Department Stores

Category: Industry Averages Base Ticker: 2942.TWO

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	3.19	4.55	3.90	3.54	3.63	3.52	4.21	4.30	4.14	4.36	4.27	3.18	3.06	2.28	2.33	2.87	2.45	3.04	3.90	2.30	1.20	1.11	0.93	1.02	1.19	1.22	0.88	0.72	0.66	0.54	0.32
Market Capitalization	1,144.37M	1,156.15M	1,164.09M	1,310.67M	1,198.19M	974.81M	1,269.47M	1,362.39M	1,471.00M	1,437.62M	1,450.50M	1,104.09M	968.01M	942.60M	928.86M	1,095.63M	865.80M	547.64M	827.24M	561.62M	357.17M	344.59M	276.98M	264.58M	419.41M	479.83M	265.36M	262.36M	244.60M	200.75M	132.00M
(-) Cash & Equivalents	232.88M	246.33M	264.86M	303.40M	351.61M	257.47M	254.09M	235.24M	244.63M	212.59M	196.96M	178.36M	158.74M	178.88M	165.71M	162.69M	106.41M	93.01M	88.12M	66.64M	56.20M	60.32M	48.91M	38.66M	30.35M	24.81M	17.55M	12.28M	11.10M	10.16M	7.68M
(+) Total Debt	920.04M	786.57M	928.94M	971.58M	1,069.60M	815.24M	664.55M	482.47M	482.04M	473.56M	423.34M	325.55M	268.48M	268.89M	222.01M	199.45M	206.20M	156.73M	124.35M	81.21M	70.38M	65.14M	64.43M	60.47M	78.47M	71.53M	63.72M	52.79M	35.13M	32.18M	17.83M
Enterprise Value	1,941.51M	1,817.73M	1,855.57M	1,976.28M	2,006.50M	1,681.14M	1,805.09M	1,742.69M	1,809.71M	1,794.74M	1,719.35M	1,311.72M	1,196.65M	1,035.45M	995.48M	1,173.17M	943.10M	635.28M	873.67M	587.77M	359.43M	365.18M	274.47M	297.18M	468.79M	514.15M	311.07M	317.27M	268.95M	217.27M	141.28M

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	2,351.672M	2,188.584M	2,108.640M	2,311.928M	2,274.284M	2,372.112M	2,747.867M	2,695.938M	2,735.444M	2,647.943M	2,311.198M	2,060.348M	1,980.197M	1,812.160M	1,770.873M	1,575.591M	1,368.505M	1,107.366M	922.759M	653.340M	516.791M	513.454M	440.443M	392.756M	227.181M	204.999M	148.440M	143.287M	142.083M	118.729M	91.412M
Cost of Revenue	1,453.746M	1,367.039M	1,384.698M	1,494.285M	1,540.009M	1,648.345M	1,934.710M	1,896.509M	1,932.997M	1,901.576M	1,722.210M	1,593.672M	1,550.969M	1,435.809M	1,337.871M	1,223.616M	995.779M	803.191M	619.718M	446.008M	369.494M	296.083M	220.100M	199.961M	176.487M	152.757M	117.700M	110.481M	106.100M	92.120M	71.309M
Gross Profit	897.926M	821.545M	723.942M	817.643M	734.275M	723.767M	813.157M	799.428M	802.447M	746.368M	588.988M	466.676M	429.228M	376.351M	433.002M	351.974M	372.727M	304.175M	303.042M	207.331M	147.297M	217.371M	220.343M	192.795M	50.694M	52.242M	30.740M	32.806M	35.983M	26.609M	20.104M
Gross Margin	38.18%	37.54%	34.33%	35.37%	32.29%	30.51%	29.59%	29.65%	29.34%	28.19%	25.48%	22.65%	21.68%	20.77%	24.45%	22.34%	27.24%	27.47%	32.84%	31.73%	28.50%	42.34%	50.03%	49.09%	22.31%	25.48%	20.71%	22.90%	25.33%	22.41%	21.99%
R&D Expenses	0.106M	0.033M	0.202M	0.248M	0.052M	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	471.744M	389.002M	424.968M	450.112M	412.608M	340.017M	352.408M	352.090M	333.565M	322.781M	287.824M	219.534M	199.094M	164.177M	159.146M	168.098M	164.187M	98.013M	72.335M	51.265M	47.309M	37.758M	29.476M	26.928M	25.312M	19.630M	13.377M	12.478M	10.492M	10.643M	7.626M
Operating Expenses	471.850M	389.035M	425.170M	450.359M	412.660M	340.017M	352.408M	352.090M	333.565M	322.781M	287.824M	219.534M	199.094M	164.177M	159.146M	168.098M	164.187M	98.013M	72.335M	51.265M	47.309M	37.758M	29.476M	26.928M	25.312M	19.630M	13.377M	12.478M	10.492M	10.643M	7.626M
Operating Income	426.076M	432.510M	298.772M	367.284M	321.615M	383.751M	460.749M	447.339M	468.883M	423.587M	301.164M	247.142M	230.134M	212.173M	273.856M	183.876M	208.539M	206.162M	230.706M	156.067M	99.989M	179.612M	190.868M	165.867M	25.382M	32.612M	17.363M	20.328M	25.492M	15.966M	12.477M
Operating Margin	18.12%	19.76%	14.17%	15.89%	14.14%	16.18%	16.77%	16.59%	17.14%	16.00%	13.03%	12.00%	11.62%	11.71%	15.46%	11.67%	15.24%	18.62%	25.00%	23.89%	19.35%	34.98%	43.34%	42.23%	11.17%	15.91%	11.70%	14.19%	17.94%	13.45%	13.65%
