Agricultural Inputs

Category: Industry Averages Base Ticker: 3983.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	4.27	3.23	3.69	4.59	4.28	3.30	2.99	2.96	3.53	2.58	2.46	1.73	1.45	1.39	1.22	1.26	1.34	0.98	1.13	0.72	0.55	0.74	0.59	0.88	0.87	0.98	0.66	0.66	0.68	0.62	0.61
Market Capitalization	1,319.89M	938.60M	894.44M	1,060.55M	1,145.27M	603.05M	606.74M	684.38M	820.66M	749.11M	621.02M	457.89M	375.55M	359.00M	281.14M	337.23M	346.12M	246.47M	299.91M	146.27M	169.14M	219.57M	250.04M	264.05M	311.43M	399.41M	289.89M	355.29M	339.08M	281.84M	405.44M
(-) Cash & Equivalents	131.57M	109.79M	124.76M	149.31M	113.81M	83.36M	75.70M	73.92M	65.21M	46.32M	46.50M	42.33M	44.80M	45.19M	52.66M	44.68M	29.67M	23.30M	16.98M	13.90M	19.96M	25.12M	23.91M	20.20M	18.89M	19.76M	21.05M	11.05M	16.95M	6.05M	2.42M
(+) Total Debt	282.58M	209.09M	221.92M	212.79M	167.77M	197.34M	143.94M	172.14M	162.25M	161.40M	126.38M	136.95M	129.17M	112.42M	97.17M	76.32M	62.26M	59.86M	45.16M	40.75M	68.81M	65.48M	57.65M	46.45M	41.15M	39.62M	29.08M	25.80M	20.79M	14.54M	16.22M
Enterprise Value	1,665.26M	1,078.77M	1,040.92M	1,130.06M	1,186.95M	814.94M	841.45M	806.26M	962.54M	880.85M	740.69M	548.46M	485.04M	427.43M	379.45M	416.00M	388.25M	309.06M	352.41M	187.38M	215.37M	252.57M	278.89M	287.13M	325.74M	421.07M	283.27M	386.60M	350.41M	288.37M	436.84M

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	1,135.708M	1,046.790M	1,110.868M	1,202.923M	912.442M	745.983M	686.823M	659.392M	571.105M	523.108M	494.923M	471.145M	449.176M	401.012M	310.405M	233.296M	231.370M	213.265M	146.297M	110.040M	158.211M	141.844M	96.468M	82.389M	76.980M	73.701M	60.857M	62.508M	55.914M	56.462M	46.710M
Cost of Revenue	891.556M	844.454M	938.167M	862.932M	702.877M	565.010M	536.552M	498.001M	455.620M	412.129M	387.623M	370.653M	350.691M	338.630M	228.231M	197.638M	194.508M	172.691M	121.853M	82.650M	123.588M	110.674M	72.093M	61.321M	61.785M	51.753M	45.355M	38.605M	34.466M	32.684M	24.939M
Gross Profit	244.151M	202.336M	172.701M	339.992M	209.566M	180.973M	150.272M	161.391M	115.485M	110.979M	107.300M	100.492M	98.484M	62.381M	82.174M	35.658M	36.862M	40.574M	24.444M	27.390M	34.623M	31.170M	24.375M	21.068M	15.196M	21.948M	15.501M	23.903M	21.448M	23.778M	21.770M
Gross Margin	21.50%	19.33%	15.55%	28.26%	22.97%	24.26%	21.88%	24.48%	20.22%	21.22%	21.68%	21.33%	21.93%	15.56%	26.47%	15.28%	15.93%	19.02%	16.71%	24.89%	21.88%	21.97%	25.27%	25.57%	19.74%	29.78%	25.47%	38.24%	38.36%	42.11%	46.61%
R&D Expenses	10.438M	11.039M	10.936M	11.499M	8.896M	6.787M	6.213M	5.584M	4.387M	3.894M	3.051M	2.362M	2.182M	1.907M	0.329M	0.061M	0.001M	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
SG&A Expenses	61.914M	62.845M	59.607M	59.097M	50.012M	45.271M	55.266M	50.339M	43.760M	47.159M	39.346M	36.763M	33.108M	29.021M	14.165M	13.006M	14.134M	14.093M	10.114M	9.069M	12.839M	16.219M	11.497M	10.465M	7.732M	6.485M	5.047M	4.946M	4.622M	3.935M	3.422M
Operating Expenses	72.352M	73.885M	70.543M	70.596M	58.908M	52.058M	61.479M	55.923M	48.147M	51.053M	42.397M	39.124M	35.290M	30.928M	14.494M	13.067M	14.135M	14.093M	10.120M	9.069M	12.839M	16.219M	11.497M	10.465M	7.732M	6.485M	5.047M	4.946M	4.622M	3.935M	3.422M
Operating Income	171.799M	128.451M	102.158M	269.395M	150.658M	128.916M	88.793M	105.469M	67.339M	59.926M	64.903M	61.368M	63.194M	31.453M	67.680M	22.591M	22.728M	26.480M	14.324M	18.320M	21.784M	14.951M	12.879M	10.603M	7.463M	15.463M	10.455M	18.957M	16.826M	19.843M	18.348M
