Singapore Telecommunications Limited (Z74.SI)

Industry: Telecommunications Services Sector: Communication Services Currency Used: SG Live Price: $4.49

Enterprise Value

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002
Stock Price	3.85	2.89	2.44	2.65	2.45	2.33	3.08	3.30	3.80	3.90	3.99	3.73	3.66	3.18	3.10	3.16	2.89	3.58	3.64	2.55	2.52	2.36	2.36	2.36
Market Capitalization	63,568.38M	47,743.62M	40,391.61M	43,815.62M	40,314.62M	38,030.49M	50,192.46M	53,865.53M	62,027.49M	62,078.75M	63,668.17M	59,493.43M	58,387.02M	50,664.23M	49,377.96M	50,239.67M	46,002.00M	56,944.44M	58,461.19M	41,914.02M	42,595.55M	41,349.10M	42,095.77M	38,278.10M
(-) Cash & Equivalents	3,069.00M	3,606.60M	1,747.50M	2,827.25M	761.10M	843.85M	531.80M	615.90M	592.60M	523.50M	647.80M	573.15M	886.00M	1,114.85M	2,233.55M	1,854.55M	538.00M	686.00M	695.05M	1,385.15M	1,651.45M	1,580.95M	474.70M	864.45M
(+) Total Debt	11,530.50M	11,762.80M	12,090.55M	12,541.45M	12,906.35M	13,783.05M	12,386.95M	10,578.15M	10,700.00M	10,102.15M	9,890.45M	8,547.85M	8,172.25M	8,685.30M	7,756.90M	7,004.50M	3,747.50M	3,771.40M	3,234.20M	3,700.35M	4,768.20M	4,946.20M	5,336.20M	5,938.05M
Enterprise Value	72,029.88M	55,899.82M	50,734.66M	53,529.82M	52,459.87M	50,969.69M	62,047.61M	63,827.78M	72,134.89M	71,657.40M	72,910.82M	67,468.13M	65,673.27M	58,234.68M	54,901.31M	55,389.62M	49,211.50M	60,029.84M	61,000.34M	44,229.22M	45,712.30M	44,714.35M	46,957.27M	43,351.70M

Income Statement

Metric	TTM	TTM-1	2025-03-31	2024-03-31	2023-03-31	2022-03-31	2021-03-31	2020-03-31	2019-03-31	2018-03-31	2017-03-31	2016-03-31	2015-03-31	2014-03-31	2013-03-31	2012-03-31	2011-03-31	2010-03-31	2009-03-31	2008-03-31	2007-03-31	2006-03-31	2005-03-31	2004-03-31	2003-03-31	2002-03-31
Revenue	28,155M	29,339M	14,146M	14,128M	14,624M	15,339M	15,644M	16,542M	17,372M	17,268M	16,711M	16,961M	17,223M	16,848M	18,183M	18,825M	18,071M	16,871M	14,934M	14,844M	13,377M	13,138M	12,617M	11,995M	10,259M	7,269M
Cost of Revenue	21,468M	22,790M	0M	10,736M	11,790M	12,510M	12,732M	12,673M	12,654M	12,191M	11,253M	10,865M	2,147M	1,764M	2,053M	2,201M	13,082M	12,119M	10,595M	10,393M	9,212M	8,783M	8,011M	7,768M	6,562M	4,254M
Gross Profit	6,687M	6,550M	14,146M	3,392M	2,835M	2,829M	2,912M	3,869M	4,718M	5,077M	5,458M	6,097M	15,076M	15,084M	16,130M	16,625M	4,989M	4,752M	4,339M	4,452M	4,165M	4,355M	4,606M	4,226M	3,697M	3,015M
Gross Profit Margin	23.8%	22.3%	100.0%	24.0%	19.4%	18.4%	18.6%	23.4%	27.2%	29.4%	32.7%	35.9%	87.5%	89.5%	88.7%	88.3%	27.6%	28.2%	29.1%	30.0%	31.1%	33.1%	36.5%	35.2%	36.0%	41.5%
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
SG&A Expenses	2,813M	2,856M	1,827M	1,890M	1,918M	1,941M	2,014M	2,087M	2,473M	2,537M	2,922M	3,384M	3,759M	3,952M	4,580M	4,825M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Operating Expenses	5,596M	2,313M	11,780M	3,489M	1,918M	1,941M	2,014M	2,087M	2,473M	2,537M	2,922M	3,384M	12,230M	12,113M	13,127M	13,459M	15,050M	1,783M	1,641M	1,809M	1,738M	1,865M	1,920M	2,379M	2,273M	1,307M
Operating Income (EBIT)	1,091M	4,237M	2,366M	-97M	917M	888M	898M	1,782M	2,245M	2,540M	2,536M	2,712M	2,846M	2,971M	3,003M	3,165M	-10,061M	2,969M	2,699M	2,643M	2,427M	2,490M	2,687M	1,847M	1,424M	1,709M
Operating Income Margin	3.9%	14.4%	16.7%	-0.7%	6.3%	5.8%	5.7%	10.8%	12.9%	14.7%	15.2%	16.0%	16.5%	17.6%	16.5%	16.8%	-55.7%	17.6%	18.1%	17.8%	18.1%	19.0%	21.3%	15.4%	13.9%	23.5%
Interest Income	203M	121M	99M	110M	61M	4M	3M	8M	8M	17M	37M	51M	46M	49M	47M	45M	34M	0M	49M	216M	87M	137M	90M	311M	7M	188M
Interest Expense	928M	864M	425M	425M	437M	426M	415M	459M	393M	390M	370M	364M	309M	292M	336M	430M	407M	334M	361M	393M	421M	487M	489M	476M	534M	272M
Net Interest Income	-725M	-743M	-326M	-315M	-376M	-423M	-411M	-452M	-385M	-374M	-333M	-313M	-263M	-243M	-289M	-384M	-373M	-334M	-312M	-177M	-334M	-350M	-399M	-165M	-527M	-83M
