What's Cooking Group NV/SA (WHATS.BR)

Industry: Packaged Foods Sector: Consumer Defensive Currency Used: BE Live Price: $122.50

Enterprise Value

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
Stock Price	88.60	73.20	86.00	87.40	87.40	87.40	87.40	87.40	87.40	87.40	87.40	87.40	87.40	87.40	87.40
Market Capitalization	164.51M	134.46M	159.17M	158.61M	157.04M	157.04M	157.04M	157.04M	157.04M	157.04M	157.04M	157.04M	157.04M	157.04M	157.04M
(-) Cash & Equivalents	19.81M	15.46M	13.86M	10.57M	27.48M	24.21M	25.32M	9.80M	15.32M	5.01M	10.20M	6.45M	5.72M	7.67M	5.05M
(+) Total Debt	60.08M	83.32M	85.06M	93.44M	134.41M	147.16M	148.28M	102.48M	46.16M	49.09M	53.49M	63.08M	69.92M	66.99M	62.39M
Enterprise Value	204.78M	202.33M	230.36M	241.48M	263.96M	279.99M	280.00M	249.72M	187.88M	201.12M	200.32M	213.67M	221.24M	216.36M	214.38M

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	1,045M	—	404M	832M	781M	697M	717M	728M	680M	497M	419M	396M	400M	407M	421M	404M	402M	392M	393M	367M	327M	236M	206M
Cost of Revenue	776M	—	297M	645M	616M	526M	553M	559M	516M	381M	308M	289M	293M	304M	313M	298M	293M	204M	212M	186M	160M	144M	146M
Gross Profit	269M	—	107M	188M	166M	171M	164M	169M	165M	117M	110M	107M	107M	103M	108M	105M	109M	188M	181M	181M	167M	92M	60M
Gross Profit Margin	25.7%	—	26.4%	22.5%	21.2%	24.6%	22.9%	23.3%	24.2%	23.5%	26.4%	27.0%	26.7%	25.4%	25.6%	26.1%	27.1%	48.0%	46.0%	49.3%	51.0%	39.1%	29.2%
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
SG&A Expenses	201M	—	79M	2M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	87M	81M	83M	78M	81M	0M	0M
Operating Expenses	229M	—	88M	171M	158M	160M	160M	163M	147M	102M	93M	91M	93M	93M	95M	90M	91M	173M	174M	169M	158M	82M	49M
Operating Income (EBIT)	40M	—	19M	17M	8M	11M	5M	7M	17M	15M	17M	16M	14M	10M	13M	15M	18M	16M	7M	11M	9M	11M	11M
Operating Income Margin	3.9%	—	4.6%	2.0%	1.0%	1.6%	0.6%	0.9%	2.5%	3.0%	4.1%	4.0%	3.4%	2.6%	3.2%	3.7%	4.4%	4.0%	1.9%	3.1%	2.7%	4.5%	5.5%
Interest Income	1M	—	1M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	1M	0M	0M	0M	0M	4M
Interest Expense	6M	—	5M	5M	1M	2M	3M	2M	2M	1M	1M	1M	1M	2M	2M	2M	4M	4M	5M	4M	2M	1M	0M
Net Interest Income	-5M	—	-4M	-5M	-1M	-2M	-3M	-2M	-2M	-1M	-1M	-1M	-1M	-1M	-2M	-2M	-4M	-3M	-5M	-4M	-2M	-1M	4M
Unusual Items	-3M	—	0M	-5M	0M	5M	-2M	-2M	-3M	7M	1M	0M	0M	0M	0M	0M	0M	-1M	1M	-1M	1M	0M	-8M
