Li Ning Company Limited (82331.HK)

Industry: Leisure Sector: Consumer Cyclical Currency Used: CN Live Price: $18.14

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	15.59	28.41	60.93	74.15	33.63	18.51	7.33	5.22	3.81	3.17	3.97	3.98	3.80	8.06	18.22	23.05	13.23	22.83	10.14	4.52
Market Capitalization	40,228.06M	74,259.91M	160,441.26M	188,157.75M	84,566.77M	46,160.89M	17,966.13M	12,933.83M	8,471.38M	6,939.08M	5,813.09M	5,983.07M	4,359.99M	9,337.23M	21,024.57M	26,424.99M	15,100.49M	25,986.51M	11,497.34M	3,626.96M
(-) Cash & Equivalents	6,822.66M	5,927.29M	8,978.61M	10,426.50M	6,373.82M	5,343.12M	3,182.04M	2,446.87M	1,749.08M	1,784.71M	970.35M	1,449.10M	1,287.73M	1,428.82M	1,454.53M	552.67M	795.35M	796.99M	552.09M	0.00M
(+) Total Debt	2,053.19M	2,563.16M	1,891.51M	1,151.20M	954.17M	805.89M	0.00M	101.00M	859.46M	1,271.37M	1,432.92M	1,247.68M	1,925.47M	655.10M	343.23M	129.99M	480.61M	89.94M	44.82M	0.00M
Enterprise Value	35,458.59M	70,895.79M	153,354.15M	178,882.45M	79,147.12M	41,623.65M	14,784.09M	10,587.96M	7,581.76M	6,425.74M	6,275.66M	5,781.65M	4,997.73M	8,563.51M	19,913.27M	26,002.30M	14,785.75M	25,279.46M	10,990.06M	3,626.96M

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	57,072M	52,198M	28,676M	27,598M	25,803M	22,572M	14,457M	13,870M	10,511M	8,874M	8,015M	7,089M	6,728M	5,824M	6,739M	8,929M	9,479M	8,387M	6,690M	4,349M	3,181M	2,451M
Cost of Revenue	28,988M	26,604M	14,520M	14,246M	13,319M	10,603M	7,363M	7,064M	5,458M	4,697M	4,310M	3,897M	3,724M	3,230M	4,189M	4,814M	4,997M	4,417M	3,470M	2,266M	1,672M	1,298M
Gross Profit	28,084M	25,594M	14,156M	13,352M	12,485M	11,969M	7,094M	6,805M	5,053M	4,176M	3,705M	3,193M	3,004M	2,594M	2,550M	4,115M	4,482M	3,970M	3,220M	2,083M	1,509M	1,153M
Gross Profit Margin	49.2%	49.0%	49.4%	48.4%	48.4%	53.0%	49.1%	49.1%	48.1%	47.1%	46.2%	45.0%	44.6%	44.5%	37.8%	46.1%	47.3%	47.3%	48.1%	47.9%	47.4%	47.0%
R&D Expenses	672M	1,051M	0M	618M	534M	414M	323M	362M	229M	170M	126M	132M	165M	173M	191M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	21,398M	16,879M	10,627M	10,336M	8,428M	7,249M	5,230M	5,413M	4,388M	3,774M	3,393M	3,067M	3,567M	2,910M	4,311M	3,627M	3,129M	2,755M	2,325M	1,504M	1,136M	914M
Operating Expenses	20,884M	15,161M	10,478M	9,793M	7,598M	6,833M	4,898M	5,349M	4,354M	3,743M	3,340M	3,049M	3,541M	2,809M	4,215M	3,484M	2,935M	2,628M	2,260M	1,473M	1,111M	881M
Operating Income (EBIT)	7,201M	10,433M	3,678M	3,559M	4,887M	5,136M	2,196M	1,456M	699M	434M	365M	144M	-538M	-215M	-1,665M	631M	1,547M	1,342M	960M	610M	398M	271M
Operating Income Margin	12.6%	20.0%	12.8%	12.9%	18.9%	22.8%	15.2%	10.5%	6.6%	4.9%	4.6%	2.0%	-8.0%	-3.7%	-24.7%	7.1%	16.3%	16.0%	14.4%	14.0%	12.5%	11.1%
Interest Income	696M	467M	430M	477M	354M	145M	144M	103M	62M	40M	7M	6M	6M	9M	9M	17M	15M	7M	12M	11M	14M	0M
Interest Expense	155M	1,559M	155M	181M	102M	64M	54M	45M	4M	11M	75M	94M	99M	110M	205M	99M	52M	25M	34M	0M	16M	0M
Net Interest Income	540M	-1,092M	274M	295M	252M	81M	90M	57M	57M	29M	-68M	-87M	-93M	-101M	-196M	-82M	-37M	-18M	-22M	11M	-1M	0M
