China Lilang Limited (1234.HK)

Industry: Apparel - Manufacturers Sector: Consumer Cyclical Currency Used: CN Live Price: $3.35

Enterprise Value

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Stock Price	3.97	3.86	3.33	3.87	4.12	5.99	7.64	4.89	4.07	5.95	3.93	3.50	4.01	7.28	8.92	4.08	3.41	3.74
Market Capitalization	4,743.20M	4,616.51M	3,984.97M	4,641.63M	4,941.62M	7,175.81M	9,149.48M	5,886.55M	4,914.91M	7,174.61M	4,728.74M	4,206.97M	4,814.73M	8,735.83M	10,697.71M	4,004.71M	3,062.43M	2,217.64M
(-) Cash & Equivalents	866.73M	1,006.74M	1,320.64M	1,462.67M	1,736.23M	1,815.74M	1,663.86M	1,657.02M	1,817.58M	2,079.28M	1,650.71M	1,348.33M	746.39M	1,172.67M	1,041.46M	576.06M	26.78M	19.51M
(+) Total Debt	1,291.90M	1,228.32M	684.17M	176.84M	222.54M	119.68M	0.00M	238.67M	476.76M	954.22M	816.71M	499.53M	374.09M	0.00M	0.00M	0.50M	70.00M	77.97M
Enterprise Value	5,168.37M	4,838.08M	3,348.50M	3,355.81M	3,427.93M	5,479.75M	7,485.62M	4,468.20M	3,574.09M	6,049.55M	3,894.74M	3,358.17M	4,442.43M	7,563.16M	9,656.25M	3,429.15M	3,105.64M	2,276.11M

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
Revenue	7,430M	6,602M	3,650M	3,544M	3,086M	3,379M	2,681M	3,658M	3,168M	2,441M	2,412M	2,689M	2,433M	2,299M	2,793M	2,708M	2,053M	1,560M	1,136M	886M
Cost of Revenue	3,889M	3,665M	1,911M	1,837M	1,666M	1,964M	1,477M	2,255M	1,870M	1,427M	1,416M	1,546M	1,397M	1,319M	1,669M	1,653M	1,275M	1,009M	792M	652M
Gross Profit	3,541M	2,937M	1,739M	1,707M	1,420M	1,415M	1,204M	1,403M	1,298M	1,014M	996M	1,143M	1,036M	980M	1,124M	1,055M	778M	551M	344M	234M
Gross Profit Margin	47.7%	44.5%	47.7%	48.2%	46.0%	41.9%	44.9%	38.4%	41.0%	41.5%	41.3%	42.5%	42.6%	42.6%	40.2%	39.0%	37.9%	35.3%	30.3%	26.4%
R&D Expenses	128M	257M	0M	0M	124M	129M	120M	137M	107M	76M	84M	91M	81M	67M	0M	0M	0M	0M	0M	0M
SG&A Expenses	2,567M	2,031M	1,247M	1,134M	971M	967M	600M	514M	488M	401M	424M	395M	379M	406M	428M	363M	305M	216M	181M	128M
Operating Expenses	2,423M	1,897M	1,187M	1,096M	901M	882M	552M	456M	429M	354M	334M	349M	355M	398M	415M	352M	309M	212M	173M	124M
Operating Income (EBIT)	1,118M	1,040M	552M	611M	519M	533M	651M	947M	869M	660M	662M	794M	680M	582M	709M	704M	469M	339M	171M	110M
Operating Income Margin	15.0%	15.7%	15.1%	17.2%	16.8%	15.8%	24.3%	25.9%	27.4%	27.0%	27.4%	29.5%	28.0%	25.3%	25.4%	26.0%	22.9%	21.7%	15.1%	12.4%
Interest Income	138M	69M	84M	82M	52M	34M	45M	52M	69M	66M	70M	97M	98M	76M	65M	44M	11M	1M	0M	0M
Interest Expense	31M	0M	31M	32M	18M	10M	5M	4M	6M	6M	21M	28M	15M	12M	8M	0M	0M	6M	12M	12M
Net Interest Income	107M	69M	53M	50M	34M	25M	39M	48M	63M	60M	49M	69M	83M	64M	58M	44M	11M	-5M	-12M	-12M
