Preliminary results year ended 31 December 2008
05 March 2009
Appendix D – IFRS additional disclosures
D7 – Segmental information
(a) Operating segments
The Group has determined its operating segments along regional lines. These reflect the management structure whereby a member of the Executive Management team is accountable to the Group Chief Executive for the operating segment for which he is responsible. The activities of each operating segment are described below:
United Kingdom
The United Kingdom comprises two operating segments – UK Life and UK General Insurance (UK GI). The principal activities of UK Life are life insurance, long-term health and accident insurance, savings, pensions and annuity business, whilst UK GI provides insurance cover to individuals and to small and medium-sized businesses, for risks associated mainly with motor vehicles, property and liability, such as employers’ liability and professional indemnity liability, and medical expenses. UK GI also includes the RAC motor recovery business, the group reinsurance result and the results of run off business.
Europe
Activities reported in the Europe operating segment exclude operations in the UK and include those in Russia and Turkey. Principal activities are long-term business in France, the Netherlands, Ireland, Italy, Poland and Spain, and general insurance in France, the Netherlands, Ireland and Italy, as well as the fund management activity of Delta Lloyd.
North America
Our activities in North America principally comprise our long-term business operations in the USA and general insurance business operation in Canada.
Asia Pacific
Our activities in Asia Pacific principally comprise our long-term business operations in Australia, China, India, Singapore, Hong Kong, Sri Lanka, Taiwan, Malaysia, and South Korea.
Aviva Investors
Aviva Investors operates in most of the regions in which the Group operates, in particular the UK, France, the United States and Canada and other international businesses, managing policyholders’ and shareholders’ invested funds, providing investment management services for institutional pension fund mandates and managing a range of retail investment products, including investment funds, unit trusts, OEICs and ISAs. Fund management activities of Delta Lloyd are included in the Europe operating segment.
Other Group activities
Investment return on centrally held assets and head office expenses, such as Group treasury and finance functions, together with certain taxes and financing costs arising on central borrowings are included in “Other Group activities”. Similarly, central core structural borrowings and certain tax balances are included in “Other Group activities” in the segmental balance sheet. Also included here are consolidation and elimination adjustments.
Measurement basis
The accounting policies of the segments are the same as those for the Group as a whole. Any transactions between the business segments are on normal commercial terms and market conditions. The Group evaluates performance of operating segments on the basis of:
- profit or loss from operations before tax attributable to shareholders.
- profit or loss from operations before tax attributable to shareholders, adjusted for non-operating items outside the segment management’s control, including investment market performance and fiscal policy changes.
(i) Segmental income statement for the year ended 31 December 2008
| United Kingdom | Europe £m |
North America £m |
Asia Pacific £m |
Aviva Investors† £m |
Other Group activities £m |
Total £m |
||
|---|---|---|---|---|---|---|---|---|
| Life £m |
GI# £m |
|||||||
| Gross written premiums | 8,108 | 5,496 | 15,529 | 6,486 | 587 | – | – | 36,206 |
| Premiums ceded to reinsurers | (612) | (498) | (442) | (214) | (75) | – | – | (1,841) |
| Internal reinsurance revenue | – | 26 | (21) | (4) | (1) | – | – | – |
