Cash flow Swatch Group Boerse Muenchen

Stocks

UHR

CH0012255151

Apparel & Accessories

Real-time Boerse Muenchen 04:43:08 11/09/26 am AEST			5-day change	1st Jan Change
187.60 ^EUR	-0.56%		-2.34%	+5.66%

10:35pm	Morningstar Upgrades Swatch Group to Buy Rating	MT
27/08	UK Court Orders Samsung to Pay Swatch $11.6 Million for Trademark Infringement	MT

692f9a41bb.SbF-CAsC98ZbBxdDVZp5y2LBxvFbofq-QIoRT_5PQK4.Dt03ezpykoAaSFwCGPAX-SjygcQ_4rT7JftwOZgkL9gv4jtrZzqNvxkqWg

Published financial data: SWATCH GROUP

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (CHF)	2022 (CHF)	2023 (CHF)	2024 (CHF)	2025 (CHF)
Revenues	7.31B	7.5B	7.89B	6.74B	6.28B
Total Revenues	7.31B	7.5B	7.89B	6.74B	6.28B
Cost of Goods Sold, Total	1.5B	1.31B	1.18B	1.13B	1.12B
Gross Profit	5.81B	6.19B	6.71B	5.6B	5.16B
Selling General & Admin Expenses, Total	2.74B	2.92B	3.11B	3.06B	2.91B
Depreciation & Amortization - (IS)	396M	365M	346M	366M	377M
Amortization of Goodwill and Intangible Assets - (IS)	41M	41M	44M	48M	46M
Other Operating Expenses	1.6B	1.71B	2.02B	1.83B	1.69B
Other Operating Expenses, Total	4.79B	5.03B	5.52B	5.3B	5.03B
Operating Income	1.02B	1.16B	1.19B	306M	135M
Interest Expense, Total	-5M	-3M	-4M	-3M	-4M
Interest And Investment Income	15M	26M	41M	34M	24M
Net Interest Expenses	10M	23M	37M	31M	20M
Income (Loss) On Equity Invest.	-9M	-21M	-1M	-2M	8M
Currency Exchange Gains (Loss)	-19M	-37M	-91M	-5M	-34M
Other Non Operating Income (Expenses)	-4M	-4M	-1M	-2M	6M
EBT, Excl. Unusual Items	1B	1.12B	1.14B	328M	135M
Restructuring Charges	-	-	-	-	-
Gain (Loss) On Sale Of Investments	12M	-23M	17M	19M	23M
Asset Writedown	-1M	-1M	-	-2M	-
EBT, Incl. Unusual Items	1.01B	1.1B	1.15B	345M	158M
Income Tax Expense	237M	273M	262M	126M	133M
Earnings From Continuing Operations	774M	823M	890M	219M	25M
Net Income to Company	774M	823M	890M	219M	25M
Minority Interest	-9M	-16M	-21M	-26M	-22M
Net Income - (IS)	765M	807M	869M	193M	3M
Net Income to Common Incl Extra Items	765M	807M	869M	193M	3M
Net Income to Common Excl. Extra Items	765M	807M	869M	193M	3M
Per Share Items
Net EPS - Basic	14.77	15.57	16.76	3.73	0.06
Basic EPS - Continuing Operations	14.77	15.57	16.76	3.73	0.06
Basic Weighted Average Shares Outstanding	51.78M	51.82M	51.86M	51.69M	51.9M
Net EPS - Diluted	14.76	15.56	16.75	3.73	0.06
Diluted EPS - Continuing Operations	14.76	15.56	16.75	3.73	0.06
Diluted Weighted Average Shares Outstanding	51.81M	51.85M	51.89M	51.72M	51.93M
Normalized Basic EPS	11.9	13.2	13.27	3.46	1.2
Normalized Diluted EPS	11.89	13.19	13.27	3.46	1.2
Dividend Per Share	5.5	6	6.5	4.5	4.5
Payout Ratio	23.66	35.32	35.79	173.58	7.8K
American Depositary Receipts Ratio (ADR)	0.05	0.05	0.05	0.05	0.05
Supplemental Items
EBITDA	1.42B	1.53B	1.54B	676M	515M
EBITA	1.03B	1.16B	1.2B	310M	138M
EBIT	1.02B	1.16B	1.19B	306M	135M
EBITDAR	1.96B	2.08B	2.1B	1.23B	1.04B
Effective Tax Rate - (Ratio)	23.44	24.91	22.74	36.52	84.18
Total Current Taxes	275M	261M	235M	139M	107M
Total Deferred Taxes	-29M	15M	28M	-8M	28M
Normalized Net Income	616M	684M	688M	179M	62.38M
Non-Cash Pension Expense	5M	126M	135M	139M	133M
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	265M	265M	298M	299M	288M
Net Rental Expense, Total	538M	555M	557M	551M	528M
Imputed Operating Lease Interest Expense	221M	242M	410M	267M	563M
Imputed Operating Lease Depreciation	317M	313M	147M	284M	-35.2M
Stock-Based Comp., SG&A Exp. (Total)	9M	9M	8M	7M	5M
Total Stock-Based Compensation	9M	9M	8M	7M	5M