Unusual Items	6M	0M	3M	-3M	-7M	4M	4M	29M	13M	2M	36M	1M	4M	0M	0M	6M	8M	-1M	0M	0M
EBT Excluding Unusual Items	1,225M	1,109M	605M	661M	553M	557M	691M	995M	933M	720M	711M	862M	763M	645M	767M	747M	480M	333M	159M	98M
Pre-Tax Income	1,231M	1,109M	609M	658M	547M	561M	695M	1,024M	945M	721M	747M	864M	767M	646M	767M	753M	488M	332M	159M	98M
Pre-Tax Margin	16.6%	16.8%	16.7%	18.6%	17.7%	16.6%	25.9%	28.0%	29.8%	29.6%	31.0%	32.1%	31.5%	28.1%	27.5%	27.8%	23.8%	21.3%	14.0%	11.0%
Income Tax Expense	270M	193M	148M	127M	99M	93M	138M	212M	194M	110M	207M	238M	212M	130M	140M	130M	69M	29M	5M	1M
Net Income	963M	915M	461M	530M	448M	468M	557M	812M	751M	611M	540M	625M	555M	516M	627M	623M	419M	303M	154M	97M
Net Income Margin	13.0%	13.9%	12.6%	15.0%	14.5%	13.9%	20.8%	22.2%	23.7%	25.0%	22.4%	23.2%	22.8%	22.5%	22.4%	23.0%	20.4%	19.4%	13.6%	10.9%
Depreciation & Amortization	398M	233M	254M	224M	229M	224M	87M	40M	31M	28M	27M	30M	35M	36M	25M	18M	15M	12M	7M	4M
EBITDA	1,516M	1,272M	807M	835M	748M	757M	739M	987M	901M	688M	689M	823M	716M	617M	735M	722M	484M	351M	178M	113M
EBITDA Margin	20.4%	19.3%	22.1%	23.5%	24.2%	22.4%	27.5%	27.0%	28.4%	28.2%	28.6%	30.6%	29.4%	26.9%	26.3%	26.7%	23.6%	22.5%	15.7%	12.8%
NOPAT	873M	858M	418M	492M	425M	444M	522M	751M	691M	559M	478M	574M	492M	465M	580M	582M	402M	309M	165M	108M
NOPAT Margin	11.7%	13.0%	11.5%	13.9%	13.8%	13.1%	19.5%	20.5%	21.8%	22.9%	19.8%	21.4%	20.2%	20.2%	20.8%	21.5%	19.6%	19.8%	14.6%	12.2%
Owner's Earnings	1,109M	583M	591M	620M	297M	376M	383M	715M	590M	414M	422M	620M	571M	530M	589M	484M	377M	290M	94M	35M
Owner's Earnings Margin	14.9%	8.8%	16.2%	17.5%	9.6%	11.1%	14.3%	19.5%	18.6%	17.0%	17.5%	23.1%	23.5%	23.1%	21.1%	17.9%	18.3%	18.6%	8.3%	3.9%
EPS (Basic)	0.80	0.76	0.38	0.44	0.37	0.39	0.47	0.68	0.63	0.51	0.45	0.52	0.46	0.43	0.52	0.52	0.35	0.31	0.17	0.11
EPS (Diluted)	0.80	0.76	0.38	0.44	0.37	0.39	0.47	0.68	0.63	0.51	0.45	0.52	0.46	0.43	0.52	0.52	0.35	0.31	0.17	0.11
Shares (Basic)	1,198M	1,198M	1,197M	1,197M	1,197M	1,197M	1,197M	1,197M	1,197M	1,205M	1,209M	1,206M	1,202M	1,201M	1,201M	1,201M	1,200M	981M	900M	900M
Shares (Diluted)	1,197M	1,198M	1,197M	1,197M	1,197M	1,199M	1,198M	1,197M	1,197M	1,205M	1,209M	1,208M	1,205M	1,204M	1,204M	1,206M	1,200M	982M	900M	900M

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
Cash & Cash Equivalents	516.96M	826.98M	826.98M	1,077.23M	960.11M	1,571.62M	1,738.93M	1,750.61M	1,842.85M	1,823.28M	1,613.66M	2,161.71M	1,845.18M	1,435.79M	1,242.79M	1,240.98M	847.46M	1,152.12M	53.57M	58.52M
