Real Estate

Category: Sector Averages Reference Ticker: 0081.HK

Methodology: Sector metrics reflect the Top 100 companies by revenue within the sector. Values shown represent averages, not aggregates, and are winsorized at the 80/20 percentile to reduce the impact of extreme outliers. All financials are USD-normalized.

Sector Enterprise Value

Metric	MRQ	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
Stock Price	47.54	23.31	12.96	8.61	10.32	12.09	10.14	8.85	12.38	11.66	13.81	15.43	14.25	17.65	16.26	15.54	17.60	12.97	21.96	27.42	22.74	20.59	14.47	12.88	13.02	12.85	12.36	12.18	13.87	11.31	7.95
Market Capitalization	15,834M	10,733M	7,687M	7,920M	7,991M	9,135M	10,280M	8,785M	11,028M	9,129M	9,802M	9,524M	7,197M	7,357M	5,291M	5,375M	4,685M	3,291M	5,602M	5,175M	3,698M	2,712M	1,931M	1,520M	1,527M	1,383M	1,014M	942M	878M	589M	330M
(-) Cash & Equivalents	1,037M	1,773M	1,797M	2,128M	2,644M	3,630M	3,063M	2,674M	2,073M	1,670M	1,375M	1,142M	995M	900M	619M	685M	623M	383M	291M	273M	187M	144M	87M	63M	63M	56M	36M	26M	24M	15M	7M
(+) Total Debt	12,797M	13,781M	14,305M	15,211M	13,654M	14,106M	13,010M	10,093M	9,340M	7,921M	7,080M	6,183M	5,332M	4,764M	4,246M	3,127M	3,181M	2,991M	3,006M	2,378M	1,842M	1,564M	1,221M	1,118M	1,028M	940M	688M	535M	324M	195M	133M
Enterprise Value	28,852M	22,110M	20,899M	22,878M	21,222M	20,089M	21,104M	16,771M	18,136M	15,572M	15,649M	14,806M	11,743M	11,346M	8,966M	8,181M	7,648M	6,552M	8,638M	7,614M	5,703M	4,681M	3,341M	2,677M	2,635M	2,407M	1,748M	1,496M	1,273M	805M	497M

Sector Income Statement

Metric	TTM	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
Revenue	7,072.413M	6,425.042M	7,841.856M	8,223.717M	8,627.385M	7,813.186M	7,148.459M	6,079.917M	5,053.632M	4,488.601M	3,928.042M	3,664.380M	3,209.012M	2,856.529M	2,365.676M	2,239.272M	1,845.823M	1,694.916M	1,541.164M	1,324.856M	1,037.064M	874.960M	723.295M	602.584M	567.427M	468.594M	326.584M	269.454M	210.929M	141.464M	92.229M
Cost of Revenue	4,433.793M	4,828.835M	5,348.557M	5,807.650M	6,172.118M	5,323.647M	4,787.275M	3,760.504M	3,145.781M	2,877.452M	2,457.280M	2,270.611M	1,951.933M	1,595.531M	1,261.348M	1,152.181M	969.874M	797.658M	711.836M	611.322M	437.645M	374.623M	275.007M	198.496M	177.811M	125.529M	74.410M	52.992M	40.597M	35.401M	27.532M
Gross Profit	2,638.620M	1,596.207M	2,493.299M	2,416.067M	2,455.267M	2,489.539M	2,361.184M	2,319.413M	1,907.851M	1,611.150M	1,470.762M	1,393.769M	1,257.079M	1,260.998M	1,104.328M	1,087.090M	875.949M	897.258M	829.328M	713.534M	599.419M	500.337M	448.288M	404.087M	389.615M	343.065M	252.174M	216.462M	170.332M	106.063M	64.696M
Gross Margin	37.30%	24.80%	31.80%	29.40%	28.50%	31.90%	33.00%	38.10%	37.80%	35.90%	37.40%	38.00%	39.20%	44.10%	46.70%	48.50%	47.50%	52.90%	53.80%	53.90%	57.80%	57.20%	62.00%	67.10%	68.70%	73.20%	77.20%	80.30%	80.80%	75.00%	70.10%
R&D Expenses	0.081M	0.291M	0.023M	0.786M	0.823M	0.625M	0.178M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M
SG&A Expenses	643.256M	595.250M	639.999M	680.824M	731.828M	706.848M	693.009M	494.507M	411.155M	353.133M	307.204M	283.451M	253.628M	221.045M	201.247M	144.505M	145.184M	133.264M	98.165M	96.019M	68.555M	56.509M	54.480M	43.258M	35.159M	27.503M	18.696M	14.462M	10.892M	8.901M	6.381M
