NRJ Group S.A. (NRG.PA)

Industry: Broadcasting Sector: Communication Services Currency Used: FR Live Price: $7.68

Enterprise Value

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004
Stock Price	7.36	7.12	6.49	5.86	5.79	6.93	7.71	10.06	9.52	8.54	7.60	6.49	5.54	7.61	7.03	5.26	5.90	9.98	14.56	19.63	17.17
Market Capitalization	569.70M	551.03M	502.06M	453.37M	448.00M	536.96M	616.51M	779.65M	749.38M	669.08M	598.34M	516.39M	880.21M	1,216.53M	1,144.67M	853.48M	998.36M	1,726.15M	2,501.93M	3,395.23M	1,484.87M
(-) Cash & Equivalents	343.83M	327.13M	318.01M	293.52M	210.86M	220.71M	214.30M	190.59M	168.05M	181.58M	134.22M	93.16M	77.15M	92.14M	103.61M	59.63M	48.01M	71.95M	75.64M	12.31M	29.97M
(+) Total Debt	36.43M	36.78M	41.12M	43.88M	45.63M	50.45M	14.23M	8.93M	14.14M	18.95M	23.88M	2.06M	0.93M	0.00M	0.00M	0.00M	5.49M	0.00M	9.61M	15.29M	7.19M
Enterprise Value	262.31M	260.68M	225.17M	203.74M	282.77M	366.70M	416.45M	597.99M	595.47M	506.45M	488.00M	425.29M	803.98M	1,124.39M	1,041.06M	793.85M	955.84M	1,654.20M	2,435.91M	3,398.21M	1,462.09M

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
Revenue	761M	801M	414M	409M	398M	379M	336M	407M	411M	402M	374M	382M	377M	409M	397M	383M	350M	337M	339M	368M	407M	504M	375M
Cost of Revenue	554M	617M	116M	121M	302M	309M	294M	198M	201M	205M	182M	183M	164M	177M	85M	155M	6M	10M	8M	8M	27M	64M	51M
Gross Profit	207M	184M	298M	289M	96M	69M	43M	208M	210M	197M	192M	199M	213M	233M	312M	228M	344M	328M	331M	360M	380M	440M	324M
Gross Profit Margin	27.2%	23.0%	71.9%	70.5%	24.1%	18.3%	12.7%	51.2%	51.0%	49.0%	51.4%	52.2%	56.4%	56.8%	78.6%	59.6%	98.3%	97.1%	97.6%	97.8%	93.3%	87.4%	86.5%
R&D Expenses	0M	0M	8M	0M	7M	7M	7M	7M	7M	7M	7M	7M	7M	6M	0M	0M	0M	0M	0M	0M	0M	0M	18M
SG&A Expenses	118M	60M	4M	4M	113M	107M	98M	112M	119M	113M	18M	17M	17M	20M	96M	10M	137M	140M	151M	164M	20M	106M	8M
Operating Expenses	209M	99M	252M	240M	21M	13M	17M	175M	174M	169M	150M	169M	198M	182M	249M	166M	297M	299M	300M	293M	298M	293M	214M
Operating Income (EBIT)	-2M	85M	45M	49M	75M	57M	26M	33M	35M	28M	43M	31M	15M	51M	63M	62M	47M	29M	30M	67M	82M	147M	110M
Operating Income Margin	-0.2%	10.7%	11.0%	11.9%	18.8%	15.0%	7.7%	8.2%	8.6%	7.0%	11.4%	8.0%	3.9%	12.5%	15.8%	16.3%	13.5%	8.6%	8.9%	18.3%	20.1%	29.2%	29.4%
Interest Income	26M	6M	14M	11M	1M	0M	0M	0M	0M	0M	1M	1M	1M	1M	1M	1M	1M	1M	5M	0M	0M	9M	0M
Interest Expense	2M	1M	1M	0M	1M	1M	1M	4M	2M	1M	0M	0M	0M	0M	0M	0M	0M	17M	0M	6M	0M	6M	0M
Net Interest Income	24M	5M	12M	11M	1M	0M	0M	-4M	-2M	-1M	1M	0M	0M	1M	1M	1M	1M	-17M	5M	-6M	0M	3M	0M
Unusual Items	89M	6M	1M	2M	-28M	-18M	19M	3M	2M	1M	-3M	0M	0M	0M	-1M	2M	0M	7M	-11M	12M	5M	15M	-12M
