Drug Manufacturers - Specialty & Generic

Category: Industry Averages Base Ticker: 1681.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	9.68	9.98	8.40	8.62	11.06	9.98	10.02	9.00	10.78	10.52	11.55	10.91	8.63	6.86	6.58	6.58	5.11	4.55	5.60	3.70	2.96	2.00	0.91	1.32	1.18	1.70	1.23	1.00	0.94	1.34	0.60
Market Capitalization	3,844.57M	3,874.35M	3,279.80M	3,387.47M	3,749.88M	3,185.88M	2,935.35M	2,652.20M	3,053.13M	2,816.00M	3,007.26M	2,227.66M	1,792.69M	1,385.98M	1,276.21M	1,444.25M	1,052.81M	671.91M	1,035.87M	565.39M	356.09M	292.00M	255.72M	259.46M	244.09M	318.75M	248.22M	267.42M	242.51M	245.09M	252.26M
(-) Cash & Equivalents	393.08M	423.76M	457.41M	442.74M	477.28M	435.54M	394.93M	313.79M	290.60M	242.13M	213.16M	195.28M	153.62M	133.26M	122.16M	115.38M	87.48M	70.22M	68.17M	58.73M	52.95M	34.05M	29.57M	27.15M	23.28M	18.10M	11.31M	6.68M	6.45M	2.96M	3.18M
(+) Total Debt	617.62M	505.20M	530.53M	579.45M	544.55M	585.26M	551.37M	470.65M	400.73M	366.14M	293.66M	272.50M	238.95M	187.17M	122.47M	120.01M	89.94M	82.09M	77.29M	80.08M	70.95M	54.46M	40.26M	29.88M	28.84M	25.98M	18.45M	16.64M	13.52M	12.66M	15.84M
Enterprise Value	4,303.30M	4,465.55M	3,748.53M	3,898.14M	4,212.60M	3,750.16M	3,582.57M	3,301.99M	3,490.62M	3,363.18M	3,274.87M	2,331.66M	1,951.01M	1,462.65M	1,337.96M	1,498.81M	1,053.11M	717.39M	1,080.15M	634.85M	396.11M	337.16M	269.33M	260.78M	261.04M	328.31M	260.51M	281.18M	256.42M	256.15M	280.83M

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	1,993.834M	1,903.389M	1,890.358M	1,752.268M	1,746.108M	1,657.274M	1,679.103M	1,500.064M	1,372.806M	1,269.682M	1,063.719M	1,004.226M	957.954M	802.506M	694.602M	518.174M	446.508M	407.741M	351.672M	301.689M	260.581M	175.676M	111.708M	87.550M	74.434M	63.398M	46.575M	40.028M	38.222M	35.215M	34.623M
Cost of Revenue	949.649M	883.535M	884.296M	827.394M	788.898M	814.072M	809.465M	726.353M	670.394M	637.281M	574.839M	531.372M	490.103M	410.087M	355.288M	282.176M	245.718M	214.450M	199.692M	166.333M	139.946M	100.253M	64.618M	52.574M	47.091M	34.594M	25.617M	24.697M	21.020M	21.464M	20.589M
Gross Profit	1,044.185M	1,019.854M	1,006.062M	924.874M	957.209M	843.202M	869.638M	773.710M	702.412M	632.401M	488.880M	472.855M	467.851M	392.419M	339.314M	235.998M	200.790M	193.291M	151.979M	135.356M	120.636M	75.423M	47.091M	34.976M	27.343M	28.804M	20.957M	15.331M	17.202M	13.751M	14.034M
Gross Margin	52.37%	53.58%	53.22%	52.78%	54.82%	50.88%	51.79%	51.58%	51.17%	49.81%	45.96%	47.09%	48.84%	48.90%	48.85%	45.54%	44.97%	47.41%	43.22%	44.87%	46.29%	42.93%	42.15%	39.95%	36.73%	45.43%	45.00%	38.30%	45.00%	39.05%	40.53%
R&D Expenses	107.639M	100.496M	100.621M	97.852M	93.202M	83.444M	81.815M	65.576M	61.601M	48.887M	46.038M	38.936M	29.831M	16.470M	12.967M	8.175M	2.979M	3.021M	2.939M	2.088M	1.457M	0.775M	0.000M	0.025M	0.108M	0.063M	0.000M	0.000M	0.000M	0.014M	0.000M
SG&A Expenses	464.732M	443.986M	454.492M	440.517M	420.961M	394.565M	426.270M	354.808M	299.396M	266.861M	241.257M	235.637M	196.795M	134.572M	94.154M	76.059M	73.193M	67.412M	58.282M	48.189M	46.128M	31.143M	25.521M	19.661M	16.563M	12.754M	9.832M	7.779M	6.026M	4.582M	4.537M
Operating Expenses	572.371M	544.482M	555.113M	538.369M	514.163M	478.009M	508.085M	420.385M	360.997M	315.748M	287.295M	274.573M	226.625M	151.043M	107.121M	84.234M	76.172M	70.432M	61.222M	50.277M	47.584M	31.918M	25.521M	19.686M	16.671M	12.818M	9.832M	7.779M	6.026M	4.596M	4.537M
Operating Income	471.814M	475.372M	450.949M	386.505M	443.046M	365.193M	361.554M	353.325M	341.415M	316.653M	201.584M	198.281M	241.226M	241.377M	232.193M	151.764M	124.618M	122.859M	90.758M	85.079M	73.051M	43.505M	21.569M	15.290M	10.672M	15.986M	11.125M	7.551M	11.176M	9.155M	9.497M
