Apparel - Manufacturers

Category: Industry Averages Base Ticker: 1234.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	6.70	7.15	5.70	6.47	8.87	6.89	6.61	7.81	7.32	7.01	7.74	5.38	6.32	4.76	5.71	4.95	2.78	2.79	4.83	3.72	3.08	2.70	2.54	2.60	3.06	2.82	3.37	3.43	3.78	3.45	1.63
Market Capitalization	1,846.09M	1,757.57M	1,521.93M	1,613.24M	1,729.85M	1,340.71M	1,451.82M	1,167.02M	1,118.17M	1,170.84M	1,188.74M	740.26M	741.02M	678.35M	653.47M	662.33M	496.44M	361.76M	613.05M	361.36M	266.82M	231.82M	176.90M	215.32M	253.99M	308.25M	256.77M	257.85M	316.34M	275.38M	255.09M
(-) Cash & Equivalents	184.30M	218.94M	205.83M	197.80M	252.78M	217.82M	161.66M	162.32M	138.86M	137.22M	128.25M	100.54M	106.72M	107.88M	96.30M	85.27M	66.04M	61.65M	51.85M	36.89M	36.77M	27.04M	23.03M	19.69M	19.58M	21.73M	12.25M	9.80M	6.17M	5.95M	5.29M
(+) Total Debt	680.59M	576.47M	544.19M	523.77M	512.38M	488.70M	443.14M	343.39M	313.66M	288.29M	277.69M	226.29M	203.68M	179.30M	157.38M	137.91M	114.97M	104.21M	103.16M	84.44M	73.54M	62.16M	45.36M	40.57M	31.92M	42.61M	33.94M	34.00M	36.99M	36.53M	38.17M
Enterprise Value	2,394.00M	2,157.69M	1,796.12M	1,970.51M	2,045.70M	1,473.91M	1,664.13M	1,514.85M	1,438.50M	1,390.35M	1,391.23M	932.97M	924.32M	740.03M	720.36M	768.44M	603.62M	434.13M	687.14M	494.44M	304.55M	291.73M	217.72M	247.30M	280.12M	341.11M	290.10M	295.56M	342.57M	306.47M	324.02M

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	1,794.584M	1,631.344M	1,515.578M	1,508.056M	1,335.383M	1,241.803M	1,421.224M	1,325.375M	1,152.655M	1,054.213M	969.380M	880.261M	797.114M	760.569M	706.259M	601.328M	516.688M	530.848M	455.775M	382.433M	317.604M	222.473M	183.537M	223.164M	170.218M	176.519M	180.963M	191.585M	211.207M	191.657M	139.096M
Cost of Revenue	1,084.675M	1,047.651M	981.805M	968.730M	906.194M	858.302M	963.965M	898.380M	786.102M	696.566M	668.280M	602.801M	552.129M	518.838M	485.261M	408.006M	362.126M	374.972M	333.380M	281.342M	235.084M	165.226M	136.231M	162.287M	132.258M	139.030M	116.201M	98.062M	124.884M	103.878M	45.651M
Gross Profit	709.908M	583.693M	533.773M	539.326M	429.189M	383.502M	457.258M	426.995M	366.553M	357.648M	301.100M	277.461M	244.985M	241.731M	220.998M	193.322M	154.561M	155.877M	122.396M	101.092M	82.521M	57.247M	47.306M	60.878M	37.960M	37.489M	64.762M	93.523M	86.324M	87.779M	93.445M
Gross Margin	39.56%	35.78%	35.22%	35.76%	32.14%	30.88%	32.17%	32.22%	31.80%	33.93%	31.06%	31.52%	30.73%	31.78%	31.29%	32.15%	29.91%	29.36%	26.85%	26.43%	25.98%	25.73%	25.77%	27.28%	22.30%	21.24%	35.79%	48.82%	40.87%	45.80%	67.18%
R&D Expenses	7.018M	7.473M	8.459M	8.709M	8.846M	7.629M	6.967M	6.282M	4.912M	3.328M	3.077M	3.256M	2.525M	1.319M	0.340M	0.138M	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	320.404M	272.044M	249.450M	229.300M	220.483M	186.291M	183.865M	171.848M	151.896M	149.217M	136.963M	131.672M	120.643M	104.005M	94.215M	78.342M	68.793M	67.711M	56.955M	42.021M	36.655M	33.596M	25.261M	23.627M	24.878M	24.405M	16.008M	16.164M	18.610M	15.808M	7.071M
Operating Expenses	327.422M	279.517M	257.909M	238.009M	229.330M	193.920M	190.832M	178.131M	156.808M	152.546M	140.040M	134.928M	123.168M	105.324M	94.555M	78.480M	68.793M	67.711M	56.955M	42.021M	36.655M	33.596M	25.261M	23.627M	24.878M	24.405M	16.008M	16.164M	18.610M	15.808M	7.071M
Operating Income	382.486M	304.176M	275.864M	301.317M	199.859M	189.582M	266.426M	248.864M	209.744M	205.102M	161.060M	142.532M	121.817M	136.407M	126.443M	114.842M	85.768M	88.166M	65.440M	59.070M	45.866M	23.651M	22.045M	37.250M	13.082M	13.084M	48.754M	77.359M	67.713M	71.971M	86.374M
Operating Margin	21.31%	18.65%	18.20%	19.98%	14.97%	15.27%	18.75%	18.78%	18.20%	19.46%	16.61%	16.19%	15.28%	17.93%	17.90%	19.10%	16.60%	16.61%	14.36%	15.45%	14.44%	10.63%	12.01%	16.69%	7.69%	7.41%	26.94%	40.38%	32.06%	37.55%	62.10%
