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Definitive Analysis

Financial Statements

Periods / Units / Analysis

Ticker

Industry

Sector

Page: Company Financials

Zhejiang Zheneng Electric Power Co., Ltd.

Ticker: 600023.SS | Industry: Independent Power Producers | Sector: Utilities
$4.97 +0.02 (0.40%)
As of: 2026-01-28

Master Data Export


Enterprise Value

Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Stock Price 5.32 6.60 4.45 3.38 3.95 3.54 4.33 4.98 5.47 5.33 8.00 5.53 6.42
Market Capitalization 71,331.45M 88,517.79M 59,668.86M 43,138.38M 54,705.47M 47,852.53M 58,383.36M 69,196.18M 73,975.86M 72,119.11M 102,508.80M 63,954.46M 65,923.75M
(-) Cash & Equivalents 19,047.66M 18,801.08M 17,796.08M 13,189.41M 14,210.99M 16,946.27M 13,889.03M 12,459.61M 14,251.81M 15,503.64M 14,729.05M 10,980.65M 2,874.47M
(+) Total Debt 42,646.74M 44,878.98M 49,485.96M 36,946.32M 26,775.35M 27,195.07M 29,247.04M 30,934.97M 29,615.19M 28,774.77M 33,278.85M 38,853.27M 19,536.54M
Enterprise Value 94,930.53M 114,595.69M 91,358.73M 66,895.30M 67,269.84M 58,101.33M 73,741.37M 87,671.54M 89,339.25M 85,390.23M 121,058.60M 91,827.07M 82,585.82M

