Dah Sing Banking Group Limited (2356.HK)

Industry: Banks - Regional Sector: Financial Services Currency Used: HK Live Price: $10.79

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
Stock Price	7.38	5.41	5.98	7.62	7.52	12.28	15.13	16.87	14.29	15.34	12.72	11.05	7.43	8.43	11.04	8.93	9.00	16.41	14.67	13.28	13.40	11.87	11.87	11.87	11.87	11.87
Market Capitalization	10,374.45M	7,598.09M	8,399.37M	10,704.80M	10,571.26M	17,262.41M	21,251.83M	23,750.56M	20,108.41M	21,663.78M	17,483.06M	14,410.81M	9,538.13M	10,706.96M	13,329.70M	9,670.88M	9,044.95M	16,478.82M	14,780.77M	13,228.18M	12,540.12M	10,724.32M	10,741.74M	10,741.74M	10,741.74M	5,799.29M
(-) Cash & Equivalents	14,403.40M	19,486.66M	19,487.04M	16,226.61M	22,304.21M	19,940.15M	14,595.58M	17,289.79M	17,005.98M	14,050.21M	14,414.83M	12,471.25M	16,119.51M	16,154.69M	11,415.98M	17,185.75M	7,161.06M	5,972.17M	3,494.07M	4,020.34M	7,048.89M	5,492.71M	4,528.55M	3,462.90M	3,317.88M	2,449.45M
(+) Total Debt	4,128.07M	6,053.44M	9,784.74M	7,765.36M	12,484.85M	8,553.84M	4,565.91M	5,518.76M	6,290.68M	5,362.17M	5,484.36M	5,523.73M	7,257.39M	6,355.95M	5,678.96M	5,908.25M	4,237.68M	3,971.35M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Enterprise Value	99.13M	-5,835.13M	-1,302.94M	2,243.55M	751.90M	5,876.10M	11,222.17M	11,979.53M	9,393.11M	12,975.74M	8,552.58M	7,463.29M	676.02M	908.22M	7,592.68M	-1,606.61M	6,121.57M	14,478.00M	11,286.70M	9,207.84M	5,491.23M	5,231.61M	6,213.18M	7,278.84M	7,423.86M	3,349.84M

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
Revenue	19,749M	18,763M	6,817M	4,636M	9,591M	6,825M	7,977M	9,073M	4,863M	4,326M	4,211M	4,058M	3,707M	3,752M	3,037M	2,570M	2,426M	2,336M	3,014M	2,963M	2,608M	1,916M	2,178M	2,352M	2,469M	2,228M	2,037M	1,846M
Cost of Revenue	2,625M	0M	6,859M	-1,276M	2,582M	1,226M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Gross Profit	17,124M	18,763M	-42M	5,911M	7,010M	5,599M	7,977M	9,073M	4,863M	4,326M	4,211M	4,058M	3,707M	3,752M	3,037M	2,570M	2,426M	2,336M	3,014M	2,963M	2,608M	1,916M	2,178M	2,352M	2,469M	2,228M	2,037M	1,846M
Gross Profit Margin	86.7%	100.0%	-0.6%	127.5%	73.1%	82.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	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
SG&A Expenses	387M	5,592M	91M	101M	101M	87M	139M	150M	146M	135M	138M	131M	148M	142M	129M	261M	0M	0M	240M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Operating Expenses	6,100M	1,273M	3,340M	2,854M	2,823M	3,414M	2,719M	664M	1,956M	1,725M	1,765M	1,549M	1,448M	1,976M	1,833M	1,453M	1,278M	1,726M	1,555M	1,273M	1,903M	1,004M	-338M	-554M	-804M	259M	1,173M	980M
Operating Income (EBIT)	11,023M	17,491M	-3,382M	3,057M	4,187M	2,185M	5,258M	8,409M	2,907M	2,601M	2,447M	2,509M	2,259M	1,776M	1,204M	1,118M	1,147M	610M	1,459M	1,690M	705M	912M	2,516M	2,905M	3,272M	1,969M	863M	865M
Operating Income Margin	55.8%	93.2%	-49.6%	65.9%	43.7%	32.0%	65.9%	92.7%	59.8%	60.1%	58.1%	61.8%	60.9%	47.3%	39.6%	43.5%	47.3%	26.1%	48.4%	57.0%	27.0%	47.6%	115.5%	123.5%	132.6%	88.4%	42.4%	46.9%
Interest Income	0M	0M	12,147M	11,486M	6,965M	5,170M	6,210M	7,473M	6,712M	5,656M	5,184M	5,053M	4,932M	4,363M	3,872M	3,313M	2,756M	3,020M	4,612M	5,851M	4,970M	3,095M	2,228M	2,361M	2,569M	3,183M	3,817M	3,489M
Interest Expense	369M	379M	6,859M	6,670M	2,582M	1,226M	2,515M	298M	284M	239M	227M	199M	1,942M	1,566M	1,667M	1,394M	800M	885M	2,405M	3,783M	3,071M	1,762M	582M	675M	741M	1,503M	2,283M	2,165M
Net Interest Income	-369M	-379M	5,288M	4,815M	4,383M	3,944M	3,696M	7,175M	6,428M	5,417M	4,957M	4,855M	2,990M	2,797M	2,204M	1,919M	1,956M	2,135M	2,208M	2,068M	1,899M	1,333M	1,646M	1,687M	1,829M	1,681M	1,534M	1,324M
