Univanich Palm Oil Public Company Limited (UVAN.BK)

Industry: Agricultural Farm Products Sector: Consumer Defensive Currency Used: TH Live Price: $12.90

Enterprise Value

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Stock Price	9.40	8.68	7.99	7.35	6.38	4.60	5.50	6.99	7.46	6.83	9.44	10.50	11.06	9.72	8.05	8.16	7.46
Market Capitalization	8,959.34M	8,146.86M	7,508.25M	6,897.99M	5,967.53M	4,204.71M	5,029.96M	6,531.37M	7,014.75M	6,415.50M	8,871.25M	9,870.00M	10,398.75M	9,134.45M	7,562.30M	7,668.05M	7,010.05M
(-) Cash & Equivalents	1,240.16M	1,093.65M	1,368.99M	1,096.16M	722.32M	485.70M	536.75M	685.78M	612.60M	435.62M	529.09M	707.66M	1,048.26M	933.68M	791.40M	724.48M	174.45M
(+) Total Debt	53.62M	64.61M	94.00M	131.20M	164.01M	182.97M	93.12M	111.44M	135.12M	152.09M	170.68M	170.89M	0.00M	2.35M	1.17M	0.00M	0.00M
Enterprise Value	7,772.80M	7,117.83M	6,233.26M	5,933.03M	5,409.23M	3,901.97M	4,586.33M	5,957.02M	6,537.27M	6,131.97M	8,512.85M	9,333.23M	9,350.49M	8,203.12M	6,772.08M	6,943.57M	6,835.60M

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	14,816M	14,109M	13,552M	14,174M	18,587M	11,789M	5,908M	4,506M	5,718M	5,964M	3,866M	3,988M	5,701M	5,710M	6,376M	7,749M	4,311M	3,967M	6,836M	4,497M	2,863M	2,112M	2,549M
Cost of Revenue	12,734M	12,188M	11,573M	12,443M	16,229M	10,362M	5,190M	3,885M	5,003M	4,904M	3,290M	3,369M	4,838M	4,689M	5,160M	5,991M	3,506M	3,148M	5,085M	3,820M	2,300M	1,755M	2,005M
Gross Profit	2,082M	1,921M	1,979M	1,731M	2,358M	1,427M	718M	620M	715M	1,060M	576M	619M	863M	1,021M	1,216M	1,759M	805M	819M	1,751M	678M	564M	358M	544M
Gross Profit Margin	14.1%	13.6%	14.6%	12.2%	12.7%	12.1%	12.1%	13.8%	12.5%	17.8%	14.9%	15.5%	15.1%	17.9%	19.1%	22.7%	18.7%	20.6%	25.6%	15.1%	19.7%	16.9%	21.3%
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	0M
SG&A Expenses	444M	452M	421M	476M	477M	373M	315M	348M	354M	313M	210M	233M	248M	238M	234M	222M	185M	176M	203M	153M	164M	154M	153M
Operating Expenses	445M	455M	426M	476M	477M	373M	315M	348M	354M	313M	210M	219M	144M	232M	133M	222M	185M	176M	203M	153M	164M	154M	153M
Operating Income (EBIT)	1,636M	1,466M	1,554M	1,255M	1,881M	1,055M	402M	272M	361M	747M	366M	400M	720M	789M	1,084M	1,536M	620M	643M	1,548M	525M	400M	203M	391M
Operating Income Margin	11.0%	10.4%	11.5%	8.9%	10.1%	8.9%	6.8%	6.0%	6.3%	12.5%	9.5%	10.0%	12.6%	13.8%	17.0%	19.8%	14.4%	16.2%	22.6%	11.7%	14.0%	9.6%	15.3%
Interest Income	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	36M	43M	47M	41M	25M	0M	0M	0M	0M	0M	0M	0M
Interest Expense	3M	3M	4M	3M	7M	7M	5M	3M	3M	9M	9M	10M	2M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Net Interest Income	-3M	-3M	-4M	-3M	-7M	-7M	-5M	-3M	-3M	-9M	-9M	26M	40M	47M	41M	25M	0M	0M	0M	0M	0M	0M	0M