| Net written premiums | 7,496 | 5,024 | 15,066 | 6,268 | 511 | – | – | 34,365 |
| Net change in provision for unearned premiums | 6 | 344 | (21) | (50) | (2) | – | – | 277 |
| Net earned premiums | 7,502 | 5,368 | 15,045 | 6,218 | 509 | – | – | 34,642 |
| Fee and commission income | 310 | 362 | 711 | 40 | 168 | 294 | – | 1,885 |
| 7,812 | 5,730 | 15,756 | 6,258 | 677 | 294 | – | 36,527 | |
| Net investment income | (8,844) | 326 | (6,168) | 444 | (626) | (407) | (768) | (16,043) |
| Inter-segment revenue | – | – | – | – | – | 203 | – | 203 |
| Share of loss of joint ventures and associates | (1,058) | – | (38) | – | (32) | – | – | (1,128) |
| Profit on the disposal of subsidiaries and associates | – | (38) | 24 | – | – | – | 21 | 7 |
| Segmental income* | (2,090) | 6,018 | 9,574 | 6,702 | 19 | 90 | (747) | 19,566 |
| Claims and benefits paid, net of recoveries from reinsurers | (8,620) | (3,944) | (13,411) | (2,912) | (464) | – | (2) | (29,353) |
| Change in insurance liabilities, net of reinsurance | 2,674 | 280 | 3,409 | (2,774) | 296 | – | – | 3,885 |
| Change in investment contract provisions | 7,240 | – | 2,765 | (126) | 401 | 349 | – | 10,629 |
| Change in unallocated divisible surplus | 2,151 | – | 2,331 | – | – | – | – | 4,482 |
| Amortisation of deferred acquisition costs and acquired value of in-force business | – | – | (44) | (285) | (4) | – | – | (333) |
| Depreciation and other amortisation expense | (70) | (108) | (120) | (51) | (5) | (5) | – | (359) |
| Other operating expenses | (1,787) | (2,599) | (2,970) | (633) | (296) | (362) | 552 | (8,095) |
| Impairment losses** | – | (26) | (814) | (200) | – | – | – | (1,040) |
| Inter-segment expenses | (137) | (2) | (18) | (42) | (3) | – | (1) | (203) |
| Finance costs | (541) | (10) | (703) | (17) | – | – | (276) | (1,547) |
| Segmental expenses | 910 | (6,409) | (9,575) | (7,040) | (75) | (18) | 273 | (21,934) |
| (Loss)/profit before tax | (1,180) | (391) | (1) | (338) | (56) | 72 | (474) | (2,368) |
| Tax attributable to policyholders’ returns | 1,031 | – | 49 | – | (12) | – | – | 1,068 |
| (Loss)/profit before tax attributable to shareholders | (149) | (391) | 48 | (338) | (68) | 72 | (474) | (1,300) |
* Total reported income, excluding inter-segment revenue, is split United Kingdom £3,928 million, France £1,005 million, Netherlands £6,759 million, USA £4,954 million and Rest of the World £2,717 million. Income is attributed on the basis of geographical origin which does not materially differ from revenue by geographical destination, as most risks are located in the countries where the contracts were written.
** Impairment losses, and reversal of such losses, recognised directly in equity were £830 million and £nil.
† Aviva Investors comprises the Aviva Investors UK, France, the United States, Canada and International fund management businesses.
# United Kingdom GI includes the Group reinsurance business, agency run off business and the non-insurance business for the RAC.
| United Kingdom | Europe £m |
North America £m |
Asia Pacific £m |
Aviva Investors† £m |
Other Group activities £m |
Total £m |
||
|---|---|---|---|---|---|---|---|---|
| Life £m |
GI £m |
|||||||
| (Loss)/profit before tax attributable to shareholders | (149) | (391) | 48 | (338) | (68) | 72 | (474) | (1,300) |
| Adjusted for non-operating items: | ||||||||
| Reclassification of corporate costs and unallocated interest | 7 | (71) | 54 | 15 | – | – | (5) | – |
| Investment return variances and economic assumption changes on long-term business | 694 | – | 400 | 433 | 104 | – | – | 1,631 |
| Short-term fluctuation in return on investments backing non-long-term business | – | 334 | 389 | (47) | – | – | 143 | 819 |
| Economic assumption changes on general insurance and health business | – | 91 | 3 | – | – | – | – | 94 |
| Impairment of goodwill | – | – | 66 | – | – | – | – | 66 |