Interest Income	7.159M	7.976M	5.936M	5.930M	5.389M	4.589M	5.350M	5.194M	4.744M	4.583M	4.913M	4.928M	4.216M	4.137M	3.083M	2.020M	1.412M	1.363M	0.885M	0.635M	0.716M	0.538M	0.456M	0.463M	0.474M	0.386M	0.015M	0.100M	0.275M	0.034M	0.084M
Interest Expense	39.070M	41.135M	40.363M	41.518M	38.759M	36.924M	31.024M	25.405M	22.465M	20.055M	17.332M	12.934M	11.711M	11.079M	10.097M	7.674M	8.242M	5.667M	4.192M	3.662M	3.411M	2.524M	2.242M	2.444M	2.535M	2.025M	1.138M	1.066M	0.514M	0.382M	0.390M
Net Interest Income	-31.911M	-33.158M	-34.427M	-35.589M	-33.370M	-32.335M	-25.673M	-20.211M	-17.721M	-15.472M	-12.420M	-8.006M	-7.495M	-6.942M	-7.015M	-5.654M	-6.831M	-4.303M	-3.307M	-3.027M	-2.695M	-1.986M	-1.786M	-1.981M	-2.062M	-1.639M	-1.123M	-0.966M	-0.239M	-0.348M	-0.306M
Other Income / Expense	-313.031M	-316.806M	-174.945M	-251.292M	-231.965M	-292.790M	-319.857M	-315.255M	-327.896M	-297.040M	-192.606M	-134.002M	-128.284M	-117.632M	-191.348M	-113.851M	-151.693M	-156.463M	-176.979M	-121.361M	-73.950M	-157.185M	-171.024M	-149.505M	-14.867M	-17.217M	-7.760M	-6.276M	-13.262M	-6.409M	-5.849M
Pre-Tax Income	81.134M	82.546M	89.400M	80.403M	56.281M	58.626M	115.219M	111.873M	123.266M	111.074M	96.138M	105.134M	94.355M	87.599M	75.493M	64.371M	50.016M	45.396M	50.420M	31.678M	23.344M	20.442M	18.058M	14.381M	8.454M	13.756M	8.480M	13.086M	11.990M	9.209M	6.322M
Pre-Tax Margin	3.45%	3.77%	4.24%	3.48%	2.47%	2.47%	4.19%	4.15%	4.51%	4.19%	4.16%	5.10%	4.76%	4.83%	4.26%	4.09%	3.65%	4.10%	5.46%	4.85%	4.52%	3.98%	4.10%	3.66%	3.72%	6.71%	5.71%	9.13%	8.44%	7.76%	6.92%
Income Tax Expense	23.173M	20.853M	23.262M	21.635M	19.674M	21.971M	32.167M	34.022M	36.740M	32.263M	30.051M	29.704M	27.730M	22.405M	23.225M	19.035M	14.076M	13.212M	14.178M	8.331M	8.295M	5.362M	4.306M	4.998M	3.359M	2.028M	1.869M	2.314M	1.742M	1.562M	1.185M
Tax Rate	28.56%	25.26%	26.02%	26.91%	34.96%	35.00%	27.92%	30.41%	29.81%	29.05%	31.26%	28.25%	29.39%	25.58%	30.76%	29.57%	28.14%	29.11%	28.12%	26.30%	35.00%	26.23%	23.85%	34.75%	35.00%	14.74%	22.04%	17.68%	14.53%	16.96%	18.74%
Net Income	57.961M	61.693M	66.138M	58.768M	36.607M	36.655M	83.052M	77.851M	86.526M	78.812M	66.087M	75.430M	66.625M	65.194M	52.268M	45.335M	35.940M	32.183M	36.242M	23.348M	15.050M	15.080M	13.751M	9.384M	5.095M	11.728M	6.612M	10.772M	10.248M	7.647M	5.137M
Net Margin	2.46%	2.82%	3.14%	2.54%	1.61%	1.55%	3.02%	2.89%	3.16%	2.98%	2.86%	3.66%	3.36%	3.60%	2.95%	2.88%	2.63%	2.91%	3.93%	3.57%	2.91%	2.94%	3.12%	2.39%	2.24%	5.72%	4.45%	7.52%	7.21%	6.44%	5.62%
EBIT	426.076M	432.510M	298.772M	367.284M	321.615M	383.751M	460.749M	447.339M	468.883M	423.587M	301.164M	247.142M	230.134M	212.173M	273.856M	183.876M	208.539M	206.162M	230.706M	156.067M	99.989M	179.612M	190.868M	165.867M	25.382M	32.612M	17.363M	20.328M	25.492M	15.966M	12.477M
Depreciation & Amortization	76.753M	91.561M	94.972M	101.646M	105.912M	87.126M	81.556M	62.808M	61.340M	60.109M	44.749M	42.486M	38.643M	33.842M	31.085M	29.515M	27.098M	22.631M	18.888M	13.539M	12.608M	12.454M	8.513M	8.015M	7.554M	5.304M	3.732M	3.260M	0.197M	-0.690M	-0.384M
EBITDA	502.829M	524.072M	393.744M	468.930M	427.527M	470.877M	542.305M	510.146M	530.223M	483.696M	345.913M	289.629M	268.777M	246.015M	304.940M	213.391M	235.637M	228.793M	249.594M	169.605M	112.596M	192.067M	199.380M	173.883M	32.936M	37.916M	21.095M	23.588M	25.689M	15.276M	12.094M
EBITDA Margin	21.38%	23.95%	18.67%	20.28%	18.80%	19.85%	19.74%	18.92%	19.38%	18.27%	14.97%	14.06%	13.57%	13.58%	17.22%	13.54%	17.22%	20.66%	27.05%	25.96%	21.79%	37.41%	45.27%	44.27%	14.50%	18.50%	14.21%	16.46%	18.08%	12.87%	13.23%
