Balance Sheet Investment AB Latour

Equities

LATO B

SE0010100958

Investment Holding Companies

Real-time Estimate Cboe Europe Other stock markets 07:59:46 2026-05-11 am EDT			5-day change	1st Jan Change
202.70 ^SEK	-1.07%		-0.44%	-9.98%

May. 06	Handelsbanken cuts Latour price target to SEK 210 (250), reiterates Hold - BN	FW
Apr. 30	Pareto Securities cuts Latour price target to SEK 226 (248), reiterates Hold	FW

eb7f2e80a7af1385afd603.1Ye5WRe3SOrF3E5Ez3I5L3-hZwiwu4qxElRmQ_Zwt1A.rM34BlTkDN6JiDcdjjBMGDvrNG304u7rejMML4cy2jyX8_Q9SOImmrWDFw

Published financial data: INVESTMENT AB LATOUR

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	18.57B	22.61B	25.55B	25.89B	28.14B
Total Revenues	18.57B	22.61B	25.55B	25.89B	28.14B
Cost of Goods Sold, Total	11.48B	14.14B	15.6B	15.69B	16.97B
Gross Profit	7.09B	8.47B	9.95B	10.2B	11.18B
Selling General & Admin Expenses, Total	4.13B	4.88B	5.72B	6.01B	6.66B
R&D Expenses	476M	563M	663M	759M	821M
Other Operating Expenses	-106M	-112M	-144M	-136M	-341M
Other Operating Expenses, Total	4.5B	5.33B	6.24B	6.63B	7.14B
Operating Income	2.58B	3.14B	3.72B	3.56B	4.04B
Interest Expense, Total	-72M	-106M	-378M	-442M	-557M
Interest And Investment Income	1M	4M	19M	33M	29M
Net Interest Expenses	-71M	-102M	-359M	-409M	-528M
Income (Loss) On Equity Invest.	2.38B	1.55B	3.5B	3.91B	3.19B
Currency Exchange Gains (Loss)	146M	163M	-92M	142M	-601M
Other Non Operating Income (Expenses)	-21M	-31M	-22M	-37M	-49M
EBT, Excl. Unusual Items	5.02B	4.72B	6.74B	7.17B	6.05B
Merger & Related Restructuring Charges	-47M	-27M	-33M	-36M	-69M
Impairment of Goodwill	-	-	-115M	-203M	-9M
Gain (Loss) On Sale Of Investments	3M	-	-	-	-
Gain (Loss) On Sale Of Assets	-	135M	-	10M	-224M
Other Unusual Items	12M	8M	48M	62M	-
EBT, Incl. Unusual Items	4.98B	4.83B	6.64B	7B	5.75B
Income Tax Expense	604M	665M	744M	805M	799M
Earnings From Continuing Operations	4.38B	4.17B	5.9B	6.2B	4.95B
Earnings Of Discontinued Operations	-	-	-	-	-
Net Income to Company	4.38B	4.17B	5.9B	6.2B	4.95B
Minority Interest	-4M	-6M	-7M	-30M	-30M
Net Income - (IS)	4.38B	4.16B	5.89B	6.17B	4.92B
Net Income to Common Incl Extra Items	4.38B	4.16B	5.89B	6.17B	4.92B
Net Income to Common Excl. Extra Items	4.38B	4.16B	5.89B	6.17B	4.92B
Per Share Items
Net EPS - Basic	6.85	6.51	9.22	9.65	7.69
Basic EPS - Continuing Operations	6.85	6.51	9.22	9.65	7.69
Basic Weighted Average Shares Outstanding	639M	639M	639M	639M	639M
Net EPS - Diluted	6.82	6.49	9.19	9.62	7.67
Diluted EPS - Continuing Operations	6.82	6.49	9.19	9.62	7.67
Diluted Weighted Average Shares Outstanding	641M	642M	642M	641M	641M
Normalized Basic EPS	4.9	4.6	6.58	6.96	5.87
Normalized Diluted EPS	4.88	4.59	6.56	6.95	5.85
Dividend Per Share	3.3	3.7	4.1	4.6	5.1
