Changan Minsheng APLL Logistics Co., Ltd. (1292.HK)

Industry: Integrated Freight & Logistics Sector: Industrials Currency Used: HK Live Price: $3.75

Enterprise Value

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005
Stock Price	2.14	1.77	1.75	1.94	1.74	2.16	3.58	4.59	5.62	7.55	6.73	6.48	4.43	5.43	5.18	3.54	1.88	3.82	3.89	5.27
Market Capitalization	346.86M	285.59M	283.82M	313.30M	281.58M	350.26M	579.89M	743.00M	910.21M	1,222.19M	1,090.95M	1,049.76M	717.00M	1,330.89M	839.68M	573.55M	304.87M	618.20M	597.75M	392.67M
(-) Cash & Equivalents	1,108.73M	944.28M	932.96M	954.18M	878.00M	824.08M	1,008.88M	1,197.42M	1,065.69M	679.33M	772.89M	637.86M	426.26M	384.10M	439.12M	157.18M	166.11M	222.74M	82.74M	13.48M
(+) Total Debt	269.14M	582.80M	139.53M	98.97M	86.33M	125.38M	29.48M	21.72M	9.22M	57.00M	0.00M	55.00M	0.00M	0.00M	25.00M	0.00M	7.50M	30.00M	22.50M	0.00M
Enterprise Value	-492.73M	-75.89M	-509.61M	-541.91M	-510.09M	-348.44M	-399.51M	-432.70M	-146.26M	599.86M	318.06M	466.91M	290.74M	946.79M	425.57M	416.37M	146.26M	425.46M	537.51M	379.20M

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
Revenue	17,112M	14,541M	8,963M	7,969M	7,697M	6,021M	4,686M	4,342M	5,112M	6,614M	6,822M	6,056M	5,344M	4,646M	3,632M	3,275M	2,827M	2,285M	1,565M	1,475M	1,104M	882M
Cost of Revenue	16,274M	13,838M	8,563M	7,598M	7,320M	5,696M	4,448M	4,159M	4,764M	6,127M	6,334M	5,459M	4,833M	4,125M	3,178M	2,739M	2,419M	2,017M	1,353M	1,316M	986M	777M
Gross Profit	837M	702M	401M	371M	377M	325M	237M	183M	348M	487M	488M	597M	512M	521M	454M	537M	408M	268M	212M	159M	118M	106M
Gross Profit Margin	4.9%	4.8%	4.5%	4.7%	4.9%	5.4%	5.1%	4.2%	6.8%	7.4%	7.2%	9.9%	9.6%	11.2%	12.5%	16.4%	14.4%	11.7%	13.6%	10.8%	10.7%	12.0%
R&D Expenses	58M	26M	23M	27M	13M	12M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	303M	651M	286M	39M	342M	314M	253M	258M	288M	302M	282M	264M	233M	286M	201M	188M	153M	104M	92M	63M	49M	41M
Operating Expenses	578M	585M	307M	293M	327M	326M	237M	223M	272M	289M	273M	225M	222M	260M	188M	184M	151M	102M	88M	59M	46M	40M
Operating Income (EBIT)	259M	117M	93M	78M	50M	-1M	1M	-41M	76M	198M	215M	372M	290M	261M	265M	353M	257M	166M	124M	100M	72M	66M
Operating Income Margin	1.5%	0.8%	1.0%	1.0%	0.7%	0.0%	0.0%	-0.9%	1.5%	3.0%	3.2%	6.1%	5.4%	5.6%	7.3%	10.8%	9.1%	7.3%	7.9%	6.8%	6.5%	7.4%
Interest Income	87M	20M	19M	22M	18M	13M	13M	11M	14M	13M	9M	6M	6M	7M	7M	4M	3M	2M	2M	3M	4M	1M
Interest Expense	0M	23M	15M	18M	6M	8M	6M	9M	2M	0M	2M	2M	2M	1M	0M	0M	2M	1M	4M	2M	4M	2M
Net Interest Income	86M	-4M	4M	5M	12M	5M	7M	3M	12M	12M	7M	4M	4M	6M	7M	4M	2M	0M	-2M	0M	0M	-1M
