Construction Materials

Category: Industry Averages Base Ticker: 2504.TW

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	13.29	15.23	13.03	12.87	14.67	11.70	10.70	9.31	10.32	9.57	8.92	9.19	8.14	6.92	5.78	5.39	5.13	4.66	8.32	6.25	3.03	5.63	5.75	4.36	2.59	2.46	2.43	2.55	1.80	1.61	1.55
Market Capitalization	3,521.43M	2,781.11M	2,471.97M	2,619.53M	3,337.84M	2,350.89M	2,244.49M	2,052.32M	2,321.01M	1,831.11M	1,799.63M	1,972.50M	1,723.27M	1,663.22M	1,277.20M	1,354.58M	1,002.79M	673.53M	1,253.30M	884.33M	387.71M	692.97M	636.39M	466.41M	392.53M	365.42M	343.66M	290.36M	234.43M	242.14M	197.95M
(-) Cash & Equivalents	213.31M	260.11M	265.28M	203.61M	263.08M	261.45M	194.12M	157.20M	167.46M	136.41M	124.07M	130.66M	119.77M	123.22M	116.92M	100.16M	82.22M	68.28M	60.67M	40.50M	29.53M	36.88M	43.58M	30.16M	28.13M	19.26M	17.00M	16.94M	11.87M	13.10M	9.79M
(+) Total Debt	1,051.27M	893.24M	967.63M	882.48M	759.24M	680.98M	684.80M	639.39M	605.16M	623.51M	559.72M	576.16M	562.55M	471.43M	444.79M	361.21M	332.96M	289.20M	218.54M	172.18M	149.91M	211.28M	170.92M	157.33M	113.72M	99.44M	81.59M	50.20M	41.39M	41.92M	35.33M
Enterprise Value	4,384.64M	3,934.08M	3,623.43M	3,570.35M	4,146.27M	2,917.52M	2,839.60M	2,549.47M	2,796.68M	2,334.80M	2,276.52M	2,407.32M	2,132.09M	2,110.93M	1,664.66M	1,569.91M	1,198.26M	986.27M	1,435.88M	972.49M	554.16M	890.12M	727.23M	587.49M	449.71M	402.59M	378.49M	348.06M	274.97M	312.19M	212.63M

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	2,391.344M	2,200.705M	2,216.460M	2,240.412M	2,127.880M	1,853.273M	1,890.141M	1,704.376M	1,523.786M	1,341.519M	1,253.208M	1,206.430M	1,133.975M	1,085.546M	955.541M	770.049M	729.260M	612.143M	556.514M	400.499M	335.222M	425.657M	419.595M	417.388M	217.349M	207.505M	128.644M	119.573M	97.748M	92.670M	112.746M
Cost of Revenue	1,670.373M	1,470.318M	1,509.241M	1,568.710M	1,405.802M	1,163.842M	1,183.848M	1,085.956M	934.210M	783.388M	743.774M	805.772M	765.082M	731.436M	617.943M	481.544M	451.750M	424.789M	373.923M	275.609M	204.880M	265.372M	222.042M	206.910M	107.493M	76.404M	53.304M	61.808M	31.557M	45.201M	37.247M
Gross Profit	720.971M	730.388M	707.219M	671.702M	722.078M	689.431M	706.293M	618.420M	589.576M	558.131M	509.434M	400.658M	368.893M	354.111M	337.599M	288.505M	277.510M	187.354M	182.592M	124.890M	130.342M	160.285M	197.553M	210.477M	109.856M	131.101M	75.340M	57.766M	66.190M	47.469M	75.500M
Gross Margin	30.15%	33.19%	31.91%	29.98%	33.93%	37.20%	37.37%	36.28%	38.69%	41.60%	40.65%	33.21%	32.53%	32.62%	35.33%	37.47%	38.05%	30.61%	32.81%	31.18%	38.88%	37.66%	47.08%	50.43%	50.54%	63.18%	58.56%	48.31%	67.72%	51.22%	66.96%
R&D Expenses	6.650M	9.248M	9.676M	9.475M	8.229M	6.914M	5.998M	3.259M	1.827M	1.633M	1.630M	1.611M	1.457M	0.359M	0.059M	0.042M	0.023M	0.031M	0.029M	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	301.295M	242.737M	275.046M	233.117M	229.847M	191.605M	204.341M	203.268M	168.272M	148.969M	148.052M	137.006M	129.189M	98.996M	68.816M	64.026M	61.361M	57.275M	49.083M	34.378M	33.459M	37.242M	48.967M	43.830M	14.999M	14.338M	10.252M	12.244M	7.945M	10.733M	11.401M
Operating Expenses	307.944M	251.985M	284.722M	242.593M	238.076M	198.519M	210.339M	206.527M	170.099M	150.602M	149.682M	138.618M	130.646M	99.356M	68.875M	64.069M	61.384M	57.307M	49.111M	34.378M	33.459M	37.242M	48.967M	43.830M	14.999M	14.338M	10.252M	12.244M	7.945M	10.733M	11.401M
Operating Income	413.026M	478.402M	422.497M	429.110M	484.003M	490.912M	495.954M	411.893M	419.477M	407.529M	359.752M	262.040M	238.247M	254.755M	268.724M	224.436M	216.125M	130.047M	133.480M	90.512M	96.883M	123.043M	148.586M	166.647M	94.857M	116.763M	65.088M	45.521M	58.245M	36.736M	64.099M
Operating Margin	17.27%	21.74%	19.06%	19.15%	22.75%	26.49%	26.24%	24.17%	27.53%	30.38%	28.71%	21.72%	21.01%	23.47%	28.12%	29.15%	29.64%	21.24%	23.99%	22.60%	28.90%	28.91%	35.41%	39.93%	43.64%	56.27%	50.60%	38.07%	59.59%	39.64%	56.85%
