Industrial - Distribution

Category: Industry Averages Base Ticker: 2560.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	19.27	13.24	12.20	10.43	12.33	9.85	10.02	9.61	9.92	7.37	6.58	7.40	6.86	5.69	5.37	5.18	4.41	3.98	8.09	9.24	7.35	7.36	5.80	4.53	3.52	3.29	3.74	4.36	4.13	3.55	3.16
Market Capitalization	1,603.80M	1,058.28M	1,123.15M	774.09M	1,061.80M	805.29M	777.27M	662.62M	761.75M	636.91M	598.25M	552.04M	524.89M	456.87M	409.49M	385.18M	300.90M	260.94M	495.89M	500.37M	530.67M	539.47M	471.92M	356.11M	420.69M	350.00M	346.81M	394.11M	419.41M	398.14M	425.49M
(-) Cash & Equivalents	121.03M	97.60M	100.35M	87.03M	96.63M	98.73M	66.03M	61.13M	53.13M	53.47M	49.22M	51.92M	50.70M	54.05M	40.17M	45.69M	43.29M	29.58M	28.53M	26.06M	31.13M	25.44M	24.82M	23.59M	19.04M	18.84M	13.69M	9.34M	14.08M	7.67M	9.90M
(+) Total Debt	313.06M	258.21M	230.93M	254.02M	219.51M	192.31M	167.67M	123.73M	133.72M	120.39M	118.96M	109.21M	87.03M	79.99M	58.68M	54.68M	48.91M	40.36M	47.30M	37.64M	47.48M	50.04M	38.57M	36.07M	46.01M	52.98M	39.80M	27.92M	24.08M	22.01M	18.29M
Enterprise Value	2,051.93M	1,502.98M	1,519.32M	1,291.96M	1,318.95M	1,174.56M	1,127.40M	1,009.56M	965.39M	787.46M	742.43M	665.51M	619.97M	560.18M	408.54M	427.82M	308.54M	298.66M	511.50M	538.36M	559.34M	625.30M	513.00M	361.61M	459.74M	468.27M	375.46M	476.99M	443.33M	436.96M	466.23M

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	1,823.601M	1,546.352M	1,548.365M	1,419.971M	1,222.922M	1,127.467M	1,178.591M	1,174.950M	969.807M	864.223M	910.553M	907.416M	880.046M	833.857M	667.315M	581.994M	529.819M	536.442M	585.722M	634.303M	675.509M	667.292M	559.435M	564.613M	523.576M	498.525M	470.753M	414.516M	295.395M	230.429M	296.277M
Cost of Revenue	1,400.872M	1,126.647M	1,148.831M	1,100.989M	930.178M	844.282M	891.850M	882.547M	737.791M	654.863M	652.095M	675.203M	645.502M	532.878M	394.483M	338.395M	340.094M	343.936M	368.390M	368.585M	406.349M	452.098M	341.491M	322.236M	279.215M	216.030M	296.665M	250.375M	139.772M	113.910M	112.461M
Gross Profit	422.730M	419.705M	399.535M	318.982M	292.744M	283.185M	286.741M	292.403M	232.016M	209.360M	258.458M	232.212M	234.544M	300.979M	272.831M	243.599M	189.725M	192.507M	217.332M	265.718M	269.160M	215.194M	217.944M	242.376M	244.360M	282.494M	174.088M	164.140M	155.624M	116.519M	183.816M
Gross Margin	23.18%	27.14%	25.80%	22.46%	23.94%	25.12%	24.33%	24.89%	23.92%	24.23%	28.38%	25.59%	26.65%	36.09%	40.88%	41.86%	35.81%	35.89%	37.10%	41.89%	39.85%	32.25%	38.96%	42.93%	46.67%	56.67%	36.98%	39.60%	52.68%	50.57%	62.04%
R&D Expenses	0.000M	0.178M	0.149M	0.179M	0.096M	0.055M	0.020M	0.002M	0.000M	0.002M	0.000M	0.000M	0.006M	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	180.212M	144.196M	134.315M	117.422M	104.989M	90.852M	93.942M	82.422M	78.448M	76.131M	74.141M	73.068M	78.065M	47.792M	33.409M	34.623M	34.363M	29.609M	31.624M	26.769M	38.280M	57.592M	63.635M	66.534M	70.577M	56.971M	56.333M	52.835M	38.704M	30.539M	23.980M
Operating Expenses	180.212M	144.374M	134.464M	117.601M	105.085M	90.907M	93.961M	82.424M	78.448M	76.133M	74.141M	73.068M	78.071M	47.792M	33.409M	34.623M	34.363M	29.609M	31.624M	26.769M	38.280M	57.592M	63.635M	66.534M	70.577M	56.971M	56.333M	52.835M	38.704M	30.539M	23.980M
Operating Income	242.518M	275.331M	265.071M	201.381M	187.659M	192.278M	192.780M	209.979M	153.568M	133.228M	184.318M	159.144M	156.473M	253.187M	239.422M	208.976M	155.363M	162.898M	185.708M	238.949M	230.881M	157.602M	154.309M	175.842M	173.783M	225.523M	117.754M	111.306M	116.920M	85.979M	159.835M
