Apparel - Retail

Category: Industry Averages Base Ticker: 6110.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	16.82	12.12	13.77	16.97	20.55	15.68	15.30	13.79	13.23	13.44	17.95	15.55	13.31	12.82	12.66	11.61	6.60	9.38	15.29	17.13	12.72	11.17	7.12	7.33	7.01	5.39	8.18	7.71	6.12	4.85	5.68
Market Capitalization	1,874.46M	1,078.58M	1,081.53M	1,124.69M	1,462.01M	1,175.50M	1,252.57M	1,022.90M	971.09M	816.02M	975.69M	943.56M	838.66M	721.06M	834.48M	676.36M	442.84M	638.81M	1,215.51M	1,245.22M	1,164.60M	1,068.66M	889.77M	799.78M	836.76M	563.00M	729.95M	845.38M	814.32M	611.21M	820.04M
(-) Cash & Equivalents	178.80M	113.12M	120.61M	149.61M	172.23M	145.15M	97.69M	101.69M	93.45M	85.94M	77.88M	86.78M	74.56M	73.53M	77.56M	70.75M	74.46M	50.95M	46.25M	53.83M	61.74M	55.50M	63.96M	57.35M	36.25M	43.62M	53.23M	25.81M	78.65M	61.90M	38.34M
(+) Total Debt	502.61M	301.18M	325.15M	346.22M	368.03M	385.74M	120.53M	98.13M	89.37M	75.49M	71.38M	65.62M	54.18M	45.25M	42.10M	39.53M	35.91M	31.30M	43.95M	37.57M	41.64M	41.07M	50.04M	39.50M	44.27M	48.53M	65.88M	76.98M	51.32M	121.40M	136.94M
Enterprise Value	2,368.61M	1,311.59M	1,269.79M	1,329.91M	1,582.81M	1,368.87M	1,228.94M	987.13M	1,004.53M	823.83M	922.63M	858.79M	792.86M	714.07M	780.99M	641.52M	425.52M	620.29M	1,227.22M	1,245.65M	1,122.24M	1,056.00M	808.72M	872.64M	832.05M	691.92M	816.32M	934.85M	841.38M	835.06M	904.84M

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	1,394.846M	1,038.601M	1,082.757M	1,046.455M	949.854M	995.743M	1,034.127M	985.883M	971.680M	914.840M	875.681M	849.495M	834.138M	771.628M	748.627M	702.345M	665.640M	687.309M	677.800M	624.559M	760.353M	811.158M	816.126M	880.682M	885.995M	833.755M	989.395M	904.377M	1,029.750M	1,486.871M	606.443M
Cost of Revenue	685.516M	535.150M	613.501M	628.310M	580.509M	594.718M	594.903M	578.477M	572.198M	488.563M	480.028M	445.793M	445.560M	411.848M	437.519M	418.209M	397.632M	392.584M	395.404M	386.375M	432.048M	467.088M	523.553M	508.814M	451.026M	543.419M	552.313M	486.974M	600.028M	828.873M	398.227M
Gross Profit	709.330M	503.451M	469.256M	418.145M	369.345M	401.025M	439.224M	407.406M	399.481M	426.277M	395.653M	403.701M	388.578M	359.781M	311.108M	284.136M	268.008M	294.725M	282.395M	238.184M	328.305M	344.070M	292.573M	371.868M	434.968M	290.336M	437.082M	417.404M	429.723M	657.997M	208.216M
Gross Margin	50.85%	48.47%	43.34%	39.96%	38.88%	40.27%	42.47%	41.32%	41.11%	46.60%	45.18%	47.52%	46.58%	46.63%	41.56%	40.46%	40.26%	42.88%	41.66%	38.14%	43.18%	42.42%	35.85%	42.23%	49.09%	34.82%	44.18%	46.15%	41.73%	44.25%	34.33%
R&D Expenses	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M
SG&A Expenses	392.860M	346.198M	377.033M	365.558M	333.832M	328.893M	342.604M	321.481M	291.977M	265.239M	229.802M	208.137M	199.063M	172.314M	175.007M	158.749M	154.334M	139.993M	128.889M	116.305M	118.991M	127.267M	153.816M	138.498M	108.595M	112.730M	174.865M	160.750M	291.245M	359.071M	119.555M
Operating Expenses	392.860M	346.198M	377.033M	365.558M	333.832M	328.893M	342.604M	321.481M	291.977M	265.239M	229.802M	208.137M	199.063M	172.314M	175.007M	158.749M	154.334M	139.993M	128.889M	116.305M	118.991M	127.267M	153.816M	138.498M	108.595M	112.730M	174.865M	160.750M	291.245M	359.071M	119.555M
Operating Income	316.470M	157.253M	92.223M	52.587M	35.513M	72.132M	96.620M	85.925M	107.505M	161.038M	165.850M	195.565M	189.515M	187.467M	136.102M	125.387M	113.674M	154.733M	153.506M	121.879M	209.314M	216.803M	138.757M	233.370M	326.374M	177.606M	262.217M	256.654M	138.478M	298.926M	88.661M
Operating Margin	22.69%	15.14%	8.52%	5.03%	3.74%	7.24%	9.34%	8.72%	11.06%	17.60%	18.94%	23.02%	22.72%	24.29%	18.18%	17.85%	17.08%	22.51%	22.65%	19.51%	27.53%	26.73%	17.00%	26.50%	36.84%	21.30%	26.50%	28.38%	13.45%	20.10%	14.62%
