Agricultural - Machinery

Category: Industry Averages Base Ticker: AGCO

Methodology: Industry metrics are calculated using the Top 100 companies by revenue within the industry. Values shown represent averages, not aggregates, and are winsorized at the 80/20 percentile to reduce the impact of extreme outliers. All financials are USD-normalized and intended to reflect the core economic structure of the industry.

Industry Enterprise Value

Metric	MRQ	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
Stock Price	13.01	10.88	9.08	8.86	10.43	9.69	8.84	10.15	12.43	8.36	6.70	6.75	6.63	5.37	4.78	5.58	3.77	4.26	6.79	8.76	7.11	7.17	5.52	4.53	3.92	4.79	5.63	6.81	8.15	6.28	4.81
Market Capitalization	2,860.86M	2,030.89M	1,663.94M	1,449.78M	1,570.41M	1,831.61M	1,403.64M	1,324.95M	1,297.75M	1,169.73M	946.86M	791.64M	684.59M	699.81M	607.37M	870.04M	643.52M	388.36M	785.18M	589.17M	438.99M	383.97M	509.15M	589.24M	951.53M	1,028.28M	1,059.72M	941.60M	960.28M	776.42M	380.65M
(-) Cash & Equivalents	350.77M	357.76M	347.60M	318.50M	326.21M	324.21M	246.21M	226.07M	207.39M	175.48M	137.92M	117.58M	112.31M	142.29M	150.69M	125.40M	102.46M	64.27M	56.52M	55.10M	56.98M	41.52M	45.57M	80.71M	75.73M	77.66M	65.80M	70.62M	16.57M	23.72M	12.08M
(+) Total Debt	828.78M	650.67M	568.48M	515.45M	491.11M	568.32M	523.61M	463.54M	427.39M	418.83M	358.30M	289.09M	211.66M	235.05M	265.39M	136.60M	120.32M	102.19M	81.79M	73.04M	86.92M	69.60M	102.10M	189.03M	209.49M	258.12M	328.99M	524.73M	199.32M	165.64M	236.34M
Enterprise Value	3,344.45M	2,444.38M	1,751.59M	1,558.68M	1,935.57M	2,018.36M	1,830.03M	1,473.82M	1,769.68M	1,583.51M	1,405.45M	949.95M	819.85M	836.62M	789.92M	1,055.53M	805.88M	499.48M	798.97M	633.28M	450.26M	395.29M	695.66M	763.85M	904.54M	1,582.00M	1,636.05M	1,658.22M	1,415.85M	1,316.69M	611.19M

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	2,824.120M	2,495.374M	2,503.551M	2,242.919M	1,992.343M	2,337.856M	2,239.625M	2,106.814M	1,639.455M	1,286.501M	1,258.644M	1,183.793M	1,122.409M	1,027.061M	1,185.344M	988.762M	766.708M	685.990M	520.861M	428.092M	449.974M	408.856M	650.474M	872.677M	796.449M	1,610.304M	1,692.584M	1,923.359M	1,539.699M	667.322M	618.106M
Cost of Revenue	2,115.664M	1,805.395M	1,887.605M	1,733.223M	1,492.087M	1,906.692M	1,711.890M	1,627.692M	1,249.516M	1,010.242M	955.887M	918.834M	932.827M	872.771M	904.421M	741.634M	538.184M	437.917M	374.926M	311.159M	332.338M	334.494M	532.038M	720.696M	661.378M	1,164.250M	1,223.256M	1,448.607M	1,267.788M	532.280M	474.802M
Gross Profit	708.456M	689.979M	615.946M	509.696M	500.256M	431.164M	527.734M	479.123M	389.939M	276.259M	302.757M	264.959M	189.581M	154.290M	280.922M	247.128M	228.525M	248.073M	145.935M	116.934M	117.636M	74.362M	118.436M	151.981M	135.072M	446.054M	469.328M	474.751M	271.911M	135.041M	143.304M
Gross Margin	25.09%	27.65%	24.60%	22.72%	25.11%	18.44%	23.56%	22.74%	23.78%	21.47%	24.05%	22.38%	16.89%	15.02%	23.70%	24.99%	29.81%	36.16%	28.02%	27.32%	26.14%	18.19%	18.21%	17.42%	16.96%	27.70%	27.73%	24.68%	17.66%	20.24%	23.18%
R&D Expenses	51.115M	60.234M	62.841M	49.811M	44.375M	47.876M	43.732M	35.539M	23.832M	22.987M	18.219M	17.666M	20.778M	14.677M	5.014M	4.127M	1.060M	0.528M	0.294M	0.236M	0.187M	0.040M	0.067M	0.370M	0.510M	0.907M	1.031M	1.371M	1.172M	0.316M	0.000M
SG&A Expenses	281.232M	226.363M	220.664M	189.276M	198.761M	203.942M	198.519M	184.689M	160.292M	146.037M	137.253M	121.078M	103.430M	92.707M	66.757M	66.638M	58.733M	49.465M	37.840M	31.423M	33.348M	38.568M	76.618M	78.516M	94.984M	136.757M	177.490M	152.246M	83.971M	69.818M	62.822M
Operating Expenses	332.348M	286.598M	283.505M	239.087M	243.137M	251.818M	242.251M	220.227M	184.124M	169.025M	155.472M	138.744M	124.208M	107.384M	71.772M	70.765M	59.793M	49.993M	38.134M	31.659M	33.536M	38.608M	76.685M	78.885M	95.494M	137.665M	178.521M	153.617M	85.143M	70.134M	62.822M
