Fomento Resorts & Hotels (Delisted) financials and balance sheet
BSE: 503831
Last traded ₹138.45 on 23 Oct 2020
Delisted on 2 Nov 2020.
10 years at a glance
Standalone: the listed company alone, without its subsidiaries. ₹ crore, years to March.Fomento Resorts & Hotels annual reports
Revenue, net profit and borrowings, ₹ crore
- Revenue
- Net profit
- Borrowings
Peak revenue ₹71 Cr, year to Mar 2020
Operating and net margin, per cent
- Operating marginOperating margin. Operating profit before depreciation as a percentage of revenue: how much of each rupee of sales is left after running costs.
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax.
Results for the year to Mar 2020
Standalone: the listed company alone, without its subsidiaries. ₹ crore.
From revenue to net profit
- Revenue71
- Materials and goods−9.6
- Employee costs−18
- Other expenses−26
- Operating profit18
- Depreciation−5.3
- Other income+1.8
- One-off items0.0
- Finance costs−4.5
- Profit before tax9.8
- Tax−5.0
- Net profit4.9
What the company owns
- Plant, investments and other assets₹639 Cr
- Cash and bank₹31 Cr
- Receivables₹5 Cr
- Inventory₹3 Cr
What pays for it: net worth and liabilities
- Borrowings₹493 Cr
- Net worth₹125 Cr
- Other liabilities₹42 Cr
- Owed to suppliers₹17 Cr
Profit and loss
Standalone, ₹ crore, years to March. No results on record for the year to Mar 2016.Fomento Resorts & Hotels quarterly results
| ₹ crore | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019Filed 10 Jun | Mar 2020Filed 4 Aug |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 42.7 | 45.9 | 46.0 | 48.0 | 55.5 | – | 61.8 | 57.5 | 66.1 | 71.3 |
| Operating expenses. What the business spent to run itself in the period, materials, staff and other costs, before depreciation, interest and tax. | 32.0 | 36.7 | – | – | 40.3 | – | – | 39.1 | 42.7 | 53.5 |
| Materials and goods boughtCost of materials and goods. Raw materials used and goods bought for resale in the period, adjusted for the change in stock held. | 6.1 | 6.7 | 6.4 | 7.2 | 6.4 | – | 6.4 | 6.5 | 7.7 | 9.6 |
| Employee costsEmployee costs. Salaries, wages, bonuses and other benefits paid to staff in the period. | – | – | – | – | – | – | – | 13.5 | 14.4 | 18.3 |
| Other expensesOther expenses. Every operating cost besides materials and staff: power, rent, freight, repairs, marketing and the like. | – | – | – | – | – | – | – | 19.0 | 20.6 | 25.5 |
| Operating profit before depreciationOperating profit before depreciation (EBITDA). Revenue less operating expenses: what the business earns from its operations before depreciation, interest and tax. | 10.7 | 9.2 | – | – | 15.2 | – | – | 18.4 | 23.4 | 17.8 |
| Operating marginOperating margin. Operating profit before depreciation as a percentage of revenue: how much of each rupee of sales is left after running costs. | 25.0% | 20.0% | – | – | 27.4% | – | – | 32.0% | 35.4% | 25.0% |
| Materials, % of revenueMaterials, % of revenue. Raw materials used and goods bought for resale, adjusted for the change in stock, divided by revenue, times 100. | – | – | – | – | – | – | – | 11.4% | 11.7% | 13.5% |
| Employee costs, % of revenueEmployee costs, % of revenue. Salaries, wages and other staff costs divided by revenue, times 100. | – | – | – | – | – | – | – | 23.5% | 21.7% | 25.7% |
| Other expenses, % of revenueOther expenses, % of revenue. Operating costs besides materials and staff divided by revenue, times 100; with the two above and the operating margin it makes 100. | – | – | – | – | – | – | – | 33.1% | 31.2% | 35.8% |
| Depreciation and amortisationDepreciation and amortisation. The part of the cost of plant, buildings and other long-lived assets charged against each year they are used. | 3.0 | 3.2 | 3.5 | 3.7 | 3.6 | – | 2.7 | 2.5 | 2.3 | 5.3 |
