Cash flow Heineken N.V.

Equities

HEIA

NL0000009165

Brewers

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Published financial data: HEINEKEN N.V.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	2.19TCr	2.87TCr	3.04TCr	2.98TCr	2.88TCr
Total Revenues	2.19TCr	2.87TCr	3.04TCr	2.98TCr	2.88TCr
Cost of Goods Sold, Total	1.33TCr	1.84TCr	1.97TCr	1.9TCr	1.81TCr
Gross Profit	861.5Cr	1.03TCr	1.07TCr	1.08TCr	1.06TCr
Selling General & Admin Expenses, Total	363.1Cr	426.4Cr	439.2Cr	452.7Cr	449.4Cr
Depreciation & Amortization - (IS)	185.1Cr	210.2Cr	209.6Cr	229.7Cr	227.1Cr
Other Operating Expenses	12Cr	12Cr	20Cr	18Cr	15Cr
Other Operating Expenses, Total	560Cr	649Cr	668.5Cr	700.3Cr	691.5Cr
Operating Income	301.5Cr	385.3Cr	401.8Cr	379.3Cr	371Cr
Interest Expense, Total	-46Cr	-46Cr	-64Cr	-68Cr	-62Cr
Interest And Investment Income	5.5Cr	8.1Cr	9.7Cr	13Cr	12Cr
Net Interest Expenses	-41Cr	-38Cr	-54Cr	-55Cr	-50Cr
Income (Loss) On Equity Invest.	25Cr	22Cr	22Cr	-70Cr	26Cr
Currency Exchange Gains (Loss)	-7.8Cr	-12Cr	-32Cr	-22Cr	-4.7Cr
Other Non Operating Income (Expenses)	1.4Cr	7Cr	-80L	1.6Cr	-3Cr
EBT, Excl. Unusual Items	279.4Cr	364.8Cr	336.2Cr	233.5Cr	338.4Cr
Restructuring Charges	40L	5.3Cr	-13Cr	-9.6Cr	-10Cr
Merger & Related Restructuring Charges	-	-	-	-	-
Impairment of Goodwill	-	-	-56Cr	-	-
Gain (Loss) On Sale Of Investments	127Cr	7.6Cr	2.3Cr	-	-
Gain (Loss) On Sale Of Assets	5.5Cr	7.1Cr	33Cr	3.7Cr	7.4Cr
Asset Writedown	-11Cr	22Cr	-20Cr	-30Cr	-34Cr
Legal Settlements	28Cr	-	-	-	-
Other Unusual Items	4Cr	11Cr	-30Cr	3.6Cr	-2.3Cr
EBT, Incl. Unusual Items	433.4Cr	417Cr	252.2Cr	200.7Cr	299.5Cr
Income Tax Expense	80Cr	113.1Cr	12Cr	85Cr	86Cr
Earnings From Continuing Operations	353.5Cr	303.9Cr	240.1Cr	116.1Cr	213.8Cr
Net Income to Company	353.5Cr	303.9Cr	240.1Cr	116.1Cr	213.8Cr
Minority Interest	-21Cr	-36Cr	-9.7Cr	-18Cr	-25Cr
Net Income - (IS)	332.4Cr	268.2Cr	230.4Cr	98Cr	188.5Cr
Net Income to Common Incl Extra Items	332.4Cr	268.2Cr	230.4Cr	98Cr	188.5Cr
Net Income to Common Excl. Extra Items	332.4Cr	268.2Cr	230.4Cr	98Cr	188.5Cr
Per Share Items
Net EPS - Basic	5.77	4.66	4.09	1.75	3.39
Basic EPS - Continuing Operations	5.77	4.66	4.09	1.75	3.39
Basic Weighted Average Shares Outstanding	58Cr	58Cr	56Cr	56Cr	56Cr
Net EPS - Diluted	5.77	4.65	4.09	1.74	3.38
Diluted EPS - Continuing Operations	5.77	4.65	4.09	1.74	3.38
Diluted Weighted Average Shares Outstanding	58Cr	58Cr	56Cr	56Cr	56Cr
Normalized Basic EPS	2.67	3.34	3.56	2.28	3.34
