BKW AG (0QQ0.L)

Analysis: Margins & Ratios Industry: General Utilities Sector: Utilities Live Price: $179.30

Income Statement Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y 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
Revenue	5,886,267,045	5,119,817,729	4,154,227,372	3,885,687,235	11,111,147,294	11,544,765,921	5,718,636,378	5,572,923,421	6,367,241,335	4,249,437,400	3,690,850,111	3,408,099,084	3,269,175,169	3,033,318,821	2,974,103,288	3,258,488,714	3,497,613,860	3,284,261,929	3,448,078,998	3,146,846,690	3,366,233,325	4,385,846,855	4,263,895,545
Cost of Revenue	3,446,067,430	3,408,476,253	2,631,797,276	2,499,674,975	6,349,011,500	9,156,154,644	2,695,501,120	2,759,242,681	4,883,458,489	3,674,254,675	3,029,924,300	2,728,566,269	1,616,420,611	1,484,034,292	1,553,810,557	1,892,759,765	2,189,340,322	2,274,203,347	2,212,599,077	2,352,277,330	2,148,731,793	3,131,634,207	3,097,060,382
Cost of Revenue Margin	57.78%	68.38%	63.07%	64.35%	57.14%	79.31%	47.14%	49.51%	76.70%	86.46%	82.09%	80.06%	49.44%	48.92%	52.24%	58.09%	62.60%	69.25%	64.17%	74.75%	63.83%	71.40%	72.63%
Gross Profit	2,440,199,615	1,711,341,476	1,522,430,096	1,386,012,260	3,783,507,962	2,388,611,277	3,023,135,258	2,813,680,740	1,483,782,846	575,182,725	660,925,811	679,532,815	1,652,754,558	1,549,284,529	1,420,292,731	1,365,728,949	1,308,273,538	1,010,058,582	1,235,479,921	794,569,360	1,217,501,532	1,254,212,648	1,166,835,163
Gross Profit Margin	42.22%	31.62%	36.93%	35.65%	34.05%	20.69%	52.86%	50.49%	23.30%	13.54%	17.91%	19.94%	50.56%	51.08%	47.76%	41.91%	37.40%	30.75%	35.83%	25.25%	36.17%	28.60%	27.37%
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
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%
SG&A Expenses	149,107,478	186,321,486	396,128,028	329,654,088	1,869,501,010	637,667,056	74,553,739	69,399,096	303,369,599	247,548,587	236,736,409	227,307,184	806,764,491	775,585,187	646,844,835	573,171,157	502,640,554	480,890,475	0	0	0	0	0
SG&A Expenses Margin	2.44%	3.91%	11.58%	9.65%	16.83%	5.52%	1.30%	1.25%	4.76%	5.83%	6.41%	6.67%	24.68%	25.57%	21.75%	17.59%	14.37%	14.64%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses	1,468,109,379	987,981,623	906,575,981	902,288,826	3,113,404,372	434,624,411	2,036,461,154	2,033,820,971	334,046,011	273,196,079	262,383,901	253,960,460	1,209,580,983	958,009,260	810,033,289	894,267,699	725,798,879	1,168,469,562	915,766,332	860,322,489	798,215,327	805,507,261	740,759,916
Operating Expenses Margin	25.78%	18.18%	22.16%	23.70%	28.02%	3.76%	35.61%	36.49%	5.25%	6.43%	7.11%	7.45%	37.00%	31.58%	27.24%	27.44%	20.75%	35.58%	26.56%	27.34%	23.71%	18.37%	17.37%
Operating Income (EBIT)	919,118,945	691,577,078	563,415,052	448,579,664	1,567,765,810	1,953,986,866	827,760,232	779,859,769	1,149,736,835	301,986,646	398,541,910	425,572,355	425,572,355	422,303,557	482,273,428	420,543,435	398,164,741	76,565,307	266,281,314	-65,753,129	419,286,205	448,705,387	426,075,247
Operating Income (EBIT) Margin	15.51%	12.89%	13.30%	10.99%	14.11%	16.93%	14.47%	13.99%	18.06%	7.11%	10.80%	12.49%	13.02%	13.92%	16.22%	12.91%	11.38%	2.33%	7.72%	-2.09%	12.46%	10.23%	9.99%
Interest Income	12,614,208	8,750,321	32,813,703	34,406,194	12,949,469	75,559,523	12,949,469	17,852,666	7,040,488	2,263,014	3,645,967	6,411,873	9,680,671	127,231,676	127,734,568	13,326,638	13,200,915	138,043,854	11,063,624	11,189,347	14,458,145	21,121,464	43,751,604
Interest Income Margin	0.22%	0.16%	1.02%	1.06%	0.12%	0.65%	0.23%	0.32%	0.11%	0.05%	0.10%	0.19%	0.30%	4.19%	4.29%	0.41%	0.38%	4.20%	0.32%	0.36%	0.43%	0.48%	1.03%
Interest Expense	75,769,061	65,275,382	65,124,514	77,939,878	105,481,597	160,422,548	73,422,232	92,029,236	61,855,716	49,409,139	49,660,585	60,221,317	66,633,190	65,878,852	69,650,542	62,484,331	70,782,049	161,428,332	147,095,910	41,740,036	96,806,710	89,137,607	81,719,950
Interest Expense Margin	1.30%	1.28%	1.67%	2.14%	0.95%	1.39%	1.28%	1.65%	0.97%	1.16%	1.35%	1.77%	2.04%	2.17%	2.34%	1.92%	2.02%	4.92%	4.27%	1.33%	2.88%	2.03%	1.92%
Net Interest Income	-43,751,604	-26,980,156	-23,510,201	-39,284,247	-101,332,737	-84,863,025	-60,472,763	-15,966,821	-54,815,228	35,579,609	-39,225,576	58,084,026	-56,952,519	-3,268,798	-48,906,247	-49,157,693	-57,581,134	-85,994,532	-67,513,251	-97,686,771	-45,386,003	36,711,116	-222,529,710
Net Interest Income Margin	-0.73%	-0.49%	-0.57%	-1.09%	-0.91%	-0.74%	-1.06%	-0.29%	-0.86%	0.84%	-1.06%	1.70%	-1.74%	-0.11%	-1.64%	-1.51%	-1.65%	-2.62%	-1.96%	-3.10%	-1.35%	0.84%	-5.22%
Unusual Items	78,954,044	9,127,490	10,133,274	70,731,760	120,819,803	440,156,223	-143,827,112	109,127,564	271,561,680	-128,237,460	-62,987,223	-76,062,415	169,600,327	-103,092,860	-58,335,472	123,585,709	35,705,332	396,404,619	199,019,509	175,132,139	153,382,060	32,562,257	248,302,925
Unusual Items Margin	1.24%	-0.20%	0.04%	1.96%	1.09%	3.81%	-2.52%	1.96%	4.26%	-3.02%	-1.71%	-2.23%	5.19%	-3.40%	-1.96%	3.79%	1.02%	12.07%	5.77%	5.57%	4.56%	0.74%	5.82%
EBT Excluding Unusual Items	824,365,711	729,847,160	575,459,316	350,649,829	1,418,658,332	1,158,537,445	1,175,887,219	635,781,211	661,428,703	605,607,691	570,530,974	631,506,629	143,324,220	567,136,453	540,860,346	222,529,710	384,335,211	-692,859,453	4,274,582	-385,466,718	194,870,650	451,597,016	-32,562,257
EBT Excluding Unusual Items Margin	14.12%	14.41%	13.87%	8.15%	12.77%	10.04%	20.56%	11.41%	10.39%	14.25%	15.46%	18.53%	4.38%	18.70%	18.19%	6.83%	10.99%	-21.10%	0.12%	-12.25%	5.79%	10.30%	-0.76%
Pre-Tax Income	903,319,755	738,974,649	585,592,589	421,381,588	1,539,478,135	1,598,693,668	1,032,060,107	744,908,775	932,990,383	477,370,231	507,543,751	555,444,214	312,924,547	464,043,593	482,524,874	346,115,419	420,040,543	-296,454,834	203,294,091	-210,334,579	348,252,710	484,159,273	215,740,668
Pre-Tax Income Margin	15.36%	14.21%	13.91%	10.11%	13.86%	13.85%	18.05%	13.37%	14.65%	11.23%	13.75%	16.30%	9.57%	15.30%	16.22%	10.62%	12.01%	-9.03%	5.90%	-6.68%	10.35%	11.04%	5.06%