Income Statement

Metric 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
Revenue 80,522M 92,765M 88,003M 95,975M 80,195M 71,076M 51,684M 54,371M 56,634M 51,191M 39,177M 39,688M 44,179M 53,916M 47,061M 43,410M 36,335M
Cost of Revenue 70,620M 82,853M 77,485M 87,149M 83,500M 72,573M 44,149M 47,579M 51,329M 45,183M 30,423M 29,338M 35,409M 43,725M 39,972M 38,858M 30,646M
Gross Profit 9,901M 9,912M 10,518M 8,826M -3,306M -1,497M 7,535M 6,792M 5,305M 6,007M 8,754M 10,350M 8,770M 10,191M 7,089M 4,551M 5,689M
Gross Profit Margin 12.3% 10.7% 12.0% 9.2% -4.1% -2.1% 14.6% 12.5% 9.4% 11.7% 22.3% 26.1% 19.9% 18.9% 15.1% 10.5% 15.7%
R&D Expenses 396M 545M 515M 536M 261M 389M 286M 183M 124M 64M 0M 0M 0M 0M 0M 0M 0M
SG&A Expenses 2,212M 2,442M 2,385M 2,212M 1,640M 1,568M 1,453M 1,494M 1,416M 1,431M 1,417M 1,247M 1,248M 1,360M 1,209M 1,165M 1,022M
Operating Expenses 1,570M -208M 350M -478M -129M 1,398M -292M 986M 121M 445M 301M 183M 426M 835M 1,707M 1,579M 1,250M
Operating Income (EBIT) 8,331M 10,120M 10,168M 9,304M -3,177M -2,895M 7,827M 5,806M 5,184M 5,562M 8,452M 10,167M 8,343M 9,356M 5,382M 2,972M 4,439M
Operating Income Margin 10.3% 10.9% 11.6% 9.7% -4.0% -4.1% 15.1% 10.7% 9.2% 10.9% 21.6% 25.6% 18.9% 17.4% 11.4% 6.8% 12.2%
Interest Income 653M 718M 323M 283M 181M 198M 198M 218M 416M 427M 184M 171M 126M 95M 231M 0M 0M
Interest Expense 1,298M 1,428M 1,400M 1,550M 1,408M 1,167M 1,159M 1,322M 1,407M 1,243M 1,284M 1,724M 1,801M 1,895M 0M 1,602M 1,466M
Net Interest Income -646M -709M -1,076M -1,268M -1,226M -969M -960M -1,103M -991M -816M -1,100M -1,553M -1,675M -1,800M 231M -1,602M -1,466M
Unusual Items 1,409M 359M 941M 1,070M 1,305M 1,062M 954M 1,075M 819M 785M 1,276M 1,665M 1,880M 1,743M 0M 1,954M 1,115M
EBT Excluding Unusual Items 7,686M 9,410M 9,091M 8,036M -4,403M -3,864M 6,867M 4,702M 4,193M 4,746M 7,352M 8,614M 6,668M 7,557M 5,613M 1,371M 2,973M
Pre-Tax Income 9,094M 9,769M 10,032M 9,107M -3,098M -2,802M 7,821M 5,777M 5,012M 5,531M 8,629M 10,279M 8,549M 9,300M 5,613M 3,325M 4,087M
Pre-Tax Margin 11.3% 10.5% 11.4% 9.5% -3.9% -3.9% 15.1% 10.6% 8.9% 10.8% 22.0% 25.9% 19.4% 17.2% 11.9% 7.7% 11.2%
Income Tax Expense 1,138M 1,052M 1,140M 1,204M 505M -822M 1,147M 870M 684M 786M 1,502M 1,873M 1,471M 1,600M 989M 514M 761M
Net Income 7,283M 7,257M 7,753M 6,520M -1,827M -837M 6,086M 4,293M 4,036M 4,334M 6,222M 6,976M 5,964M 5,757M 3,497M 2,198M 2,490M
Net Income Margin 9.0% 7.8% 8.8% 6.8% -2.3% -1.2% 11.8% 7.9% 7.1% 8.5% 15.9% 17.6% 13.5% 10.7% 7.4% 5.1% 6.9%
Depreciation & Amortization 4,768M 6,063M 6,312M 6,084M 5,676M 5,709M 5,630M 5,699M 5,920M 5,667M 5,542M 5,356M 5,041M 4,569M 4,324M 0M 4,101M
EBITDA 13,099M 16,182M 16,479M 15,388M 2,499M 2,814M 13,458M 11,505M 11,103M 11,229M 13,994M 15,523M 13,384M 13,926M 9,706M 2,972M 8,540M
EBITDA Margin 16.3% 17.4% 18.7% 16.0% 3.1% 4.0% 26.0% 21.2% 19.6% 21.9% 35.7% 39.1% 30.3% 25.8% 20.6% 6.8% 23.5%
NOPAT 7,289M 9,030M 9,012M 8,074M -2,510M -2,287M 6,679M 4,931M 4,476M 4,771M 6,981M 8,314M 6,908M 7,747M 4,434M 2,513M 3,612M
NOPAT Margin 9.1% 9.7% 10.2% 8.4% -3.1% -3.2% 12.9% 9.1% 7.9% 9.3% 17.8% 20.9% 15.6% 14.4% 9.4% 5.8% 9.9%
Owner's Earnings 2,945M 3,032M 4,385M 3,574M -1,788M 160M 8,514M 8,240M 7,864M 3,791M 5,118M 5,245M 2,188M 77M 583M -3,873M 237M
Owner's Earnings Margin 3.7% 3.3% 5.0% 3.7% -2.2% 0.2% 16.5% 15.2% 13.9% 7.4% 13.1% 13.2% 5.0% 0.1% 1.2% -8.9% 0.7%
EPS (Basic) 0.54 0.54 0.58 0.49 -0.14 -0.06 0.45 0.32 0.30 0.32 0.46 0.54 0.50 0.55 0.35 0.22 0.21
EPS (Diluted) 0.54 0.54 0.58 0.49 -0.14 -0.06 0.45 0.32 0.30 0.32 0.46 0.54 0.49 0.55 0.35 0.22 0.25
Shares (Basic) 13,412M 13,409M 13,368M 13,306M 13,409M 13,510M 13,601M 13,601M 13,452M 13,545M 13,526M 12,919M 11,929M 10,468M 10,102M 9,855M 9,855M
Shares (Diluted) 13,412M 13,409M 13,368M 13,306M 13,409M 13,510M 13,601M 13,601M 13,452M 13,545M 13,526M 12,919M 12,172M 10,468M 10,104M 9,855M 9,855M

Balance Sheet

Metric MRQ MRQ-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
Cash & Cash Equivalents 20,149.22M 20,580.84M 16,218.31M 19,363.72M 13,123.14M 10,863.90M 18,567.02M 16,452.64M 11,788.05M 12,807.85M 15,766.38M 12,456.34M 14,546.68M 10,194.37M 7,592.42M 6,390.64M 7,284.54M
Short-Term Investments 144.65M 144.32M 145.18M 0.00M 0.00M 284.54M 0.00M 20.36M 0.02M 40.26M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Cash & Short-Term Investments 20,293.87M 20,725.16M 16,363.49M 19,363.72M 13,123.14M 11,148.44M 18,567.02M 16,473.00M 11,788.08M 12,848.11M 15,766.38M 12,456.34M 14,546.68M 10,194.37M 7,592.42M 6,390.64M 7,284.54M
Net Receivables 12,204.84M 10,478.64M 13,683.57M 14,704.02M 9,362.83M 9,785.66M 7,108.74M 7,571.27M 6,758.33M 6,119.06M 5,410.35M 5,103.58M 6,017.62M 4,441.59M 5,158.61M 5,636.03M 5,799.70M
Inventory 4,262.74M 4,658.53M 5,885.38M 6,537.58M 5,536.34M 4,329.44M 2,734.00M 2,270.31M 3,278.63M 2,730.84M 2,378.49M 1,884.84M 2,700.52M 3,197.57M 3,163.68M 3,786.08M 2,768.86M
Other Current Assets 1,479.37M 1,525.42M 1,500.19M 1,833.46M 1,721.76M 2,193.10M 1,431.99M 861.36M 1,882.13M 2,173.18M 1,441.21M 2,149.17M 1,972.14M 1,228.62M 992.83M 606.48M 0.00M
Total Current Assets 38,240.82M 37,387.75M 37,432.62M 42,438.78M 29,744.07M 27,456.64M 29,841.75M 27,175.93M 23,707.16M 23,871.19M 24,996.44M 21,593.92M 25,236.96M 19,062.15M 16,907.54M 16,419.24M 15,853.11M
Property, Plant & Equipment 62,971.50M 63,293.83M 61,474.27M 55,918.39M 48,459.40M 49,872.63M 49,949.98M 51,464.76M 54,580.39M 58,490.90M 57,377.48M 58,124.97M 55,365.89M 50,795.84M 46,254.73M 45,509.72M 48,659.09M
Goodwill 745.03M 745.03M 745.03M 1,241.32M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Intangible Assets 3,067.63M 2,798.46M 2,876.39M 2,990.07M 2,529.01M 2,466.89M 2,188.66M 2,028.27M 2,104.25M 2,193.14M 2,091.51M 2,040.39M 1,755.65M 1,689.19M 1,577.34M 912.86M 744.14M
Long-Term Investments 49,767.84M 49,041.57M 45,543.08M 42,464.65M 37,710.70M 33,802.04M 32,215.81M 30,093.52M 28,840.24M 28,030.82M 21,303.50M 21,079.35M 20,210.87M 17,624.88M 14,602.00M 11,292.63M 10,025.06M
Tax Assets 1,066.58M 1,125.06M 956.71M 1,337.23M 1,410.77M 1,417.72M 190.76M 151.43M 124.97M 120.52M 131.28M 186.26M 277.26M 342.52M 212.23M 238.10M 206.77M
Other Non-Current Assets 1,952.86M 1,852.81M 4,195.75M 845.21M 1,137.31M 982.70M 125.47M 536.02M 576.28M 603.12M 124.99M 637.22M 1,883.93M 2,503.13M 1,924.70M 945.65M 2,439.79M
Other Assets 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Total Non-Current Assets 119,571.44M 118,856.76M 115,791.22M 104,796.88M 91,247.18M 88,541.97M 84,670.67M 84,274.00M 86,226.14M 89,438.51M 81,028.76M 82,068.21M 79,493.59M 72,955.55M 64,571.00M 58,898.96M 62,074.85M
Total Assets 157,812.26M 156,244.51M 153,223.84M 147,235.66M 120,991.26M 115,998.61M 114,512.42M 111,449.93M 109,933.30M 113,309.70M 106,025.20M 103,662.13M 104,730.56M 92,017.70M 81,478.53M 75,318.20M 77,927.95M
Accounts Payable 9,609.31M 10,660.35M 13,259.63M 11,151.58M 7,582.56M 5,181.29M 5,859.80M 4,779.44M 5,991.53M 6,705.33M 7,243.54M 5,921.88M 6,877.48M 5,180.62M 4,296.72M 3,493.31M 5,594.23M
Short-Term Debt 21,839.24M 10,408.72M 10,774.03M 15,875.69M 14,870.49M 12,161.87M 7,994.08M 5,721.70M 8,138.41M 6,920.00M 7,083.66M 6,327.00M 6,835.00M 16,465.29M 12,174.41M 14,203.63M 10,094.46M
Tax Payables 0.00M 446.22M 776.77M 127.52M 653.23M 784.55M 1,272.29M 788.67M 742.17M 730.42M 596.35M 789.20M 929.67M 967.44M 866.86M 561.92M 632.28M
Deferred Revenue 271.53M 0.00M 0.00M 0.00M 100.75M 2,554.14M 2,663.90M 1,985.20M 742.17M 2,615.10M 1,990.63M 2,193.52M 2,716.47M 2,298.29M 2,427.73M 1,555.33M 2,078.68M
Other Current Liabilities 3,707.05M 10,886.32M 8,684.62M 4,902.41M 2,383.59M 2,135.45M 1,037.92M 1,792.78M 1,819.68M 2,048.46M -2,571.69M 1,797.36M 1,055.05M 1,786.50M 190.70M 2,277.44M 1,505.84M
Total Current Liabilities 35,427.12M 32,401.60M 33,495.05M 32,057.21M 25,590.62M 22,817.30M 18,827.99M 15,067.79M 17,433.95M 19,019.32M 14,342.50M 17,028.96M 18,413.68M 26,698.14M 19,956.43M 22,091.63M 19,905.49M
Long-Term Debt 26,632.88M 25,322.33M 27,356.75M 32,026.40M 24,539.56M 18,136.09M 18,662.66M 21,351.69M 22,128.00M 23,582.60M 23,187.64M 21,334.33M 34,017.52M 23,482.78M 21,588.46M 18,118.81M 21,129.29M
Capital Lease Obligations 0.00M 2,694.17M 2,204.72M 858.98M 850.93M 960.95M 1,169.28M 1,080.83M 675.75M 523.66M 268.67M 27.58M 39.01M 0.00M 0.00M 0.00M 0.00M
Deferred Tax Liabilities 1,842.99M 1,999.19M 1,782.12M 1,495.98M 1,191.09M 1,389.78M 1,424.58M 1,364.58M 785.04M 1,170.83M 963.81M 1,050.94M 1,064.51M 519.62M 666.34M 547.68M 657.01M
Other Non-Current Liabilities 283.15M 821.46M 525.22M 635.46M 79.48M 64.63M 33.65M 139.35M 227.74M 686.50M -806.13M 724.95M 30.00M 446.22M 400.00M 394.79M 474.13M
Total Non-Current Liabilities 28,759.02M 30,837.14M 31,868.81M 35,016.83M 26,661.07M 20,551.45M 21,290.16M 23,936.45M 23,816.52M 25,963.59M 23,613.99M 23,137.80M 35,151.04M 24,448.62M 22,654.81M 19,061.28M 22,260.43M
Total Liabilities 64,186.14M 63,238.75M 65,363.86M 67,074.03M 52,251.69M 43,368.75M 40,118.15M 39,004.24M 41,250.47M 44,982.91M 37,956.49M 40,166.76M 53,564.73M 51,146.76M 42,611.24M 41,152.91M 42,165.92M
Preferred Stock 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Common Stock 13,408.73M 13,408.73M 13,408.73M 13,408.73M 13,408.73M 13,600.69M 13,600.69M 13,600.69M 13,600.69M 13,600.69M 13,600.69M 13,600.69M 11,837.06M 9,105.43M 8,033.34M 7,700.00M 3,300.00M
Retained Earnings 27,671.86M 25,616.27M 25,992.93M 22,053.95M 16,147.34M 18,332.24M 22,150.05M 19,298.85M 18,608.24M 17,373.30M 16,384.10M 14,412.95M 11,449.17M 7,909.88M 5,925.83M 3,806.88M 5,438.72M
Accumulated OCI 33,986.15M 12,005.41M 11,204.52M 9,232.96M 9,002.53M 8,766.57M 8,864.75M 8,034.48M 5,753.50M 6,571.12M 5,645.75M 4,377.33M 2,226.99M 612.03M 0.00M 0.00M 0.00M
Minority Interest 14,184.57M 14,024.96M 13,505.46M 12,562.50M 6,273.04M 7,856.01M 8,465.68M 8,329.64M 7,957.11M 8,020.07M 8,031.20M 8,249.22M 7,657.23M 7,264.10M 11,679.81M 11,116.88M 11,398.47M
Total Shareholders’ Equity 75,066.74M 51,030.41M 50,606.18M 44,695.64M 38,558.61M 40,699.50M 44,615.49M 40,934.02M 37,962.42M 37,545.11M 35,630.55M 32,390.97M 25,513.22M 17,627.35M 13,959.17M 11,506.88M 8,738.72M
Total Equity 89,251.31M 65,055.37M 64,111.63M 57,258.15M 44,831.65M 48,555.51M 53,081.17M 49,263.67M 45,919.53M 45,565.18M 43,661.74M 40,640.19M 33,170.46M 24,891.45M 25,638.97M 22,623.76M 20,137.19M
Total Liabilities & Equity 153,437.44M 128,294.12M 129,475.49M 124,332.18M 97,083.34M 91,924.26M 93,199.32M 88,267.90M 87,170.01M 90,548.09M 81,618.24M 80,806.95M 86,735.18M 76,038.21M 68,250.21M 63,776.67M 62,303.11M
Tangible Assets 153,999.61M 152,701.02M 149,602.43M 143,004.27M 118,462.25M 113,531.72M 112,323.76M 109,421.67M 107,829.04M 111,116.55M 103,933.69M 101,621.74M 102,974.91M 90,328.51M 79,901.19M 74,405.33M 77,183.82M
Tangible Equity 85,438.65M 61,511.88M 60,490.22M 53,026.76M 42,302.64M 46,088.63M 50,892.51M 47,235.40M 43,815.28M 43,372.04M 41,570.24M 38,599.80M 31,414.81M 23,202.26M 24,061.63M 21,710.90M 19,393.05M
Tangible Book Value 85,438.65M 61,511.88M 60,490.22M 53,026.76M 42,302.64M 46,088.63M 50,892.51M 47,235.40M 43,815.28M 43,372.04M 41,570.24M 38,599.80M 31,414.81M 23,202.26M 24,061.63M 21,710.90M 19,393.05M
Total Investments 49,912.49M 49,185.90M 45,688.25M 42,464.65M 37,710.70M 34,086.57M 32,215.81M 30,113.88M 28,840.27M 28,071.08M 21,303.50M 21,079.35M 20,210.87M 17,624.88M 14,602.00M 11,292.63M 10,025.06M
Net Debt 28,322.89M 15,150.21M 21,912.46M 28,538.38M 26,286.91M 19,434.06M 8,089.72M 10,620.75M 18,478.35M 17,694.75M 14,504.93M 15,204.99M 26,305.84M 29,753.70M 26,170.45M 25,931.80M 23,939.21M

Capital Metrics

Metric MRQ MRQ-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
Working Capital 2,671.5M -0.4M 3,157.6M 10,386.7M 3,198.1M 4,055.1M 13,143.8M 12,416.7M 7,053.0M 5,156.0M 9,273.1M 5,354.3M 7,226.0M -5,071.2M -2,412.6M -4,911.3M -2,836.3M
Total Capital 127,466.5M 112,164.7M 113,650.7M 117,674.1M 101,710.5M 95,191.1M 94,505.3M 92,859.2M 91,543.4M 92,650.8M 87,012.4M 85,014.2M 85,337.4M 76,089.7M 61,556.7M 56,102.0M 58,211.7M
Capital Employed 122,242.9M 118,856.4M 118,948.8M 115,183.6M 94,445.3M 92,597.0M 97,814.5M 96,690.7M 93,279.1M 94,594.5M 90,301.8M 87,422.5M 86,719.6M 67,884.3M 62,158.4M 53,987.7M 59,238.5M
Invested Capital 107,317.3M 91,583.9M 97,432.4M 98,310.4M 88,587.3M 84,327.2M 75,938.2M 76,406.6M 79,755.3M 79,843.0M 71,246.0M 72,557.9M 70,790.7M 65,895.3M 53,964.3M 49,711.3M 50,927.1M

Cash Flow Statement

Metric 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
Net Income 2,717.76M 7,257.50M 8,891.74M 7,902.93M -3,599.00M -2,000.51M 6,673.43M 4,907.18M 4,328.18M 4,744.64M 7,197.17M 8,405.93M 7,078.08M 7,699.70M 3,497.44M 2,198.40M 2,489.61M
Depreciation & Amortization 0.00M 4,830.71M 6,678.38M 6,337.08M 5,780.44M 5,815.94M 5,630.17M 5,699.29M 5,919.62M 5,667.14M 5,541.53M 5,355.67M 5,040.60M 4,569.27M 4,323.68M 0.00M 0.00M
Deferred Income Tax 0.00M 0.00M 0.00M 0.00M -1.72M -1,287.72M -21.19M -22.21M -23.82M -1.97M 54.86M 87.75M 0.00M 0.00M 0.00M 0.00M 0.00M
Stock-Based Compensation 0.00M 154.84M 0.00M 4.71M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Change in Working Capital 2,665.31M 591.95M -38.20M -89.88M -390.47M -2,578.59M -162.00M -890.93M -2,334.97M 516.30M 1,954.38M 263.63M -543.62M 1,629.00M 727.32M 0.00M 0.00M
Accounts Receivable 1,247.85M 525.70M -1,019.92M -856.14M -984.19M -2,449.84M -2,865.99M -139.15M -899.50M -3,002.98M 123.26M 560.53M -1,655.42M 1,008.32M 166.44M 0.00M 0.00M
Inventory 1,304.83M 117.19M 460.99M 792.89M -1,267.11M -1,550.91M -465.27M 1,000.57M -615.49M -296.14M -636.63M 713.29M 281.06M -74.75M 560.88M 0.00M 0.00M
Accounts Payable 0.00M 0.00M 573.96M -425.52M 1,862.54M 2,692.82M 3,190.45M -1,730.15M -796.15M 0.00M 2,412.88M -1,097.95M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Working Capital 112.63M -50.95M -53.23M 398.89M -1.72M -1,270.65M -21.19M -22.21M -1,719.48M 812.44M 2,591.01M -449.66M -824.68M 1,703.76M 0.00M 0.00M 0.00M
Other Non-Cash Items 6,771.87M 15,460.95M -1,825.07M -2,677.55M -1,566.90M -391.19M -2,013.34M -687.62M -1,138.61M -941.68M -1,342.33M -1,369.44M -1,151.69M -635.81M -3,497.44M -2,198.40M -2,489.61M
Net Cash from Operating Activities 12,154.95M 19,489.83M 13,706.86M 11,477.29M 224.07M 845.66M 10,128.26M 9,027.91M 6,774.21M 9,986.40M 13,350.75M 12,655.78M 10,423.37M 13,262.17M 9,067.98M 5,373.75M 7,761.90M
Capital Expenditures (PPE) -9,105.76M -10,287.80M -9,679.91M -9,029.94M -5,636.60M -4,711.58M -3,202.34M -1,752.58M -2,091.21M -6,211.09M -6,645.29M -7,087.63M -8,816.72M -10,249.13M -7,238.43M -6,071.60M -6,353.78M
Acquisitions (Net) 605.19M 1,232.74M -21.74M 370.35M 764.21M 62.71M 22.92M 0.00M -530.52M -855.33M 33.16M 83.29M 166.50M 31.38M 220.58M 43.88M -3.28M
Purchases of Investments -3,196.61M -3,449.26M -3,062.01M -3,336.58M -3,129.25M -4,429.86M -858.17M -1,637.59M -2,493.62M -4,599.42M -215.56M -212.60M -316.10M -2,713.51M -1,810.38M -322.42M -544.54M
Sales / Maturities of Investments 1,935.54M 3,250.49M 3,469.14M 1,554.26M 2,540.64M 3,140.49M 2,850.80M 4,236.91M 3,207.40M 2,312.33M 3,111.43M 2,542.51M 2,598.31M 1,923.89M 1,379.72M 1,689.49M 1,038.75M
Other Investing Activities 275.43M 126.43M 613.39M -258.38M -354.71M 74.69M -45.91M 86.88M 14.92M 92.12M 27.93M 3.82M 134.94M 172.50M 54.40M -286.95M 179.96M
Net Cash from Investing Activities -9,486.22M -9,127.40M -8,681.13M -10,700.28M -5,815.72M -5,863.56M -1,232.69M 933.63M -1,893.03M -9,261.39M -3,688.34M -4,670.61M -6,233.08M -10,834.87M -7,394.12M -4,947.61M -5,682.89M
