Oil & Gas Refining & Marketing

Category: Industry Averages Base Ticker: AKRA.JK

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	12.38	7.55	8.26	8.28	8.22	7.38	9.58	7.40	7.84	7.84	8.02	8.58	8.77	8.60	7.10	7.14	5.99	4.19	6.80	4.64	5.10	4.19	3.68	3.20	2.44	2.75	2.85	2.65	4.76	4.31	1.77
Market Capitalization	2,752.18M	1,528.23M	1,757.72M	1,577.95M	1,604.98M	1,505.15M	1,845.43M	1,523.94M	1,616.37M	1,394.48M	1,297.21M	1,169.54M	1,034.69M	976.01M	858.05M	815.33M	600.10M	463.96M	615.67M	488.61M	490.13M	506.83M	434.53M	315.30M	232.70M	231.29M	215.03M	274.72M	271.16M	210.70M	287.97M
(-) Cash & Equivalents	422.13M	217.50M	250.42M	256.81M	235.75M	220.05M	147.87M	142.35M	131.09M	224.14M	115.48M	109.62M	105.54M	103.94M	77.52M	80.95M	63.33M	62.20M	51.39M	45.60M	41.18M	26.76M	42.01M	44.27M	30.47M	24.37M	17.95M	7.11M	8.54M	5.59M	6.28M
(+) Total Debt	1,726.32M	963.04M	910.48M	993.10M	920.12M	824.13M	756.11M	636.34M	595.10M	579.95M	500.36M	448.14M	379.12M	371.66M	347.30M	279.90M	241.50M	188.61M	184.90M	151.91M	165.49M	99.69M	112.55M	165.04M	123.47M	29.48M	77.79M	36.65M	31.13M	30.85M	25.38M
Enterprise Value	3,837.47M	2,253.87M	2,386.23M	2,288.85M	2,316.45M	2,111.97M	2,302.61M	2,008.48M	2,193.04M	1,859.76M	1,647.81M	1,508.39M	1,416.30M	1,296.42M	1,175.17M	1,044.69M	770.00M	623.21M	859.05M	648.87M	690.83M	641.54M	542.34M	409.28M	339.63M	264.36M	283.51M	289.65M	280.19M	218.80M	303.99M

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	8,368.976M	7,384.713M	7,496.269M	7,968.213M	5,245.484M	3,805.448M	5,189.379M	5,239.383M	4,053.195M	3,340.609M	3,670.623M	4,054.724M	3,685.148M	3,825.478M	3,155.389M	2,572.128M	2,189.426M	2,233.121M	2,168.769M	1,679.790M	1,977.632M	1,633.195M	1,023.952M	800.793M	641.670M	504.706M	303.229M	308.120M	319.305M	285.542M	295.274M
Cost of Revenue	7,588.312M	6,759.968M	6,807.980M	7,269.283M	4,650.417M	3,439.995M	4,767.175M	4,535.342M	3,514.754M	2,994.331M	3,064.891M	3,725.992M	3,393.790M	3,695.498M	2,876.895M	2,344.711M	2,013.859M	2,070.182M	1,942.477M	1,447.790M	1,491.491M	1,350.214M	932.501M	752.358M	593.379M	385.313M	256.562M	271.381M	280.906M	248.201M	278.764M
Gross Profit	780.664M	624.745M	688.290M	698.930M	595.068M	365.453M	422.204M	704.041M	538.441M	346.278M	605.732M	328.732M	291.358M	129.980M	278.494M	227.417M	175.567M	162.938M	226.291M	232.000M	486.141M	282.981M	91.451M	48.435M	48.291M	119.392M	46.667M	36.739M	38.399M	37.341M	16.510M
Gross Margin	9.33%	8.46%	9.18%	8.77%	11.34%	9.60%	8.14%	13.44%	13.28%	10.37%	16.50%	8.11%	7.91%	3.40%	8.83%	8.84%	8.02%	7.30%	10.43%	13.81%	24.58%	17.33%	8.93%	6.05%	7.53%	23.66%	15.39%	11.92%	12.03%	13.08%	5.59%
R&D Expenses	0.073M	0.355M	0.248M	0.413M	0.266M	0.204M	0.219M	0.366M	0.149M	0.101M	0.083M	0.122M	0.086M	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	171.382M	145.451M	127.323M	129.275M	119.822M	115.954M	125.443M	132.329M	115.230M	109.902M	104.896M	90.915M	77.045M	54.894M	67.665M	65.585M	57.597M	51.612M	56.111M	47.186M	45.457M	37.304M	26.261M	57.494M	40.165M	23.402M	25.680M	13.938M	13.592M	11.836M	8.119M
Operating Expenses	171.456M	145.807M	127.571M	129.689M	120.088M	116.158M	125.662M	132.694M	115.379M	110.003M	104.979M	91.037M	77.132M	54.894M	67.665M	65.585M	57.597M	51.612M	56.111M	47.186M	45.457M	37.304M	26.261M	57.494M	40.165M	23.402M	25.680M	13.938M	13.592M	11.836M	8.119M
Operating Income	609.208M	478.939M	560.719M	569.241M	474.980M	249.295M	296.542M	571.346M	423.062M	236.275M	500.753M	237.695M	214.226M	75.087M	210.829M	161.831M	117.970M	111.326M	170.180M	184.815M	440.684M	245.677M	65.190M	-9.059M	8.126M	95.990M	20.987M	22.802M	24.807M	25.505M	8.391M
