HK Electric Investments and HK Electric Investments Limited (2638.HK)

Industry: Regulated Electric Sector: Utilities Currency Used: HK Live Price: $6.55

Enterprise Value

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
Stock Price	5.13	4.75	6.19	7.76	7.84	7.84	7.69	7.17	6.82	5.90	5.19	5.34
Market Capitalization	45,285.53M	41,927.77M	54,651.90M	68,568.91M	69,231.63M	69,275.81M	67,950.38M	63,311.37M	60,218.70M	52,133.58M	42,345.13M	10,680.00M
(-) Cash & Equivalents	37.50M	150.00M	190.00M	41.50M	401.00M	288.00M	244.00M	556.50M	311.50M	4,163.00M	3,405.50M	0.00M
(+) Total Debt	50,761.50M	51,132.00M	50,451.00M	46,517.50M	45,155.00M	43,262.00M	41,745.00M	40,883.00M	40,319.50M	47,295.00M	48,052.00M	0.00M
Enterprise Value	96,009.53M	92,909.77M	104,912.90M	115,044.91M	113,985.63M	112,249.81M	109,451.38M	103,637.87M	100,226.70M	95,265.58M	86,991.63M	10,680.00M

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	23,801M	22,117M	12,057M	11,406M	10,793M	11,344M	10,389M	10,739M	11,612M	11,693M	11,420M	11,210M	10,504M	10,209M
Cost of Revenue	11,369M	11,411M	5,598M	5,384M	5,364M	5,497M	5,334M	5,485M	5,484M	5,384M	5,369M	5,189M	4,832M	4,222M
Gross Profit	12,432M	10,706M	6,459M	6,022M	5,429M	5,847M	5,055M	5,254M	6,128M	6,309M	6,051M	6,021M	5,672M	5,987M
Gross Profit Margin	52.2%	48.4%	53.6%	52.8%	50.3%	51.5%	48.7%	48.9%	52.8%	54.0%	53.0%	53.7%	54.0%	58.6%
R&D Expenses	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	1,231M	1,200M	385M	341M	348M	312M	344M	343M	1,028M	988M	844M	771M	0M	0M
Operating Expenses	1,782M	1,200M	971M	1,046M	920M	1,002M	915M	920M	1,056M	1,036M	891M	779M	692M	338M
Operating Income (EBIT)	10,650M	9,506M	5,488M	4,976M	4,509M	4,845M	4,140M	4,334M	5,072M	5,273M	5,160M	5,242M	4,980M	5,649M
Operating Income Margin	44.7%	43.0%	45.5%	43.6%	41.8%	42.7%	39.8%	40.4%	43.7%	45.1%	45.2%	46.8%	47.4%	55.3%
Interest Income	-601M	1,963M	39M	44M	30M	13M	15M	7M	14M	7M	13M	46M	47M	286M
Interest Expense	2,626M	2,617M	1,408M	1,360M	961M	800M	971M	1,004M	967M	848M	991M	1,025M	938M	0M
Net Interest Income	-3,227M	-654M	-1,369M	-1,316M	-931M	-787M	-956M	-997M	-953M	-841M	-978M	-979M	-891M	286M
Unusual Items	-74M	-1,353M	-39M	-44M	-30M	-13M	-15M	-128M	0M	0M	-1M	0M	0M	104M
EBT Excluding Unusual Items	7,423M	8,852M	4,119M	3,660M	3,578M	4,058M	3,184M	3,337M	4,119M	4,432M	4,182M	4,263M	4,089M	5,935M
Pre-Tax Income	7,349M	7,499M	4,080M	3,616M	3,548M	4,045M	3,169M	3,209M	4,119M	4,432M	4,181M	4,263M	4,089M	6,039M
Pre-Tax Margin	30.9%	33.9%	33.8%	31.7%	32.9%	35.7%	30.5%	29.9%	35.5%	37.9%	36.6%	38.0%	38.9%	59.2%
Income Tax Expense	1,392M	1,350M	741M	646M	629M	735M	568M	614M	759M	794M	757M	750M	709M	859M
Net Income	6,286M	5,989M	3,111M	3,156M	2,954M	2,933M	2,732M	2,327M	3,051M	3,341M	3,599M	3,591M	3,201M	5,180M