Unusual Items	-145M	23M	-6M	-8M	6M	55M	15M	1M	14M	8M	-34M	-39M	11M	3M	2M	1M	3M	2M	0M	-1M	0M	-1M
EBT Excluding Unusual Items	345M	114M	98M	83M	62M	4M	8M	-38M	88M	210M	223M	376M	294M	267M	272M	357M	259M	167M	123M	100M	72M	65M
Pre-Tax Income	200M	137M	92M	75M	68M	59M	23M	-37M	102M	219M	189M	337M	304M	269M	273M	358M	262M	169M	123M	100M	72M	64M
Pre-Tax Margin	1.2%	0.9%	1.0%	0.9%	0.9%	1.0%	0.5%	-0.8%	2.0%	3.3%	2.8%	5.6%	5.7%	5.8%	7.5%	10.9%	9.3%	7.4%	7.9%	6.8%	6.5%	7.2%
Income Tax Expense	59M	32M	24M	17M	22M	17M	9M	8M	35M	58M	49M	72M	61M	51M	50M	72M	47M	26M	19M	6M	6M	6M
Net Income	130M	91M	60M	56M	38M	29M	0M	-45M	46M	127M	113M	238M	222M	208M	204M	250M	179M	130M	100M	95M	66M	58M
Net Income Margin	0.8%	0.6%	0.7%	0.7%	0.5%	0.5%	0.0%	-1.0%	0.9%	1.9%	1.7%	3.9%	4.2%	4.5%	5.6%	7.6%	6.3%	5.7%	6.4%	6.4%	6.0%	6.6%
Depreciation & Amortization	231M	189M	114M	205M	89M	142M	151M	137M	116M	108M	95M	87M	63M	69M	64M	50M	37M	24M	28M	16M	14M	0M
EBITDA	489M	306M	207M	283M	139M	141M	152M	97M	192M	306M	311M	459M	353M	330M	329M	403M	294M	191M	153M	116M	86M	66M
EBITDA Margin	2.9%	2.1%	2.3%	3.6%	1.8%	2.3%	3.2%	2.2%	3.8%	4.6%	4.6%	7.6%	6.6%	7.1%	9.1%	12.3%	10.4%	8.3%	9.8%	7.8%	7.8%	7.4%
NOPAT	183M	90M	69M	60M	34M	-1M	0M	-32M	50M	146M	160M	292M	232M	212M	217M	282M	211M	141M	105M	94M	66M	60M
NOPAT Margin	1.1%	0.6%	0.8%	0.8%	0.4%	0.0%	0.0%	-0.7%	1.0%	2.2%	2.3%	4.8%	4.3%	4.6%	6.0%	8.6%	7.5%	6.2%	6.7%	6.4%	6.0%	6.8%
Owner's Earnings	170M	81M	98M	89M	6M	109M	93M	-83M	-5M	110M	102M	94M	61M	170M	218M	230M	119M	132M	75M	63M	32M	33M
Owner's Earnings Margin	1.0%	0.6%	1.1%	1.1%	0.1%	1.8%	2.0%	-1.9%	-0.1%	1.7%	1.5%	1.5%	1.1%	3.7%	6.0%	7.0%	4.2%	5.8%	4.8%	4.3%	2.9%	3.8%
EPS (Basic)	0.77	0.56	0.37	0.35	0.24	0.18	0.00	-0.27	0.28	0.79	0.70	1.47	1.37	1.28	1.26	1.54	1.10	0.80	0.62	0.58	0.43	0.52
EPS (Diluted)	0.78	0.56	0.37	0.35	0.24	0.18	0.00	-0.27	0.28	0.79	0.70	1.47	1.37	1.28	1.26	1.54	1.10	0.80	0.62	0.58	0.43	0.52
Shares (Basic)	167M	162M	162M	162M	162M	162M	162M	162M	162M	162M	162M	162M	162M	162M	162M	162M	162M	162M	162M	162M	154M	112M
Shares (Diluted)	167M	162M	162M	162M	162M	162M	162M	162M	162M	162M	162M	162M	162M	162M	162M	162M	162M	162M	162M	162M	154M	112M

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
Cash & Cash Equivalents	1,087.71M	995.09M	995.09M	852.64M	755.72M	992.31M	894.34M	826.20M	1,189.75M	1,244.99M	1,087.39M	658.95M	897.92M	614.01M	460.04M	489.32M	441.53M	314.36M	133.24M	264.71M	96.84M	40.43M
