BKW AG (0QQ0.L)

Industry: General Utilities Sector: Utilities Currency Used: CH Live Price: $179.30

Enterprise Value

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Stock Price	148.10	153.75	113.10	107.45	92.10	68.30	67.70	57.13	46.28	36.45	31.08	28.65	31.38	33.23	30.00	30.00	30.00
Market Capitalization	7,816.35M	8,115.30M	5,969.22M	5,669.80M	4,860.05M	3,603.20M	3,571.99M	3,008.16M	2,433.28M	1,908.72M	1,528.94M	1,375.90M	1,506.76M	1,569.94M	1,499.62M	1,560.75M	1,559.48M
(-) Cash & Equivalents	727.05M	830.70M	834.95M	806.90M	786.75M	741.50M	765.10M	834.40M	778.85M	687.90M	550.15M	465.90M	576.75M	518.05M	484.95M	229.90M	108.00M
(+) Total Debt	2,029.90M	2,028.85M	2,317.50M	1,716.55M	1,506.25M	1,593.50M	1,513.90M	1,600.80M	1,702.40M	1,675.05M	1,662.15M	1,486.70M	1,296.80M	1,241.75M	816.90M	286.85M	114.65M
Enterprise Value	9,119.20M	9,313.45M	7,451.77M	6,579.45M	5,579.55M	4,455.20M	4,320.79M	3,774.56M	3,356.83M	2,895.87M	2,640.94M	2,396.70M	2,226.81M	2,293.64M	1,831.57M	1,617.70M	1,566.13M

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
Revenue	8,838M	9,183M	4,549M	4,433M	5,065M	3,380M	2,936M	2,711M	2,600M	2,413M	2,366M	2,592M	2,782M	2,612M	2,743M	2,503M	2,678M	3,489M	3,392M
Cost of Revenue	5,050M	7,283M	2,144M	2,195M	3,884M	2,923M	2,410M	2,170M	1,286M	1,180M	1,236M	1,506M	1,741M	1,809M	1,760M	1,871M	1,709M	2,491M	2,463M
Gross Profit	3,788M	1,900M	2,405M	2,238M	1,180M	458M	526M	541M	1,315M	1,232M	1,130M	1,086M	1,041M	803M	983M	632M	968M	998M	928M
Gross Profit Margin	42.9%	20.7%	52.9%	50.5%	23.3%	13.5%	17.9%	19.9%	50.6%	51.1%	47.8%	41.9%	37.4%	30.8%	35.8%	25.2%	36.2%	28.6%	27.4%
R&D Expenses	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	1,487M	507M	59M	55M	241M	197M	188M	181M	642M	617M	515M	456M	400M	383M	0M	0M	0M	0M	0M
Operating Expenses	2,476M	346M	1,620M	1,618M	266M	217M	209M	202M	962M	762M	644M	711M	577M	929M	728M	684M	635M	641M	589M
Operating Income (EBIT)	1,311M	1,554M	785M	620M	915M	240M	317M	339M	353M	470M	485M	375M	463M	-126M	254M	-52M	334M	357M	339M
Operating Income Margin	14.8%	16.9%	17.3%	14.0%	18.1%	7.1%	10.8%	12.5%	13.6%	19.5%	20.5%	14.5%	16.7%	-4.8%	9.3%	-2.1%	12.5%	10.2%	10.0%
Interest Income	10M	60M	10M	14M	6M	2M	3M	5M	8M	101M	102M	11M	11M	110M	9M	9M	12M	17M	35M
Interest Expense	84M	128M	58M	73M	49M	39M	40M	48M	53M	52M	55M	50M	56M	128M	117M	33M	77M	71M	65M
Net Interest Income	-74M	-68M	-48M	-59M	-44M	-38M	-37M	-43M	-45M	49M	46M	-39M	-46M	-19M	-108M	-24M	-66M	-54M	-30M
Unusual Items	-13M	-215M	84M	31M	-129M	177M	123M	146M	-58M	-150M	-148M	-61M	-83M	-91M	16M	-91M	9M	82M	-137M