NOPAT	304.382M	323.248M	221.032M	268.453M	209.191M	249.438M	332.118M	311.296M	329.131M	300.552M	207.025M	177.316M	162.500M	157.906M	189.606M	129.501M	149.849M	146.158M	165.831M	115.025M	64.993M	132.497M	145.350M	108.227M	16.499M	27.804M	13.537M	16.734M	21.787M	13.258M	10.139M
NOPAT Margin	12.94%	14.77%	10.48%	11.61%	9.20%	10.52%	12.09%	11.55%	12.03%	11.35%	8.96%	8.61%	8.21%	8.71%	10.71%	8.22%	10.95%	13.20%	17.97%	17.61%	12.58%	25.81%	33.00%	27.56%	7.26%	13.56%	9.12%	11.68%	15.33%	11.17%	11.09%
Owner's Earnings	134.713M	153.254M	161.110M	160.414M	142.519M	123.781M	164.608M	140.658M	147.866M	138.920M	110.835M	117.916M	105.268M	99.036M	83.353M	74.850M	63.038M	54.814M	55.130M	36.887M	27.657M	27.534M	22.264M	17.399M	12.649M	17.032M	10.344M	14.032M	10.445M	6.957M	4.754M
Owner's Earnings Margin	5.73%	7.00%	7.64%	6.94%	6.27%	5.22%	5.99%	5.22%	5.41%	5.25%	4.80%	5.72%	5.32%	5.47%	4.71%	4.75%	4.61%	4.95%	5.97%	5.65%	5.35%	5.36%	5.05%	4.43%	5.57%	8.31%	6.97%	9.79%	7.35%	5.86%	5.20%
EPS	0.07	0.08	0.08	0.07	0.04	0.05	0.10	0.09	0.10	0.10	0.09	0.10	0.09	0.09	0.07	0.06	0.06	0.06	0.07	0.05	0.03	0.03	0.03	0.02	0.01	0.03	0.01	0.02	0.02	0.02	0.01
EPS (Diluted)	0.07	0.08	0.08	0.07	0.04	0.05	0.10	0.09	0.10	0.10	0.09	0.10	0.09	0.09	0.07	0.06	0.06	0.06	0.07	0.05	0.03	0.03	0.03	0.02	0.01	0.03	0.01	0.02	0.02	0.02	0.01
Shares (Diluted)	833,607,148	805,034,347	807,639,471	844,568,973	850,156,737	790,889,297	847,363,469	844,854,043	842,031,086	808,785,451	745,657,199	742,346,653	744,489,215	750,932,753	735,844,283	709,882,232	609,901,955	502,643,241	552,318,192	516,231,478	540,534,547	507,517,324	482,297,394	463,518,879	440,903,227	438,943,113	461,114,397	432,206,418	418,390,577	423,556,860	452,205,697

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	238.05M	246.33M	264.86M	303.40M	351.61M	257.47M	254.09M	235.24M	244.63M	212.59M	196.96M	178.36M	158.74M	178.88M	165.71M	162.69M	106.41M	93.01M	88.12M	67.80M	56.79M	61.06M	48.91M	38.66M	30.35M	24.81M	17.55M	12.28M	11.34M	10.16M	7.68M
Short-Term Investments	43.36M	39.56M	44.25M	36.31M	38.25M	47.77M	45.48M	48.38M	43.29M	49.02M	53.92M	45.16M	46.68M	40.52M	43.92M	21.30M	17.19M	13.69M	8.21M	7.65M	7.47M	1.24M	4.12M	2.73M	1.72M	4.59M	3.02M	1.88M	3.56M	3.28M	3.18M
Cash & Short-Term Investments	281.41M	285.90M	309.11M	339.71M	389.85M	305.24M	299.57M	283.61M	287.93M	261.61M	250.88M	223.52M	205.43M	219.39M	209.63M	183.99M	123.60M	106.70M	96.34M	75.45M	64.26M	62.30M	53.03M	41.40M	32.07M	29.40M	20.57M	14.15M	14.90M	13.44M	10.85M
Net Receivables	139.29M	139.91M	106.23M	109.64M	109.52M	109.50M	109.19M	110.58M	109.26M	93.60M	67.11M	54.93M	58.29M	42.15M	49.95M	48.08M	51.61M	40.13M	24.52M	19.92M	21.40M	17.18M	12.92M	13.62M	16.12M	7.03M	3.42M	13.45M	5.91M	7.19M	2.39M
Inventory	252.86M	282.52M	306.51M	295.87M	295.52M	265.88M	308.32M	284.03M	246.88M	248.51M	216.20M	194.49M	198.19M	178.85M	172.50M	142.25M	110.67M	85.24M	72.97M	54.41M	54.50M	53.36M	49.01M	42.42M	41.31M	33.10M	26.44M	26.84M	13.56M	16.02M	8.91M
Other Current Assets	35.47M	48.65M	53.68M	56.99M	67.86M	76.82M	91.52M	99.61M	79.53M	70.38M	56.33M	49.42M	44.92M	25.16M	16.19M	19.44M	16.59M	20.07M	21.30M	12.65M	9.94M	8.01M	17.07M	9.27M	11.15M	14.11M	12.31M	11.08M	10.24M	6.54M	4.87M
Total Current Assets	709.02M	756.97M	775.54M	802.21M	862.75M	757.44M	808.60M	777.83M	723.61M	674.10M	590.52M	522.35M	506.82M	465.55M	448.28M	393.77M	302.47M	252.14M	215.13M	162.43M	150.10M	140.85M	132.02M	106.71M	100.65M	83.63M	62.74M	65.52M	44.61M	43.19M	27.02M
Property, Plant & Equipment	1,051.55M	1,099.71M	1,239.98M	1,265.34M	1,367.67M	1,002.25M	934.41M	775.67M	784.26M	810.45M	723.04M	652.47M	593.64M	556.87M	515.12M	395.41M	335.20M	226.91M	201.47M	177.23M	211.81M	187.18M	141.40M	129.24M	129.51M	123.91M	108.34M	96.73M	63.99M	55.20M	33.36M