Operating Margin	23.66%	24.98%	23.86%	22.06%	25.37%	22.04%	21.53%	23.55%	24.87%	24.94%	18.95%	19.74%	25.18%	30.08%	33.43%	29.29%	27.91%	30.13%	25.81%	28.20%	28.03%	24.76%	19.31%	17.46%	14.34%	25.22%	23.89%	18.87%	29.24%	26.00%	27.43%
Interest Income	8.675M	12.334M	10.009M	8.887M	6.750M	6.138M	8.186M	4.688M	3.297M	3.099M	3.081M	2.583M	2.186M	1.920M	1.613M	1.098M	0.948M	1.025M	0.859M	0.790M	0.616M	0.508M	0.387M	0.333M	0.363M	0.221M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	23.052M	23.206M	20.768M	17.563M	19.575M	22.909M	26.013M	21.891M	18.528M	17.978M	15.278M	13.140M	10.096M	7.899M	7.143M	5.279M	4.712M	5.071M	3.651M	3.194M	2.822M	2.582M	1.548M	1.431M	1.313M	1.292M	0.696M	0.827M	0.900M	0.850M	0.798M
Net Interest Income	-14.377M	-10.873M	-10.758M	-8.676M	-12.825M	-16.771M	-17.827M	-17.203M	-15.230M	-14.879M	-12.197M	-10.557M	-7.910M	-5.979M	-5.530M	-4.181M	-3.764M	-4.046M	-2.792M	-2.404M	-2.206M	-2.074M	-1.161M	-1.098M	-0.950M	-1.070M	-0.696M	-0.827M	-0.900M	-0.850M	-0.798M
Other Income / Expense	-220.540M	-240.694M	-229.638M	-163.309M	-211.315M	-162.583M	-156.992M	-169.019M	-167.206M	-153.367M	-65.407M	-64.231M	-124.247M	-151.924M	-149.966M	-73.324M	-62.790M	-74.902M	-45.577M	-56.446M	-49.171M	-26.928M	-10.083M	-5.389M	-3.621M	-9.338M	-4.666M	-1.312M	-4.195M	-4.178M	-4.285M
Pre-Tax Income	236.897M	223.805M	210.553M	214.520M	218.906M	185.839M	186.735M	167.103M	158.979M	148.407M	123.981M	123.493M	109.069M	83.474M	76.697M	74.259M	58.064M	43.910M	42.389M	26.229M	21.674M	14.504M	10.325M	8.803M	6.101M	5.578M	5.764M	5.413M	6.081M	4.127M	4.413M
Pre-Tax Margin	11.88%	11.76%	11.14%	12.24%	12.54%	11.21%	11.12%	11.14%	11.58%	11.69%	11.66%	12.30%	11.39%	10.40%	11.04%	14.33%	13.00%	10.77%	12.05%	8.69%	8.32%	8.26%	9.24%	10.05%	8.20%	8.80%	12.37%	13.52%	15.91%	11.72%	12.75%
Income Tax Expense	48.962M	47.087M	41.805M	41.042M	41.275M	32.413M	36.329M	33.033M	32.676M	30.036M	28.274M	27.765M	23.888M	18.219M	16.003M	14.286M	10.578M	9.134M	8.916M	6.372M	5.368M	3.395M	2.361M	1.759M	1.232M	1.155M	1.068M	1.025M	0.937M	0.565M	0.539M
Tax Rate	20.67%	21.04%	19.85%	19.13%	18.86%	17.44%	19.45%	19.77%	20.55%	20.24%	22.81%	22.48%	21.90%	21.83%	20.87%	19.24%	18.22%	20.80%	21.03%	24.30%	24.77%	23.41%	22.87%	19.98%	20.19%	20.71%	18.53%	18.93%	15.42%	13.68%	12.21%
Net Income	187.934M	176.718M	168.748M	173.478M	177.631M	153.426M	150.406M	134.071M	126.303M	118.371M	95.707M	95.729M	85.181M	65.255M	60.693M	59.973M	47.487M	34.777M	33.473M	19.856M	16.306M	11.108M	7.964M	7.044M	4.869M	4.423M	4.696M	4.388M	5.144M	3.562M	3.875M
Net Margin	9.43%	9.28%	8.93%	9.90%	10.17%	9.26%	8.96%	8.94%	9.20%	9.32%	9.00%	9.53%	8.89%	8.13%	8.74%	11.57%	10.64%	8.53%	9.52%	6.58%	6.26%	6.32%	7.13%	8.05%	6.54%	6.98%	10.08%	10.96%	13.46%	10.12%	11.19%
EBIT	471.814M	475.372M	450.949M	386.505M	443.046M	365.193M	361.554M	353.325M	341.415M	316.653M	201.584M	198.281M	241.226M	241.377M	232.193M	151.764M	124.618M	122.859M	90.758M	85.079M	73.051M	43.505M	21.569M	15.290M	10.672M	15.986M	11.125M	7.551M	11.176M	9.155M	9.497M
Depreciation & Amortization	71.125M	81.623M	82.563M	77.899M	75.088M	69.388M	66.541M	59.014M	51.043M	46.665M	40.587M	31.779M	27.011M	25.501M	22.098M	17.845M	16.306M	14.297M	12.185M	10.750M	9.602M	7.128M	4.607M	3.261M	2.545M	2.241M	1.386M	0.951M	0.359M	0.387M	0.151M
EBITDA	542.939M	556.994M	533.512M	464.403M	518.134M	434.581M	428.095M	412.340M	392.458M	363.318M	242.171M	230.060M	268.237M	266.878M	254.291M	169.610M	140.924M	137.155M	102.943M	95.829M	82.654M	50.633M	26.176M	18.551M	13.218M	18.227M	12.511M	8.502M	11.535M	9.541M	9.648M
EBITDA Margin	27.23%	29.26%	28.22%	26.50%	29.67%	26.22%	25.50%	27.49%	28.59%	28.61%	22.77%	22.91%	28.00%	33.26%	36.61%	32.73%	31.56%	33.64%	29.27%	31.76%	31.72%	28.82%	23.43%	21.19%	17.76%	28.75%	26.86%	21.24%	30.18%	27.10%	27.87%