Operating Margin	13.30%	17.81%	17.12%	14.18%	15.35%	17.05%	16.36%	17.87%	15.83%	15.42%	20.24%	17.54%	17.78%	30.36%	35.88%	35.91%	29.32%	30.37%	31.71%	37.67%	34.18%	23.62%	27.58%	31.14%	33.19%	45.24%	25.01%	26.85%	39.58%	37.31%	53.95%
Interest Income	1.552M	1.696M	1.074M	0.761M	0.604M	0.539M	0.637M	0.704M	0.616M	0.684M	0.658M	0.724M	0.846M	0.864M	0.664M	0.509M	0.504M	0.452M	0.514M	0.366M	0.373M	0.326M	0.339M	0.366M	0.533M	0.535M	0.068M	0.151M	0.042M	0.034M	0.230M
Interest Expense	13.102M	12.531M	9.657M	8.143M	6.317M	5.804M	6.433M	5.137M	3.870M	3.789M	3.479M	3.301M	2.626M	3.210M	3.446M	2.372M	2.222M	2.071M	2.650M	1.668M	1.716M	2.012M	1.223M	1.738M	1.847M	1.611M	0.310M	0.669M	0.554M	0.791M	1.421M
Net Interest Income	-11.550M	-10.835M	-8.582M	-7.382M	-5.713M	-5.265M	-5.796M	-4.433M	-3.254M	-3.105M	-2.821M	-2.577M	-1.780M	-2.346M	-2.782M	-1.863M	-1.719M	-1.619M	-2.136M	-1.303M	-1.343M	-1.687M	-0.884M	-1.373M	-1.314M	-1.076M	-0.242M	-0.518M	-0.513M	-0.758M	-1.192M
Other Income / Expense	-158.805M	-204.931M	-183.422M	-98.523M	-112.145M	-143.661M	-144.129M	-160.115M	-99.260M	-101.736M	-151.976M	-118.817M	-115.068M	-213.466M	-203.875M	-185.742M	-137.600M	-137.122M	-149.752M	-203.423M	-195.957M	-120.227M	-130.654M	-155.016M	-152.823M	-203.304M	-89.706M	-89.049M	-89.468M	-65.626M	-136.963M
Pre-Tax Income	72.163M	59.566M	73.066M	95.476M	69.800M	43.352M	42.854M	45.431M	51.054M	28.387M	29.521M	37.750M	39.625M	37.375M	32.766M	21.371M	16.044M	24.156M	33.820M	34.223M	33.581M	35.688M	22.771M	19.453M	19.646M	21.142M	27.806M	21.739M	26.939M	19.596M	21.681M
Pre-Tax Margin	3.96%	3.85%	4.72%	6.72%	5.71%	3.85%	3.64%	3.87%	5.26%	3.28%	3.24%	4.16%	4.50%	4.48%	4.91%	3.67%	3.03%	4.50%	5.77%	5.40%	4.97%	5.35%	4.07%	3.45%	3.75%	4.24%	5.91%	5.24%	9.12%	8.50%	7.32%
Income Tax Expense	21.014M	15.687M	17.946M	21.572M	16.139M	11.258M	11.964M	11.695M	10.301M	7.739M	8.312M	10.866M	11.679M	9.776M	9.433M	7.047M	5.543M	7.914M	9.858M	9.761M	11.527M	10.046M	7.885M	7.455M	7.248M	8.064M	10.345M	8.764M	9.714M	7.643M	6.534M
Tax Rate	29.12%	26.33%	24.56%	22.59%	23.12%	25.97%	27.92%	25.74%	20.18%	27.26%	28.16%	28.78%	29.47%	26.16%	28.79%	32.97%	34.55%	32.76%	29.15%	28.52%	34.33%	28.15%	34.63%	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%	30.13%
Net Income	51.149M	43.879M	55.120M	73.905M	53.661M	32.094M	30.890M	33.735M	40.753M	20.648M	21.209M	26.884M	27.946M	27.599M	23.332M	14.324M	10.501M	16.242M	23.962M	24.462M	22.054M	25.642M	14.885M	11.998M	12.399M	13.079M	17.460M	12.975M	17.224M	11.953M	15.148M
Net Margin	2.80%	2.84%	3.56%	5.20%	4.39%	2.85%	2.62%	2.87%	4.20%	2.39%	2.33%	2.96%	3.18%	3.31%	3.50%	2.46%	1.98%	3.03%	4.09%	3.86%	3.26%	3.84%	2.66%	2.12%	2.37%	2.62%	3.71%	3.13%	5.83%	5.19%	5.11%
EBIT	242.518M	275.331M	265.071M	201.381M	187.659M	192.278M	192.780M	209.979M	153.568M	133.228M	184.318M	159.144M	156.473M	253.187M	239.422M	208.976M	155.363M	162.898M	185.708M	238.949M	230.881M	157.602M	154.309M	175.842M	173.783M	225.523M	117.754M	111.306M	116.920M	85.979M	159.835M
Depreciation & Amortization	27.326M	26.577M	23.123M	21.304M	21.824M	20.639M	15.672M	13.312M	11.884M	10.921M	11.172M	10.238M	9.410M	7.360M	6.670M	6.184M	6.457M	5.482M	5.255M	5.504M	6.576M	6.629M	6.487M	7.503M	7.014M	5.751M	5.363M	4.909M	2.852M	2.569M	2.432M
EBITDA	269.844M	301.908M	288.194M	222.685M	209.483M	212.917M	208.452M	223.291M	165.452M	144.149M	195.490M	169.382M	165.883M	260.547M	246.092M	215.160M	161.820M	168.380M	190.963M	244.453M	237.456M	164.231M	160.795M	183.345M	180.797M	231.274M	123.117M	116.215M	119.772M	88.548M	162.267M
EBITDA Margin	14.80%	19.52%	18.61%	15.68%	17.13%	18.88%	17.69%	19.00%	17.06%	16.68%	21.47%	18.67%	18.85%	31.25%	36.88%	36.97%	30.54%	31.39%	32.60%	38.54%	35.15%	24.61%	28.74%	32.47%	34.53%	46.39%	26.15%	28.04%	40.55%	38.43%	54.77%