Net Income Margin	26.4%	27.1%	25.8%	27.7%	27.4%	25.9%	26.3%	21.7%	26.3%	28.6%	31.5%	32.0%	30.5%	50.7%
Depreciation & Amortization	6,465M	6,072M	3,177M	3,101M	3,044M	3,120M	2,989M	2,999M	2,834M	2,731M	2,683M	2,793M	2,718M	1,983M
EBITDA	17,115M	15,578M	8,665M	8,077M	7,553M	7,965M	7,129M	7,333M	7,906M	8,004M	7,843M	8,035M	7,698M	7,632M
EBITDA Margin	71.9%	70.4%	71.9%	70.8%	70.0%	70.2%	68.6%	68.3%	68.1%	68.5%	68.7%	71.7%	73.3%	74.8%
NOPAT	8,633M	7,795M	4,491M	4,087M	3,710M	3,965M	3,398M	3,505M	4,137M	4,328M	4,226M	4,320M	4,117M	4,845M
NOPAT Margin	36.3%	35.2%	37.3%	35.8%	34.4%	34.9%	32.7%	32.6%	35.6%	37.0%	37.0%	38.5%	39.2%	47.5%
Owner's Earnings	5,367M	1,889M	2,519M	2,285M	237M	1,227M	906M	1,584M	2,346M	3,451M	3,407M	4,080M	4,177M	7,163M
Owner's Earnings Margin	22.5%	8.5%	20.9%	20.0%	2.2%	10.8%	8.7%	14.7%	20.2%	29.5%	29.8%	36.4%	39.8%	70.2%
EPS (Basic)	0.71	0.67	0.35	0.36	0.33	0.33	0.31	0.26	0.35	0.38	0.41	0.41	0.39	0.59
EPS (Diluted)	0.71	0.68	0.35	0.36	0.33	0.33	0.31	0.26	0.35	0.38	0.41	0.41	0.39	0.59
Shares (Basic)	8,836M	8,836M	8,836M	8,836M	8,836M	8,836M	8,836M	8,836M	8,836M	8,836M	8,836M	8,836M	8,158M	8,836M
Shares (Diluted)	8,836M	8,836M	8,836M	8,836M	8,836M	8,836M	8,836M	8,836M	8,836M	8,836M	8,836M	8,836M	8,158M	8,836M

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	45.00M	30.00M	30.00M	21.00M	325.00M	34.00M	52.00M	299.00M	34.00M	784.00M	316.00M	5,977.00M	3,236.00M	1,060.00M
Short-Term Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	875.00M	0.00M	180.00M	1,394.00M	0.00M
Cash & Short-Term Investments	45.00M	30.00M	30.00M	21.00M	325.00M	34.00M	52.00M	299.00M	34.00M	1,659.00M	316.00M	6,157.00M	4,630.00M	1,060.00M
Net Receivables	1,766.00M	1,265.00M	1,265.00M	1,469.00M	1,631.00M	1,157.00M	951.00M	854.00M	899.00M	890.00M	1,063.00M	1,086.00M	1,123.00M	0.00M
Inventory	1,135.00M	982.00M	982.00M	1,003.00M	1,446.00M	904.00M	726.00M	819.00M	989.00M	1,011.00M	985.00M	882.00M	933.00M	948.00M
Other Current Assets	33.00M	2.00M	2.00M	-93.00M	1,802.00M	167.00M	-120.00M	159.00M	68.00M	121.00M	99.00M	57.00M	49.00M	69.00M
Total Current Assets	2,979.00M	2,279.00M	2,279.00M	2,400.00M	5,204.00M	2,262.00M	1,609.00M	2,131.00M	1,990.00M	3,681.00M	2,463.00M	8,182.00M	6,735.00M	2,077.00M
Property, Plant & Equipment	79,641.00M	79,950.00M	79,950.00M	79,824.00M	78,960.00M	76,740.00M	74,434.00M	72,416.00M	71,059.00M	70,502.00M	70,713.00M	70,993.00M	71,467.00M	49,137.00M
Goodwill	33,623.00M	33,623.00M	33,623.00M	33,623.00M	33,623.00M	33,623.00M	33,623.00M	33,623.00M	33,623.00M	33,623.00M	33,623.00M	33,623.00M	33,623.00M	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
Long-Term Investments	878.00M	887.00M	887.00M	895.00M	793.00M	477.00M	278.00M	691.00M	568.00M	809.00M	1,034.00M	314.00M	0.00M	0.00M
