By Helgi Analytics - May 13, 2020
Alza.cz generated sales of CZK 29,300 mil in 2019, up 17.6% compared to the previous year. Historically, between 2002 a...
By Helgi Analytics - May 11, 2020
In 2019, Alza.cz served a total of 4.00 mil customers, up 64.0% when compared to 3 years ago. A simple comparison of Alza.cz...
By Helgi Analytics - May 6, 2020
Alza.cz made a net profit of CZK 969 mil with revenues of CZK 24,910 mil in 2018, up by 19.8% and up by 18.9%, resp...
| Profit Statement | 2017 | 2018 | 2019 | |
| Sales | CZK mil | 20,954 | 24,910 | 29,300 |
| Gross Profit | CZK mil | 3,737 | 4,689 | ... |
| EBITDA | CZK mil | 1,191 | 1,491 | ... |
| EBIT | CZK mil | 1,059 | 1,311 | ... |
| Financing Cost | CZK mil | 25.5 | 30.8 | ... |
| Pre-Tax Profit | CZK mil | 990 | 1,194 | ... |
| Net Profit | CZK mil | 808 | 969 | ... |
| Dividends | CZK mil | 809 | ... | ... |
| Balance Sheet | 2017 | 2018 | 2019 | |
| Total Assets | CZK mil | 5,386 | 6,816 | ... |
| Non-Current Assets | CZK mil | 234 | 274 | ... |
| Current Assets | CZK mil | 4,926 | 6,192 | ... |
| Working Capital | CZK mil | 1,717 | 836 | ... |
| Shareholders' Equity | CZK mil | 864 | 1,024 | ... |
| Total Debt | CZK mil | 390 | 104 | ... |
| Net Debt | CZK mil | 41.6 | -1,094 | ... |
| Ratios | 2017 | 2018 | 2019 | |
| ROE | % | 103 | 103 | ... |
| ROCE | % | 47.0 | 63.3 | ... |
| Gross Margin | % | 17.8 | 18.8 | ... |
| EBITDA Margin | % | 5.68 | 5.99 | ... |
| EBIT Margin | % | 5.05 | 5.26 | ... |
| Net Margin | % | 3.86 | 3.89 | ... |
| Net Debt/EBITDA | 0.035 | -0.733 | ... | |
| Net Debt/Equity | % | 4.82 | -107 | ... |
| Cost of Financing | % | 10.1 | 12.4 | ... |
| Cash Flow | 2017 | 2018 | 2019 | |
| Total Cash From Operations | CZK mil | 549 | 2,105 | ... |
| Total Cash From Investing | CZK mil | -105 | -146 | ... |
| Total Cash From Financing | CZK mil | -401 | -1,117 | ... |
| Net Change In Cash | CZK mil | 43.5 | 843 | ... |
| Cash Conversion Cycle | days | 31.1 | 9.28 | ... |
| Cash Earnings | CZK mil | 941 | 1,148 | ... |
| Free Cash Flow | CZK mil | 445 | 1,959 | ... |
Get all company financials in excel:
| overview | Unit | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 |
| income statement | |||||||||||||||||||
| Sales | CZK mil | 9,088 | 11,122 | 13,677 | 17,369 | 20,954 | |||||||||||||
| Gross Profit | CZK mil | ... | ... | 724 | 1,386 | 1,696 | 2,812 | 3,737 | ... | ||||||||||
| EBIT | CZK mil | ... | ... | 582 | 627 | 749 | 853 | 1,059 | ... | ||||||||||
| Net Profit | CZK mil | ... | ... | 433 | 471 | 568 | 644 | 808 | ... | ||||||||||
| ROE | % | ... | ... | 105 | 93.6 | 101 | 98.8 | 103 | ... | ||||||||||
| EBIT Margin | % | ... | ... | 6.40 | 5.64 | 5.48 | 4.91 | 5.05 | ... | ||||||||||
| Net Margin | % | ... | ... | 4.76 | 4.23 | 4.15 | 3.71 | 3.86 | ... | ||||||||||
| Employees | 403 | 589 | 629 | 729 | 939 | ||||||||||||||
| balance sheet | |||||||||||||||||||
