https:\/\/www.titanamerica.com\/<\/a>. For those who are unable to listen to the live broadcast, an audio replay of the conference call will be available on the Titan America website for 30 days.\n<\/p>\nAbout Titan America SA<\/b><\/p>\n
\nTitan America is a leading vertically-integrated producer of cement and building materials in the high-growth economic mega-regions of the U.S. East Coast, with operations and leading market positions across Florida, the Mid-Atlantic, and Metro New York\/New Jersey. Titan America\u2019s family of company brands includes Essex Cement, Roanoke Cement, Titan Florida, Titan Virginia Ready-Mix, S&W Ready-Mix, Powhatan Ready Mix, Titan Mid-Atlantic Aggregates, and Separation Technologies. The company\u2019s operations include cement plants, construction aggregates and sand mines, ready-mix concrete plants, concrete block plants, fly ash production facilities, marine import and rail terminals, and distribution hubs.\n<\/p>\n
Forward-Looking Statements<\/b><\/p>\n
\nThis press release may include forward-looking statements. Forward-looking statements are statements regarding or based upon our management\u2019s current intentions, beliefs or expectations relating to, among other things, Titan America\u2019s future results of operations, financial condition, liquidity, prospects, growth, strategies, developments in the industry in which we operate and the proposed offering. In some cases, you can identify forward-looking statements by terminology such as \u201ccontinue,\u201d \u201ccould,\u201d \u201cexpect,\u201d \u201cgoal,\u201d \u201cmay,\u201d \u201cplan,\u201d \u201cpredict,\u201d \u201cpropose,\u201d \u201cshould,\u201d \u201ctarget,\u201d \u201cwill,\u201d \u201cwould\u201d and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. By their nature, forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results or future events to differ materially from those expressed or implied thereby. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements contained in this report regarding trends or current activities should not be taken as a report that such trends or activities will continue in the future. Titan America undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on any such forward-looking statements, which speak only as of the date of this report. The information contained in this report is subject to change without notice. No re-report or warranty, express or implied, is made as to the fairness, accuracy, reasonableness or completeness of the information contained herein and no reliance should be placed on it. This press release has been prepared in English and translated into French. In the case of discrepancies between the two versions, the English version will prevail.\n<\/p>\n
Financial Measures (Non-IFRS)<\/strong><\/p>\n\nIn addition to the financial information presented in accordance with International Financial Reporting Standards (\u201cIFRS\u201d), this press release includes the following Non-IFRS financial measures: Adjusted EBITDA, Adjusted EBITDA Margin, free cash flow and net debt. We define Adjusted EBITDA as net income before finance cost, net, income tax expense, depreciation, depletion and amortization, further adjusted to remove the impact of additional items such as (gain)\/loss on disposal of fixed assets, asset impairment (recovery)\/loss, foreign exchange (gain)\/loss, net, derivative financial instrument (gain)\/loss, net, fair value loss on sale of accounts receivable, net, share-based compensation and other non-recurring items, including certain transaction costs related to our initial public offering. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenues. We define free cash flow as net cash provided by operating activities, less net payments for capital expenditures, which includes (i) investments in equipment, (ii) investments in identifiable intangible assets and (iii) proceeds from the sale of assets, net of disposition costs. We define net debt as the sum of short and long-term borrowings, including accrued interest and current and non-current lease liabilities less cash and cash equivalents. See \u201cReconciliation of IFRS to Non-IFRS\u201d section for a detailed reconciliation of Non-IFRS financial measures to the most directly comparable IFRS measure.\n<\/p>\n
\nWe believe that in addition to our results determined in accordance with IFRS, these Non-IFRS financial measures provide useful information to both management and investors in measuring our financial performance and highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures.\n<\/p>\n
\nNon-IFRS financial information is presented for supplemental informational purposes only and should not be considered in isolation or as a substitute for financial information presented in accordance with IFRS. Our presentation of Non-IFRS measures should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items. Other companies in our industry may calculate these measures differently, which may limit their usefulness as comparative measures.\n<\/p>\n
\n\n| _____________________<\/td>\n<\/tr>\n |
\n| \n 1 <\/sup>As used throughout this release, the terms Adjusted EBITDA, Adjusted EBITDA margin, net debt and free cash flow are non-IFRS financial metrics. See \u201cReconciliation of IFRS to Non-IFRS” for a detailed reconciliation of Non-IFRS financial measures to the most directly comparable IFRS measure. See “Financial Measures (Non-IFRS)” for further discussion on these Non-IFRS measures and why we believe they are useful.