EBT Excluding Unusual Items	1,238M	1,487M	737M	561M	871M	203M	280M	296M	307M	519M	532M	336M	418M	-145M	146M	-77M	268M	303M	309M
Pre-Tax Income	1,225M	1,272M	821M	593M	742M	380M	404M	442M	249M	369M	384M	275M	334M	-236M	162M	-167M	277M	385M	172M
Pre-Tax Margin	13.9%	13.8%	18.0%	13.4%	14.7%	11.2%	13.8%	16.3%	9.6%	15.3%	16.2%	10.6%	12.0%	-9.0%	5.9%	-6.7%	10.3%	11.0%	5.1%
Income Tax Expense	252M	317M	173M	104M	209M	93M	60M	74M	46M	94M	61M	-9M	42M	-19M	31M	-95M	53M	87M	33M
Net Income	960M	985M	622M	478M	550M	305M	362M	391M	186M	251M	312M	277M	288M	-217M	128M	-68M	227M	298M	138M
Net Income Margin	10.9%	10.7%	13.7%	10.8%	10.9%	9.0%	12.3%	14.4%	7.2%	10.4%	13.2%	10.7%	10.4%	-8.3%	4.7%	-2.7%	8.5%	8.6%	4.1%
Depreciation & Amortization	697M	495M	288M	280M	271M	247M	243M	256M	207M	193M	198M	196M	212M	201M	233M	190M	141M	145M	132M
EBITDA	2,008M	2,049M	1,073M	900M	1,186M	487M	560M	594M	560M	663M	684M	571M	675M	75M	487M	138M	474M	502M	471M
EBITDA Margin	22.7%	22.3%	23.6%	20.3%	23.4%	14.4%	19.1%	21.9%	21.5%	27.5%	28.9%	22.0%	24.3%	2.9%	17.8%	5.5%	17.7%	14.4%	13.9%
NOPAT	1,042M	1,167M	619M	511M	657M	182M	270M	282M	287M	350M	408M	387M	405M	-100M	205M	-41M	270M	277M	274M
NOPAT Margin	11.8%	12.7%	13.6%	11.5%	13.0%	5.4%	9.2%	10.4%	11.1%	14.5%	17.2%	14.9%	14.5%	-3.8%	7.5%	-1.7%	10.1%	7.9%	8.1%
Owner's Earnings	796M	965M	458M	404M	563M	307M	384M	413M	165M	199M	256M	249M	277M	-231M	140M	-173M	-5M	-293M	-438M
Owner's Earnings Margin	9.0%	10.5%	10.1%	9.1%	11.1%	9.1%	13.1%	15.2%	6.4%	8.3%	10.8%	9.6%	10.0%	-8.9%	5.1%	-6.9%	-0.2%	-8.4%	-12.9%
EPS (Basic)	18.20	18.65	11.80	9.06	10.43	5.77	6.86	7.42	3.56	5.00	6.42	5.71	5.96	-4.51	2.70	-1.44	4.54	5.74	2.65
EPS (Diluted)	18.20	18.66	11.80	9.06	10.43	5.77	6.86	7.42	3.53	4.77	5.90	5.26	5.85	-4.51	2.67	-1.44	4.54	5.74	2.65
Shares (Basic)	53M	53M	53M	53M	53M	53M	53M	53M	52M	51M	53M	52M	48M	48M	48M	47M	50M	52M	52M
Shares (Diluted)	53M	53M	53M	53M	53M	53M	53M	53M	53M	53M	53M	53M	49M	48M	48M	47M	50M	52M	52M

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
Cash & Cash Equivalents	631.90M	867.30M	867.30M	771.50M	797.80M	931.00M	825.10M	683.50M	817.40M	825.50M	938.00M	834.20M	552.20M	496.80M	599.20M	524.40M	432.70M	459.80M	216.00M	671.90M
Short-Term Investments	164.20M	145.10M	145.10M	144.30M	39.90M	89.70M	188.80M	211.50M	277.50M	397.60M	309.50M	560.20M	711.80M	300.50M	234.00M	196.30M	558.30M	860.80M	826.60M	653.60M
Cash & Short-Term Investments	796.10M	1,012.40M	1,012.40M	915.80M	837.70M	1,020.70M	1,013.90M	895.00M	1,094.90M	1,223.10M	1,247.50M	1,394.40M	1,264.00M	797.30M	833.20M	720.70M	991.00M	1,320.60M	1,042.60M	1,325.50M