Operating Margin	7.28%	6.49%	7.48%	7.14%	9.06%	6.55%	5.71%	10.90%	10.44%	7.07%	13.64%	5.86%	5.81%	1.96%	6.68%	6.29%	5.39%	4.99%	7.85%	11.00%	22.28%	15.04%	6.37%	-1.13%	1.27%	19.02%	6.92%	7.40%	7.77%	8.93%	2.84%
Interest Income	4.092M	10.013M	10.298M	4.275M	3.417M	3.531M	5.250M	3.463M	3.862M	3.007M	3.078M	3.433M	3.501M	3.618M	2.314M	1.734M	1.118M	2.392M	2.079M	0.542M	0.665M	0.188M	0.216M	0.287M	0.236M	0.103M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	73.510M	53.684M	48.567M	39.662M	33.483M	32.758M	32.691M	24.885M	23.700M	21.349M	20.674M	18.369M	18.535M	20.181M	16.144M	9.907M	10.067M	13.335M	10.731M	6.983M	6.556M	4.490M	0.962M	8.330M	1.131M	1.049M	1.217M	2.135M	0.899M	1.084M	1.608M
Net Interest Income	-69.418M	-43.670M	-38.268M	-35.388M	-30.066M	-29.227M	-27.440M	-21.422M	-19.838M	-18.343M	-17.597M	-14.936M	-15.034M	-16.563M	-13.830M	-8.173M	-8.949M	-10.943M	-8.652M	-6.441M	-5.891M	-4.301M	-0.746M	-8.043M	-0.895M	-0.946M	-1.217M	-2.135M	-0.899M	-1.084M	-1.608M
Other Income / Expense	-427.273M	-350.000M	-359.027M	-351.743M	-285.584M	-218.415M	-143.839M	-412.535M	-249.295M	-116.542M	-392.154M	-175.209M	-116.432M	19.745M	-110.959M	-81.027M	-54.591M	-53.621M	-77.962M	-120.610M	-364.791M	-194.753M	-31.429M	39.771M	2.719M	-80.663M	-5.372M	-8.969M	-12.847M	-9.308M	7.163M
Pre-Tax Income	112.517M	85.268M	163.424M	182.111M	159.329M	1.653M	125.262M	137.389M	153.929M	101.391M	91.002M	47.549M	82.760M	78.268M	86.039M	72.631M	54.430M	46.762M	83.567M	57.764M	70.003M	46.623M	33.015M	22.668M	9.949M	14.381M	14.398M	11.698M	11.061M	15.113M	13.947M
Pre-Tax Margin	1.34%	1.15%	2.18%	2.29%	3.04%	0.04%	2.41%	2.62%	3.80%	3.04%	2.48%	1.17%	2.25%	2.05%	2.73%	2.82%	2.49%	2.09%	3.85%	3.44%	3.54%	2.85%	3.22%	2.83%	1.55%	2.85%	4.75%	3.80%	3.46%	5.29%	4.72%
Income Tax Expense	36.202M	21.607M	29.215M	32.265M	31.200M	4.133M	25.005M	33.067M	33.822M	21.717M	21.070M	8.495M	13.899M	15.572M	19.127M	19.605M	10.832M	8.897M	17.930M	6.563M	15.900M	11.283M	6.070M	4.096M	1.656M	2.669M	4.538M	3.234M	2.983M	4.618M	7.158M
Tax Rate	32.17%	25.34%	17.88%	17.72%	19.58%	35.00%	19.96%	24.07%	21.97%	21.42%	23.15%	17.86%	16.79%	19.90%	22.23%	26.99%	19.90%	19.03%	21.46%	11.36%	22.71%	24.20%	18.39%	18.07%	16.64%	18.56%	31.52%	27.64%	26.97%	30.55%	35.00%
Net Income	76.315M	63.661M	134.209M	149.846M	128.129M	-2.480M	100.257M	104.322M	120.107M	79.674M	69.931M	39.055M	68.861M	62.696M	66.912M	53.025M	43.598M	37.865M	65.637M	51.201M	54.103M	35.340M	26.945M	18.572M	8.293M	11.712M	9.860M	8.464M	8.078M	10.496M	6.789M
Net Margin	0.91%	0.86%	1.79%	1.88%	2.44%	-0.07%	1.93%	1.99%	2.96%	2.39%	1.91%	0.96%	1.87%	1.64%	2.12%	2.06%	1.99%	1.70%	3.03%	3.05%	2.74%	2.16%	2.63%	2.32%	1.29%	2.32%	3.25%	2.75%	2.53%	3.68%	2.30%
EBIT	609.208M	478.939M	560.719M	569.241M	474.980M	249.295M	296.542M	571.346M	423.062M	236.275M	500.753M	237.695M	214.226M	75.087M	210.829M	161.831M	117.970M	111.326M	170.180M	184.815M	440.684M	245.677M	65.190M	-9.059M	8.126M	95.990M	20.987M	22.802M	24.807M	25.505M	8.391M
Depreciation & Amortization	169.603M	118.438M	102.043M	93.529M	91.624M	87.081M	80.291M	65.441M	57.265M	61.884M	51.459M	41.997M	35.775M	35.289M	35.652M	34.658M	31.448M	23.646M	26.099M	13.572M	14.597M	17.099M	17.118M	16.926M	10.792M	9.156M	7.240M	17.988M	3.091M	4.738M	4.118M
EBITDA	778.811M	597.377M	662.762M	662.771M	566.604M	336.376M	376.833M	636.787M	480.327M	298.159M	552.212M	279.692M	250.002M	110.375M	246.481M	196.490M	149.418M	134.972M	196.279M	198.387M	455.281M	262.776M	82.308M	7.867M	18.918M	105.147M	28.227M	40.790M	27.898M	30.243M	12.510M
EBITDA Margin	9.31%	8.09%	8.84%	8.32%	10.80%	8.84%	7.26%	12.15%	11.85%	8.93%	15.04%	6.90%	6.78%	2.89%	7.81%	7.64%	6.82%	6.04%	9.05%	11.81%	23.02%	16.09%	8.04%	0.98%	2.95%	20.83%	9.31%	13.24%	8.74%	10.59%	4.24%
