Real Estate - Diversified

Category: Industry Averages Base Ticker: 0010.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	6.52	4.87	4.24	4.06	4.66	4.06	4.54	4.11	4.46	4.51	4.33	4.09	3.96	2.65	2.42	2.26	2.27	2.45	4.06	4.28	4.21	3.55	1.68	1.47	1.70	1.10	1.09	2.43	1.98	1.17	1.37
Market Capitalization	1,178.29M	1,080.03M	1,000.13M	1,012.90M	1,224.50M	1,056.08M	1,242.12M	1,256.85M	1,271.10M	1,200.44M	1,167.69M	975.69M	900.57M	827.57M	611.50M	751.94M	572.06M	477.67M	868.75M	757.01M	569.48M	537.75M	372.21M	427.57M	468.73M	412.56M	348.87M	472.34M	574.45M	480.45M	136.08M
(-) Cash & Equivalents	161.84M	239.86M	243.38M	275.87M	339.58M	291.57M	273.59M	277.51M	238.15M	223.75M	182.86M	187.56M	163.29M	118.68M	99.86M	88.05M	62.01M	58.97M	55.62M	45.62M	54.55M	43.76M	35.98M	30.19M	25.45M	25.68M	14.57M	11.35M	35.44M	27.18M	8.65M
(+) Total Debt	1,158.44M	1,617.57M	1,656.07M	1,583.36M	1,606.35M	1,429.86M	1,325.95M	1,193.86M	1,047.71M	962.69M	901.74M	745.38M	662.50M	492.94M	339.99M	281.18M	287.99M	271.27M	297.45M	211.14M	200.67M	152.91M	128.80M	111.91M	176.19M	173.36M	53.25M	66.02M	71.28M	47.22M	49.04M
Enterprise Value	2,282.33M	2,367.74M	2,389.49M	2,271.96M	2,439.91M	2,216.43M	2,228.52M	2,135.53M	2,117.63M	1,905.62M	2,039.95M	1,848.45M	1,462.34M	1,271.59M	987.57M	998.24M	860.15M	764.85M	1,104.47M	990.04M	685.62M	617.07M	509.32M	553.02M	733.65M	606.85M	504.96M	503.96M	562.49M	437.08M	200.55M

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	636.550M	641.250M	617.920M	575.888M	524.265M	490.298M	548.493M	502.188M	492.748M	457.093M	361.123M	348.966M	307.571M	249.294M	205.705M	204.516M	181.630M	185.034M	187.353M	153.471M	143.056M	149.559M	146.912M	143.688M	159.996M	139.128M	91.534M	123.904M	260.905M	155.598M	86.109M
Cost of Revenue	326.495M	382.609M	390.284M	374.728M	337.514M	308.808M	330.468M	307.585M	299.841M	276.665M	212.601M	218.302M	165.687M	136.479M	110.407M	111.865M	105.526M	104.981M	97.182M	90.991M	90.910M	95.845M	75.533M	77.889M	104.581M	75.687M	27.938M	19.907M	26.433M	24.259M	17.511M
Gross Profit	310.055M	258.641M	227.635M	201.160M	186.751M	181.490M	218.025M	194.603M	192.907M	180.428M	148.522M	130.664M	141.884M	112.816M	95.298M	92.650M	76.104M	80.054M	90.171M	62.480M	52.145M	53.713M	71.379M	65.799M	55.414M	63.442M	63.597M	103.998M	234.472M	131.339M	68.598M
Gross Margin	48.71%	40.33%	36.84%	34.93%	35.62%	37.02%	39.75%	38.75%	39.15%	39.47%	41.13%	37.44%	46.13%	45.25%	46.33%	45.30%	41.90%	43.26%	48.13%	40.71%	36.45%	35.91%	48.59%	45.79%	34.63%	45.60%	69.48%	83.93%	89.87%	84.41%	79.66%
R&D Expenses	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M
SG&A Expenses	52.641M	47.969M	44.411M	45.781M	47.228M	44.282M	45.656M	39.123M	36.229M	37.945M	36.179M	31.630M	24.140M	18.942M	14.515M	12.567M	12.666M	14.449M	13.707M	12.357M	11.977M	14.389M	12.236M	12.753M	11.683M	8.102M	4.584M	1.836M	5.290M	2.603M	6.062M
Operating Expenses	52.641M	47.969M	44.411M	45.781M	47.228M	44.282M	45.656M	39.123M	36.229M	37.945M	36.179M	31.630M	24.140M	18.942M	14.515M	12.567M	12.666M	14.449M	13.707M	12.357M	11.977M	14.389M	12.236M	12.753M	11.683M	8.102M	4.584M	1.836M	5.290M	2.603M	6.062M
Operating Income	257.414M	210.671M	183.224M	155.379M	139.523M	137.208M	172.370M	155.480M	156.678M	142.483M	112.343M	99.033M	117.744M	93.874M	80.783M	80.083M	63.438M	65.605M	76.464M	50.124M	40.169M	39.324M	59.142M	53.046M	43.732M	55.339M	59.012M	102.162M	229.183M	128.737M	62.536M
Operating Margin	40.44%	32.85%	29.65%	26.98%	26.61%	27.98%	31.43%	30.96%	31.80%	31.17%	31.11%	28.38%	38.28%	37.66%	39.27%	39.16%	34.93%	35.46%	40.81%	32.66%	28.08%	26.29%	40.26%	36.92%	27.33%	39.78%	64.47%	82.45%	87.84%	82.74%	72.62%
