Lincoln Electric Holdings, Inc.

LECO

LECOLincoln Electric Holdings, Inc. US flag

NASDAQ Global Select

248.79

USD

-0.23

- -

13.63BMarket Cap

Income Statement (USD)

API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Sales/Revenue/Turnover	2,695	2,853	2,853	2,813	2,536	2,275	2,624	3,029	3,003	2,655	3,234	3,761	4,192	4,009	4,233
+ Sales & Services Revenue	2,695	2,853	2,853	2,813	2,536	2,275	2,624	3,029	3,003	2,655	3,234	3,761	4,192	4,009	4,233
- Cost of Revenue	1,958	1,987	1,910	1,864	1,695	1,488	1,749	2,000	1,996	1,784	2,166	2,480	2,726	2,536	2,699
+ Cost of Goods & Services	1,958	1,987	1,910	1,864	1,695	1,488	1,749	2,000	1,996	1,784	2,166	2,480	2,726	2,536	2,699
Gross Profit	737	867	943	949	841	787	875	1,029	1,008	871	1,069	1,281	1,465	1,473	1,534
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	440	495	527	545	639	469	541	628	621	544	597	657	759	781	798
+ Selling, General & Admin	440	495	527	545	639	469	541	628	621	544	597	657	759	781	798
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	297	371	415	404	202	318	334	401	386	328	471	624	707	692	736
- Non-Operating (Income) Loss	-4	2	-1	28	32	41	-32	32	18	63	146	31	20	98	61
+ Interest Expense, Net	4	- -	- -	7	19	15	15	18	23	22	22	30	44	43	52
+ Interest Expense	7	4	3	10	22	17	19	18	23	22	22	30	44	43	52
- Interest Income	3	4	3	3	3	2	5	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	-8	2	-1	21	13	26	-47	15	-6	42	124	2	-25	55	9
Pretax Income	301	370	416	376	170	277	366	369	368	264	325	593	687	594	675
- Income Tax Expense (Benefit)	84	112	125	122	42	79	119	82	75	58	48	121	142	128	155
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	217	257	292	254	127	198	247	287	293	206	277	472	545	466	521
- Net Extraordinary Losses (Gains)	- -	- -	-4	-2	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	-4	-2	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	217	258	296	255	128	198	248	287	293	206	276	472	545	466	521
- Minority Interest	- -	- -	2	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	217	257	294	255	127	198	248	287	293	206	277	472	545	466	521
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	217	257	294	255	127	198	248	287	293	206	277	472	545	466	521
EBIT	297	371	415	404	202	318	334	401	386	328	471	624	707	692	736
EBITDA	359	437	484	473	266	383	402	473	468	408	553	702	793	781	835
EBITDA Margin (%)	13.32	15.31	16.98	16.83	10.48	16.84	15.32	15.62	15.57	15.37	17.09	18.67	18.92	19.47	19.72
EBITA	297	371	415	404	202	318	334	401	386	328	471	624	707	692	736
Gross Margin (%)	27.34	30.37	33.04	33.74	33.17	34.58	33.34	33.96	33.55	32.81	33.04	34.05	34.96	36.74	36.25
Operating Margin (%)	11.02	13.02	14.56	14.35	7.95	13.98	12.72	13.23	12.86	12.33	14.58	16.59	16.86	17.27	17.39
Profit Margin (%)	8.06	9.02	10.3	9.05	5.03	8.72	9.43	9.48	9.76	7.76	8.55	12.56	13.01	11.63	12.3
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	0.62	0.88	0.6	0.93	1.17	1.29	1.41	1.57	1.9	1.98	2.05	2.25	2.58	2.86	3.04
Depreciation Expense	62	65	69	70	64	65	68	72	81	80	81	78	87	88	99
Basic Weighted Avg Shares	84	83	82	79	74	67	66	65	62	60	59	58	57	57	55
Basic EPS, GAAP	2.6	3.1	3.58	3.22	1.72	2.94	3.76	4.42	4.73	3.46	4.66	8.14	9.51	8.23	9.39
Basic EPS from Cont Ops	2.59	3.1	3.56	3.21	1.72	2.94	3.76	4.42	4.73	3.46	4.66	8.14	9.51	8.23	9.39
Diluted Weighted Avg Shares	85	84	83	80	75	68	67	66	63	60	60	59	58	57	56
Diluted EPS, GAAP	2.56	3.06	3.54	3.18	1.7	2.91	3.71	4.37	4.68	3.42	4.6	8.04	9.37	8.15	9.32
Diluted EPS from Cont Ops	2.56	3.06	3.51	3.17	1.7	2.91	3.71	4.37	4.68	3.42	4.6	8.04	9.37	8.15	9.32

