Mainland Headwear Holdings Limited (1100.HK)

Industry: Apparel - Footwear & Accessories Sector: Consumer Cyclical Currency Used: HK Live Price: $1.29

Enterprise Value

Metric	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
Stock Price	1.63	1.85	1.86	1.37	0.69	0.96	1.13	1.37	1.46	1.23	0.94	0.73	0.86	0.80	1.06	0.92	0.93	2.35	2.30	2.22	2.35	2.25	2.30	1.57	1.06	1.08
Market Capitalization	700.74M	792.17M	791.17M	580.93M	293.86M	407.45M	483.66M	592.92M	628.91M	522.26M	395.83M	307.05M	353.14M	328.33M	411.06M	315.97M	302.48M	762.09M	712.63M	649.55M	686.63M	651.80M	635.12M	386.09M	198.79M	195.82M
(-) Cash & Equivalents	184.13M	320.55M	243.50M	208.09M	221.54M	124.43M	124.51M	185.40M	193.34M	170.38M	133.57M	141.18M	173.28M	189.42M	160.48M	134.26M	74.57M	106.72M	123.85M	83.68M	103.61M	116.34M	123.21M	75.77M	49.79M	4.70M
(+) Total Debt	233.20M	246.76M	354.51M	316.95M	349.98M	304.23M	138.68M	82.96M	62.51M	53.16M	29.42M	30.25M	20.17M	0.92M	0.00M	0.00M	0.00M	3.53M	10.59M	0.03M	0.17M	0.40M	0.48M	0.06M	5.17M	6.67M
Enterprise Value	749.81M	718.38M	902.18M	689.79M	422.29M	587.25M	497.84M	490.48M	498.08M	405.04M	291.68M	196.11M	200.03M	139.82M	250.58M	181.71M	227.91M	658.90M	599.36M	565.90M	583.19M	535.85M	512.39M	310.38M	154.16M	197.78M

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	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31
Revenue	2,959M	3,513M	1,474M	1,419M	1,874M	1,600M	1,048M	1,147M	941M	891M	870M	871M	918M	923M	767M	751M	679M	516M	611M	539M	743M	587M	557M	470M	394M	289M	243M	155M
Cost of Revenue	2,046M	2,387M	1,019M	943M	1,237M	1,121M	729M	801M	650M	603M	582M	606M	668M	679M	565M	555M	490M	402M	441M	366M	486M	369M	349M	296M	245M	182M	167M	111M
Gross Profit	913M	1,126M	455M	476M	637M	479M	319M	346M	292M	288M	288M	265M	250M	244M	202M	196M	189M	114M	170M	173M	257M	218M	208M	174M	149M	107M	76M	44M
Gross Profit Margin	30.9%	32.1%	30.9%	33.6%	34.0%	29.9%	30.4%	30.2%	31.0%	32.3%	33.1%	30.4%	27.2%	26.4%	26.3%	26.2%	27.8%	22.1%	27.9%	32.1%	34.6%	37.1%	37.4%	37.0%	37.7%	37.0%	31.3%	28.6%
R&D Expenses	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
SG&A Expenses	735M	711M	366M	358M	376M	326M	262M	284M	234M	217M	217M	220M	223M	237M	190M	168M	167M	165M	169M	132M	180M	147M	122M	95M	82M	43M	29M	12M
Operating Expenses	689M	711M	342M	286M	376M	298M	255M	284M	234M	217M	217M	220M	223M	237M	190M	168M	178M	169M	164M	120M	180M	147M	122M	100M	86M	38M	26M	11M
Operating Income (EBIT)	224M	415M	113M	190M	262M	181M	64M	62M	58M	71M	71M	45M	27M	6M	12M	28M	10M	-55M	6M	53M	77M	70M	87M	74M	62M	68M	49M	34M
Operating Income Margin	7.6%	11.8%	7.7%	13.4%	14.0%	11.3%	6.1%	5.4%	6.1%	7.9%	8.2%	5.2%	2.9%	0.7%	1.6%	3.7%	1.5%	-10.7%	1.0%	9.9%	10.4%	12.0%	15.5%	15.8%	15.8%	23.7%	20.4%	21.6%
Interest Income	8M	5M	3M	2M	1M	0M	1M	3M	2M	2M	1M	1M	2M	2M	1M	0M	1M	3M	2M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Interest Expense	38M	18M	15M	15M	14M	8M	11M	9M	0M	1M	2M	1M	1M	3M	3M	3M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	1M	0M
Net Interest Income	-31M	-13M	-12M	-13M	-13M	-7M	-10M	-6M	2M	1M	-1M	0M	1M	-1M	-2M	-3M	1M	3M	2M	0M	0M	0M	0M	0M	0M	0M	-1M	0M
