Koninklijke Vopak N.V. (VPK.AS)

Industry: Oil & Gas Midstream Sector: Energy Currency Used: NL Live Price: $39.76

Enterprise Value

Metric	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	40.50	31.68	25.92	34.55	45.04	44.76	39.63	38.30	44.89	42.47	39.39	43.97	51.93	37.31	32.77	22.77	17.52	20.25	15.80	11.62	7.31	6.69	6.85
Market Capitalization	4,863.56M	3,967.76M	3,249.66M	4,333.03M	5,673.75M	5,712.39M	5,060.13M	4,885.93M	5,730.89M	5,422.43M	5,022.91M	5,602.16M	6,613.86M	4,747.73M	4,171.49M	2,877.86M	2,184.02M	2,527.36M	1,971.30M	1,434.64M	869.31M	779.65M	746.36M
(-) Cash & Equivalents	95.30M	135.80M	49.95M	66.00M	109.60M	93.50M	87.70M	148.75M	271.40M	136.80M	172.90M	196.30M	307.05M	86.80M	128.65M	118.38M	12.33M	34.10M	29.48M	44.28M	28.00M	38.10M	38.25M
(+) Total Debt	2,717.10M	2,705.40M	3,181.05M	2,992.15M	2,629.50M	2,570.35M	1,831.10M	1,799.50M	2,069.80M	2,460.45M	2,328.45M	2,066.80M	2,077.50M	1,538.45M	1,557.45M	754.44M	261.50M	174.58M	135.90M	147.20M	154.25M	16.35M	27.70M
Enterprise Value	7,485.36M	6,537.36M	6,380.76M	7,259.18M	8,193.65M	8,189.24M	6,803.53M	6,536.68M	7,529.29M	7,746.08M	7,178.46M	7,472.66M	8,384.31M	6,199.38M	5,600.29M	3,513.93M	2,433.19M	2,667.84M	2,077.73M	1,537.56M	995.56M	757.90M	735.81M

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
Revenue	2,672M	2,713M	1,316M	1,426M	1,367M	1,228M	1,190M	1,253M	1,264M	1,317M	1,354M	1,402M	1,336M	1,307M	1,314M	1,172M	1,115M	1,001M	924M	853M	778M	684M	648M	750M	796M
Cost of Revenue	1,329M	2,066M	307M	774M	770M	828M	750M	786M	59M	62M	57M	57M	55M	52M	218M	0M	0M	0M	0M	0M	0M	0M	37M	0M	0M
Gross Profit	1,343M	646M	1,008M	652M	597M	400M	440M	466M	1,205M	1,254M	1,297M	1,345M	1,282M	1,255M	1,096M	1,172M	1,115M	1,001M	924M	853M	778M	684M	611M	750M	796M
Gross Profit Margin	50.3%	23.8%	76.6%	45.7%	43.7%	32.6%	36.9%	37.2%	95.3%	95.3%	95.8%	96.0%	95.9%	96.0%	83.4%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	94.2%	100.0%	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
SG&A Expenses	510M	725M	23M	230M	236M	100M	111M	91M	385M	400M	402M	418M	388M	384M	21M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Operating Expenses	70M	-85M	661M	230M	236M	100M	111M	91M	788M	867M	563M	820M	820M	741M	653M	586M	756M	671M	601M	0M	0M	0M	492M	600M	661M
Operating Income (EBIT)	1,273M	731M	347M	422M	361M	300M	329M	376M	417M	387M	734M	526M	462M	514M	444M	586M	359M	331M	322M	853M	778M	684M	118M	150M	136M
Operating Income Margin	47.7%	26.9%	26.4%	29.6%	26.4%	24.5%	27.6%	30.0%	33.0%	29.4%	54.2%	37.5%	34.5%	39.3%	33.8%	50.0%	32.2%	33.0%	34.9%	100.0%	100.0%	100.0%	18.3%	20.0%	17.0%
Interest Income	30M	15M	17M	11M	7M	6M	6M	6M	9M	12M	10M	10M	7M	3M	4M	7M	5M	7M	9M	7M	7M	54M	16M	48M	57M
Interest Expense	249M	258M	117M	134M	124M	110M	85M	93M	82M	125M	98M	101M	90M	86M	76M	86M	73M	52M	46M	50M	51M	54M	55M	0M	0M
Net Interest Income	-219M	-243M	-100M	-123M	-116M	-104M	-79M	-87M	-74M	-114M	-88M	-91M	-82M	-83M	-72M	-79M	-68M	-46M	-38M	-43M	-44M	0M	-39M	48M	57M
Unusual Items	79M	-419M	255M	264M	-281M	107M	146M	211M	6M	27M	6M	9M	-1M	-3M	86M	0M	83M	61M	0M	-561M	-562M	-552M	15M	-53M	-37M