Unusual Items	431M	1,578M	157M	402M	277M	111M	-38M	343M	94M	74M	-10M	-25M	-34M	-2M	56M	-2M	0M	-41M	-9M	-2M	5M	2M
EBT Excluding Unusual Items	7,741M	9,341M	3,953M	3,854M	5,138M	5,217M	2,286M	1,514M	756M	463M	298M	56M	-631M	-315M	-1,861M	549M	1,510M	1,324M	938M	621M	396M	271M
Pre-Tax Income	8,171M	10,919M	4,110M	4,256M	5,415M	5,328M	2,248M	1,857M	850M	538M	288M	31M	-665M	-317M	-1,805M	547M	1,510M	1,283M	929M	619M	401M	273M
Pre-Tax Margin	14.3%	20.9%	14.3%	15.4%	21.0%	23.6%	15.5%	13.4%	8.1%	6.1%	3.6%	0.4%	-9.9%	-5.4%	-26.8%	6.1%	15.9%	15.3%	13.9%	14.2%	12.6%	11.2%
Income Tax Expense	2,355M	2,685M	1,097M	1,069M	1,351M	1,317M	549M	357M	135M	22M	32M	74M	79M	42M	150M	136M	377M	314M	202M	145M	106M	85M
Net Income	5,816M	8,234M	3,013M	3,187M	4,064M	4,011M	1,698M	1,499M	715M	515M	643M	14M	-781M	-392M	-1,979M	386M	1,108M	945M	721M	474M	295M	187M
Net Income Margin	10.2%	15.8%	10.5%	11.5%	15.7%	17.8%	11.7%	10.8%	6.8%	5.8%	8.0%	0.2%	-11.6%	-6.7%	-29.4%	4.3%	11.7%	11.3%	10.8%	10.9%	9.3%	7.6%
Depreciation & Amortization	2,834M	1,614M	1,858M	1,897M	1,454M	1,140M	1,013M	821M	411M	370M	318M	254M	198M	193M	227M	260M	211M	183M	110M	72M	36M	0M
EBITDA	10,034M	12,047M	5,536M	5,456M	6,341M	6,277M	3,209M	2,277M	1,110M	804M	683M	398M	-339M	-21M	-1,438M	891M	1,758M	1,525M	1,071M	682M	433M	271M
EBITDA Margin	17.6%	23.1%	19.3%	19.8%	24.6%	27.8%	22.2%	16.4%	10.6%	9.1%	8.5%	5.6%	-5.0%	-0.4%	-21.3%	10.0%	18.5%	18.2%	16.0%	15.7%	13.6%	11.1%
NOPAT	5,125M	7,867M	2,697M	2,665M	3,667M	3,866M	1,659M	1,176M	588M	416M	324M	-200M	-425M	-170M	-1,316M	474M	1,160M	1,014M	752M	467M	292M	187M
NOPAT Margin	9.0%	15.1%	9.4%	9.7%	14.2%	17.1%	11.5%	8.5%	5.6%	4.7%	4.0%	-2.8%	-6.3%	-2.9%	-19.5%	5.3%	12.2%	12.1%	11.2%	10.7%	9.2%	7.6%
Owner's Earnings	5,323M	5,812M	3,367M	3,268M	3,687M	4,124M	1,966M	1,634M	526M	457M	485M	-120M	-910M	-484M	-1,970M	258M	1,047M	855M	571M	302M	223M	145M
Owner's Earnings Margin	9.3%	11.1%	11.7%	11.8%	14.3%	18.3%	13.6%	11.8%	5.0%	5.2%	6.0%	-1.7%	-13.5%	-8.3%	-29.2%	2.9%	11.0%	10.2%	8.5%	7.0%	7.0%	5.9%
EPS (Basic)	2.25	3.16	1.17	1.23	1.55	1.60	0.69	0.62	0.30	0.21	0.29	0.01	-0.50	-0.24	-1.57	0.33	0.96	0.82	0.63	0.42	0.26	0.17
EPS (Diluted)	2.26	3.15	1.17	1.23	1.54	1.58	0.68	0.60	0.29	0.21	0.29	0.01	-0.50	-0.24	-1.57	0.33	0.95	0.81	0.62	0.41	0.26	0.16
Shares (Basic)	2,576M	2,617M	2,576M	2,586M	2,615M	2,505M	2,454M	2,420M	2,414M	2,399M	2,216M	2,159M	1,564M	1,603M	1,263M	1,158M	1,154M	1,147M	1,141M	1,138M	1,134M	1,128M
Shares (Diluted)	2,578M	2,617M	2,586M	2,598M	2,633M	2,539M	2,512M	2,493M	2,451M	2,435M	2,222M	2,159M	1,564M	1,603M	1,263M	1,163M	1,170M	1,161M	1,158M	1,157M	1,150M	1,135M

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	11,798.04M	7,498.60M	7,498.60M	5,443.88M	7,382.22M	14,744.90M	7,187.04M	5,961.45M	3,671.54M	2,529.22M	1,953.59M	1,812.57M	1,031.39M	1,280.68M	1,248.59M	1,209.67M	1,472.48M	1,105.34M	788.04M	817.28M	736.12M	0.00M