EBT Excluding Unusual Items	35M	—	14M	12M	7M	9M	2M	5M	15M	14M	17M	15M	12M	9M	11M	12M	14M	13M	3M	7M	6M	9M	16M
Pre-Tax Income	32M	—	14M	7M	6M	13M	0M	3M	13M	21M	18M	15M	12M	9M	11M	13M	14M	12M	3M	6M	8M	9M	8M
Pre-Tax Margin	3.1%	—	3.5%	0.8%	0.8%	1.9%	0.0%	0.4%	1.9%	4.1%	4.2%	3.7%	3.1%	2.2%	2.6%	3.1%	3.6%	3.2%	0.8%	1.7%	2.4%	4.0%	3.9%
Income Tax Expense	9M	—	5M	2M	2M	6M	2M	-1M	6M	4M	5M	4M	4M	3M	3M	3M	4M	4M	-4M	0M	2M	3M	3M
Net Income	46M	—	21M	8M	4M	7M	-2M	4M	7M	17M	13M	10M	8M	6M	8M	9M	10M	8M	8M	6M	6M	6M	5M
Net Income Margin	4.4%	—	5.1%	0.9%	0.5%	1.1%	-0.3%	0.6%	1.1%	3.4%	3.0%	2.6%	2.0%	1.5%	1.9%	2.2%	2.6%	2.1%	1.9%	1.7%	1.8%	2.5%	2.4%
Depreciation & Amortization	48M	—	28M	29M	28M	27M	31M	31M	27M	19M	17M	18M	18M	18M	17M	18M	20M	19M	23M	18M	15M	11M	10M
EBITDA	88M	—	46M	45M	36M	38M	36M	37M	44M	34M	35M	34M	31M	28M	31M	33M	38M	35M	30M	29M	24M	22M	21M
EBITDA Margin	8.4%	—	11.5%	5.4%	4.6%	5.4%	5.0%	5.1%	6.5%	6.7%	8.3%	8.5%	7.8%	7.0%	7.3%	8.2%	9.3%	9.0%	7.6%	8.0%	7.3%	9.3%	10.1%
NOPAT	28M	—	12M	12M	6M	6M	4M	10M	10M	12M	12M	12M	10M	7M	10M	11M	13M	10M	17M	11M	7M	7M	7M
NOPAT Margin	2.7%	—	3.0%	1.4%	0.7%	0.9%	0.5%	1.4%	1.4%	2.4%	2.9%	2.9%	2.4%	1.8%	2.3%	2.7%	3.2%	2.7%	4.4%	3.0%	2.1%	2.9%	3.5%
Owner's Earnings	36M	—	12M	12M	7M	15M	1M	16M	7M	22M	16M	10M	13M	13M	13M	10M	8M	10M	12M	3M	3M	6M	15M
Owner's Earnings Margin	3.4%	—	2.9%	1.5%	0.9%	2.1%	0.2%	2.2%	1.0%	4.5%	3.7%	2.6%	3.2%	3.1%	3.2%	2.6%	2.0%	2.5%	3.0%	0.8%	0.8%	2.6%	7.1%
EPS (Basic)	12.17	—	4.99	4.17	2.33	3.97	-1.31	2.35	4.00	9.52	6.99	5.73	4.52	3.45	4.64	5.01	5.82	4.60	4.23	3.38	3.63	419.46	3.57
EPS (Diluted)	24.91	—	11.12	4.17	2.25	3.98	-1.31	2.35	4.00	9.52	6.99	5.73	4.53	3.45	4.57	5.01	5.82	4.59	4.22	3.36	3.63	4.09	3.57
Shares (Basic)	3M	—	2M	2M	2M	2M	2M	2M	2M	2M	2M	2M	2M	2M	2M	2M	2M	2M	2M	2M	2M	1M	1M
Shares (Diluted)	2M	—	2M	2M	2M	2M	2M	2M	2M	2M	2M	2M	2M	2M	2M	2M	2M	2M	2M	2M	2M	1M	1M

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	25.33M	17.67M	17.67M	20.31M	19.35M	11.54M	19.14M	26.83M	23.18M	6.51M	16.07M	7.05M	10.73M	6.91M	4.35M	5.74M	4.79M	2.68M	5.58M	7.33M	2.80M	2.70M	1.12M
Short-Term Investments	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	1.91M
Cash & Short-Term Investments	25.33M	17.67M	17.67M	20.31M	19.35M	11.54M	19.14M	26.83M	23.18M	6.51M	16.07M	7.05M	10.73M	6.91M	4.35M	5.74M	4.79M	2.68M	5.58M	7.33M	2.80M	2.70M	3.03M
Net Receivables	38.84M	26.49M	26.49M	94.36M	99.35M	86.78M	87.51M	103.78M	99.03M	100.40M	59.09M	56.99M	52.71M	57.00M	63.67M	66.63M	0.00M	0.00M	0.00M	0.00M	0.00M	34.72M	0.00M
Inventory	34.75M	20.53M	20.53M	47.26M	46.89M	38.60M	37.87M	40.73M	36.30M	34.79M	22.26M	20.42M	20.30M	24.31M	25.32M	24.40M	23.81M	23.12M	24.43M	22.20M	21.74M	13.18M	11.44M
Other Current Assets	0.00M	187.00M	187.00M	12.59M	13.14M	13.18M	11.97M	15.54M	22.88M	15.46M	7.90M	7.87M	8.06M	7.97M	1.85M	2.97M	64.69M	57.94M	59.06M	57.07M	49.08M	0.00M	35.37M
Total Current Assets	98.93M	251.69M	251.69M	174.53M	178.73M	150.10M	156.49M	186.87M	181.39M	157.16M	105.31M	92.33M	91.80M	96.18M	95.18M	99.74M	93.29M	83.75M	89.08M	86.60M	73.62M	50.60M	49.84M
Property, Plant & Equipment	104.42M	70.93M	70.93M	120.51M	121.65M	124.98M	136.46M	138.13M	133.38M	132.81M	79.54M	85.01M	88.02M	92.34M	101.84M	106.40M	111.97M	108.76M	112.44M	115.97M	103.16M	61.55M	52.42M
Goodwill	44.49M	44.73M	44.73M	78.04M	77.87M	78.33M	77.76M	78.22M	76.46M	76.52M	35.20M	35.20M	35.20M	35.20M	35.20M	35.20M	35.20M	35.20M	35.20M	38.03M	25.40M	19.17M	0.00M
Intangible Assets	7.37M	8.10M	8.10M	15.89M	17.31M	20.46M	22.22M	26.12M	28.65M	30.16M	5.32M	5.41M	3.42M	2.15M	2.31M	2.12M	2.01M	2.15M	2.57M	2.69M	2.76M	0.97M	0.00M
Long-Term Investments	0.00M	0.27M	0.27M	0.33M	0.43M	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	-1.88M
Tax Assets	0.00M	0.00M	0.00M	0.00M	8.39M	7.85M	8.59M	9.60M	5.03M	3.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	4.35M	3.08M	2.08M	0.00M
Other Non-Current Assets	7.82M	7.95M	7.95M	9.93M	0.08M	0.08M	0.08M	0.08M	0.08M	0.08M	24.27M	23.58M	14.29M	14.80M	15.03M	9.46M	0.14M	0.16M	0.15M	0.13M	0.14M	0.05M	15.22M
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
Total Non-Current Assets	164.10M	131.98M	131.98M	224.71M	225.73M	231.70M	245.11M	252.15M	243.59M	242.57M	144.34M	149.20M	140.93M	144.49M	154.38M	153.19M	149.32M	146.27M	150.36M	161.17M	134.54M	83.83M	65.76M
Total Assets	263.02M	383.67M	383.67M	399.24M	404.46M	381.81M	401.60M	439.02M	424.98M	399.74M	249.65M	241.53M	232.73M	240.68M	249.56M	252.94M	242.61M	230.02M	239.44M	247.77M	208.16M	134.43M	115.60M
Accounts Payable	91.93M	65.53M	65.53M	150.56M	153.14M	132.34M	126.00M	117.25M	110.46M	97.31M	62.96M	55.34M	53.83M	56.54M	58.96M	57.37M	65.54M	51.73M	61.12M	57.61M	42.22M	33.91M	36.29M