Operating Expenses	643.337M	595.542M	640.022M	681.610M	732.652M	707.473M	693.188M	494.507M	411.155M	353.133M	307.204M	283.451M	253.628M	221.045M	201.247M	144.505M	145.184M	133.264M	98.165M	96.019M	68.555M	56.509M	54.480M	43.258M	35.159M	27.503M	18.696M	14.462M	10.892M	8.901M	6.381M
Operating Income (EBIT)	1,995.283M	1,000.665M	1,853.277M	1,734.457M	1,722.615M	1,782.066M	1,667.997M	1,824.905M	1,496.696M	1,258.017M	1,163.558M	1,110.318M	1,003.451M	1,039.953M	903.081M	942.586M	730.764M	763.994M	731.163M	617.515M	530.864M	443.828M	393.808M	360.829M	354.456M	315.562M	233.477M	202.000M	159.440M	97.162M	58.316M
Operating Margin	28.20%	15.60%	23.60%	21.10%	20.00%	22.80%	23.30%	30.00%	29.60%	28.00%	29.60%	30.30%	31.30%	36.40%	38.20%	42.10%	39.60%	45.10%	47.40%	46.60%	51.20%	50.70%	54.40%	59.90%	62.50%	67.30%	71.50%	75.00%	75.60%	68.70%	63.20%
Interest Income	26.133M	46.417M	50.739M	51.700M	65.429M	65.076M	56.506M	53.576M	45.738M	28.230M	21.771M	17.995M	16.004M	14.067M	11.676M	7.109M	9.396M	11.605M	10.691M	6.275M	2.563M	1.410M	0.349M	0.581M	0.256M	0.204M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	309.043M	334.197M	284.576M	272.128M	205.898M	190.045M	225.843M	193.195M	207.303M	181.260M	141.215M	127.958M	121.363M	144.495M	131.247M	96.081M	133.658M	124.720M	90.525M	43.911M	41.005M	41.502M	32.763M	33.330M	21.753M	16.987M	7.333M	6.785M	3.040M	3.392M	1.964M
Net Interest Income	-282.910M	-287.780M	-233.837M	-220.428M	-140.470M	-124.969M	-169.338M	-139.619M	-161.565M	-153.029M	-119.445M	-109.963M	-105.360M	-130.428M	-119.571M	-88.972M	-124.261M	-113.115M	-79.834M	-37.636M	-38.441M	-40.092M	-32.415M	-32.748M	-21.496M	-16.783M	-7.333M	-6.785M	-3.040M	-3.392M	-1.964M
Other Income / Expense	-1,260.953M	-479.927M	-1,126.711M	-956.342M	-340.524M	-210.730M	-2.005M	-346.105M	-56.647M	-74.693M	-130.297M	-132.039M	-70.296M	-211.070M	-221.736M	-353.917M	-381.299M	-394.824M	-251.775M	-299.185M	-280.648M	-254.009M	-271.283M	-241.410M	-260.572M	-251.414M	-176.840M	-166.569M	-125.804M	-76.899M	-46.437M
Pre-Tax Income	451.420M	232.959M	492.729M	557.687M	1,241.621M	1,446.368M	1,496.654M	1,339.181M	1,278.484M	1,030.294M	913.816M	868.316M	827.796M	698.455M	561.774M	499.697M	225.205M	256.055M	399.554M	280.693M	211.774M	149.727M	90.110M	86.670M	72.388M	47.366M	49.304M	28.646M	30.596M	16.871M	9.914M
Pre-Tax Margin	6.40%	3.60%	6.30%	6.80%	14.40%	18.50%	20.90%	22.00%	25.30%	23.00%	23.30%	23.70%	25.80%	24.50%	23.70%	22.30%	12.20%	15.10%	25.90%	21.20%	20.40%	17.10%	12.50%	14.40%	12.80%	10.10%	15.10%	10.60%	14.50%	11.90%	10.70%
Income Tax Expense	157.885M	163.286M	183.448M	236.632M	351.397M	421.342M	423.056M	384.047M	315.137M	243.576M	186.060M	187.811M	178.518M	165.511M	133.976M	122.435M	79.739M	71.242M	89.985M	61.423M	54.754M	38.458M	17.599M	22.836M	18.761M	17.776M	13.030M	15.032M	11.293M	6.368M	6.502M
Tax Rate	35.00%	35.00%	35.00%	35.00%	28.30%	29.10%	28.30%	28.70%	24.60%	23.60%	20.40%	21.60%	21.60%	23.70%	23.80%	24.50%	35.00%	27.80%	22.50%	21.90%	25.90%	25.70%	19.50%	26.30%	25.90%	35.00%	26.40%	35.00%	35.00%	35.00%	35.00%
Net Income	257.546M	83.380M	210.155M	201.923M	705.377M	837.893M	902.665M	797.547M	832.200M	684.221M	610.297M	581.291M	556.969M	464.631M	374.817M	340.342M	177.017M	212.139M	349.323M	254.929M	209.589M	149.193M	89.393M	78.856M	59.525M	71.359M	60.712M	41.870M	38.806M	26.910M	15.375M
