Cash flow ISS A/S

Equities

ISS

DK0060542181

Business Support Services

Market Closed - Nasdaq Copenhagen Other stock markets 16:20:00 06/02/2026 GMT			5-day change	1st Jan Change
250.80 ^DKK	+1.05%		+4.94%	+15.47%

02-06	DNB Carnegie Raises Target Price for ISS to 275 Danish Kroner (230), Reiterates Buy	FW
02-06	ISS to End DKK300 Million UK Contract in Q1	MT

f1194440202324a7c.MLM2gWAOuhoZbVFDR0fDsSHd02CWcqOEfCT_tJCrS4k.eotX0w9q91JjBzMUdhL1h3iwkiHDF9LGCGa7hKeZDeJI1EDNWWPoSUtZZQ

Published financial data: ISS A/S

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	69.82B	71.36B	76.54B	78.68B	83.76B
Total Revenues	69.82B	71.36B	76.54B	78.68B	83.76B
Cost of Goods Sold, Total	5.67B	5.02B	6.6B	7.48B	7.52B
Gross Profit	64.15B	66.34B	69.94B	71.2B	76.24B
Selling General & Admin Expenses, Total	47.45B	46.82B	48.47B	49.65B	52.86B
Stock-Based Compensation (IS)	-	-	-	-	-
Depreciation & Amortization - (IS)	1.84B	1.76B	1.52B	1.42B	1.47B
Amortization of Goodwill and Intangible Assets - (IS)	89M	64M	69M	69M	91M
Other Operating Expenses	19.46B	16.5B	17.26B	16.94B	17.88B
Other Operating Expenses, Total	68.83B	65.14B	67.32B	68.07B	72.3B
Operating Income	-4.68B	1.2B	2.62B	3.13B	3.94B
Interest Expense, Total	-515M	-457M	-405M	-577M	-742M
Interest And Investment Income	31M	41M	69M	98M	216M
Net Interest Expenses	-484M	-416M	-336M	-479M	-526M
Currency Exchange Gains (Loss)	13M	-51M	-49M	-100M	-23M
Other Non Operating Income (Expenses)	-54M	-82M	-125M	-91M	-94M
EBT, Excl. Unusual Items	-5.21B	653M	2.12B	2.46B	3.3B
Restructuring Charges	-18M	-	-	-	-
Merger & Related Restructuring Charges	-6M	-77M	-11M	-16M	-32M
Impairment of Goodwill	-432M	-450M	-	-	-
Gain (Loss) On Sale Of Assets	-71M	570M	82M	-18M	-55M
Asset Writedown	-365M	-	-	-	-
Other Unusual Items	826M	349M	260M	105M	86M
EBT, Incl. Unusual Items	-5.27B	1.04B	2.45B	2.53B	3.3B
Income Tax Expense	-41M	509M	441M	554M	658M
Earnings From Continuing Operations	-5.23B	536M	2B	1.98B	2.64B
Earnings Of Discontinued Operations	36M	101M	131M	-1.65B	-52M
Net Income to Company	-5.2B	637M	2.14B	325M	2.59B
Minority Interest	-10M	-22M	-78M	-46M	-8M
Net Income - (IS)	-5.2B	615M	2.06B	279M	2.58B
Net Income to Common Incl Extra Items	-5.2B	615M	2.06B	279M	2.58B
Net Income to Common Excl. Extra Items	-5.24B	514M	1.93B	1.93B	2.63B
Per Share Items
Net EPS - Basic	-28.18	3.33	11.14	1.51	14.26
Basic EPS - Continuing Operations	-28.38	2.78	10.43	10.42	14.55
Basic Weighted Average Shares Outstanding	185M	185M	185M	185M	181M
Net EPS - Diluted	-28.21	3.33	11	1.51	14.12
Diluted EPS - Continuing Operations	-28.4	2.78	10.3	10.3	14.4
Diluted Weighted Average Shares Outstanding	185M	186M	187M	188M	183M
