Industrial - Infrastructure Operations

Category: Industry Averages Base Ticker: 1052.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	1.26	1.17	1.09	1.08	1.08	0.97	1.19	0.91	1.12	1.15	1.25	1.37	1.13	1.01	0.83	1.03	0.99	0.69	1.15	0.87	0.65	0.72	0.57	0.42	0.43	0.57	0.45	0.37	0.38	0.37	0.37
Market Capitalization	1,596.45M	1,615.18M	1,316.19M	1,149.06M	1,187.42M	1,149.43M	1,254.69M	1,063.10M	1,210.40M	1,322.78M	1,275.79M	1,169.76M	756.47M	732.59M	691.31M	896.65M	879.14M	550.26M	1,209.91M	872.87M	617.35M	880.92M	902.37M	779.26M	794.54M	902.64M	760.09M	706.02M	531.05M	458.30M	448.18M
(-) Cash & Equivalents	194.87M	205.87M	215.27M	221.97M	223.23M	177.87M	143.90M	163.88M	144.05M	156.82M	149.13M	120.32M	99.87M	96.33M	113.01M	108.69M	83.91M	70.72M	77.18M	79.29M	48.79M	75.65M	61.41M	50.08M	55.07M	53.91M	43.44M	29.74M	24.32M	15.06M	5.54M
(+) Total Debt	1,466.91M	1,284.51M	1,287.95M	1,272.68M	997.40M	856.42M	803.51M	711.05M	590.29M	555.73M	570.15M	615.47M	548.09M	419.69M	379.19M	374.33M	246.71M	223.99M	168.97M	160.97M	115.97M	146.80M	112.17M	93.95M	103.99M	109.79M	82.35M	73.19M	58.15M	13.26M	14.17M
Enterprise Value	2,734.66M	3,062.46M	2,603.05M	2,170.44M	2,012.18M	1,796.61M	1,932.43M	1,643.55M	1,856.83M	1,710.31M	1,856.75M	1,846.90M	1,358.19M	1,120.96M	1,069.53M	1,333.23M	1,242.07M	847.20M	1,455.72M	944.24M	619.56M	1,251.84M	1,192.13M	850.26M	863.57M	998.33M	809.38M	729.93M	553.11M	449.08M	447.59M

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	661.831M	692.123M	668.505M	663.593M	604.109M	450.248M	537.621M	480.210M	447.313M	444.382M	422.591M	437.818M	353.317M	311.756M	304.107M	271.612M	237.087M	214.916M	190.111M	172.218M	164.978M	160.014M	117.219M	102.577M	105.740M	72.658M	74.638M	46.995M	28.115M	16.002M	17.169M
Cost of Revenue	436.602M	425.109M	415.423M	436.947M	419.216M	331.025M	283.083M	246.801M	238.972M	222.714M	240.316M	204.445M	191.440M	157.802M	152.195M	144.979M	103.632M	78.292M	60.901M	69.190M	67.020M	51.446M	43.216M	34.745M	26.491M	18.913M	20.076M	8.537M	4.091M	3.114M	3.001M
Gross Profit	225.229M	267.014M	253.082M	226.646M	184.893M	119.223M	254.538M	233.409M	208.341M	221.668M	182.275M	233.374M	161.877M	153.954M	151.912M	126.633M	133.455M	136.624M	129.210M	103.028M	97.959M	108.567M	74.003M	67.833M	79.248M	53.745M	54.561M	38.458M	24.025M	12.888M	14.168M
Gross Margin	34.03%	38.58%	37.86%	34.15%	30.61%	26.48%	47.35%	48.61%	46.58%	49.88%	43.13%	53.30%	45.82%	49.38%	49.95%	46.62%	56.29%	63.57%	67.97%	59.82%	59.38%	67.85%	63.13%	66.13%	74.95%	73.97%	73.10%	81.83%	85.45%	80.54%	82.52%
R&D Expenses	0.570M	0.404M	0.376M	0.583M	0.444M	0.434M	0.139M	0.006M	0.005M	0.029M	0.000M	0.000M	0.070M	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	29.830M	27.212M	25.811M	24.208M	22.864M	22.709M	22.846M	18.138M	14.827M	16.415M	16.033M	14.925M	14.006M	12.278M	6.071M	5.583M	8.913M	9.285M	8.840M	8.438M	7.824M	8.350M	10.925M	9.510M	10.528M	5.374M	5.462M	3.871M	1.277M	1.307M	0.783M
Operating Expenses	30.400M	27.617M	26.187M	24.790M	23.307M	23.143M	22.986M	18.144M	14.831M	16.444M	16.033M	14.925M	14.076M	12.278M	6.071M	5.583M	8.913M	9.285M	8.840M	8.438M	7.824M	8.350M	10.925M	9.510M	10.528M	5.374M	5.462M	3.871M	1.277M	1.307M	0.783M
Operating Income	194.829M	239.397M	226.895M	201.856M	161.585M	96.080M	231.552M	215.265M	193.509M	205.224M	166.241M	218.449M	147.801M	141.676M	145.842M	121.050M	124.542M	127.339M	120.371M	94.590M	90.134M	100.218M	63.078M	58.323M	68.720M	48.372M	49.100M	34.587M	22.747M	11.581M	13.385M
Operating Margin	29.44%	34.59%	33.94%	30.42%	26.75%	21.34%	43.07%	44.83%	43.26%	46.18%	39.34%	49.89%	41.83%	45.44%	47.96%	44.57%	52.53%	59.25%	63.32%	54.92%	54.63%	62.63%	53.81%	56.86%	64.99%	66.57%	65.78%	73.60%	80.91%	72.37%	77.96%
