Cash flow China Merchants Bank Co., Ltd.

Equities

600036

CNE000001B33

Banks

End-of-day quote Shanghai S.E. Other stock markets 2026-04-15			5-day change	1st Jan Change
39.90 ^CNY	+1.97%		+0.71%	-5.23%

04:54am	China Merchants Bank Redeems 275 Million Preference Shares	MT
Apr. 15	China Merchants Bank Sells 30 Billion Yuan Undated Bonds	MT

97773f6.ZjB-bw2TwpwnztXy7C5u1E_SUacQWKxqZLBXx_eZ9HE.Hkc5Xk7Wlu9_r7-joV45gCSoZZNqaccZLdJjqbGgozkRZ0wifb6q-xC8sg

Published financial data: CHINA MERCHANTS BANK CO., LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Interest Income On Loans	327B	353B	376B	374B	351B
Interest Income, Total	327B	353B	376B	374B	351B
Interest On Deposits	123B	135B	161B	163B	136B
Interest Expense, Total	123B	135B	161B	163B	136B
Net Interest Income	204B	218B	215B	211B	216B
Gain (Loss) on Sale of Assets	113M	282M	-	-	-
Gain (Loss) on Sale of Invest. & Securities - (Rev)	2.99B	5.53B	20.56B	32.56B	20.46B
Income (Loss) on Equity Invest. (Income Block)	4.03B	2.52B	-	-	-
Total Other Non Interest Income	120B	118B	101B	90.65B	95.74B
Non Operating Income (Expenses)	-	-	-	-	-
Non Interest Income, Total	127B	127B	122B	123B	116B
Revenues Before Provison For Loan Losses	331B	345B	337B	334B	332B
Provision For Loan Losses	65.96B	56.75B	41.28B	39.98B	39.59B
Total Revenues	265B	288B	295B	295B	292B
Selling General & Admin Expenses, Total	110B	113B	31.54B	30.37B	30.74B
(Income) Loss on Real Estate Property	-	-	-	-	-
(Income) Loss on Equity Invest.	-	-	-2.48B	-2.63B	-5.47B
Total Other Non Interest Expense	7.54B	9.5B	89.64B	88.12B	87.96B
Non Operating (Income) Expenses	-154M	43M	-	-	-
Non Interest Expense, Total	117B	123B	119B	116B	113B
EBT, Excl. Unusual Items	148B	165B	177B	179B	179B
Asset Writedown	-	-	-	-	-
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	148B	165B	177B	179B	179B
Income Tax Expense	27.34B	25.82B	28.61B	29.09B	27.87B
Earnings From Continuing Operations	121B	139B	148B	150B	151B
Net Income to Company	121B	139B	148B	150B	151B
Minority Interest	-912M	-1.28B	-1.4B	-1.17B	-945M
Net Income - (IS)	120B	138B	147B	148B	150B
Preferred Dividend and Other Adjustments	3.61B	5.24B	4.56B	5.58B	6.31B
Net Income to Common Incl Extra Items	116B	133B	142B	143B	144B
Net Income to Common Excl. Extra Items	116B	133B	142B	143B	144B
Per Share Items
Net EPS - Basic	4.61	5.26	5.63	5.66	5.7
Basic EPS - Continuing Operations	4.61	5.26	5.63	5.66	5.7
Basic Weighted Average Shares Outstanding	25.22B	25.22B	25.22B	25.22B	25.22B
Net EPS - Diluted	4.61	5.26	5.63	5.66	5.7
Diluted EPS - Continuing Operations	4.61	5.26	5.63	5.66	5.7
Diluted Weighted Average Shares Outstanding	25.22B	25.22B	25.22B	25.22B	25.22B
Normalized Basic EPS	3.64	4.04	4.32	4.38	4.4
Normalized Diluted EPS	3.64	4.04	4.32	4.38	4.4
Dividend Per Share	1.52	1.74	1.97	2	2.02
Payout Ratio	27.92	31.81	33.01	37.28	37.79
American Depositary Receipts Ratio (ADR)	5	5	5	5	5
Supplemental Items
Effective Tax Rate - (Ratio)	18.45	15.64	16.2	16.28	15.57
Total Current Taxes	38.14B	34.28B	28.7B	28.93B	29.64B
Total Deferred Taxes	-10.8B	-8.46B	-83M	164M	-1.77B
Normalized Net Income	91.7B	102B	109B	110B	111B
Non-Cash Pension Expense	0	-1M	-1M	-1M	-3M
Supplemental Operating Expense Items
Stock-Based Comp., SG&A Exp. (Total)	17.31M	-41.07M	-18.12M	-	-
Total Stock-Based Compensation	17.31M	-41.07M	-18.12M	-	-

