Best Pacific International Holdings Limited (2111.HK)

Industry: Apparel - Manufacturers Sector: Consumer Cyclical Currency Used: CN Live Price: $3.22

Enterprise Value

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012
Stock Price	2.64	1.10	1.57	2.26	1.18	2.45	2.25	5.94	5.88	3.75	3.18	2.12	2.12
Market Capitalization	2,739.89M	1,143.79M	1,627.30M	2,344.77M	1,221.77M	2,547.47M	2,337.43M	6,167.04M	6,097.74M	3,866.18M	3,021.16M	1,590.01M	2,159.81M
(-) Cash & Equivalents	868.55M	968.06M	970.85M	1,085.53M	938.01M	570.76M	472.85M	185.31M	470.52M	357.31M	299.01M	48.77M	73.84M
(+) Total Debt	1,533.67M	1,766.19M	2,255.74M	2,381.91M	2,352.52M	2,211.43M	1,688.64M	1,160.37M	583.06M	622.87M	672.53M	428.49M	0.00M
Enterprise Value	3,405.02M	1,941.91M	2,912.19M	3,641.15M	2,636.28M	4,188.13M	3,553.22M	7,142.10M	6,210.28M	4,131.74M	3,394.69M	1,969.74M	2,085.97M

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
Revenue	8,520M	9,116M	5,061M	4,201M	4,493M	4,793M	3,494M	3,638M	3,213M	2,795M	2,469M	2,048M	1,861M	1,659M	1,403M
Cost of Revenue	6,251M	7,260M	3,705M	3,197M	3,643M	3,681M	2,651M	2,765M	2,421M	2,022M	1,641M	1,368M	1,292M	1,137M	954M
Gross Profit	2,270M	1,856M	1,357M	1,004M	850M	1,112M	843M	873M	792M	773M	828M	680M	568M	522M	449M
Gross Profit Margin	26.6%	20.4%	26.8%	23.9%	18.9%	23.2%	24.1%	24.0%	24.7%	27.6%	33.5%	33.2%	30.5%	31.5%	32.0%
R&D Expenses	179M	190M	107M	85M	101M	99M	81M	98M	91M	84M	55M	47M	42M	38M	36M
SG&A Expenses	977M	967M	568M	486M	469M	539M	410M	392M	353M	333M	283M	242M	237M	172M	150M
Operating Expenses	1,156M	1,157M	675M	571M	568M	650M	479M	476M	428M	383M	322M	278M	259M	191M	165M
Operating Income (EBIT)	1,114M	699M	682M	432M	282M	462M	364M	397M	364M	390M	506M	403M	309M	331M	284M
Operating Income Margin	13.1%	7.7%	13.5%	10.3%	6.3%	9.6%	10.4%	10.9%	11.3%	14.0%	20.5%	19.7%	16.6%	20.0%	20.2%
Interest Income	31M	41M	13M	15M	16M	22M	8M	7M	9M	4M	19M	30M	13M	5M	44M
Interest Expense	230M	105M	88M	116M	76M	62M	76M	91M	66M	35M	29M	24M	31M	40M	0M
Net Interest Income	-200M	-64M	-75M	-101M	-60M	-40M	-67M	-84M	-57M	-31M	-10M	6M	-18M	-35M	44M
Unusual Items	159M	76M	64M	54M	94M	35M	-7M	23M	24M	1M	40M	6M	12M	5M	-87M
EBT Excluding Unusual Items	914M	635M	607M	331M	222M	422M	297M	313M	306M	359M	496M	408M	291M	296M	328M
Pre-Tax Income	1,073M	710M	671M	385M	317M	457M	290M	337M	331M	360M	536M	414M	304M	301M	240M
Pre-Tax Margin	12.6%	7.8%	13.2%	9.2%	7.0%	9.5%	8.3%	9.3%	10.3%	12.9%	21.7%	20.2%	16.3%	18.1%	17.1%
Income Tax Expense	117M	81M	80M	36M	33M	55M	41M	38M	51M	56M	80M	72M	57M	57M	42M
Net Income	947M	664M	608M	347M	299M	402M	258M	301M	284M	304M	456M	342M	247M	215M	175M
Net Income Margin	11.1%	7.3%	12.0%	8.3%	6.7%	8.4%	7.4%	8.3%	8.8%	10.9%	18.5%	16.7%	13.3%	12.9%	12.4%
Depreciation & Amortization	372M	148M	328M	382M	74M	76M	63M	82M	58M	37M	26M	122M	117M	105M	85M
EBITDA	1,486M	847M	1,009M	814M	356M	538M	427M	480M	421M	427M	532M	525M	426M	436M	369M
EBITDA Margin	17.4%	9.3%	19.9%	19.4%	7.9%	11.2%	12.2%	13.2%	13.1%	15.3%	21.5%	25.6%	22.9%	26.3%	26.3%
NOPAT	993M	619M	600M	392M	252M	406M	313M	353M	308M	329M	431M	333M	251M	269M	234M
NOPAT Margin	11.7%	6.8%	11.9%	9.3%	5.6%	8.5%	9.0%	9.7%	9.6%	11.8%	17.4%	16.2%	13.5%	16.2%	16.7%
Owner's Earnings	698M	191M	613M	454M	7M	254M	74M	-193M	-267M	-669M	-40M	343M	179M	102M	118M
Owner's Earnings Margin	8.2%	2.1%	12.1%	10.8%	0.2%	5.3%	2.1%	-5.3%	-8.3%	-23.9%	-1.6%	16.7%	9.6%	6.1%	8.4%
EPS (Basic)	0.92	0.64	0.58	0.33	0.29	0.39	0.25	0.29	0.27	0.29	0.44	0.34	0.27	0.21	0.17
EPS (Diluted)	0.91	0.64	0.58	0.33	0.29	0.39	0.25	0.29	0.27	0.29	0.44	0.33	0.27	0.21	0.17
Shares (Basic)	1,040M	1,040M	1,040M	1,040M	1,040M	1,040M	1,040M	1,040M	1,037M	1,033M	1,028M	1,020M	913M	1,019M	1,019M
Shares (Diluted)	1,040M	1,040M	1,040M	1,040M	1,040M	1,040M	1,040M	1,040M	1,039M	1,039M	1,037M	1,031M	919M	1,019M	1,019M

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
Cash & Cash Equivalents	1,149.74M	980.28M	980.28M	927.84M	1,051.17M	898.87M	1,092.86M	576.77M	459.89M	176.72M	424.54M	627.29M	94.79M	97.54M	147.69M
Short-Term Investments	0.00M	0.00M	0.00M	0.00M	36.95M	163.81M	8.34M	19.01M	12.25M	11.69M	13.36M	242.43M	649.79M	0.00M	1.42M
Cash & Short-Term Investments	1,149.74M	980.28M	980.28M	927.84M	1,088.12M	1,062.68M	1,101.19M	595.78M	472.14M	188.40M	437.90M	869.72M	744.59M	97.54M	149.11M
Net Receivables	675.89M	1,022.66M	1,022.66M	737.67M	782.21M	977.62M	906.42M	841.27M	805.47M	729.26M	629.67M	472.95M	452.59M	469.03M	498.08M
Inventory	1,220.71M	1,255.42M	1,255.42M	1,008.60M	1,135.78M	1,456.80M	922.30M	1,065.16M	865.11M	694.46M	504.64M	364.84M	347.66M	317.87M	230.63M
Other Current Assets	210.81M	69.52M	69.52M	206.70M	24.43M	80.95M	67.52M	94.20M	160.01M	138.12M	143.09M	68.91M	120.14M	114.16M	6.43M
Total Current Assets	3,257.14M	3,327.88M	3,327.88M	2,880.81M	3,030.53M	3,578.05M	2,997.43M	2,596.41M	2,302.73M	1,750.24M	1,715.29M	1,776.42M	1,664.98M	998.59M	884.24M
Property, Plant & Equipment	2,982.02M	2,999.35M	2,999.35M	3,015.11M	3,105.71M	3,275.73M	3,242.41M	3,140.71M	2,821.43M	2,380.02M	1,405.23M	1,074.59M	1,149.17M	1,077.12M	889.69M
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
Intangible 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
Long-Term Investments	41.41M	41.53M	41.53M	37.93M	2.46M	-125.15M	26.41M	12.40M	41.54M	48.24M	30.37M	-229.73M	-646.90M	0.00M	0.00M
Tax Assets	0.00M	0.00M	0.00M	7.64M	9.07M	5.58M	5.39M	8.82M	4.37M	0.77M	0.87M	3.32M	3.62M	0.89M	0.00M
