Cash flow London Stock Exchange Group Plc

Equities

LSEG

GB00B0SWJX34

Financial & Commodity Market Operators

Market Closed - London S.E. Other stock markets 16:35:04 09/07/2025 BST			5-day change	1st Jan Change
10,840.00 ^GBX	-0.28%		+0.32%	-3.94%

09:48am	Jefferies says buy BAT and Imperial Brands	AN
09:45am	LONDON STOCK EXCHANGE : Receives a Buy rating from Deutsche Bank	ZD

f07f.Y6kcErhKwQFdhC814ZwfWekw8lucR1e3q9O16gWbTvQ.LpFqQekao0Bo7xxfu95oD4t6uS_fJiPQ5ILU2GG2A8cu50R59iGSZxe3fg

Published financial data: LONDON STOCK EXCHANGE GROUP PLC

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	2.12B	6.5B	7.45B	8.06B	8.58B
Other Revenues, Total	320M	238M	289M	318M	279M
Total Revenues	2.44B	6.74B	7.74B	8.38B	8.86B
Cost of Goods Sold, Total	224M	862M	1.06B	1.14B	1.17B
Gross Profit	2.22B	5.88B	6.68B	7.24B	7.68B
Selling General & Admin Expenses, Total	886M	2.78B	3.13B	3.47B	3.56B
Depreciation & Amortization - (IS)	363M	1.57B	1.84B	2.09B	2.28B
Amortization of Goodwill and Intangible Assets - (IS)	-	-	-	-	-
Other Operating Expenses	-	-	-	-	-
Other Operating Expenses, Total	1.25B	4.36B	4.97B	5.55B	5.84B
Operating Income	971M	1.52B	1.71B	1.68B	1.85B
Interest Expense, Total	-60M	-175M	-181M	-242M	-339M
Interest And Investment Income	4M	5M	30M	148M	146M
Net Interest Expenses	-56M	-170M	-151M	-94M	-193M
Income (Loss) On Equity Invest.	-4M	18M	11M	15M	23M
Currency Exchange Gains (Loss)	-	-	-	-30M	-15M
Other Non Operating Income (Expenses)	-15M	-7M	-36M	-60M	-25M
EBT, Excl. Unusual Items	896M	1.36B	1.53B	1.51B	1.64B
Restructuring Charges	5M	-	-62M	-36M	-60M
Merger & Related Restructuring Charges	-173M	-339M	-327M	-294M	-151M
Impairment of Goodwill	-10M	-	-	-	-
Gain (Loss) On Sale Of Investments	-	-	23M	69M	-
Gain (Loss) On Sale Of Assets	-	-	133M	-	8M
Asset Writedown	-33M	-35M	-57M	-55M	-202M
Other Unusual Items	-	-	-	-2M	24M
EBT, Incl. Unusual Items	685M	987M	1.24B	1.2B	1.26B
Income Tax Expense	198M	327M	262M	247M	337M
Earnings From Continuing Operations	487M	660M	979M	948M	921M
Earnings Of Discontinued Operations	-	2.6B	512M	-	-
Net Income to Company	487M	3.26B	1.49B	948M	921M
Minority Interest	-66M	-131M	-189M	-187M	-236M
Net Income - (IS)	421M	3.13B	1.3B	761M	685M
Net Income to Common Incl Extra Items	421M	3.13B	1.3B	761M	685M
Net Income to Common Excl. Extra Items	421M	529M	790M	761M	685M
Per Share Items
Net EPS - Basic	1.2	5.82	2.34	1.39	1.29
Basic EPS - Continuing Operations	1.2	0.98	1.42	1.39	1.29
Basic Weighted Average Shares Outstanding	350M	538M	557M	548M	532M
Net EPS - Diluted	1.19	5.78	2.33	1.38	1.28
Diluted EPS - Continuing Operations	1.19	0.98	1.41	1.38	1.28
Diluted Weighted Average Shares Outstanding	354M	541M	560M	551M	535M
Normalized Basic EPS	1.41	1.34	1.38	1.38	1.48
