Koninklijke Vopak N.V. (VPK.AS)

Analysis: Margins & Ratios Industry: Oil & Gas Midstream Sector: Energy Live Price: $39.76

Income Statement Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	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	1,607,976,868	1,532,615,428	1,540,059,983	1,515,526,613	1,385,538,502	3,137,398,418	3,185,071,750	1,544,803,832	1,673,968,032	1,605,158,740	1,441,824,738	1,397,321,800	1,470,827,972	1,483,744,392	1,546,212,896	1,590,363,568	1,646,373,862	1,569,227,608	1,535,175,228	1,542,807,658	1,376,068,418	1,309,020,456	1,175,511,642	1,084,392,170	1,001,609,660	913,660,582	802,696,792	761,011,982	880,195,312	934,913,964
Cost of Revenue	724,611,162	805,420,982	522,657,064	373,855,992	280,391,994	1,560,420,958	2,426,290,786	360,955,228	908,611,436	904,266,822	972,136,738	881,134,688	923,171,764	69,396,402	73,271,328	67,047,962	66,578,274	64,229,834	61,529,128	255,510,272	0	0	0	0	0	0	0	43,915,828	0	0
Cost of Revenue Margin	44.66%	52.89%	34.49%	24.64%	18.48%	49.74%	76.18%	23.37%	54.28%	56.34%	67.42%	63.06%	62.77%	4.68%	4.74%	4.22%	4.04%	4.09%	4.01%	16.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.77%	0.00%	0.00%
Gross Profit	883,365,706	727,194,446	1,017,402,919	1,141,670,622	1,105,146,509	2,138,372,042	758,780,964	1,183,848,604	765,356,596	700,891,918	469,688,000	516,187,112	547,656,208	1,414,347,990	1,472,941,568	1,523,315,606	1,579,795,588	1,504,997,774	1,473,646,100	1,287,297,386	1,376,068,418	1,309,020,456	1,175,511,642	1,084,392,170	1,001,609,660	913,660,582	802,696,792	717,096,154	880,195,312	934,913,964
Gross Profit Margin	55.34%	47.11%	65.51%	75.36%	81.52%	68.16%	23.82%	76.63%	45.72%	43.66%	32.58%	36.94%	37.23%	95.32%	95.26%	95.78%	95.96%	95.91%	95.99%	83.44%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	94.23%	100.00%	100.00%
R&D Expenses	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
R&D Expenses Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses	191,241,297	164,132,472	281,037,815	249,427,812	187,070,859	599,204,466	851,074,656	26,419,950	270,188,022	277,115,920	117,069,734	129,868,732	106,266,910	451,605,012	469,453,156	471,801,596	490,589,116	455,597,360	451,370,168	24,071,510	0	0	0	0	0	0	0	0	0	0
SG&A Expenses Margin	11.70%	10.51%	18.00%	16.00%	12.00%	19.10%	26.72%	1.71%	16.14%	17.26%	8.12%	9.29%	7.22%	30.44%	30.36%	29.67%	29.80%	29.03%	29.40%	1.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses	441,115,313	314,056,881	524,418,394	627,980,684	545,654,163	81,960,556	-99,573,856	776,041,998	270,188,022	277,115,920	117,069,734	129,868,732	106,266,910	925,050,516	1,018,401,006	661,438,126	962,742,978	962,860,400	869,744,754	766,413,394	688,562,608	887,945,164	787,314,510	706,058,486	0	0	0	578,185,928	704,414,578	775,572,310
Operating Expenses Margin	27.88%	20.21%	33.66%	41.47%	37.71%	2.61%	-3.13%	50.24%	16.14%	17.26%	8.12%	9.29%	7.22%	62.35%	65.86%	41.59%	58.48%	61.36%	56.65%	49.68%	50.04%	67.83%	66.98%	65.11%	0.00%	0.00%	0.00%	75.98%	80.03%	82.96%
Operating Income (EBIT)	465,069,401	426,828,970	448,352,423	475,261,631	530,671,116	1,287,062,542	858,354,820	476,263,632	495,168,574	423,775,998	352,618,266	386,318,380	441,389,298	414,969,348	449,256,572	509,728,902	534,035,256	509,376,636	506,558,508	520,883,992	687,505,810	421,075,292	388,197,132	378,333,684	1,001,609,660	913,660,582	802,696,792	173,197,450	175,780,734	159,341,654
Operating Income (EBIT) Margin	28.94%	27.78%	29.04%	31.45%	41.98%	41.02%	26.95%	30.83%	29.58%	26.40%	24.46%	27.65%	30.01%	27.97%	29.06%	32.05%	32.44%	32.46%	33.00%	33.76%	49.96%	32.17%	33.02%	34.89%	100.00%	100.00%	100.00%	22.76%	19.97%	17.04%
Interest Income	13,699,233	10,920,246	10,943,730	9,346,791	11,888,978	34,991,756	17,848,144	19,961,740	12,564,154	8,571,806	6,575,632	6,927,898	7,515,008	9,980,870	13,738,374	12,211,888	11,389,934	8,689,228	3,874,926	4,227,192	8,571,806	5,401,412	7,867,274	9,980,870	8,219,540	7,984,696	63,525,302	18,670,098	56,245,138	67,047,962
Interest Income Margin	0.86%	0.71%	0.71%	0.61%	1.02%	1.12%	0.56%	1.29%	0.75%	0.53%	0.46%	0.50%	0.51%	0.67%	0.89%	0.77%	0.69%	0.55%	0.25%	0.27%	0.62%	0.41%	0.67%	0.92%	0.82%	0.87%	7.91%	2.45%	6.39%	7.17%
Interest Expense	146,699,219	133,884,564	125,559,345	115,864,201	101,781,390	292,028,514	302,948,760	137,853,428	157,228,058	145,016,170	129,164,200	100,160,966	109,554,726	96,403,462	147,012,344	115,073,560	118,126,532	105,444,956	101,217,764	89,123,298	100,865,498	85,718,060	61,529,128	54,131,542	58,593,578	59,885,220	63,525,302	63,994,990	0	0
Interest Expense Margin	9.12%	8.70%	8.13%	7.62%	7.24%	9.31%	9.51%	8.92%	9.39%	9.03%	8.96%	7.17%	7.45%	6.50%	9.51%	7.24%	7.17%	6.72%	6.59%	5.78%	7.33%	6.55%	5.23%	4.99%	5.85%	6.55%	7.91%	8.41%	0.00%	0.00%
Net Interest Income	-133,195,689	-123,081,740	-114,674,325	-106,126,004	-91,906,199	-257,036,758	-285,100,616	-117,891,688	-145,251,014	-136,444,364	-122,588,568	-93,233,068	-102,039,718	-86,422,592	-133,273,970	-102,861,672	-106,736,598	-96,755,728	-97,342,838	-90,884,628	-79,846,960	-80,316,648	-53,661,854	-44,150,672	-50,374,038	-51,900,524	-46,146,846	-54,366,386	56,245,138	67,047,962
Net Interest Income Margin	-8.27%	-8.00%	-7.43%	-6.98%	-6.49%	-8.19%	-8.95%	-7.63%	-8.68%	-8.50%	-8.50%	-6.67%	-6.94%	-5.82%	-8.62%	-6.47%	-6.48%	-6.17%	-6.34%	-5.89%	-5.80%	-6.14%	-4.56%	-4.07%	-5.03%	-5.68%	-5.75%	-7.14%	6.39%	7.17%
Unusual Items	195,938,177	144,476,029	96,579,595	102,947,781	191,979,099	213,590,618	1,062,199,412	5,401,412	-20,783,694	603,196,814	119,183,330	15,382,282	-44,033,250	91,471,738	229,677,432	-153,118,288	119,418,174	161,455,250	100,748,076	68,926,714	184,587,384	62,703,348	36,283,398	88,301,344	759,250,652	763,125,578	648,404,284	107,793,396	-49,904,350	-90,767,206
Unusual Items Margin	12.23%	9.21%	6.17%	6.75%	17.63%	6.81%	33.35%	0.35%	-1.24%	37.58%	8.27%	1.10%	-2.99%	6.16%	14.85%	-9.63%	7.25%	10.29%	6.56%	4.47%	13.41%	4.79%	3.09%	8.14%	75.80%	83.52%	80.78%	14.16%	-5.67%	-9.71%
EBT Excluding Unusual Items	206,193,032	260,841,231	369,808,847	375,883,478	236,605,330	1,116,918,064	-980,943,388	583,352,496	681,399,866	-646,173,266	236,840,174	448,786,884	631,495,516	318,448,464	123,175,678	918,827,150	401,935,506	283,221,864	402,405,194	467,926,670	410,624,734	375,985,244	369,292,190	245,881,668	-466,517,606	-560,690,050	-494,111,776	2,935,550	219,344,296	273,828,104
EBT Excluding Unusual Items Margin	12.74%	17.35%	24.13%	24.96%	12.95%	35.60%	-30.80%	37.76%	40.71%	-40.26%	16.43%	32.12%	42.93%	21.46%	7.97%	57.77%	24.41%	18.05%	26.21%	30.33%	29.84%	28.72%	31.42%	22.67%	-46.58%	-61.37%	-61.56%	0.39%	24.92%	29.29%
Pre-Tax Income	402,131,209	405,317,260	466,388,442	478,831,260	428,584,429	1,330,508,682	81,256,024	588,753,908	660,616,172	-42,976,452	356,023,504	464,169,166	587,462,266	409,920,202	352,853,110	765,708,862	521,353,680	444,677,114	503,153,270	536,853,384	595,212,118	438,688,592	405,575,588	334,183,012	292,733,046	202,435,528	154,292,508	110,728,946	169,439,946	183,060,898
Pre-Tax Income Margin	24.97%	26.56%	30.30%	31.71%	30.58%	42.41%	2.55%	38.11%	39.46%	-2.68%	24.69%	33.22%	39.94%	27.63%	22.82%	48.15%	31.67%	28.34%	32.77%	34.80%	43.25%	33.51%	34.50%	30.82%	29.23%	22.16%	19.22%	14.55%	19.25%	19.58%
