China State Construction International Holdings Limited (3311.HK)

Industry: Engineering & Construction Sector: Industrials Currency Used: HK Live Price: $8.83

Enterprise Value

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004
Stock Price	11.46	9.06	8.73	7.50	4.47	7.57	7.14	12.39	10.91	13.70	12.27	13.07	8.28	6.71	4.68	2.81	1.53	2.57	0.88	0.37	0.38
Market Capitalization	57,731.09M	45,640.81M	43,953.21M	37,768.54M	22,569.73M	38,196.87M	36,025.74M	57,086.08M	46,841.71M	55,641.93M	48,466.15M	51,572.89M	30,995.81M	23,105.55M	14,526.98M	8,021.16M	4,210.29M	6,648.51M	2,071.92M	661.92M	588.01M
(-) Cash & Equivalents	31,445.62M	28,725.91M	25,729.35M	22,365.75M	22,994.51M	21,829.56M	18,485.40M	14,401.92M	12,790.27M	8,894.56M	8,368.07M	10,461.51M	6,071.26M	6,363.55M	3,857.39M	2,873.29M	950.08M	772.50M	850.55M	807.88M	442.33M
(+) Total Debt	87,395.78M	84,035.60M	83,025.02M	76,604.55M	67,450.28M	54,479.82M	42,039.55M	30,514.17M	20,482.30M	17,805.51M	14,973.81M	14,890.08M	9,150.37M	6,979.23M	4,363.02M	1,663.77M	518.68M	25.59M	7.37M	1.91M	68.58M
Enterprise Value	113,681.25M	100,950.50M	101,248.88M	92,007.34M	67,025.50M	70,847.14M	59,579.88M	73,198.33M	54,533.74M	64,552.87M	55,071.88M	56,001.46M	34,074.92M	23,721.23M	15,032.61M	6,811.64M	3,778.89M	5,901.59M	1,228.73M	-144.06M	214.26M

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
Revenue	230,373M	198,025M	115,107M	113,734M	101,975M	77,310M	62,458M	61,670M	55,626M	50,153M	46,208M	38,002M	34,440M	27,286M	19,765M	16,379M	11,983M	11,342M	11,021M	10,168M	10,295M	6,863M	8,476M
Cost of Revenue	196,293M	169,446M	97,259M	97,413M	87,974M	65,345M	53,191M	52,452M	46,930M	42,537M	40,225M	32,889M	29,696M	23,540M	17,355M	14,581M	10,667M	10,349M	10,112M	9,090M	9,836M	6,531M	8,113M
Gross Profit	34,080M	28,579M	17,848M	16,321M	14,001M	11,965M	9,267M	9,218M	8,696M	7,615M	5,983M	5,113M	4,743M	3,746M	2,410M	1,798M	1,316M	993M	909M	1,079M	459M	331M	363M
Gross Profit Margin	14.8%	14.4%	15.5%	14.4%	13.7%	15.5%	14.8%	14.9%	15.6%	15.2%	12.9%	13.5%	13.8%	13.7%	12.2%	11.0%	11.0%	8.8%	8.3%	10.6%	4.5%	4.8%	4.3%
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
SG&A Expenses	5,241M	5,073M	2,653M	2,623M	2,368M	2,138M	1,742M	1,619M	1,379M	1,377M	1,095M	993M	1,033M	1,042M	710M	554M	472M	366M	412M	343M	250M	169M	132M
Operating Expenses	5,241M	5,073M	2,805M	2,444M	2,368M	2,138M	1,742M	1,619M	1,043M	28M	484M	210M	443M	490M	683M	491M	414M	350M	412M	343M	250M	169M	132M
Operating Income (EBIT)	28,840M	23,506M	15,043M	13,878M	11,633M	9,827M	7,525M	7,599M	7,653M	7,587M	5,499M	4,903M	4,300M	3,256M	1,726M	1,307M	902M	643M	498M	736M	209M	162M	231M
Operating Income Margin	12.5%	11.9%	13.1%	12.2%	11.4%	12.7%	12.0%	12.3%	13.8%	15.1%	11.9%	12.9%	12.5%	11.9%	8.7%	8.0%	7.5%	5.7%	4.5%	7.2%	2.0%	2.4%	2.7%
Interest Income	685M	648M	329M	298M	321M	370M	400M	444M	261M	199M	146M	202M	155M	127M	353M	174M	0M	19M	29M	75M	0M	0M	0M
Interest Expense	6,331M	6,121M	3,222M	3,204M	2,991M	2,668M	2,680M	2,279M	1,782M	1,070M	688M	629M	456M	418M	223M	193M	16M	26M	20M	206M	0M	0M	19M
Net Interest Income	-5,646M	-5,473M	-2,893M	-2,906M	-2,671M	-2,299M	-2,280M	-1,835M	-1,521M	-871M	-542M	-428M	-301M	-292M	130M	-18M	-16M	-7M	9M	-131M	0M	0M	-19M
Unusual Items	2,638M	2,065M	789M	1,132M	1,817M	1,857M	2,999M	147M	74M	75M	1,055M	656M	49M	209M	665M	556M	447M	86M	64M	-75M	62M	15M	1M