Interest Income	4.756M	5.918M	7.630M	7.071M	5.939M	4.094M	5.930M	5.194M	4.270M	5.628M	5.828M	4.922M	3.065M	2.465M	1.948M	1.316M	1.128M	1.339M	0.927M	0.694M	0.560M	0.710M	0.495M	0.365M	0.419M	0.438M	0.336M	0.634M	0.000M	0.003M	0.002M
Interest Expense	39.993M	46.238M	57.111M	56.195M	51.507M	45.010M	39.342M	38.308M	33.082M	33.182M	33.585M	35.558M	27.081M	21.213M	20.091M	18.008M	15.860M	12.087M	8.270M	7.680M	6.333M	5.222M	4.658M	3.022M	4.537M	4.129M	3.406M	2.315M	0.498M	0.727M	0.678M
Net Interest Income	-35.237M	-40.320M	-49.482M	-49.124M	-45.568M	-40.916M	-33.412M	-33.115M	-28.812M	-27.553M	-27.757M	-30.637M	-24.016M	-18.748M	-18.143M	-16.693M	-14.732M	-10.748M	-7.343M	-6.986M	-5.773M	-4.512M	-4.164M	-2.657M	-4.118M	-3.691M	-3.070M	-1.681M	-0.498M	-0.724M	-0.676M
Other Income / Expense	-11.662M	-55.355M	-36.364M	-38.444M	-0.812M	-0.630M	-57.894M	-80.111M	-74.095M	-93.576M	-52.849M	-71.848M	-53.978M	-45.854M	-41.273M	-25.777M	-54.250M	-50.686M	-34.630M	-25.077M	-24.171M	-41.327M	-13.674M	-18.325M	-40.224M	-16.993M	-12.967M	-4.503M	2.070M	4.753M	-0.350M
Pre-Tax Income	147.930M	143.722M	141.049M	114.288M	115.205M	54.534M	140.246M	102.039M	90.602M	84.095M	85.635M	115.965M	69.807M	77.074M	86.425M	78.581M	55.560M	65.905M	78.398M	62.527M	60.190M	54.379M	45.241M	37.341M	24.378M	27.688M	33.063M	28.403M	24.319M	15.610M	12.358M
Pre-Tax Margin	22.35%	20.77%	21.10%	17.22%	19.07%	12.11%	26.09%	21.25%	20.25%	18.92%	20.26%	26.49%	19.76%	24.72%	28.42%	28.93%	23.43%	30.67%	41.24%	36.31%	36.48%	33.98%	38.60%	36.40%	23.05%	38.11%	44.30%	60.44%	86.50%	97.55%	71.98%
Income Tax Expense	34.093M	31.906M	26.696M	25.830M	18.638M	13.781M	24.961M	22.526M	21.630M	26.746M	17.296M	19.673M	18.181M	19.308M	18.971M	17.533M	13.274M	12.407M	18.978M	13.151M	13.933M	12.815M	9.721M	7.333M	3.769M	3.759M	3.623M	1.490M	2.416M	0.725M	0.002M
Tax Rate	23.05%	22.20%	18.93%	22.60%	16.18%	25.27%	17.80%	22.08%	23.87%	31.80%	20.20%	16.96%	26.05%	25.05%	21.95%	22.31%	23.89%	18.83%	24.21%	21.03%	23.15%	23.57%	21.49%	19.64%	15.46%	13.58%	10.96%	5.25%	9.93%	4.65%	0.01%
Net Income	113.836M	111.816M	114.353M	88.458M	96.567M	40.753M	115.285M	79.513M	68.973M	57.349M	68.339M	96.292M	51.626M	57.766M	67.454M	61.048M	42.285M	53.498M	59.420M	49.376M	46.258M	41.564M	35.520M	30.008M	20.609M	23.929M	29.441M	26.913M	21.903M	14.885M	12.357M
Net Margin	17.20%	16.16%	17.11%	13.33%	15.98%	9.05%	21.44%	16.56%	15.42%	12.91%	16.17%	21.99%	14.61%	18.53%	22.18%	22.48%	17.84%	24.89%	31.26%	28.67%	28.04%	25.98%	30.30%	29.25%	19.49%	32.93%	39.44%	57.27%	77.90%	93.02%	71.97%
EBIT	194.829M	239.397M	226.895M	201.856M	161.585M	96.080M	231.552M	215.265M	193.509M	205.224M	166.241M	218.449M	147.801M	141.676M	145.842M	121.050M	124.542M	127.339M	120.371M	94.590M	90.134M	100.218M	63.078M	58.323M	68.720M	48.372M	49.100M	34.587M	22.747M	11.581M	13.385M
Depreciation & Amortization	65.657M	85.965M	78.613M	77.294M	81.634M	83.575M	75.039M	63.287M	52.171M	60.353M	51.720M	50.041M	43.139M	38.556M	33.875M	28.704M	26.760M	22.710M	21.419M	20.846M	18.642M	21.249M	14.439M	12.977M	10.456M	4.581M	4.878M	5.169M	0.142M	-2.385M	-0.138M
EBITDA	260.486M	325.363M	305.509M	279.150M	243.220M	179.655M	306.591M	278.552M	245.680M	265.577M	217.961M	268.489M	190.940M	180.232M	179.716M	149.754M	151.301M	150.049M	141.790M	115.437M	108.776M	121.467M	77.517M	71.299M	79.176M	52.952M	53.978M	39.756M	22.889M	9.195M	13.247M
EBITDA Margin	39.36%	47.01%	45.70%	42.07%	40.26%	39.90%	57.03%	58.01%	54.92%	59.76%	51.58%	61.32%	54.04%	57.81%	59.10%	55.14%	63.82%	69.82%	74.58%	67.03%	65.93%	75.91%	66.13%	69.51%	74.88%	72.88%	72.32%	84.60%	81.41%	57.46%	77.15%
