Balance Sheet Dangote Cement Plc

Equities

DANGCEM

NGDANGCEM008

Construction Materials

End-of-day quote Nigerian S.E. Other stock markets 13/01/2026			5-day change	1st Jan Change
635.00 ^NGN	0.00%		0.00%	+4.27%

11-25	Wall Street Continues to Shift
11-12	Nigeria's Dangote plans $1 billion investments in Zimbabwe	RE

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Published financial data: DANGOTE CEMENT PLC

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	1,034B	1,384B	1,618B	2,208B	3,581B
Total Revenues	1,034B	1,384B	1,618B	2,208B	3,581B
Cost of Goods Sold, Total	439B	552B	665B	1,009B	1,652B
Gross Profit	595B	831B	954B	1,199B	1,929B
Selling General & Admin Expenses, Total	211B	253B	371B	488B	832B
Provision for Bad Debts	-	341M	-223M	-	-
Impairment of Oil, Gas & Mineral Properties - (IS)	1.61B	-	-	-	-
Other Operating Expenses	-3.24B	-5.34B	-3.29B	-20.5B	-38.77B
Other Operating Expenses, Total	209B	248B	368B	467B	794B
Operating Income	386B	583B	586B	731B	1,135B
Interest Expense, Total	-43.97B	-56.33B	-75.24B	-145B	-448B
Interest And Investment Income	13.18B	20.76B	38.72B	27.4B	169B
Net Interest Expenses	-30.79B	-35.56B	-36.53B	-117B	-280B
Income (Loss) On Equity Invest.	750M	817M	759M	1.23B	2.82B
Currency Exchange Gains (Loss)	16.63B	-8.77B	-53.93B	-164B	-249B
Other Non Operating Income (Expenses)	-17M	-615M	27.82B	98.81B	107B
EBT, Excl. Unusual Items	372B	539B	524B	550B	716B
Gain (Loss) On Sale Of Assets	-	378M	21M	2.45B	2.24B
Asset Writedown	-244M	-1.34B	-1.97B	-702M	-1.02B
Insurance Settlements	1.32B	501M	2.02B	1.15B	15.34B
EBT, Incl. Unusual Items	373B	538B	524B	553B	733B
Income Tax Expense	97.24B	174B	142B	97.52B	229B
Earnings From Continuing Operations	276B	364B	382B	456B	503B
Net Income to Company	276B	364B	382B	456B	503B
Minority Interest	-988M	-3.43B	-6.32B	-10.37B	-5.06B
Net Income - (IS)	275B	361B	376B	445B	498B
Net Income to Common Incl Extra Items	275B	361B	376B	445B	498B
Net Income to Common Excl. Extra Items	275B	361B	376B	445B	498B
Per Share Items
Net EPS - Basic	16.14	21.24	22.27	26.47	29.74
Basic EPS - Continuing Operations	16.14	21.24	22.27	26.47	29.74
Basic Weighted Average Shares Outstanding	17.04B	17B	16.88B	16.82B	16.75B
Net EPS - Diluted	16.14	21.24	22.27	26.47	29.74
Diluted EPS - Continuing Operations	16.14	21.24	22.27	26.47	29.74
Diluted Weighted Average Shares Outstanding	17.04B	17B	16.88B	16.82B	16.75B
Normalized Basic EPS	13.59	19.61	19.02	19.83	26.41
Normalized Diluted EPS	13.59	19.61	19.02	19.83	26.41
Dividend Per Share	16	20	20	30	30
Payout Ratio	99.12	75.35	89.76	75.8	100.88
Supplemental Items
EBITDA	475B	682B	704B	878B	1,357B
EBITA	386B	583B	586B	731B	1,135B
EBIT	386B	583B	586B	731B	1,135B
EBITDAR	476B	683B	706B	880B	1,362B
Effective Tax Rate - (Ratio)	26.05	32.31	27.04	17.63	31.3
Current Domestic Taxes	-	155B	169B	178B	190B
Total Current Taxes	38.06B	155B	169B	178B	190B
Deferred Domestic Taxes	-	19.01B	-26.91B	-80.9B	38.9B
Total Deferred Taxes	59.18B	19.01B	-26.91B	-80.9B	38.9B
Normalized Net Income	232B	333B	321B	334B	442B
Interest Capitalized	2.03B	850M	-	-	-
Interest on Long-Term Debt	2.68B	1.69B	1.12B	590M	2.25B
Non-Cash Pension Expense	294M	301M	416M	1.29B	1.71B
Supplemental Operating Expense Items
Advertising Expense	12.18B	3.21B	7.51B	7.8B	7.97B
Selling and Marketing Expenses	154B	192B	295B	365B	619B
General and Administrative Expenses	56.13B	60.26B	73.84B	121B	209B
Net Rental Expense, Total	985M	1.28B	2.41B	1.62B	4.3B
Imputed Operating Lease Interest Expense	823M	1.08B	2.2B	2.12B	8.34B
Imputed Operating Lease Depreciation	162M	208M	219M	-499M	-4.04B
Maintenance & Repair Expenses, Total	32.08B	43.67B	53B	86.38B	163B