Operating Margin	15.13%	12.27%	9.20%	22.40%	16.51%	17.28%	12.93%	15.99%	11.79%	11.46%	13.11%	13.03%	14.07%	7.84%	21.80%	9.68%	9.82%	12.42%	9.79%	16.65%	13.77%	10.54%	13.35%	12.87%	9.70%	20.98%	17.18%	30.33%	30.09%	35.14%	39.28%
Interest Income	3.430M	6.087M	5.796M	4.159M	2.735M	2.235M	1.969M	1.602M	1.269M	1.150M	1.577M	1.121M	1.313M	1.292M	1.011M	0.382M	0.283M	0.347M	0.167M	0.176M	0.272M	0.370M	0.286M	0.316M	0.371M	0.435M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	10.335M	13.864M	13.412M	12.372M	10.368M	11.697M	10.305M	9.425M	9.694M	9.722M	8.437M	8.134M	6.600M	6.240M	4.302M	3.104M	3.861M	4.278M	2.564M	1.914M	2.833M	2.738M	2.688M	1.954M	1.452M	1.218M	0.586M	0.511M	0.545M	0.939M	1.151M
Net Interest Income	-6.905M	-7.778M	-7.617M	-8.213M	-7.633M	-9.461M	-8.337M	-7.823M	-8.424M	-8.572M	-6.860M	-7.013M	-5.287M	-4.948M	-3.292M	-2.723M	-3.578M	-3.930M	-2.397M	-1.738M	-2.561M	-2.369M	-2.402M	-1.638M	-1.081M	-0.783M	-0.586M	-0.511M	-0.545M	-0.939M	-1.151M
Other Income / Expense	-83.087M	-48.244M	-12.089M	-144.721M	-52.291M	-80.464M	-47.923M	-58.224M	-29.462M	-29.658M	-32.060M	-31.918M	-30.360M	-2.884M	-47.660M	-5.930M	-7.631M	-7.918M	-0.668M	-6.561M	-5.217M	0.175M	-2.580M	-1.178M	-0.625M	-4.717M	1.996M	-3.594M	-5.714M	-8.007M	-6.606M
Pre-Tax Income	81.807M	72.430M	82.452M	116.461M	90.735M	38.990M	32.533M	39.421M	29.452M	21.696M	25.983M	22.437M	27.547M	23.620M	16.728M	13.939M	11.518M	14.632M	11.259M	10.021M	14.006M	12.757M	7.896M	7.786M	5.757M	9.963M	11.864M	14.852M	10.567M	10.898M	10.591M
Pre-Tax Margin	7.20%	6.92%	7.42%	9.68%	9.94%	5.23%	4.74%	5.98%	5.16%	4.15%	5.25%	4.76%	6.13%	5.89%	5.39%	5.97%	4.98%	6.86%	7.70%	9.11%	8.85%	8.99%	8.19%	9.45%	7.48%	13.52%	19.50%	23.76%	18.90%	19.30%	22.67%
Income Tax Expense	17.382M	14.650M	13.908M	18.142M	17.146M	6.212M	7.805M	8.789M	6.930M	5.428M	7.424M	5.115M	6.274M	4.833M	3.583M	3.007M	2.119M	3.405M	2.658M	2.517M	3.468M	2.668M	1.995M	1.936M	1.102M	1.882M	2.079M	2.601M	1.961M	1.754M	2.626M
Tax Rate	21.25%	20.23%	16.87%	15.58%	18.90%	15.93%	23.99%	22.30%	23.53%	25.02%	28.57%	22.80%	22.77%	20.46%	21.42%	21.58%	18.39%	23.27%	23.61%	25.12%	24.76%	20.92%	25.27%	24.86%	19.13%	18.89%	17.52%	17.51%	18.56%	16.09%	24.80%
Net Income	64.425M	57.780M	68.544M	98.319M	73.588M	32.777M	24.728M	30.632M	22.522M	16.268M	18.559M	17.322M	21.273M	18.787M	13.145M	10.931M	9.400M	11.227M	8.600M	7.504M	10.539M	10.089M	5.901M	5.851M	4.656M	8.081M	9.785M	12.251M	8.606M	9.144M	7.965M
Net Margin	5.67%	5.52%	6.17%	8.17%	8.06%	4.39%	3.60%	4.65%	3.94%	3.11%	3.75%	3.68%	4.74%	4.69%	4.23%	4.69%	4.06%	5.26%	5.88%	6.82%	6.66%	7.11%	6.12%	7.10%	6.05%	10.96%	16.08%	19.60%	15.39%	16.19%	17.05%
EBIT	171.799M	128.451M	102.158M	269.395M	150.658M	128.916M	88.793M	105.469M	67.339M	59.926M	64.903M	61.368M	63.194M	31.453M	67.680M	22.591M	22.728M	26.480M	14.324M	18.320M	21.784M	14.951M	12.879M	10.603M	7.463M	15.463M	10.455M	18.957M	16.826M	19.843M	18.348M
Depreciation & Amortization	27.875M	39.027M	37.708M	34.308M	32.009M	29.082M	27.109M	23.683M	23.933M	21.960M	17.812M	16.752M	13.701M	13.079M	10.011M	9.284M	7.909M	6.995M	4.933M	4.549M	8.104M	7.461M	7.568M	6.552M	4.795M	4.178M	3.027M	2.234M	0.606M	0.738M	0.902M
EBITDA	199.674M	167.478M	139.866M	303.704M	182.666M	157.998M	115.902M	129.151M	91.272M	81.886M	82.715M	78.120M	76.895M	44.532M	77.691M	31.875M	30.637M	33.476M	19.257M	22.869M	29.888M	22.412M	20.446M	17.155M	12.259M	19.640M	13.481M	21.191M	17.432M	20.581M	19.250M
EBITDA Margin	17.58%	16.00%	12.59%	25.25%	20.02%	21.18%	16.88%	19.59%	15.98%	15.65%	16.71%	16.58%	17.12%	11.10%	25.03%	13.66%	13.24%	15.70%	13.16%	20.78%	18.89%	15.80%	21.19%	20.82%	15.92%	26.65%	22.15%	33.90%	31.18%	36.45%	41.21%