| Operating profit after depreciationOperating profit after depreciation (EBIT). Operating profit before depreciation, less depreciation and amortisation. | 7.7 | 5.9 | – | – | 11.6 | – | – | 15.9 | 21.1 | 12.5 |
| Other incomeOther income. Income from outside the main business, such as interest on deposits, dividends received and gains on investments. | 2.2 | 3.0 | 3.5 | 4.2 | 5.4 | – | 5.0 | 5.2 | 2.2 | 1.8 |
| Finance costsFinance costs. Interest and the other costs of borrowing in the period. | 0.0 | 0.5 | – | – | 0.3 | – | – | 6.2 | 7.3 | 4.5 |
| Profit before one-off items and taxProfit before one-off items and tax. Profit before tax as it would be without the one-off items below it, as the company states it. | 9.8 | 8.5 | 12.3 | 13.1 | 16.7 | – | 25.9 | 14.9 | 16.1 | 9.8 |
| One-off itemsExceptional items. Gains or losses the company reports separately because they are not expected to recur, such as selling a business or writing down an asset. | 0.1 | – | – | – | 4.0 | – | – | – | 0.0 | 0.0 |
| Profit before tax | 9.9 | 8.5 | 12.3 | 13.1 | 20.6 | – | 25.9 | 14.9 | 16.1 | 9.8 |
| 3.4 | 2.6 | 3.9 | 5.0 | 7.2 | – | 9.1 | 6.7 | 6.9 | 5.0 | |
| Net profit | 6.4 | 5.9 | 8.4 | 8.2 | 13.4 | – | 16.8 | 8.2 | 9.2 | 4.9 |
| Other comprehensive incomeOther comprehensive income. Gains and losses booked straight to net worth rather than through profit, such as changes in the value of some investments, pension plans and currency translation. | – | – | – | – | – | – | – | – | 0.1 | −0.5 |
| Total comprehensive incomeTotal comprehensive income. Net profit plus other comprehensive income. | – | – | – | – | – | – | – | – | 9.3 | 4.4 |
| Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. | 15.1% | 12.9% | 18.3% | 17.0% | 24.2% | – | 27.2% | 14.3% | 13.9% | 6.8% |
Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2011, Mar 2012 and Mar 2015 they do not, so they are left blank. Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the years to Mar 2013, Mar 2014 and Mar 2017: the statement does not state its finance costs, which operating profit is worked out from, so operating profit is not given.
Earlier years, Mar 2008 to Mar 2010
| ₹ crore | Mar 2008 | Mar 2009 | Mar 2010 |
|---|---|---|---|
| Revenue from operations | 45.8 | 43.0 | 40.4 |
| Operating expenses. What the business spent to run itself in the period, materials, staff and other costs, before depreciation, interest and tax. | 27.7 | 30.6 | – |
| Materials and goods boughtCost of materials and goods. Raw materials used and goods bought for resale in the period, adjusted for the change in stock held. | 6.0 | 5.9 | 6.0 |
| Operating profit before depreciationOperating profit before depreciation (EBITDA). Revenue less operating expenses: what the business earns from its operations before depreciation, interest and tax. | 18.0 | 12.4 | – |
| Operating marginOperating margin. Operating profit before depreciation as a percentage of revenue: how much of each rupee of sales is left after running costs. | 39.4% | 28.9% | – |
| Depreciation and amortisationDepreciation and amortisation. The part of the cost of plant, buildings and other long-lived assets charged against each year they are used. | 2.5 | 2.7 | 2.9 |
| Operating profit after depreciationOperating profit after depreciation (EBIT). Operating profit before depreciation, less depreciation and amortisation. | 15.5 | 9.7 | – |
| Other incomeOther income. Income from outside the main business, such as interest on deposits, dividends received and gains on investments. | 2.0 | 1.1 | 1.7 |
| Finance costsFinance costs. Interest and the other costs of borrowing in the period. | 0.1 | 0.0 | – |
| Profit before tax | 17.3 | 10.8 | 10.6 |
| 6.0 | 3.7 | 3.6 | |
| Net profit | 11.4 | 7.1 | 7.0 |
| Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. | 24.8% | 16.5% | 17.2% |
Standalone, ₹ crore, years to March.