Other Non-Current Assets	140.28M	109.84M	109.84M	41.92M	78.83M	222.16M	34.01M	106.89M	93.18M	116.53M	103.89M	276.16M	675.97M	107.80M	-889.69M
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	132.93M
Total Non-Current Assets	3,163.70M	3,150.71M	3,150.71M	3,102.59M	3,196.07M	3,378.33M	3,308.22M	3,268.82M	2,960.51M	2,545.56M	1,540.35M	1,124.34M	1,181.87M	1,185.80M	132.93M
Total Assets	6,420.84M	6,478.59M	6,478.59M	5,983.40M	6,226.59M	6,956.38M	6,305.65M	5,865.23M	5,263.24M	4,295.80M	3,255.64M	2,900.76M	2,846.84M	2,184.39M	1,017.18M
Accounts Payable	497.75M	726.41M	726.41M	626.72M	529.14M	814.23M	566.30M	632.88M	605.10M	466.79M	436.67M	388.74M	356.55M	309.71M	242.60M
Short-Term Debt	786.86M	613.68M	613.68M	1,079.39M	1,992.69M	1,511.62M	1,313.57M	1,645.12M	802.08M	262.49M	120.71M	588.16M	401.86M	345.66M	0.00M
Tax Payables	0.00M	0.00M	0.00M	13.20M	10.19M	46.75M	15.35M	22.71M	21.44M	11.74M	36.59M	24.01M	31.86M	17.66M	0.00M
Deferred Revenue	0.00M	0.00M	0.00M	31.41M	41.05M	34.86M	33.27M	40.96M	56.49M	0.00M	0.00M	0.00M	0.00M	148.74M	0.00M
Other Current Liabilities	538.81M	482.45M	482.45M	169.09M	0.00M	153.08M	148.85M	130.34M	108.20M	88.04M	141.58M	79.43M	36.65M	98.88M	1,157.72M
Total Current Liabilities	1,823.42M	1,822.54M	1,822.54M	1,919.81M	2,573.06M	2,560.52M	2,077.33M	2,472.02M	1,593.32M	829.05M	735.55M	1,080.33M	826.93M	920.65M	1,400.32M
Long-Term Debt	731.38M	947.58M	947.58M	435.19M	105.52M	648.79M	972.95M	574.20M	1,004.46M	977.78M	472.80M	0.00M	258.97M	451.56M	16.20M
Capital Lease Obligations	164.99M	164.06M	164.06M	134.58M	131.55M	171.72M	90.13M	73.40M	0.00M	0.63M	5.93M	17.36M	37.01M	59.76M	0.00M
Deferred Tax Liabilities	14.85M	13.66M	13.66M	11.42M	9.74M	9.70M	5.76M	11.42M	4.83M	-254.91M	73.10M	-7.30M	-8.49M	-9.62M	0.00M
Other Non-Current Liabilities	19.82M	19.43M	19.43M	14.59M	10.35M	17.38M	12.62M	8.33M	8.66M	4.43M	12.43M	6.98M	8.49M	0.00M	-25.30M
Total Non-Current Liabilities	931.03M	1,144.72M	1,144.72M	595.77M	257.15M	847.58M	1,081.46M	667.35M	1,017.94M	727.92M	564.26M	17.04M	295.99M	501.71M	-9.10M
Total Liabilities	2,754.45M	2,967.26M	2,967.26M	2,515.58M	2,830.21M	3,408.10M	3,158.79M	3,139.37M	2,611.26M	1,556.97M	1,299.80M	1,097.37M	1,122.91M	1,422.36M	1,391.22M
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
Common Stock	10.40M	10.40M	10.40M	10.40M	10.40M	10.40M	10.40M	10.40M	10.40M	10.37M	10.29M	10.21M	10.19M	0.09M	0.08M
Retained Earnings	0.00M	2,932.56M	2,932.56M	2,599.54M	2,368.89M	2,282.62M	2,054.28M	1,873.50M	1,670.12M	1,482.30M	1,294.53M	1,021.64M	871.05M	659.81M	496.25M
Accumulated OCI	3,548.17M	-89.15M	-89.15M	11.13M	67.68M	395.19M	276.38M	54.74M	-1,038.11M	-871.63M	-675.01M	-603.00M	-517.00M	-407.17M	0.00M
