-1,815.99M	-1,731.98M	-1,484.41M	-1,290.34M	-1,249.46M	-964.75M	-644.15M	-536.85M	-368.45M	-270.00M	-248.09M	-217.00M	-190.13M	-190.13M	-211.75M	-197.97M	-127.97M	-167.94M
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	-0.40M	1.38M	0.00M	0.00M	0.00M	0.00M	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 Financing Activities	-18,160.64M	-12,616.58M	-548.61M	-664.09M	-467.37M	-479.48M	-797.25M	-822.05M	-528.23M	-356.86M	-252.52M	-326.77M	-279.49M	-254.73M	-207.91M	-128.30M	-404.55M	312.35M	-16.49M	-27.92M	-25.87M	-38.58M	-37.42M	-15.50M	9.21M	-2.43M	-1.49M	205.12M	224.99M	320.09M
Net Cash from Financing Activities	-12,008.84M	-6,051.59M	-3,592.01M	-5,549.27M	-4,137.42M	-6,486.51M	-3,929.37M	-6,538.58M	953.84M	952.62M	-2,390.85M	-5,134.64M	-1,848.35M	4,605.58M	1,529.48M	157.83M	626.57M	1,448.56M	-671.22M	1,173.98M	392.01M	-120.32M	170.79M	-273.55M	-180.92M	-192.56M	-90.47M	-45.52M	805.35M	236.56M
Effect of FX on Cash	32.53M	156.52M	54.05M	23.12M	142.25M	-60.40M	-181.58M	61.20M	263.18M	-209.15M	89.59M	54.89M	-8.48M	52.36M	5.76M	133.67M	86.73M	-3.72M	50.76M	144.68M	13.40M	10.40M	-0.65M	-4.11M	-0.41M	0.00M	0.06M	2.47M	0.01M	1.97M
Net Change in Cash	4,405.86M	-6,583.62M	-575.84M	1,933.15M	-6,251.21M	732.76M	2,486.88M	-1,948.12M	4,283.72M	1,221.78M	-330.90M	-2,954.28M	484.79M	3,597.70M	1,505.36M	-1,424.41M	1,311.87M	2,499.70M	-483.82M	1,072.76M	522.14M	-45.67M	-106.50M	-70.35M	172.95M	48.77M	-100.21M	-275.53M	874.23M	-24.24M
Cash at Beginning of Period	18,973.81M	56,694.49M	8,021.76M	6,088.60M	12,339.82M	11,607.06M	9,120.18M	11,068.30M	6,784.58M	5,562.80M	5,893.70M	8,847.98M	8,363.19M	4,765.49M	3,405.19M	4,847.09M	3,792.12M	1,418.01M	1,901.92M	950.75M	501.29M	566.07M	685.87M	756.75M	580.27M	0.00M	632.79M	911.02M	40.24M	64.48M
Cash at End of Period	23,379.67M	50,110.87M	7,445.92M	8,021.76M	6,088.60M	12,339.82M	11,607.06M	9,120.18M	11,068.30M	6,784.58M	5,562.80M	5,893.70M	8,847.98M	8,363.19M	4,910.55M	3,422.68M	5,104.00M	3,917.71M	1,418.10M	2,023.51M	1,023.43M	520.40M	579.37M	686.40M	753.22M	48.77M	532.58M	635.49M	914.47M	40.24M
Operating Cash Flow	6,633.63M	8,137.52M	3,072.38M	3,875.38M	3,809.86M	4,603.61M	5,041.67M	3,415.86M	3,961.90M	4,026.24M	4,086.84M	3,470.73M	4,021.50M	3,017.70M	2,380.32M	2,716.03M	1,942.74M	2,214.82M	1,165.86M	842.23M	689.60M	633.39M	253.51M	400.43M	330.45M	353.10M	349.32M	219.58M	359.92M	144.68M
Capital Expenditure	-2,782.72M	-2,358.96M	-1,551.65M	-1,520.51M	-1,244.66M	-781.33M	-760.70M	-898.14M	-701.35M	-888.78M	-901.11M	-858.60M	-1,261.74M	-1,044.28M	-1,987.97M	-1,964.91M	-951.73M	-835.10M	-906.26M	-847.49M	-549.20M	-588.39M	-305.94M	-86.12M	-38.41M	-111.77M	-149.89M	-135.86M	-139.54M	-226.06M