Interest Income	4.499M	9.123M	8.680M	5.235M	4.810M	5.830M	6.320M	4.877M	3.969M	4.294M	4.301M	5.596M	3.259M	2.562M	1.155M	0.654M	0.507M	1.197M	0.774M	0.326M	0.229M	0.161M	0.071M	0.110M	0.176M	0.070M	0.000M	0.000M	0.064M	0.000M	0.308M
Interest Expense	31.317M	52.886M	45.346M	36.416M	35.794M	33.056M	35.949M	29.562M	27.160M	26.573M	25.625M	21.360M	15.385M	14.783M	9.583M	8.638M	8.410M	10.308M	7.276M	5.944M	6.133M	7.543M	5.383M	15.259M	10.369M	7.545M	4.233M	13.825M	16.500M	5.070M	0.956M
Net Interest Income	-26.817M	-43.763M	-36.666M	-31.182M	-30.984M	-27.225M	-29.628M	-24.685M	-23.191M	-22.279M	-21.324M	-15.764M	-12.127M	-12.221M	-8.428M	-7.984M	-7.903M	-9.111M	-6.502M	-5.618M	-5.904M	-7.382M	-5.312M	-15.148M	-10.193M	-7.475M	-4.233M	-13.825M	-16.436M	-5.070M	-0.649M
Other Income / Expense	-116.539M	-96.416M	-93.942M	-4.643M	24.760M	-29.686M	25.636M	41.956M	0.334M	5.819M	18.228M	28.797M	-7.865M	0.224M	-10.798M	5.766M	-19.147M	-17.082M	17.089M	6.358M	8.632M	-7.403M	-37.061M	-22.719M	-12.777M	-28.127M	-48.607M	-74.008M	-190.166M	-117.287M	-46.266M
Pre-Tax Income	114.058M	70.492M	52.617M	119.554M	133.299M	80.297M	168.378M	172.751M	133.821M	126.022M	109.247M	112.066M	97.753M	81.877M	61.557M	77.865M	36.389M	39.411M	87.051M	50.864M	42.897M	24.540M	16.769M	15.179M	20.762M	19.737M	6.172M	14.329M	22.580M	6.380M	15.622M
Pre-Tax Margin	17.92%	10.99%	8.52%	20.76%	25.43%	16.38%	30.70%	34.40%	27.16%	27.57%	30.25%	32.11%	31.78%	32.84%	29.92%	38.07%	20.03%	21.30%	46.46%	33.14%	29.99%	16.41%	11.41%	10.56%	12.98%	14.19%	6.74%	11.56%	8.65%	4.10%	18.14%
Income Tax Expense	29.858M	31.000M	19.324M	26.114M	27.936M	25.144M	33.037M	31.088M	27.348M	30.329M	23.280M	23.893M	17.829M	11.827M	12.231M	12.590M	4.324M	7.545M	15.715M	9.126M	8.667M	3.824M	3.595M	3.749M	5.014M	3.755M	2.524M	4.565M	4.185M	9.873M	3.069M
Tax Rate	26.18%	35.00%	35.00%	21.84%	20.96%	31.31%	19.62%	18.00%	20.44%	24.07%	21.31%	21.32%	18.24%	14.44%	19.87%	16.17%	11.88%	19.15%	18.05%	17.94%	20.20%	15.58%	21.44%	24.70%	24.15%	19.03%	35.00%	31.86%	18.53%	35.00%	19.64%
Net Income	84.199M	39.492M	33.293M	93.441M	105.363M	55.153M	135.341M	141.663M	106.473M	95.693M	85.967M	88.173M	79.924M	70.050M	49.325M	65.275M	32.065M	31.866M	71.336M	41.738M	34.230M	20.717M	13.174M	11.430M	15.747M	15.982M	3.649M	9.763M	18.395M	-3.493M	12.553M
Net Margin	13.23%	6.16%	5.39%	16.23%	20.10%	11.25%	24.67%	28.21%	21.61%	20.94%	23.81%	25.27%	25.99%	28.10%	23.98%	31.92%	17.65%	17.22%	38.08%	27.20%	23.93%	13.85%	8.97%	7.95%	9.84%	11.49%	3.99%	7.88%	7.05%	-2.24%	14.58%
EBIT	257.414M	210.671M	183.224M	155.379M	139.523M	137.208M	172.370M	155.480M	156.678M	142.483M	112.343M	99.033M	117.744M	93.874M	80.783M	80.083M	63.438M	65.605M	76.464M	50.124M	40.169M	39.324M	59.142M	53.046M	43.732M	55.339M	59.012M	102.162M	229.183M	128.737M	62.536M
Depreciation & Amortization	20.094M	17.224M	21.281M	37.099M	38.828M	40.021M	40.573M	33.145M	31.456M	26.004M	7.438M	6.783M	6.830M	6.938M	6.135M	5.791M	5.486M	5.359M	4.696M	3.880M	3.662M	4.956M	3.236M	5.587M	2.084M	2.036M	2.062M	9.710M	7.849M	2.244M	1.009M
EBITDA	277.508M	227.896M	204.505M	192.478M	178.351M	177.229M	212.943M	188.625M	188.133M	168.486M	119.781M	105.816M	124.574M	100.811M	86.918M	85.874M	68.924M	70.964M	81.160M	54.004M	43.831M	44.280M	62.378M	58.633M	45.816M	57.375M	61.074M	111.872M	237.031M	130.981M	63.545M
EBITDA Margin	43.60%	35.54%	33.10%	33.42%	34.02%	36.15%	38.82%	37.56%	38.18%	36.86%	33.17%	30.32%	40.50%	40.44%	42.25%	41.99%	37.95%	38.35%	43.32%	35.19%	30.64%	29.61%	42.46%	40.81%	28.64%	41.24%	66.72%	90.29%	90.85%	84.18%	73.80%
NOPAT	190.028M	136.936M	119.096M	121.441M	110.283M	94.243M	138.549M	127.500M	124.659M	108.192M	88.404M	77.919M	96.269M	80.314M	64.731M	67.135M	55.900M	53.044M	62.660M	41.131M	32.053M	33.197M	46.464M	39.943M	33.170M	44.810M	38.358M	69.611M	186.709M	83.679M	50.252M