Income Tax Expense	203,922,706	160,824,862	113,942,755	76,976,002	316,319,068	398,416,187	218,003,682	130,877,643	262,886,793	116,545,221	75,810,969	92,909,297	57,706,857	118,682,512	76,942,476	-10,937,901	53,055,106	-24,013,093	39,225,576	-119,688,296	66,633,190	108,876,118	41,362,867
Income Tax Expense Margin	3.43%	3.02%	2.57%	1.72%	2.85%	3.45%	3.81%	2.35%	4.13%	2.74%	2.05%	2.73%	1.77%	3.91%	2.59%	-0.34%	1.52%	-0.73%	1.14%	-3.80%	1.98%	2.48%	0.97%
Net Income	691,644,131	582,524,948	469,437,110	343,005,870	1,207,317,969	1,237,868,658	782,248,506	600,955,940	691,727,946	382,952,258	454,740,091	491,828,376	234,347,672	315,941,899	391,752,868	347,875,541	362,333,686	-272,441,741	161,428,332	-85,743,086	285,139,764	375,157,432	173,246,294
Net Income Margin	11.78%	11.33%	11.25%	8.33%	10.87%	10.72%	13.68%	10.78%	10.86%	9.01%	12.32%	14.43%	7.17%	10.42%	13.17%	10.68%	10.36%	-8.30%	4.68%	-2.72%	8.47%	8.55%	4.06%
Depreciation and Amortization	351,814,862	334,347,746	299,170,451	281,284,259	875,786,418	622,454,573	362,459,409	351,898,677	341,086,499	310,787,256	305,506,890	321,473,711	260,372,333	242,645,390	249,434,432	246,039,911	265,904,145	252,200,338	292,934,590	239,376,592	177,143,707	181,921,181	166,457,252
Depreciation and Amortization Margin	6.00%	6.72%	7.49%	7.44%	7.88%	5.39%	6.34%	6.31%	5.36%	7.31%	8.28%	9.43%	7.96%	8.00%	8.39%	7.55%	7.60%	7.68%	8.50%	7.61%	5.26%	4.15%	3.90%
EBITDA	1,313,511,996	1,128,062,190	978,678,121	814,919,723	2,465,176,584	2,523,512,056	1,489,817,550	1,114,785,841	1,335,932,598	837,566,626	862,208,334	936,887,796	786,397,365	854,036,339	902,565,417	666,583,346	875,912,141	328,765,645	643,324,591	40,985,698	548,026,557	756,349,568	392,255,760
EBITDA Margin	22.35%	22.02%	24.06%	20.79%	22.19%	21.86%	26.05%	20.00%	20.98%	19.71%	23.36%	27.49%	24.05%	28.16%	30.35%	20.46%	25.04%	10.01%	18.66%	1.30%	16.28%	17.25%	9.20%
NOPAT	707,176,780	537,760,460	454,378,182	365,843,003	1,245,634,428	1,467,026,786	652,911,134	642,841,369	825,777,837	228,259,593	339,012,365	354,386,757	347,091,957	314,296,362	405,371,047	433,833,402	347,872,756	70,363,452	214,902,359	-28,337,123	339,061,769	347,802,020	344,385,995
NOPAT Margin	11.97%	10.10%	10.88%	9.09%	11.21%	12.71%	11.42%	11.54%	12.97%	5.37%	9.19%	10.40%	10.62%	10.36%	13.63%	13.31%	9.95%	2.14%	6.23%	-0.90%	10.07%	7.93%	8.08%
Owner's Earnings	597,142,342	532,160,314	427,194,182	285,449,881	1,030,677,154	1,213,226,950	575,685,617	507,795,197	707,946,213	386,472,502	482,902,043	518,607,375	207,820,119	250,691,662	321,222,265	312,798,824	348,378,433	-290,671,576	175,635,031	-217,626,513	-5,908,981	-368,494,113	-550,918,186
Owner's Earnings Margin	10.10%	10.50%	10.27%	6.79%	9.28%	10.51%	10.07%	9.11%	11.12%	9.09%	13.08%	15.22%	6.36%	8.26%	10.80%	9.60%	9.96%	-8.85%	5.09%	-6.92%	-0.18%	-8.40%	-12.92%

Balance Sheet Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y 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
Revenue	5,886,267,045	5,119,817,729	4,154,227,372	3,885,687,235	5,718,636,378	5,572,923,421	6,367,241,335	4,249,437,400	3,690,850,111	3,408,099,084	3,269,175,169	3,033,318,821	2,974,103,288	3,258,488,714	3,497,613,860	3,284,261,929	3,448,078,998	3,146,846,690	3,366,233,325	4,385,846,855	4,263,895,545	0
Cash & Cash Equivalents	1,021,122,206	1,054,237,644	1,042,407,110	913,302,161	1,090,395,579	969,952,945	1,003,018,094	1,170,481,130	1,037,340,473	859,316,705	1,027,659,802	1,037,843,365	1,179,281,740	1,048,781,266	694,242,406	624,591,864	753,332,216	659,291,412	544,003,421	578,074,354	271,561,680	844,732,837
Cash & Cash Equivalents Margin	17.41%	21.58%	27.06%	24.56%	19.07%	17.40%	15.75%	27.54%	28.11%	25.21%	31.43%	34.21%	39.65%	32.19%	19.85%	19.02%	21.85%	20.95%	16.16%	13.18%	6.37%	0.00%
Short-Term Investments	138,001,946	152,828,879	297,221,744	365,853,930	182,424,073	181,418,289	50,163,477	112,773,531	237,365,024	265,904,145	348,881,325	499,874,648	389,112,685	704,300,246	894,896,314	377,797,615	294,191,820	246,794,249	701,911,509	1,082,223,584	1,039,226,318	821,725,528
Short-Term Investments Margin	2.41%	3.26%	8.60%	10.69%	3.19%	3.26%	0.79%	2.65%	6.43%	7.80%	10.67%	16.48%	13.08%	21.61%	25.59%	11.50%	8.53%	7.84%	20.85%	24.68%	24.37%	0.00%
Cash & Short-Term Investments	1,159,124,152	1,207,066,523	1,339,628,854	1,279,156,091	1,272,819,652	1,151,371,234	1,053,181,571	1,283,254,661	1,274,705,497	1,125,220,850	1,376,541,127	1,537,718,013	1,568,394,425	1,753,081,512	1,589,138,720	1,002,389,479	1,047,524,036	906,085,661	1,245,914,930	1,660,297,938	1,310,787,998	1,666,458,365
Cash & Short-Term Investments Margin	19.82%	24.84%	35.65%	35.25%	22.26%	20.66%	16.54%	30.20%	34.54%	33.02%	42.11%	50.69%	52.74%	53.80%	45.43%	30.52%	30.38%	28.79%	37.01%	37.86%	30.74%	0.00%
Net Receivables	1,825,581,775	1,741,942,454	1,428,225,852	1,221,038,539	1,826,755,190	1,362,334,428	2,287,655,708	2,032,563,741	1,200,403,204	1,180,413,247	1,163,063,473	886,347,150	1,390,370,657	952,351,725	1,075,937,434	1,204,300,617	823,359,927	981,519,461	-51,797,876	725,547,433	773,573,619	869,500,268
Net Receivables Margin	30.77%	34.53%	34.81%	31.27%	31.94%	24.45%	35.93%	47.83%	32.52%	34.64%	35.58%	29.22%	46.75%	29.23%	30.76%	36.67%	23.88%	31.19%	-1.54%	16.54%	18.14%	0.00%
Inventory	322,437,587	233,618,479	153,130,614	137,406,857	437,138,871	264,646,915	265,526,976	116,922,390	83,857,241	70,279,157	54,689,505	75,936,692	53,306,552	109,001,841	154,639,290	167,840,205	131,254,812	50,163,477	25,898,938	26,024,661	21,121,464	19,361,342
Inventory Margin	5.52%	4.32%	3.30%	3.24%	7.64%	4.75%	4.17%	2.75%	2.27%	2.06%	1.67%	2.50%	1.79%	3.35%	4.42%	5.11%	3.81%	1.59%	0.77%	0.59%	0.50%	0.00%
Other Current Assets	1,047,859,297	1,290,471,161	881,217,652	782,089,257	384,209,488	681,921,552	2,077,446,852	2,780,741,314	528,036,600	441,790,622	502,011,939	482,902,043	583,606,166	349,509,940	423,183,618	560,095,965	197,888,002	907,468,614	830,526,138	842,469,823	1,316,068,364	965,301,194