Operating Income	376.108M	403.381M	332.441M	270.608M	257.120M	179.346M	285.483M	258.896M	205.815M	107.235M	147.285M	126.215M	65.374M	46.906M	209.151M	176.363M	168.731M	198.080M	107.801M	85.275M	84.101M	35.754M	41.751M	73.095M	39.578M	308.389M	290.806M	321.134M	186.768M	64.907M	80.482M
Operating Margin	13.32%	16.17%	13.28%	12.07%	12.91%	7.67%	12.75%	12.29%	12.55%	8.34%	11.70%	10.66%	5.82%	4.57%	17.64%	17.84%	22.01%	28.87%	20.70%	19.92%	18.69%	8.74%	6.42%	8.38%	4.97%	19.15%	17.18%	16.70%	12.13%	9.73%	13.02%
Interest Income	13.010M	13.569M	12.013M	8.169M	6.461M	5.647M	5.727M	6.002M	4.750M	3.097M	4.255M	3.495M	3.028M	2.745M	2.761M	1.679M	1.191M	0.988M	0.593M	0.428M	0.285M	0.191M	0.120M	0.126M	0.109M	0.110M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	33.507M	30.227M	24.859M	19.535M	16.964M	22.236M	20.524M	20.553M	17.187M	17.900M	18.953M	13.767M	12.763M	11.938M	8.802M	8.604M	7.251M	5.018M	3.430M	2.455M	2.650M	2.185M	1.582M	3.018M	1.462M	1.440M	0.569M	1.497M	0.756M	0.809M	0.988M
Net Interest Income	-20.497M	-16.658M	-12.846M	-11.366M	-10.503M	-16.588M	-14.796M	-14.551M	-12.437M	-14.804M	-14.698M	-10.272M	-9.736M	-9.193M	-6.041M	-6.925M	-6.060M	-4.030M	-2.837M	-2.027M	-2.366M	-1.994M	-1.462M	-2.892M	-1.353M	-1.330M	-0.569M	-1.497M	-0.756M	-0.809M	-0.988M
Other Income / Expense	-136.890M	-176.201M	-114.668M	-126.924M	-117.316M	-70.842M	-151.221M	-116.078M	-110.207M	-45.076M	-94.195M	-70.363M	-3.826M	12.064M	-138.362M	-124.381M	-140.584M	-155.569M	-63.981M	-56.913M	-62.454M	-14.109M	-26.116M	-57.684M	-28.803M	-259.668M	-254.216M	-245.487M	-118.777M	-32.116M	-28.535M
Pre-Tax Income	218.721M	210.522M	204.926M	132.318M	129.301M	91.915M	119.466M	128.266M	83.171M	47.354M	38.392M	45.579M	51.812M	49.777M	64.748M	45.058M	22.088M	38.481M	40.984M	26.335M	19.281M	19.651M	14.173M	12.519M	9.422M	47.391M	36.022M	74.151M	67.236M	31.983M	50.959M
Pre-Tax Margin	7.74%	8.44%	8.19%	5.90%	6.49%	3.93%	5.33%	6.09%	5.07%	3.68%	3.05%	3.85%	4.62%	4.85%	5.46%	4.56%	2.88%	5.61%	7.87%	6.15%	4.28%	4.81%	2.18%	1.43%	1.18%	2.94%	2.13%	3.86%	4.37%	4.79%	8.24%
Income Tax Expense	45.233M	41.358M	38.518M	25.499M	29.200M	25.639M	25.109M	31.358M	20.674M	20.334M	14.697M	11.809M	11.906M	13.175M	13.798M	11.896M	4.903M	10.346M	11.942M	8.219M	4.969M	2.955M	3.297M	4.494M	2.904M	17.002M	12.647M	17.657M	21.191M	12.063M	19.390M
Tax Rate	20.68%	19.65%	18.80%	19.27%	22.58%	27.89%	21.02%	24.45%	24.86%	35.00%	35.00%	25.91%	22.98%	26.47%	21.31%	26.40%	22.20%	26.89%	29.14%	31.21%	25.77%	15.04%	23.27%	35.00%	30.82%	35.00%	35.00%	23.81%	31.52%	35.00%	35.00%
Net Income	173.489M	169.164M	166.408M	106.819M	100.100M	66.275M	94.357M	96.908M	62.498M	27.020M	23.694M	33.770M	39.906M	36.602M	50.950M	33.161M	17.185M	28.135M	29.041M	18.117M	14.312M	16.695M	10.876M	8.025M	6.518M	30.389M	23.375M	56.493M	46.045M	19.920M	31.569M
Net Margin	6.14%	6.78%	6.65%	4.76%	5.02%	2.83%	4.21%	4.60%	3.81%	2.10%	1.88%	2.85%	3.56%	3.56%	4.30%	3.35%	2.24%	4.10%	5.58%	4.23%	3.18%	4.08%	1.67%	0.92%	0.82%	1.89%	1.38%	2.94%	2.99%	2.99%	5.11%
EBIT	376.108M	403.381M	332.441M	270.608M	257.120M	179.346M	285.483M	258.896M	205.815M	107.235M	147.285M	126.215M	65.374M	46.906M	209.151M	176.363M	168.731M	198.080M	107.801M	85.275M	84.101M	35.754M	41.751M	73.095M	39.578M	308.389M	290.806M	321.134M	186.768M	64.907M	80.482M
Depreciation & Amortization	66.826M	71.491M	65.087M	56.528M	54.472M	61.687M	56.558M	53.443M	46.537M	40.720M	40.028M	30.844M	27.802M	21.301M	17.802M	15.888M	15.107M	11.686M	10.049M	10.308M	11.525M	10.488M	17.187M	18.043M	23.335M	41.768M	23.901M	43.279M	28.320M	15.235M	11.466M
EBITDA	442.933M	474.872M	397.528M	327.136M	311.592M	241.032M	342.041M	312.338M	252.352M	147.954M	187.313M	157.058M	93.175M	68.207M	226.953M	192.251M	183.838M	209.766M	117.850M	95.584M	95.626M	46.242M	58.938M	91.138M	62.913M	350.157M	314.708M	364.413M	215.088M	80.143M	91.947M