Short-Term Investments	0.00M	0.00M	0.00M	180.33M	150.72M	204.59M	0.00M	0.00M	0.00M	0.00M	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	1,087.71M	995.09M	995.09M	1,032.97M	906.44M	1,196.90M	894.34M	826.20M	1,189.75M	1,244.99M	1,087.39M	658.95M	897.92M	614.01M	460.04M	489.32M	441.53M	314.36M	133.24M	264.71M	96.84M	40.43M
Net Receivables	2,718.31M	2,711.34M	2,711.34M	2,488.76M	2,355.76M	1,644.52M	1,835.47M	2,333.61M	2,173.59M	2,424.57M	2,388.93M	2,455.82M	1,771.02M	1,669.54M	1,369.84M	847.56M	504.18M	566.17M	390.43M	304.39M	356.18M	272.71M
Inventory	24.82M	14.09M	14.09M	28.88M	18.52M	2.82M	2.90M	10.88M	17.54M	37.10M	44.12M	44.75M	36.46M	83.54M	26.26M	3.99M	3.10M	4.19M	0.00M	0.00M	0.00M	0.00M
Other Current Assets	115.58M	93.32M	93.32M	107.17M	218.43M	13.76M	423.30M	91.44M	1.81M	29.97M	51.14M	51.16M	56.59M	60.15M	1,406.87M	837.12M	0.00M	556.33M	10.00M	16.00M	20.00M	0.00M
Total Current Assets	3,946.41M	3,813.84M	3,813.84M	3,657.78M	3,499.15M	2,858.00M	3,156.01M	3,262.13M	3,382.68M	3,736.63M	3,571.58M	3,210.68M	2,762.00M	2,427.25M	3,263.02M	2,177.99M	948.81M	1,441.04M	533.67M	585.10M	473.02M	313.14M
Property, Plant & Equipment	745.06M	750.62M	750.62M	962.04M	780.21M	668.30M	655.82M	713.30M	599.48M	537.43M	544.10M	501.30M	359.39M	251.59M	254.46M	264.56M	243.10M	174.54M	185.32M	151.76M	123.90M	84.56M
Goodwill	5.02M	5.02M	5.02M	5.02M	5.02M	5.02M	5.02M	5.02M	5.02M	5.02M	5.02M	5.02M	4.66M	4.66M	4.66M	0.00M	0.00M	0.00M	0.00M	2.22M	0.00M	0.00M
Intangible Assets	240.56M	249.65M	249.65M	273.46M	291.01M	321.84M	291.82M	308.20M	313.68M	304.13M	303.60M	238.95M	242.67M	171.20M	147.77M	847.56M	504.18M	566.17M	390.43M	0.41M	2.61M	272.71M
Long-Term Investments	101.66M	102.20M	102.20M	-21.39M	161.41M	161.85M	162.22M	164.98M	126.16M	63.01M	23.54M	55.20M	53.84M	21.79M	23.57M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	0.00M	0.00M	0.00M	63.80M	68.21M	62.81M	67.96M	69.42M	59.85M	54.89M	57.29M	42.54M	46.37M	35.91M	20.90M	12.60M	13.09M	6.87M	5.23M	2.58M	0.21M	0.50M
Other Non-Current Assets	232.12M	259.24M	259.24M	221.59M	36.00M	39.26M	42.16M	24.11M	17.50M	8.53M	59.38M	0.00M	0.00M	13.82M	0.00M	165.72M	165.86M	146.46M	135.73M	81.81M	71.25M	53.77M
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	0.00M	0.00M
Total Non-Current Assets	1,324.41M	1,366.73M	1,366.73M	1,504.50M	1,341.85M	1,259.07M	1,225.01M	1,285.02M	1,121.68M	973.00M	992.92M	843.00M	706.94M	498.97M	451.36M	1,290.44M	926.23M	894.04M	716.70M	238.78M	197.97M	411.54M
Total Assets	5,270.82M	5,180.57M	5,180.57M	5,162.29M	4,841.00M	4,117.08M	4,381.01M	4,547.15M	4,504.37M	4,709.63M	4,564.50M	4,053.68M	3,468.94M	2,926.22M	3,714.38M	3,468.43M	1,875.04M	2,335.08M	1,250.36M	823.88M	671.00M	724.67M
