Income Statement Nojima Corporation

Equities

7419

JP3761600000

Computer & Electronics Retailers

Market Closed - Japan Exchange Other stock markets 02:30:00 2025-07-11 am EDT			5-day change	1st Jan Change
3,415.00 ^JPY	-1.30%		+8.07%	+49.06%

Jul. 01	Tranche Update on Nojima Corporation's Equity Buyback Plan announced on February 18, 2025.	CI
May. 20	Nojima Corporation Announces Board Changes	CI

7385e1ee781fc8fb5f6db603b8.uYY5-J9BZnpQq8z2NqVS9f2F71iXwf40wDp7f1vsWyU.2-lLod00VQ4D3LWSfctjp7zXpm-nrrNH9W4cCRDeMVft9FXL0DgKGxnTmQ

Published financial data: NOJIMA CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2021	2022	2023	2024	2025
Revenues	523B	565B	626B	761B	853B
Total Revenues	523B	565B	626B	761B	853B
Cost of Goods Sold, Total	365B	398B	445B	542B	607B
Gross Profit	159B	167B	182B	220B	246B
Selling General & Admin Expenses, Total	111B	118B	131B	168B	175B
Depreciation & Amortization - (IS)	11.04B	12.65B	13.47B	15.64B	16.23B
Amortization of Goodwill and Intangible Assets - (IS)	2.99B	2.78B	3.2B	5.32B	5.96B
Other Operating Expenses, Total	125B	133B	148B	189B	198B
Operating Income	33.83B	33.17B	33.57B	30.56B	48.37B
Interest Expense, Total	-680M	-650M	-567M	-747M	-1.14B
Interest And Investment Income	58M	37M	353M	360M	732M
Net Interest Expenses	-622M	-613M	-214M	-387M	-407M
Income (Loss) On Equity Invest.	28.51B	111M	85M	90M	82M
Currency Exchange Gains (Loss)	-	-	-339M	-173M	-358M
Other Non Operating Income (Expenses)	2.93B	3.22B	3.14B	2.78B	3.35B
EBT, Excl. Unusual Items	64.64B	35.89B	36.25B	32.87B	51.04B
Gain (Loss) On Sale Of Investments	-	3.92B	-	63M	8M
Gain (Loss) On Sale Of Assets	16M	-815M	249M	16M	68M
Asset Writedown	-889M	-375M	-587M	-634M	-1.11B
Other Unusual Items	32M	83M	204M	564M	135M
EBT, Incl. Unusual Items	63.8B	38.7B	36.11B	32.88B	50.14B
Income Tax Expense	10.97B	12.76B	12.68B	12.64B	17.51B
Earnings From Continuing Operations	52.83B	25.94B	23.43B	20.24B	32.63B
Net Income to Company	52.83B	25.94B	23.43B	20.24B	32.63B
Minority Interest	-3M	-80M	-114M	-262M	-340M
Net Income - (IS)	52.83B	25.86B	23.32B	19.98B	32.29B
Net Income to Common Incl Extra Items	52.83B	25.86B	23.32B	19.98B	32.29B
Net Income to Common Excl. Extra Items	52.83B	25.86B	23.32B	19.98B	32.29B
Per Share Items
Net EPS - Basic	534.21	261.44	238.83	203.66	334.97
Basic EPS - Continuing Operations	534.21	261.44	238.83	203.66	334.97
Basic Weighted Average Shares Outstanding	98.89M	98.92M	97.62M	98.1M	96.4M
Net EPS - Diluted	520.4	256.54	235.9	201.11	319.49
Diluted EPS - Continuing Operations	520.4	256.54	235.9	201.11	319.49
Diluted Weighted Average Shares Outstanding	102M	101M	98.84M	99.35M	101M
Normalized Basic EPS	408.54	225.94	230.89	206.76	327.36
Normalized Diluted EPS	397.99	221.71	228.05	204.16	312.23
Dividend Per Share	23	25	28	33	43
Payout Ratio	3.96	9.23	10.98	14.32	11.52
Supplemental Items
EBITDA	48.77B	49.43B	50.83B	52.56B	71.98B
EBITA	36.82B	35.95B	36.77B	35.92B	54.33B
EBIT	33.83B	33.17B	33.57B	30.56B	48.37B
EBITDAR	64.42B	67.34B	72.06B	77.23B	96.64B
Effective Tax Rate - (Ratio)	17.2	32.97	35.12	38.44	34.92
Normalized Net Income	40.4B	22.35B	22.54B	20.28B	31.56B
Non-Cash Pension Expense	224M	-1.7B	-30M	-451M	-821M
Supplemental Operating Expense Items
Advertising Expense	24.08B	21.62B	21.76B	22.35B	26.23B
Selling and Marketing Expenses	24.08B	21.62B	21.76B	22.35B	26.23B
Net Rental Expense, Total	15.65B	17.91B	21.23B	24.67B	24.67B
Imputed Operating Lease Interest Expense	1.28B	1.88B	1.55B	2.3B	3.36B
Imputed Operating Lease Depreciation	14.37B	16.04B	19.68B	22.37B	21.3B

