Panera Consolidated Statements of Operations (USD $000s)

Revenue, Net:
Costs and Expenses:
Bakery-cafe expenses:
Cost of food and paper products
Labor
Occupancy, Net
Other Cost and Expense, Operating
Total Bakery Cafe Expenses
Fresh dough and other product cost of sales to franchisees
Depreciation and amortization
General and administrative expenses
Pre-opening expenses
Total costs and expenses
Operating profit
Interest expense
Other (income) expense, net
Income before income taxes
Income taxes
Net Income
Less: net (loss) income attributable to noncontrolling interest
Net income attributable to Panera Bread Company

12 Months End
Dec. 25, 2012
$
2,130,057

552,580
559,446
130,793
256,029
1,498,848
131,006
90,939
117,932
8,462
1,847,187
282,870
1,082
(1,208)
282,996
109,548
173,448
173,448

Earnings per common share attributable to Panera Bread Company:

Earnings Per Share, Basic (in dollars per share)
Earnings Per Share, Diluted (in dollars per share)

$5.94
$5.89

Weighted average shares of common and common equivalent outstanding:

Weighted Average Number of Shares Outstanding, Basic (in shares)
Weighted Average Number of Shares Outstanding, Diluted (in shares)

29,217
29,455

12 Months Ended
Dec. 27, 2011
Dec. 28, 2010
$
1,822,032 $
1,542,489

470,398
484,014
115,290
216,237
1,285,939
116,267
79,899
113,083
6,585
1,601,773
220,259
822
(466)
219,903
83,951
135,952
135,952

374,816
419,140
100,970
177,059
1,071,985
110,986
68,673
101,494
4,282
1,357,420
185,069
675
4,232
180,162
68,563
111,599
(267)
111,866

$4.59
$4.55

$3.65
$3.62

29,601
29,903

30,614
30,922

Panera Consolidated Balance Sheets (USD $000s)

Assets
Current assets:
Cash and cash equivalents
Trade accounts receivable, net
Other accounts receivable
Inventories
Prepaid expenses and other
Deferred income taxes
Total current assets
Property and equipment, net
Other assets:
Goodwill
Other intangible assets, net
Deposits and other
Total other assets
Total assets
Liabilities
Current liabilities:
Accounts payable
Accrued expenses
Total current liabilities
Deferred rent
Deferred income taxes
Other long-term liabilities
Total liabilities
Stockholders' Equity
Common stock ($.0001 par value)
Treasury stock
Additional paid-in capital
Accumulated other comprehensive income
Retained earnings
Total stockholders' equity
Total liabilities and stockholders' equity

Dec. 25, 2012 Dec. 27, 2011 Dec. 28, 2010

297,141 $
43,843
42,419
19,714
42,223
33,502
478,842
571,754

222,640 $
30,700
24,009
17,016
31,228
27,526
353,119
492,022

229,299
20,378
17,962
14,345
23,905
24,796
330,685
444,094

121,903
88,073
7,591
217,567
1,268,163

108,071
67,269
6,841
182,181
1,027,322

94,442
48,402
6,958
149,802
924,581

9,371
268,169
277,540
59,822
60,655
48,227
446,244

15,884
222,450
238,334
54,055
34,345
45,512
372,246

7,346
204,170
211,516
47,974
30,264
39,219
328,973

3
(207,161)
174,690
672
853,715
821,919
1,268,163

3
(175,595)
150,093
308
680,267
655,076
1,027,322

3
(78,990)
130,005
275
544,315
595,608
924,581

Dec. 29, 2009

246,400
17,317
11,176
12,295
16,211
18,685
322,084
403,784
87,481
19,195
4,621
111,297
837,165

6,417
135,842
142,259
43,371
28,813
25,686
240,129

3
(3,928)
168,288
224
432,449
597,036
837,165

Panera Consolidated Statements of Operations (USD $000s)

Revenue, Net:
Costs and Expenses:
Bakery-cafe expenses:
Cost of food and paper products
Labor
Occupancy, Net
Other Cost and Expense, Operating
Total Bakery Cafe Expenses
Fresh dough and other product cost of sales to franchisees
Depreciation and amortization
General and administrative expenses
Pre-opening expenses
Total costs and expenses
Operating profit
Interest expense
Other (income) expense, net
Income before income taxes
Income taxes
Net Income
Less: net (loss) income attributable to noncontrolling interest
Net income attributable to Panera Bread Company