Unusual Items	255M	-23M	61M	-41M	-53M	56M	25M	19M	28M	13M	37M	0M	0M	0M	0M	1M	18M	21M	13M	4M	1M	6M	3M
EBT Excluding Unusual Items	1,633M	1,463M	1,549M	1,251M	1,874M	1,048M	398M	269M	358M	738M	357M	426M	760M	836M	1,124M	1,561M	620M	643M	1,548M	525M	400M	203M	391M
Pre-Tax Income	1,889M	1,440M	1,610M	1,211M	1,821M	1,103M	423M	288M	387M	751M	394M	426M	760M	836M	1,124M	1,562M	639M	664M	1,561M	528M	401M	209M	394M
Pre-Tax Margin	12.7%	10.2%	11.9%	8.5%	9.8%	9.4%	7.2%	6.4%	6.8%	12.6%	10.2%	10.7%	13.3%	14.6%	17.6%	20.2%	14.8%	16.7%	22.8%	11.7%	14.0%	9.9%	15.5%
Income Tax Expense	313M	255M	288M	217M	315M	211M	81M	62M	71M	124M	58M	66M	129M	105M	146M	280M	102M	84M	117M	23M	23M	9M	9M
Net Income	1,490M	1,121M	1,269M	936M	1,430M	839M	329M	217M	304M	625M	345M	374M	636M	733M	979M	1,282M	537M	580M	1,445M	505M	378M	200M	385M
Net Income Margin	10.1%	7.9%	9.4%	6.6%	7.7%	7.1%	5.6%	4.8%	5.3%	10.5%	8.9%	9.4%	11.2%	12.8%	15.4%	16.5%	12.4%	14.6%	21.1%	11.2%	13.2%	9.5%	15.1%
Depreciation & Amortization	221M	232M	227M	228M	233M	234M	222M	203M	196M	152M	131M	158M	157M	181M	176M	148M	156M	136M	116M	111M	107M	99M	77M
EBITDA	1,858M	1,698M	1,781M	1,482M	2,114M	1,289M	624M	475M	557M	899M	498M	558M	877M	970M	1,260M	1,684M	777M	779M	1,664M	636M	507M	303M	467M
EBITDA Margin	12.5%	12.0%	13.1%	10.5%	11.4%	10.9%	10.6%	10.5%	9.7%	15.1%	12.9%	14.0%	15.4%	17.0%	19.8%	21.7%	18.0%	19.6%	24.3%	14.1%	17.7%	14.3%	18.3%
NOPAT	1,366M	1,207M	1,276M	1,029M	1,555M	853M	326M	213M	295M	624M	312M	338M	597M	690M	943M	1,261M	521M	562M	1,433M	502M	377M	195M	382M
NOPAT Margin	9.2%	8.6%	9.4%	7.3%	8.4%	7.2%	5.5%	4.7%	5.2%	10.5%	8.1%	8.5%	10.5%	12.1%	14.8%	16.3%	12.1%	14.2%	21.0%	11.2%	13.2%	9.2%	15.0%
Owner's Earnings	1,253M	1,011M	1,120M	689M	1,482M	950M	345M	72M	136M	348M	299M	287M	496M	679M	988M	1,259M	594M	471M	1,342M	469M	409M	159M	192M
Owner's Earnings Margin	8.5%	7.2%	8.3%	4.9%	8.0%	8.1%	5.8%	1.6%	2.4%	5.8%	7.7%	7.2%	8.7%	11.9%	15.5%	16.2%	13.8%	11.9%	19.6%	10.4%	14.3%	7.5%	7.5%
EPS (Basic)	1.59	1.19	1.35	1.00	1.52	0.89	0.35	0.23	0.32	0.66	0.37	0.40	0.68	0.78	1.05	1.36	0.57	0.62	1.54	0.54	0.40	0.21	0.41
EPS (Diluted)	1.57	1.19	1.35	1.00	1.52	0.89	0.35	0.23	0.32	0.66	0.37	0.40	0.68	0.78	1.04	1.36	0.57	0.62	1.54	0.54	0.40	0.21	0.41
Shares (Basic)	947M	939M	940M	940M	940M	940M	940M	940M	940M	940M	940M	940M	940M	940M	940M	940M	940M	940M	940M	940M	940M	940M	940M
Shares (Diluted)	947M	940M	940M	940M	940M	940M	940M	940M	940M	940M	940M	940M	940M	940M	940M	940M	940M	940M	940M	940M	940M	940M	940M

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	1,299.26M	1,181.05M	694.22M	1,191.61M	1,389.43M	679.99M	644.97M	548.01M	570.43M	826.77M	447.92M	523.82M	697.16M	823.77M	1,022.37M	839.33M	793.61M	697.79M	698.23M	226.89M	311.22M	129.05M	224.41M