Short-Term Investments	1,348.51M	836.85M	836.85M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	188.00M	568.94M	30.00M	100.00M	160.00M	100.00M	0.00M	0.00M	34.07M	0.00M	0.00M
Cash & Short-Term Investments	1,865.47M	1,663.83M	1,663.83M	1,077.23M	960.11M	1,571.62M	1,738.93M	1,750.61M	1,842.85M	2,011.28M	2,182.60M	2,191.71M	1,945.18M	1,595.79M	1,342.79M	1,240.98M	847.46M	1,186.19M	53.57M	58.52M
Net Receivables	467.65M	514.12M	514.12M	392.85M	528.59M	484.07M	711.69M	957.32M	822.54M	637.00M	667.66M	756.74M	603.75M	494.85M	709.98M	648.54M	539.16M	457.80M	0.00M	0.00M
Inventory	1,084.27M	1,086.92M	1,086.92M	825.67M	885.14M	893.74M	667.05M	689.24M	676.41M	323.33M	294.39M	291.47M	248.85M	271.05M	280.29M	225.19M	181.55M	146.34M	171.49M	96.03M
Other Current Assets	1,105.48M	566.06M	566.06M	381.01M	395.67M	321.96M	494.53M	123.18M	142.44M	75.13M	530.97M	1,099.53M	908.95M	549.84M	155.30M	4.38M	1,077.07M	1.59M	42.20M	54.01M
Total Current Assets	4,522.86M	3,830.93M	3,830.93M	2,676.76M	2,769.52M	3,271.39M	3,612.21M	3,520.35M	3,484.24M	3,046.74M	3,675.62M	4,339.45M	3,706.72M	2,911.52M	2,488.35M	2,119.09M	2,645.24M	1,791.91M	267.26M	208.56M
Property, Plant & Equipment	1,444.75M	1,364.52M	1,364.52M	1,442.66M	1,352.98M	1,386.68M	1,080.01M	722.67M	710.98M	527.53M	394.90M	281.26M	350.37M	369.07M	389.21M	204.33M	180.06M	151.42M	135.82M	106.09M
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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	93.74M	116.74M	116.74M	3.73M	124.62M	130.42M	134.14M	146.78M	109.52M	110.76M	112.88M	105.18M	40.22M	41.53M	43.56M	7.99M	7.74M	0.00M	0.00M	0.00M
Long-Term Investments	263.14M	-338.98M	-338.98M	1,090.49M	650.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	280.81M	289.40M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	55.07M	46.23M	46.23M	44.42M	64.82M	55.05M	24.31M	20.82M	6.02M	6.01M	20.42M	25.01M	23.43M	19.14M	21.92M	10.19M	8.03M	1.06M	1.00M	1.19M
Other Non-Current Assets	245.51M	1,826.98M	1,826.98M	1,243.87M	513.53M	163.07M	155.07M	142.40M	98.81M	101.55M	25.15M	-280.81M	-289.40M	154.00M	320.00M	187.23M	68.27M	70.01M	73.56M	35.90M
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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	2,102.21M	3,015.50M	3,015.50M	3,825.17M	2,705.95M	1,735.22M	1,393.53M	1,032.68M	925.33M	745.85M	553.35M	411.46M	414.01M	583.74M	774.69M	409.74M	264.10M	222.49M	210.38M	143.17M
Total Assets	6,625.07M	6,846.43M	6,846.43M	6,501.93M	5,475.47M	5,006.61M	5,005.73M	4,553.03M	4,409.57M	3,792.59M	4,228.97M	4,750.91M	4,120.74M	3,495.26M	3,263.04M	2,528.83M	2,909.34M	2,014.40M	477.64M	351.73M
