Tian Lun Gas Holdings Limited (1600.HK)

Industry: Regulated Gas Sector: Utilities Currency Used: CN Live Price: $2.91

Enterprise Value

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Stock Price	3.55	4.43	3.83	6.76	5.84	7.10	5.95	4.39	5.69	5.68	6.94	5.19	2.43	1.58	1.71	1.89
Market Capitalization	3,477.53M	4,325.31M	3,809.76M	6,777.30M	5,880.12M	7,085.78M	5,946.25M	4,354.95M	5,759.02M	5,450.99M	5,757.20M	4,391.44M	2,008.15M	1,306.91M	1,074.29M	1,152.74M
(-) Cash & Equivalents	1,183.82M	1,108.59M	1,254.94M	1,072.72M	1,456.68M	1,074.30M	1,418.69M	827.83M	1,096.35M	690.09M	294.14M	419.13M	272.52M	359.60M	204.73M	4.95M
(+) Total Debt	7,311.55M	7,155.49M	7,216.54M	5,985.93M	5,113.08M	5,218.02M	5,320.11M	3,850.78M	3,882.70M	2,557.26M	1,347.98M	823.17M	760.14M	346.11M	15.71M	25.21M
Enterprise Value	9,605.26M	10,372.21M	9,771.36M	11,690.52M	9,536.52M	11,229.50M	9,847.67M	7,377.90M	8,545.37M	7,318.16M	6,811.04M	4,795.48M	2,495.77M	1,293.42M	885.28M	1,173.00M

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
Revenue	15,781M	15,560M	7,781M	7,725M	7,543M	7,650M	6,440M	6,549M	5,113M	3,109M	2,693M	2,252M	1,344M	912M	716M	451M	251M	179M
Cost of Revenue	13,103M	12,635M	6,446M	6,273M	6,150M	5,871M	4,654M	4,845M	3,685M	2,341M	2,001M	1,643M	882M	579M	465M	279M	133M	100M
Gross Profit	2,679M	2,925M	1,335M	1,453M	1,393M	1,779M	1,786M	1,704M	1,428M	768M	692M	609M	461M	333M	251M	172M	118M	79M
Gross Profit Margin	17.0%	18.8%	17.2%	18.8%	18.5%	23.3%	27.7%	26.0%	27.9%	24.7%	25.7%	27.0%	34.3%	36.5%	35.1%	38.1%	47.1%	44.0%
R&D Expenses	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	676M	665M	337M	326M	311M	275M	253M	254M	208M	164M	141M	133M	100M	79M	68M	56M	18M	12M
Operating Expenses	867M	715M	462M	415M	456M	178M	83M	305M	346M	41M	102M	78M	57M	50M	58M	45M	18M	11M
Operating Income (EBIT)	1,812M	2,210M	874M	1,038M	937M	1,601M	1,703M	1,399M	1,082M	727M	590M	531M	405M	283M	193M	127M	100M	68M
Operating Income Margin	11.5%	14.2%	11.2%	13.4%	12.4%	20.9%	26.5%	21.4%	21.2%	23.4%	21.9%	23.6%	30.1%	31.0%	26.9%	28.2%	39.7%	37.7%
Interest Income	-178M	605M	14M	9M	12M	8M	11M	272M	217M	151M	145M	101M	60M	37M	2M	5M	1M	1M
Interest Expense	380M	0M	393M	391M	325M	228M	245M	288M	259M	185M	160M	111M	66M	38M	34M	15M	6M	7M
Net Interest Income	-558M	605M	-379M	-382M	-313M	-221M	-233M	-16M	-42M	-34M	-15M	-9M	-6M	-1M	-32M	-9M	-5M	-6M
Unusual Items	-126M	-1,210M	12M	60M	47M	-18M	-52M	-255M	-175M	-117M	-130M	-92M	-54M	-36M	42M	0M	0M	0M
EBT Excluding Unusual Items	1,254M	2,815M	495M	656M	623M	1,380M	1,470M	1,383M	1,040M	693M	575M	522M	398M	282M	161M	118M	95M	62M
Pre-Tax Income	1,128M	1,605M	507M	716M	670M	1,363M	1,418M	1,127M	865M	576M	445M	429M	344M	246M	203M	118M	95M	62M
Pre-Tax Margin	7.1%	10.3%	6.5%	9.3%	8.9%	17.8%	22.0%	17.2%	16.9%	18.5%	16.5%	19.1%	25.6%	27.0%	28.3%	26.1%	37.8%	34.3%