Income Tax Expense	100,434,951	91,049,019	84,508,613	86,015,529	77,786,204	150,065,316	233,904,624	95,816,352	86,657,436	118,831,064	70,453,200	83,487,042	68,457,026	68,809,292	29,707,766	85,130,950	137,736,006	97,577,682	79,377,272	98,986,746	83,721,886	85,483,216	80,903,758	64,464,678	60,120,064	29,942,610	30,060,032	1,174,220	32,173,628	35,344,022
Income Tax Expense Margin	6.26%	5.93%	5.46%	5.67%	5.54%	4.78%	7.34%	6.20%	5.18%	7.40%	4.89%	5.97%	4.65%	4.64%	1.92%	5.35%	8.37%	6.22%	5.17%	6.42%	6.08%	6.53%	6.88%	5.94%	6.00%	3.28%	3.74%	0.15%	3.66%	3.78%
Net Income	259,502,620	275,190,199	358,007,936	366,928,094	331,382,497	1,087,210,298	223,571,488	441,154,454	535,092,054	-197,738,648	251,517,924	345,925,212	670,479,620	298,838,990	276,411,388	627,033,480	331,364,884	294,024,688	373,989,070	391,132,682	511,490,232	353,205,376	324,671,830	269,718,334	232,612,982	172,492,918	124,232,476	94,759,554	122,705,990	130,690,686
Net Income Margin	16.07%	18.08%	23.36%	24.41%	23.81%	34.65%	7.02%	28.56%	31.97%	-12.32%	17.44%	24.76%	45.59%	20.14%	17.88%	39.43%	20.13%	18.74%	24.36%	25.35%	37.17%	26.98%	27.62%	24.87%	23.22%	18.88%	15.48%	12.45%	13.94%	13.98%
Depreciation and Amortization	379,781,889	390,897,838	358,043,162	316,100,024	153,723,011	685,979,324	790,367,482	360,955,228	379,273,060	399,117,378	434,109,134	381,034,390	383,500,252	320,679,482	320,327,216	309,876,658	291,558,826	272,184,196	246,468,778	255,510,272	209,011,160	177,894,330	153,940,242	129,046,778	-650,283,036	-651,339,834	-648,404,284	101,922,296	117,304,578	127,872,558
Depreciation and Amortization Margin	23.63%	25.65%	23.39%	20.84%	6.03%	21.86%	24.81%	23.37%	22.66%	24.86%	30.11%	27.27%	26.07%	21.61%	20.72%	19.48%	17.71%	17.35%	16.05%	16.56%	15.19%	13.59%	13.10%	11.90%	-64.92%	-71.29%	-80.78%	13.39%	13.33%	13.68%
EBITDA	766,765,660	754,671,194	810,399,675	801,162,478	705,665,122	1,592,359,742	1,174,572,266	1,086,388,344	941,372,174	272,536,462	716,978,732	756,080,258	1,080,517,244	693,259,488	689,501,984	1,049,752,680	817,609,386	729,073,198	714,865,136	881,486,954	885,714,146	702,300,982	621,044,958	517,361,332	477,320,430	262,320,748	217,817,810	276,998,498	310,816,034	301,657,118
EBITDA Margin	47.85%	49.48%	52.78%	53.07%	50.00%	50.75%	36.88%	70.33%	56.24%	16.98%	49.73%	54.11%	73.46%	46.72%	44.59%	66.01%	49.66%	46.46%	46.57%	57.14%	64.37%	53.65%	52.83%	47.71%	47.66%	28.71%	27.14%	36.40%	35.31%	32.27%
NOPAT	808,165,550	604,833,884	501,687,493	479,719,235	501,631,779	1,141,897,426	-1,612,516,280	398,754,433	430,214,005	1,595,528,211	282,838,926	316,833,845	389,954,167	345,312,505	411,432,308	453,057,616	392,948,915	397,601,620	426,644,027	424,841,734	590,801,994	339,024,218	310,760,009	305,352,239	795,904,026	778,519,371	646,311,420	171,360,786	142,403,103	128,577,165
NOPAT Margin	50.30%	38.64%	32.20%	31.43%	38.56%	36.40%	-50.63%	25.81%	25.70%	99.40%	19.62%	22.67%	26.51%	23.27%	26.61%	28.49%	23.87%	25.34%	27.79%	27.54%	42.93%	25.90%	26.44%	28.16%	79.46%	85.21%	80.52%	22.52%	16.18%	13.75%
Owner's Earnings	194,372,551	120,193,159	191,268,696	140,757,665	125,753,091	1,029,438,674	5,049,146	407,924,028	428,238,034	-253,044,410	75,267,502	-57,419,358	326,433,160	8,806,650	210,067,958	542,724,484	223,688,910	-28,063,858	-8,336,962	109,202,460	144,781,326	-18,904,942	-62,938,192	398,765,112	232,612,982	-100,748,076	-63,994,990	53,309,588	114,956,138	144,663,904
Owner's Earnings Margin	12.07%	7.47%	12.14%	9.02%	8.54%	32.81%	0.16%	26.41%	25.58%	-15.76%	5.22%	-4.11%	22.19%	0.59%	13.59%	34.13%	13.59%	-1.79%	-0.54%	7.08%	10.52%	-1.44%	-5.35%	36.77%	23.22%	-11.03%	-7.97%	7.01%	13.06%	15.47%

Balance Sheet Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	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	1,607,976,868	1,532,615,428	1,540,059,983	1,515,526,613	1,385,538,502	1,544,803,832	1,673,968,032	1,605,158,740	1,441,824,738	1,397,321,800	1,470,827,972	1,483,744,392	1,546,212,896	1,590,363,568	1,646,373,862	1,569,227,608	1,535,175,228	1,542,807,658	1,376,068,418	1,309,020,456	1,175,511,642	1,084,392,170	1,001,609,660	913,660,582	802,696,792	761,011,982	880,195,312	934,913,964
Cash & Cash Equivalents	127,207,167	109,601,695	139,098,101	177,526,408	172,487,047	110,611,524	231,321,340	39,688,636	86,187,748	80,199,226	110,963,790	91,002,050	152,648,600	359,311,320	129,046,778	213,708,040	209,833,114	530,747,440	104,153,314	213,473,196	222,397,268	57,889,046	160,163,608	138,440,538	207,954,362	131,512,640	178,951,128	179,655,660
Cash & Cash Equivalents Margin	7.82%	7.03%	8.91%	11.65%	12.80%	7.16%	13.82%	2.47%	5.98%	5.74%	7.54%	6.13%	9.87%	22.59%	7.84%	13.62%	13.67%	34.40%	7.57%	16.31%	18.92%	5.34%	15.99%	15.15%	25.91%	17.28%	20.33%	19.22%
Short-Term Investments	0	0	0	0	217,231	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	4,344,614	0	0	587,110	0	0
Short-Term Investments Margin	0.00%	0.00%	0.00%	0.00%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.43%	0.00%	0.00%	0.08%	0.00%	0.00%
Cash & Short-Term Investments	127,207,167	109,601,695	139,098,101	177,526,408	172,704,278	110,611,524	231,321,340	39,688,636	86,187,748	80,199,226	110,963,790	91,002,050	152,648,600	359,311,320	129,046,778	213,708,040	209,833,114	530,747,440	104,153,314	213,473,196	222,397,268	57,889,046	164,508,222	138,440,538	207,954,362	132,099,750	178,951,128	179,655,660
Cash & Short-Term Investments Margin	7.82%	7.03%	8.91%	11.65%	12.82%	7.16%	13.82%	2.47%	5.98%	5.74%	7.54%	6.13%	9.87%	22.59%	7.84%	13.62%	13.67%	34.40%	7.57%	16.31%	18.92%	5.34%	16.42%	15.15%	25.91%	17.36%	20.33%	19.22%
Net Receivables	409,607,077	372,603,490	315,595,109	257,349,883	193,012,413	399,469,644	446,321,022	383,030,564	309,994,080	324,202,142	347,686,542	0	308,232,750	263,729,812	373,284,538	322,558,234	381,738,922	0	0	0	0	0	0	0	0	194,685,676	272,653,884	319,974,950
Net Receivables Margin	25.46%	24.22%	20.39%	16.62%	12.47%	25.86%	26.66%	23.86%	21.50%	23.20%	23.64%	0.00%	19.93%	16.58%	22.67%	20.56%	24.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	25.58%	30.98%	34.23%
Inventory	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1,996,174	5,283,990
Inventory Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.23%	0.57%
Other Current Assets	88,731,891	101,476,092	105,198,370	83,886,277	65,333,601	75,619,768	45,559,736	145,016,170	235,196,266	5,988,522	202,435,528	33,347,848	3,170,394	71,627,420	234,022,046	128,811,934	40,980,278	31,703,940	117,422	4,696,880	0	0	5,988,522	13,386,108	29,003,234	53,779,276	4,814,302	13,620,952
Other Current Assets Margin	5.55%	6.68%	6.83%	5.44%	4.37%	4.90%	2.72%	9.03%	16.31%	0.43%	13.76%	2.25%	0.21%	4.50%	14.21%	8.21%	2.67%	2.05%	0.01%	0.36%	0.00%	0.00%	0.60%	1.47%	3.61%	7.07%	0.55%	1.46%
Total Current Assets	665,430,474	623,252,492	625,694,869	637,037,834	587,638,399	627,620,590	757,371,900	611,298,932	666,604,694	453,366,342	693,142,066	495,520,840	485,070,282	713,925,760	753,027,286	696,899,570	659,324,530	937,849,514	463,816,900	540,728,310	476,733,320	417,670,054	413,912,550	421,662,402	467,222,138	398,647,690	479,434,026	547,303,942
Total Current Assets Margin	41.32%	40.53%	40.52%	41.89%	42.65%	40.63%	45.24%	38.08%	46.23%	32.45%	47.13%	33.40%	31.37%	44.89%	45.74%	44.41%	42.95%	60.79%	33.71%	41.31%	40.56%	38.52%	41.32%	46.15%	58.21%	52.38%	54.47%	58.54%
