Greentown China Holdings Limited (3900.HK)

Industry: Real Estate - Development Sector: Real Estate Currency Used: CN Live Price: $8.74

Enterprise Value

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005
Stock Price	7.27	7.23	11.98	10.09	8.30	6.82	7.02	8.28	5.14	7.18	6.18	9.60	9.01	4.46	7.30	10.39	4.08	13.98	11.74	9.22
Market Capitalization	18,236.45M	18,358.16M	30,305.84M	25,265.63M	19,944.29M	14,799.44M	15,292.55M	17,962.94M	11,138.71M	15,518.63M	13,349.20M	23,229.02M	18,473.84M	7,378.84M	12,087.16M	17,023.08M	6,292.36M	20,934.33M	13,672.28M	9,745.92M
(-) Cash & Equivalents	70,007.05M	67,498.61M	62,269.07M	62,415.36M	58,060.02M	46,625.88M	41,134.11M	30,958.60M	21,102.67M	12,487.76M	8,218.16M	10,047.72M	5,455.45M	5,179.79M	10,440.19M	4,702.67M	749.01M	1,438.46M	1,624.51M	286.46M
(+) Total Debt	143,241.32M	144,410.09M	136,798.20M	127,164.05M	113,755.92M	103,902.71M	75,744.31M	58,164.35M	49,193.36M	42,479.25M	35,856.55M	30,186.65M	24,225.67M	33,570.81M	32,169.42M	12,430.55M	8,058.88M	4,437.11M	2,150.53M	1,626.45M
Enterprise Value	91,470.72M	95,269.64M	104,834.96M	90,014.33M	75,640.19M	72,076.27M	49,902.75M	45,168.69M	39,229.40M	45,510.12M	40,987.59M	43,367.95M	37,244.06M	35,769.86M	33,816.39M	24,750.97M	13,602.22M	23,932.98M	14,198.30M	11,085.91M

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
Revenue	286,321M	248,235M	158,546M	131,383M	127,153M	100,240M	65,783M	61,593M	60,303M	41,953M	28,976M	26,047M	32,049M	28,991M	35,393M	21,964M	11,161M	8,727M	6,635M	5,739M	6,400M	2,535M
Cost of Revenue	251,785M	206,060M	138,321M	114,310M	105,132M	82,072M	50,210M	46,466M	47,019M	34,230M	23,022M	20,953M	23,987M	20,215M	24,679M	14,555M	7,760M	6,415M	4,766M	3,675M	3,712M	1,640M
Gross Profit	34,537M	42,175M	20,225M	17,073M	22,021M	18,168M	15,573M	15,127M	13,283M	7,723M	5,953M	5,094M	8,062M	8,775M	10,714M	7,408M	3,401M	2,312M	1,870M	2,064M	2,689M	895M
Gross Profit Margin	12.1%	17.0%	12.8%	13.0%	17.3%	18.1%	23.7%	24.6%	22.0%	18.4%	20.5%	19.6%	25.2%	30.3%	30.3%	33.7%	30.5%	26.5%	28.2%	36.0%	42.0%	35.3%
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
SG&A Expenses	15,750M	16,592M	7,764M	7,867M	8,289M	8,034M	6,644M	6,388M	5,753M	4,476M	4,208M	3,802M	2,827M	2,340M	2,069M	1,920M	1,658M	1,246M	737M	490M	383M	274M
Operating Expenses	17,147M	14,668M	8,790M	8,097M	8,582M	8,077M	7,205M	5,396M	5,429M	360M	1,953M	1,966M	2,195M	383M	1,972M	1,237M	1,009M	1,005M	408M	490M	447M	345M
Operating Income (EBIT)	17,389M	27,507M	11,436M	8,976M	13,439M	10,091M	8,368M	9,731M	7,854M	7,363M	4,000M	3,127M	5,867M	8,393M	8,741M	6,172M	2,393M	1,307M	1,462M	1,574M	2,242M	551M
Operating Income Margin	6.1%	11.1%	7.2%	6.8%	10.6%	10.1%	12.7%	15.8%	13.0%	17.6%	13.8%	12.0%	18.3%	28.9%	24.7%	28.1%	21.4%	15.0%	22.0%	27.4%	35.0%	21.7%
Interest Income	667M	527M	2,284M	2,189M	2,500M	1,934M	240M	222M	50M	487M	252M	193M	62M	12M	700M	376M	0M	0M	165M	0M	0M	0M
Interest Expense	887M	0M	2,579M	2,916M	2,729M	2,299M	0M	1,571M	1,552M	1,477M	1,037M	886M	680M	25M	564M	1,207M	340M	658M	566M	217M	102M	0M
Net Interest Income	-219M	527M	-295M	-727M	-228M	-364M	240M	-1,349M	-1,502M	-990M	-786M	-693M	-618M	-13M	136M	-831M	-340M	-658M	-401M	-217M	-102M	0M
Unusual Items	-5,286M	-993M	-4,067M	1,476M	46M	2,828M	2,146M	1,571M	1,552M	18M	534M	501M	680M	766M	1,380M	1,360M	948M	921M	135M	379M	0M	161M
