The Macerich Company

MAC

MACThe Macerich Company US flag

New York Stock Exchange

22.30

USD

+0.06

- -

6.32BMarket Cap

Income Statement (USD)

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	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
Sales/Revenue/Turnover	685	798	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Sales & Services Revenue	685	798	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cost of Revenue	300	338	423	442	472	406	395	381	368	348	381	390	395	430	458
+ Cost of Goods & Services	300	338	423	442	472	406	395	381	368	348	381	390	395	430	458
Gross Profit	384	460	606	663	816	635	598	579	560	438	467	469	489	488	556
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	249	298	385	408	494	377	364	371	353	350	341	319	312	323	389
+ Selling, General & Admin	21	20	28	29	30	28	28	24	23	30	30	27	29	28	32
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	228	278	357	379	464	348	335	347	331	320	311	292	282	295	357
Operating Income (Loss)	135	162	221	255	322	259	235	208	206	88	125	150	178	165	168
- Non-Operating (Income) Loss	-98	-137	64	-1,347	-198	-297	57	143	102	334	102	214	456	364	371
+ Interest Expense, Net	167	164	197	191	212	164	172	183	138	76	193	217	173	220	284
+ Interest Expense	167	164	197	191	212	164	172	183	138	76	193	217	173	220	284
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	-265	-301	-133	-1,538	-410	-461	-114	-40	-36	258	-90	-2	283	144	87
Pretax Income	233	299	157	1,603	520	556	177	65	104	-246	23	-64	-279	-199	-203
- Income Tax Expense (Benefit)	-6	-4	-2	-4	-3	1	16	-4	2	- -	7	1	- -	-1	-2
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	239	303	159	1,607	523	555	162	69	103	-245	16	-65	-278	-198	-201
- Net Extraordinary Losses (Gains)	95	-5	-232	216	71	76	31	18	11	-31	4	2	-8	-7	-8
+ Discontinued Operations	-70	63	290	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	165	-69	-522	216	71	76	31	18	11	-31	4	2	-8	-7	-8
Income (Loss) Incl. MI	145	308	391	1,391	452	479	131	51	91	-215	12	-67	-270	-191	-193
- Minority Interest	-12	-29	-29	-108	-35	-38	-16	-9	-6	15	-2	-1	4	4	4
Net Income, GAAP	157	337	420	1,499	488	517	146	60	97	-230	14	-66	-274	-194	-197
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	157	337	420	1,499	488	517	146	60	97	-230	14	-66	-274	-194	-197
EBIT	135	162	221	255	322	259	235	208	206	88	125	150	178	165	168
EBITDA	408	479	598	634	776	601	576	543	544	414	450	453	474	471	536
EBITDA Margin (%)	59.61	60.09	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITA	135	162	221	255	322	259	235	208	206	88	125	150	178	165	168
Gross Margin (%)	56.13	57.68	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	19.75	20.31	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Profit Margin (%)	22.91	42.31	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	2.57	2.66	2.67	2.54	5.25	5.54	3.88	3.21	3.36	1.2	0.72	0.87	0.74	0.73	0.74
Depreciation Expense	273	317	376	379	455	343	341	335	338	326	324	302	296	306	368
Basic Weighted Avg Shares	132	138	141	158	154	144	141	141	141	150	198	215	216	222	254
Basic EPS, GAAP	1.19	2.45	2.98	9.48	3.16	3.59	1.04	0.43	0.68	-1.54	0.07	-0.31	-1.27	-0.88	-0.78
Basic EPS from Cont Ops	1.82	2.2	1.13	10.16	3.39	3.85	1.15	0.49	0.73	-1.64	0.08	-0.3	-1.29	-0.89	-0.79
Diluted Weighted Avg Shares	132	138	141	158	154	144	141	141	141	150	208	224	225	232	254
Diluted EPS, GAAP	1.19	2.45	2.98	9.48	3.16	3.59	1.04	0.43	0.68	-1.54	0.07	-0.3	-1.22	-0.84	-0.78
Diluted EPS from Cont Ops	1.82	2.2	1.13	10.16	3.39	3.85	1.15	0.49	0.73	-1.64	0.08	-0.29	-1.24	-0.85	-0.79

Balance Sheet (USD)

