Bangkok Sheet Metal Public Company Limited (BM.BK)

Industry: Manufacturing - Metal Fabrication Sector: Industrials Currency Used: TH Live Price: $1.13

Enterprise Value

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Stock Price	1.90	2.90	3.50	4.37	4.39	2.03	2.26	3.25	3.66	3.74	3.90
Market Capitalization	1,143.41M	1,760.74M	1,950.15M	2,404.86M	2,068.06M	894.30M	993.30M	1,430.00M	1,478.01M	1,396.50M	1,018.92M
(-) Cash & Equivalents	32.13M	45.72M	39.50M	56.62M	24.80M	36.30M	4.24M	5.99M	8.38M	21.80M	1.01M
(+) Total Debt	316.75M	309.63M	311.31M	301.14M	383.48M	246.28M	227.70M	124.67M	45.34M	96.57M	94.57M
Enterprise Value	1,428.03M	2,024.65M	2,221.95M	2,649.38M	2,426.74M	1,104.28M	1,216.76M	1,548.67M	1,514.97M	1,471.27M	1,112.48M

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	1,666M	1,501M	1,564M	1,419M	1,289M	1,121M	994M	908M	985M	841M	847M	802M	699M	843M	680M
Cost of Revenue	1,359M	1,256M	1,312M	1,187M	1,095M	922M	812M	711M	816M	688M	662M	624M	558M	697M	582M
Gross Profit	307M	245M	252M	232M	195M	199M	182M	197M	169M	154M	185M	178M	141M	146M	98M
Gross Profit Margin	18.4%	16.3%	16.1%	16.4%	15.1%	17.8%	18.3%	21.7%	17.2%	18.3%	21.8%	22.2%	20.1%	17.3%	14.4%
R&D Expenses	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	169M	190M	182M	174M	129M	129M	129M	120M	126M	104M	111M	85M	75M	69M	64M
Operating Expenses	150M	188M	182M	174M	113M	114M	124M	120M	126M	98M	108M	81M	75M	69M	64M
Operating Income (EBIT)	157M	57M	70M	59M	82M	85M	58M	77M	43M	56M	77M	97M	66M	76M	34M
Operating Income Margin	9.4%	3.8%	4.5%	4.1%	6.4%	7.6%	5.9%	8.5%	4.4%	6.6%	9.1%	12.1%	9.4%	9.0%	5.1%
Interest Income	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	11M	13M	12M
Interest Expense	13M	10M	13M	8M	8M	12M	9M	9M	5M	3M	7M	12M	0M	0M	0M
Net Interest Income	-13M	-10M	-13M	-8M	-8M	-12M	-9M	-9M	-5M	-3M	-7M	-12M	11M	13M	12M
Unusual Items	2M	13M	25M	-3M	-10M	-2M	13M	-20M	-1M	0M	0M	0M	-23M	-26M	-23M
EBT Excluding Unusual Items	145M	48M	57M	51M	74M	73M	50M	68M	38M	52M	70M	84M	77M	89M	46M
Pre-Tax Income	146M	60M	82M	47M	64M	71M	63M	48M	37M	52M	70M	84M	55M	63M	23M
Pre-Tax Margin	8.8%	4.0%	5.2%	3.3%	5.0%	6.4%	6.3%	5.3%	3.7%	6.2%	8.3%	10.5%	7.8%	7.5%	3.4%
Income Tax Expense	14M	2M	-1M	7M	9M	-3M	7M	12M	12M	8M	11M	17M	9M	11M	7M
Net Income	133M	50M	83M	40M	55M	74M	56M	36M	25M	44M	59M	68M	45M	53M	16M
Net Income Margin	8.0%	3.4%	5.3%	2.8%	4.3%	6.6%	5.7%	4.0%	2.5%	5.3%	7.0%	8.4%	6.5%	6.2%	2.4%
Depreciation & Amortization	66M	59M	64M	51M	54M	55M	49M	43M	41M	34M	28M	25M	20M	20M	26M
EBITDA	223M	116M	134M	110M	136M	139M	108M	120M	85M	90M	105M	122M	86M	96M	60M
EBITDA Margin	13.4%	7.7%	8.6%	7.7%	10.5%	12.4%	10.8%	13.2%	8.6%	10.7%	12.4%	15.2%	12.4%	11.4%	8.8%
NOPAT	143M	55M	70M	50M	71M	88M	52M	57M	29M	48M	65M	78M	55M	63M	24M
NOPAT Margin	8.6%	3.7%	4.5%	3.5%	5.5%	7.9%	5.3%	6.3%	3.0%	5.6%	7.7%	9.7%	7.8%	7.5%	3.6%
Owner's Earnings	142M	-10M	79M	-45M	-14M	47M	-62M	28M	-38M	-74M	20M	61M	5M	-3M	-12M