Net Margin	3.60%	1.30%	2.70%	2.50%	8.20%	10.70%	12.60%	13.10%	16.50%	15.20%	15.50%	15.90%	17.40%	16.30%	15.80%	15.20%	9.60%	12.50%	22.70%	19.20%	20.20%	17.10%	12.40%	13.10%	10.50%	15.20%	18.60%	15.50%	18.40%	19.00%	16.70%
Depreciation & Amortization	411.380M	314.655M	253.885M	314.834M	246.501M	372.001M	328.482M	361.697M	328.144M	271.999M	168.698M	179.104M	151.904M	156.628M	146.549M	125.016M	130.660M	127.004M	101.021M	99.650M	80.545M	77.644M	66.150M	63.480M	57.371M	53.967M	42.549M	33.118M	18.141M	10.813M	6.844M
EBITDA	2,406.663M	1,315.321M	2,107.162M	2,049.291M	1,969.117M	2,154.068M	1,996.478M	2,186.602M	1,824.840M	1,530.016M	1,332.256M	1,289.422M	1,155.355M	1,196.581M	1,049.630M	1,067.602M	861.425M	890.998M	832.183M	717.165M	611.408M	521.472M	459.958M	424.309M	411.828M	369.529M	276.027M	235.118M	177.581M	107.974M	65.160M
EBITDA Margin	34.00%	20.50%	26.90%	24.90%	22.80%	27.60%	27.90%	36.00%	36.10%	34.10%	33.90%	35.20%	36.00%	41.90%	44.40%	47.70%	46.70%	52.60%	54.00%	54.10%	59.00%	59.60%	63.60%	70.40%	72.60%	78.90%	84.50%	87.30%	84.20%	76.30%	70.70%
NOPAT	1,297.426M	650.432M	1,204.630M	1,127.397M	1,235.089M	1,262.932M	1,196.508M	1,301.563M	1,127.772M	960.604M	926.648M	870.163M	787.052M	793.518M	687.708M	711.634M	474.997M	551.428M	566.495M	482.385M	393.609M	329.828M	316.896M	265.758M	262.593M	205.116M	171.773M	131.300M	103.636M	63.155M	37.905M
NOPAT Margin	18.30%	10.10%	15.40%	13.70%	14.30%	16.20%	16.70%	21.40%	22.30%	21.40%	23.60%	23.70%	24.50%	27.80%	29.10%	31.80%	25.70%	32.50%	36.80%	36.40%	38.00%	37.70%	43.80%	44.10%	46.30%	43.80%	52.60%	48.70%	49.10%	44.60%	41.10%
Owner's Earnings	668.926M	398.035M	464.040M	516.757M	951.879M	1,209.894M	1,231.147M	1,159.244M	1,160.344M	956.220M	778.995M	760.395M	708.873M	621.259M	521.366M	465.359M	307.677M	339.143M	450.344M	354.579M	290.134M	226.837M	155.543M	142.337M	116.896M	125.326M	103.261M	74.988M	56.947M	37.722M	22.220M
Owner's Earnings Margin	9.50%	6.20%	5.90%	6.30%	11.00%	15.50%	17.20%	19.10%	23.00%	21.30%	19.80%	20.80%	22.10%	21.70%	22.00%	20.80%	16.70%	20.00%	29.20%	26.80%	28.00%	25.90%	21.50%	23.60%	20.60%	26.70%	31.60%	27.80%	27.00%	26.70%	24.10%
EPS	0.040	0.040	0.090	0.082	0.288	0.336	0.381	0.322	0.323	0.288	0.268	0.262	0.295	0.266	0.263	0.239	0.152	0.212	0.406	0.359	0.398	0.270	0.133	0.166	0.151	0.163	0.163	0.119	0.110	0.076	0.053
EPS (Diluted)	0.040	0.040	0.090	0.082	0.288	0.336	0.381	0.322	0.323	0.288	0.268	0.262	0.295	0.266	0.263	0.239	0.152	0.212	0.406	0.359	0.398	0.270	0.133	0.166	0.151	0.163	0.163	0.119	0.110	0.076	0.053
Shares (Diluted)	6,402,676,672	2,096,779,983	2,333,118,267	2,460,229,411	2,445,098,066	2,492,507,287	2,366,143,798	2,473,514,609	2,574,644,278	2,376,882,413	2,280,227,343	2,215,341,489	1,891,117,558	1,749,753,705	1,425,895,573	1,422,043,347	1,168,072,669	998,869,965	861,162,751	710,766,027	526,566,331	552,170,274	673,804,468	476,107,786	395,309,230	436,697,495	372,198,804	352,076,162	352,300,371	352,418,429	291,804,808

Sector Balance Sheet

Metric	MRQ	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
Cash & Cash Equivalents	1,072M	1,768M	1,791M	2,125M	2,642M	3,631M	3,063M	2,674M	2,073M	1,670M	1,385M	1,150M	1,003M	900M	623M	701M	623M	391M	291M	275M	189M	144M	87M	63M	63M	56M	36M	26M	24M	15M	7M
