VGP N.V. (0HM0.L)

Industry: Real Estate - General Sector: Real Estate Currency Used: BE Live Price: $105.00

Enterprise Value

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
Stock Price	87.10	97.25	110.30	198.42	110.95	76.76	57.12	59.23	64.64	28.74	19.06	17.45	18.55	18.36	15.62	15.55	16.24	14.72	14.52
Market Capitalization	2,377.07M	2,654.08M	2,417.26M	4,111.47M	2,218.03M	1,469.63M	1,062.08M	1,100.83M	1,201.96M	534.52M	354.12M	336.54M	357.40M	353.52M	301.05M	299.59M	312.73M	283.76M	269.83M
(-) Cash & Equivalents	558.77M	272.40M	673.83M	345.68M	157.45M	124.44M	144.49M	85.91M	61.67M	20.21M	31.06M	43.54M	27.39M	33.35M	7.05M	2.16M	2.14M	26.42M	0.84M
(+) Total Debt	2,087.61M	2,086.31M	2,345.68M	1,363.78M	769.06M	666.94M	532.30M	473.70M	293.72M	204.14M	191.31M	96.31M	8.08M	45.70M	62.50M	120.69M	94.46M	59.71M	16.50M
Enterprise Value	3,905.91M	4,467.99M	4,089.11M	5,129.57M	2,829.64M	2,012.13M	1,449.89M	1,488.62M	1,434.00M	718.45M	514.37M	389.30M	338.09M	365.87M	356.50M	418.11M	405.05M	317.05M	285.49M

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
Revenue	277M	146M	126M	120M	88M	46M	31M	28M	72M	25M	25M	23M	30M	6M	5M	20M	35M	27M	15M	7M	3M
Cost of Revenue	38M	21M	25M	30M	28M	12M	11M	9M	1M	2M	5M	4M	3M	2M	2M	6M	8M	7M	4M	2M	1M
Gross Profit	239M	124M	100M	90M	60M	34M	21M	18M	71M	23M	20M	19M	26M	4M	3M	14M	27M	20M	10M	5M	2M
Gross Profit Margin	86.2%	85.3%	79.9%	75.2%	68.0%	73.9%	66.5%	66.1%	98.4%	92.3%	80.7%	82.5%	89.2%	63.7%	58.1%	70.8%	77.3%	75.5%	71.1%	66.9%	77.5%
R&D Expenses	23M	35M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	115M	37M	27M	17M	34M	52M	29M	18M	18M	19M	15M	13M	7M	3M	2M	2M	2M	2M	2M	0M	0M
Operating Expenses	-281M	1,038M	-217M	-28M	32M	55M	31M	20M	79M	104M	107M	88M	46M	1M	2M	-1M	-21M	9M	-35M	-41M	-17M
Operating Income (EBIT)	520M	-914M	317M	119M	28M	-20M	-10M	-2M	-8M	-81M	-87M	-69M	-19M	3M	1M	15M	48M	11M	45M	46M	19M
Operating Income Margin	187.7%	-627.1%	252.7%	98.8%	31.2%	-44.0%	-32.7%	-5.4%	-11.7%	-321.1%	-351.2%	-298.8%	-65.9%	47.3%	13.2%	78.1%	136.5%	41.4%	308.7%	668.8%	733.2%
Interest Income	93M	35M	50M	34M	17M	12M	9M	6M	13M	10M	14M	8M	7M	3M	3M	4M	0M	1M	0M	1M	0M
Interest Expense	26M	110M	43M	34M	38M	21M	0M	24M	22M	23M	16M	12M	8M	2M	0M	6M	14M	11M	10M	5M	1M
Net Interest Income	67M	-75M	7M	-1M	-20M	-9M	9M	-18M	-9M	-13M	-3M	-4M	-1M	1M	3M	-2M	-14M	-10M	-10M	-4M	0M
Unusual Items	5M	809M	-5M	-6M	-150M	793M	412M	192M	155M	211M	202M	172M	86M	29M	12M	0M	0M	0M	0M	0M	0M
EBT Excluding Unusual Items	587M	-989M	324M	118M	7M	-29M	-1M	-20M	-18M	-94M	-89M	-73M	-21M	4M	4M	14M	34M	1M	35M	42M	18M
Pre-Tax Income	592M	-180M	320M	113M	-143M	764M	411M	172M	137M	117M	113M	99M	66M	33M	16M	14M	34M	1M	35M	42M	18M