EBITDA Margin	15.68%	19.03%	15.88%	14.59%	15.64%	10.31%	15.27%	14.83%	15.39%	11.50%	14.88%	13.27%	8.30%	6.64%	19.15%	19.44%	23.98%	30.58%	22.63%	22.33%	21.25%	11.31%	9.06%	10.44%	7.90%	21.74%	18.59%	18.95%	13.97%	12.01%	14.88%
NOPAT	298.327M	324.135M	269.955M	218.460M	199.053M	129.318M	225.481M	195.602M	154.656M	69.702M	95.735M	93.514M	50.352M	34.491M	164.581M	129.799M	131.280M	144.824M	76.389M	58.663M	62.427M	30.376M	32.038M	47.512M	27.378M	200.453M	189.024M	244.664M	127.905M	42.190M	52.313M
NOPAT Margin	10.56%	12.99%	10.78%	9.74%	9.99%	5.53%	10.07%	9.28%	9.43%	5.42%	7.61%	7.90%	4.49%	3.36%	13.88%	13.13%	17.12%	21.11%	14.67%	13.70%	13.87%	7.43%	4.93%	5.44%	3.44%	12.45%	11.17%	12.72%	8.31%	6.32%	8.46%
Owner's Earnings	240.314M	240.655M	231.495M	163.347M	154.573M	127.962M	150.915M	150.351M	109.035M	67.740M	63.722M	64.614M	67.708M	57.904M	68.752M	49.049M	32.292M	39.821M	39.090M	28.425M	25.837M	27.184M	28.062M	26.068M	29.853M	72.157M	47.276M	99.773M	74.365M	35.155M	43.035M
Owner's Earnings Margin	8.51%	9.64%	9.25%	7.28%	7.76%	5.47%	6.74%	7.14%	6.65%	5.27%	5.06%	5.46%	6.03%	5.64%	5.80%	4.96%	4.21%	5.80%	7.50%	6.64%	5.74%	6.65%	4.31%	2.99%	3.75%	4.48%	2.79%	5.19%	4.83%	5.27%	6.96%
EPS	0.34	0.33	0.33	0.20	0.19	0.13	0.19	0.20	0.15	0.06	0.06	0.09	0.11	0.11	0.15	0.11	0.06	0.09	0.10	0.07	0.04	0.05	0.03	0.02	0.01	0.07	0.05	0.14	0.12	0.05	0.08
EPS (Diluted)	0.34	0.33	0.33	0.20	0.19	0.13	0.19	0.20	0.15	0.06	0.06	0.09	0.11	0.11	0.15	0.11	0.06	0.09	0.10	0.07	0.04	0.05	0.03	0.02	0.01	0.07	0.05	0.14	0.12	0.05	0.08
Shares (Diluted)	504,121,080	510,168,704	502,377,052	528,386,052	515,275,395	504,068,892	495,375,414	473,639,127	427,852,019	417,200,867	377,721,094	375,008,058	366,700,596	343,412,144	348,000,771	310,905,801	310,763,133	298,149,954	287,002,932	274,771,633	322,836,725	359,271,632	382,359,366	407,135,869	440,432,849	443,965,755	426,398,477	413,028,086	374,942,809	390,557,498	376,903,013

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	358.47M	357.13M	347.41M	318.64M	325.34M	325.09M	246.65M	226.15M	207.25M	175.74M	137.81M	117.09M	113.27M	142.62M	150.78M	125.56M	102.71M	63.90M	56.80M	55.14M	58.22M	41.49M	45.74M	80.41M	75.71M	77.83M	65.82M	70.17M	16.97M	23.68M	12.00M
Short-Term Investments	93.47M	93.01M	60.15M	71.71M	38.47M	53.47M	54.29M	33.26M	30.20M	63.27M	49.56M	21.93M	33.05M	22.62M	11.18M	16.18M	4.20M	2.62M	4.34M	9.12M	2.67M	1.99M	0.85M	1.23M	1.50M	11.42M	32.00M	0.61M	1.53M	0.05M	0.09M
Cash & Short-Term Investments	451.94M	450.14M	407.56M	390.36M	363.81M	378.56M	300.93M	259.41M	237.45M	239.01M	187.37M	139.03M	146.32M	165.23M	161.97M	141.74M	106.91M	66.52M	61.14M	64.26M	60.89M	43.47M	46.60M	81.63M	77.21M	89.24M	97.82M	70.78M	18.50M	23.73M	12.09M
Net Receivables	747.08M	621.18M	578.48M	477.45M	462.07M	503.78M	502.73M	430.60M	396.21M	396.36M	309.32M	257.07M	267.18M	251.52M	197.34M	145.94M	114.25M	97.66M	81.63M	67.11M	87.47M	54.54M	78.52M	72.63M	109.85M	96.32M	117.90M	47.58M	53.86M	43.30M	44.38M
Inventory	613.15M	608.98M	573.61M	467.85M	468.60M	430.15M	425.03M	424.18M	340.50M	281.53M	245.62M	224.67M	211.54M	219.28M	227.16M	186.87M	148.19M	132.02M	113.66M	96.15M	106.49M	104.60M	103.16M	121.04M	176.03M	195.62M	209.19M	218.71M	151.32M	127.89M	91.06M
Other Current Assets	80.08M	86.66M	80.76M	81.10M	66.49M	83.77M	86.45M	94.91M	74.32M	78.22M	64.75M	36.12M	56.34M	47.65M	65.01M	63.11M	30.62M	30.87M	42.52M	28.20M	20.17M	19.72M	33.52M	37.87M	17.79M	39.17M	47.11M	82.81M	31.71M	30.62M	27.44M
Total Current Assets	1,892.26M	1,766.97M	1,640.42M	1,416.76M	1,360.97M	1,396.26M	1,315.14M	1,209.11M	1,048.48M	995.11M	807.06M	656.90M	681.37M	683.69M	651.47M	537.65M	399.98M	327.07M	298.96M	255.72M	275.01M	222.34M	261.80M	313.17M	380.88M	420.35M	472.03M	419.88M	255.39M	225.54M	174.97M