NOPAT	171.897M	202.823M	199.966M	155.881M	144.269M	142.344M	138.958M	155.924M	122.584M	96.907M	132.422M	113.336M	110.354M	186.965M	170.491M	140.068M	101.688M	109.528M	131.577M	170.794M	151.628M	113.236M	100.873M	114.297M	112.959M	146.590M	76.540M	72.349M	75.998M	55.887M	111.669M
NOPAT Margin	9.43%	13.12%	12.91%	10.98%	11.80%	12.63%	11.79%	13.27%	12.64%	11.21%	14.54%	12.49%	12.54%	22.42%	25.55%	24.07%	19.19%	20.42%	22.46%	26.93%	22.45%	16.97%	18.03%	20.24%	21.57%	29.40%	16.26%	17.45%	25.73%	24.25%	37.69%
Owner's Earnings	78.476M	70.456M	78.244M	95.208M	75.485M	52.733M	46.562M	47.047M	52.637M	31.569M	32.382M	37.122M	37.356M	34.959M	30.002M	20.509M	16.958M	21.724M	29.217M	29.966M	28.630M	32.271M	21.372M	19.501M	19.412M	18.830M	22.823M	17.884M	20.076M	14.522M	17.579M
Owner's Earnings Margin	4.30%	4.56%	5.05%	6.70%	6.17%	4.68%	3.95%	4.00%	5.43%	3.65%	3.56%	4.09%	4.24%	4.19%	4.50%	3.52%	3.20%	4.05%	4.99%	4.72%	4.24%	4.84%	3.82%	3.45%	3.71%	3.78%	4.85%	4.31%	6.80%	6.30%	5.93%
EPS	0.36	0.28	0.35	0.48	0.37	0.22	0.22	0.24	0.30	0.14	0.14	0.19	0.19	0.18	0.19	0.13	0.11	0.17	0.18	0.17	0.14	0.15	0.09	0.07	0.06	0.07	0.09	0.07	0.09	0.07	0.06
EPS (Diluted)	0.36	0.28	0.35	0.48	0.37	0.22	0.22	0.24	0.30	0.14	0.14	0.19	0.19	0.18	0.19	0.13	0.11	0.17	0.18	0.17	0.14	0.15	0.09	0.07	0.06	0.07	0.09	0.07	0.09	0.07	0.06
Shares (Diluted)	141,429,449	154,773,113	157,960,167	152,574,993	146,315,194	145,596,873	141,865,232	141,261,007	133,629,183	145,839,471	146,333,232	143,311,805	143,856,808	157,295,102	123,072,501	107,067,064	97,380,521	98,410,649	134,456,547	140,290,497	161,746,044	174,166,207	174,005,663	178,267,131	201,905,066	191,448,374	187,662,428	192,452,537	196,448,394	179,495,086	234,781,940

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	114.11M	97.60M	98.38M	89.61M	93.04M	102.55M	68.57M	61.13M	53.13M	53.47M	49.22M	51.92M	50.70M	54.58M	41.00M	46.61M	44.71M	31.91M	28.53M	26.06M	31.65M	25.44M	25.32M	23.59M	20.00M	19.44M	14.02M	9.73M	14.51M	8.38M	10.29M
Short-Term Investments	15.85M	9.39M	9.46M	5.69M	7.08M	5.93M	5.78M	4.82M	2.52M	4.39M	4.08M	1.54M	5.58M	2.90M	1.16M	2.92M	1.45M	3.09M	4.86M	0.80M	1.57M	2.12M	4.76M	1.43M	3.70M	3.14M	5.12M	1.78M	0.18M	0.08M	0.39M
Cash & Short-Term Investments	129.97M	106.99M	107.84M	95.30M	100.12M	108.48M	74.35M	65.95M	55.65M	57.87M	53.30M	53.46M	56.28M	57.48M	42.17M	49.52M	46.16M	35.00M	33.39M	26.86M	33.21M	27.56M	30.08M	25.02M	23.70M	22.58M	19.14M	11.50M	14.69M	8.46M	10.68M
Net Receivables	277.25M	216.60M	196.13M	191.22M	172.19M	153.98M	173.37M	153.01M	142.94M	125.30M	111.66M	126.95M	86.29M	87.53M	75.28M	60.43M	65.10M	56.17M	56.96M	52.93M	59.90M	64.45M	58.00M	59.07M	62.34M	39.35M	56.38M	52.00M	34.47M	29.03M	25.39M
Inventory	281.99M	212.02M	239.98M	227.51M	193.96M	180.41M	177.76M	161.59M	157.82M	129.63M	133.14M	140.88M	140.19M	132.59M	100.85M	94.83M	82.21M	72.40M	77.60M	85.92M	94.29M	90.12M	84.71M	81.34M	78.97M	63.47M	71.20M	65.21M	47.30M	43.43M	30.75M
Other Current Assets	33.91M	16.66M	20.56M	24.52M	20.06M	14.34M	21.23M	23.19M	22.84M	19.92M	17.66M	16.14M	16.13M	17.00M	9.89M	7.13M	9.57M	9.90M	10.97M	8.12M	11.63M	8.27M	12.55M	10.38M	8.24M	14.22M	11.84M	13.83M	13.70M	14.33M	14.07M
Total Current Assets	723.11M	552.26M	564.50M	538.55M	486.33M	457.20M	446.72M	403.73M	379.26M	332.71M	315.76M	337.44M	298.89M	294.59M	228.19M	211.92M	203.04M	173.47M	178.92M	173.83M	199.03M	190.40M	185.34M	175.81M	173.26M	139.63M	158.56M	142.54M	110.16M	95.25M	80.89M
