Cash flow Dangote Sugar Refinery Plc

Equities

DANGSUGAR

NGDANSUGAR02

Food Processing

End-of-day quote Nigerian S.E. Other stock markets 2026-02-16			5-day change	1st Jan Change
83.70 ^NGN	+2.07%		+23.27%	+39.50%

01-29	Engineers India Ltd exec says hopes to double Nigeria's Dangote refinery capacity to 1.3 million BPD by H2 2029	RE
11-18	Dangote Sugar Refinery appoints Thabo Mabe as group managing director/CEO effective Dec 1	RE

5a2065572675ac497d92940dfb37c8.fTGxM_K82s4YocsqqGBp6-aXu68y6XBGtOjkBULnQoc.KnDUfqjOufhf66lIkVQK2dTn78ABqD8s8amQPAHWEtALeO5Bxd6T_2rqoA

Published financial data: DANGOTE SUGAR REFINERY PLC

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	214B	276B	403B	441B	666B
Total Revenues	214B	276B	403B	441B	666B
Cost of Goods Sold, Total	158B	226B	308B	347B	627B
Gross Profit	56.02B	50.08B	94.9B	94.83B	38.2B
Selling General & Admin Expenses, Total	9.07B	11.19B	10.68B	12.96B	16.74B
Provision for Bad Debts	17.41M	225M	-728M	383M	-278M
Other Operating Expenses	-890M	-314M	-1.22B	-902M	-583M
Other Operating Expenses, Total	8.2B	11.1B	8.73B	12.44B	15.88B
Operating Income	47.82B	38.98B	86.18B	82.39B	22.33B
Interest Expense, Total	-340M	-4.64B	-7.91B	-29.47B	-91.62B
Interest And Investment Income	685M	1.42B	6.38B	10.56B	8.76B
Net Interest Expenses	345M	-3.22B	-1.53B	-18.91B	-82.86B
Currency Exchange Gains (Loss)	-1.58B	-1.99B	-1.89B	-172B	-209B
Other Non Operating Income (Expenses)	-413M	240M	-664M	-543M	-2.31B
EBT, Excl. Unusual Items	46.18B	34.01B	82.09B	-109B	-272B
Gain (Loss) On Sale Of Investments	-99M	-	-	-	-
Gain (Loss) On Sale Of Assets	7.22M	-16.16M	175M	-	17.16M
Asset Writedown	-471M	-7.31M	-	-	-
Insurance Settlements	9.42M	35.6M	39.58M	331M	687M
Legal Settlements	-	-	-	-	151M
Other Unusual Items	-	-	-	-	-6.16M
EBT, Incl. Unusual Items	45.62B	34.02B	82.3B	-109B	-271B
Income Tax Expense	15.85B	11.97B	27.56B	-35.16B	-78.28B
Earnings From Continuing Operations	29.78B	22.05B	54.74B	-73.76B	-193B
Net Income to Company	29.78B	22.05B	54.74B	-73.76B	-193B
Minority Interest	-10.66M	6.08M	-3.96M	17.61M	17.5M
Net Income - (IS)	29.76B	22.06B	54.74B	-73.74B	-193B
Net Income to Common Incl Extra Items	29.76B	22.06B	54.74B	-73.74B	-193B
Net Income to Common Excl. Extra Items	29.76B	22.06B	54.74B	-73.74B	-193B
Per Share Items
Net EPS - Basic	2.45	1.82	4.51	-6.07	-15.86
Basic EPS - Continuing Operations	2.45	1.82	4.51	-6.07	-15.86
Basic Weighted Average Shares Outstanding	12.15B	12.15B	12.15B	12.15B	12.15B
Net EPS - Diluted	2.45	1.82	4.51	-6.07	-15.86
Diluted EPS - Continuing Operations	2.45	1.82	4.51	-6.07	-15.86
Diluted Weighted Average Shares Outstanding	12.15B	12.15B	12.15B	12.15B	12.15B
Normalized Basic EPS	2.38	1.75	4.22	-5.62	-13.98
Normalized Diluted EPS	2.38	1.75	4.22	-5.62	-13.98
Dividend Per Share	1.5	1	1.5	-	-
Payout Ratio	44.35	82.6	22.19	-24.71	-
Supplemental Items
EBITDA	54.88B	47.45B	95.04B	91.82B	33.04B
EBITA	47.82B	38.98B	86.18B	82.39B	22.33B
EBIT	47.82B	38.98B	86.18B	82.39B	22.33B
EBITDAR	54.91B	47.47B	-	-	33.04B
Effective Tax Rate - (Ratio)	34.74	35.18	33.49	32.28	28.9
Current Domestic Taxes	516M	9.34B	22.59B	9.9B	3.38B
Total Current Taxes	516M	9.34B	22.59B	9.9B	3.38B
Deferred Domestic Taxes	14.32B	1.53B	2.81B	-46.38B	-81.65B
Total Deferred Taxes	14.32B	1.53B	2.81B	-46.38B	-81.65B
Normalized Net Income	28.85B	21.26B	51.3B	-68.27B	-170B
Interest on Long-Term Debt	340M	321M	242M	162M	7.73B
Non-Cash Pension Expense	121M	1.44M	-	-	-
Supplemental Operating Expense Items
Selling and Marketing Expenses	677M	906M	741M	644M	822M
General and Administrative Expenses	8.37B	10.27B	9.94B	12.31B	15.91B
Net Rental Expense, Total	25.87M	20.49M	-	-	2.41M
Imputed Operating Lease Interest Expense	19.33M	5.96M	-	-	3.11M
Imputed Operating Lease Depreciation	6.54M	14.53M	-	-	-702K
Maintenance & Repair Expenses, Total	147M	338M	373M	968M	3.01B