Pre-Tax Margin	213.6%	-123.6%	254.6%	93.8%	-161.5%	1,646.2%	1,305.7%	620.2%	190.9%	466.9%	457.1%	428.6%	221.6%	552.2%	351.4%	69.3%	97.3%	2.4%	239.4%	612.4%	696.7%
Income Tax Expense	72M	-29M	33M	25M	-20M	114M	40M	-33M	16M	21M	22M	13M	16M	9M	3M	2M	8M	-1M	6M	5M	4M
Net Income	520M	-196M	287M	87M	-123M	650M	371M	206M	121M	96M	91M	87M	49M	24M	12M	13M	26M	1M	29M	36M	14M
Net Income Margin	187.6%	-134.3%	228.6%	72.6%	-138.8%	1,400.8%	1,179.0%	739.6%	168.6%	382.4%	369.0%	374.4%	166.8%	407.6%	256.7%	65.8%	74.6%	4.4%	196.6%	533.1%	532.2%
Depreciation & Amortization	17M	578M	9M	6M	4M	2M	2M	1M	0M	0M	0M	1M	0M	0M	0M	0M	0M	0M	0M	0M	0M
EBITDA	537M	-336M	326M	125M	32M	-18M	-8M	0M	-8M	-80M	-87M	-68M	-19M	3M	1M	16M	48M	11M	45M	46M	19M
EBITDA Margin	193.7%	-230.7%	259.5%	103.7%	36.3%	-38.7%	-26.1%	-1.1%	-11.4%	-320.3%	-350.6%	-295.6%	-65.3%	49.1%	16.3%	79.0%	137.0%	42.4%	310.0%	669.7%	736.1%
NOPAT	457M	-722M	285M	92M	22M	-17M	-9M	-2M	-7M	-66M	-70M	-60M	-15M	2M	0M	14M	37M	21M	37M	40M	14M
NOPAT Margin	164.8%	-495.4%	226.9%	76.5%	24.7%	-37.4%	-29.6%	-6.5%	-10.3%	-263.0%	-283.5%	-261.0%	-49.6%	34.9%	11.0%	69.3%	104.6%	77.3%	253.6%	582.2%	560.1%
Owner's Earnings	537M	-95M	296M	93M	-358M	-68M	238M	81M	-212M	6M	-33M	87M	50M	-65M	-2M	-35M	27M	1M	29M	36M	14M
Owner's Earnings Margin	193.6%	-64.9%	235.5%	77.5%	-405.7%	-146.4%	758.0%	292.5%	-295.7%	23.6%	-133.3%	377.6%	167.4%	-1,097.0%	-49.1%	-176.1%	75.1%	5.4%	197.9%	534.1%	535.1%
EPS (Basic)	19.06	-9.12	10.52	3.20	-5.49	29.51	17.46	10.39	6.52	5.17	4.91	4.66	2.66	1.22	0.58	0.65	1.32	0.06	1.43	1.82	0.86
EPS (Diluted)	19.06	-8.51	10.52	3.20	-5.49	29.51	17.46	10.39	6.52	5.17	4.91	4.66	2.66	1.22	0.58	0.65	1.32	0.06	1.43	1.82	0.85
Shares (Basic)	27M	23M	27M	27M	22M	22M	21M	20M	19M	19M	19M	19M	19M	20M	20M	20M	20M	20M	20M	20M	16M
Shares (Diluted)	27M	23M	27M	27M	22M	22M	21M	20M	19M	19M	19M	19M	19M	20M	20M	20M	20M	20M	20M	20M	16M

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
Cash & Cash Equivalents	423.63M	492.53M	492.53M	209.92M	699.17M	222.16M	222.36M	176.15M	161.45M	30.27M	71.60M	9.83M	43.60M	79.23M	19.12M	16.33M	5.34M	4.33M	4.29M	52.84M	2.53M
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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	423.63M	492.53M	492.53M	209.92M	699.17M	222.16M	222.36M	176.15M	161.45M	30.27M	71.60M	9.83M	43.60M	79.23M	19.12M	16.33M	5.34M	4.33M	4.29M	52.84M	2.53M
Net Receivables	17.50M	29.64M	29.64M	15.93M	16.06M	83.61M	7.78M	6.17M	7.28M	11.07M	2.66M	4.93M	1.35M	8.49M	8.51M	0.00M	0.00M	0.00M	0.00M	0.00M	3.01M
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	-1.82M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Assets	319.73M	252.35M	252.35M	956.18M	405.96M	566.30M	139.36M	192.26M	290.72M	441.95M	149.03M	527.36M	5.47M	8.43M	9.04M	43.08M	303.64M	4.53M	9.39M	9.28M	3.64M
