Luxury Goods

Category: Industry Averages Base Ticker: 0116.HK

Methodology: Industry metrics are calculated using the Top 100 companies by revenue within the industry. Values shown represent averages, not aggregates, and are winsorized at the 80/20 percentile to reduce the impact of extreme outliers. All financials are USD-normalized and intended to reflect the core economic structure of the industry.

Industry Enterprise Value

Metric	MRQ	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
Stock Price	3.89	3.35	3.69	3.40	3.54	2.80	2.63	2.44	2.30	2.28	3.23	2.85	4.93	4.99	3.52	3.75	2.55	4.02	9.02	6.44	6.79	8.33	8.47	7.50	6.76	7.03	12.29	9.47	7.12	2.45	0.96
Market Capitalization	610.47M	462.96M	527.16M	440.59M	503.28M	408.81M	443.32M	529.56M	527.65M	507.98M	565.09M	547.83M	609.56M	726.41M	627.41M	626.41M	345.52M	253.56M	598.49M	437.49M	433.81M	528.88M	506.98M	358.87M	449.64M	556.84M	399.49M	475.69M	279.33M	148.88M	75.58M
(-) Cash & Equivalents	60.50M	64.66M	76.42M	76.13M	75.06M	81.34M	64.32M	70.27M	61.17M	56.35M	58.31M	52.75M	52.53M	58.32M	46.87M	51.80M	35.20M	29.98M	40.21M	29.39M	24.83M	55.14M	53.19M	31.19M	23.44M	28.97M	29.09M	20.45M	17.71M	7.84M	5.10M
(+) Total Debt	110.10M	143.18M	130.01M	136.71M	120.30M	132.48M	109.72M	78.09M	60.98M	66.93M	74.08M	57.08M	42.00M	33.54M	31.55M	42.83M	35.78M	36.94M	26.63M	24.99M	19.28M	22.72M	13.92M	12.68M	16.32M	18.34M	19.39M	10.18M	9.56M	18.98M	8.23M
Enterprise Value	583.60M	569.27M	557.76M	506.97M	513.06M	444.14M	513.31M	556.97M	498.82M	545.46M	641.99M	548.60M	637.04M	705.31M	604.49M	636.41M	370.93M	275.78M	612.04M	413.85M	423.81M	498.87M	474.27M	331.09M	442.61M	550.61M	393.84M	460.09M	269.11M	156.17M	80.94M

Industry Income Statement

Metric	TTM	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
Revenue	813.643M	639.121M	538.856M	527.485M	452.935M	388.978M	515.450M	546.384M	494.292M	469.754M	506.236M	496.053M	495.900M	514.800M	419.362M	360.505M	284.524M	287.221M	290.846M	222.655M	266.190M	320.072M	331.582M	266.000M	267.531M	210.700M	231.166M	207.572M	126.972M	109.697M	74.859M
Cost of Revenue	488.223M	410.863M	362.428M	336.233M	304.426M	278.815M	335.451M	336.058M	296.426M	287.739M	306.216M	298.706M	294.670M	278.168M	262.745M	189.965M	196.917M	176.695M	168.743M	154.116M	155.520M	150.978M	164.567M	135.160M	115.355M	96.712M	114.415M	97.257M	58.957M	50.282M	35.148M
Gross Profit	325.420M	228.258M	176.427M	191.252M	148.509M	110.163M	180.000M	210.326M	197.865M	182.014M	200.019M	197.347M	201.230M	236.632M	156.617M	170.540M	87.606M	110.526M	122.103M	68.539M	110.669M	169.094M	167.015M	130.840M	152.177M	113.987M	116.751M	110.316M	68.016M	59.414M	39.710M
Gross Margin	40.00%	35.71%	32.74%	36.26%	32.79%	28.32%	34.92%	38.49%	40.03%	38.75%	39.51%	39.78%	40.58%	45.97%	37.35%	47.31%	30.79%	38.48%	41.98%	30.78%	41.58%	52.83%	50.37%	49.19%	56.88%	54.10%	50.51%	53.15%	53.57%	54.16%	53.05%
R&D Expenses	0.069M	0.050M	0.325M	0.144M	0.106M	0.057M	0.102M	0.096M	0.067M	0.042M	0.045M	0.043M	0.004M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M
SG&A Expenses	89.985M	84.476M	80.266M	73.211M	61.449M	62.181M	70.418M	66.473M	64.145M	77.809M	84.542M	78.794M	81.542M	73.646M	63.003M	69.041M	48.753M	37.847M	38.037M	30.021M	36.178M	24.583M	54.116M	34.381M	62.548M	45.018M	49.605M	39.838M	31.160M	34.730M	20.600M
Operating Expenses	90.054M	84.526M	80.592M	73.356M	61.555M	62.238M	70.520M	66.569M	64.211M	77.851M	84.586M	78.837M	81.545M	73.646M	63.003M	69.041M	48.753M	37.847M	38.037M	30.021M	36.178M	24.583M	54.116M	34.381M	62.548M	45.018M	49.605M	39.838M	31.160M	34.730M	20.600M
