Huishang Bank Corporation Limited (3698.HK)

Industry: Banks - Regional Sector: Financial Services Currency Used: CN Live Price: $3.27

Enterprise Value

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012
Stock Price	2.28	2.22	2.18	2.13	2.30	2.64	2.92	3.21	2.97	2.80	2.54	2.55	2.66
Market Capitalization	34,016.52M	32,143.55M	30,244.93M	29,765.25M	27,959.73M	32,345.94M	35,579.73M	39,103.17M	36,185.76M	34,006.25M	31,009.78M	23,931.03M	29,843.63M
(-) Cash & Equivalents	21,501.69M	82,796.07M	36,405.61M	37,839.55M	32,731.68M	50,261.18M	27,454.64M	20,837.59M	23,351.13M	25,158.86M	25,604.28M	53,127.48M	21,432.11M
(+) Total Debt	70,947.40M	183,908.90M	198,789.46M	184,120.07M	175,972.93M	155,323.96M	111,464.40M	109,115.11M	89,652.46M	64,776.44M	13,868.50M	8,985.83M	1,330.61M
Enterprise Value	83,462.23M	133,256.37M	192,628.78M	176,045.77M	171,200.97M	137,408.73M	119,589.49M	127,380.69M	102,487.09M	73,623.83M	19,274.00M	-20,210.62M	9,742.13M

Income Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31
Revenue	58,125M	55,063M	33,765M	27,796M	29,359M	22,160M	19,675M	19,415M	16,886M	15,306M	14,431M	13,320M	11,551M	9,737M	9,235M
Cost of Revenue	0M	-190M	37,743M	-9,155M	32,258M	30,257M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Gross Profit	58,125M	55,253M	-3,978M	36,951M	-2,898M	-8,098M	19,675M	19,415M	16,886M	15,306M	14,431M	13,320M	11,551M	9,737M	9,235M
Gross Profit Margin	100.0%	100.3%	-11.8%	132.9%	-9.9%	-36.5%	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
SG&A Expenses	19,233M	17,454M	9,829M	9,258M	8,678M	7,906M	6,873M	6,571M	5,789M	5,419M	4,801M	3,894M	3,142M	2,532M	784M
Operating Expenses	19,233M	21,640M	10,695M	9,258M	19,052M	20,077M	6,873M	7,115M	6,065M	5,693M	5,619M	5,347M	4,140M	3,338M	3,132M
Operating Income (EBIT)	38,891M	33,613M	-14,673M	27,693M	-21,950M	-28,175M	12,802M	12,301M	10,821M	9,613M	8,813M	7,973M	7,411M	6,399M	6,103M
Operating Income Margin	66.9%	61.0%	-43.5%	99.6%	-74.8%	-127.1%	65.1%	63.4%	64.1%	62.8%	61.1%	59.9%	64.2%	65.7%	66.1%
Interest Income	0M	0M	66,334M	64,992M	60,962M	57,114M	51,310M	47,829M	39,668M	39,416M	32,702M	28,941M	23,057M	18,857M	15,161M
Interest Expense	0M	0M	37,743M	36,272M	32,258M	30,257M	25,558M	23,103M	21,701M	19,220M	14,362M	14,098M	11,634M	9,254M	6,593M
Net Interest Income	0M	0M	28,591M	28,720M	28,705M	26,856M	25,752M	24,726M	17,967M	20,197M	18,340M	14,843M	11,423M	9,603M	8,569M
Unusual Items	-2,421M	-190M	4,071M	-38,756M	10,561M	14,856M	-26,472M	-24,726M	-17,967M	-20,197M	-18,340M	-14,843M	-11,423M	-9,603M	-8,992M
EBT Excluding Unusual Items	38,891M	33,613M	13,918M	56,413M	6,754M	-1,318M	38,554M	37,027M	28,788M	29,809M	27,152M	22,816M	18,833M	16,002M	14,672M
Pre-Tax Income	36,471M	33,423M	17,989M	17,657M	17,315M	13,537M	12,083M	12,301M	10,821M	9,613M	8,813M	7,973M	7,411M	6,399M	5,680M