EBT Excluding Unusual Items	17,170M	28,034M	11,141M	8,249M	13,210M	9,727M	8,608M	8,382M	6,352M	6,373M	3,214M	2,434M	5,249M	8,380M	8,878M	5,341M	2,053M	649M	1,060M	1,356M	2,140M	551M
Pre-Tax Income	11,884M	27,041M	7,074M	9,725M	13,256M	12,555M	10,754M	9,953M	7,904M	6,391M	3,748M	2,935M	5,928M	9,146M	10,257M	6,701M	3,000M	1,570M	1,196M	1,735M	2,140M	712M
Pre-Tax Margin	4.2%	10.9%	4.5%	7.4%	10.4%	12.5%	16.3%	16.2%	13.1%	15.2%	12.9%	11.3%	18.5%	31.5%	29.0%	30.5%	26.9%	18.0%	18.0%	30.2%	33.4%	28.1%
Income Tax Expense	4,489M	9,728M	2,928M	3,047M	4,361M	4,868M	4,991M	6,018M	5,529M	3,720M	1,526M	1,675M	2,719M	3,156M	4,204M	2,583M	1,085M	478M	629M	730M	851M	125M
Net Income	2,379M	6,590M	1,596M	3,118M	2,756M	4,469M	3,796M	2,480M	392M	1,662M	1,513M	532M	2,072M	4,703M	4,851M	2,575M	1,532M	1,012M	540M	1,006M	1,288M	587M
Net Income Margin	0.8%	2.7%	1.0%	2.4%	2.2%	4.5%	5.8%	4.0%	0.6%	4.0%	5.2%	2.0%	6.5%	16.2%	13.7%	11.7%	13.7%	11.6%	8.1%	17.5%	20.1%	23.1%
Depreciation & Amortization	1,081M	1,023M	544M	780M	518M	437M	478M	609M	471M	342M	298M	296M	211M	149M	169M	148M	134M	81M	75M	24M	19M	26M
EBITDA	18,470M	28,530M	11,979M	9,755M	13,956M	10,528M	8,846M	10,340M	8,326M	7,705M	4,298M	3,424M	6,078M	8,542M	8,911M	6,319M	2,526M	1,387M	1,536M	1,598M	2,260M	577M
EBITDA Margin	6.5%	11.5%	7.6%	7.4%	11.0%	10.5%	13.4%	16.8%	13.8%	18.4%	14.8%	13.1%	19.0%	29.5%	25.2%	28.8%	22.6%	15.9%	23.2%	27.8%	35.3%	22.8%
NOPAT	10,820M	17,611M	6,703M	6,164M	9,017M	6,178M	4,484M	3,848M	2,360M	3,077M	2,372M	1,342M	3,176M	5,497M	5,158M	3,793M	1,528M	909M	693M	912M	1,350M	454M
NOPAT Margin	3.8%	7.1%	4.2%	4.7%	7.1%	6.2%	6.8%	6.2%	3.9%	7.3%	8.2%	5.2%	9.9%	19.0%	14.6%	17.3%	13.7%	10.4%	10.4%	15.9%	21.1%	17.9%
Owner's Earnings	3,069M	6,668M	1,784M	3,538M	2,880M	4,402M	3,757M	2,526M	-678M	1,614M	1,602M	668M	851M	3,467M	3,876M	2,153M	1,080M	416M	318M	274M	1,093M	536M
Owner's Earnings Margin	1.1%	2.7%	1.1%	2.7%	2.3%	4.4%	5.7%	4.1%	-1.1%	3.8%	5.5%	2.6%	2.7%	12.0%	11.0%	9.8%	9.7%	4.8%	4.8%	4.8%	17.1%	21.1%
EPS (Basic)	0.94	2.60	0.63	1.22	1.03	1.31	1.05	0.55	0.18	0.77	0.70	0.25	0.80	1.94	2.57	1.57	0.93	0.64	0.35	0.63	1.09	0.62
EPS (Diluted)	0.94	2.61	0.63	1.23	1.09	1.79	1.60	1.14	0.18	0.77	0.70	0.25	0.96	1.86	2.36	1.55	0.92	0.63	0.35	0.65	1.11	0.58
Shares (Basic)	2,545M	2,532M	2,534M	2,555M	2,516M	2,493M	2,360M	2,166M	2,168M	2,164M	2,163M	2,162M	2,159M	2,428M	2,052M	1,639M	1,644M	1,584M	1,537M	1,475M	1,164M	1,004M
Shares (Diluted)	2,534M	2,528M	2,532M	2,533M	2,536M	2,501M	2,370M	2,170M	2,175M	2,169M	2,167M	2,168M	2,167M	2,523M	2,052M	1,664M	1,668M	1,607M	1,548M	1,541M	1,164M	1,004M

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
Cash & Cash Equivalents	62,460.36M	68,861.73M	68,861.73M	69,758.36M	66,312.34M	68,375.62M	59,547.35M	46,567.73M	43,347.30M	30,070.09M	22,677.92M	14,879.91M	7,733.57M	10,686.04M	6,163.63M	3,615.15M	12,407.66M	9,405.35M	1,498.02M	2,876.93M	3,249.01M	859.39M
Short-Term Investments	0.00M	0.00M	0.00M	42.32M	126.43M	76.03M	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	62,460.36M	68,861.73M	68,861.73M	69,800.69M	66,438.77M	68,451.65M	59,547.35M	46,567.73M	43,347.30M	30,070.09M	22,677.92M	14,879.91M	7,733.57M	10,686.04M	6,163.63M	3,615.15M	12,407.66M	9,405.35M	1,498.02M	2,876.93M	3,249.01M	859.39M
