lucky cements: December 31 Balance Sheets

(PKR in 000) (PKR in 000)

Assets 2023
Fixed assets
Property, plant and equipment 294,838,879
Intangible assets 6,682,998
Right-of-use assets 116,707
Long-term investments 67,118,403
Long-term loans and advances 731,165
Long-term deposits 94,898
369,583,050
CURRENT ASSETS
Stores, spares and consumables 22,608,453
Stock-in-trade 48,660,510
Trade debts 59,903,590
Loans and advances 3,220,177
Trade deposits and short-term prepayments 6,270,645
Other receivables 14,141,981
Tax refund due from the Government 538,812
Taxation receivable 193,198
Accrued return 100,097
Short-term investments 44,199,457
Cash and bank balances 38,939,424
238,776,344

Total assets $608,359,394

Liabilities and equity

SHARE CAPITAL AND RESERVES
Issued, subscribed and paid-up capital 3,118,386
Reserves 224,365,635
Attributable to the owners of the Holding Company 227,484,021
Non-controlling interest 33,515,038
Total equity 260,999,059

NON-CURRENT LIABILITIES
Long-term loans 135,857,715
Long-term deposits and other liabilities 9,532,879
Leases liabilities 29,064
Deferred income - Government grant 4,305,281
Deferred liabilities 21,921,308
171,646,247

CURRENT LIABILITIES
Current portion of long-term finance 9,009,157
trade and other payables 80,574,343
Provision for taxation 13,910,125
Accrued return 5,046,314
Short-term borrowings and running finance 67,043,227
Current portion of lease liabilities 80,807
Unclaimed dividend 50,115
$175,714,088
TOTAL LIABILITIES 347,360,335
TOTAL EQUITY AND LIABILITIES $608,359,394

(PKR in 000) (PKR in 000)

2023
Revenue $459,459,165.00
Less: Sales tax and excise duty $63,863,527.00
Rebates and comission $10,470,447.00
$74,333,974.00
$385,125,191.00
Cost of Sales -$291,491,191.00
Gross Profit $93,634,000.00

Distribution Cost -$10,627,616.00

Administrative Expenses -$5,711,139.00
Finance Cost -$30,640,895.00
Other Expenses -$4,126,454.00
Other Income $9,278,160.00
$51,806,056.00
Share of Profit-Joint ventures and associates $10,521,551.00
Profit before taxation $62,327,607.00

Taxation -$12,882,443.00
Profit after taxation from continuing operations $49,445,164.00

Profit after taxation from discontinued operations $10,092,201.00

Profit after taxation $59,537,365.00

2023
Ratio Analysis
Liquidity Ratios
Current Ratio 1.36
Quick Ratio 1.08

Asset Management Ratios

Inventory Turnover (Total COGS/Inventories) 5.99
Days Sales Outstanding 56.77
Fixed Assets Turnover 1.04
total Assets Turnover 0.63

Debt Management Ratios

Debt Ratio (Total debt-to-assets) 28.21%
Liabilities-to-assets ratio 57.10%

Profitability Ratios
Profit Margin 15.46%
Basic Earning Power 10.25%
Return on Assets 9.79%
Return on Equity 22.81%

b. Perform a common size analysis. What has happened to the composition

(that is, percentage in each category) of assets and liabilities? 2023
(PKR in 000) (PKR in 000) (PKR in 000)

2022 2021 2020

276,029,950 215,725,120 190,881,880

14,602,075 7,024,057 7,341,737
163,074 234,202 318,279
36,544,627 26,958,382 23,970,762
551,695 737,417 617,130
70,340 53,297 46,672
327,961,761 250,732,475 223,176,460

13,656,865 12,406,105 8,072,831

72,021,896 36,258,277 21,292,185
36,355,113 5,645,184 5,834,590
3,486,666 2,189,186 1,636,587
1,035,845 921,196 1,000,279
18,590,025 12,282,222 9,202,663
538,812 538,812 538,812
123,926 736,597 2,335,223
39,791 23,440 94,208
12,976,155 26,286,983 2,970,999
16,900,459 13,377,143 15,731,810
175,725,553 110,665,145 68,710,187

$503,687,314 361,397,620 291,886,647

3,233,750 3,233,750 3,233,750

167,630,764 132,389,387 110,543,591
170,864,514 135,623,137 113,777,341
28,893,975 21,403,155 17,709,710
199,758,489 157,026,292 131,487,051