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n Consolidated Statements of Income (Unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \n(all amounts in thousands of US$ except for earnings per share)\n<\/p>\n<\/td>\n | \n Year Ended December 31<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRevenue\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n1,634,393\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n1,591,601\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCost of goods sold\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(1,217,738\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(1,228,112\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGross profit\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 416,655<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 363,489<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSelling expense\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(33,623\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(31,009\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGeneral and administrative expense\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(128,930\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(99,909\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet impairment losses on financial assets\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(398\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(1,224\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFair value loss on sale of accounts receivable, net\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(4,620\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(6,113\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther operating income\/(loss), net\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2,304\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n402\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating income\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 251,388<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 225,636<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFinance cost, net\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(26,175\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(22,244\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nForeign exchange gain\/(loss), net\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n20,846\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(11,981\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDerivative financial instrument (loss)\/gain, net\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(22,441\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n10,967\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome before income taxes\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 223,618<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 202,378<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome tax expense\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(57,544\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(47,134\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet income\n<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 166,074<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 155,244<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEarnings per share of common stock:\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nBasic earnings per share\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n0.95\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n0.89\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDiluted earnings per share\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n0.95\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n0.89\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nWeighted average number of common stock – basic and diluted\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n175,362,465\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n175,362,465\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n Consolidated Balance Sheet (Unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n\u00a0<\/td>\n<\/tr>\n | \n| (all amounts in thousands of US$)<\/td>\n | Year Ended December 31<\/b><\/td>\n<\/tr>\n\n | \n\n 2024<\/b><\/p>\n<\/td>\n | | \n\n 2023<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Current assets:<\/td>\n | | \n | \n | <\/tr>\n \n| Cash and cash equivalents<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n12,124\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n22,036\n<\/p>\n<\/td>\n<\/tr>\n | \n| Derivative financial instruments<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n709\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n5,315\n<\/p>\n<\/td>\n<\/tr>\n | \n| Derivative credit support payments<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n619\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n11,470\n<\/p>\n<\/td>\n<\/tr>\n | \n| Trade receivables, net<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n48,119\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n55,873\n<\/p>\n<\/td>\n<\/tr>\n | \n| Other receivables, net<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n57,937\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n65,121\n<\/p>\n<\/td>\n<\/tr>\n | \n| Inventories<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n227,638\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n189,989\n<\/p>\n<\/td>\n<\/tr>\n | \n| Prepaid expenses and other current assets<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n14,308\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n16,194\n<\/p>\n<\/td>\n<\/tr>\n | \n| Income taxes receivable<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n22,802\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n6,901\n<\/p>\n<\/td>\n<\/tr>\n | \n| Total current assets<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 384,256<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n 372,899<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Noncurrent assets:<\/td>\n | | \n | \n | <\/tr>\n \n| Derivative financial instruments<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u2014\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2,071\n<\/p>\n<\/td>\n<\/tr>\n | \n| Derivative credit support payments<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n3,770\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u2014\n<\/p>\n<\/td>\n<\/tr>\n | \n| Property, plant, equipment and mineral deposits, net<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n851,733\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n801,031\n<\/p>\n<\/td>\n<\/tr>\n | \n| Right-of-use assets<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n64,688\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n61,441\n<\/p>\n<\/td>\n<\/tr>\n | \n| Other assets<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n10,076\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n6,586\n<\/p>\n<\/td>\n<\/tr>\n | \n| Intangible assets, net<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n30,167\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n33,213\n<\/p>\n<\/td>\n<\/tr>\n | \n| Goodwill<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n221,562\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n221,562\n<\/p>\n<\/td>\n<\/tr>\n | \n| Total noncurrent assets<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 1,181,996<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n 1,125,904<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Total assets<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 1,566,252<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 1,498,803<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Current liabilities:<\/td>\n | | \n | \n | <\/tr>\n \n| Accounts payable<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n139,831\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n151,229\n<\/p>\n<\/td>\n<\/tr>\n | \n| Related party payables<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n8,727\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n11,467\n<\/p>\n<\/td>\n<\/tr>\n | \n| Accrued expenses<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n24,879\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n20,757\n<\/p>\n<\/td>\n<\/tr>\n | \n| Derivative financial instruments<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,014\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n10,512\n<\/p>\n<\/td>\n<\/tr>\n | \n| Derivative credit support receipts<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n304\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n5,061\n<\/p>\n<\/td>\n<\/tr>\n | \n| Provisions<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n10,081\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n10,452\n<\/p>\n<\/td>\n<\/tr>\n | \n| Contract liabilities<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n6,344\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,090\n<\/p>\n<\/td>\n<\/tr>\n | \n| Income taxes payable<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,872\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,999\n<\/p>\n<\/td>\n<\/tr>\n | \n| Short-term borrowings, including accrued interest<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n33,608\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n267,670\n<\/p>\n<\/td>\n<\/tr>\n | \n| Lease liabilities<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n12,386\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n11,737\n<\/p>\n<\/td>\n<\/tr>\n | \n| Total current liabilities<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 239,046<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n 491,974<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Noncurrent liabilities:<\/td>\n | | \n | \n | <\/tr>\n \n| Long-term borrowings<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n358,222\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n76,262\n<\/p>\n<\/td>\n<\/tr>\n | \n| Lease liabilities<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n55,967\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n53,744\n<\/p>\n<\/td>\n<\/tr>\n | \n| Retirement benefit obligations<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n5,117\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n4,310\n<\/p>\n<\/td>\n<\/tr>\n | \n| Derivative financial instruments<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n8,418\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u2014\n<\/p>\n<\/td>\n<\/tr>\n | \n| Derivative credit support receipts<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u2014\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2,081\n<\/p>\n<\/td>\n<\/tr>\n | \n| Provisions<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n50,926\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n55,302\n<\/p>\n<\/td>\n<\/tr>\n | \n| Contract liabilities<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u2014\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n868\n<\/p>\n<\/td>\n<\/tr>\n | \n| Other noncurrent liabilities<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n330\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n114\n<\/p>\n<\/td>\n<\/tr>\n | \n| Deferred income tax liability<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n98,212\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n94,377\n<\/p>\n<\/td>\n<\/tr>\n | \n| Total noncurrent liabilities<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 577,192<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n 287,058<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Total liabilities<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n816,238\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n779,032\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Stockholder’s equity:<\/td>\n | | \n | \n | <\/tr>\n \n| Common stock<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,753,625\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n25,219\n<\/p>\n<\/td>\n<\/tr>\n | \n| Share premium<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n852,282\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n168,791\n<\/p>\n<\/td>\n<\/tr>\n | \n| Capital reserves<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n4,039\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n4,039\n<\/p>\n<\/td>\n<\/tr>\n | \n| Retained earnings<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n597,296\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n518,621\n<\/p>\n<\/td>\n<\/tr>\n | \n| Common control reserve<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(2,460,630\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u2014\n<\/p>\n<\/td>\n<\/tr>\n | \n| Accumulated other comprehensive income<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n3,402\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n3,101\n<\/p>\n<\/td>\n<\/tr>\n | \n| Total stockholder’s equity<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 750,014<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n 719,771<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Total liabilities and stockholder’s equity<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 1,566,252<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 1,498,803<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n | | | | | | | | | | | | | | |
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<\/td>\n<\/tr>\n