NOPAT	413.197M	357.574M	460.481M	468.387M	381.968M	162.042M	237.346M	433.834M	330.105M	185.667M	384.809M	195.231M	178.249M	60.147M	163.961M	118.148M	94.494M	90.145M	133.667M	163.815M	340.589M	186.221M	53.205M	-7.422M	6.774M	78.176M	14.372M	16.498M	18.116M	17.712M	5.454M
NOPAT Margin	4.94%	4.84%	6.14%	5.88%	7.28%	4.26%	4.57%	8.28%	8.14%	5.56%	10.48%	4.81%	4.84%	1.57%	5.20%	4.59%	4.32%	4.04%	6.16%	9.75%	17.22%	11.40%	5.20%	-0.93%	1.06%	15.49%	4.74%	5.35%	5.67%	6.20%	1.85%
Owner's Earnings	245.918M	182.099M	236.252M	243.375M	219.753M	84.601M	180.548M	169.763M	177.372M	141.557M	121.390M	81.052M	104.637M	97.985M	102.564M	87.683M	75.046M	61.511M	91.736M	64.773M	68.700M	52.439M	44.063M	35.498M	19.085M	20.869M	17.101M	26.452M	11.169M	15.234M	10.907M
Owner's Earnings Margin	2.94%	2.47%	3.15%	3.05%	4.19%	2.22%	3.48%	3.24%	4.38%	4.24%	3.31%	2.00%	2.84%	2.56%	3.25%	3.41%	3.43%	2.75%	4.23%	3.86%	3.47%	3.21%	4.30%	4.43%	2.97%	4.13%	5.64%	8.58%	3.50%	5.33%	3.69%
EPS	0.11	0.10	0.20	0.22	0.18	0.00	0.14	0.14	0.18	0.12	0.11	0.06	0.12	0.11	0.11	0.09	0.08	0.07	0.12	0.08	0.07	0.05	0.08	0.06	0.03	0.04	0.04	0.04	0.04	0.05	0.03
EPS (Diluted)	0.11	0.10	0.20	0.22	0.18	0.00	0.14	0.14	0.18	0.12	0.11	0.06	0.12	0.11	0.11	0.09	0.08	0.07	0.12	0.08	0.07	0.05	0.08	0.06	0.03	0.04	0.04	0.04	0.04	0.05	0.03
Shares (Diluted)	694,421,490	668,205,586	665,517,429	683,920,034	725,595,704	734,919,454	732,118,454	733,604,089	685,437,573	689,891,777	654,618,328	621,063,300	561,692,198	582,772,233	602,496,165	572,025,765	567,163,583	563,677,927	566,275,479	618,163,330	749,965,139	686,608,617	334,323,667	327,362,465	282,074,730	265,626,401	250,099,614	235,615,695	228,605,509	196,566,178	263,195,157

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	415.08M	217.50M	250.42M	257.08M	236.05M	220.09M	147.87M	142.35M	131.09M	224.14M	115.48M	109.62M	106.57M	103.94M	77.52M	80.95M	64.04M	62.20M	52.02M	45.60M	41.18M	29.17M	43.55M	44.01M	29.71M	24.37M	17.71M	7.11M	8.54M	5.59M	5.97M
Short-Term Investments	113.17M	63.03M	42.20M	50.70M	56.51M	42.29M	88.47M	62.45M	71.34M	39.13M	72.66M	37.32M	15.94M	32.21M	8.36M	16.48M	14.84M	29.32M	24.19M	26.66M	15.98M	22.37M	0.60M	0.35M	6.76M	0.00M	0.00M	0.04M	0.05M	0.11M	0.05M
Cash & Short-Term Investments	528.25M	280.52M	292.62M	307.78M	292.56M	262.38M	236.34M	204.81M	202.43M	263.27M	188.14M	146.94M	122.51M	136.15M	85.88M	97.42M	78.88M	91.52M	76.20M	72.26M	57.16M	51.54M	44.15M	44.36M	36.47M	24.37M	17.71M	7.15M	8.59M	5.70M	6.02M
Net Receivables	573.07M	437.88M	419.52M	473.30M	345.66M	242.38M	309.92M	249.41M	240.06M	202.46M	185.73M	227.89M	255.28M	249.39M	162.68M	124.85M	103.89M	97.49M	138.13M	114.66M	111.78M	79.40M	77.92M	53.33M	49.63M	59.57M	66.23M	36.21M	39.85M	36.86M	36.27M
Inventory	850.15M	377.33M	384.38M	382.00M	306.76M	225.23M	271.72M	249.15M	231.02M	201.97M	166.90M	229.81M	224.37M	259.12M	213.19M	156.37M	132.89M	115.17M	143.83M	103.78M	108.42M	85.06M	56.61M	54.22M	33.87M	24.74M	22.67M	20.69M	20.70M	12.86M	15.06M
Other Current Assets	109.60M	50.16M	59.09M	59.56M	45.02M	41.73M	42.00M	52.06M	60.93M	55.09M	46.19M	45.70M	38.61M	22.26M	50.16M	23.78M	19.96M	21.84M	19.28M	12.74M	13.45M	10.71M	9.19M	11.63M	11.89M	10.59M	20.33M	12.64M	8.23M	3.78M	4.86M
Total Current Assets	2,061.06M	1,145.90M	1,155.61M	1,222.64M	990.01M	771.73M	859.97M	755.43M	734.44M	722.79M	586.95M	650.34M	640.77M	666.92M	511.92M	402.42M	335.62M	326.02M	377.44M	303.44M	290.81M	226.71M	187.88M	163.54M	131.87M	119.28M	126.94M	76.69M	77.36M	59.19M	62.21M
Property, Plant & Equipment	2,447.93M	1,324.80M	1,231.23M	1,044.97M	971.10M	954.02M	885.91M	704.27M	673.01M	701.27M	612.67M	561.47M	475.16M	488.96M	491.90M	480.76M	407.49M	309.55M	303.95M	247.07M	237.03M	190.24M	167.92M	166.75M	113.33M	68.62M	99.24M	87.98M	56.37M	37.30M	43.67M