Property, Plant & Equipment	4,596,562,471	4,849,505,116	4,587,337,016	4,272,094,173	3,626,877,896	4,467,319,990	4,396,279,680	4,926,087,744	5,254,751,922	5,203,086,242	4,865,732,836	4,387,238,186	4,095,796,782	4,172,003,660	4,105,073,120	4,253,494,528	3,883,028,118	3,671,316,252	3,410,521,990	2,989,681,542	2,407,972,954	1,987,954,460	1,626,294,700	1,280,721,754	1,153,201,462	998,321,844	1,168,114,056	1,300,096,384
Property, Plant & Equipment Margin	286.23%	319.10%	299.86%	282.45%	253.56%	289.18%	262.63%	306.89%	364.45%	372.36%	330.82%	295.69%	264.89%	262.33%	249.34%	271.06%	252.94%	237.96%	247.85%	228.39%	204.84%	183.32%	162.37%	140.17%	143.67%	131.18%	132.71%	139.06%
Goodwill	7,593,289	15,053,500	31,727,424	30,866,330	23,149,747	7,749,852	7,397,586	7,632,430	7,280,164	45,207,470	48,612,708	46,616,534	47,438,488	50,491,460	48,847,552	51,430,836	33,347,848	60,942,018	0	0	0	0	0	0	0	5,049,146	0	0
Goodwill Margin	0.47%	1.03%	2.08%	2.01%	1.51%	0.50%	0.44%	0.48%	0.50%	3.24%	3.31%	3.14%	3.07%	3.17%	2.97%	3.28%	2.17%	3.95%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.66%	0.00%	0.00%
Intangible Assets	118,048,251	131,559,609	129,234,653	104,106,345	91,371,929	112,842,542	112,490,276	128,811,934	130,338,420	173,314,872	193,511,456	136,444,364	127,285,448	120,709,816	56,597,404	56,010,294	46,029,424	18,670,098	85,248,372	63,290,458	48,143,020	45,559,736	73,506,172	47,790,754	50,843,726	38,396,994	7,749,852	7,397,586
Intangible Assets Margin	7.35%	8.70%	8.51%	6.93%	6.56%	7.30%	6.72%	8.02%	9.04%	12.40%	13.16%	9.20%	8.23%	7.59%	3.44%	3.57%	3.00%	1.21%	6.20%	4.83%	4.10%	4.20%	7.34%	5.23%	6.33%	5.05%	0.88%	0.79%
Long-Term Investments	2,480,109,203	2,277,023,940	1,803,343,592	1,535,472,697	1,263,537,044	2,700,118,890	2,207,651,022	2,532,557,696	2,201,545,078	1,743,247,012	1,687,941,250	1,283,305,038	1,138,523,712	1,283,187,616	1,255,358,602	1,107,406,882	953,701,484	1,131,595,814	945,129,678	860,820,682	709,228,880	607,189,162	254,805,740	339,819,268	327,607,380	216,878,434	0	0
Long-Term Investments Margin	154.81%	148.38%	117.37%	100.95%	86.70%	174.79%	131.88%	157.78%	152.69%	124.76%	114.76%	86.49%	73.63%	80.69%	76.25%	70.57%	62.12%	73.35%	68.68%	65.76%	60.33%	55.99%	25.44%	37.19%	40.81%	28.50%	0.00%	0.00%
Tax Assets	57,849,905	128,811,934	125,758,962	95,088,336	76,882,055	46,381,690	45,559,736	81,608,290	255,275,428	215,234,526	206,075,610	108,497,928	89,005,876	113,899,340	96,051,196	61,881,394	23,719,244	39,336,370	36,283,398	7,515,008	6,575,632	7,749,852	19,139,786	24,658,620	53,192,166	28,885,812	6,340,788	6,810,476
Tax Assets Margin	3.60%	8.78%	8.40%	6.35%	5.39%	3.00%	2.72%	5.08%	17.71%	15.40%	14.01%	7.31%	5.76%	7.16%	5.83%	3.94%	1.55%	2.55%	2.64%	0.57%	0.56%	0.71%	1.91%	2.70%	6.63%	3.80%	0.72%	0.73%
Other Non-Current Assets	104,701,283	55,470,153	-17,131,870	-9,722,542	3,804,473	25,363,152	286,861,946	1,878,752	1,409,064	-38,162,150	-41,215,122	-108,497,928	-89,005,876	-113,899,340	-96,051,196	-61,881,394	-23,719,244	36,753,086	37,927,306	36,400,820	33,700,114	27,124,482	117,069,734	23,132,134	20,901,116	171,083,854	391,132,682	486,009,658
Other Non-Current Assets Margin	6.30%	3.25%	-1.26%	-0.68%	0.60%	1.64%	17.14%	0.12%	0.10%	-2.73%	-2.80%	-7.31%	-5.76%	-7.16%	-5.83%	-3.94%	-1.55%	2.38%	2.76%	2.78%	2.87%	2.50%	11.69%	2.53%	2.60%	22.48%	44.44%	51.98%
Other Assets	0	0	68,821,034	64,096,756	48,072,567	0	0	0	0	0	0	126,580,916	111,433,478	214,177,728	236,018,220	185,409,338	87,831,656	0	0	0	0	0	0	0	0	0	0	0
Other Assets Margin	0.00%	0.00%	4.35%	4.07%	3.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	8.53%	7.21%	13.47%	14.34%	11.82%	5.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Non-Current Assets	7,364,864,403	7,457,424,251	6,660,269,778	6,027,905,339	5,085,623,144	7,359,776,116	7,056,240,246	7,678,576,846	7,850,600,076	7,341,927,972	6,960,658,738	5,853,604,122	5,409,044,430	5,626,392,552	5,465,876,678	5,468,342,540	4,916,106,874	4,958,613,638	4,515,110,744	3,957,708,510	3,205,620,600	2,675,577,692	2,090,816,132	1,716,122,530	1,605,745,850	1,458,616,084	1,573,337,378	1,800,314,104
Total Non-Current Assets Margin	458.77%	489.25%	434.96%	398.01%	354.31%	476.42%	421.53%	478.37%	544.49%	525.43%	473.25%	394.52%	349.83%	353.78%	331.99%	348.47%	320.23%	321.40%	328.12%	302.34%	272.70%	246.74%	208.75%	187.83%	200.04%	191.67%	178.75%	192.56%
Total Assets	8,069,435,543	8,104,161,143	7,366,527,881	6,736,868,062	5,727,205,210	7,987,396,706	7,931,034,146	8,289,875,778	8,517,204,770	7,795,294,314	7,653,800,804	6,475,705,878	6,005,548,190	6,554,496,040	6,454,922,184	6,350,651,448	5,663,263,060	5,896,463,152	4,978,927,644	4,498,436,820	3,682,353,920	3,093,247,746	2,504,728,682	2,137,784,932	2,072,967,988	1,857,263,774	2,052,771,404	2,347,618,046
Total Assets Margin	502.43%	531.18%	480.53%	444.44%	400.37%	517.05%	473.79%	516.45%	590.72%	557.87%	520.37%	436.44%	388.40%	412.14%	392.07%	404.70%	368.90%	382.19%	361.82%	343.65%	313.26%	285.25%	250.07%	233.98%	258.25%	244.05%	233.22%	251.11%
Accounts Payable	104,779,565	91,401,285	70,065,707	102,963,438	152,525,307	146,072,968	77,733,364	90,532,362	82,312,822	60,354,908	48,143,020	43,093,874	54,131,542	51,195,992	47,086,222	60,824,596	51,900,524	50,491,460	321,149,170	359,428,742	329,720,976	376,924,620	304,592,668	266,547,940	228,268,368	174,136,826	264,316,922	293,555,000
Accounts Payable Margin	6.58%	5.95%	4.55%	7.12%	12.88%	9.46%	4.64%	5.64%	5.71%	4.32%	3.27%	2.90%	3.50%	3.22%	2.86%	3.88%	3.38%	3.27%	23.34%	27.46%	28.05%	34.76%	30.41%	29.17%	28.44%	22.88%	30.03%	31.40%
Short-Term Debt	506,597,649	493,501,182	367,378,211	316,045,227	259,890,113	459,707,130	241,771,898	818,313,918	545,894,878	401,818,084	552,353,088	201,261,308	132,099,750	201,378,730	119,183,330	310,933,456	153,353,132	135,857,254	202,905,216	263,847,234	49,199,818	145,485,858	86,540,014	83,369,620	92,528,536	41,802,232	76,793,988	130,103,576
Short-Term Debt Margin	31.73%	32.36%	24.14%	20.99%	18.09%	29.76%	14.44%	50.98%	37.86%	28.76%	37.55%	13.56%	8.54%	12.66%	7.24%	19.81%	9.99%	8.81%	14.75%	20.16%	4.19%	13.42%	8.64%	9.12%	11.53%	5.49%	8.72%	13.92%
Tax Payables	57,693,343	58,898,875	58,875,391	61,309,940	54,636,457	61,998,816	50,726,304	60,354,908	56,245,138	65,169,210	49,434,662	55,188,340	58,123,890	56,245,138	75,267,502	74,210,704	68,104,760	76,206,878	66,930,540	45,442,314	29,707,766	20,666,272	45,794,580	32,878,160	44,033,250	46,146,846	0	0
Tax Payables Margin	3.60%	3.87%	3.83%	4.05%	3.94%	4.01%	3.03%	3.76%	3.90%	4.66%	3.36%	3.72%	3.76%	3.54%	4.57%	4.73%	4.44%	4.94%	4.86%	3.47%	2.53%	1.91%	4.57%	3.60%	5.49%	6.06%	0.00%	0.00%
Deferred Revenue	21,370,804	24,705,589	28,874,070	17,221,893	24,001,057	0	35,931,132	28,181,280	37,575,040	21,840,492	19,492,052	25,597,996	32,878,160	45,207,470	42,037,076	-310,933,456	-153,353,132	433,874,290	0	0	59,063,266	0	0	98,869,324	63,760,146	0	5,753,678	0
Deferred Revenue Margin	1.30%	1.61%	1.86%	1.13%	2.04%	0.00%	2.15%	1.76%	2.61%	1.56%	1.33%	1.73%	2.13%	2.84%	2.55%	-19.81%	-9.99%	28.12%	0.00%	0.00%	5.02%	0.00%	0.00%	10.82%	7.94%	0.00%	0.65%	0.00%
Other Current Liabilities	321,736,280	341,275,301	353,322,798	308,451,938	241,419,632	305,414,622	342,285,130	317,509,088	356,258,348	384,909,316	430,938,740	382,560,876	309,524,392	313,751,584	390,075,884	346,042,634	340,641,222	307,058,530	42,037,076	57,771,624	50,608,882	19,844,318	34,991,756	70,805,466	25,363,152	59,767,798	8,102,118	8,102,118
Other Current Liabilities Margin	20.00%	22.45%	23.08%	20.16%	16.15%	19.77%	20.45%	19.78%	24.71%	27.55%	29.30%	25.78%	20.02%	19.73%	23.69%	22.05%	22.19%	19.90%	3.05%	4.41%	4.31%	1.83%	3.49%	7.75%	3.16%	7.85%	0.92%	0.87%
Total Current Liabilities	1,059,655,269	1,057,032,844	907,261,083	839,316,800	746,974,182	1,028,264,454	785,318,336	1,365,383,016	1,127,720,888	978,477,526	1,137,349,492	716,743,888	588,401,642	669,540,244	675,411,344	857,532,866	675,763,610	624,332,774	633,022,002	726,489,914	459,237,442	568,792,168	477,907,540	453,601,186	390,193,306	315,865,180	354,966,706	431,760,694
Total Current Liabilities Margin	66.18%	69.36%	59.36%	55.61%	53.59%	66.56%	46.91%	85.06%	78.21%	70.03%	77.33%	48.31%	38.05%	42.10%	41.02%	54.65%	44.02%	40.47%	46.00%	55.50%	39.07%	52.45%	47.71%	49.65%	48.61%	41.51%	40.33%	46.18%
Long-Term Debt	1,966,348,812	1,987,343,866	2,041,040,946	2,069,147,859	1,768,768,684	2,023,533,326	1,923,137,516	1,952,375,594	2,139,781,106	1,897,891,786	1,637,449,790	2,032,692,242	1,821,684,908	2,276,460,314	2,705,402,880	2,563,909,370	2,199,079,216	2,446,839,636	1,786,575,730	1,630,404,470	1,368,201,144	1,082,748,262	733,417,812	554,936,372	598,852,200	682,691,508	0	0
Long-Term Debt Margin	122.50%	130.35%	132.53%	136.33%	123.49%	130.99%	114.88%	121.63%	148.41%	135.82%	111.33%	137.00%	117.82%	143.14%	164.32%	163.39%	143.25%	158.60%	129.83%	124.55%	116.39%	99.85%	73.22%	60.74%	74.61%	89.71%	0.00%	0.00%
Capital Lease Obligations	774,946,059	780,738,878	453,154,982	302,103,322	226,577,491	764,886,908	751,148,534	808,802,736	793,890,142	784,966,070	627,855,434	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1,526,486	0	0
Capital Lease Obligations Margin	48.26%	51.20%	29.87%	19.91%	14.93%	49.51%	44.87%	50.39%	55.06%	56.18%	42.69%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.20%	0.00%	0.00%
Deferred Tax Liabilities	302,126,806	275,378,074	307,880,484	294,306,501	255,985,831	314,338,694	296,725,394	295,316,330	255,275,428	215,234,526	383,030,564	343,459,350	298,251,880	355,318,972	321,853,702	261,851,060	237,427,284	305,649,466	291,323,982	239,540,880	189,636,530	148,421,408	131,160,374	115,190,982	120,709,816	101,570,030	138,557,960	168,265,726
Deferred Tax Liabilities Margin	18.82%	17.92%	20.00%	19.43%	18.10%	20.35%	17.73%	18.40%	17.71%	15.40%	26.04%	23.15%	19.29%	22.34%	19.55%	16.69%	15.47%	19.81%	21.17%	18.30%	16.13%	13.69%	13.09%	12.61%	15.04%	13.35%	15.74%	18.00%
Other Non-Current Liabilities	105,836,363	100,090,513	252,821,308	243,180,962	216,308,937	85,835,482	129,516,466	102,157,140	76,206,878	106,736,598	0	386,435,802	500,335,142	603,666,502	537,323,072	433,052,336	287,683,900	276,176,544	40,745,434	81,843,134	100,278,388	108,497,928	129,046,778	150,769,848	189,871,374	109,319,882	879,725,624	1,089,206,472
Other Non-Current Liabilities Margin	6.55%	6.52%	16.16%	15.67%	15.33%	5.56%	7.74%	6.36%	5.29%	7.64%	0.00%	26.04%	32.36%	37.96%	32.64%	27.60%	18.74%	17.90%	2.96%	6.25%	8.53%	10.01%	12.88%	16.50%	23.65%	14.37%	99.95%	116.50%
Total Non-Current Liabilities	3,123,934,029	3,128,356,924	2,724,272,595	2,613,257,923	2,246,030,403	3,149,492,884	3,063,657,402	3,158,651,800	3,265,153,554	3,004,828,980	2,764,700,990	2,032,692,242	1,821,684,908	2,276,460,314	2,705,402,880	2,563,909,370	2,291,725,174	2,960,795,730	2,187,924,126	1,951,788,484	1,658,116,062	1,339,667,598	993,624,964	820,897,202	909,433,390	893,581,420	1,018,283,584	1,257,472,198
Total Non-Current Liabilities Margin	194.56%	205.04%	177.54%	172.54%	157.75%	203.88%	183.02%	196.78%	226.46%	215.04%	187.97%	137.00%	117.82%	143.14%	164.32%	163.39%	149.28%	191.91%	159.00%	149.10%	141.05%	123.54%	99.20%	89.85%	113.30%	117.42%	115.69%	134.50%
Total Liabilities	4,246,527,489	4,295,226,307	3,889,228,000	3,699,528,845	3,178,220,176	4,177,757,338	3,966,397,738	4,595,427,392	4,588,734,338	4,147,814,728	3,902,050,482	3,135,871,932	2,910,421,692	3,549,667,060	3,918,137,296	4,116,345,632	3,399,954,010	3,585,128,504	2,820,946,128	2,678,278,398	2,117,353,504	1,908,459,766	1,471,532,504	1,274,498,388	1,299,626,696	1,209,446,600	1,373,250,290	1,689,232,892
Total Liabilities Margin	264.56%	281.76%	253.48%	244.04%	223.25%	270.44%	236.95%	286.29%	318.26%	296.84%	265.30%	211.35%	188.23%	223.20%	237.99%	262.32%	221.47%	232.38%	205.00%	204.60%	180.12%	175.99%	146.92%	139.49%	161.91%	158.93%	156.02%	180.68%
Preferred Stock	0	0	51,113,797	54,382,042	40,786,532	0	0	0	0	0	0	146,190,390	222,279,846	142,667,730	0	167,913,460	136,679,208	0	0	0	0	0	0	0	0	22,839,753	0	0
Preferred Stock Margin	0.00%	0.00%	3.32%	3.52%	2.64%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	9.85%	14.38%	8.97%	0.00%	10.70%	8.90%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.00%	0.00%	0.00%
Common Stock	72,292,811	72,919,062	73,975,860	100,239,247	99,380,110	69,161,558	73,858,438	73,858,438	73,858,438	73,858,438	75,032,658	75,032,658	75,032,658	75,032,658	75,032,658	75,032,658	99,339,012	390,780,416	99,339,012	99,339,012	99,339,012	96,168,618	96,168,618	96,168,618	96,168,618	48,845,204	0	0
Common Stock Margin	4.50%	4.78%	4.82%	6.64%	7.45%	4.48%	4.41%	4.60%	5.12%	5.29%	5.10%	5.06%	4.85%	4.72%	4.56%	4.78%	6.47%	25.33%	7.22%	7.59%	8.45%	8.87%	9.60%	10.53%	11.98%	6.42%	0.00%	0.00%
Retained Earnings	3,522,777,422	3,555,655,582	3,191,987,906	2,707,860,914	2,202,020,637	3,711,591,998	3,602,741,804	3,253,998,464	3,644,896,302	3,565,049,342	3,409,700,036	3,001,658,586	2,840,438,180	2,672,642,142	2,217,162,204	1,936,758,468	1,922,080,718	1,902,706,088	1,646,726,128	1,289,763,248	1,065,604,650	834,165,888	648,873,972	490,941,382	382,913,142	270,188,022	0	0
Retained Earnings Margin	219.40%	233.23%	208.67%	178.46%	150.53%	240.26%	215.22%	202.72%	252.80%	255.13%	231.82%	202.30%	183.70%	168.05%	134.67%	123.42%	125.20%	123.33%	119.67%	98.53%	90.65%	76.92%	64.78%	53.73%	47.70%	35.50%	0.00%	0.00%
Accumulated OCI	-82,273,681	-160,680,265	-114,662,583	-96,747,900	-72,560,925	-114,486,450	-96,051,196	-36,283,398	-184,352,540	-372,227,740	-124,349,898	-146,190,390	-222,279,846	-142,667,730	292,263,358	-167,913,460	-136,679,208	0	0	0	0	0	0	0	0	0	0	0
Accumulated OCI Margin	-5.14%	-10.97%	-7.87%	-6.56%	-4.92%	-7.41%	-5.74%	-2.26%	-12.79%	-26.64%	-8.45%	-9.85%	-14.38%	-8.97%	17.75%	-10.70%	-8.90%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Minority Interest	180,829,880	179,373,847	180,747,685	167,201,100	141,258,666	172,845,184	179,890,504	189,753,952	184,235,118	170,144,478	173,549,716	189,636,530	183,060,898	187,053,246	177,307,220	169,792,212	138,557,960	151,239,536	127,402,870	113,547,074	94,642,132	0	82,430,244	75,384,924	64,699,522	60,354,908	67,517,650	75,502,346
Minority Interest Margin	11.25%	11.74%	11.77%	11.02%	9.89%	11.19%	10.75%	11.82%	12.78%	12.18%	11.80%	12.78%	11.84%	11.76%	10.77%	10.82%	9.03%	9.80%	9.26%	8.67%	8.05%	0.00%	8.23%	8.25%	8.06%	7.93%	7.67%	8.08%
Total Shareholders’ Equity	3,642,078,174	3,629,560,989	3,296,552,197	2,870,138,118	2,407,726,368	3,636,794,184	3,784,745,904	3,504,694,434	3,744,235,314	3,477,335,108	3,578,200,606	3,150,197,416	2,912,065,600	2,817,775,734	2,359,477,668	2,064,513,604	2,124,751,090	2,160,095,112	2,030,578,646	1,706,611,348	1,470,358,284	1,184,787,980	950,765,934	787,901,620	708,641,770	587,462,266	612,003,464	582,882,808
Total Shareholders’ Equity Margin	226.62%	237.68%	215.28%	189.38%	167.23%	235.42%	226.09%	218.34%	259.69%	248.86%	243.28%	212.31%	188.34%	177.18%	143.31%	131.56%	138.40%	140.01%	147.56%	130.37%	125.08%	109.26%	94.92%	86.24%	88.28%	77.19%	69.53%	62.35%
Total Equity	3,822,908,054	3,808,934,836	3,477,299,881	3,037,339,218	2,548,985,034	3,809,639,368	3,964,636,408	3,694,448,386	3,928,470,432	3,647,479,586	3,751,750,322	3,339,833,946	3,095,126,498	3,004,828,980	2,536,784,888	2,234,305,816	2,263,309,050	2,311,334,648	2,157,981,516	1,820,158,422	1,565,000,416	1,184,787,980	1,033,196,178	863,286,544	773,341,292	647,817,174	679,521,114	658,385,154
Total Equity Margin	237.87%	249.42%	227.05%	200.40%	177.12%	246.61%	236.84%	230.16%	272.47%	261.03%	255.08%	225.09%	200.17%	188.94%	154.08%	142.38%	147.43%	149.81%	156.82%	139.05%	133.13%	109.26%	103.15%	94.49%	96.34%	85.13%	77.20%	70.42%
Total Liabilities & Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Liabilities & Equity Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Investments	2,480,109,203	2,277,023,940	1,803,343,592	1,535,472,697	1,263,754,275	2,700,118,890	2,207,651,022	2,532,557,696	2,201,545,078	1,743,247,012	1,687,941,250	1,283,305,038	1,138,523,712	1,283,187,616	1,255,358,602	1,107,406,882	953,701,484	1,131,595,814	945,129,678	860,820,682	709,228,880	607,189,162	259,150,354	339,819,268	327,607,380	217,465,544	391,132,682	486,009,658
Total Investments Margin	154.81%	148.38%	117.37%	100.95%	86.72%	174.79%	131.88%	157.78%	152.69%	124.76%	114.76%	86.49%	73.63%	80.69%	76.25%	70.57%	62.12%	73.35%	68.68%	65.76%	60.33%	55.99%	25.87%	37.19%	40.81%	28.58%	44.44%	51.98%
Net Debt	3,134,854,275	3,175,959,803	2,738,010,969	2,520,126,620	2,090,516,706	3,137,515,840	2,684,736,608	3,582,310,376	3,434,710,922	3,040,525,268	2,742,155,966	2,142,951,500	1,801,136,058	2,118,527,724	2,695,539,432	2,661,134,786	2,142,599,234	2,051,949,450	1,885,327,632	1,680,778,508	1,195,003,694	1,170,345,074	659,794,218	499,865,454	483,426,374	592,981,100	-102,157,140	-49,552,084
Net Debt Margin	195.55%	208.49%	178.68%	166.29%	144.24%	203.10%	160.38%	223.17%	238.22%	217.60%	186.44%	144.43%	116.49%	133.21%	163.73%	169.58%	139.57%	133.00%	137.01%	128.40%	101.66%	107.93%	65.87%	54.71%	60.23%	77.92%	-11.61%	-5.30%

Capital Metrics

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	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	1,607,976,868	1,532,615,428	1,540,059,983	1,515,526,613	1,385,538,502	1,544,803,832	1,673,968,032	1,605,158,740	1,441,824,738	1,397,321,800	1,470,827,972	1,483,744,392	1,546,212,896	1,590,363,568	1,646,373,862	1,569,227,608	1,535,175,228	1,542,807,658	1,376,068,418	1,309,020,456	1,175,511,642	1,084,392,170	1,001,609,660	913,660,582	802,696,792	761,011,982	880,195,312	934,913,964
Working Capital	-394,224,795	-433,780,352	-281,566,214	-202,278,965	-159,335,783	-400,643,864	-27,946,436	-754,084,084	-461,116,194	-525,111,184	-444,207,426	-221,223,048	-103,331,360	44,385,516	77,615,942	-160,633,296	-16,439,080	313,516,740	-169,205,102	-185,761,604	17,495,878	-151,122,114	-63,994,990	-31,938,784	77,028,832	82,782,510	124,467,320	115,543,248
Working Capital Margin	-24.86%	-28.83%	-18.84%	-13.73%	-10.93%	-25.93%	-1.67%	-46.98%	-31.98%	-37.58%	-30.20%	-14.91%	-6.68%	2.79%	4.71%	-10.24%	-1.07%	20.32%	-12.30%	-14.19%	1.49%	-13.94%	-6.39%	-3.50%	9.60%	10.88%	14.14%	12.36%
Total Capital	6,904,139,615	6,915,122,486	6,173,661,267	5,567,791,146	4,670,730,121	6,884,921,548	6,700,803,852	7,126,693,446	7,265,133,984	6,598,059,602	6,431,320,362	5,384,150,966	4,865,850,258	5,295,614,778	5,184,063,878	4,939,356,430	4,477,183,438	4,742,792,002	4,020,059,592	3,600,863,052	2,887,759,246	2,413,022,100	1,770,723,760	1,426,207,612	1,400,022,506	1,311,956,006	688,797,452	712,986,384
Total Capital Margin	429.99%	453.21%	402.87%	367.32%	324.26%	445.68%	400.29%	443.99%	503.88%	472.19%	437.26%	362.88%	314.69%	332.98%	314.88%	314.76%	291.64%	307.41%	292.14%	275.08%	245.66%	222.52%	176.79%	156.10%	174.41%	172.40%	78.26%	76.26%
Capital Employed	7,009,780,275	7,047,128,299	6,459,266,798	5,897,551,263	4,980,231,028	6,959,132,252	7,145,715,810	6,924,492,762	7,389,483,882	6,816,816,788	6,516,451,312	5,758,961,990	5,417,146,548	5,884,955,796	5,779,510,840	5,493,118,582	4,987,499,450	5,272,130,378	4,345,905,642	3,771,946,906	3,223,116,478	2,524,455,578	2,026,821,142	1,684,183,746	1,682,774,682	1,541,398,594	1,697,804,698	1,915,857,352
Capital Employed Margin	436.25%	461.82%	421.17%	388.82%	346.78%	450.49%	426.87%	431.39%	512.51%	487.85%	443.05%	388.14%	350.35%	370.04%	351.04%	350.05%	324.88%	341.72%	315.82%	288.15%	274.19%	232.80%	202.36%	184.33%	209.64%	202.55%	192.89%	204.92%
Invested Capital	6,776,932,449	6,805,520,792	6,034,563,166	5,390,264,738	4,498,243,074	6,774,310,024	6,469,482,512	7,087,004,810	7,178,946,236	6,517,860,376	6,320,356,572	5,293,148,916	4,713,201,658	4,936,303,458	5,055,017,100	4,725,648,390	4,267,350,324	4,212,044,562	3,915,906,278	3,387,389,856	2,665,361,978	2,355,133,054	1,610,560,152	1,287,767,074	1,192,068,144	1,180,443,366	509,846,324	533,330,724
Invested Capital Margin	422.17%	446.17%	393.96%	355.67%	311.46%	438.52%	386.48%	441.51%	497.91%	466.45%	429.71%	356.74%	304.82%	310.39%	307.04%	301.14%	277.97%	273.01%	284.57%	258.77%	226.74%	217.18%	160.80%	140.95%	148.51%	155.11%	57.92%	57.05%

Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	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	1,607,976,868	1,532,615,428	1,540,059,983	1,515,526,613	1,385,538,502	1,544,803,832	1,673,968,032	1,605,158,740	1,441,824,738	1,397,321,800	1,470,827,972	1,483,744,392	1,546,212,896	1,590,363,568	1,646,373,862	1,569,227,608	1,535,175,228	1,542,807,658	1,376,068,418	1,309,020,456	1,175,511,642	1,084,392,170	1,001,609,660	913,660,582	802,696,792	761,011,982	880,195,312	934,913,964
Net Income	276,763,654	285,546,820	340,829,097	358,324,975	324,930,158	492,937,556	535,092,054	-197,738,648	251,517,924	345,925,212	446,908,132	298,838,990	276,411,388	627,033,480	331,364,884	294,024,688	373,989,070	433,874,290	511,490,232	353,205,376	324,671,830	269,718,334	232,612,982	172,492,918	124,232,476	118,831,064	122,705,990	130,690,686
Net Income Margin	17.19%	18.75%	22.17%	23.81%	23.36%	31.91%	31.97%	-12.32%	17.44%	24.76%	30.38%	20.14%	17.88%	39.43%	20.13%	18.74%	24.36%	28.12%	37.17%	26.98%	27.62%	24.87%	23.22%	18.88%	15.48%	15.61%	13.94%	13.98%
Depreciation & Amortization	379,781,889	384,204,784	350,704,287	311,207,441	247,554,932	360,955,228	379,273,060	399,117,378	434,109,134	347,569,120	383,500,252	301,774,540	308,350,172	300,835,164	291,558,826	272,184,196	246,468,778	255,510,272	209,011,160	177,894,330	153,940,242	129,046,778	0	0	0	101,922,296	117,304,578	127,872,558
Depreciation & Amortization Margin	23.63%	25.17%	22.88%	20.51%	16.63%	23.37%	22.66%	24.86%	30.11%	24.87%	26.07%	20.34%	19.94%	18.92%	17.71%	17.35%	16.05%	16.56%	15.19%	13.59%	13.10%	11.90%	0.00%	0.00%	0.00%	13.39%	13.33%	13.68%
Deferred Income Tax	14,090,640	11,084,637	5,774,485	-20,671,204	-15,503,403	0	0	42,271,920	-5,871,100	19,022,364	-5,166,568	8,689,228	42,698,866	13,503,530	-57,403,389	-29,285,282	7,280,164	-96,168,618	-249,639,172	0	0	0	0	0	0	0	0	0
Deferred Income Tax Margin	0.88%	0.72%	0.39%	-1.45%	-1.09%	0.00%	0.00%	2.63%	-0.41%	1.36%	-0.35%	0.59%	2.76%	0.85%	-3.49%	-1.87%	0.47%	-6.23%	-18.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Stock-Based Compensation	6,001,399	6,186,707	4,901,652	3,471,300	2,603,475	5,166,568	11,193,722	1,643,908	7,162,742	5,766,594	10,098,292	2,348,440	-469,688	3,405,238	2,700,706	1,174,220	-469,688	-469,688	2,818,128	0	0	0	0	0	0	0	0	0
Stock-Based Compensation Margin	0.37%	0.40%	0.32%	0.23%	0.17%	0.33%	0.67%	0.10%	0.50%	0.41%	0.69%	0.16%	-0.03%	0.21%	0.16%	0.07%	-0.03%	-0.03%	0.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Change in Working Capital	-6,653,913	2,324,956	-4,509,005	-9,957,386	-8,571,806	-1,878,752	-19,609,474	1,526,486	16,908,768	14,677,750	-46,264,268	821,954	-42,154,498	-21,135,960	52,017,946	27,007,060	-6,810,476	-47,790,754	-65,638,898	-11,037,668	-22,075,336	0	0	0	0	-5,401,412	59,650,376	-77,733,364
Change in Working Capital Margin	-0.40%	0.21%	-0.30%	-0.69%	-0.61%	-0.12%	-1.17%	0.10%	1.17%	1.05%	-3.15%	0.06%	-2.73%	-1.33%	3.16%	1.72%	-0.44%	-3.10%	-4.77%	-0.84%	-1.88%	0.00%	0.00%	0.00%	0.00%	-0.71%	6.78%	-8.31%
Accounts Receivable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accounts Receivable Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Inventory	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Inventory Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Accounts Payable	8,219,540	4,931,724	-152,649	-101,766	-76,324	0	4,814,302	19,844,318	0	0	0	0	0	-8,454,384	-17,730,722	0	0	0	0	0	0	0	0	0	0	0	0	0
Accounts Payable Margin	0.51%	0.30%	-0.01%	-0.01%	0.00%	0.00%	0.29%	1.24%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.53%	-1.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Working Capital	-14,873,453	-1,878,752	-3,992,348	-4,203,708	-3,152,781	-1,878,752	-24,423,776	-18,317,832	20,548,850	14,677,750	-46,264,268	821,954	-42,154,498	-12,681,576	69,748,668	33,582,692	-56,714,826	0	0	0	0	0	0	0	0	0	0	0
Other Working Capital Margin	-0.91%	-0.05%	-0.26%	-0.28%	-0.21%	-0.12%	-1.46%	-1.14%	1.43%	1.05%	-3.15%	0.06%	-2.73%	-0.80%	4.24%	2.14%	-3.69%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Non-Cash Items	347,869,368	260,525,624	168,451,781	147,876,907	120,512,799	210,302,802	111,160,002	722,145,300	96,990,572	162,029,444	-135,035,300	139,674,526	243,373,064	-87,596,460	221,473,861	272,019,570	162,159,782	98,047,370	69,161,558	-67,752,494	-18,200,410	-26,889,638	76,441,722	92,058,848	68,691,870	-52,252,790	-60,824,596	-36,635,664
Other Non-Cash Items Margin	21.75%	16.71%	10.75%	9.44%	8.19%	13.61%	6.64%	44.99%	6.73%	11.60%	-9.18%	9.41%	15.74%	-5.51%	13.45%	17.33%	10.56%	6.36%	5.03%	-5.18%	-1.55%	-2.48%	7.63%	10.08%	8.56%	-6.87%	-6.91%	-3.92%
Net Cash from Operating Activities	1,017,853,037	949,873,527	868,276,979	793,209,094	673,743,952	1,067,483,402	1,017,109,364	968,966,344	800,818,040	894,990,484	654,040,540	751,031,112	785,435,758	841,093,786	901,800,960	867,513,736	775,337,466	643,002,872	477,203,008	452,309,544	438,336,326	371,875,474	309,054,704	264,551,766	192,924,346	163,099,158	238,836,348	144,194,216
Net Cash from Operating Activities Margin	63.41%	61.96%	56.34%	52.00%	46.77%	69.10%	60.76%	60.37%	55.54%	64.05%	44.47%	50.62%	50.80%	52.89%	54.77%	55.28%	50.50%	41.68%	34.68%	34.55%	37.29%	34.29%	30.86%	28.96%	24.03%	21.43%	27.13%	15.42%
Capital Expenditures (PPE)	-445,185,943	-539,366,215	-517,525,723	-537,432,666	-453,225,436	-394,185,654	-486,949,034	-454,423,140	-610,359,556	-750,913,690	-727,546,712	-591,806,880	-374,693,602	-385,144,160	-399,234,800	-594,272,742	-628,794,810	-537,440,494	-575,720,066	-550,004,648	-541,550,264	0	0	-273,240,994	-188,227,466	-143,372,262	-125,054,430	-113,899,340
Capital Expenditures (PPE) Margin	-27.64%	-35.80%	-34.10%	-35.90%	-31.90%	-25.52%	-29.09%	-28.31%	-42.33%	-53.74%	-49.47%	-39.89%	-24.23%	-24.22%	-24.25%	-37.87%	-40.96%	-34.84%	-41.84%	-42.02%	-46.07%	0.00%	0.00%	-29.91%	-23.45%	-18.84%	-14.21%	-12.18%
Acquisitions (Net)	23,092,993	46,005,940	147,376,352	65,270,976	40,950,923	10,567,980	56,127,716	2,583,284	4,109,770	156,640,948	613,295,106	6,927,898	63,290,458	557,871,922	2,348,440	-200,556,776	-96,873,150	-193,746,300	96,638,306	-100,160,966	0	-150,065,316	5,636,256	-13,033,842	-2,583,284	141,141,244	18,904,942	-2,818,128
Acquisitions (Net) Margin	1.40%	3.14%	9.72%	4.33%	2.49%	0.68%	3.35%	0.16%	0.29%	11.21%	41.70%	0.47%	4.09%	35.08%	0.14%	-12.78%	-6.31%	-12.56%	7.02%	-7.65%	0.00%	-13.84%	0.56%	-1.43%	-0.32%	18.55%	2.15%	-0.30%
Purchases of Investments	-89,201,579	-116,764,437	-118,948,486	-79,298,991	-59,544,696	0	0	-267,604,738	-93,467,912	-222,749,534	-223,923,754	-112,020,588	-27,359,326	-87,244,546	-155,114,462	0	0	0	0	0	0	0	0	0	-1,409,064	0	-26,419,950	-53,309,588
Purchases of Investments Margin	-5.56%	-7.82%	-7.85%	-5.24%	-3.94%	0.00%	0.00%	-16.67%	-6.48%	-15.94%	-15.22%	-7.55%	-1.77%	-5.49%	-9.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.18%	0.00%	-3.00%	-5.70%
Sales / Maturities of Investments	1,800,471	29,754,735	-9,569,893	-6,379,929	-5,025,662	0	0	5,401,412	1,409,064	141,963,198	33,582,692	28,063,858	11,742,200	-470,627,376	152,766,022	0	0	0	0	0	0	0	0	0	-4,814,302	0	46,733,956	112,490,276
Sales / Maturities of Investments Margin	0.11%	2.12%	-0.48%	-0.32%	-0.27%	0.00%	0.00%	0.34%	0.10%	10.16%	2.28%	1.89%	0.76%	-29.59%	9.28%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.60%	0.00%	5.31%	12.03%
Other Investing Activities	166,974,084	102,180,624	71,286,896	41,434,310	-13,421,335	-197,973,492	559,515,830	139,379,914	7,397,586	2,583,284	-1,878,752	-23,249,556	-49,434,662	49,199,818	227,328,992	-20,079,162	25,128,308	4,462,036	-40,745,434	-60,120,064	35,578,866	-651,222,412	-438,923,436	13,268,686	151,356,958	19,609,474	30,764,564	19,257,208
Other Investing Activities Margin	9.76%	6.00%	4.20%	2.34%	-2.27%	-12.82%	33.42%	8.68%	0.51%	0.18%	-0.13%	-1.57%	-3.20%	3.09%	13.81%	-1.28%	1.64%	0.29%	-2.96%	-4.59%	3.03%	-60.05%	-43.82%	1.45%	18.86%	2.58%	3.50%	2.06%
Net Cash from Investing Activities	-342,519,974	-478,189,353	-395,594,718	-495,215,543	-474,373,138	-581,591,166	128,694,512	-574,663,268	-690,911,048	-672,475,794	-306,471,420	-692,085,268	-376,454,932	134,683,034	-324,671,830	-814,908,680	-700,539,652	-726,724,758	-519,827,194	-710,285,678	-505,971,398	-801,287,728	-433,287,180	-273,006,150	-45,677,158	17,378,456	-55,070,918	-38,279,572
Net Cash from Investing Activities Margin	-21.92%	-32.36%	-26.49%	-33.44%	-34.87%	-37.65%	7.69%	-35.80%	-47.92%	-48.13%	-20.84%	-46.64%	-24.35%	8.47%	-19.72%	-51.93%	-45.63%	-47.10%	-37.78%	-54.26%	-43.04%	-73.89%	-43.26%	-29.88%	-5.69%	2.28%	-6.26%	-4.09%
Net Debt Issuance	-101,022,061	40,416,652	-60,143,548	38,475,275	65,116,370	224,745,708	-529,925,486	2,113,596	262,085,904	243,063,540	-45,324,892	210,185,380	-291,676,248	-384,791,894	-291,911,092	216,643,590	-66,695,696	798,234,756	-98,751,902	329,133,866	227,681,258	362,833,980	226,272,194	-5,401,412	-86,187,748	-143,959,372	-134,683,034	-291,676,248
Net Debt Issuance Margin	-5.66%	3.72%	-3.11%	3.20%	5.61%	14.55%	-31.66%	0.13%	18.18%	17.39%	-3.08%	14.17%	-18.86%	-24.20%	-17.73%	13.81%	-4.34%	51.74%	-7.18%	25.14%	19.37%	33.46%	22.59%	-0.59%	-10.74%	-18.92%	-15.30%	-31.20%
Long-Term Debt Issuance	36,596,523	56,292,107	-45,606,705	77,850,786	106,789,438	95,111,820	-204,901,390	219,579,140	-39,688,636	211,359,600	-185,057,072	234,844,000	-385,261,582	-316,217,446	-85,835,482	288,975,542	43,328,718	817,844,230	112,020,588	361,659,760	284,161,240	416,143,568	272,771,306	49,669,506	-54,718,652	-78,203,052	-54,836,074	-127,285,448
Long-Term Debt Issuance Margin	2.53%	3.99%	-2.68%	5.55%	8.58%	6.16%	-12.24%	13.68%	-2.75%	15.13%	-12.58%	15.83%	-24.92%	-19.88%	-5.21%	18.42%	2.82%	53.01%	8.14%	27.63%	24.17%	38.38%	27.23%	5.44%	-6.82%	-10.28%	-6.23%	-13.61%
Short-Term Debt Issuance	-137,618,584	-15,875,454	-14,536,844	-39,375,511	-41,673,068	129,633,888	-325,024,096	-217,465,544	301,774,540	31,703,940	139,732,180	-24,658,620	93,585,334	-68,574,448	-206,075,610	-72,331,952	-110,024,414	-19,609,474	-210,772,490	-32,525,894	-56,479,982	-53,309,588	-46,499,112	-55,070,918	-31,469,096	-65,756,320	-79,846,960	-164,390,800
Short-Term Debt Issuance Margin	-8.19%	-0.27%	-0.43%	-2.34%	-2.97%	8.39%	-19.42%	-13.55%	20.93%	2.27%	9.50%	-1.66%	6.05%	-4.31%	-12.52%	-4.61%	-7.17%	-1.27%	-15.32%	-2.48%	-4.80%	-4.92%	-4.64%	-6.03%	-3.92%	-8.64%	-9.07%	-17.58%
Net Stock Issuance	-124,741,305	-100,912,467	-56,526,951	-43,179,983	-32,719,640	-361,894,604	-12,329,310	0	-3,405,238	-126,933,182	-3,052,972	0	1,878,752	-4,462,036	-55,070,918	-32,878,160	-38,749,260	0	0	-10,802,824	-3,405,238	-3,287,816	0	0	0	10,802,824	1,878,752	0
Net Stock Issuance Margin	-8.05%	-6.70%	-3.72%	-2.84%	-2.16%	-23.43%	-0.74%	0.00%	-0.24%	-9.08%	-0.21%	0.00%	0.12%	-0.28%	-3.34%	-2.10%	-2.52%	0.00%	0.00%	-0.83%	-0.29%	-0.30%	0.00%	0.00%	0.00%	1.42%	0.21%	0.00%
Common Stock Issuance	0	0	187,875	3,139,081	2,377,796	0	0	0	0	0	0	0	1,878,752	0	0	5,871,100	39,336,370	0	0	0	0	469,688	0	0	0	10,802,824	1,878,752	0
Common Stock Issuance Margin	0.00%	0.00%	0.01%	0.20%	0.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.12%	0.00%	0.00%	0.37%	2.56%	0.00%	0.00%	0.00%	0.00%	0.04%	0.00%	0.00%	0.00%	1.42%	0.21%	0.00%
Common Stock Repurchased	-124,741,305	-100,912,467	-51,548,258	-37,668,978	-29,701,895	-361,894,604	-12,329,310	0	-3,405,238	-126,933,182	-3,052,972	0	0	-4,462,036	-3,405,238	0	-38,749,260	0	0	-10,802,824	-10,450,558	-3,287,816	-15,264,860	0	0	0	0	0
Common Stock Repurchased Margin	-8.05%	-6.70%	-3.42%	-2.50%	-2.01%	-23.43%	-0.74%	0.00%	-0.24%	-9.08%	-0.21%	0.00%	0.00%	-0.28%	-0.21%	0.00%	-2.52%	0.00%	0.00%	-0.83%	-0.89%	-0.30%	-1.52%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Stock Issuance	0	0	-5,166,568	-8,610,947	-6,458,210	0	0	0	0	0	0	0	0	0	-51,665,680	-38,749,260	-38,749,260	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Issuance Margin	0.00%	0.00%	-0.31%	-0.54%	-0.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-3.14%	-2.47%	-2.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Dividends Paid	-197,034,116	-187,875,200	-170,731,588	-155,357,134	-125,946,837	-215,469,370	-191,515,282	-184,117,696	-176,720,110	-171,553,542	-164,977,910	-157,345,480	-157,228,058	-149,713,050	-138,675,382	-141,493,510	-141,258,666	-129,281,622	-114,251,606	-96,755,728	0	-71,627,420	-57,771,624	-47,555,910	-11,624,778	-4,814,302	-42,389,342	-8,102,118
Net Dividends Paid Margin	-12.29%	-12.28%	-11.12%	-10.23%	-8.63%	-13.95%	-11.44%	-11.47%	-12.26%	-12.28%	-11.22%	-10.60%	-10.17%	-9.41%	-8.42%	-9.02%	-9.20%	-8.38%	-8.30%	-7.39%	0.00%	-6.61%	-5.77%	-5.20%	-1.45%	-0.63%	-4.82%	-0.87%
Common Dividends Paid	-197,034,116	-187,875,200	-170,344,095	-152,507,694	-124,150,281	-215,469,370	-191,515,282	-184,117,696	-176,720,110	-171,553,542	-164,977,910	-157,345,480	-157,228,058	-149,713,050	-134,800,456	-134,800,456	-131,630,062	-119,653,018	-104,623,002	-93,467,912	-21,723,070	-69,513,824	-54,836,074	-44,033,250	-5,283,990	-4,814,302	-42,389,342	-8,102,118
Common Dividends Paid Margin	-12.29%	-12.28%	-11.10%	-10.04%	-8.49%	-13.95%	-11.44%	-11.47%	-12.26%	-12.28%	-11.22%	-10.60%	-10.17%	-9.41%	-8.19%	-8.59%	-8.57%	-7.76%	-7.60%	-7.14%	-1.85%	-6.41%	-5.47%	-4.82%	-0.66%	-0.63%	-4.82%	-0.87%
Preferred Dividends Paid	0	0	-387,493	-2,849,441	-3,000,132	0	0	0	0	0	0	0	0	0	-3,874,926	-6,693,054	-9,628,604	-9,628,604	-9,628,604	-3,287,816	-2,348,440	-2,113,596	-2,935,550	-3,522,660	-6,340,788	0	0	0
Preferred Dividends Paid Margin	0.00%	0.00%	-0.02%	-0.19%	-0.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.24%	-0.43%	-0.63%	-0.62%	-0.70%	-0.25%	-0.20%	-0.19%	-0.29%	-0.39%	-0.79%	0.00%	0.00%	0.00%
Other Financing Activities	-236,409,627	-218,428,404	-188,215,724	-143,254,840	-103,712,982	-268,309,270	-207,836,940	-233,082,670	-181,534,412	-201,378,730	-92,998,224	-167,326,350	-185,644,182	-168,148,304	-175,898,156	-142,198,042	-128,929,356	4,462,036	0	0	98,282,214	-14,795,172	-14,325,484	-14,677,750	20,079,162	-68,926,714	0	86,657,436
Other Financing Activities Margin	-14.77%	-14.26%	-12.22%	-9.29%	-6.64%	-17.37%	-12.42%	-14.52%	-12.59%	-14.41%	-6.32%	-11.28%	-12.01%	-10.57%	-10.68%	-9.06%	-8.40%	0.29%	0.00%	0.00%	8.36%	-1.36%	-1.43%	-1.61%	2.50%	-9.06%	0.00%	9.27%
Net Cash from Financing Activities	-659,207,108	-466,799,419	-475,617,811	-303,316,682	-199,364,943	-620,927,536	-941,607,018	-415,086,770	-99,573,856	-256,801,914	-306,353,998	-114,486,450	-632,669,736	-707,115,284	-661,555,548	-99,926,122	-375,632,978	673,415,170	-213,003,508	221,575,314	298,486,724	273,123,572	154,175,086	-67,635,072	-95,698,930	-206,897,564	-175,193,624	-213,120,930
Net Cash from Financing Activities Margin	-40.77%	-29.52%	-30.17%	-19.16%	-12.04%	-40.19%	-56.25%	-25.86%	-6.91%	-18.38%	-20.83%	-7.72%	-40.92%	-44.46%	-40.18%	-6.37%	-24.47%	43.65%	-15.48%	16.93%	25.39%	25.19%	15.39%	-7.40%	-11.92%	-27.19%	-19.90%	-22.80%
Effect of FX on Cash	900,235	728,016	223,102	1,119,423	910,021	2,465,862	-1,409,064	1,643,908	3,640,082	-2,700,706	939,376	-704,532	-5,166,568	1,996,174	1,526,486	8,924,072	-5,401,412	587,110	3,405,238	7,045,320	704,532	1,526,486	-3,287,816	-3,052,972	5,518,834	-1,996,174	-9,276,338	-3,757,504
Effect of FX on Cash Margin	0.06%	0.05%	0.01%	0.08%	0.07%	0.16%	-0.08%	0.10%	0.25%	-0.19%	0.06%	-0.05%	-0.33%	0.13%	0.09%	0.57%	-0.35%	0.04%	0.25%	0.54%	0.06%	0.14%	-0.33%	-0.33%	0.69%	-0.26%	-1.05%	-0.40%
Net Change in Cash	8,415,243	1,009,829	-7,362,359	-7,569,805	-1,761,330	-122,940,834	192,924,346	-44,737,782	13,855,796	-34,052,380	19,961,740	-56,714,826	-228,855,478	270,657,710	-83,721,886	-38,396,994	-310,463,768	590,280,394	-252,222,456	-29,120,656	231,556,184	-158,402,278	25,715,418	-79,025,006	58,476,156	-28,416,124	-704,532	-111,198,634
Net Change in Cash Margin	0.26%	-0.14%	-0.60%	-0.73%	-0.23%	-7.96%	11.52%	-2.79%	0.96%	-2.44%	1.36%	-3.82%	-14.80%	17.02%	-5.09%	-2.45%	-20.22%	38.26%	-18.33%	-2.22%	19.70%	-14.61%	2.57%	-8.65%	7.28%	-3.73%	-0.08%	-11.89%
Cash at Beginning of Period	118,635,361	109,413,820	135,035,300	157,376,793	143,612,977	231,321,340	38,396,994	86,187,748	80,199,226	110,963,790	91,002,050	120,827,238	349,682,716	79,025,006	162,746,892	201,143,886	511,607,654	-78,672,740	173,549,716	202,670,372	-28,885,812	129,516,466	103,801,048	182,826,054	124,349,898	152,766,022	179,655,660	290,854,294
Cash at Beginning of Period Margin	7.55%	7.23%	8.79%	10.47%	10.62%	14.97%	2.29%	5.37%	5.56%	7.94%	6.19%	8.14%	22.62%	4.97%	9.89%	12.82%	33.33%	-5.10%	12.61%	15.48%	-2.46%	11.94%	10.36%	20.01%	15.49%	20.07%	20.41%	31.11%
Cash at End of Period	126,463,494	109,155,491	127,038,862	149,384,268	141,534,608	108,380,506	231,321,340	39,688,636	86,187,748	80,199,226	110,963,790	64,112,412	120,827,238	349,682,716	79,025,006	162,746,892	201,143,886	511,607,654	-78,672,740	173,549,716	202,670,372	-28,885,812	129,516,466	103,801,048	182,826,054	124,349,898	178,951,128	179,655,660
Cash at End of Period Margin	7.77%	7.00%	8.15%	9.71%	10.37%	7.02%	13.82%	2.47%	5.98%	5.74%	7.54%	4.32%	7.81%	21.99%	4.80%	10.37%	13.10%	33.16%	-5.72%	13.26%	17.24%	-2.66%	12.93%	11.36%	22.78%	16.34%	20.33%	19.22%
Operating Cash Flow	976,403,071	884,962,645	835,821,538	771,572,134	657,516,231	1,067,483,402	1,017,109,364	844,616,446	710,990,210	784,613,804	654,040,540	751,031,112	785,435,758	841,093,786	901,800,960	867,513,736	775,337,466	643,002,872	477,203,008	452,309,544	438,336,326	371,875,474	309,054,704	264,551,766	192,924,346	163,099,158	238,836,348	144,194,216
Operating Cash Flow Margin	60.83%	57.59%	54.15%	50.55%	45.68%	69.10%	60.76%	52.62%	49.31%	56.15%	44.47%	50.62%	50.80%	52.89%	54.77%	55.28%	50.50%	41.68%	34.68%	34.55%	37.29%	34.29%	30.86%	28.96%	24.03%	21.43%	27.13%	15.42%
Capital Expenditure	-444,911,958	-539,201,824	-517,443,527	-537,377,869	-453,184,338	-394,185,654	-486,127,080	-454,423,140	-610,359,556	-750,913,690	-727,546,712	-591,806,880	-374,693,602	-385,144,160	-399,234,800	-594,272,742	-628,794,810	-537,440,494	-575,720,066	-550,004,648	-541,550,264	0	0	-273,240,994	-188,227,466	-143,372,262	-125,054,430	-113,899,340
Capital Expenditure Margin	-27.62%	-35.79%	-34.10%	-35.90%	-31.90%	-25.52%	-29.04%	-28.31%	-42.33%	-53.74%	-49.47%	-39.89%	-24.23%	-24.22%	-24.25%	-37.87%	-40.96%	-34.84%	-41.84%	-42.02%	-46.07%	0.00%	0.00%	-29.91%	-23.45%	-18.84%	-14.21%	-12.18%
Free Cash Flow	531,491,113	345,760,821	318,378,011	234,194,265	204,331,893	673,297,748	530,982,284	390,193,306	100,630,654	33,700,114	-73,506,172	159,224,232	410,742,156	455,949,626	502,566,160	273,240,994	146,542,656	105,562,378	-98,517,058	-97,695,104	-103,213,938	371,875,474	309,054,704	-8,689,228	4,696,880	19,726,896	113,781,918	30,294,876
Free Cash Flow Margin	33.20%	21.80%	20.05%	14.65%	13.78%	43.58%	31.72%	24.31%	6.98%	2.41%	-5.00%	10.73%	26.56%	28.67%	30.53%	17.41%	9.55%	6.84%	-7.16%	-7.46%	-8.78%	34.29%	30.86%	-0.95%	0.59%	2.59%	12.93%	3.24%

Free Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	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	1,607,976,868	1,532,615,428	1,540,059,983	1,515,526,613	1,385,538,502	1,544,803,832	1,673,968,032	1,605,158,740	1,441,824,738	1,397,321,800	1,470,827,972	1,483,744,392	1,546,212,896	1,590,363,568	1,646,373,862	1,569,227,608	1,535,175,228	1,542,807,658	1,376,068,418	1,309,020,456	1,175,511,642	1,084,392,170	1,001,609,660	913,660,582	802,696,792	761,011,982	880,195,312	934,913,964
EBITDA	766,765,660	754,671,194	810,399,675	801,162,478	705,665,122	1,086,388,344	941,372,174	272,536,462	716,978,732	756,080,258	1,080,517,244	693,259,488	689,501,984	1,049,752,680	817,609,386	729,073,198	714,865,136	881,486,954	885,714,146	702,300,982	621,044,958	517,361,332	477,320,430	262,320,748	217,817,810	276,998,498	310,816,034	301,657,118
EBITDA Margin	47.85%	49.48%	52.78%	53.07%	50.00%	70.33%	56.24%	16.98%	49.73%	54.11%	73.46%	46.72%	44.59%	66.01%	49.66%	46.46%	46.57%	57.14%	64.37%	53.65%	52.83%	47.71%	47.66%	28.71%	27.14%	36.40%	35.31%	32.27%
(-) Tax Adjustment	281,787,509	224,647,205	175,628,502	163,534,126	142,798,192	176,803,528	123,486,076	545,072,924	141,882,335	135,991,162	125,912,763	116,370,685	58,051,249	116,710,733	216,003,561	159,984,111	112,776,857	162,531,387	124,583,584	136,850,941	123,885,343	99,800,201	98,029,707	38,800,343	42,436,347	2,937,418	59,018,429	58,241,689
(-) Tax Adjustment Margin	17.59%	14.47%	11.30%	10.70%	9.98%	11.45%	7.38%	33.96%	9.84%	9.73%	8.56%	7.84%	3.75%	7.34%	13.12%	10.20%	7.35%	10.53%	9.05%	10.45%	10.54%	9.20%	9.79%	4.25%	5.29%	0.39%	6.71%	6.23%
(-) Change In Working Capital	-6,653,913	2,324,956	-4,509,005	-9,957,386	-8,571,806	-1,878,752	-19,609,474	1,526,486	16,908,768	14,677,750	-46,264,268	821,954	-42,154,498	-21,135,960	52,017,946	27,007,060	-6,810,476	-47,790,754	-65,638,898	-11,037,668	-22,075,336	0	0	0	0	-5,401,412	59,650,376	-77,733,364
(-) Change In Working Capital Margin	-0.40%	0.21%	-0.30%	-0.69%	-0.61%	-0.12%	-1.17%	0.10%	1.17%	1.05%	-3.15%	0.06%	-2.73%	-1.33%	3.16%	1.72%	-0.44%	-3.10%	-4.77%	-0.84%	-1.88%	0.00%	0.00%	0.00%	0.00%	-0.71%	6.78%	-8.31%
(-) Capital Expenditure	-444,911,958	-539,201,824	-517,443,527	-537,377,869	-453,184,338	-394,185,654	-486,127,080	-454,423,140	-610,359,556	-750,913,690	-727,546,712	-591,806,880	-374,693,602	-385,144,160	-399,234,800	-594,272,742	-628,794,810	-537,440,494	-575,720,066	-550,004,648	-541,550,264	0	0	-273,240,994	-188,227,466	-143,372,262	-125,054,430	-113,899,340
(-) Capital Expenditure Margin	-27.62%	-35.79%	-34.10%	-35.90%	-31.90%	-25.52%	-29.04%	-28.31%	-42.33%	-53.74%	-49.47%	-39.89%	-24.23%	-24.22%	-24.25%	-37.87%	-40.96%	-34.84%	-41.84%	-42.02%	-46.07%	0.00%	0.00%	-29.91%	-23.45%	-18.84%	-14.21%	-12.18%
Unlevered Free Cash Flow	46,720,106	-11,502,791	121,836,651	110,207,868	118,254,399	517,277,914	351,368,492	-728,486,088	-52,171,927	-145,502,344	273,322,037	-15,740,031	298,911,631	569,033,747	150,353,079	-52,190,715	-19,896,055	229,305,827	251,049,394	26,483,061	-22,315,313	417,561,131	379,290,723	-49,720,589	-12,846,003	136,090,230	67,092,799	207,249,453
Unlevered Free Cash Flow Margin	3.03%	-0.99%	7.68%	7.16%	8.74%	33.49%	20.99%	-45.38%	-3.62%	-10.41%	18.58%	-1.06%	19.33%	35.78%	9.13%	-3.33%	-1.30%	14.86%	18.24%	2.02%	-1.90%	38.51%	37.87%	-5.44%	-1.60%	17.88%	7.62%	22.17%
(-) Net Interest Income After Taxes	-29,316,165	-52,548,393	-71,682,342	-72,503,611	-62,519,891	-98,705,486	-125,687,373	136,444,364	-98,329,617	-76,463,852	-90,149,021	-71,915,677	-122,053,233	-91,425,587	-78,537,943	-75,524,144	-81,986,068	-69,242,690	-79,311,762	-64,666,081	-42,957,448	-35,633,905	-40,028,467	-44,223,822	0	-44,844,246	45,565,188	54,102,846
(-) Net Interest Income After Taxes Margin	-1.80%	-3.54%	-4.71%	-4.83%	-4.41%	-6.39%	-7.51%	8.50%	-6.82%	-5.47%	-6.13%	-4.85%	-7.89%	-5.75%	-4.77%	-4.81%	-5.34%	-4.49%	-5.76%	-4.94%	-3.65%	-3.29%	-4.00%	-4.84%	0.00%	-5.89%	5.18%	5.79%
Net Debt Issuance	-101,022,061	40,416,652	-60,143,548	38,475,275	65,116,370	224,745,708	-529,925,486	2,113,596	262,085,904	243,063,540	-45,324,892	210,185,380	-291,676,248	-384,791,894	-291,911,092	216,643,590	-66,695,696	798,234,756	-98,751,902	329,133,866	227,681,258	362,833,980	226,272,194	-5,401,412	-86,187,748	-143,959,372	-134,683,034	-291,676,248
Net Debt Issuance Margin	-5.66%	3.72%	-3.11%	3.20%	5.61%	14.55%	-31.66%	0.13%	18.18%	17.39%	-3.08%	14.17%	-18.86%	-24.20%	-17.73%	13.81%	-4.34%	51.74%	-7.18%	25.14%	19.37%	33.46%	22.59%	-0.59%	-10.74%	-18.92%	-15.30%	-31.20%
Levered Free Cash Flow	-24,985,790	81,462,255	133,375,445	221,186,755	245,890,659	840,729,108	-52,869,621	-862,816,856	308,243,594	174,025,048	318,146,166	266,361,027	129,288,617	275,667,439	-63,020,070	239,977,019	-4,605,683	1,096,783,273	231,609,254	420,283,008	248,323,393	816,029,016	645,591,384	-10,898,178	-99,033,751	36,975,104	-113,155,423	-138,529,640
Levered Free Cash Flow Margin	-0.83%	6.27%	9.28%	15.19%	18.76%	54.42%	-3.16%	-53.75%	21.38%	12.45%	21.63%	17.95%	8.36%	17.33%	-3.83%	15.29%	-0.30%	71.09%	16.83%	32.11%	21.12%	75.25%	64.46%	-1.19%	-12.34%	4.86%	-12.86%	-14.82%