Income Tax Expense	365M	442M	182M	210M	201M	335M	355M	314M	264M	147M	110M	111M	93M	60M	54M	27M	22M	14M
Net Income	714M	1,117M	301M	480M	445M	1,001M	1,044M	789M	569M	404M	313M	284M	220M	169M	135M	83M	73M	44M
Net Income Margin	4.5%	7.2%	3.9%	6.2%	5.9%	13.1%	16.2%	12.1%	11.1%	13.0%	11.6%	12.6%	16.4%	18.5%	18.9%	18.3%	28.9%	24.7%
Depreciation & Amortization	684M	767M	338M	355M	339M	312M	260M	245M	214M	188M	173M	137M	73M	43M	35M	23M	9M	8M
EBITDA	2,496M	2,977M	1,212M	1,392M	1,276M	1,913M	1,963M	1,644M	1,296M	915M	763M	668M	477M	326M	228M	150M	109M	75M
EBITDA Margin	15.8%	19.1%	15.6%	18.0%	16.9%	25.0%	30.5%	25.1%	25.3%	29.4%	28.3%	29.7%	35.5%	35.7%	31.9%	33.2%	43.4%	42.0%
NOPAT	1,225M	1,602M	559M	734M	656M	1,208M	1,277M	1,010M	751M	542M	444M	393M	295M	214M	142M	98M	77M	52M
NOPAT Margin	7.8%	10.3%	7.2%	9.5%	8.7%	15.8%	19.8%	15.4%	14.7%	17.4%	16.5%	17.5%	21.9%	23.5%	19.8%	21.6%	30.7%	29.1%
Owner's Earnings	937M	1,076M	335M	517M	398M	897M	1,022M	718M	463M	294M	309M	158M	45M	80M	52M	-65M	66M	38M
Owner's Earnings Margin	5.9%	6.9%	4.3%	6.7%	5.3%	11.7%	15.9%	11.0%	9.1%	9.5%	11.5%	7.0%	3.4%	8.8%	7.2%	-14.4%	26.3%	21.4%
EPS (Basic)	0.73	1.13	0.31	0.49	0.45	1.00	1.04	0.80	0.58	0.41	0.31	0.30	0.27	0.20	0.16	0.10	0.12	0.07
EPS (Diluted)	0.74	1.14	0.31	0.49	0.45	1.00	1.04	0.79	0.57	0.41	0.31	0.30	0.27	0.20	0.16	0.10	0.12	0.07
Shares (Basic)	974M	992M	969M	969M	983M	1,000M	1,001M	991M	990M	990M	1,001M	955M	828M	828M	828M	828M	629M	599M
Shares (Diluted)	969M	983M	969M	969M	983M	1,000M	1,002M	995M	993M	990M	1,001M	955M	830M	828M	828M	828M	629M	599M

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
Cash & Cash Equivalents	1,184.78M	1,103.04M	1,103.04M	964.31M	1,340.14M	1,014.98M	1,640.08M	1,349.84M	1,075.91M	678.24M	755.39M	609.39M	263.58M	576.40M	368.94M	315.76M	409.45M	14.86M
Short-Term Investments	34.37M	14.54M	14.54M	14.33M	10.90M	36.75M	27.08M	50.60M	5.00M	0.00M	2.00M	3.00M	2.00M	0.00M	375.98M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	1,219.15M	1,117.58M	1,117.58M	978.64M	1,351.03M	1,051.73M	1,667.16M	1,400.44M	1,080.91M	678.24M	757.39M	612.39M	265.58M	576.40M	744.92M	315.76M	409.45M	14.86M
Net Receivables	3,732.79M	3,604.74M	3,604.74M	3,684.86M	3,603.71M	3,129.45M	1,753.15M	1,289.35M	1,158.85M	382.10M	350.11M	329.76M	229.95M	135.61M	0.00M	0.00M	0.00M	0.00M
Inventory	163.10M	229.08M	229.08M	180.84M	129.26M	154.64M	115.88M	204.95M	200.05M	46.63M	41.89M	60.55M	76.71M	93.33M	73.67M	45.07M	7.62M	17.70M
Other Current Assets	1,170.98M	587.77M	587.77M	900.38M	898.09M	879.41M	826.32M	1,003.39M	1,092.04M	607.19M	664.33M	612.76M	603.78M	347.10M	160.30M	163.33M	45.81M	70.75M
