PRESS RELEASE
Regulated information
Wednesday 26 February 2025 at 6.30 AM CET
Resilient performance under challenging market circumstances
Sales | Adj. EBITDA | Adj. EBITDA % | Net Profit | Net Debt |
€ 827.0m | € 118.1m | 14.3% | € 15.9m | € 85.1m |
(€ 866.1m LY) | (€ 117.9m LY) | (13.6% LY) | (€ 13.6m LY) | (€ 70.6m LY) |
-4.5% | +0.2% | +0.7%pps | +16.5% | +20.7% |
Executive Summary
- Sales performance in 2024 was resilient in a challenging market with a limited decrease of 4.5% in sales. Soft market conditions led to lower volumes, while we managed to protect our market share in Europe, North America and Türkiye.
- Adj. EBITDA remained stable at € 118.1m (vs € 117.9m in 2023) driven by improved performance in Europe and North America and solid results in Türkiye.
- Adj. EBITDA-margin increased from 13.6% in 2023 to 14.3% in 2024.
- Adj. EBITDA has been realized balancing volume and margins in challenging conditions and by improving our operational performance.
- Net profit improved from € 13.6m in 2023 to € 15.9m in 2024.
- Working capital normalized again in H2 2024 leading to a Net debt of € 85.1m (0.7x Adj. EBITDA).
- Book value per share increased by 12 % to € 2.44 per share (2023: € 2.18 per share)
- Proposal to the AGM to pay out a dividend per share of € 0.08.
- Annual report will be available as of March 20th 2025 at www.deceuninck.com/investors
Quote from the CEO, Stefaan Haspeslagh
Despite the challenging market conditions, we are proud to have continued our investments in innovation and sustainability. In Türkiye, we had one of the best historical performances, thanks to our strong brands and extensive dealership network.
In Europe, the final stage of our Elegant platform transition (France) is going well with customers gradually shifting to the new product range. The restructuring in Germany has been successfully finalized on time and within budget with production relocated to other facilities. As a result of this, performance has significantly improved whilst volumes remain under pressure.
In North America, our strong customer collaboration allowed us to supply solid volumes in the midst of a soft new construction market. Focused excellence programs boosted operational performance to the benefit of further improved profitability.
A continued focus on commercial and operational excellence remains key while investing in our people and factories. Our strong teams and long term stakeholder relationships are a strong foundation for the future.
PRESS RELEASE
Summary of consolidated figures
(in € million) | FY 2023 | FY 2024 | % y-o-y |
Sales | 866.1 | 827.0 | (4.5%) |
Gross profit | 281.1 | 265.3 | (5.6%) |
Gross-margin (%) | 32.5% | 32.1% | -0.4 pps |
EBITDA | 96.7 | 110.1 | 13.8% |
Adj. EBITDA | 117.9 | 118.1 | 0.2% |
Adj. EBITDA-margin (%) | 13.6% | 14.3% | +0.7 pps |
EBIT | 51.9 | 62.9 | 21.2% |
Monetary gains / (losses) | (25.7) | (8.6) | (66.5%) |
Financial result | (7.6) | (20.1) | 162.9% |
Profit / (loss) before taxes and share of | 18.6 | 34.2 | 84.3% |
result of joint ventures (EBT) | |||
Income taxes | (4.0) | (16.9) | 326.4% |
Share of the result of a joint venture | (1.0) | (1.5) | 50.0% |
Net profit / (loss) | 13.6 | 15.9 | 16.5% |
Net debt | 70.6 | 85.1 | 20.7% |
Sales evolution by region
External sales | FY 2023 | Volume | FX | Price / Mix / Other | FY 2024 | % y-o-y |
(in € million) | ||||||
Europe | 410.3 | -9.2% | 0.4% | -1.2% | 369.2 | -10.0% |
North America | 167.0 | -1.6% | -0.1% | -0.2% | 163.8 | -1.9% |
Türkiye & EM | 288.8 | -0.9% | -12.7% | 15.4% | 294.0 | 1.8% |
Total | 866.1 | -5.0% | -4.1% | 4.5% | 827.0 | -4.5% |
Reporting per region
For the 12 month | Europe | North America | Türkiye & | Intersegment | Group | |||||
period ended 31 | Emerging markets | Eliminations | ||||||||
December | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 |
(in € million) | ||||||||||
External sales | 410.3 | 369.2 | 167.0 | 163.8 | 288.8 | 294.0 | - | - | 866.1 | 827.0 |
Intersegment sales | 1.0 | 0.6 | 0.1 | 0.0 | 13.7 | 11.7 | (14.8) | (12.3) | - | - |
Total sales | 411.3 | 369.8 | 167.1 | 163.8 | 302.5 | 305.7 | (14.8) | (12.3) | 866.1 | 827.0 |
EBITDA | (0.2) | 23.9 | 20.6 | 21.9 | 76.1 | 64.8 | 0.2 | (0.6) | 96.7 | 110.1 |
Adjusted EBITDA | 20.5 | 31.9 | 20.6 | 21.9 | 76.6 | 64.8 | 0.2 | (0.6) | 117.9 | 118.1 |
Adjusted EBITDA margin % | 5.0% | 8.6% | 12.3% | 13.4% | 25.3% | 21.2% | 13.6% | 14.3% |
PRESS RELEASE
Management comments
Business environment
In Europe, market demand continued to be soft. The restructuring of our German operations finalized on time and within budget in the second half of the year and started to take effect. The production has shifted to the rest of the Group.