Minority Interest	97.44M	87.22M	87.22M	101.22M	98.23M	91.79M	83.88M	83.18M	84.76M	-0.58M	0.00M	0.00M	0.00M	106.64M	80.46M
Total Shareholders’ Equity	3,558.57M	2,853.81M	2,853.81M	2,621.07M	2,446.97M	2,688.21M	2,341.05M	1,938.65M	642.40M	621.03M	629.80M	428.85M	364.25M	252.73M	496.33M
Total Equity	3,656.01M	2,941.03M	2,941.03M	2,722.29M	2,545.20M	2,780.00M	2,424.93M	2,021.83M	727.17M	620.45M	629.80M	428.85M	364.25M	359.36M	576.79M
Total Liabilities & Equity	6,410.46M	5,908.29M	5,908.29M	5,237.88M	5,375.41M	6,188.10M	5,583.72M	5,161.20M	3,338.43M	2,177.42M	1,929.61M	1,526.21M	1,487.16M	1,781.72M	1,968.01M
Tangible Assets	6,420.84M	6,478.59M	6,478.59M	5,983.40M	6,226.59M	6,956.38M	6,305.65M	5,865.23M	5,263.24M	4,295.80M	3,255.64M	2,900.76M	2,846.84M	2,184.39M	1,017.18M
Tangible Equity	3,656.01M	2,941.03M	2,941.03M	2,722.29M	2,545.20M	2,780.00M	2,424.93M	2,021.83M	727.17M	620.45M	629.80M	428.85M	364.25M	359.36M	576.79M
Tangible Book Value	3,656.01M	2,941.03M	2,941.03M	2,722.29M	2,545.20M	2,780.00M	2,424.93M	2,021.83M	727.17M	620.45M	629.80M	428.85M	364.25M	359.36M	576.79M
Total Investments	41.41M	41.53M	41.53M	37.93M	39.42M	38.67M	34.75M	31.41M	53.79M	59.93M	43.73M	12.70M	2.90M	2.98M	1.42M
Net Debt	368.49M	580.98M	580.98M	586.74M	1,047.04M	1,261.54M	1,193.67M	1,642.55M	1,346.65M	1,063.55M	168.96M	-39.14M	566.04M	699.69M	-131.48M

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
Working Capital	1,383.1M	1,495.0M	1,495.0M	778.3M	178.1M	815.2M	794.3M	7.0M	520.1M	744.3M	847.3M	627.5M	718.8M	130.2M	-365.3M
Total Capital	5,241.8M	5,172.4M	5,172.4M	4,863.5M	5,270.0M	5,613.6M	5,311.0M	4,824.6M	4,179.2M	3,542.1M	2,501.2M	2,344.5M	2,314.6M	1,582.5M	527.5M
Capital Employed	4,546.8M	4,645.7M	4,645.7M	3,880.9M	3,371.7M	4,193.5M	4,102.5M	3,275.8M	3,480.6M	3,289.9M	2,387.6M	1,751.9M	1,900.6M	1,316.0M	657.3M
Invested Capital	4,092.0M	4,192.1M	4,192.1M	3,935.6M	4,218.8M	4,714.7M	4,218.1M	4,247.8M	3,719.3M	3,365.4M	2,076.7M	1,717.2M	2,219.8M	1,485.0M	379.8M

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
Net Income	946.65M	664.37M	608.12M	346.92M	299.20M	456.62M	289.97M	336.65M	330.80M	359.89M	536.07M	414.22M	303.81M	301.16M	174.58M
Depreciation & Amortization	365.37M	447.52M	0.00M	382.02M	373.52M	364.66M	332.02M	281.06M	237.71M	155.53M	123.10M	122.22M	116.61M	104.53M	84.77M
Deferred Income Tax	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-62.79M	-101.73M	-93.32M	-31.26M	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	1.70M	6.02M	11.68M	8.80M	0.00M	0.00M
Change in Working Capital	111.96M	-77.29M	5.83M	154.77M	156.36M	-342.35M	56.16M	-227.44M	-15.73M	-249.58M	-196.11M	-10.68M	18.98M	-53.29M	8.41M
