Energy

Category: Sector Averages Reference Ticker: 5199.KL

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	30.33	25.26	25.23	27.95	22.09	16.48	21.67	20.01	22.94	23.25	20.66	25.27	27.77	25.20	25.16	26.03	23.15	18.26	29.31	22.49	20.73	19.36	16.36	13.20	12.47	14.35	10.58	10.39	10.96	10.60	7.24
Market Capitalization	27,554M	26,338M	24,072M	23,678M	18,990M	14,469M	20,012M	18,587M	21,270M	18,879M	15,674M	17,537M	17,266M	14,626M	13,791M	15,343M	13,728M	10,234M	15,388M	11,769M	10,985M	7,028M	4,095M	2,999M	2,543M	2,898M	1,864M	1,438M	1,619M	1,269M	797M
(-) Cash & Equivalents	2,019M	1,826M	1,974M	2,209M	2,002M	1,409M	1,334M	1,353M	1,232M	1,415M	1,334M	1,549M	1,388M	1,326M	1,189M	1,037M	824M	624M	557M	547M	523M	342M	193M	123M	101M	82M	61M	36M	38M	31M	19M
(+) Total Debt	11,941M	11,408M	9,826M	9,546M	10,108M	10,866M	9,746M	8,929M	8,573M	8,541M	8,916M	8,005M	7,246M	5,391M	5,227M	4,991M	4,456M	3,849M	3,124M	2,655M	2,187M	1,765M	1,547M	1,571M	1,017M	842M	704M	526M	376M	210M	186M
Enterprise Value	37,668M	36,468M	33,668M	32,381M	27,294M	24,247M	29,767M	27,235M	29,251M	26,540M	23,101M	25,939M	22,956M	19,244M	18,576M	19,401M	17,408M	13,468M	17,961M	13,469M	12,478M	8,869M	5,626M	4,609M	4,072M	3,895M	2,761M	2,247M	2,023M	1,467M	1,045M

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	33,069.449M	30,205.795M	30,236.948M	33,261.203M	23,652.310M	18,697.075M	23,558.220M	22,258.556M	18,870.096M	15,251.807M	17,712.539M	24,375.999M	23,975.696M	22,160.199M	19,818.146M	14,635.185M	12,899.671M	14,544.358M	10,879.492M	9,691.215M	7,595.001M	5,319.443M	3,648.732M	2,495.540M	2,262.556M	2,369.124M	1,436.015M	1,044.772M	891.287M	613.724M	502.024M
Cost of Revenue	25,449.686M	24,443.048M	24,860.694M	27,221.855M	17,949.779M	14,925.694M	18,307.922M	18,105.804M	15,093.582M	13,258.364M	15,512.866M	20,583.806M	19,674.010M	18,488.509M	15,289.397M	11,353.288M	9,957.322M	10,957.414M	7,979.253M	6,632.077M	5,461.197M	3,548.382M	2,036.214M	1,431.971M	1,447.820M	1,408.996M	896.708M	572.373M	437.862M	266.807M	235.048M
Gross Profit	7,619.763M	5,762.747M	5,376.254M	6,039.348M	5,702.532M	3,771.381M	5,250.298M	4,152.752M	3,776.515M	1,993.444M	2,199.673M	3,792.193M	4,301.686M	3,671.690M	4,528.749M	3,281.897M	2,942.349M	3,586.945M	2,900.239M	3,059.138M	2,133.804M	1,771.061M	1,612.517M	1,063.569M	814.737M	960.128M	539.307M	472.398M	453.425M	346.917M	266.976M
Gross Margin	23.04%	19.08%	17.78%	18.16%	24.11%	20.17%	22.29%	18.66%	20.01%	13.07%	12.42%	15.56%	17.94%	16.57%	22.85%	22.42%	22.81%	24.66%	26.66%	31.57%	28.09%	33.29%	44.19%	42.62%	36.01%	40.53%	37.56%	45.22%	50.87%	56.53%	53.18%
R&D Expenses	11.610M	47.557M	31.239M	25.923M	27.257M	20.051M	20.655M	16.811M	16.777M	15.455M	20.500M	15.384M	15.999M	3.025M	2.383M	1.702M	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	1,053.008M	982.126M	1,033.066M	887.392M	838.308M	716.179M	918.699M	800.270M	777.191M	764.095M	799.153M	884.674M	826.631M	678.540M	642.077M	607.793M	549.161M	534.555M	522.562M	459.089M	375.416M	315.076M	236.793M	205.727M	131.556M	113.740M	82.749M	75.140M	39.659M	28.843M	21.188M
Operating Expenses	1,064.618M	1,029.683M	1,064.305M	913.315M	865.565M	736.230M	939.354M	817.081M	793.968M	779.550M	819.653M	900.058M	842.630M	681.565M	644.460M	609.495M	549.161M	534.555M	522.562M	459.089M	375.416M	315.076M	236.793M	205.727M	131.556M	113.740M	82.749M	75.140M	39.659M	28.843M	21.188M