EBT Excluding Unusual Items	23,193M	18,032M	12,150M	10,971M	8,962M	7,529M	5,245M	5,764M	6,132M	6,715M	4,957M	4,476M	3,999M	2,964M	1,857M	1,288M	886M	636M	507M	605M	209M	162M	212M
Pre-Tax Income	25,832M	20,097M	12,939M	12,104M	10,779M	9,385M	8,244M	5,912M	6,206M	6,790M	6,012M	5,132M	4,048M	3,174M	2,522M	1,844M	1,333M	722M	571M	530M	271M	177M	212M
Pre-Tax Margin	11.2%	10.1%	11.2%	10.6%	10.6%	12.1%	13.2%	9.6%	11.2%	13.5%	13.0%	13.5%	11.8%	11.6%	12.8%	11.3%	11.1%	6.4%	5.2%	5.2%	2.6%	2.6%	2.5%
Income Tax Expense	5,668M	4,481M	2,862M	2,391M	2,309M	1,949M	1,760M	1,561M	1,649M	1,256M	1,005M	660M	660M	503M	385M	334M	213M	110M	66M	82M	49M	30M	38M
Net Income	19,420M	16,106M	9,732M	9,469M	8,253M	7,266M	6,423M	5,673M	4,517M	5,490M	5,130M	4,153M	3,457M	2,772M	2,131M	1,507M	1,036M	613M	489M	448M	222M	147M	174M
Net Income Margin	8.4%	8.1%	8.5%	8.3%	8.1%	9.4%	10.3%	9.2%	8.1%	10.9%	11.1%	10.9%	10.0%	10.2%	10.8%	9.2%	8.6%	5.4%	4.4%	4.4%	2.2%	2.1%	2.1%
Depreciation & Amortization	1,533M	1,365M	732M	854M	607M	432M	416M	481M	375M	356M	354M	337M	314M	297M	274M	175M	81M	87M	12M	10M	9M	12M	5M
EBITDA	30,373M	24,871M	15,775M	14,732M	12,240M	10,259M	7,941M	8,080M	8,028M	7,943M	5,853M	5,240M	4,614M	3,553M	2,000M	1,482M	983M	730M	510M	746M	218M	174M	236M
EBITDA Margin	13.2%	12.6%	13.7%	13.0%	12.0%	13.3%	12.7%	13.1%	14.4%	15.8%	12.7%	13.8%	13.4%	13.0%	10.1%	9.0%	8.2%	6.4%	4.6%	7.3%	2.1%	2.5%	2.8%
NOPAT	22,512M	18,265M	11,715M	11,137M	9,141M	7,786M	5,918M	5,593M	5,619M	6,184M	4,580M	4,273M	3,599M	2,740M	1,463M	1,070M	757M	546M	440M	622M	171M	134M	190M
NOPAT Margin	9.8%	9.2%	10.2%	9.8%	9.0%	10.1%	9.5%	9.1%	10.1%	12.3%	9.9%	11.2%	10.5%	10.0%	7.4%	6.5%	6.3%	4.8%	4.0%	6.1%	1.7%	2.0%	2.2%
Owner's Earnings	19,070M	16,548M	9,312M	9,757M	8,497M	7,011M	6,290M	5,652M	4,086M	4,436M	5,306M	4,065M	3,257M	2,690M	2,002M	1,160M	753M	567M	286M	334M	154M	119M	133M
Owner's Earnings Margin	8.3%	8.4%	8.1%	8.6%	8.3%	9.1%	10.1%	9.2%	7.3%	8.8%	11.5%	10.7%	9.5%	9.9%	10.1%	7.1%	6.3%	5.0%	2.6%	3.3%	1.5%	1.7%	1.6%
EPS (Basic)	3.72	3.20	1.86	1.82	1.58	1.35	1.19	1.07	0.89	1.19	1.20	1.12	0.89	0.71	0.57	0.44	0.34	0.24	0.18	0.19	0.18	0.09	0.10
EPS (Diluted)	3.83	3.20	1.93	1.88	1.64	1.44	1.27	1.12	0.89	1.19	1.20	1.02	0.88	0.70	0.56	0.43	0.33	0.21	0.17	0.17	0.09	0.08	0.13
Shares (Basic)	5,103M	5,038M	5,038M	5,038M	5,038M	5,040M	5,049M	5,049M	5,049M	4,620M	4,282M	4,028M	3,898M	3,890M	3,720M	3,411M	3,084M	2,816M	2,679M	2,587M	2,393M	1,780M	1,391M
Shares (Diluted)	5,074M	5,038M	5,038M	5,038M	5,038M	5,040M	5,049M	5,049M	5,049M	4,620M	4,282M	4,061M	3,951M	3,946M	3,779M	3,471M	3,167M	2,917M	2,801M	2,587M	2,393M	1,792M	1,391M

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
Cash & Cash Equivalents	33,197.16M	30,741.03M	30,741.03M	28,396.44M	23,507.55M	24,407.42M	22,455.36M	22,623.62M	17,925.71M	17,593.20M	11,484.65M	8,026.22M	7,452.45M	8,126.18M	6,716.91M	5,457.81M	3,729.74M	5,746.57M	1,900.17M	1,545.00M	1,701.10M	1,615.77M	1,326.99M
Short-Term Investments	461.92M	1,067.74M	1,067.74M	525.59M	845.64M	1,114.51M	62.14M	52.05M	265.53M	337.57M	428.61M	523.67M	478.76M	315.60M	8.51M	23.49M	19.24M	15.81M	15.78M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	33,659.08M	31,808.77M	31,808.77M	28,922.03M	24,353.19M	25,521.93M	22,517.50M	22,675.67M	18,191.24M	17,930.78M	11,913.26M	8,549.90M	7,931.21M	8,441.78M	6,725.42M	5,481.30M	3,748.99M	5,762.38M	1,915.95M	1,545.00M	1,701.10M	1,615.77M	1,326.99M