Payout Ratio	43.82	50.7	40.14	42.48	59.81
Supplemental Items
EBITDA	2.89B	3.49B	4.11B	3.98B	4.47B
EBITA	2.65B	3.22B	3.8B	3.65B	4.11B
EBIT	2.58B	3.14B	3.72B	3.56B	4.04B
EBITDAR	3.29B	3.84B	4.59B	4.52B	5.03B
Effective Tax Rate - (Ratio)	12.12	13.76	11.2	11.49	13.91
Total Current Taxes	500M	571M	668M	735M	696M
Total Deferred Taxes	104M	94M	76M	70M	103M
Normalized Net Income	3.13B	2.94B	4.21B	4.45B	3.75B
Interest on Long-Term Debt	10M	11M	16M	33M	48M
Non-Cash Pension Expense	-	43M	-	-	-
Supplemental Operating Expense Items
Selling and Marketing Expenses	2.81B	3.23B	3.69B	3.84B	4.12B
General and Administrative Expenses	1.33B	1.65B	2.03B	2.17B	2.54B
Research And Development Expense From Footnotes	476M	563M	663M	759M	821M
Net Rental Expense, Total	393M	353M	478M	550M	565M
Imputed Operating Lease Interest Expense	22.32M	24.08M	105M	129M	140M
Imputed Operating Lease Depreciation	371M	329M	373M	421M	425M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	1.52B	1.71B	2.24B	2.96B	2.59B
Trading Asset Securities, Total	-	-	-	-	-
Total Cash And Short Term Investments	1.52B	1.71B	2.24B	2.96B	2.59B
Accounts Receivable, Total	3.51B	4.57B	4.03B	4.31B	4.44B
Other Receivables	387M	583M	766M	798M	879M
Total Receivables	3.9B	5.16B	4.8B	5.11B	5.31B
Inventory	3.75B	5.24B	4.57B	4.8B	5.03B
Prepaid Expenses	259M	370M	371M	524M	433M
Other Current Assets, Total	173M	46M	22M	76M	170M
Total Current Assets	9.6B	12.53B	12B	13.47B	13.54B
Gross Property Plant And Equipment	5.36B	6.13B	6.57B	7.37B	7.9B
Accumulated Depreciation	-2.34B	-2.76B	-3.1B	-3.4B	-3.64B
Net Property Plant And Equipment	3.02B	3.37B	3.47B	3.97B	4.26B
Long-term Investments	22.24B	26.86B	29.46B	31.12B	31.07B
Goodwill	12.27B	14.42B	14.44B	17.62B	18.83B
Other Intangibles, Total	329M	399M	367M	413M	400M
Loans Receivable Long-Term	31M	46M	56M	80M	91M
Deferred Tax Assets Long-Term	454M	523M	481M	469M	312M
Total Assets	47.94B	58.16B	60.26B	67.14B	68.5B
Liabilities
Accounts Payable, Total	1.57B	1.77B	1.77B	1.94B	2.01B
Accrued Expenses, Total	681M	762M	853M	938M	936M
Short-term Borrowings	114M	151M	20M	37M	42M
Current Portion of Long-Term Debt	240M	4.87B	4.38B	3.76B	5.25B
Current Portion of Leases	224M	258M	288M	400M	471M
Current Income Taxes Payable	222M	311M	323M	384M	347M
Other Current Liabilities	1.98B	2.23B	1.8B	1.86B	2B
Total Current Liabilities	5.02B	10.36B	9.44B	9.32B	11.05B
Long-Term Debt	9.43B	7.53B	7.65B	11.24B	12.1B
Long-Term Leases	846M	1.21B	1.16B	1.33B	1.3B
Pension & Other Post Retirement Benefits	227M	196M	212M	267M	280M
Deferred Tax Liability Non Current	535M	652M	715M	806M	750M
Other Non Current Liabilities	190M	192M	195M	238M	255M
Total Liabilities	16.25B	20.13B	19.37B	23.2B	25.73B
Common Stock, Total	133M	133M	133M	133M	133M