Normalized Diluted EPS	2.67	3.34	3.55	2.28	3.34
Dividend Per Share	1.24	1.73	1.73	1.86	1.9
Payout Ratio	23.95	40.98	57.94	122.6	67.69
American Depositary Receipts Ratio (ADR)	0.1	0.1	0.1	0.1	0.1
Supplemental Items
EBITDA	450.6Cr	549.9Cr	570.3Cr	564.7Cr	551.9Cr
EBITA	330Cr	418.4Cr	433.8Cr	410.5Cr	399.4Cr
EBIT	301.5Cr	385.3Cr	401.8Cr	379.3Cr	371Cr
EBITDAR	459.7Cr	561.7Cr	585.5Cr	578.4Cr	562.8Cr
Effective Tax Rate - (Ratio)	18.44	27.12	4.8	42.15	28.61
Total Current Taxes	82Cr	104.4Cr	97Cr	101.5Cr	91Cr
Total Deferred Taxes	-2.3Cr	8.7Cr	-85Cr	-17Cr	-5.5Cr
Normalized Net Income	153.52Cr	192.3Cr	200.42Cr	127.64Cr	186.2Cr
Interest on Long-Term Debt	5.8Cr	4.9Cr	5.8Cr	6.8Cr	8.4Cr
Non-Cash Pension Expense	1Cr	1.7Cr	1.9Cr	-2.6Cr	1.8Cr
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	10Cr	19Cr	25Cr	-	-
Net Rental Expense, Total	9.1Cr	12Cr	15Cr	14Cr	11Cr
Imputed Operating Lease Interest Expense	1.92Cr	2.6Cr	4.5Cr	4.22Cr	2.98Cr
Imputed Operating Lease Depreciation	7.18Cr	9.2Cr	11Cr	9.48Cr	7.92Cr
Maintenance & Repair Expenses, Total	50Cr	58Cr	62Cr	64Cr	65Cr
Stock-Based Comp., SG&A Exp. (Total)	5.1Cr	5.7Cr	3.1Cr	4.2Cr	3.3Cr
Total Stock-Based Compensation	5.1Cr	5.7Cr	3.1Cr	4.2Cr	3.3Cr

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	324.8Cr	276.5Cr	237.7Cr	235Cr	477.3Cr
Total Cash And Short Term Investments	324.8Cr	276.5Cr	237.7Cr	235Cr	477.3Cr
Accounts Receivable, Total	238.9Cr	312Cr	337.6Cr	312.5Cr	307Cr
Other Receivables	96Cr	101Cr	130.7Cr	106.6Cr	112.4Cr
Total Receivables	335.1Cr	413Cr	468.3Cr	419.1Cr	419.4Cr
Inventory	243.8Cr	325Cr	372.1Cr	357.2Cr	326.3Cr
Prepaid Expenses	41Cr	48Cr	53Cr	56Cr	52Cr
Other Current Assets, Total	13Cr	38Cr	8.6Cr	22Cr	14Cr
Total Current Assets	957.8Cr	1.1TCr	1.14TCr	1.09TCr	1.29TCr
Gross Property Plant And Equipment	2.55TCr	2.76TCr	2.95TCr	2.98TCr	3.11TCr
Accumulated Depreciation	-1.31TCr	-1.4TCr	-1.47TCr	-1.51TCr	-1.66TCr
Net Property Plant And Equipment	1.24TCr	1.36TCr	1.48TCr	1.47TCr	1.45TCr
Long-term Investments	428.3Cr	445Cr	470.6Cr	397.9Cr	372.9Cr
Goodwill	1.18TCr	1.22TCr	1.22TCr	1.23TCr	1.16TCr
Other Intangibles, Total	895.2Cr	915.8Cr	954.3Cr	940Cr	842.3Cr
Accounts Receivable Long-Term	5.6Cr	6.1Cr	6Cr	4.8Cr	4.9Cr
Loans Receivable Long-Term	2.8Cr	1.5Cr	1Cr	40L	1.4Cr
Deferred Tax Assets Long-Term	68Cr	62Cr	129.2Cr	126.4Cr	121.3Cr
Other Long-Term Assets, Total	106Cr	121.6Cr	113.3Cr	120.1Cr	130.7Cr
Total Assets	4.88TCr	5.24TCr	5.52TCr	5.38TCr	5.38TCr
Liabilities
