A.P. Møller - Mærsk A/S (DP4B.DE)

Analysis: Margins & Ratios Industry: Marine Shipping Sector: Industrials Live Price: $1,998.00

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	9,855,182,400	9,105,118,320	7,454,879,880	7,799,797,777	7,758,662,590	8,930,060,400	7,702,171,200	8,721,770,400	8,027,418,000	12,816,358,800	9,712,916,400	6,247,128,000	6,113,508,000	6,133,786,800	4,864,554,000	5,574,940,800	6,336,417,600	7,477,846,800	7,746,437,797	9,530,459,140	8,848,810,388	8,844,613,732	7,870,624,280	9,163,662,080	8,572,287,524	7,365,387,251	5,204,323,998	4,754,032,373	4,177,111,370	3,366,666,073
Cost of Revenue	7,648,513,600	7,031,021,520	6,330,868,440	5,804,308,730	4,419,855,774	0	6,875,928,000	7,634,103,600	7,418,425,200	7,893,012,000	6,598,312,800	5,611,254,000	5,881,952,400	6,082,539,600	4,689,590,400	5,509,860,000	5,989,634,400	6,568,916,400	6,352,703,978	8,101,912,808	1,317,032,882	1,415,380,488	1,332,484,529	0	0	0	0	0	0	0
Cost of Revenue Margin	80.51%	79.86%	88.44%	78.01%	59.36%	0.00%	89.27%	87.53%	92.41%	61.59%	67.93%	89.82%	96.21%	99.16%	96.40%	98.83%	94.53%	87.85%	82.01%	85.01%	14.88%	16.00%	16.93%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Gross Profit	2,206,668,800	2,074,096,800	1,124,011,440	1,995,489,047	3,338,806,815	8,930,060,400	826,243,200	1,087,666,800	608,992,800	4,923,346,800	3,114,603,600	635,874,000	231,555,600	51,247,200	174,963,600	65,080,800	346,783,200	908,930,400	1,393,733,819	1,428,546,332	7,531,777,506	7,429,233,245	6,538,139,752	9,163,662,080	8,572,287,524	7,365,387,251	5,204,323,998	4,754,032,373	4,177,111,370	3,366,666,073
Gross Profit Margin	19.49%	20.14%	11.56%	21.99%	40.64%	100.00%	10.73%	12.47%	7.59%	38.41%	32.07%	10.18%	3.79%	0.84%	3.60%	1.17%	5.47%	12.15%	17.99%	14.99%	85.12%	84.00%	83.07%	100.00%	100.00%	100.00%	100.00%	100.00%	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	0	0	6,649,560	114,600,248	1,082,530,992	0	-3,867,277,200	0	0	0	0	0	0	0	0	0	66,495,600	120,258,000	180,622,800	175,069,167	1,176,558,154	0	0	5,806,220,145	5,652,498,866	5,084,059,321	3,388,837,782	3,603,092,600	3,187,336,547	2,613,747,706
SG&A Expenses Margin	0.00%	0.00%	0.10%	1.34%	14.18%	0.00%	-50.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.05%	1.61%	2.33%	1.84%	13.30%	0.00%	0.00%	63.36%	65.94%	69.03%	65.12%	75.79%	76.30%	77.64%
Operating Expenses	286,523,200	204,108,480	141,574,320	937,857,282	2,284,694,098	8,930,060,400	-3,601,137,600	150,283,200	608,992,800	100,293,600	108,782,400	52,190,400	7,545,600	-24,366,000	90,390,000	144,624,000	177,007,200	122,930,400	268,091,760	244,322,881	6,161,024,016	5,855,746,972	5,896,536,132	7,463,502,879	7,384,864,998	6,480,153,116	4,400,965,612	4,023,290,602	3,598,953,980	2,920,454,385
Operating Expenses Margin	3.36%	2.41%	1.90%	10.83%	28.88%	100.00%	-46.75%	1.72%	7.59%	0.78%	1.12%	0.84%	0.12%	-0.40%	1.86%	2.59%	2.79%	1.64%	3.46%	2.56%	69.63%	66.21%	74.92%	81.45%	86.15%	87.98%	84.56%	84.63%	86.16%	86.75%
Operating Income (EBIT)	2,188,905,200	2,052,528,960	1,098,152,040	1,155,477,194	1,125,393,121	4,571,847,600	944,457,600	937,383,600	715,417,200	4,913,914,800	3,092,752,800	603,176,400	284,060,400	75,613,200	100,765,200	-35,527,200	293,964,000	930,152,400	1,199,167,984	1,306,538,132	1,361,315,345	1,553,463,653	599,530,259	1,700,159,201	1,187,422,526	885,234,134	803,358,386	845,695,387	578,157,390	446,211,688
Operating Income (EBIT) Margin	19.33%	19.90%	11.15%	12.40%	12.68%	51.20%	12.26%	10.75%	8.91%	38.34%	31.84%	9.66%	4.65%	1.23%	2.07%	-0.64%	4.64%	12.44%	15.48%	13.71%	15.38%	17.56%	7.62%	18.55%	13.85%	12.02%	15.44%	17.79%	13.84%	13.25%
Interest Income	143,995,200	90,012,720	51,655,920	51,502,090	54,321,640	0	44,173,200	174,492,000	188,954,400	68,539,200	8,174,400	9,903,600	14,305,200	10,846,800	16,348,800	13,990,800	11,004,000	14,305,200	13,675,182	28,670,116	115,781,904	83,539,754	46,855,800	70,030,584	70,976,691	82,848,122	43,190,238	62,504,059	58,092,242	35,181,648
Interest Income Margin	1.63%	1.03%	0.63%	0.62%	0.67%	0.00%	0.57%	2.00%	2.35%	0.53%	0.08%	0.16%	0.23%	0.18%	0.34%	0.25%	0.17%	0.19%	0.18%	0.30%	1.31%	0.94%	0.60%	0.76%	0.83%	1.12%	0.83%	1.31%	1.39%	1.04%
Interest Expense	127,541,600	128,086,560	119,314,800	134,902,173	148,280,498	15,349,544	0	141,008,400	121,201,200	120,415,200	127,017,600	130,790,400	149,025,600	125,445,600	99,822,000	99,664,800	78,757,200	96,363,600	121,854,601	140,034,987	241,001,955	231,129,457	206,159,468	299,488,746	195,378,021	144,970,304	96,080,825	58,808,814	67,636,917	71,651,513
Interest Expense Margin	1.36%	1.49%	1.70%	1.78%	1.93%	0.17%	0.00%	1.62%	1.51%	0.94%	1.31%	2.09%	2.44%	2.05%	2.05%	1.79%	1.24%	1.29%	1.57%	1.47%	2.72%	2.61%	2.62%	3.27%	2.28%	1.97%	1.85%	1.24%	1.62%	2.13%
Net Interest Income	16,453,600	-37,979,520	-61,308,000	-72,162,197	-85,594,201	-15,349,544	44,173,200	33,483,600	67,753,200	-51,876,000	-118,371,600	-120,886,800	-134,720,400	-106,581,600	-71,997,600	-67,124,400	-42,758,400	-45,116,400	-76,242,000	-102,950,513	-97,454,342	-147,589,703	-159,000,982	-229,458,162	-126,368,635	-61,732,701	-52,890,587	21,340,753	-9,544,675	-36,469,865
Net Interest Income Margin	0.27%	-0.47%	-0.96%	-1.00%	-1.15%	-0.17%	0.57%	0.38%	0.84%	-0.40%	-1.22%	-1.94%	-2.20%	-1.74%	-1.48%	-1.20%	-0.67%	-0.60%	-0.98%	-1.08%	-1.10%	-1.67%	-2.02%	-2.50%	-1.47%	-0.84%	-1.02%	0.45%	-0.23%	-1.08%
Unusual Items	2,620,000	95,860,560	139,609,320	154,006,858	147,125,365	3,380,529,944	655,209,600	-167,575,200	-38,042,400	213,477,600	267,240,000	204,202,800	266,768,400	152,798,400	180,308,400	182,666,400	134,248,800	177,321,600	225,174,965	233,289,484	102,310,598	175,913,017	307,710,638	377,395,199	-32,337,583	-53,080,664	32,716,855	-121,713,908	-120,092,749	26,164,130
Unusual Items Margin	-0.24%	1.06%	2.12%	2.14%	1.98%	37.86%	8.51%	-1.92%	-0.47%	1.67%	2.75%	3.27%	4.36%	2.49%	3.71%	3.28%	2.12%	2.37%	2.91%	2.45%	1.16%	1.99%	3.91%	4.12%	-0.38%	-0.72%	0.63%	-2.56%	-2.88%	0.78%
EBT Excluding Unusual Items	2,167,211,600	1,898,881,680	886,592,280	930,863,562	925,101,249	-2,173,862,744	-410,134,800	1,239,050,400	723,748,800	4,538,835,600	2,677,116,000	315,657,600	-114,756,000	-115,384,800	-176,378,400	-315,186,000	93,219,600	657,567,600	856,997,472	951,324,035	1,281,914,200	1,349,227,322	143,412,650	1,174,826,965	1,376,499,022	1,053,517,644	790,815,263	1,085,427,957	827,887,564	430,353,293
EBT Excluding Unusual Items Margin	19.55%	18.25%	7.97%	9.28%	9.97%	-24.34%	-5.32%	14.21%	9.02%	35.41%	27.56%	5.05%	-1.88%	-1.88%	-3.63%	-5.65%	1.47%	8.79%	11.06%	9.98%	14.49%	15.25%	1.82%	12.82%	16.06%	14.30%	15.20%	22.83%	19.82%	12.78%
Pre-Tax Income	2,169,831,600	1,994,742,240	1,026,201,600	1,084,870,420	1,072,226,614	1,206,667,200	245,074,800	1,071,475,200	685,706,400	4,752,313,200	2,944,356,000	519,860,400	152,012,400	37,413,600	3,930,000	-132,519,600	227,468,400	834,889,200	1,082,172,437	1,184,613,519	1,384,224,797	1,525,140,339	451,123,289	1,552,222,164	1,344,161,439	1,000,436,980	823,532,118	963,714,050	707,794,814	456,517,423
Pre-Tax Income Margin	19.30%	19.31%	10.09%	11.43%	11.96%	13.51%	3.18%	12.29%	8.54%	37.08%	30.31%	8.32%	2.49%	0.61%	0.08%	-2.38%	3.59%	11.16%	13.97%	12.43%	15.64%	17.24%	5.73%	16.94%	15.68%	13.58%	15.82%	20.27%	16.94%	13.56%
Income Tax Expense	102,075,200	95,954,880	89,462,520	269,894,442	367,044,907	100,450,800	66,024,000	91,804,800	71,368,800	143,052,000	109,568,400	63,980,400	71,997,600	60,679,200	34,426,800	165,688,800	82,058,400	467,198,400	529,142,256	533,225,146	890,231,150	733,994,470	617,267,661	1,036,999,252	754,246,461	554,231,126	329,737,023	263,078,496	245,396,519	186,658,189
Income Tax Expense Margin	1.02%	1.04%	1.24%	3.29%	4.56%	1.12%	0.86%	1.05%	0.89%	1.12%	1.13%	1.02%	1.18%	0.99%	0.71%	2.97%	1.30%	6.25%	6.83%	5.59%	10.06%	8.30%	7.84%	11.32%	8.80%	7.52%	6.34%	5.53%	5.87%	5.54%
Net Income	2,050,359,600	1,883,916,240	962,787,120	858,092,648	737,563,963	1,081,850,400	166,632,000	960,334,800	600,818,400	4,589,925,600	2,820,482,400	448,020,000	80,014,800	498,166,800	-189,426,000	-304,810,800	124,345,200	788,358,000	563,941,230	603,855,606	496,133,692	791,229,998	-166,144,373	518,337,994	573,531,013	450,295,402	503,869,492	700,635,554	462,398,295	269,859,234
Net Income Margin	18.10%	18.10%	9.25%	8.75%	7.86%	12.11%	2.16%	11.01%	7.48%	35.81%	29.04%	7.17%	1.31%	8.12%	-3.89%	-5.47%	1.96%	10.54%	7.28%	6.34%	5.61%	8.95%	-2.11%	5.66%	6.69%	6.11%	9.68%	14.74%	11.07%	8.02%
Depreciation and Amortization	962,902,400	875,949,840	844,116,840	860,238,735	819,141,617	850,190,387	558,060,000	971,181,600	980,613,600	936,912,000	777,196,800	713,845,200	673,916,400	522,690,000	473,958,000	1,142,058,000	1,248,796,800	1,101,657,600	756,703,105	862,973,270	792,612,189	948,466,454	917,653,297	766,780,528	805,765,272	546,302,410	442,749,818	176,827,477	197,274,342	81,957,249
Depreciation and Amortization Margin	10.22%	10.02%	11.96%	11.52%	10.91%	9.52%	7.25%	11.14%	12.22%	7.31%	8.00%	11.43%	11.02%	8.52%	9.74%	20.49%	19.71%	14.73%	9.77%	9.05%	8.96%	10.72%	11.66%	8.37%	9.40%	7.42%	8.51%	3.72%	4.72%	2.43%
EBITDA	3,260,275,600	2,998,778,640	1,920,606,720	2,012,869,368	1,993,329,059	1,942,437,759	-2,527,776,000	2,183,665,200	1,787,521,200	5,809,640,400	3,848,570,400	1,364,496,000	974,954,400	676,746,000	576,138,000	429,313,200	1,555,022,400	2,032,910,400	1,885,299,600	2,062,381,573	2,301,645,490	2,704,736,250	1,662,230,711	2,618,491,438	2,346,841,689	1,683,614,059	1,362,362,761	1,439,856,336	775,431,732	528,168,936
EBITDA Margin	30.88%	30.82%	22.52%	23.66%	24.05%	21.75%	-32.82%	25.04%	22.27%	45.33%	39.62%	21.84%	15.95%	11.03%	11.84%	7.70%	24.54%	27.19%	24.34%	21.64%	26.01%	30.58%	21.12%	28.57%	27.38%	22.86%	26.18%	30.29%	18.56%	15.69%
NOPAT	2,088,007,430	1,954,125,301	919,916,033	815,447,504	698,644,397	4,191,257,369	690,017,451	857,067,869	640,956,079	4,765,998,341	2,977,662,106	528,942,111	149,520,934	-47,019,973	-781,937,952	-79,946,736	187,917,554	409,645,352	612,819,237	718,431,569	485,817,862	805,838,204	-220,801,234	564,327,063	521,126,640	394,824,123	481,698,797	614,834,095	377,706,909	263,767,248
NOPAT Margin	18.33%	18.82%	8.13%	7.79%	7.04%	46.93%	8.96%	9.83%	7.98%	37.19%	30.66%	8.47%	2.45%	-0.77%	-16.07%	-1.43%	2.97%	5.48%	7.91%	7.54%	5.49%	9.11%	-2.81%	6.16%	6.08%	5.36%	9.26%	12.93%	9.04%	7.83%
Owner's Earnings	2,395,780,400	2,254,248,000	1,239,459,120	958,954,975	656,041,538	253,878,000	497,695,200	1,271,119,200	1,008,280,800	4,907,941,200	3,129,852,000	954,046,800	434,029,200	568,749,600	-281,230,800	149,811,600	251,991,600	531,964,800	297,100,604	154,300,390	134,822,815	871,544,820	-592,961,972	-414,923,129	-323,006,961	-147,056,808	214,454,995	49,928,769	-67,583,743	-207,336,292
Owner's Earnings Margin	21.81%	22.58%	13.02%	10.27%	7.02%	2.84%	6.46%	14.57%	12.56%	38.29%	32.22%	15.27%	7.10%	9.27%	-5.78%	2.69%	3.98%	7.11%	3.84%	1.62%	1.52%	9.85%	-7.53%	-4.53%	-3.77%	-2.00%	4.12%	1.05%	-1.62%	-6.16%

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	9,855,182,400	9,105,118,320	7,454,879,880	7,799,797,777	7,758,662,590	8,721,770,400	8,027,418,000	12,816,358,800	9,712,916,400	6,247,128,000	6,113,508,000	6,133,786,800	4,864,554,000	5,574,940,800	6,336,417,600	7,477,846,800	7,746,437,797	9,530,459,140	8,848,810,388	8,844,613,732	7,870,624,280	9,163,662,080	8,572,287,524	7,365,387,251	5,204,323,998	4,754,032,373	4,177,111,370	3,366,666,073
Cash & Cash Equivalents	1,222,649,200	1,289,983,200	926,426,760	781,382,073	711,009,278	1,033,590,000	1,053,397,200	1,580,960,400	1,859,990,400	921,978,000	749,529,600	448,177,200	341,281,200	645,306,000	630,057,600	551,300,400	513,255,768	362,513,971	359,280,578	670,112,778	252,682,314	401,581,171	704,725,694	636,745,408	503,719,872	480,610,954	413,372,165	296,067,785
Cash & Cash Equivalents Margin	12.44%	14.24%	11.93%	9.92%	9.14%	11.85%	13.12%	12.34%	19.15%	14.76%	12.26%	7.31%	7.02%	11.58%	9.94%	7.37%	6.63%	3.80%	4.06%	7.58%	3.21%	4.38%	8.22%	8.65%	9.68%	10.11%	9.90%	8.79%
Short-Term Investments	132,152,800	79,417,440	91,018,800	81,269,149	139,490,550	248,376,000	0	148,082,400	471,600	157,200	314,400	384,825,600	157,200	8,174,400	119,629,200	59,578,800	49,085,175	60,182,167	59,043,284	80,959,809	71,585,251	154,696,179	389,956,824	582,830,142	371,705,367	648,243,288	370,461,008	230,457,564
Short-Term Investments Margin	1.33%	0.80%	1.23%	1.06%	1.91%	2.85%	0.00%	1.16%	0.00%	0.00%	0.01%	6.27%	0.00%	0.15%	1.89%	0.80%	0.63%	0.63%	0.67%	0.92%	0.91%	1.69%	4.55%	7.91%	7.14%	13.64%	8.87%	6.85%
Cash & Short-Term Investments	1,354,802,000	1,369,400,640	1,017,445,560	862,651,222	850,499,828	1,281,966,000	1,053,397,200	1,729,042,800	1,860,462,000	922,135,200	749,844,000	833,002,800	341,438,400	653,480,400	749,686,800	610,879,200	562,340,943	422,696,138	418,323,862	751,072,587	324,267,565	556,277,350	1,094,682,519	1,219,575,549	875,425,239	1,128,854,242	783,833,173	526,525,349
Cash & Short-Term Investments Margin	13.77%	15.05%	13.16%	10.98%	11.05%	14.70%	13.12%	13.49%	19.15%	14.76%	12.27%	13.58%	7.02%	11.72%	11.83%	8.17%	7.26%	4.44%	4.73%	8.49%	4.12%	6.07%	12.77%	16.56%	16.82%	23.75%	18.76%	15.64%
Net Receivables	2,587,302,400	2,052,340,320	1,402,884,240	1,180,513,651	1,028,516,621	3,644,053,200	75,141,600	4,042,712,400	1,777,617,600	722,176,800	727,364,400	769,179,600	790,244,400	780,969,600	699,382,800	783,642,000	897,926,400	70,835,865	970,784,627	955,673,475	33,628,420	873,751,290	1,007,998,123	921,066,365	26,183,459	721,890,372	606,818,002	534,143,598
Net Receivables Margin	24.75%	20.82%	16.99%	14.30%	12.46%	41.78%	0.94%	31.54%	18.30%	11.56%	11.90%	12.54%	16.24%	14.01%	11.04%	10.48%	11.59%	0.74%	10.97%	10.81%	0.43%	9.53%	11.76%	12.51%	0.50%	15.18%	14.53%	15.87%
Inventory	254,821,200	231,681,360	196,185,600	223,101,855	227,630,490	251,677,200	260,637,600	252,148,800	229,040,400	164,902,800	224,796,000	167,260,800	153,112,800	135,506,400	122,773,200	179,050,800	197,068,102	363,377,696	353,052,499	292,122,732	284,070,858	240,360,951	298,446,382	229,793,650	153,410,131	118,190,535	104,433,102	92,507,301
Inventory Margin	2.70%	2.62%	2.70%	2.87%	2.94%	2.89%	3.25%	1.97%	2.36%	2.64%	3.68%	2.73%	3.15%	2.43%	1.94%	2.39%	2.54%	3.81%	3.99%	3.30%	3.61%	2.62%	3.48%	3.12%	2.95%	2.49%	2.50%	2.75%
Other Current Assets	2,524,527,200	2,059,414,320	1,764,758,640	1,546,781,096	1,293,625,022	89,446,800	3,363,136,800	4,120,998,000	1,881,369,600	842,120,400	782,856,000	1,735,173,600	3,202,950,000	868,215,600	761,319,600	1,665,062,400	2,047,058,400	1,317,178,800	316,836,359	207,994,077	1,058,947,145	125,631,870	409,168,792	140,491,275	936,544,913	43,225,768	674,162,464	579,320,032
Other Current Assets Margin	25.03%	21.59%	24.25%	20.73%	17.52%	1.03%	41.90%	32.15%	19.37%	13.48%	12.81%	28.29%	65.84%	15.57%	12.01%	22.27%	26.43%	13.82%	3.58%	2.35%	13.45%	1.37%	4.77%	1.91%	18.00%	0.91%	16.14%	17.21%
