Income Statement VAT Group AG

Equities

VACN

CH0311864901

Industrial Machinery & Equipment

Market Closed - Swiss Exchange Other stock markets 16:31:30 06/03/2026 GMT			5-day change	1st Jan Change
508.80 ^CHF	-2.38%		-6.50%	+31.85%

03-04	Berenberg Ups VAT Group Price Target Amid Compelling Long-term Narrative	MT
03-03	Swiss Market Index Remains in Red; VAT Group Shares Down	MT

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Published financial data: VAT GROUP AG

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	901M	1.15B	885M	942M	1.07B
Total Revenues	901M	1.15B	885M	942M	1.07B
Cost of Goods Sold, Total	351M	437M	358M	340M	418M
Gross Profit	550M	708M	527M	602M	655M
Selling General & Admin Expenses, Total	202M	232M	215M	247M	266M
Depreciation & Amortization - (IS)	40.06M	40.22M	41.41M	43.45M	48.39M
Other Operating Expenses	51.06M	75.5M	66.18M	67.35M	88.73M
Other Operating Expenses, Total	294M	348M	323M	358M	403M
Operating Income	256M	361M	205M	244M	252M
Interest Expense, Total	-3.52M	-3.58M	-5.31M	-5.77M	-3.54M
Interest And Investment Income	146K	441K	1.31M	1.28M	841K
Net Interest Expenses	-3.37M	-3.14M	-4M	-4.49M	-2.7M
Currency Exchange Gains (Loss)	-1.1M	-9.73M	-5.66M	2.32M	-2.04M
Other Non Operating Income (Expenses)	8.71M	9.45M	12.69M	10.59M	10M
EBT, Excl. Unusual Items	261M	357M	208M	253M	258M
Merger & Related Restructuring Charges	-	-	-	-	-
Gain (Loss) On Sale Of Assets	113K	17K	120K	38K	28K
Asset Writedown	-3M	-750K	-918K	-36K	-374K
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	258M	356M	207M	253M	257M
Income Tax Expense	40.3M	49.67M	16.78M	40.79M	43.03M
Earnings From Continuing Operations	217M	307M	190M	212M	214M
Net Income to Company	217M	307M	190M	212M	214M
Net Income - (IS)	217M	307M	190M	212M	214M
Net Income to Common Incl Extra Items	217M	307M	190M	212M	214M
Net Income to Common Excl. Extra Items	217M	307M	190M	212M	214M
Per Share Items
Net EPS - Basic	7.25	10.23	6.35	7.06	7.15
Basic EPS - Continuing Operations	7.25	10.23	6.35	7.06	7.15
Basic Weighted Average Shares Outstanding	29.99M	29.99M	29.98M	29.98M	29.97M
Net EPS - Diluted	7.24	10.22	6.34	7.06	7.14
Diluted EPS - Continuing Operations	7.24	10.22	6.34	7.06	7.14
Diluted Weighted Average Shares Outstanding	30.02M	30.01M	30M	30M	30M
Normalized Basic EPS	5.43	7.44	4.33	5.27	5.37
Normalized Diluted EPS	5.43	7.44	4.33	5.26	5.37
Dividend Per Share	5.5	6.25	6.25	6.25	7
Payout Ratio	62.08	53.77	98.49	88.49	87.44
American Depositary Receipts Ratio (ADR)	0.1	0.1	0.1	0.1	0.1
Supplemental Items
EBITDA	292M	396M	242M	283M	295M
EBITA	273M	378M	224M	263M	272M
EBIT	256M	361M	205M	244M	252M
EBITDAR	293M	396M	242M	284M	296M
Effective Tax Rate - (Ratio)	15.63	13.93	8.1	16.15	16.72
Total Current Taxes	38.46M	52.95M	19.15M	45.11M	45.6M