Operating Income (EBIT)	6,555.145M	4,733.063M	4,311.949M	5,126.033M	4,836.967M	3,035.151M	4,310.944M	3,335.671M	2,982.547M	1,213.894M	1,380.020M	2,892.135M	3,459.056M	2,990.126M	3,884.289M	2,672.403M	2,393.188M	3,052.389M	2,377.677M	2,600.050M	1,758.387M	1,455.985M	1,375.724M	857.842M	683.181M	846.388M	456.558M	397.258M	413.766M	318.074M	245.788M
Operating Margin	19.82%	15.67%	14.26%	15.41%	20.45%	16.23%	18.30%	14.99%	15.81%	7.96%	7.79%	11.86%	14.43%	13.49%	19.60%	18.26%	18.55%	20.99%	21.85%	26.83%	23.15%	27.37%	37.70%	34.38%	30.20%	35.73%	31.79%	38.02%	46.42%	51.83%	48.96%
Interest Income	60.051M	108.890M	113.635M	67.456M	41.473M	46.673M	54.136M	58.363M	51.816M	42.034M	44.122M	42.127M	37.336M	38.863M	35.733M	28.763M	28.921M	33.328M	24.346M	7.289M	4.878M	1.551M	0.297M	0.193M	0.120M	0.178M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	564.535M	495.114M	403.376M	401.421M	399.648M	412.479M	421.993M	366.057M	309.209M	308.123M	285.537M	272.385M	229.029M	202.070M	206.295M	187.557M	194.938M	176.182M	98.709M	73.992M	63.490M	34.213M	25.540M	20.064M	13.434M	20.249M	0.998M	3.138M	0.497M	1.007M	0.549M
Net Interest Income	-504.485M	-386.224M	-289.741M	-333.965M	-358.175M	-365.806M	-367.857M	-307.694M	-257.392M	-266.089M	-241.416M	-230.258M	-191.693M	-163.208M	-170.562M	-158.794M	-166.017M	-142.854M	-74.364M	-66.703M	-58.613M	-32.662M	-25.243M	-19.872M	-13.314M	-20.071M	-0.998M	-3.138M	-0.497M	-1.007M	-0.549M
Other Income / Expense	-3,182.006M	-1,316.956M	-269.595M	-209.979M	-1,918.529M	-3,059.070M	-2,118.736M	-1,096.189M	-1,389.406M	-435.323M	-652.909M	-806.647M	-1,345.272M	-800.104M	-1,662.457M	-1,051.602M	-954.101M	-1,304.231M	-595.020M	-975.002M	-500.296M	-731.707M	-888.346M	-629.183M	-348.599M	-535.127M	-338.967M	-308.283M	-311.332M	-243.114M	-216.370M
Pre-Tax Income	2,868.654M	3,029.883M	3,752.613M	4,582.089M	2,560.262M	-389.725M	1,824.351M	1,931.787M	1,335.749M	512.482M	485.694M	1,855.230M	1,922.091M	2,026.814M	2,051.270M	1,462.006M	1,273.070M	1,605.305M	1,708.293M	1,558.345M	1,199.479M	691.616M	462.135M	208.787M	321.268M	291.189M	116.594M	85.836M	101.936M	73.953M	28.870M
Pre-Tax Margin	8.67%	10.03%	12.41%	13.78%	10.82%	-2.08%	7.74%	8.68%	7.08%	3.36%	2.74%	7.61%	8.02%	9.15%	10.35%	9.99%	9.87%	11.04%	15.70%	16.08%	15.79%	13.00%	12.67%	8.37%	14.20%	12.29%	8.12%	8.22%	11.44%	12.05%	5.75%
Income Tax Expense	684.816M	727.504M	926.657M	994.114M	509.751M	48.369M	379.506M	530.959M	265.998M	154.066M	162.312M	573.817M	581.136M	637.201M	674.458M	463.065M	328.013M	513.892M	481.046M	450.726M	353.658M	236.728M	138.288M	82.584M	129.547M	119.992M	39.468M	39.155M	42.623M	23.232M	10.791M
Tax Rate	23.87%	24.01%	24.69%	21.70%	19.91%	0.00%	20.80%	27.49%	19.91%	30.06%	33.42%	30.93%	30.23%	31.44%	32.88%	31.67%	25.77%	32.01%	28.16%	28.92%	29.48%	34.23%	29.92%	35.00%	35.00%	35.00%	33.85%	35.00%	35.00%	31.41%	35.00%
Net Income	1,920.937M	2,011.010M	2,608.393M	3,108.173M	1,914.930M	-250.312M	1,258.454M	1,426.257M	1,140.345M	363.799M	277.963M	1,153.643M	1,282.098M	1,155.303M	1,456.124M	1,014.464M	817.948M	952.540M	1,208.591M	995.866M	890.391M	485.002M	290.464M	115.495M	187.564M	191.929M	75.240M	66.523M	68.811M	51.025M	23.618M
Net Margin	5.81%	6.66%	8.63%	9.34%	8.10%	-1.34%	5.34%	6.41%	6.04%	2.39%	1.57%	4.73%	5.35%	5.21%	7.35%	6.93%	6.34%	6.55%	11.11%	10.28%	11.72%	9.12%	7.96%	4.63%	8.29%	8.10%	5.24%	6.37%	7.72%	8.31%	4.70%
