Wenzhou Kangning Hospital Co., Ltd. (2120.HK)

Industry: Medical - Care Facilities Sector: Healthcare Currency Used: CN Live Price: $9.85

Enterprise Value

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
Stock Price	10.85	10.51	10.51	29.04	18.03	26.25	31.81	34.61	32.90	38.98	39.26	38.57
Market Capitalization	812.58M	788.65M	783.69M	2,140.88M	1,357.00M	1,953.94M	2,350.74M	2,535.61M	2,407.32M	2,113.95M	1,962.65M	2,253.93M
(-) Cash & Equivalents	317.53M	346.91M	273.14M	242.85M	211.33M	132.34M	208.17M	319.88M	339.77M	204.14M	18.64M	0.00M
(+) Total Debt	1,167.44M	998.01M	911.34M	825.92M	669.37M	500.62M	236.00M	240.98M	146.83M	25.00M	0.00M	0.00M
Enterprise Value	1,662.49M	1,439.75M	1,421.90M	2,723.95M	1,815.04M	2,322.23M	2,378.58M	2,456.70M	2,214.38M	1,934.81M	1,944.01M	2,253.93M

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	3,211M	2,953M	1,654M	1,596M	1,485M	1,297M	989M	861M	746M	666M	415M	344M	296M	226M	171M
Cost of Revenue	2,387M	2,239M	1,216M	1,185M	1,132M	968M	729M	656M	494M	449M	273M	213M	181M	140M	112M
Gross Profit	824M	714M	438M	411M	353M	329M	260M	205M	252M	217M	142M	130M	115M	86M	59M
Gross Profit Margin	25.7%	24.2%	26.5%	25.8%	23.8%	25.4%	26.3%	23.8%	33.8%	32.6%	34.2%	37.9%	38.8%	38.0%	34.3%
R&D Expenses	70M	64M	37M	32M	33M	28M	21M	6M	6M	2M	3M	0M	0M	0M	0M
SG&A Expenses	482M	436M	60M	69M	74M	52M	133M	131M	103M	94M	82M	64M	48M	39M	31M
Operating Expenses	646M	524M	363M	310M	328M	237M	180M	134M	99M	100M	73M	61M	47M	34M	30M
Operating Income (EBIT)	178M	190M	75M	101M	24M	92M	80M	70M	153M	117M	69M	69M	68M	52M	28M
Operating Income Margin	5.6%	6.4%	4.6%	6.4%	1.6%	7.1%	8.1%	8.2%	20.5%	17.6%	16.6%	20.1%	22.9%	23.0%	16.6%
Interest Income	18M	72M	-4M	-2M	3M	10M	5M	5M	4M	5M	6M	1M	1M	4M	10M
Interest Expense	60M	0M	42M	40M	45M	47M	27M	27M	9M	14M	6M	4M	0M	0M	0M
Net Interest Income	-41M	72M	-46M	-41M	-42M	-38M	-22M	-21M	-5M	-9M	0M	-3M	1M	4M	10M
Unusual Items	12M	-145M	38M	39M	34M	41M	17M	7M	-41M	-39M	23M	4M	0M	-9M	-21M
EBT Excluding Unusual Items	137M	262M	30M	60M	-18M	55M	58M	49M	148M	109M	69M	66M	69M	57M	39M
Pre-Tax Income	149M	118M	68M	99M	16M	96M	74M	56M	107M	70M	92M	70M	69M	48M	18M
Pre-Tax Margin	4.6%	4.0%	4.1%	6.2%	1.1%	7.4%	7.5%	6.5%	14.3%	10.5%	22.2%	20.4%	23.1%	21.0%	10.5%
Income Tax Expense	34M	75M	18M	12M	27M	55M	31M	17M	32M	22M	27M	19M	17M	11M	5M
Net Income	144M	29M	66M	86M	-24M	44M	56M	38M	81M	49M	69M	56M	51M	36M	13M
Net Income Margin	4.5%	1.0%	4.0%	5.4%	-1.6%	3.4%	5.6%	4.4%	10.8%	7.4%	16.6%	16.2%	17.3%	16.0%	7.7%