Property, Plant & Equipment	218.35M	188.16M	154.34M	132.28M	137.32M	124.29M	121.30M	91.93M	80.84M	78.13M	69.10M	66.79M	62.59M	67.03M	55.49M	54.30M	51.75M	47.53M	45.01M	50.45M	58.86M	58.39M	49.21M	57.43M	53.17M	49.26M	48.20M	40.99M	30.82M	26.86M	21.24M
Goodwill	89.76M	62.98M	64.28M	47.98M	41.51M	35.27M	39.61M	31.55M	30.99M	20.88M	20.55M	13.65M	12.53M	12.83M	6.95M	6.41M	4.06M	6.13M	6.20M	7.42M	6.18M	0.52M	0.01M	0.08M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	63.70M	49.20M	45.30M	50.16M	37.00M	31.83M	29.76M	23.61M	24.34M	20.92M	18.57M	15.59M	17.16M	13.96M	11.00M	10.38M	10.16M	7.00M	6.56M	3.89M	4.81M	5.95M	8.56M	8.98M	9.24M	16.28M	17.31M	15.13M	5.44M	3.27M	4.48M
Long-Term Investments	45.06M	16.12M	21.17M	20.47M	18.51M	17.77M	21.86M	19.81M	20.57M	13.71M	13.04M	15.63M	14.59M	10.52M	4.12M	5.23M	4.57M	3.43M	1.74M	0.06M	2.37M	0.00M	0.08M	1.56M	2.86M	1.98M	1.02M	0.00M	0.00M	0.00M	0.00M
Tax Assets	4.00M	5.32M	3.76M	3.94M	4.68M	5.30M	5.10M	5.24M	6.52M	5.77M	5.07M	4.56M	4.60M	4.40M	3.85M	3.56M	4.16M	3.80M	3.80M	1.29M	1.81M	2.55M	3.44M	3.48M	3.01M	2.77M	0.95M	2.31M	0.62M	0.54M	1.01M
Other Non-Current Assets	15.85M	24.26M	26.66M	23.05M	21.42M	18.54M	12.13M	8.17M	7.15M	7.32M	10.45M	8.14M	7.31M	6.65M	13.66M	9.25M	10.77M	13.53M	11.73M	10.56M	7.83M	8.51M	4.29M	4.97M	5.06M	4.66M	5.84M	7.10M	4.87M	4.93M	2.60M
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	436.72M	346.05M	315.51M	277.88M	260.44M	233.00M	229.74M	180.30M	170.40M	146.72M	136.78M	124.34M	118.78M	115.39M	95.06M	89.14M	85.48M	81.41M	75.05M	73.69M	81.86M	75.92M	65.59M	76.48M	73.35M	74.96M	73.33M	65.53M	41.75M	35.61M	29.33M
Total Assets	1,159.83M	898.32M	880.01M	816.44M	746.77M	690.20M	676.46M	584.03M	549.65M	479.44M	452.54M	461.78M	417.67M	409.98M	323.26M	301.06M	288.52M	254.88M	253.96M	247.52M	280.88M	266.32M	250.92M	252.30M	246.60M	214.59M	231.89M	208.07M	151.91M	130.86M	110.21M
Accounts Payable	150.18M	159.57M	132.45M	135.79M	123.05M	106.01M	101.58M	98.97M	94.31M	80.38M	82.74M	80.81M	76.05M	72.74M	62.81M	65.32M	58.34M	57.86M	49.06M	53.50M	60.13M	64.04M	59.23M	49.35M	38.76M	35.65M	33.69M	31.29M	22.11M	24.03M	25.23M
Short-Term Debt	57.49M	48.65M	39.76M	47.94M	37.47M	34.85M	35.19M	32.16M	32.77M	31.21M	35.06M	35.86M	25.87M	24.99M	19.69M	19.23M	18.37M	16.75M	17.38M	14.10M	19.67M	24.66M	23.16M	12.50M	12.90M	14.86M	10.00M	11.14M	9.09M	10.41M	12.73M
Tax Payables	0.48M	4.29M	6.25M	7.54M	9.09M	6.37M	4.80M	6.08M	4.98M	4.43M	3.52M	2.71M	1.82M	2.02M	1.87M	1.17M	0.69M	1.30M	0.99M	1.62M	1.46M	0.61M	0.30M	0.24M	0.35M	0.35M	0.55M	0.40M	0.27M	0.54M	0.47M
Deferred Revenue	9.15M	0.86M	4.19M	13.93M	19.19M	13.35M	11.80M	5.36M	10.76M	10.50M	8.38M	6.93M	5.85M	5.75M	7.67M	4.56M	5.68M	5.13M	5.70M	4.14M	4.11M	2.48M	1.40M	2.75M	1.67M	1.70M	2.14M	2.12M	0.89M	1.55M	2.18M
Other Current Liabilities	56.89M	47.89M	38.96M	37.10M	30.40M	28.79M	26.23M	24.95M	27.35M	23.40M	20.39M	29.14M	25.40M	35.43M	26.08M	23.21M	21.76M	20.57M	17.31M	19.55M	19.12M	16.47M	20.08M	12.56M	10.84M	11.70M	13.56M	14.60M	9.61M	7.38M	6.49M
Total Current Liabilities	274.19M	261.26M	221.61M	242.30M	219.20M	189.38M	179.60M	167.52M	170.16M	149.92M	150.08M	155.46M	134.99M	140.94M	118.12M	113.50M	104.83M	101.62M	90.45M	92.91M	104.49M	108.25M	104.17M	77.40M	64.52M	64.26M	59.94M	59.55M	41.96M	43.90M	47.10M
Long-Term Debt	124.23M	116.18M	123.96M	111.62M	84.65M	93.70M	83.51M	61.18M	61.00M	70.41M	64.26M	52.02M	45.13M	40.63M	25.18M	20.24M	18.49M	23.04M	11.03M	14.03M	18.86M	18.67M	16.37M	20.06M	34.39M	35.12M	24.90M	14.71M	11.51M	12.28M	6.02M
Capital Lease Obligations	29.78M	46.24M	35.43M	34.31M	29.87M	24.37M	13.43M	0.93M	0.70M	0.84M	0.40M	0.77M	0.62M	0.26M	0.00M	0.00M	0.00M	0.00M	0.00M	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	8.49M	11.44M	10.54M	8.75M	10.34M	8.92M	8.54M	6.71M	6.44M	7.00M	7.52M	6.07M	4.68M	3.35M	3.90M	3.53M	2.66M	1.99M	3.11M	1.59M	2.17M	1.45M	1.45M	1.86M	1.83M	1.08M	1.28M	1.07M	0.43M	0.49M	0.30M