Fiscal Period: March	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	18.51B	31.01B	37.14B	35.91B	66.61B
Short Term Investments	-	20B	92.31B	86.37B	72.04B
Total Cash And Short Term Investments	18.51B	51B	129B	122B	139B
Accounts Receivable, Total	69.02B	68.12B	108B	118B	124B
Other Receivables	9.47B	7.41B	36.89B	32.34B	38.99B
Total Receivables	78.49B	75.53B	145B	150B	163B
Inventory	49.46B	52.38B	70.96B	68.98B	81.03B
Deferred Tax Assets Current	-	-	-	-	-
Other Current Assets, Total	4.33B	5.05B	7.92B	12.09B	14.23B
Total Current Assets	151B	184B	353B	353B	397B
Net Property Plant And Equipment	45.24B	54.26B	58.86B	59.27B	58.95B
Long-term Investments	67.01B	19.24B	24.69B	25.74B	53.01B
Goodwill	21.95B	19.26B	49.78B	44.04B	42.62B
Other Intangibles, Total	46.01B	40.97B	58.46B	56.44B	64.98B
Deferred Tax Assets Long-Term	9.18B	9.26B	10.7B	8.21B	7.57B
Other Long-Term Assets, Total	1M	1M	2M	3M	1M
Total Assets	340B	327B	556B	547B	624B
Liabilities
Accounts Payable, Total	55.89B	57.86B	75.55B	80.89B	94.3B
Accrued Expenses, Total	5.07B	5.2B	10.16B	11.14B	10.2B
Short-term Borrowings	6.97B	1.62B	1.65B	8.98B	11.65B
Current Portion of Long-Term Debt	9.33B	13.22B	19.08B	5.17B	11.84B
Current Portion of Leases	2.59B	3.14B	3.67B	4.56B	4.63B
Current Income Taxes Payable	23.89B	21.44B	44.22B	34.54B	43.84B
Unearned Revenue Current, Total	6.62B	6.55B	5.59B	-	-
Other Current Liabilities	13.93B	17.95B	131B	149B	129B
Total Current Liabilities	124B	127B	291B	295B	305B
Long-Term Debt	25.37B	9.07B	42.25B	11.54B	46.69B
Long-Term Leases	12.85B	15.11B	15.53B	15.72B	12.8B
Pension & Other Post Retirement Benefits	10.92B	9.17B	12.74B	12.69B	12.29B
Deferred Tax Liability Non Current	12.06B	10.26B	13.33B	11.5B	13.12B
Other Non Current Liabilities	10.39B	16.27B	19.95B	22.18B	25.41B
Total Liabilities	196B	187B	395B	368B	416B
Common Stock, Total	6.33B	6.33B	6.33B	6.33B	6.33B
Additional Paid In Capital	5.52B	7.51B	7.48B	7.74B	7.73B
Retained Earnings	135B	126B	146B	163B	192B
Treasury Stock	-5.12B	-5.22B	-6B	-6.29B	-10.58B
Comprehensive Income and Other	3.04B	4.46B	5.2B	6.09B	10.01B
Total Common Equity	144B	139B	159B	177B	205B
Minority Interest	-	1.48B	1.86B	2.1B	3.31B
Total Equity	144B	140B	161B	179B	208B
Total Liabilities And Equity	340B	327B	556B	547B	624B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	98.49M	97.03M	98.05M	97.42M	95.63M
ECS Total Common Shares Outstanding	98.66M	98.56M	98.05M	97.89M	95.78M
Book Value / Share	1.46K	1.41K	1.62K	1.81K	2.14K
Tangible Book Value	76.34B	78.39B	50.96B	76.33B	97.39B
Tangible Book Value Per Share	773.77	795.41	519.71	779.82	1.02K
Total Debt	57.1B	42.16B	82.18B	45.97B	87.62B
Net Debt	38.59B	-8.84B	-47.28B	-76.31B	-51.04B
Debt Equivalent of Unfunded Proj. Benefit Obligation	10.56B	8.76B	12.34B	12.25B	11.67B
Debt Equivalent Oper. Leases	125B	143B	170B	197B	197B
Minority Interest, Total (Incl. Fin. Div)	-	1.48B	1.86B	2.1B	3.31B
Inventories - Raw Materials, Total	-	-	-	-	6.06B
Inventories - Finished Goods, Total	49.46B	52.38B	70.96B	68.98B	74.96B
Full Time Employees	6.91K	7.04K	12.02K	11.54K	11.87K
Accumulated Allowance for Doubtful Accounts (Supple)	1.69B	940M	614M	993M	1.11B

