Electrical Equipment & Parts

Category: Industry Averages Base Ticker: 0842.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	26.18	21.42	16.95	14.83	16.72	11.26	8.74	8.74	10.22	7.76	7.44	7.78	6.80	5.20	6.54	8.72	6.66	6.73	9.51	5.55	4.53	4.28	4.07	3.72	2.98	3.45	2.66	2.90	3.79	3.10	2.80
Market Capitalization	5,840.72M	4,212.32M	3,700.48M	3,616.52M	4,072.15M	2,539.27M	1,840.93M	1,574.49M	1,689.92M	1,577.53M	1,641.57M	1,001.62M	736.26M	595.73M	611.50M	797.10M	615.70M	554.08M	818.73M	370.37M	236.38M	136.97M	120.57M	136.87M	190.28M	245.89M	246.91M	236.02M	235.26M	164.31M	141.35M
(-) Cash & Equivalents	478.47M	510.29M	507.27M	455.67M	377.83M	287.78M	207.81M	212.26M	191.28M	183.71M	135.81M	115.65M	107.81M	102.34M	91.15M	93.65M	73.80M	54.11M	53.08M	38.33M	29.47M	16.86M	17.95M	16.21M	15.21M	19.84M	9.23M	9.70M	9.99M	5.80M	8.68M
(+) Total Debt	934.04M	731.98M	876.86M	829.58M	629.20M	579.08M	487.31M	439.47M	349.55M	252.69M	221.42M	206.94M	198.12M	149.03M	139.52M	110.53M	91.32M	100.03M	91.04M	49.17M	41.19M	23.62M	20.84M	24.26M	21.29M	17.86M	19.88M	15.56M	14.78M	14.32M	16.42M
Enterprise Value	6,583.92M	4,602.71M	3,898.80M	4,049.54M	4,456.79M	2,974.62M	2,196.81M	1,838.37M	1,895.15M	1,660.55M	1,816.01M	1,128.52M	855.29M	665.43M	688.04M	881.32M	682.27M	663.55M	903.97M	404.90M	270.90M	166.13M	138.34M	140.00M	188.18M	251.23M	252.98M	248.47M	237.29M	181.68M	154.88M

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	3,346.510M	3,143.538M	3,026.529M	2,767.164M	2,151.868M	1,783.704M	1,685.137M	1,538.845M	1,366.238M	1,129.540M	1,093.699M	934.694M	882.642M	787.063M	721.101M	639.232M	579.965M	627.145M	551.362M	341.314M	256.328M	128.120M	97.971M	111.833M	77.134M	77.021M	68.728M	64.905M	70.425M	69.339M	69.840M
Cost of Revenue	2,589.903M	2,410.332M	2,309.347M	2,143.203M	1,713.972M	1,324.099M	1,180.093M	1,150.410M	1,029.629M	860.729M	784.701M	710.056M	675.803M	602.601M	566.684M	482.311M	413.129M	449.680M	411.476M	244.050M	192.904M	84.640M	72.720M	79.649M	53.878M	41.712M	36.784M	34.730M	33.819M	36.093M	37.411M
Gross Profit	756.607M	733.206M	717.182M	623.961M	437.897M	459.604M	505.044M	388.435M	336.609M	268.811M	308.997M	224.638M	206.839M	184.462M	154.418M	156.921M	166.836M	177.465M	139.886M	97.263M	63.424M	43.480M	25.250M	32.184M	23.256M	35.309M	31.944M	30.175M	36.606M	33.245M	32.429M
Gross Margin	22.61%	23.32%	23.70%	22.55%	20.35%	25.77%	29.97%	25.24%	24.64%	23.80%	28.25%	24.03%	23.43%	23.44%	21.41%	24.55%	28.77%	28.30%	25.37%	28.50%	24.74%	33.94%	25.77%	28.78%	30.15%	45.84%	46.48%	46.49%	51.98%	47.95%	46.43%
R&D Expenses	89.701M	92.429M	82.733M	73.284M	55.706M	47.330M	39.285M	36.044M	33.287M	25.378M	18.823M	16.447M	13.664M	7.945M	5.523M	4.295M	1.602M	1.063M	0.244M	0.079M	0.024M	0.156M	0.028M	0.156M	0.107M	0.158M	0.159M	0.205M	0.201M	0.012M	0.155M
SG&A Expenses	297.507M	262.105M	239.643M	211.416M	173.955M	141.948M	147.712M	120.731M	111.256M	107.064M	96.071M	85.182M	80.557M	55.567M	41.951M	43.026M	36.838M	39.652M	31.499M	19.211M	15.888M	13.111M	13.199M	14.860M	10.510M	9.285M	8.793M	8.240M	7.997M	8.058M	7.390M
Operating Expenses	387.208M	354.534M	322.375M	284.700M	229.661M	189.278M	186.997M	156.775M	144.542M	132.442M	114.894M	101.630M	94.221M	63.512M	47.474M	47.322M	38.440M	40.715M	31.743M	19.290M	15.912M	13.267M	13.228M	15.015M	10.617M	9.443M	8.952M	8.445M	8.198M	8.070M	7.544M
Operating Income	369.400M	378.672M	394.807M	339.261M	208.236M	270.326M	318.047M	231.660M	192.067M	136.370M	194.104M	123.009M	112.618M	120.951M	106.944M	109.599M	128.396M	136.750M	108.144M	77.973M	47.512M	30.213M	12.023M	17.169M	12.639M	25.866M	22.992M	21.729M	28.408M	25.176M	24.885M