Interest Income	5.739M	6.093M	5.086M	3.176M	2.787M	3.497M	3.757M	2.951M	2.322M	2.355M	2.502M	2.849M	2.243M	1.935M	1.733M	0.916M	0.854M	1.033M	0.550M	0.231M	0.125M	0.141M	0.119M	0.110M	0.107M	0.152M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	26.883M	26.416M	23.487M	18.541M	16.836M	18.052M	17.999M	14.677M	12.969M	12.088M	11.490M	9.903M	9.902M	10.222M	8.444M	6.434M	5.801M	5.008M	3.198M	2.445M	1.694M	1.841M	1.084M	1.014M	1.340M	1.267M	1.170M	1.391M	1.225M	2.028M	2.326M
Net Interest Income	-21.144M	-20.324M	-18.400M	-15.365M	-14.050M	-14.555M	-14.242M	-11.726M	-10.647M	-9.734M	-8.988M	-7.054M	-7.660M	-8.287M	-6.711M	-5.517M	-4.947M	-3.975M	-2.647M	-2.214M	-1.569M	-1.700M	-0.965M	-0.905M	-1.233M	-1.115M	-1.170M	-1.391M	-1.225M	-2.028M	-2.326M
Other Income / Expense	-241.118M	-169.436M	-154.875M	-156.960M	-72.531M	-112.157M	-148.687M	-134.635M	-121.291M	-111.836M	-87.475M	-76.976M	-51.125M	-73.518M	-55.117M	-51.316M	-47.310M	-44.533M	-24.047M	-32.671M	-23.897M	-9.437M	-11.190M	-24.699M	-1.031M	0.642M	-35.163M	-63.792M	-53.054M	-60.828M	-74.645M
Pre-Tax Income	120.224M	114.416M	102.589M	128.993M	113.278M	62.870M	103.497M	102.503M	77.806M	83.532M	64.597M	58.502M	63.032M	54.602M	64.615M	58.008M	33.511M	39.658M	38.746M	24.186M	20.400M	12.514M	9.890M	11.647M	10.818M	12.611M	12.421M	12.175M	13.435M	9.115M	9.403M
Pre-Tax Margin	6.70%	7.01%	6.77%	8.55%	8.48%	5.06%	7.28%	7.73%	6.75%	7.92%	6.66%	6.65%	7.91%	7.18%	9.15%	9.65%	6.49%	7.47%	8.50%	6.32%	6.42%	5.63%	5.39%	5.22%	6.36%	7.14%	6.86%	6.36%	6.36%	4.76%	6.76%
Income Tax Expense	26.624M	24.623M	20.938M	27.877M	25.523M	16.371M	26.116M	22.546M	19.215M	18.959M	16.636M	15.882M	15.617M	14.107M	15.619M	12.732M	6.449M	10.777M	7.460M	5.607M	5.446M	2.787M	2.764M	2.605M	2.035M	2.709M	2.469M	1.942M	2.345M	1.170M	1.773M
Tax Rate	22.15%	21.52%	20.41%	21.61%	22.53%	26.04%	25.23%	22.00%	24.70%	22.70%	25.75%	27.15%	24.78%	25.84%	24.17%	21.95%	19.24%	27.17%	19.25%	23.18%	26.69%	22.27%	27.94%	22.37%	18.81%	21.48%	19.88%	15.95%	17.46%	12.84%	18.86%
Net Income	93.600M	89.793M	81.651M	101.116M	87.755M	46.499M	77.381M	79.956M	58.591M	64.573M	47.960M	42.620M	47.415M	40.495M	48.996M	45.276M	27.062M	28.882M	31.286M	18.579M	14.955M	9.727M	7.126M	9.042M	8.784M	9.902M	9.951M	10.233M	11.089M	7.945M	7.630M
Net Margin	5.22%	5.50%	5.39%	6.71%	6.57%	3.74%	5.44%	6.03%	5.08%	6.13%	4.95%	4.84%	5.95%	5.32%	6.94%	7.53%	5.24%	5.44%	6.86%	4.86%	4.71%	4.37%	3.88%	4.05%	5.16%	5.61%	5.50%	5.34%	5.25%	4.15%	5.49%
EBIT	382.486M	304.176M	275.864M	301.317M	199.859M	189.582M	266.426M	248.864M	209.744M	205.102M	161.060M	142.532M	121.817M	136.407M	126.443M	114.842M	85.768M	88.166M	65.440M	59.070M	45.866M	23.651M	22.045M	37.250M	13.082M	13.084M	48.754M	77.359M	67.713M	71.971M	86.374M
Depreciation & Amortization	61.427M	66.402M	61.767M	62.281M	64.609M	65.183M	55.411M	48.100M	37.071M	36.220M	31.976M	32.079M	26.789M	26.318M	23.334M	20.184M	19.327M	18.582M	14.217M	12.402M	10.117M	7.978M	6.421M	6.555M	4.215M	4.078M	4.092M	3.908M	4.566M	4.437M	1.755M
EBITDA	443.913M	370.577M	337.631M	363.599M	264.468M	254.765M	321.837M	296.964M	246.816M	241.322M	193.036M	174.611M	148.605M	162.725M	149.778M	135.026M	105.096M	106.748M	79.657M	71.472M	55.983M	31.630M	28.465M	43.805M	17.297M	17.161M	52.846M	81.267M	72.280M	76.408M	88.129M
EBITDA Margin	24.74%	22.72%	22.28%	24.11%	19.80%	20.52%	22.65%	22.41%	21.41%	22.89%	19.91%	19.84%	18.64%	21.40%	21.21%	22.45%	20.34%	20.11%	17.48%	18.69%	17.63%	14.22%	15.51%	19.63%	10.16%	9.72%	29.20%	42.42%	34.22%	39.87%	63.36%