Balance sheet
Standalone, ₹ crore, at 31 March. The last column is the half year to Sep 2020, after the latest full year: the balance sheet at its end.
| ₹ crore | Mar 2019Filed 10 Jun | Mar 2020Filed 4 Aug | Sep 2020Half yearFiled 19 Nov |
|---|---|---|---|
| Net worth. What the company owns less everything it owes: the money shareholders have in the business, paid in and kept from profits. | 107 | 125 | 77 |
| Share capitalShare capital. The face value of all the shares the company has issued. | 16 | 16 | 16 |
| ReservesReserves. The rest of the shareholders' net worth: profits kept in the business over the years, and money paid for shares above their face value. | 91 | 109 | 61 |
| BorrowingsBorrowings. Loans, bonds and other money the company has borrowed and must repay with interest. | 293 | 493 | 530 |
| Liabilities due within a year. Everything the company must pay within twelve months: borrowings falling due, suppliers, and other dues and provisions. | 33 | 38 | 31 |
| Liabilities due after a year. Everything the company owes that falls due more than twelve months on, borrowings among it. | 306 | 515 | 547 |
| Total assetsTotal assets. Everything the company owns or controls: plant, investments, stock, money owed by customers and cash. | 446 | 677 | 654 |
| Assets held for longer than a year. Everything the company owns that it does not expect to turn into cash within twelve months: plant, intangibles, long-term investments, loans given and the like. | 403 | 629 | 621 |
| Assets turning to cash within a year. Everything the company expects to turn into cash or use up within twelve months: stock, money owed by customers, cash and short-term investments. | 44 | 48 | 33 |
| Net debtNet debt. Borrowings less cash, other bank balances and current investments: what the company would still owe if it used its cash to repay. | 262 | 462 | 515 |
Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2011, Mar 2012, Mar 2013, Mar 2014, Mar 2015, Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.
Cash flow
Standalone, ₹ crore, years to March. The last column is the half year to Sep 2020, after the latest full year: the cash flow over its six months.
| ₹ crore | Sep 2020Half yearFiled 19 Nov |
|---|---|
| Cash from operations. Cash the business brought in from its operations in the period, after paying suppliers, staff and tax. | −12.6 |
| Change in working capital. Cash taken up, below nought, or released by the change in stock, money owed by customers, money owed to suppliers and other short-term items over the year. | 21.4 |
| ReceivablesChange in receivables. Cash taken up, below nought, or released by the change in what customers owe. | 2.6 |
| InventoriesChange in inventories. Cash taken up, below nought, or released by the change in stock held. | 0.2 |
| Other working capitalOther working capital. The working-capital change from every other short-term item: advances, provisions, other assets and liabilities. | 18.6 |
| Capital spendingCapital spending. Cash spent in the period on plant, equipment, buildings and other long-lived assets. | 0.0 |
| Free cash flowFree cash flow. Cash from operations less capital spending: what is left to repay borrowings, pay dividends or keep. | −12.6 |
| Cash from investing. Cash spent on, below nought, or received from plant, investments, businesses bought or sold, and interest and dividends received. | −21.6 |
| Cash from financing. Cash raised from, or paid to, lenders and shareholders: borrowings taken and repaid, interest, lease payments, dividends and shares issued or bought back. | 14.6 |
| Dividends paidDividends paid. Cash paid to shareholders as dividends during the period. | 0.0 |
| Shares bought backShares bought back. Cash spent buying the company's own shares back from shareholders. | 0.0 |
| Shares issuedShares issued. Cash raised by selling new shares. | 0.0 |
| Net change in cashNet change in cash. Cash from operations, investing and financing added together: how much cash and cash equivalents rose or fell over the year, before currency effects. | −19.7 |
Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only.
Ratios
Standalone, years to March.
