Cash flow Traton SE

Equities

8TRA

DE000TRAT0N7

Heavy Machinery & Vehicles

Market Closed - Xetra Other stock markets 11:35:19 2025-01-23 am EST			5-day change	1st Jan Change
28.45 ^EUR	+1.43%		+6.36%	+1.79%

Jan. 23	TRATON : DZ Bank reiterates its Buy rating	ZD
Jan. 23	TRATON : Jefferies reaffirms its Neutral rating	ZD

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Published financial data: TRATON SE

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	26.05B	21.76B	29.66B	39.04B	45.28B
Finance Div. Revenues	849M	820M	964M	1.29B	1.59B
Total Revenues	26.9B	22.58B	30.62B	40.34B	46.87B
Cost of Goods Sold, Total	21.07B	18.42B	24.55B	32.69B	36.52B
Finance Div. Operating Exp.	673M	642M	737M	984M	1.28B
Gross Profit	5.16B	3.51B	5.33B	6.66B	9.07B
Selling General & Admin Expenses, Total	3.36B	3.03B	3.77B	4.58B	4.9B
Other Operating Expenses	-208M	131M	223M	-209M	0
Other Operating Expenses, Total	3.16B	3.16B	3.99B	4.38B	4.9B
Operating Income	2B	357M	1.34B	2.28B	4.17B
Interest Expense, Total	-225M	-201M	-349M	-409M	-888M
Interest And Investment Income	93M	70M	122M	184M	341M
Net Interest Expenses	-132M	-131M	-227M	-225M	-547M
Income (Loss) On Equity Invest.	208M	84M	432M	97M	123M
Currency Exchange Gains (Loss)	102M	-385M	-89M	110M	-123M
Other Non Operating Income (Expenses)	-127M	310M	129M	-67M	-5M
EBT, Excl. Unusual Items	2.05B	235M	1.58B	2.2B	3.62B
Restructuring Charges	-	4M	-333M	-4M	-53M
Merger & Related Restructuring Charges	-	-	-34M	-	-
Gain (Loss) On Sale Of Investments	22M	-1M	3M	1M	2M
Gain (Loss) On Sale Of Assets	11M	9M	2M	19M	15M
Asset Writedown	-	-178M	46M	-27M	-
Legal Settlements	-121M	-102M	-621M	-152M	-230M
Other Unusual Items	-	-	-	-477M	-102M
EBT, Incl. Unusual Items	1.96B	-33M	648M	1.56B	3.25B
Income Tax Expense	401M	90M	178M	419M	801M
Earnings From Continuing Operations	1.56B	-123M	470M	1.14B	2.45B
Earnings Of Discontinued Operations	-2M	-	-	-	-
Net Income to Company	1.56B	-123M	470M	1.14B	2.45B
Minority Interest	-43M	22M	-13M	-	-
Net Income - (IS)	1.52B	-101M	457M	1.14B	2.45B
Net Income to Common Incl Extra Items	1.52B	-101M	457M	1.14B	2.45B
Net Income to Common Excl. Extra Items	1.52B	-101M	457M	1.14B	2.45B
Per Share Items
Net EPS - Basic	3.04	-0.2	0.91	2.28	4.9
Basic EPS - Continuing Operations	3.04	-0.2	0.91	2.28	4.9
Basic Weighted Average Shares Outstanding	500M	500M	500M	500M	500M
Net EPS - Diluted	3.04	-0.2	0.91	2.28	4.9
Diluted EPS - Continuing Operations	3.04	-0.2	0.91	2.28	4.9
Diluted Weighted Average Shares Outstanding	500M	500M	500M	500M	500M
Normalized Basic EPS	2.48	0.34	1.96	2.75	4.52
Normalized Diluted EPS	2.48	0.34	1.96	2.75	4.52
Dividend Per Share	1	0.25	0.5	0.7	1.5
Payout Ratio	214.1	-495.05	27.35	21.91	14.28
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	3.82B	2.38B	3.65B	4.86B	6.32B
EBITA	2.05B	405M	1.52B	2.6B	4.48B
EBIT	2B	357M	1.34B	2.28B	4.17B
EBITDAR	3.89B	-	3.7B	-	-
Effective Tax Rate - (Ratio)	20.42	-272.73	27.47	26.86	24.63
Current Domestic Taxes	-70M	86M	-5M	52M	54M
Current Foreign Taxes	438M	291M	533M	782M	836M
Total Current Taxes	368M	377M	528M	834M	890M
Deferred Domestic Taxes	42M	-269M	-162M	-32M	210M
Deferred Foreign Taxes	-9M	-20M	-188M	-382M	-298M
Total Deferred Taxes	33M	-289M	-350M	-414M	-88M
Normalized Net Income	1.24B	169M	978M	1.38B	2.26B
Interest Capitalized	2M	-	-	-	-
Interest on Long-Term Debt	37M	32M	29M	31M	42M
Non-Cash Pension Expense	36M	25M	34M	65M	79M
Supplemental Operating Expense Items
Selling and Marketing Expenses	2.35B	2.12B	2.62B	3.24B	3.42B
General and Administrative Expenses	973M	876M	1.16B	1.35B	1.48B
Research And Development Expense From Footnotes	1.1B	1.14B	1.3B	1.68B	1.92B
Net Rental Expense, Total	76M	-	46M	-	-
Imputed Operating Lease Interest Expense	37.75M	-	18.71M	-	-
