Agricultural Farm Products

Category: Industry Averages Base Ticker: 0U6R.L

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	2.86	3.31	2.98	3.32	4.11	3.24	2.85	2.55	2.86	2.97	3.12	3.26	3.13	2.85	2.50	2.82	2.36	2.59	3.24	2.53	3.10	4.05	2.76	3.15	1.13	1.34	3.13	1.16	4.94	4.66	1.07
Market Capitalization	1,471.95M	1,341.55M	1,283.32M	1,406.45M	1,653.82M	1,542.51M	1,323.90M	1,068.73M	1,196.56M	1,319.49M	1,129.77M	986.65M	914.20M	788.85M	677.83M	754.49M	527.75M	339.92M	658.91M	396.07M	296.78M	304.81M	289.64M	340.20M	422.71M	420.05M	399.21M	313.23M	328.21M	266.11M	215.18M
(-) Cash & Equivalents	150.95M	175.68M	182.27M	180.59M	165.47M	143.53M	106.89M	104.44M	109.67M	91.87M	95.54M	91.63M	85.56M	96.04M	75.72M	65.27M	49.88M	36.30M	28.32M	22.71M	21.12M	21.19M	22.37M	26.98M	26.14M	22.21M	18.01M	18.78M	14.93M	8.04M	5.00M
(+) Total Debt	458.71M	535.26M	579.92M	577.55M	517.00M	392.50M	317.85M	289.38M	274.62M	208.43M	201.04M	199.44M	184.26M	157.94M	131.88M	107.73M	100.35M	106.23M	80.76M	52.58M	49.33M	64.59M	58.76M	63.99M	64.68M	69.25M	80.07M	44.26M	43.90M	28.97M	23.78M
Enterprise Value	1,864.10M	1,725.07M	1,739.36M	1,814.35M	1,873.67M	1,856.20M	1,560.79M	1,271.05M	1,339.79M	1,455.68M	1,319.48M	1,086.91M	1,037.34M	911.29M	737.08M	789.07M	628.66M	428.95M	743.12M	417.74M	342.52M	352.14M	329.72M	353.21M	488.14M	485.86M	526.81M	342.47M	356.06M	294.90M	232.51M

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	2,031.835M	1,764.570M	1,972.997M	1,881.047M	1,563.784M	1,295.128M	1,240.130M	1,142.281M	1,029.036M	943.708M	891.151M	784.776M	754.639M	683.706M	605.808M	519.445M	435.194M	391.502M	311.797M	237.111M	230.542M	209.153M	146.074M	164.111M	138.916M	128.154M	118.409M	105.247M	115.039M	88.803M	59.249M
Cost of Revenue	1,482.770M	1,289.153M	1,514.205M	1,441.765M	1,332.577M	978.708M	920.636M	878.242M	768.017M	667.543M	655.374M	628.862M	600.797M	520.250M	454.580M	381.468M	304.182M	284.054M	227.722M	157.158M	164.997M	141.490M	95.741M	117.973M	95.941M	91.089M	88.200M	63.740M	56.135M	40.182M	30.042M
Gross Profit	549.066M	475.417M	458.792M	439.282M	231.207M	316.421M	319.494M	264.039M	261.019M	276.164M	235.777M	155.914M	153.842M	163.456M	151.228M	137.977M	131.012M	107.448M	84.075M	79.954M	65.545M	67.662M	50.333M	46.138M	42.976M	37.065M	30.209M	41.507M	58.904M	48.621M	29.207M
Gross Margin	27.02%	26.94%	23.25%	23.35%	14.79%	24.43%	25.76%	23.12%	25.37%	29.26%	26.46%	19.87%	20.39%	23.91%	24.96%	26.56%	30.10%	27.44%	26.96%	33.72%	28.43%	32.35%	34.46%	28.11%	30.94%	28.92%	25.51%	39.44%	51.20%	54.75%	49.30%
R&D Expenses	3.967M	4.044M	3.635M	3.519M	2.943M	2.611M	1.999M	1.909M	1.499M	1.563M	1.042M	0.934M	0.759M	0.313M	0.088M	0.096M	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	129.702M	127.765M	130.750M	124.969M	111.745M	99.039M	94.365M	85.491M	88.746M	85.728M	86.213M	79.566M	76.194M	64.719M	49.493M	41.656M	34.275M	29.947M	24.561M	20.108M	18.225M	25.384M	18.787M	29.248M	22.284M	18.638M	21.701M	12.174M	10.926M	9.710M	3.911M
Operating Expenses	133.668M	131.809M	134.385M	128.487M	114.688M	101.650M	96.364M	87.400M	90.245M	87.292M	87.255M	80.499M	76.953M	65.032M	49.581M	41.752M	34.275M	29.947M	24.561M	20.108M	18.225M	25.384M	18.787M	29.248M	22.284M	18.638M	21.701M	12.174M	10.926M	9.710M	3.911M
Operating Income	415.397M	343.608M	324.407M	310.794M	116.518M	214.770M	223.130M	176.639M	170.773M	188.873M	148.522M	75.415M	76.889M	98.424M	101.647M	96.225M	96.737M	77.501M	59.514M	59.845M	47.320M	42.278M	31.546M	16.890M	20.692M	18.427M	8.508M	29.332M	47.978M	38.911M	25.296M
Operating Margin	20.44%	19.47%	16.44%	16.52%	7.45%	16.58%	17.99%	15.46%	16.60%	20.01%	16.67%	9.61%	10.19%	14.40%	16.78%	18.52%	22.23%	19.80%	19.09%	25.24%	20.53%	20.21%	21.60%	10.29%	14.90%	14.38%	7.19%	27.87%	41.71%	43.82%	42.69%