EBT Excluding Unusual Items	22M	90M	58M	59M	75M	57M	26M	30M	33M	28M	44M	31M	15M	52M	64M	63M	48M	13M	36M	62M	82M	150M	110M
Pre-Tax Income	111M	96M	59M	61M	48M	38M	44M	33M	35M	28M	41M	31M	16M	52M	63M	65M	47M	20M	25M	73M	87M	165M	98M
Pre-Tax Margin	14.5%	12.0%	14.3%	14.8%	12.0%	10.1%	13.2%	8.1%	8.5%	7.1%	11.0%	8.2%	4.1%	12.7%	15.8%	17.1%	13.6%	5.9%	7.3%	19.9%	21.3%	32.9%	26.1%
Income Tax Expense	32M	28M	17M	15M	13M	11M	4M	11M	13M	9M	7M	9M	6M	32M	25M	19M	13M	12M	21M	20M	33M	49M	27M
Net Income	76M	72M	42M	45M	35M	28M	40M	22M	22M	20M	34M	23M	9M	20M	37M	46M	32M	8M	-5M	53M	53M	116M	71M
Net Income Margin	10.0%	9.0%	10.1%	11.0%	8.7%	7.3%	11.9%	5.3%	5.4%	5.0%	9.0%	5.9%	2.5%	4.8%	9.3%	12.0%	9.2%	2.3%	-1.4%	14.3%	13.0%	23.1%	18.8%
Depreciation & Amortization	57M	60M	32M	30M	30M	31M	32M	32M	21M	22M	23M	24M	23M	26M	24M	16M	20M	34M	31M	18M	16M	27M	20M
EBITDA	56M	146M	77M	79M	105M	88M	58M	65M	57M	50M	65M	54M	38M	77M	87M	79M	68M	63M	61M	85M	97M	174M	130M
EBITDA Margin	7.3%	18.2%	18.6%	19.2%	26.3%	23.2%	17.3%	16.0%	13.8%	12.5%	17.5%	14.2%	10.1%	18.8%	21.8%	20.6%	19.3%	18.7%	18.1%	23.2%	23.9%	34.5%	34.7%
NOPAT	-1M	61M	32M	36M	54M	41M	23M	22M	22M	20M	35M	22M	9M	19M	38M	44M	34M	11M	5M	49M	50M	103M	79M
NOPAT Margin	-0.2%	7.6%	7.8%	8.9%	13.6%	10.8%	7.0%	5.4%	5.4%	4.9%	9.4%	5.8%	2.4%	4.7%	9.6%	11.5%	9.7%	3.3%	1.4%	13.3%	12.4%	20.5%	21.2%
Owner's Earnings	87M	96M	50M	50M	48M	40M	58M	37M	-6M	29M	38M	27M	9M	22M	34M	29M	24M	19M	-20M	43M	25M	113M	91M
Owner's Earnings Margin	11.4%	12.0%	12.2%	12.2%	12.1%	10.7%	17.2%	9.1%	-1.4%	7.3%	10.1%	7.0%	2.5%	5.3%	8.5%	7.6%	6.9%	5.8%	-5.8%	11.6%	6.2%	22.5%	24.2%
EPS (Basic)	1.06	0.93	0.54	0.58	0.45	0.36	0.52	0.28	0.28	0.26	0.43	0.29	0.12	0.25	0.47	0.57	0.40	0.10	-0.05	0.60	0.62	1.35	0.82
EPS (Diluted)	0.99	0.94	0.54	0.58	0.45	0.36	0.52	0.28	0.28	0.26	0.43	0.29	0.12	0.25	0.47	0.57	0.40	0.10	-0.05	0.61	0.61	1.35	0.82
Shares (Basic)	67M	77M	77M	77M	77M	77M	77M	77M	77M	78M	78M	78M	78M	80M	79M	81M	81M	81M	85M	86M	86M	86M	86M
Shares (Diluted)	77M	77M	77M	77M	77M	77M	77M	77M	77M	78M	78M	78M	78M	80M	79M	81M	81M	81M	85M	86M	86M	86M	86M

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
Cash & Cash Equivalents	354.41M	356.83M	356.83M	336.98M	325.95M	303.66M	294.39M	229.47M	221.51M	199.67M	172.39M	186.20M	141.53M	102.58M	84.76M	95.07M	110.28M	119.26M	96.02M	143.91M	151.28M	24.63M	89.90M
Short-Term Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.01M	0.01M	0.01M	2.21M	0.52M	0.00M	0.00M	1.03M	0.00M	3.76M	3.01M	153.86M	0.00M
Cash & Short-Term Investments	354.41M	356.83M	356.83M	336.98M	325.95M	303.66M	294.39M	229.47M	221.51M	199.67M	172.40M	186.21M	141.53M	104.79M	85.29M	95.07M	110.29M	120.30M	96.02M	147.66M	154.29M	178.49M	89.90M