Normalized Basic EPS	-17.67	2.09	6.73	8.05	11.35
Normalized Diluted EPS	-17.67	2.08	6.64	7.94	11.2
Dividend Per Share	-	-	2.1	2.3	3.1
Payout Ratio	-	-	-	139.78	16.47
American Depositary Receipts Ratio (ADR)	0.5	0.5	0.5	0.5	0.5
Supplemental Items
EBITDA	-3.98B	1.82B	3.12B	3.54B	4.36B
EBITA	-4.59B	1.27B	2.69B	3.19B	4.03B
EBIT	-4.68B	1.2B	2.62B	3.13B	3.94B
EBITDAR	-3.71B	2.08B	3.42B	3.73B	4.6B
Effective Tax Rate - (Ratio)	0.78	48.71	18.03	21.89	19.95
Total Current Taxes	384M	486M	538M	487M	658M
Total Deferred Taxes	-462M	46M	-89M	66M	59M
Normalized Net Income	-3.26B	386M	1.24B	1.49B	2.05B
Interest on Long-Term Debt	100M	159M	82M	150M	177M
Non-Cash Pension Expense	76M	49M	28M	42M	31M
Supplemental Operating Expense Items
Net Rental Expense, Total	268M	269M	302M	194M	232M
Imputed Operating Lease Interest Expense	61.09M	55.21M	57.74M	53.43M	78.56M
Imputed Operating Lease Depreciation	207M	214M	244M	141M	153M
Stock-Based Comp., Other (Total)	27M	62M	80M	72M	93M
Total Stock-Based Compensation	27M	62M	80M	72M	93M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	2.74B	3.43B	5.21B	6.09B	6.83B
Short Term Investments	76M	103M	104M	117M	140M
Total Cash And Short Term Investments	2.82B	3.53B	5.32B	6.21B	6.97B
Accounts Receivable, Total	9.86B	10.41B	11B	11.35B	12.45B
Other Receivables	978M	1.06B	1.18B	1.09B	1.12B
Total Receivables	10.84B	11.47B	12.17B	12.45B	13.57B
Inventory	175M	177M	231M	239M	251M
Prepaid Expenses	-	-	-	-	-
Other Current Assets, Total	2.54B	1.12B	620M	1.24B	584M
Total Current Assets	16.37B	16.29B	18.34B	20.14B	21.37B
Gross Property Plant And Equipment	8.01B	7.92B	8.05B	7.85B	8.42B
Accumulated Depreciation	-4.47B	-4.54B	-4.73B	-4.72B	-5B
Net Property Plant And Equipment	3.55B	3.38B	3.32B	3.13B	3.42B
Long-term Investments	-	-	-	-	-
Goodwill	19.66B	19.75B	20.45B	19.7B	20.5B
Other Intangibles, Total	2.86B	2.99B	3.47B	3.58B	3.86B
Deferred Tax Assets Long-Term	818M	790M	912M	962M	885M
Other Long-Term Assets, Total	354M	457M	512M	195M	605M
Total Assets	43.6B	43.66B	47B	47.69B	50.64B
Liabilities
Accounts Payable, Total	5.08B	5.66B	6.95B	7.26B	7.39B
Accrued Expenses, Total	4.3B	4.94B	5.7B	5.29B	5.74B
Current Portion of Long-Term Debt	456M	102M	198M	2.26B	3.82B
Current Portion of Leases	842M	786M	765M	1.03B	939M
Current Income Taxes Payable	142M	174M	172M	155M	420M
Unearned Revenue Current, Total	560M	868M	805M	989M	1.11B
Other Current Liabilities	5.18B	4.16B	2.82B	3.92B	2.88B
Total Current Liabilities	16.56B	16.69B	17.42B	20.9B	22.3B
Long-Term Debt	15.62B	14.34B	14.25B	12.12B	12.06B
Long-Term Leases	1.72B	1.75B	1.7B	1.31B	1.52B
Pension & Other Post Retirement Benefits	1.51B	1.35B	1.18B	1.14B	1.32B
Deferred Tax Liability Non Current	1.02B	976M	1.18B	1.32B	1.16B
