Paper, Lumber & Forest Products

Category: Industry Averages Base Ticker: 1412.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	4.08	4.62	4.96	5.60	8.13	5.92	5.46	6.39	7.66	6.07	6.37	5.76	4.90	4.15	3.71	4.43	3.78	3.73	5.05	3.95	4.00	6.10	5.54	5.40	4.48	4.67	5.32	6.33	7.24	8.86	7.57
Market Capitalization	653.58M	593.89M	546.93M	726.66M	839.67M	814.55M	674.61M	647.70M	774.66M	675.50M	728.19M	584.16M	466.07M	404.64M	378.65M	417.30M	336.18M	232.94M	379.86M	286.44M	287.86M	414.87M	384.78M	355.29M	331.96M	493.55M	486.77M	455.15M	466.90M	530.94M	536.63M
(-) Cash & Equivalents	81.40M	97.01M	104.54M	124.70M	112.92M	111.75M	71.32M	60.87M	63.52M	52.37M	53.64M	48.08M	55.36M	48.96M	48.31M	42.89M	38.67M	26.56M	25.98M	21.20M	20.15M	19.62M	19.57M	23.58M	27.92M	20.97M	17.08M	13.20M	17.05M	11.53M	8.85M
(+) Total Debt	416.96M	361.84M	357.47M	361.37M	339.93M	312.77M	318.45M	302.74M	304.85M	282.36M	308.68M	300.85M	294.20M	254.51M	250.55M	234.94M	206.03M	167.94M	135.82M	106.16M	120.20M	178.31M	107.68M	102.38M	115.89M	109.58M	119.18M	122.84M	109.79M	132.00M	118.73M
Enterprise Value	1,076.85M	1,014.95M	873.24M	1,101.91M	1,449.81M	1,199.60M	944.62M	878.90M	1,066.92M	942.50M	956.99M	943.22M	738.82M	616.53M	574.16M	601.45M	533.78M	388.42M	539.91M	390.02M	491.38M	654.99M	519.91M	549.64M	504.39M	553.32M	584.12M	548.91M	559.10M	648.96M	657.11M

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	1,015.294M	966.545M	921.350M	1,080.327M	911.222M	803.218M	801.614M	786.960M	741.635M	684.223M	625.480M	594.528M	577.451M	567.776M	553.336M	503.262M	447.640M	455.117M	356.195M	296.990M	308.699M	382.322M	357.833M	469.779M	268.579M	359.507M	386.463M	326.270M	347.563M	379.136M	375.892M
Cost of Revenue	797.537M	712.626M	727.751M	793.418M	675.537M	585.670M	559.734M	566.830M	526.724M	509.208M	487.779M	448.051M	450.041M	428.209M	432.138M	375.665M	357.114M	351.078M	269.381M	214.497M	236.474M	281.216M	230.928M	216.630M	202.886M	262.724M	294.506M	259.997M	265.546M	309.090M	299.821M
Gross Profit	217.757M	253.919M	193.599M	286.909M	235.685M	217.547M	241.880M	220.130M	214.910M	175.016M	137.701M	146.478M	127.409M	139.568M	121.197M	127.596M	90.526M	104.039M	86.814M	82.494M	72.225M	101.106M	126.905M	253.149M	65.692M	96.783M	91.957M	66.272M	82.017M	70.047M	76.071M
Gross Margin	21.45%	26.27%	21.01%	26.56%	25.86%	27.08%	30.17%	27.97%	28.98%	25.58%	22.02%	24.64%	22.06%	24.58%	21.90%	25.35%	20.22%	22.86%	24.37%	27.78%	23.40%	26.45%	35.46%	53.89%	24.46%	26.92%	23.79%	20.31%	23.60%	18.48%	20.24%
R&D Expenses	3.290M	3.541M	3.371M	4.018M	3.622M	3.754M	2.694M	2.747M	2.344M	1.890M	1.880M	1.623M	1.412M	0.326M	0.189M	0.131M	0.001M	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	66.456M	68.236M	81.501M	94.484M	82.516M	70.321M	72.620M	74.219M	65.567M	62.927M	60.638M	58.366M	52.987M	45.922M	30.995M	25.768M	26.854M	30.266M	24.304M	15.319M	18.175M	22.826M	19.473M	17.964M	17.010M	18.169M	18.223M	17.442M	16.502M	17.064M	18.681M
Operating Expenses	69.746M	71.777M	84.872M	98.503M	86.138M	74.076M	75.315M	76.966M	67.912M	64.817M	62.518M	59.989M	54.399M	46.248M	31.183M	25.899M	26.855M	30.266M	24.304M	15.319M	18.175M	22.826M	19.473M	17.964M	17.010M	18.169M	18.223M	17.442M	16.502M	17.064M	18.681M
Operating Income	148.010M	182.143M	108.727M	188.406M	149.547M	143.472M	166.566M	143.164M	146.999M	110.198M	75.183M	86.489M	73.010M	93.320M	90.014M	101.697M	63.671M	73.773M	62.510M	67.175M	54.049M	78.280M	107.433M	235.185M	48.682M	78.615M	73.734M	48.830M	65.515M	52.983M	57.390M
Operating Margin	14.58%	18.84%	11.80%	17.44%	16.41%	17.86%	20.78%	18.19%	19.82%	16.11%	12.02%	14.55%	12.64%	16.44%	16.27%	20.21%	14.22%	16.21%	17.55%	22.62%	17.51%	20.48%	30.02%	50.06%	18.13%	21.87%	19.08%	14.97%	18.85%	13.97%	15.27%