Net Receivables	94.14M	122.37M	122.37M	155.05M	121.99M	130.33M	106.47M	123.72M	130.38M	128.03M	112.74M	114.62M	120.27M	123.27M	144.63M	150.45M	158.13M	160.01M	205.63M	242.98M	212.63M	173.81M	237.77M
Inventory	0.01M	9.86M	9.86M	9.27M	15.42M	14.74M	21.01M	23.88M	21.93M	35.18M	39.18M	32.94M	35.57M	66.45M	60.35M	59.54M	58.77M	40.73M	24.64M	20.69M	8.86M	8.87M	0.61M
Other Current Assets	42.33M	32.45M	32.45M	2.93M	27.81M	28.13M	28.17M	38.55M	41.49M	46.84M	50.86M	50.19M	172.23M	152.13M	0.00M	0.00M	0.00M	0.00M	0.00M	3.76M	0.00M	296.78M	242.38M
Total Current Assets	490.88M	521.51M	521.51M	504.23M	491.18M	476.85M	450.04M	415.63M	415.31M	409.73M	375.17M	383.96M	469.60M	446.64M	290.26M	305.06M	327.19M	321.03M	326.29M	415.09M	375.78M	657.95M	570.65M
Property, Plant & Equipment	148.86M	126.89M	126.89M	142.62M	136.25M	133.76M	130.86M	135.30M	104.38M	105.56M	114.08M	120.23M	123.33M	123.18M	122.61M	121.18M	109.02M	100.78M	99.02M	71.75M	65.15M	53.39M	48.68M
Goodwill	130.95M	134.15M	134.15M	134.15M	131.35M	132.00M	132.64M	133.44M	133.44M	133.25M	133.25M	133.25M	133.25M	132.48M	136.90M	137.82M	137.82M	137.79M	142.24M	153.13M	157.99M	148.95M	213.65M
Intangible Assets	103.81M	128.33M	128.33M	108.77M	243.44M	248.90M	253.11M	124.14M	128.45M	98.72M	99.85M	99.80M	99.86M	100.90M	105.94M	104.95M	104.97M	105.41M	109.28M	111.09M	100.18M	108.62M	40.77M
Long-Term Investments	9.41M	8.89M	8.89M	9.30M	13.27M	13.93M	14.09M	17.67M	15.87M	12.30M	7.47M	6.94M	6.27M	7.52M	12.16M	0.00M	15.12M	9.76M	0.00M	13.75M	7.06M	-143.14M	0.00M
Tax Assets	3.05M	3.60M	3.60M	4.79M	4.28M	3.90M	4.44M	4.55M	3.80M	4.99M	6.54M	4.02M	2.41M	3.25M	5.04M	5.20M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	0.00M	2.59M	2.59M	3.28M	-131.35M	-132.00M	-132.64M	-4.55M	-3.80M	-4.99M	-6.54M	-4.02M	-2.41M	-3.25M	0.52M	9.50M	0.00M	1.03M	13.69M	3.76M	10.40M	153.86M	15.94M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	11.63M	6.97M	9.62M	10.75M	9.11M	9.59M	8.68M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	396.08M	404.46M	404.46M	402.91M	397.23M	400.50M	402.50M	422.18M	389.10M	359.45M	365.39M	369.32M	372.29M	372.75M	383.16M	378.65M	366.93M	354.77M	364.22M	353.48M	340.79M	321.67M	319.05M
Total Assets	886.96M	925.96M	925.96M	907.14M	888.41M	877.35M	852.54M	837.80M	804.41M	769.18M	740.56M	753.28M	841.88M	819.39M	673.42M	683.71M	694.12M	675.80M	690.50M	768.57M	716.57M	979.62M	889.70M
Accounts Payable	48.97M	62.94M	62.94M	64.12M	65.01M	72.40M	61.23M	72.76M	65.98M	62.86M	53.52M	57.74M	51.39M	52.00M	146.50M	56.33M	173.49M	161.80M	182.36M	205.77M	71.95M	239.08M	48.00M