Fiscal Period: December	2021 (CHF)	2022 (CHF)	2023 (CHF)	2024 (CHF)	2025 (CHF)
Assets
Cash And Equivalents	1.98B	2.18B	1.68B	1.1B	1.01B
Short Term Investments	672M	369M	364M	293M	219M
Total Cash And Short Term Investments	2.65B	2.54B	2.05B	1.4B	1.23B
Accounts Receivable, Total	710M	663M	672M	612M	594M
Other Receivables	153M	115M	212M	119M	118M
Total Receivables	863M	778M	884M	731M	712M
Inventory	6.39B	6.87B	7.31B	7.64B	7.3B
Prepaid Expenses	171M	169M	219M	194M	231M
Other Current Assets, Total	33M	28M	43M	44M	130M
Total Current Assets	10.11B	10.39B	10.5B	10.01B	9.6B
Gross Property Plant And Equipment	7.64B	7.71B	8.14B	8.41B	8.41B
Accumulated Depreciation	-4.92B	-5.09B	-5.18B	-5.37B	-5.48B
Net Property Plant And Equipment	2.72B	2.62B	2.96B	3.04B	2.93B
Long-term Investments	21M	19M	13M	34M	30M
Other Intangibles, Total	105M	111M	92M	151M	143M
Deferred Tax Assets Long-Term	449M	448M	448M	453M	402M
Deferred Charges Long-Term	39M	35M	61M	-	-
Other Long-Term Assets, Total	242M	264M	155M	312M	277M
Total Assets	13.68B	13.89B	14.23B	13.99B	13.38B
Liabilities
Accounts Payable, Total	313M	298M	317M	270M	245M
Accrued Expenses, Total	574M	491M	527M	442M	434M
Short-term Borrowings	97M	6M	73M	11M	35M
Current Portion of Long-Term Debt	1M	2M	2M	9M	1M
Current Income Taxes Payable	147M	119M	123M	67M	59M
Other Current Liabilities	245M	210M	178M	223M	209M
Total Current Liabilities	1.38B	1.13B	1.22B	1.02B	983M
Long-Term Debt	2M	2M	2M	2M	2M
Pension & Other Post Retirement Benefits	42M	43M	42M	44M	42M
Deferred Tax Liability Non Current	430M	459M	516M	507M	505M
Other Non Current Liabilities	222M	212M	191M	200M	190M
Total Liabilities	2.07B	1.84B	1.97B	1.78B	1.72B
Common Stock, Total	118M	118M	118M	118M	118M
Retained Earnings	14.34B	14.86B	15.42B	15.27B	15.04B
Treasury Stock	-131M	-123M	-114M	-132M	-81M
Comprehensive Income and Other	-2.78B	-2.87B	-3.22B	-3.15B	-3.52B
Total Common Equity	11.54B	11.98B	12.2B	12.11B	11.56B
Minority Interest	65M	66M	61M	105M	93M
Total Equity	11.6B	12.05B	12.26B	12.22B	11.65B
Total Liabilities And Equity	13.68B	13.89B	14.23B	13.99B	13.38B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	51.81M	51.84M	51.87M	51.77M	52M
ECS Total Common Shares Outstanding	51.81M	51.84M	51.87M	51.77M	52M
Book Value / Share	222.74	231.21	235.13	233.97	222.34
Tangible Book Value	11.44B	11.87B	12.1B	11.96B	11.42B
Tangible Book Value Per Share	220.72	229.07	233.36	231.05	219.59
Total Debt	100M	10M	77M	22M	38M
Net Debt	-2.55B	-2.54B	-1.97B	-1.37B	-1.19B
Debt Equivalent Oper. Leases	4.3B	4.44B	4.46B	4.41B	4.22B
Minority Interest, Total (Incl. Fin. Div)	65M	66M	61M	105M	93M
Equity Method Investments, Total	21M	19M	13M	34M	30M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	492M	609M	690M	660M	618M
Inventories - Work In Process, Total	2.11B	2.4B	2.68B	2.7B	2.64B
Inventories - Finished Goods, Total	3.44B	3.5B	3.56B	3.92B	3.66B
Inventories - Others	345M	369M	372M	368M	384M
Land - (BS)	2.67B	2.66B	2.92B	2.99B	3B
Machinery, Total	4.97B	5.06B	5.22B	5.42B	5.41B
Full Time Employees	31.44K	32.06K	33.6K	32.48K	31.8K
Accumulated Allowance for Doubtful Accounts (Supple)	11M	8M	6M	6M	7M