Total Current Assets	5,535,274,000	4,532,799,120	3,473,239,680	3,117,611,923	2,897,678,765	5,356,118,400	4,951,800,000	6,297,903,600	4,056,074,400	2,002,099,200	1,839,240,000	2,959,918,800	3,785,533,200	1,751,679,600	1,732,029,600	2,550,570,000	2,886,423,582	2,199,323,865	2,152,061,854	2,243,402,751	1,766,687,667	1,922,094,145	2,889,940,946	2,577,889,711	2,032,783,987	2,012,160,917	1,562,428,738	1,198,352,683
Total Current Assets Margin	57.41%	49.21%	46.10%	40.34%	37.81%	61.41%	61.69%	49.14%	41.76%	32.05%	30.08%	48.26%	77.82%	31.42%	27.33%	34.11%	37.26%	23.08%	24.32%	25.36%	22.45%	20.98%	33.71%	35.00%	39.06%	42.33%	37.40%	35.59%
Property, Plant & Equipment	5,631,375,600	5,466,347,040	5,561,720,280	6,016,642,973	5,907,102,594	5,707,460,400	5,409,566,400	5,777,100,000	5,448,394,800	4,989,213,600	5,202,062,400	4,759,230,000	4,884,361,200	6,523,171,200	6,916,642,800	7,022,281,200	6,503,189,173	7,282,292,988	6,991,580,843	6,833,097,597	7,191,033,561	6,665,042,548	5,654,835,041	4,654,517,680	3,726,978,448	2,738,548,601	2,461,755,137	2,190,124,235
Property, Plant & Equipment Margin	59.30%	62.77%	80.31%	80.91%	78.93%	65.44%	67.39%	45.08%	56.09%	79.86%	85.09%	77.59%	100.41%	117.01%	109.16%	93.91%	83.95%	76.41%	79.01%	77.26%	91.37%	72.73%	65.97%	63.19%	71.61%	57.60%	58.93%	65.05%
Goodwill	811,990,400	566,706,000	321,489,720	226,802,819	170,102,114	806,436,000	811,309,200	818,226,000	245,389,200	152,169,600	100,136,400	101,394,000	113,655,600	52,504,800	13,676,400	14,305,200	75,155,309	97,684,573	0	0	0	0	0	0	0	0	0	0
Goodwill Margin	8.58%	6.14%	3.75%	2.64%	1.98%	9.25%	10.11%	6.38%	2.53%	2.44%	1.64%	1.65%	2.34%	0.94%	0.22%	0.19%	0.97%	1.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Intangible Assets	1,058,008,400	1,074,996,480	833,930,280	766,870,931	707,461,385	1,137,656,400	780,183,600	1,256,185,200	1,062,357,600	1,138,599,600	1,016,455,200	570,321,600	572,522,400	516,559,200	288,462,000	428,684,400	678,870,951	854,726,085	791,240,366	410,239,363	391,796,823	418,243,924	534,123,426	608,786,253	693,213,303	34,431,658	28,314,983	12,593,431
Intangible Assets Margin	10.85%	12.35%	11.32%	10.02%	9.38%	13.04%	9.72%	9.80%	10.94%	18.23%	16.63%	9.30%	11.77%	9.27%	4.55%	5.73%	8.76%	8.97%	8.94%	4.64%	4.98%	4.56%	6.23%	8.27%	13.32%	0.72%	0.68%	0.37%
Long-Term Investments	216,150,000	288,556,320	330,968,880	513,140,016	555,307,320	82,372,800	337,665,600	228,411,600	430,099,200	364,232,400	348,512,400	327,919,200	370,520,400	409,348,800	410,606,400	398,816,400	1,325,968,927	990,247,409	904,031,695	768,347,004	859,840,262	676,384,357	723,722,487	606,004,247	543,094,807	157,148,152	102,625,197	95,794,475
Long-Term Investments Margin	2.31%	3.44%	4.97%	6.76%	7.34%	0.94%	4.21%	1.78%	4.43%	5.83%	5.70%	5.35%	7.62%	7.34%	6.48%	5.33%	17.12%	10.39%	10.22%	8.69%	10.92%	7.38%	8.44%	8.23%	10.44%	3.31%	2.46%	2.85%
Tax Assets	161,444,400	115,887,840	93,895,560	98,869,306	102,730,332	57,378,000	364,232,400	62,722,800	55,963,200	39,142,800	37,256,400	41,972,400	47,474,400	92,748,000	140,065,200	84,259,200	75,329,886	105,123,758	135,398,981	143,972,171	167,748,609	131,274,284	126,952,679	112,949,421	32,642,045	0	0	0
Tax Assets Margin	1.89%	1.38%	1.30%	1.29%	1.33%	0.66%	4.54%	0.49%	0.58%	0.63%	0.61%	0.68%	0.98%	1.66%	2.21%	1.13%	0.97%	1.10%	1.53%	1.63%	2.13%	1.43%	1.48%	1.53%	0.63%	0.00%	0.00%	0.00%
Other Non-Current Assets	538,410,000	362,817,600	285,758,160	253,464,037	226,150,363	638,546,400	690,736,800	285,946,800	62,722,800	136,135,200	165,060,000	142,423,200	165,217,200	261,738,000	309,055,200	323,360,400	189,415,820	191,942,107	130,405,543	109,255,080	71,585,251	270,130,562	138,080,251	166,864,687	74,385,960	613,066,852	445,302,958	291,781,132
Other Non-Current Assets Margin	6.05%	4.20%	3.90%	3.36%	2.98%	7.32%	8.60%	2.23%	0.65%	2.18%	2.70%	2.32%	3.40%	4.69%	4.88%	4.32%	2.45%	2.01%	1.47%	1.24%	0.91%	2.95%	1.61%	2.27%	1.43%	12.90%	10.66%	8.67%
Other Assets	-25,047,200	-15,028,320	-7,514,160	-5,009,440	-3,757,080	0	-75,141,600	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-17,168,822
Other Assets Margin	-0.31%	-0.19%	-0.09%	-0.06%	-0.05%	0.00%	-0.94%	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%	-0.51%
Total Non-Current Assets	8,295,968,000	7,802,464,800	7,391,339,640	7,851,507,922	7,650,642,487	8,429,850,000	8,029,461,600	8,428,592,400	7,304,926,800	6,819,493,200	6,869,482,800	5,943,260,400	6,153,751,200	7,856,070,000	8,078,508,000	8,271,706,800	8,847,930,066	9,522,016,919	8,952,657,428	8,264,911,215	8,682,004,506	8,161,075,675	7,177,713,883	6,149,122,288	5,070,314,563	3,543,195,264	3,037,998,275	2,590,293,274
Total Non-Current Assets Margin	87.48%	89.36%	105.10%	104.69%	101.72%	96.65%	100.03%	65.76%	75.21%	109.16%	112.37%	96.89%	126.50%	140.92%	127.49%	110.62%	114.22%	99.91%	101.17%	93.45%	110.31%	89.06%	83.73%	83.49%	97.43%	74.53%	72.73%	76.94%
Total Assets	13,806,194,800	12,320,235,600	10,857,065,160	10,964,110,405	10,544,564,173	13,785,968,400	12,906,120,000	14,726,496,000	11,361,001,200	8,821,592,400	8,708,722,800	8,903,179,200	9,939,284,400	9,607,749,600	9,810,537,600	10,822,276,800	11,734,353,647	11,721,340,784	11,104,719,282	10,508,313,966	10,448,692,173	10,083,169,820	10,067,654,830	8,727,011,999	7,103,098,550	5,555,356,180	4,600,427,013	3,771,477,134
Total Assets Margin	144.58%	138.38%	151.10%	144.97%	139.49%	158.06%	160.78%	114.90%	116.97%	141.21%	142.45%	145.15%	204.32%	172.34%	154.83%	144.72%	151.48%	122.99%	125.49%	118.81%	132.76%	110.03%	117.44%	118.49%	136.48%	116.86%	110.13%	112.02%
Accounts Payable	1,042,917,200	984,072,000	900,976,080	906,870,791	893,268,016	1,052,925,600	1,006,237,200	1,069,588,800	981,085,200	810,523,200	875,132,400	830,173,200	825,300,000	770,437,200	788,358,000	829,544,400	845,578,800	964,893,600	1,008,070,790	945,213,479	935,390,700	882,655,724	969,236,058	797,712,243	677,303,735	571,044,187	459,207,874	368,696,566
Accounts Payable Margin	10.98%	11.21%	12.71%	12.09%	11.90%	12.07%	12.54%	8.35%	10.10%	12.97%	14.31%	13.53%	16.97%	13.82%	12.44%	11.09%	10.92%	10.12%	11.39%	10.69%	11.88%	9.63%	11.31%	10.83%	13.01%	12.01%	10.99%	10.95%
Short-Term Debt	51,247,200	69,325,200	161,900,280	169,984,926	228,368,045	82,687,200	30,968,400	40,086,000	73,726,800	119,157,600	113,341,200	249,319,200	383,096,400	316,758,000	209,862,000	221,966,400	0	0	354,314,577	354,490,108	365,463,137	351,710,461	532,186,859	414,101,511	354,125,045	404,758,182	421,693,845	470,065,911
Short-Term Debt Margin	0.55%	0.86%	2.71%	2.54%	3.26%	0.95%	0.39%	0.31%	0.76%	1.91%	1.85%	4.06%	7.88%	5.68%	3.31%	2.97%	0.00%	0.00%	4.00%	4.01%	4.64%	3.84%	6.21%	5.62%	6.80%	8.51%	10.10%	13.96%
Tax Payables	85,516,800	74,229,840	58,085,400	67,197,891	74,292,300	97,621,200	69,482,400	89,446,800	66,652,800	47,946,000	48,260,400	49,675,200	44,330,400	33,326,400	34,112,400	49,675,200	82,167,477	78,181,093	95,945,336	121,145,263	77,820,583	159,603,903	130,118,811	110,334,336	0	61,873,862	63,595,718	53,172,264
Tax Payables Margin	0.89%	0.83%	0.78%	0.85%	0.93%	1.12%	0.87%	0.70%	0.69%	0.77%	0.79%	0.81%	0.91%	0.60%	0.54%	0.66%	1.06%	0.82%	1.08%	1.37%	0.99%	1.74%	1.52%	1.50%	0.00%	1.30%	1.52%	1.58%
Deferred Revenue	0	0	16,144,440	39,237,251	128,129,144	0	0	0	0	0	0	49,675,200	44,330,400	33,326,400	34,112,400	49,675,200	82,167,477	78,181,093	95,945,336	121,145,263	515,898,103	449,042,100	495,299,883	110,334,336	403,449,694	111,430,243	63,595,718	53,172,264