Net Receivables	132,099.79M	126,933.39M	126,933.39M	97,007.78M	93,774.59M	80,303.85M	57,751.65M	48,524.12M	34,403.20M	36,843.79M	27,605.58M	23,263.73M	15,238.24M	11,099.25M	-568.24M	4.78M	4,748.34M	3,863.15M	4,682.54M	4,399.35M	-370.10M	2,407.04M	3,044.07M
Inventory	11,525.56M	11,862.06M	11,862.06M	10,891.58M	8,985.86M	7,935.43M	6,153.21M	3,787.11M	3,339.99M	628.41M	545.57M	527.75M	226.83M	316.33M	343.98M	149.56M	117.71M	46.88M	55.51M	54.49M	8.72M	6.66M	9.04M
Other Current Assets	795.97M	667.16M	667.16M	10,590.78M	291.54M	195.69M	47.94M	512.73M	4,328.24M	3,802.95M	3,555.48M	2,745.57M	12,275.35M	9,195.56M	13,412.94M	8,376.97M	282.95M	3,766.34M	26.18M	271.93M	3,843.36M	602.76M	25.85M
Total Current Assets	178,080.39M	171,271.38M	171,271.38M	147,412.15M	127,405.18M	113,956.90M	86,470.30M	75,499.64M	60,262.67M	59,205.93M	43,619.90M	35,086.95M	35,671.63M	29,052.92M	19,914.10M	14,012.61M	8,897.98M	13,438.75M	6,680.18M	6,270.77M	5,183.09M	4,632.22M	4,405.96M
Property, Plant & Equipment	6,984.02M	6,874.08M	6,874.08M	6,265.16M	5,439.84M	5,698.34M	5,390.55M	4,726.38M	4,149.81M	3,818.81M	2,493.76M	2,786.92M	2,827.30M	2,672.36M	2,190.95M	1,870.03M	1,454.45M	1,121.32M	1,107.28M	981.66M	106.64M	54.55M	57.33M
Goodwill	525.67M	577.66M	577.66M	577.66M	577.66M	577.66M	577.66M	577.66M	577.66M	577.66M	577.66M	577.66M	577.66M	577.66M	577.66M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	2,740.16M	3,034.49M	3,034.49M	3,282.37M	4,143.09M	4,628.54M	4,668.61M	4,704.63M	4,463.34M	5,748.97M	5,409.53M	6,230.23M	6,731.63M	6,580.43M	5,936.54M	4,936.42M	9.95M	9.95M	0.00M	0.00M	0.00M	0.00M	0.00M
Long-Term Investments	22,246.30M	23,645.99M	23,645.99M	91,103.04M	90,967.14M	94,826.88M	88,567.42M	76,335.42M	17,869.64M	14,938.09M	9,247.99M	7,613.36M	6,007.26M	2,742.29M	4,472.88M	3,999.64M	2,982.84M	1,185.59M	123.65M	0.00M	0.00M	0.00M	0.00M
Tax Assets	105.24M	0.00M	0.00M	123.17M	119.70M	173.76M	177.69M	157.83M	198.83M	154.42M	176.64M	225.82M	187.32M	151.03M	0.00M	0.00M	599.89M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	64,093.39M	65,630.40M	65,630.40M	0.00M	-577.66M	-577.66M	-577.66M	-577.66M	-198.83M	-154.42M	-176.64M	-225.82M	-187.32M	-151.03M	3,596.87M	1,520.31M	4,715.53M	385.53M	837.64M	353.47M	81.16M	41.15M	30.71M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	48,798.98M	37,957.11M	28,301.78M	23,477.47M	16,105.64M	10,824.55M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	96,694.79M	99,762.62M	99,762.62M	101,351.41M	100,669.77M	105,327.52M	98,804.27M	85,924.26M	75,859.42M	63,040.64M	46,030.73M	40,685.63M	32,249.50M	23,397.29M	16,774.91M	12,326.40M	9,762.66M	2,702.39M	2,068.56M	1,335.12M	187.80M	95.69M	88.04M
Total Assets	274,775.18M	271,034.00M	271,034.00M	248,763.56M	228,074.95M	219,284.43M	185,274.57M	161,423.90M	136,122.09M	122,246.56M	89,650.62M	75,772.58M	67,921.13M	52,450.21M	36,689.00M	26,339.01M	18,660.64M	16,141.14M	8,748.74M	7,605.90M	5,370.89M	4,727.91M	4,494.00M
Accounts Payable	82,004.89M	75,338.07M	78,156.25M	65,162.34M	48,238.88M	41,181.08M	39,600.38M	31,841.55M	21,761.27M	21,026.84M	19,403.74M	14,496.47M	11,521.82M	8,088.41M	6,611.81M	3,538.00M	2,671.62M	3,626.29M	3,991.52M	3,011.86M	5,564.63M	3,886.51M	3,410.89M