Property, Plant & Equipment	573.54M	559.28M	508.22M	448.00M	400.03M	451.84M	415.33M	360.57M	332.32M	302.71M	272.27M	246.25M	228.92M	219.83M	194.69M	164.60M	152.90M	121.64M	109.28M	87.42M	94.87M	78.47M	127.75M	134.44M	166.50M	244.09M	254.63M	305.37M	198.72M	101.70M	74.47M
Goodwill	76.54M	74.59M	73.39M	58.96M	68.41M	74.29M	88.29M	90.12M	84.71M	51.09M	44.81M	21.80M	12.92M	11.84M	4.76M	3.93M	3.43M	2.77M	2.66M	2.85M	1.52M	0.11M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	158.04M	125.54M	109.83M	117.08M	115.87M	121.36M	101.73M	105.65M	98.61M	79.18M	68.44M	57.66M	48.81M	45.01M	37.49M	24.47M	22.44M	11.51M	9.77M	10.52M	8.12M	10.15M	38.64M	14.88M	52.31M	74.61M	72.42M	58.99M	41.65M	43.37M	26.68M
Long-Term Investments	143.61M	81.47M	79.55M	48.42M	42.13M	37.66M	40.76M	36.72M	32.55M	29.90M	28.16M	19.81M	15.27M	13.63M	5.67M	5.52M	5.09M	5.53M	0.61M	0.14M	0.35M	0.18M	0.15M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	34.45M	47.83M	43.32M	39.95M	37.65M	37.80M	35.23M	34.23M	28.96M	27.00M	23.73M	13.60M	13.41M	12.82M	11.28M	11.95M	10.00M	7.07M	5.82M	6.72M	7.15M	1.62M	5.46M	3.84M	0.73M	0.15M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	52.08M	112.69M	86.77M	90.27M	84.20M	106.31M	96.19M	72.95M	47.99M	39.32M	36.53M	34.31M	31.26M	31.14M	38.31M	34.15M	27.44M	21.50M	18.44M	15.70M	18.67M	15.42M	22.34M	43.60M	48.65M	67.93M	68.29M	90.66M	46.33M	43.17M	39.89M
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	1,038.26M	1,001.40M	901.07M	802.67M	748.29M	829.25M	777.52M	700.24M	625.13M	529.20M	473.94M	393.42M	350.58M	334.27M	292.20M	244.61M	221.29M	170.01M	146.59M	123.36M	130.67M	105.95M	194.34M	196.76M	268.18M	386.77M	395.34M	455.02M	286.70M	188.25M	141.04M
Total Assets	2,930.52M	2,768.37M	2,541.49M	2,219.43M	2,109.25M	2,225.50M	2,092.67M	1,909.34M	1,673.61M	1,524.31M	1,281.00M	1,050.32M	1,031.96M	1,017.96M	943.67M	782.26M	621.27M	497.08M	445.55M	379.08M	405.68M	328.29M	456.14M	509.93M	649.06M	807.12M	867.37M	874.90M	542.09M	413.79M	316.01M
Accounts Payable	451.02M	466.49M	453.09M	469.86M	406.98M	400.93M	393.92M	379.51M	318.70M	253.59M	208.74M	201.04M	187.91M	160.88M	165.74M	171.73M	136.07M	113.67M	79.15M	59.98M	74.21M	56.99M	119.63M	101.16M	94.32M	240.11M	312.40M	290.82M	94.80M	99.10M	89.62M
Short-Term Debt	316.03M	159.33M	170.07M	170.35M	170.94M	170.68M	180.49M	176.54M	165.51M	142.91M	117.87M	103.39M	73.00M	63.99M	64.57M	59.57M	50.10M	46.75M	33.60M	33.27M	32.54M	25.37M	25.29M	25.96M	47.22M	33.50M	33.77M	40.55M	18.57M	11.68M	14.26M
Tax Payables	0.42M	18.62M	18.24M	19.36M	19.60M	17.12M	16.34M	16.27M	12.40M	8.97M	8.48M	7.75M	6.51M	6.82M	3.69M	3.54M	3.40M	1.51M	2.06M	1.92M	1.14M	0.88M	0.47M	0.84M	0.99M	0.76M	0.56M	0.45M	0.35M	0.26M	0.20M
Deferred Revenue	31.13M	1.84M	13.04M	64.72M	103.52M	102.32M	86.02M	22.48M	71.70M	71.19M	56.21M	34.17M	27.87M	31.95M	26.12M	14.57M	12.61M	14.20M	16.66M	11.26M	8.56M	7.62M	7.23M	6.54M	4.11M	5.23M	3.18M	2.70M	2.46M	1.65M	1.91M
Other Current Liabilities	170.08M	333.90M	310.46M	181.67M	112.40M	149.79M	166.35M	165.23M	120.59M	99.49M	68.76M	54.18M	65.26M	87.12M	68.35M	65.44M	30.85M	34.73M	35.21M	32.98M	34.74M	29.94M	23.65M	52.65M	44.18M	71.10M	74.59M	52.45M	43.77M	29.44M	37.00M
Total Current Liabilities	968.68M	980.18M	964.89M	905.97M	813.45M	840.83M	843.12M	760.04M	688.90M	576.16M	460.08M	400.54M	360.56M	350.77M	328.47M	314.85M	233.03M	210.86M	166.68M	139.40M	151.20M	120.80M	176.28M	187.15M	190.81M	350.72M	424.50M	386.97M	159.95M	142.13M	143.00M
Long-Term Debt	433.36M	365.86M	328.31M	308.35M	282.16M	289.26M	278.64M	269.56M	249.11M	184.26M	208.58M	162.37M	146.90M	170.46M	96.67M	71.80M	64.06M	39.86M	45.33M	33.80M	51.75M	35.71M	80.51M	161.35M	181.57M	238.25M	301.78M	339.61M	190.03M	162.87M	144.63M
