Ten Pao Group Holdings Limited (1979.HK)

Industry: Electrical Equipment & Parts Sector: Industrials Currency Used: HK Live Price: $2.39

Enterprise Value

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
Stock Price	1.31	1.04	1.30	1.99	1.38	0.89	0.70	1.86	1.11	0.89	1.22	1.22
Market Capitalization	1,349.81M	1,071.60M	1,314.87M	1,990.91M	1,375.63M	885.40M	695.32M	1,855.20M	1,110.00M	675.17M	923.36M	915.00M
(-) Cash & Equivalents	284.70M	241.75M	402.51M	302.54M	374.44M	187.70M	181.71M	193.34M	194.42M	146.00M	42.63M	20.30M
(+) Total Debt	483.05M	668.07M	774.42M	715.07M	409.07M	248.89M	277.59M	198.39M	180.99M	221.63M	51.62M	58.21M
Enterprise Value	1,548.17M	1,497.92M	1,686.78M	2,403.44M	1,410.26M	946.59M	791.19M	1,860.25M	1,096.57M	750.81M	932.35M	952.91M

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
Revenue	10,818M	10,867M	5,386M	4,823M	5,481M	6,363M	4,489M	3,636M	3,202M	3,007M	2,583M	2,256M	1,931M	1,691M
Cost of Revenue	8,800M	9,129M	4,338M	3,916M	4,639M	5,354M	3,699M	3,039M	2,764M	2,481M	2,073M	1,863M	1,598M	1,424M
Gross Profit	2,018M	1,738M	1,048M	907M	842M	1,008M	790M	597M	438M	526M	511M	393M	332M	267M
Gross Profit Margin	18.7%	16.0%	19.5%	18.8%	15.4%	15.8%	17.6%	16.4%	13.7%	17.5%	19.8%	17.4%	17.2%	15.8%
R&D Expenses	417M	358M	225M	159M	181M	209M	126M	123M	114M	100M	83M	73M	63M	58M
SG&A Expenses	1,175M	739M	685M	597M	609M	634M	435M	414M	369M	317M	270M	278M	214M	208M
Operating Expenses	1,156M	1,078M	630M	516M	552M	599M	447M	371M	362M	319M	250M	236M	242M	181M
Operating Income (EBIT)	862M	660M	419M	391M	290M	409M	343M	226M	76M	207M	261M	156M	90M	86M
Operating Income Margin	8.0%	6.1%	7.8%	8.1%	5.3%	6.4%	7.6%	6.2%	2.4%	6.9%	10.1%	6.9%	4.7%	5.1%
Interest Income	30M	5M	17M	7M	2M	3M	1M	1M	1M	0M	0M	1M	1M	2M
Interest Expense	28M	32M	9M	11M	15M	7M	7M	8M	9M	6M	6M	6M	2M	0M
Net Interest Income	2M	-27M	8M	-4M	-12M	-5M	-7M	-8M	-8M	-6M	-5M	-5M	-2M	2M
Unusual Items	42M	88M	0M	0M	74M	52M	37M	-2M	0M	0M	7M	0M	0M	-4M
EBT Excluding Unusual Items	864M	634M	427M	388M	278M	405M	336M	219M	68M	201M	255M	151M	89M	88M
Pre-Tax Income	907M	722M	427M	388M	352M	457M	374M	217M	68M	201M	262M	151M	89M	84M
Pre-Tax Margin	8.4%	6.6%	7.9%	8.0%	6.4%	7.2%	8.3%	6.0%	2.1%	6.7%	10.1%	6.7%	4.6%	5.0%
Income Tax Expense	119M	95M	43M	60M	55M	68M	85M	40M	12M	43M	68M	24M	34M	28M
Net Income	788M	622M	384M	329M	297M	379M	289M	177M	55M	158M	194M	128M	55M	56M
Net Income Margin	7.3%	5.7%	7.1%	6.8%	5.4%	6.0%	6.4%	4.9%	1.7%	5.2%	7.5%	5.7%	2.8%	3.3%
Depreciation & Amortization	301M	327M	153M	169M	154M	128M	90M	81M	80M	63M	56M	46M	34M	36M
EBITDA	1,163M	987M	572M	560M	445M	537M	433M	308M	156M	270M	316M	202M	124M	122M
EBITDA Margin	10.8%	9.1%	10.6%	11.6%	8.1%	8.4%	9.7%	8.5%	4.9%	9.0%	12.2%	9.0%	6.4%	7.2%
NOPAT	749M	573M	376M	331M	245M	348M	265M	184M	62M	162M	193M	132M	56M	57M
NOPAT Margin	6.9%	5.3%	7.0%	6.9%	4.5%	5.5%	5.9%	5.1%	1.9%	5.4%	7.5%	5.8%	2.9%	3.4%
Owner's Earnings	346M	268M	144M	190M	215M	-65M	122M	106M	10M	53M	172M	19M	32M	54M
Owner's Earnings Margin	3.2%	2.5%	2.7%	3.9%	3.9%	-1.0%	2.7%	2.9%	0.3%	1.8%	6.7%	0.8%	1.7%	3.2%
EPS (Basic)	0.77	0.61	0.37	0.32	0.29	0.38	0.29	0.18	0.06	0.16	0.19	0.17	0.07	0.07
EPS (Diluted)	0.76	0.61	0.37	0.32	0.29	0.38	0.29	0.18	0.06	0.16	0.19	0.17	0.07	0.07
Shares (Basic)	1,030M	1,013M	1,030M	1,030M	1,012M	1,000M	1,000M	1,000M	1,000M	1,000M	1,000M	764M	750M	750M
Shares (Diluted)	1,030M	1,013M	1,030M	1,030M	1,012M	1,000M	1,000M	1,000M	1,000M	1,000M	1,000M	764M	750M	750M

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
Cash & Cash Equivalents	208.25M	336.94M	336.94M	150.48M	341.39M	288.44M	426.57M	171.09M	193.80M	180.79M	205.17M	187.46M	85.26M	40.60M
Short-Term Investments	3.98M	8.09M	8.09M	677.56M	170.58M	63.26M	15.03M	0.00M	14.74M	4.56M	3.06M	3.78M	3.61M	1.80M
Cash & Short-Term Investments	212.23M	345.03M	345.03M	828.03M	511.97M	351.70M	441.61M	171.09M	208.54M	185.34M	208.24M	191.24M	88.86M	42.40M
Net Receivables	1,542.25M	1,453.84M	1,453.84M	1,238.40M	1,105.29M	1,289.99M	1,199.48M	854.86M	621.59M	776.80M	678.42M	577.55M	608.16M	402.91M
Inventory	851.24M	1,036.94M	1,036.94M	727.33M	906.38M	1,150.12M	1,039.89M	574.38M	490.05M	399.82M	305.44M	216.02M	213.30M	184.35M
Other Current Assets	599.24M	875.12M	875.12M	1.27M	1.41M	0.00M	123.82M	0.00M	26.55M	56.91M	35.38M	32.49M	197.64M	110.55M
Total Current Assets	3,204.95M	3,710.93M	3,710.93M	2,795.03M	2,525.04M	2,791.81M	2,804.80M	1,600.33M	1,346.73M	1,418.88M	1,227.48M	1,017.29M	1,107.97M	740.21M
Property, Plant & Equipment	1,550.22M	1,434.59M	1,434.59M	1,310.54M	1,200.60M	1,237.71M	733.04M	534.64M	419.73M	400.86M	275.90M	279.60M	183.52M	171.58M
Goodwill	0.00M	35.54M	35.54M	35.78M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	52.40M	144.33M	144.33M	14.51M	10.75M	11.75M	11.01M	10.60M	17.01M	17.04M	10.30M	7.91M	9.12M	10.40M
Long-Term Investments	114.42M	109.53M	109.53M	92.46M	69.80M	51.68M	22.72M	27.56M	17.17M	0.01M	8.23M	8.27M	7.61M	9.76M
Tax Assets	0.00M	0.00M	67.20M	52.98M	55.81M	45.60M	37.15M	22.52M	19.38M	19.71M	17.25M	20.36M	14.97M	0.00M
