Balance Sheet Synlait Milk Limited

Equities

SML

NZSMLE0001S9

Food Processing

End-of-day quote New Zealand S.E. Other stock markets 05/06/2026			5-day change	1st Jan Change
0.4150 ^NZD	-4.60%		-6.74%	-35.16%

05-17	Synlait Milk Limited Announces Board and Committee Changes	CI
05-14	New Zealand Shares Fall; Synlait Milk CEO Resigns	MT

2c3a7.ZK0RKYAI4hSEBQW6wJMpfX5VQAa84E-ynqjHhCaqd-Y.N9liT9J9plDLNWvNhcNwTTIlJFfY0jr6rvL_7B75NrAcnkce2lGBcfZASA

Published financial data: SYNLAIT MILK LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: July	2021	2022	2023	2024	2025
Revenues	1.37B	1.66B	1.32B	1.64B	1.83B
Total Revenues	1.37B	1.66B	1.32B	1.64B	1.83B
Cost of Goods Sold, Total	1.3B	1.51B	1.2B	1.58B	1.72B
Gross Profit	67.31M	147M	118M	56.01M	105M
Selling General & Admin Expenses, Total	88.28M	92.25M	110M	134M	126M
Other Operating Expenses, Total	88.28M	92.25M	110M	134M	126M
Operating Income	-20.97M	54.52M	8.05M	-78M	-20.34M
Interest Expense, Total	-20.49M	-18.73M	-29.33M	-47.69M	-39.72M
Interest And Investment Income	44K	170K	281K	585K	842K
Net Interest Expenses	-20.44M	-18.56M	-29.05M	-47.1M	-38.88M
Income (Loss) On Equity Invest.	-33K	-	-	-	-
Currency Exchange Gains (Loss)	-	-	-	-	-
Other Non Operating Income (Expenses)	3.87M	8.39M	4.73M	9.83M	14.02M
EBT, Excl. Unusual Items	-37.58M	44.35M	-16.26M	-115M	-45.2M
Gain (Loss) On Sale Of Investments	-1.04M	-2.43M	-5.77M	-7.92M	-9.16M
Gain (Loss) On Sale Of Assets	-	11.92M	1.77M	-	-
Asset Writedown	-530K	-12.23M	-	-115M	-
EBT, Incl. Unusual Items	-39.15M	41.61M	-20.27M	-238M	-54.36M
Income Tax Expense	-10.7M	3.09M	-6.12M	-55.64M	-14.54M
Earnings From Continuing Operations	-28.45M	38.52M	-14.14M	-182M	-39.82M
Earnings Of Discontinued Operations	-	-	9.85M	-	-
Net Income to Company	-28.45M	38.52M	-4.29M	-182M	-39.82M
Net Income - (IS)	-28.45M	38.52M	-4.29M	-182M	-39.82M
Net Income to Common Incl Extra Items	-28.45M	38.52M	-4.29M	-182M	-39.82M
Net Income to Common Excl. Extra Items	-28.45M	38.52M	-14.14M	-182M	-39.82M
Per Share Items
Net EPS - Basic	-0.14	0.18	-0.02	-0.83	-0.07
Basic EPS - Continuing Operations	-0.14	0.18	-0.06	-0.83	-0.07
Basic Weighted Average Shares Outstanding	207M	219M	219M	219M	539M
Net EPS - Diluted	-0.14	0.18	-0.02	-0.83	-0.07
Diluted EPS - Continuing Operations	-0.14	0.18	-0.06	-0.83	-0.07
Diluted Weighted Average Shares Outstanding	207M	219M	219M	219M	539M
Normalized Basic EPS	-0.11	0.13	-0.05	-0.33	-0.05
Normalized Diluted EPS	-0.11	0.13	-0.05	-0.33	-0.05
Supplemental Items
EBITDA	26.28M	102M	54.55M	-30.35M	24.56M
EBITA	-20.56M	54.89M	8.47M	-78M	-18.72M
EBIT	-20.97M	54.52M	8.05M	-78M	-20.34M
EBITDAR	27.98M	103M	55.85M	-28.35M	-
Effective Tax Rate - (Ratio)	27.34	7.42	30.21	23.4	26.75
Total Current Taxes	-18.03M	-1.67M	-1.15M	-2.05M	-26K
Total Deferred Taxes	7.33M	4.75M	-4.98M	-53.59M	-14.51M
Normalized Net Income	-23.49M	27.72M	-10.17M	-72.04M	-28.25M
Interest Capitalized	2.32M	5.59M	6.65M	247K	-
Interest on Long-Term Debt	590K	1.13M	2.2M	3.8M	3.62M
Supplemental Operating Expense Items
Selling and Marketing Expenses	36.79M	39.42M	41.55M	58.02M	58.27M
Research And Development Expense From Footnotes	-	-	-	-	-
Net Rental Expense, Total	1.7M	1.4M	1.3M	2M	-
Imputed Operating Lease Interest Expense	587K	611K	863K	1.4M	-
Imputed Operating Lease Depreciation	1.11M	789K	437K	604K	-
Maintenance & Repair Expenses, Total	-	-	18.7M	16.6M	20.24M
Stock-Based Comp., SG&A Exp. (Total)	-610K	115K	1K	399K	-
Stock-Based Comp., Other (Total)	-	5K	-84K	-14K	-509K
Total Stock-Based Compensation	-610K	120K	-83K	385K	-509K