Other Current Assets Margin	17.19%	26.27%	20.59%	19.62%	6.72%	12.24%	32.63%	65.44%	14.31%	12.96%	15.36%	15.92%	19.62%	10.73%	12.10%	17.05%	5.74%	28.84%	24.67%	19.21%	30.87%	0.00%
Total Current Assets	4,104,185,427	4,108,476,772	3,488,737,816	3,176,148,531	3,920,923,201	3,495,225,123	4,896,407,958	5,474,608,035	2,755,219,545	2,562,863,355	2,819,715,444	2,994,973,306	3,017,980,615	2,949,461,580	2,998,996,442	2,620,821,658	2,414,635,938	2,405,332,436	2,315,063,322	2,737,995,494	2,647,977,826	2,651,120,901
Total Current Assets Margin	69.39%	82.33%	86.38%	82.97%	68.56%	62.72%	76.90%	128.83%	74.65%	75.20%	86.25%	98.74%	101.48%	90.52%	85.74%	79.80%	70.03%	76.44%	68.77%	62.43%	62.10%	0.00%
Property, Plant & Equipment	5,094,002,606	4,811,695,801	4,392,283,873	4,057,181,788	5,391,379,409	5,073,048,773	4,817,579,637	4,429,598,459	4,346,872,725	4,299,600,877	4,066,887,604	4,050,040,722	3,869,376,771	3,578,453,749	3,467,063,171	3,502,014,165	3,547,903,060	3,561,732,590	2,856,175,114	2,546,016,473	2,432,991,496	2,335,556,171
Property, Plant & Equipment Margin	86.99%	96.60%	110.70%	107.58%	94.28%	91.03%	75.66%	104.24%	117.77%	126.16%	124.40%	133.52%	130.10%	109.82%	99.13%	106.63%	102.90%	113.18%	84.85%	58.05%	57.06%	0.00%
Goodwill	1,375,828,697	1,245,009,724	901,785,934	625,513,833	1,392,130,779	1,363,465,935	1,371,889,376	1,098,944,743	998,617,789	967,689,931	663,314,548	531,934,013	376,037,493	253,834,737	131,631,981	116,670,944	116,545,221	0	0	0	0	0
Goodwill Margin	23.45%	24.65%	20.99%	14.71%	24.34%	24.47%	21.55%	25.86%	27.06%	28.39%	20.29%	17.54%	12.64%	7.79%	3.76%	3.55%	3.38%	0.00%	0.00%	0.00%	0.00%	0.00%
Intangible Assets	738,245,456	975,937,360	702,074,949	553,332,068	241,513,883	260,120,887	1,713,101,598	1,378,552,695	1,286,397,736	1,274,454,051	276,339,154	248,177,202	194,116,312	147,975,971	93,915,081	90,394,837	165,200,022	981,519,461	-51,797,876	725,547,433	773,573,619	869,500,268
Intangible Assets Margin	11.93%	20.62%	16.82%	13.87%	4.22%	4.67%	26.90%	32.44%	34.85%	37.39%	8.45%	8.18%	6.53%	4.54%	2.69%	2.75%	4.79%	31.19%	-1.54%	16.54%	18.14%	0.00%
Long-Term Investments	3,204,763,085	3,376,492,322	3,346,519,959	3,071,530,231	3,029,547,131	3,174,254,304	3,410,487,821	3,853,661,396	3,414,510,957	3,381,571,531	3,471,086,307	3,484,790,114	3,228,943,809	3,016,346,216	3,021,752,305	2,942,295,369	2,217,250,828	2,330,652,974	2,095,802,410	1,525,145,713	1,108,751,137	1,333,669,584
Long-Term Investments Margin	54.50%	69.34%	86.81%	82.98%	52.98%	56.96%	53.56%	90.69%	92.51%	99.22%	106.18%	114.88%	108.57%	92.57%	86.39%	89.59%	64.30%	74.06%	62.26%	34.77%	26.00%	0.00%
Tax Assets	104,894,890	125,697,855	137,289,516	102,690,546	81,091,335	70,907,772	162,685,562	128,614,629	185,189,979	200,276,739	107,618,888	142,066,990	153,004,891	141,438,375	54,815,228	53,432,275	21,247,187	10,812,178	27,156,168	34,950,994	27,533,337	27,910,506
Tax Assets Margin	1.75%	2.66%	3.66%	2.77%	1.42%	1.27%	2.56%	3.03%	5.02%	5.88%	3.29%	4.68%	5.14%	4.34%	1.57%	1.63%	0.62%	0.34%	0.81%	0.80%	0.65%	0.00%
Other Non-Current Assets	-132,637,765	-499,095,165	-395,398,835	-153,968,767	521,373,281	407,091,074	-1,326,377,650	-1,098,944,743	-998,617,789	-914,383,379	-107,618,888	-142,066,990	-153,004,891	-141,438,375	-54,815,228	-53,432,275	743,274,376	287,779,947	721,650,020	1,130,752,662	1,094,167,269	850,390,372
Other Non-Current Assets Margin	-1.47%	-11.47%	-10.16%	-3.51%	9.12%	7.30%	-20.83%	-25.86%	-27.06%	-26.83%	-3.29%	-4.68%	-5.14%	-4.34%	-1.57%	-1.63%	21.56%	9.15%	21.44%	25.78%	25.66%	0.00%
Other Assets	41,908	25,145	42,469,229	71,419,046	125,723	0	0	0	0	0	84,737,302	116,419,498	102,464,245	120,945,526	268,921,497	377,671,892	0	0	0	0	0	0
Other Assets Margin	0.00%	0.00%	1.36%	2.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.59%	3.84%	3.45%	3.71%	7.69%	11.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Non-Current Assets	10,385,096,969	10,035,737,897	9,084,555,396	8,231,109,955	10,657,035,818	10,348,888,745	10,149,366,344	9,790,427,179	9,232,971,397	9,209,209,750	8,477,627,613	8,314,942,051	7,668,474,385	6,996,610,673	6,714,362,538	6,651,375,315	6,811,420,694	6,499,501,931	5,944,434,886	5,457,886,876	4,881,949,813	4,726,681,908
Total Non-Current Assets Margin	177.15%	202.40%	228.82%	217.56%	186.36%	185.70%	159.40%	230.39%	250.16%	270.22%	259.32%	274.12%	257.84%	214.72%	191.97%	202.52%	197.54%	206.54%	176.59%	124.44%	114.50%	0.00%
Total Assets	14,489,324,304	14,144,239,814	12,615,762,441	11,478,677,531	14,578,084,742	13,844,113,868	15,045,774,302	15,265,035,214	11,988,190,942	11,772,073,105	11,382,080,359	11,426,334,855	10,788,919,245	10,067,017,779	9,982,280,477	9,649,868,865	9,226,056,632	8,904,834,367	8,259,498,208	8,195,882,370	7,529,927,639	7,377,802,809
Total Assets Margin	246.55%	284.73%	316.57%	302.72%	254.92%	248.42%	236.30%	359.22%	324.81%	345.41%	348.16%	376.69%	362.76%	308.95%	285.40%	293.82%	267.57%	282.98%	245.36%	186.87%	176.60%	0.00%
Accounts Payable	565,250,608	565,703,211	497,284,754	414,735,032	589,263,701	489,062,470	617,425,653	672,618,050	460,146,180	420,543,435	411,742,825	525,899,309	471,964,142	314,181,777	388,232,624	471,712,696	388,232,624	0	0	0	0	0
Accounts Payable Margin	9.59%	11.41%	12.49%	10.77%	10.30%	8.78%	9.70%	15.83%	12.47%	12.34%	12.59%	17.34%	15.87%	9.64%	11.10%	14.36%	11.26%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt	295,616,681	364,194,386	282,109,840	201,651,310	283,756,811	333,543,119	269,550,112	821,976,974	112,144,916	70,656,326	513,452,732	255,091,967	93,160,743	67,764,697	82,851,457	33,568,041	30,550,689	54,689,505	2,011,568	0	0	1,005,784
Short-Term Debt Margin	5.06%	7.51%	6.90%	5.00%	4.96%	5.99%	4.23%	19.34%	3.04%	2.07%	15.71%	8.41%	3.13%	2.08%	2.37%	1.02%	0.89%	1.74%	0.06%	0.00%	0.00%	0.00%
Tax Payables	220,853,403	161,755,212	109,643,028	82,088,737	269,801,558	247,800,033	144,958,619	64,747,345	81,468,504	95,046,588	51,797,876	62,735,777	45,008,834	33,065,149	27,281,891	16,846,882	29,670,628	36,459,670	24,641,708	81,342,781	14,961,037	38,974,130