Short-Term Investments	533M	373M	408M	394M	423M	289M	213M	73M	204M	159M	54M	60M	60M	64M	72M	82M	56M	31M	129M	34M	19M	13M	14M	15M	26M	6M	7M	3M	2M	3M	1M
Cash & Short-Term Investments	1,605M	2,141M	2,199M	2,519M	3,065M	3,920M	3,276M	2,747M	2,277M	1,829M	1,439M	1,210M	1,062M	963M	696M	783M	679M	422M	419M	309M	208M	157M	101M	77M	89M	62M	44M	28M	26M	17M	9M
Net Receivables	1,726M	2,292M	1,695M	1,803M	1,533M	1,433M	1,885M	1,232M	1,020M	704M	574M	496M	391M	346M	286M	206M	262M	248M	190M	139M	100M	66M	55M	51M	55M	37M	28M	19M	16M	17M	7M
Inventory	1,309M	6,259M	8,561M	11,455M	12,303M	11,721M	10,788M	8,822M	6,858M	5,117M	4,459M	3,858M	3,207M	2,335M	743M	785M	780M	489M	348M	181M	138M	80M	68M	65M	34M	21M	13M	12M	20M	15M	13M
Other Current Assets	518M	909M	2,053M	1,800M	2,477M	2,100M	1,820M	1,643M	1,428M	1,157M	804M	656M	498M	262M	204M	460M	276M	261M	252M	317M	135M	103M	94M	82M	91M	54M	29M	33M	29M	16M	10M
Total Current Assets	5,159M	11,600M	14,508M	17,577M	19,378M	19,174M	17,769M	14,444M	11,583M	8,807M	7,277M	6,220M	5,159M	3,906M	1,929M	2,234M	1,997M	1,420M	1,209M	945M	581M	406M	318M	275M	269M	175M	113M	93M	91M	65M	39M
Property, Plant & Equipment	2,719M	2,034M	2,440M	2,520M	2,013M	1,992M	2,167M	2,288M	2,130M	2,486M	2,444M	2,428M	1,827M	1,674M	2,115M	1,744M	2,483M	2,613M	2,926M	2,498M	2,360M	2,434M	2,082M	1,982M	1,851M	1,777M	1,396M	1,148M	700M	351M	218M
Goodwill	990M	408M	315M	320M	245M	283M	238M	195M	207M	150M	90M	50M	46M	51M	27M	26M	34M	29M	24M	13M	10M	1M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Intangible Assets	354M	274M	323M	372M	331M	290M	239M	265M	216M	161M	171M	125M	122M	154M	100M	68M	107M	80M	58M	57M	24M	43M	8M	2M	6M	3M	1M	1M	0M	1M	1M
Long-Term Investments	1,382M	2,307M	2,951M	2,706M	2,693M	2,856M	2,155M	1,596M	1,677M	1,272M	981M	773M	782M	589M	437M	446M	344M	354M	384M	305M	150M	155M	80M	64M	55M	37M	17M	13M	3M	3M	1M
Tax Assets	82M	76M	87M	282M	262M	245M	205M	200M	204M	156M	95M	75M	53M	64M	49M	40M	31M	23M	16M	11M	11M	6M	2M	0M	1M	0M	0M	0M	0M	0M	0M
Other Non-Current Assets	6,037M	7,925M	5,626M	4,472M	1,904M	3,699M	1,586M	2,290M	2,044M	2,316M	2,430M	2,439M	2,689M	2,476M	1,066M	916M	660M	576M	445M	326M	-264M	-299M	-405M	-319M	-381M	-483M	-538M	-501M	-211M	-134M	-90M
Other Assets	0M	0M	0M	347M	450M	472M	327M	308M	249M	127M	114M	6M	0M	0M	0M	0M	0M	0M	0M	0M	0M	10M	19M	21M	31M	43M	30M	28M	15M	5M	9M
Total Non-Current Assets	11,564M	13,025M	11,743M	11,019M	7,899M	9,838M	6,916M	7,140M	6,728M	6,668M	6,325M	5,897M	5,518M	5,008M	3,793M	3,239M	3,660M	3,675M	3,854M	3,210M	2,291M	2,351M	1,786M	1,751M	1,562M	1,378M	907M	689M	508M	225M	138M
Total Assets	16,723M	24,625M	26,252M	28,596M	27,276M	29,012M	24,686M	21,584M	18,311M	15,475M	13,602M	12,117M	10,677M	8,913M	5,722M	5,473M	5,657M	5,095M	5,063M	4,156M	2,872M	2,758M	2,104M	2,026M	1,831M	1,552M	1,021M	781M	599M	290M	177M
Accounts Payable	596M	1,554M	1,767M	2,079M	2,357M	2,280M	1,873M	1,409M	867M	830M	767M	698M	531M	406M	379M	347M	319M	281M	246M	163M	130M	104M	74M	55M	54M	43M	26M	19M	16M	13M	6M
Short-Term Debt	1,475M	1,752M	2,236M	2,392M	2,377M	2,135M	2,182M	1,797M	1,512M	1,137M	1,082M	969M	793M	699M	629M	446M	313M	309M	230M	247M	131M	109M	82M	58M	73M	72M	56M	36M	20M	16M	10M
Tax Payables	0M	214M	561M	753M	864M	769M	624M	478M	336M	247M	160M	195M	92M	156M	78M	84M	43M	25M	30M	14M	15M	7M	6M	5M	2M	2M	1M	1M	0M	1M	0M