NOPAT	374.298M	375.357M	361.414M	312.559M	359.509M	301.499M	291.215M	283.481M	271.242M	252.566M	155.612M	153.702M	188.394M	188.695M	183.744M	122.568M	101.916M	97.303M	71.668M	64.408M	54.957M	33.321M	16.636M	12.235M	8.518M	12.676M	9.064M	6.122M	9.453M	7.902M	8.337M
NOPAT Margin	18.77%	19.72%	19.12%	17.84%	20.59%	18.19%	17.34%	18.90%	19.76%	19.89%	14.63%	15.31%	19.67%	23.51%	26.45%	23.65%	22.83%	23.86%	20.38%	21.35%	21.09%	18.97%	14.89%	13.98%	11.44%	19.99%	19.46%	15.29%	24.73%	22.44%	24.08%
Owner's Earnings	259.059M	258.341M	251.311M	251.376M	252.719M	222.814M	216.947M	193.085M	177.346M	165.036M	136.294M	127.507M	112.192M	90.756M	82.791M	77.818M	63.793M	49.073M	45.658M	30.606M	25.908M	18.237M	12.570M	10.305M	7.415M	6.664M	6.082M	5.339M	5.503M	3.949M	4.026M
Owner's Earnings Margin	12.99%	13.57%	13.29%	14.35%	14.47%	13.44%	12.92%	12.87%	12.92%	13.00%	12.81%	12.70%	11.71%	11.31%	11.92%	15.02%	14.29%	12.04%	12.98%	10.14%	9.94%	10.38%	11.25%	11.77%	9.96%	10.51%	13.06%	13.34%	14.40%	11.21%	11.63%
EPS	0.23	0.21	0.20	0.20	0.21	0.19	0.19	0.18	0.18	0.18	0.14	0.15	0.14	0.12	0.11	0.12	0.09	0.07	0.07	0.04	0.04	0.02	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
EPS (Diluted)	0.23	0.21	0.20	0.20	0.21	0.19	0.19	0.18	0.18	0.18	0.14	0.15	0.14	0.12	0.11	0.12	0.09	0.07	0.07	0.04	0.04	0.02	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Shares (Diluted)	805,411,426	841,165,906	860,325,323	856,656,696	845,025,633	802,901,324	792,216,734	762,053,823	691,873,527	660,670,657	672,187,089	634,813,362	619,719,473	560,236,637	569,266,332	496,907,217	504,464,903	483,303,932	450,664,358	512,083,026	458,284,126	552,848,418	536,285,559	516,052,038	495,329,824	429,674,859	427,293,037	447,897,800	457,663,373	437,597,409	536,658,522

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	399.40M	423.76M	457.41M	442.74M	477.28M	435.54M	394.93M	313.79M	290.60M	243.69M	213.16M	196.60M	153.62M	134.19M	127.03M	116.26M	88.11M	70.74M	68.17M	58.73M	52.95M	34.32M	29.82M	27.15M	23.48M	18.62M	11.59M	6.92M	6.81M	3.17M	3.51M
Short-Term Investments	135.37M	89.26M	72.03M	62.24M	68.44M	45.18M	39.49M	44.12M	46.27M	32.70M	42.22M	24.98M	30.04M	35.04M	30.84M	24.14M	17.36M	13.06M	16.30M	8.53M	5.41M	3.95M	2.49M	3.02M	1.88M	1.39M	1.29M	1.63M	0.58M	0.34M	0.59M
Cash & Short-Term Investments	534.78M	513.02M	529.45M	504.98M	545.72M	480.72M	434.42M	357.91M	336.86M	276.39M	255.38M	221.58M	183.66M	169.23M	157.87M	140.40M	105.47M	83.80M	84.47M	67.26M	58.36M	38.27M	32.31M	30.17M	25.36M	20.01M	12.89M	8.55M	7.39M	3.51M	4.10M
Net Receivables	512.24M	491.82M	490.10M	484.08M	454.26M	409.89M	436.57M	356.05M	341.97M	300.15M	282.61M	229.01M	215.53M	170.29M	120.73M	99.73M	85.13M	72.31M	69.95M	55.72M	45.70M	30.81M	20.83M	13.53M	11.45M	2.38M	1.06M	2.38M	2.97M	2.53M	4.28M
Inventory	436.66M	398.02M	384.72M	367.03M	329.60M	298.97M	275.21M	259.51M	240.33M	204.28M	182.77M	163.84M	152.86M	120.15M	104.98M	91.30M	71.06M	67.64M	58.22M	52.42M	42.63M	32.89M	20.73M	17.74M	14.25M	12.35M	11.42M	11.29M	9.11M	8.04M	10.27M
Other Current Assets	66.61M	62.03M	68.13M	71.64M	83.99M	84.01M	92.69M	99.62M	82.94M	84.32M	56.93M	67.24M	53.82M	50.16M	45.90M	31.43M	28.15M	26.42M	29.13M	16.95M	13.21M	10.18M	15.72M	14.33M	12.54M	16.21M	16.01M	13.19M	12.45M	8.95M	6.65M
Total Current Assets	1,550.28M	1,464.89M	1,472.40M	1,427.74M	1,413.57M	1,273.60M	1,238.89M	1,073.10M	1,002.11M	865.13M	777.69M	681.67M	605.86M	509.83M	429.48M	362.87M	289.80M	250.17M	241.77M	192.36M	159.90M	112.15M	89.59M	75.77M	63.60M	50.95M	41.38M	35.41M	31.92M	23.04M	25.31M
Property, Plant & Equipment	649.63M	631.18M	626.91M	597.90M	557.72M	541.62M	519.52M	462.04M	419.05M	386.84M	355.01M	315.61M	305.23M	245.50M	211.21M	176.81M	144.57M	134.71M	124.42M	122.62M	111.07M	78.90M	51.51M	42.43M	32.97M	26.86M	22.86M	22.89M	19.82M	16.32M	21.55M
Goodwill	98.55M	151.56M	159.35M	162.12M	191.63M	203.44M	181.14M	167.05M	157.19M	136.87M	120.91M	79.35M	71.03M	34.46M	11.65M	11.59M	4.51M	3.84M	2.46M	1.58M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	309.03M	271.26M	262.16M	257.09M	257.85M	261.07M	267.86M	222.86M	188.01M	137.49M	101.48M	79.41M	79.98M	56.64M	57.46M	55.71M	25.91M	20.02M	18.46M	12.62M	12.54M	11.26M	6.80M	5.75M	4.14M	3.38M	2.18M	2.33M	1.05M	0.95M	1.31M
Long-Term Investments	126.35M	73.14M	114.73M	93.74M	75.15M	71.36M	85.20M	84.21M	53.00M	51.66M	48.81M	37.77M	34.84M	20.56M	11.40M	8.26M	6.44M	7.79M	8.70M	5.65M	3.99M	1.37M	1.63M	1.30M	0.21M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	48.08M	45.35M	37.52M	42.13M	33.65M	33.06M	27.54M	27.76M	21.05M	17.47M	11.52M	12.07M	11.93M	10.83M	8.63M	6.18M	5.88M	4.83M	3.38M	1.08M	0.72M	0.21M	0.13M	0.11M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	48.65M	108.09M	62.38M	72.64M	94.16M	69.16M	51.86M	47.58M	44.61M	50.85M	45.73M	48.38M	38.21M	30.00M	29.24M	27.18M	22.69M	17.82M	18.62M	16.99M	13.06M	8.18M	4.70M	2.87M	3.79M	3.58M	3.15M	1.98M	1.75M	1.06M	1.23M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	1,280.30M	1,280.58M	1,263.05M	1,225.62M	1,210.16M	1,179.72M	1,133.12M	1,011.50M	882.91M	781.18M	683.46M	572.59M	541.23M	398.00M	329.61M	285.73M	209.99M	189.02M	176.03M	160.55M	141.38M	99.91M	64.76M	52.46M	41.09M	33.82M	28.19M	27.20M	22.63M	18.33M	24.10M
Total Assets	2,830.59M	2,745.47M	2,735.45M	2,653.36M	2,623.74M	2,453.32M	2,372.00M	2,084.60M	1,885.02M	1,646.31M	1,461.15M	1,254.26M	1,147.09M	907.83M	759.09M	648.60M	499.79M	439.19M	417.79M	352.91M	301.28M	212.05M	154.35M	128.23M	104.69M	84.78M	69.57M	62.61M	54.54M	41.37M	49.41M
Accounts Payable	215.32M	254.54M	261.94M	239.97M	209.54M	213.19M	200.51M	163.04M	153.59M	149.09M	146.07M	111.09M	111.36M	82.94M	73.40M	61.71M	49.23M	44.77M	44.37M	37.60M	34.54M	22.67M	17.29M	12.37M	8.68M	7.35M	5.90M	4.59M	4.89M	4.55M	5.13M
Short-Term Debt	249.77M	144.54M	196.92M	179.80M	171.36M	204.92M	238.04M	149.97M	134.68M	115.03M	128.00M	111.92M	90.41M	75.96M	65.15M	48.42M	38.62M	41.14M	42.50M	39.12M	38.08M	31.34M	23.79M	22.58M	18.88M	14.00M	12.71M	10.40M	9.81M	6.22M	10.12M
Tax Payables	2.26M	23.71M	18.82M	26.15M	24.18M	23.15M	20.27M	23.32M	21.02M	19.85M	13.82M	12.54M	10.93M	10.08M	9.23M	7.89M	7.13M	5.92M	5.64M	3.55M	2.43M	1.92M	1.29M	0.98M	0.70M	0.98M	1.12M	0.97M	0.75M	0.53M	0.58M
Deferred Revenue	8.31M	0.06M	10.70M	37.47M	124.53M	111.92M	100.07M	25.63M	77.33M	57.42M	51.65M	49.05M	41.98M	38.21M	26.36M	19.88M	17.69M	19.27M	19.79M	16.71M	13.19M	9.96M	6.76M	7.74M	6.84M	6.33M	5.57M	5.53M	5.02M	3.81M	4.26M
Other Current Liabilities	210.30M	168.96M	202.54M	211.05M	147.82M	129.94M	181.60M	182.02M	141.62M	139.04M	96.42M	93.59M	66.43M	53.93M	43.06M	26.71M	27.51M	23.22M	21.21M	24.40M	20.30M	11.23M	4.05M	5.23M	3.51M	1.99M	2.58M	1.65M	1.52M	1.07M	1.42M
Total Current Liabilities	685.96M	591.81M	690.91M	694.44M	677.43M	683.12M	740.50M	543.97M	528.24M	480.43M	435.96M	378.19M	321.13M	261.11M	217.20M	164.60M	140.17M	134.32M	133.52M	121.37M	108.53M	77.12M	53.18M	48.91M	38.61M	30.65M	27.88M	23.14M	22.00M	16.18M	21.51M
Long-Term Debt	264.63M	248.11M	239.82M	252.98M	227.48M	245.89M	268.59M	236.26M	216.08M	184.21M	161.88M	132.42M	122.09M	105.15M	43.60M	53.77M	39.37M	24.27M	20.75M	25.80M	18.79M	16.73M	7.35M	3.89M	5.24M	4.89M	3.57M	4.23M	3.87M	4.69M	4.67M
Capital Lease Obligations	0.00M	19.50M	18.60M	17.50M	18.47M	20.22M	12.55M	0.87M	0.95M	0.42M	0.07M	0.09M	0.09M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	20.16M	17.03M	16.97M	21.62M	19.31M	17.44M	16.18M	16.18M	17.43M	13.06M	12.04M	12.49M	11.46M	6.33M	5.63M	5.37M	3.50M	3.63M	2.98M	2.23M	1.65M	0.14M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Liabilities	50.96M	37.95M	48.44M	34.43M	36.51M	41.87M	34.55M	43.64M	43.74M	30.41M	26.54M	23.71M	21.50M	18.15M	16.53M	12.21M	9.99M	7.62M	5.41M	3.53M	2.97M	2.36M	1.39M	0.89M	0.51M	0.70M	0.27M	0.31M	0.15M	0.15M	0.29M
Total Non-Current Liabilities	335.74M	322.59M	323.83M	326.53M	301.77M	325.41M	331.88M	296.96M	278.20M	228.09M	200.53M	168.71M	155.14M	129.63M	65.76M	71.34M	52.86M	35.52M	29.14M	31.55M	23.41M	19.23M	8.74M	4.78M	5.75M	5.60M	3.84M	4.54M	4.02M	4.84M	4.96M
Total Liabilities	1,021.71M	914.41M	1,014.74M	1,020.97M	979.20M	1,008.52M	1,072.37M	840.92M	806.44M	708.52M	636.49M	546.91M	476.27M	390.74M	282.96M	235.94M	193.03M	169.84M	162.66M	152.92M	131.94M	96.35M	61.93M	53.69M	44.36M	36.25M	31.72M	27.68M	26.02M	21.02M	26.47M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	1.42M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	113.86M	105.87M	109.87M	110.14M	109.81M	110.13M	112.98M	107.95M	83.66M	87.79M	81.80M	79.60M	74.02M	65.73M	64.04M	55.78M	48.94M	52.40M	44.13M	42.22M	35.70M	28.05M	22.70M	24.12M	19.75M	18.92M	18.85M	14.59M	13.08M	10.78M	11.89M
Retained Earnings	725.75M	1,049.87M	1,061.01M	934.22M	860.23M	731.01M	651.45M	588.17M	545.92M	468.17M	396.61M	321.34M	274.33M	238.20M	232.48M	179.74M	141.25M	117.82M	105.26M	58.16M	41.65M	14.86M	10.81M	6.11M	3.29M	3.46M	2.67M	3.99M	2.71M	2.12M	1.35M
Accumulated OCI	212.37M	66.81M	28.58M	76.07M	63.59M	40.74M	61.26M	48.58M	42.50M	40.27M	43.68M	8.71M	2.32M	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
Minority Interest	51.72M	49.10M	50.29M	56.01M	53.04M	50.54M	39.18M	40.92M	31.14M	25.22M	20.25M	15.35M	15.43M	11.41M	9.43M	7.04M	5.24M	6.68M	6.29M	6.42M	5.63M	4.41M	3.89M	2.63M	2.18M	1.27M	0.73M	0.80M	0.17M	0.03M	0.11M
Total Shareholders’ Equity	1,051.98M	1,222.55M	1,199.47M	1,120.43M	1,033.63M	883.31M	825.69M	744.70M	672.08M	596.23M	522.10M	409.65M	350.68M	303.93M	296.52M	235.52M	190.19M	170.22M	149.39M	100.39M	77.36M	42.92M	33.51M	30.23M	23.05M	22.38M	21.52M	18.58M	15.79M	12.90M	13.24M
Total Equity	1,103.70M	1,271.65M	1,249.76M	1,176.45M	1,086.67M	933.84M	864.87M	785.61M	703.22M	621.45M	542.35M	425.00M	366.10M	315.34M	305.95M	242.56M	195.43M	176.90M	155.68M	106.80M	82.98M	47.33M	37.40M	32.86M	25.23M	23.65M	22.25M	19.38M	15.96M	12.93M	13.35M
Total Liabilities & Equity	2,125.41M	2,186.06M	2,264.50M	2,197.41M	2,065.87M	1,942.37M	1,937.24M	1,626.53M	1,509.65M	1,329.97M	1,178.84M	971.90M	842.37M	706.08M	588.91M	478.50M	388.46M	346.74M	318.34M	259.73M	214.93M	143.68M	99.33M	86.54M	69.59M	59.90M	53.97M	47.06M	41.98M	33.95M	39.82M
Tangible Assets	2,423.00M	2,322.65M	2,313.94M	2,234.15M	2,174.25M	1,988.80M	1,923.00M	1,694.69M	1,539.83M	1,371.96M	1,238.75M	1,095.50M	996.08M	816.73M	689.98M	581.30M	469.37M	415.32M	396.88M	338.70M	288.74M	200.79M	147.56M	122.47M	100.56M	81.39M	67.39M	60.28M	53.49M	40.42M	48.09M
Tangible Equity	696.12M	848.83M	828.25M	757.24M	637.19M	469.33M	415.87M	395.70M	358.02M	347.09M	319.95M	266.23M	215.09M	224.24M	236.84M	175.26M	165.02M	153.03M	134.77M	92.60M	70.44M	36.07M	30.60M	27.10M	21.09M	20.27M	20.08M	17.05M	14.91M	11.98M	12.04M
Tangible Book Value	696.12M	848.83M	828.25M	757.24M	637.19M	469.33M	415.87M	395.70M	358.02M	347.09M	319.95M	266.23M	215.09M	224.24M	236.84M	175.26M	165.02M	153.03M	134.77M	92.60M	70.44M	36.07M	30.60M	27.10M	21.09M	20.27M	20.08M	17.05M	14.91M	11.98M	12.04M
Total Investments	208.74M	141.15M	180.92M	164.71M	122.06M	117.32M	114.75M	111.77M	80.42M	72.24M	79.89M	64.55M	59.57M	34.75M	36.92M	32.97M	30.13M	30.94M	30.30M	26.26M	17.90M	10.58M	6.99M	6.37M	4.35M	2.85M	2.43M	1.80M	0.50M	0.29M	0.37M
Net Debt	115.00M	-31.11M	-20.68M	-9.96M	-78.44M	15.26M	111.70M	72.44M	60.17M	55.54M	76.72M	47.74M	58.89M	46.92M	-18.28M	-14.08M	-10.12M	-5.33M	-4.92M	6.18M	3.91M	13.75M	1.32M	-0.67M	0.64M	0.28M	4.69M	7.70M	6.87M	7.74M	11.28M

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	875.36M	772.80M	765.06M	740.30M	739.03M	631.44M	524.07M	486.69M	514.09M	399.14M	341.90M	299.92M	280.67M	212.12M	222.40M	183.95M	135.80M	103.60M	97.54M	73.62M	80.36M	35.17M	28.95M	29.73M	31.58M	26.56M	20.80M	20.70M	15.74M	9.43M	7.26M
Total Capital	2,342.31M	2,164.24M	2,171.58M	2,116.65M	2,051.33M	1,918.62M	1,837.99M	1,642.96M	1,475.66M	1,352.06M	1,130.21M	1,037.20M	895.81M	718.31M	626.35M	555.15M	428.86M	376.46M	344.24M	296.55M	248.74M	175.16M	134.80M	113.20M	99.65M	85.69M	66.11M	60.14M	49.62M	38.50M	41.38M
Capital Employed	2,378.65M	2,253.90M	2,320.50M	2,301.62M	2,323.67M	2,183.66M	2,157.79M	1,909.35M	1,647.35M	1,388.02M	1,180.31M	1,091.22M	1,036.32M	738.65M	644.61M	536.87M	421.33M	374.41M	345.30M	294.01M	251.54M	170.02M	108.37M	97.82M	89.45M	72.83M	57.77M	52.02M	42.96M	32.94M	30.80M
Invested Capital	1,942.91M	1,740.48M	1,714.17M	1,673.91M	1,574.04M	1,483.08M	1,443.06M	1,329.17M	1,185.06M	1,108.36M	917.05M	840.61M	742.19M	584.11M	499.32M	438.89M	340.75M	305.71M	276.07M	237.82M	195.79M	140.84M	104.98M	86.05M	76.17M	67.07M	54.51M	53.22M	42.82M	35.33M	37.87M

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	25.46M	84.69M	86.38M	82.09M	78.84M	72.54M	68.96M	59.62M	52.10M	47.14M	39.12M	32.31M	28.32M	25.36M	21.85M	17.83M	15.46M	14.14M	12.02M	10.74M	9.78M	6.61M	4.34M	3.51M	3.18M	2.51M	1.67M	1.49M	0.44M	0.45M	0.72M
Deferred Income Tax	0.00M	0.00M	-0.16M	-2.07M	-0.81M	-0.80M	-1.46M	-0.95M	-0.89M	-1.55M	-0.20M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.01M
Stock-Based Compensation	0.02M	1.11M	1.46M	3.37M	2.09M	2.00M	1.85M	0.78M	0.94M	1.07M	0.55M	0.44M	0.30M	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	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-34.48M	-47.70M	-58.69M	-41.83M	-42.54M	-38.28M	-42.95M	-37.97M	-37.16M	-32.72M	-30.98M	-28.91M	-28.33M	-23.08M	-21.82M	-16.82M	-9.72M	-13.40M	-11.81M	-5.52M	-2.56M	-6.32M	-3.65M	-2.49M	-2.48M	-2.49M	-3.91M	-2.98M	-0.21M	-0.41M	-0.72M
Accounts Receivable	-25.82M	-29.97M	-10.01M	-42.42M	-36.47M	-25.47M	-30.73M	-21.65M	-29.69M	-35.34M	-29.61M	-19.13M	-24.46M	-10.72M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	0.04M	-13.56M	-30.77M	-33.52M	-28.57M	-22.61M	-17.00M	-18.75M	-21.42M	-17.07M	-13.44M	-13.82M	-13.11M	-12.18M	-9.90M	-10.50M	-5.12M	-8.54M	-4.88M	-4.55M	-3.05M	-2.68M	-1.40M	-1.50M	-1.37M	-1.08M	-0.89M	-1.47M	-0.18M	-0.16M	-1.35M
Accounts Payable	0.00M	0.22M	5.04M	30.70M	27.25M	11.88M	15.43M	13.58M	21.58M	20.07M	6.75M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	0.27M	4.26M	-9.02M	0.06M	-4.27M	0.00M	-3.91M	-8.77M	-6.93M	-8.35M	-10.84M	-5.20M	-5.65M	-6.33M	-8.33M	-5.83M	-0.92M	-2.20M	-4.39M	-1.62M	-0.22M	-3.10M	-1.56M	-1.36M	-1.50M	-1.19M	-2.80M	-1.68M	0.16M	-0.18M	0.40M
Other Non-Cash Items	62.62M	26.81M	34.51M	22.06M	4.55M	8.91M	12.87M	22.37M	9.71M	-0.25M	-1.16M	2.38M	2.59M	-0.59M	1.20M	0.86M	1.20M	2.30M	-3.10M	0.62M	1.39M	2.91M	2.74M	2.29M	2.09M	1.41M	1.20M	0.43M	-0.18M	-0.04M	-0.04M
Net Cash from Operating Activities	200.17M	250.39M	243.95M	242.84M	243.71M	232.19M	207.25M	188.21M	149.18M	147.79M	107.92M	111.47M	91.67M	73.34M	63.54M	60.38M	60.76M	40.47M	34.71M	25.42M	22.44M	14.78M	10.59M	9.09M	7.59M	7.58M	2.32M	2.35M	-0.69M	-1.07M	5.56M
Capital Expenditures (PPE)	-63.93M	-83.07M	-105.18M	-96.23M	-89.69M	-88.77M	-82.27M	-83.86M	-76.26M	-75.56M	-61.74M	-56.89M	-60.91M	-53.26M	-44.46M	-34.16M	-26.84M	-25.46M	-17.94M	-16.53M	-16.05M	-15.13M	-12.15M	-9.70M	-9.28M	-6.66M	-4.33M	-3.30M	-0.82M	-0.83M	-1.92M
Acquisitions (Net)	0.65M	-1.87M	-3.78M	-10.30M	1.03M	2.32M	-0.97M	-6.75M	-4.30M	-8.67M	-10.21M	-4.54M	-2.57M	-3.38M	-1.16M	-1.39M	-0.09M	-1.79M	-0.03M	0.62M	0.68M	0.98M	1.02M	0.07M	0.63M	0.05M	0.02M	0.02M	0.00M	0.00M	-0.24M
Purchases of Investments	-51.96M	-85.40M	-49.63M	-114.36M	-66.70M	-60.06M	-61.37M	-67.55M	-62.29M	-56.25M	-53.50M	-37.61M	-20.50M	-11.28M	-14.20M	-10.47M	-8.72M	-12.37M	-10.65M	-7.05M	-6.27M	-6.12M	-5.30M	-3.74M	-5.44M	-3.62M	-1.12M	-1.18M	-0.12M	-0.01M	-0.03M
Sales / Maturities of Investments	55.67M	79.16M	84.31M	101.13M	72.57M	73.61M	75.34M	64.37M	78.79M	56.16M	52.28M	40.71M	20.28M	11.09M	13.76M	9.72M	8.85M	14.06M	9.58M	6.47M	5.06M	3.18M	2.07M	1.89M	2.05M	1.31M	0.27M	0.46M	0.11M	0.52M	0.04M
Other Investing Activities	-2.14M	-0.44M	-2.71M	4.34M	1.58M	2.96M	6.62M	1.22M	5.91M	2.68M	0.84M	1.06M	-0.43M	0.68M	0.21M	0.97M	-1.29M	-1.12M	-0.15M	-0.98M	-1.72M	0.31M	-1.78M	-0.27M	-1.95M	-1.58M	-0.88M	-0.27M	-0.31M	0.07M	-0.41M
Net Cash from Investing Activities	-93.02M	-113.15M	-123.95M	-150.69M	-95.02M	-92.89M	-83.92M	-116.67M	-90.11M	-102.53M	-96.52M	-87.95M	-76.48M	-63.93M	-55.70M	-42.44M	-35.93M	-31.78M	-17.21M	-18.58M	-17.28M	-17.94M	-14.32M	-10.74M	-12.14M	-10.28M	-6.04M	-4.96M	-0.11M	-2.60M	-3.50M
Net Debt Issuance	-14.01M	-9.83M	3.43M	6.12M	-18.37M	-0.72M	-10.98M	2.90M	23.58M	20.50M	16.87M	15.57M	9.98M	16.63M	16.46M	11.13M	4.92M	3.17M	-2.13M	1.51M	3.18M	2.97M	4.17M	1.46M	2.98M	2.13M	2.31M	1.62M	-0.11M	0.01M	0.08M
Long-Term Debt Issuance	-12.78M	-8.55M	5.96M	5.25M	-4.97M	-2.40M	-8.05M	17.64M	19.79M	20.50M	17.88M	21.02M	11.45M	19.63M	18.40M	12.93M	3.49M	2.99M	-0.99M	0.96M	1.92M	3.50M	4.38M	1.37M	2.93M	1.65M	2.21M	1.62M	-0.11M	0.01M	0.08M
Short-Term Debt Issuance	-0.22M	-0.54M	-0.49M	-0.90M	-2.02M	-0.63M	-0.13M	-0.88M	-0.57M	0.00M	-0.02M	-0.89M	-0.03M	0.00M	-0.24M	0.00M	0.00M	0.00M	-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
Net Stock Issuance	-1.50M	-6.05M	-1.14M	-2.86M	-2.72M	-0.32M	-0.83M	-0.06M	-0.05M	0.00M	0.00M	0.00M	-0.03M	-0.04M	-0.06M	-0.02M	-0.03M	-0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.02M	0.00M	0.01M	0.00M	0.01M	0.77M	0.99M	0.03M
Common Stock Issuance	0.00M	0.00M	0.00M	1.24M	0.50M	0.15M	0.24M	0.02M	0.16M	1.07M	0.31M	0.59M	0.24M	0.01M	0.07M	0.14M	0.01M	0.02M	0.21M	0.01M	0.01M	0.01M	0.00M	0.11M	0.16M	0.02M	0.00M	0.14M	0.81M	1.48M	0.12M
Common Stock Repurchased	-1.63M	-7.01M	-2.46M	-4.55M	-2.96M	-1.06M	-1.76M	-1.18M	-0.72M	-1.12M	-0.14M	-0.08M	-0.25M	-0.82M	-0.28M	-0.12M	-0.08M	-0.14M	-0.23M	-0.07M	-0.07M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-25.59M	-74.91M	-56.29M	-43.61M	-37.76M	-50.43M	-38.53M	-49.77M	-38.35M	-32.44M	-25.72M	-26.62M	-22.43M	-18.93M	-19.91M	-17.13M	-12.90M	-10.82M	-8.50M	-7.88M	-7.16M	-5.31M	-4.49M	-3.52M	-3.54M	-2.05M	-1.79M	-1.46M	0.00M	0.00M	0.00M
Common Dividends Paid	-25.59M	-74.79M	-56.25M	-48.90M	-45.02M	-55.31M	-49.18M	-46.79M	-38.19M	-31.84M	-25.84M	-26.57M	-22.08M	-16.26M	-18.96M	-15.37M	-10.91M	-10.20M	-7.36M	-6.55M	-6.89M	-4.78M	-4.49M	-3.52M	-3.54M	-2.05M	-1.79M	-1.46M	0.00M	0.00M	0.00M
Preferred Dividends Paid	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-38.51M	-17.70M	-23.73M	-9.62M	-16.50M	-6.70M	-11.34M	-11.46M	-6.27M	-2.16M	-0.31M	3.38M	-1.10M	-3.97M	-3.56M	-0.37M	-0.69M	0.37M	-0.24M	-0.98M	-0.17M	1.63M	0.76M	0.59M	3.71M	2.17M	3.59M	0.89M	0.10M	0.04M	0.00M
Net Cash from Financing Activities	-128.53M	-141.31M	-107.30M	-66.54M	-91.55M	-82.77M	-65.48M	-42.88M	-23.42M	12.29M	1.03M	8.45M	-4.92M	-8.05M	-4.74M	2.30M	-4.02M	-6.11M	-9.06M	-6.66M	-2.67M	2.38M	4.64M	1.55M	11.48M	10.46M	7.26M	3.59M	0.78M	8.12M	0.42M