Total Deferred Taxes	1.83M	-3.28M	-2.38M	-4.32M	-2.56M
Normalized Net Income	163M	223M	130M	158M	161M
Interest on Long-Term Debt	6.07M	4.86M	6.57M	7.07M	4.66M
Non-Cash Pension Expense	115K	96K	628K	409K	521K
Supplemental Operating Expense Items
Marketing Expenses	971K	1.3M	1.18M	1.57M	2.02M
Selling and Marketing Expenses	971K	1.3M	1.18M	1.57M	2.02M
Research And Development Expense From Footnotes	45.1M	50.7M	54.2M	61.1M	74.8M
Net Rental Expense, Total	328K	304K	368K	681K	1.21M
Imputed Operating Lease Interest Expense	39K	41.6K	74.68K	140K	140K
Imputed Operating Lease Depreciation	289K	262K	293K	541K	1.07M
Maintenance & Repair Expenses, Total	20.5M	25.52M	19.27M	23.8M	26.91M
Stock-Based Comp., SG&A Exp. (Total)	1.96M	2.18M	2.3M	2.33M	3.3M
Total Stock-Based Compensation	1.96M	2.18M	2.3M	2.33M	3.3M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	127M	174M	144M	158M	141M
Short Term Investments	33K	36K	37K	33K	43K
Trading Asset Securities, Total	-	-	-	-	-
Total Cash And Short Term Investments	127M	174M	144M	158M	141M
Accounts Receivable, Total	116M	152M	98.6M	132M	114M
Other Receivables	8.99M	14.14M	12.06M	11.53M	15.08M
Total Receivables	125M	166M	111M	143M	129M
Inventory	153M	229M	188M	248M	190M
Prepaid Expenses	4.05M	9.22M	4.38M	5.6M	5.95M
Other Current Assets, Total	4.58M	11.16M	18.05M	3M	10.15M
Total Current Assets	414M	590M	466M	557M	476M
Gross Property Plant And Equipment	293M	355M	397M	461M	544M
Accumulated Depreciation	-135M	-150M	-162M	-188M	-209M
Net Property Plant And Equipment	159M	204M	235M	273M	335M
Long-term Investments	861K	876K	891K	3.94M	5.3M
Goodwill	184M	184M	184M	184M	184M
Other Intangibles, Total	299M	267M	252M	234M	229M
Accounts Receivable Long-Term	-	-	-	-	-
Loans Receivable Long-Term	-	-	-	-	-
Deferred Tax Assets Long-Term	5.35M	6.36M	4.98M	9.22M	7.05M
Deferred Charges Long-Term	-	20.08M	23.18M	30.87M	23.79M
Other Long-Term Assets, Total	3.69M	2.83M	2.65M	2.65M	2.71M
Total Assets	1.06B	1.27B	1.17B	1.29B	1.26B
Liabilities
Accounts Payable, Total	50.31M	83.99M	50.51M	72.44M	31.99M
Accrued Expenses, Total	54.63M	54.77M	47.49M	75.97M	54.96M
Current Portion of Long-Term Debt	-	200M	199M	-	198M
Current Portion of Leases	2.1M	3.15M	2.2M	2.44M	5.47M
Current Income Taxes Payable	30.14M	47.7M	20.61M	31.13M	39.23M
Unearned Revenue Current, Total	125K	14K	-	194K	190K
Other Current Liabilities	22.12M	42.5M	23.41M	44.46M	32.02M
Total Current Liabilities	159M	432M	343M	227M	362M
Long-Term Debt	200M	80K	132K	229M	1.44M
Long-Term Leases	5.12M	8.1M	6.12M	10.01M	43.21M
Unearned Revenue Non Current	-	-	-	-	-
Pension & Other Post Retirement Benefits	13.8M	2.74M	16.94M	31.81M	21.19M
Deferred Tax Liability Non Current	49.82M	49.36M	43.49M	40.9M	38.11M