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	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
Total Current Assets	277	292	219	311	342	349	338	358	264	723	378	368	379	335	521
+ Cash, Cash Equivalents & STI	92	89	70	85	87	94	91	103	100	465	112	100	95	90	280
+ Cash & Cash Equivalents	67	66	70	85	87	94	91	103	100	465	112	100	95	90	280
+ ST Investments	25	24	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	116	124	132	212	214	205	195	209	150	241	211	187	188	157	148
+ Accounts Receivable, Net	109	104	99	132	130	137	113	123	144	239	211	184	183	155	146
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	4	3	3	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	3	17	30	80	84	68	82	85	6	2	- -	3	5	2	2
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	69	79	17	14	41	50	52	47	14	17	55	81	95	88	93
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	7,661	9,019	8,856	12,811	10,894	9,609	9,268	8,669	8,589	8,461	7,967	7,726	7,135	8,232	7,848
+ Property, Plant & Equip, Net	6,079	- -	- -	- -	- -	- -	- -	- -	148	118	111	127	119	111	109
+ Property, Plant & Equip	7,490	- -	- -	- -	- -	- -	- -	- -	148	118	111	127	119	111	109
- Accumulated Depreciation	1,411	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments & Receivables	1,099	974	701	984	1,533	1,774	1,710	1,493	1,520	1,341	1,318	1,224	853	655	707
+ LT Investments	1,099	974	701	984	1,533	1,774	1,710	1,493	1,520	1,341	1,318	1,224	853	655	707
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	484	8,045	8,155	11,827	9,361	7,835	7,558	7,176	6,921	7,002	6,539	6,375	6,164	7,467	7,032
+ Total Intangible Assets	251	340	375	622	470	355	298	259	159	176	152	73	102	211	176
+ Goodwill	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Intangible Assets	251	340	375	622	470	355	298	259	159	176	152	73	102	211	176
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	233	7,704	7,780	11,205	8,891	7,481	7,260	6,917	6,763	6,826	6,387	6,302	6,061	7,255	6,855
Total Assets	7,939	9,311	9,075	13,122	11,236	9,958	9,606	9,027	8,854	9,184	8,346	8,094	7,514	8,567	8,369
+ Payables & Accruals	443	541	692	714	840	506	468	477	425	476	441	503	574	660	706
+ Accounts Payable	73	70	77	115	74	61	58	59	51	69	59	63	64	88	125
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	370	471	615	599	765	445	409	418	373	407	382	440	510	573	580
+ ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Borrowings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Current Liabilities	443	541	692	714	840	506	468	477	425	476	441	503	574	660	706
+ LT Debt	4,206	5,261	4,583	6,292	5,261	4,966	5,170	4,982	5,324	6,129	4,609	4,499	4,310	5,065	5,136
+ LT Borrowings	4,206	5,261	4,583	6,292	5,261	4,966	5,170	4,982	5,210	6,038	4,528	4,404	4,226	4,993	5,069
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	114	90	81	95	84	72	67
+ Other LT Liabilities	125	92	82	75	64	59	- -	378	274	134	119	143	103	- -	- -
+ Accrued Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	125	92	82	75	64	59	- -	378	274	134	119	143	103	- -	- -
Total Noncurrent Liabilities	4,331	5,354	4,664	6,368	5,325	5,025	5,170	5,361	5,598	6,263	4,728	4,642	4,412	5,065	5,136
Total Liabilities	4,774	5,895	5,357	7,082	6,164	5,531	5,638	5,838	6,023	6,739	5,170	5,145	4,986	5,725	5,842
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	3,492	3,717	3,908	5,043	4,928	4,595	4,512	4,569	4,585	4,605	5,491	5,508	5,512	6,163	6,227
+ Common Stock	1	1	1	2	2	1	1	1	1	1	2	2	2	3	3
+ Additional Paid in Capital	3,491	3,716	3,906	5,042	4,927	4,593	4,510	4,568	4,584	4,603	5,488	5,506	5,510	6,161	6,224
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	-679	-640	-549	597	-213	-489	-830	-1,614	-1,944	-2,340	-2,444	-2,643	-3,064	-3,407	-3,778
+ Other Equity	- -	- -	- -	- -	- -	- -	- -	-4	-9	-8	- -	1	-1	- -	- -
Equity Before Minority Interest	2,813	3,078	3,359	5,640	4,715	4,106	3,682	2,950	2,632	2,257	3,047	2,866	2,447	2,756	2,449
+ Minority/Non Controlling Interest	351	339	360	400	356	321	286	238	199	188	129	84	81	86	78
Total Equity	3,165	3,416	3,719	6,040	5,071	4,427	3,968	3,188	2,831	2,445	3,176	2,949	2,528	2,842	2,527
Total Liabilities & Equity	7,939	9,311	9,075	13,122	11,236	9,958	9,606	9,027	8,854	9,184	8,346	8,094	7,514	8,567	8,369
Shares Outstanding	132	138	141	158	154	144	141	141	141	150	215	215	216	253	257
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	114	90	81	95	84	72	67
Net Debt	4,139	5,196	4,513	6,207	5,174	4,872	5,079	4,880	5,110	5,573	4,416	4,303	4,131	4,903	4,789
Net Debt to Equity	130.78	152.08	121.36	102.78	102.03	110.04	128	153.05	180.5	227.91	139.03	145.91	163.43	172.49	189.5
Tangible Common Equity Ratio	37.9	34.29	38.43	43.34	42.74	42.41	39.43	33.41	30.73	25.2	36.91	35.86	32.72	31.49	28.69
Current Ratio	0.63	0.54	0.32	0.44	0.41	0.69	0.72	0.75	0.62	1.52	0.86	0.73	0.66	0.51	0.74
Cash Conversion Cycle	-58.07	-28.68	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Cash Flow Statement (USD)