Total Current Assets	6,286.01M	5,539.17M	5,539.17M	5,744.72M	5,982.09M	5,215.22M	4,362.52M	3,898.13M	3,531.85M	1,714.15M	1,813.72M	1,615.45M	1,176.03M	1,152.44M	978.90M	524.16M	462.89M	103.31M
Property, Plant & Equipment	4,090.44M	4,109.16M	4,109.16M	4,022.00M	3,914.22M	3,790.92M	3,302.71M	3,101.75M	2,679.10M	2,353.80M	2,124.14M	1,943.76M	1,082.74M	725.68M	526.52M	568.57M	133.67M	125.38M
Goodwill	0.00M	2,428.76M	2,428.76M	2,736.58M	2,736.58M	2,736.58M	2,247.54M	2,087.13M	1,999.45M	1,771.95M	1,525.53M	1,214.63M	566.39M	334.38M	240.98M	0.00M	0.00M	0.00M
Intangible Assets	4,643.28M	2,277.00M	2,277.00M	2,122.82M	2,243.83M	2,360.42M	1,839.91M	1,787.84M	1,787.05M	1,635.68M	1,473.55M	1,264.09M	702.75M	308.79M	248.36M	423.99M	28.79M	29.51M
Long-Term Investments	943.02M	928.65M	928.65M	918.91M	941.50M	846.27M	845.42M	886.14M	935.65M	563.17M	311.72M	91.22M	49.89M	1,366.26M	22.90M	54.63M	0.00M	0.00M
Tax Assets	0.00M	14.17M	14.17M	0.00M	18.04M	27.04M	27.46M	28.68M	33.69M	27.43M	26.27M	12.04M	3.68M	2.60M	2.24M	1.92M	1.58M	1.23M
Other Non-Current Assets	228.86M	154.79M	154.79M	145.50M	-18.04M	-27.04M	-27.46M	-28.68M	-33.69M	-27.43M	-26.27M	-12.04M	-3.68M	-1,368.86M	2.08M	2.38M	17.83M	11.58M
Other Assets	0.00M	0.00M	0.00M	0.00M	140.51M	155.43M	320.04M	177.78M	501.00M	433.50M	384.76M	549.26M	152.89M	97.97M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	9,905.60M	9,912.54M	9,912.54M	9,945.81M	9,976.64M	9,889.62M	8,555.62M	8,040.65M	7,902.25M	6,758.10M	5,819.70M	5,062.96M	2,554.65M	1,466.83M	1,043.07M	1,051.50M	181.86M	167.69M
Total Assets	16,191.61M	15,451.71M	15,451.71M	15,690.52M	15,958.73M	15,104.84M	12,918.14M	11,938.78M	11,434.09M	8,472.25M	7,633.41M	6,678.41M	3,730.68M	2,619.27M	2,021.97M	1,575.66M	644.75M	271.00M
Accounts Payable	516.19M	574.92M	574.92M	563.49M	798.19M	833.99M	878.15M	765.58M	700.71M	180.75M	188.28M	153.96M	115.58M	78.09M	63.68M	172.90M	47.26M	39.47M
Short-Term Debt	2,235.60M	2,595.75M	2,595.75M	3,687.58M	2,915.29M	2,060.99M	2,294.58M	1,312.37M	1,608.22M	968.75M	848.49M	849.51M	660.40M	229.39M	639.82M	284.68M	25.08M	40.40M
Tax Payables	0.00M	625.86M	625.86M	680.79M	643.84M	700.90M	624.12M	413.73M	233.34M	125.13M	97.53M	71.99M	51.11M	34.24M	23.48M	5.48M	1.51M	1.63M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	-2,916.86M	-2,061.29M	0.00M	-1,315.97M	-1,608.22M	-968.75M	-848.49M	-849.51M	-660.40M	-229.39M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	946.58M	1,077.08M	1,077.08M	1,131.69M	4,037.60M	3,434.89M	1,137.31M	2,427.28M	1,043.89M	704.20M	559.64M	536.18M	420.39M	358.02M	116.81M	87.12M	27.91M	43.05M
Total Current Liabilities	3,698.38M	4,873.61M	4,873.61M	6,063.55M	5,478.06M	4,969.48M	4,934.16M	3,602.99M	1,977.94M	1,010.08M	845.45M	762.14M	587.09M	470.35M	843.79M	550.17M	101.75M	124.55M