Deferred Revenue	127M	0M	61M	783M	695M	995M	811M	327M	446M	402M	275M	157M	176M	228M	109M	61M	55M	49M	48M	24M	16M	13M	13M	7M	3M	1M	1M	2M	3M	4M	5M
Other Current Liabilities	1,734M	3,619M	5,526M	7,316M	7,186M	5,842M	6,500M	5,458M	3,789M	2,305M	1,765M	1,666M	1,419M	1,229M	761M	472M	408M	302M	273M	200M	114M	44M	37M	56M	44M	33M	33M	26M	19M	15M	5M
Total Current Liabilities	3,932M	7,140M	10,151M	13,323M	13,479M	12,021M	11,991M	9,471M	6,950M	4,922M	4,049M	3,685M	3,011M	2,718M	1,956M	1,410M	1,138M	967M	828M	648M	406M	278M	213M	181M	176M	150M	117M	84M	58M	49M	27M
Long-Term Debt	11,129M	9,723M	9,827M	9,548M	9,220M	10,346M	9,290M	7,893M	7,681M	6,632M	5,986M	5,202M	4,822M	4,144M	3,589M	2,734M	2,769M	2,417M	2,699M	2,025M	1,446M	1,401M	1,074M	998M	892M	839M	647M	476M	283M	144M	105M
Capital Lease Obligations	157M	333M	308M	328M	242M	270M	210M	13M	7M	7M	6M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Deferred Tax Liabilities	139M	289M	387M	454M	436M	421M	394M	412M	388M	399M	305M	295M	168M	237M	175M	193M	162M	114M	112M	79M	68M	40M	16M	10M	2M	1M	0M	0M	0M	0M	0M
Other Non-Current Liabilities	559M	492M	689M	526M	415M	392M	237M	284M	313M	240M	238M	256M	276M	152M	164M	134M	138M	116M	95M	108M	15M	-26M	36M	-161M	-158M	-198M	-194M	-107M	-56M	-46M	-39M
Total Non-Current Liabilities	11,985M	10,837M	11,210M	10,857M	10,313M	11,429M	10,131M	8,602M	8,388M	7,277M	6,534M	5,753M	5,266M	4,533M	3,928M	3,061M	3,069M	2,646M	2,906M	2,212M	1,530M	1,415M	1,126M	848M	736M	642M	454M	369M	227M	98M	66M
Total Liabilities	15,917M	17,978M	21,361M	24,180M	23,793M	23,451M	22,122M	18,073M	15,339M	12,199M	10,582M	9,438M	8,277M	7,251M	5,884M	4,471M	4,207M	3,613M	3,734M	2,860M	1,936M	1,693M	1,339M	1,029M	912M	792M	571M	453M	285M	148M	94M
Preferred Stock	0M	0M	0M	10M	8M	7M	44M	142M	121M	60M	0M	1M	3M	0M	0M	0M	0M	5M	0M	0M	5M	5M	5M	0M	0M	0M	0M	0M	0M	0M	0M
Common Stock	360M	456M	465M	440M	402M	363M	394M	453M	537M	563M	563M	488M	241M	268M	251M	269M	190M	200M	138M	88M	73M	64M	50M	25M	19M	15M	12M	15M	19M	15M	11M
Retained Earnings	164M	1,672M	2,091M	2,705M	3,109M	3,320M	2,525M	2,516M	2,826M	2,220M	2,103M	1,658M	1,470M	876M	491M	420M	174M	169M	257M	148M	46M	-7M	-13M	-24M	-28M	-16M	-18M	-7M	7M	5M	2M
Accumulated OCI	359M	109M	10M	195M	295M	226M	219M	506M	333M	165M	131M	95M	17M	-30M	-22M	-7M	-9M	-13M	-3M	-1M	-3M	-1M	-2M	-4M	-5M	-35M	-30M	-28M	-21M	-11M	0M
Minority Interest	1,609M	2,105M	2,364M	2,727M	2,373M	2,540M	1,875M	1,556M	1,296M	875M	738M	494M	418M	384M	226M	204M	183M	141M	169M	130M	121M	106M	92M	88M	83M	78M	65M	40M	17M	8M	5M
Total Shareholders’ Equity	883M	2,237M	2,565M	3,350M	3,814M	3,916M	3,182M	3,618M	3,818M	3,008M	2,797M	2,242M	1,731M	1,114M	721M	682M	355M	361M	392M	234M	121M	62M	41M	-3M	-14M	-36M	-36M	-20M	6M	9M	13M
Total Equity	2,492M	4,341M	4,929M	6,077M	6,186M	6,456M	5,057M	5,174M	5,114M	3,883M	3,535M	2,736M	2,149M	1,499M	948M	886M	538M	503M	561M	365M	242M	169M	133M	86M	69M	42M	29M	19M	23M	17M	18M
Total Liabilities & Equity	18,409M	22,319M	26,290M	30,256M	29,979M	29,907M	27,178M	23,247M	20,453M	16,082M	14,118M	12,175M	10,425M	8,749M	6,831M	5,357M	4,744M	4,116M	4,295M	3,225M	2,177M	1,862M	1,471M	1,115M	980M	834M	601M	473M	308M	165M	111M