In North America, trading remained resilient and our product innovations continued to generate interest in the market.
In Türkiye, we managed to maintain our volumes in a market that cooled down as of the second half of the year. Tightening of the fiscal and monetary policies in Türkiye led to a relatively stable Turkish lira as of March throughout the year whilst inflation remained at a high level.
Income Statement
Consolidated sales in 2024 decreased to € 827.0m, down 4.5% from € 866.1m in 2023, of which 5.0% resulting from a decrease in volumes (mainly driven by a 9.2% decrease in Europe) while FX devaluation was compensated with pricing changes.
The Adj. EBITDA remained stable at € 118.1m (+0.2% vs 2023). The Adj. EBITDA-margin in 2024 was 14.3%, 0.7 percentage point higher than in 2023 (13.6%). Improvement in Adj. EBITDA is driven by strict cost control in Europe despite inflationary pressure. Profitability in Türkiye & Emerging markets was strong with 21.2% Adj. EBITDA-margin (2023: 25.3%) which is a normalization in comparison to an exceptionally strong 2023.
Adj. EBITDA-items (difference between EBITDA and Adj. EBITDA) amount to € 8.0m (vs € 21.2m in 2023), mainly related to restructuring costs in Europe and the Elegant transition in Europe.
The financial result mainly reflects the hyperinflation impact on monetary assets in Türkiye. In 2024, the impact decreased significantly to € (8.6)m compared to € (25.7)m in 2023, as a result of lower inflation (44.4% in 2024 vs 64.8% inflation in 2023) and lower monetary assets in Türkiye following significant intra-group dividends. Higher hedging and interest costs in Türkiye have led the remaining financial costs to increase by € (12.5)m compared to 2023.
Depreciations and amortizations increased from € 44.8m in 2023 to € 47.2m in 2024.
Income taxes have increased from € (4.0)m in 2023 to € (16.9)m in 2024 due to increased temporary deferred tax differences in Türkiye.
As a result of the above, net profit increased from € 13.6m in 2023 to € 15.9m in 2024.
Cash flow and Balance sheet
Capex amounted to € 38.5m in 2024 compared to € 56.1m in 2023. Capex included investments with a focus on operational efficiency, the recycling granulation capacity, solar panels in UK and preparations for the relocation of our German operations.
The Net Debt increased from € 70.6m per December 2023 to € 85.1m, causing leverage to increase from 0.6x to 0.7x. Increase in Net Debt is driven by an increase in working capital, lower use of factoring and a partial payout of the restructuring of our German operations. Furthermore, significant dividends from Türkiye to Belgium led to a net cashout of € 6.4m to minorities and withholding taxes in the last 12 months.
Working capital increased from € 81.6m as per December 2023 to € 104.4m, mainly resulting from the decision to not use factoring (whilst the factoring balance amounted to € 18.3m as per December 2023).
Sustainability
At Deceuninck, we are convinced that our innovative technologies provide the most sustainable solution to bring comfort to the homes of our end customers.
