Apparel - Footwear & Accessories

Category: Industry Averages Base Ticker: 1361.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	8.38	6.55	6.62	6.65	7.05	4.93	4.69	4.52	3.81	3.71	4.14	3.91	3.70	3.19	3.18	3.58	2.56	1.66	4.55	5.06	7.04	8.97	7.89	5.12	4.31	3.78	4.18	6.01	7.64	5.50	12.70
Market Capitalization	498.16M	375.39M	407.60M	401.50M	453.31M	366.13M	410.98M	308.72M	328.58M	299.60M	286.30M	228.42M	225.48M	267.38M	207.07M	185.73M	158.14M	105.86M	266.51M	304.91M	294.99M	288.74M	384.17M	136.17M	196.02M	171.93M	135.48M	131.94M	124.34M	93.11M	49.13M
(-) Cash & Equivalents	42.08M	35.08M	37.89M	42.79M	41.58M	42.75M	28.65M	32.46M	30.86M	33.73M	26.90M	25.84M	22.70M	30.50M	27.11M	24.12M	18.62M	16.42M	18.09M	13.27M	21.60M	19.97M	21.79M	20.62M	19.11M	14.37M	15.34M	15.18M	12.35M	3.83M	4.35M
(+) Total Debt	89.75M	54.25M	73.01M	72.42M	69.30M	59.34M	41.65M	25.50M	27.52M	29.16M	26.33M	21.40M	19.87M	19.26M	18.15M	15.41M	14.34M	19.22M	13.94M	10.51M	19.56M	14.71M	18.34M	24.26M	29.22M	32.35M	43.76M	58.11M	31.65M	16.21M	9.30M
Enterprise Value	529.57M	374.55M	496.92M	526.42M	503.51M	462.80M	429.31M	322.66M	336.68M	300.99M	285.14M	241.78M	227.26M	258.07M	221.06M	213.96M	163.26M	119.60M	262.18M	335.29M	299.92M	293.53M	386.95M	166.60M	214.18M	195.87M	165.43M	183.04M	180.03M	148.78M	52.34M

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
Revenue	370.299M	277.072M	299.969M	286.888M	263.740M	218.066M	204.423M	226.051M	210.055M	200.908M	199.487M	197.661M	170.014M	199.857M	179.748M	204.564M	166.330M	159.685M	201.261M	186.981M	226.861M	200.916M	281.681M	307.904M	299.075M	305.872M	262.964M	302.112M	289.614M	156.564M
Cost of Revenue	256.627M	195.489M	198.499M	189.073M	168.598M	118.191M	123.334M	122.833M	132.555M	135.269M	123.102M	120.688M	106.704M	121.883M	108.996M	120.941M	105.994M	99.592M	128.078M	112.495M	137.596M	123.132M	175.006M	187.267M	192.511M	197.835M	176.023M	192.760M	174.428M	96.944M
Gross Profit	113.673M	81.582M	101.469M	97.816M	95.142M	99.875M	81.090M	103.218M	77.500M	65.639M	76.386M	76.973M	63.309M	77.975M	70.752M	83.623M	60.336M	60.093M	73.183M	74.486M	89.265M	77.785M	106.675M	120.637M	106.564M	108.037M	86.942M	109.352M	115.186M	59.619M
Gross Margin	30.70%	29.44%	33.83%	34.10%	36.07%	45.80%	39.67%	45.66%	36.90%	32.67%	38.29%	38.94%	37.24%	39.02%	39.36%	40.88%	36.28%	37.63%	36.36%	39.84%	39.35%	38.72%	37.87%	39.18%	35.63%	35.32%	33.06%	36.20%	39.77%	38.08%
R&D Expenses	0.928M	1.020M	1.188M	1.375M	1.402M	1.207M	1.109M	1.252M	0.781M	0.660M	0.527M	0.363M	0.434M	0.054M	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	64.591M	59.755M	65.427M	62.159M	52.994M	51.676M	53.893M	64.409M	60.984M	54.114M	50.512M	43.905M	37.813M	40.688M	37.561M	34.626M	30.556M	27.514M	33.795M	32.756M	40.733M	38.605M	70.341M	77.110M	75.406M	78.466M	61.730M	97.958M	73.382M	30.078M
Operating Expenses	65.519M	60.774M	66.615M	63.534M	54.395M	52.883M	55.002M	65.660M	61.765M	54.774M	51.039M	44.268M	38.248M	40.742M	37.561M	34.626M	30.556M	27.514M	33.795M	32.756M	40.733M	38.605M	70.341M	77.110M	75.406M	78.466M	61.730M	97.958M	73.382M	30.078M
Operating Income	48.153M	20.808M	34.854M	34.281M	40.747M	46.991M	26.088M	37.558M	15.735M	10.865M	25.346M	32.706M	25.061M	37.232M	33.191M	48.997M	29.780M	32.579M	39.388M	41.730M	48.532M	39.179M	36.334M	43.526M	31.158M	29.571M	25.212M	11.394M	41.804M	29.542M
Operating Margin	13.00%	7.51%	11.62%	11.95%	15.45%	21.55%	12.76%	16.61%	7.49%	5.41%	12.71%	16.55%	14.74%	18.63%	18.47%	23.95%	17.90%	20.40%	19.57%	22.32%	21.39%	19.50%	12.90%	14.14%	10.42%	9.67%	9.59%	3.77%	14.43%	18.87%
