Banco BMG S.A. (BMGB4.SA)

Industry: Banks - Regional Sector: Financial Services Currency Used: BR Live Price: $4.97

Enterprise Value

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012
Stock Price	3.83	3.56	2.61	2.52	4.16	4.96	8.72	8.37	8.37	8.37	8.37	8.37	8.37	8.37
Market Capitalization	2,235.30M	2,080.49M	1,521.91M	1,470.79M	2,420.55M	2,875.60M	4,892.40M	5,050.92M	4,124.82M	4,059.40M	3,993.73M	3,993.52M	3,993.51M	3,624.55M
(-) Cash & Equivalents	1,929.87M	1,209.33M	1,988.73M	1,182.36M	536.10M	177.83M	373.49M	1,018.79M	386.10M	79.88M	690.91M	595.55M	327.86M	527.02M
(+) Total Debt	8,996.15M	5,959.92M	5,396.14M	4,528.11M	4,971.89M	2,231.44M	2,992.84M	1,672.88M	2,352.85M	2,628.96M	3,460.66M	2,803.38M	4,582.07M	2,257.28M
Enterprise Value	9,301.58M	6,831.09M	4,929.32M	4,816.54M	6,856.34M	4,929.22M	7,511.75M	5,705.02M	6,091.57M	6,608.47M	6,763.48M	6,201.36M	8,247.73M	5,354.81M

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	6,761M	8,923M	6,793M	7,238M	5,762M	3,909M	3,484M	3,252M	2,858M	2,308M	2,316M	2,263M	1,487M	2,080M	-5M
Cost of Revenue	3,891M	5,111M	4,029M	4,753M	3,700M	1,881M	1,120M	1,294M	1,413M	1,317M	0M	0M	0M	0M	0M
Gross Profit	2,870M	3,812M	2,764M	2,485M	2,062M	2,027M	2,364M	1,959M	1,445M	992M	2,316M	2,263M	1,487M	2,080M	-5M
Gross Profit Margin	42.4%	42.7%	40.7%	34.3%	35.8%	51.9%	67.8%	60.2%	50.6%	43.0%	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	1,153M	970M	1,111M	1,167M	1,087M	975M	1,377M	1,068M	545M	425M	841M	702M	872M	806M	867M
Operating Expenses	2,781M	3,251M	2,642M	2,344M	2,313M	2,087M	2,009M	1,814M	1,059M	980M	587M	282M	1,171M	1,023M	1,143M
Operating Income (EBIT)	89M	562M	122M	141M	-251M	-59M	355M	145M	386M	12M	1,729M	1,981M	316M	1,057M	-1,148M
Operating Income Margin	1.3%	6.3%	1.8%	2.0%	-4.4%	-1.5%	10.2%	4.5%	13.5%	0.5%	74.6%	87.6%	21.3%	50.8%	23,936.3%
Interest Income	10,440M	8,247M	9,150M	7,629M	6,317M	4,672M	4,026M	3,512M	3,022M	2,578M	0M	0M	0M	0M	0M
Interest Expense	3,891M	5,111M	4,029M	4,753M	3,700M	1,881M	1,120M	1,294M	1,413M	1,317M	0M	0M	0M	0M	0M
Net Interest Income	6,548M	3,136M	5,121M	2,876M	2,617M	2,790M	2,906M	2,219M	1,609M	1,262M	0M	0M	0M	0M	0M
Unusual Items	-6,632M	-3,136M	-5,121M	-2,876M	-2,617M	-2,790M	-2,906M	-2,219M	-1,609M	-1,262M	-1,521M	-2,074M	0M	0M	0M
EBT Excluding Unusual Items	6,637M	3,698M	5,243M	3,017M	2,366M	2,731M	3,260M	2,363M	1,995M	1,273M	1,729M	1,981M	316M	1,057M	-1,148M
Pre-Tax Income	5M	562M	122M	141M	-251M	-59M	355M	145M	386M	12M	208M	-93M	316M	1,057M	-1,148M
Pre-Tax Margin	0.1%	6.3%	1.8%	2.0%	-4.4%	-1.5%	10.2%	4.5%	13.5%	0.5%	9.0%	-4.1%	21.3%	50.8%	23,936.3%
Income Tax Expense	-253M	70M	-157M	-146M	-316M	-231M	44M	-245M	166M	-15M	80M	-149M	7M	323M	568M
