Yuexiu Transport Infrastructure Limited (1052.HK)

Industry: Industrial - Infrastructure Operations Sector: Industrials Currency Used: HK Live Price: $4.56

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	3.70	3.72	3.81	3.75	4.69	5.86	5.02	4.82	4.31	4.27	3.66	3.11	3.07	3.03	3.57	2.67	2.66	4.88	3.40	2.60	2.15	1.92	1.23	1.64	1.13	1.13	1.13	1.13
Market Capitalization	6,184.43M	6,224.67M	6,376.19M	6,279.29M	7,840.46M	9,806.35M	8,395.03M	8,056.19M	7,205.55M	7,134.38M	6,119.45M	5,203.63M	5,130.54M	5,062.65M	5,964.80M	4,456.43M	4,456.72M	6,373.89M	3,942.58M	3,165.77M	2,616.97M	2,274.56M	1,416.70M	1,902.26M	1,310.48M	1,285.48M	1,278.26M	1,258.58M
(-) Cash & Equivalents	2,282.29M	2,073.75M	2,672.94M	2,414.41M	1,336.36M	1,810.95M	2,586.08M	1,986.39M	1,064.66M	1,514.78M	1,129.70M	1,365.30M	1,121.94M	1,116.63M	2,075.34M	1,980.13M	1,047.32M	1,074.04M	170.32M	191.99M	100.60M	134.21M	114.21M	401.14M	204.49M	223.78M	255.08M	256.06M
(+) Total Debt	17,288.52M	16,890.77M	17,062.06M	17,267.56M	18,123.02M	12,594.79M	8,096.88M	8,866.62M	8,843.12M	7,509.26M	5,191.89M	6,053.61M	6,573.22M	4,021.57M	1,786.09M	667.58M	490.86M	593.86M	225.48M	294.63M	331.65M	203.60M	335.11M	492.39M	390.34M	466.15M	530.76M	16.64M
Enterprise Value	21,190.66M	21,041.68M	20,765.31M	21,132.44M	24,627.11M	20,590.19M	13,905.83M	14,936.43M	14,984.01M	13,128.86M	10,181.63M	9,891.95M	10,581.82M	7,967.58M	5,675.55M	3,143.89M	3,900.26M	5,893.71M	3,997.75M	3,268.42M	2,848.02M	2,343.96M	1,637.60M	1,993.52M	1,496.34M	1,527.85M	1,553.94M	1,019.16M

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	10,173M	7,591M	3,867M	4,687M	3,576M	3,888M	3,230M	3,350M	2,974M	2,806M	2,571M	2,449M	1,893M	1,860M	1,485M	1,322M	1,253M	1,001M	893M	816M	450M	442M	426M	432M	377M	444M	496M	498M	322M	221M
Cost of Revenue	6,250M	3,666M	2,024M	2,518M	1,854M	1,640M	1,653M	1,294M	941M	872M	844M	914M	651M	620M	502M	435M	481M	0M	0M	0M	0M	0M	80M	80M	66M	82M	143M	143M	0M	0M
Gross Profit	3,924M	3,925M	1,843M	2,170M	1,722M	2,248M	1,577M	2,055M	2,034M	1,933M	1,727M	1,536M	1,242M	1,241M	983M	887M	772M	1,001M	893M	816M	450M	442M	346M	353M	312M	362M	354M	355M	322M	221M
Gross Profit Margin	38.6%	51.7%	47.7%	46.3%	48.2%	57.8%	48.8%	61.4%	68.4%	68.9%	67.2%	62.7%	65.6%	66.7%	66.2%	67.1%	61.6%	100.0%	100.0%	100.0%	100.0%	100.0%	81.2%	81.6%	82.6%	81.6%	71.2%	71.3%	100.0%	100.0%
R&D Expenses	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	580M	709M	298M	268M	310M	370M	247M	257M	225M	196M	206M	200M	204M	203M	195M	160M	139M	0M	73M	74M	58M	46M	45M	41M	32M	42M	49M	55M	0M	0M
Operating Expenses	723M	759M	201M	365M	280M	-405M	240M	206M	159M	2M	181M	342M	23M	8M	118M	157M	92M	429M	246M	456M	293M	299M	184M	151M	109M	103M	9M	-6M	103M	11M
Operating Income (EBIT)	3,201M	3,166M	1,642M	1,804M	1,442M	2,654M	1,337M	1,849M	1,874M	1,931M	1,545M	1,194M	1,219M	1,233M	865M	729M	680M	572M	647M	360M	157M	143M	162M	202M	203M	259M	345M	361M	219M	211M
Operating Income Margin	31.5%	41.7%	42.5%	38.5%	40.3%	68.3%	41.4%	55.2%	63.0%	68.8%	60.1%	48.7%	64.4%	66.3%	58.2%	55.2%	54.3%	57.1%	72.5%	44.1%	34.8%	32.3%	38.1%	46.8%	53.7%	58.4%	69.4%	72.5%	67.9%	95.1%
Interest Income	-231M	1,137M	18M	16M	64M	40M	26M	361M	301M	297M	387M	324M	251M	279M	58M	22M	25M	22M	50M	45M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Interest Expense	202M	0M	469M	548M	606M	722M	780M	390M	347M	323M	393M	342M	275M	338M	331M	161M	60M	59M	68M	58M	0M	0M	17M	26M	39M	52M	56M	70M	0M	9M
Net Interest Income	-434M	1,137M	-452M	-532M	-542M	-682M	-753M	-29M	-46M	-25M	-6M	-18M	-24M	-58M	-272M	-139M	-35M	-37M	-18M	-13M	0M	0M	-17M	-26M	-39M	-52M	-56M	-70M	0M	-9M