Accounts Payable	2,154.08M	2,228.66M	2,228.66M	1,518.54M	1,543.14M	1,523.54M	1,859.36M	1,682.02M	1,638.61M	1,952.15M	1,975.08M	1,746.92M	1,426.06M	1,116.27M	769.70M	437.03M	399.86M	538.52M	258.67M	374.16M	239.19M	223.28M
Short-Term Debt	57.71M	25.48M	25.48M	593.36M	0.40M	2.80M	6.00M	13.56M	19.34M	8.00M	6.00M	4.00M	0.00M	50.00M	0.00M	0.00M	0.00M	0.00M	0.00M	30.00M	30.00M	0.00M
Tax Payables	0.00M	0.00M	0.00M	35.87M	16.77M	15.38M	22.97M	3.68M	-8.24M	26.60M	24.51M	104.00M	107.10M	107.55M	52.74M	13.33M	25.90M	16.10M	10.78M	4.09M	3.25M	3.47M
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	0.00M	0.00M
Other Current Liabilities	458.74M	393.67M	393.67M	184.53M	634.68M	258.66M	242.87M	302.85M	387.27M	267.50M	275.43M	177.61M	163.88M	118.69M	73.40M	18.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Current Liabilities	2,670.53M	2,647.80M	2,647.80M	2,332.30M	2,194.99M	1,800.37M	2,131.20M	2,002.12M	2,036.98M	2,254.24M	2,281.01M	2,032.52M	1,697.03M	1,392.52M	895.85M	468.37M	425.76M	554.62M	269.46M	408.25M	272.44M	226.75M
Long-Term Debt	0.00M	0.00M	0.00M	97.52M	39.58M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Capital Lease Obligations	158.44M	160.08M	160.08M	221.29M	182.28M	128.14M	70.33M	97.82M	18.69M	27.39M	2.44M	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	0.00M	0.00M	6.72M	6.48M	6.33M	6.05M	6.19M	3.04M	3.19M	3.34M	3.48M	0.00M	0.48M	0.64M	1.00M	0.96M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Liabilities	16.31M	12.67M	12.67M	0.37M	0.01M	2.25M	0.00M	0.00M	9.34M	18.26M	1.46M	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 Liabilities	174.75M	172.74M	172.74M	325.90M	228.35M	136.72M	76.38M	104.00M	31.07M	48.84M	7.24M	3.48M	0.00M	0.48M	0.64M	1.00M	0.96M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Liabilities	2,845.28M	2,820.55M	2,820.55M	2,658.20M	2,423.34M	1,937.09M	2,207.58M	2,106.12M	2,068.06M	2,303.09M	2,288.25M	2,036.01M	1,697.03M	1,393.00M	896.49M	469.36M	426.72M	554.62M	269.46M	408.25M	272.44M	226.75M
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
Common Stock	202.06M	162.06M	162.06M	162.06M	162.06M	162.06M	162.06M	162.06M	162.06M	162.06M	162.06M	162.06M	162.06M	162.06M	162.06M	162.06M	162.06M	162.06M	162.06M	162.06M	162.06M	112.06M
Retained Earnings	1,823.22M	1,781.85M	1,781.85M	1,754.25M	1,722.42M	1,692.17M	1,577.15M	1,576.73M	1,648.90M	1,627.10M	1,516.01M	1,403.01M	43.76M	1,027.36M	868.37M	690.02M	484.16M	333.85M	229.58M	151.40M	79.58M	38.31M
Accumulated OCI	165.10M	36.47M	36.47M	32.83M	34.41M	30.55M	0.00M	25.93M	-595.17M	-510.74M	-447.18M	-380.16M	-317.41M	-276.80M	-218.34M	-163.30M	-122.17M	-92.00M	-72.44M	-46.46M	-30.96M	0.00M