Depreciation & Amortization	1,925.696M	1,782.068M	1,630.623M	1,583.031M	1,468.184M	1,410.592M	1,420.977M	1,355.474M	1,224.750M	1,372.631M	1,525.174M	1,508.767M	1,268.612M	1,161.602M	1,028.037M	913.580M	821.500M	777.334M	616.011M	488.816M	410.915M	324.611M	267.235M	250.701M	198.821M	171.092M	108.934M	84.247M	64.157M	44.952M	38.819M
EBITDA	8,480.841M	6,515.131M	5,942.572M	6,709.064M	6,305.151M	4,445.743M	5,731.921M	4,691.144M	4,207.297M	2,586.525M	2,905.194M	4,400.902M	4,727.668M	4,151.728M	4,912.325M	3,585.983M	3,214.688M	3,829.724M	2,993.688M	3,088.865M	2,169.302M	1,780.596M	1,642.959M	1,108.543M	882.002M	1,017.480M	565.491M	481.505M	477.923M	363.026M	284.607M
EBITDA Margin	25.65%	21.57%	19.65%	20.17%	26.66%	23.78%	24.33%	21.08%	22.30%	16.96%	16.40%	18.05%	19.72%	18.74%	24.79%	24.50%	24.92%	26.33%	27.52%	31.87%	28.56%	33.47%	45.03%	44.42%	38.98%	42.95%	39.38%	46.09%	53.62%	59.15%	56.69%
NOPAT	4,990.275M	3,596.608M	3,247.172M	4,013.906M	3,873.920M	3,035.151M	3,414.171M	2,418.849M	2,388.610M	848.966M	918.838M	1,997.607M	2,413.224M	2,050.074M	2,607.134M	1,825.967M	1,776.571M	2,075.255M	1,708.137M	1,848.028M	1,239.938M	957.628M	964.056M	557.597M	444.067M	550.152M	302.008M	258.218M	268.948M	218.154M	159.762M
NOPAT Margin	15.09%	11.91%	10.74%	12.07%	16.38%	16.23%	14.49%	10.87%	12.66%	5.57%	5.19%	8.19%	10.07%	9.25%	13.16%	12.48%	13.77%	14.27%	15.70%	19.07%	16.33%	18.00%	26.42%	22.34%	19.63%	23.22%	21.03%	24.72%	30.18%	35.55%	31.82%
Owner's Earnings	3,846.633M	3,793.078M	4,239.016M	4,691.205M	3,383.114M	1,160.280M	2,679.432M	2,781.730M	2,365.094M	1,736.430M	1,803.138M	2,662.410M	2,550.711M	2,316.905M	2,484.161M	1,928.044M	1,639.449M	1,729.874M	1,824.601M	1,484.682M	1,301.306M	809.613M	557.699M	366.196M	386.386M	363.021M	184.173M	150.770M	132.968M	95.976M	62.437M
Owner's Earnings Margin	11.63%	12.56%	14.02%	14.10%	14.30%	6.21%	11.37%	12.50%	12.53%	11.39%	10.18%	10.92%	10.64%	10.46%	12.53%	13.17%	12.71%	11.89%	16.77%	15.32%	17.13%	15.22%	15.28%	14.67%	17.08%	15.32%	12.83%	14.43%	14.92%	15.64%	12.44%
EPS	0.268	1.107	1.248	1.517	0.868	-0.110	0.564	0.639	0.534	0.203	0.171	0.736	0.878	0.833	1.057	0.716	0.649	0.827	1.028	0.813	0.742	0.539	0.613	0.282	0.350	0.467	0.179	0.210	0.232	0.184	0.087
EPS (Diluted)	0.268	1.107	1.248	1.517	0.868	-0.110	0.564	0.639	0.534	0.203	0.171	0.736	0.878	0.833	1.057	0.716	0.649	0.827	1.028	0.813	0.742	0.539	0.613	0.282	0.350	0.467	0.179	0.210	0.232	0.184	0.087
Shares (Diluted)	7,179,297,426	1,817,142,902	2,089,396,471	2,049,192,965	2,207,171,848	2,271,851,571	2,231,339,486	2,230,635,819	2,134,822,036	1,788,129,806	1,621,317,516	1,567,052,837	1,459,949,970	1,387,309,387	1,378,249,677	1,417,748,216	1,260,695,016	1,151,179,985	1,175,518,079	1,224,515,179	1,200,656,464	900,461,182	473,537,668	409,858,599	536,359,209	410,769,177	420,524,155	317,331,401	297,047,925	276,600,038	271,173,080

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	2,042M	1,845M	1,974M	2,211M	2,005M	1,409M	1,345M	1,365M	1,232M	1,415M	1,334M	1,562M	1,387M	1,325M	1,188M	1,046M	833M	638M	562M	559M	533M	371M	198M	123M	101M	83M	67M	38M	39M	32M	19M
Short-Term Investments	234M	405M	532M	554M	543M	431M	356M	297M	506M	391M	499M	346M	557M	423M	476M	438M	399M	309M	162M	219M	189M	110M	31M	43M	14M	7M	6M	0M	3M	0M	0M