Unusual Items	-36M	-1,035M	108M	277M	166M	247M	98M	80M	63M	-268M	-19M	-305M	-180M	-221M	214M	269M	203M	47M	107M	321M	368M	245M	244M	172M	86M	127M	155M	-291M	123M	38M
EBT Excluding Unusual Items	2,767M	4,302M	1,190M	1,272M	900M	1,972M	584M	1,820M	1,828M	1,906M	1,539M	1,175M	1,195M	1,175M	593M	590M	645M	535M	630M	347M	157M	143M	146M	176M	164M	207M	288M	291M	219M	202M
Pre-Tax Income	2,731M	3,268M	1,298M	1,549M	1,065M	2,218M	682M	1,900M	1,892M	1,638M	1,521M	870M	1,014M	954M	806M	859M	848M	582M	736M	667M	525M	388M	389M	349M	250M	334M	444M	0M	342M	240M
Pre-Tax Margin	26.8%	43.0%	33.6%	33.0%	29.8%	57.1%	21.1%	56.7%	63.6%	58.4%	59.1%	35.5%	53.6%	51.3%	54.3%	65.0%	67.7%	58.2%	82.4%	81.8%	116.7%	87.6%	91.3%	80.7%	66.3%	75.3%	89.4%	0.1%	106.2%	108.3%
Income Tax Expense	714M	758M	333M	427M	328M	426M	278M	305M	480M	371M	354M	217M	237M	261M	249M	134M	146M	83M	78M	45M	36M	36M	67M	65M	37M	32M	31M	37M	3M	3M
Net Income	1,356M	1,878M	657M	765M	453M	1,465M	160M	1,138M	1,054M	948M	919M	532M	609M	554M	427M	558M	535M	382M	535M	622M	462M	318M	295M	239M	166M	234M	299M	285M	259M	199M
Net Income Margin	13.3%	24.7%	17.0%	16.3%	12.7%	37.7%	5.0%	34.0%	35.4%	33.8%	35.7%	21.7%	32.2%	29.8%	28.7%	42.2%	42.7%	38.2%	59.9%	76.3%	102.8%	72.0%	69.1%	55.2%	43.9%	52.6%	60.3%	57.2%	80.5%	89.8%
Depreciation & Amortization	3,068M	2,337M	1,528M	1,308M	1,159M	1,088M	976M	669M	573M	544M	524M	457M	372M	323M	279M	251M	241M	201M	149M	220M	112M	110M	121M	119M	88M	94M	72M	74M	60M	28M
EBITDA	6,269M	5,503M	3,170M	3,112M	2,600M	3,742M	2,314M	2,518M	2,447M	2,475M	2,069M	1,651M	1,590M	1,556M	1,144M	980M	921M	773M	796M	580M	269M	253M	284M	321M	291M	354M	417M	435M	278M	239M
EBITDA Margin	61.6%	72.5%	82.0%	66.4%	72.7%	96.2%	71.6%	75.2%	82.3%	88.2%	80.5%	67.4%	84.0%	83.7%	77.0%	74.1%	73.5%	77.2%	89.2%	71.1%	59.7%	57.3%	66.5%	74.2%	77.1%	79.6%	84.0%	87.4%	86.5%	107.9%
NOPAT	2,364M	2,432M	1,220M	1,307M	998M	2,145M	792M	1,552M	1,399M	1,494M	1,186M	896M	935M	896M	598M	615M	562M	490M	579M	336M	146M	130M	134M	164M	172M	235M	320M	-30,365M	216M	208M
NOPAT Margin	23.2%	32.0%	31.6%	27.9%	27.9%	55.2%	24.5%	46.3%	47.0%	53.2%	46.1%	36.6%	49.4%	48.2%	40.3%	46.5%	44.9%	49.0%	64.8%	41.1%	32.5%	29.4%	31.5%	38.0%	45.7%	52.9%	64.5%	-6,100.5%	67.2%	94.1%
Owner's Earnings	4,369M	4,168M	2,157M	2,046M	1,587M	2,531M	1,122M	1,802M	1,612M	1,472M	1,431M	978M	907M	807M	628M	342M	668M	570M	678M	834M	569M	429M	415M	347M	252M	296M	366M	353M	-48M	-225M
Owner's Earnings Margin	42.9%	54.9%	55.8%	43.6%	44.4%	65.1%	34.7%	53.8%	54.2%	52.5%	55.7%	39.9%	47.9%	43.4%	42.3%	25.8%	53.4%	57.0%	75.9%	102.2%	126.5%	96.9%	97.4%	80.3%	66.9%	66.6%	73.7%	71.0%	-14.9%	-101.8%
EPS (Basic)	0.81	1.13	0.39	0.46	0.27	0.88	0.10	0.68	0.63	0.57	0.55	0.32	0.36	0.33	0.26	0.33	0.32	0.23	0.32	0.35	0.41	0.26	0.24	0.20	0.13	0.21	0.12	0.25	0.23	0.18
EPS (Diluted)	0.81	1.12	0.39	0.46	0.27	0.88	0.10	0.68	0.63	0.57	0.55	0.32	0.36	0.33	0.26	0.33	0.32	0.23	0.32	0.48	0.41	0.26	0.24	0.20	0.14	0.20	0.26	0.25	0.23	0.18
Shares (Basic)	1,673M	1,674M	1,673M	1,673M	1,673M	1,673M	1,673M	1,673M	1,673M	1,673M	1,673M	1,673M	1,673M	1,673M	1,673M	1,673M	1,673M	1,673M	1,673M	1,308M	1,117M	1,220M	1,216M	1,182M	1,143M	1,138M	1,134M	1,134M	1,134M	1,107M
Shares (Diluted)	1,673M	1,674M	1,673M	1,673M	1,673M	1,674M	1,673M	1,673M	1,673M	1,673M	1,673M	1,673M	1,673M	1,673M	1,673M	1,673M	1,673M	1,673M	1,673M	1,308M	1,117M	1,220M	1,220M	1,199M	1,171M	1,172M	1,152M	1,146M	1,134M	1,107M

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	2,168.71M	1,978.43M	1,978.43M	2,380.79M	2,480.27M	2,918.57M	1,516.00M	1,435.06M	2,393.22M	2,842.45M	1,045.92M	866.67M	1,123.52M	1,604.68M	1,057.12M	1,298.48M	2,111.93M	1,954.13M	2,094.63M	2,148.09M	340.63M	383.98M	201.20M	268.41M	228.42M	802.27M	408.97M	447.56M	510.16M	768.17M