Unusual Items	71M	28M	0M	0M	2M	-1M	0M	15M	11M	14M	14M	11M	8M	5M	2M	0M	0M	0M	-35M	-5M	15M	11M	5M	2M	11M	1M	0M	0M
EBT Excluding Unusual Items	193M	403M	101M	177M	249M	174M	54M	56M	60M	71M	70M	45M	28M	5M	10M	25M	11M	-53M	8M	53M	77M	70M	87M	74M	62M	68M	48M	33M
Pre-Tax Income	264M	431M	101M	177M	251M	173M	54M	71M	71M	86M	84M	56M	36M	10M	12M	25M	11M	-53M	-27M	48M	92M	82M	91M	76M	74M	69M	48M	33M
Pre-Tax Margin	8.9%	12.3%	6.9%	12.5%	13.4%	10.8%	5.1%	6.2%	7.5%	9.6%	9.6%	6.4%	3.9%	1.1%	1.6%	3.4%	1.7%	-10.2%	-4.4%	8.8%	12.4%	13.9%	16.4%	16.2%	18.7%	24.0%	19.7%	21.5%
Income Tax Expense	88M	78M	39M	49M	38M	36M	4M	9M	3M	4M	9M	5M	6M	4M	5M	4M	6M	0M	3M	6M	9M	6M	8M	8M	9M	7M	4M	5M
Net Income	170M	322M	57M	118M	195M	128M	46M	58M	63M	77M	72M	53M	33M	7M	9M	21M	6M	-53M	-29M	42M	84M	76M	84M	68M	65M	63M	44M	28M
Net Income Margin	5.7%	9.2%	3.9%	8.3%	10.4%	8.0%	4.4%	5.1%	6.6%	8.7%	8.2%	6.0%	3.6%	0.8%	1.1%	2.8%	0.8%	-10.2%	-4.8%	7.7%	11.2%	12.9%	15.0%	14.5%	16.4%	21.7%	18.1%	18.1%
Depreciation & Amortization	153M	183M	95M	87M	90M	81M	75M	53M	30M	29M	30M	29M	34M	41M	40M	41M	31M	32M	30M	-5M	26M	22M	21M	20M	16M	12M	9M	3M
EBITDA	377M	598M	208M	277M	352M	262M	139M	116M	88M	100M	101M	74M	61M	47M	52M	69M	41M	-23M	36M	48M	103M	92M	107M	94M	78M	80M	59M	37M
EBITDA Margin	12.7%	17.0%	14.1%	19.5%	18.8%	16.4%	13.2%	10.1%	9.4%	11.2%	11.6%	8.5%	6.6%	5.1%	6.8%	9.1%	6.0%	-4.5%	5.9%	8.9%	13.9%	15.7%	19.2%	20.0%	19.8%	27.8%	24.1%	23.7%
NOPAT	149M	340M	69M	137M	222M	144M	59M	54M	55M	67M	64M	41M	23M	4M	7M	23M	5M	-44M	5M	47M	70M	65M	79M	67M	55M	62M	45M	28M
NOPAT Margin	5.0%	9.7%	4.7%	9.7%	11.9%	9.0%	5.7%	4.7%	5.8%	7.5%	7.3%	4.7%	2.5%	0.4%	1.0%	3.1%	0.7%	-8.5%	0.8%	8.6%	9.4%	11.1%	14.2%	14.2%	13.9%	21.4%	18.7%	18.2%
Owner's Earnings	-81M	387M	-59M	-31M	208M	187M	110M	44M	-41M	-9M	71M	15M	22M	20M	35M	51M	16M	-35M	-14M	0M	94M	82M	74M	61M	51M	64M	53M	31M
Owner's Earnings Margin	-2.8%	11.0%	-4.0%	-2.2%	11.1%	11.7%	10.5%	3.9%	-4.4%	-1.0%	8.2%	1.7%	2.4%	2.2%	4.6%	6.8%	2.3%	-6.8%	-2.3%	0.0%	12.7%	14.0%	13.3%	12.9%	13.0%	22.3%	21.8%	20.2%
EPS (Basic)	0.39	0.76	0.13	0.28	0.46	0.30	0.11	0.13	0.15	0.18	0.17	0.13	0.08	0.02	0.02	0.05	0.01	-0.15	-0.09	0.12	0.26	0.26	0.27	0.23	0.23	0.25	0.23	0.15
EPS (Diluted)	0.39	0.75	0.13	0.27	0.45	0.30	0.11	0.14	0.15	0.18	0.17	0.12	0.08	0.02	0.02	0.05	0.01	-0.15	-0.09	0.12	0.25	0.25	0.26	0.22	0.22	0.25	0.23	0.15
Shares (Basic)	431M	426M	434M	428M	426M	426M	426M	426M	426M	425M	419M	419M	419M	419M	419M	418M	396M	352M	334M	333M	331M	300M	299M	297M	284M	253M	193M	189M
Shares (Diluted)	432M	431M	434M	437M	434M	426M	426M	426M	430M	434M	430M	423M	419M	419M	419M	418M	396M	352M	334M	337M	332M	302M	327M	315M	287M	253M	193M	189M

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	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31
Cash & Cash Equivalents	229.07M	179.64M	179.64M	317.85M	246.95M	198.89M	219.46M	112.55M	97.25M	182.84M	201.88M	174.51M	123.86M	146.21M	146.38M	188.90M	185.67M	138.73M	149.15M	95.87M	139.25M	77.67M	101.72M	109.30M	137.46M	80.46M	61.69M	14.11M
Short-Term Investments	14.36M	35.08M	35.08M	13.17M	28.34M	23.91M	14.81M	57.45M	32.59M	24.29M	12.50M	4.49M	2.56M	2.66M	3.08M	3.14M	1.42M	4.76M	4.32M	81.58M	0.00M	67.74M	61.42M	42.75M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	243.43M	214.72M	214.72M	331.02M	275.28M	222.80M	234.27M	170.00M	129.85M	207.13M	214.38M	179.00M	126.43M	148.87M	149.47M	192.04M	187.09M	143.49M	153.47M	177.46M	139.25M	145.40M	163.14M	152.05M	137.46M	80.46M	61.69M	14.11M
Net Receivables	401.74M	375.64M	375.64M	324.65M	438.54M	364.26M	338.80M	319.55M	216.22M	154.15M	146.42M	129.38M	136.70M	132.45M	0.00M	156.31M	161.87M	169.17M	146.26M	145.50M	231.08M	168.21M	132.57M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	350.84M	395.77M	395.77M	373.65M	523.65M	451.90M	276.83M	275.40M	208.66M	176.83M	181.83M	166.83M	201.45M	163.71M	161.46M	137.07M	130.52M	103.15M	120.95M	107.63M	93.13M	103.17M	67.64M	60.90M	53.67M	26.29M	22.09M	23.31M
Other Current Assets	35.92M	8.95M	8.95M	8.18M	8.70M	19.27M	0.00M	2.94M	5.91M	5.02M	0.00M	0.00M	1.75M	0.04M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	96.15M	75.28M	0.87M	39.55M	23.90M
Total Current Assets	1,031.93M	995.08M	995.08M	1,037.50M	1,246.17M	1,058.23M	849.90M	767.89M	560.64M	543.12M	542.63M	475.21M	466.33M	445.07M	310.92M	485.42M	479.48M	415.81M	420.68M	430.59M	463.46M	416.78M	363.35M	309.10M	266.41M	107.63M	123.32M	61.32M
Property, Plant & Equipment	720.48M	725.84M	725.84M	601.87M	564.11M	456.20M	449.92M	449.34M	376.84M	270.81M	175.04M	171.36M	129.79M	126.44M	94.35M	104.25M	118.68M	128.70M	138.70M	146.12M	136.36M	112.02M	121.20M	112.72M	103.92M	84.26M	72.21M	47.27M
Goodwill	35.42M	30.86M	30.86M	0.00M	0.00M	22.51M	22.51M	22.51M	33.80M	33.80M	33.80M	33.80M	33.80M	33.80M	31.34M	27.45M	4.96M	4.96M	4.96M	8.16M	6.71M	0.00M	0.00M	0.00M	9.31M	0.00M	0.00M	0.00M
Intangible Assets	70.65M	75.38M	75.38M	14.69M	30.27M	29.61M	32.77M	27.54M	11.98M	13.22M	13.97M	16.83M	21.59M	28.78M	40.30M	39.28M	2.86M	3.79M	0.00M	10.60M	10.03M	10.26M	5.77M	6.06M	0.00M	0.00M	0.00M	0.00M
Long-Term Investments	40.70M	43.72M	43.72M	94.73M	15.42M	8.96M	-3.18M	-49.12M	-10.77M	-2.36M	40.51M	45.07M	-2.35M	-2.44M	-1.33M	-1.45M	5.63M	1.54M	10.81M	0.75M	0.00M	0.00M	0.00M	0.00M	0.00M	19.64M	15.07M	0.00M
Tax Assets	0.00M	0.00M	0.00M	0.00M	7.87M	5.16M	3.50M	2.40M	2.19M	1.62M	1.90M	2.32M	3.39M	3.02M	1.42M	0.98M	0.15M	0.07M	0.03M	0.04M	0.19M	10.73M	6.43M	5.87M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	62.46M	64.57M	64.57M	13.73M	79.43M	75.84M	59.33M	99.83M	73.65M	66.85M	0.00M	0.00M	55.98M	38.45M	28.35M	6.00M	-0.60M	-0.60M	5.40M	0.39M	1.20M	0.00M	0.00M	0.00M	7.75M	0.00M	0.00M	0.00M
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	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	929.71M	940.36M	940.36M	725.02M	697.09M	598.27M	564.86M	552.50M	487.69M	383.93M	265.22M	269.39M	242.20M	228.06M	194.42M	176.50M	131.67M	138.46M	159.89M	166.06M	154.49M	133.02M	133.40M	124.64M	120.97M	103.90M	87.28M	47.27M
Total Assets	1,961.64M	1,935.44M	1,935.44M	1,762.52M	1,943.26M	1,656.50M	1,414.75M	1,320.39M	1,048.33M	927.06M	807.85M	744.60M	708.52M	673.12M	505.34M	661.91M	611.15M	554.27M	580.57M	596.65M	617.94M	549.79M	496.74M	433.75M	387.38M	211.53M	210.60M	108.58M