Goodwill	43.12M	46.93M	47.50M	53.19M	50.77M	53.18M	49.28M	54.86M	49.00M	49.45M	14.17M	14.10M	11.36M	10.13M	4.44M	3.55M	2.69M	2.42M	1.78M	0.14M	0.07M	0.06M	0.07M	0.14M	0.10M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	93.77M	85.02M	85.48M	96.41M	94.59M	92.65M	81.37M	89.22M	103.77M	95.89M	88.58M	67.02M	62.63M	60.20M	59.73M	47.96M	32.76M	19.31M	11.08M	8.11M	5.90M	6.43M	6.37M	5.30M	7.21M	7.23M	5.87M	4.25M	2.52M	2.52M	2.14M
Long-Term Investments	289.40M	87.78M	148.90M	142.84M	157.34M	124.55M	115.53M	105.37M	105.58M	85.96M	85.54M	60.91M	48.85M	23.02M	19.67M	13.10M	15.49M	17.88M	14.75M	9.18M	3.93M	1.59M	3.17M	3.79M	2.53M	0.64M	0.78M	-0.23M	0.00M	0.00M	0.41M
Tax Assets	38.70M	34.28M	31.12M	32.13M	32.71M	26.03M	22.93M	16.75M	15.40M	16.88M	14.89M	13.12M	13.13M	12.05M	10.74M	9.40M	7.66M	6.49M	3.10M	1.88M	1.41M	0.70M	1.24M	1.52M	2.56M	1.51M	0.62M	2.24M	0.00M	0.00M	0.23M
Other Non-Current Assets	78.92M	257.23M	166.38M	167.75M	173.14M	117.37M	170.85M	153.02M	153.58M	166.57M	126.97M	110.26M	92.65M	115.34M	122.45M	131.98M	79.83M	72.51M	50.26M	32.30M	29.61M	16.32M	7.92M	9.56M	5.90M	14.47M	6.64M	5.34M	6.65M	5.67M	2.46M
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	1,595.45M	1,610.95M	1,719.36M	1,757.66M	1,876.22M	1,416.03M	1,374.38M	1,194.90M	1,211.59M	1,225.20M	1,053.21M	917.87M	822.26M	777.61M	732.15M	601.40M	473.63M	345.53M	282.44M	228.83M	252.73M	212.28M	160.17M	149.54M	147.81M	147.77M	122.24M	108.33M	73.16M	63.39M	38.60M
Total Assets	2,304.47M	2,367.91M	2,494.90M	2,559.86M	2,738.97M	2,173.47M	2,182.98M	1,972.73M	1,935.20M	1,899.30M	1,643.73M	1,440.23M	1,329.08M	1,243.16M	1,180.43M	995.17M	776.10M	597.67M	497.57M	391.26M	402.83M	353.14M	292.19M	256.25M	248.47M	231.40M	184.98M	173.85M	117.77M	106.58M	65.63M
Accounts Payable	246.18M	269.34M	284.42M	274.79M	288.59M	298.63M	310.16M	308.46M	300.24M	294.19M	265.79M	248.46M	250.46M	227.49M	221.24M	208.74M	180.69M	126.78M	118.31M	63.97M	54.18M	45.54M	58.75M	52.22M	36.44M	28.87M	19.02M	16.75M	13.94M	13.44M	6.32M
Short-Term Debt	240.69M	119.89M	141.62M	132.95M	198.40M	191.93M	133.17M	159.79M	165.29M	156.04M	140.62M	122.86M	88.49M	108.43M	99.07M	88.52M	73.35M	70.18M	42.47M	38.84M	39.66M	36.73M	42.72M	41.86M	46.09M	43.43M	37.62M	30.50M	24.70M	20.14M	10.82M
Tax Payables	1.19M	16.88M	15.19M	18.57M	27.81M	21.59M	25.63M	28.92M	24.16M	25.62M	19.90M	17.04M	14.16M	13.92M	10.76M	9.66M	7.08M	5.85M	5.95M	4.69M	3.14M	2.36M	1.53M	1.32M	0.85M	0.76M	0.30M	0.44M	0.42M	0.31M	0.42M
Deferred Revenue	42.90M	0.00M	22.26M	82.45M	191.83M	191.53M	137.30M	48.11M	130.10M	126.50M	100.51M	75.42M	67.27M	50.66M	43.05M	33.57M	32.11M	23.04M	18.58M	13.77M	11.20M	8.23M	8.43M	9.61M	9.50M	9.95M	7.05M	7.54M	6.09M	6.16M	6.03M
Other Current Liabilities	157.36M	259.61M	286.48M	281.27M	208.58M	133.11M	195.91M	285.85M	218.34M	217.46M	122.78M	179.66M	169.65M	168.81M	164.14M	99.65M	84.98M	65.44M	47.64M	36.58M	22.55M	27.76M	13.26M	11.64M	8.25M	9.42M	8.85M	6.89M	4.45M	1.30M	0.53M
Total Current Liabilities	688.33M	665.72M	749.97M	790.03M	915.21M	836.79M	802.16M	831.12M	838.14M	819.81M	649.59M	643.44M	590.04M	569.31M	538.25M	440.13M	378.22M	291.30M	232.94M	157.84M	130.72M	120.62M	124.70M	116.65M	101.13M	92.42M	72.84M	62.13M	49.59M	41.36M	24.13M
Long-Term Debt	267.92M	252.66M	268.73M	309.67M	345.34M	287.87M	323.52M	280.59M	257.56M	275.43M	251.15M	187.50M	176.42M	133.84M	123.87M	112.23M	108.85M	87.49M	73.59M	39.75M	33.48M	15.20M	9.63M	15.74M	27.80M	17.51M	16.00M	9.75M	7.57M	10.60M	3.42M
