ValueCommerce Co., Ltd. (2491.T)

Industry: Advertising Agencies Sector: Communication Services Currency Used: JP Live Price: $667.00

Enterprise Value

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Stock Price	797.33	1,138.50	1,446.75	2,724.50	4,018.75	2,843.75	2,168.75	1,737.75	678.75	354.25	525.25	854.75	862.25	165.45	109.64	131.25	90.50
Market Capitalization	17,274.76M	28,615.20M	46,784.65M	88,069.52M	129,842.11M	91,857.15M	70,037.58M	55,984.81M	21,831.68M	11,596.67M	17,447.92M	28,380.06M	28,581.83M	5,963.77M	4,232.57M	5,026.84M	3,439.83M
(-) Cash & Equivalents	11,847.67M	14,132.25M	20,682.75M	18,252.75M	13,295.33M	9,155.32M	7,854.69M	6,357.28M	4,282.98M	3,723.23M	4,453.46M	4,436.31M	4,260.25M	4,200.89M	4,131.87M	3,503.19M	2,954.41M
(+) Total Debt	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Enterprise Value	5,427.09M	14,482.95M	26,101.90M	69,816.77M	116,546.78M	82,701.83M	62,182.89M	49,627.53M	17,548.70M	7,873.44M	12,994.46M	23,943.75M	24,321.59M	1,762.87M	100.70M	1,523.64M	485.42M

Income Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
Revenue	28,955M	29,912M	30,410M	29,396M	35,708M	33,560M	29,172M	25,695M	20,765M	16,889M	17,505M	16,658M	13,373M	12,013M	9,507M	7,789M	6,977M	6,610M	6,786M	5,871M	5,331M	4,049M	2,837M
Cost of Revenue	20,089M	19,849M	20,427M	19,247M	22,881M	20,681M	17,587M	16,871M	13,863M	11,566M	13,601M	12,631M	9,418M	8,140M	6,067M	4,799M	4,208M	4,126M	4,301M	3,361M	2,363M	1,658M	1,063M
Gross Profit	8,866M	10,063M	9,983M	10,149M	12,827M	12,879M	11,584M	8,824M	6,902M	5,323M	3,905M	4,027M	3,955M	3,873M	3,441M	2,991M	2,769M	2,484M	2,485M	2,510M	2,968M	2,391M	1,774M
Gross Profit Margin	30.6%	33.6%	32.8%	34.5%	35.9%	38.4%	39.7%	34.3%	33.2%	31.5%	22.3%	24.2%	29.6%	32.2%	36.2%	38.4%	39.7%	37.6%	36.6%	42.8%	55.7%	59.1%	62.5%
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
SG&A Expenses	5,637M	5,581M	5,823M	4,918M	4,577M	4,973M	5,366M	3,871M	3,146M	3,100M	2,982M	2,507M	2,439M	2,532M	2,535M	0M	0M	0M	0M	2,309M	2,426M	2,137M	1,577M
Operating Expenses	5,636M	5,577M	5,823M	4,920M	4,578M	4,973M	5,366M	3,857M	3,146M	3,100M	2,982M	2,508M	2,440M	2,532M	2,536M	2,231M	2,215M	2,238M	2,339M	2,309M	2,426M	2,158M	1,599M
Operating Income (EBIT)	3,230M	4,486M	4,160M	5,229M	8,249M	7,906M	6,218M	4,967M	3,756M	2,223M	923M	1,519M	1,515M	1,341M	905M	760M	554M	246M	146M	201M	542M	233M	175M
Operating Income Margin	11.2%	15.0%	13.7%	17.8%	23.1%	23.6%	21.3%	19.3%	18.1%	13.2%	5.3%	9.1%	11.3%	11.2%	9.5%	9.8%	7.9%	3.7%	2.2%	3.4%	10.2%	5.8%	6.2%
Interest Income	0M	0M	0M	0M	0M	30M	44M	12M	0M	0M	0M	0M	0M	0M	0M	0M	0M	2M	6M	4M	0M	0M	0M
Interest Expense	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Net Interest Income	0M	0M	0M	0M	0M	30M	44M	12M	0M	0M	0M	0M	0M	0M	0M	0M	0M	2M	6M	4M	0M	0M	0M
Unusual Items	569M	-142M	-46M	-188M	70M	-2,487M	-6M	-72M	69M	-684M	-292M	77M	12M	181M	95M	-51M	35M	-218M	-134M	-12M	-301M	-38M	37M