Long-Term Debt	5,267.92M	4,396.43M	4,396.43M	3,113.87M	4,287.78M	4,247.65M	2,770.06M	3,880.03M	3,822.02M	2,910.58M	2,752.15M	1,899.29M	736.83M	781.12M	165.90M	186.07M	6.35M	35.24M
Capital Lease Obligations	11.55M	17.13M	17.13M	9.45M	8.46M	9.97M	8.20M	9.67M	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	711.08M	711.08M	735.91M	745.50M	753.67M	593.22M	546.55M	475.01M	419.88M	370.41M	314.89M	158.04M	63.98M	43.33M	30.19M	0.00M	0.59M
Other Non-Current Liabilities	730.29M	0.00M	0.00M	754.86M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	25.00M	0.00M	0.00M
Total Non-Current Liabilities	6,009.75M	5,124.64M	5,124.64M	4,614.09M	5,041.73M	5,011.29M	3,371.48M	4,436.25M	4,297.03M	3,330.46M	3,122.56M	2,214.18M	894.87M	845.10M	209.23M	241.26M	6.35M	35.83M
Total Liabilities	9,708.13M	9,998.25M	9,998.25M	10,677.64M	10,519.79M	9,980.77M	8,305.64M	8,039.24M	6,274.96M	4,340.54M	3,968.01M	2,976.32M	1,481.95M	1,315.45M	1,053.02M	791.44M	108.10M	160.38M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	77.40M	67.79M	0.00M	52.89M	63.32M	41.66M	62.19M	7.73M	11.87M	17.71M	0.00M	0.00M	0.00M	0.00M
Common Stock	8.26M	8.26M	8.26M	8.26M	8.51M	8.47M	8.47M	8.43M	8.34M	8.34M	8.34M	8.51M	7.08M	7.08M	7.08M	7.08M	7.08M	0.00M
Retained Earnings	4,895.63M	4,870.18M	4,870.18M	5,874.22M	4,439.60M	4,145.46M	3,949.39M	2,905.88M	2,116.70M	1,547.56M	1,220.94M	980.81M	696.57M	476.41M	270.89M	150.05M	73.91M	42.40M
Accumulated OCI	1,057.74M	-95.90M	-95.90M	-90.90M	-77.40M	-67.79M	-76.11M	-52.89M	-63.32M	-41.66M	-62.19M	-7.73M	-11.87M	-17.71M	-73.69M	-48.50M	-32.80M	-25.52M
Minority Interest	301.91M	318.21M	318.21M	312.15M	314.73M	310.20M	281.09M	296.54M	293.90M	339.45M	320.51M	434.01M	331.00M	171.07M	145.06M	168.09M	2.85M	2.83M
Total Shareholders’ Equity	5,961.64M	4,782.55M	4,782.55M	5,791.59M	4,448.11M	4,153.92M	3,881.75M	2,914.31M	2,125.04M	1,555.90M	1,229.28M	989.32M	703.64M	483.49M	204.27M	108.62M	48.18M	16.88M
Total Equity	6,263.55M	5,100.76M	5,100.76M	6,103.74M	4,762.83M	4,464.12M	4,162.83M	3,210.85M	2,418.94M	1,895.35M	1,549.78M	1,423.34M	1,034.65M	654.56M	349.32M	276.71M	51.03M	19.71M
Total Liabilities & Equity	15,971.68M	15,099.01M	15,099.01M	16,781.37M	15,282.62M	14,444.89M	12,468.47M	11,250.09M	8,693.90M	6,235.89M	5,517.79M	4,399.66M	2,516.60M	1,970.00M	1,402.34M	1,068.15M	159.13M	180.09M
Tangible Assets	11,548.33M	10,745.94M	10,745.94M	10,831.13M	10,978.33M	10,007.84M	8,830.69M	8,063.81M	7,647.59M	5,064.61M	4,634.33M	4,199.69M	2,461.54M	1,976.09M	1,532.63M	1,151.66M	615.97M	241.50M
Tangible Equity	1,620.27M	394.99M	394.99M	1,244.34M	-217.58M	-632.88M	75.39M	-664.13M	-1,367.56M	-1,512.29M	-1,449.30M	-1,055.39M	-234.49M	11.38M	-140.02M	-147.28M	22.24M	-9.80M
Tangible Book Value	1,620.27M	394.99M	394.99M	1,244.34M	-217.58M	-632.88M	75.39M	-664.13M	-1,367.56M	-1,512.29M	-1,449.30M	-1,055.39M	-234.49M	11.38M	-140.02M	-147.28M	22.24M	-9.80M
