BKW AG (0QQ0.L)

Category: Company Returns Sector: Utilities Industry: General Utilities Live Price: $179.30

Income Returns

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
Net Income	692M	583M	469M	343M	1,207M	1,238M	782M	601M	692M	383M	455M	492M	234M	316M	392M	348M	362M	-272M	161M	-86M	285M	375M	173M
Revenue	5,886M	5,120M	4,154M	3,886M	11,111M	11,545M	5,719M	5,573M	6,367M	4,249M	3,691M	3,408M	3,269M	3,033M	2,974M	3,258M	3,498M	3,284M	3,448M	3,147M	3,366M	4,386M	4,264M
Return on Revenue	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%
Cost of Revenue	3,446M	3,408M	2,632M	2,500M	6,349M	9,156M	2,696M	2,759M	4,883M	3,674M	3,030M	2,729M	1,616M	1,484M	1,554M	1,893M	2,189M	2,274M	2,213M	2,352M	2,149M	3,132M	3,097M
Return on Cost of Revenue	21.65%	18.08%	18.78%	13.95%	19.02%	13.52%	29.02%	21.78%	14.16%	10.42%	15.01%	18.03%	14.50%	21.29%	25.21%	18.38%	16.55%	-11.98%	7.30%	-3.65%	13.27%	11.98%	5.59%
Gross Profit	2,440M	1,711M	1,522M	1,386M	3,784M	2,389M	3,023M	2,814M	1,484M	575M	661M	680M	1,653M	1,549M	1,420M	1,366M	1,308M	1,010M	1,235M	795M	1,218M	1,254M	1,167M
Return on Gross Profit	31.28%	45.85%	38.92%	27.71%	31.91%	51.82%	25.88%	21.36%	46.62%	66.58%	68.80%	72.38%	14.18%	20.39%	27.58%	25.47%	27.70%	-26.97%	13.07%	-10.79%	23.42%	29.91%	14.85%
R&D Expenses	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on R&D Expenses	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	149M	186M	396M	330M	1,870M	638M	75M	69M	303M	248M	237M	227M	807M	776M	647M	573M	503M	481M	0M	0M	0M	0M	0M
Return on SG&A Expenses	714.40%	498.00%	289.74%	194.19%	64.58%	194.12%	1,049.24%	865.94%	228.01%	154.70%	192.09%	216.37%	29.05%	40.74%	60.56%	60.69%	72.09%	-56.65%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses	1,468M	988M	907M	902M	3,113M	435M	2,036M	2,034M	334M	273M	262M	254M	1,210M	958M	810M	894M	726M	1,168M	916M	860M	798M	806M	741M
Return on Operating Expenses	91.68%	117.70%	92.18%	66.12%	38.78%	284.81%	38.41%	29.55%	207.08%	140.17%	173.31%	193.66%	19.37%	32.98%	48.36%	38.90%	49.92%	-23.32%	17.63%	-9.97%	35.72%	46.57%	23.39%
Operating Income (EBIT)	919M	692M	563M	449M	1,568M	1,954M	828M	780M	1,150M	302M	399M	426M	426M	422M	482M	421M	398M	77M	266M	-66M	419M	449M	426M
Return on Operating Income (EBIT)	77.24%	94.53%	88.20%	58.42%	77.01%	63.35%	94.50%	77.06%	60.16%	126.81%	114.10%	115.57%	55.07%	74.81%	81.23%	82.72%	91.00%	-355.83%	60.62%	130.40%	68.01%	83.61%	40.66%
Interest Income	13M	9M	33M	34M	13M	76M	13M	18M	7M	2M	4M	6M	10M	127M	128M	13M	13M	138M	11M	11M	14M	21M	44M
Return on Interest Income	6,410.66%	9,725.32%	6,188.34%	4,473.05%	9,323.30%	1,638.27%	6,040.78%	3,366.20%	9,825.00%	16,922.22%	12,472.41%	7,670.59%	2,420.78%	248.32%	306.69%	2,610.38%	2,744.76%	-197.36%	1,459.09%	-766.29%	1,972.17%	1,776.19%	395.98%
Interest Expense	76M	65M	65M	78M	105M	160M	73M	92M	62M	49M	50M	60M	67M	66M	70M	62M	71M	161M	147M	42M	97M	89M	82M
Return on Interest Expense	945.57%	905.49%	729.46%	522.44%	1,144.58%	771.63%	1,065.41%	653.01%	1,118.29%	775.06%	915.70%	816.70%	351.70%	479.58%	562.45%	556.74%	511.90%	-168.77%	109.74%	-205.42%	294.55%	420.87%	212.00%
Net Interest Income	-44M	-27M	-24M	-39M	-101M	-85M	-60M	-16M	-55M	36M	-39M	58M	-57M	-3M	-49M	-49M	-58M	-86M	-68M	-98M	-45M	37M	-223M
Return on Net Interest Income	-2,106.42%	-1,280.45%	-1,714.10%	-1,215.54%	-1,191.44%	-1,458.67%	-1,293.56%	-3,763.78%	-1,261.93%	1,076.33%	-1,159.29%	846.75%	-411.48%	-9,665.38%	-801.03%	-707.67%	-629.26%	316.81%	-239.11%	87.77%	-628.25%	1,021.92%	-77.85%
Unusual Items	79M	9M	10M	71M	121M	440M	-144M	109M	272M	-128M	-63M	-76M	170M	-103M	-58M	124M	36M	396M	199M	175M	153M	33M	248M
Return on Unusual Items	87.18%	-151.81%	-196.40%	-53.33%	999.27%	281.23%	-543.88%	550.69%	254.72%	-298.63%	-721.96%	-646.61%	138.18%	-306.46%	-671.55%	281.49%	1,014.79%	-68.73%	81.11%	-48.96%	185.90%	1,152.12%	69.77%
EBT Excluding Unusual Items	824M	730M	575M	351M	1,419M	1,159M	1,176M	636M	661M	606M	571M	632M	143M	567M	541M	223M	384M	-693M	4M	-385M	195M	452M	-33M
Return on EBT Excluding Unusual Items	88.54%	81.71%	93.44%	334.20%	85.10%	106.85%	66.52%	94.52%	104.58%	63.23%	79.70%	77.88%	163.51%	55.71%	72.43%	156.33%	94.28%	39.32%	3,776.47%	22.24%	146.32%	83.07%	-532.05%
Pre-Tax Income	903M	739M	586M	421M	1,539M	1,599M	1,032M	745M	933M	477M	508M	555M	313M	464M	483M	346M	420M	-296M	203M	-210M	348M	484M	216M
Return on Pre-Tax Income	76.87%	80.09%	81.36%	79.59%	78.42%	77.43%	75.79%	80.68%	74.14%	80.22%	89.60%	88.55%	74.89%	68.08%	81.19%	100.51%	86.26%	91.90%	79.41%	40.77%	81.88%	77.49%	80.30%