Interest Income	1.814M	2.943M	2.684M	2.073M	1.374M	1.229M	1.158M	1.080M	0.743M	0.944M	0.831M	0.649M	0.805M	1.065M	0.715M	0.707M	0.925M	1.038M	0.577M	0.339M	0.278M	0.379M	0.276M	0.213M	0.252M	0.113M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	17.733M	16.790M	15.122M	10.474M	12.306M	12.166M	13.953M	13.365M	13.045M	12.636M	14.796M	16.557M	14.138M	12.500M	13.643M	10.749M	8.632M	10.483M	5.575M	3.390M	4.320M	4.475M	2.829M	1.834M	1.946M	1.604M	1.259M	0.550M	0.475M	0.782M	0.555M
Net Interest Income	-15.919M	-13.847M	-12.437M	-8.402M	-10.933M	-10.937M	-12.796M	-12.285M	-12.302M	-11.692M	-13.966M	-15.908M	-13.333M	-11.435M	-12.929M	-10.042M	-7.706M	-9.445M	-4.997M	-3.051M	-4.042M	-4.097M	-2.552M	-1.621M	-1.694M	-1.491M	-1.259M	-0.550M	-0.475M	-0.782M	-0.555M
Other Income / Expense	-115.020M	-144.196M	-66.364M	-112.413M	-44.161M	-89.876M	-119.453M	-78.620M	-86.483M	-64.320M	-37.595M	-46.471M	-38.273M	-67.429M	-61.673M	-63.022M	-42.600M	-60.218M	-42.832M	-43.102M	-30.415M	-46.353M	-84.995M	-214.790M	-35.074M	-53.907M	-45.872M	-30.918M	-49.930M	-36.126M	-25.943M
Pre-Tax Income	17.071M	24.099M	29.926M	67.592M	94.454M	42.658M	34.317M	52.259M	48.215M	34.186M	23.623M	24.110M	21.404M	14.455M	15.412M	28.633M	13.364M	4.110M	14.680M	21.022M	19.592M	27.831M	19.885M	18.774M	11.915M	23.216M	26.603M	17.362M	15.110M	16.075M	30.891M
Pre-Tax Margin	1.68%	2.49%	3.25%	6.26%	10.37%	5.31%	4.28%	6.64%	6.50%	5.00%	3.78%	4.06%	3.71%	2.55%	2.79%	5.69%	2.99%	0.90%	4.12%	7.08%	6.35%	7.28%	5.56%	4.00%	4.44%	6.46%	6.88%	5.32%	4.35%	4.24%	8.22%
Income Tax Expense	7.030M	7.163M	8.352M	11.644M	14.594M	10.086M	8.152M	11.337M	12.057M	7.042M	5.449M	4.882M	3.956M	3.712M	3.446M	5.616M	4.019M	2.056M	3.905M	4.153M	3.277M	6.446M	3.943M	5.714M	2.992M	6.482M	9.220M	6.173M	4.165M	7.376M	10.067M
Tax Rate	35.00%	29.72%	27.91%	17.23%	15.45%	23.64%	23.76%	21.69%	25.01%	20.60%	23.07%	20.25%	18.48%	25.68%	22.36%	19.62%	30.07%	35.00%	26.60%	19.76%	16.73%	23.16%	19.83%	30.44%	25.11%	27.92%	34.66%	35.00%	27.56%	35.00%	32.59%
Net Income	10.041M	16.937M	21.575M	55.948M	79.860M	32.572M	26.165M	40.922M	36.158M	27.144M	18.174M	19.228M	17.448M	10.743M	11.966M	23.016M	9.346M	2.053M	10.776M	16.869M	16.315M	21.385M	15.942M	13.060M	8.923M	16.735M	17.383M	11.189M	10.945M	8.698M	20.824M
Net Margin	0.99%	1.75%	2.34%	5.18%	8.76%	4.06%	3.26%	5.20%	4.88%	3.97%	2.91%	3.23%	3.02%	1.89%	2.16%	4.57%	2.09%	0.45%	3.03%	5.68%	5.29%	5.59%	4.46%	2.78%	3.32%	4.65%	4.50%	3.43%	3.15%	2.29%	5.54%
EBIT	148.010M	182.143M	108.727M	188.406M	149.547M	143.472M	166.566M	143.164M	146.999M	110.198M	75.183M	86.489M	73.010M	93.320M	90.014M	101.697M	63.671M	73.773M	62.510M	67.175M	54.049M	78.280M	107.433M	235.185M	48.682M	78.615M	73.734M	48.830M	65.515M	52.983M	57.390M
Depreciation & Amortization	50.774M	53.786M	52.295M	49.779M	47.754M	46.998M	46.184M	42.723M	37.679M	36.598M	35.753M	36.501M	34.858M	31.560M	31.295M	29.734M	27.709M	23.599M	20.683M	18.265M	20.020M	24.865M	25.857M	26.496M	16.563M	15.775M	17.412M	16.991M	15.914M	20.813M	19.536M
EBITDA	198.784M	235.929M	161.023M	238.186M	197.301M	190.470M	212.749M	185.887M	184.678M	146.797M	110.936M	122.990M	107.868M	124.879M	121.310M	131.431M	91.380M	97.373M	83.193M	85.440M	74.069M	103.145M	133.290M	261.681M	65.245M	94.390M	91.146M	65.821M	81.429M	73.796M	76.926M
EBITDA Margin	19.58%	24.41%	17.48%	22.05%	21.65%	23.71%	26.54%	23.62%	24.90%	21.45%	17.74%	20.69%	18.68%	21.99%	21.92%	26.12%	20.41%	21.40%	23.36%	28.77%	23.99%	26.98%	37.25%	55.70%	24.29%	26.26%	23.58%	20.17%	23.43%	19.46%	20.46%
NOPAT	96.207M	128.008M	78.384M	155.949M	126.441M	109.550M	126.997M	112.106M	110.240M	87.497M	57.840M	68.975M	59.515M	69.358M	69.889M	81.749M	44.524M	47.953M	45.884M	53.903M	45.008M	60.151M	86.131M	163.604M	36.457M	56.666M	48.180M	31.739M	47.458M	34.439M	38.687M
NOPAT Margin	9.48%	13.24%	8.51%	14.44%	13.88%	13.64%	15.84%	14.25%	14.86%	12.79%	9.25%	11.60%	10.31%	12.22%	12.63%	16.24%	9.95%	10.54%	12.88%	18.15%	14.58%	15.73%	24.07%	34.83%	13.57%	15.76%	12.47%	9.73%	13.65%	9.08%	10.29%
Owner's Earnings	60.815M	70.723M	73.870M	105.727M	127.614M	79.571M	72.349M	83.645M	73.837M	63.742M	53.926M	55.729M	52.306M	42.303M	43.262M	52.750M	37.055M	25.653M	31.459M	35.134M	36.335M	46.250M	41.800M	39.556M	25.486M	32.510M	34.795M	28.180M	26.859M	29.511M	40.360M
Owner's Earnings Margin	5.99%	7.32%	8.02%	9.79%	14.00%	9.91%	9.03%	10.63%	9.96%	9.32%	8.62%	9.37%	9.06%	7.45%	7.82%	10.48%	8.28%	5.64%	8.83%	11.83%	11.77%	12.10%	11.68%	8.42%	9.49%	9.04%	9.00%	8.64%	7.73%	7.78%	10.74%
EPS	0.03	0.05	0.06	0.14	0.23	0.09	0.08	0.12	0.12	0.08	0.06	0.06	0.06	0.04	0.05	0.10	0.05	0.01	0.06	0.10	0.06	0.09	0.06	0.05	0.03	0.06	0.07	0.05	0.06	0.05	0.12
EPS (Diluted)	0.03	0.05	0.06	0.14	0.23	0.09	0.08	0.12	0.12	0.08	0.06	0.06	0.06	0.04	0.05	0.10	0.05	0.01	0.06	0.10	0.06	0.09	0.06	0.05	0.03	0.06	0.07	0.05	0.06	0.05	0.12
Shares (Diluted)	330,036,804	340,487,520	334,073,334	388,252,393	352,629,516	347,517,960	345,887,164	348,768,339	301,156,480	326,004,792	293,484,024	306,864,240	275,379,261	240,378,997	230,039,975	229,092,653	189,242,136	185,144,145	189,105,881	169,914,189	258,075,567	242,899,685	288,702,839	278,088,186	292,741,292	274,453,592	240,944,711	222,468,309	182,723,384	168,342,904	178,672,066

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	80.97M	97.01M	103.63M	123.36M	112.71M	111.75M	71.32M	61.41M	63.52M	52.37M	54.12M	48.08M	55.36M	48.96M	48.31M	42.89M	38.67M	26.56M	25.98M	21.20M	20.15M	19.62M	19.57M	23.58M	27.92M	20.97M	17.08M	13.20M	17.05M	11.53M	8.85M
Short-Term Investments	35.95M	30.39M	20.94M	15.31M	21.42M	10.60M	6.96M	9.41M	2.79M	6.70M	7.84M	2.63M	5.98M	2.60M	2.99M	3.49M	4.04M	6.27M	6.45M	1.55M	2.58M	10.18M	0.36M	0.64M	1.21M	3.33M	2.94M	3.73M	0.19M	0.23M	0.00M
Cash & Short-Term Investments	116.93M	127.39M	124.56M	138.67M	134.14M	122.35M	78.28M	70.82M	66.31M	59.06M	61.96M	50.72M	61.34M	51.57M	51.30M	46.38M	42.72M	32.83M	32.44M	22.75M	22.72M	29.80M	19.93M	24.22M	29.12M	24.31M	20.02M	16.93M	17.24M	11.76M	8.85M
Net Receivables	156.80M	141.91M	139.92M	150.85M	151.70M	124.19M	117.46M	126.16M	127.53M	119.00M	104.55M	94.78M	103.53M	86.99M	71.65M	64.42M	53.39M	57.29M	45.73M	42.88M	48.66M	49.48M	48.76M	40.73M	30.23M	28.71M	25.52M	25.78M	24.17M	33.83M	39.91M
Inventory	192.37M	177.90M	175.08M	186.24M	148.41M	142.73M	135.92M	133.62M	113.27M	104.95M	106.54M	95.83M	95.60M	87.41M	82.51M	76.68M	66.28M	74.96M	63.60M	44.82M	48.75M	70.67M	63.01M	57.85M	46.36M	39.22M	53.23M	49.73M	60.06M	74.49M	73.60M
Other Current Assets	21.07M	20.13M	37.28M	31.74M	28.49M	22.30M	29.22M	37.86M	42.10M	29.44M	28.88M	32.70M	25.45M	24.24M	17.06M	17.67M	17.47M	20.78M	13.46M	5.05M	7.55M	13.93M	23.74M	6.20M	7.59M	10.69M	18.47M	13.91M	20.39M	21.17M	11.33M
Total Current Assets	487.16M	467.34M	476.84M	507.49M	462.74M	411.58M	360.88M	368.46M	349.21M	312.45M	301.94M	274.03M	285.91M	250.21M	222.51M	205.14M	179.87M	185.86M	155.23M	115.50M	127.69M	163.88M	155.44M	129.00M	113.30M	102.93M	117.25M	106.35M	121.87M	141.25M	133.69M
Property, Plant & Equipment	655.73M	547.84M	536.68M	539.56M	488.18M	509.38M	493.63M	444.50M	415.81M	406.68M	401.06M	400.14M	415.33M	386.16M	363.46M	365.27M	340.19M	327.43M	276.80M	199.81M	244.90M	311.22M	285.70M	271.79M	210.55M	190.76M	201.88M	173.36M	169.49M	241.43M	236.75M
Goodwill	11.40M	12.76M	10.94M	14.66M	15.95M	11.31M	11.58M	9.55M	14.67M	8.15M	6.42M	3.18M	2.98M	1.55M	1.39M	1.31M	0.66M	1.29M	0.18M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	35.78M	30.89M	29.25M	28.11M	27.23M	26.77M	26.32M	25.53M	25.13M	25.51M	21.56M	21.88M	19.51M	13.10M	12.10M	8.15M	5.49M	6.11M	5.08M	2.44M	1.63M	3.85M	2.96M	3.49M	2.78M	5.73M	3.47M	3.06M	0.67M	0.90M	0.72M
Long-Term Investments	30.14M	19.47M	20.81M	22.76M	23.15M	19.63M	20.04M	18.98M	15.53M	17.48M	15.01M	14.39M	15.08M	14.49M	7.19M	6.30M	4.92M	1.08M	0.69M	0.01M	0.34M	0.69M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	5.28M	6.52M	6.72M	6.63M	9.85M	6.53M	8.61M	3.59M	3.57M	3.92M	5.12M	4.19M	5.09M	5.83M	4.38M	3.79M	3.76M	3.22M	2.79M	1.11M	2.04M	1.27M	0.03M	0.04M	0.33M	0.01M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	33.85M	44.79M	39.31M	47.40M	31.84M	22.10M	18.20M	15.25M	21.65M	15.77M	16.52M	16.98M	15.26M	13.09M	18.28M	18.50M	19.92M	20.63M	18.06M	18.92M	26.27M	30.30M	19.27M	27.05M	28.04M	23.77M	34.90M	32.63M	21.46M	26.23M	26.06M
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	772.18M	662.27M	643.71M	659.12M	596.19M	595.72M	578.39M	517.40M	496.36M	477.51M	465.69M	460.76M	473.25M	434.22M	406.80M	403.33M	374.92M	359.75M	303.60M	222.28M	275.18M	347.33M	307.97M	302.37M	241.69M	220.27M	240.26M	209.05M	191.61M	268.56M	263.52M
Total Assets	1,259.35M	1,129.61M	1,120.54M	1,166.61M	1,058.94M	1,007.30M	939.27M	885.86M	845.57M	789.96M	767.63M	734.79M	759.17M	684.43M	629.31M	608.48M	554.79M	545.61M	458.83M	337.78M	402.87M	511.21M	463.40M	431.37M	354.99M	323.20M	357.51M	315.40M	313.47M	409.81M	397.21M
Accounts Payable	117.35M	121.23M	113.49M	125.91M	119.00M	95.23M	84.60M	79.85M	78.42M	72.97M	69.33M	64.52M	62.98M	53.89M	52.51M	57.37M	42.51M	46.99M	42.23M	30.80M	42.09M	42.66M	38.98M	36.36M	32.80M	29.83M	45.94M	27.69M	25.93M	37.61M	36.96M
Short-Term Debt	127.24M	92.40M	106.55M	103.41M	96.27M	77.49M	102.62M	112.55M	127.69M	101.54M	107.49M	108.70M	92.21M	82.73M	72.32M	65.73M	58.75M	68.10M	44.30M	29.17M	33.87M	43.71M	28.62M	20.15M	30.55M	21.21M	21.13M	16.91M	16.91M	16.26M	22.30M
Tax Payables	0.04M	4.38M	4.03M	9.03M	10.30M	7.60M	6.07M	7.24M	8.07M	5.47M	4.14M	3.43M	2.77M	2.33M	1.95M	2.77M	2.04M	1.13M	1.12M	0.93M	1.42M	1.16M	1.00M	1.01M	0.66M	0.59M	0.83M	0.83M	1.44M	0.66M	0.52M
Deferred Revenue	2.81M	0.04M	0.61M	7.07M	17.66M	16.23M	15.97M	5.88M	13.80M	14.36M	12.88M	9.33M	7.78M	9.38M	7.11M	7.91M	5.69M	6.25M	7.50M	5.71M	5.84M	8.42M	5.99M	6.41M	5.98M	5.04M	3.53M	2.55M	3.19M	2.40M	1.33M
Other Current Liabilities	44.40M	48.70M	58.06M	42.16M	53.17M	35.07M	38.14M	44.78M	38.08M	33.29M	31.97M	31.12M	27.78M	31.28M	27.18M	18.46M	17.70M	15.96M	11.15M	16.15M	14.30M	25.82M	21.92M	17.33M	6.63M	14.95M	17.19M	15.21M	10.18M	16.58M	15.11M
Total Current Liabilities	291.85M	266.75M	282.75M	287.58M	296.40M	231.62M	247.41M	250.30M	266.07M	227.64M	225.80M	217.10M	193.52M	179.61M	161.07M	152.25M	126.69M	138.43M	106.30M	82.77M	97.52M	121.77M	96.50M	81.27M	76.63M	71.61M	88.62M	63.20M	57.64M	73.51M	76.22M
Long-Term Debt	222.45M	174.11M	173.66M	203.43M	223.07M	202.93M	178.07M	161.99M	172.54M	153.58M	166.44M	155.36M	155.30M	140.14M	132.03M	127.71M	93.52M	91.50M	80.05M	57.64M	64.91M	108.99M	71.90M	75.72M	67.48M	83.86M	95.48M	102.08M	52.04M	114.96M	77.20M
Capital Lease Obligations	0.85M	13.11M	10.95M	12.79M	9.90M	10.68M	9.38M	1.18M	0.75M	0.76M	0.60M	0.54M	0.86M	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
Deferred Tax Liabilities	10.78M	18.60M	14.81M	19.93M	20.55M	15.82M	22.19M	19.16M	14.31M	11.08M	15.79M	13.22M	12.89M	12.32M	11.90M	9.76M	8.49M	6.07M	7.83M	8.29M	6.55M	8.40M	7.07M	7.11M	6.39M	25.79M	16.94M	16.86M	18.54M	25.11M	23.65M
Other Non-Current Liabilities	33.30M	25.53M	26.70M	26.47M	30.56M	21.38M	20.14M	21.30M	13.25M	18.94M	18.73M	16.80M	18.11M	16.64M	18.02M	18.52M	20.45M	22.36M	13.08M	12.38M	18.16M	28.22M	25.40M	29.74M	20.83M	10.19M	9.90M	8.32M	8.27M	10.00M	9.90M
Total Non-Current Liabilities	267.39M	231.35M	226.13M	262.61M	284.09M	250.79M	229.78M	203.63M	200.86M	184.36M	201.57M	185.92M	187.16M	169.11M	161.95M	155.99M	122.47M	119.93M	100.96M	78.31M	89.62M	145.61M	104.37M	112.57M	94.70M	119.83M	122.32M	127.26M	78.85M	150.07M	110.74M
Total Liabilities	559.24M	498.09M	508.88M	550.20M	580.48M	482.42M	477.19M	453.94M	466.92M	412.00M	427.37M	403.03M	380.68M	348.72M	323.02M	308.24M	249.15M	258.36M	207.27M	161.08M	187.14M	267.38M	200.87M	193.85M	171.33M	191.44M	210.94M	190.47M	136.49M	223.58M	186.96M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	107.09M	93.88M	91.55M	101.36M	99.91M	91.18M	95.05M	99.80M	93.74M	100.34M	95.81M	95.16M	87.27M	84.73M	52.00M	50.37M	49.75M	39.41M	37.66M	20.76M	19.40M	32.54M	19.65M	17.84M	19.42M	18.36M	17.49M	11.83M	8.58M	7.56M	4.51M
Retained Earnings	236.10M	269.06M	300.52M	296.88M	267.16M	224.75M	197.84M	209.05M	182.95M	160.18M	149.81M	149.23M	143.84M	111.59M	93.71M	81.58M	59.73M	47.01M	51.09M	41.85M	52.34M	79.12M	63.69M	66.86M	67.51M	63.33M	61.00M	55.05M	66.49M	90.32M	84.22M
Accumulated OCI	90.23M	41.83M	22.17M	29.74M	29.97M	29.80M	28.40M	24.59M	19.32M	17.13M	18.77M	-2.28M	-3.36M	-3.70M	-2.19M	-2.16M	-2.60M	-0.08M	0.00M	0.28M	0.00M	0.00M	0.00M	-0.03M	-0.44M	-3.88M	-12.26M	-35.53M	-46.98M	-53.00M	-51.46M
Minority Interest	8.82M	11.88M	11.73M	11.70M	11.81M	9.51M	6.99M	6.25M	4.77M	5.19M	5.43M	5.44M	5.30M	4.93M	3.60M	4.15M	3.04M	2.93M	2.14M	1.71M	3.06M	3.96M	3.51M	2.92M	1.09M	0.76M	0.66M	0.42M	0.06M	0.00M	0.00M
Total Shareholders’ Equity	433.42M	404.77M	414.24M	427.97M	397.04M	345.73M	321.31M	333.44M	296.00M	277.65M	264.39M	242.11M	227.76M	192.63M	143.52M	129.79M	106.88M	86.33M	88.75M	62.89M	71.74M	111.66M	83.34M	84.67M	86.48M	77.80M	66.24M	31.36M	28.09M	44.88M	37.26M
Total Equity	442.24M	416.65M	425.96M	439.67M	408.85M	355.23M	328.30M	339.69M	300.77M	282.83M	269.82M	247.56M	233.06M	197.55M	147.11M	133.94M	109.92M	89.26M	90.89M	64.60M	74.81M	115.63M	86.85M	87.59M	87.57M	78.56M	66.90M	31.78M	28.15M	44.88M	37.26M
Total Liabilities & Equity	1,001.48M	914.75M	934.84M	989.87M	989.33M	837.65M	805.48M	793.63M	767.70M	694.84M	697.19M	650.59M	613.74M	546.28M	470.13M	442.18M	359.07M	347.62M	298.15M	225.67M	261.95M	383.00M	287.72M	281.44M	258.90M	270.00M	277.84M	222.24M	164.64M	268.46M	224.23M
Tangible Assets	1,212.16M	1,085.96M	1,080.34M	1,123.84M	1,015.76M	969.22M	901.36M	850.78M	805.77M	756.30M	739.64M	709.73M	736.68M	669.78M	615.82M	599.01M	548.64M	538.21M	453.57M	335.34M	401.23M	507.36M	460.44M	427.88M	352.22M	317.47M	354.03M	312.34M	312.81M	408.91M	396.49M
Tangible Equity	395.05M	373.01M	385.77M	396.90M	365.67M	317.16M	290.39M	304.62M	260.98M	249.18M	241.83M	222.49M	210.57M	182.91M	133.62M	124.48M	103.78M	81.86M	85.62M	62.16M	73.17M	111.77M	83.89M	84.11M	84.80M	72.83M	63.42M	28.72M	27.48M	43.98M	36.55M
Tangible Book Value	395.05M	373.01M	385.77M	396.90M	365.67M	317.16M	290.39M	304.62M	260.98M	249.18M	241.83M	222.49M	210.57M	182.91M	133.62M	124.48M	103.78M	81.86M	85.62M	62.16M	73.17M	111.77M	83.89M	84.11M	84.80M	72.83M	63.42M	28.72M	27.48M	43.98M	36.55M
Total Investments	48.43M	38.04M	33.41M	35.43M	28.50M	25.58M	22.36M	23.28M	22.53M	20.54M	22.07M	18.50M	18.71M	18.77M	12.77M	11.96M	8.50M	6.60M	5.60M	2.98M	5.38M	9.67M	4.98M	5.30M	3.82M	2.23M	0.97M	0.82M	0.24M	0.28M	0.00M
Net Debt	268.72M	169.50M	176.59M	183.48M	206.63M	168.66M	209.37M	213.13M	236.71M	202.76M	219.81M	215.98M	192.16M	173.91M	156.05M	150.56M	113.60M	133.04M	98.38M	65.61M	78.64M	133.08M	80.96M	72.29M	70.11M	84.10M	99.53M	105.79M	51.90M	119.70M	90.65M

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	201.72M	174.94M	172.75M	195.67M	139.02M	146.76M	104.78M	104.70M	77.72M	62.73M	70.13M	82.83M	72.73M	64.60M	80.22M	84.06M	78.66M	44.38M	71.53M	69.09M	32.94M	23.35M	51.78M	60.14M	51.35M	63.44M	41.38M	45.13M	68.76M	58.06M	53.78M
Total Capital	1,033.98M	944.59M	921.96M	930.87M	874.37M	829.10M	810.30M	774.44M	749.74M	677.06M	687.37M	650.00M	644.73M	589.12M	576.57M	559.50M	488.71M	387.39M	343.35M	272.41M	293.94M	397.94M	342.05M	322.34M	293.45M	278.11M	275.78M	269.95M	264.89M	312.46M	279.33M
Capital Employed	1,110.99M	1,019.83M	907.69M	938.14M	828.51M	803.05M	736.61M	693.77M	649.50M	604.08M	609.71M	639.86M	642.34M	565.92M	551.62M	553.79M	537.64M	422.41M	391.29M	325.15M	333.40M	364.52M	374.64M	361.73M	314.79M	293.38M	303.44M	310.58M	287.40M	321.16M	310.18M
Invested Capital	953.01M	847.58M	818.34M	807.51M	761.66M	717.34M	738.98M	713.03M	686.22M	624.69M	633.25M	601.92M	589.38M	540.16M	528.26M	516.61M	450.04M	360.83M	317.37M	251.21M	273.79M	378.32M	322.48M	298.76M	265.54M	257.14M	258.70M	256.75M	247.84M	300.94M	270.47M

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	34.73M	52.43M	52.88M	52.34M	47.57M	47.32M	46.39M	42.42M	40.28M	39.65M	35.45M	36.35M	34.04M	31.44M	30.90M	27.64M	27.69M	23.32M	20.89M	18.80M	20.68M	25.49M	25.80M	29.13M	23.11M	16.63M	19.55M	26.33M	37.19M	35.79M	38.32M
Deferred Income Tax	0.00M	0.00M	-0.03M	-0.10M	-0.31M	-0.52M	-0.07M	0.05M	-0.01M	0.14M	-0.04M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1.53M	2.46M	0.40M	3.95M	2.16M	1.03M
Stock-Based Compensation	0.00M	0.00M	0.02M	0.17M	0.10M	0.03M	0.00M	0.08M	0.18M	0.00M	0.00M	0.02M	0.02M	0.04M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-0.97M	-5.11M	11.47M	-22.94M	-18.68M	1.62M	1.55M	-15.59M	-11.37M	0.30M	-6.94M	-5.06M	-6.00M	-2.78M	-10.77M	-8.74M	11.28M	-6.60M	-10.22M	-1.99M	-1.85M	-7.22M	-2.10M	4.24M	-6.10M	-4.20M	1.34M	1.56M	4.23M	0.43M	-6.54M
Accounts Receivable	2.26M	-3.76M	3.74M	-6.25M	-16.74M	-4.14M	2.20M	-3.58M	-9.55M	-1.64M	-5.21M	-2.75M	-1.91M	-1.03M	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	0.00M	0.00M	0.00M	0.00M
Inventory	-1.31M	-2.44M	7.84M	-20.58M	-14.39M	-0.80M	-0.30M	-15.32M	-6.48M	2.60M	-2.66M	-3.79M	-2.77M	-1.04M	-6.37M	-7.25M	8.70M	-7.20M	-2.88M	-1.14M	-2.95M	-5.99M	-0.50M	0.05M	-0.36M	-3.20M	2.39M	3.55M	0.85M	1.08M	-10.65M
Accounts Payable	0.00M	1.94M	0.66M	9.57M	15.21M	3.82M	1.13M	3.28M	7.23M	1.41M	1.32M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-0.53M	-0.82M	-0.70M	-0.31M	-0.73M	-1.49M	-2.42M	1.03M	-2.22M	-3.06M	-1.61M	-1.34M	-2.14M	-1.67M	-3.44M	-2.94M	1.84M	-2.04M	-2.91M	0.32M	-0.02M	0.88M	0.67M	3.87M	-4.82M	-0.46M	-1.57M	1.07M	2.62M	4.34M	8.39M
Other Non-Cash Items	12.86M	9.85M	9.34M	1.41M	6.83M	4.64M	7.35M	8.18M	7.03M	6.77M	7.15M	6.01M	5.99M	5.01M	3.71M	2.30M	0.70M	6.76M	2.13M	2.40M	5.01M	-2.48M	1.32M	-1.43M	17.31M	0.60M	3.14M	1.98M	1.10M	16.20M	0.81M
Net Cash from Operating Activities	59.86M	61.04M	81.53M	115.29M	116.02M	115.18M	81.71M	93.09M	73.49M	68.11M	55.55M	56.85M	48.91M	47.21M	35.52M	46.12M	40.24M	29.92M	27.37M	36.40M	34.56M	34.69M	28.16M	44.09M	41.02M	33.63M	51.17M	46.69M	56.62M	63.69M	76.51M
Capital Expenditures (PPE)	-56.36M	-79.56M	-71.96M	-67.62M	-54.39M	-44.80M	-51.58M	-50.74M	-36.09M	-34.45M	-31.09M	-33.69M	-43.13M	-42.83M	-37.73M	-35.20M	-34.53M	-36.36M	-26.81M	-24.10M	-33.63M	-41.31M	-31.64M	-23.23M	-31.05M	-24.98M	-22.32M	-62.87M	-45.84M	-53.49M	-111.19M
