Southern Copper Corporation (0L8B.L)

Industry: Industrial Materials Sector: Basic Materials Currency Used: US Live Price: $180.74

Enterprise Value

Metric	MRQ	MRQ-1	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
Stock Price	121.36	100.16	104.38	101.74	73.62	54.96	59.51	42.44	36.97	41.65	37.54	26.88	26.52	27.92	28.76	32.28	30.21	33.45	23.89	24.80	31.30	14.67	8.68	7.09	3.89	2.21	1.87	2.10	2.23	1.91	2.67	2.39	2.53
Market Capitalization	99,830.74M	80,909.25M	84,449.61M	79,353.22M	56,913.69M	42,666.07M	46,003.32M	32,808.43M	28,577.70M	32,193.52M	29,014.55M	20,788.56M	21,086.41M	23,127.91M	24,241.41M	27,380.56M	25,836.69M	28,738.88M	20,534.98M	22,017.97M	27,948.31M	13,100.06M	7,749.65M	5,682.90M	1,887.46M	1,069.80M	906.01M	1,018.79M	1,084.08M	924.42M	1,296.84M	1,160.14M	1,005.33M
(-) Cash & Equivalents	3,949.60M	3,334.90M	3,800.27M	2,260.10M	1,904.35M	2,303.63M	2,561.83M	2,047.35M	1,337.38M	978.15M	797.68M	471.50M	635.88M	1,061.10M	1,967.50M	1,553.72M	1,379.58M	1,806.49M	428.10M	1,128.86M	1,126.74M	879.36M	709.07M	393.16M	232.58M	122.05M	452.34M	63.15M	95.05M	175.05M	148.20M	217.80M	0.00M
(+) Total Debt	7,432.80M	7,448.90M	7,616.47M	6,998.65M	7,055.48M	7,351.25M	7,483.55M	7,646.60M	7,520.13M	5,958.93M	5,955.98M	5,953.18M	5,577.74M	4,199.33M	4,209.52M	3,110.50M	2,750.51M	2,392.78M	1,285.15M	1,332.39M	1,506.11M	1,444.50M	949.75M	566.85M	336.54M	299.04M	625.32M	268.94M	229.38M	241.08M	224.78M	126.35M	0.00M
Enterprise Value	103,313.94M	85,023.25M	88,265.81M	84,091.77M	62,064.81M	47,713.70M	50,925.04M	38,407.68M	34,760.45M	37,174.29M	34,172.85M	26,270.24M	26,028.27M	26,266.13M	26,483.43M	28,937.33M	27,207.62M	29,325.16M	21,392.03M	22,221.50M	28,327.68M	13,665.20M	7,990.33M	5,856.59M	1,991.42M	1,246.79M	1,078.99M	1,224.58M	1,218.40M	990.45M	1,373.41M	1,068.69M	1,005.33M

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	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31	1995-12-31
Revenue	12,335M	10,945M	11,433M	9,896M	10,048M	10,934M	7,985M	7,286M	7,097M	6,655M	5,380M	5,046M	5,788M	5,953M	6,669M	6,819M	5,150M	3,734M	4,851M	6,086M	5,460M	4,113M	3,097M	798M	665M	658M	711M	585M	628M	814M	753M	929M
Cost of Revenue	5,786M	5,700M	5,748M	5,576M	5,487M	4,744M	4,738M	4,401M	4,113M	3,953M	3,721M	3,487M	3,360M	3,318M	3,143M	3,089M	2,457M	2,171M	2,547M	2,490M	2,318M	1,937M	1,543M	481M	450M	461M	449M	417M	447M	457M	395M	0M
Gross Profit	6,549M	5,245M	5,685M	4,320M	4,561M	6,190M	3,247M	2,885M	2,984M	2,702M	1,659M	1,559M	2,428M	2,635M	3,526M	3,730M	2,693M	1,563M	2,305M	3,595M	3,143M	2,176M	1,554M	318M	214M	196M	262M	167M	181M	358M	358M	929M
Gross Profit Margin	53.1%	47.9%	49.7%	43.6%	45.4%	56.6%	40.7%	39.6%	42.0%	40.6%	30.8%	30.9%	41.9%	44.3%	52.9%	54.7%	52.3%	41.9%	47.5%	59.1%	57.6%	52.9%	50.2%	39.8%	32.3%	29.9%	36.8%	28.6%	28.7%	43.9%	47.6%	100.0%
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	0M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	132M	129M	131M	127M	125M	125M	126M	132M	103M	93M	87M	99M	103M	103M	101M	104M	88M	78M	103M	98M	88M	81M	72M	27M	28M	31M	35M	48M	50M	76M	68M	0M
Operating Expenses	350M	129M	131M	127M	125M	125M	126M	132M	103M	83M	87M	144M	195M	103M	101M	104M	88M	83M	103M	98M	88M	81M	72M	101M	95M	107M	112M	122M	111M	122M	110M	0M
Operating Income (EBIT)	6,199M	5,116M	5,555M	4,192M	4,436M	6,065M	3,121M	2,753M	2,881M	2,619M	1,571M	1,415M	2,233M	2,532M	3,425M	3,625M	2,604M	1,481M	2,202M	3,497M	3,054M	2,095M	1,482M	217M	119M	89M	150M	46M	70M	235M	249M	929M
Operating Income Margin	50.3%	46.7%	48.6%	42.4%	44.1%	55.5%	39.1%	37.8%	40.6%	39.4%	29.2%	28.0%	38.6%	42.5%	51.4%	53.2%	50.6%	39.7%	45.4%	57.5%	55.9%	50.9%	47.9%	27.2%	17.9%	13.6%	21.0%	7.8%	11.1%	28.9%	33.0%	100.0%
Interest Income	189M	113M	131M	87M	35M	7M	19M	21M	16M	6M	7M	11M	15M	20M	15M	14M	8M	7M	48M	0M	50M	31M	0M	3M	0M	0M	4M	0M	0M	0M	0M	0M
Interest Expense	365M	328M	334M	327M	340M	357M	367M	341M	277M	306M	291M	211M	139M	197M	172M	186M	160M	98M	99M	109M	86M	71M	96M	13M	18M	16M	16M	6M	0M	0M	0M	929M