Income Tax Expense	204M	161M	114M	77M	316M	398M	218M	131M	263M	117M	76M	93M	58M	119M	77M	-11M	53M	-24M	39M	-120M	67M	109M	41M
Return on Income Tax Expense	360.38%	401.91%	53.99%	217.90%	381.68%	310.70%	358.82%	459.17%	263.13%	328.59%	599.83%	529.36%	406.10%	266.21%	509.15%	-3,180.46%	682.94%	1,134.55%	411.54%	71.64%	427.92%	344.57%	418.84%
Depreciation and Amortization	352M	334M	299M	281M	876M	622M	362M	352M	341M	311M	306M	321M	260M	243M	249M	246M	266M	252M	293M	239M	177M	182M	166M
Return on Depreciation and Amortization	196.46%	172.29%	153.31%	116.11%	137.86%	198.87%	215.82%	170.78%	202.80%	123.22%	148.85%	152.99%	90.00%	130.21%	157.06%	141.39%	136.26%	-108.03%	55.11%	-35.82%	160.97%	206.22%	104.08%
EBITDA	1,314M	1,128M	979M	815M	2,465M	2,524M	1,490M	1,115M	1,336M	838M	862M	937M	786M	854M	903M	667M	876M	329M	643M	41M	548M	756M	392M
Return on EBITDA	52.73%	51.33%	47.15%	19.86%	48.97%	49.05%	52.51%	53.91%	51.78%	45.72%	52.74%	52.50%	29.80%	36.99%	43.40%	52.19%	41.37%	-82.87%	25.09%	-209.20%	52.03%	49.60%	44.17%
NOPAT	707M	538M	454M	366M	1,246M	1,467M	653M	643M	826M	228M	339M	354M	347M	314M	405M	434M	348M	70M	215M	-28M	339M	348M	344M
Return on NOPAT	99.02%	119.79%	108.26%	84.09%	96.92%	84.38%	119.81%	93.48%	83.77%	167.77%	134.14%	138.78%	67.52%	100.52%	96.64%	80.19%	104.16%	-387.19%	75.12%	302.58%	84.10%	107.87%	50.31%
Owner's Earnings	597M	532M	427M	285M	1,031M	1,213M	576M	508M	708M	386M	483M	519M	208M	251M	321M	313M	348M	-291M	176M	-218M	-6M	-368M	-551M
Return on Owner's Earnings	117.31%	109.04%	111.20%	-225.63%	117.14%	102.03%	135.88%	118.35%	97.71%	99.09%	94.17%	94.84%	112.76%	126.03%	121.96%	111.21%	104.01%	93.73%	91.91%	39.40%	-4,825.53%	-101.81%	-31.45%

Balance Sheet Returns

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
Net Income	692M	583M	469M	343M	782M	601M	692M	383M	455M	492M	234M	316M	392M	348M	362M	-272M	161M	-86M	285M	375M	173M	0M
Cash & Cash Equivalents	1,021M	1,054M	1,042M	913M	1,090M	970M	1,003M	1,170M	1,037M	859M	1,028M	1,038M	1,179M	1,049M	694M	625M	753M	659M	544M	578M	272M	845M
Return on Cash & Cash Equivalents	67.55%	55.84%	45.61%	35.03%	71.74%	61.96%	68.96%	32.72%	43.84%	57.23%	22.80%	30.44%	33.22%	33.17%	52.19%	-43.62%	21.43%	-13.01%	52.42%	64.90%	63.80%	0.00%
Short-Term Investments	138M	153M	297M	366M	182M	181M	50M	113M	237M	266M	349M	500M	389M	704M	895M	378M	294M	247M	702M	1,082M	1,039M	822M
Return on Short-Term Investments	713.00%	534.03%	313.56%	210.98%	428.81%	331.25%	1,378.95%	339.58%	191.58%	184.96%	67.17%	63.20%	100.68%	49.39%	40.49%	-72.11%	54.87%	-34.74%	40.62%	34.67%	16.67%	0.00%
Cash & Short-Term Investments	1,159M	1,207M	1,340M	1,279M	1,273M	1,151M	1,053M	1,283M	1,275M	1,125M	1,377M	1,538M	1,568M	1,753M	1,589M	1,002M	1,048M	906M	1,246M	1,660M	1,311M	1,666M
Return on Cash & Short-Term Investments	59.78%	48.97%	37.10%	26.36%	61.46%	52.19%	65.68%	29.84%	35.67%	43.71%	17.02%	20.55%	24.98%	19.84%	22.80%	-27.18%	15.41%	-9.46%	22.89%	22.60%	13.22%	0.00%
Net Receivables	1,826M	1,742M	1,428M	1,221M	1,827M	1,362M	2,288M	2,033M	1,200M	1,180M	1,163M	886M	1,390M	952M	1,076M	1,204M	823M	982M	-52M	726M	774M	870M
Return on Net Receivables	39.06%	34.78%	33.61%	-12.83%	42.82%	44.11%	30.24%	18.84%	37.88%	41.67%	20.15%	35.65%	28.18%	36.53%	33.68%	-22.62%	19.61%	-8.74%	-550.49%	51.71%	22.40%	0.00%
Inventory	322M	234M	153M	137M	437M	265M	266M	117M	84M	70M	55M	76M	53M	109M	155M	168M	131M	50M	26M	26M	21M	19M
Return on Inventory	222.18%	307.27%	413.48%	350.65%	178.95%	227.08%	260.51%	327.53%	542.28%	699.82%	428.51%	416.06%	734.91%	319.15%	234.31%	-162.32%	122.99%	-170.93%	1,100.97%	1,441.55%	820.24%	0.00%
Other Current Assets	1,048M	1,290M	881M	782M	384M	682M	2,077M	2,781M	528M	442M	502M	483M	584M	350M	423M	560M	198M	907M	831M	842M	1,316M	965M
Return on Other Current Assets	108.34%	84.98%	81.50%	63.90%	203.60%	88.13%	33.30%	13.77%	86.12%	111.33%	46.68%	65.43%	67.13%	99.53%	85.62%	-48.64%	81.58%	-9.45%	34.33%	44.53%	13.16%	0.00%
Total Current Assets	4,104M	4,108M	3,489M	3,176M	3,921M	3,495M	4,896M	5,475M	2,755M	2,563M	2,820M	2,995M	3,018M	2,949M	2,999M	2,621M	2,415M	2,405M	2,315M	2,738M	2,648M	2,651M
Return on Total Current Assets	17.09%	14.95%	13.76%	10.31%	19.95%	17.19%	14.13%	7.00%	16.50%	19.19%	8.31%	10.55%	12.98%	11.79%	12.08%	-10.40%	6.69%	-3.56%	12.32%	13.70%	6.54%	0.00%
Property, Plant & Equipment	5,094M	4,812M	4,392M	4,057M	5,391M	5,073M	4,818M	4,430M	4,347M	4,300M	4,067M	4,050M	3,869M	3,578M	3,467M	3,502M	3,548M	3,562M	2,856M	2,546M	2,433M	2,336M