Interest Income	4.477M	9.827M	9.156M	6.656M	5.077M	4.208M	5.703M	4.648M	4.069M	2.885M	2.855M	3.121M	3.294M	2.497M	1.633M	1.466M	1.566M	1.786M	1.147M	0.507M	0.235M	0.274M	0.222M	0.209M	0.281M	0.244M	0.000M	0.423M	0.221M	0.178M	0.167M
Interest Expense	40.689M	41.854M	38.432M	32.182M	27.068M	26.911M	30.684M	30.717M	28.842M	29.474M	27.611M	27.527M	29.214M	30.990M	27.186M	21.232M	19.600M	16.939M	10.651M	6.495M	5.259M	6.148M	5.235M	3.442M	2.265M	2.097M	1.303M	1.196M	0.499M	0.566M	0.302M
Net Interest Income	-36.212M	-32.026M	-29.276M	-25.526M	-21.990M	-22.703M	-24.981M	-26.070M	-24.774M	-26.589M	-24.756M	-24.406M	-25.920M	-28.494M	-25.553M	-19.766M	-18.034M	-15.153M	-9.504M	-5.988M	-5.024M	-5.874M	-5.013M	-3.233M	-1.984M	-1.853M	-1.303M	-0.773M	-0.278M	-0.388M	-0.135M
Other Income / Expense	-163.459M	-241.752M	-175.834M	-150.799M	-144.957M	-240.300M	-254.669M	-187.551M	-241.530M	-242.334M	-227.447M	-114.649M	-110.017M	-128.806M	-139.254M	-123.264M	-132.936M	-45.912M	-41.892M	-22.857M	-56.270M	-60.569M	-91.417M	-131.721M	-71.856M	-94.815M	-44.755M	-19.664M	-36.264M	-15.989M	-46.548M
Pre-Tax Income	213.356M	204.624M	217.387M	252.786M	317.055M	227.908M	216.304M	198.272M	153.172M	138.606M	107.549M	122.986M	102.311M	97.456M	103.917M	81.407M	65.156M	68.982M	82.084M	61.667M	35.588M	56.599M	52.156M	31.694M	21.017M	20.095M	19.030M	25.085M	21.703M	20.358M	17.416M
Pre-Tax Margin	8.92%	9.30%	9.81%	11.28%	14.90%	12.30%	11.44%	11.63%	10.05%	10.33%	8.58%	10.19%	9.02%	8.98%	10.88%	10.57%	8.93%	11.27%	14.75%	15.40%	10.62%	13.30%	12.43%	7.59%	9.67%	9.68%	14.79%	20.98%	22.20%	21.97%	15.45%
Income Tax Expense	53.520M	54.578M	53.497M	52.222M	65.347M	48.112M	46.659M	41.610M	32.015M	32.608M	25.573M	26.265M	24.789M	21.798M	21.993M	16.842M	12.292M	17.854M	19.122M	11.740M	10.005M	17.195M	15.106M	9.809M	5.662M	9.209M	6.959M	9.171M	6.655M	6.110M	6.172M
Tax Rate	25.08%	26.67%	24.61%	20.66%	20.61%	21.11%	21.57%	20.99%	20.90%	23.53%	23.78%	21.36%	24.23%	22.37%	21.16%	20.69%	18.87%	25.88%	23.30%	19.04%	28.11%	30.38%	28.96%	30.95%	26.94%	35.00%	35.00%	35.00%	30.67%	30.01%	35.00%
Net Income	159.836M	150.046M	163.890M	200.563M	251.708M	179.797M	169.644M	156.662M	121.158M	105.998M	81.976M	96.721M	77.521M	75.658M	81.924M	64.565M	52.863M	51.129M	62.962M	49.927M	25.583M	39.404M	37.050M	21.885M	15.355M	10.886M	12.072M	15.913M	15.047M	14.248M	11.244M
Net Margin	6.68%	6.82%	7.39%	8.95%	11.83%	9.70%	8.98%	9.19%	7.95%	7.90%	6.54%	8.02%	6.84%	6.97%	8.57%	8.38%	7.25%	8.35%	11.31%	12.47%	7.63%	9.26%	8.83%	5.24%	7.06%	5.25%	9.38%	13.31%	15.39%	15.38%	9.97%
EBIT	413.026M	478.402M	422.497M	429.110M	484.003M	490.912M	495.954M	411.893M	419.477M	407.529M	359.752M	262.040M	238.247M	254.755M	268.724M	224.436M	216.125M	130.047M	133.480M	90.512M	96.883M	123.043M	148.586M	166.647M	94.857M	116.763M	65.088M	45.521M	58.245M	36.736M	64.099M
Depreciation & Amortization	138.476M	135.092M	131.435M	122.877M	119.553M	98.478M	96.547M	88.143M	83.222M	81.050M	71.506M	71.066M	65.971M	66.279M	55.731M	48.509M	37.950M	34.490M	27.526M	19.661M	16.334M	26.989M	35.552M	34.691M	13.350M	11.081M	9.420M	7.453M	3.393M	3.861M	4.292M
EBITDA	551.502M	613.495M	553.931M	551.987M	603.555M	589.390M	592.500M	500.036M	502.698M	488.579M	431.257M	333.107M	304.218M	321.034M	324.455M	272.945M	254.075M	164.537M	161.006M	110.173M	113.217M	150.032M	184.138M	201.338M	108.206M	127.844M	74.508M	52.974M	61.638M	40.597M	68.391M
EBITDA Margin	23.06%	27.88%	24.99%	24.64%	28.36%	31.80%	31.35%	29.34%	32.99%	36.42%	34.41%	27.61%	26.83%	29.57%	33.96%	35.45%	34.84%	26.88%	28.93%	27.51%	33.77%	35.25%	43.88%	48.24%	49.78%	61.61%	57.92%	44.30%	63.06%	43.81%	60.66%