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	44.86B	103B	175B	205B	108B
Short Term Investments	-	-	-	-	-
Total Cash And Short Term Investments	44.86B	103B	175B	205B	108B
Accounts Receivable, Total	10.63B	14.66B	4.65B	5.61B	23.74B
Other Receivables	7.99B	5.93B	16.6B	22.54B	23.09B
Notes Receivable	101M	107M	361M	342M	205M
Total Receivables	18.73B	20.7B	21.61B	28.48B	47.04B
Inventory	67.46B	60.66B	51.21B	62.38B	199B
Prepaid Expenses	37.04M	131M	254M	166M	3.78B
Other Current Assets, Total	45.21B	30.33B	86.75B	105B	67.96B
Total Current Assets	176B	215B	335B	401B	426B
Gross Property Plant And Equipment	148B	200B	222B	241B	1,111B
Accumulated Depreciation	-46.59B	-55.16B	-64.06B	-73.98B	-495B
Net Property Plant And Equipment	102B	145B	158B	167B	617B
Other Intangibles, Total	0	-	-	-	-
Deferred Tax Assets Long-Term	-	-	-	33.15B	8.23B
Other Long-Term Assets, Total	-	-	-	-	-
Total Assets	278B	360B	492B	601B	1,051B
Liabilities
Accounts Payable, Total	96.44B	14.22B	21.38B	33.43B	76.89B
Accrued Expenses, Total	19.01B	20.27B	22.05B	34.99B	12.44B
Short-term Borrowings	-	154B	218B	412B	168B
Current Portion of Long-Term Debt	195M	220M	244M	285M	512B
Current Portion of Leases	1.05B	1.22B	981M	116M	2.74B
Current Income Taxes Payable	1.55B	10.45B	25.54B	14.45B	4.41B
Unearned Revenue Current, Total	2.76B	4.51B	6.16B	17.79B	12.03B
Other Current Liabilities	21.04B	13.25B	12.84B	8.42B	10.02B
Total Current Liabilities	142B	219B	307B	521B	799B
Long-Term Debt	984M	764M	532M	246M	37.25B
Long-Term Leases	1.38B	1.13B	-	83.95M	2.55B
Deferred Tax Liability Non Current	8.9B	10.43B	13.24B	-	-
Total Liabilities	153B	231B	321B	522B	839B
Common Stock, Total	6.07B	6.07B	6.07B	6.07B	6.07B
Additional Paid In Capital	6.32B	6.32B	6.32B	6.32B	6.32B
Retained Earnings	112B	116B	159B	66.88B	-126B
Comprehensive Income and Other	-	-	-	-	326B
Total Common Equity	125B	129B	171B	79.28B	212B
Minority Interest	-10.67M	-16.75M	-12.79M	-30.4M	-47.9M
Total Equity	125B	129B	171B	79.25B	212B
Total Liabilities And Equity	278B	360B	492B	601B	1,051B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	12.15B	12.15B	12.15B	12.15B	12.15B
ECS Total Common Shares Outstanding	12.15B	12.15B	12.15B	12.15B	12.15B
Book Value / Share	10.27	10.59	14.1	6.53	17.48
Tangible Book Value	125B	129B	171B	79.28B	212B
Tangible Book Value Per Share	10.27	10.59	14.1	6.53	17.48
Total Debt	3.61B	158B	220B	412B	723B
Net Debt	-41.25B	54.74B	45.14B	208B	615B
Debt Equivalent Oper. Leases	207M	164M	-	-	19.28M
Minority Interest, Total (Incl. Fin. Div)	-10.67M	-16.75M	-12.79M	-30.4M	-47.9M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	28.25B	10.28B	11.54B	4.71B	108B
Inventories - Work In Process, Total	641M	1.66B	2.42B	5.26B	10.79B
Inventories - Finished Goods, Total	5.51B	19.13B	6.94B	11.92B	30.99B
Inventories - Others	33.41B	29.92B	30.65B	40.84B	50B
Land - (BS)	5.56B	5.52B	5.52B	6B	87.39B
Buildings, Total	17.43B	18.25B	21.48B	21.55B	38.93B
Machinery, Total	74B	84.41B	92.97B	97.35B	851B
Full Time Employees	2.85K	2.83K	3.07K	2.96K	2.99K
Accumulated Allowance for Doubtful Accounts (Supple)	634M	859M	131M	515M	237M