Short-Term Investments	0.00M	0.00M	329.74M	0.00M	80.00M	0.00M	0.00M	0.00M	120.00M	0.00M	1,320.00M	1,400.00M	1,410.00M	850.50M	530.00M	590.00M	140.00M	40.00M	270.16M	0.00M	20.00M	0.00M	0.00M
Cash & Short-Term Investments	1,299.26M	1,181.05M	1,023.95M	1,191.61M	1,469.43M	679.99M	644.97M	548.01M	690.43M	826.77M	1,767.92M	1,923.82M	2,107.16M	1,674.26M	1,552.37M	1,429.33M	933.61M	737.79M	968.39M	226.89M	331.22M	129.05M	224.41M
Net Receivables	879.07M	648.51M	682.68M	615.87M	709.06M	570.37M	245.97M	156.93M	218.51M	248.09M	136.42M	120.01M	74.94M	350.41M	364.90M	113.76M	154.12M	166.72M	101.80M	231.04M	64.07M	71.33M	67.30M
Inventory	1,116.40M	1,051.78M	1,086.88M	602.59M	583.28M	625.30M	303.26M	236.15M	332.28M	656.77M	215.50M	211.76M	217.69M	224.06M	330.44M	418.06M	92.97M	111.55M	112.05M	138.23M	119.08M	0.00M	0.00M
Other Current Assets	103.82M	84.53M	2.62M	74.51M	74.16M	40.67M	55.98M	56.66M	15.96M	9.95M	9.99M	11.80M	21.37M	2.96M	0.00M	0.00M	0.00M	9.56M	3.80M	1.20M	4.52M	61.83M	147.43M
Total Current Assets	3,398.55M	2,965.88M	2,796.13M	2,484.57M	2,835.94M	1,916.33M	1,250.17M	997.75M	1,257.19M	1,741.58M	2,129.82M	2,267.39M	2,421.15M	2,251.69M	2,247.70M	1,961.15M	1,180.70M	1,025.62M	1,186.04M	597.37M	518.89M	262.21M	439.13M
Property, Plant & Equipment	2,742.11M	2,785.25M	2,745.37M	2,619.49M	2,378.37M	2,455.10M	2,556.01M	2,551.33M	2,420.71M	2,263.45M	1,472.69M	1,303.23M	1,232.24M	1,115.08M	981.50M	1,152.40M	1,128.77M	1,194.77M	919.58M	811.30M	763.48M	786.82M	729.26M
Goodwill	0.00M	0.00M	3.81M	5.57M	7.33M	9.08M	10.84M	12.60M	14.36M	17.29M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	4.09M	4.00M	0.79M	1.43M	2.06M	2.70M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Long-Term Investments	0.00M	0.00M	0.00M	0.85M	1.79M	3.37M	3.24M	16.75M	16.71M	13.97M	1.72M	2.52M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	29.43M	35.56M	33.69M	16.04M	26.45M	41.30M	45.08M	45.18M	46.76M	54.05M	72.19M	76.01M	65.16M	58.78M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	153.23M	23.11M	26.24M	22.39M	14.22M	3.72M	17.39M	16.76M	14.01M	14.01M	29.31M	151.63M	134.49M	127.27M	158.73M	7.66M	6.77M	3.24M	174.57M	171.73M	163.26M	165.34M	164.68M
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	2,928.87M	2,847.92M	2,809.90M	2,665.75M	2,430.21M	2,515.28M	2,632.56M	2,642.62M	2,512.56M	2,362.77M	1,575.91M	1,533.39M	1,431.88M	1,301.14M	1,140.23M	1,160.06M	1,135.53M	1,198.00M	1,094.16M	983.03M	926.74M	952.16M	893.93M
Total Assets	6,327.41M	5,813.80M	5,606.03M	5,150.33M	5,266.15M	4,431.61M	3,882.73M	3,640.37M	3,769.74M	4,104.36M	3,705.73M	3,800.78M	3,853.03M	3,552.83M	3,387.93M	3,121.20M	2,316.24M	2,223.63M	2,280.20M	1,580.39M	1,445.62M	1,214.37M	1,333.07M