Fiscal Period: July	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	16.02M	14.49M	9.29M	10.27M	78.28M
Total Cash And Short Term Investments	16.02M	14.49M	9.29M	10.27M	78.28M
Accounts Receivable, Total	98.66M	81.92M	75.43M	98.33M	57.83M
Other Receivables	30.22M	15.38M	13.49M	52.13M	44.98M
Total Receivables	129M	97.3M	88.92M	150M	103M
Inventory	271M	233M	250M	210M	281M
Prepaid Expenses	-	16.64M	9.88M	27.78M	13.81M
Other Current Assets, Total	37.16M	9.22M	197M	8.54M	17.37M
Total Current Assets	453M	371M	555M	407M	494M
Gross Property Plant And Equipment	1.27B	1.31B	1.34B	1.31B	1.33B
Accumulated Depreciation	-224M	-273M	-302M	-362M	-409M
Net Property Plant And Equipment	1.04B	1.04B	1.04B	948M	923M
Long-term Investments	110K	110K	935K	1.86M	2.3M
Goodwill	64.19M	64.19M	6.03M	58.16M	58.16M
Other Intangibles, Total	59.63M	94.47M	77.75M	75.83M	70.49M
Deferred Tax Assets Long-Term	-	-	-	-	9.61M
Other Long-Term Assets, Total	53K	5.55M	10.33M	3.64M	6.32M
Total Assets	1.62B	1.58B	1.69B	1.49B	1.56B
Liabilities
Accounts Payable, Total	101M	140M	186M	100M	191M
Accrued Expenses, Total	163M	183M	138M	158M	187M
Short-term Borrowings	33.33M	58.88M	110M	82.9M	-
Current Portion of Long-Term Debt	-	-	133M	287M	329M
Current Portion of Leases	3.24M	4.3M	19.54M	6.33M	6.5M
Current Income Taxes Payable	-	-	2.99M	-	-
Deferred Tax Liability Current	-	-	604K	-	-
Other Current Liabilities	10.77M	55.94M	26.86M	8.38M	8.16M
Total Current Liabilities	311M	442M	617M	642M	722M
Long-Term Debt	460M	296M	179M	191M	-
Long-Term Leases	11.78M	24.75M	41.69M	47.75M	48.73M
Deferred Tax Liability Non Current	59.43M	41.87M	54.68M	187K	-
Other Non Current Liabilities	8.83M	23.12M	2.51M	7.71M	4.52M
Total Liabilities	851M	828M	895M	889M	775M
Common Stock, Total	465M	465M	465M	465M	677M
Retained Earnings	294M	332M	328M	146M	106M
Comprehensive Income and Other	8.78M	-48.46M	-2.19M	-5.65M	6.05M
Total Common Equity	767M	748M	790M	605M	789M
Total Equity	767M	748M	790M	605M	789M
Total Liabilities And Equity	1.62B	1.58B	1.69B	1.49B	1.56B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	219M	219M	219M	219M	603M
ECS Total Common Shares Outstanding	219M	219M	219M	219M	603M
Book Value / Share	3.51	3.42	3.62	2.77	1.31
Tangible Book Value	643M	590M	707M	471M	660M
Tangible Book Value Per Share	2.94	2.7	3.23	2.15	1.09
Total Debt	508M	384M	484M	615M	384M
Net Debt	492M	369M	475M	605M	306M
Debt Equivalent Oper. Leases	13.6M	11.2M	10.4M	16M	-
Equity Method Investments, Total	-	-	825K	1.75M	2.19M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	74.39M	95.77M	79.5M	94.45M	135M
Inventories - Work In Process, Total	16.59M	56.74M	113M	47.4M	32.69M
Inventories - Finished Goods, Total	180M	80.43M	58.16M	67.85M	114M
Land - (BS)	60.66M	56.76M	55.42M	51.24M	51.37M
Buildings, Total	324M	316M	326M	309M	310M
Machinery, Total	805M	806M	852M	862M	882M
Full Time Employees	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	2.58M	3.66M	2.59M	2.82M	4.3M