Return on Property, Plant & Equipment	13.57%	11.96%	10.47%	7.96%	14.51%	11.85%	14.36%	8.65%	10.46%	11.44%	5.76%	7.80%	10.12%	9.72%	10.45%	-7.78%	4.55%	-2.41%	9.98%	14.74%	7.12%	0.00%
Goodwill	1,376M	1,245M	902M	626M	1,392M	1,363M	1,372M	1,099M	999M	968M	663M	532M	376M	254M	132M	117M	117M	0M	0M	0M	0M	0M
Return on Goodwill	50.23%	46.21%	61.78%	53.21%	56.19%	44.08%	50.42%	34.85%	45.54%	50.82%	35.33%	59.39%	104.18%	137.05%	275.26%	-233.51%	138.51%	0.00%	0.00%	0.00%	0.00%	0.00%
Intangible Assets	738M	976M	702M	553M	242M	260M	1,713M	1,379M	1,286M	1,274M	276M	248M	194M	148M	94M	90M	165M	982M	-52M	726M	774M	870M
Return on Intangible Assets	198.43%	131.69%	134.60%	64.60%	323.89%	231.03%	40.38%	27.78%	35.35%	38.59%	84.80%	127.30%	201.81%	235.09%	385.81%	-301.39%	97.72%	-8.74%	-550.49%	51.71%	22.40%	0.00%
Long-Term Investments	3,205M	3,376M	3,347M	3,072M	3,030M	3,174M	3,410M	3,854M	3,415M	3,382M	3,471M	3,485M	3,229M	3,016M	3,022M	2,942M	2,217M	2,331M	2,096M	1,525M	1,109M	1,334M
Return on Long-Term Investments	21.68%	17.66%	14.23%	10.82%	25.82%	18.93%	20.28%	9.94%	13.32%	14.54%	6.75%	9.07%	12.13%	11.53%	11.99%	-9.26%	7.28%	-3.68%	13.61%	24.60%	15.63%	0.00%
Tax Assets	105M	126M	137M	103M	81M	71M	163M	129M	185M	200M	108M	142M	153M	141M	55M	53M	21M	11M	27M	35M	28M	28M
Return on Tax Assets	745.79%	556.13%	396.84%	342.42%	964.65%	847.52%	425.19%	297.75%	245.55%	245.57%	217.76%	222.39%	256.04%	245.96%	661.01%	-509.88%	759.76%	-793.02%	1,050.00%	1,073.38%	629.22%	0.00%
Other Non-Current Assets	-133M	-499M	-395M	-154M	521M	407M	-1,326M	-1,099M	-999M	-914M	-108M	-142M	-153M	-141M	-55M	-53M	743M	288M	722M	1,131M	1,094M	850M
Return on Other Non-Current Assets	81.84%	33.02%	-83.08%	-63.37%	150.04%	147.62%	-52.15%	-34.85%	-45.54%	-53.79%	-217.76%	-222.39%	-256.04%	-245.96%	-661.01%	509.88%	21.72%	-29.79%	39.51%	33.18%	15.83%	0.00%
Other Assets	0M	0M	42M	71M	0M	0M	0M	0M	0M	0M	85M	116M	102M	121M	269M	378M	0M	0M	0M	0M	0M	0M
Return on Other Assets	207,400.00%	124,440.00%	62,341.79%	41,565.37%	622,200.00%	0.00%	0.00%	0.00%	0.00%	0.00%	276.56%	271.38%	382.33%	287.63%	134.74%	-72.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Non-Current Assets	10,385M	10,036M	9,085M	8,231M	10,657M	10,349M	10,149M	9,790M	9,233M	9,209M	8,478M	8,315M	7,668M	6,997M	6,714M	6,651M	6,811M	6,500M	5,944M	5,458M	4,882M	4,727M
Return on Total Non-Current Assets	6.65%	5.76%	5.08%	3.86%	7.34%	5.81%	6.82%	3.91%	4.93%	5.34%	2.76%	3.80%	5.11%	4.97%	5.40%	-4.10%	2.37%	-1.32%	4.80%	6.87%	3.55%	0.00%
Total Assets	14,489M	14,144M	12,616M	11,479M	14,578M	13,844M	15,046M	15,265M	11,988M	11,772M	11,382M	11,426M	10,789M	10,067M	9,982M	9,650M	9,226M	8,905M	8,259M	8,196M	7,530M	7,378M
Return on Total Assets	4.77%	4.12%	3.67%	2.78%	5.37%	4.34%	4.60%	2.51%	3.79%	4.18%	2.06%	2.77%	3.63%	3.46%	3.63%	-2.82%	1.75%	-0.96%	3.45%	4.58%	2.30%	0.00%
Accounts Payable	565M	566M	497M	415M	589M	489M	617M	673M	460M	421M	412M	526M	472M	314M	388M	472M	388M	0M	0M	0M	0M	0M
Return on Accounts Payable	122.55%	104.68%	95.11%	68.55%	132.75%	122.88%	112.03%	56.93%	98.83%	116.95%	56.92%	60.08%	83.00%	110.72%	93.33%	-57.76%	41.58%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt	296M	364M	282M	202M	284M	334M	270M	822M	112M	71M	513M	255M	93M	68M	83M	34M	31M	55M	2M	0M	0M	1M
Return on Short-Term Debt	237.49%	232.91%	296.40%	1,142.42%	275.68%	180.17%	256.62%	46.59%	405.49%	696.09%	45.64%	123.85%	420.51%	513.36%	437.33%	-811.61%	528.40%	-156.78%	14,175.00%	0.00%	0.00%	0.00%
Tax Payables	221M	162M	110M	82M	270M	248M	145M	65M	81M	95M	52M	63M	45M	33M	27M	17M	30M	36M	25M	81M	15M	39M
Return on Tax Payables	336.55%	431.86%	555.53%	448.82%	289.93%	242.52%	477.19%	591.46%	558.18%	517.46%	452.43%	503.61%	870.39%	1,052.09%	1,328.11%	-1,617.16%	544.07%	-235.17%	1,157.14%	461.21%	1,157.98%	0.00%
Deferred Revenue	408M	383M	283M	213M	0M	651M	573M	406M	285M	266M	263M	297M	160M	-68M	-83M	-34M	475M	0M	0M	0M	0M	0M
Return on Deferred Revenue	70.97%	93.35%	57.83%	65.78%	0.00%	92.26%	120.66%	94.36%	159.48%	184.62%	89.14%	106.21%	244.97%	-513.36%	-437.33%	811.61%	34.01%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Current Liabilities	1,461M	1,762M	1,209M	1,015M	1,441M	837M	2,106M	3,614M	810M	894M	791M	622M	460M	513M	379M	488M	527M	917M	819M	913M	998M	737M
Return on Other Current Liabilities	52.97%	45.12%	51.39%	40.65%	54.27%	71.77%	32.85%	10.60%	56.13%	54.99%	29.61%	50.80%	85.14%	67.77%	95.59%	-55.88%	30.61%	-9.35%	34.81%	41.09%	17.36%	0.00%