127,874,326 93,558,287 82,464,420

7,170,303 5,422,053 5,689,629
88,182 171,533 253,591
4,361,931 1,948,977 59,720
15,111,417 12,422,730 11,133,530
154,606,159 113,523,580 99,600,890

5,081,071 5,309,741 2,637,451

 78,407,163 70,917,677 42,536,979
6,957,350 2,275,047 1,792,626
576,471 248,689 848,931
58,153,464 11,949,034 12,830,116
96,117 94,102 $79,256
51,030 53,458 55,767
149,322,666 90,847,748 60,781,126
303,928,825 204,371,328 160,382,016
$503,687,314.00 361,397,620 291,886,647

(PKR in 000) (PKR in 000) (PKR in 000)

2022 2021 2020
$396,704,391.00 $267,725,109.00 $162,868,206.00
$59,677,352.00 $50,261,392.00 $32,210,557.00
$11,626,763.00 $10,304,844.00 $6,890,060.00
$71,304,115.00 $60,566,236.00 $39,100,617.00
$325,400,276.00 $207,158,873.00 $123,767,589.00
-$265,359,188.00 -$159,613,718.00 -$104,810,654.00
$60,041,088.00 $47,545,155.00 $18,956,935.00

-$10,900,676.00 -$10,021,626.00 -$7,648,737.00

-$5,471,881.00 -$5,509,068.00 -$4,221,555.00
-$6,669,470.00 -$1,463,781.00 -$2,367,101.00
-$4,243,562.00 -$4,915,446.00 -$1,203,342.00
$7,305,746.00 $2,927,644.00 $2,376,253.00
$40,061,245.00 $28,562,878.00 $5,892,453.00
$5,674,108.00 $4,438,860.00 $3,038,446.00
$45,735,353.00 $33,001,738.00 $8,930,899.00

-$10,117,772.00 -$4,772,814.00 -$1,613,692.00

$35,617,581.00

$805,089.00
$36,422,670.00 $28,228,924.00 $7,317,207.00

2022 2021 2020

 1.18 1.22 1.13
0.69 0.82 0.78

3.68 4.40 4.92

40.78 9.95 17.21
0.99 0.83 0.49
0.65 0.57 0.42

30.69% 31.41% 34.12%

60.34% 56.55% 54.95%

11.19% 13.63% 5.91%

9.08% 9.13% 3.06%
7.23% 7.81% 2.51%
18.23% 17.98% 5.56%

2022 2021 2020

DG Khan CO LTD cements: December 31 Balance Sheets
(PKR in 000) (PKR in 000) (PKR in 000)

Assets 2023 2022

Fixed assets
Property, plant and equipment 85,600,466 86,314,054
Intangible assets 10,153 17,319
biological assets 1,150,612 964,995
Long-term investments 11,474,189 10,636,098
Long-term loans and advances - 1,192
Long-term deposits 6,426 61,526
98,241,846 97,995,184
CURRENT ASSETS
Stores, spares and consumables 14,126,139 17,066,399
Stock-in-trade 11,237,446 7,268,544
Trade debts 1,222,551 1,591,516
contracts assets 79,530 28,501
investments 9,283,913 9,966,440
loans,advances,deposits,prepayments and other
recievables 1,689,054 1,830,899
loan to related party
income tax recoverables 4,935,294 5,412,213
Cash and bank balances 1,199,860 431,158
43,773,787 43,595,670
172,638
43,946,425
Total assets $142,188,271 $141,590,854

Liabilities and equity

SHARE CAPITAL AND RESERVES
Issued, subscribed and paid-up capital 4,381,191 4,381,191
other Reserves 22,493,832 24,153,481
revenue reserve 37,785,778 41,759,099
Attributable to the owners of the Holding Company 64,660,801 70,293,771
Non-controlling interest 2,482,081 2,349,613
Total equity 67,142,882 72,643,384

NON-CURRENT LIABILITIES
Long term finances from financial institutions - secured 9,763,223 14,566,482
Deferred government grant 298,958 475,970
Long term deposits 439,697 281,177
Employee benefits obligations 849,514 712,639
Deferred taxation 11,306,527 5,540,533
22,657,919 21,576,801