Interest Income	2.143M	2.258M	2.199M	0.848M	1.011M	1.408M	1.705M	1.073M	0.792M	0.574M	0.577M	0.626M	0.698M	0.800M	0.599M	0.636M	0.989M	0.786M	0.543M	0.401M	0.363M	0.302M	0.015M	0.018M	0.010M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	11.893M	11.549M	10.757M	10.733M	10.216M	8.739M	6.517M	4.925M	4.434M	3.275M	2.807M	2.662M	2.177M	1.540M	1.923M	1.928M	2.189M	1.364M	0.871M	0.513M	0.849M	0.797M	0.247M	0.823M	0.329M	0.294M	0.159M	0.110M	0.119M	0.005M	0.202M
Net Interest Income	-9.750M	-9.291M	-8.558M	-9.884M	-9.205M	-7.331M	-4.812M	-3.852M	-3.642M	-2.701M	-2.229M	-2.036M	-1.479M	-0.739M	-1.324M	-1.292M	-1.200M	-0.579M	-0.327M	-0.112M	-0.486M	-0.496M	-0.232M	-0.805M	-0.319M	-0.294M	-0.159M	-0.110M	-0.119M	-0.005M	-0.202M
Other Income / Expense	-216.188M	-81.133M	-16.960M	45.638M	8.874M	-42.525M	-39.852M	-25.487M	-49.351M	-101.300M	-104.607M	-128.283M	-123.947M	-121.301M	-69.864M	-72.949M	-70.630M	-112.037M	-78.856M	-47.191M	-134.174M	-118.440M	-70.438M	-167.255M	-264.478M	-107.673M	-196.858M	-187.785M	-90.450M	-256.170M	-64.287M
Pre-Tax Income	90.532M	66.829M	66.706M	88.341M	35.181M	22.276M	51.956M	56.586M	54.512M	57.036M	59.014M	65.246M	64.089M	65.427M	64.914M	51.146M	41.844M	42.117M	74.323M	74.577M	74.654M	97.867M	68.087M	65.311M	61.577M	69.638M	65.199M	68.758M	47.908M	42.751M	24.172M
Pre-Tax Margin	6.49%	6.43%	6.16%	8.44%	3.70%	2.24%	5.02%	5.74%	5.61%	6.23%	6.74%	7.68%	7.68%	8.48%	8.67%	7.28%	6.29%	6.13%	10.97%	11.94%	9.82%	12.07%	8.34%	7.42%	6.95%	8.35%	6.59%	7.60%	4.65%	2.88%	3.99%
Income Tax Expense	21.230M	18.768M	19.403M	22.707M	11.886M	11.772M	15.354M	22.065M	18.836M	15.875M	18.261M	19.389M	18.816M	16.267M	16.038M	13.236M	11.326M	15.092M	21.629M	26.765M	27.060M	31.309M	26.597M	23.904M	23.633M	21.031M	24.902M	28.178M	23.823M	17.291M	4.193M
Tax Rate	23.45%	28.08%	29.09%	25.70%	33.79%	35.00%	29.55%	35.00%	34.55%	27.83%	30.94%	29.72%	29.36%	24.86%	24.71%	25.88%	27.07%	35.00%	29.10%	35.00%	35.00%	31.99%	35.00%	35.00%	35.00%	30.20%	35.00%	35.00%	35.00%	35.00%	17.35%
Net Income	69.302M	48.061M	47.303M	65.634M	23.295M	10.504M	36.602M	34.521M	35.676M	41.161M	40.752M	45.857M	45.273M	49.160M	48.876M	37.910M	30.518M	27.025M	52.694M	47.811M	47.594M	66.558M	41.490M	41.407M	37.944M	48.607M	40.297M	40.580M	24.085M	25.460M	19.979M
Net Margin	4.97%	4.63%	4.37%	6.27%	2.45%	1.05%	3.54%	3.50%	3.67%	4.50%	4.65%	5.40%	5.43%	6.37%	6.53%	5.40%	4.58%	3.93%	7.77%	7.66%	6.26%	8.21%	5.08%	4.70%	4.28%	5.83%	4.07%	4.49%	2.34%	1.71%	3.29%
EBIT	316.470M	157.253M	92.223M	52.587M	35.513M	72.132M	96.620M	85.925M	107.505M	161.038M	165.850M	195.565M	189.515M	187.467M	136.102M	125.387M	113.674M	154.733M	153.506M	121.879M	209.314M	216.803M	138.757M	233.370M	326.374M	177.606M	262.217M	256.654M	138.478M	298.926M	88.661M
Depreciation & Amortization	51.667M	45.875M	46.736M	47.145M	53.010M	52.562M	41.312M	33.133M	32.035M	29.884M	28.365M	25.754M	24.747M	22.598M	25.228M	25.967M	25.577M	25.157M	24.955M	19.004M	22.987M	25.374M	27.074M	24.452M	19.007M	18.554M	31.197M	23.928M	36.135M	46.558M	17.868M
EBITDA	368.137M	203.129M	138.960M	99.732M	88.523M	124.694M	137.932M	119.057M	139.540M	190.922M	194.215M	221.319M	214.262M	210.065M	161.329M	151.354M	139.251M	179.889M	178.461M	140.884M	232.301M	242.177M	165.831M	257.822M	345.381M	196.159M	293.414M	280.582M	174.613M	345.484M	106.529M
EBITDA Margin	26.39%	19.56%	12.83%	9.53%	9.32%	12.52%	13.34%	12.08%	14.36%	20.87%	22.18%	26.05%	25.69%	27.22%	21.55%	21.55%	20.92%	26.17%	26.33%	22.56%	30.55%	29.86%	20.32%	29.28%	38.98%	23.53%	29.66%	31.02%	16.96%	23.24%	17.57%