| Amortisation and impairment of intangibles | 3 | 33 | 34 | 44 | – | 3 | – | 117 |
| (Profit)/loss on the disposal of subsidiaries and associates | – | 38 | (24) | – | – | – | (21) | (7) |
| Exceptional item | 108 | 312 | 133 | 42 | – | 6 | (50) | 551 |
| Integration and restructuring costs | 60 | 195 | 38 | – | – | 33 | – | 326 |
| Operating profit/(loss) before tax attributable to shareholders | 723 | 541 | 1,141 | 149 | 36 | 114 | (407) | 2,297 |
(ii) Segmental income statement for the year ended 31 December 2007
| United Kingdom | Europe £m |
North America £m |
Asia Pacific £m |
Aviva Investors† £m |
Other Group activities £m |
Restated Total £m |
||
|---|---|---|---|---|---|---|---|---|
| Life £m |
GI £m |
|||||||
| Gross written premiums | 6,128 | 6,039 | 13,538 | 4,628 | 658 | – | – | 30,991 |
| Premiums ceded to reinsurers | (444) | (577) | (388) | (195) | (54) | – | – | (1,658) |
| Internal reinsurance revenue | – | 28 | (19) | (7) | (2) | – | – | – |
| Net written premiums | 5,684 | 5,490 | 13,131 | 4,426 | 602 | – | – | 29,333 |
| Net change in provision for unearned premiums | (18) | 60 | (22) | (40) | (1) | – | – | (21) |
| Net earned premiums | 5,666 | 5,550 | 13,109 | 4,386 | 601 | – | – | 29,312 |
| Fee and commission income | 246 | 385 | 638 | 30 | 168 | 299 | (6) | 1,760 |
| 5,912 | 5,935 | 13,747 | 4,416 | 769 | 299 | (6) | 31,072 | |
| Net investment income | 5,186 | 699 | 2,761 | 875 | 286 | (15) | (103) | 9,689 |
| Inter-segment revenue | – | – | – | – | – | 199 | – | 199 |
| Share of profit/(loss) of joint ventures and associates | (304) | 3 | 6 | – | (9) | – | – | (304) |
| Profit/(loss) on the disposal of subsidiaries and associates | – | (7) | (5) | – | – | – | 61 | 49 |
| Segmental income* | 10,794 | 6,630 | 16,509 | 5,291 | 1,046 | 483 | (48) | 40,705 |
| Claims and benefits paid, net of recoveries from reinsurers | (9,000) | (4,064) | (11,192) | (2,486) | (377) | – | (2) | (27,121) |
| Change in insurance liabilities, net of reinsurance | (729) | 417 | (949) | (1,920) | (327) | – | – | (3,508) |
| Change in investment contract provisions | (694) | – | (1,091) | (153) | (35) | (45) | – | (2,018) |
| Change in unallocated divisible surplus | 1,882 | – | 1,040 | – | – | – | – | 2,922 |
| Amortisation of deferred acquisition costs and acquired value of in-force business | – | – | (35) | (122) | (3) | – | – | (160) |
| Depreciation and other amortisation expense | (24) | (104) | (53) | (45) | (6) | (17) | – | (249) |
| Other operating expenses | (1,110) | (2,723) | (2,318) | (545) | (251) | (289) | (15) | (7,251) |
| Impairment losses** | – | – | (50) | (7) | – | – | – | (57) |
| Inter-segment expenses | (141) | (4) | (18) | (32) | (3) | – | (1) | (199) |
| Finance costs | (405) | (10) | (527) | (19) | – | – | (256) | (1,217) |
| Segmental expenses | (10,221) | (6,488) | (15,193) | (5,329) | (1,002) | (351) | (274) | (38,858) |
| Profit/(loss) before tax | 573 | 142 | 1,316 | (38) | 44 | 132 | (322) | 1,847 |
| Tax attributable to policyholders’ returns | (9) | – | 6 | – | (9) | (3) | – | (15) |
| Profit/(loss) before tax attributable to shareholders | 564 | 142 | 1,322 | (38) | 35 | 129 | (322) | 1,832 |
* Total reported income, excluding inter-segment revenue, is split United Kingdom £17,424 million, France £5,731 million, Netherlands £5,922 million, USA £3,777 million and Rest of the World £7,853 million. Income is attributed on the basis of geographical origin which does not materially differ from revenue by geographical destination, as most risks are located in the countries where the contracts were written.
** Impairment losses, and reversal of such losses, recognised directly in equity were £nil and £1 million.
† Aviva Investors comprises the Aviva Investors UK, France, the United States, Canada and International fund management businesses.