Net Income	321M	423M	253M	268M	60M	170M	314M	387M	219M	26M	195M	207M	309M	734M	-580M
Net Income Margin	4.7%	4.7%	3.7%	3.7%	1.0%	4.3%	9.0%	11.9%	7.7%	1.1%	8.4%	9.2%	20.8%	35.3%	12,096.1%
Depreciation & Amortization	178M	156M	174M	123M	91M	104M	59M	28M	21M	164M	21M	165M	-458M	-1,130M	0M
EBITDA	267M	718M	296M	264M	-160M	45M	414M	173M	407M	176M	1,750M	2,146M	-142M	-73M	-1,148M
EBITDA Margin	3.9%	8.0%	4.4%	3.7%	-2.8%	1.2%	11.9%	5.3%	14.3%	7.6%	75.6%	94.8%	-9.6%	-3.5%	23,936.3%
NOPAT	4,476M	492M	279M	287M	-198M	-47M	310M	390M	220M	26M	1,068M	1,565M	309M	734M	-907M
NOPAT Margin	66.2%	5.5%	4.1%	4.0%	-3.4%	-1.2%	8.9%	12.0%	7.7%	1.1%	46.1%	69.2%	20.8%	35.3%	18,909.7%
Owner's Earnings	271M	374M	401M	158M	-13M	125M	254M	331M	172M	163M	205M	355M	-166M	-449M	-598M
Owner's Earnings Margin	4.0%	4.2%	5.9%	2.2%	-0.2%	3.2%	7.3%	10.2%	6.0%	7.1%	8.9%	15.7%	-11.2%	-21.6%	12,471.9%
EPS (Basic)	0.58	0.63	0.43	0.46	0.10	0.29	0.53	0.74	0.28	0.04	0.40	0.43	0.65	1.54	-1.34
EPS (Diluted)	0.55	0.72	0.43	0.46	0.10	0.29	0.53	0.74	0.36	0.04	0.40	0.43	0.65	1.54	-1.34
Shares (Basic)	584M	584M	582M	583M	583M	583M	588M	526M	603M	603M	491M	477M	477M	477M	433M
Shares (Diluted)	584M	584M	582M	583M	583M	583M	588M	526M	603M	603M	491M	477M	477M	477M	433M

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	1,750.57M	2,206.07M	1,710.99M	874.65M	1,727.71M	548.63M	160.85M	322.34M	871.83M	1,446.34M	29.49M	446.49M	1,231.48M	97.11M	627.80M
Short-Term Investments	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	1,750.57M	2,206.07M	1,710.99M	874.65M	1,727.71M	548.63M	160.85M	322.34M	871.83M	1,446.34M	29.49M	446.49M	1,231.48M	97.11M	627.80M
Net Receivables	2,112.94M	965.35M	805.84M	0.00M	1,229.09M	875.47M	0.00M	689.65M	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
Other Current 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
Total Current Assets	3,863.51M	3,171.43M	2,516.83M	874.65M	2,956.80M	1,424.10M	160.85M	1,011.99M	871.83M	1,446.34M	29.49M	446.49M	1,231.48M	97.11M	627.80M
Property, Plant & Equipment	121.63M	113.03M	123.79M	68.15M	169.46M	187.92M	66.91M	263.01M	115.67M	82.80M	69.98M	71.63M	69.72M	88.81M	40.08M
Goodwill	1,728.14M	1,079.15M	1,636.60M	1,086.17M	1,339.85M	1,257.55M	21.58M	1,030.63M	0.00M	999.03M	676.39M	821.44M	965.81M	995.58M	1,250.31M
Intangible Assets	650.28M	603.41M	0.00M	451.89M	0.00M	-1,602.12M	274.10M	0.00M	1,002.06M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Long-Term Investments	20,861.21M	22,537.53M	24,368.33M	1,394.44M	21,990.75M	3,729.84M	0.00M	10,906.80M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	4,973.89M	3,856.31M	3,617.02M	0.00M	2,912.77M	2,862.49M	0.00M	2,285.76M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	17,916.82M	16,485.09M	15,791.94M	39,844.06M	14,794.59M	24,459.10M	27,710.32M	3,806.67M	15,379.38M	14,169.19M	14,840.54M	15,741.79M	14,718.00M	28,937.70M	0.00M
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	23,928.98M
Total Non-Current Assets	46,251.97M	44,674.52M	45,537.69M	42,844.71M	41,207.42M	30,894.77M	28,072.90M	18,292.87M	16,497.11M	15,251.02M	15,586.92M	16,634.85M	15,753.53M	30,022.09M	25,219.37M
Total Assets	50,115.48M	47,845.94M	48,054.52M	43,719.36M	44,164.22M	32,318.87M	28,233.75M	19,304.86M	17,368.93M	16,697.36M	15,616.41M	17,081.34M	16,985.02M	30,119.20M	25,847.17M
Accounts Payable	320.49M	0.00M	13.29M	0.00M	563.42M	553.27M	743.10M	213.35M	311.24M	339.03M	0.00M	0.00M	0.00M	0.00M	0.00M
Short-Term Debt	8,939.21M	6,861.88M	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	294.10M	283.92M	347.39M	245.32M	205.94M	136.36M	0.00M	84.32M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
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	14,447.18M	19,120.25M	25,429.01M	-1,493.60M	24,436.75M	17,211.18M	-996.74M	10,169.23M	-443.40M	-409.08M	-55.18M	-48.86M	-94.23M	-79.02M	0.00M
Total Current Liabilities	24,000.98M	26,266.05M	25,789.70M	-1,248.28M	25,206.12M	17,900.82M	-253.64M	10,466.90M	-132.16M	-70.06M	-55.18M	-48.86M	-94.23M	-79.02M	0.00M
Long-Term Debt	6,381.84M	11,100.57M	8,883.60M	4,344.33M	5,850.35M	4,269.59M	0.00M	2,856.73M	0.00M	0.00M	2,468.82M	3,595.74M	3,150.57M	12,970.45M	2,134.01M
Capital Lease Obligations	0.00M	0.00M	0.00M	78.32M	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	14,765.70M	6,695.40M	9,705.29M	35,194.78M	9,606.88M	8,392.42M	23,909.31M	2,264.83M	14,555.39M	13,900.57M	10,547.47M	10,509.91M	10,733.34M	14,566.11M	0.00M
Total Non-Current Liabilities	21,147.54M	17,795.97M	18,588.89M	39,617.42M	15,457.23M	12,662.02M	23,909.31M	5,121.56M	14,555.39M	13,900.57M	13,016.29M	14,105.66M	13,883.91M	27,536.56M	2,134.01M
Total Liabilities	45,148.52M	44,062.02M	44,378.59M	38,369.15M	40,663.35M	30,562.83M	23,655.67M	15,588.46M	14,423.24M	13,830.51M	12,961.10M	14,056.80M	13,789.68M	27,457.55M	2,134.01M
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
Common Stock	3,742.57M	3,742.57M	3,742.57M	3,742.57M	3,742.57M	3,742.57M	3,742.57M	3,742.57M	2,542.57M	2,504.48M	2,504.48M	2,805.06M	2,805.07M	2,805.07M	2,652.55M
Retained Earnings	0.00M	-435.39M	-452.49M	202.92M	-348.66M	-182.85M	412.61M	-319.27M	88.07M	301.10M	100.38M	167.04M	300.47M	-217.92M	336.81M
Accumulated OCI	0.00M	0.00M	0.00M	197.87M	0.00M	0.00M	-13.16M	0.00M	-11.16M	-11.45M	-4.77M	3.55M	-4.46M	-8.75M	0.00M
