Auto - Dealerships

Category: Industry Averages Base Ticker: 0881.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	15.50	6.33	5.74	6.75	12.34	9.70	8.75	9.75	7.40	7.05	6.77	6.58	6.44	3.09	4.32	4.66	3.75	2.69	5.61	7.10	7.16	7.35	5.59	4.35	4.33	2.88	3.59	4.91	4.05	4.03	5.88
Market Capitalization	1,079.24M	666.17M	654.02M	731.03M	1,027.61M	951.28M	824.62M	741.21M	875.28M	782.80M	791.95M	783.95M	689.08M	590.97M	694.65M	706.80M	554.33M	271.78M	589.66M	507.58M	493.08M	421.99M	341.40M	279.11M	343.56M	202.20M	201.10M	205.91M	188.85M	179.87M	157.18M
(-) Cash & Equivalents	59.68M	80.20M	78.22M	102.69M	105.13M	106.18M	71.65M	64.64M	75.96M	65.19M	74.94M	66.02M	72.53M	63.96M	69.95M	66.84M	58.25M	43.16M	37.99M	39.05M	38.14M	33.32M	40.37M	18.22M	25.52M	27.25M	16.19M	15.70M	28.22M	9.86M	6.80M
(+) Total Debt	649.01M	400.18M	440.90M	397.58M	351.38M	330.35M	326.40M	427.76M	416.81M	432.51M	473.22M	401.38M	353.93M	349.55M	337.74M	227.36M	214.23M	228.89M	232.82M	169.02M	169.36M	201.74M	159.49M	137.55M	167.09M	159.34M	146.39M	94.16M	60.46M	41.73M	38.93M
Enterprise Value	1,657.46M	1,107.95M	1,017.49M	1,166.41M	1,422.27M	1,369.88M	1,345.71M	1,272.25M	1,245.06M	1,152.00M	1,238.14M	1,209.14M	1,057.45M	1,023.69M	900.50M	895.47M	811.32M	746.39M	995.31M	825.02M	744.92M	924.44M	559.89M	472.43M	493.88M	392.12M	350.28M	302.40M	230.08M	206.80M	209.12M

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	1,943.258M	1,517.182M	1,608.896M	1,782.269M	1,534.988M	1,422.947M	1,493.675M	1,704.882M	1,806.743M	1,864.206M	1,811.376M	1,748.915M	1,589.888M	1,549.000M	1,953.550M	1,426.807M	1,174.341M	1,276.338M	1,493.639M	971.234M	1,549.754M	1,579.377M	1,379.868M	1,416.539M	1,363.323M	1,345.633M	870.523M	589.173M	330.552M	272.662M	294.281M
Cost of Revenue	1,585.079M	1,114.197M	1,371.551M	1,552.939M	1,279.765M	1,206.569M	1,265.889M	1,328.308M	1,564.047M	1,599.370M	1,583.326M	1,511.936M	1,374.335M	1,352.302M	1,621.492M	1,020.659M	908.405M	1,011.175M	1,361.820M	713.655M	1,108.238M	1,254.079M	1,104.193M	1,150.037M	1,133.576M	1,120.398M	726.482M	467.811M	150.033M	84.492M	43.229M
Gross Profit	358.179M	402.985M	237.345M	229.329M	255.223M	216.378M	227.786M	376.574M	242.696M	264.835M	228.050M	236.979M	215.553M	196.699M	332.058M	406.148M	265.937M	265.162M	131.820M	257.578M	441.516M	325.298M	275.675M	266.502M	229.747M	225.235M	144.041M	121.362M	180.519M	188.170M	251.052M
Gross Margin	18.43%	26.56%	14.75%	12.87%	16.63%	15.21%	15.25%	22.09%	13.43%	14.21%	12.59%	13.55%	13.56%	12.70%	17.00%	28.47%	22.65%	20.78%	8.83%	26.52%	28.49%	20.60%	19.98%	18.81%	16.85%	16.74%	16.55%	20.60%	54.61%	69.01%	85.31%
R&D Expenses	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	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M
SG&A Expenses	199.234M	131.909M	162.822M	161.615M	145.204M	125.536M	122.835M	134.339M	148.643M	150.662M	157.856M	150.381M	139.629M	122.596M	126.369M	125.705M	144.093M	164.611M	195.892M	112.049M	151.607M	136.317M	113.178M	101.921M	126.195M	125.457M	66.870M	43.426M	19.335M	11.390M	9.492M
Operating Expenses	199.234M	131.909M	162.822M	161.615M	145.204M	125.536M	122.835M	134.339M	148.643M	150.662M	157.856M	150.381M	139.629M	122.596M	126.369M	125.705M	144.093M	164.611M	195.892M	112.049M	151.607M	136.317M	113.178M	101.921M	126.195M	125.457M	66.870M	43.426M	19.335M	11.390M	9.492M
Operating Income	158.945M	271.076M	74.523M	67.714M	110.019M	90.842M	104.951M	242.235M	94.053M	114.173M	70.194M	86.599M	75.923M	74.102M	205.690M	280.444M	121.844M	100.551M	-64.072M	145.530M	289.909M	188.982M	162.497M	164.581M	103.551M	99.778M	77.171M	77.936M	161.185M	176.780M	241.560M