Capital Lease Obligations	81.70M	326.29M	319.28M	380.31M	422.51M	400.37M	115.86M	8.10M	4.97M	4.63M	2.61M	2.25M	1.39M	0.57M	0.00M	0.00M	0.00M	0.00M	0.00M	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	78.73M	45.05M	43.97M	53.61M	49.86M	52.36M	55.64M	62.92M	62.10M	52.28M	43.62M	30.86M	27.70M	19.61M	18.67M	16.19M	13.42M	8.07M	5.85M	2.13M	1.62M	0.99M	0.23M	0.03M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Liabilities	63.86M	66.71M	51.34M	49.95M	49.80M	49.85M	45.47M	65.39M	76.15M	74.56M	64.04M	48.37M	43.30M	34.85M	21.87M	22.52M	17.82M	13.57M	13.35M	8.15M	8.50M	7.04M	2.52M	2.01M	1.28M	0.73M	0.74M	0.58M	0.50M	0.53M	0.34M
Total Non-Current Liabilities	492.21M	690.72M	683.32M	793.54M	867.50M	790.45M	540.49M	417.00M	400.78M	406.90M	361.42M	268.98M	248.82M	188.88M	164.41M	150.94M	140.09M	109.12M	92.79M	50.02M	43.60M	23.23M	12.37M	17.78M	29.09M	18.24M	16.74M	10.34M	8.07M	11.14M	3.75M
Total Liabilities	1,180.54M	1,356.44M	1,433.29M	1,583.57M	1,782.72M	1,627.23M	1,342.65M	1,248.12M	1,238.92M	1,226.71M	1,011.01M	912.42M	838.86M	758.19M	702.66M	591.07M	518.31M	400.42M	325.74M	207.86M	174.33M	143.85M	137.08M	134.43M	130.22M	110.66M	89.58M	72.46M	57.66M	52.49M	27.89M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	143.79M	140.16M	137.48M	139.82M	140.27M	134.25M	122.60M	118.18M	116.83M	113.21M	95.45M	83.45M	75.34M	72.57M	69.28M	59.92M	56.40M	46.36M	38.74M	33.56M	31.30M	26.57M	25.51M	28.71M	26.11M	25.48M	22.52M	20.10M	17.87M	14.17M	13.32M
Retained Earnings	448.07M	508.83M	510.53M	518.38M	492.85M	454.07M	485.21M	459.42M	421.13M	391.40M	365.78M	342.97M	305.73M	259.46M	206.05M	189.31M	166.54M	110.94M	69.78M	29.74M	25.96M	12.50M	10.07M	8.88M	8.36M	7.38M	7.45M	6.47M	7.07M	5.26M	1.30M
Accumulated OCI	117.06M	42.02M	50.58M	49.90M	50.27M	37.81M	52.08M	43.39M	48.48M	36.55M	32.66M	2.09M	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	0.00M
Minority Interest	52.26M	36.47M	44.22M	43.98M	39.19M	35.01M	42.55M	30.47M	28.31M	23.88M	19.50M	17.99M	15.61M	14.96M	13.27M	12.64M	10.73M	9.16M	6.79M	5.06M	5.95M	6.32M	5.74M	5.57M	6.29M	3.76M	1.76M	1.42M	0.56M	0.44M	0.43M
Total Shareholders’ Equity	708.93M	691.00M	698.59M	708.10M	683.39M	626.13M	659.90M	621.00M	586.44M	541.16M	493.89M	428.51M	381.18M	332.03M	275.33M	249.23M	222.94M	157.30M	108.52M	63.30M	57.27M	39.07M	35.59M	37.59M	34.46M	32.87M	29.97M	26.56M	24.94M	19.43M	14.62M
Total Equity	761.18M	727.47M	742.80M	752.08M	722.58M	661.14M	702.45M	651.47M	614.75M	565.04M	513.39M	446.51M	396.80M	346.99M	288.60M	261.87M	233.67M	166.46M	115.30M	68.36M	63.22M	45.38M	41.32M	43.16M	40.75M	36.63M	31.74M	27.99M	25.50M	19.87M	15.05M
Total Liabilities & Equity	1,941.72M	2,083.91M	2,176.09M	2,335.65M	2,505.29M	2,288.37M	2,045.09M	1,899.59M	1,853.67M	1,791.75M	1,524.40M	1,358.92M	1,235.66M	1,105.18M	991.26M	852.94M	751.98M	566.88M	441.04M	276.22M	237.54M	189.24M	178.40M	177.59M	170.96M	147.29M	121.31M	100.45M	83.16M	72.37M	42.94M
Tangible Assets	2,167.59M	2,235.96M	2,361.92M	2,410.26M	2,593.61M	2,027.64M	2,052.33M	1,828.65M	1,782.43M	1,753.95M	1,540.97M	1,359.11M	1,255.08M	1,172.84M	1,116.25M	943.66M	740.65M	575.93M	484.70M	383.02M	396.86M	346.64M	285.75M	250.81M	241.15M	224.17M	179.10M	169.60M	115.24M	104.06M	63.48M
Tangible Equity	624.30M	595.52M	609.82M	602.48M	577.22M	515.31M	571.79M	507.39M	461.98M	419.70M	410.63M	365.39M	322.80M	276.66M	224.42M	210.36M	198.22M	144.72M	102.44M	60.12M	57.25M	38.89M	34.89M	37.73M	33.43M	29.40M	25.86M	23.74M	22.98M	17.36M	12.91M
Tangible Book Value	624.30M	595.52M	609.82M	602.48M	577.22M	515.31M	571.79M	507.39M	461.98M	419.70M	410.63M	365.39M	322.80M	276.66M	224.42M	210.36M	198.22M	144.72M	102.44M	60.12M	57.25M	38.89M	34.89M	37.73M	33.43M	29.40M	25.86M	23.74M	22.98M	17.36M	12.91M
Total Investments	338.22M	150.48M	183.68M	184.74M	196.23M	168.86M	157.37M	145.74M	133.01M	116.12M	110.22M	82.98M	64.13M	48.86M	37.59M	36.83M	40.95M	28.43M	25.65M	26.35M	17.03M	11.47M	9.63M	9.77M	10.69M	8.55M	4.88M	2.93M	1.54M	1.82M	2.79M