Total Investments	977.39M	943.19M	943.19M	933.24M	952.40M	853.02M	872.51M	936.74M	940.65M	563.17M	313.72M	94.22M	51.89M	1,366.26M	398.88M	54.63M	0.00M	0.00M
Net Debt	6,318.74M	5,889.14M	5,889.14M	5,837.14M	5,862.93M	5,293.66M	3,424.56M	3,842.57M	4,354.33M	3,201.09M	2,845.25M	2,139.42M	1,133.65M	434.12M	436.79M	154.99M	-378.03M	60.78M

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
Working Capital	2,369.7M	1,502.7M	1,502.7M	41.2M	897.6M	659.8M	-193.9M	585.3M	64.4M	-184.0M	180.5M	58.0M	-34.5M	472.5M	62.4M	-26.0M	361.1M	-21.2M
Total Capital	13,484.8M	12,953.6M	12,953.6M	12,610.6M	12,719.5M	11,534.2M	9,772.0M	9,092.9M	8,667.9M	6,645.5M	6,019.6M	5,085.0M	2,529.0M	1,930.5M	1,556.9M	1,086.9M	565.2M	183.4M
Capital Employed	12,275.3M	11,415.2M	11,415.2M	9,987.0M	10,874.2M	10,549.4M	8,361.7M	8,626.0M	7,966.7M	6,574.1M	6,000.1M	5,121.0M	2,520.1M	1,939.4M	1,105.5M	1,025.5M	543.0M	146.5M
Invested Capital	12,300.0M	11,850.5M	11,850.5M	11,646.3M	11,379.3M	10,519.2M	8,132.0M	7,743.0M	7,592.0M	5,967.2M	5,264.3M	4,475.6M	2,265.4M	1,354.1M	1,188.0M	771.1M	155.8M	168.6M

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
Net Income	714.19M	1,116.57M	506.98M	716.03M	444.60M	1,000.67M	1,043.51M	789.18M	569.14M	404.25M	313.38M	284.24M	220.15M	168.95M	202.93M	117.63M	95.08M	61.55M
Depreciation & Amortization	359.88M	788.25M	369.18M	354.78M	334.80M	322.40M	271.77M	244.60M	207.35M	183.02M	167.87M	137.04M	72.50M	42.53M	35.49M	22.51M	9.11M	7.70M
Deferred Income Tax	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	348.12M	408.65M	1,139.58M	18.81M	3.05M	14.97M	30.04M	0.00M	0.00M	0.00M	0.00M	0.00M
Stock-Based Compensation	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.95M	6.30M	4.83M	4.59M	5.24M	5.45M	5.85M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-257.49M	-1,677.52M	-151.88M	-251.22M	-515.23M	-1,151.41M	-349.07M	-414.95M	-1,144.41M	-23.41M	-8.29M	-20.42M	-35.88M	-63.63M	-21.11M	-58.52M	-8.03M	-4.69M
Accounts Receivable	-39.77M	-1,654.61M	-42.27M	2.50M	-540.61M	-1,114.00M	-443.11M	-412.54M	-993.97M	-25.74M	-30.34M	-39.53M	-62.00M	-49.28M	0.00M	0.00M	0.00M	0.00M
Inventory	-99.82M	-12.03M	-48.24M	-51.58M	25.38M	-37.41M	94.04M	-2.42M	-150.45M	2.33M	22.05M	19.11M	26.12M	-14.35M	-9.52M	-1.18M	10.08M	1.85M
Accounts Payable	0.00M	0.00M	0.00M	-145.61M	-54.46M	65.34M	0.10M	-3.51M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	-117.89M	-10.88M	-61.36M	-56.53M	54.46M	-65.34M	-0.10M	3.51M	-29.02M	0.00M	12.45M	-92.32M	-13.59M	31.80M	-11.60M	-57.34M	-18.11M	-6.53M
Other Non-Cash Items	796.07M	791.52M	194.00M	200.19M	425.05M	234.11M	74.43M	259.78M	-313.59M	-126.51M	-44.03M	-171.88M	-38.17M	-17.07M	-94.96M	-45.81M	-22.81M	-13.54M