Fiscal Period: July	2021	2022	2023	2024	2025
Net Income	-28.45M	38.52M	-4.29M	-182M	-39.82M
Depreciation & Amortization - CF	51.58M	51.41M	51.56M	55.46M	49.76M
Amortization of Goodwill and Intangible Assets - (CF)	414K	371K	416K	-	1.62M
Depreciation & Amortization, Total	51.99M	51.78M	51.98M	55.46M	51.37M
Amortization of Deferred Charges, Total - (CF)	2.98M	2.46M	7.71M	8.26M	5.66M
(Gain) Loss From Sale Of Asset	100K	-11.7M	-1.92M	-381K	4.18M
(Gain) Loss on Sale of Investments - (CF)	1.04M	2.43M	6.74M	7.92M	9.16M
Asset Writedown & Restructuring Costs	2.24M	11.67M	348K	113M	-1.73M
(Income) Loss On Equity Investments - (CF)	33K	-	-	-	-
Stock-Based Compensation (CF)	-476K	120K	-83K	385K	-509K
Other Operating Activities, Total	27.73M	25.39M	28.21M	-4.1M	25.35M
Change In Accounts Receivable	-45.32M	17.28M	-1.23M	-52.6M	49.94M
Change In Inventories	-1.56M	38M	-69.56M	92.8M	-71.72M
Change In Accounts Payable	31.81M	56.8M	11.47M	-65.97M	122M
Change In Income Taxes	-26.3M	1.19M	273K	-4.95M	3.61M
Change in Other Net Operating Assets	44K	-1.03M	9.39M	-15.17M	8.07M
Cash from Operations	15.87M	233M	39.04M	-47.19M	166M
Capital Expenditure	-116M	-57.2M	-49.02M	-28.54M	-22.94M
Sale of Property, Plant, and Equipment	1.1M	30.47M	584K	753K	526K
Cash Acquisitions	-	-	-	-	-
Divestitures	-	-	3.07M	-	-
Sale (Purchase) of Intangible assets	-21.76M	-39.05M	-16.07M	-2.36M	-728K
Investment in Marketable and Equity Securities, Total	-	-	-825K	-925K	-441K
Other Investing Activities, Total	44K	170K	311K	1.44M	959K
Cash from Investing	-137M	-65.62M	-61.95M	-29.63M	-22.62M
Short Term Debt Issued, Total	12.59M	-	51.59M	-	-
Long-Term Debt Issued, Total	-	-	15.78M	166M	30.02M
Total Debt Issued	12.59M	-	67.37M	166M	30.02M
Short Term Debt Repaid, Total	-	-56.54M	-	-27.57M	-82.9M
Long-Term Debt Repaid, Total	-54.5M	-86.58M	-4.4M	-5.92M	-185M
Total Debt Repaid	-54.5M	-143M	-4.4M	-33.49M	-268M
Issuance of Common Stock	200M	-	-	-	212M
Other Financing Activities, Total	-27.02M	-26.05M	-44.31M	-55.38M	-48.88M
Cash from Financing	131M	-169M	18.66M	76.77M	-74.9M
Foreign Exchange Rate Adjustments	-24K	341K	31K	54K	3.63M
Miscellaneous Cash Flow Adjustments	-	-	-981K	981K	-
Net Change in Cash	10.13M	-1.53M	-5.2M	983K	71.63M
Supplemental Items
Cash Interest Paid	23.11M	26.05M	44.31M	55.38M	48.88M
Cash Income Tax Paid (Refund)	7.98M	-3.03M	1.38M	2.9M	-3.63M
Levered Free Cash Flow	-169M	166M	-234M	16.46M	96.62M
Unlevered Free Cash Flow	-156M	177M	-215M	46.26M	121M
Change In Net Working Capital	59.12M	-185M	215M	-61.8M	-101M
Net Debt Issued / Repaid	-41.91M	-143M	62.97M	132M	-238M