Pre-Tax Margin	62.7%	60.7%	53.3%	63.5%	59.0%	61.1%	61.4%	63.4%	64.1%	62.8%	61.1%	59.9%	64.2%	65.7%	61.5%
Income Tax Expense	4,720M	5,561M	2,072M	2,666M	3,632M	1,752M	2,161M	2,239M	1,961M	1,801M	1,816M	1,761M	1,734M	1,473M	1,374M
Net Income	30,855M	25,438M	15,414M	14,433M	13,398M	11,460M	9,570M	9,819M	8,747M	7,615M	6,870M	6,161M	5,673M	4,926M	4,306M
Net Income Margin	53.1%	46.2%	45.7%	51.9%	45.6%	51.7%	48.6%	50.6%	51.8%	49.8%	47.6%	46.3%	49.1%	50.6%	46.6%
Depreciation & Amortization	-8,325M	-36,522M	1,081M	1,079M	1,036M	999M	842M	731M	435M	440M	373M	-7,922M	-7,368M	-6,377M	201M
EBITDA	30,566M	-2,909M	-13,593M	28,773M	-20,914M	-27,175M	13,644M	13,031M	11,256M	10,052M	9,185M	51M	43M	21M	6,304M
EBITDA Margin	52.6%	-5.3%	-40.3%	103.5%	-71.2%	-122.6%	69.3%	67.1%	66.7%	65.7%	63.6%	0.4%	0.4%	0.2%	68.3%
NOPAT	33,858M	28,021M	-12,983M	23,511M	-17,346M	-24,528M	10,512M	10,062M	8,860M	7,812M	6,996M	6,212M	5,676M	4,926M	4,627M
NOPAT Margin	58.3%	50.9%	-38.5%	84.6%	-59.1%	-110.7%	53.4%	51.8%	52.5%	51.0%	48.5%	46.6%	49.1%	50.6%	50.1%
Owner's Earnings	21,085M	-12,406M	15,926M	14,890M	13,873M	11,639M	9,444M	10,106M	8,425M	7,311M	6,684M	-2,288M	-2,114M	-1,826M	4,092M
Owner's Earnings Margin	36.3%	-22.5%	47.2%	53.6%	47.3%	52.5%	48.0%	52.1%	49.9%	47.8%	46.3%	-17.2%	-18.3%	-18.8%	44.3%
EPS (Basic)	2.13	1.82	1.05	1.00	0.93	0.76	0.72	0.78	0.72	0.60	0.57	0.51	0.47	0.52	0.35
EPS (Diluted)	2.22	1.83	1.11	1.04	0.96	0.83	0.79	0.81	0.72	0.63	0.57	0.51	0.46	0.52	0.35
Shares (Basic)	14,704M	13,973M	13,890M	14,433M	13,890M	13,890M	12,160M	12,155M	12,155M	12,155M	12,155M	12,155M	12,155M	9,394M	12,155M
Shares (Diluted)	13,890M	13,890M	13,890M	13,890M	13,890M	13,890M	12,160M	12,155M	12,155M	12,155M	12,155M	12,155M	12,236M	9,394M	12,155M

Balance Sheet

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31
Cash & Cash Equivalents	148,077.80M	24,778.07M	24,778.07M	148,181.36M	36,567.41M	19,722.85M	42,395.38M	45,696.18M	25,864.84M	27,280.45M	16,060.28M	24,673.40M	19,246.51M	37,529.21M	64,296.33M
Short-Term Investments	0.00M	0.00M	0.00M	-120,675.69M	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	148,077.80M	24,778.07M	24,778.07M	27,505.68M	36,567.41M	19,722.85M	42,395.38M	45,696.18M	25,864.84M	27,280.45M	16,060.28M	24,673.40M	19,246.51M	37,529.21M	64,296.33M
Net Receivables	90,154.54M	91,789.71M	91,789.71M	70,111.90M	51,053.60M	52,389.19M	30,454.42M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1,409.21M
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
Other Current Assets	0.00M	-91,789.71M	-91,789.71M	-70,111.90M	-51,053.60M	-52,389.19M	-30,454.42M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	201,351.53M
