Ebro Foods, S.A. (EBRO.MC)

Industry: Packaged Foods Sector: Consumer Defensive Currency Used: ES Live Price: $18.40

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	15.70	15.84	15.38	17.30	18.69	19.10	18.72	19.75	20.25	17.76	14.97	16.66	14.22	14.99	14.70	12.54	10.60	13.89	17.26	13.88	9.96
Market Capitalization	2,415.68M	2,437.22M	2,366.45M	2,661.86M	2,875.74M	2,938.82M	2,879.58M	3,038.06M	3,115.00M	2,732.96M	2,302.19M	2,562.62M	2,155.83M	2,307.84M	2,277.38M	1,913.58M	1,645.74M	2,207.61M	2,748.39M	2,210.18M	1,585.98M
(-) Cash & Equivalents	313.01M	283.84M	199.90M	444.37M	268.36M	228.58M	229.54M	309.08M	263.92M	178.63M	145.03M	97.89M	134.20M	286.67M	277.85M	124.96M	14.70M	11.82M	9.38M	10.27M	13.71M
(+) Total Debt	573.97M	700.37M	721.39M	961.71M	1,021.94M	965.25M	606.99M	677.79M	618.23M	550.89M	479.19M	395.26M	415.28M	244.58M	286.74M	473.00M	137.12M	136.10M	152.67M	127.94M	74.01M
Enterprise Value	2,676.64M	2,853.75M	2,887.94M	3,179.21M	3,629.32M	3,675.49M	3,257.03M	3,406.78M	3,469.31M	3,105.22M	2,636.36M	2,859.99M	2,436.91M	2,265.74M	2,286.27M	2,261.62M	1,768.16M	2,331.89M	2,891.68M	2,327.84M	1,646.28M

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	6,088M	5,800M	3,140M	3,084M	2,964M	2,424M	2,430M	2,813M	2,647M	2,507M	2,459M	2,462M	2,121M	1,957M	2,041M	1,804M	1,702M	2,198M	2,368M	2,685M	2,449M	2,129M	1,845M
Cost of Revenue	6,221M	2,817M	1,711M	1,756M	1,689M	1,337M	1,605M	1,524M	1,442M	1,306M	1,297M	1,378M	1,187M	1,077M	1,127M	961M	835M	1,190M	1,403M	1,566M	1,395M	1,227M	1,123M
Gross Profit	-132M	2,983M	1,429M	1,329M	1,275M	1,086M	825M	1,290M	1,205M	1,201M	1,162M	1,084M	934M	879M	914M	843M	867M	1,008M	965M	1,119M	1,053M	902M	721M
Gross Profit Margin	-2.2%	51.4%	45.5%	43.1%	43.0%	44.8%	34.0%	45.8%	45.5%	47.9%	47.3%	44.0%	44.0%	44.9%	44.8%	46.7%	50.9%	45.9%	40.7%	41.7%	43.0%	42.4%	39.1%
R&D Expenses	0M	1M	0M	2M	2M	1M	2M	2M	2M	1M	1M	2M	2M	2M	2M	0M	0M	0M	0M	0M	4M	6M	4M
SG&A Expenses	1,279M	929M	497M	458M	77M	461M	531M	549M	526M	496M	481M	459M	386M	354M	367M	0M	244M	273M	275M	321M	0M	0M	0M
Operating Expenses	-705M	2,346M	1,120M	1,054M	1,076M	887M	872M	1,059M	982M	920M	898M	837M	705M	652M	666M	624M	666M	786M	770M	912M	869M	717M	577M
Operating Income (EBIT)	572M	637M	309M	275M	199M	199M	-46M	231M	223M	281M	264M	247M	229M	228M	248M	219M	201M	222M	195M	207M	185M	185M	144M
Operating Income Margin	9.4%	11.0%	9.8%	8.9%	6.7%	8.2%	-1.9%	8.2%	8.4%	11.2%	10.7%	10.0%	10.8%	11.6%	12.1%	12.1%	11.8%	10.1%	8.2%	7.7%	7.5%	8.7%	7.8%
Interest Income	168M	65M	54M	11M	2M	2M	3M	5M	5M	4M	2M	2M	2M	3M	3M	26M	3M	5M	1M	2M	7M	-5M	-5M
Interest Expense	198M	86M	64M	16M	9M	6M	12M	12M	12M	11M	9M	8M	9M	7M	8M	2M	12M	27M	71M	70M	55M	35M	15M
