Jinshang Bank Co., Ltd. (2558.HK)

Industry: Banks - Regional Sector: Financial Services Currency Used: CN Live Price: $1.32

Enterprise Value

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Stock Price	1.31	1.17	0.98	1.23	1.40	2.37	3.29	3.25	3.35	3.13
Market Capitalization	7,776.19M	6,970.63M	5,864.73M	7,159.52M	8,274.61M	12,315.87M	16,711.00M	18,602.10M	19,157.87M	14,145.86M
(-) Cash & Equivalents	8,586.67M	31,802.29M	22,866.42M	26,031.46M	22,570.77M	24,074.71M	25,410.14M	0.00M	0.00M	0.00M
(+) Total Debt	1,999.47M	11,055.54M	34,413.15M	56,571.68M	50,302.42M	48,053.45M	43,301.60M	0.00M	0.00M	0.00M
Enterprise Value	1,188.99M	-13,776.11M	17,411.46M	37,699.74M	36,006.25M	36,294.61M	34,602.46M	18,602.10M	19,157.87M	14,145.86M

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
Revenue	8,472M	8,016M	4,116M	4,370M	4,022M	3,738M	3,415M	5,030M	4,723M	4,379M	3,941M	3,248M	2,966M	3,142M
Cost of Revenue	0M	0M	7,516M	7,379M	7,136M	6,805M	0M	0M	0M	0M	0M	0M	0M	0M
Gross Profit	8,472M	8,016M	-3,399M	-3,008M	-3,114M	-3,067M	3,415M	5,030M	4,723M	4,379M	3,941M	3,248M	2,966M	3,142M
Gross Profit Margin	100.0%	100.0%	-82.6%	-68.8%	-77.4%	-82.0%	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
SG&A Expenses	4,419M	4,199M	2,208M	464M	406M	321M	322M	276M	265M	267M	252M	1,434M	1,306M	1,110M
Operating Expenses	4,471M	4,312M	4,149M	2,259M	3,043M	3,531M	1,734M	1,815M	1,751M	1,680M	1,707M	1,809M	1,594M	1,374M
Operating Income (EBIT)	4,001M	3,704M	-7,548M	-5,268M	-6,157M	-6,598M	1,682M	3,215M	2,972M	2,699M	2,233M	1,439M	1,372M	1,768M
Operating Income Margin	47.2%	46.2%	-183.4%	-120.5%	-153.1%	-176.5%	49.2%	63.9%	62.9%	61.6%	56.7%	44.3%	46.3%	56.3%
Interest Income	0M	0M	11,705M	11,615M	10,729M	10,359M	9,429M	8,741M	8,345M	8,199M	7,663M	0M	0M	0M
Interest Expense	0M	0M	7,516M	7,379M	7,136M	6,820M	6,008M	5,518M	5,166M	4,184M	4,148M	0M	0M	0M
Net Interest Income	0M	0M	4,189M	4,236M	3,593M	3,538M	3,421M	3,223M	3,179M	4,015M	3,515M	0M	0M	0M
Unusual Items	-116M	0M	5,177M	3,066M	4,420M	4,751M	-3,490M	-4,831M	-4,651M	-5,194M	-4,411M	0M	0M	0M
EBT Excluding Unusual Items	4,001M	3,704M	-3,359M	-1,032M	-2,564M	-3,059M	5,103M	6,438M	6,151M	6,714M	5,748M	1,439M	1,372M	1,768M
Pre-Tax Income	3,885M	3,704M	1,818M	2,034M	1,856M	1,692M	1,612M	1,608M	1,500M	1,520M	1,338M	1,439M	1,372M	1,768M
Pre-Tax Margin	45.9%	46.2%	44.2%	46.5%	46.2%	45.3%	47.2%	32.0%	31.8%	34.7%	33.9%	44.3%	46.3%	56.3%
Income Tax Expense	118M	38M	69M	33M	21M	12M	41M	125M	186M	290M	306M	354M	341M	438M
Net Income	3,776M	3,676M	1,755M	2,003M	1,838M	1,686M	1,567M	1,484M	1,310M	1,227M	1,026M	1,081M	1,028M	1,327M
Net Income Margin	44.6%	45.9%	42.6%	45.8%	45.7%	45.1%	45.9%	29.5%	27.7%	28.0%	26.0%	33.3%	34.6%	42.2%