NOPAT	309.420M	350.802M	318.524M	340.461M	384.246M	387.280M	388.970M	325.452M	331.801M	311.655M	274.211M	206.079M	180.521M	197.774M	211.851M	178.003M	175.351M	96.389M	102.384M	73.280M	69.646M	85.661M	105.551M	115.072M	69.302M	75.896M	42.307M	29.589M	40.384M	25.710M	41.664M
NOPAT Margin	12.94%	15.94%	14.37%	15.20%	18.06%	20.90%	20.58%	19.10%	21.77%	23.23%	21.88%	17.08%	15.92%	18.22%	22.17%	23.12%	24.05%	15.75%	18.40%	18.30%	20.78%	20.12%	25.16%	27.57%	31.89%	36.58%	32.89%	24.75%	41.31%	27.74%	36.95%
Owner's Earnings	298.312M	285.138M	295.325M	323.441M	371.261M	278.275M	266.191M	244.805M	204.379M	187.048M	153.482M	167.787M	143.492M	141.937M	137.655M	113.073M	90.813M	85.618M	90.488M	69.588M	41.917M	66.392M	72.602M	56.576M	28.705M	21.967M	21.491M	23.367M	18.441M	18.109M	15.536M
Owner's Earnings Margin	12.47%	12.96%	13.32%	14.44%	17.45%	15.02%	14.08%	14.36%	13.41%	13.94%	12.25%	13.91%	12.65%	13.08%	14.41%	14.68%	12.45%	13.99%	16.26%	17.38%	12.50%	15.60%	17.30%	13.55%	13.21%	10.59%	16.71%	19.54%	18.87%	19.54%	13.78%
EPS	0.18	0.16	0.21	0.32	0.36	0.30	0.28	0.25	0.18	0.21	0.17	0.17	0.14	0.14	0.15	0.12	0.12	0.13	0.17	0.14	0.10	0.12	0.14	0.08	0.05	0.03	0.04	0.05	0.04	0.04	0.03
EPS (Diluted)	0.18	0.16	0.21	0.32	0.36	0.30	0.28	0.25	0.18	0.21	0.17	0.17	0.14	0.14	0.15	0.12	0.12	0.13	0.17	0.14	0.10	0.12	0.14	0.08	0.05	0.03	0.04	0.05	0.04	0.04	0.03
Shares (Diluted)	864,292,926	959,429,423	766,711,887	635,876,295	698,778,081	592,038,523	597,490,786	621,560,468	660,407,787	498,835,447	491,828,644	563,504,337	556,505,219	558,566,050	534,212,389	543,017,618	438,918,161	379,117,653	374,765,980	363,968,325	267,885,399	319,319,517	257,565,374	283,943,766	314,012,022	335,014,220	339,750,708	330,548,154	341,648,802	345,760,848	325,224,380

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	221.12M	260.11M	265.28M	201.51M	268.37M	263.75M	194.12M	157.20M	167.46M	136.41M	124.07M	130.66M	119.77M	123.22M	117.94M	100.16M	82.93M	68.28M	61.23M	40.88M	30.20M	36.88M	43.58M	30.16M	28.88M	19.73M	18.98M	17.45M	12.28M	14.33M	9.79M
Short-Term Investments	75.80M	66.06M	111.59M	73.42M	102.89M	50.92M	57.48M	39.97M	44.77M	38.70M	24.72M	29.87M	35.58M	38.22M	28.37M	17.68M	28.01M	25.99M	10.55M	6.97M	4.36M	2.95M	1.06M	1.23M	3.64M	1.88M	0.68M	2.52M	0.06M	2.06M	0.03M
Cash & Short-Term Investments	296.92M	326.16M	376.87M	274.92M	371.26M	314.68M	251.61M	197.17M	212.23M	175.11M	148.79M	160.53M	155.35M	161.44M	146.30M	117.84M	110.94M	94.27M	71.77M	47.86M	34.56M	39.83M	44.64M	31.38M	32.52M	21.62M	19.66M	19.97M	12.34M	16.39M	9.81M
Net Receivables	371.74M	336.72M	326.10M	295.16M	294.86M	294.13M	271.29M	213.75M	235.83M	205.46M	171.24M	177.53M	166.63M	134.06M	96.37M	82.89M	82.32M	82.26M	57.04M	38.57M	31.16M	34.39M	38.61M	32.00M	24.34M	18.67M	12.32M	11.34M	13.46M	17.58M	18.71M
Inventory	274.64M	302.31M	302.11M	281.47M	232.08M	175.54M	177.60M	167.63M	147.42M	145.50M	151.88M	150.54M	144.10M	141.96M	128.06M	98.88M	85.19M	88.73M	66.97M	51.38M	42.55M	47.89M	50.67M	55.20M	29.65M	28.89M	38.47M	35.27M	21.60M	35.68M	20.38M
Other Current Assets	62.45M	49.53M	72.78M	59.18M	57.08M	51.17M	38.67M	48.61M	52.92M	51.29M	45.39M	51.60M	51.84M	44.06M	32.63M	29.76M	30.11M	19.70M	25.78M	8.73M	6.61M	10.56M	12.80M	20.78M	11.82M	17.48M	19.71M	18.03M	14.96M	13.81M	11.35M
Total Current Assets	1,005.74M	1,014.72M	1,077.87M	910.73M	955.28M	835.53M	739.17M	627.15M	648.40M	577.37M	517.29M	540.21M	517.92M	481.53M	403.36M	329.37M	308.56M	284.95M	221.57M	146.53M	114.88M	132.66M	146.72M	139.36M	98.34M	86.66M	90.16M	84.62M	62.36M	83.46M	60.26M
Property, Plant & Equipment	1,679.59M	1,733.65M	1,601.03M	1,526.82M	1,387.69M	1,250.35M	1,171.34M	1,043.06M	1,008.77M	1,011.29M	1,009.97M	975.60M	897.34M	900.45M	776.47M	727.77M	619.51M	533.12M	440.98M	314.39M	256.71M	282.52M	326.12M	333.59M	220.63M	166.01M	174.22M	172.43M	143.42M	149.37M	78.80M