NOPAT	135.295M	102.470M	84.926M	227.429M	122.188M	108.375M	67.490M	81.954M	51.494M	44.932M	46.359M	47.378M	48.802M	25.017M	53.185M	17.717M	18.547M	20.319M	10.942M	13.719M	16.391M	11.824M	9.624M	7.967M	6.035M	12.542M	8.623M	15.638M	13.703M	16.649M	13.798M
NOPAT Margin	11.91%	9.79%	7.65%	18.91%	13.39%	14.53%	9.83%	12.43%	9.02%	8.59%	9.37%	10.06%	10.86%	6.24%	17.13%	7.59%	8.02%	9.53%	7.48%	12.47%	10.36%	8.34%	9.98%	9.67%	7.84%	17.02%	14.17%	25.02%	24.51%	29.49%	29.54%
Owner's Earnings	92.299M	96.807M	106.252M	132.627M	105.597M	61.860M	51.837M	54.315M	46.455M	38.228M	36.372M	34.074M	34.974M	31.867M	23.156M	20.215M	17.309M	18.222M	13.533M	12.053M	18.643M	17.550M	13.469M	12.403M	9.451M	12.258M	12.812M	14.485M	9.212M	9.882M	8.867M
Owner's Earnings Margin	8.13%	9.25%	9.56%	11.03%	11.57%	8.29%	7.55%	8.24%	8.13%	7.31%	7.35%	7.23%	7.79%	7.95%	7.46%	8.67%	7.48%	8.54%	9.25%	10.95%	11.78%	12.37%	13.96%	15.05%	12.28%	16.63%	21.05%	23.17%	16.48%	17.50%	18.98%
EPS	0.13	0.11	0.13	0.21	0.17	0.07	0.06	0.07	0.05	0.04	0.05	0.05	0.06	0.06	0.04	0.04	0.03	0.04	0.03	0.03	0.03	0.03	0.01	0.02	0.01	0.02	0.02	0.03	0.02	0.02	0.02
EPS (Diluted)	0.13	0.11	0.13	0.21	0.17	0.07	0.06	0.07	0.05	0.04	0.05	0.05	0.06	0.06	0.04	0.04	0.03	0.04	0.03	0.03	0.03	0.03	0.01	0.02	0.01	0.02	0.02	0.03	0.02	0.02	0.02
Shares (Diluted)	514,683,371	516,081,258	522,169,162	467,730,907	441,021,226	460,506,654	445,513,938	424,220,945	426,653,807	403,176,144	376,890,611	340,173,606	330,096,153	307,396,871	293,021,691	290,692,920	281,729,431	273,212,429	259,498,258	257,571,240	362,007,833	389,040,944	433,280,771	388,243,744	400,515,077	404,960,056	407,360,200	421,198,262	417,712,036	419,891,991	395,530,100

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	129.51M	109.79M	124.76M	149.31M	113.81M	83.36M	75.70M	73.92M	65.21M	47.24M	46.50M	42.33M	44.80M	45.19M	52.66M	44.68M	29.67M	23.53M	16.98M	13.90M	19.96M	25.12M	24.93M	20.20M	18.89M	19.76M	22.05M	11.05M	16.95M	6.05M	2.42M
Short-Term Investments	44.25M	56.02M	35.17M	31.45M	32.29M	28.95M	24.22M	4.85M	5.31M	5.77M	2.75M	3.46M	5.85M	5.78M	5.32M	4.34M	3.41M	3.15M	2.16M	4.18M	1.98M	2.99M	1.64M	4.01M	1.46M	2.24M	0.20M	0.00M	0.00M	0.06M	0.13M
Cash & Short-Term Investments	173.76M	165.81M	159.93M	180.76M	146.11M	112.31M	99.92M	78.77M	70.53M	53.01M	49.25M	45.80M	50.65M	50.98M	57.98M	49.02M	33.08M	26.67M	19.14M	18.08M	21.94M	28.11M	26.56M	24.20M	20.36M	22.01M	22.25M	11.05M	16.95M	6.11M	2.56M
Net Receivables	160.72M	145.16M	143.12M	135.42M	101.02M	118.75M	93.22M	82.65M	77.75M	66.63M	47.32M	47.84M	40.38M	34.19M	22.14M	16.21M	14.76M	19.14M	14.62M	12.44M	15.29M	18.42M	13.77M	12.43M	16.93M	2.48M	2.25M	5.53M	2.84M	6.26M	5.51M
Inventory	211.29M	186.79M	176.18M	183.30M	153.34M	112.20M	117.08M	111.06M	96.87M	81.19M	77.79M	74.49M	65.09M	64.46M	55.00M	43.14M	36.47M	38.78M	25.42M	21.56M	28.08M	25.23M	19.50M	16.82M	14.96M	15.47M	12.48M	10.63M	9.44M	9.80M	9.56M
Other Current Assets	48.81M	33.08M	36.90M	28.59M	35.65M	26.47M	41.67M	36.95M	36.40M	32.61M	23.05M	15.39M	17.25M	7.94M	3.35M	2.32M	2.62M	2.79M	3.17M	2.64M	5.29M	5.27M	9.53M	9.17M	3.94M	14.53M	15.30M	17.86M	13.24M	5.93M	4.80M
Total Current Assets	594.57M	530.84M	516.12M	528.07M	436.12M	369.74M	351.90M	309.43M	281.56M	233.44M	197.41M	183.52M	173.37M	157.57M	138.48M	110.69M	86.93M	87.38M	62.35M	54.72M	70.60M	77.03M	69.36M	62.63M	56.19M	54.49M	52.28M	45.07M	42.47M	28.11M	22.43M