Short-Term Debt	19,330.65M	17,211.67M	17,211.67M	22,572.28M	17,608.93M	15,130.81M	12,758.39M	12,380.97M	2,795.83M	6,478.95M	1,455.62M	808.20M	587.27M	261.89M	48.78M	1,297.87M	0.00M	249.10M	37.13M	29.73M	22.59M	52.83M	5.75M
Tax Payables	6,136.14M	0.00M	0.00M	6,136.83M	5,481.52M	5,573.21M	5,326.55M	4,781.89M	3,885.62M	3,255.21M	2,399.98M	2,023.34M	930.97M	606.06M	594.57M	313.79M	112.36M	134.05M	114.62M	101.52M	49.44M	22.09M	27.41M
Deferred Revenue	0.00M	0.00M	0.00M	9,926.74M	8,503.09M	9,662.82M	8,547.29M	7,830.57M	21,579.16M	16,661.38M	12,539.38M	10,713.47M	-588.27M	-237.54M	5,927.27M	0.00M	0.00M	0.00M	623.76M	101.52M	49.44M	22.09M	0.00M
Other Current Liabilities	7,644.91M	30,042.44M	30,042.44M	10,258.54M	22,065.06M	20,140.37M	17,212.96M	22,076.50M	4,774.07M	7,830.25M	18,855.98M	5,687.58M	19,110.99M	14,410.01M	517.14M	6,410.70M	5,438.20M	-1,825.00M	0.00M	2,101.24M	-1,208.20M	-444.13M	0.00M
Total Current Liabilities	115,116.59M	122,592.17M	125,410.36M	114,056.73M	101,897.49M	91,688.28M	83,445.58M	78,911.48M	54,795.94M	55,252.63M	54,654.70M	33,729.06M	31,562.78M	23,128.83M	13,699.56M	11,560.36M	8,222.18M	2,184.43M	4,767.03M	5,345.87M	4,477.90M	3,539.39M	3,444.05M
Long-Term Debt	64,994.10M	70,024.81M	70,024.81M	58,319.05M	64,745.89M	66,693.35M	47,511.36M	46,057.49M	38,244.91M	26,798.50M	19,737.90M	16,965.02M	14,231.61M	12,460.54M	9,996.36M	4,961.27M	5,350.90M	3,305.51M	1,000.00M	21.17M	50.44M	0.00M	200.00M
Capital Lease Obligations	302.81M	329.23M	329.23M	231.20M	112.20M	58.45M	24.88M	43.15M	1.84M	2.50M	2.14M	2.72M	4.48M	5.37M	6.10M	0.00M	0.00M	0.07M	0.24M	0.28M	0.46M	0.47M	0.00M
Deferred Tax Liabilities	586.26M	629.17M	629.17M	590.74M	508.21M	520.73M	399.90M	403.68M	427.09M	438.83M	341.62M	398.47M	389.48M	394.81M	362.27M	276.01M	228.81M	93.22M	71.13M	67.44M	0.00M	0.00M	18.44M
Other Non-Current Liabilities	27.43M	30.15M	30.15M	23.56M	0.00M	0.00M	0.00M	0.00M	-2,337.88M	-2,517.17M	-2,100.24M	-2,295.19M	-2,257.53M	-2,082.80M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-393.64M	0.00M	0.00M
Total Non-Current Liabilities	65,910.61M	71,013.35M	71,013.35M	59,164.53M	65,366.29M	67,272.53M	47,936.14M	46,504.32M	36,335.96M	24,722.65M	17,981.41M	15,071.02M	12,368.03M	10,777.91M	10,364.72M	5,237.28M	5,579.71M	3,398.80M	1,071.37M	88.88M	-342.74M	0.47M	218.44M
Total Liabilities	181,027.19M	193,605.53M	196,423.72M	173,221.26M	167,263.77M	158,960.81M	131,381.72M	125,415.80M	91,131.90M	79,975.28M	72,636.12M	48,800.08M	43,930.81M	33,906.74M	24,064.28M	16,797.64M	13,801.89M	5,583.23M	5,838.40M	5,434.75M	4,135.16M	3,539.87M	3,662.49M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	8,733.19M	22.79M	2,348.83M	238.18M	534.04M	545.96M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	123.80M	125.94M	125.94M	125.94M	125.94M	125.94M	126.23M	126.23M	126.23M	126.23M	112.20M	101.41M	100.31M	97.22M	97.19M	89.67M	74.49M	73.86M	61.12M	0.00M	0.00M	0.00M	0.00M
Retained Earnings	50,690.11M	58,793.26M	58,793.26M	50,115.64M	44,801.94M	39,574.31M	34,828.98M	30,477.03M	27,065.70M	24,332.76M	20,323.75M	16,597.04M	10,826.80M	8,264.64M	6,008.07M	4,407.01M	0.00M	2,249.84M	1,825.35M	0.00M	0.00M	0.00M	0.00M
Accumulated OCI	0.00M	-5,647.85M	-5,647.85M	-1,231.35M	-7,623.74M	-3,740.10M	-6,401.90M	-8,995.55M	-8,733.19M	-22.79M	-2,348.83M	-238.18M	-534.04M	-545.96M	0.00M	0.00M	0.00M	0.00M	-368.06M	0.00M	0.00M	0.00M	0.00M