Unusual Items	-5,772M	-14,693M	-221M	-5,731M	-6,601M	-4,164M	-7,144M	-12,991M	-6,428M	-5,417M	-4,957M	-4,855M	-2,990M	-2,571M	-1,843M	-1,810M	-1,835M	-2,061M	-3,455M	-2,843M	-1,158M	-1,087M	-2,904M	-3,469M	-4,176M	-2,666M	-1,470M	-1,529M
EBT Excluding Unusual Items	10,654M	17,112M	1,906M	7,872M	8,570M	6,129M	8,954M	15,584M	9,335M	8,018M	7,403M	7,364M	5,249M	4,574M	3,408M	3,037M	3,103M	2,745M	3,667M	3,758M	2,604M	2,246M	4,162M	4,592M	5,101M	3,650M	2,398M	2,190M
Pre-Tax Income	4,881M	2,418M	1,685M	2,142M	1,970M	1,966M	1,809M	2,593M	2,907M	2,601M	2,447M	2,509M	2,259M	2,002M	1,565M	1,227M	1,268M	684M	212M	916M	1,446M	1,159M	1,259M	1,123M	924M	984M	928M	661M
Pre-Tax Margin	24.7%	12.9%	24.7%	46.2%	20.5%	28.8%	22.7%	28.6%	59.8%	60.1%	58.1%	61.8%	60.9%	53.4%	51.5%	47.7%	52.3%	29.3%	7.0%	30.9%	55.4%	60.5%	57.8%	47.8%	37.4%	44.2%	45.5%	35.8%
Income Tax Expense	757M	562M	335M	281M	361M	308M	316M	353M	428M	414M	301M	308M	225M	246M	155M	150M	194M	83M	21M	109M	244M	178M	137M	123M	92M	118M	105M	65M
Net Income	4,388M	3,268M	2,060M	1,860M	1,609M	1,658M	1,493M	2,240M	2,480M	2,186M	2,145M	2,201M	2,034M	1,756M	1,411M	1,078M	1,074M	601M	191M	806M	1,196M	981M	1,122M	1,001M	832M	866M	823M	596M
Net Income Margin	22.2%	17.4%	30.2%	40.1%	16.8%	24.3%	18.7%	24.7%	51.0%	50.5%	50.9%	54.2%	54.9%	46.8%	46.4%	42.0%	44.3%	25.7%	6.3%	27.2%	45.9%	51.2%	51.5%	42.5%	33.7%	38.9%	40.4%	32.3%
Depreciation & Amortization	178M	734M	376M	349M	380M	395M	381M	368M	176M	170M	160M	-1,820M	-1,583M	119M	179M	156M	134M	114M	115M	0M	0M	0M	0M	0M	67M	67M	56M	65M
EBITDA	11,201M	18,224M	-3,006M	3,406M	4,568M	2,580M	5,639M	8,777M	3,083M	2,771M	2,606M	688M	676M	1,895M	1,383M	1,274M	1,281M	724M	1,574M	1,690M	705M	912M	2,516M	2,905M	3,339M	2,036M	920M	930M
EBITDA Margin	56.7%	97.1%	-44.1%	73.5%	47.6%	37.8%	70.7%	96.7%	63.4%	64.0%	61.9%	17.0%	18.2%	50.5%	45.5%	49.6%	52.8%	31.0%	52.2%	57.0%	27.0%	47.6%	115.5%	123.5%	135.3%	91.4%	45.1%	50.4%
NOPAT	9,315M	13,424M	-2,710M	2,655M	3,420M	1,843M	4,338M	7,264M	2,480M	2,186M	2,145M	2,201M	2,034M	1,558M	1,085M	981M	972M	536M	1,312M	1,489M	586M	772M	2,243M	2,588M	2,946M	1,734M	766M	780M
NOPAT Margin	47.2%	71.5%	-39.7%	57.3%	35.7%	27.0%	54.4%	80.1%	51.0%	50.5%	50.9%	54.2%	54.9%	41.5%	35.7%	38.2%	40.1%	22.9%	43.5%	50.2%	22.5%	40.3%	103.0%	110.0%	119.3%	77.8%	37.6%	42.3%
Owner's Earnings	3,786M	3,579M	2,084M	1,934M	1,722M	1,750M	1,737M	2,507M	2,482M	2,227M	2,077M	50M	312M	1,646M	1,400M	908M	834M	537M	227M	806M	923M	954M	1,095M	977M	853M	850M	817M	633M
Owner's Earnings Margin	19.2%	19.1%	30.6%	41.7%	17.9%	25.6%	21.8%	27.6%	51.0%	51.5%	49.3%	1.2%	8.4%	43.9%	46.1%	35.3%	34.4%	23.0%	7.5%	27.2%	35.4%	49.8%	50.3%	41.6%	34.6%	38.2%	40.1%	34.3%
EPS (Basic)	3.11	2.32	1.47	1.32	1.14	1.18	1.06	1.59	1.77	1.56	1.53	1.57	1.49	1.35	1.16	0.86	0.89	0.56	0.19	0.80	1.19	0.98	1.20	1.01	3.21	3.26	3.05	2.22
EPS (Diluted)	3.12	2.32	1.47	1.32	1.14	1.18	1.06	1.59	1.77	1.56	1.53	1.56	1.48	1.35	1.10	0.85	0.89	0.55	0.19	0.80	1.19	0.99	1.20	1.15	0.95	0.99	0.94	2.25
Shares (Basic)	1,430M	1,406M	1,406M	1,406M	1,406M	1,406M	1,406M	1,406M	1,405M	1,404M	1,402M	1,402M	1,366M	1,300M	1,285M	1,270M	1,207M	1,084M	1,006M	1,005M	1,008M	996M	935M	871M	874M	874M	874M	264M
Shares (Diluted)	1,406M	1,406M	1,406M	1,406M	1,406M	1,406M	1,406M	1,406M	1,405M	1,405M	1,406M	1,407M	1,370M	1,302M	1,285M	1,270M	1,207M	1,084M	1,006M	1,005M	1,008M	996M	935M	871M	874M	874M	874M	265M

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
Cash & Cash Equivalents	19,905.12M	14,789.36M	14,789.36M	18,963.65M	19,258.47M	16,041.63M	19,052.67M	24,422.43M	15,417.85M	19,546.49M	19,622.09M	17,150.33M	16,081.44M	12,372.18M	17,463.88M	17,069.73M	11,990.44M	14,736.12M	14,322.12M	11,944.35M	6,988.14M	8,040.68M	14,097.79M	10,985.42M	9,057.10M	6,925.79M	6,635.76M	7,348.36M
