Jiashili Group Limited (1285.HK)

Industry: Packaged Foods Sector: Consumer Defensive Currency Used: CN Live Price: $1.10

Enterprise Value

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012
Stock Price	1.11	1.33	0.93	1.30	1.39	1.32	1.58	1.76	2.93	3.23	2.90	3.05	3.15
Market Capitalization	459.56M	552.31M	385.12M	540.11M	576.59M	547.46M	654.89M	729.79M	1,214.70M	1,338.65M	965.66M	731.50M	755.34M
(-) Cash & Equivalents	327.66M	314.74M	279.63M	407.27M	516.20M	494.31M	396.12M	289.88M	382.08M	432.27M	188.63M	34.95M	25.31M
(+) Total Debt	768.48M	797.36M	673.10M	619.23M	416.79M	440.06M	368.69M	242.52M	70.58M	66.96M	70.18M	17.65M	0.00M
Enterprise Value	900.38M	1,034.92M	778.59M	752.07M	477.18M	493.21M	627.46M	682.43M	903.21M	973.33M	847.21M	714.19M	730.04M

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
Revenue	3,457M	3,449M	1,803M	1,686M	1,764M	1,597M	1,519M	1,593M	1,449M	1,175M	1,106M	1,006M	840M	748M	649M
Cost of Revenue	2,468M	2,506M	1,289M	1,183M	1,222M	1,138M	1,008M	1,054M	987M	819M	726M	654M	572M	522M	484M
Gross Profit	989M	943M	513M	503M	542M	459M	511M	539M	462M	356M	379M	352M	269M	226M	166M
Gross Profit Margin	28.6%	27.3%	28.5%	29.8%	30.7%	28.7%	33.6%	33.8%	31.9%	30.3%	34.3%	35.0%	32.0%	30.2%	25.5%
R&D Expenses	109M	119M	53M	57M	59M	65M	60M	52M	44M	38M	36M	33M	27M	24M	21M
SG&A Expenses	698M	627M	354M	314M	303M	295M	299M	295M	293M	215M	232M	196M	156M	123M	92M
Operating Expenses	808M	792M	413M	359M	361M	348M	364M	323M	323M	241M	260M	220M	175M	143M	112M
Operating Income (EBIT)	182M	152M	101M	144M	181M	111M	147M	216M	139M	115M	120M	132M	93M	83M	54M
Operating Income Margin	5.3%	4.4%	5.6%	8.6%	10.2%	7.0%	9.7%	13.6%	9.6%	9.8%	10.8%	13.1%	11.1%	11.1%	8.2%
Interest Income	18M	12M	13M	24M	30M	31M	27M	23M	15M	8M	4M	4M	1M	2M	1M
Interest Expense	13M	66M	29M	29M	31M	31M	22M	20M	17M	8M	0M	0M	2M	2M	0M
Net Interest Income	5M	-54M	-16M	-5M	-1M	0M	5M	3M	-1M	0M	4M	4M	-1M	-1M	1M
Unusual Items	-40M	45M	-7M	-49M	-102M	29M	18M	-72M	-27M	13M	-9M	0M	-2M	0M	0M
EBT Excluding Unusual Items	187M	97M	85M	139M	179M	111M	152M	219M	137M	115M	124M	136M	92M	82M	55M
Pre-Tax Income	147M	142M	77M	90M	77M	140M	169M	147M	111M	128M	115M	136M	90M	82M	55M
Pre-Tax Margin	4.2%	4.1%	4.3%	5.3%	4.4%	8.8%	11.1%	9.3%	7.6%	10.9%	10.4%	13.5%	10.7%	11.0%	8.4%
Income Tax Expense	52M	58M	29M	29M	15M	32M	24M	39M	25M	21M	25M	31M	18M	14M	12M
Net Income	101M	105M	54M	64M	65M	115M	143M	110M	86M	107M	90M	105M	72M	69M	43M
Net Income Margin	2.9%	3.0%	3.0%	3.8%	3.7%	7.2%	9.4%	6.9%	6.0%	9.1%	8.1%	10.5%	8.5%	9.3%	6.6%
Depreciation & Amortization	166M	130M	79M	90M	79M	56M	59M	56M	46M	32M	24M	21M	15M	13M	9M
EBITDA	348M	281M	180M	234M	260M	167M	206M	272M	185M	147M	144M	153M	108M	96M	63M
EBITDA Margin	10.1%	8.2%	10.0%	13.9%	14.7%	10.5%	13.5%	17.0%	12.7%	12.5%	13.0%	15.2%	12.9%	12.9%	9.7%
NOPAT	117M	90M	63M	98M	145M	86M	126M	159M	108M	96M	93M	102M	74M	68M	42M
NOPAT Margin	3.4%	2.6%	3.5%	5.8%	8.2%	5.4%	8.3%	10.0%	7.4%	8.2%	8.4%	10.1%	8.8%	9.1%	6.5%
Owner's Earnings	147M	56M	62M	-50M	117M	125M	54M	100M	91M	65M	-55M	82M	36M	6M	-11M
Owner's Earnings Margin	4.2%	1.6%	3.4%	-2.9%	6.6%	7.8%	3.6%	6.3%	6.3%	5.6%	-5.0%	8.2%	4.3%	0.8%	-1.7%
EPS (Basic)	0.24	0.25	0.13	0.15	0.16	0.28	0.34	0.26	0.21	0.26	0.22	0.25	0.23	0.29	0.18
EPS (Diluted)	0.24	0.25	0.13	0.15	0.16	0.28	0.34	0.26	0.21	0.26	0.22	0.25	0.22	0.29	0.18
Shares (Basic)	414M	415M	415M	415M	415M	415M	415M	415M	415M	415M	415M	415M	286M	240M	240M
Shares (Diluted)	415M	415M	415M	415M	415M	415M	415M	415M	415M	415M	415M	415M	332M	240M	240M

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
Cash & Cash Equivalents	279.42M	379.13M	379.13M	290.09M	320.30M	383.73M	490.23M	432.11M	379.26M	419.13M	428.03M	510.09M	298.20M	69.91M	50.62M
Short-Term Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.19M	0.00M	0.00M	0.00M	0.00M	1.00M
Cash & Short-Term Investments	279.42M	379.13M	379.13M	290.09M	320.30M	383.73M	490.23M	432.11M	379.26M	419.32M	428.03M	510.09M	298.20M	69.91M	51.62M
Net Receivables	46.37M	45.68M	45.68M	247.90M	39.62M	334.00M	160.03M	186.71M	326.09M	159.94M	53.19M	0.00M	30.54M	26.16M	15.81M
Inventory	242.37M	238.13M	238.13M	172.78M	146.21M	104.79M	97.48M	72.72M	89.57M	72.44M	47.58M	38.72M	44.71M	43.44M	47.55M
Other Current Assets	188.93M	215.12M	215.12M	53.01M	337.86M	24.63M	0.64M	56.89M	326.09M	19.62M	4.11M	96.19M	36.49M	40.88M	20.17M
Total Current Assets	757.09M	878.05M	878.05M	763.78M	843.99M	847.15M	748.38M	748.43M	1,121.00M	671.32M	532.90M	645.00M	409.94M	180.39M	135.15M
Property, Plant & Equipment	906.80M	944.99M	944.99M	954.22M	664.97M	632.53M	567.12M	465.44M	458.17M	402.80M	326.32M	224.35M	202.99M	207.08M	131.20M
Goodwill	56.12M	56.12M	56.12M	65.09M	38.34M	27.45M	27.45M	27.45M	27.45M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	79.83M	86.57M	86.57M	97.29M	31.65M	121.92M	129.94M	134.01M	119.95M	0.00M	0.50M	1.00M	1.50M	2.00M	2.50M
Long-Term Investments	175.71M	174.95M	174.95M	114.44M	133.55M	128.07M	136.04M	104.65M	24.97M	34.81M	0.00M	22.19M	0.00M	0.00M	8.20M
Tax Assets	0.00M	0.00M	0.00M	0.00M	2.71M	1.85M	-136.04M	-104.65M	-24.97M	0.00M	0.00M	-22.19M	0.00M	0.00M	0.00M
Other Non-Current Assets	147.34M	127.33M	127.33M	40.20M	296.50M	204.91M	155.62M	106.64M	36.64M	16.16M	44.59M	39.03M	12.20M	24.70M	-141.90M
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	29.81M
Total Non-Current Assets	1,365.81M	1,389.96M	1,389.96M	1,271.24M	1,167.71M	1,116.72M	880.13M	733.54M	642.20M	453.77M	371.42M	264.39M	216.70M	233.78M	29.81M
Total Assets	2,122.91M	2,268.00M	2,268.00M	2,035.02M	2,011.71M	1,963.88M	1,628.51M	1,481.97M	1,763.20M	1,125.09M	904.32M	909.38M	626.64M	414.17M	164.95M
Accounts Payable	76.81M	191.02M	191.02M	170.68M	168.68M	249.97M	186.76M	161.12M	115.40M	95.12M	63.48M	153.05M	63.25M	89.68M	84.17M
Short-Term Debt	610.31M	580.00M	580.00M	504.18M	510.52M	404.12M	309.00M	319.70M	263.75M	190.76M	0.00M	0.00M	0.00M	35.30M	0.00M
Tax Payables	0.00M	32.71M	32.71M	25.98M	19.86M	29.21M	18.92M	28.43M	26.18M	16.00M	4.93M	18.12M	9.68M	5.73M	0.00M
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
Other Current Liabilities	108.15M	32.55M	32.55M	115.65M	104.26M	99.87M	182.50M	116.97M	110.20M	92.20M	137.91M	41.09M	64.05M	81.44M	127.28M
Total Current Liabilities	795.27M	836.28M	836.28M	816.49M	803.32M	783.17M	697.18M	626.21M	515.53M	394.08M	206.32M	212.25M	136.97M	212.14M	211.45M
Long-Term Debt	186.90M	106.72M	106.72M	194.55M	92.69M	116.01M	0.00M	59.00M	96.72M	0.00M	0.00M	133.91M	0.00M	0.00M	0.00M
Capital Lease Obligations	49.19M	50.96M	50.96M	51.43M	53.87M	87.12M	6.45M	6.13M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	0.00M	4.53M	4.53M	8.41M	8.66M	10.69M	11.06M	12.45M	14.45M	2.14M	2.14M	2.07M	1.71M	0.13M	0.00M
Other Non-Current Liabilities	30.35M	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 Liabilities	266.43M	162.21M	162.21M	254.39M	155.22M	213.83M	17.52M	77.58M	111.17M	2.14M	2.14M	135.98M	1.71M	0.13M	0.00M
Total Liabilities	1,061.70M	998.48M	998.48M	1,070.88M	958.54M	997.00M	714.69M	703.79M	626.69M	396.22M	208.46M	348.23M	138.69M	212.28M	211.45M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	105.37M	0.00M	88.67M	86.26M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	3.29M	3.29M	3.29M	3.29M	3.29M	3.29M	3.29M	3.29M	3.29M	3.29M	3.29M	3.29M	3.29M	120.00M	52.00M
Retained Earnings	0.00M	1,005.66M	1,005.66M	734.40M	682.30M	839.12M	548.98M	429.01M	324.27M	261.14M	175.05M	110.39M	21.70M	-10.58M	50.14M
Accumulated OCI	953.85M	-148.94M	-148.94M	-148.27M	-105.37M	-88.67M	-88.67M	-86.26M	-155.87M	-114.24M	-84.32M	-63.95M	-44.77M	-39.58M	0.00M
Minority Interest	26.24M	30.31M	30.31M	36.63M	31.12M	30.65M	29.48M	10.65M	11.70M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Shareholders’ Equity	957.13M	860.00M	860.00M	589.41M	685.59M	753.73M	552.26M	432.30M	171.68M	150.18M	94.02M	49.73M	-19.78M	69.84M	102.14M
Total Equity	983.37M	890.30M	890.30M	626.05M	716.71M	784.38M	581.74M	442.95M	183.38M	150.18M	94.02M	49.73M	-19.78M	69.84M	102.14M
Total Liabilities & Equity	2,045.07M	1,888.79M	1,888.79M	1,696.93M	1,675.25M	1,781.38M	1,296.43M	1,146.74M	810.07M	546.41M	302.48M	397.96M	118.90M	282.11M	313.59M
Tangible Assets	1,986.95M	2,125.31M	2,125.31M	1,872.64M	1,941.72M	1,814.51M	1,471.13M	1,320.51M	1,615.81M	1,125.09M	903.82M	908.38M	625.14M	412.17M	162.45M
Tangible Equity	847.42M	747.61M	747.61M	463.67M	646.72M	635.01M	424.35M	281.49M	35.98M	150.18M	93.52M	48.73M	-21.28M	67.84M	99.64M
Tangible Book Value	847.42M	747.61M	747.61M	463.67M	646.72M	635.01M	424.35M	281.49M	35.98M	150.18M	93.52M	48.73M	-21.28M	67.84M	99.64M
Total Investments	175.71M	174.95M	174.95M	114.44M	133.55M	128.07M	136.04M	104.65M	24.97M	34.99M	0.00M	22.19M	0.00M	0.00M	9.20M
Net Debt	517.78M	307.58M	307.58M	408.65M	282.91M	136.40M	-181.23M	-53.41M	-18.79M	-228.37M	-428.03M	-376.17M	-298.20M	-34.61M	-50.62M

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
Working Capital	-121.2M	-175.5M	-175.5M	28.4M	79.9M	94.7M	104.8M	202.2M	211.5M	218.3M	247.1M	446.3M	254.9M	-78.9M	-65.1M
Total Capital	1,803.5M	1,721.3M	1,721.3M	1,717.5M	1,621.7M	1,558.4M	1,202.9M	1,149.0M	1,051.4M	849.5M	604.7M	699.2M	467.9M	185.7M	102.1M
Capital Employed	1,244.7M	1,214.4M	1,214.4M	1,299.7M	1,211.7M	1,211.5M	984.9M	935.7M	853.7M	672.1M	618.5M	710.7M	471.6M	154.9M	106.6M
Invested Capital	1,524.1M	1,342.2M	1,342.2M	1,427.5M	1,301.4M	1,174.7M	712.7M	716.9M	672.1M	430.4M	176.7M	189.1M	169.7M	115.8M	51.5M

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
Net Income	101.40M	104.62M	77.40M	90.17M	69.42M	139.87M	169.15M	147.40M	110.68M	106.57M	89.64M	105.15M	71.69M	69.27M	43.45M
Depreciation & Amortization	102.46M	151.99M	0.00M	89.75M	72.56M	67.43M	58.91M	55.56M	46.12M	31.52M	23.91M	20.93M	14.79M	13.34M	9.41M
Deferred Income Tax	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	26.10M	1.41M	-12.47M	-20.72M	-17.54M	-15.02M	0.00M	0.00M
Stock-Based Compensation	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.07M	0.99M	2.55M	4.85M	9.57M	2.17M	0.00M	0.00M
Change in Working Capital	62.83M	-162.42M	74.79M	-22.20M	-86.59M	-38.17M	90.50M	-103.41M	22.20M	-129.60M	98.10M	27.56M	-45.62M	9.62M	-6.72M