Balance Sheet (USD)

API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Current Assets	1,219	1,133	1,131	1,096	936	1,044	1,374	1,238	1,076	1,112	1,290	1,558	1,693	1,645	1,740
+ Cash, Cash Equivalents & STI	361	286	300	278	304	418	506	359	200	257	193	197	394	377	309
+ Cash & Cash Equivalents	361	286	300	278	304	379	327	359	200	257	193	197	394	377	309
+ ST Investments	- -	- -	- -	- -	- -	39	179	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	386	361	367	338	265	274	395	397	375	373	429	542	539	482	539
+ Accounts Receivable, Net	386	361	367	338	265	274	395	397	375	373	429	542	539	482	539
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	373	365	350	341	276	255	349	362	394	381	540	665	563	544	633
+ Raw Materials	117	120	112	112	88	77	98	104	117	112	143	181	161	154	164
+ Work In Process	42	42	39	41	40	41	51	54	64	60	98	165	126	123	124
+ Finished Goods	214	203	199	187	148	138	200	204	213	209	299	320	276	267	345
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	99	121	114	139	91	96	124	120	108	100	128	154	198	242	259
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	758	957	1,021	843	848	900	1,033	1,112	1,296	1,202	1,303	1,623	1,684	1,875	2,038
+ Property, Plant & Equip, Net	470	486	484	439	411	372	477	479	529	522	512	545	575	619	703
+ Property, Plant & Equip	1,090	1,121	1,145	1,130	1,105	1,089	1,265	1,258	1,355	1,407	1,380	1,435	1,452	1,485	1,646
- Accumulated Depreciation	620	635	661	691	694	717	788	779	826	885	868	891	877	866	943
+ LT Investments & Receivables	55	56	59	59	59	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments	55	56	59	59	59	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	232	415	478	346	378	527	556	633	766	680	791	1,078	1,109	1,256	1,335
+ Total Intangible Assets	160	266	322	313	308	362	362	429	515	470	580	868	881	1,026	1,137
+ Goodwill	65	133	175	180	188	232	235	281	337	336	430	665	694	805	887
+ Other Intangible Assets	94	133	147	133	121	130	127	148	178	134	149	203	187	221	250
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	73	149	156	33	69	165	194	204	251	210	211	210	228	230	198
Total Assets	1,977	2,090	2,152	1,939	1,784	1,943	2,407	2,350	2,371	2,314	2,592	3,181	3,377	3,520	3,778
+ Payables & Accruals	243	285	337	311	175	200	295	298	303	287	363	389	366	339	408
+ Accounts Payable	176	210	213	210	153	177	270	269	273	257	330	352	325	297	365
+ Accrued Taxes	22	46	46	19	17	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	44	29	78	82	6	23	26	30	30	30	33	37	40	42	43
+ ST Debt	101	19	15	68	4	2	2	- -	35	3	53	93	2	111	144
+ ST Borrowings	101	19	15	68	4	2	2	- -	35	3	53	93	2	111	144