Net Interest Income	-30M	-21M	-10M	-5M	-6M	-5M	-9M	-7M	-7M	-7M	-7M	-6M	-7M	-4M	-6M	24M	-9M	-22M	-70M	-67M	-48M	-40M	-20M
Unusual Items	45M	-205M	10M	3M	-7M	4M	215M	-26M	-3M	-10M	3M	-12M	-6M	-13M	6M	-21M	1M	-28M	-22M	-15M	63M	65M	50M
EBT Excluding Unusual Items	542M	616M	299M	270M	192M	195M	-55M	224M	216M	274M	257M	241M	222M	224M	242M	243M	192M	201M	125M	139M	137M	145M	125M
Pre-Tax Income	587M	411M	309M	274M	186M	199M	160M	198M	213M	264M	259M	230M	216M	211M	248M	222M	193M	173M	103M	124M	200M	210M	174M
Pre-Tax Margin	9.6%	7.1%	9.8%	8.9%	6.3%	8.2%	6.6%	7.1%	8.0%	10.5%	10.5%	9.3%	10.2%	10.8%	12.1%	12.3%	11.4%	7.9%	4.4%	4.6%	8.2%	9.9%	9.5%
Income Tax Expense	148M	117M	80M	69M	50M	54M	43M	64M	64M	34M	84M	79M	64M	69M	89M	71M	64M	43M	30M	32M	72M	59M	41M
Net Income	397M	330M	208M	187M	122M	239M	192M	142M	142M	221M	170M	145M	146M	133M	159M	152M	389M	177M	131M	91M	180M	156M	127M
Net Income Margin	6.5%	5.7%	6.6%	6.1%	4.1%	9.8%	7.9%	5.0%	5.4%	8.8%	6.9%	5.9%	6.9%	6.8%	7.8%	8.4%	22.8%	8.0%	5.5%	3.4%	7.4%	7.3%	6.9%
Depreciation & Amortization	198M	192M	108M	103M	101M	95M	93M	100M	87M	80M	77M	68M	60M	56M	57M	49M	59M	68M	70M	99M	95M	85M	66M
EBITDA	770M	830M	418M	378M	300M	294M	47M	331M	310M	360M	341M	315M	289M	284M	305M	268M	260M	290M	265M	306M	280M	270M	210M
EBITDA Margin	12.6%	14.3%	13.3%	12.3%	10.1%	12.1%	2.0%	11.8%	11.7%	14.4%	13.8%	12.8%	13.6%	14.5%	14.9%	14.9%	15.3%	13.2%	11.2%	11.4%	11.4%	12.7%	11.4%
NOPAT	428M	455M	229M	206M	145M	146M	-34M	156M	156M	244M	179M	162M	160M	153M	158M	149M	135M	167M	139M	154M	119M	133M	110M
NOPAT Margin	7.0%	7.9%	7.3%	6.7%	4.9%	6.0%	-1.4%	5.6%	5.9%	9.7%	7.3%	6.6%	7.6%	7.8%	7.8%	8.3%	7.9%	7.6%	5.9%	5.7%	4.8%	6.3%	6.0%
Owner's Earnings	234M	270M	168M	148M	104M	213M	168M	93M	90M	180M	139M	132M	139M	127M	163M	134M	378M	157M	100M	103M	-36M	240M	163M
Owner's Earnings Margin	3.8%	4.6%	5.3%	4.8%	3.5%	8.8%	6.9%	3.3%	3.4%	7.2%	5.6%	5.4%	6.5%	6.5%	8.0%	7.4%	22.2%	7.1%	4.2%	3.8%	-1.5%	11.3%	8.8%
EPS (Basic)	2.57	2.15	1.35	1.22	0.79	1.01	1.07	0.82	0.92	1.43	1.10	0.94	0.95	0.86	1.05	0.98	2.51	1.16	0.86	0.57	1.13	0.98	79.52
EPS (Diluted)	2.58	2.14	1.35	1.22	0.79	1.55	1.25	0.92	0.92	1.43	1.10	0.94	0.95	0.86	1.05	0.98	2.51	1.16	0.84	0.57	1.13	0.98	0.79
Shares (Basic)	154M	154M	154M	154M	154M	154M	154M	154M	154M	154M	154M	154M	154M	154M	152M	154M	155M	153M	155M	159M	159M	159M	159M
Shares (Diluted)	154M	154M	154M	154M	154M	154M	154M	154M	154M	154M	154M	154M	154M	154M	152M	154M	155M	153M	155M	159M	159M	159M	159M

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	264.74M	249.89M	249.89M	329.99M	184.95M	539.24M	210.49M	252.07M	171.45M	269.41M	291.34M	211.64M	192.28M	94.31M	173.74M	97.87M	555.71M	199.93M	117.58M	94.60M	75.07M	82.20M	109.67M