Other Non Current Liabilities	624M	755M	465M	387M	372M
Total Liabilities	37.06B	35.87B	36.19B	37.17B	38.73B
Common Stock, Total	185M	185M	185M	185M	185M
Retained Earnings	8.12B	9.04B	11.31B	11.05B	13.13B
Treasury Stock	-191M	-191M	-185M	-66M	-1.2B
Comprehensive Income and Other	-1.6B	-1.45B	-1.15B	-1.28B	-971M
Total Common Equity	6.52B	7.58B	10.16B	9.89B	11.14B
Minority Interest	29M	206M	659M	629M	770M
Total Equity	6.54B	7.79B	10.82B	10.52B	11.91B
Total Liabilities And Equity	43.6B	43.66B	47B	47.69B	50.64B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	185M	185M	185M	185M	176M
ECS Total Common Shares Outstanding	185M	185M	185M	185M	176M
Book Value / Share	35.28	41.06	54.98	53.38	63.17
Tangible Book Value	-16B	-15.16B	-13.76B	-13.38B	-13.22B
Tangible Book Value Per Share	-86.64	-82.06	-74.51	-72.19	-74.92
Total Debt	18.64B	16.98B	16.91B	16.72B	18.34B
Net Debt	15.82B	13.45B	11.59B	10.51B	11.37B
Debt Equivalent of Unfunded Proj. Benefit Obligation	888M	-372M	-710M	-583M	-255M
Debt Equivalent Oper. Leases	2.14B	2.15B	2.42B	1.55B	1.86B
Minority Interest, Total (Incl. Fin. Div)	29M	206M	659M	629M	770M
Account Code - Inventory Valuation	3	3	3	3	-
Land - (BS)	-	-	-	-	-
Machinery, Total	-	-	-	-	-
Full Time Employees	284K	270K	270K	272K	258K
Part Time Employees	94.74K	85.11K	80.74K	81.13K	68.56K
Accumulated Allowance for Doubtful Accounts (Supple)	299M	162M	124M	127M	154M
Order Backlog	59.24B	61.04B	63.17B	63.61B	67.24B

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	-5.2B	615M	2.06B	279M	2.58B
Depreciation & Amortization - CF	1.59B	1.47B	1.31B	1.25B	1.24B
Amortization of Goodwill and Intangible Assets - (CF)	89M	64M	69M	60M	91M
Depreciation & Amortization, Total	1.68B	1.54B	1.38B	1.31B	1.34B
Amortization of Deferred Charges, Total - (CF)	264M	289M	207M	211M	224M
Asset Writedown & Restructuring Costs	432M	450M	-	937M	-
Stock-Based Compensation (CF)	27M	62M	80M	72M	93M
Net Cash From Discontinued Operations	70M	37M	13M	-154M	-38M
Other Operating Activities, Total	-92M	-388M	-183M	1.01B	406M
Change In Accounts Receivable	2.78B	-110M	-882M	-800M	-1.01B
Change In Inventories	89M	4M	-61M	-24M	-14M
Change In Accounts Payable	-1.91B	1.16B	1.39B	1.02B	533M
Change in Other Net Operating Assets	1.51B	-435M	-665M	-468M	-380M
Cash from Operations	-361M	3.22B	3.33B	3.39B	3.73B
Capital Expenditure	-712M	-628M	-809M	-719M	-634M
Sale of Property, Plant, and Equipment	31M	42M	30M	16M	15M
Cash Acquisitions	-102M	-526M	-325M	-373M	-510M
Divestitures	505M	1.19B	587M	25M	-350M
Investment in Marketable and Equity Securities, Total	-48M	-6M	-29M	9M	-57M
Cash from Investing	-326M	73M	-546M	-1.04B	-1.54B
Long-Term Debt Issued, Total	3.69B	-	-	-	3.7B