Short-Term Investments	5,254.39M	8,264.36M	8,264.36M	3,493.69M	643.32M	400.86M	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	17,052.43M	15,762.96M	15,762.96M	8,937.57M	8,025.54M	15,145.76M	7,187.04M	5,961.45M	3,671.54M	2,529.22M	1,953.59M	1,812.57M	1,031.39M	1,280.68M	1,248.59M	1,209.67M	1,472.48M	1,105.34M	788.04M	817.28M	736.12M	0.00M
Net Receivables	1,597.81M	1,250.02M	1,250.02M	1,383.23M	1,108.77M	981.60M	723.99M	726.08M	966.24M	1,138.03M	1,370.25M	1,748.90M	1,260.13M	1,733.88M	1,745.04M	-8.70M	0.00M	1,263.85M	1,273.51M	798.80M	689.09M	441.05M
Inventory	2,428.29M	2,598.23M	2,598.23M	2,493.21M	2,428.04M	1,772.80M	1,345.54M	1,407.26M	1,239.74M	1,102.54M	965.42M	959.65M	1,289.33M	942.37M	919.58M	1,132.97M	805.60M	631.53M	650.72M	513.95M	350.54M	290.62M
Other Current Assets	726.08M	790.90M	790.90M	716.24M	703.67M	662.47M	519.99M	444.53M	546.08M	340.59M	361.18M	1,271.78M	381.87M	367.36M	13.69M	2,116.34M	1,612.69M	159.00M	114.91M	43.77M	113.05M	353.16M
Total Current Assets	21,804.62M	20,402.11M	20,402.11M	13,530.24M	12,266.02M	18,562.64M	9,776.56M	8,539.32M	6,423.59M	5,110.38M	4,650.44M	5,792.91M	3,962.72M	4,324.29M	3,926.90M	4,450.27M	3,890.77M	3,159.72M	2,827.18M	2,173.80M	1,888.81M	1,084.83M
Property, Plant & Equipment	6,007.45M	6,192.57M	6,192.57M	6,308.00M	5,256.79M	2,958.65M	2,131.04M	2,020.01M	830.09M	838.19M	827.68M	740.31M	861.17M	791.07M	857.62M	831.69M	720.58M	638.18M	629.31M	340.04M	156.89M	95.80M
Goodwill	0.00M	72.39M	72.39M	95.92M	107.38M	107.38M	103.08M	103.08M	139.47M	139.47M	139.47M	139.47M	246.31M	179.23M	179.23M	0.00M	0.00M	179.23M	106.84M	0.00M	0.00M	0.00M
Intangible Assets	305.03M	313.21M	313.21M	279.60M	268.63M	242.88M	254.04M	162.41M	168.54M	194.46M	221.11M	205.88M	572.20M	553.06M	606.92M	1,123.53M	1,194.63M	1,077.39M	546.96M	112.84M	107.13M	13.82M
Long-Term Investments	4,462.95M	-3,692.14M	-3,692.14M	11,071.93M	11,923.97M	4,371.21M	1,600.00M	1,290.86M	831.42M	703.07M	639.01M	53.80M	46.85M	60.43M	59.18M	0.00M	0.00M	0.00M	0.00M	66.59M	0.00M	0.00M
Tax Assets	963.83M	949.42M	949.42M	0.00M	693.40M	707.58M	590.64M	431.72M	239.05M	234.33M	207.46M	230.87M	311.08M	345.61M	364.95M	445.86M	297.86M	193.11M	69.44M	29.60M	12.46M	0.00M
Other Non-Current Assets	2,898.15M	11,344.71M	11,344.71M	2,799.37M	3,001.44M	3,215.27M	138.52M	0.08M	132.49M	101.45M	95.33M	43.62M	39.47M	125.81M	37.21M	146.14M	155.14M	127.99M	166.44M	57.99M	0.00M	10.00M
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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	14,637.41M	15,180.16M	15,180.16M	20,554.82M	21,251.62M	11,602.96M	4,817.31M	4,008.16M	2,341.05M	2,210.97M	2,130.05M	1,413.94M	2,077.09M	2,055.20M	2,105.11M	2,547.22M	2,368.21M	2,215.90M	1,518.99M	607.05M	276.48M	119.62M
Total Assets	36,442.03M	35,582.27M	35,582.27M	34,085.06M	33,517.64M	30,165.60M	14,593.87M	12,547.47M	8,764.65M	7,321.35M	6,780.49M	7,206.85M	6,039.81M	6,379.49M	6,032.01M	6,997.49M	6,258.97M	5,375.62M	4,346.16M	2,780.85M	2,165.29M	1,204.44M