Short-Term Debt	0.00M	0.00M	0.00M	0.00M	3.07M	4.27M	4.33M	4.25M	6.80M	5.03M	5.19M	5.07M	5.09M	0.05M	0.00M	0.14M	0.00M	0.00M	10.58M	0.00M	19.20M	0.00M	21.56M
Tax Payables	0.00M	61.84M	61.84M	0.20M	0.18M	1.06M	0.11M	0.16M	0.58M	0.63M	0.29M	60.04M	61.10M	65.51M	66.54M	5.39M	4.26M	0.01M	0.94M	0.00M	75.86M	9.06M	69.82M
Deferred Revenue	0.00M	0.00M	0.00M	8.74M	10.10M	10.39M	11.51M	10.53M	13.59M	8.92M	4.33M	-5.07M	-5.09M	-0.05M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	22.45M	11.75M	11.75M	71.68M	6.55M	1.36M	6.84M	1.17M	15.92M	74.85M	77.48M	20.58M	29.39M	26.36M	12.52M	105.09M	5.36M	23.34M	17.17M	38.03M	133.83M	0.00M	169.66M
Total Current Liabilities	71.42M	136.54M	136.54M	144.74M	84.91M	89.48M	84.01M	88.86M	102.86M	152.29M	140.82M	138.36M	141.88M	143.87M	225.56M	166.95M	183.12M	185.14M	211.04M	243.80M	300.84M	248.14M	309.04M
Long-Term Debt	0.02M	0.02M	0.02M	0.02M	0.02M	3.20M	7.53M	11.73M	16.06M	2.59M	7.50M	12.50M	17.39M	0.02M	1.84M	0.67M	0.00M	0.00M	0.40M	0.07M	0.03M	30.58M	3.70M
Capital Lease Obligations	37.46M	38.33M	38.33M	35.84M	29.22M	27.50M	25.26M	24.93M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	6.61M	6.53M	6.53M	6.62M	7.06M	6.62M	6.55M	6.08M	7.32M	8.77M	8.33M	36.77M	34.71M	37.13M	31.81M	33.60M	35.08M	38.28M	35.51M	21.35M	15.72M	0.00M	0.00M
Other Non-Current Liabilities	18.02M	18.01M	18.01M	19.01M	20.43M	20.15M	20.80M	0.00M	17.92M	17.89M	19.47M	16.66M	12.60M	45.12M	4.74M	3.50M	3.51M	4.31M	0.99M	0.93M	0.90M	16.11M	13.12M
Total Non-Current Liabilities	62.11M	62.89M	62.89M	61.48M	56.72M	57.47M	60.14M	42.74M	41.30M	29.24M	35.30M	65.92M	64.71M	82.28M	38.40M	37.77M	38.59M	42.59M	36.91M	22.35M	16.65M	46.69M	16.82M
Total Liabilities	133.53M	199.42M	199.42M	206.22M	141.63M	146.95M	144.15M	131.60M	144.16M	181.53M	176.11M	204.29M	206.59M	226.15M	263.96M	204.72M	221.70M	227.73M	247.95M	266.15M	317.49M	294.83M	325.86M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	5.58M	3.33M	2.86M	5.04M	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	0.78M	0.78M	0.78M	0.78M	0.78M	0.78M	0.78M	0.78M	0.78M	0.78M	0.78M	0.78M	0.81M	0.81M	0.81M	0.83M	0.83M	0.83M	0.86M	0.87M	0.87M	0.87M	0.87M
Retained Earnings	4.48M	41.97M	41.97M	45.17M	640.72M	621.94M	610.62M	21.74M	22.00M	19.79M	33.69M	22.65M	9.36M	19.75M	37.10M	45.56M	0.00M	0.00M	310.93M	51.54M	52.93M	217.99M	70.57M
Accumulated OCI	656.24M	636.11M	636.11M	616.49M	-2.34M	-4.50M	-5.51M	-5.58M	-3.33M	-2.86M	-5.04M	467.51M	460.55M	441.06M	-158.39M	-143.96M	-137.09M	-127.03M	-115.01M	0.00M	0.00M	0.00M	0.00M