Accounts Receivable	76.82M	3.70M	129.28M	-52.46M	36.58M	81.87M	6.53M	-142.99M	-21.93M	-43.22M	18.76M	-3.02M	-37.16M	-22.51M	-1.17M
Inventory	-25.65M	-5.69M	-50.40M	24.75M	6.47M	-7.85M	-24.77M	16.85M	-10.06M	-24.86M	-8.86M	5.24M	-3.74M	-7.45M	-5.54M
Accounts Payable	0.00M	0.00M	0.00M	52.46M	-36.58M	-81.87M	-6.53M	142.99M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	11.66M	-160.43M	-4.09M	-46.95M	-93.06M	-30.32M	115.27M	-120.26M	32.26M	-104.74M	106.96M	22.32M	-41.88M	17.07M	0.00M
Other Non-Cash Items	200.29M	56.45M	137.65M	18.72M	13.50M	-67.48M	-38.80M	-4.80M	1.19M	-1.26M	24.65M	25.12M	20.21M	0.90M	12.48M
Net Cash from Operating Activities	466.98M	150.65M	289.83M	176.44M	68.89M	101.65M	279.77M	120.91M	182.59M	-2.69M	220.43M	170.79M	48.21M	93.13M	65.34M
Capital Expenditures (PPE)	-93.13M	-178.77M	-72.05M	-203.17M	-26.56M	-46.61M	-147.44M	-65.38M	-41.35M	-72.68M	-168.84M	-43.81M	-50.13M	-76.61M	-63.50M
Acquisitions (Net)	-2.18M	-18.99M	-0.50M	-2.18M	-133.53M	0.00M	-41.00M	31.00M	-40.28M	-35.00M	-36.03M	0.00M	19.79M	0.25M	0.00M
Purchases of Investments	0.00M	-24.19M	-61.30M	0.00M	0.00M	0.00M	0.00M	-103.50M	-115.74M	-323.00M	-300.00M	-369.55M	0.00M	1.29M	0.00M
Sales / Maturities of Investments	0.00M	16.22M	0.00M	0.00M	0.00M	0.00M	0.00M	83.83M	0.11M	321.39M	326.45M	0.00M	0.00M	9.00M	0.00M
Other Investing Activities	-74.72M	-1.59M	29.10M	-8.20M	20.12M	-296.76M	75.34M	28.05M	-8.26M	-34.76M	31.13M	344.43M	12.04M	16.47M	42.01M
Net Cash from Investing Activities	-170.03M	-199.34M	-104.75M	-213.55M	-139.97M	-343.38M	-113.11M	-26.00M	-205.52M	-144.05M	-147.29M	-68.93M	-18.31M	-49.60M	-21.49M
Net Debt Issuance	49.97M	0.00M	-12.02M	95.52M	76.08M	211.14M	-69.16M	17.44M	49.40M	202.82M	-104.23M	129.40M	-35.37M	40.53M	0.00M
Long-Term Debt Issuance	49.97M	0.00M	-12.02M	95.52M	76.08M	211.14M	-69.16M	17.44M	49.40M	202.82M	-104.23M	129.40M	-35.37M	40.53M	0.00M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	193.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net 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	502.37M	0.00M	0.00M
Common 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	336.78M	0.00M	0.00M
Common Stock Repurchased	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	165.59M	0.00M	0.00M
Net Dividends Paid	-56.01M	-69.52M	-37.80M	-18.21M	-17.82M	-51.70M	-18.59M	-36.36M	-52.04M	-55.05M	-52.68M	-19.72M	-25.59M	-123.08M	-11.93M
Common Dividends Paid	-56.01M	-69.52M	-37.80M	-18.21M	-17.82M	-51.70M	-18.59M	-36.36M	-52.04M	-55.05M	-52.68M	-19.72M	-25.59M	-123.08M	-11.93M