Normalized Diluted EPS	1.4	1.33	1.37	1.38	1.47
Dividend Per Share	0.75	0.95	1.07	1.15	1.3
Payout Ratio	61.05	13.61	43.55	80.29	93.72
American Depositary Receipts Ratio (ADR)	0.25	0.25	0.25	0.25	0.25
Supplemental Items
EBITDA	1.15B	2.52B	3.55B	2.91B	2.96B
EBITA	1.11B	2.36B	3.3B	2.67B	2.82B
EBIT	971M	1.52B	1.71B	1.68B	1.85B
EBITDAR	1.15B	2.56B	3.56B	2.92B	2.97B
Total Revenues (As Reported)	2.44B	6.74B	7.74B	8.38B	8.86B
Effective Tax Rate - (Ratio)	28.91	33.13	21.11	20.67	26.79
Total Current Taxes	223M	133M	273M	269M	443M
Total Deferred Taxes	-25M	194M	-11M	-22M	-106M
Normalized Net Income	494M	720M	768M	759M	788M
Interest on Long-Term Debt	4M	24M	201M	20M	20M
Non-Cash Pension Expense	1M	9M	-4M	5M	9M
Supplemental Operating Expense Items
General and Administrative Expenses	-	-	-	-	-
Research And Development Expense From Footnotes	-	438M	-	10M	-
Net Rental Expense, Total	1M	43M	13M	13M	10M
Imputed Operating Lease Interest Expense	215K	11.44M	2.17M	2.69M	2.74M
Imputed Operating Lease Depreciation	785K	31.56M	10.83M	10.31M	7.26M
Stock-Based Comp., SG&A Exp. (Total)	45M	141M	158M	143M	165M
Stock-Based Comp., Other (Total)	4M	-	-	-	-
Total Stock-Based Compensation	49M	141M	158M	143M	165M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	1.78B	2.66B	3.21B	3.58B	3.48B
Short Term Investments	-	-	226M	-	-
Total Cash And Short Term Investments	1.78B	2.66B	3.44B	3.58B	3.48B
Accounts Receivable, Total	416M	722M	1.04B	1.18B	1.24B
Other Receivables	198M	502M	617M	1.06B	530M
Total Receivables	614M	1.22B	1.65B	2.25B	1.77B
Inventory	-	-	-	-	-
Prepaid Expenses	57M	141M	214M	230M	218M
Other Current Assets, Total	842B	749B	792B	764B	693B
Total Current Assets	844B	753B	798B	770B	698B
Gross Property Plant And Equipment	615M	1.32B	1.54B	1.71B	1.82B
Accumulated Depreciation	-318M	-493M	-747M	-998M	-1.14B
Net Property Plant And Equipment	297M	832M	797M	716M	681M
Long-term Investments	286M	376M	428M	400M	67M
Goodwill	1.86B	17.49B	19.83B	19.25B	19.67B
Other Intangibles, Total	2.47B	14.24B	15.24B	13.9B	13.3B
Accounts Receivable Long-Term	2M	81M	71M	62M	69M
Loans Receivable Long-Term	5M	6M	12M	-	-
Deferred Tax Assets Long-Term	51M	508M	622M	664M	659M
Other Long-Term Assets, Total	107M	685M	369M	382M	331M
Total Assets	849B	787B	835B	805B	733B
Liabilities
Accounts Payable, Total	54M	259M	413M	258M	323M
Accrued Expenses, Total	447M	1.08B	1.12B	1.18B	1.27B
Short-term Borrowings	305M	-	-	1.21B	1.04B
Current Portion of Long-Term Debt	306M	-	1.3B	902M	429M
Current Portion of Leases	42M	168M	139M	118M	140M
Current Income Taxes Payable	24M	73M	142M	124M	97M
Unearned Revenue Current, Total	168M	245M	257M	273M	290M
Other Current Liabilities	842B	749B	793B	765B	693B
Total Current Liabilities	843B	751B	796B	769B	697B
Long-Term Debt	1.36B	7.65B	6.94B	7.04B	7.94B
