Regulated Gas

Category: Industry Averages Base Ticker: 9908.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	13.01	8.60	8.26	8.97	9.94	9.10	9.30	9.83	10.19	10.95	10.67	12.88	13.38	13.05	11.21	10.07	9.48	10.94	15.25	10.87	10.34	10.94	10.46	9.32	9.45	9.74	11.60	14.74	14.32	13.51	13.77
Market Capitalization	1,720.88M	1,418.36M	1,411.74M	1,450.65M	1,385.56M	1,267.30M	1,464.49M	1,417.55M	1,349.54M	1,328.07M	1,326.24M	1,185.58M	1,170.00M	924.74M	826.11M	849.29M	801.80M	591.12M	953.19M	851.46M	688.55M	522.61M	513.47M	442.75M	446.65M	425.05M	488.49M	513.47M	444.60M	335.59M	226.82M
(-) Cash & Equivalents	104.93M	131.18M	92.38M	95.63M	95.08M	102.79M	84.74M	80.77M	70.85M	67.68M	61.41M	70.08M	86.44M	71.36M	78.10M	62.93M	61.58M	55.67M	45.33M	56.96M	62.02M	52.65M	24.61M	31.28M	32.09M	28.93M	14.25M	25.62M	14.29M	13.76M	16.06M
(+) Total Debt	843.88M	856.27M	910.17M	899.12M	823.63M	625.31M	605.16M	716.18M	573.60M	628.88M	691.40M	696.94M	604.35M	505.82M	408.52M	306.32M	302.14M	280.10M	344.65M	368.22M	366.59M	263.90M	224.25M	292.36M	345.98M	352.14M	363.26M	410.22M	418.35M	420.16M	598.82M
Enterprise Value	2,868.26M	2,646.42M	2,472.09M	2,464.76M	2,300.66M	2,008.00M	2,263.24M	2,135.52M	2,091.96M	2,175.09M	2,131.28M	2,130.76M	2,010.56M	1,421.93M	1,283.48M	1,117.75M	1,050.74M	966.66M	1,337.95M	1,233.16M	1,355.14M	927.54M	995.64M	897.80M	980.56M	1,387.76M	1,255.96M	1,069.03M	934.46M	820.99M	742.35M

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	1,477.625M	1,385.005M	1,236.236M	1,238.958M	956.431M	836.964M	897.218M	930.255M	772.451M	736.025M	947.232M	997.200M	1,063.584M	939.501M	879.689M	748.059M	631.368M	774.171M	764.343M	739.202M	681.320M	568.950M	813.068M	570.775M	622.370M	508.296M	473.498M	585.349M	658.707M	661.181M	633.371M
Cost of Revenue	957.696M	898.373M	918.452M	1,006.709M	740.627M	630.691M	658.001M	671.791M	505.156M	502.079M	690.963M	784.052M	760.074M	714.095M	672.273M	540.550M	435.756M	470.591M	438.291M	415.199M	331.413M	224.370M	195.372M	202.978M	298.407M	244.019M	258.681M	302.242M	346.551M	351.969M	256.691M
Gross Profit	519.929M	486.632M	317.783M	232.248M	215.805M	206.273M	239.217M	258.463M	267.295M	233.946M	256.268M	213.147M	303.511M	225.406M	207.416M	207.509M	195.613M	303.580M	326.052M	324.002M	349.908M	344.581M	617.696M	367.796M	323.962M	264.277M	214.817M	283.107M	312.156M	309.213M	376.680M
Gross Margin	35.19%	35.14%	25.71%	18.75%	22.56%	24.65%	26.66%	27.78%	34.60%	31.79%	27.05%	21.37%	28.54%	23.99%	23.58%	27.74%	30.98%	39.21%	42.66%	43.83%	51.36%	60.56%	75.97%	64.44%	52.05%	51.99%	45.37%	48.37%	47.39%	46.77%	59.47%
R&D Expenses	0.053M	0.094M	0.029M	0.035M	0.025M	0.017M	0.014M	0.018M	0.013M	0.000M	0.000M	0.000M	0.000M	0.013M	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	40.938M	36.716M	38.235M	34.136M	34.793M	33.599M	32.947M	33.429M	31.428M	38.658M	38.393M	33.976M	32.745M	29.547M	27.137M	21.139M	19.386M	17.325M	19.269M	24.340M	20.635M	7.183M	7.134M	4.873M	2.756M	1.797M	1.918M	2.091M	1.261M	1.745M	1.976M
Operating Expenses	40.991M	36.810M	38.264M	34.171M	34.818M	33.616M	32.961M	33.447M	31.441M	38.658M	38.393M	33.976M	32.745M	29.560M	27.137M	21.139M	19.386M	17.325M	19.269M	24.340M	20.635M	7.183M	7.134M	4.873M	2.756M	1.797M	1.918M	2.091M	1.261M	1.745M	1.976M
Operating Income	478.938M	449.822M	279.519M	198.077M	180.987M	172.657M	206.256M	225.016M	235.853M	195.288M	217.876M	179.172M	270.765M	195.846M	180.279M	186.370M	176.226M	286.255M	306.784M	299.663M	329.273M	337.398M	610.562M	362.924M	321.206M	262.479M	212.899M	281.016M	310.895M	307.467M	374.704M
Operating Margin	32.41%	32.48%	22.61%	15.99%	18.92%	20.63%	22.99%	24.19%	30.53%	26.53%	23.00%	17.97%	25.46%	20.85%	20.49%	24.91%	27.91%	36.98%	40.14%	40.54%	48.33%	59.30%	75.09%	63.58%	51.61%	51.64%	44.96%	48.01%	47.20%	46.50%	59.16%