Goodwill	95.31M	60.18M	68.73M	60.28M	52.25M	48.12M	36.15M	39.87M	30.87M	22.03M	18.62M	14.11M	12.52M	10.16M	5.38M	8.16M	5.46M	2.64M	1.86M	1.80M	0.07M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	127.22M	59.52M	54.09M	69.34M	60.87M	71.23M	58.47M	48.04M	37.06M	29.44M	27.27M	25.07M	18.45M	24.29M	27.60M	19.16M	9.92M	9.75M	8.84M	5.54M	8.05M	2.39M	2.31M	4.35M	2.67M	3.28M	3.33M	4.84M	3.39M	4.22M	3.32M
Long-Term Investments	261.75M	139.52M	117.61M	110.04M	109.41M	81.74M	82.65M	61.99M	49.74M	39.85M	41.56M	27.40M	28.85M	19.94M	11.94M	17.13M	9.85M	3.57M	2.50M	2.27M	2.98M	0.84M	1.45M	1.80M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	13.13M	10.24M	23.83M	20.55M	20.16M	24.74M	14.20M	14.17M	13.63M	15.39M	9.58M	6.21M	4.20M	4.88M	5.16M	2.46M	2.10M	2.63M	1.70M	0.78M	1.00M	0.43M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	164.60M	124.70M	83.74M	77.02M	98.34M	77.26M	64.23M	55.25M	55.15M	40.95M	41.29M	48.04M	36.68M	35.05M	40.13M	42.66M	35.25M	28.94M	38.63M	20.04M	24.81M	30.33M	14.44M	16.41M	10.56M	7.13M	11.14M	6.50M	5.48M	4.47M	4.27M
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	3,109.93M	1,718.96M	1,579.22M	1,382.20M	1,312.14M	1,257.11M	1,141.60M	923.58M	859.45M	848.93M	750.99M	682.29M	575.86M	583.27M	582.11M	570.32M	470.08M	357.08M	357.49M	277.50M	273.93M	224.22M	186.12M	189.31M	126.56M	79.03M	113.71M	99.32M	65.24M	46.00M	51.26M
Total Assets	5,171.00M	2,864.86M	2,734.83M	2,604.84M	2,302.15M	2,028.83M	2,001.58M	1,679.01M	1,593.89M	1,571.72M	1,337.95M	1,332.63M	1,216.63M	1,250.19M	1,094.03M	972.75M	805.70M	683.10M	734.93M	580.94M	564.75M	450.93M	374.00M	352.85M	258.43M	198.31M	240.64M	176.01M	142.60M	105.19M	113.46M
Accounts Payable	892.85M	532.71M	504.96M	453.31M	370.15M	262.60M	343.39M	294.23M	263.52M	236.09M	176.10M	222.29M	271.53M	234.87M	194.92M	140.80M	121.98M	91.21M	162.74M	98.23M	96.71M	75.45M	60.01M	47.90M	47.52M	69.55M	44.24M	31.41M	27.46M	16.34M	19.47M
Short-Term Debt	360.95M	186.59M	194.70M	231.42M	174.68M	191.05M	156.03M	138.12M	115.01M	117.25M	98.40M	152.50M	107.86M	104.65M	87.52M	63.40M	59.02M	56.61M	32.45M	24.63M	27.76M	25.29M	17.28M	46.62M	19.22M	13.18M	15.63M	13.78M	8.48M	6.46M	5.37M
Tax Payables	3.36M	9.50M	10.02M	31.61M	26.29M	14.45M	19.15M	25.97M	27.29M	22.24M	8.48M	6.04M	4.06M	7.39M	5.47M	5.95M	2.66M	1.72M	2.41M	0.84M	0.45M	0.53M	0.09M	0.19M	0.01M	0.11M	0.12M	0.17M	0.09M	0.00M	0.01M
Deferred Revenue	2.06M	0.02M	9.19M	25.50M	42.83M	41.45M	38.20M	32.58M	42.91M	44.38M	28.27M	16.93M	13.39M	25.61M	9.38M	11.42M	6.56M	6.91M	6.78M	5.46M	11.20M	6.12M	6.03M	9.44M	11.21M	0.43M	2.03M	1.67M	0.78M	0.00M	0.44M
Other Current Liabilities	240.72M	106.99M	103.55M	128.93M	89.44M	77.40M	105.74M	94.25M	95.39M	76.04M	76.22M	64.70M	58.47M	52.38M	40.59M	32.81M	23.95M	28.77M	24.65M	18.19M	36.64M	25.66M	25.66M	14.04M	8.64M	15.95M	18.01M	5.71M	5.74M	2.73M	4.42M
Total Current Liabilities	1,499.94M	835.81M	822.42M	870.78M	703.38M	586.95M	662.52M	585.15M	544.13M	496.00M	387.46M	462.46M	455.31M	424.91M	337.88M	254.39M	214.17M	185.22M	229.03M	147.35M	172.76M	133.04M	109.07M	118.19M	86.60M	99.22M	80.02M	52.74M	42.55M	25.52M	29.71M
Long-Term Debt	1,107.21M	583.80M	557.80M	539.24M	584.54M	588.78M	463.77M	436.15M	441.88M	397.86M	383.76M	314.02M	229.33M	227.71M	168.71M	153.25M	124.62M	106.27M	115.76M	119.06M	112.52M	95.03M	27.03M	101.49M	106.89M	16.44M	65.66M	28.57M	26.19M	25.44M	19.25M
Capital Lease Obligations	75.71M	126.05M	120.94M	114.81M	106.01M	105.19M	48.22M	1.78M	0.71M	0.29M	0.30M	0.17M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	119.46M	28.63M	36.08M	51.18M	32.22M	26.50M	30.04M	29.10M	28.99M	23.46M	22.16M	17.81M	13.15M	17.41M	18.87M	21.11M	12.22M	9.00M	11.53M	10.11M	9.35M	4.91M	7.11M	5.37M	1.32M	1.71M	2.88M	1.61M	1.59M	0.25M	1.74M