CURRENT LIABILITIES
Trade and other payables 14,457,666 12,519,880
Short term borrowings from financial institutions - secured 27,925,023 26,170,194
Accrued markup 1,857,643 928,826
Loans from related parties - unsecured 94,000
Current portion of non-current liabilities 7,897,387 7,536,742
Unclaimed dividend 34,705 34,512
Provision for taxation 273,046 86,187
$52,445,470 47,370,341

TOTAL EQUITY AND LIABILITIES $142,246,271 $141,590,526.00

DG Khan Co Cement Statement of Profit and Loss at June 30

(PKR in 000) (PKR in 000) (PKR in 000)
2023 2022
Revenue $70,495,201.00 $61,653,833.00
Cost of Sales -$59,820,917.00 -$50,328,602.00
Gross Profit $10,674,284.00 $11,325,231.00

Administrative Expenses -$1,045,635.00 -$892,479.00

Selling And Distribution Expenses -$1,822,492.00 -$1,753,090.00
Net Impairment(loss)/gain on financial assets -$99,981.00 $15,069.00
Changes in fair value of biological assets $441,456.00 $303,033.00
Other Expenses -$349,232.00 -$1,183,810.00
Other Income $3,245,940.00 $2,735,461.00
Finance Cost -$7,219,255.00 -$3,748,080.00
Profit before taxation $3,825,085.00 $6,801,335.00
Taxation -$7,191,139.00 -$3,418,913.00
(loss)/profit for the year -$3,366,054.00 $3,382,422.00

2023 2022

Ratio Analysis
Liquidity Ratios
Current Ratio 0.83 0.92
Quick Ratio 0.62 0.77

Asset Management Ratios

Inventory Turnover (Total COGS/Inventories) 5.32 6.92
Days Sales Outstanding 6.33 9.42
Fixed Assets Turnover 0.72 0.63
total Assets Turnover 0.50 0.44

Debt Management Ratios

Debt Ratio (Total debt-to-assets) 15.94% 15.24%
Liabilities-to-assets ratio 52.82% 48.69%
Profitability Ratios
Profit Margin -4.77% 5.49%
Basic Earning Power 2.69% 4.80%
Return on Assets -2.37% 2.39%
Return on Equity -5.01% 4.66%

b. Perform a common size analysis. What has happened to the composition

(that is, percentage in each category) of assets and liabilities?
2023 2022
Fixed assets
Property, plant and equipment 60.20% 60.96%
Intangible assets 0.01% 0.01%
biological assets 0.81% 0.68%
Long-term investments 8.07% 7.51%
Long-term loans and advances
Long-term deposits 0.00% 0.04%
69.09% 69.21%
CURRENT ASSETS 0.00% 0.00%
Stores, spares and consumables 9.93% 12.05%
Stock-in-trade 7.90% 5.13%
Trade debts 0.86% 1.12%
contracts assets 0.06% 0.02%
investments 6.53% 7.04%
loans,advances,deposits,prepayments and other 0.00% 0.00%
recievables 1.19% 1.29%
loan to related party 0.00% 0.00%
income tax recoverables 3.47% 3.82%
Cash and bank balances 0.84% 0.30%
30.79% 30.79%

Total assets 100.00% 100.00%

Liabilities and equity

SHARE CAPITAL AND RESERVES
Issued, subscribed and paid-up capital 3.08% 3.09%
other Reserves 15.82% 17.06%
revenue reserve 26.57% 29.49%
Attributable to the owners of the Holding Company 45.48% 49.65%
Non-controlling interest 1.75% 1.66%
Total equity 47.22% 51.31%

NON-CURRENT LIABILITIES
Long term finances from financial institutions - secured 6.87% 10.29%
Deferred government grant 0.21% 0.34%
Long term deposits 0.31% 0.20%
Employee benefits obligations 0.60% 0.50%
Deferred taxation 7.95% 3.91%
15.94% 15.24%

CURRENT LIABILITIES
Trade and other payables 10.17% 8.84%
Short term borrowings from financial institutions - secured 19.64% 18.48%
Accrued markup 1.31% 0.66%
Loans from related parties - unsecured 0.00% 0.07%
Current portion of non-current liabilities 5.55% 5.32%
Unclaimed dividend 0.02% 0.02%
Provision for taxation 0.19% 0.06%
36.88% 33.46%