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	127	137	104	113	191	186	231	240	225	260	340	370	386	430	405
+ Deferred Revenue	15	26	24	27	16	21	20	17	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	111	111	80	87	174	165	212	223	225	260	340	370	386	430	405
Total Current Liabilities	471	440	457	492	370	388	529	538	563	549	756	853	755	879	957
+ LT Debt	2	2	4	2	350	704	704	703	712	715	717	1,110	1,103	1,151	1,148
+ LT Borrowings	2	2	4	2	350	704	704	703	712	715	717	1,110	1,103	1,151	1,148
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Liabilities	311	290	160	159	131	139	241	222	277	259	255	183	211	163	204
+ Accrued Liabilities	18	8	48	41	47	42	41	46	64	47	57	17	13	10	52
+ Pension Liabilities	232	216	27	33	15	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	61	65	85	85	69	98	200	176	212	213	199	166	198	153	151
Total Noncurrent Liabilities	312	291	164	161	482	843	945	924	989	975	972	1,294	1,314	1,314	1,351
Total Liabilities	784	732	621	653	852	1,231	1,474	1,462	1,552	1,524	1,728	2,147	2,068	2,193	2,308
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	189	215	250	269	283	319	344	370	399	420	461	492	533	577	611
+ Common Stock	10	10	10	10	10	10	10	10	10	10	10	10	10	10	10
+ Additional Paid in Capital	179	205	241	259	273	309	334	360	389	410	451	482	523	567	602
- Treasury Stock	249	320	480	784	1,181	1,515	1,554	1,754	2,042	2,150	2,310	2,489	2,683	2,942	3,278
+ Retained Earnings	1,484	1,683	1,908	2,086	2,126	2,236	2,388	2,564	2,736	2,821	2,970	3,306	3,688	3,993	4,342
+ Other Equity	-248	-235	-152	-289	-296	-329	-247	-294	-276	-302	-257	-275	-230	-300	-206
Equity Before Minority Interest	1,177	1,342	1,527	1,283	932	711	932	887	818	789	864	1,034	1,309	1,327	1,470
+ Minority/Non Controlling Interest	16	16	4	3	1	1	1	1	1	1	- -	- -	- -	- -	- -
Total Equity	1,193	1,358	1,531	1,286	932	712	932	888	819	790	864	1,034	1,309	1,327	1,470
Total Liabilities & Equity	1,977	2,090	2,152	1,939	1,784	1,943	2,407	2,350	2,371	2,314	2,592	3,181	3,377	3,520	3,778
Shares Outstanding	84	83	81	77	71	66	66	64	61	60	59	58	57	56	55
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt	-258	-266	-281	-208	50	326	380	344	548	461	577	1,007	711	884	983
Net Debt to Equity	-21.6	-19.6	-18.34	-16.16	5.41	45.83	40.71	38.74	66.87	58.32	66.77	97.36	54.35	66.58	66.85
Tangible Common Equity Ratio	56.88	59.89	66.06	59.82	42.29	22.14	27.9	23.87	16.39	17.36	14.13	7.18	17.14	12.09	12.6
Current Ratio	2.59	2.57	2.47	2.23	2.53	2.69	2.6	2.3	1.91	2.02	1.71	1.83	2.24	1.87	1.82
Cash Conversion Cycle	81	79.97	74.18	71.81	69.21	67.43	65.34	63.76	67.23	76.15	76.85	88	82.14	81.04	80.33