Replacing windows remains an important contributor to optimizing energy consumption, driving a high need for renovation of the increasingly aging housing stock. Additionally, population continues to grow in key markets where we operate, creating a push for new housing.
We continue to invest in the energy efficiency of our production process & our high-tech recycling activities contribute to closing the loop, allowing us to reuse high quality post-consumer materials into our products.
We are well on track to include CSRD reporting in our annual report which will be published on March 20th.
Outlook
In 2025, we assume the general market softness to remain throughout the year. We continue investing in our people, operational and commercial excellence as well as in innovation and sustainability in order to further improve our competitiveness.
In Europe, the restructuring of our German operations and the transition to Elegant will continue to take effect. While overall market conditions remain challenging, our strong presence in the window renovation market and our continuous focus on innovation will help to have robust trading activity.
In North America, market conditions remain uncertain. Our operational capacity is ready to take on a potential pick up in activity and to win business as an innovative player in the market.
In Türkiye, the market is expected to cool down after years with strong activity based on high interest rates and significant inflation. We continue to leverage on our strong market position by offering excellent products & service via our existing dealerships and by using Türkiye as export hub for the group.
PRESS RELEASE
Annex 1: Consolidated income statement
(in € million) | FY 2023 | FY 2024 |
Sales | 866.1 | 827.0 |
Cost of goods sold | (585.0) | (561.7) |
Gross profit | 281.1 | 265.3 |
Marketing, sales and distribution expenses | (147.0) | (134.4) |
Research and development expenses | (7.2) | (7.0) |
Administrative and general expenses | (58.7) | (59.0) |
Other net operating result | (16.3) | (2.0) |
Operating profit (EBIT) | 51.9 | 62.9 |
Interest income / (expense) | (4.3) | (7.1) |
Foreign exchange gains / (losses) | 0.2 | (8.7) |
Other financial income / (expense) | (3.5) | (4.3) |
Monetary gains / (losses) | (25.7) | (8.6) |
Profit / (loss) before taxes and share of result of joint ventures (EBT) | 18.6 | 34.2 |
Income taxes | (4.0) | (16.9) |
Share of the result of a joint venture | (1.0) | (1.5) |
Net profit / (loss) | 13.6 | 15.9 |
Adj. EBITDA | 117.9 | 118.1 |
Earnings per share distributable to the shareholders of the parent company (in €): | FY 2023 | FY 2024 |
Basic earnings per share | 0.07 | 0.10 |
Diluted earnings per share | 0.06 | 0.10 |
The statutory auditor, PwC Bedrijfsrevisoren bv, represented by Wouter Coppens, acting on behalf of Wouter Coppens BV has confirmed that the audit, which is substantially complete, has not to date revealed any material misstatement in the draft consolidated accounts, and that the accounting data reported in the press release is consistent, in all material respects, with the draft accounts from which it has been derived.
Annex 2: Consolidated statement of financial position
(in € million) | FY 2023 | FY 2024 |
Assets | ||
Intangible fixed assets | 3.6 | 5.2 |
Goodwill | 10.5 | 10.5 |
Tangible fixed assets | 311.6 | 329.8 |
Financial fixed assets | 0.0 | 0.0 |
Investment in a joint venture | 0.0 | 0.0 |
Deferred tax assets | 20.6 | 22.0 |
Long-term receivables | 11.0 | 11.0 |
Non-current assets | 357.4 | 378.5 |
Inventories | 138.2 | 116.7 |
Trade receivables | 82.1 | 111.2 |
Other receivables | 44.6 | 59.0 |
Cash and cash equivalents | 46.5 | 34.1 |
Non-current assets held for sale | 12.0 | 22.6 |
Current assets | 323.5 | 343.7 |