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	29.76B	22.06B	54.74B	-73.74B	-193B
Depreciation & Amortization - CF	7.7B	9.27B	9.73B	10.27B	12.6B
Amortization of Goodwill and Intangible Assets - (CF)	-	-	-	-	-
Depreciation & Amortization, Total	7.7B	9.27B	9.73B	10.27B	12.6B
Amortization of Deferred Charges, Total - (CF)	-	-	-	-	-
(Gain) Loss From Sale Of Asset	-7.22M	16.16M	-175M	-	-17.16M
(Gain) Loss on Sale of Investments - (CF)	431M	-15.32M	-63.54M	-	-
Asset Writedown & Restructuring Costs	457M	14.18M	-	-343M	2.34M
Provision for Credit Losses	-	-	-	13.8M	6.16M
Provision and Write-off of Bad Debts	-	-	-	383M	-278M
Other Operating Activities, Total	2.34B	10.46B	8.38B	71.59B	106B
Change In Accounts Receivable	-29.71B	12.92B	-57.22B	-25.3B	28.13B
Change In Inventories	-24.11B	7.02B	12.76B	-1.68B	-127B
Change In Accounts Payable	72.38B	65.94B	75.77B	68.59B	-
Change in Other Net Operating Assets	1.23B	1.56B	1.45B	11.15B	-199B
Cash from Operations	60.47B	129B	105B	60.93B	-372B
Capital Expenditure	-26.86B	-51.35B	-26.15B	-19.51B	-29.93B
Sale of Property, Plant, and Equipment	7.26M	55.65M	203M	-	22.51M
Other Investing Activities, Total	685M	1K	6.38B	10.56B	7.61B
Cash from Investing	-26.17B	-51.29B	-19.57B	-8.96B	-22.3B
Short Term Debt Issued, Total	-	-	-	-	99.51B
Long-Term Debt Issued, Total	-	-	-	135M	157B
Total Debt Issued	-	-	-	135M	257B
Long-Term Debt Repaid, Total	-754M	-1.43B	-1.68B	-287M	-23.98B
Total Debt Repaid	-754M	-1.43B	-1.68B	-287M	-23.98B
Common Dividends Paid	-13.2B	-18.22B	-12.15B	-18.22B	-
Common & Preferred Stock Dividends Paid	-13.2B	-18.22B	-12.15B	-18.22B	-
Other Financing Activities, Total	-94.39M	-160M	-138M	-85.51M	-7.47B
Cash from Financing	-14.05B	-19.81B	-13.97B	-18.46B	225B
Foreign Exchange Rate Adjustments	-	-	-	-3.61B	-
Net Change in Cash	20.25B	58.15B	71.85B	29.9B	-169B
Supplemental Items
Cash Interest Paid	94.39M	248M	177M	125M	7.51B
Cash Income Tax Paid (Refund)	11.08B	1.55B	9.66B	22.32B	13.41B
Levered Free Cash Flow	18.65B	14.78B	9.78B	8.95B	-176B
Unlevered Free Cash Flow	18.87B	17.68B	14.72B	27.37B	-119B
Change In Net Working Capital	-8.14B	-35.39B	22.72B	14.88B	115B
Net Debt Issued / Repaid	-754M	-1.43B	-1.68B	-152M	233B