Goodwill	106.02M	194.02M	196.89M	183.42M	152.40M	118.85M	131.14M	137.98M	115.10M	93.52M	47.31M	82.97M	47.92M	51.00M	13.55M	8.68M	5.84M	4.33M	3.27M	2.23M	0.70M	0.05M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	167.95M	155.20M	145.55M	130.36M	121.53M	100.62M	98.77M	107.15M	80.24M	69.06M	45.60M	44.51M	41.99M	46.97M	42.83M	32.73M	23.65M	19.39M	15.03M	12.10M	11.27M	13.58M	25.16M	14.17M	9.88M	6.26M	9.30M	7.82M	1.32M	1.53M	1.66M
Long-Term Investments	113.22M	79.09M	101.43M	86.38M	60.38M	61.85M	59.65M	74.73M	76.22M	67.90M	51.17M	46.95M	43.16M	40.17M	34.31M	33.63M	22.85M	31.85M	20.97M	10.28M	5.94M	8.75M	1.70M	0.88M	0.28M	0.01M	0.00M	0.00M	0.00M	0.00M	1.05M
Tax Assets	15.54M	14.07M	21.54M	37.70M	42.16M	35.21M	27.81M	19.29M	20.05M	20.77M	17.60M	11.55M	11.45M	13.06M	7.19M	5.76M	7.34M	5.30M	3.63M	2.74M	2.07M	3.28M	2.64M	1.14M	0.82M	0.91M	0.31M	0.24M	0.00M	0.00M	0.08M
Other Non-Current Assets	80.28M	131.87M	80.79M	86.20M	71.72M	58.22M	43.52M	48.92M	45.22M	42.40M	43.93M	40.95M	42.78M	27.31M	43.90M	38.07M	39.25M	41.15M	42.77M	15.94M	15.03M	18.75M	22.00M	29.91M	10.24M	17.11M	13.16M	8.92M	7.51M	9.03M	4.44M
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	2,162.60M	2,307.89M	2,147.23M	2,050.89M	1,835.88M	1,625.09M	1,532.23M	1,431.14M	1,345.60M	1,304.95M	1,215.57M	1,202.53M	1,084.64M	1,078.96M	918.25M	846.64M	718.44M	635.15M	526.63M	357.68M	291.72M	326.92M	377.62M	379.70M	241.84M	190.30M	196.99M	189.41M	152.25M	159.94M	86.04M
Total Assets	3,168.34M	3,322.61M	3,225.11M	2,961.63M	2,791.15M	2,460.62M	2,271.40M	2,058.29M	1,994.00M	1,882.32M	1,732.86M	1,742.74M	1,602.56M	1,560.49M	1,321.61M	1,176.01M	1,027.00M	920.10M	748.20M	504.20M	406.60M	459.58M	524.33M	519.05M	340.18M	276.96M	287.15M	274.03M	214.62M	243.40M	146.29M
Accounts Payable	247.55M	281.31M	249.66M	253.16M	221.15M	183.11M	174.31M	169.88M	152.23M	134.18M	123.31M	131.89M	127.54M	123.49M	102.37M	88.35M	72.58M	72.45M	59.84M	45.98M	37.85M	41.76M	34.22M	30.59M	19.86M	17.42M	19.71M	19.57M	12.19M	13.58M	9.32M
Short-Term Debt	258.62M	209.75M	246.74M	231.33M	178.62M	169.53M	148.18M	180.31M	159.79M	212.02M	190.66M	136.19M	141.53M	148.87M	158.74M	96.28M	119.98M	104.80M	69.62M	52.36M	38.61M	39.40M	33.29M	30.06M	26.79M	31.67M	23.82M	16.96M	14.00M	11.60M	8.64M
Tax Payables	0.79M	20.33M	18.62M	23.16M	30.43M	30.64M	28.01M	24.87M	20.76M	18.03M	11.26M	12.69M	10.44M	9.34M	6.15M	4.72M	3.31M	3.24M	4.08M	2.37M	1.27M	1.53M	1.55M	0.77M	0.80M	1.08M	1.01M	1.03M	0.84M	0.51M	0.48M
Deferred Revenue	8.61M	1.18M	9.11M	22.11M	74.58M	61.05M	53.40M	23.28M	44.94M	42.34M	36.69M	34.27M	31.61M	26.37M	16.16M	14.43M	16.67M	13.77M	13.61M	7.95M	6.60M	8.32M	7.96M	5.34M	6.80M	6.20M	5.09M	4.75M	3.76M	3.11M	3.18M
Other Current Liabilities	156.06M	189.05M	148.46M	172.63M	96.60M	81.98M	90.11M	125.75M	79.60M	75.03M	68.12M	81.93M	63.04M	66.50M	54.11M	39.06M	42.64M	44.18M	36.46M	24.17M	14.14M	17.88M	11.07M	16.99M	8.98M	8.47M	8.05M	7.79M	6.33M	7.32M	4.39M
Total Current Liabilities	671.63M	701.62M	672.59M	702.39M	601.38M	526.31M	494.01M	524.09M	457.31M	481.59M	430.03M	396.97M	374.17M	374.57M	337.53M	242.83M	255.19M	238.43M	183.61M	132.83M	98.46M	108.89M	88.09M	83.75M	63.23M	64.84M	57.68M	50.09M	37.11M	36.12M	26.01M
Long-Term Debt	647.16M	567.03M	633.65M	571.25M	466.23M	436.04M	386.70M	364.40M	372.24M	325.24M	352.63M	355.37M	359.61M	337.65M	274.63M	248.71M	209.27M	156.20M	111.52M	100.61M	76.75M	148.85M	111.74M	111.73M	79.52M	48.34M	56.47M	35.64M	25.62M	27.05M	28.11M
Capital Lease Obligations	10.75M	46.30M	48.28M	42.70M	35.97M	34.90M	19.72M	2.26M	1.23M	1.37M	0.80M	0.92M	0.88M	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
Deferred Tax Liabilities	83.75M	75.90M	61.84M	64.93M	52.07M	39.22M	41.53M	37.33M	34.99M	32.29M	27.72M	26.41M	22.96M	21.47M	25.29M	24.98M	22.13M	20.41M	19.48M	17.44M	12.14M	16.36M	18.72M	17.05M	6.66M	2.16M	1.97M	2.03M	2.38M	3.38M	1.69M