Total Debt Issued	3.69B	-	-	-	3.7B
Long-Term Debt Repaid, Total	-3.25B	-2.52B	-865M	-791M	-3.2B
Total Debt Repaid	-3.25B	-2.52B	-865M	-791M	-3.2B
Repurchase of Common Stock	-	-	-	-	-1.22B
Common Dividends Paid	-	-	-	-390M	-425M
Common & Preferred Stock Dividends Paid	-	-	-	-390M	-425M
Special Dividend Paid	-	-	-	-	-
Other Financing Activities, Total	662M	-308M	-65M	-153M	-259M
Cash from Financing	1.1B	-2.83B	-930M	-1.33B	-1.4B
Foreign Exchange Rate Adjustments	-344M	224M	-71M	-137M	-50M
Net Change in Cash	72M	686M	1.79B	879M	736M
Supplemental Items
Cash Interest Paid	514M	473M	486M	578M	671M
Cash Income Tax Paid (Refund)	666M	528M	422M	428M	462M
Levered Free Cash Flow	-132M	3.05B	2.64B	2.62B	2.48B
Unlevered Free Cash Flow	190M	3.34B	2.89B	2.98B	2.94B
Change In Net Working Capital	-1.86B	-1.33B	-391M	-143M	540M
Net Debt Issued / Repaid	441M	-2.52B	-865M	-791M	496M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	-6.25	1.72	3.62	4.13	5.01
Return on Total Capital	-10.59	3.01	6.25	7.13	8.57
Return On Equity %	-54.8	7.48	21.55	18.53	23.54
Return on Common Equity	-55.06	7.29	21.73	19.26	25.03
Margin Analysis
Gross Profit Margin %	91.88	92.97	91.38	90.49	91.02
SG&A Margin	67.95	65.61	63.33	63.1	63.1
EBITDA Margin %	-5.7	2.54	4.07	4.5	5.21
EBITA Margin %	-6.58	1.77	3.52	4.05	4.82
EBIT Margin %	-6.7	1.68	3.43	3.98	4.71
Income From Continuing Operations Margin %	-7.49	0.75	2.62	2.51	3.15
Net Income Margin %	-7.45	0.86	2.69	0.35	3.08
Net Avail. For Common Margin %	-7.51	0.72	2.52	2.45	3.14
Normalized Net Income Margin	-4.67	0.54	1.63	1.9	2.45
Levered Free Cash Flow Margin	-0.19	4.27	3.44	3.32	2.96
Unlevered Free Cash Flow Margin	0.27	4.68	3.77	3.78	3.51
Asset Turnover
Asset Turnover	1.49	1.64	1.69	1.66	1.7
Fixed Assets Turnover	17.42	20.62	22.86	24.41	25.58
Receivables Turnover (Average Receivables)	6.36	7.04	7.15	7.04	7.04
Inventory Turnover (Average Inventory)	25.2	28.52	32.34	31.83	30.69
Short Term Liquidity
Current Ratio	0.99	0.98	1.05	0.96	0.96
Quick Ratio	0.82	0.9	1	0.89	0.92
Operating Cash Flow to Current Liabilities	-0.02	0.19	0.19	0.16	0.17
Days Sales Outstanding (Average Receivables)	57.52	51.83	51.03	51.84	52
Days Outstanding Inventory (Average Inventory)	14.52	12.8	11.29	11.47	11.93
Average Days Payable Outstanding	398.03	390.29	345.93	346.31	355.89
Cash Conversion Cycle (Average Days)	-325.99	-325.67	-283.62	-283	-291.96
Long Term Solvency
Total Debt/Equity	284.84	218.03	156.34	158.9	153.96
Total Debt / Total Capital	74.02	68.56	60.99	61.37	60.62
LT Debt/Equity	265.01	206.62	147.43	127.61	114.03
Long-Term Debt / Total Capital	68.86	64.97	57.52	49.29	44.9
Total Liabilities / Total Assets	84.99	82.16	76.99	77.94	76.48