Other Non Current Liabilities	2.62M	2.21M	1.55M	2.18M	3.74M
Total Liabilities	430M	494M	411M	541M	470M
Common Stock, Total	3M	3M	3M	3M	3M
Additional Paid In Capital	6.48M	344K	344K	344K	344K
Retained Earnings	625M	781M	768M	777M	814M
Treasury Stock	-4.5M	-5.32M	-6.8M	-9.86M	-12.71M
Comprehensive Income and Other	4.61M	1.22M	-7.57M	-16.38M	-11.27M
Total Common Equity	634M	780M	757M	754M	793M
Total Equity	634M	780M	757M	754M	793M
Total Liabilities And Equity	1.06B	1.27B	1.17B	1.29B	1.26B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	29.99M	29.98M	29.98M	29.98M	29.97M
ECS Total Common Shares Outstanding	29.99M	29.98M	29.98M	29.98M	29.97M
Book Value / Share	21.16	26.03	25.26	25.15	26.47
Tangible Book Value	152M	330M	321M	336M	380M
Tangible Book Value Per Share	5.06	11	10.7	11.22	12.68
Total Debt	207M	211M	207M	242M	248M
Net Debt	79.76M	36.78M	63.16M	83.63M	107M
Debt Equivalent of Unfunded Proj. Benefit Obligation	13.67M	2.66M	16.88M	31.81M	21.18M
Debt Equivalent Oper. Leases	2.62M	2.43M	2.94M	5.45M	9.7M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	56.34M	106M	92.8M	126M	96.35M
Inventories - Work In Process, Total	58.74M	76.26M	57.71M	70.63M	55.51M
Inventories - Finished Goods, Total	37.68M	47.44M	37.95M	51.17M	38.16M
Land - (BS)	7.88M	14.86M	13.75M	14.57M	14.27M
Buildings, Total	95.86M	96.76M	96.43M	145M	188M
Machinery, Total	144M	151M	166M	202M	230M
Full Time Employees	2.54K	2.99K	2.67K	3.2K	3.25K
Accumulated Allowance for Doubtful Accounts (Supple)	260K	248K	226K	323K	787K
Order Backlog	461M	518M	292M	370M	304M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	217M	307M	190M	212M	214M
Depreciation & Amortization - CF	22.02M	20.99M	21.47M	23.38M	27.36M
Amortization of Goodwill and Intangible Assets - (CF)	16.8M	17.77M	18.66M	18.99M	19.94M
Depreciation & Amortization, Total	38.82M	38.76M	40.13M	42.37M	47.3M
Amortization of Deferred Charges, Total - (CF)	1.24M	1.46M	1.34M	1.08M	1.09M
(Gain) Loss From Sale Of Asset	-114K	-17K	-120K	-32K	-28K
Asset Writedown & Restructuring Costs	3M	750K	850K	36K	374K
Other Operating Activities, Total	19.54M	23.7M	854K	15.52M	29.74M
Change In Accounts Receivable	-31.14M	-43.83M	42.83M	-29.57M	3.01M
Change In Inventories	-47.78M	-81.04M	25.86M	-49.87M	48.42M
Change In Accounts Payable	33.41M	54.59M	-49.56M	28.44M	-35.65M
Change in Other Net Operating Assets	5.38M	-7.19M	3.91M	20.86M	-9.36M
Cash from Operations	240M	294M	256M	241M	299M
Capital Expenditure	-32.42M	-58.97M	-60.27M	-46.65M	-58.21M
Sale of Property, Plant, and Equipment	327K	17K	294K	44K	28K
Cash Acquisitions	-1.59M	-	-	-	-
Sale (Purchase) of Intangible assets	-10.54M	-7.26M	-8.97M	-9.02M	-10.1M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-	-3.04M	-1.36M
Other Investing Activities, Total	131K	425K	1.29M	1.27M	849K