NOPAT	242.257M	113.091M	65.398M	39.070M	23.515M	46.886M	68.068M	55.851M	70.358M	116.215M	114.529M	137.449M	133.875M	140.856M	102.475M	92.937M	82.906M	100.576M	108.834M	79.222M	136.054M	147.444M	90.192M	151.691M	212.143M	123.968M	170.441M	166.825M	90.011M	194.302M	73.282M
NOPAT Margin	17.37%	10.89%	6.04%	3.73%	2.48%	4.71%	6.58%	5.67%	7.24%	12.70%	13.08%	16.18%	16.05%	18.25%	13.69%	13.23%	12.46%	14.63%	16.06%	12.68%	17.89%	18.18%	11.05%	17.22%	23.94%	14.87%	17.23%	18.45%	8.74%	13.07%	12.08%
Owner's Earnings	120.969M	93.937M	94.039M	112.779M	76.305M	63.066M	77.914M	67.653M	67.711M	71.045M	69.117M	71.611M	70.020M	71.758M	74.104M	63.877M	56.095M	52.182M	77.649M	66.815M	70.582M	91.933M	68.564M	65.859M	56.951M	67.161M	71.494M	64.508M	60.220M	72.018M	37.847M
Owner's Earnings Margin	8.67%	9.04%	8.69%	10.78%	8.03%	6.33%	7.53%	6.86%	6.97%	7.77%	7.89%	8.43%	8.39%	9.30%	9.90%	9.09%	8.43%	7.59%	11.46%	10.70%	9.28%	11.33%	8.40%	7.48%	6.43%	8.06%	7.23%	7.13%	5.85%	4.84%	6.24%
EPS	0.56	0.36	0.37	0.52	0.18	0.09	0.26	0.24	0.23	0.30	0.34	0.43	0.40	0.49	0.47	0.37	0.30	0.25	0.44	0.42	0.42	0.54	0.34	0.25	0.24	0.33	0.41	0.39	0.23	0.18	0.21
EPS (Diluted)	0.56	0.36	0.37	0.52	0.18	0.09	0.26	0.24	0.23	0.30	0.34	0.43	0.40	0.49	0.47	0.37	0.30	0.25	0.44	0.42	0.42	0.54	0.34	0.25	0.24	0.33	0.41	0.39	0.23	0.18	0.21
Shares (Diluted)	123,280,927	132,080,214	126,413,913	125,654,476	127,685,055	122,849,545	139,769,382	143,306,749	153,989,516	135,577,834	119,022,260	106,653,661	112,290,922	100,268,789	103,143,946	101,676,805	102,779,546	108,691,596	118,468,824	113,307,071	113,258,720	122,969,948	123,639,460	163,078,124	156,082,848	147,740,488	97,412,270	103,446,222	105,968,014	140,691,175	95,355,334

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	170.98M	113.18M	126.91M	141.32M	170.39M	147.18M	111.65M	101.34M	93.51M	86.45M	77.92M	87.84M	76.16M	73.52M	84.44M	71.75M	75.79M	53.29M	47.55M	52.63M	56.36M	68.16M	56.04M	58.44M	36.83M	47.17M	54.03M	30.80M	80.27M	62.18M	11.08M
Short-Term Investments	20.33M	30.82M	36.07M	33.77M	30.55M	17.94M	15.88M	18.52M	18.39M	26.48M	32.68M	31.25M	20.58M	18.54M	18.05M	29.46M	21.34M	20.75M	23.96M	24.19M	20.34M	15.04M	18.16M	14.74M	4.19M	10.64M	4.35M	3.19M	0.00M	0.00M	0.13M
Cash & Short-Term Investments	191.31M	144.00M	162.99M	175.09M	200.94M	165.12M	127.53M	119.85M	111.90M	112.93M	110.60M	119.10M	96.74M	92.06M	102.49M	101.21M	97.12M	74.04M	71.51M	76.82M	76.70M	83.20M	74.20M	73.17M	41.02M	57.81M	58.38M	33.99M	80.27M	62.18M	11.21M
Net Receivables	61.85M	54.33M	57.03M	59.18M	57.68M	51.24M	53.59M	46.97M	46.59M	39.58M	34.66M	37.07M	34.99M	33.60M	29.25M	22.10M	21.17M	23.77M	24.58M	18.69M	22.69M	23.77M	19.47M	20.80M	17.38M	19.29M	23.31M	16.45M	18.51M	31.85M	56.98M
Inventory	298.12M	199.60M	221.55M	221.81M	189.24M	182.35M	180.17M	173.15M	162.85M	148.20M	140.18M	131.63M	119.78M	105.78M	118.63M	100.50M	94.36M	108.55M	110.19M	95.59M	97.44M	94.29M	104.81M	102.14M	89.22M	121.89M	159.46M	146.96M	136.75M	164.67M	107.63M
Other Current Assets	46.57M	21.98M	25.24M	22.86M	19.40M	21.35M	22.62M	27.57M	24.94M	15.52M	15.35M	19.34M	19.27M	14.77M	16.91M	11.26M	14.73M	15.85M	14.34M	10.10M	11.81M	13.67M	19.94M	15.13M	10.47M	17.87M	14.78M	31.45M	51.58M	51.26M	13.67M
Total Current Assets	597.85M	419.91M	466.81M	478.94M	467.26M	420.07M	383.91M	367.54M	346.28M	316.23M	300.79M	307.13M	270.77M	246.21M	267.28M	235.08M	227.39M	222.21M	220.63M	201.20M	208.63M	214.93M	218.42M	211.24M	158.08M	216.86M	255.93M	228.84M	287.12M	309.95M	189.48M
Property, Plant & Equipment	452.05M	290.34M	298.89M	297.96M	322.60M	344.08M	205.69M	155.19M	153.86M	141.16M	141.41M	133.01M	121.01M	102.96M	132.00M	118.08M	117.46M	112.33M	142.33M	116.19M	125.31M	123.02M	147.90M	134.23M	105.21M	109.60M	117.79M	114.42M	128.53M	202.54M	106.60M
