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24.04.2013 Company Analysis - Overview

24.04.2013

Company Analysis - Overview
Company Analysis - Overview

Ticker:

MNOD LI

Currency:

 

Sector: Materials

MMC Norilsk Nickel OJSC

London Intl: MNOD, Currency: USD

Industry: Metals & Mining

Telephone

7-495-787-76-67

Revenue (M) No of Employees

 

12'065

Website

#N/A N/A

Address

22 Voznesensky pereulok Moscow, 115230 Russian Federation

 

Share Price Performance in USD

 

Price

 

16.05

1M Return 6M Return 52 Wk Return YTD Return

 

-3.9%

52

Week High

20.44

4.0%

52

Week Low

13.96

-3.8%

52

Wk Beta

1.11

-12.9%

Credit Ratings

 

Bloomberg

-

S&P

BBB-

Date

26.09.2011

Outlook

NEG

Moody's

-

Date

11.07.2012

Outlook

STABLE

Fitch

BB+

Date

19.08.2011

Outlook

STABLE

Valuation Ratios

 
 

12/09

12/10

12/11

12/12

12/13E

12/14E

12/15E

P/E

-

-

-

-

8.8x

8.2x

7.3x

EV/EBIT

8.4x

6.5x

5.1x

8.0x

-

-

-

EV/EBITDA

6.8x

5.8x

4.6x

6.8x

-

-

-

P/S

-

-

-

-

2.2x

2.2x

2.0x

P/B

-

-

-

-

1.8x

1.8x

1.7x

Div Yield

-

-

-

-

9.3%

10.3%

8.8%

Profitability Ratios %

 
 

12/09

12/10

12/11

12/12

12/13E

12/14E

12/15E

Gross Margin EBITDA Margin Operating Margin Profit Margin Return on Assets Return on Equity

51.1

61.8

59.0

49.1

48.1

48.3

46.2

50.9

57.7

51.3

40.9

42.3

42.8

43.2

41.4

51.4

45.9

34.3

35.9

35.2

35.2

30.4

25.8

25.5

18.0

25.0

25.5

26.1

11.9

14.1

16.8

10.9

17.5

15.5

18.8

21.3

21.2

25.3

18.1

21.5

22.8

23.4

Leverage and Coverage Ratios

 
 

12/09

12/10

12/11

12/12

Current Ratio Quick Ratio EBIT/Interest Tot Debt/Capital Tot Debt/Equity Eff Tax Rate %

2.0

4.8

1.7

1.7

1.0

2.4

0.7

0.4

27.6

75.5

61.7

17.1

0.3

0.1

0.3

0.3

0.4

0.2

0.5

0.4

24.3

22.8

25.9

31.8

Mining and Metallurgical Company Norilsk Nickel OJSC or GMK Norilsk Nickel is a producer of base and precious metals. The Company's main products are nickel and palladium. MMC Norilsk Nickel also produces copper, cobalt, platinum, gold, silver and other precious metals. MMC Norilsk Nickel is headquartered in Moscow with its main production facilities in Taimyr and Kola peninsula.

its main production facilities in Taimyr and Kola peninsula. Geographic Segments in USD Sales (M) Europe

Geographic Segments in USD

Sales (M)

and Kola peninsula. Geographic Segments in USD Sales (M) Europe Asia North America Russian Federation Adjustments

Europe

Asia

North America

Russian Federation

Adjustments

Other

Nickel

North America Russian Federation Adjustments Other Nickel 6066 2750 1226 1015 1004 4 10% 8% 0%

6066

2750

1226

1015

1004

4

Adjustments Other Nickel 6066 2750 1226 1015 1004 4 10% 8% 0% 8% 23% Europe Asia

10%

8%

0%

8% 23%
8%
23%

EuropeOther Nickel 6066 2750 1226 1015 1004 4 10% 8% 0% 8% 23% Asia North America

AsiaNickel 6066 2750 1226 1015 1004 4 10% 8% 0% 8% 23% Europe North America 51%

North America6066 2750 1226 1015 1004 4 10% 8% 0% 8% 23% Europe Asia 51% Russian Federation