Long-Term Leases	147M	547M	533M	518M	494M
Unearned Revenue Non Current	94M	101M	89M	72M	68M
Pension & Other Post Retirement Benefits	18M	85M	64M	79M	64M
Deferred Tax Liability Non Current	411M	1.84B	2.2B	2.14B	2B
Other Non Current Liabilities	19M	601M	707M	642M	568M
Total Liabilities	845B	762B	807B	779B	708B
Common Stock, Total	24M	39M	39M	38M	38M
Additional Paid In Capital	971M	978M	978M	978M	978M
Retained Earnings	911M	3.82B	3.84B	2.92B	1.88B
Comprehensive Income and Other	1.8B	18.81B	21.14B	19.87B	20.12B
Total Common Equity	3.71B	23.64B	26B	23.81B	23.01B
Minority Interest	414M	1.88B	2.16B	2.14B	2.14B
Total Equity	4.12B	25.52B	28.15B	25.94B	25.15B
Total Liabilities And Equity	849B	787B	835B	805B	733B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	351M	557M	554M	540M	530M
ECS Total Common Shares Outstanding	351M	557M	554M	540M	530M
Book Value / Share	10.57	42.46	46.91	44.08	43.43
Tangible Book Value	-613M	-8.08B	-9.07B	-9.34B	-9.96B
Tangible Book Value Per Share	-1.75	-14.52	-16.37	-17.3	-18.79
Total Debt	2.16B	8.37B	8.92B	9.78B	10.04B
Net Debt	372M	5.7B	5.48B	6.2B	6.57B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-63M	-488M	-217M	-157M	-141M
Debt Equivalent Oper. Leases	8M	344M	104M	104M	80M
Minority Interest, Total (Incl. Fin. Div)	414M	1.88B	2.16B	2.14B	2.14B
Equity Method Investments, Total	25M	25M	34M	28M	9M
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	62M	55M	53M	17M	14M
Machinery, Total	297M	502M	624M	723M	792M
Full Time Employees	5.55K	23.26K	24.3K	25.61K	26.25K
Accumulated Allowance for Doubtful Accounts (Supple)	11M	7M	9M	13M	20M

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	421M	3.13B	1.3B	761M	685M
Depreciation & Amortization - CF	69M	274M	251M	241M	265M
Amortization of Goodwill and Intangible Assets - (CF)	141M	841M	1.59B	985M	975M
Depreciation & Amortization, Total	210M	1.12B	1.84B	1.23B	1.24B
Amortization of Deferred Charges, Total - (CF)	162M	470M	10M	865M	976M
(Gain) Loss From Sale Of Asset	1M	-	-133M	-	-8M
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-69M	33M
Asset Writedown & Restructuring Costs	33M	35M	50M	55M	233M
(Income) Loss On Equity Investments - (CF)	4M	-	-	-	-
Stock-Based Compensation (CF)	49M	141M	158M	143M	162M
Net Cash From Discontinued Operations	-	23M	37M	-	-
Other Operating Activities, Total	-13M	-2.43B	-330M	322M	113M
Change In Accounts Receivable	-42M	702M	-407M	-706M	517M
Change In Inventories	-	-	-	-	-
Change In Accounts Payable	-45M	-319M	-119M	-1M	-245M
Change in Other Net Operating Assets	192M	-260M	326M	346M	-310M
Cash from Operations	972M	2.6B	2.74B	2.94B	3.4B
Capital Expenditure	-33M	-97M	-193M	-122M	-74M
Sale of Property, Plant, and Equipment	-	-	153M	-	-
Cash Acquisitions	-	762M	-768M	-523M	-666M