Accounts Payable	771.87M	914.90M	914.90M	729.95M	579.80M	435.42M	410.33M	517.72M	607.14M	336.52M	343.71M	342.66M	269.37M	184.17M	206.21M	222.32M	508.97M	133.61M	277.89M	277.08M
Short-Term Debt	1,030.25M	513.78M	513.78M	289.86M	249.50M	72.62M	0.00M	0.00M	0.00M	0.00M	493.53M	1,004.02M	854.59M	418.32M	150.18M	0.00M	0.00M	1.00M	140.00M	94.50M
Tax Payables	253.61M	266.45M	266.45M	223.88M	197.18M	174.77M	152.49M	152.38M	135.68M	86.98M	173.57M	217.77M	88.73M	32.53M	43.45M	28.77M	26.34M	11.14M	0.89M	0.00M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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 Liabilities	89.76M	109.38M	109.38M	450.99M	470.21M	588.24M	749.83M	354.15M	325.55M	225.99M	271.79M	390.61M	192.05M	132.62M	46.45M	21.80M	0.00M	0.00M	0.00M	0.00M
Total Current Liabilities	2,145.48M	1,804.50M	1,804.50M	1,694.67M	1,496.69M	1,271.04M	1,312.65M	1,024.25M	1,068.38M	649.48M	1,282.60M	1,955.06M	1,404.75M	767.63M	446.30M	272.89M	535.32M	145.75M	418.78M	371.58M
Long-Term Debt	0.00M	671.49M	671.49M	853.35M	187.03M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	144.65M	293.50M	0.00M	0.00M	0.00M	0.00M	139.42M
Capital Lease Obligations	121.62M	133.76M	133.76M	124.06M	131.93M	161.25M	123.93M	0.54M	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	21.62M	24.82M	24.82M	10.45M	12.68M	9.22M	7.96M	21.80M	19.92M	32.71M	46.87M	38.72M	66.27M	62.82M	68.70M	48.35M	11.35M	0.00M	1.54M	0.00M
Other Non-Current Liabilities	0.00M	24.82M	0.00M	10.45M	0.00M	9.22M	7.96M	0.00M	0.00M	35.11M	2.40M	0.00M	0.00M	63.73M	0.91M	0.97M	0.73M	0.73M	1.99M	1.79M
Total Non-Current Liabilities	143.25M	854.87M	830.06M	998.31M	331.63M	179.69M	139.86M	22.34M	19.92M	67.83M	49.27M	38.72M	66.27M	271.20M	363.10M	49.32M	12.08M	0.73M	3.53M	141.21M
Total Liabilities	2,288.73M	2,659.38M	2,634.56M	2,692.99M	1,828.31M	1,450.73M	1,452.51M	1,046.59M	1,088.30M	717.31M	1,331.87M	1,993.77M	1,471.02M	1,038.83M	809.40M	322.21M	547.39M	146.48M	422.31M	512.79M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	3.07M	0.00M	2.97M	14.19M	19.99M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	105.52M	105.52M	105.52M	105.52M	105.52M	105.52M	105.52M	105.52M	105.52M	105.49M	106.47M	106.46M	106.05M	105.83M	105.80M	105.79M	105.78M	105.73M	0.18M	0.10M
Retained Earnings	3,720.85M	3,610.36M	3,610.36M	3,830.26M	3,376.54M	3,541.22M	3,519.56M	3,483.54M	3,282.92M	3,026.29M	2,895.87M	2,787.09M	2,575.25M	2,386.81M	0.00M	1,392.86M	0.00M	0.00M	0.00M	0.00M
Accumulated OCI	0.00M	0.00M	-4.39M	0.20M	-3.07M	-4.76M	-2.97M	-14.19M	-19.99M	-141.80M	-137.33M	-138.00M	-121.25M	-90.25M	-64.93M	-45.25M	-30.54M	-21.28M	-11.04M	-6.09M