NOPAT Margin	29.85%	21.35%	19.27%	21.09%	21.04%	19.22%	25.26%	25.39%	25.30%	23.67%	24.48%	22.33%	31.30%	32.22%	31.47%	32.83%	30.78%	28.67%	33.44%	26.80%	22.41%	22.20%	31.63%	27.80%	20.73%	32.21%	41.91%	56.18%	71.56%	53.78%	58.36%
Owner's Earnings	104.294M	56.716M	54.574M	130.540M	144.191M	95.173M	175.914M	174.808M	137.929M	121.697M	93.406M	94.956M	86.753M	76.988M	55.460M	71.066M	37.551M	37.225M	76.032M	45.618M	37.892M	25.672M	16.410M	17.017M	17.831M	18.018M	5.710M	19.474M	26.244M	-1.249M	13.562M
Owner's Earnings Margin	16.38%	8.84%	8.83%	22.67%	27.50%	19.41%	32.07%	34.81%	27.99%	26.62%	25.87%	27.21%	28.21%	30.88%	26.96%	34.75%	20.67%	20.12%	40.58%	29.72%	26.49%	17.17%	11.17%	11.84%	11.14%	12.95%	6.24%	15.72%	10.06%	-0.80%	15.75%
EPS	0.16	0.06	0.05	0.13	0.12	0.07	0.15	0.15	0.11	0.13	0.13	0.14	0.12	0.12	0.09	0.13	0.07	0.06	0.14	0.08	0.07	0.04	0.03	0.03	0.03	0.04	0.01	0.03	0.05	-0.01	0.06
EPS (Diluted)	0.16	0.06	0.05	0.13	0.12	0.07	0.15	0.15	0.11	0.13	0.13	0.14	0.12	0.12	0.09	0.13	0.07	0.06	0.14	0.08	0.07	0.04	0.03	0.03	0.03	0.04	0.01	0.03	0.05	-0.01	0.06
Shares (Diluted)	522,128,956	622,954,186	666,247,092	740,871,879	910,429,790	845,441,114	904,479,014	955,040,247	955,330,258	756,950,268	679,004,719	635,571,789	661,151,741	608,118,703	545,423,608	509,083,053	484,596,707	527,275,367	517,354,806	493,146,573	464,896,781	474,574,132	399,837,667	427,254,961	499,930,321	418,663,878	260,375,912	328,131,080	405,510,872	395,140,247	215,076,424

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	160.12M	239.86M	243.36M	275.87M	339.58M	291.57M	273.59M	277.51M	238.15M	223.75M	182.86M	187.56M	163.29M	119.75M	99.86M	89.72M	62.01M	59.54M	55.62M	45.62M	54.55M	44.45M	39.30M	30.19M	28.43M	26.65M	17.05M	11.84M	37.30M	37.84M	9.34M
Short-Term Investments	71.58M	33.56M	24.04M	35.51M	72.25M	43.08M	44.51M	36.99M	45.46M	36.03M	13.68M	25.58M	31.67M	24.58M	14.62M	18.88M	15.36M	11.63M	30.29M	8.18M	11.18M	11.44M	7.11M	5.61M	21.68M	6.91M	0.18M	0.88M	0.51M	1.14M	0.33M
Cash & Short-Term Investments	231.70M	273.42M	267.40M	311.38M	411.83M	334.65M	318.10M	314.50M	283.61M	259.78M	196.54M	213.14M	194.97M	144.34M	114.48M	108.60M	77.37M	71.16M	85.91M	53.79M	65.72M	55.89M	46.41M	35.80M	50.11M	33.56M	17.23M	12.72M	37.81M	38.98M	9.67M
Net Receivables	72.20M	116.00M	73.76M	92.85M	95.47M	106.75M	75.18M	74.98M	55.22M	52.83M	42.03M	33.53M	43.07M	20.00M	22.17M	20.21M	23.47M	15.05M	22.72M	16.74M	11.88M	11.84M	7.69M	6.97M	8.23M	6.99M	4.82M	5.04M	10.34M	14.07M	9.38M
Inventory	240.85M	412.54M	455.93M	521.04M	556.20M	460.83M	542.73M	501.42M	499.28M	474.85M	437.92M	369.78M	298.37M	213.86M	145.70M	95.77M	92.01M	113.36M	62.89M	57.02M	37.49M	27.05M	21.79M	30.67M	36.93M	23.46M	21.39M	21.91M	24.27M	26.22M	12.98M
Other Current Assets	47.49M	65.51M	85.01M	87.62M	72.47M	105.62M	75.04M	70.54M	81.69M	66.64M	53.93M	47.49M	52.07M	34.08M	28.12M	42.59M	33.24M	42.73M	33.23M	22.15M	19.60M	19.66M	45.00M	52.43M	56.37M	48.87M	17.50M	23.45M	55.98M	39.40M	13.73M
Total Current Assets	592.24M	867.47M	882.10M	1,012.89M	1,135.97M	1,007.84M	1,011.04M	961.44M	919.80M	854.11M	730.42M	663.94M	588.47M	412.28M	310.47M	267.18M	226.09M	242.30M	204.75M	149.70M	134.70M	114.44M	120.89M	125.87M	151.65M	112.88M	60.95M	63.13M	128.40M	118.67M	45.76M
Property, Plant & Equipment	258.35M	255.22M	318.90M	228.16M	245.78M	239.57M	265.47M	229.96M	170.83M	202.57M	205.36M	154.17M	122.11M	133.07M	145.65M	121.82M	103.95M	129.43M	139.36M	123.19M	139.99M	188.26M	266.35M	257.13M	261.30M	156.49M	162.14M	243.26M	238.56M	213.72M	62.86M