| Ratio | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019Filed 10 Jun | Mar 2020Filed 4 Aug |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growthRevenue growth. This year's revenue less last year's, divided by last year's, times 100; blank where last year's is not above nought. | 5.5% | 7.5% | 0.3% | 4.4% | 15.6% | – | – | −7.0% | 15.0% | 7.8% |
| Operating profit growthOperating profit growth. This year's operating profit before depreciation less last year's, divided by last year's, times 100; blank where last year's is not above nought. | – | −14.2% | – | – | – | – | – | – | 27.2% | −24.0% |
| Net profit growthNet profit growth. This year's net profit less last year's, divided by last year's, times 100; blank where last year's is not above nought. | −7.7% | −8.2% | 42.4% | −2.9% | 64.3% | – | – | −51.1% | 11.6% | −47.0% |
| Earnings per share growthEarnings per share growth. This year's earnings per share less last year's, on the same share count, divided by last year's, times 100; blank where last year's is not above nought. | – | – | – | – | – | – | – | −31.7% | 28.1% | −47.0% |
| Return on equity. Profit belonging to shareholders as a percentage of their average net worth over the year. | – | – | – | – | – | – | – | – | 8.6%what Return on equity, Mar 2019, includes. This year's return on equity, asset turnover and assets per rupee of net worth are on its year-end balance sheet: none a year before is on record to average with. | 4.2% |
| Change in return on equity. This year's return on equity less last year's, in percentage points, split below into what came from the margin, turnover and borrowing, which add up to it. | – | – | – | – | – | – | – | – | – | −4.4 pts |
| From the net marginChange from the net margin. The part of the change in return on equity that came from profit per rupee of sales. | – | – | – | – | – | – | – | – | – | −4.4 pts |
| From asset turnoverChange from asset turnover. The part of the change in return on equity that came from sales per rupee of assets. | – | – | – | – | – | – | – | – | – | −0.6 pts |
| From borrowingChange from borrowing. The part of the change in return on equity that came from assets per rupee of net worth. | – | – | – | – | – | – | – | – | – | 0.6 pts |
| Return on capital employedReturn on capital employed. Operating profit after depreciation divided by net worth plus borrowings at the year end, times 100: what the business earns on all the money in it. | – | – | – | – | – | – | – | – | 5.3% | 2.0% |
| Interest coverInterest cover. Operating profit after depreciation divided by finance costs: how many times over the profit pays the interest bill. | 765.0 | 13.2 | – | – | 37.4 | – | – | 2.6 | 2.9 | 2.8 |
| Debt to equityDebt to equity. Borrowings at the year end divided by net worth: rupees borrowed for each rupee shareholders have in the business. | – | – | – | – | – | – | – | – | 2.74 | 3.96 |
| Receivable daysReceivable days. Trade receivables divided by revenue, times 365: the average days customers take to pay. | – | – | – | – | – | – | – | – | 38 | 24 |
| Inventory daysInventory days. Inventories divided by the cost of materials and goods, times 365: the days of stock the company holds. | – | – | – | – | – | – | – | – | 92 | 101 |
| Payable daysPayable days. Trade payables divided by the cost of materials and goods, times 365: the average days the company takes to pay suppliers. | – | – | – | – | – | – | – | – | 493 | 655 |
| Cash conversion cycle, daysCash conversion cycle. Receivable days plus inventory days less payable days: how long money is tied up between paying suppliers and being paid by customers. | – | – | – | – | – | – | – | – | −363 | −530 |
| Working capital daysWorking capital days. Assets turning to cash within a year, less cash, bank deposits and current investments, minus liabilities due within a year, less borrowings, divided by the year's revenue, times 365. | – | – | – | – | – | – | – | – | −117 | −106 |
| Asset turnoverAsset turnover. Revenue divided by average total assets: rupees of sales for each rupee of assets. | – | – | – | – | – | – | – | – | 0.15 | 0.13 |
| Assets per rupee of net worthAssets per rupee of net worth. Average total assets divided by average net worth: how far borrowings and other liabilities stretch the shareholders' money. | – | – | – | – | – | – | – | – | 4.17 | 4.85 |
| Sales per rupee of plantSales per rupee of plant. Revenue divided by the net block: rupees of sales for each rupee of plant in use. | – | – | – | – | – | – | – | – | 1.97 | 0.13 |
| Plant being built, % of plant in useCapital work in progress, % of net block. Plant still being built as a percentage of the plant in use. | – | – | – | – | – | – | – | – | 1,050.1% | 14.4% |
No balance sheet is on record for the years to Mar 2011, Mar 2012, Mar 2013, Mar 2014, Mar 2015, Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.
Growth and returns over 3, 5 and 10 years
Standalone: the listed company alone, without its subsidiaries. Each window ends with the year to Mar 2020.
- Return on assets, latest yearReturn on assets, latest year. Profit to the company's own shareholders in the latest year ÷ the average of that year's opening and closing total assets × 100; empty for a bank, a lender or an insurer, whose own return on assets is shown with its accounts.