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	221B	242B	331B	317B	344B
Investment Securities, Total	2,574B	2,634B	3,310B	4,077B	4,481B
Trading Asset Securities, Total	158B	442B	274B	279B	366B
Total investments	2,732B	3,076B	3,585B	4,356B	4,848B
Gross Loans	5,278B	5,719B	6,509B	6,888B	7,258B
Allowance For Loan Losses	-245B	-256B	-267B	-265B	-263B
Net Loans	5,033B	5,463B	6,242B	6,623B	6,995B
Gross Property Plant And Equipment	143B	171B	207B	225B	231B
Accumulated Depreciation	-50.6B	-59.44B	-74.56B	-79.18B	-83.84B
Net Property Plant And Equipment	92.69B	112B	132B	146B	147B
Goodwill	9.95B	10B	9.95B	9.95B	9.95B
Other Intangibles, Total	8.8B	7.97B	2.71B	2.2B	1.92B
Investment in Real Estate	1.37B	1.27B	1.16B	1.12B	997M
Accrued Interest Receivable	28.03B	32.58B	45.29B	45.21B	47.97B
Other Receivables	321M	525M	-	-	-
Restricted Cash	485B	534B	537B	507B	502B
Other Current Assets, Total	437B	518B	3.09B	10.53B	39.81B
Deferred Tax Assets Long-Term (Collected)	81.64B	90.85B	90.56B	83.67B	89.86B
Other Real Estate Owned And Foreclosed	513M	456M	417M	383M	356M
Deferred Charges Long-Term	1.87B	1.62B	-	-	-
Other Long-Term Assets, Total	117B	49.68B	48.18B	50.16B	44.07B
Total Assets	9,249B	10,139B	11,028B	12,152B	13,071B
Liabilities
Accrued Expenses, Total	25.91B	31.89B	34.47B	40.35B	41.41B
Interest Bearing Deposits	7,098B	8,180B	8,663B	9,796B	10,747B
Non-Interest Bearing Deposits	-	-	-	-	-
Total Deposits	7,098B	8,180B	8,663B	9,796B	10,747B
Short-Term Borrowings	185B	126B	153B	116B	114B
Current Portion of Long-Term Debt	314B	105B	117B	160B	76.88B
Current Portion of Leases	4.03B	4.18B	3.84B	3.91B	3.7B
Long-Term Debt	463B	441B	690B	493B	428B
Long-Term Leases	9.78B	8.83B	8.84B	8.87B	7.55B
Current Income Taxes Payable	16.54B	13.39B	7.3B	5.68B	9.05B
Accrued Interest Payable	39.84B	55.89B	85.98B	99.41B	89.64B
Other Current Liabilities - (Bank / Utility Template)	68.75B	50.8B	37.79B	45.24B	123B
Unearned Revenue Non Current	7.54B	6.68B	5.49B	4.19B	3.55B
Pension & Other Post Retirement Benefits	1.63B	765M	361M	148M	188M
Deferred Tax Liability Non-Current	1.35B	1.51B	1.61B	1.59B	1.12B
Other Non Current Liabilities	147B	158B	134B	144B	144B
Total Liabilities	8,383B	9,185B	9,943B	10,919B	11,790B
Preferred Stock Convertible	34.06B	27.47B	27.47B	27.47B	27.47B
Total Preferred Equity	34.06B	27.47B	27.47B	27.47B	27.47B
Common Stock, Total	25.22B	25.22B	25.22B	25.22B	25.22B
Additional Paid In Capital	67.52B	65.44B	-	-	-
Retained Earnings	626B	720B	819B	912B	980B
Comprehensive Income and Other	106B	107B	205B	262B	241B
Total Common Equity	825B	918B	1,049B	1,199B	1,245B
Minority Interest	6.94B	8.74B	9.36B	7.46B	8.02B
Total Equity	866B	954B	1,086B	1,233B	1,281B
Total Liabilities And Equity	9,249B	10,139B	11,028B	12,152B	13,071B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	25.22B	25.22B	25.22B	25.22B	25.22B
ECS Total Common Shares Outstanding	25.22B	25.22B	-	25.22B	25.22B
Book Value / Share	29.01	32.71	36.71	41.46	43.43
Tangible Book Value	806B	900B	1,036B	1,186B	1,234B
Tangible Book Value Per Share	28.27	32	36.21	40.98	42.96
Average Loans	5,364B	5,850B	6,300B	6,666B	6,995B
Total Debt	976B	685B	973B	782B	631B
Deposits at Interest - Cash	723B	501B	458B	710B	645B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-65M	-50M	-50M	-71M	-74M
Net Debt	64.71B	-287B	-7.97B	-464B	-774B
Equity Method Investments, Total	23.65B	23.84B	26.59B	31.02B	32.91B
Full Time Employees	104K	113K	-	117K	122K
Number Of Offices	1.91K	1.9K	-	1.94K	1.94K