NOPAT	297.782M	238.714M	219.561M	236.199M	154.828M	140.216M	199.198M	194.125M	157.945M	158.550M	119.581M	103.837M	91.635M	101.165M	95.878M	89.636M	69.263M	64.208M	52.840M	45.376M	33.623M	18.384M	15.884M	28.919M	10.621M	10.273M	39.061M	65.020M	55.893M	62.729M	70.085M
NOPAT Margin	16.59%	14.63%	14.49%	15.66%	11.59%	11.29%	14.02%	14.65%	13.70%	15.04%	12.34%	11.80%	11.50%	13.30%	13.58%	14.91%	13.41%	12.10%	11.59%	11.87%	10.59%	8.26%	8.65%	12.96%	6.24%	5.82%	21.59%	33.94%	26.46%	32.73%	50.39%
Owner's Earnings	155.027M	156.194M	143.418M	163.397M	152.364M	111.682M	132.792M	128.056M	95.662M	100.793M	79.936M	74.699M	74.204M	66.814M	72.330M	65.461M	46.389M	47.464M	45.503M	30.981M	25.072M	17.706M	13.547M	15.597M	12.999M	13.980M	14.044M	14.141M	15.656M	12.381M	9.385M
Owner's Earnings Margin	8.64%	9.57%	9.46%	10.83%	11.41%	8.99%	9.34%	9.66%	8.30%	9.56%	8.25%	8.49%	9.31%	8.78%	10.24%	10.89%	8.98%	8.94%	9.98%	8.10%	7.89%	7.96%	7.38%	6.99%	7.64%	7.92%	7.76%	7.38%	7.41%	6.46%	6.75%
EPS	0.14	0.13	0.12	0.15	0.14	0.07	0.11	0.13	0.09	0.10	0.08	0.07	0.09	0.08	0.10	0.10	0.07	0.08	0.08	0.05	0.04	0.03	0.02	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.02
EPS (Diluted)	0.14	0.13	0.12	0.15	0.14	0.07	0.11	0.13	0.09	0.10	0.08	0.07	0.09	0.08	0.10	0.10	0.07	0.08	0.08	0.05	0.04	0.03	0.02	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.02
Shares (Diluted)	661,248,681	682,488,868	687,075,601	672,980,446	633,118,215	648,970,105	678,577,842	637,735,954	628,988,813	631,967,850	589,125,137	575,831,471	556,902,493	526,098,807	499,450,738	466,771,219	404,130,312	383,285,487	391,965,873	352,326,641	336,964,773	366,580,640	313,820,643	323,485,361	326,181,913	299,009,171	299,516,086	313,761,465	327,267,515	281,114,227	370,303,165

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	183.71M	218.94M	205.83M	197.73M	236.13M	251.45M	161.66M	162.32M	138.86M	138.32M	131.30M	106.09M	106.72M	107.88M	97.04M	85.39M	65.92M	61.71M	51.71M	36.89M	37.62M	26.95M	23.03M	19.47M	20.51M	21.73M	12.51M	10.87M	6.21M	5.98M	4.91M
Short-Term Investments	57.71M	69.84M	43.51M	80.00M	100.70M	60.56M	63.78M	29.46M	24.53M	30.57M	16.24M	18.99M	17.08M	19.09M	16.07M	11.35M	10.80M	5.86M	5.18M	5.23M	1.11M	1.33M	1.07M	1.01M	1.42M	1.93M	0.35M	0.45M	0.08M	0.33M	0.04M
Cash & Short-Term Investments	241.42M	288.77M	249.34M	277.73M	336.82M	312.01M	225.44M	191.79M	163.39M	168.89M	147.54M	125.08M	123.80M	126.97M	113.11M	96.74M	76.73M	67.56M	56.89M	42.12M	38.73M	28.28M	24.11M	20.48M	21.93M	23.67M	12.86M	11.31M	6.29M	6.31M	4.95M
Net Receivables	242.01M	217.60M	189.61M	173.64M	188.38M	168.26M	171.24M	174.76M	160.91M	138.06M	124.92M	106.27M	101.36M	90.99M	80.66M	74.71M	66.73M	71.56M	55.55M	43.77M	37.08M	30.11M	25.86M	23.21M	20.12M	16.66M	9.67M	19.79M	22.44M	20.02M	12.52M
Inventory	402.96M	360.61M	350.53M	361.39M	325.61M	268.99M	296.21M	298.90M	239.91M	230.13M	220.86M	196.79M	173.13M	160.83M	164.09M	125.96M	98.37M	99.85M	87.19M	73.91M	62.77M	47.30M	37.73M	33.59M	40.63M	47.97M	38.12M	48.57M	48.07M	42.27M	25.13M
Other Current Assets	55.41M	42.74M	50.36M	60.52M	58.57M	48.91M	52.76M	68.38M	56.05M	52.99M	49.16M	53.89M	51.13M	44.37M	34.15M	23.52M	22.45M	21.39M	22.35M	13.61M	10.85M	10.35M	11.42M	9.40M	9.04M	15.27M	17.11M	18.97M	13.20M	9.39M	13.96M
Total Current Assets	941.80M	909.73M	839.84M	873.29M	909.37M	798.16M	745.63M	733.83M	620.25M	590.06M	542.48M	482.03M	449.42M	423.16M	392.02M	320.93M	264.28M	260.37M	221.97M	173.41M	149.43M	116.03M	99.11M	86.68M	91.72M	103.57M	77.76M	98.65M	90.01M	77.99M	56.56M
Property, Plant & Equipment	489.83M	620.40M	540.32M	545.89M	499.13M	469.36M	433.60M	398.79M	344.81M	330.42M	306.69M	256.24M	245.53M	236.93M	218.13M	197.37M	176.55M	171.20M	147.27M	130.38M	111.01M	82.60M	65.38M	59.59M	54.78M	51.51M	43.70M	46.66M	39.03M	43.33M	39.38M