Retained Earnings	31.23B	36.58B	39.64B	42.01B	42.24B
Treasury Stock	-164M	-121M	-80M	-92M	-92M
Comprehensive Income and Other	357M	1.38B	1.16B	1.58B	347M
Total Common Equity	31.55B	37.97B	40.84B	43.63B	42.62B
Minority Interest	133M	55M	55M	312M	140M
Total Equity	31.69B	38.02B	40.9B	43.94B	42.76B
Total Liabilities And Equity	47.94B	58.16B	60.26B	67.14B	68.5B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	639M	639M	639M	639M	639M
ECS Total Common Shares Outstanding	639M	639M	639M	639M	639M
Book Value / Share	49.35	59.39	63.89	68.24	66.67
Tangible Book Value	18.96B	23.14B	26.04B	25.59B	23.4B
Tangible Book Value Per Share	29.65	36.2	40.73	40.03	36.6
Total Debt	10.85B	14.01B	13.5B	16.76B	19.16B
Net Debt	9.34B	12.3B	11.26B	13.8B	16.57B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-	196	-	-	-
Debt Equivalent Oper. Leases	3.14B	2.82B	3.82B	4.4B	4.52B
Minority Interest, Total (Incl. Fin. Div)	133M	55M	55M	312M	140M
Equity Method Investments, Total	22.18B	26.8B	29.43B	31.03B	30.95B
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Raw Materials, Total	1.27B	1.72B	1.59B	1.62B	1.72B
Inventories - Work In Process, Total	472M	425M	367M	375M	335M
Inventories - Finished Goods, Total	2.01B	3.1B	2.57B	2.73B	2.91B
Inventories - Others	-	-	49M	78M	70M
Land - (BS)	119M	97M	97M	104M	115M
Buildings, Total	2.46B	2.79B	2.98B	3.52B	3.81B
Machinery, Total	2.58B	1.77B	1.87B	3.41B	3.6B
Full Time Employees	8K	8.38K	8.45K	9K	10K
Assets under Capital Lease - Gross	161M	172M	173M	180M	175M
Assets under Capital Lease - Accumulated Depreciation	-79M	-92M	-101M	-113M	-118M
Accumulated Allowance for Doubtful Accounts (Supple)	68M	111M	156M	178M	146M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	4.38B	4.16B	5.89B	6.17B	4.92B
Depreciation & Amortization - CF	507M	517M	629M	673M	780M
Amortization of Goodwill and Intangible Assets - (CF)	66M	76M	82M	85M	75M
Depreciation & Amortization, Total	573M	593M	711M	758M	855M
(Gain) Loss From Sale Of Asset	4M	-38M	-4M	-	224M
Asset Writedown & Restructuring Costs	-	-	115M	203M	-
Other Operating Activities, Total	-2.26B	-1.48B	-3.02B	-3.5B	-2.24B
Change In Accounts Receivable	-714M	-591M	574M	81M	-72M
Change In Inventories	-1.12B	-996M	684M	164M	-164M
Change in Other Net Operating Assets	926M	-61M	-345M	-227M	222M
Cash from Operations	1.78B	1.59B	4.61B	3.65B	3.74B
Capital Expenditure	-306M	-440M	-444M	-569M	-707M
Sale of Property, Plant, and Equipment	24M	328M	17M	10M	60M
Cash Acquisitions	-2.29B	-1.58B	-362M	-2.56B	-3.38B
Divestitures	-	100M	-	-	-63M
Investment in Marketable and Equity Securities, Total	-1.1B	-985M	-933M	-411M	-11M
Other Investing Activities, Total	1.01B	1.31B	1.43B	1.58B	1.64B
Cash from Investing	-2.66B	-1.27B	-292M	-1.95B	-2.47B
