Marine Shipping

Category: Industry Averages Base Ticker: 0517.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	7.71	7.67	7.34	7.09	6.44	3.85	5.25	4.31	5.66	5.24	6.32	7.98	7.04	7.47	10.71	17.57	17.91	13.82	19.56	8.66	9.25	7.45	6.21	4.55	4.55	1.66	1.84	1.92	3.16	2.03	2.65
Market Capitalization	2,545.29M	1,904.81M	1,848.60M	1,551.78M	1,548.82M	1,272.99M	1,160.37M	1,045.15M	1,193.06M	1,069.59M	1,171.60M	1,119.93M	1,008.85M	911.26M	816.31M	1,040.59M	774.70M	611.86M	1,140.50M	663.03M	529.67M	598.46M	445.36M	338.65M	450.60M	463.59M	353.97M	275.57M	327.70M	315.30M	247.04M
(-) Cash & Equivalents	453.70M	335.16M	330.94M	350.09M	285.69M	251.62M	206.94M	170.20M	159.48M	191.42M	144.69M	151.42M	139.60M	161.41M	158.49M	178.12M	122.54M	107.32M	77.73M	46.54M	35.53M	39.96M	31.27M	19.50M	26.73M	27.66M	26.01M	21.90M	17.26M	10.10M	9.68M
(+) Total Debt	1,240.80M	1,111.25M	1,060.25M	1,099.66M	1,116.53M	1,033.64M	1,041.92M	952.62M	953.38M	910.62M	902.28M	851.62M	825.92M	748.22M	686.31M	599.12M	510.74M	391.47M	264.39M	181.75M	137.15M	120.99M	116.04M	91.54M	86.16M	109.26M	119.65M	64.96M	96.54M	96.43M	56.53M
Enterprise Value	3,056.22M	2,714.89M	2,405.51M	2,210.30M	2,417.01M	2,085.39M	2,066.50M	1,845.22M	2,008.92M	1,819.78M	1,863.12M	1,784.02M	1,924.76M	1,605.88M	1,396.65M	1,563.78M	1,211.93M	975.09M	1,387.44M	794.25M	686.26M	860.77M	639.39M	486.22M	547.68M	575.39M	441.70M	331.55M	370.34M	382.92M	297.74M

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	1,541.252M	1,423.628M	1,254.081M	1,281.130M	1,205.839M	977.408M	923.858M	879.179M	850.447M	784.633M	824.226M	757.446M	758.129M	744.397M	663.413M	620.446M	454.927M	569.441M	451.802M	212.071M	174.937M	230.874M	218.793M	198.484M	175.054M	161.988M	155.519M	121.211M	132.731M	115.678M	101.450M
Cost of Revenue	1,093.549M	1,027.726M	937.156M	935.947M	849.041M	738.520M	709.719M	705.913M	687.546M	599.031M	618.400M	591.272M	617.096M	576.001M	456.594M	428.024M	273.004M	358.596M	192.161M	81.448M	89.260M	85.964M	97.139M	80.677M	78.402M	82.815M	82.640M	66.225M	55.016M	73.893M	62.136M
Gross Profit	447.703M	395.901M	316.924M	345.183M	356.798M	238.888M	214.139M	173.266M	162.901M	185.602M	205.826M	166.174M	141.032M	168.396M	206.818M	192.422M	181.923M	210.845M	259.641M	130.623M	85.677M	144.910M	121.653M	117.806M	96.652M	79.173M	72.879M	54.985M	77.715M	41.785M	39.314M
Gross Margin	29.05%	27.81%	25.27%	26.94%	29.59%	24.44%	23.18%	19.71%	19.15%	23.65%	24.97%	21.94%	18.60%	22.62%	31.17%	31.01%	39.99%	37.03%	57.47%	61.59%	48.98%	62.77%	55.60%	59.35%	55.21%	48.88%	46.86%	45.36%	58.55%	36.12%	38.75%
R&D Expenses	0.532M	0.455M	0.709M	0.715M	0.311M	0.177M	0.127M	0.022M	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	0.000M	0.000M	0.000M	0.000M
SG&A Expenses	78.615M	59.671M	60.205M	53.732M	49.006M	42.298M	43.712M	42.041M	42.126M	39.726M	36.093M	38.015M	39.206M	35.554M	25.171M	21.434M	19.902M	23.647M	17.182M	14.858M	12.877M	13.645M	14.641M	12.230M	8.797M	11.816M	13.125M	11.050M	11.609M	11.845M	7.195M
Operating Expenses	79.147M	60.126M	60.915M	54.446M	49.317M	42.476M	43.839M	42.063M	42.130M	39.726M	36.093M	38.015M	39.206M	35.554M	25.171M	21.434M	19.902M	23.647M	17.182M	14.858M	12.877M	13.645M	14.641M	12.230M	8.797M	11.816M	13.125M	11.050M	11.609M	11.845M	7.195M
Operating Income	368.556M	335.775M	256.010M	290.736M	307.481M	196.412M	170.301M	131.203M	120.771M	145.876M	169.733M	128.158M	101.826M	132.842M	181.647M	170.988M	162.021M	187.198M	242.459M	115.765M	72.799M	131.265M	107.013M	105.576M	87.855M	67.357M	59.754M	43.935M	66.105M	29.940M	32.118M
Operating Margin	23.91%	23.59%	20.41%	22.69%	25.50%	20.10%	18.43%	14.92%	14.20%	18.59%	20.59%	16.92%	13.43%	17.85%	27.38%	27.56%	35.61%	32.87%	53.66%	54.59%	41.61%	56.86%	48.91%	53.19%	50.19%	41.58%	38.42%	36.25%	49.80%	25.88%	31.66%