Goodwill	52.55M	43.51M	37.75M	39.61M	40.78M	37.60M	33.14M	44.71M	30.02M	18.17M	18.30M	13.51M	10.01M	5.07M	2.23M	1.74M	1.31M	1.65M	0.67M	0.26M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	98.60M	80.29M	58.97M	58.13M	59.72M	52.23M	50.68M	52.52M	41.04M	34.79M	32.63M	25.23M	23.65M	22.02M	20.47M	16.65M	13.10M	11.69M	8.98M	9.16M	6.24M	5.09M	3.95M	2.90M	4.52M	4.80M	2.87M	2.83M	2.26M	0.80M	0.88M
Long-Term Investments	59.33M	33.90M	55.43M	32.47M	34.70M	34.42M	39.25M	46.17M	26.36M	27.34M	27.63M	13.20M	11.27M	7.84M	4.48M	7.76M	11.06M	7.13M	3.28M	5.19M	1.86M	0.28M	0.10M	0.46M	0.21M	0.17M	0.18M	0.03M	0.00M	0.00M	1.51M
Tax Assets	15.94M	29.67M	18.67M	26.16M	20.53M	17.81M	18.46M	18.27M	13.25M	9.53M	12.72M	11.91M	10.73M	10.73M	9.29M	4.47M	6.15M	3.52M	3.44M	2.94M	1.25M	0.81M	0.34M	0.43M	0.92M	0.00M	0.00M	0.04M	0.00M	0.02M	0.04M
Other Non-Current Assets	75.66M	98.17M	47.46M	65.99M	56.43M	58.93M	41.71M	37.26M	34.14M	33.20M	31.37M	27.51M	25.67M	24.03M	27.94M	28.07M	22.10M	19.79M	16.65M	7.93M	8.00M	5.52M	4.33M	6.09M	5.12M	8.44M	3.84M	5.62M	7.07M	5.53M	3.28M
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	791.92M	905.95M	758.61M	768.25M	711.29M	670.36M	616.85M	597.71M	489.62M	453.45M	429.35M	347.60M	326.86M	306.62M	282.54M	256.07M	230.27M	214.97M	180.28M	155.86M	128.36M	94.30M	74.10M	69.47M	65.55M	64.91M	50.59M	55.17M	48.36M	49.68M	45.09M
Total Assets	1,733.72M	1,815.67M	1,598.44M	1,641.54M	1,620.67M	1,468.52M	1,362.48M	1,331.54M	1,109.88M	1,043.51M	971.83M	829.63M	776.28M	729.77M	674.56M	577.00M	494.55M	475.34M	402.25M	329.27M	277.78M	210.33M	173.21M	156.15M	157.27M	168.48M	128.35M	153.82M	138.37M	127.67M	101.65M
Accounts Payable	180.91M	191.87M	167.37M	189.07M	182.63M	147.91M	146.12M	149.47M	121.99M	107.88M	100.66M	91.70M	86.00M	77.21M	72.39M	68.88M	52.27M	53.03M	42.32M	34.39M	28.85M	21.55M	19.57M	18.14M	18.48M	19.50M	16.20M	16.43M	15.36M	13.11M	9.88M
Short-Term Debt	179.48M	158.28M	145.16M	186.09M	148.36M	198.35M	166.96M	178.19M	152.72M	129.47M	124.60M	100.06M	103.23M	94.99M	81.75M	62.79M	45.32M	49.34M	33.77M	30.81M	27.97M	21.01M	17.80M	15.45M	17.48M	16.14M	16.99M	22.11M	18.07M	13.24M	14.76M
Tax Payables	0.00M	18.42M	13.25M	21.83M	18.71M	17.54M	12.81M	12.70M	10.24M	10.00M	8.02M	6.26M	6.00M	4.83M	4.93M	5.40M	3.42M	3.45M	3.34M	1.83M	1.68M	0.86M	0.53M	0.43M	0.54M	0.64M	0.89M	0.81M	0.69M	0.46M	1.03M
Deferred Revenue	10.91M	0.97M	6.28M	16.81M	50.88M	51.26M	41.84M	11.92M	34.49M	30.80M	22.72M	16.56M	16.65M	12.83M	12.98M	11.43M	8.06M	8.87M	9.24M	8.48M	5.92M	4.67M	4.35M	5.55M	6.43M	6.09M	4.78M	4.14M	3.42M	3.24M	4.10M
Other Current Liabilities	97.16M	97.37M	88.52M	84.90M	67.85M	44.07M	79.52M	67.35M	52.55M	43.02M	39.11M	33.22M	37.27M	39.73M	35.59M	32.52M	21.68M	20.62M	16.77M	16.99M	15.10M	13.52M	7.64M	8.61M	4.20M	8.60M	8.24M	10.08M	9.82M	9.41M	6.70M
Total Current Liabilities	468.46M	466.92M	420.58M	498.70M	468.43M	459.13M	447.26M	419.62M	372.00M	321.18M	295.12M	247.80M	249.16M	229.59M	207.64M	181.02M	130.75M	135.31M	105.44M	92.51M	79.52M	61.61M	49.90M	48.18M	47.13M	50.97M	47.10M	53.57M	47.36M	39.46M	36.47M
Long-Term Debt	313.69M	206.20M	193.86M	176.86M	183.26M	166.39M	152.52M	146.32M	100.45M	122.38M	115.75M	107.38M	77.81M	63.50M	71.51M	60.63M	61.00M	56.93M	51.67M	30.52M	25.01M	15.86M	12.91M	11.68M	8.64M	16.16M	13.92M	12.60M	12.97M	18.34M	21.05M
Capital Lease Obligations	21.83M	60.84M	57.82M	53.70M	52.78M	55.85M	13.13M	1.31M	0.18M	0.07M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	10.65M	15.43M	11.49M	12.58M	13.38M	10.43M	11.28M	10.69M	8.67M	9.41M	9.96M	7.77M	9.48M	10.02M	8.12M	7.53M	5.35M	4.30M	3.69M	2.70M	1.62M	0.50M	0.40M	0.43M	0.58M	0.67M	0.58M	0.40M	0.46M	0.74M	0.38M