Total Current Liabilities	3,135M	3,254M	2,399M	1,937M	2,646M	2,719M	4,041M	5,163M	1,700M	1,618M	1,945M	1,664M	1,369M	1,129M	1,051M	1,148M	976M	1,008M	883M	994M	951M	777M
Return on Total Current Liabilities	22.93%	20.59%	22.38%	18.33%	29.57%	22.10%	17.12%	7.42%	26.75%	30.39%	12.05%	18.99%	28.61%	30.80%	34.47%	-23.72%	16.54%	-8.51%	32.30%	37.73%	18.22%	0.00%
Long-Term Debt	1,831M	1,668M	1,667M	1,660M	1,741M	1,735M	2,017M	1,275M	1,574M	1,629M	1,369M	1,579M	1,854M	1,898M	1,946M	1,859M	1,578M	1,526M	1,326M	721M	288M	283M
Return on Long-Term Debt	37.96%	34.56%	27.96%	20.64%	44.93%	34.65%	34.29%	30.04%	28.89%	30.19%	17.12%	20.01%	21.14%	18.33%	18.62%	-14.66%	10.23%	-5.62%	21.51%	52.01%	60.10%	0.00%
Capital Lease Obligations	521M	392M	237M	173M	694M	670M	198M	207M	193M	185M	32M	55M	62M	70M	105M	123M	0M	0M	0M	0M	0M	0M
Return on Capital Lease Obligations	183.99%	194.65%	366.86%	252.93%	112.70%	89.71%	349.56%	185.17%	236.10%	265.76%	730.98%	569.84%	632.05%	496.77%	345.98%	-220.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Deferred Tax Liabilities	489M	567M	600M	598M	707M	0M	760M	690M	679M	730M	626M	662M	602M	544M	535M	591M	528M	621M	693M	696M	671M	680M
Return on Deferred Tax Liabilities	67.21%	64.82%	60.56%	45.67%	110.57%	0.00%	91.06%	55.46%	67.01%	67.37%	37.43%	47.75%	65.04%	63.95%	67.68%	-46.07%	30.55%	-13.80%	41.12%	53.92%	25.81%	0.00%
Other Non-Current Liabilities	2,622M	2,798M	2,951M	2,294M	1,736M	2,847M	3,284M	2,616M	3,506M	3,071M	3,671M	3,845M	2,556M	2,376M	2,311M	1,768M	250M	285M	288M	225M	149M	262M
Return on Other Non-Current Liabilities	29.08%	22.97%	17.54%	20.62%	45.06%	21.11%	21.07%	14.64%	12.97%	16.02%	6.38%	8.22%	15.33%	14.64%	15.68%	-15.41%	64.62%	-30.10%	99.08%	166.98%	116.39%	0.00%
Total Non-Current Liabilities	5,032M	5,031M	3,731M	3,632M	4,817M	4,780M	5,499M	4,788M	5,273M	5,458M	1,369M	1,579M	1,854M	1,898M	1,946M	1,794M	5,137M	4,559M	3,725M	3,123M	2,720M	2,698M
Return on Total Non-Current Liabilities	13.80%	11.60%	14.36%	10.40%	16.24%	12.57%	12.58%	8.00%	8.62%	9.01%	17.12%	20.01%	21.14%	18.33%	18.62%	-15.19%	3.14%	-1.88%	7.65%	12.01%	6.37%	0.00%
Total Liabilities	8,167M	8,285M	7,658M	7,090M	7,463M	7,499M	9,540M	9,952M	6,973M	7,076M	7,017M	7,144M	7,092M	6,828M	6,808M	6,676M	6,112M	5,567M	4,608M	4,117M	3,670M	3,474M
Return on Total Liabilities	8.58%	7.22%	6.14%	4.67%	10.48%	8.01%	7.25%	3.85%	6.52%	6.95%	3.34%	4.42%	5.52%	5.09%	5.32%	-4.08%	2.64%	-1.54%	6.19%	9.11%	4.72%	0.00%
Preferred Stock	0M	0M	124M	92M	0M	0M	0M	0M	0M	0M	302M	114M	453M	368M	146M	0M	0M	0M	0M	0M	0M	0M
Return on Preferred Stock	0.00%	0.00%	53.54%	52.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	77.57%	277.07%	86.39%	94.40%	248.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock	166M	166M	166M	166M	166M	166M	166M	166M	166M	166M	166M	166M	166M	166M	166M	166M	166M	165M	166M	166M	166M	166M
Return on Common Stock	416.77%	351.02%	282.87%	206.66%	471.36%	362.12%	416.82%	230.76%	274.02%	296.36%	141.21%	190.38%	236.06%	209.62%	218.33%	-164.17%	97.27%	-52.02%	171.82%	226.06%	104.39%	0.00%
Retained Earnings	5,950M	5,530M	4,787M	4,352M	6,437M	5,878M	5,534M	5,013M	4,790M	4,479M	4,112M	4,031M	3,916M	3,676M	3,430M	3,102M	3,470M	3,531M	3,877M	3,945M	3,740M	3,801M
Return on Retained Earnings	11.63%	10.40%	9.60%	7.16%	12.15%	10.22%	12.50%	7.64%	9.49%	10.98%	5.70%	7.84%	10.01%	9.46%	10.56%	-8.78%	4.65%	-2.43%	7.35%	9.51%	4.63%	0.00%
Accumulated OCI	-209M	-236M	-271M	-1,022M	-44M	0M	-584M	-248M	-305M	-291M	-302M	-114M	-453M	-368M	-146M	54M	-4,295M	-4,017M	-4,209M	-4,124M	-4,099M	-4,038M
Return on Accumulated OCI	-637.14%	-442.92%	-291.90%	-245.15%	-1,793.08%	0.00%	-118.35%	-154.15%	-149.03%	-168.98%	-77.57%	-277.07%	-86.39%	-94.40%	-248.23%	-501.62%	-3.76%	2.13%	-6.77%	-9.10%	-4.23%	0.00%
Minority Interest	500M	451M	373M	269M	563M	543M	393M	388M	369M	344M	344M	332M	325M	125M	116M	54M	47M	55M	33M	30M	30M	31M
Return on Minority Interest	141.84%	129.49%	135.26%	147.71%	138.88%	110.70%	175.95%	98.77%	123.15%	143.14%	68.15%	95.19%	120.54%	278.09%	313.60%	-507.49%	343.32%	-155.35%	868.97%	1,269.79%	571.78%	0.00%
Total Shareholders’ Equity	5,822M	5,408M	4,585M	4,120M	6,552M	5,802M	5,113M	4,926M	4,646M	4,352M	4,022M	3,951M	3,372M	3,114M	3,059M	2,921M	3,067M	3,283M	3,619M	4,049M	3,829M	3,872M
Return on Total Shareholders’ Equity	11.94%	10.68%	10.13%	7.62%	11.94%	10.36%	13.53%	7.77%	9.79%	11.30%	5.83%	8.00%	11.62%	11.17%	11.84%	-9.33%	5.26%	-2.61%	7.88%	9.26%	4.52%	0.00%
Total Equity	6,322M	5,859M	4,958M	4,389M	7,115M	6,345M	5,506M	5,313M	5,016M	4,696M	4,365M	4,283M	3,697M	3,239M	3,175M	2,974M	3,114M	3,338M	3,652M	4,079M	3,859M	3,904M