Short-Term Debt	0.00M	0.00M	0.00M	0.00M	0.34M	2.73M	8.53M	8.21M	14.42M	88.06M	10.82M	10.97M	14.03M	18.34M	26.17M	30.33M	21.50M	20.98M	18.88M	16.71M	28.39M	9.47M	0.00M
Tax Payables	0.00M	1.57M	1.57M	2.81M	3.00M	1.87M	1.78M	2.11M	3.80M	4.25M	3.32M	2.90M	2.14M	3.05M	1.85M	3.02M	2.18M	3.02M	1.62M	2.12M	0.31M	0.45M	14.53M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	27.58M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	8.53M	2.18M	3.02M	1.62M	2.12M	0.31M	0.00M	0.00M
Other Current Liabilities	0.74M	100.50M	100.50M	8.10M	12.01M	7.67M	0.27M	12.59M	8.77M	8.32M	7.14M	6.39M	5.89M	7.05M	10.50M	12.76M	13.92M	14.16M	13.91M	13.18M	12.46M	0.00M	4.05M
Total Current Liabilities	92.68M	167.61M	167.61M	161.46M	168.49M	144.61M	164.15M	140.16M	137.45M	197.94M	84.23M	75.59M	75.88M	84.98M	97.48M	112.01M	105.30M	92.91M	97.15M	91.74M	83.70M	43.83M	54.87M
Long-Term Debt	2.43M	63.00M	63.00M	75.00M	80.09M	74.16M	103.66M	133.81M	131.79M	43.46M	32.80M	40.39M	36.26M	39.39M	39.63M	39.98M	40.46M	47.17M	56.55M	62.31M	30.87M	21.46M	0.00M
Capital Lease Obligations	0.90M	1.75M	1.75M	6.21M	6.68M	8.43M	10.45M	13.34M	3.44M	5.49M	0.00M	0.00M	0.00M	0.00M	0.02M	0.06M	0.00M	0.00M	0.00M	0.00M	1.54M	0.64M	0.00M
Deferred Tax Liabilities	0.00M	0.00M	0.00M	4.93M	5.62M	6.53M	4.64M	5.77M	9.34M	10.29M	4.34M	5.85M	6.67M	7.53M	8.48M	8.37M	8.12M	8.46M	7.58M	17.81M	20.14M	12.57M	0.00M
Other Non-Current Liabilities	11.63M	3.58M	3.58M	3.70M	3.44M	4.39M	0.00M	0.00M	9.34M	10.29M	9.65M	8.91M	8.96M	9.49M	2.01M	1.67M	1.79M	1.69M	1.63M	1.25M	0.52M	1.40M	14.67M
Total Non-Current Liabilities	14.96M	68.32M	68.32M	89.83M	95.83M	93.49M	118.75M	152.92M	153.92M	69.53M	46.78M	55.16M	51.89M	56.42M	50.14M	50.07M	50.37M	57.32M	65.76M	81.37M	53.06M	36.06M	14.67M
Total Liabilities	107.64M	235.93M	235.93M	251.30M	264.32M	238.10M	282.90M	293.08M	291.37M	267.47M	131.01M	130.75M	127.77M	141.39M	147.62M	162.08M	155.67M	150.23M	162.91M	173.11M	136.76M	79.89M	69.54M
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
Common Stock	5.25M	5.25M	5.25M	5.25M	5.15M	5.08M	5.00M	53.19M	53.19M	53.19M	53.19M	53.19M	53.19M	53.03M	53.10M	53.19M	4.90M	53.19M	53.15M	52.94M	52.64M	3.87M	3.86M
Retained Earnings	73.39M	71.64M	71.64M	58.93M	59.47M	62.43M	62.33M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	41.09M	36.45M	0.00M	0.00M	0.00M	19.08M	15.97M	0.00M