Total Current Assets	238,232.34M	24,778.07M	24,778.07M	27,505.68M	36,567.41M	19,722.85M	42,395.38M	45,696.18M	25,864.84M	27,280.45M	16,060.28M	24,673.40M	19,246.51M	37,529.21M	267,057.06M
Property, Plant & Equipment	5,396.76M	5,402.21M	5,402.21M	5,688.32M	5,641.36M	5,711.93M	5,807.19M	3,117.36M	2,231.72M	1,943.33M	1,719.24M	1,617.38M	1,415.03M	1,512.19M	1,413.35M
Goodwill	10,670.78M	10,670.78M	10,670.78M	11,547.39M	11,776.08M	14,567.83M	14,567.83M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	620.47M	512.98M	512.98M	485.75M	583.78M	599.00M	450.56M	418.29M	329.93M	321.61M	270.14M	256.16M	266.97M	74.95M	73.05M
Long-Term Investments	996,350.69M	902,714.43M	902,714.43M	470,571.23M	602,731.79M	548,080.86M	515,139.22M	478,732.10M	505,954.09M	208,167.92M	179,402.58M	141,795.90M	104,997.24M	60,012.72M	55,680.91M
Tax Assets	16,957.66M	0.00M	0.00M	0.00M	-584,730.58M	-527,202.10M	-494,313.65M	-475,196.46M	-503,392.45M	-205,902.98M	-177,413.20M	-139,922.36M	-103,315.23M	-58,425.59M	0.00M
Other Non-Current Assets	983,625.74M	1,069,674.61M	1,069,674.61M	1,760,808.63M	-18,001.21M	-20,878.76M	-20,825.57M	-3,535.64M	-2,561.65M	-2,264.94M	-1,989.39M	-1,873.54M	-1,682.01M	-1,587.14M	0.00M
Other Assets	0.00M	0.00M	0.00M	-470,463.45M	1,525,667.06M	1,343,060.23M	1,208,479.75M	1,082,489.41M	1,022,079.83M	878,554.32M	736,724.33M	609,583.68M	461,835.79M	342,992.74M	0.00M
Total Non-Current Assets	2,013,622.09M	1,988,975.01M	1,988,975.01M	1,778,637.87M	1,543,668.28M	1,363,938.98M	1,229,305.32M	1,086,025.06M	1,024,641.47M	880,819.25M	738,713.71M	611,457.22M	463,517.80M	344,579.88M	57,167.30M
Total Assets	2,251,854.43M	2,013,753.07M	2,013,753.07M	1,806,143.55M	1,580,235.69M	1,383,661.83M	1,271,700.70M	1,131,721.24M	1,050,506.31M	908,099.70M	754,773.99M	636,130.62M	482,764.31M	382,109.09M	324,224.36M
Accounts Payable	29,047.39M	29,646.89M	29,646.89M	24,115.05M	20,804.80M	0.00M	0.00M	0.00M	0.00M	9,271.29M	7,094.66M	5,988.93M	4,114.77M	2,897.81M	1,937.54M
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	0.00M
Tax Payables	2,381.75M	2,035.75M	2,035.75M	1,974.54M	2,907.82M	3,827.95M	2,628.24M	3,222.55M	3,242.86M	2,822.63M	1,559.26M	1,467.36M	824.51M	375.78M	504.46M
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	0.00M
Other Current Liabilities	1,421,009.75M	0.00M	0.00M	1,008.86M	-23,661.79M	-5,872.75M	-5,355.29M	-5,828.09M	-17,334.11M	-2,452.05M	-1,623.24M	-1,676.59M	-711.67M	-201.59M	-1,749.88M
Total Current Liabilities	1,452,438.89M	31,682.64M	31,682.64M	27,098.44M	50.83M	-2,044.80M	-2,727.04M	-2,605.54M	-14,091.25M	9,641.87M	7,030.68M	5,779.69M	4,227.61M	3,071.99M	692.11M
Long-Term Debt	325,802.61M	69,414.19M	69,414.19M	60,197.65M	33,623.01M	32,419.34M	34,932.37M	52,418.85M	21,283.98M	34,036.19M	33,585.25M	23,620.01M	8,988.10M	8,986.42M	3,991.83M