Interest Income	2.157M	5.076M	4.238M	3.313M	2.195M	1.995M	2.345M	2.792M	1.978M	2.731M	2.796M	2.763M	2.450M	2.009M	1.769M	1.336M	0.932M	1.020M	0.736M	0.136M	0.049M	0.032M	0.028M	0.016M	0.034M	0.004M	0.000M	0.000M	0.000M	0.000M	0.072M
Interest Expense	41.881M	34.312M	34.810M	30.434M	24.641M	23.776M	26.340M	26.582M	23.989M	26.350M	24.997M	23.499M	22.189M	21.029M	19.969M	16.219M	16.206M	12.792M	11.478M	5.246M	3.780M	1.362M	0.896M	0.894M	0.721M	1.623M	0.197M	0.537M	0.153M	0.136M	7.546M
Net Interest Income	-39.725M	-29.235M	-30.572M	-27.122M	-22.447M	-21.781M	-23.995M	-23.790M	-22.012M	-23.620M	-22.201M	-20.736M	-19.740M	-19.021M	-18.201M	-14.883M	-15.274M	-11.772M	-10.742M	-5.110M	-3.731M	-1.330M	-0.868M	-0.877M	-0.687M	-1.619M	-0.197M	-0.537M	-0.153M	-0.136M	-7.474M
Other Income / Expense	-321.201M	-307.913M	-147.478M	-62.807M	-45.239M	-82.981M	-101.087M	-130.491M	-127.503M	-91.349M	-117.400M	-63.316M	-167.196M	-100.678M	-91.154M	-104.556M	-101.414M	-218.152M	-241.975M	-217.940M	-258.768M	-290.986M	-560.863M	-323.524M	-277.621M	-228.309M	-169.188M	-239.124M	-270.035M	-266.051M	-275.284M
Pre-Tax Income	118.012M	112.673M	101.468M	108.149M	113.302M	67.896M	81.173M	70.736M	86.339M	80.320M	78.274M	95.119M	83.829M	76.147M	70.924M	66.931M	59.539M	56.331M	54.067M	76.613M	66.773M	45.081M	48.831M	38.522M	42.898M	32.551M	43.514M	41.354M	40.707M	41.280M	91.946M
Pre-Tax Margin	7.99%	8.14%	8.21%	8.73%	11.85%	8.11%	9.05%	7.60%	11.18%	10.91%	8.26%	9.54%	7.88%	8.11%	8.06%	8.95%	9.43%	7.28%	7.07%	10.36%	9.80%	7.92%	6.01%	6.75%	6.89%	6.40%	9.19%	7.06%	6.18%	6.24%	14.52%
Income Tax Expense	28.552M	24.701M	18.896M	19.788M	23.214M	16.233M	16.391M	15.336M	20.370M	22.477M	20.051M	22.245M	26.296M	21.457M	22.338M	17.674M	14.081M	14.035M	15.964M	24.932M	22.194M	13.985M	12.908M	12.183M	13.851M	10.384M	16.294M	17.718M	15.254M	17.094M	34.430M
Tax Rate	24.19%	21.92%	18.62%	18.30%	20.49%	23.91%	20.19%	21.68%	23.59%	27.98%	25.62%	23.39%	31.37%	28.18%	31.50%	26.41%	23.65%	24.92%	29.53%	32.54%	33.24%	31.02%	26.43%	31.63%	32.29%	31.90%	35.00%	35.00%	35.00%	35.00%	35.00%
Net Income	89.460M	87.972M	82.572M	88.361M	90.088M	51.662M	64.782M	55.400M	65.969M	57.843M	58.223M	72.874M	57.533M	54.691M	48.585M	49.257M	45.457M	42.296M	38.103M	51.681M	44.580M	31.096M	35.923M	26.339M	29.047M	22.167M	27.220M	23.636M	25.453M	24.186M	57.516M
Net Margin	6.05%	6.35%	6.68%	7.13%	9.42%	6.17%	7.22%	5.96%	8.54%	7.86%	6.15%	7.31%	5.41%	5.82%	5.52%	6.58%	7.20%	5.46%	4.99%	6.99%	6.54%	5.47%	4.42%	4.61%	4.67%	4.36%	5.75%	4.04%	3.86%	3.66%	9.08%
EBIT	478.938M	449.822M	279.519M	198.077M	180.987M	172.657M	206.256M	225.016M	235.853M	195.288M	217.876M	179.172M	270.765M	195.846M	180.279M	186.370M	176.226M	286.255M	306.784M	299.663M	329.273M	337.398M	610.562M	362.924M	321.206M	262.479M	212.899M	281.016M	310.895M	307.467M	374.704M
Depreciation & Amortization	83.915M	88.288M	68.740M	69.769M	67.277M	64.399M	60.826M	59.252M	55.252M	52.649M	50.406M	46.865M	47.214M	36.231M	34.322M	27.756M	25.272M	28.796M	27.766M	28.728M	45.260M	23.113M	29.591M	32.389M	37.618M	38.458M	34.179M	32.541M	20.874M	55.847M	62.393M
EBITDA	562.852M	538.110M	348.259M	267.846M	248.264M	237.056M	267.082M	284.268M	291.105M	247.937M	268.281M	226.037M	317.979M	232.077M	214.600M	214.126M	201.498M	315.051M	334.549M	328.390M	374.533M	360.511M	640.153M	395.313M	358.824M	300.938M	247.078M	313.557M	331.769M	363.315M	437.097M
EBITDA Margin	38.09%	38.85%	28.17%	21.62%	25.96%	28.32%	29.77%	30.56%	37.69%	33.69%	28.32%	22.67%	29.90%	24.70%	24.40%	28.62%	31.91%	40.70%	43.77%	44.42%	54.97%	63.36%	78.73%	69.26%	57.65%	59.21%	52.18%	53.57%	50.37%	54.95%	69.01%