Interest Income	0.641M	1.262M	1.279M	0.595M	0.495M	0.408M	0.648M	0.388M	0.342M	0.377M	0.346M	0.361M	0.437M	0.593M	0.300M	0.286M	0.190M	0.319M	0.711M	0.211M	0.292M	0.127M	0.041M	0.146M	0.000M	0.052M	0.000M	0.000M	0.000M	0.000M
Interest Expense	4.643M	4.128M	3.887M	3.310M	2.497M	2.054M	1.708M	1.471M	1.344M	1.138M	1.115M	1.110M	1.083M	1.028M	1.082M	1.026M	1.041M	1.399M	1.119M	0.427M	1.055M	0.881M	0.588M	0.784M	0.600M	0.798M	0.882M	0.418M	0.380M	0.479M
Net Interest Income	-4.002M	-2.866M	-2.608M	-2.716M	-2.002M	-1.645M	-1.060M	-1.084M	-1.003M	-0.761M	-0.770M	-0.748M	-0.647M	-0.435M	-0.782M	-0.740M	-0.851M	-1.079M	-0.408M	-0.216M	-0.764M	-0.753M	-0.547M	-0.638M	-0.600M	-0.746M	-0.882M	-0.418M	-0.380M	-0.479M
Other Income / Expense	-23.576M	4.969M	-14.805M	-13.525M	-18.794M	-38.213M	-6.333M	-21.389M	-0.613M	8.607M	-4.426M	-14.320M	-7.339M	-15.481M	-11.584M	-28.565M	-18.234M	-20.576M	-19.167M	-20.408M	-22.112M	-21.201M	-15.464M	-19.348M	-8.622M	-9.029M	-5.732M	2.251M	-21.504M	-25.685M
Pre-Tax Income	20.575M	22.911M	17.441M	18.041M	19.950M	7.133M	18.695M	15.084M	14.120M	18.710M	20.151M	17.637M	17.076M	21.316M	20.825M	19.693M	10.696M	10.923M	19.813M	21.106M	25.656M	17.225M	20.323M	23.541M	21.936M	19.797M	18.598M	13.227M	19.920M	3.378M
Pre-Tax Margin	5.56%	8.27%	5.81%	6.29%	7.56%	3.27%	9.15%	6.67%	6.72%	9.31%	10.10%	8.92%	10.04%	10.67%	11.59%	9.63%	6.43%	6.84%	9.84%	11.29%	11.31%	8.57%	7.21%	7.65%	7.33%	6.47%	7.07%	4.38%	6.88%	2.16%
Income Tax Expense	4.925M	3.896M	3.812M	4.082M	3.655M	1.823M	4.405M	3.970M	3.045M	3.562M	5.115M	4.245M	4.139M	4.123M	3.613M	4.090M	1.531M	1.195M	5.786M	5.471M	7.195M	5.128M	5.886M	7.084M	6.507M	5.084M	5.809M	4.430M	6.529M	1.299M
Tax Rate	23.93%	17.01%	21.86%	22.63%	18.32%	25.56%	23.56%	26.32%	21.56%	19.04%	25.38%	24.07%	24.24%	19.34%	17.35%	20.77%	14.32%	10.94%	29.20%	25.92%	28.04%	29.77%	28.97%	30.09%	29.66%	25.68%	31.24%	33.49%	32.77%	35.00%
Net Income	15.651M	19.014M	13.629M	13.959M	16.295M	5.310M	14.290M	11.114M	11.075M	15.149M	15.036M	13.393M	12.937M	17.193M	17.212M	15.603M	9.165M	9.728M	14.028M	15.635M	18.461M	12.097M	14.436M	16.457M	15.429M	14.713M	12.788M	8.797M	13.391M	2.079M
Net Margin	4.23%	6.86%	4.54%	4.87%	6.18%	2.43%	6.99%	4.92%	5.27%	7.54%	7.54%	6.78%	7.61%	8.60%	9.58%	7.63%	5.51%	6.09%	6.97%	8.36%	8.14%	6.02%	5.12%	5.34%	5.16%	4.81%	4.86%	2.91%	4.62%	1.33%
EBIT	48.153M	20.808M	34.854M	34.281M	40.747M	46.991M	26.088M	37.558M	15.735M	10.865M	25.346M	32.706M	25.061M	37.232M	33.191M	48.997M	29.780M	32.579M	39.388M	41.730M	48.532M	39.179M	36.334M	43.526M	31.158M	29.571M	25.212M	11.394M	41.804M	29.542M
Depreciation & Amortization	9.841M	10.835M	13.434M	12.371M	12.025M	9.708M	8.629M	7.157M	6.798M	6.516M	4.691M	4.484M	3.587M	3.979M	3.888M	3.990M	3.460M	3.472M	4.153M	3.605M	5.626M	6.121M	7.838M	6.165M	6.541M	6.693M	6.144M	5.365M	4.072M	2.252M
EBITDA	57.995M	31.643M	48.288M	46.652M	52.772M	56.700M	34.716M	44.715M	22.533M	17.381M	30.037M	37.190M	28.648M	41.211M	37.079M	52.988M	33.240M	36.050M	43.540M	45.336M	54.158M	45.300M	44.172M	49.691M	37.699M	36.264M	31.356M	16.759M	45.876M	31.794M
EBITDA Margin	15.66%	11.42%	16.10%	16.26%	20.01%	26.00%	16.98%	19.78%	10.73%	8.65%	15.06%	18.82%	16.85%	20.62%	20.63%	25.90%	19.98%	22.58%	21.63%	24.25%	23.87%	22.55%	15.68%	16.14%	12.61%	11.86%	11.92%	5.55%	15.84%	20.31%