Net Interest Income	-176M	-214M	-203M	-240M	-305M	-350M	-347M	-320M	-261M	-301M	-284M	-200M	-123M	-177M	-157M	-173M	-153M	-91M	-51M	-109M	-35M	-41M	-96M	-10M	-18M	-16M	-12M	-6M	0M	0M	0M	-929M
Unusual Items	-22M	15M	12M	1M	113M	-5M	-21M	4M	-18M	7M	-8M	-9M	-17M	38M	-246M	-4M	-21M	15M	-57M	23M	-13M	-52M	34M	-1M	9M	-3M	0M	0M	10M	6M	12M	218M
EBT Excluding Unusual Items	6,023M	4,902M	5,352M	3,952M	4,131M	5,715M	2,773M	2,434M	2,620M	2,318M	1,288M	1,215M	2,110M	2,356M	3,268M	3,453M	2,452M	1,390M	2,151M	3,389M	3,019M	2,054M	1,387M	207M	101M	73M	137M	39M	70M	235M	249M	0M
Pre-Tax Income	6,001M	4,917M	5,364M	3,954M	4,244M	5,710M	2,752M	2,437M	2,602M	2,326M	1,280M	1,206M	2,093M	2,394M	3,022M	3,449M	2,431M	1,404M	2,094M	3,412M	3,006M	2,002M	1,421M	206M	110M	71M	138M	39M	80M	241M	261M	218M
Pre-Tax Margin	48.7%	44.9%	46.9%	40.0%	42.2%	52.2%	34.5%	33.5%	36.7%	35.0%	23.8%	23.9%	36.2%	40.2%	45.3%	50.6%	47.2%	37.6%	43.2%	56.1%	55.1%	48.7%	45.9%	25.8%	16.5%	10.8%	19.3%	6.7%	12.8%	29.6%	34.6%	23.4%
Income Tax Expense	2,169M	1,877M	1,975M	1,519M	1,596M	2,299M	1,174M	945M	1,054M	1,593M	501M	465M	755M	769M	1,081M	1,104M	868M	470M	679M	1,185M	959M	590M	434M	85M	40M	22M	45M	10M	26M	56M	80M	0M
Net Income	3,821M	3,028M	3,377M	2,425M	2,639M	3,397M	1,570M	1,486M	1,543M	729M	777M	736M	1,333M	1,619M	1,935M	2,336M	1,554M	929M	1,407M	2,216M	2,038M	1,400M	982M	122M	61M	47M	93M	29M	55M	186M	181M	218M
Net Income Margin	31.0%	27.7%	29.5%	24.5%	26.3%	31.1%	19.7%	20.4%	21.7%	10.9%	14.4%	14.6%	23.0%	27.2%	29.0%	34.3%	30.2%	24.9%	29.0%	36.4%	37.3%	34.0%	31.7%	15.3%	9.1%	7.1%	13.1%	5.0%	8.7%	22.8%	24.0%	23.4%
Depreciation & Amortization	852M	840M	846M	834M	796M	806M	776M	764M	674M	689M	664M	511M	445M	396M	326M	288M	323M	323M	327M	328M	275M	292M	78M	74M	68M	76M	77M	74M	61M	47M	42M	-711M
EBITDA	7,051M	5,956M	6,401M	5,026M	5,232M	6,871M	3,896M	3,517M	3,556M	3,308M	2,235M	1,926M	2,678M	2,928M	3,751M	3,914M	2,927M	1,804M	2,529M	3,825M	3,329M	2,387M	1,560M	290M	187M	166M	227M	120M	131M	282M	290M	218M
EBITDA Margin	57.2%	54.4%	56.0%	50.8%	52.1%	62.8%	48.8%	48.3%	50.1%	49.7%	41.5%	38.2%	46.3%	49.2%	56.2%	57.4%	56.8%	48.3%	52.1%	62.9%	61.0%	58.0%	50.4%	36.4%	28.1%	25.2%	31.9%	20.5%	20.8%	34.6%	38.6%	23.4%
NOPAT	3,959M	3,163M	3,509M	2,582M	2,768M	3,623M	1,789M	1,685M	1,715M	825M	956M	869M	1,428M	1,718M	2,200M	2,464M	1,674M	985M	1,488M	2,282M	2,080M	1,478M	1,030M	127M	76M	61M	101M	34M	48M	181M	172M	929M
NOPAT Margin	32.1%	28.9%	30.7%	26.1%	27.5%	33.1%	22.4%	23.1%	24.2%	12.4%	17.8%	17.2%	24.7%	28.9%	33.0%	36.1%	32.5%	26.4%	30.7%	37.5%	38.1%	35.9%	33.3%	15.9%	11.4%	9.3%	14.2%	5.9%	7.6%	22.2%	22.9%	100.0%
Owner's Earnings	3,535M	2,820M	3,195M	2,250M	2,486M	3,311M	1,754M	1,543M	1,096M	394M	322M	98M	243M	311M	1,208M	1,978M	1,469M	837M	1,217M	2,229M	1,857M	1,222M	888M	146M	52M	-38M	39M	-147M	-143M	48M	101M	-493M
Owner's Earnings Margin	28.7%	25.8%	27.9%	22.7%	24.7%	30.3%	22.0%	21.2%	15.4%	5.9%	6.0%	1.9%	4.2%	5.2%	18.1%	29.0%	28.5%	22.4%	25.1%	36.6%	34.0%	29.7%	28.7%	18.3%	7.8%	-5.8%	5.4%	-25.1%	-22.8%	5.9%	13.5%	-53.1%
EPS (Basic)	4.74	3.89	4.21	3.09	3.41	4.39	2.03	1.92	2.00	0.94	1.00	0.93	1.61	1.92	2.28	2.73	1.81	1.08	1.58	2.48	2.28	1.57	1.10	0.09	0.12	0.10	0.19	0.06	0.11	0.38	0.37	0.55
EPS (Diluted)	4.76	3.90	4.30	3.09	3.41	4.39	2.03	1.92	2.00	0.94	1.00	0.93	1.61	1.92	2.28	2.73	1.81	1.08	1.58	2.48	2.28	1.57	1.10	0.25	0.12	0.10	0.19	0.06	0.11	0.38	0.37	0.55
Shares (Basic)	803M	777M	786M	786M	773M	773M	773M	773M	773M	773M	774M	795M	828M	843M	848M	855M	859M	860M	888M	893M	893M	893M	893M	485M	485M	485M	485M	484M	484M	486M	486M	399M
Shares (Diluted)	803M	777M	786M	786M	773M	773M	773M	773M	773M	773M	774M	795M	828M	843M	848M	855M	859M	860M	888M	893M	893M	893M	893M	485M	485M	485M	485M	484M	484M	486M	487M	399M

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	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31
