Aankondiging • Jun 30
Changzheng Engineering Technology Co.,Ltd to Report First Half, 2026 Results on Aug 27, 2026 Changzheng Engineering Technology Co.,Ltd announced that they will report first half, 2026 results on Aug 27, 2026 Valuation Update With 7 Day Price Move • May 29
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥32.60, the stock trades at a forward P/E ratio of 47x. Average forward P/E is 29x in the Energy Services industry in China. Total returns to shareholders of 128% over the past three years. Declared Dividend • May 23
Dividend of CN¥0.075 announced Shareholders will receive a dividend of CN¥0.075. Ex-date: 29th May 2026 Payment date: 29th May 2026 Dividend yield will be 0.3%, which is lower than the industry average of 1.8%. Sustainability & Growth Dividend is covered by earnings (31% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 123% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Apr 28
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 0.4% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (28% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.6% average weekly change). Price Target Changed • Apr 07
Price target increased by 68% to CN¥37.00 Up from CN¥22.00, the current price target is provided by 1 analyst. New target price is 27% above last closing price of CN¥29.03. Stock is up 86% over the past year. The company is forecast to post earnings per share of CN¥0.63 for next year compared to CN¥0.40 last year. New Risk • Mar 31
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 28% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). High level of non-cash earnings (28% accrual ratio). Reported Earnings • Mar 31
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: CN¥0.40 (up from CN¥0.35 in FY 2024). Revenue: CN¥4.22b (up 24% from FY 2024). Net income: CN¥216.5m (up 14% from FY 2024). Profit margin: 5.1% (down from 5.5% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.5%. Earnings per share (EPS) missed analyst estimates by 25%. Revenue is forecast to grow 9.2% p.a. on average during the next 2 years, compared to a 10.0% growth forecast for the Energy Services industry in China. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Mar 31
Changzheng Engineering Technology Co.,Ltd, Annual General Meeting, Apr 22, 2026 Changzheng Engineering Technology Co.,Ltd, Annual General Meeting, Apr 22, 2026, at 14:00 China Standard Time. Location: The Company's Meeting Room, Beijing China Aankondiging • Mar 30
Changzheng Engineering Technology Co.,Ltd to Report Q1, 2026 Results on Apr 30, 2026 Changzheng Engineering Technology Co.,Ltd announced that they will report Q1, 2026 results on Apr 30, 2026 Aankondiging • Dec 26
Changzheng Engineering Technology Co.,Ltd to Report Fiscal Year 2025 Results on Mar 31, 2026 Changzheng Engineering Technology Co.,Ltd announced that they will report fiscal year 2025 results on Mar 31, 2026 New Risk • Dec 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.2% average weekly change). Profit margins are more than 30% lower than last year (4.1% net profit margin). Valuation Update With 7 Day Price Move • Dec 08
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to CN¥23.67, the stock trades at a forward P/E ratio of 40x. Average forward P/E is 21x in the Energy Services industry in China. Total returns to shareholders of 89% over the past three years. Reported Earnings • Nov 03
Third quarter 2025 earnings released: EPS: CN¥0.07 (vs CN¥0.07 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.07 (in line with 3Q 2024). Revenue: CN¥999.6m (up 77% from 3Q 2024). Net income: CN¥37.6m (up 2.3% from 3Q 2024). Profit margin: 3.8% (down from 6.5% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Energy Services industry in China. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Sep 30
Changzheng Engineering Technology Co.,Ltd to Report Q3, 2025 Results on Oct 30, 2025 Changzheng Engineering Technology Co.,Ltd announced that they will report Q3, 2025 results on Oct 30, 2025 Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥19.69, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 16x in the Energy Services industry in China. Total returns to shareholders of 56% over the past three years. New Risk • Sep 08
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.5% Last year net profit margin: 7.1% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (4.5% net profit margin). Aankondiging • Jun 30
Changzheng Engineering Technology Co.,Ltd to Report First Half, 2025 Results on Aug 30, 2025 Changzheng Engineering Technology Co.,Ltd announced that they will report first half, 2025 results on Aug 30, 2025 Reported Earnings • May 02
First quarter 2025 earnings released: EPS: CN¥0.06 (vs CN¥0.02 in 1Q 2024) First quarter 2025 results: EPS: CN¥0.06 (up from CN¥0.02 in 1Q 2024). Revenue: CN¥847.4m (up 257% from 1Q 2024). Net income: CN¥33.9m (up 164% from 1Q 2024). Profit margin: 4.0% (down from 5.4% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Energy Services industry in China. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 14% per year. Reported Earnings • Apr 01
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: CN¥0.35 (in line with FY 2023). Revenue: CN¥3.41b (up 22% from FY 2023). Net income: CN¥189.2m (up 1.1% from FY 2023). Profit margin: 5.5% (down from 6.7% in FY 2023). Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) missed analyst estimates by 29%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Energy Services industry in China. Over the last 3 years on average, earnings per share has increased by 9% per year and the company’s share price has also increased by 9% per year. Aankondiging • Apr 01