Other Non-Current Liabilities	171.85M	118.82M	104.83M	76.45M	69.08M	56.56M	59.68M	55.13M	56.22M	44.80M	37.65M	33.42M	27.15M	14.28M	17.95M	16.16M	9.11M	8.85M	9.72M	6.14M	9.15M	3.97M	4.38M	6.82M	3.63M	0.87M	2.02M	1.07M	0.80M	0.33M	0.71M
Total Non-Current Liabilities	1,474.22M	857.30M	819.66M	781.68M	791.85M	777.04M	601.71M	522.16M	527.80M	466.41M	443.88M	365.42M	269.63M	259.39M	205.54M	190.53M	145.95M	124.12M	137.01M	135.31M	131.02M	103.91M	38.52M	113.68M	111.85M	19.02M	70.57M	31.25M	28.58M	26.02M	21.70M
Total Liabilities	2,974.16M	1,693.11M	1,642.08M	1,652.46M	1,495.23M	1,363.99M	1,264.24M	1,107.31M	1,071.93M	962.41M	831.34M	827.87M	724.94M	684.30M	543.42M	444.92M	360.12M	309.34M	366.04M	282.66M	303.78M	236.95M	147.59M	231.87M	198.45M	118.24M	150.59M	83.99M	71.13M	51.55M	51.42M
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	164.66M	82.39M	88.22M	95.12M	109.54M	97.01M	100.44M	106.65M	85.52M	85.07M	80.65M	73.73M	56.24M	55.23M	41.14M	37.71M	44.55M	44.10M	37.47M	36.66M	37.40M	26.94M	37.03M	47.53M	27.53M	18.40M	16.10M	13.32M	10.44M	4.48M	9.34M
Retained Earnings	517.13M	589.16M	599.88M	504.14M	489.05M	408.88M	429.25M	386.37M	358.77M	302.93M	229.79M	195.33M	226.19M	193.34M	166.67M	123.77M	120.82M	101.96M	99.05M	58.67M	59.53M	42.98M	37.88M	55.94M	27.91M	32.91M	22.40M	19.25M	18.52M	15.67M	16.93M
Accumulated OCI	28.45M	17.11M	17.33M	22.07M	18.99M	3.84M	5.50M	0.35M	4.24M	3.64M	2.64M	1.32M	2.68M	-3.50M	-1.32M	-2.60M	-0.16M	-0.93M	0.00M	0.00M	-0.89M	-2.71M	0.00M	-0.03M	-1.16M	-1.01M	-7.78M	-8.67M	-5.00M	-1.56M	-1.32M
Minority Interest	51.51M	24.89M	22.87M	21.42M	20.03M	27.38M	23.26M	19.44M	20.90M	18.08M	16.67M	9.87M	8.23M	8.60M	6.03M	5.42M	5.09M	3.54M	2.27M	1.88M	1.93M	2.14M	2.51M	2.66M	2.70M	1.81M	1.83M	1.34M	1.09M	0.11M	0.52M
Total Shareholders’ Equity	710.25M	688.66M	705.42M	621.33M	617.57M	509.73M	535.18M	493.37M	448.53M	391.64M	313.09M	270.38M	285.11M	245.06M	206.49M	158.88M	165.20M	145.13M	136.52M	95.33M	96.03M	67.20M	74.91M	103.43M	54.27M	50.30M	30.72M	23.91M	23.97M	18.59M	24.95M
Total Equity	761.76M	713.55M	728.30M	642.75M	637.60M	537.12M	558.44M	512.82M	469.44M	409.73M	329.76M	280.25M	293.35M	253.66M	212.51M	164.30M	170.30M	148.67M	138.79M	97.21M	97.96M	69.35M	77.43M	106.09M	56.98M	52.11M	32.55M	25.24M	25.07M	18.69M	25.47M
Total Liabilities & Equity	3,735.92M	2,406.66M	2,370.38M	2,295.20M	2,132.83M	1,901.11M	1,822.67M	1,620.12M	1,541.36M	1,372.14M	1,161.09M	1,108.13M	1,018.28M	937.97M	755.93M	609.22M	530.41M	458.01M	504.84M	379.87M	401.74M	306.30M	225.02M	337.96M	255.42M	170.35M	183.13M	109.23M	96.20M	70.24M	76.89M
Tangible Assets	4,948.46M	2,745.16M	2,612.01M	2,475.22M	2,189.03M	1,909.48M	1,906.96M	1,591.10M	1,525.97M	1,520.25M	1,292.06M	1,293.46M	1,185.66M	1,215.75M	1,061.04M	945.43M	790.32M	670.71M	724.22M	573.60M	556.63M	448.55M	371.69M	348.50M	255.76M	195.03M	237.31M	171.18M	139.21M	100.97M	110.15M
Tangible Equity	539.23M	593.85M	605.48M	513.13M	524.48M	417.77M	463.83M	424.91M	401.51M	358.25M	283.87M	241.08M	262.37M	219.22M	179.53M	136.98M	154.92M	136.28M	128.08M	89.86M	89.84M	66.96M	75.12M	101.74M	54.30M	48.83M	29.22M	20.41M	21.67M	14.47M	22.16M
Tangible Book Value	539.23M	593.85M	605.48M	513.13M	524.48M	417.77M	463.83M	424.91M	401.51M	358.25M	283.87M	241.08M	262.37M	219.22M	179.53M	136.98M	154.92M	136.28M	128.08M	89.86M	89.84M	66.96M	75.12M	101.74M	54.30M	48.83M	29.22M	20.41M	21.67M	14.47M	22.16M
Total Investments	291.30M	174.76M	173.57M	123.54M	145.05M	116.75M	107.14M	100.18M	96.02M	79.27M	69.05M	53.23M	62.16M	49.44M	41.43M	37.86M	34.96M	28.72M	27.45M	20.25M	17.06M	20.45M	6.72M	5.87M	4.42M	0.82M	1.29M	1.29M	0.02M	0.19M	0.16M