Cash from Investing	-44.1M	-65.8M	-67.65M	-57.39M	-68.78M
Long-Term Debt Issued, Total	110M	80M	310M	140M	195M
Total Debt Issued	110M	80M	310M	140M	195M
Long-Term Debt Repaid, Total	-172M	-83.16M	-313M	-113M	-229M
Total Debt Repaid	-172M	-83.16M	-313M	-113M	-229M
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-4.34M	-4.46M	-5.74M	-7.02M	-5.42M
Common Dividends Paid	-135M	-165M	-187M	-187M	-187M
Common & Preferred Stock Dividends Paid	-135M	-165M	-187M	-187M	-187M
Other Financing Activities, Total	-4.95M	-4.66M	-9.27M	-5.31M	-5.14M
Cash from Financing	-207M	-177M	-206M	-172M	-232M
Foreign Exchange Rate Adjustments	292K	-3.72M	-13.43M	3.27M	-15.68M
Miscellaneous Cash Flow Adjustments	-	-	-	-2K	-
Net Change in Cash	-10.72M	47.21M	-30.26M	14.01M	-17.18M
Supplemental Items
Cash Interest Paid	3.73M	3.58M	6.95M	4.47M	4.46M
Cash Income Tax Paid (Refund)	30.55M	37.52M	45.02M	32.28M	37.1M
Levered Free Cash Flow	130M	142M	106M	144M	138M
Unlevered Free Cash Flow	132M	144M	109M	147M	140M
Change In Net Working Capital	27.22M	57.28M	-6.92M	-4.48M	1.29M
Net Debt Issued / Repaid	-62.43M	-3.16M	-3.14M	27.24M	-33.97M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	15.6	19.27	10.48	12.39	12.34
Return on Total Capital	19.4	24.59	13.09	15.57	15.49
Return On Equity %	36.89	43.37	24.76	28.03	27.7
Return on Common Equity	36.89	43.37	24.76	28.03	27.7
Margin Analysis
Gross Profit Margin %	61.03	61.82	59.57	63.92	61.02
SG&A Margin	22.47	20.24	24.28	26.25	24.73
EBITDA Margin %	32.44	34.59	27.31	30.07	27.49
EBITA Margin %	30.31	33.03	25.25	27.93	25.37
EBIT Margin %	28.45	31.48	23.14	25.92	23.51
Income From Continuing Operations Margin %	24.13	26.78	21.5	22.48	19.96
Net Income Margin %	24.13	26.78	21.5	22.48	19.96
Net Avail. For Common Margin %	24.13	26.78	21.5	22.48	19.96
Normalized Net Income Margin	18.08	19.49	14.68	16.76	15
Levered Free Cash Flow Margin	14.41	12.4	11.99	15.24	12.82
Unlevered Free Cash Flow Margin	14.66	12.59	12.37	15.62	13.03
Asset Turnover
Asset Turnover	0.88	0.98	0.72	0.77	0.84
Fixed Assets Turnover	5.91	6.31	4.03	3.71	3.53
Receivables Turnover (Average Receivables)	8.75	8.56	7.07	8.19	8.76
Inventory Turnover (Average Inventory)	2.73	2.29	1.71	1.56	1.91
Short Term Liquidity
Current Ratio	2.59	1.37	1.36	2.46	1.31
Quick Ratio	1.58	0.79	0.74	1.33	0.74
Operating Cash Flow to Current Liabilities	1.5	0.68	0.75	1.06	0.83
Days Sales Outstanding (Average Receivables)	41.74	42.66	51.59	44.7	41.66
Days Outstanding Inventory (Average Inventory)	133.82	159.42	212.99	234.75	190.84
Average Days Payable Outstanding	37.82	47.7	77.4	56.38	52.8
Cash Conversion Cycle (Average Days)	137.73	154.38	187.18	223.07	179.7
Long Term Solvency
Total Debt/Equity	32.62	27.06	27.38	32.07	31.3