Net Receivables	6,512.74M	92,886.63M	92,886.63M	75,470.34M	86,119.03M	16,330.97M	12,720.85M	57,180.55M	38,562.74M	10,936.68M	24,733.86M	24,876.62M	27,768.05M	25,392.98M	25,231.41M	24,574.74M	22,377.02M	12,982.80M	6,403.29M	4,033.41M	0.00M	0.00M
Inventory	259,831.09M	252,015.76M	252,015.76M	286,513.10M	284,677.59M	285,057.48M	233,135.40M	179,894.42M	151,811.91M	129,674.31M	88,114.40M	73,195.86M	62,836.48M	58,412.06M	56,563.34M	73.39M	57.40M	19.96M	11.95M	5.14M	2.23M	12.42M
Other Current Assets	107,963.64M	5,018.23M	5,018.23M	13,180.02M	4,885.62M	69,013.84M	49,534.04M	5,758.98M	5,204.10M	42,816.13M	30,884.08M	32,065.73M	32,765.87M	29,029.11M	1,734.34M	21,438.60M	100,314.78M	58,998.47M	37,134.77M	22,532.97M	13,447.36M	10,896.89M
Total Current Assets	436,767.83M	418,782.35M	418,782.35M	444,964.14M	442,121.01M	438,853.93M	354,937.65M	289,401.68M	238,926.04M	213,497.21M	166,410.25M	145,018.12M	131,103.97M	123,520.19M	89,692.71M	49,701.88M	135,156.86M	81,406.58M	45,048.03M	29,448.45M	16,698.61M	11,768.70M
Property, Plant & Equipment	11,678.76M	12,041.08M	12,041.08M	11,906.35M	10,590.10M	11,165.99M	9,903.78M	10,856.66M	9,399.75M	7,713.26M	6,546.64M	6,512.27M	6,216.09M	4,864.05M	3,675.26M	2,861.14M	2,448.26M	1,965.83M	1,321.91M	1,180.90M	429.61M	244.07M
Goodwill	981.76M	981.76M	981.76M	981.76M	981.76M	769.24M	769.24M	769.24M	769.24M	769.24M	769.24M	769.24M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	413.60M	456.54M	456.54M	571.21M	588.30M	139.27M	0.00M	0.00M	896.97M	738.16M	662.98M	659.49M	662.06M	0.00M	254.97M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.29M
Long-Term Investments	38,791.26M	37,439.26M	37,439.26M	41,417.53M	44,939.65M	39,022.02M	26,406.81M	17,466.62M	12,114.03M	10,658.68M	10,681.03M	9,788.41M	10,921.33M	12,240.94M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	444.98M
Tax Assets	0.00M	0.00M	0.00M	0.00M	6,176.74M	4,756.51M	3,764.90M	3,238.89M	2,363.55M	1,586.23M	1,304.72M	1,201.77M	1,116.05M	0.00M	782.24M	728.17M	588.78M	451.86M	260.83M	163.49M	66.40M	74.14M
Other Non-Current Assets	20,736.94M	19,175.60M	19,175.60M	16,934.65M	-6,176.74M	-4,756.51M	-3,764.90M	-3,238.89M	-2,363.55M	-1,586.23M	-1,304.72M	-1,201.77M	-1,778.11M	3,608.69M	9,660.90M	9,172.81M	6,315.69M	2,460.98M	1,954.54M	1,197.99M	643.92M	49.51M
Other Assets	0.00M	0.00M	0.00M	0.00M	15,605.94M	11,692.66M	8,129.52M	7,271.71M	10,062.98M	5,052.93M	4,114.52M	4,059.59M	3,678.30M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	72,602.32M	70,094.24M	70,094.24M	71,811.50M	72,705.74M	62,789.17M	45,209.35M	36,364.23M	33,242.96M	24,932.28M	22,774.41M	21,789.00M	20,815.72M	20,713.68M	14,373.37M	12,762.12M	9,352.74M	4,878.68M	3,537.28M	2,542.38M	1,139.92M	812.99M
Total Assets	509,370.14M	488,876.59M	488,876.59M	516,775.64M	514,826.75M	501,643.11M	400,147.01M	325,765.91M	272,169.01M	238,429.49M	189,184.66M	166,807.11M	151,919.69M	144,233.88M	104,066.08M	62,464.00M	144,509.59M	86,285.25M	48,585.31M	31,990.83M	17,838.53M	12,581.68M
Accounts Payable	56,564.08M	47,149.10M	47,149.10M	48,614.48M	47,721.75M	46,718.41M	35,709.31M	31,182.09M	21,360.83M	13,895.28M	12,027.30M	11,543.16M	11,785.55M	10,514.84M	10,814.67M	7,910.91M	25,522.90M	10,395.28M	8,671.57M	6,779.56M	1,405.82M	1,001.66M