Operating Margin	8.18%	17.87%	4.63%	3.80%	7.17%	6.38%	7.03%	14.21%	5.21%	6.12%	3.88%	4.95%	4.78%	4.78%	10.53%	19.66%	10.38%	7.88%	-4.29%	14.98%	18.71%	11.97%	11.78%	11.62%	7.60%	7.41%	8.86%	13.23%	48.76%	64.83%	82.08%
Interest Income	1.216M	2.434M	1.246M	1.537M	0.959M	0.952M	1.199M	1.625M	1.432M	0.997M	1.858M	1.314M	1.196M	1.531M	0.719M	0.642M	0.501M	0.921M	0.682M	0.389M	0.370M	0.650M	0.109M	0.068M	0.118M	0.023M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	29.943M	22.763M	25.069M	18.669M	11.408M	14.700M	16.268M	20.855M	17.418M	16.306M	19.203M	18.754M	15.296M	16.270M	16.920M	9.470M	10.665M	12.746M	7.274M	4.128M	4.422M	3.793M	1.946M	1.597M	1.379M	1.397M	1.187M	0.571M	0.763M	0.686M	0.920M
Net Interest Income	-28.727M	-20.328M	-23.823M	-17.132M	-10.449M	-13.748M	-15.069M	-19.230M	-15.986M	-15.309M	-17.345M	-17.440M	-14.099M	-14.739M	-16.201M	-8.828M	-10.164M	-11.824M	-6.592M	-3.739M	-4.052M	-3.143M	-1.837M	-1.529M	-1.261M	-1.374M	-1.187M	-0.571M	-0.763M	-0.686M	-0.920M
Other Income / Expense	-66.448M	-217.565M	-11.030M	16.449M	-41.786M	-34.318M	-43.906M	-175.205M	-15.136M	-46.092M	11.050M	-4.189M	3.419M	3.915M	-127.455M	-218.824M	-80.454M	-91.759M	129.567M	-88.812M	-231.931M	-140.289M	-119.980M	-124.380M	-72.052M	-71.673M	-57.709M	-64.515M	-152.343M	-169.134M	-234.569M
Pre-Tax Income	63.770M	33.182M	39.670M	67.031M	57.784M	42.776M	45.976M	47.800M	62.932M	52.772M	63.899M	64.969M	65.243M	63.278M	62.033M	52.792M	31.226M	-3.032M	58.903M	52.979M	53.927M	45.549M	40.680M	38.673M	30.237M	26.731M	18.275M	12.850M	8.079M	6.960M	6.071M
Pre-Tax Margin	3.28%	2.19%	2.47%	3.76%	3.76%	3.01%	3.08%	2.80%	3.48%	2.83%	3.53%	3.71%	4.10%	4.09%	3.18%	3.70%	2.66%	-0.24%	3.94%	5.45%	3.48%	2.88%	2.95%	2.73%	2.22%	1.99%	2.10%	2.18%	2.44%	2.55%	2.06%
Income Tax Expense	19.337M	9.446M	12.714M	17.465M	15.569M	11.226M	11.560M	13.990M	13.545M	15.731M	17.628M	19.022M	20.216M	19.653M	18.336M	11.554M	8.217M	5.286M	15.355M	15.030M	16.323M	14.141M	12.339M	14.421M	10.878M	9.519M	5.435M	5.361M	1.841M	2.522M	1.572M
Tax Rate	30.32%	28.47%	32.05%	26.06%	26.94%	26.24%	25.14%	29.27%	21.52%	29.81%	27.59%	29.28%	30.99%	31.06%	29.56%	21.89%	26.31%	0.00%	26.07%	28.37%	30.27%	31.05%	30.33%	35.00%	35.00%	35.00%	29.74%	35.00%	22.79%	35.00%	25.89%
Net Income	44.433M	23.737M	26.957M	49.566M	42.215M	31.550M	34.416M	33.810M	49.386M	37.041M	46.271M	45.948M	45.027M	43.625M	43.697M	41.237M	23.009M	-8.318M	43.547M	37.949M	37.604M	31.408M	28.341M	24.252M	19.359M	17.212M	12.840M	7.489M	6.238M	4.438M	4.499M
Net Margin	2.29%	1.56%	1.68%	2.78%	2.75%	2.22%	2.30%	1.98%	2.73%	1.99%	2.55%	2.63%	2.83%	2.82%	2.24%	2.89%	1.96%	-0.65%	2.92%	3.91%	2.43%	1.99%	2.05%	1.71%	1.42%	1.28%	1.47%	1.27%	1.89%	1.63%	1.53%
EBIT	158.945M	271.076M	74.523M	67.714M	110.019M	90.842M	104.951M	242.235M	94.053M	114.173M	70.194M	86.599M	75.923M	74.102M	205.690M	280.444M	121.844M	100.551M	-64.072M	145.530M	289.909M	188.982M	162.497M	164.581M	103.551M	99.778M	77.171M	77.936M	161.185M	176.780M	241.560M
Depreciation & Amortization	45.937M	32.565M	37.557M	39.275M	32.159M	30.095M	30.026M	26.584M	24.662M	22.527M	21.114M	19.513M	17.742M	18.868M	17.452M	16.825M	16.298M	16.847M	15.014M	11.259M	10.789M	9.564M	10.413M	7.140M	9.851M	9.434M	5.527M	3.323M	2.501M	2.544M	1.350M
EBITDA	204.881M	303.641M	112.081M	106.989M	142.179M	120.938M	134.977M	268.819M	118.715M	136.700M	91.308M	106.111M	93.665M	92.970M	223.141M	297.268M	138.142M	117.398M	-49.059M	156.789M	300.699M	198.546M	172.910M	171.721M	113.402M	109.212M	82.698M	81.259M	163.686M	179.324M	242.910M
EBITDA Margin	10.54%	20.01%	6.97%	6.00%	9.26%	8.50%	9.04%	15.77%	6.57%	7.33%	5.04%	6.07%	5.89%	6.00%	11.42%	20.83%	11.76%	9.20%	-3.28%	16.14%	19.40%	12.57%	12.53%	12.12%	8.32%	8.12%	9.50%	13.79%	49.52%	65.77%	82.54%