Divestitures	29M	3.59B	-	-	8M
Sale (Purchase) of Intangible assets	-189M	-565M	-773M	-962M	-934M
Investment in Marketable and Equity Securities, Total	0	-28M	-227M	223M	360M
Other Investing Activities, Total	-	20M	899M	15M	27M
Cash from Investing	-193M	3.68B	-909M	-1.37B	-1.28B
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	5M	6.94B	-	2.39B	1.7B
Total Debt Issued	5M	6.94B	-	2.39B	1.7B
Short Term Debt Repaid, Total	-101M	-	-	-	-
Long-Term Debt Repaid, Total	-170M	-11.73B	-359M	-1.42B	-1.5B
Total Debt Repaid	-271M	-11.73B	-359M	-1.42B	-1.5B
Issuance of Common Stock	10M	-	-	-	-
Repurchase of Common Stock	-4M	-	-303M	-1.21B	-1B
Common Dividends Paid	-257M	-426M	-567M	-611M	-642M
Common & Preferred Stock Dividends Paid	-257M	-426M	-567M	-611M	-642M
Other Financing Activities, Total	-25M	-132M	-239M	-240M	-721M
Cash from Financing	-542M	-5.35B	-1.47B	-1.09B	-2.16B
Foreign Exchange Rate Adjustments	55M	-60M	184M	-116M	-58M
Net Change in Cash	292M	880M	544M	371M	-105M
Supplemental Items
Cash Interest Paid	78M	152M	171M	212M	325M
Cash Income Tax Paid (Refund)	232M	390M	351M	217M	395M
Levered Free Cash Flow	834M	2.24B	2.31B	1.67B	2.39B
Unlevered Free Cash Flow	872M	2.34B	2.41B	1.82B	2.6B
Change In Net Working Capital	-66M	-334M	-310M	377M	-69M
Net Debt Issued / Repaid	-266M	-4.79B	-359M	972M	204M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	0.07	0.12	0.13	0.13	0.15
Return on Total Capital	9.8	4.73	3	2.89	3.26
Return On Equity %	12.29	4.45	3.65	3.5	3.6
Return on Common Equity	11.75	3.87	3.18	3.06	2.93
Margin Analysis
Gross Profit Margin %	90.83	87.21	86.26	86.36	86.76
SG&A Margin	36.25	41.32	40.41	41.37	40.14
EBITDA Margin %	47.14	37.36	45.85	34.71	33.37
EBITA Margin %	45.5	35.03	42.61	31.83	31.88
EBIT Margin %	39.73	22.55	22.05	20.07	20.87
Income From Continuing Operations Margin %	19.93	9.79	12.64	11.31	10.4
Net Income Margin %	17.23	46.42	16.82	9.08	7.73
Net Avail. For Common Margin %	17.23	7.85	10.2	9.08	7.73
Normalized Net Income Margin	20.21	10.68	9.92	9.05	8.9
Levered Free Cash Flow Margin	34.14	33.21	29.82	19.97	26.93
Unlevered Free Cash Flow Margin	35.67	34.66	31.15	21.74	29.33
Asset Turnover
Asset Turnover	0	0.01	0.01	0.01	0.01
Fixed Assets Turnover	8.36	11.94	9.51	11.08	12.68
Receivables Turnover (Average Receivables)	4.84	11.43	8.43	7.26	7.08
Inventory Turnover (Average Inventory)	-	-	-	-	-
Short Term Liquidity
Current Ratio	1	1	1	1	1
Quick Ratio	0	0.01	0.01	0.01	0.01
Operating Cash Flow to Current Liabilities	0	0	0	0	0
Days Sales Outstanding (Average Receivables)	75.56	31.94	43.29	50.26	51.73
Days Outstanding Inventory (Average Inventory)	-	-	-	-	-
Average Days Payable Outstanding	90.68	66.27	115.26	107.14	90.64
Cash Conversion Cycle (Average Days)	-	-	-	-	-
Long Term Solvency
