Real Estate - Services

Category: Industry Averages Base Ticker: 6626.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	10.13	7.98	6.08	6.16	9.88	8.60	8.51	7.21	8.18	7.96	8.58	6.67	6.12	3.61	3.73	4.33	2.93	3.43	5.93	5.69	3.87	1.69	1.27	1.71	0.96	1.08	1.37	1.36	1.40	0.96	0.60
Market Capitalization	2,615.02M	2,138.58M	1,823.82M	1,988.05M	3,141.49M	3,046.66M	2,973.65M	2,339.90M	2,115.74M	1,867.55M	1,711.38M	1,473.25M	1,007.25M	708.59M	512.56M	561.92M	476.49M	374.37M	633.64M	451.06M	301.34M	171.73M	152.64M	142.36M	167.50M	212.34M	169.60M	135.60M	151.54M	142.73M	89.77M
(-) Cash & Equivalents	329.88M	357.74M	440.29M	463.94M	563.12M	606.61M	434.47M	271.16M	210.42M	218.11M	144.96M	142.23M	114.39M	107.91M	84.03M	85.38M	82.44M	60.69M	57.22M	42.33M	28.63M	19.78M	18.81M	16.05M	12.48M	9.80M	7.65M	7.15M	6.61M	4.27M	3.33M
(+) Total Debt	2,495.06M	1,812.34M	1,959.65M	2,348.97M	2,334.59M	2,024.34M	1,899.48M	1,397.17M	1,278.84M	1,280.88M	940.61M	872.70M	711.50M	627.33M	475.08M	492.31M	405.65M	321.05M	227.11M	145.66M	102.46M	66.81M	49.96M	43.62M	44.65M	48.62M	33.85M	23.74M	18.32M	22.21M	17.75M
Enterprise Value	5,942.75M	4,040.04M	3,709.13M	4,831.86M	5,684.56M	4,699.80M	4,737.07M	3,633.30M	3,423.40M	3,129.00M	2,653.94M	2,303.17M	1,740.90M	1,504.90M	1,081.33M	1,147.09M	957.00M	728.51M	915.44M	647.60M	414.64M	246.93M	185.19M	174.63M	217.53M	271.04M	207.86M	165.46M	168.10M	165.53M	114.50M

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	1,752.606M	1,349.333M	1,315.417M	1,425.404M	1,429.738M	1,123.623M	1,106.008M	941.095M	762.962M	665.724M	554.111M	453.399M	436.082M	362.388M	284.582M	274.551M	228.399M	237.318M	165.162M	141.612M	115.270M	91.339M	70.322M	49.929M	53.197M	49.954M	47.982M	47.346M	39.829M	42.737M	28.894M
Cost of Revenue	1,057.326M	838.971M	849.331M	928.432M	1,010.281M	727.532M	665.493M	501.791M	413.419M	358.532M	300.845M	252.173M	222.233M	194.143M	151.763M	146.509M	137.451M	146.620M	86.758M	76.797M	65.980M	52.051M	36.576M	28.079M	30.854M	24.012M	22.878M	17.789M	16.196M	16.175M	15.558M
Gross Profit	695.280M	510.361M	466.086M	496.971M	419.457M	396.091M	440.515M	439.303M	349.543M	307.192M	253.266M	201.226M	213.849M	168.245M	132.819M	128.042M	90.948M	90.698M	78.405M	64.815M	49.290M	39.288M	33.746M	21.850M	22.343M	25.942M	25.104M	29.558M	23.633M	26.561M	13.336M
Gross Margin	39.67%	37.82%	35.43%	34.87%	29.34%	35.25%	39.83%	46.68%	45.81%	46.14%	45.71%	44.38%	49.04%	46.43%	46.67%	46.64%	39.82%	38.22%	47.47%	45.77%	42.76%	43.01%	47.99%	43.76%	42.00%	51.93%	52.32%	62.43%	59.34%	62.15%	46.15%
R&D Expenses	0.071M	0.116M	0.638M	0.410M	0.289M	0.286M	0.098M	0.091M	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	175.924M	126.666M	144.754M	167.037M	185.886M	133.040M	144.925M	108.028M	82.853M	74.940M	73.814M	54.045M	47.174M	30.967M	25.957M	20.068M	19.012M	16.182M	13.839M	14.487M	13.733M	10.686M	7.817M	7.258M	7.408M	5.961M	4.704M	4.118M	3.376M	2.856M	2.374M
Operating Expenses	175.995M	126.783M	145.392M	167.447M	186.176M	133.326M	145.023M	108.119M	82.853M	74.940M	73.814M	54.045M	47.174M	30.967M	25.957M	20.068M	19.012M	16.182M	13.839M	14.487M	13.733M	10.686M	7.817M	7.258M	7.408M	5.961M	4.704M	4.118M	3.376M	2.856M	2.374M
Operating Income	519.285M	383.579M	320.694M	329.524M	233.282M	262.764M	295.492M	331.184M	266.689M	232.251M	179.452M	147.181M	166.675M	137.279M	106.862M	107.973M	71.936M	74.516M	64.566M	50.328M	35.557M	28.602M	25.929M	14.592M	14.935M	19.981M	20.400M	25.440M	20.257M	23.706M	10.961M
Operating Margin	29.63%	28.43%	24.38%	23.12%	16.32%	23.39%	26.72%	35.19%	34.95%	34.89%	32.39%	32.46%	38.22%	37.88%	37.55%	39.33%	31.50%	31.40%	39.09%	35.54%	30.85%	31.31%	36.87%	29.23%	28.07%	40.00%	42.52%	53.73%	50.86%	55.47%	37.94%