Tax Assets	0.00M	0.00M	0.00M	4,138.00M	-2,243.00M	-1,073.00M	-894.00M	-691.00M	-568.00M	-809.00M	-1,034.00M	6.00M	3.00M	0.00M
Other Non-Current Assets	1,383.00M	1,669.00M	1,669.00M	-2,433.00M	4,575.00M	2,714.00M	2,397.00M	1,500.00M	1,161.00M	1,457.00M	1,488.00M	580.00M	1,020.00M	-49,137.00M
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	-49,137.00M
Total Non-Current Assets	115,525.00M	116,129.00M	116,129.00M	116,047.00M	115,708.00M	112,481.00M	109,838.00M	107,539.00M	105,843.00M	105,582.00M	105,824.00M	105,516.00M	106,113.00M	-49,137.00M
Total Assets	118,504.00M	118,408.00M	118,408.00M	118,447.00M	120,912.00M	114,743.00M	111,447.00M	109,670.00M	107,833.00M	109,263.00M	108,287.00M	113,698.00M	112,848.00M	-47,060.00M
Accounts Payable	2,335.00M	2,742.00M	2,742.00M	3,381.00M	4,718.00M	3,970.00M	2,794.00M	2,921.00M	2,403.00M	2,394.00M	2,717.00M	2,557.00M	2,466.00M	63.00M
Short-Term Debt	21,286.00M	772.00M	772.00M	759.00M	557.00M	1,233.00M	4,184.00M	6,043.00M	440.00M	0.00M	335.00M	900.00M	520.00M	503.00M
Tax Payables	362.00M	224.00M	224.00M	889.00M	149.00M	506.00M	541.00M	577.00M	137.00M	214.00M	351.00M	360.00M	219.00M	0.00M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	63.00M	78.00M	566.00M	634.00M	137.00M	0.00M	369.00M	389.00M	241.00M	-503.00M
Other Current Liabilities	501.00M	258.00M	258.00M	87.00M	189.00M	107.00M	255.00M	665.00M	998.00M	3,029.00M	4,088.00M	2,283.00M	631.00M	2,352.00M
Total Current Liabilities	24,484.00M	3,996.00M	3,996.00M	5,116.00M	5,676.00M	5,894.00M	8,340.00M	10,840.00M	4,115.00M	5,637.00M	7,860.00M	6,489.00M	4,077.00M	2,415.00M
Long-Term Debt	30,100.00M	50,083.00M	50,083.00M	49,447.00M	50,655.00M	45,393.00M	40,706.00M	37,002.00M	41,525.00M	41,371.00M	39,344.00M	46,317.00M	47,349.00M	29,574.00M
Capital Lease Obligations	2.00M	2.00M	2.00M	3.00M	1.00M	1.00M	1.00M	2.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	10,091.00M	10,140.00M	10,140.00M	10,124.00M	10,495.00M	9,982.00M	9,597.00M	9,540.00M	9,353.00M	9,149.00M	9,017.00M	9,247.00M	9,602.00M	0.00M
Other Non-Current Liabilities	2,926.00M	2,480.00M	2,480.00M	2,423.00M	2,610.00M	2,926.00M	2,912.00M	2,215.00M	2,199.00M	1,310.00M	518.00M	1,009.00M	874.00M	-29,574.00M
Total Non-Current Liabilities	43,119.00M	62,705.00M	62,705.00M	61,997.00M	63,761.00M	58,302.00M	53,216.00M	48,759.00M	53,077.00M	51,830.00M	48,879.00M	56,573.00M	57,825.00M	0.00M
Total Liabilities	67,603.00M	66,701.00M	66,701.00M	67,113.00M	69,437.00M	64,196.00M	61,556.00M	59,599.00M	57,192.00M	57,467.00M	56,739.00M	63,062.00M	61,902.00M	2,415.00M
Preferred Stock	0.00M	0.00M	0.00M	19.67M	4.42M	0.00M	0.00M	0.00M	4.42M	4.00M	4.00M	4.00M	4.00M	0.00M
Common Stock	8.00M	8.00M	8.00M	3.58M	3.58M	8.00M	8.00M	8.00M	8.00M	8.00M	8.00M	8.00M	8.00M	2,411.00M