Depreciation & Amortization	-996M	-3,653M	314M	320M	324M	320M	278M	256M	129M	144M	147M	-1,442M	-1,368M	-1,744M
EBITDA	3,005M	51M	-7,234M	-4,948M	-5,832M	-6,277M	1,960M	3,472M	3,101M	2,843M	2,381M	-3M	4M	24M
EBITDA Margin	35.5%	0.6%	-175.7%	-113.2%	-145.0%	-167.9%	57.4%	69.0%	65.7%	64.9%	60.4%	-0.1%	0.1%	0.8%
NOPAT	3,880M	3,666M	-7,263M	-5,182M	-6,087M	-6,549M	1,638M	2,965M	2,603M	2,185M	1,723M	1,085M	1,031M	1,329M
NOPAT Margin	45.8%	45.7%	-176.4%	-118.6%	-151.3%	-175.2%	48.0%	58.9%	55.1%	49.9%	43.7%	33.4%	34.8%	42.3%
Owner's Earnings	2,444M	-336M	1,932M	2,063M	2,008M	1,811M	1,623M	842M	1,013M	1,257M	966M	-729M	-523M	-797M
Owner's Earnings Margin	28.8%	-4.2%	46.9%	47.2%	49.9%	48.5%	47.5%	16.7%	21.5%	28.7%	24.5%	-22.4%	-17.6%	-25.4%
EPS (Basic)	0.64	0.62	0.30	0.34	0.31	0.29	0.27	0.28	0.23	0.21	0.18	0.33	0.31	0.41
EPS (Diluted)	0.65	0.63	0.30	0.34	0.31	0.29	0.27	0.28	0.23	0.21	0.18	0.33	0.31	0.41
Shares (Basic)	5,945M	5,926M	5,850M	5,891M	5,839M	5,839M	5,839M	5,301M	5,728M	5,728M	5,728M	3,268M	3,268M	3,268M
Shares (Diluted)	5,839M	5,839M	5,839M	5,839M	5,839M	5,839M	5,839M	5,301M	5,728M	5,728M	5,728M	3,268M	3,268M	3,268M

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
Cash & Cash Equivalents	5,422.90M	8,635.77M	8,635.77M	38,284.97M	20,329.82M	28,651.84M	23,873.57M	21,705.94M	24,882.16M	25,023.50M	24,162.10M	6,959.46M	5,773.86M	6,636.81M
Short-Term Investments	-5,422.90M	0.00M	0.00M	-26,227.40M	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	8,635.77M	8,635.77M	12,057.57M	20,329.82M	28,651.84M	23,873.57M	21,705.94M	24,882.16M	25,023.50M	24,162.10M	6,959.46M	5,773.86M	6,636.81M
Net Receivables	0.00M	42,253.15M	42,253.15M	40,719.46M	1,247.37M	1,007.19M	1,036.81M	805.93M	868.25M	49,798.37M	56,027.23M	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
Other Current Assets	0.00M	-42,253.15M	-42,253.15M	-40,719.46M	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	8,635.77M	8,635.77M	12,057.57M	21,577.19M	29,659.03M	24,910.38M	22,511.87M	25,750.40M	74,821.87M	80,189.33M	6,959.46M	5,773.86M	6,636.81M
Property, Plant & Equipment	1,463.68M	1,533.76M	1,533.76M	1,617.93M	1,658.37M	1,752.88M	1,891.88M	1,968.13M	746.63M	549.32M	630.11M	501.30M	452.25M	369.64M
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
Intangible Assets	392.10M	402.47M	402.47M	402.61M	349.66M	333.87M	250.35M	248.32M	210.50M	122.81M	115.75M	55.51M	49.03M	38.38M
Long-Term Investments	0.00M	154,638.21M	154,638.21M	91,158.95M	102,585.05M	92,885.53M	91,954.11M	93,185.22M	77,016.35M	24,215.96M	18,994.74M	0.00M	0.00M	0.00M
Tax Assets	0.00M	0.00M	0.00M	2,079.33M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	386,402.17M	211,095.30M	211,095.30M	345,147.59M	187.67M	119.19M	59.48M	0.00M	-77,973.48M	-24,888.09M	-19,740.60M	149,726.36M	137,252.42M	124,741.13M
