Sigma Foods, S.a.b. De C.v. · BMV:SIGMAF/A
Sigma Foods, S.a.b. De C.v — Q2 2024 Earnings Presentation
57 slides from Sigma Foods, S.a.b. De C.v's earnings presentation, Jul 25, 2024
Slide 1: Earnings Report Second Quarter 2024
EARNINGS REPORT Second Quarter 2024 (2Q24) Monterrey, N.L., Mexico, July 24, 2024. ALFA, S.A.B. de C.V. (BMV: ALFAA) (“ALFA”), a company that has developed leading businesses with global operations, announced today its unaudited results for the second quarter of 2024 ("2Q24"). All figures have been
Slide 2: Important note on changes to ALFA's Consolidated Financial Statements
Earnings Report Second Quarter 2024 (2Q24) Important note on changes to ALFA’s Consolidated Financial Statements ALFA’s shareholders approved to spin-off ALFA’s share ownership of Axtel into a new, listed entity called “Controladora Axtel” on July 12, 2022. The shares of “Controladora Axtel” were di
Slide 3: ALFA reports 2Q24 EBITDA of US $445 million and raises 2024 Guidance
Earnings Report Second Quarter 2024 (2Q24) ALFA reports 2Q24 EBITDA of US $445 million and raises its 2024 Guidance 2Q24 HIGHLIGHTS Accumulated EBITDA of US $870 million, up 18% year-over-year driven mainly by Sigma. ALFA’s 2024 EBITDA Guidance increased 5% to US $1.590 billion to incorporate upwa
Slide 4: Selected Financial Information
Earnings Report Second Quarter 2024 (2Q24) SELECTED FINANCIAL INFORMATION (US $ MILLION) (%) 2Q24 vs. 2Q24 1Q24 2Q23 1Q24 2Q23 2024 2023 Ch. % ALFA & Subs ALFA Revenues 4,197 4,106 4,221 2 (1) 8,303 8,306 - Alpek 1,921 1,903 2,050 1 (6) 3,825 4,112 (7) Sigma 2,246 2,170 2,143 3 5 4,416 4,134 7 ALFA
Slide 5: Contents
Earnings Report Second Quarter 2024 (2Q24) Contents Message from ALFA’s Chairman & CEO Consolidated Financial Results ALFA (BMV: ALFAA) Results by Business Sigma – Food Products Alpek (BMV: ALPEKA) – Petrochemicals Axtel (BMV: AXTELCPO) – IT & Telecom Tables Financial Statements Appendix – Alpek 2Q2
Slide 6: Message from ALFA's Chairman & CEO
Earnings Report Second Quarter 2024 (2Q24) Message from ALFA’s Chairman & CEO “ALFA’s consolidated results exceeded our initial estimations as both business units continued to successfully capitalize on resilient demand and better-than-expected dynamics in the food sector. EBITDA grew at double-digi
Slide 7: Message from ALFA's Chairman & CEO (continued)
Earnings Report Second Quarter 2024 (2Q24) We are confident that the strategic initiatives to accelerate debt reduction, as well as the better- than-expected operating results from Sigma and Alpek put ALFA on the right path to complete the transformation process and realize its unique value potentia
Slide 8: ALFA Consolidated Financial Results: Income Statement
Earnings Report Second Quarter 2024 (2Q24) ALFA (BMV: ALFAA) Consolidated Financial Results INCOME STATEMENT (US $ MILLION) (%) 2Q24 vs. 2Q24 1Q24 2Q23 1Q24 2Q23 2024 2023 Ch. % Total Revenues 4,197 4,106 4,221 2 (1) 8,303 8,306 - Gross Profit 902 882 808 2 12 1,784 1,565 14 Operating expenses and (
Slide 9: Comparable EBITDA and Operating Income
Earnings Report Second Quarter 2024 (2Q24) Adjusting for extraordinary items in all periods, Comparable EBITDA was US $433 million, US $411 million and US $425 million in 2Q24, 1Q24 and 2Q23, respectively. Comparable 2Q24 EBITDA was up 2% year-on-year as a 21% increase at Sigma was partially offset