Cash & Cash Equivalents	3,949.60M	3,334.90M	3,258.10M	1,151.50M	2,069.70M	3,002.00M	2,183.60M	1,925.10M	844.60M	1,004.80M	546.00M	274.50M	401.70M	1,672.70M	2,459.50M	848.10M	2,192.70M	772.31M	716.74M	1,409.27M	1,022.78M	876.00M	546.03M	295.47M	147.54M	212.86M	149.09M	10.60M	175.90M	126.50M	173.20M
Short-Term Investments	575.90M	675.40M	245.30M	599.30M	208.30M	486.90M	410.80M	80.70M	213.80M	50.50M	51.30M	603.50M	338.60M	208.30M	134.30M	522.00M	76.20M	22.95M	62.38M	117.90M	280.00M	0.00M	45.27M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	4,525.50M	4,010.30M	3,503.40M	1,750.80M	2,278.00M	3,488.90M	2,594.40M	2,005.80M	1,058.40M	1,055.30M	597.30M	878.00M	740.30M	1,881.00M	2,593.80M	1,370.10M	2,268.90M	795.25M	779.12M	1,527.18M	1,302.78M	876.00M	591.30M	295.47M	147.54M	212.86M	149.09M	10.60M	175.90M	126.50M	173.20M
Net Receivables	1,790.40M	1,627.80M	1,243.80M	1,228.30M	1,473.80M	1,446.60M	1,136.60M	911.80M	972.60M	976.40M	668.50M	551.20M	621.90M	597.78M	751.97M	883.58M	748.03M	435.59M	133.59M	462.78M	606.43M	386.46M	474.22M	89.24M	60.35M	83.81M	142.46M	80.60M	64.50M	73.80M	89.60M
Inventory	1,031.30M	1,005.20M	1,048.90M	1,016.90M	1,013.90M	972.90M	950.20M	1,068.50M	1,032.70M	1,041.90M	1,010.40M	857.20M	766.00M	693.90M	682.70M	651.90M	504.90M	456.12M	451.60M	448.28M	413.65M	395.85M	96.94M	76.69M	91.88M	101.03M	114.93M	110.20M	89.00M	108.70M	118.70M
Other Current Assets	25.20M	24.80M	31.50M	38.10M	44.40M	33.50M	29.20M	26.20M	93.80M	11.00M	40.50M	32.00M	101.90M	307.92M	342.09M	195.65M	181.11M	86.80M	189.39M	197.27M	120.02M	56.05M	330.87M	4.97M	4.55M	6.14M	35.37M	67.70M	80.70M	252.60M	21.60M
Total Current Assets	7,372.40M	6,668.10M	5,827.60M	4,034.10M	4,810.10M	5,941.90M	4,710.40M	4,012.30M	3,157.50M	3,084.60M	2,316.70M	2,318.40M	2,230.10M	3,480.60M	4,370.56M	3,101.23M	3,702.93M	1,773.77M	1,553.69M	2,635.51M	2,442.88M	1,714.35M	1,493.33M	466.37M	304.31M	403.84M	441.85M	269.10M	410.10M	561.60M	403.10M
Property, Plant & Equipment	10,685.50M	10,615.70M	10,622.80M	10,558.30M	10,448.00M	10,380.70M	10,437.70M	10,417.40M	9,403.80M	9,099.60M	8,766.50M	8,262.80M	7,436.43M	6,476.17M	5,156.73M	4,419.89M	4,094.99M	3,969.56M	3,803.80M	3,568.31M	3,538.30M	3,326.10M	3,068.50M	1,118.20M	1,249.00M	1,376.78M	1,298.13M	1,250.90M	1,088.60M	947.50M	855.80M
Goodwill	0.00M	0.00M	41.90M	41.90M	41.90M	41.90M	41.90M	41.90M	41.90M	41.90M	41.90M	41.40M	17.00M	17.00M	17.00M	17.00M	17.00M	17.00M	0.00M	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	120.90M	121.70M	82.70M	88.30M	92.80M	96.20M	101.10M	106.50M	105.80M	110.60M	112.30M	113.70M	92.87M	93.22M	92.30M	216.42M	161.07M	204.10M	253.30M	115.80M	118.11M	314.00M	241.10M	109.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Long-Term Investments	123.60M	120.80M	111.90M	108.20M	110.80M	115.40M	114.30M	111.90M	103.60M	99.70M	87.50M	76.10M	66.70M	57.14M	47.05M	0.00M	0.00M	0.00M	0.00M	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 Assets	274.60M	260.40M	310.60M	256.10M	237.30M	316.20M	230.00M	183.90M	203.70M	164.90M	727.30M	614.20M	540.60M	180.71M	205.94M	145.25M	43.90M	52.67M	83.11M	0.00M	14.55M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	1,457.60M	1,433.70M	1,369.30M	1,243.00M	1,158.90M	1,207.60M	1,206.30M	1,361.10M	1,248.80M	1,093.30M	932.70M	1,000.80M	867.80M	755.74M	563.38M	291.77M	137.77M	148.38M	201.96M	260.94M	262.59M	526.23M	491.67M	227.59M	192.38M	18.00M	30.58M	25.50M	27.10M	34.20M	20.90M
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	-0.01M	0.03M	0.04M	0.00M	0.00M	0.00M	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	12,662.20M	12,552.30M	12,539.20M	12,295.80M	12,089.70M	12,158.00M	12,131.30M	12,222.70M	11,107.60M	10,610.00M	10,668.20M	10,109.00M	9,021.40M	7,579.97M	6,082.43M	5,090.37M	4,454.73M	4,391.70M	4,342.16M	3,945.05M	3,933.54M	4,166.33M	3,801.27M	1,454.80M	1,441.37M	1,394.77M	1,328.71M	1,276.40M	1,115.70M	981.70M	876.70M