Interest Income	5.432M	4.881M	4.224M	3.621M	3.777M	3.660M	3.164M	2.698M	2.908M	2.147M	2.601M	2.011M	2.284M	2.101M	1.118M	0.755M	0.550M	0.492M	0.536M	0.295M	0.219M	0.333M	0.366M	0.304M	0.214M	0.166M	0.000M	0.054M	0.161M	0.000M	0.000M
Interest Expense	29.145M	29.442M	31.538M	26.558M	20.826M	17.682M	16.600M	14.126M	13.176M	12.229M	11.173M	8.983M	8.268M	7.752M	8.090M	7.089M	7.346M	6.417M	3.583M	2.261M	1.794M	1.669M	1.715M	1.938M	1.223M	1.425M	0.990M	1.184M	0.756M	0.540M	0.470M
Net Interest Income	-23.713M	-24.560M	-27.314M	-22.937M	-17.049M	-14.021M	-13.436M	-11.428M	-10.269M	-10.082M	-8.572M	-6.972M	-5.984M	-5.652M	-6.972M	-6.334M	-6.796M	-5.924M	-3.047M	-1.966M	-1.575M	-1.336M	-1.348M	-1.634M	-1.009M	-1.259M	-0.990M	-1.130M	-0.594M	-0.540M	-0.470M
Other Income / Expense	-271.640M	-214.753M	-238.272M	-172.005M	-9.803M	-92.038M	-121.974M	-90.598M	-86.688M	-106.463M	-84.214M	-12.886M	-17.267M	-37.291M	-35.245M	-39.308M	-57.901M	-43.472M	-29.664M	-40.964M	-27.251M	-23.188M	-18.807M	2.943M	-3.657M	-3.959M	3.756M	-10.281M	-32.921M	-23.982M	-12.705M
Pre-Tax Income	120.044M	104.294M	58.822M	115.852M	89.666M	108.712M	87.720M	74.614M	73.816M	72.327M	55.736M	55.557M	53.638M	55.481M	59.430M	50.583M	32.039M	28.105M	26.803M	16.916M	18.494M	17.755M	11.391M	18.198M	16.026M	13.208M	11.275M	17.921M	14.462M	14.389M	12.122M
Pre-Tax Margin	5.91%	5.91%	2.98%	6.16%	5.73%	8.39%	7.07%	6.53%	7.17%	7.66%	6.25%	7.08%	7.11%	8.11%	9.81%	9.74%	7.36%	7.18%	8.60%	7.13%	8.02%	8.49%	7.80%	11.09%	11.54%	10.31%	9.52%	17.03%	12.57%	16.20%	20.46%
Income Tax Expense	18.347M	15.843M	14.829M	20.924M	18.145M	13.069M	12.703M	11.898M	13.414M	10.072M	10.175M	10.084M	10.441M	8.223M	11.318M	9.793M	3.701M	3.992M	4.679M	2.637M	1.942M	3.545M	2.327M	3.518M	6.322M	2.383M	1.518M	1.711M	3.124M	3.459M	1.395M
Tax Rate	15.28%	15.19%	25.21%	18.06%	20.24%	12.02%	14.48%	15.95%	18.17%	13.93%	18.26%	18.15%	19.47%	14.82%	19.05%	19.36%	11.55%	14.21%	17.46%	15.59%	10.50%	19.96%	20.43%	19.33%	35.00%	18.04%	13.47%	9.55%	21.60%	24.04%	11.51%
Net Income	101.696M	88.451M	43.992M	94.928M	71.521M	95.642M	75.017M	62.716M	60.402M	62.255M	45.560M	45.473M	43.197M	47.259M	48.112M	40.790M	28.338M	24.112M	22.124M	14.279M	16.552M	14.210M	9.064M	14.680M	9.704M	10.825M	9.756M	16.211M	11.338M	10.930M	10.727M
Net Margin	5.01%	5.01%	2.23%	5.05%	4.57%	7.38%	6.05%	5.49%	5.87%	6.60%	5.11%	5.79%	5.72%	6.91%	7.94%	7.85%	6.51%	6.16%	7.10%	6.02%	7.18%	6.79%	6.20%	8.95%	6.99%	8.45%	8.24%	15.40%	9.86%	12.31%	18.10%
EBIT	415.397M	343.608M	324.407M	310.794M	116.518M	214.770M	223.130M	176.639M	170.773M	188.873M	148.522M	75.415M	76.889M	98.424M	101.647M	96.225M	96.737M	77.501M	59.514M	59.845M	47.320M	42.278M	31.546M	16.890M	20.692M	18.427M	8.508M	29.332M	47.978M	38.911M	25.296M
Depreciation & Amortization	55.537M	58.678M	67.061M	63.272M	58.497M	49.466M	37.723M	36.936M	31.673M	29.108M	25.367M	22.365M	20.553M	18.259M	17.305M	16.953M	14.579M	11.982M	10.408M	8.255M	7.635M	8.704M	8.425M	8.113M	9.016M	8.767M	3.280M	3.221M	4.307M	3.172M	2.220M
EBITDA	470.934M	402.286M	391.468M	374.067M	175.016M	264.236M	260.853M	213.575M	202.446M	217.981M	173.889M	97.780M	97.443M	116.684M	118.953M	113.178M	111.316M	89.483M	69.922M	68.100M	54.955M	50.983M	39.971M	25.003M	29.708M	27.194M	11.789M	32.553M	52.284M	42.083M	27.517M
EBITDA Margin	23.18%	22.80%	19.84%	19.89%	11.19%	20.40%	21.03%	18.70%	19.67%	23.10%	19.51%	12.46%	12.91%	17.07%	19.64%	21.79%	25.58%	22.86%	22.43%	28.72%	23.84%	24.38%	27.36%	15.24%	21.39%	21.22%	9.96%	30.93%	45.45%	47.39%	46.44%