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	120B	138B	147B	148B	150B
Depreciation, Depletion & Amortization	12.2B	13.36B	15.45B	15.81B	15.98B
Amortization of Goodwill and Intangible Assets - (CF)	221M	221M	42M	44M	42M
Total Depreciation, Depletion & Amortization	12.42B	13.58B	15.5B	15.85B	16.02B
Amortization of Deferred Charges, Total	2.09B	2.04B	888M	636M	399M
(Gain) Loss On Sale of Asset - (CF)	-113M	-282M	-168M	-249M	-742M
(Gain) Loss on Sale of Investments - (CF)	29.34B	12.41B	-23.32B	-28.81B	-33.46B
Total Asset Writedown	-697M	-7.18B	-	-	-
Provision for Credit Losses	36.77B	44.77B	46.38B	43.38B	42.46B
(Income) Loss On Equity Investments - (CF)	-	-	-2.48B	-2.63B	-5.47B
Change In Deferred Taxes	-	-	-	-	-
Change in Other Net Operating Assets (Collected)	54.6B	447B	-368B	-594B	-374B
Other Operating Activities	-72.28B	-80.06B	-77.34B	-77.1B	-83.16B
Cash from Operations	182B	570B	-262B	-494B	-288B
Capital Expenditure	-24.16B	-34.89B	-30.16B	-34.93B	-28.14B
Sale of Property, Plant, and Equipment	2.4B	6.75B	4.95B	10.76B	13.07B
Cash Acquisitions	-5.34B	-484M	-39M	-571M	-951M
Divestitures	855M	463M	154M	416M	638M
Investment in Marketable and Equity Securities, Total	-64.65B	-565B	-328B	-382B	-435B
Other Investing Activities, Total	71.2B	79.12B	97.96B	114B	126B
Cash from Investing	-19.7B	-514B	-255B	-293B	-325B
Long-Term Debt Issued, Total	63.87B	21.48B	25.2B	25B	27.24B
Total Debt Issued	63.87B	21.48B	25.2B	25B	27.24B
Long-Term Debt Repaid, Total	-60.61B	-83.67B	-56.2B	-64.78B	-40.34B
Total Debt Repaid	-60.61B	-83.67B	-56.2B	-64.78B	-40.34B
Issuance of Common Stock	42.99B	-	30B	30B	46.99B
Repurchase of Common Stock	-	-	-	-	-50B
Issuance of Preferred Stock	-	-	-	-	-
Repurchase of Preferred Stock	-	-7.2B	-	-	-
Common Dividends Paid	-31.84B	-42.23B	-47.39B	-54.32B	-55.75B
Preferred Dividends Paid	-1.64B	-1.68B	-996M	-996M	-996M
Common & Preferred Stock Dividends Paid	-33.48B	-43.9B	-48.39B	-55.32B	-56.75B
Net Increase (Decrease) in Deposit Accounts - (CF)	87.02B	-169B	594B	1,019B	665B
Other Financing Activities, Total	-10.44B	-15.2B	2.14B	-10.43B	-22.41B
Cash from Financing	89.36B	-297B	547B	943B	570B
Foreign Exchange Rate Adjustments	-2.75B	6.26B	2.16B	1.2B	-3.3B
Net Change in Cash	249B	-235B	31.82B	158B	-46.7B
Supplemental Items
Cash Interest Paid	132B	130B	129B	148B	144B
Cash Income Tax Paid (Refund)	56.87B	61B	34.79B	30.55B	26.27B
Net Debt Issued / Repaid	3.27B	-62.19B	-31B	-39.79B	-13.1B