Net Debt	1,053.08M	552.90M	502.09M	513.59M	523.16M	559.74M	471.93M	431.92M	425.80M	290.97M	366.68M	356.90M	230.62M	228.42M	178.71M	135.71M	119.60M	100.67M	96.18M	98.09M	99.09M	91.15M	0.76M	104.11M	96.41M	5.25M	63.58M	35.25M	26.13M	26.30M	18.66M

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	712.25M	228.47M	357.19M	395.39M	318.18M	240.23M	270.07M	319.93M	343.41M	297.96M	162.02M	165.10M	159.74M	135.01M	153.65M	148.42M	136.42M	128.95M	119.53M	132.62M	116.75M	54.32M	10.51M	2.47M	30.99M	35.49M	25.78M	18.66M	24.14M	17.22M	16.11M
Total Capital	3,889.51M	2,115.53M	2,054.59M	1,956.82M	1,842.55M	1,595.41M	1,606.17M	1,465.12M	1,380.78M	1,316.91M	1,172.12M	1,036.03M	950.22M	909.04M	851.94M	721.97M	678.32M	519.07M	531.13M	394.90M	366.18M	312.48M	296.73M	328.37M	228.69M	133.62M	198.26M	140.34M	135.85M	136.62M	197.62M
Capital Employed	4,710.86M	2,446.80M	2,095.38M	1,985.77M	1,808.07M	1,714.99M	1,642.25M	1,538.23M	1,487.08M	1,502.50M	1,257.28M	1,228.51M	980.04M	934.62M	880.41M	845.29M	744.82M	492.53M	552.00M	536.04M	524.49M	282.06M	249.87M	229.14M	222.60M	141.68M	156.55M	113.26M	115.42M	132.68M	188.19M
Invested Capital	3,474.43M	1,898.03M	1,804.18M	1,699.74M	1,606.49M	1,375.32M	1,458.30M	1,322.76M	1,249.68M	1,092.77M	1,056.64M	926.41M	843.65M	805.10M	774.42M	641.03M	614.28M	456.86M	479.11M	349.30M	325.00M	283.31M	253.18M	284.36M	198.98M	109.25M	180.55M	133.23M	127.30M	131.03M	191.65M

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	112.45M	95.74M	103.75M	94.42M	93.00M	91.08M	81.17M	65.29M	59.33M	65.37M	52.52M	42.65M	35.05M	34.36M	34.35M	32.15M	30.70M	23.03M	18.86M	14.78M	14.72M	16.08M	12.16M	10.19M	8.46M	6.55M	7.55M	4.49M	6.64M	6.36M	30.05M
Deferred Income Tax	0.00M	0.00M	0.00M	-0.21M	-0.34M	-0.84M	0.45M	0.23M	-0.09M	0.21M	-0.01M	0.00M	0.19M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.04M	0.00M	0.00M	-0.20M	-0.15M	0.10M	0.35M	0.34M	0.55M
Stock-Based Compensation	0.00M	0.00M	0.00M	0.53M	0.57M	0.04M	0.16M	0.15M	0.25M	0.14M	0.08M	0.06M	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
Change in Working Capital	13.14M	12.81M	-2.44M	-56.71M	-51.87M	38.64M	-18.42M	-29.39M	-18.99M	21.00M	17.82M	-0.29M	-21.29M	-24.19M	-29.21M	-22.27M	7.47M	-9.37M	-3.05M	-10.02M	-16.72M	-12.09M	-0.70M	3.66M	2.47M	-2.54M	-2.05M	-3.13M	-3.45M	-3.25M	-1.03M
Accounts Receivable	29.92M	19.71M	27.28M	-88.62M	-76.87M	63.26M	-16.71M	-26.29M	-29.35M	-16.64M	22.30M	12.35M	-8.61M	-0.84M	-0.44M	-0.41M	-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
Inventory	15.16M	12.52M	13.49M	-87.18M	-95.07M	54.47M	-17.34M	-9.61M	-32.33M	-12.73M	23.27M	11.42M	-4.64M	-16.94M	-26.99M	-17.50M	-7.44M	3.36M	-9.95M	-7.00M	-8.73M	-6.72M	-3.81M	0.33M	3.37M	-4.29M	-0.07M	-0.71M	-0.60M	-0.08M	-0.36M
Accounts Payable	-2.88M	6.49M	-10.60M	88.13M	119.49M	-53.80M	28.86M	13.71M	23.28M	20.96M	-5.66M	-0.19M	0.41M	0.00M	0.04M	0.44M	0.77M	0.00M	0.00M	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	-5.25M	-7.15M	-12.67M	-1.82M	11.45M	2.57M	-4.96M	-11.98M	10.79M	26.25M	-6.92M	-4.38M	-11.01M	1.45M	0.16M	0.64M	8.14M	-4.59M	8.19M	-1.00M	6.07M	-5.96M	-2.45M	0.05M	0.54M	1.34M	0.83M	-2.80M	-1.43M	-2.86M	-0.52M
Other Non-Cash Items	41.00M	22.39M	-3.29M	14.31M	6.88M	16.49M	5.14M	6.02M	-4.97M	5.57M	12.37M	2.49M	8.53M	-2.59M	2.29M	-0.20M	-0.93M	-3.17M	-2.34M	-5.71M	-0.76M	3.96M	1.41M	3.17M	0.06M	0.01M	0.40M	0.57M	8.18M	0.70M	1.56M
Net Cash from Operating Activities	284.25M	250.64M	232.44M	199.40M	165.42M	146.23M	196.39M	156.07M	152.47M	190.06M	179.18M	106.61M	99.92M	100.35M	84.43M	54.43M	72.33M	46.28M	67.39M	51.86M	55.47M	50.09M	49.18M	34.11M	27.01M	17.33M	20.72M	18.62M	17.28M	13.40M	38.25M
Capital Expenditures (PPE)	-128.41M	-109.37M	-133.99M	-107.95M	-82.59M	-83.07M	-87.18M	-79.58M	-65.39M	-74.46M	-71.00M	-78.71M	-73.11M	-68.29M	-82.58M	-61.07M	-53.43M	-60.74M	-43.31M	-31.42M	-28.35M	-24.35M	-12.30M	-12.85M	-12.11M	-10.59M	-14.02M	-26.31M	-19.28M	-6.66M	-7.39M