Capital Lease Obligations	3.57M	39.54M	42.95M	23.62M	26.40M	31.65M	22.12M	2.41M	1.57M	1.74M	1.46M	0.79M	0.45M	0.42M	0.00M	0.00M	0.00M	0.00M	0.00M	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	19.60M	18.54M	15.20M	19.17M	15.61M	17.99M	16.72M	16.04M	15.29M	9.62M	8.47M	5.38M	5.50M	5.89M	5.83M	4.71M	4.49M	4.43M	3.03M	1.54M	2.01M	0.33M	0.62M	0.58M	2.15M	5.87M	6.61M	5.50M	4.40M	2.29M	3.34M
Other Non-Current Liabilities	94.56M	72.23M	69.12M	62.73M	55.29M	76.65M	44.30M	56.15M	45.47M	50.58M	21.96M	22.53M	20.91M	21.50M	20.09M	20.08M	19.09M	11.75M	7.99M	8.40M	12.86M	7.84M	36.22M	57.36M	39.41M	83.57M	96.37M	74.79M	18.97M	17.97M	20.14M
Total Non-Current Liabilities	551.09M	496.18M	455.57M	413.87M	379.47M	415.54M	361.78M	344.17M	311.44M	246.20M	240.48M	191.07M	173.76M	198.27M	122.60M	96.59M	87.64M	56.04M	56.36M	43.74M	66.62M	43.87M	117.35M	219.29M	223.13M	327.68M	404.76M	419.90M	213.39M	183.12M	168.12M
Total Liabilities	1,519.77M	1,476.36M	1,420.46M	1,319.83M	1,192.93M	1,256.37M	1,204.90M	1,104.21M	1,000.34M	822.36M	700.55M	591.61M	534.32M	549.04M	451.07M	411.43M	320.67M	266.90M	223.04M	183.14M	217.82M	164.67M	293.62M	406.44M	413.94M	678.40M	829.25M	806.88M	373.34M	325.25M	311.11M
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	96.40M	102.75M	102.17M	102.04M	104.20M	107.11M	102.90M	95.02M	87.97M	86.74M	83.41M	74.67M	60.77M	53.67M	51.48M	46.80M	39.65M	39.25M	27.58M	26.31M	28.46M	23.89M	27.39M	29.28M	31.85M	30.47M	25.74M	9.17M	7.15M	5.27M	3.03M
Retained Earnings	827.46M	749.40M	660.72M	588.83M	474.39M	422.80M	358.99M	310.97M	254.04M	224.06M	214.42M	188.60M	207.75M	154.35M	134.96M	95.57M	80.17M	82.49M	68.29M	56.60M	60.75M	54.81M	54.45M	68.89M	75.50M	105.20M	175.26M	235.18M	141.67M	52.47M	45.86M
Accumulated OCI	157.17M	34.74M	19.35M	31.54M	14.36M	-24.14M	12.37M	1.69M	0.00M	-2.48M	-1.77M	-9.39M	-9.66M	-13.59M	-12.65M	-4.97M	-2.11M	-0.62M	0.02M	0.51M	-0.04M	0.11M	-2.30M	-6.75M	-5.18M	-3.62M	-5.24M	-9.85M	-7.94M	-5.98M	-7.30M
Minority Interest	39.47M	33.40M	29.30M	26.50M	23.49M	23.81M	20.88M	18.84M	19.07M	15.88M	10.94M	10.96M	8.19M	7.28M	6.90M	2.83M	3.63M	2.58M	2.67M	1.30M	1.34M	1.30M	0.44M	0.40M	0.26M	0.20M	0.14M	0.27M	0.12M	0.00M	0.02M
Total Shareholders’ Equity	1,081.03M	886.89M	782.24M	722.41M	592.95M	505.77M	474.26M	407.67M	342.01M	308.33M	296.06M	253.87M	258.85M	194.43M	173.80M	137.39M	117.71M	121.12M	95.89M	83.42M	89.18M	78.82M	79.54M	91.42M	102.17M	132.05M	195.75M	234.50M	140.89M	51.77M	41.60M
Total Equity	1,120.50M	920.30M	811.54M	748.91M	616.44M	529.58M	495.14M	426.52M	361.09M	324.21M	307.00M	264.83M	267.04M	201.72M	180.70M	140.22M	121.34M	123.70M	98.56M	84.72M	90.52M	80.12M	79.98M	91.82M	102.43M	132.25M	195.89M	234.77M	141.01M	51.77M	41.62M
Total Liabilities & Equity	2,640.27M	2,396.66M	2,232.00M	2,068.74M	1,809.36M	1,785.96M	1,700.04M	1,530.73M	1,361.43M	1,146.57M	1,007.55M	856.43M	801.36M	750.75M	631.77M	551.66M	442.02M	390.60M	321.59M	267.86M	308.34M	244.79M	373.61M	498.26M	516.37M	810.65M	1,025.14M	1,041.65M	514.35M	377.02M	352.73M
Tangible Assets	2,695.93M	2,568.24M	2,358.27M	2,043.39M	1,924.98M	2,029.86M	1,902.65M	1,713.57M	1,490.29M	1,394.05M	1,167.75M	970.86M	970.23M	961.11M	901.43M	753.87M	595.40M	482.80M	433.11M	365.71M	396.04M	318.03M	417.50M	495.05M	596.75M	732.51M	794.95M	815.91M	500.44M	370.42M	289.33M
Tangible Equity	885.91M	720.17M	628.32M	572.88M	432.16M	333.94M	305.12M	230.74M	177.77M	193.94M	193.75M	185.37M	205.31M	144.87M	138.45M	111.83M	95.47M	109.42M	86.12M	71.35M	80.88M	69.86M	41.34M	76.93M	50.13M	57.64M	123.47M	175.78M	99.36M	8.40M	14.94M
Tangible Book Value	885.91M	720.17M	628.32M	572.88M	432.16M	333.94M	305.12M	230.74M	177.77M	193.94M	193.75M	185.37M	205.31M	144.87M	138.45M	111.83M	95.47M	109.42M	86.12M	71.35M	80.88M	69.86M	41.34M	76.93M	50.13M	57.64M	123.47M	175.78M	99.36M	8.40M	14.94M