Accounts Payable	168.27M	402.20M	402.20M	169.54M	233.58M	219.76M	140.23M	127.68M	89.14M	52.66M	57.71M	54.59M	76.78M	79.17M	69.57M	50.08M	106.45M	92.05M	43.94M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	53.13M	47.33M	11.68M
Short-Term Debt	195.05M	199.48M	199.48M	153.51M	228.89M	275.38M	293.68M	272.92M	149.41M	112.53M	58.62M	67.60M	32.89M	27.00M	40.00M	1.83M	0.00M	0.00M	0.00M	0.00M	6.00M	0.00M	0.12M	0.00M	0.34M	0.00M	0.15M	20.00M
Tax Payables	0.00M	45.17M	45.17M	48.61M	51.98M	29.02M	11.59M	12.19M	16.11M	18.40M	21.35M	22.16M	27.81M	25.27M	19.41M	17.89M	13.06M	2.60M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	8.21M	7.44M	5.71M
Deferred Revenue	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	63.52M	45.67M	45.67M	163.21M	54.83M	1.78M	2.50M	2.24M	19.42M	0.65M	22.42M	23.16M	28.76M	93.73M	83.50M	70.53M	0.00M	0.00M	53.47M	33.09M	37.04M	37.63M	36.40M	4.43M	15.01M	8.21M	10.80M	0.00M
Total Current Liabilities	426.84M	692.51M	692.51M	534.87M	569.27M	525.94M	448.00M	415.02M	274.09M	184.24M	160.10M	167.52M	166.24M	225.17M	212.49M	140.32M	119.51M	94.64M	97.41M	33.09M	43.04M	37.63M	36.52M	4.43M	15.35M	69.55M	65.72M	37.39M
Long-Term Debt	0.00M	0.00M	0.00M	7.20M	14.39M	0.00M	0.00M	0.00M	0.61M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	8.11M	0.00M	0.00M	0.00M	0.00M	0.00M	0.07M	0.00M
Capital Lease Obligations	60.64M	60.29M	60.29M	54.77M	81.88M	42.37M	43.67M	24.48M	0.79M	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	0.12M	0.31M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	31.97M	31.55M	31.55M	21.45M	6.37M	6.32M	4.56M	4.22M	3.89M	3.96M	3.58M	3.06M	2.68M	0.00M	0.00M	0.00M	0.63M	1.51M	2.25M	3.62M	4.97M	5.94M	6.70M	7.62M	2.94M	4.91M	4.44M	2.82M
Other Non-Current Liabilities	22.81M	26.39M	26.39M	6.60M	18.14M	20.59M	20.86M	13.10M	2.57M	1.98M	1.05M	1.53M	1.57M	5.14M	8.21M	22.55M	0.26M	0.07M	0.07M	8.65M	0.17M	0.69M	0.73M	0.73M	1.71M	0.00M	0.00M	0.00M
Total Non-Current Liabilities	115.42M	118.23M	118.23M	90.02M	120.78M	69.28M	69.09M	41.80M	7.87M	5.94M	4.63M	4.59M	4.25M	5.14M	8.21M	22.55M	0.89M	1.59M	2.33M	12.27M	13.25M	6.63M	7.55M	8.66M	4.64M	4.91M	4.51M	2.82M
Total Liabilities	542.26M	810.75M	810.75M	624.88M	690.05M	595.21M	517.09M	456.82M	281.96M	190.17M	164.73M	172.11M	170.49M	230.31M	220.70M	162.88M	120.39M	96.23M	99.73M	45.35M	56.29M	44.26M	44.07M	13.09M	19.99M	74.46M	70.23M	40.22M
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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	42.92M	42.92M	42.92M	42.92M	42.66M	40.53M	40.53M	40.53M	40.53M	40.52M	40.50M	39.86M	39.86M	39.86M	39.86M	39.86M	39.80M	35.19M	31.84M	31.84M	0.00M	0.00M	0.00M	0.00M	0.00M	24.45M	24.00M	0.20M
Retained Earnings	904.55M	866.09M	866.09M	847.64M	768.27M	609.99M	506.14M	480.13M	437.86M	395.33M	341.12M	288.20M	239.64M	218.55M	219.16M	237.86M	228.62M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Accumulated OCI	21.23M	38.63M	38.63M	50.41M	49.12M	59.37M	30.91M	54.51M	59.92M	66.06M	-302.54M	-285.75M	-269.39M	-275.93M	-303.24M	-290.02M	-254.56M	-229.91M	-195.66M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-29.09M	-23.97M	-15.34M
Minority Interest	59.14M	62.05M	62.05M	50.61M	42.81M	25.21M	17.95M	13.75M	9.17M	5.03M	0.20M	-5.42M	-4.00M	-0.73M	-0.36M	0.80M	4.03M	8.74M	2.57M	2.85M	1.14M	4.23M	0.00M	0.00M	6.10M	0.00M	0.00M	0.00M