Other Non-Current Liabilities	101.76M	105.05M	81.75M	77.90M	55.58M	53.43M	42.34M	52.06M	45.38M	39.71M	30.01M	36.31M	41.84M	20.36M	20.14M	24.30M	26.93M	23.66M	21.86M	6.62M	6.05M	12.37M	10.03M	9.49M	1.72M	1.49M	1.85M	1.74M	1.72M	2.94M	4.06M
Total Non-Current Liabilities	843.41M	794.29M	825.53M	756.77M	609.86M	563.59M	490.29M	456.05M	453.84M	398.60M	411.16M	419.01M	425.29M	379.57M	320.05M	297.98M	258.33M	200.27M	152.86M	124.67M	94.94M	177.58M	140.49M	138.28M	87.90M	51.99M	60.30M	39.41M	29.72M	33.37M	33.85M
Total Liabilities	1,515.04M	1,495.91M	1,498.12M	1,459.16M	1,211.24M	1,089.90M	984.30M	980.14M	911.16M	880.19M	841.20M	815.98M	799.46M	754.14M	657.58M	540.82M	513.52M	438.71M	336.47M	257.50M	193.41M	286.48M	228.58M	222.02M	151.13M	116.83M	117.98M	89.49M	66.83M	69.49M	59.87M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.06M	0.52M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	124.62M	135.43M	125.82M	132.80M	129.98M	127.58M	110.32M	109.13M	122.42M	133.60M	131.78M	135.82M	121.88M	134.08M	97.94M	98.93M	90.64M	82.69M	77.89M	52.61M	40.90M	62.50M	54.49M	56.59M	48.62M	46.37M	53.02M	26.65M	17.92M	17.47M	14.81M
Retained Earnings	611.32M	926.20M	939.07M	868.53M	818.99M	675.64M	556.06M	469.42M	423.82M	395.16M	379.06M	336.70M	308.76M	240.70M	201.17M	173.14M	138.71M	116.27M	100.65M	68.62M	52.16M	85.49M	66.42M	53.24M	45.05M	67.16M	73.26M	63.65M	34.91M	43.83M	27.84M
Accumulated OCI	82.23M	85.08M	65.11M	65.26M	67.89M	24.04M	18.53M	17.49M	13.98M	17.59M	12.14M	-18.42M	-18.55M	-21.53M	-19.78M	-9.06M	-5.09M	-0.56M	-0.21M	-0.17M	-0.26M	-0.33M	0.00M	0.00M	0.00M	0.00M	-1.20M	-3.43M	0.00M	0.00M	0.00M
Minority Interest	87.18M	75.37M	66.32M	59.70M	64.27M	42.26M	32.73M	32.33M	30.53M	27.24M	23.94M	27.20M	31.48M	21.97M	22.11M	26.07M	23.64M	19.11M	16.63M	6.73M	5.13M	6.50M	5.69M	4.70M	3.90M	3.28M	2.61M	1.74M	0.67M	0.66M	0.16M
Total Shareholders’ Equity	818.18M	1,146.72M	1,130.00M	1,066.59M	1,016.86M	827.31M	685.44M	596.04M	560.22M	546.35M	522.98M	454.10M	412.09M	353.24M	279.33M	263.01M	224.25M	198.39M	178.32M	121.05M	92.80M	147.66M	120.91M	109.83M	93.68M	113.53M	125.08M	86.86M	52.83M	61.29M	42.65M
Total Equity	905.37M	1,222.09M	1,196.32M	1,126.29M	1,081.13M	869.57M	718.16M	628.37M	590.75M	573.58M	546.91M	481.30M	443.57M	375.21M	301.44M	289.09M	247.88M	217.50M	194.95M	127.78M	97.94M	154.16M	126.59M	114.53M	97.58M	116.81M	127.69M	88.60M	53.50M	61.95M	42.80M
Total Liabilities & Equity	2,420.41M	2,718.00M	2,694.44M	2,585.45M	2,292.37M	1,959.48M	1,702.47M	1,608.51M	1,501.91M	1,453.77M	1,388.11M	1,297.28M	1,243.03M	1,129.35M	959.03M	829.90M	761.41M	656.21M	531.43M	385.28M	291.34M	440.64M	355.17M	336.55M	248.70M	233.64M	245.67M	178.10M	120.32M	131.44M	102.67M
Tangible Assets	2,894.37M	2,973.40M	2,882.66M	2,647.85M	2,517.23M	2,241.16M	2,041.50M	1,813.15M	1,798.66M	1,719.74M	1,639.95M	1,615.26M	1,512.65M	1,462.52M	1,265.23M	1,134.60M	997.51M	896.38M	729.91M	489.87M	394.63M	445.96M	499.17M	504.88M	330.29M	270.70M	277.85M	266.20M	213.30M	241.87M	144.63M
Tangible Equity	631.40M	872.88M	853.87M	812.51M	807.20M	650.11M	488.26M	383.24M	395.41M	411.00M	454.01M	353.83M	353.66M	277.24M	245.06M	247.68M	218.40M	193.78M	176.66M	113.45M	85.97M	140.53M	101.43M	100.35M	87.70M	110.55M	118.39M	80.78M	52.18M	60.41M	41.14M
Tangible Book Value	631.40M	872.88M	853.87M	812.51M	807.20M	650.11M	488.26M	383.24M	395.41M	411.00M	454.01M	353.83M	353.66M	277.24M	245.06M	247.68M	218.40M	193.78M	176.66M	113.45M	85.97M	140.53M	101.43M	100.35M	87.70M	110.55M	118.39M	80.78M	52.18M	60.41M	41.14M
Total Investments	172.73M	169.51M	209.47M	139.57M	130.17M	101.10M	89.95M	88.54M	117.67M	108.34M	84.01M	65.58M	69.42M	59.24M	55.77M	71.35M	63.05M	65.81M	55.31M	26.73M	20.05M	25.80M	11.09M	12.59M	8.54M	8.20M	7.72M	8.00M	0.83M	4.62M	2.86M