Short-Term Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	116.37M	0.00M	10.00M	27.40M	22.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	2,168.71M	1,978.43M	1,978.43M	2,380.79M	2,480.27M	2,918.57M	1,516.00M	1,435.06M	2,393.22M	2,958.82M	1,045.92M	876.67M	1,150.91M	1,626.68M	1,057.12M	1,298.48M	2,111.93M	1,954.13M	2,094.63M	2,148.09M	340.63M	383.98M	201.20M	268.41M	228.42M	802.27M	408.97M	447.56M	510.16M	768.17M
Net Receivables	211.09M	272.58M	272.58M	112.39M	127.73M	153.03M	204.36M	175.03M	122.21M	140.48M	71.61M	102.59M	57.33M	32.21M	734.82M	838.67M	1,198.83M	111.65M	37.42M	17.97M	16.72M	22.16M	16.61M	17.27M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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 Current Assets	197.08M	0.00M	0.00M	141.38M	167.88M	221.35M	157.68M	187.98M	75.71M	98.08M	177.99M	784.92M	214.62M	177.95M	201.54M	0.00M	0.00M	0.00M	0.00M	0.00M	15.04M	0.00M	0.00M	0.00M	9.01M	62.50M	91.57M	19.75M	67.52M	3.53M
Total Current Assets	2,576.87M	2,251.01M	2,251.01M	2,634.56M	2,775.88M	3,292.95M	1,878.04M	1,798.07M	2,591.14M	3,197.38M	1,295.52M	1,764.18M	1,422.87M	1,836.84M	1,993.49M	2,137.14M	3,310.76M	2,065.78M	2,132.05M	2,166.06M	372.39M	406.15M	217.81M	285.68M	237.43M	864.78M	500.54M	467.31M	577.67M	771.70M
Property, Plant & Equipment	66.11M	76.08M	76.08M	46.35M	56.75M	59.85M	83.12M	62.85M	83.30M	87.47M	86.26M	93.92M	695.33M	648.15M	597.52M	537.43M	89.48M	81.22M	33.72M	41.60M	35.41M	33.05M	35.19M	39.03M	32.02M	33.81M	2,797.22M	2,866.33M	2,723.53M	2,128.13M
Goodwill	514.58M	514.58M	514.58M	514.58M	514.58M	514.58M	632.62M	632.62M	632.62M	632.62M	632.62M	632.62M	368.81M	368.81M	408.28M	308.10M	302.35M	187.32M	110.94M	111.65M	0.00M	0.00M	38.66M	42.08M	230.02M	52.82M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	31,170.60M	31,645.14M	31,645.14M	30,266.81M	30,658.28M	29,194.90M	31,712.96M	32,369.12M	17,419.16M	17,915.04M	18,485.58M	18,953.00M	12,991.49M	13,314.42M	13,612.83M	10,904.50M	7,740.04M	7,192.80M	6,206.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Long-Term Investments	1,950.71M	2,011.88M	2,011.88M	2,078.80M	2,286.94M	2,560.93M	2,023.72M	1,870.68M	1,929.12M	1,984.05M	1,924.71M	1,846.25M	1,856.74M	1,913.90M	0.00M	0.00M	0.00M	0.00M	0.00M	1,965.10M	0.00M	0.00M	0.00M	0.00M	0.00M	1,837.47M	0.00M	0.00M	0.00M	0.00M
Tax Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.12M	0.31M	0.43M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	1,100.27M	1,008.11M	1,008.11M	961.37M	0.00M	0.00M	0.00M	0.00M	-20,064.19M	-20,619.19M	-21,129.17M	-21,525.79M	-15,912.36M	-16,245.27M	2,098.59M	2,260.24M	2,400.33M	2,625.49M	2,215.28M	6,382.71M	4,552.48M	4,381.04M	4,487.79M	4,496.22M	4,431.40M	2,574.38M	1,849.42M	1,753.31M	1,675.23M	911.04M
Other Assets	0.00M	0.00M	0.00M	0.00M	44.99M	37.90M	37.14M	64.54M	84.42M	101.92M	143.87M	129.31M	174.74M	143.86M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-987.02M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	34,802.26M	35,255.78M	35,255.78M	33,867.90M	33,561.53M	32,368.16M	34,489.56M	34,999.80M	84.42M	101.92M	143.87M	129.31M	174.74M	143.86M	16,717.22M	14,010.26M	10,532.21M	10,086.83M	8,565.95M	8,501.18M	4,588.20M	4,414.53M	4,561.65M	4,577.33M	4,693.44M	3,511.47M	4,646.64M	4,619.64M	4,398.76M	3,039.17M
Total Assets	37,379.13M	37,506.79M	37,506.79M	36,502.46M	36,337.41M	35,661.11M	36,367.60M	36,797.88M	2,675.56M	3,299.30M	1,439.39M	1,893.48M	1,597.60M	1,980.70M	18,710.70M	16,147.40M	13,842.97M	12,152.61M	10,698.00M	10,667.24M	4,960.59M	4,820.67M	4,779.45M	4,863.01M	4,930.87M	4,376.24M	5,147.18M	5,086.95M	4,976.43M	3,810.87M