Slide 10: Change in Net Debt
Earnings Report Second Quarter 2024 (2Q24) CHANGE IN NET DEBT (US $ MILLION) (%) 2Q24 vs. 2Q24 1Q24 2Q23 1Q24 2Q23 2024 2023 Ch. % EBITDA 445 425 360 5 23 870 736 18 Net Working Capital 30 (276) 302 111 (90) (247) 171 (244) Capital Expenditures & (67) (75) (196) 10 66 (142) (282) 50 Acquisitions Net
Slide 11: Recent Developments – ALFA
Earnings Report Second Quarter 2024 (2Q24) RECENT DEVELOPMENTS – ALFA Transformation to unlock ALFA’s fair value potential by simplifying its corporate structure Orderly transition towards independent business units (vs. conglomerate) Progress to date: – Nemak spin-off (2020) – Axtel spin-off
Slide 12: Credit Ratings, Quiet Period and 2024 Guidance
Earnings Report Second Quarter 2024 (2Q24) S&P Global Ratings – latest publication on July 1, 2024 Affirmed “BBB-” long-term issuer credit rating; affirmed the “BB+” issue- level rating on senior unsecured notes Rating Outlook remains Stable Fitch Ratings – latest publication on February 23, 202
Slide 13: Sigma – Food Products 2Q24 Highlights
Earnings Report Second Quarter 2024 (2Q24) Results by Business Sigma – FOOD PRODUCTS 54% of ALFA’s Revenues in 2Q24 2Q24 HIGHLIGHTS Thirteenth consecutive quarter of year-on-year Revenue growth supported by record quarterly Volume All-time high quarterly consolidated EBITDA of US $279 million, s
Slide 14: Sigma Selected Financial Information
Earnings Report Second Quarter 2024 (2Q24) SELECTED FINANCIAL INFORMATION (US $ MILLION) (%) 2Q24 vs. 2Q24 1Q24 2Q23 1Q24 2Q23 2024 2023 Ch. % Volume (ktons) 462 449 448 3 3 911 875 4 Mexico 248 243 235 2 6 492 460 7 Europe 92 91 97 1 (5) 184 193 (5) United States 94 88 90 8 5 182 171 6 Latam 27 26
Slide 15: Message from Sigma's President
Earnings Report Second Quarter 2024 (2Q24) Message from Sigma’s President “As we close the second quarter of 2024, I am pleased to once again highlight the exceptional performance of Sigma, marking our thirteenth consecutive quarter of year over year sales increase. All-time high quarterly volume co
Slide 16: Sigma Income Statement
Earnings Report Second Quarter 2024 (2Q24) INCOME STATEMENT (US $ MILLION) (%) 2Q24 vs 2Q24 1Q24 2Q23 1Q24 2Q23 2024 2023 Ch. % Total Revenues 2,246 2,170 2,143 3 5 4,416 4,134 7 Gross Profit 734 706 643 4 14 1,440 1,198 20 Operating expenses and (516) (502) (480) 3 8 (1,019) (897) 14 others Operati
Slide 17: Sigma Financing Expense and Change in Net Debt
Earnings Report Second Quarter 2024 (2Q24) Comprehensive Financing Expense (CFE) was US $80 million, a 22% decrease versus US $103 million in 2Q23, as higher interest expenses were partially offset by lower foreign exchange losses. Accumulated CFE was US $155 million, down from US $173 million in 1H
Slide 18: Industry Comments – Sigma
Earnings Report Second Quarter 2024 (2Q24) INDUSTRY COMMENTS - SIGMA Consumer Confidence and Retail Sales Average consumer confidence in Mexico (as per INEGI 1) was 47.2 points in 2Q24, up 2.5 points year- on-year. By the end of June 2024, the average inflation rate had decreased to 4.7%, a 1.0 perc
Slide 19: Exchange Rate