Total Debt / Total Capital	24.6	21.3	21.49	24.28	23.84
LT Debt/Equity	32.29	1.05	0.83	31.75	5.63
Long-Term Debt / Total Capital	24.35	0.83	0.65	24.04	4.29
Total Liabilities / Total Assets	40.43	38.79	35.2	41.77	37.19
EBIT / Interest Expense	72.9	100.84	38.59	42.29	71.38
EBITDA / Interest Expense	83.94	111.68	46.16	49.63	84.76
(EBITDA - Capex) / Interest Expense	74.72	95.19	34.8	41.55	68.29
Total Debt / EBITDA	0.7	0.53	0.85	0.84	0.83
Net Debt / EBITDA	0.27	0.09	0.26	0.29	0.36
Total Debt / (EBITDA - Capex)	0.79	0.62	1.12	1.01	1.03
Net Debt / (EBITDA - Capex)	0.3	0.11	0.34	0.35	0.44
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	30.14	27.11	-22.71	6.43	13.94
Gross Profit, 1 Yr. Growth %	32.66	28.77	-25.53	14.2	8.76
EBITDA, 1 Yr. Growth %	51.98	35.54	-38.98	17.25	4.16
EBITA, 1 Yr. Growth %	58.63	38.5	-40.93	17.74	3.49
EBIT, 1 Yr. Growth %	64.28	40.65	-43.19	19.19	3.37
Earnings From Cont. Operations, 1 Yr. Growth %	69.95	41.09	-37.97	11.29	1.17
Net Income, 1 Yr. Growth %	69.95	41.09	-37.97	11.29	1.17
Normalized Net Income, 1 Yr. Growth %	68.66	37.05	-41.8	21.5	2.01
Diluted EPS Before Extra, 1 Yr. Growth %	69.95	41.16	-37.96	11.36	1.13
Accounts Receivable, 1 Yr. Growth %	29.06	30.61	-34.99	33.38	-13.67
Inventory, 1 Yr. Growth %	45.84	50.07	-17.79	31.38	-23.25
Net Property, Plant and Equip., 1 Yr. Growth %	8.24	28.88	14.93	16.33	22.62
Total Assets, 1 Yr. Growth %	7.66	19.71	-8.34	10.81	-2.46
Tangible Book Value, 1 Yr. Growth %	157.89	91.5	-2.7	4.82	12.92
Common Equity, 1 Yr. Growth %	16.49	23.01	-2.97	-0.43	5.21
Cash From Operations, 1 Yr. Growth %	44.32	22.59	-12.78	-6.15	24.32
Capital Expenditures, 1 Yr. Growth %	315.12	81.88	2.19	-22.6	24.78
Levered Free Cash Flow, 1 Yr. Growth %	32.42	9.35	-25.23	35.31	-4.14
Unlevered Free Cash Flow, 1 Yr. Growth %	31.24	9.22	-24.09	34.51	-4.99
Dividend Per Share, 1 Yr. Growth %	22.22	13.64	0	0	12
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	25.7	28.62	-0.88	-9.31	10.12
Gross Profit, 2 Yr. CAGR %	28.63	30.7	-2.07	-7.78	11.44
EBITDA, 2 Yr. CAGR %	41.01	43.53	-9.06	-15.43	10.51
EBITA, 2 Yr. CAGR %	49.61	48.22	-9.55	-16.6	10.38
EBIT, 2 Yr. CAGR %	55.44	52	-10.61	-17.71	11
Earnings From Cont. Operations, 2 Yr. CAGR %	70.47	54.85	-6.45	-16.91	6.11
Net Income, 2 Yr. CAGR %	70.47	54.85	-6.45	-16.91	6.11
Normalized Net Income, 2 Yr. CAGR %	61.99	52.03	-10.69	-15.91	11.33
Diluted EPS Before Extra, 2 Yr. CAGR %	70.52	54.89	-6.42	-16.89	6.12
Accounts Receivable, 2 Yr. CAGR %	15.5	29.84	-7.85	-6.88	7.3
Inventory, 2 Yr. CAGR %	34.67	47.94	11.07	3.92	0.41
Net Property, Plant and Equip., 2 Yr. CAGR %	-1.11	18.11	21.7	15.63	19.44
Total Assets, 2 Yr. CAGR %	4.63	13.53	4.75	0.78	3.96
Tangible Book Value, 2 Yr. CAGR %	146.9	136.85	36.5	0.99	8.79
Common Equity, 2 Yr. CAGR %	10.09	19.7	9.25	-1.71	2.35