NOPAT	36.628M	17.269M	27.236M	26.524M	33.282M	34.981M	19.940M	27.673M	12.342M	8.797M	18.913M	24.834M	18.986M	30.031M	27.433M	38.821M	25.517M	29.014M	27.886M	30.913M	34.922M	27.516M	25.810M	30.429M	21.916M	21.977M	17.337M	7.578M	28.103M	19.202M
NOPAT Margin	9.89%	6.23%	9.08%	9.25%	12.62%	16.04%	9.75%	12.24%	5.88%	4.38%	9.48%	12.56%	11.17%	15.03%	15.26%	18.98%	15.34%	18.17%	13.86%	16.53%	15.39%	13.70%	9.16%	9.88%	7.33%	7.18%	6.59%	2.51%	9.70%	12.26%
Owner's Earnings	25.492M	29.849M	27.063M	26.330M	28.320M	15.018M	22.918M	18.271M	17.873M	21.665M	19.726M	17.877M	16.523M	21.172M	21.100M	19.593M	12.624M	13.199M	18.180M	19.240M	24.087M	18.218M	22.274M	22.622M	21.970M	21.405M	18.932M	14.163M	17.463M	4.331M
Owner's Earnings Margin	6.88%	10.77%	9.02%	9.18%	10.74%	6.89%	11.21%	8.08%	8.51%	10.78%	9.89%	9.04%	9.72%	10.59%	11.74%	9.58%	7.59%	8.27%	9.03%	10.29%	10.62%	9.07%	7.91%	7.35%	7.35%	7.00%	7.20%	4.69%	6.03%	2.77%
EPS	0.07	0.06	0.05	0.05	0.06	0.02	0.05	0.04	0.04	0.05	0.05	0.06	0.06	0.08	0.08	0.07	0.05	0.05	0.06	0.06	0.07	0.05	0.07	0.09	0.08	0.09	0.08	0.11	0.18	0.05
EPS (Diluted)	0.07	0.06	0.05	0.05	0.06	0.02	0.05	0.04	0.04	0.05	0.05	0.06	0.06	0.08	0.08	0.07	0.05	0.05	0.06	0.06	0.07	0.05	0.07	0.09	0.08	0.09	0.08	0.11	0.18	0.05
Shares (Diluted)	237,901,431	295,158,179	289,652,246	285,985,548	284,004,946	276,927,232	294,870,778	290,268,161	298,836,700	283,482,485	274,084,054	236,084,069	221,063,497	226,906,856	219,532,870	223,892,238	175,861,827	183,247,959	241,490,896	242,844,328	251,711,954	232,483,403	212,348,469	178,398,158	191,040,638	166,235,778	164,662,018	77,014,152	75,804,896	41,169,922

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	1996
Cash & Cash Equivalents	41.24M	35.35M	38.01M	43.01M	41.31M	43.53M	29.03M	32.73M	31.51M	33.18M	34.98M	25.15M	24.43M	31.75M	27.24M	24.60M	17.22M	19.18M	17.63M	15.97M	20.88M	24.19M	24.03M	21.09M	16.88M	17.46M	14.31M	14.12M	15.20M	8.65M	8.65M
Short-Term Investments	13.35M	13.64M	14.60M	7.96M	12.38M	10.53M	8.93M	4.77M	5.22M	2.88M	2.78M	4.52M	6.12M	5.50M	5.73M	11.20M	8.11M	1.07M	5.10M	7.92M	4.81M	2.75M	0.94M	0.31M	0.34M	0.53M	0.34M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	54.59M	48.99M	52.61M	50.97M	53.69M	54.06M	37.96M	37.50M	36.73M	36.06M	37.76M	29.67M	30.56M	37.25M	32.97M	35.80M	25.34M	20.25M	22.73M	23.90M	25.69M	26.94M	24.98M	21.40M	17.22M	17.99M	14.65M	14.12M	15.20M	8.65M	8.65M
Net Receivables	50.60M	46.84M	45.84M	44.31M	46.13M	42.12M	41.34M	35.55M	30.25M	28.43M	26.16M	28.07M	26.19M	23.72M	24.59M	12.00M	17.10M	19.31M	21.06M	22.72M	30.02M	24.69M	17.99M	24.57M	25.08M	33.52M	28.31M	29.28M	26.08M	27.02M	27.02M
Inventory	72.74M	63.76M	68.21M	75.82M	72.68M	53.38M	53.65M	51.71M	47.40M	46.30M	42.49M	41.30M	34.41M	36.31M	37.23M	26.69M	23.69M	28.94M	33.15M	33.41M	49.23M	49.50M	50.97M	54.96M	65.56M	56.32M	56.71M	65.00M	55.78M	29.02M	29.02M
Other Current Assets	4.49M	5.11M	8.59M	8.03M	7.47M	5.65M	8.71M	11.44M	10.97M	9.22M	8.43M	10.56M	6.74M	7.79M	9.57M	7.65M	6.11M	6.61M	6.36M	6.14M	2.82M	1.94M	5.53M	5.46M	3.69M	4.87M	4.72M	10.88M	15.75M	6.67M	6.67M
Total Current Assets	182.43M	164.70M	175.25M	179.13M	179.97M	155.21M	141.66M	136.19M	125.36M	120.00M	114.84M	109.60M	97.89M	105.06M	104.36M	82.14M	72.23M	75.11M	83.30M	86.16M	107.76M	103.07M	99.46M	106.40M	111.55M	112.70M	104.39M	119.29M	112.80M	71.36M	71.36M
Property, Plant & Equipment	91.19M	75.54M	73.02M	79.56M	69.84M	68.58M	56.42M	46.22M	45.86M	42.48M	33.49M	31.18M	29.09M	31.85M	32.08M	25.67M	21.75M	29.06M	31.62M	22.72M	30.52M	25.66M	35.58M	34.09M	41.44M	43.61M	37.42M	33.03M	32.83M	16.09M	16.09M