NOPAT	149.927M	186.252M	183.951M	156.235M	135.444M	71.800M	190.340M	167.743M	147.313M	139.954M	132.664M	181.390M	109.306M	106.184M	113.828M	94.041M	94.786M	103.366M	91.233M	74.695M	69.271M	76.601M	49.525M	46.869M	58.095M	41.805M	43.720M	32.773M	20.488M	11.043M	13.383M
NOPAT Margin	22.65%	26.91%	27.52%	23.54%	22.42%	15.95%	35.40%	34.93%	32.93%	31.49%	31.39%	41.43%	30.94%	34.06%	37.43%	34.62%	39.98%	48.10%	47.99%	43.37%	41.99%	47.87%	42.25%	45.69%	54.94%	57.54%	58.58%	69.74%	72.87%	69.01%	77.95%
Owner's Earnings	179.493M	197.782M	192.967M	165.752M	178.201M	124.327M	190.323M	142.800M	121.144M	117.702M	120.058M	146.332M	94.765M	96.322M	101.329M	89.752M	69.045M	76.208M	80.840M	70.222M	64.900M	62.814M	49.959M	42.985M	31.065M	28.509M	34.319M	32.082M	22.045M	12.499M	12.219M
Owner's Earnings Margin	27.12%	28.58%	28.87%	24.98%	29.50%	27.61%	35.40%	29.74%	27.08%	26.49%	28.41%	33.42%	26.82%	30.90%	33.32%	33.04%	29.12%	35.46%	42.52%	40.78%	39.34%	39.26%	42.62%	41.90%	29.38%	39.24%	45.98%	68.27%	78.41%	78.11%	71.17%
EPS	0.08	0.08	0.09	0.07	0.08	0.03	0.09	0.07	0.06	0.05	0.06	0.08	0.05	0.05	0.06	0.05	0.04	0.05	0.05	0.04	0.04	0.03	0.02	0.02	0.01	0.02	0.02	0.01	0.01	0.01	0.01
EPS (Diluted)	0.08	0.08	0.09	0.07	0.08	0.03	0.09	0.07	0.06	0.05	0.06	0.08	0.05	0.05	0.06	0.05	0.04	0.05	0.05	0.04	0.04	0.03	0.02	0.02	0.01	0.02	0.02	0.01	0.01	0.01	0.01
Shares (Diluted)	1,371,352,128	1,386,377,541	1,327,961,583	1,273,577,024	1,277,790,237	1,268,188,632	1,236,237,398	1,159,816,831	1,135,162,704	1,140,105,829	1,143,515,033	1,153,860,769	1,088,210,451	1,085,517,072	1,141,011,722	1,129,989,764	1,101,486,683	1,088,976,626	1,131,161,592	1,163,265,700	1,218,783,277	1,320,529,354	1,585,115,378	1,631,975,218	1,492,097,445	1,514,955,606	1,818,710,496	1,884,061,970	1,506,253,012	1,050,781,448	1,050,781,448

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	184.33M	205.87M	215.27M	221.97M	223.23M	177.87M	143.90M	163.88M	144.05M	156.82M	151.70M	120.32M	99.87M	96.33M	113.01M	108.69M	83.91M	72.43M	77.18M	79.29M	50.80M	75.65M	61.41M	50.08M	55.07M	53.91M	43.44M	29.74M	24.32M	15.06M	5.54M
Short-Term Investments	69.00M	60.07M	65.83M	47.17M	26.36M	43.51M	42.68M	30.06M	12.21M	5.73M	2.44M	4.58M	2.64M	1.85M	5.91M	9.37M	11.45M	1.79M	2.16M	2.96M	7.13M	4.02M	10.89M	4.64M	3.20M	10.32M	6.87M	3.50M	0.99M	0.00M	0.46M
Cash & Short-Term Investments	253.34M	265.94M	281.09M	269.14M	249.59M	221.38M	186.58M	193.94M	156.26M	162.55M	154.14M	124.90M	102.51M	98.18M	118.92M	118.06M	95.37M	74.22M	79.34M	82.25M	57.93M	79.67M	72.31M	54.73M	58.27M	64.23M	50.31M	33.24M	25.32M	15.06M	6.00M
Net Receivables	125.35M	138.57M	131.61M	94.22M	85.05M	68.80M	54.16M	66.72M	55.37M	58.41M	60.54M	52.86M	27.18M	23.79M	21.96M	16.18M	10.07M	9.03M	8.96M	7.19M	7.27M	7.66M	6.10M	3.82M	3.71M	3.33M	1.05M	0.54M	3.86M	11.55M	3.87M
Inventory	33.87M	29.86M	29.43M	25.42M	18.26M	24.94M	36.88M	52.34M	45.02M	33.87M	29.77M	29.48M	24.14M	13.31M	9.53M	6.19M	5.15M	2.50M	1.18M	0.95M	0.78M	0.60M	1.25M	0.92M	0.58M	0.40M	1.90M	0.07M	0.60M	0.71M	0.68M
Other Current Assets	24.31M	48.90M	40.86M	49.05M	35.61M	47.56M	42.64M	48.50M	31.49M	34.64M	49.30M	43.50M	25.84M	17.48M	9.83M	8.02M	10.16M	8.57M	12.45M	6.51M	3.07M	2.93M	2.92M	3.38M	3.81M	5.91M	11.52M	7.49M	2.32M	4.11M	1.56M
Total Current Assets	436.86M	483.27M	483.00M	437.83M	388.52M	362.68M	320.26M	361.49M	288.14M	289.47M	293.74M	250.75M	179.66M	152.77M	160.23M	148.44M	120.74M	94.31M	101.94M	96.90M	69.05M	90.86M	82.57M	62.86M	66.37M	73.87M	64.78M	41.35M	32.09M	31.44M	12.12M
Property, Plant & Equipment	335.72M	269.27M	269.76M	231.07M	184.33M	176.13M	170.27M	140.43M	177.53M	157.71M	163.11M	186.32M	171.84M	198.92M	182.51M	205.73M	163.24M	228.53M	445.90M	434.20M	380.62M	432.14M	447.89M	389.80M	323.97M	307.69M	251.52M	208.83M	134.51M	36.70M	55.85M