Accounts Receivable	-161.67M	151.75M	-147.84M	-87.75M	174.64M	-94.82M	-54.05M	-49.46M	-110.61M	-72.99M	-100.08M	-63.38M	35.07M	-69.62M	13.38M
Inventory	156.17M	-46.99M	92.33M	110.01M	219.55M	-533.08M	159.22M	-214.79M	-128.13M	-152.57M	-163.06M	-37.58M	-29.36M	-90.64M	-4.97M
Accounts Payable	0.00M	0.00M	118.20M	103.56M	-247.09M	234.72M	-92.31M	39.47M	14.14M	8.05M	66.67M	42.71M	0.00M	0.00M	0.00M
Other Working Capital	117.46M	-182.04M	-56.86M	28.95M	-48.17M	50.84M	43.30M	-2.67M	112.40M	-97.00M	-33.05M	26.90M	48.34M	37.35M	0.00M
Other Non-Cash Items	125.37M	222.56M	146.62M	116.00M	-55.51M	43.75M	76.08M	17.49M	10.20M	30.08M	8.66M	-6.64M	15.70M	-7.25M	109.40M
Net Cash from Operating Activities	1,549.34M	1,342.80M	760.56M	999.70M	773.56M	522.67M	754.22M	407.75M	562.98M	234.84M	376.01M	437.49M	432.63M	345.15M	368.75M
Capital Expenditures (PPE)	-345.94M	-621.53M	0.00M	-275.39M	-366.01M	-224.60M	-246.59M	-575.71M	-607.91M	-1,010.33M	-522.42M	-121.88M	-184.60M	-217.18M	-141.61M
Acquisitions (Net)	-9.42M	23.15M	0.00M	0.00M	0.00M	-27.60M	12.83M	6.95M	-30.50M	-0.07M	22.65M	-10.00M	0.00M	0.01M	0.00M
Purchases of Investments	0.00M	838.25M	0.00M	0.00M	0.00M	-161.65M	-141.16M	-145.77M	-1,115.86M	-820.27M	-27.51M	32.75M	-649.79M	0.00M	0.00M
Sales / Maturities of Investments	-0.66M	-955.86M	0.00M	36.63M	0.00M	8.54M	145.07M	138.73M	1,114.73M	826.05M	227.09M	407.36M	0.00M	0.00M	0.00M
Other Investing Activities	-224.49M	195.62M	-335.62M	0.11M	191.78M	-8.97M	17.18M	63.11M	-15.39M	-5.27M	-69.00M	44.26M	89.17M	195.55M	-83.13M
Net Cash from Investing Activities	-580.51M	-520.36M	-335.62M	-238.66M	-174.23M	-414.28M	-212.68M	-512.69M	-654.93M	-1,009.89M	-369.20M	352.49M	-745.23M	-21.63M	-224.74M
Net Debt Issuance	-226.97M	-215.18M	51.08M	-589.76M	-91.52M	-179.51M	98.83M	392.16M	436.32M	673.56M	-6.08M	-92.33M	-172.66M	-184.02M	0.00M
Long-Term Debt Issuance	0.00M	-35.16M	51.08M	-580.07M	-91.52M	-158.77M	98.83M	392.16M	436.32M	673.56M	-6.08M	-72.68M	-172.66M	-62.34M	0.00M
Short-Term Debt Issuance	-226.97M	-180.02M	0.00M	-9.69M	0.00M	-20.75M	0.00M	0.00M	0.00M	0.00M	0.00M	-19.66M	0.00M	-121.68M	0.00M
Net Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.09M	3.46M	8.31M	8.07M	2.69M	577.88M	0.01M	0.00M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.09M	3.46M	8.31M	8.07M	2.69M	577.88M	0.01M	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
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
Net Dividends Paid	-355.93M	-353.33M	-256.94M	-98.99M	-198.40M	-154.93M	-60.31M	-69.67M	-61.16M	-97.85M	-156.90M	-105.06M	-35.66M	-60.00M	0.00M