Interest Income	7.198M	8.233M	9.209M	7.043M	6.940M	6.147M	6.349M	4.871M	3.436M	2.509M	1.467M	1.737M	1.975M	1.562M	1.399M	0.952M	0.655M	1.246M	1.062M	0.844M	0.590M	0.292M	0.160M	0.130M	0.163M	0.156M	0.014M	0.029M	0.013M	0.028M	0.067M
Interest Expense	52.929M	55.061M	50.941M	48.667M	46.058M	25.465M	40.082M	29.756M	22.321M	27.575M	24.495M	24.282M	20.328M	20.902M	19.795M	16.698M	13.270M	12.534M	11.543M	5.773M	4.154M	2.316M	1.896M	1.725M	2.451M	2.213M	1.420M	1.297M	0.907M	1.247M	0.737M
Net Interest Income	-45.731M	-46.828M	-41.732M	-41.624M	-39.118M	-19.317M	-33.734M	-24.884M	-18.885M	-25.066M	-23.029M	-22.545M	-18.353M	-19.340M	-18.397M	-15.746M	-12.615M	-11.288M	-10.481M	-4.929M	-3.565M	-2.024M	-1.736M	-1.595M	-2.288M	-2.056M	-1.406M	-1.269M	-0.893M	-1.219M	-0.671M
Other Income / Expense	-306.206M	-194.270M	-188.881M	-172.851M	83.653M	-98.030M	-18.188M	-148.840M	-83.676M	-52.076M	-36.016M	-8.241M	-51.156M	-47.167M	-27.888M	-33.292M	-33.510M	-38.353M	4.344M	-8.601M	-1.831M	-15.497M	-17.274M	-8.451M	-8.684M	-13.268M	-14.245M	-19.314M	-13.958M	-17.311M	-6.120M
Pre-Tax Income	167.348M	142.480M	90.082M	115.050M	277.817M	145.416M	243.571M	157.460M	164.128M	155.109M	120.407M	116.395M	97.166M	70.772M	60.577M	58.935M	25.811M	24.875M	58.428M	36.798M	30.161M	11.080M	6.919M	4.546M	3.963M	4.657M	4.750M	4.857M	5.406M	5.175M	4.171M
Pre-Tax Margin	9.55%	10.56%	6.85%	8.07%	19.43%	12.94%	22.02%	16.73%	21.51%	23.30%	21.73%	25.67%	22.28%	19.53%	21.29%	21.47%	11.30%	10.48%	35.38%	25.98%	26.17%	12.13%	9.84%	9.11%	7.45%	9.32%	9.90%	10.26%	13.57%	12.11%	14.43%
Income Tax Expense	51.600M	46.314M	29.349M	44.439M	79.229M	48.987M	58.914M	37.221M	36.383M	34.861M	30.609M	26.534M	19.314M	15.554M	16.253M	12.904M	8.484M	6.378M	12.014M	8.067M	4.548M	2.041M	1.426M	1.187M	0.756M	0.966M	1.137M	0.999M	0.884M	0.706M	0.519M
Tax Rate	30.83%	32.51%	32.58%	35.00%	28.52%	33.69%	24.19%	23.64%	22.17%	22.47%	25.42%	22.80%	19.88%	21.98%	26.83%	21.89%	32.87%	25.64%	20.56%	21.92%	15.08%	18.42%	20.60%	26.10%	19.09%	20.74%	23.94%	20.57%	16.35%	13.64%	12.45%
Net Income	115.748M	96.166M	60.733M	70.611M	198.588M	96.430M	184.658M	120.240M	127.745M	120.249M	89.798M	89.860M	77.852M	55.217M	44.324M	46.032M	17.327M	18.497M	46.414M	28.730M	25.614M	9.039M	5.493M	3.360M	3.207M	3.691M	3.613M	3.858M	4.522M	4.470M	3.651M
Net Margin	6.60%	7.13%	4.62%	4.95%	13.89%	8.58%	16.70%	12.78%	16.74%	18.06%	16.21%	19.82%	17.85%	15.24%	15.58%	16.77%	7.59%	7.79%	28.10%	20.29%	22.22%	9.90%	7.81%	6.73%	6.03%	7.39%	7.53%	8.15%	11.35%	10.46%	12.64%
EBIT	519.285M	383.579M	320.694M	329.524M	233.282M	262.764M	295.492M	331.184M	266.689M	232.251M	179.452M	147.181M	166.675M	137.279M	106.862M	107.973M	71.936M	74.516M	64.566M	50.328M	35.557M	28.602M	25.929M	14.592M	14.935M	19.981M	20.400M	25.440M	20.257M	23.706M	10.961M
Depreciation & Amortization	50.938M	44.624M	45.020M	75.003M	73.483M	114.933M	120.411M	172.320M	126.145M	74.599M	11.115M	9.039M	11.002M	11.191M	6.693M	7.901M	5.662M	6.306M	4.624M	4.672M	4.331M	4.015M	2.644M	1.788M	1.754M	1.983M	1.826M	1.882M	0.703M	0.554M	0.189M
EBITDA	570.223M	428.203M	365.714M	404.528M	306.765M	377.697M	415.904M	503.504M	392.834M	306.850M	190.567M	156.220M	177.677M	148.470M	113.555M	115.875M	77.598M	80.821M	69.190M	55.000M	39.888M	32.617M	28.572M	16.380M	16.689M	21.964M	22.226M	27.322M	20.959M	24.260M	11.151M
EBITDA Margin	32.54%	31.73%	27.80%	28.38%	21.46%	33.61%	37.60%	53.50%	51.49%	46.09%	34.39%	34.46%	40.74%	40.97%	39.90%	42.21%	33.97%	34.06%	41.89%	38.84%	34.60%	35.71%	40.63%	32.81%	31.37%	43.97%	46.32%	57.71%	52.62%	56.77%	38.59%
NOPAT	359.170M	258.894M	216.211M	214.191M	166.753M	174.247M	224.020M	252.899M	207.572M	180.053M	133.833M	113.628M	133.545M	107.107M	78.190M	84.333M	48.291M	55.411M	51.290M	39.294M	30.196M	23.333M	20.586M	10.783M	12.085M	15.838M	15.517M	20.207M	16.945M	20.472M	9.597M