Accounts Payable	58.49M	52.09M	52.09M	46.54M	47.33M	60.77M	73.23M	47.30M	49.57M	65.41M	56.46M	79.08M	111.80M	98.47M	65.34M	70.09M	960.84M	187.62M	136.93M	135.27M	56.21M	40.34M	2.19M	5.34M	74.76M	114.57M	6.93M	67.29M	98.73M	432.37M
Short-Term Debt	3,080.86M	3,900.38M	3,900.38M	6,619.12M	6,423.89M	3,466.03M	2,886.45M	1,307.64M	1,034.51M	1,969.73M	327.24M	732.32M	464.23M	789.76M	615.43M	598.19M	582.56M	0.00M	119.81M	248.43M	0.00M	150.14M	76.03M	202.23M	515.31M	326.57M	518.51M	593.85M	644.42M	49.93M
Tax Payables	0.00M	92.38M	92.38M	78.93M	51.34M	70.19M	81.86M	77.62M	86.12M	81.48M	64.17M	52.74M	48.73M	81.43M	57.55M	39.10M	39.49M	17.43M	9.25M	6.53M	9.62M	13.55M	11.76M	9.68M	7.26M	6.92M	19.39M	19.92M	6.12M	2.63M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	-6,434.72M	-3,476.16M	0.00M	-1,315.64M	-1,009.32M	-1,877.68M	-235.19M	-675.27M	-358.34M	-705.50M	0.00M	0.00M	0.00M	0.00M	0.00M	6.53M	0.00M	53.24M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	1,259.09M	660.51M	660.51M	1,167.12M	7,385.50M	4,533.07M	1,262.74M	2,485.24M	500.05M	463.67M	574.42M	1,142.99M	292.35M	332.13M	0.00M	0.00M	0.00M	312.98M	0.00M	0.00M	5.24M	9.96M	75.74M	69.93M	37.22M	46.29M	53.76M	0.00M	0.00M	0.00M
Total Current Liabilities	4,398.45M	4,705.37M	4,705.37M	7,911.71M	7,473.34M	4,653.90M	4,304.27M	2,602.17M	660.94M	702.61M	787.10M	1,331.86M	558.77M	596.28M	738.31M	707.37M	1,582.89M	518.03M	265.99M	396.77M	71.07M	267.23M	165.72M	287.19M	634.55M	494.35M	598.60M	681.07M	749.27M	484.93M
Long-Term Debt	13,994.35M	13,563.48M	13,563.48M	10,456.31M	11,319.53M	13,224.16M	14,814.62M	17,038.23M	6,578.55M	7,526.72M	8,251.69M	8,620.82M	4,640.24M	5,096.38M	5,812.06M	3,765.66M	1,472.36M	1,225.86M	861.90M	939.28M	450.95M	439.13M	587.27M	635.18M	154.91M	658.21M	262.18M	338.44M	417.10M	0.00M
Capital Lease Obligations	18.33M	23.10M	23.10M	5.07M	15.97M	21.44M	30.02M	10.84M	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	0.00M	2,988.56M	2,988.56M	3,072.09M	3,052.19M	3,046.47M	3,300.57M	3,244.30M	2,086.46M	1,988.48M	1,975.34M	1,932.02M	1,529.61M	1,524.70M	1,529.15M	1,173.72M	1,100.67M	943.24M	718.94M	637.72M	5.50M	6.23M	7.73M	8.96M	15.53M	14.11M	14.29M	11.50M	0.00M	0.00M
Other Non-Current Liabilities	3,222.58M	0.00M	0.00M	3,358.35M	0.00M	0.00M	13.37M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	4.87M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-302.75M	0.00M	0.00M	0.00M
Total Non-Current Liabilities	17,235.26M	16,575.14M	16,575.14M	16,891.82M	14,387.69M	16,292.07M	18,158.58M	20,293.36M	8,665.01M	9,515.21M	10,227.03M	10,552.84M	6,169.85M	6,621.08M	7,341.20M	4,939.38M	2,573.03M	2,173.97M	1,580.85M	1,577.00M	456.45M	445.36M	595.00M	644.14M	170.43M	672.32M	-26.29M	349.93M	417.10M	0.00M
Total Liabilities	21,633.70M	21,280.51M	21,280.51M	24,803.53M	21,861.02M	20,945.97M	22,462.85M	22,895.53M	9,325.94M	10,217.82M	11,014.13M	11,884.69M	6,728.62M	7,217.36M	8,079.51M	5,646.75M	4,155.92M	2,692.00M	1,846.84M	1,973.77M	527.52M	712.60M	760.72M	931.33M	804.98M	1,166.67M	572.32M	1,031.00M	1,166.37M	484.93M
Preferred Stock	0.00M	0.00M	0.00M	605.03M	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	0.00M	0.00M	0.00M	0.00M
Common Stock	147.32M	147.32M	147.32M	147.32M	147.32M	147.32M	147.32M	147.32M	147.32M	147.32M	147.32M	147.32M	147.32M	147.32M	147.32M	147.32M	147.32M	0.00M	147.32M	0.00M	0.00M	0.00M	118.75M	118.80M	111.41M	110.86M	109.98M	110.45M	110.87M	110.86M
Retained Earnings	7,080.86M	6,189.44M	6,189.44M	6,078.33M	6,301.00M	6,588.14M	5,499.18M	5,653.18M	5,132.85M	4,607.28M	4,142.55M	3,634.04M	3,487.73M	3,235.98M	0.00M	2,790.83M	0.00M	7,468.85M	2,024.07M	0.00M	0.00M	0.00M	0.00M	0.00M	769.11M	323.93M	0.00M	0.00M	0.00M	0.00M