Short-Term Debt	23,242.94M	31,663.16M	31,663.16M	32,546.78M	25,158.09M	38,216.63M	32,515.22M	33,307.21M	17,481.22M	17,684.52M	10,037.32M	15,037.13M	12,167.17M	11,227.46M	15,255.62M	16,063.80M	11,993.91M	10,653.36M	6,568.93M	2,436.27M	1,939.35M	2,510.84M
Tax Payables	0.00M	0.00M	0.00M	24,830.33M	26,754.84M	26,513.30M	22,823.91M	18,894.04M	9,674.88M	7,724.33M	5,105.02M	5,096.57M	6,260.17M	0.00M	6,374.84M	3,861.78M	2,377.13M	2,583.97M	1,474.75M	1,110.10M	987.85M	233.42M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	-25,235.05M	-32,104.08M	0.00M	-61,988.07M	-17,481.22M	-17,684.52M	-10,037.32M	-15,037.13M	-12,167.17M	0.00M	0.00M	4,108.33M	2,377.13M	2,585.33M	1,476.11M	1,110.10M	987.85M	233.42M
Other Current Liabilities	169,203.66M	191,636.79M	191,636.79M	160,090.11M	143,898.52M	145,584.72M	92,606.20M	140,017.42M	92,995.36M	67,276.75M	38,422.68M	23,593.38M	20,116.44M	18,218.82M	28,848.29M	46,741.30M	47,547.37M	23,300.78M	6,159.25M	3,644.68M	3,199.92M	5,476.04M
Total Current Liabilities	249,010.69M	270,449.04M	270,449.04M	266,081.71M	218,298.14M	224,928.98M	183,654.63M	161,412.69M	124,031.07M	88,896.36M	55,555.00M	40,233.11M	38,162.16M	39,961.12M	61,293.42M	78,686.11M	89,818.44M	49,518.72M	24,350.61M	15,080.70M	8,520.78M	9,455.37M
Long-Term Debt	119,783.61M	105,523.64M	105,523.64M	113,595.01M	112,272.56M	95,406.18M	86,686.92M	60,635.61M	63,977.04M	40,021.74M	37,796.73M	29,956.65M	23,648.25M	24,493.65M	6,117.82M	16,048.08M	22,053.39M	14,207.75M	9,548.83M	9,317.71M	2,361.70M	2,368.51M
Capital Lease Obligations	501.37M	508.81M	508.81M	582.66M	453.86M	470.48M	137.63M	116.44M	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
Deferred Tax Liabilities	0.00M	2,817.12M	2,817.12M	4,148.74M	5,228.62M	5,185.29M	4,687.06M	4,847.21M	6,230.26M	5,423.88M	4,744.71M	4,629.99M	804.04M	0.00M	538.92M	434.54M	378.75M	179.58M	109.06M	89.66M	134.44M	128.08M
Other Non-Current Liabilities	1,823.09M	0.00M	2,817.12M	122.21M	-376.90M	-416.58M	0.00M	-4,936.25M	0.00M	0.00M	0.00M	0.00M	-804.04M	0.00M	0.00M	992.17M	251.48M	1,705.10M	0.00M	0.00M	3,070.82M	0.00M
Total Non-Current Liabilities	122,108.08M	108,849.58M	111,666.70M	118,448.62M	117,578.14M	100,645.36M	91,511.61M	60,663.00M	70,207.30M	45,445.62M	42,541.44M	34,586.64M	23,648.25M	24,493.65M	6,656.73M	17,474.79M	22,683.62M	16,092.42M	9,657.89M	9,407.37M	5,566.97M	2,496.59M
Total Liabilities	371,118.76M	379,298.62M	382,115.74M	384,530.33M	335,876.28M	325,574.34M	275,166.25M	222,075.69M	194,238.38M	134,341.98M	98,096.44M	74,819.75M	61,810.41M	64,454.77M	67,950.15M	96,160.90M	112,502.06M	65,611.14M	34,008.50M	24,488.07M	14,087.75M	11,951.97M
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
Common Stock	243.18M	242.68M	242.68M	242.48M	242.48M	239.78M	239.26M	209.69M	209.50M	209.24M	209.03M	208.97M	208.85M	208.66M	207.42M	166.44M	166.24M	166.61M	157.40M	0.00M	0.00M	0.00M
Retained Earnings	0.00M	27,464.85M	27,464.85M	22,118.69M	25,131.45M	23,589.13M	20,989.91M	19,453.03M	19,586.34M	18,619.90M	17,144.52M	15,598.47M	15,060.98M	14,222.78M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Accumulated OCI	35,327.58M	-3,196.73M	-3,196.73M	-2,805.18M	389.17M	10,164.01M	20,273.46M	20,670.63M	14,621.50M	7,699.65M	4,390.02M	2,665.27M	2,846.69M	1,985.57M	-724.73M	-498.33M	-376.90M	-296.25M	-221.95M	0.00M	0.00M	0.00M