Minority Interest	125.03M	29.48M	29.48M	0.00M	0.00M	0.00M	0.00M	0.00M	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 Shareholders’ Equity	3,826.36M	3,715.88M	3,711.49M	3,935.98M	3,482.06M	3,641.98M	3,625.08M	3,589.06M	3,388.43M	2,989.98M	2,865.01M	2,755.55M	2,560.05M	2,402.39M	40.87M	1,453.41M	75.23M	84.45M	-10.87M	-5.99M
Total Equity	3,951.39M	3,745.36M	3,740.97M	3,935.98M	3,482.06M	3,641.98M	3,625.08M	3,589.06M	3,388.43M	2,989.98M	2,865.01M	2,755.55M	2,560.05M	2,402.39M	40.87M	1,453.41M	75.23M	84.45M	-10.87M	-5.99M
Total Liabilities & Equity	6,240.12M	6,404.73M	6,375.53M	6,628.97M	5,310.37M	5,092.71M	5,077.59M	4,635.65M	4,476.73M	3,707.29M	4,196.87M	4,749.32M	4,031.06M	3,441.22M	850.27M	1,775.62M	622.63M	230.93M	411.44M	506.80M
Tangible Assets	6,531.33M	6,729.68M	6,729.68M	6,498.20M	5,350.85M	4,876.19M	4,871.60M	4,406.25M	4,300.05M	3,681.82M	4,116.09M	4,645.73M	4,080.52M	3,453.73M	3,219.48M	2,520.84M	2,901.60M	2,014.40M	477.64M	351.73M
Tangible Equity	3,857.65M	3,628.62M	3,624.23M	3,932.25M	3,357.44M	3,511.56M	3,490.95M	3,442.28M	3,278.92M	2,879.21M	2,752.13M	2,650.37M	2,519.83M	2,360.86M	-2.69M	1,445.41M	67.49M	84.45M	-10.87M	-5.99M
Tangible Book Value	3,857.65M	3,628.62M	3,624.23M	3,932.25M	3,357.44M	3,511.56M	3,490.95M	3,442.28M	3,278.92M	2,879.21M	2,752.13M	2,650.37M	2,519.83M	2,360.86M	-2.69M	1,445.41M	67.49M	84.45M	-10.87M	-5.99M
Total Investments	1,611.65M	497.87M	497.87M	1,090.49M	650.00M	0.00M	0.00M	0.00M	0.00M	188.00M	568.94M	310.81M	389.40M	160.00M	100.00M	0.00M	0.00M	34.07M	0.00M	0.00M
Net Debt	513.29M	358.28M	358.28M	65.99M	-523.59M	-1,499.00M	-1,738.93M	-1,750.61M	-1,842.85M	-1,823.28M	-1,120.13M	-1,157.70M	-990.59M	-872.82M	-799.11M	-1,240.98M	-847.46M	-1,151.12M	86.43M	175.40M

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
Working Capital	2,211.1M	1,787.4M	1,787.4M	1,054.8M	1,332.7M	2,011.1M	2,329.9M	2,595.4M	2,494.5M	2,431.0M	2,507.5M	2,538.5M	2,350.1M	2,138.1M	1,970.4M	1,816.8M	1,608.1M	1,420.3M	232.4M	143.6M
Total Capital	5,274.8M	5,344.7M	5,344.7M	5,234.7M	4,350.7M	3,907.3M	3,777.5M	3,606.8M	3,399.9M	3,141.7M	3,505.1M	3,915.2M	3,552.5M	3,076.5M	2,825.7M	2,177.2M	1,860.1M	1,643.1M	579.3M	379.5M
Capital Employed	4,313.3M	4,802.9M	4,802.9M	4,879.9M	4,038.6M	3,746.3M	3,723.4M	3,628.1M	3,419.8M	3,176.8M	3,060.8M	2,949.9M	2,764.1M	2,721.9M	2,745.1M	2,226.5M	1,872.2M	1,642.8M	442.8M	286.8M
Invested Capital	4,757.8M	4,517.8M	4,517.8M	4,157.4M	3,390.6M	2,335.6M	2,038.5M	1,856.2M	1,557.0M	1,318.5M	1,891.4M	1,753.5M	1,707.3M	1,640.7M	1,582.9M	936.2M	1,012.7M	491.0M	525.7M	321.0M