Other Non-Current Liabilities	15.14M	11.86M	14.77M	9.83M	10.89M	12.62M	6.22M	8.80M	8.51M	7.89M	5.97M	4.29M	5.55M	3.95M	3.71M	4.60M	4.03M	4.57M	2.15M	2.04M	3.91M	3.25M	2.25M	1.77M	1.13M	0.40M	0.73M	0.84M	0.84M	0.71M	0.65M
Total Non-Current Liabilities	177.64M	185.72M	184.70M	164.51M	135.75M	139.62M	111.70M	77.63M	76.64M	86.14M	78.15M	63.16M	55.99M	48.19M	32.79M	28.37M	25.18M	29.60M	16.29M	17.66M	24.95M	23.37M	20.07M	23.68M	37.35M	36.60M	26.92M	16.62M	12.79M	13.49M	6.97M
Total Liabilities	451.83M	446.97M	406.30M	406.82M	354.95M	328.99M	291.30M	245.15M	246.81M	236.07M	228.23M	218.62M	190.98M	189.13M	150.91M	141.87M	130.01M	131.22M	106.74M	110.57M	129.43M	131.62M	124.24M	101.08M	101.86M	100.86M	86.85M	76.17M	54.75M	57.39M	54.07M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.11M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	23.62M	25.98M	28.20M	28.36M	27.11M	29.25M	28.83M	26.29M	25.30M	24.83M	23.18M	23.70M	24.46M	24.52M	21.83M	20.76M	21.59M	16.74M	14.83M	14.58M	16.72M	16.39M	13.97M	16.51M	16.53M	12.37M	13.17M	10.36M	9.15M	5.45M	8.48M
Retained Earnings	354.61M	245.05M	295.43M	244.36M	199.25M	158.66M	187.98M	159.50M	154.76M	120.54M	121.02M	127.87M	120.34M	102.99M	90.70M	79.17M	59.24M	65.14M	60.20M	56.93M	66.66M	64.26M	56.88M	57.34M	60.91M	56.91M	61.98M	54.56M	52.81M	43.46M	40.63M
Accumulated OCI	16.71M	14.08M	8.55M	12.10M	5.63M	4.00M	8.01M	5.07M	3.93M	2.02M	5.30M	-0.15M	0.26M	-0.15M	-0.02M	-0.12M	-0.01M	-0.13M	-0.11M	-0.16M	-0.21M	-0.18M	-0.09M	-0.61M	-1.45M	-1.14M	-1.90M	-2.75M	-1.27M	-1.09M	-0.21M
Minority Interest	6.91M	7.07M	6.25M	4.53M	4.73M	3.60M	3.69M	2.31M	2.25M	1.62M	1.55M	1.45M	1.59M	2.13M	1.44M	1.30M	1.25M	1.15M	0.64M	0.62M	0.71M	0.88M	1.15M	1.14M	0.96M	0.80M	1.02M	0.69M	0.54M	0.31M	0.44M
Total Shareholders’ Equity	394.94M	285.12M	332.19M	284.81M	231.98M	191.91M	224.93M	190.85M	184.00M	147.39M	149.49M	151.42M	145.06M	127.36M	112.51M	99.81M	80.82M	81.76M	74.93M	71.36M	83.18M	80.47M	70.76M	73.24M	75.99M	68.15M	73.25M	62.17M	60.69M	47.82M	48.90M
Total Equity	401.85M	292.19M	338.43M	289.34M	236.71M	195.50M	228.62M	193.16M	186.25M	149.00M	151.05M	152.86M	146.64M	129.49M	113.94M	101.11M	82.07M	82.92M	75.57M	71.98M	83.88M	81.35M	71.91M	74.38M	76.94M	68.95M	74.27M	62.86M	61.23M	48.13M	49.34M
Total Liabilities & Equity	853.68M	739.16M	744.74M	696.16M	591.66M	524.50M	519.92M	438.31M	433.06M	385.07M	379.28M	371.48M	337.62M	318.61M	264.86M	242.98M	212.08M	214.13M	182.31M	182.56M	213.32M	212.97M	196.15M	175.46M	178.81M	169.81M	161.13M	139.03M	115.98M	105.52M	103.41M
Tangible Assets	1,006.37M	786.13M	770.43M	718.30M	668.26M	623.10M	607.10M	528.88M	494.33M	437.64M	413.42M	432.55M	387.98M	383.19M	305.31M	284.27M	274.29M	241.75M	241.20M	236.20M	269.90M	259.85M	242.36M	243.24M	237.36M	198.30M	214.58M	192.94M	146.47M	127.58M	105.73M
Tangible Equity	248.39M	180.00M	228.85M	191.20M	158.20M	128.41M	159.26M	138.01M	130.93M	107.21M	111.93M	123.63M	116.95M	102.70M	96.00M	84.32M	67.85M	69.78M	62.80M	60.67M	72.90M	74.88M	63.35M	65.32M	67.70M	52.66M	56.96M	47.73M	55.79M	44.85M	44.87M
Tangible Book Value	248.39M	180.00M	228.85M	191.20M	158.20M	128.41M	159.26M	138.01M	130.93M	107.21M	111.93M	123.63M	116.95M	102.70M	96.00M	84.32M	67.85M	69.78M	62.80M	60.67M	72.90M	74.88M	63.35M	65.32M	67.70M	52.66M	56.96M	47.73M	55.79M	44.85M	44.87M
Total Investments	55.17M	22.99M	26.17M	27.97M	22.92M	25.68M	28.85M	25.15M	23.61M	19.45M	18.23M	17.85M	18.57M	16.07M	9.07M	13.29M	11.15M	10.13M	7.70M	4.96M	5.93M	4.07M	3.03M	4.98M	5.43M	6.86M	4.82M	3.56M	0.77M	0.06M	0.58M
Net Debt	67.61M	67.23M	65.34M	69.95M	29.08M	26.00M	50.13M	32.22M	40.64M	48.14M	50.10M	35.97M	20.30M	11.04M	3.86M	-7.13M	-7.85M	7.88M	-0.12M	2.07M	6.89M	17.89M	14.21M	8.97M	27.29M	30.55M	20.89M	16.12M	6.09M	14.31M	8.46M

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	367.04M	302.20M	327.79M	372.05M	300.78M	283.71M	251.41M	220.56M	174.47M	164.91M	168.98M	158.65M	167.87M	169.75M	131.17M	120.66M	104.54M	80.31M	82.62M	106.26M	111.37M	96.16M	92.07M	91.45M	95.98M	101.22M	105.94M	91.82M	73.34M	54.79M	39.93M
Total Capital	977.75M	788.69M	775.30M	749.58M	675.03M	577.88M	576.96M	469.11M	435.26M	391.43M	373.18M	369.93M	362.70M	328.29M	250.75M	230.20M	209.21M	195.93M	204.15M	202.47M	227.18M	214.58M	179.71M	177.90M	191.15M	193.76M	175.62M	154.37M	129.94M	105.68M	85.25M
Capital Employed	1,003.14M	889.28M	888.38M	814.46M	708.31M	660.15M	638.72M	490.29M	394.36M	362.06M	368.01M	366.67M	391.57M	367.13M	269.70M	252.89M	235.91M	204.65M	200.97M	215.68M	247.82M	220.08M	186.75M	206.34M	192.24M	201.94M	189.87M	154.61M	128.18M	92.79M	70.63M
Invested Capital	863.63M	691.09M	676.92M	659.97M	581.99M	475.33M	508.39M	407.99M	382.13M	337.95M	323.96M	318.01M	311.99M	273.71M	209.74M	183.60M	164.50M	164.02M	175.62M	176.41M	195.54M	189.14M	154.39M	154.32M	171.15M	174.33M	161.60M	144.64M	115.43M	97.30M	74.96M

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	29.34M	26.34M	24.24M	21.36M	21.78M	20.80M	15.05M	11.47M	11.83M	10.92M	10.65M	10.19M	9.38M	7.32M	6.42M	6.04M	6.52M	6.24M	6.03M	5.31M	5.53M	6.50M	6.52M	7.39M	6.88M	6.10M	5.50M	5.03M	4.80M	3.81M	3.57M
Deferred Income Tax	0.06M	0.00M	-0.25M	-0.23M	-1.79M	-0.39M	0.56M	0.09M	-0.95M	-0.40M	0.03M	0.00M	0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.01M	0.00M	0.00M	0.01M	0.00M	0.26M	0.05M	0.26M	-0.07M	-0.09M	-0.16M	-0.24M
Stock-Based Compensation	1.06M	0.62M	0.79M	0.68M	0.55M	0.37M	0.45M	0.35M	0.30M	0.17M	0.21M	0.21M	0.20M	0.12M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-7.48M	-5.31M	-8.42M	-31.11M	-11.65M	8.56M	-4.77M	-17.59M	-10.97M	5.66M	-3.45M	-13.05M	-2.66M	-5.83M	-15.92M	-4.42M	7.42M	-3.46M	-6.12M	-7.58M	-5.59M	-7.77M	-4.57M	6.89M	-1.08M	-4.86M	-3.52M	-7.34M	-7.00M	-11.39M	-11.55M
Accounts Receivable	-10.45M	-1.87M	-0.35M	-21.35M	-13.36M	2.57M	0.61M	-10.76M	-10.89M	0.44M	0.62M	-4.12M	-1.51M	-1.47M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	1.52M	0.11M	4.42M	-24.50M	-14.97M	3.40M	-5.40M	-11.77M	-7.66M	2.10M	-1.00M	-6.16M	-1.58M	-5.88M	-9.88M	-3.39M	4.01M	-3.94M	-5.12M	-6.27M	-10.05M	-8.55M	-1.27M	2.91M	1.23M	-2.44M	-5.82M	-6.35M	-1.41M	-8.08M	-5.27M
Accounts Payable	2.16M	-1.25M	-3.86M	14.83M	16.58M	0.93M	1.03M	6.91M	8.25M	0.70M	-0.15M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-0.13M	-3.13M	-1.31M	0.39M	2.07M	0.80M	0.10M	-1.08M	-1.44M	3.55M	-0.59M	-1.36M	-0.52M	-0.94M	-0.51M	3.75M	0.48M	-0.18M	-0.92M	-0.79M	1.82M	1.57M	1.33M	3.22M	0.45M	-2.74M	1.05M	-1.52M	-4.46M	-2.80M	-3.07M
Other Non-Cash Items	0.11M	-0.37M	4.03M	0.41M	3.07M	4.46M	-1.95M	-0.88M	1.50M	1.18M	-0.99M	2.30M	-1.12M	-0.31M	-0.18M	0.21M	0.05M	0.37M	-4.24M	-1.47M	-0.50M	1.21M	1.78M	1.26M	0.02M	1.92M	-0.13M	0.42M	-1.14M	-0.53M	-4.19M
Net Cash from Operating Activities	110.73M	83.67M	92.54M	48.27M	56.66M	68.68M	60.76M	28.99M	27.39M	52.09M	34.75M	28.24M	35.52M	25.27M	12.43M	18.69M	24.70M	24.90M	21.41M	25.49M	22.99M	17.35M	20.87M	25.09M	22.26M	15.77M	21.89M	17.29M	15.18M	11.45M	10.43M
Capital Expenditures (PPE)	-19.89M	-19.82M	-20.88M	-15.62M	-15.21M	-11.88M	-13.23M	-14.71M	-10.35M	-11.13M	-10.54M	-10.93M	-12.85M	-11.76M	-10.61M	-7.59M	-7.14M	-10.70M	-9.26M	-11.31M	-8.87M	-9.97M	-6.43M	-6.37M	-10.25M	-10.71M	-15.54M	-16.13M	-18.72M	-11.73M	-8.69M