Accounts Payable, Total	463.1Cr	585.2Cr	573.5Cr	598.6Cr	583Cr
Accrued Expenses, Total	185Cr	200.1Cr	197.2Cr	208.1Cr	213.3Cr
Short-term Borrowings	125.4Cr	170.4Cr	144.3Cr	109Cr	96Cr
Current Portion of Long-Term Debt	172.3Cr	144.4Cr	244.3Cr	186.2Cr	178.1Cr
Current Portion of Leases	26Cr	34Cr	31Cr	31Cr	35Cr
Current Income Taxes Payable	126.7Cr	145.5Cr	175.2Cr	173.4Cr	158.6Cr
Other Current Liabilities	111.3Cr	139.8Cr	117.4Cr	117.1Cr	129.5Cr
Total Current Liabilities	1.21TCr	1.42TCr	1.48TCr	1.42TCr	1.39TCr
Long-Term Debt	1.28TCr	1.2TCr	1.31TCr	1.28TCr	1.5TCr
Long-Term Leases	85Cr	90Cr	96Cr	103Cr	117Cr
Pension & Other Post Retirement Benefits	67Cr	57Cr	59Cr	52Cr	54Cr
Deferred Tax Liability Non Current	197.1Cr	213.8Cr	221.3Cr	215.5Cr	182Cr
Other Non Current Liabilities	78Cr	70Cr	69Cr	68Cr	65Cr
Total Liabilities	2.92TCr	3.05TCr	3.24TCr	3.14TCr	3.31TCr
Common Stock, Total	92Cr	92Cr	92Cr	92Cr	92Cr
Additional Paid In Capital	270.1Cr	270.1Cr	270.1Cr	270.1Cr	270.1Cr
Retained Earnings	1.77TCr	1.96TCr	2.11TCr	2.12TCr	2.17TCr
Treasury Stock	-3.7Cr	-6Cr	-97Cr	-99Cr	-131Cr
Comprehensive Income and Other	-389.9Cr	-360.5Cr	-365.5Cr	-423.7Cr	-599.7Cr
Total Common Equity	1.74TCr	1.96TCr	2.01TCr	1.96TCr	1.8TCr
Minority Interest	234.4Cr	236.9Cr	273.3Cr	282.1Cr	263.6Cr
Total Equity	1.97TCr	2.19TCr	2.28TCr	2.24TCr	2.06TCr
Total Liabilities And Equity	4.88TCr	5.24TCr	5.52TCr	5.38TCr	5.38TCr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	58Cr	58Cr	56Cr	56Cr	56Cr
ECS Total Common Shares Outstanding	58Cr	58Cr	56Cr	56Cr	56Cr
Book Value / Share	30.15	33.98	35.6	34.95	32.29
Tangible Book Value	-340.6Cr	-185.7Cr	-172.5Cr	-212Cr	-203.3Cr
Tangible Book Value Per Share	-5.92	-3.23	-3.06	-3.78	-3.65
Total Debt	1.69TCr	1.64TCr	1.82TCr	1.7TCr	1.93TCr
Net Debt	1.36TCr	1.36TCr	1.59TCr	1.47TCr	1.45TCr
Debt Equivalent of Unfunded Proj. Benefit Obligation	50Cr	35Cr	35Cr	24Cr	30Cr
Debt Equivalent Oper. Leases	73Cr	94Cr	121.6Cr	109.6Cr	87Cr
Minority Interest, Total (Incl. Fin. Div)	234.4Cr	236.9Cr	273.3Cr	282.1Cr	263.6Cr
Equity Method Investments, Total	414.8Cr	429.6Cr	413Cr	350Cr	323.8Cr
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	78Cr	116.7Cr	128.7Cr	120.3Cr	111.5Cr
Inventories - Work In Process, Total	32Cr	36Cr	49Cr	44Cr	43Cr
Inventories - Finished Goods, Total	90Cr	112.8Cr	124.6Cr	125.4Cr	126.5Cr
Inventories - Others	44Cr	59Cr	70Cr	68Cr	45Cr
Land - (BS)	753.4Cr	776.5Cr	828.3Cr	831.1Cr	863.5Cr
Machinery, Total	1.01TCr	1.08TCr	1.16TCr	1.16TCr	1.24TCr