Goodwill	3.62M	9.54M	11.61M	10.28M	8.70M	8.71M	7.80M	7.70M	3.48M	3.57M	1.33M	1.31M	1.03M	1.05M	0.18M	0.11M	0.05M	0.06M	0.63M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	6.25M	7.94M	16.23M	17.40M	21.61M	17.63M	19.16M	17.61M	11.37M	8.13M	8.16M	6.08M	6.87M	7.26M	4.42M	3.86M	5.95M	2.65M	1.82M	1.46M	0.99M	1.47M	1.50M	1.59M	1.94M	0.61M	0.89M	0.10M	0.00M	0.36M	0.27M
Long-Term Investments	44.00M	208.63M	287.45M	328.92M	279.66M	230.57M	239.78M	189.63M	173.14M	118.33M	148.80M	94.49M	49.51M	29.61M	25.88M	20.14M	13.11M	14.37M	5.40M	7.42M	14.25M	9.14M	9.30M	7.89M	9.27M	8.26M	1.18M	6.00M	2.39M	0.29M	0.12M
Tax Assets	5.64M	9.89M	8.67M	26.11M	33.71M	33.38M	23.26M	29.15M	25.52M	16.94M	11.29M	6.26M	6.08M	6.08M	4.54M	4.12M	3.22M	2.34M	3.38M	1.97M	1.60M	1.11M	0.36M	0.25M	0.76M	0.00M	0.29M	1.24M	1.06M	3.97M	2.35M
Other Non-Current Assets	475.95M	1,623.98M	1,196.49M	1,261.53M	1,101.92M	1,004.66M	642.71M	480.87M	311.13M	224.29M	232.87M	319.22M	452.88M	452.33M	346.57M	235.58M	212.71M	162.80M	161.39M	123.85M	145.85M	74.48M	63.07M	86.24M	32.13M	110.30M	65.68M	37.82M	97.01M	109.27M	34.99M
Other Assets	36.66M	0.00M	0.00M	0.01M	0.01M	0.00M	0.01M	8.78M	0.99M	8.00M	8.88M	5.90M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	830.47M	2,115.20M	1,839.36M	1,872.40M	1,691.38M	1,534.54M	1,198.18M	963.70M	696.46M	581.84M	616.68M	587.41M	638.47M	629.40M	527.24M	385.64M	338.98M	311.66M	311.98M	257.88M	302.68M	274.45M	340.59M	353.10M	305.40M	275.66M	230.18M	288.41M	339.02M	327.61M	100.58M
Total Assets	1,422.71M	2,982.67M	2,721.46M	2,885.29M	2,827.35M	2,542.38M	2,209.22M	1,925.14M	1,616.25M	1,435.95M	1,347.10M	1,251.35M	1,226.94M	1,041.68M	837.70M	652.82M	565.07M	553.96M	516.73M	407.58M	437.38M	388.89M	461.47M	478.97M	457.04M	388.54M	291.12M	351.54M	467.42M	446.28M	146.34M
Accounts Payable	44.52M	73.82M	70.99M	76.87M	87.97M	53.89M	90.95M	79.28M	71.54M	70.20M	60.51M	52.66M	46.66M	32.06M	28.77M	31.92M	32.70M	29.56M	24.20M	21.81M	14.52M	16.56M	14.39M	14.13M	16.15M	13.86M	13.16M	8.28M	6.41M	16.66M	10.41M
Short-Term Debt	280.70M	255.73M	333.67M	317.65M	262.83M	279.56M	263.64M	213.81M	242.44M	203.85M	196.60M	177.66M	162.20M	123.96M	111.78M	91.44M	83.12M	82.74M	73.78M	70.12M	56.80M	52.03M	34.82M	33.03M	52.51M	82.77M	40.29M	41.12M	54.39M	27.97M	2.47M
Tax Payables	2.78M	16.90M	20.27M	23.38M	25.39M	23.65M	18.72M	17.21M	14.20M	13.13M	11.54M	13.62M	7.54M	8.27M	5.48M	6.27M	4.81M	3.76M	3.95M	3.59M	2.39M	1.24M	1.81M	1.36M	3.43M	1.06M	0.63M	0.58M	0.58M	1.37M	0.37M
Deferred Revenue	0.00M	0.00M	16.02M	48.99M	58.13M	56.52M	61.84M	31.48M	42.13M	42.97M	22.70M	23.31M	24.36M	20.47M	9.28M	8.22M	10.49M	10.47M	5.16M	6.16M	4.22M	2.20M	2.54M	2.89M	3.82M	3.42M	4.32M	1.68M	4.02M	35.82M	5.06M
Other Current Liabilities	89.31M	144.95M	154.48M	108.05M	109.49M	184.95M	167.36M	205.97M	154.64M	133.10M	124.00M	119.67M	106.44M	77.45M	47.31M	35.73M	33.86M	41.94M	42.69M	34.32M	45.61M	34.07M	27.74M	42.32M	30.22M	27.77M	22.06M	28.94M	54.69M	43.31M	6.96M
Total Current Liabilities	417.31M	491.40M	595.43M	574.94M	543.82M	598.58M	602.51M	547.75M	524.95M	463.26M	415.35M	386.93M	347.20M	262.22M	202.62M	173.58M	164.98M	168.46M	149.78M	136.00M	123.54M	106.10M	81.31M	93.72M	106.13M	128.89M	80.46M	80.59M	120.08M	125.13M	25.27M
Long-Term Debt	700.84M	1,181.45M	1,109.61M	1,223.43M	1,216.03M	1,025.31M	920.46M	916.24M	766.16M	705.13M	765.99M	549.23M	465.45M	357.48M	238.85M	198.62M	171.37M	165.90M	186.90M	116.95M	113.81M	79.06M	90.23M	60.47M	124.44M	88.39M	25.12M	7.93M	19.09M	17.89M	34.84M
Capital Lease Obligations	3.63M	23.58M	25.69M	21.93M	23.48M	24.16M	10.66M	0.00M	0.00M	0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	95.33M	101.82M	97.22M	112.57M	108.91M	94.63M	87.11M	76.66M	71.17M	69.64M	53.31M	45.97M	28.86M	27.95M	27.45M	24.58M	23.52M	21.05M	27.01M	10.95M	10.76M	4.33M	3.66M	2.36M	1.85M	0.73M	0.81M	0.09M	0.03M	0.00M	0.00M