EBT Excluding Unusual Items	3,230M	4,486M	4,160M	5,229M	8,249M	7,936M	6,262M	4,979M	3,756M	2,223M	923M	1,519M	1,515M	1,341M	905M	760M	554M	248M	152M	205M	542M	233M	175M
Pre-Tax Income	3,799M	4,344M	4,114M	5,041M	8,319M	5,449M	6,256M	4,907M	3,825M	1,539M	631M	1,596M	1,528M	1,522M	1,000M	709M	589M	30M	18M	193M	241M	195M	212M
Pre-Tax Margin	13.1%	14.5%	13.5%	17.1%	23.3%	16.2%	21.4%	19.1%	18.4%	9.1%	3.6%	9.6%	11.4%	12.7%	10.5%	9.1%	8.4%	0.5%	0.3%	3.3%	4.5%	4.8%	7.5%
Income Tax Expense	787M	1,485M	1,258M	1,640M	2,513M	2,189M	1,988M	1,562M	1,220M	528M	287M	564M	569M	558M	374M	265M	31M	7M	114M	186M	-303M	19M	2M
Net Income	3,011M	2,859M	2,855M	3,400M	5,806M	3,260M	4,268M	3,345M	2,605M	1,010M	345M	1,032M	959M	964M	625M	444M	559M	23M	-95M	12M	547M	173M	209M
Net Income Margin	10.4%	9.6%	9.4%	11.6%	16.3%	9.7%	14.6%	13.0%	12.5%	6.0%	2.0%	6.2%	7.2%	8.0%	6.6%	5.7%	8.0%	0.3%	-1.4%	0.2%	10.3%	4.3%	7.4%
Depreciation & Amortization	419M	440M	433M	473M	467M	793M	1,063M	488M	352M	440M	457M	204M	125M	106M	100M	127M	131M	188M	187M	221M	266M	200M	146M
EBITDA	3,649M	4,926M	4,593M	5,702M	8,716M	8,699M	7,281M	5,455M	4,108M	2,663M	1,380M	1,723M	1,640M	1,447M	1,005M	886M	684M	434M	333M	422M	808M	433M	321M
EBITDA Margin	12.6%	16.5%	15.1%	19.4%	24.4%	25.9%	25.0%	21.2%	19.8%	15.8%	7.9%	10.3%	12.3%	12.0%	10.6%	11.4%	9.8%	6.6%	4.9%	7.2%	15.2%	10.7%	11.3%
NOPAT	2,561M	2,952M	2,888M	3,528M	5,757M	4,730M	4,242M	3,386M	2,558M	1,460M	504M	982M	951M	849M	566M	475M	525M	189M	-800M	7M	1,223M	210M	173M
NOPAT Margin	8.8%	9.9%	9.5%	12.0%	16.1%	14.1%	14.5%	13.2%	12.3%	8.6%	2.9%	5.9%	7.1%	7.1%	6.0%	6.1%	7.5%	2.9%	-11.8%	0.1%	22.9%	5.2%	6.1%
Owner's Earnings	3,383M	2,956M	3,198M	3,448M	5,930M	3,640M	4,595M	3,331M	2,665M	1,067M	29M	1,074M	919M	869M	559M	417M	608M	136M	-87M	193M	646M	222M	355M
Owner's Earnings Margin	11.7%	9.9%	10.5%	11.7%	16.6%	10.8%	15.8%	13.0%	12.8%	6.3%	0.2%	6.4%	6.9%	7.2%	5.9%	5.3%	8.7%	2.1%	-1.3%	3.3%	12.1%	5.5%	12.5%
EPS (Basic)	139.04	103.09	113.20	105.14	179.59	100.89	132.13	103.57	80.78	31.40	10.39	31.07	28.86	29.09	17.01	11.50	14.58	0.61	-2.51	0.33	15.42	5.23	6.86
EPS (Diluted)	139.03	102.44	113.20	105.13	179.51	100.82	132.00	103.47	80.62	31.35	10.39	31.03	28.70	28.87	16.97	11.46	14.45	0.60	-2.51	0.31	14.94	5.20	6.85
Shares (Basic)	22M	28M	25M	32M	32M	32M	32M	32M	32M	32M	33M	33M	33M	33M	37M	39M	38M	38M	38M	36M	35M	33M	31M
Shares (Diluted)	22M	28M	25M	32M	32M	32M	32M	32M	32M	32M	33M	33M	33M	33M	37M	39M	39M	38M	38M	39M	37M	33M	31M

Balance Sheet

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
Cash & Cash Equivalents	11,443.00M	12,324.00M	11,775.00M	21,534.00M	20,184.00M	15,498.00M	11,422.10M	7,862.91M	7,978.06M	5,002.51M	3,600.26M	4,198.80M	4,742.37M	4,541.81M	4,126.49M	4,487.90M	3,846.21M	3,060.07M	2,834.14M	2,820.00M	3,063.00M	1,115.00M	566.00M