NOPAT	363.064M	351.208M	227.465M	161.835M	143.905M	131.376M	164.607M	176.231M	180.208M	140.637M	162.063M	137.270M	185.830M	140.661M	123.497M	137.157M	134.547M	214.932M	216.202M	202.143M	219.832M	232.731M	449.170M	248.144M	217.492M	178.747M	138.384M	182.660M	202.082M	199.854M	243.557M
NOPAT Margin	24.57%	25.36%	18.40%	13.06%	15.05%	15.70%	18.35%	18.94%	23.33%	19.11%	17.11%	13.77%	17.47%	14.97%	14.04%	18.34%	21.31%	27.76%	28.29%	27.35%	32.27%	40.91%	55.24%	43.47%	34.95%	35.17%	29.23%	31.21%	30.68%	30.23%	38.45%
Owner's Earnings	173.375M	176.260M	151.312M	158.130M	157.365M	116.061M	125.608M	114.652M	121.221M	110.492M	108.629M	119.740M	104.748M	90.922M	82.907M	77.013M	70.729M	71.092M	65.868M	80.408M	89.840M	54.210M	65.515M	58.728M	66.664M	60.625M	61.399M	56.178M	46.327M	80.034M	119.909M
Owner's Earnings Margin	11.73%	12.73%	12.24%	12.76%	16.45%	13.87%	14.00%	12.32%	15.69%	15.01%	11.47%	12.01%	9.85%	9.68%	9.42%	10.30%	11.20%	9.18%	8.62%	10.88%	13.19%	9.53%	8.06%	10.29%	10.71%	11.93%	12.97%	9.60%	7.03%	12.10%	18.93%
EPS	0.18	0.13	0.14	0.15	0.16	0.10	0.11	0.10	0.10	0.08	0.07	0.09	0.07	0.08	0.06	0.09	0.07	0.10	0.07	0.10	0.09	0.07	0.11	0.09	0.12	0.11	0.16	0.14	0.16	0.17	0.26
EPS (Diluted)	0.18	0.13	0.14	0.15	0.16	0.10	0.11	0.10	0.10	0.08	0.07	0.09	0.07	0.08	0.06	0.09	0.07	0.10	0.07	0.10	0.09	0.07	0.11	0.09	0.12	0.11	0.16	0.14	0.16	0.17	0.26
Shares (Diluted)	501,638,019	657,750,509	590,422,928	587,916,230	575,339,602	541,750,069	587,377,367	581,342,612	632,907,804	725,018,914	823,147,640	792,344,981	832,376,066	708,270,437	759,527,226	551,530,529	622,443,562	437,937,659	547,251,199	542,833,017	491,596,815	462,021,933	328,124,342	286,211,992	247,214,658	205,690,474	168,724,224	163,514,938	161,288,938	140,020,135	221,946,863

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	132.32M	131.18M	92.38M	95.63M	95.09M	104.10M	84.74M	80.77M	71.73M	68.60M	66.61M	71.19M	86.44M	71.36M	78.10M	69.52M	61.58M	55.67M	45.33M	56.96M	62.02M	52.65M	24.61M	31.28M	32.09M	28.93M	14.25M	25.62M	14.29M	13.76M	16.06M
Short-Term Investments	48.18M	29.29M	52.94M	57.39M	33.63M	29.49M	19.78M	16.12M	18.14M	31.26M	25.04M	23.35M	12.86M	20.37M	20.07M	5.99M	14.25M	4.43M	13.61M	9.34M	14.40M	0.39M	0.16M	0.05M	0.00M	1.27M	3.53M	0.93M	1.72M	1.62M	1.21M
Cash & Short-Term Investments	180.50M	160.47M	145.32M	153.01M	128.72M	133.59M	104.52M	96.90M	89.87M	99.86M	91.64M	94.54M	99.30M	91.74M	98.17M	75.52M	75.83M	60.10M	58.94M	66.30M	76.42M	53.04M	24.76M	31.33M	32.09M	30.21M	17.78M	26.55M	16.01M	15.37M	17.27M
Net Receivables	135.77M	191.81M	168.67M	220.00M	175.69M	113.25M	113.53M	123.54M	107.34M	94.05M	108.86M	134.73M	120.52M	107.34M	113.86M	77.43M	74.13M	102.94M	92.51M	78.78M	98.10M	78.37M	47.07M	53.89M	51.60M	62.68M	47.64M	54.35M	57.77M	60.68M	54.73M
Inventory	45.13M	35.29M	39.81M	49.78M	43.47M	36.31M	30.26M	38.23M	33.46M	28.71M	43.79M	41.19M	47.03M	39.83M	42.01M	31.49M	27.55M	33.08M	43.93M	48.20M	57.56M	50.36M	49.60M	36.92M	40.09M	40.74M	31.49M	36.55M	44.23M	47.58M	45.91M
Other Current Assets	35.40M	32.02M	50.58M	57.84M	45.30M	31.44M	36.39M	67.84M	46.51M	43.29M	39.71M	39.55M	38.89M	45.74M	55.53M	46.17M	43.70M	48.49M	46.75M	34.33M	52.77M	29.58M	39.98M	32.10M	46.39M	44.70M	23.15M	34.64M	42.81M	23.18M	21.90M
Total Current Assets	396.80M	419.59M	404.38M	480.64M	393.18M	314.59M	284.70M	326.50M	277.19M	265.92M	284.00M	310.00M	305.73M	284.64M	309.58M	230.60M	221.22M	244.62M	242.14M	227.61M	284.85M	211.35M	161.41M	154.24M	170.17M	178.33M	120.05M	152.09M	160.81M	146.81M	139.81M
Property, Plant & Equipment	2,092.92M	1,564.80M	1,482.84M	1,431.61M	1,301.14M	1,163.96M	1,283.38M	1,220.91M	1,127.60M	1,044.69M	1,021.12M	971.10M	862.58M	849.88M	710.55M	539.83M	486.79M	515.89M	539.66M	536.80M	512.71M	483.78M	515.09M	483.17M	551.40M	559.59M	507.46M	609.82M	602.13M	610.68M	1,251.41M