Owner's Earnings Margin	8.5%	-0.6%	5.0%	-3.2%	-1.1%	4.2%	-6.3%	3.1%	-3.9%	-8.8%	2.4%	7.6%	0.7%	-0.3%	-1.8%
EPS (Basic)	0.22	0.08	0.14	0.09	0.12	0.17	0.13	0.08	0.06	0.11	0.16	0.23	0.25	0.29	0.09
EPS (Diluted)	0.20	0.07	0.12	0.07	0.10	0.14	0.13	0.08	0.06	0.11	0.16	0.23	0.25	0.29	0.09
Shares (Basic)	607M	605M	601M	432M	475M	440M	440M	440M	440M	405M	364M	300M	182M	182M	182M
Shares (Diluted)	657M	686M	676M	546M	528M	528M	440M	440M	440M	405M	364M	300M	182M	182M	182M

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	43.17M	21.09M	53.97M	28.65M	35.78M	23.46M	16.86M	3.30M	0.89M	5.96M	21.62M	0.70M	0.40M	0.23M	0.14M
Short-Term Investments	0.05M	0.05M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	64.20M	115.54M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	43.21M	21.14M	53.97M	28.65M	35.78M	23.46M	16.86M	3.30M	0.89M	70.16M	137.17M	0.70M	0.40M	0.23M	0.14M
Net Receivables	263.36M	352.15M	340.48M	374.68M	248.79M	214.55M	180.79M	205.48M	227.71M	181.80M	161.56M	177.51M	200.27M	184.69M	186.45M
Inventory	190.04M	188.90M	180.10M	212.58M	205.11M	209.06M	154.00M	102.09M	103.57M	72.59M	62.86M	59.11M	54.10M	35.64M	56.22M
Other Current Assets	0.00M	0.00M	0.05M	0.00M	41.83M	30.16M	9.79M	4.07M	2.33M	3.75M	4.08M	4.12M	2.56M	6.02M	0.59M
Total Current Assets	496.61M	562.18M	574.59M	615.91M	531.50M	477.23M	361.43M	314.93M	334.50M	328.30M	365.66M	241.45M	257.33M	226.59M	243.40M
Property, Plant & Equipment	948.73M	947.13M	948.04M	949.40M	847.57M	779.85M	747.49M	624.79M	611.03M	542.63M	425.45M	380.20M	364.71M	293.12M	233.20M
Goodwill	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
Intangible Assets	2.75M	3.04M	3.29M	4.59M	4.65M	1.52M	3.55M	4.27M	5.19M	6.55M	7.17M	6.51M	2.43M	1.76M	0.00M
Long-Term Investments	42.38M	44.94M	23.16M	30.89M	45.25M	55.55M	168.42M	154.34M	116.96M	1.98M	4.50M	4.50M	0.00M	0.00M	0.00M
Tax Assets	19.75M	19.87M	20.68M	16.81M	15.51M	14.83M	11.92M	9.77M	6.66M	10.52M	9.13M	7.69M	0.00M	0.00M	0.00M
Other Non-Current Assets	11.05M	11.05M	11.05M	16.05M	14.35M	14.35M	0.05M	6.05M	10.55M	7.55M	0.28M	0.34M	11.81M	9.67M	-233.20M
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	29.57M
Total Non-Current Assets	1,024.65M	1,026.02M	1,006.22M	1,017.73M	927.33M	866.09M	931.43M	799.22M	750.39M	569.23M	446.53M	399.24M	378.95M	304.55M	29.57M
Total Assets	1,521.26M	1,588.20M	1,580.81M	1,633.64M	1,458.83M	1,343.32M	1,292.86M	1,114.16M	1,084.89M	897.52M	812.20M	640.69M	636.28M	531.14M	272.97M
Accounts Payable	206.05M	305.83M	280.64M	293.72M	205.30M	160.49M	212.74M	119.19M	159.38M	139.51M	170.26M	127.62M	137.56M	111.68M	202.00M
Short-Term Debt	154.26M	93.01M	99.85M	121.47M	88.96M	193.83M	131.11M	131.55M	103.31M	8.04M	17.50M	109.52M	149.80M	154.82M	0.00M
Tax Payables	12.23M	11.91M	1.30M	3.29M	2.56M	0.00M	0.00M	10.87M	0.00M	2.42M	3.43M	10.85M	0.00M	0.00M	0.00M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	6.69M	27.87M	31.68M	39.77M	30.77M	27.34M	3.43M	10.85M	0.00M	0.00M	0.00M