Operating Income	235.366M	143.732M	95.836M	117.896M	86.954M	47.925M	109.480M	143.757M	133.654M	104.163M	115.433M	118.510M	119.685M	162.986M	93.614M	101.500M	38.854M	72.680M	84.066M	38.518M	74.492M	144.511M	112.899M	96.459M	89.629M	68.970M	67.146M	70.478M	36.856M	24.685M	19.110M
Operating Margin	28.93%	22.49%	17.79%	22.35%	19.20%	12.32%	21.24%	26.31%	27.04%	22.17%	22.80%	23.89%	24.13%	31.66%	22.32%	28.15%	13.66%	25.30%	28.90%	17.30%	27.98%	45.15%	34.05%	36.26%	33.50%	32.73%	29.05%	33.95%	29.03%	22.50%	25.53%
Interest Income	0.470M	1.349M	1.036M	0.786M	0.622M	0.624M	1.002M	0.810M	0.699M	0.530M	0.963M	0.541M	0.301M	0.397M	0.356M	0.196M	0.204M	0.218M	0.279M	0.086M	0.130M	0.054M	0.000M	0.057M	0.201M	0.004M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	6.869M	6.339M	5.858M	4.882M	5.282M	5.966M	4.822M	3.536M	3.055M	3.563M	3.389M	2.811M	2.230M	2.286M	2.400M	2.198M	1.797M	2.448M	1.188M	0.837M	0.467M	0.298M	0.498M	0.396M	0.372M	0.336M	0.255M	0.091M	0.099M	0.534M	0.570M
Net Interest Income	-6.399M	-4.990M	-4.821M	-4.096M	-4.660M	-5.342M	-3.820M	-2.726M	-2.356M	-3.033M	-2.426M	-2.270M	-1.930M	-1.889M	-2.044M	-2.001M	-1.593M	-2.230M	-0.909M	-0.750M	-0.337M	-0.244M	-0.497M	-0.339M	-0.171M	-0.332M	-0.255M	-0.091M	-0.099M	-0.534M	-0.570M
Other Income / Expense	-198.739M	-106.990M	-56.660M	-82.180M	-58.683M	-35.009M	-88.793M	-118.282M	-110.902M	-78.668M	-89.095M	-85.443M	-85.805M	-114.519M	-44.404M	-72.795M	-23.448M	-47.994M	-59.196M	-22.539M	-59.675M	-107.383M	-77.117M	-66.343M	-57.911M	-38.293M	-34.342M	-46.439M	-21.100M	-14.735M	-9.378M
Pre-Tax Income	30.229M	31.752M	34.355M	31.620M	23.611M	7.575M	16.867M	22.749M	20.396M	22.461M	23.911M	30.797M	31.950M	46.579M	47.166M	26.703M	13.812M	22.455M	23.961M	15.229M	14.479M	36.883M	35.285M	29.777M	31.548M	30.344M	32.549M	23.948M	15.656M	9.416M	9.162M
Pre-Tax Margin	3.72%	4.97%	6.38%	5.99%	5.21%	1.95%	3.27%	4.16%	4.13%	4.78%	4.72%	6.21%	6.44%	9.05%	11.25%	7.41%	4.85%	7.82%	8.24%	6.84%	5.44%	11.52%	10.64%	11.19%	11.79%	14.40%	14.08%	11.54%	12.33%	8.58%	12.24%
Income Tax Expense	7.764M	6.406M	7.120M	7.970M	6.227M	3.795M	4.173M	6.756M	6.102M	6.205M	6.174M	6.793M	7.530M	9.422M	10.638M	6.593M	4.902M	4.862M	4.605M	4.836M	5.025M	13.301M	13.231M	11.179M	11.370M	5.464M	10.142M	7.248M	4.645M	4.335M	3.163M
Tax Rate	25.69%	20.17%	20.73%	25.21%	26.37%	35.00%	24.74%	29.70%	29.92%	27.63%	25.82%	22.06%	23.57%	20.23%	22.55%	24.69%	35.00%	21.65%	19.22%	31.76%	34.70%	35.00%	35.00%	35.00%	35.00%	18.01%	31.16%	30.26%	29.67%	35.00%	34.52%
Net Income	22.464M	25.346M	27.234M	23.650M	17.384M	3.779M	12.694M	15.993M	14.294M	16.256M	17.738M	24.004M	24.420M	37.156M	36.528M	20.110M	8.910M	17.593M	19.356M	10.393M	9.454M	23.583M	22.054M	18.598M	20.177M	24.880M	22.408M	16.700M	11.011M	5.081M	5.999M
Net Margin	2.76%	3.97%	5.05%	4.48%	3.84%	0.97%	2.46%	2.93%	2.89%	3.46%	3.50%	4.84%	4.92%	7.22%	8.71%	5.58%	3.13%	6.13%	6.66%	4.67%	3.55%	7.37%	6.65%	6.99%	7.54%	11.81%	9.69%	8.05%	8.67%	4.63%	8.01%
EBIT	235.366M	143.732M	95.836M	117.896M	86.954M	47.925M	109.480M	143.757M	133.654M	104.163M	115.433M	118.510M	119.685M	162.986M	93.614M	101.500M	38.854M	72.680M	84.066M	38.518M	74.492M	144.511M	112.899M	96.459M	89.629M	68.970M	67.146M	70.478M	36.856M	24.685M	19.110M
Depreciation & Amortization	7.010M	10.559M	10.251M	12.259M	10.548M	11.445M	7.540M	5.382M	5.060M	5.412M	6.579M	5.394M	5.935M	5.123M	4.739M	5.926M	5.377M	3.044M	3.866M	4.879M	3.972M	6.884M	9.217M	5.206M	5.355M	3.370M	2.770M	2.140M	1.757M	0.984M	0.512M
EBITDA	242.376M	154.291M	106.087M	130.155M	97.502M	59.371M	117.019M	149.139M	138.714M	109.575M	122.012M	123.904M	125.620M	168.109M	98.353M	107.426M	44.230M	75.724M	87.932M	43.398M	78.463M	151.394M	122.116M	101.664M	94.984M	72.339M	69.916M	72.618M	38.612M	25.669M	19.622M