NOPAT	110.748M	193.910M	50.639M	50.071M	80.376M	67.002M	78.563M	171.337M	73.809M	80.138M	50.829M	61.244M	52.398M	51.088M	144.891M	219.064M	89.783M	100.551M	-47.369M	104.243M	202.157M	130.310M	113.209M	106.978M	67.308M	64.856M	54.220M	50.659M	124.448M	114.907M	179.010M
NOPAT Margin	5.70%	12.78%	3.15%	2.81%	5.24%	4.71%	5.26%	10.05%	4.09%	4.30%	2.81%	3.50%	3.30%	3.30%	7.42%	15.35%	7.65%	7.88%	-3.17%	10.73%	13.04%	8.25%	8.20%	7.55%	4.94%	4.82%	6.23%	8.60%	37.65%	42.14%	60.83%
Owner's Earnings	90.370M	56.302M	64.514M	88.840M	74.374M	61.646M	64.443M	60.394M	74.049M	59.568M	67.385M	65.460M	62.769M	62.493M	61.149M	58.062M	39.307M	8.528M	58.561M	49.208M	48.393M	40.972M	38.754M	31.392M	29.210M	26.646M	18.367M	10.812M	8.739M	6.982M	5.849M
Owner's Earnings Margin	4.65%	3.71%	4.01%	4.98%	4.85%	4.33%	4.31%	3.54%	4.10%	3.20%	3.72%	3.74%	3.95%	4.03%	3.13%	4.07%	3.35%	0.67%	3.92%	5.07%	3.12%	2.59%	2.81%	2.22%	2.14%	1.98%	2.11%	1.84%	2.64%	2.56%	1.99%
EPS	0.17	0.07	0.08	0.14	0.13	0.08	0.08	0.08	0.11	0.08	0.11	0.12	0.13	0.11	0.11	0.11	0.09	-0.03	0.18	0.18	0.18	0.18	0.14	0.14	0.10	0.11	0.08	0.04	0.04	0.03	0.03
EPS (Diluted)	0.17	0.07	0.08	0.14	0.13	0.08	0.08	0.08	0.11	0.08	0.11	0.12	0.13	0.11	0.11	0.11	0.09	-0.03	0.18	0.18	0.18	0.18	0.14	0.14	0.10	0.11	0.08	0.04	0.04	0.03	0.03
Shares (Diluted)	266,468,003	317,002,559	328,428,574	367,096,211	321,199,075	381,902,645	409,458,632	420,983,524	430,712,069	485,605,565	421,820,082	394,367,735	355,510,411	407,869,806	411,996,777	385,117,271	259,491,218	248,664,194	243,539,525	208,582,329	208,898,031	170,348,366	202,446,191	177,731,910	194,167,703	159,083,219	163,428,171	177,918,598	153,864,092	152,280,892	134,788,549

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	61.12M	80.84M	78.22M	102.69M	105.01M	105.41M	72.21M	66.69M	75.96M	65.19M	74.94M	66.02M	74.65M	69.96M	71.36M	72.42M	59.52M	43.16M	37.99M	39.05M	38.14M	34.34M	40.37M	18.11M	25.47M	26.90M	16.05M	16.01M	27.49M	11.75M	6.37M
Short-Term Investments	5.65M	7.64M	14.27M	18.13M	19.27M	10.34M	7.99M	9.02M	3.44M	6.64M	1.74M	12.66M	0.82M	8.94M	1.24M	1.24M	3.28M	10.22M	17.12M	2.39M	1.65M	1.75M	0.63M	0.43M	15.48M	1.31M	0.45M	0.20M	0.33M	0.22M	0.55M
Cash & Short-Term Investments	66.77M	88.48M	92.50M	120.82M	124.27M	115.75M	80.20M	75.71M	79.40M	71.83M	76.68M	78.69M	75.46M	78.90M	72.60M	73.65M	62.79M	53.37M	55.11M	41.44M	39.79M	36.09M	41.00M	18.54M	40.95M	28.20M	16.51M	16.20M	27.82M	11.97M	6.92M
Net Receivables	177.14M	149.11M	108.83M	135.10M	96.20M	107.30M	94.63M	76.11M	103.29M	106.34M	100.77M	92.14M	77.54M	101.06M	82.07M	79.96M	57.73M	68.18M	88.99M	86.39M	91.37M	92.84M	77.56M	81.21M	78.20M	45.68M	29.97M	25.05M	23.09M	13.64M	12.14M
Inventory	234.05M	191.79M	203.07M	218.05M	185.28M	178.21M	184.18M	215.49M	275.93M	278.63M	288.99M	261.34M	226.95M	243.07M	227.21M	183.34M	159.34M	211.78M	170.54M	155.79M	174.56M	177.45M	185.97M	188.53M	160.76M	200.98M	161.42M	84.63M	61.32M	35.74M	32.54M
Other Current Assets	34.81M	44.22M	60.06M	61.79M	38.96M	33.35M	38.53M	46.73M	47.32M	52.72M	69.07M	84.78M	61.12M	58.64M	42.92M	28.38M	12.77M	26.42M	33.46M	16.35M	35.78M	10.67M	17.43M	15.21M	7.44M	11.57M	7.93M	5.88M	5.89M	4.82M	3.96M
Total Current Assets	512.77M	473.60M	464.45M	535.75M	444.70M	434.61M	397.53M	414.05M	505.95M	509.53M	535.51M	516.95M	441.08M	481.68M	424.80M	365.34M	292.63M	359.75M	348.08M	299.97M	341.50M	317.05M	321.96M	303.48M	287.35M	286.44M	215.83M	131.78M	118.12M	66.18M	55.56M
Property, Plant & Equipment	471.49M	340.95M	353.03M	340.91M	316.93M	328.34M	275.73M	266.12M	256.81M	284.51M	277.68M	272.73M	243.29M	233.61M	233.40M	221.74M	208.84M	199.00M	177.71M	135.91M	135.71M	120.27M	104.42M	88.42M	88.82M	68.42M	57.19M	44.47M	44.28M	30.72M	29.53M