Net Cash from Operating Activities	1,612.65M	1,018.81M	918.28M	1,019.77M	689.22M	405.77M	1,389.71M	1,293.56M	462.89M	441.95M	434.16M	234.43M	224.45M	130.77M	122.35M	35.82M	73.35M	51.02M
Capital Expenditures (PPE)	-317.93M	-807.40M	-285.23M	-312.10M	-385.54M	-415.65M	-281.45M	-316.60M	-320.05M	-298.20M	-176.69M	-262.98M	-247.39M	-131.37M	-118.97M	-170.17M	-15.64M	-13.57M
Acquisitions (Net)	-4.52M	-194.15M	-2.29M	-1.85M	-97.34M	-918.30M	-422.25M	-266.74M	-754.84M	-586.36M	-456.91M	-1,090.61M	-461.98M	-110.50M	-33.79M	-320.88M	0.00M	0.00M
Purchases of Investments	0.00M	0.00M	-1,763.22M	-66.62M	-131.58M	-47.00M	-3,570.00M	-340.00M	-2,459.84M	-705.37M	-91.00M	-53.00M	-519.65M	-332.00M	-459.99M	-830.00M	0.00M	0.00M
Sales / Maturities of Investments	0.00M	0.00M	1,678.31M	38.58M	80.11M	0.01M	3,575.68M	653.98M	2,470.51M	765.12M	124.27M	105.17M	456.02M	509.76M	168.13M	769.30M	0.00M	0.00M
Other Investing Activities	-40.75M	-255.63M	4.74M	29.81M	68.46M	-40.27M	-166.59M	19.60M	23.62M	-3.51M	-50.27M	-201.96M	-79.39M	-25.76M	-12.17M	-16.43M	34.07M	-21.03M
Net Cash from Investing Activities	-363.21M	-1,257.19M	-367.69M	-312.19M	-465.90M	-1,421.20M	-864.61M	-249.75M	-1,040.60M	-828.31M	-650.60M	-1,503.37M	-852.38M	-89.86M	-456.78M	-568.18M	18.43M	-34.61M
Net Debt Issuance	794.81M	909.73M	142.91M	-492.16M	664.05M	1,209.11M	65.45M	-295.33M	1,430.79M	412.63M	719.27M	689.76M	318.89M	171.06M	385.32M	376.50M	-44.52M	-12.92M
Long-Term Debt Issuance	794.81M	909.73M	142.91M	-488.30M	664.05M	1,209.11M	65.45M	-295.33M	1,430.79M	412.63M	719.27M	689.76M	318.89M	171.06M	385.32M	376.50M	-44.52M	-12.92M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	-3.86M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	0.00M	-473.32M	0.00M	-3.20M	64.35M	-200.70M	17.92M	44.31M	0.00M	0.00M	-102.83M	0.00M	0.00M	0.00M	0.00M	55.90M	498.40M	0.00M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	333.77M	0.00M	17.92M	44.31M	0.00M	0.00M	0.00M	916.43M	0.00M	0.00M	0.00M	55.90M	498.40M	0.00M
Common Stock Repurchased	0.00M	-473.32M	0.00M	-3.20M	-269.42M	-200.70M	0.00M	0.00M	0.00M	0.00M	-102.83M	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-322.51M	-357.64M	-169.82M	-152.69M	-223.08M	-289.32M	-235.00M	-211.84M	-75.96M	-77.63M	-73.25M	0.00M	0.00M	0.00M	0.00M	0.00M	-33.90M	0.00M
Common Dividends Paid	-322.51M	-357.64M	-169.82M	-152.69M	-223.08M	-289.32M	-235.00M	-211.84M	-75.96M	-77.63M	-73.25M	0.00M	0.00M	0.00M	0.00M	0.00M	-33.90M	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
Other Financing Activities	-1,869.15M	281.53M	-382.79M	-434.74M	-405.99M	-324.59M	-78.23M	-310.07M	-357.05M	-10.48M	-217.12M	906.79M	-3.75M	-6.15M	7.20M	0.00M	-116.71M	0.00M