Short-Term Investments	4.96M	7.56M	7.56M	5.34M	1.87M	2.13M	2.05M	0.92M	0.92M	1.12M	1.56M	1.88M	0.37M	0.21M	0.28M	4.21M	22.86M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	269.70M	257.45M	257.45M	335.33M	186.82M	541.36M	212.54M	252.99M	172.37M	270.53M	292.90M	213.52M	192.65M	94.52M	174.02M	102.08M	578.57M	199.93M	117.58M	94.60M	75.07M	82.20M	109.67M
Net Receivables	467.35M	504.19M	504.19M	426.00M	560.76M	476.64M	509.82M	512.40M	392.33M	366.99M	361.94M	423.97M	397.58M	341.75M	357.20M	385.65M	319.76M	407.05M	486.88M	567.86M	561.03M	-0.03M	0.00M
Inventory	859.86M	866.81M	866.81M	775.29M	911.12M	702.70M	528.27M	586.30M	544.62M	510.49M	464.32M	419.25M	408.40M	364.64M	325.85M	360.63M	260.44M	277.53M	357.53M	505.95M	474.13M	450.87M	406.75M
Other Current Assets	43.32M	38.76M	38.76M	90.46M	-53.97M	-55.12M	15.60M	8.92M	81.61M	96.77M	11.38M	10.26M	7.72M	8.09M	5.97M	3.94M	5.44M	4.24M	15.14M	21.51M	112.37M	106.07M	67.86M
Total Current Assets	1,640.23M	1,667.21M	1,667.21M	1,627.08M	1,604.73M	1,665.58M	1,266.22M	1,360.61M	1,190.92M	1,244.78M	1,130.54M	1,067.00M	1,006.35M	809.00M	863.05M	852.29M	1,164.21M	888.75M	977.14M	1,189.92M	1,222.59M	639.10M	584.29M
Property, Plant & Equipment	947.25M	970.23M	970.23M	906.66M	879.09M	848.06M	934.04M	1,029.96M	857.45M	758.74M	737.45M	688.24M	612.77M	509.67M	496.05M	507.76M	449.59M	544.73M	557.36M	800.05M	938.52M	961.74M	811.74M
Goodwill	783.19M	820.81M	820.81M	798.38M	807.07M	809.36M	1,061.60M	1,267.07M	1,156.61M	1,037.89M	1,029.72M	990.89M	932.60M	851.62M	823.21M	828.87M	0.00M	0.00M	0.00M	0.00M	849.04M	620.85M	195.71M
Intangible Assets	417.52M	439.64M	439.64M	425.10M	429.48M	434.35M	449.36M	538.12M	436.60M	428.25M	462.93M	466.21M	433.97M	373.54M	373.99M	380.12M	1,060.67M	1,097.21M	1,136.71M	1,095.65M	290.77M	164.44M	77.12M
Long-Term Investments	56.56M	46.64M	46.64M	49.27M	43.54M	43.23M	45.28M	45.31M	42.58M	39.80M	39.42M	26.79M	30.75M	71.62M	34.93M	50.46M	115.02M	69.02M	35.13M	202.08M	30.10M	31.34M	80.62M
Tax Assets	40.55M	45.09M	45.09M	44.88M	48.79M	46.27M	62.00M	57.25M	52.88M	49.76M	83.07M	74.30M	55.87M	55.46M	53.02M	55.58M	64.15M	52.41M	46.69M	73.11M	80.58M	112.05M	113.31M
Other Non-Current Assets	13.47M	21.33M	21.33M	20.21M	23.06M	24.05M	167.15M	41.04M	45.20M	52.99M	57.85M	65.45M	67.82M	69.66M	60.46M	36.13M	31.25M	32.15M	30.53M	14.56M	49.53M	54.52M	0.28M
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	0.00M
Total Non-Current Assets	2,258.52M	2,343.74M	2,343.74M	2,244.49M	2,231.04M	2,205.31M	2,719.43M	2,978.75M	2,591.32M	2,367.42M	2,410.43M	2,311.88M	2,133.78M	1,931.57M	1,841.66M	1,858.93M	1,720.69M	1,795.52M	1,806.42M	2,185.44M	2,238.53M	1,944.93M	1,278.78M
Total Assets	3,898.75M	4,010.95M	4,010.95M	3,871.57M	3,835.76M	3,870.89M	3,985.65M	4,339.36M	3,782.24M	3,612.20M	3,540.97M	3,378.87M	3,140.12M	2,740.57M	2,704.70M	2,711.22M	2,884.90M	2,684.26M	2,783.55M	3,375.35M	3,461.12M	2,584.03M	1,863.06M