Long-Term Debt Issued, Total	276M	1.96B	-	1.86B	2.56B
Total Debt Issued	276M	1.96B	-	1.86B	2.56B
Long-Term Debt Repaid, Total	-	-	-906M	-	-
Total Debt Repaid	-	-	-906M	-	-
Repurchase of Common Stock	-81M	-	-25M	-31M	-
Common Dividends Paid	-1.92B	-2.11B	-2.37B	-2.62B	-2.94B
Common & Preferred Stock Dividends Paid	-1.92B	-2.11B	-2.37B	-2.62B	-2.94B
Other Financing Activities, Total	12M	-125M	-461M	-295M	-1.03B
Cash from Financing	-1.71B	-276M	-3.76B	-1.08B	-1.41B
Foreign Exchange Rate Adjustments	69M	143M	-32M	107M	-237M
Miscellaneous Cash Flow Adjustments	-	-	-	-	-
Net Change in Cash	-2.52B	194M	525M	725M	-370M
Supplemental Items
Cash Interest Paid	136M	95M	504M	484M	1.11B
Cash Income Tax Paid (Refund)	442M	558M	731M	694M	838M
Levered Free Cash Flow	606M	-48.12M	3.14B	1.77B	2.05B
Unlevered Free Cash Flow	651M	18.12M	3.37B	2.05B	2.39B
Change In Net Working Capital	1.23B	2.1B	-783M	371M	278M
Net Debt Issued / Repaid	276M	1.96B	-906M	1.86B	2.56B

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	3.59	3.7	3.95	3.5	3.72
Return on Total Capital	3.98	4.15	4.4	3.87	4.12
Return On Equity %	14.4	11.96	15.1	14.62	11.41
Return on Common Equity	14.44	11.97	15.11	14.61	11.4
Margin Analysis
Gross Profit Margin %	38.18	37.48	38.95	39.39	39.72
SG&A Margin	22.27	21.59	22.38	23.21	23.66
EBITDA Margin %	15.59	15.44	16.1	15.36	15.87
EBITA Margin %	14.27	14.23	14.87	14.1	14.62
EBIT Margin %	13.92	13.89	14.55	13.77	14.35
Income From Continuing Operations Margin %	23.6	18.43	23.1	23.95	17.58
Net Income Margin %	23.57	18.41	23.07	23.84	17.47
Net Avail. For Common Margin %	23.57	18.41	23.07	23.84	17.47
Normalized Net Income Margin	16.87	13.01	16.47	17.2	13.32
Levered Free Cash Flow Margin	3.26	-0.21	12.28	6.84	7.27
Unlevered Free Cash Flow Margin	3.51	0.08	13.2	7.9	8.51
Asset Turnover
Asset Turnover	0.41	0.43	0.43	0.41	0.42
Fixed Assets Turnover	7.29	7.07	7.47	6.96	6.84
Receivables Turnover (Average Receivables)	6.29	5.59	5.94	6.21	6.44
Inventory Turnover (Average Inventory)	3.91	3.14	3.17	3.35	3.45
Short Term Liquidity
Current Ratio	1.91	1.21	1.27	1.44	1.23
Quick Ratio	1.08	0.66	0.75	0.87	0.72
Operating Cash Flow to Current Liabilities	0.35	0.15	0.49	0.39	0.34
Days Sales Outstanding (Average Receivables)	58.07	65.25	61.47	58.97	56.7
Days Outstanding Inventory (Average Inventory)	93.39	116.15	115.27	109.26	105.72
Average Days Payable Outstanding	35.43	39.03	43.46	42.63	41.87
Cash Conversion Cycle (Average Days)	116.03	142.37	133.28	125.61	120.54
Long Term Solvency
Total Debt/Equity	34.25	36.85	33	38.14	44.81
Total Debt / Total Capital	25.51	26.93	24.81	27.61	30.94
LT Debt/Equity	32.43	22.97	21.54	28.59	31.34
Long-Term Debt / Total Capital	24.15	16.79	16.19	20.7	21.64