Other Non-Current Liabilities	25.74M	32.80M	31.44M	22.78M	17.04M	17.13M	18.80M	24.82M	22.17M	15.64M	21.32M	15.47M	14.15M	12.62M	12.00M	7.18M	9.40M	10.68M	6.67M	4.53M	3.85M	1.20M	1.14M	0.43M	0.25M	0.40M	0.91M	1.41M	1.17M	1.25M	1.51M
Total Non-Current Liabilities	371.90M	315.27M	294.60M	265.92M	266.45M	249.80M	195.73M	183.13M	131.46M	147.50M	147.02M	130.63M	101.44M	86.14M	91.63M	75.34M	75.76M	71.92M	62.03M	37.74M	30.48M	17.56M	14.45M	12.54M	9.48M	17.24M	15.41M	14.41M	14.60M	20.33M	22.94M
Total Liabilities	840.36M	782.19M	715.19M	764.62M	734.88M	708.93M	642.99M	602.75M	503.46M	468.68M	442.14M	378.42M	350.60M	315.74M	299.28M	256.36M	206.51M	207.24M	167.46M	130.25M	110.00M	79.17M	64.35M	60.72M	56.60M	68.20M	62.51M	67.99M	61.96M	59.78M	59.42M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.83M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	104.14M	79.07M	71.44M	69.82M	72.44M	69.30M	66.78M	64.95M	66.43M	66.21M	59.02M	48.96M	47.97M	47.72M	44.85M	38.65M	34.97M	29.38M	23.63M	23.75M	17.14M	16.52M	13.20M	16.64M	18.64M	19.55M	13.03M	12.61M	11.36M	10.95M	12.27M
Retained Earnings	381.21M	496.86M	476.81M	490.87M	458.14M	391.12M	456.35M	385.50M	330.64M	292.43M	274.05M	251.00M	223.60M	175.74M	162.06M	107.22M	71.66M	64.30M	56.73M	36.82M	38.30M	18.41M	14.57M	14.67M	13.32M	14.57M	12.34M	22.26M	24.09M	22.14M	10.64M
Accumulated OCI	116.32M	45.20M	33.61M	47.87M	34.47M	20.03M	26.15M	13.73M	15.57M	8.38M	11.25M	-1.73M	-11.32M	-19.98M	-14.46M	-10.63M	-6.11M	-0.54M	0.00M	-0.13M	-0.08M	0.00M	0.00M	-0.13M	-0.86M	-2.42M	-1.45M	-1.91M	-1.20M	-7.19M	0.00M
Minority Interest	10.99M	15.40M	12.83M	9.88M	10.12M	11.02M	12.79M	10.10M	8.49M	9.12M	6.29M	5.78M	7.00M	6.71M	6.06M	6.50M	5.54M	4.99M	4.03M	2.65M	2.11M	2.47M	2.17M	2.45M	2.58M	2.16M	1.41M	2.01M	0.60M	0.74M	0.52M
Total Shareholders’ Equity	601.67M	621.13M	581.86M	608.56M	565.04M	480.45M	550.11M	464.17M	412.64M	367.02M	344.31M	298.24M	260.25M	203.48M	192.45M	135.24M	100.53M	93.14M	80.37M	60.44M	55.36M	34.93M	27.77M	31.17M	31.11M	31.71M	23.93M	32.97M	34.26M	25.90M	22.92M
Total Equity	612.66M	636.53M	594.69M	618.44M	575.16M	491.46M	562.90M	474.27M	421.13M	376.15M	350.61M	304.01M	267.24M	210.18M	198.51M	141.74M	106.07M	98.13M	84.40M	63.10M	57.47M	37.40M	29.94M	33.62M	33.69M	33.87M	25.34M	34.98M	34.86M	26.64M	23.43M
Total Liabilities & Equity	1,453.02M	1,418.72M	1,309.88M	1,383.06M	1,310.04M	1,200.39M	1,205.89M	1,077.02M	924.59M	844.83M	792.75M	682.44M	617.84M	525.92M	497.79M	398.11M	312.58M	305.37M	251.86M	193.34M	167.47M	116.57M	94.29M	94.34M	90.29M	102.07M	87.85M	102.97M	96.82M	86.43M	82.85M
Tangible Assets	1,582.57M	1,691.87M	1,501.72M	1,543.80M	1,520.17M	1,378.68M	1,278.66M	1,234.31M	1,038.81M	990.55M	920.90M	790.89M	742.62M	702.69M	651.86M	558.60M	480.14M	462.00M	392.61M	319.85M	271.55M	205.25M	169.26M	153.24M	152.75M	163.68M	125.48M	150.99M	136.11M	126.87M	100.77M
Tangible Equity	461.52M	512.73M	497.97M	520.70M	474.66M	401.62M	479.08M	377.04M	350.07M	323.19M	299.67M	265.27M	233.58M	183.10M	175.81M	123.35M	91.66M	84.79M	74.75M	53.67M	51.24M	32.31M	26.00M	30.72M	29.17M	29.07M	22.47M	32.15M	32.60M	25.85M	22.55M
Tangible Book Value	461.52M	512.73M	497.97M	520.70M	474.66M	401.62M	479.08M	377.04M	350.07M	323.19M	299.67M	265.27M	233.58M	183.10M	175.81M	123.35M	91.66M	84.79M	74.75M	53.67M	51.24M	32.31M	26.00M	30.72M	29.17M	29.07M	22.47M	32.15M	32.60M	25.85M	22.55M
Total Investments	104.57M	65.50M	99.63M	80.66M	68.73M	63.39M	67.15M	68.00M	50.64M	49.97M	37.51M	27.13M	23.70M	21.24M	19.30M	20.29M	20.49M	17.35M	13.34M	11.51M	8.00M	4.47M	4.75M	4.85M	3.69M	3.44M	2.04M	3.71M	0.03M	0.26M	2.20M