Goodwill	0.40M	11.31M	7.13M	6.86M	6.99M	4.73M	5.03M	3.84M	3.86M	2.52M	3.16M	2.65M	2.33M	1.42M	1.35M	0.69M	0.24M	0.03M	0.03M	0.00M	0.00M	1.21M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	1,047.24M	1,221.99M	1,301.33M	1,168.77M	1,151.77M	977.74M	977.94M	841.63M	602.16M	711.76M	782.34M	613.86M	515.56M	431.60M	341.91M	366.06M	264.46M	205.18M	27.29M	32.92M	23.98M	26.89M	19.51M	26.25M	25.41M	30.20M	39.04M	25.77M	3.47M	0.00M	0.09M
Long-Term Investments	262.27M	223.85M	258.09M	176.23M	147.22M	146.30M	132.82M	111.87M	185.80M	170.81M	117.89M	83.29M	60.27M	34.73M	22.73M	15.02M	3.90M	11.15M	5.66M	7.58M	6.23M	9.87M	9.07M	6.05M	29.29M	-0.41M	4.01M	0.00M	0.00M	0.00M	0.00M
Tax Assets	10.88M	8.92M	10.39M	15.30M	19.34M	17.54M	21.67M	10.47M	9.29M	6.15M	6.01M	4.25M	2.84M	3.34M	2.50M	2.24M	1.66M	1.50M	1.31M	1.23M	0.23M	0.70M	0.00M	0.00M	3.89M	0.01M	3.57M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	62.01M	203.75M	83.15M	91.71M	110.39M	89.45M	48.96M	44.51M	34.02M	36.70M	28.32M	47.77M	54.97M	70.26M	66.28M	51.28M	60.36M	48.11M	33.97M	29.87M	38.75M	40.69M	17.98M	16.93M	24.77M	33.28M	45.98M	35.29M	34.03M	4.25M	5.30M
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	1,718.52M	1,939.08M	1,929.85M	1,689.92M	1,620.04M	1,411.89M	1,356.69M	1,152.75M	1,012.66M	1,085.65M	1,100.83M	938.14M	807.82M	740.27M	617.29M	641.02M	493.85M	494.49M	514.16M	505.79M	449.80M	511.52M	494.45M	439.04M	407.33M	370.78M	344.12M	269.89M	172.01M	40.96M	61.24M
Total Assets	2,155.38M	2,422.35M	2,412.85M	2,127.75M	2,008.55M	1,774.57M	1,676.95M	1,514.24M	1,300.80M	1,375.12M	1,394.57M	1,188.89M	987.48M	893.03M	777.52M	789.46M	614.59M	588.80M	616.09M	602.70M	518.85M	602.38M	577.02M	501.89M	473.70M	444.65M	408.90M	311.24M	204.10M	72.40M	73.35M
Accounts Payable	71.43M	94.63M	101.55M	76.37M	75.37M	84.64M	68.42M	56.53M	42.94M	45.85M	52.36M	50.83M	41.32M	38.79M	41.01M	46.43M	29.87M	29.49M	33.33M	21.74M	18.68M	15.14M	9.87M	7.28M	8.71M	3.68M	4.61M	5.55M	9.47M	2.91M	0.20M
Short-Term Debt	118.72M	147.54M	202.41M	204.84M	187.56M	224.95M	136.34M	110.40M	133.64M	90.00M	94.92M	124.77M	105.17M	80.50M	61.75M	63.20M	59.04M	99.28M	62.91M	62.88M	24.88M	45.61M	34.04M	30.90M	23.90M	44.80M	36.49M	10.77M	4.88M	5.84M	7.55M
Tax Payables	0.00M	9.76M	9.02M	10.70M	11.86M	11.02M	11.43M	11.98M	12.18M	9.54M	11.61M	9.28M	7.16M	6.90M	10.20M	8.30M	6.37M	4.46M	6.16M	4.96M	4.17M	4.47M	4.04M	2.43M	1.30M	1.88M	5.55M	1.18M	0.57M	0.59M	0.16M
Deferred Revenue	8.24M	0.00M	2.28M	7.42M	38.47M	43.32M	30.55M	7.70M	19.77M	27.45M	23.59M	24.14M	22.59M	16.90M	17.44M	12.64M	13.25M	11.79M	13.33M	12.58M	10.20M	12.42M	8.45M	11.11M	12.49M	16.20M	16.33M	6.13M	0.32M	3.08M	0.00M
Other Current Liabilities	68.12M	147.21M	175.55M	142.69M	102.09M	105.16M	111.88M	128.42M	60.68M	74.47M	73.90M	67.72M	69.39M	58.86M	44.03M	31.98M	36.01M	11.59M	11.72M	14.29M	20.28M	9.65M	3.04M	12.82M	6.85M	2.69M	10.68M	3.37M	1.41M	1.36M	1.15M
Total Current Liabilities	266.52M	399.14M	490.79M	442.01M	415.36M	469.10M	358.61M	315.03M	269.21M	247.31M	256.38M	276.74M	245.62M	201.94M	174.44M	162.56M	144.54M	156.62M	127.44M	116.44M	78.21M	87.30M	59.44M	64.54M	53.26M	69.24M	73.66M	27.01M	16.65M	13.77M	9.06M
Long-Term Debt	1,146.30M	1,087.13M	1,094.19M	950.54M	759.39M	656.47M	666.33M	605.68M	459.22M	477.88M	493.35M	491.51M	395.27M	343.67M	283.13M	234.52M	202.08M	134.90M	103.88M	100.90M	79.01M	90.26M	71.79M	54.48M	80.32M	72.92M	46.00M	47.32M	29.48M	8.88M	8.23M