Accounts Payable	419.04M	459.77M	459.77M	341.49M	359.82M	345.64M	386.02M	347.60M	343.66M	336.27M	302.09M	312.37M	285.47M	235.64M	234.08M	249.67M	368.71M	242.86M	444.49M	433.23M	298.10M	412.23M	241.56M
Short-Term Debt	370.44M	324.22M	324.22M	473.55M	196.44M	260.77M	580.34M	413.91M	343.15M	309.61M	239.98M	197.57M	315.03M	205.40M	235.57M	209.17M	219.44M	235.11M	378.43M	381.86M	498.79M	329.71M	190.86M
Tax Payables	24.06M	27.92M	27.92M	17.68M	14.36M	37.45M	49.88M	8.69M	11.69M	14.01M	26.70M	24.58M	26.70M	16.68M	23.05M	7.31M	24.84M	17.13M	32.88M	85.10M	120.66M	55.18M	42.48M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	0.00M	305.87M	185.01M	125.50M	11.69M	123.96M	121.54M	114.61M	114.15M	88.84M	80.66M	7.75M	25.00M	17.48M	430.55M	85.98M	203.72M	128.16M	92.35M
Other Current Liabilities	320.15M	307.08M	307.08M	310.11M	251.17M	-58.98M	2.42M	-54.02M	44.12M	65.53M	-72.52M	-70.43M	-64.05M	2.51M	35.57M	42.72M	-27.64M	59.20M	408.60M	125.32M	153.99M	74.98M	71.96M
Total Current Liabilities	1,133.68M	1,118.99M	1,118.99M	1,142.83M	821.80M	890.77M	1,203.67M	841.67M	754.30M	849.38M	617.80M	578.70M	677.29M	549.07M	608.92M	516.61M	610.35M	571.77M	1,694.95M	1,111.47M	1,275.25M	1,000.25M	639.20M
Long-Term Debt	133.55M	128.39M	128.39M	101.00M	479.52M	523.89M	310.75M	582.55M	368.84M	370.51M	406.61M	368.78M	198.78M	214.26M	172.82M	271.29M	354.03M	517.61M	718.55M	706.94M	722.59M	693.83M	400.15M
Capital Lease Obligations	56.40M	57.81M	57.81M	59.53M	61.03M	64.15M	79.95M	89.71M	0.40M	0.09M	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	234.55M	248.33M	248.33M	228.49M	227.29M	222.22M	242.92M	285.06M	236.94M	219.25M	299.18M	281.74M	245.96M	239.88M	230.00M	201.92M	193.76M	144.84M	136.20M	140.03M	102.76M	115.36M	65.36M
Other Non-Current Liabilities	60.44M	61.79M	61.79M	61.53M	61.99M	70.03M	279.01M	0.00M	471.14M	396.74M	467.79M	129.62M	122.90M	55.85M	76.75M	98.74M	119.89M	118.71M	59.49M	224.66M	61.86M	60.32M	42.68M
Total Non-Current Liabilities	484.93M	496.31M	496.31M	450.54M	829.84M	880.28M	912.63M	957.32M	1,077.32M	986.59M	1,173.58M	780.14M	567.64M	509.98M	479.57M	571.95M	667.67M	781.16M	914.24M	1,071.63M	887.21M	869.51M	508.19M
Total Liabilities	1,618.61M	1,615.30M	1,615.30M	1,593.37M	1,651.63M	1,771.05M	2,116.30M	1,798.99M	1,831.62M	1,835.97M	1,791.37M	1,358.84M	1,244.92M	1,059.05M	1,088.49M	1,088.56M	1,278.02M	1,352.93M	2,609.19M	2,183.10M	2,162.46M	1,869.76M	1,147.39M
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	0.00M
Common Stock	92.32M	92.32M	92.32M	92.32M	92.32M	92.32M	92.32M	92.32M	92.32M	92.32M	92.32M	92.32M	92.32M	92.32M	92.32M	92.32M	92.32M	92.32M	92.32M	92.32M	92.32M	92.32M	92.32M