| United Kingdom | Europe £m |
North America £m |
Asia Pacific £m |
Aviva Investors† £m |
Other Group activities £m |
Restated Total £m |
||
|---|---|---|---|---|---|---|---|---|
| Life £m |
GI £m |
|||||||
| Profit/(loss) before tax attributable to shareholders | 564 | 142 | 1,322 | (38) | 35 | 129 | (322) | 1,832 |
| Adjusted for non-operating items: | ||||||||
| Reclassification of corporate costs and unallocated interest | (6) | (63) | 33 | 19 | – | – | 17 | – |
| Investment return variances and economic assumption changes on long-term business | 112 | – | (309) | 181 | (1) | 2 | – | (15) |
| Short-term fluctuation in return on investments backing non-long-term business | – | 86 | 112 | 9 | – | – | (23) | 184 |
| Economic assumption changes on general insurance and health business | – | (1) | – | (1) | – | – | – | (2) |
| Impairment of goodwill | – | – | 1 | – | – | 9 | – | 10 |
| Amortisation and impairment of intangibles | 4 | 28 | 21 | 40 | 3 | 7 | – | 103 |
| (Profit)/loss on the disposal of subsidiaries and associates | – | 7 | 5 | – | – | – | (61) | (49) |
| Integration and restructuring costs | 8 | 114 | 12 | 19 | – | – | – | 153 |
| Operating profit before tax attributable to shareholders | 682 | 313 | 1,197 | 229 | 37 | 147 | (389) | 2,216 |
(iii) Segmental balance sheet as at 31 December 2008
| United Kingdom | Europe £m |
North America £m |
Asia Pacific £m |
Aviva Investors† £m |
Other Group activities £m |
Total £m |
||
|---|---|---|---|---|---|---|---|---|
| Life £m |
GI £m |
|||||||
| Goodwill | 52 | 1,208 | 1,357 | 903 | 55 | 3 | – | 3,578 |
| Acquired value of in-force business and intangible assets | 65 | 265 | 1,470 | 2,196 | 28 | 14 | – | 4,038 |
| Interests in, and loans to, joint ventures and associates | 2,080 | – | 604 | 2 | 296 | – | 1 | 2,983 |
| Property and equipment | 123 | 173 | 519 | 106 | 32 | 10 | 1 | 964 |
| Investment property | 8,872 | 148 | 3,920 | 7 | 21 | 655 | 803 | 14,426 |
| Loans | 20,156 | 833 | 19,061 | 2,130 | 56 | 1 | – | 42,237 |
| Financial investments | 69,052 | 2,482 | 125,329 | 24,621 | 3,865 | 1,454 | 2,919 | 229,722 |
| Deferred acquisition costs | 1,221 | 998 | 1,254 | 2,627 | 43 | 3 | 1 | 6,147 |
| Other assets | 13,933 | 4,971 | 23,867 | 5,537 | 627 | 661 | 871 | 50,467 |
| Total assets | 115,554 | 11,078 | 177,381 | 38,129 | 5,023 | 2,801 | 4,596 | 354,562 |
| Insurance liabilities | ||||||||
| Long-term business and outstanding claims provisions | 62,070 | 6,103 | 72,464 | 26,939 | 2,120 | – | – | 169,696 |
| Unearned premiums | 173 | 2,966 | 670 | 959 | 22 | – | – | 4,790 |
| Other insurance liabilities | – | 91 | 182 | 91 | – | – | – | 364 |
| Liability for investment contracts | 35,109 | – | 65,106 | 3,403 | 1,643 | 2,298 | – | 107,559 |
| Unallocated divisible surplus | 2,727 | – | (405) | – | 3 | – | – | 2,325 |
| Net asset value attributable to unitholders | 986 | – | 3,304 | – | 175 | – | 2,453 | 6,918 |
| External borrowings | 2,716 | 11 | 6,970 | 163 | – | – | 5,341 | 15,201 |
| Other liabilities, including inter-segment liabilities | 8,164 | (972) | 18,635 | 4,041 | 190 | 324 | 2,881 | 33,263 |
| Total liabilities | 111,945 | 8,199 | 166,926 | 35,596 | 4,153 | 2,622 | 10,675 | 340,116 |
| Total equity | 14,446 | |||||||
| Total equity and liabilities | 354,562 | |||||||
| Capital expenditure (excluding business combinations) | 36 | 93 | 72 | 70 | 4 | 5 | – | 280 |
External borrowings by holding companies within the Group which are not allocated to operating companies are included in "Other Group activities".
† Aviva Investors comprises the Aviva Investors UK, France, the United States, Canada and International fund management businesses.