Tangible Assets	15,378M	23,943M	25,614M	27,904M	26,700M	28,439M	24,209M	21,125M	17,888M	15,164M	13,341M	11,941M	10,509M	8,709M	5,596M	5,379M	5,515M	4,986M	4,981M	4,086M	2,838M	2,713M	2,096M	2,024M	1,825M	1,550M	1,019M	780M	598M	289M	177M
Tangible Equity	1,147M	3,659M	4,291M	5,385M	5,610M	5,883M	4,580M	4,715M	4,691M	3,571M	3,273M	2,560M	1,981M	1,294M	821M	792M	396M	394M	479M	295M	208M	124M	124M	83M	63M	39M	28M	18M	23M	16M	17M
Tangible Book Value	1,147M	3,659M	4,291M	5,385M	5,610M	5,883M	4,580M	4,715M	4,691M	3,571M	3,273M	2,560M	1,981M	1,294M	821M	792M	396M	394M	479M	295M	208M	124M	124M	83M	63M	39M	28M	18M	23M	16M	17M
Total Investments	2,048M	2,664M	3,364M	3,212M	2,932M	3,037M	2,258M	1,887M	1,994M	1,381M	1,031M	892M	888M	711M	673M	602M	535M	530M	567M	367M	294M	242M	165M	127M	120M	84M	40M	34M	28M	10M	3M
Net Debt	11,533M	9,708M	10,272M	9,816M	8,955M	8,850M	8,410M	7,017M	7,120M	6,100M	5,682M	5,022M	4,612M	3,943M	3,594M	2,479M	2,459M	2,335M	2,639M	1,997M	1,388M	1,366M	1,069M	994M	902M	855M	667M	486M	280M	146M	108M

Sector Capital

Metric	MRQ	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
Working Capital	-1,113M	1,876M	2,813M	4,169M	5,019M	6,297M	5,081M	4,966M	4,234M	3,944M	3,087M	2,532M	1,955M	1,947M	1,041M	1,235M	1,123M	872M	825M	503M	263M	246M	132M	130M	55M	15M	5M	19M	50M	47M	17M
Total Capital	21,595M	21,796M	21,883M	23,433M	20,993M	21,874M	19,865M	16,886M	16,862M	14,282M	13,407M	11,760M	10,167M	9,218M	8,100M	6,586M	6,182M	5,873M	5,830M	4,597M	3,861M	3,283M	2,628M	2,383M	2,279M	2,121M	1,659M	1,339M	886M	513M	296M
Capital Employed	27,897M	26,643M	26,490M	26,587M	24,342M	25,203M	22,950M	20,417M	19,894M	17,288M	15,654M	13,949M	12,746M	11,859M	9,605M	8,380M	8,238M	7,847M	7,298M	5,992M	4,827M	4,458M	3,300M	2,978M	2,719M	2,452M	1,876M	1,606M	1,061M	619M	359M
Invested Capital	20,523M	20,029M	20,092M	21,308M	18,352M	18,243M	16,802M	14,213M	14,789M	12,613M	12,022M	10,609M	9,165M	8,318M	7,476M	5,885M	5,558M	5,482M	5,539M	4,322M	3,672M	3,139M	2,540M	2,320M	2,216M	2,065M	1,623M	1,313M	862M	499M	289M

Sector Cash Flow Statement

Metric	TTM	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
Net Income	333M	180M	357M	326M	896M	937M	1,044M	996M	978M	817M	680M	643M	602M	614M	436M	418M	204M	215M	310M	241M	203M	137M	80M	75M	56M	69M	62M	47M	50M	35M	25M
Depreciation & Amortization	351M	321M	312M	331M	264M	232M	227M	171M	192M	189M	170M	176M	149M	156M	146M	113M	131M	114M	98M	91M	75M	75M	63M	61M	55M	50M	35M	29M	23M	14M	14M
Deferred Income Tax	-1M	0M	0M	-40M	-75M	11M	4M	-16M	-38M	-27M	-10M	-2M	-22M	-20M	-1M	-5M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Stock-Based Compensation	20M	13M	9M	10M	10M	9M	10M	9M	8M	6M	6M	7M	5M	5M	2M	2M	2M	1M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Change in Working Capital	393M	157M	182M	342M	-180M	-414M	-623M	-553M	-443M	60M	-68M	-232M	-218M	-66M	-219M	-167M	15M	-145M	-32M	-52M	-19M	0M	-4M	-5M	2M	-8M	-6M	-4M	0M	0M	-2M
Accounts Receivable	-8M	-12M	63M	14M	-160M	-166M	-182M	-155M	-111M	-103M	-56M	-29M	-58M	-12M	0M	0M	0M	0M	-1M	0M	0M	-1M	0M	0M	0M	-1M	-1M	-2M	-2M	-1M	-1M
Inventory	480M	1,189M	1,327M	908M	-180M	-1,050M	-1,288M	-1,088M	-639M	-24M	-185M	-328M	-312M	-178M	-56M	-6M	-1M	-18M	-9M	-11M	-2M	-2M	-1M	1M	0M	-2M	0M	-1M	1M	1M	0M
Accounts Payable	6M	6M	-14M	-46M	50M	112M	263M	200M	154M	59M	46M	0M	1M	0M	0M	0M	0M	0M	0M	2M	1M	1M	0M	0M	0M	0M	1M	1M	2M	1M	0M