Return on Total Equity	11.01%	9.86%	9.39%	7.10%	10.99%	9.47%	12.56%	7.21%	9.07%	10.47%	5.37%	7.38%	10.60%	10.74%	11.41%	-9.16%	5.18%	-2.57%	7.81%	9.20%	4.49%	0.00%
Total Liabilities & Equity	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Total Liabilities & Equity	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	3,343M	3,529M	3,644M	3,437M	3,212M	3,356M	3,461M	3,966M	3,652M	3,647M	3,820M	3,985M	3,618M	3,721M	3,917M	3,320M	2,511M	2,577M	2,798M	2,607M	2,148M	2,155M
Return on Total Investments	20.75%	16.87%	13.21%	9.76%	24.35%	17.91%	19.99%	9.65%	12.45%	13.48%	6.13%	7.93%	10.83%	9.35%	9.25%	-8.21%	6.43%	-3.33%	10.19%	14.39%	8.07%	0.00%
Net Debt	1,497M	1,307M	1,131M	1,123M	1,628M	1,361M	1,501M	1,212M	835M	1,028M	940M	888M	840M	1,071M	1,486M	1,374M	977M	921M	784M	143M	17M	-561M
Return on Net Debt	46.09%	44.87%	41.18%	30.66%	48.04%	44.15%	46.09%	31.60%	54.48%	47.83%	24.92%	35.56%	46.64%	32.48%	24.38%	-19.82%	16.53%	-9.31%	36.39%	261.98%	1,036.09%	0.00%

Capital Returns

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
Net Income	692M	583M	469M	343M	782M	601M	692M	383M	455M	492M	234M	316M	392M	348M	362M	-272M	161M	-86M	285M	375M	173M	0M
Working Capital	969M	855M	1,089M	1,239M	1,275M	776M	856M	311M	1,056M	945M	875M	1,331M	1,649M	1,820M	1,948M	1,472M	1,439M	1,397M	1,432M	1,744M	1,697M	1,875M
Return on Working Capital	73.21%	77.15%	53.12%	37.09%	61.35%	77.43%	80.85%	123.02%	43.08%	52.06%	26.79%	23.74%	23.76%	19.11%	18.60%	-18.50%	11.22%	-6.14%	19.91%	21.52%	10.21%	0.00%
Total Capital	8,340M	7,770M	6,758M	6,156M	9,271M	8,133M	7,617M	7,308M	6,518M	6,240M	5,990M	5,877M	5,392M	5,233M	5,239M	4,920M	4,797M	4,863M	4,947M	4,771M	4,117M	4,156M
Return on Total Capital	8.30%	7.42%	6.82%	5.13%	8.44%	7.39%	9.08%	5.24%	6.98%	7.88%	3.91%	5.38%	7.27%	6.65%	6.92%	-5.54%	3.37%	-1.76%	5.76%	7.86%	4.21%	0.00%
Capital Employed	11,354M	10,890M	10,216M	9,541M	11,932M	11,125M	11,005M	10,102M	10,289M	10,154M	9,437M	9,762M	9,420M	8,938M	8,931M	8,501M	8,250M	7,897M	7,377M	7,202M	6,579M	6,601M
Return on Capital Employed	6.08%	5.29%	4.51%	3.38%	6.56%	5.40%	6.29%	3.79%	4.42%	4.84%	2.48%	3.24%	4.16%	3.89%	4.06%	-3.20%	1.96%	-1.09%	3.87%	5.21%	2.63%	0.00%
Invested Capital	7,319M	6,715M	5,716M	5,243M	8,181M	7,163M	6,614M	6,138M	5,481M	5,381M	4,962M	4,839M	4,212M	4,185M	4,545M	4,295M	4,043M	4,204M	4,403M	4,192M	3,846M	3,312M
Return on Invested Capital	9.47%	8.59%	8.10%	6.07%	9.56%	8.39%	10.46%	6.24%	8.30%	9.14%	4.72%	6.53%	9.30%	8.31%	7.97%	-6.34%	3.99%	-2.04%	6.48%	8.95%	4.50%	0.00%

Cash Flow Returns

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
Net Income	692M	583M	469M	343M	1,207M	1,238M	782M	601M	692M	383M	455M	492M	234M	316M	392M	348M	362M	-272M	161M	-86M	285M	375M	173M
Depreciation & Amortization	352M	334M	299M	281M	906M	622M	362M	352M	341M	311M	306M	321M	260M	243M	249M	246M	266M	252M	293M	239M	177M	182M	166M
Return on Depreciation & Amortization	196.46%	172.29%	153.31%	116.11%	133.26%	198.87%	215.82%	170.78%	202.80%	123.22%	148.85%	152.99%	90.00%	130.21%	157.06%	141.39%	136.26%	-108.03%	55.11%	-35.82%	160.97%	206.22%	104.08%
Deferred Income Tax	-230M	-388M	-291M	-203M	-631M	-582M	0M	0M	-691M	-631M	-618M	-650M	-68M	-105M	113M	-262M	-34M	-95M	0M	0M	0M	0M	0M
Return on Deferred Income Tax	-33.39%	-46.89%	-74.27%	-102.41%	-191.49%	-212.61%	0.00%	0.00%	-100.16%	-60.73%	-73.58%	-75.71%	-343.28%	-302.04%	345.84%	-133.03%	-1,079.40%	285.88%	0.00%	0.00%	0.00%	0.00%	0.00%
Stock-Based Compensation	7M	8M	6M	4M	14M	17M	0M	14M	8M	9M	7M	7M	6M	4M	4M	4M	2M	1M	0M	0M	0M	0M	0M
Return on Stock-Based Compensation	4,172.75%	4,641.55%	6,389.03%	3,325.74%	8,651.35%	7,083.45%	0.00%	4,306.31%	8,211.94%	4,230.56%	6,458.93%	7,381.13%	3,965.96%	8,665.52%	11,128.57%	9,541.38%	16,952.94%	-30,957.14%	0.00%	0.00%	0.00%	0.00%	0.00%
Change in Working Capital	-33M	-97M	-27M	-31M	-158M	-318M	-54M	149M	-194M	-359M	-28M	-84M	62M	101M	-117M	258M	31M	94M	-102M	-92M	-124M	224M	-156M
Return on Change in Working Capital	-464.08%	-624.15%	-321.46%	-176.38%	-765.18%	-388.71%	-1,440.28%	404.40%	-356.35%	-106.54%	-1,621.97%	-582.14%	375.81%	312.95%	-335.41%	134.91%	1,152.80%	-288.55%	-158.32%	92.79%	-229.79%	167.36%	-111.31%
Accounts Receivable	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Accounts Receivable	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Inventory	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Accounts Payable	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	-33M	-97M	-27M	-14M	-158M	-318M	-54M	149M	-194M	-359M	-28M	-84M	62M	101M	-117M	258M	84M	-25M	0M	0M	0M	0M	0M