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
Net Income	1,111.17M	915.20M	608.68M	657.82M	546.79M	561.22M	694.79M	1,023.96M	945.24M	721.49M	746.78M	863.58M	766.67M	645.91M	766.80M	752.83M	488.10M	332.41M	159.49M	97.73M
Depreciation & Amortization	508.68M	452.49M	254.03M	223.86M	229.30M	224.31M	87.13M	39.86M	31.37M	28.23M	27.04M	29.71M	35.28M	35.51M	25.44M	18.24M	15.15M	11.81M	6.78M	3.59M
Deferred Income Tax	0.00M	-154.66M	0.00M	0.00M	0.00M	-96.39M	-145.97M	0.00M	0.00M	0.00M	-237.90M	-158.94M	-164.84M	-122.87M	-124.23M	-97.92M	-50.88M	-21.45M	0.00M	0.00M
Stock-Based Compensation	1.64M	5.62M	0.44M	1.36M	2.31M	3.30M	1.77M	0.00M	0.00M	0.00M	-0.22M	-1.26M	0.47M	0.92M	2.30M	2.03M	4.10M	1.29M	0.00M	0.00M
Change in Working Capital	16.01M	69.94M	-182.51M	348.46M	0.05M	-69.22M	175.02M	-205.04M	-306.66M	-17.04M	-41.03M	4.50M	13.53M	159.18M	-55.12M	-398.78M	71.01M	57.93M	-127.09M	-9.17M
Accounts Receivable	2.75M	367.54M	-94.76M	97.51M	-47.55M	415.09M	-130.19M	-129.23M	-246.56M	0.63M	87.72M	-150.62M	-83.00M	170.69M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	-193.10M	-218.09M	-252.58M	59.47M	8.60M	-226.68M	22.19M	-12.83M	-353.08M	-28.95M	-2.92M	-42.62M	22.20M	9.24M	-55.09M	-43.65M	-35.21M	25.15M	-75.45M	-55.71M
Accounts Payable	0.00M	0.00M	0.00M	0.00M	47.55M	-415.09M	130.19M	129.23M	246.56M	-0.63M	-87.72M	150.62M	83.00M	-170.69M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	206.37M	-79.52M	164.82M	191.48M	-8.54M	157.46M	152.83M	-192.20M	46.42M	11.29M	-125.83M	197.74M	74.32M	-20.75M	-0.03M	-355.13M	106.21M	32.79M	-51.64M	46.53M
Other Non-Cash Items	-490.41M	284.25M	-153.33M	-130.75M	-124.76M	-24.67M	-39.44M	-249.59M	-224.30M	-246.47M	-49.07M	-68.88M	-82.70M	-63.55M	-57.60M	-42.78M	-9.83M	5.07M	3.96M	-0.24M
Net Cash from Operating Activities	1,147.10M	1,727.50M	527.31M	1,100.74M	653.69M	598.55M	773.30M	609.20M	445.65M	486.21M	445.58M	668.71M	568.41M	655.09M	557.59M	233.62M	517.65M	387.06M	43.14M	91.91M
Capital Expenditures (PPE)	-250.81M	-564.99M	-121.23M	-134.15M	-380.31M	-316.08M	-261.36M	-136.94M	-192.12M	-224.94M	-144.46M	-34.43M	-19.08M	-21.22M	-63.72M	-157.26M	-57.35M	-25.12M	-67.14M	-65.25M
Acquisitions (Net)	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	25.76M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	-207.20M	0.00M	-207.20M	-1,099.00M	-850.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-60.00M	0.00M	0.00M	0.00M	-308.62M	-30.07M	-30.00M