Minority Interest	2,904.23M	2,665.24M	2,665.24M	2,536.42M	2,205.14M	1,976.18M	1,386.57M	977.43M	745.41M	375.28M	222.36M	100.26M	167.57M	253.24M	343.14M	6.72M	3.95M	0.00M	0.00M	0.00M	0.00M	0.00M	189.47M
Total Shareholders’ Equity	50,813.91M	53,271.34M	53,271.34M	49,010.24M	37,304.14M	35,960.14M	28,553.32M	21,607.71M	27,191.93M	24,458.99M	20,435.95M	16,698.45M	10,927.11M	8,361.86M	6,105.26M	4,496.68M	74.49M	2,323.70M	1,518.41M	0.00M	0.00M	0.00M	0.00M
Total Equity	53,718.14M	55,936.58M	55,936.58M	51,546.65M	39,509.28M	37,936.32M	29,939.88M	22,585.14M	27,937.34M	24,834.27M	20,658.31M	16,798.71M	11,094.67M	8,615.09M	6,448.40M	4,503.40M	78.44M	2,323.70M	1,518.41M	0.00M	0.00M	0.00M	189.47M
Total Liabilities & Equity	234,745.33M	249,542.11M	252,360.29M	224,767.92M	206,773.05M	196,897.13M	161,321.60M	148,000.95M	119,069.25M	104,809.55M	93,294.43M	65,598.79M	55,025.48M	42,521.84M	30,512.68M	21,301.04M	13,880.32M	7,906.94M	7,356.81M	5,434.75M	4,135.16M	3,539.87M	3,851.95M
Tangible Assets	271,509.35M	267,421.85M	267,421.85M	244,903.52M	223,354.19M	214,078.22M	180,028.30M	156,141.61M	131,081.09M	115,919.93M	83,663.43M	68,964.69M	60,611.84M	45,292.12M	30,174.79M	21,402.59M	18,650.69M	16,131.19M	8,748.74M	7,605.90M	5,370.89M	4,727.91M	4,494.00M
Tangible Equity	50,452.30M	52,324.43M	52,324.43M	47,686.62M	34,788.52M	32,730.12M	24,693.61M	17,302.85M	22,896.34M	18,507.64M	14,671.12M	9,990.82M	3,785.38M	1,457.00M	-65.80M	-433.01M	68.49M	2,313.75M	1,518.41M	0.00M	0.00M	0.00M	189.47M
Tangible Book Value	50,452.30M	52,324.43M	52,324.43M	47,686.62M	34,788.52M	32,730.12M	24,693.61M	17,302.85M	22,896.34M	18,507.64M	14,671.12M	9,990.82M	3,785.38M	1,457.00M	-65.80M	-433.01M	68.49M	2,313.75M	1,518.41M	0.00M	0.00M	0.00M	189.47M
Total Investments	23,208.92M	24,713.73M	24,713.73M	91,633.43M	91,812.78M	94,899.64M	88,629.56M	76,387.48M	18,135.17M	15,275.66M	9,676.60M	8,137.03M	6,486.02M	3,057.89M	4,481.39M	4,023.13M	3,002.08M	1,201.39M	139.43M	146.37M	57.80M	29.35M	26.49M
Net Debt	51,127.60M	56,495.45M	56,495.45M	52,494.89M	58,847.27M	57,416.74M	37,814.39M	35,814.84M	23,115.04M	15,684.24M	9,708.86M	9,746.99M	7,366.43M	4,596.25M	3,328.23M	801.32M	1,621.16M	-2,191.96M	-863.04M	-1,494.11M	-1,628.08M	-1,562.94M	-1,121.25M

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
Working Capital	47,857.1M	48,062.5M	48,062.5M	32,567.8M	25,355.7M	21,034.5M	8,067.5M	4,393.9M	6,632.7M	3,479.4M	427.6M	711.8M	3,108.5M	6,291.5M	7,962.4M	2,829.9M	684.5M	5,181.6M	1,691.2M	1,027.9M	786.7M	742.0M	1,428.2M
Total Capital	160,011.7M	161,323.1M	161,323.1M	142,845.9M	140,343.8M	138,379.9M	109,415.9M	100,654.6M	87,254.7M	71,368.4M	46,644.4M	40,961.4M	34,653.5M	28,575.6M	23,561.1M	15,749.5M	9,970.3M	7,632.3M	3,560.6M	2,206.9M	988.9M	841.2M	1,314.1M
Capital Employed	144,551.9M	147,825.1M	147,825.1M	133,919.2M	126,025.5M	126,362.0M	106,871.8M	90,318.1M	82,492.1M	66,520.0M	46,458.3M	41,397.4M	35,358.0M	29,688.8M	24,737.3M	15,156.3M	10,447.2M	7,884.0M	3,759.8M	2,363.0M	974.5M	837.7M	1,516.3M
Invested Capital	126,814.5M	130,582.1M	130,582.1M	114,449.5M	116,836.3M	113,972.5M	86,960.5M	78,031.0M	69,329.0M	53,775.2M	35,159.7M	32,935.2M	27,201.0M	20,449.4M	16,844.1M	10,291.7M	6,240.6M	1,885.7M	1,660.5M	661.9M	-712.2M	-774.6M	-12.9M