Accounts Payable	129.19M	90.52M	33.36M	45.87M	66.33M	17.30M	11.41M	26.97M	36.50M	111.81M	34.21M	98.10M	15.19M	42.53M	40.26M	65.21M	34.27M	36.49M	49.16M	43.03M	26.28M	16.12M	57.10M
Short-Term Debt	10.86M	11.14M	11.03M	17.72M	35.73M	34.65M	29.52M	18.36M	17.68M	19.20M	16.02M	16.23M	11.07M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Payables	209.21M	126.65M	107.92M	69.45M	118.83M	69.45M	33.25M	3.80M	9.92M	61.94M	29.14M	28.84M	41.48M	54.65M	79.17M	154.46M	0.00M	0.00M	0.00M	0.00M	0.00M	4.12M	3.95M
Deferred Revenue	27.20M	31.03M	22.18M	56.15M	55.64M	38.98M	10.37M	2.92M	3.38M	6.33M	15.57M	10.38M	14.00M	10.64M	0.00M	219.20M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	18.12M	21.83M	25.63M	8.75M	9.84M	86.40M	85.35M	31.68M	49.86M	109.14M	64.19M	75.84M	72.94M	139.79M	60.85M	16.28M	18.84M	47.91M	47.18M	16.94M	24.85M	27.30M	20.30M
Total Current Liabilities	394.58M	281.16M	200.12M	197.93M	286.36M	246.78M	169.91M	83.73M	117.34M	308.42M	159.12M	229.39M	154.68M	247.62M	180.28M	455.14M	53.12M	84.41M	96.34M	59.97M	51.14M	47.54M	81.35M
Long-Term Debt	40.72M	44.54M	46.90M	61.96M	82.26M	118.96M	149.81M	67.78M	88.00M	111.42M	127.05M	151.82M	161.21M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Capital Lease Obligations	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	4.70M	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	21.11M	15.39M	0.00M	20.29M	18.58M	4.77M	5.15M	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	263.84M	257.06M	249.61M	183.41M	188.44M	239.32M	230.38M	203.88M	198.10M	202.00M	171.02M	153.46M	138.40M	134.96M	90.45M	112.26M	48.82M	43.99M	47.62M	51.14M	59.45M	47.52M	43.84M
Total Non-Current Liabilities	304.55M	301.60M	296.51M	245.36M	270.70M	379.38M	395.58M	271.66M	306.39M	332.00M	302.85M	310.43M	299.61M	134.96M	90.45M	116.96M	48.82M	43.99M	47.62M	51.14M	59.45M	47.52M	43.84M
Total Liabilities	699.14M	582.76M	496.63M	443.30M	557.06M	626.17M	565.49M	355.39M	423.73M	640.43M	461.97M	539.82M	454.28M	382.58M	270.73M	572.10M	101.94M	128.40M	143.97M	111.11M	110.59M	95.06M	125.18M
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	470.00M	470.00M	470.00M	470.00M	470.00M	470.00M	470.00M	470.00M	470.00M	470.00M	470.00M	470.00M	470.00M	470.00M	470.00M	470.00M	470.00M	470.00M	470.00M	470.00M	470.00M	47.00M	47.00M
Retained Earnings	4,471.12M	4,102.91M	4,006.38M	3,568.68M	3,572.28M	2,800.52M	2,403.04M	2,337.45M	2,496.59M	2,662.81M	2,418.43M	2,410.38M	2,477.86M	2,351.71M	2,226.93M	1,973.05M	1,405.98M	1,292.43M	1,275.98M	677.32M	548.16M	353.18M	417.09M