EBITDA Margin	29.79%	24.14%	19.69%	24.67%	21.53%	15.26%	22.70%	27.30%	28.06%	23.33%	24.10%	24.98%	25.33%	32.66%	23.45%	29.80%	15.55%	26.36%	30.23%	19.49%	29.48%	47.30%	36.83%	38.22%	35.50%	34.33%	30.25%	34.98%	30.41%	23.40%	26.21%
NOPAT	174.911M	114.736M	75.973M	88.179M	64.020M	31.152M	82.393M	101.065M	93.667M	75.388M	85.630M	92.371M	91.477M	130.016M	72.500M	76.441M	25.255M	56.942M	67.911M	26.286M	48.640M	93.932M	73.384M	62.698M	58.259M	56.550M	46.225M	49.148M	25.920M	16.045M	12.513M
NOPAT Margin	21.50%	17.95%	14.10%	16.72%	14.13%	8.01%	15.98%	18.50%	18.95%	16.05%	16.91%	18.62%	18.45%	25.26%	17.29%	21.20%	8.88%	19.83%	23.35%	11.81%	18.27%	29.35%	22.13%	23.57%	21.78%	26.84%	20.00%	23.68%	20.41%	14.63%	16.72%
Owner's Earnings	29.474M	35.905M	37.486M	35.909M	27.932M	15.224M	20.234M	21.376M	19.354M	21.669M	24.317M	29.398M	30.355M	42.279M	41.267M	26.037M	14.287M	20.637M	23.222M	15.272M	13.426M	30.466M	31.271M	23.803M	25.532M	28.250M	25.178M	18.840M	12.768M	6.065M	6.512M
Owner's Earnings Margin	3.62%	5.62%	6.96%	6.81%	6.17%	3.91%	3.93%	3.91%	3.92%	4.61%	4.80%	5.93%	6.12%	8.21%	9.84%	7.22%	5.02%	7.19%	7.98%	6.86%	5.04%	9.52%	9.43%	8.95%	9.54%	13.41%	10.89%	9.08%	10.06%	5.53%	8.70%
EPS	0.07	0.07	0.08	0.07	0.05	0.01	0.03	0.04	0.04	0.05	0.06	0.09	0.09	0.12	0.12	0.07	0.03	0.07	0.08	0.05	0.04	0.10	0.11	0.10	0.11	0.16	0.14	0.12	0.15	0.04	0.05
EPS (Diluted)	0.07	0.07	0.08	0.07	0.05	0.01	0.03	0.04	0.04	0.05	0.06	0.09	0.09	0.12	0.12	0.07	0.03	0.07	0.08	0.05	0.04	0.10	0.11	0.10	0.11	0.16	0.14	0.12	0.15	0.04	0.05
Shares (Diluted)	310,605,625	361,116,626	356,103,120	362,870,833	371,534,697	370,417,114	393,040,531	397,480,079	379,259,020	346,776,362	290,360,559	279,912,016	273,276,273	318,132,696	305,440,016	272,990,875	267,510,101	242,128,437	236,670,102	228,433,864	261,640,397	240,282,973	198,895,439	192,475,935	182,070,649	159,500,023	154,880,655	141,144,647	72,296,912	121,947,933	132,507,809

Industry Balance Sheet

Metric	MRQ	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
Cash & Cash Equivalents	67.01M	64.66M	76.42M	76.13M	75.06M	81.34M	64.93M	70.58M	61.79M	56.96M	58.91M	53.30M	56.35M	59.05M	47.54M	53.40M	35.71M	30.00M	41.42M	30.11M	25.30M	56.79M	53.25M	31.08M	23.12M	31.58M	30.54M	21.45M	10.29M	7.84M	5.10M
Short-Term Investments	14.85M	22.93M	10.61M	5.40M	11.23M	18.59M	7.83M	5.01M	9.95M	4.61M	4.71M	6.71M	1.96M	1.68M	1.99M	2.47M	2.20M	2.25M	1.98M	2.24M	1.23M	1.82M	1.68M	0.88M	0.14M	3.51M	3.61M	0.79M	0.77M	1.09M	0.27M
Cash & Short-Term Investments	81.85M	87.58M	87.03M	81.53M	86.29M	99.92M	72.76M	75.59M	71.74M	61.57M	63.61M	60.00M	58.31M	60.73M	49.53M	55.87M	37.91M	32.25M	43.40M	32.35M	26.53M	58.61M	54.93M	31.96M	23.25M	35.09M	34.15M	22.24M	11.06M	8.93M	5.37M
Net Receivables	46.29M	46.13M	45.78M	41.34M	47.94M	42.28M	56.86M	62.91M	56.63M	57.13M	46.10M	41.62M	37.33M	44.16M	30.17M	24.48M	23.44M	17.63M	16.81M	13.95M	20.98M	39.08M	33.06M	27.04M	33.74M	24.36M	16.38M	31.66M	12.98M	23.89M	7.70M
Inventory	279.59M	208.94M	184.18M	175.98M	170.90M	150.07M	170.74M	149.57M	137.02M	149.26M	150.31M	138.12M	142.84M	136.02M	130.66M	99.62M	92.35M	84.91M	81.36M	68.78M	71.42M	68.46M	61.60M	55.39M	55.98M	47.67M	46.79M	39.75M	38.88M	37.14M	18.65M
Other Current Assets	19.17M	15.64M	20.67M	19.95M	16.19M	17.23M	21.20M	27.19M	25.14M	18.42M	20.13M	18.09M	15.87M	9.88M	6.85M	7.79M	2.18M	4.28M	5.76M	5.49M	9.64M	14.15M	8.88M	4.97M	5.19M	6.30M	13.62M	8.50M	11.47M	9.59M	4.17M
Total Current Assets	426.90M	358.29M	337.66M	318.80M	321.32M	309.50M	321.57M	315.26M	290.54M	286.38M	280.16M	257.84M	254.35M	250.79M	217.22M	187.76M	155.88M	139.07M	147.33M	120.57M	128.57M	180.31M	158.48M	119.35M	118.17M	113.42M	110.94M	102.15M	74.39M	79.55M	35.88M