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	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
Net Income	36,066.24M	16,106.18M	12,939.06M	12,103.55M	7,956.88M	6,800.88M	6,015.37M	5,413.21M	4,517.15M	5,490.09M	5,130.07M	4,524.13M	3,457.41M	2,749.55M	2,521.94M	1,844.30M	1,333.47M	722.08M	570.67M	447.96M	221.86M	146.53M	-0.07M
Depreciation & Amortization	1,838.59M	1,364.76M	957.71M	853.71M	687.69M	431.79M	415.52M	480.93M	374.64M	356.42M	354.11M	336.96M	314.30M	296.58M	273.99M	175.18M	81.23M	86.88M	12.13M	10.29M	9.02M	11.81M	4.92M
Deferred Income Tax	0.00M	36,190.95M	0.00M	0.00M	-5,074.37M	-10,628.28M	-12,194.48M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-519.68M	-140.47M	-75.18M	0.00M	0.00M	0.00M	0.00M
Stock-Based Compensation	13.97M	78.67M	7.40M	6.57M	34.13M	44.54M	14.22M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.36M	0.93M	1.69M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-47,505.39M	-41,231.64M	-11,419.70M	-12,348.80M	-10,231.87M	-9,189.20M	-11,055.14M	-10,395.28M	-12,960.81M	-13,162.01M	-10,488.85M	-7,713.07M	-7,099.36M	-9,199.06M	-5,215.89M	-2,466.83M	-850.22M	469.83M	-230.19M	-434.46M	-387.11M	131.52M	-196.95M
Accounts Receivable	-43,304.93M	-38,115.86M	-18,311.90M	-15,183.82M	-14,011.30M	-16,813.39M	-14,197.22M	-13,534.49M	-11,049.11M	-13,078.13M	-10,466.32M	-7,764.52M	-7,102.49M	-9,223.27M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	2,010.19M	473.84M	-2,813.81M	-2,331.91M	-2,846.49M	-1,279.14M	-2,144.38M	-476.99M	-1,911.70M	-83.88M	-22.53M	51.45M	3.14M	24.21M	-31.62M	-31.85M	-40.91M	8.63M	-10.33M	-9.35M	-2.06M	3.51M	-9.04M
Accounts Payable	0.00M	0.00M	16,855.72M	6,881.17M	13,192.93M	8,372.36M	4,992.39M	8,101.86M	4,791.97M	2,079.33M	8,225.52M	3,924.45M	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	-6,210.66M	-3,589.62M	-7,149.71M	-1,714.24M	-6,567.00M	530.97M	294.07M	-4,485.65M	-4,791.97M	-2,079.33M	-8,225.52M	-3,924.45M	-2,740.98M	23.82M	-5,184.27M	-2,434.98M	-809.32M	461.21M	-219.85M	-425.11M	-385.05M	128.01M	-187.91M
Other Non-Cash Items	8,265.07M	-18,686.42M	-477.01M	-2,787.74M	4,600.34M	9,930.53M	11,134.79M	1,988.27M	6,144.43M	2,469.79M	7,872.01M	3,149.96M	1,638.70M	3,067.49M	-919.86M	-557.15M	-4.13M	9.74M	22.30M	-442.37M	313.11M	-205.30M	697.22M
Net Cash from Operating Activities	-1,321.52M	-3,945.00M	2,007.46M	-2,172.71M	-2,027.21M	-2,609.75M	-5,669.71M	-2,512.87M	-1,924.60M	-4,845.71M	2,867.34M	297.97M	-1,688.94M	-3,085.44M	-3,339.81M	-1,004.50M	41.02M	1,149.00M	301.43M	-418.59M	156.88M	84.57M	505.13M
Capital Expenditures (PPE)	-1,131.36M	-923.32M	-1,151.52M	-565.42M	-362.86M	-686.41M	-548.38M	-502.78M	-805.88M	-1,410.11M	-177.74M	-425.48M	-514.49M	-378.54M	-403.44M	-522.20M	-364.54M	-132.56M	-215.12M	-124.58M	-76.99M	-39.27M	-45.67M
Acquisitions (Net)	589.52M	1,220.41M	68.26M	0.00M	753.19M	467.21M	-609.32M	217.20M	-364.32M	35.48M	-4,755.78M	41.46M	-1,875.00M	-100.90M	-565.06M	39.56M	-790.21M	-7.97M	-5.04M	31.01M	10.87M	0.93M	36.92M
Purchases of Investments	-534.46M	-6,945.68M	0.00M	-841.01M	-3,256.44M	-6,061.60M	0.00M	-5,956.23M	-6,337.30M	-5,437.59M	-1,640.04M	-1,164.34M	-323.81M	-794.17M	-245.78M	-106.43M	-486.54M	-3.08M	-3.89M	-59.07M	-155.37M	0.00M	0.00M
Sales / Maturities of Investments	1,276.42M	4,302.02M	0.00M	1,694.10M	2,762.02M	741.28M	1,549.20M	983.89M	70.83M	83.97M	111.31M	26.33M	282.28M	331.76M	43.23M	546.55M	751.40M	12.33M	4.31M	102.96M	157.82M	0.00M	0.00M