Earnings Report Second Quarter 2024 (2Q24) Exchange Rate When compared against the U.S. dollar, the average 2Q24 exchange rate for the Mexican peso appreciated 3%, and the euro depreciated 1% year-on-year. Furthermore, Sigma’s Latam currency mix (outside Mexico) experienced a net depreciation effect
Slide 20: Results by Region – Sigma
Earnings Report Second Quarter 2024 (2Q24) RESULTS BY REGION - SIGMA During 2Q24, Mexico accounted for 49% of total revenues; while Europe represented 25%; the U.S. 19%; and Latam 7%. Mexico In local currency, 2Q24 Revenues increased 7% year-on-year, driven by all-time high quarterly Volume reflecti
Slide 21: Results by Region – Latam
Earnings Report Second Quarter 2024 (2Q24) Latam In local currencies, quarterly Revenues were up 4% year-on-year supported by record second quarter Volume, which was mainly driven by the Dominican Republic and Ecuador. All-time high second quarter EBITDA in local currencies was up 20% year-on-year,
Slide 22: Recent Developments – Sigma
Earnings Report Second Quarter 2024 (2Q24) RECENT DEVELOPMENTS – SIGMA Appointed Juan Ignacio Amat as the new CEO for Sigma Europe effective on June 1st Sigma Europe Over 20 years of experience in large consumer goods companies across Europe, holding various leadership roles where he successfull
Slide 23: Growth Business Unit and Sustainability
Earnings Report Second Quarter 2024 (2Q24) Expanding the plant-based category Growth Launch of Better-nera®, a plant-based whole cut in Spain Business Unit Introduction of the ® brand in France and Portugal Ratings 2023 Sustainalytics rating of 24.6, better than the industry average risk ratin
Slide 24: Alpek – Petrochemicals Selected Financial Information
Earnings Report Second Quarter 2024 (2Q24) Alpek (BMV: ALPEKA) – PETROCHEMICALS 46% of ALFA's revenues in 2Q24 SELECTED FINANCIAL INFORMATION (US $ MILLION) (%) 2Q24 vs 2Q24 1Q24 2Q23 1Q24 2Q23 2024 2023 Ch. % Volume (ktons) 1,202 1,202 1,197 - - 2,404 2,358 2 Polyester 1,000 990 984 1 2 1,990 1,923
Slide 25: Alpek EBITDA and Comparable EBITDA
Earnings Report Second Quarter 2024 (2Q24) EBITDA was US $170 million in 2Q24, up 15% year-on-year and 1% higher versus 1Q24. 2Q24 EBITDA includes a net benefit of US $12 million from extraordinary items, comprised mainly of non- cash inventory adjustments and carry-forward effects. For reference, 2
Slide 26: Recent Developments – Alpek
Earnings Report Second Quarter 2024 (2Q24) RECENT DEVELOPMENTS - ALPEK Completed Achieved 100% completion of structural initiatives to reduce fixed and variable costs, and maximize cash flow Structural Initiatives included footprint optimization, more competitive electricity Cost agreements and
Slide 27: Axtel – IT & Telecom
Earnings Report Second Quarter 2024 (2Q24) Axtel (BMV: AXTELCPO) – IT & TELECOM In accordance with International Financial Reporting Standards (IFRS), ALFA’s Consolidated Results must account for Axtel as Discontinued Operations due to the spin-off of this business. Additional details related to the
Slide 28: 2Q24 Earnings Call Information
Earnings Report Second Quarter 2024 (2Q24) 2Q24 EARNINGS CALL INFORMATION Date: Thursday, July 25, 2024 Time: 1:30 p.m. EDT (NY) / 11:30 a.m. CST (CDMX) Registration: https://us02web.zoom.us/webinar/register/WN_dxVDIKZLSb68HL9KGBdXMQ Replay: https://www.alfa.com.mx/en/events/ iralfa@alfa.com.mx 28 w