(iv) Segmental balance sheet as at 31 December 2007
| United Kingdom | Europe £m |
North America £m |
Asia Pacific £m |
Aviva Investors† £m |
Other Group activities £m |
Total £m |
||
|---|---|---|---|---|---|---|---|---|
| Life £m |
GI £m |
|||||||
| Goodwill | 71 | 1,276 | 1,053 | 642 | 40 | – | – | 3,082 |
| Acquired value of in-force business and intangible assets | 65 | 349 | 1,164 | 1,579 | 28 | 12 | – | 3,197 |
| Interests in, and loans to, joint ventures and associates | 2,972 | – | 594 | 1 | 215 | – | – | 3,782 |
| Property and equipment | 177 | 317 | 374 | 28 | 37 | 7 | 2 | 942 |
| Investment property | 10,415 | 252 | 3,061 | – | 25 | 966 | 672 | 15,391 |
| Loans | 20,153 | 900 | 13,895 | 1,206 | 39 | – | – | 36,193 |
| Financial investments | 83,489 | 3,679 | 103,430 | 17,227 | 3,934 | 1,993 | 2,658 | 216,410 |
| Deferred acquisition costs | 1,477 | 1,212 | 914 | 830 | 45 | 4 | 5 | 4,487 |
| Other assets | 10,535 | 5,157 | 16,086 | 2,804 | 500 | 667 | 2,093 | 37,842 |
| Total assets | 129,354 | 13,142 | 140,571 | 24,317 | 4,863 | 3,649 | 5,430 | 321,326 |
| Insurance liabilities | ||||||||
| Long-term business and outstanding claims provisions | 65,017 | 6,429 | 56,505 | 17,335 | 1,820 | – | – | 147,106 |
| Unearned premiums | 179 | 3,468 | 973 | 815 | 15 | – | – | 5,450 |
| Other insurance liabilities | – | 92 | 113 | 78 | – | – | – | 283 |
| Liability for investment contracts | 41,845 | – | 49,551 | 1,756 | 1,952 | 3,140 | – | 98,244 |
| Unallocated divisible surplus | 4,944 | – | 1,838 | – | 3 | – | – | 6,785 |
| Net asset value attributable to unitholders | 758 | – | 2,680 | – | 189 | – | 2,782 | 6,409 |
| External borrowings | 2,184 | 12 | 6,153 | 133 | – | 6 | 4,169 | 12,657 |
| Other liabilities, including inter-segment liabilities | 10,474 | (320) | 13,129 | 1,615 | 160 | 294 | 3,109 | 28,461 |
| Total liabilities | 125,401 | 9,681 | 130,942 | 21,732 | 4,139 | 3,440 | 10,060 | 305,395 |
| Total equity | 15,931 | |||||||
| Total equity and liabilities | 321,326 | |||||||
| Capital expenditure (excluding business combinations) | 30 | 140 | 106 | 10 | 5 | 6 | 2 | 299 |
(b) Further analysis by products and services
The Group’s results can be further analysed by products and services which comprise long-term business, fund management, general insurance and health, and non-insurance activities.
Long-term business
Our long-term business comprises life insurance, long-term health and accident insurance, savings, pensions and annuity business written by our life insurance subsidiaries, including managed pension fund business and our share of the other life and related business written in our associates and joint ventures, as well as the Lifetime mortgage business written in the UK.
Fund management
Our fund management business invests policyholders’ and shareholders’ funds, provides investment management services for institutional pension fund mandates and manages a range of retail investment products, including investment funds, unit trusts, OEICs and ISAs. Clients include Aviva Group businesses and third-party financial institutions, pension funds, public sector organisations, investment professionals and private investors.
General insurance and health
Our general insurance and health business provides insurance cover to individuals and to small and medium sized businesses, for risks associated mainly with motor vehicles, property and liability, such as employers’ liability and professional indemnity liability, and medical expenses.
Non-insurance
Non-insurance includes the RAC non-insurance operations, our banking businesses, service companies, head office expenses, such as Group treasury and finance functions, and certain financing costs and taxes not allocated to business segments.