Goodwill	113.91M	49.48M	52.85M	52.50M	56.54M	43.42M	46.12M	57.48M	52.39M	45.45M	46.57M	54.55M	43.31M	54.40M	47.11M	29.53M	22.06M	21.41M	40.12M	26.55M	25.42M	1.63M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	43.23M	40.66M	52.94M	68.21M	70.72M	43.40M	33.83M	45.08M	32.40M	35.21M	28.95M	27.37M	25.63M	22.92M	22.53M	22.89M	19.19M	24.03M	34.83M	23.54M	21.05M	30.53M	30.40M	29.89M	25.50M	39.07M	33.32M	26.85M	19.87M	1.35M	0.58M
Long-Term Investments	52.71M	23.52M	33.66M	34.69M	27.37M	14.25M	16.37M	11.73M	16.99M	14.13M	13.70M	12.37M	8.72M	10.22M	2.82M	2.86M	5.85M	5.79M	3.93M	4.11M	4.42M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	2.82M	3.55M	5.50M	9.72M	8.58M	7.68M	7.01M	7.74M	3.99M	6.22M	4.92M	4.97M	4.50M	5.48M	5.73M	7.79M	5.45M	4.13M	3.13M	1.97M	1.05M	0.05M	0.14M	0.20M	0.03M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	38.77M	39.63M	37.42M	34.92M	37.04M	18.46M	26.07M	20.09M	18.59M	18.31M	17.21M	16.47M	14.51M	24.27M	37.00M	30.74M	23.13M	20.09M	31.33M	17.09M	19.79M	14.47M	15.03M	10.63M	15.84M	7.41M	9.29M	5.32M	4.54M	6.25M	9.05M
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	722.93M	497.78M	535.40M	540.95M	517.19M	455.56M	405.13M	408.24M	381.18M	403.83M	389.04M	388.46M	339.95M	350.91M	348.59M	315.55M	284.53M	274.46M	291.05M	209.17M	207.43M	166.94M	149.99M	129.14M	130.18M	114.90M	99.80M	76.64M	68.68M	38.32M	39.16M
Total Assets	1,235.70M	971.38M	999.85M	1,076.70M	961.89M	890.17M	802.66M	822.29M	887.13M	913.35M	924.55M	905.41M	781.03M	832.59M	773.40M	680.89M	577.16M	634.21M	639.13M	509.14M	548.93M	483.99M	471.95M	432.63M	417.52M	401.34M	315.63M	208.42M	186.80M	104.51M	94.72M
Accounts Payable	141.61M	105.04M	92.79M	102.62M	90.51M	87.85M	82.19M	104.38M	133.62M	136.34M	136.12M	132.22M	125.86M	101.82M	99.89M	96.71M	83.00M	61.73M	78.48M	50.03M	52.52M	48.01M	45.13M	36.16M	32.93M	27.31M	22.94M	19.97M	16.52M	10.61M	7.79M
Short-Term Debt	296.63M	157.15M	190.84M	180.95M	139.06M	137.14M	144.40M	170.12M	230.34M	208.53M	243.74M	199.11M	167.07M	162.20M	141.04M	93.65M	90.17M	80.86M	70.67M	72.22M	84.92M	62.35M	103.46M	113.80M	117.35M	100.58M	103.67M	70.11M	41.98M	30.84M	25.94M
Tax Payables	0.20M	3.73M	6.04M	7.40M	9.38M	5.38M	3.95M	5.11M	5.00M	6.28M	7.51M	6.71M	5.63M	6.45M	6.66M	3.36M	2.72M	1.80M	2.25M	1.44M	3.95M	0.56M	0.54M	0.16M	0.11M	0.28M	0.31M	0.19M	0.13M	0.23M	0.24M
Deferred Revenue	4.49M	1.05M	4.37M	10.38M	17.00M	8.33M	9.31M	6.50M	9.06M	10.31M	8.87M	6.77M	6.27M	6.84M	5.57M	5.17M	3.98M	3.49M	5.68M	4.06M	6.40M	0.93M	0.59M	1.73M	1.60M	0.41M	0.19M	0.43M	0.32M	0.00M	0.84M
Other Current Liabilities	35.29M	57.46M	61.99M	69.81M	46.50M	47.05M	51.91M	60.76M	66.28M	46.39M	44.51M	51.96M	45.73M	54.14M	47.54M	32.15M	16.60M	34.88M	30.05M	17.26M	19.79M	31.27M	9.34M	10.96M	11.02M	22.79M	14.89M	10.94M	16.21M	7.91M	6.78M
Total Current Liabilities	478.21M	324.43M	356.04M	371.16M	302.46M	285.76M	291.76M	346.87M	444.30M	407.85M	440.74M	396.77M	350.56M	331.45M	300.71M	231.03M	196.47M	182.76M	187.13M	145.01M	167.58M	143.12M	159.06M	162.80M	163.00M	151.38M	142.00M	101.64M	75.16M	49.59M	41.59M
Long-Term Debt	257.77M	136.82M	164.49M	142.95M	161.67M	153.46M	128.50M	140.30M	150.29M	172.63M	167.21M	148.55M	97.63M	134.06M	129.81M	112.20M	117.90M	82.35M	125.01M	76.36M	56.96M	77.14M	52.34M	30.00M	54.25M	57.60M	54.09M	35.17M	21.90M	10.75M	10.07M
Capital Lease Obligations	47.44M	61.98M	67.23M	68.78M	64.38M	62.63M	37.03M	3.22M	1.08M	1.37M	1.37M	1.40M	0.71M	0.86M	0.00M	0.00M	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	0.00M	0.00M
Deferred Tax Liabilities	13.40M	13.84M	11.55M	18.66M	14.51M	16.62M	13.86M	13.72M	15.92M	13.78M	9.77M	9.99M	6.11M	5.74M	10.00M	7.90M	6.34M	2.90M	6.09M	3.41M	4.46M	9.39M	6.17M	3.72M	2.83M	2.47M	1.33M	0.48M	0.71M	0.24M	0.49M