Property, Plant & Equipment	62.78M	80.88M	78.62M	70.15M	68.24M	71.17M	47.62M	37.72M	29.55M	32.73M	30.71M	29.73M	30.86M	29.46M	26.46M	24.45M	24.54M	25.30M	25.41M	24.21M	44.88M	46.31M	46.87M	41.87M	38.99M	28.70M	18.93M	13.24M	15.43M	13.50M	10.10M
Goodwill	1.62M	2.77M	1.88M	1.52M	1.48M	3.21M	3.24M	4.53M	2.77M	2.58M	2.48M	0.91M	0.94M	1.03M	0.85M	0.00M	0.17M	0.64M	0.83M	0.89M	0.02M	0.13M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	4.25M	6.24M	6.72M	6.88M	6.99M	7.52M	8.38M	7.52M	5.99M	5.92M	6.00M	3.58M	5.21M	4.83M	5.31M	6.86M	3.65M	1.71M	1.62M	0.98M	2.00M	7.35M	8.02M	6.72M	6.87M	1.92M	2.05M	1.67M	1.84M	1.57M	1.45M
Long-Term Investments	6.06M	5.60M	6.29M	6.70M	5.86M	9.11M	12.68M	7.34M	7.65M	8.84M	7.17M	3.12M	4.52M	2.63M	2.90M	2.53M	1.72M	1.86M	0.84M	1.04M	1.00M	0.21M	0.46M	0.43M	0.41M	0.18M	0.92M	0.14M	0.00M	0.02M	0.09M
Tax Assets	5.74M	5.40M	5.64M	5.60M	5.03M	4.02M	3.75M	2.50M	2.62M	2.84M	2.14M	1.80M	2.16M	1.96M	1.86M	1.81M	1.40M	2.16M	1.18M	1.06M	1.39M	1.54M	2.77M	1.63M	2.22M	0.00M	-0.87M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	8.17M	19.47M	10.31M	8.48M	8.69M	8.18M	9.34M	5.84M	3.26M	3.00M	4.13M	5.69M	8.93M	10.47M	13.13M	11.54M	10.51M	10.32M	9.44M	5.09M	2.18M	5.81M	6.85M	1.97M	1.34M	3.79M	3.50M	2.23M	3.04M	3.07M	0.61M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.01M	0.01M	0.01M	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	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	88.61M	120.35M	109.47M	99.34M	96.29M	103.22M	85.01M	65.46M	51.85M	55.91M	52.63M	44.82M	52.63M	50.37M	50.53M	47.19M	42.00M	42.00M	39.33M	33.28M	51.47M	61.35M	64.96M	52.61M	49.82M	34.59M	24.52M	17.27M	20.31M	18.17M	12.24M
Total Assets	515.51M	478.64M	447.13M	418.14M	417.61M	412.72M	406.58M	380.71M	342.39M	342.29M	332.79M	302.67M	306.98M	301.16M	267.75M	234.95M	197.87M	181.07M	186.66M	153.86M	180.05M	241.66M	223.44M	171.97M	168.00M	148.00M	135.46M	119.42M	94.70M	97.72M	48.12M
Accounts Payable	30.75M	29.77M	23.67M	19.14M	25.76M	23.94M	23.00M	27.85M	22.00M	23.49M	26.51M	26.54M	30.90M	34.47M	38.40M	26.58M	19.95M	24.82M	27.90M	18.74M	20.87M	20.20M	14.36M	9.65M	9.56M	8.28M	6.95M	6.58M	4.66M	8.62M	3.43M
Short-Term Debt	43.20M	53.95M	38.55M	44.76M	46.59M	60.63M	50.09M	42.36M	31.90M	40.54M	34.80M	32.58M	24.94M	24.36M	19.53M	20.24M	19.58M	16.88M	11.38M	11.55M	9.85M	13.73M	9.86M	4.52M	7.02M	6.89M	5.22M	3.30M	5.68M	7.79M	4.55M
Tax Payables	0.29M	4.38M	4.78M	5.53M	5.81M	4.84M	4.02M	5.06M	3.18M	3.48M	2.88M	2.12M	2.53M	2.96M	3.64M	3.52M	3.01M	2.95M	3.18M	1.88M	1.62M	0.62M	0.38M	0.17M	1.22M	0.00M	0.00M	0.00M	0.00M	0.00M	0.11M
Deferred Revenue	4.34M	0.17M	4.20M	4.21M	6.64M	6.07M	6.82M	2.93M	5.88M	5.21M	2.06M	1.89M	2.61M	1.77M	3.87M	2.61M	2.55M	3.94M	6.41M	4.66M	3.33M	5.99M	3.23M	1.21M	2.45M	0.00M	0.00M	0.00M	0.66M	1.81M	3.63M
Other Current Liabilities	50.69M	32.65M	25.85M	39.89M	20.23M	30.89M	24.62M	32.48M	17.14M	22.23M	17.96M	17.56M	17.41M	20.98M	21.78M	14.57M	14.72M	15.19M	11.10M	7.54M	12.72M	16.21M	7.42M	8.87M	13.03M	21.99M	21.33M	15.47M	11.61M	9.00M	5.04M
Total Current Liabilities	129.26M	120.92M	97.05M	113.54M	105.02M	126.38M	108.55M	110.69M	80.10M	94.95M	84.20M	80.68M	78.40M	84.55M	87.22M	67.52M	59.80M	63.78M	59.98M	44.37M	48.39M	56.75M	35.25M	24.42M	33.28M	37.17M	33.50M	25.35M	22.61M	27.22M	16.77M
Long-Term Debt	11.10M	15.25M	15.61M	12.39M	13.76M	19.75M	14.01M	13.82M	11.65M	14.13M	11.97M	9.61M	7.73M	5.91M	6.63M	7.79M	6.30M	7.08M	4.97M	4.49M	11.72M	10.08M	6.06M	1.06M	4.37M	4.35M	3.87M	3.40M	3.77M	11.54M	2.40M
Capital Lease Obligations	6.49M	28.00M	22.53M	21.30M	20.85M	24.20M	2.12M	0.06M	0.01M	0.01M	0.00M	0.00M	0.02M	0.00M	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	0.00M	0.00M