Total assets | 680.9 | 722.2 |
Equity excluding non-controlling interests | 301.5 | 338.5 |
Non-controlling interests | 13.5 | 17.1 |
Equity including non-controlling interests | 315.0 | 355.6 |
Interest-bearing loans including lease liabilities | 105.1 | 101.3 |
Other long-term liabilities | 0.1 | 0.1 |
Employee benefit obligations | 14.0 | 13.1 |
Long-term provisions | 8.4 | 5.4 |
Deferred tax liabilities | 5.7 | 13.1 |
Non-current liabilities | 133.4 | 133.0 |
Interest-bearing loans including lease liabilities | 12.0 | 18.0 |
Trade payables | 138.8 | 123.5 |
Tax liabilities | 8.0 | 8.3 |
Employee related liabilities | 18.3 | 17.0 |
Employee benefit obligations | 0.6 | 0.6 |
Short-term provisions | 12.7 | 12.6 |
Other liabilities | 42.1 | 53.7 |
Current liabilities | 232.5 | 233.6 |
Total equity and liabilities | 680.9 | 722.2 |
Annex 3: Consolidated statement of cash flows
(in € million)
Profit / (loss)
Depreciations and impairments Net financial charges Income taxes
Inventory write-off (+ = cost / - = inc) Trade AR write-off (+ = cost / - = inc) Movements in provisions (+ = cost / - = inc)
Gain / (loss) on disposal of (in)tangible fixed assets Share based payment expenses
Share of the result of a joint venture Gross operating cash flow
Decr / (incr) in inventories
Decr / (incr) in trade receivables Incr / (decr) in trade payables
Decr / (incr) in other operating assets/liabilities Income taxes paid (-) / received (+)
Cash flow from operating activities Purchases of (in)tangible FA Capital contribution joint venture Proceeds from sale of (in)tangible FA
Cash flow related to loans to joint ventures Cash flow from investment activities
Capital increase (+) / decrease (-) Purchase of treasury shares Sale of treasury shares
Purchase (-) / Sale (+) of treasury shares held by subsidiaries Dividends paid to shareholders of Deceuninck NV Dividends paid to non-controlling interests
Proceeds from sale of shares of Group companies Interest received
Interest paid
Net financial result, excl interest New long-term debts Repayment of long-term debts New short-term debts Repayment of short-term debts
Cash flow from financing activities
Net increase / (decrease) in cash and cash equivalents
Cash and cash equivalents as per beginning of period Impact of exchange rate fluctuations
Cash and cash equivalents as per end of period
FY 2023 | FY 2024 |
- 15.9
- 47.2
33.828.8
- 16.9
- (3.4)
- 1.4
- (5.2)
(1.2)(0.8)
1.21.1
- 1.5
- 103.1
- 23.6
(14.1)(35.7)
- (5.1)
- (1.2)
(16.4)(12.5)
133.872.1
(56.1) | (38.5) |
(1.0) | (1.5) |
1.72.8
(6.6) | 0.0 |
(62.0) | (37.2) |
0.70.0
(0.7)(3.9)
0.02.5
0.01.6
(9.7) | (11.1) |
(2.6) | (3.8) |
0.05.2
3.55.3
(8.5) | (12.3) |
(10.7) | (15.8) |
1.70.0
(0.3)0.0
3.10.0
(43.2) | (8.5) |
(66.6) | (40.7) |
5.2(5.7)
58.946.5
(17.6)(6.7)
46.534.1
Financial calendar
26 February 2025 | Results FY 2024 and press / analyst meetings |
20 March 2025 | Publication of Annual report |
22 April 2025 | Annual General meeting |
20 August 2025 | Results H1 2025 and press / analyst meetings |
Glossary
EBITDA | EBITDA is defined as operating profit / (loss) adjusted for depreciation / amortizations | ||
and impairment of fixed assets. | |||
For the 12 months period ended 31 December (in € thousand) | 2023 | 2024 | |
Operating profit | 51,915 | 62,926 | |
Depreciations & impairments | (44,816) | (47,162) | |
EBITDA | 96,730 | 110,087 |
Adjusted EBITDA Adjusted EBITDA is defined as operating profit / (loss) adjusted for (i) depreciations, amortizations and impairment of fixed assets, (ii) integration & restructuring expenses,
- gains & losses on disposal of consolidated entities, (iv) gains & losses on asset disposals, (v) impairment of goodwill and impairment of assets resulting from goodwill allocation.