Total Debt/Equity	52.29	32.8	31.68	37.7	39.92
Total Debt / Total Capital	34.34	24.7	24.06	27.38	28.53
LT Debt/Equity	36.46	32.14	26.56	29.12	33.54
Long-Term Debt / Total Capital	23.94	24.2	20.17	21.15	23.97
Total Liabilities / Total Assets	99.51	96.76	96.63	96.78	96.57
EBIT / Interest Expense	16.18	8.69	9.43	6.95	5.45
EBITDA / Interest Expense	19.68	15.06	19.61	12.02	9.11
(EBITDA - Capex) / Interest Expense	19.13	14.5	18.55	11.51	8.89
Total Debt / EBITDA	1.83	3.18	2.51	3.36	3.25
Net Debt / EBITDA	0.31	2.16	1.54	2.13	2.13
Total Debt / (EBITDA - Capex)	1.88	3.3	2.66	3.51	3.33
Net Debt / (EBITDA - Capex)	0.32	2.25	1.63	2.23	2.18
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	5.62	232.02	18.48	8.21	5.72
Gross Profit, 1 Yr. Growth %	5.51	222.61	17.67	8.34	6.2
EBITDA, 1 Yr. Growth %	2.95	184.84	20.05	-16.44	5.99
EBITA, 1 Yr. Growth %	2.96	176.46	20.84	-17.4	6.81
EBIT, 1 Yr. Growth %	5.31	97.92	17.4	2.75	11.45
Earnings From Cont. Operations, 1 Yr. Growth %	4.73	86.44	65.37	-3.17	-2.85
Net Income, 1 Yr. Growth %	0.96	643.23	-58.39	-41.55	-9.99
Normalized Net Income, 1 Yr. Growth %	4.38	93.38	13.19	-1.2	5.93
Diluted EPS Before Extra, 1 Yr. Growth %	0.68	18.4	65.61	-2.13	-7.31
Accounts Receivable, 1 Yr. Growth %	-9.76	73.56	41.2	14.49	4.64
Inventory, 1 Yr. Growth %	-	-	-	-	-
Net Property, Plant and Equip., 1 Yr. Growth %	3.12	180.13	-4.21	-10.16	-4.89
Total Assets, 1 Yr. Growth %	5.66	-7.31	6.1	-3.61	-8.97
Tangible Book Value, 1 Yr. Growth %	-36.54	1.22K	12.2	2.98	6.61
Common Equity, 1 Yr. Growth %	7.41	537.02	9.97	-8.42	-3.34
Cash From Operations, 1 Yr. Growth %	16.13	167.7	5.19	7.49	15.43
Capital Expenditures, 1 Yr. Growth %	-19.51	410.53	114.44	-36.79	-39.34
Levered Free Cash Flow, 1 Yr. Growth %	8.2	236.7	7.36	-26.21	44.38
Unlevered Free Cash Flow, 1 Yr. Growth %	6.42	233.24	7.3	-23.09	41.96
Dividend Per Share, 1 Yr. Growth %	7.14	26.67	12.63	7.48	13.04
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	6.99	70.67	95.3	13.23	6.96
Gross Profit, 2 Yr. CAGR %	7.87	67.14	91.46	12.91	7.27
EBITDA, 2 Yr. CAGR %	10.24	50.01	100.4	-0.83	-7.84
EBITA, 2 Yr. CAGR %	10.12	47.86	96.55	-1.16	-6.48
EBIT, 2 Yr. CAGR %	11.08	28.4	49.09	7.56	6.28
Earnings From Cont. Operations, 2 Yr. CAGR %	-6.16	19.14	66.3	26.54	-3.01
Net Income, 2 Yr. CAGR %	-6.35	173.93	75.86	-50.68	-27.47
Normalized Net Income, 2 Yr. CAGR %	15.14	23.31	43.65	5.75	1.33
Diluted EPS Before Extra, 2 Yr. CAGR %	-6.5	-9	30.7	27.31	-4.76
Accounts Receivable, 2 Yr. CAGR %	-13.96	25.15	57.73	27.15	9.46
Inventory, 2 Yr. CAGR %	-	-	-	-	-
Net Property, Plant and Equip., 2 Yr. CAGR %	41.18	69.97	63.81	-7.23	-7.56
Total Assets, 2 Yr. CAGR %	0.37	-1.03	-0.83	1.13	-6.33
Tangible Book Value, 2 Yr. CAGR %	-32.46	189.28	284.66	7.49	4.78