Cash & Short-Term Investments	2,275M	2,250M	2,506M	2,764M	2,548M	1,841M	1,701M	1,662M	1,738M	1,806M	1,833M	1,908M	1,944M	1,748M	1,664M	1,484M	1,232M	946M	724M	778M	722M	480M	228M	166M	115M	91M	73M	38M	42M	32M	20M
Net Receivables	3,001M	3,073M	2,752M	3,062M	2,642M	1,864M	2,148M	2,231M	2,255M	1,829M	1,854M	2,158M	2,379M	2,205M	1,963M	1,595M	1,313M	1,117M	1,253M	855M	773M	604M	391M	297M	252M	241M	169M	127M	128M	100M	60M
Inventory	2,191M	2,077M	2,010M	2,057M	1,878M	1,533M	1,749M	1,677M	1,686M	1,424M	1,420M	1,456M	1,549M	1,546M	1,395M	1,232M	965M	841M	747M	556M	456M	299M	206M	167M	142M	144M	123M	104M	84M	48M	39M
Other Current Assets	660M	665M	731M	672M	563M	755M	657M	516M	615M	569M	617M	685M	651M	581M	364M	381M	296M	338M	281M	246M	192M	146M	78M	50M	77M	49M	56M	34M	26M	18M	9M
Total Current Assets	8,127M	8,066M	7,999M	8,556M	7,631M	5,992M	6,255M	6,086M	6,293M	5,628M	5,724M	6,206M	6,523M	6,081M	5,386M	4,693M	3,805M	3,243M	3,004M	2,435M	2,142M	1,529M	903M	679M	585M	525M	420M	302M	280M	197M	127M
Property, Plant & Equipment	24,976M	22,832M	20,615M	19,805M	20,288M	18,173M	18,714M	17,021M	17,117M	16,490M	16,497M	17,284M	16,132M	13,940M	12,626M	12,375M	10,893M	9,465M	8,320M	6,471M	5,537M	4,513M	3,301M	2,816M	2,161M	1,817M	1,431M	1,145M	840M	596M	453M
Goodwill	1,110M	918M	943M	716M	807M	738M	968M	841M	889M	759M	768M	767M	790M	723M	534M	423M	401M	270M	251M	172M	39M	23M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Intangible Assets	1,009M	1,053M	810M	950M	812M	823M	737M	700M	762M	549M	554M	533M	449M	436M	469M	389M	289M	235M	245M	171M	140M	134M	124M	113M	83M	39M	43M	13M	10M	3M	2M
Long-Term Investments	2,871M	2,587M	2,524M	2,381M	2,274M	2,096M	2,166M	1,709M	1,581M	1,261M	1,163M	1,211M	1,190M	1,076M	761M	709M	606M	382M	182M	101M	64M	21M	3M	0M	0M	0M	0M	0M	0M	0M	0M
Tax Assets	148M	177M	170M	292M	191M	198M	207M	197M	224M	223M	180M	138M	103M	93M	84M	80M	81M	68M	39M	46M	38M	15M	14M	7M	4M	0M	0M	0M	0M	0M	0M
Other Non-Current Assets	1,510M	1,450M	1,218M	973M	1,072M	1,195M	1,034M	1,020M	927M	914M	919M	954M	1,039M	743M	786M	666M	533M	450M	530M	458M	443M	361M	185M	197M	181M	170M	168M	93M	72M	41M	37M
Other Assets	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
Total Non-Current Assets	31,625M	29,017M	26,279M	25,116M	25,442M	23,222M	23,828M	21,488M	21,501M	20,196M	20,082M	20,887M	19,704M	17,011M	15,260M	14,642M	12,804M	10,870M	9,568M	7,419M	6,261M	5,066M	3,626M	3,134M	2,429M	2,026M	1,643M	1,251M	922M	641M	491M
Total Assets	39,752M	37,083M	34,278M	33,672M	33,073M	29,214M	30,083M	27,574M	27,794M	25,824M	25,806M	27,094M	26,227M	23,092M	20,647M	19,335M	16,609M	14,113M	12,572M	9,854M	8,404M	6,595M	4,528M	3,813M	3,014M	2,551M	2,063M	1,553M	1,202M	838M	619M
Accounts Payable	2,962M	2,981M	2,753M	2,838M	2,624M	1,703M	2,254M	2,061M	2,113M	1,835M	1,748M	2,203M	2,249M	1,996M	1,816M	1,576M	1,239M	1,122M	1,148M	808M	713M	518M	367M	267M	223M	212M	151M	97M	92M	66M	45M
Short-Term Debt	1,517M	1,140M	1,140M	965M	997M	1,280M	1,079M	1,091M	1,204M	1,066M	1,038M	1,159M	974M	868M	758M	585M	474M	486M	358M	345M	279M	236M	137M	138M	128M	82M	61M	62M	24M	21M	13M
Tax Payables	13M	286M	261M	434M	425M	258M	324M	372M	306M	271M	178M	259M	288M	312M	289M	234M	224M	127M	92M	30M	36M	11M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Deferred Revenue	11M	4M	74M	236M	381M	524M	610M	225M	343M	323M	241M	336M	429M	281M	281M	229M	197M	101M	84M	67M	59M	28M	20M	14M	9M	0M	0M	0M	0M	0M	0M