NOPAT	351.908M	291.412M	242.623M	254.662M	92.940M	188.951M	190.817M	148.472M	139.739M	162.570M	121.407M	61.727M	61.922M	83.837M	82.289M	77.596M	85.561M	66.492M	49.126M	50.515M	42.351M	33.838M	25.101M	13.624M	13.450M	15.102M	7.363M	26.532M	37.614M	29.558M	22.385M
NOPAT Margin	17.32%	16.51%	12.30%	13.54%	5.94%	14.59%	15.39%	13.00%	13.58%	17.23%	13.62%	7.87%	8.21%	12.26%	13.58%	14.94%	19.66%	16.98%	15.76%	21.30%	18.37%	16.18%	17.18%	8.30%	9.68%	11.78%	6.22%	25.21%	32.70%	33.28%	37.78%
Owner's Earnings	157.233M	147.129M	111.053M	158.200M	130.019M	145.108M	112.740M	99.652M	92.075M	91.363M	70.927M	67.839M	63.751M	65.518M	65.417M	57.742M	42.917M	36.094M	32.532M	22.534M	24.187M	22.915M	17.489M	22.793M	18.720M	19.593M	13.037M	19.431M	15.645M	14.102M	12.947M
Owner's Earnings Margin	7.74%	8.34%	5.63%	8.41%	8.31%	11.20%	9.09%	8.72%	8.95%	9.68%	7.96%	8.64%	8.45%	9.58%	10.80%	11.12%	9.86%	9.22%	10.43%	9.50%	10.49%	10.96%	11.97%	13.89%	13.48%	15.29%	11.01%	18.46%	13.60%	15.88%	21.85%
EPS	0.08	0.07	0.03	0.07	0.06	0.07	0.06	0.04	0.05	0.06	0.04	0.06	0.05	0.07	0.07	0.07	0.05	0.05	0.04	0.03	0.04	0.04	0.03	0.04	0.03	0.03	0.03	0.05	0.03	0.04	0.03
EPS (Diluted)	0.08	0.07	0.03	0.07	0.06	0.07	0.06	0.04	0.05	0.06	0.04	0.06	0.05	0.07	0.07	0.07	0.05	0.05	0.04	0.03	0.04	0.04	0.03	0.04	0.03	0.03	0.03	0.05	0.03	0.04	0.03
Shares (Diluted)	1,321,060,811	1,350,086,649	1,355,977,791	1,360,362,957	1,265,648,533	1,356,604,776	1,331,572,655	1,407,877,019	1,320,497,219	1,094,956,400	1,219,137,002	799,154,983	786,279,793	657,900,491	651,471,455	594,449,619	537,996,142	466,199,202	550,497,298	419,688,286	389,166,345	359,322,416	351,036,899	384,467,630	382,939,656	360,979,440	326,806,239	334,484,778	342,207,802	280,699,055	402,386,860

Industry Balance Sheet

Metric	MRQ	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
Cash & Cash Equivalents	170.57M	175.68M	182.27M	180.59M	166.83M	143.53M	106.89M	104.44M	109.67M	91.87M	95.54M	91.63M	85.56M	96.04M	75.72M	65.82M	49.88M	36.30M	28.58M	22.91M	21.12M	21.91M	22.37M	26.98M	26.14M	22.21M	18.01M	19.57M	14.93M	8.04M	5.00M
Short-Term Investments	47.99M	45.76M	49.85M	24.58M	24.68M	33.87M	45.93M	23.08M	14.92M	20.23M	8.87M	5.49M	10.50M	4.31M	11.33M	11.73M	3.17M	2.20M	5.42M	7.17M	7.34M	7.40M	4.55M	5.83M	6.03M	8.54M	6.31M	2.53M	4.83M	3.16M	1.32M
Cash & Short-Term Investments	218.56M	221.44M	232.12M	205.16M	191.51M	177.40M	152.82M	127.53M	124.59M	112.10M	104.41M	97.13M	96.06M	100.36M	87.04M	77.55M	53.05M	38.51M	34.00M	30.08M	28.46M	29.31M	26.92M	32.81M	32.17M	30.75M	24.33M	22.10M	19.76M	11.20M	6.32M
Net Receivables	131.44M	132.66M	150.49M	136.48M	117.98M	106.61M	99.06M	109.58M	95.11M	88.07M	76.53M	63.29M	63.93M	53.11M	37.73M	37.82M	29.93M	27.74M	26.98M	20.49M	15.25M	17.28M	16.36M	31.82M	38.43M	24.38M	11.27M	25.92M	20.63M	16.96M	3.45M
Inventory	310.27M	325.57M	317.62M	350.72M	277.07M	215.05M	200.97M	175.61M	165.72M	149.97M	123.98M	123.39M	129.91M	104.39M	87.36M	72.43M	62.43M	61.49M	50.83M	38.82M	40.63M	34.88M	31.66M	25.66M	27.53M	34.79M	42.88M	28.17M	30.16M	19.97M	15.76M
Other Current Assets	15.81M	32.56M	49.76M	61.50M	37.78M	36.68M	46.43M	56.77M	44.68M	39.49M	34.70M	28.49M	24.97M	20.63M	10.06M	5.17M	8.24M	8.13M	7.72M	7.61M	7.63M	7.23M	7.49M	15.08M	12.70M	20.88M	17.40M	13.41M	8.76M	7.30M	8.93M
Total Current Assets	676.07M	712.23M	749.99M	753.87M	624.35M	535.75M	499.27M	469.49M	430.10M	389.63M	339.62M	312.30M	314.88M	278.49M	222.19M	192.97M	153.65M	135.87M	119.52M	97.00M	91.96M	88.69M	82.42M	105.37M	110.83M	110.80M	95.87M	89.60M	79.32M	55.44M	34.46M
Property, Plant & Equipment	733.01M	759.57M	792.72M	755.53M	725.66M	573.14M	478.61M	408.36M	404.08M	360.73M	315.20M	302.94M	267.31M	245.64M	205.55M	175.02M	162.08M	143.65M	121.21M	99.58M	96.41M	108.69M	82.18M	96.39M	88.16M	74.00M	68.07M	70.22M	64.57M	42.00M	34.29M