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	146B	340B	284B	447B	450B
Short Term Investments	-	-	-	-	-
Total Cash And Short Term Investments	146B	340B	284B	447B	450B
Accounts Receivable, Total	126B	156B	185B	304B	418B
Other Receivables	34.68B	37.32B	26.36B	53.54B	79.11B
Notes Receivable	71.95B	50.55B	145B	61.92B	2.79B
Total Receivables	233B	244B	356B	419B	500B
Inventory	143B	268B	258B	429B	756B
Prepaid Expenses	10.76B	3.71B	3.84B	9.22B	14.91B
Other Current Assets, Total	17.73B	17.06B	122B	105B	190B
Total Current Assets	550B	873B	1,023B	1,409B	1,911B
Gross Property Plant And Equipment	2,000B	2,192B	2,452B	4,008B	5,474B
Accumulated Depreciation	-597B	-701B	-901B	-1,573B	-2,132B
Net Property Plant And Equipment	1,403B	1,491B	1,551B	2,435B	3,342B
Long-term Investments	5.71B	6.53B	2.58B	2.61B	3B
Other Intangibles, Total	4.55B	5.12B	6.22B	12.36B	17B
Accounts Receivable Long-Term	9.85B	5.98B	17.08B	14.66B	16.88B
Deferred Tax Assets Long-Term	11.71B	5.16B	14.19B	25.93B	19.43B
Other Long-Term Assets, Total	37.21B	4.76B	1.27B	39.31B	1,094B
Total Assets	2,022B	2,392B	2,616B	3,939B	6,403B
Liabilities
Accounts Payable, Total	140B	254B	193B	374B	551B
Accrued Expenses, Total	71.16B	84.19B	84.71B	157B	226B
Short-term Borrowings	149B	137B	157B	64.2B	318B
Current Portion of Long-Term Debt	186B	264B	236B	560B	927B
Current Portion of Leases	2.07B	2.19B	1.71B	4.1B	5.86B
Current Income Taxes Payable	59.78B	153B	168B	174B	183B
Unearned Revenue Current, Total	69.26B	94.88B	110B	158B	154B
Other Current Liabilities	153B	86.67B	71.8B	121B	205B
Total Current Liabilities	830B	1,076B	1,022B	1,613B	2,570B
Long-Term Debt	159B	177B	333B	388B	1,386B
Long-Term Leases	7.77B	8.02B	8.06B	16.5B	26.32B
Unearned Revenue Non Current	374M	636M	320M	510M	756M
Pension & Other Post Retirement Benefits	3.58B	3.22B	8.55B	12.19B	16.6B
Deferred Tax Liability Non Current	123B	135B	154B	161B	196B
Other Non Current Liabilities	8.05B	8.43B	10.58B	21.2B	31.93B
Total Liabilities	1,131B	1,408B	1,537B	2,213B	4,228B
Common Stock, Total	8.52B	8.52B	8.52B	8.52B	8.44B
Additional Paid In Capital	42.43B	42.43B	42.43B	42.43B	42.01B
Retained Earnings	779B	868B	969B	1,099B	1,027B
Treasury Stock	-9.83B	-9.83B	-45.16B	-86.58B	-41.42B
Comprehensive Income and Other	55.56B	55.98B	79.1B	628B	1,086B
Total Common Equity	876B	965B	1,054B	1,691B	2,122B
Minority Interest	15.02B	18.3B	24.58B	34.81B	53.2B
Total Equity	891B	984B	1,079B	1,726B	2,175B
Total Liabilities And Equity	2,022B	2,392B	2,616B	3,939B	6,403B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	17B	17B	16.87B	16.75B	16.75B
ECS Total Common Shares Outstanding	17B	17B	16.87B	16.75B	16.75B
Book Value / Share	51.53	56.79	62.49	100.94	126.67
Tangible Book Value	871B	960B	1,048B	1,679B	2,105B
Tangible Book Value Per Share	51.26	56.48	62.12	100.21	125.66
Total Debt	504B	588B	736B	1,033B	2,664B
Net Debt	358B	248B	452B	586B	2,214B
Debt Equivalent of Unfunded Proj. Benefit Obligation	3.58B	3.22B	8.55B	12.19B	16.6B
Debt Equivalent Oper. Leases	7.88B	10.28B	19.31B	13B	34.42B
Minority Interest, Total (Incl. Fin. Div)	15.02B	18.3B	24.58B	34.81B	53.2B
Equity Method Investments, Total	5.71B	6.53B	2.58B	2.61B	3B
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	22.43B	43.78B	49.18B	88.32B	124B
Inventories - Work In Process, Total	8.93B	13.34B	24.18B	30.23B	51.77B
Inventories - Finished Goods, Total	11.96B	20.3B	29.53B	42.32B	116B
Inventories - Others	64.95B	89.78B	137B	233B	378B
Land - (BS)	-	-	-	-	-
Buildings, Total	-	-	-	501B	733B
Machinery, Total	1,453B	1,508B	1,900B	3,093B	4,080B
Full Time Employees	16.2K	16.7K	19.11K	19.52K	21.65K
Accumulated Allowance for Doubtful Accounts (Supple)	1.34B	1.68B	1.46B	2.23B	2.98B