Accounts Payable	1,872.09M	1,625.13M	1,625.13M	1,789.80M	1,584.42M	1,599.28M	1,227.13M	1,348.21M	1,133.31M	1,145.11M	1,047.32M	997.47M	953.43M	913.99M	958.02M	1,459.41M	1,190.96M	826.43M	863.47M	490.42M	424.46M	214.16M
Short-Term Debt	0.00M	0.00M	0.00M	-3,953.04M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	767.99M	379.00M	702.89M	212.50M	1,459.66M	838.06M	312.25M	259.97M	607.48M	100.00M	0.00M	0.00M
Tax Payables	798.52M	1,040.71M	1,040.71M	1,042.31M	1,400.03M	1,495.99M	733.15M	610.28M	223.34M	136.99M	44.52M	32.75M	32.55M	18.35M	4.78M	28.48M	151.74M	219.98M	45.28M	33.20M	45.73M	29.16M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	50.72M	875.88M	-94.22M	0.00M	0.00M	0.00M	0.00M	73.17M	-533.45M	-53.57M	0.00M	0.00M
Other Current Liabilities	2,410.48M	2,453.45M	2,453.45M	6,913.05M	2,910.91M	3,424.52M	2,042.02M	1,860.23M	1,058.29M	436.05M	335.94M	-254.57M	416.57M	397.83M	356.80M	0.00M	-70.67M	-248.70M	383.75M	0.00M	0.00M	0.00M
Total Current Liabilities	5,081.09M	5,119.29M	5,119.29M	5,792.12M	5,895.37M	6,519.79M	4,002.30M	3,818.72M	2,414.95M	1,718.16M	2,246.50M	2,030.52M	2,011.21M	1,542.67M	2,779.26M	2,325.95M	1,584.29M	1,130.86M	1,366.53M	570.05M	470.19M	243.32M
Long-Term Debt	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	910.03M	974.66M	845.73M	651.63M	0.00M	0.00M	0.00M	0.00M	57.60M	59.75M	0.00M
Capital Lease Obligations	1,777.31M	1,936.14M	1,936.14M	2,541.95M	2,141.67M	1,323.44M	1,049.54M	894.32M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	70.67M	0.00M	28.75M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	579.36M	568.75M	568.75M	627.23M	518.73M	426.87M	102.74M	45.00M	34.73M	18.32M	6.80M	11.50M	76.41M	75.32M	79.32M	81.27M	85.51M	90.40M	79.14M	1.22M	0.00M	0.00M
Other Non-Current Liabilities	8.25M	16.50M	16.50M	8.58M	15.53M	21.00M	33.58M	0.00M	130.24M	119.94M	45.81M	105.10M	77.43M	261.64M	152.52M	458.79M	482.94M	496.81M	82.00M	0.00M	0.00M	0.00M
Total Non-Current Liabilities	2,364.92M	2,521.39M	2,521.39M	3,177.77M	2,675.93M	1,771.31M	1,185.85M	939.32M	164.97M	138.27M	52.61M	1,026.64M	1,128.51M	1,182.68M	883.47M	540.06M	639.11M	587.21M	189.89M	58.82M	59.75M	0.00M
Total Liabilities	7,446.01M	7,640.68M	7,640.68M	8,969.88M	8,571.30M	8,291.10M	5,188.15M	4,758.04M	2,579.93M	1,856.42M	2,299.10M	3,057.16M	3,139.72M	2,725.35M	3,662.73M	2,866.01M	2,223.40M	1,718.07M	1,556.41M	628.87M	529.94M	243.32M
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	235.85M	235.85M	235.85M	239.55M	240.32M	238.76M	228.29M	214.30M	204.44M	203.35M	188.02M	177.49M	141.70M	136.61M	111.62M	111.60M	111.36M	110.90M	110.32M	110.02M	109.50M	0.00M
Retained Earnings	16,096.95M	14,895.67M	14,895.67M	14,080.61M	11,848.34M	7,784.51M	3,695.23M	2,482.68M	1,217.46M	660.90M	146.30M	-472.60M	-469.06M	330.93M	737.70M	2,730.17M	2,681.81M	2,040.92M	1,411.84M	1,113.95M	650.96M	0.00M
Accumulated OCI	0.00M	1,024.19M	1,024.19M	951.77M	840.89M	441.00M	0.00M	391.49M	-1,221.91M	-1,070.48M	-851.34M	-704.20M	-712.22M	-651.04M	-536.26M	-466.69M	-318.05M	279.14M	173.49M	167.80M	176.12M	0.00M