Goodwill	35.58M	37.74M	40.15M	46.64M	45.64M	39.91M	41.68M	35.79M	44.96M	39.78M	39.46M	29.25M	23.28M	14.37M	8.88M	7.56M	6.51M	6.88M	15.05M	2.57M	2.59M	0.88M	0.26M	0.02M	0.00M	0.97M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	23.49M	26.83M	33.22M	39.55M	41.31M	42.82M	31.15M	28.29M	28.17M	22.64M	22.07M	21.71M	21.20M	17.10M	24.57M	17.29M	11.62M	15.42M	11.46M	9.32M	10.00M	20.00M	21.85M	30.93M	3.89M	3.82M	20.02M	1.14M	3.76M	17.79M	0.00M
Long-Term Investments	7.78M	8.34M	13.89M	13.73M	12.16M	13.03M	16.41M	8.97M	12.73M	10.40M	11.21M	6.88M	7.56M	1.69M	3.70M	2.19M	0.74M	1.18M	0.73M	1.09M	0.47M	0.19M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	2.66M	6.67M	13.94M	14.07M	19.20M	15.41M	13.03M	12.43M	13.70M	12.33M	10.00M	10.82M	8.27M	9.06M	5.65M	6.44M	4.97M	5.53M	4.49M	2.91M	2.82M	2.10M	2.06M	2.36M	1.23M	0.12M	0.00M	0.00M	0.44M	0.00M	0.28M
Other Non-Current Assets	62.52M	26.22M	22.95M	19.15M	21.34M	13.29M	14.56M	16.06M	16.96M	14.40M	17.57M	16.87M	17.18M	22.71M	20.99M	21.01M	22.87M	24.91M	18.61M	22.59M	22.48M	18.15M	20.65M	18.42M	17.83M	26.44M	21.10M	22.44M	24.39M	24.61M	18.67M
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	584.09M	396.13M	423.03M	431.09M	462.25M	468.54M	322.51M	256.73M	270.38M	240.73M	241.73M	218.53M	198.51M	167.90M	195.79M	172.59M	164.17M	166.24M	192.67M	154.67M	163.68M	164.35M	192.73M	185.97M	128.15M	140.95M	158.91M	138.00M	157.12M	244.94M	125.56M
Total Assets	1,181.94M	816.04M	889.84M	910.03M	929.51M	888.60M	706.42M	624.27M	616.66M	556.96M	542.51M	525.66M	469.28M	414.11M	463.07M	407.66M	391.55M	388.45M	413.30M	355.87M	372.31M	379.27M	411.15M	397.21M	286.23M	357.81M	414.83M	366.84M	444.24M	554.90M	315.04M
Accounts Payable	133.27M	93.22M	90.27M	103.89M	105.73M	95.31M	85.89M	81.11M	75.46M	68.58M	66.49M	61.25M	56.86M	55.12M	50.37M	49.47M	44.57M	48.48M	44.79M	40.13M	43.38M	51.96M	51.97M	66.46M	75.28M	85.40M	84.92M	73.11M	92.62M	103.23M	64.86M
Short-Term Debt	55.85M	31.71M	46.55M	49.24M	51.26M	57.30M	19.82M	13.28M	16.60M	12.82M	12.47M	11.28M	12.54M	11.45M	9.80M	7.53M	10.28M	11.17M	9.19M	5.25M	8.86M	4.11M	4.21M	7.42M	7.55M	8.07M	8.92M	6.87M	4.64M	22.86M	14.05M
Tax Payables	0.69M	9.97M	9.22M	11.60M	12.90M	11.98M	10.22M	8.03M	9.25M	8.14M	7.38M	6.67M	7.21M	6.85M	6.06M	3.41M	2.48M	3.25M	5.03M	7.34M	3.59M	2.79M	0.17M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Revenue	0.04M	2.28M	11.64M	12.61M	17.24M	16.47M	15.98M	8.08M	11.61M	12.86M	8.13M	8.19M	9.91M	6.49M	4.17M	2.47M	2.05M	3.48M	2.25M	1.73M	1.72M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	48.65M	50.14M	42.48M	44.52M	51.55M	41.81M	43.70M	45.05M	45.53M	34.92M	39.53M	28.62M	28.98M	31.31M	29.00M	21.28M	18.68M	22.00M	20.79M	20.66M	22.70M	15.69M	18.47M	15.26M	12.51M	27.26M	45.30M	36.72M	90.82M	127.63M	9.82M
Total Current Liabilities	238.49M	187.30M	200.17M	221.87M	238.69M	222.85M	175.61M	155.54M	158.46M	137.32M	134.00M	116.02M	115.49M	111.21M	99.41M	84.16M	78.05M	88.38M	82.06M	75.11M	80.26M	74.55M	74.82M	89.15M	95.34M	120.73M	139.13M	116.71M	188.08M	253.72M	88.73M
Long-Term Debt	142.45M	67.96M	106.36M	100.30M	115.09M	99.54M	75.94M	57.35M	55.63M	45.91M	41.08M	39.29M	28.84M	28.84M	31.94M	19.42M	24.06M	17.77M	25.05M	27.86M	28.09M	35.59M	47.26M	26.80M	40.01M	49.17M	61.57M	68.44M	42.57M	102.41M	54.04M
Capital Lease Obligations	249.65M	166.93M	187.96M	180.08M	174.65M	186.19M	41.29M	0.34M	0.33M	0.33M	0.27M	0.28M	0.25M	0.11M	0.01M	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
Deferred Tax Liabilities	2.54M	4.76M	11.47M	15.20M	15.08M	15.85M	10.20M	5.23M	6.99M	5.50M	4.61M	4.17M	3.82M	3.25M	3.81M	2.46M	2.13M	2.79M	3.10M	2.28M	3.34M	3.56M	2.00M	1.05M	0.34M	0.21M	0.48M	1.47M	1.34M	3.26M	0.27M
Other Non-Current Liabilities	24.24M	18.78M	19.04M	17.31M	23.66M	25.73M	28.25M	33.02M	37.04M	34.86M	31.80M	29.66M	30.73M	26.08M	17.16M	15.75M	17.98M	25.20M	19.13M	20.80M	23.77M	15.07M	23.60M	30.58M	7.20M	7.26M	11.87M	10.51M	6.32M	36.13M	21.26M
Total Non-Current Liabilities	418.88M	258.42M	324.83M	312.88M	328.48M	327.30M	155.68M	95.94M	99.98M	86.61M	77.75M	73.41M	63.64M	58.28M	52.92M	37.63M	44.17M	45.76M	47.28M	50.93M	55.22M	54.22M	72.87M	58.43M	47.55M	56.64M	73.92M	80.43M	50.23M	141.80M	75.56M
Total Liabilities	657.37M	445.72M	525.00M	534.75M	567.17M	550.16M	331.29M	251.48M	258.44M	223.93M	211.75M	189.43M	179.14M	169.49M	152.33M	121.79M	122.22M	134.14M	129.34M	126.04M	135.48M	128.77M	147.69M	147.58M	142.90M	177.37M	213.06M	197.13M	238.30M	395.52M	164.29M
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	33.42M	29.29M	33.25M	32.53M	33.70M	32.24M	25.84M	30.71M	30.53M	24.32M	24.68M	23.36M	20.72M	19.51M	17.49M	15.35M	15.24M	15.82M	22.29M	17.82M	19.81M	25.91M	18.39M	22.63M	14.37M	21.07M	16.50M	0.40M	6.11M	0.43M	0.62M
Retained Earnings	463.90M	299.90M	294.75M	232.06M	231.82M	214.80M	243.55M	250.33M	250.45M	231.99M	213.68M	236.37M	212.68M	181.63M	147.76M	150.43M	155.32M	141.76M	153.85M	151.55M	157.11M	170.75M	229.93M	172.67M	137.26M	127.85M	146.37M	144.06M	145.63M	256.74M	78.40M
Accumulated OCI	0.15M	2.27M	4.52M	5.39M	1.73M	-4.46M	-6.84M	-14.96M	-9.78M	-11.87M	-10.42M	-5.78M	-4.26M	-8.42M	-9.61M	-7.08M	-6.28M	-4.09M	-1.21M	-0.73M	-3.80M	-4.98M	-8.44M	-6.11M	-7.71M	-7.71M	-13.23M	-18.32M	-16.49M	-13.83M	-4.18M
Minority Interest	0.71M	0.40M	0.39M	0.48M	0.22M	0.44M	0.21M	0.30M	0.33M	0.41M	0.33M	0.23M	0.10M	0.04M	0.02M	0.00M	0.00M	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
Total Shareholders’ Equity	497.48M	331.46M	332.53M	269.97M	267.25M	242.58M	262.56M	266.08M	271.20M	244.44M	227.93M	253.94M	229.14M	192.72M	155.64M	158.69M	164.29M	153.49M	174.93M	168.63M	173.12M	191.68M	239.88M	189.19M	143.92M	141.21M	149.64M	126.13M	135.24M	243.34M	74.84M
Total Equity	498.20M	331.86M	332.91M	270.46M	267.47M	243.02M	262.77M	266.38M	271.53M	244.85M	228.27M	254.18M	229.24M	192.77M	155.66M	158.70M	164.29M	153.51M	174.93M	168.63M	173.12M	191.68M	239.88M	189.19M	143.92M	141.21M	149.64M	126.13M	135.24M	243.34M	74.84M
Total Liabilities & Equity	1,155.57M	777.59M	857.92M	805.21M	834.63M	793.17M	594.06M	517.86M	529.98M	468.78M	440.02M	443.61M	408.37M	362.26M	307.99M	280.49M	286.51M	287.65M	304.28M	294.68M	308.60M	320.45M	387.57M	336.77M	286.81M	318.57M	362.70M	323.26M	373.55M	638.85M	239.12M
Tangible Assets	1,122.87M	751.48M	816.48M	823.85M	842.56M	805.87M	633.60M	560.19M	543.53M	494.53M	480.97M	474.70M	424.80M	382.64M	429.62M	382.81M	373.42M	366.15M	386.79M	343.98M	359.72M	358.39M	389.03M	366.25M	282.34M	353.01M	394.81M	365.70M	440.48M	537.10M	315.04M
Tangible Equity	439.12M	267.30M	259.55M	184.27M	180.52M	160.29M	189.94M	202.31M	198.40M	182.43M	166.73M	203.21M	184.75M	161.29M	122.21M	133.84M	146.16M	131.21M	148.43M	156.74M	160.53M	170.80M	217.76M	158.23M	140.03M	136.41M	129.62M	124.99M	131.49M	225.54M	74.84M
Tangible Book Value	439.12M	267.30M	259.55M	184.27M	180.52M	160.29M	189.94M	202.31M	198.40M	182.43M	166.73M	203.21M	184.75M	161.29M	122.21M	133.84M	146.16M	131.21M	148.43M	156.74M	160.53M	170.80M	217.76M	158.23M	140.03M	136.41M	129.62M	124.99M	131.49M	225.54M	74.84M
Total Investments	26.76M	21.63M	33.31M	29.50M	27.93M	24.25M	30.38M	30.05M	26.61M	29.13M	29.56M	23.87M	18.11M	9.26M	17.79M	16.06M	11.98M	15.16M	22.90M	16.82M	17.25M	12.44M	10.21M	15.84M	6.53M	7.32M	4.67M	0.00M	0.00M	0.00M	0.00M
Net Debt	27.32M	-13.52M	26.00M	8.22M	-4.04M	9.66M	-15.89M	-30.70M	-21.29M	-27.72M	-24.37M	-37.26M	-34.78M	-33.23M	-42.69M	-44.79M	-41.45M	-24.35M	-13.31M	-19.52M	-19.40M	-28.46M	-4.57M	-24.21M	10.73M	10.07M	16.47M	44.51M	-33.07M	63.09M	57.01M

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	250.39M	225.80M	229.46M	210.03M	232.90M	187.06M	233.74M	256.67M	229.56M	205.95M	203.33M	216.38M	170.99M	144.14M	183.31M	145.54M	126.33M	125.27M	121.23M	141.64M	135.77M	187.45M	180.93M	161.95M	94.96M	129.32M	173.20M	159.93M	186.72M	254.29M	93.75M
Total Capital	1,034.88M	733.50M	766.85M	784.39M	816.39M	801.84M	552.87M	522.50M	512.45M	473.91M	470.67M	448.02M	386.30M	358.56M	379.99M	360.23M	337.51M	324.07M	341.66M	320.91M	326.76M	352.69M	372.94M	353.69M	268.64M	269.94M	333.51M	311.34M	381.87M	531.25M	199.09M
Capital Employed	1,042.83M	750.50M	752.36M	710.31M	761.35M	793.50M	623.00M	623.04M	575.99M	535.55M	533.64M	493.97M	434.11M	404.86M	446.23M	403.11M	394.79M	375.23M	371.89M	349.12M	390.22M	399.15M	415.44M	380.59M	298.68M	305.21M	431.45M	354.39M	519.91M	672.58M	239.68M
Invested Capital	863.90M	620.32M	639.93M	643.07M	646.00M	654.66M	441.22M	421.17M	418.94M	387.46M	392.75M	360.18M	310.14M	285.04M	295.55M	288.48M	261.72M	270.78M	294.11M	268.28M	270.41M	284.53M	316.90M	295.25M	231.82M	222.77M	279.48M	280.55M	301.59M	469.08M	188.01M

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	55.60M	51.96M	50.63M	50.53M	54.01M	54.24M	42.69M	33.15M	31.84M	29.49M	28.40M	25.64M	24.96M	22.71M	24.68M	25.66M	27.49M	25.16M	24.47M	20.49M	23.96M	24.55M	27.28M	24.45M	21.39M	19.54M	32.28M	23.83M	35.55M	46.12M	37.45M
Deferred Income Tax	0.60M	-0.22M	0.32M	-0.88M	-1.84M	-1.30M	-0.84M	0.72M	-0.56M	0.03M	0.23M	-0.09M	-0.38M	-0.11M	0.02M	-0.07M	0.00M	-0.60M	-0.66M	-0.63M	-0.18M	0.32M	1.63M	1.47M	0.61M	-0.28M	-2.10M	-0.32M	-1.65M	-0.92M	-2.22M
Stock-Based Compensation	3.98M	3.94M	5.66M	6.43M	4.91M	4.77M	4.67M	4.23M	3.50M	2.69M	2.10M	1.62M	1.57M	1.33M	1.41M	0.98M	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
Change in Working Capital	-15.46M	-0.03M	-24.82M	-42.85M	-4.47M	3.44M	-6.71M	-8.84M	-4.41M	-7.44M	1.22M	-11.75M	-5.31M	-6.13M	-9.17M	1.01M	4.18M	-3.14M	-10.97M	-0.76M	2.06M	-4.25M	2.18M	4.97M	-5.97M	-7.73M	1.79M	-2.20M	4.50M	-1.62M	-7.94M
Accounts Receivable	0.09M	-0.92M	0.58M	-0.12M	-4.77M	0.61M	-1.75M	-1.75M	-1.30M	-1.22M	-0.89M	-1.86M	-1.55M	-0.17M	-0.12M	0.00M	0.00M	0.00M	0.00M	-0.10M	-0.11M	-0.25M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	-12.53M	5.78M	6.19M	-39.17M	-6.29M	1.16M	-7.79M	-11.60M	-7.00M	-7.23M	-8.33M	-10.42M	-8.35M	-7.79M	-9.45M	-2.34M	2.48M	-4.73M	-9.01M	-6.37M	-6.67M	-7.40M	-8.12M	-2.32M	-6.07M	-13.38M	-9.48M	-14.99M	-5.98M	0.97M	-2.56M
Accounts Payable	8.56M	-0.71M	-9.06M	7.88M	10.92M	3.31M	4.92M	3.29M	2.28M	1.57M	1.69M	0.23M	0.45M	0.00M	0.87M	0.20M	-0.27M	0.00M	0.00M	0.65M	1.60M	0.42M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	-7.48M	-5.13M	-7.74M	-7.15M	4.10M	-0.80M	0.52M	1.99M	1.82M	-0.64M	5.61M	1.52M	0.28M	1.19M	-0.55M	2.50M	-0.55M	0.09M	1.23M	5.72M	4.57M	3.32M	3.30M	3.60M	1.83M	6.15M	8.61M	6.07M	7.18M	-12.08M	4.13M
Other Non-Cash Items	14.44M	10.94M	11.53M	14.28M	20.44M	23.36M	6.41M	3.91M	1.98M	0.58M	-2.17M	-0.75M	-2.81M	-3.26M	-0.83M	-0.32M	0.43M	1.11M	-2.50M	1.01M	-0.31M	2.93M	3.30M	2.87M	5.57M	1.09M	1.30M	1.08M	1.88M	2.07M	1.32M
Net Cash from Operating Activities	116.71M	110.07M	92.78M	95.98M	97.33M	100.27M	91.66M	69.01M	64.46M	69.37M	69.75M	66.84M	69.98M	59.78M	64.98M	62.99M	71.76M	62.47M	55.28M	73.24M	79.46M	87.70M	105.50M	72.39M	67.73M	60.19M	65.26M	49.82M	120.07M	97.81M	77.55M
Capital Expenditures (PPE)	-41.53M	-30.72M	-33.97M	-32.04M	-26.95M	-29.37M	-31.76M	-31.48M	-34.15M	-33.48M	-34.17M	-31.95M	-33.77M	-29.47M	-26.38M	-21.13M	-29.10M	-36.68M	-39.46M	-31.00M	-29.48M	-26.28M	-31.39M	-33.36M	-28.44M	-37.97M	-50.76M	-37.30M	-39.74M	-43.59M	-30.25M