Operating Margin	11.04%	12.05%	13.04%	12.26%	9.68%	15.16%	18.87%	15.05%	14.06%	12.07%	17.75%	13.16%	12.76%	15.37%	14.83%	17.15%	22.14%	21.81%	19.61%	22.84%	18.54%	23.58%	12.27%	15.35%	16.39%	33.58%	33.45%	33.48%	40.34%	36.31%	35.63%
Interest Income	13.210M	11.615M	9.751M	6.060M	4.418M	3.488M	4.054M	3.285M	2.747M	2.445M	2.209M	2.420M	1.759M	2.077M	1.579M	1.006M	0.852M	1.172M	0.692M	0.370M	0.302M	0.182M	0.187M	0.177M	0.107M	0.107M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	27.839M	32.849M	30.617M	24.376M	22.087M	22.623M	22.538M	19.106M	13.585M	11.739M	11.858M	10.982M	9.917M	8.849M	6.539M	5.314M	4.912M	5.989M	4.399M	2.035M	1.453M	0.827M	0.604M	0.597M	0.661M	0.583M	0.352M	0.559M	0.454M	0.399M	0.643M
Net Interest Income	-14.630M	-21.235M	-20.866M	-18.317M	-17.670M	-19.135M	-18.484M	-15.821M	-10.838M	-9.294M	-9.649M	-8.562M	-8.158M	-6.772M	-4.960M	-4.308M	-4.060M	-4.817M	-3.707M	-1.665M	-1.151M	-0.645M	-0.417M	-0.420M	-0.554M	-0.476M	-0.352M	-0.559M	-0.454M	-0.399M	-0.643M
Other Income / Expense	-95.981M	-147.312M	-165.713M	-115.700M	-24.602M	-145.499M	-171.808M	-126.069M	-88.641M	-40.028M	-114.371M	-60.305M	-59.049M	-74.935M	-61.751M	-68.878M	-91.942M	-91.238M	-72.455M	-53.942M	-33.046M	-24.658M	-8.124M	-18.387M	-8.482M	-21.386M	-16.119M	-14.215M	-20.514M	-18.027M	-15.244M
Pre-Tax Income	258.789M	210.126M	208.227M	205.245M	165.964M	105.692M	127.754M	89.769M	92.588M	87.047M	70.083M	54.141M	45.411M	39.243M	40.233M	36.414M	32.394M	40.696M	31.981M	22.366M	13.315M	4.910M	3.482M	-1.638M	3.603M	4.004M	6.522M	6.955M	7.440M	6.750M	8.997M
Pre-Tax Margin	7.73%	6.68%	6.88%	7.42%	7.71%	5.93%	7.58%	5.83%	6.78%	7.71%	6.41%	5.79%	5.14%	4.99%	5.58%	5.70%	5.59%	6.49%	5.80%	6.55%	5.19%	3.83%	3.55%	-1.47%	4.67%	5.20%	9.49%	10.72%	10.56%	9.74%	12.88%
Income Tax Expense	47.509M	42.633M	30.025M	30.380M	27.783M	25.372M	23.635M	20.202M	18.511M	17.368M	16.361M	13.628M	10.523M	9.475M	9.706M	8.563M	9.668M	10.385M	7.740M	5.131M	4.298M	1.300M	1.194M	0.705M	1.567M	1.423M	1.476M	1.946M	2.345M	1.933M	2.397M
Tax Rate	18.36%	20.29%	14.42%	14.80%	16.74%	24.01%	18.50%	22.50%	19.99%	19.95%	23.35%	25.17%	23.17%	24.14%	24.12%	23.52%	29.85%	25.52%	24.20%	22.94%	32.28%	26.48%	34.30%	0.00%	35.00%	35.00%	22.64%	27.97%	31.52%	28.64%	26.64%
Net Income	211.280M	167.492M	178.203M	174.865M	138.181M	80.320M	104.119M	69.567M	74.076M	69.679M	53.722M	40.513M	34.888M	29.768M	30.528M	27.851M	22.725M	30.310M	24.241M	17.235M	9.016M	3.610M	2.288M	-2.344M	2.036M	2.581M	5.046M	5.010M	5.095M	4.817M	6.600M
Net Margin	6.31%	5.33%	5.89%	6.32%	6.42%	4.50%	6.18%	4.52%	5.42%	6.17%	4.91%	4.33%	3.95%	3.78%	4.23%	4.36%	3.92%	4.83%	4.40%	5.05%	3.52%	2.82%	2.34%	-2.10%	2.64%	3.35%	7.34%	7.72%	7.24%	6.95%	9.45%
EBIT	369.400M	378.672M	394.807M	339.261M	208.236M	270.326M	318.047M	231.660M	192.067M	136.370M	194.104M	123.009M	112.618M	120.951M	106.944M	109.599M	128.396M	136.750M	108.144M	77.973M	47.512M	30.213M	12.023M	17.169M	12.639M	25.866M	22.992M	21.729M	28.408M	25.176M	24.885M
Depreciation & Amortization	89.034M	100.354M	89.683M	73.588M	66.866M	57.997M	49.869M	43.093M	37.793M	32.523M	27.379M	24.661M	22.697M	21.413M	17.490M	16.885M	15.528M	13.947M	12.273M	7.773M	7.256M	3.754M	3.728M	4.429M	3.637M	2.861M	2.260M	2.090M	1.397M	2.009M	1.438M
EBITDA	458.434M	479.026M	484.490M	412.850M	275.102M	328.323M	367.916M	274.753M	229.860M	168.892M	221.483M	147.670M	135.315M	142.363M	124.434M	126.484M	143.924M	150.697M	120.417M	85.746M	54.768M	33.968M	15.751M	21.597M	16.276M	28.727M	25.252M	23.820M	29.805M	27.185M	26.322M
EBITDA Margin	13.70%	15.24%	16.01%	14.92%	12.78%	18.41%	21.83%	17.85%	16.82%	14.95%	20.25%	15.80%	15.33%	18.09%	17.26%	19.79%	24.82%	24.03%	21.84%	25.12%	21.37%	26.51%	16.08%	19.31%	21.10%	37.30%	36.74%	36.70%	42.32%	39.21%	37.69%