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	275B	361B	376B	445B	498B
Depreciation & Amortization - CF	89.28B	101B	120B	151B	228B
Impairment of Oil, Gas & Mineral Properties - (CF)	1.61B	-	-	-	-
Depreciation & Amortization, Total	90.89B	101B	120B	151B	228B
Amortization of Deferred Charges, Total - (CF)	253M	240M	281M	438M	948M
(Gain) Loss From Sale Of Asset	4M	-378M	-21M	-2.45B	-13.03B
Asset Writedown & Restructuring Costs	244M	1.34B	1.97B	702M	1.02B
Net (Increase) Decrease in Loans Originated / Sold - Operating	7.39B	8.07B	10.61B	6.85B	7.62B
(Income) Loss On Equity Investments - (CF)	-750M	-817M	-759M	-1.23B	-2.82B
Other Operating Activities, Total	96.81B	188B	37.85B	54.66B	329B
Change In Accounts Receivable	-4.78B	-11.17B	457M	-37.3B	-46.76B
Change In Inventories	3.68B	-60.53B	-70.34B	-156B	-275B
Change In Accounts Payable	51.45B	26.85B	-22.43B	286B	372B
Change in Other Net Operating Assets	-8.39B	-16B	-65.89B	-69.33B	-278B
Cash from Operations	512B	597B	388B	679B	821B
Capital Expenditure	-210B	-159B	-74.61B	-140B	-423B
Sale of Property, Plant, and Equipment	-	1.24B	106M	5.64B	2.41B
Sale (Purchase) of Intangible assets	-551M	-848M	-307M	-118M	-305M
Other Investing Activities, Total	-61.56B	31.25B	-52.01B	109B	-414B
Cash from Investing	-272B	-127B	-127B	-25.92B	-835B
Long-Term Debt Issued, Total	501B	329B	338B	492B	1,818B
Total Debt Issued	501B	329B	338B	492B	1,818B
Long-Term Debt Repaid, Total	-379B	-327B	-271B	-346B	-1,287B
Total Debt Repaid	-379B	-327B	-271B	-346B	-1,287B
Repurchase of Common Stock	-	-9.83B	-35.32B	-41.42B	-
Common Dividends Paid	-273B	-272B	-337B	-337B	-503B
Common & Preferred Stock Dividends Paid	-273B	-272B	-337B	-337B	-503B
Other Financing Activities, Total	-48.33B	-52.56B	-68.84B	-119B	-339B
Cash from Financing	-199B	-332B	-374B	-352B	-312B
Foreign Exchange Rate Adjustments	-11.2B	-15.29B	252M	-19.56B	24.81B
Net Change in Cash	28.95B	122B	-113B	281B	-300B
Supplemental Items
Cash Interest Paid	48.29B	52.56B	68.84B	119B	339B
Cash Income Tax Paid (Refund)	21B	33.41B	151B	166B	174B
Levered Free Cash Flow	96.29B	322B	113B	512B	70.23B
Unlevered Free Cash Flow	124B	357B	160B	602B	350B
Change In Net Working Capital	-2.51B	-51.27B	252B	-134B	165B
Net Debt Issued / Repaid	122B	2.17B	67.86B	146B	530B