Acquisitions (Net)	0.41M	0.01M	-1.04M	-7.13M	-3.40M	-4.12M	-3.79M	-4.57M	-6.67M	-1.34M	-2.35M	-4.12M	-1.56M	-0.15M	-0.78M	-0.40M	-1.53M	-1.72M	-1.01M	1.03M	0.04M	0.29M	-1.52M	-2.41M	-0.14M	-0.10M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	-1.17M	-6.09M	-9.12M	-13.15M	-14.80M	-14.77M	-6.87M	-12.96M	-11.31M	-8.12M	-7.28M	-5.35M	-2.26M	-4.62M	-4.26M	-3.30M	-7.44M	-6.53M	-8.92M	-7.56M	-3.75M	-2.26M	-2.55M	-0.31M	-1.83M	-0.39M	0.00M	-0.74M	-0.14M	0.00M	-1.60M
Sales / Maturities of Investments	1.23M	6.88M	14.62M	11.59M	11.31M	11.89M	9.51M	9.77M	7.24M	5.16M	5.46M	5.56M	1.85M	3.56M	3.48M	3.70M	7.35M	6.26M	15.13M	12.59M	2.77M	1.70M	0.78M	0.23M	0.86M	0.86M	0.06M	0.05M	0.00M	0.00M	0.86M
Other Investing Activities	6.11M	8.02M	9.20M	4.00M	8.98M	6.41M	3.32M	7.72M	4.88M	5.06M	3.59M	0.76M	1.77M	-0.83M	2.23M	-0.53M	-0.39M	-0.15M	-0.81M	-1.31M	-1.05M	0.71M	-1.45M	0.47M	-3.16M	-0.71M	0.69M	1.06M	-3.72M	0.34M	-0.55M
Net Cash from Investing Activities	-150.15M	-131.76M	-124.41M	-187.42M	-108.01M	-105.81M	-109.38M	-101.17M	-116.18M	-103.14M	-97.13M	-99.17M	-66.39M	-89.45M	-69.15M	-65.99M	-43.78M	-49.89M	-45.42M	-60.11M	-40.07M	-35.27M	-29.99M	-18.86M	-22.32M	-14.27M	-11.49M	-49.55M	-20.55M	-5.87M	-7.00M
Net Debt Issuance	-20.18M	-3.79M	13.29M	43.23M	-9.50M	35.77M	25.46M	4.15M	12.83M	5.21M	-15.93M	37.78M	1.19M	18.30M	17.59M	27.35M	12.42M	25.15M	3.51M	-1.44M	2.54M	3.85M	-0.88M	3.12M	5.05M	-0.63M	-8.03M	3.38M	2.11M	-4.37M	-1.69M
Long-Term Debt Issuance	-8.98M	4.79M	15.10M	3.34M	26.38M	38.06M	23.57M	6.88M	10.15M	15.29M	-2.03M	40.16M	3.13M	31.98M	20.93M	22.71M	20.13M	10.45M	3.70M	-2.07M	-6.44M	-0.65M	-2.52M	1.30M	5.05M	-0.63M	-8.03M	3.38M	2.11M	-4.22M	-1.69M
Short-Term Debt Issuance	-0.72M	0.42M	0.00M	0.83M	-0.06M	-1.11M	1.40M	0.30M	0.01M	-0.44M	-1.48M	-0.11M	0.00M	-1.34M	-0.47M	-0.29M	-0.62M	2.85M	-0.69M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	0.00M	-2.54M	-0.05M	-0.01M	0.00M	-0.17M	-0.25M	-0.03M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.32M	0.34M	0.00M	0.16M	1.47M	0.57M	0.57M	0.11M	0.00M	0.00M	0.00M	0.11M	0.13M	0.23M	11.44M	0.02M
Common Stock Issuance	0.00M	0.00M	0.00M	0.09M	0.43M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.29M	0.58M	0.08M	0.07M	1.03M	0.40M	0.23M	0.33M	1.51M	2.10M	1.54M	0.14M	0.31M	0.04M	0.06M	0.14M	0.41M	0.29M	13.75M	0.29M
Common Stock Repurchased	0.00M	-2.92M	-1.22M	-0.71M	-0.46M	-0.28M	-0.36M	-0.23M	0.00M	-0.02M	-0.02M	-0.01M	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	-0.13M	-0.02M	0.00M	0.00M	-0.07M	0.00M
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	-33.08M	-63.75M	-58.80M	-56.82M	-32.65M	-37.59M	-45.81M	-60.36M	-47.26M	-40.31M	-21.72M	-21.92M	-17.28M	-20.59M	-23.34M	-14.79M	-9.87M	-18.19M	-9.91M	-9.16M	-5.74M	-12.73M	-8.01M	-2.93M	-9.25M	-6.17M	-6.27M	-4.46M	-6.95M	-14.39M	-12.06M
Common Dividends Paid	-32.94M	-63.75M	-58.69M	-52.36M	-32.91M	-35.02M	-41.20M	-60.23M	-49.52M	-39.99M	-21.29M	-21.47M	-16.81M	-20.62M	-18.94M	-14.72M	-11.76M	-18.80M	-12.73M	-9.56M	-6.16M	-13.24M	-8.56M	-4.29M	-9.29M	-6.21M	-6.26M	-4.46M	-6.98M	-14.39M	-12.06M
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	-27.15M	-34.34M	-42.36M	-22.36M	-19.84M	-21.11M	-15.34M	-13.50M	-3.53M	-14.73M	-12.49M	-5.64M	-5.16M	-7.27M	-4.22M	-4.13M	-2.38M	-2.08M	-2.34M	-1.19M	-3.59M	-1.79M	-0.67M	-0.61M	-0.24M	-0.93M	-0.14M	-0.10M	0.38M	-0.33M	0.22M
Net Cash from Financing Activities	-115.89M	-142.97M	-119.50M	-32.85M	-60.87M	-11.43M	-37.41M	-75.29M	-41.87M	-53.19M	-76.28M	2.09M	-22.27M	-3.92M	6.32M	8.89M	-4.23M	5.40M	-14.85M	-9.32M	-12.70M	-12.20M	-16.48M	-3.17M	-1.05M	8.85M	-4.90M	22.67M	3.30M	-5.36M	-11.97M