Net Cash from Financing Activities	-1,396.85M	360.31M	-409.71M	-1,082.79M	99.34M	394.50M	-229.86M	-772.93M	997.78M	324.52M	326.06M	1,596.55M	315.14M	164.91M	392.52M	432.40M	303.27M	-12.92M
Effect of FX on Cash	-2.43M	0.49M	-2.16M	-0.62M	2.50M	-4.17M	-4.99M	3.05M	-22.40M	-15.32M	36.38M	18.19M	-0.03M	1.65M	0.09M	-1.20M	-0.45M	0.00M
Net Change in Cash	-1,252.88M	122.42M	138.73M	-375.83M	325.16M	-625.10M	290.25M	273.93M	397.67M	-77.15M	146.01M	345.80M	-312.82M	207.46M	58.18M	-101.16M	394.59M	3.49M
Cash at Beginning of Period	2,517.47M	4,655.32M	964.31M	1,340.14M	1,014.98M	1,640.08M	1,349.84M	1,075.91M	678.24M	755.39M	609.39M	263.58M	576.40M	368.94M	310.76M	411.93M	14.86M	11.37M
Cash at End of Period	2,517.47M	4,777.74M	1,103.04M	964.31M	1,340.14M	1,014.98M	1,640.08M	1,349.84M	1,075.91M	678.24M	755.39M	609.39M	263.58M	576.40M	368.94M	310.76M	409.45M	14.86M
Operating Cash Flow	1,612.65M	1,018.81M	918.28M	1,019.77M	689.22M	405.77M	1,389.71M	1,293.56M	462.89M	441.95M	434.16M	234.43M	224.45M	130.77M	122.35M	35.82M	73.35M	51.02M
Capital Expenditure	-460.94M	-807.40M	-304.23M	-317.81M	-385.54M	-415.65M	-281.45M	-316.60M	-320.05M	-298.20M	-176.69M	-262.98M	-247.39M	-131.37M	-118.97M	-170.17M	-15.64M	-13.57M
Free Cash Flow	1,151.72M	211.41M	614.05M	701.96M	303.68M	-9.88M	1,108.26M	976.96M	142.85M	143.75M	257.47M	-28.54M	-22.93M	-0.60M	3.38M	-134.35M	57.71M	37.45M

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
EBITDA	2,686.62M	3,027.29M	1,336.60M	1,482.00M	1,421.14M	1,815.75M	1,793.37M	1,695.20M	1,433.87M	792.79M	724.32M	613.16M	433.74M	296.67M	218.69M	138.54M	108.90M	74.57M
(-) Tax Adjustment	869.60M	832.63M	467.81M	434.13M	425.95M	445.93M	448.48M	472.02M	438.46M	201.95M	179.65M	159.17M	117.62M	72.15M	57.88M	32.13M	24.87M	16.95M
(-) Change In Working Capital	-257.49M	-1,677.52M	-151.88M	-251.22M	-515.23M	-1,151.41M	-349.07M	-414.95M	-1,144.41M	-23.41M	-8.29M	-20.42M	-35.88M	-63.63M	-21.11M	-58.52M	-8.03M	-4.69M
(-) Capital Expenditure	-460.94M	-807.40M	-304.23M	-317.81M	-385.54M	-415.65M	-281.45M	-316.60M	-320.05M	-298.20M	-176.69M	-262.98M	-247.39M	-131.37M	-118.97M	-170.17M	-15.64M	-13.57M
Unlevered Free Cash Flow	1,613.57M	3,064.77M	716.44M	981.28M	1,124.88M	2,105.58M	1,412.51M	1,321.53M	1,819.78M	316.05M	376.27M	211.43M	104.62M	156.78M	62.95M	-5.24M	76.42M	48.73M
(-) Net Interest Income After Taxes	-377.27M	438.67M	-246.36M	-269.97M	-219.48M	-166.51M	-175.07M	-11.78M	-29.05M	-25.33M	-11.46M	-6.85M	-4.45M	-0.66M	-23.52M	-7.23M	-3.68M	-4.63M
Net Debt Issuance	794.81M	909.73M	142.91M	-492.16M	664.05M	1,209.11M	65.45M	-295.33M	1,430.79M	412.63M	719.27M	689.76M	318.89M	171.06M	385.32M	376.50M	-44.52M	-12.92M
Levered Free Cash Flow	2,785.65M	3,535.83M	1,105.71M	759.09M	2,008.41M	3,481.21M	1,653.02M	1,037.99M	3,279.63M	754.01M	1,107.00M	908.03M	427.96M	328.50M	471.80M	378.49M	35.59M	40.44M