Accumulated OCI	55.11M	61.73M	59.54M	70.82M	74.81M	75.90M	74.95M	67.00M	67.00M	67.00M	67.00M	67.00M	67.00M	67.00M	67.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Minority Interest	288.58M	236.16M	248.70M	250.94M	237.13M	189.28M	133.25M	113.97M	65.53M	56.62M	59.14M	71.18M	51.99M	28.47M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Shareholders’ Equity	4,996.23M	4,634.64M	4,535.93M	4,109.50M	4,117.09M	3,346.41M	2,947.99M	2,874.45M	3,033.59M	3,199.81M	2,955.43M	2,947.38M	3,014.86M	2,888.71M	2,763.93M	2,443.05M	1,875.98M	1,762.43M	1,745.98M	1,147.32M	1,018.16M	400.18M	464.09M
Total Equity	5,284.81M	4,870.80M	4,784.62M	4,360.44M	4,354.22M	3,535.69M	3,081.25M	2,988.41M	3,099.12M	3,256.42M	3,014.57M	3,018.56M	3,066.85M	2,917.18M	2,763.93M	2,443.05M	1,875.98M	1,762.43M	1,745.98M	1,147.32M	1,018.16M	400.18M	464.09M
Total Liabilities & Equity	5,983.95M	5,453.56M	5,281.26M	4,803.74M	4,911.28M	4,161.85M	3,646.74M	3,343.80M	3,522.85M	3,896.85M	3,476.54M	3,558.38M	3,521.13M	3,299.76M	3,034.66M	3,015.16M	1,977.92M	1,890.83M	1,889.95M	1,258.43M	1,128.75M	495.24M	589.28M
Tangible Assets	6,323.32M	5,809.80M	5,601.43M	5,143.33M	5,256.76M	4,419.82M	3,871.89M	3,627.77M	3,755.38M	4,087.07M	3,705.73M	3,800.78M	3,853.03M	3,552.83M	3,387.93M	3,121.20M	2,316.24M	2,223.63M	2,280.20M	1,580.39M	1,445.62M	1,214.37M	1,333.07M
Tangible Equity	5,280.72M	4,866.79M	4,780.02M	4,353.45M	4,344.83M	3,523.90M	3,070.40M	2,975.81M	3,084.76M	3,239.13M	3,014.57M	3,018.56M	3,066.85M	2,917.18M	2,763.93M	2,443.05M	1,875.98M	1,762.43M	1,745.98M	1,147.32M	1,018.16M	400.18M	464.09M
Tangible Book Value	5,280.72M	4,866.79M	4,780.02M	4,353.45M	4,344.83M	3,523.90M	3,070.40M	2,975.81M	3,084.76M	3,239.13M	3,014.57M	3,018.56M	3,066.85M	2,917.18M	2,763.93M	2,443.05M	1,875.98M	1,762.43M	1,745.98M	1,147.32M	1,018.16M	400.18M	464.09M
Total Investments	0.00M	0.00M	329.74M	0.85M	81.79M	3.37M	3.24M	16.75M	136.71M	13.97M	1,320.00M	1,400.00M	1,410.00M	850.50M	530.00M	590.00M	140.00M	40.00M	270.16M	0.00M	20.00M	0.00M	0.00M
Net Debt	-1,247.69M	-1,125.38M	-636.28M	-1,111.93M	-1,271.45M	-526.38M	-465.64M	-461.87M	-464.75M	-696.15M	-304.84M	-355.78M	-524.88M	-823.77M	-1,022.37M	-839.33M	-793.61M	-697.79M	-698.23M	-226.89M	-311.22M	-129.05M	-224.41M

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	2,928.0M	2,592.0M	2,538.7M	2,207.6M	2,462.2M	1,646.2M	1,096.4M	893.7M	1,148.3M	1,480.3M	2,007.3M	2,059.6M	2,202.1M	2,019.0M	1,981.7M	1,662.8M	1,056.8M	875.9M	967.0M	482.9M	418.4M	186.0M	322.5M
Total Capital	5,315.3M	4,957.8M	4,861.4M	4,456.7M	4,502.6M	3,767.5M	3,394.8M	3,236.8M	3,414.9M	3,603.6M	3,367.4M	3,382.1M	3,454.7M	3,156.7M	3,031.4M	2,715.3M	2,143.5M	2,029.9M	2,013.5M	1,414.8M	1,285.7M	1,090.7M	1,172.6M
Capital Employed	5,856.9M	5,439.9M	5,348.6M	4,873.3M	4,892.4M	4,161.5M	3,728.9M	3,536.3M	3,660.9M	3,843.0M	3,581.5M	3,590.5M	3,634.0M	3,320.1M	3,121.9M	2,822.8M	2,192.3M	2,073.9M	2,061.1M	1,466.0M	1,345.1M	1,138.2M	1,216.4M