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	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	0.00M
Other Non-Current Liabilities	309,436.10M	1,749,397.13M	1,749,397.13M	1,599,219.06M	0.00M	0.00M	0.00M	0.00M	-21,283.98M	-34,036.19M	-33,585.25M	-23,620.01M	-8,988.10M	-8,986.42M	-3,991.83M
Total Non-Current Liabilities	635,238.71M	1,818,811.33M	1,818,811.33M	1,659,416.71M	33,623.01M	32,419.34M	34,932.37M	52,418.85M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Liabilities	2,087,677.60M	1,850,493.97M	1,850,493.97M	1,686,515.15M	33,673.84M	30,374.55M	32,205.32M	49,813.31M	-14,091.25M	9,641.87M	7,030.68M	5,779.69M	4,227.61M	3,071.99M	692.11M
Preferred Stock	0.00M	0.00M	0.00M	37,532.59M	0.00M	0.00M	5,990.09M	5,990.09M	5,990.09M	5,990.09M	5,990.09M	0.00M	109.41M	909.55M	0.00M
Common Stock	13,889.80M	13,889.80M	13,889.80M	13,889.80M	13,889.80M	13,889.80M	13,889.80M	12,154.80M	12,154.80M	11,049.82M	11,049.82M	11,049.82M	11,049.82M	11,049.82M	8,174.82M
Retained Earnings	65,002.37M	104,255.23M	104,255.23M	91,738.75M	79,587.31M	67,915.90M	57,292.54M	50,478.72M	41,720.11M	34,782.35M	28,201.20M	23,087.65M	18,682.77M	14,733.81M	7,064.41M
Accumulated OCI	22,552.42M	24,386.23M	24,386.23M	22,435.33M	11,211.34M	11,839.09M	10,949.44M	11,824.94M	1,587.08M	-870.00M	-120.75M	270.64M	-109.41M	-909.55M	-775.33M
Minority Interest	4,435.13M	4,216.90M	4,216.90M	3,743.77M	3,214.02M	2,951.67M	2,631.57M	2,284.63M	2,064.93M	1,508.78M	1,311.92M	1,186.12M	178.70M	46.81M	0.00M
Total Shareholders’ Equity	101,444.60M	142,531.26M	142,531.26M	165,596.47M	104,688.45M	93,644.79M	88,121.87M	80,448.55M	61,452.08M	50,952.26M	45,120.36M	34,408.10M	29,732.59M	25,783.63M	14,463.90M
Total Equity	105,879.72M	146,748.15M	146,748.15M	169,340.24M	107,902.46M	96,596.45M	90,753.44M	82,733.18M	63,517.01M	52,461.05M	46,432.28M	35,594.22M	29,911.29M	25,830.44M	14,463.90M
Total Liabilities & Equity	2,193,557.32M	1,997,242.12M	1,997,242.12M	1,855,855.39M	141,576.30M	126,971.00M	122,958.76M	132,546.49M	49,425.76M	62,102.91M	53,462.96M	41,373.91M	34,138.90M	28,902.43M	15,156.01M
Tangible Assets	2,240,563.18M	2,002,569.32M	2,002,569.32M	1,794,110.41M	1,567,875.83M	1,368,495.00M	1,256,682.31M	1,131,302.95M	1,050,176.38M	907,778.09M	754,503.85M	635,874.47M	482,497.34M	382,034.14M	324,151.31M
Tangible Equity	94,588.47M	135,564.40M	135,564.40M	157,307.10M	95,542.60M	81,429.63M	75,735.06M	82,314.90M	63,187.09M	52,139.44M	46,162.13M	35,338.07M	29,644.32M	25,755.49M	14,390.85M
Tangible Book Value	94,588.47M	135,564.40M	135,564.40M	157,307.10M	95,542.60M	81,429.63M	75,735.06M	82,314.90M	63,187.09M	52,139.44M	46,162.13M	35,338.07M	29,644.32M	25,755.49M	14,390.85M