Accumulated OCI	2,403.64M	2,406.71M	2,406.71M	2,406.92M	2,406.39M	2,400.31M	2,402.64M	2,395.42M	2,415.96M	2,414.51M	2,416.34M	2,414.64M	2,516.80M	2,516.72M	-71.73M	-54.94M	-38.32M	0.00M	-30.76M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Minority Interest	3,737.87M	3,557.83M	3,557.83M	3,236.60M	3,004.53M	2,961.23M	3,228.85M	3,057.10M	2,335.71M	2,272.56M	2,222.34M	2,257.35M	1,916.97M	2,002.56M	1,989.90M	2,025.55M	1,873.23M	1,844.46M	1,455.18M	1,407.49M	235.78M	255.14M	264.81M	759.05M	806.84M	987.02M	1,187.79M	1,170.86M	1,133.70M	447.65M
Total Shareholders’ Equity	9,631.82M	8,743.47M	8,743.47M	9,237.59M	8,854.70M	9,135.77M	8,049.15M	8,195.91M	7,696.13M	7,169.11M	6,706.22M	6,196.00M	6,151.85M	5,900.02M	75.59M	2,883.22M	109.01M	7,468.85M	2,140.63M	0.00M	0.00M	0.00M	118.75M	118.80M	880.52M	434.78M	109.98M	110.45M	110.87M	110.86M
Total Equity	13,369.69M	12,301.31M	12,301.31M	12,474.19M	11,859.23M	12,097.01M	11,278.00M	11,253.01M	10,031.84M	9,441.66M	8,928.56M	8,453.35M	8,068.83M	7,902.58M	2,065.49M	4,908.77M	1,982.24M	9,313.31M	3,595.82M	1,407.49M	235.78M	255.14M	383.56M	877.85M	1,687.36M	1,421.80M	1,297.77M	1,281.31M	1,244.56M	558.51M
Total Liabilities & Equity	35,003.39M	33,581.82M	33,581.82M	37,277.73M	33,720.26M	33,042.97M	33,740.85M	34,148.54M	19,357.78M	19,659.48M	19,942.68M	20,338.04M	14,797.44M	15,119.95M	10,145.00M	10,555.52M	6,138.16M	12,005.31M	5,442.65M	3,381.26M	763.30M	967.74M	1,144.29M	1,809.19M	2,492.34M	2,588.48M	1,870.09M	2,312.31M	2,410.94M	1,043.44M
Tangible Assets	5,693.96M	5,347.08M	5,347.08M	5,721.07M	5,164.56M	5,951.63M	4,022.03M	3,796.14M	-15,376.22M	-15,248.36M	-17,678.81M	-17,692.13M	-11,762.69M	-11,702.52M	4,689.60M	4,934.81M	5,800.58M	4,772.49M	4,381.05M	10,555.59M	4,960.59M	4,820.67M	4,740.79M	4,820.93M	4,700.85M	4,323.42M	5,147.18M	5,086.95M	4,976.43M	3,810.87M
Tangible Equity	-18,315.48M	-19,858.41M	-19,858.41M	-18,307.20M	-19,313.62M	-17,612.48M	-21,067.57M	-21,748.73M	-8,019.94M	-9,106.00M	-10,189.64M	-11,132.27M	-5,291.47M	-5,780.64M	-11,955.62M	-6,303.82M	-6,060.15M	1,933.19M	-2,721.14M	1,295.84M	235.78M	255.14M	344.90M	835.77M	1,457.34M	1,368.98M	1,297.77M	1,281.31M	1,244.56M	558.51M
Tangible Book Value	-18,315.48M	-19,858.41M	-19,858.41M	-18,307.20M	-19,313.62M	-17,612.48M	-21,067.57M	-21,748.73M	-8,019.94M	-9,106.00M	-10,189.64M	-11,132.27M	-5,291.47M	-5,780.64M	-11,955.62M	-6,303.82M	-6,060.15M	1,933.19M	-2,721.14M	1,295.84M	235.78M	255.14M	344.90M	835.77M	1,457.34M	1,368.98M	1,297.77M	1,281.31M	1,244.56M	558.51M
Total Investments	1,950.71M	2,011.88M	2,011.88M	2,078.80M	2,286.94M	2,560.93M	2,023.72M	1,870.68M	1,929.12M	2,100.42M	1,924.71M	1,856.25M	1,884.13M	1,935.90M	1,946.14M	2,103.17M	2,230.14M	2,202.75M	2,207.53M	1,965.10M	2,469.91M	2,319.22M	2,355.53M	2,257.52M	2,078.40M	1,837.47M	1,849.42M	1,753.31M	1,675.23M	911.04M
Net Debt	14,906.50M	15,485.43M	15,485.43M	14,694.65M	15,263.15M	13,771.61M	16,185.07M	16,910.80M	5,219.84M	6,654.00M	7,533.01M	8,486.47M	3,980.96M	4,281.46M	5,370.36M	3,065.37M	-57.01M	-728.27M	-1,112.92M	-960.37M	110.32M	205.29M	462.10M	569.00M	441.79M	182.51M	371.71M	484.73M	551.37M	-718.24M

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	-1,831.6M	-3,012.0M	-3,012.0M	-5,200.0M	-4,656.9M	-1,300.9M	-2,354.9M	-737.0M	1,007.0M	698.6M	337.4M	-190.2M	527.3M	510.3M	708.4M	888.5M	1,727.6M	1,547.8M	1,866.1M	1,772.8M	301.3M	192.2M	9.7M	-74.7M	-397.1M	370.4M	-109.1M	-269.0M	-193.8M	484.2M
Total Capital	29,101.1M	29,335.3M	29,335.3M	28,693.8M	28,989.8M	28,223.1M	28,156.0M	28,925.9M	17,659.7M	18,949.2M	17,568.8M	17,867.8M	13,526.2M	14,077.7M	14,521.9M	12,297.7M	9,868.5M	7,616.2M	8,377.7M	8,477.2M	4,648.2M	4,495.4M	4,374.8M	3,936.8M	3,182.4M	3,207.3M	3,854.0M	3,762.2M	3,715.7M	3,125.6M