Cash Flow Statement (USD)

API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

+ Net Income	217	257	294	255	127	198	248	287	293	206	277	472	545	466	521
+ Depreciation & Amortization	62	65	69	70	64	65	68	72	81	80	81	78	87	88	99
+ Non-Cash Items	11	-23	-27	48	68	22	1	3	16	24	103	-3	-44	2	108
+ Stock-Based Compensation	7	9	10	8	8	10	13	19	17	15	24	25	26	24	20
+ Deferred Income Taxes	15	-2	18	18	-56	-10	33	2	13	-3	-29	-48	-21	-40	83
+ Asset Impairment Charge	- -	2	5	30	- -	- -	-50	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	-11	-31	-59	-8	116	21	5	-17	-14	11	108	20	-49	18	5
+ Chg in Non-Cash Work Cap	-96	28	3	30	53	27	19	-34	13	41	-96	-164	79	43	-66
+ (Inc) Dec in Accts Receiv	-68	58	-5	6	57	-12	-17	-4	50	4	-66	-65	15	53	-26
+ (Inc) Dec in Inventories	-52	28	13	-6	56	15	19	-24	-12	23	-154	-81	122	25	-48
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	9	16	1	2	-47	30	18	4	-8	-18	82	17	-32	-27	56
+ Inc (Dec) in Other	14	-75	-6	27	-13	-5	-2	-9	-17	32	42	-35	-26	-8	-48
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	194	327	339	402	313	313	335	329	403	351	365	383	668	599	661
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	1	1	1	17	2	1	2	17	10	8	7	3	49	8	7
+ Disp of Fixed Prod Assets	1	1	1	17	2	1	2	17	10	8	7	3	49	8	7
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	-37	-81	-168	-307	-399	-342	-43	-202	-293	-113	-165	-181	-199	-264	-338
+ Increase in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	-37	-81	-168	-307	-399	-342	-43	-202	-293	-113	-165	-181	-199	-264	-338
+ Net Change in LT Investment	- -	- -	- -	- -	- -	-39	-140	179	- -	- -	- -	- -	- -	- -	- -
+ Dec in LT Investment	- -	- -	- -	- -	- -	- -	65	447	- -	- -	- -	- -	- -	- -	- -
+ Inc in LT Investment	- -	- -	- -	- -	- -	-39	-206	-268	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	-66	-135	-53	-24	-37	-72	-72	-102	-135	- -	-156	-436	-33	-253	-138
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	-66	-135	-53	-24	-37	-72	-72	-102	-135	- -	-156	-436	-33	-253	-138
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-66	-54	-78	-72	-51	-51	-62	-73	-68	-57	-56	-72	-92	-116	-127
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-131	-187	-130	-79	-85	-160	-272	21	-193	-49	-205	-505	-75	-361	-257
+ Dividends Paid	-52	-73	-49	-73	-87	-87	-92	-102	-118	-118	-122	-131	-148	-162	-168
+ Net Cash From Debt	8	-89	-2	53	317	351	- -	-1	- -	- -	- -	405	-8	149	-100
+ Cash From Debt	25	3	1	69	370	354	- -	- -	- -	- -	- -	405	- -	550	- -
+ Repayments of Debt	-17	-93	-3	-16	-54	-2	-1	-1	- -	- -	- -	- -	-8	-401	-100
+ Other Financing Activities	18	27	25	13	-2	6	1	3	39	-15	64	40	-58	32	145
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-63	-217	-194	-314	-172	-72	-135	-302	-372	-246	-222	134	-412	-245	-462
Effect of Foreign Exchange Rates	-4	2	-2	-30	-30	-6	20	-16	2	2	-2	-8	16	-10	-10
Net Changes in Cash	-1	-77	15	8	56	81	-72	48	-162	56	-62	12	180	-7	-58
EBITDA	359	437	484	473	266	383	402	473	468	408	553	702	793	781	835
EBITDA Margin (%)	13.32	15.31	16.98	16.83	10.48	16.84	15.32	15.62	15.57	15.37	17.09	18.67	18.92	19.47	19.72
Free Cash Flow	194	327	339	402	313	313	335	329	403	351	365	383	668	599	661
Net Cash Paid for Acquisitions	66	135	53	24	37	72	72	102	135	- -	156	436	33	253	138
Free Cash Flow to Firm	198	330	341	409	329	325	348	343	422	369	384	407	703	633	701
Free Cash Flow to Equity	203	240	338	472	632	665	337	345	413	359	372	792	709	756	568
Free Cash Flow per Basic Share	2.31	3.94	4.13	5.07	4.22	4.63	5.09	5.07	6.51	5.89	6.16	6.61	11.64	10.58	11.93
Price/Free Cash Flow	17.12	12.51	17.48	13.78	12.42	16.72	18.23	15.73	15.03	19.93	22.95	22.14	18.97	17.9	20.25
Cash Flow to Net Income	0.89	1.27	1.15	1.58	2.45	1.58	1.35	1.15	1.38	1.7	1.32	0.81	1.22	1.29	1.27
Capital Expenditures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -