China Hongqiao Group Limited (1378.HK)

Industry: Aluminum Sector: Basic Materials Currency Used: CN Live Price: $35.14

Enterprise Value

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Stock Price	10.94	5.84	7.04	7.72	4.55	4.64	5.08	6.77	5.28	4.85	4.31	3.55	3.12	4.72	6.78	6.95
Market Capitalization	103,712.70M	56,406.52M	65,428.29M	72,052.39M	39,540.89M	40,568.17M	44,680.85M	49,931.27M	37,780.30M	30,584.32M	26,117.13M	21,138.65M	18,320.47M	26,829.18M	33,885.58M	23,157.15M
(-) Cash & Equivalents	41,135.94M	30,748.93M	38,303.75M	49,495.99M	43,272.42M	33,791.16M	40,964.08M	16,397.53M	12,714.38M	7,600.70M	9,033.58M	8,972.07M	7,867.55M	7,529.69M	1,334.78M	147.71M
(+) Total Debt	70,648.69M	64,148.80M	60,183.53M	63,528.06M	77,850.14M	78,388.47M	80,052.93M	75,099.71M	71,485.39M	50,190.36M	36,819.97M	29,427.07M	12,850.75M	5,926.60M	2,016.93M	348.16M
Enterprise Value	133,225.45M	89,806.39M	87,308.06M	86,084.46M	74,118.61M	85,165.47M	83,769.69M	108,633.44M	96,551.31M	73,173.98M	53,903.51M	41,593.66M	23,303.68M	25,226.09M	34,567.72M	23,357.60M

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
Revenue	305,098M	259,444M	156,169M	133,624M	131,699M	114,491M	86,145M	84,179M	90,195M	93,313M	61,396M	44,110M	36,086M	29,404M	24,805M	23,626M	15,132M	8,668M
Cost of Revenue	227,504M	220,869M	114,006M	112,669M	113,460M	84,038M	66,789M	67,715M	74,794M	78,429M	47,199M	35,158M	26,789M	21,262M	16,801M	15,450M	9,390M	7,769M
Gross Profit	77,593M	38,574M	42,163M	20,955M	18,239M	30,453M	19,355M	16,464M	15,401M	14,884M	14,196M	8,951M	9,296M	8,143M	8,003M	8,176M	5,742M	899M
Gross Profit Margin	25.4%	14.9%	27.0%	15.7%	13.8%	26.6%	22.5%	19.6%	17.1%	16.0%	23.1%	20.3%	25.8%	27.7%	32.3%	34.6%	37.9%	10.4%
R&D Expenses	2,206M	2,068M	1,155M	1,006M	986M	851M	703M	800M	761M	5M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	10,926M	13,066M	5,654M	5,708M	6,531M	6,234M	4,452M	4,095M	4,238M	2,332M	2,245M	967M	705M	500M	365M	211M	132M	133M
Operating Expenses	13,132M	6,150M	4,209M	6,715M	3,539M	4,124M	3,037M	2,961M	3,076M	-217M	1,452M	314M	70M	55M	1M	-402M	-36M	36M
Operating Income (EBIT)	64,461M	32,425M	37,954M	14,240M	14,700M	26,329M	16,318M	13,504M	12,325M	15,101M	12,744M	8,638M	9,226M	8,088M	8,002M	8,578M	5,778M	863M
Operating Income Margin	21.1%	12.5%	24.3%	10.7%	11.2%	23.0%	18.9%	16.0%	13.7%	16.2%	20.8%	19.6%	25.6%	27.5%	32.3%	36.3%	38.2%	10.0%
Interest Income	-152M	4,699M	1,103M	870M	558M	548M	515M	418M	751M	663M	105M	35M	66M	72M	29M	11M	-7M	21M
Interest Expense	1,796M	0M	3,363M	3,268M	3,020M	3,626M	4,506M	5,220M	4,433M	4,081M	3,346M	2,217M	1,798M	1,359M	572M	624M	186M	110M
Net Interest Income	-1,948M	4,699M	-2,260M	-2,398M	-2,461M	-3,078M	-3,991M	-4,801M	-3,683M	-3,418M	-3,241M	-2,183M	-1,731M	-1,287M	-544M	-613M	-193M	-89M
Unusual Items	95M	-9,396M	-2,896M	4,048M	368M	-697M	378M	69M	-306M	-4,591M	262M	-1,196M	-167M	579M	-58M	-11M	0M	0M
EBT Excluding Unusual Items	62,514M	37,124M	35,694M	11,842M	12,239M	23,251M	12,327M	8,703M	8,642M	11,683M	9,503M	6,455M	7,495M	6,801M	7,459M	7,965M	5,585M	774M
Pre-Tax Income	62,608M	27,728M	32,797M	15,890M	12,607M	22,554M	12,704M	8,771M	8,336M	7,092M	9,764M	5,259M	7,328M	7,379M	7,401M	7,954M	5,585M	774M
Pre-Tax Margin	20.5%	10.7%	21.0%	11.9%	9.6%	19.7%	14.7%	10.4%	9.2%	7.6%	15.9%	11.9%	20.3%	25.1%	29.8%	33.7%	36.9%	8.9%
Income Tax Expense	14,985M	6,521M	8,252M	3,393M	2,798M	5,705M	2,260M	2,316M	2,549M	1,785M	2,949M	1,639M	2,026M	1,793M	1,948M	2,078M	1,396M	197M
Net Income	43,737M	19,089M	22,372M	11,461M	8,702M	16,073M	10,496M	6,095M	5,407M	5,119M	6,850M	3,649M	5,314M	5,593M	5,453M	5,875M	4,196M	556M
Net Income Margin	14.3%	7.4%	14.3%	8.6%	6.6%	14.0%	12.2%	7.2%	6.0%	5.5%	11.2%	8.3%	14.7%	19.0%	22.0%	24.9%	27.7%	6.4%
Depreciation & Amortization	14,019M	13,521M	6,960M	7,186M	6,951M	6,713M	6,901M	7,414M	7,347M	7,867M	5,650M	4,721M	3,138M	2,086M	1,362M	848M	601M	540M
EBITDA	78,480M	45,945M	44,914M	21,426M	21,651M	33,042M	23,219M	20,917M	19,672M	22,968M	18,394M	13,358M	12,365M	10,173M	9,364M	9,426M	6,379M	1,403M
EBITDA Margin	25.7%	17.7%	28.8%	16.0%	16.4%	28.9%	27.0%	24.8%	21.8%	24.6%	30.0%	30.3%	34.3%	34.6%	37.8%	39.9%	42.2%	16.2%
NOPAT	49,032M	24,799M	28,405M	11,200M	11,438M	19,669M	13,416M	9,938M	8,555M	11,300M	8,896M	5,946M	6,675M	6,123M	5,896M	6,337M	4,333M	644M
NOPAT Margin	16.1%	9.6%	18.2%	8.4%	8.7%	17.2%	15.6%	11.8%	9.5%	12.1%	14.5%	13.5%	18.5%	20.8%	23.8%	26.8%	28.6%	7.4%
Owner's Earnings	31,984M	18,122M	16,511M	11,376M	5,372M	16,125M	11,268M	10,149M	7,267M	4,059M	-9,122M	-9,058M	-916M	-6,439M	-4,025M	-1,446M	2,082M	246M
Owner's Earnings Margin	10.5%	7.0%	10.6%	8.5%	4.1%	14.1%	13.1%	12.1%	8.1%	4.3%	-14.9%	-20.5%	-2.5%	-21.9%	-16.2%	-6.1%	13.8%	2.8%
EPS (Basic)	4.58	2.01	2.36	1.21	0.94	1.77	1.22	0.71	0.62	0.70	0.96	0.59	0.89	0.95	0.93	1.03	0.84	0.11
EPS (Diluted)	4.55	1.99	2.36	1.17	0.94	1.66	1.22	0.69	0.60	0.69	0.96	0.58	0.86	0.92	0.91	1.03	0.84	0.11
Shares (Basic)	9,552M	9,455M	9,476M	9,589M	9,299M	9,389M	8,596M	8,600M	8,697M	7,343M	7,146M	6,278M	5,974M	5,885M	5,885M	5,684M	5,000M	5,000M
Shares (Diluted)	9,620M	9,592M	9,476M	9,801M	9,299M	9,656M	8,596M	8,862M	8,954M	7,372M	7,146M	6,300M	6,186M	6,064M	6,008M	5,684M	5,000M	5,000M

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
Cash & Cash Equivalents	48,744.60M	44,770.24M	44,770.24M	31,721.12M	27,384.54M	49,227.28M	45,465.36M	41,857.12M	45,380.41M	21,925.57M	12,842.38M	8,488.53M	7,676.34M	6,362.07M	9,174.94M	7,484.80M	2,669.57M	443.13M
Short-Term Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	2.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	48,744.60M	44,770.24M	44,770.24M	31,721.12M	27,384.54M	49,227.28M	45,465.36M	41,859.12M	45,380.41M	21,925.57M	12,842.38M	8,488.53M	7,676.34M	6,362.07M	9,174.94M	7,484.80M	2,669.57M	443.13M
Net Receivables	9,117.19M	17,490.16M	17,490.16M	11,048.60M	10,570.02M	19,527.20M	19,960.18M	21,671.05M	18,800.83M	0.00M	0.00M	8,556.90M	2,801.85M	2,209.43M	1,368.30M	1,455.93M	0.00M	1,531.92M
Inventory	36,014.68M	37,344.00M	37,344.00M	33,958.46M	37,267.62M	22,705.11M	19,717.81M	21,846.92M	19,805.56M	15,585.33M	17,143.32M	12,235.44M	11,165.40M	10,136.22M	3,110.73M	1,908.65M	1,122.10M	548.36M
Other Current Assets	8,988.92M	5,897.38M	5,897.38M	9,736.79M	11,684.48M	8,442.83M	8,672.68M	5,372.67M	5,812.72M	14,003.46M	8,708.55M	3,449.66M	3,155.84M	3,160.90M	1,082.52M	1,371.18M	968.94M	288.05M
Total Current Assets	102,865.39M	105,501.78M	105,501.78M	86,464.97M	86,906.66M	99,902.42M	93,816.03M	90,749.76M	89,799.53M	51,514.36M	38,694.26M	32,730.53M	24,799.42M	21,868.63M	14,736.49M	12,220.55M	4,760.61M	2,811.47M
Property, Plant & Equipment	88,910.34M	85,061.24M	85,061.24M	79,875.68M	68,768.92M	64,137.73M	65,405.36M	71,624.27M	76,567.71M	84,406.91M	88,403.55M	71,326.16M	56,992.03M	42,036.76M	28,416.77M	16,424.46M	8,111.66M	5,591.78M
Goodwill	197.81M	278.22M	278.22M	278.22M	278.22M	278.22M	278.22M	608.82M	608.82M	1,265.76M	311.77M	80.42M	80.42M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	37.31M	45.35M	45.35M	42.91M	7,642.45M	5,691.67M	5,590.59M	5,086.02M	4,937.73M	3,820.76M	3,066.50M	1,738.59M	1,459.38M	1,138.98M	1,044.40M	0.00M	0.00M	0.00M
Long-Term Investments	30,532.29M	27,949.83M	27,949.83M	26,654.97M	14,336.14M	9,622.81M	9,813.87M	5,010.66M	2,803.57M	1,331.27M	946.38M	-1,188.14M	-2,139.17M	-2,040.10M	-1,705.47M	0.00M	0.00M	0.00M
Tax Assets	0.00M	0.00M	0.00M	0.00M	2,605.20M	2,616.95M	2,886.03M	2,084.45M	1,865.93M	1,784.86M	557.32M	255.58M	96.49M	134.16M	57.50M	43.62M	40.23M	12.12M
Other Non-Current Assets	5,920.03M	6,005.82M	6,005.82M	6,073.35M	4,543.17M	2,545.12M	123.31M	2,002.01M	143.61M	165.96M	456.44M	1,497.88M	2,139.17M	2,040.10M	1,705.47M	2,337.14M	273.44M	5,600.12M
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
Total Non-Current Assets	125,597.77M	119,340.47M	119,340.47M	112,925.12M	98,174.10M	84,892.49M	84,097.39M	86,416.23M	86,927.36M	92,775.51M	93,741.96M	73,710.49M	58,628.32M	43,309.91M	29,518.67M	18,805.21M	8,425.34M	11,204.03M
Total Assets	228,463.16M	224,842.26M	224,842.26M	199,390.10M	185,080.76M	184,794.92M	177,913.42M	177,165.99M	176,726.89M	144,289.87M	132,436.21M	106,441.02M	83,427.74M	65,178.54M	44,255.15M	31,025.76M	13,185.94M	14,015.50M
Accounts Payable	11,882.28M	17,048.28M	17,048.28M	11,648.28M	14,911.00M	18,735.22M	13,377.07M	18,215.66M	16,661.44M	16,060.10M	7,506.39M	5,754.31M	2,427.06M	1,995.65M	2,194.83M	1,866.61M	682.43M	394.35M
Short-Term Debt	49,735.91M	45,103.92M	45,103.92M	49,117.96M	43,433.86M	29,377.08M	45,555.19M	31,945.38M	27,765.16M	21,682.73M	28,811.04M	25,986.43M	17,121.17M	13,661.65M	6,659.24M	3,210.61M	72.85M	929.17M
Tax Payables	0.00M	4,602.04M	4,602.04M	3,508.32M	2,180.81M	4,419.69M	4,475.09M	2,879.28M	2,968.95M	2,195.74M	1,476.20M	372.38M	1,000.86M	384.61M	270.20M	137.88M	157.97M	0.00M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-2,100.19M	7,867.91M	0.00M	4,240.12M	3,173.94M	0.00M	0.00M	0.00M
Other Current Liabilities	18,114.56M	3,083.01M	3,083.01M	10,782.51M	10,010.82M	11,947.57M	10,049.74M	11,703.93M	9,413.76M	14,584.02M	10,687.06M	8,960.28M	6,927.05M	5,617.74M	503.56M	342.26M	0.00M	2,086.39M
Total Current Liabilities	79,732.75M	69,837.24M	69,837.24M	75,057.06M	70,536.49M	64,479.54M	73,457.10M	64,744.24M	56,809.30M	54,522.60M	46,380.50M	48,941.31M	27,476.14M	25,899.77M	12,801.77M	5,557.36M	913.25M	3,409.91M
Long-Term Debt	25,804.12M	25,781.12M	25,781.12M	13,791.81M	16,236.04M	30,973.46M	29,287.09M	46,656.73M	54,719.68M	47,876.21M	46,487.27M	27,876.89M	22,885.01M	16,829.61M	9,659.71M	3,981.59M	3,961.00M	115.32M
Capital Lease Obligations	978.44M	957.48M	957.48M	954.66M	67.92M	61.73M	83.69M	90.73M	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	363.70M	523.80M	814.00M	900.34M	721.55M	670.98M	505.13M	578.10M	165.83M	148.46M	40.00M	73.76M	81.09M	0.00M	0.00M
Other Non-Current Liabilities	5,623.27M	6,855.82M	6,855.82M	3,487.11M	457.01M	241.27M	550.11M	279.94M	1,640.00M	1,760.26M	0.00M	52.49M	0.00M	76.41M	231.15M	0.00M	0.00M	2,643.62M
Total Non-Current Liabilities	32,405.83M	33,594.41M	33,594.41M	18,597.28M	17,284.76M	32,090.45M	30,821.23M	47,748.94M	57,030.66M	50,141.60M	47,065.36M	28,095.21M	23,033.47M	16,946.02M	9,964.62M	4,062.68M	3,961.00M	2,758.94M
Total Liabilities	112,138.58M	103,431.65M	103,431.65M	93,654.35M	87,821.25M	96,570.00M	104,278.33M	112,493.18M	113,839.96M	104,664.20M	93,445.87M	77,036.52M	50,509.61M	42,845.78M	22,766.39M	9,620.04M	4,874.25M	6,168.85M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	662.31M	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	605.40M	618.88M	618.88M	618.88M	618.88M	595.14M	579.32M	559.09M	566.17M	526.97M	474.06M	415.83M	403.15M	386.21M	386.21M	386.21M	0.07M	114.40M
Retained Earnings	84,291.55M	80,596.64M	80,596.64M	47,871.72M	42,713.71M	58,541.60M	40,010.96M	34,703.59M	31,425.25M	28,912.04M	27,846.17M	22,715.85M	20,926.72M	17,571.26M	13,889.96M	0.00M	0.00M	0.00M
Accumulated OCI	3,146.97M	1,543.59M	1,543.59M	91,625.80M	83,879.97M	-662.31M	0.00M	375.58M	-36,368.05M	-30,598.44M	-18,650.92M	-13,146.23M	-8,461.38M	-5,488.45M	-3,660.70M	-2,320.66M	-1,479.92M	-985.20M
Minority Interest	5,644.82M	10,813.56M	10,813.56M	14,011.77M	11,806.92M	11,131.03M	5,605.53M	2,851.86M	2,654.14M	1,983.54M	889.99M	728.13M	344.39M	208.17M	24.64M	0.00M	0.00M	62.95M
Total Shareholders’ Equity	88,043.93M	82,759.11M	82,759.11M	140,116.40M	127,212.57M	59,136.74M	40,590.28M	35,638.26M	-4,376.63M	-1,159.44M	9,669.30M	9,985.45M	12,868.49M	12,469.02M	10,615.47M	-1,934.45M	-1,479.85M	-870.80M
Total Equity	93,688.75M	93,572.67M	93,572.67M	154,128.16M	139,019.49M	70,267.77M	46,195.81M	38,490.11M	-1,722.49M	824.10M	10,559.29M	10,713.58M	13,212.88M	12,677.19M	10,640.11M	-1,934.45M	-1,479.85M	-807.85M
Total Liabilities & Equity	205,827.33M	197,004.32M	197,004.32M	247,782.51M	226,840.74M	166,837.77M	150,474.14M	150,983.30M	112,117.47M	105,488.30M	104,005.16M	87,750.10M	63,722.49M	55,522.97M	33,406.50M	7,685.59M	3,394.40M	5,361.00M
Tangible Assets	228,228.05M	224,518.68M	224,518.68M	199,068.97M	177,160.08M	178,825.02M	172,044.60M	171,471.15M	171,180.35M	139,203.35M	129,057.94M	104,622.01M	81,887.94M	64,039.56M	43,210.75M	31,025.76M	13,185.94M	14,015.50M
Tangible Equity	93,453.63M	93,249.09M	93,249.09M	153,807.03M	131,098.82M	64,297.88M	40,326.99M	32,795.28M	-7,269.04M	-4,262.42M	7,181.02M	8,894.58M	11,673.09M	11,538.21M	9,595.71M	-1,934.45M	-1,479.85M	-807.85M
Tangible Book Value	93,453.63M	93,249.09M	93,249.09M	153,807.03M	131,098.82M	64,297.88M	40,326.99M	32,795.28M	-7,269.04M	-4,262.42M	7,181.02M	8,894.58M	11,673.09M	11,538.21M	9,595.71M	-1,934.45M	-1,479.85M	-807.85M
Total Investments	30,532.29M	27,949.83M	27,949.83M	26,654.97M	14,336.14M	9,622.81M	9,813.87M	5,012.67M	2,803.57M	1,331.27M	946.38M	-1,188.14M	-2,139.17M	-2,040.10M	-1,705.47M	0.00M	0.00M	0.00M
Net Debt	26,795.43M	26,114.79M	26,114.79M	31,188.64M	32,285.35M	11,123.25M	29,376.92M	36,744.99M	37,104.42M	47,633.38M	62,455.93M	45,374.79M	32,329.85M	24,129.18M	7,144.00M	-292.59M	1,364.28M	601.36M

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
Working Capital	23,106.0M	32,842.0M	32,842.0M	13,365.8M	16,194.6M	40,461.8M	24,082.3M	27,868.9M	32,051.8M	10,077.8M	-873.6M	-9,378.3M	-3,160.8M	509.8M	2,783.9M	3,654.5M	2,838.2M	-5,297.6M
Total Capital	187,198.2M	179,642.5M	179,642.5M	156,109.1M	144,236.7M	141,720.1M	146,119.0M	141,853.7M	142,450.2M	120,792.3M	120,096.6M	89,372.1M	72,180.4M	57,164.8M	38,632.2M	25,589.2M	11,336.4M	4,129.0M
Capital Employed	148,703.8M	152,182.5M	152,182.5M	126,291.0M	114,368.7M	125,354.3M	108,179.6M	114,285.1M	118,979.2M	102,853.3M	92,868.3M	64,332.1M	55,467.5M	43,819.7M	32,302.5M	22,459.7M	11,263.5M	5,906.4M
Invested Capital	138,453.6M	134,872.2M	134,872.2M	124,388.0M	116,852.1M	92,492.8M	100,653.6M	99,996.5M	97,069.8M	98,866.7M	107,254.2M	80,883.6M	64,504.1M	50,802.7M	29,457.3M	18,104.4M	8,666.8M	3,685.9M

Cash Flow Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Net Income	43,737.43M	19,089.40M	32,797.31M	15,890.46M	12,606.56M	22,553.93M	12,704.35M	8,771.07M	8,335.69M	7,092.00M	9,764.34M	5,258.99M	7,327.73M	7,379.40M	7,400.55M	5,875.41M	4,195.74M	556.29M
Depreciation & Amortization	10,887.89M	13,918.02M	6,568.01M	7,186.04M	6,951.06M	6,712.70M	6,901.12M	7,413.71M	7,346.58M	7,867.03M	5,649.94M	4,720.65M	3,138.49M	2,085.82M	1,361.97M	848.35M	601.08M	540.00M
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
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
Change in Working Capital	-5,334.62M	-8,928.20M	-7,690.53M	-982.87M	-8,659.97M	376.47M	-3,413.70M	-4,262.62M	-8,399.67M	11,594.28M	-3,316.55M	-3,526.20M	-578.96M	-8,479.34M	-1,292.85M	-1,440.95M	-434.46M	723.44M
Accounts Receivable	-5,192.37M	5,976.77M	-4,334.79M	-857.58M	2,929.12M	3,047.65M	-28.76M	-3,427.34M	-4,531.19M	-1,602.99M	1,011.96M	-717.03M	-749.16M	-1,996.70M	0.00M	0.00M	0.00M	0.00M
Inventory	-460.23M	-17,433.47M	-3,693.92M	3,233.69M	-14,292.29M	-3,141.18M	2,064.52M	-1,833.79M	-4,147.87M	1,436.79M	-4,519.74M	-1,087.28M	-120.49M	-7,025.50M	-1,202.08M	-786.55M	-575.72M	128.21M
Accounts Payable	0.00M	0.00M	0.00M	0.00M	-2,929.12M	-3,047.65M	28.76M	3,427.34M	4,531.19M	1,602.99M	-1,011.96M	717.03M	749.16M	1,996.70M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	317.98M	2,528.50M	338.18M	-3,358.98M	5,632.32M	3,517.65M	-5,478.23M	-2,428.83M	-4,251.79M	11,760.48M	191.24M	-1,721.89M	290.70M	542.86M	-90.76M	-654.41M	141.26M	595.23M
Other Non-Cash Items	22,313.19M	3,757.83M	2,308.07M	308.68M	-3,275.81M	-993.59M	1,587.31M	2,619.31M	2,077.36M	6,066.91M	731.30M	1,316.30M	-364.93M	-733.60M	-1,248.90M	347.27M	410.10M	103.84M
Net Cash from Operating Activities	71,603.89M	27,837.06M	33,982.86M	22,402.30M	7,621.84M	28,649.53M	17,779.08M	14,541.46M	9,359.96M	32,620.21M	12,829.04M	7,769.75M	9,522.34M	252.28M	6,220.77M	5,630.08M	4,772.46M	1,923.58M
Capital Expenditures (PPE)	-18,724.19M	-14,487.78M	-12,821.53M	-6,046.33M	-10,281.04M	-6,660.77M	-6,129.39M	-3,360.14M	-5,486.83M	-8,926.95M	-21,621.86M	-17,427.05M	-9,368.04M	-14,117.23M	-10,839.90M	-8,169.37M	-2,715.08M	-850.15M
Acquisitions (Net)	-3,006.98M	-1,194.92M	0.00M	-3,006.98M	-3,203.34M	-1,127.44M	-1,652.90M	-918.52M	1,086.68M	-568.20M	-7,574.62M	0.00M	-1,857.66M	87.22M	24.78M	0.00M	338.18M	0.00M
Purchases of Investments	0.00M	0.00M	0.00M	-11,719.16M	-350.43M	-534.21M	-1,900.61M	-1,100.00M	-976.11M	-9,234.48M	0.00M	0.00M	0.00M	-1,700.00M	0.00M	0.00M	0.00M	0.00M
Sales / Maturities of Investments	0.00M	0.00M	0.00M	2,501.12M	0.00M	2,539.91M	2.01M	100.00M	6.06M	4.84M	0.00M	7.50M	0.00M	1,763.40M	0.00M	0.00M	0.00M	0.00M
Other Investing Activities	-12,068.70M	-9,809.09M	264.16M	382.83M	-2,937.72M	319.03M	2,706.91M	-984.05M	10,819.01M	-863.05M	-52.34M	23.34M	909.43M	-798.49M	-829.07M	-728.98M	562.91M	-622.54M