Short-Term Investments	-19,905.12M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	0.00M	14,789.36M	14,789.36M	18,963.65M	19,258.47M	16,041.63M	19,052.67M	24,422.43M	15,417.85M	19,546.49M	19,622.09M	17,150.33M	16,081.44M	12,372.18M	17,463.88M	17,069.73M	11,990.44M	14,736.12M	14,322.12M	11,944.35M	6,988.14M	8,040.68M	14,097.79M	10,985.42M	9,057.10M	6,925.79M	6,635.76M	7,348.36M
Net Receivables	0.00M	6,110.34M	6,110.34M	7,076.48M	7,725.51M	9,376.61M	10,315.26M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	8,937.38M	7,597.93M	0.00M	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	-22,919.89M	-25,418.24M	0.00M	-32,885.24M	-44,874.23M	-54,561.79M	-47,303.27M	-52,289.77M	0.00M	0.00M	0.00M	0.00M	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	0.00M	-6,110.34M	-6,110.34M	-7,076.48M	31,362.38M	30,702.02M	1,945.45M	44,937.44M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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 Current Assets	0.00M	14,789.36M	14,789.36M	18,963.65M	35,426.47M	30,702.02M	31,313.38M	36,474.63M	-29,456.38M	-35,015.30M	-27,681.18M	-35,139.45M	16,081.44M	21,309.56M	25,061.80M	17,069.73M	11,990.44M	14,736.12M	14,322.12M	11,944.35M	6,988.14M	8,040.68M	14,097.79M	10,985.42M	9,057.10M	6,925.79M	6,635.76M	7,348.36M
Property, Plant & Equipment	3,024.04M	3,001.33M	3,001.33M	2,813.19M	2,808.84M	2,953.80M	3,006.04M	2,356.71M	2,040.02M	2,053.56M	2,098.85M	1,941.87M	1,786.59M	1,861.45M	4,228.24M	3,166.93M	2,418.34M	1,950.18M	1,666.50M	1,785.03M	2,028.78M	1,699.58M	914.40M	908.01M	1,022.66M	1,302.83M	1,338.17M	1,363.40M
Goodwill	713.45M	713.45M	713.45M	713.45M	713.45M	713.45M	713.45M	811.69M	811.69M	811.69M	811.69M	811.69M	811.69M	811.69M	811.69M	811.69M	811.69M	811.69M	811.69M	811.69M	811.69M	811.69M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	69.72M	69.72M	69.72M	69.72M	783.17M	771.70M	771.70M	869.94M	58.25M	58.25M	58.64M	59.81M	61.84M	65.24M	69.32M	73.88M	88.44M	110.43M	126.88M	145.91M	168.66M	203.21M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Long-Term Investments	0.00M	141,590.23M	141,590.23M	6,906.17M	9,098.47M	8,852.48M	8,355.58M	7,487.18M	8,821.07M	8,569.69M	8,974.97M	10,834.79M	45,744.24M	43,241.29M	37,923.85M	33,543.39M	34,995.20M	29,453.69M	27,373.93M	35,044.37M	33,224.41M	23,267.05M	1,860.10M	1,129.75M	654.50M	5,132.75M	7,560.91M	5,653.60M
Tax Assets	0.00M	159.48M	0.00M	165.82M	262.27M	120.42M	124.68M	115.22M	154.35M	81.49M	68.29M	83.47M	-43,084.11M	0.00M	0.00M	0.00M	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-Current Assets	256,876.60M	96,015.52M	96,175.00M	220,669.10M	202,993.37M	204,865.33M	203,021.39M	195,291.13M	-8,975.43M	-8,651.19M	-9,043.26M	-10,918.27M	-2,660.13M	-45,979.68M	-43,033.10M	-37,595.90M	-38,313.67M	-32,326.00M	-29,978.99M	-37,787.01M	-36,233.54M	-25,981.53M	-2,774.50M	-2,037.76M	-1,677.16M	-6,435.58M	-8,899.08M	-7,016.99M
Other Assets	0.00M	0.00M	0.00M	10,443.00M	0.00M	0.00M	0.00M	0.00M	211,948.11M	196,771.26M	182,619.39M	176,068.25M	166,586.51M	99,937.92M	90,490.99M	92,522.32M	81,534.56M	66,566.64M	68,085.11M	66,189.76M	58,814.88M	55,494.63M	54,439.65M	50,732.56M	49,394.87M	41,070.51M	34,166.77M	30,029.05M
Total Non-Current Assets	260,683.81M	241,549.72M	241,549.72M	241,780.45M	216,659.57M	218,277.17M	215,992.84M	206,931.86M	214,858.07M	199,694.76M	185,588.56M	178,881.61M	169,246.64M	99,937.92M	90,490.99M	92,522.32M	81,534.56M	66,566.64M	68,085.11M	66,189.76M	58,814.88M	55,494.63M	54,439.65M	50,732.56M	49,394.87M	41,070.51M	34,166.77M	30,029.05M