51%

Russian Federation1015 1004 4 10% 8% 0% 8% 23% Europe Asia North America 51% Adjustments Other Benchmark:

Adjustments0% 8% 23% Europe Asia North America 51% Russian Federation Other Benchmark: FTSE 100 INDEX (UKX)

OtherEurope Asia North America 51% Russian Federation Adjustments Benchmark: FTSE 100 INDEX (UKX) Year: Business Segments

Benchmark:

FTSE 100 INDEX (UKX)

Year:

Business Segments in USD

Sales (M)

Mining and Metallurgy Other Energy and Utilities

11075

990

8%

8% 92% Mining and Metallurgy Other

92%

8% 92% Mining and Metallurgy Other

Mining and Metallurgy

8% 92% Mining and Metallurgy Other

Other

Current Capitalization in USD

Common Shares Outstanding (M)

#N/A Field Not Applicable

Market Capitalization (M)

27631.2

Cash and ST Investments (M)

#N/A N/A

Total Debt (M)

#N/A N/A

Preferred Equity (M)

0.0

LT Investments in Affiliate Companies (M)

0.0

Investments (M) Enterprise Value (M)

0.0

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Company Analysis - Analysts Ratings
Company Analysis - Analysts Ratings

MMC Norilsk Nickel OJSC

Target price in USD

Buy and Sell Recommendations vs Price and Target Price Brokers' Target Price 25 30 100%
Buy and Sell Recommendations vs Price and Target Price
Brokers' Target Price
25
30
100%
7%
7%
7%
6%
6%
7%
7%
6%
5%
5%
13%
18%
25
20
80%
20
37%
42%
44%
24%
40%
15
15
60%
67%
64%
75%
10
81%
87%
87%
87%
5
10
40%
0
59%
58%
53%
50%
47%
20%
5
29%
27%
19%
13%
7%
7%
7%
0%
0
avr.12
mai.12
juin.12
juil.12
ao˚t.12
sept.12
oct.12
nov.12
dÈc.12
janv.13
fÈvr.13
mars.13
Buy
Hold
Sell
Price
Target Price
Broker Recommendation
Price
Gazprombank
Morgan Stanley
HSBC
Deutsche Bank
Alfa-Bank
Sberbank CIB
UFS-Finance Investment
Company
Societe Generale
Credit Suisse
Goldman Sachs
Otkritie Capital
JPMorgan
Barclays
Renaissance Capital
BCS
VTB Capital
Aton LLC
TKB Capital

Date

Buy

Hold

Sell

Date

Price

Target Price

Broker

Analyst

Recommendation

Target

Date

29-Mar-13

58%

37%

5%

24-Apr-13

16.05

19.82

Gazprombank Morgan Stanley HSBC Deutsche Bank Alfa-Bank Sberbank CIB UFS-Finance Investment Company Societe Generale Credit Suisse Goldman Sachs Otkritie Capital JPMorgan Barclays Renaissance Capital BCS VTB Capital Aton LLC TKB Capital

NATALIA SHEVELEVA DMITRIY KOLOMYTSYN VLADIMIR ZHUKOV ERIK DANEMAR BARRY EHRLICH MIKHAIL STISKIN ILYA BALAKIREV ABHISHEK SHUKLA SEMYON MIRONOV YULIA CHEKUNAEVA DENIS GABRIELIK YURIY A VLASOV VLADIMIR SERGIEVSKIY BORIS KRASNOJENOV KIRILL CHUYKO NIKOLAY SOSNOVSKIY DINNUR GALIKHANOV MARIA KALVARSKAIA