Free Cash Flow	3,850.91M	5,778.57M	1,520.73M	2,354.87M	2,565.21M	3,822.27M	4,280.97M	2,517.72M	3,260.55M	3,137.46M	3,185.73M	2,612.14M	2,759.76M	1,973.43M	392.35M	751.12M	991.00M	1,379.71M	259.60M	-5.26M	140.39M	45.01M	-52.42M	314.30M	292.04M	241.33M	199.43M	83.71M	220.38M	-81.37M

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	1998-12-31	1997-12-31
EBITDA	6,241.64M	6,116.29M	3,201.62M	3,841.62M	3,239.19M	3,689.12M	5,009.07M	4,604.19M	4,725.05M	4,419.67M	4,445.79M	4,538.24M	3,899.64M	3,676.17M	3,814.00M	2,655.46M	2,672.06M	2,486.09M	1,517.72M	1,273.78M	1,011.89M	1,186.25M	556.64M	427.54M	260.50M	426.73M	260.46M	319.45M	393.09M	199.74M
(-) Tax Adjustment	1,381.63M	1,644.31M	727.40M	850.28M	1,010.63M	885.61M	1,136.84M	1,030.68M	1,057.14M	1,032.74M	1,052.64M	1,296.23M	998.99M	912.46M	841.32M	464.90M	485.41M	400.15M	166.80M	189.11M	200.04M	200.18M	83.10M	49.81M	21.48M	31.49M	22.75M	18.38M	48.96M	22.84M
(-) Change In Working Capital	565.84M	907.59M	225.33M	518.38M	451.25M	456.34M	-161.33M	-592.28M	-1,057.85M	-286.59M	217.79M	-834.52M	187.35M	-605.54M	-931.39M	231.31M	-634.60M	-121.02M	-306.65M	-346.04M	-223.03M	0.00M	-260.80M	-1.21M	68.85M	0.00M	62.02M	-140.26M	-35.22M	-64.59M
(-) Capital Expenditure	-2,782.72M	-2,358.96M	-1,551.65M	-1,520.51M	-1,244.66M	-781.33M	-760.70M	-898.14M	-701.35M	-888.78M	-901.11M	-858.60M	-1,261.74M	-1,044.28M	-1,987.97M	-1,964.91M	-951.73M	-835.10M	-906.26M	-847.49M	-549.20M	-588.39M	-305.94M	-86.12M	-38.41M	-111.77M	-149.89M	-135.86M	-139.54M	-226.06M
Unlevered Free Cash Flow	1,511.45M	1,205.43M	697.24M	952.45M	532.65M	1,565.83M	3,272.86M	3,267.65M	4,024.41M	2,784.74M	2,274.25M	3,217.93M	1,451.56M	2,324.97M	1,916.10M	-5.66M	1,869.52M	1,371.86M	751.31M	583.22M	485.68M	397.69M	428.41M	292.82M	131.76M	283.47M	25.80M	305.47M	239.81M	15.43M
(-) Net Interest Income After Taxes	731.63M	930.25M	281.33M	260.00M	284.24M	389.63M	336.61M	-422.60M	-391.59M	-172.89M	-248.55M	-200.70M	-165.37M	-140.73M	42.53M	33.44M	30.09M	-13.17M	-12.58M	-56.95M	-38.21M	-15.53M	-16.47M	-8.32M	-0.34M	-1.74M	-1.19M	-5.66M	-1.62M	-0.83M
Net Debt Issuance	9,946.60M	10,737.11M	-1,243.45M	-2,899.81M	-2,043.07M	-2,364.39M	-62.98M	-2,883.67M	4,665.95M	3,716.06M	778.38M	-2,352.10M	685.07M	6,510.66M	3,221.40M	1,479.34M	2,175.80M	2,100.96M	-10.58M	54.78M	786.33M	188.26M	456.30M	-41.06M	0.00M	0.00M	-74.64M	-26.73M	-28.08M	84.42M
Levered Free Cash Flow	10,726.43M	11,012.29M	-827.54M	-2,207.36M	-1,794.66M	-1,188.18M	2,873.27M	806.58M	9,081.96M	6,673.69M	3,301.18M	1,066.53M	2,302.00M	8,976.37M	5,094.97M	1,440.23M	4,015.24M	3,485.99M	753.32M	694.95M	1,310.21M	601.48M	901.18M	260.08M	132.10M	285.21M	-47.65M	284.40M	213.36M	100.68M