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	1.37	1.44	1.4	1.29	1.2
Return On Equity %	15.14	15.31	14.51	12.9	12.02
Return on Common Equity	15.36	15.24	14.44	12.71	11.77
Shareholders Value Added	29.28B	33.67B	28.63B	13.59B	3.59B
Margin Analysis
SG&A Margin	41.36	39.36	10.68	10.31	10.52
Net Interest Income / Total Revenues %	76.87	75.77	72.69	71.74	73.78
EBT Excl. Non-Recurring Items Margin %	55.85	57.32	59.8	60.66	61.25
Income From Continuing Operations Margin %	45.55	48.36	50.12	50.78	51.72
Net Income Margin %	45.2	47.92	49.64	50.39	51.39
Net Avail. For Common Margin %	43.84	46.1	48.1	48.49	49.24
Normalized Net Income Margin	34.56	35.38	36.9	37.52	37.96
Asset quality
Nonperforming Loans / Total Loans %	0.96	1.01	0.95	0.95	0.94
Nonperforming Loans / Total Assets %	0.55	0.57	0.56	0.54	0.52
Nonperforming Assets / Total Assets %	0.56	0.58	0.56	0.54	0.52
NPAs / Loans and OREO	0.97	1.02	0.95	0.96	0.94
NPAs / Equity	5.93	6.13	5.71	5.35	5.35
Allowance for Credit Losses / Net Charge-offs %	973.72	849.27	682.31	618.85	581.59
Allowance for Credit Losses / Nonperforming Loans %	482.67	440.93	433.27	404.46	385.56
Allowance for Credit Losses / Total Loans %	4.65	4.47	4.1	3.85	3.62
Net Charge-offs / Total Average Loans %	0.47	0.51	0.62	0.64	0.65
Provision for Loan Losses / Net Charge-offs %	261.63	188.45	105.56	93.23	87.55
Earning Assets / IBL	106.04	107.98	107.13	107.56	107.25
Capital And Funding
Total Average Common Equity / Total Average Assets %	8.6	8.99	9.29	9.7	9.69
Total Average Equity / Total Average Assets %	9.06	9.39	9.64	10	9.97
Total Equity + Allowance for Loan Losses / Total Loans %	20.92	21.01	20.64	21.65	21.16
Gross Loans / Total Deposits %	74.36	69.91	75.13	70.32	67.54
Net Loans / Total Deposits %	70.9	66.78	72.05	67.61	65.09
Tier 1 Capital Ratio %	14.94	15.75	16.01	17.48	16.51
Total Capital Ratio %	17.48	17.77	17.88	19.05	18.24
Core Tier 1 Capital Ratio	12.66	13.68	13.73	14.86	14.16
Tier 2 Capital Ratio	2.54	2.02	1.87	1.57	1.72
Coverage Ratio	482.67	440.93	433.27	404.46	385.56
Interbank Ratio	73.92	66.79	62.95	88.34	76.84
Fixed Charges Coverage
EBT + Interest Expense / Interest Expense	2.2	2.22	2.1	2.1	2.32
Growth Over Prior Year
Net Interest Income, 1 Yr. Growth %	10.21	7.02	-1.63	-1.58	2.04
Non Interest Income, 1 Yr. Growth %	20.75	-0.62	-3.65	1.05	-5.69
Provision For Loan Losses, 1 Yr. Growth %	1.68	-13.96	-27.26	-3.15	-0.98
Total Revenues, 1 Yr. Growth %	17.59	8.57	2.53	-0.27	-0.78
Earnings From Cont. Operations, 1 Yr. Growth %	23.35	15.28	6.25	1.05	1.05