Interest Income	10.251M	12.625M	13.271M	7.042M	4.089M	3.533M	4.429M	4.503M	4.688M	3.930M	3.863M	3.378M	3.406M	3.025M	2.518M	2.489M	2.474M	3.723M	2.754M	1.457M	0.406M	0.582M	0.329M	0.198M	0.290M	0.373M	0.178M	0.210M	0.114M	0.214M	0.147M
Interest Expense	51.420M	53.165M	54.637M	42.678M	39.286M	40.163M	48.769M	42.663M	38.300M	33.912M	33.140M	32.149M	32.471M	26.382M	26.469M	22.841M	18.630M	18.580M	12.573M	6.221M	3.682M	2.493M	2.091M	2.104M	2.740M	3.599M	1.280M	1.124M	0.796M	0.817M	0.419M
Net Interest Income	-41.168M	-40.540M	-41.365M	-35.636M	-35.197M	-36.629M	-44.340M	-38.160M	-33.612M	-29.982M	-29.277M	-28.771M	-29.066M	-23.357M	-23.951M	-20.351M	-16.156M	-14.857M	-9.819M	-4.764M	-3.276M	-1.912M	-1.761M	-1.905M	-2.449M	-3.226M	-1.103M	-0.914M	-0.682M	-0.602M	-0.272M
Other Income / Expense	-91.122M	-40.692M	-17.762M	31.774M	-10.938M	-57.659M	-48.213M	-30.641M	-20.361M	-66.228M	-63.143M	-30.016M	-6.447M	-67.459M	-100.002M	-71.986M	-90.151M	-73.440M	-143.849M	-61.639M	-26.906M	-91.147M	-79.592M	-86.948M	-63.519M	-41.894M	-42.730M	-30.167M	-50.860M	-17.548M	-22.252M
Pre-Tax Income	236.266M	254.543M	196.882M	286.874M	261.346M	102.124M	77.748M	62.402M	66.799M	49.666M	77.313M	69.372M	66.314M	42.027M	57.694M	78.651M	55.715M	98.901M	88.791M	49.362M	42.617M	38.206M	25.659M	16.723M	21.887M	22.238M	15.922M	12.854M	14.564M	11.790M	9.594M
Pre-Tax Margin	15.33%	17.88%	15.70%	22.39%	21.67%	10.45%	8.42%	7.10%	7.85%	6.33%	9.38%	9.16%	8.75%	5.65%	8.70%	12.68%	12.25%	17.37%	19.65%	23.28%	24.36%	16.55%	11.73%	8.43%	12.50%	13.73%	10.24%	10.60%	10.97%	10.19%	9.46%
Income Tax Expense	28.247M	24.634M	19.299M	24.387M	20.003M	15.420M	16.812M	14.580M	12.921M	11.846M	14.007M	16.868M	13.413M	9.331M	13.315M	12.614M	10.927M	11.868M	10.138M	5.050M	4.049M	7.936M	6.374M	6.507M	5.945M	5.673M	4.139M	2.876M	4.268M	2.580M	1.601M
Tax Rate	11.96%	9.68%	9.80%	8.50%	7.65%	15.10%	21.62%	23.36%	19.34%	23.85%	18.12%	24.32%	20.23%	22.20%	23.08%	16.04%	19.61%	12.00%	11.42%	10.23%	9.50%	20.77%	24.84%	35.00%	27.16%	25.51%	26.00%	22.38%	29.30%	21.89%	16.69%
Net Income	208.020M	229.909M	177.583M	262.487M	241.343M	86.704M	60.936M	47.822M	53.878M	37.821M	63.306M	52.504M	52.901M	32.696M	44.379M	66.037M	44.788M	87.034M	78.653M	44.312M	38.569M	30.270M	19.285M	10.215M	15.941M	16.565M	11.782M	9.977M	10.296M	9.209M	7.993M
Net Margin	13.50%	16.15%	14.16%	20.49%	20.01%	8.87%	6.60%	5.44%	6.34%	4.82%	7.68%	6.93%	6.98%	4.39%	6.69%	10.64%	9.85%	15.28%	17.41%	20.90%	22.05%	13.11%	8.81%	5.15%	9.11%	10.23%	7.58%	8.23%	7.76%	7.96%	7.88%
EBIT	368.556M	335.775M	256.010M	290.736M	307.481M	196.412M	170.301M	131.203M	120.771M	145.876M	169.733M	128.158M	101.826M	132.842M	181.647M	170.988M	162.021M	187.198M	242.459M	115.765M	72.799M	131.265M	107.013M	105.576M	87.855M	67.357M	59.754M	43.935M	66.105M	29.940M	32.118M
Depreciation & Amortization	134.134M	146.322M	144.494M	143.547M	122.373M	110.187M	98.121M	86.159M	82.360M	78.416M	78.498M	72.300M	68.706M	64.777M	60.334M	56.660M	45.011M	37.527M	27.146M	16.767M	11.679M	14.227M	15.272M	13.833M	5.311M	3.489M	17.869M	8.831M	3.485M	-2.164M	-1.874M
EBITDA	502.690M	482.098M	400.504M	434.283M	429.854M	306.599M	268.422M	217.362M	203.131M	224.292M	248.231M	200.458M	170.533M	197.619M	241.981M	227.649M	207.032M	224.725M	269.605M	132.532M	84.479M	145.492M	122.285M	119.409M	93.166M	70.846M	77.623M	52.767M	69.590M	27.776M	30.244M
EBITDA Margin	32.62%	33.86%	31.94%	33.90%	35.65%	31.37%	29.05%	24.72%	23.89%	28.59%	30.12%	26.47%	22.49%	26.55%	36.48%	36.69%	45.51%	39.46%	59.67%	62.49%	48.29%	63.02%	55.89%	60.16%	53.22%	43.74%	49.91%	43.53%	52.43%	24.01%	29.81%
NOPAT	324.494M	303.280M	230.915M	266.021M	283.947M	166.755M	133.476M	100.547M	97.411M	111.084M	138.981M	96.996M	81.230M	103.349M	139.726M	143.566M	130.245M	164.735M	214.777M	103.922M	65.883M	103.998M	80.428M	68.624M	63.990M	50.174M	44.219M	34.103M	46.735M	23.387M	26.758M