Fiscal Period: December	2021 (CHF)	2022 (CHF)	2023 (CHF)	2024 (CHF)	2025 (CHF)
Net Income	765M	807M	869M	193M	3M
Depreciation & Amortization - CF	396M	365M	346M	366M	377M
Amortization of Goodwill and Intangible Assets - (CF)	4M	6M	5M	4M	3M
Depreciation & Amortization, Total	400M	371M	351M	370M	380M
Amortization of Deferred Charges, Total - (CF)	37M	35M	39M	44M	43M
(Gain) Loss From Sale Of Asset	2M	-9M	-2M	1M	-16M
(Gain) Loss on Sale of Investments - (CF)	-	37M	-12M	4M	-25M
Asset Writedown & Restructuring Costs	1M	1M	-	2M	-
(Income) Loss On Equity Investments - (CF)	9M	21M	1M	2M	-8M
Stock-Based Compensation (CF)	-	9M	8M	7M	5M
Other Operating Activities, Total	44M	20M	153M	-83M	117M
Change In Accounts Receivable	-19M	33M	-72M	71M	-25M
Change In Inventories	-19M	-548M	-698M	-220M	63M
Change In Accounts Payable	27M	-3M	25M	-30M	-12M
Change in Other Net Operating Assets	51M	-50M	-47M	-28M	-18M
Cash from Operations	1.3B	724M	615M	333M	507M
Capital Expenditure	-251M	-339M	-730M	-503M	-409M
Sale of Property, Plant, and Equipment	10M	5M	20M	3M	15M
Cash Acquisitions	-	-	-2M	-	-
Divestitures	-	-	-	-	-
Sale (Purchase) of Intangible assets	-43M	-46M	-54M	-44M	-40M
Investment in Marketable and Equity Securities, Total	-462M	268M	4M	89M	91M
Other Investing Activities, Total	19M	-2M	-6M	-15M	-3M
Cash from Investing	-727M	-114M	-768M	-470M	-346M
Short Term Debt Issued, Total	-	1M	-	-	21M
Long-Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	-	1M	-	-	21M
Short Term Debt Repaid, Total	-37M	-	-	-3M	-
Long-Term Debt Repaid, Total	-1M	-	-	-	-
Total Debt Repaid	-38M	-	-	-3M	-
Issuance of Common Stock	12M	1M	1M	1M	30M
Repurchase of Common Stock	-12M	-2M	-	-50M	-
Common Dividends Paid	-181M	-285M	-311M	-335M	-234M
Common & Preferred Stock Dividends Paid	-181M	-285M	-311M	-335M	-234M
Other Financing Activities, Total	-15M	-15M	-17M	-23M	-22M
Cash from Financing	-234M	-300M	-327M	-410M	-205M
Foreign Exchange Rate Adjustments	10M	-21M	-80M	28M	-53M
Net Change in Cash	347M	289M	-560M	-519M	-97M
Supplemental Items
Cash Interest Paid	-	-	-	-	-
Cash Income Tax Paid (Refund)	256M	277M	228M	202M	119M
Levered Free Cash Flow	938M	200M	-224M	-251M	249M
Unlevered Free Cash Flow	941M	201M	-222M	-249M	251M
Change In Net Working Capital	-150M	553M	580M	314M	-188M
Net Debt Issued / Repaid	-38M	1M	-	-3M	21M