Other Current Liabilities	1.01M	1.46M	4.66M	28.68M	13.54M	18.53M	15.56M	20.33M	13.11M	8.91M	20.22M	20.43M	16.46M	16.89M	99.33M
Total Current Liabilities	373.55M	412.20M	386.45M	447.16M	317.05M	400.72M	391.09M	321.71M	306.56M	186.21M	214.84M	279.28M	303.82M	283.38M	301.33M
Long-Term Debt	183.71M	186.52M	189.45M	158.30M	134.57M	63.72M	76.81M	32.52M	58.30M	3.04M	11.10M	28.43M	40.61M	20.61M	27.57M
Capital Lease Obligations	6.47M	9.55M	12.60M	29.01M	44.93M	62.56M	80.50M	50.59M	7.31M	16.05M	25.83M	40.69M	44.38M	29.16M	0.00M
Deferred Tax Liabilities	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.02M	0.11M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Liabilities	45.32M	44.03M	44.01M	41.12M	36.58M	35.39M	31.23M	27.29M	19.95M	17.05M	14.15M	11.97M	6.31M	5.10M	-27.57M
Total Non-Current Liabilities	235.49M	240.10M	246.06M	228.43M	216.08M	161.68M	188.53M	110.40M	85.56M	36.16M	51.18M	81.09M	91.30M	54.87M	0.00M
Total Liabilities	609.04M	652.30M	632.51M	675.59M	533.14M	562.40M	579.62M	432.12M	392.13M	222.37M	266.02M	360.37M	395.12M	338.25M	301.33M
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	351.07M	327.71M	327.71M	302.96M	259.23M	235.95M	220.00M	220.00M	220.00M	220.00M	200.00M	150.00M	91.00M	91.00M	91.00M
Retained Earnings	-16.66M	65.40M	56.02M	152.16M	166.56M	131.13M	94.54M	76.79M	79.48M	75.74M	109.99M	117.58M	119.70M	74.36M	31.24M
Accumulated OCI	204.48M	204.48M	168.29M	31.25M	28.48M	25.22M	23.67M	21.12M	17.77M	388.33M	244.86M	15.50M	0.00M	0.00M	0.00M
Minority Interest	0.61M	0.65M	0.69M	0.45M	0.35M	0.28M	0.29M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Shareholders’ Equity	538.89M	597.59M	552.02M	486.37M	454.27M	392.30M	338.20M	317.91M	317.26M	684.07M	554.85M	283.08M	210.70M	165.36M	122.24M
Total Equity	539.50M	598.24M	552.71M	486.82M	454.62M	392.57M	338.49M	317.91M	317.26M	684.07M	554.85M	283.08M	210.70M	165.36M	122.24M
Total Liabilities & Equity	1,148.55M	1,250.54M	1,185.22M	1,162.41M	987.75M	954.97M	918.11M	750.03M	709.38M	906.44M	820.87M	643.44M	605.82M	503.61M	423.58M
Tangible Assets	1,518.51M	1,585.17M	1,577.52M	1,629.05M	1,454.18M	1,341.80M	1,289.31M	1,109.88M	1,079.70M	890.97M	805.03M	634.18M	633.84M	529.38M	272.97M
Tangible Equity	536.75M	595.20M	549.42M	482.24M	449.97M	391.06M	334.94M	313.64M	312.07M	677.52M	547.69M	276.56M	208.27M	163.60M	122.24M
Tangible Book Value	536.75M	595.20M	549.42M	482.24M	449.97M	391.06M	334.94M	313.64M	312.07M	677.52M	547.69M	276.56M	208.27M	163.60M	122.24M
Total Investments	42.42M	44.98M	23.16M	30.89M	45.25M	55.55M	168.42M	154.34M	116.96M	66.18M	115.54M	4.50M	0.00M	0.00M	0.00M
Net Debt	294.80M	258.43M	235.33M	251.13M	187.75M	234.09M	191.06M	160.77M	160.72M	5.12M	6.98M	137.26M	190.01M	175.20M	27.44M

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	77.8M	109.2M	123.0M	120.4M	136.6M	60.3M	-49.3M	-8.4M	22.0M	142.5M	147.1M	-49.9M	-74.0M	-77.9M	-57.9M
Total Capital	1,213.6M	1,188.9M	1,192.3M	1,236.3M	1,136.1M	1,104.0M	1,000.7M	906.6M	860.2M	711.2M	609.3M	461.7M	461.0M	385.5M	137.7M