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	12.8	16.51	14.62	13.95	13.72
Return on Total Capital	18.06	24.56	21.62	19.99	18.68
Return On Equity %	30.86	38.88	37.07	32.49	25.8
Return on Common Equity	31.21	39.21	37.23	32.43	26.13
Margin Analysis
Gross Profit Margin %	57.52	60.07	58.94	54.29	53.88
SG&A Margin	20.39	18.3	22.96	22.1	23.25
EBITDA Margin %	45.91	49.26	43.49	39.77	37.91
EBITA Margin %	37.29	42.13	36.2	33.12	31.71
EBIT Margin %	37.29	42.13	36.2	33.12	31.71
Income From Continuing Operations Margin %	26.69	26.34	23.62	20.63	14.06
Net Income Margin %	26.6	26.09	23.23	20.16	13.91
Net Avail. For Common Margin %	26.6	26.09	23.23	20.16	13.91
Normalized Net Income Margin	22.4	24.09	19.84	15.1	12.36
Levered Free Cash Flow Margin	9.31	23.26	6.97	23.19	1.96
Unlevered Free Cash Flow Margin	11.97	25.8	9.88	27.28	9.78
Asset Turnover
Asset Turnover	0.55	0.63	0.65	0.67	0.69
Fixed Assets Turnover	0.79	0.96	1.06	1.11	1.24
Receivables Turnover (Average Receivables)	8.92	9.81	9.5	9.04	9.92
Inventory Turnover (Average Inventory)	3.22	2.68	3.01	2.94	2.79
Short Term Liquidity
Current Ratio	0.66	0.81	1	0.87	0.74
Quick Ratio	0.37	0.5	0.48	0.5	0.37
Operating Cash Flow to Current Liabilities	0.62	0.55	0.38	0.42	0.32
Days Sales Outstanding (Average Receivables)	41.04	37.22	38.43	40.37	36.9
Days Outstanding Inventory (Average Inventory)	113.71	135.96	121.42	124.17	131.26
Average Days Payable Outstanding	95.73	105.91	110.42	87.61	85.54
Cash Conversion Cycle (Average Days)	59.01	67.27	49.43	76.94	82.62
Long Term Solvency
Total Debt/Equity	56.54	59.79	68.18	59.87	122.46
Total Debt / Total Capital	36.12	37.42	40.54	37.45	55.05
LT Debt/Equity	18.71	18.76	31.66	23.46	64.94
Long-Term Debt / Total Capital	11.95	11.74	18.82	14.67	29.19
Total Liabilities / Total Assets	55.95	58.88	58.75	56.18	66.03
EBIT / Interest Expense	8.77	10.35	7.79	5.06	2.53
EBITDA / Interest Expense	10.84	12.13	9.38	6.1	3.04
(EBITDA - Capex) / Interest Expense	6.05	9.32	8.39	5.13	2.1
Total Debt / EBITDA	1.06	0.86	1.04	1.17	1.95
Net Debt / EBITDA	0.75	0.36	0.64	0.66	1.62
Total Debt / (EBITDA - Capex)	1.89	1.12	1.17	1.39	2.83
Net Debt / (EBITDA - Capex)	1.34	0.47	0.72	0.79	2.35
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	15.98	33.79	16.96	36.44	62.16
Gross Profit, 1 Yr. Growth %	16.63	39.72	14.75	25.68	60.92
EBITDA, 1 Yr. Growth %	20.93	43.54	3.26	24.79	54.57