Deferred Tax Liabilities	1.09M	1.90M	2.55M	2.05M	1.90M	2.09M	2.02M	1.98M	1.35M	1.46M	1.71M	1.37M	2.08M	1.93M	1.23M	1.09M	0.73M	1.41M	0.92M	0.26M	1.11M	1.02M	0.19M	0.36M	0.71M	0.04M	0.04M	0.04M	0.05M	0.79M	0.00M
Other Non-Current Liabilities	3.08M	4.12M	4.17M	3.89M	4.79M	5.13M	3.90M	4.05M	5.64M	3.61M	2.80M	2.42M	4.42M	4.54M	2.36M	5.74M	3.23M	2.97M	4.25M	2.95M	3.24M	4.83M	3.69M	3.09M	4.25M	0.36M	0.45M	0.74M	0.94M	0.89M	0.03M
Total Non-Current Liabilities	21.75M	49.27M	44.85M	39.63M	41.30M	51.17M	22.05M	19.90M	18.65M	19.21M	16.47M	13.40M	14.25M	12.38M	10.22M	14.62M	10.26M	11.45M	10.14M	7.71M	16.07M	15.93M	9.94M	4.50M	9.33M	4.76M	4.36M	4.18M	4.76M	13.23M	2.43M
Total Liabilities	151.01M	170.19M	141.89M	153.17M	146.32M	177.55M	130.61M	130.59M	98.75M	114.16M	100.68M	94.08M	92.65M	96.93M	97.43M	82.14M	70.07M	75.23M	70.11M	52.08M	64.46M	72.68M	45.18M	28.92M	42.61M	41.92M	37.86M	29.53M	27.37M	40.45M	19.20M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.13M	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	0.00M
Common Stock	25.98M	28.34M	27.96M	30.41M	31.23M	29.17M	30.54M	27.89M	27.66M	24.89M	21.37M	19.74M	17.34M	16.42M	13.40M	11.32M	10.45M	8.43M	6.04M	5.12M	6.05M	9.20M	9.53M	4.68M	9.61M	10.79M	4.74M	4.54M	5.63M	6.75M	5.77M
Retained Earnings	59.59M	99.50M	99.74M	100.95M	96.95M	64.88M	92.33M	84.58M	69.29M	74.55M	72.62M	68.64M	88.38M	48.37M	35.91M	22.46M	36.97M	19.72M	22.34M	22.82M	53.38M	107.36M	98.82M	88.90M	65.58M	62.38M	57.77M	43.66M	27.67M	18.35M	12.50M
Accumulated OCI	45.50M	7.46M	6.41M	12.36M	12.76M	6.03M	7.88M	9.08M	4.61M	2.77M	0.96M	0.14M	-0.54M	-1.50M	-2.22M	-1.81M	-0.11M	-0.07M	-0.06M	0.09M	0.07M	0.00M	0.22M	0.17M	-0.18M	-0.78M	34.83M	-0.64M	-1.26M	-2.39M	-1.13M
Minority Interest	0.85M	0.42M	0.93M	0.62M	0.62M	0.89M	1.24M	1.26M	1.21M	1.04M	0.84M	0.67M	0.81M	1.47M	1.73M	2.02M	1.66M	0.85M	0.72M	1.10M	0.76M	1.67M	1.57M	1.04M	0.78M	1.07M	0.93M	0.77M	1.04M	0.96M	0.99M
Total Shareholders’ Equity	131.06M	135.30M	134.12M	143.73M	140.94M	100.09M	130.88M	121.55M	101.57M	102.20M	94.94M	88.52M	105.18M	63.29M	47.09M	31.97M	47.31M	28.08M	28.33M	28.03M	59.50M	116.56M	108.57M	93.74M	75.01M	72.38M	97.33M	47.56M	32.03M	22.71M	17.14M
Total Equity	131.91M	135.71M	135.05M	144.35M	141.57M	100.97M	132.12M	122.81M	102.77M	103.24M	95.78M	89.19M	105.99M	64.75M	48.82M	33.99M	48.98M	28.93M	29.04M	29.13M	60.26M	118.23M	110.14M	94.78M	75.79M	73.45M	98.26M	48.33M	33.07M	23.67M	18.12M
Total Liabilities & Equity	282.92M	305.90M	276.94M	297.52M	287.89M	278.52M	262.73M	253.41M	201.53M	217.40M	196.46M	183.27M	198.64M	161.68M	146.26M	116.13M	119.04M	104.16M	99.15M	81.21M	124.72M	190.91M	155.32M	123.71M	118.39M	115.38M	136.12M	77.86M	60.44M	64.12M	37.33M
Tangible Assets	509.64M	469.63M	438.53M	409.74M	409.14M	401.99M	394.97M	368.66M	333.63M	333.80M	324.31M	298.18M	300.83M	295.30M	261.58M	228.08M	194.05M	178.71M	184.21M	151.98M	178.03M	234.18M	215.43M	165.25M	161.13M	146.09M	133.41M	117.75M	92.86M	96.15M	46.68M
Tangible Equity	126.05M	126.70M	126.44M	135.96M	133.09M	90.24M	120.51M	110.76M	94.01M	94.74M	87.30M	84.71M	99.84M	58.89M	42.66M	27.13M	45.16M	26.57M	26.59M	27.25M	58.24M	110.75M	102.12M	88.07M	68.92M	71.54M	96.21M	46.65M	31.23M	22.10M	16.68M
Tangible Book Value	126.05M	126.70M	126.44M	135.96M	133.09M	90.24M	120.51M	110.76M	94.01M	94.74M	87.30M	84.71M	99.84M	58.89M	42.66M	27.13M	45.16M	26.57M	26.59M	27.25M	58.24M	110.75M	102.12M	88.07M	68.92M	71.54M	96.21M	46.65M	31.23M	22.10M	16.68M
Total Investments	19.77M	13.75M	13.68M	12.63M	11.66M	19.96M	19.30M	9.16M	11.21M	11.79M	9.51M	7.52M	7.40M	3.76M	6.86M	5.59M	4.39M	4.91M	4.49M	4.18M	3.16M	2.11M	2.23M	1.58M	1.84M	2.90M	3.45M	0.42M	0.00M	0.21M	0.30M