Accumulated OCI	3.73M	3.96M	3.96M	1.99M	0.00M	0.00M	-4.29M	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
Minority Interest	0.00M	0.00M	0.00M	0.00M	1.88M	1.68M	1.76M	1.93M	1.65M	1.61M	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 Shareholders’ Equity	82.37M	80.85M	80.85M	66.18M	64.63M	67.51M	63.04M	53.19M	53.19M	53.19M	53.19M	53.19M	53.19M	53.03M	53.10M	94.29M	41.35M	53.19M	53.15M	52.94M	71.72M	19.84M	3.86M
Total Equity	82.37M	80.85M	80.85M	66.18M	66.51M	69.18M	64.80M	55.13M	54.84M	54.80M	53.19M	53.19M	53.19M	53.03M	53.10M	94.29M	41.35M	53.19M	53.15M	52.94M	71.72M	19.84M	3.86M
Total Liabilities & Equity	190.01M	316.78M	316.78M	317.48M	330.83M	307.28M	347.70M	348.20M	346.21M	322.27M	184.21M	183.94M	180.96M	194.42M	200.72M	256.37M	197.02M	203.42M	216.06M	226.05M	208.47M	99.73M	73.40M
Tangible Assets	211.16M	330.84M	330.84M	305.30M	309.28M	283.01M	301.62M	334.68M	319.87M	293.05M	209.12M	200.91M	194.11M	203.33M	212.04M	215.61M	205.40M	192.67M	201.67M	207.05M	180.00M	114.28M	115.60M
Tangible Equity	30.51M	28.02M	28.02M	-27.76M	-28.67M	-29.61M	-35.19M	-49.22M	-50.26M	-51.88M	12.66M	12.58M	14.57M	15.68M	15.58M	56.96M	4.14M	15.84M	15.38M	12.22M	43.56M	-0.31M	3.86M
Tangible Book Value	30.51M	28.02M	28.02M	-27.76M	-28.67M	-29.61M	-35.19M	-49.22M	-50.26M	-51.88M	12.66M	12.58M	14.57M	15.68M	15.58M	56.96M	4.14M	15.84M	15.38M	12.22M	43.56M	-0.31M	3.86M
Total Investments	0.00M	0.27M	0.27M	0.33M	0.43M	0.00M	0.00M	0.00M	0.00M	0.00M	12.31M	12.64M	3.68M	4.69M	4.90M	4.33M	0.00M	0.16M	0.15M	0.13M	0.14M	0.05M	0.04M
Net Debt	-22.91M	45.34M	45.34M	54.69M	61.07M	65.34M	93.05M	115.20M	123.04M	125.01M	27.55M	44.31M	39.57M	50.82M	61.46M	64.56M	57.17M	65.46M	69.85M	71.68M	56.46M	28.23M	-1.12M

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	-8.1M	76.3M	76.3M	-11.7M	-11.8M	-15.7M	-9.3M	25.8M	30.5M	-54.8M	13.1M	8.9M	7.1M	3.9M	-6.2M	-9.3M	-9.8M	-6.1M	-6.5M	-3.0M	-10.2M	-2.6M	-0.3M
Total Capital	145.3M	205.2M	205.2M	207.0M	205.8M	205.1M	237.5M	273.5M	269.2M	257.1M	158.6M	160.2M	153.1M	157.2M	163.9M	164.2M	151.1M	151.0M	153.6M	153.4M	132.5M	76.9M	50.8M
Capital Employed	156.0M	208.3M	208.3M	213.0M	213.9M	216.0M	235.8M	277.9M	274.1M	187.8M	157.4M	158.2M	148.0M	148.4M	148.2M	143.9M	139.5M	140.1M	143.9M	158.2M	124.3M	81.2M	65.4M
Invested Capital	120.0M	187.5M	187.5M	186.7M	186.4M	193.5M	218.3M	246.7M	246.1M	250.6M	142.5M	153.2M	142.4M	150.3M	159.5M	158.5M	146.3M	148.3M	148.0M	146.1M	129.7M	74.2M	49.6M