Other Non-Current Liabilities	30.04M	17.10M	27.85M	20.35M	20.83M	13.66M	18.53M	19.82M	16.38M	17.72M	10.30M	16.76M	10.00M	10.11M	17.38M	16.88M	15.90M	21.32M	14.81M	13.51M	10.22M	11.16M	20.36M	7.32M	5.24M	6.80M	5.46M	6.71M	3.71M	4.21M	2.56M
Total Non-Current Liabilities	348.65M	229.74M	271.12M	250.74M	261.39M	246.37M	197.93M	177.07M	183.66M	205.49M	188.65M	176.70M	114.46M	150.77M	157.20M	136.99M	140.15M	106.58M	145.92M	93.27M	71.63M	97.70M	78.88M	41.05M	62.33M	66.88M	60.87M	42.35M	26.32M	15.21M	13.11M
Total Liabilities	826.86M	554.17M	627.16M	621.90M	563.85M	532.12M	489.69M	523.94M	627.96M	613.34M	629.40M	573.48M	465.03M	482.23M	457.91M	368.02M	336.62M	289.35M	333.05M	238.28M	239.21M	240.82M	237.93M	203.85M	225.33M	218.26M	202.87M	143.99M	101.48M	64.80M	54.71M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.23M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.39M	0.45M	0.39M	0.33M	0.41M	0.47M
Common Stock	23.55M	24.94M	29.07M	31.71M	36.51M	30.61M	30.56M	28.15M	31.22M	31.68M	32.66M	31.80M	32.27M	34.05M	34.49M	24.73M	32.29M	24.95M	34.15M	21.19M	28.16M	22.26M	18.86M	17.46M	29.72M	11.14M	10.85M	5.26M	4.08M	4.69M	5.37M
Retained Earnings	270.71M	210.03M	275.48M	283.28M	268.73M	250.39M	240.94M	233.01M	220.38M	198.24M	196.15M	176.68M	154.47M	136.43M	90.94M	90.17M	60.34M	46.89M	159.14M	146.02M	133.28M	104.75M	75.74M	55.80M	40.66M	38.48M	27.15M	17.24M	12.02M	6.97M	10.28M
Accumulated OCI	2.78M	6.19M	7.32M	9.76M	5.86M	2.90M	2.31M	-10.27M	-8.22M	-7.23M	-9.12M	-5.80M	-4.73M	-5.35M	-6.11M	-3.94M	-3.99M	-3.01M	0.00M	0.00M	0.00M	-1.11M	-0.89M	-0.61M	-0.41M	-0.14M	-0.33M	-0.58M	-1.72M	-1.64M	-1.04M
Minority Interest	5.85M	5.73M	5.47M	6.96M	6.10M	3.63M	3.26M	3.06M	3.25M	3.41M	3.75M	5.01M	3.89M	3.43M	2.17M	2.05M	1.08M	1.15M	1.71M	1.67M	1.68M	0.59M	0.21M	0.04M	0.09M	0.12M	0.13M	0.08M	0.13M	0.09M	0.38M
Total Shareholders’ Equity	297.04M	241.16M	311.87M	324.75M	311.11M	283.90M	273.81M	250.89M	243.61M	222.68M	219.69M	202.69M	182.01M	165.13M	119.31M	110.96M	88.64M	68.83M	193.29M	167.21M	161.44M	125.91M	93.72M	72.64M	69.97M	49.87M	38.12M	22.31M	14.71M	10.44M	15.09M
Total Equity	302.89M	246.90M	317.34M	331.71M	317.21M	287.53M	277.07M	253.95M	246.86M	226.09M	223.44M	207.70M	185.90M	168.55M	121.48M	113.00M	89.72M	69.97M	195.00M	168.88M	163.12M	126.49M	93.93M	72.67M	70.06M	49.99M	38.25M	22.39M	14.84M	10.53M	15.47M
Total Liabilities & Equity	1,129.74M	801.07M	944.51M	953.61M	881.06M	819.66M	766.76M	777.90M	874.83M	839.43M	852.84M	781.17M	650.92M	650.78M	579.39M	481.02M	426.34M	359.32M	528.05M	407.16M	402.32M	367.32M	331.86M	276.52M	295.39M	268.25M	241.13M	166.38M	116.32M	75.32M	70.17M
Tangible Assets	1,078.56M	881.24M	894.05M	955.99M	834.63M	803.34M	722.72M	719.73M	802.34M	832.70M	849.02M	823.49M	712.09M	755.27M	703.76M	628.47M	535.90M	588.77M	564.18M	459.04M	502.46M	451.84M	441.55M	402.73M	392.03M	362.27M	282.31M	181.57M	166.93M	103.15M	94.14M
Tangible Equity	145.74M	156.75M	211.55M	211.00M	189.94M	200.71M	197.13M	151.39M	162.07M	145.44M	147.92M	125.78M	116.96M	91.23M	51.84M	60.59M	48.46M	24.53M	120.05M	118.78M	116.65M	94.34M	63.53M	42.78M	44.57M	10.92M	4.94M	-4.46M	-5.03M	9.17M	14.89M
Tangible Book Value	145.74M	156.75M	211.55M	211.00M	189.94M	200.71M	197.13M	151.39M	162.07M	145.44M	147.92M	125.78M	116.96M	91.23M	51.84M	60.59M	48.46M	24.53M	120.05M	118.78M	116.65M	94.34M	63.53M	42.78M	44.57M	10.92M	4.94M	-4.46M	-5.03M	9.17M	14.89M
Total Investments	71.41M	35.41M	54.94M	54.58M	35.53M	31.79M	33.27M	28.64M	29.58M	25.45M	21.56M	23.43M	20.72M	23.13M	14.74M	17.92M	12.09M	13.47M	10.40M	12.81M	10.14M	5.12M	4.53M	1.04M	4.89M	0.61M	0.11M	0.64M	0.54M	0.07M	0.54M