Net Receivables	1,237.30M	1,453.00M	1,453.00M	1,083.60M	1,819.60M	1,616.70M	954.80M	938.90M	925.10M	705.00M	1,105.90M	757.50M	855.80M	957.90M	654.90M	780.70M	-41.20M	577.10M	615.30M	691.60M
Inventory	199.70M	347.70M	347.70M	210.50M	211.20M	93.00M	66.70M	55.90M	43.50M	60.40M	42.40M	86.70M	123.00M	133.50M	104.40M	39.90M	20.60M	20.70M	16.80M	15.40M
Other Current Assets	212.80M	305.60M	305.60M	542.40M	1,652.40M	2,211.80M	420.00M	351.40M	399.30M	384.10M	464.20M	278.00M	336.60M	445.50M	157.40M	721.80M	660.60M	670.10M	1,046.80M	767.80M
Total Current Assets	2,445.90M	3,118.70M	3,118.70M	2,752.30M	4,520.90M	4,942.20M	2,455.40M	2,241.20M	2,462.80M	2,372.60M	2,860.00M	2,516.60M	2,579.40M	2,334.20M	1,749.90M	2,263.10M	1,631.00M	2,588.50M	2,721.50M	2,800.30M
Property, Plant & Equipment	4,360.10M	4,288.30M	4,288.30M	4,035.10M	3,831.90M	3,523.30M	3,457.50M	3,419.90M	3,234.80M	3,221.40M	3,077.70M	2,846.30M	2,757.70M	2,785.50M	2,822.00M	2,833.00M	2,271.80M	2,025.10M	1,935.20M	1,857.70M
Goodwill	0.00M	1,107.30M	1,107.30M	1,084.50M	1,091.20M	874.10M	794.30M	769.70M	527.60M	423.10M	299.10M	201.90M	104.70M	92.80M	92.70M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	1,307.40M	192.10M	192.10M	206.90M	1,362.60M	1,096.50M	1,023.20M	1,013.70M	219.80M	197.40M	154.40M	117.70M	74.70M	71.90M	131.40M	780.70M	-41.20M	577.10M	615.30M	691.60M
Long-Term Investments	2,497.50M	2,409.70M	2,409.70M	2,524.80M	2,712.70M	3,065.20M	2,715.90M	2,689.70M	2,760.90M	2,771.80M	2,568.30M	2,399.20M	2,403.50M	2,340.30M	1,763.60M	1,853.80M	1,667.00M	1,213.10M	881.90M	1,060.80M
Tax Assets	0.00M	64.50M	64.50M	56.40M	129.40M	102.30M	147.30M	159.30M	85.60M	113.00M	121.70M	112.50M	43.60M	42.50M	16.90M	8.60M	21.60M	27.80M	21.90M	22.20M
Other Non-Current Assets	200.10M	414.70M	414.70M	323.80M	-1,055.00M	-874.10M	-794.30M	-727.30M	-85.60M	-113.00M	-121.70M	-112.50M	-43.60M	-42.50M	591.20M	228.90M	574.00M	899.40M	870.30M	676.40M
Other Assets	0.00M	0.10M	0.10M	0.00M	0.00M	0.00M	0.00M	0.00M	67.40M	92.60M	81.50M	96.20M	213.90M	300.40M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	8,365.10M	8,476.70M	8,476.70M	8,231.50M	8,072.80M	7,787.30M	7,343.90M	7,325.00M	6,810.50M	6,706.30M	6,181.00M	5,661.30M	5,554.50M	5,590.90M	5,417.80M	5,705.00M	4,493.20M	4,742.50M	4,324.60M	4,308.70M
Total Assets	10,811.00M	11,595.40M	11,595.40M	10,983.80M	12,593.70M	12,729.50M	9,799.30M	9,566.20M	9,273.30M	9,078.90M	9,041.00M	8,177.90M	8,133.90M	7,925.10M	7,167.70M	7,968.10M	6,124.20M	7,331.00M	7,046.10M	7,109.00M