Minority Interest	0.00M	0.00M	0.00M	0.00M	2.50M	2.56M	2.55M	2.55M	2.55M	2.55M	2.55M	230.64M	217.58M	207.53M	198.64M	192.82M	190.08M	187.60M	192.54M	0.00M	17.59M	17.37M
Total Shareholders’ Equity	16,332.80M	16,155.72M	16,155.72M	15,271.93M	12,929.55M	8,464.27M	3,923.52M	3,088.47M	199.98M	-206.24M	-517.01M	-999.31M	-1,039.58M	-183.49M	313.06M	2,375.08M	2,475.12M	2,430.96M	1,695.66M	1,391.77M	936.58M	0.00M
Total Equity	16,332.80M	16,155.72M	16,155.72M	15,271.93M	12,932.05M	8,466.83M	3,926.07M	3,091.02M	202.53M	-203.69M	-514.46M	-768.67M	-822.00M	24.04M	511.71M	2,567.90M	2,665.20M	2,618.56M	1,888.19M	1,391.77M	954.17M	17.37M
Total Liabilities & Equity	23,778.81M	23,796.40M	23,796.40M	24,241.81M	21,503.34M	16,757.93M	9,114.22M	7,849.07M	2,782.46M	1,652.73M	1,784.64M	2,288.49M	2,317.72M	2,749.40M	4,174.43M	5,433.91M	4,888.60M	4,336.63M	3,444.60M	2,020.65M	1,484.11M	260.69M
Tangible Assets	36,137.00M	35,196.67M	35,196.67M	33,709.54M	33,141.63M	29,815.34M	14,236.74M	12,281.98M	8,456.63M	6,987.42M	6,419.91M	6,861.49M	5,221.29M	5,647.21M	5,245.87M	5,873.96M	5,064.34M	4,119.00M	3,692.37M	2,668.01M	2,058.15M	1,190.63M
Tangible Equity	16,027.77M	15,770.12M	15,770.12M	14,896.41M	12,556.03M	8,116.57M	3,568.95M	2,825.53M	-105.48M	-537.62M	-875.05M	-1,114.03M	-1,640.51M	-708.24M	-274.44M	1,444.37M	1,470.57M	1,361.94M	1,234.39M	1,278.93M	847.03M	3.56M
Tangible Book Value	16,027.77M	15,770.12M	15,770.12M	14,896.41M	12,556.03M	8,116.57M	3,568.95M	2,825.53M	-105.48M	-537.62M	-875.05M	-1,114.03M	-1,640.51M	-708.24M	-274.44M	1,444.37M	1,470.57M	1,361.94M	1,234.39M	1,278.93M	847.03M	3.56M
Total Investments	9,717.34M	4,572.22M	4,572.22M	14,565.62M	12,567.30M	4,772.07M	1,600.00M	1,290.86M	831.42M	703.07M	639.01M	53.80M	46.85M	60.43M	59.18M	58.23M	46.93M	0.00M	0.00M	66.59M	0.00M	0.00M
Net Debt	-11,798.04M	-7,498.60M	-7,498.60M	-9,396.92M	-7,382.22M	-14,744.90M	-7,187.04M	-5,961.45M	-3,671.54M	-2,529.22M	-1,185.60M	-523.54M	646.16M	-222.46M	862.70M	-371.61M	-1,160.23M	-845.37M	-180.56M	-659.68M	-676.37M	0.00M

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	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	14,451.8M	12,942.3M	12,942.3M	6,384.5M	5,154.1M	10,968.0M	4,761.5M	3,822.7M	3,608.8M	2,982.6M	1,976.5M	3,011.7M	1,283.6M	1,943.9M	650.3M	1,718.5M	1,821.9M	1,297.0M	731.1M	1,196.4M	1,200.4M	1,058.7M
Total Capital	28,946.0M	28,039.8M	28,039.8M	26,948.6M	26,471.1M	22,425.0M	9,736.4M	8,016.0M	5,817.0M	5,071.0M	4,762.6M	4,468.9M	3,641.9M	3,742.5M	3,724.9M	4,309.9M	3,752.2M	2,934.5M	2,503.9M	1,844.6M	1,459.2M	1,160.9M
Capital Employed	29,089.3M	28,122.5M	28,122.5M	26,939.3M	26,405.7M	22,571.0M	9,578.8M	7,830.9M	5,949.8M	5,193.5M	4,106.6M	4,425.7M	3,360.7M	3,999.1M	2,755.4M	4,265.8M	4,190.2M	3,512.9M	2,250.1M	1,803.4M	1,476.8M	1,178.3M
Invested Capital	17,148.0M	20,541.2M	20,541.2M	21,504.7M	19,088.9M	7,680.1M	2,549.4M	2,054.5M	2,145.5M	2,541.8M	2,809.0M	2,656.4M	2,610.5M	2,461.8M	2,476.3M	3,100.2M	2,279.7M	1,829.1M	1,715.9M	1,027.3M	723.1M	1,160.9M