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	0.00M	0.00M	0.00M
Other Financing Activities	-238.82M	15.30M	-34.87M	-69.49M	-60.39M	-24.29M	-20.97M	-23.89M	-16.62M	-7.68M	0.00M	0.00M	-243.21M	58.31M	0.63M
Net Cash from Financing Activities	-244.87M	-54.22M	-84.69M	7.82M	-2.13M	135.15M	-108.72M	-42.81M	-19.26M	140.09M	-156.91M	109.69M	198.19M	-24.24M	-11.30M
Effect of FX on Cash	-1.73M	-0.28M	-0.73M	-0.92M	-0.42M	0.08M	0.17M	0.76M	2.31M	-2.24M	1.71M	0.34M	0.19M	0.00M	0.00M
Net Change in Cash	-24.65M	-14.23M	99.66M	-30.22M	-73.63M	-106.49M	58.11M	52.86M	-39.88M	-8.89M	-82.06M	211.89M	228.29M	19.29M	32.55M
Cash at Beginning of Period	616.69M	971.34M	290.09M	320.30M	383.73M	490.23M	432.11M	379.26M	419.13M	428.03M	510.09M	298.20M	69.91M	50.62M	18.06M
Cash at End of Period	252.64M	957.11M	389.74M	290.09M	310.11M	383.73M	490.23M	432.11M	379.26M	419.13M	428.03M	510.09M	298.20M	69.91M	50.62M
Operating Cash Flow	466.98M	150.65M	289.83M	176.44M	68.89M	101.65M	279.77M	120.91M	182.59M	-2.69M	220.43M	170.79M	48.21M	93.13M	65.34M
Capital Expenditure	-120.23M	-178.77M	-72.05M	-203.17M	-26.56M	-46.61M	-147.44M	-65.38M	-41.35M	-72.68M	-168.84M	-43.81M	-50.13M	-76.61M	-63.50M
Free Cash Flow	346.74M	-28.12M	217.78M	-26.74M	42.33M	55.04M	132.33M	55.53M	141.24M	-75.37M	51.59M	126.99M	-1.92M	16.52M	1.85M

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
EBITDA	347.51M	327.56M	185.21M	221.33M	259.13M	155.63M	210.60M	247.18M	170.66M	134.27M	135.05M	145.03M	100.08M	91.85M	62.17M
(-) Tax Adjustment	121.63M	114.65M	64.82M	71.27M	50.72M	35.12M	29.74M	65.16M	37.78M	22.13M	29.87M	33.10M	20.28M	15.96M	13.39M
(-) Change In Working Capital	62.83M	-162.42M	74.79M	-22.20M	-86.59M	-38.17M	90.50M	-103.41M	22.20M	-129.60M	98.10M	27.56M	-45.62M	9.62M	-6.72M
(-) Capital Expenditure	-120.23M	-178.77M	-72.05M	-203.17M	-26.56M	-46.61M	-147.44M	-65.38M	-41.35M	-72.68M	-168.84M	-43.81M	-50.13M	-76.61M	-63.50M
Unlevered Free Cash Flow	42.81M	196.56M	-26.45M	-30.91M	268.44M	112.07M	-57.09M	220.04M	69.33M	169.05M	-161.76M	40.57M	75.29M	-10.34M	-8.00M
(-) Net Interest Income After Taxes	3.22M	-35.30M	-10.41M	-3.69M	-0.99M	0.16M	4.13M	2.33M	-1.07M	-0.07M	3.43M	3.30M	-1.19M	-0.41M	0.80M
Net Debt Issuance	49.97M	0.00M	-12.02M	95.52M	76.08M	211.14M	-69.16M	17.44M	49.40M	202.82M	-104.23M	129.40M	-35.37M	40.53M	0.00M
Levered Free Cash Flow	89.56M	231.87M	-28.07M	68.30M	345.50M	323.05M	-130.37M	235.15M	119.80M	371.94M	-269.42M	166.67M	41.11M	30.60M	-8.80M