Goodwill	2.72M	5.46M	4.33M	7.81M	3.61M	3.51M	2.65M	2.17M	2.44M	1.98M	1.47M	0.99M	0.59M	0.94M	0.12M	0.02M	0.03M	0.06M	0.87M	1.53M	0.07M	0.47M	0.45M	0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	12.15M	5.58M	7.68M	8.64M	6.25M	7.05M	4.29M	8.05M	8.30M	7.92M	7.95M	4.34M	3.49M	4.83M	7.53M	6.17M	5.24M	4.42M	3.16M	2.47M	12.06M	3.01M	5.38M	4.66M	1.51M	3.23M	3.91M	7.31M	6.22M	0.81M	0.81M
Long-Term Investments	10.81M	2.46M	6.04M	3.24M	2.77M	2.87M	3.04M	1.76M	1.85M	1.23M	1.47M	0.25M	0.60M	0.29M	0.14M	0.04M	0.04M	0.85M	0.24M	0.11M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	2.41M	2.15M	3.32M	5.24M	5.10M	4.65M	3.22M	3.49M	4.18M	3.25M	2.50M	2.44M	2.79M	2.31M	2.85M	1.24M	1.16M	1.37M	1.38M	0.85M	2.25M	1.51M	1.48M	6.61M	2.18M	1.54M	1.68M	1.41M	0.00M	0.87M	0.87M
Other Non-Current Assets	7.86M	12.06M	12.27M	12.76M	11.62M	9.17M	6.74M	7.08M	6.27M	5.07M	3.34M	3.87M	2.74M	5.53M	5.08M	4.99M	4.88M	3.71M	7.65M	6.29M	11.70M	7.46M	7.85M	5.23M	4.32M	13.80M	13.65M	14.84M	13.23M	8.30M	8.30M
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	127.14M	103.25M	106.64M	117.25M	99.17M	95.84M	76.36M	68.76M	68.90M	61.93M	50.24M	43.07M	39.30M	45.75M	47.81M	38.13M	33.11M	39.47M	44.92M	33.96M	56.61M	38.11M	50.74M	50.62M	49.45M	62.18M	56.66M	56.60M	52.28M	26.07M	26.07M
Total Assets	309.57M	267.95M	281.89M	296.38M	279.14M	251.05M	218.03M	204.96M	194.27M	181.93M	165.08M	152.67M	137.19M	150.81M	152.17M	120.27M	105.34M	114.58M	128.21M	120.13M	164.37M	141.18M	150.20M	157.01M	161.00M	174.89M	161.05M	175.88M	165.08M	97.43M	97.43M
Accounts Payable	28.92M	30.06M	32.94M	34.40M	36.81M	26.63M	23.82M	24.74M	24.15M	22.09M	22.93M	20.38M	18.93M	21.79M	22.66M	20.13M	14.35M	13.03M	19.90M	15.16M	16.12M	15.66M	18.61M	11.37M	19.45M	21.91M	16.35M	19.02M	14.28M	7.45M	7.45M
Short-Term Debt	28.08M	20.49M	20.23M	25.05M	25.21M	23.49M	16.01M	15.71M	13.77M	13.52M	11.02M	12.53M	11.25M	12.27M	12.58M	6.33M	5.09M	11.37M	5.99M	3.98M	5.74M	5.86M	6.10M	5.56M	12.35M	14.38M	13.64M	13.61M	9.61M	2.12M	2.12M
Tax Payables	0.05M	2.14M	2.38M	2.52M	2.90M	2.23M	2.09M	2.30M	2.22M	2.28M	2.15M	2.10M	1.76M	2.54M	2.33M	1.78M	1.24M	0.71M	0.46M	0.60M	1.58M	0.76M	0.28M	0.13M	0.05M	0.10M	0.11M	0.00M	0.00M	0.00M	0.00M
Deferred Revenue	0.08M	0.03M	0.12M	1.20M	3.65M	3.26M	1.95M	1.22M	1.15M	1.28M	1.08M	1.15M	0.73M	0.98M	0.78M	0.60M	0.41M	0.31M	0.26M	0.03M	0.45M	0.14M	0.13M	0.12M	0.13M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	11.28M	8.97M	10.96M	14.24M	10.38M	8.04M	8.65M	9.70M	6.82M	5.84M	5.99M	6.09M	5.90M	8.10M	6.93M	5.51M	4.21M	4.64M	7.30M	4.77M	4.92M	4.93M	6.77M	5.60M	2.02M	13.16M	10.94M	24.91M	10.83M	6.89M	6.89M
Total Current Liabilities	68.42M	61.69M	66.62M	77.42M	78.95M	63.66M	52.53M	53.66M	48.11M	45.02M	43.18M	42.25M	38.56M	45.68M	45.28M	34.35M	25.30M	30.05M	33.91M	24.55M	28.82M	27.35M	31.89M	22.77M	34.00M	49.55M	41.05M	57.54M	34.72M	16.46M	16.46M
Long-Term Debt	20.64M	12.40M	19.38M	17.85M	19.88M	15.03M	7.27M	10.86M	6.48M	9.51M	9.00M	4.45M	4.80M	3.78M	3.66M	3.70M	4.02M	5.26M	7.23M	4.91M	10.19M	4.81M	12.18M	18.25M	9.28M	24.07M	31.58M	42.47M	25.55M	11.46M	11.46M
Capital Lease Obligations	5.20M	11.04M	13.97M	11.08M	12.20M	11.55M	5.38M	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	0.00M	0.00M	0.00M
Deferred Tax Liabilities	1.51M	1.41M	2.01M	2.27M	1.77M	1.20M	1.16M	1.20M	1.33M	1.59M	1.27M	1.10M	1.15M	0.92M	1.02M	0.63M	0.52M	0.42M	0.54M	0.50M	1.51M	0.53M	0.56M	0.28M	0.98M	1.79M	1.90M	1.61M	1.32M	0.56M	0.56M
Other Non-Current Liabilities	5.34M	4.30M	5.44M	3.86M	3.51M	2.23M	1.27M	1.34M	2.25M	2.92M	1.71M	1.80M	1.79M	1.14M	0.74M	1.80M	1.25M	1.02M	1.46M	0.30M	1.19M	1.64M	1.50M	0.70M	0.47M	1.47M	1.35M	0.26M	4.21M	2.55M	2.55M
Total Non-Current Liabilities	32.69M	29.14M	40.80M	35.05M	37.35M	30.01M	15.09M	13.41M	10.06M	14.02M	11.98M	7.35M	7.73M	5.84M	5.41M	6.13M	5.79M	6.71M	9.23M	5.72M	12.89M	6.98M	14.24M	19.23M	10.73M	27.33M	34.82M	44.34M	31.07M	14.57M	14.57M
Total Liabilities	101.11M	90.83M	107.42M	112.47M	116.30M	93.66M	67.62M	67.08M	58.17M	59.03M	55.16M	49.60M	46.29M	51.52M	50.69M	40.48M	31.09M	36.76M	43.14M	30.26M	41.70M	34.33M	46.13M	42.00M	44.74M	76.88M	75.87M	101.88M	65.79M	31.02M	31.02M
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	0.08M	0.00M	0.00M
Common Stock	15.22M	11.88M	13.33M	14.14M	14.52M	13.28M	11.95M	11.95M	11.51M	10.07M	9.71M	9.43M	9.06M	8.54M	8.50M	7.53M	7.40M	6.00M	7.46M	7.34M	8.89M	8.42M	13.74M	9.37M	10.36M	12.96M	12.67M	10.81M	2.48M	7.12M	7.12M
Retained Earnings	66.78M	85.79M	84.76M	82.68M	68.59M	62.11M	71.24M	72.88M	70.27M	72.10M	68.52M	59.07M	48.38M	39.44M	33.85M	22.44M	22.33M	23.80M	44.70M	41.09M	42.73M	49.85M	42.54M	48.86M	44.37M	52.96M	41.54M	43.01M	37.53M	38.48M	38.48M
Accumulated OCI	17.73M	6.81M	4.80M	8.11M	6.04M	2.36M	2.29M	-0.57M	-1.60M	-3.16M	-1.77M	-2.88M	-1.95M	-2.39M	-2.39M	-2.02M	-1.67M	-0.69M	0.32M	1.17M	0.26M	-0.17M	-0.40M	-0.66M	-2.21M	-2.96M	-2.34M	-3.77M	-4.18M	-2.06M	-2.06M
Minority Interest	1.46M	1.79M	1.25M	1.53M	1.48M	1.71M	1.03M	1.05M	1.37M	0.83M	1.13M	1.06M	0.71M	0.66M	0.30M	0.18M	0.25M	0.50M	0.08M	0.00M	0.00M	0.00M	0.00M	0.03M	0.00M	0.01M	0.01M	0.01M	0.01M	0.00M	0.00M
Total Shareholders’ Equity	99.73M	104.48M	102.88M	104.92M	89.16M	77.76M	85.48M	84.26M	80.18M	79.01M	76.45M	65.62M	55.48M	45.58M	39.95M	27.96M	28.06M	29.11M	52.48M	49.60M	51.87M	58.10M	55.88M	57.57M	52.52M	62.96M	51.86M	50.06M	35.91M	43.54M	43.54M
Total Equity	101.19M	106.26M	104.13M	106.46M	90.63M	79.47M	86.51M	85.31M	81.55M	79.84M	77.58M	66.68M	56.19M	46.24M	40.26M	28.14M	28.31M	29.61M	52.56M	49.60M	51.87M	58.10M	55.88M	57.60M	52.52M	62.97M	51.87M	50.06M	35.91M	43.54M	43.54M
Total Liabilities & Equity	202.30M	197.09M	211.56M	218.93M	206.94M	173.13M	154.13M	152.39M	139.73M	138.87M	132.74M	116.28M	102.48M	97.77M	90.95M	68.62M	59.40M	66.37M	95.69M	79.86M	93.57M	92.44M	102.01M	99.61M	97.26M	139.85M	127.74M	151.95M	101.71M	74.56M	74.56M
Tangible Assets	294.70M	256.92M	269.89M	279.94M	269.29M	240.48M	211.09M	194.74M	183.52M	172.03M	155.65M	147.34M	133.11M	145.04M	144.51M	114.08M	100.07M	110.10M	124.18M	116.12M	152.23M	137.70M	144.37M	152.33M	159.49M	171.66M	157.14M	168.57M	158.86M	96.62M	96.62M
Tangible Equity	86.32M	95.23M	92.13M	90.01M	80.78M	68.91M	79.57M	75.10M	70.81M	69.94M	68.15M	61.35M	52.10M	40.47M	32.60M	21.95M	23.03M	25.13M	48.52M	45.60M	39.74M	54.62M	50.05M	52.92M	51.02M	59.74M	47.96M	42.75M	29.69M	42.73M	42.73M
Tangible Book Value	86.32M	95.23M	92.13M	90.01M	80.78M	68.91M	79.57M	75.10M	70.81M	69.94M	68.15M	61.35M	52.10M	40.47M	32.60M	21.95M	23.03M	25.13M	48.52M	45.60M	39.74M	54.62M	50.05M	52.92M	51.02M	59.74M	47.96M	42.75M	29.69M	42.73M	42.73M
Total Investments	14.23M	9.75M	12.65M	10.74M	9.43M	7.42M	6.76M	4.18M	4.55M	2.50M	3.89M	2.60M	4.61M	2.16M	2.23M	2.18M	1.52M	3.15M	6.12M	5.42M	1.32M	1.25M	1.13M	0.18M	0.79M	0.53M	0.66M	0.00M	0.00M	0.00M	0.00M
Net Debt	7.48M	-2.46M	1.59M	-0.11M	3.78M	-5.01M	-5.74M	-6.16M	-11.26M	-10.15M	-14.96M	-8.17M	-8.39M	-15.70M	-11.00M	-14.57M	-8.12M	-2.55M	-4.41M	-7.08M	-4.94M	-13.52M	-5.75M	2.72M	4.75M	20.98M	30.91M	41.96M	19.96M	4.93M	4.93M

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
Working Capital	60.71M	79.65M	75.11M	87.74M	79.99M	93.44M	88.95M	83.15M	90.56M	89.14M	83.53M	78.43M	51.68M	62.78M	72.70M	59.01M	40.35M	41.70M	50.27M	50.37M	102.71M	85.69M	96.16M	94.40M	80.53M	78.63M	72.09M	73.79M	90.92M	56.75M
Total Capital	281.02M	217.25M	265.99M	258.75M	245.20M	233.25M	194.79M	174.19M	174.90M	167.80M	162.42M	136.97M	107.17M	125.41M	145.98M	124.85M	100.57M	106.93M	108.14M	99.26M	147.10M	125.07M	153.55M	136.09M	133.52M	143.01M	142.49M	157.63M	134.01M	82.23M
Capital Employed	223.93M	259.46M	257.51M	261.83M	229.96M	211.33M	182.37M	152.17M	164.11M	164.66M	153.88M	161.00M	105.52M	157.92M	160.83M	128.64M	99.33M	107.69M	143.17M	97.11M	172.88M	154.01M	177.72M	152.57M	137.18M	146.97M	139.33M	139.61M	139.07M	83.02M
Invested Capital	239.78M	181.90M	227.97M	215.74M	203.89M	189.72M	165.76M	141.46M	143.39M	134.63M	127.44M	111.82M	82.74M	93.65M	118.74M	100.25M	83.35M	87.75M	90.50M	83.29M	126.22M	100.88M	129.51M	115.00M	116.64M	125.55M	128.18M	143.50M	118.81M	73.59M

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	9.35M	12.45M	13.09M	12.44M	11.61M	9.77M	7.87M	6.41M	6.49M	5.83M	4.74M	4.53M	3.55M	4.01M	4.91M	4.02M	3.84M	3.75M	4.17M	3.65M	5.99M	6.60M	7.84M	6.48M	6.54M	6.69M	6.14M	5.37M	4.07M	2.98M	1.39M
Deferred Income Tax	0.00M	0.00M	0.00M	-0.22M	-0.21M	-0.43M	-0.17M	-0.01M	-0.33M	-0.41M	-0.03M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.01M	0.00M	0.00M	-0.23M	-0.01M	-0.05M	0.23M	0.18M	-0.36M	0.23M	-0.08M	0.08M	-0.12M	-0.10M
Stock-Based Compensation	0.11M	0.17M	0.17M	0.31M	0.17M	0.12M	0.20M	0.28M	0.23M	0.20M	0.17M	0.14M	0.10M	0.06M	0.07M	0.06M	0.04M	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
Change in Working Capital	-3.56M	-2.44M	1.27M	-11.26M	-5.62M	0.69M	-2.96M	-4.81M	-0.63M	-1.81M	-3.37M	-4.40M	-4.37M	-5.85M	-8.32M	-2.62M	3.30M	-6.26M	-3.76M	-4.81M	-2.25M	-2.40M	-3.92M	2.66M	-12.13M	-6.27M	0.15M	-11.62M	-18.09M	-3.89M	-0.97M
Accounts Receivable	-2.61M	-2.00M	-0.77M	-1.97M	-2.07M	0.66M	-0.22M	-3.61M	-1.66M	-1.30M	-1.02M	-1.62M	-1.74M	-1.20M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.02M	0.00M	0.00M	0.00M	0.00M	1.16M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	-1.12M	-0.53M	2.71M	-6.90M	-5.16M	0.17M	-3.88M	-3.78M	-0.15M	-0.90M	-3.03M	-2.76M	-2.36M	-3.40M	-5.82M	-4.07M	2.78M	-3.20M	-3.07M	-3.75M	-2.05M	-3.71M	-2.21M	2.14M	-9.38M	-1.70M	2.70M	-7.70M	-10.34M	-6.18M	1.08M
Accounts Payable	-0.24M	0.62M	-0.67M	1.12M	3.02M	-0.11M	0.15M	2.01M	1.25M	0.26M	0.05M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	0.41M	-0.14M	-0.25M	0.10M	0.15M	-0.09M	0.53M	-1.27M	1.09M	-0.80M	0.23M	-0.12M	0.02M	-1.19M	-3.26M	0.27M	0.01M	-2.04M	-0.82M	-0.56M	1.64M	-1.21M	-1.70M	-4.16M	-2.62M	-5.29M	-1.62M	-4.29M	-1.80M	0.85M	-3.30M
Other Non-Cash Items	4.84M	1.95M	2.53M	1.09M	1.90M	4.77M	2.70M	1.33M	0.19M	0.84M	0.84M	1.19M	0.79M	-0.02M	0.25M	-0.02M	0.93M	1.70M	0.30M	0.89M	0.98M	1.86M	1.97M	4.15M	2.73M	0.90M	5.07M	3.18M	-0.96M	-0.95M	-0.29M
Net Cash from Operating Activities	27.68M	24.56M	33.05M	20.80M	20.52M	20.06M	19.64M	15.05M	18.89M	18.53M	14.67M	19.97M	15.34M	12.50M	12.00M	17.64M	20.51M	9.66M	16.06M	13.64M	23.06M	16.48M	20.00M	27.64M	12.81M	17.05M	17.76M	1.81M	2.78M	6.94M	2.11M
Capital Expenditures (PPE)	-12.44M	-9.91M	-10.25M	-12.16M	-10.52M	-8.06M	-7.86M	-6.87M	-7.44M	-7.97M	-7.99M	-7.00M	-7.23M	-9.34M	-8.34M	-7.19M	-6.67M	-7.85M	-9.16M	-6.86M	-6.10M	-5.67M	-8.33M	-6.36M	-10.81M	-8.81M	-7.85M	-9.39M	-8.24M	-8.92M	-1.35M
Acquisitions (Net)	0.11M	0.00M	0.16M	0.11M	0.22M	0.04M	0.03M	0.08M	0.07M	0.10M	0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.53M	0.00M	0.00M	0.00M	0.00M	-0.49M	-0.88M	0.00M	-0.23M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	-0.50M	-1.41M	-4.65M	-5.40M	-3.61M	-5.17M	-7.55M	-4.07M	-5.29M	-1.93M	-0.14M	-0.37M	-0.34M	-0.10M	-0.29M	-0.12M	-0.59M	-1.08M	-1.08M	-0.25M	-0.47M	-0.89M	-0.86M	-0.23M	-0.01M	0.00M	-0.01M	-0.01M	-0.25M	0.00M	-0.05M
Sales / Maturities of Investments	1.36M	2.86M	4.37M	4.58M	4.50M	3.14M	7.43M	6.58M	1.67M	0.97M	0.64M	0.58M	0.24M	0.10M	0.33M	0.13M	0.15M	0.30M	0.49M	0.18M	0.46M	0.52M	0.00M	0.02M	0.00M	0.10M	0.10M	0.05M	0.00M	0.00M	2.19M
Other Investing Activities	-0.11M	0.65M	0.35M	0.35M	0.68M	0.41M	0.29M	0.31M	0.23M	0.32M	0.51M	-0.38M	0.32M	0.28M	-0.06M	0.19M	0.18M	0.34M	-0.44M	-0.11M	0.21M	0.11M	0.09M	0.51M	0.09M	0.65M	0.16M	0.08M	-1.29M	1.08M	0.85M
Net Cash from Investing Activities	-12.50M	-10.09M	-10.92M	-13.18M	-10.53M	-12.41M	-9.31M	-8.09M	-13.74M	-15.28M	-10.63M	-7.05M	-6.77M	-8.82M	-11.80M	-10.57M	-8.66M	-6.29M	-12.45M	-11.53M	-10.14M	-9.84M	-11.82M	-15.21M	-10.78M	-8.17M	-7.11M	-10.95M	-11.99M	-6.72M	-1.15M
Net Debt Issuance	-0.86M	-1.34M	-3.62M	-0.70M	-1.42M	0.24M	-0.09M	1.22M	0.57M	-0.29M	-0.40M	-1.12M	-0.50M	1.37M	2.07M	0.50M	-0.29M	2.87M	-0.15M	0.92M	0.51M	-2.11M	-3.86M	-2.98M	-1.58M	-2.33M	-8.36M	10.90M	11.05M	2.66M	-0.93M
Long-Term Debt Issuance	-0.87M	-1.43M	-2.72M	-1.93M	0.23M	1.20M	-0.06M	1.14M	0.39M	-0.21M	-0.05M	-0.44M	0.45M	0.99M	1.09M	-0.29M	0.00M	0.88M	0.13M	0.57M	0.50M	-1.51M	-3.33M	-1.53M	-1.36M	-2.69M	-9.12M	9.47M	10.44M	2.66M	-0.93M
Short-Term Debt Issuance	-0.44M	0.14M	-0.21M	0.26M	-0.66M	-0.49M	0.00M	0.30M	0.01M	0.01M	0.02M	0.00M	0.00M	0.07M	0.09M	0.00M	0.00M	0.11M	0.03M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-0.11M	-0.50M	0.01M	-0.02M	-0.01M	0.00M	-0.22M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.13M	0.00M	0.02M	0.01M	-0.06M	0.11M	0.90M	0.66M	0.15M	1.03M	-1.37M	0.40M	0.25M	-4.48M	6.97M	0.35M	0.20M
Common Stock Issuance	0.00M	0.07M	0.08M	0.04M	0.12M	0.01M	0.02M	0.12M	0.01M	0.09M	0.00M	0.00M	0.00M	0.00M	0.69M	0.01M	0.04M	0.20M	1.41M	0.68M	2.01M	1.45M	0.99M	1.26M	1.06M	1.79M	1.27M	1.18M	7.64M	2.45M	1.13M
Common Stock Repurchased	-0.11M	-0.54M	0.00M	-0.16M	-0.04M	-0.02M	-0.25M	-0.12M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.07M	0.00M	0.00M	-0.04M	-0.05M	0.00M	-0.41M	-0.01M	-0.73M	-0.04M	-1.67M	-1.10M	-0.23M	-5.07M	-0.71M	-2.25M	-1.08M
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	-2.77M	-4.90M	-3.86M	-3.24M	-2.55M	-2.87M	-4.47M	-4.92M	-4.31M	-3.89M	-3.30M	-3.79M	-3.00M	-3.67M	-3.15M	-1.74M	-1.53M	-1.98M	-2.28M	-2.25M	-3.92M	-2.49M	-2.57M	-2.20M	-2.09M	-1.85M	-2.55M	-2.76M	-1.48M	-1.06M	-0.38M
Common Dividends Paid	-2.73M	-4.90M	-3.88M	-3.41M	-2.70M	-3.00M	-4.50M	-4.39M	-4.19M	-3.54M	-2.70M	-3.55M	-3.00M	-3.61M	-3.15M	-1.87M	-1.56M	-1.98M	-2.71M	-2.71M	-3.94M	-2.49M	-2.57M	-2.20M	-2.09M	-1.85M	-2.55M	-2.63M	-1.48M	-1.06M	-0.38M
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	-3.03M	-2.12M	-2.29M	-1.84M	-2.33M	-1.19M	-1.34M	-0.51M	-0.53M	-0.57M	-0.18M	-0.43M	-0.46M	-0.21M	0.16M	0.00M	-0.22M	0.19M	1.64M	0.49M	-0.47M	-0.10M	-0.22M	-0.18M	0.00M	0.00M	0.06M	-0.12M	-0.12M	-0.12M	0.19M
Net Cash from Financing Activities	-17.70M	-18.67M	-21.07M	-6.90M	-12.14M	-4.84M	-10.63M	-7.25M	-7.04M	-5.93M	-6.18M	-5.61M	-5.51M	-2.95M	-0.53M	-2.40M	-1.88M	-0.72M	0.13M	-0.31M	-4.44M	-4.66M	-5.42M	-3.59M	-2.72M	-4.47M	-5.00M	7.92M	10.28M	0.86M	2.94M