Minority Interest	152.62M	159.15M	159.15M	173.31M	176.07M	144.38M	122.17M	121.26M	121.77M	127.86M	120.30M	106.87M	85.81M	62.24M	59.69M	106.01M	89.15M	39.55M	26.85M	23.41M	0.00M	0.05M
Total Shareholders’ Equity	2,190.39M	1,980.39M	1,980.39M	1,949.14M	1,918.90M	1,884.78M	1,739.22M	1,764.72M	1,215.80M	1,278.43M	1,230.90M	1,184.91M	-111.59M	912.62M	812.09M	688.79M	524.06M	403.91M	319.20M	267.01M	210.69M	150.37M
Total Equity	2,343.01M	2,139.53M	2,139.53M	2,122.45M	2,094.97M	2,029.17M	1,861.38M	1,885.98M	1,337.57M	1,406.30M	1,351.19M	1,291.77M	-25.78M	974.86M	871.79M	794.79M	613.21M	443.46M	346.06M	290.42M	210.69M	150.42M
Total Liabilities & Equity	5,188.30M	4,960.08M	4,960.08M	4,780.65M	4,518.31M	3,966.26M	4,068.96M	3,992.10M	3,405.62M	3,709.38M	3,639.45M	3,327.78M	1,671.25M	2,367.87M	1,768.27M	1,264.16M	1,039.93M	998.08M	615.51M	698.66M	483.12M	377.17M
Tangible Assets	5,025.25M	4,925.90M	4,925.90M	4,883.81M	4,544.98M	3,790.23M	4,084.17M	4,233.93M	4,185.67M	4,400.48M	4,255.88M	3,809.71M	3,221.60M	2,750.36M	3,561.95M	2,620.86M	1,370.86M	1,768.91M	859.94M	821.25M	668.39M	451.96M
Tangible Equity	2,097.44M	1,884.87M	1,884.87M	1,843.98M	1,798.94M	1,702.32M	1,564.54M	1,572.76M	1,018.87M	1,097.15M	1,042.58M	1,047.81M	-273.12M	799.00M	719.35M	-52.77M	109.03M	-122.71M	-44.37M	287.79M	208.07M	-122.29M
Tangible Book Value	2,097.44M	1,884.87M	1,884.87M	1,843.98M	1,798.94M	1,702.32M	1,564.54M	1,572.76M	1,018.87M	1,097.15M	1,042.58M	1,047.81M	-273.12M	799.00M	719.35M	-52.77M	109.03M	-122.71M	-44.37M	287.79M	208.07M	-122.29M
Total Investments	101.66M	102.20M	102.20M	158.93M	312.14M	366.44M	162.22M	164.98M	126.16M	63.01M	23.54M	55.20M	53.84M	21.79M	23.57M	21.84M	19.69M	16.81M	14.83M	14.35M	7.32M	3.10M
Net Debt	-1,029.99M	-969.61M	-969.61M	-161.76M	-715.73M	-989.51M	-888.34M	-812.64M	-1,170.41M	-1,236.99M	-1,081.39M	-654.95M	-897.92M	-564.01M	-460.04M	-489.32M	-441.53M	-314.36M	-133.24M	-234.71M	-66.84M	-40.43M

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
Working Capital	1,126.1M	950.0M	950.0M	940.4M	1,018.2M	948.3M	876.9M	861.9M	991.9M	1,134.9M	978.2M	988.1M	905.9M	907.6M	793.9M	671.3M	450.6M	339.4M	215.1M	205.6M	140.2M	18.6M
Total Capital	2,406.5M	2,233.1M	2,233.1M	2,928.4M	2,219.5M	2,082.6M	1,994.7M	2,028.9M	1,998.5M	1,986.6M	1,846.5M	1,721.8M	1,523.6M	1,392.2M	1,183.2M	1,013.1M	787.3M	622.9M	507.3M	449.9M	368.2M	160.1M
Capital Employed	2,450.5M	2,316.7M	2,316.7M	2,444.9M	2,360.1M	2,207.4M	2,101.9M	2,146.9M	2,113.6M	2,107.9M	1,971.1M	1,831.1M	1,612.8M	1,406.5M	1,245.2M	1,123.8M	882.3M	670.2M	544.4M	444.4M	338.2M	160.2M