NOPAT	301.585M	301.841M	337.879M	289.044M	173.377M	205.433M	259.207M	179.525M	153.666M	109.160M	148.789M	92.045M	86.521M	91.749M	81.146M	83.825M	90.074M	101.852M	81.970M	60.087M	32.174M	22.214M	7.899M	17.169M	8.216M	16.813M	17.788M	15.651M	19.455M	17.965M	18.254M
NOPAT Margin	9.01%	9.60%	11.16%	10.45%	8.06%	11.52%	15.38%	11.67%	11.25%	9.66%	13.60%	9.85%	9.80%	11.66%	11.25%	13.11%	15.53%	16.24%	14.87%	17.60%	12.55%	17.34%	8.06%	15.35%	10.65%	21.83%	25.88%	24.11%	27.63%	25.91%	26.14%
Owner's Earnings	300.314M	267.846M	267.886M	248.453M	205.048M	138.317M	153.988M	112.660M	111.869M	102.201M	81.101M	65.174M	57.585M	51.181M	48.018M	44.735M	38.254M	44.257M	36.514M	25.009M	16.273M	7.364M	6.016M	2.085M	5.673M	5.442M	7.306M	7.100M	6.492M	6.826M	8.038M
Owner's Earnings Margin	8.97%	8.52%	8.85%	8.98%	9.53%	7.75%	9.14%	7.32%	8.19%	9.05%	7.42%	6.97%	6.52%	6.50%	6.66%	7.00%	6.60%	7.06%	6.62%	7.33%	6.35%	5.75%	6.14%	1.86%	7.35%	7.07%	10.63%	10.94%	9.22%	9.84%	11.51%
EPS	0.28	0.23	0.25	0.25	0.20	0.13	0.17	0.10	0.12	0.11	0.09	0.08	0.07	0.07	0.08	0.08	0.08	0.10	0.08	0.06	0.03	0.01	0.01	-0.01	0.01	0.01	0.01	0.02	0.02	0.03	0.02
EPS (Diluted)	0.28	0.23	0.25	0.25	0.20	0.13	0.17	0.10	0.12	0.11	0.09	0.08	0.07	0.07	0.08	0.08	0.08	0.10	0.08	0.06	0.03	0.01	0.01	-0.01	0.01	0.01	0.01	0.02	0.02	0.03	0.02
Shares (Diluted)	743,344,591	730,346,868	704,266,512	698,884,224	706,793,377	638,367,161	625,047,932	668,908,133	640,027,953	613,095,680	565,971,879	507,985,831	489,354,993	433,180,140	403,040,187	340,356,720	291,251,017	299,060,116	300,864,788	307,147,220	279,879,978	250,497,481	245,450,044	258,888,790	341,550,482	359,872,227	365,557,306	296,822,392	271,988,552	186,859,800	329,725,966

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	484.51M	510.29M	507.27M	455.67M	377.83M	287.78M	207.81M	212.26M	191.28M	183.71M	135.81M	115.65M	107.81M	103.04M	91.75M	93.65M	73.80M	54.11M	53.08M	38.33M	30.09M	17.16M	17.95M	16.21M	15.21M	19.84M	9.40M	9.70M	10.29M	5.80M	8.68M
Short-Term Investments	127.13M	85.21M	96.36M	93.47M	81.16M	47.05M	30.34M	9.12M	11.84M	18.00M	10.65M	8.86M	6.93M	10.10M	13.39M	12.60M	14.85M	5.69M	7.30M	3.53M	3.78M	3.16M	1.44M	2.68M	2.95M	4.75M	1.12M	1.38M	2.73M	4.30M	1.85M
Cash & Short-Term Investments	611.65M	595.50M	603.64M	549.14M	458.99M	334.82M	238.16M	221.38M	203.12M	201.71M	146.46M	124.51M	114.74M	113.14M	105.14M	106.25M	88.66M	59.80M	60.38M	41.85M	33.86M	20.33M	19.40M	18.89M	18.16M	24.59M	10.51M	11.08M	13.02M	10.10M	10.53M
Net Receivables	1,025.11M	870.31M	852.02M	722.79M	612.17M	518.73M	450.25M	474.22M	433.96M	337.27M	292.54M	268.17M	223.62M	188.39M	125.61M	107.36M	96.05M	96.50M	86.17M	58.79M	40.48M	18.06M	19.74M	15.43M	16.49M	6.23M	8.51M	7.17M	6.19M	6.16M	7.46M
Inventory	648.44M	533.58M	514.69M	515.97M	374.62M	295.28M	279.46M	260.85M	246.97M	194.42M	162.92M	148.68M	143.45M	122.64M	108.08M	92.64M	78.45M	84.58M	81.57M	57.14M	43.55M	23.15M	22.60M	21.00M	18.28M	16.85M	15.89M	14.52M	14.08M	14.27M	14.58M
Other Current Assets	99.88M	86.00M	92.55M	88.49M	80.48M	78.19M	83.71M	83.47M	84.61M	68.44M	54.39M	54.19M	48.81M	59.76M	39.39M	32.58M	25.87M	38.30M	28.91M	14.17M	11.35M	4.31M	6.81M	10.57M	5.18M	9.78M	10.95M	11.78M	9.78M	9.54M	9.67M
Total Current Assets	2,385.07M	2,085.39M	2,062.90M	1,876.39M	1,526.26M	1,227.02M	1,051.57M	1,039.92M	968.66M	801.84M	656.31M	595.56M	530.62M	483.93M	378.23M	338.83M	289.03M	279.18M	257.03M	171.95M	129.24M	65.84M	68.54M	65.89M	58.10M	57.46M	45.86M	44.56M	43.06M	40.07M	42.24M