Unusual Items	6,617M	2,013M	2,553M	1,373M	439M	631M	-1,010M	-1,044M	323M	2,184M	252M	187M	1,880M	1,620M	1,417M	1,534M	14,880M	1,867M	1,560M	2,016M	2,060M	2,359M	1,098M	3,908M	264M	497M
EBT Excluding Unusual Items	366M	3,494M	2,040M	-412M	541M	465M	487M	1,331M	1,861M	2,167M	2,203M	2,399M	2,583M	2,728M	2,714M	2,781M	-10,434M	2,634M	2,386M	2,467M	2,093M	2,140M	2,288M	1,682M	897M	1,626M
Pre-Tax Income	6,984M	5,508M	4,593M	961M	980M	1,096M	-523M	287M	2,183M	4,351M	2,456M	2,586M	4,463M	4,348M	4,131M	4,314M	4,446M	4,501M	3,947M	4,483M	4,153M	4,499M	3,386M	5,590M	1,161M	2,123M
Pre-Tax Margin	24.8%	18.8%	32.5%	6.8%	6.7%	7.1%	-3.3%	1.7%	12.6%	25.2%	14.7%	15.2%	25.9%	25.8%	22.7%	22.9%	24.6%	26.7%	26.4%	30.2%	31.0%	34.2%	26.8%	46.6%	11.3%	29.2%
Income Tax Expense	883M	1,016M	565M	158M	365M	662M	194M	513M	675M	703M	684M	723M	679M	691M	621M	325M	624M	595M	498M	522M	373M	338M	117M	973M	54M	498M
Net Income	6,080M	5,356M	4,017M	795M	2,225M	1,949M	554M	1,075M	3,095M	5,473M	3,853M	3,871M	3,782M	3,652M	3,508M	3,989M	3,825M	3,907M	3,448M	3,960M	3,779M	4,163M	3,268M	4,485M	1,401M	1,631M
Net Income Margin	21.6%	18.3%	28.4%	5.6%	15.2%	12.7%	3.5%	6.5%	17.8%	31.7%	23.1%	22.8%	22.0%	21.7%	19.3%	21.2%	21.2%	23.2%	23.1%	26.7%	28.2%	31.7%	25.9%	37.4%	13.7%	22.4%
Depreciation & Amortization	4,306M	4,524M	2,411M	2,444M	2,574M	2,723M	2,685M	2,580M	2,222M	2,252M	2,246M	2,156M	2,161M	2,133M	2,127M	2,002M	1,969M	1,878M	1,733M	1,887M	1,855M	1,977M	1,975M	2,531M	2,396M	1,389M
EBITDA	5,397M	8,761M	4,777M	2,347M	3,491M	3,610M	3,583M	4,363M	4,467M	4,792M	4,782M	4,868M	5,007M	5,103M	5,130M	5,167M	-8,092M	4,847M	4,431M	4,530M	4,282M	4,467M	4,662M	4,378M	3,820M	3,097M
EBITDA Margin	19.2%	29.9%	33.8%	16.6%	23.9%	23.5%	22.9%	26.4%	25.7%	27.7%	28.6%	28.7%	29.1%	30.3%	28.2%	27.4%	-44.8%	28.7%	29.7%	30.5%	32.0%	34.0%	36.9%	36.5%	37.2%	42.6%
NOPAT	953M	3,455M	2,075M	-81M	575M	352M	710M	-1,404M	1,551M	2,130M	1,829M	1,954M	2,413M	2,498M	2,552M	2,927M	-8,650M	2,576M	2,358M	2,335M	2,209M	2,303M	2,594M	1,526M	1,357M	1,308M
NOPAT Margin	3.4%	11.8%	14.7%	-0.6%	3.9%	2.3%	4.5%	-8.5%	8.9%	12.3%	10.9%	11.5%	14.0%	14.8%	14.0%	15.5%	-47.9%	15.3%	15.8%	15.7%	16.5%	17.5%	20.6%	12.7%	13.2%	18.0%
Owner's Earnings	5,902M	5,362M	2,171M	877M	2,519M	2,176M	810M	1,268M	3,259M	4,251M	3,581M	3,924M	2,739M	3,407M	3,411M	3,613M	3,735M	3,740M	3,259M	3,965M	3,841M	4,366M	3,808M	5,706M	2,128M	-157M
Owner's Earnings Margin	21.0%	18.3%	15.3%	6.2%	17.2%	14.2%	5.2%	7.7%	18.8%	24.6%	21.4%	23.1%	15.9%	20.2%	18.8%	19.2%	20.7%	22.2%	21.8%	26.7%	28.7%	33.2%	30.2%	47.6%	20.7%	-2.2%
EPS (Basic)	0.37	0.32	0.24	0.05	0.13	0.12	0.03	0.07	0.19	0.34	0.24	0.24	0.24	0.23	0.22	0.25	0.24	0.25	0.22	0.25	0.23	0.25	0.19	25.15	7.86	0.12
EPS (Diluted)	0.37	0.32	0.24	0.05	0.13	0.12	0.03	0.07	0.19	0.33	0.24	0.24	0.24	0.23	0.22	0.25	0.24	0.24	0.22	0.25	0.23	0.25	0.19	0.25	0.08	0.10
Shares (Basic)	16,525M	16,544M	16,558M	16,506M	16,506M	16,508M	16,362M	16,322M	16,322M	16,323M	16,082M	15,937M	15,937M	15,934M	15,932M	15,929M	15,926M	15,918M	15,912M	15,902M	16,255M	16,667M	17,193M	17,849M	17,826M	16,714M
Shares (Diluted)	16,558M	16,555M	16,558M	16,556M	16,556M	16,550M	16,387M	16,349M	16,342M	16,344M	16,109M	15,952M	15,977M	15,970M	15,976M	15,972M	15,949M	15,970M	15,964M	15,985M	16,335M	16,734M	17,257M	17,849M	17,826M	16,714M

Balance Sheet

Metric	MRQ	MRQ-1	2025-03-31	2024-03-31	2023-03-31	2022-03-31	2021-03-31	2020-03-31	2019-03-31	2018-03-31	2017-03-31	2016-03-31	2015-03-31	2014-03-31	2013-03-31	2012-03-31	2011-03-31	2010-03-31	2009-03-31	2008-03-31	2007-03-31	2006-03-31	2005-03-31	2004-03-31	2003-03-31	2002-03-31
Cash & Cash Equivalents	3,364.80M	2,773.20M	2,773.20M	4,605.20M	1,667.90M	2,130.10M	754.70M	999.60M	512.70M	524.90M	533.80M	461.80M	562.80M	622.50M	911.00M	1,346.40M	2,738.00M	1,613.60M	1,076.00M	1,372.00M	1,390.10M	2,770.30M	3,302.90M	3,161.90M	949.40M	1,728.90M