Total Shareholders’ Equity	968.70M	947.63M	947.63M	940.97M	860.05M	709.89M	577.57M	575.17M	538.31M	501.90M	79.08M	42.32M	10.11M	-17.52M	-44.22M	-12.30M	13.86M	-194.72M	-163.82M	31.84M	0.00M	0.00M	0.00M	0.00M	0.00M	-4.64M	0.03M	-15.14M
Total Equity	1,027.84M	1,009.68M	1,009.68M	991.58M	902.86M	735.11M	595.52M	588.92M	547.48M	506.93M	79.28M	36.90M	6.10M	-18.25M	-44.58M	-11.50M	17.88M	-185.98M	-161.25M	34.69M	1.14M	4.23M	0.00M	0.00M	6.10M	-4.64M	0.03M	-15.14M
Total Liabilities & Equity	1,570.09M	1,820.43M	1,820.43M	1,616.46M	1,592.91M	1,330.32M	1,112.61M	1,045.74M	829.43M	697.10M	244.02M	209.00M	176.60M	212.06M	176.12M	151.38M	138.28M	-89.75M	-61.52M	80.05M	57.42M	48.49M	44.07M	13.09M	26.10M	69.82M	70.26M	25.07M
Tangible Assets	1,855.57M	1,829.20M	1,829.20M	1,747.84M	1,912.99M	1,604.38M	1,359.47M	1,270.34M	1,002.56M	880.04M	760.08M	693.96M	653.13M	610.55M	433.70M	595.18M	603.33M	545.52M	575.62M	577.88M	601.20M	539.53M	490.97M	427.69M	378.07M	211.53M	210.60M	108.58M
Tangible Equity	921.77M	903.45M	903.45M	976.89M	872.60M	682.99M	540.23M	538.87M	501.70M	459.92M	31.51M	-13.74M	-49.29M	-80.83M	-116.22M	-78.23M	10.07M	-194.73M	-166.21M	15.93M	-15.61M	-6.03M	-5.77M	-6.06M	-3.21M	-4.64M	0.03M	-15.14M
Tangible Book Value	921.77M	903.45M	903.45M	976.89M	872.60M	682.99M	540.23M	538.87M	501.70M	459.92M	31.51M	-13.74M	-49.29M	-80.83M	-116.22M	-78.23M	10.07M	-194.73M	-166.21M	15.93M	-15.61M	-6.03M	-5.77M	-6.06M	-3.21M	-4.64M	0.03M	-15.14M
Total Investments	68.47M	78.80M	78.80M	107.91M	43.76M	32.87M	11.63M	8.33M	21.83M	21.93M	12.50M	4.49M	0.22M	0.22M	1.75M	1.69M	7.05M	6.30M	15.14M	82.33M	0.00M	67.74M	61.42M	42.75M	0.00M	19.64M	15.07M	0.00M
Net Debt	-34.02M	19.84M	19.84M	-157.15M	-3.67M	76.49M	74.22M	160.37M	52.77M	-70.32M	-143.26M	-106.91M	-90.97M	-119.21M	-106.38M	-187.07M	-185.67M	-138.73M	-149.15M	-95.87M	-125.13M	-77.67M	-101.60M	-109.30M	-137.11M	-80.46M	-61.46M	5.89M

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	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31
Working Capital	395.4M	342.8M	342.8M	512.6M	465.5M	354.3M	276.4M	236.3M	233.9M	295.8M	344.7M	285.9M	276.0M	267.0M	305.0M	345.1M	358.5M	321.2M	318.5M	360.4M	375.0M	339.6M	288.6M	242.0M	201.4M	105.6M	57.6M	23.9M
Total Capital	1,419.9M	1,377.0M	1,377.0M	1,326.0M	1,336.9M	1,194.7M	1,107.8M	1,039.6M	855.3M	781.3M	663.7M	623.7M	550.8M	517.7M	531.6M	500.1M	485.3M	449.3M	473.5M	511.3M	529.3M	461.7M	414.7M	358.4M	311.9M	204.6M	140.6M	88.4M
Capital Employed	1,325.1M	1,283.1M	1,283.1M	1,237.6M	1,162.6M	952.6M	841.2M	788.8M	721.6M	679.7M	609.9M	555.3M	518.2M	495.1M	499.4M	521.6M	490.2M	459.6M	478.4M	526.5M	529.5M	472.6M	422.0M	366.6M	322.3M	209.5M	144.9M	71.2M
Invested Capital	1,190.8M	1,197.4M	1,197.4M	1,008.2M	1,090.0M	995.8M	888.4M	927.0M	758.1M	598.4M	461.8M	449.2M	427.0M	371.5M	385.2M	311.2M	299.6M	310.6M	324.3M	415.5M	390.0M	384.1M	313.0M	249.1M	174.5M	124.1M	78.9M	74.3M

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	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31