Other Working Capital	-6M	-485M	-461M	-166M	-64M	292M	57M	433M	52M	137M	170M	102M	140M	142M	4M	-24M	18M	-10M	3M	0M	3M	9M	5M	0M	-1M	-4M	-4M	-5M	-5M	-3M	-1M
Other Non-Cash Items	-322M	264M	303M	252M	203M	20M	1M	10M	-112M	-97M	-151M	-147M	-77M	-60M	-74M	-43M	48M	5M	-114M	-35M	-35M	-7M	9M	42M	18M	-2M	0M	3M	5M	3M	2M
Net Cash from Operating	1,132M	1,130M	1,331M	1,198M	1,103M	1,095M	960M	952M	559M	931M	687M	432M	324M	517M	233M	252M	376M	218M	300M	242M	239M	227M	158M	183M	140M	113M	93M	88M	80M	55M	43M
Investments in PPE	-82M	-179M	-105M	-288M	-271M	-284M	-273M	-303M	-285M	-211M	-133M	-164M	-123M	-157M	-219M	-129M	-164M	-244M	-375M	-242M	-210M	-154M	-130M	-136M	-140M	-129M	-135M	-214M	-192M	-102M	-53M
Acquisitions (Net)	-18M	-9M	-8M	-7M	-169M	-228M	-250M	-264M	-271M	-153M	-165M	-59M	-67M	-62M	-66M	-35M	-19M	-36M	-26M	-20M	-14M	-3M	-4M	-25M	-10M	-4M	0M	0M	0M	0M	0M
Purchases of Investments	-122M	-154M	-170M	-236M	-372M	-397M	-357M	-350M	-407M	-217M	-111M	-89M	-41M	-59M	-52M	-40M	-52M	-58M	-129M	-91M	-31M	-32M	-18M	-17M	-20M	-13M	-5M	-12M	-5M	-2M	-3M
Sales/Maturities of Investments	27M	99M	130M	213M	242M	172M	265M	180M	196M	83M	123M	71M	47M	39M	53M	25M	28M	43M	45M	55M	27M	24M	12M	16M	11M	11M	7M	8M	3M	4M	2M
Other Investing Activities	-208M	-77M	-78M	16M	-217M	49M	-66M	-198M	-149M	-60M	-152M	-113M	-49M	16M	30M	-18M	49M	54M	40M	73M	71M	44M	39M	50M	32M	28M	17M	4M	-1M	8M	-11M
Net Cash from Investing	-698M	-593M	-550M	-477M	-1,338M	-958M	-1,105M	-1,166M	-1,176M	-626M	-651M	-490M	-441M	-472M	-376M	-257M	-247M	-329M	-495M	-258M	-208M	-184M	-104M	-150M	-126M	-115M	-111M	-221M	-287M	-115M	-88M
Net Debt Issuance	-2M	14M	-186M	-212M	293M	848M	948M	1,058M	1,139M	394M	520M	511M	358M	297M	292M	209M	76M	260M	371M	165M	68M	20M	-1M	16M	42M	35M	52M	65M	63M	13M	7M
Long-Term Debt Issuance	8M	-56M	-164M	-156M	324M	754M	875M	979M	1,158M	312M	496M	485M	362M	303M	274M	230M	121M	258M	336M	171M	71M	27M	15M	11M	46M	30M	47M	60M	54M	22M	7M
Short-Term Debt Issuance	10M	0M	-4M	-3M	-1M	0M	0M	0M	0M	0M	0M	0M	0M	0M	1M	0M	-3M	1M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Net Stock Issuance	18M	-6M	-12M	-13M	-8M	-3M	-3M	-2M	6M	0M	4M	5M	4M	54M	24M	6M	77M	-2M	87M	54M	30M	39M	2M	2M	7M	-1M	10M	51M	77M	35M	19M
Common Stock Issued	2M	6M	0M	37M	44M	55M	32M	16M	33M	9M	22M	21M	32M	66M	31M	13M	102M	16M	124M	66M	37M	50M	19M	6M	18M	2M	3M	33M	78M	38M	20M
Common Stock Repurchased	-3M	-12M	-24M	-45M	-18M	-15M	-11M	-15M	-6M	-6M	-2M	-2M	-1M	-3M	-7M	-5M	-1M	-19M	-29M	-11M	-3M	-1M	-1M	-1M	-2M	-5M	-2M	-1M	0M	0M	0M
Net Common Stock Issuance	18M	-6M	-11M	-14M	1M	2M	-2M	2M	10M	4M	6M	24M	4M	46M	11M	5M	78M	-1M	91M	42M	20M	26M	2M	2M	3M	-2M	1M	27M	67M	34M	19M
Net 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	0M	0M	0M	0M	0M	0M	0M	0M
Net Dividends Paid	-515M	-423M	-411M	-323M	-439M	-493M	-459M	-501M	-458M	-394M	-377M	-302M	-223M	-173M	-145M	-102M	-90M	-135M	-142M	-107M	-95M	-98M	-71M	-66M	-62M	-55M	-57M	-41M	-44M	-28M	-21M
Common Dividends Paid	-475M	-422M	-399M	-383M	-494M	-564M	-522M	-480M	-428M	-381M	-353M	-286M	-224M	-161M	-141M	-90M	-77M	-127M	-147M	-116M	-93M	-95M	-68M	-59M	-58M	-49M	-49M	-35M	-41M	-27M	-20M
Preferred Dividends Paid	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Other Financing Activities	-212M	-139M	-167M	-283M	59M	175M	115M	219M	121M	89M	28M	43M	60M	-33M	-5M	-23M	-37M	-17M	6M	3M	-16M	-11M	11M	-2M	-5M	7M	2M	6M	8M	7M	0M