Net Debt	684.66M	516.68M	615.12M	601.07M	376.48M	341.82M	340.76M	387.51M	364.57M	400.84M	419.22M	360.90M	381.37M	363.30M	315.42M	244.82M	246.32M	192.72M	119.91M	112.08M	85.16M	151.37M	101.45M	111.64M	77.43M	60.29M	61.31M	35.14M	27.34M	24.32M	26.96M

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	390.24M	281.03M	348.60M	229.41M	291.71M	325.09M	274.29M	149.85M	173.87M	49.04M	98.45M	126.83M	108.74M	78.12M	31.25M	46.51M	53.72M	17.36M	31.11M	35.13M	9.19M	31.04M	69.06M	55.28M	5.50M	11.09M	54.67M	57.21M	24.34M	49.77M	23.48M
Total Capital	2,762.54M	2,732.32M	2,712.29M	2,566.74M	2,368.86M	1,909.64M	1,844.41M	1,710.58M	1,610.62M	1,565.32M	1,423.02M	1,405.53M	1,326.96M	1,194.57M	1,051.10M	943.09M	857.95M	722.59M	593.48M	452.78M	353.48M	485.41M	437.74M	427.59M	298.82M	256.01M	283.01M	240.09M	179.58M	208.96M	126.49M
Capital Employed	2,747.76M	2,774.19M	2,872.73M	2,871.00M	2,458.04M	2,067.20M	1,865.63M	1,679.52M	1,593.85M	1,561.43M	1,487.58M	1,425.22M	1,317.82M	1,312.49M	1,048.55M	970.92M	923.83M	795.96M	754.63M	511.34M	369.78M	521.21M	540.82M	526.75M	337.57M	252.72M	269.24M	287.79M	217.82M	231.11M	110.80M
Invested Capital	2,541.43M	2,472.21M	2,447.01M	2,365.23M	2,100.48M	1,645.89M	1,650.28M	1,553.38M	1,443.17M	1,428.90M	1,298.95M	1,274.86M	1,207.19M	1,071.35M	933.16M	842.93M	775.02M	654.31M	532.26M	411.89M	323.28M	448.53M	394.16M	397.44M	269.94M	236.28M	264.03M	222.64M	167.30M	194.64M	116.70M

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	73.45M	138.85M	132.63M	128.30M	124.48M	97.17M	94.72M	87.00M	82.27M	77.32M	67.33M	66.06M	62.60M	64.14M	53.01M	45.97M	35.77M	34.51M	26.06M	18.44M	15.53M	23.74M	24.33M	19.53M	13.81M	11.66M	10.93M	8.26M	32.00M	29.55M	40.93M
Deferred Income Tax	0.00M	0.00M	-0.01M	0.07M	0.93M	0.61M	-0.07M	-0.05M	-0.14M	-0.51M	-0.48M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1.31M	0.90M	1.19M
Stock-Based Compensation	0.00M	0.98M	1.26M	1.14M	0.92M	0.42M	0.50M	0.50M	0.26M	0.43M	0.28M	0.21M	0.29M	0.07M	0.03M	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
Change in Working Capital	-7.02M	-10.76M	-19.17M	-53.31M	-32.55M	-3.00M	-8.28M	-22.72M	-29.47M	-9.75M	-7.99M	-11.13M	-18.13M	-5.88M	-19.16M	-13.03M	-2.29M	-10.62M	-6.72M	-5.40M	-4.02M	-3.21M	-1.26M	-1.99M	-1.50M	-5.66M	-4.70M	-1.29M	2.75M	-0.22M	-0.31M
Accounts Receivable	-2.85M	-3.03M	-16.40M	-18.93M	-13.54M	-6.52M	-3.87M	-15.99M	-21.31M	-10.42M	-2.93M	-8.00M	-12.95M	-3.96M	0.00M	0.00M	0.00M	0.00M	0.00M	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	0.07M	-3.80M	3.04M	-43.29M	-26.58M	3.65M	-4.63M	-12.40M	-8.03M	-1.69M	0.59M	-7.28M	-1.65M	-0.99M	-11.78M	-6.66M	0.37M	-11.99M	-4.14M	-2.36M	-2.73M	-2.42M	0.19M	-1.64M	-0.69M	-1.44M	-0.58M	-1.66M	-0.25M	-0.86M	-4.74M
Accounts Payable	0.00M	2.56M	-1.01M	13.51M	21.73M	-0.26M	3.65M	11.20M	10.35M	4.78M	1.66M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	0.67M	-1.76M	-3.33M	-7.00M	-2.95M	2.09M	-0.22M	-6.39M	-11.66M	-5.14M	-3.11M	-1.37M	-6.10M	-3.11M	-5.86M	-4.14M	-4.32M	2.88M	-2.05M	-0.31M	0.14M	1.57M	-1.77M	-1.08M	-0.99M	-1.63M	-2.03M	0.63M	3.29M	3.25M	3.31M
Other Non-Cash Items	-3.37M	41.26M	15.35M	-0.17M	10.23M	24.09M	13.25M	10.36M	4.48M	10.37M	11.86M	11.18M	19.93M	10.59M	10.09M	12.69M	4.36M	1.69M	0.23M	3.35M	3.64M	1.24M	2.04M	6.82M	2.64M	0.49M	1.03M	-0.66M	-1.07M	-4.01M	-4.97M
Net Cash from Operating Activities	245.98M	310.64M	283.44M	243.52M	349.92M	283.05M	258.03M	213.51M	174.79M	198.39M	158.93M	159.74M	143.19M	141.58M	111.09M	114.19M	95.85M	82.62M	96.24M	76.06M	44.96M	69.21M	80.49M	48.68M	48.78M	29.39M	30.94M	28.80M	99.12M	96.96M	112.50M
Capital Expenditures (PPE)	-117.24M	-186.30M	-169.87M	-180.85M	-149.68M	-106.57M	-110.63M	-93.10M	-79.48M	-79.93M	-95.87M	-92.45M	-85.59M	-77.51M	-79.04M	-79.07M	-67.09M	-96.20M	-64.73M	-37.98M	-30.69M	-43.23M	-40.76M	-35.07M	-22.85M	-17.35M	-15.18M	-23.77M	-53.81M	-48.19M	-65.43M