Effect of FX on Cash	-0.08M	0.13M	0.02M	0.21M	0.10M	-0.06M	0.01M	0.00M	-0.02M	0.00M	0.13M	0.02M	0.02M	0.02M	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	0.17M	-1.15M	-1.48M
Net Change in Cash	4.64M	5.37M	8.96M	23.83M	19.10M	25.57M	2.25M	-3.36M	-1.25M	34.33M	7.10M	7.71M	5.31M	18.92M	5.48M	6.44M	8.19M	5.04M	5.44M	4.14M	0.52M	-0.43M	-0.11M	5.44M	-4.89M	7.26M	3.49M	-3.55M	7.64M	4.04M	-3.69M
Cash at Beginning of Period	172.53M	216.50M	249.78M	207.17M	206.78M	130.68M	136.68M	133.34M	190.32M	114.88M	107.48M	97.35M	91.36M	71.14M	76.10M	62.84M	49.58M	45.53M	44.09M	39.38M	26.89M	25.32M	38.46M	37.00M	25.03M	11.16M	12.04M	13.41M	18.95M	9.91M	63.04M
Cash at End of Period	530.19M	185.95M	221.79M	250.38M	233.74M	213.99M	142.41M	147.09M	132.06M	218.70M	110.07M	107.51M	99.39M	101.19M	75.61M	76.19M	60.04M	52.41M	50.34M	45.43M	38.74M	24.51M	40.93M	39.21M	34.68M	24.21M	20.31M	11.74M	65.71M	18.56M	13.87M
Operating Cash Flow	283.91M	250.64M	232.40M	202.93M	165.42M	146.23M	193.05M	156.07M	152.47M	190.06M	179.18M	110.25M	99.92M	100.35M	84.42M	54.43M	72.33M	46.47M	67.39M	51.86M	55.47M	50.09M	49.18M	34.11M	27.01M	17.33M	20.72M	18.62M	17.28M	13.40M	38.25M
Capital Expenditure	-132.53M	-130.37M	-134.09M	-108.07M	-82.61M	-83.07M	-87.18M	-79.58M	-65.40M	-74.46M	-70.93M	-78.67M	-73.11M	-68.29M	-82.60M	-57.08M	-53.24M	-56.56M	-43.31M	-31.42M	-28.06M	-23.88M	-12.30M	-12.85M	-12.11M	-10.59M	-14.02M	-26.31M	-19.28M	-6.66M	-7.39M
Free Cash Flow	133.67M	104.26M	107.18M	100.89M	73.96M	25.53M	57.42M	80.32M	67.71M	80.85M	98.47M	19.82M	17.02M	43.33M	-0.10M	-3.03M	18.85M	-15.19M	21.28M	8.01M	10.94M	28.50M	30.02M	12.78M	12.16M	9.01M	8.97M	-32.03M	0.40M	6.99M	9.25M

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	345.41M	254.08M	323.19M	339.55M	292.20M	110.26M	223.51M	245.62M	223.23M	165.45M	145.33M	110.86M	119.26M	129.71M	132.16M	110.93M	97.67M	75.40M	90.49M	74.24M	103.19M	64.89M	89.14M	38.37M	32.54M	29.65M	27.23M	20.98M	21.14M	20.81M	21.37M
(-) Tax Adjustment	111.13M	64.39M	57.78M	60.16M	57.22M	220.52M	44.62M	59.12M	49.05M	35.44M	33.65M	19.80M	20.03M	25.81M	29.38M	29.94M	19.44M	14.34M	19.42M	8.43M	23.44M	15.70M	16.39M	6.93M	5.42M	5.50M	8.58M	5.80M	5.70M	6.36M	10.97M
(-) Change In Working Capital	13.14M	12.81M	-2.44M	-56.71M	-51.87M	38.64M	-18.42M	-29.39M	-18.99M	21.00M	17.82M	-0.29M	-21.29M	-24.19M	-29.21M	-22.27M	7.47M	-9.37M	-3.05M	-10.02M	-16.72M	-12.09M	-0.70M	3.66M	2.47M	-2.54M	-2.05M	-3.13M	-3.45M	-3.25M	-1.03M
(-) Capital Expenditure	132.53M	130.37M	134.09M	108.07M	82.61M	83.07M	87.18M	79.58M	65.40M	74.46M	70.93M	78.67M	73.11M	68.29M	82.60M	57.08M	53.24M	56.56M	43.31M	31.42M	28.06M	23.88M	12.30M	12.85M	12.11M	10.59M	14.02M	26.31M	19.28M	6.66M	7.39M
Unlevered Free Cash Flow	88.60M	46.52M	133.76M	228.04M	204.25M	-231.97M	110.14M	136.31M	127.77M	34.55M	22.92M	12.67M	47.41M	59.80M	49.40M	46.18M	17.52M	13.86M	30.82M	44.40M	68.42M	37.40M	61.15M	14.93M	12.55M	16.10M	6.68M	-7.99M	-0.39M	11.04M	4.05M
(-) Net Interest Income After Taxes	-47.08M	-32.60M	-31.43M	-29.12M	-24.18M	29.23M	-21.96M	-16.27M	-15.48M	-14.41M	-13.52M	-12.27M	-12.51M	-13.27M	-10.76M	-5.97M	-7.17M	-8.86M	-6.80M	-5.71M	-4.55M	-3.26M	-0.61M	-6.59M	-0.75M	-0.77M	-0.83M	-1.54M	-0.66M	-0.75M	-0.78M
Net Debt Issuance	-20.18M	-3.79M	13.29M	43.23M	-9.50M	35.77M	25.46M	4.15M	12.83M	5.21M	-15.93M	37.78M	1.19M	18.30M	17.59M	27.35M	12.42M	25.15M	3.51M	-1.44M	2.54M	3.85M	-0.88M	3.12M	5.05M	-0.63M	-8.03M	3.38M	2.11M	-4.37M	-1.69M
Levered Free Cash Flow	115.50M	75.33M	178.47M	300.38M	218.92M	-225.43M	157.56M	156.73M	156.08M	54.18M	20.51M	62.72M	61.10M	91.37M	77.75M	79.50M	37.11M	47.87M	41.13M	48.67M	75.51M	44.50M	60.88M	24.64M	18.34M	16.24M	-0.52M	-3.07M	2.38M	7.42M	3.14M