12 M
Dec. 25, 2012
$ 2,130,057

552,580
559,446
130,793
256,029
1,498,848
131,006
90,939
117,932
8,462
1,847,187
282,870
1,082
(1,208)
282,996
109,548
173,448
173,448

Earnings per common share attributable to Panera Bread Company:

Earnings Per Share, Basic (in dollars per share)
Earnings Per Share, Diluted (in dollars per share)

$5.94
$5.89

Weighted average shares of common and common equivalent outstanding:

Weighted Average Number of Shares Outstanding, Basic (in shares)
Weighted Average Number of Shares Outstanding, Diluted (in shares)

29,217
29,455

12 Months Ended
Dec. 25, 2012
Dec. 27, 2011
Dec. 28, 2010
100.00% $ 1,822,032
100.00% $ 1,542,489
100.00%

25.94%
26.26%
6.14%
12.02%
70.37%
6.15%
4.27%
5.54%
0.40%
86.72%
13.28%
0.05%
-0.06%
13.29%
5.14%
8.14%
0.00%
8.14%

470,398
484,014
115,290
216,237
1,285,939
116,267
79,899
113,083
6,585
1,601,773
220,259
822
(466)
219,903
83,951
135,952
135,952

25.82%
26.56%
6.33%
11.87%
70.58%
6.38%
4.39%
6.21%
0.36%
87.91%
12.09%
0.05%
-0.03%
12.07%
4.61%
7.46%
0.00%
7.46%

374,816
419,140
100,970
177,059
1,071,985
110,986
68,673
101,494
4,282
1,357,420
185,069
675
4,232
180,162
68,563
111,599
(267)
111,866

$4.59
$4.55

$3.65
$3.62

29,601
29,903

30,614
30,922

24.30%
27.17%
6.55%
11.48%
69.50%
7.20%
4.45%
6.58%
0.28%
88.00%
12.00%
0.04%
0.27%
11.68%
4.44%
7.23%
-0.02%
7.25%

Liabilities and shareholders' equity

Current liabilities:
Accounts payable
Accrued payroll and benefits
Accrued liabilities
Current portion of deemed landlord financing
Income tax payable
Total current liabilities
Deferred rent
Deemed landlord financing
Deferred income tax liability
Other liabilities
Total liabilities
Shareholders' equity:
Preferred stock
Common Stock
Additional Paid-in capital
Treasury stock, at cost
Accumulated other comprehensive income
Retained earnings
Total shareholders' equity
Total liabilities and shareholders' equity
Current liabilities:
Accounts payable
Accrued payroll and benefits
Accrued liabilities
Current portion of deemed landlord financing
Income tax payable
Total current liabilities
Deferred rent
Deemed landlord financing
Deferred income tax liability
Other liabilities
Total liabilities
Shareholders' equity:
Preferred stock
Common Stock
Additional Paid-in capital
Treasury stock, at cost
Accumulated other comprehensive income
Retained earnings
Total shareholders' equity
Total liabilities and shareholders' equity

58700
71731
56278
143

123054
123667
3661
50525
9825
310732

25230
41404
31216
96
4207
102153
106395
3782
38863
6851
258044

349
344
340
816612 676652 594331
-521518 -304426 -240918
1024
197
606
949459 671459 456514
1245926 1044226 810873
1668667 1425308 1121605

335
539880
-114316
29
277533
703461
961505

186852
167057
3386
48947
16499
422741

46382
60241
46456
133
4241
157453
143284
3529
64381
12435
381082

33705
50336
38892
121

13.9%
17.0%
13.3%
0.0%

12.2%
15.8%
12.2%
0.0%

10.8%
16.2%
12.5%
0.0%

9.8%
16.0%
12.1%
0.0%

44.2%
39.5%
0.8%
11.6%
3.9%
100.0%

41.3%
37.6%
0.9%
16.9%
3.3%
100.0%

39.6%
39.8%
1.2%
16.3%
3.2%
100.0%

39.6%
41.2%
1.5%
15.1%
2.7%
100.0%

Liabilities
Current liabilities:
Accounts payable
9,371
Accrued expenses
268,169
Total current liabilities 277,540
Deferred rent
59,822
Deferred income taxes
60,655
Other long-term liabilities 48,227
Total liabilities
446,244