Effect of FX on Cash	1.61M	1.46M	1.45M	2.34M	-0.69M	-1.73M	0.53M	-0.03M	-1.05M	-0.59M	0.89M	0.23M	0.02M	-0.14M	-0.22M	-0.08M	-0.03M	-0.16M	-0.10M	0.03M	-0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.13M
Net Change in Cash	1.02M	-7.92M	5.53M	27.90M	37.45M	42.96M	42.38M	29.83M	31.86M	30.42M	23.53M	28.83M	10.24M	2.69M	8.44M	20.81M	10.69M	3.03M	4.74M	7.94M	5.41M	-1.32M	2.39M	-0.24M	7.73M	5.37M	4.28M	1.61M	0.27M	0.95M	0.34M
Cash at Beginning of Period	345.41M	391.60M	396.39M	426.87M	416.83M	349.63M	335.06M	303.40M	240.21M	220.73M	178.86M	155.65M	146.41M	130.57M	129.80M	93.89M	73.90M	67.34M	55.90M	51.32M	44.64M	35.47M	28.37M	25.70M	19.91M	11.42M	7.33M	6.68M	1.63M	1.25M	1.38M
Cash at End of Period	462.73M	384.67M	413.40M	419.01M	453.53M	416.17M	360.09M	294.64M	307.95M	239.42M	209.56M	191.46M	152.21M	138.57M	135.89M	124.18M	96.34M	73.71M	67.44M	57.28M	54.43M	34.67M	30.50M	28.07M	25.36M	21.27M	11.88M	9.33M	2.72M	3.82M	4.19M
Operating Cash Flow	201.55M	250.43M	242.36M	242.91M	243.86M	232.19M	207.26M	188.21M	151.74M	147.79M	107.92M	111.47M	91.67M	73.34M	63.54M	60.38M	60.76M	40.47M	34.71M	25.42M	22.44M	14.78M	10.59M	9.09M	7.13M	7.58M	2.32M	2.35M	-0.69M	-1.07M	5.56M
Capital Expenditure	-64.94M	-89.87M	-112.76M	-99.07M	-90.08M	-90.90M	-82.77M	-85.69M	-76.29M	-75.63M	-61.91M	-56.94M	-60.94M	-53.28M	-44.29M	-34.13M	-26.83M	-25.17M	-17.91M	-16.47M	-16.05M	-15.11M	-12.15M	-9.70M	-9.33M	-6.68M	-4.38M	-3.34M	-0.89M	-0.89M	-2.02M
Free Cash Flow	140.94M	145.74M	128.41M	142.46M	144.27M	115.56M	119.92M	93.96M	76.67M	75.82M	47.79M	44.06M	35.78M	24.81M	18.98M	28.51M	30.82M	17.04M	15.84M	11.14M	9.06M	1.10M	-1.04M	-0.61M	-1.45M	0.28M	-1.48M	-1.57M	-1.27M	-2.03M	-1.17M

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	351.65M	335.57M	314.40M	307.93M	327.54M	297.88M	270.28M	242.98M	220.78M	200.00M	170.53M	164.78M	140.19M	116.52M	108.69M	98.92M	78.74M	73.21M	58.01M	41.13M	34.70M	23.65M	16.94M	14.15M	10.34M	8.51M	7.05M	6.59M	6.19M	4.70M	4.80M
(-) Tax Adjustment	72.68M	70.60M	62.42M	58.91M	61.76M	51.95M	52.58M	48.03M	45.38M	40.48M	38.89M	37.05M	30.70M	25.43M	22.68M	19.03M	14.34M	15.23M	12.20M	9.99M	8.60M	5.54M	3.87M	2.83M	2.09M	1.76M	1.31M	1.25M	0.95M	0.64M	0.59M
(-) Change In Working Capital	-34.48M	-47.70M	-58.69M	-41.83M	-42.54M	-38.28M	-42.95M	-37.97M	-37.16M	-32.72M	-30.98M	-28.91M	-28.33M	-23.08M	-21.82M	-16.82M	-9.72M	-13.40M	-11.81M	-5.52M	-2.56M	-6.32M	-3.65M	-2.49M	-2.48M	-2.49M	-3.91M	-2.98M	-0.21M	-0.41M	-0.72M
(-) Capital Expenditure	64.94M	89.87M	112.76M	99.07M	90.08M	90.90M	82.77M	85.69M	76.29M	75.63M	61.91M	56.94M	60.94M	53.28M	44.29M	34.13M	26.83M	25.17M	17.91M	16.47M	16.05M	15.11M	12.15M	9.70M	9.33M	6.68M	4.38M	3.34M	0.89M	0.89M	2.02M
Unlevered Free Cash Flow	248.51M	222.79M	197.91M	191.78M	218.23M	193.31M	177.88M	147.22M	136.27M	116.61M	100.70M	99.70M	76.88M	60.88M	63.54M	62.58M	47.29M	46.22M	39.71M	20.19M	12.62M	9.32M	4.57M	4.11M	1.41M	2.55M	5.28M	4.98M	4.56M	3.58M	2.91M
(-) Net Interest Income After Taxes	-11.41M	-8.59M	-8.62M	-7.02M	-10.41M	-13.85M	-14.36M	-13.80M	-12.10M	-11.87M	-9.42M	-8.18M	-6.18M	-4.67M	-4.38M	-3.38M	-3.08M	-3.20M	-2.20M	-1.82M	-1.66M	-1.59M	-0.90M	-0.88M	-0.76M	-0.85M	-0.57M	-0.67M	-0.76M	-0.73M	-0.70M
Net Debt Issuance	-14.01M	-9.83M	3.43M	6.12M	-18.37M	-0.72M	-10.98M	2.90M	23.58M	20.50M	16.87M	15.57M	9.98M	16.63M	16.46M	11.13M	4.92M	3.17M	-2.13M	1.51M	3.18M	2.97M	4.17M	1.46M	2.98M	2.13M	2.31M	1.62M	-0.11M	0.01M	0.08M
Levered Free Cash Flow	245.90M	221.55M	209.97M	204.91M	210.28M	206.43M	181.25M	163.92M	171.94M	148.98M	126.99M	123.45M	93.03M	82.19M	84.37M	77.09M	55.28M	52.59M	39.78M	23.52M	17.46M	13.88M	9.63M	6.45M	5.15M	5.53M	8.16M	7.27M	5.21M	4.32M	3.70M