Imputed Operating Lease Depreciation	38.25M	-	27.29M	-	-
Stock-Based Comp., Other (Total)	1.95M	2.79M	8M	1M	9M
Total Stock-Based Compensation	1.95M	2.79M	8M	1M	9M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	1.85B	1.64B	2B	1.44B	1.73B
Short Term Investments	3.18B	2.1B	226M	73M	53M
Total Cash And Short Term Investments	5.03B	3.75B	2.23B	1.51B	1.78B
Accounts Receivable, Total	5.26B	4.86B	6.54B	8.41B	9.45B
Other Receivables	1.09B	937M	1.43B	1.49B	1.51B
Total Receivables	6.35B	5.8B	7.97B	9.9B	10.95B
Inventory	4.94B	4.32B	5.45B	6.57B	7.44B
Finance Division Other Current Assets, Total	60M	73M	2M	421M	3M
Other Current Assets, Total	337M	454M	579M	697M	917M
Total Current Assets	16.72B	14.4B	16.23B	19.11B	21.1B
Gross Property Plant And Equipment	21.52B	21.37B	23.3B	23.59B	24.11B
Accumulated Depreciation	-8.34B	-8.94B	-9.65B	-10.38B	-10.87B
Net Property Plant And Equipment	13.18B	12.43B	13.65B	13.21B	13.24B
Long-term Investments	1.4B	1.45B	1.94B	1.53B	1.72B
Goodwill	-	-	6.17B	6.18B	6.08B
Other Intangibles, Total	6.75B	6.76B	4.22B	4.08B	3.74B
Finance Division Other Long-Term Assets, Total	4M	4M	-	-	-
Accounts Receivable Long-Term	4.87B	4.78B	5.83B	6.56B	7.77B
Deferred Tax Assets Long-Term	970M	1.23B	2.11B	2.27B	2.37B
Deferred Charges Long-Term	-	-	2.92B	3.11B	3.37B
Other Long-Term Assets, Total	1.29B	1.7B	2.04B	2.2B	2.32B
Total Assets	45.18B	42.77B	55.12B	58.26B	61.7B
Liabilities
Accounts Payable, Total	2.47B	2.77B	4.24B	5.52B	5.79B
Accrued Expenses, Total	58M	64M	80M	111M	98M
Current Portion of Long-Term Debt	2.2B	2.59B	1.98B	4.91B	2.42B
Current Portion of Leases	232M	192M	241M	240M	239M
Finance Division Debt Current	4.1B	3.6B	3.8B	3.5B	5B
Finance Division Other Current Liabilities, Total	-	-	-	21M	-
Current Income Taxes Payable	187M	139M	200M	250M	242M
Other Current Liabilities	7.27B	6.1B	9.28B	8.09B	8.58B
Total Current Liabilities	16.52B	15.46B	19.82B	22.63B	22.37B
Long-Term Debt	321M	204M	6.66B	7.11B	6.18B
Long-Term Leases	845M	855M	995M	969M	941M
Finance Division Debt Non Current	4.8B	4.9B	4.6B	4.5B	7.1B
Finance Division Other Non Current Liabilities, Total	10M	11M	-	-	-
Pension & Other Post Retirement Benefits	1.76B	1.82B	2.65B	1.79B	1.85B
Deferred Tax Liability Non Current	787M	767M	803M	690M	681M
Other Non Current Liabilities	6B	5.59B	6.14B	6.2B	6.1B
Total Liabilities	31.05B	29.6B	41.67B	43.88B	45.21B
Common Stock, Total	500M	500M	500M	500M	500M
Retained Earnings	-4.15B	-4.48B	1.48B	2.96B	5.46B
Comprehensive Income and Other	17.52B	16.92B	11.47B	10.9B	10.52B
Total Common Equity	13.86B	12.94B	13.44B	14.37B	16.48B
Minority Interest	270M	230M	3M	6M	6M
Total Equity	14.14B	13.17B	13.45B	14.37B	16.49B
Total Liabilities And Equity	45.18B	42.77B	55.12B	58.26B	61.7B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	500M	500M	500M	500M	500M
ECS Total Common Shares Outstanding	500M	500M	500M	500M	500M
Book Value / Share	27.73	25.88	26.89	28.74	32.96
Tangible Book Value	7.11B	6.17B	3.05B	4.1B	6.66B
Tangible Book Value Per Share	14.22	12.35	6.11	8.2	13.32
Total Debt	12.5B	12.34B	18.28B	21.22B	21.88B
Net Debt	7.47B	8.6B	16.06B	19.71B	20.09B
Debt Equivalent of Unfunded Proj. Benefit Obligation	1.76B	1.83B	2.58B	1.72B	1.79B
Debt Equivalent Oper. Leases	608M	-	368M	-	-
Minority Interest, Total (Incl. Fin. Div)	270M	230M	3M	6M	6M
Equity Method Investments, Total	1.36B	1.38B	1.28B	1.33B	1.48B
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Raw Materials, Total	656M	620M	-	1.48B	-
Inventories - Work In Process, Total	496M	415M	-	847M	-
Inventories - Finished Goods, Total	3.77B	3.27B	-	4.23B	-
Inventories - Others	18M	16M	-	20M	-
Land - (BS)	4.88B	5.02B	5.62B	5.94B	6.44B
Machinery, Total	6.94B	7.29B	7.76B	8.38B	9.12B
Full Time Employees	83K	82.57K	97.24K	100K	104K

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	1.52B	-101M	457M	1.14B	2.45B
Depreciation & Amortization - CF	1.96B	1.98B	2.14B	2.26B	2.11B
Amortization of Goodwill and Intangible Assets - (CF)	51M	48M	175M	314M	310M
Depreciation & Amortization, Total	2.01B	2.03B	2.31B	2.57B	2.42B
Amortization of Deferred Charges, Total - (CF)	192M	266M	299M	379M	423M
(Gain) Loss From Sale Of Asset	-29M	-7M	147M	139M	91M
(Gain) Loss on Sale of Investments - (CF)	-67M	2M	4M	-	2M
Asset Writedown & Restructuring Costs	-2M	147M	118M	29M	23M
(Income) Loss On Equity Investments - (CF)	-120M	-56M	-353M	-40M	-97M
Net Cash From Discontinued Operations	-	-	-	-	-
Other Operating Activities, Total	9M	-287M	-403M	-178M	-52M
Change In Accounts Receivable	157M	175M	-212M	-1.17B	-534M
Change In Inventories	-85M	345M	3M	-1.16B	-885M
Change in Other Net Operating Assets	-2.5B	-525M	-838M	-2.38B	-1.26B
Cash from Operations	1.09B	1.99B	1.53B	-660M	2.58B
Capital Expenditure	-997M	-995M	-1.13B	-1.3B	-1.52B
Sale of Property, Plant, and Equipment	33M	44M	54M	55M	79M
Cash Acquisitions	-	-10M	-2.56B	-94M	-309M
Divestitures	1.98B	2M	-197M	58M	128M
Sale (Purchase) of Intangible assets	-467M	-316M	-468M	-604M	-687M
Investment in Marketable and Equity Securities, Total	-3B	1.06B	1.78B	128M	-56M
Net (Increase) Decrease in Loans Originated / Sold - Investing	88M	6M	80M	-50M	-
Other Investing Activities, Total	1M	-1M	-	-1M	-1M
Cash from Investing	-2.36B	-215M	-2.45B	-1.81B	-2.37B
Long-Term Debt Issued, Total	3.08B	2.99B	9.9B	5.95B	4.56B
Total Debt Issued	3.08B	2.99B	9.9B	5.95B	4.56B
Long-Term Debt Repaid, Total	-2.7B	-3.02B	-8B	-3.48B	-4.34B
Total Debt Repaid	-2.7B	-3.02B	-8B	-3.48B	-4.34B
Issuance of Common Stock	-	54M	-	-	-
Common Dividends Paid	-3.25B	-500M	-125M	-250M	-350M
Common & Preferred Stock Dividends Paid	-3.25B	-500M	-125M	-250M	-350M
Other Financing Activities, Total	3.05B	-1.4B	-599M	-	-
Cash from Financing	183M	-1.87B	1.17B	2.22B	-128M
Foreign Exchange Rate Adjustments	6M	-98M	33M	-2M	-100M
Miscellaneous Cash Flow Adjustments	-1M	-	-1M	-304M	-
Net Change in Cash	-1.08B	-199M	288M	-563M	-13M
Supplemental Items
Cash Interest Paid	433M	338M	389M	749M	1.3B
Cash Income Tax Paid (Refund)	463M	434M	567M	689M	904M
Levered Free Cash Flow	7.94B	702M	3.15B	-1.51B	3.19B
Unlevered Free Cash Flow	8.08B	828M	3.36B	-1.26B	3.75B
Change In Net Working Capital	-6.08B	381M	-1.51B	3.73B	-499M
Net Debt Issued / Repaid	380M	-24M	1.89B	2.47B	222M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	2.73	0.51	1.71	2.52	4.35
Return on Total Capital	4.61	0.85	2.93	4.24	7.05
Return On Equity %	10.1	-0.9	3.53	8.2	15.88
Return on Common Equity	9.91	-0.75	3.46	8.2	15.89
Margin Analysis
Gross Profit Margin %	19.17	15.56	17.42	16.51	19.35
SG&A Margin	12.51	13.4	12.31	11.37	10.45
EBITDA Margin %	14.19	10.56	11.93	12.05	13.47
EBITA Margin %	7.63	1.79	4.95	6.44	9.56
EBIT Margin %	7.44	1.58	4.38	5.66	8.9
Income From Continuing Operations Margin %	5.81	-0.54	1.53	2.83	5.23
Net Income Margin %	5.64	-0.45	1.49	2.83	5.23
Net Avail. For Common Margin %	5.65	-0.45	1.49	2.83	5.23
Normalized Net Income Margin	4.61	0.75	3.19	3.41	4.83
Levered Free Cash Flow Margin	29.5	3.11	10.28	-3.75	6.81
Unlevered Free Cash Flow Margin	30.02	3.67	10.99	-3.11	7.99
Asset Turnover
Asset Turnover	0.59	0.51	0.63	0.71	0.78
Fixed Assets Turnover	2.2	1.76	2.35	3.01	3.55
Receivables Turnover (Average Receivables)	5.07	4.3	5.2	5.22	5.07
Inventory Turnover (Average Inventory)	4.32	3.98	5.02	5.44	5.21
Short Term Liquidity
Current Ratio	1.01	0.93	0.82	0.84	0.94
Quick Ratio	0.69	0.62	0.51	0.5	0.57
Operating Cash Flow to Current Liabilities	0.07	0.13	0.08	-0.03	0.12
Days Sales Outstanding (Average Receivables)	71.95	85.17	70.17	69.88	71.97
Days Outstanding Inventory (Average Inventory)	84.58	92.06	72.69	67.15	70.05
Average Days Payable Outstanding	46.86	53.86	49.85	52.7	55.2
Cash Conversion Cycle (Average Days)	109.67	123.36	93.01	84.33	86.82
Long Term Solvency
Total Debt/Equity	88.41	93.73	135.96	147.66	132.68
Total Debt / Total Capital	46.92	48.38	57.62	59.62	57.02
LT Debt/Equity	42.21	45.25	91.17	87.51	86.22
Long-Term Debt / Total Capital	22.4	23.36	38.64	35.34	37.06
Total Liabilities / Total Assets	68.72	69.21	75.6	75.33	73.28
EBIT / Interest Expense	8.89	1.78	3.84	5.59	4.7
EBITDA / Interest Expense	17.84	11.87	10.46	11.88	7.42
(EBITDA - Capex) / Interest Expense	13.4	6.92	7.22	8.69	5.71
Total Debt / EBITDA	3.11	5.18	5.01	4.37	3.32