Property, Plant & Equipment	447.31M	426.21M	410.05M	354.02M	325.58M	299.45M	294.47M	259.81M	249.32M	217.98M	200.22M	196.94M	176.20M	153.03M	121.93M	116.83M	114.90M	105.10M	66.65M	58.57M	111.37M	107.43M	105.69M	85.53M	72.67M	60.64M	51.23M	42.92M	34.75M	28.08M	23.11M
Goodwill	6.99M	9.94M	10.98M	7.09M	7.42M	7.02M	7.43M	6.51M	4.91M	3.16M	2.53M	1.50M	1.33M	1.02M	0.25M	0.09M	0.00M	0.09M	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
Intangible Assets	58.11M	43.31M	38.08M	38.60M	32.23M	30.50M	26.42M	27.54M	23.50M	20.14M	16.17M	13.59M	11.31M	13.43M	10.04M	8.04M	5.61M	5.32M	3.99M	3.26M	3.48M	5.22M	3.52M	4.25M	2.49M	3.06M	3.14M	2.80M	1.78M	1.48M	1.40M
Long-Term Investments	38.51M	22.38M	34.64M	23.30M	18.20M	12.46M	13.82M	17.13M	19.95M	15.79M	12.44M	7.92M	6.74M	5.15M	1.98M	1.46M	1.82M	1.88M	1.13M	0.60M	1.35M	1.14M	2.22M	1.84M	0.54M	1.07M	0.15M	0.00M	0.00M	0.00M	0.00M
Tax Assets	6.12M	6.78M	11.74M	9.90M	6.90M	6.56M	6.71M	5.48M	4.28M	3.11M	2.36M	1.77M	1.42M	1.67M	1.31M	1.05M	0.77M	0.90M	0.52M	0.10M	0.20M	0.14M	0.70M	1.37M	1.12M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	40.33M	62.59M	24.11M	44.77M	34.83M	27.52M	24.05M	13.15M	13.22M	12.54M	10.82M	11.50M	9.52M	5.76M	6.35M	4.30M	5.50M	3.12M	2.83M	1.70M	5.86M	5.97M	4.94M	3.38M	1.48M	1.72M	1.14M	1.08M	0.74M	0.82M	1.71M
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	597.38M	571.20M	529.60M	477.67M	425.16M	383.51M	372.88M	329.61M	315.17M	272.72M	244.53M	233.22M	206.51M	180.06M	141.86M	131.77M	128.61M	116.41M	75.16M	64.24M	122.26M	119.89M	117.07M	96.36M	78.31M	66.49M	55.65M	46.81M	37.27M	30.39M	26.22M
Total Assets	1,191.95M	1,102.04M	1,045.72M	1,005.74M	861.29M	753.24M	724.78M	639.04M	596.73M	506.17M	441.94M	416.74M	379.89M	337.63M	280.34M	242.46M	215.54M	203.78M	137.50M	118.96M	192.86M	196.92M	186.43M	158.99M	134.49M	120.98M	107.94M	91.89M	79.74M	58.50M	48.65M
Accounts Payable	131.55M	171.43M	164.70M	156.38M	136.50M	105.01M	94.48M	89.22M	88.91M	76.72M	69.72M	61.98M	49.76M	49.27M	32.24M	27.00M	29.41M	21.68M	17.11M	16.89M	20.79M	18.65M	16.77M	13.59M	12.11M	10.21M	6.26M	7.06M	5.83M	5.42M	5.68M
Short-Term Debt	173.34M	109.37M	96.13M	81.25M	64.10M	91.40M	105.00M	103.96M	85.10M	87.09M	76.46M	70.11M	76.00M	62.44M	38.17M	23.99M	22.72M	22.31M	19.46M	16.09M	24.42M	28.82M	28.16M	27.33M	22.55M	20.59M	13.03M	12.42M	8.59M	7.32M	8.45M
Tax Payables	0.10M	5.03M	6.46M	8.61M	9.84M	5.53M	4.32M	5.00M	4.55M	3.11M	2.50M	1.79M	0.94M	0.90M	0.81M	0.51M	0.40M	0.58M	0.62M	0.58M	0.62M	1.22M	0.50M	0.47M	0.43M	0.52M	0.83M	0.74M	0.73M	0.44M	0.24M
Deferred Revenue	26.17M	0.33M	9.27M	34.22M	68.54M	44.69M	22.17M	11.12M	22.03M	16.82M	13.85M	10.58M	11.97M	6.77M	5.82M	4.56M	4.28M	4.75M	4.08M	3.72M	5.56M	5.65M	4.81M	5.50M	5.79M	6.27M	4.19M	3.30M	3.53M	3.64M	2.12M
Other Current Liabilities	42.49M	75.88M	103.50M	64.50M	38.73M	40.01M	37.26M	42.63M	48.87M	32.94M	27.59M	22.41M	29.84M	30.10M	19.96M	17.16M	14.66M	11.41M	9.25M	7.84M	10.30M	8.28M	7.94M	5.92M	4.16M	3.70M	6.05M	3.60M	2.10M	2.04M	1.75M
Total Current Liabilities	373.65M	362.03M	380.06M	344.95M	317.71M	286.64M	263.25M	251.93M	249.46M	216.68M	190.13M	166.88M	168.52M	149.49M	96.99M	73.23M	71.47M	60.72M	50.53M	45.12M	61.69M	62.63M	58.18M	52.81M	45.04M	41.29M	30.36M	27.11M	20.77M	18.86M	18.24M
Long-Term Debt	111.93M	84.51M	74.01M	78.90M	58.16M	40.80M	40.33M	33.92M	43.52M	37.26M	38.74M	39.32M	36.25M	34.80M	26.69M	28.13M	26.50M	27.16M	20.51M	20.64M	38.11M	22.06M	26.01M	18.33M	15.29M	10.75M	13.33M	11.93M	9.26M	6.44M	7.38M