Tax Payables Margin	3.81%	3.03%	2.41%	1.88%	4.72%	4.45%	2.28%	1.52%	2.21%	2.79%	1.58%	2.07%	1.51%	1.01%	0.78%	0.51%	0.86%	1.16%	0.73%	1.85%	0.35%	0.00%
Deferred Revenue	408,222,581	383,128,270	283,455,076	212,849,039	0	651,370,863	573,296,880	405,833,844	285,139,764	266,407,037	262,886,793	297,460,618	159,919,656	-67,764,697	-82,851,457	-33,568,041	474,604,325	0	0	0	0	0
Deferred Revenue Margin	6.90%	7.59%	6.69%	5.15%	0.00%	11.69%	9.00%	9.55%	7.73%	7.82%	8.04%	9.81%	5.38%	-2.08%	-2.37%	-1.02%	13.76%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Current Liabilities	1,461,404,152	1,761,756,399	1,209,002,657	1,014,668,425	1,441,288,472	837,315,180	2,105,608,804	3,614,410,527	810,159,012	894,393,422	791,426,285	621,951,681	460,146,180	513,327,009	379,054,845	487,553,794	527,407,985	916,772,116	819,211,068	913,000,426	998,240,620	736,611,057
Other Current Liabilities Margin	24.43%	36.06%	28.25%	25.13%	25.20%	15.02%	33.07%	85.06%	21.95%	26.24%	24.21%	20.50%	15.47%	15.75%	10.84%	14.85%	15.30%	29.13%	24.34%	20.82%	23.41%	0.00%
Total Current Liabilities	3,135,280,174	3,253,761,529	2,399,461,172	1,937,374,667	2,645,840,535	2,719,137,044	4,040,862,943	5,163,317,887	1,699,649,237	1,618,180,733	1,944,934,810	1,663,943,905	1,369,374,916	1,129,369,709	1,051,044,280	1,148,479,605	975,861,926	1,007,921,291	882,701,183	994,343,207	950,843,049	776,590,971
Total Current Liabilities Margin	52.84%	65.22%	56.86%	48.01%	46.27%	48.79%	63.46%	121.51%	46.05%	47.48%	59.49%	54.86%	46.04%	34.66%	30.05%	34.97%	28.30%	32.03%	26.22%	22.67%	22.30%	0.00%
Long-Term Debt	1,830,904,049	1,668,344,210	1,667,049,263	1,660,314,701	1,741,012,104	1,734,600,231	2,017,099,812	1,274,705,497	1,574,303,406	1,628,867,188	1,368,872,024	1,579,206,603	1,853,534,189	1,898,291,577	1,946,443,486	1,858,814,555	1,577,823,650	1,525,522,882	1,325,623,312	721,272,851	288,282,839	283,002,473
Long-Term Debt Margin	31.08%	33.18%	42.82%	44.94%	30.44%	31.13%	31.68%	30.00%	42.65%	47.79%	41.87%	52.06%	62.32%	58.26%	55.65%	56.60%	45.76%	48.48%	39.38%	16.45%	6.76%	0.00%
Capital Lease Obligations	520,618,943	392,255,760	236,585,541	172,936,177	694,116,683	669,852,144	197,888,002	206,814,335	192,607,636	185,064,256	32,059,365	55,443,843	61,981,439	70,027,711	104,727,259	123,459,986	0	0	0	0	0	0
Capital Lease Obligations Margin	9.09%	7.47%	4.98%	3.77%	12.14%	12.02%	3.11%	4.87%	5.22%	5.43%	0.98%	1.83%	2.08%	2.15%	2.99%	3.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Deferred Tax Liabilities	489,020,562	567,237,031	600,038,162	598,014,022	707,443,321	0	759,618,366	690,470,716	678,652,754	730,073,461	626,100,540	661,680,149	602,338,893	544,003,421	535,328,534	591,400,992	528,413,769	621,197,343	693,488,068	695,751,082	671,109,374	680,412,876
Deferred Tax Liabilities Margin	8.10%	11.79%	15.83%	16.48%	12.37%	0.00%	11.93%	16.25%	18.39%	21.42%	19.15%	21.81%	20.25%	16.69%	15.31%	18.01%	15.32%	19.74%	20.60%	15.86%	15.74%	0.00%
Other Non-Current Liabilities	2,622,414,149	2,797,915,076	2,950,919,967	2,294,034,055	1,736,108,907	2,847,374,504	3,283,759,037	2,616,295,630	3,506,037,301	3,071,035,721	3,670,734,431	3,845,237,955	2,556,200,036	2,376,416,146	2,310,788,740	1,768,042,549	249,811,601	284,888,318	287,779,947	224,667,001	148,856,032	261,755,286
Other Non-Current Liabilities Margin	44.34%	57.92%	77.76%	61.49%	30.36%	51.09%	51.57%	61.57%	94.99%	90.11%	112.28%	126.77%	85.95%	72.93%	66.07%	53.83%	7.24%	9.05%	8.55%	5.12%	3.49%	0.00%
Total Non-Current Liabilities	5,031,811,629	5,031,333,882	3,731,446,068	3,631,676,486	4,816,951,022	4,779,737,014	5,498,746,851	4,788,286,178	5,272,948,343	5,457,886,876	1,368,872,024	1,579,206,603	1,853,534,189	1,898,291,577	1,946,443,486	1,793,690,041	5,136,538,888	4,559,093,149	3,724,921,044	3,122,707,874	2,719,639,936	2,697,638,411
Total Non-Current Liabilities Margin	85.45%	102.38%	88.66%	93.42%	84.23%	85.77%	86.36%	112.68%	142.87%	160.14%	41.87%	52.06%	62.32%	58.26%	55.65%	54.61%	148.97%	144.88%	110.66%	71.20%	63.78%	0.00%
Total Liabilities	8,167,091,803	8,285,095,411	7,658,190,244	7,090,156,967	7,462,791,557	7,498,874,058	9,539,609,794	9,951,604,065	6,972,597,580	7,076,067,609	7,016,600,630	7,143,832,306	7,091,531,538	6,828,393,299	6,807,774,727	6,675,639,854	6,112,400,814	5,567,014,440	4,607,622,227	4,117,051,081	3,670,482,985	3,474,229,382
Total Liabilities Margin	138.29%	167.60%	194.37%	188.85%	130.50%	134.56%	149.82%	234.19%	188.92%	207.63%	214.63%	235.51%	238.44%	209.56%	194.64%	203.26%	177.27%	176.91%	136.88%	93.87%	86.08%	0.00%
Preferred Stock	0	0	123,812,010	92,272,300	0	0	0	0	0	0	302,112,369	114,030,761	453,482,861	368,494,113	145,964,403	0	0	0	0	0	0	0
Preferred Stock Margin	0.00%	0.00%	3.96%	2.92%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	9.24%	3.76%	15.25%	11.31%	4.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock	165,954,360	165,954,360	165,954,360	165,878,926	165,954,360	165,954,360	165,954,360	165,954,360	165,954,360	165,954,360	165,954,360	165,954,360	165,954,360	165,954,360	165,954,360	165,954,360	165,954,360	164,822,853	165,954,360	165,954,360	165,954,360	165,954,360
Common Stock Margin	2.83%	3.38%	4.30%	4.52%	2.90%	2.98%	2.61%	3.91%	4.50%	4.87%	5.08%	5.47%	5.58%	5.09%	4.74%	5.05%	4.81%	5.24%	4.93%	3.78%	3.89%	0.00%
Retained Earnings	5,949,715,252	5,530,378,758	4,786,639,207	4,351,742,396	6,437,143,323	5,877,801,696	5,534,200,737	5,012,576,010	4,790,172,023	4,479,384,767	4,111,896,438	4,031,307,995	3,915,517,112	3,676,391,966	3,430,100,609	3,101,586,410	3,469,703,354	3,531,056,178	3,877,297,320	3,945,313,463	3,740,384,973	3,800,983,459
Retained Earnings Margin	101.65%	110.54%	118.73%	113.85%	112.56%	105.47%	86.92%	117.96%	129.79%	131.43%	125.78%	132.90%	131.65%	112.83%	98.07%	94.44%	100.63%	112.21%	115.18%	89.96%	87.72%	0.00%
Accumulated OCI	-209,370,703	-236,334,095	-271,083,933	-1,021,574,809	-43,625,881	0	-584,486,227	-248,428,648	-305,129,721	-291,048,745	-302,112,369	-114,030,761	-453,482,861	-368,494,113	-145,964,403	54,312,336	-4,295,074,849	-4,017,227,019	-4,208,828,871	-4,124,468,738	-4,098,569,800	-4,038,097,037