Net Cash from Investing Activities	-33,799.87M	-25,491.80M	-12,557.37M	-17,888.51M	-16,772.53M	-5,463.49M	-6,973.98M	-6,262.71M	5,448.82M	-19,587.84M	-29,248.83M	-17,396.21M	-10,316.27M	-14,765.10M	-11,644.18M	-8,898.36M	-1,814.00M	-1,472.69M
Net Debt Issuance	11,678.32M	826.00M	7,816.85M	-1,369.72M	-1,848.18M	-15,566.06M	-3,364.37M	-469.78M	12,815.05M	-4,661.65M	21,356.12M	6,824.48M	9,667.96M	13,947.94M	9,356.21M	3,158.35M	-4,888.99M	-1,169.79M
Long-Term Debt Issuance	11,678.32M	826.00M	11,816.85M	-1,369.72M	-1,830.08M	-15,566.06M	-3,364.37M	-469.78M	11,815.05M	3,338.35M	24,356.12M	6,824.48M	6,667.96M	9,947.94M	9,356.21M	3,158.35M	-1,322.25M	-1,084.37M
Short-Term Debt Issuance	0.00M	0.00M	-4,000.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1,000.00M	-8,000.00M	-3,000.00M	0.00M	3,000.00M	4,000.00M	0.00M	0.00M	-3,566.74M	-85.41M
Net Stock Issuance	-2,418.47M	0.00M	0.00M	0.00M	0.00M	1,971.81M	1,644.09M	-524.85M	4,510.04M	-62.04M	3,222.14M	0.00M	1,353.44M	0.00M	0.00M	5,365.03M	4,334.44M	1,256.51M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	1,971.81M	1,644.09M	0.00M	5,120.98M	4,669.40M	3,222.14M	0.00M	1,353.44M	0.00M	0.00M	5,365.03M	4,334.44M	1,256.51M
Common Stock Repurchased	-2,418.47M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-524.85M	-610.94M	-62.04M	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	-4,669.40M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-24,880.12M	-11,676.03M	-9,348.32M	-4,368.58M	-9,023.41M	-7,287.76M	-3,768.15M	-1,920.95M	-4,862.83M	0.00M	-930.71M	-1,367.96M	-1,261.23M	-1,217.94M	-1,536.37M	0.00M	0.00M	0.00M
Common Dividends Paid	-24,880.12M	-11,676.03M	-9,348.32M	-4,368.58M	-9,023.41M	-7,287.76M	-3,768.15M	-1,920.95M	-4,862.83M	0.00M	-930.71M	-1,367.96M	-1,261.23M	-1,217.94M	-1,536.37M	0.00M	0.00M	0.00M
Preferred Dividends Paid	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-3,193.78M	-11,710.96M	-6,899.08M	5,538.72M	-1,918.86M	1,485.91M	-1,661.37M	-8,899.94M	-3,859.42M	803.34M	-3,058.55M	5,016.34M	-7,759.53M	-1,009.32M	-706.29M	-439.88M	-258.17M	-126.61M
Net Cash from Financing Activities	-18,814.05M	-22,560.99M	-8,430.55M	-199.58M	-12,790.45M	-19,396.10M	-7,149.79M	-11,815.51M	8,602.85M	-3,934.76M	20,589.01M	10,472.86M	2,108.17M	11,720.68M	7,113.55M	8,083.50M	-817.84M	-39.89M
Effect of FX on Cash	-22.10M	227.77M	54.18M	22.37M	98.40M	-28.02M	-47.06M	13.46M	20.85M	-14.43M	184.62M	-34.19M	0.03M	-20.73M	0.00M	0.00M	0.00M	0.00M
Net Change in Cash	50,688.98M	-19,987.96M	13,049.12M	4,336.58M	-21,842.74M	3,761.92M	3,608.25M	-3,523.30M	23,432.47M	9,083.19M	4,353.85M	812.20M	1,314.27M	-2,812.87M	1,690.15M	4,815.23M	2,140.62M	411.00M