Goodwill	15.60M	84.74M	89.05M	93.33M	88.61M	47.51M	51.09M	70.27M	40.37M	36.09M	40.43M	37.53M	37.14M	32.07M	36.26M	11.57M	6.10M	2.71M	5.87M	5.97M	5.69M	0.74M	0.00M	0.14M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	73.97M	85.51M	82.15M	88.72M	71.40M	56.72M	70.42M	59.53M	62.08M	59.22M	61.76M	56.27M	53.16M	43.19M	39.43M	24.55M	19.19M	22.41M	12.78M	11.23M	18.57M	5.27M	49.76M	20.73M	4.37M	2.91M	2.64M	7.73M	3.92M	1.29M	0.18M
Long-Term Investments	107.18M	78.98M	76.59M	79.62M	80.46M	73.56M	79.63M	74.70M	69.29M	65.57M	64.50M	76.72M	100.00M	51.47M	36.71M	24.01M	35.56M	12.48M	8.82M	0.90M	0.95M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	6.74M	5.69M	3.88M	7.19M	9.24M	6.51M	7.80M	12.66M	7.54M	8.77M	11.75M	6.65M	10.04M	13.45M	6.49M	3.84M	1.79M	1.17M	0.84M	0.05M	0.17M	0.03M	0.00M	0.00M	0.00M	0.00M	0.00M	0.60M	0.00M	0.00M	0.79M
Other Non-Current Assets	122.24M	123.60M	50.08M	87.20M	50.86M	51.09M	53.43M	33.23M	40.62M	40.95M	46.28M	35.03M	52.97M	64.46M	104.24M	77.99M	61.08M	70.26M	77.57M	83.39M	83.52M	68.95M	89.78M	59.79M	79.36M	73.37M	72.25M	73.96M	77.58M	72.46M	102.85M
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	2,418.65M	1,943.31M	1,784.59M	1,787.66M	1,601.71M	1,399.33M	1,545.75M	1,471.29M	1,347.49M	1,255.30M	1,245.84M	1,183.29M	1,115.90M	1,054.52M	933.67M	681.80M	610.51M	624.91M	645.53M	638.35M	621.61M	558.76M	654.63M	563.84M	635.13M	635.87M	582.35M	692.12M	683.64M	684.43M	1,355.22M
Total Assets	2,815.45M	2,362.90M	2,188.97M	2,268.30M	1,994.89M	1,713.92M	1,830.45M	1,797.78M	1,624.68M	1,521.22M	1,529.84M	1,493.29M	1,421.63M	1,339.16M	1,243.25M	912.41M	831.73M	869.54M	887.66M	865.96M	906.47M	770.11M	816.04M	718.08M	805.30M	814.20M	702.40M	844.21M	844.45M	831.24M	1,495.03M
Accounts Payable	135.39M	132.54M	124.33M	155.27M	132.06M	96.17M	109.17M	107.81M	96.89M	94.13M	94.15M	121.47M	117.55M	110.59M	117.55M	80.33M	67.89M	90.47M	96.03M	88.45M	88.81M	45.24M	34.63M	32.88M	34.42M	57.72M	33.79M	37.66M	44.01M	45.70M	57.01M
Short-Term Debt	240.91M	204.34M	217.57M	180.74M	160.57M	135.51M	146.18M	133.64M	137.07M	103.43M	136.27M	103.65M	114.75M	100.12M	77.46M	97.28M	68.19M	77.59M	70.65M	82.39M	64.86M	69.29M	54.98M	70.86M	81.75M	79.82M	63.62M	57.36M	80.35M	66.79M	135.40M
Tax Payables	0.18M	7.47M	8.23M	8.17M	8.11M	10.82M	6.64M	6.18M	6.62M	6.72M	8.41M	6.23M	6.24M	5.58M	5.05M	3.65M	3.35M	1.72M	1.52M	0.50M	0.46M	0.16M	0.18M	0.05M	0.12M	0.10M	0.04M	0.00M	0.07M	0.02M	0.04M
Deferred Revenue	32.30M	0.68M	7.77M	27.41M	47.20M	44.98M	29.99M	16.56M	18.79M	23.90M	20.62M	19.00M	19.99M	20.47M	16.81M	10.91M	14.11M	6.10M	1.76M	1.34M	2.68M	0.02M	0.94M	0.51M	0.73M	1.98M	1.52M	2.36M	1.40M	16.45M	1.88M
Other Current Liabilities	127.38M	143.72M	101.59M	128.18M	75.66M	89.28M	99.99M	113.79M	98.54M	86.98M	113.64M	91.30M	92.48M	84.55M	88.03M	71.08M	80.85M	56.64M	32.35M	60.54M	52.04M	30.76M	30.62M	31.37M	23.47M	18.36M	18.70M	17.18M	26.47M	0.03M	0.38M
Total Current Liabilities	536.16M	488.75M	459.49M	499.76M	423.61M	376.75M	391.98M	377.99M	357.91M	315.17M	373.10M	341.65M	351.01M	321.31M	304.91M	263.25M	234.38M	232.51M	202.30M	233.22M	208.84M	145.46M	121.34M	135.66M	140.49M	157.99M	117.66M	114.56M	152.30M	128.98M	194.71M
Long-Term Debt	738.90M	515.63M	552.74M	425.89M	405.01M	469.40M	461.53M	405.42M	423.74M	404.65M	510.65M	571.93M	468.28M	366.72M	312.21M	226.17M	208.28M	251.70M	215.04M	269.56M	235.77M	189.89M	164.49M	217.62M	253.33M	280.89M	309.73M	355.28M	346.78M	361.41M	463.43M
Capital Lease Obligations	3.96M	19.24M	18.59M	17.65M	17.25M	17.77M	7.15M	0.02M	0.01M	0.00M	0.02M	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
Deferred Tax Liabilities	125.93M	47.61M	52.91M	66.79M	55.33M	50.58M	74.16M	79.09M	68.82M	122.72M	126.90M	101.82M	97.70M	97.33M	90.96M	66.36M	42.79M	45.09M	57.23M	72.75M	69.04M	69.69M	58.94M	51.94M	54.55M	63.08M	69.93M	75.79M	76.99M	76.18M	242.19M
Other Non-Current Liabilities	85.39M	59.98M	38.41M	47.57M	58.17M	46.54M	92.66M	69.02M	94.69M	72.33M	83.30M	86.95M	78.85M	40.93M	30.41M	24.77M	24.59M	7.85M	8.05M	6.69M	16.72M	2.20M	-86.34M	-227.23M	-265.02M	-201.21M	-346.08M	-377.82M	-390.68M	-401.40M	-704.92M
Total Non-Current Liabilities	954.18M	642.46M	662.65M	557.90M	535.75M	584.29M	635.51M	553.56M	587.26M	599.70M	720.87M	760.75M	644.83M	504.97M	433.58M	317.30M	275.65M	304.64M	280.31M	349.00M	321.54M	261.77M	137.09M	42.33M	42.86M	142.76M	33.58M	53.25M	33.08M	36.19M	0.69M
Total Liabilities	1,490.34M	1,131.21M	1,122.14M	1,057.66M	959.36M	961.04M	1,027.48M	931.55M	945.16M	914.87M	1,093.97M	1,102.40M	995.84M	826.28M	738.49M	580.55M	510.03M	537.15M	482.61M	582.21M	530.38M	407.24M	258.43M	177.99M	183.35M	300.75M	151.24M	167.81M	185.39M	165.17M	195.40M
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	0.06M	0.00M	4.11M	4.85M	10.14M	11.94M	13.40M	57.11M
Common Stock	72.75M	64.18M	77.22M	71.36M	71.62M	70.69M	79.25M	102.15M	99.41M	101.60M	77.86M	78.35M	96.71M	86.83M	38.73M	36.78M	39.56M	33.37M	22.90M	26.47M	29.78M	33.38M	29.26M	27.31M	26.56M	26.22M	36.40M	106.88M	111.20M	117.78M	265.08M
Retained Earnings	264.18M	344.48M	309.71M	309.75M	270.61M	240.95M	255.86M	219.42M	268.79M	270.47M	270.99M	298.10M	222.21M	170.51M	148.80M	141.79M	111.64M	111.93M	95.19M	72.75M	65.71M	48.95M	29.83M	38.70M	34.72M	40.66M	41.13M	60.74M	59.18M	59.53M	165.88M
Accumulated OCI	55.68M	22.17M	5.27M	26.07M	19.63M	11.74M	14.55M	14.29M	16.39M	13.13M	18.08M	-0.67M	0.98M	-12.54M	-13.10M	-3.50M	-6.01M	-9.33M	-0.80M	-3.31M	-4.37M	-0.68M	-0.39M	-0.68M	-1.13M	-0.80M	-8.70M	-7.60M	-87.10M	-75.73M	-1.86M
Minority Interest	47.68M	41.55M	40.23M	49.15M	56.61M	28.83M	27.63M	26.15M	21.81M	23.34M	20.95M	19.89M	21.73M	20.73M	19.92M	17.66M	13.97M	8.10M	13.54M	16.55M	13.33M	10.22M	9.03M	7.19M	11.81M	1.00M	0.39M	4.12M	1.71M	1.80M	0.65M
Total Shareholders’ Equity	392.62M	430.84M	392.20M	407.18M	361.86M	323.38M	349.66M	335.86M	384.59M	385.20M	366.94M	375.78M	319.89M	244.80M	174.42M	175.07M	145.19M	135.98M	117.29M	95.90M	91.12M	81.65M	58.70M	65.38M	60.15M	70.19M	73.68M	170.16M	95.22M	114.97M	486.22M
Total Equity	440.30M	472.39M	432.43M	456.33M	418.47M	352.21M	377.29M	362.01M	406.40M	408.54M	387.88M	395.67M	341.62M	265.53M	194.35M	192.73M	159.16M	144.08M	130.83M	112.44M	104.45M	91.87M	67.73M	72.57M	71.96M	71.19M	74.07M	174.28M	96.93M	116.77M	486.88M
Total Liabilities & Equity	1,930.63M	1,603.60M	1,554.56M	1,513.98M	1,377.83M	1,313.25M	1,404.77M	1,293.56M	1,351.57M	1,323.41M	1,481.85M	1,498.06M	1,337.45M	1,091.81M	932.83M	773.28M	669.19M	681.24M	613.44M	694.66M	634.83M	499.11M	326.16M	250.56M	255.31M	371.95M	225.31M	342.09M	282.32M	281.95M	682.28M
Tangible Assets	2,725.88M	2,192.65M	2,017.77M	2,086.25M	1,834.89M	1,609.69M	1,708.94M	1,667.99M	1,522.23M	1,425.91M	1,427.65M	1,399.49M	1,331.33M	1,263.91M	1,167.57M	876.28M	806.43M	844.42M	869.02M	848.76M	882.21M	764.11M	766.28M	697.20M	800.93M	811.29M	699.76M	836.48M	840.53M	829.95M	1,494.85M
Tangible Equity	350.73M	302.15M	261.23M	274.28M	258.47M	247.98M	255.77M	232.21M	303.95M	313.23M	285.68M	301.87M	251.31M	190.28M	118.66M	156.61M	133.86M	118.96M	112.18M	95.25M	80.19M	85.87M	17.98M	51.69M	67.59M	68.28M	71.43M	166.55M	93.01M	115.48M	486.70M
Tangible Book Value	350.73M	302.15M	261.23M	274.28M	258.47M	247.98M	255.77M	232.21M	303.95M	313.23M	285.68M	301.87M	251.31M	190.28M	118.66M	156.61M	133.86M	118.96M	112.18M	95.25M	80.19M	85.87M	17.98M	51.69M	67.59M	68.28M	71.43M	166.55M	93.01M	115.48M	486.70M
Total Investments	129.58M	93.80M	104.78M	97.45M	90.03M	82.43M	94.82M	81.71M	76.91M	73.64M	71.85M	81.90M	106.14M	59.06M	63.07M	44.22M	51.26M	32.29M	24.28M	16.17M	13.88M	7.58M	1.28M	3.25M	1.20M	3.80M	0.63M	0.26M	0.12M	0.06M	0.79M
Net Debt	847.49M	588.79M	677.92M	511.00M	470.50M	500.81M	522.97M	458.29M	489.08M	439.49M	580.31M	604.39M	496.59M	395.47M	311.57M	253.93M	214.89M	273.61M	240.35M	295.00M	238.61M	206.52M	194.86M	257.19M	302.99M	331.77M	359.11M	387.02M	412.84M	414.45M	582.77M

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	-126.42M	-127.51M	-156.00M	-51.69M	-61.08M	-128.42M	-117.15M	-73.88M	-75.37M	-77.49M	-80.60M	-24.98M	-54.61M	-4.55M	23.49M	-9.50M	-4.65M	-27.62M	40.49M	73.39M	39.62M	59.92M	-2.08M	-5.68M	-18.48M	-21.09M	-28.31M	-0.92M	-22.22M	-11.17M	-99.67M
Total Capital	2,121.24M	1,670.29M	1,662.04M	1,724.11M	1,577.29M	1,327.66M	1,403.08M	1,513.53M	1,317.88M	1,352.35M	1,492.53M	1,463.61M	1,243.54M	1,053.18M	901.87M	684.65M	634.71M	605.08M	731.08M	725.30M	719.08M	557.07M	484.91M	521.04M	589.19M	583.98M	617.70M	663.61M	653.06M	668.03M	1,091.97M
Capital Employed	2,450.26M	2,133.70M	1,970.71M	2,003.62M	2,101.13M	1,584.79M	1,973.30M	2,021.21M	1,823.46M	1,835.50M	1,874.07M	1,814.42M	1,491.79M	1,318.14M	1,110.54M	792.10M	689.57M	736.46M	815.09M	773.91M	824.41M	842.91M	800.08M	705.07M	754.85M	708.77M	820.88M	756.09M	755.42M	796.46M	1,255.58M
Invested Capital	1,988.92M	1,539.11M	1,569.66M	1,628.49M	1,482.20M	1,223.56M	1,318.34M	1,432.76M	1,246.14M	1,283.75M	1,425.92M	1,392.42M	1,157.10M	981.82M	823.77M	615.13M	573.12M	549.41M	685.75M	668.34M	657.06M	504.42M	460.30M	489.76M	557.10M	555.04M	603.45M	637.99M	638.78M	654.27M	1,075.91M

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	49.72M	62.63M	70.09M	62.45M	67.73M	64.63M	61.70M	59.68M	54.42M	54.69M	50.86M	47.10M	46.98M	36.15M	33.52M	27.65M	23.19M	16.53M	15.75M	14.71M	13.74M	11.19M	2.42M	1.79M	1.25M	0.83M	0.83M	1.35M	0.00M	0.00M	0.00M
Deferred Income Tax	0.00M	0.00M	0.00M	-0.29M	0.17M	0.36M	0.20M	-0.14M	0.02M	0.09M	0.00M	0.00M	0.16M	0.00M	0.55M	0.00M	0.00M	0.00M	0.42M	0.02M	0.05M	3.54M	7.45M	2.69M	-1.65M	4.95M	-0.90M	0.70M	4.72M	3.62M	-32.23M
Stock-Based Compensation	0.00M	0.07M	0.31M	0.12M	0.16M	0.02M	0.20M	0.40M	0.21M	0.16M	0.09M	0.19M	0.04M	0.46M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-6.64M	-7.47M	3.60M	-22.16M	-22.60M	-6.56M	1.70M	-2.83M	-9.39M	-3.62M	1.77M	-9.14M	-10.40M	2.07M	-2.94M	0.73M	7.95M	-12.07M	2.08M	4.73M	2.67M	-10.43M	-5.74M	1.75M	-1.80M	-11.13M	2.58M	6.60M	-2.06M	-3.31M	192.58M
Accounts Receivable	-2.36M	-1.97M	8.89M	-36.23M	-23.10M	-2.38M	-2.04M	-11.11M	-14.68M	-1.60M	6.46M	-2.03M	-7.72M	-1.18M	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
Inventory	0.03M	1.49M	0.95M	-8.19M	-4.76M	0.10M	-0.18M	-2.03M	-2.93M	-0.14M	3.99M	-4.11M	-2.13M	-0.54M	-1.88M	-1.13M	6.30M	-2.61M	-2.30M	0.08M	-4.58M	-6.00M	-6.00M	0.16M	-0.56M	-2.01M	2.46M	-4.89M	1.13M	-4.07M	13.63M
Accounts Payable	-0.32M	-3.89M	-7.71M	27.71M	18.21M	-4.74M	4.82M	12.23M	7.80M	3.22M	-10.58M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	0.56M	-0.08M	1.46M	1.21M	-4.38M	1.73M	2.38M	-2.90M	-4.96M	-1.04M	-0.62M	-1.30M	4.10M	3.14M	2.72M	2.02M	1.78M	0.10M	4.60M	7.19M	5.86M	-4.59M	-3.46M	5.87M	-2.36M	-2.38M	4.60M	10.01M	-0.45M	8.65M	178.95M
Other Non-Cash Items	10.05M	5.02M	10.70M	12.88M	-0.16M	7.22M	7.36M	5.33M	2.42M	2.00M	2.72M	-1.74M	-1.69M	-7.85M	-1.18M	-5.57M	-0.44M	8.29M	22.04M	19.07M	20.89M	8.98M	26.73M	22.05M	28.56M	30.52M	24.33M	31.54M	90.77M	67.54M	432.70M
Net Cash from Operating Activities	142.69M	173.02M	168.84M	127.86M	95.46M	133.93M	163.20M	149.93M	134.30M	132.16M	146.55M	128.92M	140.33M	101.05M	94.38M	79.52M	96.88M	65.44M	77.91M	94.47M	109.21M	82.28M	64.39M	92.40M	49.92M	44.79M	84.47M	81.70M	144.24M	118.12M	977.48M
Capital Expenditures (PPE)	-115.05M	-146.33M	-170.55M	-162.62M	-168.70M	-137.90M	-153.64M	-128.87M	-109.50M	-121.28M	-115.84M	-129.96M	-126.62M	-114.03M	-110.34M	-78.26M	-71.99M	-64.50M	-79.39M	-72.02M	-65.73M	-62.80M	-43.97M	-46.47M	-38.54M	-35.16M	-51.09M	-79.50M	-83.08M	-88.38M	-321.98M