Fiscal Period: July	2021	2022	2023	2024	2025
Profitability
Return on Assets	-0.84	2.13	0.31	-3.07	-0.83
Return on Total Capital	-1.08	2.83	0.42	-3.91	-1.06
Return On Equity %	-4.15	5.08	-1.84	-26.11	-5.72
Return on Common Equity	-4.15	5.08	-1.84	-26.11	-5.72
Margin Analysis
Gross Profit Margin %	4.92	8.84	8.93	3.42	5.76
SG&A Margin	6.46	5.56	8.32	8.19	6.88
EBITDA Margin %	1.92	6.15	4.13	-1.85	1.34
EBITA Margin %	-1.5	3.31	0.64	-4.76	-1.02
EBIT Margin %	-1.53	3.28	0.61	-4.76	-1.11
Income From Continuing Operations Margin %	-2.08	2.32	-1.07	-11.13	-2.18
Net Income Margin %	-2.08	2.32	-0.32	-11.13	-2.18
Net Avail. For Common Margin %	-2.08	2.32	-1.07	-11.13	-2.18
Normalized Net Income Margin	-1.72	1.67	-0.77	-4.4	-1.55
Levered Free Cash Flow Margin	-12.33	9.97	-17.7	1.01	5.29
Unlevered Free Cash Flow Margin	-11.39	10.68	-16.31	2.83	6.65
Asset Turnover
Asset Turnover	0.88	1.04	0.81	1.03	1.2
Fixed Assets Turnover	1.35	1.6	1.27	1.65	1.95
Receivables Turnover (Average Receivables)	17.74	18.39	16.79	18.84	23.41
Inventory Turnover (Average Inventory)	4.81	6.01	4.98	6.87	7.01
Short Term Liquidity
Current Ratio	1.45	0.84	0.9	0.63	0.68
Quick Ratio	0.47	0.25	0.16	0.25	0.25
Operating Cash Flow to Current Liabilities	0.05	0.53	0.06	-0.07	0.23
Days Sales Outstanding (Average Receivables)	20.58	19.85	21.74	19.43	15.59
Days Outstanding Inventory (Average Inventory)	75.85	60.75	73.31	53.24	52.05
Average Days Payable Outstanding	29.17	29.87	48.83	33.99	29.65
Cash Conversion Cycle (Average Days)	67.25	50.72	46.23	38.68	37.99
Long Term Solvency
Total Debt/Equity	66.21	51.25	61.23	101.69	48.69
Total Debt / Total Capital	39.84	33.88	37.98	50.42	32.75
LT Debt/Equity	61.45	42.8	27.92	39.52	6.18
Long-Term Debt / Total Capital	36.97	28.3	17.32	19.59	4.16
Total Liabilities / Total Assets	52.59	52.51	53.11	59.52	49.56
EBIT / Interest Expense	-1.02	2.91	0.27	-1.64	-0.51
EBITDA / Interest Expense	1.51	5.68	2.05	-0.47	0.78
(EBITDA - Capex) / Interest Expense	-4.16	2.62	0.38	-1.07	0.2
Total Debt / EBITDA	16.38	3.61	8.06	-27.29	12.38
Net Debt / EBITDA	15.86	3.47	7.91	-26.84	9.85
Total Debt / (EBITDA - Capex)	-5.97	7.81	43.94	-12.04	47.42
Net Debt / (EBITDA - Capex)	-5.78	7.52	43.1	-11.84	37.75
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	5.02	21.45	-5.46	2.08	11.64
Gross Profit, 1 Yr. Growth %	-66.96	118.07	-5.09	-61.1	88.06