Net Debt Issuance 16,839.95M -3,198.52M -2,506.58M 4,278.61M 9,621.66M 2,773.89M -2,404.24M -1,742.44M -1,878.00M 1,191.47M 446.35M -4,055.15M 4,866.01M 6,225.66M 1,415.01M 3,538.51M 1,427.00M
Long-Term Debt Issuance -1,904.44M -3,198.52M -2,506.58M 4,278.61M 9,621.66M 3,014.52M -2,227.26M -899.68M -1,271.79M 1,191.47M 446.35M -4,055.15M 4,866.01M 6,225.66M 1,415.01M 3,538.51M 1,427.00M
Short-Term Debt Issuance 18,744.39M -2,292.10M 0.00M 0.00M 0.00M -240.63M -176.98M -842.76M -606.21M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Net Stock Issuance 0.00M 0.00M 0.00M 0.00M -381.15M -339.35M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Common Stock Issuance 0.00M 0.00M 0.00M 0.00M 381.15M 339.35M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Common Stock Repurchased 0.00M 0.00M 0.00M 0.00M -381.15M -339.35M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Preferred Stock Issuance 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Net Dividends Paid -4,828.84M -4,658.14M -4,764.47M -1,528.54M -1,407.44M -3,060.16M -2,720.14M -2,448.12M -3,734.93M -4,482.32M -5,067.63M -5,168.64M -3,960.19M -5,700.12M -3,030.83M -4,571.93M -2,099.85M
Common Dividends Paid -940.31M -4,658.14M -4,764.47M -1,528.54M -1,407.44M -4,188.74M -3,934.56M -3,883.77M -3,734.93M -4,482.32M -5,105.43M -5,168.64M -3,960.19M -5,700.12M -977.72M -2,682.28M -425.52M
Preferred Dividends Paid 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 2,139.10M 0.00M -2,053.10M -1,889.66M 0.00M
Other Financing Activities -17,370.24M -822.99M -547.41M -1,156.29M 27.83M -957.08M -431.92M 320.67M -288.45M -502.68M -1,693.87M -847.11M -2,864.84M -344.28M 1,137.93M -295.51M -1,619.69M
Net Cash from Financing Activities -5,359.12M -8,746.00M -7,818.46M 1,593.79M 7,860.91M -2,711.28M -6,770.72M -5,305.54M -5,901.38M -3,793.53M -6,352.95M -10,070.90M 180.08M 181.25M -477.88M -1,328.94M -618.21M
Effect of FX on Cash 72.60M 21.63M 23.90M -31.99M 8.96M 3.46M -8.23M 5.79M 0.24M -0.50M 0.33M -4.62M -8.34M 0.01M -0.76M -0.86M 0.67M
Net Change in Cash 1,234.44M -807.11M -2,768.84M 5,773.28M 2,278.22M -7,725.72M 2,116.62M 4,661.78M -1,019.96M -3,069.02M 3,309.78M -2,090.35M 4,362.03M 2,608.56M 1,195.21M -903.66M 1,461.47M
Cash at Beginning of Period 71,644.13M 78,933.49M 18,892.03M 13,118.75M 10,840.54M 18,566.26M 16,449.64M 11,787.85M 12,807.82M 15,876.84M 12,456.34M 14,546.68M 10,184.65M 7,576.10M 6,380.88M 7,284.54M 5,823.07M
Cash at End of Period 72,878.57M 78,126.39M 16,123.19M 18,892.03M 13,118.75M 10,840.54M 18,566.26M 16,449.64M 11,787.85M 12,807.82M 15,766.12M 12,456.34M 14,546.68M 10,184.65M 7,576.10M 6,380.88M 7,284.54M
Operating Cash Flow 12,154.95M 19,489.83M 13,706.86M 11,477.29M 224.07M 845.66M 10,128.26M 9,027.91M 6,774.21M 9,986.40M 13,350.75M 12,655.78M 10,423.37M 13,262.17M 9,067.98M 5,373.75M 7,761.90M
Capital Expenditure -9,105.76M -10,287.80M -9,679.91M -9,029.94M -5,636.60M -4,711.58M -3,202.34M -1,752.58M -2,091.21M -6,211.09M -6,645.29M -7,087.63M -8,816.72M -10,249.13M -7,238.43M -6,071.60M -6,353.78M
Free Cash Flow 6,901.42M 7,463.11M 4,026.95M 2,447.35M -5,412.53M -3,865.92M 6,925.93M 7,275.33M 4,683.01M 3,775.31M 6,705.45M 5,568.16M 1,606.65M 3,013.03M 1,829.54M -697.85M 1,408.12M