Property, Plant & Equipment	788.92M	752.15M	663.66M	610.92M	567.39M	428.28M	365.69M	335.42M	303.08M	266.09M	226.44M	199.50M	193.17M	171.38M	152.15M	136.26M	127.10M	113.23M	102.10M	64.26M	57.56M	29.03M	31.61M	33.38M	31.43M	27.41M	27.54M	26.72M	21.70M	18.95M	24.48M
Goodwill	30.61M	60.24M	61.28M	54.63M	51.84M	53.95M	56.67M	37.42M	43.40M	41.07M	19.41M	15.85M	12.97M	8.46M	4.51M	4.78M	3.69M	5.01M	2.57M	0.77M	0.38M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	125.80M	119.91M	117.34M	99.34M	91.83M	81.70M	75.89M	59.43M	56.30M	43.04M	31.84M	27.83M	26.54M	23.04M	20.94M	17.92M	12.93M	8.82M	6.10M	3.63M	3.09M	1.55M	2.53M	3.14M	1.91M	1.95M	0.94M	0.54M	0.97M	0.55M	0.89M
Long-Term Investments	147.03M	79.33M	98.90M	64.14M	74.07M	61.48M	43.71M	64.19M	52.42M	40.66M	30.07M	26.42M	18.91M	16.00M	8.29M	9.93M	8.60M	8.92M	6.12M	1.00M	2.14M	0.02M	0.27M	0.79M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	53.13M	51.35M	46.77M	38.37M	33.47M	25.44M	22.59M	17.08M	17.39M	14.20M	10.51M	10.45M	8.24M	6.99M	5.88M	5.08M	5.18M	4.07M	2.20M	2.25M	1.26M	0.31M	0.29M	0.37M	0.06M	0.00M	0.00M	0.00M	0.00M	0.00M	0.48M
Other Non-Current Assets	96.99M	152.99M	98.46M	123.94M	98.64M	67.19M	47.63M	46.47M	44.55M	33.10M	24.46M	20.23M	19.79M	17.46M	22.65M	19.24M	16.47M	14.55M	14.69M	8.23M	8.48M	3.68M	3.80M	3.00M	5.05M	4.64M	3.93M	2.41M	2.53M	3.55M	5.29M
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	1,242.49M	1,215.97M	1,086.41M	991.33M	917.24M	718.04M	612.19M	560.03M	517.13M	438.17M	342.73M	300.27M	279.62M	243.33M	214.42M	193.22M	173.97M	154.61M	133.77M	80.15M	72.92M	34.58M	38.50M	40.69M	38.45M	34.00M	32.41M	29.67M	25.21M	23.05M	31.15M
Total Assets	3,627.56M	3,301.36M	3,149.32M	2,867.72M	2,443.50M	1,945.06M	1,663.77M	1,599.95M	1,485.79M	1,240.01M	999.05M	895.83M	810.24M	727.26M	592.65M	532.05M	463.00M	433.79M	390.80M	252.10M	202.16M	100.43M	107.04M	106.58M	96.55M	91.46M	78.27M	74.23M	68.27M	63.12M	73.39M
Accounts Payable	571.93M	574.89M	521.86M	520.59M	456.75M	366.42M	286.25M	308.81M	270.33M	254.24M	184.21M	160.44M	132.07M	115.31M	98.65M	90.56M	71.23M	73.66M	63.71M	52.68M	38.95M	14.25M	14.33M	13.67M	10.37M	10.18M	8.24M	7.23M	7.68M	6.48M	8.10M
Short-Term Debt	463.43M	220.98M	279.54M	241.01M	197.00M	179.79M	182.78M	174.89M	160.70M	107.02M	104.60M	98.13M	99.99M	74.08M	67.56M	48.66M	49.33M	51.85M	36.51M	26.00M	17.31M	9.99M	9.37M	9.60M	9.41M	8.64M	8.63M	6.34M	4.19M	5.51M	4.25M
Tax Payables	0.14M	23.69M	18.46M	23.13M	19.15M	18.25M	13.64M	15.40M	14.56M	13.10M	10.86M	8.99M	7.23M	5.40M	4.57M	4.44M	3.47M	4.12M	4.18M	2.61M	1.87M	0.77M	0.64M	0.52M	0.51M	0.78M	0.67M	0.98M	0.88M	0.64M	1.14M
Deferred Revenue	65.12M	2.30M	21.78M	60.57M	119.64M	97.05M	60.94M	15.67M	59.41M	50.44M	44.87M	28.94M	23.47M	17.23M	19.66M	18.81M	15.20M	11.17M	13.22M	6.67M	5.22M	3.15M	2.58M	4.07M	2.99M	3.29M	3.49M	1.77M	1.73M	1.41M	2.33M
Other Current Liabilities	226.33M	309.66M	331.58M	191.20M	125.98M	85.63M	96.00M	112.48M	77.50M	64.15M	69.66M	50.84M	63.01M	52.48M	49.54M	37.74M	38.19M	38.80M	28.67M	18.39M	13.89M	6.83M	4.31M	5.85M	3.82M	3.61M	3.31M	2.55M	2.89M	3.21M	2.55M
Total Current Liabilities	1,326.96M	1,131.52M	1,173.22M	1,036.50M	918.52M	747.13M	639.60M	627.27M	582.50M	488.95M	414.20M	347.35M	325.77M	264.49M	239.97M	200.21M	177.43M	179.60M	146.30M	106.36M	77.24M	35.00M	31.23M	33.72M	27.11M	26.50M	24.34M	18.88M	17.36M	17.25M	18.37M
Long-Term Debt	393.42M	361.54M	391.07M	388.54M	346.78M	287.78M	258.01M	200.94M	162.05M	124.16M	119.22M	103.08M	77.21M	78.14M	60.34M	47.67M	35.68M	37.67M	40.62M	20.24M	18.43M	4.25M	5.31M	11.40M	5.31M	5.14M	4.80M	5.67M	6.03M	5.54M	7.19M
Capital Lease Obligations	0.46M	38.58M	37.89M	30.22M	25.92M	29.62M	14.47M	2.31M	1.53M	1.56M	0.12M	0.04M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	18.90M	18.06M	20.27M	20.81M	21.85M	19.34M	12.78M	10.51M	8.95M	8.66M	7.99M	6.26M	5.67M	4.48M	4.91M	4.57M	3.71M	2.40M	2.42M	1.19M	0.76M	0.25M	0.09M	0.07M	0.06M	0.01M	0.01M	0.05M	0.02M	0.01M	0.08M