Minority Interest	133.85M	50.38M	51.79M	37.25M	31.10M	23.12M	0.09M	15.52M	3.63M	2.67M	0.03M	0.03M	0.03M	4.25M	0.00M
Total Shareholders’ Equity	3,742.57M	3,307.18M	3,290.08M	4,143.36M	3,393.92M	3,559.73M	4,142.02M	3,423.30M	2,619.49M	2,794.12M	2,600.09M	2,975.66M	3,101.08M	2,578.39M	2,989.36M
Total Equity	3,876.42M	3,357.56M	3,341.87M	4,180.61M	3,425.02M	3,582.84M	4,142.11M	3,438.82M	2,623.11M	2,796.80M	2,600.12M	2,975.69M	3,101.11M	2,582.64M	2,989.36M
Total Liabilities & Equity	49,024.93M	47,419.58M	47,720.46M	42,549.76M	44,088.37M	34,145.67M	27,797.77M	19,027.27M	17,046.35M	16,627.31M	15,561.22M	17,032.49M	16,890.79M	30,040.18M	5,123.37M
Tangible Assets	47,737.05M	46,163.38M	46,417.91M	42,181.30M	42,824.36M	32,663.44M	27,938.08M	18,274.23M	16,366.87M	15,698.33M	14,940.01M	16,259.91M	16,019.20M	29,123.62M	24,596.86M
Tangible Equity	1,497.99M	1,675.01M	1,705.27M	2,642.55M	2,085.17M	3,927.41M	3,846.44M	2,408.19M	1,621.05M	1,797.76M	1,923.72M	2,154.25M	2,135.29M	1,587.06M	1,739.05M
Tangible Book Value	1,497.99M	1,675.01M	1,705.27M	2,642.55M	2,085.17M	3,927.41M	3,846.44M	2,408.19M	1,621.05M	1,797.76M	1,923.72M	2,154.25M	2,135.29M	1,587.06M	1,739.05M
Total Investments	20,861.21M	22,537.53M	24,368.33M	1,394.44M	21,990.75M	3,729.84M	0.00M	10,906.80M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Debt	13,570.48M	15,756.38M	7,172.61M	3,469.67M	4,122.64M	3,720.96M	-160.85M	2,534.39M	-871.83M	-1,446.34M	2,439.33M	3,149.25M	1,919.09M	12,873.34M	1,506.21M

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	-19,396.4M	-22,355.6M	-22,542.2M	-1,854.1M	-21,619.3M	-16,011.0M	-35.3M	-9,102.0M	681.4M	1,379.6M	-25.7M	397.6M	1,137.3M	18.1M	627.8M
Total Capital	10,227.9M	15,573.2M	13,238.4M	8,489.7M	9,950.1M	8,070.4M	5,406.0M	6,910.6M	6,118.3M	5,467.5M	5,068.9M	6,571.4M	6,251.6M	15,548.8M	5,123.4M
Capital Employed	25,127.5M	22,318.9M	22,995.5M	40,990.6M	19,588.1M	16,485.9M	28,037.6M	9,190.9M	17,178.5M	16,630.6M	15,561.2M	17,032.5M	16,890.8M	30,040.2M	25,847.2M
Invested Capital	8,477.4M	13,367.1M	11,527.4M	7,615.0M	8,222.4M	7,521.7M	5,245.2M	6,588.2M	5,246.5M	4,021.1M	5,039.4M	6,124.9M	5,020.2M	15,451.7M	4,495.6M

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	374.34M	427.86M	252.86M	267.92M	60.34M	169.66M	313.68M	387.40M	219.44M	26.29M	194.78M	207.37M	309.26M	733.60M	-580.01M
Depreciation & Amortization	177.60M	155.94M	174.35M	123.14M	90.77M	104.48M	59.26M	27.89M	21.17M	164.07M	21.12M	-16.86M	161.23M	28.38M	157.65M
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	0.38M	24.52M	0.00M	11.69M	3.99M	3.88M	5.68M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-2,331.16M	-2,469.60M	-1,815.26M	-1,178.53M	-995.83M	-603.17M	-512.25M	-901.94M	-1,552.51M	516.73M	1,229.56M	-498.93M	686.00M	-1,337.84M	0.00M