Accumulated OCI Margin	-3.31%	-4.81%	-7.22%	-30.13%	-0.76%	0.00%	-9.18%	-5.85%	-8.27%	-8.54%	-9.24%	-3.76%	-15.25%	-11.31%	-4.17%	1.65%	-124.56%	-127.66%	-125.03%	-94.04%	-96.12%	0.00%
Minority Interest	499,748,925	451,244,992	372,567,538	268,661,669	563,239,040	542,871,914	393,135,821	387,729,732	369,248,451	343,600,959	343,852,405	331,908,720	324,993,955	125,094,385	115,539,437	53,683,721	47,020,402	55,192,397	32,813,703	29,544,905	30,299,243	31,179,304
Minority Interest Margin	8.59%	8.98%	9.12%	6.68%	9.85%	9.74%	6.17%	9.12%	10.00%	10.08%	10.52%	10.94%	10.93%	3.84%	3.30%	1.63%	1.36%	1.75%	0.97%	0.67%	0.71%	0.00%
Total Shareholders’ Equity	5,822,483,576	5,407,899,411	4,585,004,659	4,119,858,895	6,552,054,145	5,802,367,896	5,113,028,687	4,925,701,417	4,646,344,911	4,352,404,537	4,021,627,324	3,950,593,829	3,372,393,752	3,113,530,095	3,058,966,313	2,920,545,290	3,066,635,416	3,282,627,530	3,619,062,278	4,049,286,384	3,829,145,411	3,872,394,123
Total Shareholders’ Equity Margin	99.66%	108.16%	113.07%	107.19%	114.57%	104.12%	80.30%	115.91%	125.89%	127.71%	123.02%	130.24%	113.39%	95.55%	87.46%	88.93%	88.94%	104.31%	107.51%	92.33%	89.80%	0.00%
Total Equity	6,322,232,501	5,859,144,403	4,957,572,198	4,388,520,564	7,115,293,185	6,345,239,810	5,506,164,508	5,313,431,149	5,015,593,362	4,696,005,496	4,365,479,729	4,282,502,549	3,697,387,707	3,238,624,480	3,174,505,750	2,974,229,011	3,113,655,818	3,337,819,927	3,651,875,981	4,078,831,289	3,859,444,654	3,903,573,427
Total Equity Margin	108.25%	117.14%	122.19%	113.87%	124.42%	113.86%	86.48%	125.04%	135.89%	137.79%	133.53%	141.18%	124.32%	99.39%	90.76%	90.56%	90.30%	106.07%	108.49%	93.00%	90.51%	0.00%
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
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%
Total Investments	3,342,765,032	3,529,321,201	3,643,741,703	3,437,384,161	3,211,971,204	3,355,672,593	3,460,651,298	3,966,434,927	3,651,875,981	3,647,475,676	3,819,967,632	3,984,664,762	3,618,056,494	3,720,646,462	3,916,648,619	3,320,092,984	2,511,442,648	2,577,447,223	2,797,713,919	2,607,369,297	2,147,977,455	2,155,395,112
Total Investments Margin	56.91%	72.60%	95.41%	93.67%	56.17%	60.21%	54.35%	93.34%	98.94%	107.02%	116.85%	131.36%	121.65%	114.18%	111.98%	101.09%	72.84%	81.91%	83.11%	59.45%	50.38%	0.00%
Net Debt	1,496,816,130	1,307,393,477	1,130,501,216	1,123,108,704	1,628,490,019	1,361,077,198	1,500,881,174	1,211,843,997	834,674,997	1,028,288,417	940,282,317	888,484,441	839,955,363	1,071,034,237	1,486,045,860	1,374,403,836	976,616,264	920,920,975	783,631,459	143,198,497	16,721,159	-560,724,580
Net Debt Margin	25.49%	25.52%	27.69%	29.48%	28.48%	24.42%	23.57%	28.52%	22.61%	30.17%	28.76%	29.29%	28.24%	32.87%	42.49%	41.85%	28.32%	29.26%	23.28%	3.27%	0.39%	0.00%

Capital Metrics

Metric	3Y Avg	5Y Avg	10Y Avg	15Y 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
Revenue	5,886,267,045	5,119,817,729	4,154,227,372	3,885,687,235	5,718,636,378	5,572,923,421	6,367,241,335	4,249,437,400	3,690,850,111	3,408,099,084	3,269,175,169	3,033,318,821	2,974,103,288	3,258,488,714	3,497,613,860	3,284,261,929	3,448,078,998	3,146,846,690	3,366,233,325	4,385,846,855	4,263,895,545	0
Working Capital	968,905,253	854,715,243	1,089,276,644	1,238,773,864	1,275,082,666	776,088,079	855,545,015	311,290,148	1,055,570,308	944,682,622	874,780,634	1,331,029,401	1,648,605,699	1,820,091,871	1,947,952,162	1,472,342,053	1,438,774,012	1,397,411,145	1,432,362,139	1,743,652,287	1,697,134,777	1,874,529,930
Working Capital Margin	16.55%	17.12%	29.52%	34.96%	22.30%	13.93%	13.44%	7.33%	28.60%	27.72%	26.76%	43.88%	55.43%	55.86%	55.69%	44.83%	41.73%	44.41%	42.55%	39.76%	39.80%	0.00%
Total Capital	8,340,421,912	7,769,530,532	6,757,912,985	6,156,269,759	9,270,939,743	8,133,398,039	7,616,927,955	7,308,026,544	6,518,360,381	6,240,009,659	5,989,569,443	5,876,921,635	5,391,630,855	5,233,345,598	5,239,254,579	4,919,540,990	4,796,583,896	4,862,839,917	4,946,697,158	4,770,559,235	4,117,428,250	4,156,402,380
Total Capital Margin	142.56%	155.25%	167.82%	161.23%	162.12%	145.94%	119.63%	171.98%	176.61%	183.09%	183.21%	193.75%	181.29%	160.61%	149.80%	149.79%	139.11%	154.53%	146.95%	108.77%	96.56%	0.00%
Capital Employed	11,354,044,130	10,890,478,284	10,216,301,269	9,541,302,864	11,932,244,207	11,124,976,824	11,004,911,359	10,101,717,327	10,288,541,705	10,153,892,372	9,437,145,549	9,762,390,950	9,419,544,329	8,937,648,070	8,931,236,197	8,501,389,260	8,250,194,706	7,896,913,076	7,376,797,025	7,201,539,163	6,579,084,590	6,601,211,838
Capital Employed Margin	193.71%	219.52%	259.70%	254.71%	208.66%	199.63%	172.84%	237.72%	278.76%	297.93%	288.67%	321.84%	316.72%	274.29%	255.35%	258.85%	239.27%	250.95%	219.14%	164.20%	154.30%	0.00%
Invested Capital	7,319,299,706	6,715,292,888	5,715,505,875	5,242,967,598	8,180,544,164	7,163,445,094	6,613,909,861	6,137,545,414	5,481,019,908	5,380,692,954	4,961,909,641	4,839,078,270	4,212,349,115	4,184,564,332	4,545,012,173	4,294,949,126	4,043,251,680	4,203,548,505	4,402,693,737	4,192,484,881	3,845,866,570	3,311,669,543
Invested Capital Margin	125.15%	133.68%	140.76%	136.67%	143.05%	128.54%	103.87%	144.43%	148.50%	157.88%	151.78%	159.53%	141.63%	128.42%	129.95%	130.77%	117.26%	133.58%	130.79%	95.59%	90.20%	0.00%

Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y 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
Revenue	5,886,267,045	5,119,817,729	4,154,227,372	3,885,687,235	5,718,636,378	5,572,923,421	6,367,241,335	4,249,437,400	3,690,850,111	3,408,099,084	3,269,175,169	3,033,318,821	2,974,103,288	3,258,488,714	3,497,613,860	3,284,261,929	3,448,078,998	3,146,846,690	3,366,233,325	4,385,846,855	4,263,895,545
Net Income	822,898,943	661,277,835	508,813,553	368,971,860	1,032,060,107	744,908,775	691,727,946	382,952,258	454,740,091	491,828,376	234,347,672	315,941,899	391,752,868	347,875,541	362,333,686	-272,441,741	203,294,091	-202,791,199	356,047,536	484,159,273	215,740,668