Slide 29: About ALFA and Disclaimer
Earnings Report Second Quarter 2024 (2Q24) About ALFA ALFA is comprised mainly of two businesses with global operations: Sigma, a leading multinational food company, focuses on the production, marketing, and distribution of quality foods through recognized brands in Mexico, Europe, the United States
Slide 30: Tables: Volume, Revenues, Operating Income and EBITDA
Earnings Report Second Quarter 2024 (2Q24) Tables ALFA Table 1 | VOLUME AND PRICE CHANGES (%) 2Q24 vs. 2024 vs. 1Q24 2Q23 2023 Total Volume 1.0 1.4 2.7 Domestic Volume (0.7) 0.2 1.8 Foreign Volume 2.1 2.2 3.3 Avg. Ps. $ Prices 2.4 (4.8) (8.7) Avg. US $ Prices 1.2 (2.0) (2.7) Table 2 | REVENUES (%) 2
Slide 31: Extraordinary Items and Comparable EBITDA
Earnings Report Second Quarter 2024 (2Q24) Table 4 | EXTRAORDINARY ITEMS (US $ MILLION) Company Extraordinary item 2Q24 1Q24 2Q23 2024 2023 Alpek Inventory gain (loss) 11 12 (32) 23 (33) Carry forward gain (loss) 3 6 (8) 8 (8) Others (2) (3) (13) (5) (32) Total Alpek 12 14 (53) 26 (73) Sigma Europe
Slide 32: Net Income and Statement of Financial Position
Earnings Report Second Quarter 2024 (2Q24) Table 7 | NET INCOME (US $ MILLION) (%) 2Q24 % 2Q24 1Q24 2Q23 1Q24 2Q23 2024 2023 Ch.% Consolidated Net Income (Loss) 57 73 21 (21) 180 130 38 248 Minority Interest 6 13 16 (55) (64) 19 47 (60) Majority Net Income (Loss) 52 60 4 (14) - 112 (10) - Per Share
Slide 33: Income Statement Discontinued Operations – Axtel
Earnings Report Second Quarter 2024 (2Q24) Table 9 | INCOME STATEMENT DISCONTINUED OPERATIONS – AXTEL (US $ MILLION) (%) 2Q24 vs. 2Q24 1Q24 2Q23 1Q24 2Q23 2024 2023 Ch.% Total Revenues 0 0 95 - (100) 0 240 (100) Gross Profit 0 0 49 - (100) 0 121 (100) Operating expenses and 0 0 (45) - 100 0 (115) 10
Slide 34: Sigma Tables: Volume, Price and Local Currency Results
Earnings Report Second Quarter 2024 (2Q24) Sigma Table 10 | SIGMA - VOLUME AND PRICE CHANGES (%) 2Q24 vs. 2024 vs. 1Q24 2Q23 2023 Total Volume 2.9 3.1 4.1 Avg. Ps. $ Prices 1.7 (1.3) (3.5) Avg. US $ Prices 0.6 1.6 2.6 Table 11 | SIGMA – REVENUES AND EBITDA IN LOCAL CURRENCY (%) 2Q24 vs. 2Q24 1Q24 2Q
Slide 35: Sigma Financing Expense and Financial Position
Earnings Report Second Quarter 2024 (2Q24) Table 13 | SIGMA - COMPREHENSIVE FINANCING INCOME / EXPENSE (US $ MILLION) (%) 2Q24 vs. 2Q24 1Q24 2Q23 1Q24 2Q23 2024 2023 Ch.% Financial Expenses (68) (51) (45) 34 49 (118) (80) 49 Financial Income 13 8 5 54 159 21 10 105 Net Financial Expenses (55) (42) (
Slide 36: ALFA Balance Sheet
Earnings Report Second Quarter 2024 (2Q24) Financial Statements ALFA, S.A.B. de C.V. and Subsidiaries BALANCE SHEET Information in millions of Nominal Mexican Pesos (%) Jun 24 vs. ASSETS Jun 24 Mar 24 Jun 23 Mar 24 Jun 23 CURRENT ASSETS: Cash and cash equivalents 21,695 25,108 19,516 (14) 11 Trade a
Slide 37: ALFA Income Statement
Earnings Report Second Quarter 2024 (2Q24) ALFA, S.A.B. de C.V. and Subsidiaries INCOME STATEMENT Information in millions of Nominal Mexican Pesos 2Q24 vs. (%) 2Q24 1Q24 2Q23 1Q24 2Q23 Net sales 72,169 69,776 74,788 3 (4) Domestic 29,577 29,104 29,073 2 2 Export 42,592 40,672 45,715 5 (7) Cost of sa
Slide 38: Sigma Alimentos Balance Sheet