15,884
222,450
238,334
54,055
34,345
45,512
372,246

7,346
204,170
211,516
47,974
30,264
39,219
328,973

6,417
135,842
142,259
43,371
28,813
25,686
240,129

Current liabilities:
Accounts payable
2.1%
Accrued expenses
60.1%
Total current liabilities 62.2%
Deferred rent
13.4%
Deferred income taxes
13.6%
Other long-term liabilities 10.8%
Total liabilities
100.0%

4.3%
59.8%
64.0%
14.5%
9.2%
12.2%
100.0%

2.2%
62.1%
64.3%
14.6%
9.2%
11.9%
100.0%

2.7%
56.6%
59.2%
18.1%
12.0%
10.7%
100.0%

Current liabilities:
Accounts payable
2.1%
Accrued expenses
60.1%
Total current liabilities 62.2%
Deferred rent
13.4%
Deferred income taxes
13.6%
Other long-term liabilities 10.8%
Total liabilities
100.0%

4.3%
59.8%
64.0%
14.5%
9.2%
12.2%
100.0%

2.2%
62.1%
64.3%
14.6%
9.2%
11.9%
100.0%

2.7%
56.6%
59.2%
18.1%
12.0%
10.7%
100.0%

Panera - Year ended

Return on Investment
Margin
Asset Turnover

2012
15.11%
8.14%
1.86

2011
13.93%
7.46%
1.87

2010
12.70%
7.25%
1.75

Return on Equity

23.49%

21.74%

18.76%

Debt Ratio

35.19%

36.23%

35.58%

Operating Income Margin

13%

12%

12%

Net Income Margin

8.1%

7.5%

7.3%

Gross Profit Margin

29.6%

29.4%

30.5%

1.86
2,130,057
1,147,743

1.87
1,822,032
975,952

1.75
1,542,489
880,873

2012
29.6%
13.3%
8.1%

2011
29.4%
12.1%
7.5%

2010
30.5%
12.0%
7.3%

2012
35.19%

2011
36.23%

2010
35.58%

Panera - Year ended

Operating Income Margin

2012
13%

2011
12%

2010
12%

Panera - Year ended

Net Income Margin

2012
8.1%

2011
7.5%

2010
7.3%

Asset Turnover
Revenue
Total Assets

Panera - Year ended

Gross Profit Margin
Operating Income Margin
Net Income Margin

Panera - Year ended

Debt Ratio

Chipotle - Year ended

Return on Investment
Margin
Asset Turnover

2012
18.02%
10.21%
1.77

2011
16.85%
9.45%
1.78

2010
17.24%
9.78%
1.76

Return on Equity

24.28%

23.17%

23.64%

Debt Ratio

25.33%

26.74%

27.70%

17%

15%

16%

Net Income Margin

10.2%

9.5%

9.7%

Gross Profit Margin

27.11%

25.96%

26.66%

1.77
2,731,224
1,546,988

1.78
2,269,548
1,273,457

1.76
1,835,922
1,041,555

2012
27.1%
16.7%
10.2%

2011
26.0%
15.4%
9.5%

2010
26.7%
15.7%
9.7%

Chipotle - Year ended

Debt Ratio

2012
25.33%

2011
26.74%

2010
27.70%

Chipotle - Year ended

2012

2011

2010

Chipotle - Year ended

2012

2011

2010

Operating Income Margin

Asset Turnover
Revenue
Total Assets

Chipotle - Year ended

Gross Profit Margin
Operating Income Margin
Net Income Margin

Chipotle Financial Ratios

Chipotle Consolidated Balance Sheets 2009-2012

(In Thousands)

Assets
Current assets:
Cash and cash equivalents
Accounts receivable
Inventory
Current deferred tax asset
Prepaid expenses and other current assets
Income tax receivable
Investments
Total current assets
Leasehold improvements, property and equipment, net
Long term investments
Other assets
Goodwill
Total assets

Current as of 10/30/2014

12/22

31-Dec
2012

31-Dec
2011

$322,553
16,800
11,096
8,862
27,378
9,612
150,306
546,607
866,703
190,868
42,550
21,939
1,668,667

$401,243
8,389
8,913
6,238
21,404
55,005
501,192
751,951
128,241
21,985
21,939
1,425,308