Net Income Margin	14.09%	12.72%	11.95%	8.77%	18.05%	13.37%	10.86%	9.01%	12.32%	14.43%	7.17%	10.42%	13.17%	10.68%	10.36%	-8.30%	5.90%	-6.44%	10.58%	11.04%	5.06%
Depreciation & Amortization	351,814,862	334,347,746	299,170,451	281,284,259	362,459,409	351,898,677	341,086,499	310,787,256	305,506,890	321,473,711	260,372,333	242,645,390	249,434,432	246,039,911	265,904,145	252,200,338	292,934,590	239,376,592	177,143,707	181,921,181	166,457,252
Depreciation & Amortization Margin	6.00%	6.72%	7.49%	7.44%	6.34%	6.31%	5.36%	7.31%	8.28%	9.43%	7.96%	8.00%	8.39%	7.55%	7.60%	7.68%	8.50%	7.61%	5.26%	4.15%	3.90%
Deferred Income Tax	-230,198,813	-387,855,455	-290,998,456	-202,590,042	0	0	-690,596,439	-630,626,568	-618,054,268	-649,610,741	-68,267,589	-104,601,536	113,276,423	-261,503,840	-33,568,041	-95,298,034	0	0	0	0	0
Deferred Income Tax Margin	-3.62%	-8.49%	-7.12%	-5.01%	0.00%	0.00%	-10.85%	-14.84%	-16.75%	-19.06%	-2.09%	-3.45%	3.81%	-8.03%	-0.96%	-2.90%	0.00%	0.00%	0.00%	0.00%	0.00%
Stock-Based Compensation	7,459,565	7,694,248	6,185,572	4,324,871	0	13,955,253	8,423,441	9,052,056	7,040,488	6,663,319	5,908,981	3,645,967	3,520,244	3,645,967	2,137,291	880,061	0	0	0	0	0
Stock-Based Compensation Margin	0.13%	0.16%	0.15%	0.11%	0.00%	0.25%	0.13%	0.21%	0.19%	0.20%	0.18%	0.12%	0.12%	0.11%	0.06%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%
Change in Working Capital	-33,274,687	-97,460,470	-26,741,282	-30,668,030	-54,312,336	148,604,586	-194,116,312	-359,442,057	-28,036,229	-84,485,856	62,358,608	100,955,569	-116,796,667	257,857,873	31,430,750	94,417,973	-101,961,353	-92,406,405	-124,088,601	224,164,109	-155,645,074
Change in Working Capital Margin	-0.44%	-2.11%	-0.38%	-0.64%	-0.95%	2.67%	-3.05%	-8.46%	-0.76%	-2.48%	1.91%	3.33%	-3.93%	7.91%	0.90%	2.87%	-2.96%	-2.94%	-3.69%	5.11%	-3.65%
Accounts Receivable	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%
Inventory	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%
Accounts Payable	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%
Other Working Capital	-33,274,687	-97,460,470	-26,741,282	-13,863,056	-54,312,336	148,604,586	-194,116,312	-359,442,057	-28,036,229	-84,485,856	62,358,608	100,955,569	-116,796,667	257,857,873	84,108,687	-24,641,708	0	0	0	0	0
Other Working Capital Margin	-0.44%	-2.11%	-0.38%	-0.14%	-0.95%	2.67%	-3.05%	-8.46%	-0.76%	-2.48%	1.91%	3.33%	-3.93%	7.91%	2.40%	-0.75%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Non-Cash Items	-10,267,378	158,159,534	99,233,164	112,832,202	-410,611,318	-374,654,540	754,463,723	291,300,191	530,299,614	478,878,907	-25,270,323	-42,871,543	-77,696,814	-131,506,258	14,709,591	315,690,453	9,932,117	423,435,064	-63,615,838	-132,512,042	78,325,429
Other Non-Cash Items Margin	-0.68%	3.83%	2.44%	3.08%	-7.18%	-6.72%	11.85%	6.86%	14.37%	14.05%	-0.77%	-1.41%	-2.61%	-4.04%	0.42%	9.61%	0.29%	13.46%	-1.89%	-3.02%	1.84%
Net Cash from Operating Activities	908,432,490	676,163,439	620,945,897	559,601,455	929,595,862	884,712,751	910,988,858	4,023,136	651,496,586	564,747,716	469,449,682	620,317,282	450,214,063	723,913,034	676,515,463	390,747,084	404,199,445	367,614,052	345,486,804	757,732,521	304,878,275
Net Cash from Operating Activities Margin	15.48%	12.84%	15.29%	14.52%	16.26%	15.88%	14.31%	0.09%	17.65%	16.57%	14.36%	20.45%	15.14%	22.22%	19.34%	11.90%	11.72%	11.68%	10.26%	17.28%	7.15%
Capital Expenditures (PPE)	-428,505,892	-374,025,925	-336,070,151	-335,278,096	-542,369,022	-418,280,421	-324,868,232	-307,267,012	-277,344,938	-294,694,712	-286,899,886	-307,895,627	-319,965,035	-281,116,628	-279,859,398	-270,430,173	-278,727,891	-371,260,019	-468,192,452	-925,572,726	-890,621,732
Capital Expenditures (PPE) Margin	-7.36%	-7.37%	-8.38%	-8.92%	-9.48%	-7.51%	-5.10%	-7.23%	-7.51%	-8.65%	-8.78%	-10.15%	-10.76%	-8.63%	-8.00%	-8.23%	-8.08%	-11.80%	-13.91%	-21.10%	-20.89%
Acquisitions (Net)	-66,046,483	-39,351,299	-104,211,795	-112,974,688	-10,309,286	-186,070,040	-1,760,122	754,338	628,615	-298,592,125	-121,448,418	-135,026,502	-194,242,035	-96,052,372	-55,821,012	-242,896,836	-70,404,880	-203,796,983	-79,582,659	-13,578,084	-1,634,399
Acquisitions (Net) Margin	-1.18%	-0.70%	-2.99%	-3.32%	-0.18%	-3.34%	-0.03%	0.02%	0.02%	-8.76%	-3.71%	-4.45%	-6.53%	-2.95%	-1.60%	-7.40%	-2.04%	-6.48%	-2.36%	-0.31%	-0.04%
Purchases of Investments	-251,278,369	-243,424,873	-235,152,299	-257,505,849	-22,881,586	-140,306,868	-590,646,654	-349,509,940	-113,779,315	-27,910,506	-173,120,571	-235,604,902	-580,211,645	-117,551,005	-576,062,786	-218,758,020	-139,929,699	-150,490,431	-425,823,801	0	0
Purchases of Investments Margin	-4.06%	-4.70%	-6.05%	-7.01%	-0.40%	-2.52%	-9.28%	-8.22%	-3.08%	-0.82%	-5.30%	-7.77%	-19.51%	-3.61%	-16.47%	-6.66%	-4.06%	-4.78%	-12.65%	0.00%	0.00%
Sales / Maturities of Investments	109,672,364	137,641,540	237,126,150	235,026,576	38,974,130	79,205,490	210,837,471	310,535,810	48,654,801	245,159,850	260,120,887	118,053,897	781,494,168	278,224,999	80,462,720	28,287,675	50,540,646	532,814,074	462,032,025	105,607,320	95,800,926
Sales / Maturities of Investments Margin	1.80%	2.81%	6.79%	6.88%	0.68%	1.42%	3.31%	7.31%	1.32%	7.19%	7.96%	3.89%	26.28%	8.54%	2.30%	0.86%	1.47%	16.93%	13.73%	2.41%	2.25%
Other Investing Activities	103,260,490	80,663,876	42,381,223	52,275,623	157,908,088	102,589,968	49,283,413	21,624,356	71,913,556	20,367,126	502,892	6,789,042	-13,452,361	6,286,150	86,748,870	34,825,271	74,302,293	80,839,889	83,605,795	84,108,687	88,760,438
Other Investing Activities Margin	1.79%	1.57%	0.84%	1.28%	2.76%	1.84%	0.77%	0.51%	1.95%	0.60%	0.02%	0.22%	-0.45%	0.19%	2.48%	1.06%	2.15%	2.57%	2.48%	1.92%	2.08%
Net Cash from Investing Activities	-532,897,889	-438,496,679	-395,926,872	-418,456,433	-378,677,676	-562,861,871	-657,154,121	-323,862,448	-269,927,281	-355,670,367	-320,845,096	-553,684,092	-326,376,908	-210,208,856	-744,531,606	-668,972,083	-364,219,531	-111,893,470	-427,961,092	-749,434,803	-707,694,767