Total Assets	20,034.60M	19,220.40M	18,366.80M	16,329.90M	16,899.80M	18,099.90M	16,841.70M	16,235.00M	14,265.10M	13,694.60M	12,984.90M	12,427.40M	11,251.50M	11,060.56M	10,452.99M	8,191.60M	8,157.66M	6,165.47M	5,895.86M	6,580.56M	6,376.41M	5,880.69M	5,294.60M	1,921.18M	1,745.69M	1,798.61M	1,770.56M	1,545.50M	1,525.80M	1,543.30M	1,279.80M
Accounts Payable	739.20M	647.20M	615.20M	652.60M	657.60M	591.90M	594.60M	598.30M	673.40M	659.80M	584.20M	646.60M	546.90M	493.26M	475.57M	443.13M	558.66M	283.34M	413.35M	255.07M	271.06M	284.98M	142.36M	48.32M	39.38M	55.60M	68.16M	58.40M	48.50M	47.90M	33.80M
Short-Term Debt	0.00M	0.00M	499.80M	0.00M	0.00M	299.70M	0.00M	399.80M	0.00M	0.00M	0.00M	0.00M	200.00M	0.00M	10.00M	10.00M	10.00M	10.00M	10.00M	160.00M	10.00M	10.00M	152.31M	60.00M	0.00M	122.91M	24.34M	23.30M	13.70M	13.70M	23.70M
Tax Payables	398.20M	264.60M	635.20M	278.30M	138.10M	832.60M	330.80M	116.30M	232.80M	226.40M	188.10M	39.30M	102.70M	214,393.00M	12.20M	182.50M	266.20M	91.36M	0.00M	0.00M	0.00M	0.00M	240,565.00M	0.00M	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	0.00M	0.00M	0.00M	0.00M	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	475.20M	0.00M	0.10M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.10M	-3.50M	0.00M	-0.08M	-0.04M	0.00M	77.02M	66.67M	0.00M	3.87M	40.72M	6.36M	109.02M	25.19M	0.00M	-1.99M	39.88M	29.50M	34.80M	23.50M	47.80M
Total Current Liabilities	1,612.60M	911.80M	1,750.30M	930.90M	795.70M	1,724.20M	925.40M	1,114.40M	906.20M	886.20M	772.40M	682.40M	849.60M	214,886.18M	497.73M	635.63M	911.88M	451.37M	423.35M	418.94M	321.79M	301.33M	240,968.70M	133.51M	39.38M	176.53M	132.38M	111.20M	97.00M	85.10M	105.30M
Long-Term Debt	6,749.40M	6,748.20M	5,758.50M	6,254.60M	6,251.20M	6,247.90M	6,544.20M	6,541.00M	5,960.10M	5,957.10M	5,954.20M	5,951.50M	3,980.90M	4,204.92M	4,203.86M	2,735.73M	2,750.40M	1,270.25M	1,279.97M	1,289.75M	1,518.11M	1,162.07M	1,177.97M	289.04M	299.04M	273.12M	322.91M	199.30M	220.50M	234.20M	82.90M
Capital Lease Obligations	85.40M	84.00M	739.40M	775.40M	774.10M	842.40M	908.40M	977.80M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	131.40M	136.40M	124.50M	132.20M	161.20M	118.30M	159.40M	178.30M	223.10M	55.60M	204.80M	171.30M	91.20M	164.30M	141.40M	174.50M	206.10M	176.23M	169.34M	219.50M	194.76M	259.09M	116.28M	110.08M	88.57M	88.62M	94.89M	79.90M	56.70M	44.80M	49.40M
Other Non-Current Liabilities	638.10M	671.00M	686.60M	771.40M	708.30M	631.20M	673.70M	375.60M	498.40M	505.30M	247.60M	422.30M	287.60M	200.84M	392.23M	110.60M	237.70M	152.73M	182.15M	279.31M	123.38M	132.02M	30.49M	21.12M	14.79M	15.25M	14.25M	15.20M	26.70M	62.20M	4.80M
Total Non-Current Liabilities	7,604.30M	7,639.60M	7,309.00M	7,933.60M	7,894.80M	7,839.80M	8,285.70M	8,072.70M	6,681.60M	6,518.00M	6,406.60M	6,545.10M	4,359.70M	4,570.05M	4,737.49M	3,020.83M	3,194.20M	1,599.22M	1,631.46M	1,788.56M	1,836.25M	1,553.17M	1,324.75M	420.24M	402.40M	376.99M	432.06M	294.40M	303.90M	341.20M	137.10M
Total Liabilities	9,216.90M	8,551.40M	9,059.30M	8,864.50M	8,690.50M	9,564.00M	9,211.10M	9,187.10M	7,587.80M	7,404.20M	7,179.00M	7,227.50M	5,209.30M	219,456.23M	5,235.22M	3,656.46M	4,106.08M	2,050.59M	2,054.81M	2,207.50M	2,158.03M	1,854.50M	242,293.45M	553.75M	441.78M	553.52M	564.44M	405.60M	400.90M	426.30M	242.40M
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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	8.80M	8.80M	8.80M	8.80M	8.80M	8.80M	8.80M	8.80M	8.80M	8.80M	8.80M	8.80M	8.80M	8.85M	8.85M	8.85M	8.85M	8.85M	8.85M	2.95M	2.95M	1.47M	1.47M	0.80M	0.80M	0.80M	0.80M	0.80M	0.80M	0.00M	0.00M
Retained Earnings	6,116.00M	6,459.40M	6,839.60M	7,033.50M	7,702.30M	7,769.70M	6,846.40M	6,435.60M	6,186.90M	5,726.20M	5,455.30M	4,812.10M	4,346.82M	3,394.83M	2,350.13M	3,852.05M	3,595.98M	3,469.93M	2,916.52M	3,220.86M	3,010.31M	2,648.36M	1,458.94M	1,053.53M	979.65M	947.83M	930.07M	864.40M	847.20M	833.60M	749.30M