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
Net Income	46.23M	—	20.65M	7.66M	6.20M	13.50M	-0.29M	2.96M	12.83M	20.57M	17.76M	14.63M	12.44M	10.60M	13.57M	15.33M	17.80M	15.09M	7.95M	10.24M	10.11M	10.70M
Depreciation & Amortization	48.75M	—	27.63M	28.51M	27.83M	28.47M	31.45M	30.60M	27.13M	18.83M	17.43M	17.88M	17.50M	18.07M	17.31M	18.05M	19.75M	19.43M	22.56M	17.96M	15.15M	11.33M
Deferred Income Tax	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	-4.54M	-0.14M	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	0.00M	0.00M	0.00M	0.00M	0.00M	-0.02M	-0.01M	0.02M	0.01M	0.02M	0.02M
Change in Working Capital	19.02M	—	25.90M	4.32M	3.03M	6.34M	23.20M	11.41M	5.68M	-1.37M	3.45M	-2.04M	4.15M	-0.42M	-2.12M	-5.53M	3.23M	-6.12M	0.63M	-0.04M	-7.07M	-5.44M
Accounts Receivable	14.18M	—	25.91M	5.66M	-12.66M	-0.33M	17.61M	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
Inventory	0.03M	—	1.27M	-0.29M	-8.89M	-0.69M	1.70M	-4.48M	-2.00M	1.02M	-1.84M	-0.11M	4.02M	1.01M	-0.91M	-0.59M	-0.69M	1.31M	-2.23M	1.24M	-2.48M	-0.12M
Accounts Payable	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 Working Capital	4.82M	—	-1.28M	-1.06M	24.58M	7.37M	3.89M	15.89M	7.68M	-2.39M	5.29M	-1.93M	0.13M	-1.43M	-1.21M	-4.94M	3.92M	-7.43M	2.87M	-1.28M	-4.59M	-5.32M
Other Non-Cash Items	2.15M	—	-3.40M	3.29M	-0.45M	2.45M	1.99M	-5.29M	-5.93M	-16.26M	-2.28M	-2.36M	-3.77M	-2.27M	-3.17M	-3.14M	-3.76M	-0.35M	-3.88M	5.12M	-3.87M	-4.49M
Net Cash from Operating Activities	116.15M	—	70.78M	43.77M	36.61M	50.76M	56.35M	39.68M	39.70M	21.78M	36.36M	28.10M	30.33M	25.97M	25.60M	24.72M	37.01M	28.05M	27.30M	33.29M	14.33M	12.11M
Capital Expenditures (PPE)	-58.41M	—	-36.64M	-23.75M	-25.08M	-19.28M	-27.66M	-18.52M	-27.44M	-13.71M	-14.49M	-17.87M	-13.01M	-11.48M	-12.07M	-16.66M	-22.29M	-18.00M	-18.40M	-20.91M	-18.42M	-11.06M
Acquisitions (Net)	0.00M	—	0.00M	0.00M	0.00M	-3.90M	0.00M	-1.49M	0.00M	-66.73M	0.00M	-9.43M	0.00M	0.00M	0.00M	-4.53M	0.00M	0.00M	0.88M	-11.99M	-4.98M	-11.62M
Purchases of Investments	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	-4.69M	0.00M	-0.01M	-0.02M	0.00M	-0.04M	-0.02M
Sales / Maturities of Investments	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	0.02M	0.00M	0.00M	0.01M	0.00M	0.00M