Minority Interest	83,752.41M	77,156.58M	77,156.58M	77,804.73M	73,862.36M	62,208.00M	31,748.61M	20,281.87M	17,136.12M	11,711.80M	9,037.41M	9,644.34M	8,190.56M	7,063.64M	6,345.91M	5,703.42M	4,253.18M	2,844.43M	2,071.86M	1,379.03M	364.86M	197.20M
Total Shareholders’ Equity	35,570.76M	24,510.80M	24,510.80M	19,555.99M	25,763.10M	33,992.92M	41,502.63M	40,333.35M	34,417.34M	26,528.78M	21,743.57M	18,472.71M	18,116.51M	16,417.01M	-517.31M	-331.89M	-210.65M	-129.65M	-64.56M	0.00M	0.00M	0.00M
Total Equity	119,323.17M	101,667.38M	101,667.38M	97,360.71M	99,625.46M	96,200.92M	73,251.24M	60,615.23M	51,553.46M	38,240.58M	30,780.98M	28,117.05M	26,307.07M	23,480.64M	5,828.60M	5,371.53M	4,042.52M	2,714.78M	2,007.30M	1,379.03M	364.86M	197.20M
Total Liabilities & Equity	490,441.93M	480,966.00M	483,783.12M	481,891.04M	435,501.74M	421,775.26M	348,417.49M	282,690.92M	245,791.83M	172,582.56M	128,877.41M	102,936.80M	88,117.48M	87,935.41M	73,778.75M	101,532.43M	116,544.58M	68,325.92M	36,015.80M	25,867.11M	14,452.61M	12,149.16M
Tangible Assets	507,974.79M	487,438.29M	487,438.29M	515,222.68M	513,256.69M	500,734.60M	399,377.76M	324,996.67M	270,502.80M	236,922.08M	187,752.44M	165,378.38M	151,257.63M	144,233.88M	103,811.11M	62,464.00M	144,509.59M	86,285.25M	48,585.31M	31,990.83M	17,838.53M	12,581.39M
Tangible Equity	117,927.81M	100,229.08M	100,229.08M	95,807.74M	98,055.40M	95,292.41M	72,482.00M	59,845.99M	49,887.25M	36,733.18M	29,348.75M	26,688.32M	25,645.01M	23,480.64M	5,573.64M	5,371.53M	4,042.52M	2,714.78M	2,007.30M	1,379.03M	364.86M	196.91M
Tangible Book Value	117,927.81M	100,229.08M	100,229.08M	95,807.74M	98,055.40M	95,292.41M	72,482.00M	59,845.99M	49,887.25M	36,733.18M	29,348.75M	26,688.32M	25,645.01M	23,480.64M	5,573.64M	5,371.53M	4,042.52M	2,714.78M	2,007.30M	1,379.03M	364.86M	196.91M
Total Investments	38,791.26M	37,439.26M	37,439.26M	41,417.53M	45,066.08M	39,098.05M	26,406.81M	17,466.62M	12,114.03M	10,658.68M	10,681.03M	9,788.41M	10,921.33M	12,240.94M	7,923.56M	6,927.43M	4,385.84M	2,201.72M	1,769.23M	1,150.27M	539.60M	444.98M
Net Debt	80,566.20M	68,325.07M	68,325.07M	76,383.43M	71,118.31M	65,247.19M	59,654.79M	47,375.09M	38,110.96M	27,636.17M	25,156.13M	30,113.87M	28,081.86M	25,035.07M	15,209.80M	28,496.73M	21,639.64M	15,455.76M	14,619.73M	8,877.06M	1,052.04M	4,019.96M

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
Working Capital	168,775.1M	152,185.7M	152,185.7M	160,477.4M	157,616.8M	145,864.7M	130,858.6M	98,363.1M	97,980.1M	68,045.9M	59,756.7M	50,117.2M	38,553.1M	36,494.7M	19,771.4M	22,356.0M	28,564.9M	23,662.3M	16,401.9M	16,351.5M	9,165.7M	2,546.7M
Total Capital	179,098.7M	174,023.2M	174,023.2M	182,854.8M	175,435.1M	169,738.0M	172,181.2M	171,586.3M	122,845.8M	91,197.0M	78,123.3M	72,009.5M	62,470.2M	60,668.4M	42,515.6M	44,051.8M	44,246.8M	34,465.3M	24,327.2M	16,981.7M	8,674.8M	5,545.3M
Capital Employed	241,377.4M	222,279.9M	222,279.9M	232,288.9M	230,322.5M	208,653.9M	176,067.9M	134,727.3M	130,326.1M	92,240.1M	81,868.1M	71,246.7M	59,368.8M	57,208.3M	34,144.8M	35,118.1M	37,917.6M	28,541.0M	19,939.2M	18,893.9M	10,305.6M	3,359.7M
Invested Capital	116,638.3M	105,161.5M	105,161.5M	113,096.5M	109,122.7M	101,362.4M	112,633.9M	125,018.6M	79,498.5M	61,126.9M	55,445.4M	57,129.6M	54,736.6M	49,982.4M	36,352.0M	40,436.6M	31,839.1M	25,059.9M	22,829.2M	14,104.8M	5,425.8M	4,685.9M