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	6,912.71M	8,233.72M	4,109.61M	4,256.17M	5,415.10M	5,328.24M	2,247.87M	1,856.55M	850.32M	537.52M	790.47M	169.89M	-664.63M	-317.17M	-1,805.02M	547.38M	1,509.51M	1,283.13M	929.24M	618.53M	401.15M	186.80M
Depreciation & Amortization	4,431.90M	2,788.21M	1,857.57M	1,896.66M	1,453.79M	1,140.46M	1,012.82M	820.97M	411.41M	369.79M	317.63M	253.88M	198.46M	193.20M	226.84M	260.01M	211.12M	183.02M	110.30M	71.91M	35.89M	0.00M
Deferred Income Tax	0.00M	647.67M	0.00M	0.00M	0.00M	-752.66M	-628.26M	-414.28M	0.00M	0.00M	-468.62M	-242.84M	-114.29M	-625.67M	1,278.33M	-327.47M	-479.43M	-341.01M	-227.36M	-145.36M	-85.00M	0.00M
Stock-Based Compensation	74.51M	345.25M	77.70M	183.46M	239.30M	33.06M	80.39M	125.08M	97.94M	28.88M	31.81M	14.88M	48.16M	21.10M	6.93M	38.89M	53.68M	65.90M	51.60M	33.53M	22.65M	0.00M
Change in Working Capital	754.36M	-630.33M	421.96M	-31.05M	-1,133.22M	826.14M	141.60M	1,176.49M	447.85M	350.91M	246.26M	353.93M	-0.59M	566.31M	-838.10M	-585.29M	-383.81M	57.95M	-195.78M	-176.85M	-82.67M	0.00M
Accounts Receivable	-334.76M	-379.29M	192.86M	-164.59M	-94.38M	-284.92M	-4.05M	259.82M	227.32M	243.21M	109.36M	-69.44M	13.89M	378.42M	-323.73M	0.00M	0.00M	23.45M	-339.86M	-108.46M	0.00M	0.00M
Inventory	103.54M	-1,089.90M	-137.11M	-79.36M	-682.09M	-407.81M	81.27M	-175.56M	-131.49M	-124.27M	45.33M	274.59M	-229.13M	162.93M	-186.29M	-399.79M	-216.63M	53.26M	-107.36M	-188.02M	-83.30M	0.00M
Accounts Payable	0.00M	0.00M	0.00M	0.00M	94.38M	284.92M	4.05M	-259.82M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-45.41M	306.86M	65.96M	226.56M	0.00M
Other Working Capital	985.57M	838.86M	366.22M	212.91M	-451.13M	1,233.95M	60.33M	1,352.06M	579.34M	475.18M	200.93M	79.33M	228.54M	403.38M	-651.81M	-185.49M	-167.18M	26.65M	-55.43M	53.68M	-225.93M	0.00M
Other Non-Cash Items	-1,748.94M	-904.17M	-1,198.91M	-1,617.30M	-2,061.38M	-49.90M	-91.08M	-61.34M	-135.65M	-127.96M	77.94M	137.32M	138.54M	148.70M	199.89M	82.05M	79.82M	57.69M	30.98M	-8.84M	1.37M	-48.20M
Net Cash from Operating Activities	10,424.54M	9,056.83M	5,267.94M	4,687.94M	3,913.60M	6,525.34M	2,763.34M	3,503.47M	1,671.87M	1,159.14M	995.48M	687.04M	-394.36M	-13.53M	-931.14M	15.57M	990.90M	1,306.67M	698.97M	392.92M	293.39M	138.61M
Capital Expenditures (PPE)	-3,254.54M	-4,035.99M	-1,430.83M	-1,927.23M	-1,830.43M	-1,027.75M	-745.63M	-685.81M	-600.95M	-427.61M	-476.16M	-388.67M	-327.23M	-285.50M	-217.34M	-387.78M	-272.35M	-272.15M	-260.42M	-243.06M	-107.46M	-41.92M
Acquisitions (Net)	-1,866.56M	-16.98M	-1,866.56M	0.00M	-25.94M	-1,381.11M	-19.58M	-30.25M	-10.15M	0.00M	-2.00M	0.00M	0.00M	-4.00M	-10.09M	-12.83M	-16.27M	-118.74M	-175.41M	-17.82M	-0.11M	0.00M
Purchases of Investments	-6,445.00M	0.00M	-6,445.00M	-9,450.32M	-24,005.60M	-13,201.49M	-11,022.48M	-6,742.00M	0.00M	-0.44M	-2.00M	0.00M	-14.00M	0.00M	0.00M	0.00M	-46.93M	0.00M	0.00M	0.00M	0.00M	0.00M