Total Liabilities / Total Assets	33.9	34.62	32.14	34.55	37.57
EBIT / Interest Expense	35.89	29.63	9.83	8.07	7.25
EBITDA / Interest Expense	43.85	35.23	11.71	9.78	8.79
(EBITDA - Capex) / Interest Expense	39.6	31.08	10.54	8.49	7.52
Total Debt / EBITDA	3.44	3.75	3.05	3.88	3.92
Net Debt / EBITDA	2.96	3.29	2.54	3.19	3.39
Total Debt / (EBITDA - Capex)	3.81	4.25	3.39	4.46	4.58
Net Debt / (EBITDA - Capex)	3.27	3.73	2.83	3.68	3.96
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	23.55	21.78	13	1.32	8.73
Gross Profit, 1 Yr. Growth %	20.61	19.55	17.45	2.44	9.64
EBITDA, 1 Yr. Growth %	24.85	20.63	17.85	-3.38	12.35
EBITA, 1 Yr. Growth %	25	21.4	18.09	-3.92	12.71
EBIT, 1 Yr. Growth %	25.56	21.56	18.34	-4.09	13.3
Earnings From Cont. Operations, 1 Yr. Growth %	-17.71	-4.86	41.58	5.07	-20.21
Net Income, 1 Yr. Growth %	-17.73	-4.91	41.61	4.68	-20.31
Normalized Net Income, 1 Yr. Growth %	-12.64	-6.05	43.05	5.79	-15.78
Diluted EPS Before Extra, 1 Yr. Growth %	-17.73	-4.84	41.6	4.68	-20.27
Accounts Receivable, 1 Yr. Growth %	46.47	30.25	-11.81	6.84	2.92
Inventory, 1 Yr. Growth %	76.94	39.73	-13.53	5.08	4.75
Net Property, Plant and Equip., 1 Yr. Growth %	45.68	11.72	2.82	14.33	7.51
Total Assets, 1 Yr. Growth %	13.9	21.32	5.04	11.41	2.02
Tangible Book Value, 1 Yr. Growth %	1.04	22.09	16.44	-1.71	-8.58
Common Equity, 1 Yr. Growth %	8.55	20.33	9.83	6.82	-2.31
Cash From Operations, 1 Yr. Growth %	-23.68	-10.61	189.2	-20.71	2.52
Capital Expenditures, 1 Yr. Growth %	-43.33	43.79	0.91	28.15	24.25
Levered Free Cash Flow, 1 Yr. Growth %	-46.11	-107.94	-3.03K	-43.58	15.62
Unlevered Free Cash Flow, 1 Yr. Growth %	-44.75	-97.22	-8.35K	-39.34	17.02
Dividend Per Share, 1 Yr. Growth %	10	12.12	10.81	12.2	10.87
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	16.25	22.66	17.31	7	4.96
Gross Profit, 2 Yr. CAGR %	14.18	20.08	18.5	9.69	5.98
EBITDA, 2 Yr. CAGR %	20.17	22.72	19.23	6.71	4.19
EBITA, 2 Yr. CAGR %	20.5	23.18	19.73	6.52	4.06
EBIT, 2 Yr. CAGR %	20.62	23.54	19.94	6.54	4.24
Earnings From Cont. Operations, 2 Yr. CAGR %	-9.17	-11.52	16.06	21.96	-8.44
Net Income, 2 Yr. CAGR %	-9.35	-11.55	16.04	21.76	-8.66
Normalized Net Income, 2 Yr. CAGR %	-4.64	-9.41	15.93	23.02	-5.61
Diluted EPS Before Extra, 2 Yr. CAGR %	-9.41	-11.52	16.08	21.75	-8.64
Accounts Receivable, 2 Yr. CAGR %	18.67	38.12	7.18	-2.93	4.87
Inventory, 2 Yr. CAGR %	34.07	57.24	10.32	-4.68	4.91
Net Property, Plant and Equip., 2 Yr. CAGR %	34.52	27.58	7.18	8.42	10.87
Total Assets, 2 Yr. CAGR %	11.44	17.55	12.12	8.18	6.61
Tangible Book Value, 2 Yr. CAGR %	9.45	11.06	17.19	6.98	-5.21
Common Equity, 2 Yr. CAGR %	10.14	14.29	13.77	8.32	2.16
Cash From Operations, 2 Yr. CAGR %	-0.69	-17.4	60.79	51.43	-9.84