Return on Other Working Capital	-464.08%	-624.15%	-321.46%	-111.88%	-765.18%	-388.71%	-1,440.28%	404.40%	-356.35%	-106.54%	-1,621.97%	-582.14%	375.81%	312.95%	-335.41%	134.91%	430.79%	1,105.61%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Non-Cash Items	-10M	158M	99M	113M	58M	1,108M	-411M	-375M	754M	291M	530M	479M	-25M	-43M	-78M	-132M	15M	316M	10M	423M	-64M	-133M	78M
Return on Other Non-Cash Items	-86.41%	-8.40%	-237.24%	77.43%	2,096.72%	111.75%	-190.51%	-160.40%	91.68%	131.46%	85.75%	102.70%	-927.36%	-736.95%	-504.21%	-264.53%	2,463.25%	-86.30%	1,625.32%	-20.25%	-448.22%	-283.11%	221.19%
Net Cash from Operating Activities	908M	676M	621M	560M	1,397M	1,405M	930M	885M	911M	4M	651M	565M	469M	620M	450M	724M	677M	391M	404M	368M	345M	758M	305M
Return on Net Cash from Operating Activities	76.00%	1,963.31%	1,013.96%	681.50%	86.45%	88.12%	84.15%	67.93%	75.93%	9,518.75%	69.80%	87.09%	49.92%	50.93%	87.01%	48.05%	53.56%	-69.72%	39.94%	-23.32%	82.53%	49.51%	56.82%
Capital Expenditures (PPE)	-429M	-374M	-336M	-335M	-1,098M	-647M	-542M	-418M	-325M	-307M	-277M	-295M	-287M	-308M	-320M	-281M	-280M	-270M	-279M	-371M	-468M	-926M	-891M
Return on Capital Expenditures (PPE)	-166.94%	-157.88%	-138.68%	-100.75%	-109.99%	-191.30%	-144.23%	-143.67%	-212.93%	-124.63%	-163.96%	-166.89%	-81.68%	-102.61%	-122.44%	-123.75%	-129.47%	100.74%	-57.92%	23.10%	-60.90%	-40.53%	-19.45%
Acquisitions (Net)	-66M	-39M	-104M	-113M	1M	256M	-10M	-186M	-2M	1M	1M	-299M	-121M	-135M	-194M	-96M	-56M	-243M	-70M	-204M	-80M	-14M	-2M
Return on Acquisitions (Net)	-15,736.93%	15,179.18%	7,474.04%	4,910.53%	106,700.00%	483.83%	-7,587.80%	-322.97%	-39,300.00%	50,766.67%	72,340.00%	-164.72%	-192.96%	-233.99%	-201.68%	-362.17%	-649.10%	112.16%	-229.29%	42.07%	-358.29%	-2,762.96%	-10,600.00%
Purchases of Investments	-251M	-243M	-235M	-258M	-260M	-950M	-23M	-140M	-591M	-350M	-114M	-28M	-173M	-236M	-580M	-118M	-576M	-219M	-140M	-150M	-426M	0M	0M
Return on Purchases of Investments	-1,321.37%	-894.67%	-686.84%	-462.14%	-463.91%	-130.32%	-3,418.68%	-428.32%	-117.11%	-109.57%	-399.67%	-1,762.16%	-135.37%	-134.10%	-67.52%	-295.94%	-62.90%	124.54%	-115.36%	56.98%	-66.96%	0.00%	0.00%
Sales / Maturities of Investments	110M	138M	237M	235M	153M	416M	39M	79M	211M	311M	49M	245M	260M	118M	781M	278M	80M	28M	51M	533M	462M	106M	96M
Return on Sales / Maturities of Investments	1,031.30%	830.37%	488.54%	315.84%	789.72%	297.55%	2,007.10%	758.73%	328.09%	123.32%	934.63%	200.62%	90.09%	267.63%	50.13%	125.03%	450.31%	-963.11%	319.40%	-16.09%	61.71%	355.24%	180.84%
Other Investing Activities	103M	81M	42M	52M	221M	83M	158M	103M	49M	22M	72M	20M	1M	7M	-13M	6M	87M	35M	74M	81M	84M	84M	89M
Return on Other Investing Activities	828.25%	977.60%	6,117.84%	4,084.40%	547.18%	1,496.35%	495.38%	585.78%	1,403.57%	1,770.93%	632.34%	2,414.81%	46,600.00%	4,653.70%	-2,912.15%	5,534.00%	417.68%	-782.31%	217.26%	-106.07%	341.05%	446.04%	195.18%
Net Cash from Investing Activities	-533M	-438M	-396M	-418M	-983M	-842M	-379M	-563M	-657M	-324M	-270M	-356M	-321M	-554M	-326M	-210M	-745M	-669M	-364M	-112M	-428M	-749M	-708M
Return on Net Cash from Investing Activities	-139.53%	-141.06%	-125.92%	-86.77%	-122.78%	-146.96%	-206.57%	-106.77%	-105.26%	-118.25%	-168.47%	-138.28%	-73.04%	-57.06%	-120.03%	-165.49%	-48.67%	40.73%	-44.32%	76.63%	-66.63%	-50.06%	-24.48%
Net Debt Issuance	-114M	44M	-11M	75M	-225M	189M	-110M	0M	-232M	620M	-60M	-267M	22M	-45M	-13M	-25M	208M	251M	141M	0M	638M	431M	4M
Return on Net Debt Issuance	-336.05%	-341.26%	-598.08%	-2,657.07%	-537.38%	654.65%	-710.27%	0.00%	-297.89%	61.73%	-759.87%	-184.44%	1,065.14%	-709.89%	-3,054.90%	-1,390.45%	174.03%	-108.57%	114.64%	-34,100.00%	44.70%	86.97%	4,306.25%
Long-Term Debt Issuance	-114M	-76M	-63M	4M	-160M	189M	-110M	0M	-232M	23M	-60M	-267M	22M	-45M	13M	24M	16M	37M	40M	4M	597M	456M	5M
Return on Long-Term Debt Issuance	-336.05%	-26.08%	437.89%	288.14%	-754.95%	654.65%	-710.27%	0.00%	-297.89%	1,637.63%	-759.87%	-184.44%	1,065.14%	-709.89%	2,912.15%	1,426.29%	2,305.60%	-742.12%	398.76%	-2,066.67%	47.74%	82.27%	3,445.00%
Short-Term Debt Issuance	0M	124M	57M	77M	-65M	0M	0M	0M	0M	620M	0M	0M	22M	0M	-26M	-49M	192M	214M	100M	45M	41M	-1M	-1M
Return on Short-Term Debt Issuance	0.00%	12.35%	-106.81%	-22.37%	-1,864.66%	0.00%	0.00%	0.00%	0.00%	61.73%	0.00%	0.00%	1,065.14%	0.00%	-1,490.91%	-704.07%	188.24%	-127.17%	160.90%	-191.57%	702.17%	-49,733.33%	-17,225.00%