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	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	11,443.00M	12,324.00M	11,775.00M	21,534.00M	20,184.00M	15,498.00M	11,422.10M	7,862.91M	7,978.06M	5,002.51M	3,600.26M	4,198.80M	4,742.37M	4,541.81M	4,126.49M	4,487.90M	3,846.21M	3,060.07M	2,834.14M	2,820.00M	3,063.00M	1,115.00M	566.00M
Net Receivables	3,596.00M	5,156.00M	5,692.00M	5,017.00M	5,853.00M	6,445.00M	4,417.00M	5,448.15M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	2,134.94M	0.00M	1,856.40M	1,786.86M	0.00M	819.00M	690.00M	557.00M	413.00M
Inventory	0.00M	0.00M	0.00M	0.00M	5.00M	4.00M	314.38M	15.64M	92.14M	88.24M	46.57M	737.64M	838.23M	1,077.53M	910.33M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Assets	243.00M	217.00M	175.00M	1,385.00M	1,665.00M	1,500.00M	415.93M	161.47M	89.30M	153.39M	203.33M	55.89M	69.60M	133.05M	39.99M	100.40M	69.43M	64.45M	1,063.06M	236.00M	394.00M	99.00M	39.00M
Total Current Assets	15,282.00M	17,697.00M	17,642.00M	27,936.00M	27,707.00M	23,447.00M	16,569.41M	13,488.17M	8,159.50M	5,244.14M	3,850.16M	4,992.34M	5,650.20M	5,752.39M	7,211.75M	4,588.30M	5,772.04M	4,911.38M	3,897.20M	3,875.00M	4,147.00M	1,771.00M	1,018.00M
Property, Plant & Equipment	156.00M	191.00M	216.00M	175.00M	210.00M	239.00M	267.56M	349.24M	292.08M	300.16M	336.51M	53.13M	49.94M	80.64M	102.37M	130.08M	120.15M	138.12M	186.69M	222.00M	268.00M	197.00M	103.00M
Goodwill	245.00M	260.00M	77.00M	52.00M	104.00M	156.00M	698.71M	1,321.10M	224.70M	337.04M	647.59M	983.28M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	272.00M	40.00M
Intangible Assets	618.00M	632.00M	845.00M	820.00M	924.00M	970.00M	3,137.90M	1,868.58M	633.71M	601.64M	906.15M	509.93M	384.50M	360.30M	248.79M	157.87M	147.17M	180.95M	264.98M	819.00M	690.00M	209.00M	393.00M
Long-Term Investments	1,047.00M	1,086.00M	727.00M	619.00M	709.00M	459.00M	592.60M	856.19M	734.09M	1,602.28M	1,129.94M	1,093.21M	1,035.03M	632.36M	331.05M	217.28M	160.94M	131.76M	364.63M	411.00M	5.00M	5.00M	17.00M
Tax Assets	99.00M	72.00M	53.00M	0.00M	105.00M	84.00M	96.59M	119.30M	57.90M	40.07M	52.36M	34.56M	4.94M	46.40M	67.80M	81.97M	87.27M	16.16M	12.08M	3.00M	3.00M	0.00M	0.00M
Other Non-Current Assets	503.00M	176.00M	32.00M	17.00M	21.00M	8.00M	18.97M	24.63M	21.79M	9.26M	204.61M	7.97M	97.17M	105.83M	105.52M	126.93M	119.57M	167.96M	177.61M	181.00M	183.00M	69.00M	29.00M
Other Assets	0.00M	0.00M	4.00M	3.00M	2.00M	1.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	2,668.00M	2,417.00M	1,954.00M	1,686.00M	2,075.00M	1,917.00M	4,812.33M	4,539.05M	1,964.26M	2,890.46M	3,277.17M	2,682.09M	1,571.58M	1,225.53M	855.54M	714.13M	635.09M	634.95M	1,005.99M	1,636.00M	1,149.00M	752.00M	582.00M
Total Assets	17,950.00M	20,114.00M	19,596.00M	29,622.00M	29,782.00M	25,364.00M	21,381.74M	18,027.21M	10,123.76M	8,134.59M	7,127.33M	7,674.43M	7,221.78M	6,977.91M	8,067.28M	5,302.43M	6,407.14M	5,546.33M	4,903.19M	5,511.00M	5,296.00M	2,523.00M	1,600.00M