Total Assets	260,683.81M	256,339.08M	256,339.08M	260,744.09M	252,086.03M	248,979.19M	247,306.22M	243,406.49M	185,401.69M	164,679.46M	157,907.38M	143,742.17M	185,328.08M	121,247.47M	115,552.80M	109,592.05M	93,525.01M	81,302.75M	82,407.23M	78,134.11M	65,803.02M	63,535.31M	68,537.44M	61,717.98M	58,451.97M	47,996.30M	40,802.52M	37,377.41M
Accounts Payable	0.00M	0.00M	0.00M	8,020.65M	7,873.95M	6,496.24M	6,996.41M	10,765.81M	8,200.11M	6,059.99M	2,972.62M	2,620.81M	2,658.44M	2,928.23M	3,499.09M	2,189.98M	0.00M	1,861.54M	2,183.66M	4,394.59M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Short-Term Debt	2,446.55M	2,043.18M	0.00M	0.00M	0.00M	1,836.58M	13,663.75M	0.00M	4,735.74M	1,679.04M	2,564.04M	738.60M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Payables	0.00M	0.00M	0.00M	287.61M	284.50M	160.31M	383.70M	470.83M	594.10M	453.60M	160.10M	201.98M	208.69M	210.45M	111.84M	27.16M	87.61M	17.49M	12.68M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	-7,873.95M	-6,496.24M	0.00M	-10,765.81M	-8,200.11M	-6,059.99M	-2,972.62M	-2,620.81M	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
Other Current Liabilities	-2,446.55M	69,123.30M	71,166.48M	62,440.46M	77,428.42M	92,091.03M	96,422.78M	93,642.29M	-13,529.95M	-8,192.62M	-5,696.76M	-3,561.40M	-2,867.13M	-3,138.68M	-3,610.93M	-2,217.14M	0.00M	-1,879.03M	-2,196.34M	-4,421.85M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Current Liabilities	0.00M	71,166.48M	71,166.48M	70,748.72M	77,712.92M	94,087.92M	117,466.63M	94,113.13M	-8,200.11M	-6,059.99M	-2,972.62M	-2,620.81M	0.00M	0.00M	0.00M	0.00M	87.61M	0.00M	0.00M	-27.26M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Long-Term Debt	4,273.51M	4,146.91M	4,146.91M	5,916.65M	3,801.50M	4,128.45M	1,965.88M	3,754.55M	3,688.53M	0.00M	5,511.94M	0.00M	5,432.38M	3,762.47M	5,568.46M	5,245.12M	5,694.91M	0.00M	0.00M	7,942.70M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Capital Lease Obligations	0.00M	0.00M	0.00M	349.77M	397.02M	481.55M	517.67M	262.34M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	94.26M	0.00M	103.70M	39.13M	17.92M	14.56M	20.56M	20.77M	89.75M	91.74M	46.56M	0.00M	0.00M	0.00M	0.00M	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-Current Liabilities	221,269.72M	218,368.80M	218,368.80M	-4,926.67M	1,321.27M	1,603.59M	97,986.30M	0.00M	-7,377.07M	-5,487.37M	-11,023.89M	-5,319.89M	-5,432.38M	-3,762.47M	-5,568.46M	-5,245.12M	-5,694.91M	0.00M	0.00M	-7,942.70M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Liabilities	225,543.22M	222,609.97M	222,515.71M	1,443.44M	5,558.92M	6,231.51M	100,484.41M	4,037.44M	-3,667.76M	-5,397.62M	-5,420.20M	-5,273.34M	0.00M	0.00M	0.00M	0.00M	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 Liabilities	225,543.22M	293,776.45M	293,682.19M	72,192.16M	83,271.84M	100,319.43M	217,951.04M	98,150.57M	-11,867.87M	-11,457.60M	-8,392.83M	-7,894.15M	0.00M	0.00M	0.00M	0.00M	87.61M	0.00M	0.00M	-27.26M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	6,894.44M	6,894.44M	6,894.44M	6,894.44M	6,894.44M	6,894.44M	6,894.44M	6,894.44M	6,893.49M	6,873.81M	6,869.59M	6,853.50M	6,850.35M	1,251.37M	1,251.37M	1,222.94M	1,222.94M	1,111.76M	932.76M	931.42M	931.42M	931.42M	919.83M	493.36M	493.36M	493.16M	493.06M	491.66M
Retained Earnings	26,589.80M	24,655.85M	25,577.09M	23,702.20M	22,440.20M	21,351.00M	20,218.24M	19,357.35M	18,764.79M	17,621.45M	15,922.72M	14,296.13M	12,614.24M	10,056.54M	8,667.09M	7,765.62M	0.00M	0.00M	5,321.90M	0.00M	0.00M	4,109.25M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Accumulated OCI	1,656.34M	1,646.01M	1,351.84M	1,981.39M	579.10M	1,667.47M	2,227.22M	1,917.64M	1,727.82M	2,289.28M	899.16M	1,018.22M	476.56M	-607.69M	-342.80M	-310.71M	0.00M	-256.68M	-224.10M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Minority Interest	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	15.30M	15.39M	15.29M	15.32M	15.35M	15.38M	15.42M	15.45M	15.48M	15.50M	17.47M	17.50M	20.59M	19.05M	19.00M	24.69M	19.99M	54.97M	48.88M	78.31M	80.97M	230.26M