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	12.67	7.64	12.64	9.42	1.69
Return on Total Capital	24.89	9.58	15.9	11.66	1.96
Return On Equity %	25.57	17.41	36.51	-58.9	-132.17
Return on Common Equity	25.52	17.41	36.51	-58.87	-132.12
Margin Analysis
Gross Profit Margin %	26.14	18.14	23.54	21.48	5.74
SG&A Margin	4.23	4.05	2.65	2.94	2.51
EBITDA Margin %	25.61	17.19	23.57	20.8	4.96
EBITA Margin %	22.31	14.12	21.37	18.66	3.35
EBIT Margin %	22.31	14.12	21.37	18.66	3.35
Income From Continuing Operations Margin %	13.89	7.99	13.58	-16.71	-28.93
Net Income Margin %	13.89	7.99	13.57	-16.7	-28.93
Net Avail. For Common Margin %	13.89	7.99	13.57	-16.7	-28.93
Normalized Net Income Margin	13.46	7.7	12.72	-15.46	-25.51
Levered Free Cash Flow Margin	8.7	5.35	2.42	2.03	-26.43
Unlevered Free Cash Flow Margin	8.8	6.4	3.65	6.2	-17.82
Asset Turnover
Asset Turnover	0.91	0.87	0.95	0.81	0.81
Fixed Assets Turnover	2.32	2.24	2.67	2.72	1.7
Receivables Turnover (Average Receivables)	20.24	21.83	41.76	86.09	41.78
Inventory Turnover (Average Inventory)	2.92	3.53	5.51	6.1	4.8
Short Term Liquidity
Current Ratio	1.24	0.98	1.09	0.77	0.53
Quick Ratio	0.45	0.57	0.64	0.45	0.19
Operating Cash Flow to Current Liabilities	0.43	0.59	0.34	0.12	-0.47
Days Sales Outstanding (Average Receivables)	18.08	16.72	8.74	4.24	8.76
Days Outstanding Inventory (Average Inventory)	125.32	103.47	66.21	59.81	76.23
Average Days Payable Outstanding	137.21	16.23	27.24	27.44	26.42
Cash Conversion Cycle (Average Days)	6.2	103.96	47.71	36.6	58.57
Long Term Solvency
Total Debt/Equity	2.9	122.64	128.48	520.49	340.58
Total Debt / Total Capital	2.82	55.08	56.23	83.88	77.3
LT Debt/Equity	1.9	1.48	0.31	0.42	18.76
Long-Term Debt / Total Capital	1.84	0.66	0.14	0.07	4.26
Total Liabilities / Total Assets	55.14	64.22	65.23	86.81	79.8
EBIT / Interest Expense	140.63	8.41	10.89	2.8	0.24
EBITDA / Interest Expense	163.27	10.4	12.12	3.14	0.38
(EBITDA - Capex) / Interest Expense	84.28	-0.67	8.82	2.48	0.05
Total Debt / EBITDA	0.07	3.27	2.29	4.45	20.7
Net Debt / EBITDA	-0.74	1.13	0.47	2.24	17.6
Total Debt / (EBITDA - Capex)	0.13	-50.96	3.15	5.64	144.89
Net Debt / (EBITDA - Capex)	-1.44	-17.68	0.65	2.84	123.21
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	33.03	28.82	46.07	9.47	50.8
Gross Profit, 1 Yr. Growth %	48.19	-15.82	89.5	-0.08	-59.71
EBITDA, 1 Yr. Growth %	56.18	-18.69	100.3	-3.39	-64.02
EBITA, 1 Yr. Growth %	60.38	-24.01	121.08	-4.39	-72.9