Other Non-Current Assets	174.98M	83.06M	15.87M	0.00M	17.17M	15.73M	5.21M	4.76M	-19.38M	-19.71M	-25.48M	-28.63M	-14.97M	21.56M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	36.56M	33.09M	31.78M	34.12M	27.19M	0.00M
Total Non-Current Assets	1,892.02M	1,807.04M	1,807.04M	1,506.27M	1,354.12M	1,362.47M	809.12M	600.08M	490.47M	451.01M	317.99M	321.62M	227.44M	213.30M
Total Assets	5,096.97M	5,517.98M	5,517.98M	4,301.30M	3,879.17M	4,154.28M	3,613.92M	2,200.41M	1,837.20M	1,869.89M	1,545.47M	1,338.92M	1,335.41M	953.51M
Accounts Payable	1,657.36M	2,110.29M	2,175.98M	1,365.19M	1,408.89M	1,641.98M	1,827.13M	1,019.12M	793.92M	815.07M	629.41M	474.64M	396.75M	355.51M
Short-Term Debt	610.78M	650.74M	650.74M	652.33M	248.57M	341.17M	223.17M	120.23M	149.16M	119.91M	139.78M	118.03M	75.15M	96.04M
Tax Payables	0.00M	0.00M	0.00M	4.08M	16.57M	32.68M	51.19M	17.21M	11.55M	12.31M	41.05M	40.12M	51.06M	0.00M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	46.47M	17.69M	14.25M	8.95M	4.18M	-127.90M	-139.78M	-118.03M	-75.15M	0.00M
Other Current Liabilities	167.37M	59.06M	59.06M	98.11M	16.59M	41.94M	314.60M	17.23M	12.81M	22.32M	58.29M	49.94M	67.53M	103.41M
Total Current Liabilities	2,435.50M	2,820.08M	2,885.78M	2,119.71M	1,737.09M	2,075.46M	2,430.34M	1,182.74M	971.62M	841.70M	728.74M	564.70M	515.34M	554.96M
Long-Term Debt	0.00M	0.00M	0.00M	2.57M	202.88M	237.79M	86.11M	41.58M	59.69M	67.90M	39.48M	87.54M	28.09M	20.38M
Capital Lease Obligations	53.23M	54.40M	54.40M	58.39M	16.92M	23.74M	6.03M	5.78M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	0.00M	104.23M	104.23M	111.94M	102.24M	91.69M	88.03M	59.73M	54.13M	53.59M	40.50M	28.08M	0.00M	0.00M
Other Non-Current Liabilities	146.71M	134.41M	0.00M	0.00M	0.00M	1.34M	8.95M	-27.07M	0.00M	0.00M	0.19M	10.29M	88.82M	43.35M
Total Non-Current Liabilities	199.94M	293.05M	158.64M	172.90M	322.04M	354.56M	189.11M	80.01M	113.82M	121.49M	80.18M	125.91M	116.91M	63.72M
Total Liabilities	2,635.44M	3,113.13M	3,044.42M	2,292.61M	2,059.13M	2,430.02M	2,619.45M	1,262.75M	1,085.44M	963.19M	808.92M	690.62M	632.25M	618.68M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	2.22M	0.00M	0.00M	0.00M
Common Stock	10.30M	10.30M	10.30M	10.30M	10.30M	10.01M	10.01M	10.01M	10.01M	10.01M	10.00M	10.00M	0.00M	4.77M
Retained Earnings	1,608.18M	1,388.83M	1,388.83M	1,417.50M	1,155.40M	951.80M	745.03M	521.81M	463.63M	437.62M	340.06M	185.99M	332.85M	278.13M