| Total Assets | CZK mil | ... | 1,954 | 2,386 | 3,418 | 4,396 | 5,386 | ... | |||||||||||
| Non-Current Assets | CZK mil | ... | 120 | 172 | 176 | 214 | 234 | ... | |||||||||||
| Current Assets | CZK mil | ... | 1,758 | 2,185 | 3,159 | 4,030 | 4,926 | ... | |||||||||||
| Shareholders' Equity | CZK mil | ... | 484 | 522 | 604 | 700 | 864 | ... | |||||||||||
| Non-Current Liabilities | CZK mil | ... | 94.5 | 99.8 | 394 | 65.3 | 308 | ... | |||||||||||
| Current Liabilities | CZK mil | ... | 1,316 | 1,701 | 2,306 | 3,352 | 3,962 | ... | |||||||||||
| Net Debt/EBITDA | ... | ... | -0.773 | 0.123 | -0.061 | -0.207 | 0.035 | ... | |||||||||||
| Net Debt/Equity | % | ... | -95.1 | 15.6 | -8.02 | -27.1 | 4.82 | ... | |||||||||||
| Cost of Financing | % | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | 10.1 | ... | |
| cash flow | |||||||||||||||||||
| Total Cash From Operations | CZK mil | ... | ... | 405 | 392 | 259 | 775 | 549 | ... | ||||||||||
| Total Cash From Investing | CZK mil | ... | ... | -62.8 | -86.1 | -51.8 | -97.9 | -105 | ... | ||||||||||
| Total Cash From Financing | CZK mil | ... | ... | -208 | -427 | -151 | -877 | -401 | ... | ||||||||||
| Net Change In Cash | CZK mil | ... | ... | 134 | -122 | 56.5 | -201 | 43.5 | ... |
| income statement | Unit | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 |
| income statement | |||||||||||||||||||
| Sales | CZK mil | 9,088 | 11,122 | 13,677 | 17,369 | 20,954 | |||||||||||||
| Cost of Goods & Services | CZK mil | ... | ... | 8,364 | 9,736 | 11,982 | 14,557 | 17,217 | ... | ||||||||||
| Gross Profit | CZK mil | ... | ... | 724 | 1,386 | 1,696 | 2,812 | 3,737 | ... | ||||||||||
| Staff Cost | CZK mil | ... | ... | 193 | 264 | 337 | 417 | 573 | ... | ||||||||||
| EBITDA | CZK mil | ... | ... | 595 | 661 | 799 | 913 | 1,191 | ... | ||||||||||
| Depreciation | CZK mil | ... | ... | 13.9 | 34.1 | 50.0 | 60.5 | 132 | ... | ||||||||||
| EBIT | CZK mil | ... | ... | 582 | 627 | 749 | 853 | 1,059 | ... | ||||||||||
| Net Financing Cost | CZK mil | ... | ... | 47.3 | 44.1 | 40.9 | 62.1 | 68.8 | ... | ||||||||||
| Financing Cost | CZK mil | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | 25.5 | ... | |
| Financing Income | CZK mil | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | 76.1 | ... | |
| Pre-Tax Profit | CZK mil | ... | ... | 534 | 583 | 708 | 790 | 990 | ... | ||||||||||
| Tax | CZK mil | ... | ... | 102 | 112 | 140 | 146 | 181 | ... | ||||||||||
| Minorities | CZK mil | ... | ... | 0 | 0 | 0 | 0 | 0 | ... | ||||||||||
| Net Profit | CZK mil | ... | ... | 433 | 471 | 568 | 644 | 808 | ... | ||||||||||
| Net Profit Avail. to Common | CZK mil | ... | ... | 433 | 471 | 568 | 644 | 808 | ... | ||||||||||
| Dividends | CZK mil | ... | ... | 433 | 433 | 548 | 644 | 809 | ... | ... | |||||||||
| growth rates | |||||||||||||||||||
| Total Revenue Growth | % | ... | 18.7 | 22.4 | 23.0 | 27.0 | 20.6 | ||||||||||||