Net Cash from Investing Activities Margin	-9.01%	-8.40%	-9.79%	-11.09%	-6.62%	-10.10%	-10.32%	-7.62%	-7.31%	-10.44%	-9.81%	-18.25%	-10.97%	-6.45%	-21.29%	-20.37%	-10.56%	-3.56%	-12.71%	-17.09%	-16.60%
Net Debt Issuance	-114,114,576	43,625,881	-10,887,612	75,282,932	-110,133,348	0	-232,210,381	620,317,282	-59,844,148	-266,658,483	22,001,525	-44,505,942	-12,823,746	-25,018,877	208,197,288	250,943,108	140,809,760	251,446	637,918,502	431,355,613	4,023,136
Net Debt Issuance Margin	-1.86%	1.48%	-0.24%	2.28%	-1.93%	0.00%	-3.65%	14.60%	-1.62%	-7.82%	0.67%	-1.47%	-0.43%	-0.77%	5.95%	7.64%	4.08%	0.01%	18.95%	9.84%	0.09%
Long-Term Debt Issuance	-114,114,576	-75,760,680	-63,012,368	4,282,964	-110,133,348	0	-232,210,381	23,384,478	-59,844,148	-266,658,483	22,001,525	-44,505,942	13,452,361	24,390,262	15,715,375	36,711,116	40,482,806	4,148,859	597,309,973	455,997,321	5,028,920
Long-Term Debt Issuance Margin	-1.86%	-1.33%	-1.41%	0.44%	-1.93%	0.00%	-3.65%	0.55%	-1.62%	-7.82%	0.67%	-1.47%	0.45%	0.75%	0.45%	1.12%	1.17%	0.13%	17.74%	10.40%	0.12%
Short-Term Debt Issuance	0	124,063,456	56,663,356	77,269,356	0	0	0	620,317,282	0	0	22,001,525	0	-26,276,107	-49,409,139	192,481,913	214,231,992	100,326,954	44,757,388	40,608,529	-754,338	-1,005,784
Short-Term Debt Issuance Margin	0.00%	2.92%	1.29%	2.03%	0.00%	0.00%	0.00%	14.60%	0.00%	0.00%	0.67%	0.00%	-0.88%	-1.52%	5.50%	6.52%	2.91%	1.42%	1.21%	-0.02%	-0.02%
Net Stock Issuance	-12,530,392	-11,742,528	-7,895,404	-28,388,253	-16,092,544	-15,086,760	-6,411,873	-11,063,624	-10,057,840	-2,388,737	-8,297,718	-6,411,873	-3,143,075	0	2,011,568	20,115,680	1,005,784	5,783,258	-375,786,047	6,537,596	8,549,164
Net Stock Issuance Margin	-0.22%	-0.24%	-0.18%	-0.81%	-0.28%	-0.27%	-0.10%	-0.26%	-0.27%	-0.07%	-0.25%	-0.21%	-0.11%	0.00%	0.06%	0.61%	0.03%	0.18%	-11.16%	0.15%	0.20%
Common Stock Issuance	11,817,962	7,090,777	3,545,389	2,816,195	35,453,886	0	0	0	0	0	0	0	0	0	0	0	1,005,784	5,783,258	0	6,537,596	8,549,164
Common Stock Issuance Margin	0.21%	0.12%	0.06%	0.06%	0.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.03%	0.18%	0.00%	0.15%	0.20%
Common Stock Repurchased	-24,348,354	-18,833,305	-11,440,793	-32,679,598	-51,546,430	-15,086,760	-6,411,873	-11,063,624	-10,057,840	-2,388,737	-8,297,718	-6,411,873	-3,143,075	0	0	0	0	0	-375,786,047	0	0
Common Stock Repurchased Margin	-0.42%	-0.36%	-0.24%	-0.91%	-0.90%	-0.27%	-0.10%	-0.26%	-0.27%	-0.07%	-0.25%	-0.21%	-0.11%	0.00%	0.00%	0.00%	0.00%	0.00%	-11.16%	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
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%
Net Dividends Paid	-229,402,567	-198,642,340	-154,978,742	-138,429,405	-246,919,972	-268,795,774	-172,491,956	-159,165,318	-145,838,680	-119,436,850	-129,368,967	-109,630,456	-99,446,893	-98,692,555	-76,565,307	-73,547,955	-60,724,209	-150,741,877	-165,074,299	-151,370,492	-177,143,707
Net Dividends Paid Margin	-3.95%	-3.91%	-3.70%	-3.53%	-4.32%	-4.82%	-2.71%	-3.75%	-3.95%	-3.50%	-3.96%	-3.61%	-3.34%	-3.03%	-2.19%	-2.24%	-1.76%	-4.79%	-4.90%	-3.45%	-4.15%
Common Dividends Paid	-229,402,567	-198,642,340	-154,978,742	-138,429,405	-246,919,972	-268,795,774	-172,491,956	-159,165,318	-145,838,680	-119,436,850	-129,368,967	-109,630,456	-99,446,893	-98,692,555	-76,565,307	-73,547,955	-60,724,209	-150,741,877	-165,074,299	-151,370,492	-177,143,707
Common Dividends Paid Margin	-3.95%	-3.91%	-3.70%	-3.53%	-4.32%	-4.82%	-2.71%	-3.75%	-3.95%	-3.50%	-3.96%	-3.61%	-3.34%	-3.03%	-2.19%	-2.24%	-1.76%	-4.79%	-4.90%	-3.45%	-4.15%
Preferred Dividends Paid	0	0	-163,440	134,105	0	0	0	0	0	0	0	0	-1,634,399	0	3,645,967	0	0	0	0	0	0
Preferred Dividends Paid Margin	0.00%	0.00%	-0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.05%	0.00%	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Financing Activities	-97,854,402	-61,729,993	-28,576,838	-25,370,901	-57,581,134	-246,417,080	10,435,009	16,846,882	-31,933,642	18,355,558	-37,591,177	-52,426,491	122,454,202	-27,910,506	502,892	-48,277,632	-29,544,905	6,160,427	-23,635,924	23,887,370	22,001,525
Other Financing Activities Margin	-1.75%	-1.15%	-0.48%	-0.51%	-1.01%	-4.42%	0.16%	0.40%	-0.87%	0.54%	-1.15%	-1.73%	4.12%	-0.86%	0.01%	-1.47%	-0.86%	0.20%	-0.70%	0.54%	0.52%
Net Cash from Financing Activities	-453,901,938	-219,009,466	-197,598,839	-113,452,435	-430,726,998	-530,299,614	-400,679,201	466,935,222	-200,276,739	-370,128,512	-153,256,337	-212,974,762	7,040,488	-151,621,938	137,792,408	149,233,201	51,546,430	-138,546,746	74,176,570	301,358,031	-152,501,999
Net Cash from Financing Activities Margin	-7.78%	-3.56%	-4.48%	-2.47%	-7.53%	-9.52%	-6.29%	10.99%	-5.43%	-10.86%	-4.69%	-7.02%	0.24%	-4.65%	3.94%	4.54%	1.49%	-4.40%	2.20%	6.87%	-3.58%
Effect of FX on Cash	-13,703,807	-11,667,094	-7,417,657	-6,814,187	6,411,873	-26,904,722	-20,618,572	-13,955,253	-3,268,798	-7,291,934	-5,531,812	4,903,197	-377,169	-7,543,380	-125,723	251,446	-502,892	-1,885,845	-25,773,215	-3,143,075	-17,852,666
Effect of FX on Cash Margin	-0.23%	-0.22%	-0.16%	-0.16%	0.11%	-0.48%	-0.32%	-0.33%	-0.09%	-0.21%	-0.17%	0.16%	-0.01%	-0.23%	0.00%	0.01%	-0.01%	-0.06%	-0.77%	-0.07%	-0.42%
Net Change in Cash	-24,641,708	47,447,860	40,231,360	34,364,287	126,603,061	-33,065,149	-167,463,036	133,140,657	178,023,768	-168,343,097	-10,183,563	-141,438,375	130,500,474	354,538,860	69,650,542	-128,740,352	91,023,452	115,287,991	-34,070,933	306,512,674	-573,171,157
Net Change in Cash Margin	-0.34%	1.39%	1.23%	1.04%	2.21%	-0.59%	-2.63%	3.13%	4.82%	-4.94%	-0.31%	-4.66%	4.39%	10.88%	1.99%	-3.92%	2.64%	3.66%	-1.01%	6.99%	-13.44%
Cash at Beginning of Period	1,047,817,390	1,008,021,869	1,002,791,793	879,348,570	969,952,945	1,003,018,094	1,170,481,130	1,037,340,473	859,316,705	1,027,659,802	1,037,843,365	1,179,281,740	1,048,781,266	694,242,406	624,591,864	753,332,216	662,308,764	544,003,421	578,074,354	271,561,680	844,732,837
Cash at Beginning of Period Margin	17.78%	20.21%	25.84%	23.52%	16.96%	18.00%	18.38%	24.41%	23.28%	30.15%	31.75%	38.88%	35.26%	21.31%	17.86%	22.94%	19.21%	17.29%	17.17%	6.19%	19.81%
Cash at End of Period	1,023,175,682	1,055,469,730	1,043,023,153	913,712,856	1,096,556,006	969,952,945	1,003,018,094	1,170,481,130	1,037,340,473	859,316,705	1,027,659,802	1,037,843,365	1,179,281,740	1,048,781,266	694,242,406	624,591,864	753,332,216	659,291,412	544,003,421	578,074,354	271,561,680
Cash at End of Period Margin	17.44%	21.60%	27.07%	24.57%	19.18%	17.40%	15.75%	27.54%	28.11%	25.21%	31.43%	34.21%	39.65%	32.19%	19.85%	19.02%	21.85%	20.95%	16.16%	13.18%	6.37%
Operating Cash Flow	908,432,490	676,163,439	620,945,897	559,601,455	929,595,862	884,712,751	910,988,858	4,023,136	651,496,586	564,747,716	469,449,682	620,317,282	450,214,063	723,913,034	676,515,463	390,747,084	404,199,445	367,614,052	345,486,804	757,732,521	304,878,275
Operating Cash Flow Margin	15.48%	12.84%	15.29%	14.52%	16.26%	15.88%	14.31%	0.09%	17.65%	16.57%	14.36%	20.45%	15.14%	22.22%	19.34%	11.90%	11.72%	11.68%	10.26%	17.28%	7.15%
Capital Expenditure	-446,316,650	-384,712,380	-341,413,379	-338,840,248	-569,022,298	-445,059,420	-324,868,232	-307,267,012	-277,344,938	-294,694,712	-286,899,886	-307,895,627	-319,965,035	-281,116,628	-279,859,398	-270,430,173	-278,727,891	-371,260,019	-468,192,452	-925,572,726	-890,621,732
Capital Expenditure Margin	-7.68%	-7.56%	-8.47%	-8.98%	-9.95%	-7.99%	-5.10%	-7.23%	-7.51%	-8.65%	-8.78%	-10.15%	-10.76%	-8.63%	-8.00%	-8.23%	-8.08%	-11.80%	-13.91%	-21.10%	-20.89%
Free Cash Flow	462,115,840	291,451,059	279,532,518	220,761,206	360,573,564	439,653,331	586,120,626	-303,243,876	374,151,648	270,053,004	182,549,796	312,421,655	130,249,028	442,796,406	396,656,065	120,316,911	125,471,554	-3,645,967	-122,705,648	-167,840,205	-585,743,457
Free Cash Flow Margin	7.80%	5.28%	6.82%	5.54%	6.31%	7.89%	9.21%	-7.14%	10.14%	7.92%	5.58%	10.30%	4.38%	13.59%	11.34%	3.66%	3.64%	-0.12%	-3.65%	-3.83%	-13.74%

Free Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y 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
Revenue	5,886,267,045	5,119,817,729	4,154,227,372	3,885,687,235	5,718,636,378	5,572,923,421	6,367,241,335	4,249,437,400	3,690,850,111	3,408,099,084	3,269,175,169	3,033,318,821	2,974,103,288	3,258,488,714	3,497,613,860	3,284,261,929	3,448,078,998	3,146,846,690	3,366,233,325	4,385,846,855	4,263,895,545
EBITDA	1,313,511,996	1,128,062,190	978,678,121	814,919,723	1,489,817,550	1,114,785,841	1,335,932,598	837,566,626	862,208,334	936,887,796	786,397,365	854,036,339	902,565,417	666,583,346	875,912,141	328,765,645	643,324,591	40,985,698	548,026,557	756,349,568	392,255,760
EBITDA Margin	22.35%	22.02%	24.06%	20.79%	26.05%	20.00%	20.98%	19.71%	23.36%	27.49%	24.05%	28.16%	30.35%	20.46%	25.04%	10.01%	18.66%	1.30%	16.28%	17.25%	9.20%
(-) Tax Adjustment	295,661,048	244,050,677	186,326,951	143,529,287	314,696,508	195,863,639	376,422,997	204,483,609	128,786,630	156,713,463	145,020,647	218,425,983	143,921,322	-21,065,293	110,636,014	-26,630,296	124,129,420	-23,322,406	104,857,067	170,085,361	75,205,213
(-) Tax Adjustment Margin	4.98%	4.65%	4.37%	3.47%	5.50%	3.51%	5.91%	4.81%	3.49%	4.60%	4.44%	7.20%	4.84%	-0.65%	3.16%	-0.81%	3.60%	-0.74%	3.11%	3.88%	1.76%
(-) Change In Working Capital	-33,274,687	-97,460,470	-26,741,282	-30,668,030	-54,312,336	148,604,586	-194,116,312	-359,442,057	-28,036,229	-84,485,856	62,358,608	100,955,569	-116,796,667	257,857,873	31,430,750	94,417,973	-101,961,353	-92,406,405	-124,088,601	224,164,109	-155,645,074
(-) Change In Working Capital Margin	-0.44%	-2.11%	-0.38%	-0.64%	-0.95%	2.67%	-3.05%	-8.46%	-0.76%	-2.48%	1.91%	3.33%	-3.93%	7.91%	0.90%	2.87%	-2.96%	-2.94%	-3.69%	5.11%	-3.65%
(-) Capital Expenditure	-446,316,650	-384,712,380	-341,413,379	-338,840,248	-569,022,298	-445,059,420	-324,868,232	-307,267,012	-277,344,938	-294,694,712	-286,899,886	-307,895,627	-319,965,035	-281,116,628	-279,859,398	-270,430,173	-278,727,891	-371,260,019	-468,192,452	-925,572,726	-890,621,732
(-) Capital Expenditure Margin	-7.68%	-7.56%	-8.47%	-8.98%	-9.95%	-7.99%	-5.10%	-7.23%	-7.51%	-8.65%	-8.78%	-10.15%	-10.76%	-8.63%	-8.00%	-8.23%	-8.08%	-11.80%	-13.91%	-21.10%	-20.89%
Unlevered Free Cash Flow	604,808,986	596,759,603	477,679,074	363,218,218	660,411,080	325,258,196	828,757,681	685,258,062	484,112,995	569,965,477	292,118,224	226,759,160	555,475,727	148,674,138	453,985,979	-9,452,205	342,428,633	-214,545,510	99,065,639	-563,472,628	-417,926,111
Unlevered Free Cash Flow Margin	10.13%	11.93%	11.60%	8.98%	11.55%	5.84%	13.02%	16.13%	13.12%	16.72%	8.94%	7.48%	18.68%	4.56%	12.98%	-0.29%	9.93%	-6.82%	2.94%	-12.85%	-9.80%
(-) Net Interest Income After Taxes	-49,404,363	-44,598,089	-27,047,671	-38,025,055	-47,699,006	-61,144,028	-39,370,053	-35,635,865	-39,141,491	-44,808,724	-46,449,825	45,661,395	48,822,060	-50,711,169	-50,308,090	-25,278,641	-109,784,869	-47,935,181	-66,592,341	-52,720,900	-30,688,867
(-) Net Interest Income After Taxes Margin	-0.85%	-0.89%	-0.56%	-0.97%	-0.83%	-1.10%	-0.62%	-0.84%	-1.06%	-1.31%	-1.42%	1.51%	1.64%	-1.56%	-1.44%	-0.77%	-3.18%	-1.52%	-1.98%	-1.20%	-0.72%
Net Debt Issuance	-114,114,576	43,625,881	-10,887,612	75,282,932	-110,133,348	0	-232,210,381	620,317,282	-59,844,148	-266,658,483	22,001,525	-44,505,942	-12,823,746	-25,018,877	208,197,288	250,943,108	140,809,760	251,446	637,918,502	431,355,613	4,023,136
Net Debt Issuance Margin	-1.86%	1.48%	-0.24%	2.28%	-1.93%	0.00%	-3.65%	14.60%	-1.62%	-7.82%	0.67%	-1.47%	-0.43%	-0.77%	5.95%	7.64%	4.08%	0.01%	18.95%	9.84%	0.09%
Levered Free Cash Flow	540,098,772	684,983,573	493,839,133	476,526,206	597,976,738	386,402,224	635,917,353	1,341,211,209	463,410,338	348,115,718	360,569,574	136,591,823	493,829,920	174,366,430	712,491,357	266,769,544	593,023,262	-166,358,883	803,576,483	-79,396,115	-383,214,108
Levered Free Cash Flow Margin	9.13%	14.30%	11.92%	12.23%	10.46%	6.93%	9.99%	31.56%	12.56%	10.21%	11.03%	4.50%	16.60%	5.35%	20.37%	8.12%	17.20%	-5.29%	23.87%	-1.81%	-8.99%