TOTAL EQUITY AND LIABILITIES 100.04% 100.00%

DG Khan Co Cement Statement of Profit and Loss at June 30

2023 2022

Revenue 100.00% 100.00%

Cost of Sales -84.86% -81.63%
Gross Profit 15.14% 18.37%
0.00% 0.00%
Administrative Expenses -1.48% -1.45%
Selling And Distribution Expenses -2.59% -2.84%
Net Impairment(loss)/gain on financial assets -0.14% 0.02%
Changes in fair value of biological assets 0.63% 0.49%
Other Expenses -0.50% -1.92%
Other Income 4.60% 4.44%
Finance Cost -10.24% -6.08%
Profit before taxation 5.43% 11.03%
Taxation -10.20% -5.55%
(loss)/profit for the year -4.77% 5.49%

f. Perform a percent change analysis. What does this tell you about the change in profitability
and asset utilization?
2023 2022

Fixed assets
Property, plant and equipment -0.83% -2.56%
Intangible assets -41.38%
biological assets 19.24% 9.96%
Long-term investments 7.88% -22.47%
Long-term loans and advances -74.09%
Long-term deposits -89.56% 6.98%
0.25% -5.08%
CURRENT ASSETS
Stores, spares and consumables -17.23% 30.25%
Stock-in-trade 54.60% 97.37%
Trade debts -23.18% -38.09%
contracts assets 179.04% -74.97%
investments -6.85% -23.02%
loans,advances,deposits,prepayments and other
recievables -7.75% 236.30%
loan to related party -100.00%
income tax recoverables -8.81% 3.42%
Cash and bank balances 178.29% -77.29%
0.41% 6.70%

Total assets 0.42% -1.74%

Liabilities and equity

SHARE CAPITAL AND RESERVES
Issued, subscribed and paid-up capital 0.00% 0.00%
other Reserves -6.87% -20.08%
revenue reserve -9.51% 6.83%
Attributable to the owners of the Holding Company -8.01% -4.61%
Non-controlling interest 5.64% 7.66%
Total equity -7.57% -4.26%

NON-CURRENT LIABILITIES
Long term finances from financial institutions - secured -32.97% -26.51%
Deferred government grant -37.19% -28.39%
Long term deposits 56.38% 13.84%
Employee benefits obligations 19.21% 34.26%
Deferred taxation 104.07% 46.41%
5.01% -13.86%

CURRENT LIABILITIES
Trade and other payables 15.48% -15.10%
Short term borrowings from financial institutions - secured 6.71% 4628.40%
Accrued markup 100.00% -95.56%
Loans from related parties - unsecured -100.00% -56.07%
Current portion of non-current liabilities 4.79% 13.26%
Unclaimed dividend 0.56% 2.97%
Provision for taxation 216.81% 145.62%
10.71% 9.71%

TOTAL EQUITY AND LIABILITIES 0.46% -1.74%

DG Khan Co Cement Statement of Profit and Loss at June 30
(PKR in 000)

Revenue 14.34% 25.63%

Cost of Sales 18.86% 25.61%
Gross Profit -5.75% 25.73%

Administrative Expenses 17.16% 19.53%

Selling And Distribution Expenses 3.96% -10.27%
Net Impairment(loss)/gain on financial assets -763.49% -82.87%
Changes in fair value of biological assets 45.68% 25.51%
Other Expenses -70.50% 105.38%
Other Income 18.66% 6.49%
Finance Cost 92.61% 20.06%
Profit before taxation -43.76% 23.51%
Taxation 110.33% 141.84%
(loss)/profit for the year -199.52% -17.36%
(PKR in 000) (PKR in 000) (PKR in 000) (PKR in 000)

2021 2020 2019 2018

88,584,507 87,162,933 83,836,836 80,582,245

877,563 881,340 827,488 636,403

13,718,917 9,573,740 10,029,807 13,859,552
4,601 5,096 237 574
57,513 57,908 60,733 60,173
103,243,101 97,681,017 94,755,101 95,138,947

13,102,583 8,461,802 9,439,674 5,272,192

3,682,698 5,495,625 5,486,062 2,428,200
2,570,837 3,042,990 1,678,379 519,802
113,862 120,019 164,021
12,946,812 13,126,408 14,129,099 16,018,629