EBT Excluding Unusual Items	1,054M	488M	247M	299M	245M	196M	250M	289M	343M	274M	646M	435M	379M	431M	371M	507M	290M	285M	285M	810M	734M	684M	80M	198M	193M
Pre-Tax Income	1,133M	69M	501M	563M	-37M	303M	395M	500M	349M	301M	652M	444M	379M	429M	457M	507M	374M	345M	285M	249M	172M	131M	94M	144M	156M
Pre-Tax Margin	42.4%	2.6%	38.1%	39.5%	-2.7%	24.7%	33.2%	39.9%	27.6%	22.8%	48.1%	31.7%	28.3%	32.8%	34.8%	43.3%	33.5%	34.5%	30.8%	29.2%	22.2%	19.2%	14.6%	19.3%	19.6%
Income Tax Expense	128M	199M	82M	74M	101M	60M	71M	58M	59M	25M	73M	117M	83M	68M	84M	71M	73M	69M	55M	51M	26M	26M	1M	27M	30M
Net Income	926M	190M	376M	456M	-168M	214M	295M	571M	255M	235M	534M	282M	250M	319M	333M	436M	301M	277M	230M	198M	147M	106M	81M	105M	111M
Net Income Margin	34.7%	7.0%	28.6%	32.0%	-12.3%	17.4%	24.8%	45.6%	20.1%	17.9%	39.4%	20.1%	18.7%	24.4%	25.4%	37.2%	27.0%	27.6%	24.9%	23.2%	18.9%	15.5%	12.5%	13.9%	14.0%
Depreciation & Amortization	584M	673M	307M	323M	340M	370M	325M	327M	273M	273M	264M	248M	232M	210M	218M	178M	152M	131M	110M	-554M	-555M	-552M	87M	100M	109M
EBITDA	1,857M	1,404M	655M	745M	701M	670M	654M	703M	690M	660M	998M	774M	694M	724M	661M	764M	510M	462M	432M	299M	223M	131M	205M	250M	245M
EBITDA Margin	69.5%	51.8%	49.8%	52.2%	51.3%	54.6%	54.9%	56.1%	54.6%	50.1%	73.7%	55.2%	51.9%	55.4%	50.3%	65.2%	45.8%	46.1%	46.8%	35.1%	28.7%	19.2%	31.6%	33.3%	30.7%
NOPAT	1,130M	-1,373M	291M	366M	285M	241M	270M	332M	347M	355M	652M	387M	360M	433M	362M	503M	289M	265M	260M	678M	663M	550M	117M	121M	110M
NOPAT Margin	42.3%	-50.6%	22.1%	25.7%	20.9%	19.6%	22.7%	26.5%	27.4%	26.9%	48.2%	27.6%	27.0%	33.1%	27.5%	42.9%	25.9%	26.4%	28.2%	79.5%	85.2%	80.5%	18.1%	16.2%	13.8%
Owner's Earnings	835M	4M	347M	365M	-216M	64M	-20M	278M	24M	189M	470M	191M	-24M	-7M	93M	123M	-16M	-54M	340M	-356M	-641M	-607M	45M	98M	123M
Owner's Earnings Margin	31.3%	0.2%	26.4%	25.6%	-15.8%	5.2%	-1.7%	22.2%	1.9%	14.4%	34.7%	13.6%	-1.8%	-0.5%	7.1%	10.5%	-1.4%	-5.4%	36.8%	-41.7%	-82.3%	-88.8%	7.0%	13.1%	15.5%
EPS (Basic)	7.71	1.51	3.12	3.63	-1.34	1.71	2.33	4.47	1.99	1.85	4.19	2.21	1.94	2.45	2.55	3.08	2.06	1.96	1.70	1.45	1.04	0.73	0.68	0.84	0.96
EPS (Diluted)	7.65	1.52	3.11	3.62	-1.34	1.71	2.33	4.46	1.99	1.84	4.18	2.21	1.96	2.50	2.62	3.42	2.36	2.19	1.84	1.59	1.18	0.86	0.68	0.90	1.02
Shares (Basic)	121M	125M	121M	125M	125M	125M	127M	128M	128M	128M	127M	128M	128M	127M	127M	127M	127M	126M	125M	125M	125M	123M	119M	117M	109M
Shares (Diluted)	121M	125M	121M	126M	125M	126M	127M	128M	128M	128M	128M	128M	128M	127M	127M	127M	127M	126M	125M	125M	125M	124M	119M	117M	109M

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
Cash & Cash Equivalents	99.60M	94.20M	94.20M	197.00M	33.80M	73.40M	68.30M	94.50M	77.50M	130.00M	306.00M	109.90M	182.00M	178.70M	452.00M	88.70M	181.80M	189.40M	49.30M	136.40M	117.90M	177.10M	112.00M	152.40M	153.00M
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	3.70M	0.00M	0.00M	0.50M	0.00M	0.00M
Cash & Short-Term Investments	99.60M	94.20M	94.20M	197.00M	33.80M	73.40M	68.30M	94.50M	77.50M	130.00M	306.00M	109.90M	182.00M	178.70M	452.00M	88.70M	181.80M	189.40M	49.30M	140.10M	117.90M	177.10M	112.50M	152.40M	153.00M