Net Debt	493.28M	213.14M	277.12M	221.21M	195.73M	185.18M	200.69M	243.73M	304.66M	315.96M	336.02M	281.64M	190.06M	226.30M	199.50M	133.43M	148.55M	120.06M	157.69M	109.52M	103.73M	105.14M	115.43M	125.69M	146.14M	131.28M	141.70M	89.27M	36.39M	29.84M	29.64M

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	182.27M	154.29M	200.18M	236.90M	272.56M	190.64M	149.51M	165.30M	135.57M	131.13M	141.87M	137.61M	191.99M	175.58M	107.10M	142.72M	118.20M	147.06M	185.33M	101.05M	96.45M	130.13M	164.99M	159.38M	73.17M	67.00M	63.09M	32.48M	61.53M	22.07M	17.90M
Total Capital	1,112.59M	741.81M	879.11M	915.61M	881.26M	785.34M	737.05M	846.96M	821.88M	795.10M	842.68M	771.82M	686.70M	721.29M	729.18M	603.29M	520.62M	508.67M	591.28M	449.44M	448.69M	487.05M	390.64M	349.78M	341.85M	321.82M	298.38M	186.38M	170.59M	103.23M	72.12M
Capital Employed	1,109.51M	939.72M	953.07M	965.81M	1,006.61M	869.26M	676.43M	688.56M	722.67M	643.13M	687.78M	663.69M	617.44M	636.88M	567.07M	564.22M	566.04M	610.69M	666.70M	418.60M	444.92M	436.21M	400.80M	402.31M	339.58M	347.97M	282.56M	164.41M	137.33M	77.98M	66.28M
Invested Capital	1,051.47M	660.97M	800.89M	812.92M	776.25M	679.93M	664.84M	780.26M	745.92M	729.91M	767.75M	705.80M	612.05M	651.33M	657.82M	530.87M	461.10M	465.52M	553.29M	410.38M	410.55M	452.71M	350.27M	331.67M	316.39M	294.92M	282.33M	170.37M	143.09M	91.48M	65.75M

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	42.25M	34.43M	38.30M	39.64M	33.41M	30.89M	28.99M	25.95M	23.14M	22.20M	21.05M	20.01M	18.20M	19.31M	17.45M	16.61M	16.45M	16.69M	15.10M	11.58M	10.72M	8.52M	9.70M	7.15M	9.85M	7.53M	6.03M	3.86M	3.09M	3.33M	22.36M
Deferred Income Tax	0.00M	0.00M	-0.66M	0.05M	-0.08M	-0.27M	-0.17M	0.41M	-0.49M	0.70M	0.04M	0.00M	0.21M	0.00M	0.02M	0.00M	0.00M	-3.92M	0.00M	0.00M	0.00M	0.10M	1.61M	1.64M	0.15M	1.06M	0.55M	0.50M	0.01M	0.15M	0.00M
Stock-Based Compensation	1.88M	1.15M	0.85M	3.40M	2.75M	0.88M	1.08M	1.02M	0.38M	0.46M	0.21M	0.36M	0.39M	0.09M	0.02M	0.49M	0.43M	0.01M	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
Change in Working Capital	-4.42M	-12.88M	-32.80M	-39.22M	-11.60M	12.78M	-6.01M	-12.02M	-21.61M	-10.62M	-9.01M	-14.50M	-29.44M	-33.67M	-27.56M	-20.24M	9.10M	3.41M	0.04M	-9.60M	-6.84M	-5.65M	-0.23M	-1.68M	9.80M	-3.66M	1.19M	-2.35M	-2.32M	0.15M	7.05M
Accounts Receivable	-5.29M	-2.27M	-6.51M	-11.23M	-1.46M	1.48M	-4.41M	-2.87M	-3.87M	-5.63M	-3.33M	-0.06M	-4.24M	-3.44M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.87M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.21M	-0.21M
Inventory	7.08M	-2.76M	-11.36M	-31.07M	2.00M	13.14M	2.19M	-7.01M	-12.84M	-3.57M	-3.68M	-15.38M	-21.35M	-23.49M	-23.59M	-24.20M	23.44M	0.46M	-0.36M	-8.05M	-5.21M	-8.38M	-3.07M	-14.28M	21.16M	-9.11M	-15.95M	1.65M	-7.15M	-4.91M	-5.26M
Accounts Payable	1.54M	2.18M	1.54M	5.35M	2.25M	-1.19M	4.55M	2.47M	0.92M	1.65M	1.27M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-2.42M	-3.52M	-1.37M	-7.70M	1.53M	-1.00M	-3.77M	-6.75M	-6.79M	3.85M	2.45M	-0.80M	-2.08M	-1.46M	7.34M	4.83M	-8.10M	5.35M	0.67M	5.37M	9.57M	5.10M	11.32M	9.66M	-15.45M	8.41M	6.68M	-2.35M	12.35M	6.15M	17.59M
Other Non-Cash Items	21.28M	7.84M	4.14M	2.08M	11.88M	8.09M	1.19M	2.85M	6.65M	6.31M	8.78M	6.94M	3.19M	-1.85M	-2.47M	-0.05M	-0.33M	21.88M	-6.37M	-0.83M	-2.70M	0.42M	1.36M	1.94M	0.31M	0.22M	-6.49M	-3.01M	-4.49M	-17.06M	-4.73M
Net Cash from Operating Activities	94.18M	70.05M	45.86M	40.75M	87.72M	72.54M	51.85M	37.21M	43.36M	59.47M	66.80M	46.03M	37.39M	14.20M	31.45M	50.67M	79.21M	49.70M	45.16M	39.00M	42.18M	43.29M	40.24M	31.08M	38.09M	27.24M	3.58M	9.54M	1.87M	4.81M	23.07M
Capital Expenditures (PPE)	-41.91M	-35.45M	-44.81M	-36.59M	-34.28M	-28.27M	-34.02M	-41.93M	-45.94M	-45.65M	-45.90M	-52.78M	-47.82M	-45.26M	-38.56M	-27.48M	-28.00M	-44.16M	-39.33M	-33.51M	-32.69M	-25.59M	-20.10M	-22.20M	-12.46M	-19.29M	-48.81M	-52.90M	-31.24M	-28.13M	-3.04M