Accounts Payable	1,503.00M	2,560.00M	2,736.00M	2,385.00M	2,722.00M	2,986.00M	2,749.00M	2,622.73M	2,566.02M	1,912.28M	1,785.75M	2,075.46M	1,757.27M	1,356.02M	1,097.33M	818.36M	1,726.28M	1,558.50M	804.66M	488.00M	381.00M	259.00M	164.00M
Short-Term Debt	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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 Payables	0.00M	0.00M	572.00M	249.00M	1,478.00M	1,364.00M	1,479.81M	1,063.91M	820.95M	547.64M	71.09M	373.76M	224.00M	366.50M	239.32M	246.13M	120.74M	8.72M	10.13M	0.00M	0.00M	0.00M	0.00M
Deferred Revenue	0.00M	0.00M	0.00M	527.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	2,339.00M	2,871.00M	3,935.00M	2,641.00M	4,543.00M	4,280.00M	4,808.41M	2,731.93M	2,098.30M	2,108.25M	1,779.43M	187.00M	1,480.76M	1,833.62M	1,595.51M	1,339.66M	122.70M	131.37M	248.97M	494.00M	603.00M	614.00M	440.00M
Total Current Liabilities	3,842.00M	5,431.00M	7,243.00M	5,802.00M	8,743.00M	8,630.00M	9,037.22M	6,418.57M	5,485.26M	4,568.17M	3,636.27M	2,636.21M	3,462.03M	3,556.14M	2,932.16M	2,404.15M	1,969.72M	1,698.59M	1,063.76M	982.00M	984.00M	873.00M	604.00M
Long-Term Debt	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Capital Lease Obligations	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	0.00M	0.00M	0.00M	22.00M	0.00M	169.00M	189.89M	245.91M	57.19M	61.61M	33.20M	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 Non-Current Liabilities	0.00M	59.00M	62.00M	183.00M	71.00M	78.00M	23.14M	-163.90M	18.16M	81.86M	151.77M	84.82M	109.39M	136.58M	155.15M	169.74M	175.19M	178.44M	192.94M	219.00M	199.00M	218.00M	108.00M
Total Non-Current Liabilities	0.00M	59.00M	62.00M	205.00M	71.00M	247.00M	213.03M	82.01M	75.35M	143.47M	184.97M	84.82M	109.39M	136.58M	155.15M	169.74M	175.19M	178.44M	192.94M	219.00M	199.00M	218.00M	108.00M
Total Liabilities	3,842.00M	5,490.00M	7,305.00M	6,007.00M	8,814.00M	8,877.00M	9,250.25M	6,500.58M	5,560.61M	4,711.64M	3,821.24M	2,721.04M	3,571.41M	3,692.72M	3,087.31M	2,573.90M	2,144.91M	1,877.04M	1,256.70M	1,201.00M	1,183.00M	1,091.00M	712.00M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	1,728.00M	1,728.00M	1,728.00M	1,728.00M	1,728.00M	1,728.00M	1,728.27M	1,728.27M	1,728.27M	1,728.27M	1,728.27M	1,728.27M	1,728.27M	1,728.27M	1,728.12M	1,727.67M	1,724.87M	1,714.27M	1,714.12M	1,711.00M	1,702.00M	832.00M	646.00M
Retained Earnings	22,232.00M	22,365.00M	21,174.00M	19,765.00M	18,110.00M	14,017.00M	12,113.97M	8,976.30M	6,664.61M	4,510.89M	3,662.15M	3,583.31M	2,881.71M	2,306.46M	2,226.82M	1,831.03M	1,443.62M	885.11M	862.11M	957.00M	944.00M	397.00M	223.00M
Accumulated OCI	300.00M	308.00M	250.00M	279.00M	291.00M	177.00M	198.13M	154.59M	129.39M	161.00M	112.50M	44.00M	67.00M	34.00M	0.00M	0.00M	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	5.00M	7.00M	0.00M
Total Shareholders’ Equity	24,260.00M	24,401.00M	23,152.00M	21,772.00M	20,129.00M	15,922.00M	14,040.36M	10,859.16M	8,522.26M	6,400.16M	5,502.91M	5,355.57M	4,676.97M	4,068.72M	3,954.94M	3,558.69M	3,168.49M	2,599.38M	2,576.22M	2,668.00M	2,646.00M	1,229.00M	869.00M
Total Equity	24,260.00M	24,401.00M	23,152.00M	21,772.00M	20,129.00M	15,922.00M	14,040.36M	10,859.16M	8,522.26M	6,400.16M	5,502.91M	5,355.57M	4,676.97M	4,068.72M	3,954.94M	3,558.69M	3,168.49M	2,599.38M	2,576.22M	2,668.00M	2,651.00M	1,236.00M	869.00M
Total Liabilities & Equity	28,102.00M	29,891.00M	30,457.00M	27,779.00M	28,943.00M	24,799.00M	23,290.61M	17,359.74M	14,082.88M	11,111.80M	9,324.15M	8,076.61M	8,248.38M	7,761.44M	7,042.25M	6,132.59M	5,313.40M	4,476.42M	3,832.93M	3,869.00M	3,834.00M	2,327.00M	1,581.00M
Tangible Assets	17,087.00M	19,222.00M	18,674.00M	28,750.00M	28,754.00M	24,238.00M	17,545.12M	14,837.53M	9,265.36M	7,195.91M	5,573.58M	6,181.21M	6,837.27M	6,617.62M	7,818.49M	5,144.56M	6,259.96M	5,365.38M	4,638.21M	4,692.00M	4,606.00M	2,042.00M	1,167.00M
Tangible Equity	23,397.00M	23,509.00M	22,230.00M	20,900.00M	19,101.00M	14,796.00M	10,203.75M	7,669.47M	7,663.86M	5,461.47M	3,949.17M	3,862.36M	4,292.47M	3,708.42M	3,706.14M	3,400.83M	3,021.32M	2,418.43M	2,311.25M	1,849.00M	1,961.00M	755.00M	436.00M
Tangible Book Value	23,397.00M	23,509.00M	22,230.00M	20,900.00M	19,101.00M	14,796.00M	10,203.75M	7,669.47M	7,663.86M	5,461.47M	3,949.17M	3,862.36M	4,292.47M	3,708.42M	3,706.14M	3,400.83M	3,021.32M	2,418.43M	2,311.25M	1,849.00M	1,961.00M	755.00M	436.00M
Total Investments	1,047.00M	1,086.00M	727.00M	619.00M	709.00M	459.00M	592.60M	856.19M	734.09M	1,602.28M	1,129.94M	1,093.21M	1,035.03M	632.36M	331.05M	217.28M	160.94M	131.76M	364.63M	411.00M	5.00M	5.00M	17.00M
Net Debt	-11,443.00M	-12,324.00M	-11,775.00M	-21,534.00M	-20,184.00M	-15,498.00M	-11,422.10M	-7,862.91M	-7,978.06M	-5,002.51M	-3,600.26M	-4,198.80M	-4,742.37M	-4,541.81M	-4,126.49M	-4,487.90M	-3,846.21M	-3,060.07M	-2,834.14M	-2,820.00M	-3,063.00M	-1,115.00M	-566.00M

Capital Metrics

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
Working Capital	11,319.0M	11,771.0M	10,971.0M	20,863.0M	18,814.0M	14,725.0M	10,076.8M	7,034.9M	7,257.0M	4,221.2M	3,071.2M	3,647.5M	4,097.6M	3,857.7M	3,448.6M	4,097.2M	3,802.3M	3,212.8M	2,833.4M	2,893.0M	3,163.0M	898.0M	414.0M
Total Capital	13,986.0M	14,128.0M	12,859.0M	22,463.0M	20,818.0M	16,564.0M	14,676.1M	11,491.9M	9,145.9M	6,968.2M	6,163.4M	6,244.8M	5,559.8M	4,946.6M	4,149.0M	4,641.5M	4,262.2M	3,669.3M	3,646.5M	3,733.0M	3,703.0M	1,424.0M	874.0M
Capital Employed	13,987.0M	14,188.0M	12,921.0M	22,549.0M	20,889.0M	16,642.0M	14,889.2M	11,573.9M	9,221.2M	7,111.7M	6,348.4M	6,329.6M	5,669.2M	5,083.2M	4,304.2M	4,811.3M	4,437.4M	3,847.7M	3,839.4M	3,952.0M	3,907.0M	1,650.0M	996.0M
Invested Capital	2,543.0M	1,804.0M	1,084.0M	929.0M	634.0M	1,066.0M	3,254.0M	3,629.0M	1,167.8M	1,965.7M	2,563.1M	2,046.0M	817.5M	404.8M	22.5M	153.6M	416.0M	609.2M	812.3M	913.0M	640.0M	309.0M	308.0M

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
Net Income	3,011.00M	2,859.00M	2,855.00M	3,400.00M	8,319.00M	5,449.00M	6,256.32M	4,906.97M	3,824.74M	1,538.60M	631.27M	1,596.00M	1,527.53M	1,521.99M	999.68M	709.06M	589.04M	29.92M	17.54M	12.00M	547.00M	173.00M
Depreciation & Amortization	419.00M	440.00M	433.00M	473.00M	467.00M	793.00M	1,062.89M	474.75M	352.07M	440.36M	456.78M	203.96M	124.97M	105.96M	99.62M	126.73M	130.61M	188.26M	187.02M	221.00M	266.00M	200.00M
Deferred Income Tax	0.00M	-492.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-541.20M	-752.98M	-572.26M	0.00M	0.00M	-28.41M	0.00M	0.00M	0.00M	0.00M	0.00M
Stock-Based Compensation	6.00M	21.00M	24.00M	11.00M	16.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	7.59M	22.98M	17.65M	0.00M	0.00M	11.31M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-709.00M	-27.00M	-404.00M	964.00M	575.00M	-571.00M	-104.08M	-228.86M	-298.55M	-405.24M	315.23M	-206.48M	-22.37M	-164.69M	280.27M	223.12M	97.67M	-181.60M	-162.33M	0.00M	0.00M	0.00M
Accounts Receivable	1,450.00M	-234.00M	-477.00M	834.00M	584.00M	-608.00M	-406.88M	-441.49M	-970.78M	-731.24M	255.28M	-433.00M	-185.00M	-448.00M	-150.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	0.00M	0.00M	0.00M	0.00M	75.00M	165.00M	-435.72M	-234.79M	0.00M	0.00M	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	-974.00M	215.00M	350.00M	-337.00M	-264.00M	239.00M	126.77M	-28.98M	653.74M	126.53M	-289.71M	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	-1,338.00M	-8.00M	-338.00M	467.00M	180.00M	-367.00M	611.75M	476.40M	-95.02M	446.88M	336.31M	15.00M	310.00M	-116.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Cash Items	188.00M	1,221.00M	553.00M	-1,349.00M	-2,603.00M	-274.00M	-1,320.63M	-1,111.63M	-1,121.62M	631.54M	-399.84M	-41.51M	137.26M	48.01M	-457.25M	-207.01M	40.38M	264.57M	156.96M	56.00M	-286.00M	254.00M
Net Cash from Operating Activities	2,915.00M	3,958.00M	3,461.00M	3,499.00M	6,774.00M	5,397.00M	5,894.50M	4,041.23M	2,756.64M	2,205.27M	1,003.43M	1,018.36M	1,037.38M	956.65M	922.32M	851.89M	840.58M	301.15M	199.19M	289.00M	527.00M	627.00M
Capital Expenditures (PPE)	-400.00M	-440.00M	-90.00M	-35.00M	-343.00M	-413.00M	-735.56M	-502.06M	-291.92M	-383.33M	-772.95M	-162.73M	-164.12M	-200.92M	-166.11M	-153.94M	-81.35M	-75.27M	-178.88M	-40.00M	-167.00M	-151.00M
Acquisitions (Net)	-333.00M	-130.00M	-130.00M	0.00M	0.00M	0.00M	-522.27M	-2,640.92M	675.32M	-344.24M	-516.21M	-1,148.50M	131.17M	0.00M	-4.85M	0.00M	0.00M	0.00M	-10.48M	0.00M	0.00M	0.00M
Purchases of Investments	-480.00M	-102.00M	-163.00M	-8.00M	-66.00M	0.00M	-33.38M	-33.09M	-50.08M	-169.31M	-88.29M	-95.39M	-327.41M	-142.79M	0.00M	0.00M	0.00M	0.00M	-199.34M	0.00M	0.00M	0.00M