Capital Employed	1,102.5M	1,135.2M	1,129.2M	1,138.2M	1,063.9M	926.4M	882.2M	790.8M	772.4M	711.8M	593.6M	349.3M	305.0M	226.7M	204.8M
Invested Capital	1,170.4M	1,167.8M	1,138.4M	1,207.7M	1,100.3M	1,080.5M	983.8M	903.3M	859.3M	705.2M	587.7M	461.0M	460.6M	385.2M	137.6M

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
Net Income	132.65M	50.43M	83.00M	40.17M	55.13M	74.00M	56.16M	48.39M	36.65M	51.95M	70.30M	84.47M	45.34M	52.54M	16.08M
Depreciation & Amortization	65.75M	58.96M	64.23M	53.98M	53.80M	54.62M	49.02M	42.74M	41.42M	34.33M	27.81M	25.05M	20.42M	19.65M	25.59M
Deferred Income Tax	13.53M	2.75M	-0.88M	7.68M	8.83M	-2.70M	6.60M	0.00M	0.00M	0.00M	0.00M	0.00M	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	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-13.51M	17.70M	48.06M	-72.79M	41.98M	-171.23M	53.91M	-22.92M	23.22M	4.11M	-86.55M	6.23M	-31.64M	18.14M	-15.27M
Accounts Receivable	-27.04M	-5.53M	20.91M	-148.06M	12.77M	-39.41M	27.58M	19.87M	-47.27M	1.99M	-10.06M	23.89M	-14.83M	5.21M	-6.71M
Inventory	46.55M	-20.78M	32.06M	-14.28M	1.80M	-52.74M	-55.56M	-1.31M	-27.95M	-14.44M	-4.52M	-5.27M	-19.63M	15.82M	-8.56M
Accounts Payable	-93.93M	41.00M	-4.91M	89.55M	53.72M	-64.60M	81.57M	-39.17M	30.47M	-29.96M	38.70M	-8.48M	0.00M	0.00M	0.00M
Other Working Capital	38.01M	3.02M	-1.90M	0.00M	-26.31M	-14.48M	0.32M	-2.31M	67.98M	46.53M	-82.03M	11.50M	2.82M	-2.89M	0.00M
Other Non-Cash Items	11.98M	102.89M	34.93M	50.18M	1.20M	10.59M	8.49M	33.92M	4.42M	-1.45M	-9.65M	-7.82M	28.29M	-64.64M	36.98M
Net Cash from Operating Activities	210.39M	187.75M	229.33M	79.22M	160.93M	-37.62M	140.44M	102.13M	105.71M	88.95M	1.92M	107.93M	62.42M	25.69M	78.66M
Capital Expenditures (PPE)	-56.55M	-118.93M	-68.42M	-136.40M	-123.34M	-81.48M	-167.31M	-50.52M	-104.22M	-152.97M	-67.00M	-31.93M	-61.14M	-75.13M	-53.86M
Acquisitions (Net)	-24.00M	1.32M	0.00M	0.00M	0.00M	95.86M	0.40M	-62.40M	-159.28M	-2.46M	0.11M	0.04M	0.00M	0.00M	0.00M
Purchases of Investments	0.00M	0.00M	-0.04M	-1.70M	0.00M	-5.00M	-3.30M	-0.38M	-162.28M	-5.46M	0.00M	0.00M	0.00M	0.00M	0.00M
Sales / Maturities of Investments	0.00M	0.00M	0.00M	0.00M	0.00M	95.86M	-0.40M	-0.56M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Investing Activities	5.40M	-2.60M	6.16M	0.65M	0.52M	-84.94M	7.14M	5.41M	29.35M	-2.90M	0.10M	0.04M	-0.83M	0.70M	9.89M
Net Cash from Investing Activities	-75.15M	-117.66M	-62.31M	-137.46M	-122.81M	20.30M	-163.47M	-108.45M	-234.15M	-158.33M	-66.89M	-31.89M	-61.97M	-74.43M	-43.96M
Net Debt Issuance	43.86M	-27.16M	-8.75M	33.93M	-34.02M	27.68M	71.43M	43.92M	74.06M	-31.48M	-36.84M	-68.32M	-11.75M	-0.81M	0.00M
Long-Term Debt Issuance	-51.07M	53.12M	13.29M	10.14M	50.84M	-39.02M	63.46M	18.81M	74.06M	-31.48M	-36.84M	-27.55M	-11.75M	-0.81M	0.00M
Short-Term Debt Issuance	94.93M	-96.20M	-22.04M	23.79M	-106.69M	66.69M	7.98M	25.12M	66.91M	0.00M	-89.62M	-40.77M	0.00M	0.00M	0.00M
Net Stock Issuance	-117.37M	0.00M	-132.58M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	149.20M	279.36M	59.00M	0.00M	0.00M	0.00M