| Staff Cost Growth | % | ... | ... | ... | 23.8 | 36.4 | 27.6 | 23.9 | 37.2 | ... | |||||||||
| EBITDA Growth | % | ... | ... | ... | 32.8 | 11.0 | 20.9 | 14.3 | 30.4 | ... | |||||||||
| EBIT Growth | % | ... | ... | ... | 32.8 | 7.79 | 19.5 | 13.8 | 24.2 | ... | |||||||||
| Pre-Tax Profit Growth | % | ... | ... | ... | 29.4 | 9.07 | 21.5 | 11.6 | 25.2 | ... | |||||||||
| Net Profit Growth | % | ... | ... | ... | 29.8 | 8.77 | 20.8 | 13.3 | 25.5 | ... | |||||||||
| ratios | |||||||||||||||||||
| ROE | % | ... | ... | 105 | 93.6 | 101 | 98.8 | 103 | ... | ||||||||||
| ROA | % | ... | ... | 25.2 | 21.7 | 19.6 | 16.5 | 16.5 | ... | ||||||||||
| ROCE | % | ... | ... | 185 | 64.9 | 47.9 | 45.1 | 47.0 | ... | ||||||||||
| Gross Margin | % | ... | ... | 7.97 | 12.5 | 12.4 | 16.2 | 17.8 | ... | ||||||||||
| EBITDA Margin | % | ... | ... | 6.55 | 5.94 | 5.84 | 5.26 | 5.68 | ... | ||||||||||
| EBIT Margin | % | ... | ... | 6.40 | 5.64 | 5.48 | 4.91 | 5.05 | ... | ||||||||||
| Net Margin | % | ... | ... | 4.76 | 4.23 | 4.15 | 3.71 | 3.86 | ... | ||||||||||
| Payout Ratio | % | ... | ... | 100.0 | 91.9 | 96.5 | 100 | 100 | ... | ... | |||||||||
| Cost of Financing | % | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | 10.1 | ... | |
| Net Debt/EBITDA | ... | ... | -0.773 | 0.123 | -0.061 | -0.207 | 0.035 | ... |
| balance sheet | Unit | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 |
| balance sheet | |||||||||||||||||||
| Cash & Cash Equivalents | CZK mil | ... | 569 | 447 | 504 | 303 | 347 | ... | |||||||||||
| Receivables | CZK mil | ... | 216 | 510 | 652 | 1,006 | 1,405 | ... | |||||||||||
| Inventories | CZK mil | ... | 930 | 1,228 | 2,003 | 2,711 | 3,174 | ... | |||||||||||
| Current Assets | CZK mil | ... | 1,758 | 2,185 | 3,159 | 4,030 | 4,926 | ... | |||||||||||
| Property, Plant & Equipment | CZK mil | ... | 117 | 152 | 144 | 159 | 157 | ... | |||||||||||
| LT Investments & Receivables | CZK mil | ... | 0 | 0 | 0 | 0 | 1.95 | ... | |||||||||||
| Intangible Assets | CZK mil | ... | 2.05 | 18.8 | 32.3 | 54.5 | 75.1 | ... | |||||||||||
| Goodwill | CZK mil | ... | 0 | 0 | 0 | 0 | 0 | ... | |||||||||||
| Non-Current Assets | CZK mil | ... | 120 | 172 | 176 | 214 | 234 | ... | |||||||||||
| Total Assets | CZK mil | ... | 1,954 | 2,386 | 3,418 | 4,396 | 5,386 | ... | |||||||||||
| Trade Payables | CZK mil | ... | 823 | 903 | 1,465 | 2,442 | 2,862 | ... | |||||||||||
| Short-Term Debt | CZK mil | ... | 18.8 | 433 | 63.1 | 52.3 | 81.8 | ... | |||||||||||
| Current Liabilities | CZK mil | ... | 1,316 | 1,701 | 2,306 | 3,352 | 3,962 | ... | |||||||||||
| Long-Term Debt | CZK mil | ... | 90.0 | 96.0 | 392 | 61.5 | 308 | ... | |||||||||||
| Other LT Liabilities | CZK mil | ... | 4.45 | 3.82 | 2.20 | 3.81 | 0 | ... | |||||||||||
| Non-Current Liabilities | CZK mil | ... | 94.5 | 99.8 | 394 | 65.3 | 308 | ... | |||||||||||
| Equity Before Minority Interest | CZK mil | ... | 484 | 522 | 604 | 700 | 864 | ... | |||||||||||