- 0.9%
| Measure | 10 years | 5 years | 3 years |
|---|---|---|---|
| Revenue growth, yearly rateRevenue growth, yearly rate. 3 years: Revenue in the latest year ÷ revenue in the year three years before, to the power of one third, − 1, × 100: the yearly rate it grew at; empty where either year is missing, nought or a loss, or a change of year end falls between them. 5 years: Revenue in the latest year ÷ revenue in the year five years before, to the power of one fifth, − 1, × 100: the yearly rate it grew at; empty where either year is missing, nought or a loss, or a change of year end falls between them. 10 years: Revenue in the latest year ÷ revenue in the year ten years before, to the power of one tenth, − 1, × 100: the yearly rate it grew at; empty where either year is missing, nought or a loss, or a change of year end falls between them. | 5.8% | 5.1% | 4.9% |
| Profit growth, yearly rateProfit growth, yearly rate. 3 years: Profit to the company's own shareholders in the latest year ÷ profit to the company's own shareholders in the year three years before, to the power of one third, − 1, × 100: the yearly rate it grew at; empty where either year is missing, nought or a loss, or a change of year end falls between them. 5 years: Profit to the company's own shareholders in the latest year ÷ profit to the company's own shareholders in the year five years before, to the power of one fifth, − 1, × 100: the yearly rate it grew at; empty where either year is missing, nought or a loss, or a change of year end falls between them. 10 years: Profit to the company's own shareholders in the latest year ÷ profit to the company's own shareholders in the year ten years before, to the power of one tenth, − 1, × 100: the yearly rate it grew at; empty where either year is missing, nought or a loss, or a change of year end falls between them. | −3.5% | −18.4% | −33.9% |
| Return on equity, averageReturn on equity, average. 3 years: The plain average of the yearly return on equity over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly return on equity over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly return on equity over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | – | – | 6.4% |
| Return on capital employed, averageReturn on capital employed, average. 3 years: The plain average of the yearly return on capital employed over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly return on capital employed over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly return on capital employed over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | – | – | 3.6% |
| Operating margin, averageOperating margin, average. 3 years: The plain average of the yearly operating profit margin over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly operating profit margin over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly operating profit margin over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | – | – | 30.8% |
| Net margin, averageNet margin, average. 3 years: The plain average of the yearly net profit margin over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly net profit margin over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly net profit margin over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | 16.6% | 15.6% | 11.7% |
| Asset turnover, averageAsset turnover, average. 3 years: The plain average of the yearly asset turnover over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly asset turnover over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly asset turnover over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | – | – | 0.14 |
| Cash conversion cycle, days, averageCash conversion cycle, days, average. 3 years: The plain average of the yearly cash conversion cycle in days over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly cash conversion cycle in days over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly cash conversion cycle in days over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | – | – | −446 |
| Interest cover, averageInterest cover, average. 3 years: The plain average of the yearly interest cover over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly interest cover over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly interest cover over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | – | – | 2.8 |
| Debt to equity, averageDebt to equity, average. 3 years: The plain average of the yearly debt to equity over the last three years, needing at least two of them; a year without the figure is left out, never filled in. 5 years: The plain average of the yearly debt to equity over the last five years, needing at least four of them; a year without the figure is left out, never filled in. 10 years: The plain average of the yearly debt to equity over the last ten years, needing at least nine of them; a year without the figure is left out, never filled in. | – | – | 3.35 |
Accounting checks
Standalone, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.
| Check | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 |
|---|---|---|---|---|---|---|---|---|---|---|
| Altman Z-scoreAltman Z-score. Working capital, reserves, operating profit, market value and sales, each over total assets, weighted and added: a published measure of financial strain.Published threshold 1.1 | – | – | – | – | – | – | – | – | 1.50 | 1.00 |
| Receivables growth less revenue growthReceivables growth less revenue growth. The growth in money owed by customers less the growth in revenue, in percentage points.Our threshold 0 percentage points | – | – | – | – | – | – | – | – | – | −39.08 |
| Inventory growth less cost-of-goods growthInventory growth less cost-of-goods growth. The growth in stock held less the growth in the cost of goods sold, in percentage points.Our threshold 0 percentage points | – | – | – | – | – | – | – | – | – | 12.08 |
| Other current assets growth less revenue growthOther current assets growth less revenue growth. The growth in other current assets less the growth in revenue, in percentage points.Our threshold 5 per cent of revenue | – | – | – | – | – | – | – | – | – | 9.20 |
| Assets under construction, years of additionsAssets under construction, years of additions. Capital work in progress divided by the year's additions to plant: how many years of building stand unfinished.Our threshold 2 years of additions | – | – | – | – | – | – | – | – | – | 0.15 |
| Effective tax rateEffective tax rate. Tax charged as a percentage of profit before tax.Published threshold 17.16 per cent | 34.72 | 30.59 | 31.71 | 37.80 | 34.93 | – | 35.13 | 44.95 | 42.86 | 50.60 |
A threshold marked as ours has no published figure; it is the line we read the check against.