overweight

20.00

24-Apr-13

28-Feb-13

53%

42%

5%

23-Apr-13

15.53

19.82

Underwt/In-Line

11.00

23-Apr-13

31-Jan-13

50%

44%

6%

22-Apr-13

15.78

20.55

neutral

16.50

21-Apr-13

31-Dec-12

59%

24%

18%

19-Apr-13

15.74

20.84

hold

20.00

19-Apr-13

30-Nov-12

47%

40%

13%

18-Apr-13

15.50

20.84

equalweight

17.30

16-Apr-13

31-Oct-12

29%

64%

7%

17-Apr-13

15.25

20.84

hold

18.32

16-Apr-13

28-Sep-12

27%

67%

7%

16-Apr-13

15.68

21.18

buy

23.60

16-Apr-13

31-Aug-12

19%

75%

6%

15-Apr-13

15.89

21.47

buy

23.00

15-Apr-13

31-Jul-12

13%

81%

6%

12-Apr-13

16.57

21.58

outperform

19.60

3-Apr-13

29-Jun-12

7%

87%

7%

11-Apr-13

16.76

21.58

neutral/neutral

21.00

15-Mar-13

31-May-12

7%

87%

7%

10-Apr-13

17.17

21.48

buy

19.70

15-Mar-13

30-Apr-12

7%

87%

7%

9-Apr-13

17.07

21.48

neutral

19.10

21-Feb-13

 

8-Apr-13

16.59

21.60

overweight

22.50

14-Feb-13

5-Apr-13

16.48

21.60

buy

23.00

28-Jan-13

4-Apr-13

16.60

21.60

buy

23.00

18-Jan-13

3-Apr-13

16.73

21.60

hold

20.00

21-Dec-12

2-Apr-13

16.85

21.81

sell

14.60

4-Dec-12

1-Apr-13

16.89

21.81

buy

27.00

11-Jan-11

29-Mar-13

16.89

21.81

   

28-Mar-13

16.89

21.81

27-Mar-13

16.65

21.81

26-Mar-13

16.51

21.81

25-Mar-13

16.27

21.72

22-Mar-13

16.71

21.72

21-Mar-13

16.76

21.59

20-Mar-13

16.74

21.59

19-Mar-13

16.59

21.70

18-Mar-13

16.65

21.70

15-Mar-13

17.21

21.70

14-Mar-13

17.35

21.57

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

24.04.2013 MMC Norilsk Nickel OJSC Company Analysis - Ownership

24.04.2013

MMC Norilsk Nickel OJSC Company Analysis - Ownership
MMC Norilsk Nickel OJSC
Company Analysis - Ownership
       

Ownership Statistics

 

Ownership Type

 

Geographic Ownership Distribution

 

Shares Outstanding (M) Float Short Interest (M) Short Interest as % of Float Days to Cover Shorts Institutional Ownership Retail Ownership Insider Ownership

#N/A Field Not Applicable

 

1%1%1%

Others

100.00%

 

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

Others

0.00%

 

Institutional Ownership Distribution

 

Others

100.00%

0.00%

0.00%
0.00%
0.00%

0.00%

 

Institutional Ownership

Retail Ownership

Insider Ownership

0.00%

Pricing data is in USD

 

Others

0.00%

Top 20 Owners:

TOP 20 ALL

     

Holder Name

Position

Position Change

 

Market Value

% of Ownership

Report Date

Source

Country

VANGUARD GROUP INC BARING INTERNATIONAL BNP PARIBAS INV PART FRANKLIN RESOURCES BARING ASSET MANAGEM JP MORGAN VAN ECK ASSOCIATES C BLACKROCK DWS INVESTMENT SA GRANTHAM MAYO VAN OT ALLIANZ ASSET MANAGE ALLIANCE BERNSTEIN TEMPLETON INVESTMENT SEB PICTET CONSEIL EN IN CARNEGIE FONDER AB/S THAMES RIVER CAPITAL STATE STREET PRINCIPAL FINANCIAL PICTET & CIE

8'318'711

-446'840

 

133'515'312

0.48%

 