Effect of FX on Cash	0.06M	0.00M	-0.02M	-0.09M	0.02M	-0.03M	-0.03M	0.00M	-0.03M	-0.06M	-0.04M	0.01M	0.03M	0.01M	0.03M	0.02M	-0.02M	0.00M	0.06M	0.03M	0.00M	0.00M	-0.06M	-0.17M	0.01M	-0.56M	-0.13M	-0.65M	0.32M	0.02M	-0.45M
Net Change in Cash	0.86M	1.22M	0.98M	-1.06M	-1.15M	8.48M	1.03M	0.15M	0.85M	1.00M	1.51M	-0.32M	1.95M	1.10M	0.87M	0.37M	5.18M	3.11M	1.81M	-0.67M	8.42M	6.33M	2.57M	5.08M	5.55M	0.64M	1.59M	2.39M	0.02M	1.35M	3.20M
Cash at Beginning of Period	27.31M	35.22M	41.52M	39.65M	38.66M	27.10M	27.26M	28.25M	31.76M	26.74M	25.67M	22.05M	19.91M	21.95M	22.49M	18.80M	19.27M	17.36M	15.66M	19.33M	24.09M	22.53M	22.17M	16.38M	14.12M	16.09M	13.59M	12.11M	12.11M	7.40M	1.56M
Cash at End of Period	69.12M	33.64M	37.20M	41.60M	39.63M	41.34M	26.37M	28.08M	28.28M	31.33M	26.76M	22.09M	22.02M	29.87M	28.77M	22.22M	22.57M	21.13M	19.07M	17.62M	31.46M	26.26M	25.10M	21.29M	18.83M	14.37M	15.32M	16.86M	13.38M	6.29M	3.59M
Operating Cash Flow	27.67M	24.54M	33.07M	20.77M	20.49M	20.10M	19.64M	15.05M	18.89M	18.50M	14.67M	19.97M	15.34M	12.50M	12.00M	17.47M	20.51M	9.61M	16.06M	13.64M	23.06M	16.48M	20.00M	27.64M	12.81M	17.05M	17.76M	1.81M	2.78M	6.94M	2.11M
Capital Expenditure	-12.56M	-9.95M	-10.46M	-12.17M	-10.52M	-8.06M	-7.90M	-6.89M	-7.44M	-7.98M	-8.00M	-7.26M	-7.23M	-9.37M	-8.34M	-7.19M	-6.67M	-7.85M	-9.16M	-6.86M	-6.10M	-5.67M	-8.33M	-6.36M	-10.81M	-8.81M	-7.85M	-9.39M	-8.24M	-8.92M	-1.35M
Free Cash Flow	15.39M	15.26M	22.83M	7.38M	10.36M	12.51M	11.75M	5.33M	10.58M	10.45M	8.43M	7.37M	4.88M	5.80M	2.11M	5.13M	12.59M	2.43M	5.30M	6.00M	14.09M	11.13M	9.96M	20.88M	4.76M	6.53M	9.37M	-4.70M	-8.57M	0.62M	0.34M

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	40.46M	36.33M	36.18M	37.27M	36.03M	18.50M	31.76M	23.05M	22.15M	21.92M	24.78M	20.96M	21.58M	25.75M	26.45M	28.43M	19.12M	14.85M	27.93M	27.65M	30.41M	22.33M	33.16M	30.49M	30.14M	32.09M	28.19M	35.13M	38.01M	12.01M	0.00M
(-) Tax Adjustment	9.69M	6.18M	7.91M	8.43M	6.60M	4.73M	7.49M	6.07M	4.78M	4.17M	6.29M	5.04M	5.23M	4.98M	4.59M	5.91M	2.74M	1.62M	8.16M	7.17M	8.53M	6.65M	9.61M	9.17M	8.94M	8.24M	8.81M	11.76M	12.46M	4.62M	0.00M
(-) Change In Working Capital	-3.56M	-2.44M	1.27M	-11.26M	-5.62M	0.69M	-2.96M	-4.81M	-0.63M	-1.81M	-3.37M	-4.40M	-4.37M	-5.85M	-8.32M	-2.62M	3.30M	-6.26M	-3.76M	-4.81M	-2.25M	-2.40M	-3.92M	2.66M	-12.13M	-6.27M	0.15M	-11.62M	-18.09M	-3.89M	-0.97M
(-) Capital Expenditure	12.56M	9.95M	10.46M	12.17M	10.52M	8.06M	7.90M	6.89M	7.44M	7.98M	8.00M	7.26M	7.23M	9.37M	8.34M	7.19M	6.67M	7.85M	9.16M	6.86M	6.10M	5.67M	8.33M	6.36M	10.81M	8.81M	7.85M	9.39M	8.24M	8.92M	1.35M
Unlevered Free Cash Flow	21.78M	22.64M	16.54M	27.93M	24.53M	5.01M	19.34M	14.91M	10.56M	11.57M	13.87M	13.06M	13.49M	17.25M	21.84M	17.96M	6.41M	11.63M	14.38M	18.43M	18.04M	12.41M	19.15M	12.30M	22.52M	21.32M	11.38M	25.59M	35.41M	2.36M	-0.39M
(-) Net Interest Income After Taxes	-3.04M	-2.38M	-2.04M	-2.10M	-1.64M	-1.22M	-0.81M	-0.80M	-0.79M	-0.62M	-0.57M	-0.57M	-0.49M	-0.35M	-0.65M	-0.59M	-0.73M	-0.96M	-0.29M	-0.16M	-0.55M	-0.53M	-0.39M	-0.45M	-0.42M	-0.55M	-0.61M	-0.28M	-0.26M	-0.29M	0.00M
Net Debt Issuance	-0.86M	-1.34M	-3.62M	-0.70M	-1.42M	0.24M	-0.09M	1.22M	0.57M	-0.29M	-0.40M	-1.12M	-0.50M	1.37M	2.07M	0.50M	-0.29M	2.87M	-0.15M	0.92M	0.51M	-2.11M	-3.86M	-2.98M	-1.58M	-2.33M	-8.36M	10.90M	11.05M	2.66M	-0.93M
Levered Free Cash Flow	23.96M	23.68M	14.96M	29.33M	24.74M	6.48M	20.05M	16.92M	11.91M	11.90M	14.04M	12.51M	13.48M	18.98M	24.56M	19.05M	6.85M	15.46M	14.51M	19.52M	19.09M	10.83M	15.68M	9.77M	21.37M	19.54M	3.62M	36.77M	46.71M	5.32M	-1.31M