Retained Earnings	2,004.83M	2,020.94M	2,020.94M	1,965.06M	1,912.84M	1,882.68M	1,814.24M	2,044.13M	1,999.98M	1,952.50M	1,820.61M	1,738.97M	1,695.58M	1,646.38M	1,588.51M	0.00M	1,501.83M	1,229.17M	1,174.38M	1,106.66M	1,071.47M	943.24M	837.35M
Accumulated OCI	65.03M	216.35M	216.35M	124.61M	159.28M	126.63M	0.00M	125.75M	70.03M	29.81M	166.39M	134.97M	0.00M	0.00M	0.00M	0.00M	-1.41M	-33.44M	-35.87M	-24.33M	0.00M	0.00M	0.00M
Minority Interest	39.31M	35.53M	35.53M	36.97M	33.84M	31.56M	30.45M	29.47M	27.87M	47.29M	27.08M	26.66M	24.32M	22.51M	1.03M	1.16M	14.70M	17.84M	25.56M	23.99M	24.48M	21.47M	18.60M
Total Shareholders’ Equity	2,162.18M	2,329.61M	2,329.61M	2,181.99M	2,164.43M	2,101.62M	1,906.56M	2,262.20M	2,162.33M	2,074.63M	2,079.32M	1,966.26M	1,787.90M	1,738.70M	1,680.83M	92.32M	1,592.74M	1,288.05M	1,230.83M	1,174.65M	1,163.79M	1,035.56M	929.66M
Total Equity	2,201.49M	2,365.15M	2,365.15M	2,218.96M	2,198.28M	2,133.19M	1,937.01M	2,291.67M	2,190.20M	2,121.92M	2,106.40M	1,992.91M	1,812.22M	1,761.21M	1,681.86M	93.48M	1,607.44M	1,305.88M	1,256.38M	1,198.65M	1,188.27M	1,057.03M	948.26M
Total Liabilities & Equity	3,820.10M	3,980.45M	3,980.45M	3,812.33M	3,849.91M	3,904.23M	4,053.31M	4,090.65M	4,021.82M	3,957.89M	3,897.77M	3,351.75M	3,057.14M	2,820.26M	2,770.34M	1,182.04M	2,885.46M	2,658.81M	3,865.57M	3,381.75M	3,350.72M	2,926.79M	2,095.65M
Tangible Assets	2,698.04M	2,750.50M	2,750.50M	2,648.09M	2,599.21M	2,627.18M	2,474.69M	2,534.18M	2,189.03M	2,146.06M	2,048.33M	1,921.78M	1,773.55M	1,515.41M	1,507.50M	1,502.22M	1,824.23M	1,587.05M	1,646.84M	2,279.71M	2,321.32M	1,798.75M	1,590.23M
Tangible Equity	1,000.79M	1,104.70M	1,104.70M	995.49M	961.72M	889.48M	426.05M	486.48M	596.99M	655.78M	613.75M	535.81M	445.65M	536.05M	484.66M	-1,115.52M	546.77M	208.68M	119.68M	103.00M	48.46M	271.75M	675.43M
Tangible Book Value	1,000.79M	1,104.70M	1,104.70M	995.49M	961.72M	889.48M	426.05M	486.48M	596.99M	655.78M	613.75M	535.81M	445.65M	536.05M	484.66M	-1,115.52M	546.77M	208.68M	119.68M	103.00M	48.46M	271.75M	675.43M
Total Investments	61.51M	54.20M	54.20M	54.61M	45.41M	45.35M	47.33M	46.23M	43.49M	40.92M	40.97M	28.67M	31.11M	71.82M	35.21M	54.67M	115.02M	69.02M	35.13M	202.08M	30.10M	31.34M	80.62M
Net Debt	239.25M	202.73M	202.73M	244.56M	491.01M	245.42M	680.61M	744.39M	540.53M	410.70M	355.25M	354.71M	321.53M	325.34M	234.65M	382.59M	17.77M	552.78M	979.40M	994.20M	1,146.31M	941.34M	481.34M

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	440.5M	523.0M	523.0M	434.8M	799.3M	809.6M	151.0M	494.0M	438.9M	521.8M	570.4M	465.6M	312.1M	308.7M	333.9M	304.3M	560.3M	298.6M	352.1M	122.7M	14.1M	169.1M	355.6M
Total Capital	2,725.7M	2,840.0M	2,840.0M	2,819.3M	2,898.6M	2,949.2M	2,898.4M	3,348.4M	2,873.9M	2,748.1M	2,726.0M	2,532.6M	2,363.3M	2,125.4M	2,100.6M	2,076.4M	2,166.2M	2,037.1M	2,300.1M	2,287.0M	2,409.3M	2,100.1M	1,553.3M
Capital Employed	2,699.0M	2,866.7M	2,866.7M	2,679.3M	3,030.3M	3,014.9M	2,870.4M	3,472.8M	3,030.2M	2,889.3M	2,980.8M	2,777.5M	2,445.8M	2,240.3M	2,175.5M	2,165.1M	2,281.0M	2,094.1M	2,158.5M	2,308.2M	2,252.6M	2,114.1M	1,634.4M
Invested Capital	2,461.0M	2,590.1M	2,590.1M	2,489.3M	2,713.7M	2,410.0M	2,687.9M	3,096.3M	2,702.4M	2,478.6M	2,434.6M	2,321.0M	2,171.0M	2,031.1M	1,926.9M	1,978.6M	1,610.5M	1,837.2M	2,182.5M	2,192.4M	2,334.3M	2,017.9M	1,443.6M

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	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	488.21M	282.90M	0.00M	186.96M	122.06M	133.60M	102.99M	109.76M	141.59M	220.60M	169.72M	144.85M	146.01M	132.76M	158.59M	151.54M	388.80M	176.54M	130.64M	90.58M	180.36M	155.64M	126.57M
Depreciation & Amortization	161.71M	199.00M	0.00M	102.87M	101.02M	94.57M	93.42M	100.03M	87.34M	79.67M	76.80M	68.41M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
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	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	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	0.00M
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	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	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	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	0.00M
Other Non-Cash Items	188.79M	103.44M	288.48M	188.65M	-237.10M	-210.68M	173.45M	40.67M	-141.59M	-220.60M	-169.72M	-144.85M	-146.01M	-132.76M	-158.59M	-151.54M	-189.31M	69.27M	13.07M	140.37M	-180.36M	-155.64M	-126.57M
Net Cash from Operating Activities	838.71M	187.35M	288.48M	478.49M	-14.02M	17.48M	369.86M	250.46M	141.59M	220.60M	169.72M	144.85M	146.01M	132.76M	158.59M	151.54M	199.49M	245.81M	143.70M	230.94M	180.36M	155.64M	126.57M
Capital Expenditures (PPE)	-360.55M	-252.55M	-148.63M	-141.67M	-118.81M	-120.04M	-117.60M	-148.71M	-138.93M	-120.67M	-107.73M	-81.47M	-67.12M	-61.31M	-52.93M	-66.60M	-69.62M	-87.57M	-100.95M	-87.05M	-311.05M	0.00M	-29.59M
Acquisitions (Net)	45.22M	-40.70M	0.00M	0.00M	-43.85M	3.72M	20.97M	9.40M	18.34M	10.89M	26.07M	8.72M	10.39M	9.12M	16.37M	7.54M	17.13M	14.42M	3.59M	0.00M	205.85M	0.00M	29.59M
Purchases of Investments	0.00M	-6.02M	-386.34M	-1.63M	-48.56M	-24.06M	-10.11M	-282.85M	-98.56M	-37.07M	-40.27M	-77.55M	-47.10M	-116.49M	-0.62M	-205.54M	-47.76M	-2.66M	-48.87M	-31.26M	-293.27M	-335.35M	-310.48M
Sales / Maturities of Investments	-0.66M	577.32M	383.79M	0.00M	22.70M	750.20M	210.91M	63.73M	2.00M	1.82M	20.21M	1.72M	44.87M	5.37M	2.10M	2.53M	627.22M	356.18M	40.87M	0.00M	28.52M	13.09M	5.05M
Other Investing Activities	17.94M	-12.25M	32.08M	15.41M	48.91M	-0.12M	0.83M	1.74M	0.28M	-0.23M	-3.01M	1.72M	-1.23M	-0.65M	-1.96M	8.40M	4.15M	18.25M	40.08M	34.48M	732.67M	36.09M	-19.35M
Net Cash from Investing Activities	-298.06M	271.81M	-119.11M	-127.89M	-139.60M	609.71M	105.00M	-356.69M	-216.87M	-145.25M	-104.73M	-146.85M	-60.19M	-163.96M	-37.03M	-253.66M	531.13M	298.63M	-65.27M	-83.82M	362.72M	-286.17M	-324.78M
Net Debt Issuance	-174.99M	-357.82M	-138.69M	-104.31M	-131.97M	-127.20M	-109.30M	278.34M	3.02M	46.26M	79.37M	5.21M	10.20M	21.57M	-62.29M	-82.54M	-290.78M	-366.30M	51.83M	-66.03M	237.18M	86.09M	188.74M
Long-Term Debt Issuance	-140.93M	-357.82M	-138.69M	-104.31M	-131.97M	-127.20M	-109.30M	278.34M	3.02M	46.26M	79.37M	5.21M	10.20M	21.57M	-62.29M	-82.54M	-290.78M	-366.30M	51.83M	-66.03M	237.18M	86.09M	188.74M
Short-Term Debt Issuance	-34.06M	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 Stock Issuance	-1.31M	-1.27M	-0.68M	-0.63M	-0.65M	-0.63M	-0.64M	-0.60M	-0.60M	-1.04M	-0.54M	-0.45M	0.10M	0.00M	27.21M	-45.54M	9.93M	9.44M	-51.28M	-10.64M	0.42M	0.95M	7.79M
Common Stock Issuance	0.00M	0.03M	0.02M	0.02M	0.01M	0.01M	0.00M	0.00M	0.00M	0.50M	0.04M	0.27M	11.90M	0.00M	27.21M	0.00M	9.93M	9.44M	0.00M	0.00M	0.42M	0.95M	7.79M
Common Stock Repurchased	-1.31M	-1.30M	-0.71M	-0.65M	-0.67M	-0.63M	-0.64M	-0.60M	-0.60M	-1.04M	-0.54M	-0.45M	-11.80M	0.00M	0.00M	-45.54M	0.00M	0.00M	-51.28M	-10.84M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	-0.01M	0.00M	0.00M	0.00M	-0.50M	-0.04M	-0.27M	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	-308.60M	-286.03M	-124.08M	-97.35M	-96.53M	-185.72M	-397.38M	-98.59M	-95.57M	-93.77M	-85.68M	-102.66M	-76.93M	-92.32M	-71.50M	-131.70M	-105.33M	-110.48M	-55.44M	-56.96M	-53.64M	-50.88M	-46.17M
Common Dividends Paid	-308.60M	-286.03M	-124.08M	-97.35M	-96.53M	-185.72M	-397.38M	-98.59M	-95.57M	-93.77M	-85.68M	-102.66M	-76.93M	-92.32M	-71.50M	-131.70M	-105.33M	-110.48M	-55.44M	-56.96M	-53.64M	-50.88M	-46.17M
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	0.00M
Other Financing Activities	15.32M	51.40M	1.34M	2.18M	10.92M	-1.82M	0.04M	-0.23M	0.04M	0.24M	-1.33M	-0.34M	0.27M	0.27M	0.54M	-5.28M	1.84M	0.92M	2.82M	7.28M	3.69M	0.62M	-0.80M
Net Cash from Financing Activities	-469.58M	-593.71M	-262.10M	-200.11M	-218.23M	-315.37M	-507.27M	178.93M	-93.10M	-48.31M	-8.18M	-98.23M	-66.37M	-70.48M	-106.05M	-265.05M	-384.34M	-466.42M	-52.08M	-126.35M	187.65M	36.77M	149.56M
Effect of FX on Cash	-29.16M	51.69M	12.63M	-5.45M	17.56M	16.92M	-9.17M	7.93M	0.31M	-25.09M	6.95M	10.30M	13.25M	-6.11M	-1.79M	2.38M	-730.62M	0.27M	1.44M	-1.25M	-3.70M	0.86M	-1.12M
Net Change in Cash	27.05M	-111.80M	-80.10M	145.04M	-354.29M	328.75M	-41.59M	80.62M	-97.96M	-21.93M	79.70M	19.36M	97.97M	-79.43M	75.87M	-457.84M	345.74M	77.54M	27.79M	19.53M	-7.13M	-27.48M	13.52M