Full Time Employees	81.07T	86.56T	90T	81.95T	81.03T
Accumulated Allowance for Doubtful Accounts (Supple)	45Cr	49Cr	49Cr	50Cr	46Cr

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	332.4Cr	268.2Cr	230.4Cr	98Cr	188.5Cr
Depreciation & Amortization - CF	148.2Cr	156.9Cr	166.9Cr	184.7Cr	186.3Cr
Amortization of Goodwill and Intangible Assets - (CF)	28Cr	33Cr	32Cr	31Cr	28Cr
Depreciation & Amortization, Total	176.7Cr	190Cr	198.9Cr	215.9Cr	214.7Cr
Amortization of Deferred Charges, Total - (CF)	10Cr	11Cr	13Cr	13Cr	13Cr
(Gain) Loss From Sale Of Asset	-5.5Cr	1.7Cr	-11Cr	-3Cr	-7.4Cr
(Gain) Loss on Sale of Investments - (CF)	-127Cr	-7.6Cr	-2.3Cr	-	-
Asset Writedown & Restructuring Costs	8.8Cr	-22Cr	76Cr	30Cr	33Cr
(Income) Loss On Equity Investments - (CF)	-26Cr	-23Cr	-23Cr	69Cr	-26Cr
Other Operating Activities, Total	51Cr	99Cr	-21Cr	42Cr	43Cr
Change In Accounts Receivable	-70Cr	-67Cr	-4.2Cr	35Cr	5.4Cr
Change In Inventories	-31Cr	-79Cr	-40L	-3.9Cr	20L
Change In Accounts Payable	126.8Cr	98Cr	-10Cr	54Cr	27Cr
Change in Other Net Operating Assets	-29Cr	-21Cr	-3.2Cr	-60L	9.8Cr
Cash from Operations	418.1Cr	449.6Cr	443Cr	550.3Cr	501.2Cr
Capital Expenditure	-132.4Cr	-179.1Cr	-243.4Cr	-218.4Cr	-213.3Cr
Sale of Property, Plant, and Equipment	8.6Cr	11Cr	15Cr	15Cr	17Cr
Cash Acquisitions	5.4Cr	-17Cr	-81Cr	-40L	-1.7Cr
Divestitures	30L	90L	26Cr	1.4Cr	70L
Sale (Purchase) of Intangible assets	-27Cr	-22Cr	-24Cr	-28Cr	-27Cr
Investment in Marketable and Equity Securities, Total	-67Cr	-3.7Cr	-36Cr	0	-3.5Cr
Net (Increase) Decrease in Loans Originated / Sold - Investing	-16Cr	-19Cr	-15Cr	-13Cr	-17Cr
Cash from Investing	-227.7Cr	-228.6Cr	-357.6Cr	-243.5Cr	-245.5Cr
Long-Term Debt Issued, Total	157.1Cr	64Cr	675.1Cr	307.6Cr	658.2Cr
Total Debt Issued	157.1Cr	64Cr	675.1Cr	307.6Cr	658.2Cr
Long-Term Debt Repaid, Total	-366Cr	-223.8Cr	-500.4Cr	-444.6Cr	-443Cr
Total Debt Repaid	-366Cr	-223.8Cr	-500.4Cr	-444.6Cr	-443Cr
Issuance of Common Stock	1.2Cr	-	-	-	-
Repurchase of Common Stock	-	-4.3Cr	-94Cr	-50L	-70Cr
Common Dividends Paid	-80Cr	-109.9Cr	-133.5Cr	-119.9Cr	-127.6Cr
Common & Preferred Stock Dividends Paid	-80Cr	-109.9Cr	-133.5Cr	-119.9Cr	-127.6Cr
Other Financing Activities, Total	-1Cr	-39Cr	-29Cr	-	-2.2Cr
Cash from Financing	-288.3Cr	-312.7Cr	-82Cr	-257.4Cr	15Cr
Foreign Exchange Rate Adjustments	1.6Cr	-2.1Cr	-23Cr	-17Cr	-15Cr
Net Change in Cash	-96Cr	-94Cr	-19Cr	33Cr	255.9Cr
Supplemental Items
Cash Interest Paid	46Cr	44Cr	62Cr	67Cr	62Cr