Capital Lease Obligations	0.03M	4.42M	5.22M	4.03M	2.82M	3.75M	1.83M	0.40M	0.23M	0.10M	0.05M	0.09M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	7.36M	7.58M	7.98M	6.62M	6.87M	5.09M	4.47M	3.17M	4.72M	2.46M	2.41M	2.44M	2.26M	1.92M	1.32M	1.00M	0.87M	0.68M	0.51M	0.38M	0.41M	0.10M	0.01M	0.02M	0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Liabilities	13.90M	12.89M	11.64M	11.65M	9.65M	8.99M	8.68M	7.17M	4.51M	4.28M	2.68M	4.11M	3.97M	5.07M	3.71M	2.43M	2.23M	1.51M	1.02M	0.74M	1.51M	4.56M	0.95M	0.13M	0.02M	0.29M	0.35M	0.39M	0.17M	0.64M	0.27M
Total Non-Current Liabilities	133.21M	109.40M	98.84M	101.19M	77.50M	58.62M	55.31M	44.66M	52.97M	44.10M	43.88M	45.97M	42.48M	41.80M	31.73M	31.57M	29.60M	29.35M	22.04M	21.76M	40.03M	26.72M	26.97M	18.48M	15.33M	11.04M	13.68M	12.32M	9.43M	7.07M	7.65M
Total Liabilities	506.86M	471.43M	478.90M	446.14M	395.21M	345.26M	318.56M	296.59M	302.43M	260.78M	234.02M	212.85M	211.00M	191.29M	128.72M	104.79M	101.07M	90.06M	72.57M	66.88M	101.72M	89.35M	85.15M	71.29M	60.37M	52.32M	44.04M	39.43M	30.20M	25.93M	25.89M
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	73.53M	77.12M	73.38M	73.80M	69.56M	65.55M	63.69M	59.73M	54.48M	56.89M	42.53M	36.53M	33.30M	30.31M	28.48M	25.16M	22.40M	21.74M	16.74M	16.06M	22.67M	28.51M	31.44M	28.92M	25.93M	25.70M	23.84M	20.36M	18.11M	12.26M	9.55M
Retained Earnings	237.40M	247.04M	218.93M	200.29M	181.29M	112.17M	118.78M	106.12M	105.93M	96.05M	81.64M	76.43M	66.70M	52.61M	45.72M	38.08M	34.52M	29.48M	18.46M	13.64M	17.57M	18.24M	11.30M	8.22M	8.99M	8.82M	8.63M	7.42M	5.35M	2.99M	4.06M
Accumulated OCI	102.84M	19.87M	12.31M	25.63M	24.24M	18.83M	21.58M	21.65M	16.83M	14.61M	11.79M	1.67M	1.37M	0.00M	0.00M	0.00M	0.00M	-0.05M	0.05M	0.33M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Minority Interest	21.24M	25.35M	24.10M	23.91M	15.11M	11.85M	15.26M	14.26M	11.55M	7.37M	5.37M	6.18M	6.53M	5.99M	5.19M	5.30M	3.61M	3.36M	2.52M	2.01M	5.15M	4.72M	2.75M	2.56M	1.88M	1.10M	0.82M	0.61M	0.18M	0.03M	0.04M
Total Shareholders’ Equity	413.77M	344.03M	304.62M	299.73M	275.09M	196.55M	204.05M	187.50M	177.24M	167.55M	135.96M	114.63M	101.37M	82.92M	74.20M	63.24M	56.92M	51.18M	35.26M	30.03M	40.24M	46.75M	42.73M	37.14M	34.93M	34.51M	32.46M	27.79M	23.46M	15.25M	13.61M
Total Equity	435.01M	369.39M	328.72M	323.64M	290.19M	208.41M	219.31M	201.76M	188.79M	174.92M	141.32M	120.82M	107.90M	88.91M	79.38M	68.54M	60.53M	54.54M	37.78M	32.04M	45.39M	51.47M	45.49M	39.70M	36.81M	35.62M	33.28M	28.40M	23.64M	15.28M	13.65M
Total Liabilities & Equity	941.87M	840.82M	807.62M	769.77M	685.40M	553.67M	537.87M	498.35M	491.22M	435.70M	375.34M	333.67M	318.89M	280.20M	208.11M	173.34M	161.61M	144.60M	110.35M	98.92M	147.11M	140.82M	130.64M	110.99M	97.18M	87.94M	77.33M	67.83M	53.84M	41.21M	39.54M
Tangible Assets	1,126.86M	1,048.79M	996.65M	960.05M	821.64M	715.72M	690.94M	604.99M	568.32M	482.87M	423.24M	401.65M	367.25M	323.18M	270.05M	234.33M	209.93M	198.37M	133.47M	115.70M	189.38M	191.70M	182.91M	154.74M	132.00M	117.92M	104.80M	89.08M	77.96M	57.02M	47.25M
Tangible Equity	369.91M	316.14M	279.66M	277.95M	250.55M	170.89M	185.47M	167.71M	160.38M	151.62M	122.61M	105.73M	95.26M	74.46M	69.10M	60.41M	54.92M	49.12M	33.75M	28.78M	41.91M	46.25M	41.97M	35.46M	34.31M	32.56M	30.15M	25.60M	21.86M	13.80M	12.25M
Tangible Book Value	369.91M	316.14M	279.66M	277.95M	250.55M	170.89M	185.47M	167.71M	160.38M	151.62M	122.61M	105.73M	95.26M	74.46M	69.10M	60.41M	54.92M	49.12M	33.75M	28.78M	41.91M	46.25M	41.97M	35.46M	34.31M	32.56M	30.15M	25.60M	21.86M	13.80M	12.25M
Total Investments	74.00M	50.42M	65.02M	45.57M	49.50M	41.74M	29.41M	19.27M	23.87M	18.02M	17.62M	10.20M	9.67M	10.34M	7.88M	6.90M	5.40M	5.27M	2.07M	3.64M	5.73M	5.85M	6.96M	6.13M	4.08M	4.00M	1.06M	1.11M	0.19M	0.01M	0.03M