Capital Employed	32,970.6M	32,243.8M	32,243.8M	28,667.9M	28,904.6M	31,067.3M	32,134.7M	34,262.8M	21,155.6M	21,419.7M	21,610.4M	21,464.9M	16,614.4M	16,899.4M	17,425.6M	14,898.8M	12,259.8M	11,634.6M	10,432.0M	10,273.9M	4,889.5M	4,606.7M	4,571.4M	4,502.6M	4,296.3M	3,881.9M	4,537.6M	4,350.7M	4,205.0M	3,523.3M
Invested Capital	26,932.4M	27,356.8M	27,356.8M	26,313.1M	26,509.6M	25,304.6M	26,640.0M	27,490.8M	15,266.5M	16,106.8M	16,522.9M	17,001.2M	12,402.7M	12,473.0M	13,464.8M	10,999.2M	7,756.6M	5,662.0M	6,283.1M	6,329.1M	4,307.6M	4,111.5M	4,173.6M	3,668.4M	2,954.0M	2,405.1M	3,445.0M	3,314.6M	3,205.6M	2,357.5M

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	1,355.75M	1,877.51M	1,641.74M	1,804.40M	453.11M	1,464.98M	160.49M	1,137.59M	1,054.14M	947.94M	918.82M	532.09M	609.37M	554.42M	891.44M	822.28M	679.72M	420.01M	511.20M	622.50M	462.40M	318.42M	162.26M	202.18M	167.16M	259.45M	344.52M	360.99M	218.54M	199.16M
Depreciation & Amortization	3,100.77M	2,360.30M	1,545.95M	1,308.01M	1,169.75M	1,086.12M	976.16M	669.01M	573.06M	544.16M	523.62M	457.38M	371.54M	323.34M	278.90M	250.57M	240.91M	201.11M	149.10M	220.43M	111.92M	110.39M	121.32M	118.58M	88.13M	94.23M	72.48M	74.24M	59.74M	28.18M
Deferred Income Tax	0.00M	-16.88M	0.00M	0.00M	6.93M	-26.05M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Stock-Based Compensation	0.85M	4.34M	-0.47M	0.17M	4.49M	1.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-29.52M	13.49M	-35.85M	33.21M	31.66M	-18.17M	-2.73M	-114.86M	18.47M	-21.83M	43.92M	-69.04M	-7.72M	164.42M	-122.01M	87.51M	-80.38M	-19.50M	-19.30M	0.00M	0.00M	0.00M	-29.48M	27.31M	2.41M	21.20M	-13.13M	16.53M	41.57M	26.23M
Accounts Receivable	-29.52M	13.64M	-35.85M	6.33M	-11.41M	25.05M	-27.99M	0.00M	18.47M	-21.83M	43.92M	-69.04M	-7.72M	164.42M	0.00M	0.00M	0.00M	0.00M	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
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	-0.15M	-5.75M	26.88M	43.07M	-43.22M	25.25M	-9.61M	-2.26M	73.85M	0.24M	-5.22M	17.47M	-114.55M	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
Other Non-Cash Items	1,135.32M	604.79M	-492.97M	-348.11M	544.64M	62.07M	969.26M	450.32M	451.21M	473.03M	235.49M	519.41M	238.31M	99.91M	-281.84M	-402.78M	-201.01M	-44.65M	-129.29M	-336.40M	-307.84M	-197.65M	-50.68M	-61.86M	-43.54M	-44.43M	-45.96M	-50.87M	-50.79M	-60.70M
Net Cash from Operating Activities	5,563.17M	4,860.43M	2,658.39M	2,797.68M	2,210.57M	2,569.95M	2,103.18M	2,142.06M	2,096.87M	1,943.31M	1,721.85M	1,439.83M	1,211.50M	1,142.09M	766.50M	757.57M	639.25M	556.97M	511.71M	506.52M	266.49M	231.17M	203.42M	286.21M	214.17M	330.46M	357.91M	400.90M	269.06M	192.86M
Capital Expenditures (PPE)	-55.08M	-46.38M	-27.70M	-27.63M	-24.45M	-22.06M	-14.72M	-4.73M	-15.47M	-20.38M	-11.16M	-11.18M	-73.95M	-70.82M	-77.61M	-467.25M	-107.01M	-13.50M	-6.38M	-9.31M	-5.29M	-0.31M	-0.71M	-10.11M	-1.34M	-32.16M	-6.26M	-5.47M	-366.53M	-452.51M
Acquisitions (Net)	-614.38M	-861.66M	-520.40M	0.00M	-861.66M	1,392.06M	-75.96M	-5,841.58M	-2.25M	-11.58M	52.17M	-1,543.36M	-225.16M	-54.40M	-1,017.63M	-1,681.83M	2.12M	-548.36M	-212.32M	-499.16M	0.00M	0.00M	3.45M	26.86M	-441.98M	-193.33M	-202.35M	-179.09M	-907.56M	-210.91M
Purchases of Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-113.48M	-116.37M	-62.17M	1,525.96M	-5.40M	-22.00M	-0.20M	0.00M	0.00M	0.00M	-0.79M	0.00M	0.00M	0.00M	-3.33M	-11.97M	-21.51M	-131.20M	-17.07M	-123.84M	-169.25M	-220.33M
Sales / Maturities of Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	115.73M	127.95M	10.00M	17.40M	230.55M	76.40M	319.94M	0.00M	0.00M	0.00M	80.85M	0.00M	0.00M	0.00M	0.00M	9.06M	6.81M	198.36M	180.98M	54.13M	45.65M	57.33M