Other Non-Current Liabilities	76.66M	75.88M	67.69M	56.25M	54.43M	46.16M	38.18M	33.03M	38.30M	38.15M	31.21M	23.29M	20.37M	11.74M	11.97M	7.90M	8.78M	7.60M	7.88M	4.85M	3.38M	0.84M	0.64M	0.75M	0.54M	0.35M	0.44M	0.44M	0.40M	0.39M	0.32M
Total Non-Current Liabilities	489.44M	494.06M	516.93M	495.82M	448.98M	382.90M	323.44M	246.78M	210.83M	172.53M	158.54M	132.67M	103.26M	94.36M	77.22M	60.14M	48.18M	47.67M	50.91M	26.27M	22.58M	5.35M	6.03M	12.23M	5.91M	5.51M	5.25M	6.16M	6.45M	5.93M	7.59M
Total Liabilities	1,816.39M	1,625.57M	1,690.15M	1,532.32M	1,367.49M	1,130.03M	963.04M	874.05M	793.33M	661.47M	572.73M	480.02M	429.03M	358.85M	317.19M	260.34M	225.61M	227.27M	197.21M	132.63M	99.82M	40.35M	37.26M	45.95M	33.02M	32.01M	29.58M	25.04M	23.81M	23.19M	25.96M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.02M	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	150.69M	145.97M	139.96M	135.80M	137.21M	129.45M	110.21M	123.26M	119.10M	107.11M	91.21M	75.84M	73.51M	62.65M	51.90M	49.57M	42.37M	37.36M	33.05M	22.24M	19.21M	11.86M	12.00M	12.01M	10.47M	8.80M	9.25M	8.45M	7.12M	5.50M	6.35M
Retained Earnings	935.12M	704.48M	641.85M	598.95M	475.56M	389.95M	371.57M	303.85M	284.67M	248.57M	218.60M	193.80M	173.99M	161.20M	138.44M	114.29M	105.67M	94.25M	72.89M	33.46M	22.53M	7.07M	5.99M	6.93M	6.35M	8.13M	8.50M	8.04M	9.65M	7.96M	5.13M
Accumulated OCI	309.73M	43.58M	22.76M	42.09M	36.14M	24.45M	24.89M	22.18M	18.38M	14.30M	16.85M	1.63M	-1.25M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.19M	-0.28M	-0.28M	-0.20M	-0.19M	-0.75M	-0.93M	-0.29M
Minority Interest	82.47M	76.78M	72.81M	65.67M	47.14M	39.45M	28.43M	26.32M	25.99M	21.05M	28.33M	17.54M	16.04M	15.88M	9.77M	9.30M	7.48M	5.60M	4.46M	2.73M	2.05M	0.70M	1.14M	0.92M	0.55M	0.31M	0.31M	0.24M	0.13M	0.11M	0.19M
Total Shareholders’ Equity	1,395.54M	894.03M	804.57M	776.83M	648.90M	543.84M	506.68M	449.29M	422.16M	369.98M	326.65M	271.30M	246.31M	223.85M	190.34M	163.87M	148.04M	131.61M	105.94M	55.70M	41.74M	18.93M	17.99M	18.75M	16.55M	16.65M	17.54M	16.30M	16.02M	12.53M	11.19M
Total Equity	1,478.01M	970.81M	877.38M	842.50M	696.04M	583.28M	535.11M	475.61M	448.15M	391.03M	354.99M	288.84M	262.35M	239.73M	200.11M	173.16M	155.51M	137.21M	110.40M	58.43M	43.79M	19.63M	19.13M	19.67M	17.09M	16.96M	17.85M	16.54M	16.16M	12.64M	11.39M
Total Liabilities & Equity	3,294.41M	2,596.39M	2,567.53M	2,374.82M	2,063.53M	1,713.32M	1,498.15M	1,349.66M	1,241.48M	1,052.51M	927.72M	768.86M	691.38M	598.58M	517.30M	433.50M	381.12M	364.48M	307.61M	191.06M	143.61M	59.98M	56.39M	65.62M	50.11M	48.96M	47.44M	41.58M	39.96M	35.83M	37.35M
Tangible Assets	3,471.15M	3,121.21M	2,970.69M	2,713.75M	2,299.83M	1,809.41M	1,531.20M	1,503.09M	1,386.09M	1,155.90M	947.80M	852.16M	770.73M	695.76M	567.20M	509.34M	446.38M	419.96M	382.14M	247.69M	198.68M	98.88M	104.51M	103.43M	94.64M	89.51M	77.33M	73.69M	67.30M	62.58M	72.50M
Tangible Equity	1,321.60M	790.67M	698.75M	688.53M	552.37M	447.64M	402.54M	378.76M	348.45M	306.91M	303.74M	245.17M	222.84M	208.23M	174.65M	150.46M	138.89M	123.38M	101.73M	54.02M	40.31M	18.09M	16.59M	16.53M	15.18M	15.01M	16.91M	16.00M	15.19M	12.10M	10.50M
Tangible Book Value	1,321.60M	790.67M	698.75M	688.53M	552.37M	447.64M	402.54M	378.76M	348.45M	306.91M	303.74M	245.17M	222.84M	208.23M	174.65M	150.46M	138.89M	123.38M	101.73M	54.02M	40.31M	18.09M	16.59M	16.53M	15.18M	15.01M	16.91M	16.00M	15.19M	12.10M	10.50M
Total Investments	258.20M	152.64M	179.73M	125.17M	128.27M	89.61M	67.96M	79.69M	55.69M	48.49M	34.57M	30.51M	24.16M	20.99M	24.15M	19.89M	20.29M	22.40M	21.96M	8.64M	9.67M	4.32M	4.30M	5.52M	4.73M	4.22M	2.82M	0.76M	0.17M	0.14M	0.23M