Accounts Receivable	-2,013.01M	985.69M	39.69M	-25.54M	-42.02M	-116.98M	7.44M	-8.72M	31.63M	-96.91M	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	-1,088.30M	-3,455.28M	-1,854.94M	-1,152.99M	-953.81M	-486.18M	-519.69M	-893.22M	-1,584.14M	613.64M	-2,432.04M	-227.16M	686.00M	-1,337.84M	0.00M
Other Non-Cash Items	1,404.31M	1,734.16M	2,204.91M	1,150.56M	1,070.83M	833.04M	671.42M	424.45M	811.85M	434.47M	399.17M	-160.46M	557.65M	1,060.79M	817.85M
Net Cash from Operating Activities	-374.53M	-127.12M	816.87M	374.78M	230.11M	507.89M	537.78M	-62.21M	-500.04M	1,141.55M	1,802.39M	-530.05M	1,714.14M	484.93M	395.49M
Capital Expenditures (PPE)	-145.70M	-22.28M	-273.09M	-13.60M	-20.30M	-27.10M	-27.83M	-55.87M	-66.05M	-26.92M	-10.40M	-16.74M	-17.11M	-52.14M	-18.02M
Acquisitions (Net)	27.39M	-24.69M	0.00M	-103.35M	-61.14M	-15.10M	7.40M	0.00M	-122.00M	-10.00M	-23.87M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-2,786.14M	-2,185.39M	0.00M	0.00M	0.00M
Sales / Maturities of Investments	0.00M	0.42M	0.00M	11.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1.36M	1,479.10M	62.71M	0.00M	0.00M	0.00M
Other Investing Activities	158.16M	-168.25M	1.43M	-210.74M	-139.01M	-103.29M	-85.01M	-26.21M	121.57M	3.56M	934.66M	-246.20M	221.57M	-1,249.00M	-19.17M
Net Cash from Investing Activities	39.85M	-214.79M	-271.66M	-316.70M	-220.45M	-145.49M	-105.44M	-82.08M	-66.48M	-32.00M	-1,703.34M	-1,937.41M	204.47M	-1,301.14M	-37.19M
Net Debt Issuance	0.00M	0.00M	600.00M	273.00M	506.90M	0.00M	-899.76M	-977.89M	0.00M	0.00M	0.00M	1,818.01M	838.93M	222.49M	379.48M
Long-Term Debt Issuance	0.00M	0.00M	600.00M	273.00M	506.90M	0.00M	-899.76M	-977.89M	0.00M	0.00M	0.00M	1,818.01M	838.93M	222.49M	379.48M
Short-Term Debt 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
Net Stock Issuance	49.53M	0.00M	0.00M	0.00M	-5.14M	-25.77M	-107.20M	1,136.76M	0.00M	0.00M	-300.59M	0.00M	0.00M	0.00M	152.51M
Common Stock Issuance	49.53M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1,136.76M	0.00M	0.00M	99.41M	0.00M	0.00M	0.00M	0.00M
Common Stock Repurchased	0.00M	0.00M	0.00M	0.00M	-5.14M	-25.77M	-107.20M	0.00M	0.00M	0.00M	-400.00M	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-216.42M	-41.66M	-349.52M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-118.00M	-142.81M	-170.50M	-96.09M	-138.59M
Common Dividends Paid	-216.42M	-41.66M	-349.52M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-118.00M	-142.81M	-170.50M	-96.09M	-138.59M
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