Net Receivables	298.00M	340.20M	340.20M	380.10M	326.20M	264.00M	276.10M	296.10M	0.00M	262.50M	224.60M	317.90M	274.70M	325.10M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	165.80M	232.20M	272.50M
Inventory	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1.70M	4.50M
Other Current Assets	35.90M	64.40M	64.40M	38.80M	123.50M	200.30M	5.10M	172.40M	28.40M	2.70M	61.00M	199.30M	109.70M	34.90M	27.00M	0.10M	4.00M	0.00M	0.00M	5.10M	11.40M	24.70M	45.80M	4.10M	11.60M
Total Current Assets	433.50M	498.80M	498.80M	615.90M	483.50M	537.70M	349.50M	563.00M	105.90M	395.20M	591.60M	627.10M	566.40M	538.70M	479.00M	88.80M	185.80M	189.40M	49.30M	145.20M	129.30M	201.80M	324.10M	390.40M	441.60M
Property, Plant & Equipment	3,649.10M	3,804.50M	3,804.50M	3,744.00M	4,195.20M	4,475.10M	4,431.10M	4,143.80M	3,736.30M	3,488.10M	3,553.00M	3,496.00M	3,622.40M	3,306.90M	3,126.60M	2,904.50M	2,546.10M	2,050.70M	1,693.00M	1,385.00M	1,090.70M	982.10M	850.20M	994.80M	1,107.20M
Goodwill	0.00M	6.60M	6.60M	6.30M	6.50M	6.20M	38.50M	41.40M	39.70M	40.40M	43.00M	41.60M	43.80M	28.40M	51.90M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	4.30M	0.00M	0.00M
Intangible Assets	110.20M	96.10M	96.10M	95.80M	109.70M	111.00M	147.60M	164.80M	116.20M	108.40M	102.80M	48.20M	47.70M	39.20M	15.90M	72.60M	53.90M	41.00M	38.80M	62.60M	40.70M	43.30M	32.70M	6.60M	6.30M
Long-Term Investments	2,142.10M	2,299.50M	2,299.50M	1,880.10M	2,156.80M	1,874.90M	1,484.60M	1,437.50M	1,092.90M	969.60M	1,092.80M	1,069.10M	943.10M	812.20M	963.70M	804.90M	733.10M	604.00M	517.10M	217.00M	289.40M	279.00M	184.70M	0.00M	0.00M
Tax Assets	38.60M	39.50M	39.50M	38.80M	69.50M	217.40M	183.30M	175.50M	92.40M	75.80M	97.00M	81.80M	52.70M	20.20M	33.50M	30.90M	6.40M	5.60M	6.60M	16.30M	21.00M	45.30M	24.60M	5.40M	5.80M
Other Non-Current Assets	263.60M	21.60M	21.60M	244.30M	1.60M	1.20M	-32.50M	-35.10M	-92.40M	-75.80M	-97.00M	-81.80M	-52.70M	-20.20M	31.30M	32.30M	31.00M	28.70M	23.10M	99.70M	19.70M	17.80M	145.70M	333.10M	413.90M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	107.80M	94.90M	182.40M	201.00M	157.90M	74.80M	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	6,203.60M	6,267.80M	6,267.80M	6,009.30M	6,539.30M	6,685.80M	6,252.60M	5,927.90M	5,092.90M	4,701.40M	4,974.00M	4,855.90M	4,814.90M	4,261.50M	4,222.90M	3,845.20M	3,370.50M	2,730.00M	2,278.60M	1,780.60M	1,461.50M	1,367.50M	1,242.20M	1,339.90M	1,533.20M
Total Assets	6,637.10M	6,766.60M	6,766.60M	6,625.20M	7,022.80M	7,223.50M	6,602.10M	6,490.90M	5,198.80M	5,096.60M	5,565.60M	5,483.00M	5,381.30M	4,800.20M	4,701.90M	3,934.00M	3,556.30M	2,919.40M	2,327.90M	1,925.80M	1,590.80M	1,569.30M	1,566.30M	1,730.30M	1,974.80M
Accounts Payable	323.10M	124.40M	124.40M	66.20M	77.10M	70.10M	51.40M	41.00M	36.70M	46.10M	43.60M	40.10M	51.80M	44.20M	43.00M	273.50M	306.10M	280.80M	321.00M	259.40M	227.00M	194.40M	148.30M	225.10M	250.00M
Short-Term Debt	168.10M	391.50M	391.50M	205.90M	696.90M	464.90M	342.20M	470.40M	171.40M	112.50M	171.50M	101.50M	264.80M	130.60M	115.70M	172.80M	224.70M	41.90M	123.90M	73.70M	71.00M	78.80M	35.60M	65.40M	110.80M