Fiscal Period: March	2021	2022	2023	2024	2025
Net Income	63.81B	38.7B	36.11B	32.88B	50.14B
Depreciation & Amortization - CF	11.95B	13.48B	14.06B	16.64B	17.65B
Amortization of Goodwill and Intangible Assets - (CF)	2.99B	2.78B	3.2B	5.36B	5.96B
Depreciation & Amortization, Total	14.94B	16.26B	17.26B	22B	23.6B
(Gain) Loss From Sale Of Asset	889M	1.19B	338M	618M	1.04B
(Gain) Loss on Sale of Investments - (CF)	-	-3.74B	-	-	-
(Income) Loss On Equity Investments - (CF)	-28.51B	-111M	-85M	-90M	-82M
Other Operating Activities, Total	-9.83B	-12.52B	-13.71B	-14.38B	-13.96B
Change In Accounts Receivable	2.6B	2.26B	1.74B	5.44B	-7.32B
Change In Inventories	-4.12B	-1.1B	-9.84B	4.53B	-1.5B
Change In Accounts Payable	4.1B	-461M	-2.09B	236M	-7.48B
Change in Other Net Operating Assets	-2.18B	2.39B	4.89B	6.96B	-370M
Cash from Operations	41.7B	42.9B	34.61B	58.2B	44.08B
Capital Expenditure	-4.03B	-12.33B	-4.67B	-4.38B	-7.53B
Cash Acquisitions	-594M	-815M	-74.42B	-7.94B	-4.63B
Divestitures	-	7.24B	-	-	-
Sale (Purchase) of Intangible assets	-948M	-1.03B	-1.32B	-1.69B	-2.78B
Investment in Marketable and Equity Securities, Total	171M	17.66B	-720M	-20M	-22.18B
Other Investing Activities, Total	-1.2B	-1.7B	-132M	-105M	-49M
Cash from Investing	-6.61B	9.03B	-81.26B	-14.14B	-37.17B
Short Term Debt Issued, Total	-	-	33M	6.71B	-
Long-Term Debt Issued, Total	8.9B	16.38B	153B	15.25B	58.46B
Total Debt Issued	8.9B	16.38B	153B	21.96B	58.46B
Short Term Debt Repaid, Total	-300M	-5.35B	-	-	-3.32B
Long-Term Debt Repaid, Total	-34.48B	-28.79B	-115B	-59.96B	-17.63B
Total Debt Repaid	-34.78B	-34.14B	-115B	-59.96B	-20.95B
Issuance of Common Stock	2.24B	1.53B	2.33B	1.38B	1.67B
Repurchase of Common Stock	-5.93B	-2.25B	-3.66B	-1.88B	-6.3B
Common & Preferred Stock Dividends Paid	-2.09B	-2.39B	-2.56B	-2.86B	-3.72B
Common & Preferred Stock Dividends Paid	-2.09B	-2.39B	-2.56B	-2.86B	-3.72B
Other Financing Activities, Total	-2.4B	902M	-3.95B	-4.44B	-5.3B
Cash from Financing	-34.06B	-19.96B	30.62B	-45.8B	23.86B
Foreign Exchange Rate Adjustments	299M	530M	779M	945M	-60M
Miscellaneous Cash Flow Adjustments	-	-	1M	1M	-
Net Change in Cash	1.34B	32.49B	-15.25B	-795M	30.7B
Supplemental Items
Cash Interest Paid	722M	646M	601M	763M	1.14B
Cash Income Tax Paid (Refund)	9.75B	12.49B	13.69B	14.38B	13.98B
Levered Free Cash Flow	32.93B	26.14B	98.56B	36.59B	17.14B
Unlevered Free Cash Flow	33.35B	26.55B	98.91B	37.05B	17.85B
Change In Net Working Capital	-2.25B	-2.91B	-66.66B	-2.03B	25.67B
Net Debt Issued / Repaid	-25.88B	-17.77B	38.47B	-38B	37.51B