EBIT, 1 Yr. Growth %	60.38	-24.01	121.08	-4.39	-72.9
Earnings From Cont. Operations, 1 Yr. Growth %	33.16	-25.94	148.24	-234.74	161.14
Net Income, 1 Yr. Growth %	32.59	-25.89	148.15	-234.72	161.18
Normalized Net Income, 1 Yr. Growth %	53.75	-26.3	141.28	-233.07	148.8
Diluted EPS Before Extra, 1 Yr. Growth %	30.99	-25.89	148.15	-234.72	161.18
Accounts Receivable, 1 Yr. Growth %	0.87	37.88	-68.29	20.59	191.91
Inventory, 1 Yr. Growth %	64.81	-10.09	-15.58	21.82	219.03
Net Property, Plant and Equip., 1 Yr. Growth %	22.57	42.21	9.04	5.91	269.07
Total Assets, 1 Yr. Growth %	43.53	29.3	36.98	22	74.91
Tangible Book Value, 1 Yr. Growth %	14.87	3.15	33.11	-53.7	167.77
Common Equity, 1 Yr. Growth %	14.87	3.15	33.11	-53.7	167.77
Cash From Operations, 1 Yr. Growth %	57.65	114.7	-17.55	-42.2	-692.44
Capital Expenditures, 1 Yr. Growth %	23.23	91.17	-49.07	-25.38	53.39
Levered Free Cash Flow, 1 Yr. Growth %	1.94K	-119.64	-33.83	-8.41	-2.06K
Unlevered Free Cash Flow, 1 Yr. Growth %	1.47K	-124.27	-16.7	85.9	-533.49
Dividend Per Share, 1 Yr. Growth %	36.36	-33.33	50	-	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	19.38	30.91	37.18	26.46	28.48
Gross Profit, 2 Yr. CAGR %	19.69	15.1	26.3	37.6	-36.55
EBITDA, 2 Yr. CAGR %	21.02	16.2	27.62	39.11	-41.04
EBITA, 2 Yr. CAGR %	21.8	14.34	29.62	45.39	-49.1
EBIT, 2 Yr. CAGR %	21.8	14.34	29.62	45.39	-49.1
Earnings From Cont. Operations, 2 Yr. CAGR %	16.4	-0.69	35.59	82.89	87.58
Net Income, 2 Yr. CAGR %	15.87	-0.87	35.61	82.84	87.58
Normalized Net Income, 2 Yr. CAGR %	15.19	6.45	33.35	79.18	81.94
Diluted EPS Before Extra, 2 Yr. CAGR %	15.17	-1.47	35.61	82.84	87.58
Accounts Receivable, 2 Yr. CAGR %	-2.63	17.93	-33.88	-38.17	125.96
Inventory, 2 Yr. CAGR %	30.66	21.73	-12.88	1.41	97.14
Net Property, Plant and Equip., 2 Yr. CAGR %	25.83	32.03	24.53	7.46	97.7
Total Assets, 2 Yr. CAGR %	26	36.23	33.08	29.27	46.08
Tangible Book Value, 2 Yr. CAGR %	12.05	8.85	17.17	-21.5	11.34
Common Equity, 2 Yr. CAGR %	12.05	8.85	17.17	-21.5	11.34
Cash From Operations, 2 Yr. CAGR %	314.9	83.57	32.31	-30.96	87.87
Capital Expenditures, 2 Yr. CAGR %	57.96	53.48	-1.33	-38.35	6.99
Levered Free Cash Flow, 2 Yr. CAGR %	110.49	301.81	-63.95	-22.15	324.16
Unlevered Free Cash Flow, 2 Yr. CAGR %	115.86	283.91	-55.04	24.44	183.88
Dividend Per Share, 2 Yr. CAGR %	16.77	-4.65	0	-	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	1.58	22.45	35.78	27.24	34.1