31-Dec
2010

31-Dec
2009

224,838
5,658
7,098
4,317
16,016
23,528
124,766
406,221
676,881

219,566
4,763
5,614
3,134
14,377

16,564
21,939
1,121,605

5,701
21,939
961,505

50,000
297,454
636,411

Chipotle Financial Ratios

31-Dec
2012
Liabilities and shareholders' equity
Current liabilities:
Accounts payable
Accrued payroll and benefits
Accrued liabilities
Current portion of deemed landlord financing
Income tax payable
Total current liabilities
Deferred rent
Deemed landlord financing
Deferred income tax liability
Other liabilities
Total liabilities
Shareholders' equity:
Preferred stock
Common Stock
Additional Paid-in capital
Treasury stock, at cost
Accumulated other comprehensive income
Retained earnings
Total shareholders' equity
Total liabilities and shareholders' equity

Current as of 10/30/2014

58,700
71,731
56,278
143

13/22

31-Dec
2011

31-Dec
2010

33,705
50,336
38,892
121

31-Dec
2009

186,852
167,057
3,386
48,947
16,499
422,741

46,382
60,241
46,456
133
4,241
157,453
143,284
3,529
64,381
12,435
381,082

123,054
123,667
3,661
50,525
9,825
310,732

25,230
41,404
31,216
96
4,207
102,153
106,395
3,782
38,863
6,851
258,044

349
816,612
-521,518
1,024
949,459
1,245,926
1,668,667

344
676,652
-304,426
197
671,459
1,044,226
1,425,308

340
594,331
-240,918
606
456,514
810,873
1,121,605

335
539,880
-114,316
29
277,533
703,461
961,505

Chipotle Financial Ratios

Chipotle Consolidated Statement of Income

(In Thousands Except Per Share Data)
2012
2011
31-Dec
31-Dec
Revenue
Restraunt Operating Costs:
Food, beverage and packaging
Labor
Occupancy
Other operating costs
General and administrative expenses
Depreciation and amortization
Pre-opening costs
Loss on disposal of assets
Total operating expenses
Income from operations
Interest and other income (expense), net
Income before income taxes
Provision from income taxes
Net Income
Other comprehensive income:
Foreign currency translation adjustments
Coprehensive Income
Earnings per Share:
Basic
Diluted
Weighted average common share outstanding:
Basic
Diluted
Current as of 10/30/2014

14/22

2010
31-Dec

2009
31-Dec

2008
31-Dec

2,731,224

2,269,548

1,835,922

1,518,417

1,331,968

891,003
641,836
171,435
286,610
183,409
84,130
11,909
5,027
2,275,359
455,865
1,820
457,685
-179,685
278,000

738,720
543,119
147,274
251,208
149,426
74,938
8,495
5,806
1,918,986
350,562
-857
349,705
-134,760
214,945

561,107
453,573
128,933
202,904
118,590
68,921
7,767
6,296
1,548,091
287,831
1,230
289,061
-110,080
178,981

466,027
385,072
114,218
174,581
99,149
61,308
8,401
5,956
1,314,712
203,705
520
204,225
-77,380
126,845

431,947
351,005
98,071
164,018
89,155
52,770
11,624
9,339
1,207,929
124,039
3,167
127,206
-49,004
78,202

827
278,827

-409
214,536

577
179,558

126,845

78,202

8.82
8.75

6.89
6.76

5.73
5.64

3.99
3.95

2.39
2.36

31,513
31,783

31,217
31,775

31,234
31,735

31,766
32,102

32,766
33,146

Chipotle Financial Ratios

Vertical Analysis

2012
31-Dec
Revenue
Restraunt Operating Costs:
Food, beverage and packaging
Labor
Occupancy
Other operating costs
General and administrative expenses
Depreciation and amortization
Pre-opening costs
Loss on disposal of assets
Total operating expenses
Income from operations
Interest and other income (expense), net
Income before income taxes
Provision from income taxes
Net Income
Other comprehensive income:
Foreign currency translation adjustments
Coprehensive Income

Current as of 10/30/2014

2011
31-Dec

2010
31-Dec

2,731,224

100.00%

2,269,548

100.00%

1,835,922

100.00%

891,003
641,836
171,435
286,610
183,409
84,130
11,909
5,027
2,275,359
455,865
1,820
457,685
-179,685
278,000