Acquisitions (Net)	0.43M	-0.92M	-3.87M	-3.34M	-17.47M	-2.45M	-2.13M	-9.72M	-8.75M	-4.08M	-6.06M	-6.08M	-9.62M	-6.11M	-4.81M	-4.66M	0.21M	-9.65M	-22.45M	-9.57M	-9.26M	-22.15M	-4.68M	-21.32M	-3.47M	-16.11M	-0.11M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	-1.18M	-1.59M	-2.51M	-3.50M	-2.78M	-2.59M	-1.71M	-3.95M	-4.88M	-7.82M	-2.75M	-0.72M	-0.61M	-1.26M	-2.86M	-0.76M	-1.10M	-0.52M	-3.16M	-1.11M	-1.26M	-0.69M	-1.00M	-0.58M	-0.62M	-0.46M	-1.95M	-2.17M	0.00M	-0.05M	0.00M
Sales / Maturities of Investments	0.01M	1.20M	1.45M	4.18M	4.35M	3.33M	3.24M	3.21M	2.30M	3.95M	3.60M	0.43M	0.73M	1.35M	0.89M	0.77M	2.09M	2.25M	1.88M	2.25M	1.47M	2.27M	1.78M	0.78M	1.85M	3.97M	8.15M	3.91M	0.20M	0.12M	0.00M
Other Investing Activities	4.58M	4.11M	4.64M	10.74M	2.73M	4.79M	6.82M	11.25M	4.89M	6.56M	5.74M	4.98M	8.87M	3.35M	4.77M	3.28M	3.52M	1.38M	7.75M	2.32M	7.18M	8.03M	6.25M	1.14M	2.88M	5.21M	5.36M	4.42M	2.50M	-2.63M	7.71M
Net Cash from Investing Activities	-51.48M	-29.43M	-54.93M	-28.26M	-49.49M	-27.43M	-43.12M	-55.74M	-64.29M	-53.79M	-55.34M	-50.96M	-63.14M	-50.17M	-52.04M	-31.42M	-18.43M	-46.76M	-51.68M	-52.24M	-37.80M	-45.05M	-30.60M	-40.44M	-35.03M	-32.74M	-24.40M	-27.57M	-24.82M	-19.73M	-10.99M
Net Debt Issuance	12.29M	14.64M	31.84M	33.77M	14.38M	-6.85M	-2.03M	17.88M	16.84M	16.06M	10.80M	35.01M	32.60M	43.00M	46.11M	13.85M	-20.96M	6.43M	18.51M	14.40M	13.35M	-1.01M	8.16M	-0.28M	5.04M	12.68M	21.63M	17.66M	-5.61M	-1.36M	3.83M
Long-Term Debt Issuance	2.76M	-1.10M	11.98M	11.90M	8.87M	-4.80M	3.10M	17.00M	14.64M	12.80M	3.94M	21.60M	20.09M	28.16M	18.21M	7.93M	-11.24M	6.01M	1.90M	15.49M	3.48M	0.17M	6.45M	0.19M	3.91M	5.52M	18.52M	14.22M	-8.89M	0.21M	3.52M
Short-Term Debt Issuance	3.28M	0.29M	1.33M	1.44M	-0.79M	-0.63M	0.39M	0.01M	0.09M	0.50M	-0.07M	0.00M	1.29M	0.00M	2.08M	2.75M	-1.24M	0.53M	0.59M	0.03M	1.59M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-0.53M	-0.67M	-2.18M	-2.22M	-0.36M	-0.36M	-0.28M	-0.02M	0.26M	-0.27M	-0.17M	-0.03M	-0.79M	-0.13M	-0.12M	0.24M	0.06M	-0.40M	-1.83M	-0.04M	0.98M	0.72M	-0.91M	0.30M	0.38M	-1.39M	3.24M	0.54M	17.72M	11.89M	44.60M
Common Stock Issuance	0.00M	0.85M	1.30M	0.14M	1.33M	0.59M	1.25M	2.47M	2.06M	1.07M	0.36M	1.53M	0.57M	0.78M	1.45M	1.07M	0.45M	0.89M	2.01M	2.40M	1.95M	1.98M	1.29M	8.14M	0.86M	0.74M	3.24M	0.74M	18.03M	13.16M	44.62M
Common Stock Repurchased	-0.35M	-0.79M	-3.53M	-2.29M	-1.55M	-1.22M	-0.68M	-0.36M	-0.31M	-0.91M	-0.77M	-0.13M	-1.74M	-0.30M	-1.27M	-0.14M	-0.20M	-0.83M	-3.39M	-2.43M	-0.11M	0.00M	-1.17M	-1.08M	-1.38M	-1.41M	-1.38M	-0.08M	-0.03M	0.00M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-9.82M	-9.80M	-12.56M	-14.49M	-9.26M	-7.28M	-10.87M	-9.09M	-9.61M	-8.56M	-9.83M	-8.90M	-7.32M	-6.44M	-6.71M	-1.20M	-1.53M	-5.88M	-7.40M	-6.00M	-5.15M	-3.95M	-2.01M	-1.00M	-0.47M	-0.21M	0.00M	-0.04M	0.00M	0.00M	-0.93M
Common Dividends Paid	-8.49M	-8.76M	-11.98M	-14.55M	-9.45M	-6.47M	-10.88M	-8.97M	-9.61M	-8.56M	-9.75M	-8.90M	-7.32M	-5.30M	-6.56M	-1.20M	-2.35M	-6.38M	-7.43M	-5.96M	-5.14M	-3.94M	-1.71M	-0.85M	-0.47M	-0.21M	0.00M	-0.04M	0.00M	0.00M	-0.93M
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	-7.42M	-8.51M	-11.96M	-7.21M	-6.31M	-6.74M	-5.36M	-3.47M	3.24M	1.60M	-1.70M	2.23M	-0.68M	-0.53M	0.33M	1.60M	-0.21M	0.37M	2.68M	0.30M	0.46M	1.69M	-0.18M	-1.31M	4.86M	0.18M	0.23M	-0.26M	-0.01M	0.95M	3.28M
Net Cash from Financing Activities	-21.22M	-22.47M	3.30M	-19.31M	0.13M	-18.50M	-19.09M	1.21M	15.72M	1.17M	-2.46M	22.43M	14.63M	37.10M	25.30M	5.90M	-22.73M	-5.96M	17.55M	2.03M	10.13M	7.05M	2.63M	9.29M	9.71M	15.29M	28.12M	15.79M	29.67M	13.05M	32.15M