Goodwill	25.86M	36.04M	41.73M	43.88M	37.78M	34.97M	32.11M	26.60M	26.61M	22.12M	15.15M	12.86M	13.40M	11.89M	7.48M	5.80M	4.11M	2.27M	2.33M	1.59M	0.22M	0.07M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	51.87M	45.64M	42.03M	57.46M	54.21M	47.22M	39.04M	36.10M	34.19M	30.85M	25.76M	26.46M	24.00M	23.45M	16.93M	14.23M	12.51M	10.92M	10.49M	5.54M	5.54M	7.20M	9.44M	9.42M	7.35M	12.30M	7.53M	5.91M	5.51M	3.57M	4.30M
Long-Term Investments	77.58M	44.05M	57.53M	64.78M	64.82M	83.44M	61.50M	52.50M	48.77M	37.06M	26.05M	21.92M	20.77M	14.02M	7.87M	5.34M	5.51M	5.47M	2.10M	2.81M	1.86M	1.27M	2.94M	5.28M	1.20M	0.49M	2.24M	1.97M	0.00M	0.19M	0.18M
Tax Assets	11.27M	17.70M	10.97M	14.02M	13.28M	10.41M	9.64M	8.51M	6.56M	7.45M	5.60M	3.91M	2.76M	2.55M	2.30M	1.68M	1.43M	1.88M	0.67M	0.51M	0.92M	0.31M	0.10M	2.02M	1.09M	0.02M	0.03M	0.09M	0.00M	0.00M	0.02M
Other Non-Current Assets	36.36M	101.93M	79.14M	124.79M	90.37M	63.77M	49.74M	54.54M	48.51M	45.92M	42.81M	44.68M	46.03M	55.44M	41.49M	42.53M	28.20M	27.04M	22.86M	19.96M	15.09M	12.30M	17.77M	22.00M	19.96M	24.70M	9.40M	5.50M	8.60M	2.80M	2.29M
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	935.94M	1,004.93M	1,024.13M	1,060.47M	986.12M	812.95M	670.64M	586.60M	568.72M	504.12M	430.57M	412.78M	374.27M	352.99M	281.61M	244.61M	213.84M	191.22M	159.67M	129.98M	120.04M	129.83M	112.43M	135.10M	117.77M	111.50M	87.27M	83.69M	78.68M	48.56M	41.08M
Total Assets	1,612.02M	1,717.16M	1,774.11M	1,814.33M	1,610.46M	1,348.70M	1,169.91M	1,056.09M	998.82M	893.74M	770.19M	725.08M	689.15M	631.48M	503.80M	437.57M	367.48M	327.08M	279.19M	226.98M	212.00M	218.52M	194.85M	240.47M	228.60M	222.30M	183.15M	173.28M	158.00M	104.00M	75.54M
Accounts Payable	128.62M	144.09M	157.57M	169.66M	136.69M	112.38M	97.17M	93.91M	86.39M	74.14M	69.81M	54.88M	59.32M	49.38M	34.87M	27.66M	26.30M	24.17M	21.24M	15.15M	15.37M	14.82M	14.25M	14.70M	10.70M	18.10M	12.39M	11.39M	7.71M	6.73M	5.21M
Short-Term Debt	238.93M	163.08M	195.60M	199.98M	164.09M	147.40M	150.87M	143.22M	118.10M	93.63M	94.74M	90.08M	85.94M	72.00M	58.39M	48.51M	43.68M	45.09M	33.22M	30.28M	26.86M	30.75M	33.59M	32.28M	29.21M	34.06M	25.20M	13.50M	10.92M	13.36M	8.36M
Tax Payables	0.84M	6.99M	7.28M	14.22M	10.15M	7.09M	5.20M	5.42M	5.99M	5.03M	4.44M	4.42M	2.61M	2.42M	2.02M	1.57M	1.55M	1.63M	1.31M	0.94M	0.64M	0.32M	0.37M	0.40M	0.24M	0.49M	0.30M	0.48M	0.31M	0.37M	0.33M
Deferred Revenue	11.67M	0.00M	3.14M	13.99M	45.22M	37.00M	23.51M	5.45M	26.56M	24.98M	18.27M	18.34M	17.11M	14.30M	11.65M	9.18M	6.62M	5.16M	6.97M	5.15M	5.80M	4.43M	6.07M	5.22M	7.57M	8.34M	4.60M	5.56M	3.52M	4.49M	5.68M
Other Current Liabilities	67.54M	90.35M	124.73M	129.79M	70.85M	54.13M	57.87M	70.56M	41.61M	44.33M	41.75M	45.92M	39.41M	37.34M	31.27M	23.50M	17.04M	17.81M	16.56M	15.06M	13.17M	11.76M	7.38M	7.95M	6.17M	6.71M	7.07M	9.48M	6.24M	4.54M	5.39M
Total Current Liabilities	447.59M	404.51M	488.33M	527.64M	427.01M	358.00M	334.62M	318.57M	278.66M	242.10M	229.01M	213.64M	204.39M	175.44M	138.21M	110.43M	95.19M	93.86M	79.30M	66.58M	61.83M	62.08M	61.66M	60.55M	53.90M	67.70M	49.55M	40.41M	28.71M	29.50M	24.97M
Long-Term Debt	182.41M	220.42M	224.58M	246.35M	216.16M	165.46M	141.16M	128.21M	140.52M	102.39M	96.32M	96.48M	75.08M	77.35M	66.90M	54.63M	47.10M	38.55M	39.17M	19.63M	16.01M	16.76M	19.69M	31.70M	34.43M	36.97M	46.23M	27.79M	30.97M	14.84M	8.46M
Capital Lease Obligations	1.48M	64.41M	80.65M	73.05M	67.12M	53.40M	14.66M	1.27M	0.49M	0.44M	0.39M	0.18M	0.10M	0.01M	0.01M	0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	18.24M	20.03M	21.54M	25.09M	23.93M	17.40M	16.34M	14.89M	15.62M	14.37M	13.12M	12.34M	11.87M	15.05M	14.82M	12.95M	7.80M	7.68M	10.49M	8.45M	5.06M	4.00M	2.42M	2.87M	2.58M	2.87M	2.36M	2.62M	3.45M	0.00M	0.00M