Net Debt	-12.71M	4.54M	-22.27M	-18.99M	-14.71M	-0.96M	-0.84M	-14.40M	-18.25M	-2.30M	-12.14M	-11.11M	-23.68M	-28.78M	-21.38M	-25.37M	-9.83M	-6.04M	-25.07M	-14.07M	-3.73M	-32.98M	-37.33M	-25.50M	-11.73M	-20.34M	-21.44M	-14.74M	-0.84M	11.49M	1.85M

Industry Capital

Metric	MRQ	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
Working Capital	241.01M	190.62M	200.89M	180.78M	187.49M	178.44M	190.86M	223.34M	199.07M	182.37M	176.18M	140.98M	162.73M	134.90M	113.63M	125.64M	93.79M	92.07M	93.05M	77.45M	95.33M	119.92M	110.23M	90.37M	75.09M	81.03M	75.19M	72.93M	58.96M	50.56M	21.18M
Total Capital	364.33M	419.39M	393.12M	387.71M	364.62M	365.04M	366.29M	318.15M	293.36M	273.17M	277.72M	258.05M	252.95M	238.38M	217.41M	218.64M	174.34M	144.62M	159.79M	139.12M	161.77M	194.53M	178.66M	143.31M	136.58M	129.16M	131.97M	113.45M	71.92M	72.18M	40.02M
Capital Employed	324.22M	437.46M	407.46M	347.39M	336.64M	353.53M	369.32M	356.87M	339.42M	320.75M	311.21M	274.12M	297.03M	237.55M	251.23M	230.07M	178.52M	170.24M	152.01M	124.32M	140.82M	193.30M	186.62M	149.43M	127.83M	120.39M	122.39M	118.77M	77.35M	67.27M	36.34M
Invested Capital	297.32M	354.74M	316.70M	311.58M	289.57M	283.70M	301.36M	247.57M	231.57M	216.21M	218.81M	204.75M	196.61M	179.33M	169.86M	165.24M	138.63M	114.62M	118.37M	109.01M	136.47M	137.74M	125.41M	112.23M	113.46M	97.57M	101.44M	92.00M	61.64M	64.34M	34.92M

Industry Cash Flow Statement

Metric	TTM	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
Depreciation & Amortization	7.30M	10.42M	11.36M	11.02M	11.16M	12.84M	7.41M	5.15M	4.67M	5.19M	5.62M	5.19M	5.82M	5.18M	4.69M	5.99M	3.67M	3.12M	3.93M	5.15M	4.14M	7.42M	9.12M	6.12M	5.36M	3.57M	3.08M	2.33M	10.04M	1.96M	1.24M
Deferred Income Tax	0.03M	0.00M	0.00M	-0.02M	-0.04M	0.00M	-0.18M	-0.10M	-0.08M	0.00M	0.00M	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	-0.11M	0.00M	0.00M	-0.13M	-0.17M	-0.20M
Stock-Based Compensation	0.15M	0.17M	0.27M	0.26M	0.17M	0.10M	0.35M	0.12M	0.18M	0.02M	0.02M	0.03M	0.01M	0.07M	0.00M	0.04M	0.05M	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	-8.38M	-12.03M	-11.74M	-11.63M	-2.43M	1.87M	-16.92M	-4.40M	-2.25M	-2.78M	-5.34M	-13.83M	-10.97M	-16.44M	-19.83M	-10.54M	-6.07M	-10.50M	-7.40M	-7.31M	-8.38M	-2.06M	-6.34M	-4.90M	-0.70M	-1.51M	-3.82M	-0.60M	2.30M	-2.40M	-1.72M
Accounts Receivable	0.13M	-1.15M	-2.75M	-1.06M	-4.65M	4.62M	-2.49M	-2.26M	-2.47M	-1.59M	-1.56M	-2.54M	-1.36M	-0.31M	0.00M	-0.03M	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	-1.57M	-8.63M	-11.57M	-10.50M	-2.59M	-0.54M	-10.36M	-3.71M	-0.44M	-5.57M	-4.03M	-11.89M	-10.62M	-20.63M	-23.29M	-11.23M	-3.21M	-12.36M	-10.46M	-8.68M	-9.00M	-5.09M	-2.57M	-4.06M	-4.71M	-2.15M	-4.47M	-1.11M	0.79M	-2.26M	-3.86M
Accounts Payable	0.47M	0.45M	-0.49M	2.15M	4.88M	-0.87M	0.54M	1.38M	1.23M	0.08M	0.02M	0.00M	0.00M	0.00M	0.00M	0.06M	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	-0.88M	0.05M	-0.33M	-1.07M	0.74M	-0.36M	0.18M	-2.07M	1.41M	0.46M	-1.74M	-1.53M	2.17M	0.55M	3.00M	1.78M	0.07M	0.05M	1.83M	1.73M	0.07M	3.88M	0.99M	-0.81M	1.82M	-1.47M	0.46M	0.86M	1.43M	-0.49M	2.14M
Other Non-Cash Items	4.38M	8.08M	3.13M	5.46M	4.04M	6.89M	6.05M	7.01M	4.60M	4.04M	1.71M	2.90M	-1.61M	-2.32M	-1.08M	0.52M	1.18M	1.47M	-1.86M	0.10M	0.94M	1.45M	-0.43M	0.22M	-1.08M	0.20M	0.30M	-0.22M	-0.16M	-0.16M	-0.87M
Net Cash from Operating Activities	22.90M	34.67M	29.40M	28.88M	28.57M	36.20M	17.82M	21.15M	30.13M	19.56M	22.24M	14.68M	31.90M	11.78M	16.51M	18.57M	13.44M	12.60M	9.29M	8.08M	12.89M	24.34M	21.79M	28.38M	25.04M	15.81M	21.64M	15.87M	34.28M	5.92M	4.84M