Tax Payables	32.60M	52.80M	52.80M	43.20M	51.40M	47.90M	55.50M	42.10M	47.00M	49.50M	47.90M	64.10M	63.20M	58.00M	64.90M	57.00M	38.70M	25.30M	17.60M	39.00M	28.00M	37.50M	39.30M	0.00M	0.00M
Deferred Revenue	0.00M	0.00M	0.00M	30.60M	24.00M	32.00M	18.60M	16.60M	21.80M	28.00M	38.50M	35.80M	-264.80M	-130.60M	369.50M	0.00M	0.00M	50.30M	0.00M	0.00M	84.20M	54.30M	0.00M	4.90M	0.00M
Other Current Liabilities	59.00M	260.10M	260.10M	291.50M	270.40M	303.40M	327.80M	367.00M	325.80M	263.60M	267.20M	332.20M	294.70M	290.10M	261.50M	35.80M	49.20M	43.10M	16.90M	29.80M	60.30M	21.60M	50.90M	6.90M	6.90M
Total Current Liabilities	582.80M	828.80M	828.80M	637.40M	1,119.80M	918.30M	795.50M	937.10M	602.70M	499.70M	568.70M	573.70M	409.70M	392.30M	854.60M	539.10M	618.70M	441.40M	479.40M	401.90M	470.50M	386.60M	274.10M	302.30M	367.70M
Long-Term Debt	2,042.50M	1,723.30M	1,723.30M	1,637.80M	1,662.70M	1,822.30M	1,616.30M	1,394.50M	1,731.10M	1,551.40M	1,938.70M	2,304.00M	2,183.50M	1,872.80M	2,083.80M	1,521.50M	1,388.50M	1,165.20M	922.10M	624.60M	472.60M	510.00M	581.40M	0.00M	0.00M
Capital Lease Obligations	624.80M	651.40M	651.40M	639.70M	688.80M	676.10M	668.50M	534.70M	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	1.30M	0.00M	0.00M
Deferred Tax Liabilities	255.40M	267.70M	267.70M	252.70M	251.50M	217.40M	183.30M	326.20M	292.50M	254.00M	302.60M	274.10M	223.00M	202.20M	260.30M	248.10M	204.00M	161.50M	126.40M	111.70M	98.10M	102.80M	86.50M	118.00M	143.30M
Other Non-Current Liabilities	76.90M	73.10M	73.10M	110.30M	87.00M	64.90M	90.90M	0.00M	329.10M	426.10M	514.10M	457.60M	368.80M	245.00M	235.20M	34.70M	69.70M	85.40M	92.40M	109.90M	128.40M	161.70M	93.10M	749.20M	927.60M
Total Non-Current Liabilities	2,999.60M	2,715.50M	2,715.50M	2,640.50M	2,690.00M	2,780.70M	2,559.00M	2,255.40M	2,352.70M	2,231.50M	2,755.40M	3,035.70M	2,775.30M	2,320.00M	2,579.30M	1,804.30M	1,662.20M	1,412.10M	1,140.90M	846.20M	699.10M	774.50M	762.30M	867.20M	1,070.90M
Total Liabilities	3,582.40M	3,544.30M	3,544.30M	3,277.90M	3,809.80M	3,699.00M	3,354.50M	3,192.50M	2,955.40M	2,731.20M	3,324.10M	3,609.40M	3,185.00M	2,712.30M	3,433.90M	2,343.40M	2,280.90M	1,853.50M	1,620.30M	1,248.10M	1,169.60M	1,161.10M	1,036.40M	1,169.50M	1,438.60M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	124.50M	189.30M	121.50M	0.00M	143.00M	116.40M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	19.45M	0.00M	0.00M
Common Stock	58.90M	58.90M	58.90M	62.90M	62.90M	62.90M	62.90M	63.90M	63.90M	63.90M	63.90M	63.90M	63.90M	84.60M	332.80M	84.60M	84.60M	84.60M	81.90M	81.90M	81.90M	81.90M	41.60M	0.00M	0.00M
Retained Earnings	3,292.80M	3,160.90M	3,160.90M	3,068.20M	2,771.20M	3,104.10M	3,036.10M	2,903.80M	2,556.30M	2,419.00M	2,276.10M	1,888.20M	1,649.40M	1,636.90M	1,620.40M	1,402.40M	1,098.40M	907.50M	710.40M	552.60M	418.10M	326.10M	230.10M	0.00M	0.00M