EBIT / Interest Expense	-9.09	2.63	6.48	5.42	5.31
EBITDA / Interest Expense	-5.83	5.99	9.89	7.7	7.11
(EBITDA - Capex) / Interest Expense	-7.21	4.61	7.89	6.45	6.26
Total Debt / EBITDA	-6.21	6.2	4.22	3.76	3.47
Net Debt / EBITDA	-5.27	4.91	2.89	2.37	2.15
Total Debt / (EBITDA - Capex)	-5.02	8.05	5.29	4.49	3.95
Net Debt / (EBITDA - Capex)	-4.26	6.38	3.63	2.82	2.45
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-10.14	0.86	7.25	6.56	6.46
Gross Profit, 1 Yr. Growth %	-8.54	2.06	5.42	5.71	6.84
EBITDA, 1 Yr. Growth %	-208.24	-145.88	71.68	10.98	22.42
EBITA, 1 Yr. Growth %	-242.3	-127.71	112.8	15.37	25.4
EBIT, 1 Yr. Growth %	-261.86	-125.8	118.39	16.1	25.25
Earnings From Cont. Operations, 1 Yr. Growth %	-553.69	-110.27	274.07	-6.52	33.59
Net Income, 1 Yr. Growth %	-485.56	-111.82	234.63	-86.44	825.09
Normalized Net Income, 1 Yr. Growth %	-339.5	-111.87	222.14	15.5	36.72
Diluted EPS Before Extra, 1 Yr. Growth %	-565.57	-109.83	270.11	-5.5	39.81
Accounts Receivable, 1 Yr. Growth %	-18.4	5.53	5.67	3.26	9.64
Inventory, 1 Yr. Growth %	-36.36	1.14	30.51	3.46	5.02
Net Property, Plant and Equip., 1 Yr. Growth %	-20.71	-4.79	-1.66	-5.84	9.47
Total Assets, 1 Yr. Growth %	-12.9	0.11	7.67	1.46	6.18
Tangible Book Value, 1 Yr. Growth %	32.88	-5.29	-9.18	-2.8	-1.22
Common Equity, 1 Yr. Growth %	-47.97	16.38	33.93	-2.59	12.64
Cash From Operations, 1 Yr. Growth %	-117.49	-992.24	3.48	1.77	9.88
Capital Expenditures, 1 Yr. Growth %	-37.16	-11.8	28.82	-11.12	-11.82
Levered Free Cash Flow, 1 Yr. Growth %	-112.97	-2.76K	-14.67	-5.84	-5.93
Unlevered Free Cash Flow, 1 Yr. Growth %	-86	1.53K	-13.42	-2.13	-1.77
Dividend Per Share, 1 Yr. Growth %	-	-	-	9.52	34.78
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-2.59	-4.16	4.01	5	6.51
Gross Profit, 2 Yr. CAGR %	-1.84	-2.75	3.73	3.6	6.39
EBITDA, 2 Yr. CAGR %	-8.23	-29.73	-11.25	39.6	17
EBITA, 2 Yr. CAGR %	4.5	-37.36	-23.21	58.74	20.79
EBIT, 2 Yr. CAGR %	11.85	-35.53	-24.93	61.37	20.94
Earnings From Cont. Operations, 2 Yr. CAGR %	106.81	-31.82	-38.02	92.05	11.75
Net Income, 2 Yr. CAGR %	330.39	-32.51	-37.12	-32.65	11.99
Normalized Net Income, 2 Yr. CAGR %	28.61	-46.77	-38.17	96.54	26.13
Diluted EPS Before Extra, 2 Yr. CAGR %	109.03	-32.46	-39.69	92.38	14.94
Accounts Receivable, 2 Yr. CAGR %	0.02	-7.21	5.6	4.46	6.4
Inventory, 2 Yr. CAGR %	-17.48	-19.77	14.89	16.2	4.24
Net Property, Plant and Equip., 2 Yr. CAGR %	50.86	-13.11	-3.24	-3.77	1.52
Total Assets, 2 Yr. CAGR %	-6.44	-6.62	3.83	4.52	3.8
Tangible Book Value, 2 Yr. CAGR %	16.22	12.19	-7.26	-6.05	-2.01
Common Equity, 2 Yr. CAGR %	-27.68	-22.18	24.84	14.22	4.75
Cash From Operations, 2 Yr. CAGR %	-67.16	24.92	203.85	2.62	5.75