Other Non-Current Liabilities	13.58M	35.43M	31.99M	39.34M	24.90M	21.93M	17.66M	16.32M	13.99M	19.36M	15.98M	17.10M	15.96M	9.00M	8.69M	6.27M	4.87M	8.02M	3.91M	3.42M	3.63M	2.30M	1.38M	2.99M	6.61M	3.27M	1.83M	2.73M	1.06M	1.35M	1.11M
Total Non-Current Liabilities	215.70M	340.30M	358.77M	383.83M	332.11M	258.19M	189.83M	160.70M	170.61M	136.56M	125.81M	126.10M	103.01M	101.41M	90.42M	73.86M	59.77M	54.26M	53.56M	31.51M	24.70M	23.06M	23.50M	37.56M	43.62M	43.12M	50.42M	33.14M	35.48M	16.19M	9.57M
Total Liabilities	663.29M	744.81M	847.09M	911.47M	759.13M	616.19M	524.44M	479.26M	449.27M	378.66M	354.81M	339.74M	307.40M	276.84M	228.63M	184.29M	154.96M	148.11M	132.86M	98.09M	86.53M	85.14M	85.15M	98.11M	97.52M	110.81M	99.96M	73.55M	64.18M	45.69M	34.54M
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	130.30M	123.77M	123.92M	123.27M	123.50M	117.55M	106.42M	107.67M	102.58M	100.32M	83.53M	69.67M	62.31M	64.45M	55.02M	48.17M	54.32M	45.05M	37.33M	30.45M	24.84M	23.63M	24.94M	26.25M	26.19M	29.33M	23.11M	18.71M	12.55M	9.12M	7.53M
Retained Earnings	381.48M	443.16M	427.91M	457.16M	405.67M	393.19M	330.22M	268.90M	258.47M	224.55M	176.72M	201.41M	185.28M	152.88M	139.23M	93.28M	76.72M	73.85M	49.43M	37.15M	39.91M	32.04M	25.06M	31.72M	29.85M	37.01M	27.98M	31.42M	26.88M	24.18M	11.63M
Accumulated OCI	130.29M	24.11M	11.03M	33.23M	33.84M	18.65M	22.75M	11.60M	10.68M	14.98M	13.67M	-0.37M	-0.30M	0.00M	-0.41M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.06M	-0.67M	-0.16M	-0.57M	0.00M	0.00M	0.00M	0.00M	0.00M
Minority Interest	54.18M	54.93M	54.69M	54.65M	50.22M	44.40M	35.38M	28.44M	20.74M	16.71M	17.19M	19.40M	15.61M	13.15M	11.22M	11.39M	9.70M	6.54M	5.80M	4.87M	4.63M	4.97M	3.12M	3.65M	2.57M	2.63M	1.26M	0.81M	0.62M	0.33M	0.41M
Total Shareholders’ Equity	642.06M	591.05M	562.86M	613.66M	563.01M	529.39M	459.38M	388.16M	371.73M	339.85M	273.92M	270.71M	247.28M	217.33M	193.84M	141.45M	131.04M	118.91M	86.75M	67.60M	64.75M	55.67M	49.94M	57.30M	55.88M	65.77M	51.09M	50.13M	39.43M	33.29M	19.16M
Total Equity	696.25M	645.97M	617.55M	668.31M	613.23M	573.79M	494.76M	416.61M	392.46M	356.56M	291.11M	290.11M	262.89M	230.48M	205.06M	152.84M	140.74M	125.44M	92.56M	72.47M	69.38M	60.64M	53.07M	60.95M	58.44M	68.40M	52.35M	50.94M	40.06M	33.63M	19.57M
Total Liabilities & Equity	1,359.54M	1,390.79M	1,464.65M	1,579.78M	1,372.36M	1,189.98M	1,019.21M	895.87M	841.73M	735.22M	645.92M	629.86M	570.29M	507.32M	433.69M	337.13M	295.71M	273.56M	225.42M	170.55M	155.91M	145.78M	138.22M	159.05M	155.96M	179.21M	152.31M	124.49M	104.24M	79.32M	54.11M
Tangible Assets	1,534.29M	1,635.48M	1,690.35M	1,712.99M	1,518.48M	1,266.51M	1,098.76M	993.40M	938.02M	840.77M	729.28M	685.76M	651.75M	596.13M	479.40M	417.54M	350.86M	313.90M	266.37M	219.85M	206.24M	211.26M	185.41M	231.05M	221.25M	210.00M	175.62M	167.37M	152.48M	100.43M	71.24M
Tangible Equity	618.52M	564.29M	533.79M	566.96M	521.25M	491.60M	423.61M	353.91M	331.66M	303.59M	250.20M	250.79M	225.49M	195.13M	180.65M	132.81M	124.12M	112.26M	79.73M	65.34M	63.62M	53.37M	43.63M	51.53M	51.09M	56.10M	44.82M	45.03M	34.54M	30.06M	15.27M
Tangible Book Value	618.52M	564.29M	533.79M	566.96M	521.25M	491.60M	423.61M	353.91M	331.66M	303.59M	250.20M	250.79M	225.49M	195.13M	180.65M	132.81M	124.12M	112.26M	79.73M	65.34M	63.62M	53.37M	43.63M	51.53M	51.09M	56.10M	44.82M	45.03M	34.54M	30.06M	15.27M
Total Investments	142.87M	79.97M	95.42M	84.51M	83.68M	104.56M	74.38M	63.77M	64.94M	47.90M	34.47M	37.09M	33.15M	29.69M	24.22M	25.34M	16.42M	10.14M	10.66M	9.41M	9.12M	10.98M	10.92M	13.45M	7.85M	18.89M	5.37M	5.24M	4.50M	4.26M	6.75M