32.62%
23.50%
6.28%
10.49%
6.72%
3.08%
0.44%
0.18%
83.31%
16.69%
0.07%
16.76%
-6.58%
10.18%

738,720
543,119
147,274
251,208
149,426
74,938
8,495
5,806
1,918,986
350,562
-857
349,705
-134,760
214,945

32.55%
23.93%
6.49%
11.07%
6.58%
3.30%
0.37%
0.26%
84.55%
15.45%
-0.04%
15.41%
-5.94%
9.47%

561,107
453,573
128,933
202,904
118,590
68,921
7,767
6,296
1,548,091
287,831
1,230
289,061
-110,080
178,981

30.56%
24.71%
7.02%
11.05%
6.46%
3.75%
0.42%
0.34%
84.32%
15.68%
0.07%
15.74%
-6.00%
9.75%

827
278,827

0.03%
10.21%

-409
214,536

-0.02%
9.45%

577
179,558

0.03%
9.78%

15/22

Chipotle Financial Ratios

Vertical Analysis
2009
31-Dec
Revenue
Restraunt Operating Costs:
Food, beverage and packaging
Labor
Occupancy
Other operating costs
General and administrative expenses
Depreciation and amortization
Pre-opening costs
Loss on disposal of assets
Total operating expenses
Income from operations
Interest and other income (expense), net
Income before income taxes
Provision from income taxes
Net Income
Other comprehensive income:
Foreign currency translation adjustments
Coprehensive Income

Current as of 10/30/2014

16/22

2008
31-Dec

1,518,417

100.00%

1,331,968

100.00%

466,027
385,072
114,218
174,581
99,149
61,308
8,401
5,956
2,275,359
203,705
520
457,685
-77,380
278,000

30.69%
25.36%
7.52%
11.50%
6.53%
4.04%
0.55%
0.39%
149.85%
13.42%
0.03%
30.14%
-5.10%
18.31%

431,947
351,005
98,071
164,018
89,155
52,770
11,624
9,339
1,918,986
350,562
3,167
349,705
-49,004
214,945

32.43%
26.35%
7.36%
12.31%
6.69%
3.96%
0.87%
0.70%
144.07%
26.32%
0.24%
26.25%
-3.68%
16.14%

278,827

18.36%

214,536

16.11%

Chipotle Financial Ratios

Horizontal analysis
2012
31-Dec
Revenue
Restraunt Operating Costs:
Food, beverage and packaging
Labor
Occupancy
Other operating costs
General and administrative expenses
Depreciation and amortization
Pre-opening costs
Loss on disposal of assets
Total operating expenses
Income from operations
Interest and other income (expense), net
Income before income taxes
Provision from income taxes
Net Income
Other comprehensive income:
Foreign currency translation adjustments
Coprehensive Income

Current as of 10/30/2014

2011
31-Dec

2010
31-Dec

2009
31-Dec

20.34%

23.62%

20.91%

14.00%

20.61%
18.18%
16.41%
14.09%
22.74%
12.27%
40.19%
-13.42%
18.57%
30.04%
Not Mean.
30.88%
33.34%
29.34%

31.65%
19.74%
14.23%
23.81%
26.00%
8.73%
9.37%
-7.78%
23.96%
21.79%
-169.67%
20.98%
22.42%
20.09%

20.40%
17.79%
12.88%
16.22%
19.61%
12.42%
-7.55%
5.71%
17.75%
41.30%
136.54%
41.54%
42.26%
41.10%

7.89%
9.71%
16.46%
6.44%
11.21%
16.18%
-27.73%
-36.22%
8.84%
64.23%
-83.58%
60.55%
57.91%
62.20%

-302.20%
29.97%

-170.88%
19.48%

41.56%

62.20%

17/22

Chipotle Financial Ratios

Net Return on investments

(Dollars in Thousands)
Net Return on Investment = Margin x Turnover
For year end Dec 31:
2012
2011
Margin:
10.21%
9.45%
Net income from continuating operations
278,827
214,536
Sales
2,731,224
2,269,548
Turnover:
1.77
1.78
Sales
2,731,224
2,269,548
Average Total Assets
1546987.5
1273456.5
Total Assets
1,668,667
1,425,308
Net Return on Investment
18.02%
16.85%