Sales / Maturities of Investments	8,380.20M	0.00M	8,380.20M	8,642.37M	16,525.05M	9,824.87M	10,629.00M	6,742.00M	0.00M	0.00M	138.47M	0.00M	0.00M	0.00M	0.00M	0.00M	83.47M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Investing Activities	4,148.64M	-9,635.16M	522.58M	286.07M	-144.53M	-753.22M	167.14M	142.71M	128.16M	85.54M	21.38M	25.93M	7.15M	70.53M	9.54M	-1.73M	-72.30M	81.13M	33.76M	-50.88M	354.06M	0.23M
Net Cash from Investing Activities	962.73M	-13,688.13M	-839.62M	-2,449.11M	-9,481.43M	-6,538.70M	-991.56M	-573.34M	-482.94M	-342.52M	-320.31M	-362.75M	-334.08M	-218.98M	-217.90M	-402.35M	-324.37M	-309.76M	-402.07M	-311.76M	246.49M	-41.69M
Net Debt Issuance	-815.32M	0.00M	-856.08M	-872.24M	-627.43M	-501.01M	-325.12M	-326.36M	0.00M	-200.00M	-364.82M	-449.16M	601.51M	435.25M	1,352.14M	528.63M	55.24M	-347.37M	425.38M	100.00M	0.00M	-40.00M
Long-Term Debt Issuance	-815.32M	0.00M	-856.08M	1,627.76M	-27.43M	-501.01M	-325.12M	-326.36M	0.00M	-200.00M	-364.82M	-449.16M	601.51M	-1,045.24M	745.69M	0.00M	55.24M	-347.37M	425.38M	100.00M	0.00M	-40.00M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	-2,500.00M	-600.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	601.51M	-1,045.24M	606.44M	528.63M	0.00M	-347.37M	425.38M	100.00M	0.00M	0.00M
Net Stock Issuance	-1,150.70M	-162.74M	3.92M	-1,158.75M	-158.61M	8,667.37M	189.45M	-163.47M	-116.87M	-42.10M	-53.18M	0.44M	1.09M	1.97M	1.60M	-0.32M	36.38M	23.98M	11.79M	-23.61M	15.77M	5.95M
Common Stock Issuance	3.92M	0.00M	3.92M	7.42M	96.72M	8,667.37M	189.45M	0.00M	0.00M	0.00M	0.00M	0.44M	1.09M	1.97M	1.60M	-0.32M	36.38M	23.98M	11.79M	16.27M	15.77M	5.95M
Common Stock Repurchased	-1,154.62M	-162.74M	0.00M	-1,158.75M	-158.61M	0.00M	0.00M	-163.47M	-116.87M	-42.10M	-53.18M	0.00M	-2.15M	0.00M	0.00M	-12.73M	0.00M	0.00M	-56.63M	-39.88M	0.00M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	-7.42M	-96.72M	0.00M	0.00M	0.00M	0.00M	0.00M	-7.26M	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	-2,934.73M	-2,414.91M	-1,443.95M	-2,174.83M	-1,194.72M	-515.20M	-377.82M	-214.70M	0.00M	0.00M	-18.06M	0.00M	-796.17M	0.00M	0.00M	-325.61M	-465.46M	-255.95M	-576.21M	-138.41M	-88.27M	-69.40M
Common Dividends Paid	-2,934.73M	-2,414.91M	-1,443.95M	-2,174.83M	-1,194.72M	-515.20M	-377.82M	-214.70M	0.00M	0.00M	-18.06M	0.00M	-796.17M	0.00M	0.00M	-325.61M	-465.46M	-255.95M	-576.21M	-138.41M	-88.27M	-69.40M
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	-935.83M	7,362.43M	-28.18M	-11.14M	93.32M	-55.01M	0.00M	55.90M	51.22M	9.61M	-72.97M	1,085.10M	668.68M	-145.46M	-153.16M	-82.67M	-80.40M	59.84M	-216.50M	-5.22M	-6.37M	65.11M
Net Cash from Financing Activities	-5,836.58M	4,784.78M	-2,324.28M	-4,216.95M	-1,887.44M	7,596.15M	-513.49M	-648.62M	-65.64M	-232.49M	-509.03M	636.38M	474.67M	291.77M	1,200.58M	120.03M	-454.24M	-519.50M	-355.54M	-67.25M	-78.87M	-38.34M
Effect of FX on Cash	-163.34M	149.11M	-49.33M	39.79M	92.58M	-24.93M	-32.70M	8.40M	19.03M	-8.50M	2.49M	-2.79M	4.47M	-19.88M	0.58M	-7.22M	-6.19M	-1.11M	-3.21M	-2.90M	-0.51M	-2.78M
Net Change in Cash	18,813.24M	151.29M	2,054.71M	-1,938.34M	-7,362.68M	7,557.86M	1,225.59M	2,289.90M	1,142.32M	575.63M	-35.68M	781.19M	-249.30M	39.38M	52.12M	-273.96M	206.09M	476.30M	-61.85M	11.02M	460.50M	55.80M