Retained Earnings	1,408.00M	1,422.00M	1,422.00M	1,420.00M	1,422.00M	1,422.00M	1,422.00M	1,422.00M	1,778.00M	1,778.00M	1,852.00M	1,723.00M	1,781.00M	0.00M
Accumulated OCI	-374.00M	388.00M	388.00M	76.00M	431.00M	-509.00M	-1,159.00M	-430.00M	-13,690.00M	-10,782.00M	-8,052.00M	-5,366.00M	-2,704.00M	9,860.00M
Minority Interest	0.00M	0.00M	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 Shareholders’ Equity	1,042.00M	1,818.00M	1,818.00M	1,519.25M	1,861.00M	921.00M	271.00M	1,000.00M	-11,899.58M	-8,992.00M	-6,188.00M	-3,631.00M	-911.00M	12,271.00M
Total Equity	1,042.00M	1,818.00M	1,818.00M	1,519.25M	1,861.00M	921.00M	271.00M	1,000.00M	-11,899.58M	-8,992.00M	-6,188.00M	-3,631.00M	-911.00M	12,271.00M
Total Liabilities & Equity	68,645.00M	68,519.00M	68,519.00M	68,632.25M	71,298.00M	65,117.00M	61,827.00M	60,599.00M	45,292.42M	48,475.00M	50,551.00M	59,431.00M	60,991.00M	14,686.00M
Tangible Assets	84,881.00M	84,785.00M	84,785.00M	84,824.00M	87,289.00M	81,120.00M	77,824.00M	76,047.00M	74,210.00M	75,640.00M	74,664.00M	80,075.00M	79,225.00M	-47,060.00M
Tangible Equity	-32,581.00M	-31,805.00M	-31,805.00M	-32,103.75M	-31,762.00M	-32,702.00M	-33,352.00M	-32,623.00M	-45,522.58M	-42,615.00M	-39,811.00M	-37,254.00M	-34,534.00M	12,271.00M
Tangible Book Value	-32,581.00M	-31,805.00M	-31,805.00M	-32,103.75M	-31,762.00M	-32,702.00M	-33,352.00M	-32,623.00M	-45,522.58M	-42,615.00M	-39,811.00M	-37,254.00M	-34,534.00M	12,271.00M
Total Investments	878.00M	887.00M	887.00M	895.00M	793.00M	477.00M	278.00M	691.00M	568.00M	1,684.00M	1,034.00M	494.00M	1,394.00M	0.00M
Net Debt	51,341.00M	50,825.00M	50,825.00M	50,185.00M	50,887.00M	46,592.00M	44,838.00M	42,746.00M	41,931.00M	40,587.00M	39,363.00M	41,240.00M	44,633.00M	29,017.00M

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	-21,383.0M	-1,628.0M	-1,628.0M	-2,625.0M	-233.0M	-3,470.0M	-6,612.0M	-8,069.0M	-1,828.0M	-1,900.0M	-4,983.0M	2,070.0M	2,840.0M	0.0M
Total Capital	99,902.0M	100,147.0M	100,147.0M	99,187.0M	100,546.0M	95,020.0M	92,634.0M	91,519.0M	90,708.0M	91,093.0M	89,584.0M	96,229.0M	97,060.0M	42,348.0M
Capital Employed	94,142.0M	114,501.0M	114,501.0M	113,422.0M	115,475.0M	109,011.0M	103,226.0M	99,470.0M	104,015.0M	103,682.0M	100,841.0M	107,586.0M	108,953.0M	0.0M
Invested Capital	99,857.0M	100,117.0M	100,117.0M	99,166.0M	100,221.0M	94,986.0M	92,582.0M	91,220.0M	90,674.0M	90,309.0M	89,268.0M	90,252.0M	93,824.0M	41,288.0M

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	6,286.00M	5,989.00M	4,080.00M	3,156.00M	3,548.00M	4,045.00M	3,169.00M	3,209.00M	4,119.00M	3,341.00M	4,181.00M	4,263.00M	4,089.00M	5,180.00M
Depreciation & Amortization	6,645.00M	6,072.00M	3,270.00M	2,981.00M	3,120.00M	3,122.00M	3,015.00M	2,988.00M	3,028.00M	2,731.00M	2,874.00M	2,793.00M	2,718.00M	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