Cash Income Tax Paid (Refund)	72Cr	95Cr	116Cr	105.1Cr	100Cr
Levered Free Cash Flow	218.36Cr	210.69Cr	74Cr	262.76Cr	213.82Cr
Unlevered Free Cash Flow	247.24Cr	239.31Cr	113.72Cr	305.26Cr	252.58Cr
Change In Net Working Capital	-26Cr	7.5Cr	84Cr	-81Cr	-30Cr
Net Debt Issued / Repaid	-208.9Cr	-159.4Cr	174.7Cr	-137Cr	215.2Cr

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	4.12	4.76	4.67	4.35	4.31
Return on Total Capital	5.45	6.43	6.33	5.89	5.84
Return On Equity %	20.74	14.6	10.74	5.14	9.94
Return on Common Equity	21.62	14.53	11.63	4.93	10.04
Margin Analysis
Gross Profit Margin %	39.26	36.01	35.25	36.2	36.95
SG&A Margin	16.55	14.85	14.47	15.18	15.63
EBITDA Margin %	20.54	19.15	18.78	18.94	19.19
EBITA Margin %	15.04	14.57	14.29	13.77	13.89
EBIT Margin %	13.74	13.42	13.23	12.72	12.9
Income From Continuing Operations Margin %	16.11	10.58	7.91	3.89	7.44
Net Income Margin %	15.15	9.34	7.59	3.28	6.56
Net Avail. For Common Margin %	15.15	9.34	7.59	3.28	6.56
Normalized Net Income Margin	7	6.7	6.6	4.28	6.48
Levered Free Cash Flow Margin	9.95	7.34	2.43	8.81	7.44
Unlevered Free Cash Flow Margin	11.27	8.33	3.75	10.24	8.78
Asset Turnover
Asset Turnover	0.48	0.57	0.56	0.55	0.53
Fixed Assets Turnover	1.83	2.21	2.14	2.03	1.97
Receivables Turnover (Average Receivables)	10.51	10.43	9.35	9.17	9.28
Inventory Turnover (Average Inventory)	6.06	6.46	5.64	5.22	5.3
Short Term Liquidity
Current Ratio	0.79	0.78	0.77	0.77	0.93
Quick Ratio	0.55	0.49	0.48	0.46	0.64
Operating Cash Flow to Current Liabilities	0.35	0.32	0.3	0.39	0.36
Days Sales Outstanding (Average Receivables)	34.74	35.01	39.05	39.89	39.32
Days Outstanding Inventory (Average Inventory)	60.2	56.49	64.71	70.15	68.81
Average Days Payable Outstanding	109.64	99.71	105.05	113.63	121.02
Cash Conversion Cycle (Average Days)	-14.69	-8.21	-1.29	-3.59	-12.89
Long Term Solvency
Total Debt/Equity	85.65	74.71	80.03	76.1	93.52
Total Debt / Total Capital	46.14	42.76	44.45	43.22	48.33
LT Debt/Equity	69.24	58.82	61.63	61.53	78.54
Long-Term Debt / Total Capital	37.3	33.67	34.24	34.94	40.59
Total Liabilities / Total Assets	59.67	58.17	58.68	58.34	61.65
EBIT / Interest Expense	6.53	8.41	6.28	5.58	5.98
EBITDA / Interest Expense	10.35	12.56	9.39	8.75	9.45
(EBITDA - Capex) / Interest Expense	7.48	8.65	5.58	5.54	6.01
Total Debt / EBITDA	3.53	2.85	3.04	2.86	3.29
Net Debt / EBITDA	2.85	2.37	2.64	2.47	2.48
Total Debt / (EBITDA - Capex)	4.88	4.13	5.1	4.52	5.18
Net Debt / (EBITDA - Capex)	3.94	3.44	4.44	3.9	3.9