Sales / Maturities of Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	188.00M	0.00M	0.00M	70.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1.29M	77.29M
Other Investing Activities	-94.46M	-1,779.67M	22.13M	21.19M	55.24M	36.03M	44.81M	51.78M	72.61M	933.06M	110.27M	-109.89M	-57.09M	-87.75M	-507.11M	619.03M	-254.09M	1.52M	3.75M	1.50M
Net Cash from Investing Activities	-552.47M	-2,344.66M	-306.29M	-1,211.97M	-1,175.07M	-280.05M	-190.79M	-85.16M	68.50M	708.13M	-34.18M	-74.31M	-76.17M	-168.97M	-570.83M	461.77M	-311.44M	-332.23M	-92.17M	-16.46M
Net Debt Issuance	-181.27M	1,120.82M	20.20M	687.51M	265.69M	-26.70M	-63.77M	-1.53M	0.00M	-493.53M	-510.49M	149.43M	291.62M	119.29M	443.68M	0.00M	-1.00M	-139.00M	74.91M	-31.00M
Long-Term Debt Issuance	-181.27M	1,120.82M	20.20M	687.51M	361.17M	72.62M	-63.77M	-1.53M	0.00M	-493.53M	-510.49M	149.43M	291.62M	119.29M	443.68M	0.00M	-1.00M	-18.47M	29.41M	-31.00M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	-95.48M	-99.32M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-1.00M	-139.00M	45.50M	0.00M
Net Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-60.22M	0.30M	12.75M	6.95M	0.78M	0.27M	0.54M	1.37M	952.75M	-20.30M	0.00M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	3.09M	0.00M	0.30M	12.75M	6.95M	0.78M	0.27M	0.54M	1.37M	952.75M	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	-60.22M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-20.30M	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
Net Dividends Paid	-730.14M	-668.08M	-398.20M	-348.54M	-340.91M	-446.47M	-521.22M	-611.55M	-494.57M	-420.40M	-431.09M	-413.32M	-366.48M	-397.70M	-424.82M	-299.74M	-192.00M	-53.04M	0.00M	0.00M
Common Dividends Paid	-641.60M	-465.27M	-398.20M	-348.54M	-340.91M	-446.47M	-521.22M	-611.55M	-494.57M	-420.40M	-431.09M	-413.32M	-366.48M	-397.70M	-424.82M	-299.74M	-192.00M	-53.04M	0.00M	0.00M
Preferred Dividends Paid	-88.54M	-202.81M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-102.47M	-251.52M	-93.61M	-110.98M	-15.21M	-9.74M	-5.34M	-3.81M	-2.84M	-6.17M	-21.00M	-28.53M	-15.17M	-15.17M	-3.94M	-0.43M	-0.01M	-25.05M	-10.53M	-13.21M
Net Cash from Financing Activities	-1,013.88M	201.22M	-471.60M	227.99M	-90.43M	-482.92M	-590.33M	-616.88M	-497.41M	-980.31M	-962.28M	-279.67M	-83.07M	-292.80M	15.18M	-299.63M	-191.64M	735.67M	44.08M	-44.21M
Effect of FX on Cash	-0.05M	-1.53M	0.35M	0.34M	0.31M	-2.90M	-3.86M	0.60M	2.83M	-4.40M	2.82M	1.81M	0.23M	-0.32M	-0.13M	-2.23M	-11.16M	0.00M	0.00M	0.00M
Net Change in Cash	1,484.91M	-417.47M	-250.25M	117.11M	-611.51M	-167.32M	-11.68M	-92.24M	19.57M	209.62M	-548.05M	316.53M	409.39M	193.00M	1.81M	393.52M	3.41M	790.48M	-4.95M	31.24M