Net Debt	309.46M	145.55M	133.19M	165.22M	95.49M	113.29M	157.83M	162.18M	114.30M	113.54M	109.05M	101.35M	74.32M	50.61M	56.21M	38.04M	40.40M	44.57M	33.73M	24.44M	15.36M	9.93M	7.68M	7.66M	5.61M	10.56M	18.40M	23.84M	24.83M	25.59M	30.90M

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	371.52M	367.79M	318.26M	313.44M	374.47M	262.68M	289.74M	314.48M	260.44M	253.35M	263.77M	239.90M	194.60M	194.98M	189.11M	150.57M	134.75M	131.31M	129.39M	79.00M	68.40M	53.65M	44.79M	46.60M	47.82M	62.96M	53.23M	58.78M	56.45M	36.47M	30.19M
Total Capital	1,556.17M	1,482.02M	1,365.64M	1,324.07M	1,285.11M	1,181.70M	1,140.01M	1,025.53M	913.10M	845.02M	793.34M	709.65M	652.43M	603.28M	545.07M	449.48M	373.98M	343.26M	323.66M	260.08M	228.97M	171.34M	136.97M	137.07M	135.76M	145.89M	114.83M	128.46M	129.51M	100.00M	94.78M
Capital Employed	1,453.83M	1,354.97M	1,227.41M	1,187.17M	1,178.72M	1,048.36M	1,041.63M	944.17M	842.70M	789.24M	779.50M	712.80M	592.61M	552.08M	522.58M	461.30M	385.69M	382.76M	330.88M	266.82M	242.44M	166.27M	140.74M	163.85M	152.63M	130.72M	102.70M	122.81M	105.65M	79.89M	70.52M
Invested Capital	1,372.46M	1,263.09M	1,159.81M	1,126.34M	1,048.98M	930.25M	978.35M	863.20M	774.24M	706.70M	662.04M	603.56M	545.72M	495.41M	448.03M	364.09M	308.06M	281.55M	271.94M	223.19M	191.34M	144.39M	113.94M	117.60M	115.25M	124.15M	102.32M	117.60M	123.30M	94.02M	89.87M

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	33.52M	74.27M	69.14M	65.58M	66.42M	62.54M	53.75M	44.13M	35.82M	35.77M	32.76M	32.77M	26.81M	26.32M	23.33M	20.43M	19.44M	18.17M	14.23M	11.77M	10.32M	8.18M	6.49M	7.38M	4.88M	4.59M	4.25M	5.54M	9.08M	9.50M	13.11M
Deferred Income Tax	0.00M	0.00M	-0.57M	-2.13M	-1.69M	-1.46M	-0.14M	0.46M	-0.33M	-0.04M	-0.65M	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	-0.01M	0.02M	0.00M	0.00M	0.19M	-0.05M	0.10M
Stock-Based Compensation	0.47M	0.71M	0.76M	1.13M	0.79M	0.33M	0.70M	0.56M	0.50M	0.23M	0.20M	0.15M	0.04M	0.07M	0.14M	0.12M	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
Change in Working Capital	-16.94M	-15.98M	-18.75M	-56.55M	-32.96M	8.18M	-12.91M	-33.55M	-21.13M	-14.61M	-23.88M	-15.80M	-12.77M	-9.83M	-38.32M	-14.84M	3.97M	-6.80M	-10.16M	-6.58M	-3.93M	-2.27M	-1.94M	0.78M	-2.67M	-3.88M	0.16M	-7.92M	-7.18M	3.41M	-11.72M
Accounts Receivable	4.28M	-7.90M	-11.70M	-9.29M	-21.46M	2.82M	-2.59M	-14.99M	-10.65M	-6.33M	-11.37M	-5.88M	-5.78M	-4.15M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-3.05M	5.39M	3.25M	-38.84M	-39.87M	10.93M	-13.37M	-34.98M	-12.22M	-9.74M	-11.82M	-13.47M	-13.03M	-1.68M	-30.38M	-20.51M	4.93M	-7.31M	-7.73M	-3.75M	-4.11M	-2.34M	-1.99M	0.56M	-0.75M	-4.21M	0.86M	-3.02M	-2.91M	2.87M	-7.26M
Accounts Payable	0.00M	4.24M	2.55M	8.07M	25.29M	0.43M	1.70M	16.79M	10.78M	2.97M	3.04M	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	0.00M
Other Working Capital	-3.68M	-3.31M	-6.32M	-11.96M	0.66M	-3.84M	0.10M	-6.22M	-4.05M	-5.97M	-3.15M	-4.98M	1.35M	-4.13M	-0.24M	0.82M	0.08M	-0.77M	-3.16M	-3.75M	-0.14M	0.36M	0.08M	0.69M	-0.52M	0.96M	-1.89M	-4.62M	-4.34M	-0.43M	-4.68M
Other Non-Cash Items	22.56M	20.45M	9.01M	9.49M	23.30M	24.71M	13.11M	10.77M	10.07M	4.93M	5.28M	4.27M	3.56M	4.79M	2.66M	1.94M	4.76M	2.72M	3.02M	0.37M	1.52M	4.13M	2.31M	2.22M	1.07M	0.46M	1.35M	1.21M	-0.69M	1.55M	-1.15M
Net Cash from Operating Activities	159.79M	186.99M	154.73M	114.89M	145.67M	137.71M	155.40M	98.89M	97.33M	89.07M	78.68M	74.50M	67.86M	67.93M	40.94M	44.67M	56.59M	41.91M	32.96M	22.23M	22.51M	17.70M	11.89M	18.43M	13.43M	14.48M	16.52M	17.36M	36.12M	29.53M	21.19M
Capital Expenditures (PPE)	-70.67M	-68.20M	-71.92M	-74.21M	-51.68M	-47.82M	-65.37M	-59.08M	-50.07M	-51.87M	-44.54M	-42.55M	-35.62M	-36.93M	-37.02M	-29.06M	-24.16M	-34.15M	-33.96M	-23.94M	-19.00M	-14.44M	-12.35M	-11.82M	-14.24M	-11.30M	-9.64M	-13.35M	-14.17M	-14.93M	-16.00M