Total Current Assets	760.86M	774.51M	774.51M	1,182.03M	1,121.19M	872.06M	369.49M	374.57M	459.45M	483.30M	223.28M	542.11M	50.42M	94.33M	36.67M	59.41M	308.98M	8.86M	13.68M	62.11M	9.18M
Property, Plant & Equipment	1,751.58M	122.31M	122.31M	107.43M	73.28M	32.14M	16.94M	5.29M	256.48M	248.12M	392.32M	86.09M	416.46M	0.30M	0.24M	0.28M	0.20M	0.34M	0.41M	0.21M	7.05M
Goodwill	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.63M	0.63M	0.63M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	0.57M	0.72M	0.72M	1.00M	1.20M	1.05M	0.56M	0.05M	0.04M	0.04M	0.01M	0.01M	0.06M	0.05M	0.06M	0.04M	0.06M	0.06M	0.01M	0.01M	0.00M
Long-Term Investments	1,349.32M	1,300.87M	1,300.87M	1,037.23M	891.20M	858.12M	851.61M	450.82M	241.43M	143.63M	89.20M	0.11M	0.02M	0.98M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	0.00M	11.62M	11.62M	8.30M	3.84M	1.95M	1.79M	0.70M	0.79M	0.69M	0.53M	1.13M	0.26M	0.14M	0.08M	0.24M	1.01M	2.38M	1.16M	0.00M	0.00M
Other Non-Current Assets	1,167.35M	2,443.90M	2,443.90M	2,074.72M	1,833.74M	1,415.94M	424.47M	368.06M	-0.79M	-0.69M	-0.53M	-1.13M	-0.26M	274.92M	146.84M	117.92M	186.98M	428.11M	394.03M	225.17M	96.42M
Other Assets	0.00M	0.00M	0.00M	4,410.70M	921.60M	701.48M	562.88M	424.89M	255.02M	157.46M	166.78M	88.35M	0.26M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	4,268.81M	3,879.42M	3,879.42M	7,639.38M	3,724.87M	3,010.68M	1,858.25M	1,249.79M	752.97M	549.26M	648.31M	175.20M	417.42M	277.01M	147.22M	118.49M	188.25M	430.89M	395.61M	225.39M	103.48M
Total Assets	5,029.67M	4,653.94M	4,653.94M	8,821.41M	4,846.05M	3,882.74M	2,227.74M	1,624.36M	1,212.42M	1,032.55M	871.59M	717.31M	467.84M	371.34M	183.89M	177.89M	497.24M	439.75M	409.29M	287.50M	112.65M
Accounts Payable	97.45M	69.94M	69.94M	67.02M	98.08M	95.19M	58.10M	56.34M	38.77M	38.38M	32.62M	26.68M	21.29M	5.83M	3.04M	5.72M	10.07M	7.36M	28.10M	20.76M	6.15M
Short-Term Debt	209.23M	114.87M	114.87M	111.75M	413.70M	44.15M	34.47M	1.31M	14.96M	81.36M	81.67M	3.52M	5.72M	10.90M	12.24M	4.69M	4.82M	5.45M	8.48M	1.40M	0.66M
Tax Payables	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.01M	0.08M	0.07M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	-392.97M	-23.41M	0.00M	-1.31M	-14.96M	-81.36M	-81.67M	-3.52M	-5.72M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	14.85M	16.71M	16.71M	65.15M	435.18M	98.03M	21.14M	55.08M	32.88M	41.12M	10.60M	143.31M	1.80M	10.95M	0.20M	7.03M	175.65M	0.27M	11.79M	0.00M	0.00M
Total Current Liabilities	321.53M	201.51M	201.51M	243.92M	553.99M	213.95M	113.71M	111.41M	71.65M	79.50M	43.22M	170.00M	23.09M	27.68M	15.49M	17.45M	190.54M	13.08M	48.39M	22.24M	6.87M
Long-Term Debt	2,119.94M	1,942.50M	1,942.50M	1,885.15M	1,960.46M	1,340.61M	748.80M	767.67M	564.38M	392.03M	333.27M	170.80M	193.03M	159.66M	3.92M	4.16M	120.94M	235.92M	180.45M	118.02M	48.86M
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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	55.42M	35.65M	35.65M	23.94M	79.67M	112.30M	43.81M	31.65M	16.69M	12.41M	20.54M	9.29M	27.33M	11.75M	3.36M	1.52M	8.31M	21.87M	21.76M	15.07M	9.66M
Other Non-Current Liabilities	97.31M	38.37M	38.37M	33.57M	126.09M	144.75M	8.07M	0.00M	-17.17M	0.00M	0.00M	0.00M	0.00M	0.72M	0.43M	0.03M	0.35M	13.64M	3.15M	1.36M	1.14M
Total Non-Current Liabilities	2,272.68M	2,016.52M	2,016.52M	1,942.66M	2,166.23M	1,597.66M	800.68M	799.32M	563.89M	404.44M	353.81M	180.09M	220.36M	172.13M	7.70M	5.71M	129.59M	271.43M	205.36M	134.45M	59.66M
Total Liabilities	2,594.20M	2,218.03M	2,218.03M	2,186.58M	2,720.22M	1,811.61M	914.39M	910.73M	635.54M	483.95M	397.03M	350.09M	243.45M	199.81M	23.19M	23.16M	320.14M	284.51M	253.74M	156.69M	66.53M
Preferred Stock	0.00M	0.00M	0.00M	30.42M	30.42M	30.42M	30.42M	30.42M	30.42M	30.42M	50.49M	0.00M	50.49M	50.49M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	136.09M	105.68M	105.68M	105.68M	105.68M	78.46M	72.23M	62.25M	92.67M	92.67M	112.74M	112.74M	112.74M	62.25M	62.25M	22.30M	62.25M	62.25M	62.25M	62.25M	10.97M
Retained Earnings	1,539.64M	1,449.17M	1,449.17M	1,263.16M	1,250.92M	1,523.02M	948.09M	637.46M	481.15M	403.91M	327.99M	239.66M	153.10M	103.74M	88.94M	132.37M	119.43M	98.23M	97.06M	0.00M	0.00M
Accumulated OCI	-30.42M	0.00M	0.00M	-30.42M	-30.42M	-30.42M	-30.42M	-30.42M	-30.42M	-30.42M	-50.49M	9.51M	-50.49M	-50.49M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Minority Interest	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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 Shareholders’ Equity	1,645.31M	1,554.85M	1,554.85M	1,368.84M	1,356.60M	1,601.48M	1,020.32M	699.71M	573.81M	496.58M	440.72M	361.91M	265.83M	165.99M	151.19M	154.67M	181.68M	160.48M	159.31M	62.25M	10.97M
Total Equity	1,645.31M	1,554.85M	1,554.85M	1,368.84M	1,356.60M	1,601.48M	1,020.32M	699.71M	573.81M	496.58M	440.72M	361.91M	265.83M	165.99M	151.19M	154.67M	181.68M	160.48M	159.31M	62.25M	10.97M
Total Liabilities & Equity	4,239.52M	3,772.88M	3,772.88M	3,555.42M	4,076.82M	3,413.09M	1,934.70M	1,610.44M	1,209.36M	980.52M	837.75M	712.00M	509.29M	365.80M	174.38M	177.82M	501.82M	444.99M	413.05M	218.94M	77.50M
Tangible Assets	5,029.10M	4,653.21M	4,653.21M	8,820.41M	4,844.85M	3,881.69M	2,227.19M	1,624.32M	1,212.38M	1,032.52M	871.58M	716.67M	467.15M	370.66M	183.83M	177.85M	497.18M	439.68M	409.28M	287.49M	112.65M
Tangible Equity	1,644.74M	1,554.12M	1,554.12M	1,367.84M	1,355.40M	1,600.43M	1,019.76M	699.67M	573.77M	496.54M	440.71M	361.27M	265.15M	165.31M	151.13M	154.62M	181.62M	160.42M	159.30M	62.24M	10.97M