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	11.29	30.89	5.72	-1.78	-3.58
Gross Profit, 1 Yr. Growth %	15.41	20.06	2.94	0.87	-1.58
EBITDA, 1 Yr. Growth %	28.41	21.04	0.21	2.78	-2.27
EBITA, 1 Yr. Growth %	47.78	25.38	-0.87	-0.58	-2.7
EBIT, 1 Yr. Growth %	54.14	26.24	-0.67	-0.42	-2.19
Earnings From Cont. Operations, 1 Yr. Growth %	-4.12T	-14.03	-20.99	-51.65	84.15
Net Income, 1 Yr. Growth %	-1.73T	-19.31	-14.09	-57.55	92.74
Normalized Net Income, 1 Yr. Growth %	112.23	14.87	-1.9	-32.8	45.88
Diluted EPS Before Extra, 1 Yr. Growth %	-1.7T	-19.41	-12.06	-57.45	94.25
Accounts Receivable, 1 Yr. Growth %	33.61	30.6	8.21	-7.43	-1.76
Inventory, 1 Yr. Growth %	24.51	33.31	14.49	-4	-8.65
Net Property, Plant and Equip., 1 Yr. Growth %	7.36	9.85	8.43	-0.64	-0.95
Total Assets, 1 Yr. Growth %	14.59	7.28	5.24	-2.5	-0.04
Tangible Book Value, 1 Yr. Growth %	43.41	-45.48	-7.11	22.9	-4.1
Common Equity, 1 Yr. Growth %	29.6	12.65	2.58	-2.37	-8.19
Cash From Operations, 1 Yr. Growth %	33.32	7.53	-1.47	24.22	-8.92
Capital Expenditures, 1 Yr. Growth %	-11.79	35.27	35.9	-10.27	-2.34
Levered Free Cash Flow, 1 Yr. Growth %	49.47	-4.53	-66.89	343.39	-18.62
Unlevered Free Cash Flow, 1 Yr. Growth %	39.56	-4.1	-54.75	207.53	-17.26
Dividend Per Share, 1 Yr. Growth %	77.14	39.52	0	7.51	2.15
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-4.32	20.69	17.64	1.9	-2.69
Gross Profit, 2 Yr. CAGR %	-5.09	17.71	11.46	1.9	-0.37
EBITDA, 2 Yr. CAGR %	-7.18	25.18	12.04	-0.39	0.23
EBITA, 2 Yr. CAGR %	-8.94	36.88	14.02	-3.15	-1.65
EBIT, 2 Yr. CAGR %	-9.34	40.35	14.74	-3.17	-1.31
Earnings From Cont. Operations, 2 Yr. CAGR %	22.03	487.66	-17.59	-38.19	-5.64
Net Income, 2 Yr. CAGR %	23.88	262.59	-16.74	-39.61	-9.55
Normalized Net Income, 2 Yr. CAGR %	-9.93	63.05	9.42	-20.96	-0.99
Diluted EPS Before Extra, 2 Yr. CAGR %	23.71	259.4	-15.82	-38.83	-9.08
Accounts Receivable, 2 Yr. CAGR %	-9.63	32.1	18.88	0.08	-4.64
Inventory, 2 Yr. CAGR %	4.96	28.84	23.54	4.84	-6.36
Net Property, Plant and Equip., 2 Yr. CAGR %	-3.33	8.6	9.14	3.8	-0.8
Total Assets, 2 Yr. CAGR %	2.49	10.87	6.26	1.3	-1.28
Tangible Book Value, 2 Yr. CAGR %	44.91	-11.58	-28.83	6.85	8.56
Common Equity, 2 Yr. CAGR %	3.68	20.83	7.5	0.08	-5.32
Cash From Operations, 2 Yr. CAGR %	-1.82	19.74	2.93	10.63	6.37
Capital Expenditures, 2 Yr. CAGR %	-16.85	9.23	35.59	10.43	-6.39
Levered Free Cash Flow, 2 Yr. CAGR %	5.74	20.09	-42.2	8.63	89.95
Unlevered Free Cash Flow, 2 Yr. CAGR %	4.05	16.23	-32.49	10.21	59.52