Accumulated OCI	266.94M	294.16M	294.16M	64.84M	85.65M	208.03M	120.70M	37.28M	15.89M	45.94M	-2.22M	14.12M	35.62M	33.51M
Minority Interest	-3.94M	-4.13M	-4.13M	-3.82M	-0.66M	12.89M	-0.72M	-0.29M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Shareholders’ Equity	1,885.42M	1,693.29M	1,693.29M	1,492.65M	1,251.35M	1,169.84M	875.74M	569.10M	489.52M	493.56M	350.06M	210.11M	368.47M	316.41M
Total Equity	1,881.48M	1,689.17M	1,689.17M	1,488.83M	1,250.69M	1,182.72M	875.02M	568.80M	489.52M	493.56M	350.06M	210.11M	368.47M	316.41M
Total Liabilities & Equity	4,516.92M	4,802.30M	4,733.58M	3,781.43M	3,309.81M	3,612.74M	3,494.47M	1,831.55M	1,574.97M	1,456.75M	1,158.97M	900.73M	1,000.71M	935.09M
Tangible Assets	5,044.58M	5,338.11M	5,338.11M	4,251.00M	3,868.42M	4,142.53M	3,602.91M	2,189.81M	1,820.19M	1,852.84M	1,535.16M	1,331.01M	1,326.29M	943.11M
Tangible Equity	1,829.08M	1,509.31M	1,509.31M	1,438.54M	1,239.94M	1,170.97M	864.01M	558.20M	472.51M	476.52M	339.75M	202.21M	359.35M	306.01M
Tangible Book Value	1,829.08M	1,509.31M	1,509.31M	1,438.54M	1,239.94M	1,170.97M	864.01M	558.20M	472.51M	476.52M	339.75M	202.21M	359.35M	306.01M
Total Investments	118.40M	117.61M	117.61M	110.43M	85.91M	67.12M	37.75M	27.56M	31.91M	4.57M	3.06M	3.78M	11.21M	11.55M
Net Debt	402.53M	313.80M	313.80M	504.42M	110.06M	290.52M	-117.30M	-9.28M	15.05M	7.02M	-25.92M	18.12M	17.98M	75.82M

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
Working Capital	338.4M	350.2M	350.2M	342.7M	438.0M	346.9M	425.0M	229.0M	216.1M	272.7M	226.0M	129.7M	257.9M	166.8M
Total Capital	2,711.8M	2,560.9M	2,560.9M	2,368.4M	1,890.4M	1,907.1M	1,318.5M	871.2M	792.2M	788.1M	633.1M	531.0M	471.4M	432.8M
Capital Employed	2,230.4M	2,028.8M	2,028.8M	1,848.9M	1,792.1M	1,709.4M	1,234.1M	829.0M	706.5M	723.7M	544.0M	451.3M	485.4M	380.1M
Invested Capital	2,503.6M	2,223.9M	2,223.9M	2,217.9M	1,549.0M	1,618.7M	891.9M	700.1M	598.4M	607.4M	428.0M	343.5M	386.1M	392.2M

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
Net Income	787.69M	622.04M	427.05M	328.86M	296.90M	378.62M	289.06M	176.75M	55.42M	157.58M	194.07M	127.60M	54.72M	55.70M
Depreciation & Amortization	241.73M	327.05M	155.89M	181.80M	154.45M	127.87M	90.22M	81.34M	78.59M	61.97M	54.56M	46.15M	34.12M	36.13M
Deferred Income Tax	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	195.06M	0.00M	0.00M	0.00M
Stock-Based Compensation	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	5.60M	0.00M	0.00M	0.00M
Change in Working Capital	307.02M	-116.34M	285.78M	-10.19M	157.85M	-274.19M	101.89M	-63.04M	24.30M	-219.30M	-200.66M	-153.49M	-76.17M	-146.93M