Effect of FX on Cash	-0.35M	-0.02M	0.01M	0.10M	-0.05M	-0.06M	0.00M	0.00M	0.00M	-0.01M	-0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.04M	-0.02M	0.03M	0.00M	0.03M	0.00M	0.33M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1.85M	0.00M
Net Change in Cash	0.13M	4.29M	-7.05M	2.14M	16.79M	26.98M	3.42M	4.79M	5.91M	4.12M	-1.70M	15.68M	5.45M	0.41M	6.56M	9.05M	11.98M	-0.50M	3.13M	3.17M	2.75M	-0.20M	6.38M	6.50M	9.76M	0.55M	5.34M	5.53M	9.24M	5.99M	7.85M
Cash at Beginning of Period	69.59M	83.02M	104.33M	112.58M	106.84M	70.62M	64.77M	63.57M	57.45M	57.37M	62.55M	65.57M	56.20M	57.26M	61.81M	52.82M	38.26M	34.69M	40.62M	38.20M	32.99M	35.31M	19.26M	15.61M	19.55M	13.37M	13.29M	27.63M	3.57M	2.61M	12.55M
Cash at End of Period	82.87M	84.05M	85.84M	112.48M	113.38M	109.40M	70.67M	65.69M	74.39M	62.86M	67.03M	63.93M	67.81M	62.24M	62.51M	63.27M	52.56M	39.10M	35.86M	38.21M	38.62M	34.48M	39.38M	17.86M	41.65M	23.12M	23.56M	21.06M	42.12M	5.91M	6.28M
Operating Cash Flow	94.23M	70.05M	45.86M	41.17M	87.92M	66.11M	51.85M	37.21M	43.36M	59.47M	66.80M	46.03M	37.39M	14.20M	31.12M	50.68M	79.21M	49.75M	45.16M	39.00M	42.18M	43.29M	37.03M	31.08M	36.48M	27.24M	3.58M	9.54M	4.61M	6.44M	23.07M
Capital Expenditure	-47.87M	-39.58M	-45.87M	-36.92M	-34.57M	-28.36M	-34.08M	-41.93M	-45.94M	-45.68M	-45.90M	-52.78M	-47.85M	-45.30M	-38.97M	-27.27M	-28.02M	-44.16M	-39.33M	-34.00M	-32.69M	-25.59M	-20.10M	-22.20M	-16.79M	-18.07M	-48.81M	-36.46M	-25.83M	-28.13M	-3.04M
Free Cash Flow	59.77M	22.69M	2.84M	-9.37M	46.26M	46.98M	13.21M	-3.04M	5.66M	16.43M	11.66M	-0.20M	-11.24M	-15.38M	-2.82M	17.27M	38.58M	15.03M	5.37M	0.18M	-4.69M	7.54M	13.25M	7.43M	20.12M	10.48M	-69.13M	-23.18M	-22.62M	-11.48M	-4.33M

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	140.34M	95.16M	106.02M	119.73M	109.75M	79.55M	89.54M	94.91M	111.35M	91.79M	110.16M	109.86M	106.02M	105.10M	114.39M	91.29M	63.75M	30.96M	91.64M	76.83M	77.18M	67.90M	57.53M	55.17M	45.29M	52.78M	21.74M	12.31M	10.96M	9.76M	5.25M
(-) Tax Adjustment	42.56M	27.09M	33.98M	31.20M	29.57M	20.88M	22.51M	27.78M	23.97M	27.36M	30.39M	32.16M	32.85M	32.64M	33.81M	19.98M	16.78M	-53.97M	23.89M	21.80M	23.36M	21.08M	17.45M	20.57M	16.29M	18.80M	6.47M	5.14M	2.50M	3.54M	1.36M
(-) Change In Working Capital	-4.42M	-12.88M	-32.80M	-39.22M	-11.60M	12.78M	-6.01M	-12.02M	-21.61M	-10.62M	-9.01M	-14.50M	-29.44M	-33.67M	-27.56M	-20.24M	9.10M	3.41M	0.04M	-9.60M	-6.84M	-5.65M	-0.23M	-1.68M	9.80M	-3.66M	1.19M	-2.35M	-2.32M	0.15M	7.05M
(-) Capital Expenditure	47.87M	39.58M	45.87M	36.92M	34.57M	28.36M	34.08M	41.93M	45.94M	45.68M	45.90M	52.78M	47.85M	45.30M	38.97M	27.27M	28.02M	44.16M	39.33M	34.00M	32.69M	25.59M	20.10M	22.20M	16.79M	18.07M	48.81M	36.46M	25.83M	28.13M	3.04M
Unlevered Free Cash Flow	54.33M	41.37M	58.97M	90.84M	57.21M	17.52M	38.94M	37.22M	63.06M	29.37M	42.88M	39.41M	54.76M	60.82M	69.16M	64.28M	9.85M	37.37M	28.38M	30.63M	27.97M	26.88M	20.21M	14.07M	2.41M	19.58M	-34.74M	-26.93M	-15.05M	-22.06M	-6.20M
(-) Net Interest Income After Taxes	-20.02M	-14.54M	-16.19M	-12.67M	-7.63M	-10.14M	-11.28M	-13.60M	-12.55M	-10.75M	-12.56M	-12.33M	-9.73M	-10.16M	-11.41M	-6.90M	-7.49M	-32.44M	-4.87M	-2.68M	-2.83M	-2.17M	-1.28M	-0.96M	-0.81M	-0.88M	-0.83M	-0.33M	-0.59M	-0.44M	-0.68M
Net Debt Issuance	12.29M	14.64M	31.84M	33.77M	14.38M	-6.85M	-2.03M	17.88M	16.84M	16.06M	10.80M	35.01M	32.60M	43.00M	46.11M	13.85M	-20.96M	6.43M	18.51M	14.40M	13.35M	-1.01M	8.16M	-0.28M	5.04M	12.68M	21.63M	17.66M	-5.61M	-1.36M	3.83M
Levered Free Cash Flow	86.64M	70.55M	107.00M	137.27M	79.23M	20.81M	48.20M	68.71M	92.44M	56.18M	66.24M	86.76M	97.10M	113.98M	126.68M	85.02M	-3.63M	76.23M	51.76M	47.72M	44.14M	28.03M	29.65M	14.76M	8.26M	33.14M	-12.28M	-8.93M	-20.08M	-22.98M	-1.68M