| Minority Interest | CZK mil | ... | 0 | 0 | 0 | 0 | 0 | ... | |||||||||||
| Equity | CZK mil | ... | 484 | 522 | 604 | 700 | 864 | ... | |||||||||||
| growth rates | |||||||||||||||||||
| Total Asset Growth | % | ... | ... | 32.2 | 22.1 | 43.3 | 28.6 | 22.5 | ... | ||||||||||
| Shareholders' Equity Growth | % | ... | ... | 41.8 | 7.84 | 15.7 | 15.9 | 23.5 | ... | ||||||||||
| Net Debt Growth | % | ... | ... | 12.8 | -118 | -160 | 291 | -122 | ... | ||||||||||
| Total Debt Growth | % | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | 305 | 386 | -13.9 | -75.0 | 243 | ... | |
| ratios | |||||||||||||||||||
| Total Debt | CZK mil | ... | 109 | 529 | 455 | 114 | 390 | ... | |||||||||||
| Net Debt | CZK mil | ... | -460 | 81.4 | -48.5 | -189 | 41.6 | ... | |||||||||||
| Working Capital | CZK mil | ... | 323 | 835 | 1,190 | 1,275 | 1,717 | ... | |||||||||||
| Capital Employed | CZK mil | ... | 443 | 1,006 | 1,366 | 1,489 | 1,951 | ... | |||||||||||
| Net Debt/Equity | % | ... | -95.1 | 15.6 | -8.02 | -27.1 | 4.82 | ... | |||||||||||
| Current Ratio | ... | 1.34 | 1.28 | 1.37 | 1.20 | 1.24 | ... | ||||||||||||
| Quick Ratio | ... | 0.596 | 0.563 | 0.501 | 0.391 | 0.442 | ... |
| cash flow | Unit | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 |
| cash flow | |||||||||||||||||||
| Net Profit | CZK mil | ... | ... | 433 | 471 | 568 | 644 | 808 | ... | ||||||||||
| Depreciation | CZK mil | ... | ... | 13.9 | 34.1 | 50.0 | 60.5 | 132 | ... | ||||||||||
| Non-Cash Items | CZK mil | ... | ... | 290 | 399 | -4.14 | 155 | 51.4 | ... | ||||||||||
| Change in Working Capital | CZK mil | ... | ... | -331 | -512 | -355 | -85.2 | -443 | ... | ||||||||||
| Total Cash From Operations | CZK mil | ... | ... | 405 | 392 | 259 | 775 | 549 | ... | ||||||||||
| Capital Expenditures | CZK mil | ... | ... | -62.8 | -86.0 | -51.8 | -98.2 | -106 | ... | ||||||||||
| Other Investing Activities | CZK mil | ... | ... | 0 | -0.125 | 0 | 0.358 | 0.841 | ... | ||||||||||
| Total Cash From Investing | CZK mil | ... | ... | -62.8 | -86.1 | -51.8 | -97.9 | -105 | ... | ||||||||||
| Dividends Paid | CZK mil | ... | ... | -290 | -433 | -433 | -548 | -644 | ... | ||||||||||
| Issuance Of Shares | CZK mil | ... | ... | 0 | 0 | 0 | 0 | 0 | ... | ||||||||||
| Issuance Of Debt | CZK mil | ... | ... | 81.9 | 5.39 | 281 | -342 | 276 | ... | ||||||||||
| Total Cash From Financing | CZK mil | ... | ... | -208 | -427 | -151 | -877 | -401 | ... | ||||||||||
| Effect of FX Rates | CZK mil | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | 0 | 0 | ... | |
| Net Change In Cash | CZK mil | ... | ... | 134 | -122 | 56.5 | -201 | 43.5 | ... | ||||||||||
| ratios | |||||||||||||||||||
| Days Sales Outstanding | days | ... | 8.67 | 16.7 | 17.4 | 21.1 | 24.5 | ... | |||||||||||
| Days Sales Of Inventory | days | ... | ... | 40.6 | 46.0 | 61.0 | 68.0 | 67.3 | ... | ||||||||||