Changzheng Engineering Technology Co.,Ltd, Annual General Meeting, Apr 25, 2025 Changzheng Engineering Technology Co.,Ltd, Annual General Meeting, Apr 25, 2025, at 14:00 China Standard Time. Location: The Company's Meeting Room, Beijing China Aankondiging • Mar 28
Changzheng Engineering Technology Co.,Ltd to Report Q1, 2025 Results on Apr 29, 2025 Changzheng Engineering Technology Co.,Ltd announced that they will report Q1, 2025 results on Apr 29, 2025 Aankondiging • Dec 27
Changzheng Engineering Technology Co.,Ltd to Report Fiscal Year 2024 Results on Apr 01, 2025 Changzheng Engineering Technology Co.,Ltd announced that they will report fiscal year 2024 results on Apr 01, 2025 Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥18.00, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 15x in the Energy Services industry in China. Total returns to shareholders of 18% over the past three years. Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: CN¥0.07 (vs CN¥0.06 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.07 (up from CN¥0.06 in 3Q 2023). Revenue: CN¥563.4m (up 9.4% from 3Q 2023). Net income: CN¥36.8m (up 13% from 3Q 2023). Profit margin: 6.5% (up from 6.3% in 3Q 2023). Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Energy Services industry in China. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 1% per year. Aankondiging • Sep 30
Changzheng Engineering Technology Co.,Ltd to Report Q3, 2024 Results on Oct 30, 2024 Changzheng Engineering Technology Co.,Ltd announced that they will report Q3, 2024 results on Oct 30, 2024 Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to CN¥15.40, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 12x in the Energy Services industry in China. Total returns to shareholders of 3.0% over the past three years. Reported Earnings • Sep 01
Second quarter 2024 earnings released: EPS: CN¥0.18 (vs CN¥0.071 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.18 (up from CN¥0.071 in 2Q 2023). Revenue: CN¥866.4m (up 90% from 2Q 2023). Net income: CN¥78.0m (up 121% from 2Q 2023). Profit margin: 9.0% (up from 7.8% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Energy Services industry in China. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Declared Dividend • Jul 01
Dividend of CN¥0.10 announced Shareholders will receive a dividend of CN¥0.10. Ex-date: 5th July 2024 Payment date: 5th July 2024 Dividend yield will be 0.9%, which is lower than the industry average of 1.8%. Sustainability & Growth Dividend is covered by earnings (35% earnings payout ratio) but not adequately covered by cash flows (94% cash payout ratio). The dividend has increased by an average of 9.0% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 109% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Aankondiging • Jun 28
Changzheng Engineering Technology Co.,Ltd to Report First Half, 2024 Results on Aug 29, 2024 Changzheng Engineering Technology Co.,Ltd announced that they will report first half, 2024 results on Aug 29, 2024 Aankondiging • Apr 21
Changzheng Engineering Technology Co.,Ltd, Annual General Meeting, May 16, 2024 Changzheng Engineering Technology Co.,Ltd, Annual General Meeting, May 16, 2024, at 14:00 China Standard Time. Location: The Company's Meeting Room, Beijing China Reported Earnings • Apr 20
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CN¥0.35 (up from CN¥0.31 in FY 2022). Revenue: CN¥2.81b (up 12% from FY 2022). Net income: CN¥187.2m (up 12% from FY 2022). Profit margin: 6.7% (in line with FY 2022). Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) also missed analyst estimates by 13%. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Energy Services industry in China. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 9% per year. Aankondiging • Mar 29
Changzheng Engineering Technology Co.,Ltd to Report Q1, 2024 Results on Apr 30, 2024 Changzheng Engineering Technology Co.,Ltd announced that they will report Q1, 2024 results on Apr 30, 2024 Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to CN¥11.31, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 13x in the Energy Services industry in China. Total loss to shareholders of 7.0% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥4.84 per share. Aankondiging • Dec 29
Changzheng Engineering Technology Co.,Ltd to Report Fiscal Year 2023 Results on Apr 20, 2024 Changzheng Engineering Technology Co.,Ltd announced that they will report fiscal year 2023 results on Apr 20, 2024 Reported Earnings • Nov 01
Third quarter 2023 earnings released: EPS: CN¥0.06 (vs CN¥0.094 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.06 (down from CN¥0.094 in 3Q 2022). Revenue: CN¥514.8m (down 36% from 3Q 2022). Net income: CN¥32.6m (down 37% from 3Q 2022). Profit margin: 6.3% (down from 6.4% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Energy Services industry in China. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Reported Earnings • Aug 30
Second quarter 2023 earnings released: EPS: CN¥0.071 (vs CN¥0.10 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.071 (down from CN¥0.10 in 2Q 2022). Revenue: CN¥455.7m (up 7.0% from 2Q 2022). Net income: CN¥35.3m (down 22% from 2Q 2022). Profit margin: 7.8% (down from 11% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Energy Services industry in China. Over the last 3 years on average, earnings per share has increased by 4% per year and the company’s share price has also increased by 4% per year. Aankondiging • Jun 28