Short-Term Investments	0.00M	0.00M	0.00M	21.80M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	107.30M	17.50M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	10.80M	11.00M	341.50M	860.30M	939.90M	460.70M	107.90M	514.50M
Cash & Short-Term Investments	3,364.80M	2,773.20M	2,773.20M	4,627.00M	1,667.90M	2,130.10M	754.70M	999.60M	512.70M	524.90M	641.10M	479.30M	562.80M	622.50M	911.00M	1,346.40M	2,738.00M	1,613.60M	1,086.80M	1,383.00M	1,731.60M	3,630.60M	4,242.80M	3,622.60M	1,057.30M	2,243.40M
Net Receivables	4,795.10M	5,059.00M	5,059.00M	4,416.90M	3,924.30M	4,116.10M	4,330.10M	4,388.20M	4,702.90M	4,601.70M	3,615.00M	3,178.40M	2,776.30M	2,540.90M	2,874.20M	3,553.50M	0.00M	2,955.50M	2,376.50M	2,372.80M	0.00M	0.00M	1,888.80M	0.00M	0.00M	0.00M
Inventory	320.60M	293.70M	293.70M	301.40M	346.20M	269.70M	271.60M	279.60M	417.60M	397.40M	352.20M	319.70M	289.80M	169.60M	213.70M	208.10M	299.30M	345.80M	173.40M	123.60M	93.40M	186.30M	189.40M	169.20M	383.40M	449.50M
Other Current Assets	117.50M	65.50M	65.50M	447.80M	586.20M	972.10M	565.70M	962.60M	759.90M	682.30M	876.30M	728.30M	745.40M	642.90M	806.90M	334.10M	0.00M	0.00M	0.00M	0.00M	2,459.30M	2,148.10M	8.50M	4,266.40M	2,264.80M	2,493.80M
Total Current Assets	8,598.00M	8,191.40M	8,191.40M	9,793.10M	6,524.60M	7,488.00M	5,922.10M	6,630.00M	6,393.10M	6,206.30M	5,484.60M	4,705.70M	4,374.30M	3,975.90M	4,805.80M	5,442.10M	3,037.30M	4,914.90M	3,636.70M	3,879.40M	4,284.30M	5,965.00M	6,329.50M	8,058.20M	3,705.50M	5,186.70M
Property, Plant & Equipment	13,229.60M	12,981.30M	12,981.30M	12,870.70M	13,384.70M	14,250.40M	13,589.80M	12,424.30M	11,050.40M	11,454.10M	11,892.90M	11,154.00M	10,683.20M	11,096.30M	11,724.90M	11,580.00M	11,112.50M	10,750.20M	9,122.60M	10,124.20M	9,729.60M	9,464.70M	11,663.50M	12,137.90M	12,725.20M	13,437.80M
Goodwill	0.00M	6,400.30M	6,400.30M	6,411.40M	9,021.90M	9,660.70M	10,767.20M	11,429.90M	11,538.30M	11,372.20M	11,164.60M	11,090.30M	10,123.00M	9,703.60M	9,699.20M	9,658.10M	9,657.20M	9,654.60M	9,620.00M	0.00M	0.00M	0.00M	9,514.60M	9,736.20M	10,294.90M	11,044.80M
Intangible Assets	9,468.20M	3,162.10M	3,162.10M	1,815.60M	10,989.50M	11,977.20M	13,129.10M	13,735.90M	14,016.70M	13,969.10M	13,072.80M	12,968.40M	1,825.60M	1,036.10M	1,010.20M	516.00M	561.10M	10,200.20M	407.40M	10,056.50M	10,091.40M	10,115.60M	10,112.30M	592.90M	521.40M	525.10M
Long-Term Investments	15,038.80M	14,675.70M	14,675.70M	13,362.80M	12,791.70M	13,947.50M	13,947.10M	14,935.90M	16,061.80M	15,527.40M	16,415.50M	13,392.60M	11,114.50M	10,419.50M	10,178.80M	0.00M	0.00M	0.00M	8,884.70M	8,881.50M	6,872.30M	5,757.20M	4,575.10M	4,680.20M	5,323.30M	4,181.90M
Tax Assets	773.10M	684.40M	684.40M	600.10M	305.40M	309.40M	302.10M	234.20M	276.60M	353.00M	657.80M	692.30M	803.80M	828.50M	945.20M	963.00M	764.00M	890.30M	806.40M	1,083.00M	1,047.70M	1,111.20M	1,222.80M	893.80M	953.40M	392.20M
Other Non-Current Assets	667.90M	688.10M	688.10M	777.80M	-8,546.00M	-9,144.60M	-10,269.10M	-10,981.10M	-11,107.10M	-10,938.90M	-10,826.90M	-10,897.30M	2,749.10M	1,884.70M	1,619.40M	11,882.00M	10,632.30M	10,966.50M	620.00M	519.10M	633.20M	1,192.50M	1,343.10M	758.00M	146.80M	581.30M
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	0.00M	0.00M	0.00M
Total Non-Current Assets	39,177.60M	38,591.90M	38,591.90M	35,838.40M	37,947.20M	41,000.60M	41,466.20M	41,779.10M	41,836.70M	41,736.90M	42,376.70M	38,400.30M	37,299.20M	34,968.70M	35,177.70M	34,599.10M	32,727.10M	42,461.80M	29,461.10M	30,664.30M	28,374.20M	27,641.20M	38,431.40M	28,799.00M	29,965.00M	30,163.10M
Total Assets	47,775.60M	46,783.30M	46,783.30M	45,631.50M	44,471.80M	48,488.60M	47,388.30M	48,409.10M	48,229.80M	47,943.20M	47,861.30M	43,106.00M	41,673.50M	38,944.60M	39,983.50M	40,041.20M	35,764.40M	47,376.70M	33,097.80M	34,543.70M	32,658.50M	33,606.20M	44,760.90M	36,857.20M	33,670.50M	35,349.80M