Accounts Payable	517.20M	468.70M	468.70M	389.00M	491.10M	535.00M	366.00M	334.50M	327.50M	418.30M	375.40M	249.90M	308.80M	375.20M	308.80M	0.00M	0.00M	0.00M	0.00M	0.00M
Short-Term Debt	494.80M	225.70M	225.70M	265.30M	214.40M	653.80M	89.20M	56.20M	408.40M	202.90M	74.10M	53.90M	65.90M	26.70M	24.30M	43.50M	1.60M	0.00M	0.00M	0.80M
Tax Payables	0.00M	214.60M	214.60M	197.10M	115.30M	51.50M	64.80M	75.60M	41.20M	49.90M	35.80M	26.30M	21.70M	13.40M	23.60M	29.00M	19.60M	64.70M	11.90M	31.00M
Deferred Revenue	0.00M	0.00M	0.00M	518.10M	456.00M	322.80M	226.80M	211.90M	209.10M	236.60M	127.20M	-53.90M	-65.90M	-26.70M	377.50M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	543.40M	1,146.40M	1,146.40M	666.00M	1,674.80M	2,874.90M	644.40M	711.40M	629.50M	494.70M	366.00M	408.30M	301.50M	387.80M	419.50M	729.20M	651.60M	726.20M	794.00M	585.90M
Total Current Liabilities	1,555.40M	2,055.40M	2,055.40M	2,035.50M	2,951.60M	4,438.00M	1,391.20M	1,389.60M	1,615.70M	1,402.40M	978.50M	684.50M	632.00M	776.40M	1,153.70M	801.70M	672.80M	790.90M	805.90M	617.70M
Long-Term Debt	1,385.10M	1,384.80M	1,384.80M	1,379.70M	1,604.40M	1,013.90M	1,252.20M	1,295.60M	1,088.80M	1,256.10M	1,474.30M	1,509.90M	1,548.20M	1,478.50M	1,255.00M	1,213.40M	1,054.40M	573.70M	229.30M	225.10M
Capital Lease Obligations	0.00M	552.10M	552.10M	532.80M	157.40M	164.50M	153.20M	147.20M	25.50M	44.10M	49.30M	55.70M	83.30M	98.20M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	535.60M	562.70M	562.70M	0.00M	604.20M	549.20M	539.80M	580.70M	498.00M	526.30M	479.10M	432.70M	425.80M	470.40M	420.30M	494.10M	551.60M	553.40M	533.80M	541.20M
Other Non-Current Liabilities	1,570.40M	1,380.90M	1,380.90M	2,264.80M	2,611.90M	2,081.00M	2,788.70M	2,442.70M	2,919.70M	3,058.50M	2,033.20M	1,890.20M	1,838.00M	1,406.30M	198.70M	226.60M	228.90M	178.70M	118.40M	208.20M
Total Non-Current Liabilities	3,491.10M	3,880.50M	3,880.50M	4,177.30M	4,977.90M	3,808.60M	4,733.90M	4,466.20M	4,532.00M	4,885.00M	4,035.90M	3,888.50M	3,895.30M	3,453.40M	1,874.00M	1,934.10M	1,834.90M	1,305.80M	881.50M	974.50M
Total Liabilities	5,046.50M	5,935.90M	5,935.90M	6,212.80M	7,929.50M	8,246.60M	6,125.10M	5,855.80M	6,147.70M	6,287.40M	5,014.40M	4,573.00M	4,527.30M	4,229.80M	3,027.70M	2,735.80M	2,507.70M	2,096.70M	1,687.40M	1,592.20M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	240.30M	90.70M	360.70M	293.10M	116.10M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	132.00M	132.00M	132.00M	132.00M	132.00M	132.00M	132.00M	132.00M	132.00M	132.00M	132.00M	132.00M	132.00M	132.00M	132.00M	131.10M	132.00M	132.00M	132.00M	132.00M