Acquisitions (Net)	-0.72M	-23.64M	-9.79M	-5.31M	-11.55M	1.80M	-2.58M	-10.07M	-5.93M	-6.29M	-5.08M	-1.52M	-7.22M	-2.92M	-3.05M	-0.50M	-0.44M	-0.05M	-1.39M	0.19M	-0.01M	-0.19M	0.01M	0.59M	-1.56M	0.01M	0.06M	0.01M	-0.03M	-1.26M	0.00M
Purchases of Investments	-17.45M	-42.90M	-52.55M	-53.95M	-77.14M	-50.68M	-37.87M	-31.61M	-18.50M	-11.12M	-8.77M	-9.32M	-6.33M	-6.30M	-4.70M	-14.97M	-9.20M	-8.05M	-6.95M	-2.27M	-1.83M	-3.75M	-2.17M	-1.08M	-2.01M	-2.58M	-0.65M	-0.43M	0.00M	0.00M	-0.06M
Sales / Maturities of Investments	14.66M	59.41M	57.64M	54.58M	54.39M	37.30M	37.65M	26.50M	18.16M	11.61M	10.63M	7.71M	5.81M	5.11M	6.27M	7.24M	4.56M	10.01M	4.41M	1.88M	0.78M	0.82M	0.72M	1.04M	3.22M	1.39M	0.48M	0.28M	0.00M	0.00M	0.00M
Other Investing Activities	8.51M	11.60M	12.59M	8.99M	9.24M	4.92M	7.34M	5.10M	4.90M	4.81M	4.57M	4.57M	5.15M	2.42M	3.88M	0.26M	1.76M	1.19M	-0.74M	-0.15M	0.34M	1.39M	0.80M	0.02M	-2.21M	-1.14M	2.03M	0.03M	2.80M	7.00M	5.53M
Net Cash from Investing Activities	-168.39M	-214.54M	-164.74M	-168.01M	-159.82M	-143.50M	-103.15M	-109.57M	-98.78M	-90.97M	-83.90M	-91.01M	-93.77M	-87.50M	-98.87M	-96.26M	-80.84M	-111.74M	-82.84M	-52.23M	-29.28M	-43.89M	-36.41M	-42.03M	-42.88M	-20.14M	-14.57M	-14.94M	-52.03M	-22.11M	-58.84M
Net Debt Issuance	-7.39M	16.47M	62.00M	17.24M	0.57M	-14.13M	-30.52M	-10.17M	-22.85M	-16.81M	-5.92M	-8.70M	17.23M	-2.32M	24.72M	3.45M	15.70M	26.71M	11.47M	-3.49M	-0.17M	2.87M	-1.81M	1.50M	7.77M	5.75M	5.48M	6.48M	23.19M	-6.26M	27.34M
Long-Term Debt Issuance	4.34M	24.44M	58.13M	26.64M	3.92M	-4.04M	-12.24M	-9.13M	-2.11M	-8.67M	3.20M	-2.33M	28.06M	6.33M	25.01M	18.62M	25.04M	20.64M	20.54M	-1.92M	1.38M	10.14M	3.57M	1.95M	7.06M	5.57M	5.91M	6.24M	34.24M	-6.26M	27.34M
Short-Term Debt Issuance	-9.63M	-6.63M	-0.67M	-2.87M	-5.91M	-3.43M	-7.62M	-2.23M	-6.59M	-0.93M	-1.15M	-1.06M	-0.64M	-1.47M	0.12M	-2.20M	-0.72M	2.35M	-0.04M	-0.29M	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	-0.83M	-6.72M	-4.29M	-7.09M	-2.63M	-2.16M	-0.66M	-1.03M	-0.01M	-0.49M	-0.01M	0.00M	0.00M	0.00M	0.00M	0.03M	0.36M	-0.19M	0.54M	0.17M	0.09M	0.81M	0.35M	0.10M	0.15M	0.01M	0.00M	0.00M	-3.03M	0.63M	0.05M
Common Stock Issuance	0.00M	0.39M	0.00M	0.21M	0.37M	0.12M	0.10M	0.41M	0.16M	0.09M	0.02M	0.20M	0.01M	0.08M	0.08M	0.95M	1.37M	0.23M	1.41M	0.75M	0.61M	1.75M	1.23M	0.26M	0.40M	0.49M	0.06M	0.02M	0.08M	0.63M	0.11M
Common Stock Repurchased	-0.53M	-7.06M	-5.64M	-7.89M	-2.76M	-3.19M	-0.95M	-1.68M	-0.39M	-0.72M	-0.07M	-0.07M	-0.01M	0.00M	-0.01M	0.00M	-0.02M	-0.66M	-0.27M	-0.01M	0.00M	0.00M	0.00M	-0.02M	-0.26M	-0.14M	0.00M	0.00M	-0.03M	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	-29.84M	-53.48M	-60.66M	-67.17M	-56.19M	-57.78M	-47.21M	-44.18M	-42.59M	-40.98M	-51.39M	-45.71M	-41.97M	-35.72M	-26.41M	-25.42M	-15.79M	-23.54M	-17.54M	-11.33M	-8.65M	-14.40M	-13.16M	-11.58M	-8.65M	-5.46M	-5.76M	-7.08M	-2.87M	-12.48M	-16.37M
Common Dividends Paid	-27.54M	-52.82M	-59.20M	-67.28M	-59.56M	-56.19M	-50.41M	-44.94M	-41.87M	-39.52M	-49.84M	-43.98M	-40.96M	-29.23M	-25.46M	-24.01M	-14.79M	-22.39M	-16.18M	-11.20M	-7.42M	-12.78M	-13.16M	-11.58M	-8.65M	-5.46M	-5.76M	-7.08M	-2.87M	-12.48M	-16.37M
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	-14.16M	-27.75M	-27.81M	-12.70M	-21.45M	-14.85M	-17.47M	-7.04M	-13.22M	-7.52M	-4.71M	-7.68M	-6.53M	-7.83M	-5.94M	-4.97M	-5.66M	-0.77M	0.46M	-0.04M	-0.24M	1.32M	0.81M	1.18M	1.13M	6.22M	2.84M	-0.21M	-2.11M	-1.00M	2.54M
Net Cash from Financing Activities	-92.90M	-94.69M	-63.35M	-98.12M	-123.28M	-92.56M	-104.20M	-69.84M	-58.19M	-72.25M	-62.69M	-70.83M	-30.41M	-54.74M	2.01M	-0.16M	4.17M	29.03M	-5.55M	-18.06M	-3.82M	-0.52M	-8.01M	-19.51M	4.08M	8.51M	-1.23M	-2.73M	-10.08M	-27.39M	-44.45M