Other Investing Activities	77.82M	—	0.32M	0.11M	0.30M	5.11M	1.72M	0.30M	0.45M	-12.49M	-12.59M	-18.12M	-2.17M	1.29M	-4.55M	-4.68M	0.65M	0.09M	-0.87M	-0.06M	-0.56M	-1.84M
Net Cash from Investing Activities	19.41M	—	-36.32M	-23.63M	-24.78M	-18.07M	-25.93M	-19.71M	-26.98M	-79.21M	-12.59M	-27.55M	-13.43M	-9.52M	-15.56M	-25.08M	-20.91M	-17.40M	-17.44M	-32.09M	-23.12M	-24.54M
Net Debt Issuance	-13.63M	—	-13.63M	-5.92M	2.00M	-33.85M	-29.21M	-5.73M	13.02M	1.40M	-7.74M	1.07M	-7.44M	-8.09M	-4.50M	8.56M	-5.70M	-6.83M	2.62M	11.09M	14.28M	13.88M
Long-Term Debt Issuance	-13.63M	—	-13.63M	-5.92M	3.36M	-32.40M	-29.21M	-5.73M	72.60M	1.40M	-7.74M	1.07M	-3.44M	-8.07M	-4.50M	8.56M	-5.70M	-6.83M	2.62M	11.09M	14.28M	13.88M
Short-Term Debt Issuance	0.00M	—	0.00M	0.00M	-1.37M	-1.45M	0.00M	0.00M	-59.58M	0.00M	0.00M	0.00M	-4.00M	-0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	0.00M	—	0.00M	2.66M	2.63M	2.79M	3.59M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.02M	0.08M	-0.12M	0.07M	-0.11M	0.04M	0.21M	0.25M	0.51M	0.20M
Common Stock Issuance	0.00M	—	0.00M	0.00M	0.00M	0.00M	3.59M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.08M	0.00M	0.07M	0.00M	0.04M	0.21M	0.25M	0.51M	0.20M
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	-0.02M	0.00M	-0.12M	0.00M	-0.11M	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
Net Dividends Paid	-25.44M	—	-7.94M	-7.28M	-7.18M	-7.07M	-6.93M	-6.93M	-6.93M	-6.06M	-6.06M	-4.33M	-4.33M	-4.33M	-4.35M	-4.44M	-4.18M	-3.64M	-3.53M	-3.62M	-2.87M	-1.83M
Common Dividends Paid	-15.23M	—	-7.94M	-7.28M	-7.18M	-7.07M	-6.93M	-6.93M	-6.93M	-6.06M	-6.06M	-4.33M	-4.33M	-4.33M	-4.35M	-4.44M	-4.18M	-3.64M	-3.53M	-3.62M	-2.87M	-1.83M
Preferred Dividends Paid	-10.21M	—	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	-72.14M	—	-5.26M	-8.90M	-1.32M	-2.27M	-5.42M	-3.70M	-2.14M	52.54M	-0.89M	-0.99M	-1.31M	-1.54M	-2.46M	-2.87M	-4.01M	-3.11M	-10.91M	-4.38M	-3.04M	-0.16M
Net Cash from Financing Activities	-111.21M	—	-26.84M	-19.44M	-3.88M	-40.39M	-37.96M	-16.36M	3.95M	47.88M	-14.69M	-4.25M	-13.10M	-13.89M	-11.43M	1.32M	-13.99M	-13.55M	-11.61M	3.34M	8.89M	12.10M
Effect of FX on Cash	0.29M	—	0.30M	0.27M	-0.14M	0.10M	-0.13M	0.03M	-0.01M	0.00M	-0.05M	0.02M	0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Change in Cash	-0.44M	—	-2.65M	0.96M	7.81M	-7.60M	-7.68M	3.65M	16.66M	-9.56M	9.02M	-3.68M	3.81M	2.57M	-1.40M	0.96M	2.10M	-2.90M	-1.75M	4.53M	0.10M	-0.33M