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
Net Income	2,378.91M	7,352.02M	7,073.85M	3,117.68M	2,756.10M	4,469.18M	3,796.48M	2,480.23M	1,003.29M	2,189.60M	1,917.10M	813.21M	2,071.72M	4,885.51M	10,257.20M	6,700.71M	3,000.31M	1,570.21M	1,195.71M	1,005.59M	1,288.49M	586.22M
Depreciation & Amortization	699.33M	1,354.58M	736.08M	779.66M	678.50M	588.57M	586.83M	608.67M	442.27M	316.59M	281.20M	296.25M	211.15M	149.04M	169.38M	147.60M	133.77M	80.56M	74.71M	24.11M	18.75M	26.48M
Deferred Income Tax	0.00M	-622.62M	0.00M	0.00M	-9,285.08M	58,264.60M	49,901.66M	42,534.63M	18,649.50M	19,079.81M	0.00M	0.00M	0.00M	0.00M	-2,364.68M	-2,569.24M	-1,474.19M	-624.21M	0.00M	0.00M	0.00M	0.00M
Stock-Based Compensation	138.57M	334.47M	128.79M	157.23M	185.33M	157.13M	37.10M	58.52M	134.47M	1.78M	0.00M	0.00M	0.00M	0.00M	1.20M	11.91M	46.17M	107.41M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	47,255.12M	2,015.78M	20,401.22M	17,966.54M	9,099.75M	-58,421.73M	-49,938.75M	-42,593.15M	-18,783.97M	-19,081.59M	-6,973.42M	3,147.48M	1,921.46M	1,995.47M	-3,173.57M	-4,240.47M	-7,449.83M	3,027.72M	-4,518.19M	486.92M	289.49M	-60.88M
Accounts Receivable	301.33M	-1,046.95M	-1,959.79M	2,261.12M	1,503.12M	-2,550.07M	1,070.84M	-3,917.51M	-867.09M	-2,001.22M	-1,498.97M	515.59M	-553.79M	336.71M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	48,921.62M	1,335.10M	45,117.53M	17,828.11M	7,596.63M	-55,871.66M	-51,009.59M	-38,675.64M	-17,916.87M	-17,080.37M	-5,474.45M	2,631.89M	2,475.25M	1,213.20M	5,538.04M	-15.98M	-36.80M	-8.01M	-6.77M	-2.86M	10.19M	-10.38M
Accounts Payable	0.00M	0.00M	0.00M	0.00M	370.18M	-2,097.80M	-2,397.38M	-5,790.91M	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	-1,967.83M	1,727.63M	-22,756.52M	-2,122.69M	-370.18M	2,097.80M	2,397.38M	5,790.91M	-48.90M	-189.21M	-1,573.16M	-206.83M	411.68M	445.55M	-8,711.61M	-4,224.49M	-7,413.02M	3,035.73M	-4,511.43M	489.77M	279.31M	-50.50M
Other Non-Cash Items	-15,815.50M	33,547.83M	490.77M	952.56M	11,158.48M	803.35M	-7,487.04M	-11,265.01M	-18,001.27M	1,490.26M	8,225.14M	-3,531.10M	-4,107.86M	-5,756.25M	-189.75M	-175.40M	-1,028.88M	-523.08M	-527.59M	-10,242.58M	-4,024.58M	-545.80M
Net Cash from Operating Activities	34,656.42M	44,604.68M	28,830.71M	22,973.67M	14,593.08M	5,861.09M	-3,103.73M	-8,176.11M	-16,555.72M	-15,083.36M	3,450.02M	725.84M	96.47M	1,273.77M	4,699.79M	-124.88M	-6,772.64M	3,638.60M	-3,775.36M	-8,725.96M	-2,427.85M	6.03M
Capital Expenditures (PPE)	-192.89M	-945.52M	-356.44M	-359.53M	-393.69M	-504.48M	-517.23M	-562.46M	-1,541.10M	-390.68M	-208.97M	-160.31M	-1,432.23M	-1,384.73M	-1,145.00M	-569.24M	-585.19M	-676.62M	-297.26M	-755.55M	-213.78M	-77.24M
Acquisitions (Net)	525.20M	591.89M	1,708.23M	630.66M	-9,262.56M	-13,963.41M	-9,553.84M	-5,251.00M	-2,862.86M	2,399.74M	128.73M	-3,011.78M	394.52M	-90.20M	7,276.13M	-2,256.77M	-1,765.21M	-545.62M	-467.88M	-86.88M	-71.00M	73.09M
Purchases of Investments	0.00M	0.00M	-60.08M	-93.62M	-208.81M	-180.28M	-734.59M	-3.50M	-64.70M	-92.76M	0.00M	0.00M	-6.61M	0.00M	-243.21M	-109.08M	-293.90M	-195.57M	-7.50M	-305.90M	-219.05M	-451.09M
Sales / Maturities of Investments	0.00M	0.00M	145.67M	125.33M	128.69M	115.66M	130.95M	5,254.50M	2,927.57M	-2,306.98M	0.00M	0.00M	-387.91M	0.00M	221.94M	93.70M	69.03M	704.14M	67.52M	12.00M	6.18M	25.00M
Other Investing Activities	-23,416.89M	-34,960.41M	-15,855.07M	-19,409.21M	-11,135.58M	-16,188.39M	-1,211.25M	-20,463.72M	-12,816.16M	-366.31M	2,246.12M	1,792.32M	-1,563.41M	-3,509.51M	601.64M	-660.52M	1,195.43M	-3,455.95M	-169.00M	-926.18M	495.59M	221.94M
Net Cash from Investing Activities	-23,084.58M	-35,314.04M	-14,417.69M	-19,106.37M	-20,871.94M	-30,720.90M	-11,885.96M	-21,026.19M	-14,357.27M	1,549.99M	2,165.87M	-1,379.77M	-2,607.72M	-4,984.45M	6,711.51M	-3,501.91M	-1,379.85M	-4,169.62M	-874.12M	-2,062.51M	-2.05M	-208.30M
Net Debt Issuance	-658.83M	0.00M	-8,340.04M	-2,401.14M	9,785.86M	27,399.57M	28,402.80M	29,530.33M	41,239.75M	24,315.52M	5,020.87M	12,159.32M	798.66M	12,009.31M	-8,115.68M	-1,677.58M	13,784.12M	9,572.01M	4,078.64M	5,147.30M	-1,436.69M	3,800.91M
Long-Term Debt Issuance	-658.83M	0.00M	-8,340.04M	-2,401.14M	14,696.09M	27,399.57M	30,002.80M	29,530.33M	41,239.75M	24,315.52M	5,020.87M	12,159.32M	798.66M	12,247.01M	-7,925.96M	-1,677.58M	13,784.12M	9,572.01M	4,078.64M	5,147.30M	-1,436.69M	3,800.91M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-1,600.00M	0.00M	0.00M	1,590.14M	0.00M	0.00M	0.00M	-237.70M	-189.73M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-28.01M	0.00M	-10.58M	0.00M	261.30M	46.69M	2,809.25M	-28.72M	8.28M	5.97M	1.93M	3.39M	6.29M	111.64M	2,126.70M	33.89M	-154.91M	0.00M	0.00M	2,270.33M	2,835.74M	0.00M
Common Stock Issuance	0.00M	0.00M	17.43M	0.00M	261.30M	46.69M	2,809.25M	9.13M	8.28M	5.97M	1.93M	3.39M	6.29M	111.64M	2,126.70M	33.89M	0.00M	23.64M	0.00M	2,276.97M	2,835.74M	0.00M
Common Stock Repurchased	-28.01M	0.00M	-28.01M	0.00M	0.00M	0.00M	0.00M	-37.85M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-154.91M	16,921.47M	0.00M	-6.64M	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
Net Dividends Paid	-2,354.76M	-2,027.96M	-1,088.76M	-1,266.00M	-1,154.94M	-873.01M	-748.18M	-499.31M	-433.54M	-259.58M	0.00M	0.00M	-928.30M	-1,260.23M	-164.03M	-589.04M	-535.04M	-441.18M	-448.02M	-490.18M	-396.98M	-226.15M
Common Dividends Paid	-2,354.76M	-2,027.96M	-1,088.76M	-1,266.00M	-1,154.94M	-873.01M	-748.18M	-499.31M	-433.54M	-259.58M	0.00M	0.00M	-928.30M	-1,077.32M	-164.03M	-589.04M	-535.04M	-441.18M	-448.02M	-490.18M	-396.98M	-226.15M
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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-4,783.77M	1,520.54M	-5,727.21M	3,244.00M	-4,715.63M	7,248.65M	-2,394.66M	3,371.83M	3,228.87M	-3,053.29M	-2,910.61M	-4,402.62M	-318.23M	-2,806.20M	-2,709.82M	-2,924.00M	-1,948.77M	-701.24M	-353.92M	5,859.24M	3,827.58M	-3,632.53M
Net Cash from Financing Activities	-7,825.37M	-507.42M	-15,166.60M	-423.14M	4,176.58M	33,821.90M	28,069.21M	32,374.13M	44,043.36M	21,008.61M	2,112.19M	7,760.08M	-441.58M	8,237.43M	-8,862.83M	-5,156.74M	11,145.41M	8,438.79M	3,276.70M	10,450.35M	4,829.65M	-57.77M
Effect of FX on Cash	-123.58M	0.52M	-143.05M	1.86M	38.99M	-133.83M	-99.89M	48.59M	146.83M	-83.06M	69.93M	40.20M	0.36M	-4.34M	0.01M	-8.99M	9.39M	-0.45M	-6.12M	-33.97M	-10.13M	0.00M
Net Change in Cash	0.00M	8,783.75M	-896.63M	3,446.03M	-2,063.28M	8,828.27M	12,979.62M	3,220.43M	13,277.21M	7,392.18M	7,798.01M	7,146.35M	-2,952.47M	4,522.41M	2,548.48M	-8,792.51M	3,002.31M	7,907.33M	-1,378.90M	-372.09M	2,389.62M	-260.04M