Other Current Liabilities	1,369M	1,183M	1,265M	1,105M	897M	817M	1,238M	955M	904M	819M	838M	812M	884M	900M	821M	596M	420M	374M	557M	347M	370M	275M	155M	131M	74M	94M	73M	60M	51M	31M	22M
Total Current Liabilities	5,872M	5,594M	5,493M	5,578M	5,324M	4,582M	5,504M	4,703M	4,869M	4,314M	4,043M	4,770M	4,824M	4,357M	3,965M	3,220M	2,554M	2,212M	2,239M	1,596M	1,457M	1,068M	679M	550M	434M	388M	284M	219M	167M	117M	80M
Long-Term Debt	11,344M	8,828M	7,999M	7,754M	8,076M	8,584M	8,128M	7,103M	7,232M	6,993M	7,250M	5,986M	5,716M	4,927M	4,355M	4,433M	3,663M	3,140M	2,654M	2,082M	1,957M	1,687M	1,467M	1,447M	871M	698M	586M	467M	307M	173M	130M
Capital Lease Obligations	232M	715M	706M	644M	634M	581M	479M	42M	31M	27M	16M	13M	5M	6M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Deferred Tax Liabilities	2,017M	1,655M	1,245M	1,064M	1,143M	893M	1,035M	934M	880M	659M	700M	1,000M	1,181M	1,042M	1,024M	1,008M	917M	827M	724M	589M	473M	379M	311M	293M	182M	145M	107M	83M	71M	52M	28M
Other Non-Current Liabilities	2,797M	2,332M	2,158M	2,080M	1,642M	1,622M	1,516M	1,548M	1,408M	1,424M	1,411M	1,380M	1,423M	1,135M	1,060M	1,077M	819M	564M	675M	549M	423M	349M	308M	188M	116M	100M	108M	86M	56M	29M	26M
Total Non-Current Liabilities	16,391M	13,530M	12,108M	11,543M	11,495M	11,680M	11,157M	9,627M	9,550M	9,103M	9,378M	8,378M	8,325M	7,111M	6,439M	6,517M	5,400M	4,531M	4,053M	3,221M	2,854M	2,416M	2,086M	1,928M	1,170M	943M	802M	635M	434M	253M	184M
Total Liabilities	22,263M	19,124M	17,601M	17,121M	16,820M	16,262M	16,662M	14,330M	14,420M	13,417M	13,420M	13,148M	13,149M	11,468M	10,405M	9,737M	7,954M	6,743M	6,292M	4,817M	4,311M	3,484M	2,764M	2,479M	1,604M	1,331M	1,086M	854M	601M	371M	264M
Preferred Stock	0M	0M	0M	0M	0M	7M	1M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Common Stock	1,306M	1,498M	1,430M	1,439M	1,313M	1,486M	1,556M	1,282M	975M	939M	1,213M	1,097M	911M	869M	579M	366M	399M	360M	300M	315M	329M	280M	177M	159M	123M	86M	77M	23M	13M	7M	6M
Retained Earnings	4,717M	7,452M	8,114M	6,936M	5,579M	4,545M	6,101M	6,425M	5,248M	4,995M	5,389M	6,277M	5,850M	5,656M	4,934M	4,111M	3,946M	3,722M	3,395M	2,435M	1,996M	1,352M	777M	579M	392M	293M	214M	188M	157M	106M	90M
Accumulated OCI	153M	304M	251M	457M	101M	-95M	-19M	-34M	-98M	-201M	-143M	-175M	-4M	-96M	-124M	-101M	-96M	-98M	-39M	-27M	-37M	1M	-24M	-31M	-66M	-58M	-50M	-168M	-143M	-73M	-48M
Minority Interest	1,472M	1,137M	929M	923M	862M	776M	755M	763M	853M	505M	531M	566M	637M	588M	411M	275M	245M	184M	131M	126M	90M	49M	22M	14M	7M	11M	9M	1M	1M	0M	0M
Total Shareholders’ Equity	6,176M	9,254M	9,794M	8,832M	6,992M	5,943M	7,639M	7,673M	6,125M	5,733M	6,459M	7,199M	6,757M	6,429M	5,390M	4,376M	4,249M	3,985M	3,656M	2,722M	2,288M	1,633M	930M	707M	448M	321M	241M	43M	27M	41M	47M
Total Equity	7,648M	10,391M	10,723M	9,755M	7,854M	6,719M	8,393M	8,436M	6,977M	6,237M	6,991M	7,765M	7,394M	7,017M	5,800M	4,651M	4,493M	4,169M	3,787M	2,848M	2,377M	1,682M	953M	721M	455M	332M	250M	45M	28M	41M	47M
Total Liabilities & Equity	29,910M	29,515M	28,325M	26,876M	24,674M	22,982M	25,055M	22,767M	21,397M	19,654M	20,411M	20,914M	20,543M	18,485M	16,205M	14,388M	12,447M	10,912M	10,080M	7,665M	6,688M	5,166M	3,717M	3,199M	2,059M	1,663M	1,335M	899M	629M	411M	312M
Tangible Assets	37,633M	35,112M	32,525M	32,007M	31,455M	27,654M	28,378M	26,033M	26,143M	24,516M	24,484M	25,794M	24,987M	21,933M	19,644M	18,523M	15,919M	13,608M	12,076M	9,511M	8,225M	6,439M	4,405M	3,700M	2,932M	2,512M	2,020M	1,540M	1,193M	835M	617M