Other Assets	0.00M	0.00M	0.00M	-91,158.95M	210,061.57M	178,541.01M	151,877.41M	129,657.68M	123,523.97M	107,159.83M	73,456.05M	0.00M	0.00M	0.00M
Total Non-Current Assets	388,257.96M	367,669.74M	367,669.74M	349,247.46M	314,842.32M	273,632.48M	246,033.22M	225,059.34M	123,523.97M	107,159.83M	73,456.05M	150,283.17M	137,753.69M	125,149.16M
Total Assets	388,257.96M	376,305.51M	376,305.51M	361,305.03M	336,419.51M	303,291.51M	270,943.60M	247,571.21M	149,274.37M	181,981.70M	153,645.37M	157,242.63M	143,527.55M	131,785.97M
Accounts Payable	0.00M	9,992.33M	9,992.33M	7,624.85M	5,892.23M	1,139.71M	603.39M	583.92M	0.00M	1,746.64M	2,112.01M	0.00M	0.00M	0.00M
Short-Term Debt	0.00M	0.00M	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	434.32M	276.11M	180.26M	372.24M	255.66M	193.06M	426.25M	11.97M	0.00M	0.00M	0.00M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	-10,646.58M	-20,365.03M	-9,992.33M	-41.79M	-5,731.45M	-291.28M	-500.07M	-1,029.21M	-2,677.52M	-554.12M	-119.85M	-3,102.88M	0.00M	0.00M
Total Current Liabilities	-10,646.58M	-10,372.71M	0.00M	8,017.38M	436.89M	1,028.70M	475.56M	-189.63M	-2,484.47M	1,618.77M	2,004.13M	-3,102.88M	0.00M	0.00M
Long-Term Debt	15,209.06M	1,999.49M	1,999.49M	1,999.15M	1,999.05M	5,998.39M	4,506.18M	50,807.92M	0.00M	26,163.24M	0.00M	1,993.52M	0.00M	0.00M
Capital Lease Obligations	0.00M	0.00M	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	0.00M	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	344,475.27M	335,804.10M	335,804.10M	334,493.08M	311,066.83M	275,135.55M	245,396.05M	0.00M	0.00M	-26,163.24M	0.00M	146,252.18M	0.00M	0.00M
Total Non-Current Liabilities	359,684.33M	337,803.59M	337,803.59M	336,492.23M	313,065.88M	281,133.94M	249,902.23M	50,807.92M	0.00M	0.00M	0.00M	148,245.70M	0.00M	0.00M
Total Liabilities	349,037.75M	327,430.88M	337,803.59M	344,509.60M	313,502.77M	282,162.63M	250,377.79M	50,618.29M	-2,484.47M	1,618.77M	2,004.13M	145,142.82M	0.00M	0.00M
Preferred Stock	0.00M	0.00M	0.00M	8,589.53M	27.90M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	5,838.65M	5,838.65M	5,838.65M	5,838.65M	5,838.65M	5,838.65M	5,838.65M	5,838.65M	4,868.00M	3,268.00M	3,268.00M	3,268.00M	3,268.00M	3,268.00M
Retained Earnings	14,160.37M	4,103.98M	4,103.98M	3,785.30M	3,236.91M	9,701.25M	2,166.81M	1,419.58M	702.94M	745.72M	827.65M	4,762.27M	4,008.47M	3,294.54M
Accumulated OCI	2,004.28M	2,035.45M	2,035.45M	14.59M	-27.90M	27.55M	0.00M	52.94M	-872.68M	-778.93M	-663.46M	28.27M	31.23M	-60.96M
Minority Interest	1.78M	10.58M	10.58M	16.19M	18.55M	21.57M	27.84M	24.18M	26.10M	33.48M	34.92M	29.54M	27.84M	24.38M