Retained Earnings	5,111.30M	5,120.10M	5,120.10M	4,675.20M	4,401.90M	3,987.00M	3,810.10M	3,562.90M	3,270.60M	3,206.50M	3,114.40M	2,924.20M	2,728.30M	2,467.00M	2,759.80M	2,808.60M	3,084.00M	3,138.10M	2,975.10M	3,023.30M
Accumulated OCI	-80.10M	-34.70M	-34.70M	0.00M	-464.90M	-197.60M	-242.70M	-231.50M	-240.30M	-90.70M	-360.70M	-293.10M	-116.10M	43.20M	-3,416.30M	-3,195.30M	-3,347.70M	-3,280.60M	-3,260.00M	-3,211.90M
Minority Interest	436.50M	448.00M	448.00M	431.80M	312.70M	308.40M	293.70M	273.30M	273.50M	264.00M	258.50M	99.50M	91.90M	42.70M	37.40M	43.90M	26.10M	23.50M	24.10M	24.80M
Total Shareholders’ Equity	5,163.20M	5,217.40M	5,217.40M	4,807.20M	4,069.00M	3,921.40M	3,699.40M	3,463.40M	3,402.60M	3,338.50M	3,246.40M	3,056.20M	2,860.30M	2,642.20M	-524.50M	-255.60M	-131.70M	-10.50M	-152.90M	-56.60M
Total Equity	5,599.70M	5,665.40M	5,665.40M	5,239.00M	4,381.70M	4,229.80M	3,993.10M	3,736.70M	3,676.10M	3,602.50M	3,504.90M	3,155.70M	2,952.20M	2,684.90M	-487.10M	-211.70M	-105.60M	13.00M	-128.80M	-31.80M
Total Liabilities & Equity	10,646.20M	11,601.30M	11,601.30M	11,451.80M	12,311.20M	12,476.40M	10,118.20M	9,592.50M	9,823.80M	9,889.90M	8,519.30M	7,728.70M	7,479.50M	6,914.70M	2,540.60M	2,524.10M	2,402.10M	2,109.70M	1,558.60M	1,560.40M
Tangible Assets	9,503.60M	10,296.00M	10,296.00M	9,692.40M	10,139.90M	10,758.90M	7,981.80M	7,782.80M	8,525.90M	8,458.40M	8,587.50M	7,858.30M	7,954.50M	7,760.40M	6,943.60M	7,187.40M	6,165.40M	6,753.90M	6,430.80M	6,417.40M
Tangible Equity	4,292.30M	4,366.00M	4,366.00M	3,947.60M	1,927.90M	2,259.20M	2,175.60M	1,953.30M	2,928.70M	2,982.00M	3,051.40M	2,836.10M	2,772.80M	2,520.20M	-711.20M	-992.40M	-64.40M	-564.10M	-744.10M	-723.40M
Tangible Book Value	4,292.30M	4,366.00M	4,366.00M	3,947.60M	1,927.90M	2,259.20M	2,175.60M	1,953.30M	2,928.70M	2,982.00M	3,051.40M	2,836.10M	2,772.80M	2,520.20M	-711.20M	-992.40M	-64.40M	-564.10M	-744.10M	-723.40M
Total Investments	2,661.70M	2,554.80M	2,554.80M	2,669.10M	2,752.60M	3,154.90M	2,904.70M	2,901.20M	3,038.40M	3,169.40M	2,877.80M	2,959.40M	3,115.30M	2,640.80M	1,997.60M	2,050.10M	2,225.30M	2,073.90M	1,708.50M	1,714.40M
Net Debt	1,248.00M	743.20M	743.20M	873.50M	1,021.00M	736.70M	516.30M	668.30M	679.80M	633.50M	610.40M	729.60M	1,061.90M	1,008.40M	680.10M	732.50M	623.30M	113.90M	13.30M	-446.00M

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
Working Capital	714.2M	1,014.2M	1,014.2M	617.3M	680.5M	247.6M	839.6M	751.4M	695.8M	1,058.7M	1,311.3M	1,447.7M	1,549.4M	1,171.1M	1,144.4M	1,111.5M	1,139.3M	1,386.9M	1,349.9M	1,491.0M
Total Capital	7,031.6M	7,374.1M	7,374.1M	6,469.3M	6,058.5M	5,812.8M	5,184.7M	4,963.3M	4,764.1M	4,674.5M	4,288.5M	4,162.6M	4,167.3M	3,913.0M	3,815.2M	3,867.9M	3,934.6M	3,794.5M	3,275.0M	3,306.0M
Capital Employed	9,079.3M	9,490.9M	9,490.9M	8,848.8M	8,753.3M	8,034.9M	8,183.5M	8,076.4M	7,506.3M	7,765.0M	7,492.3M	7,109.0M	7,103.9M	6,762.0M	6,562.2M	6,281.2M	5,867.5M	5,728.1M	5,233.0M	5,250.6M
Invested Capital	6,399.7M	6,506.8M	6,506.8M	5,697.8M	5,260.7M	4,881.8M	4,359.6M	4,279.8M	3,946.7M	3,849.0M	3,350.5M	3,328.4M	3,615.1M	3,416.2M	3,216.0M	3,343.5M	3,501.9M	3,334.7M	3,059.0M	2,634.1M

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
Net Income	960.30M	984.60M	820.90M	592.50M	550.20M	304.60M	361.70M	391.20M	186.40M	251.30M	311.60M	276.70M	288.20M	-216.70M	161.70M	-161.30M	283.20M	385.10M	171.60M
Depreciation & Amortization	720.60M	495.10M	288.30M	279.90M	271.30M	247.20M	243.00M	255.70M	207.10M	193.00M	198.40M	195.70M	211.50M	200.60M	233.00M	190.40M	140.90M	144.70M	132.40M
Deferred Income Tax	-501.50M	-463.10M	0.00M	0.00M	-549.30M	-501.60M	-491.60M	-516.70M	-54.30M	-83.20M	90.10M	-208.00M	-26.70M	-75.80M	0.00M	0.00M	0.00M	0.00M	0.00M
Stock-Based Compensation	11.10M	13.90M	0.00M	11.10M	6.70M	7.20M	5.60M	5.30M	4.70M	2.90M	2.80M	2.90M	1.70M	0.70M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-125.50M	-253.30M	-43.20M	118.20M	-154.40M	-285.90M	-22.30M	-67.20M	49.60M	80.30M	-92.90M	205.10M	25.00M	75.10M	-81.10M	-73.50M	-98.70M	178.30M	-123.80M
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
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
Accounts Payable	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-125.50M	-253.30M	-43.20M	118.20M	-154.40M	-285.90M	-22.30M	-67.20M	49.60M	80.30M	-92.90M	205.10M	66.90M	-19.60M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Cash Items	45.80M	881.10M	-326.60M	-298.00M	600.10M	231.70M	421.80M	380.90M	-20.10M	-34.10M	-61.80M	-104.60M	11.70M	251.10M	7.90M	336.80M	-50.60M	-105.40M	62.30M
Net Cash from Operating Activities	1,110.80M	1,117.30M	739.40M	703.70M	724.60M	3.20M	518.20M	449.20M	373.40M	493.40M	358.10M	575.80M	538.10M	310.80M	321.50M	292.40M	274.80M	602.70M	242.50M
Capital Expenditures (PPE)	-873.10M	-514.70M	-431.40M	-332.70M	-258.40M	-244.40M	-220.60M	-234.40M	-228.20M	-244.90M	-254.50M	-223.60M	-222.60M	-215.10M	-221.70M	-295.30M	-372.40M	-736.20M	-708.40M
Acquisitions (Net)	0.90M	203.50M	-8.20M	-148.00M	-1.40M	0.60M	0.50M	-237.50M	-96.60M	-107.40M	-154.50M	-76.40M	-44.40M	-193.20M	-56.00M	-162.10M	-63.30M	-10.80M	-1.30M
Purchases of Investments	-207.00M	-755.50M	-18.20M	-111.60M	-469.80M	-278.00M	-90.50M	-22.20M	-137.70M	-187.40M	-461.50M	-93.50M	-458.20M	-174.00M	-111.30M	-119.70M	-338.70M	0.00M	0.00M