Minority Interest	0.44M	0.40M	0.40M	0.44M	0.35M	0.34M	0.37M	0.34M	0.34M	0.09M	0.08M	-0.04M	0.11M	0.40M	0.96M	-0.32M	-0.50M	-0.06M	-0.84M	-0.62M	0.51M	-0.63M	-3.68M
Total Shareholders’ Equity	661.50M	678.86M	678.86M	662.44M	639.17M	618.22M	605.89M	22.53M	22.78M	20.58M	34.48M	490.94M	470.71M	461.62M	-120.48M	-97.57M	-136.26M	-126.20M	196.79M	52.40M	53.79M	218.86M	71.43M
Total Equity	661.94M	679.26M	679.26M	662.88M	639.52M	618.56M	606.26M	22.86M	23.13M	20.67M	34.56M	490.90M	470.82M	462.02M	-119.53M	-97.89M	-136.76M	-126.25M	195.95M	51.78M	54.30M	218.22M	67.76M
Total Liabilities & Equity	795.47M	878.69M	878.69M	869.10M	781.15M	765.51M	750.40M	154.46M	167.29M	202.20M	210.67M	695.19M	677.41M	688.17M	144.43M	106.83M	84.95M	101.47M	443.90M	317.93M	371.79M	513.05M	393.61M
Tangible Assets	652.20M	663.47M	663.47M	664.22M	513.62M	496.45M	466.78M	580.23M	542.52M	537.21M	507.46M	520.23M	608.78M	586.01M	430.58M	440.94M	451.33M	432.60M	438.99M	504.35M	458.39M	722.05M	635.28M
Tangible Equity	427.18M	416.77M	416.77M	419.96M	264.74M	237.66M	220.50M	-234.72M	-238.77M	-211.30M	-198.54M	257.86M	237.71M	228.64M	-362.37M	-340.65M	-379.54M	-369.45M	-55.57M	-212.44M	-203.88M	-39.35M	-186.66M
Tangible Book Value	427.18M	416.77M	416.77M	419.96M	264.74M	237.66M	220.50M	-234.72M	-238.77M	-211.30M	-198.54M	257.86M	237.71M	228.64M	-362.37M	-340.65M	-379.54M	-369.45M	-55.57M	-212.44M	-203.88M	-39.35M	-186.66M
Total Investments	9.41M	8.89M	8.89M	9.30M	13.27M	13.93M	14.09M	17.67M	15.87M	12.30M	7.47M	6.95M	6.28M	9.72M	12.68M	9.50M	15.13M	10.79M	13.69M	17.51M	10.07M	10.72M	3.38M
Net Debt	-354.39M	-356.81M	-356.81M	-336.96M	-322.87M	-296.19M	-282.53M	-213.50M	-198.65M	-192.06M	-159.70M	-168.63M	-119.04M	-102.51M	-82.92M	-94.25M	-110.28M	-119.26M	-85.03M	-143.83M	-132.05M	5.95M	-64.64M

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	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
Working Capital	360.3M	369.9M	369.9M	353.8M	338.8M	315.5M	303.8M	246.6M	250.8M	257.4M	231.7M	232.6M	204.0M	186.6M	153.4M	140.8M	147.0M	139.1M	119.9M	172.8M	155.6M	199.3M	76.8M
Total Capital	740.1M	758.4M	758.4M	739.7M	720.3M	701.5M	691.3M	654.5M	621.0M	595.1M	574.4M	553.7M	533.5M	514.0M	499.0M	482.0M	475.8M	453.2M	459.0M	504.6M	498.4M	505.5M	404.3M
Capital Employed	756.4M	774.4M	774.4M	756.7M	736.1M	716.0M	706.3M	668.7M	639.9M	616.9M	597.1M	602.0M	576.3M	559.3M	536.5M	519.5M	513.9M	493.9M	484.1M	526.3M	496.3M	520.9M	395.8M
Invested Capital	385.7M	401.6M	401.6M	402.7M	394.3M	397.8M	396.9M	425.0M	399.5M	395.5M	402.0M	367.4M	391.9M	411.4M	414.3M	386.9M	365.6M	333.9M	363.0M	360.7M	347.1M	480.8M	314.4M

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	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-09-30