EBITA, 1 Yr. Growth %	28.83	51.16	0.49	24.85	55.25
EBIT, 1 Yr. Growth %	28.83	51.16	0.49	24.85	55.25
Earnings From Cont. Operations, 1 Yr. Growth %	37.68	32.01	4.9	19.17	10.46
Net Income, 1 Yr. Growth %	36.9	31.24	4.15	18.41	11.9
Normalized Net Income, 1 Yr. Growth %	47.9	43.89	-3.66	3.85	32.66
Diluted EPS Before Extra, 1 Yr. Growth %	36.91	31.55	4.89	18.85	12.34
Accounts Receivable, 1 Yr. Growth %	19.09	23.84	18.31	64.48	37.68
Inventory, 1 Yr. Growth %	10.23	87.56	39.94	66.33	76.2
Net Property, Plant and Equip., 1 Yr. Growth %	15.15	6.28	3.98	57	37.25
Total Assets, 1 Yr. Growth %	16.07	18.27	9.35	50.58	62.57
Tangible Book Value, 1 Yr. Growth %	-1.31	10.2	9.15	60.16	25.4
Common Equity, 1 Yr. Growth %	-1.21	10.21	9.22	60.38	25.49
Cash From Operations, 1 Yr. Growth %	20.13	16.57	-35	75.02	20.96
Capital Expenditures, 1 Yr. Growth %	18.82	-24.65	-52.93	87.93	201.7
Levered Free Cash Flow, 1 Yr. Growth %	-35.97	234.24	-64.94	353.71	-86.28
Unlevered Free Cash Flow, 1 Yr. Growth %	-30.38	188.47	-55.22	276.75	-41.84
Dividend Per Share, 1 Yr. Growth %	0	25	0	50	0
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	7.12	24.57	25.09	26.33	48.74
Gross Profit, 2 Yr. CAGR %	7.33	27.65	26.63	20.1	42.22
EBITDA, 2 Yr. CAGR %	4.62	31.75	21.75	13.51	38.88
EBITA, 2 Yr. CAGR %	6.81	39.55	23.25	12.01	39.22
EBIT, 2 Yr. CAGR %	6.81	39.55	23.25	12.01	39.22
Earnings From Cont. Operations, 2 Yr. CAGR %	-15.9	34.81	17.68	11.81	14.73
Net Income, 2 Yr. CAGR %	-15.91	34.04	16.91	11.05	15.11
Normalized Net Income, 2 Yr. CAGR %	11.52	45.88	17.74	0.03	17.38
Diluted EPS Before Extra, 2 Yr. CAGR %	-15.9	34.2	17.46	11.65	15.55
Accounts Receivable, 2 Yr. CAGR %	23.13	21.45	21.04	39.5	50.49
Inventory, 2 Yr. CAGR %	11.31	43.78	34.22	52.56	71.19
Net Property, Plant and Equip., 2 Yr. CAGR %	9.43	10.62	5.13	27.77	46.79
Total Assets, 2 Yr. CAGR %	9.25	17.17	13.72	28.32	56.46
Tangible Book Value, 2 Yr. CAGR %	-5.18	4.28	9.67	32.22	41.72
Common Equity, 2 Yr. CAGR %	-5.22	4.35	9.71	32.35	41.87
Cash From Operations, 2 Yr. CAGR %	16.78	18.34	-12.96	6.66	45.5
Capital Expenditures, 2 Yr. CAGR %	26.7	-5.38	-40.45	-5.95	138.11
Levered Free Cash Flow, 2 Yr. CAGR %	80.88	46.29	8.26	26.13	-21.11
Unlevered Free Cash Flow, 2 Yr. CAGR %	49.59	41.72	13.65	29.89	48.02
Dividend Per Share, 2 Yr. CAGR %	0	11.8	11.8	22.47	22.47
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	8.68	15.36	21.98	28.77	37.29