Net Income	169.87M	322.46M	57.07M	177.18M	250.86M	173.11M	53.84M	72.14M	70.74M	85.58M	83.82M	56.05M	35.95M	10.21M	12.47M	56.60M	11.23M	-52.55M	-26.96M	41.70M	83.52M	75.67M	83.67M	68.32M	64.53M	69.36M	47.73M	33.33M
Depreciation & Amortization	136.42M	182.54M	0.00M	86.51M	90.25M	81.26M	74.90M	54.61M	31.68M	29.36M	30.07M	29.30M	33.87M	40.61M	39.76M	40.56M	30.67M	32.41M	30.18M	0.00M	26.10M	21.53M	20.60M	19.80M	15.76M	11.85M	9.10M	3.21M
Deferred Income Tax	0.00M	0.00M	0.00M	0.00M	0.00M	-6.05M	-10.05M	-16.42M	0.00M	0.00M	-15.33M	1.57M	-3.77M	13.40M	12.32M	1.74M	22.83M	10.11M	25.04M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Stock-Based Compensation	0.00M	0.16M	0.00M	0.00M	0.09M	0.45M	0.97M	1.76M	3.05M	3.62M	0.48M	0.17M	0.04M	0.13M	1.18M	1.24M	2.54M	1.98M	0.71M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	208.44M	-194.23M	-21.53M	161.16M	-107.11M	-167.90M	-19.67M	-34.14M	-81.45M	-21.80M	-18.84M	10.19M	-37.09M	4.05M	-53.85M	-71.78M	-27.91M	-14.95M	26.77M	0.00M	4.38M	-64.00M	-38.41M	-13.50M	-8.66M	-30.59M	3.48M	-13.68M
Accounts Receivable	76.06M	-55.12M	-32.93M	108.99M	-76.27M	-33.89M	-6.67M	-33.58M	-64.16M	-4.00M	-4.20M	23.04M	9.19M	25.95M	-42.83M	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
Inventory	125.05M	-136.37M	-21.23M	146.28M	-78.60M	-194.13M	-3.28M	-40.11M	-39.61M	-2.59M	-14.60M	26.66M	-38.09M	-9.76M	-14.21M	-7.60M	-29.73M	9.15M	0.89M	0.00M	11.63M	-34.85M	-6.73M	-7.24M	-4.17M	-4.20M	1.22M	-2.92M
Accounts Payable	0.00M	0.00M	24.97M	-93.78M	39.22M	74.14M	-1.61M	19.97M	41.00M	-10.73M	7.89M	-42.56M	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
Other Working Capital	7.33M	-2.74M	7.66M	-0.33M	8.53M	-14.02M	-8.11M	19.59M	-41.84M	-19.21M	-4.23M	-16.46M	1.01M	13.81M	-39.64M	-64.18M	1.82M	-24.10M	25.88M	0.00M	-7.25M	-29.15M	-31.68M	-6.26M	-4.49M	-26.39M	2.27M	-10.77M
Other Non-Cash Items	-61.08M	275.43M	117.12M	-75.56M	11.89M	7.29M	10.29M	6.41M	-1.87M	-4.80M	0.85M	-0.14M	-0.70M	1.20M	1.94M	1.98M	-1.90M	6.89M	-2.17M	74.64M	-11.82M	-10.48M	-2.41M	-15.14M	-1.19M	-2.40M	1.15M	-0.47M
Net Cash from Operating Activities	453.64M	415.35M	152.66M	349.29M	245.98M	88.16M	110.29M	84.37M	22.15M	91.96M	81.07M	97.15M	28.30M	69.59M	13.82M	30.33M	37.44M	-16.11M	53.57M	116.34M	102.18M	22.72M	63.45M	59.48M	70.44M	48.22M	61.45M	22.39M
Capital Expenditures (PPE)	-448.75M	-118.04M	-171.80M	-229.81M	-78.07M	-21.93M	-10.37M	-67.32M	-134.08M	-115.88M	-30.44M	-66.80M	-45.32M	-27.54M	-13.17M	-10.44M	-20.53M	-14.58M	-15.00M	-36.04M	-15.42M	-15.13M	-30.26M	-27.34M	-28.93M	-10.04M	0.00M	0.00M
Acquisitions (Net)	57.10M	-6.90M	-43.70M	0.00M	0.00M	0.09M	-0.70M	-68.04M	0.00M	-1.86M	-0.39M	0.15M	0.00M	-6.33M	-49.77M	-1.96M	-4.68M	-1.45M	-42.29M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-15.96M	0.00M
Purchases of Investments	-9.18M	-38.18M	-4.25M	-15.09M	-26.80M	-25.64M	-0.70M	-9.59M	0.00M	-30.50M	-0.02M	0.00M	0.00M	0.00M	-0.71M	-1.69M	0.00M	-0.39M	0.00M	0.00M	0.00M	-0.84M	-15.98M	-34.19M	-7.75M	0.00M	0.00M	0.00M
Sales / Maturities of Investments	14.16M	17.07M	0.00M	17.07M	0.00M	-0.09M	21.27M	13.53M	8.17M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.45M	0.00M	0.00M	72.40M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Investing Activities	-15.54M	-17.94M	-35.14M	84.60M	0.57M	0.46M	1.76M	1.86M	1.53M	1.53M	0.92M	1.66M	1.96M	-11.39M	-14.13M	-0.99M	9.74M	8.81M	2.33M	-71.23M	74.60M	-2.10M	2.67M	-5.65M	3.10M	-1.56M	-15.54M	-35.49M