Accounts Payable	4,638.00M	5,181.80M	5,181.80M	4,103.50M	4,037.80M	4,422.40M	4,759.80M	4,430.40M	4,502.90M	4,025.00M	3,618.60M	3,437.70M	3,331.60M	2,797.50M	3,042.60M	3,270.40M	2,810.30M	4,649.80M	3,267.50M	3,360.10M	3,066.60M	3,183.00M	3,455.70M	3,418.70M	3,454.60M	3,554.70M
Short-Term Debt	550.30M	1,468.70M	1,468.70M	569.70M	471.10M	1,071.80M	1,612.30M	3,602.20M	1,846.20M	1,800.50M	3,104.20M	655.00M	150.00M	774.60M	350.00M	105.80M	2,672.60M	1,528.00M	1,433.80M	1,874.60M	196.90M	1,493.50M	2,127.00M	1,152.50M	768.20M	392.80M
Tax Payables	1,116.00M	914.30M	914.30M	887.00M	731.00M	768.90M	267.80M	199.40M	255.00M	351.30M	296.30M	364.40M	419.40M	366.00M	429.00M	298.90M	391.70M	338.90M	340.20M	345.80M	343.40M	360.00M	376.20M	521.40M	477.90M	599.70M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	863.70M	900.10M	909.90M	854.50M	999.10M	988.90M	935.50M	86.30M	-174.40M	-813.50M	-391.80M	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	884.40M	814.30M	814.30M	2,089.20M	1,467.60M	1,168.30M	479.80M	376.70M	435.70M	577.00M	2,520.10M	919.10M	1,228.30M	1,153.20M	1,586.30M	1,764.40M	2,375.40M	318.10M	61.00M	175.20M	29.00M	91.30M	17.60M	18.20M	18.50M	18.10M
Total Current Liabilities	7,188.70M	8,379.10M	8,379.10M	7,649.40M	7,571.20M	8,331.50M	8,029.60M	9,463.20M	8,038.90M	7,742.70M	10,474.70M	5,462.50M	4,954.90M	4,277.80M	5,016.10M	5,439.50M	8,250.00M	6,834.80M	5,102.50M	5,755.70M	3,635.90M	5,127.80M	5,976.50M	5,110.80M	4,719.20M	4,565.30M
Long-Term Debt	10,839.00M	10,203.00M	10,203.00M	8,725.30M	8,155.00M	8,216.90M	9,042.40M	8,384.00M	8,734.40M	8,586.10M	7,883.50M	9,065.10M	8,623.70M	7,046.90M	7,329.70M	8,470.40M	4,544.10M	5,351.10M	6,061.20M	5,668.20M	6,271.50M	5,907.20M	7,409.40M	8,739.90M	9,904.20M	11,483.30M
Capital Lease Obligations	0.00M	472.60M	472.60M	3,104.60M	2,768.20M	3,050.10M	1,783.20M	1,818.10M	49.50M	49.50M	168.80M	189.90M	205.10M	218.60M	249.00M	217.60M	68.90M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	504.70M	509.70M	509.70M	539.70M	542.50M	498.80M	498.90M	525.50M	515.10M	535.60M	574.60M	585.30M	521.70M	444.90M	299.40M	243.80M	295.30M	294.80M	307.90M	329.50M	315.40M	375.60M	424.80M	479.60M	603.00M	709.80M
Other Non-Current Liabilities	1,101.50M	825.80M	825.80M	867.20M	992.30M	742.50M	510.50M	271.20M	439.30M	604.10M	656.80M	859.70M	841.70M	902.60M	1,169.10M	1,449.90M	1,486.60M	1,911.50M	1,248.60M	1,918.50M	1,569.40M	1,083.90M	1,865.60M	1,814.80M	1,398.80M	1,780.00M
Total Non-Current Liabilities	12,445.20M	12,011.10M	12,011.10M	13,236.80M	12,458.00M	12,508.30M	11,835.00M	10,998.80M	9,738.30M	9,775.30M	9,283.70M	10,700.00M	10,192.20M	8,613.00M	9,047.20M	10,381.70M	6,394.90M	7,557.40M	7,617.70M	7,916.20M	8,156.30M	7,366.70M	9,699.80M	11,034.30M	11,906.00M	13,973.10M
Total Liabilities	19,633.90M	20,390.20M	20,390.20M	20,886.20M	20,029.20M	20,839.80M	19,864.60M	20,462.00M	17,777.20M	17,518.00M	19,758.40M	16,162.50M	15,147.10M	12,890.80M	14,063.30M	15,821.20M	14,644.90M	14,392.20M	12,720.20M	13,671.90M	11,792.20M	12,494.50M	15,676.30M	16,145.10M	16,625.20M	18,538.40M
Preferred Stock	0.00M	0.00M	0.00M	4,410.70M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	5,332.60M	5,093.70M	4,052.10M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	4,573.10M	4,573.10M	4,573.10M	4,573.10M	4,573.10M	4,573.10M	4,573.50M	4,127.30M	4,127.30M	4,127.30M	4,127.30M	2,634.00M	2,634.00M	2,634.00M	2,634.00M	2,632.20M	2,622.80M	2,616.30M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Retained Earnings	26,719.80M	24,993.00M	24,993.00M	23,784.90M	24,857.00M	25,075.50M	24,252.00M	25,448.30M	27,513.00M	27,269.40M	29,493.90M	28,456.90M	27,471.10M	26,366.50M	25,424.80M	24,434.40M	24,550.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Accumulated OCI	0.00M	0.00M	0.00M	0.00M	-4,412.80M	-2,543.00M	-2,317.20M	-2,755.40M	-1,770.80M	19,523.40M	-5,397.50M	-6,093.50M	-5,332.60M	-5,093.70M	-4,052.10M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Minority Interest	150.50M	65.00M	65.00M	37.00M	16.20M	16.60M	25.60M	24.80M	-28.10M	-3.20M	22.40M	35.70M	34.60M	24.40M	24.60M	20.40M	22.00M	23.20M	24.10M	2.80M	2.80M	2.60M	11.50M	49.40M	148.90M	453.00M