| Days Payable Outstanding | days | ... | ... | 35.9 | 33.9 | 44.6 | 61.2 | 60.7 | ... | ||||||||||
| Cash Conversion Cycle | days | ... | ... | 13.4 | 28.9 | 33.8 | 27.9 | 31.1 | ... | ||||||||||
| Cash Earnings | CZK mil | ... | ... | 447 | 505 | 618 | 705 | 941 | ... | ||||||||||
| Free Cash Flow | CZK mil | ... | ... | 342 | 306 | 208 | 677 | 445 | ... | ||||||||||
| Capital Expenditures (As % of Sales) | % | ... | ... | 0.691 | 0.773 | 0.379 | 0.566 | 0.504 | ... |
| other ratios | Unit | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 |
| Employees | 403 | 589 | 629 | 729 | 939 | ||||||||||||||
| Cost Per Employee | USD per month | ... | ... | 2,045 | 1,747 | 1,870 | 1,891 | 2,164 | ... | ||||||||||
| Cost Per Employee (Local Currency) | CZK per month | ... | ... | 40,002 | 37,338 | 44,624 | 47,716 | 50,810 | ... | ||||||||||
| Staff Cost (As % of Sales) | % | ... | ... | 2.13 | 2.37 | 2.46 | 2.40 | 2.73 | ... | ||||||||||
| Effective Tax Rate | % | ... | ... | 19.0 | 19.3 | 19.8 | 18.5 | 18.3 | ... | ||||||||||
| Total Revenue Growth (5-year average) | % | ... | ... | ... | ... | ... | 23.0 | 21.2 | 19.1 | 20.8 | 22.3 | ||||||||
| Total Revenue Growth (10-year average) | % | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | 36.7 | 28.6 | 27.4 | 26.9 | 24.7 | |||
| Customers | mil | 1.46 | 2.00 | 2.19 | 2.44 | 2.90 | |||||||||||||
| Branches | 40.0 | ... | ... | ... | ... | ... | ... |
| clients & arpu | Unit | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 |
| Customers | mil | 1.46 | 2.00 | 2.19 | 2.44 | 2.90 | |||||||||||||
| Sales per Customer | USD | 318 | 261 | 261 | 282 | 308 | |||||||||||||
| EBITDA per Customer | USD | ... | ... | 20.9 | 15.5 | 15.3 | 14.8 | 17.5 | ... | ||||||||||
| Net Profit per Customer | USD | ... | ... | 15.2 | 11.0 | 10.9 | 10.5 | 11.9 | ... | ||||||||||
| ARPU from Total Business | CZK per month | 519 | 464 | 520 | 593 | 602 |
| e-commerce | Unit | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 |
| Web Visits | mil | ... | ... | ... | ... | ... | 95.0 | 111 | 121 | 140 | 180 | ... | |||||||
| Number of Orders | mil | 3.39 | 4.84 | 5.54 | 6.40 | 7.90 | |||||||||||||
| Number of Products Shipped | mil | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | |
| Average Size Per Order | USD | 137 | 108 | 104 | 108 | 113 | |||||||||||||
| Number of Orders Per Customer | 2.32 | 2.42 | 2.52 | 2.62 | 2.72 | ||||||||||||||
| Average Items per Order | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ||
| Number of Products Listed | mil | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... |
Get all company financials in excel:
By Helgi Analytics - May 6, 2020
Alza.cz employed 1,048 employees in 2018, up 11.6% compared to the previous year. Historically, between 2002 and 2018, the firm's workforce hit a high of 1,048 employees in 2018 and a low of 15.0 employees in 2002. Average personnel cost stood at USD...
By Helgi Analytics - May 6, 2020
Alza.cz's total assets reached CZK 6,816 mil at the end of 2018, up 26.6% compared to the previous year. Current assets amounted to CZK 6,192 mil, or 90.8% of total assets while cash stood at CZK 1,190 mil at the end of 2018. ...
By Helgi Analytics - May 6, 2020
Alza.cz's operating cash flow stood at CZK 2,105 mil in 2018, up 283% when compared to the previous year. Historically, between 2004 - 2018, the firm’s operating cash flow reached a high of CZK 2,105 mil in 2018 and a low of CZK 27.5 mil in 2005. ...
By Helgi Analytics - May 6, 2020
Alza.cz invested a total of CZK 146 mil in 2018, up 38% compared to the previous year. Historically, between 2004 - 2018, the company's investments stood at a high of CZK 146 mil in 2018 and a low of CZK 1.59 mil in 2006. As a percent...
By Helgi Analytics - May 6, 2020
Alza.cz made a net profit of CZK 969 mil in 2018, up 19.8% compared to the previous year. Historically, between 2004 and 2018, the company's net profit reached a high of CZK 969 mil in 2018 and a low of CZK 54.5 mil in 2004. The result implies a return on...
By Helgi Analytics - May 6, 2020
Alza.cz made a net profit of CZK 969 mil with revenues of CZK 24,910 mil in 2018, up by 19.8% and up by 18.9%, respectively, compared to the previous year. This translates into a net margin of 3.89%. Historically, between 2004 and 2018, the firm’s...
By Helgi Analytics - May 11, 2020
Alza.cz made a net profit of CZK 969 mil with revenues of CZK 24,910 mil in 2018, up by 19.8% and up by 18.9%, respectively, compared to the previous year. This translates into a net margin of 3.89%. On the operating level, EBITDA reached CZK 1,491 mil, ...
By Helgi Analytics - May 6, 2020
Alza.cz's net debt stood at CZK -1,094 mil and accounted for -107% of equity at the end of 2018. The ratio is down 112 pp compared to the previous year. Historically, the firm’s net debt to equity reached a high of 15.6% in 2014 and a low of ...
Alza.cz a.s. is a leading Czech seller of computers and electronics. The Company has been established in 1994 and is headquartered in Prague, the Czech Republic. Alza.cz is a retailer offering computers, electronics, household appliances, toys, perfumes, jewelry and also sports and hobby equipment.
Alza.cz has been growing its sales by 21.4% a year on average in the last 5 years. EBITDA has grown on average by 100% a year during that time to total of in 2019, or of sales. That’s compared to 5.69% average margin seen in last five years.
The company netted in 2019 implying ROE of and ROCE of . Again, the average figures were 101% and 50.8%, respectively when looking at the previous 5 years.
Alza.cz’s net debt amounted to at the end of 2019, or of equity. When compared to EBITDA, net debt was x, up when compared to average of -0.242x seen in the last 5 years.
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