31.12.2012

MF-AGG

UNITED STATES

8'137'574

8'137'574

130'608'063

0.47%

31.12.2012

13F

BRITAIN

5'129'290

1'274'754

82'325'105

0.30%

28.02.2013

ULT-AGG

FRANCE

5'073'960

75'900

81'437'058

0.29%

31.12.2012

ULT-AGG

UNITED STATES

4'797'930

944'039

77'006'777

0.28%

31.12.2012

MF-AGG

IRELAND

4'561'641

25'615

73'214'338

0.26%

28.02.2013

ULT-AGG

4'434'338

52'940

71'171'125

0.26%

23.04.2013

ULT-AGG

UNITED STATES

4'352'197

432'194

69'852'762

0.25%

22.04.2013

ULT-AGG

UNITED STATES

3'536'560

300'000

56'761'788

0.21%

28.02.2013

MF-AGG

LUXEMBOURG

3'337'724

0

53'570'470

0.19%

31.05.2012

MF-AGG

UNITED STATES

2'533'017

903'464

40'654'923

0.15%

31.03.2013

ULT-AGG

GERMANY

2'528'259

900'371

40'578'557

0.15%

28.02.2013

ULT-AGG

UNITED STATES

2'453'764

0

39'382'912

0.14%

31.12.2012

MF-AGG

BRITAIN

2'103'863

7'738

33'767'001

0.12%

31.12.2012

ULT-AGG

1'655'244

819'149

26'566'666

0.10%

31.01.2013

MF-AGG

LUXEMBOURG

1'573'000

0

25'246'650

0.09%

28.02.2013

MF-AGG

SWEDEN

1'504'605

0

24'148'910

0.09%

30.09.2012

MF-AGG

BRITAIN

1'373'744

-1'964

22'048'591

0.08%

23.04.2013

ULT-AGG

UNITED STATES

1'179'718

451'070

18'934'474

0.07%

31.03.2013

ULT-AGG

UNITED STATES

1'157'555

1'157'555

18'578'758

0.07%

31.01.2013

MF-AGG

SWITZERLAND

Top 5 Insiders:

 

Holder Name

Position

Position Change

 

Market Value

% of Ownership

Report Date

Source

 

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Geographic Ownership

0% 0% 0% 0% 0% 0% 0%
0% 0%
0%
0% 0%
0%
0%
Geographic Ownership 0% 0% 0% 0% 0% 0% 0% Others 100% Others

Others

100%
100%

OthersGeographic Ownership 0% 0% 0% 0% 0% 0% 0% Others 100%

Institutional Ownership

0% 0% 0% 0% 100% Others Others
0% 0%
0%
0%
100%
Others
Others
Company Analysis - Financials I/IV
Company Analysis - Financials I/IV
Company Analysis - Financials I/IV

MMC Norilsk Nickel OJSC

Financial information is in USD (M)

Equivalent Estimates

Periodicity:

Fiscal Year

 

12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

12/12

12/13E

12/14E

12/15E

Income Statement

                             

Revenue

 

3'133

5'201

7'033

7'169

11'550

17'119

13'980

8'542

12'775

14'122

12'065

12'301

12'833

13'838

-

Cost of Goods Sold

1'774

2'873

3'179

2'994

3'158

5'882

7'626

4'177

4'883

5'793

6'145

Gross Income

 

1'360

2'328

3'854

4'175

8'392

11'237

6'354

4'365

7'892

8'329

5'920

5'912

6'201

6'386

-

Selling, General & Admin Expenses (Research & Dev Costs)

 

568

751

866

841

1'090

3'878

1'869

830

1'325

1'851

1'777

40

14

20

18

19

Operating Income

 

792

1'577

2'988

3'334

7'302

7'359

4'485

3'535

6'567

6'478

4'143

4'415

4'518

4'876

- Interest Expense

109

40

68

83

67

284

397

128

87

105

242

- Foreign Exchange Losses (Gains)

 

-17

-15

12

25

-65

-146

397

141

22

334

-214

- Net Non-Operating Losses (Gains)

-174

213

355

110

523

-514

3'964

-40

-324

393

972

Pretax Income

 

874

1'339

2'553

3'116

6'777

7'735

-273

3'306

6'782

5'646

3'143

3'933

4'198

4'425

-

Income Tax Expense

290

493

696

838

1'805

2'459

282

802

1'548

1'460

1'000

Income Before XO Items

 

584

846

1'857

2'278

4'972

5'276

-555

2'504

5'234

4'186

2'143

- Extraordinary Loss Net of Tax

0

0

0

-74

-993

0

0

-147

2'145

560

0

- Minority Interests

 

-8

-16

-21

-3

-24

-51

-106

51

-209

22

-27

Diluted EPS Before XO Items

 

Net Income Adjusted* EPS Adjusted Dividends Per Share Payout Ratio %

 

592

862

1'878

2'281

4'996

5'327

4'279

2'651

5'442

4'164

3'119

3'071

3'269

3'610

1.83

1.96

2.21

1.50

1.66

1.41

24.6

33.6

16.4

12.3

7.7

14.9

48.2

20.7

0.82

0.85

0.64

Total Shares Outstanding Diluted Shares Outstanding

 

EBITDA

 

1'215

2'029

3'528

3'912

7'888

8'296

5'788

4'352

7'370

7'240

4'932

5'202

5'487

5'983

*Net income excludes extraordinary gains and losses and one-time charges.

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Company Analysis - Financials II/IV
Company Analysis - Financials II/IV
Company Analysis - Financials II/IV

Periodicity:

12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

12/12

12/13E

12/14E

12/15E

Balance Sheet

                           

Total Current Assets

3265.99906

3701.64305

3967

5553

5205

12510

7059

8408

12974

6569

6814

+ Cash & Near Cash Items

262

958

1'346

922

2'178

4'008

1'995

3'632

5'405

1'627

1'037

+ Short Term Investments

94

136

+ Accounts & Notes Receivable

212

361

290

278

534

661

278

683

995

970

697

+ Inventories

1'826

1'503

1'442

1'301

1'471

2'108

1'959

1'990

2'246

2'623

3'197

+ Other Current Assets

873

744

889

3'052

1'022

5'733

2'827

2'103

4'328

1'349

1'883

Total Long-Term Assets

6'424

7'633

9'665

9'177

11'074

23'186

13'764

14'352

10'935

12'343

14'160

+ Long Term Investments Gross Fixed Assets Accumulated Depreciation

104

163

1'407

690

2'615

2'982

523

6'731

8'190

9'276

8'985

10'892

19'432

18'071

18'548

19'730

19'477

23'100

415

920

1'424

1'840

2'758

4'451

7'334

7'531

10'577

9'892

11'173

+ Net Fixed Assets

6'315

7'270

7'852

7'145

8'134

14'981

10'737

11'017

9'153

9'585

11'927

+ Other Long Term Assets

4

199

406

1'342

325

5'223

2'504

3'335

1'782

2'758

2'233

Total Current Liabilities

1'468

1'638

1'383

1'594

1'251

6'434

2'126

4'112

2'697

3'830

3'969

+ Accounts Payable

211

156

151

170

191

352

281

243

374

346

449

+ Short Term Borrowings

453

267

552

357

158

3'973

872

2'986

1'256

2'754

2'526

+ Other Short Term Liabilities

804

1'215

680

1'067

902

2'109

973

883

1'067

730

994

Total Long Term Liabilities

956

1'088

1'606

1'739

1'892

7'441

6'912

3'893

3'238

3'860

4'065

+ Long Term Borrowings

146

182

657

635

632

4'103

5'568

2'378

1'575

2'401

2'497

+ Other Long Term Borrowings

810

906

949

1'104

1'260

3'338

1'344

1'515

1'663

1'459

1'568

Total Liabilities

2'425

2'726

2'989

3'333

3'143

13'875

9'038

8'005

5'935

7'690

8'034

+ Long Preferred Equity

0

0

0

0

0

0

0

0

0

0

0

+ Minority Interest

101

346

366

334

319

2'318

1'054

1'080

598

120

109

+ Share Capital & APIC

688

751

792

9

619

1'398

1'398

1'398

1'519

1'519

1'519

+ Retained Earnings & Other Equity

6'476

7'511

9'485

11'054

12'198

18'105

9'333

12'277

15'857

9'583

11'312

Total Shareholders Equity

7'265

8'609

10'643

11'397

13'136

21'821

11'785

14'755

17'974

11'222

12'940

Total Liabilities & Equity

9'690

11'335

13'632

14'730

16'279

35'696

20'823

22'760

23'909

18'912

20'974

Book Value Per Share Tangible Book Value Per Share

8.78

8.90

9.41

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Company Analysis - Financials III/IV
Company Analysis - Financials III/IV
Company Analysis - Financials III/IV