Other Non-Current Liabilities	39.97M	32.27M	71.79M	56.80M	37.50M	72.41M	50.97M	79.87M	63.40M	70.85M	58.84M	47.27M	78.89M	16.51M	9.30M	10.01M	10.60M	9.27M	9.07M	6.23M	17.43M	26.25M	70.91M	46.12M	69.36M	12.29M	5.62M	32.49M	28.05M	13.12M	3.59M
Total Non-Current Liabilities	839.77M	1,339.12M	1,304.31M	1,414.73M	1,385.92M	1,216.51M	1,069.20M	1,072.77M	900.73M	845.64M	878.15M	642.46M	573.20M	401.94M	275.60M	233.21M	205.50M	196.23M	222.98M	134.13M	142.00M	109.64M	164.80M	108.95M	195.64M	101.41M	31.54M	40.50M	47.18M	31.02M	38.44M
Total Liabilities	1,257.08M	1,830.52M	1,899.73M	1,989.67M	1,929.74M	1,815.08M	1,671.71M	1,620.52M	1,425.68M	1,308.90M	1,293.50M	1,029.39M	920.40M	664.16M	478.22M	406.80M	370.47M	364.69M	372.76M	270.13M	265.53M	215.73M	246.10M	202.67M	301.77M	230.30M	112.00M	121.09M	167.26M	156.15M	63.71M
Preferred Stock	0.00M	0.00M	0.00M	6.61M	10.12M	23.40M	18.04M	21.88M	35.50M	3.93M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	119.76M	177.25M	151.01M	140.62M	180.48M	184.81M	176.95M	154.33M	185.56M	181.65M	176.53M	149.52M	131.17M	129.14M	108.77M	98.38M	93.51M	70.23M	55.94M	44.01M	61.30M	62.80M	42.68M	45.60M	41.52M	22.74M	16.53M	16.73M	26.58M	22.53M	12.15M
Retained Earnings	391.23M	775.12M	781.94M	799.60M	832.36M	768.46M	742.51M	707.40M	620.55M	569.11M	513.49M	455.60M	388.89M	183.23M	128.76M	100.90M	55.98M	84.28M	79.85M	33.46M	32.56M	11.21M	12.06M	7.84M	1.48M	-1.15M	0.22M	11.07M	109.42M	90.18M	6.43M
Accumulated OCI	8.67M	38.41M	35.45M	87.99M	63.38M	71.83M	54.50M	157.21M	194.08M	132.98M	63.62M	35.21M	23.51M	-3.56M	-1.46M	-1.69M	-0.89M	-0.16M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.22M	-0.54M	1.70M	1.89M	2.30M
Minority Interest	99.75M	144.33M	244.11M	342.46M	187.34M	163.76M	166.84M	176.94M	132.87M	120.56M	71.29M	44.96M	35.93M	26.48M	15.15M	14.16M	12.36M	10.66M	9.58M	5.97M	6.72M	14.02M	23.61M	12.09M	12.04M	9.31M	44.75M	25.28M	21.72M	57.35M	1.99M
Total Shareholders’ Equity	519.67M	990.78M	968.40M	1,034.83M	1,086.34M	1,048.51M	992.00M	1,040.82M	1,035.69M	887.67M	753.64M	640.32M	543.57M	308.81M	236.07M	197.58M	148.61M	154.36M	135.79M	77.48M	93.86M	74.01M	54.74M	53.44M	42.99M	21.60M	16.97M	27.25M	137.70M	114.60M	20.88M
Total Equity	619.41M	1,135.11M	1,212.51M	1,377.29M	1,273.68M	1,212.26M	1,158.84M	1,217.77M	1,168.56M	1,008.23M	824.93M	685.28M	579.51M	335.29M	251.21M	211.74M	160.96M	165.02M	145.37M	83.45M	100.58M	88.03M	78.34M	65.53M	55.03M	30.91M	61.71M	52.53M	159.42M	171.95M	22.87M
Total Liabilities & Equity	1,876.50M	2,965.64M	3,112.24M	3,366.96M	3,203.42M	3,027.34M	2,830.54M	2,838.29M	2,594.24M	2,317.13M	2,118.43M	1,714.67M	1,499.91M	999.45M	729.43M	618.54M	531.44M	529.70M	518.13M	353.57M	366.11M	303.76M	324.44M	268.20M	356.80M	261.21M	173.72M	173.62M	326.68M	328.10M	86.58M
Tangible Assets	1,412.84M	2,965.19M	2,693.62M	2,857.60M	2,797.04M	2,516.03M	2,182.26M	1,899.83M	1,601.40M	1,424.24M	1,337.62M	1,243.97M	1,219.04M	1,033.37M	833.10M	648.84M	559.07M	551.24M	514.28M	406.12M	436.39M	387.43M	459.97M	477.39M	455.11M	387.93M	290.24M	351.44M	467.42M	445.91M	146.07M
Tangible Equity	609.55M	1,117.63M	1,184.66M	1,349.61M	1,243.37M	1,185.92M	1,131.87M	1,192.46M	1,153.71M	996.53M	815.44M	677.90M	571.61M	326.98M	246.61M	207.77M	154.96M	162.30M	142.92M	81.99M	99.58M	86.56M	76.84M	63.95M	53.09M	30.30M	60.83M	52.43M	159.42M	171.59M	22.60M
Tangible Book Value	609.55M	1,117.63M	1,184.66M	1,349.61M	1,243.37M	1,185.92M	1,131.87M	1,192.46M	1,153.71M	996.53M	815.44M	677.90M	571.61M	326.98M	246.61M	207.77M	154.96M	162.30M	142.92M	81.99M	99.58M	86.56M	76.84M	63.95M	53.09M	30.30M	60.83M	52.43M	159.42M	171.59M	22.60M