NOPAT Margin	20.49%	19.19%	16.44%	15.03%	11.66%	15.51%	20.25%	26.87%	27.21%	27.05%	24.15%	25.06%	30.62%	29.56%	27.48%	30.72%	21.14%	23.35%	31.05%	27.75%	26.20%	25.55%	29.27%	21.60%	22.72%	31.71%	32.34%	42.68%	42.54%	47.90%	33.21%
Owner's Earnings	166.687M	140.790M	105.753M	145.614M	272.071M	211.363M	305.069M	292.559M	253.890M	194.847M	100.913M	98.899M	88.854M	66.408M	51.017M	53.933M	22.989M	24.803M	51.039M	33.402M	29.945M	13.054M	8.137M	5.148M	4.961M	5.674M	5.439M	5.740M	5.225M	5.024M	3.841M
Owner's Earnings Margin	9.51%	10.43%	8.04%	10.22%	19.03%	18.81%	27.58%	31.09%	33.28%	29.27%	18.21%	21.81%	20.38%	18.33%	17.93%	19.64%	10.07%	10.45%	30.90%	23.59%	25.98%	14.29%	11.57%	10.31%	9.33%	11.36%	11.33%	12.12%	13.12%	11.76%	13.29%
EPS	0.16	0.10	0.06	0.07	0.20	0.10	0.18	0.12	0.13	0.14	0.14	0.13	0.12	0.09	0.08	0.11	0.05	0.05	0.11	0.06	0.06	0.02	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
EPS (Diluted)	0.16	0.10	0.06	0.07	0.20	0.10	0.18	0.12	0.13	0.14	0.14	0.13	0.12	0.09	0.08	0.11	0.05	0.05	0.11	0.06	0.06	0.02	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Shares (Diluted)	714,911,649	928,825,416	991,902,764	1,001,552,450	979,679,192	955,169,416	999,799,806	967,437,926	966,812,920	836,250,119	641,223,062	667,004,103	622,981,312	581,601,640	521,594,885	412,469,407	342,777,442	375,592,905	440,884,529	443,227,029	417,603,096	385,590,675	383,707,466	345,674,722	363,210,609	359,317,226	335,055,467	323,863,868	331,249,496	338,466,847	318,229,562

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	311.86M	357.74M	440.28M	463.94M	563.12M	606.61M	434.89M	278.99M	211.95M	218.11M	146.08M	142.23M	114.39M	107.91M	86.11M	86.75M	83.44M	61.99M	57.22M	42.33M	28.88M	20.56M	18.99M	16.17M	13.35M	10.13M	8.33M	7.97M	6.90M	4.32M	3.43M
Short-Term Investments	29.68M	44.39M	32.93M	36.38M	84.21M	59.67M	51.78M	29.74M	32.59M	43.49M	42.23M	18.49M	23.88M	15.98M	29.73M	19.39M	9.51M	7.72M	8.56M	10.97M	5.29M	2.71M	1.70M	0.86M	1.89M	2.17M	2.42M	0.62M	0.99M	0.71M	0.76M
Cash & Short-Term Investments	341.54M	402.13M	473.21M	500.33M	647.33M	666.28M	486.67M	308.74M	244.54M	261.60M	188.31M	160.72M	138.28M	123.89M	115.84M	106.14M	92.95M	69.72M	65.78M	53.30M	34.17M	23.27M	20.69M	17.03M	15.23M	12.30M	10.75M	8.59M	7.90M	5.03M	4.19M
Net Receivables	150.28M	239.03M	237.57M	226.83M	218.29M	222.66M	145.77M	120.97M	71.94M	72.96M	71.15M	45.47M	46.04M	40.57M	40.01M	25.43M	22.41M	13.50M	18.35M	13.89M	11.69M	10.39M	5.29M	8.65M	9.06M	3.02M	2.32M	4.35M	3.76M	3.86M	1.95M
Inventory	119.46M	123.75M	176.15M	239.92M	252.85M	261.52M	271.14M	225.02M	230.05M	263.43M	159.45M	169.99M	104.38M	126.23M	111.55M	97.81M	98.24M	96.31M	57.47M	40.97M	35.17M	19.44M	16.11M	9.58M	9.22M	10.36M	10.79M	11.03M	6.74M	7.39M	7.02M
Other Current Assets	113.63M	87.83M	90.99M	153.29M	148.54M	104.25M	108.73M	124.65M	68.07M	54.90M	61.83M	55.10M	32.09M	33.35M	27.52M	29.69M	27.40M	25.47M	22.61M	23.20M	17.52M	12.43M	13.83M	11.87M	10.38M	14.94M	13.62M	10.79M	7.87M	7.71M	5.38M
Total Current Assets	724.91M	852.74M	977.92M	1,120.37M	1,267.02M	1,254.71M	1,012.32M	779.37M	614.59M	652.90M	480.75M	431.28M	320.78M	324.04M	294.92M	259.08M	241.00M	204.99M	164.22M	131.37M	98.55M	65.53M	55.91M	47.12M	43.89M	40.62M	37.49M	34.75M	26.26M	24.00M	18.54M
Property, Plant & Equipment	425.81M	263.33M	419.56M	298.18M	286.81M	194.35M	293.04M	144.43M	170.71M	214.61M	94.58M	104.50M	69.03M	73.43M	75.13M	70.69M	57.35M	55.77M	90.74M	120.21M	127.18M	85.32M	74.61M	53.50M	46.25M	42.92M	37.02M	31.74M	27.92M	25.56M	22.51M