Net Income, 1 Yr. Growth %	23.2	15.08	6.22	1.22	1.21
Normalized Net Income, 1 Yr. Growth %	20.8	11.14	6.94	1.38	0.39
Diluted EPS Before Extra, 1 Yr. Growth %	21.64	14.1	7.03	0.53	0.71
Dividend Per Share, 1 Yr. Growth %	21.47	14.19	13.46	1.42	0.8
Gross Loans, 1 Yr. Growth %	9.43	8.35	13.82	5.83	5.37
Allowance For Loan Losses, 1 Yr. Growth %	4.68	4.18	4.32	-0.54	-0.9
Net Loans, 1 Yr. Growth %	9.67	8.55	14.26	6.1	5.62
Non Performing Loans, 1 Yr. Growth %	-5.13	14.04	6.16	6.55	3.96
Non Performing Assets, 1 Yr. Growth %	-5.26	13.79	6.05	6.45	3.89
Total Assets, 1 Yr. Growth %	10.62	9.62	8.77	10.19	7.56
Total Deposits, 1 Yr Growth %	11.82	15.24	5.9	13.08	9.71
Tangible Book Value, 1 Yr. Growth %	20.28	11.68	15.13	14.49	3.97
Average Interest Earning Assets, 1 Yr. Growth %	10.44	10.49	9.98	6.99	8.16
Average Interest Bearing Liabilities, 1 Yr. Growth %	9.65	8.51	10.84	6.56	8.47
Common Equity, 1 Yr. Growth %	19.57	11.32	14.26	14.27	3.91
Total Equity, 1 Yr. Growth %	18.53	10.23	13.78	13.61	3.84
Compound Annual Growth Rate Over Two Years
Net Interest Income, 2 Yr. CAGR %	8.54	8.6	2.6	-1.61	0.22
Non Interest Income, 2 Yr. CAGR %	14.62	9.55	-2.14	-1.33	-3.37
Provision For Loan Losses, 2 Yr. CAGR %	3.93	-6.47	-20.89	-16.07	-2.07
Total Revenues, 2 Yr. CAGR %	12.68	12.99	5.51	1.12	-0.95
Earnings From Cont. Operations, 2 Yr. CAGR %	13.73	19.25	10.67	3.62	1.05
Net Income, 2 Yr. CAGR %	13.64	19.07	10.57	3.69	1.21
Normalized Net Income, 2 Yr. CAGR %	12.34	15.87	9.02	4.12	0.89
Diluted EPS Before Extra, 2 Yr. CAGR %	12.91	17.81	10.51	3.73	0.62
Dividend Per Share, 2 Yr. CAGR %	12.62	17.77	13.83	7.27	1.11
Gross Loans, 2 Yr. CAGR %	10.1	8.89	11.05	9.75	8.03
Allowance For Loan Losses, 2 Yr. CAGR %	4.95	4.43	4.25	1.86	-0.72
Net Loans, 2 Yr. CAGR %	10.37	9.11	11.37	10.11	8.4
Non Performing Loans, 2 Yr. CAGR %	-1.36	4.01	10.03	6.35	5.26
Non Performing Assets, 2 Yr. CAGR %	-1.58	3.83	9.85	6.25	5.18
Total Assets, 2 Yr. CAGR %	11.67	10.12	9.2	9.48	8.87
Total Deposits, 2 Yr CAGR %	14.67	13.52	10.47	9.43	11.38
Tangible Book Value, 2 Yr. CAGR %	20.23	15.9	13.39	14.81	9.34
Average Interest Earning Assets, 2 Yr. CAGR %	10.85	10.46	10.23	8.47	-
Average Interest Bearing Liabilities, 2 Yr. CAGR %	10.93	9.08	9.67	8.68	-
Common Equity, 2 Yr. CAGR %	19.53	15.37	12.78	14.26	8.97
Total Equity, 2 Yr. CAGR %	18.38	14.3	11.99	13.69	8.62
Compound Annual Growth Rate Over Three Years
Net Interest Income, 3 Yr. CAGR %	8.33	8.03	5.08	1.19	-0.41
Non Interest Income, 3 Yr. CAGR %	13.03	9.29	4.96	-1.09	-2.8