Net Debt	250.76M	207.82M	237.92M	265.74M	213.42M	169.33M	185.14M	166.98M	148.95M	104.15M	95.51M	94.93M	75.45M	53.30M	49.57M	37.33M	40.90M	47.34M	43.81M	27.01M	21.74M	25.60M	30.91M	37.00M	37.51M	48.82M	53.42M	21.72M	26.96M	20.16M	11.82M

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	162.63M	213.47M	167.27M	171.61M	165.02M	207.65M	192.48M	146.74M	151.71M	156.97M	161.06M	140.68M	123.67M	125.16M	115.58M	88.77M	96.01M	37.89M	49.69M	36.43M	49.45M	28.58M	18.22M	36.12M	32.31M	49.10M	39.92M	87.58M	84.83M	23.51M	14.78M
Total Capital	1,400.80M	1,384.87M	1,410.65M	1,417.10M	1,278.57M	1,109.18M	956.24M	841.74M	785.85M	675.98M	632.39M	609.73M	561.92M	513.78M	482.90M	398.63M	328.88M	305.54M	278.39M	196.84M	188.13M	227.37M	200.36M	238.71M	203.15M	226.21M	239.00M	180.94M	167.02M	99.99M	83.75M
Capital Employed	1,342.32M	1,641.49M	1,507.98M	1,433.88M	1,299.16M	1,167.80M	922.08M	864.36M	815.67M	761.96M	634.83M	676.90M	607.99M	540.57M	533.49M	443.43M	345.86M	299.23M	294.75M	203.97M	244.06M	220.79M	202.67M	253.13M	200.58M	219.90M	270.57M	181.62M	159.56M	96.05M	77.58M
Invested Capital	1,230.23M	1,209.19M	1,228.39M	1,236.51M	1,111.74M	965.65M	849.35M	737.29M	676.18M	584.11M	536.86M	518.10M	476.36M	417.74M	407.18M	332.81M	279.00M	269.23M	249.82M	173.94M	167.01M	205.46M	178.00M	211.73M	177.01M	204.00M	220.99M	161.37M	152.09M	91.95M	78.75M

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	33.00M	65.95M	72.85M	71.55M	64.13M	48.23M	37.57M	34.20M	31.45M	28.82M	26.61M	23.67M	21.65M	19.62M	15.39M	12.70M	13.68M	10.73M	8.66M	6.33M	6.93M	6.77M	7.38M	7.78M	11.13M	10.82M	4.08M	4.52M	16.45M	11.75M	9.02M
Deferred Income Tax	0.00M	0.00M	-0.11M	-0.27M	-0.71M	-0.27M	-0.27M	-0.21M	-0.08M	-0.10M	-0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	2.06M	1.03M	1.65M
Stock-Based Compensation	0.00M	0.10M	0.61M	0.83M	0.42M	0.23M	0.25M	0.16M	0.15M	0.10M	0.12M	0.10M	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
Change in Working Capital	-12.17M	-10.16M	5.33M	-53.16M	-21.02M	-20.27M	-9.88M	-17.68M	-14.07M	-12.17M	-6.33M	-4.29M	-9.68M	-8.24M	-12.60M	-10.07M	-1.97M	-6.01M	-8.36M	-3.36M	-2.01M	-2.75M	-6.48M	-0.99M	-3.40M	-5.44M	-1.92M	-5.25M	5.79M	-3.05M	-5.29M
Accounts Receivable	-5.94M	-2.17M	3.80M	-20.10M	-13.57M	-6.27M	-6.27M	-6.86M	-5.48M	-4.63M	-4.44M	-1.96M	-1.09M	-0.56M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.34M	-0.73M	-2.54M
Inventory	-3.85M	-6.13M	10.72M	-68.21M	-40.87M	-21.48M	-6.45M	-13.45M	-14.49M	-10.45M	-0.05M	-5.85M	-7.27M	-8.46M	-12.53M	-6.38M	-1.50M	-4.64M	-5.75M	-1.96M	-2.60M	-2.51M	-6.96M	-2.41M	-2.54M	-2.61M	-1.32M	-1.68M	-1.19M	-11.01M	-0.44M
Accounts Payable	0.00M	0.48M	5.23M	23.13M	26.49M	12.48M	6.87M	5.65M	4.35M	2.90M	-0.96M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	1.21M	2.59M	-5.95M	-1.00M	1.86M	-1.69M	-3.04M	-7.32M	-1.36M	-4.70M	-1.51M	2.49M	0.58M	0.07M	0.60M	-1.73M	-0.86M	-2.49M	-1.88M	-0.60M	-0.18M	1.41M	0.74M	1.91M	0.58M	-2.45M	-1.18M	-2.08M	-2.75M	0.13M	-2.30M
Other Non-Cash Items	53.46M	31.54M	46.71M	8.94M	14.31M	9.36M	5.13M	7.79M	7.11M	3.93M	1.07M	1.27M	1.47M	-2.30M	-4.69M	-3.94M	0.79M	2.91M	-0.08M	-0.40M	0.15M	5.24M	-0.17M	3.74M	7.02M	6.97M	1.83M	0.32M	-5.38M	-1.97M	-5.16M
Net Cash from Operating Activities	169.82M	170.44M	152.16M	129.78M	98.20M	125.85M	110.37M	83.95M	71.18M	80.48M	68.92M	70.07M	49.57M	44.33M	44.64M	37.27M	32.83M	26.48M	19.77M	16.87M	17.15M	23.30M	8.94M	16.67M	22.48M	6.59M	16.20M	11.44M	36.99M	14.32M	16.93M
Capital Expenditures (PPE)	-80.42M	-70.57M	-95.59M	-102.92M	-101.94M	-94.43M	-76.37M	-64.25M	-64.98M	-59.34M	-59.28M	-63.84M	-59.62M	-45.48M	-37.56M	-27.59M	-25.79M	-25.44M	-21.08M	-18.50M	-16.22M	-15.14M	-11.58M	-16.28M	-14.04M	-13.19M	-12.97M	-11.77M	-22.95M	-22.81M	-26.72M