Total Investments	239.13M	155.30M	135.01M	94.56M	78.47M	81.22M	81.84M	58.64M	57.31M	44.98M	39.49M	31.48M	23.83M	18.13M	15.52M	17.79M	13.89M	15.13M	9.62M	9.24M	8.18M	4.26M	3.71M	2.99M	2.99M	4.94M	4.67M	0.71M	0.05M	0.00M	0.00M
Net Debt	390.92M	168.06M	150.96M	160.06M	127.77M	134.84M	212.48M	219.96M	207.37M	151.43M	188.65M	148.67M	106.63M	91.83M	10.46M	5.82M	11.46M	22.71M	22.13M	11.93M	26.08M	19.58M	60.06M	106.90M	153.08M	193.92M	269.72M	309.99M	191.63M	150.87M	146.89M

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	700.32M	621.51M	736.65M	682.68M	612.17M	523.23M	440.96M	460.53M	373.01M	317.77M	344.41M	252.23M	289.10M	249.89M	290.68M	225.75M	173.64M	100.56M	127.49M	101.47M	99.71M	122.21M	65.66M	189.85M	223.93M	93.93M	157.84M	921.47M	566.68M	206.93M	134.08M
Total Capital	2,463.01M	1,881.95M	1,748.86M	1,590.76M	1,526.08M	1,554.39M	1,459.85M	1,353.41M	1,221.34M	1,132.51M	1,025.84M	799.38M	688.05M	645.70M	618.45M	436.64M	362.11M	304.44M	288.95M	230.93M	255.00M	241.38M	291.20M	436.81M	491.11M	654.34M	732.51M	1,004.43M	504.66M	405.16M	407.02M
Capital Employed	2,201.73M	1,937.04M	1,779.95M	1,629.66M	1,503.81M	1,548.72M	1,317.70M	1,403.88M	1,130.71M	1,117.79M	1,093.94M	825.90M	737.01M	711.59M	653.92M	540.65M	468.21M	305.20M	286.79M	263.00M	277.32M	273.13M	362.85M	506.44M	569.78M	1,165.69M	1,202.94M	1,460.77M	1,134.75M	419.06M	343.76M
Invested Capital	2,104.54M	1,524.81M	1,401.44M	1,272.11M	1,200.74M	1,229.30M	1,213.20M	1,127.26M	1,014.09M	956.78M	888.03M	682.29M	574.78M	503.09M	467.66M	311.08M	259.40M	240.54M	232.14M	175.79M	196.78M	199.89M	245.45M	356.40M	415.40M	576.51M	666.69M	934.26M	487.69M	381.48M	395.02M

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	46.16M	74.84M	66.99M	64.01M	59.19M	67.18M	58.19M	53.75M	46.38M	40.55M	39.90M	31.92M	28.31M	22.16M	17.84M	16.04M	14.68M	11.24M	10.28M	10.58M	11.70M	11.08M	16.91M	18.13M	48.11M	44.06M	39.62M	47.14M	80.10M	33.66M	26.31M
Deferred Income Tax	0.00M	0.00M	-0.75M	-2.40M	-0.79M	-1.01M	-0.56M	-0.32M	-0.29M	-0.85M	-0.93M	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	-0.01M	0.12M	-0.51M	0.00M	0.62M	0.11M	0.58M
Stock-Based Compensation	0.00M	0.09M	1.27M	0.59M	1.25M	0.44M	0.57M	0.48M	0.29M	0.13M	0.15M	0.10M	0.07M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-17.49M	-34.02M	-37.12M	-69.38M	-44.99M	6.91M	-22.07M	-44.80M	-20.24M	3.88M	-4.48M	-19.75M	-19.16M	-22.91M	-45.82M	-3.88M	6.05M	-26.16M	-13.46M	-7.79M	-6.95M	-11.28M	-1.96M	13.49M	3.05M	-5.38M	19.59M	-5.16M	-32.14M	-3.20M	-8.80M
Accounts Receivable	-14.50M	-6.73M	-29.71M	-45.90M	-39.22M	-4.68M	-21.02M	-31.60M	-40.06M	-11.75M	-2.14M	-4.77M	-14.34M	-4.46M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.05M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	-0.19M	3.78M	-34.81M	-69.40M	-52.48M	3.50M	-13.44M	-43.44M	-28.48M	-0.28M	4.51M	0.23M	-0.36M	-5.75M	-22.79M	-13.53M	7.05M	-21.95M	-14.13M	-15.46M	-11.12M	-23.02M	0.89M	1.53M	8.36M	-3.39M	-8.35M	-10.37M	-11.93M	-14.16M	-9.16M
Accounts Payable	0.75M	-20.20M	2.93M	38.73M	54.69M	11.04M	-2.34M	29.00M	40.95M	5.28M	-2.88M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-6.35M	-9.44M	4.01M	1.79M	7.94M	-7.20M	-4.23M	2.51M	10.07M	-2.05M	-5.03M	-14.70M	-9.23M	-13.19M	-12.90M	0.66M	-1.74M	-3.68M	-0.49M	5.96M	3.99M	10.88M	3.31M	18.76M	-2.10M	-2.63M	12.32M	-0.15M	1.05M	9.97M	-8.31M
Other Non-Cash Items	30.81M	14.79M	18.98M	13.35M	10.65M	22.74M	14.59M	11.85M	13.68M	14.73M	10.56M	4.86M	6.81M	3.21M	5.11M	3.60M	7.54M	0.84M	-0.66M	1.91M	-2.74M	1.85M	5.66M	18.02M	1.40M	1.50M	0.50M	0.67M	-1.68M	0.88M	2.00M
Net Cash from Operating Activities	231.88M	206.30M	184.54M	115.49M	135.65M	205.46M	162.47M	139.69M	102.96M	108.85M	55.46M	43.62M	52.03M	45.45M	27.44M	39.31M	38.76M	20.85M	37.18M	34.31M	28.65M	22.15M	25.43M	33.23M	65.38M	61.25M	89.46M	100.13M	149.80M	103.52M	84.11M