544,418 904,901 1,583,335 2,824,034

765,000 765,000 1,000,000 1,000,000
5,233,271 5,024,962 3,481,548 2,714,926
1,898,726 687,991 783,250 498,973
40,858,207 37,629,698 37,745,368 31,276,756

144,101,308 135,310,715 132,500,469 126,415,703

4,381,191 4,381,191 4,381,191 4,381,191

30,223,348 27,171,663 34,722,352 34,722,352
39,089,297 35,104,580 37,884,238 37,884,238
73,693,836 66,657,434 109,021,228 76,987,781
2,182,351 2,016,356 16,249,228 1,994,849
75,876,187 68,673,790 55,352,771 78,982,630

19,821,227 22,683,041 16,659,474 18,330,324

664,636
246,992 253,937 242,043 109,726
530,803 521,834 449,194 278,379
3,784,340 2,723,382 4,339,696 4,299,861
25,047,998 26,182,194 21,690,407 23,018,290

14,747,002 11,434,927 8,490,742 7,787,966

 553,468 803,423 890,864 370,028
20,939,726 25,849,525 22,851,016 13,614,942
214,000 214,000 214,000 214,000
6,654,320 2,083,929 5,256,067 2,364,410
33,517 33,837 33,438 28,347
35,090 35,090 35,090 35,090
43,177,123 40,454,731 37,771,217 24,414,783

144,101,308 135,310,715 114,814,395 126,415,703

(PKR in 000) (PKR in 000) (PKR in 000) (PKR in 000)

2021 2020 2019 2018
$49,074,877.00 $41,592,686.00 $43,627,007.00 $33,464,856.00
-$40,067,473.00 -$39,626,910.00 -$37,952,807.00 -$24,647,758.00
$9,007,404.00 $1,965,776.00 $5,674,200.00 $8,817,098.00

-$746,676.00 -$741,877.00 -$711,122.00 -$706,148.00

-$1,953,824.00 -$1,786,905.00 -$1,330,984.00 -$919,866.00
$87,963.00 -$158,730.00 -$22,343.00
$241,437.00 $305,256.00 $335,739.00 $242,436.00
-$576,399.00 -$710,899.00 -$530,452.00 -$2,545,982.00
$2,568,801.00 $2,433,728.00 $2,474,759.00 $3,001,978.00
-$3,121,788.00 -$5,111,350.00 -$3,609,744.00 -$574,569.00
$5,506,918.00 -$3,805,001.00 $2,280,053.00 $7,314,947.00
-$1,413,735.00 $1,575,816.00 -$415,170.00 $1,623,594.00
$4,093,183.00 -$2,229,185.00 $1,864,883.00 $8,938,541.00

2021 2020 2019 2018

0.95 0.93 1.00 1.28

0.86 0.79 0.85 1.18

10.88 7.21 6.92 10.15

19.12 26.70 14.04 5.67
0.48 0.43 0.46 0.35
0.34 0.31 0.33 0.26

17.38% 19.35% 16.37% 18.21%

47.35% 49.25% 44.88% 37.52%
 8.34% -5.36% 4.27% 26.71%
3.82% -2.81% 1.72% 5.79%
2.84% -1.65% 1.41% 7.07%
5.39% -3.25% 3.37% 11.32%

2021 2020 2019 2018

61.47% 64.42% 63.27% 63.74%

0.00% 0.00% 0.00% 0.00%
0.61% 0.65% 0.62% 0.50%
9.52% 7.08% 7.57% 10.96%

0.04% 0.04% 0.05% 0.05%

71.65% 72.19% 71.51% 75.26%
0.00% 0.00% 0.00% 0.00%
9.09% 6.25% 7.12% 4.17%
2.56% 4.06% 4.14% 1.92%
1.78% 2.25% 1.27% 0.41%
0.08% 0.09% 0.12% 0.00%
8.98% 9.70% 10.66% 12.67%
0.00% 0.00% 0.00% 0.00%
0.38% 0.67% 1.19% 2.23%
0.53% 0.57% 0.75% 0.79%
3.63% 3.71% 2.63% 2.15%
1.32% 0.51% 0.59% 0.39%
28.35% 27.81% 28.49% 24.74%