Fiscal Period: December	2021 (CHF)	2022 (CHF)	2023 (CHF)	2024 (CHF)	2025 (CHF)
Profitability
Return on Assets	4.81	5.25	5.29	1.36	0.62
Return on Total Capital	5.61	6.1	6.1	1.56	0.71
Return On Equity %	6.86	6.96	7.32	1.79	0.21
Return on Common Equity	6.82	6.86	7.19	1.59	0.03
Margin Analysis
Gross Profit Margin %	79.42	82.54	85.08	83.19	82.2
SG&A Margin	37.52	38.91	39.39	45.39	46.34
EBITDA Margin %	19.44	20.4	19.55	10.04	8.2
EBITA Margin %	14.03	15.54	15.16	4.6	2.2
EBIT Margin %	13.98	15.46	15.1	4.54	2.15
Income From Continuing Operations Margin %	10.58	10.97	11.28	3.25	0.4
Net Income Margin %	10.46	10.76	11.02	2.87	0.05
Net Avail. For Common Margin %	10.46	10.76	11.02	2.87	0.05
Normalized Net Income Margin	8.42	9.12	8.73	2.66	0.99
Levered Free Cash Flow Margin	12.82	2.66	-2.84	-3.72	3.96
Unlevered Free Cash Flow Margin	12.86	2.69	-2.81	-3.69	4
Asset Turnover
Asset Turnover	0.55	0.54	0.56	0.48	0.46
Fixed Assets Turnover	2.61	2.81	2.83	2.25	2.11
Receivables Turnover (Average Receivables)	10.48	10.92	11.82	10.49	10.41
Inventory Turnover (Average Inventory)	0.24	0.2	0.17	0.15	0.15
Short Term Liquidity
Current Ratio	7.34	9.23	8.61	9.79	9.76
Quick Ratio	2.55	2.95	2.4	2.08	1.97
Operating Cash Flow to Current Liabilities	0.94	0.64	0.5	0.33	0.52
Days Sales Outstanding (Average Receivables)	34.81	33.41	30.89	34.89	35.05
Days Outstanding Inventory (Average Inventory)	1.54K	1.85K	2.2K	2.42K	2.44K
Average Days Payable Outstanding	68.65	62.19	69.58	73.37	121.75
Cash Conversion Cycle (Average Days)	1.51K	1.82K	2.16K	2.38K	2.35K
Long Term Solvency
Total Debt/Equity	0.86	0.08	0.63	0.18	0.33
Total Debt / Total Capital	0.85	0.08	0.62	0.18	0.32
LT Debt/Equity	0.02	0.02	0.02	0.02	0.02
Long-Term Debt / Total Capital	0.02	0.02	0.02	0.02	0.02
Total Liabilities / Total Assets	15.16	13.26	13.85	12.69	12.87
EBIT / Interest Expense	204.4	386.33	297.75	102	33.75
EBITDA / Interest Expense	284.4	510	385.5	225.33	128.75
(EBITDA - Capex) / Interest Expense	234.2	397	203	57.67	26.5
Total Debt / EBITDA	0.07	0.01	0.05	0.03	0.07
Net Debt / EBITDA	-1.79	-1.66	-1.28	-2.03	-2.31
Total Debt / (EBITDA - Capex)	0.09	0.01	0.09	0.13	0.36
Net Debt / (EBITDA - Capex)	-2.18	-2.13	-2.43	-7.94	-11.24
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	30.71	2.54	5.19	-14.62	-6.76
Gross Profit, 1 Yr. Growth %	36.72	6.58	8.42	-16.51	-7.87
EBITDA, 1 Yr. Growth %	198.74	7.59	0.78	-56.16	-23.82
EBITA, 1 Yr. Growth %	1.73K	13.55	2.66	-74.08	-55.48
EBIT, 1 Yr. Growth %	1.87K	13.4	2.76	-74.31	-55.88
Earnings From Cont. Operations, 1 Yr. Growth %	-1.56K	6.33	8.14	-75.39	-88.58
Net Income, 1 Yr. Growth %	-1.6K	5.49	7.68	-77.79	-98.45
Normalized Net Income, 1 Yr. Growth %	2.62K	11.04	0.64	-74	-65.15
Diluted EPS Before Extra, 1 Yr. Growth %	-1.6K	5.41	7.61	-77.72	-98.45
Accounts Receivable, 1 Yr. Growth %	3.65	-6.62	1.36	-8.93	-2.94
Inventory, 1 Yr. Growth %	1.17	7.58	6.34	4.54	-4.53
Net Property, Plant and Equip., 1 Yr. Growth %	-5.79	-3.39	12.77	2.64	-3.59
Total Assets, 1 Yr. Growth %	6.06	1.57	2.42	-1.67	-4.4
Tangible Book Value, 1 Yr. Growth %	5.86	3.84	1.95	-0.69	-4.54
Common Equity, 1 Yr. Growth %	5.9	3.86	1.77	-0.7	-4.55
Cash From Operations, 1 Yr. Growth %	58.49	-44.22	-15.06	-45.85	52.25
Capital Expenditures, 1 Yr. Growth %	20.67	35.06	115.34	-31.1	-18.69
Levered Free Cash Flow, 1 Yr. Growth %	20.73	-78.72	-212.34	20.42	-198.91
Unlevered Free Cash Flow, 1 Yr. Growth %	20.84	-78.59	-210.06	20.97	-200.65
Dividend Per Share, 1 Yr. Growth %	57.14	9.09	8.33	-30.77	0
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-5.81	15.77	3.86	-5.23	-10.77
Gross Profit, 2 Yr. CAGR %	-6.38	20.71	7.49	-4.86	-12.3
EBITDA, 2 Yr. CAGR %	-1.41	79.28	4.13	-33.53	-42.21
EBITA, 2 Yr. CAGR %	0.05	356.11	7.97	-48.42	-66.03
EBIT, 2 Yr. CAGR %	0	372.11	7.95	-48.62	-66.33
Earnings From Cont. Operations, 2 Yr. CAGR %	1.72	294.06	7.23	-48.42	-83.24
Net Income, 2 Yr. CAGR %	2.37	297.79	6.58	-51.1	-94.12
Normalized Net Income, 2 Yr. CAGR %	1.58	449.84	5.71	-48.84	-69.9
Diluted EPS Before Extra, 2 Yr. CAGR %	2.1	297.23	6.5	-51.03	-94.13
Accounts Receivable, 2 Yr. CAGR %	-7.95	-1.62	-2.71	-3.92	-5.98
Inventory, 2 Yr. CAGR %	-3.44	4.32	6.96	5.44	-0.1
Net Property, Plant and Equip., 2 Yr. CAGR %	-6.92	-4.6	4.38	7.58	-0.53
Total Assets, 2 Yr. CAGR %	-0.05	3.79	1.99	0.36	-3.04
Tangible Book Value, 2 Yr. CAGR %	0.64	4.84	2.89	0.37	-2.63
Common Equity, 2 Yr. CAGR %	0.59	4.87	2.81	0.53	-2.64
Cash From Operations, 2 Yr. CAGR %	2.98	-5.98	-31.17	-32.18	-9.2
Capital Expenditures, 2 Yr. CAGR %	-20.69	27.66	70.54	21.81	-25.15
Levered Free Cash Flow, 2 Yr. CAGR %	13.66	-49.32	-51.11	12.08	9.35
Unlevered Free Cash Flow, 2 Yr. CAGR %	13.46	-49.14	-51.46	11.14	10.57
Dividend Per Share, 2 Yr. CAGR %	0	30.93	8.71	-13.4	-16.8
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-4.8	-3.1	12.13	-2.71	-5.74