Net Debt	372.33M	72.23M	163.34M	173.88M	165.95M	179.79M	232.97M	163.57M	131.48M	47.46M	88.01M	85.56M	69.40M	49.18M	36.15M	2.67M	11.21M	35.41M	24.04M	7.91M	5.66M	-2.92M	-3.27M	4.79M	-0.49M	-6.06M	4.03M	2.32M	-0.07M	5.26M	2.77M

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	1,064.20M	907.28M	853.92M	808.42M	637.57M	415.26M	331.42M	323.29M	324.06M	326.26M	259.48M	264.10M	212.74M	194.78M	188.48M	171.11M	119.38M	111.41M	122.70M	86.09M	60.14M	41.76M	44.98M	42.22M	40.57M	44.07M	46.75M	30.11M	28.31M	32.51M	26.06M
Total Capital	2,756.62M	2,346.95M	2,447.56M	2,170.24M	1,844.71M	1,437.24M	1,243.86M	1,173.14M	1,042.57M	873.51M	744.77M	663.42M	605.08M	502.05M	467.92M	405.40M	334.61M	331.83M	301.28M	173.69M	146.06M	86.36M	85.38M	83.15M	80.55M	71.41M	76.56M	57.65M	52.46M	45.11M	50.02M
Capital Employed	2,682.27M	2,559.36M	2,335.82M	2,126.48M	1,916.13M	1,526.80M	1,237.32M	1,048.03M	1,074.04M	917.86M	744.79M	680.46M	611.20M	556.90M	481.18M	419.64M	362.96M	321.69M	302.61M	199.81M	166.68M	85.69M	92.36M	105.49M	89.61M	82.23M	84.31M	63.36M	55.71M	56.86M	53.72M
Invested Capital	2,272.11M	1,836.66M	1,940.29M	1,714.57M	1,466.89M	1,149.47M	1,036.05M	960.88M	851.30M	689.80M	608.96M	547.77M	497.27M	399.01M	376.17M	311.74M	260.81M	277.72M	248.19M	135.37M	115.97M	69.20M	67.43M	66.94M	65.34M	51.57M	67.16M	47.95M	42.18M	39.32M	41.34M

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	35.62M	108.76M	98.00M	75.38M	67.45M	57.77M	49.14M	44.37M	39.21M	34.43M	26.19M	24.52M	22.65M	21.53M	17.38M	16.90M	15.49M	13.96M	12.30M	7.56M	7.30M	3.59M	3.35M	3.49M	3.77M	3.87M	2.68M	2.50M	2.11M	2.04M	3.06M
Deferred Income Tax	0.00M	0.00M	-2.14M	-1.65M	-2.09M	-0.66M	-1.15M	-0.79M	-1.27M	-0.69M	-0.41M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.05M	-0.05M	0.00M
Stock-Based Compensation	0.00M	1.07M	1.42M	4.02M	2.94M	1.23M	0.60M	0.49M	0.25M	0.47M	0.33M	0.30M	0.13M	0.04M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-78.62M	-29.04M	-52.94M	-119.54M	-62.40M	-0.04M	-18.55M	-40.80M	-65.74M	-9.81M	-16.24M	-19.72M	-24.85M	-6.27M	-26.72M	-14.69M	10.20M	-8.33M	-18.24M	-7.62M	-3.50M	-2.81M	-0.18M	1.12M	-2.98M	-1.25M	-2.22M	-3.91M	-1.58M	-1.41M	-2.75M
Accounts Receivable	-53.42M	-73.02M	-63.30M	-93.11M	-83.65M	-26.71M	-18.08M	-37.23M	-49.92M	-26.38M	-17.21M	-20.84M	-14.94M	-3.65M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-36.47M	-24.62M	-23.26M	-92.28M	-71.84M	-11.97M	-8.79M	-18.41M	-33.55M	-6.37M	-1.81M	-4.92M	-2.71M	-2.28M	-13.19M	-8.43M	2.08M	-5.71M	-9.29M	-7.57M	-2.38M	-2.06M	-0.45M	0.69M	-1.87M	-1.50M	-0.70M	-0.62M	-0.80M	-0.50M	-3.51M
Accounts Payable	0.16M	45.79M	40.60M	68.37M	82.41M	24.93M	20.56M	13.77M	16.70M	23.32M	9.59M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	5.23M	9.63M	-0.54M	-1.58M	-1.18M	2.15M	-3.62M	-18.49M	-18.88M	-1.15M	-9.56M	-8.75M	-13.28M	-1.19M	-11.09M	-6.56M	4.50M	-3.82M	-7.65M	1.29M	-0.64M	-0.70M	2.18M	0.69M	-0.76M	-0.26M	-1.81M	-2.36M	-0.62M	-0.46M	0.72M
Other Non-Cash Items	93.76M	39.48M	48.61M	10.14M	19.36M	20.75M	14.11M	13.00M	9.25M	7.90M	8.22M	8.92M	5.23M	4.42M	4.34M	0.91M	0.07M	0.63M	-1.76M	0.14M	0.68M	0.96M	0.61M	1.81M	1.34M	-0.10M	-0.04M	0.24M	0.29M	-0.13M	-1.66M
Net Cash from Operating Activities	253.30M	282.91M	234.56M	162.15M	151.31M	165.32M	139.86M	93.33M	56.57M	92.32M	84.32M	55.59M	48.90M	57.41M	23.09M	27.49M	55.42M	29.94M	26.54M	15.05M	12.71M	6.66M	4.77M	5.64M	3.23M	6.78M	6.01M	4.72M	5.84M	4.43M	4.13M
Capital Expenditures (PPE)	-129.11M	-157.42M	-150.99M	-117.98M	-95.50M	-70.76M	-60.28M	-61.36M	-60.88M	-52.92M	-42.11M	-32.54M	-34.21M	-34.36M	-33.01M	-26.57M	-20.03M	-21.59M	-19.07M	-11.01M	-9.44M	-5.50M	-4.55M	-5.15M	-8.76M	-5.46M	-4.24M	-4.65M	-5.03M	-2.84M	-4.88M