Accounts Receivable	-144.07M	121.54M	-360.20M	-144.04M	184.86M	-63.64M	-281.64M	-236.47M	118.18M	-123.84M	-102.59M	-155.11M	-44.37M	-74.20M
Inventory	167.03M	90.62M	-293.99M	167.03M	243.74M	-153.13M	-478.58M	-92.69M	-93.89M	-95.45M	-98.06M	1.62M	-31.80M	-40.70M
Accounts Payable	0.00M	-276.87M	937.29M	-31.43M	-276.87M	-68.60M	866.71M	256.76M	-29.50M	197.45M	101.02M	189.54M	0.00M	0.00M
Other Working Capital	284.05M	16.98M	2.68M	-1.75M	6.12M	11.17M	-4.60M	9.36M	29.50M	-197.45M	-101.02M	-189.54M	-39.83M	-32.03M
Other Non-Cash Items	39.92M	868.18M	-55.06M	-15.76M	-13.27M	12.86M	71.25M	14.91M	-14.48M	195.68M	109.90M	69.77M	125.56M	127.50M
Net Cash from Operating Activities	1,376.35M	1,046.82M	813.65M	484.70M	595.93M	245.16M	552.42M	209.97M	143.82M	195.93M	163.47M	90.03M	138.23M	72.40M
Capital Expenditures (PPE)	-545.81M	-681.50M	-388.23M	-306.54M	-236.24M	-571.92M	-257.07M	-152.39M	-125.15M	-167.59M	-77.24M	-155.22M	-56.66M	-38.06M
Acquisitions (Net)	30.13M	4.45M	0.00M	-21.57M	8.20M	6.08M	5.58M	7.04M	4.99M	2.57M	3.75M	1.61M	0.00M	0.00M
Purchases of Investments	-15.03M	-51.96M	-14.68M	-11.13M	-22.39M	-41.59M	0.00M	0.00M	-17.12M	0.00M	0.00M	-3.63M	0.00M	0.00M
Sales / Maturities of Investments	3.06M	0.00M	4.52M	0.00M	0.00M	27.42M	0.00M	0.00M	12.13M	0.00M	0.00M	2.02M	0.00M	0.00M
Other Investing Activities	-244.93M	-16.69M	39.63M	44.27M	20.42M	-27.42M	0.00M	0.00M	-14.41M	-1.85M	0.70M	2.98M	7.18M	-0.60M
Net Cash from Investing Activities	-772.58M	-708.57M	-358.76M	-294.97M	-230.02M	-607.42M	-251.49M	-145.36M	-139.56M	-166.88M	-72.79M	-148.61M	-49.47M	-38.67M
Net Debt Issuance	233.33M	-205.38M	7.42M	200.53M	-124.28M	261.99M	148.77M	-45.71M	20.79M	8.23M	-26.38M	103.10M	-13.56M	19.79M
Long-Term Debt Issuance	-494.32M	-205.38M	7.42M	200.53M	-133.85M	261.99M	148.77M	-46.52M	20.79M	8.23M	-26.38M	103.10M	-13.56M	19.79M
Short-Term Debt Issuance	727.65M	0.00M	0.00M	0.00M	9.56M	0.00M	0.00M	0.81M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-11.73M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.60M	0.00M	137.50M	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	0.60M	0.00M	137.50M	0.00M	0.00M
Common Stock Repurchased	-11.73M	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
Net Dividends Paid	-231.95M	-169.24M	-152.50M	-62.85M	-57.18M	-112.05M	-58.03M	-50.02M	-25.01M	-60.00M	-40.00M	-10.00M	0.00M	-5.75M