Capital Expenditures (PPE)	-64.71M	-75.60M	-79.81M	-69.49M	-56.87M	-63.28M	-60.68M	-59.72M	-42.78M	-31.85M	-33.49M	-31.97M	-31.54M	-34.64M	-45.05M	-29.34M	-23.79M	-27.64M	-20.32M	-14.48M	-13.61M	-14.09M	-14.25M	-17.22M	-59.04M	-59.90M	-84.18M	-98.78M	-106.71M	-85.26M	-34.27M
Acquisitions (Net)	0.96M	-4.32M	-0.75M	-0.99M	-1.15M	-0.53M	2.25M	-0.61M	-1.55M	0.71M	-2.24M	-1.24M	0.07M	-0.47M	-0.46M	-0.20M	-0.29M	-0.58M	-1.47M	1.57M	-0.78M	0.01M	0.02M	0.30M	-1.04M	-0.12M	0.21M	0.05M	0.05M	0.00M	0.00M
Purchases of Investments	-29.03M	-27.70M	-27.56M	-35.88M	-40.48M	-24.16M	-30.89M	-36.72M	-26.52M	-20.34M	-19.28M	-7.02M	-5.53M	-4.68M	-3.11M	-1.90M	-2.36M	-3.70M	-2.42M	-1.26M	-1.06M	-1.38M	-1.60M	-3.52M	-4.06M	-3.14M	-2.10M	-1.15M	-15.47M	-7.10M	-0.63M
Sales / Maturities of Investments	29.43M	26.77M	19.87M	37.84M	29.41M	26.51M	34.43M	27.63M	17.92M	21.33M	13.18M	3.84M	3.01M	2.23M	1.65M	1.93M	1.71M	3.66M	2.59M	1.71M	1.08M	0.48M	2.30M	1.85M	8.68M	3.42M	3.99M	2.50M	11.83M	5.02M	2.24M
Other Investing Activities	-6.28M	0.26M	1.00M	2.33M	6.80M	7.03M	3.44M	2.58M	3.74M	6.38M	6.00M	2.84M	-0.10M	-1.11M	0.14M	0.87M	1.51M	-0.36M	-0.57M	-0.55M	-0.78M	0.78M	1.05M	-0.82M	0.95M	-3.32M	-7.05M	-6.55M	-51.05M	-17.04M	-87.37M
Net Cash from Investing Activities	-101.78M	-129.28M	-100.70M	-88.23M	-75.81M	-67.97M	-77.98M	-73.35M	-89.56M	-44.14M	-38.40M	-30.60M	-36.68M	-41.96M	-48.82M	-32.26M	-18.81M	-28.31M	-34.63M	-24.69M	-19.36M	-13.20M	-12.22M	-17.13M	-40.26M	-34.31M	-122.56M	-79.80M	-121.90M	-55.18M	-194.71M
Net Debt Issuance	-7.44M	48.26M	29.29M	41.52M	-6.29M	11.85M	2.23M	17.09M	1.72M	-12.97M	5.47M	0.73M	1.48M	12.01M	14.88M	-5.12M	5.07M	13.35M	4.71M	-1.85M	2.04M	0.56M	0.56M	-3.56M	6.10M	0.26M	1.65M	54.25M	56.22M	50.19M	73.07M
Long-Term Debt Issuance	13.35M	46.15M	18.00M	43.44M	5.41M	32.32M	1.35M	20.35M	10.12M	-13.57M	0.88M	-0.12M	1.72M	9.77M	11.19M	-1.26M	4.66M	12.63M	2.83M	-3.00M	2.06M	-1.03M	1.33M	-1.75M	2.92M	1.40M	4.33M	49.73M	56.20M	43.07M	47.71M
Short-Term Debt Issuance	0.07M	-0.55M	0.45M	-0.80M	-2.36M	-4.02M	-0.78M	0.00M	-0.14M	0.00M	0.12M	-0.05M	-0.12M	0.00M	0.01M	-0.25M	-0.38M	0.50M	0.00M	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	-0.40M	-2.85M	-0.41M	-1.60M	-0.43M	-0.03M	-0.18M	-0.09M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.08M	0.00M	0.00M	0.78M	0.23M	0.23M	0.23M	0.03M	0.60M	0.12M	-0.14M	-0.21M	-0.03M	-2.55M	-1.38M	2.07M
Common Stock Issuance	0.00M	0.00M	0.00M	0.04M	0.00M	0.00M	0.00M	0.00M	0.11M	0.00M	0.00M	0.11M	0.02M	0.03M	0.00M	0.15M	0.04M	0.30M	1.86M	1.71M	1.01M	0.63M	0.14M	0.59M	0.19M	0.09M	0.29M	0.38M	2.80M	0.46M	3.28M
Common Stock Repurchased	-0.40M	-2.85M	-0.92M	-1.67M	-0.53M	-0.16M	-0.73M	-0.16M	-0.02M	0.00M	-0.02M	-0.03M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.04M	-0.03M	0.00M	-0.14M	0.00M	0.00M	0.00M	-0.01M	-0.16M	-0.24M	-0.07M	-12.63M	-1.43M	-0.91M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-35.26M	-52.82M	-38.51M	-38.51M	-25.67M	-20.00M	-26.82M	-23.42M	-16.63M	-14.26M	-12.46M	-13.74M	-11.33M	-11.43M	-9.13M	-5.39M	-5.86M	-5.69M	-4.08M	-3.46M	-4.61M	-4.20M	-4.12M	-4.42M	-7.83M	-3.76M	-12.75M	-5.55M	-13.70M	-14.71M	-1.62M
Common Dividends Paid	-35.08M	-53.26M	-38.97M	-39.02M	-31.49M	-24.00M	-32.90M	-22.90M	-16.08M	-13.67M	-14.19M	-12.34M	-11.11M	-11.42M	-8.66M	-4.70M	-5.12M	-4.08M	-3.47M	-2.76M	-3.55M	-3.11M	-3.99M	-4.29M	-7.66M	-3.58M	-14.85M	-5.37M	-13.53M	-14.37M	-1.16M
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	-22.37M	-18.75M	-10.07M	-9.28M	-9.37M	-11.98M	-3.01M	-3.44M	1.38M	-2.26M	3.94M	-1.64M	-0.01M	-0.68M	-0.03M	-0.30M	-0.89M	-0.53M	0.83M	0.12M	-0.21M	-0.09M	-0.44M	0.16M	-0.17M	0.29M	0.44M	0.61M	-1.00M	-0.11M	-0.03M
Net Cash from Financing Activities	-102.45M	-50.56M	-24.87M	16.63M	-25.31M	-28.58M	-31.14M	-19.03M	-8.71M	-36.70M	-10.74M	-13.67M	-8.29M	9.19M	12.07M	-10.93M	-1.06M	5.15M	4.79M	-5.19M	2.10M	-0.63M	-9.34M	-10.55M	1.60M	12.97M	-0.71M	69.19M	52.05M	5.07M	44.94M