Effect of FX on Cash	-0.73M	0.15M	-0.28M	0.14M	0.14M	-0.46M	-0.06M	0.16M	-0.37M	0.01M	0.15M	0.01M	-0.12M	-0.03M	-0.04M	0.00M	-0.03M	-0.04M	-0.02M	-0.01M	0.01M	-0.01M	-0.01M	-0.01M	0.00M	0.00M	0.00M	0.00M	-0.02M	-9.03M	-0.96M
Net Change in Cash	-22.90M	-5.62M	16.43M	-19.88M	5.36M	26.58M	23.14M	4.66M	10.10M	12.60M	8.39M	13.44M	2.06M	-5.24M	6.17M	6.58M	16.75M	5.82M	11.07M	2.61M	1.69M	0.21M	9.23M	-2.79M	7.39M	1.17M	0.39M	1.43M	-1.86M	-5.82M	-15.03M
Cash at Beginning of Period	172.65M	269.75M	217.70M	255.03M	268.50M	187.55M	151.99M	162.19M	137.79M	114.00M	124.87M	117.80M	128.26M	140.28M	97.80M	99.18M	75.62M	66.10M	49.08M	44.97M	23.76M	32.62M	28.15M	34.17M	17.40M	16.86M	17.41M	13.63M	19.14M	11.30M	13.27M
Cash at End of Period	240.93M	248.89M	270.06M	198.20M	258.03M	252.69M	189.87M	153.56M	165.28M	141.71M	113.89M	130.30M	117.81M	125.77M	117.24M	100.45M	98.87M	71.98M	68.04M	46.29M	29.80M	35.21M	40.52M	28.94M	26.22M	21.11M	18.75M	14.02M	24.35M	2.57M	7.88M
Operating Cash Flow	246.27M	304.46M	281.98M	244.92M	349.97M	283.05M	258.03M	213.51M	174.79M	198.39M	158.93M	159.74M	143.19M	141.58M	111.09M	114.19M	95.85M	82.62M	96.24M	76.06M	44.96M	69.21M	80.49M	48.68M	48.78M	29.39M	30.94M	28.80M	100.26M	96.96M	112.50M
Capital Expenditure	-120.47M	-190.22M	-176.87M	-180.97M	-149.89M	-106.61M	-110.34M	-93.21M	-75.85M	-79.45M	-93.85M	-92.66M	-85.77M	-73.63M	-79.07M	-79.33M	-67.80M	-96.20M	-64.73M	-37.98M	-30.68M	-43.16M	-40.76M	-35.07M	-22.85M	-17.35M	-15.18M	-23.77M	-55.53M	-49.08M	-65.43M
Free Cash Flow	107.88M	91.34M	105.16M	42.19M	199.41M	153.71M	145.95M	115.98M	102.71M	110.99M	75.04M	81.96M	57.64M	54.25M	29.89M	32.56M	30.95M	-8.93M	34.10M	32.41M	13.45M	29.11M	32.83M	20.79M	27.96M	4.35M	4.62M	1.36M	24.77M	26.13M	49.92M

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	396.51M	358.86M	392.17M	415.55M	463.54M	382.45M	344.12M	316.51M	275.21M	248.63M	198.53M	212.49M	204.13M	192.32M	178.44M	141.61M	122.94M	109.13M	112.82M	82.20M	61.08M	102.72M	83.28M	61.59M	34.09M	42.56M	38.66M	36.48M	25.58M	25.03M	21.89M
(-) Tax Adjustment	99.46M	95.72M	96.51M	85.85M	95.54M	80.74M	74.23M	66.42M	57.52M	58.49M	47.21M	45.38M	49.46M	43.02M	37.77M	29.30M	23.19M	28.24M	26.28M	15.65M	17.17M	31.21M	24.12M	19.06M	9.18M	19.50M	14.14M	13.34M	7.84M	7.51M	7.76M
(-) Change In Working Capital	-7.02M	-10.76M	-19.17M	-53.31M	-32.55M	-3.00M	-8.28M	-22.72M	-29.47M	-9.75M	-7.99M	-11.13M	-18.13M	-5.88M	-19.16M	-13.03M	-2.29M	-10.62M	-6.72M	-5.40M	-4.02M	-3.21M	-1.26M	-1.99M	-1.50M	-5.66M	-4.70M	-1.29M	2.75M	-0.22M	-0.31M
(-) Capital Expenditure	120.47M	190.22M	176.87M	180.97M	149.89M	106.61M	110.34M	93.21M	75.85M	79.45M	93.85M	92.66M	85.77M	73.63M	79.07M	79.33M	67.80M	96.20M	64.73M	37.98M	30.68M	43.16M	40.76M	35.07M	22.85M	17.35M	15.18M	23.77M	55.53M	49.08M	65.43M
Unlevered Free Cash Flow	183.60M	83.68M	137.96M	202.04M	250.66M	198.10M	167.83M	179.60M	171.31M	120.44M	65.46M	85.58M	87.02M	81.57M	80.77M	46.01M	34.24M	-4.69M	28.52M	33.97M	17.25M	31.56M	19.66M	9.45M	3.55M	11.37M	14.05M	0.66M	-40.55M	-31.34M	-50.99M
(-) Net Interest Income After Taxes	-27.13M	-23.48M	-22.07M	-20.25M	-17.46M	-17.91M	-19.59M	-20.60M	-19.60M	-20.33M	-18.87M	-19.19M	-19.64M	-22.12M	-20.14M	-15.68M	-14.63M	-11.23M	-7.29M	-4.85M	-3.61M	-4.09M	-3.56M	-2.23M	-1.45M	-1.00M	-0.83M	-0.49M	-0.19M	-0.27M	-0.09M
Net Debt Issuance	-7.39M	16.47M	62.00M	17.24M	0.57M	-14.13M	-30.52M	-10.17M	-22.85M	-16.81M	-5.92M	-8.70M	17.23M	-2.32M	24.72M	3.45M	15.70M	26.71M	11.47M	-3.49M	-0.17M	2.87M	-1.81M	1.50M	7.77M	5.75M	5.48M	6.48M	23.19M	-6.26M	27.34M
Levered Free Cash Flow	203.34M	123.63M	222.03M	239.52M	268.68M	201.88M	156.90M	190.03M	168.06M	123.97M	78.42M	96.07M	123.89M	101.37M	125.64M	65.13M	64.57M	33.25M	47.28M	35.33M	20.69M	38.52M	21.41M	13.18M	12.77M	18.12M	20.36M	7.63M	-17.16M	-37.33M	-23.56M