Capital Lease Obligations	0.00M	7.79M	9.69M	7.06M	9.31M	7.64M	2.87M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	36.34M	20.31M	22.99M	23.00M	19.88M	21.84M	17.86M	13.60M	16.97M	14.56M	12.44M	12.88M	11.94M	11.00M	9.14M	17.56M	17.99M	8.38M	7.86M	2.03M	1.17M	0.81M	0.27M	0.15M	0.00M	0.00M	0.10M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Liabilities	23.61M	85.09M	86.37M	83.93M	83.05M	81.30M	46.89M	22.37M	17.93M	20.40M	39.68M	19.72M	10.68M	10.76M	16.37M	10.04M	9.35M	12.07M	11.64M	12.67M	24.87M	19.61M	31.70M	30.02M	26.28M	9.99M	6.59M	8.30M	0.23M	0.14M	0.10M
Total Non-Current Liabilities	1,206.26M	1,200.31M	1,213.25M	1,064.53M	871.62M	767.24M	733.96M	641.65M	494.11M	512.84M	545.47M	524.10M	417.89M	365.43M	308.64M	262.12M	229.42M	155.35M	123.38M	115.60M	105.05M	110.69M	103.76M	84.65M	106.60M	82.90M	52.69M	55.63M	29.70M	9.02M	8.33M
Total Liabilities	1,472.78M	1,599.46M	1,704.04M	1,506.54M	1,286.98M	1,236.35M	1,092.57M	956.67M	763.33M	760.16M	801.85M	800.84M	663.51M	567.37M	483.08M	424.67M	373.96M	311.97M	250.82M	232.05M	183.26M	197.99M	163.20M	149.19M	159.86M	152.15M	126.35M	82.63M	46.35M	22.79M	17.39M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	181.62M	166.17M	167.31M	167.85M	163.74M	156.09M	154.52M	165.05M	163.65M	168.63M	153.86M	164.02M	140.09M	136.90M	152.75M	154.64M	125.51M	104.18M	93.84M	94.32M	89.42M	115.52M	132.95M	112.05M	121.46M	125.16M	119.25M	67.23M	56.47M	34.42M	24.63M
Retained Earnings	434.90M	354.97M	297.40M	289.66M	270.86M	241.60M	250.61M	233.60M	213.50M	199.89M	185.55M	202.39M	168.75M	141.33M	125.50M	95.21M	77.54M	59.28M	51.72M	56.93M	40.10M	35.78M	28.07M	22.53M	10.72M	13.35M	10.86M	4.88M	3.68M	0.55M	0.14M
Accumulated OCI	179.85M	73.55M	45.50M	64.99M	67.69M	48.88M	49.38M	25.83M	25.81M	28.63M	21.72M	3.19M	0.96M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Minority Interest	82.79M	104.00M	118.10M	100.71M	96.50M	73.66M	37.72M	23.69M	22.84M	30.79M	38.69M	36.03M	22.30M	20.47M	19.38M	20.60M	18.96M	18.47M	19.50M	8.80M	9.94M	20.05M	31.23M	24.05M	30.01M	13.53M	27.86M	9.64M	5.68M	0.00M	0.00M
Total Shareholders’ Equity	796.37M	594.69M	510.22M	522.50M	502.30M	446.57M	454.52M	424.48M	402.95M	397.15M	361.14M	369.60M	309.79M	278.23M	278.24M	249.85M	203.05M	163.46M	145.56M	151.26M	129.51M	151.30M	161.03M	134.58M	132.17M	138.51M	130.11M	72.11M	60.15M	34.97M	24.77M
Total Equity	879.16M	698.69M	628.32M	623.21M	598.80M	520.23M	492.24M	448.17M	425.80M	427.94M	399.83M	405.63M	332.09M	298.69M	297.62M	270.45M	222.02M	181.93M	165.06M	160.06M	139.45M	171.35M	192.26M	158.63M	162.19M	152.05M	157.97M	81.75M	65.83M	34.97M	24.77M
Total Liabilities & Equity	2,351.94M	2,298.15M	2,332.36M	2,129.75M	1,885.78M	1,756.58M	1,584.80M	1,404.84M	1,189.13M	1,188.09M	1,201.68M	1,206.47M	995.60M	866.06M	780.70M	695.12M	595.98M	493.90M	415.88M	392.10M	322.72M	369.34M	355.46M	307.81M	322.04M	304.19M	284.32M	164.39M	112.17M	57.76M	42.16M
Tangible Assets	1,107.74M	1,189.06M	1,104.39M	952.12M	849.79M	792.10M	693.98M	668.77M	694.78M	660.84M	609.08M	572.38M	469.58M	460.01M	434.26M	422.72M	349.90M	383.59M	588.78M	569.78M	494.87M	574.27M	557.51M	475.64M	448.30M	414.45M	369.86M	285.47M	200.64M	72.40M	73.26M
Tangible Equity	-168.48M	-534.60M	-680.14M	-552.41M	-559.96M	-462.23M	-490.73M	-397.30M	-180.22M	-286.34M	-385.67M	-210.87M	-185.81M	-134.33M	-45.63M	-96.30M	-42.68M	-23.28M	137.74M	127.14M	115.48M	143.25M	172.76M	132.37M	136.78M	121.84M	118.93M	55.98M	62.36M	34.97M	24.67M
Tangible Book Value	-168.48M	-534.60M	-680.14M	-552.41M	-559.96M	-462.23M	-490.73M	-397.30M	-180.22M	-286.34M	-385.67M	-210.87M	-185.81M	-134.33M	-45.63M	-96.30M	-42.68M	-23.28M	137.74M	127.14M	115.48M	143.25M	172.76M	132.37M	136.78M	121.84M	118.93M	55.98M	62.36M	34.97M	24.67M