Total Shareholders’ Equity	22,003.30M	11,978.08M	11,978.08M	18,228.06M	9,075.56M	15,567.44M	8,005.46M	7,311.16M	4,698.26M	3,234.79M	3,432.20M	8,058.54M	7,307.70M	6,501.58M
Total Equity	22,005.07M	11,988.66M	11,988.66M	18,244.25M	9,094.11M	15,589.02M	8,033.30M	7,335.34M	4,724.36M	3,268.27M	3,467.12M	8,088.08M	7,335.54M	6,525.96M
Total Liabilities & Equity	371,042.82M	339,419.54M	349,792.25M	362,753.85M	322,596.87M	297,751.65M	258,411.09M	57,953.63M	2,239.89M	4,887.04M	5,471.25M	153,230.91M	7,335.54M	6,525.96M
Tangible Assets	387,865.86M	375,903.04M	375,903.04M	360,902.42M	336,069.85M	302,957.64M	270,693.25M	247,322.89M	149,063.87M	181,858.88M	153,529.62M	157,187.12M	143,478.53M	131,747.59M
Tangible Equity	21,612.97M	11,586.19M	11,586.19M	17,841.64M	8,744.45M	15,255.15M	7,782.96M	7,087.03M	4,513.86M	3,145.45M	3,351.37M	8,032.57M	7,286.51M	6,487.58M
Tangible Book Value	21,612.97M	11,586.19M	11,586.19M	17,841.64M	8,744.45M	15,255.15M	7,782.96M	7,087.03M	4,513.86M	3,145.45M	3,351.37M	8,032.57M	7,286.51M	6,487.58M
Total Investments	0.00M	154,638.21M	154,638.21M	91,158.95M	102,585.05M	92,885.53M	91,954.11M	93,185.22M	77,016.35M	24,215.96M	18,994.74M	0.00M	0.00M	0.00M
Net Debt	9,786.16M	-6,636.28M	-6,636.28M	-36,285.82M	-18,330.77M	-22,653.45M	-19,367.39M	29,101.98M	-24,882.16M	1,139.74M	-24,162.10M	-4,965.94M	-5,773.86M	-6,636.81M

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
Working Capital	0.0M	8,635.8M	8,635.8M	3,953.3M	21,022.7M	28,519.3M	24,307.0M	19,559.8M	23,417.1M	73,075.2M	78,077.3M	3,856.6M	3,143.2M	4,571.5M
Total Capital	43,780.9M	30,017.2M	30,017.2M	26,795.8M	57,193.1M	81,439.5M	25,519.7M	70,943.1M	67,258.8M	40,806.1M	21,403.7M	10,960.9M	8,168.6M	7,362.4M
Capital Employed	388,258.0M	376,305.5M	376,305.5M	353,200.8M	335,865.1M	302,151.8M	270,340.2M	244,619.2M	224,914.5M	205,123.2M	171,274.0M	154,139.8M	140,896.9M	129,720.7M
Invested Capital	38,358.0M	21,381.5M	21,381.5M	-11,489.2M	36,863.3M	52,787.7M	1,646.1M	49,237.1M	42,376.6M	15,782.6M	-2,758.4M	4,001.4M	2,394.7M	725.6M

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
Net Income	3,776.23M	3,736.39M	1,818.24M	2,033.89M	1,856.32M	1,691.82M	1,612.34M	1,607.56M	1,499.72M	1,520.21M	1,337.67M	1,080.60M	1,027.66M	1,326.78M
Depreciation & Amortization	629.03M	615.41M	314.39M	320.18M	324.34M	320.43M	278.34M	256.42M	129.39M	143.89M	147.31M	138.58M	120.62M	88.85M
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
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
Change in Working Capital	-29,191.61M	11,000.40M	-12,061.55M	-27,606.86M	21,549.01M	-1,352.18M	-3,843.89M	13,007.27M	-23,581.68M	-21,397.95M	-70.89M	28,448.80M	1,087.60M	-3,649.04M
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