Cash From Operations, 2 Yr. CAGR %	23.3	33.01	3.41	-9.52	8.02
Capital Expenditures, 2 Yr. CAGR %	120.9	174.77	36.33	-11.06	-1.72
Levered Free Cash Flow, 2 Yr. CAGR %	5.38	20.33	-9.58	0.55	13.89
Unlevered Free Cash Flow, 2 Yr. CAGR %	4.95	19.73	-8.95	1.02	13.05
Dividend Per Share, 2 Yr. CAGR %	17.26	17.85	6.6	0	5.83
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	8.88	26.17	8.54	1.5	-2.14
Gross Profit, 3 Yr. CAGR %	10.85	28.68	8.36	3.07	-2.57
EBITDA, 3 Yr. CAGR %	12.57	39.17	7.92	-1.03	-9.35
EBITA, 3 Yr. CAGR %	13.42	45.81	9.08	-1.24	-10.38
EBIT, 3 Yr. CAGR %	14.33	50.35	9.49	-1.61	-11.21
Earnings From Cont. Operations, 3 Yr. CAGR %	17.02	60.05	14.15	-0.87	-11.27
Net Income, 3 Yr. CAGR %	17.02	60.05	14.15	-0.87	-11.27
Normalized Net Income, 3 Yr. CAGR %	16.02	53.21	10.39	-1.04	-10.32
Diluted EPS Before Extra, 3 Yr. CAGR %	17	60.11	14.17	-0.84	-11.27
Accounts Receivable, 3 Yr. CAGR %	11.5	20.33	3.1	4.24	-9.2
Inventory, 3 Yr. CAGR %	13.62	39.62	21.62	17.46	-6.06
Net Property, Plant and Equip., 3 Yr. CAGR %	-2.4	8.02	17.04	19.89	17.91
Total Assets, 3 Yr. CAGR %	3.22	9.44	5.71	6.73	-0.31
Tangible Book Value, 3 Yr. CAGR %	37.32	136.7	76.07	25	4.82
Common Equity, 3 Yr. CAGR %	3.99	14.24	11.61	5.92	0.55
Cash From Operations, 3 Yr. CAGR %	11.77	23.06	15.56	0.12	0.59
Capital Expenditures, 3 Yr. CAGR %	-8.23	107.04	97.6	12.89	-0.44
Levered Free Cash Flow, 3 Yr. CAGR %	18.25	6.68	2.68	3.4	-1.04
Unlevered Free Cash Flow, 3 Yr. CAGR %	17.35	6.36	2.86	3.68	-1.03
Dividend Per Share, 3 Yr. CAGR %	11.2	16.04	11.57	4.35	3.85
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	12.15	10.59	4.87	10.56	9.17
Gross Profit, 5 Yr. CAGR %	12.36	11.35	5.49	12.62	9.58
EBITDA, 5 Yr. CAGR %	14.28	13.67	3.36	14.03	8.94
EBITA, 5 Yr. CAGR %	14.94	14.31	3.6	16.61	9.6
EBIT, 5 Yr. CAGR %	16.25	15.13	3.61	18.14	10.09
Earnings From Cont. Operations, 5 Yr. CAGR %	26.46	21.54	7	23.13	10.86
Net Income, 5 Yr. CAGR %	26.46	21.54	7	23.13	10.86
Normalized Net Income, 5 Yr. CAGR %	23.02	20.7	4.49	20.52	10.77
Diluted EPS Before Extra, 5 Yr. CAGR %	24.5	21.5	7	23.17	10.88
Accounts Receivable, 5 Yr. CAGR %	3.7	6.89	3.32	8.6	4.76
Inventory, 5 Yr. CAGR %	21.97	15.66	12.59	24.07	12.65
Net Property, Plant and Equip., 5 Yr. CAGR %	6.42	6.7	6.61	11	17.99
Total Assets, 5 Yr. CAGR %	3.81	5.16	3.83	5.89	5.01
Tangible Book Value, 5 Yr. CAGR %	50.17	51.89	40.53	68.36	45.23
Common Equity, 5 Yr. CAGR %	4.43	6.94	6.06	7.57	7.81
Cash From Operations, 5 Yr. CAGR %	10.38	13.57	8.35	8.81	12.48
Capital Expenditures, 5 Yr. CAGR %	15.39	6.14	7.51	47.66	49.44
Levered Free Cash Flow, 5 Yr. CAGR %	7.65	17.68	6.21	4.19	7.01
Unlevered Free Cash Flow, 5 Yr. CAGR %	4.08	16.88	6.02	4.19	6.8
Dividend Per Share, 5 Yr. CAGR %	6.58	9.34	9.34	9.34	9.24