Acquisitions (Net)	0.23M	-0.28M	-0.19M	-0.37M	-1.03M	1.49M	-0.35M	0.06M	-1.59M	0.88M	0.23M	-0.31M	-0.56M	0.12M	0.10M	0.13M	0.03M	-0.41M	0.04M	0.04M	0.04M	0.03M	0.04M	-0.25M	-1.62M	0.16M	0.44M	0.03M	0.00M	0.00M	0.00M
Purchases of Investments	-0.85M	-4.29M	-4.96M	-7.47M	-5.64M	-10.06M	-8.80M	-4.74M	-3.61M	-7.90M	-5.22M	-1.50M	-2.25M	-0.97M	-1.80M	-1.36M	-1.10M	-1.53M	-2.04M	-0.09M	-0.39M	-0.62M	-0.66M	-1.40M	-2.50M	-3.87M	-0.50M	-0.10M	0.00M	-0.11M	0.00M
Sales / Maturities of Investments	2.12M	7.43M	5.96M	7.60M	5.88M	6.68M	4.95M	3.01M	2.00M	4.98M	2.93M	1.11M	2.39M	2.58M	2.01M	1.78M	1.13M	0.59M	0.89M	0.13M	0.24M	0.41M	0.89M	0.70M	2.25M	1.94M	0.51M	0.32M	1.76M	0.00M	0.47M
Other Investing Activities	2.07M	3.17M	5.92M	2.00M	4.78M	2.12M	1.79M	0.43M	0.83M	2.13M	0.95M	0.02M	2.65M	1.27M	1.42M	1.12M	2.67M	0.69M	0.73M	0.46M	1.45M	2.78M	1.94M	0.31M	-1.22M	-2.03M	0.77M	1.94M	-1.34M	1.45M	-0.74M
Net Cash from Investing Activities	-63.74M	-64.92M	-84.44M	-77.18M	-84.71M	-52.97M	-58.18M	-70.04M	-58.49M	-33.29M	-37.52M	-41.90M	-49.29M	-38.32M	-39.89M	-36.89M	-32.15M	-40.81M	-26.57M	-27.06M	-35.04M	-45.12M	-31.41M	-30.89M	-34.21M	-36.69M	-33.45M	-50.32M	-41.53M	-34.63M	-84.35M
Net Debt Issuance	3.09M	6.70M	2.64M	12.43M	14.59M	-1.05M	-2.49M	-3.40M	3.64M	-15.47M	-4.19M	0.87M	1.85M	8.23M	4.95M	10.32M	-4.69M	14.03M	5.03M	0.71M	4.15M	6.70M	0.98M	-9.16M	10.58M	5.72M	4.07M	7.88M	0.59M	0.74M	-6.62M
Long-Term Debt Issuance	-0.30M	11.67M	10.52M	22.05M	19.76M	7.80M	7.05M	3.37M	8.13M	-10.44M	-0.22M	7.14M	6.57M	12.02M	5.02M	10.12M	4.90M	13.86M	8.51M	0.91M	5.24M	7.87M	1.15M	-13.25M	5.00M	5.83M	4.26M	7.88M	0.59M	0.74M	-6.62M
Short-Term Debt Issuance	0.19M	-0.50M	-1.21M	-0.36M	-2.04M	-3.39M	-6.59M	-1.67M	-1.88M	-1.51M	-0.48M	-1.33M	-0.56M	-1.94M	0.00M	-0.15M	-1.72M	0.81M	-0.17M	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	-0.09M	-1.70M	-0.31M	-0.23M	-0.11M	-0.07M	-0.02M	-0.02M	0.00M	0.00M	0.00M	-0.02M	0.00M	0.00M	0.00M	0.00M	0.03M	0.01M	0.04M	0.13M	0.08M	0.99M	0.00M	0.00M	0.00M	-1.66M	-0.04M	0.11M	-0.02M	0.00M	4.92M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.02M	0.00M	0.00M	0.02M	0.09M	0.00M	0.01M	0.30M	0.05M	0.25M	0.32M	0.35M	1.87M	0.27M	0.12M	0.22M	0.00M	0.00M	0.66M	0.96M	0.44M	5.42M
Common Stock Repurchased	-0.09M	-2.29M	-1.00M	-2.08M	-0.19M	-0.15M	-0.13M	-0.05M	-0.01M	0.00M	0.00M	-0.03M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-2.77M	-1.21M	-0.95M	-0.82M	-0.20M	-0.41M
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	-8.18M	-14.09M	-18.96M	-15.87M	-10.95M	-10.13M	-10.10M	-12.18M	-9.44M	-12.00M	-9.79M	-7.51M	-6.24M	-5.93M	-5.71M	-4.21M	-4.30M	-5.97M	-5.25M	-4.38M	-5.72M	-7.05M	-5.03M	-4.59M	-5.50M	-5.10M	-3.91M	-3.83M	-5.55M	-4.20M	-8.74M
Common Dividends Paid	-8.16M	-14.09M	-17.56M	-16.99M	-11.26M	-11.63M	-12.01M	-11.34M	-9.08M	-8.87M	-8.64M	-6.50M	-6.21M	-5.50M	-5.36M	-4.21M	-4.07M	-5.69M	-5.16M	-3.95M	-4.89M	-5.70M	-5.28M	-4.59M	-5.50M	-5.10M	-3.91M	-3.83M	-5.55M	-4.20M	-8.74M
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	-6.61M	-8.62M	-4.32M	-3.76M	-4.82M	-5.02M	-3.31M	-2.15M	-1.61M	-2.58M	4.72M	-2.28M	-1.80M	-2.97M	-1.99M	-1.38M	-0.78M	-0.30M	-0.37M	-0.20M	0.08M	1.49M	1.89M	-0.93M	-0.06M	5.73M	0.30M	0.12M	-3.38M	-0.23M	-1.84M
Net Cash from Financing Activities	-14.59M	-27.44M	-15.06M	-4.42M	-18.60M	-20.50M	-20.94M	-19.91M	-5.44M	-27.79M	-5.54M	-13.83M	-3.56M	-4.29M	2.86M	4.25M	-3.59M	11.38M	3.04M	-0.72M	3.69M	6.90M	-1.32M	-19.48M	7.71M	-1.30M	2.04M	13.44M	-0.91M	-2.58M	-27.57M
Effect of FX on Cash	-0.71M	0.14M	0.08M	0.23M	-0.13M	-0.17M	-0.16M	-0.07M	-0.12M	-0.22M	0.02M	0.07M	0.13M	-0.01M	-0.06M	0.02M	0.00M	0.03M	0.02M	0.00M	0.01M	0.00M	0.02M	0.01M	0.00M	0.00M	0.00M	8.18M	-5.39M	-0.18M	-18.46M
Net Change in Cash	-13.81M	-2.27M	-4.48M	2.48M	10.63M	14.11M	1.61M	-1.72M	6.67M	5.56M	2.41M	-0.81M	1.50M	3.81M	2.00M	0.83M	6.68M	0.44M	2.07M	1.88M	3.28M	2.00M	-0.89M	-5.62M	9.47M	3.03M	1.87M	12.62M	1.68M	-4.09M	-31.42M
Cash at Beginning of Period	68.95M	92.21M	98.91M	97.97M	90.21M	55.52M	56.04M	64.01M	45.89M	44.05M	38.92M	43.46M	40.21M	44.41M	41.19M	34.57M	28.82M	29.06M	19.73M	14.62M	17.76M	15.85M	23.68M	34.49M	25.52M	18.22M	16.47M	26.35M	15.76M	2.15M	0.25M
Cash at End of Period	105.73M	84.11M	92.59M	103.16M	100.56M	88.13M	55.67M	54.96M	54.38M	46.60M	42.99M	37.76M	41.90M	43.11M	46.06M	41.33M	34.48M	26.61M	26.03M	20.79M	20.36M	20.68M	19.34M	25.90M	35.69M	21.49M	19.26M	31.50M	13.47M	5.21M	-33.91M
Operating Cash Flow	59.87M	61.04M	81.46M	115.35M	116.01M	115.16M	81.71M	93.10M	73.49M	68.11M	55.55M	56.85M	48.91M	47.21M	35.51M	46.15M	40.24M	29.92M	27.37M	36.40M	34.56M	34.69M	28.16M	44.09M	41.02M	33.63M	51.17M	46.69M	56.62M	63.69M	76.51M
Capital Expenditure	-60.59M	-81.27M	-72.82M	-67.62M	-54.39M	-44.81M	-51.58M	-50.74M	-36.43M	-34.81M	-33.50M	-34.67M	-43.13M	-42.83M	-41.43M	-35.17M	-34.37M	-36.35M	-26.80M	-24.10M	-33.61M	-41.29M	-31.64M	-23.23M	-31.05M	-24.98M	-22.32M	-62.87M	-45.84M	-53.49M	-111.19M
Free Cash Flow	4.85M	7.34M	12.95M	22.05M	32.35M	45.50M	33.47M	35.53M	28.78M	32.46M	19.31M	17.26M	9.30M	3.55M	-7.27M	6.40M	5.63M	-5.53M	0.60M	3.96M	-1.85M	-1.44M	-1.32M	13.01M	13.25M	8.02M	11.23M	-19.43M	10.48M	9.79M	10.71M

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	88.18M	83.48M	87.04M	154.53M	161.29M	99.95M	87.49M	119.08M	96.54M	84.94M	76.34M	69.73M	67.37M	70.33M	63.96M	63.97M	50.07M	40.14M	46.46M	47.11M	44.19M	65.65M	46.74M	55.53M	34.58M	49.11M	46.15M	35.68M	42.56M	52.32M	63.68M
(-) Tax Adjustment	36.31M	24.81M	24.29M	26.62M	24.92M	23.63M	20.78M	25.83M	24.14M	17.50M	17.61M	14.12M	12.45M	18.06M	14.30M	12.55M	15.06M	20.08M	12.36M	9.31M	7.39M	15.21M	9.27M	16.90M	8.68M	13.71M	15.99M	12.68M	11.73M	24.01M	20.75M
(-) Change In Working Capital	-0.97M	-5.11M	11.47M	-22.94M	-18.68M	1.62M	1.55M	-15.59M	-11.37M	0.30M	-6.94M	-5.06M	-6.00M	-2.78M	-10.77M	-8.74M	11.28M	-6.60M	-10.22M	-1.99M	-1.85M	-7.22M	-2.10M	4.24M	-6.10M	-4.20M	1.34M	1.56M	4.23M	0.43M	-6.54M
(-) Capital Expenditure	60.59M	81.27M	72.82M	67.62M	54.39M	44.81M	51.58M	50.74M	36.43M	34.81M	33.50M	34.67M	43.13M	42.83M	41.43M	35.17M	34.37M	36.35M	26.80M	24.10M	33.61M	41.29M	31.64M	23.23M	31.05M	24.98M	22.32M	62.87M	45.84M	53.49M	111.19M
Unlevered Free Cash Flow	-7.76M	-17.49M	-21.55M	83.23M	100.66M	29.89M	13.58M	58.10M	47.34M	32.32M	32.16M	25.99M	17.79M	12.23M	19.00M	25.00M	-10.63M	-9.69M	17.52M	15.69M	5.03M	16.39M	7.93M	11.16M	0.94M	14.61M	6.49M	-41.44M	-19.25M	-25.61M	-61.72M
(-) Net Interest Income After Taxes	-9.36M	-9.73M	-8.97M	-6.95M	-9.24M	-8.35M	-9.76M	-9.62M	-9.23M	-9.28M	-10.74M	-12.69M	-10.87M	-8.50M	-10.04M	-8.07M	-5.39M	-4.72M	-3.67M	-2.45M	-3.37M	-3.15M	-2.05M	-1.13M	-1.27M	-1.07M	-0.82M	-0.35M	-0.34M	-0.42M	-0.37M
Net Debt Issuance	3.09M	6.70M	2.64M	12.43M	14.59M	-1.05M	-2.49M	-3.40M	3.64M	-15.47M	-4.19M	0.87M	1.85M	8.23M	4.95M	10.32M	-4.69M	14.03M	5.03M	0.71M	4.15M	6.70M	0.98M	-9.16M	10.58M	5.72M	4.07M	7.88M	0.59M	0.74M	-6.62M
Levered Free Cash Flow	4.69M	-1.06M	-9.94M	102.62M	124.49M	37.19M	20.84M	64.32M	60.21M	26.13M	38.72M	39.55M	30.50M	28.95M	33.99M	43.38M	-9.93M	9.06M	26.22M	18.84M	12.55M	26.23M	10.96M	3.13M	12.79M	21.41M	11.39M	-33.20M	-18.32M	-24.45M	-67.96M