Accumulated OCI	-273.60M	-97.50M	-97.50M	-81.80M	-30.90M	-157.00M	-317.00M	-105.90M	-124.50M	-189.30M	-121.50M	248.90M	-143.00M	-116.40M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Minority Interest	124.70M	147.20M	147.20M	153.20M	161.60M	156.90M	144.90M	147.80M	161.50M	155.90M	159.30M	151.00M	144.60M	118.00M	128.80M	108.50M	96.70M	80.60M	0.00M	70.20M	64.20M	55.10M	51.40M	57.50M	64.30M
Total Shareholders’ Equity	3,078.10M	3,122.30M	3,122.30M	3,049.30M	2,803.20M	3,010.00M	2,782.00M	2,861.80M	2,620.20M	2,482.90M	2,340.00M	2,201.00M	1,713.30M	1,721.50M	1,953.20M	1,487.00M	1,183.00M	992.10M	792.30M	634.50M	500.00M	408.00M	291.15M	0.00M	0.00M
Total Equity	3,202.80M	3,269.50M	3,269.50M	3,202.50M	2,964.80M	3,166.90M	2,926.90M	3,009.60M	2,781.70M	2,638.80M	2,499.30M	2,352.00M	1,857.90M	1,839.50M	2,082.00M	1,595.50M	1,279.70M	1,072.70M	792.30M	704.70M	564.20M	463.10M	342.55M	57.50M	64.30M
Total Liabilities & Equity	6,785.20M	6,813.80M	6,813.80M	6,480.40M	6,774.60M	6,865.90M	6,281.40M	6,202.10M	5,737.10M	5,370.00M	5,823.40M	5,961.40M	5,042.90M	4,551.80M	5,515.90M	3,938.90M	3,560.60M	2,926.20M	2,412.60M	1,952.80M	1,733.80M	1,624.20M	1,378.95M	1,227.00M	1,502.90M
Tangible Assets	6,526.90M	6,663.90M	6,663.90M	6,523.10M	6,906.60M	7,106.30M	6,416.00M	6,284.70M	5,042.90M	4,947.80M	5,419.80M	5,393.20M	5,289.80M	4,732.60M	4,634.10M	3,861.40M	3,502.40M	2,878.40M	2,289.10M	1,863.20M	1,550.10M	1,526.00M	1,529.30M	1,723.70M	1,968.50M
Tangible Equity	3,092.60M	3,166.80M	3,166.80M	3,100.40M	2,848.60M	3,049.70M	2,740.80M	2,803.40M	2,625.80M	2,490.00M	2,353.50M	2,262.20M	1,766.40M	1,771.90M	2,014.20M	1,522.90M	1,225.80M	1,031.70M	753.50M	642.10M	523.50M	419.80M	305.55M	50.90M	58.00M
Tangible Book Value	3,092.60M	3,166.80M	3,166.80M	3,100.40M	2,848.60M	3,049.70M	2,740.80M	2,803.40M	2,625.80M	2,490.00M	2,353.50M	2,262.20M	1,766.40M	1,771.90M	2,014.20M	1,522.90M	1,225.80M	1,031.70M	753.50M	642.10M	523.50M	419.80M	305.55M	50.90M	58.00M
Total Investments	2,142.10M	2,299.50M	2,299.50M	1,880.10M	2,156.80M	1,874.90M	1,484.60M	1,437.50M	1,092.90M	969.60M	1,092.80M	1,069.10M	943.10M	812.20M	963.70M	804.90M	733.10M	604.00M	517.10M	220.70M	289.40M	279.00M	185.20M	333.10M	413.90M
Net Debt	2,111.00M	2,020.60M	2,020.60M	1,646.70M	2,325.80M	2,213.80M	1,890.20M	1,770.40M	1,825.00M	1,533.90M	1,804.20M	2,295.60M	2,266.30M	1,824.70M	1,747.50M	1,605.60M	1,431.40M	1,017.70M	996.70M	561.90M	425.70M	411.70M	505.00M	-87.00M	-42.20M

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
Working Capital	-141.7M	-341.2M	-341.2M	-23.8M	-642.2M	-392.7M	-447.2M	-378.3M	-188.4M	-88.0M	37.8M	66.1M	-136.8M	-14.0M	267.0M	-144.1M	-158.2M	14.9M	-128.7M	-54.5M	-27.2M	65.6M	70.5M	106.0M	98.4M
Total Capital	5,805.6M	5,863.4M	5,863.4M	5,706.6M	6,069.3M	6,187.2M	5,619.1M	5,477.1M	4,585.3M	4,143.9M	4,509.9M	4,414.9M	4,206.5M	3,812.9M	4,039.1M	3,423.6M	3,066.6M	2,459.3M	2,055.0M	1,508.0M	1,214.6M	1,192.3M	1,117.3M	586.6M	607.2M
Capital Employed	6,061.9M	5,926.6M	5,926.6M	6,085.5M	5,897.1M	6,293.1M	5,805.4M	5,549.6M	4,904.5M	4,613.4M	5,011.8M	4,922.0M	4,678.1M	4,247.5M	4,489.9M	3,701.1M	3,212.3M	2,744.9M	2,149.9M	1,726.1M	1,434.3M	1,433.1M	1,312.7M	1,445.9M	1,631.6M