Tangible Equity	5,529M	8,420M	8,970M	8,090M	6,236M	5,159M	6,688M	6,895M	5,326M	4,929M	5,668M	6,465M	6,154M	5,858M	4,797M	3,840M	3,803M	3,664M	3,291M	2,505M	2,198M	1,526M	829M	608M	373M	294M	206M	31M	18M	38M	46M
Tangible Book Value	5,529M	8,420M	8,970M	8,090M	6,236M	5,159M	6,688M	6,895M	5,326M	4,929M	5,668M	6,465M	6,154M	5,858M	4,797M	3,840M	3,803M	3,664M	3,291M	2,505M	2,198M	1,526M	829M	608M	373M	294M	206M	31M	18M	38M	46M
Total Investments	3,019M	2,852M	2,990M	2,706M	2,760M	2,724M	2,505M	2,405M	2,191M	2,092M	1,904M	1,663M	1,516M	1,368M	1,180M	1,097M	1,015M	779M	421M	325M	245M	155M	80M	37M	25M	10M	8M	0M	0M	0M	0M
Net Debt	10,820M	8,123M	7,165M	6,508M	7,069M	8,455M	7,861M	6,829M	7,204M	6,644M	6,954M	5,584M	5,303M	4,470M	3,925M	3,971M	3,304M	2,988M	2,451M	1,869M	1,704M	1,553M	1,406M	1,463M	898M	697M	580M	490M	292M	161M	124M

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	1,026M	1,174M	1,980M	2,287M	1,319M	1,479M	1,281M	1,589M	1,924M	1,586M	1,370M	1,890M	1,514M	1,756M	1,161M	1,050M	1,053M	875M	609M	669M	668M	379M	236M	164M	123M	260M	127M	84M	64M	46M	20M
Total Capital	30,477M	27,131M	24,991M	24,220M	23,340M	22,496M	23,832M	22,413M	21,102M	19,328M	19,474M	20,149M	18,730M	15,857M	14,845M	14,735M	12,245M	10,920M	9,325M	7,320M	5,887M	4,898M	3,740M	3,378M	2,576M	2,024M	1,573M	1,283M	1,017M	672M	532M
Capital Employed	35,758M	32,084M	30,217M	28,455M	28,896M	27,846M	27,895M	26,953M	26,584M	24,572M	22,961M	23,781M	22,623M	20,034M	17,465M	16,726M	14,203M	12,432M	10,542M	8,774M	6,907M	5,857M	5,023M	4,472M	3,339M	2,558M	2,099M	1,450M	1,248M	766M	578M
Invested Capital	28,435M	25,286M	23,017M	22,009M	21,335M	21,087M	22,487M	21,048M	19,870M	17,913M	18,140M	18,587M	17,343M	14,532M	13,656M	13,689M	11,412M	10,283M	8,763M	6,761M	5,355M	4,527M	3,543M	3,255M	2,475M	1,941M	1,505M	1,245M	978M	640M	512M

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	1,949M	2,297M	2,718M	3,733M	2,146M	-110M	1,386M	1,672M	1,282M	439M	383M	1,193M	1,470M	1,442M	1,529M	1,094M	953M	1,206M	1,272M	1,060M	932M	521M	320M	117M	205M	187M	61M	69M	85M	57M	25M
Depreciation & Amortization	1,362M	1,646M	1,541M	1,554M	1,499M	1,457M	1,327M	1,129M	1,126M	1,281M	1,319M	1,291M	1,156M	1,082M	746M	732M	657M	603M	606M	490M	382M	298M	235M	204M	184M	145M	102M	89M	81M	52M	48M
Deferred Income Tax	57M	32M	90M	109M	34M	-49M	26M	63M	-71M	-22M	-48M	120M	100M	50M	67M	32M	-2M	33M	7M	33M	10M	11M	18M	5M	21M	10M	4M	1M	10M	4M	0M
Stock-Based Compensation	3M	6M	10M	23M	17M	9M	13M	10M	14M	18M	14M	20M	20M	21M	3M	4M	2M	2M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Change in Working Capital	24M	-3M	-84M	-507M	-184M	157M	-103M	-96M	-122M	-21M	187M	-42M	-126M	-273M	-105M	-107M	-27M	-60M	-61M	-98M	-77M	-32M	9M	-4M	-12M	-27M	-13M	-12M	-21M	-7M	-2M
Accounts Receivable	31M	10M	103M	-352M	-520M	394M	-33M	-68M	-209M	-97M	350M	96M	-144M	-80M	-87M	-93M	-37M	56M	-18M	0M	-31M	-9M	-1M	0M	0M	0M	0M	0M	0M	0M	0M
Inventory	38M	0M	44M	-335M	-270M	141M	-96M	-73M	-91M	-21M	145M	46M	-41M	-116M	-170M	-142M	-46M	-22M	-88M	-61M	-88M	-29M	-4M	-1M	-2M	-8M	-3M	-3M	-6M	-2M	0M
Accounts Payable	-21M	-31M	-96M	313M	578M	-283M	68M	19M	161M	102M	-236M	-102M	44M	-2M	98M	61M	20M	-35M	13M	0M	12M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Other Working Capital	18M	-94M	-74M	-64M	39M	8M	-38M	1M	39M	8M	-74M	-119M	-22M	-50M	60M	32M	34M	-2M	22M	-19M	32M	16M	8M	5M	-9M	3M	-8M	-7M	-8M	2M	-1M