Deferred Revenue Margin	0.00%	0.00%	0.29%	0.52%	1.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.81%	0.91%	0.60%	0.54%	0.66%	1.06%	0.82%	1.08%	1.37%	6.55%	4.90%	5.78%	1.50%	7.75%	2.34%	1.52%	1.58%
Other Current Liabilities	230,245,600	213,383,280	312,293,520	364,287,475	343,247,495	271,798,800	267,240,000	151,698,000	193,041,600	183,138,000	123,873,600	434,972,400	871,988,400	354,800,400	270,384,000	213,949,200	995,390,400	626,455,389	222,180,536	283,401,395	329,715,914	374,779,706	338,899,101	182,861,218	174,381,835	116,872,851	91,990,461	53,883,004
Other Current Liabilities Margin	2.54%	2.51%	5.02%	5.21%	4.81%	3.12%	3.33%	1.18%	1.99%	2.93%	2.03%	7.09%	17.93%	6.36%	4.27%	2.86%	12.85%	6.57%	2.51%	3.20%	4.19%	4.09%	3.95%	2.48%	3.35%	2.46%	2.20%	1.60%
Total Current Liabilities	2,101,921,200	1,957,454,400	1,862,552,760	1,868,095,309	1,866,108,690	2,188,695,600	2,023,006,800	2,094,061,200	1,901,019,600	1,580,488,800	1,546,062,000	1,793,180,400	2,319,800,400	1,687,227,600	1,491,985,200	1,509,434,400	2,129,371,324	1,907,635,389	1,921,540,631	1,927,920,295	1,895,298,970	1,965,440,813	2,195,820,258	1,733,523,236	1,510,660,884	1,289,439,831	1,036,487,899	945,817,745
Total Current Liabilities Margin	22.21%	22.30%	26.75%	25.25%	25.12%	25.09%	25.20%	16.34%	19.57%	25.30%	25.29%	29.23%	47.69%	30.26%	23.55%	20.19%	27.49%	20.02%	21.72%	21.80%	24.08%	21.45%	25.62%	23.54%	29.03%	27.12%	24.81%	28.09%
Long-Term Debt	654,056,800	712,587,600	1,225,531,200	1,578,616,031	1,826,216,640	713,530,800	655,366,800	593,272,800	678,318,000	922,449,600	1,171,926,000	1,263,259,200	2,369,947,200	2,093,904,000	1,793,337,600	1,715,523,600	2,000,446,363	2,733,607,771	2,494,770,804	2,479,579,927	2,971,105,728	2,769,396,620	2,681,314,353	2,493,928,786	1,929,346,857	787,574,059	905,654,067	922,096,786
Long-Term Debt Margin	6.99%	8.54%	19.71%	22.05%	25.05%	8.18%	8.16%	4.63%	6.98%	14.77%	19.17%	20.60%	48.72%	37.56%	28.30%	22.94%	25.82%	28.68%	28.19%	28.03%	37.75%	30.22%	31.28%	33.86%	37.07%	16.57%	21.68%	27.39%
Capital Lease Obligations	1,754,037,600	1,659,151,680	1,102,569,360	773,633,600	580,225,200	1,793,966,400	1,642,425,600	1,825,720,800	1,658,617,200	1,375,028,400	1,348,304,400	356,215,200	431,514,000	357,001,200	236,900,400	266,611,200	312,199,200	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations Margin	18.42%	18.87%	14.12%	9.92%	7.44%	20.57%	20.46%	14.25%	17.08%	22.01%	22.05%	5.81%	8.87%	6.40%	3.74%	3.57%	4.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Deferred Tax Liabilities	89,970,800	86,837,280	76,116,240	95,357,644	133,275,586	131,104,800	0	138,807,600	81,744,000	82,530,000	56,906,400	58,478,400	72,469,200	95,106,000	44,016,000	110,197,200	174,780,465	219,386,289	164,838,313	0	181,884,047	161,396,545	268,875,323	350,059,746	272,931,386	58,980,686	71,545,182	53,083,421
Deferred Tax Liabilities Margin	0.86%	0.95%	1.05%	1.23%	1.78%	1.50%	0.00%	1.08%	0.84%	1.32%	0.93%	0.95%	1.49%	1.71%	0.69%	1.47%	2.26%	2.30%	1.86%	0.00%	2.31%	1.76%	3.14%	4.75%	5.24%	1.24%	1.71%	1.58%
Other Non-Current Liabilities	385,087,600	360,176,640	441,574,800	551,565,341	495,341,626	271,327,200	416,894,400	467,041,200	333,578,400	312,042,000	310,784,400	305,439,600	309,526,800	782,070,000	907,044,000	959,548,800	909,283,221	660,164,939	639,132,575	689,602,583	47,340,098	532,120,766	411,750,880	346,192,758	295,947,893	132,284,026	121,608,199	135,151,723
Other Non-Current Liabilities Margin	3.98%	4.08%	6.51%	7.44%	6.66%	3.11%	5.19%	3.64%	3.43%	4.99%	5.08%	4.98%	6.36%	14.03%	14.31%	12.83%	11.74%	6.93%	7.22%	7.80%	0.60%	5.81%	4.80%	4.70%	5.69%	2.78%	2.91%	4.01%
Total Non-Current Liabilities	2,398,505,200	2,375,983,680	2,462,600,880	2,698,088,567	2,836,463,544	2,488,004,400	2,298,106,800	2,409,404,400	2,293,548,000	2,390,854,800	2,629,484,400	1,860,776,400	2,679,474,000	2,875,974,000	2,700,381,600	2,675,072,400	2,909,729,584	3,613,159,000	3,478,176,208	3,169,182,511	3,744,680,466	3,462,913,931	3,361,940,555	3,190,181,290	2,498,226,136	978,838,772	1,098,807,448	1,110,331,930
Total Non-Current Liabilities Margin	25.32%	27.57%	36.05%	36.46%	38.14%	28.53%	28.63%	18.80%	23.61%	38.27%	43.01%	30.34%	55.08%	51.59%	42.62%	35.77%	37.56%	37.91%	39.31%	35.83%	47.58%	37.79%	39.22%	43.31%	48.00%	20.59%	26.31%	32.98%
Total Liabilities	4,475,379,200	4,318,409,760	4,317,639,480	4,561,174,436	4,698,815,154	4,676,700,000	4,245,972,000	4,503,465,600	4,194,567,600	3,971,343,600	4,175,546,400	3,653,956,800	4,999,274,400	4,563,201,600	4,192,366,800	4,184,506,800	5,039,100,907	5,520,794,389	5,399,716,839	5,097,102,806	5,639,979,436	5,428,354,745	5,557,760,813	4,923,704,527	4,008,887,020	2,268,278,603	2,135,295,347	2,056,149,676
Total Liabilities Margin	47.22%	49.68%	62.71%	61.64%	63.21%	53.62%	52.89%	35.14%	43.19%	63.57%	68.30%	59.57%	102.77%	81.85%	66.16%	55.96%	65.05%	57.93%	61.02%	57.63%	71.66%	59.24%	64.83%	66.85%	77.03%	47.71%	51.12%	61.07%
Preferred Stock	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
Preferred Stock 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%
Common Stock	495,075,200	521,683,920	559,553,400	447,750,113	367,277,396	451,164,000	500,839,200	533,222,400	552,243,600	570,950,400	593,272,800	593,272,800	593,272,800	593,272,800	614,023,200	626,442,000	127,906,596	122,481,855	120,610,723	123,276,522	133,060,787	129,187,766	135,129,292	122,296,960	109,621,414	125,924,768	116,875,742	97,637,958
Common Stock Margin	5.19%	6.08%	8.23%	6.42%	5.24%	5.17%	6.24%	4.16%	5.69%	9.14%	9.70%	9.67%	12.20%	10.64%	9.69%	8.38%	1.65%	1.29%	1.36%	1.39%	1.69%	1.41%	1.58%	1.66%	2.11%	2.65%	2.80%	2.90%
Retained Earnings	8,842,919,200	7,458,919,920	5,972,499,600	5,175,548,175	4,082,918,015	8,691,588,000	8,146,418,400	9,690,751,200	6,568,916,400	4,196,925,600	3,948,392,400	4,677,643,200	4,255,246,800	4,508,024,400	5,041,089,600	5,967,940,800	5,966,054,400	5,850,954,910	0	123,276,522	0	0	4,025,137,661	0	0	0	0	0
Retained Earnings Margin	92.25%	82.31%	80.03%	67.99%	53.34%	99.65%	101.48%	75.61%	67.63%	67.18%	64.58%	76.26%	87.47%	80.86%	79.56%	79.81%	77.02%	61.39%	0.00%	1.39%	0.00%	0.00%	46.96%	0.00%	0.00%	0.00%	0.00%	0.00%
Accumulated OCI	-171,243,200	-142,737,600	-2,252,550,240	-3,086,360,832	-2,314,770,624	-195,399,600	-153,741,600	-164,588,400	-124,502,400	-75,456,000	-124,659,600	-3,567,654,000	-3,199,806,000	-7,838,306,400	-7,081,388,400	-6,290,515,200	-5,875,236,452	-6,055,022,572	-5,549,135,856	0	0	0	0	0	0	0	0	0
Accumulated OCI Margin	-1.81%	-1.59%	-38.63%	-44.83%	-33.62%	-2.24%	-1.92%	-1.28%	-1.28%	-1.21%	-2.04%	-58.16%	-65.78%	-140.60%	-111.76%	-84.12%	-75.84%	-63.53%	-62.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Minority Interest	164,064,400	163,959,600	141,873,000	201,970,783	204,354,682	161,916,000	166,632,000	163,645,200	169,776,000	157,828,800	116,170,800	121,201,200	128,275,200	130,790,400	102,494,400	107,367,600	422,650,413	382,936,901	378,019,687	319,857,145	305,379,956	260,168,175	261,805,319	213,296,358	16,882,097	14,036,200	14,144,198	17,168,822
Minority Interest Margin	1.74%	1.90%	2.00%	2.58%	2.59%	1.86%	2.08%	1.28%	1.75%	2.53%	1.90%	1.98%	2.64%	2.35%	1.62%	1.44%	5.46%	4.02%	4.27%	3.62%	3.88%	2.84%	3.05%	2.90%	0.32%	0.30%	0.34%	0.51%
Total Shareholders’ Equity	9,166,751,200	7,837,866,240	6,397,552,680	6,200,965,186	5,640,550,231	8,947,352,400	8,493,516,000	10,059,385,200	6,996,657,600	4,692,420,000	4,417,005,600	5,128,021,200	4,811,734,800	4,913,757,600	5,515,676,400	6,530,402,400	6,272,602,327	5,817,609,494	5,326,982,756	5,091,354,015	4,503,332,781	4,394,646,900	4,248,088,698	3,590,011,114	3,060,447,336	3,259,005,177	2,436,843,270	1,698,158,636
Total Shareholders’ Equity Margin	95.63%	86.81%	86.40%	80.74%	73.67%	102.59%	105.81%	78.49%	72.03%	75.11%	72.25%	83.60%	98.91%	88.14%	87.05%	87.33%	80.97%	61.04%	60.20%	57.56%	57.22%	47.96%	49.56%	48.74%	58.81%	68.55%	58.34%	50.44%
Total Equity	9,330,815,600	8,001,825,840	6,539,425,680	6,402,935,969	5,844,904,914	9,109,268,400	8,660,148,000	10,223,030,400	7,166,433,600	4,850,248,800	4,533,176,400	5,249,222,400	4,940,010,000	5,044,548,000	5,618,170,800	6,637,770,000	6,695,252,740	6,200,546,395	5,705,002,443	5,411,211,160	4,808,712,737	4,654,815,075	4,509,894,016	3,803,307,472	3,077,329,433	3,273,041,377	2,450,987,467	1,715,327,458
Total Equity Margin	97.36%	88.70%	88.39%	83.32%	76.26%	104.44%	107.88%	79.77%	73.78%	77.64%	74.15%	85.58%	101.55%	90.49%	88.66%	88.77%	86.43%	65.06%	64.47%	61.18%	61.10%	50.80%	52.61%	51.64%	59.13%	68.85%	58.68%	50.95%
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	348,302,800	367,973,760	397,857,480	569,155,162	658,427,901	330,748,800	337,665,600	376,494,000	430,570,800	364,389,600	348,826,800	334,364,400	375,236,400	534,480,000	545,798,400	547,056,000	1,337,229,130	1,002,088,808	904,031,695	768,347,004	931,425,513	821,529,575	1,113,679,312	1,188,834,389	575,761,788	726,874,655	473,086,204	326,252,040
Total Investments Margin	3.65%	4.24%	5.83%	7.48%	8.66%	3.79%	4.21%	2.94%	4.43%	5.83%	5.71%	5.45%	7.71%	9.59%	8.61%	7.32%	17.26%	10.51%	10.22%	8.69%	11.83%	8.97%	12.99%	16.14%	11.06%	15.29%	11.33%	9.69%
Net Debt	1,236,692,400	1,151,081,280	1,460,985,360	1,700,753,025	1,893,709,107	1,556,594,400	1,275,363,600	878,119,200	550,671,600	1,494,657,600	1,884,042,000	1,420,144,800	2,411,762,400	1,765,356,000	1,373,142,000	1,386,189,600	1,966,142,023	2,731,963,907	2,653,188,984	2,163,957,258	3,083,886,551	2,719,525,911	2,508,437,388	2,271,284,890	1,779,752,030	834,724,234	928,359,227	1,096,094,912
Net Debt Margin	13.53%	14.04%	22.71%	23.61%	25.86%	17.85%	15.89%	6.85%	5.67%	23.93%	30.82%	23.15%	49.58%	31.67%	21.67%	18.54%	25.38%	28.67%	29.98%	24.47%	39.18%	29.68%	29.26%	30.84%	34.20%	17.56%	22.22%	32.56%

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	9,855,182,400	9,105,118,320	7,454,879,880	7,799,797,777	7,758,662,590	8,721,770,400	8,027,418,000	12,816,358,800	9,712,916,400	6,247,128,000	6,113,508,000	6,133,786,800	4,864,554,000	5,574,940,800	6,336,417,600	7,477,846,800	7,746,437,797	9,530,459,140	8,848,810,388	8,844,613,732	7,870,624,280	9,163,662,080	8,572,287,524	7,365,387,251	5,204,323,998	4,754,032,373	4,177,111,370	3,366,666,073
Working Capital	3,433,352,800	2,575,344,720	1,610,686,920	1,249,516,614	1,031,570,075	3,167,422,800	2,928,793,200	4,203,842,400	2,155,054,800	421,610,400	293,178,000	1,166,738,400	1,465,732,800	64,452,000	240,044,400	1,041,135,600	757,052,258	291,688,476	230,521,223	315,482,455	-128,611,303	-43,346,669	694,120,688	844,366,474	522,123,103	722,721,086	525,940,839	252,534,937
Working Capital Margin	35.20%	26.91%	19.34%	15.09%	12.69%	36.32%	36.48%	32.80%	22.19%	6.75%	4.80%	19.02%	30.13%	1.16%	3.79%	13.92%	9.77%	3.06%	2.61%	3.57%	-1.63%	-0.47%	8.10%	11.46%	10.03%	15.20%	12.59%	7.50%
Total Capital	11,626,092,800	10,278,930,720	8,784,964,800	8,683,100,284	8,245,268,616	11,537,536,800	10,822,276,800	12,518,464,800	9,407,319,600	7,109,055,600	7,050,577,200	6,996,343,200	7,564,778,400	7,324,419,600	7,518,876,000	8,467,892,400	8,752,000,118	8,912,087,372	8,339,452,318	7,925,424,050	7,839,901,646	7,515,753,982	7,461,251,779	6,498,041,411	5,343,919,238	4,574,340,365	3,778,574,661	3,090,321,334
Total Capital Margin	121.59%	115.09%	121.04%	114.26%	108.68%	132.28%	134.82%	97.68%	96.85%	113.80%	115.33%	114.06%	155.51%	131.38%	118.66%	113.24%	112.98%	93.51%	94.24%	89.61%	99.61%	82.02%	87.04%	88.22%	102.68%	96.22%	90.46%	91.79%
Capital Employed	11,704,273,600	10,362,781,200	8,994,512,400	9,096,015,096	8,678,455,483	11,597,272,800	10,883,113,200	12,632,434,800	9,459,981,600	7,241,103,600	7,162,660,800	7,109,998,800	7,619,484,000	7,920,522,000	8,318,552,400	9,312,842,400	9,604,982,324	9,813,705,395	9,183,178,651	8,580,393,671	8,553,393,203	8,117,729,006	7,871,834,572	6,993,488,762	5,592,437,666	4,265,916,349	3,563,939,114	2,825,659,389
Capital Employed Margin	122.37%	116.08%	124.35%	119.72%	114.36%	132.97%	135.57%	98.56%	97.40%	115.91%	117.16%	115.92%	156.63%	142.07%	131.28%	124.54%	123.99%	102.97%	103.78%	97.01%	108.67%	88.59%	91.83%	94.95%	107.46%	89.73%	85.32%	83.93%
Invested Capital	10,403,443,600	8,988,947,520	7,858,538,040	7,901,718,211	7,534,259,338	10,503,946,800	9,768,879,600	10,937,504,400	7,547,329,200	6,187,077,600	6,301,047,600	6,548,166,000	7,223,497,200	6,679,113,600	6,888,818,400	7,916,592,000	8,238,744,350	8,549,573,401	7,980,171,740	7,255,311,272	7,587,219,332	7,114,172,811	6,756,526,085	5,861,296,004	4,840,199,366	4,093,729,411	3,365,202,496	2,794,253,549
Invested Capital Margin	109.16%	100.84%	109.11%	104.35%	99.53%	120.43%	121.69%	85.34%	77.70%	99.04%	103.07%	106.76%	148.49%	119.81%	108.72%	105.87%	106.36%	89.71%	90.18%	82.03%	96.40%	77.63%	78.82%	79.58%	93.00%	86.11%	80.56%	83.00%

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	9,855,182,400	9,105,118,320	7,454,879,880	7,799,797,777	7,758,662,590	8,721,770,400	8,027,418,000	12,816,358,800	9,712,916,400	6,247,128,000	6,113,508,000	6,133,786,800	4,864,554,000	5,574,940,800	6,336,417,600	7,477,846,800	7,746,437,797	9,530,459,140	8,848,810,388	8,844,613,732	7,870,624,280	9,163,662,080	8,572,287,524	7,365,387,251	5,204,323,998	4,754,032,373	4,177,111,370	3,366,666,073
Net Income	2,163,753,200	2,048,410,320	1,097,098,800	1,105,047,350	1,100,140,448	1,021,642,800	618,424,800	4,851,192,000	3,092,752,800	658,039,200	271,170,000	98,564,400	100,765,200	-35,527,200	293,964,000	930,152,400	1,199,167,984	1,306,538,132	496,133,692	1,672,730,043	610,426,957	1,781,680,326	1,468,562,769	1,062,559,162	503,869,492	700,635,554	462,398,295	269,859,234
Net Income Margin	19.09%	19.93%	11.18%	11.86%	12.32%	11.71%	7.70%	37.85%	31.84%	10.53%	4.44%	1.61%	2.07%	-0.64%	4.64%	12.44%	15.48%	13.71%	5.61%	18.91%	7.76%	19.44%	17.13%	14.43%	9.68%	14.74%	11.07%	8.02%
Depreciation & Amortization	974,744,800	883,055,280	847,669,560	862,607,215	820,917,977	971,181,600	980,613,600	972,439,200	777,196,800	713,845,200	673,916,400	522,690,000	473,958,000	1,142,058,000	1,248,796,800	1,101,657,600	756,703,105	862,973,270	792,612,189	948,466,454	917,653,297	766,780,528	805,765,272	546,302,410	442,749,818	0	0	0
Depreciation & Amortization Margin	10.31%	10.07%	11.98%	11.54%	10.92%	11.14%	12.22%	7.59%	8.00%	11.43%	11.02%	8.52%	9.74%	20.49%	19.71%	14.73%	9.77%	9.05%	8.96%	10.72%	11.66%	8.37%	9.40%	7.42%	8.51%	0.00%	0.00%	0.00%
Deferred Income Tax	-1,362,400	-1,697,760	-1,006,080	-670,720	-503,040	0	0	-4,087,200	-2,672,400	-1,729,200	-1,572,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Income Tax Margin	-0.01%	-0.02%	-0.01%	-0.01%	-0.01%	0.00%	0.00%	-0.03%	-0.03%	-0.03%	-0.03%	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%
Stock-Based Compensation	1,676,800	1,886,400	1,572,000	1,376,672	1,032,504	0	943,200	4,087,200	2,672,400	1,729,200	1,572,000	2,200,800	1,729,200	-1,572,000	2,358,000	2,986,800	943,200	1,000,078	0	0	0	0	0	0	0	0	0	0
Stock-Based Compensation Margin	0.01%	0.02%	0.02%	0.02%	0.01%	0.00%	0.01%	0.03%	0.03%	0.03%	0.03%	0.04%	0.04%	-0.03%	0.04%	0.04%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Change in Working Capital	-72,836,000	-93,251,040	-62,628,480	-47,162,221	-40,595,403	-48,889,200	89,132,400	-258,751,200	-235,014,000	-12,733,200	85,831,200	-49,989,600	-64,294,800	-176,064,000	44,487,600	19,650,000	95,406,217	-97,461,676	-13,773,108	-84,969,941	51,214,480	8,639,946	78,999,609	-148,419,991	-94,908,804	-18,533,513	-33,977,980	-3,731,387
Change in Working Capital Margin	-0.49%	-0.82%	-0.73%	-0.53%	-0.50%	-0.56%	1.11%	-2.02%	-2.42%	-0.20%	1.40%	-0.81%	-1.32%	-3.16%	0.70%	0.26%	1.23%	-1.02%	-0.16%	-0.96%	0.65%	0.09%	0.92%	-2.02%	-1.82%	-0.39%	-0.81%	-0.11%
Accounts Receivable	5,135,200	-60,553,440	-39,032,760	-22,597,089	-16,947,817	-118,528,800	293,964,000	-160,029,600	-300,094,800	-18,078,000	30,654,000	-3,930,000	-63,037,200	-106,896,000	55,648,800	52,819,200	68,696,400	-70,144,342	0	0	0	0	0	0	0	0	0	0
Accounts Receivable Margin	0.35%	-0.46%	-0.42%	-0.22%	-0.17%	-1.36%	3.66%	-1.25%	-3.09%	-0.29%	0.50%	-0.06%	-1.30%	-1.92%	0.88%	0.71%	0.89%	-0.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Inventory	0	0	0	-5,436,826	-9,808,402	0	0	0	0	0	0	0	0	0	0	15,877,200	33,896,994	-76,453,642	-54,872,941	0	-41,377,183	45,727,062	-64,767,384	-23,201,925	-30,996,228	-2,635,368	5,051,499	-13,281,961
Inventory Margin	0.00%	0.00%	0.00%	-0.05%	-0.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.21%	0.44%	-0.80%	-0.62%	0.00%	-0.53%	0.50%	-0.76%	-0.32%	-0.60%	-0.06%	0.12%	-0.39%
Accounts Payable	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 Payable 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%
Other Working Capital	-77,971,200	-32,697,600	-15,515,640	-4,652,172	-2,982,084	69,639,600	-204,831,600	-98,721,600	65,080,800	5,344,800	55,177,200	-43,230,000	-1,257,600	8,803,200	-11,161,200	3,772,800	61,509,223	-21,008,034	41,099,832	0	92,591,663	-37,087,116	143,766,992	-125,218,065	-63,912,576	-15,898,145	-39,029,479	9,550,574
Other Working Capital Margin	-0.84%	-0.35%	-0.16%	-0.04%	-0.05%	0.80%	-2.55%	-0.77%	0.67%	0.09%	0.90%	-0.70%	-0.03%	0.16%	-0.18%	0.05%	0.79%	-0.22%	0.46%	0.00%	1.18%	-0.40%	1.68%	-1.70%	-1.23%	-0.33%	-0.93%	0.28%
Other Non-Cash Items	-156,361,600	-154,150,320	-162,277,560	-325,265,451	-445,861,171	-150,597,600	-173,234,400	-145,252,800	-173,077,200	-128,589,600	-100,450,800	-64,294,800	-102,337,200	-250,419,600	-334,521,600	-674,230,800	-594,841,322	-840,488,544	-208,078,190	-938,567,315	-819,613,286	-1,278,653,257	-1,132,737,583	-786,639,861	-20,597,654	154,541,429	270,786,950	285,140,152
Other Non-Cash Items Margin	-1.67%	-1.77%	-2.34%	-4.13%	-5.53%	-1.73%	-2.16%	-1.13%	-1.78%	-2.06%	-1.64%	-1.05%	-2.10%	-4.49%	-5.28%	-9.02%	-7.68%	-8.82%	-2.35%	-10.61%	-10.41%	-13.95%	-13.21%	-10.68%	-0.40%	3.25%	6.48%	8.47%
Net Cash from Operating Activities	2,909,614,800	2,684,252,880	1,719,956,640	1,595,289,772	1,434,649,011	1,793,337,600	1,515,879,600	5,419,627,200	3,461,858,400	1,230,561,600	930,466,800	506,970,000	408,091,200	680,047,200	1,252,726,800	1,377,229,200	1,456,435,983	1,231,561,182	1,066,894,582	1,597,659,240	759,681,448	1,278,447,543	1,220,590,066	673,801,720	831,112,852	836,643,470	699,207,266	551,267,998
Net Cash from Operating Activities Margin	27.24%	27.41%	20.09%	18.75%	17.21%	20.56%	18.88%	42.29%	35.64%	19.70%	15.22%	8.27%	8.39%	12.20%	19.77%	18.42%	18.80%	12.92%	12.06%	18.06%	9.65%	13.95%	14.24%	9.15%	15.97%	17.60%	16.74%	16.37%
Capital Expenditures (PPE)	-629,324,000	-512,723,520	-570,997,560	-761,744,888	-902,440,402	-660,397,200	-573,151,200	-654,423,600	-467,827,200	-207,818,400	-319,902,000	-452,107,200	-565,762,800	-687,435,600	-1,121,150,400	-1,358,050,800	-1,023,543,731	-1,312,528,487	-1,153,923,066	-868,151,631	-1,344,470,896	-1,700,041,651	-1,702,303,246	-1,143,654,621	-732,164,315	-650,706,785	-529,982,039	-477,195,526
Capital Expenditures (PPE) Margin	-6.61%	-5.59%	-8.22%	-10.01%	-11.77%	-7.57%	-7.14%	-5.11%	-4.82%	-3.33%	-5.23%	-7.37%	-11.63%	-12.33%	-17.69%	-18.16%	-13.21%	-13.77%	-13.04%	-9.82%	-17.08%	-18.55%	-19.86%	-15.53%	-14.07%	-13.69%	-12.69%	-14.17%
Acquisitions (Net)	-176,745,200	-144,183,840	-61,826,760	-39,093,018	-86,692,874	8,331,600	184,395,600	-722,962,800	-127,646,400	-63,037,200	-5,973,600	-5,187,600	-603,019,200	-109,096,800	825,928,800	150,440,400	1,192,941	88,629,386	-177,459,090	-30,931,302	-25,728,314	-56,424,138	-94,553,618	-78,897,675	-891,858,477	59,353,075	4,945,152	-8,839,833
Acquisitions (Net) Margin	-1.08%	-1.11%	-0.71%	-0.43%	-1.34%	0.10%	2.30%	-5.64%	-1.31%	-1.01%	-0.10%	-0.08%	-12.40%	-1.96%	13.03%	2.01%	0.02%	0.93%	-2.01%	-0.35%	-0.33%	-0.62%	-1.10%	-1.07%	-17.14%	1.25%	0.12%	-0.26%
Purchases of Investments	-708,343,200	-542,182,800	-148,931,280	-59,161,793	-112,015,999	0	0	-2,125,029,600	-793,702,800	207,818,400	-24,051,600	-628,800	565,762,800	687,435,600	-6,916,800	-15,091,200	-4,218,939	-79,016,957	-167,938,634	868,151,631	67,287,109	-111,849,099	-307,299,257	-522,098,963	-478,932,865	-31,366,611	-15,181,085	-15,702,920
Purchases of Investments Margin	-5.53%	-4.29%	0.20%	0.59%	-0.57%	0.00%	0.00%	-16.58%	-8.17%	3.33%	-0.39%	-0.01%	11.63%	12.33%	-0.11%	-0.20%	-0.05%	-0.83%	-1.90%	9.82%	0.85%	-1.22%	-3.58%	-7.09%	-9.20%	-0.66%	-0.36%	-0.47%
Sales / Maturities of Investments	1,624,400	3,961,440	127,300,560	349,284,166	364,986,598	0	0	4,873,200	1,257,600	13,676,400	411,392,400	545,798,400	135,978,000	152,798,400	7,231,200	1,358,050,800	53,391,402	1,312,528,487	1,153,923,066	88,363,130	86,659,016	292,758,992	446,547,595	552,561,923	681,941,948	650,706,785	529,982,039	477,195,526
Sales / Maturities of Investments Margin	0.01%	0.05%	2.15%	4.55%	4.92%	0.00%	0.00%	0.04%	0.01%	0.22%	6.73%	8.90%	2.80%	2.74%	0.11%	18.16%	0.69%	13.77%	13.04%	1.00%	1.10%	3.19%	5.21%	7.50%	13.10%	13.69%	12.69%	14.17%
Other Investing Activities	178,317,200	99,979,200	-38,451,120	-282,019,199	-165,181,520	-593,744,400	1,029,660,000	99,036,000	76,556,400	-111,612,000	75,927,600	66,024,000	-497,380,800	-609,778,800	80,800,800	-1,119,892,800	170,997,968	-1,030,536,027	-1,092,053,826	-774,292,096	25,728,314	215,234,577	294,235,119	307,522,882	83,936,688	-554,716,362	-431,185,347	-378,202,719
Other Investing Activities Margin	2.26%	1.16%	-1.18%	-3.76%	-2.23%	-6.81%	12.83%	0.77%	0.79%	-1.79%	1.24%	1.08%	-10.22%	-10.94%	1.28%	-14.98%	2.21%	-10.81%	-12.34%	-8.75%	0.33%	2.35%	3.43%	4.18%	1.61%	-11.67%	-10.32%	-11.23%
Net Cash from Investing Activities	-1,334,470,800	-1,095,149,520	-692,906,160	-792,734,732	-901,344,197	-1,245,810,000	640,904,400	-3,398,506,800	-1,311,362,400	-160,972,800	137,392,800	153,898,800	-964,422,000	-566,077,200	-214,106,400	-984,543,600	-802,180,359	-1,020,923,597	-1,437,451,550	-716,860,267	-1,190,524,771	-1,360,321,319	-1,363,373,406	-884,566,453	-1,337,077,021	-526,729,898	-441,421,280	-402,745,472
Net Cash from Investing Activities Margin	-10.94%	-9.78%	-7.75%	-9.07%	-10.98%	-14.28%	7.98%	-26.52%	-13.50%	-2.58%	2.25%	2.51%	-19.83%	-10.15%	-3.38%	-13.17%	-10.36%	-10.71%	-16.24%	-8.11%	-15.13%	-14.84%	-15.90%	-12.01%	-25.69%	-11.08%	-10.57%	-11.96%
Net Debt Issuance	48,732,000	-90,044,160	-88,597,920	-123,435,806	-26,218,804	229,826,400	29,082,000	-112,712,400	-304,024,800	-292,392,000	-228,883,200	-789,458,400	129,218,400	257,336,400	196,028,400	-453,993,600	-249,162,000	-52,492,224	193,262,496	-403,172,557	135,875,768	-92,923,503	271,211,498	398,633,561	614,363,688	48,324,632	-50,754,275	-117,294,371
Net Debt Issuance Margin	0.71%	-1.14%	-1.19%	-1.61%	-0.15%	2.64%	0.36%	-0.88%	-3.13%	-4.68%	-3.74%	-12.87%	2.66%	4.62%	3.09%	-6.07%	-3.22%	-0.55%	2.18%	-4.56%	1.73%	-1.01%	3.16%	5.41%	11.80%	1.02%	-1.22%	-3.48%
Long-Term Debt Issuance	48,732,000	-90,044,160	-88,597,920	-123,435,806	-26,218,804	229,826,400	29,082,000	-112,712,400	-304,024,800	-292,392,000	-228,883,200	-789,458,400	129,218,400	257,336,400	196,028,400	-453,993,600	-249,162,000	-52,492,224	193,262,496	-403,172,557	135,875,768	-92,923,503	271,211,498	398,633,561	614,363,688	48,324,632	-50,754,275	-117,294,371
Long-Term Debt Issuance Margin	0.71%	-1.14%	-1.19%	-1.61%	-0.15%	2.64%	0.36%	-0.88%	-3.13%	-4.68%	-3.74%	-12.87%	2.66%	4.62%	3.09%	-6.07%	-3.22%	-0.55%	2.18%	-4.56%	1.73%	-1.01%	3.16%	5.41%	11.80%	1.02%	-1.22%	-3.48%
Short-Term Debt Issuance	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
Short-Term Debt Issuance 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%
Net Stock Issuance	-332,740,000	-284,846,400	-173,926,080	-122,050,080	-79,162,241	-85,988,400	-486,691,200	-425,540,400	-304,024,800	-121,987,200	-124,345,200	0	2,200,800	-74,355,600	-118,528,800	-93,691,200	2,200,800	0	0	0	247,506,383	0	0	0	0	0	0	0
Net Stock Issuance Margin	-3.46%	-3.09%	-2.06%	-1.46%	-0.94%	-0.99%	-6.06%	-3.32%	-3.13%	-1.95%	-2.03%	0.00%	0.05%	-1.33%	-1.87%	-1.25%	0.03%	0.00%	0.00%	0.00%	3.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock Issuance	3,353,600	3,647,040	2,483,760	2,274,160	14,080,939	1,414,800	3,772,800	4,873,200	3,458,400	4,716,000	0	0	2,200,800	314,400	4,087,200	7,074,000	2,200,800	0	0	0	247,506,383	0	0	0	0	0	0	0
Common Stock Issuance Margin	0.03%	0.04%	0.03%	0.03%	0.18%	0.02%	0.05%	0.04%	0.04%	0.08%	0.00%	0.00%	0.05%	0.01%	0.06%	0.09%	0.03%	0.00%	0.00%	0.00%	3.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock Repurchased	-336,093,600	-288,493,440	-176,409,840	-124,324,240	-93,243,180	-87,403,200	-490,464,000	-430,413,600	-307,483,200	-126,703,200	-124,345,200	0	0	-74,670,000	-122,616,000	-100,765,200	0	0	0	0	0	0	0	0	0	0	0	0
Common Stock Repurchased Margin	-3.49%	-3.13%	-2.10%	-1.49%	-1.12%	-1.00%	-6.11%	-3.36%	-3.17%	-2.03%	-2.03%	0.00%	0.00%	-1.34%	-1.94%	-1.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Stock Issuance	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
Preferred Stock Issuance 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%
Net Dividends Paid	-998,534,400	-644,614,320	-456,461,640	-345,073,431	-275,719,192	-209,547,600	-1,709,707,200	-1,076,348,400	-159,872,400	-67,596,000	-73,726,800	-81,272,400	-71,368,800	-149,811,600	-965,365,200	-177,793,200	-152,492,828	-121,645,992	-119,760,193	-39,792,854	-80,968,518	-78,611,755	-69,562,691	-62,956,783	-46,182,634	0	-23,369,831	-14,636,809
Net Dividends Paid Margin	-10.70%	-6.97%	-5.67%	-4.28%	-3.43%	-2.40%	-21.30%	-8.40%	-1.65%	-1.08%	-1.21%	-1.32%	-1.47%	-2.69%	-15.24%	-2.38%	-1.97%	-1.28%	-1.35%	-0.45%	-1.03%	-0.86%	-0.81%	-0.85%	-0.89%	0.00%	-0.56%	-0.43%
Common Dividends Paid	-998,534,400	-644,614,320	-456,461,640	-344,538,363	-275,317,891	-209,547,600	-1,709,707,200	-1,076,348,400	-159,872,400	-67,596,000	-73,726,800	-81,272,400	-71,368,800	-149,811,600	-965,365,200	-177,793,200	-144,466,800	-121,645,992	-119,760,193	-39,792,854	-80,968,518	-78,611,755	-69,562,691	-62,956,783	-46,182,634	-35,376,954	-23,369,831	-14,636,809
Common Dividends Paid Margin	-10.70%	-6.97%	-5.67%	-4.27%	-3.43%	-2.40%	-21.30%	-8.40%	-1.65%	-1.08%	-1.21%	-1.32%	-1.47%	-2.69%	-15.24%	-2.38%	-1.86%	-1.28%	-1.35%	-0.45%	-1.03%	-0.86%	-0.81%	-0.85%	-0.89%	-0.74%	-0.56%	-0.43%
Preferred Dividends Paid	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
Preferred Dividends Paid 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%
Other Financing Activities	-522,113,600	-488,294,640	-297,831,120	-207,095,399	-158,593,540	-484,490,400	-474,429,600	-607,420,800	-473,958,000	-401,174,400	-327,604,800	-174,334,800	-8,960,400	-12,104,400	-13,833,600	-11,161,200	-39,543,907	-48,201,458	-14,294,401	-14,918,815	-12,894,426	-15,663,576	-2,981,697	-20,559,020	-13,341,096	-21,398,044	-17,201,685	5,730,344
Other Financing Activities Margin	-5.40%	-5.50%	-3.63%	-2.52%	-1.94%	-5.55%	-5.91%	-4.74%	-4.88%	-6.42%	-5.36%	-2.84%	-0.18%	-0.22%	-0.22%	-0.15%	-0.51%	-0.51%	-0.16%	-0.17%	-0.16%	-0.17%	-0.03%	-0.28%	-0.26%	-0.45%	-0.41%	0.17%
Net Cash from Financing Activities	-1,804,656,000	-1,507,799,520	-1,021,186,920	-799,730,319	-541,250,479	-550,200,000	-2,641,746,000	-2,222,022,000	-1,241,880,000	-883,149,600	-754,560,000	-1,045,065,600	51,090,000	-22,636,800	-901,699,200	-736,639,200	-430,971,907	-217,798,149	59,207,903	-457,884,225	289,519,207	-187,198,833	198,667,110	315,117,757	554,839,958	-8,450,365	-91,325,790	-126,200,837
Net Cash from Financing Activities Margin	-18.85%	-16.70%	-12.64%	-9.91%	-6.49%	-6.31%	-32.91%	-17.34%	-12.79%	-14.14%	-12.34%	-17.04%	1.05%	-0.41%	-14.23%	-9.85%	-5.56%	-2.29%	0.67%	-5.18%	3.68%	-2.04%	2.32%	4.28%	10.66%	-0.18%	-2.19%	-3.75%
Effect of FX on Cash	-33,640,800	-25,183,440	-24,130,200	-18,410,406	-16,966,891	-26,724,000	-35,055,600	-39,142,800	-12,418,800	-12,576,000	-1,886,400	-14,934,000	24,208,800	-78,600,000	-44,173,200	-42,915,600	-21,211,080	3,956,420	11,715,373	13,600,799	-5,781,304	-6,318,328	-53,393,899	-46,264,751	48,576,550	-17,129,893	-12,894,617	755,162
Effect of FX on Cash Margin	-0.35%	-0.28%	-0.33%	-0.25%	-0.21%	-0.31%	-0.44%	-0.31%	-0.13%	-0.20%	-0.03%	-0.24%	0.50%	-1.41%	-0.70%	-0.57%	-0.27%	0.04%	0.13%	0.15%	-0.07%	-0.07%	-0.62%	-0.63%	0.93%	-0.36%	-0.31%	0.02%
Net Change in Cash	-265,668,000	53,133,600	39,771,600	48,265,248	23,828,450	-29,396,400	-527,406,000	-240,201,600	891,795,600	170,876,400	252,934,800	78,128,400	-301,509,600	9,746,400	92,748,000	7,388,400	184,236,708	-3,287,730	-296,094,387	434,019,730	-163,238,587	-275,390,937	2,489,871	91,277,599	97,452,340	284,333,313	153,565,579	23,076,851
Net Change in Cash Margin	-2.93%	0.63%	0.40%	0.53%	0.30%	-0.34%	-6.57%	-1.87%	9.18%	2.74%	4.14%	1.27%	-6.20%	0.17%	1.46%	0.10%	2.38%	-0.03%	-3.35%	4.91%	-2.07%	-3.01%	0.03%	1.24%	1.87%	5.98%	3.68%	0.69%
Cash at Beginning of Period	1,484,649,200	1,224,745,200	877,977,720	725,258,236	682,489,306	1,057,956,000	1,577,973,600	1,818,018,000	921,820,800	747,957,600	495,022,800	356,529,600	640,904,400	628,171,200	535,423,200	527,877,600	313,016,188	365,801,700	656,307,805	236,093,048	415,920,901	679,205,563	707,953,305	549,446,077	418,386,733	844,520,929	630,267,593	503,448,498
Cash at Beginning of Period Margin	15.32%	13.49%	11.42%	9.28%	8.79%	12.13%	19.66%	14.19%	9.49%	11.97%	8.10%	5.81%	13.17%	11.27%	8.45%	7.06%	4.04%	3.84%	7.42%	2.67%	5.28%	7.41%	8.26%	7.46%	8.04%	17.76%	15.09%	14.95%
Cash at End of Period	1,218,981,200	1,277,878,800	917,749,320	773,523,484	706,317,756	1,028,559,600	1,050,567,600	1,577,816,400	1,813,616,400	918,834,000	747,957,600	434,658,000	339,394,800	637,917,600	628,171,200	535,266,000	497,252,896	362,513,971	360,213,418	670,112,778	252,682,314	403,814,626	710,443,176	640,723,675	515,839,073	1,128,854,242	783,833,173	526,525,349
Cash at End of Period Margin	12.40%	14.11%	11.82%	9.82%	9.09%	11.79%	13.09%	12.31%	18.67%	14.71%	12.23%	7.09%	6.98%	11.44%	9.91%	7.16%	6.42%	3.80%	4.07%	7.58%	3.21%	4.41%	8.29%	8.70%	9.91%	23.75%	18.76%	15.64%
Operating Cash Flow	2,909,614,800	2,684,252,880	1,719,956,640	1,595,289,772	1,434,649,011	1,793,337,600	1,515,879,600	5,419,627,200	3,461,858,400	1,230,561,600	930,466,800	506,970,000	408,091,200	680,047,200	1,252,726,800	1,377,229,200	1,456,435,983	1,231,561,182	1,066,894,582	1,597,659,240	759,681,448	1,278,447,543	1,220,590,066	673,801,720	831,112,852	836,643,470	699,207,266	551,267,998
Operating Cash Flow Margin	27.24%	27.41%	20.09%	18.75%	17.21%	20.56%	18.88%	42.29%	35.64%	19.70%	15.22%	8.27%	8.39%	12.20%	19.77%	18.42%	18.80%	12.92%	12.06%	18.06%	9.65%	13.95%	14.24%	9.15%	15.97%	17.60%	16.74%	16.37%
Capital Expenditure	-629,324,000	-512,723,520	-570,997,560	-761,744,888	-902,440,402	-660,397,200	-573,151,200	-654,423,600	-467,827,200	-207,818,400	-319,902,000	-452,107,200	-565,762,800	-687,435,600	-1,121,150,400	-1,358,050,800	-1,023,543,731	-1,312,528,487	-1,153,923,066	-868,151,631	-1,344,470,896	-1,700,041,651	-1,702,303,246	-1,143,654,621	-732,164,315	-650,706,785	-529,982,039	-477,195,526
Capital Expenditure Margin	-6.61%	-5.59%	-8.22%	-10.01%	-11.77%	-7.57%	-7.14%	-5.11%	-4.82%	-3.33%	-5.23%	-7.37%	-11.63%	-12.33%	-17.69%	-18.16%	-13.21%	-13.77%	-13.04%	-9.82%	-17.08%	-18.55%	-19.86%	-15.53%	-14.07%	-13.69%	-12.69%	-14.17%
Free Cash Flow	2,280,290,800	2,171,529,360	1,148,959,080	833,544,885	532,208,609	1,132,940,400	942,728,400	4,765,203,600	2,994,031,200	1,022,743,200	610,564,800	54,862,800	-157,671,600	-7,388,400	131,576,400	19,178,400	432,892,252	-80,967,305	-87,028,484	729,507,608	-584,789,448	-421,594,108	-481,713,180	-469,852,901	98,948,537	185,936,685	169,225,227	74,072,473
Free Cash Flow Margin	20.64%	21.82%	11.87%	8.73%	5.44%	12.99%	11.74%	37.18%	30.83%	16.37%	9.99%	0.89%	-3.24%	-0.13%	2.08%	0.26%	5.59%	-0.85%	-0.98%	8.25%	-7.43%	-4.60%	-5.62%	-6.38%	1.90%	3.91%	4.05%	2.20%

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	9,855,182,400	9,105,118,320	7,454,879,880	7,799,797,777	7,758,662,590	8,721,770,400	8,027,418,000	12,816,358,800	9,712,916,400	6,247,128,000	6,113,508,000	6,133,786,800	4,864,554,000	5,574,940,800	6,336,417,600	7,477,846,800	7,746,437,797	9,530,459,140	8,848,810,388	8,844,613,732	7,870,624,280	9,163,662,080	8,572,287,524	7,365,387,251	5,204,323,998	4,754,032,373	4,177,111,370	3,366,666,073
EBITDA	3,260,275,600	2,998,778,640	1,920,606,720	2,012,869,368	1,993,329,059	2,183,665,200	1,787,521,200	5,809,640,400	3,848,570,400	1,364,496,000	974,954,400	676,746,000	576,138,000	429,313,200	1,555,022,400	2,032,910,400	1,885,299,600	2,062,381,573	2,301,645,490	2,704,736,250	1,662,230,711	2,618,491,438	2,346,841,689	1,683,614,059	1,362,362,761	1,439,856,336	775,431,732	528,168,936
EBITDA Margin	30.88%	30.82%	22.52%	23.66%	24.05%	25.04%	22.27%	45.33%	39.62%	21.84%	15.95%	11.03%	11.84%	7.70%	24.54%	27.19%	24.34%	21.64%	26.01%	30.58%	21.12%	28.57%	27.38%	22.86%	26.18%	30.29%	18.56%	15.69%
(-) Tax Adjustment	182,674,572	171,834,458	466,853,289	695,883,215	862,853,599	187,098,075	186,046,452	174,879,189	143,216,955	167,931,621	461,767,441	1,097,579,647	1,152,276,000	536,768,817	560,968,689	1,137,603,033	921,841,705	928,331,221	1,480,248,379	1,301,690,998	2,274,414,312	1,749,346,019	1,316,878,305	932,703,742	545,481,387	393,057,711	268,846,626	215,954,643
(-) Tax Adjustment Margin	1.94%	2.00%	7.76%	9.73%	11.62%	2.15%	2.32%	1.36%	1.47%	2.69%	7.55%	17.89%	23.69%	9.63%	8.85%	15.21%	11.90%	9.74%	16.73%	14.72%	28.90%	19.09%	15.36%	12.66%	10.48%	8.27%	6.44%	6.41%
(-) Change In Working Capital	-72,836,000	-93,251,040	-62,628,480	-47,162,221	-40,595,403	-48,889,200	89,132,400	-258,751,200	-235,014,000	-12,733,200	85,831,200	-49,989,600	-64,294,800	-176,064,000	44,487,600	19,650,000	95,406,217	-97,461,676	-13,773,108	-84,969,941	51,214,480	8,639,946	78,999,609	-148,419,991	-94,908,804	-18,533,513	-33,977,980	-3,731,387
(-) Change In Working Capital Margin	-0.49%	-0.82%	-0.73%	-0.53%	-0.50%	-0.56%	1.11%	-2.02%	-2.42%	-0.20%	1.40%	-0.81%	-1.32%	-3.16%	0.70%	0.26%	1.23%	-1.02%	-0.16%	-0.96%	0.65%	0.09%	0.92%	-2.02%	-1.82%	-0.39%	-0.81%	-0.11%
(-) Capital Expenditure	-629,324,000	-512,723,520	-570,997,560	-761,744,888	-902,440,402	-660,397,200	-573,151,200	-654,423,600	-467,827,200	-207,818,400	-319,902,000	-452,107,200	-565,762,800	-687,435,600	-1,121,150,400	-1,358,050,800	-1,023,543,731	-1,312,528,487	-1,153,923,066	-868,151,631	-1,344,470,896	-1,700,041,651	-1,702,303,246	-1,143,654,621	-732,164,315	-650,706,785	-529,982,039	-477,195,526
(-) Capital Expenditure Margin	-6.61%	-5.59%	-8.22%	-10.01%	-11.77%	-7.57%	-7.14%	-5.11%	-4.82%	-3.33%	-5.23%	-7.37%	-11.63%	-12.33%	-17.69%	-18.16%	-13.21%	-13.77%	-13.04%	-9.82%	-17.08%	-18.55%	-19.86%	-15.53%	-14.07%	-13.69%	-12.69%	-14.17%
Unlevered Free Cash Flow	2,521,113,028	2,407,471,702	945,384,351	602,403,486	268,630,460	1,385,059,125	939,191,148	5,239,088,811	3,472,540,245	1,001,479,179	107,453,759	-822,951,247	-1,077,606,000	-618,827,217	-171,584,289	-482,393,433	-155,492,053	-81,016,459	-318,752,847	619,863,562	-2,007,868,976	-839,536,178	-751,339,471	-244,324,314	179,625,863	414,625,353	10,581,046	-161,249,846
Unlevered Free Cash Flow Margin	22.82%	24.05%	7.26%	4.45%	1.17%	15.88%	11.70%	40.88%	35.75%	16.03%	1.76%	-13.42%	-22.15%	-11.10%	-2.71%	-6.45%	-2.01%	-0.85%	-3.60%	7.01%	-25.51%	-9.16%	-8.76%	-3.32%	3.45%	8.72%	0.25%	-4.79%
(-) Net Interest Income After Taxes	13,667,216	-35,885,605	-11,747,208	-26,091,962	-26,144,476	30,614,700	60,701,400	-50,314,452	-114,420,685	-106,008,987	-70,912,806	71,263,119	83,473,200	21,443,907	-43,311,479	-36,139,069	-55,283,688	-61,236,666	-44,687,763	-76,560,157	58,670,010	-76,163,133	-54,596,275	-27,707,174	-31,713,532	2,686,502	-6,235,482	-21,558,279
(-) Net Interest Income After Taxes Margin	0.24%	-0.43%	-0.07%	-0.26%	-0.28%	0.35%	0.76%	-0.39%	-1.18%	-1.70%	-1.16%	1.16%	1.72%	0.38%	-0.68%	-0.48%	-0.71%	-0.64%	-0.51%	-0.87%	0.75%	-0.83%	-0.64%	-0.38%	-0.61%	0.06%	-0.15%	-0.64%
Net Debt Issuance	48,732,000	-90,044,160	-88,597,920	-123,435,806	-26,218,804	229,826,400	29,082,000	-112,712,400	-304,024,800	-292,392,000	-228,883,200	-789,458,400	129,218,400	257,336,400	196,028,400	-453,993,600	-249,162,000	-52,492,224	193,262,496	-403,172,557	135,875,768	-92,923,503	271,211,498	398,633,561	614,363,688	48,324,632	-50,754,275	-117,294,371
Net Debt Issuance Margin	0.71%	-1.14%	-1.19%	-1.61%	-0.15%	2.64%	0.36%	-0.88%	-3.13%	-4.68%	-3.74%	-12.87%	2.66%	4.62%	3.09%	-6.07%	-3.22%	-0.55%	2.18%	-4.56%	1.73%	-1.01%	3.16%	5.41%	11.80%	1.02%	-1.22%	-3.48%
Levered Free Cash Flow	2,556,177,812	2,353,313,146	868,533,640	505,059,642	268,556,133	1,584,270,825	907,571,748	5,176,690,863	3,282,936,130	815,096,166	-50,516,635	-1,683,672,766	-1,031,860,800	-382,934,725	67,755,590	-900,247,964	-349,370,365	-72,272,017	-80,802,588	293,251,163	-1,930,663,219	-856,296,548	-425,531,698	182,016,421	825,703,083	460,263,484	-33,937,747	-256,985,938
Levered Free Cash Flow Margin	23.29%	23.34%	6.14%	3.10%	1.30%	18.16%	11.31%	40.39%	33.80%	13.05%	-0.83%	-27.45%	-21.21%	-6.87%	1.07%	-12.04%	-4.51%	-0.76%	-0.91%	3.32%	-24.53%	-9.34%	-4.96%	2.47%	15.87%	9.68%	-0.81%	-7.63%