Total Shareholders’ Equity	31,292.90M	29,566.10M	29,566.10M	32,768.70M	25,017.30M	27,105.60M	26,508.30M	26,820.20M	29,869.50M	50,920.10M	28,223.70M	24,997.40M	30,105.10M	29,000.50M	28,058.80M	27,066.60M	27,172.80M	2,616.30M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Equity	31,443.40M	29,631.10M	29,631.10M	32,805.70M	25,033.50M	27,122.20M	26,533.90M	26,845.00M	29,841.40M	50,916.90M	28,246.10M	25,033.10M	30,139.70M	29,024.90M	28,083.40M	27,087.00M	27,194.80M	2,639.50M	24.10M	2.80M	2.80M	2.60M	11.50M	49.40M	148.90M	453.00M
Total Liabilities & Equity	51,077.30M	50,021.30M	50,021.30M	53,691.90M	45,062.70M	47,962.00M	46,398.50M	47,307.00M	47,618.60M	68,434.90M	48,004.50M	41,195.60M	45,286.80M	41,915.70M	42,146.70M	42,908.20M	41,839.70M	17,031.70M	12,744.30M	13,674.70M	11,795.00M	12,497.10M	15,687.80M	16,194.50M	16,774.10M	18,991.40M
Tangible Assets	38,307.40M	37,220.90M	37,220.90M	37,404.50M	24,460.40M	26,850.70M	23,492.00M	23,243.30M	22,674.80M	22,601.90M	23,623.90M	19,047.30M	29,724.90M	28,204.90M	29,274.10M	29,867.10M	25,546.10M	27,521.90M	23,070.40M	24,487.20M	22,567.10M	23,490.60M	25,134.00M	26,528.10M	22,854.20M	23,779.90M
Tangible Equity	21,975.20M	20,068.70M	20,068.70M	24,578.70M	5,022.10M	5,484.30M	2,637.60M	1,679.20M	4,286.40M	25,575.60M	4,008.70M	974.40M	18,191.10M	18,285.20M	17,374.00M	16,912.90M	16,976.50M	-17,215.30M	-10,003.30M	-10,053.70M	-10,088.60M	-10,113.00M	-19,615.40M	-10,279.70M	-10,667.40M	-11,116.90M
Tangible Book Value	21,975.20M	20,068.70M	20,068.70M	24,578.70M	5,022.10M	5,484.30M	2,637.60M	1,679.20M	4,286.40M	25,575.60M	4,008.70M	974.40M	18,191.10M	18,285.20M	17,374.00M	16,912.90M	16,976.50M	-17,215.30M	-10,003.30M	-10,053.70M	-10,088.60M	-10,113.00M	-19,615.40M	-10,279.70M	-10,667.40M	-11,116.90M
Total Investments	15,002.00M	14,675.70M	14,675.70M	13,362.80M	12,791.70M	13,947.50M	13,947.10M	14,935.90M	16,061.80M	15,527.40M	16,522.80M	13,410.10M	11,114.50M	10,419.50M	10,178.80M	10,329.20M	10,506.00M	10,667.30M	8,895.50M	8,892.50M	7,213.80M	6,617.50M	5,515.00M	5,140.90M	5,431.20M	4,696.40M
Net Debt	8,024.50M	8,898.50M	8,898.50M	4,689.80M	6,958.20M	7,158.60M	9,900.00M	10,986.60M	10,067.90M	9,861.70M	10,453.90M	9,258.30M	8,210.90M	7,199.00M	6,768.70M	7,229.80M	4,478.70M	5,265.50M	6,419.00M	6,170.80M	5,078.30M	4,630.40M	6,233.50M	6,730.50M	9,723.00M	10,147.20M

Capital Metrics

Metric	MRQ	MRQ-1	2025-03-31	2024-03-31	2023-03-31	2022-03-31	2021-03-31	2020-03-31	2019-03-31	2018-03-31	2017-03-31	2016-03-31	2015-03-31	2014-03-31	2013-03-31	2012-03-31	2011-03-31	2010-03-31	2009-03-31	2008-03-31	2007-03-31	2006-03-31	2005-03-31	2004-03-31	2003-03-31	2002-03-31
Working Capital	1,409.3M	-187.7M	-187.7M	2,710.7M	283.7M	-924.7M	-2,604.6M	-3,402.7M	-1,716.3M	-1,670.8M	-3,354.8M	-1,374.5M	-989.2M	-1,338.7M	-986.0M	283.1M	-1,985.6M	-1,690.5M	-1,308.9M	-1,705.7M	648.4M	837.2M	440.0M	2,774.1M	-1,013.7M	621.4M
Total Capital	38,483.0M	37,563.1M	37,563.1M	36,827.3M	36,891.4M	39,961.3M	39,345.3M	40,961.8M	40,501.9M	40,205.9M	39,377.1M	34,907.5M	33,712.1M	31,908.3M	31,893.3M	32,221.3M	31,613.9M	30,371.9M	27,971.2M	28,542.3M	27,315.6M	28,491.3M	28,807.6M	29,644.6M	26,142.4M	26,455.1M
Capital Employed	40,586.9M	38,404.2M	38,404.2M	38,549.1M	38,230.9M	40,075.9M	38,861.6M	38,376.4M	40,120.4M	40,066.1M	39,021.9M	37,025.8M	36,310.0M	33,630.0M	34,191.7M	34,882.2M	30,741.5M	31,116.7M	28,152.2M	28,958.6M	29,022.6M	28,478.4M	29,356.8M	31,573.1M	28,951.3M	30,784.5M
Invested Capital	35,118.2M	34,789.9M	34,789.9M	32,222.1M	35,223.5M	37,831.2M	38,590.6M	39,962.2M	39,989.2M	39,681.0M	38,843.3M	34,445.7M	33,149.3M	31,285.8M	30,982.3M	30,874.9M	28,875.9M	28,758.3M	26,895.2M	27,170.3M	25,925.5M	25,721.0M	25,504.7M	26,482.7M	25,193.0M	24,726.2M

Cash Flow Statement

Metric	TTM	TTM-1	2025-03-31	2024-03-31	2023-03-31	2022-03-31	2021-03-31	2020-03-31	2019-03-31	2018-03-31	2017-03-31	2016-03-31	2015-03-31	2014-03-31	2013-03-31	2012-03-31	2011-03-31	2010-03-31	2009-03-31	2008-03-31	2007-03-31	2006-03-31	2005-03-31	2004-03-31	2003-03-31	2002-03-31
Net Income	6,079.60M	5,356.00M	4,593.30M	961.20M	2,225.10M	1,948.50M	553.70M	1,074.60M	3,094.50M	5,473.00M	3,852.70M	3,870.80M	4,463.00M	4,347.90M	4,131.30M	4,314.40M	4,446.40M	4,501.10M	3,946.70M	4,483.00M	4,152.70M	4,499.30M	3,385.70M	5,589.80M	1,161.10M	2,122.50M
Depreciation & Amortization	4,924.00M	5,147.80M	2,410.60M	2,444.00M	2,574.10M	2,722.50M	2,684.80M	2,580.30M	2,222.20M	2,251.50M	2,246.20M	2,156.10M	2,161.40M	2,132.70M	2,127.40M	2,001.60M	1,968.70M	1,878.00M	1,732.70M	1,886.90M	1,854.60M	1,976.70M	1,975.00M	2,530.60M	2,396.00M	1,388.60M
Deferred Income Tax	0.00M	-7,682.10M	0.00M	0.00M	-5,254.20M	-5,211.90M	-4,826.20M	0.00M	-4,612.10M	-4,677.00M	-5,020.20M	-5,371.70M	-1,155.20M	-935.60M	-707.50M	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	36.40M	73.00M	0.00M	0.00M	35.70M	37.00M	40.40M	0.00M	41.30M	34.60M	35.90M	28.10M	52.70M	33.10M	44.90M	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	-535.50M	131.20M	-94.70M	84.70M	-70.50M	269.80M	583.80M	363.30M	-126.50M	-140.30M	-492.20M	-1,044.70M	69.30M	-304.50M	-89.10M	9.50M	-1.20M	-135.90M	-28.10M	104.10M	-77.70M	-232.10M	-214.70M	30.80M	219.50M	342.40M
Accounts Receivable	-293.50M	-72.20M	-512.00M	29.20M	-16.40M	74.70M	537.90M	188.50M	-431.60M	-139.10M	-561.70M	-610.00M	-625.60M	-136.20M	268.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	-41.20M	-25.90M	-0.50M	36.00M	-101.00M	1.00M	37.60M	119.50M	-33.60M	-59.10M	-23.60M	-28.90M	-107.10M	27.00M	-6.90M	91.50M	31.60M	-63.60M	-41.60M	-30.90M	46.90M	-23.60M	-24.90M	11.20M	17.60M	76.70M
Accounts Payable	304.90M	-208.60M	0.00M	19.50M	47.10M	194.40M	8.30M	55.80M	338.80M	58.80M	93.40M	-392.50M	0.00M	0.00M	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	-505.70M	-0.20M	417.80M	0.00M	-0.20M	-0.30M	0.00M	-0.50M	-0.10M	-0.90M	-0.30M	-13.30M	802.00M	-195.30M	-350.20M	-82.00M	-32.80M	-72.30M	13.50M	135.00M	-124.60M	-208.50M	-189.80M	19.60M	201.90M	265.70M
Other Non-Cash Items	-913.40M	978.50M	-2,300.00M	1,228.10M	4,894.90M	5,136.90M	6,195.20M	1,490.30M	4,370.40M	2,651.70M	-638.10M	-628.40M	-959.80M	-858.90M	-397.00M	-615.10M	-370.90M	-914.40M	-488.30M	-1,020.30M	-1,344.90M	-1,758.90M	-656.40M	-3,556.50M	-5.50M	-822.60M
Net Cash from Operating Activities	9,591.10M	9,258.60M	4,609.20M	4,718.00M	4,405.10M	4,902.80M	5,231.70M	5,508.50M	4,989.80M	5,593.50M	5,004.50M	4,381.90M	5,786.60M	5,350.30M	5,817.50M	5,710.40M	6,043.00M	5,328.80M	5,163.00M	5,453.70M	4,584.70M	4,485.00M	4,489.60M	4,594.70M	3,771.10M	3,030.90M
Capital Expenditures (PPE)	-4,565.10M	-4,517.70M	-2,447.00M	-2,149.50M	-2,280.70M	-2,494.60M	-2,428.40M	-2,386.60M	-2,057.90M	-3,473.40M	-2,518.30M	-2,103.30M	-3,203.60M	-2,377.90M	-2,225.20M	-2,376.90M	-2,059.40M	-2,045.50M	-1,922.00M	-1,882.10M	-1,792.70M	-1,774.10M	-1,435.50M	-1,309.80M	-1,668.50M	-3,176.80M
Acquisitions (Net)	329.40M	1,294.10M	352.60M	645.40M	-312.10M	1,877.00M	-229.80M	138.60M	154.40M	-193.90M	42.20M	-1,032.50M	-447.80M	-412.30M	-619.10M	-902.70M	-669.60M	-90.20M	-453.30M	-1,015.40M	83.20M	-587.60M	1,931.10M	287.10M	-761.00M	-8,960.60M
Purchases of Investments	-823.00M	-2,210.70M	-643.20M	-1,036.20M	-751.20M	-273.20M	-24.60M	-847.00M	-439.20M	-600.20M	-2,506.40M	-254.00M	-23.10M	-49.60M	-56.00M	-86.20M	-20.00M	-0.20M	-0.90M	-1.10M	-1.00M	-2.50M	-476.00M	-333.20M	-9.40M	-47.10M
Sales / Maturities of Investments	2,022.50M	4,461.30M	462.10M	2,659.60M	2,565.00M	193.20M	16.30M	37.70M	29.60M	2,324.60M	136.50M	606.90M	75.00M	12.80M	337.40M	0.20M	0.80M	31.90M	2.60M	346.10M	532.00M	145.10M	153.10M	287.40M	618.70M	2,370.40M