Total Investments	330.87M	263.87M	300.75M	231.89M	169.11M	188.89M	197.62M	189.13M	205.02M	198.17M	166.70M	139.95M	77.85M	77.49M	63.07M	64.71M	51.97M	43.58M	32.57M	55.63M	65.13M	96.24M	79.27M	55.37M	38.54M	25.87M	22.40M	10.67M	3.08M	0.21M	0.71M
Net Debt	1,080.69M	1,028.80M	1,081.33M	933.40M	723.72M	703.55M	658.77M	552.20M	448.81M	411.07M	436.57M	495.95M	400.56M	327.84M	231.88M	189.03M	177.21M	161.75M	89.61M	84.49M	53.09M	60.22M	44.43M	35.30M	49.15M	63.80M	39.04M	28.35M	10.03M	-0.34M	10.25M

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	201.86M	19.12M	-19.06M	-86.69M	11.16M	-83.53M	-26.12M	8.92M	-12.01M	-45.61M	-73.28M	-29.47M	-1.08M	-51.15M	-19.03M	-24.43M	-43.73M	-59.36M	-31.47M	-32.85M	-7.49M	30.61M	15.35M	4.77M	0.89M	-22.07M	-10.94M	23.50M	26.17M	10.38M	-5.76M
Total Capital	2,512.12M	2,301.36M	2,289.12M	2,218.23M	1,876.68M	1,703.53M	1,646.41M	1,523.88M	1,323.70M	1,284.66M	1,275.51M	1,336.03M	1,131.73M	974.35M	927.75M	896.27M	692.51M	636.83M	573.18M	559.95M	499.57M	737.54M	561.16M	446.46M	428.05M	445.99M	407.20M	357.87M	253.26M	66.54M	52.68M
Capital Employed	2,380.47M	2,615.71M	2,458.10M	2,254.96M	2,160.67M	1,767.69M	1,842.54M	1,760.93M	1,604.37M	1,603.27M	1,557.99M	1,515.15M	1,288.74M	1,226.67M	1,123.27M	970.63M	730.04M	671.26M	681.15M	593.16M	512.96M	877.44M	632.66M	547.66M	517.22M	492.73M	415.51M	350.06M	227.66M	98.14M	61.13M
Invested Capital	2,327.79M	2,095.49M	2,073.86M	1,996.26M	1,653.45M	1,525.66M	1,502.51M	1,360.00M	1,179.65M	1,127.84M	1,123.81M	1,215.71M	1,031.85M	878.02M	814.75M	787.58M	608.59M	564.40M	496.00M	480.66M	448.77M	661.89M	499.75M	396.38M	372.98M	392.07M	363.75M	328.13M	228.94M	51.48M	47.14M

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	18.86M	84.72M	77.57M	75.07M	80.65M	79.86M	71.52M	55.85M	51.67M	56.26M	51.31M	50.15M	43.19M	38.65M	33.63M	28.71M	27.67M	21.08M	21.87M	22.27M	17.77M	20.49M	14.44M	12.08M	11.76M	6.49M	4.43M	5.04M	1.43M	0.66M	0.66M
Deferred Income Tax	0.00M	0.00M	0.00M	-0.17M	-0.31M	-0.30M	-0.18M	-0.21M	0.25M	-0.20M	-0.13M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Stock-Based Compensation	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-5.08M	-6.12M	-6.44M	-19.11M	-27.57M	-1.99M	-3.49M	-4.64M	-18.64M	-1.58M	-15.50M	-16.98M	-13.11M	-15.05M	-11.19M	-3.83M	-5.01M	-4.62M	3.08M	1.12M	1.75M	2.44M	4.08M	1.04M	1.08M	-3.22M	1.20M	2.98M	1.12M	0.00M	0.00M
Accounts Receivable	-5.28M	-5.63M	-7.49M	-12.21M	-7.10M	1.07M	-7.63M	-8.74M	-6.95M	-3.98M	-3.54M	-5.18M	-1.72M	-0.98M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-0.67M	0.25M	-0.39M	-1.66M	-0.76M	-0.30M	-1.51M	-0.71M	1.14M	-0.08M	-0.20M	-0.83M	-2.35M	-0.10M	-1.02M	-1.17M	0.00M	-0.08M	-0.15M	-0.13M	-0.03M	-0.09M	-0.04M	-0.07M	0.01M	-0.03M	0.00M	0.42M	0.00M	0.00M	0.00M
Accounts Payable	0.00M	-0.48M	5.29M	2.00M	-0.21M	2.44M	-0.44M	1.22M	1.19M	2.59M	-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	0.00M	0.00M	0.00M
Other Working Capital	0.04M	1.46M	-0.65M	-3.26M	-4.05M	-0.45M	0.86M	3.97M	-4.60M	2.14M	-0.50M	-5.26M	-3.00M	-2.52M	-0.59M	1.69M	-0.85M	-2.17M	1.39M	0.67M	0.26M	0.79M	2.71M	0.78M	0.58M	0.14M	0.78M	1.19M	0.00M	0.00M	0.00M
Other Non-Cash Items	110.29M	8.15M	24.50M	32.18M	28.26M	34.88M	15.36M	4.92M	5.36M	18.29M	25.79M	20.43M	16.36M	15.26M	7.07M	6.83M	6.79M	9.91M	2.52M	3.56M	6.47M	5.52M	2.20M	5.31M	4.80M	4.65M	5.39M	1.83M	5.77M	5.50M	0.85M
Net Cash from Operating Activities	250.96M	218.41M	218.27M	167.43M	185.27M	136.07M	172.25M	141.32M	118.20M	129.97M	114.98M	130.14M	98.95M	98.41M	97.77M	100.77M	71.73M	74.16M	89.85M	78.41M	70.37M	72.12M	47.25M	48.46M	40.13M	32.36M	51.04M	32.82M	30.36M	6.16M	1.51M