2010
9.78%
179,558
1,835,922
1.76
1,835,922
1041555
1,121,605
17.24%

Current Ratio
(Dollars In thousands)
Current Ratio = Current Assets/Current Liabilities
For year end Dec 31:
2012
2011
Current Assets
546,607
501,192
Current Liabilities
186,852
157,453
Current Ratio
2.93
3.18

2010
406,221
123,054
3.30

Acid Test Ratio

(Dollars In Thousands)
Acid Test Ratio = (Total Current Assets - Inventory)/Current Liabilities
For year end Dec 31:
2012
2011
2010
Total Current Assets Less Inventory
535,511
492,279
399,123
Total Current Assets
546,607
501,192
406,221
Inventory
11,096
8,913
7,098
Current Liabilities
186,852
157,453
123,054
Acid Test Ratio
2.87
3.13
3.24
Current as of 10/30/2014

18/22

2009

961,505

Chipotle Financial Ratios

Number of Days Sales in Accounts Recievable

(Dollars in thousands)
Number of Days Sales in accounts recievable = Accounts Recievable/Average Days Sales
For year end Dec: 31
2012
2011
Accounts Recievable
16,800
8,389
Average Days Sales
7482.81
6217.94
Sales
2,731,224
2,269,548
Days in Fiscal Year
365
365
Number of Days Sales in Accounts Recievable
2.25
1.35

Inventory Turnover
(Dollars in thousands)
Inventory Turnover = Cost of Sales/Average Inventory
For year end Dec 31:
2012
2011
2010
Cost of Sales
891,003
738,720
561,107
Average Inventory
10004.5
8005.5
6356
Inventory
11,096
8,913
7,098
Inventory Turnover
89.06
92.28
88.28

2009

5,614

Price Earnings Ratio

* Data from Yahoo Finance at close last day of fiscal year
Price Earnings Ratio = Price per Share / Diluted Earnings per Share
For year end Dec 31:
2012
2011
Closing Market Price/Share*
297.46
337.74
Diluted Earnings/Share from Continuing Operations
8.75
6.76
Price Earnings Ratio
34.00
49.96

Current as of 10/30/2014

19/22

2010
5,658
5029.92
1,835,922
365
1.12

2010
212.66
5.64
37.71

Chipotle Financial Ratios

Dividend Yield
Dividend Yield = Dividends per Share / Market Price Per Share
For year end Dec 31:
2012
2011
Cash Dividends Declared Per Share
0
0
Closing Market Price per Share*
297.46
337.74
Dividend Yield
0
0

2010
0
212.66
0

Dividend Payout Ratio

Dividend Payout Ratio = Cash dividend declared per share/Diluted earning per share
For end year Dec 31:
2012
2011
Cash Dividends Declared Per Share
0
0
Diluted Earnings/Share from Continuing Operations
8.75
6.76
Dividend Payout Ratio
0
0

Debt Ratio
(Dollars in Thousands)
Debt Ratio = Total liabilities / Total liabilities and owners' equity
For year end Dec 31:
2012
2011
2010
Total Liabilities
422,741
381,082
310,732
Total Owners' Equity
1,245,926
1,044,226
810,873
Total Liabilities and Owners' Equity
1,668,667
1,425,308
1,121,605
Debt Ratio
25.33%
26.74%
27.70%

Current as of 10/30/2014

20/22

2010
0
5.64
0

Chipotle Financial Ratios

Return on Equity
(Dollars in Thousands)
Return on Equity = Net Income (less Preferred Dividends)/Averafe Total Owners' Equity
For year end Dec 31:
2012
2011
2010
Net Income less Preferred Dividends
278,000
214,945
178,981
Net Income
278,000
214,945
178,981
Preferred Dividends
0
0
0
Average Total Owners' Equity
1145076
927549.5
757167
Owners' Equity
1,245,926
1,044,226
810,873
Return on Equity
24.28%
23.17%
23.64%

For year end Dec 31:

Operating Income
Sales
Operating Income Margin

Current as of 10/30/2014

Operating Income Margin

Operating Income Margin = Operating income / Sales
2012
2011
2010
455,865
350,562
287,831
2,731,224
2,269,548
1,835,922
17%

21/22

15%

16%

2009

703,461

2009
203,705
1,518,417

2008
124,039
1,331,968

13%

9%

15.11
13.93
12.7