Other Investing Activities	1,736.40M	868.10M	-131.70M	128.00M	-1,574.60M	21.50M	-14.90M	-18.00M	-22.70M	-26.00M	-27.30M	-26.90M	-923.40M	-250.60M	-160.50M	438.10M	-37.80M	-197.70M	-20.70M	-198.80M	517.60M	176.50M	398.50M	283.60M	26.50M	-98.30M
Net Cash from Investing Activities	-1,299.80M	-2,394.40M	-2,407.20M	247.30M	-2,353.60M	-676.10M	-2,681.40M	-3,075.30M	-2,335.80M	-1,968.90M	-4,873.30M	-2,809.80M	-3,556.90M	-2,801.20M	-2,556.80M	-2,809.00M	-2,759.10M	-2,179.20M	-2,390.60M	-2,748.20M	-658.00M	-1,982.00M	578.60M	-775.30M	-1,793.10M	-9,734.90M
Net Debt Issuance	-422.30M	-604.80M	-16.20M	662.10M	-199.30M	-2,299.40M	-1,692.80M	726.20M	212.50M	-311.90M	1,182.40M	1,112.40M	750.20M	239.70M	-805.40M	1,207.60M	837.10M	-204.40M	-602.80M	1,166.80M	-712.30M	-948.90M	-436.60M	-239.30M	-1,320.30M	5,266.20M
Long-Term Debt Issuance	-250.40M	-604.80M	-16.20M	662.10M	-207.60M	-2,299.40M	-1,263.50M	1,130.10M	212.50M	-283.60M	1,182.40M	1,112.40M	750.20M	239.70M	-837.20M	1,207.60M	837.10M	-194.00M	-601.30M	1,166.80M	-712.30M	-842.50M	-381.60M	-239.30M	-1,320.30M	5,266.20M
Short-Term Debt Issuance	-171.90M	0.00M	0.00M	0.00M	8.30M	0.00M	-429.30M	-403.90M	0.00M	-28.30M	0.00M	0.00M	0.00M	0.00M	31.80M	0.00M	0.00M	-10.40M	0.10M	0.00M	0.00M	-106.40M	-55.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-83.60M	-61.30M	-48.30M	-32.70M	-36.50M	-23.40M	-15.70M	-23.00M	-25.60M	-25.00M	1,575.20M	-44.10M	-54.70M	-36.60M	-35.00M	-10.60M	-32.90M	-53.70M	-51.20M	-30.90M	-2,264.10M	80.40M	-2,916.40M	36.90M	0.00M	0.00M
Common Stock Issuance	0.00M	-863.30M	-48.30M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1,602.40M	0.00M	0.00M	0.00M	1.80M	9.40M	6.50M	10.70M	11.90M	31.60M	59.00M	101.00M	114.90M	36.90M	0.00M	0.00M
Common Stock Repurchased	-83.60M	-61.30M	0.00M	-32.70M	-36.50M	-23.40M	-15.70M	-23.00M	-25.60M	-25.00M	-27.20M	-44.10M	-54.70M	-36.60M	-36.80M	-20.00M	-39.40M	-64.40M	-63.10M	-62.50M	-2,323.10M	-20.60M	-3,031.30M	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	0.00M	0.00M	0.00M
Net Dividends Paid	-5,333.30M	-4,044.50M	-2,774.20M	-2,146.10M	-1,964.30M	-1,139.10M	-1,272.90M	-2,856.70M	-2,856.60M	-3,346.30M	-2,815.50M	-2,789.20M	-2,677.50M	-2,677.80M	-2,517.70M	-4,111.40M	-2,356.60M	-2,084.00M	-1,989.40M	-2,544.70M	-1,336.40M	-1,733.80M	-915.20M	-764.80M	-764.70M	-697.40M
Common Dividends Paid	-5,333.30M	-3,235.70M	-2,774.20M	-1,766.30M	-1,584.70M	-1,139.10M	-1,272.90M	-2,856.70M	-2,856.60M	-3,346.30M	-2,815.50M	-2,789.20M	-2,677.50M	-2,677.80M	-2,517.70M	-4,111.40M	-2,356.60M	-2,084.00M	-1,989.40M	-3,435.40M	-1,920.90M	-1,733.80M	-915.20M	-764.80M	-764.70M	-697.40M
Preferred Dividends Paid	0.00M	-808.80M	0.00M	-379.80M	-379.60M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-881.80M	-1,070.20M	-1,188.90M	-476.00M	-318.50M	622.20M	183.90M	170.00M	-0.70M	53.90M	-13.20M	13.00M	-328.60M	-349.90M	-344.20M	-1,349.80M	-588.60M	-292.30M	-374.40M	-411.90M	-412.70M	-433.10M	-229.20M	-639.70M	-672.50M	-231.30M
Net Cash from Financing Activities	-6,721.00M	-5,780.80M	-4,027.60M	-1,992.70M	-2,518.60M	-2,839.70M	-2,797.50M	-1,983.50M	-2,670.40M	-3,629.30M	-71.10M	-1,707.90M	-2,310.60M	-2,824.60M	-3,702.30M	-4,264.20M	-2,141.00M	-2,634.40M	-3,017.80M	-2,711.40M	-5,310.00M	-3,035.40M	-4,929.10M	-1,606.90M	-2,757.50M	4,337.50M
Effect of FX on Cash	-30.60M	-21.30M	-3.70M	-21.70M	-37.40M	21.20M	-2.10M	37.20M	4.20M	-4.20M	11.90M	34.80M	21.20M	-13.00M	6.20M	-28.80M	-18.40M	22.50M	-50.70M	-12.20M	3.00M	-0.20M	1.90M	0.00M	0.00M	0.00M
Net Change in Cash	1,549.80M	1,047.50M	-1,829.30M	2,950.90M	-462.20M	1,375.40M	-244.90M	486.90M	-12.20M	-8.90M	72.00M	-101.00M	-59.70M	-288.50M	-435.40M	-1,391.60M	1,124.50M	537.70M	-296.10M	-18.10M	-1,380.30M	-532.60M	141.00M	2,212.50M	-779.50M	-2,366.50M