Invested Capital	4,016.0M	3,776.8M	4,167.1M	3,265.1M	3,113.1M	3,087.5M	2,749.9M	2,688.8M	2,844.5M	2,776.8M	2,919.5M	2,858.2M	2,757.5M	2,332.9M	2,009.1M	1,875.9M	1,349.9M	1,332.1M	1,315.3M	1,187.9M	974.4M	961.6M	948.2M

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	1,888.62M	1,171.17M	1,610.26M	936.00M	1,820.58M	1,103.47M	422.94M	287.73M	386.63M	751.32M	394.21M	425.97M	760.09M	836.35M	1,124.49M	1,282.18M	638.55M	664.11M	1,444.66M	505.16M	378.28M	200.08M	385.27M
Depreciation & Amortization	221.32M	232.43M	227.13M	227.97M	233.48M	234.06M	222.02M	203.09M	196.12M	151.70M	131.35M	158.35M	157.47M	181.03M	176.02M	147.64M	156.30M	136.26M	116.10M	110.75M	106.86M	99.30M	76.52M
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	-161.22M	-104.55M	-95.67M	-74.63M	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	-422.87M	-150.24M	-540.78M	-9.27M	-32.64M	-509.19M	-156.96M	83.32M	332.51M	-370.82M	-55.33M	-5.61M	289.36M	101.66M	-152.71M	-240.04M	27.63M	-137.49M	197.82M	-161.68M	-30.23M	30.01M	-14.68M
Accounts Receivable	-131.81M	-89.97M	18.04M	96.24M	-148.54M	-324.25M	-88.92M	74.80M	11.12M	-121.91M	-22.21M	-41.21M	260.43M	5.72M	-244.89M	0.00M	12.60M	-64.93M	131.75M	-168.96M	7.46M	0.00M	0.00M
Inventory	-229.41M	-40.91M	-475.27M	-19.22M	64.87M	-278.22M	-78.54M	59.07M	407.84M	-349.68M	44.96M	7.81M	6.39M	106.37M	87.62M	-325.09M	18.58M	0.30M	27.48M	-19.86M	-58.56M	0.00M	0.00M
Accounts Payable	-149.51M	77.13M	-24.81M	-37.61M	50.17M	5.00M	-5.72M	-14.26M	-74.83M	72.23M	-62.07M	71.53M	0.00M	0.00M	0.00M	0.00M	8.70M	-11.48M	-1.59M	11.40M	12.26M	-46.21M	10.18M
Other Working Capital	89.85M	-96.49M	-57.06M	-48.68M	0.86M	88.28M	16.22M	-36.30M	-75.32M	28.54M	-100.29M	-13.42M	282.97M	-4.71M	-240.33M	85.04M	-12.25M	-61.39M	40.18M	15.74M	8.61M	76.22M	-24.86M
Other Non-Cash Items	-343.71M	477.35M	-257.67M	25.67M	-357.13M	-181.58M	-40.72M	-25.86M	-204.80M	-156.89M	-79.89M	-96.19M	-179.32M	-178.07M	-250.79M	1,537.03M	-7.80M	-10.10M	1,542.58M	-23.70M	11.81M	7.24M	6.04M
Net Cash from Operating Activities	1,343.36M	1,301.03M	1,038.94M	1,180.37M	1,664.29M	646.77M	447.29M	548.28M	710.46M	375.31M	390.33M	482.52M	1,027.60M	940.97M	897.01M	1,297.03M	709.11M	563.76M	1,787.67M	430.53M	466.72M	336.63M	453.14M
Capital Expenditures (PPE)	-457.60M	-342.77M	-375.96M	-475.33M	-181.20M	-123.36M	-205.92M	-347.52M	-364.13M	-428.73M	-177.36M	-245.27M	-297.98M	-234.46M	-166.88M	-171.31M	-98.61M	-245.43M	-218.58M	-147.23M	-76.53M	-140.56M	-269.76M
Acquisitions (Net)	4.46M	5.68M	7.92M	0.00M	21.89M	3.41M	19.61M	49.58M	3.72M	-524.00M	6.30M	4.74M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	-328.05M	-30.77M	-358.05M	-20.00M	-80.00M	0.00M	0.00M	-169.58M	-120.00M	17.68M	0.00M	0.00M	-559.50M	0.00M	0.00M	-450.00M	-100.00M	0.00M	-270.16M	0.00M	-20.00M	0.00M	0.00M