Acquisitions (Net)	0.40M	-0.38M	0.52M	-0.58M	0.43M	0.78M	-0.93M	-0.32M	-1.87M	-0.07M	-1.57M	-0.82M	-0.47M	0.25M	-0.31M	-0.66M	0.26M	-0.32M	-0.35M	-0.45M	0.04M	0.02M	0.01M	0.72M	0.38M	-0.04M	0.00M	0.01M	0.00M	0.05M	-0.53M
Purchases of Investments	-43.29M	-41.29M	-36.58M	-53.13M	-45.51M	-42.80M	-34.12M	-56.48M	-34.55M	-33.45M	-21.55M	-14.05M	-9.71M	-12.42M	-4.72M	-13.86M	-6.86M	-11.10M	-4.44M	-2.32M	-0.39M	-0.29M	-0.34M	-1.28M	-4.13M	-1.50M	-0.17M	-0.89M	0.00M	0.00M	0.00M
Sales / Maturities of Investments	60.05M	45.21M	44.18M	52.61M	45.28M	35.61M	45.04M	56.06M	34.67M	26.18M	19.20M	12.87M	8.05M	9.26M	7.60M	9.89M	6.28M	4.98M	6.57M	2.15M	0.80M	0.19M	0.10M	0.49M	1.82M	0.81M	0.04M	0.23M	0.00M	0.00M	0.00M
Other Investing Activities	-1.70M	-1.11M	3.65M	6.07M	1.48M	1.24M	3.89M	4.90M	1.20M	0.46M	-1.48M	-0.08M	-1.40M	0.56M	-0.26M	-0.76M	0.08M	0.49M	0.63M	-0.32M	-1.19M	0.44M	0.14M	-1.24M	-0.57M	0.01M	-0.10M	-0.60M	-1.22M	2.44M	1.15M
Net Cash from Investing Activities	-82.30M	-101.40M	-73.21M	-78.07M	-52.80M	-48.06M	-61.26M	-58.42M	-72.66M	-63.85M	-53.33M	-52.13M	-52.18M	-41.11M	-41.64M	-37.06M	-29.34M	-40.13M	-31.80M	-27.88M	-21.04M	-16.46M	-16.60M	-12.84M	-15.06M	-11.61M	-10.40M	-13.14M	-15.00M	-20.50M	-18.74M
Net Debt Issuance	9.35M	-1.69M	-0.52M	2.69M	-1.62M	-3.95M	-1.58M	6.16M	1.76M	-1.56M	10.89M	8.14M	8.82M	1.97M	16.06M	3.50M	-1.61M	3.12M	8.33M	3.50M	0.11M	-0.69M	2.34M	-1.58M	-0.69M	-0.28M	3.53M	6.85M	1.90M	-6.78M	6.19M
Long-Term Debt Issuance	16.56M	2.03M	7.23M	1.47M	5.29M	6.20M	8.99M	11.37M	4.52M	-1.75M	11.40M	8.66M	8.69M	3.24M	13.77M	2.10M	0.31M	1.61M	4.56M	3.56M	0.81M	0.52M	1.65M	-0.75M	-0.01M	-0.55M	3.14M	3.45M	1.47M	-3.25M	5.83M
Short-Term Debt Issuance	-4.46M	-0.28M	-5.23M	-1.29M	-1.06M	-4.06M	-2.75M	0.00M	-1.16M	0.33M	-0.05M	-0.19M	0.32M	0.05M	0.70M	-0.07M	-0.45M	-0.03M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-1.49M	-5.05M	-0.97M	-2.50M	-0.59M	-1.26M	-0.30M	-0.43M	0.00M	-0.09M	-0.01M	-0.01M	0.00M	0.00M	0.03M	-0.01M	-0.01M	-0.57M	0.05M	0.03M	0.02M	0.07M	0.01M	0.03M	0.00M	0.00M	-0.17M	0.02M	-0.45M	0.57M	-0.61M
Common Stock Issuance	0.00M	0.00M	0.00M	0.01M	0.21M	0.01M	0.02M	0.00M	0.00M	0.03M	0.00M	0.00M	0.00M	0.01M	0.27M	0.04M	0.01M	0.20M	0.63M	0.35M	0.20M	0.14M	0.01M	0.07M	0.00M	0.00M	0.04M	0.24M	0.91M	1.07M	1.29M
Common Stock Repurchased	-1.64M	-5.04M	-2.23M	-3.74M	-1.70M	-1.73M	-0.82M	-0.55M	-0.30M	-0.30M	-0.21M	-0.26M	-0.03M	-0.05M	-0.03M	-0.01M	-0.02M	-0.72M	-0.03M	-0.01M	-0.01M	0.00M	0.00M	0.00M	-0.06M	0.00M	-0.17M	-0.01M	-0.61M	-0.24M	-1.66M
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	-25.87M	-41.14M	-33.15M	-40.81M	-22.02M	-15.50M	-25.61M	-28.78M	-24.52M	-18.44M	-18.36M	-16.93M	-16.49M	-14.92M	-14.37M	-10.37M	-7.59M	-7.31M	-6.50M	-5.11M	-4.63M	-3.56M	-2.80M	-2.68M	-3.43M	-3.15M	-2.92M	-5.97M	-6.75M	-5.02M	-3.77M
Common Dividends Paid	-25.87M	-41.14M	-33.40M	-41.90M	-26.65M	-17.39M	-31.70M	-28.33M	-25.17M	-18.17M	-18.09M	-16.86M	-16.14M	-13.57M	-11.90M	-9.87M	-7.58M	-7.33M	-6.64M	-4.79M	-4.41M	-3.11M	-2.60M	-2.54M	-3.15M	-2.78M	-2.54M	-5.01M	-5.39M	-3.89M	-1.81M
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	-24.64M	-17.66M	-15.48M	-10.26M	-9.46M	-8.11M	-9.15M	-3.62M	6.39M	-0.42M	-2.99M	-3.01M	-2.74M	-0.24M	3.13M	-0.20M	-1.34M	0.54M	0.42M	0.89M	-0.42M	1.82M	0.44M	-0.44M	2.10M	7.49M	0.78M	0.95M	0.04M	-0.15M	-0.45M
Net Cash from Financing Activities	-94.79M	-98.97M	-65.15M	-73.61M	-34.70M	-44.63M	-47.22M	-33.00M	-27.51M	-23.29M	-14.23M	-13.35M	-5.95M	-12.72M	7.44M	-4.92M	-14.88M	-6.85M	2.23M	2.33M	-4.54M	1.89M	3.49M	-5.28M	-0.05M	10.34M	1.05M	7.93M	-12.15M	-7.35M	-35.09M