Goodwill	160.94M	131.29M	156.04M	195.31M	193.22M	138.08M	88.78M	54.60M	46.01M	41.27M	22.04M	14.36M	8.53M	6.70M	2.66M	0.56M	0.58M	0.72M	0.45M	0.16M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	26.32M	52.04M	60.84M	79.44M	94.73M	70.88M	74.53M	32.28M	22.85M	23.17M	23.67M	15.60M	7.06M	11.74M	11.72M	7.08M	5.59M	3.54M	2.84M	2.72M	1.75M	1.42M	1.04M	0.79M	0.93M	1.47M	1.61M	2.07M	1.43M	0.63M	0.68M
Long-Term Investments	39.58M	105.47M	234.32M	285.65M	265.10M	168.52M	274.01M	139.18M	190.51M	174.95M	186.48M	130.56M	38.95M	24.78M	7.73M	11.11M	10.85M	11.19M	11.42M	14.65M	9.53M	3.68M	3.66M	2.57M	3.51M	1.59M	2.08M	0.67M	0.00M	0.03M	1.31M
Tax Assets	29.96M	21.71M	31.92M	30.56M	29.57M	22.43M	26.31M	37.20M	24.08M	20.70M	12.16M	10.66M	9.71M	10.17M	9.31M	5.47M	3.97M	2.84M	1.95M	1.16M	0.79M	0.42M	0.26M	0.25M	0.70M	0.14M	0.13M	0.44M	0.00M	0.01M	0.08M
Other Non-Current Assets	874.79M	1,655.36M	516.06M	594.76M	359.19M	286.21M	296.60M	193.44M	143.68M	291.47M	144.84M	296.12M	523.60M	391.39M	340.63M	304.25M	251.52M	262.44M	213.43M	132.79M	20.17M	19.32M	10.45M	11.74M	9.21M	11.43M	7.96M	4.04M	5.56M	4.10M	1.37M
Other Assets	0.01M	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	1,557.41M	2,229.18M	1,418.74M	1,483.91M	1,228.62M	880.47M	1,053.28M	601.13M	597.84M	766.18M	483.77M	571.80M	656.87M	518.21M	447.19M	399.16M	329.87M	336.50M	320.83M	271.70M	159.41M	110.16M	90.02M	68.85M	60.60M	57.54M	48.80M	38.96M	34.91M	30.32M	25.94M
Total Assets	2,282.32M	3,081.92M	2,396.66M	2,604.27M	2,495.64M	2,135.18M	2,065.59M	1,380.50M	1,212.43M	1,419.07M	964.51M	1,003.08M	977.65M	842.25M	742.11M	658.24M	570.87M	541.49M	485.06M	403.07M	257.95M	175.68M	145.93M	115.98M	104.49M	98.16M	86.29M	73.71M	61.17M	54.32M	44.48M
Accounts Payable	85.21M	145.10M	151.82M	186.92M	170.75M	129.79M	102.75M	83.34M	69.43M	60.50M	51.21M	47.34M	40.59M	38.31M	39.41M	36.83M	33.57M	29.31M	22.08M	20.32M	17.36M	11.94M	9.43M	6.52M	5.93M	5.51M	5.21M	4.13M	2.79M	3.17M	2.64M
Short-Term Debt	413.40M	257.14M	263.19M	284.54M	351.03M	250.95M	226.13M	183.92M	181.36M	165.53M	151.85M	148.31M	117.23M	132.22M	122.70M	91.73M	68.09M	72.55M	57.48M	40.15M	37.99M	24.83M	20.40M	16.05M	22.57M	24.12M	22.98M	11.43M	7.08M	6.83M	6.15M
Tax Payables	4.03M	23.84M	39.94M	43.54M	46.68M	38.06M	33.54M	23.48M	23.22M	15.82M	11.39M	8.11M	6.27M	6.50M	4.94M	5.01M	3.56M	3.96M	2.91M	2.65M	1.59M	0.95M	0.92M	0.66M	0.56M	0.58M	0.42M	0.73M	0.59M	0.36M	0.32M
Deferred Revenue	13.74M	0.00M	4.47M	46.77M	93.73M	98.54M	90.22M	30.23M	80.30M	85.86M	55.53M	40.96M	29.13M	36.68M	19.98M	22.01M	16.02M	10.42M	7.84M	5.05M	5.95M	4.11M	2.31M	2.47M	2.73M	2.29M	2.77M	3.79M	2.80M	2.75M	2.06M
Other Current Liabilities	263.02M	297.73M	273.77M	323.57M	239.86M	183.54M	256.70M	191.08M	129.13M	114.13M	86.51M	88.66M	62.86M	82.88M	77.01M	63.60M	50.90M	40.14M	35.23M	25.10M	18.57M	14.32M	9.76M	6.10M	4.25M	4.80M	2.93M	2.63M	2.31M	3.24M	2.13M
Total Current Liabilities	779.39M	723.81M	733.19M	885.34M	902.04M	700.89M	709.35M	512.05M	483.44M	441.84M	356.48M	333.38M	256.07M	296.60M	264.04M	219.18M	172.14M	156.38M	125.54M	93.27M	81.46M	56.15M	42.82M	31.80M	36.04M	37.30M	34.31M	22.72M	15.57M	16.35M	13.30M
Long-Term Debt	1,816.52M	1,350.59M	1,466.36M	1,819.00M	1,718.12M	1,634.42M	1,386.84M	1,032.08M	1,077.66M	964.89M	770.69M	730.10M	557.35M	454.41M	407.69M	372.93M	311.53M	218.48M	175.28M	92.07M	63.82M	34.81M	16.91M	12.91M	16.95M	19.96M	14.53M	6.38M	5.57M	8.68M	8.38M
Capital Lease Obligations	38.18M	67.14M	61.45M	86.55M	85.66M	65.48M	54.47M	2.44M	0.45M	0.12M	0.20M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	155.76M	123.56M	97.43M	138.05M	141.77M	126.62M	124.53M	113.24M	102.25M	126.80M	87.49M	75.21M	48.33M	45.86M	33.27M	33.70M	29.13M	21.86M	27.50M	17.23M	5.89M	1.44M	0.28M	0.04M	0.05M	0.09M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Liabilities	81.58M	77.48M	116.11M	122.57M	102.13M	73.29M	51.06M	44.19M	39.10M	84.26M	63.23M	81.01M	54.19M	20.08M	25.18M	18.89M	15.33M	13.20M	7.84M	14.11M	5.22M	4.42M	0.54M	0.57M	0.43M	0.38M	0.29M	0.18M	0.14M	0.26M	0.27M