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
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
Other Working Capital	-29,191.61M	11,000.40M	-12,061.55M	-27,606.86M	21,549.01M	-1,352.18M	-3,843.89M	13,007.27M	-21,570.50M	-21,027.78M	-210.67M	28,448.80M	1,087.60M	-3,649.04M
Other Non-Cash Items	1,624.06M	2,822.16M	895.27M	938.20M	1,253.28M	1,950.67M	2,069.27M	2,087.16M	1,527.39M	1,586.32M	728.81M	938.23M	1,081.68M	276.53M
Net Cash from Operating Activities	-23,162.30M	18,174.35M	-9,033.66M	-24,314.59M	24,982.95M	2,610.74M	116.07M	16,958.39M	-20,425.18M	-18,147.52M	2,142.90M	30,606.21M	3,317.56M	-1,956.88M
Capital Expenditures (PPE)	-335.97M	-359.43M	-137.35M	-260.18M	-154.43M	-194.68M	-221.77M	-898.25M	-426.37M	-114.21M	-207.55M	-366.97M	-182.56M	-380.48M
Acquisitions (Net)	0.00M	0.38M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	0.00M	-239,345.48M	0.00M	-77,227.58M	-93,423.16M	-94,147.05M	-122,795.79M	-142,241.34M	-132,684.21M	-123,885.32M	-285,923.88M	0.00M	0.00M	0.00M
Sales / Maturities of Investments	0.00M	247,891.55M	0.00M	89,160.73M	84,646.50M	94,573.47M	124,663.80M	126,934.39M	129,911.21M	124,739.64M	274,766.11M	0.00M	0.00M	0.00M
Other Investing Activities	-18,468.69M	3,774.41M	-14,820.56M	1.06M	0.42M	0.68M	6.00M	12.51M	2.98M	1.45M	39.15M	-31,103.30M	-3,708.95M	-1,702.45M
Net Cash from Investing Activities	-18,804.66M	-5,148.46M	-14,957.92M	11,674.04M	-8,930.66M	232.42M	1,652.24M	-16,192.69M	-3,196.40M	741.56M	-11,326.17M	-31,470.27M	-3,891.51M	-2,082.93M
Net Debt Issuance	0.00M	-22,078.59M	7.05M	-11,737.39M	-25,432.93M	6,708.68M	1,788.52M	-943.64M	25,075.14M	14,395.90M	9,461.83M	2,289.16M	0.00M	0.00M
Long-Term Debt Issuance	0.00M	-22,078.59M	7.05M	-11,623.22M	-25,432.93M	6,708.68M	1,788.52M	-943.64M	25,075.14M	14,395.90M	9,461.83M	2,289.16M	0.00M	0.00M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	-114.17M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	0.00M	0.00M	1,999.08M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock Issuance	0.00M	0.00M	1,999.08M	0.00M	0.00M	0.00M	0.00M	3,174.36M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock Repurchased	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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
Net Dividends Paid	-1,175.93M	-915.95M	-599.64M	-614.58M	-577.32M	-600.67M	-704.54M	-449.07M	-463.51M	-311.71M	-294.36M	-234.71M	-289.14M	-156.86M
Common Dividends Paid	-1,175.93M	-915.95M	-599.64M	-614.58M	-577.32M	-600.67M	-704.54M	-449.07M	-463.51M	-311.71M	-294.36M	-234.71M	-289.14M	-156.86M
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