Total Shareholders’ Equity	35,140.58M	33,196.30M	33,823.37M	32,578.03M	29,913.73M	29,912.92M	29,339.89M	28,169.43M	27,386.10M	26,784.55M	23,691.47M	22,167.85M	19,941.15M	10,700.23M	9,575.66M	8,677.85M	1,222.94M	855.08M	6,030.56M	931.42M	931.42M	5,040.67M	919.83M	493.36M	493.36M	493.16M	493.06M	491.66M
Total Equity	35,140.58M	33,196.30M	33,823.37M	32,578.03M	29,913.73M	29,912.92M	29,355.19M	28,184.81M	27,401.38M	26,799.86M	23,706.82M	22,183.24M	19,956.57M	10,715.67M	9,591.14M	8,693.35M	1,240.41M	872.57M	6,051.16M	950.46M	950.42M	5,065.36M	939.82M	548.32M	542.24M	571.47M	574.03M	721.92M
Total Liabilities & Equity	260,683.81M	326,972.75M	327,505.56M	104,770.19M	113,185.57M	130,232.35M	247,306.22M	126,335.38M	15,533.51M	15,342.26M	15,314.00M	14,289.09M	19,956.57M	10,715.67M	9,591.14M	8,693.35M	1,328.01M	872.57M	6,051.16M	923.21M	950.42M	5,065.36M	939.82M	548.32M	542.24M	571.47M	574.03M	721.92M
Tangible Assets	259,900.64M	255,555.92M	255,555.92M	259,960.93M	250,589.42M	247,494.04M	245,821.07M	241,724.86M	184,531.75M	163,809.51M	157,037.05M	142,870.67M	184,454.54M	120,370.54M	114,671.79M	108,706.48M	92,624.88M	80,380.63M	81,468.66M	77,176.51M	64,822.67M	62,520.41M	68,537.44M	61,717.98M	58,451.97M	47,996.30M	40,802.52M	37,377.41M
Tangible Equity	34,357.42M	32,413.14M	33,040.21M	31,794.86M	28,417.12M	28,427.76M	27,870.03M	26,503.18M	26,531.44M	25,929.92M	22,836.49M	21,311.74M	19,083.04M	9,838.74M	8,710.13M	7,807.78M	340.28M	-49.55M	5,112.59M	-7.14M	-29.94M	4,050.45M	939.82M	548.32M	542.24M	571.47M	574.03M	721.92M
Tangible Book Value	34,357.42M	32,413.14M	33,040.21M	31,794.86M	28,417.12M	28,427.76M	27,870.03M	26,503.18M	26,531.44M	25,929.92M	22,836.49M	21,311.74M	19,083.04M	9,838.74M	8,710.13M	7,807.78M	340.28M	-49.55M	5,112.59M	-7.14M	-29.94M	4,050.45M	939.82M	548.32M	542.24M	571.47M	574.03M	721.92M
Total Investments	0.00M	141,590.23M	141,590.23M	6,906.17M	9,098.47M	8,852.48M	8,355.58M	7,487.18M	8,821.07M	8,569.69M	8,974.97M	10,834.79M	45,744.24M	43,241.29M	37,923.85M	33,543.39M	34,995.20M	29,453.69M	27,373.93M	35,044.37M	33,224.41M	23,267.05M	1,860.10M	1,129.75M	654.50M	5,132.75M	7,560.91M	5,653.60M
Net Debt	-13,185.07M	-8,599.27M	-10,642.45M	-13,047.00M	-15,456.98M	-10,076.60M	-3,423.04M	-20,667.88M	-6,993.58M	-17,867.45M	-11,546.10M	-16,411.72M	-10,649.06M	-8,609.71M	-11,895.42M	-11,824.62M	-6,295.53M	-14,736.12M	-14,322.12M	-4,001.65M	-6,988.14M	-8,040.68M	-14,097.79M	-10,985.42M	-9,057.10M	-6,925.79M	-6,635.76M	-7,348.36M

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	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
Working Capital	0.0M	-56,377.1M	-56,377.1M	-51,785.1M	-42,286.5M	-63,225.6M	-86,153.3M	-57,638.5M	-70,350.9M	-65,152.9M	-54,064.4M	-50,565.5M	13,423.0M	18,381.3M	21,562.7M	17,069.7M	10,027.6M	12,874.6M	12,138.5M	11,944.3M	6,988.1M	8,040.7M	14,097.8M	10,985.4M	9,057.1M	6,925.8M	6,635.8M	7,348.4M
Total Capital	39,414.1M	37,970.3M	37,970.3M	38,494.7M	33,715.2M	34,041.4M	45,487.2M	36,576.3M	35,711.5M	33,615.7M	32,455.6M	28,338.4M	25,373.5M	21,588.0M	24,589.2M	21,357.0M	20,156.2M	15,375.9M	16,648.6M	17,153.1M	9,316.2M	8,648.6M	7,730.9M	6,788.8M	6,093.8M	5,417.4M	4,661.8M	4,099.1M
Capital Employed	260,683.8M	185,172.6M	185,172.6M	189,995.4M	174,373.1M	155,051.6M	129,839.6M	149,293.4M	144,507.2M	134,541.9M	131,524.2M	128,316.1M	182,669.6M	164,298.9M	155,086.8M	147,187.9M	129,875.8M	111,767.2M	110,202.6M	115,921.1M	102,036.6M	89,516.8M	71,311.9M	63,755.7M	60,129.1M	54,431.9M	49,701.6M	44,394.4M