Acquisitions (Net)	0.16M	-0.16M	0.62M	-0.03M	-0.39M	-0.01M	-1.67M	-0.64M	-2.64M	-2.97M	-1.74M	-1.74M	-0.64M	-0.40M	-0.42M	0.33M	0.19M	-0.34M	-0.03M	-0.04M	0.17M	0.19M	0.99M	0.36M	0.03M	0.49M	1.01M	0.15M	0.01M	0.10M	2.35M
Purchases of Investments	-13.11M	-18.64M	-23.97M	-38.38M	-20.16M	-35.25M	-11.80M	-13.79M	-12.54M	-13.53M	-10.50M	-7.09M	-6.63M	-2.80M	-3.91M	-2.59M	-1.75M	-2.31M	-2.86M	-2.38M	-2.79M	-2.28M	-1.64M	-2.89M	-4.12M	-3.32M	-2.46M	-2.50M	-8.12M	-10.61M	-8.68M
Sales / Maturities of Investments	10.57M	22.79M	14.93M	26.27M	22.34M	29.69M	15.10M	14.97M	11.66M	12.30M	14.42M	6.71M	6.74M	2.50M	2.69M	3.01M	1.85M	0.81M	2.20M	1.64M	1.84M	1.08M	1.08M	1.72M	1.41M	0.57M	0.41M	0.61M	10.85M	1.18M	8.46M
Other Investing Activities	4.94M	5.30M	5.82M	8.99M	11.01M	14.62M	9.10M	4.39M	4.73M	2.63M	1.37M	3.87M	0.19M	-1.29M	0.84M	0.98M	-0.38M	1.65M	0.47M	0.38M	0.86M	-0.51M	0.33M	2.44M	0.09M	-2.72M	-6.78M	-1.10M	-13.10M	-3.32M	-10.17M
Net Cash from Investing Activities	-89.36M	-71.84M	-107.47M	-98.22M	-91.62M	-74.70M	-61.29M	-69.62M	-73.99M	-70.01M	-66.08M	-67.10M	-68.95M	-50.59M	-40.31M	-28.05M	-25.00M	-27.90M	-23.82M	-20.70M	-15.66M	-20.95M	-9.98M	-14.94M	-19.27M	-25.76M	-37.07M	-11.69M	-56.62M	-34.49M	-34.75M
Net Debt Issuance	-7.45M	-15.47M	15.82M	27.54M	17.33M	13.06M	-4.92M	17.60M	16.83M	0.58M	5.45M	7.19M	19.24M	21.21M	11.49M	9.28M	3.48M	12.88M	10.54M	7.07M	0.28M	-0.19M	2.88M	0.46M	2.26M	14.02M	6.45M	2.30M	-16.46M	15.45M	16.13M
Long-Term Debt Issuance	-0.46M	-3.93M	4.84M	22.29M	37.17M	24.38M	-3.55M	17.40M	16.73M	3.22M	4.75M	2.32M	20.67M	17.95M	9.73M	9.37M	8.06M	7.22M	10.97M	5.95M	-0.77M	2.92M	2.56M	-0.66M	3.56M	8.17M	6.45M	2.30M	-16.46M	15.45M	16.13M
Short-Term Debt Issuance	-6.05M	0.00M	0.53M	-2.18M	-2.31M	-0.57M	-0.59M	0.00M	-0.13M	-1.35M	0.16M	0.55M	0.00M	0.00M	1.09M	0.00M	-0.05M	0.00M	0.00M	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	-3.01M	-0.02M	-0.65M	-0.27M	-0.21M	-0.08M	-0.03M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.09M	0.01M	0.39M	0.12M	0.49M	0.50M	0.00M	0.11M	0.05M	0.06M	0.00M	0.02M	13.64M	11.73M	-1.02M
Common Stock Issuance	0.00M	0.00M	0.00M	0.08M	0.28M	0.17M	0.01M	0.00M	0.00M	0.00M	0.00M	0.07M	0.00M	0.16M	0.10M	0.02M	0.09M	0.14M	0.39M	0.28M	0.93M	0.65M	0.08M	0.89M	0.30M	0.39M	0.00M	0.32M	17.57M	11.85M	0.83M
Common Stock Repurchased	-0.02M	-3.36M	-0.41M	-1.58M	-0.67M	-0.73M	-0.25M	-0.04M	-0.02M	-0.05M	-0.09M	0.00M	0.00M	0.00M	0.00M	-0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-20.55M	-0.39M	-1.85M
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	-33.21M	-35.11M	-46.00M	-39.56M	-36.38M	-23.46M	-21.34M	-24.94M	-21.89M	-18.03M	-17.82M	-16.41M	-13.92M	-15.27M	-13.97M	-8.79M	-5.48M	-5.47M	-4.81M	-3.53M	-3.89M	-3.93M	-3.41M	-4.53M	-3.34M	-3.52M	-1.83M	-3.35M	-0.42M	-0.86M	-1.45M
Common Dividends Paid	-33.11M	-34.18M	-44.23M	-41.83M	-32.57M	-24.95M	-27.23M	-24.76M	-21.69M	-17.04M	-17.70M	-15.88M	-13.75M	-14.59M	-14.90M	-8.71M	-5.61M	-5.59M	-4.78M	-3.44M	-3.71M	-3.79M	-3.26M	-4.53M	-3.34M	-3.52M	-1.83M	-3.35M	-0.39M	-0.86M	-1.45M
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	-21.26M	-15.65M	-15.75M	-4.39M	-6.39M	-1.42M	-5.50M	-3.36M	0.61M	1.45M	3.01M	1.56M	-0.35M	-0.34M	-1.87M	0.61M	0.09M	-0.03M	0.31M	0.36M	0.28M	1.13M	0.68M	0.44M	-0.44M	0.83M	4.94M	-0.58M	-1.84M	-1.13M	-0.72M
Net Cash from Financing Activities	-88.97M	-85.07M	-48.64M	-27.45M	-2.62M	-9.38M	-31.20M	-6.57M	-8.62M	-7.98M	-2.45M	-0.94M	11.00M	7.85M	3.05M	5.31M	0.63M	8.33M	10.86M	8.66M	-1.72M	3.19M	0.42M	-4.04M	-4.59M	28.54M	16.47M	-1.78M	13.65M	21.17M	12.93M