Gross Profit, 3 Yr. CAGR %	9.49	17.19	23.2	26.31	32.4
EBITDA, 3 Yr. CAGR %	7	16.26	21.47	22.75	25.82
EBITA, 3 Yr. CAGR %	8.24	19.91	25.08	23.78	24.89
EBIT, 3 Yr. CAGR %	8.24	19.91	25.08	23.78	24.89
Earnings From Cont. Operations, 3 Yr. CAGR %	10.57	-2.26	24	18.17	11.36
Net Income, 3 Yr. CAGR %	11.47	-2.46	23.23	17.41	11.33
Normalized Net Income, 3 Yr. CAGR %	9.75	21.41	27.04	12.92	9.9
Diluted EPS Before Extra, 3 Yr. CAGR %	11.48	-2.38	23.62	17.92	11.88
Accounts Receivable, 3 Yr. CAGR %	10.48	23.37	20.39	34.07	38.89
Inventory, 3 Yr. CAGR %	12.61	32.46	25.69	44.17	60.07
Net Property, Plant and Equip., 3 Yr. CAGR %	5.59	8.37	8.37	20.16	30.86
Total Assets, 3 Yr. CAGR %	6.68	12.18	14.5	24.88	38.85
Tangible Book Value, 3 Yr. CAGR %	4.56	-0.31	5.88	24.43	29.9
Common Equity, 3 Yr. CAGR %	4.45	-0.33	5.95	24.52	30.02
Cash From Operations, 3 Yr. CAGR %	14.01	16.71	-3.09	9.86	11.23
Capital Expenditures, 3 Yr. CAGR %	24.91	6.55	-25.03	-12.65	38.71
Levered Free Cash Flow, 3 Yr. CAGR %	-13.27	121.96	-9.13	74.54	-39.8
Unlevered Free Cash Flow, 3 Yr. CAGR %	-11.76	86.19	-3.48	69.46	-0.63
Dividend Per Share, 3 Yr. CAGR %	15.07	7.72	7.72	23.31	14.47
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	16.03	17.6	14.97	19.63	32.05
Gross Profit, 5 Yr. CAGR %	15.52	23.42	16.05	18.35	30.48
EBITDA, 5 Yr. CAGR %	12.49	21.69	12.67	15.15	28.16
EBITA, 5 Yr. CAGR %	12.99	26.33	14.01	16.69	30.56
EBIT, 5 Yr. CAGR %	12.99	26.33	14.01	16.69	30.56
Earnings From Cont. Operations, 5 Yr. CAGR %	8.77	20.6	13.36	3.14	20.21
Net Income, 5 Yr. CAGR %	8.26	19.28	13.62	2.74	19.91
Normalized Net Income, 5 Yr. CAGR %	13.62	22.89	12.88	12.35	23.08
Diluted EPS Before Extra, 5 Yr. CAGR %	8.26	19.33	13.83	3.01	20.32
Accounts Receivable, 5 Yr. CAGR %	54.32	35.23	14.59	29.58	31.63
Inventory, 5 Yr. CAGR %	21.93	26.49	20.8	30	42.23
Net Property, Plant and Equip., 5 Yr. CAGR %	8.88	5.23	5.4	15.75	22.35
Total Assets, 5 Yr. CAGR %	12.73	9.36	9.44	18.38	29.73
Tangible Book Value, 5 Yr. CAGR %	6.09	5.51	6.57	11.61	18.98
Common Equity, 5 Yr. CAGR %	6.12	5.51	6.52	11.64	19.07
Cash From Operations, 5 Yr. CAGR %	11.31	16.46	2.35	12.58	14.02
Capital Expenditures, 5 Yr. CAGR %	-3.54	5.93	-7.12	1.36	19.03
Levered Free Cash Flow, 5 Yr. CAGR %	10.52	19.88	-5.23	77.05	-14.13
Unlevered Free Cash Flow, 5 Yr. CAGR %	26.86	17.68	-2.36	61.21	14.53
Dividend Per Share, 5 Yr. CAGR %	14.87	18.66	13.75	13.4	13.4