Invested Capital	19,509.0M	23,180.9M	23,180.9M	19,531.0M	14,456.8M	17,999.7M	26,434.5M	12,153.8M	20,293.6M	14,069.3M	12,833.5M	11,188.1M	9,292.1M	9,215.8M	7,125.4M	4,287.3M	8,165.7M	639.8M	2,326.4M	5,208.7M	2,328.1M	607.9M	-6,366.9M	-4,196.6M	-2,963.3M	-1,508.3M	-1,974.0M	-3,249.3M

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
Net Income	4,387.58M	3,267.87M	1,803.51M	1,860.31M	1,608.80M	1,657.56M	1,493.13M	2,240.03M	2,479.74M	2,186.24M	2,145.49M	2,200.60M	2,033.64M	1,531.80M	983.63M	797.19M	1,049.47M	600.88M	800.48M	806.28M	1,195.99M	981.17M	1,122.35M	1,000.61M	832.16M	866.31M	822.79M	595.75M
Depreciation & Amortization	548.46M	733.70M	0.00M	349.01M	380.17M	394.53M	380.75M	368.39M	175.67M	170.19M	159.70M	156.93M	143.36M	119.12M	178.99M	156.11M	134.10M	114.11M	114.53M	0.00M	0.00M	0.00M	0.00M	0.00M	66.96M	66.81M	56.07M	64.77M
Deferred Income Tax	0.00M	-1,467.89M	0.00M	0.00M	-760.58M	-789.53M	-762.32M	-738.18M	134.40M	-3,641.95M	-4,337.70M	-2,497.60M	-3,655.41M	2,917.74M	2,208.02M	0.00M	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	14.05M	0.49M	0.00M	14.11M	0.24M	0.48M	0.82M	1.41M	1.42M	0.50M	1.10M	1.96M	3.75M	4.24M	0.13M	0.00M	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	-3,631.30M	-1,171.32M	-4,592.84M	-3,444.03M	1,604.76M	958.06M	-11,645.40M	6,502.54M	-135.82M	3,620.65M	4,332.62M	2,487.96M	3,649.78M	-6,658.51M	-1,445.66M	5,298.06M	-8,458.80M	3,415.57M	4,139.97M	0.00M	0.00M	0.00M	0.00M	0.00M	-2,546.73M	-2,154.06M	1,082.26M	-1,032.99M
Accounts Receivable	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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
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
Other Working Capital	-3,631.30M	-17,757.97M	-4,592.84M	-3,444.03M	1,604.76M	958.06M	-11,645.40M	6,502.54M	-10,145.66M	-8,618.60M	-7,914.40M	-4,631.41M	-9,510.13M	-17,232.77M	0.00M	0.00M	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	-9,687.97M	3,263.58M	4,880.15M	75.66M	-1,603.34M	-6,726.03M	647.19M	329.84M	-17,541.18M	-13,651.87M	-10,677.30M	-10,727.52M	-12,546.31M	-2,797.50M	-2,204.39M	14.63M	-385.45M	-746.09M	678.68M	768.60M	-3,201.44M	-2,181.81M	1,212.87M	1,697.46M	40.78M	1,267.83M	-3,356.22M	-131.98M
Net Cash from Operating Activities	-8,369.18M	4,626.43M	2,090.82M	-1,144.94M	1,230.05M	-4,504.94M	-9,885.83M	8,704.02M	-14,885.78M	-7,653.50M	-4,034.42M	-5,872.38M	-6,713.90M	-4,883.10M	-279.29M	6,265.98M	-7,660.69M	3,384.48M	5,733.66M	1,574.88M	-2,005.45M	-1,200.63M	2,335.21M	2,698.06M	-1,606.83M	46.88M	-1,395.09M	-504.46M
Capital Expenditures (PPE)	-779.79M	-423.03M	-352.66M	-275.08M	-267.35M	-301.71M	-137.11M	-101.59M	-173.83M	-129.10M	-227.98M	-330.28M	-139.56M	-229.64M	-189.26M	-326.70M	-373.68M	-177.67M	-78.48M	0.00M	-272.99M	-26.84M	-26.99M	-23.41M	-45.81M	-82.72M	-62.11M	-27.90M
Acquisitions (Net)	-165.54M	-3.06M	-183.35M	0.00M	0.21M	0.22M	0.14M	0.93M	0.13M	0.12M	0.14M	0.02M	0.00M	-330.00M	0.00M	0.00M	0.00M	0.00M	-179.72M	-703.34M	284.71M	474.44M	-57.98M	-44.17M	-5.13M	-45.83M	-142.58M	-62.02M
Purchases of Investments	-2,268.49M	-15,372.05M	-7,086.43M	0.00M	-12,230.17M	-4,181.87M	-7,577.99M	-2,986.43M	-8,467.43M	-6,913.70M	-6,613.28M	-4,619.94M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Sales / Maturities of Investments	3,728.01M	7,304.69M	3,728.01M	0.00M	2,679.42M	2,475.89M	4,043.34M	838.43M	466.12M	4,092.24M	1,770.26M	242.27M	0.00M	0.00M	0.00M	0.00M	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 Investing Activities	-805.75M	442.89M	3,670.96M	236.19M	9,781.42M	1,921.26M	1,469.71M	-4,845.20M	8,001.31M	2,821.46M	4,813.52M	4,214.74M	0.18M	2.90M	8.27M	26.87M	245.25M	92.72M	29.00M	176.15M	-196.86M	0.23M	0.67M	6.32M	220.03M	0.06M	31.78M	0.10M