Earnings Report Second Quarter 2024 (2Q24) Sigma Alimentos, S.A. de C.V. and Subsidiaries BALANCE SHEET Information in millions of Nominal Mexican Pesos (%) Jun 24 vs. ASSETS Jun 24 Mar 24 Jun 23 Mar 24 Jun 23 CURRENT ASSETS: Cash and cash equivalents 13,244 18,908 10,396 (30) 27 Restricted cash 23
Slide 39: Sigma Alimentos Income Statement
Earnings Report Second Quarter 2024 (2Q24) Sigma Alimentos, S.A. de C.V. and Subsidiaries INCOME STATEMENT Information in millions of Nominal Mexican Pesos 2Q24 vs. (%) 2Q24 1Q24 2Q23 1Q24 2Q23 Revenue 38,615 36,887 37,959 5 2 Cost of sales (26,002) (24,893) (26,568) 4 (2) Gross profit 12,613 11,994
Slide 40: Appendix – Alpek 2Q24 Results Report
Earnings Report Second Quarter 2024 (2Q24) Appendix – Alpek 2Q24 Results Report iralfa@alfa.com.mx 40 www.alfa.com.mx + (52) 81-8748-2521
Slide 41: Alpek Second Quarter 2024 Results
SECOND QUARTER 2024 RESULTS July 24, 2024 Webcast Details Investor Relations Contact Thursday July 25th at Bárbara Amaya 10:00 am MX | 12:00 pm ET bamaya@alpek.com Zoom Webcast Registration Alejandra Bustamante abustamante@alpek.com ir@alpek.com www.alpek.com
Slide 42: Quarterly Highlights and Key Metrics
Monterrey, Mexico – July 24, 2024 – Alpek, S.A.B. de C.V. (BMV: ALPEKA) announces its Second Quarter 2024 Results. QUARTERLY HIGHLIGHTS (U.S.$ million, unless otherwise noted) • Volume remained flat QoQ and YoY, reaching 1.2M tons, driven by solid regional demand for Polyester. Despite the delayed r
Slide 43: Message from Our CEO
MESSAGE FROM OUR CEO “The Company continued to perform consistently throughout the quarter, and we remain on track to achieve our Guidance for 2024, with strong Free Cash Flow generation, despite industry conditions. Across our various segments, we continue to see a gradual demand recovery, and refe
Slide 44: Improvement in Sustainability
Improvement in Sustainability Furthermore, Alpek continues to make strong progress on the Sustainability front. Earlier this month, the Company published its comprehensive 2023 Sustainability Report, including the following additions: • New double materiality matrix, which now considers financial im
Slide 45: Financial Results: EBITDA
FINANCIAL RESULTS EBITDA (U.S.$ million, unless otherwise noted) 2Q24 1Q24 2Q23 QoQ% YoY% YTD24 YTD23 Ch.% Reported EBITDA 170 168 148 1 15 338 335 1 Inventory Adj. & Carry Fwd Effects (14) (18) 40 24 (134) (31) 41 (176) Others 2 3 13 (53) (87) 5 32 (84) Comparable EBITDA 158 154 201 3 (21) 312 408
Slide 46: Income Statement
INCOME STATEMENT (U.S.$ million, unless otherwise noted) 2Q24 1Q24 2Q23 QoQ% YoY% YTD24 YTD23 Ch.% Total Revenues 1,921 1,903 2,050 1 (6) 3,825 4,112 (7) Gross Profit 158 166 156 (5) 1 324 349 (7) Operating expenses and others (55) (72) (73) 23 25 (127) (190) 33 Operating Income (loss) 103 95 83 8 2
Slide 47: Cash Flow, Net Debt and Leverage
CASH FLOW (U.S.$ million, unless otherwise noted) 2Q24 1Q24 2Q23 QoQ% YoY% YTD24 YTD23 Ch.% EBITDA 170 168 148 1 15 338 335 1 Net Working Capital & Others 34 (160) 284 121 (88) (126) 218 (158) CAPEX (22) (34) (75) 33 70 (56) (127) 56 Financial Expenses (40) (36) (45) (11) 10 (77) (86) 11 Income Tax
Slide 48: Polyester Results
POLYESTER RESULTS (PTA, PET Resin, PET Sheet, & rPET: 73% of Alpek’s Net Sales) U.S.$ million, unless otherwise noted 2Q24 1Q24 2Q23 QoQ% YoY% YTD24 YTD23 Ch.% Volume (ktons) 1,000 990 984 1 2 1,990 1,923 3 Production (ktons) 1,406 1,212 1,184 16 19 2,618 2,356 11 Revenues 1,425 1,395 1,532 2 (7) 2,