Common Equity, 2 Yr. CAGR %	5.36	161.58	164.67	0.35	-5.91
Cash From Operations, 2 Yr. CAGR %	16.03	76.32	67.8	6.33	11.39
Capital Expenditures, 2 Yr. CAGR %	-18.76	53.81	218.71	16.43	-38.08
Levered Free Cash Flow, 2 Yr. CAGR %	29.07	70.38	86.35	-11.8	2.58
Unlevered Free Cash Flow, 2 Yr. CAGR %	26.38	68.86	85.49	-9.99	4.73
Dividend Per Share, 2 Yr. CAGR %	11.43	16.5	19.44	10.02	10.22
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	7.73	46.7	49.57	60.41	10.67
Gross Profit, 3 Yr. CAGR %	8.46	45.51	46.97	58.36	10.63
EBITDA, 3 Yr. CAGR %	11.95	38.49	46.94	48.72	-0.01
EBITA, 3 Yr. CAGR %	11.84	37.06	45.1	46.17	1.13
EBIT, 3 Yr. CAGR %	13.34	24.53	22.79	29.86	8.34
Earnings From Cont. Operations, 3 Yr. CAGR %	-5.98	6.07	28.17	38.87	15.87
Net Income, 3 Yr. CAGR %	-5.88	86.8	46.16	21.82	-39.73
Normalized Net Income, 3 Yr. CAGR %	15.85	24.53	17.51	26.8	5.14
Diluted EPS Before Extra, 3 Yr. CAGR %	-7.47	-10.41	6.11	18.69	14.53
Accounts Receivable, 3 Yr. CAGR %	-3.37	8.71	30.94	41.76	19.15
Net Property, Plant and Equip., 3 Yr. CAGR %	32.05	77.41	40.4	34.09	-6.46
Total Assets, 3 Yr. CAGR %	4.6	-2.25	1.29	-1.76	-2.35
Tangible Book Value, 3 Yr. CAGR %	-23.36	81.86	110.96	147.91	7.19
Common Equity, 3 Yr. CAGR %	4.77	91.94	95.95	85.81	-0.89
Cash From Operations, 3 Yr. CAGR %	13.83	53.32	48.43	44.65	9.28
Capital Expenditures, 3 Yr. CAGR %	-11.12	24.72	67.59	85.87	-6.32
Levered Free Cash Flow, 3 Yr. CAGR %	18.65	64.72	44.13	36.01	3.52
Unlevered Free Cash Flow, 3 Yr. CAGR %	17.4	62.35	43.32	37.47	4.94
Dividend Per Share, 3 Yr. CAGR %	13.28	16.3	15.19	15.31	11.02
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	11.49	32.39	31.69	31.45	30.8
Gross Profit, 5 Yr. CAGR %	11.42	31.73	30.87	30.55	29.57
EBITDA, 5 Yr. CAGR %	13.71	29.63	34.02	25.13	21.44
EBITA, 5 Yr. CAGR %	13.7	28.76	32.92	23.8	21.2
EBIT, 5 Yr. CAGR %	17.39	22.95	20.68	16.4	14.93
Earnings From Cont. Operations, 5 Yr. CAGR %	11.08	20.2	10.81	11.38	14.65
Net Income, 5 Yr. CAGR %	5.1	83.11	20.85	9.66	10.44
Normalized Net Income, 5 Yr. CAGR %	19.65	22.94	19.3	15.28	10.75
Diluted EPS Before Extra, 5 Yr. CAGR %	10.04	9.37	-1.23	0.31	1.62
Accounts Receivable, 5 Yr. CAGR %	19.33	13.52	17.56	16.09	21.88
Net Property, Plant and Equip., 5 Yr. CAGR %	25.9	50.43	43.94	36.88	18.78
Total Assets, 5 Yr. CAGR %	12.88	6.86	2.39	-0.91	-1.83
Tangible Book Value, 5 Yr. CAGR %	-8.59	51.35	46.11	47.36	59.45
Common Equity, 5 Yr. CAGR %	6.22	50.07	51.78	48.09	46.12
Cash From Operations, 5 Yr. CAGR %	17.49	60.94	32.95	32.44	32.33
Capital Expenditures, 5 Yr. CAGR %	1.86	23.33	32.65	19.53	12.54
Levered Free Cash Flow, 5 Yr. CAGR %	10.94	15.42	35.82	27.28	25.34
Unlevered Free Cash Flow, 5 Yr. CAGR %	13.88	15.56	34.95	27.25	25.96
Dividend Per Share, 5 Yr. CAGR %	15.81	17.07	15.7	13.74	13.18