Net Debt	270.56M	126.22M	145.49M	139.22M	192.13M	222.33M	202.60M	205.14M	178.22M	218.88M	194.80M	132.00M	106.18M	63.40M	57.22M	38.07M	75.79M	64.65M	27.93M	10.80M	16.34M	-9.14M	3.44M	18.94M	43.54M	36.12M	36.07M	27.97M	20.93M	20.58M	6.56M

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	-73.93M	-41.06M	-88.08M	-134.25M	-141.17M	-179.56M	-80.00M	-132.62M	-84.39M	-72.09M	19.34M	34.44M	66.91M	15.79M	15.99M	16.18M	-10.69M	0.86M	7.28M	20.10M	2.33M	-15.64M	-16.35M	-28.80M	-20.38M	-10.80M	-3.35M	-6.95M	12.03M	4.71M	2.03M
Total Capital	2,090.88M	1,947.16M	2,010.45M	2,098.53M	2,180.81M	1,840.08M	1,693.22M	1,437.99M	1,373.38M	1,320.74M	1,172.55M	1,026.08M	917.48M	870.30M	770.23M	679.00M	603.54M	467.24M	391.91M	289.65M	261.51M	206.88M	196.53M	181.73M	194.82M	186.44M	163.80M	145.73M	110.13M	93.72M	52.26M
Capital Employed	2,092.10M	2,173.90M	2,210.72M	2,326.96M	2,353.40M	2,005.19M	1,970.04M	1,729.33M	1,689.91M	1,706.27M	1,182.71M	1,089.93M	1,072.35M	979.31M	795.80M	776.35M	606.03M	490.51M	423.94M	316.77M	245.17M	218.84M	192.66M	163.94M	130.05M	129.77M	116.30M	108.24M	94.30M	72.24M	46.22M
Invested Capital	1,852.83M	1,700.83M	1,745.59M	1,795.13M	1,829.21M	1,582.61M	1,439.13M	1,202.75M	1,128.74M	1,108.15M	975.59M	847.72M	758.73M	691.42M	604.51M	516.31M	497.13M	374.23M	303.78M	221.85M	204.71M	145.81M	147.62M	143.06M	164.47M	161.63M	146.25M	133.45M	98.79M	83.56M	44.58M

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	46.04M	105.67M	108.26M	117.71M	131.17M	97.95M	81.19M	59.73M	58.58M	58.84M	46.74M	43.79M	40.74M	33.94M	30.37M	29.06M	26.25M	21.96M	18.35M	13.05M	11.38M	10.06M	6.73M	5.50M	5.09M	4.86M	3.92M	3.14M	94.71M	114.88M	103.16M
Deferred Income Tax	0.00M	0.00M	-0.12M	-0.53M	-0.67M	-0.12M	0.34M	0.05M	-0.44M	-0.53M	-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	3.64M	3.06M	0.00M
Stock-Based Compensation	0.00M	0.00M	0.07M	0.07M	0.13M	0.10M	0.02M	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
Change in Working Capital	-6.45M	-12.40M	-16.23M	-30.76M	3.93M	-3.61M	-29.63M	-21.50M	-4.40M	-6.58M	-13.05M	-10.66M	-11.08M	-0.68M	1.85M	20.37M	13.98M	0.82M	6.63M	3.71M	5.69M	5.98M	-0.18M	1.74M	-0.88M	0.48M	0.37M	-2.68M	-46.56M	-171.90M	-92.55M
Accounts Receivable	-0.66M	-2.72M	-7.39M	-6.81M	-0.61M	4.22M	-4.95M	-9.33M	-4.78M	-5.84M	-7.26M	-4.34M	-6.30M	-1.17M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	1.05M	-2.68M	0.35M	-10.09M	-4.83M	3.79M	-11.45M	-8.64M	-2.14M	-13.22M	-8.30M	-6.91M	-11.86M	-4.11M	-15.30M	-6.26M	-1.24M	-4.97M	-4.26M	-2.44M	-1.12M	-0.61M	-3.24M	0.39M	-0.39M	-1.04M	-0.29M	-5.17M	-47.43M	-53.37M	-14.98M
Accounts Payable	0.00M	-0.86M	2.93M	3.98M	3.42M	-2.18M	-0.72M	3.63M	3.81M	6.01M	0.42M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	1.19M	-3.27M	-4.05M	-0.38M	3.87M	0.63M	-2.07M	-6.67M	-1.86M	9.20M	-0.68M	-6.64M	3.89M	7.03M	15.82M	27.04M	14.12M	9.01M	11.33M	5.41M	4.08M	4.80M	4.68M	1.47M	0.21M	0.07M	0.67M	1.13M	2.56M	-64.01M	-77.57M
Other Non-Cash Items	58.54M	41.31M	42.56M	27.11M	39.07M	29.51M	16.51M	21.18M	12.34M	13.28M	8.69M	0.34M	-1.16M	-1.22M	-6.06M	-0.85M	6.23M	5.70M	-0.68M	0.57M	2.00M	3.89M	4.41M	4.67M	4.12M	1.11M	1.14M	-0.28M	2.32M	10.72M	-325.91M
Net Cash from Operating Activities	153.70M	214.14M	233.65M	181.59M	212.06M	171.86M	172.75M	153.85M	154.48M	139.96M	116.40M	112.30M	112.86M	116.06M	103.31M	106.34M	89.25M	71.22M	60.20M	44.65M	41.55M	36.91M	23.72M	28.45M	17.75M	16.55M	11.04M	9.60M	183.09M	159.54M	284.23M
Capital Expenditures (PPE)	-61.50M	-76.24M	-80.55M	-79.33M	-84.10M	-89.83M	-90.44M	-89.05M	-93.54M	-99.79M	-86.91M	-80.63M	-80.82M	-71.84M	-78.24M	-59.49M	-48.47M	-47.69M	-30.84M	-23.22M	-23.29M	-22.56M	-23.33M	-25.50M	-16.34M	-13.52M	-12.79M	-13.54M	-239.22M	-243.37M	-262.93M