100.00% 100.00% 100.00% 100.00%

3.04% 3.24% 3.31% 3.47%

20.97% 20.08% 26.21% 27.47%
27.13% 25.94% 28.59% 29.97%
51.14% 49.26% 82.28% 60.90%
1.51% 1.49% 12.26% 1.58%
52.65% 50.75% 41.78% 62.48%
 13.76% 16.76% 12.57% 14.50%
0.46% 0.00% 0.00% 0.00%
0.17% 0.19% 0.18% 0.09%
0.37% 0.39% 0.34% 0.22%
2.63% 2.01% 3.28% 3.40%
17.38% 19.35% 16.37% 18.21%

10.23% 8.45% 6.41% 6.16%

0.38% 0.59% 0.67% 0.29%
14.53% 19.10% 17.25% 10.77%
0.15% 0.16% 0.16% 0.17%
4.62% 1.54% 3.97% 1.87%
0.02% 0.03% 0.03% 0.02%
0.02% 0.03% 0.03% 0.03%
29.96% 29.90% 28.51% 19.31%

100.00% 100.00% 86.65% 100.00%

2021 2020 2019 2018

100.00% 100.00% 100.00% 100.00%

-81.65% -95.27% -86.99% -73.65%
18.35% 4.73% 13.01% 26.35%
0.00% 0.00% 0.00% 0.00%
-1.52% -1.78% -1.63% -2.11%
-3.98% -4.30% -3.05% -2.75%
0.18% -0.38% -0.05% 0.00%
0.49% 0.73% 0.77% 0.72%
-1.17% -1.71% -1.22% -7.61%
5.23% 5.85% 5.67% 8.97%
-6.36% -12.29% -8.27% -1.72%
11.22% -9.15% 5.23% 21.86%
-2.88% 3.79% -0.95% 4.85%
8.34% -5.36% 4.27% 26.71%

ge in profitability

2021 2020 2019 2018

1.63% 3.97% 4.04% 0.00%

-0.43% 6.51% 30.03% 0.00%

43.30% -4.55% -27.63% 0.00%
-9.71% 2050.21% -58.71% 0.00%
 -0.68% -4.65% 0.93% 0.00%
5.69% 3.09% -0.40% 0.00%

54.84% -10.36% 79.05% 0.00%

-32.99% 0.17% 125.93% 0.00%
-15.52% 81.31% 222.89% 0.00%
-5.13% -26.83%
-1.37% -7.10% -11.80% 0.00%

-39.84% -42.85% -43.93% 0.00%

0.00% -23.50% 0.00% 0.00%
4.15% 44.33% 28.24% 0.00%
175.98% -12.16% 56.97% 0.00%
8.58% -0.31% 20.68% 0.00%

6.50% 2.12% 4.81% 0.00%

0.00% 0.00% 0.00% 0.00%

11.23% -21.75% 0.00% 0.00%
11.35% -7.34% 0.00% 0.00%
10.56% -38.86% 41.61% 0.00%
8.23% -87.59% 714.56% 0.00%
10.49% 24.07% -29.92% 0.00%

-12.62% 36.16% -9.12% 0.00%

-2.73% 4.91% 120.59% 0.00%

1.72% 16.17% 61.36% 0.00%
38.96% -37.24% 0.93% 0.00%
-4.33% 20.71% -5.77% 0.00%

28.96% 34.68% 9.02% 0.00%

-31.11% -9.82% 140.76% 0.00%
-18.99% 13.12% 67.84% 0.00%
0.00% 0.00% 0.00% 0.00%
219.32% -60.35% 122.30% 0.00%
-0.95% 1.19% 17.96% 0.00%
0.00% 0.00% 0.00% 0.00%
6.73% 7.10% 54.71% 0.00%

6.50% 17.85% -9.18% 0.00%

 17.99% -4.66% 30.37% 0.00%
1.11% 4.41% 53.98% 0.00%
358.21% -65.36% -35.65% 0.00%

0.65% 4.32% 0.70% 0.00%

9.34% 34.25% 44.69% 0.00%
-155.42% 610.42%
-20.91% -9.08% 38.49% 0.00%
-18.92% 34.02% -79.17% 0.00%
5.55% -1.66% -17.56% 0.00%
-38.92% 41.60% 528.25% 0.00%
-244.73% -266.88% -68.83% 0.00%
-189.71% -479.56% -125.57% 0.00%
-283.62% -219.53% -79.14% 0.00%