Sales / Maturities of Investments	0.00M	15.00M	15.00M	0.00M	0.00M	0.00M	-590.90M	424.61M	161.62M	2.02M	15.82M	76.85M	33.68M	0.00M	0.00M	0.00M	0.00M	0.00M	199.98M	0.00M	0.00M	0.00M
Other Investing Activities	-3.00M	-347.00M	-340.00M	-361.00M	42.00M	447.00M	675.53M	-383.60M	132.22M	359.24M	273.64M	93.65M	-131.17M	-325.00M	1.08M	-6.85M	5.95M	-0.31M	1.13M	-510.00M	-152.00M	-300.00M
Net Cash from Investing Activities	-1,216.00M	-658.00M	-708.00M	-404.00M	-367.00M	34.00M	-1,206.58M	-3,135.06M	627.16M	-535.62M	-1,087.99M	-1,236.11M	-457.85M	-343.71M	-169.88M	-160.78M	-75.40M	-75.57M	-187.59M	-550.00M	-319.00M	-451.00M
Net Debt Issuance	-2.00M	-2.00M	-6.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-14.70M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Long-Term Debt Issuance	-2.00M	-2.00M	-6.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-14.70M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-63.00M	-11,000.00M	-11,063.00M	1.00M	4.00M	4.00M	2.00M	6.78M	41.46M	-149.00M	-228.34M	6.20M	2.05M	6.98M	-889.49M	5.60M	21.20M	0.30M	4.60M	18.00M	1,740.00M	372.00M
Common Stock Issuance	0.00M	0.00M	0.00M	1.00M	4.00M	4.00M	2.00M	6.95M	41.67M	42.97M	0.09M	6.20M	2.05M	6.98M	0.90M	5.60M	21.20M	0.30M	4.60M	18.00M	1,740.00M	372.00M
Common Stock Repurchased	-63.00M	-11,000.00M	-11,063.00M	0.00M	0.00M	0.00M	0.00M	-0.17M	-0.22M	-149.97M	-228.43M	0.00M	0.00M	0.00M	-890.39M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-42.00M	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	-1,227.00M	-1,442.00M	-1,441.00M	-1,740.00M	-1,717.00M	-1,352.00M	-1,126.06M	-1,027.56M	-449.08M	-160.88M	-264.95M	-329.97M	-380.56M	-206.07M	-223.35M	-55.07M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Dividends Paid	-1,227.00M	-1,442.00M	-1,441.00M	-1,740.00M	-1,717.00M	-1,352.00M	-1,126.06M	-1,027.56M	-449.08M	-160.88M	-264.95M	-329.97M	-380.56M	-206.07M	-223.35M	-55.07M	0.00M	0.00M	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	0.00M
Other Financing Activities	-1.00M	-4.00M	-1.00M	-6.00M	-7.00M	-7.00M	-4.68M	-0.35M	0.00M	42.00M	-2.11M	-1.65M	-1.59M	1.31M	-1.13M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Cash from Financing Activities	-1,293.00M	-12,448.00M	-12,511.00M	-1,745.00M	-1,720.00M	-1,355.00M	-1,128.74M	-1,021.14M	-407.62M	-267.88M	-510.10M	-325.42M	-380.10M	-197.78M	-1,113.97M	-49.47M	21.20M	0.30M	4.60M	18.00M	1,740.00M	372.00M
Effect of FX on Cash	0.00M	20,185.00M	-1.00M	0.00M	-1.00M	0.00M	0.00M	-0.18M	-0.63M	0.49M	-3.89M	-0.40M	1.12M	0.15M	0.12M	0.05M	-0.24M	0.06M	-2.51M	0.00M	0.00M	0.00M
Net Change in Cash	406.00M	-9,150.00M	-9,759.00M	1,350.00M	4,686.00M	4,076.00M	3,559.19M	-115.14M	2,975.54M	1,402.25M	-598.54M	-543.56M	200.56M	415.33M	-361.41M	641.68M	786.14M	225.94M	13.69M	-243.00M	1,948.00M	549.00M