Capital Expenditures, 2 Yr. CAGR %	-17.73	-25.55	6.59	7	-11.47
Levered Free Cash Flow, 2 Yr. CAGR %	-74.56	73.46	379.5	-7.98	-5.52
Unlevered Free Cash Flow, 2 Yr. CAGR %	-71.15	56.65	275.61	-5.55	-1.62
Dividend Per Share, 2 Yr. CAGR %	-	-	-	-	21.5
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-1.73	-1.02	-0.5	3.6	5.48
Gross Profit, 3 Yr. CAGR %	-1.43	-0.12	-0.1	3.08	4.74
EBITDA, 3 Yr. CAGR %	-5.74	-27.31	-5.36	-3.66	33.96
EBITA, 3 Yr. CAGR %	2.88	-32.98	-5.84	-11.29	47.15
EBIT, 3 Yr. CAGR %	7.38	-31.51	-3.18	-12.41	48.58
Earnings From Cont. Operations, 3 Yr. CAGR %	34.92	-24.04	20.25	-27.65	70.16
Net Income, 3 Yr. CAGR %	37.51	29.83	15.09	-62.3	61.3
Normalized Net Income, 3 Yr. CAGR %	16.58	-41.94	-3	-22.9	74.58
Diluted EPS Before Extra, 3 Yr. CAGR %	35.17	-24.63	19.08	-28.62	72.96
Accounts Receivable, 3 Yr. CAGR %	-5.22	1.82	-3.1	4.81	6.16
Inventory, 3 Yr. CAGR %	-15.1	-11.69	-5.65	10.95	12.35
Net Property, Plant and Equip., 3 Yr. CAGR %	30.57	29.4	-9.45	-4.12	0.45
Total Assets, 3 Yr. CAGR %	-4.99	-4.3	-2.08	3.03	5.07
Tangible Book Value, 3 Yr. CAGR %	7.56	8.55	4.56	-5.79	-4.46
Common Equity, 3 Yr. CAGR %	-22.14	-15.25	-6.75	14.93	13.69
Cash From Operations, 3 Yr. CAGR %	-53.6	-1.27	17.32	111.02	4.98
Capital Expenditures, 3 Yr. CAGR %	-10.47	-15.8	-10.62	0.33	0.32
Levered Free Cash Flow, 3 Yr. CAGR %	-63.33	14.51	37.5	183.64	-7.06
Unlevered Free Cash Flow, 3 Yr. CAGR %	-59.74	13.4	28.56	144.05	-4.09
Dividend Per Share, 3 Yr. CAGR %	-	-	-	-	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-2.58	-1.93	0.79	1.35	1.51
Gross Profit, 5 Yr. CAGR %	-2.49	-1.64	0.87	1.35	1.68
EBITDA, 5 Yr. CAGR %	-4.63	-18.42	-8.09	-5.63	3.49
EBITA, 5 Yr. CAGR %	0.56	-22.34	-8.57	-5.38	4.57
EBIT, 5 Yr. CAGR %	4.17	-20.79	-7.04	-3.51	6.4
Earnings From Cont. Operations, 5 Yr. CAGR %	18.72	-24.79	-1.2	10.08	18.03
Net Income, 5 Yr. CAGR %	18.68	-22.61	0.55	-0.14	13.84
Normalized Net Income, 5 Yr. CAGR %	10.59	-28.98	-9.6	-5.44	8.56
Diluted EPS Before Extra, 5 Yr. CAGR %	19	-25.34	-2.18	9.64	18.74
Accounts Receivable, 5 Yr. CAGR %	-1.75	-1.65	-1.03	2.87	0.6
Inventory, 5 Yr. CAGR %	-10.16	-8.5	-4.18	-1.44	-1.81
Net Property, Plant and Equip., 5 Yr. CAGR %	17.06	16.52	15.82	14.94	-5.21
Total Assets, 5 Yr. CAGR %	-2.42	-2.2	-1.55	-0.87	0.23
Tangible Book Value, 5 Yr. CAGR %	4.65	4.01	1.37	2.46	1.88
Common Equity, 5 Yr. CAGR %	-14.78	-11.43	-5.95	-4.51	-2.31
Cash From Operations, 5 Yr. CAGR %	-37.23	-2.68	-1.6	0.27	12.55
Capital Expenditures, 5 Yr. CAGR %	-4.85	-6.42	-4	-7.33	-10.96
Levered Free Cash Flow, 5 Yr. CAGR %	-43.25	4.23	-0.24	5.18	19.59
Unlevered Free Cash Flow, 5 Yr. CAGR %	-40.46	3.98	-0.2	5.4	16.71
Dividend Per Share, 5 Yr. CAGR %	-	-	-22.88	-21.47	-