Other Financing Activities	44,477.29M	1,351.54M	19,162.71M	31,899.12M	-1,210.21M	-1,723.65M	-1,656.19M	1,317.13M	-740.89M	3,534.43M	-206.67M	0.00M	0.00M	0.00M
Net Cash from Financing Activities	43,301.37M	-21,643.00M	20,569.19M	19,547.16M	-27,220.46M	4,384.36M	-572.21M	-75.59M	23,870.74M	17,618.62M	8,960.79M	2,054.46M	-289.14M	-156.86M
Effect of FX on Cash	-0.55M	4.12M	0.58M	0.66M	3.06M	-0.76M	-2.39M	2.31M	-0.28M	-1.61M	5.60M	-4.79M	0.14M	-1.37M
Net Change in Cash	2,224.26M	-15,634.09M	-3,421.81M	6,907.27M	-11,165.11M	7,226.76M	1,193.71M	692.42M	248.89M	211.05M	-216.87M	1,185.60M	-862.95M	-4,198.04M
Cash at Beginning of Period	2,224.26M	41,048.97M	12,057.57M	5,150.30M	16,315.42M	9,088.66M	7,894.95M	7,202.53M	6,953.64M	6,742.59M	6,959.46M	5,773.86M	6,636.81M	10,834.85M
Cash at End of Period	2,224.26M	25,414.88M	8,635.77M	12,057.57M	5,150.30M	16,315.42M	9,088.66M	7,894.95M	7,202.53M	6,953.64M	6,742.59M	6,959.46M	5,773.86M	6,636.81M
Operating Cash Flow	-23,162.30M	18,174.35M	-9,033.66M	8,260.44M	24,982.95M	2,610.74M	116.07M	16,958.39M	-20,425.18M	-18,147.52M	2,142.90M	30,606.21M	3,317.56M	-1,956.88M
Capital Expenditure	-335.97M	-359.43M	-137.35M	-260.18M	-154.43M	-194.68M	-221.77M	-898.25M	-426.37M	-114.21M	-207.55M	-366.97M	-182.56M	-380.48M
Free Cash Flow	-23,498.28M	17,814.92M	-9,171.01M	8,000.26M	24,828.52M	2,416.06M	-105.70M	16,060.14M	-20,851.55M	-18,261.73M	1,935.35M	30,239.24M	3,135.00M	-2,337.35M

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
EBITDA	3,056.17M	164.27M	-5,292.95M	-3,152.63M	-3,195.65M	-3,066.81M	3,371.89M	5,010.36M	4,587.55M	4,256.13M	3,836.41M	370.96M	292.35M	288.03M
(-) Tax Adjustment	92.50M	1.70M	-200.09M	-51.68M	-36.07M	-22.59M	86.73M	389.93M	569.29M	811.16M	877.05M	91.37M	72.63M	71.41M
(-) Change In Working Capital	-29,191.61M	11,000.40M	-12,061.55M	-27,606.86M	21,549.01M	-1,352.18M	-3,843.89M	13,007.27M	-23,581.68M	-21,397.95M	-70.89M	28,448.80M	1,087.60M	-3,649.04M
(-) Capital Expenditure	-335.97M	-359.43M	-137.35M	-260.18M	-154.43M	-194.68M	-221.77M	-898.25M	-426.37M	-114.21M	-207.55M	-366.97M	-182.56M	-380.48M
Unlevered Free Cash Flow	31,819.31M	-11,197.25M	6,831.34M	24,245.73M	-24,863.02M	-1,886.72M	6,907.28M	-9,285.08M	27,173.57M	24,728.70M	2,822.70M	-28,536.17M	-1,050.45M	3,485.18M
(-) Net Interest Income After Taxes	0.00M	0.00M	4,030.97M	4,166.78M	3,552.45M	3,512.27M	3,333.21M	2,972.34M	2,784.28M	3,249.95M	2,711.52M	0.00M	0.00M	0.00M
Net Debt Issuance	0.00M	-22,078.59M	7.05M	-11,737.39M	-25,432.93M	6,708.68M	1,788.52M	-943.64M	25,075.14M	14,395.90M	9,461.83M	2,289.16M	0.00M	0.00M
Levered Free Cash Flow	31,819.31M	-33,275.84M	2,807.42M	8,341.56M	-53,848.40M	1,309.70M	5,362.60M	-13,201.06M	49,464.42M	35,874.65M	9,573.01M	-26,247.01M	-1,050.45M	3,485.18M