NOPAT Margin	21.05%	21.30%	18.41%	20.76%	23.55%	17.06%	14.45%	11.44%	11.45%	14.16%	16.86%	12.81%	10.71%	13.88%	21.06%	23.14%	28.63%	28.93%	47.54%	49.00%	37.66%	45.05%	36.76%	34.57%	36.55%	30.97%	28.43%	28.14%	35.21%	20.22%	26.38%
Owner's Earnings	342.154M	376.231M	322.077M	406.034M	363.716M	196.890M	159.057M	133.981M	136.238M	116.237M	141.804M	124.803M	121.607M	97.473M	104.713M	122.698M	89.798M	124.561M	105.800M	61.079M	50.248M	44.497M	34.557M	24.048M	21.252M	20.054M	29.652M	18.809M	13.781M	7.045M	6.119M
Owner's Earnings Margin	22.20%	26.43%	25.68%	31.69%	30.16%	20.14%	17.22%	15.24%	16.02%	14.81%	17.20%	16.48%	16.04%	13.09%	15.78%	19.78%	19.74%	21.87%	23.42%	28.80%	28.72%	19.27%	15.79%	12.12%	12.14%	12.38%	19.07%	15.52%	10.38%	6.09%	6.03%
EPS	0.23	0.25	0.20	0.29	0.25	0.09	0.07	0.05	0.06	0.04	0.07	0.06	0.06	0.04	0.05	0.08	0.07	0.18	0.16	0.09	0.09	0.06	0.04	0.02	0.03	0.03	0.02	0.02	0.03	0.02	0.02
EPS (Diluted)	0.23	0.25	0.20	0.29	0.25	0.09	0.07	0.05	0.06	0.04	0.07	0.06	0.06	0.04	0.05	0.08	0.07	0.18	0.16	0.09	0.09	0.06	0.04	0.02	0.03	0.03	0.02	0.02	0.03	0.02	0.02
Shares (Diluted)	911,565,545	912,696,518	907,990,299	904,643,516	962,566,073	981,743,772	928,616,981	924,298,077	969,290,003	895,048,430	885,486,271	871,152,449	850,876,046	872,118,813	850,505,839	793,663,416	602,548,457	481,893,140	491,677,035	502,250,443	417,383,587	490,880,480	486,977,529	422,881,720	529,984,175	609,654,309	582,772,983	441,169,431	375,284,498	391,454,048	360,793,794

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	420.77M	336.08M	330.98M	350.13M	285.63M	251.73M	207.00M	170.20M	159.33M	191.42M	144.69M	152.62M	142.65M	162.80M	158.49M	177.71M	121.94M	107.46M	77.73M	46.97M	36.10M	40.48M	31.27M	19.90M	28.42M	27.66M	26.01M	21.90M	17.26M	10.10M	9.68M
Short-Term Investments	37.74M	37.61M	33.47M	57.18M	32.63M	28.32M	25.55M	43.39M	76.93M	50.57M	35.47M	40.06M	57.09M	28.97M	20.72M	35.27M	16.22M	11.75M	26.89M	9.31M	10.69M	3.77M	1.10M	1.13M	1.68M	1.99M	2.06M	2.74M	2.69M	2.88M	3.51M
Cash & Short-Term Investments	458.51M	373.69M	364.45M	407.31M	318.27M	280.04M	232.55M	213.59M	236.26M	241.99M	180.16M	192.68M	199.75M	191.77M	179.21M	212.98M	138.15M	119.21M	104.63M	56.29M	46.79M	44.25M	32.38M	21.03M	30.10M	29.64M	28.07M	24.64M	19.96M	12.98M	13.20M
Net Receivables	200.31M	189.94M	149.51M	186.26M	176.38M	123.81M	126.75M	126.46M	119.49M	110.03M	108.23M	107.66M	98.44M	73.05M	65.42M	42.11M	33.52M	40.11M	36.12M	20.34M	13.11M	17.43M	11.19M	12.01M	12.17M	16.61M	20.78M	20.19M	31.04M	28.84M	16.56M
Inventory	42.19M	39.78M	42.07M	38.22M	39.67M	26.95M	34.05M	29.88M	29.43M	24.22M	21.40M	25.87M	24.09M	20.23M	17.84M	14.89M	12.20M	10.42M	12.11M	6.54M	4.83M	6.58M	5.76M	5.38M	5.14M	6.24M	6.73M	5.03M	13.48M	12.38M	2.82M
Other Current Assets	59.21M	39.29M	58.00M	61.07M	59.41M	54.64M	52.12M	45.37M	54.48M	43.85M	40.79M	51.64M	41.91M	27.28M	21.59M	20.79M	22.73M	32.69M	34.09M	13.11M	13.71M	11.45M	19.13M	16.03M	21.72M	12.24M	17.85M	8.98M	10.85M	10.84M	6.65M
Total Current Assets	760.23M	642.70M	614.03M	692.86M	593.72M	485.44M	445.46M	415.31M	439.66M	420.09M	350.58M	377.84M	364.19M	312.32M	284.06M	290.76M	206.61M	202.44M	186.94M	96.29M	78.44M	79.71M	68.46M	54.46M	69.13M	64.73M	73.43M	58.83M	75.32M	65.03M	39.23M
Property, Plant & Equipment	2,509.44M	2,303.64M	2,137.79M	2,030.15M	1,938.49M	1,681.79M	1,671.41M	1,551.30M	1,471.62M	1,314.76M	1,345.73M	1,324.17M	1,294.50M	1,160.18M	1,057.11M	1,018.74M	838.32M	704.80M	493.19M	340.87M	272.41M	300.54M	359.86M	214.53M	196.85M	192.75M	288.18M	136.93M	157.56M	125.79M	89.05M
Goodwill	5.43M	9.40M	7.99M	8.60M	9.48M	8.80M	7.37M	7.51M	11.22M	9.50M	5.82M	5.34M	7.76M	8.31M	1.90M	1.58M	1.80M	1.19M	0.70M	0.34M	0.09M	0.03M	0.06M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	107.67M	77.04M	66.89M	66.17M	60.76M	67.71M	73.81M	90.49M	74.10M	68.54M	53.45M	47.57M	49.08M	39.66M	41.90M	34.83M	22.01M	23.34M	13.73M	9.33M	3.83M	3.83M	5.98M	2.73M	2.46M	3.03M	2.58M	2.68M	4.55M	4.03M	3.23M
Long-Term Investments	282.65M	175.02M	214.66M	157.63M	153.45M	141.80M	123.97M	117.42M	149.18M	124.74M	139.19M	117.08M	113.09M	69.90M	57.35M	31.44M	23.30M	21.56M	25.19M	8.96M	8.16M	9.34M	10.97M	3.86M	4.28M	4.81M	3.24M	4.49M	0.30M	0.34M	0.81M
Tax Assets	13.81M	11.15M	10.98M	8.87M	11.57M	12.10M	11.73M	12.68M	9.59M	7.67M	8.57M	8.49M	6.71M	6.07M	4.74M	3.53M	3.42M	3.94M	2.09M	1.27M	1.11M	1.10M	0.74M	0.91M	2.17M	3.23M	0.04M	0.00M	0.00M	4.12M	3.98M
Other Non-Current Assets	52.66M	85.64M	62.16M	77.05M	57.97M	52.14M	50.92M	52.35M	35.98M	47.13M	39.94M	53.66M	46.83M	42.67M	47.40M	46.10M	45.01M	55.06M	39.84M	30.71M	13.29M	13.78M	17.36M	57.51M	16.76M	33.28M	54.48M	19.92M	30.95M	8.40M	3.03M
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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	2,971.66M	2,661.89M	2,500.46M	2,348.47M	2,231.71M	1,964.34M	1,939.22M	1,831.75M	1,751.69M	1,572.34M	1,592.70M	1,556.30M	1,517.95M	1,326.79M	1,210.40M	1,136.21M	933.86M	809.90M	574.74M	391.48M	298.88M	328.62M	394.97M	279.54M	222.53M	237.10M	348.51M	164.02M	193.36M	142.68M	100.11M
Total Assets	3,731.89M	3,304.59M	3,114.50M	3,041.32M	2,825.43M	2,449.78M	2,384.68M	2,247.05M	2,191.35M	1,992.43M	1,943.28M	1,934.15M	1,882.14M	1,639.11M	1,494.46M	1,426.97M	1,140.46M	1,012.34M	761.68M	487.77M	377.32M	408.33M	463.44M	333.99M	291.67M	301.84M	421.95M	222.85M	268.68M	207.71M	139.33M
Accounts Payable	128.00M	101.86M	99.76M	101.60M	100.52M	86.08M	75.31M	77.52M	70.27M	60.15M	67.02M	68.34M	69.49M	63.28M	57.29M	48.49M	40.33M	32.88M	28.46M	23.90M	11.97M	14.28M	16.17M	11.73M	13.24M	14.78M	15.33M	9.01M	9.25M	13.08M	7.21M
Short-Term Debt	237.81M	116.96M	149.40M	160.67M	163.07M	165.86M	164.45M	161.11M	183.05M	143.25M	143.11M	141.35M	145.52M	106.40M	91.87M	94.18M	72.79M	67.04M	41.11M	28.03M	15.97M	19.17M	17.64M	12.61M	19.38M	22.34M	31.20M	16.10M	13.74M	15.44M	4.83M
Tax Payables	0.86M	10.12M	8.97M	9.65M	9.50M	7.74M	6.75M	7.15M	6.28M	5.91M	4.68M	4.18M	4.37M	3.56M	3.34M	3.55M	2.42M	4.03M	3.50M	1.64M	1.46M	1.58M	1.10M	0.64M	0.67M	0.88M	0.77M	0.50M	0.61M	0.66M	0.47M
Deferred Revenue	16.94M	2.86M	10.35M	24.76M	77.06M	52.53M	54.89M	16.05M	35.33M	29.99M	24.27M	26.92M	31.69M	21.70M	19.93M	19.39M	14.99M	12.58M	11.61M	7.09M	4.89M	3.59M	3.26M	4.00M	7.09M	6.26M	5.04M	2.67M	2.89M	2.04M	2.40M
Other Current Liabilities	114.84M	116.22M	114.64M	91.50M	95.28M	82.74M	67.87M	79.44M	74.49M	78.98M	69.09M	66.86M	53.34M	63.62M	49.01M	40.13M	32.76M	37.02M	34.01M	14.63M	9.53M	12.32M	12.22M	13.35M	6.58M	9.31M	10.21M	5.96M	10.41M	6.67M	2.63M
Total Current Liabilities	498.45M	348.03M	383.12M	388.19M	445.43M	394.95M	369.27M	341.27M	369.43M	318.29M	308.18M	307.64M	304.40M	258.57M	221.44M	205.74M	163.28M	153.55M	118.69M	75.28M	43.81M	50.94M	50.39M	42.32M	46.96M	53.56M	62.54M	34.24M	36.89M	37.88M	17.54M
Long-Term Debt	676.47M	598.99M	655.13M	609.29M	640.60M	641.84M	629.72M	599.30M	579.23M	626.07M	634.28M	606.90M	590.22M	611.54M	508.89M	445.69M	385.64M	300.94M	181.58M	128.14M	112.71M	97.34M	82.89M	57.03M	62.85M	70.44M	98.08M	63.16M	82.80M	80.34M	52.37M
Capital Lease Obligations	2.19M	122.31M	123.21M	133.07M	109.82M	108.64M	89.91M	28.70M	19.34M	14.38M	10.09M	6.63M	3.95M	0.66M	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
Deferred Tax Liabilities	23.98M	28.63M	18.76M	16.36M	18.86M	19.03M	19.45M	19.26M	15.15M	12.63M	10.72M	9.77M	9.46M	9.90M	8.43M	8.86M	7.11M	8.98M	6.54M	3.34M	1.23M	1.30M	1.18M	1.00M	0.56M	0.81M	0.42M	0.31M	0.35M	0.31M	1.73M
Other Non-Current Liabilities	47.45M	49.11M	57.00M	52.33M	37.38M	35.83M	30.04M	30.76M	19.58M	29.21M	27.25M	42.77M	29.33M	26.92M	32.32M	24.99M	12.59M	24.28M	20.16M	8.47M	7.85M	12.07M	24.08M	17.30M	15.90M	13.42M	19.11M	4.94M	1.92M	1.68M	1.58M
Total Non-Current Liabilities	750.09M	799.05M	854.09M	811.06M	806.67M	805.33M	769.12M	678.03M	633.30M	682.29M	682.35M	666.06M	632.95M	649.01M	549.66M	479.54M	405.34M	334.20M	208.29M	139.95M	121.78M	110.71M	108.14M	75.32M	79.32M	84.67M	117.61M	68.41M	85.07M	82.34M	55.67M
Total Liabilities	1,248.55M	1,147.08M	1,237.22M	1,199.24M	1,252.10M	1,200.29M	1,138.39M	1,019.30M	1,002.73M	1,000.58M	990.53M	973.70M	937.36M	907.58M	771.09M	685.28M	568.63M	487.75M	326.98M	215.23M	165.59M	161.65M	158.53M	117.64M	126.28M	138.23M	180.15M	102.66M	121.96M	120.22M	73.21M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.21M	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	0.00M	0.00M	0.00M
Common Stock	350.60M	234.65M	241.26M	249.06M	240.23M	224.77M	201.47M	201.04M	233.38M	226.39M	206.42M	196.24M	172.55M	161.19M	126.33M	127.46M	89.63M	76.47M	68.85M	40.21M	32.10M	31.35M	33.82M	30.30M	31.23M	33.96M	35.94M	21.41M	26.95M	27.95M	16.29M
Retained Earnings	864.79M	794.11M	773.14M	705.57M	509.60M	355.78M	319.11M	326.35M	294.76M	274.89M	271.39M	277.70M	238.98M	176.72M	177.13M	158.32M	136.05M	166.67M	129.86M	60.69M	35.88M	36.58M	26.07M	21.70M	20.28M	16.95M	46.57M	31.25M	46.49M	34.27M	26.62M
Accumulated OCI	274.71M	116.06M	71.89M	105.73M	86.62M	47.29M	67.20M	58.77M	38.21M	53.83M	46.07M	-13.46M	-16.22M	-13.20M	-16.05M	-8.52M	-9.58M	-4.03M	-0.11M	0.00M	0.00M	-0.04M	-0.18M	0.00M	0.00M	-0.55M	-0.37M	-2.09M	-3.55M	-0.54M	-0.56M
Minority Interest	102.34M	67.59M	63.92M	59.29M	55.32M	46.79M	43.68M	43.84M	36.57M	40.57M	33.78M	36.34M	40.90M	35.57M	32.07M	27.68M	12.02M	12.03M	7.69M	4.54M	3.77M	6.44M	6.19M	5.98M	4.71M	10.99M	2.99M	0.54M	0.42M	0.37M	0.05M
Total Shareholders’ Equity	1,490.10M	1,144.82M	1,086.29M	1,060.36M	836.45M	627.84M	587.78M	586.16M	566.35M	555.11M	523.88M	460.69M	395.38M	324.70M	287.41M	277.27M	216.10M	239.11M	198.60M	100.90M	67.99M	67.89M	59.71M	52.00M	51.51M	50.37M	82.14M	50.57M	69.90M	61.68M	42.35M
Total Equity	1,592.45M	1,212.40M	1,150.21M	1,119.65M	891.77M	674.63M	631.45M	630.00M	602.92M	595.68M	557.66M	497.02M	436.28M	360.28M	319.48M	304.95M	228.13M	251.14M	206.29M	105.44M	71.76M	74.33M	65.90M	57.98M	56.23M	61.36M	85.13M	51.11M	70.32M	62.05M	42.39M
Total Liabilities & Equity	2,840.99M	2,359.48M	2,387.43M	2,318.90M	2,143.86M	1,874.92M	1,769.84M	1,649.29M	1,605.64M	1,596.25M	1,548.19M	1,470.73M	1,373.64M	1,267.86M	1,090.58M	990.23M	796.75M	738.89M	533.27M	320.68M	237.35M	235.98M	224.43M	175.62M	182.51M	199.59M	265.28M	153.77M	192.29M	182.27M	115.60M
Tangible Assets	3,618.79M	3,218.15M	3,039.63M	2,966.56M	2,755.19M	2,373.27M	2,303.50M	2,149.06M	2,106.03M	1,914.39M	1,884.01M	1,881.24M	1,825.31M	1,591.15M	1,450.66M	1,390.56M	1,116.65M	987.81M	747.25M	478.10M	373.41M	404.47M	457.40M	331.26M	289.20M	298.81M	419.37M	220.17M	264.13M	203.68M	136.11M
Tangible Equity	1,479.35M	1,125.97M	1,075.34M	1,044.88M	821.53M	598.12M	550.27M	532.00M	517.60M	517.64M	498.39M	444.12M	379.44M	312.31M	275.69M	268.54M	204.32M	226.61M	191.86M	95.77M	67.85M	70.47M	59.86M	55.25M	53.76M	58.33M	82.56M	48.43M	65.77M	58.02M	39.16M
Tangible Book Value	1,479.35M	1,125.97M	1,075.34M	1,044.88M	821.53M	598.12M	550.27M	532.00M	517.60M	517.64M	498.39M	444.12M	379.44M	312.31M	275.69M	268.54M	204.32M	226.61M	191.86M	95.77M	67.85M	70.47M	59.86M	55.25M	53.76M	58.33M	82.56M	48.43M	65.77M	58.02M	39.16M
Total Investments	344.68M	236.49M	269.12M	236.40M	214.22M	162.46M	181.27M	185.23M	177.06M	166.62M	174.16M	169.72M	171.48M	120.42M	136.36M	118.58M	106.78M	85.71M	61.00M	33.27M	19.69M	17.51M	21.88M	18.91M	19.68M	45.90M	20.28M	19.30M	14.51M	4.74M	1.63M