Acquisitions (Net)	0.28M	0.17M	0.44M	0.46M	2.50M	0.46M	0.03M	0.18M	1.54M	-1.03M	-1.11M	-0.53M	-0.89M	-0.47M	-3.27M	0.66M	0.46M	0.71M	0.43M	0.69M	0.85M	1.76M	1.54M	2.43M	1.17M	0.57M	0.17M	0.93M	-0.06M	0.00M	0.00M
Purchases of Investments	-10.12M	-20.51M	-20.19M	-43.92M	-47.02M	-39.69M	-52.12M	-39.82M	-38.44M	-51.02M	-35.69M	-35.20M	-29.18M	-12.00M	-12.69M	-8.00M	-13.33M	-8.04M	-5.44M	-4.23M	-2.44M	-1.38M	-2.11M	-3.13M	-5.31M	-5.54M	-2.75M	-2.62M	-0.12M	-2.82M	-18.65M
Sales / Maturities of Investments	23.08M	29.02M	29.97M	37.85M	37.42M	48.37M	38.13M	32.64M	25.42M	40.52M	40.09M	24.64M	24.04M	13.18M	5.12M	4.17M	4.23M	4.24M	5.35M	2.71M	1.70M	1.54M	1.70M	1.75M	2.98M	6.41M	2.43M	2.21M	1.85M	0.04M	0.00M
Other Investing Activities	-0.22M	2.77M	1.94M	9.13M	7.83M	4.53M	5.28M	5.46M	6.62M	2.20M	1.52M	0.81M	2.70M	0.09M	3.50M	-0.65M	-0.77M	1.10M	-3.53M	-0.29M	-1.36M	0.18M	-3.18M	-3.22M	-2.90M	-3.43M	-1.29M	-1.37M	36.06M	-0.12M	6.76M
Net Cash from Investing Activities	-59.70M	-76.05M	-87.51M	-60.57M	-67.36M	-89.44M	-95.90M	-102.29M	-94.19M	-105.19M	-91.64M	-79.99M	-92.42M	-95.88M	-89.67M	-70.29M	-62.94M	-72.83M	-34.14M	-26.74M	-19.33M	-18.68M	-20.53M	-21.44M	-19.50M	-18.11M	-13.62M	-18.00M	-196.53M	-292.37M	-274.82M
Net Debt Issuance	-14.15M	-22.74M	-33.00M	-33.87M	-30.71M	2.82M	-20.86M	-6.26M	-9.62M	5.75M	5.11M	1.95M	-0.71M	7.80M	16.91M	-8.19M	5.49M	12.55M	-0.53M	-2.48M	-1.66M	-1.44M	3.52M	2.45M	12.49M	3.30M	7.38M	2.98M	-5.86M	91.88M	6.34M
Long-Term Debt Issuance	-7.24M	-11.75M	-26.34M	-26.70M	-11.60M	0.88M	-12.11M	-0.39M	-10.57M	-9.30M	5.28M	8.70M	-3.98M	8.38M	13.78M	2.08M	-0.61M	11.77M	1.75M	-0.78M	-2.32M	-1.46M	3.51M	2.43M	12.49M	3.30M	10.80M	1.19M	-4.40M	91.88M	6.34M
Short-Term Debt Issuance	-6.99M	-1.62M	-2.08M	-9.57M	-8.77M	-0.64M	-1.40M	-0.62M	0.18M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-2.06M	0.00M	0.00M	0.00M	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	-0.78M	-2.27M	-0.38M	-0.20M	-0.06M	-0.09M	-0.01M	-0.01M	-0.01M	-0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	15.12M	8.37M	31.05M
Common Stock Issuance	0.00M	0.00M	0.00M	0.08M	0.19M	0.94M	0.18M	0.12M	0.13M	0.09M	0.00M	0.00M	0.00M	0.00M	0.14M	0.21M	0.01M	0.24M	0.34M	0.19M	0.12M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	16.79M	9.42M	31.99M
Common Stock Repurchased	-0.08M	-2.58M	-0.60M	-0.36M	-0.38M	-2.59M	-0.04M	-0.54M	-0.26M	-0.31M	-0.38M	0.00M	-0.02M	-0.01M	-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	-0.31M	-0.29M	-0.94M
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	-17.04M	-28.84M	-28.13M	-28.44M	-24.45M	-28.95M	-32.33M	-34.83M	-31.77M	-25.55M	-27.31M	-27.74M	-22.94M	-19.69M	-17.77M	-14.05M	-13.89M	-9.95M	-8.79M	-6.93M	-5.45M	-5.65M	-5.45M	-4.87M	-5.33M	-3.52M	-3.52M	-4.32M	-4.62M	-5.73M	-2.48M
Common Dividends Paid	-16.74M	-28.86M	-26.09M	-29.70M	-28.77M	-32.78M	-32.97M	-33.74M	-29.80M	-24.47M	-26.66M	-26.73M	-22.76M	-16.46M	-16.30M	-11.44M	-11.68M	-9.98M	-8.29M	-6.31M	-5.40M	-5.27M	-5.45M	-4.93M	-5.33M	-3.52M	-3.52M	-4.32M	-4.62M	-5.73M	-2.48M
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	-62.32M	-53.76M	-40.11M	-38.24M	-41.56M	-30.77M	-19.96M	-10.90M	-4.41M	-4.00M	6.57M	-3.57M	-0.68M	-0.37M	7.74M	-0.12M	-3.97M	-1.18M	-0.44M	0.55M	0.26M	0.57M	1.02M	0.18M	0.34M	4.11M	1.98M	2.57M	9.42M	0.29M	-94.03M
Net Cash from Financing Activities	-121.08M	-125.90M	-126.85M	-146.15M	-102.46M	-53.07M	-88.32M	-57.23M	-55.96M	-27.21M	-18.72M	-31.08M	-24.17M	-20.59M	15.84M	-11.47M	-10.85M	-4.95M	-4.91M	-10.29M	-6.40M	-6.13M	1.79M	-1.05M	6.28M	7.43M	6.60M	3.85M	27.44M	80.00M	-59.11M