Invested Capital	5,706.0M	5,769.2M	5,769.2M	5,509.6M	6,035.5M	6,113.8M	5,550.8M	5,382.6M	4,507.8M	4,013.9M	4,203.9M	4,305.0M	4,024.5M	3,634.2M	3,587.1M	3,334.9M	2,884.8M	2,269.9M	2,005.7M	1,371.6M	1,096.7M	1,015.2M	1,005.3M	434.2M	454.2M

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	2003-12-31	2002-12-31
Net Income	925.90M	190.40M	419.80M	455.70M	-168.40M	214.20M	294.60M	380.60M	254.50M	235.40M	534.00M	282.20M	250.40M	318.50M	369.50M	435.60M	300.80M	276.50M	229.70M	198.10M	146.90M	105.80M	101.20M	104.50M	111.30M
Depreciation & Amortization	625.50M	673.10M	307.40M	323.00M	339.90M	369.70M	296.00M	326.60M	257.00M	262.60M	256.20M	248.30M	231.80M	209.90M	217.60M	178.00M	151.50M	131.10M	109.90M	0.00M	0.00M	0.00M	86.80M	99.90M	108.90M
Deferred Income Tax	-13.50M	31.00M	0.00M	0.00M	36.00M	-5.00M	16.20M	-4.40M	7.40M	36.36M	11.50M	-48.89M	-24.94M	6.20M	-81.90M	-212.60M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Stock-Based Compensation	9.53M	12.51M	4.40M	9.53M	1.40M	6.10M	4.91M	8.60M	2.00M	-0.40M	2.90M	2.30M	1.00M	-0.40M	-0.40M	2.40M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-85.60M	12.90M	-1.60M	-16.70M	1.30M	14.40M	12.50M	-39.40M	0.70M	-35.90M	-18.00M	44.30M	23.00M	-5.80M	-40.70M	-55.90M	-9.40M	-18.80M	0.00M	0.00M	0.00M	0.00M	-4.60M	50.80M	-66.20M
Accounts Receivable	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Accounts Payable	-18.90M	0.00M	0.00M	4.10M	16.90M	0.00M	0.00M	0.00M	0.00M	0.00M	-7.20M	-15.10M	0.00M	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	-66.70M	12.90M	-1.60M	-20.80M	-15.60M	17.50M	12.50M	-39.40M	0.70M	-35.90M	-10.80M	59.40M	28.60M	-48.30M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Cash Items	113.27M	1,953.00M	179.10M	94.67M	615.00M	82.60M	137.99M	-115.00M	118.95M	207.26M	-74.60M	188.61M	231.66M	138.10M	83.50M	58.90M	-57.70M	-15.50M	-22.90M	65.10M	78.40M	58.50M	-44.50M	-51.80M	-31.20M
Net Cash from Operating Activities	1,575.10M	1,501.30M	909.10M	866.20M	825.20M	682.00M	762.20M	557.00M	639.60M	668.90M	716.30M	768.00M	738.80M	660.30M	547.60M	406.40M	385.20M	373.30M	316.70M	263.20M	225.30M	164.30M	138.90M	203.40M	122.80M
Capital Expenditures (PPE)	-695.80M	-859.20M	-335.70M	-414.70M	-387.00M	-519.80M	-639.50M	-619.60M	-504.00M	-319.10M	-328.00M	-340.00M	-506.10M	-535.50M	-457.70M	-490.30M	-468.40M	-461.20M	0.00M	0.00M	-232.70M	-160.30M	-122.10M	-106.50M	-97.00M
Acquisitions (Net)	-0.50M	33.20M	9.00M	47.80M	2.20M	3.50M	133.40M	522.30M	5.90M	53.90M	475.10M	2.00M	-170.80M	-82.50M	-165.00M	82.30M	-85.30M	0.00M	-127.80M	4.80M	-11.10M	-2.20M	120.20M	16.10M	-2.40M
Purchases of Investments	-201.70M	-289.20M	0.00M	0.00M	-227.90M	-79.60M	-189.70M	-190.70M	-95.40M	-23.30M	-74.30M	-132.10M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-1.20M	0.00M	-22.50M	-45.40M
Sales / Maturities of Investments	33.30M	51.90M	0.00M	0.00M	4.60M	1.20M	120.90M	28.60M	23.90M	10.00M	-400.80M	130.10M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-4.10M	0.00M	39.80M	95.80M
Other Investing Activities	212.10M	251.40M	-168.60M	476.50M	118.70M	6.30M	2.20M	-1.60M	-19.80M	-42.10M	41.90M	193.60M	-17.10M	21.40M	3.80M	-34.70M	-51.20M	30.30M	-554.60M	-373.80M	11.30M	128.90M	16.70M	26.20M	16.40M