Total Investments	996,350.69M	902,714.43M	902,714.43M	470,571.23M	602,731.79M	548,080.86M	515,139.22M	478,732.10M	505,954.09M	208,167.92M	179,402.58M	141,795.90M	104,997.24M	60,012.72M	55,680.91M
Net Debt	177,724.81M	44,636.13M	44,636.13M	-87,983.72M	-2,944.40M	12,696.50M	-7,463.01M	6,722.67M	-4,580.85M	6,755.74M	17,524.97M	-1,053.39M	-10,258.42M	-28,542.80M	-60,304.50M

Capital Metrics

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31
Working Capital	-1,211,824.8M	-7,144.2M	-7,144.2M	252.2M	12,251.1M	-351.4M	24,452.4M	32,422.0M	13,745.9M	15,707.7M	7,203.0M	17,341.3M	13,681.9M	32,695.5M	265,119.5M
Total Capital	487,926.1M	226,864.5M	226,864.5M	325,633.9M	338,567.8M	140,983.3M	137,973.4M	271,815.2M	160,108.3M	177,841.3M	145,349.8M	120,584.8M	55,125.2M	40,611.5M	24,472.8M
Capital Employed	801,797.3M	1,981,830.8M	1,981,830.8M	1,778,890.1M	1,555,919.4M	1,363,587.6M	1,253,757.7M	1,118,447.0M	1,038,387.4M	896,526.9M	745,916.7M	628,798.5M	477,199.7M	377,275.4M	322,286.8M
Invested Capital	339,848.3M	202,086.4M	202,086.4M	177,452.6M	302,000.4M	121,260.5M	95,578.1M	226,119.0M	134,243.4M	150,560.8M	129,289.5M	95,911.4M	35,878.7M	3,082.3M	-39,823.6M

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	2012-12-31
Net Income	30,855.08M	26,764.85M	17,988.84M	17,656.91M	13,397.60M	11,460.38M	9,569.72M	9,818.78M	8,747.03M	7,614.88M	6,870.47M	6,160.66M	5,672.74M	4,926.20M	5,680.04M
Depreciation & Amortization	2,186.07M	1,692.16M	1,080.59M	1,079.40M	871.19M	861.34M	745.19M	630.08M	337.47M	346.37M	288.08M	251.54M	239.43M	189.17M	201.20M
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	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	0.00M
Change in Working Capital	-116,834.53M	-95,164.91M	-173,834.05M	81,699.00M	-102,764.64M	26,414.15M	-48,738.06M	-57,857.58M	97,033.43M	48,967.60M	64,769.70M	61,721.94M	30,594.05M	6,478.12M	-1,491.73M
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
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
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
Other Working Capital	-116,834.53M	-95,164.91M	-173,834.05M	81,699.00M	-102,764.64M	26,414.15M	-48,738.06M	-75,755.44M	-67,564.60M	-14,789.38M	-35,798.07M	-53,253.35M	-18,761.36M	-40,653.35M	0.00M
Other Non-Cash Items	-32,762.38M	-24,034.41M	-4,104.00M	-9,850.56M	138,683.55M	-1,722.86M	-16,178.36M	-34,674.58M	-167,963.39M	-70,557.67M	-109,831.40M	-117,995.29M	-52,491.56M	-47,059.99M	-3,079.82M
Net Cash from Operating Activities	-116,555.77M	-90,742.32M	-158,868.61M	90,584.75M	50,187.69M	37,013.01M	-54,601.50M	-82,083.30M	-61,845.45M	-13,628.83M	-37,903.15M	-49,861.16M	-15,985.35M	-35,466.51M	1,309.70M
Capital Expenditures (PPE)	-1,444.38M	-1,321.62M	-568.84M	-622.98M	-560.07M	-820.85M	-968.42M	-443.70M	-757.90M	-743.75M	-559.50M	-526.32M	-419.45M	-374.96M	-415.60M