Acquisitions (Net)	-1.16M	-6.27M	-3.43M	-9.14M	-4.74M	-1.59M	-3.10M	-2.40M	-2.33M	-1.89M	-2.71M	-2.63M	-0.59M	-1.80M	-1.07M	-0.11M	-1.03M	-1.65M	-1.36M	-2.29M	-1.46M	-0.17M	-0.46M	-0.22M	-1.62M	-0.12M	0.02M	0.00M	0.00M	-0.01M	0.00M
Purchases of Investments	0.00M	-2.77M	-2.76M	-2.31M	-1.42M	-2.25M	-1.54M	-1.96M	-1.21M	-1.65M	-1.13M	-0.90M	-0.68M	-0.73M	-0.68M	-1.21M	-0.79M	-1.37M	-1.33M	-1.20M	-0.28M	-1.77M	-0.22M	-0.78M	-2.06M	-1.96M	-2.86M	-2.14M	0.00M	-0.25M	-0.05M
Sales / Maturities of Investments	0.04M	3.09M	1.48M	1.23M	2.06M	1.49M	1.52M	1.75M	1.78M	0.92M	1.47M	1.14M	1.10M	1.63M	0.91M	0.72M	1.72M	1.20M	2.57M	0.45M	1.36M	0.50M	0.73M	0.93M	2.86M	1.74M	4.01M	1.12M	0.27M	0.07M	1.39M
Other Investing Activities	1.41M	1.76M	0.95M	0.53M	1.15M	0.53M	1.28M	1.42M	1.01M	0.85M	0.76M	1.14M	0.62M	0.72M	1.08M	0.76M	0.53M	1.22M	1.29M	0.48M	2.64M	0.25M	0.19M	0.23M	0.25M	0.49M	0.99M	0.06M	3.55M	-2.67M	0.52M
Net Cash from Investing Activities	-34.60M	-49.80M	-29.88M	-31.10M	-23.90M	-20.15M	-22.80M	-17.49M	-21.60M	-20.28M	-16.53M	-17.73M	-12.76M	-15.76M	-10.61M	-7.48M	-8.62M	-12.00M	-12.57M	-14.61M	-11.34M	-12.98M	-11.28M	-9.32M	-17.81M	-17.45M	-16.83M	-20.06M	-18.58M	-18.64M	-8.49M
Net Debt Issuance	-5.01M	-1.04M	-6.57M	6.45M	-3.26M	-5.35M	-3.82M	4.10M	1.97M	-4.97M	7.96M	8.24M	-3.06M	2.01M	1.90M	-1.01M	-2.77M	3.58M	4.75M	1.72M	2.07M	1.20M	4.94M	-4.17M	1.64M	9.51M	0.91M	3.75M	0.58M	1.00M	-0.35M
Long-Term Debt Issuance	-4.09M	-0.24M	-3.53M	7.18M	-3.46M	-4.44M	0.31M	2.43M	3.87M	-3.30M	9.42M	7.18M	-1.70M	2.14M	0.15M	-0.54M	-2.18M	3.92M	4.50M	1.95M	2.66M	0.54M	4.88M	-3.87M	2.63M	9.99M	1.16M	3.26M	-0.17M	1.27M	-0.35M
Short-Term Debt Issuance	0.14M	-0.11M	-0.13M	-0.55M	-0.03M	-0.84M	-0.20M	-0.28M	-0.16M	-0.44M	-0.16M	0.00M	-0.04M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-0.63M	-1.91M	-0.21M	-1.00M	-0.61M	-0.24M	-0.19M	-0.17M	-0.12M	-0.13M	-0.04M	-0.01M	0.00M	0.00M	-0.01M	0.00M	0.00M	-0.03M	0.04M	0.04M	0.18M	0.07M	0.00M	-0.01M	0.11M	-2.38M	-0.42M	0.06M	0.84M	1.36M	0.56M
Common Stock Issuance	0.03M	0.37M	0.54M	0.17M	0.03M	0.51M	0.09M	0.32M	0.19M	0.10M	0.10M	0.01M	0.03M	0.06M	0.01M	0.14M	0.13M	0.06M	0.73M	0.66M	1.54M	0.84M	0.35M	0.29M	1.25M	0.28M	0.46M	0.39M	0.99M	7.44M	1.47M
Common Stock Repurchased	-0.84M	-1.88M	-0.65M	-1.06M	-1.07M	-0.78M	-0.80M	-0.69M	-0.22M	-0.34M	-0.13M	-0.06M	0.00M	0.00M	-0.03M	0.00M	-0.01M	-0.59M	-0.11M	-0.03M	-0.09M	-0.20M	-0.15M	-0.01M	-0.12M	-2.75M	-1.12M	-1.80M	-0.21M	-0.16M	-0.05M
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	-15.11M	-13.63M	-23.63M	-16.87M	-15.64M	-14.82M	-15.11M	-15.88M	-11.24M	-11.89M	-12.71M	-9.96M	-10.68M	-8.37M	-8.91M	-6.20M	-5.87M	-8.15M	-7.77M	-6.07M	-6.80M	-5.66M	-3.57M	-3.51M	-3.10M	-2.42M	-2.60M	-1.88M	-1.21M	-1.31M	-0.87M
Common Dividends Paid	-15.06M	-13.61M	-18.69M	-16.85M	-15.63M	-14.79M	-15.08M	-15.44M	-11.20M	-11.67M	-12.13M	-9.13M	-10.54M	-6.66M	-7.58M	-4.52M	-4.78M	-7.91M	-7.26M	-6.20M	-6.85M	-5.30M	-3.57M	-3.26M	-3.10M	-2.42M	-2.60M	-1.88M	-1.21M	-1.31M	-0.87M
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	-7.57M	-6.10M	-5.25M	-4.14M	-4.23M	-3.39M	-1.79M	-1.90M	-0.04M	-1.14M	-0.55M	-0.63M	-0.99M	-0.40M	-0.56M	-0.37M	-0.11M	-0.28M	1.04M	0.33M	-0.12M	-0.35M	-0.22M	0.37M	0.07M	0.40M	-0.08M	-0.10M	-0.13M	0.00M	-0.03M
Net Cash from Financing Activities	-68.01M	-38.76M	-30.88M	-19.46M	-26.00M	-21.22M	-16.02M	-19.89M	-9.77M	-24.25M	-4.17M	-4.96M	-12.93M	-4.86M	-7.97M	-2.64M	-9.54M	-5.15M	-8.82M	-7.04M	-4.56M	-3.29M	1.13M	-7.64M	-3.69M	6.58M	-1.18M	-1.37M	0.82M	8.31M	2.56M