Acquisitions (Net)	0.00M	0.00M	-0.04M	-1.55M	-0.30M	-0.54M	-1.00M	-0.01M	-0.10M	-0.13M	-0.04M	-0.14M	-0.30M	0.00M	-0.19M	-0.01M	-0.02M	-0.20M	-0.66M	-0.16M	-1.17M	0.00M	-0.21M	-0.29M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	-0.53M	-2.24M	-4.70M	-11.48M	-4.82M	-7.17M	-9.42M	-4.02M	-5.77M	-2.11M	-5.95M	-5.19M	-2.61M	-2.11M	-2.75M	-2.31M	-2.78M	-8.92M	-15.14M	-7.97M	-5.77M	-3.63M	-3.15M	-3.74M	-3.20M	-3.99M	-5.51M	-1.85M	-1.91M	-2.56M	-0.05M
Sales / Maturities of Investments	1.00M	5.55M	8.74M	9.77M	5.20M	7.14M	8.30M	5.45M	9.60M	2.34M	3.31M	0.66M	3.60M	1.42M	2.52M	2.62M	1.17M	9.78M	11.65M	5.27M	1.59M	2.53M	2.49M	0.26M	4.58M	3.12M	2.90M	1.38M	4.50M	2.69M	0.40M
Other Investing Activities	-1.13M	-0.14M	1.16M	0.03M	0.72M	0.62M	0.50M	-0.66M	0.57M	0.44M	0.13M	-0.57M	-0.98M	-1.65M	0.94M	-0.21M	-0.37M	-0.27M	-0.01M	-0.62M	-0.07M	0.33M	0.03M	1.15M	-0.26M	-0.73M	-0.33M	0.04M	0.95M	-5.27M	-8.73M
Net Cash from Investing Activities	-44.60M	-33.65M	-35.44M	-38.08M	-29.70M	-38.07M	-39.82M	-38.35M	-30.99M	-31.82M	-35.81M	-38.13M	-38.70M	-31.78M	-31.21M	-27.77M	-24.60M	-31.47M	-45.31M	-33.84M	-43.20M	-35.20M	-48.38M	-33.45M	-37.02M	-45.93M	-67.73M	-37.46M	-24.63M	-45.95M	-51.59M
Net Debt Issuance	-3.31M	-15.42M	-9.60M	-21.69M	-3.99M	-0.93M	-4.48M	-3.10M	2.85M	0.17M	1.50M	1.10M	-0.40M	-2.01M	-1.21M	-4.19M	-3.11M	0.35M	-0.08M	-5.30M	-1.62M	-5.05M	0.84M	-2.12M	-4.24M	7.29M	5.75M	5.84M	-0.57M	-12.10M	0.29M
Long-Term Debt Issuance	-2.73M	-8.68M	-6.93M	-15.34M	-0.52M	-2.02M	-1.55M	-1.31M	2.35M	1.02M	0.18M	-0.17M	-0.15M	-0.57M	-0.45M	-1.36M	-2.35M	-0.28M	-0.91M	-1.23M	-2.41M	-3.72M	-0.87M	-2.33M	-1.99M	4.95M	5.55M	2.03M	-0.19M	-12.10M	0.29M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	-1.13M	-0.09M	0.00M	-0.21M	0.00M	0.00M	0.00M	0.00M	0.06M	0.00M	0.00M	0.00M	-0.42M	0.00M	0.08M	0.00M	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	-2.49M	-2.91M	-8.15M	-12.67M	0.25M	-7.36M	-9.06M	-5.88M	-3.77M	-3.82M	-3.62M	-0.04M	-0.38M	-0.02M	-1.29M	0.10M	-0.24M	-2.03M	-1.04M	1.70M	0.81M	1.00M	0.64M	0.67M	-1.91M	-9.05M	-12.28M	-0.89M	0.91M	-0.71M	-1.89M
Common Stock Issuance	0.00M	0.07M	0.03M	0.69M	1.30M	0.88M	0.18M	0.32M	0.50M	0.31M	0.14M	0.17M	0.16M	0.09M	0.25M	0.46M	0.33M	2.72M	3.36M	8.28M	4.30M	4.61M	4.80M	3.01M	3.13M	2.31M	6.28M	6.99M	12.14M	5.57M	2.66M
Common Stock Repurchased	-4.38M	-3.70M	-10.07M	-10.80M	-2.58M	-9.03M	-10.75M	-6.55M	-5.62M	-5.38M	-4.32M	-1.01M	-1.50M	-1.48M	-3.77M	-0.07M	-0.91M	-2.92M	-7.85M	-3.06M	-1.13M	-0.46M	-0.47M	-0.79M	-2.74M	-10.51M	-17.67M	-2.00M	-2.58M	-2.88M	-3.39M
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	-5.82M	-12.81M	-12.46M	-12.21M	-8.47M	-12.72M	-11.29M	-13.22M	-18.71M	-15.57M	-13.44M	-12.27M	-14.35M	-13.49M	-14.80M	-10.92M	-9.72M	-9.24M	-10.48M	-6.59M	-7.96M	-7.93M	-7.91M	-5.96M	-4.81M	-3.61M	-4.36M	-2.45M	-6.87M	-13.07M	-14.36M
Common Dividends Paid	-5.54M	-12.81M	-12.36M	-11.93M	-8.05M	-12.72M	-13.58M	-13.21M	-18.71M	-13.65M	-13.04M	-11.62M	-14.30M	-13.37M	-14.80M	-10.92M	-9.67M	-9.58M	-10.53M	-7.13M	-8.03M	-7.91M	-6.55M	-4.31M	-4.81M	-3.61M	-4.36M	-2.45M	-6.87M	-13.07M	-14.36M
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	-10.83M	-9.60M	-9.10M	-9.53M	-11.60M	-8.28M	-4.16M	-0.71M	0.03M	2.18M	1.54M	1.16M	0.50M	1.34M	1.81M	-0.11M	0.24M	0.83M	1.51M	0.01M	-0.17M	-0.05M	-0.29M	-0.13M	-0.05M	0.08M	0.05M	-0.30M	-0.24M	0.39M	1.73M
Net Cash from Financing Activities	-64.81M	-62.85M	-60.27M	-74.82M	-24.80M	-41.25M	-45.10M	-28.18M	-27.62M	-30.43M	-24.28M	-13.15M	-25.12M	-29.29M	-20.76M	-21.74M	-17.61M	-14.68M	-22.66M	-24.24M	-19.47M	-26.70M	-9.18M	-4.80M	-21.04M	-26.69M	-0.94M	-7.49M	-27.74M	-30.74M	-9.69M