Acquisitions (Net)	-23.92M	0.00M	-23.92M	0.00M	83,907.33M	54,196.67M	-30,530.52M	-34,599.57M	82,508.36M	-304.00M	106,699.96M	118,410.61M	661.38M	-66.46M	0.00M
Purchases of Investments	0.00M	0.00M	0.00M	-600,355.55M	-174,120.79M	-166,401.49M	-137,250.12M	-240,527.94M	-449,015.81M	-621,803.48M	-235,890.31M	-162,018.36M	-72,047.07M	-24,266.08M	-56,729.06M
Sales / Maturities of Investments	0.00M	0.00M	0.00M	520,339.76M	90,213.46M	112,204.82M	140,505.02M	275,127.52M	366,507.45M	534,619.49M	129,190.36M	43,607.74M	22,220.16M	18,211.00M	45,992.68M
Other Investing Activities	-207,197.39M	-89,031.06M	-68,403.12M	19,840.85M	-64,404.67M	-35,369.09M	18,446.76M	55,158.89M	-64,407.17M	21,280.45M	15,057.05M	7,418.07M	3,401.80M	2,465.87M	2,005.08M
Net Cash from Investing Activities	-208,665.69M	-90,352.68M	-68,995.88M	-60,797.92M	-64,964.73M	-36,189.93M	-9,797.28M	54,715.19M	-65,165.07M	-66,951.29M	-92,202.41M	-111,518.86M	-46,183.19M	-4,030.63M	-9,146.89M
Net Debt Issuance	54,026.50M	-39,605.28M	97,075.00M	-39,901.80M	35,077.73M	2,533.99M	-3,136.75M	5,050.12M	61,414.80M	20,437.71M	10,863.78M	56,462.80M	11,579.71M	4,992.70M	0.00M
Long-Term Debt Issuance	54,026.50M	-39,605.28M	97,075.00M	-39,901.80M	35,077.73M	2,533.99M	-2,757.56M	5,050.12M	61,414.80M	20,437.71M	10,863.78M	56,462.80M	11,579.71M	4,992.70M	0.00M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-379.18M	-316.95M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-10,000.00M	0.00M	-10,000.00M	9,999.55M	0.00M	-5,678.58M	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	9,999.58M	9,999.55M	0.00M	252,286.52M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	7,819.34M	0.00M
Common Stock Repurchased	-10,000.00M	0.00M	-10,000.00M	0.00M	0.00M	-5,678.58M	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	-9,999.58M	0.00M	0.00M	-5,678.58M	0.00M	0.00M	0.00M	0.00M	5,990.09M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-8,886.23M	-8,961.87M	-3,267.61M	-3,730.36M	-6,416.62M	-5,786.50M	-7,159.68M	-5,279.71M	-5,015.66M	-2,515.20M	-4,161.28M	-2,245.23M	-2,140.31M	-1,076.23M	-1,085.99M
Common Dividends Paid	-8,886.23M	-8,961.87M	-3,267.61M	-6,890.72M	-6,416.62M	-5,786.50M	-7,159.68M	-5,279.71M	-5,015.66M	-2,515.20M	-4,161.28M	-2,245.23M	-2,140.31M	-1,076.23M	-1,085.99M
Preferred Dividends Paid	0.00M	0.00M	0.00M	3,160.36M	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	299,456.85M	201,092.52M	143,211.24M	0.00M	-385.62M	-381.93M	71,629.44M	39,273.66M	77,591.10M	60,869.60M	109,650.98M	116,222.57M	48,367.69M	53,228.66M	0.00M
Net Cash from Financing Activities	334,597.11M	152,525.37M	227,018.63M	-33,632.62M	28,275.49M	-9,313.02M	61,333.01M	39,044.06M	133,990.25M	78,792.11M	116,353.49M	170,440.14M	57,807.09M	57,145.14M	-1,085.99M