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	250.00M	-1,730.00M	172.00M	2,342.00M	-1,566.00M	-915.00M	-61.00M	-170.00M	-2,171.00M	-1,111.00M	2,037.00M	1,722.00M	720.00M	0.00M
Accounts Receivable	431.00M	-782.00M	80.00M	158.00M	-372.00M	-257.00M	70.00M	57.00M	35.00M	125.00M	13.00M	-28.00M	-12.00M	0.00M
Inventory	91.00M	-469.00M	38.00M	444.00M	-549.00M	-192.00M	98.00M	164.00M	10.00M	-52.00M	-111.00M	43.00M	-41.00M	0.00M
Accounts Payable	-1,251.00M	1,197.00M	0.00M	-1,280.00M	985.00M	560.00M	-385.00M	-194.00M	-312.00M	118.00M	304.00M	37.00M	12.00M	0.00M
Other Working Capital	979.00M	-1,676.00M	54.00M	1,803.00M	-1,630.00M	-1,026.00M	156.00M	-197.00M	-1,904.00M	-1,302.00M	1,831.00M	1,670.00M	773.00M	0.00M
Other Non-Cash Items	457.00M	13,164.00M	-1,147.00M	-408.00M	-334.00M	-63.00M	-180.00M	414.00M	39.00M	926.00M	-1,074.00M	-714.00M	-891.00M	-5,180.00M
Net Cash from Operating Activities	13,638.00M	11,297.00M	6,375.00M	8,071.00M	4,768.00M	6,189.00M	5,943.00M	6,441.00M	5,015.00M	5,887.00M	8,018.00M	8,064.00M	6,636.00M	0.00M
Capital Expenditures (PPE)	-7,384.00M	-10,172.00M	-3,769.00M	-3,972.00M	-5,761.00M	-4,826.00M	-4,815.00M	-3,742.00M	-3,539.00M	-2,621.00M	-2,875.00M	-2,304.00M	-1,742.00M	0.00M
Acquisitions (Net)	12.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1.00M	0.00M	0.00M	0.00M	1.00M	0.00M	-31,377.00M	0.00M
Purchases of Investments	-47.00M	-569.00M	0.00M	-115.00M	-316.00M	-199.00M	-236.00M	-42.00M	0.00M	0.00M	-1.00M	0.00M	-1,394.00M	0.00M
Sales / Maturities of Investments	53.00M	0.00M	0.00M	0.00M	0.00M	0.00M	235.00M	0.00M	875.00M	0.00M	180.00M	1,214.00M	34,355.00M	0.00M
Other Investing Activities	-11.00M	-569.00M	-222.00M	-294.00M	0.00M	0.00M	-235.00M	0.00M	875.00M	-875.00M	180.00M	1,214.00M	-34,353.00M	0.00M
Net Cash from Investing Activities	-7,377.00M	-10,741.00M	-3,991.00M	-4,381.00M	-6,077.00M	-5,025.00M	-5,050.00M	-3,784.00M	-2,664.00M	-3,496.00M	-2,694.00M	-1,090.00M	-34,511.00M	0.00M
Net Debt Issuance	-572.00M	3,798.00M	397.00M	-1,277.00M	4,373.00M	1,598.00M	1,705.00M	718.00M	365.00M	1,538.00M	-7,504.00M	-779.00M	9,093.00M	0.00M
Long-Term Debt Issuance	-892.00M	3,798.00M	397.00M	-1,277.00M	4,373.00M	1,598.00M	1,705.00M	718.00M	365.00M	1,538.00M	-7,504.00M	-779.00M	9,093.00M	0.00M
Short-Term Debt Issuance	320.00M	0.00M	0.00M	1.00M	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	23,523.00M	0.00M
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	23,523.00M	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	-5,660.00M	-5,660.00M	-2,830.00M	-2,830.00M	-2,830.00M	-2,830.00M	-2,830.00M	-3,186.00M	-3,538.00M	-3,538.00M	-3,538.00M	-3,517.00M	-1,461.00M	0.00M