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	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
+ Net Income	169	366	449	1,607	523	555	162	69	103	-245	16	-65	-278	-198	-201
+ Depreciation & Amortization	273	317	376	379	455	343	341	335	338	326	324	302	296	306	368
+ Non-Cash Items	-181	-320	-399	-1,530	-428	-425	-76	-39	-106	152	-99	40	259	157	132
+ Stock-Based Compensation	12	12	24	29	28	33	31	27	12	14	14	18	13	12	18
+ Deferred Income Taxes	-6	-4	-2	-4	-3	1	16	-4	2	- -	7	1	- -	-1	-2
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	-187	-328	-422	-1,556	-453	-459	-122	-63	-119	139	-120	21	246	146	116
+ Chg in Non-Cash Work Cap	-24	-12	-4	-55	5	-43	-41	-20	21	-108	44	60	18	18	22
+ (Inc) Dec in Accts Receiv	- -	-4	-5	-14	-5	8	-20	-17	4	-103	64	3	-1	6	3
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	-16	8	-6	-25	-3	-31	-16	-11	26	-6	-35	71	13	28	19
+ Inc (Dec) in Other	-8	-17	8	-16	14	-20	-4	8	-10	1	15	-13	6	-16	1
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	237	351	422	401	555	430	386	344	355	125	286	338	296	283	322
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-247	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed Prod Assets	-247	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	1	179	174	1	-399	-798	-220	2	2	2	832	2	1	659	56
+ Increase in Capital Stock	1	179	174	1	2	2	2	2	2	2	832	2	2	659	56
+ Decrease in Capital Stock	- -	- -	- -	- -	-400	-800	-221	- -	- -	- -	- -	- -	-1	- -	- -
+ Net Change in LT Investment	-154	1	24	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Dec in LT Investment	1	1	24	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc in LT Investment	-155	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	49	-95	-98	-308	-426	-430	-118	-181	-253	-127	-87	-82	-81	-13	-158
+ Cash from Divestitures	216	- -	- -	29	- -	- -	- -	- -	- -	6	- -	- -	- -	49	- -
+ Cash for Acq of Subs	-167	-95	-98	-337	-426	-430	-118	-181	-253	-132	-87	-82	-81	-62	-158
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	140	-869	346	52	325	884	297	358	141	-76	322	80	134	33	-168
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-212	-963	272	-256	-101	454	179	176	-112	-203	235	-1	53	20	-325
+ Dividends Paid	-338	-366	-375	-401	-811	-797	-548	-454	-475	-180	-143	-186	-159	-161	-188
+ Net Cash From Debt	-51	822	-478	352	796	763	210	-55	199	629	-1,502	-131	-146	-805	337
+ Cash From Debt	757	3,193	2,573	1,205	4,081	3,201	1,430	415	1,796	664	520	277	719	1,225	599
+ Repayments of Debt	-808	-2,372	-3,051	-853	-3,284	-2,438	-1,220	-470	-1,597	-36	-2,022	-408	-865	-2,030	-262
+ Other Financing Activities	-16	-24	-11	-82	-40	-35	-9	-8	-5	-4	-23	-6	-35	-9	-5
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-404	611	-690	-130	-452	-868	-566	-514	-278	446	-837	-322	-339	-316	199
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	-378	-1	4	15	2	16	-1	6	-35	368	-316	14	9	-13	195
EBITDA	408	479	598	634	776	601	576	543	544	414	450	453	474	471	536
EBITDA Margin (%)	59.61	60.09	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow	-10	351	422	401	555	430	386	344	355	125	286	338	296	283	322
Net Cash Paid for Acquisitions	-49	95	98	308	426	430	118	181	253	127	87	82	81	13	158
Free Cash Flow to Firm	- -	- -	- -	- -	- -	593	543	- -	491	- -	421	- -	- -	- -	- -
Free Cash Flow to Equity	-60	1,173	-56	753	1,351	1,193	597	289	555	753	-1,216	207	149	-521	659
Free Cash Flow per Basic Share	-0.07	2.55	3	2.53	3.59	2.98	2.74	2.44	2.51	0.83	1.45	1.57	1.37	1.28	1.27
Price/Free Cash Flow	13.75	22.82	19.64	32.93	22.45	23.75	23.97	17.75	10.72	12.8	12.55	7.46	11.72	16.29	14.59
Cash Flow to Net Income	1.51	1.04	1	0.27	1.14	0.83	2.64	5.74	3.67	-0.54	20.08	-5.11	-1.08	-1.46	-1.63
Capital Expenditures	-247	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -