Medical - Care Facilities

Category: Industry Averages Base Ticker: 2120.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	24.70	15.63	18.28	22.36	27.59	24.15	19.47	15.89	17.29	14.33	13.68	13.51	10.68	9.04	6.25	7.17	7.19	4.33	8.98	9.66	12.07	11.62	11.25	11.43	13.92	13.04	11.65	12.90	17.32	12.74	12.81
Market Capitalization	3,583.36M	2,143.45M	2,432.46M	2,597.49M	2,927.93M	3,274.07M	2,267.95M	1,830.46M	1,607.14M	1,287.07M	1,387.44M	1,219.55M	786.95M	597.28M	395.75M	433.73M	373.97M	245.75M	426.74M	381.00M	431.52M	387.18M	421.95M	361.52M	672.79M	581.66M	369.41M	559.46M	520.20M	431.25M	332.91M
(-) Cash & Equivalents	144.26M	135.94M	141.65M	130.64M	149.49M	180.66M	95.67M	79.49M	75.48M	59.94M	46.44M	41.67M	29.04M	27.95M	16.55M	17.75M	14.52M	12.43M	12.67M	16.10M	14.11M	17.45M	14.47M	14.46M	11.37M	10.16M	11.56M	15.24M	15.32M	9.12M	8.81M
(+) Total Debt	610.63M	795.57M	831.79M	853.18M	685.34M	981.19M	859.72M	602.18M	439.64M	398.54M	309.20M	231.82M	214.65M	152.63M	100.55M	96.91M	71.91M	101.30M	83.54M	106.02M	114.46M	94.39M	78.67M	42.09M	56.41M	144.59M	117.88M	53.60M	48.65M	69.72M	62.19M
Enterprise Value	4,572.49M	3,515.79M	3,743.69M	3,904.33M	4,213.74M	4,290.15M	3,524.02M	2,405.55M	2,330.49M	1,825.76M	1,880.67M	1,569.08M	955.27M	703.60M	501.25M	592.74M	588.76M	411.04M	571.58M	573.24M	623.52M	503.81M	451.26M	380.18M	908.48M	780.39M	491.59M	680.69M	611.78M	487.79M	407.95M

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	1,979.717M	1,766.368M	1,806.369M	1,779.384M	1,575.394M	1,268.709M	1,112.689M	1,110.120M	1,022.197M	899.988M	788.662M	690.120M	598.468M	499.158M	403.987M	365.686M	391.515M	349.805M	315.355M	292.595M	287.818M	261.154M	235.346M	266.069M	259.193M	301.361M	373.471M	265.044M	205.904M	214.680M	265.812M
Cost of Revenue	1,166.283M	964.755M	1,043.270M	1,015.532M	851.848M	718.356M	678.472M	615.274M	522.690M	499.368M	431.837M	395.990M	331.492M	282.005M	203.896M	180.718M	201.457M	180.419M	169.242M	143.681M	168.454M	91.326M	61.314M	148.238M	126.031M	136.623M	127.749M	134.720M	124.561M	123.611M	126.863M
Gross Profit	813.435M	801.614M	763.099M	763.851M	723.546M	550.352M	434.217M	494.846M	499.507M	400.620M	356.825M	294.130M	266.976M	217.153M	200.090M	184.968M	190.057M	169.386M	146.113M	148.914M	119.363M	169.827M	174.032M	117.832M	133.162M	164.737M	245.722M	130.324M	81.343M	91.069M	138.949M
Gross Margin	41.09%	45.38%	42.24%	42.93%	45.93%	43.38%	39.02%	44.58%	48.87%	44.51%	45.24%	42.62%	44.61%	43.50%	49.53%	50.58%	48.54%	48.42%	46.33%	50.89%	41.47%	65.03%	73.95%	44.29%	51.38%	54.66%	65.79%	49.17%	39.51%	42.42%	52.27%
R&D Expenses	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	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	213.593M	171.234M	192.435M	207.474M	191.938M	178.778M	167.945M	140.950M	121.308M	116.871M	97.952M	81.142M	74.387M	65.857M	31.285M	35.415M	36.352M	39.214M	38.078M	43.861M	58.669M	29.252M	34.612M	63.072M	65.472M	66.708M	86.676M	48.808M	29.520M	33.327M	34.499M
Operating Expenses	213.593M	171.234M	192.435M	207.474M	191.938M	178.778M	167.945M	140.950M	121.308M	116.871M	97.952M	81.142M	74.387M	65.857M	31.285M	35.415M	36.352M	39.214M	38.078M	43.861M	58.669M	29.252M	34.612M	63.072M	65.472M	66.708M	86.676M	48.808M	29.520M	33.327M	34.499M
Operating Income	599.841M	630.379M	570.664M	556.377M	531.608M	371.574M	266.272M	353.896M	378.199M	283.749M	258.873M	212.988M	192.589M	151.296M	168.806M	149.553M	153.705M	130.171M	108.035M	105.053M	60.695M	140.575M	139.421M	54.760M	67.690M	98.029M	159.046M	81.517M	51.823M	57.742M	104.450M
Operating Margin	30.30%	35.69%	31.59%	31.27%	33.74%	29.29%	23.93%	31.88%	37.00%	31.53%	32.82%	30.86%	32.18%	30.31%	41.78%	40.90%	39.26%	37.21%	34.26%	35.90%	21.09%	53.83%	59.24%	20.58%	26.12%	32.53%	42.59%	30.76%	25.17%	26.90%	39.29%
Interest Income	2.928M	3.741M	3.328M	1.953M	1.425M	1.763M	1.801M	1.179M	1.327M	1.137M	1.016M	0.910M	0.847M	0.355M	0.269M	0.158M	0.049M	0.169M	0.246M	0.149M	0.066M	0.035M	0.012M	0.032M	0.009M	0.030M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	45.906M	42.042M	37.259M	35.569M	30.182M	37.479M	37.269M	25.053M	17.985M	15.376M	12.678M	10.815M	9.461M	8.542M	5.967M	5.819M	5.061M	5.179M	3.146M	3.674M	3.244M	2.294M	1.466M	1.200M	3.824M	3.589M	0.368M	1.075M	0.441M	0.393M	1.218M
Net Interest Income	-42.978M	-38.301M	-33.931M	-33.616M	-28.757M	-35.716M	-35.468M	-23.874M	-16.658M	-14.239M	-11.663M	-9.905M	-8.614M	-8.187M	-5.698M	-5.661M	-5.012M	-5.010M	-2.899M	-3.525M	-3.178M	-2.259M	-1.454M	-1.168M	-3.814M	-3.559M	-0.368M	-1.075M	-0.441M	-0.393M	-1.218M
Other Income / Expense	-444.545M	-507.605M	-442.801M	-428.410M	-397.325M	-277.271M	-164.646M	-266.153M	-300.660M	-222.495M	-199.000M	-160.905M	-153.483M	-117.155M	-144.960M	-122.727M	-126.664M	-108.580M	-87.203M	-84.580M	-42.748M	-126.605M	-126.430M	-39.545M	-57.120M	-85.618M	-148.518M	-62.137M	-37.035M	-44.669M	-90.037M
Pre-Tax Income	112.318M	84.473M	93.932M	94.351M	105.526M	58.587M	66.159M	63.868M	60.881M	47.015M	48.210M	42.178M	30.491M	25.954M	18.148M	21.165M	22.029M	16.581M	17.932M	16.948M	14.769M	11.711M	11.536M	14.047M	6.756M	8.852M	10.159M	18.305M	14.348M	12.680M	13.195M
Pre-Tax Margin	5.67%	4.78%	5.20%	5.30%	6.70%	4.62%	5.95%	5.75%	5.96%	5.22%	6.11%	6.11%	5.09%	5.20%	4.49%	5.79%	5.63%	4.74%	5.69%	5.79%	5.13%	4.48%	4.90%	5.28%	2.61%	2.94%	2.72%	6.91%	6.97%	5.91%	4.96%
Income Tax Expense	27.180M	24.760M	22.992M	20.393M	22.218M	12.951M	16.924M	15.540M	16.707M	9.453M	13.558M	14.668M	8.505M	7.080M	5.147M	5.464M	4.353M	3.795M	4.625M	5.507M	5.155M	4.446M	4.101M	6.603M	3.589M	3.414M	4.396M	7.479M	4.726M	7.305M	5.589M
Tax Rate	24.20%	29.31%	24.48%	21.61%	21.05%	22.11%	25.58%	24.33%	27.44%	20.11%	28.12%	34.78%	27.89%	27.28%	28.36%	25.82%	19.76%	22.89%	25.79%	32.49%	34.90%	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%	32.94%	35.00%	35.00%
Net Income	85.139M	59.713M	70.940M	73.958M	83.308M	45.636M	49.235M	48.328M	44.174M	37.562M	34.653M	27.510M	21.986M	18.874M	13.001M	15.701M	17.676M	12.786M	13.307M	11.441M	9.614M	7.265M	7.435M	7.444M	3.168M	5.439M	5.763M	10.827M	9.622M	5.375M	7.606M
Net Margin	4.30%	3.38%	3.93%	4.16%	5.29%	3.60%	4.42%	4.35%	4.32%	4.17%	4.39%	3.99%	3.67%	3.78%	3.22%	4.29%	4.51%	3.66%	4.22%	3.91%	3.34%	2.78%	3.16%	2.80%	1.22%	1.80%	1.54%	4.08%	4.67%	2.50%	2.86%
EBIT	599.841M	630.379M	570.664M	556.377M	531.608M	371.574M	266.272M	353.896M	378.199M	283.749M	258.873M	212.988M	192.589M	151.296M	168.806M	149.553M	153.705M	130.171M	108.035M	105.053M	60.695M	140.575M	139.421M	54.760M	67.690M	98.029M	159.046M	81.517M	51.823M	57.742M	104.450M
Depreciation & Amortization	74.273M	67.088M	75.953M	75.055M	71.487M	62.621M	49.236M	51.994M	46.571M	43.737M	25.997M	21.850M	19.981M	15.778M	12.135M	10.649M	9.098M	7.560M	7.212M	7.232M	7.752M	6.310M	5.042M	5.521M	9.099M	9.872M	21.327M	7.178M	5.535M	5.097M	5.474M
EBITDA	674.115M	697.467M	646.616M	631.432M	603.095M	434.195M	315.508M	405.890M	424.770M	327.486M	284.870M	234.837M	212.570M	167.073M	180.941M	160.201M	162.803M	137.731M	115.247M	112.286M	68.446M	146.885M	144.462M	60.281M	76.789M	107.902M	180.373M	88.695M	57.358M	62.839M	109.925M
EBITDA Margin	34.05%	39.49%	35.80%	35.49%	38.28%	34.22%	28.36%	36.56%	41.55%	36.39%	36.12%	34.03%	35.52%	33.47%	44.79%	43.81%	41.58%	39.37%	36.55%	38.38%	23.78%	56.24%	61.38%	22.66%	29.63%	35.80%	48.30%	33.46%	27.86%	29.27%	41.35%
NOPAT	454.687M	445.609M	430.980M	436.120M	419.682M	289.436M	198.158M	267.785M	274.414M	226.699M	186.073M	138.919M	138.871M	110.023M	120.931M	110.943M	123.330M	100.380M	80.172M	70.920M	39.510M	91.374M	90.623M	35.594M	43.998M	63.719M	103.380M	52.986M	34.753M	37.532M	67.893M
NOPAT Margin	22.97%	25.23%	23.86%	24.51%	26.64%	22.81%	17.81%	24.12%	26.85%	25.19%	23.59%	20.13%	23.20%	22.04%	29.93%	30.34%	31.50%	28.70%	25.42%	24.24%	13.73%	34.99%	38.51%	13.38%	16.98%	21.14%	27.68%	19.99%	16.88%	17.48%	25.54%
Owner's Earnings	159.412M	126.800M	146.893M	149.013M	154.795M	108.258M	98.471M	100.322M	90.745M	81.299M	60.650M	49.360M	41.967M	34.652M	25.136M	26.349M	26.773M	20.346M	20.520M	18.674M	17.365M	13.575M	12.477M	12.965M	12.267M	15.311M	27.090M	18.005M	15.156M	10.472M	13.081M
Owner's Earnings Margin	8.05%	7.18%	8.13%	8.37%	9.83%	8.53%	8.85%	9.04%	8.88%	9.03%	7.69%	7.15%	7.01%	6.94%	6.22%	7.21%	6.84%	5.82%	6.51%	6.38%	6.03%	5.20%	5.30%	4.87%	4.73%	5.08%	7.25%	6.79%	7.36%	4.88%	4.92%
EPS	0.33	0.21	0.26	0.32	0.41	0.29	0.25	0.21	0.20	0.14	0.13	0.11	0.09	0.08	0.08	0.08	0.10	0.12	0.13	0.07	0.12	0.09	0.09	0.14	0.07	0.10	0.13	0.22	0.19	0.11	0.15
EPS (Diluted)	0.33	0.21	0.26	0.32	0.41	0.29	0.25	0.21	0.20	0.14	0.13	0.11	0.09	0.08	0.08	0.08	0.10	0.12	0.13	0.07	0.12	0.09	0.09	0.14	0.07	0.10	0.13	0.22	0.19	0.11	0.15
Shares (Diluted)	255,564,140	281,229,867	271,280,829	231,869,430	204,564,620	158,279,944	193,544,848	225,557,965	220,985,725	274,486,379	267,572,691	250,568,890	240,017,997	228,479,476	159,920,939	188,826,717	177,332,934	111,169,998	104,782,362	152,812,315	80,491,555	76,642,569	78,893,857	52,144,547	46,591,139	53,616,851	46,057,998	48,776,264	51,760,934	49,809,978	49,954,203

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	132.15M	136.29M	130.05M	130.64M	151.31M	182.18M	94.61M	80.16M	76.12M	60.46M	46.81M	41.67M	29.27M	28.57M	16.55M	18.35M	14.83M	13.21M	13.54M	16.35M	14.11M	18.11M	14.83M	14.44M	11.37M	10.14M	11.83M	15.01M	15.32M	9.12M	11.65M
Short-Term Investments	37.41M	39.09M	41.49M	39.27M	58.96M	42.54M	30.78M	13.77M	21.74M	19.67M	14.97M	7.50M	8.25M	3.77M	2.48M	5.44M	7.93M	2.89M	6.29M	2.15M	4.28M	4.85M	0.57M	0.10M	0.67M	0.74M	1.79M	0.00M	0.00M	0.09M	0.00M
Cash & Short-Term Investments	169.56M	175.38M	171.54M	169.91M	210.28M	224.71M	125.39M	93.93M	97.86M	80.13M	61.78M	49.17M	37.52M	32.34M	19.03M	23.80M	22.76M	16.10M	19.83M	18.50M	18.39M	22.96M	15.40M	14.53M	12.04M	10.89M	13.62M	15.01M	15.32M	9.21M	11.65M
Net Receivables	278.94M	236.70M	250.54M	225.03M	188.22M	166.66M	153.30M	128.90M	122.51M	104.50M	88.00M	73.00M	64.53M	54.82M	38.38M	37.25M	30.35M	38.20M	36.26M	32.87M	36.87M	23.93M	21.27M	24.42M	38.18M	43.70M	68.40M	35.15M	31.79M	34.84M	41.00M
Inventory	25.77M	26.87M	26.37M	24.87M	21.54M	21.94M	19.04M	20.45M	21.36M	17.16M	12.51M	11.83M	10.94M	8.45M	4.54M	3.97M	3.32M	4.66M	4.46M	3.83M	4.69M	4.22M	4.48M	3.56M	3.17M	10.69M	12.49M	7.99M	6.08M	13.87M	14.82M
Other Current Assets	52.79M	31.01M	34.47M	43.17M	35.19M	29.90M	26.29M	35.62M	38.29M	28.46M	25.60M	21.69M	22.45M	14.81M	12.59M	9.69M	11.44M	10.83M	9.74M	10.31M	9.89M	5.98M	10.00M	9.55M	11.69M	10.81M	11.93M	9.57M	12.63M	20.35M	18.95M
Total Current Assets	527.05M	469.97M	482.92M	462.98M	455.23M	443.22M	324.02M	278.91M	280.02M	230.26M	187.88M	155.70M	135.44M	110.42M	74.54M	74.70M	67.86M	69.79M	70.29M	65.51M	69.83M	57.09M	51.15M	52.06M	65.08M	76.08M	106.44M	67.72M	65.83M	78.27M	86.42M
Property, Plant & Equipment	796.15M	768.30M	938.88M	867.42M	743.03M	688.98M	606.77M	422.19M	410.94M	367.48M	311.65M	250.44M	230.16M	182.70M	132.26M	104.16M	97.11M	99.07M	94.36M	92.70M	100.47M	98.16M	93.53M	30.78M	60.19M	83.30M	98.39M	83.07M	42.08M	62.75M	101.96M
Goodwill	465.55M	456.86M	548.15M	591.08M	545.36M	475.64M	421.23M	304.76M	243.99M	228.40M	182.61M	208.47M	141.26M	97.18M	48.56M	44.12M	30.41M	30.02M	67.59M	52.29M	10.70M	2.99M	0.00M	0.88M	0.34M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	98.23M	74.59M	93.12M	106.78M	101.63M	99.61M	97.22M	58.29M	45.52M	40.11M	33.84M	25.67M	23.51M	19.60M	15.93M	14.59M	11.82M	10.84M	11.01M	7.53M	13.84M	7.55M	17.65M	13.24M	9.92M	101.61M	127.24M	46.93M	39.71M	54.52M	44.80M
Long-Term Investments	29.50M	29.37M	31.94M	35.57M	26.75M	23.99M	18.25M	23.49M	26.83M	20.38M	15.15M	9.43M	6.13M	5.19M	2.21M	3.93M	3.72M	3.70M	2.04M	0.93M	0.54M	0.81M	0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	6.20M	11.17M	17.46M	16.51M	12.17M	12.76M	6.54M	8.81M	9.18M	9.16M	4.45M	4.04M	4.67M	4.56M	3.25M	2.85M	3.05M	2.92M	3.43M	2.97M	2.16M	1.51M	2.68M	1.86M	1.68M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	58.31M	53.84M	47.60M	49.01M	48.02M	34.66M	31.26M	30.79M	22.61M	30.12M	21.52M	25.35M	19.20M	10.82M	10.05M	9.15M	7.40M	7.92M	8.40M	9.59M	13.57M	7.66M	7.43M	12.17M	19.41M	25.21M	26.14M	20.45M	18.18M	26.77M	29.61M
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	1,453.95M	1,394.13M	1,677.15M	1,666.37M	1,476.95M	1,335.63M	1,181.26M	848.32M	759.08M	695.66M	569.22M	523.41M	424.92M	320.06M	212.26M	178.81M	153.51M	154.47M	186.84M	166.01M	141.27M	118.69M	121.30M	58.93M	91.54M	210.12M	251.77M	150.45M	99.97M	144.05M	176.37M
Total Assets	1,981.00M	1,864.10M	2,160.08M	2,129.35M	1,932.18M	1,778.85M	1,505.28M	1,127.23M	1,039.10M	925.91M	757.10M	679.11M	560.36M	430.48M	286.80M	253.51M	221.37M	224.26M	257.13M	231.52M	211.10M	175.78M	172.44M	111.00M	156.63M	286.21M	358.21M	218.17M	165.80M	222.32M	262.79M
Accounts Payable	91.93M	109.26M	119.87M	123.22M	102.07M	90.37M	65.15M	55.48M	48.86M	43.24M	39.34M	34.69M	28.83M	22.87M	17.53M	15.34M	14.59M	13.06M	12.53M	13.20M	13.30M	7.98M	8.30M	6.78M	10.26M	21.27M	22.83M	15.98M	12.29M	16.59M	21.65M
Short-Term Debt	56.73M	57.88M	51.83M	52.11M	49.02M	64.80M	54.28M	41.84M	42.74M	29.36M	35.94M	20.50M	24.92M	13.44M	11.92M	5.92M	4.88M	8.32M	6.94M	7.30M	5.94M	5.54M	6.40M	3.29M	7.77M	8.44M	10.42M	10.99M	3.16M	5.50M	8.33M
Tax Payables	0.81M	8.54M	9.90M	7.42M	8.85M	9.24M	6.68M	6.10M	6.25M	5.29M	3.81M	2.92M	3.04M	3.28M	1.28M	0.58M	0.28M	0.78M	0.84M	0.74M	0.22M	0.15M	0.04M	0.04M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Revenue	0.39M	0.84M	4.27M	4.63M	19.03M	22.67M	13.88M	5.33M	10.85M	8.98M	9.02M	4.80M	4.10M	4.05M	2.26M	1.44M	1.15M	2.14M	3.25M	2.34M	1.55M	0.77M	1.61M	1.04M	1.39M	0.16M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	144.46M	89.06M	108.54M	124.74M	109.21M	83.33M	83.09M	94.80M	80.45M	49.28M	51.27M	37.22M	33.52M	26.46M	23.45M	16.88M	17.01M	11.96M	22.52M	22.92M	21.31M	14.44M	13.70M	10.04M	18.47M	22.87M	36.75M	20.23M	15.99M	18.88M	22.06M
Total Current Liabilities	294.32M	265.58M	294.41M	312.12M	288.18M	270.41M	223.07M	203.55M	189.16M	136.15M	139.36M	100.13M	94.40M	70.10M	56.44M	40.17M	37.91M	36.26M	46.08M	46.49M	42.32M	28.88M	30.06M	21.19M	37.90M	52.73M	70.00M	47.20M	31.44M	40.97M	52.04M
Long-Term Debt	471.97M	450.95M	553.40M	500.46M	532.54M	662.49M	631.74M	578.93M	406.39M	375.98M	280.85M	260.54M	179.71M	151.89M	85.87M	74.45M	56.82M	86.01M	73.14M	60.66M	76.29M	72.02M	70.89M	24.72M	46.00M	129.48M	109.29M	43.66M	37.31M	64.04M	73.18M
Capital Lease Obligations	40.00M	157.28M	184.17M	178.28M	165.50M	168.91M	115.89M	6.35M	7.04M	4.77M	3.10M	1.39M	1.09M	0.45M	0.10M	0.00M	0.00M	0.00M	0.01M	0.01M	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	16.22M	16.90M	18.32M	26.14M	25.53M	17.66M	18.71M	16.53M	15.57M	21.88M	14.39M	14.78M	9.31M	10.03M	7.42M	7.02M	4.76M	5.90M	8.63M	9.42M	8.27M	5.47M	1.08M	2.23M	2.41M	2.00M	1.13M	2.40M	0.62M	0.85M	3.25M
Other Non-Current Liabilities	83.04M	63.33M	49.48M	65.24M	53.84M	71.72M	63.15M	44.28M	41.74M	45.81M	32.04M	26.38M	25.64M	15.44M	13.84M	11.66M	11.47M	9.08M	8.63M	8.48M	10.37M	7.79M	6.84M	5.05M	6.86M	5.38M	6.77M	4.07M	2.25M	4.73M	9.26M
Total Non-Current Liabilities	611.23M	688.45M	805.37M	770.12M	777.41M	920.78M	829.49M	646.08M	470.73M	448.45M	330.38M	303.09M	215.75M	177.81M	107.24M	93.12M	73.05M	100.99M	90.40M	78.57M	94.93M	85.29M	78.82M	32.00M	55.27M	136.86M	117.19M	50.14M	40.17M	69.62M	85.69M
Total Liabilities	905.55M	954.03M	1,099.78M	1,082.23M	1,065.59M	1,191.19M	1,052.56M	849.64M	659.89M	584.60M	469.74M	403.22M	310.15M	247.91M	163.67M	133.29M	110.96M	137.25M	136.48M	125.06M	137.25M	114.17M	108.87M	53.19M	93.17M	189.60M	187.18M	97.34M	71.62M	110.60M	137.74M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	23.09M	35.36M	111.95M	78.48M	73.27M	78.25M	60.60M	70.95M	56.62M	51.06M	46.24M	29.09M	27.50M	21.02M	14.13M	11.06M	8.04M	8.57M	7.10M	7.25M	6.56M	4.98M	2.45M	2.21M	1.04M	2.80M	2.97M	1.01M	0.94M	0.01M	0.19M
Retained Earnings	168.18M	206.07M	151.72M	109.61M	83.54M	31.20M	46.68M	52.96M	58.19M	43.69M	47.48M	39.74M	35.37M	26.45M	23.75M	25.53M	21.68M	24.11M	23.87M	22.55M	16.06M	10.75M	13.97M	10.24M	12.18M	15.83M	25.07M	26.34M	17.74M	36.87M	56.40M
Accumulated OCI	1.35M	2.65M	10.28M	17.64M	7.96M	11.81M	0.92M	-6.70M	-8.14M	-12.58M	-6.02M	-5.24M	-5.35M	-3.53M	-3.46M	-3.62M	-3.89M	-2.78M	-1.51M	-3.04M	-1.11M	-3.01M	-3.07M	-5.86M	-4.20M	-4.73M	-4.32M	-6.05M	-5.72M	-6.73M	-4.04M
Minority Interest	47.08M	36.68M	35.45M	40.43M	36.57M	22.77M	18.97M	22.32M	19.21M	13.49M	7.57M	7.39M	8.14M	5.09M	3.03M	2.79M	1.74M	0.94M	0.80M	1.01M	0.81M	0.58M	0.41M	0.15M	0.01M	0.30M	0.58M	1.74M	0.33M	0.39M	0.77M
Total Shareholders’ Equity	192.62M	244.08M	273.95M	205.72M	164.77M	121.26M	108.19M	117.22M	106.67M	82.18M	87.70M	63.59M	57.52M	43.95M	34.42M	32.97M	25.83M	29.90M	29.46M	26.75M	21.51M	12.72M	13.36M	6.60M	9.02M	13.90M	23.72M	21.30M	12.97M	30.15M	52.56M
Total Equity	239.70M	280.76M	309.40M	246.15M	201.34M	144.02M	127.16M	139.54M	125.87M	95.68M	95.28M	70.98M	65.66M	49.03M	37.45M	35.76M	27.56M	30.84M	30.26M	27.76M	22.33M	13.29M	13.76M	6.74M	9.03M	14.20M	24.30M	23.04M	13.30M	30.54M	53.33M
Total Liabilities & Equity	1,145.26M	1,234.80M	1,409.18M	1,328.38M	1,266.93M	1,335.22M	1,179.72M	989.17M	785.77M	680.28M	565.02M	474.19M	375.81M	296.95M	201.12M	169.05M	138.52M	168.08M	166.74M	152.82M	159.58M	127.46M	122.64M	59.94M	102.21M	203.79M	211.49M	120.38M	84.92M	141.13M	191.06M
Tangible Assets	1,417.22M	1,332.64M	1,518.81M	1,431.49M	1,285.19M	1,203.61M	986.83M	764.18M	749.58M	657.40M	540.65M	444.96M	395.59M	313.69M	222.31M	194.79M	179.14M	183.40M	178.52M	171.70M	186.56M	165.24M	154.79M	96.87M	146.37M	184.59M	230.97M	171.24M	126.09M	167.80M	217.99M
Tangible Equity	-324.08M	-250.69M	-331.87M	-451.71M	-445.65M	-431.22M	-391.29M	-223.50M	-163.64M	-172.83M	-121.17M	-163.17M	-99.11M	-67.75M	-27.04M	-22.96M	-14.67M	-10.02M	-48.34M	-32.06M	-2.21M	2.75M	-3.88M	-7.38M	-1.23M	-87.42M	-102.94M	-23.89M	-26.41M	-23.99M	8.53M
Tangible Book Value	-324.08M	-250.69M	-331.87M	-451.71M	-445.65M	-431.22M	-391.29M	-223.50M	-163.64M	-172.83M	-121.17M	-163.17M	-99.11M	-67.75M	-27.04M	-22.96M	-14.67M	-10.02M	-48.34M	-32.06M	-2.21M	2.75M	-3.88M	-7.38M	-1.23M	-87.42M	-102.94M	-23.89M	-26.41M	-23.99M	8.53M
Total Investments	63.35M	58.72M	61.78M	60.94M	56.10M	52.55M	49.52M	34.76M	48.23M	35.33M	28.21M	15.42M	12.76M	9.00M	8.58M	8.82M	9.79M	9.12M	7.89M	4.16M	3.36M	3.38M	1.62M	0.14M	0.07M	0.11M	0.57M	0.03M	0.00M	0.00M	0.00M
Net Debt	396.55M	372.54M	475.19M	421.93M	430.24M	545.11M	591.41M	540.61M	373.01M	344.89M	269.97M	239.37M	175.36M	136.77M	81.24M	62.02M	46.87M	81.12M	66.53M	51.61M	68.13M	59.45M	62.46M	13.58M	42.41M	127.78M	107.87M	39.65M	25.14M	60.42M	69.87M

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	130.50M	94.26M	113.63M	160.63M	130.69M	143.33M	77.48M	66.57M	72.99M	61.50M	34.30M	39.96M	14.05M	11.39M	20.48M	29.88M	31.66M	26.08M	31.04M	30.76M	11.02M	16.24M	16.33M	32.57M	31.26M	27.01M	32.77M	21.95M	40.19M	36.16M	33.10M
Total Capital	1,574.09M	1,516.58M	1,613.73M	1,545.29M	1,401.26M	1,562.81M	1,367.47M	1,048.92M	859.23M	764.10M	626.13M	498.63M	460.28M	365.49M	261.42M	258.81M	211.86M	213.53M	219.30M	221.85M	225.25M	182.04M	164.38M	123.51M	181.28M	256.96M	230.74M	161.99M	146.32M	165.90M	186.01M
Capital Employed	2,099.37M	1,872.72M	1,904.20M	2,062.49M	2,103.86M	2,012.28M	1,588.66M	1,300.13M	1,152.46M	867.04M	668.29M	632.79M	550.06M	552.09M	267.41M	286.09M	249.50M	249.75M	249.96M	236.16M	256.49M	235.64M	192.40M	226.77M	231.20M	249.37M	386.97M	145.94M	148.04M	170.52M	202.07M
Invested Capital	1,441.94M	1,380.29M	1,483.68M	1,414.65M	1,249.94M	1,380.63M	1,272.86M	968.75M	783.11M	703.64M	579.32M	456.96M	431.00M	336.92M	244.87M	240.46M	197.03M	200.32M	205.76M	205.50M	211.14M	163.93M	149.56M	109.08M	169.91M	246.81M	218.91M	146.98M	131.00M	156.78M	174.36M

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	70.89M	74.83M	84.12M	78.91M	75.44M	68.15M	54.11M	49.48M	40.27M	34.33M	26.78M	24.30M	20.79M	17.00M	12.16M	10.08M	7.31M	7.82M	6.97M	6.58M	7.65M	6.53M	5.79M	5.74M	10.11M	9.87M	21.33M	7.18M	8.98M	7.67M	14.57M
Deferred Income Tax	1.52M	0.13M	-0.01M	0.95M	-0.08M	-2.51M	0.59M	0.35M	0.20M	0.84M	0.37M	1.14M	0.62M	0.51M	0.16M	0.10M	0.05M	0.03M	0.12M	-0.23M	0.00M	0.03M	0.35M	1.14M	-0.15M	0.52M	0.45M	-0.14M	1.53M	0.21M	0.38M
Stock-Based Compensation	6.66M	6.19M	6.04M	5.94M	6.13M	3.72M	2.52M	2.14M	1.64M	1.43M	1.75M	1.23M	0.98M	0.62M	0.54M	0.23M	0.16M	0.14M	0.03M	0.01M	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	-6.38M	-5.90M	-10.83M	-34.64M	-28.38M	13.05M	-9.89M	-5.92M	-3.88M	-10.81M	-9.76M	-6.20M	-3.07M	-1.97M	-3.04M	-2.73M	-0.61M	-1.40M	-0.93M	-3.28M	-0.60M	-0.15M	0.08M	1.27M	-2.89M	-5.01M	-13.73M	-13.62M	-4.86M	-2.04M	-5.88M
Accounts Receivable	-2.56M	-6.24M	-20.80M	-24.12M	-19.70M	-4.73M	-13.58M	-10.36M	-8.46M	-11.85M	-12.36M	-7.38M	-6.33M	-3.82M	-1.62M	-1.57M	-0.11M	-0.14M	-0.10M	-1.11M	-0.78M	-0.14M	-0.09M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	-0.61M	-0.64M	-0.48M	-0.98M	-1.53M	-5.24M	-1.35M	-0.95M	-1.24M	-0.91M	-0.72M	-0.96M	-0.46M	-0.58M	-0.14M	-0.33M	-0.18M	-0.26M	-0.15M	-0.18M	-0.13M	-0.17M	-0.14M	-0.12M	0.00M	0.04M	-0.15M	-0.15M	-0.13M	-0.14M	-0.39M
Accounts Payable	4.31M	3.98M	4.95M	5.17M	5.22M	6.41M	2.51M	3.32M	1.65M	0.85M	1.36M	0.47M	0.83M	0.35M	0.15M	-0.01M	0.03M	0.05M	0.00M	0.05M	0.22M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	-4.02M	0.19M	4.31M	-9.64M	-6.27M	18.33M	0.55M	-0.29M	0.05M	-0.47M	-1.47M	2.71M	0.42M	0.47M	0.01M	-0.39M	0.51M	-0.73M	0.79M	0.06M	6.96M	2.40M	3.66M	5.15M	-1.37M	-2.97M	-9.97M	-9.93M	-4.50M	-1.95M	-2.10M
Other Non-Cash Items	22.22M	13.85M	23.65M	21.88M	17.86M	29.88M	21.47M	18.58M	16.08M	11.84M	14.24M	9.38M	7.65M	5.07M	4.82M	4.32M	2.30M	3.18M	1.33M	0.83M	3.74M	2.20M	2.07M	4.54M	9.08M	5.63M	5.42M	10.14M	3.22M	4.10M	5.24M
Net Cash from Operating Activities	185.86M	181.41M	179.05M	137.40M	145.38M	189.67M	112.43M	104.40M	97.65M	86.42M	74.80M	59.16M	54.10M	43.52M	29.03M	32.96M	29.27M	28.29M	27.27M	14.52M	21.73M	17.42M	18.50M	18.93M	18.84M	17.59M	11.74M	12.77M	14.18M	19.43M	12.60M