Cash at Beginning of Period	1,193.70M	1,288.53M	329.99M	184.95M	539.24M	210.49M	252.07M	171.45M	269.41M	291.34M	211.64M	192.28M	94.31M	173.74M	97.87M	555.71M	209.97M	122.39M	94.60M	75.07M	82.20M	109.67M	96.15M
Cash at End of Period	1,220.75M	1,176.72M	249.89M	329.99M	184.95M	539.24M	210.49M	252.07M	171.45M	269.41M	291.34M	211.64M	192.28M	94.31M	173.74M	97.87M	555.71M	199.93M	122.39M	94.60M	75.07M	82.20M	109.67M
Operating Cash Flow	838.71M	187.35M	288.48M	478.49M	223.08M	17.48M	369.86M	250.46M	141.59M	220.60M	169.72M	144.85M	146.01M	132.76M	158.59M	151.54M	199.49M	245.81M	143.70M	230.94M	180.36M	155.64M	126.57M
Capital Expenditure	-360.55M	-252.55M	-148.63M	-141.67M	-118.81M	-120.04M	-117.60M	-148.71M	-138.93M	-120.67M	-107.73M	-81.47M	-67.12M	-61.31M	-52.93M	-66.60M	-69.62M	-87.57M	-100.95M	-87.05M	-311.05M	0.00M	-29.59M
Free Cash Flow	478.16M	-65.21M	139.84M	336.82M	104.27M	-102.55M	252.26M	101.75M	2.66M	99.93M	62.00M	63.38M	78.89M	71.45M	105.66M	84.95M	129.87M	158.24M	42.76M	143.90M	-130.69M	155.64M	96.99M

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	-1,213.68M	2,245.46M	1,040.83M	972.06M	1,297.37M	718.65M	385.21M	837.93M	763.27M	783.07M	756.98M	691.65M	606.85M	579.95M	602.86M	892.06M	681.43M	803.01M	759.52M	897.48M	1,143.90M	980.08M	783.75M
(-) Tax Adjustment	-305.70M	640.62M	269.75M	244.37M	350.81M	193.51M	102.75M	271.18M	228.10M	101.27M	243.93M	237.96M	181.16M	190.40M	211.00M	283.79M	225.35M	201.25M	216.94M	229.56M	400.36M	273.69M	185.79M
(-) Change In Working Capital	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	0.00M
(-) Capital Expenditure	-360.55M	-252.55M	-148.63M	-141.67M	-118.81M	-120.04M	-117.60M	-148.71M	-138.93M	-120.67M	-107.73M	-81.47M	-67.12M	-61.31M	-52.93M	-66.60M	-69.62M	-87.57M	-100.95M	-87.05M	-311.05M	0.00M	-29.59M
Unlevered Free Cash Flow	-1,268.54M	1,352.29M	622.44M	586.02M	827.76M	405.10M	164.86M	418.05M	396.24M	561.14M	405.33M	372.23M	358.56M	328.24M	338.93M	541.67M	386.46M	514.18M	441.63M	580.88M	432.48M	706.39M	568.37M
(-) Net Interest Income After Taxes	-22.43M	-15.03M	-7.35M	-3.71M	-4.61M	-3.56M	-6.46M	-4.70M	-4.91M	-5.77M	-4.85M	-3.77M	-4.87M	-2.52M	-3.77M	16.60M	-6.09M	-16.33M	-49.78M	-50.18M	-31.26M	-28.73M	-15.00M
Net Debt Issuance	-174.99M	-357.82M	-138.69M	-104.31M	-131.97M	-127.20M	-109.30M	278.34M	3.02M	46.26M	79.37M	5.21M	10.20M	21.57M	-62.29M	-82.54M	-290.78M	-366.30M	51.83M	-66.03M	237.18M	86.09M	188.74M
Levered Free Cash Flow	-1,421.09M	1,009.51M	491.11M	485.41M	700.39M	281.46M	62.03M	701.09M	404.18M	613.17M	489.54M	381.21M	373.64M	352.33M	280.40M	442.54M	101.78M	164.21M	543.24M	565.03M	700.92M	821.21M	772.11M