Cash at Beginning of Period	56.08M	—	20.31M	19.35M	11.54M	19.14M	26.83M	23.18M	6.51M	16.07M	7.05M	10.73M	6.91M	4.35M	5.74M	4.79M	2.68M	5.58M	7.33M	2.80M	2.70M	3.03M
Cash at End of Period	40.19M	—	17.67M	20.31M	19.35M	11.54M	19.14M	26.83M	23.18M	6.51M	16.07M	7.05M	10.73M	6.91M	4.35M	5.74M	4.79M	2.68M	5.58M	7.33M	2.80M	2.70M
Operating Cash Flow	116.15M	—	70.78M	43.77M	36.61M	50.76M	56.35M	39.68M	39.70M	21.78M	36.36M	28.10M	30.33M	25.97M	25.60M	24.72M	37.01M	28.05M	27.30M	33.29M	14.33M	12.11M
Capital Expenditure	-58.41M	—	-36.64M	-23.75M	-25.08M	-19.28M	-27.66M	-18.52M	-27.44M	-13.71M	-14.49M	-17.87M	-13.01M	-11.48M	-12.07M	-16.66M	-22.29M	-18.00M	-18.40M	-20.91M	-18.42M	-11.06M
Free Cash Flow	57.74M	—	34.14M	20.02M	11.53M	31.48M	28.69M	21.16M	12.27M	8.07M	21.87M	10.23M	17.31M	14.49M	13.53M	8.06M	14.72M	10.05M	8.90M	12.37M	-4.09M	1.06M

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	116.49M	—	55.47M	214.66M	193.33M	198.23M	195.70M	200.02M	191.88M	135.57M	127.80M	124.72M	124.07M	121.48M	125.29M	123.42M	42.42M	126.86M	120.98M	120.40M	101.17M	103.57M
(-) Tax Adjustment	34.33M	—	18.99M	60.50M	50.29M	69.38M	0.00M	0.00M	67.16M	26.40M	37.83M	32.55M	36.27M	36.80M	35.08M	33.39M	11.38M	42.58M	0.00M	5.26M	23.07M	36.25M
(-) Change In Working Capital	19.02M	—	25.90M	4.32M	3.03M	6.34M	23.20M	11.41M	5.68M	-1.37M	3.45M	-2.04M	4.15M	-0.42M	-2.12M	-5.53M	3.23M	-6.12M	0.63M	-0.04M	-7.07M	-5.44M
(-) Capital Expenditure	-58.41M	—	-36.64M	-23.75M	-25.08M	-19.28M	-27.66M	-18.52M	-27.44M	-13.71M	-14.49M	-17.87M	-13.01M	-11.48M	-12.07M	-16.66M	-22.29M	-18.00M	-18.40M	-20.91M	-18.42M	-11.06M
Unlevered Free Cash Flow	4.73M	—	-26.06M	126.10M	114.93M	103.22M	144.85M	170.09M	91.61M	96.83M	72.03M	76.35M	70.64M	73.63M	80.26M	78.90M	5.52M	72.40M	101.95M	94.28M	66.75M	61.71M
(-) Net Interest Income After Taxes	-3.54M	—	-2.86M	-3.52M	-0.97M	-1.30M	-2.67M	-2.04M	-1.27M	-0.89M	-0.49M	-0.59M	-0.79M	-1.00M	-1.44M	-1.77M	-2.57M	-1.77M	-4.71M	-3.73M	-1.83M	-0.82M
Net Debt Issuance	-13.63M	—	-13.63M	-5.92M	2.00M	-33.85M	-29.21M	-5.73M	13.02M	1.40M	-7.74M	1.07M	-7.44M	-8.09M	-4.50M	8.56M	-5.70M	-6.83M	2.62M	11.09M	14.28M	13.88M
Levered Free Cash Flow	-5.36M	—	-36.83M	123.70M	117.90M	70.67M	118.32M	166.40M	105.90M	99.11M	64.78M	78.00M	63.99M	66.55M	77.19M	89.23M	2.40M	67.33M	109.28M	109.09M	82.87M	76.41M