Slide 49: Plastics & Chemicals Results
PLASTICS & CHEMICALS (P&C) RESULTS (PP, EPS, & Specialty Chemicals: 21% of Alpek’s Net Sales) U.S.$ million, unless otherwise noted 2Q24 1Q24 2Q23 QoQ% YoY% YTD24 YTD23 Ch.% Volume (ktons) 202 212 213 (4) (5) 414 435 (5) Production (ktons) 180 210 209 (14) (14) 390 418 (7) Revenues 399 398 409 - (3)
Slide 50: About Alpek and Note on Forward Looking Statements
ABOUT ALPEK Alpek is a leading petrochemical company operating two business segments: “Polyester” (Purified Terephthalic Acid (PTA), Polyethylene Terephthalate (PET), & recycled PET (rPET)), and “Plastics & Chemicals” (polypropylene, expandable styrenics, and other specialty and industrial chemicals
Slide 51: Appendix A – Additional Financial Information
APPENDIX A – ADDITIONAL FINANCIAL INFORMATION TABLE 1 | PRICE CHANGES (%) QoQ YoY Ch. Polyester Avg. Ps. Prices 2 (11) (15) Avg. U.S. $ Prices 1 (8) (10) Plastics & Chemicals Avg. Ps. Prices 6 (1) (7) Avg. U.S. $ Prices 5 2 (1) Total Avg. Ps. Prices 2 (9) (14) Avg. U.S. $ Prices 1 (7) (9) TABLE 2 |
Slide 52: Table 4 Comparable EBITDA
TABLE 4 | COMPARABLE EBITDA 2Q24 1Q24 2Q23 QoQ% YoY% YTD24 YTD23 Ch.% Reported EBITDA Ps. Million 2,948 2,856 2,642 3 12 5,805 6,147 (6) U.S. $ Million 170 168 148 1 15 338 335 1 Adjustments* Ps. Million (216) (243) 921 11 (123) (459) 1,291 (136) U.S. $ Million (12) (14) 53 17 (123) (26) 73 (136) Co
Slide 53: Statement of Financial Position & Financial Ratios
TABLE 6 | STATEMENT OF FINANCIAL POSITION & 2Q24 1Q24 2Q23 QoQ% YoY% FINANCIAL RATIOS (U.S.$ million) Assets Cash and cash equivalents 417 312 417 34 - Trade accounts receivable 889 819 833 8 7 Inventories 1,427 1,431 1,564 - (9) Other current assets 342 340 359 1 (5) Total current assets 3,074 2,90
Slide 54: Polyester Tables
POLYESTER TABLE 7 | REVENUES 2Q24 1Q24 2Q23 QoQ% YoY% YTD24 YTD23 Ch.% Total Revenues Ps. Million 24,493 23,710 27,156 3 (10) 48,202 55,014 (12) U.S. $ Million 1,425 1,395 1,532 2 (7) 2,820 3,022 (7) Domestic Revenues Ps. Million 4,908 4,868 5,633 1 (13) 9,777 11,131 (12) U.S. $ Million 285 287 318
Slide 55: Plastics & Chemicals Tables
PLASTICS & CHEMICALS TABLE 10 | REVENUES 2Q24 1Q24 2Q23 QoQ% YoY% YTD24 YTD23 Ch.% Total Revenues Ps. Million 6,850 6,773 7,253 1 (6) 13,623 15,344 (11) U.S. $ Million 399 398 409 - (3) 797 842 (5) Domestic Revenues Ps. Million 3,458 3,551 3,503 (3) (1) 7,008 7,730 (9) U.S. $ Million 201 209 198 (4)
Slide 56: Appendix B – Financial Statements
APPENDIX B – FINANCIAL STATEMENTS ALPEK, S.A.B. DE C.V. and Subsidiaries CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Millions of Mexican pesos) Jun-24 Mar-24 Jun-23 QoQ% YoY% ASSETS CURRENT ASSETS: Cash and cash equivalents 7,305 5,190 7,111 41 3 Restricted cash 350 8 8 4,548 4,029 Trade accounts
Slide 57: Alpek Consolidated Statement of Income
ALPEK, S.A.B. DE C.V. and Subsidiaries CONSOLIDATED STATEMENT OF INCOME 2Q24 1Q24 2Q23 QoQ% YoY% YTD24 YTD23 Ch.% (millions of Mexican pesos) Revenues 33,042 32,349 36,330 2 (9) 65,391 74,904 (13) Domestic 10,050 10,249 10,807 (2) (7) 20,299 22,864 (11) Export 22,992 22,100 25,523 4 (10) 45,092 52,0