Accumulated OCI	-2.20M	-2.20M	-2.20M	-8.00M	-9.00M	-9.40M	-8.40M	-10.10M	-2.40M	0.50M	-2.40M	1.10M	4.80M	6.24M	4.03M	12.87M	-126.42M	-13.06M	-23.48M	-26.55M	-22.33M	-13.09M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Minority Interest	67.00M	68.60M	66.60M	63.10M	62.70M	58.60M	51.20M	47.90M	45.40M	41.70M	38.60M	36.30M	32.10M	28.20M	24.00M	21.00M	20.00M	18.01M	14.14M	16.69M	13.99M	12.70M	11.28M	7.91M	7.68M	14.02M	14.47M	14.00M	16.30M	19.40M	22.40M
Total Shareholders’ Equity	6,122.60M	6,466.00M	6,846.20M	7,034.30M	7,702.10M	7,769.10M	6,846.80M	6,434.30M	6,193.30M	5,735.50M	5,461.70M	4,822.00M	4,360.42M	3,409.91M	2,363.00M	3,873.77M	3,478.41M	3,465.72M	2,901.89M	3,197.25M	2,990.92M	2,636.74M	1,460.42M	1,054.33M	980.45M	948.63M	930.87M	865.20M	848.00M	833.60M	749.30M
Total Equity	6,189.60M	6,534.60M	6,912.80M	7,097.40M	7,764.80M	7,827.70M	6,898.00M	6,482.20M	6,238.70M	5,777.20M	5,500.30M	4,858.30M	4,392.52M	3,438.11M	2,387.00M	3,894.77M	3,498.41M	3,483.73M	2,916.03M	3,213.94M	3,004.91M	2,649.44M	1,471.70M	1,062.24M	988.13M	962.65M	945.34M	879.20M	864.30M	853.00M	771.70M
Total Liabilities & Equity	15,406.50M	15,086.00M	15,972.10M	15,961.90M	16,455.30M	17,391.70M	16,109.10M	15,669.30M	13,826.50M	13,181.40M	12,679.30M	12,085.80M	9,601.82M	222,894.34M	7,622.22M	7,551.24M	7,604.49M	5,534.32M	4,970.84M	5,421.44M	5,162.95M	4,503.94M	243,765.14M	1,616.00M	1,429.91M	1,516.17M	1,509.78M	1,284.80M	1,265.20M	1,279.30M	1,014.10M
Tangible Assets	19,913.70M	19,098.70M	18,242.20M	16,199.70M	16,765.10M	17,961.80M	16,698.70M	16,086.60M	14,117.40M	13,542.10M	12,830.70M	12,272.30M	11,141.63M	10,950.34M	10,343.69M	7,958.18M	7,979.59M	5,944.37M	5,642.56M	6,464.76M	6,258.31M	5,566.69M	5,053.50M	1,812.17M	1,745.69M	1,798.61M	1,770.56M	1,545.50M	1,525.80M	1,543.30M	1,279.80M
Tangible Equity	6,068.70M	6,412.90M	6,788.20M	6,967.20M	7,630.10M	7,689.60M	6,755.00M	6,333.80M	6,091.00M	5,624.70M	5,346.10M	4,703.20M	4,282.65M	3,327.89M	2,277.70M	3,661.35M	3,320.34M	3,262.63M	2,662.73M	3,098.14M	2,886.81M	2,335.44M	1,230.60M	953.24M	988.13M	962.65M	945.34M	879.20M	864.30M	853.00M	771.70M
Tangible Book Value	6,068.70M	6,412.90M	6,788.20M	6,967.20M	7,630.10M	7,689.60M	6,755.00M	6,333.80M	6,091.00M	5,624.70M	5,346.10M	4,703.20M	4,282.65M	3,327.89M	2,277.70M	3,661.35M	3,320.34M	3,262.63M	2,662.73M	3,098.14M	2,886.81M	2,335.44M	1,230.60M	953.24M	988.13M	962.65M	945.34M	879.20M	864.30M	853.00M	771.70M
Total Investments	700.00M	796.20M	357.20M	707.50M	319.10M	602.30M	525.10M	192.60M	317.40M	150.20M	138.80M	679.60M	405.30M	265.41M	181.35M	521.96M	76.21M	22.95M	62.38M	117.90M	280.00M	0.00M	45.27M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Debt	2,799.80M	3,413.30M	3,000.20M	5,103.10M	4,181.50M	3,545.60M	4,360.60M	5,015.70M	5,115.50M	4,952.30M	5,408.20M	5,677.00M	3,779.20M	2,532.22M	1,754.36M	1,897.63M	567.70M	507.95M	573.23M	40.48M	505.33M	296.06M	784.26M	53.57M	151.51M	183.18M	198.17M	212.00M	58.30M	121.40M	-66.60M

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	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31
Working Capital	5,971.5M	5,673.4M	3,926.2M	3,041.0M	3,952.0M	3,889.6M	3,430.4M	2,708.2M	1,964.5M	2,001.8M	1,567.0M	1,567.1M	1,233.1M	2,627.6M	3,430.8M	2,128.0M	2,590.6M	1,175.7M	816.2M	1,708.3M	1,583.3M	918.7M	552.1M	288.8M	210.1M	205.7M	309.5M	157.9M	313.1M	476.5M	297.8M
Total Capital	17,882.7M	17,433.7M	16,169.3M	14,448.1M	15,186.8M	15,613.1M	14,748.0M	14,797.5M	12,527.6M	12,064.8M	11,786.5M	11,214.4M	9,985.4M	9,738.6M	8,979.0M	6,761.0M	6,646.5M	5,123.2M	4,671.2M	5,297.9M	5,194.7M	4,498.1M	3,051.2M	1,664.4M	1,540.4M	1,605.5M	1,538.9M	1,348.5M	1,342.8M	1,345.5M	1,121.6M
Capital Employed	18,633.8M	18,225.7M	16,465.4M	15,336.8M	16,041.7M	16,047.6M	15,561.7M	14,930.9M	13,268.5M	12,602.3M	12,277.5M	11,610.5M	10,130.2M	10,346.3M	9,526.6M	7,119.1M	7,100.3M	5,460.1M	5,026.9M	5,653.4M	5,516.8M	4,891.9M	2,135.7M	1,743.6M	1,651.5M	1,600.5M	1,638.2M	1,434.3M	1,428.8M	1,458.2M	1,174.5M
Invested Capital	13,933.1M	14,098.8M	12,911.2M	13,296.6M	13,117.1M	12,611.1M	12,564.4M	12,872.4M	11,683.0M	11,060.0M	11,240.5M	10,939.9M	9,583.7M	8,065.9M	6,519.5M	5,912.9M	4,453.8M	4,350.9M	3,954.5M	3,888.6M	4,171.9M	3,622.1M	2,505.2M	1,369.0M	1,392.9M	1,392.6M	1,389.8M	1,337.9M	1,166.9M	1,219.0M	948.4M

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	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31
Net Income	3,832.90M	3,027.90M	3,388.60M	2,425.20M	2,648.00M	3,411.20M	1,577.80M	1,491.90M	1,548.20M	732.40M	778.80M	741.10M	1,337.90M	1,624.20M	1,941.40M	2,344.30M	1,562.70M	929.38M	1,406.59M	2,216.37M	2,037.64M	1,400.15M	596.77M	119.23M	60.56M	46.55M	92.92M	29.40M	54.60M	185.70M	180.50M
Depreciation & Amortization	852.00M	839.90M	845.90M	833.60M	796.30M	806.00M	775.60M	764.40M	674.30M	671.10M	647.10M	510.70M	445.00M	395.90M	325.70M	288.10M	323.20M	322.59M	327.30M	327.90M	275.06M	292.31M	77.75M	73.58M	67.84M	76.29M	77.45M	74.20M	60.90M	46.70M	41.60M
Deferred Income Tax	-17.00M	-18.20M	-52.20M	-59.10M	117.30M	-126.30M	-63.50M	-21.00M	-50.40M	641.50M	-117.00M	-153.20M	-233.70M	-97.19M	55.81M	-117.95M	-40.43M	41.23M	-100.12M	66.60M	-33.69M	-42.27M	6.25M	23.60M	3.92M	-3.25M	15.05M	21.80M	14.40M	-7.30M	12.00M
Stock-Based Compensation	0.00M	0.90M	0.00M	0.00M	1.60M	1.30M	1.30M	1.30M	0.60M	0.60M	1.20M	1.00M	0.60M	0.60M	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
Change in Working Capital	-57.60M	-299.20M	238.70M	310.00M	-838.90M	190.70M	483.60M	-347.00M	22.60M	-101.50M	-393.80M	-209.80M	-129.90M	-59.10M	3.20M	-421.60M	41.20M	-286.40M	61.88M	35.73M	-178.47M	89.05M	61.03M	14.33M	50.37M	75.99M	-3.79M	-35.10M	37.70M	18.60M	-56.50M
Accounts Receivable	-189.30M	-399.20M	-48.50M	253.00M	-35.40M	-289.80M	-236.00M	-10.50M	68.30M	-298.70M	-143.30M	91.60M	-7.02M	136.11M	-14.74M	-135.55M	-308.08M	-299.63M	0.00M	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	-45.40M	-69.10M	-56.10M	-60.40M	-7.70M	4.70M	223.60M	-88.70M	-190.80M	-201.90M	-207.90M	-260.30M	-260.06M	-143.58M	-180.68M	-204.23M	-48.82M	-4.53M	-3.31M	-34.63M	-17.81M	-43.47M	-20.25M	15.19M	9.15M	13.90M	-4.76M	-21.20M	19.70M	10.00M	-15.00M
Accounts Payable	-37.90M	127.00M	385.70M	152.10M	-718.00M	558.20M	313.70M	-184.90M	116.70M	500.60M	30.50M	-28.90M	109.34M	-53.91M	164.46M	-184.39M	519.53M	-89.36M	0.00M	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	215.00M	42.10M	-42.40M	-34.70M	-77.80M	-82.40M	182.30M	-62.90M	28.40M	-101.50M	-73.10M	-12.20M	27.84M	2.28M	34.16M	102.56M	-121.44M	107.11M	65.20M	70.36M	-160.66M	132.52M	81.27M	-0.86M	41.22M	62.09M	0.97M	-13.90M	18.00M	8.60M	-41.50M
Other Non-Cash Items	8.00M	50.90M	0.70M	63.40M	78.20M	9.50M	8.60M	22.30M	714.70M	33.10M	8.00M	-9.00M	-59.50M	-94.10M	-271.70M	-140.60M	-27.90M	-2.39M	54.57M	-46.42M	11.60M	-95.05M	-24.50M	-39.75M	-41.04M	2.16M	1.97M	0.00M	3.50M	29.20M	-17.40M
Net Cash from Operating Activities	4,618.30M	3,602.20M	4,421.70M	3,573.10M	2,802.50M	4,292.40M	2,783.40M	1,911.90M	2,235.10M	1,976.60M	923.10M	879.80M	1,359.80M	1,866.90M	1,998.60M	2,070.20M	1,899.20M	963.18M	1,720.59M	2,703.46M	2,059.38M	1,644.20M	717.30M	190.99M	141.65M	198.42M	183.59M	90.30M	181.40M	277.60M	158.80M
Capital Expenditures (PPE)	-1,138.00M	-1,047.40M	-1,027.30M	-1,008.60M	-948.50M	-892.30M	-592.20M	-707.50M	-1,121.40M	-1,023.50M	-1,118.50M	-1,149.60M	-1,534.70M	-1,703.30M	-1,051.90M	-646.20M	-408.70M	-414.82M	-516.65M	-315.74M	-455.82M	-470.64M	-171.69M	-49.83M	-76.87M	-161.05M	-131.75M	-250.30M	-258.70M	-184.00M	-120.80M
Acquisitions (Net)	0.00M	0.00M	0.00M	0.00M	0.00M	892.30M	592.20M	707.50M	0.00M	61.30M	129.80M	-100.40M	-311.23M	0.00M	152.44M	-33.28M	-14.64M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.60M	0.00M	49.90M	0.00M
Purchases of Investments	-357.80M	-499.80M	-611.80M	-808.70M	-486.20M	-1,653.10M	-450.30M	-284.40M	-310.60M	-61.30M	-129.80M	-264.80M	-130.30M	-74.00M	-152.44M	-449.50M	-52.20M	0.00M	0.00M	-217.90M	-280.00M	0.00M	-69.41M	0.00M	0.00M	0.00M	0.00M	-55.00M	-40.90M	-204.60M	0.00M
Sales / Maturities of Investments	0.00M	687.80M	965.80M	417.70M	764.70M	1,577.00M	120.20M	133.10M	147.30M	1.00M	552.10M	692.10M	306.33M	0.00M	387.70M	82.66M	14.67M	43.78M	45.19M	287.40M	0.00M	45.27M	24.14M	0.06M	0.00M	0.08M	0.54M	77.10M	228.80M	1.00M	41.50M
Other Investing Activities	100.70M	-259.00M	0.00M	1.20M	3.20M	-896.80M	-585.70M	-422.70M	-11.50M	3.50M	114.40M	-638.30M	9.80M	17.70M	1.00M	-36.79M	8.67M	11.76M	60.61M	0.27M	10.53M	0.00M	0.00M	0.00M	0.23M	0.00M	0.00M	0.10M	0.10M	0.10M	-0.10M
Net Cash from Investing Activities	-1,395.10M	-1,118.50M	-673.30M	-1,398.40M	-666.80M	-972.90M	-915.80M	-574.00M	-1,296.20M	-1,019.00M	-452.00M	-1,461.00M	-1,660.10M	-1,759.60M	-663.20M	-1,083.10M	-452.20M	-359.29M	-410.85M	-245.98M	-725.29M	-425.37M	-216.96M	-49.78M	-76.64M	-160.97M	-131.20M	-227.50M	-70.70M	-337.60M	-79.40M
Net Debt Issuance	-6.20M	0.00M	0.00M	0.00M	-300.00M	0.00M	-400.00M	987.30M	0.00M	0.00M	0.00M	1,779.80M	0.00M	-10.00M	1,467.46M	-15.25M	1,479.67M	-10.00M	-160.00M	-78.60M	356.10M	-158.22M	-340.91M	50.00M	-96.99M	48.78M	124.73M	-11.70M	-13.70M	141.30M	12.70M
Long-Term Debt Issuance	-6.20M	0.00M	0.00M	0.00M	-300.00M	0.00M	-400.00M	987.30M	0.00M	0.00M	0.00M	1,779.80M	0.00M	-10.00M	1,467.46M	-15.25M	1,479.67M	-10.00M	-160.03M	-78.60M	356.10M	-158.22M	-340.90M	50.00M	-96.99M	48.78M	124.73M	-11.70M	-13.70M	141.30M	12.70M
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	0.03M	0.00M	0.00M	0.00M	-0.01M	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	-71.70M	-1,004.40M	-682.70M	-281.40M	-147.34M	-273.69M	-0.46M	-71.90M	-168.22M	0.00M	-3.20M	-37.71M	-1.32M	93.72M	-8.75M	-0.85M	-1.51M	-3.20M	-6.50M	-10.60M	-7.90M
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	93.72M	0.00M	0.00M	0.00M	0.20M	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	-71.70M	-1,004.40M	-682.70M	-281.40M	-147.34M	-273.69M	-0.50M	-71.90M	-384.66M	0.00M	0.00M	-37.71M	-1.32M	-0.53M	-8.75M	-0.85M	-1.51M	-3.40M	-6.50M	-10.60M	-7.90M
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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-2,303.90M	-1,860.40M	-1,637.20M	-3,092.40M	-2,705.80M	-2,473.80M	-1,159.60M	-1,273.40M	-1,082.30M	-456.10M	-139.30M	-271.20M	-381.00M	-573.80M	-3,140.00M	-6.90M	-1,434.50M	-375.97M	-1,710.81M	-2,002.31M	-1,509.10M	-853.89M	-191.36M	-45.35M	-21.49M	-28.79M	-27.20M	-12.20M	-41.70M	-103.60M	-122.00M
Common Dividends Paid	-2,303.90M	-1,860.40M	-1,637.20M	-3,092.40M	-2,705.80M	-2,473.80M	-1,159.60M	-1,273.40M	-1,082.30M	-456.10M	-139.30M	-271.20M	-381.00M	-573.80M	-3,139.97M	-2,080.35M	-1,428.00M	-375.97M	-1,710.81M	-2,002.30M	-1,509.10M	-853.89M	-191.40M	-45.35M	-21.49M	-28.79M	-27.20M	-12.20M	-41.70M	-103.60M	-122.00M
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	0.01M	0.00M	0.00M	0.00M	0.04M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	480.40M	-6.20M	-8.00M	-8.80M	-5.20M	-6.40M	-3.70M	23.90M	-1.10M	0.00M	0.30M	-12.00M	-0.80M	-0.13M	2,097.96M	-5.71M	-14.60M	-0.15M	-8.98M	-7.45M	-8.17M	-5.78M	-7.02M	-94.56M	6.94M	8.83M	-7.12M	-0.20M	2.40M	-15.30M	-10.10M
Net Cash from Financing Activities	-1,829.70M	-1,866.60M	-1,645.20M	-3,101.20M	-3,011.00M	-2,480.20M	-1,563.10M	-262.20M	-1,083.40M	-456.10M	-210.70M	492.20M	-1,063.40M	-860.20M	278.10M	-2,375.00M	36.60M	-458.02M	-2,048.04M	-2,088.35M	-1,164.37M	-1,055.60M	-258.38M	3.80M	-131.70M	27.97M	88.90M	-27.30M	-59.50M	11.80M	-127.60M
Effect of FX on Cash	-98.70M	70.60M	3.40M	8.30M	-57.00M	-20.90M	-46.00M	4.80M	-15.70M	-42.70M	11.10M	-0.50M	55.00M	-33.90M	-2.10M	43.40M	-63.20M	-90.30M	45.76M	17.36M	-22.95M	2.07M	8.59M	2.93M	1.37M	-1.66M	-2.80M	-0.90M	-1.70M	1.50M	1.80M
Net Change in Cash	1,294.70M	687.70M	2,106.60M	-918.20M	-932.30M	818.40M	258.50M	1,080.50M	-160.20M	458.80M	271.50M	-89.50M	-1,308.70M	-786.80M	1,611.40M	-1,344.50M	1,420.40M	55.57M	-692.53M	386.49M	146.78M	165.30M	250.56M	147.94M	-65.32M	63.77M	138.49M	-165.30M	49.50M	-46.70M	-46.40M
Cash at Beginning of Period	13,364.10M	6,246.10M	1,151.50M	2,069.70M	3,002.00M	2,183.60M	1,925.10M	844.60M	1,004.80M	546.00M	274.50M	364.00M	1,710.40M	2,459.50M	848.10M	2,192.60M	772.30M	716.74M	1,409.27M	1,022.78M	876.00M	710.71M	295.47M	147.54M	212.86M	149.09M	10.60M	175.90M	126.50M	173.20M	219.60M
Cash at End of Period	14,658.90M	6,933.80M	3,258.10M	1,151.50M	2,069.70M	3,002.00M	2,183.60M	1,925.10M	844.60M	1,004.80M	546.00M	274.50M	401.70M	1,672.70M	2,459.50M	848.10M	2,192.70M	772.31M	716.74M	1,409.27M	1,022.78M	876.00M	546.03M	295.47M	147.54M	212.86M	149.09M	10.60M	176.00M	126.50M	173.20M
Operating Cash Flow	4,618.30M	3,602.20M	4,421.80M	3,573.10M	2,802.50M	4,292.40M	2,783.40M	1,911.90M	2,235.10M	1,976.60M	923.10M	879.80M	1,359.80M	1,866.90M	1,998.60M	2,070.20M	1,899.20M	963.18M	1,720.59M	2,703.46M	2,059.38M	1,644.20M	717.30M	190.99M	141.65M	198.42M	183.59M	90.30M	181.40M	277.60M	158.80M
Capital Expenditure	-1,138.00M	-1,047.40M	-1,027.30M	-1,008.60M	-948.50M	-892.30M	-592.20M	-707.50M	-1,121.40M	-1,023.50M	-1,118.50M	-1,149.60M	-1,534.70M	-1,703.30M	-1,051.90M	-646.20M	-408.70M	-414.82M	-516.65M	-315.74M	-455.82M	-470.64M	-171.69M	-49.83M	-76.87M	-161.05M	-131.75M	-250.30M	-258.70M	-184.00M	-120.80M
Free Cash Flow	3,480.30M	2,554.80M	3,394.40M	2,564.50M	1,854.00M	3,400.10M	2,191.20M	1,204.40M	1,113.70M	953.10M	-195.40M	-269.80M	-174.90M	163.60M	946.70M	1,424.00M	1,490.50M	548.36M	1,203.94M	2,387.72M	1,603.57M	1,173.56M	545.61M	141.15M	64.78M	37.38M	51.85M	-160.00M	-77.30M	93.60M	38.00M

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	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31	1998-12-31	1997-12-31	1996-12-31
EBITDA	7,268.50M	5,955.90M	6,400.60M	5,025.90M	5,232.10M	6,871.10M	3,896.30M	3,517.40M	3,555.50M	3,297.70M	2,235.30M	1,970.50M	2,769.19M	2,928.01M	3,750.82M	3,913.52M	2,927.40M	1,807.74M	2,529.20M	3,825.30M	3,329.36M	2,386.81M	1,560.15M	363.99M	254.66M	241.79M	304.48M	193.90M	191.80M	328.80M	331.90M
(-) Tax Adjustment	2,543.98M	2,084.57M	2,240.21M	1,759.07M	1,831.24M	2,404.89M	1,363.71M	1,231.09M	1,244.43M	1,154.20M	782.36M	689.68M	969.22M	941.12M	1,312.79M	1,253.18M	1,024.59M	604.79M	820.56M	1,328.92M	1,062.27M	702.94M	476.24M	127.40M	89.13M	75.56M	98.82M	48.10M	61.22M	75.76M	102.10M
(-) Change In Working Capital	-57.60M	-299.20M	238.70M	310.00M	-838.90M	190.70M	483.60M	-347.00M	22.60M	-101.50M	-393.80M	-209.80M	-129.90M	-59.10M	3.20M	-421.60M	41.20M	-286.40M	61.88M	35.73M	-178.47M	89.05M	61.03M	14.33M	50.37M	75.99M	-3.79M	-35.10M	37.70M	18.60M	-56.50M
(-) Capital Expenditure	-1,138.00M	-1,047.40M	-1,027.30M	-1,008.60M	-948.50M	-892.30M	-592.20M	-707.50M	-1,121.40M	-1,023.50M	-1,118.50M	-1,149.60M	-1,534.70M	-1,703.30M	-1,051.90M	-646.20M	-408.70M	-414.82M	-516.65M	-315.74M	-455.82M	-470.64M	-171.69M	-49.83M	-76.87M	-161.05M	-131.75M	-250.30M	-258.70M	-184.00M	-120.80M
Unlevered Free Cash Flow	3,644.13M	3,123.14M	2,894.39M	1,948.24M	3,291.27M	3,383.22M	1,456.80M	1,925.81M	1,167.08M	1,221.51M	728.25M	341.03M	395.17M	342.69M	1,382.93M	2,435.74M	1,452.91M	1,074.53M	1,130.11M	2,144.91M	1,989.74M	1,124.18M	851.20M	172.43M	38.29M	-70.80M	77.70M	-69.40M	-165.82M	50.44M	165.50M
(-) Net Interest Income After Taxes	-114.14M	-139.36M	-131.76M	-156.07M	-198.32M	-227.44M	-225.81M	-207.68M	-169.72M	-195.33M	-184.34M	-129.94M	-80.13M	-119.84M	-102.18M	-117.39M	-99.25M	-60.57M	-34.32M	-70.81M	-24.03M	-28.67M	-66.56M	-6.37M	-11.98M	-10.83M	-8.34M	-4.81M	0.00M	0.00M	0.00M
Net Debt Issuance	-6.20M	0.00M	0.00M	0.00M	-300.00M	0.00M	-400.00M	987.30M	0.00M	0.00M	0.00M	1,779.80M	0.00M	-10.00M	1,467.46M	-15.25M	1,479.67M	-10.00M	-160.00M	-78.60M	356.10M	-158.22M	-340.91M	50.00M	-96.99M	48.78M	124.73M	-11.70M	-13.70M	141.30M	12.70M
Levered Free Cash Flow	3,752.07M	3,262.50M	3,026.15M	2,104.30M	3,189.58M	3,610.65M	1,282.61M	3,120.79M	1,336.79M	1,416.83M	912.59M	2,250.76M	475.30M	452.53M	2,952.57M	2,537.88M	3,031.83M	1,125.10M	1,004.43M	2,137.12M	2,369.87M	994.63M	576.85M	228.81M	-46.72M	-11.19M	210.77M	-76.29M	-179.52M	191.74M	178.20M