Capital Expenditures (PPE)	-5.10M	-8.72M	-10.51M	-7.23M	-6.09M	-6.72M	-8.87M	-9.03M	-7.34M	-8.42M	-8.52M	-7.35M	-8.40M	-11.46M	-8.81M	-10.81M	-5.50M	-8.38M	-7.68M	-7.91M	-6.12M	-9.31M	-16.13M	-9.32M	-12.43M	-8.76M	-6.66M	-4.12M	-8.20M	-2.51M	-3.10M
Acquisitions (Net)	0.00M	0.00M	0.03M	0.00M	0.17M	0.07M	0.26M	-0.17M	0.06M	0.14M	-0.49M	-0.02M	-0.05M	0.00M	-0.06M	0.00M	0.00M	-0.02M	-0.14M	-0.13M	-0.05M	0.03M	0.00M	-1.06M	-0.37M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	-0.45M	-1.90M	-3.96M	-2.71M	-2.30M	-4.31M	-4.12M	-2.99M	-3.58M	-1.51M	-1.70M	-0.89M	-0.13M	-0.36M	-1.12M	-0.20M	-0.25M	-0.29M	-0.04M	-0.05M	-0.39M	-0.12M	-0.06M	-0.17M	-0.06M	-0.07M	-1.06M	-0.04M	0.00M	0.00M	0.00M
Sales / Maturities of Investments	0.06M	1.19M	0.95M	2.57M	2.36M	3.50M	4.08M	1.96M	2.58M	1.08M	1.21M	0.10M	0.10M	0.25M	0.10M	0.09M	0.25M	0.20M	0.37M	0.10M	0.20M	0.32M	0.55M	0.10M	1.49M	0.00M	0.00M	0.00M	0.00M	0.00M	0.03M
Other Investing Activities	0.05M	0.46M	0.15M	0.55M	0.76M	0.30M	0.65M	0.53M	-0.47M	-0.05M	-0.80M	-0.33M	0.16M	0.59M	0.45M	0.55M	0.51M	0.28M	0.57M	0.22M	0.79M	-0.13M	0.07M	-0.17M	0.01M	1.05M	-1.81M	-0.19M	0.04M	-0.43M	-0.44M
Net Cash from Investing Activities	-6.32M	-8.60M	-15.01M	-6.53M	-9.04M	-6.74M	-14.15M	-10.93M	-15.27M	-9.33M	-15.56M	-10.57M	-15.44M	-8.46M	-9.73M	-9.40M	-6.91M	-7.21M	-8.48M	-10.83M	-8.58M	-20.28M	-15.35M	-11.25M	-10.19M	-7.43M	-9.37M	-2.70M	-3.57M	-2.85M	-3.51M
Net Debt Issuance	1.25M	-0.25M	-0.32M	0.08M	-9.21M	-0.36M	-0.78M	0.47M	-2.35M	-1.30M	0.77M	4.32M	-0.11M	3.50M	0.71M	-3.20M	0.10M	4.46M	2.87M	1.55M	1.07M	1.07M	-2.22M	-2.69M	2.32M	0.38M	2.35M	-0.94M	-1.16M	-0.87M	0.59M
Long-Term Debt Issuance	-0.45M	-0.41M	-0.76M	-1.19M	-2.17M	0.45M	0.47M	1.35M	-2.02M	0.96M	2.90M	2.56M	0.50M	2.05M	-0.03M	-1.51M	-1.21M	3.35M	2.91M	2.41M	1.02M	-1.04M	-2.22M	-3.05M	1.40M	0.38M	2.35M	-0.94M	-1.16M	-0.87M	0.59M
Short-Term Debt Issuance	1.43M	0.13M	-0.24M	-0.04M	-1.78M	0.02M	-0.07M	0.00M	-0.02M	-0.06M	0.00M	0.01M	-0.03M	0.10M	0.00M	0.00M	0.28M	0.00M	0.00M	0.00M	-0.09M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-0.04M	0.07M	0.00M	-0.02M	0.00M	0.00M	-0.02M	0.00M	0.00M	0.02M	-0.08M	0.00M	0.00M	0.00M	0.33M	0.96M	0.13M	-0.10M	0.41M	0.34M	0.15M	0.71M	0.25M	1.36M	0.68M	0.16M	0.66M	1.31M	0.85M	0.16M	0.38M
Common Stock Issuance	0.00M	0.12M	0.00M	0.00M	0.03M	0.00M	0.00M	0.01M	0.00M	0.66M	0.19M	0.02M	0.01M	0.08M	0.98M	1.40M	0.18M	1.19M	0.63M	1.39M	1.16M	2.59M	1.75M	1.37M	0.73M	0.32M	0.71M	1.85M	0.85M	0.18M	0.38M
Common Stock Repurchased	-0.04M	-0.03M	0.00M	-0.05M	-0.10M	0.00M	-0.02M	0.00M	0.00M	-0.03M	-0.04M	0.00M	0.00M	0.00M	-0.04M	0.00M	0.00M	-0.27M	-0.39M	-0.03M	-0.27M	-0.06M	-0.07M	0.00M	0.00M	-0.04M	-0.51M	-0.03M	0.00M	-0.03M	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-3.31M	-10.26M	-8.70M	-7.31M	-4.60M	-4.87M	-8.53M	-6.76M	-7.00M	-5.27M	-6.04M	-6.07M	-5.64M	-5.37M	-3.81M	-4.31M	-2.64M	-2.95M	-2.87M	-2.34M	-4.03M	-1.75M	-1.94M	-0.80M	-0.37M	-0.84M	-0.75M	-0.64M	-0.47M	-0.17M	0.00M
Common Dividends Paid	-2.63M	-7.50M	-9.05M	-6.70M	-3.47M	-4.65M	-8.62M	-6.76M	-7.68M	-5.12M	-6.06M	-6.06M	-5.64M	-4.62M	-5.41M	-3.71M	-2.81M	-3.28M	-2.94M	-2.47M	-4.30M	-1.84M	-2.22M	-1.38M	-1.02M	-0.84M	-2.04M	-1.54M	-0.47M	-0.17M	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	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	-6.16M	-8.87M	-6.37M	-5.93M	-7.35M	-5.68M	-4.48M	-1.32M	-1.07M	-1.92M	-1.34M	-0.01M	-1.04M	-1.38M	-0.92M	-0.62M	-0.65M	-0.73M	-0.06M	0.22M	-0.24M	-0.45M	-0.04M	0.20M	-0.12M	-0.15M	-0.28M	0.02M	-0.17M	0.00M	-0.13M
Net Cash from Financing Activities	-23.57M	-26.17M	-19.41M	-18.48M	-25.95M	-14.68M	-14.23M	-9.81M	-7.47M	-6.06M	-8.11M	-2.70M	-9.69M	-3.23M	1.68M	-6.26M	-2.58M	-0.47M	2.33M	-2.57M	-4.32M	-1.98M	-3.33M	-4.04M	0.89M	-8.78M	1.16M	-0.24M	8.81M	-1.07M	0.60M