Cash at Beginning of Period	1,842.73M	5,566.63M	1,077.23M	960.11M	1,571.62M	1,738.93M	1,750.61M	1,842.85M	1,823.28M	1,613.66M	2,161.71M	1,845.18M	1,435.79M	1,242.79M	1,240.98M	847.46M	844.05M	53.57M	58.52M	27.28M
Cash at End of Period	3,327.64M	5,149.16M	826.98M	1,077.23M	960.11M	1,571.62M	1,738.93M	1,750.61M	1,842.85M	1,823.28M	1,613.66M	2,161.71M	1,845.18M	1,435.79M	1,242.79M	1,240.98M	847.46M	844.05M	53.57M	58.52M
Operating Cash Flow	1,147.10M	1,727.50M	527.31M	1,100.74M	653.69M	598.55M	773.30M	609.20M	445.65M	486.21M	445.58M	668.71M	568.41M	655.09M	557.59M	233.62M	517.65M	387.06M	43.14M	91.91M
Capital Expenditure	-253.04M	-564.99M	-123.46M	-134.15M	-380.31M	-316.08M	-261.36M	-136.94M	-192.12M	-224.94M	-144.46M	-34.43M	-19.08M	-21.22M	-63.72M	-157.26M	-57.35M	-25.12M	-67.14M	-65.25M
Free Cash Flow	894.06M	1,162.51M	403.85M	966.59M	273.38M	282.47M	511.94M	472.26M	253.53M	261.28M	301.13M	634.28M	549.33M	633.87M	493.87M	76.36M	460.30M	361.93M	-24.00M	26.66M

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
EBITDA	1,245.31M	881.23M	746.19M	796.28M	554.75M	543.53M	570.52M	792.29M	734.07M	564.72M	515.75M	686.00M	611.16M	541.56M	721.53M	710.71M	488.52M	347.00M	170.06M	109.92M
(-) Tax Adjustment	273.06M	153.67M	181.29M	154.20M	100.16M	90.16M	112.94M	163.87M	150.69M	86.45M	142.90M	189.39M	168.81M	108.84M	131.73M	122.43M	69.43M	30.71M	5.72M	1.38M
(-) Change In Working Capital	16.01M	69.94M	-182.51M	348.46M	0.05M	-69.22M	175.02M	-205.04M	-306.66M	-17.04M	-41.03M	4.50M	13.53M	159.18M	-55.12M	-398.78M	71.01M	57.93M	-127.09M	-9.17M
(-) Capital Expenditure	-253.04M	-564.99M	-123.46M	-134.15M	-380.31M	-316.08M	-261.36M	-136.94M	-192.12M	-224.94M	-144.46M	-34.43M	-19.08M	-21.22M	-63.72M	-157.26M	-57.35M	-25.12M	-67.14M	-65.25M
Unlevered Free Cash Flow	703.20M	92.63M	623.95M	159.47M	74.22M	206.51M	21.20M	696.52M	697.92M	270.36M	269.43M	457.68M	409.74M	252.33M	581.20M	829.79M	290.73M	233.24M	224.30M	52.46M
(-) Net Interest Income After Taxes	83.50M	56.88M	40.02M	40.22M	28.08M	20.58M	31.64M	37.98M	50.41M	50.74M	35.48M	49.86M	59.86M	50.78M	47.08M	36.08M	9.13M	-4.87M	-11.16M	-11.85M
Net Debt Issuance	-181.27M	1,120.82M	20.20M	687.51M	265.69M	-26.70M	-63.77M	-1.53M	0.00M	-493.53M	-510.49M	149.43M	291.62M	119.29M	443.68M	0.00M	-1.00M	-139.00M	74.91M	-31.00M
Levered Free Cash Flow	438.43M	1,156.56M	604.14M	806.76M	311.83M	159.23M	-74.20M	657.01M	647.51M	-273.90M	-276.54M	557.25M	641.51M	320.84M	977.79M	793.71M	280.60M	99.11M	310.37M	33.31M