Invested Capital	1,318.8M	1,238.0M	1,238.0M	2,075.8M	1,463.8M	1,090.3M	1,100.3M	1,202.7M	808.8M	741.6M	759.1M	1,062.9M	625.7M	778.2M	723.2M	523.8M	345.8M	308.6M	374.0M	185.2M	271.3M	119.7M

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
Net Income	129.73M	91.39M	59.94M	57.96M	68.29M	58.84M	23.24M	-36.70M	101.78M	218.91M	188.58M	336.73M	304.41M	269.30M	273.49M	358.20M	261.81M	168.66M	123.15M	99.65M	71.89M	57.86M
Depreciation & Amortization	443.43M	286.53M	218.91M	204.84M	155.10M	142.26M	151.40M	137.30M	116.31M	107.55M	95.37M	86.94M	63.07M	69.10M	63.67M	50.31M	37.06M	24.45M	28.40M	15.72M	13.95M	0.00M
Deferred Income Tax	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-468.66M	-938.41M	-200.48M	-69.95M	-179.71M	49.39M	44.01M	-137.06M	-40.07M	23.35M	319.09M	-294.20M	331.67M	-66.16M	-155.23M	-162.97M	-4.07M	61.45M	-121.33M	102.21M	-60.01M	0.00M
Accounts Receivable	-961.94M	-666.80M	-215.27M	-631.87M	-474.90M	-345.65M	-114.41M	-83.21M	-76.42M	-193.56M	-11.03M	-85.31M	4.60M	-3.69M	-156.22M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	83.63M	-91.81M	14.79M	-10.35M	-15.71M	0.08M	7.98M	6.36M	19.56M	6.77M	0.63M	-8.29M	47.08M	-57.28M	-22.27M	-0.89M	1.09M	-4.19M	0.00M	0.00M	0.00M	0.00M
Accounts Payable	0.00M	1,814.66M	0.00M	0.00M	474.90M	345.65M	114.41M	83.21M	0.00M	0.00M	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	409.66M	-179.80M	269.73M	572.27M	-164.00M	49.31M	36.03M	-143.43M	-59.63M	16.59M	318.46M	-285.91M	284.58M	-8.88M	-132.96M	-162.08M	-5.16M	65.63M	0.00M	0.00M	0.00M	0.00M
Other Non-Cash Items	319.51M	699.55M	282.20M	4.97M	-30.00M	-24.81M	-29.36M	-9.86M	-78.13M	-64.30M	-70.70M	-71.08M	-81.80M	-17.65M	-68.81M	-86.56M	-45.99M	-26.12M	-11.23M	-2.74M	-4.51M	4.09M
Net Cash from Operating Activities	424.02M	139.07M	360.57M	197.82M	13.68M	225.69M	189.29M	-46.33M	99.89M	285.50M	532.34M	58.40M	617.35M	254.59M	113.12M	158.99M	248.82M	228.44M	18.99M	214.85M	21.32M	61.95M
Capital Expenditures (PPE)	-190.75M	-199.34M	-75.92M	-171.93M	-121.25M	-62.12M	-59.16M	-175.45M	-167.18M	-124.93M	-106.79M	-231.09M	-223.81M	-106.27M	-50.02M	-70.75M	-96.77M	-22.75M	-53.71M	-47.30M	-47.75M	-24.73M
Acquisitions (Net)	0.00M	81.82M	0.00M	0.00M	0.00M	-13.85M	0.00M	0.00M	-62.46M	3.30M	-10.00M	-19.67M	0.00M	0.00M	-34.53M	-0.24M	-7.12M	0.00M	0.00M	0.00M	-4.50M	-4.10M