Gross Profit, 3 Yr. CAGR %	-5.49	-2.25	16.47	-1.19	-5.87
EBITDA, 3 Yr. CAGR %	-4.03	1.5	47.96	-21.95	-30.44
EBITA, 3 Yr. CAGR %	-4.31	4.36	177.45	-32.9	-50.89
EBIT, 3 Yr. CAGR %	-4.33	4.28	183.99	-33.1	-51.16
Earnings From Cont. Operations, 3 Yr. CAGR %	-3.71	3.24	156.08	-34.35	-68.8
Net Income, 3 Yr. CAGR %	-3.26	3.4	157.33	-36.81	-84.51
Normalized Net Income, 3 Yr. CAGR %	-4.02	4.64	212.19	-33.76	-54.99
Diluted EPS Before Extra, 3 Yr. CAGR %	-2.9	3.19	157.03	-36.77	-84.52
Accounts Receivable, 3 Yr. CAGR %	-7.36	-7.51	-0.64	-4.83	-3.6
Inventory, 3 Yr. CAGR %	-2.61	0.1	4.99	6.15	2.01
Net Property, Plant and Equip., 3 Yr. CAGR %	-3.77	-5.76	0.87	3.8	3.72
Total Assets, 3 Yr. CAGR %	0.04	0.49	3.33	0.76	-1.26
Tangible Book Value, 3 Yr. CAGR %	1.04	1.69	3.87	1.51	-1.3
Common Equity, 3 Yr. CAGR %	1.05	1.67	3.83	1.63	-1.19
Cash From Operations, 3 Yr. CAGR %	11.24	-16.06	-9.11	-36.46	-11.2
Capital Expenditures, 3 Yr. CAGR %	-16.88	-5.29	51.97	26.08	6.46
Levered Free Cash Flow, 3 Yr. CAGR %	39.12	-34.98	-33.92	-35.58	7.65
Unlevered Free Cash Flow, 3 Yr. CAGR %	38.86	-34.93	-34.22	-35.82	7.67
Dividend Per Share, 3 Yr. CAGR %	-11.74	2.94	22.92	-6.47	-9.14
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-0.64	-1.26	-1.43	-3.96	2.34
Gross Profit, 5 Yr. CAGR %	-0.61	-0.47	-0.5	-3.3	3.97
EBITDA, 5 Yr. CAGR %	3.4	1.23	-0.85	-14.31	1.59
EBITA, 5 Yr. CAGR %	4.87	2.98	0.42	-21.27	19.77
EBIT, 5 Yr. CAGR %	4.89	2.95	0.41	-21.43	21.02
Earnings From Cont. Operations, 5 Yr. CAGR %	5.47	1.74	0.52	-21.78	-13.95
Net Income, 5 Yr. CAGR %	5.91	1.94	0.56	-23.36	-43.26
Normalized Net Income, 5 Yr. CAGR %	5.66	2.72	-0.24	-21.41	22.49
Diluted EPS Before Extra, 5 Yr. CAGR %	6.7	2.37	0.76	-23.42	-43.31
Accounts Receivable, 5 Yr. CAGR %	-4.7	-9.23	-5.53	-6.09	-2.81
Inventory, 5 Yr. CAGR %	0.41	1.7	1.11	2.2	2.93
Net Property, Plant and Equip., 5 Yr. CAGR %	-2.4	-3.29	-0.59	-0.63	0.31
Total Assets, 5 Yr. CAGR %	0.86	0.61	0.82	0.43	0.73
Tangible Book Value, 5 Yr. CAGR %	0.98	1.36	1.78	1.16	1.12
Common Equity, 5 Yr. CAGR %	0.99	1.36	1.75	1.21	1.19
Cash From Operations, 5 Yr. CAGR %	5.15	-10.55	-8.19	-22.92	-9.15
Capital Expenditures, 5 Yr. CAGR %	-13.01	-3.06	10.81	4.74	14.48
Levered Free Cash Flow, 5 Yr. CAGR %	24.28	-22.14	-8.44	-19.16	-20.36
Unlevered Free Cash Flow, 5 Yr. CAGR %	24.22	-22.04	-8.81	-19.39	-20.24
Dividend Per Share, 5 Yr. CAGR %	-4.01	-4.36	-4.07	-3.93	5.15