Net Income	76.42M	72.44M	41.96M	45.17M	34.68M	27.60M	40.11M	17.87M	22.00M	19.79M	33.69M	22.65M	9.36M	19.75M	37.84M	45.85M	32.36M	7.78M	-4.07M	52.79M	86.59M	116.38M	98.03M
Depreciation & Amortization	62.52M	60.24M	31.64M	29.96M	29.83M	31.08M	32.17M	31.87M	21.43M	21.79M	25.94M	23.70M	23.24M	26.03M	23.98M	16.33M	20.41M	34.16M	31.16M	17.87M	15.62M	26.53M	20.03M
Deferred Income Tax	0.26M	-0.49M	0.00M	-0.63M	-1.15M	0.14M	0.47M	-1.32M	-0.43M	0.22M	-31.22M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Stock-Based Compensation	0.39M	0.03M	0.67M	0.49M	0.00M	0.03M	0.01M	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
Change in Working Capital	12.61M	-1.96M	2.89M	-1.92M	2.35M	-6.79M	10.30M	6.80M	21.18M	11.09M	-17.40M	6.74M	39.49M	-10.11M	-13.78M	-0.11M	-20.26M	-14.30M	24.59M	-13.42M	-7.49M	-9.61M	-1.00M
Accounts Receivable	30.42M	-15.68M	7.48M	4.21M	6.89M	-23.38M	25.52M	6.36M	3.18M	14.01M	-0.71M	0.00M	0.00M	-4.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	-3.06M	3.89M	-0.59M	3.61M	1.86M	2.88M	6.27M	-1.96M	13.26M	3.99M	-6.24M	2.63M	30.88M	-6.10M	-0.80M	0.00M	-18.04M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Accounts Payable	-9.46M	7.96M	-2.83M	-0.33M	-7.38M	11.18M	-11.54M	6.79M	0.00M	-5.08M	-10.45M	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	-10.63M	1.88M	-1.18M	-9.41M	0.99M	2.53M	-9.95M	-4.40M	4.74M	-1.83M	-17.40M	4.11M	8.61M	-4.74M	-12.98M	0.00M	-2.22M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Cash Items	4.04M	132.11M	-9.93M	-12.02M	2.42M	5.60M	-39.31M	0.24M	25.39M	-4.31M	6.95M	11.55M	-22.15M	9.33M	-6.31M	-6.59M	3.51M	30.70M	5.95M	-40.19M	-43.52M	-27.83M	-24.67M
Net Cash from Operating Activities	156.26M	138.04M	67.21M	61.06M	68.13M	57.66M	43.75M	55.46M	68.82M	48.59M	17.97M	64.64M	49.94M	45.01M	41.73M	55.47M	36.02M	58.35M	57.63M	17.05M	51.20M	105.47M	92.39M
Capital Expenditures (PPE)	-46.98M	-36.74M	-23.16M	-25.30M	-16.45M	-18.25M	-14.62M	-16.45M	-49.16M	-12.72M	-18.65M	-19.54M	-23.33M	-23.89M	-27.24M	-33.14M	-28.53M	-22.53M	-46.19M	-28.09M	-43.49M	-29.52M	-11.13M
Acquisitions (Net)	-0.12M	-2.79M	0.00M	-2.94M	0.01M	0.02M	0.00M	0.01M	0.24M	-0.21M	0.26M	0.00M	0.01M	-0.39M	-0.01M	0.00M	-0.90M	0.00M	0.00M	0.00M	4.10M	2.63M	-6.98M
Purchases of Investments	-0.84M	-0.46M	-0.60M	-0.67M	-0.24M	-0.12M	-0.14M	-4.58M	-1.17M	-1.92M	-0.06M	-5.26M	-3.70M	-2.80M	-4.67M	-0.78M	-2.16M	-4.28M	-5.49M	0.00M	0.00M	-6.35M	-1.46M
Sales / Maturities of Investments	0.97M	0.29M	0.16M	0.86M	0.10M	0.20M	0.13M	0.37M	0.28M	0.32M	0.24M	7.09M	4.89M	3.10M	1.15M	2.50M	0.30M	3.75M	4.90M	0.00M	0.00M	26.99M	4.01M
Other Investing Activities	-0.92M	-0.13M	0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.45M	-0.25M	-0.48M	0.04M	0.06M	0.59M	0.07M	0.10M	0.48M	0.07M	0.58M	22.49M	11.23M	2.18M	-0.93M
Net Cash from Investing Activities	-47.88M	-39.69M	-23.60M	-28.05M	-16.58M	-18.15M	-14.63M	-20.65M	-50.26M	-14.52M	-18.69M	-17.67M	-22.07M	-23.40M	-30.70M	-31.32M	-30.81M	-22.99M	-46.20M	-5.59M	-28.16M	-4.08M	-16.49M
Net Debt Issuance	-11.98M	-8.31M	-9.95M	-3.00M	-4.17M	-4.27M	-4.19M	-6.65M	15.22M	-4.92M	-5.00M	-5.02M	22.50M	-1.04M	0.22M	-0.34M	0.36M	0.21M	-0.04M	-2.31M	-2.90M	-0.33M	-2.51M
Long-Term Debt Issuance	-11.98M	-8.31M	-9.95M	-3.00M	-4.17M	-4.27M	-4.19M	-6.65M	15.22M	-4.92M	-5.00M	-5.02M	22.50M	-1.04M	0.22M	-0.34M	0.36M	0.21M	-0.04M	-2.31M	-2.90M	-0.33M	-2.51M
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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-0.05M	0.19M	-0.02M	0.37M	-0.01M	-0.06M	-0.22M	-0.12M	-0.27M	-1.04M	-7.01M	1.22M	-12.11M	-0.20M	0.48M	-16.50M	2.54M	-3.46M	-27.06M	-1.14M	-3.97M	3.10M	0.00M
Common Stock Issuance	0.08M	0.26M	0.00M	0.37M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1.22M	4.72M	0.00M	0.50M	0.08M	2.54M	0.00M	0.00M	0.00M	0.00M	3.10M	0.00M
Common Stock Repurchased	-0.12M	-10.97M	-0.02M	0.00M	-0.01M	-0.06M	-0.22M	-0.12M	-0.27M	-1.04M	-7.01M	0.00M	-16.83M	-0.20M	0.00M	-16.53M	0.00M	-3.46M	-51.93M	-1.14M	-3.97M	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	-0.02M	0.03M	0.00M	0.00M	24.87M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-48.76M	-36.37M	-26.32M	-20.12M	-16.25M	-16.25M	0.00M	-13.16M	-11.61M	0.00M	0.00M	0.00M	0.00M	0.00M	-23.84M	-24.31M	-16.30M	-0.16M	-24.87M	-27.55M	-31.84M	-24.82M	-17.97M
Common Dividends Paid	-48.76M	-36.37M	-26.32M	-20.12M	-16.25M	-16.25M	0.00M	-13.16M	-11.61M	0.00M	0.00M	0.00M	0.00M	0.00M	-23.84M	-24.31M	-16.30M	-0.16M	-1.63M	-24.91M	-31.84M	-24.82M	-17.97M
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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-10.63M	-18.51M	13.01M	0.83M	-8.71M	-9.66M	40.19M	-6.92M	0.23M	-0.42M	-1.01M	1.38M	0.90M	-1.58M	1.73M	1.86M	-0.23M	0.60M	-18.31M	3.60M	4.23M	4.03M	-0.06M
Net Cash from Financing Activities	-71.41M	-64.19M	-23.28M	-21.93M	-29.14M	-30.24M	35.78M	-26.85M	3.57M	-6.37M	-13.03M	-2.43M	11.29M	-2.82M	-21.41M	-39.29M	-13.64M	-2.81M	-47.04M	-24.76M	-30.64M	-18.03M	-20.54M
Effect of FX on Cash	0.15M	-0.24M	-0.02M	-0.05M	-0.12M	0.00M	0.02M	0.00M	-0.28M	-0.28M	-0.19M	0.14M	-0.17M	-0.19M	0.21M	0.06M	0.27M	0.14M	-0.26M	-0.05M	0.01M	-0.02M	-0.01M
Net Change in Cash	394.41M	33.92M	20.32M	11.03M	22.29M	9.27M	64.92M	7.96M	21.84M	27.42M	-13.95M	44.68M	38.99M	17.77M	-10.17M	-15.07M	-8.16M	32.69M	-35.87M	-13.35M	-7.59M	83.34M	55.36M
Cash at Beginning of Period	985.10M	1,223.05M	336.98M	325.95M	303.66M	294.39M	153.42M	221.51M	199.67M	172.26M	186.20M	141.52M	102.53M	84.76M	94.93M	110.01M	118.17M	85.48M	121.35M	134.70M	142.29M	64.95M	9.59M
Cash at End of Period	1,379.51M	1,256.97M	357.29M	336.98M	325.95M	303.66M	294.39M	229.47M	221.51M	199.67M	172.26M	186.20M	141.52M	102.53M	84.76M	94.93M	110.01M	118.17M	85.48M	121.35M	134.70M	148.29M	64.95M
Operating Cash Flow	142.86M	138.04M	67.21M	71.77M	69.32M	57.66M	43.75M	55.46M	68.82M	48.59M	17.97M	64.64M	49.94M	45.01M	41.73M	55.47M	36.02M	58.35M	57.63M	17.05M	51.20M	105.47M	92.39M
Capital Expenditure	-46.98M	-36.74M	-23.16M	-25.30M	-16.45M	-18.25M	-14.62M	-16.45M	-49.16M	-12.72M	-18.65M	-19.54M	-23.33M	-23.89M	-27.24M	-33.14M	-28.53M	-22.53M	-46.19M	-28.09M	-43.49M	-29.52M	-11.13M
Free Cash Flow	95.89M	101.30M	44.05M	46.47M	52.87M	39.41M	29.13M	39.02M	19.66M	35.87M	-0.68M	45.10M	26.61M	21.11M	14.48M	22.34M	7.49M	35.82M	11.44M	-11.04M	7.71M	75.95M	81.26M

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
EBITDA	145.92M	184.33M	318.09M	314.86M	5.83M	-13.70M	-30.55M	120.78M	104.78M	98.41M	190.05M	199.58M	211.42M	231.99M	240.24M	234.97M	227.09M	222.39M	210.56M	213.69M	375.11M	360.86M
(-) Tax Adjustment	42.42M	53.10M	91.95M	80.07M	1.59M	-3.79M	-2.87M	40.46M	36.67M	29.93M	33.83M	55.17M	74.00M	81.20M	84.08M	69.54M	63.10M	77.84M	73.70M	58.94M	131.29M	107.09M
(-) Change In Working Capital	12.61M	-1.96M	2.89M	-1.92M	2.35M	-6.79M	10.30M	6.80M	21.18M	11.09M	-17.40M	6.74M	39.49M	-10.11M	-13.78M	-0.11M	-20.26M	-14.30M	24.59M	-13.42M	-7.49M	-9.61M
(-) Capital Expenditure	-46.98M	-36.74M	-23.16M	-25.30M	-16.45M	-18.25M	-14.62M	-16.45M	-49.16M	-12.72M	-18.65M	-19.54M	-23.33M	-23.89M	-27.24M	-33.14M	-28.53M	-22.53M	-46.19M	-28.09M	-43.49M	-29.52M
Unlevered Free Cash Flow	43.91M	96.44M	200.09M	211.41M	-14.56M	-21.37M	-52.60M	57.08M	-2.24M	44.67M	154.97M	118.13M	74.60M	137.01M	142.69M	132.41M	155.72M	136.32M	66.08M	140.08M	207.82M	233.87M
(-) Net Interest Income After Taxes	16.68M	3.41M	8.79M	7.92M	0.43M	-0.15M	-0.26M	-2.35M	-1.35M	-0.49M	0.90M	0.31M	0.31M	0.78M	0.64M	0.73M	0.41M	-10.76M	3.40M	-4.31M	0.00M	2.43M
Net Debt Issuance	-11.98M	-8.31M	-9.95M	-3.00M	-4.17M	-4.27M	-4.19M	-6.65M	15.22M	-4.92M	-5.00M	-5.02M	22.50M	-1.04M	0.22M	-0.34M	0.36M	0.21M	-0.04M	-2.31M	-2.90M	-0.33M
Levered Free Cash Flow	15.26M	84.72M	181.36M	200.49M	-19.16M	-25.49M	-56.54M	52.78M	14.33M	40.25M	149.07M	112.80M	96.79M	135.18M	142.28M	131.34M	155.67M	147.29M	62.64M	142.08M	204.92M	231.10M