Total Non-Current Liabilities	2,092.05M	1,618.77M	1,741.34M	2,166.17M	2,047.67M	1,899.81M	1,616.89M	1,191.94M	1,219.46M	1,176.06M	921.61M	886.32M	659.87M	520.34M	466.13M	425.52M	355.99M	253.54M	210.61M	123.41M	74.93M	40.68M	17.73M	13.51M	17.43M	20.44M	14.83M	6.56M	5.70M	8.94M	8.65M
Total Liabilities	2,871.44M	2,342.58M	2,474.53M	3,051.51M	2,949.71M	2,600.70M	2,326.24M	1,704.00M	1,702.91M	1,617.90M	1,278.09M	1,219.69M	915.94M	816.94M	730.17M	644.70M	528.14M	409.92M	336.15M	216.68M	156.39M	96.83M	60.55M	45.32M	53.47M	57.74M	49.14M	29.28M	21.27M	25.29M	21.94M
Preferred Stock	0.00M	0.00M	0.00M	17.51M	13.66M	0.86M	31.55M	133.28M	63.91M	43.37M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	185.21M	141.74M	142.31M	182.72M	145.57M	146.55M	182.30M	147.19M	135.85M	185.35M	153.89M	107.42M	89.86M	82.30M	79.85M	62.86M	57.68M	48.67M	58.34M	42.92M	28.38M	23.63M	19.29M	17.26M	17.10M	16.39M	14.38M	10.86M	8.75M	7.60M	7.09M
Retained Earnings	607.70M	953.66M	753.69M	772.90M	739.85M	671.47M	812.28M	629.43M	577.94M	577.45M	319.28M	341.48M	217.41M	127.14M	80.03M	73.11M	71.39M	70.93M	45.14M	37.47M	19.99M	7.79M	4.90M	4.11M	3.71M	4.77M	5.11M	6.18M	4.61M	3.15M	1.03M
Accumulated OCI	77.11M	11.73M	7.73M	20.68M	24.73M	28.85M	37.98M	108.24M	89.47M	47.91M	24.36M	1.42M	1.37M	-0.72M	0.00M	-0.59M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.06M	-0.11M	-0.14M	-0.03M	-0.04M	-0.03M	-0.03M	0.00M
Minority Interest	102.32M	96.57M	123.09M	183.92M	183.35M	125.98M	139.29M	130.45M	81.75M	108.03M	37.64M	40.77M	37.92M	31.25M	14.63M	12.50M	8.90M	8.20M	6.51M	7.30M	5.63M	4.05M	2.68M	2.04M	1.54M	2.13M	1.30M	0.63M	0.36M	0.29M	0.23M
Total Shareholders’ Equity	870.02M	1,107.12M	903.73M	993.81M	923.81M	847.73M	1,064.12M	1,018.13M	867.17M	854.08M	497.54M	450.32M	308.64M	208.72M	159.88M	135.38M	129.07M	119.61M	103.48M	80.40M	48.37M	31.41M	24.18M	21.31M	20.70M	21.02M	19.47M	17.00M	13.32M	10.72M	8.11M
Total Equity	972.34M	1,203.69M	1,026.82M	1,177.73M	1,107.17M	973.71M	1,203.41M	1,148.59M	948.92M	962.11M	535.18M	491.10M	346.56M	239.97M	174.51M	147.88M	137.97M	127.80M	109.98M	87.70M	54.00M	35.47M	26.86M	23.35M	22.25M	23.15M	20.76M	17.62M	13.69M	11.01M	8.34M
Total Liabilities & Equity	3,843.78M	3,546.28M	3,501.35M	4,229.24M	4,056.88M	3,574.41M	3,529.65M	2,852.59M	2,651.83M	2,580.02M	1,813.27M	1,710.79M	1,262.50M	1,056.91M	904.68M	792.58M	666.11M	537.73M	446.13M	304.38M	210.39M	132.30M	87.41M	68.67M	75.71M	80.89M	69.90M	46.90M	34.96M	36.30M	30.28M
Tangible Assets	2,095.06M	2,898.60M	2,179.78M	2,329.52M	2,207.69M	1,926.23M	1,902.29M	1,293.62M	1,143.57M	1,354.64M	918.80M	973.12M	962.07M	823.81M	727.72M	650.60M	564.69M	537.22M	481.76M	400.19M	256.21M	174.26M	144.89M	115.19M	103.56M	96.69M	84.69M	71.64M	59.74M	53.69M	43.80M
Tangible Equity	785.08M	1,020.37M	809.94M	902.98M	819.22M	764.75M	1,040.10M	1,061.71M	880.07M	897.68M	489.47M	461.13M	330.97M	221.54M	160.12M	140.23M	131.79M	123.54M	106.69M	84.82M	52.25M	34.05M	25.83M	22.57M	21.31M	21.68M	19.16M	15.55M	12.26M	10.38M	7.66M
Tangible Book Value	785.08M	1,020.37M	809.94M	902.98M	819.22M	764.75M	1,040.10M	1,061.71M	880.07M	897.68M	489.47M	461.13M	330.97M	221.54M	160.12M	140.23M	131.79M	123.54M	106.69M	84.82M	52.25M	34.05M	25.83M	22.57M	21.31M	21.68M	19.16M	15.55M	12.26M	10.38M	7.66M
Total Investments	136.14M	157.24M	263.78M	322.30M	300.81M	241.47M	328.69M	218.18M	199.88M	173.81M	165.39M	155.44M	61.04M	43.21M	45.66M	48.51M	28.32M	28.73M	31.20M	32.13M	21.62M	13.82M	12.42M	13.51M	10.97M	7.79M	6.44M	4.30M	0.67M	1.29M	1.95M