Common Dividends Paid	-355.93M	-353.33M	-256.94M	-98.99M	-198.40M	-154.93M	-60.31M	-69.67M	-61.16M	-97.85M	-156.90M	-105.06M	-35.66M	-60.00M	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
Other Financing Activities	-124.19M	-498.36M	-150.52M	-183.29M	-87.63M	-29.47M	-86.36M	-112.35M	-5.99M	-68.03M	-27.38M	-24.32M	-56.10M	-132.31M	-122.12M
Net Cash from Financing Activities	-707.09M	-1,066.86M	-356.38M	-872.03M	-377.55M	-363.91M	-47.84M	210.24M	372.63M	515.99M	-182.30M	-219.02M	313.46M	-376.32M	-122.12M
Effect of FX on Cash	-34.16M	-55.77M	-16.12M	-12.34M	-69.49M	61.52M	54.61M	-8.26M	-9.88M	11.23M	-27.27M	-38.46M	-3.60M	2.64M	0.61M
Net Change in Cash	227.58M	-463.64M	52.44M	-123.33M	152.30M	-193.99M	548.31M	97.04M	270.79M	-247.83M	-202.75M	532.50M	-2.74M	-50.15M	22.51M
Cash at Beginning of Period	3,846.88M	3,350.31M	927.84M	1,051.17M	898.87M	1,092.86M	544.55M	447.51M	176.72M	424.54M	627.29M	94.79M	97.54M	147.69M	125.18M
Cash at End of Period	3,128.44M	2,886.67M	980.28M	927.84M	1,051.17M	898.87M	1,092.86M	544.55M	447.51M	176.72M	424.54M	627.29M	94.79M	97.54M	147.69M
Operating Cash Flow	1,644.26M	1,342.80M	760.56M	999.70M	773.56M	522.67M	754.22M	407.75M	562.98M	234.84M	376.01M	437.49M	432.63M	345.15M	368.75M
Capital Expenditure	-620.49M	-621.53M	-323.08M	-275.39M	-366.01M	-224.60M	-246.59M	-575.71M	-607.91M	-1,010.33M	-522.42M	-121.88M	-184.60M	-217.18M	-141.61M
Free Cash Flow	1,023.76M	721.27M	437.48M	724.31M	407.56M	298.07M	507.63M	-167.96M	-44.93M	-775.49M	-146.41M	315.61M	248.03M	127.97M	227.14M

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
EBITDA	1,486.07M	847.23M	1,009.37M	814.15M	353.61M	550.26M	414.56M	465.49M	405.81M	392.52M	515.06M	512.98M	405.41M	416.41M	347.29M
(-) Tax Adjustment	161.42M	96.92M	121.00M	75.90M	37.07M	66.61M	58.29M	51.95M	62.04M	61.36M	76.69M	88.97M	75.93M	78.33M	60.98M
(-) Change In Working Capital	111.96M	-77.29M	5.83M	154.77M	156.36M	-342.35M	56.16M	-227.44M	-15.73M	-249.58M	-196.11M	-10.68M	18.98M	-53.29M	8.41M
(-) Capital Expenditure	-620.49M	-621.53M	-323.08M	-275.39M	-366.01M	-224.60M	-246.59M	-575.71M	-607.91M	-1,010.33M	-522.42M	-121.88M	-184.60M	-217.18M	-141.61M
Unlevered Free Cash Flow	592.19M	206.08M	559.46M	308.09M	-205.82M	601.41M	53.51M	65.28M	-248.41M	-429.59M	112.05M	312.80M	125.90M	174.18M	136.29M
(-) Net Interest Income After Taxes	-177.99M	-56.96M	-66.12M	-91.34M	-53.49M	-35.05M	-57.98M	-74.47M	-48.43M	-26.31M	-8.47M	4.56M	-14.53M	-28.77M	36.03M
Net Debt Issuance	-226.97M	-215.18M	51.08M	-589.76M	-91.52M	-179.51M	98.83M	392.16M	436.32M	673.56M	-6.08M	-92.33M	-172.66M	-184.02M	0.00M
Levered Free Cash Flow	543.21M	47.85M	676.67M	-190.32M	-243.85M	456.95M	210.32M	531.91M	236.34M	270.27M	114.44M	215.91M	-32.23M	18.93M	100.26M