Capital Expenditures, 2 Yr. CAGR %	12.92	-9.73	20.46	13.72	26.19
Levered Free Cash Flow, 2 Yr. CAGR %	-9.23	-79.31	127.52	306.47	-19.23
Unlevered Free Cash Flow, 2 Yr. CAGR %	-8.53	-87.6	127.63	607.52	-15.75
Dividend Per Share, 2 Yr. CAGR %	62.48	11.06	11.46	11.5	11.53
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	16.36	18.07	19.35	11.71	7.57
Gross Profit, 3 Yr. CAGR %	14.58	15.94	19.2	12.88	9.67
EBITDA, 3 Yr. CAGR %	20.72	20.32	21.07	11.16	8.56
EBITA, 3 Yr. CAGR %	21.65	20.8	21.46	11.26	8.54
EBIT, 3 Yr. CAGR %	22.12	20.93	21.78	11.32	8.74
Earnings From Cont. Operations, 3 Yr. CAGR %	23.53	-7.75	3.49	12.27	5.88
Net Income, 3 Yr. CAGR %	23.28	-7.9	3.47	12.13	5.71
Normalized Net Income, 3 Yr. CAGR %	22.42	-5.11	5.49	12.45	8.42
Diluted EPS Before Extra, 3 Yr. CAGR %	23.28	-7.91	3.5	12.15	5.73
Accounts Receivable, 3 Yr. CAGR %	20.23	22.41	18.94	7.07	-1.02
Inventory, 3 Yr. CAGR %	29.75	35.93	29.14	8.55	-1.64
Net Property, Plant and Equip., 3 Yr. CAGR %	46.58	26.44	18.72	9.51	8.12
Total Assets, 3 Yr. CAGR %	16.69	14.64	12.71	11.88	6.08
Tangible Book Value, 3 Yr. CAGR %	8.15	13.51	11.54	10.52	1.52
Common Equity, 3 Yr. CAGR %	13.17	13.44	12.01	11.41	4.65
Cash From Operations, 3 Yr. CAGR %	16.95	-4.11	25.42	27.03	32.97
Capital Expenditures, 3 Yr. CAGR %	10.79	22.39	-6.32	22.97	17.13
Levered Free Cash Flow, 3 Yr. CAGR %	18.32	-59.7	40.77	42.94	167.31
Unlevered Free Cash Flow, 3 Yr. CAGR %	17.54	-71.44	41.99	46.48	288.37
Dividend Per Share, 3 Yr. CAGR %	9.7	43.58	10.97	11.71	11.29
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	17.35	17.89	16.74	13.51	13.37
Gross Profit, 5 Yr. CAGR %	15.26	15.94	16.13	13.4	13.72
EBITDA, 5 Yr. CAGR %	19.31	21.43	20.12	14.68	14.01
EBITA, 5 Yr. CAGR %	20.27	22.59	20.88	14.87	14.18
EBIT, 5 Yr. CAGR %	20.2	22.73	21.24	14.95	14.44
Earnings From Cont. Operations, 5 Yr. CAGR %	4.67	8.37	20.49	3.15	-1.46
Net Income, 5 Yr. CAGR %	3.57	8.3	20.33	2.98	-1.56
Normalized Net Income, 5 Yr. CAGR %	6.16	8.54	19.78	5.27	0.91
Diluted EPS Before Extra, 5 Yr. CAGR %	4.61	8.28	20.35	2.97	-1.54
Accounts Receivable, 5 Yr. CAGR %	19.98	22.81	14.83	11.57	13.1
Inventory, 5 Yr. CAGR %	27.38	30.06	21.6	18.11	18.84
Net Property, Plant and Equip., 5 Yr. CAGR %	30.08	30.69	29.32	18.9	15.52
Total Assets, 5 Yr. CAGR %	14.79	16.2	14.84	11.71	10.23
Tangible Book Value, 5 Yr. CAGR %	6.3	10.2	11.68	10.09	4.51
Common Equity, 5 Yr. CAGR %	10.43	13.4	13.41	10.9	7.96
Cash From Operations, 5 Yr. CAGR %	16.94	11.44	32.83	15.12	9.91
Capital Expenditures, 5 Yr. CAGR %	8.13	15.08	14.56	18.84	5.54
Levered Free Cash Flow, 5 Yr. CAGR %	-7.02	-37.37	53.69	19.2	12.72
Unlevered Free Cash Flow, 5 Yr. CAGR %	-6.33	-49.15	53.11	21.34	15.24
Dividend Per Share, 5 Yr. CAGR %	10.53	10.46	10.4	29.77	11.2