Net Debt	155.76M	84.10M	45.38M	10.83M	8.44M	48.84M	69.64M	63.96M	63.41M	77.11M	68.70M	67.09M	67.46M	52.05M	12.20M	7.44M	19.55M	25.94M	22.99M	22.82M	42.57M	25.76M	29.24M	25.47M	18.95M	11.57M	4.31M	13.29M	0.90M	7.70M	13.41M

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	196.10M	155.16M	151.78M	180.92M	154.90M	97.53M	94.01M	126.38M	72.25M	47.70M	22.35M	30.33M	34.03M	36.89M	51.15M	61.41M	34.61M	30.40M	22.68M	20.52M	24.77M	35.90M	26.04M	24.91M	22.81M	28.42M	28.73M	22.61M	26.17M	10.94M	3.24M
Total Capital	1,006.30M	845.58M	823.28M	768.05M	644.01M	572.73M	487.33M	529.86M	486.52M	443.41M	356.51M	329.86M	318.67M	265.77M	236.41M	185.95M	156.66M	149.33M	116.88M	102.93M	167.00M	176.89M	146.59M	132.55M	121.88M	117.69M	108.63M	89.00M	73.09M	47.40M	37.24M
Capital Employed	952.34M	876.34M	844.81M	776.06M	664.84M	602.87M	586.54M	537.44M	453.04M	375.41M	319.57M	298.89M	271.63M	249.65M	214.39M	192.67M	165.04M	146.74M	113.33M	97.62M	156.69M	178.17M	151.99M	114.81M	94.16M	93.46M	94.41M	78.59M	61.84M	34.46M	29.31M
Invested Capital	876.80M	735.79M	698.52M	618.74M	530.19M	489.37M	411.63M	455.93M	421.31M	396.17M	310.00M	287.53M	273.87M	220.58M	183.75M	141.27M	126.99M	125.80M	99.90M	89.03M	147.04M	151.77M	121.67M	112.35M	102.99M	97.93M	86.58M	77.95M	56.14M	41.35M	34.82M

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	2.57M	38.93M	37.98M	34.98M	32.53M	29.36M	26.82M	25.15M	22.67M	21.00M	17.50M	16.03M	12.82M	12.28M	9.99M	9.21M	7.91M	7.03M	4.97M	4.43M	8.53M	7.60M	7.78M	6.77M	5.22M	4.31M	3.79M	3.18M	183.20M	172.61M	167.99M
Deferred Income Tax	0.00M	0.00M	-0.23M	-0.64M	-0.34M	0.23M	-0.21M	-0.18M	-0.16M	-0.11M	-0.18M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-7.00M	31.18M	5.43M
Stock-Based Compensation	0.00M	0.00M	0.04M	0.28M	0.22M	0.10M	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-9.14M	-16.83M	-13.13M	-40.77M	-14.32M	-2.45M	-11.86M	-30.34M	-6.24M	-9.29M	-18.12M	-3.60M	-3.67M	-10.34M	-7.59M	-7.28M	0.82M	-6.35M	-5.19M	-2.12M	-4.86M	-2.90M	-0.93M	-2.38M	-1.51M	-2.61M	-1.32M	-2.72M	-0.18M	-192.00M	-179.33M
Accounts Receivable	-10.24M	-10.60M	7.69M	-19.04M	-16.50M	-14.51M	-2.19M	-10.27M	-8.73M	-9.81M	-2.74M	-1.51M	-5.13M	-2.71M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.05M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	-0.38M	2.93M	6.21M	-31.95M	-27.62M	4.26M	0.18M	-13.37M	-4.58M	0.25M	-3.14M	-5.85M	0.88M	-6.73M	-8.95M	-3.42M	2.53M	-9.48M	-3.07M	-2.23M	-3.14M	-4.02M	-2.65M	-1.68M	-1.21M	-3.54M	-2.94M	-1.04M	-4.63M	-139.48M	-65.15M
Accounts Payable	0.00M	-2.29M	-19.78M	26.76M	24.30M	4.49M	2.38M	5.62M	2.58M	1.33M	-2.87M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	0.00M	-1.96M	-5.06M	1.38M	1.08M	1.59M	-1.17M	-12.74M	-2.23M	-2.18M	-8.09M	3.50M	-1.38M	-1.92M	-0.11M	-4.93M	-1.33M	2.58M	-1.36M	1.32M	-0.34M	0.54M	1.28M	-0.80M	-2.89M	-0.16M	1.08M	-1.80M	4.45M	-52.53M	-114.18M
Other Non-Cash Items	37.94M	12.61M	8.53M	2.66M	4.43M	8.84M	5.21M	4.13M	6.24M	6.69M	3.73M	6.69M	3.96M	2.95M	2.72M	2.38M	2.20M	3.22M	1.68M	1.44M	1.71M	2.77M	2.74M	2.34M	2.17M	2.09M	0.83M	0.42M	96.53M	28.52M	26.81M
Net Cash from Operating Activities	76.39M	83.54M	85.42M	106.08M	113.59M	63.48M	56.19M	36.06M	58.86M	35.28M	26.00M	38.31M	31.24M	23.50M	19.43M	12.92M	24.51M	15.97M	12.20M	11.37M	17.44M	18.51M	13.48M	11.27M	10.06M	17.95M	15.82M	12.38M	394.24M	241.20M	275.73M
Capital Expenditures (PPE)	-58.83M	-56.41M	-56.49M	-53.30M	-48.14M	-32.78M	-30.89M	-30.35M	-30.29M	-27.57M	-22.83M	-27.83M	-27.29M	-24.27M	-17.13M	-15.43M	-14.35M	-21.53M	-12.79M	-10.11M	-16.82M	-16.33M	-12.80M	-13.66M	-9.88M	-10.60M	-14.43M	-17.47M	-282.25M	-326.24M	-285.84M