Sales / Maturities of Investments	121.60M	330.90M	31.00M	63.00M	167.70M	247.00M	38.70M	195.00M	206.90M	93.90M	621.60M	221.30M	64.00M	22.50M	40.20M	423.80M	367.50M	84.00M	76.20M
Other Investing Activities	175.50M	65.80M	125.60M	81.60M	39.20M	17.20M	57.20M	16.20M	0.40M	5.40M	-10.70M	5.00M	69.00M	27.70M	59.10M	64.30M	66.50M	66.90M	70.60M
Net Cash from Investing Activities	-782.10M	-670.00M	-301.20M	-447.70M	-522.70M	-257.60M	-214.70M	-282.90M	-255.20M	-440.40M	-259.60M	-167.20M	-592.20M	-532.10M	-289.70M	-89.00M	-340.40M	-596.10M	-562.90M
Net Debt Issuance	-178.70M	150.40M	-87.60M	0.00M	-184.70M	493.40M	-47.60M	-212.10M	17.50M	-35.40M	-10.20M	-19.90M	165.60M	199.60M	112.00M	0.20M	507.40M	343.10M	3.20M
Long-Term Debt Issuance	-127.20M	150.40M	-87.60M	0.00M	-184.70M	18.60M	-47.60M	-212.10M	17.50M	-35.40M	10.70M	19.40M	12.50M	29.20M	32.20M	3.30M	475.10M	362.70M	4.00M
Short-Term Debt Issuance	-51.50M	0.00M	0.00M	0.00M	0.00M	493.40M	0.00M	0.00M	17.50M	0.00M	-20.90M	-39.30M	153.10M	170.40M	79.80M	35.60M	32.30M	-0.60M	-0.80M
Net Stock Issuance	-25.30M	-20.10M	-12.80M	-12.00M	-5.10M	-8.80M	-8.00M	-1.90M	-6.60M	-5.10M	-2.50M	0.00M	1.60M	16.00M	0.80M	4.60M	-298.90M	5.20M	6.80M
Common Stock Issuance	28.20M	978.80M	28.20M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.80M	4.60M	0.00M	5.20M	6.80M
Common Stock Repurchased	-53.50M	-20.30M	-41.00M	-12.00M	-5.10M	-8.80M	-8.00M	-1.90M	-6.60M	-5.10M	-2.50M	0.00M	0.00M	0.00M	0.00M	0.00M	-298.90M	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
Net Dividends Paid	-588.40M	-351.00M	-196.40M	-213.80M	-137.20M	-126.60M	-116.00M	-95.00M	-102.90M	-87.20M	-79.10M	-78.50M	-60.90M	-58.50M	-48.30M	-119.90M	-131.30M	-120.40M	-140.90M
Common Dividends Paid	-588.40M	-351.00M	-196.40M	-213.80M	-137.20M	-126.60M	-116.00M	-95.00M	-102.90M	-87.20M	-79.10M	-78.50M	-60.90M	-58.50M	-48.30M	-119.90M	-131.30M	-120.40M	-140.90M
Preferred Dividends Paid	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-1.30M	0.00M	2.90M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	223.40M	-14.50M	-45.80M	-196.00M	8.30M	13.40M	-25.40M	14.60M	-29.90M	-41.70M	97.40M	-22.20M	0.40M	-38.40M	-23.50M	4.90M	-18.80M	19.00M	17.50M
Net Cash from Financing Activities	-569.00M	-206.20M	-342.60M	-421.80M	-318.70M	371.40M	-159.30M	-294.40M	-121.90M	-169.40M	5.60M	-120.60M	109.60M	118.70M	41.00M	-110.20M	59.00M	239.70M	-121.30M
Effect of FX on Cash	-29.10M	-34.00M	5.10M	-21.40M	-16.40M	-11.10M	-2.60M	-5.80M	-4.40M	3.90M	-0.30M	-6.00M	-0.10M	0.20M	-0.40M	-1.50M	-20.50M	-2.50M	-14.20M