Cash at Beginning of Period	46,912.00M	75,438.00M	21,534.00M	20,184.00M	15,498.00M	11,422.00M	7,862.91M	7,978.06M	5,002.51M	3,600.26M	4,198.80M	4,742.37M	4,541.81M	4,126.49M	4,487.90M	3,846.21M	3,060.07M	2,834.14M	2,820.45M	3,063.00M	1,115.00M	566.00M
Cash at End of Period	47,318.00M	66,288.00M	11,775.00M	21,534.00M	20,184.00M	15,498.00M	11,422.10M	7,862.91M	7,978.06M	5,002.51M	3,600.26M	4,198.80M	4,742.37M	4,541.81M	4,126.49M	4,487.90M	3,846.21M	3,060.07M	2,834.14M	2,820.00M	3,063.00M	1,115.00M
Operating Cash Flow	2,915.00M	3,958.00M	3,461.00M	3,499.00M	6,774.00M	5,397.00M	5,894.50M	4,041.23M	2,756.64M	2,205.27M	1,003.43M	1,018.36M	1,037.38M	956.65M	922.32M	851.89M	840.58M	301.15M	199.19M	289.00M	527.00M	627.00M
Capital Expenditure	-47.00M	-343.00M	-90.00M	-425.00M	-343.00M	-413.00M	-735.56M	-502.06M	-291.92M	-383.33M	-772.95M	-162.73M	-164.12M	-200.92M	-166.11M	-153.94M	-81.35M	-75.27M	-178.88M	-40.00M	-167.00M	-151.00M
Free Cash Flow	2,868.00M	3,615.00M	3,371.00M	3,074.00M	6,431.00M	4,984.00M	5,158.93M	3,539.17M	2,464.72M	1,821.94M	230.48M	855.63M	873.26M	755.73M	756.20M	697.96M	759.23M	225.88M	20.31M	249.00M	360.00M	476.00M

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
EBITDA	3,648.00M	4,922.00M	4,593.00M	5,704.00M	8,717.00M	8,699.00M	7,280.98M	5,441.69M	4,107.67M	2,663.42M	1,379.57M	1,723.73M	1,641.35M	1,447.11M	1,005.26M	3,117.24M	2,899.62M	2,672.20M	2,672.46M	422.00M	808.00M	454.00M
(-) Tax Adjustment	755.72M	1,682.59M	1,404.47M	1,855.70M	2,633.23M	3,044.65M	2,313.72M	1,732.15M	1,310.18M	914.69M	482.85M	603.30M	574.47M	506.49M	351.84M	1,091.03M	150.29M	617.60M	935.36M	147.70M	0.00M	44.24M
(-) Change In Working Capital	-709.00M	-27.00M	-404.00M	964.00M	575.00M	-571.00M	-104.08M	-228.86M	-298.55M	-405.24M	315.23M	-206.48M	-22.37M	-164.69M	280.27M	223.12M	97.67M	-181.60M	-162.33M	0.00M	0.00M	0.00M
(-) Capital Expenditure	-47.00M	-343.00M	-90.00M	-425.00M	-343.00M	-413.00M	-735.56M	-502.06M	-291.92M	-383.33M	-772.95M	-162.73M	-164.12M	-200.92M	-166.11M	-153.94M	-81.35M	-75.27M	-178.88M	-40.00M	-167.00M	-151.00M
Unlevered Free Cash Flow	3,554.28M	2,923.41M	3,502.53M	2,459.30M	5,165.77M	5,812.35M	4,335.78M	3,436.34M	2,804.11M	1,770.64M	-191.46M	1,164.17M	925.13M	904.40M	207.04M	1,649.15M	2,570.31M	2,160.94M	1,720.54M	234.30M	641.00M	258.76M
(-) Net Interest Income After Taxes	0.00M	0.00M	0.00M	0.00M	0.00M	19.50M	30.02M	8.18M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1.73M	3.68M	2.60M	0.00M	0.00M
Net Debt Issuance	-2.00M	-2.00M	-6.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-14.70M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Levered Free Cash Flow	3,552.28M	2,921.41M	3,496.53M	2,459.30M	5,165.77M	5,792.85M	4,305.76M	3,428.16M	2,804.11M	1,770.64M	-206.16M	1,164.17M	925.13M	904.40M	207.04M	1,649.15M	2,570.31M	2,159.21M	1,716.86M	231.70M	641.00M	258.76M