Total Investments	120.58M	261.47M	345.85M	351.78M	362.33M	289.50M	258.12M	236.83M	253.64M	205.67M	198.75M	182.71M	101.03M	101.40M	64.57M	72.34M	67.00M	53.53M	35.85M	26.10M	42.71M	34.91M	64.87M	64.65M	65.96M	70.07M	18.44M	79.77M	22.05M	46.78M	1.10M
Net Debt	821.41M	1,197.32M	1,199.92M	1,265.21M	1,139.29M	1,013.30M	910.51M	852.54M	770.45M	685.22M	779.73M	539.34M	464.36M	361.68M	250.77M	200.34M	192.47M	189.11M	205.06M	141.45M	116.05M	86.63M	85.75M	63.31M	148.53M	144.51M	48.36M	37.20M	36.18M	8.03M	27.97M

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	166.18M	160.59M	191.14M	225.97M	329.69M	283.85M	330.85M	351.08M	320.43M	314.91M	298.16M	298.23M	303.94M	187.29M	173.24M	163.66M	145.64M	115.14M	109.53M	31.55M	5.60M	2.60M	28.12M	13.27M	186.25M	5.24M	23.72M	-25.82M	44.81M	74.70M	91.08M
Total Capital	2,263.93M	3,104.83M	3,109.55M	3,150.36M	3,218.83M	2,962.96M	2,825.59M	2,603.94M	2,426.84M	2,233.22M	1,997.53M	1,730.33M	1,538.18M	1,266.53M	959.04M	854.37M	767.14M	694.09M	722.83M	508.05M	462.97M	441.01M	485.26M	464.48M	623.29M	489.67M	389.43M	643.56M	634.41M	532.95M	165.92M
Capital Employed	2,686.94M	3,506.36M	3,644.31M	3,699.99M	3,633.64M	3,434.09M	3,134.29M	2,828.58M	2,593.58M	2,384.83M	2,219.92M	1,917.66M	1,662.32M	1,332.17M	1,158.05M	1,073.16M	967.57M	830.05M	740.21M	523.34M	528.26M	527.83M	591.10M	597.51M	859.61M	689.91M	792.52M	990.97M	733.25M	563.01M	265.56M
Invested Capital	2,103.81M	2,864.97M	2,866.18M	2,874.49M	2,879.26M	2,671.39M	2,552.01M	2,326.43M	2,188.68M	2,009.47M	1,814.67M	1,542.77M	1,374.89M	1,146.77M	859.18M	764.65M	705.13M	634.55M	667.21M	462.43M	408.42M	396.56M	445.96M	434.28M	594.86M	463.02M	372.38M	631.72M	597.11M	495.11M	156.58M

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	7.40M	19.65M	21.08M	18.61M	20.92M	17.57M	16.55M	10.63M	8.69M	9.08M	8.38M	8.24M	7.32M	7.11M	6.01M	5.30M	5.36M	4.30M	4.32M	3.38M	3.70M	5.52M	3.12M	1.83M	1.30M	1.15M	1.55M	2.31M	8.25M	2.58M	2.68M
Deferred Income Tax	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.35M	0.00M	-0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Stock-Based Compensation	0.00M	0.12M	0.03M	0.10M	0.05M	0.05M	0.07M	0.06M	0.17M	0.03M	0.12M	0.09M	0.17M	0.06M	0.00M	0.04M	0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-6.54M	26.43M	18.82M	-11.28M	-11.32M	-10.44M	-16.10M	0.88M	2.01M	8.32M	1.86M	-23.24M	-19.16M	-13.46M	-9.23M	-12.03M	2.86M	-17.56M	-20.85M	-6.93M	-1.13M	2.56M	-1.14M	-0.94M	1.86M	-2.33M	-0.48M	-1.40M	-1.10M	0.30M	-5.26M
Accounts Receivable	-3.09M	-1.31M	-3.19M	-2.01M	-4.17M	-4.60M	-0.31M	-3.60M	-6.40M	0.44M	-4.63M	-1.19M	-4.14M	0.12M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-4.14M	0.82M	5.35M	-4.30M	-4.24M	-0.01M	-16.24M	-2.50M	8.60M	3.78M	-13.58M	-12.89M	-16.36M	-7.68M	-4.38M	-2.67M	5.27M	-6.51M	-2.95M	-4.15M	-1.10M	-0.48M	-0.32M	-0.08M	-0.24M	0.21M	0.18M	-1.18M	0.85M	0.00M	-0.20M
Accounts Payable	0.00M	1.53M	7.45M	2.21M	2.48M	-0.30M	1.65M	3.11M	2.27M	1.72M	0.82M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	1.76M	3.38M	5.19M	2.63M	-4.79M	-0.02M	-1.85M	4.22M	-1.01M	11.26M	15.24M	-2.76M	-0.45M	-1.10M	-0.81M	-3.28M	-3.81M	-1.05M	-0.14M	2.27M	1.57M	0.26M	0.46M	-0.10M	1.78M	-0.36M	-0.47M	0.35M	-2.62M	0.00M	-3.32M
Other Non-Cash Items	-21.00M	20.25M	29.02M	-3.27M	-34.06M	4.33M	-27.32M	-18.97M	-18.14M	-31.17M	-28.78M	-31.32M	-18.64M	-11.39M	-15.61M	-16.63M	8.69M	7.14M	-20.61M	-15.93M	-7.55M	3.18M	4.93M	16.71M	25.80M	1.04M	3.93M	1.99M	2.17M	11.63M	13.71M
Net Cash from Operating Activities	95.60M	129.51M	115.20M	94.98M	86.94M	66.99M	89.23M	105.64M	106.05M	90.75M	58.50M	35.27M	36.49M	45.58M	20.82M	12.83M	29.61M	12.68M	8.77M	19.69M	21.09M	33.12M	26.54M	23.95M	26.19M	13.73M	11.02M	5.85M	125.18M	44.44M	28.93M