Changzheng Engineering Co.,LTD to Report First Half, 2023 Results on Aug 30, 2023 Changzheng Engineering Co.,LTD announced that they will report first half, 2023 results on Aug 30, 2023 Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to CN¥16.57, the stock trades at a trailing P/E ratio of 48.8x. Average trailing P/E is 30x in the Energy Services industry in China. Total returns to shareholders of 53% over the past three years. Reported Earnings • Apr 23
Full year 2022 earnings released: EPS: CN¥0.31 (vs CN¥0.29 in FY 2021) Full year 2022 results: EPS: CN¥0.31 (up from CN¥0.29 in FY 2021). Revenue: CN¥2.51b (up 3.1% from FY 2021). Net income: CN¥167.1m (up 7.5% from FY 2021). Profit margin: 6.7% (up from 6.4% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 8% per year. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improved over the past week After last week's 15% share price gain to CN¥14.12, the stock trades at a trailing P/E ratio of 47.4x. Average trailing P/E is 46x in the Energy Services industry in China. Total returns to shareholders of 17% over the past three years. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Lujiang Xie was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 30
Third quarter 2022 earnings released: EPS: CN¥0.06 (vs CN¥0.06 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.06 (in line with 3Q 2021). Revenue: CN¥259.1m (down 37% from 3Q 2021). Net income: CN¥31.5m (up 6.8% from 3Q 2021). Profit margin: 12% (up from 7.2% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Board Change • Sep 04
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Lujiang Xie was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 29
Second quarter 2022 earnings released: EPS: CN¥0.10 (vs CN¥0.078 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.10. Revenue: CN¥426.0m (up 14% from 2Q 2021). Net income: CN¥45.2m (flat on 2Q 2021). Profit margin: 11% (down from 12% in 2Q 2021). Reported Earnings • Apr 27
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: CN¥0.29 (down from CN¥0.33 in FY 2020). Revenue: CN¥2.43b (up 17% from FY 2020). Net income: CN¥155.5m (down 13% from FY 2020). Profit margin: 6.4% (down from 8.7% in FY 2020). Revenue missed analyst estimates by 40%. Earnings per share (EPS) also missed analyst estimates by 36%. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 03
Third quarter 2021 earnings released: EPS CN¥0.06 (vs CN¥0.094 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: CN¥408.2m (down 25% from 3Q 2020). Net income: CN¥29.5m (down 43% from 3Q 2020). Profit margin: 7.2% (down from 9.6% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment deteriorated over the past week After last week's 17% share price decline to CN¥15.16, the stock trades at a trailing P/E ratio of 36.8x. Average trailing P/E is 32x in the Energy Services industry in China. Total returns to shareholders of 27% over the past three years. Reported Earnings • Aug 29
Second quarter 2021 earnings released: EPS CN¥0.078 (vs CN¥0.12 in 2Q 2020) The company reported a poor second quarter result with weaker earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: CN¥372.6m (down 3.3% from 2Q 2020). Net income: CN¥45.6m (down 7.8% from 2Q 2020). Profit margin: 12% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 11
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥20.64, the stock trades at a trailing P/E ratio of 48.7x. Average trailing P/E is 24x in the Energy Services industry in China. Total returns to shareholders of 53% over the past three years. Reported Earnings • Apr 25
Full year 2020 earnings released: EPS CN¥0.33 (vs CN¥0.29 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: CN¥2.07b (up 17% from FY 2019). Net income: CN¥179.3m (up 16% from FY 2019). Profit margin: 8.7% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥18.41, the stock trades at a trailing P/E ratio of 77.3x. Average trailing P/E is 26x in the Energy Services industry in China. Total returns to shareholders of 38% over the past three years. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥14.40, the stock is trading at a trailing P/E ratio of 60.5x, up from the previous P/E ratio of 51.9x. This compares to an average P/E of 30x in the Energy Services industry in China. Total returns to shareholders over the past three years are 8.4%. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment deteriorated over the past week After last week's 17% share price decline to CN¥12.07, the stock is trading at a trailing P/E ratio of 50.7x, down from the previous P/E ratio of 60.9x. This compares to an average P/E of 27x in the Energy Services industry in China. Total return to shareholders over the past three years is a loss of 5.4%. Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥14.25, the stock is trading at a trailing P/E ratio of 59.9x, up from the previous P/E ratio of 51.2x. This compares to an average P/E of 27x in the Energy Services industry in China. Total return to shareholders over the past three years is a loss of 1.0%. Is New 90 Day High Low • Jan 04
New 90-day high: CN¥12.12 The company is up 6.0% from its price of CN¥11.41 on 30 September 2020. The Chinese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Energy Services industry, which is down 1.0% over the same period. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥129.4m, down 13% from the prior year. Total revenue was CN¥1.82b over the last 12 months, up 6.1% from the prior year. Aankondiging • Oct 29
Changzheng Engineering Co.,LTD to Report Q3, 2020 Results on Oct 30, 2020 Changzheng Engineering Co.,LTD announced that they will report Q3, 2020 results on Oct 30, 2020 Is New 90 Day High Low • Oct 26
New 90-day low: CN¥11.22 The company is down 7.0% from its price of CN¥12.03 on 28 July 2020. The Chinese market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Energy Services industry, which is flat over the same period.