Net Cash from Investing Activities	-291.55M	-8,254.29M	-223.47M	-38.89M	-36.47M	-86.21M	-2,201.91M	-7,093.86M	-173.70M	-128.98M	-257.34M	-493.18M	-139.38M	-556.74M	-180.99M	-299.83M	-128.43M	-84.95M	-229.20M	-527.19M	-185.13M	447.83M	-84.30M	-61.26M	169.09M	-128.48M	-172.91M	-89.82M
Net Debt Issuance	-937.06M	3,624.74M	-2,308.52M	1,939.80M	2,409.30M	-1,426.77M	-894.61M	-11.91M	0.00M	-1,660.07M	1,929.70M	-21.56M	955.97M	-1,938.46M	239.52M	471.36M	78.45M	-5,204.83M	403.02M	2,012.57M	1,162.21M	2,334.96M	2,298.44M	-3,332.12M	-1,500.74M	-1,106.21M	-1,765.60M	-2,567.64M
Long-Term Debt Issuance	-1,901.69M	3,624.74M	-1,759.71M	1,939.80M	2,409.30M	370.47M	-183.25M	-11.91M	0.00M	-1,660.07M	1,929.70M	-21.56M	709.41M	-1,938.46M	239.52M	-389.60M	78.45M	-5,204.83M	403.02M	2,012.57M	1,162.21M	2,334.96M	2,298.44M	31.05M	-230.00M	974.86M	280.00M	350.00M
Short-Term Debt Issuance	964.63M	0.00M	-548.81M	0.00M	0.00M	-1,797.25M	852.13M	0.00M	0.00M	0.00M	0.00M	0.00M	246.56M	0.00M	0.00M	860.96M	0.00M	-1,008.46M	0.00M	0.00M	0.00M	0.00M	22.44M	-3,363.18M	-1,270.74M	-2,081.07M	-2,045.60M	-2,917.64M
Net Stock Issuance	0.00M	-583.91M	0.00M	0.00M	-583.91M	0.00M	0.00M	0.73M	14.95M	0.00M	12.14M	0.00M	0.00M	0.00M	0.00M	0.00M	1,000.58M	302.40M	0.00M	0.00M	1,162.21M	166.22M	1,391.72M	0.00M	0.00M	0.68M	10.47M	0.00M
Common Stock Issuance	0.00M	311.42M	0.00M	0.00M	311.42M	0.00M	0.00M	0.73M	14.95M	3.21M	12.14M	2.38M	1,193.86M	0.00M	0.00M	0.00M	1,000.58M	302.40M	-0.02M	0.00M	1,162.21M	166.22M	1,391.72M	0.00M	0.00M	0.68M	10.47M	0.00M
Common Stock Repurchased	0.00M	-895.32M	0.00M	0.00M	-895.32M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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
Net Dividends Paid	-1,825.12M	-1,026.20M	-1,068.37M	-562.30M	-477.96M	-449.84M	-604.47M	-674.76M	-618.09M	-547.41M	-518.90M	-518.71M	-476.52M	-400.44M	-152.75M	-342.42M	-77.82M	0.00M	-286.96M	-657.72M	-591.55M	-564.77M	-419.06M	-278.12M	-276.17M	-290.93M	-244.38M	-119.33M
Common Dividends Paid	-1,807.13M	-1,026.20M	-1,068.37M	-562.30M	-477.96M	-449.84M	-604.47M	-674.76M	-618.09M	-547.41M	-518.90M	-518.71M	-476.52M	-400.44M	-152.75M	-342.42M	-77.82M	0.00M	-286.96M	-657.72M	-591.55M	-564.77M	-419.06M	-547.50M	-276.17M	-290.93M	-244.38M	-119.33M
Preferred Dividends Paid	-17.98M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	1,995.56M	3,892.97M	-4,337.80M	-494.32M	966.47M	3,836.69M	7,669.74M	8,110.88M	-332.76M	568.86M	5,453.78M	8,102.19M	13,232.91M	548.87M	7,225.34M	-2,715.03M	4,440.75M	-3.86M	-4,007.96M	-41.67M	-1,227.67M	-1,370.16M	3,878.43M	4,419.57M	2,493.14M	1,929.93M	3,779.12M	2,508.46M
Net Cash from Financing Activities	-766.61M	6,276.88M	-7,714.69M	883.17M	2,313.91M	1,960.07M	6,170.66M	7,424.93M	11,065.72M	7,530.41M	6,876.72M	7,561.92M	13,712.35M	-1,790.03M	2,191.14M	-2,586.10M	5,639.23M	-4,906.29M	-3,891.90M	1,313.18M	505.20M	566.25M	3,801.84M	539.94M	716.23M	533.47M	1,779.62M	-178.51M
Effect of FX on Cash	5,411.00M	-399.90M	-181.62M	5.04M	-289.88M	-14.91M	182.88M	-30.61M	-134.20M	176.47M	-113.21M	-127.47M	-83.63M	33.46M	27.12M	152.10M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-645.12M	-607.37M	-444.78M
Net Change in Cash	14,286.98M	2,249.12M	-6,028.96M	-295.62M	3,217.60M	-2,645.99M	-5,734.20M	9,004.48M	-4,127.96M	-75.60M	2,471.76M	1,068.89M	6,775.44M	-7,196.41M	1,757.97M	3,532.15M	-2,149.89M	-1,606.76M	1,612.56M	2,360.88M	-1,685.38M	-186.55M	6,052.75M	3,176.75M	-721.51M	-193.25M	-395.75M	-1,217.57M
Cash at Beginning of Period	19,425.73M	72,071.33M	18,964.80M	19,260.42M	16,042.82M	18,688.81M	24,423.01M	15,418.53M	19,546.49M	19,622.09M	17,150.33M	16,081.44M	9,306.00M	16,502.41M	15,011.04M	11,478.89M	13,628.78M	15,235.54M	13,622.98M	11,262.10M	12,947.48M	12,878.29M	6,825.54M	3,650.68M	4,372.19M	4,565.44M	4,961.19M	6,178.75M