Effect of FX on Cash	0.22M	0.00M	0.32M	0.49M	0.18M	-0.18M	-0.01M	0.01M	-0.14M	-0.09M	0.02M	-0.05M	0.01M	-0.07M	0.05M	0.04M	-0.01M	0.01M	-0.03M	-0.02M	0.06M	0.00M	0.02M	0.00M	0.00M	0.00M	0.01M	-0.01M	-0.74M	-0.17M	-1.04M
Net Change in Cash	8.79M	-2.11M	9.46M	1.56M	-4.60M	26.79M	4.71M	2.25M	0.79M	2.76M	3.87M	-1.17M	-0.07M	1.54M	-3.13M	5.90M	6.88M	3.43M	3.13M	0.04M	6.20M	1.50M	3.51M	3.16M	1.49M	1.87M	3.06M	-1.93M	2.76M	0.14M	-5.58M
Cash at Beginning of Period	67.46M	95.43M	85.82M	92.59M	96.98M	65.79M	56.76M	51.65M	50.35M	47.58M	47.24M	48.99M	48.56M	43.10M	43.62M	34.84M	29.18M	27.98M	21.70M	27.29M	23.51M	21.67M	18.82M	16.96M	11.82M	12.23M	8.75M	12.56M	5.81M	7.06M	4.91M
Cash at End of Period	144.49M	92.78M	97.60M	86.06M	94.55M	98.34M	63.86M	57.17M	50.75M	50.55M	46.23M	47.36M	49.50M	48.63M	40.69M	39.98M	35.73M	32.21M	29.08M	30.23M	31.16M	19.29M	23.51M	19.04M	16.61M	12.58M	12.36M	9.94M	10.20M	4.33M	7.25M
Operating Cash Flow	110.52M	83.56M	92.53M	47.87M	56.62M	68.65M	60.76M	28.99M	27.39M	52.09M	34.75M	28.24M	35.52M	25.27M	12.43M	18.69M	24.70M	24.89M	21.41M	25.49M	22.99M	17.35M	20.87M	25.09M	22.26M	15.77M	21.89M	17.35M	15.18M	11.45M	10.22M
Capital Expenditure	-20.05M	-21.11M	-21.04M	-15.65M	-15.22M	-11.88M	-13.23M	-14.71M	-10.36M	-11.13M	-10.54M	-10.93M	-12.85M	-11.76M	-10.61M	-7.59M	-7.14M	-10.70M	-9.26M	-11.34M	-8.87M	-9.97M	-6.43M	-6.38M	-10.25M	-10.71M	-15.55M	-16.13M	-18.75M	-11.73M	-8.69M
Free Cash Flow	84.28M	55.83M	49.19M	27.55M	45.48M	58.97M	34.84M	15.54M	14.42M	32.82M	24.28M	14.19M	22.51M	13.67M	3.19M	10.25M	15.25M	10.95M	10.94M	11.79M	11.32M	6.78M	7.01M	15.03M	7.70M	6.04M	4.05M	1.68M	1.01M	-2.36M	1.86M

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	113.16M	111.13M	128.71M	134.76M	117.59M	89.55M	91.61M	82.10M	65.36M	42.10M	44.45M	51.41M	52.40M	50.15M	44.14M	31.98M	28.50M	34.96M	40.52M	46.84M	51.93M	50.74M	36.42M	31.47M	31.09M	34.68M	33.66M	34.90M	28.17M	25.09M	24.04M
(-) Tax Adjustment	32.95M	29.26M	31.61M	30.45M	27.19M	23.26M	25.58M	21.14M	13.19M	11.48M	12.51M	14.80M	15.45M	13.12M	12.71M	10.54M	9.85M	11.45M	11.81M	13.36M	17.83M	14.28M	12.61M	12.06M	11.47M	13.23M	12.53M	14.07M	10.16M	9.78M	7.24M
(-) Change In Working Capital	-7.48M	-5.31M	-8.42M	-31.11M	-11.65M	8.56M	-4.77M	-17.59M	-10.97M	5.66M	-3.45M	-13.05M	-2.66M	-5.83M	-15.92M	-4.42M	7.42M	-3.46M	-6.12M	-7.58M	-5.59M	-7.77M	-4.57M	6.89M	-1.08M	-4.86M	-3.52M	-7.34M	-7.00M	-11.39M	-11.55M
(-) Capital Expenditure	20.05M	21.11M	21.04M	15.65M	15.22M	11.88M	13.23M	14.71M	10.36M	11.13M	10.54M	10.93M	12.85M	11.76M	10.61M	7.59M	7.14M	10.70M	9.26M	11.34M	8.87M	9.97M	6.43M	6.38M	10.25M	10.71M	15.55M	16.13M	18.75M	11.73M	8.69M
Unlevered Free Cash Flow	67.63M	66.06M	84.48M	119.77M	86.84M	45.85M	57.57M	63.85M	52.78M	13.83M	24.84M	38.72M	26.76M	31.10M	36.74M	18.27M	4.10M	16.27M	25.56M	29.72M	30.82M	34.25M	21.94M	6.14M	10.45M	15.59M	9.10M	12.04M	6.26M	14.96M	19.65M
(-) Net Interest Income After Taxes	-8.19M	-7.98M	-6.47M	-5.71M	-4.39M	-3.90M	-4.18M	-3.29M	-2.60M	-2.26M	-2.03M	-1.84M	-1.26M	-1.73M	-1.98M	-1.25M	-1.12M	-1.09M	-1.51M	-0.93M	-0.88M	-1.21M	-0.58M	-0.85M	-0.83M	-0.67M	-0.15M	-0.31M	-0.33M	-0.46M	-0.83M
Net Debt Issuance	-5.01M	-1.04M	-6.57M	6.45M	-3.26M	-5.35M	-3.82M	4.10M	1.97M	-4.97M	7.96M	8.24M	-3.06M	2.01M	1.90M	-1.01M	-2.77M	3.58M	4.75M	1.72M	2.07M	1.20M	4.94M	-4.17M	1.64M	9.51M	0.91M	3.75M	0.58M	1.00M	-0.35M
Levered Free Cash Flow	70.81M	73.00M	84.39M	131.93M	87.97M	44.39M	57.93M	71.23M	57.35M	11.12M	34.82M	48.79M	24.95M	34.84M	40.62M	18.50M	2.46M	20.94M	31.83M	32.37M	33.77M	36.67M	27.45M	2.82M	12.92M	25.77M	10.16M	16.10M	7.17M	16.42M	20.13M