EBITDA, 1 Yr. Growth %	-83.92	296.44	-41.87	-144.65	-185.64
EBITA, 1 Yr. Growth %	-116.64	-360.3	-81.84	-456.19	-75.47
EBIT, 1 Yr. Growth %	-117.03	-353.57	-82.59	-463.09	-73.92
Earnings From Cont. Operations, 1 Yr. Growth %	-138.29	-235.4	-135.03	4.14K	-78.13
Net Income, 1 Yr. Growth %	-138.29	-235.4	-111.14	4.14K	-78.13
Normalized Net Income, 1 Yr. Growth %	-136.15	-216.38	-143.26	4.95K	-60.79
Diluted EPS Before Extra, 1 Yr. Growth %	-133.3	-227.66	-135.11	4.14K	-91.13
Accounts Receivable, 1 Yr. Growth %	77.74	-16.97	-7.91	30.35	-41.19
Inventory, 1 Yr. Growth %	0.58	-14.03	7.43	-16.2	34.2
Net Property, Plant and Equip., 1 Yr. Growth %	5.85	-0.01	-0.56	-8.44	-2.58
Total Assets, 1 Yr. Growth %	8.64	-2.61	6.96	-11.37	4.68
Tangible Book Value, 1 Yr. Growth %	28.86	-8.32	19.82	-33.37	40.21
Common Equity, 1 Yr. Growth %	26.9	-2.44	5.61	-23.48	30.42
Cash From Operations, 1 Yr. Growth %	-84.71	1.17K	-83.24	-220.89	-450.75
Capital Expenditures, 1 Yr. Growth %	-16.56	-50.75	-14.31	-41.78	-19.64
Levered Free Cash Flow, 1 Yr. Growth %	14.16	-196.58	-244.09	-107.25	487.16
Unlevered Free Cash Flow, 1 Yr. Growth %	15.12	-211.75	-225.15	-122.35	162.53
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	15.54	12.93	-1.72	8.24	6.75
Gross Profit, 2 Yr. CAGR %	-39.9	-15.12	32.36	-32.85	-14.47
EBITDA, 2 Yr. CAGR %	-58.16	-20.97	45.54	-43.12	-39.89
EBITA, 2 Yr. CAGR %	-59.36	-33.33	-36.62	29.32	-7.53
EBIT, 2 Yr. CAGR %	-58.93	-33.47	-38.8	29.84	-2.69
Earnings From Cont. Operations, 2 Yr. CAGR %	-41.18	-28	-29.49	112.38	204.6
Net Income, 2 Yr. CAGR %	-41.18	-28	-61.16	117.42	204.6
Normalized Net Income, 2 Yr. CAGR %	-43.34	-34.68	-34.67	75.11	344.95
Diluted EPS Before Extra, 2 Yr. CAGR %	-45.15	-34.8	-31.45	112.62	94
Accounts Receivable, 2 Yr. CAGR %	30.78	21.48	-12.56	9.56	-12.44
Inventory, 2 Yr. CAGR %	28.2	-7.01	-3.89	-5.12	6.04
Net Property, Plant and Equip., 2 Yr. CAGR %	10.99	2.88	-0.29	-4.59	-5.56
Total Assets, 2 Yr. CAGR %	18.6	2.86	2.06	-2.64	-3.68
Tangible Book Value, 2 Yr. CAGR %	17	8.69	4.81	-10.65	-3.34
Common Equity, 2 Yr. CAGR %	24.82	11.27	1.5	-10.1	-0.1
Cash From Operations, 2 Yr. CAGR %	-65.91	49.83	45.68	-54.99	105.92
Capital Expenditures, 2 Yr. CAGR %	-38.72	-35.9	-35.04	-29.37	-31.6
Levered Free Cash Flow, 2 Yr. CAGR %	-5.82	5.89	16.76	-68.15	-34.75
Unlevered Free Cash Flow, 2 Yr. CAGR %	-8.12	14.46	16.53	-48.16	-23.41