Cash at Beginning of Period	67,278.37M	175,599.48M	31,721.12M	27,384.54M	49,227.28M	45,465.36M	41,857.12M	45,380.41M	21,947.94M	12,842.38M	8,488.53M	7,676.34M	6,362.07M	9,174.94M	7,484.80M	2,669.57M	528.95M	117.95M
Cash at End of Period	117,967.35M	155,611.52M	44,770.24M	31,721.12M	27,384.54M	49,227.28M	45,465.36M	41,857.12M	45,380.41M	21,925.57M	12,842.38M	8,488.53M	7,676.34M	6,362.07M	9,174.94M	7,484.80M	2,669.57M	528.95M
Operating Cash Flow	71,603.89M	27,837.06M	33,982.86M	22,402.30M	7,621.84M	28,649.53M	17,779.08M	14,541.46M	9,359.96M	32,620.21M	12,829.04M	7,769.75M	9,522.34M	252.28M	6,220.77M	5,630.08M	4,772.46M	1,923.58M
Capital Expenditure	-25,772.30M	-14,487.78M	-12,821.53M	-7,270.77M	-10,281.04M	-6,660.77M	-6,129.39M	-3,360.14M	-5,486.83M	-8,926.95M	-21,621.86M	-17,427.05M	-9,368.04M	-14,117.23M	-10,839.90M	-8,169.37M	-2,715.08M	-850.15M
Free Cash Flow	45,831.58M	13,349.28M	21,153.14M	15,131.53M	-2,659.21M	21,988.75M	11,649.69M	11,181.32M	3,873.14M	23,693.26M	-8,792.82M	-9,657.30M	154.29M	-13,864.95M	-4,619.13M	-2,539.29M	2,057.38M	1,073.42M

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
EBITDA	78,479.84M	36,961.75M	42,313.95M	21,426.12M	17,672.76M	30,081.05M	21,101.27M	18,982.98M	17,747.87M	20,413.96M	17,601.46M	12,704.95M	11,729.56M	9,728.32M	9,000.68M	8,813.65M	6,210.94M	1,306.04M
(-) Tax Adjustment	18,784.26M	8,693.30M	10,645.95M	4,574.61M	3,921.85M	7,609.16M	3,753.08M	5,012.29M	5,428.12M	5,138.52M	5,315.35M	3,958.99M	3,243.62M	2,363.66M	2,369.14M	2,303.13M	1,552.42M	332.28M
(-) Change In Working Capital	-5,334.62M	-8,928.20M	-7,690.53M	-982.87M	-8,659.97M	376.47M	-3,413.70M	-4,262.62M	-8,399.67M	11,594.28M	-3,316.55M	-3,526.20M	-578.96M	-8,479.34M	-1,292.85M	-1,440.95M	-434.46M	723.44M
(-) Capital Expenditure	-25,772.30M	-14,487.78M	-12,821.53M	-7,270.77M	-10,281.04M	-6,660.77M	-6,129.39M	-3,360.14M	-5,486.83M	-8,926.95M	-21,621.86M	-17,427.05M	-9,368.04M	-14,117.23M	-10,839.90M	-8,169.37M	-2,715.08M	-850.15M
Unlevered Free Cash Flow	39,257.90M	22,708.87M	26,537.00M	10,563.62M	12,129.84M	15,434.64M	14,632.51M	14,873.17M	15,232.59M	-5,245.79M	-6,019.20M	-5,154.89M	-303.15M	1,726.77M	-2,915.51M	-217.91M	2,377.89M	-599.84M
(-) Net Interest Income After Taxes	-1,481.48M	3,593.97M	-1,691.36M	-1,886.11M	-1,915.15M	-2,299.39M	-3,281.52M	-3,533.48M	-2,556.40M	-2,557.42M	-2,262.46M	-1,502.62M	-1,252.58M	-974.32M	-400.53M	-452.85M	-144.75M	-66.54M
Net Debt Issuance	11,678.32M	826.00M	7,816.85M	-1,369.72M	-1,848.18M	-15,566.06M	-3,364.37M	-469.78M	12,815.05M	-4,661.65M	21,356.12M	6,824.48M	9,667.96M	13,947.94M	9,356.21M	3,158.35M	-4,888.99M	-1,169.79M
Levered Free Cash Flow	52,417.70M	19,940.90M	36,045.21M	11,080.00M	12,196.82M	2,167.98M	14,549.66M	17,936.86M	30,604.04M	-7,350.02M	17,599.38M	3,172.20M	10,617.40M	16,649.03M	6,841.23M	3,393.30M	-2,366.35M	-1,703.09M