Acquisitions (Net)	0.78M	-3.26M	-0.14M	2.65M	-0.51M	-2.34M	-1.34M	0.90M	0.63M	-1.24M	0.83M	0.21M	-1.56M	-1.08M	-1.22M	-1.63M	-0.71M	-0.71M	-0.17M	0.62M	0.55M	0.03M	0.02M	0.02M	0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	-88.88M	-124.65M	-69.87M	-86.46M	-74.21M	-44.34M	-25.77M	-24.34M	-28.97M	-32.59M	-17.14M	-8.06M	-9.00M	-6.64M	-5.01M	-3.50M	-2.59M	-6.31M	-5.66M	-2.45M	-1.21M	-0.94M	-0.80M	-1.37M	-3.03M	-5.26M	-2.12M	-0.82M	-6.53M	-0.12M	-0.93M
Sales / Maturities of Investments	84.87M	134.76M	76.98M	58.91M	50.37M	36.66M	20.90M	19.66M	20.75M	19.64M	12.17M	6.99M	7.57M	3.56M	4.32M	4.13M	4.23M	4.25M	4.75M	2.00M	1.61M	0.72M	0.81M	0.68M	1.86M	1.17M	0.37M	1.11M	0.45M	0.44M	0.71M
Other Investing Activities	-3.62M	1.85M	2.83M	-3.17M	6.65M	3.87M	1.00M	0.49M	0.50M	4.50M	-0.21M	-1.42M	2.47M	0.40M	2.07M	0.70M	-0.09M	1.40M	0.78M	0.00M	0.56M	0.77M	0.20M	-0.46M	-0.61M	-0.45M	-0.08M	-0.06M	0.16M	0.16M	0.02M
Net Cash from Investing Activities	-176.27M	-193.18M	-171.39M	-124.36M	-117.69M	-86.66M	-97.05M	-80.76M	-89.93M	-74.37M	-51.16M	-45.26M	-50.49M	-41.12M	-34.53M	-27.57M	-24.48M	-24.96M	-22.32M	-10.07M	-9.55M	-5.08M	-4.27M	-6.84M	-7.15M	-7.83M	-7.20M	-6.52M	-7.66M	-4.44M	-8.51M
Net Debt Issuance	27.49M	8.83M	39.52M	61.86M	41.62M	11.07M	12.60M	43.49M	28.26M	4.17M	-2.75M	1.53M	2.73M	4.90M	12.49M	0.66M	-5.20M	4.33M	4.93M	-0.14M	-1.07M	-0.18M	-0.92M	-0.39M	1.41M	1.52M	1.03M	0.79M	0.05M	-0.12M	0.86M
Long-Term Debt Issuance	20.70M	29.17M	51.99M	63.67M	48.72M	15.43M	16.99M	52.42M	31.52M	15.13M	4.47M	6.60M	8.63M	8.26M	14.63M	7.59M	-2.28M	1.30M	4.72M	-0.09M	0.38M	-0.27M	-1.04M	-0.23M	1.22M	1.53M	1.03M	0.79M	0.05M	-0.12M	0.86M
Short-Term Debt Issuance	-4.61M	-1.39M	-0.35M	-1.80M	-2.44M	-2.98M	-2.56M	-0.98M	-1.18M	-0.35M	-0.23M	-0.23M	-0.53M	-0.26M	0.21M	-1.29M	-1.57M	1.90M	0.02M	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	-1.98M	-4.15M	-1.41M	-2.55M	-0.22M	-2.30M	-1.34M	-1.08M	-0.04M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.01M	0.00M	-0.13M	0.29M	0.05M	0.02M	0.01M	0.00M	0.00M	0.00M	0.13M	0.03M	0.00M	0.16M	0.14M	0.70M
Common Stock Issuance	0.00M	0.35M	0.00M	0.05M	0.63M	0.00M	0.38M	0.00M	0.00M	0.22M	0.00M	0.00M	0.00M	0.09M	0.01M	0.08M	0.09M	0.43M	0.85M	0.16M	0.28M	0.23M	0.01M	0.00M	0.01M	0.38M	0.10M	0.13M	1.31M	0.17M	1.05M
Common Stock Repurchased	-1.60M	-4.43M	-2.54M	-6.91M	-3.26M	-3.23M	-1.85M	-1.57M	-0.31M	-0.01M	-0.03M	-0.07M	0.00M	-0.01M	0.00M	-0.01M	0.00M	-0.23M	-0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.02M	-0.07M	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	-34.47M	-54.16M	-38.14M	-28.73M	-26.79M	-23.38M	-22.75M	-27.67M	-25.71M	-18.05M	-17.41M	-14.11M	-10.51M	-10.76M	-7.98M	-8.66M	-6.84M	-6.17M	-5.03M	-2.91M	-2.66M	-1.28M	-1.39M	-1.43M	-1.86M	-1.15M	-0.87M	-1.11M	-0.01M	0.00M	-0.18M
Common Dividends Paid	-34.41M	-54.16M	-40.03M	-33.44M	-30.74M	-32.18M	-31.05M	-25.20M	-22.15M	-16.90M	-16.22M	-14.10M	-9.91M	-9.72M	-8.08M	-7.68M	-6.79M	-6.05M	-5.07M	-2.90M	-2.67M	-1.14M	-1.37M	-1.43M	-1.86M	-1.15M	-0.87M	-1.11M	-0.01M	0.00M	-0.18M
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	-22.50M	-8.24M	-14.12M	-0.66M	0.10M	3.79M	-5.23M	-4.71M	11.58M	12.14M	9.24M	1.27M	-0.62M	1.68M	2.61M	0.14M	0.05M	0.01M	1.32M	0.02M	-0.13M	0.21M	0.23M	0.35M	0.24M	2.96M	0.01M	0.05M	0.01M	-0.06M	-0.01M
Net Cash from Financing Activities	-51.52M	-61.59M	-12.90M	31.13M	42.84M	-7.13M	-17.43M	12.22M	43.73M	2.06M	-8.39M	-6.87M	-6.03M	-1.92M	8.95M	5.18M	-6.81M	3.38M	2.61M	-3.83M	-4.27M	-0.89M	-1.28M	-0.12M	3.19M	4.80M	1.68M	2.79M	1.10M	-1.08M	4.15M