Capital Expenditures (PPE)	-106.36M	-101.59M	-106.76M	-92.45M	-104.60M	-66.49M	-74.52M	-55.45M	-58.76M	-48.39M	-49.97M	-72.63M	-61.71M	-62.63M	-51.52M	-62.33M	-69.91M	-71.31M	-48.93M	-41.32M	-37.39M	-35.37M	-12.37M	-5.88M	-14.30M	-23.41M	-40.57M	-46.47M	-19.79M	-0.03M	-0.02M
Acquisitions (Net)	0.45M	0.22M	0.21M	-0.19M	-0.40M	-1.26M	-3.39M	-2.59M	-0.14M	-0.88M	-6.13M	-1.55M	-1.28M	-3.15M	0.17M	-0.02M	0.04M	-0.68M	-0.28M	0.01M	0.27M	0.13M	5.03M	0.29M	0.34M	4.01M	-0.38M	0.01M	-9.15M	0.00M	0.00M
Purchases of Investments	-22.90M	-31.62M	-40.52M	-67.20M	-33.01M	-21.58M	-37.63M	-13.97M	-17.29M	-19.71M	-20.51M	-11.97M	-8.36M	-7.19M	-13.08M	-2.50M	-5.14M	-14.01M	-8.79M	-8.39M	-2.93M	-4.43M	-16.04M	-17.08M	-16.93M	-19.67M	-16.03M	-7.59M	-9.47M	0.00M	0.00M
Sales / Maturities of Investments	31.10M	46.82M	36.80M	39.70M	45.46M	18.63M	23.08M	24.73M	17.22M	15.67M	29.67M	11.87M	9.63M	3.34M	3.22M	7.78M	5.28M	5.14M	6.63M	3.60M	0.86M	2.24M	4.92M	6.70M	9.28M	7.08M	9.33M	13.38M	2.46M	0.50M	0.05M
Other Investing Activities	-2.11M	0.83M	0.31M	4.17M	7.77M	2.30M	4.65M	1.85M	5.88M	-1.52M	4.97M	3.87M	-8.54M	-5.05M	-18.99M	-4.90M	-0.47M	-0.83M	-0.76M	4.49M	-2.60M	3.13M	-9.47M	-0.80M	-3.23M	-5.86M	1.47M	-0.26M	-159.64M	1.99M	4.58M
Net Cash from Investing Activities	-143.37M	-139.22M	-138.86M	-155.24M	-83.22M	-81.96M	-114.19M	-87.15M	-85.47M	-104.30M	-74.43M	-95.37M	-80.31M	-81.34M	-104.55M	-84.77M	-87.63M	-109.42M	-55.96M	-54.49M	-64.96M	-48.38M	-41.48M	-34.45M	-29.81M	-45.56M	-46.13M	-73.95M	-195.59M	2.46M	4.61M
Net Debt Issuance	2.24M	20.56M	18.74M	31.63M	13.24M	51.92M	10.56M	14.76M	39.46M	1.34M	18.44M	57.15M	39.86M	44.72M	61.12M	30.87M	43.20M	24.20M	6.30M	20.57M	15.68M	3.19M	0.93M	1.67M	-4.40M	-1.38M	5.90M	27.74M	29.07M	-7.61M	-7.47M
Long-Term Debt Issuance	-4.62M	21.14M	17.35M	38.91M	27.17M	48.51M	14.06M	9.77M	32.61M	2.71M	18.21M	42.80M	28.08M	43.96M	52.01M	28.52M	42.71M	30.67M	3.91M	22.64M	15.66M	3.20M	0.95M	1.67M	-7.21M	-0.08M	5.63M	6.88M	29.07M	-7.61M	-7.47M
Short-Term Debt Issuance	2.29M	-0.02M	0.00M	-0.10M	0.00M	0.00M	0.00M	-0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	8.26M	0.00M	0.00M
Net Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.06M	0.00M	0.00M	0.00M	0.00M	0.04M	0.00M	0.00M	1.07M	1.04M	0.86M	0.44M	0.82M	0.18M	0.00M	0.00M	0.03M	0.47M	3.44M	0.00M	0.00M	213.05M	0.00M	0.00M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.50M	0.05M	0.00M	0.00M	0.01M	0.93M	0.01M	0.01M	1.06M	2.15M	1.19M	0.50M	0.61M	0.19M	0.01M	0.00M	0.13M	0.20M	3.43M	0.00M	0.00M	213.05M	0.00M	0.00M
Common Stock Repurchased	0.00M	-0.04M	-1.89M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-32.05M	-70.67M	-61.21M	-51.96M	-24.67M	-31.89M	-43.69M	-61.81M	-45.09M	-49.27M	-47.83M	-46.58M	-38.62M	-40.73M	-35.27M	-24.92M	-30.02M	-37.70M	-29.01M	-33.87M	-22.66M	-16.64M	-12.00M	-9.94M	-13.19M	-8.24M	-11.08M	-8.98M	-1.48M	0.00M	0.00M
Common Dividends Paid	-32.05M	-70.67M	-59.21M	-67.31M	-36.37M	-49.63M	-53.41M	-55.99M	-44.45M	-48.54M	-47.41M	-45.59M	-37.95M	-24.75M	-21.62M	-20.69M	-22.29M	-30.74M	-26.87M	-27.14M	-19.17M	-14.93M	-11.11M	-9.94M	-13.19M	-7.49M	-11.08M	-8.98M	-1.48M	0.00M	0.00M
Preferred Dividends Paid	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.42M	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	-34.57M	-22.04M	-10.78M	-11.50M	-25.18M	-16.25M	-24.28M	-9.60M	-9.28M	-12.57M	-19.82M	-8.15M	-9.74M	-4.61M	-2.75M	-5.40M	-9.27M	0.51M	-1.74M	-7.06M	-3.87M	-3.19M	-1.66M	0.77M	3.74M	29.38M	1.31M	21.46M	-9.71M	0.00M	0.00M
Net Cash from Financing Activities	-80.57M	-75.35M	-88.25M	-56.72M	-46.89M	9.32M	-49.12M	-21.05M	15.88M	-57.04M	4.07M	-55.55M	-44.78M	-13.98M	41.36M	8.81M	39.07M	27.30M	-16.77M	-16.14M	-4.92M	-10.45M	1.47M	-11.73M	-13.03M	38.40M	4.24M	37.04M	230.93M	-7.61M	-7.47M
Effect of FX on Cash	-0.33M	0.06M	0.08M	-0.06M	0.04M	-0.13M	0.06M	0.20M	0.00M	-0.03M	0.02M	0.01M	0.02M	0.01M	0.00M	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	-0.02M
Net Change in Cash	12.63M	3.29M	-18.62M	3.01M	21.17M	25.90M	1.40M	17.65M	10.63M	4.86M	15.71M	4.77M	5.41M	2.74M	5.82M	23.03M	14.07M	8.34M	3.91M	19.49M	-7.03M	13.37M	15.65M	-3.64M	-5.12M	21.96M	-2.24M	-12.88M	67.78M	1.02M	-1.36M
Cash at Beginning of Period	193.06M	201.45M	236.29M	209.05M	183.02M	138.10M	151.08M	140.68M	131.33M	146.90M	110.65M	114.17M	82.40M	107.95M	98.21M	74.26M	75.79M	69.21M	67.39M	54.08M	52.46M	77.50M	51.97M	51.48M	53.36M	43.48M	27.28M	57.64M	1.39M	0.45M	1.82M
Cash at End of Period	225.17M	188.86M	221.52M	220.45M	211.02M	185.89M	137.81M	149.87M	139.98M	155.89M	151.20M	125.36M	104.34M	94.42M	112.30M	101.45M	75.86M	71.56M	76.31M	81.61M	54.44M	74.85M	59.27M	48.74M	53.67M	61.37M	40.72M	58.53M	69.17M	1.47M	0.45M
Operating Cash Flow	250.45M	218.41M	218.16M	168.58M	185.27M	136.16M	172.25M	141.32M	118.20M	129.97M	114.98M	130.14M	98.95M	98.43M	99.01M	100.77M	71.73M	74.16M	89.85M	78.41M	70.37M	72.12M	47.25M	48.46M	40.13M	32.36M	51.04M	32.82M	30.36M	6.16M	1.51M
Capital Expenditure	-116.28M	-119.34M	-104.43M	-92.45M	-104.60M	-66.49M	-74.52M	-55.45M	-58.92M	-48.35M	-50.46M	-72.29M	-61.94M	-62.63M	-55.65M	-62.33M	-66.70M	-71.31M	-48.93M	-41.32M	-37.39M	-35.37M	-12.37M	-5.88M	-14.30M	-23.41M	-40.57M	-46.47M	-19.79M	-0.03M	-0.02M
Free Cash Flow	83.52M	79.35M	88.17M	71.69M	92.35M	65.39M	90.91M	71.29M	38.17M	81.06M	47.97M	47.62M	38.22M	26.34M	18.69M	21.92M	7.15M	-3.32M	42.11M	43.20M	27.48M	36.05M	26.60M	28.66M	16.62M	7.51M	4.31M	-17.19M	10.57M	6.14M	1.50M

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	241.64M	257.31M	253.83M	211.00M	225.66M	160.34M	207.66M	202.31M	160.02M	169.91M	163.51M	205.75M	144.81M	142.47M	147.14M	131.09M	106.97M	115.59M	116.76M	92.25M	82.80M	77.08M	70.57M	52.64M	46.31M	34.31M	39.73M	31.24M	22.31M	9.35M	8.67M
(-) Tax Adjustment	55.69M	57.12M	48.04M	47.69M	36.51M	40.52M	36.96M	44.66M	38.20M	54.04M	33.02M	34.90M	37.72M	35.69M	32.30M	29.25M	25.56M	21.76M	28.26M	19.40M	19.17M	18.16M	15.16M	10.34M	7.16M	4.66M	4.35M	1.64M	2.22M	0.43M	0.00M
(-) Change In Working Capital	-5.08M	-6.12M	-6.44M	-19.11M	-27.57M	-1.99M	-3.49M	-4.64M	-18.64M	-1.58M	-15.50M	-16.98M	-13.11M	-15.05M	-11.19M	-3.83M	-5.01M	-4.62M	3.08M	1.12M	1.75M	2.44M	4.08M	1.04M	1.08M	-3.22M	1.20M	2.98M	1.12M	0.00M	0.00M
(-) Capital Expenditure	116.28M	119.34M	104.43M	92.45M	104.60M	66.49M	74.52M	55.45M	58.92M	48.35M	50.46M	72.29M	61.94M	62.63M	55.65M	62.33M	66.70M	71.31M	48.93M	41.32M	37.39M	35.37M	12.37M	5.88M	14.30M	23.41M	40.57M	46.47M	19.79M	0.03M	0.02M
Unlevered Free Cash Flow	74.75M	86.97M	107.81M	89.97M	112.12M	55.32M	99.67M	106.84M	81.54M	69.10M	95.52M	115.54M	58.27M	59.20M	70.38M	43.34M	19.72M	27.13M	36.49M	30.41M	24.50M	21.11M	38.96M	35.38M	23.77M	9.47M	-6.39M	-19.85M	-0.81M	8.89M	8.66M
(-) Net Interest Income After Taxes	-27.12M	-31.37M	-40.12M	-38.02M	-38.20M	-30.58M	-27.47M	-25.80M	-21.93M	-18.79M	-22.15M	-25.44M	-17.76M	-14.05M	-14.16M	-12.97M	-11.21M	-8.72M	-5.57M	-5.52M	-4.44M	-3.45M	-3.27M	-2.14M	-3.48M	-3.19M	-2.73M	-1.59M	-0.45M	-0.69M	-0.68M
Net Debt Issuance	2.24M	20.56M	18.74M	31.63M	13.24M	51.92M	10.56M	14.76M	39.46M	1.34M	18.44M	57.15M	39.86M	44.72M	61.12M	30.87M	43.20M	24.20M	6.30M	20.57M	15.68M	3.19M	0.93M	1.67M	-4.40M	-1.38M	5.90M	27.74M	29.07M	-7.61M	-7.47M
Levered Free Cash Flow	104.10M	138.89M	166.66M	159.62M	163.56M	137.82M	137.70M	147.40M	142.93M	89.23M	136.12M	198.13M	115.89M	117.97M	145.66M	87.17M	74.13M	60.06M	48.35M	56.49M	44.61M	27.75M	43.16M	39.19M	22.86M	11.27M	2.24M	9.49M	28.70M	1.98M	1.87M