Net Cash from Investing Activities	-652.60M	-811.90M	-495.30M	109.60M	-489.40M	-588.40M	-572.70M	-261.00M	-589.40M	-320.60M	114.70M	-276.50M	-694.00M	-596.60M	-618.90M	-442.70M	-604.90M	-430.90M	-682.40M	-369.00M	-232.50M	-38.90M	14.80M	-46.90M	-32.60M
Net Debt Issuance	101.50M	97.00M	191.40M	-451.30M	1.80M	223.20M	207.00M	-38.60M	179.00M	-248.40M	-327.70M	-248.60M	184.50M	-56.80M	679.80M	-84.10M	280.30M	193.90M	309.00M	192.70M	-4.60M	-73.40M	-122.60M	-114.70M	-248.40M
Long-Term Debt Issuance	-52.20M	97.00M	81.00M	-174.50M	187.00M	-33.80M	180.00M	-157.60M	200.00M	-328.10M	-269.30M	-73.10M	246.10M	36.90M	696.50M	95.40M	308.00M	242.00M	354.40M	232.30M	42.30M	-46.60M	-66.60M	-46.70M	-108.40M
Short-Term Debt Issuance	34.10M	0.00M	110.40M	-276.80M	-185.20M	257.00M	27.00M	119.00M	-21.00M	79.70M	-58.40M	-175.50M	-61.60M	-93.70M	-16.70M	-179.50M	-27.70M	-48.10M	-45.40M	-39.60M	-46.90M	-26.80M	-56.00M	-68.00M	-140.00M
Net Stock Issuance	-405.60M	-2.60M	-308.20M	-10.50M	0.00M	-2.90M	-108.10M	-2.60M	0.00M	1.60M	-3.80M	-46.90M	-28.00M	-33.00M	0.00M	0.00M	-9.20M	-2.90M	-2.80M	0.00M	0.00M	0.00M	9.20M	1.60M	0.00M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1.60M	0.00M	0.00M	5.00M	33.50M	0.00M	0.00M	0.00M	0.00M	0.40M	0.00M	0.00M	0.00M	9.20M	1.60M	0.00M
Common Stock Repurchased	-405.60M	-2.60M	-308.20M	-10.50M	0.00M	-2.90M	-108.10M	-2.60M	0.00M	0.00M	-3.80M	-2.90M	0.00M	-33.00M	0.00M	0.00M	-9.20M	-8.90M	-2.80M	-13.00M	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	-44.00M	-33.00M	-33.00M	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	-368.80M	-319.90M	-183.50M	-163.10M	-156.80M	-150.50M	-146.10M	-140.50M	-134.00M	-133.90M	-127.50M	-118.10M	-120.50M	-120.30M	-110.10M	-97.30M	-82.40M	0.00M	-61.00M	-49.20M	-40.50M	-9.90M	-4.10M	-36.10M	-6.90M
Common Dividends Paid	-368.80M	-319.90M	-183.50M	-163.10M	-156.80M	-150.50M	-146.10M	-140.50M	-134.00M	-133.90M	-127.50M	-114.80M	-114.80M	-112.10M	-101.90M	-89.10M	-79.60M	-18.50M	-59.20M	-46.70M	-37.50M	-4.50M	-4.10M	-36.10M	-6.90M
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	-3.30M	-5.70M	-8.20M	-8.20M	-8.20M	-2.80M	-2.00M	-1.80M	-2.50M	-3.00M	-5.40M	0.00M	0.00M	0.00M
Other Financing Activities	-214.80M	-555.70M	-228.50M	-177.00M	-198.50M	-154.60M	-171.50M	-79.20M	-142.50M	-158.10M	-143.20M	-149.80M	-121.10M	-109.80M	3.80M	0.00M	0.00M	83.70M	-12.60M	-12.20M	-12.50M	17.10M	-58.70M	0.00M	73.80M
Net Cash from Financing Activities	-887.70M	-658.90M	-528.80M	-801.90M	-353.50M	-84.80M	-218.70M	-260.90M	-97.50M	-538.80M	-602.20M	-563.40M	-85.10M	-319.90M	573.50M	-181.40M	188.70M	254.20M	232.60M	131.30M	-57.60M	-81.50M	-176.20M	-149.20M	-181.50M
Effect of FX on Cash	-9.80M	1.60M	2.10M	-1.20M	1.40M	3.10M	-2.30M	0.80M	-0.60M	-4.40M	1.70M	1.30M	7.60M	-4.60M	0.50M	2.90M	6.00M	0.60M	1.30M	-2.80M	-2.60M	4.70M	-1.70M	-7.90M	-3.20M
Net Change in Cash	116.70M	16.00M	-104.70M	164.30M	-38.10M	11.80M	-29.00M	17.00M	-48.30M	-194.90M	230.50M	-71.30M	-32.70M	-264.40M	502.70M	-214.80M	-24.80M	197.20M	-134.90M	21.90M	-67.30M	49.80M	-24.20M	-0.60M	-94.70M