Purchases of Investments	0.00M	0.00M	0.00M	-150.00M	-0.01M	0.00M	0.00M	-16.12M	33.54M	-14.71M	4.20M	68.30M	-83.50M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Sales / Maturities of Investments	0.00M	0.00M	0.00M	3.44M	3.10M	0.00M	0.00M	0.00M	27.71M	14.64M	21.40M	20.20M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Investing Activities	-190.39M	243.32M	2.81M	0.82M	-113.25M	2.73M	11.96M	41.31M	-14.40M	-4.03M	18.12M	-57.91M	9.38M	13.39M	7.36M	3.99M	-16.46M	-10.08M	-53.46M	-7.91M	-10.80M	-5.41M
Net Cash from Investing Activities	-381.14M	30.13M	-73.11M	-317.67M	-231.41M	-73.24M	-47.20M	-150.26M	-182.80M	-125.73M	-73.07M	-220.17M	-297.92M	-92.88M	-77.19M	-66.99M	-120.36M	-32.83M	-107.16M	-55.21M	-63.05M	-34.24M
Net Debt Issuance	40.19M	0.00M	-108.82M	117.58M	31.80M	-39.40M	-7.56M	-15.12M	-6.70M	26.95M	4.44M	4.00M	-50.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-30.00M	0.00M	30.00M	-41.56M
Long-Term Debt Issuance	40.19M	0.00M	-108.82M	117.58M	31.80M	-3.20M	-7.56M	-15.12M	-6.70M	26.95M	4.44M	4.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-16.56M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	-36.20M	0.00M	0.00M	0.00M	0.00M	0.00M	4.00M	-50.00M	50.00M	0.00M	0.00M	0.00M	0.00M	-30.00M	0.00M	30.00M	-25.00M
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	27.00M	0.00M	0.00M	0.00M	171.88M	25.00M
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	27.00M	0.00M	0.00M	0.00M	141.88M	0.00M
Common Stock Repurchased	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
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	30.00M	25.00M
Net Dividends Paid	-68.26M	-8.23M	-37.58M	-34.79M	-8.23M	0.00M	0.00M	-16.21M	-24.31M	-16.21M	0.00M	-43.76M	-40.52M	-48.62M	-25.93M	-24.31M	-14.59M	-14.59M	-12.97M	-12.97M	-58.55M	-0.74M
Common Dividends Paid	-68.26M	-8.23M	-37.58M	-34.79M	-8.23M	0.00M	0.00M	-16.21M	-24.31M	-16.21M	0.00M	-43.76M	-40.52M	-48.62M	-25.93M	-24.31M	-14.59M	-14.59M	-12.97M	-12.97M	-58.55M	-0.74M
Preferred Dividends Paid	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	177.41M	-11.91M	-9.30M	126.51M	-12.14M	-15.08M	-67.46M	-135.73M	86.06M	-26.79M	-15.00M	-18.70M	0.41M	40.91M	-39.20M	-19.60M	-13.48M	0.00M	0.00M	24.50M	-41.98M	-3.32M
Net Cash from Financing Activities	149.33M	-20.13M	-155.70M	209.29M	11.44M	-54.48M	-75.02M	-167.06M	55.05M	-16.04M	-10.56M	-58.46M	-90.11M	-7.20M	-65.13M	-43.91M	-1.06M	-14.59M	-42.97M	11.54M	101.35M	-20.62M
Effect of FX on Cash	1.69M	1,798.67M	1.13M	4.18M	0.00M	0.00M	1.07M	0.10M	0.33M	-0.85M	1.13M	1.46M	0.00M	-0.54M	-0.08M	-0.30M	-0.23M	0.11M	-0.33M	-3.31M	-3.20M	0.00M
Net Change in Cash	976.69M	973.87M	132.89M	93.62M	-206.30M	97.97M	68.14M	-363.55M	-27.53M	142.89M	449.85M	-218.77M	229.31M	153.97M	-29.28M	47.79M	127.17M	181.12M	-131.47M	167.86M	56.42M	7.10M