Other Investing Activities	-1,722.51M	1,102.42M	-753.00M	-1,134.80M	217.74M	-84.58M	-147.85M	333.51M	487.92M	293.05M	238.78M	209.24M	285.30M	964.94M	-64.77M	427.67M	274.08M	244.49M	157.69M	360.27M	31.71M	228.60M	101.00M	137.82M	101.31M	0.37M	-180.93M	193.54M	-45.65M	-57.33M
Net Cash from Investing Activities	-2,391.97M	194.38M	-1,301.10M	-1,162.42M	-668.38M	1,285.41M	-238.53M	-5,512.81M	472.44M	144.72M	289.80M	-1,327.90M	-19.20M	817.72M	-840.27M	-1,721.42M	169.19M	-317.36M	19.05M	-148.20M	26.42M	228.29M	100.42M	151.67M	-356.71M	-157.96M	-225.63M	-60.72M	-1,443.34M	-883.75M
Net Debt Issuance	-308.31M	-1,213.49M	-398.52M	-646.72M	-375.25M	-751.51M	-640.90M	3,700.75M	-1,856.62M	806.89M	-874.50M	792.79M	-806.11M	-581.89M	521.57M	548.82M	-158.20M	-113.48M	-198.53M	-375.72M	-146.23M	-41.44M	-172.06M	-269.00M	-312.66M	205.46M	-143.08M	-173.99M	960.01M	0.00M
Long-Term Debt Issuance	-308.31M	-1,213.49M	-398.52M	-634.39M	-416.01M	-834.10M	-629.42M	3,700.75M	-1,856.62M	806.89M	-839.50M	792.79M	-795.61M	-571.39M	547.37M	549.32M	-158.20M	-112.10M	-198.53M	-375.72M	-146.23M	-41.44M	-172.06M	-269.00M	-312.66M	205.46M	-143.08M	-173.99M	0.00M	0.00M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	-12.32M	40.76M	82.59M	-11.47M	0.00M	0.00M	0.00M	-35.00M	0.00M	-10.50M	-10.50M	-25.80M	-0.50M	0.00M	-1.38M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	960.01M	0.00M
Net Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	2,038.92M	0.00M	0.62M	0.33M	60.02M	4.99M	6.55M	0.00M	0.00M	0.00M	936.35M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	2,038.92M	0.00M	0.62M	0.33M	60.02M	4.99M	6.55M	0.00M	0.00M	0.00M	936.35M
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	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-848.75M	-1,174.43M	-421.61M	-382.95M	-740.26M	-376.03M	-314.48M	-617.27M	-528.43M	-483.22M	-410.31M	-385.78M	-357.62M	-281.95M	-313.86M	-307.46M	-319.47M	-176.78M	-232.03M	-197.06M	-128.62M	-118.97M	0.00M	-82.04M	-61.17M	-44.34M	-87.98M	-44.18M	-86.48M	-27.72M
Common Dividends Paid	-848.75M	-1,174.43M	-421.61M	-382.95M	-740.26M	-376.03M	-314.48M	-617.27M	-528.43M	-483.22M	-410.31M	-385.78M	-357.62M	-281.95M	-313.86M	-307.46M	-319.47M	-176.79M	-232.03M	-163.27M	-128.62M	-118.97M	-106.86M	-82.04M	-61.17M	-44.34M	-87.98M	-44.18M	-86.48M	-27.72M
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	0.01M	0.00M	0.00M	-47.33M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-1,610.81M	-2,819.17M	-939.57M	-705.13M	-865.44M	-1,323.29M	-827.46M	-669.83M	-684.85M	-613.53M	-568.47M	-761.89M	-510.94M	-549.10M	-375.83M	-89.53M	-132.98M	-79.83M	-40.41M	-33.78M	0.00M	-110.64M	-92.63M	-89.84M	-42.51M	-61.19M	72.66M	20.32M	-2.28M	480.91M
Net Cash from Financing Activities	-2,767.88M	-5,207.09M	-1,759.69M	-1,734.79M	-1,980.95M	-2,450.83M	-1,782.84M	2,413.65M	-3,069.90M	-289.86M	-1,853.28M	-354.88M	-1,674.67M	-1,412.94M	-168.12M	151.84M	-660.66M	-370.06M	-470.97M	1,466.15M	-322.18M	-270.43M	-371.22M	-380.86M	-411.35M	216.48M	-158.41M	-197.85M	871.25M	1,389.54M
Effect of FX on Cash	-1.32M	8.74M	0.04M	0.05M	0.46M	-1.97M	-0.87M	-1.07M	51.35M	-1.64M	5.84M	1.15M	1.21M	0.68M	0.53M	-1.45M	0.03M	-0.02M	15.83M	5.38M	0.03M	-1.62M	0.38M	0.92M	2.00M	3.54M	184.39M	0.76M	-0.66M	0.11M
Net Change in Cash	2,782.78M	-143.54M	-402.35M	-99.48M	-438.31M	1,402.57M	80.94M	-958.16M	-449.23M	1,796.53M	179.26M	-256.85M	-481.16M	547.55M	-241.35M	-813.45M	147.80M	-140.37M	75.62M	1,829.85M	-29.25M	187.40M	-67.00M	57.95M	-551.89M	369.02M	158.26M	63.16M	-382.37M	747.12M