Cash at Beginning of Period	7,185.90M	8,064.80M	4,595.10M	1,644.20M	2,130.10M	754.70M	999.60M	512.70M	524.90M	533.80M	461.80M	562.80M	622.50M	911.00M	1,346.40M	2,738.00M	1,613.50M	1,075.80M	1,371.90M	1,390.00M	2,770.30M	3,302.90M	3,161.90M	949.40M	1,728.90M	4,095.40M
Cash at End of Period	13,340.90M	9,112.30M	2,765.80M	4,595.10M	1,667.90M	2,130.10M	754.70M	999.60M	512.70M	524.90M	533.80M	461.80M	562.80M	622.50M	911.00M	1,346.40M	2,738.00M	1,613.50M	1,075.80M	1,371.90M	1,390.00M	2,770.30M	3,302.90M	3,161.90M	949.40M	1,728.90M
Operating Cash Flow	9,591.10M	9,258.60M	4,609.20M	4,718.00M	4,405.10M	4,902.80M	5,231.70M	5,508.50M	4,989.80M	5,593.50M	5,004.50M	4,381.90M	5,786.60M	5,350.30M	5,817.50M	5,710.40M	6,043.00M	5,328.80M	5,163.00M	5,453.70M	4,584.70M	4,485.00M	4,489.60M	4,594.70M	3,771.10M	3,030.90M
Capital Expenditure	-4,483.80M	-4,517.70M	-4,256.60M	-2,362.50M	-2,280.70M	-2,494.60M	-2,428.40M	-2,386.60M	-2,057.90M	-3,473.40M	-2,518.30M	-2,103.30M	-3,203.60M	-2,377.90M	-2,225.20M	-2,376.90M	-2,059.40M	-2,045.50M	-1,922.00M	-1,882.10M	-1,792.70M	-1,774.10M	-1,435.50M	-1,309.80M	-1,668.50M	-3,176.80M
Free Cash Flow	5,107.30M	4,740.90M	352.60M	2,355.50M	2,124.40M	2,408.20M	2,803.30M	3,121.90M	2,931.90M	2,120.10M	2,486.20M	2,278.60M	2,583.00M	2,972.40M	3,592.30M	3,333.50M	3,983.60M	3,283.30M	3,241.00M	3,571.60M	2,792.00M	2,710.90M	3,054.10M	3,284.90M	2,102.60M	-145.90M

Free Cash Flow

Metric	TTM	TTM-1	2025-03-31	2024-03-31	2023-03-31	2022-03-31	2021-03-31	2020-03-31	2019-03-31	2018-03-31	2017-03-31	2016-03-31	2015-03-31	2014-03-31	2013-03-31	2012-03-31	2011-03-31	2010-03-31	2009-03-31	2008-03-31	2007-03-31	2006-03-31	2005-03-31	2004-03-31	2003-03-31	2002-03-31
EBITDA	8,180.60M	8,217.80M	14,729.50M	3,945.40M	3,490.80M	3,610.10M	3,583.00M	4,362.60M	4,467.20M	4,791.70M	4,782.40M	4,868.40M	13,478.00M	13,264.10M	13,677.00M	13,801.20M	6,957.80M	6,629.90M	6,071.80M	6,338.80M	6,019.40M	6,331.80M	6,581.30M	6,757.00M	6,092.50M	4,403.80M
(-) Tax Adjustment	1,034.01M	1,516.13M	1,811.49M	647.31M	1,221.78M	1,263.54M	0.00M	1,526.91M	1,380.76M	774.22M	1,332.85M	1,360.23M	2,049.03M	2,108.03M	2,054.88M	1,039.31M	975.98M	875.82M	765.38M	738.51M	541.25M	475.66M	227.63M	1,176.05M	285.45M	1,033.26M
(-) Change In Working Capital	-535.50M	131.20M	-94.70M	84.70M	-70.50M	269.80M	583.80M	363.30M	-126.50M	-140.30M	-492.20M	-1,044.70M	69.30M	-304.50M	-89.10M	9.50M	-1.20M	-135.90M	-28.10M	104.10M	-77.70M	-232.10M	-214.70M	30.80M	219.50M	342.40M
(-) Capital Expenditure	-4,483.80M	-4,517.70M	-4,256.60M	-2,362.50M	-2,280.70M	-2,494.60M	-2,428.40M	-2,386.60M	-2,057.90M	-3,473.40M	-2,518.30M	-2,103.30M	-3,203.60M	-2,377.90M	-2,225.20M	-2,376.90M	-2,059.40M	-2,045.50M	-1,922.00M	-1,882.10M	-1,792.70M	-1,774.10M	-1,435.50M	-1,309.80M	-1,668.50M	-3,176.80M
Unlevered Free Cash Flow	3,198.29M	2,052.77M	8,756.11M	850.89M	58.82M	-417.84M	570.80M	85.79M	1,155.04M	684.38M	1,423.45M	2,449.57M	8,156.07M	9,082.67M	9,486.02M	10,375.49M	3,923.62M	3,844.48M	3,412.52M	3,614.09M	3,763.15M	4,314.14M	5,132.87M	4,240.35M	3,919.05M	-148.66M
(-) Net Interest Income After Taxes	-633.36M	-605.92M	-286.08M	-262.98M	-244.53M	-274.76M	-411.30M	-293.48M	-265.66M	-313.24M	-240.12M	-225.69M	-222.59M	-204.30M	-245.66M	-355.45M	-320.51M	-290.14M	-272.85M	-156.11M	-304.06M	-323.43M	-384.91M	-136.45M	-502.31M	-63.60M
Net Debt Issuance	-422.30M	-604.80M	-16.20M	662.10M	-199.30M	-2,299.40M	-1,692.80M	726.20M	212.50M	-311.90M	1,182.40M	1,112.40M	750.20M	239.70M	-805.40M	1,207.60M	837.10M	-204.40M	-602.80M	1,166.80M	-712.30M	-948.90M	-436.60M	-239.30M	-1,320.30M	5,266.20M
Levered Free Cash Flow	3,409.35M	2,053.89M	9,026.00M	1,775.98M	104.05M	-2,442.48M	-710.70M	1,105.47M	1,633.20M	685.71M	2,845.97M	3,787.66M	9,128.86M	9,526.67M	8,926.29M	11,938.54M	5,081.23M	3,930.22M	3,082.57M	4,937.00M	3,354.91M	3,688.67M	5,081.19M	4,137.50M	3,101.06M	5,181.14M