Cash at Beginning of Period	136,391.22M	249,368.87M	69,758.36M	66,312.34M	68,375.62M	59,547.35M	46,567.73M	43,347.30M	30,070.09M	22,677.92M	14,879.91M	7,733.57M	10,686.04M	6,163.63M	3,615.15M	12,407.66M	9,405.35M	1,498.02M	2,876.93M	3,249.01M	859.39M	1,119.44M
Cash at End of Period	136,391.22M	258,152.61M	68,861.73M	69,758.36M	66,312.34M	68,375.62M	59,547.35M	46,567.73M	43,347.30M	30,070.09M	22,677.92M	14,879.91M	7,733.57M	10,686.04M	6,163.63M	3,615.15M	12,407.66M	9,405.35M	1,498.02M	2,876.93M	3,249.01M	859.39M
Operating Cash Flow	34,656.42M	44,604.68M	28,830.71M	22,973.67M	14,593.08M	5,861.09M	-3,103.73M	-8,176.11M	-16,555.72M	-15,083.36M	3,450.02M	725.84M	96.47M	1,273.77M	4,699.79M	-124.88M	-6,772.64M	3,638.60M	-3,775.36M	-8,725.96M	-2,427.85M	6.03M
Capital Expenditure	-390.72M	-945.52M	-356.44M	-359.53M	-393.69M	-504.48M	-517.23M	-562.46M	-1,541.10M	-390.68M	-208.97M	-160.31M	-1,432.23M	-1,384.73M	-1,145.00M	-569.24M	-585.19M	-676.62M	-297.26M	-755.55M	-213.78M	-77.24M
Free Cash Flow	34,265.69M	43,659.17M	28,474.27M	22,614.14M	14,199.40M	5,356.62M	-3,620.96M	-8,738.57M	-18,096.82M	-15,474.04M	3,241.05M	565.53M	-1,335.76M	-110.96M	3,554.79M	-694.12M	-7,357.83M	2,961.98M	-4,072.62M	-9,481.52M	-2,641.63M	-71.22M

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
EBITDA	19,868.01M	26,606.20M	13,004.47M	9,985.30M	14,249.16M	10,571.24M	9,407.26M	9,347.20M	8,001.52M	3,589.16M	2,043.94M	1,588.22M	5,445.71M	6,584.07M	8,814.03M	5,636.06M	1,877.02M	1,146.23M	1,207.08M	1,597.86M	2,324.65M	647.97M
(-) Tax Adjustment	6,953.80M	9,312.17M	4,551.56M	3,128.16M	4,688.00M	3,699.93M	3,292.54M	3,271.52M	2,800.53M	1,256.20M	715.38M	555.88M	1,906.00M	2,271.84M	3,084.91M	1,972.62M	656.96M	348.99M	422.48M	559.25M	813.63M	113.93M
(-) Change In Working Capital	47,255.12M	2,015.78M	20,401.22M	17,966.54M	9,099.75M	-58,421.73M	-49,938.75M	-42,593.15M	-18,783.97M	-19,081.59M	-6,973.42M	3,147.48M	1,921.46M	1,995.47M	-3,173.57M	-4,240.47M	-7,449.83M	3,027.72M	-4,518.19M	486.92M	289.49M	-60.88M
(-) Capital Expenditure	-390.72M	-945.52M	-356.44M	-359.53M	-393.69M	-504.48M	-517.23M	-562.46M	-1,541.10M	-390.68M	-208.97M	-160.31M	-1,432.23M	-1,384.73M	-1,145.00M	-569.24M	-585.19M	-676.62M	-297.26M	-755.55M	-213.78M	-77.24M
Unlevered Free Cash Flow	-34,731.64M	14,332.74M	-12,304.75M	-11,468.93M	67.73M	64,788.56M	55,536.24M	48,106.36M	22,443.85M	21,023.86M	8,093.01M	-2,275.45M	186.02M	932.03M	7,757.69M	7,334.67M	8,084.70M	-2,907.10M	5,005.54M	-203.86M	1,007.75M	517.67M
(-) Net Interest Income After Taxes	-142.55M	342.34M	-191.73M	-499.26M	-153.29M	-236.80M	156.11M	-876.57M	-976.35M	-643.54M	-510.77M	-450.60M	-401.70M	-8.59M	88.64M	-540.17M	-221.04M	-457.52M	-260.84M	-141.22M	-66.21M	0.00M
Net Debt Issuance	-658.83M	0.00M	-8,340.04M	-2,401.14M	9,785.86M	27,399.57M	28,402.80M	29,530.33M	41,239.75M	24,315.52M	5,020.87M	12,159.32M	798.66M	12,009.31M	-8,115.68M	-1,677.58M	13,784.12M	9,572.01M	4,078.64M	5,147.30M	-1,436.69M	3,800.91M
Levered Free Cash Flow	-35,247.91M	13,990.39M	-20,453.07M	-13,370.80M	10,006.88M	92,424.92M	83,782.93M	78,513.26M	64,659.95M	45,982.92M	13,624.65M	10,334.47M	1,386.38M	12,949.93M	-446.63M	6,197.25M	22,089.86M	7,122.42M	9,345.02M	5,084.66M	-362.73M	4,318.58M