For the 12 months period ended 31 December (in € thousand) | 2023 | 2024 | |
EBITDA | 96,730 | 110,087 | |
Integration & restructuring expenses | 21,142 | 7,998 | |
Adjusted EBITDA | 117,872 | 118,086 | |
EBIT | EBIT is defined as Earnings before interests and taxes (operational result). | ||
For the 12 months period ended 31 December (in € thousand) | 2023 | 2024 | |
EBITDA | 96,730 | 110,087 | |
Depreciations & impairments | (44,816) | (47,162) | |
EBIT | 51,915 | 62,926 | |
EBT | EBT is defined as Earnings before taxes and share of result of joint ventures. | ||
EPS (non-diluted) | EPS (non-diluted) are the non-diluted earnings per share and is defined as Earnings | ||
attributable to ordinary shareholders over the weighted average number of ordinary | |||
shares. | |||
EPS (diluted) | EPS (diluted) are the diluted earnings per share and is defined as Earnings attributable | ||
to ordinary shareholders over the sum of weighted average number of ordinary shares |
and the weighted average number of ordinary shares which would be issued upon conversion into ordinary shares of all exercisable warrants leading to dilution.
Net debt | Net debt is defined as the sum of current and non-current interest-bearing borrowings | ||
minus cash and cash equivalents. | |||
As per 31 December (in € thousand) | 2023 | 2024 | |
Interest-bearing loans - non-current | 105,097 | 101,314 | |
Interest-bearing loans - current | 12,013 | 17,966 | |
Cash and cash equivalents | (46,545) | (34,133) | |
Net debt | 70,566 | 85,147 |
Working capital | Working capital is calculated as the sum of trade receivables and inventories minus | ||
trade payables. | |||
As per 31 December (in € thousand) | 2023 | 2024 | |
Trade receivables | 82,129 | 111,217 | |
Inventories | 138,241 | 116,695 | |
Trade payables | (138,790) | (123,480) | |
Working capital | 81,580 | 104,432 |
Capital employed | The sum of non-current assets and working capital. | ||
(CE) | As per 31 December (in € thousand) | 2023 | 2024 |
Working capital | 81,580 | 104,432 | |
Non-current assets | 357,380 | 378,527 | |
Capital employed (CE) | 438,960 | 482,959 | |
Subsidiaries | Companies in which the Group owns a participation in excess of 50 % or companies | ||
over which the Group has control. | |||
MTM | Mark-to-Market. | ||
Headcount (FTE) | Total Full Time Equivalents including temporary and external staff. | ||
Restricted Group | The Restricted Group consists of all entities of the Group excluding Turkish subsidiaries | ||
and their subsidiaries. | |||
Leverage | Leverage is defined as the ratio of Net debt to LTM (Last Twelve Months) Adjusted | ||
EBITDA. | |||
As per 31 December (in € thousand) | 2023 | 2024 | |
Net debt | 70,566 | 85,147 | |
LTM Adjusted EBITDA | 117,872 | 118,086 | |
Leverage | 0.6 | 0.7 |
END OF PRESS RELEASE
About Deceuninck
Founded in 1937, Deceuninck is a top 3 independent designer and manufacturer of PVC and composite profiles for windows and doors. Headquartered in Hooglede-Gits (BE), Deceuninck is organized in 3 geographical segments: Europe, North America and Türkiye & Emerging Markets. Deceuninck operates 14 vertically integrated manufacturing facilities, which together with our sales and distribution facilities guarantee the necessary service and response time to Customers. Deceuninck strongly focuses on innovation, sustainability and reliability. Deceuninck is listed on Euronext Brussels ("DECB").
Contact Deceuninck: Hannes Debecker - T +32 51 239 587 - Investor.Relations@deceuninck.com
PRESS RELEASE
Regulated information
Wednesday 26 February 2025 at 6.30 AM CET
Resilient performance under challenging market circumstances
Sales | Adj. EBITDA | Adj. EBITDA % | Net Profit | Net Debt |
€ 827.0m | € 118.1m | 14.3% | € 15.9m | € 85.1m |
(€ 866.1m LY) | (€ 117.9m LY) | (13.6% LY) | (€ 13.6m LY) | (€ 70.6m LY) |
-4.5% | +0.2% | +0.7%pps | +16.5% | +20.7% |
Executive Summary
- Sales performance in 2024 was resilient in a challenging market with a limited decrease of 4.5% in sales. Soft market conditions led to lower volumes, while we managed to protect our market share in Europe, North America and Türkiye.
- Adj. EBITDA remained stable at € 118.1m (vs € 117.9m in 2023) driven by improved performance in Europe and North America and solid results in Türkiye.
- Adj. EBITDA-margin increased from 13.6% in 2023 to 14.3% in 2024.