Provision For Loan Losses, 3 Yr. CAGR %	2.74	-2.41	-13.99	-15.37	-11.31
Total Revenues, 3 Yr. CAGR %	12.22	11.29	9.39	3.54	0.48
Earnings From Cont. Operations, 3 Yr. CAGR %	14.35	14.24	14.75	7.37	2.75
Net Income, 3 Yr. CAGR %	14.18	14.12	14.63	7.36	2.86
Normalized Net Income, 3 Yr. CAGR %	11.41	11.94	12.81	6.41	2.86
Diluted EPS Before Extra, 3 Yr. CAGR %	13.79	13.31	14.1	7.08	2.71
Dividend Per Share, 3 Yr. CAGR %	17.43	13.14	16.32	9.53	5.07
Gross Loans, 3 Yr. CAGR %	10.56	9.51	10.51	9.28	8.34
Allowance For Loan Losses, 3 Yr. CAGR %	8.56	4.69	4.39	2.63	1.04
Net Loans, 3 Yr. CAGR %	10.67	9.76	10.8	9.59	8.66
Non Performing Loans, 3 Yr. CAGR %	-1.74	3.53	4.72	8.86	5.55
Non Performing Assets, 3 Yr. CAGR %	-1.77	3.29	4.56	8.7	5.46
Total Assets, 3 Yr. CAGR %	11.09	10.98	9.67	9.53	8.83
Total Deposits, 3 Yr CAGR %	13.38	14.86	10.92	11.33	9.52
Tangible Book Value, 3 Yr. CAGR %	18.29	17.31	15.64	13.76	11.08
Average Interest Earning Assets, 3 Yr. CAGR %	-	10.73	10.3	9.14	-
Average Interest Bearing Liabilities, 3 Yr. CAGR %	-	10.12	9.66	8.62	-
Common Equity, 3 Yr. CAGR %	17.68	16.73	15	13.27	10.7
Total Equity, 3 Yr. CAGR %	16.78	15.6	14.13	12.53	10.31
Compound Annual Growth Rate Over Five Years
Net Interest Income, 5 Yr. CAGR %	8.66	8.54	6	4.07	3.1
Non Interest Income, 5 Yr. CAGR %	11.13	10.72	6.7	4.92	1.96
Provision For Loan Losses, 5 Yr. CAGR %	-0.06	-1.08	-7.46	-8.12	-9.41
Total Revenues, 5 Yr. CAGR %	13.07	12.34	9.49	7.11	5.31
Earnings From Cont. Operations, 5 Yr. CAGR %	14.14	14.55	12.86	9.87	9.06
Net Income, 5 Yr. CAGR %	14.07	14.49	12.72	9.83	9.06
Normalized Net Income, 5 Yr. CAGR %	13.33	12.65	10.45	8.75	7.88
Diluted EPS Before Extra, 5 Yr. CAGR %	13.38	13.6	12.47	9.37	8.5
Dividend Per Share, 5 Yr. CAGR %	15.51	15.65	15.97	10.76	9.98
Gross Loans, 5 Yr. CAGR %	11.18	10.06	10.76	9.61	8.52
Allowance For Loan Losses, 5 Yr. CAGR %	17.41	11.2	6.81	3.55	2.32
Net Loans, 5 Yr. CAGR %	10.92	10	10.95	9.9	8.8
Non Performing Loans, 5 Yr. CAGR %	-3.61	0.21	2.81	4.65	4.93
Non Performing Assets, 5 Yr. CAGR %	-3.69	0.07	2.72	4.47	4.8
Total Assets, 5 Yr. CAGR %	9.25	9.99	10.33	10.38	9.35
Total Deposits, 5 Yr CAGR %	10.23	12.68	12.21	12.66	11.1
Tangible Book Value, 5 Yr. CAGR %	15.71	15.98	16.3	16.3	12.98
Average Interest Earning Assets, 5 Yr. CAGR %	8.82	8.76	-	9.82	9.2
Average Interest Bearing Liabilities, 5 Yr. CAGR %	9.29	8.9	-	9.54	8.8
Common Equity, 5 Yr. CAGR %	15.43	15.53	15.69	15.73	12.55
Total Equity, 5 Yr. CAGR %	16.5	14.57	14.84	14.83	11.89