Effect of FX on Cash	1.27M	0.01M	0.56M	0.59M	-0.10M	-1.52M	-0.09M	0.28M	-1.11M	-0.47M	0.13M	0.11M	0.18M	-0.05M	0.02M	0.01M	-0.10M	0.17M	0.28M	0.03M	0.01M	0.00M	-0.01M	0.01M	-0.01M	-0.10M	-0.02M	-0.05M	-0.23M	-0.01M	-0.55M
Net Change in Cash	8.27M	-6.95M	2.76M	-7.47M	5.48M	50.29M	10.72M	4.70M	7.50M	14.18M	7.67M	-1.36M	9.67M	9.88M	1.56M	6.00M	7.14M	4.55M	6.17M	-0.92M	-0.82M	4.60M	3.00M	1.58M	0.80M	5.34M	1.65M	8.10M	-0.46M	1.21M	-19.52M
Cash at Beginning of Period	157.23M	187.67M	174.85M	205.43M	205.60M	150.20M	146.24M	141.40M	121.99M	112.38M	95.50M	98.75M	95.44M	85.13M	76.51M	66.88M	53.99M	49.00M	36.28M	37.60M	33.42M	24.62M	18.01M	19.24M	21.22M	13.92M	8.55M	7.82M	5.22M	15.33M	15.00M
Cash at End of Period	257.72M	188.42M	181.41M	189.30M	223.86M	201.47M	149.85M	140.09M	126.81M	127.46M	112.85M	93.52M	101.11M	95.96M	88.18M	75.15M	64.11M	54.45M	50.21M	34.57M	36.49M	29.20M	24.21M	23.57M	20.88M	23.53M	13.51M	14.21M	2.89M	3.54M	-0.99M
Operating Cash Flow	160.34M	186.99M	154.56M	114.74M	145.44M	137.71M	155.40M	98.89M	97.33M	89.07M	78.68M	74.50M	67.86M	67.93M	40.94M	44.67M	56.59M	42.01M	32.96M	22.23M	22.51M	17.70M	11.89M	18.43M	13.43M	14.48M	16.52M	17.36M	36.12M	29.53M	21.19M
Capital Expenditure	-73.99M	-71.47M	-73.37M	-74.27M	-51.60M	-47.54M	-65.37M	-59.08M	-50.07M	-51.87M	-44.47M	-42.55M	-35.62M	-36.93M	-37.81M	-27.07M	-23.21M	-34.15M	-33.79M	-23.94M	-19.00M	-14.44M	-12.35M	-11.82M	-14.24M	-11.30M	-9.64M	-13.35M	-14.17M	-14.93M	-16.00M
Free Cash Flow	73.01M	92.11M	69.44M	49.08M	72.18M	78.06M	65.61M	30.33M	41.15M	37.75M	34.38M	32.26M	31.10M	30.07M	1.27M	17.10M	30.52M	4.57M	-2.49M	0.41M	5.38M	5.14M	1.94M	6.83M	2.64M	5.31M	4.53M	-5.10M	12.25M	11.16M	4.65M

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	212.45M	202.93M	193.34M	196.69M	185.51M	143.56M	170.08M	160.61M	128.08M	134.83M	117.15M	103.39M	95.80M	90.13M	100.66M	88.04M	55.67M	60.15M	54.72M	42.19M	36.21M	25.19M	20.10M	21.44M	18.24M	23.19M	21.66M	21.15M	25.48M	23.58M	12.29M
(-) Tax Adjustment	47.05M	43.67M	39.46M	42.51M	41.80M	37.38M	42.92M	35.33M	31.63M	30.60M	30.17M	28.07M	23.74M	23.29M	24.33M	19.32M	10.71M	16.35M	10.54M	9.78M	9.67M	5.61M	5.62M	4.80M	3.43M	4.98M	4.31M	3.37M	4.45M	3.03M	2.32M
(-) Change In Working Capital	-16.94M	-15.98M	-18.75M	-56.55M	-32.96M	8.18M	-12.91M	-33.55M	-21.13M	-14.61M	-23.88M	-15.80M	-12.77M	-9.83M	-38.32M	-14.84M	3.97M	-6.80M	-10.16M	-6.58M	-3.93M	-2.27M	-1.94M	0.78M	-2.67M	-3.88M	0.16M	-7.92M	-7.18M	3.41M	-11.72M
(-) Capital Expenditure	73.99M	71.47M	73.37M	74.27M	51.60M	47.54M	65.37M	59.08M	50.07M	51.87M	44.47M	42.55M	35.62M	36.93M	37.81M	27.07M	23.21M	34.15M	33.79M	23.94M	19.00M	14.44M	12.35M	11.82M	14.24M	11.30M	9.64M	13.35M	14.17M	14.93M	16.00M
Unlevered Free Cash Flow	108.35M	103.77M	99.26M	136.47M	125.07M	50.46M	74.70M	99.75M	67.51M	66.97M	66.38M	48.58M	49.21M	39.75M	76.83M	56.49M	17.77M	16.46M	20.56M	15.06M	11.48M	7.42M	4.07M	4.05M	3.24M	10.79M	7.56M	12.34M	14.04M	2.21M	5.69M
(-) Net Interest Income After Taxes	-16.46M	-15.95M	-14.64M	-12.04M	-10.88M	-10.77M	-10.65M	-9.15M	-8.02M	-7.52M	-6.67M	-5.14M	-5.76M	-6.15M	-5.09M	-4.31M	-4.00M	-2.89M	-2.14M	-1.70M	-1.15M	-1.32M	-0.70M	-0.70M	-1.00M	-0.88M	-0.94M	-1.17M	-1.01M	-1.77M	-1.89M
Net Debt Issuance	9.35M	-1.69M	-0.52M	2.69M	-1.62M	-3.95M	-1.58M	6.16M	1.76M	-1.56M	10.89M	8.14M	8.82M	1.97M	16.06M	3.50M	-1.61M	3.12M	8.33M	3.50M	0.11M	-0.69M	2.34M	-1.58M	-0.69M	-0.28M	3.53M	6.85M	1.90M	-6.78M	6.19M
Levered Free Cash Flow	134.17M	118.04M	113.39M	151.20M	134.33M	57.28M	83.77M	115.06M	77.29M	72.94M	83.95M	61.86M	63.80M	47.87M	97.97M	64.30M	20.16M	22.47M	31.03M	20.26M	12.74M	8.04M	7.11M	3.17M	3.55M	11.38M	12.02M	20.37M	16.95M	-2.81M	13.77M