Other Financing Activities	330.33M	-201.56M	14.54M	-79.39M	-290.52M	-81.12M	-132.08M	17.15M	0.95M	-45.00M	862.55M	0.00M	-1,447.44M	154.21M	138.59M
Net Cash from Financing Activities	163.45M	-243.22M	265.03M	193.61M	211.23M	-106.89M	-1,139.04M	176.02M	0.95M	-45.00M	-173.34M	1,675.19M	-779.01M	280.60M	-392.69M
Effect of FX on Cash	303.82M	61.79M	20.02M	1.97M	-7.51M	-11.04M	-33.18M	-0.53M	-8.95M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Change in Cash	292.72M	-523.34M	830.25M	253.66M	213.37M	244.47M	-739.88M	31.20M	-574.52M	1,064.55M	-70.83M	-784.99M	1,134.37M	-535.61M	-34.39M
Cash at Beginning of Period	2,656.30M	2,434.40M	874.65M	620.99M	407.62M	163.15M	903.03M	871.83M	1,446.34M	375.66M	446.49M	1,231.48M	97.11M	632.72M	662.19M
Cash at End of Period	2,949.02M	1,911.06M	1,704.90M	874.65M	620.99M	407.62M	163.15M	903.03M	871.83M	1,440.22M	375.66M	446.49M	1,231.48M	97.11M	627.80M
Operating Cash Flow	-374.53M	-127.12M	816.87M	374.78M	230.11M	507.89M	537.78M	-62.21M	-500.04M	1,141.55M	1,802.39M	-530.05M	1,714.14M	484.93M	395.49M
Capital Expenditure	-227.45M	-205.35M	-26.52M	-233.36M	-164.12M	-149.41M	-118.74M	-84.44M	-69.07M	-26.92M	-10.40M	-16.74M	-17.11M	-52.14M	-18.02M
Free Cash Flow	-719.04M	-332.47M	790.35M	141.43M	65.99M	358.48M	419.04M	-146.65M	-569.12M	1,114.63M	1,791.99M	-546.79M	1,697.03M	432.79M	377.47M

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	1,893.85M	2,998.01M	1,826.58M	1,440.44M	1,065.44M	1,156.47M	1,046.21M	918.87M	920.66M	730.45M	1,496.57M	1,725.31M	156.39M	143.93M	-872.29M
(-) Tax Adjustment	0.00M	374.31M	0.00M	0.00M	372.90M	404.77M	131.23M	0.00M	322.23M	0.00M	523.80M	603.86M	3.33M	43.97M	0.00M
(-) Change In Working Capital	-2,331.16M	-2,469.60M	-1,815.26M	-1,178.53M	-995.83M	-603.17M	-512.25M	-901.94M	-1,552.51M	516.73M	1,229.56M	-498.93M	686.00M	-1,337.84M	0.00M
(-) Capital Expenditure	-227.45M	-205.35M	-26.52M	-233.36M	-164.12M	-149.41M	-118.74M	-84.44M	-69.07M	-26.92M	-10.40M	-16.74M	-17.11M	-52.14M	-18.02M
Unlevered Free Cash Flow	3,997.56M	4,887.94M	3,615.32M	2,385.62M	1,524.25M	1,205.46M	1,308.49M	1,736.38M	2,081.86M	186.80M	-267.20M	1,603.64M	-550.04M	1,385.66M	-890.31M
(-) Net Interest Income After Taxes	6,548.05M	2,744.80M	5,120.76M	2,876.01M	1,701.37M	1,813.80M	2,541.24M	2,218.61M	1,045.97M	1,261.65M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Debt Issuance	0.00M	0.00M	600.00M	273.00M	506.90M	0.00M	-899.76M	-977.89M	0.00M	0.00M	0.00M	1,818.01M	838.93M	222.49M	379.48M
Levered Free Cash Flow	-2,550.49M	2,143.13M	-905.44M	-217.39M	329.78M	-608.34M	-2,132.52M	-1,460.12M	1,035.89M	-1,074.85M	-267.20M	3,421.64M	288.88M	1,608.15M	-510.83M