Common Stock Issuance	51.40M	5.98M	0.00M	71.59M	46.57M	31.89M	0.00M	0.00M	0.00M	149.20M	288.00M	59.00M	0.00M	0.00M	0.00M
Common Stock Repurchased	-168.77M	0.00M	-132.58M	0.00M	-46.57M	-31.89M	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	-8.64M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-102.06M	-41.81M	-41.81M	-51.85M	-18.88M	-35.20M	-35.20M	-35.20M	-17.60M	-64.00M	-67.00M	-66.43M	0.00M	-9.10M	-6.37M
Common Dividends Paid	-102.06M	-41.81M	-41.81M	-51.85M	-18.88M	-35.20M	-35.20M	-35.20M	-17.60M	-64.00M	-67.00M	-66.43M	0.00M	-9.10M	-6.37M
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	39.66M	-15.09M	41.88M	65.43M	24.73M	31.89M	0.30M	0.00M	66.91M	0.00M	-89.61M	0.00M	11.47M	58.75M	-28.21M
Net Cash from Financing Activities	-135.93M	-80.78M	-141.26M	47.52M	-28.16M	24.37M	36.53M	8.72M	123.37M	53.72M	85.90M	-75.75M	-0.27M	48.84M	-34.58M
Effect of FX on Cash	4.83M	1.67M	-0.44M	3.59M	2.36M	-0.44M	0.05M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Change in Cash	4.14M	-8.94M	25.32M	-7.13M	12.32M	6.60M	13.56M	2.41M	-5.07M	-15.66M	20.92M	0.30M	0.17M	0.10M	0.11M
Cash at Beginning of Period	163.62M	138.87M	28.65M	35.78M	23.46M	16.86M	3.30M	0.89M	5.96M	21.62M	0.70M	0.40M	0.23M	0.14M	0.02M
Cash at End of Period	167.76M	129.93M	53.97M	28.65M	35.78M	23.46M	16.86M	3.30M	0.89M	5.96M	21.62M	0.70M	0.40M	0.23M	0.14M
Operating Cash Flow	210.39M	187.75M	229.33M	79.22M	160.93M	-37.62M	140.44M	102.13M	105.71M	88.95M	1.92M	107.93M	62.42M	25.69M	78.66M
Capital Expenditure	-56.65M	-118.93M	-68.27M	-136.40M	-123.34M	-81.48M	-167.31M	-50.52M	-104.22M	-152.97M	-67.00M	-31.93M	-61.14M	-75.13M	-53.86M
Free Cash Flow	153.74M	68.82M	160.91M	-57.19M	37.59M	-119.10M	-26.87M	51.61M	1.50M	-64.03M	-65.08M	76.00M	1.27M	-49.44M	24.80M

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	203.18M	113.59M	133.93M	109.60M	119.65M	125.07M	102.44M	119.59M	84.71M	84.72M	101.13M	117.81M	86.44M	95.91M	60.05M
(-) Tax Adjustment	18.80M	3.97M	0.00M	16.29M	16.51M	0.00M	10.63M	30.60M	27.69M	12.47M	15.66M	23.39M	14.67M	16.39M	17.78M
(-) Change In Working Capital	-13.51M	17.70M	48.06M	-72.79M	41.98M	-171.23M	53.91M	-22.92M	23.22M	4.11M	-86.55M	6.23M	-31.64M	18.14M	-15.27M
(-) Capital Expenditure	-56.65M	-118.93M	-68.27M	-136.40M	-123.34M	-81.48M	-167.31M	-50.52M	-104.22M	-152.97M	-67.00M	-31.93M	-61.14M	-75.13M	-53.86M
Unlevered Free Cash Flow	141.24M	-27.01M	17.60M	29.70M	-62.18M	214.82M	-129.41M	61.39M	-70.42M	-84.84M	105.02M	56.26M	42.26M	-13.74M	3.68M
(-) Net Interest Income After Taxes	-11.36M	-9.24M	-12.51M	-6.76M	-6.70M	-11.95M	-7.80M	-6.57M	-3.63M	-2.81M	-5.85M	-9.94M	9.47M	10.70M	8.17M
Net Debt Issuance	43.86M	-27.16M	-8.75M	33.93M	-34.02M	27.68M	71.43M	43.92M	74.06M	-31.48M	-36.84M	-68.32M	-11.75M	-0.81M	0.00M
Levered Free Cash Flow	196.45M	-44.93M	21.35M	70.39M	-89.50M	254.45M	-50.18M	111.88M	7.27M	-113.51M	74.03M	-2.12M	21.05M	-25.25M	-4.49M