Dividend Per Share, 2 Yr. CAGR %	-14.09	57.21	18.12	3.69	4.8
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-0.82	6.21	15.48	10.77	0.04
Gross Profit, 3 Yr. CAGR %	-1.15	2.64	12.76	7.81	0.73
EBITDA, 3 Yr. CAGR %	-1.76	1.69	17.57	7.52	-1.02
EBITA, 3 Yr. CAGR %	-2.83	1.68	24.78	7.15	-3
EBIT, 3 Yr. CAGR %	-2.77	1.65	27.12	7.51	-2.84
Earnings From Cont. Operations, 3 Yr. CAGR %	18.86	8.58	201.05	-31.01	-11.06
Net Income, 3 Yr. CAGR %	20.22	7.38	124.36	-33.49	-11.09
Normalized Net Income, 3 Yr. CAGR %	-3.74	0.53	40.45	-8.64	-3.04
Diluted EPS Before Extra, 3 Yr. CAGR %	19.87	7.24	124.79	-32.94	-10.09
Accounts Receivable, 3 Yr. CAGR %	-2.73	2.17	23.6	9.36	-0.54
Inventory, 3 Yr. CAGR %	8.29	13.67	23.87	13.58	0.13
Net Property, Plant and Equip., 3 Yr. CAGR %	2.97	0.88	8.54	5.78	2.19
Total Assets, 3 Yr. CAGR %	5.04	4.06	8.96	3.25	0.85
Tangible Book Value, 3 Yr. CAGR %	5.1	4.61	-10.11	-14.62	3.06
Common Equity, 3 Yr. CAGR %	6.12	6.58	14.41	4.1	-2.76
Cash From Operations, 3 Yr. CAGR %	-1.6	1.21	12.2	9.59	3.69
Capital Expenditures, 3 Yr. CAGR %	-11.16	-2.21	17.48	18.16	6
Levered Free Cash Flow, 3 Yr. CAGR %	9.06	2.56	-20.38	5.99	-1.34
Unlevered Free Cash Flow, 3 Yr. CAGR %	7.48	1.58	-13.73	6.95	0.17
Dividend Per Share, 3 Yr. CAGR %	-8.15	0.98	35.2	14.47	3.17
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	1.08	5.85	6.19	4.47	7.84
Gross Profit, 5 Yr. CAGR %	1.02	3.55	3.71	2.45	7.31
EBITDA, 5 Yr. CAGR %	0.18	3.09	3.72	1.55	9.48
EBITA, 5 Yr. CAGR %	-0.02	3.34	3.82	0.62	12.33
EBIT, 5 Yr. CAGR %	0.15	3.59	4.14	0.67	13.66
Earnings From Cont. Operations, 5 Yr. CAGR %	15.24	7.14	2.67	-13.33	89.28
Net Income, 5 Yr. CAGR %	16.63	6.75	3.79	-14.7	56
Normalized Net Income, 5 Yr. CAGR %	0.49	4.42	3.09	-7.58	20.82
Diluted EPS Before Extra, 5 Yr. CAGR %	16.4	6.52	4.07	-14.33	56.5
Accounts Receivable, 5 Yr. CAGR %	0.74	3.67	5.39	1.33	11.42
Inventory, 5 Yr. CAGR %	8.55	12.37	14.15	10.05	10.75
Net Property, Plant and Equip., 5 Yr. CAGR %	6.08	4.15	5.39	2.04	4.71
Total Assets, 5 Yr. CAGR %	4.44	5.01	5.52	2.95	4.74
Tangible Book Value, 5 Yr. CAGR %	-4.04	-15.65	-10.08	5.5	-3.06
Common Equity, 5 Yr. CAGR %	5.57	7.98	6.67	3.93	6.07
Cash From Operations, 5 Yr. CAGR %	2.38	2.98	0.19	4.88	9.83
Capital Expenditures, 5 Yr. CAGR %	-5.5	1.1	5.21	2.66	7.28
Levered Free Cash Flow, 5 Yr. CAGR %	8.42	10.22	-15.22	6.12	7.92
Unlevered Free Cash Flow, 5 Yr. CAGR %	7.53	8.55	-10.6	5.98	7.35
Dividend Per Share, 5 Yr. CAGR %	-1.54	3.31	1.57	2.06	22.1