Acquisitions (Net)	0.27M	0.08M	-4.94M	-1.77M	-1.43M	-1.32M	-4.25M	-2.89M	-1.29M	-4.17M	-2.37M	-8.31M	-1.77M	-3.62M	-1.60M	-1.12M	-1.60M	-0.41M	-1.51M	-0.32M	-1.44M	-1.81M	0.00M	-0.35M	-1.10M	-8.24M	0.00M	-1.39M	-13.46M	-8.88M	-17.60M
Purchases of Investments	-2.53M	-8.29M	-11.77M	-19.09M	-20.87M	-13.58M	-17.63M	-46.05M	-22.46M	-33.89M	-17.11M	-8.60M	-16.66M	-8.63M	-5.55M	-4.86M	-2.59M	-6.71M	-6.36M	-0.52M	-2.26M	-1.38M	-0.19M	-0.37M	-1.20M	-0.22M	-0.12M	-5.56M	-3.18M	-0.87M	-4.75M
Sales / Maturities of Investments	2.98M	12.64M	15.02M	16.15M	12.81M	14.02M	21.54M	40.57M	20.08M	15.10M	10.80M	8.09M	17.41M	2.11M	4.64M	1.39M	3.06M	4.20M	8.96M	0.42M	0.95M	0.40M	0.22M	0.43M	0.69M	0.13M	0.72M	3.68M	0.00M	0.00M	0.35M
Other Investing Activities	-0.54M	3.85M	2.19M	3.13M	0.88M	1.15M	1.96M	0.93M	-0.32M	3.49M	1.08M	2.97M	4.98M	5.85M	3.79M	2.15M	0.39M	-0.24M	0.42M	-0.02M	2.51M	5.29M	-1.56M	8.53M	1.50M	4.31M	-0.71M	-0.69M	6.39M	11.42M	-3.95M
Net Cash from Investing Activities	-142.75M	-135.89M	-110.13M	-166.00M	-172.09M	-142.36M	-141.88M	-155.04M	-113.92M	-167.62M	-109.86M	-156.28M	-142.21M	-103.59M	-134.80M	-72.72M	-82.75M	-80.26M	-91.20M	-96.88M	-82.19M	-111.27M	-46.73M	-44.34M	-85.29M	-52.84M	-58.33M	-86.28M	-99.18M	-61.13M	-347.93M
Net Debt Issuance	8.69M	19.09M	1.50M	31.64M	39.73M	30.04M	33.81M	26.86M	27.55M	15.75M	13.15M	22.89M	37.65M	24.40M	16.65M	14.48M	8.53M	14.71M	5.54M	16.48M	21.51M	29.08M	17.78M	-3.59M	32.94M	24.75M	12.84M	13.37M	46.96M	14.88M	-105.95M
Long-Term Debt Issuance	0.21M	15.62M	16.33M	61.96M	26.98M	34.05M	35.39M	24.44M	24.28M	14.50M	17.45M	26.72M	26.37M	25.01M	23.94M	11.01M	12.15M	11.15M	13.33M	6.61M	24.33M	29.18M	17.85M	-1.24M	17.52M	16.91M	6.48M	12.01M	44.76M	12.79M	-105.95M
Short-Term Debt Issuance	0.81M	0.01M	-0.16M	-0.84M	-0.07M	-0.40M	-0.43M	-0.01M	0.00M	0.00M	0.00M	-0.35M	0.10M	-0.58M	-0.80M	-0.19M	-1.79M	0.00M	-0.91M	0.14M	-0.19M	0.06M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	0.00M	0.04M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.09M	0.57M	0.63M	1.38M	0.55M	0.28M	1.25M	2.73M	0.89M	1.75M	15.13M	6.72M	4.30M	4.16M	0.51M	-4.52M	4.25M	0.35M	6.54M	-110.20M
Common Stock Issuance	0.00M	0.03M	0.02M	1.49M	0.34M	0.57M	0.36M	0.04M	0.40M	1.45M	1.77M	1.69M	8.04M	1.37M	2.37M	2.29M	1.64M	1.58M	5.56M	6.49M	6.67M	27.00M	13.14M	11.37M	5.63M	3.71M	9.57M	20.46M	14.97M	50.70M	132.85M
Common Stock Repurchased	0.00M	0.00M	0.00M	0.00M	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	-0.07M	-3.30M	-0.14M	-0.01M	-0.08M	-0.36M	-0.93M	-16.94M	-6.48M	-6.64M	-2.25M	-260.28M
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	-35.30M	-37.65M	-29.62M	-39.39M	-37.62M	-37.35M	-39.75M	-42.04M	-32.22M	-32.10M	-31.23M	-27.10M	-24.98M	-20.87M	-20.11M	-19.40M	-14.73M	-17.16M	-27.80M	-28.76M	-30.26M	-22.33M	-13.64M	-17.12M	-22.40M	-20.83M	-31.79M	-32.44M	-45.76M	-52.81M	-260.33M
Common Dividends Paid	-28.92M	-37.48M	-29.21M	-40.91M	-39.15M	-36.98M	-40.63M	-41.51M	-31.85M	-31.69M	-30.94M	-26.66M	-24.47M	-22.51M	-21.95M	-18.62M	-18.23M	-27.34M	-30.96M	-28.04M	-29.98M	-18.19M	-13.66M	-17.12M	-22.40M	-20.83M	-31.79M	-32.44M	-45.76M	-54.75M	-260.33M
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	-5.74M	-10.02M	-9.50M	-5.58M	-5.42M	-4.50M	-5.58M	-7.21M	-4.21M	-6.86M	-3.79M	0.47M	-0.71M	-0.87M	-0.44M	-4.33M	-3.28M	0.41M	0.46M	3.00M	-2.75M	-1.04M	-0.99M	4.68M	0.91M	11.90M	1.03M	3.00M	1.99M	3.09M	-5.45M
Net Cash from Financing Activities	-16.78M	-30.65M	-32.45M	10.23M	25.26M	-8.73M	-1.88M	8.02M	-0.30M	-14.10M	-21.07M	10.90M	29.34M	13.29M	9.42M	-2.48M	-11.72M	12.37M	-10.04M	9.61M	1.89M	40.41M	1.38M	-18.12M	33.13M	28.41M	-14.69M	-10.91M	32.15M	-28.99M	-481.93M