Common Dividends Paid	-5,660.00M	-5,660.00M	-2,830.00M	-2,830.00M	-2,830.00M	-2,830.00M	-2,830.00M	-3,186.00M	-3,538.00M	-3,538.00M	-3,538.00M	-3,517.00M	-1,461.00M	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
Other Financing Activities	-501.00M	1,538.00M	56.00M	67.00M	63.00M	47.00M	24.00M	44.00M	65.00M	73.00M	56.00M	64.00M	-43.00M	0.00M
Net Cash from Financing Activities	-6,733.00M	-324.00M	-2,377.00M	-4,040.00M	1,606.00M	-1,185.00M	-1,101.00M	-2,424.00M	-3,108.00M	-1,927.00M	-10,986.00M	-4,232.00M	31,112.00M	0.00M
Effect of FX on Cash	-35.00M	-2.00M	1.00M	2.00M	-6.00M	3.00M	-6.00M	-1.00M	7.00M	4.00M	1.00M	-1.00M	-1.00M	0.00M
Net Change in Cash	-264.00M	230.00M	8.00M	-348.00M	291.00M	-18.00M	-214.00M	232.00M	-750.00M	468.00M	-5,661.00M	2,741.00M	3,236.00M	0.00M
Cash at Beginning of Period	375.00M	463.00M	-23.00M	325.00M	34.00M	52.00M	266.00M	34.00M	784.00M	316.00M	5,977.00M	3,236.00M	0.00M	0.00M
Cash at End of Period	111.00M	693.00M	-15.00M	-23.00M	325.00M	34.00M	52.00M	266.00M	34.00M	784.00M	316.00M	5,977.00M	3,236.00M	0.00M
Operating Cash Flow	13,866.00M	11,297.00M	6,375.00M	8,071.00M	4,768.00M	6,189.00M	5,943.00M	6,441.00M	5,015.00M	5,887.00M	8,018.00M	8,064.00M	6,636.00M	0.00M
Capital Expenditure	-7,384.00M	-10,172.00M	-3,769.00M	-3,972.00M	-5,761.00M	-4,826.00M	-4,815.00M	-3,742.00M	-3,539.00M	-2,621.00M	-2,875.00M	-2,304.00M	-1,742.00M	0.00M
Free Cash Flow	6,482.00M	1,125.00M	2,375.00M	3,792.00M	-993.00M	1,363.00M	1,128.00M	2,699.00M	1,476.00M	3,266.00M	5,143.00M	5,760.00M	4,894.00M	0.00M

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	17,666.00M	15,578.00M	9,251.00M	8,782.00M	8,125.00M	8,655.00M	7,700.00M	7,910.00M	7,934.00M	8,052.00M	7,890.00M	8,043.00M	8,390.00M	7,970.09M
(-) Tax Adjustment	3,346.18M	2,804.41M	1,680.14M	1,568.91M	1,440.42M	1,572.66M	1,380.12M	1,513.47M	1,461.98M	1,442.53M	1,428.54M	1,415.02M	1,454.76M	1,133.68M
(-) Change In Working Capital	250.00M	-1,730.00M	172.00M	2,342.00M	-1,566.00M	-915.00M	-61.00M	-170.00M	-2,171.00M	-1,111.00M	2,037.00M	1,722.00M	720.00M	0.00M
(-) Capital Expenditure	-7,384.00M	-10,172.00M	-3,769.00M	-3,972.00M	-5,761.00M	-4,826.00M	-4,815.00M	-3,742.00M	-3,539.00M	-2,621.00M	-2,875.00M	-2,304.00M	-1,742.00M	0.00M
Unlevered Free Cash Flow	6,685.82M	4,331.59M	3,629.86M	899.09M	2,489.58M	3,171.34M	1,565.88M	2,824.53M	5,104.02M	5,099.47M	1,549.46M	2,601.98M	4,473.24M	6,836.40M
(-) Net Interest Income After Taxes	-2,615.76M	-536.26M	-1,120.37M	-1,080.90M	-765.95M	-644.00M	-784.65M	-806.24M	-777.39M	-690.33M	-800.93M	-806.76M	-736.51M	245.32M
Net Debt Issuance	-572.00M	3,798.00M	397.00M	-1,277.00M	4,373.00M	1,598.00M	1,705.00M	718.00M	365.00M	1,538.00M	-7,504.00M	-779.00M	9,093.00M	0.00M
Levered Free Cash Flow	8,729.58M	8,665.85M	5,147.22M	702.99M	7,628.53M	5,413.33M	4,055.53M	4,348.76M	6,246.41M	7,327.80M	-5,153.61M	2,629.74M	14,302.75M	6,591.09M