Cash at End of Period	47,730.14M	74,320.45M	12,935.85M	18,964.80M	19,260.42M	16,042.82M	18,688.81M	24,423.01M	15,418.53M	19,546.49M	19,622.09M	17,150.33M	16,081.44M	9,306.00M	16,769.02M	15,011.04M	11,478.89M	13,628.78M	15,235.54M	13,622.98M	11,262.10M	12,691.74M	12,878.29M	6,827.43M	3,650.68M	4,372.19M	4,565.44M	4,961.19M
Operating Cash Flow	-8,369.18M	4,626.43M	-2,234.27M	-1,144.94M	5,345.32M	3,679.29M	-9,885.83M	8,704.02M	-14,885.78M	-7,653.50M	-4,034.42M	-5,872.38M	-6,713.90M	-4,883.10M	-279.29M	6,265.98M	-7,660.69M	3,384.48M	5,733.66M	1,574.88M	-2,005.45M	-1,200.63M	2,335.21M	2,698.06M	-1,606.83M	46.88M	-1,395.09M	-504.46M
Capital Expenditure	-779.79M	-423.03M	-352.66M	-275.08M	-267.35M	-301.71M	-137.11M	-101.59M	-173.83M	-129.10M	-227.98M	-330.28M	-139.56M	-229.64M	-189.26M	-326.70M	-373.68M	-177.67M	-78.48M	0.00M	-272.99M	-26.84M	-26.99M	-23.41M	-45.81M	-82.72M	-62.11M	-27.90M
Free Cash Flow	-9,148.97M	4,203.39M	-2,586.93M	199.26M	5,077.98M	3,377.58M	-10,022.94M	8,602.43M	-15,059.61M	-7,782.60M	-4,262.40M	-6,202.66M	-6,853.46M	-5,112.74M	-468.55M	5,939.29M	-8,034.37M	3,206.81M	5,655.18M	1,574.88M	-2,278.44M	-1,227.47M	2,308.22M	2,674.66M	-1,652.64M	-35.84M	-1,457.20M	-532.36M

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
EBITDA	16,914.92M	13,905.37M	242.81M	6,158.98M	7,288.93M	5,906.34M	8,218.39M	9,291.43M	4,892.48M	4,360.97M	4,232.30M	2,106.13M	1,976.27M	3,728.79M	3,086.61M	2,465.33M	2,559.77M	2,450.18M	2,888.37M	2,963.31M	2,608.05M	1,916.34M	2,178.40M	2,351.62M	2,535.63M	2,294.90M	2,092.99M	1,910.45M
(-) Tax Adjustment	2,621.48M	3,232.81M	48.28M	808.91M	1,336.37M	925.83M	1,437.09M	1,265.06M	719.67M	694.79M	520.79M	258.65M	197.12M	458.06M	305.02M	300.40M	390.83M	296.70M	290.22M	353.80M	440.94M	293.89M	236.25M	257.01M	252.92M	274.51M	236.46M	188.27M
(-) Change In Working Capital	-3,631.30M	-1,171.32M	-4,592.84M	-3,444.03M	1,604.76M	958.06M	-11,645.40M	6,502.54M	-135.82M	3,620.65M	4,332.62M	2,487.96M	3,649.78M	-6,658.51M	-1,445.66M	5,298.06M	-8,458.80M	3,415.57M	4,139.97M	0.00M	0.00M	0.00M	0.00M	0.00M	-2,546.73M	-2,154.06M	1,082.26M	-1,032.99M
(-) Capital Expenditure	-779.79M	-423.03M	-352.66M	-275.08M	-267.35M	-301.71M	-137.11M	-101.59M	-173.83M	-129.10M	-227.98M	-330.28M	-139.56M	-229.64M	-189.26M	-326.70M	-373.68M	-177.67M	-78.48M	0.00M	-272.99M	-26.84M	-26.99M	-23.41M	-45.81M	-82.72M	-62.11M	-27.90M
Unlevered Free Cash Flow	17,144.96M	11,420.85M	4,434.71M	8,519.01M	4,080.45M	3,720.74M	18,289.59M	1,422.24M	4,134.79M	-83.58M	-849.08M	-970.76M	-2,010.19M	9,699.60M	4,037.99M	-3,459.83M	10,254.06M	-1,439.77M	-1,620.30M	2,609.51M	1,894.11M	1,595.61M	1,915.16M	2,071.21M	4,783.63M	4,091.74M	712.15M	2,727.27M
(-) Net Interest Income After Taxes	-312.20M	-291.06M	4,236.58M	4,182.98M	3,579.46M	3,326.01M	3,049.54M	6,197.77M	5,482.15M	4,553.96M	4,347.02M	4,258.65M	2,692.20M	2,453.84M	1,986.55M	1,685.37M	1,656.96M	1,876.25M	1,985.77M	1,820.94M	1,577.86M	1,128.90M	1,467.91M	1,502.44M	1,646.15M	1,479.75M	1,360.90M	1,193.69M
Net Debt Issuance	-937.06M	3,624.74M	-2,308.52M	1,939.80M	2,409.30M	-1,426.77M	-894.61M	-11.91M	0.00M	-1,660.07M	1,929.70M	-21.56M	955.97M	-1,938.46M	239.52M	471.36M	78.45M	-5,204.83M	403.02M	2,012.57M	1,162.21M	2,334.96M	2,298.44M	-3,332.12M	-1,500.74M	-1,106.21M	-1,765.60M	-2,567.64M
Levered Free Cash Flow	16,520.10M	15,336.65M	-2,110.40M	6,275.82M	2,910.29M	-1,032.04M	14,345.44M	-4,787.44M	-1,347.36M	-6,297.61M	-3,266.40M	-5,250.96M	-3,746.42M	5,307.30M	2,290.96M	-4,673.84M	8,675.55M	-8,520.84M	-3,203.05M	2,801.13M	1,478.46M	2,801.68M	2,745.70M	-2,763.36M	1,636.73M	1,505.78M	-2,414.35M	-1,034.06M