Effect of FX on Cash	0.08M	0.14M	0.10M	0.33M	0.10M	-0.10M	-0.02M	0.08M	-0.14M	-0.02M	0.07M	0.01M	0.05M	0.00M	0.00M	0.00M	-0.01M	0.00M	-0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	3.95M	59.29M	-17.92M
Net Change in Cash	-7.90M	-7.60M	-4.80M	-30.05M	17.67M	39.56M	-18.95M	11.11M	9.40M	5.58M	4.12M	3.04M	-7.53M	10.56M	22.20M	32.51M	12.37M	4.16M	10.58M	4.16M	9.73M	7.49M	7.16M	0.98M	1.68M	6.93M	4.07M	-2.52M	11.63M	29.06M	-67.62M
Cash at Beginning of Period	169.65M	241.29M	267.27M	335.29M	261.01M	181.73M	248.53M	241.64M	197.37M	202.02M	163.97M	153.40M	175.13M	161.59M	152.84M	117.78M	95.40M	87.46M	72.22M	55.87M	56.87M	45.07M	38.18M	26.47M	24.38M	17.92M	11.47M	13.37M	44.73M	81.81M	247.37M
Cash at End of Period	231.18M	223.42M	245.49M	294.17M	325.13M	232.22M	236.16M	226.73M	240.38M	199.28M	186.82M	163.86M	152.06M	174.13M	162.00M	160.84M	104.55M	90.73M	85.84M	65.83M	60.07M	60.31M	45.72M	35.97M	28.52M	24.71M	15.14M	9.32M	34.56M	147.91M	179.75M
Operating Cash Flow	153.57M	214.28M	233.52M	180.92M	212.06M	172.39M	172.75M	153.28M	154.48M	139.96M	116.40M	112.30M	112.86M	116.04M	103.31M	106.34M	89.25M	71.22M	60.20M	44.65M	41.55M	36.91M	23.72M	28.45M	17.75M	16.55M	11.04M	9.60M	183.09M	159.54M	284.23M
Capital Expenditure	-63.94M	-78.58M	-81.32M	-79.45M	-84.22M	-89.83M	-90.59M	-89.05M	-93.70M	-99.67M	-86.81M	-80.64M	-80.67M	-71.96M	-78.12M	-59.49M	-48.47M	-47.69M	-30.84M	-23.22M	-23.29M	-22.56M	-23.33M	-25.50M	-16.34M	-13.52M	-12.79M	-13.54M	-239.22M	-243.37M	-262.93M
Free Cash Flow	91.02M	115.09M	132.30M	81.07M	120.77M	93.61M	80.72M	53.15M	55.22M	45.07M	23.18M	25.29M	29.27M	29.67M	14.89M	43.76M	32.11M	13.25M	24.07M	17.03M	17.25M	11.93M	2.49M	4.12M	1.23M	2.76M	-1.24M	-5.39M	-29.69M	-67.99M	21.30M

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	211.78M	225.24M	222.09M	240.02M	198.62M	194.34M	230.11M	207.23M	212.14M	182.19M	163.67M	153.50M	146.44M	131.66M	130.93M	107.93M	82.87M	82.34M	75.48M	50.81M	43.43M	39.70M	32.60M	29.75M	24.14M	24.34M	16.28M	15.83M	8.30M	6.53M	5.86M
(-) Tax Adjustment	60.49M	56.90M	57.79M	64.59M	69.43M	72.83M	64.24M	63.02M	63.23M	52.92M	51.16M	43.37M	43.04M	33.67M	40.28M	31.92M	23.32M	23.96M	21.23M	13.36M	15.43M	10.41M	7.77M	10.34M	9.59M	3.59M	3.59M	2.80M	1.21M	1.11M	1.10M
(-) Change In Working Capital	-6.45M	-12.40M	-16.23M	-30.76M	3.93M	-3.61M	-29.63M	-21.50M	-4.40M	-6.58M	-13.05M	-10.66M	-11.08M	-0.68M	1.85M	20.37M	13.98M	0.82M	6.63M	3.71M	5.69M	5.98M	-0.18M	1.74M	-0.88M	0.48M	0.37M	-2.68M	-46.56M	-171.90M	-92.55M
(-) Capital Expenditure	63.94M	78.58M	81.32M	79.45M	84.22M	89.83M	90.59M	89.05M	93.70M	99.67M	86.81M	80.64M	80.67M	71.96M	78.12M	59.49M	48.47M	47.69M	30.84M	23.22M	23.29M	22.56M	23.33M	25.50M	16.34M	13.52M	12.79M	13.54M	239.22M	243.37M	262.93M
Unlevered Free Cash Flow	93.80M	102.16M	99.22M	126.74M	41.04M	35.29M	104.90M	76.66M	59.61M	36.18M	38.75M	40.14M	33.81M	26.70M	10.68M	-3.85M	-2.89M	9.87M	16.78M	10.52M	-0.98M	0.74M	1.67M	-7.83M	-0.91M	6.76M	-0.46M	2.17M	-185.56M	-66.05M	-165.61M
(-) Net Interest Income After Taxes	-22.80M	-24.78M	-25.47M	-26.01M	-21.71M	-20.22M	-18.51M	-14.06M	-12.44M	-10.98M	-8.54M	-5.74M	-5.29M	-5.17M	-4.86M	-3.98M	-4.91M	-3.05M	-2.38M	-2.23M	-1.74M	-1.46M	-1.36M	-1.29M	-1.24M	-1.40M	-0.88M	-0.80M	-0.20M	-0.29M	-0.25M
Net Debt Issuance	-14.15M	-22.74M	-33.00M	-33.87M	-30.71M	2.82M	-20.86M	-6.26M	-9.62M	5.75M	5.11M	1.95M	-0.71M	7.80M	16.91M	-8.19M	5.49M	12.55M	-0.53M	-2.48M	-1.66M	-1.44M	3.52M	2.45M	12.49M	3.30M	7.38M	2.98M	-5.86M	91.88M	6.34M
Levered Free Cash Flow	102.44M	104.20M	91.68M	118.88M	32.04M	58.33M	102.55M	84.46M	62.43M	52.91M	52.40M	47.83M	38.40M	39.67M	32.45M	-8.05M	7.50M	25.47M	18.63M	10.26M	-0.90M	0.76M	6.55M	-4.08M	12.82M	11.47M	7.79M	5.94M	-191.22M	26.12M	-159.02M