Other Investing Activities	-131.62M	-4.30M	2,220.05M	167.56M	-89.37M	0.00M	-66.96M	0.00M	482.70M	1,928.06M	771.72M	586.83M	339.70M	1,071.90M	713.59M	-121.32M	-535.05M	-523.13M	-138.23M	-128.54M	-2.28M	231.88M	295.84M
Net Cash from Investing Activities	68.50M	-2,350.88M	1,136.79M	455.22M	-193.46M	-5,539.51M	324.54M	-5,257.91M	-6,953.97M	-4,800.19M	-5,690.53M	-935.19M	-2,091.32M	130.06M	-457.46M	-163.84M	-1,424.95M	-654.41M	-357.97M	-178.22M	-65.95M	193.54M	287.09M
Net Debt Issuance	18,365.78M	16,373.49M	8,893.89M	8,520.74M	5,128.31M	11,723.52M	7,428.37M	13,970.31M	8,914.90M	11,373.44M	3,741.42M	3,115.07M	4,741.48M	5,651.88M	4,621.88M	2,345.38M	1,392.53M	807.94M	1,073.27M	-8.31M	-134.94M	-238.00M	0.42M
Long-Term Debt Issuance	15,571.54M	8,859.50M	11,902.58M	8,744.45M	4,896.23M	14,076.86M	7,428.37M	5,121.60M	8,914.90M	11,373.44M	3,741.42M	3,115.07M	4,741.48M	5,651.88M	4,621.88M	2,345.38M	1,392.53M	807.94M	1,073.27M	-8.31M	-134.94M	-238.00M	0.42M
Short-Term Debt Issuance	2,794.24M	7,513.99M	-3,008.69M	-223.71M	232.08M	-2,339.22M	0.00M	2,340.00M	0.00M	0.00M	0.00M	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 Stock Issuance	-894.66M	-3,954.73M	-3,900.00M	0.00M	0.00M	-54.73M	0.00M	0.00M	0.00M	6,307.34M	4,809.96M	9.90M	1.44M	0.29M	2,271.16M	3,586.51M	5.84M	1,370.94M	-9.35M	998.13M	7.06M	0.00M	0.00M
Common Stock Issuance	-894.66M	0.00M	-3,900.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	6,307.34M	4,809.96M	9.90M	1.44M	0.29M	2,271.16M	3,586.51M	5.84M	1,370.94M	6.40M	1,008.97M	7.06M	0.00M	0.00M
Common Stock Repurchased	0.00M	-3,954.73M	0.00M	0.00M	0.00M	-54.73M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-15.75M	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	-10.84M	0.00M	0.00M	0.00M
Net Dividends Paid	-5,692.51M	-4,206.41M	-3,098.14M	-2,594.37M	-2,241.74M	-1,964.67M	-1,666.22M	-1,413.76M	-1,767.21M	-1,481.09M	-1,403.36M	-1,210.31M	-895.25M	-699.97M	-523.19M	-430.38M	-251.56M	-186.59M	-199.88M	0.00M	0.00M	0.00M	0.00M
Common Dividends Paid	-5,692.51M	-4,206.41M	-3,098.14M	-2,594.37M	-2,241.74M	-1,964.67M	-1,666.22M	-1,413.76M	-1,767.21M	-1,481.09M	-1,403.36M	-1,210.31M	-895.25M	-699.97M	-523.19M	-430.38M	-251.56M	-186.59M	-199.88M	-104.13M	0.00M	0.00M	0.00M
Preferred Dividends Paid	0.00M	-456.30M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-191.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-3,089.27M	7,595.72M	-2,244.85M	2,014.10M	-162.41M	-58.51M	-48.41M	-51.78M	2,433.42M	-946.78M	-650.35M	-605.21M	-675.40M	-715.12M	-1,348.00M	-2,607.40M	-1,924.25M	1,360.63M	-455.45M	-841.16M	-436.46M	186.26M	-477.72M
Net Cash from Financing Activities	8,689.35M	16,983.33M	-349.09M	7,940.46M	2,724.16M	9,645.62M	5,713.74M	12,504.77M	9,581.11M	15,252.92M	6,497.67M	1,309.45M	3,172.27M	4,046.08M	5,047.62M	2,894.11M	-777.45M	3,352.92M	408.60M	24.52M	-109.95M	12.65M	-477.30M
Effect of FX on Cash	-335.92M	-1,697.76M	-534.87M	-1,272.43M	-1,403.36M	453.67M	1,137.12M	-36.07M	-349.22M	479.65M	-216.19M	-164.60M	-48.13M	149.46M	3.84M	3.93M	31.62M	-1.10M	3.57M	-1.90M	-0.72M	0.00M	0.00M
Net Change in Cash	4,196.04M	8,669.64M	2,260.29M	4,950.54M	-899.87M	1,952.06M	-168.26M	4,697.91M	353.33M	6,086.67M	3,458.28M	520.78M	-656.12M	1,291.16M	1,254.18M	1,729.71M	-2,129.75M	3,846.40M	355.62M	-574.18M	-19.73M	290.76M	314.92M