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	15.87	17.47	0.48	6.18	9.37
Gross Profit, 3 Yr. CAGR %	-26.05	-7.65	-16.67	-5.94	-5.35
EBITDA, 3 Yr. CAGR %	-42.18	-12.06	-30.64	5.63	-36.04
EBITA, 3 Yr. CAGR %	-43.22	-23.88	-59.07	54.65	-26.23
EBIT, 3 Yr. CAGR %	-42.83	-24.02	-59.71	53.65	-23.96
Earnings From Cont. Operations, 3 Yr. CAGR %	-27.47	-22.34	-42.48	85.67	-0.46
Net Income, 3 Yr. CAGR %	-27.47	-22.34	-61.35	85.67	1.11
Normalized Net Income, 3 Yr. CAGR %	-29.03	-27.64	-46.12	44.62	6.33
Diluted EPS Before Extra, 3 Yr. CAGR %	-30.82	-27.31	-46.11	82.21	-26.26
Accounts Receivable, 3 Yr. CAGR %	28.44	12.4	10.77	-0.11	-10.96
Inventory, 3 Yr. CAGR %	23.06	12.22	-2.43	-8.19	6.5
Net Property, Plant and Equip., 3 Yr. CAGR %	24.64	7.19	1.72	-3.08	-3.92
Total Assets, 3 Yr. CAGR %	26.8	11.06	4.21	-2.63	-0.26
Tangible Book Value, 3 Yr. CAGR %	15.92	7.87	12.28	-9.88	3.83
Common Equity, 3 Yr. CAGR %	21.78	14.98	9.35	-7.62	1.77
Cash From Operations, 3 Yr. CAGR %	-45.57	19.48	-27.81	36.9	-10.76
Capital Expenditures, 3 Yr. CAGR %	1.71	-43.03	-29.39	-37.37	-26.26
Levered Free Cash Flow, 3 Yr. CAGR %	81.68	-4.49	16.54	-54.21	-15.86
Unlevered Free Cash Flow, 3 Yr. CAGR %	90.57	-1.33	16.76	-33.69	-10.97
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	20.12	16.95	8.48	9.83	7.01
Gross Profit, 5 Yr. CAGR %	-7.57	5.55	-6.67	-21.37	-12.36
EBITDA, 5 Yr. CAGR %	-20.59	3.15	-16.69	-27.37	-31.55
EBITA, 5 Yr. CAGR %	-19.73	-4.05	-40.36	-8.92	-31.43
EBIT, 5 Yr. CAGR %	-19.4	-4.17	-40.96	-8.9	-30.25
Earnings From Cont. Operations, 5 Yr. CAGR %	-3.72	-0.51	-28.28	17.23	-11.73
Net Income, 5 Yr. CAGR %	-3.72	-0.51	-43.5	17.23	-11.73
Normalized Net Income, 5 Yr. CAGR %	-5.13	-4.62	-31.15	-0.3	-15.35
Diluted EPS Before Extra, 5 Yr. CAGR %	-10.13	-5.08	-31.07	12.73	-29.13
Accounts Receivable, 5 Yr. CAGR %	21.92	1.1	10.13	11.26	0.82
Inventory, 5 Yr. CAGR %	29.68	23.01	11.47	4.93	0.88
Net Property, Plant and Equip., 5 Yr. CAGR %	19.13	18.36	14	2.32	-1.26
Total Assets, 5 Yr. CAGR %	22.34	16.6	16.26	5.37	0.98
Tangible Book Value, 5 Yr. CAGR %	20.55	9.78	11.34	0.04	5.75
Common Equity, 5 Yr. CAGR %	24.46	14.72	13.22	4.2	5.47
Cash From Operations, 5 Yr. CAGR %	-31.4	15.12	-16.88	-19.14	9.79
Capital Expenditures, 5 Yr. CAGR %	23.96	11.59	-14.99	-37.91	-30.28
Levered Free Cash Flow, 5 Yr. CAGR %	32.76	18.13	52.74	-38.7	-8.13
Unlevered Free Cash Flow, 5 Yr. CAGR %	37.38	17.51	57.1	-24.17	-2.14