Capital Expenditures (PPE)	-4.41M	-9.98M	-12.76M	-22.65M	-24.13M	-25.07M	-36.98M	-35.63M	-26.48M	-23.96M	-18.19M	-18.79M	-20.77M	-22.08M	-19.41M	-19.13M	-16.97M	-27.46M	-16.13M	-15.53M	-14.14M	-12.72M	-10.41M	-17.16M	-18.91M	-12.46M	-11.25M	-31.30M	-17.17M	-19.76M	-3.29M
Acquisitions (Net)	0.09M	0.15M	0.91M	-0.36M	-7.27M	-4.18M	-3.42M	-3.47M	-2.50M	2.58M	1.02M	-0.03M	-1.91M	-0.70M	-2.39M	-0.40M	0.16M	-0.14M	-0.77M	-1.16M	0.30M	1.66M	0.48M	0.02M	0.96M	0.29M	0.04M	-0.09M	2.88M	0.10M	-0.45M
Purchases of Investments	-7.65M	-15.26M	-20.98M	-50.01M	-56.20M	-56.18M	-45.59M	-57.93M	-53.67M	-24.20M	-28.40M	-13.48M	-9.56M	-7.94M	-5.10M	-5.61M	-7.13M	-5.74M	-6.63M	-2.72M	-5.21M	-3.22M	-3.76M	-4.04M	-3.67M	-2.10M	-0.98M	-5.04M	-0.42M	-2.13M	-32.42M
Sales / Maturities of Investments	5.29M	13.22M	19.31M	39.14M	43.05M	30.89M	32.65M	49.86M	26.03M	20.89M	10.58M	4.10M	7.75M	4.48M	10.54M	5.17M	3.20M	2.91M	2.65M	2.30M	2.21M	2.56M	1.69M	6.33M	2.38M	2.79M	2.46M	2.64M	0.67M	1.03M	2.44M
Other Investing Activities	-15.19M	-15.13M	-18.17M	-9.34M	-2.20M	-7.11M	0.29M	-19.09M	3.79M	-2.65M	-4.52M	-5.49M	-4.97M	-2.05M	5.78M	3.37M	3.55M	3.76M	2.26M	4.91M	9.16M	-0.36M	4.02M	4.18M	-0.73M	13.02M	2.37M	5.00M	4.87M	50.64M	-5.41M
Net Cash from Investing Activities	-48.63M	-45.56M	-65.38M	-82.18M	-67.63M	-87.03M	-96.69M	-111.48M	-103.24M	-42.15M	-90.21M	-100.30M	-50.55M	-52.11M	-22.47M	-23.99M	-24.08M	-39.02M	-27.44M	-29.02M	-18.28M	-12.57M	-24.53M	-23.74M	-25.54M	-6.28M	-4.61M	-29.14M	-10.39M	1.59M	-40.00M
Net Debt Issuance	7.08M	10.65M	22.24M	26.59M	40.13M	60.42M	63.90M	94.25M	51.08M	32.85M	37.22M	38.66M	53.41M	16.28M	14.52M	14.59M	11.35M	44.10M	34.01M	16.94M	3.49M	1.13M	4.70M	-2.49M	4.62M	3.04M	20.00M	1.24M	-6.00M	0.82M	-10.08M
Long-Term Debt Issuance	7.16M	29.74M	23.88M	36.87M	44.85M	65.23M	65.60M	90.58M	60.81M	33.91M	46.26M	37.49M	56.38M	21.40M	12.00M	24.03M	9.12M	47.37M	25.81M	13.93M	3.43M	0.53M	3.56M	-6.80M	3.70M	3.04M	-1.48M	2.67M	-6.00M	0.82M	-10.08M
Short-Term Debt Issuance	2.16M	0.42M	0.68M	-0.17M	-1.48M	0.63M	-2.50M	0.05M	-0.72M	0.00M	-0.05M	0.00M	-0.06M	0.00M	0.00M	-0.28M	-0.22M	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	0.00M	-0.05M	-0.08M	-1.00M	-0.21M	-0.97M	-0.17M	-0.02M	0.00M	0.00M	0.29M	0.11M	0.54M	0.27M	0.22M	0.27M	0.13M	0.18M	2.53M	2.94M	0.02M	0.64M	0.00M	0.00M	0.04M	0.00M	0.01M	0.02M	0.09M	0.02M	0.25M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	4.21M	0.03M	0.00M	0.05M	0.49M	0.02M	2.75M	0.41M	1.63M	0.52M	1.03M	2.37M	0.33M	0.74M	2.60M	3.10M	0.54M	1.08M	0.01M	0.18M	0.04M	0.34M	0.01M	0.03M	0.10M	0.02M	0.25M
Common Stock Repurchased	0.00M	-0.03M	-0.08M	-1.01M	-0.28M	-1.43M	-0.31M	-0.13M	0.00M	0.00M	0.00M	-0.07M	0.00M	0.00M	-0.07M	0.00M	-0.01M	-0.04M	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
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-10.80M	-26.70M	-26.96M	-27.11M	-31.09M	-30.59M	-35.73M	-33.08M	-30.37M	-26.29M	-21.03M	-18.67M	-18.60M	-11.01M	-10.36M	-8.10M	-6.03M	-7.43M	-6.22M	-5.19M	-5.35M	-5.72M	-5.43M	-5.85M	-5.03M	-6.00M	-4.38M	-4.92M	-21.28M	-13.55M	-1.95M
Common Dividends Paid	-9.42M	-26.22M	-26.90M	-27.25M	-30.91M	-31.28M	-35.28M	-32.17M	-30.39M	-25.89M	-22.91M	-17.65M	-18.63M	-12.41M	-10.15M	-8.64M	-7.31M	-11.59M	-7.70M	-5.87M	-5.93M	-6.35M	-5.98M	-6.33M	-6.01M	-6.25M	-4.91M	-4.92M	-21.28M	-13.55M	-1.95M
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	-15.95M	-36.33M	-19.13M	-11.79M	-0.40M	-10.62M	-10.04M	-16.51M	-13.13M	-11.88M	-12.36M	-3.86M	1.17M	-8.92M	-3.11M	-3.69M	-2.56M	-1.00M	1.90M	-1.84M	-2.28M	1.05M	2.80M	-4.82M	2.22M	2.85M	4.08M	14.62M	-0.18M	-0.01M	-3.65M
Net Cash from Financing Activities	-64.77M	-56.42M	-41.44M	-45.22M	28.31M	48.15M	12.65M	41.27M	18.65M	2.19M	24.38M	43.18M	52.22M	12.18M	20.29M	16.54M	8.33M	29.73M	44.68M	21.86M	-1.14M	-4.83M	-4.14M	-14.69M	8.61M	-1.37M	1.49M	10.80M	-14.65M	-16.36M	-4.77M