Gross Profit, 3 Yr. CAGR %	1.67	8.6	35.91	16.82	-8.63
EBITDA, 3 Yr. CAGR %	2.22	8.19	39.33	16.31	-11.37
EBITA, 3 Yr. CAGR %	1.04	6.54	42.44	17.11	-16.95
EBIT, 3 Yr. CAGR %	1.04	6.54	42.44	17.11	-16.95
Earnings From Cont. Operations, 3 Yr. CAGR %	-9.21	0.11	34.77	35.31	105.94
Net Income, 3 Yr. CAGR %	-9.14	-0.17	34.6	35.31	105.92
Normalized Net Income, 3 Yr. CAGR %	-4.75	-0.74	39.83	33.26	99.89
Diluted EPS Before Extra, 3 Yr. CAGR %	-9.51	-0.57	34.05	35.31	105.92
Accounts Receivable, 3 Yr. CAGR %	11.9	9.34	-23.88	-19.22	17.42
Inventory, 3 Yr. CAGR %	10.16	15.35	7.75	-2.58	48.6
Net Property, Plant and Equip., 3 Yr. CAGR %	19.64	31.07	23.87	17.98	62.14
Total Assets, 3 Yr. CAGR %	12.54	27.09	36.48	29.28	42.98
Tangible Book Value, 3 Yr. CAGR %	10.32	9	16.4	-14.02	18.17
Common Equity, 3 Yr. CAGR %	10.32	9	16.4	-14.02	18.17
Cash From Operations, 3 Yr. CAGR %	32.39	232.61	40.06	0.4	42.78
Capital Expenditures, 3 Yr. CAGR %	40.19	68.33	6.26	-10.1	-16.46
Levered Free Cash Flow, 3 Yr. CAGR %	-9	51.97	120.24	-50.81	128.33
Unlevered Free Cash Flow, 3 Yr. CAGR %	-8.87	63.44	130.69	-27.84	88.64
Dividend Per Share, 3 Yr. CAGR %	-5.01	-3.13	10.89	-	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	16.22	10.22	14.55	24.03	32.81
Gross Profit, 5 Yr. CAGR %	22.46	14.56	12.23	19.38	0.21
EBITDA, 5 Yr. CAGR %	22.87	14.6	13.09	19.63	-1.23
EBITA, 5 Yr. CAGR %	25.11	15.04	13.2	20.65	-5.62
EBIT, 5 Yr. CAGR %	25.11	15.04	13.2	20.65	-5.62
Earnings From Cont. Operations, 5 Yr. CAGR %	21.72	8.9	6.59	27.4	53.83
Net Income, 5 Yr. CAGR %	21.55	8.92	6.64	27.17	53.71
Normalized Net Income, 5 Yr. CAGR %	25.1	11.67	8.97	25.71	55.36
Diluted EPS Before Extra, 5 Yr. CAGR %	21.38	8.66	6.38	26.86	53.33
Accounts Receivable, 5 Yr. CAGR %	7.25	10.82	-9.34	-12.95	17.62
Inventory, 5 Yr. CAGR %	31.08	3.77	0.29	9.56	37.2
Net Property, Plant and Equip., 5 Yr. CAGR %	12.7	21.43	21.57	21.06	49.35
Total Assets, 5 Yr. CAGR %	22.15	15.86	20.34	27.96	40.24
Tangible Book Value, 5 Yr. CAGR %	16.59	14.14	13.01	-4.41	14.35
Common Equity, 5 Yr. CAGR %	16.54	14.14	13.01	-4.41	14.35
Cash From Operations, 5 Yr. CAGR %	30.59	29.15	32.24	76.95	57.53
Capital Expenditures, 5 Yr. CAGR %	25.68	67.03	21.82	12.63	6.55
Levered Free Cash Flow, 5 Yr. CAGR %	29.05	-13.71	-16.96	16.29	186.25
Unlevered Free Cash Flow, 5 Yr. CAGR %	27.38	-10.68	-10	46.55	150.65
Dividend Per Share, 5 Yr. CAGR %	24.57	10.76	-3.04	-	-