Net Stock Issuance	-13M	-12M	-8M	-28M	-32M	-25M	-16M	-15M	-6M	-11M	-10M	-2M	-8M	-6M	-3M	0M	2M	20M	1M	6M	-376M	7M	9M
Return on Net Stock Issuance	-6,544.17%	-5,523.02%	-6,842.03%	-2,484.71%	-3,795.65%	-4,898.51%	-4,860.94%	-3,983.33%	-10,788.24%	-3,461.36%	-4,521.25%	-20,589.47%	-2,824.24%	-4,927.45%	-12,464.00%	0.00%	18,012.50%	-1,354.38%	16,050.00%	-1,482.61%	-75.88%	5,738.46%	2,026.47%
Common Stock Issuance	12M	7M	4M	3M	35M	1,231M	35M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	1M	6M	0M	7M	9M
Return on Common Stock Issuance	735.46%	441.28%	220.64%	1,118.25%	3,405.32%	100.59%	2,206.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	16,050.00%	-1,482.61%	0.00%	5,738.46%	2,026.47%
Common Stock Repurchased	-24M	-19M	-11M	-33M	-67M	-26M	-52M	-15M	-6M	-11M	-10M	-2M	-8M	-6M	-3M	0M	0M	0M	0M	0M	-376M	0M	0M
Return on Common Stock Repurchased	-5,429.71%	-4,854.35%	-6,507.69%	-4,343.52%	-1,794.95%	-4,850.25%	-1,517.56%	-3,983.33%	-10,788.24%	-3,461.36%	-4,521.25%	-20,589.47%	-2,824.24%	-4,927.45%	-12,464.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-75.88%	0.00%	0.00%
Preferred Stock Issuance	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Preferred Stock Issuance	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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	-229M	-199M	-155M	-138M	-740M	-441M	-247M	-269M	-172M	-159M	-146M	-119M	-129M	-110M	-99M	-99M	-77M	-74M	-61M	-151M	-165M	-151M	-177M
Return on Net Dividends Paid	-313.80%	-298.76%	-312.13%	-240.39%	-163.21%	-280.51%	-316.80%	-223.57%	-401.02%	-240.60%	-311.81%	-411.79%	-181.15%	-288.19%	-393.93%	-352.48%	-473.23%	370.43%	-265.84%	56.88%	-172.73%	-247.84%	-97.80%
Common Dividends Paid	-229M	-199M	-155M	-138M	-740M	-441M	-247M	-269M	-172M	-159M	-146M	-119M	-129M	-110M	-99M	-99M	-77M	-74M	-61M	-151M	-165M	-151M	-177M
Return on Common Dividends Paid	-313.80%	-298.76%	-312.13%	-240.39%	-163.21%	-280.51%	-316.80%	-223.57%	-401.02%	-240.60%	-311.81%	-411.79%	-181.15%	-288.19%	-393.93%	-352.48%	-473.23%	370.43%	-265.84%	56.88%	-172.73%	-247.84%	-97.80%
Preferred Dividends Paid	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	-2M	0M	4M	0M	0M	0M	0M	0M	0M
Return on Preferred Dividends Paid	0.00%	0.00%	-2,396.92%	-935.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-23,969.23%	0.00%	9,937.93%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Financing Activities	-98M	-62M	-29M	-25M	281M	-18M	-58M	-246M	10M	17M	-32M	18M	-38M	-52M	122M	-28M	1M	-48M	-30M	6M	-24M	24M	22M
Return on Other Financing Activities	1,675.51%	1,175.13%	640.26%	5,058.15%	429.86%	-6,790.34%	-1,358.52%	-243.88%	6,628.92%	2,273.13%	-1,424.02%	2,679.45%	-623.41%	-602.64%	319.92%	-1,246.40%	72,050.00%	564.32%	-546.38%	-1,391.84%	-1,206.38%	1,570.53%	787.43%
Net Cash from Financing Activities	-454M	-219M	-198M	-113M	-715M	-259M	-431M	-530M	-401M	467M	-200M	-370M	-153M	-213M	7M	-152M	138M	149M	52M	-139M	74M	301M	-153M
Return on Net Cash from Financing Activities	-155.86%	-122.52%	428.81%	341.86%	-168.77%	-477.50%	-181.61%	-113.32%	-172.64%	82.01%	-227.06%	-132.88%	-152.91%	-148.35%	5,564.29%	-229.44%	262.96%	-182.56%	313.17%	61.89%	384.41%	124.49%	-113.60%
Effect of FX on Cash	-14M	-12M	-7M	-7M	-37M	-43M	6M	-27M	-21M	-14M	-3M	-7M	-6M	5M	0M	-8M	0M	0M	-1M	-2M	-26M	-3M	-18M
Return on Effect of FX on Cash	2,203.83%	-2,008.84%	-12,306.01%	-36,551.32%	-3,300.00%	-2,895.88%	12,200.00%	-2,233.64%	-3,354.88%	-2,744.14%	-13,911.54%	-6,744.83%	-4,236.36%	6,443.59%	-103,866.67%	-4,611.67%	-288,200.00%	-108,350.00%	-32,100.00%	4,546.67%	-1,106.34%	-11,936.00%	-970.42%
Net Change in Cash	-25M	47M	40M	34M	-324M	260M	127M	-33M	-167M	133M	178M	-168M	-10M	-141M	131M	355M	70M	-129M	91M	115M	-34M	307M	-573M
Return on Net Change in Cash	-537.56%	-213.92%	-348.81%	-232.68%	-372.21%	475.42%	617.87%	-1,817.49%	-413.06%	287.63%	255.44%	-292.16%	-2,301.23%	-223.38%	300.19%	98.12%	520.22%	211.62%	177.35%	-74.37%	-836.90%	122.40%	-30.23%
Cash at Beginning of Period	1,048M	1,008M	1,003M	879M	3,917M	4,128M	970M	1,003M	1,170M	1,037M	859M	1,028M	1,038M	1,179M	1,049M	694M	625M	753M	662M	544M	578M	272M	845M
Return on Cash at Beginning of Period	66.55%	57.90%	47.42%	36.93%	30.82%	29.98%	80.65%	59.91%	59.10%	36.92%	52.92%	47.86%	22.58%	26.79%	37.35%	50.11%	58.01%	-36.16%	24.37%	-15.76%	49.33%	138.15%	20.51%
Cash at End of Period	1,023M	1,055M	1,043M	914M	3,593M	4,389M	1,097M	970M	1,003M	1,170M	1,037M	859M	1,028M	1,038M	1,179M	1,049M	694M	625M	753M	659M	544M	578M	272M
Return on Cash at End of Period	67.42%	55.76%	45.57%	35.01%	33.61%	28.21%	71.34%	61.96%	68.96%	32.72%	43.84%	57.23%	22.80%	30.44%	33.22%	33.17%	52.19%	-43.62%	21.43%	-13.01%	52.42%	64.90%	63.80%
Operating Cash Flow	908M	676M	621M	560M	1,368M	1,405M	930M	885M	911M	4M	651M	565M	469M	620M	450M	724M	677M	391M	404M	368M	345M	758M	305M
Return on Operating Cash Flow	76.00%	1,963.31%	1,013.96%	681.50%	88.23%	88.12%	84.15%	67.93%	75.93%	9,518.75%	69.80%	87.09%	49.92%	50.93%	87.01%	48.05%	53.56%	-69.72%	39.94%	-23.32%	82.53%	49.51%	56.82%
Capital Expenditure	-446M	-385M	-341M	-339M	-1,083M	-647M	-569M	-445M	-325M	-307M	-277M	-295M	-287M	-308M	-320M	-281M	-280M	-270M	-279M	-371M	-468M	-926M	-891M
Return on Capital Expenditure	-161.81%	-154.80%	-137.14%	-99.72%	-111.52%	-191.30%	-137.47%	-135.03%	-212.93%	-124.63%	-163.96%	-166.89%	-81.68%	-102.61%	-122.44%	-123.75%	-129.47%	100.74%	-57.92%	23.10%	-60.90%	-40.53%	-19.45%
Free Cash Flow	462M	291M	280M	221M	286M	758M	361M	440M	586M	-303M	374M	270M	183M	312M	130M	443M	397M	120M	125M	-4M	-123M	-168M	-586M
Return on Free Cash Flow	157.22%	93.38%	125.79%	224.72%	422.48%	163.39%	216.95%	136.69%	118.02%	-126.29%	121.54%	182.12%	128.37%	101.13%	300.77%	78.56%	91.35%	-226.44%	128.66%	2,351.72%	-232.38%	-223.52%	-29.58%

Free Cash Flow Returns

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
Net Income	823M	661M	509M	369M	1,207M	1,238M	1,032M	745M	692M	383M	455M	492M	234M	316M	392M	348M	362M	-272M	203M	-203M	356M	484M	216M
EBITDA	1,314M	1,128M	979M	815M	2,465M	2,524M	1,490M	1,115M	1,336M	838M	862M	937M	786M	854M	903M	667M	876M	329M	643M	41M	548M	756M	392M
Return on EBITDA	62.62%	57.27%	50.12%	4.10%	48.97%	49.05%	69.27%	66.82%	51.78%	45.72%	52.74%	52.50%	29.80%	36.99%	43.40%	52.19%	41.37%	-82.87%	31.60%	-494.79%	64.97%	64.01%	55.00%
(-) Tax Adjustment	296M	244M	186M	144M	507M	629M	315M	196M	376M	204M	129M	157M	145M	218M	144M	-21M	111M	-27M	124M	-23M	105M	170M	75M
Return on (-) Tax Adjustment	297.35%	286.48%	67.33%	226.44%	238.35%	196.83%	327.95%	380.32%	183.76%	187.28%	353.10%	313.84%	161.60%	144.64%	272.20%	-1,651.42%	327.50%	1,023.05%	163.78%	869.51%	339.56%	284.66%	286.87%
(-) Change In Working Capital	-33M	-97M	-27M	-31M	-158M	-318M	-54M	149M	-194M	-359M	-28M	-84M	62M	101M	-117M	258M	31M	94M	-102M	-92M	-124M	224M	-156M
Return on (-) Change In Working Capital	-585.10%	-696.76%	-357.77%	-198.69%	-765.18%	-388.71%	-1,900.23%	501.27%	-356.35%	-106.54%	-1,621.97%	-582.14%	375.81%	312.95%	-335.41%	134.91%	1,152.80%	-288.55%	-199.38%	219.46%	-286.93%	215.98%	-138.61%
(-) Capital Expenditure	-446M	-385M	-341M	-339M	-1,083M	-647M	-569M	-445M	-325M	-307M	-277M	-295M	-287M	-308M	-320M	-281M	-280M	-270M	-279M	-371M	-468M	-926M	-891M
Return on (-) Capital Expenditure	-187.22%	-170.05%	-144.76%	-104.72%	-111.52%	-191.30%	-181.37%	-167.37%	-212.93%	-124.63%	-163.96%	-166.89%	-81.68%	-102.61%	-122.44%	-123.75%	-129.47%	100.74%	-72.94%	54.62%	-76.05%	-52.31%	-24.22%
Unlevered Free Cash Flow	605M	597M	478M	363M	1,034M	1,566M	660M	325M	829M	685M	484M	570M	292M	227M	555M	149M	454M	-9M	342M	-215M	99M	-563M	-418M
Return on Unlevered Free Cash Flow	156.25%	123.72%	122.89%	313.62%	116.78%	79.05%	156.28%	229.02%	83.47%	55.88%	93.93%	86.29%	80.22%	139.33%	70.53%	233.99%	79.81%	2,882.31%	59.37%	94.52%	359.41%	-85.92%	-51.62%
(-) Net Interest Income After Taxes	-49M	-45M	-27M	-38M	-74M	-64M	-48M	-61M	-39M	-36M	-39M	-45M	-46M	46M	49M	-51M	-50M	-25M	-110M	-48M	-67M	-53M	-31M
Return on (-) Net Interest Income After Taxes	-1,712.99%	-1,475.08%	-816.92%	-540.56%	-1,642.18%	-1,942.85%	-2,163.69%	-1,218.29%	-1,756.99%	-1,074.63%	-1,161.79%	-1,097.62%	-504.52%	691.92%	802.41%	-685.99%	-720.23%	1,077.75%	-185.17%	423.05%	-534.67%	-918.34%	-702.99%
Net Debt Issuance	-114M	44M	-11M	75M	-225M	189M	-110M	0M	-232M	620M	-60M	-267M	22M	-45M	-13M	-25M	208M	251M	141M	0M	638M	431M	4M
Return on Net Debt Issuance	-411.66%	-386.63%	-620.77%	-5,772.80%	-537.38%	654.65%	-937.10%	0.00%	-297.89%	61.73%	-759.87%	-184.44%	1,065.14%	-709.89%	-3,054.90%	-1,390.45%	174.03%	-108.57%	144.38%	-80,650.00%	55.81%	112.24%	5,362.50%
Levered Free Cash Flow	540M	685M	494M	477M	883M	1,819M	598M	386M	636M	1,341M	463M	348M	361M	137M	494M	174M	712M	267M	593M	-166M	804M	-79M	-383M
Return on Levered Free Cash Flow	158.05%	120.17%	131.72%	97.76%	136.78%	68.06%	172.59%	192.78%	108.78%	28.55%	98.13%	141.28%	64.99%	231.30%	79.33%	199.51%	50.85%	-102.13%	34.28%	121.90%	44.31%	-609.80%	-56.30%