Effect of FX on Cash	0.04M	-0.12M	0.01M	0.27M	0.40M	-0.03M	-0.18M	0.01M	-0.11M	-0.14M	0.01M	-0.05M	0.68M	0.01M	0.04M	0.04M	0.01M	0.02M	0.01M	0.01M	0.00M	0.00M	0.00M	-0.01M	0.01M	-0.24M	-0.06M	0.00M	-1.30M	-17.21M	-3.14M
Net Change in Cash	-1.07M	5.80M	-10.40M	-58.52M	32.79M	40.31M	9.68M	9.95M	31.10M	9.10M	1.88M	11.89M	37.19M	9.29M	4.78M	8.36M	5.99M	0.00M	19.18M	5.55M	9.65M	13.46M	2.60M	-0.99M	-1.63M	0.55M	8.24M	-9.55M	-5.21M	30.55M	-16.00M
Cash at Beginning of Period	170.27M	230.28M	258.42M	322.90M	279.21M	251.74M	278.47M	239.00M	213.88M	184.43M	152.16M	160.66M	115.06M	107.69M	94.05M	72.64M	65.47M	55.22M	44.74M	41.10M	40.71M	43.08M	44.69M	32.74M	48.07M	41.66M	40.63M	49.50M	176.96M	40.48M	15.62M
Cash at End of Period	122.13M	234.54M	234.31M	278.79M	336.26M	284.02M	248.78M	280.15M	232.82M	212.47M	176.32M	173.88M	160.14M	112.79M	105.30M	95.39M	71.79M	65.12M	62.88M	51.90M	57.32M	68.08M	63.19M	43.79M	44.83M	47.34M	24.74M	42.53M	100.59M	76.63M	0.95M
Operating Cash Flow	95.69M	128.16M	113.89M	86.88M	82.04M	67.30M	89.23M	105.64M	106.05M	90.75M	58.50M	35.27M	36.49M	46.96M	20.79M	12.83M	29.61M	12.68M	8.77M	19.69M	21.14M	33.12M	26.54M	23.95M	26.19M	13.73M	11.02M	5.85M	125.18M	44.44M	28.93M
Capital Expenditure	-7.08M	-18.25M	-17.64M	-22.67M	-25.63M	-25.89M	-37.66M	-35.63M	-26.47M	-23.98M	-18.67M	-18.79M	-21.98M	-22.06M	-19.50M	-19.22M	-17.02M	-27.63M	-17.28M	-15.53M	-14.04M	-12.72M	-10.41M	-17.16M	-19.06M	-12.92M	-11.25M	-31.30M	-17.19M	-19.82M	-3.40M
Free Cash Flow	75.74M	80.80M	68.57M	42.45M	27.44M	32.10M	41.44M	48.38M	52.84M	33.70M	20.06M	-11.03M	-1.86M	6.75M	-12.09M	-13.51M	-0.45M	-33.87M	-32.48M	-11.35M	1.07M	8.11M	9.83M	4.68M	1.01M	-3.44M	3.06M	-16.85M	34.76M	26.90M	26.13M

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	154.76M	141.49M	104.09M	170.43M	173.49M	142.55M	220.40M	170.04M	155.82M	126.38M	114.71M	120.63M	115.15M	91.25M	70.52M	80.94M	59.67M	50.69M	64.72M	53.76M	39.93M	29.20M	34.87M	38.40M	28.56M	26.63M	8.06M	50.45M	69.47M	51.55M	18.02M
(-) Tax Adjustment	40.51M	62.22M	38.23M	37.23M	36.36M	44.64M	43.24M	30.60M	31.84M	30.41M	24.44M	25.72M	21.00M	13.18M	14.01M	13.09M	7.09M	9.71M	11.68M	9.64M	8.07M	4.55M	7.48M	9.48M	6.90M	5.07M	3.30M	16.07M	12.88M	79.77M	3.54M
(-) Change In Working Capital	-6.54M	26.43M	18.82M	-11.28M	-11.32M	-10.44M	-16.10M	0.88M	2.01M	8.32M	1.86M	-23.24M	-19.16M	-13.46M	-9.23M	-12.03M	2.86M	-17.56M	-20.85M	-6.93M	-1.13M	2.56M	-1.14M	-0.94M	1.86M	-2.33M	-0.48M	-1.40M	-1.10M	0.30M	-5.26M
(-) Capital Expenditure	7.08M	18.25M	17.64M	22.67M	25.63M	25.89M	37.66M	35.63M	26.47M	23.98M	18.67M	18.79M	21.98M	22.06M	19.50M	19.22M	17.02M	27.63M	17.28M	15.53M	14.04M	12.72M	10.41M	17.16M	19.06M	12.92M	11.25M	31.30M	17.19M	19.82M	3.40M
Unlevered Free Cash Flow	113.71M	34.58M	29.41M	121.82M	122.81M	82.46M	155.59M	102.93M	95.49M	63.67M	69.74M	99.36M	91.33M	69.47M	46.24M	60.66M	32.70M	30.92M	56.60M	35.51M	18.95M	9.37M	18.13M	12.69M	0.75M	10.97M	-6.00M	4.47M	40.52M	-48.34M	16.34M
(-) Net Interest Income After Taxes	-19.80M	-24.52M	-23.20M	-24.37M	-24.49M	-18.70M	-23.81M	-20.24M	-18.45M	-16.92M	-16.78M	-12.40M	-9.91M	-10.46M	-6.75M	-6.69M	-6.96M	-7.37M	-5.33M	-4.61M	-4.71M	-6.23M	-4.17M	-11.41M	-7.73M	-6.05M	-2.50M	-9.42M	-13.39M	2.78M	-0.52M
Net Debt Issuance	7.08M	10.65M	22.24M	26.59M	40.13M	60.42M	63.90M	94.25M	51.08M	32.85M	37.22M	38.66M	53.41M	16.28M	14.52M	14.59M	11.35M	44.10M	34.01M	16.94M	3.49M	1.13M	4.70M	-2.49M	4.62M	3.04M	20.00M	1.24M	-6.00M	0.82M	-10.08M
Levered Free Cash Flow	140.58M	69.75M	74.84M	172.78M	187.43M	161.58M	243.30M	217.42M	165.02M	113.44M	123.75M	150.42M	154.65M	96.20M	67.51M	81.94M	51.01M	82.39M	95.94M	57.06M	27.15M	16.73M	27.00M	21.61M	13.10M	20.06M	16.50M	15.13M	47.91M	-50.29M	6.78M