Effect of FX on Cash	-0.36M	-0.15M	-0.09M	-0.16M	0.34M	-0.26M	-0.09M	0.06M	0.20M	-0.31M	-0.38M	0.04M	0.06M	-0.01M	0.08M	0.10M	-0.27M	0.10M	0.11M	0.45M	0.04M	0.00M	0.26M	0.03M	-0.01M	-0.01M	-0.71M	-2.05M	-1.20M	-1.46M	0.32M
Net Change in Cash	-6.98M	-0.38M	-9.00M	-20.41M	29.64M	17.72M	2.94M	6.96M	7.77M	1.83M	4.10M	5.30M	2.01M	4.31M	3.41M	10.42M	8.84M	-1.46M	-0.49M	8.72M	6.05M	7.45M	13.77M	16.25M	-0.96M	-5.27M	4.31M	1.02M	4.56M	7.74M	5.71M
Cash at Beginning of Period	68.92M	118.48M	141.98M	169.36M	143.94M	98.68M	103.09M	89.51M	85.16M	78.33M	77.91M	74.37M	70.63M	70.48M	69.63M	76.98M	51.31M	47.05M	50.93M	51.55M	44.24M	38.17M	56.31M	40.98M	43.87M	52.42M	30.52M	19.51M	16.08M	28.38M	32.03M
Cash at End of Period	126.72M	112.30M	120.02M	142.46M	171.77M	144.20M	98.59M	95.39M	91.15M	83.73M	77.53M	78.17M	74.83M	71.03M	85.13M	71.75M	81.28M	52.15M	50.05M	59.71M	63.95M	52.54M	64.66M	61.33M	44.39M	45.66M	53.12M	24.95M	19.51M	60.22M	37.25M
Operating Cash Flow	116.63M	108.84M	93.45M	95.98M	97.41M	100.29M	91.66M	69.01M	64.46M	69.39M	69.75M	66.84M	69.98M	59.78M	64.98M	62.99M	71.76M	62.47M	55.28M	73.24M	79.46M	87.70M	102.02M	72.39M	67.73M	60.19M	65.26M	49.82M	120.07M	97.81M	77.55M
Capital Expenditure	-40.42M	-34.24M	-35.35M	-32.37M	-28.51M	-29.57M	-32.03M	-31.93M	-34.29M	-35.06M	-34.17M	-34.51M	-33.80M	-29.48M	-26.48M	-21.23M	-29.10M	-36.73M	-39.46M	-30.99M	-29.44M	-26.26M	-31.39M	-33.36M	-28.44M	-37.97M	-50.76M	-37.30M	-39.74M	-43.59M	-30.25M
Free Cash Flow	79.92M	78.80M	49.08M	51.93M	64.29M	66.37M	60.48M	40.80M	30.70M	37.35M	34.98M	30.65M	35.78M	32.85M	32.80M	41.62M	42.76M	26.30M	18.17M	42.95M	48.23M	48.37M	64.47M	41.41M	23.08M	21.36M	13.12M	12.34M	65.74M	52.04M	47.37M

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	144.26M	114.68M	121.40M	148.31M	88.09M	80.37M	112.25M	95.01M	96.38M	95.02M	89.98M	101.56M	96.06M	99.67M	92.73M	83.26M	68.20M	67.16M	107.93M	95.98M	97.42M	144.72M	120.13M	113.65M	104.49M	95.39M	94.04M	104.60M	143.58M	125.18M	41.15M
(-) Tax Adjustment	33.83M	32.21M	35.31M	38.12M	29.76M	42.48M	33.17M	37.05M	33.30M	26.45M	27.84M	30.18M	28.20M	24.78M	22.91M	21.55M	18.46M	24.07M	31.41M	34.45M	35.31M	46.30M	46.93M	41.59M	40.10M	28.81M	35.92M	42.87M	71.40M	50.63M	7.14M
(-) Change In Working Capital	-15.46M	-0.03M	-24.82M	-42.85M	-4.47M	3.44M	-6.71M	-8.84M	-4.41M	-7.44M	1.22M	-11.75M	-5.31M	-6.13M	-9.17M	1.01M	4.18M	-3.14M	-10.97M	-0.76M	2.06M	-4.25M	2.18M	4.97M	-5.97M	-7.73M	1.79M	-2.20M	4.50M	-1.62M	-7.94M
(-) Capital Expenditure	40.42M	34.24M	35.35M	32.37M	28.51M	29.57M	32.03M	31.93M	34.29M	35.06M	34.17M	34.51M	33.80M	29.48M	26.48M	21.23M	29.10M	36.73M	39.46M	30.99M	29.44M	26.26M	31.39M	33.36M	28.44M	37.97M	50.76M	37.30M	39.74M	43.59M	30.25M
Unlevered Free Cash Flow	85.47M	48.26M	75.56M	120.67M	34.29M	4.89M	53.76M	34.87M	33.20M	40.94M	26.76M	48.62M	39.37M	51.53M	52.51M	39.48M	16.46M	9.51M	48.02M	31.30M	30.61M	76.41M	39.63M	33.72M	41.92M	36.34M	5.58M	26.63M	27.94M	32.59M	11.70M
(-) Net Interest Income After Taxes	-7.46M	-6.68M	-6.07M	-7.34M	-6.10M	-3.46M	-3.39M	-2.35M	-2.38M	-1.95M	-1.54M	-1.43M	-1.04M	-0.56M	-1.00M	-0.96M	-0.88M	-0.37M	-0.23M	-0.07M	-0.31M	-0.34M	-0.14M	-0.51M	-0.20M	-0.21M	-0.10M	-0.07M	-0.06M	0.00M	-0.17M
Net Debt Issuance	-3.31M	-15.42M	-9.60M	-21.69M	-3.99M	-0.93M	-4.48M	-3.10M	2.85M	0.17M	1.50M	1.10M	-0.40M	-2.01M	-1.21M	-4.19M	-3.11M	0.35M	-0.08M	-5.30M	-1.62M	-5.05M	0.84M	-2.12M	-4.24M	7.29M	5.75M	5.84M	-0.57M	-12.10M	0.29M
Levered Free Cash Flow	89.63M	39.52M	72.02M	106.33M	36.39M	7.42M	52.67M	34.12M	38.43M	43.06M	29.80M	51.15M	40.02M	50.08M	52.30M	36.25M	14.22M	10.23M	48.17M	26.07M	29.31M	71.69M	40.61M	32.10M	37.88M	43.84M	11.42M	32.54M	27.43M	20.49M	12.15M