Sales / Maturities of Investments	360.00M	20.00M	30.00M	100.00M	-21.89M	0.00M	0.00M	120.00M	0.00M	1,320.00M	80.00M	10.00M	0.00M	0.00M	0.00M	0.00M	0.00M	230.16M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Investing Activities	24.07M	6.86M	16.60M	22.72M	26.81M	1.75M	4.26M	134.93M	-112.44M	1.03M	32.06M	41.62M	50.97M	-274.51M	110.91M	28.00M	8.32M	15.06M	18.41M	8.37M	-4.72M	-9.43M	-10.69M
Net Cash from Investing Activities	-397.13M	-311.00M	-679.50M	-372.61M	-234.39M	-118.20M	-182.05M	-212.58M	-476.57M	385.99M	-65.30M	-193.65M	-806.51M	-508.97M	-55.97M	-593.31M	-190.29M	-0.21M	-470.33M	-138.86M	-101.25M	-150.00M	-280.44M
Net Debt Issuance	-10.95M	-29.62M	-17.40M	-34.60M	-34.28M	-30.30M	88.11M	0.00M	-16.64M	1.24M	-15.70M	-11.29M	169.26M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-80.00M
Long-Term Debt Issuance	-10.95M	-29.62M	-17.40M	-34.60M	-34.28M	-30.30M	88.11M	0.00M	-16.64M	1.24M	-15.70M	-11.29M	169.26M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-80.00M
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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net 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	0.00M
Common 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	0.00M
Common Stock Repurchased	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-940.00M	-705.00M	-799.00M	-940.00M	-658.00M	-441.80M	-253.80M	-376.00M	-470.00M	-376.00M	-376.00M	-441.80M	-517.00M	-658.00M	-658.00M	-658.00M	-423.00M	-564.00M	-846.00M	-376.00M	-183.30M	-282.00M	-263.20M
Common Dividends Paid	-940.00M	-705.00M	-799.00M	-940.00M	-658.00M	-441.80M	-253.80M	-376.00M	-470.00M	-376.00M	-376.00M	-441.80M	-517.00M	-658.00M	-658.00M	-658.00M	-423.00M	-564.00M	-846.00M	-376.00M	-183.30M	-282.00M	-263.20M
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	-29.82M	-42.29M	-43.41M	-39.24M	-32.70M	-6.57M	-3.68M	19.74M	-2.33M	-10.06M	-11.00M	-8.35M	0.00M	28.67M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Cash from Financing Activities	-980.77M	-775.48M	-859.81M	-1,013.84M	-724.98M	-478.66M	-169.38M	-356.26M	-488.98M	-384.82M	-402.70M	-461.44M	-347.74M	-629.33M	-658.00M	-658.00M	-423.00M	-564.00M	-846.00M	-376.00M	-183.30M	-28.20M	-343.20M
Effect of FX on Cash	-6.10M	14.05M	2.98M	8.25M	4.52M	-14.88M	1.10M	-1.86M	-1.26M	2.38M	1.76M	-0.76M	0.04M	-1.27M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-253.80M	0.00M
Net Change in Cash	-40.63M	202.56M	-497.39M	-197.82M	709.44M	35.02M	96.97M	-22.43M	-256.34M	378.86M	-75.91M	-173.33M	-126.61M	-198.60M	183.04M	45.72M	95.82M	-0.44M	471.34M	-84.33M	182.17M	-95.36M	-170.50M