Cash at Beginning of Period	4,352.86M	10,174.71M	2,380.79M	2,480.27M	2,918.57M	1,516.00M	1,435.06M	2,393.22M	2,842.45M	1,045.92M	866.67M	1,123.52M	1,604.68M	1,057.12M	1,298.48M	2,111.93M	1,964.13M	2,094.50M	2,019.01M	318.24M	369.88M	196.58M	268.20M	210.46M	761.37M	392.35M	445.66M	384.39M	768.22M	21.06M
Cash at End of Period	7,135.64M	10,031.17M	1,978.43M	2,380.79M	2,480.27M	2,918.57M	1,516.00M	1,435.06M	2,393.22M	2,842.45M	1,045.92M	866.67M	1,123.52M	1,604.68M	1,057.12M	1,298.48M	2,111.93M	1,954.13M	2,094.63M	2,148.09M	340.63M	383.98M	201.20M	268.41M	209.48M	761.37M	603.91M	447.56M	385.85M	768.17M
Operating Cash Flow	5,563.17M	4,860.43M	2,658.39M	2,797.68M	2,210.57M	2,569.95M	2,103.18M	2,142.06M	2,096.87M	1,943.31M	1,721.85M	1,439.83M	1,211.50M	1,142.09M	766.50M	757.57M	639.25M	556.97M	511.71M	506.52M	266.49M	231.17M	203.42M	286.21M	214.17M	330.46M	357.91M	400.90M	269.06M	192.86M
Capital Expenditure	-55.08M	-46.38M	-27.70M	-27.63M	-24.45M	-22.06M	-14.72M	-4.73M	-15.47M	-20.38M	-11.16M	-11.18M	-73.95M	-70.82M	-77.61M	-467.25M	-107.01M	-13.50M	-6.38M	-9.31M	-5.29M	-0.31M	-0.71M	-10.11M	-1.34M	-32.16M	-6.26M	-5.47M	-366.53M	-452.51M
Free Cash Flow	5,508.09M	4,814.06M	2,630.69M	2,770.06M	2,186.12M	2,547.89M	2,088.46M	2,137.33M	2,081.40M	1,922.93M	1,710.69M	1,428.65M	1,137.55M	1,071.27M	688.89M	290.32M	532.24M	543.47M	505.33M	497.21M	261.20M	230.85M	202.70M	276.10M	212.83M	298.30M	351.65M	395.44M	-97.47M	-259.64M

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	6,411.82M	5,553.90M	3,073.06M	3,210.04M	2,570.22M	2,966.69M	2,306.33M	2,466.90M	2,381.51M	2,281.45M	2,043.94M	1,793.25M	1,409.43M	1,361.02M	1,066.83M	977.02M	873.79M	1,201.80M	969.30M	962.32M	503.40M	506.67M	422.66M	430.12M	367.80M	414.22M	377.28M	374.71M	381.53M	249.56M
(-) Tax Adjustment	1,676.81M	1,287.62M	789.21M	885.48M	790.19M	569.25M	807.22M	396.43M	604.27M	516.88M	475.96M	447.13M	328.66M	372.00M	328.84M	152.61M	150.76M	172.32M	102.04M	64.49M	34.31M	46.86M	73.19M	80.38M	54.92M	39.21M	26.45M	131.15M	3.90M	2.74M
(-) Change In Working Capital	-29.52M	13.49M	-35.85M	33.21M	31.66M	-18.17M	-2.73M	-114.86M	18.47M	-21.83M	43.92M	-69.04M	-7.72M	164.42M	-122.01M	87.51M	-80.38M	-19.50M	-19.30M	0.00M	0.00M	0.00M	-29.48M	27.31M	2.41M	21.20M	-13.13M	16.53M	41.57M	26.23M
(-) Capital Expenditure	-55.08M	-46.38M	-27.70M	-27.63M	-24.45M	-22.06M	-14.72M	-4.73M	-15.47M	-20.38M	-11.16M	-11.18M	-73.95M	-70.82M	-77.61M	-467.25M	-107.01M	-13.50M	-6.38M	-9.31M	-5.29M	-0.31M	-0.71M	-10.11M	-1.34M	-32.16M	-6.26M	-5.47M	-366.53M	-452.51M
Unlevered Free Cash Flow	4,709.45M	4,206.42M	2,292.00M	2,263.72M	1,723.92M	2,393.54M	1,487.13M	2,180.60M	1,743.30M	1,766.02M	1,512.90M	1,403.97M	1,014.53M	753.78M	782.39M	269.65M	696.40M	1,035.48M	880.18M	888.51M	463.80M	459.50M	378.23M	312.32M	309.14M	321.64M	357.71M	221.57M	-30.47M	-231.91M
(-) Net Interest Income After Taxes	-320.18M	873.12M	-335.70M	-385.25M	-375.37M	-551.16M	-489.70M	-24.39M	-34.20M	-19.50M	-4.81M	-13.61M	-18.56M	-42.17M	-188.29M	-117.37M	-28.77M	-31.34M	-15.95M	-12.17M	0.00M	0.00M	-13.70M	-21.04M	-32.90M	-47.22M	-52.24M	-45.39M	0.00M	-9.03M
Net Debt Issuance	-308.31M	-1,213.49M	-398.52M	-646.72M	-375.25M	-751.51M	-640.90M	3,700.75M	-1,856.62M	806.89M	-874.50M	792.79M	-806.11M	-581.89M	521.57M	548.82M	-158.20M	-113.48M	-198.53M	-375.72M	-146.23M	-41.44M	-172.06M	-269.00M	-312.66M	205.46M	-143.08M	-173.99M	960.01M	0.00M
Levered Free Cash Flow	4,721.32M	2,119.82M	2,229.19M	2,002.26M	1,724.04M	2,193.19M	1,335.94M	5,905.74M	-79.11M	2,592.41M	643.21M	2,210.38M	226.97M	214.06M	1,492.25M	935.84M	566.97M	953.35M	697.60M	524.96M	317.57M	418.06M	219.86M	64.37M	29.38M	574.32M	266.86M	92.97M	929.54M	-222.88M