Effect of FX on Cash	59.78M	317.06M	-9.92M	109.21M	327.75M	-437.47M	-235.04M	-48.93M	-191.01M	293.98M	221.99M	116.51M	-39.84M	-20.07M	-9.35M
Net Change in Cash	52,993.01M	-28,252.56M	-855.78M	-3,736.58M	13,826.20M	-8,927.41M	-3,300.80M	11,627.03M	6,788.71M	-1,494.03M	-13,530.08M	9,176.63M	-4,401.29M	17,627.93M	-8,932.52M
Cash at Beginning of Period	67,957.12M	184,652.89M	43,557.59M	47,294.16M	33,467.97M	42,395.38M	45,696.18M	34,069.16M	27,280.45M	28,774.47M	42,304.56M	33,127.92M	37,529.21M	19,901.28M	28,833.81M
Cash at End of Period	120,950.13M	156,400.33M	42,701.81M	43,557.59M	47,294.16M	33,467.97M	42,395.38M	45,696.18M	34,069.16M	27,280.45M	28,774.47M	42,304.56M	33,127.92M	37,529.21M	19,901.28M
Operating Cash Flow	-116,555.77M	-90,742.32M	-158,868.61M	90,584.75M	50,187.69M	37,013.01M	-54,601.50M	-82,083.30M	-61,845.45M	-13,628.83M	-37,903.15M	-49,861.16M	-15,985.35M	-35,466.51M	1,309.70M
Capital Expenditure	-1,444.38M	-1,321.62M	-568.84M	-622.98M	-560.07M	-820.85M	-968.42M	-443.70M	-757.90M	-743.75M	-559.50M	-526.32M	-419.45M	-374.96M	-415.60M
Free Cash Flow	-118,000.15M	-92,063.93M	-159,437.45M	89,961.77M	49,627.62M	36,192.16M	-55,569.93M	-82,527.00M	-62,603.35M	-14,372.57M	-38,462.65M	-50,387.48M	-16,404.80M	-35,841.47M	894.11M

Free Cash Flow

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31
EBITDA	30,565.80M	1,277.14M	-12,726.34M	28,772.55M	-10,539.82M	-15,004.89M	13,644.49M	13,575.38M	11,532.21M	10,326.29M	10,003.36M	1,504.12M	1,041.17M	827.61M	8,652.17M
(-) Tax Adjustment	3,955.99M	212.50M	-1,465.76M	4,344.92M	-2,210.86M	-1,942.07M	2,440.69M	2,471.24M	2,089.41M	1,934.70M	2,061.68M	332.20M	243.65M	190.51M	2,092.42M
(-) Change In Working Capital	-116,834.53M	-95,164.91M	-173,834.05M	81,699.00M	-102,764.64M	26,414.15M	-48,738.06M	-57,857.58M	97,033.43M	48,967.60M	64,769.70M	61,721.94M	30,594.05M	6,478.12M	-1,491.73M
(-) Capital Expenditure	-1,444.38M	-1,321.62M	-568.84M	-622.98M	-560.07M	-820.85M	-968.42M	-443.70M	-757.90M	-743.75M	-559.50M	-526.32M	-419.45M	-374.96M	-415.60M
Unlevered Free Cash Flow	141,999.97M	94,907.93M	162,004.63M	-57,894.35M	93,875.62M	-40,297.82M	58,973.44M	68,518.02M	-88,348.53M	-41,319.75M	-57,387.53M	-61,076.33M	-30,215.97M	-6,215.97M	7,635.88M
(-) Net Interest Income After Taxes	0.00M	0.00M	25,298.05M	24,383.19M	22,683.49M	23,380.45M	21,145.73M	20,224.95M	14,711.63M	16,412.58M	14,559.84M	11,564.89M	8,749.73M	7,392.36M	6,496.58M
Net Debt Issuance	54,026.50M	-39,605.28M	97,075.00M	-39,901.80M	35,077.73M	2,533.99M	-3,136.75M	5,050.12M	61,414.80M	20,437.71M	10,863.78M	56,462.80M	11,579.71M	4,992.70M	0.00M
Levered Free Cash Flow	196,026.47M	55,302.65M	233,781.59M	-122,179.34M	106,269.86M	-61,144.28M	34,690.97M	53,343.18M	-41,645.35M	-37,294.62M	-61,083.59M	-16,178.43M	-27,386.00M	-8,615.64M	1,139.30M