Acquisitions (Net)	0.23M	0.00M	-0.56M	-1.47M	0.05M	-0.36M	1.01M	0.20M	2.11M	0.88M	0.04M	-0.20M	0.05M	-0.10M	0.06M	0.00M	0.06M	0.05M	0.14M	0.06M	0.16M	0.53M	0.16M	0.67M	1.18M	0.39M	0.00M	0.00M	-10.24M	-1.98M	-0.35M
Purchases of Investments	-18.07M	-63.82M	-45.98M	-71.24M	-44.36M	-37.75M	-36.26M	-13.85M	-17.08M	-17.40M	-11.28M	-7.49M	-7.37M	-4.28M	-2.49M	-0.87M	-1.04M	-2.67M	-0.68M	-0.41M	-1.30M	-2.13M	-1.51M	-2.43M	-3.45M	-3.49M	-2.98M	-7.38M	-354.19M	-204.22M	-504.71M
Sales / Maturities of Investments	22.61M	60.32M	54.66M	74.08M	27.67M	31.61M	23.51M	12.03M	22.92M	15.74M	8.97M	7.03M	7.19M	3.71M	1.75M	1.54M	1.16M	0.81M	0.49M	0.71M	1.40M	3.20M	1.31M	1.03M	2.60M	4.68M	1.42M	0.20M	407.41M	324.32M	497.65M
Other Investing Activities	1.11M	1.52M	0.91M	0.56M	1.46M	1.13M	1.07M	0.34M	1.09M	0.25M	-1.27M	0.00M	1.12M	0.00M	0.95M	0.56M	0.32M	0.08M	-0.18M	0.05M	0.25M	-3.10M	-2.24M	-3.47M	-4.37M	-1.85M	-0.18M	0.06M	-93.04M	-18.75M	-36.41M
Net Cash from Investing Activities	-65.96M	-70.97M	-74.40M	-67.20M	-62.01M	-40.51M	-35.93M	-25.70M	-23.38M	-33.49M	-27.89M	-26.54M	-25.88M	-31.04M	-18.19M	-14.94M	-15.36M	-22.61M	-12.26M	-11.26M	-15.96M	-17.28M	-14.45M	-16.59M	-10.59M	-19.46M	-15.61M	-22.85M	-332.31M	-226.87M	-329.66M
Net Debt Issuance	3.21M	13.55M	16.28M	21.98M	-4.59M	2.78M	-1.95M	0.84M	-1.54M	-3.88M	-0.10M	0.43M	5.74M	6.66M	8.78M	8.99M	0.45M	3.70M	1.16M	2.73M	3.74M	-3.75M	3.94M	5.63M	0.23M	3.23M	2.13M	5.10M	171.70M	259.74M	108.39M
Long-Term Debt Issuance	6.78M	9.14M	7.41M	14.86M	5.30M	2.50M	-0.69M	0.60M	3.25M	-5.86M	-0.97M	1.28M	7.91M	5.03M	7.86M	7.81M	2.94M	3.52M	2.14M	1.53M	4.55M	-0.48M	2.33M	5.64M	0.21M	3.23M	2.13M	5.10M	171.70M	259.74M	108.39M
Short-Term Debt Issuance	-0.43M	0.20M	-0.04M	-0.29M	-2.36M	-0.89M	-0.48M	0.18M	-0.71M	0.00M	0.00M	-0.01M	-0.31M	0.00M	0.00M	0.14M	0.00M	0.00M	0.03M	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	0.00M	-0.35M	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-43.10M	-73.08M	-19.83M
Common Stock Issuance	0.00M	0.00M	0.00M	0.14M	0.06M	0.00M	0.00M	0.03M	0.00M	0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.06M	0.00M	0.00M	0.36M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	29.45M	5.08M	45.25M
Common Stock Repurchased	0.00M	-0.51M	-0.05M	-0.52M	-0.11M	-0.03M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-72.55M	-78.15M	-65.08M
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	-10.50M	-19.08M	-20.56M	-18.78M	-11.61M	-9.55M	-10.83M	-12.49M	-11.47M	-11.44M	-10.07M	-9.89M	-9.87M	-8.05M	-5.32M	-3.60M	-4.13M	-3.65M	-3.25M	-2.79M	-3.30M	-3.24M	-3.82M	-2.89M	-3.09M	-2.43M	-2.30M	-2.65M	-5.26M	-14.23M	-12.68M
Common Dividends Paid	-10.21M	-19.08M	-20.50M	-18.62M	-11.97M	-10.03M	-11.26M	-11.91M	-10.45M	-10.74M	-8.97M	-7.53M	-8.99M	-7.20M	-5.45M	-3.40M	-4.12M	-3.68M	-2.77M	-2.83M	-3.46M	-2.83M	-4.23M	-3.62M	-3.18M	-2.86M	-2.67M	-3.18M	-32.18M	-40.26M	-12.68M
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	-9.50M	-5.28M	-7.54M	-1.01M	-2.07M	-2.00M	-1.62M	2.84M	-0.05M	3.55M	5.02M	0.37M	-0.73M	-0.87M	-0.02M	-0.74M	0.27M	-0.18M	0.40M	0.39M	0.82M	2.66M	0.97M	2.60M	0.47M	11.68M	6.26M	2.94M	0.22M	-140.45M	-21.15M
Net Cash from Financing Activities	-20.73M	-28.36M	-14.29M	-11.34M	-16.49M	-12.41M	-15.73M	-13.42M	-11.30M	-7.91M	-1.61M	-0.56M	-0.43M	-2.95M	0.25M	6.63M	-2.65M	5.70M	1.60M	2.02M	-0.85M	-0.11M	6.07M	5.60M	0.19M	11.17M	9.23M	5.67M	-86.71M	5.96M	76.00M