Tangible Book Value	1,644.74M	1,554.12M	1,554.12M	1,367.84M	1,355.40M	1,600.43M	1,019.76M	699.67M	573.77M	496.54M	440.71M	361.27M	265.15M	165.31M	151.13M	154.62M	181.62M	160.42M	159.30M	62.24M	10.97M
Total Investments	1,349.32M	1,300.87M	1,300.87M	1,037.23M	891.20M	858.12M	851.61M	450.82M	241.43M	143.63M	89.20M	0.11M	0.02M	0.98M	-0.55M	0.97M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Debt	1,905.54M	1,564.83M	1,564.83M	1,786.98M	1,675.00M	1,162.60M	560.91M	592.83M	417.89M	443.12M	343.35M	164.50M	155.16M	91.33M	-2.97M	-7.47M	120.42M	237.05M	184.64M	66.58M	46.99M

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
Working Capital	439.3M	545.9M	545.9M	932.9M	563.9M	650.3M	250.6M	262.1M	372.8M	322.4M	97.7M	367.2M	21.1M	61.6M	12.3M	42.0M	118.4M	-4.2M	-34.7M	39.9M	-0.7M
Total Capital	4,820.1M	4,457.8M	4,457.8M	4,211.3M	4,576.3M	3,560.3M	2,089.0M	1,468.8M	1,122.8M	856.3M	718.2M	532.8M	414.2M	336.6M	167.4M	163.6M	301.3M	396.6M	344.5M	250.2M	92.6M
Capital Employed	4,708.1M	4,425.4M	4,425.4M	4,161.6M	4,288.7M	3,660.9M	2,108.8M	1,511.9M	1,125.8M	871.7M	746.0M	542.4M	438.6M	338.6M	159.5M	160.4M	306.7M	426.7M	360.9M	265.3M	102.8M
Invested Capital	4,396.4M	3,965.3M	3,965.3M	4,001.4M	3,877.2M	3,338.2M	1,866.6M	1,292.6M	961.4M	826.0M	646.6M	523.0M	370.6M	257.4M	148.3M	147.3M	296.0M	392.3M	340.2M	197.4M	90.1M

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
Net Income	520.14M	358.38M	319.54M	112.74M	-122.54M	650.06M	370.94M	205.61M	121.11M	96.00M	91.29M	86.56M	49.36M	32.92M	15.85M	13.63M	34.43M	0.63M	34.78M	41.85M	18.00M
Depreciation & Amortization	16.65M	7.96M	8.61M	5.92M	4.48M	2.43M	2.08M	1.21M	0.18M	0.22M	0.90M	0.73M	0.18M	0.11M	0.14M	0.16M	0.18M	0.26M	0.18M	0.07M	0.07M
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
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
Change in Working Capital	-24.46M	-90.24M	-17.60M	-8.24M	-55.85M	-40.54M	-17.84M	-9.29M	-24.56M	-7.31M	-14.51M	-8.56M	7.56M	6.88M	-3.86M	-11.25M	2.35M	-14.63M	8.41M	10.00M	-10.74M
Accounts Receivable	-32.29M	-92.63M	-11.83M	-20.77M	-43.22M	-51.47M	-28.24M	-12.25M	-24.56M	-7.31M	-14.51M	-8.56M	7.56M	-1.42M	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
Accounts Payable	5.67M	2.39M	-2.77M	12.53M	-12.63M	10.93M	10.40M	2.96M	-10.94M	17.11M	28.68M	0.41M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	1.29M	0.00M	-5.77M	0.00M	0.00M	0.00M	0.00M	0.00M	10.94M	-17.11M	-28.68M	-0.41M	0.00M	8.30M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Cash Items	-545.40M	-323.88M	-327.50M	-137.75M	103.27M	-699.42M	-407.34M	-226.86M	-147.77M	-95.69M	-70.89M	-91.35M	-58.64M	-29.44M	-12.17M	-3.25M	-23.50M	2.50M	-30.73M	-42.05M	-18.15M
Net Cash from Operating Activities	-33.08M	-153.93M	-16.95M	-27.33M	-70.64M	-87.47M	-52.17M	-29.33M	-51.04M	-6.79M	6.79M	-12.61M	-1.54M	10.47M	-0.04M	-0.71M	13.47M	-11.24M	12.64M	9.85M	-10.82M
Capital Expenditures (PPE)	0.00M	476.61M	0.00M	0.00M	240.16M	720.42M	134.53M	125.50M	333.64M	90.27M	124.42M	0.00M	0.00M	-89.81M	-13.93M	-47.72M	0.00M	0.00M	0.00M	0.00M	0.00M
Acquisitions (Net)	-0.17M	0.04M	836.61M	689.07M	368.75M	0.04M	0.01M	0.02M	0.04M	155.72M	236.11M	0.11M	-0.41M	-4.09M	6.86M	153.78M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	-698.44M	-1,842.83M	0.00M	0.00M	-981.62M	-783.60M	-555.51M	-487.12M	-341.43M	-258.20M	-365.20M	-147.49M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Sales / Maturities of Investments	716.79M	657.28M	0.00M	0.00M	372.70M	63.14M	420.97M	361.59M	7.75M	12.20M	4.68M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Investing Activities	150.80M	-1,142.21M	-505.24M	-697.15M	-566.15M	-720.42M	-134.53M	-125.50M	104.72M	0.00M	-124.42M	-147.15M	-59.09M	-3.33M	26.06M	1.51M	-30.79M	-40.68M	-132.22M	-80.73M	-26.46M
Net Cash from Investing Activities	168.98M	-1,142.21M	331.37M	-8.08M	-566.15M	-720.42M	-134.53M	-125.50M	104.72M	-90.27M	-124.42M	-147.38M	-59.49M	-97.23M	18.99M	107.57M	-30.79M	-40.68M	-132.22M	-80.73M	-26.46M
Net Debt Issuance	121.84M	822.15M	60.00M	-375.00M	967.25M	592.82M	-1.43M	203.17M	112.61M	77.70M	231.83M	80.05M	25.25M	154.39M	-1.18M	-55.72M	25.08M	51.95M	69.55M	69.91M	6.64M
Long-Term Debt Issuance	424.84M	822.15M	60.00M	-375.00M	967.25M	592.82M	-1.43M	203.17M	112.61M	77.70M	231.83M	80.05M	25.25M	154.39M	-1.18M	-55.72M	25.08M	51.95M	69.55M	69.91M	6.64M
Short-Term Debt Issuance	-303.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	298.71M	294.90M	295.33M	0.00M	0.00M	-20.07M	-62.96M	0.00M	0.00M	-7.62M	-15.05M	-39.95M	0.00M	0.00M	0.00M	51.28M	9.78M
Common Stock Issuance	0.00M	593.61M	0.00M	0.00M	298.71M	294.90M	295.33M	0.00M	0.00M	0.00M	0.00M	60.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	51.28M	9.78M
Common Stock Repurchased	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-20.07M	-62.96M	0.00M	0.00M	-7.62M	-15.05M	-39.95M	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
Net Dividends Paid	-191.04M	-224.61M	-100.98M	-75.05M	-149.56M	-75.13M	-60.31M	-40.88M	-35.31M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-5.20M	0.00M	0.00M	0.00M	0.00M
Common Dividends Paid	-191.04M	-224.61M	-100.98M	-75.05M	-149.56M	-75.13M	-60.31M	-40.88M	-35.31M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-5.20M	0.00M	0.00M	0.00M	0.00M
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
Other Financing Activities	0.00M	588.04M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	60.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Cash from Financing Activities	-69.20M	1,185.59M	-40.98M	-450.05M	1,116.40M	812.59M	233.58M	162.29M	77.30M	57.63M	168.87M	140.05M	25.25M	146.78M	-16.23M	-95.67M	19.88M	51.95M	69.55M	121.19M	16.41M