Effect of FX on Cash	6.00M	1.92M	0.99M	1.79M	-0.13M	-1.74M	0.22M	0.17M	-1.38M	0.20M	0.51M	0.37M	0.11M	-0.23M	-0.31M	-0.12M	-0.45M	-0.16M	0.18M	0.12M	-0.05M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.04M	-0.02M	-0.49M	-0.20M
Net Change in Cash	71.20M	37.56M	45.87M	43.32M	62.50M	46.45M	15.69M	5.45M	1.82M	35.67M	11.07M	4.77M	0.28M	10.26M	1.16M	4.63M	16.63M	5.40M	8.64M	4.64M	-0.50M	1.40M	2.09M	-0.45M	2.01M	8.60M	0.04M	0.59M	0.80M	-1.07M	0.47M
Cash at Beginning of Period	380.94M	480.46M	408.41M	346.53M	259.65M	196.65M	178.36M	178.44M	165.80M	118.91M	106.43M	97.43M	97.11M	87.57M	86.26M	71.63M	53.95M	47.55M	40.41M	25.90M	22.91M	16.87M	13.39M	16.43M	18.11M	8.56M	7.72M	10.43M	4.14M	4.30M	2.06M
Cash at End of Period	547.32M	504.43M	482.39M	405.46M	347.76M	250.56M	188.25M	184.68M	180.01M	165.95M	121.26M	106.06M	97.88M	95.86M	86.68M	87.90M	70.56M	53.08M	47.75M	33.54M	26.85M	18.03M	17.30M	16.11M	17.40M	24.05M	8.95M	10.95M	5.20M	2.81M	4.79M
Operating Cash Flow	253.54M	282.91M	234.40M	166.70M	151.89M	165.28M	139.85M	93.33M	56.57M	92.32M	84.32M	55.59M	48.90M	57.41M	23.09M	27.49M	55.42M	29.94M	26.54M	15.05M	12.71M	6.66M	4.77M	5.64M	3.23M	6.78M	6.01M	4.72M	5.84M	4.43M	4.13M
Capital Expenditure	-145.03M	-158.56M	-152.14M	-118.09M	-95.55M	-70.81M	-60.07M	-60.77M	-60.88M	-52.92M	-42.11M	-32.51M	-34.21M	-34.37M	-33.01M	-26.56M	-20.03M	-21.59M	-19.07M	-10.98M	-9.44M	-5.49M	-4.55M	-5.15M	-8.76M	-5.46M	-4.24M	-4.65M	-5.03M	-2.84M	-4.88M
Free Cash Flow	127.77M	133.69M	89.11M	24.24M	29.09M	70.68M	61.76M	12.79M	-19.30M	42.06M	35.79M	17.30M	3.72M	13.94M	-9.87M	4.60M	24.79M	7.20M	1.86M	3.67M	3.51M	0.29M	-0.74M	-0.56M	-2.88M	1.28M	1.19M	-1.63M	-0.84M	1.80M	0.64M

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	360.63M	320.18M	299.68M	273.21M	239.81M	175.48M	187.45M	156.07M	138.25M	119.73M	110.10M	91.94M	78.09M	70.76M	69.49M	64.76M	55.12M	60.60M	56.11M	31.90M	22.94M	9.94M	8.00M	6.43M	9.15M	9.46M	8.01M	8.78M	10.24M	7.98M	9.69M
(-) Tax Adjustment	66.21M	64.96M	43.21M	40.44M	40.14M	42.13M	34.68M	35.12M	27.64M	23.89M	25.70M	23.14M	18.10M	17.08M	16.76M	15.23M	16.45M	15.46M	13.58M	7.32M	7.41M	2.63M	2.74M	-2.77M	3.98M	3.36M	1.81M	2.45M	3.23M	2.29M	2.58M
(-) Change In Working Capital	-78.62M	-29.04M	-52.94M	-119.54M	-62.40M	-0.04M	-18.55M	-40.80M	-65.74M	-9.81M	-16.24M	-19.72M	-24.85M	-6.27M	-26.72M	-14.69M	10.20M	-8.33M	-18.24M	-7.62M	-3.50M	-2.81M	-0.18M	1.12M	-2.98M	-1.25M	-2.22M	-3.91M	-1.58M	-1.41M	-2.75M
(-) Capital Expenditure	145.03M	158.56M	152.14M	118.09M	95.55M	70.81M	60.07M	60.77M	60.88M	52.92M	42.11M	32.51M	34.21M	34.37M	33.01M	26.56M	20.03M	21.59M	19.07M	10.98M	9.44M	5.49M	4.55M	5.15M	8.76M	5.46M	4.24M	4.65M	5.03M	2.84M	4.88M
Unlevered Free Cash Flow	228.02M	125.70M	157.27M	234.23M	166.51M	62.59M	111.25M	100.97M	115.47M	52.73M	58.53M	56.01M	50.63M	25.58M	46.44M	37.65M	8.44M	31.88M	41.70M	21.22M	9.60M	4.62M	0.89M	2.92M	-0.60M	1.89M	4.18M	5.58M	3.57M	4.26M	4.97M
(-) Net Interest Income After Taxes	-11.94M	-16.93M	-17.86M	-15.61M	-14.71M	-14.54M	-15.06M	-12.26M	-8.67M	-7.44M	-7.40M	-6.41M	-6.27M	-5.14M	-3.76M	-3.29M	-2.85M	-3.59M	-2.81M	-1.28M	-0.78M	-0.47M	-0.27M	-0.60M	-0.31M	-0.31M	-0.27M	-0.40M	-0.31M	-0.28M	-0.47M
Net Debt Issuance	27.49M	8.83M	39.52M	61.86M	41.62M	11.07M	12.60M	43.49M	28.26M	4.17M	-2.75M	1.53M	2.73M	4.90M	12.49M	0.66M	-5.20M	4.33M	4.93M	-0.14M	-1.07M	-0.18M	-0.92M	-0.39M	1.41M	1.52M	1.03M	0.79M	0.05M	-0.12M	0.86M
Levered Free Cash Flow	267.45M	151.45M	214.65M	311.70M	222.85M	88.21M	138.91M	156.72M	152.40M	64.34M	63.18M	63.95M	59.63M	35.62M	62.70M	41.61M	6.09M	39.79M	49.43M	22.37M	9.31M	4.92M	0.24M	3.13M	1.12M	3.72M	5.48M	6.77M	3.93M	4.43M	6.30M