Cash at Beginning of Period	6,762.11M	13,429.23M	5,443.88M	7,382.22M	14,744.90M	7,187.04M	5,961.45M	3,671.54M	2,529.22M	1,953.59M	1,989.27M	1,031.39M	1,280.68M	1,241.30M	1,196.47M	1,470.44M	1,264.34M	788.04M	849.89M	838.87M	378.37M	322.57M
Cash at End of Period	19,164.66M	13,580.53M	7,498.60M	5,443.88M	7,382.22M	14,744.90M	7,187.04M	5,961.45M	3,671.54M	2,529.22M	1,953.59M	1,812.57M	1,031.39M	1,280.68M	1,248.59M	1,196.47M	1,470.44M	1,264.34M	788.04M	849.89M	838.87M	378.37M
Operating Cash Flow	10,424.54M	9,056.83M	5,267.94M	4,687.94M	3,913.60M	6,525.34M	2,763.34M	3,503.47M	1,671.87M	1,159.14M	995.48M	687.04M	-394.36M	-13.53M	-931.14M	15.57M	990.90M	1,306.67M	698.97M	392.92M	293.39M	138.61M
Capital Expenditure	-3,326.75M	-4,035.99M	-1,503.04M	-1,815.27M	-1,830.43M	-1,027.75M	-745.63M	-685.81M	-600.95M	-427.61M	-476.16M	-388.67M	-327.23M	-285.50M	-217.34M	-387.78M	-272.35M	-272.15M	-260.42M	-243.06M	-107.46M	-41.92M
Free Cash Flow	7,097.79M	5,020.84M	3,764.90M	2,872.66M	2,083.18M	5,497.58M	2,017.70M	2,817.66M	1,070.92M	731.53M	519.32M	298.37M	-721.58M	-299.03M	-1,148.48M	-372.21M	718.55M	1,034.52M	438.55M	149.87M	185.93M	96.68M

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	8,847.34M	9,277.58M	5,386.86M	4,294.26M	4,976.91M	5,446.86M	2,554.48M	1,850.61M	847.07M	602.11M	503.70M	247.57M	-530.17M	-295.50M	-1,725.28M	747.53M	1,563.27M	1,397.80M	1,005.63M	650.78M	408.85M	238.87M
(-) Tax Adjustment	2,550.29M	2,281.41M	1,437.54M	1,078.78M	1,241.98M	1,346.68M	624.32M	356.26M	134.54M	25.06M	56.74M	86.65M	0.00M	0.00M	0.00M	186.29M	390.82M	341.84M	218.54M	152.07M	108.12M	74.34M
(-) Change In Working Capital	754.36M	-630.33M	421.96M	-31.05M	-1,133.22M	826.14M	141.60M	1,176.49M	447.85M	350.91M	246.26M	353.93M	-0.59M	566.31M	-838.10M	-585.29M	-383.81M	57.95M	-195.78M	-176.85M	-82.67M	0.00M
(-) Capital Expenditure	-3,326.75M	-4,035.99M	-1,503.04M	-1,815.27M	-1,830.43M	-1,027.75M	-745.63M	-685.81M	-600.95M	-427.61M	-476.16M	-388.67M	-327.23M	-285.50M	-217.34M	-387.78M	-272.35M	-272.15M	-260.42M	-243.06M	-107.46M	-41.92M
Unlevered Free Cash Flow	2,215.95M	3,590.51M	2,024.32M	1,431.25M	3,037.72M	2,246.29M	1,042.92M	-367.95M	-336.27M	-201.48M	-275.45M	-581.68M	-856.80M	-1,147.31M	-1,104.53M	758.75M	1,283.91M	725.86M	722.46M	432.50M	275.93M	122.61M
(-) Net Interest Income After Taxes	384.59M	-823.63M	201.14M	221.11M	188.78M	60.71M	67.67M	46.42M	48.17M	28.03M	-60.10M	-56.86M	-92.90M	-100.82M	-195.55M	-61.60M	-27.95M	-13.24M	-17.40M	8.29M	-1.00M	0.00M
Net Debt Issuance	-815.32M	0.00M	-856.08M	-872.24M	-627.43M	-501.01M	-325.12M	-326.36M	0.00M	-200.00M	-364.82M	-449.16M	601.51M	435.25M	1,352.14M	528.63M	55.24M	-347.37M	425.38M	100.00M	0.00M	-40.00M
Levered Free Cash Flow	1,016.03M	4,414.14M	967.10M	337.91M	2,221.51M	1,684.58M	650.14M	-740.73M	-384.44M	-429.51M	-580.16M	-973.97M	-162.39M	-611.24M	443.16M	1,348.98M	1,367.10M	391.74M	1,165.24M	524.21M	276.93M	82.61M