Effect of FX on Cash	22.06M	-1.12M	-0.01M	-0.57M	-0.16M	-1.13M	-0.68M	1.12M	-0.25M	0.43M	0.23M	0.35M	0.15M	0.09M	0.07M	-0.20M	0.03M	0.01M	1.49M	0.00M	0.00M
Net Change in Cash	88.76M	-134.33M	282.61M	-489.25M	477.01M	-0.20M	46.21M	14.70M	131.18M	-41.33M	61.77M	-33.77M	-35.63M	60.10M	2.80M	10.99M	1.01M	0.04M	-48.55M	50.31M	-20.87M
Cash at Beginning of Period	1,662.34M	2,039.02M	209.92M	699.17M	222.16M	222.36M	176.15M	161.45M	30.27M	71.60M	9.83M	43.60M	79.23M	19.12M	16.33M	5.34M	4.33M	4.29M	52.84M	2.53M	0.00M
Cash at End of Period	1,751.10M	1,904.70M	492.53M	209.92M	699.17M	222.16M	222.36M	176.15M	161.45M	30.27M	71.60M	9.83M	43.60M	79.23M	19.12M	16.33M	5.34M	4.33M	4.29M	52.84M	-20.87M
Operating Cash Flow	-33.08M	-153.93M	-16.95M	-27.33M	-70.64M	-87.47M	-52.17M	-29.33M	-51.04M	-6.79M	6.79M	-12.61M	-1.54M	10.47M	-0.04M	-0.71M	13.47M	-11.24M	12.64M	9.85M	-10.82M
Capital Expenditure	0.00M	476.61M	0.00M	0.00M	240.16M	720.42M	134.53M	125.50M	333.64M	90.27M	124.42M	0.00M	0.00M	-89.81M	-13.93M	-47.72M	0.00M	0.00M	0.00M	0.00M	0.00M
Free Cash Flow	-33.08M	322.68M	-16.95M	-27.33M	169.52M	632.95M	82.36M	96.18M	282.61M	83.49M	131.21M	-12.61M	-1.54M	-79.34M	-13.98M	-48.43M	13.47M	-11.24M	12.64M	9.85M	-10.82M

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
EBITDA	118.19M	629.46M	81.80M	79.49M	30.59M	-15.41M	-6.30M	1.49M	52.96M	4.21M	4.66M	6.35M	20.02M	1.17M	1.25M	12.00M	25.62M	17.87M	8.77M	4.28M	1.95M
(-) Tax Adjustment	14.39M	101.99M	8.33M	17.94M	4.30M	-2.30M	-0.61M	0.00M	6.18M	0.76M	0.90M	0.80M	4.94M	0.31M	0.21M	1.35M	5.97M	0.00M	1.57M	0.55M	0.46M
(-) Change In Working Capital	-24.46M	-90.24M	-17.60M	-8.24M	-55.85M	-40.54M	-17.84M	-9.29M	-24.56M	-7.31M	-14.51M	-8.56M	7.56M	6.88M	-3.86M	-11.25M	2.35M	-14.63M	8.41M	10.00M	-10.74M
(-) Capital Expenditure	0.00M	476.61M	0.00M	0.00M	240.16M	720.42M	134.53M	125.50M	333.64M	90.27M	124.42M	0.00M	0.00M	-89.81M	-13.93M	-47.72M	0.00M	0.00M	0.00M	0.00M	0.00M
Unlevered Free Cash Flow	128.26M	141.09M	91.06M	69.79M	-158.02M	-693.00M	-122.38M	-114.73M	-262.30M	-79.52M	-106.15M	14.10M	7.51M	-95.83M	-9.03M	-25.82M	17.29M	32.50M	-1.20M	-6.27M	12.23M
(-) Net Interest Income After Taxes	58.73M	-62.81M	6.58M	-0.39M	-17.53M	-7.27M	8.39M	-18.47M	-8.06M	-10.92M	-2.02M	-3.59M	-1.07M	0.81M	2.73M	-1.54M	-10.62M	-10.38M	-8.27M	-3.35M	-0.38M
Net Debt Issuance	121.84M	822.15M	60.00M	-375.00M	967.25M	592.82M	-1.43M	203.17M	112.61M	77.70M	231.83M	80.05M	25.25M	154.39M	-1.18M	-55.72M	25.08M	51.95M	69.55M	69.91M	6.64M
Levered Free Cash Flow	191.37M	1,026.05M	144.49M	-304.82M	826.76M	-92.91M	-132.21M	106.91M	-141.64M	9.09M	127.70M	97.75M	33.83M	57.76M	-12.94M	-80.00M	52.99M	94.83M	76.61M	66.99M	19.24M