(i) Segmental income statement – products and services for the year ended 31 December 2008
| Long-term business £m |
Fund management £m |
General Insurance and health** £m |
Other† £m |
Total £m |
|
|---|---|---|---|---|---|
| Gross written premiums* | 24,272 | – | 11,934 | – | 36,206 |
| Premiums ceded to reinsurers | (1,044) | – | (797) | – | (1,841) |
| Net written premiums | 23,228 | – | 11,137 | – | 34,365 |
| Net change in provision for unearned premiums | – | – | 277 | – | 277 |
| Net earned premiums | 23,228 | – | 11,414 | – | 34,642 |
| Fee and commission income | 753 | 567 | 160 | 405 | 1,885 |
| 23,981 | 567 | 11,574 | 405 | 36,527 | |
| Net investment (expense)/income | (16,671) | 3 | 425 | 200 | (16,043) |
| Inter-segment revenue | – | 185 | – | – | 185 |
| Share of loss of joint ventures and associates | (1,089) | (12) | (5) | (22) | (1,128) |
| Profit on the disposal of subsidiaries and associates | – | – | – | 7 | 7 |
| Segmental income | 6,221 | 743 | 11,994 | 590 | 19,548 |
| Segmental expenses | (7,532) | (662) | (12,100) | (1,622) | (21,916) |
| Tax attributable to policyholder returns | 1,068 | – | – | – | 1,068 |
| Profit/(loss) before tax attributable to shareholders | (243) | 81 | (106) | (1,032) | (1,300) |
| Adjusted for non-operating items | 1,937 | 42 | 1,304 | 314 | 3,597 |
| Operating profit before tax attributable to shareholders’ profits | 1,694 | 123 | 1,198 | (718) | 2,297 |
* Gross written premiums includes inward reinsurance premiums assumed from other companies amounting to £255 million, of which £89 million relates to property and liability insurance £131 million to long-term business and the remainder health business.
** General insurance and health business segment includes gross written premiums of £1,945 million and premiums ceded to other companies of £35 million relating to health business. The remaining business relates to property and liability insurance.
† Other includes the RAC non-insurance operations, our banking business, head office expenses, such as Group treasury and finance functions, and certain financing costs and taxes not allocated to business segments.
(ii) Segmental income statement – products and services for the year ended 31 December 2007
| Long-term business £m |
Fund management £m |
General Insurance and health** £m |
Other† £m |
Restated Total £m |
|
|---|---|---|---|---|---|
| Gross written premiums* | 19,622 | – | 11,369 | – | 30,991 |
| Premiums ceded to reinsurers | (858) | – | (800) | – | (1,658) |
| Net written premiums | 18,764 | – | 10,569 | – | 29,333 |
| Net change in provision for unearned premiums | – | – | (21) | – | (21) |
| Net earned premiums | 18,764 | – | 10,548 | – | 29,312 |
| Fee and commission income | 692 | 494 | 179 | 395 | 1,760 |
| 19,456 | 494 | 10,727 | 395 | 31,072 | |
| Net investment income | 8,529 | 45 | 827 | 288 | 9,689 |
| Inter-segment revenue | – | 152 | – | – | 152 |
| Share of (loss)/profit of joint ventures and associates | (297) | (9) | 3 | (1) | (304) |
| Profit/(loss) on the disposal of subsidiaries and associates | – | – | (7) | 56 | 49 |
| Segmental income | 27,688 | 682 | 11,550 | 738 | 40,658 |
| Segmental expenses | (26,139) | (521) | (10,843) | (1,308) | (38,811) |
| Tax attributable to policyholder returns | (15) | – | – | – | (15) |
| Profit before tax attributable to shareholders | 1,534 | 161 | 707 | (570) | 1,832 |
| Adjusted for non-operating items | 76 | 18 | 314 | (24) | 384 |
| Operating profit before tax attributable to shareholders' profits | 1,610 | 179 | 1,021 | (594) | 2,216 |
(iii) Segmental balance sheet – products and services as at 31 December 2008
| Long-term business £m |
Fund management £m |
General insurance and health £m |
Other £m |
Total £m |
|
|---|---|---|---|---|---|
| Segment assets | 307,928 | 732 | 25,190 | 20,712 | 354,562 |
| Segment liabilities | (291,347) | (392) | (19,552) | (28,825) | (340,116) |
| Net assets | 16,581 | 340 | 5,638 | (8,113) | 14,446 |
(iv) Segmental balance sheet – products and services as at 31 December 2007
| Long-term business £m |
Fund management £m |
General insurance and health £m |
Other £m |
Restated Total £m |
|
|---|---|---|---|---|---|
| Segment assets | 280,375 | 1,871 | 24,341 | 14,739 | 321,326 |
| Segment liabilities | (265,736) | (1,517) | (18,581) | (19,561) | (305,395) |
| Net assets | 14,639 | 354 | 5,760 | (4,822) | 15,931 |