Net Debt	1,918.06M	1,249.99M	1,289.27M	1,639.59M	1,506.03M	1,278.77M	1,178.07M	937.01M	1,047.07M	912.31M	776.47M	736.18M	560.18M	478.72M	444.28M	377.92M	296.18M	229.05M	175.53M	89.89M	72.93M	39.08M	18.31M	12.78M	26.17M	33.95M	29.18M	9.85M	5.74M	11.19M	11.09M

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	-24.89M	279.87M	337.79M	392.61M	540.36M	642.71M	355.54M	322.81M	260.52M	250.04M	120.68M	187.47M	144.06M	48.72M	67.71M	88.39M	104.61M	112.50M	26.21M	36.20M	17.67M	29.08M	20.42M	20.38M	11.10M	10.86M	14.95M	13.00M	13.82M	11.28M	8.31M
Total Capital	4,438.20M	3,809.53M	3,791.58M	4,574.91M	4,492.14M	3,975.13M	3,545.39M	2,724.85M	2,409.41M	2,418.13M	1,840.09M	1,703.27M	1,304.61M	1,179.36M	959.88M	899.66M	749.83M	653.26M	561.59M	417.10M	306.95M	219.11M	168.73M	153.29M	139.29M	140.35M	115.10M	80.09M	64.86M	61.13M	47.24M
Capital Employed	5,525.09M	4,334.01M	4,586.36M	5,531.33M	5,382.29M	4,783.70M	4,461.88M	3,257.05M	3,067.81M	2,913.43M	2,185.06M	2,001.70M	1,489.20M	1,295.03M	1,146.27M	964.04M	860.92M	905.68M	816.75M	586.90M	334.00M	249.74M	190.22M	168.75M	135.32M	132.79M	108.96M	80.91M	71.74M	62.63M	47.27M
Invested Capital	4,126.34M	3,451.79M	3,351.31M	4,110.96M	3,929.02M	3,368.52M	3,110.50M	2,445.86M	2,197.47M	2,200.02M	1,694.01M	1,561.04M	1,190.22M	1,071.45M	873.77M	812.92M	666.38M	591.26M	504.37M	374.77M	278.07M	198.55M	149.74M	137.11M	125.94M	130.22M	106.76M	72.12M	57.96M	56.81M	43.81M

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	34.32M	44.53M	45.62M	47.95M	50.80M	38.47M	32.71M	26.88M	21.03M	17.15M	12.78M	9.36M	8.91M	8.85M	6.63M	6.49M	5.38M	5.10M	3.03M	3.51M	3.55M	3.10M	2.55M	1.74M	1.75M	1.96M	1.87M	1.77M	1.16M	1.10M	0.53M
Deferred Income Tax	0.00M	0.00M	-0.68M	-1.33M	-6.75M	-3.65M	-1.41M	-0.12M	-1.24M	-0.69M	-0.83M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.04M	0.00M	0.00M
Stock-Based Compensation	2.81M	2.19M	1.76M	3.26M	3.26M	2.32M	2.25M	2.06M	0.74M	1.29M	0.64M	0.53M	0.42M	0.22M	0.01M	0.02M	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
Change in Working Capital	-9.45M	-43.91M	-32.12M	-54.41M	-31.50M	-13.82M	-21.49M	-26.48M	-15.83M	-11.84M	-8.89M	-7.62M	-10.23M	-4.43M	-13.48M	-8.01M	19.04M	-16.76M	-9.12M	-0.99M	-3.84M	-0.16M	-0.71M	-0.11M	-0.41M	-0.06M	-2.34M	-2.68M	-0.16M	-0.22M	-0.55M
Accounts Receivable	-13.54M	-18.56M	-16.45M	-26.33M	-23.53M	-17.66M	-15.34M	-11.77M	-10.28M	-4.57M	-2.99M	-3.98M	-2.65M	-3.78M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	0.00M	-0.56M	-0.41M	2.54M	1.27M	-7.04M	-14.96M	-33.70M	-8.16M	-3.97M	-5.79M	-1.92M	-4.41M	0.88M	-3.92M	-0.44M	1.83M	-4.08M	-4.72M	-1.51M	-1.48M	-0.32M	-0.85M	-0.33M	-0.77M	-0.27M	-1.16M	-0.81M	0.03M	0.00M	-0.06M
Accounts Payable	-0.31M	0.60M	-2.68M	13.61M	11.99M	12.55M	9.31M	7.06M	4.72M	3.12M	3.72M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	0.20M	4.39M	5.29M	-24.15M	-8.33M	1.77M	6.58M	2.22M	-2.40M	16.45M	8.58M	-0.51M	2.51M	1.84M	0.00M	-2.20M	6.57M	-2.26M	2.24M	-0.55M	0.38M	0.52M	-0.12M	0.18M	-0.25M	-0.46M	-0.56M	-1.74M	-0.13M	-0.30M	-0.21M
Other Non-Cash Items	18.06M	40.78M	45.65M	65.89M	27.53M	42.96M	10.63M	1.82M	-20.38M	-19.65M	-9.33M	-9.57M	-10.81M	-4.64M	1.79M	-5.14M	3.19M	2.94M	-16.58M	-4.73M	-6.24M	-0.42M	2.44M	2.54M	1.16M	0.92M	0.18M	-0.36M	-0.65M	-0.45M	-2.18M
Net Cash from Operating Activities	167.60M	160.90M	167.92M	194.84M	215.73M	197.54M	189.79M	130.22M	115.01M	116.53M	98.96M	86.90M	77.68M	69.19M	44.92M	30.19M	49.78M	11.67M	22.33M	20.39M	10.62M	11.76M	8.76M	6.32M	4.84M	5.79M	3.32M	2.58M	1.25M	3.18M	0.50M
Capital Expenditures (PPE)	-18.79M	-25.74M	-22.99M	-35.03M	-35.05M	-22.82M	-37.40M	-29.70M	-21.53M	-23.57M	-15.52M	-19.94M	-20.13M	-17.90M	-16.33M	-18.21M	-16.42M	-17.89M	-21.25M	-17.42M	-9.09M	-6.69M	-4.45M	-4.01M	-5.97M	-5.60M	-4.94M	-5.10M	-4.77M	-6.27M	-3.00M