Net Cash from Financing	-583M	-598M	-627M	-943M	-47M	475M	561M	699M	1,050M	55M	278M	321M	227M	241M	184M	91M	45M	189M	393M	153M	5M	-25M	-50M	-44M	-16M	-13M	38M	138M	196M	64M	32M
Effect of FX on Cash	-1M	-3M	1M	-1M	-6M	-9M	5M	0M	1M	-5M	-3M	-2M	1M	0M	-1M	0M	1M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	3M
Net Change in Cash	-154M	-79M	-152M	-552M	-391M	570M	367M	377M	345M	388M	181M	92M	75M	161M	-33M	37M	216M	38M	29M	53M	31M	34M	12M	-7M	1M	4M	8M	0M	5M	11M	1M
Cash at Beginning of Period	1,351M	1,825M	2,142M	2,844M	3,707M	3,173M	2,689M	2,155M	1,633M	1,315M	1,059M	1,005M	918M	712M	644M	643M	397M	322M	268M	179M	147M	91M	94M	68M	66M	49M	34M	35M	34M	9M	10M
Cash at End of Period	1,214M	1,739M	1,904M	2,258M	2,846M	3,741M	3,169M	2,635M	2,102M	1,594M	1,328M	1,078M	958M	891M	622M	685M	601M	384M	290M	264M	191M	163M	98M	73M	78M	60M	45M	38M	41M	26M	16M
Operating Cash Flow	1,132M	1,131M	1,339M	1,176M	1,077M	1,034M	960M	952M	559M	931M	687M	432M	324M	517M	233M	252M	376M	218M	300M	242M	239M	227M	159M	184M	140M	113M	93M	88M	80M	55M	43M
Capital Expenditure	-117M	-207M	-182M	-293M	-275M	-285M	-273M	-324M	-288M	-220M	-140M	-166M	-125M	-161M	-221M	-130M	-164M	-249M	-376M	-243M	-221M	-143M	-133M	-139M	-141M	-130M	-141M	-219M	-202M	-101M	-54M
Free Cash Flow	894M	724M	876M	678M	596M	623M	480M	519M	115M	658M	466M	256M	164M	285M	-43M	103M	209M	-100M	-238M	-47M	30M	106M	23M	45M	12M	-25M	-51M	-134M	-115M	-29M	0M
Income Taxes Paid	1M	3M	2M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Interest Paid	78M	69M	32M	0M	0M	0M	0M	0M	0M	0M	0M	1M	1M	3M	2M	3M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M

Sector Free Cash Flow

Metric	TTM	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
EBITDA	2,407M	1,315M	2,107M	2,049M	1,969M	2,154M	1,996M	2,187M	1,825M	1,530M	1,332M	1,289M	1,155M	1,197M	1,050M	1,068M	861M	891M	832M	717M	611M	521M	460M	424M	412M	370M	276M	235M	178M	108M	65M
(-) Tax Adjustment	528M	460M	738M	717M	557M	628M	564M	627M	450M	362M	271M	279M	249M	284M	250M	262M	301M	248M	187M	157M	158M	134M	90M	112M	107M	129M	73M	82M	62M	38M	23M
(-) Change in Working Capital	393M	157M	182M	342M	-180M	-414M	-623M	-553M	-443M	60M	-68M	-232M	-218M	-66M	-219M	-167M	15M	-145M	-32M	-52M	-19M	0M	-4M	-5M	2M	-8M	-6M	-4M	0M	0M	-2M
(-) Capital Expenditure	117M	207M	182M	293M	275M	285M	273M	324M	288M	220M	140M	166M	125M	161M	221M	130M	164M	249M	376M	243M	221M	143M	133M	139M	141M	130M	141M	219M	202M	101M	54M
Unlevered Free Cash Flow	1,369M	491M	1,006M	697M	1,316M	1,656M	1,782M	1,788M	1,530M	887M	989M	1,077M	1,000M	818M	797M	842M	380M	539M	301M	369M	252M	245M	241M	178M	163M	118M	68M	-62M	-86M	-31M	-10M
(-) Net Interest Income After Taxes	-216M	-187M	-152M	-143M	-101M	-89M	-121M	-100M	-122M	-117M	-95M	-86M	-83M	-100M	-91M	-67M	-81M	-82M	-62M	-29M	-29M	-30M	-26M	-24M	-16M	-11M	-5M	-4M	-2M	-2M	-1M
Net Debt Issuance	-2M	14M	-186M	-212M	293M	848M	948M	1,058M	1,139M	394M	520M	511M	358M	297M	292M	209M	76M	260M	371M	165M	68M	20M	-1M	16M	42M	35M	52M	65M	63M	13M	7M
Levered Free Cash Flow	1,583M	692M	972M	628M	1,711M	2,593M	2,852M	2,946M	2,791M	1,399M	1,605M	1,673M	1,440M	1,214M	1,180M	1,118M	537M	881M	733M	563M	348M	295M	266M	218M	221M	164M	125M	7M	-21M	-16M	-1M