Effect of FX on Cash	0.45M	-0.08M	0.05M	0.46M	-0.01M	-0.01M	0.07M	0.09M	-0.15M	0.11M	0.22M	0.02M	0.00M	0.00M	-0.03M	-0.01M	-0.02M	-0.01M	0.00M	-0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.05M	0.00M	-0.01M	-0.32M	-0.14M	-0.11M
Net Change in Cash	-7.46M	6.55M	-5.49M	9.55M	18.06M	31.41M	9.61M	-1.59M	5.04M	2.59M	6.27M	1.30M	5.01M	7.30M	8.17M	10.75M	7.55M	5.99M	3.84M	2.17M	-0.50M	2.53M	0.07M	1.74M	1.52M	7.04M	-2.22M	0.85M	-3.40M	-1.95M	-3.21M
Cash at Beginning of Period	151.53M	169.41M	176.48M	154.19M	154.46M	110.68M	97.51M	86.56M	84.79M	81.04M	91.29M	90.65M	88.35M	79.13M	68.43M	53.93M	38.23M	30.33M	21.82M	18.13M	21.16M	19.20M	26.39M	30.11M	26.50M	18.32M	17.93M	16.31M	18.29M	7.25M	8.13M
Cash at End of Period	173.05M	164.15M	175.05M	179.35M	152.31M	144.23M	110.00M	94.41M	88.65M	84.90M	89.86M	90.26M	85.57M	94.35M	80.99M	67.31M	52.21M	37.16M	31.98M	21.45M	22.02M	23.52M	25.74M	30.20M	32.42M	30.27M	15.56M	20.38M	12.49M	11.27M	4.92M
Operating Cash Flow	169.97M	170.74M	152.43M	129.36M	97.82M	126.04M	110.37M	83.95M	81.35M	80.48M	68.92M	70.07M	49.57M	44.40M	44.58M	37.27M	32.87M	26.48M	19.29M	16.87M	17.15M	23.30M	8.94M	16.67M	22.48M	6.59M	16.20M	11.44M	36.99M	14.32M	16.93M
Capital Expenditure	-83.74M	-78.27M	-95.81M	-103.00M	-101.97M	-94.34M	-76.35M	-65.64M	-64.81M	-59.46M	-59.37M	-63.95M	-59.52M	-49.29M	-38.82M	-27.81M	-25.41M	-25.57M	-21.03M	-18.48M	-16.20M	-15.45M	-12.35M	-16.84M	-14.04M	-13.47M	-13.06M	-11.77M	-22.95M	-22.81M	-26.72M
Free Cash Flow	89.17M	79.90M	38.84M	31.76M	1.73M	18.54M	24.44M	5.52M	9.98M	14.60M	8.14M	9.56M	-6.42M	-1.72M	10.44M	9.94M	9.76M	1.47M	-3.32M	0.00M	2.30M	3.30M	-4.33M	1.81M	7.65M	-3.89M	-1.14M	-4.23M	19.75M	-8.64M	-9.79M

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	211.17M	204.68M	171.93M	197.32M	160.23M	165.67M	144.46M	122.89M	115.57M	121.90M	88.56M	85.97M	74.90M	74.06M	75.93M	76.41M	53.11M	49.55M	46.28M	28.07M	29.74M	33.14M	27.19M	31.12M	26.40M	27.55M	23.24M	24.21M	17.01M	17.20M	12.75M
(-) Tax Adjustment	32.27M	31.09M	43.34M	35.64M	32.42M	19.92M	20.92M	19.60M	21.00M	16.98M	16.17M	15.60M	14.58M	10.98M	14.46M	14.79M	6.14M	7.04M	8.08M	4.38M	3.12M	6.62M	5.56M	6.02M	10.41M	4.97M	3.13M	2.31M	3.67M	4.13M	1.47M
(-) Change In Working Capital	-12.17M	-10.16M	5.33M	-53.16M	-21.02M	-20.27M	-9.88M	-17.68M	-14.07M	-12.17M	-6.33M	-4.29M	-9.68M	-8.24M	-12.60M	-10.07M	-1.97M	-6.01M	-8.36M	-3.36M	-2.01M	-2.75M	-6.48M	-0.99M	-3.40M	-5.44M	-1.92M	-5.25M	5.79M	-3.05M	-5.29M
(-) Capital Expenditure	83.74M	78.27M	95.81M	103.00M	101.97M	94.34M	76.35M	65.64M	64.81M	59.46M	59.37M	63.95M	59.52M	49.29M	38.82M	27.81M	25.41M	25.57M	21.03M	18.48M	16.20M	15.45M	12.35M	16.84M	14.04M	13.47M	13.06M	11.77M	22.95M	22.81M	26.72M
Unlevered Free Cash Flow	107.32M	105.48M	27.44M	111.84M	46.86M	71.68M	57.06M	55.33M	43.83M	57.63M	19.35M	10.71M	10.48M	22.03M	35.25M	43.88M	23.53M	22.95M	25.54M	8.57M	12.42M	13.82M	15.76M	9.26M	5.35M	14.55M	8.97M	15.38M	-15.40M	-6.69M	-10.15M
(-) Net Interest Income After Taxes	-20.09M	-20.83M	-20.43M	-18.79M	-13.60M	-12.34M	-11.49M	-9.61M	-8.40M	-8.68M	-7.01M	-5.71M	-4.82M	-4.81M	-5.64M	-5.11M	-6.01M	-5.08M	-2.51M	-1.66M	-1.41M	-1.07M	-1.07M	-1.32M	-0.61M	-1.03M	-0.86M	-1.02M	-0.47M	-0.41M	-0.42M
Net Debt Issuance	-7.45M	-15.47M	15.82M	27.54M	17.33M	13.06M	-4.92M	17.60M	16.83M	0.58M	5.45M	7.19M	19.24M	21.21M	11.49M	9.28M	3.48M	12.88M	10.54M	7.07M	0.28M	-0.19M	2.88M	0.46M	2.26M	14.02M	6.45M	2.30M	-16.46M	15.45M	16.13M
Levered Free Cash Flow	119.97M	110.84M	63.69M	158.17M	77.79M	97.08M	63.63M	82.54M	69.06M	66.88M	31.81M	23.61M	34.54M	48.06M	52.38M	58.26M	33.03M	40.91M	38.60M	17.30M	14.11M	14.70M	19.72M	11.04M	8.22M	29.60M	16.28M	18.70M	-31.40M	9.16M	6.40M