Effect of FX on Cash	0.46M	0.00M	-0.06M	0.40M	0.12M	-0.08M	0.05M	0.14M	-0.11M	-0.11M	0.02M	-0.07M	0.06M	0.07M	0.15M	0.08M	-0.02M	0.27M	0.05M	0.06M	0.02M	0.06M	0.10M	-0.01M	0.00M	-0.06M	-0.20M	0.00M	-0.39M	-2.56M	-1.76M
Net Change in Cash	-9.22M	-1.66M	-4.59M	2.81M	2.37M	13.18M	-3.31M	0.53M	3.00M	2.69M	4.90M	0.52M	3.60M	3.85M	6.46M	4.18M	4.52M	1.17M	4.80M	0.86M	2.34M	7.55M	5.51M	2.65M	0.10M	-3.67M	10.14M	8.28M	5.20M	-0.33M	-0.22M
Cash at Beginning of Period	44.73M	70.74M	72.56M	75.17M	94.97M	63.59M	70.53M	64.79M	51.04M	53.39M	46.02M	44.14M	50.71M	44.20M	45.69M	34.15M	24.22M	25.02M	33.15M	24.42M	30.61M	31.85M	34.34M	16.40M	24.53M	30.06M	29.08M	18.90M	58.45M	3.58M	1.30M
Cash at End of Period	121.77M	62.08M	72.15M	72.50M	74.69M	94.69M	63.85M	71.34M	63.84M	56.21M	56.28M	47.60M	51.97M	58.92M	46.90M	51.33M	31.53M	29.06M	38.89M	31.07M	37.42M	49.42M	47.43M	23.44M	20.91M	31.01M	41.42M	29.60M	68.43M	2.50M	1.08M
Operating Cash Flow	22.86M	34.62M	27.56M	26.83M	31.91M	35.27M	17.82M	21.15M	30.13M	19.56M	22.24M	14.68M	31.90M	11.78M	16.53M	18.57M	13.44M	12.60M	9.29M	8.08M	12.89M	24.34M	21.79M	28.38M	25.04M	15.81M	21.64M	15.87M	34.28M	5.92M	4.84M
Capital Expenditure	-5.84M	-8.89M	-10.32M	-7.26M	-6.31M	-6.73M	-8.87M	-9.03M	-7.34M	-8.44M	-8.52M	-7.35M	-8.40M	-11.45M	-8.82M	-10.79M	-5.50M	-8.38M	-7.68M	-6.58M	-6.12M	-9.31M	-16.13M	-9.32M	-12.43M	-8.76M	-6.66M	-4.12M	-8.20M	-2.51M	-3.10M
Free Cash Flow	16.77M	22.86M	14.69M	20.14M	26.08M	29.51M	8.77M	16.35M	26.16M	12.82M	14.76M	6.16M	21.08M	4.99M	9.43M	15.14M	9.91M	1.96M	5.66M	1.50M	4.62M	15.75M	12.86M	13.53M	4.57M	7.29M	16.08M	12.91M	25.77M	3.45M	1.37M

Industry Free Cash Flow

Metric	TTM	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
EBITDA	49.71M	51.72M	46.79M	45.15M	41.44M	31.69M	29.76M	40.78M	29.19M	30.59M	37.68M	36.97M	42.15M	55.71M	57.10M	39.62M	21.72M	30.52M	29.16M	16.91M	19.82M	46.59M	75.25M	35.76M	40.87M	35.01M	36.18M	26.39M	17.82M	14.26M	9.63M
(-) Tax Adjustment	12.77M	10.43M	9.70M	11.38M	10.93M	15.88M	7.36M	12.11M	8.73M	8.45M	9.73M	8.16M	9.93M	11.27M	12.88M	9.78M	7.71M	6.61M	5.60M	5.37M	6.88M	16.80M	28.22M	13.43M	14.73M	6.31M	11.27M	7.99M	5.29M	6.56M	3.32M
(-) Change In Working Capital	-8.38M	-12.03M	-11.74M	-11.63M	-2.43M	1.87M	-16.92M	-4.40M	-2.25M	-2.78M	-5.34M	-13.83M	-10.97M	-16.44M	-19.83M	-10.54M	-6.07M	-10.50M	-7.40M	-7.31M	-8.38M	-2.06M	-6.34M	-4.90M	-0.70M	-1.51M	-3.82M	-0.60M	2.30M	-2.40M	-1.72M
(-) Capital Expenditure	5.84M	8.89M	10.32M	7.26M	6.31M	6.73M	8.87M	9.03M	7.34M	8.44M	8.52M	7.35M	8.40M	11.45M	8.82M	10.79M	5.50M	8.38M	7.68M	6.58M	6.12M	9.31M	16.13M	9.32M	12.43M	8.76M	6.66M	4.12M	8.20M	2.51M	3.10M
Unlevered Free Cash Flow	39.48M	44.42M	38.52M	38.15M	26.63M	7.21M	30.45M	24.03M	15.36M	16.48M	24.77M	35.30M	34.79M	49.42M	55.23M	29.58M	14.58M	26.03M	23.27M	12.26M	15.20M	22.54M	37.25M	17.92M	14.41M	21.45M	22.07M	14.88M	2.03M	7.58M	4.93M
(-) Net Interest Income After Taxes	-4.76M	-3.98M	-3.82M	-3.06M	-3.43M	-2.67M	-2.87M	-1.92M	-1.65M	-2.20M	-1.80M	-1.77M	-1.47M	-1.51M	-1.58M	-1.51M	-1.03M	-1.75M	-0.73M	-0.51M	-0.22M	-0.16M	-0.31M	-0.21M	-0.11M	-0.27M	-0.18M	-0.06M	-0.07M	-0.29M	-0.37M
Net Debt Issuance	1.25M	-0.25M	-0.32M	0.08M	-9.21M	-0.36M	-0.78M	0.47M	-2.35M	-1.30M	0.77M	4.32M	-0.11M	3.50M	0.71M	-3.20M	0.10M	4.46M	2.87M	1.55M	1.07M	1.07M	-2.22M	-2.69M	2.32M	0.38M	2.35M	-0.94M	-1.16M	-0.87M	0.59M
Levered Free Cash Flow	45.49M	48.16M	42.02M	41.29M	20.86M	9.52M	32.54M	26.42M	14.67M	17.38M	27.35M	41.39M	36.15M	54.43M	57.52M	27.89M	15.71M	32.24M	26.87M	14.33M	16.49M	23.76M	35.34M	15.44M	16.84M	22.10M	24.59M	14.01M	0.94M	7.00M	5.89M