Effect of FX on Cash	1.81M	0.32M	0.16M	0.36M	-0.23M	-0.29M	-0.01M	0.08M	-0.23M	0.08M	0.16M	0.00M	-0.05M	-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	-1.14M	1.13M	1.73M
Net Change in Cash	2.30M	-2.94M	-5.67M	3.63M	27.93M	12.27M	-6.67M	4.31M	7.93M	0.06M	-2.02M	0.49M	3.36M	-6.12M	3.04M	8.21M	4.39M	2.08M	1.89M	2.90M	-0.59M	-0.36M	4.77M	3.51M	2.18M	2.10M	8.98M	-4.05M	-25.92M	21.42M	23.80M
Cash at Beginning of Period	84.49M	90.22M	113.08M	98.81M	69.41M	57.94M	63.57M	55.23M	40.10M	39.23M	37.59M	40.21M	39.87M	45.82M	37.73M	25.08M	20.19M	17.89M	12.15M	9.63M	16.99M	21.99M	17.36M	17.92M	17.71M	23.69M	10.64M	20.32M	152.00M	130.94M	107.09M
Cash at End of Period	168.99M	81.81M	91.36M	113.78M	98.98M	67.83M	58.16M	64.19M	55.98M	39.14M	36.46M	36.96M	39.39M	39.39M	43.50M	37.92M	25.15M	19.80M	16.62M	13.02M	19.74M	24.75M	23.36M	20.50M	18.85M	22.13M	25.07M	16.00M	126.08M	152.36M	130.89M
Operating Cash Flow	76.26M	83.54M	85.23M	105.99M	113.64M	63.48M	56.19M	36.06M	58.86M	35.28M	26.00M	38.31M	31.24M	23.50M	19.38M	12.92M	24.51M	15.97M	12.20M	11.37M	17.44M	18.51M	13.48M	11.27M	10.06M	17.95M	15.82M	12.38M	394.24M	241.20M	275.73M
Capital Expenditure	-58.26M	-60.13M	-59.64M	-51.76M	-48.14M	-32.78M	-31.22M	-30.35M	-30.29M	-27.58M	-22.83M	-27.83M	-27.29M	-24.27M	-17.13M	-15.43M	-14.35M	-21.53M	-12.79M	-10.11M	-16.82M	-16.31M	-12.80M	-13.66M	-9.88M	-10.60M	-14.43M	-17.47M	-282.25M	-326.24M	-285.84M
Free Cash Flow	15.47M	28.92M	21.70M	42.26M	56.70M	24.77M	13.31M	3.97M	17.33M	10.35M	4.16M	9.55M	2.96M	-4.06M	1.64M	-2.20M	6.38M	-2.26M	-1.74M	1.89M	0.37M	2.96M	5.12M	0.20M	0.04M	-0.16M	0.98M	-6.42M	111.99M	-85.04M	-10.11M

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	117.60M	111.60M	131.76M	159.61M	127.86M	78.67M	73.61M	72.34M	62.88M	50.29M	48.64M	45.43M	47.35M	46.60M	30.42M	26.74M	22.23M	25.31M	18.52M	15.91M	25.69M	22.87M	15.67M	16.47M	9.95M	10.59M	15.85M	12.46M	11.96M	11.58M	11.87M
(-) Tax Adjustment	24.99M	22.57M	22.22M	24.86M	24.16M	12.53M	17.66M	16.13M	14.80M	12.58M	13.90M	10.36M	10.78M	9.54M	6.52M	5.77M	4.09M	5.89M	4.37M	4.00M	6.36M	4.78M	3.96M	4.10M	1.90M	2.00M	2.78M	2.18M	2.22M	1.86M	2.94M
(-) Change In Working Capital	-9.14M	-16.83M	-13.13M	-40.77M	-14.32M	-2.45M	-11.86M	-30.34M	-6.24M	-9.29M	-18.12M	-3.60M	-3.67M	-10.34M	-7.59M	-7.28M	0.82M	-6.35M	-5.19M	-2.12M	-4.86M	-2.90M	-0.93M	-2.38M	-1.51M	-2.61M	-1.32M	-2.72M	-0.18M	-192.00M	-179.33M
(-) Capital Expenditure	58.26M	60.13M	59.64M	51.76M	48.14M	32.78M	31.22M	30.35M	30.29M	27.58M	22.83M	27.83M	27.29M	24.27M	17.13M	15.43M	14.35M	21.53M	12.79M	10.11M	16.82M	16.31M	12.80M	13.66M	9.88M	10.60M	14.43M	17.47M	282.25M	326.24M	285.84M
Unlevered Free Cash Flow	43.49M	45.72M	63.02M	123.75M	69.88M	35.81M	36.59M	56.20M	24.04M	19.42M	30.03M	10.85M	12.95M	23.14M	14.37M	12.81M	2.97M	4.24M	6.54M	3.92M	7.37M	4.67M	-0.16M	1.10M	-0.32M	0.60M	-0.05M	-4.47M	-272.34M	-124.52M	-97.59M
(-) Net Interest Income After Taxes	-5.44M	-6.20M	-6.33M	-6.93M	-6.19M	-7.95M	-6.34M	-6.08M	-6.44M	-6.43M	-4.90M	-5.41M	-4.08M	-3.94M	-2.59M	-2.14M	-2.92M	-3.02M	-1.83M	-1.30M	-1.93M	-1.87M	-1.80M	-1.23M	-0.87M	-0.64M	-0.48M	-0.42M	-0.44M	-0.79M	-0.87M
Net Debt Issuance	3.21M	13.55M	16.28M	21.98M	-4.59M	2.78M	-1.95M	0.84M	-1.54M	-3.88M	-0.10M	0.43M	5.74M	6.66M	8.78M	8.99M	0.45M	3.70M	1.16M	2.73M	3.74M	-3.75M	3.94M	5.63M	0.23M	3.23M	2.13M	5.10M	171.70M	259.74M	108.39M
Levered Free Cash Flow	52.14M	65.47M	85.63M	152.66M	71.48M	46.55M	40.98M	63.12M	28.94M	21.97M	34.84M	16.69M	22.77M	33.73M	25.74M	23.94M	6.34M	10.95M	9.53M	7.95M	13.04M	2.80M	5.57M	7.96M	0.79M	4.46M	2.56M	1.05M	-100.19M	136.00M	11.66M