Common Dividends Paid	-231.95M	-169.24M	-152.50M	-62.85M	-57.18M	-112.05M	-58.03M	-50.02M	-25.01M	-60.00M	-40.00M	0.00M	0.00M	-5.75M
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	-10.00M	0.00M	0.00M
Other Financing Activities	-477.48M	82.01M	-131.36M	-514.95M	-9.56M	70.44M	-1.42M	-0.81M	16.56M	-8.09M	-3.43M	-66.80M	-30.52M	-81.01M
Net Cash from Financing Activities	-487.83M	-241.16M	-276.43M	-377.28M	-191.03M	220.38M	89.33M	-96.55M	12.34M	-59.27M	-69.81M	163.79M	-44.08M	-66.97M
Effect of FX on Cash	-228.20M	-17.44M	-0.83M	-3.37M	-14.61M	7.42M	4.08M	-1.65M	-3.59M	5.84M	-3.16M	-3.01M	-0.02M	0.32M
Net Change in Cash	-440.36M	79.66M	177.63M	-190.92M	160.27M	-213.73M	394.34M	-33.58M	13.01M	-24.39M	17.72M	102.20M	44.66M	-32.91M
Cash at Beginning of Period	2,295.16M	1,410.10M	150.48M	341.39M	351.70M	565.43M	171.09M	204.67M	180.79M	205.17M	187.46M	85.26M	40.60M	73.51M
Cash at End of Period	1,570.27M	1,489.75M	328.10M	150.48M	511.97M	351.70M	565.43M	171.09M	193.80M	180.79M	205.17M	187.46M	85.26M	40.60M
Operating Cash Flow	1,376.35M	1,046.82M	813.65M	484.70M	595.93M	245.16M	552.42M	209.97M	143.82M	195.93M	163.47M	90.03M	138.23M	72.40M
Capital Expenditure	-743.30M	-681.50M	-392.74M	-307.68M	-236.24M	-571.92M	-257.07M	-152.39M	-125.15M	-167.59M	-77.24M	-155.22M	-56.66M	-38.06M
Free Cash Flow	633.06M	365.32M	420.91M	177.02M	359.69M	-326.76M	295.35M	57.58M	18.67M	28.34M	86.23M	-65.19M	81.57M	34.34M

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
EBITDA	727.33M	968.26M	291.10M	320.11M	206.62M	292.43M	319.40M	141.04M	35.00M	172.27M	213.05M	86.95M	89.59M	36.78M
(-) Tax Adjustment	95.68M	127.65M	29.62M	49.25M	32.45M	43.81M	72.79M	26.31M	6.43M	37.17M	55.37M	13.68M	31.36M	12.36M
(-) Change In Working Capital	307.02M	-116.34M	285.78M	-10.19M	157.85M	-274.19M	101.89M	-63.04M	24.30M	-219.30M	-200.66M	-153.49M	-76.17M	-146.93M
(-) Capital Expenditure	-743.30M	-681.50M	-392.74M	-307.68M	-236.24M	-571.92M	-257.07M	-152.39M	-125.15M	-167.59M	-77.24M	-155.22M	-56.66M	-38.06M
Unlevered Free Cash Flow	-418.66M	275.45M	-417.04M	-26.63M	-219.93M	-49.11M	-112.34M	25.38M	-120.89M	186.81M	281.10M	71.55M	77.75M	133.28M
(-) Net Interest Income After Taxes	1.93M	-23.10M	7.57M	-3.02M	-10.53M	-3.83M	-5.11M	-6.23M	-6.83M	-4.63M	-4.04M	-4.05M	-0.98M	1.28M
Net Debt Issuance	233.33M	-205.38M	7.42M	200.53M	-124.28M	261.99M	148.77M	-45.71M	20.79M	8.23M	-26.38M	103.10M	-13.56M	19.79M
Levered Free Cash Flow	-187.26M	93.17M	-417.19M	176.92M	-333.68M	216.72M	41.55M	-14.11M	-93.26M	199.67M	258.76M	178.69M	65.17M	151.79M