Cash at Beginning of Period	368.00M	231.90M	197.00M	32.70M	73.40M	68.30M	94.50M	77.50M	102.90M	297.80M	67.30M	138.60M	171.30M	435.70M	-67.00M	147.80M	172.60M	-24.60M	110.30M	88.40M	155.70M	105.90M	130.10M	153.00M	247.70M
Cash at End of Period	483.20M	247.90M	92.30M	197.00M	33.80M	73.40M	68.30M	94.50M	54.60M	102.90M	297.80M	67.30M	138.60M	171.30M	435.70M	-67.00M	147.80M	172.60M	-24.60M	110.30M	88.40M	155.70M	105.90M	152.40M	153.00M
Operating Cash Flow	1,684.50M	1,501.30M	909.10M	866.20M	719.30M	605.50M	668.20M	557.00M	639.60M	668.90M	716.30M	768.00M	738.80M	660.30M	547.60M	406.40M	385.20M	373.30M	316.70M	263.20M	225.30M	164.30M	138.90M	203.40M	122.80M
Capital Expenditure	-674.70M	-859.20M	-335.70M	-414.00M	-387.00M	-519.80M	-639.50M	-619.60M	-504.00M	-319.10M	-328.00M	-340.00M	-506.10M	-535.50M	-457.70M	-490.30M	-468.40M	-461.20M	0.00M	0.00M	-232.70M	-160.30M	-122.10M	-106.50M	-97.00M
Free Cash Flow	1,009.80M	642.10M	573.40M	452.20M	332.30M	85.70M	28.70M	-62.60M	135.60M	349.80M	388.30M	428.00M	232.70M	124.80M	89.90M	-83.90M	-83.20M	-87.90M	316.70M	263.20M	-7.40M	4.00M	16.80M	96.90M	25.80M

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
EBITDA	1,416.90M	594.50M	1,293.10M	744.70M	700.80M	670.00M	653.50M	702.50M	1,093.00M	1,127.40M	1,159.40M	1,175.90M	1,125.50M	1,080.50M	1,293.40M	1,349.90M	1,266.30M	1,132.20M	1,033.40M	299.20M	223.40M	131.40M	697.50M	849.50M	905.10M
(-) Tax Adjustment	159.81M	208.08M	210.44M	97.69M	0.00M	132.59M	117.54M	81.86M	183.47M	94.92M	128.90M	310.66M	246.97M	170.46M	238.48M	189.88M	246.75M	225.85M	199.35M	61.45M	33.04M	25.60M	7.40M	161.30M	174.75M
(-) Change In Working Capital	-85.60M	12.90M	-1.60M	-16.70M	1.30M	14.40M	12.50M	-39.40M	0.70M	-35.90M	-18.00M	44.30M	23.00M	-5.80M	-40.70M	-55.90M	-9.40M	-18.80M	0.00M	0.00M	0.00M	0.00M	-4.60M	50.80M	-66.20M
(-) Capital Expenditure	-674.70M	-859.20M	-335.70M	-414.00M	-387.00M	-519.80M	-639.50M	-619.60M	-504.00M	-319.10M	-328.00M	-340.00M	-506.10M	-535.50M	-457.70M	-490.30M	-468.40M	-461.20M	0.00M	0.00M	-232.70M	-160.30M	-122.10M	-106.50M	-97.00M
Unlevered Free Cash Flow	667.99M	-485.68M	748.56M	249.71M	312.50M	3.21M	-116.04M	40.44M	404.83M	749.28M	720.50M	480.94M	349.43M	380.34M	637.92M	725.62M	560.55M	463.95M	834.05M	237.75M	-42.34M	-54.50M	572.60M	530.90M	699.55M
(-) Net Interest Income After Taxes	-194.21M	-157.82M	-84.06M	-107.04M	-116.20M	-83.74M	-65.12M	-76.77M	-61.25M	-103.94M	-77.86M	-66.89M	-64.32M	-69.82M	-58.97M	-67.54M	-55.07M	-36.58M	-30.35M	-34.09M	-37.66M	0.00M	-38.19M	38.80M	46.08M
Net Debt Issuance	101.50M	97.00M	191.40M	-451.30M	1.80M	223.20M	207.00M	-38.60M	179.00M	-248.40M	-327.70M	-248.60M	184.50M	-56.80M	679.80M	-84.10M	280.30M	193.90M	309.00M	192.70M	-4.60M	-73.40M	-122.60M	-114.70M	-248.40M
Levered Free Cash Flow	963.70M	-230.86M	1,024.02M	-94.55M	430.50M	310.15M	156.08M	78.61M	645.07M	604.82M	470.66M	299.23M	598.24M	393.36M	1,376.69M	709.07M	895.92M	694.43M	1,173.40M	464.54M	-9.28M	-127.90M	488.19M	377.39M	405.07M