Capital Expenditures (PPE)	-70.21M	-60.14M	-75.40M	-75.53M	-74.96M	-68.52M	-69.02M	-60.81M	-52.24M	-56.24M	-53.02M	-35.58M	-33.35M	-25.63M	-16.69M	-15.11M	-13.78M	-14.73M	-11.85M	-15.87M	-9.90M	-8.93M	-6.71M	-6.23M	-7.28M	-10.34M	-32.48M	-37.80M	-15.19M	-20.65M	-10.44M
Acquisitions (Net)	-3.31M	-15.13M	-9.02M	-21.56M	-34.85M	-14.98M	-41.05M	-23.35M	-17.66M	-24.31M	-21.54M	-13.98M	-10.98M	-4.87M	-9.14M	-8.91M	-1.84M	-5.76M	-6.92M	-5.29M	-8.64M	-5.43M	-2.52M	-2.65M	-3.36M	-18.49M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	-1.62M	-6.69M	-18.37M	-15.25M	-23.98M	-7.23M	-10.66M	-4.81M	-8.08M	-4.07M	-3.29M	-1.31M	-1.70M	-0.64M	-0.44M	-0.30M	-0.53M	-0.70M	-0.57M	-0.51M	-0.37M	-0.06M	0.00M	0.00M	0.00M	-0.05M	-0.01M	-0.49M	-3.50M	-3.44M	-0.27M
Sales / Maturities of Investments	5.01M	8.54M	12.08M	16.07M	18.96M	9.86M	9.10M	3.95M	5.07M	4.64M	4.41M	1.08M	0.47M	0.23M	0.28M	0.21M	0.18M	0.60M	0.36M	0.14M	0.11M	0.00M	0.04M	0.00M	0.00M	0.00M	0.00M	0.12M	0.18M	0.09M	1.54M
Other Investing Activities	-1.83M	-1.97M	2.53M	-0.69M	1.98M	4.24M	4.89M	0.43M	3.16M	4.61M	3.07M	2.41M	2.53M	1.42M	1.47M	0.80M	0.46M	2.98M	0.30M	2.27M	1.54M	6.17M	0.61M	0.93M	-0.32M	0.89M	-0.94M	-1.06M	2.95M	-13.05M	0.35M
Net Cash from Investing Activities	-120.72M	-106.11M	-93.89M	-120.15M	-135.83M	-120.75M	-122.32M	-104.51M	-95.28M	-88.65M	-79.22M	-59.94M	-58.41M	-36.83M	-33.91M	-25.85M	-14.55M	-22.92M	-27.83M	-18.88M	-28.12M	-12.48M	-17.68M	-12.68M	-12.79M	-36.06M	-28.67M	-36.60M	-30.19M	-60.42M	-15.02M
Net Debt Issuance	-3.88M	4.68M	-16.18M	9.13M	-11.27M	20.32M	19.93M	19.60M	8.04M	16.53M	21.09M	11.14M	4.43M	7.87M	-1.62M	0.31M	-8.30M	-0.14M	2.65M	-1.07M	3.77M	-1.58M	5.11M	-0.57M	-9.88M	-1.23M	7.85M	15.50M	3.07M	18.49M	-1.28M
Long-Term Debt Issuance	-8.68M	8.70M	-4.70M	7.13M	-7.40M	29.60M	29.88M	18.70M	7.51M	14.39M	19.53M	6.45M	2.68M	7.65M	-0.44M	0.29M	-4.20M	-0.41M	1.88M	-1.97M	1.54M	-1.09M	-0.10M	-0.26M	-9.53M	0.45M	7.64M	2.02M	0.07M	5.48M	-0.06M
Short-Term Debt Issuance	0.00M	0.00M	-0.67M	0.00M	-0.04M	0.00M	0.00M	-0.03M	0.03M	0.07M	0.14M	0.02M	-0.06M	0.26M	-0.06M	0.00M	-0.02M	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
Net Stock Issuance	-1.57M	-1.94M	-1.13M	-1.88M	0.05M	-0.19M	-0.05M	-0.15M	0.02M	-0.05M	0.22M	0.02M	1.05M	0.25M	1.16M	0.03M	1.08M	0.17M	0.47M	2.22M	0.82M	0.56M	0.30M	0.23M	2.27M	0.60M	-0.18M	1.60M	1.49M	18.84M	22.91M
Common Stock Issuance	0.00M	0.72M	0.78M	1.32M	3.07M	0.63M	1.23M	1.69M	0.79M	1.19M	2.75M	2.24M	1.67M	1.40M	2.20M	0.97M	1.50M	0.96M	1.13M	9.12M	4.29M	3.82M	1.14M	3.69M	4.85M	1.22M	1.11M	5.90M	17.14M	18.92M	23.00M
Common Stock Repurchased	-1.73M	-2.63M	-1.80M	-3.07M	-1.60M	-1.42M	-0.67M	-1.37M	-0.88M	-0.69M	-0.34M	-0.14M	-0.08M	-0.09M	-0.01M	-0.02M	-0.01M	-0.15M	0.00M	0.00M	-0.16M	-0.10M	-1.09M	-0.88M	-0.22M	-0.33M	-0.67M	-0.21M	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	-9.92M	-10.73M	-15.13M	-16.18M	-14.38M	-10.58M	-12.45M	-11.20M	-10.13M	-9.55M	-9.91M	-9.12M	-6.20M	-4.15M	-1.79M	-1.78M	-1.07M	-1.16M	-1.40M	-1.21M	-0.97M	-0.74M	-0.14M	0.00M	0.00M	0.00M	-0.02M	0.00M	0.00M	0.00M	0.00M
Common Dividends Paid	-9.78M	-10.71M	-15.13M	-17.16M	-14.31M	-9.19M	-12.71M	-10.62M	-9.99M	-9.47M	-9.12M	-8.84M	-5.85M	-3.61M	-1.45M	-1.04M	-1.09M	-1.58M	-1.22M	-1.15M	-1.11M	-0.69M	-0.15M	0.00M	0.00M	0.00M	-0.02M	0.00M	0.00M	-0.16M	-0.08M
Preferred Dividends Paid	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-24.88M	-22.87M	-19.51M	-21.05M	-25.82M	-21.85M	-13.21M	-9.38M	-1.16M	-5.43M	-5.18M	-2.17M	-1.78M	-2.00M	-1.78M	-1.28M	-0.65M	-0.04M	-0.22M	1.68M	-0.53M	-0.76M	-2.06M	-0.98M	-1.41M	0.21M	0.02M	-0.44M	3.21M	1.43M	-0.33M
Net Cash from Financing Activities	-74.31M	-43.41M	-75.98M	-42.64M	-25.49M	-3.85M	22.90M	-5.62M	3.15M	6.25M	25.95M	15.12M	-1.85M	7.62M	-7.36M	-3.56M	-9.71M	-3.01M	8.00M	13.58M	6.82M	2.06M	-4.66M	-6.62M	-0.67M	9.83M	3.43M	22.51M	26.14M	31.98M	33.70M
Effect of FX on Cash	0.00M	0.00M	0.03M	-0.01M	0.00M	0.00M	0.00M	0.01M	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	-0.02M	0.00M	0.64M	0.00M	0.00M
Net Change in Cash	3.39M	10.10M	2.30M	-15.80M	6.07M	61.83M	10.24M	7.22M	10.43M	-0.56M	5.86M	6.99M	3.76M	7.28M	-0.43M	4.66M	1.16M	0.33M	0.85M	0.64M	3.02M	4.82M	4.21M	3.01M	6.09M	0.00M	-2.22M	1.69M	7.02M	-1.49M	5.58M
Cash at Beginning of Period	120.68M	127.79M	131.52M	175.15M	196.74M	103.45M	80.57M	77.65M	64.03M	53.77M	42.30M	28.15M	27.82M	18.52M	18.55M	13.48M	12.67M	12.26M	13.27M	11.51M	15.85M	11.97M	13.18M	10.27M	8.32M	11.06M	13.25M	15.12M	10.00M	8.23M	5.10M
Cash at End of Period	150.68M	146.95M	144.32M	136.62M	175.81M	196.97M	100.18M	83.99M	71.62M	54.69M	46.16M	40.95M	28.80M	27.56M	16.83M	19.72M	13.81M	12.96M	13.05M	16.27M	14.63M	15.71M	17.72M	13.82M	12.53M	10.04M	11.00M	18.12M	22.83M	8.87M	15.27M
Operating Cash Flow	185.39M	180.90M	178.97M	137.39M	145.38M	189.67M	112.43M	104.40M	97.89M	83.60M	75.06M	59.16M	54.10M	43.52M	29.03M	32.96M	29.27M	28.29M	27.27M	14.52M	21.73M	17.42M	18.50M	18.93M	18.84M	17.59M	11.74M	12.77M	14.18M	19.43M	12.60M
Capital Expenditure	-72.64M	-62.07M	-69.45M	-73.82M	-75.20M	-68.96M	-69.05M	-59.98M	-52.25M	-56.24M	-52.95M	-35.58M	-33.34M	-25.63M	-16.67M	-15.10M	-13.78M	-14.73M	-11.85M	-15.87M	-9.90M	-8.93M	-6.72M	-6.33M	-7.27M	-10.34M	-32.48M	-37.80M	-15.19M	-21.12M	-10.44M
Free Cash Flow	103.83M	97.42M	100.24M	63.00M	77.31M	117.72M	42.40M	47.30M	40.26M	19.29M	17.80M	12.93M	17.64M	19.19M	10.73M	11.79M	9.28M	5.92M	3.60M	0.21M	9.55M	9.18M	8.72M	13.47M	14.70M	6.87M	-4.30M	-26.64M	0.92M	-0.78M	0.47M

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	242.07M	211.27M	252.22M	212.18M	221.76M	171.81M	149.89M	128.50M	126.08M	123.55M	114.82M	80.64M	69.12M	54.87M	43.66M	41.65M	43.92M	35.23M	40.82M	30.39M	30.74M	25.14M	19.81M	23.99M	22.57M	50.40M	50.13M	24.55M	41.02M	33.40M	23.15M
(-) Tax Adjustment	58.58M	61.92M	61.74M	45.86M	46.69M	37.98M	38.34M	31.27M	34.60M	24.84M	32.29M	28.05M	19.28M	14.97M	12.38M	10.75M	8.68M	8.06M	10.53M	9.87M	10.73M	9.54M	7.04M	11.28M	11.99M	19.43M	21.69M	10.03M	13.51M	19.25M	9.80M
(-) Change In Working Capital	-6.38M	-5.90M	-10.83M	-34.64M	-28.38M	13.05M	-9.89M	-5.92M	-3.88M	-10.81M	-9.76M	-6.20M	-3.07M	-1.97M	-3.04M	-2.73M	-0.61M	-1.40M	-0.93M	-3.28M	-0.60M	-0.15M	0.08M	1.27M	-2.89M	-5.01M	-13.73M	-13.62M	-4.86M	-2.04M	-5.88M
(-) Capital Expenditure	72.64M	62.07M	69.45M	73.82M	75.20M	68.96M	69.05M	59.98M	52.25M	56.24M	52.95M	35.58M	33.34M	25.63M	16.67M	15.10M	13.78M	14.73M	11.85M	15.87M	9.90M	8.93M	6.72M	6.33M	7.27M	10.34M	32.48M	37.80M	15.19M	21.12M	10.44M
Unlevered Free Cash Flow	117.23M	93.17M	131.87M	127.14M	128.25M	51.82M	52.39M	43.17M	43.10M	53.28M	39.34M	23.22M	19.57M	16.24M	17.64M	18.53M	22.06M	13.85M	19.37M	7.92M	10.71M	6.82M	5.98M	5.12M	6.20M	25.63M	9.69M	-9.66M	17.17M	-4.92M	8.78M
(-) Net Interest Income After Taxes	-32.58M	-27.07M	-25.63M	-26.35M	-22.70M	-27.82M	-26.39M	-18.07M	-12.09M	-11.38M	-8.38M	-6.46M	-6.21M	-5.95M	-4.08M	-4.20M	-4.02M	-3.86M	-2.15M	-2.38M	-2.07M	-1.40M	-0.94M	-0.62M	-1.79M	-2.19M	-0.21M	-0.64M	-0.30M	-0.17M	-0.70M
Net Debt Issuance	-3.88M	4.68M	-16.18M	9.13M	-11.27M	20.32M	19.93M	19.60M	8.04M	16.53M	21.09M	11.14M	4.43M	7.87M	-1.62M	0.31M	-8.30M	-0.14M	2.65M	-1.07M	3.77M	-1.58M	5.11M	-0.57M	-9.88M	-1.23M	7.85M	15.50M	3.07M	18.49M	-1.28M
Levered Free Cash Flow	145.93M	124.92M	141.31M	162.62M	139.68M	99.96M	98.72M	80.84M	63.23M	81.19M	68.81M	40.82M	30.21M	30.06M	20.10M	23.04M	17.79M	17.57M	24.17M	9.23M	16.54M	6.64M	12.02M	5.17M	-1.89M	26.59M	17.74M	6.48M	20.53M	13.74M	8.21M