- Adj. EBITDA has been realized balancing volume and margins in challenging conditions and by improving our operational performance.
- Net profit improved from € 13.6m in 2023 to € 15.9m in 2024.
- Working capital normalized again in H2 2024 leading to a Net debt of € 85.1m (0.7x Adj. EBITDA).
- Book value per share increased by 12 % to € 2.44 per share (2023: € 2.18 per share)
- Proposal to the AGM to pay out a dividend per share of € 0.08.
- Annual report will be available as of March 20th 2025 at www.deceuninck.com/investors
Quote from the CEO, Stefaan Haspeslagh
Despite the challenging market conditions, we are proud to have continued our investments in innovation and sustainability. In Türkiye, we had one of the best historical performances, thanks to our strong brands and extensive dealership network.
In Europe, the final stage of our Elegant platform transition (France) is going well with customers gradually shifting to the new product range. The restructuring in Germany has been successfully finalized on time and within budget with production relocated to other facilities. As a result of this, performance has significantly improved whilst volumes remain under pressure.
In North America, our strong customer collaboration allowed us to supply solid volumes in the midst of a soft new construction market. Focused excellence programs boosted operational performance to the benefit of further improved profitability.
A continued focus on commercial and operational excellence remains key while investing in our people and factories. Our strong teams and long term stakeholder relationships are a strong foundation for the future.
PRESS RELEASE
Summary of consolidated figures
(in € million) | FY 2023 | FY 2024 | % y-o-y |
Sales | 866.1 | 827.0 | (4.5%) |
Gross profit | 281.1 | 265.3 | (5.6%) |
Gross-margin (%) | 32.5% | 32.1% | -0.4 pps |
EBITDA | 96.7 | 110.1 | 13.8% |
Adj. EBITDA | 117.9 | 118.1 | 0.2% |
Adj. EBITDA-margin (%) | 13.6% | 14.3% | +0.7 pps |
EBIT | 51.9 | 62.9 | 21.2% |
Monetary gains / (losses) | (25.7) | (8.6) | (66.5%) |
Financial result | (7.6) | (20.1) | 162.9% |
Profit / (loss) before taxes and share of | 18.6 | 34.2 | 84.3% |
result of joint ventures (EBT) | |||
Income taxes | (4.0) | (16.9) | 326.4% |
Share of the result of a joint venture | (1.0) | (1.5) | 50.0% |
Net profit / (loss) | 13.6 | 15.9 | 16.5% |
Net debt | 70.6 | 85.1 | 20.7% |
Sales evolution by region
External sales | FY 2023 | Volume | FX | Price / Mix / Other | FY 2024 | % y-o-y |
(in € million) | ||||||
Europe | 410.3 | -9.2% | 0.4% | -1.2% | 369.2 | -10.0% |
North America | 167.0 | -1.6% | -0.1% | -0.2% | 163.8 | -1.9% |
Türkiye & EM | 288.8 | -0.9% | -12.7% | 15.4% | 294.0 | 1.8% |
Total | 866.1 | -5.0% | -4.1% | 4.5% | 827.0 | -4.5% |
Reporting per region
For the 12 month | Europe | North America | Türkiye & | Intersegment | Group | |||||
period ended 31 | Emerging markets | Eliminations | ||||||||
December | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 |
(in € million) | ||||||||||
External sales | 410.3 | 369.2 | 167.0 | 163.8 | 288.8 | 294.0 | - | - | 866.1 | 827.0 |
Intersegment sales | 1.0 | 0.6 | 0.1 | 0.0 | 13.7 | 11.7 | (14.8) | (12.3) | - | - |
Total sales | 411.3 | 369.8 | 167.1 | 163.8 | 302.5 | 305.7 | (14.8) | (12.3) | 866.1 | 827.0 |
EBITDA | (0.2) | 23.9 | 20.6 | 21.9 | 76.1 | 64.8 | 0.2 | (0.6) | 96.7 | 110.1 |
Adjusted EBITDA | 20.5 | 31.9 | 20.6 | 21.9 | 76.6 | 64.8 | 0.2 | (0.6) | 117.9 | 118.1 |
Adjusted EBITDA margin % | 5.0% | 8.6% | 12.3% | 13.4% | 25.3% | 21.2% | 13.6% | 14.3% |