Net Cash from Investing Activities	-402.21M	-139.08M	-254.90M	-143.23M	-104.30M	-47.11M	11.26M	-129.57M	-124.38M	-144.85M	-29.93M	-64.99M	-43.36M	-45.26M	-77.79M	-14.62M	-15.48M	-7.61M	17.44M	-107.27M	59.18M	-18.07M	-43.57M	-67.19M	-33.58M	-10.04M	-31.50M	-35.49M
Net Debt Issuance	5.91M	-80.29M	23.33M	-82.58M	-50.36M	-36.96M	-16.21M	-14.04M	0.00M	0.00M	-8.98M	0.00M	0.00M	0.00M	38.17M	-1.30M	0.00M	0.00M	0.00M	-6.00M	0.00M	-0.12M	-0.19M	-0.33M	-0.16M	-0.22M	-20.00M	20.00M
Long-Term Debt Issuance	-20.46M	-80.29M	23.33M	-82.58M	-32.10M	-18.29M	20.76M	95.29M	37.49M	53.91M	-8.98M	34.71M	5.89M	0.00M	38.17M	-1.30M	0.00M	0.00M	-18.00M	-6.00M	0.00M	-0.12M	-0.19M	-0.33M	-0.16M	-0.22M	-40.00M	0.00M
Short-Term Debt Issuance	26.38M	0.00M	0.00M	-82.58M	-18.26M	-18.66M	-36.97M	95.29M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	38.17M	-1.30M	0.00M	0.00M	18.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	20.00M	20.00M
Net Stock Issuance	1.02M	0.00M	0.00M	3.11M	1.13M	0.00M	0.00M	0.00M	0.15M	0.17M	0.00M	0.00M	0.00M	0.00M	0.00M	0.55M	35.48M	27.44M	0.00M	0.00M	0.00M	0.00M	0.00M	2.62M	4.54M	0.00M	47.00M	0.00M
Common Stock Issuance	1.02M	3.73M	0.00M	3.11M	1.13M	0.00M	0.00M	0.00M	0.15M	0.17M	5.78M	0.00M	0.00M	0.00M	0.00M	0.55M	35.48M	27.44M	0.00M	0.00M	0.00M	0.00M	0.00M	2.62M	4.54M	0.00M	47.00M	0.00M
Common Stock Repurchased	0.00M	-0.89M	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	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	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	-72.96M	-74.97M	-38.63M	-38.58M	-37.11M	-24.32M	-20.27M	-20.27M	-20.27M	-20.26M	-15.94M	-11.96M	-7.97M	-11.96M	-19.93M	-12.39M	-11.52M	-13.41M	-22.29M	-55.86M	-40.07M	-34.34M	-31.24M	-22.77M	-19.26M	-15.60M	-8.00M	-8.00M
Common Dividends Paid	-72.96M	-74.97M	-38.63M	-38.58M	-37.11M	-24.32M	-20.27M	-20.27M	-20.27M	-20.26M	-15.94M	-11.96M	-7.97M	-11.96M	-19.93M	-12.39M	-11.52M	-13.41M	-22.29M	-55.86M	-40.07M	-34.34M	-31.24M	-22.77M	-19.26M	-15.60M	-8.00M	-8.00M
Preferred Dividends Paid	0.00M	12.16M	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-78.91M	9.62M	-19.51M	-14.89M	0.00M	-1.87M	20.76M	95.29M	37.49M	51.85M	5.62M	34.71M	5.24M	-13.00M	0.00M	0.00M	0.00M	-0.06M	-0.19M	7.00M	-59.90M	6.21M	4.01M	0.24M	35.02M	-0.04M	14.00M	1.92M
Net Cash from Financing Activities	-144.94M	-162.79M	-34.80M	-132.93M	-86.34M	-63.14M	-15.72M	60.99M	17.37M	31.76M	-19.30M	19.57M	-2.73M	-24.96M	18.24M	-13.14M	23.96M	13.97M	-22.48M	-54.87M	-100.18M	-28.25M	-27.49M	-20.24M	20.13M	-0.22M	33.00M	13.92M
Effect of FX on Cash	-0.68M	-3.76M	-1.17M	-2.23M	-7.28M	1.53M	1.09M	-0.49M	-0.73M	2.09M	-4.47M	-1.08M	-4.55M	0.46M	3.22M	0.67M	1.01M	-0.67M	4.74M	2.42M	0.40M	-0.45M	0.03M	-0.21M	0.00M	-19.19M	-9.30M	-10.06M
Net Change in Cash	-94.18M	105.95M	-138.21M	70.90M	48.06M	-20.57M	106.91M	15.30M	-85.59M	-19.04M	27.37M	50.65M	-22.35M	-0.17M	-42.51M	3.23M	46.94M	-10.42M	53.27M	-43.37M	61.58M	-24.05M	-7.59M	-28.15M	56.99M	18.78M	53.65M	-9.24M
Cash at Beginning of Period	1,009.36M	903.19M	317.85M	246.95M	198.89M	219.46M	112.55M	97.25M	182.84M	201.88M	174.51M	123.86M	146.21M	146.38M	188.90M	185.67M	138.73M	149.15M	95.87M	139.25M	77.67M	101.72M	109.30M	137.46M	80.46M	61.69M	8.03M	17.28M
Cash at End of Period	915.18M	1,009.14M	179.64M	317.85M	246.95M	198.89M	219.46M	112.55M	97.25M	182.84M	201.88M	174.51M	123.86M	146.21M	146.38M	188.90M	185.67M	138.73M	149.15M	95.87M	139.25M	77.67M	101.72M	109.30M	137.46M	80.46M	61.69M	8.03M
Operating Cash Flow	450.50M	415.35M	152.66M	349.29M	245.98M	88.16M	110.29M	84.37M	22.15M	91.96M	81.07M	97.15M	28.30M	69.59M	13.82M	30.33M	37.44M	-16.11M	53.57M	116.34M	102.18M	22.72M	63.45M	59.48M	70.44M	48.22M	61.45M	22.39M
Capital Expenditure	-404.09M	-118.04M	-210.79M	-235.49M	-78.07M	-21.93M	-10.37M	-67.32M	-134.08M	-115.88M	-30.44M	-66.80M	-45.32M	-27.54M	-13.17M	-10.44M	-20.53M	-14.58M	-15.00M	-36.04M	-15.42M	-15.13M	-30.26M	-27.34M	-28.93M	-10.04M	0.00M	0.00M
Free Cash Flow	46.42M	297.30M	-58.13M	113.80M	167.91M	66.22M	99.92M	17.05M	-111.93M	-23.92M	50.63M	30.35M	-17.03M	42.05M	0.64M	19.89M	16.91M	-30.69M	38.57M	80.30M	86.77M	7.59M	33.19M	32.14M	41.52M	38.19M	61.45M	22.39M

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	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31
EBITDA	330.47M	597.66M	184.20M	204.55M	351.89M	234.10M	132.07M	115.66M	88.19M	100.17M	101.17M	74.27M	60.68M	47.03M	51.95M	69.05M	52.20M	-19.05M	31.95M	35.19M	103.19M	91.94M	107.20M	98.62M	82.37M	75.21M	56.01M	35.62M
(-) Tax Adjustment	110.78M	108.62M	64.47M	57.00M	52.68M	48.55M	9.34M	15.16M	4.23M	5.10M	10.42M	6.19M	9.34M	16.46M	18.18M	11.93M	18.27M	0.00M	0.00M	4.40M	9.80M	6.91M	9.11M	10.03M	10.26M	7.41M	4.60M	5.52M
(-) Change In Working Capital	208.44M	-194.23M	-21.53M	161.16M	-107.11M	-167.90M	-19.67M	-34.14M	-81.45M	-21.80M	-18.84M	10.19M	-37.09M	4.05M	-53.85M	-71.78M	-27.91M	-14.95M	26.77M	0.00M	4.38M	-64.00M	-38.41M	-13.50M	-8.66M	-30.59M	3.48M	-13.68M
(-) Capital Expenditure	-404.09M	-118.04M	-210.79M	-235.49M	-78.07M	-21.93M	-10.37M	-67.32M	-134.08M	-115.88M	-30.44M	-66.80M	-45.32M	-27.54M	-13.17M	-10.44M	-20.53M	-14.58M	-15.00M	-36.04M	-15.42M	-15.13M	-30.26M	-27.34M	-28.93M	-10.04M	0.00M	0.00M
Unlevered Free Cash Flow	-392.83M	565.22M	-69.53M	-249.09M	328.25M	331.52M	132.03M	67.32M	31.34M	0.99M	79.15M	-8.92M	43.11M	-1.02M	74.44M	118.46M	41.32M	-18.68M	-9.82M	-5.25M	73.59M	133.90M	106.23M	74.74M	51.85M	88.35M	47.93M	43.78M
(-) Net Interest Income After Taxes	-20.32M	-10.27M	-7.62M	-9.51M	-11.12M	-5.80M	-9.57M	-5.54M	1.93M	0.52M	-0.77M	0.13M	0.59M	-0.78M	-1.26M	-2.24M	0.67M	2.70M	2.17M	-0.24M	-0.19M	0.00M	0.00M	0.00M	0.00M	-0.03M	-1.16M	-0.17M
Net Debt Issuance	5.91M	-80.29M	23.33M	-82.58M	-50.36M	-36.96M	-16.21M	-14.04M	0.00M	0.00M	-8.98M	0.00M	0.00M	0.00M	38.17M	-1.30M	0.00M	0.00M	0.00M	-6.00M	0.00M	-0.12M	-0.19M	-0.33M	-0.16M	-0.22M	-20.00M	20.00M
Levered Free Cash Flow	-366.59M	495.21M	-38.58M	-322.16M	289.00M	300.36M	125.38M	58.82M	29.41M	0.46M	70.95M	-9.05M	42.51M	-0.24M	113.87M	119.40M	40.64M	-21.37M	-11.99M	-11.01M	73.78M	133.78M	106.04M	74.41M	51.69M	88.16M	29.09M	63.95M