Cash at Beginning of Period	2,247.65M	2,419.63M	849.33M	755.72M	992.31M	894.34M	826.20M	1,189.75M	1,217.28M	1,074.39M	624.55M	843.32M	614.01M	460.04M	489.32M	441.53M	314.36M	133.24M	264.71M	96.84M	40.43M	33.33M
Cash at End of Period	2,188.41M	3,393.49M	982.22M	849.33M	786.02M	992.31M	894.34M	826.20M	1,189.75M	1,217.28M	1,074.39M	624.55M	843.32M	614.01M	460.04M	489.32M	441.53M	314.36M	133.24M	264.71M	96.84M	40.43M
Operating Cash Flow	424.02M	139.07M	360.57M	197.85M	13.68M	225.69M	189.29M	-46.33M	99.89M	285.50M	532.34M	58.40M	617.35M	254.59M	113.12M	158.99M	248.82M	228.44M	18.99M	214.85M	21.32M	61.95M
Capital Expenditure	-190.75M	-199.34M	-75.92M	-171.93M	-121.25M	-62.12M	-59.16M	-175.45M	-167.18M	-124.93M	-106.79M	-231.09M	-223.81M	-106.27M	-50.02M	-70.75M	-96.77M	-22.75M	-53.71M	-47.30M	-47.75M	-24.73M
Free Cash Flow	233.27M	-60.27M	284.65M	25.92M	-107.56M	163.57M	130.13M	-221.78M	-67.30M	160.57M	425.55M	-172.69M	393.54M	148.32M	63.10M	88.24M	152.05M	205.69M	-34.71M	167.55M	-26.43M	37.23M

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
EBITDA	707.36M	214.34M	205.04M	510.02M	111.44M	140.90M	135.27M	61.59M	176.73M	292.95M	302.00M	420.05M	341.90M	304.91M	315.77M	398.73M	291.76M	188.98M	148.34M	111.70M	83.09M	64.51M
(-) Tax Adjustment	207.02M	49.33M	52.74M	115.90M	35.53M	40.07M	47.35M	0.00M	61.41M	77.14M	78.38M	90.40M	68.92M	57.25M	57.78M	79.72M	52.14M	28.83M	23.38M	6.70M	6.87M	5.88M
(-) Change In Working Capital	-468.66M	-938.41M	-200.48M	-69.95M	-179.71M	49.39M	44.01M	-137.06M	-40.07M	23.35M	319.09M	-294.20M	331.67M	-66.16M	-155.23M	-162.97M	-4.07M	61.45M	-121.33M	102.21M	-60.01M	0.00M
(-) Capital Expenditure	-190.75M	-199.34M	-75.92M	-171.93M	-121.25M	-62.12M	-59.16M	-175.45M	-167.18M	-124.93M	-106.79M	-231.09M	-223.81M	-106.27M	-50.02M	-70.75M	-96.77M	-22.75M	-53.71M	-47.30M	-47.75M	-24.73M
Unlevered Free Cash Flow	778.25M	904.08M	276.86M	292.13M	134.37M	-10.68M	-15.24M	23.20M	-11.79M	67.52M	-202.27M	392.75M	-282.50M	207.55M	363.20M	411.24M	146.91M	75.95M	192.58M	-44.52M	88.49M	33.91M
(-) Net Interest Income After Taxes	61.17M	-2.78M	3.04M	3.54M	8.09M	3.72M	4.62M	2.79M	7.79M	9.08M	5.47M	3.36M	2.87M	4.61M	5.42M	3.49M	1.42M	0.34M	-1.35M	0.42M	-0.14M	-0.77M
Net Debt Issuance	40.19M	0.00M	-108.82M	117.58M	31.80M	-39.40M	-7.56M	-15.12M	-6.70M	26.95M	4.44M	4.00M	-50.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-30.00M	0.00M	30.00M	-41.56M
Levered Free Cash Flow	757.27M	906.85M	165.00M	406.17M	158.08M	-53.79M	-27.43M	5.29M	-26.28M	85.39M	-203.29M	393.39M	-335.37M	202.94M	357.78M	407.75M	145.49M	75.62M	163.93M	-44.94M	118.63M	-6.88M