Acquisitions (Net)	-6.72M	-3.77M	-1.09M	-14.69M	-43.15M	-15.89M	-26.80M	-13.42M	-12.13M	-15.23M	-11.32M	-3.45M	-0.25M	-0.51M	-1.26M	-2.52M	-0.64M	-0.96M	-0.46M	0.29M	0.00M	0.13M	0.22M	0.08M	0.07M	-0.02M	0.08M	0.05M	0.00M	0.00M	0.00M
Purchases of Investments	-21.91M	-57.10M	-64.59M	-113.98M	-179.14M	-170.45M	-131.19M	-89.81M	-68.24M	-44.85M	-39.48M	-18.45M	-10.93M	-7.92M	-9.10M	-3.87M	-2.98M	-6.91M	-6.57M	-2.63M	-2.23M	-1.53M	-1.71M	-1.75M	-2.41M	-2.29M	-1.06M	-0.93M	-0.02M	-0.03M	0.00M
Sales / Maturities of Investments	9.98M	38.34M	55.16M	125.14M	186.87M	99.09M	62.53M	39.74M	48.71M	27.14M	13.16M	14.20M	4.37M	2.94M	3.57M	3.93M	2.58M	5.42M	5.14M	3.73M	1.72M	1.86M	1.25M	1.08M	1.84M	1.78M	1.08M	0.85M	0.05M	0.07M	0.00M
Other Investing Activities	-28.99M	-9.36M	-2.33M	13.57M	-11.55M	12.77M	-15.09M	-18.76M	-25.19M	-3.44M	-15.13M	-12.01M	1.26M	-3.79M	-0.35M	1.66M	2.22M	-0.44M	-0.35M	2.87M	3.18M	1.47M	0.45M	-0.34M	0.46M	-0.91M	-0.17M	-0.68M	0.77M	0.56M	2.29M
Net Cash from Investing Activities	-81.76M	-123.84M	-54.05M	-91.40M	-132.54M	-124.42M	-151.17M	-111.50M	-101.88M	-93.42M	-112.69M	-78.19M	-51.11M	-45.49M	-41.44M	-38.55M	-26.33M	-47.13M	-54.68M	-33.15M	-14.21M	-8.67M	-6.32M	-6.28M	-7.16M	-8.26M	-7.19M	-6.28M	-3.43M	-5.92M	-1.28M
Net Debt Issuance	-86.38M	36.39M	-3.16M	-33.24M	55.99M	114.99M	80.93M	62.38M	46.59M	40.39M	58.80M	57.18M	14.13M	14.25M	40.00M	24.71M	9.11M	26.46M	29.68M	15.26M	3.90M	3.14M	-1.26M	-0.32M	1.35M	1.32M	4.31M	2.23M	0.87M	2.57M	2.91M
Long-Term Debt Issuance	-39.93M	33.29M	-6.56M	-14.13M	30.80M	52.52M	84.02M	59.56M	49.91M	64.16M	68.30M	61.47M	24.02M	23.40M	35.58M	25.15M	14.46M	27.58M	28.73M	9.65M	7.89M	4.06M	-1.62M	0.05M	2.16M	3.68M	4.50M	2.24M	0.77M	2.52M	2.91M
Short-Term Debt Issuance	-9.14M	0.00M	-0.01M	-0.70M	-0.99M	-0.32M	-1.48M	-1.43M	-0.27M	0.00M	0.65M	0.02M	0.00M	0.00M	0.00M	0.00M	-0.46M	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
Net Stock Issuance	1.09M	-4.05M	-1.45M	-3.09M	-0.57M	15.55M	-1.08M	0.01M	0.07M	-0.11M	0.01M	-0.27M	0.01M	0.05M	0.19M	0.63M	0.08M	-0.18M	0.32M	0.28M	0.17M	0.09M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.09M
Common Stock Issuance	0.13M	0.22M	0.00M	0.08M	1.36M	23.89M	2.93M	1.27M	0.44M	0.29M	0.23M	0.66M	2.95M	0.67M	0.97M	1.87M	0.12M	0.07M	1.06M	1.11M	0.55M	0.30M	0.00M	0.00M	0.00M	0.09M	0.00M	0.00M	0.12M	0.03M	0.01M
Common Stock Repurchased	-0.97M	-6.30M	-6.58M	-7.64M	-4.42M	-0.75M	-7.05M	-1.56M	-0.06M	-0.79M	-0.15M	-0.47M	-0.10M	-0.07M	-0.38M	-0.05M	-0.07M	-0.46M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.05M	-0.04M	-0.10M
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	-24.19M	-54.74M	-52.85M	-47.30M	-47.74M	-36.14M	-34.24M	-34.05M	-33.75M	-26.73M	-24.09M	-21.75M	-18.58M	-16.10M	-14.15M	-9.61M	-8.34M	-10.78M	-7.74M	-6.49M	-5.15M	-2.88M	-3.17M	-2.05M	-1.85M	-1.63M	-1.83M	-1.02M	-0.23M	-0.29M	-0.05M
Common Dividends Paid	-22.39M	-53.00M	-49.77M	-50.50M	-55.00M	-38.06M	-38.01M	-31.75M	-30.99M	-25.96M	-23.62M	-21.88M	-18.31M	-12.68M	-13.14M	-8.95M	-7.71M	-11.77M	-8.10M	-6.53M	-5.06M	-2.91M	-3.17M	-2.04M	-1.88M	-1.64M	-1.84M	-1.02M	-0.24M	-0.29M	-0.05M
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	-52.92M	-19.77M	-21.33M	-31.20M	-27.08M	-15.36M	-11.45M	-18.49M	-9.11M	-10.35M	-7.00M	-9.69M	-3.51M	-4.83M	-5.50M	-0.41M	-4.49M	-4.66M	0.95M	-1.24M	0.66M	-1.07M	0.30M	0.21M	0.68M	1.74M	0.74M	1.14M	1.54M	-0.02M	-0.01M
Net Cash from Financing Activities	-179.48M	-71.46M	-114.32M	-197.42M	-19.17M	125.88M	54.36M	42.34M	41.50M	43.57M	33.19M	17.74M	-2.45M	6.96M	21.62M	22.97M	-3.45M	24.71M	34.89M	30.20M	6.68M	2.47M	-2.94M	-2.14M	1.44M	3.31M	5.51M	4.78M	2.59M	2.18M	2.45M