Free Cash Flow

Metric 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
EBITDA 12,061.30M 12,987.57M 13,929.20M 12,161.95M 468.72M 2,255.51M 11,426.66M 10,813.54M 9,683.71M 10,179.50M 12,878.62M 14,458.97M 12,562.39M 13,400.24M 10,203.00M 3,386.73M 8,768.84M
(-) Tax Adjustment 1,509.24M 1,398.19M 1,583.33M 1,607.58M 0.00M 661.44M 1,676.13M 1,628.90M 1,321.82M 1,447.17M 2,241.93M 2,635.12M 2,161.15M 2,305.25M 1,797.73M 523.20M 1,632.32M
(-) Change In Working Capital 2,665.31M 591.95M -38.20M -89.88M -390.47M -2,578.59M -162.00M -890.93M -2,334.97M 516.30M 1,954.38M 263.63M -543.62M 1,629.00M 727.32M 0.00M 0.00M
(-) Capital Expenditure -9,105.76M -10,287.80M -9,679.91M -9,029.94M -5,636.60M -4,711.58M -3,202.34M -1,752.58M -2,091.21M -6,211.09M -6,645.29M -7,087.63M -8,816.72M -10,249.13M -7,238.43M -6,071.60M -6,353.78M
Unlevered Free Cash Flow -1,219.01M 709.63M 2,704.15M 1,614.32M -4,777.41M -538.93M 6,710.20M 8,323.00M 8,605.67M 2,004.94M 2,037.01M 4,472.60M 2,128.15M -783.15M 439.52M -3,208.07M 782.73M
(-) Net Interest Income After Taxes -564.80M -633.06M -954.12M -1,100.26M -1,226.31M -684.79M -819.56M -937.18M -855.59M -699.97M -908.38M -1,270.17M -1,386.56M -1,490.14M 190.32M -1,354.16M -1,193.24M
Net Debt Issuance 16,839.95M -3,198.52M -2,506.58M 4,278.61M 9,621.66M 2,773.89M -2,404.24M -1,742.44M -1,878.00M 1,191.47M 446.35M -4,055.15M 4,866.01M 6,225.66M 1,415.01M 3,538.51M 1,427.00M
Levered Free Cash Flow 16,185.74M -1,855.83M 1,151.69M 6,993.19M 6,070.56M 2,919.75M 5,125.52M 7,517.74M 7,583.25M 3,896.38M 3,391.74M 1,687.62M 8,380.72M 6,932.65M 1,664.21M 1,684.59M 3,402.97M