Fiscal Period: March	2021	2022	2023	2024	2025
Profitability
Return on Assets	6.75	6.21	4.75	3.46	5.16
Return on Total Capital	11.5	10.81	9.86	8.16	11.61
Return On Equity %	45.05	18.24	15.56	11.91	16.85
Return on Common Equity	45.05	18.28	15.66	11.89	16.92
Margin Analysis
Gross Profit Margin %	30.35	29.5	29	28.84	28.82
SG&A Margin	21.2	20.89	20.98	22.07	20.55
EBITDA Margin %	9.32	8.75	8.12	6.9	8.43
EBITA Margin %	7.03	6.36	5.87	4.72	6.37
EBIT Margin %	6.46	5.87	5.36	4.01	5.67
Income From Continuing Operations Margin %	10.1	4.59	3.74	2.66	3.82
Net Income Margin %	10.09	4.58	3.72	2.62	3.78
Net Avail. For Common Margin %	10.09	4.58	3.72	2.62	3.78
Normalized Net Income Margin	7.72	3.96	3.6	2.66	3.7
Levered Free Cash Flow Margin	6.29	4.63	15.74	4.81	2.01
Unlevered Free Cash Flow Margin	6.37	4.7	15.8	4.87	2.09
Asset Turnover
Asset Turnover	1.67	1.69	1.42	1.38	1.46
Fixed Assets Turnover	12.98	11.36	11.07	12.89	14.44
Receivables Turnover (Average Receivables)	7.7	8.24	7.1	6.74	7.07
Inventory Turnover (Average Inventory)	8.07	7.82	7.21	7.74	8.1
Short Term Liquidity
Current Ratio	1.21	1.45	1.21	1.2	1.3
Quick Ratio	0.78	1	0.94	0.92	0.99
Operating Cash Flow to Current Liabilities	0.34	0.34	0.12	0.2	0.14
Days Sales Outstanding (Average Receivables)	47.41	44.3	51.38	54.31	51.65
Days Outstanding Inventory (Average Inventory)	45.25	46.66	50.63	47.27	45.07
Average Days Payable Outstanding	51.92	51.74	52.57	53.04	51.61
Cash Conversion Cycle (Average Days)	40.74	39.22	49.45	48.54	45.1
Long Term Solvency
Total Debt/Equity	39.57	30.09	51.03	25.69	42.06
Total Debt / Total Capital	28.35	23.13	33.79	20.44	29.61
LT Debt/Equity	26.49	17.26	35.88	15.23	28.56
Long-Term Debt / Total Capital	18.98	13.27	23.75	12.12	20.1
Total Liabilities / Total Assets	57.58	57.15	71.03	67.3	66.61
EBIT / Interest Expense	49.75	51.03	59.21	40.91	42.47
EBITDA / Interest Expense	71.72	76.05	89.65	70.36	63.19
(EBITDA - Capex) / Interest Expense	65.79	57.08	81.41	64.49	56.58
Total Debt / EBITDA	1.17	0.85	1.62	0.87	1.22
Net Debt / EBITDA	0.79	-0.18	-0.93	-1.45	-0.71
Total Debt / (EBITDA - Capex)	1.28	1.14	1.78	0.95	1.36
Net Debt / (EBITDA - Capex)	0.86	-0.24	-1.02	-1.58	-0.79
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-0.12	7.96	10.83	21.58	12.1
Gross Profit, 1 Yr. Growth %	10.2	4.93	8.98	20.89	12.04
EBITDA, 1 Yr. Growth %	29.09	1.36	2.83	3.4	36.95
EBITA, 1 Yr. Growth %	44.6	-2.36	2.28	-2.32	51.27
EBIT, 1 Yr. Growth %	49.79	-1.95	1.22	-8.97	58.28
Earnings From Cont. Operations, 1 Yr. Growth %	231.95	-50.9	-9.69	-13.61	61.22
Net Income, 1 Yr. Growth %	232.02	-51.04	-9.85	-14.31	61.63
Normalized Net Income, 1 Yr. Growth %	171.53	-44.68	0.85	-10.01	55.59
Diluted EPS Before Extra, 1 Yr. Growth %	232.35	-50.7	-8.05	-14.75	58.86
Accounts Receivable, 1 Yr. Growth %	3.1	-1.3	58.8	8.84	5.12
Inventory, 1 Yr. Growth %	20.86	5.91	35.47	-2.8	17.47
Net Property, Plant and Equip., 1 Yr. Growth %	27.9	19.94	8.47	0.7	-0.55
Total Assets, 1 Yr. Growth %	18.84	-3.89	70.03	-1.58	14.01
Tangible Book Value, 1 Yr. Growth %	429.44	2.69	-35	49.8	27.59
Common Equity, 1 Yr. Growth %	59.87	-3.93	14.84	11.07	15.94
Cash From Operations, 1 Yr. Growth %	7.3	2.86	-19.31	68.14	-24.26
Capital Expenditures, 1 Yr. Growth %	11.71	205.6	-62.12	-6.1	71.81
Levered Free Cash Flow, 1 Yr. Growth %	0.05	-20.6	276.99	-62.88	-53.15
Unlevered Free Cash Flow, 1 Yr. Growth %	-0.29	-20.39	272.55	-62.54	-51.82
Dividend Per Share, 1 Yr. Growth %	21.05	8.7	12	17.86	30.3
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	1	3.84	9.39	16.08	16.74
Gross Profit, 2 Yr. CAGR %	11.08	7.53	6.94	14.78	16.38
EBITDA, 2 Yr. CAGR %	25.3	14.39	2.09	3.12	19
EBITA, 2 Yr. CAGR %	29.2	18.83	-0.06	-0.04	21.56
EBIT, 2 Yr. CAGR %	32.69	21.19	-0.38	-4.01	20.04
Earnings From Cont. Operations, 2 Yr. CAGR %	89.69	27.67	-33.41	-11.67	18.02
Net Income, 2 Yr. CAGR %	89.7	27.49	-33.57	-12.11	17.69
Normalized Net Income, 2 Yr. CAGR %	75.28	22.56	-25.31	-4.74	18.33
Diluted EPS Before Extra, 2 Yr. CAGR %	91.06	28	-32.67	-11.46	16.38
Accounts Receivable, 2 Yr. CAGR %	-10.92	0.88	25.19	31.47	6.96
Inventory, 2 Yr. CAGR %	4.49	13.14	19.78	14.75	6.86
Net Property, Plant and Equip., 2 Yr. CAGR %	25.93	23.86	14.06	4.52	0.08
Total Assets, 2 Yr. CAGR %	5.14	6.87	27.83	29.36	5.93
Tangible Book Value, 2 Yr. CAGR %	410.61	133.17	-18.3	-1.32	38.25
Common Equity, 2 Yr. CAGR %	33.3	23.93	5.04	12.94	13.48
Cash From Operations, 2 Yr. CAGR %	20.36	5.06	-8.9	16.48	12.85
Capital Expenditures, 2 Yr. CAGR %	-4.11	84.77	7.59	-40.36	27.01
Levered Free Cash Flow, 2 Yr. CAGR %	144.52	-10.87	73.01	18.3	-58.3
Unlevered Free Cash Flow, 2 Yr. CAGR %	139.46	-10.9	72.22	18.13	-57.52
Dividend Per Share, 2 Yr. CAGR %	16.32	14.71	10.34	14.89	23.92
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	1.4	3.27	6.12	13.31	14.74