Effect of FX on Cash	0.47M	0.08M	0.00M	0.04M	0.00M	-0.05M	-0.01M	-0.03M	-0.04M	-0.06M	-0.08M	0.01M	0.05M	0.00M	0.00M	0.07M	0.00M	0.00M	0.40M	0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.02M	0.00M	-0.03M	-0.05M
Net Change in Cash	-6.40M	6.66M	-1.80M	1.41M	8.60M	12.79M	6.01M	2.51M	6.06M	-0.35M	-8.55M	-1.41M	5.51M	14.49M	-0.79M	6.74M	10.70M	6.98M	3.87M	-0.27M	4.55M	10.69M	-2.65M	6.89M	3.86M	9.01M	-2.44M	1.04M	0.02M	1.32M	147.58M
Cash at Beginning of Period	89.29M	104.97M	90.36M	93.85M	90.49M	75.28M	69.29M	70.57M	59.62M	63.83M	67.42M	68.43M	67.82M	57.75M	64.33M	55.67M	43.79M	38.78M	41.67M	61.28M	52.97M	18.18M	29.46M	27.94M	21.95M	14.99M	28.70M	14.24M	24.80M	29.81M	47.88M
Cash at End of Period	145.69M	125.01M	100.33M	91.33M	93.31M	91.23M	80.31M	80.75M	69.78M	67.58M	65.52M	70.49M	85.80M	72.09M	56.45M	57.23M	60.64M	52.17M	42.59M	53.56M	63.97M	61.61M	23.41M	31.35M	32.18M	29.30M	18.86M	22.67M	20.81M	22.69M	195.45M
Operating Cash Flow	141.08M	173.02M	168.82M	127.98M	95.46M	133.93M	163.14M	149.93M	134.30M	132.16M	145.63M	128.92M	140.33M	101.05M	94.38M	79.52M	96.88M	65.44M	77.91M	94.47M	109.21M	82.28M	64.39M	92.40M	49.92M	44.79M	84.47M	81.70M	144.24M	118.12M	977.48M
Capital Expenditure	-158.72M	-160.66M	-181.03M	-166.84M	-172.25M	-141.23M	-156.51M	-128.87M	-109.50M	-121.28M	-115.45M	-129.96M	-126.62M	-114.03M	-110.34M	-78.26M	-71.99M	-64.50M	-79.39M	-71.74M	-65.53M	-62.59M	-43.97M	-46.47M	-38.54M	-35.16M	-51.09M	-79.50M	-83.08M	-88.38M	-321.98M
Free Cash Flow	-5.07M	28.07M	37.19M	-6.02M	7.24M	12.45M	34.27M	15.65M	24.42M	15.27M	27.18M	-0.55M	6.06M	9.51M	-1.04M	10.16M	27.01M	6.11M	12.09M	11.53M	15.03M	7.71M	4.59M	12.73M	14.22M	3.79M	19.30M	26.74M	63.45M	39.10M	655.50M

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	248.45M	239.61M	204.27M	200.16M	214.72M	161.57M	172.07M	151.73M	188.96M	171.29M	150.78M	181.39M	165.92M	141.30M	136.05M	110.05M	95.02M	97.08M	131.16M	146.36M	141.05M	101.17M	105.29M	94.36M	104.21M	82.67M	111.55M	107.12M	101.07M	229.63M	203.32M
(-) Tax Adjustment	60.11M	52.53M	38.04M	36.62M	43.99M	38.63M	34.75M	32.90M	44.58M	47.94M	38.62M	42.42M	52.05M	39.82M	42.85M	29.06M	22.47M	24.19M	38.73M	47.63M	46.88M	31.38M	27.83M	29.84M	33.65M	26.37M	41.77M	45.89M	37.87M	95.09M	76.13M
(-) Change In Working Capital	-6.64M	-7.47M	3.60M	-22.16M	-22.60M	-6.56M	1.70M	-2.83M	-9.39M	-3.62M	1.77M	-9.14M	-10.40M	2.07M	-2.94M	0.73M	7.95M	-12.07M	2.08M	4.73M	2.67M	-10.43M	-5.74M	1.75M	-1.80M	-11.13M	2.58M	6.60M	-2.06M	-3.31M	192.58M
(-) Capital Expenditure	158.72M	160.66M	181.03M	166.84M	172.25M	141.23M	156.51M	128.87M	109.50M	121.28M	115.45M	129.96M	126.62M	114.03M	110.34M	78.26M	71.99M	64.50M	79.39M	71.74M	65.53M	62.59M	43.97M	46.47M	38.54M	35.16M	51.09M	79.50M	83.08M	88.38M	321.98M
Unlevered Free Cash Flow	36.26M	33.88M	-18.40M	18.86M	21.07M	-11.73M	-20.88M	-7.21M	44.26M	5.70M	-5.07M	18.14M	-2.35M	-14.62M	-14.20M	2.00M	-7.40M	20.47M	10.97M	22.26M	25.97M	17.62M	39.23M	16.30M	33.83M	32.28M	16.11M	-24.88M	-17.83M	49.47M	-387.36M
(-) Net Interest Income After Taxes	-30.11M	-22.83M	-24.88M	-22.16M	-17.85M	-16.57M	-19.15M	-18.63M	-16.82M	-17.01M	-16.51M	-15.89M	-13.55M	-13.66M	-12.47M	-10.95M	-11.66M	-8.84M	-7.57M	-3.45M	-2.49M	-0.92M	-0.64M	-0.60M	-0.47M	-1.10M	-0.12M	-0.31M	-0.10M	-0.08M	-4.68M
Net Debt Issuance	8.69M	19.09M	1.50M	31.64M	39.73M	30.04M	33.81M	26.86M	27.55M	15.75M	13.15M	22.89M	37.65M	24.40M	16.65M	14.48M	8.53M	14.71M	5.54M	16.48M	21.51M	29.08M	17.78M	-3.59M	32.94M	24.75M	12.84M	13.37M	46.96M	14.88M	-105.95M
Levered Free Cash Flow	75.06M	75.80M	7.98M	72.65M	78.65M	34.88M	32.08M	38.28M	88.63M	38.46M	24.60M	56.92M	48.85M	23.44M	14.92M	27.43M	12.79M	44.02M	24.08M	42.19M	49.98M	47.61M	57.64M	13.31M	67.23M	58.13M	29.08M	-11.20M	29.23M	64.43M	-488.64M