Cash at Beginning of Period	89,542.01M	96,190.21M	28,391.64M	23,501.18M	24,407.42M	22,455.36M	22,623.62M	17,925.71M	17,570.87M	11,484.19M	8,025.91M	7,505.13M	8,161.25M	6,870.10M	5,457.81M	3,728.10M	5,857.85M	1,900.17M	1,544.55M	2,118.73M	1,706.56M	1,321.67M	1,006.75M
Cash at End of Period	93,678.03M	104,859.86M	30,651.93M	28,391.64M	23,507.55M	24,407.42M	22,455.36M	22,623.62M	17,924.20M	17,570.87M	11,484.19M	8,025.91M	7,505.13M	8,161.25M	6,711.99M	5,457.81M	3,728.10M	5,746.57M	1,900.17M	1,544.55M	1,686.83M	1,612.43M	1,321.67M
Operating Cash Flow	-415.80M	-3,945.00M	2,007.46M	500.99M	-2,027.21M	-2,609.75M	-5,669.71M	-2,512.87M	-1,924.60M	-4,845.71M	2,867.34M	297.97M	-1,688.94M	-3,085.44M	-3,339.81M	-1,004.50M	41.02M	1,149.00M	301.43M	-418.59M	156.88M	84.57M	505.13M
Capital Expenditure	-1,884.24M	-923.32M	-1,151.52M	-565.42M	-362.86M	-686.41M	-548.38M	-502.78M	-805.88M	-1,410.11M	-177.74M	-425.48M	-514.49M	-378.54M	-403.44M	-522.20M	-364.54M	-132.56M	-215.12M	-124.58M	-76.99M	-39.27M	-45.67M
Free Cash Flow	-2,300.03M	-4,868.32M	855.94M	-64.43M	-2,390.07M	-3,296.15M	-6,218.09M	-3,015.65M	-2,730.47M	-6,255.82M	2,689.60M	-127.51M	-2,203.43M	-3,463.98M	-3,743.26M	-1,526.70M	-323.52M	1,016.43M	86.31M	-543.17M	79.90M	45.30M	459.46M

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
EBITDA	30,373.06M	24,870.55M	15,925.71M	14,552.30M	12,240.06M	10,259.05M	7,940.57M	8,080.08M	7,692.31M	6,594.47M	5,241.74M	4,457.29M	4,024.26M	3,000.07M	1,974.06M	1,419.17M	925.58M	713.40M	509.70M	746.29M	218.36M	173.80M	235.64M
(-) Tax Adjustment	6,664.31M	5,545.59M	3,522.93M	2,874.26M	2,622.31M	2,130.80M	1,695.41M	2,133.43M	2,043.93M	1,219.51M	875.85M	572.82M	655.91M	475.54M	301.70M	257.10M	148.00M	108.23M	59.20M	115.90M	39.62M	29.79M	41.82M
(-) Change In Working Capital	-47,505.39M	-41,231.64M	-11,419.70M	-12,348.80M	-10,231.87M	-9,189.20M	-11,055.14M	-10,395.28M	-12,960.81M	-13,162.01M	-10,488.85M	-7,713.07M	-7,099.36M	-9,199.06M	-5,215.89M	-2,466.83M	-850.22M	469.83M	-230.19M	-434.46M	-387.11M	131.52M	-196.95M
(-) Capital Expenditure	-1,884.24M	-923.32M	-1,151.52M	-565.42M	-362.86M	-686.41M	-548.38M	-502.78M	-805.88M	-1,410.11M	-177.74M	-425.48M	-514.49M	-378.54M	-403.44M	-522.20M	-364.54M	-132.56M	-215.12M	-124.58M	-76.99M	-39.27M	-45.67M
Unlevered Free Cash Flow	69,329.90M	59,633.28M	22,670.96M	23,461.42M	19,486.76M	16,631.05M	16,751.91M	15,839.15M	17,803.31M	17,126.86M	14,677.00M	11,172.06M	9,953.21M	11,345.04M	6,484.80M	3,106.69M	1,263.26M	2.77M	465.57M	940.27M	488.86M	-26.78M	345.09M
(-) Net Interest Income After Taxes	-4,407.49M	-4,252.88M	-2,252.90M	-2,332.31M	-2,098.66M	-1,821.23M	-1,793.25M	-1,350.46M	-1,116.83M	-710.12M	-451.30M	-372.57M	-252.08M	-245.51M	110.23M	-14.96M	-13.07M	-6.00M	8.25M	-110.24M	0.00M	0.00M	-15.67M
Net Debt Issuance	18,365.78M	16,373.49M	8,893.89M	8,520.74M	5,128.31M	11,723.52M	7,428.37M	13,970.31M	8,914.90M	11,373.44M	3,741.42M	3,115.07M	4,741.48M	5,651.88M	4,621.88M	2,345.38M	1,392.53M	807.94M	1,073.27M	-8.31M	-134.94M	-238.00M	0.42M
Levered Free Cash Flow	92,103.17M	80,259.65M	33,817.75M	34,314.47M	26,713.73M	30,175.80M	25,973.53M	31,159.92M	27,835.04M	29,210.42M	18,869.71M	14,659.70M	14,946.77M	17,242.44M	10,996.45M	5,467.04M	2,668.86M	816.72M	1,530.58M	1,042.20M	353.92M	-264.78M	361.18M