Depreciation & Amortization	194M	144M	22M	114M	114M	63M	88M	76M	39M	26M	31M	21M	15M	12M	8M
EBITDA	373M	334M	98M	215M	139M	155M	168M	146M	192M	144M	100M	90M	83M	64M	36M
EBITDA Margin	11.6%	11.3%	5.9%	13.5%	9.3%	12.0%	17.0%	16.9%	25.7%	21.6%	24.0%	26.2%	27.9%	28.2%	21.0%
NOPAT	138M	68M	56M	89M	-17M	40M	47M	48M	107M	80M	49M	51M	51M	40M	21M
NOPAT Margin	4.3%	2.3%	3.4%	5.6%	-1.2%	3.0%	4.7%	5.6%	14.4%	12.1%	11.8%	14.8%	17.1%	17.5%	12.2%
Owner's Earnings	-23M	-267M	-104M	20M	-147M	-72M	-44M	-14M	-26M	-134M	-84M	-37M	4M	4M	-14M
Owner's Earnings Margin	-0.7%	-9.1%	-6.3%	1.2%	-9.9%	-5.5%	-4.4%	-1.6%	-3.5%	-20.0%	-20.3%	-10.7%	1.5%	1.8%	-8.1%
EPS (Basic)	1.94	0.38	0.88	1.15	-0.32	0.61	0.77	0.52	1.10	0.67	0.94	1.03	0.73	0.78	0.37
EPS (Diluted)	1.95	0.38	0.88	1.15	-0.32	0.59	0.75	0.52	1.10	0.67	0.94	1.03	0.73	0.78	0.37
Shares (Basic)	75M	75M	75M	75M	75M	72M	72M	73M	73M	73M	73M	54M	70M	47M	36M
Shares (Diluted)	74M	75M	74M	75M	75M	75M	74M	74M	73M	73M	73M	54M	70M	47M	36M

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	340.23M	261.75M	261.75M	418.86M	271.09M	188.73M	206.50M	176.03M	187.08M	279.33M	407.16M	368.46M	37.27M	67.58M	19.64M
Short-Term Investments	21.33M	7.94M	7.94M	7.35M	10.64M	10.00M	0.00M	30.00M	0.00M	0.00M	89.45M	251.33M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	361.56M	269.69M	269.69M	426.21M	281.74M	198.73M	206.50M	206.03M	187.08M	279.33M	496.62M	619.79M	37.27M	67.58M	19.64M
Net Receivables	519.18M	653.83M	653.83M	490.15M	382.84M	316.67M	225.30M	379.20M	374.49M	252.04M	197.61M	185.80M	96.11M	71.82M	56.85M
Inventory	49.64M	50.63M	50.63M	60.60M	58.33M	56.52M	37.51M	23.57M	20.81M	23.53M	162.83M	7.51M	7.91M	7.30M	7.19M
Other Current Assets	9.87M	3.76M	3.76M	0.21M	37.39M	0.15M	63.48M	-28.47M	342.63M	252.04M	210.30M	185.80M	29.27M	18.30M	42.55M
Total Current Assets	940.25M	977.91M	977.91M	977.16M	760.30M	572.07M	532.79M	580.33M	925.01M	806.94M	1,067.35M	998.90M	170.56M	165.00M	126.23M
Property, Plant & Equipment	1,308.29M	1,236.53M	1,236.53M	1,150.01M	1,233.94M	1,173.51M	1,054.17M	1,012.44M	578.93M	523.50M	384.60M	233.20M	160.80M	102.17M	85.82M
Goodwill	127.20M	114.16M	114.16M	144.45M	107.66M	135.74M	71.61M	54.35M	19.30M	8.53M	8.53M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	304.98M	291.54M	291.54M	320.32M	254.68M	227.99M	162.54M	130.30M	185.26M	151.84M	125.87M	111.32M	22.44M	22.75M	9.09M
Long-Term Investments	132.97M	136.17M	136.17M	204.17M	196.02M	185.66M	254.57M	111.23M	420.83M	139.68M	-17.02M	-242.91M	0.00M	0.00M	0.00M
Tax Assets	52.43M	0.00M	0.00M	45.15M	20.68M	14.34M	46.58M	46.28M	33.83M	22.57M	20.30M	10.07M	4.64M	0.00M	0.00M
Other Non-Current Assets	152.79M	231.84M	231.84M	195.95M	31.75M	31.11M	18.71M	141.27M	7.52M	241.96M	189.08M	299.66M	13.90M	15.76M	-94.91M
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	5.53M
Total Non-Current Assets	2,078.67M	2,010.23M	2,010.23M	2,060.04M	1,844.73M	1,768.35M	1,608.17M	1,495.86M	1,245.66M	1,088.09M	711.35M	411.34M	201.78M	140.68M	5.53M
Total Assets	3,018.91M	2,988.14M	2,988.14M	3,037.20M	2,605.03M	2,340.43M	2,140.95M	2,076.19M	2,170.67M	1,895.03M	1,778.71M	1,410.24M	372.34M	305.68M	131.76M
Accounts Payable	118.84M	131.94M	131.94M	110.06M	85.77M	69.16M	71.96M	75.55M	73.64M	89.85M	43.27M	19.98M	23.83M	32.36M	34.46M
Short-Term Debt	329.16M	263.92M	263.92M	307.02M	226.47M	272.25M	315.54M	294.86M	191.00M	96.00M	30.00M	50.00M	0.00M	0.42M	0.00M
Tax Payables	21.47M	39.13M	39.13M	38.55M	33.51M	30.24M	49.05M	33.43M	41.12M	34.91M	27.74M	11.56M	13.24M	0.00M	0.00M
Deferred Revenue	0.00M	0.03M	0.03M	0.00M	0.00M	125.28M	140.25M	137.36M	148.79M	153.88M	112.59M	15.92M	0.00M	0.00M	0.00M
Other Current Liabilities	36.18M	186.02M	186.02M	47.27M	47.50M	-179.02M	-191.21M	-128.80M	2.24M	13.24M	125.33M	63.21M	47.34M	44.08M	167.34M
Total Current Liabilities	505.66M	621.03M	621.03M	502.91M	393.25M	317.91M	385.58M	412.41M	456.79M	387.87M	338.93M	160.66M	84.41M	76.87M	201.80M
Long-Term Debt	678.25M	691.02M	691.02M	557.72M	391.01M	280.95M	110.99M	20.00M	40.00M	110.00M	149.95M	0.00M	0.00M	0.00M	0.00M
Capital Lease Obligations	218.33M	178.03M	178.03M	191.88M	196.99M	261.77M	223.08M	213.35M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	36.45M	0.00M	40.31M	47.31M	40.55M	39.88M	25.03M	21.12M	14.71M	9.94M	16.42M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Liabilities	70.88M	124.98M	76.24M	61.35M	42.40M	0.00M	0.00M	4.26M	111.61M	107.43M	113.79M	98.82M	12.69M	0.00M	0.00M
Total Non-Current Liabilities	1,003.90M	994.03M	985.60M	858.26M	670.95M	582.60M	359.11M	258.74M	166.31M	227.37M	280.16M	98.82M	12.69M	0.00M	0.00M
Total Liabilities	1,509.56M	1,615.07M	1,606.63M	1,361.17M	1,064.20M	900.51M	744.69M	671.15M	623.11M	615.25M	619.09M	259.48M	97.09M	76.87M	201.80M
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
Common Stock	72.36M	72.67M	72.67M	74.60M	74.60M	74.60M	74.60M	75.50M	75.50M	73.04M	73.04M	73.04M	50.00M	28.02M	20.00M
Retained Earnings	359.02M	382.69M	382.69M	311.96M	233.51M	247.91M	242.26M	252.80M	210.04M	146.84M	121.19M	77.82M	46.23M	34.68M	-1.51M
Accumulated OCI	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-92.78M	-73.22M	-93.57M	-69.44M	-52.17M	0.00M	0.00M
Minority Interest	122.95M	120.29M	120.29M	143.14M	124.32M	72.02M	102.58M	97.02M	84.28M	58.66M	32.99M	2.51M	0.00M	0.00M	0.00M
Total Shareholders’ Equity	431.37M	455.36M	455.36M	386.56M	308.11M	322.51M	316.86M	328.30M	192.76M	146.66M	100.66M	81.43M	44.06M	62.70M	18.49M
Total Equity	554.33M	575.64M	575.64M	529.70M	432.42M	394.52M	419.44M	425.33M	277.04M	205.32M	133.64M	83.94M	44.06M	62.70M	18.49M
Total Liabilities & Equity	2,063.89M	2,190.71M	2,182.28M	1,890.87M	1,496.62M	1,295.04M	1,164.13M	1,096.47M	900.15M	820.57M	752.73M	343.42M	141.15M	139.57M	220.28M
Tangible Assets	2,586.74M	2,582.45M	2,582.45M	2,572.44M	2,242.69M	1,976.69M	1,906.81M	1,891.54M	1,966.11M	1,734.65M	1,644.31M	1,298.92M	349.90M	282.93M	122.67M
Tangible Equity	122.15M	169.95M	169.95M	64.93M	70.08M	30.79M	185.29M	240.68M	72.49M	44.95M	-0.76M	-27.38M	21.62M	39.96M	9.40M
Tangible Book Value	122.15M	169.95M	169.95M	64.93M	70.08M	30.79M	185.29M	240.68M	72.49M	44.95M	-0.76M	-27.38M	21.62M	39.96M	9.40M
Total Investments	154.30M	144.11M	144.11M	211.52M	206.66M	195.66M	254.57M	141.23M	420.83M	139.68M	72.43M	8.42M	0.00M	0.00M	0.00M
Net Debt	667.18M	693.19M	693.19M	445.88M	346.38M	364.47M	220.03M	138.83M	43.92M	-73.33M	-227.21M	-318.46M	-37.27M	-67.16M	-19.64M

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	260.4M	300.4M	300.4M	186.5M	135.6M	73.8M	-72.6M	4.8M	111.2M	239.8M	593.8M	664.0M	86.2M	95.2M	-68.8M
Total Capital	2,463.1M	2,355.9M	2,355.9M	2,323.2M	2,016.0M	2,014.0M	1,767.5M	1,692.3M	1,352.0M	1,257.8M	1,232.0M	1,009.7M	261.1M	209.3M	24.1M
Capital Employed	2,339.1M	2,310.6M	2,310.6M	2,246.6M	1,980.3M	1,842.2M	1,633.7M	1,500.7M	1,356.9M	1,327.9M	1,305.1M	1,075.3M	287.9M	235.9M	31.6M
Invested Capital	2,122.8M	2,094.2M	2,094.2M	1,904.4M	1,745.0M	1,825.3M	1,561.0M	1,516.3M	1,164.9M	978.5M	824.9M	641.3M	223.8M	141.7M	4.4M

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	144.34M	28.56M	65.61M	85.95M	-10.97M	44.05M	58.96M	38.23M	74.97M	47.84M	92.14M	70.17M	68.57M	36.19M	13.23M
Depreciation & Amortization	287.77M	224.06M	157.82M	113.55M	160.61M	104.58M	88.26M	75.54M	38.85M	26.33M	30.61M	21.23M	14.60M	11.68M	7.53M
Deferred Income Tax	0.00M	35.57M	0.00M	0.00M	-12.21M	-15.93M	31.51M	-13.01M	33.24M	32.94M	-27.46M	-29.07M	-17.95M	0.00M	0.00M
Stock-Based Compensation	2.83M	19.10M	0.00M	0.00M	4.41M	15.93M	5.89M	5.92M	2.37M	0.41M	2.31M	2.25M	1.03M	0.00M	0.00M
Change in Working Capital	192.85M	-87.65M	-52.23M	-37.85M	-17.32M	-18.75M	-47.31M	-56.89M	-113.63M	-65.12M	-40.17M	-66.44M	-32.43M	-14.34M	-7.40M
Accounts Receivable	188.22M	-74.53M	-66.19M	-53.55M	-137.06M	-37.74M	-19.36M	-24.65M	-84.33M	-86.59M	-14.89M	-58.19M	-28.16M	-9.60M	-8.28M
Inventory	1.81M	-13.12M	9.97M	4.38M	-1.81M	-19.01M	-12.90M	-1.69M	3.28M	45.57M	-32.55M	0.41M	-0.61M	-0.11M	0.88M
Accounts Payable	0.00M	0.00M	0.00M	0.00M	137.06M	37.74M	19.36M	24.65M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	2.82M	0.00M	4.00M	11.32M	-15.51M	0.26M	-34.41M	-55.20M	-116.91M	-110.70M	-7.62M	-66.85M	-31.83M	-4.63M	0.00M
Other Non-Cash Items	-178.19M	313.32M	-71.57M	103.39M	102.71M	64.01M	62.35M	61.50M	30.72M	39.11M	-7.56M	-3.20M	-0.48M	3.54M	1.85M
Net Cash from Operating Activities	449.60M	497.39M	99.64M	265.03M	227.22M	193.90M	199.66M	111.29M	66.52M	81.50M	49.87M	-5.06M	33.33M	37.08M	22.61M
Capital Expenditures (PPE)	-361.55M	-439.83M	-192.18M	-179.73M	-236.91M	-178.54M	-187.96M	-127.54M	-145.50M	-208.92M	-183.85M	-113.74M	-61.41M	-43.70M	-34.57M
Acquisitions (Net)	-33.42M	-132.67M	2.00M	-31.79M	-53.69M	-80.56M	-24.84M	1.31M	-17.52M	0.00M	-20.49M	-14.70M	0.00M	0.00M	0.00M
Purchases of Investments	0.00M	0.00M	0.00M	0.00M	0.00M	-48.60M	-34.55M	-48.46M	-25.19M	-60.50M	-139.45M	-251.33M	0.00M	0.00M	0.00M
Sales / Maturities of Investments	0.00M	0.00M	0.00M	8.28M	1.65M	59.90M	49.10M	1.97M	0.00M	5.68M	251.33M	9.24M	0.00M	0.00M	0.00M
Other Investing Activities	0.06M	1.63M	18.12M	-11.77M	15.33M	8.76M	11.92M	32.19M	32.73M	40.12M	-0.33M	-11.83M	0.75M	30.81M	-4.75M
Net Cash from Investing Activities	-394.91M	-570.87M	-172.06M	-215.02M	-273.62M	-239.05M	-186.32M	-140.53M	-155.48M	-223.63M	-92.79M	-382.37M	-60.66M	-12.89M	-39.32M
Net Debt Issuance	0.00M	0.00M	81.45M	248.10M	63.28M	121.91M	116.49M	85.00M	21.15M	-17.65M	92.50M	50.00M	0.00M	0.00M	0.00M
Long-Term Debt Issuance	0.00M	0.00M	81.45M	248.10M	63.28M	121.91M	116.49M	85.00M	21.15M	-17.65M	92.50M	50.00M	0.00M	0.00M	0.00M
Short-Term Debt 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
Net Stock Issuance	-58.04M	0.00M	-58.04M	-21.28M	0.00M	0.00M	0.00M	12.35M	34.82M	27.02M	0.00M	590.66M	0.00M	0.00M	0.00M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	12.35M	34.82M	27.02M	0.00M	590.66M	0.00M	0.00M	0.00M
Common Stock Repurchased	-79.31M	-2.45M	-58.04M	-21.28M	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
Net Dividends Paid	-99.60M	-91.19M	-71.73M	-32.40M	-51.55M	-30.30M	-17.11M	-29.04M	-18.60M	-27.08M	-18.26M	-18.48M	0.00M	0.00M	0.00M
Common Dividends Paid	-99.60M	-91.19M	-71.73M	-32.40M	-51.55M	-30.30M	-17.11M	-29.04M	-18.60M	-27.08M	-18.26M	-18.48M	0.00M	0.00M	0.00M
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	173.36M	157.85M	-28.60M	-98.31M	104.45M	-57.78M	-77.33M	-60.55M	0.00M	-4.19M	-5.16M	86.61M	-2.98M	23.75M	18.01M
Net Cash from Financing Activities	15.72M	66.66M	-76.92M	96.11M	116.18M	33.83M	22.05M	7.76M	37.37M	-21.90M	69.08M	708.79M	-2.98M	23.75M	18.01M
Effect of FX on Cash	-0.17M	0.07M	-0.16M	0.00M	0.08M	-0.04M	-0.25M	-0.64M	1.11M	-5.60M	12.55M	9.83M	0.00M	0.00M	0.00M
Net Change in Cash	-295.86M	-3.37M	-149.49M	146.13M	69.86M	-11.36M	35.14M	-22.11M	-50.47M	-169.62M	38.71M	331.19M	-30.31M	47.94M	1.30M
Cash at Beginning of Period	0.00M	544.79M	404.72M	258.60M	188.73M	200.09M	164.95M	187.07M	237.54M	407.16M	368.46M	37.27M	67.58M	19.64M	18.34M
Cash at End of Period	70.93M	541.42M	255.23M	404.72M	258.60M	188.73M	200.09M	164.95M	187.07M	237.54M	407.16M	368.46M	37.27M	67.58M	19.64M
Operating Cash Flow	449.60M	497.39M	99.64M	265.03M	227.22M	193.90M	199.66M	111.29M	66.52M	81.50M	49.87M	-5.06M	33.33M	37.08M	22.61M
Capital Expenditure	-361.55M	-439.83M	-192.18M	-179.73M	-236.91M	-178.54M	-187.96M	-127.54M	-145.50M	-208.92M	-183.85M	-113.74M	-61.41M	-43.70M	-34.57M
Free Cash Flow	88.05M	57.56M	-92.54M	85.30M	-9.69M	15.36M	11.70M	-16.25M	-78.98M	-127.42M	-133.99M	-118.80M	-28.08M	-6.62M	-11.96M

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	466.32M	358.09M	364.37M	423.66M	359.82M	312.09M	194.46M	142.71M	182.21M	148.35M	88.23M	87.13M	81.88M	58.78M	34.99M
(-) Tax Adjustment	105.38M	125.33M	94.71M	52.33M	125.94M	109.23M	68.06M	44.45M	54.44M	46.77M	25.46M	23.03M	20.74M	14.06M	9.22M
(-) Change In Working Capital	192.85M	-87.65M	-52.23M	-37.85M	-17.32M	-18.75M	-47.31M	-56.89M	-113.63M	-65.12M	-40.17M	-66.44M	-32.43M	-14.34M	-7.40M
(-) Capital Expenditure	-361.55M	-439.83M	-192.18M	-179.73M	-236.91M	-178.54M	-187.96M	-127.54M	-145.50M	-208.92M	-183.85M	-113.74M	-61.41M	-43.70M	-34.57M
Unlevered Free Cash Flow	-193.47M	-119.43M	129.70M	229.46M	14.29M	43.07M	-14.25M	27.60M	95.91M	-42.22M	-80.91M	16.80M	32.16M	15.36M	-1.40M
(-) Net Interest Income After Taxes	-32.03M	47.03M	-33.76M	-36.34M	-27.55M	-24.43M	-14.39M	-14.72M	-3.62M	-6.08M	-0.06M	-2.11M	0.56M	3.41M	7.64M
Net Debt Issuance	0.00M	0.00M	81.45M	248.10M	63.28M	121.91M	116.49M	85.00M	21.15M	-17.65M	92.50M	50.00M	0.00M	0.00M	0.00M
Levered Free Cash Flow	-161.44M	-166.45M	244.91M	513.89M	105.13M	189.41M	116.63M	127.33M	120.68M	-53.79M	11.65M	68.91M	31.60M	11.95M	-9.04M