Gross Profit, 3 Yr. CAGR %	10.39	8.99	8.01	11.4	13.86
EBITDA, 3 Yr. CAGR %	18.79	16.75	10.4	2.53	13.34
EBITA, 3 Yr. CAGR %	22.85	17.68	13.03	-0.82	14.76
EBIT, 3 Yr. CAGR %	25.67	19.96	14.13	-3.33	13.4
Earnings From Cont. Operations, 3 Yr. CAGR %	57.07	20.89	13.76	-27.37	7.95
Net Income, 3 Yr. CAGR %	57.06	20.78	13.58	-27.68	7.68
Normalized Net Income, 3 Yr. CAGR %	53.32	19.34	14.85	-20.52	12.19
Diluted EPS Before Extra, 3 Yr. CAGR %	58	21.64	14.64	-27.16	7.59
Accounts Receivable, 3 Yr. CAGR %	5.51	-7.82	17.35	19.49	22.02
Inventory, 3 Yr. CAGR %	5.84	4.96	20.14	11.72	15.65
Net Property, Plant and Equip., 3 Yr. CAGR %	20.36	23.9	18.5	9.42	2.8
Total Assets, 3 Yr. CAGR %	9.33	2.04	24.76	17.16	24.03
Tangible Book Value, 3 Yr. CAGR %	48.25	199.16	52.32	-0	7.5
Common Equity, 3 Yr. CAGR %	27.89	19.51	20.82	7.01	13.93
Cash From Operations, 3 Yr. CAGR %	17.69	14.22	-3.79	11.75	0.91
Capital Expenditures, 3 Yr. CAGR %	5.02	41.12	8.95	2.82	-15.14
Levered Free Cash Flow, 3 Yr. CAGR %	-7.24	68.07	44.14	3.58	-13.13
Unlevered Free Cash Flow, 3 Yr. CAGR %	-7.24	65.89	43.54	3.57	-12.39
Dividend Per Share, 3 Yr. CAGR %	14.06	13.72	13.8	12.79	19.81
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	2.84	5.51	4.52	8.21	10.25
Gross Profit, 5 Yr. CAGR %	10.58	11.11	8.99	11.27	11.28
EBITDA, 5 Yr. CAGR %	16.14	16.2	11.8	11.09	13.76
EBITA, 5 Yr. CAGR %	18.04	16.77	13.12	10.24	16.37
EBIT, 5 Yr. CAGR %	18.31	17.06	14.52	9.73	16.46
Earnings From Cont. Operations, 5 Yr. CAGR %	31.91	20.63	11.44	6.63	15.44
Net Income, 5 Yr. CAGR %	31.91	20.55	11.33	6.36	15.21
Normalized Net Income, 5 Yr. CAGR %	34.13	18.23	14.99	9.05	16.23
Diluted EPS Before Extra, 5 Yr. CAGR %	31.93	20.82	12.32	7.12	15.33
Accounts Receivable, 5 Yr. CAGR %	6.36	7.97	12.98	6.25	13.08
Inventory, 5 Yr. CAGR %	6.11	6.72	11.21	8.77	14.64
Net Property, Plant and Equip., 5 Yr. CAGR %	15.32	17.16	17.8	15.75	10.75
Total Assets, 5 Yr. CAGR %	7.82	5.9	16.39	12.2	16.86
Tangible Book Value, 5 Yr. CAGR %	14.4	27.74	16.81	91.97	46.53
Common Equity, 5 Yr. CAGR %	25.23	19.51	18.21	16.84	17.83
Cash From Operations, 5 Yr. CAGR %	14.17	16.03	6.23	15.12	2.55
Capital Expenditures, 5 Yr. CAGR %	10.17	22.25	6.04	-0.01	15.85
Levered Free Cash Flow, 5 Yr. CAGR %	14.7	17.09	19.03	46.04	-12.23
Unlevered Free Cash Flow, 5 Yr. CAGR %	14.14	18.45	18.81	44.82	-11.8
Dividend Per Share, 5 Yr. CAGR %	15.9	14.87	12.56	14.19	17.75