Effect of FX on Cash	-0.78M	-0.12M	0.18M	0.66M	-1.12M	-0.14M	-0.14M	-0.34M	0.13M	-0.20M	-0.29M	-0.12M	0.02M	0.02M	0.00M	0.05M	0.05M	0.09M	0.09M	0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.01M	0.00M	0.00M
Net Change in Cash	-32.00M	-25.95M	-0.57M	-96.23M	-12.26M	171.86M	67.86M	45.91M	11.23M	41.79M	14.49M	16.13M	7.07M	13.45M	3.35M	8.17M	15.06M	-6.01M	11.64M	8.18M	0.93M	2.64M	0.54M	-0.19M	0.10M	1.38M	1.93M	0.70M	1.75M	-0.89M	1.38M
Cash at Beginning of Period	273.97M	462.67M	428.20M	572.27M	599.25M	426.84M	307.18M	216.42M	235.80M	175.20M	133.65M	121.19M	97.41M	89.16M	86.17M	82.60M	58.83M	65.47M	43.17M	31.66M	26.48M	19.76M	18.90M	13.07M	10.98M	7.84M	7.54M	7.90M	0.52M	2.35M	1.37M
Cash at End of Period	384.81M	356.50M	468.73M	464.86M	581.81M	604.45M	443.28M	293.02M	208.85M	218.17M	149.50M	136.04M	109.33M	104.28M	85.82M	83.94M	81.67M	62.67M	59.31M	44.68M	28.76M	21.85M	19.82M	14.67M	12.86M	11.12M	9.61M	8.55M	3.75M	0.28M	1.40M
Operating Cash Flow	164.39M	160.90M	166.82M	193.72M	215.73M	197.52M	189.79M	130.22M	115.01M	116.62M	98.96M	86.90M	77.68M	69.19M	44.90M	30.19M	49.79M	11.67M	22.33M	20.39M	10.62M	11.76M	8.76M	6.32M	4.84M	5.79M	3.32M	2.58M	1.25M	3.18M	0.50M
Capital Expenditure	-24.30M	-29.89M	-25.63M	-31.57M	-35.10M	-22.83M	-37.48M	-29.70M	-21.53M	-23.57M	-15.53M	-19.94M	-20.13M	-17.91M	-16.33M	-18.21M	-16.43M	-17.89M	-21.25M	-17.13M	-9.09M	-6.69M	-4.45M	-4.01M	-5.97M	-5.60M	-4.94M	-5.10M	-4.77M	-6.27M	-3.00M
Free Cash Flow	133.76M	121.04M	119.70M	110.77M	159.13M	133.85M	109.60M	61.43M	54.65M	73.69M	68.08M	48.08M	36.61M	39.98M	11.33M	-9.38M	24.60M	-17.01M	-6.54M	-0.88M	-1.57M	2.18M	2.98M	1.02M	-2.57M	-0.42M	-2.91M	-2.32M	-1.21M	-0.97M	-2.13M

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	337.01M	274.83M	212.35M	270.06M	343.80M	236.81M	278.50M	215.35M	212.30M	175.28M	138.85M	125.12M	123.96M	105.83M	88.71M	76.61M	49.73M	46.87M	48.88M	38.67M	26.70M	16.50M	10.73M	7.80M	7.64M	9.56M	6.63M	6.60M	6.39M	5.80M	4.72M
(-) Tax Adjustment	103.91M	89.33M	69.19M	104.31M	98.05M	79.78M	67.36M	50.91M	47.06M	39.39M	35.30M	28.52M	24.64M	23.26M	23.80M	16.77M	16.35M	12.02M	10.05M	8.48M	4.03M	3.04M	2.21M	2.04M	1.46M	1.98M	1.59M	1.36M	1.04M	0.79M	0.59M
(-) Change In Working Capital	-9.45M	-43.91M	-32.12M	-54.41M	-31.50M	-13.82M	-21.49M	-26.48M	-15.83M	-11.84M	-8.89M	-7.62M	-10.23M	-4.43M	-13.48M	-8.01M	19.04M	-16.76M	-9.12M	-0.99M	-3.84M	-0.16M	-0.71M	-0.11M	-0.41M	-0.06M	-2.34M	-2.68M	-0.16M	-0.22M	-0.55M
(-) Capital Expenditure	24.30M	29.89M	25.63M	31.57M	35.10M	22.83M	37.48M	29.70M	21.53M	23.57M	15.53M	19.94M	20.13M	17.91M	16.33M	18.21M	16.43M	17.89M	21.25M	17.13M	9.09M	6.69M	4.45M	4.01M	5.97M	5.60M	4.94M	5.10M	4.77M	6.27M	3.00M
Unlevered Free Cash Flow	218.25M	199.51M	149.66M	188.58M	242.16M	148.03M	195.14M	161.23M	159.54M	124.15M	96.92M	84.28M	89.42M	69.10M	62.07M	49.63M	-2.08M	33.72M	26.70M	14.05M	17.43M	6.92M	4.78M	1.87M	0.63M	2.05M	2.44M	2.82M	0.74M	-1.05M	1.69M
(-) Net Interest Income After Taxes	-31.63M	-31.61M	-28.14M	-25.55M	-27.96M	-12.81M	-25.57M	-19.00M	-14.70M	-19.43M	-17.17M	-17.41M	-14.70M	-15.09M	-13.46M	-12.30M	-8.47M	-8.39M	-8.33M	-3.85M	-3.03M	-1.65M	-1.38M	-1.18M	-1.85M	-1.63M	-1.07M	-1.01M	-0.75M	-1.05M	-0.59M
Net Debt Issuance	-86.38M	36.39M	-3.16M	-33.24M	55.99M	114.99M	80.93M	62.38M	46.59M	40.39M	58.80M	57.18M	14.13M	14.25M	40.00M	24.71M	9.11M	26.46M	29.68M	15.26M	3.90M	3.14M	-1.26M	-0.32M	1.35M	1.32M	4.31M	2.23M	0.87M	2.57M	2.91M
Levered Free Cash Flow	163.50M	267.51M	174.64M	180.89M	326.11M	275.83M	301.65M	242.61M	220.83M	183.97M	172.89M	158.87M	118.25M	98.44M	115.52M	86.65M	15.50M	68.57M	64.71M	33.16M	24.36M	11.72M	4.90M	2.73M	3.83M	4.99M	7.82M	6.06M	2.35M	2.57M	5.19M