Other Non-Cash Items	210M	233M	8M	9M	151M	922M	184M	206M	248M	422M	478M	82M	129M	51M	116M	81M	192M	41M	-9M	-50M	-24M	2M	11M	47M	25M	16M	20M	13M	13M	2M	6M
Net Cash from Operating	4,088M	4,616M	4,484M	5,027M	3,768M	2,325M	3,135M	3,259M	2,409M	1,993M	2,409M	2,745M	2,552M	2,387M	2,638M	2,105M	1,894M	2,128M	1,886M	1,641M	1,223M	904M	626M	509M	515M	388M	179M	189M	200M	137M	108M
Investments in PPE	-2,102M	-2,299M	-2,056M	-1,747M	-1,433M	-1,485M	-2,059M	-1,889M	-1,633M	-1,646M	-2,131M	-2,878M	-2,663M	-2,191M	-2,093M	-1,937M	-1,744M	-2,029M	-1,538M	-1,285M	-909M	-600M	-426M	-374M	-362M	-236M	-219M	-293M	-256M	-155M	-99M
Acquisitions (Net)	-33M	-27M	-129M	-173M	-1M	-6M	-76M	-66M	-66M	-21M	-72M	-104M	-89M	-97M	-171M	-85M	-17M	-50M	-80M	-51M	-58M	-82M	-27M	-51M	-67M	-21M	0M	0M	0M	0M	0M
Purchases of Investments	-7M	-46M	-100M	-160M	-105M	-157M	-161M	-129M	-180M	-157M	-99M	-114M	-68M	-107M	-110M	-160M	-128M	-137M	-179M	-109M	-42M	-12M	-8M	-4M	-8M	-2M	0M	-1M	0M	0M	0M
Sales/Maturities of Investments	4M	37M	56M	149M	112M	131M	142M	140M	99M	55M	64M	88M	75M	67M	140M	84M	103M	142M	107M	45M	56M	20M	3M	10M	6M	2M	0M	0M	0M	0M	1M
Other Investing Activities	-26M	86M	111M	149M	181M	84M	23M	175M	37M	58M	-11M	14M	138M	-7M	77M	60M	18M	58M	41M	35M	83M	23M	54M	34M	10M	24M	31M	17M	-1M	2M	3M
Net Cash from Investing	-2,475M	-2,666M	-2,478M	-2,103M	-1,297M	-1,550M	-2,282M	-1,869M	-1,719M	-1,570M	-2,297M	-2,950M	-2,292M	-2,582M	-2,468M	-1,776M	-1,966M	-2,217M	-1,892M	-1,353M	-916M	-845M	-466M	-444M	-438M	-299M	-165M	-286M	-276M	-154M	-81M
Net Debt Issuance	132M	107M	-38M	-532M	-515M	454M	188M	-195M	-257M	32M	412M	679M	352M	647M	216M	320M	280M	454M	287M	286M	-83M	-20M	-24M	20M	31M	19M	-13M	86M	44M	14M	2M
Long-Term Debt Issuance	26M	87M	31M	-437M	-261M	390M	146M	-52M	-232M	154M	437M	714M	333M	626M	235M	323M	391M	324M	240M	275M	-55M	-28M	-42M	1M	25M	10M	-9M	58M	42M	13M	2M
Short-Term Debt Issuance	9M	-9M	12M	5M	-48M	-1M	8M	-15M	-21M	-33M	-5M	18M	0M	2M	-20M	-27M	-55M	57M	-4M	-1M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Net Stock Issuance	-351M	-280M	-209M	-305M	-53M	-15M	-96M	-92M	26M	28M	9M	-46M	-19M	7M	14M	32M	4M	-10M	-34M	-101M	13M	24M	13M	8M	5M	6M	8M	0M	13M	6M	1M
Common Stock Issued	0M	0M	1M	1M	5M	0M	1M	6M	68M	90M	78M	43M	22M	46M	43M	61M	10M	62M	60M	54M	59M	71M	25M	11M	16M	20M	14M	5M	21M	18M	4M
Common Stock Repurchased	-336M	-300M	-225M	-319M	-57M	-28M	-129M	-108M	-14M	-2M	-2M	-49M	-54M	-26M	-6M	-1M	0M	-37M	-92M	-125M	-26M	-10M	-1M	-2M	-12M	-6M	-1M	-4M	-3M	0M	0M
Net Common Stock Issuance	-337M	-268M	-202M	-296M	-44M	-13M	-91M	-87M	21M	30M	25M	-29M	-7M	7M	14M	28M	6M	-7M	-24M	-101M	13M	21M	10M	8M	5M	6M	8M	0M	13M	6M	1M
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	-946M	-1,155M	-1,238M	-1,145M	-918M	-750M	-847M	-676M	-614M	-495M	-538M	-541M	-525M	-383M	-419M	-298M	-280M	-276M	-248M	-173M	-125M	-121M	-71M	-57M	-50M	-28M	-18M	-18M	-23M	-20M	-16M
Common Dividends Paid	-930M	-1,153M	-1,228M	-1,136M	-910M	-739M	-868M	-683M	-598M	-471M	-530M	-530M	-515M	-350M	-364M	-279M	-221M	-271M	-231M	-168M	-124M	-115M	-58M	-52M	-51M	-30M	-19M	-20M	-25M	-20M	-16M
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	-235M	-262M	-242M	-234M	-204M	-195M	-189M	-203M	-73M	-136M	-149M	-39M	-41M	-50M	-54M	-57M	-40M	-29M	-10M	-11M	-13M	-2M	-24M	-12M	-9M	-4M	-14M	17M	7M	0M	-1M