Net Change in Cash	-258.00M	207.10M	100.70M	-26.30M	-133.20M	105.90M	141.60M	-133.90M	-8.10M	-112.50M	103.80M	282.00M	55.40M	-102.40M	72.40M	91.70M	-27.10M	243.80M	-455.90M
Cash at Beginning of Period	3,115.50M	3,283.70M	771.50M	797.80M	931.00M	825.10M	683.50M	817.40M	825.50M	938.00M	834.20M	552.20M	496.80M	599.20M	526.80M	432.70M	459.80M	216.00M	671.90M
Cash at End of Period	2,857.50M	3,490.80M	872.20M	771.50M	797.80M	931.00M	825.10M	683.50M	817.40M	825.50M	938.00M	834.20M	552.20M	496.80M	599.20M	524.40M	432.70M	459.80M	216.00M
Operating Cash Flow	1,088.40M	1,117.30M	739.40M	703.70M	724.60M	3.20M	518.20M	449.20M	373.40M	493.40M	358.10M	575.80M	538.10M	310.80M	321.50M	292.40M	274.80M	602.70M	242.50M
Capital Expenditure	-861.10M	-514.70M	-452.60M	-354.00M	-258.40M	-244.40M	-220.60M	-234.40M	-228.20M	-244.90M	-254.50M	-223.60M	-222.60M	-215.10M	-221.70M	-295.30M	-372.40M	-736.20M	-708.40M
Free Cash Flow	227.30M	602.60M	286.80M	349.70M	466.20M	-241.20M	297.60M	214.80M	145.20M	248.50M	103.60M	352.20M	315.50M	95.70M	99.80M	-2.90M	-97.60M	-133.50M	-465.90M

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
EBITDA	2,997.40M	1,887.80M	2,633.60M	2,462.70M	1,210.20M	507.80M	580.40M	615.40M	880.00M	808.40M	813.60M	826.10M	852.30M	621.50M	1,215.70M	822.40M	1,109.30M	1,142.30M	1,060.50M
(-) Tax Adjustment	615.88M	470.47M	556.30M	432.69M	341.00M	123.97M	86.69M	102.94M	162.28M	206.75M	129.74M	0.00M	107.65M	50.34M	234.57M	287.84M	212.25M	256.88M	203.32M
(-) Change In Working Capital	-125.50M	-253.30M	-43.20M	118.20M	-154.40M	-285.90M	-22.30M	-67.20M	49.60M	80.30M	-92.90M	205.10M	25.00M	75.10M	-81.10M	-73.50M	-98.70M	178.30M	-123.80M
(-) Capital Expenditure	-861.10M	-514.70M	-452.60M	-354.00M	-258.40M	-244.40M	-220.60M	-234.40M	-228.20M	-244.90M	-254.50M	-223.60M	-222.60M	-215.10M	-221.70M	-295.30M	-372.40M	-736.20M	-708.40M
Unlevered Free Cash Flow	1,645.92M	1,155.93M	1,667.90M	1,557.81M	765.20M	425.33M	295.41M	345.26M	439.92M	276.45M	522.26M	397.40M	497.05M	280.96M	840.53M	312.76M	623.35M	-29.08M	272.58M
(-) Net Interest Income After Taxes	-58.48M	-50.68M	-37.94M	-48.63M	-31.31M	-28.34M	-31.13M	-35.64M	-36.95M	36.32M	38.83M	-39.10M	-40.02M	-17.09M	-87.32M	-15.80M	-52.97M	-41.93M	-24.41M
Net Debt Issuance	-178.70M	150.40M	-87.60M	0.00M	-184.70M	493.40M	-47.60M	-212.10M	17.50M	-35.40M	-10.20M	-19.90M	165.60M	199.60M	112.00M	0.20M	507.40M	343.10M	3.20M
Levered Free Cash Flow	1,525.70M	1,357.01M	1,618.24M	1,606.45M	611.82M	947.07M	278.94M	168.80M	494.36M	204.73M	473.23M	416.60M	702.66M	497.65M	1,039.85M	328.76M	1,183.72M	355.96M	300.19M