Cash at Beginning of Period	4,513.06M	4,643.80M	1,191.61M	1,389.43M	679.99M	644.97M	548.01M	570.43M	826.77M	447.92M	523.82M	697.16M	823.77M	1,022.37M	839.33M	793.61M	697.79M	698.23M	226.89M	311.22M	129.05M	224.41M	394.91M
Cash at End of Period	4,472.43M	4,846.36M	694.22M	1,191.61M	1,389.43M	679.99M	644.97M	548.01M	570.43M	826.77M	447.92M	523.82M	697.16M	823.77M	1,022.37M	839.33M	793.61M	697.79M	698.23M	226.89M	311.22M	129.05M	224.41M
Operating Cash Flow	1,343.36M	1,303.97M	1,038.94M	1,180.37M	1,664.29M	646.77M	447.29M	548.28M	710.46M	375.31M	390.33M	482.52M	1,027.60M	940.97M	897.01M	1,297.03M	709.11M	563.76M	1,787.67M	430.53M	466.72M	336.63M	453.14M
Capital Expenditure	-458.30M	-342.77M	-375.96M	-475.33M	-181.20M	-123.36M	-205.92M	-347.52M	-364.13M	-428.73M	-177.36M	-245.27M	-297.98M	-234.46M	-166.88M	-171.31M	-98.61M	-245.43M	-218.58M	-147.23M	-76.53M	-140.56M	-269.76M
Free Cash Flow	885.06M	961.20M	662.98M	705.04M	1,483.09M	523.41M	241.37M	200.76M	346.33M	-53.42M	212.97M	237.24M	729.63M	706.50M	730.13M	1,125.72M	610.50M	318.33M	1,569.09M	283.30M	390.19M	196.07M	183.39M

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	1,859.31M	1,700.63M	1,785.63M	1,482.50M	2,114.14M	1,288.65M	624.48M	474.96M	557.03M	898.92M	497.54M	544.10M	772.78M	963.95M	1,158.21M	1,683.93M	776.69M	778.96M	1,664.41M	635.62M	506.55M	302.53M	467.49M
(-) Tax Adjustment	307.73M	300.70M	319.33M	266.00M	365.91M	246.53M	119.15M	102.93M	101.89M	148.43M	73.43M	83.77M	131.56M	120.65M	149.97M	301.61M	124.07M	98.13M	124.32M	28.01M	28.78M	12.54M	10.66M
(-) Change In Working Capital	-422.87M	-150.24M	-540.78M	-9.27M	-32.64M	-509.19M	-156.96M	83.32M	332.51M	-370.82M	-55.33M	-5.61M	289.36M	101.66M	-152.71M	-240.04M	27.63M	-137.49M	197.82M	-161.68M	-30.23M	30.01M	-14.68M
(-) Capital Expenditure	-458.30M	-342.77M	-375.96M	-475.33M	-181.20M	-123.36M	-205.92M	-347.52M	-364.13M	-428.73M	-177.36M	-245.27M	-297.98M	-234.46M	-166.88M	-171.31M	-98.61M	-245.43M	-218.58M	-147.23M	-76.53M	-140.56M	-269.76M
Unlevered Free Cash Flow	1,516.16M	1,207.40M	1,631.12M	750.43M	1,599.67M	1,427.95M	456.37M	-58.80M	-241.50M	692.59M	302.08M	220.66M	53.88M	507.18M	994.07M	1,451.05M	526.38M	572.89M	1,123.69M	622.07M	431.47M	119.43M	201.77M
(-) Net Interest Income After Taxes	-2.79M	-2.58M	-3.36M	-2.51M	-5.65M	-5.52M	-3.72M	-2.59M	-2.05M	-7.30M	-7.52M	22.13M	33.53M	41.21M	35.61M	20.59M	0.00M	0.00M	0.00M	0.00M	-0.03M	-0.02M	0.00M
Net Debt Issuance	-10.95M	-29.62M	-17.40M	-34.60M	-34.28M	-30.30M	88.11M	0.00M	-16.64M	1.24M	-15.70M	-11.29M	169.26M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-80.00M
Levered Free Cash Flow	1,508.00M	1,180.36M	1,617.08M	718.33M	1,571.03M	1,403.18M	548.21M	-56.22M	-256.09M	701.13M	293.89M	187.25M	189.61M	465.97M	958.46M	1,430.47M	526.38M	572.89M	1,123.69M	622.07M	431.50M	119.44M	121.77M