Net Cash from Financing	-1,697M	-1,902M	-1,983M	-2,579M	-1,653M	-601M	-1,233M	-1,338M	-819M	-382M	-293M	-298M	-321M	218M	-174M	-138M	-43M	-13M	19M	-107M	-277M	-89M	-133M	-57M	4M	-19M	-36M	71M	42M	15M	-9M
Effect of FX on Cash	6M	3M	0M	4M	-5M	-5M	3M	-2M	-2M	-9M	6M	5M	-3M	-1M	-2M	0M	1M	-5M	1M	1M	0M	0M	0M	0M	0M	0M	0M	0M	1M	4M	0M
Net Change in Cash	-101M	-120M	-50M	240M	468M	200M	-78M	44M	-36M	62M	-41M	122M	63M	156M	93M	116M	67M	118M	6M	-2M	113M	65M	51M	10M	15M	16M	19M	-6M	14M	19M	5M
Cash at Beginning of Period	2,051M	1,964M	2,177M	1,747M	1,362M	1,308M	1,364M	1,263M	1,249M	1,311M	1,373M	1,184M	1,215M	1,138M	965M	821M	621M	469M	543M	513M	416M	222M	121M	114M	76M	67M	51M	48M	39M	30M	19M
Cash at End of Period	2,088M	1,782M	1,901M	2,103M	1,897M	1,402M	1,336M	1,371M	1,232M	1,361M	1,255M	1,440M	1,349M	1,324M	1,136M	1,109M	812M	588M	506M	551M	533M	349M	188M	118M	107M	79M	63M	53M	61M	47M	25M
Operating Cash Flow	4,096M	4,615M	4,484M	5,027M	3,768M	2,325M	3,084M	3,259M	2,409M	1,993M	2,409M	2,745M	2,552M	2,387M	2,631M	2,106M	1,889M	2,130M	1,886M	1,641M	1,220M	904M	626M	510M	514M	388M	179M	189M	200M	137M	108M
Capital Expenditure	-2,231M	-2,361M	-2,042M	-1,776M	-1,436M	-1,485M	-2,059M	-1,902M	-1,633M	-1,674M	-2,131M	-2,878M	-2,562M	-2,252M	-2,408M	-1,947M	-1,724M	-2,029M	-1,490M	-1,219M	-892M	-600M	-426M	-374M	-364M	-236M	-216M	-293M	-256M	-155M	-99M
Free Cash Flow	1,854M	2,103M	2,226M	2,976M	2,396M	690M	1,058M	1,137M	768M	328M	344M	204M	-25M	174M	613M	205M	145M	181M	303M	384M	377M	249M	183M	126M	103M	117M	4M	-87M	-32M	-6M	8M
Income Taxes Paid	4M	141M	68M	86M	4M	3M	12M	22M	12M	2M	14M	40M	25M	48M	34M	15M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Interest Paid	56M	168M	139M	152M	110M	52M	78M	100M	72M	39M	58M	56M	47M	45M	23M	25M	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	8,481M	6,515M	5,943M	6,709M	6,305M	4,446M	5,732M	4,691M	4,207M	2,587M	2,905M	4,401M	4,728M	4,152M	4,912M	3,586M	3,215M	3,830M	2,994M	3,089M	2,169M	1,781M	1,643M	1,109M	882M	1,017M	565M	482M	478M	363M	285M
(-) Tax Adjustment	2,016M	1,564M	1,467M	1,456M	1,255M	0M	1,192M	1,289M	838M	778M	971M	1,361M	1,429M	1,305M	1,615M	1,136M	828M	1,226M	843M	893M	640M	609M	492M	388M	309M	356M	191M	169M	167M	114M	100M
(-) Change in Working Capital	24M	-3M	-84M	-507M	-184M	157M	-103M	-96M	-122M	-21M	187M	-42M	-126M	-273M	-105M	-107M	-27M	-60M	-61M	-98M	-77M	-32M	9M	-4M	-12M	-27M	-13M	-12M	-21M	-7M	-2M
(-) Capital Expenditure	2,231M	2,361M	2,042M	1,776M	1,436M	1,485M	2,059M	1,902M	1,633M	1,674M	2,131M	2,878M	2,562M	2,252M	2,408M	1,947M	1,724M	2,029M	1,490M	1,219M	892M	600M	426M	374M	364M	236M	216M	293M	256M	155M	99M
Unlevered Free Cash Flow	4,210M	2,593M	2,517M	3,984M	3,797M	2,803M	2,583M	1,595M	1,859M	157M	-384M	204M	863M	868M	994M	611M	689M	635M	722M	1,074M	715M	603M	717M	350M	221M	452M	170M	32M	75M	101M	88M
(-) Net Interest Income After Taxes	-384M	-293M	-218M	-262M	-287M	-366M	-291M	-223M	-206M	-186M	-161M	-159M	-134M	-112M	-114M	-108M	-123M	-97M	-53M	-47M	-41M	-21M	-18M	-13M	-9M	-13M	-1M	-2M	0M	-1M	0M
Net Debt Issuance	132M	107M	-38M	-532M	-515M	454M	188M	-195M	-257M	32M	412M	679M	352M	647M	216M	320M	280M	454M	287M	286M	-83M	-20M	-24M	20M	31M	19M	-13M	86M	44M	14M	2M
Levered Free Cash Flow	4,726M	2,993M	2,697M	3,713M	3,569M	3,623M	3,063M	1,624M	1,808M	375M	189M	1,042M	1,348M	1,627M	1,324M	1,039M	1,092M	1,185M	1,062M	1,408M	674M	604M	711M	383M	261M	484M	158M	120M	119M	115M	90M