Periodicity:

12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

12/12

12/13E

12/14E

12/15E

Cash Flows

                           

Net Income

592

862

1'878

2'355

5'989

5'327

-449

2'600

3'298

3'604

2'170

2'763

2'984

3'419

+ Depreciation & Amortization

423

451

540

578

586

937

1'303

817

803

762

789

+ Other Non-Cash Adjustments

-276

133

-3'412

-3'913

-655

1'026

-309

586

1'826

996

1'071

+ Changes in Non-Cash Capital

-127

208

3'498

3'974

-273

75

370

-560

-410

-658

-595

Cash From Operating Activities

611

1'655

2'504

2'994

5'647

7'365

915

3'443

5'517

4'704

3'435

+ Disposal of Fixed Assets

4

21

57

38

46

88

88

38

33

23

10

+ Capital Expenditures

-353

-440

-618

-773

-743

-1'140

-2'360

-1'061

-1'728

-2'201

-2'692

-2'441

-2'324

-2'216

+ Increase in Investments

-40

-142

0

0

+ Decrease in Investments

191

5

0

0

+ Other Investing Activities

-271

-60

-1'467

-720

1'075

-11'732

2'730

513

249

300

-233

Cash From Investing Activities

-470

-617

-2'028

-1'455

378

-12'784

458

-510

-1'446

-1'878

-2'915

+ Dividends Paid

-170

-147

-618

-201

-1'079

-849

-1'670

-1'208

-1'234

-960

+ Change in Short Term Borrowings

-660

-292

-36

85

-482

+ Increase in Long Term Borrowings

228

175

872

112

10'183

3'723

113

628

3'694

2'478

+ Decrease in Long Term Borrowings

-20

-213

-197

-417

-11

-3'915

-5'240

-1'193

-3'048

-1'351

-2'666

+ Increase in Capital Stocks

0

0

0

0

1'705

1'246

0

+ Decrease in Capital Stocks

0

0

0

-1'457

-999

-29

-8'995

0

+ Other Financing Activities

-109

16

47

-64

-2'198

1'838

-2'617

-78

-111

36

38

Cash From Financing Activities

-731

-461

68

-1'942

-4'769

7'257

-5'804

-1'187

-2'034

-6'604

-1'110

Net Changes in Cash

-590

577

544

-403

1'256

1'838

-4'431

1'746

2'037

-3'778

-590

Free Cash Flow (CFO-CAPEX)

258

1'214

1'886

2'221

4'904

6'225

-1'445

2'382

3'789

2'503

743

Free Cash Flow To Firm Free Cash Flow To Equity Free Cash Flow per Share

331

1'239

1'935

2'282

4'953

6'419

2'479

3'856

2'581

908

-190

905

2'582

2'039

4'457

12'581

-2'874

1'340

1'402

4'869

565

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Company Analysis - Financials IV/IV
Company Analysis - Financials IV/IV
Company Analysis - Financials IV/IV

Periodicity:

12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

12/12

12/13E

12/14E

12/15E

Ratio Analysis

                           

Valuation Ratios Price Earnings EV to EBIT EV to EBITDA Price to Sales

8.8x

8.2x

7.3x

7.7x

3.8x

8.4x

6.5x

5.1x

8.0x

6.8x

3.0x

6.8x

5.8x

4.6x

6.8x

2.2x

2.2x

2.0x

 

1.8x

1.8x

1.7x

Price to Book Dividend Yield

Profitability Ratios Gross Margin EBITDA Margin Operating Margin Profit Margin Return on Assets Return on Equity

9.3%

10.3%

8.8%

43.4%

44.8%

54.8%

58.2%

72.7%

65.6%

45.5%

51.1%

61.8%

59.0%

49.1%

48.1%

48.3%

46.2%

38.8%

39.0%

50.2%

54.6%

68.3%

48.5%

41.4%

50.9%

57.7%

51.3%

40.9%

42.3%

42.8%

43.2%

25.3%

30.3%

42.5%

46.5%

63.2%

43.0%

32.1%

41.4%

51.4%

45.9%

34.3%

35.9%

35.2%

35.2%

18.9%