Net Debt	493.51M	379.88M	473.55M	419.83M	518.04M	555.98M	587.16M	590.20M	602.94M	577.90M	632.70M	595.63M	593.09M	555.14M	442.27M	362.16M	336.49M	260.52M	144.96M	109.20M	92.57M	76.02M	69.26M	49.73M	53.81M	65.12M	103.27M	57.36M	79.28M	85.68M	47.51M

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	188.72M	130.29M	110.45M	146.82M	44.60M	82.52M	34.02M	72.67M	0.26M	48.86M	48.16M	4.24M	-13.15M	58.16M	81.33M	64.93M	30.98M	42.98M	38.78M	28.38M	36.92M	32.62M	21.69M	15.81M	15.43M	23.77M	21.21M	16.52M	20.16M	49.52M	22.64M
Total Capital	3,288.91M	2,968.79M	2,743.19M	2,644.06M	2,455.25M	2,156.18M	2,103.15M	1,966.56M	1,930.71M	1,822.63M	1,805.53M	1,719.59M	1,633.33M	1,487.69M	1,390.04M	1,281.49M	1,061.71M	877.65M	718.04M	463.79M	334.63M	312.10M	290.29M	254.05M	273.41M	304.55M	299.17M	199.17M	227.15M	189.00M	126.49M
Capital Employed	3,292.63M	3,024.52M	2,826.48M	2,709.01M	2,511.55M	2,303.07M	2,206.61M	2,117.71M	2,023.96M	2,033.61M	1,929.20M	1,801.67M	1,815.22M	1,798.24M	1,634.40M	1,523.07M	1,275.31M	1,055.78M	847.52M	535.57M	382.59M	466.99M	524.04M	401.78M	445.48M	444.54M	360.53M	191.01M	195.63M	172.56M	140.89M
Invested Capital	2,868.13M	2,632.71M	2,412.20M	2,293.93M	2,169.62M	1,904.45M	1,896.15M	1,796.36M	1,771.37M	1,631.21M	1,660.84M	1,566.97M	1,490.68M	1,324.89M	1,231.55M	1,103.78M	939.78M	770.20M	640.30M	416.81M	298.52M	271.62M	259.01M	234.15M	244.99M	276.90M	273.17M	177.26M	209.88M	178.90M	116.81M

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	77.26M	145.69M	150.25M	143.37M	121.19M	109.90M	104.08M	86.55M	82.21M	79.52M	79.14M	73.69M	69.74M	66.76M	59.28M	54.76M	43.67M	34.79M	25.93M	16.13M	11.85M	11.03M	8.48M	9.15M	5.82M	3.88M	8.90M	8.44M	22.68M	-1.84M	-6.64M
Deferred Income Tax	0.00M	0.00M	0.00M	0.00M	-0.55M	-0.19M	0.23M	-0.02M	0.16M	0.07M	0.38M	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	0.05M	0.00M	0.21M
Stock-Based Compensation	0.04M	0.33M	0.39M	0.44M	0.30M	0.30M	0.25M	0.30M	0.28M	0.14M	0.19M	0.05M	0.07M	0.08M	0.03M	0.11M	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
Change in Working Capital	-9.01M	-7.48M	-0.56M	0.06M	-6.27M	4.68M	-1.77M	-7.97M	-14.91M	-1.10M	0.44M	-5.51M	-11.52M	-11.48M	-10.44M	-2.77M	-1.35M	-4.52M	-2.15M	-2.00M	1.14M	0.14M	-0.16M	-0.58M	1.13M	-0.25M	-2.74M	-0.69M	-12.99M	-1.88M	1.58M
Accounts Receivable	-5.88M	-15.17M	0.36M	-7.12M	-22.24M	-0.16M	-3.44M	-9.85M	-12.32M	-1.40M	4.19M	-7.32M	-4.05M	-3.03M	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	-1.67M	-1.78M	-4.15M
Inventory	0.12M	-0.06M	-0.28M	-4.73M	-6.51M	1.44M	0.66M	-4.69M	-3.17M	-0.70M	4.05M	-0.18M	-0.95M	-1.15M	-3.77M	-1.59M	-0.38M	0.15M	-1.85M	-0.72M	-0.24M	-0.07M	-0.09M	-0.11M	0.22M	-0.01M	0.14M	0.08M	0.03M	-0.64M	0.14M
Accounts Payable	0.00M	3.00M	-0.67M	5.79M	17.57M	2.21M	1.61M	3.98M	4.21M	-0.64M	-2.32M	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	1.11M	1.55M
Other Working Capital	-0.27M	0.82M	-3.61M	-3.35M	-0.02M	3.30M	-2.01M	5.26M	-4.39M	0.89M	-3.30M	-1.84M	-5.04M	-6.01M	-5.58M	-0.86M	-0.17M	-4.77M	-0.37M	-0.81M	1.40M	0.43M	0.06M	1.27M	-0.51M	0.53M	-3.86M	-1.25M	-0.82M	-0.42M	-2.06M
Other Non-Cash Items	26.90M	-8.76M	-10.19M	-14.42M	-1.07M	18.49M	10.78M	7.82M	1.07M	6.16M	7.26M	-1.66M	3.57M	3.39M	3.53M	5.99M	-2.29M	-3.40M	-7.52M	-6.56M	-0.71M	-0.16M	2.89M	4.81M	13.48M	5.07M	2.40M	9.56M	-5.31M	7.85M	25.16M
Net Cash from Operating Activities	329.67M	360.31M	301.16M	398.31M	289.46M	208.63M	165.73M	150.61M	126.56M	133.87M	143.78M	132.43M	102.58M	88.67M	89.76M	116.87M	70.24M	120.48M	85.10M	56.19M	50.29M	49.83M	42.01M	28.45M	44.41M	31.79M	24.53M	19.46M	53.72M	46.30M	35.17M
Capital Expenditures (PPE)	-148.86M	-178.08M	-183.55M	-160.46M	-173.98M	-102.21M	-109.78M	-119.71M	-99.67M	-106.24M	-112.20M	-118.01M	-141.62M	-120.47M	-123.24M	-120.65M	-102.56M	-155.71M	-107.83M	-65.37M	-51.22M	-43.12M	-19.26M	-18.78M	-16.42M	-18.66M	-13.79M	-15.53M	-117.49M	-61.89M	-65.86M
Acquisitions (Net)	0.51M	-0.09M	1.61M	4.44M	5.12M	-1.87M	6.69M	-0.58M	-1.68M	4.42M	1.17M	6.03M	2.55M	1.59M	-0.52M	1.18M	-1.96M	-3.01M	-1.15M	-0.82M	0.06M	-0.87M	0.24M	-0.70M	0.07M	0.03M	6.93M	3.58M	0.13M	2.41M	3.29M
Purchases of Investments	-2.52M	-13.47M	-17.15M	-57.81M	-28.49M	-26.84M	-29.37M	-34.49M	-33.73M	-14.47M	-20.19M	-17.04M	-8.24M	-7.19M	-7.73M	-9.38M	-9.17M	-7.56M	-11.20M	-4.30M	-1.58M	-3.48M	-2.03M	-3.34M	-4.79M	-12.01M	-5.97M	-4.87M	-1.22M	-3.71M	-20.18M
Sales / Maturities of Investments	7.13M	16.48M	20.45M	22.35M	23.13M	26.72M	35.42M	33.87M	31.85M	24.88M	16.04M	12.65M	7.74M	7.60M	4.32M	7.40M	9.43M	11.64M	7.21M	4.59M	0.96M	0.67M	2.16M	5.42M	3.96M	6.09M	3.26M	4.20M	0.44M	8.06M	0.63M
Other Investing Activities	14.77M	39.98M	32.05M	30.29M	15.22M	16.03M	6.20M	15.34M	10.95M	8.67M	16.46M	15.47M	18.48M	9.76M	15.14M	16.79M	7.36M	10.34M	14.55M	3.89M	3.66M	2.90M	3.35M	1.21M	0.07M	0.49M	-0.54M	5.09M	13.87M	4.67M	9.20M
Net Cash from Investing Activities	-142.69M	-177.83M	-144.95M	-134.61M	-149.92M	-100.73M	-101.77M	-101.65M	-89.92M	-70.52M	-105.74M	-103.71M	-118.67M	-106.32M	-120.33M	-106.79M	-100.41M	-145.70M	-117.17M	-65.97M	-64.66M	-43.08M	-30.42M	-25.52M	-22.40M	-19.79M	-26.47M	-13.57M	-45.65M	-31.49M	-24.68M
Net Debt Issuance	-25.27M	-19.06M	-52.37M	-79.37M	-56.05M	-35.88M	-36.58M	-5.48M	15.50M	-8.16M	15.92M	7.61M	11.95M	41.17M	40.15M	23.53M	44.02M	63.71M	35.47M	15.51M	1.76M	-2.00M	-5.90M	-6.39M	-10.65M	-1.15M	-0.61M	3.10M	-3.22M	8.82M	2.63M
Long-Term Debt Issuance	-11.93M	-17.40M	-52.38M	-74.91M	-40.22M	-20.52M	-46.86M	-0.43M	17.83M	-1.79M	11.75M	11.13M	15.49M	40.83M	42.55M	34.82M	41.63M	70.22M	35.27M	13.33M	6.91M	-1.00M	-5.61M	-6.42M	-10.65M	-1.13M	0.29M	5.27M	-3.22M	8.82M	2.63M
Short-Term Debt Issuance	-7.14M	0.00M	-0.86M	-4.23M	-6.77M	-6.17M	-1.19M	-0.14M	0.00M	0.00M	-0.47M	-0.63M	0.00M	0.00M	0.00M	-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	0.00M
Net Stock Issuance	-0.20M	-6.86M	-0.86M	-0.62M	0.00M	-0.21M	-0.04M	0.00M	0.02M	0.00M	0.03M	0.19M	0.36M	0.19M	0.01M	7.20M	0.01M	-0.07M	0.66M	0.05M	0.34M	0.16M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1.41M	0.00M	-2.40M
Common Stock Issuance	0.00M	0.00M	0.00M	0.06M	0.15M	0.04M	0.06M	0.16M	4.37M	0.14M	0.36M	1.17M	3.25M	0.37M	0.39M	10.60M	0.07M	0.32M	2.01M	0.85M	1.27M	0.33M	0.02M	0.02M	0.01M	0.01M	0.03M	0.11M	2.78M	0.41M	2.41M
Common Stock Repurchased	-0.20M	-4.18M	-2.06M	-1.83M	-0.09M	-0.48M	-0.17M	-0.06M	0.00M	-0.04M	-0.01M	-0.11M	0.00M	0.00M	0.00M	0.00M	-0.03M	-0.43M	-0.08M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.93M	-1.15M	-0.37M	-3.31M
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	-36.04M	-87.50M	-87.02M	-73.37M	-37.23M	-29.98M	-20.97M	-27.54M	-25.70M	-33.17M	-32.97M	-28.75M	-24.96M	-21.58M	-28.06M	-16.67M	-20.54M	-35.15M	-21.24M	-15.17M	-12.69M	-11.57M	-6.14M	-5.25M	-7.18M	-7.43M	-6.00M	-5.02M	-5.30M	-2.86M	-4.83M
Common Dividends Paid	-35.79M	-86.04M	-80.76M	-76.18M	-42.16M	-32.47M	-24.65M	-25.78M	-22.66M	-29.94M	-29.60M	-28.49M	-22.57M	-19.27M	-25.74M	-16.54M	-20.23M	-33.81M	-19.56M	-14.16M	-12.84M	-12.05M	-6.04M	-5.25M	-7.18M	-7.52M	-6.00M	-5.02M	-5.29M	-2.86M	-4.83M
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	-69.32M	-36.83M	-37.11M	-27.76M	-17.85M	-16.10M	-8.09M	-11.44M	-10.59M	-9.52M	-8.64M	-5.62M	-3.64M	-6.21M	-4.06M	-2.18M	1.30M	-1.62M	4.64M	3.92M	3.41M	1.00M	1.60M	0.29M	1.74M	0.86M	9.94M	1.84M	1.63M	1.13M	-1.58M
Net Cash from Financing Activities	-179.99M	-149.23M	-206.91M	-234.19M	-129.57M	-85.60M	-66.98M	-40.21M	-26.44M	-39.34M	-46.57M	-6.92M	17.65M	10.33M	4.31M	30.59M	35.53M	21.94M	61.12M	22.19M	6.41M	-8.20M	-14.42M	-11.37M	-12.68M	-10.00M	5.72M	6.21M	68.84M	22.38M	-15.07M
Effect of FX on Cash	0.26M	1.09M	-0.11M	1.17M	-0.02M	-0.90M	0.20M	-0.05M	-0.73M	0.56M	0.29M	0.02M	0.02M	-0.02M	-0.15M	-0.01M	-0.02M	-0.12M	0.07M	0.00M	-0.01M	-0.01M	-0.01M	0.02M	0.00M	-0.02M	-0.02M	0.00M	0.00M	-0.16M	-0.15M
Net Change in Cash	29.36M	7.13M	-8.57M	39.55M	56.99M	35.07M	8.93M	-10.21M	-3.68M	4.50M	2.61M	18.17M	7.34M	-1.52M	-10.05M	43.78M	3.21M	9.84M	22.42M	2.06M	8.85M	8.17M	3.84M	-4.03M	2.82M	-3.15M	5.46M	4.28M	-0.23M	-1.74M	5.20M
Cash at Beginning of Period	263.87M	321.59M	354.09M	258.37M	217.22M	202.49M	172.97M	168.26M	182.26M	140.33M	143.94M	136.22M	153.75M	158.58M	164.44M	126.27M	114.13M	86.35M	52.75M	43.08M	29.74M	23.30M	20.38M	23.77M	24.98M	28.50M	22.06M	23.24M	11.49M	13.21M	14.85M
Cash at End of Period	393.31M	330.84M	322.03M	336.85M	259.12M	222.07M	201.92M	172.03M	161.66M	179.14M	140.75M	145.21M	134.59M	152.53M	154.84M	181.18M	124.44M	109.77M	76.39M	46.82M	37.29M	42.02M	30.84M	20.71M	26.97M	27.80M	27.01M	27.01M	15.80M	11.35M	15.92M
Operating Cash Flow	328.52M	360.31M	301.78M	398.31M	289.23M	208.25M	165.73M	150.61M	126.61M	133.98M	143.78M	132.43M	102.58M	88.67M	89.76M	116.87M	70.24M	120.48M	85.10M	56.19M	50.29M	49.83M	42.01M	28.44M	44.41M	31.79M	24.53M	19.46M	53.72M	46.30M	35.17M
Capital Expenditure	-161.56M	-191.70M	-183.54M	-162.33M	-174.01M	-102.27M	-110.32M	-119.71M	-99.67M	-106.25M	-112.21M	-118.02M	-141.63M	-120.48M	-123.04M	-120.43M	-102.56M	-155.71M	-108.09M	-65.47M	-51.22M	-43.12M	-19.26M	-18.78M	-16.42M	-18.66M	-13.79M	-15.53M	-117.49M	-61.89M	-65.86M
Free Cash Flow	169.05M	153.94M	131.86M	234.55M	112.46M	92.95M	73.26M	26.97M	23.20M	40.97M	25.89M	12.31M	-24.81M	-33.35M	-26.96M	3.11M	-33.79M	-40.43M	-12.12M	-18.05M	4.95M	9.05M	10.32M	5.21M	16.63M	4.31M	2.00M	-6.43M	-80.56M	-19.02M	6.33M

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	412.27M	445.89M	389.46M	450.59M	397.26M	258.39M	220.81M	176.99M	189.29M	145.56M	162.58M	162.76M	135.62M	121.29M	126.23M	155.13M	117.54M	147.78M	134.90M	75.42M	61.86M	61.76M	54.45M	37.26M	43.12M	33.95M	45.59M	30.89M	28.55M	12.47M	11.51M
(-) Tax Adjustment	49.29M	43.15M	38.18M	38.31M	30.41M	39.02M	47.75M	41.35M	36.61M	34.72M	29.46M	39.58M	27.43M	26.93M	29.13M	24.88M	23.05M	17.73M	15.40M	7.72M	5.88M	12.83M	13.53M	14.50M	11.71M	8.66M	11.85M	6.91M	8.37M	2.73M	1.92M
(-) Change In Working Capital	-9.01M	-7.48M	-0.56M	0.06M	-6.27M	4.68M	-1.77M	-7.97M	-14.91M	-1.10M	0.44M	-5.51M	-11.52M	-11.48M	-10.44M	-2.77M	-1.35M	-4.52M	-2.15M	-2.00M	1.14M	0.14M	-0.16M	-0.58M	1.13M	-0.25M	-2.74M	-0.69M	-12.99M	-1.88M	1.58M
(-) Capital Expenditure	161.56M	191.70M	183.54M	162.33M	174.01M	102.27M	110.32M	119.71M	99.67M	106.25M	112.21M	118.02M	141.63M	120.48M	123.04M	120.43M	102.56M	155.71M	108.09M	65.47M	51.22M	43.12M	19.26M	18.78M	16.42M	18.66M	13.79M	15.53M	117.49M	61.89M	65.86M
Unlevered Free Cash Flow	210.43M	218.51M	168.31M	249.90M	199.12M	112.42M	64.51M	23.90M	67.92M	5.69M	20.48M	10.68M	-21.92M	-14.63M	-15.50M	12.59M	-6.72M	-21.15M	13.56M	4.23M	3.62M	5.67M	21.83M	4.55M	13.86M	6.88M	22.69M	9.13M	-84.31M	-50.27M	-57.84M
(-) Net Interest Income After Taxes	-36.25M	-36.62M	-37.31M	-32.61M	-32.50M	-31.10M	-34.75M	-29.24M	-27.11M	-22.83M	-23.97M	-21.78M	-23.19M	-18.17M	-18.42M	-17.09M	-12.99M	-13.07M	-8.70M	-4.28M	-2.96M	-1.51M	-1.32M	-1.16M	-1.78M	-2.40M	-0.82M	-0.71M	-0.48M	-0.47M	-0.23M
Net Debt Issuance	-25.27M	-19.06M	-52.37M	-79.37M	-56.05M	-35.88M	-36.58M	-5.48M	15.50M	-8.16M	15.92M	7.61M	11.95M	41.17M	40.15M	23.53M	44.02M	63.71M	35.47M	15.51M	1.76M	-2.00M	-5.90M	-6.39M	-10.65M	-1.15M	-0.61M	3.10M	-3.22M	8.82M	2.63M
Levered Free Cash Flow	221.41M	236.07M	153.24M	203.13M	175.58M	107.64M	62.68M	47.67M	110.53M	20.36M	60.37M	40.06M	13.22M	44.70M	43.07M	53.21M	50.28M	55.64M	57.73M	24.02M	8.35M	5.19M	17.25M	-0.67M	4.99M	8.13M	22.89M	12.95M	-87.05M	-40.97M	-54.99M