Effect of FX on Cash	4.93M	-0.06M	0.63M	0.82M	0.24M	-1.28M	0.10M	-0.14M	-0.59M	0.37M	-0.56M	0.00M	-0.17M	-0.07M	-0.43M	-0.06M	0.00M	-0.36M	0.18M	0.05M	-0.04M	0.02M	0.05M	0.08M	-0.09M	-0.31M	-0.39M	-0.18M	-1.31M	-1.04M	-2.68M
Net Change in Cash	5.50M	8.66M	9.78M	19.51M	4.26M	65.75M	5.65M	18.15M	21.24M	9.48M	14.33M	-0.71M	-5.46M	6.79M	-1.34M	14.67M	16.21M	6.19M	12.86M	10.47M	10.38M	8.00M	2.87M	5.05M	7.75M	3.39M	7.02M	-2.98M	7.01M	-0.28M	-9.60M
Cash at Beginning of Period	306.36M	338.50M	311.73M	305.30M	268.93M	213.87M	222.61M	211.16M	185.91M	160.03M	126.71M	129.06M	142.03M	142.33M	118.63M	102.03M	68.74M	54.07M	50.96M	55.00M	43.98M	25.98M	30.48M	69.37M	83.13M	65.80M	93.12M	74.09M	85.39M	95.92M	85.54M
Cash at End of Period	463.51M	352.60M	336.73M	311.32M	306.27M	282.14M	216.40M	222.47M	202.65M	183.35M	142.30M	120.43M	126.26M	141.44M	143.02M	115.34M	102.51M	60.97M	63.39M	61.63M	59.18M	44.16M	46.94M	82.16M	85.30M	82.72M	81.34M	97.90M	111.20M	83.89M	52.34M
Operating Cash Flow	232.15M	206.36M	185.80M	115.49M	135.62M	205.30M	162.47M	139.69M	103.68M	108.85M	55.43M	43.81M	52.03M	45.45M	27.28M	39.23M	38.76M	20.85M	37.18M	34.31M	28.65M	22.15M	25.43M	33.23M	65.38M	61.25M	89.46M	100.13M	149.80M	103.52M	84.11M
Capital Expenditure	-67.53M	-90.59M	-81.32M	-69.52M	-56.88M	-63.30M	-60.69M	-59.74M	-42.79M	-31.86M	-33.50M	-31.99M	-31.69M	-34.88M	-45.18M	-29.26M	-23.79M	-27.64M	-20.32M	-14.48M	-13.61M	-14.19M	-14.26M	-17.22M	-59.04M	-59.90M	-84.20M	-98.79M	-106.71M	-85.27M	-34.28M
Free Cash Flow	154.70M	97.29M	87.68M	39.54M	56.64M	127.79M	55.41M	44.12M	47.81M	56.03M	22.41M	17.06M	14.96M	5.90M	-1.35M	17.49M	14.95M	-1.99M	9.74M	26.52M	18.67M	10.83M	4.42M	18.95M	19.89M	24.69M	42.65M	-33.40M	56.83M	7.70M	53.28M

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	335.01M	296.24M	309.33M	210.82M	199.03M	179.10M	221.33M	221.17M	174.03M	111.31M	82.84M	84.03M	100.15M	92.66M	109.61M	86.56M	42.49M	61.12M	67.82M	48.73M	39.75M	34.89M	47.82M	38.23M	59.45M	119.81M	128.13M	163.06M	111.25M	58.97M	79.08M
(-) Tax Adjustment	69.28M	58.20M	58.14M	40.63M	44.95M	49.96M	46.52M	54.07M	43.26M	47.80M	31.71M	21.77M	23.01M	24.52M	23.36M	22.85M	9.43M	16.43M	19.76M	15.21M	10.24M	5.25M	11.13M	13.72M	18.32M	42.98M	44.98M	38.83M	35.06M	22.24M	30.09M
(-) Change In Working Capital	-17.49M	-34.02M	-37.12M	-69.38M	-44.99M	6.91M	-22.07M	-44.80M	-20.24M	3.88M	-4.48M	-19.75M	-19.16M	-22.91M	-45.82M	-3.88M	6.05M	-26.16M	-13.46M	-7.79M	-6.95M	-11.28M	-1.96M	13.49M	3.05M	-5.38M	19.59M	-5.16M	-32.14M	-3.20M	-8.80M
(-) Capital Expenditure	67.53M	90.59M	81.32M	69.52M	56.88M	63.30M	60.69M	59.74M	42.79M	31.86M	33.50M	31.99M	31.69M	34.88M	45.18M	29.26M	23.79M	27.64M	20.32M	14.48M	13.61M	14.19M	14.26M	17.22M	59.04M	59.90M	84.20M	98.79M	106.71M	85.27M	34.28M
Unlevered Free Cash Flow	215.69M	181.47M	206.99M	170.05M	142.20M	58.93M	136.19M	152.16M	108.23M	27.78M	22.10M	50.02M	64.61M	56.16M	86.89M	38.33M	3.22M	43.21M	41.19M	26.83M	22.85M	26.73M	24.40M	-6.20M	-20.97M	22.30M	-20.64M	30.60M	1.62M	-45.35M	23.51M
(-) Net Interest Income After Taxes	-16.26M	-13.39M	-10.43M	-9.18M	-8.13M	-11.96M	-11.69M	-10.99M	-9.35M	-8.45M	-9.07M	-7.61M	-7.50M	-6.76M	-4.75M	-5.10M	-4.71M	-2.95M	-2.01M	-1.39M	-1.76M	-1.69M	-1.12M	-1.85M	-0.94M	-0.85M	-0.37M	-1.14M	-0.52M	-0.50M	-0.61M
Net Debt Issuance	-7.44M	48.26M	29.29M	41.52M	-6.29M	11.85M	2.23M	17.09M	1.72M	-12.97M	5.47M	0.73M	1.48M	12.01M	14.88M	-5.12M	5.07M	13.35M	4.71M	-1.85M	2.04M	0.56M	0.56M	-3.56M	6.10M	0.26M	1.65M	54.25M	56.22M	50.19M	73.07M
Levered Free Cash Flow	224.51M	243.11M	246.71M	220.74M	144.04M	82.74M	150.11M	180.24M	119.30M	23.26M	36.64M	58.36M	73.59M	74.93M	106.52M	38.31M	13.01M	59.50M	47.91M	26.37M	26.64M	28.99M	26.08M	-7.91M	-13.93M	23.42M	-18.62M	86.00M	58.36M	5.35M	97.19M