Lynx Machinery & Commercials financials: balance sheet, profit and loss, cash flow
BSE: 505320Industrial ManufacturingSmall Cap
Lynx Machinery & Commercials Ltd. · Face value ₹10 Face value. The nominal value of one share as the company issued it, the unit its share capital is counted in and a dividend can be stated as a percentage of; it has no link to the share price. Face value in the glossary · Listed Jun 2001
Last close ₹185.50down ₹9.50 (4.87%)
Share price at the BSE close on 22 Oct 2026. Previous close ₹195.00.
22 Oct: open ₹185.50, high ₹185.50, low ₹185.50
52-week range of traded prices to 22 Oct 2026
₹147.00Low, 29 Dec 2025₹205.70High, 10 Aug 2026
- Under BSE's graded surveillance, stage II, on the list for 27 Oct 2026. The exchange puts a share here when its price has moved unusually, and trading in it carries extra conditions.
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹19 Cr4,224th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- Lossover the last 12 months
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- Net worth zero or below
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- Nonein the last 12 months
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business.
- Net worth zero or below
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026.
- Net worth zero or below
- Volume, BSEVolume. Shares traded on the last trading day. Volume in the glossary
- 15
Lynx Machinery & Commercials' financial statements for the 10 years to Mar 2026, standalone: the listed company alone, without its subsidiaries, with the twelve months to Jun 2026 after them.
10 years at a glance
₹ crore, years to March.Lynx Machinery & Commercials annual reports
Revenue, net profit and borrowings, ₹ crore
- Revenue
- Net profit
- Borrowings
- Loss
Peak revenue ₹0.16 Cr, year to Mar 2017; lowest ₹0.00 Cr, year to Mar 2019A loss in 10 of the 10 years shown
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. Operating margin in the glossary
- 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. Net margin in the glossary
Results for the year to Mar 2026
Standalone: the listed company alone, without its subsidiaries. ₹ crore.
From revenue to net profit
- Revenue0.0
- Employee costs−0.1
- Other expenses−0.4
- Operating profit−0.4
- Depreciation0.0
- Other income0.0
- One-off items0.0
- Finance costs−1.1
- Profit before tax−1.6
- Tax0.0
- Net profit−1.6
What the company owns
- Plant, investments and other assets₹16 Cr
- Receivables₹0 Cr
- Cash and bank₹0 Cr
What pays for it: net worth and liabilities
- Borrowings₹14 Cr
- Other liabilities₹3 Cr
Profit and loss
Standalone, ₹ crore, years to March. The last column is the twelve months to Jun 2026, the latest four quarters added.Lynx Machinery & Commercials quarterly results
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Jun 2026Twelve months |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 0.16 | 0.12 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Operating expenses. What the business spent to run itself in the period, materials, staff and other costs, before depreciation, interest and tax. Operating expenses in the glossary | – | 0.55 | 0.56 | 0.60 | 0.40 | 0.59 | 0.44 | 0.44 | 0.48 | 0.43 | – |
| 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. Cost of materials and goods in the glossary | – | – | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Employee costsEmployee costs. Salaries, wages, bonuses and other benefits paid to staff in the period. Employee costs in the glossary | – | 0.17 | 0.20 | 0.18 | 0.11 | 0.07 | 0.05 | 0.19 | 0.05 | 0.06 | – |
| Other expensesOther expenses. Every operating cost besides materials and staff: power, rent, freight, repairs, marketing and the like. Other expenses in the glossary | – | 0.35 | 0.36 | 0.43 | 0.30 | 0.52 | 0.39 | 0.25 | 0.43 | 0.37 | – |
| Operating profit before depreciationOperating profit before depreciation (EBITDA). Revenue less operating expenses: what the business earns from its operations before depreciation, interest and tax. Operating profit before depreciation (EBITDA) in the glossary | – | −0.43 | −0.56 | −0.60 | −0.40 | −0.59 | −0.44 | −0.44 | −0.48 | −0.43 | – |
| Operating margin | – | −367.3% | – | – | – | – | – | – | – | – | – |
| Employee costs, % of revenueEmployee costs, % of revenue. Salaries, wages and other staff costs divided by revenue, times 100. Employee costs, % of revenue in the glossary | – | 148.7% | – | – | – | – | – | – | – | – | – |
| 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. Other expenses, % of revenue in the glossary | – | 300.9% | – | – | – | – | – | – | – | – | – |
| 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. Depreciation and amortisation in the glossary | – | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | – |
| Operating profit after depreciationOperating profit after depreciation (EBIT). Operating profit before depreciation, less depreciation and amortisation. Operating profit after depreciation (EBIT) in the glossary | – | −0.44 | −0.57 | −0.61 | −0.41 | −0.60 | −0.45 | −0.45 | −0.49 | −0.44 | – |
| Other incomeOther income. Income from outside the main business, such as interest on deposits, dividends received and gains on investments. Other income in the glossary | 0.16 | 0.12 | 0.23 | 0.20 | 0.01 | 0.53 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Finance costsFinance costs. Interest and the other costs of borrowing in the period. Finance costs in the glossary | – | 0.02 | 0.03 | 0.00 | 0.02 | 0.05 | 0.09 | 0.10 | 0.78 | 1.12 | 1.19 |
| 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. Exceptional items in the glossary | – | – | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | – |
| Profit before tax | −0.52 | −0.44 | −0.37 | −0.42 | −0.43 | −0.12 | −0.54 | −0.54 | −1.27 | −1.55 | −1.63 |
| Tax | −0.02 | – | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net profit | −0.50 | −0.44 | −0.37 | −0.42 | −0.43 | −0.12 | −0.54 | −0.54 | −1.27 | −1.55 | −1.63 |
| 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. Other comprehensive income in the glossary | – | – | 0.18 | 0.03 | −0.01 | 0.00 | 0.00 | 0.06 | 0.00 | 0.00 | – |
| Total comprehensive incomeTotal comprehensive income. Net profit plus other comprehensive income. Total comprehensive income in the glossary | – | – | −0.19 | −0.39 | −0.44 | −0.12 | −0.54 | −0.49 | −1.27 | −1.55 | – |
| Net margin | −311.9% | −376.1% | – | – | – | – | – | – | – | – | – |
Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank. Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the year to Mar 2017: the statement does not state its finance costs or depreciation, which operating profit is worked out from, so operating profit is not given.
Balance sheet
Standalone, ₹ crore, at 31 March.
| ₹ crore | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Net worth. What the company owns less everything it owes: the money shareholders have in the business, paid in and kept from profits. Net worth in the glossary | 1.0 | 0.6 | 0.1 | 0.0 | −0.5 | −1.0 | −0.3 | −1.8 |
| Share capitalShare capital. The face value of all the shares the company has issued. Share capital in the glossary | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 1.0 | 1.0 |
| 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. Reserves in the glossary | 0.4 | 0.0 | −0.5 | −0.6 | −1.1 | −1.6 | −1.3 | −2.9 |
| BorrowingsBorrowings. Loans, bonds and other money the company has borrowed and must repay with interest. Borrowings in the glossary | 0.0 | 0.1 | 0.5 | 0.9 | 1.3 | 9.2 | 8.3 | 13.6 |
| Liabilities due within a year. Everything the company must pay within twelve months: borrowings falling due, suppliers, and other dues and provisions. Liabilities due within a year in the glossary | 1.0 | 1.0 | 1.0 | 1.4 | 4.0 | 0.5 | 4.6 | 0.0 |
| Liabilities due after a year. Everything the company owes that falls due more than twelve months on, borrowings among it. Liabilities due after a year in the glossary | 0.0 | 0.1 | 0.5 | 0.9 | 1.3 | 9.2 | 8.3 | 18.5 |
| Total assetsTotal assets. Everything the company owns or controls: plant, investments, stock, money owed by customers and cash. Total assets in the glossary | 2.0 | 1.7 | 1.7 | 2.3 | 4.8 | 8.7 | 12.6 | 16.6 |
| 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. Assets held for longer than a year in the glossary | 1.3 | 1.3 | 1.2 | 0.7 | 1.4 | 0.9 | 0.9 | 0.9 |
| 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. Assets turning to cash within a year in the glossary | 0.7 | 0.4 | 0.4 | 1.6 | 3.3 | 7.8 | 11.7 | 15.8 |
| 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. Net debt in the glossary | −0.2 | 0.1 | 0.5 | 0.9 | 1.2 | 8.8 | 8.3 | 13.6 |
Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.
Cash flow
Standalone, ₹ crore, years to March.
| ₹ crore | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations. Cash the business brought in from its operations in the period, after paying suppliers, staff and tax. Cash from operations in the glossary | −0.45 | −0.88 | −0.39 | −8.19 | −1.42 | −5.36 |
| Cash generated before tax. Cash from operations before income tax paid: profit before tax, with non-cash items added back and the change in working capital. Cash generated before tax in the glossary | −0.45 | −0.84 | −0.30 | −8.09 | −0.64 | −4.24 |
| 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. Change in working capital in the glossary | −0.02 | −0.72 | 0.23 | −7.56 | 0.62 | −3.81 |
| ReceivablesChange in receivables. Cash taken up, below nought, or released by the change in what customers owe. Change in receivables in the glossary | 0.00 | −1.18 | −2.42 | −4.18 | −4.20 | −4.09 |
| InventoriesChange in inventories. Cash taken up, below nought, or released by the change in stock held. Change in inventories in the glossary | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 |
| PayablesChange in payables. Cash kept, above nought, or paid out by the change in what the company owes suppliers. Change in payables in the glossary | −0.02 | 0.41 | 2.56 | −3.47 | 4.04 | 0.28 |
| Other working capitalOther working capital. The working-capital change from every other short-term item: advances, provisions, other assets and liabilities. Other working capital in the glossary | 0.00 | 0.05 | 0.09 | 0.10 | 0.78 | 0.00 |
| Interest paidInterest paid, in operations. Interest paid in cash that the company counts in its operations rather than its financing. Interest paid, in operations in the glossary | 0.03 | −0.05 | −0.09 | −0.10 | −0.78 | −1.12 |
| Capital spendingCapital spending. Cash spent in the period on plant, equipment, buildings and other long-lived assets. Capital spending in the glossary | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Free cash flowFree cash flow. Cash from operations less capital spending: what is left to repay borrowings, pay dividends or keep. Free cash flow in the glossary | −0.45 | −0.88 | −0.39 | −8.19 | −1.42 | −5.36 |
| Cash from investing. Cash spent on, below nought, or received from plant, investments, businesses bought or sold, and interest and dividends received. Cash from investing in the glossary | 0.04 | 0.51 | 0.01 | 0.60 | 0.00 | 0.01 |
| 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. Cash from financing in the glossary | 0.40 | 0.38 | 0.40 | 7.86 | 1.10 | 5.35 |
| Dividends paidDividends paid. Cash paid to shareholders as dividends during the period. Dividends paid in the glossary | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Shares bought backShares bought back. Cash spent buying the company's own shares back from shareholders. Shares bought back in the glossary | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Shares issuedShares issued. Cash raised by selling new shares. Shares issued in the glossary | 0.00 | 0.00 | 0.00 | 0.00 | 2.00 | 0.00 |
| 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. Net change in cash in the glossary | −0.01 | 0.00 | 0.02 | 0.28 | −0.32 | 0.00 |
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. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.
Ratios
Standalone, years to March.Lynx Machinery & Commercials PE ratio and valuation
| Ratio | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| 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. Revenue growth in the glossary | −26.9% | −100.0% | – | – | – | – | – | – | – |
| 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. | – | −59.8% | −88.7% | −62.9% | −65.7% | −57.8% | −5.5% | −6.2% | −3.7% |
| Debt to equityDebt to equity. Borrowings at the year end divided by net worth: rupees borrowed for each rupee shareholders have in the business. | – | 0.00 | 0.22 | 4.09 | 87.53 | – | – | – | – |
| Asset turnoverAsset turnover. Revenue divided by average total assets: rupees of sales for each rupee of assets. Asset turnover in the glossary | – | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 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. Assets per rupee of net worth in the glossary | – | 2.07 | 2.44 | 4.91 | 28.80 | −13.78 | −8.74 | −16.43 | −13.80 |
| 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. Sales per rupee of plant in the glossary | – | 0.00 | 0.00 | 0.00 | – | – | – | 0.00 | 0.00 |
| Capital spending to depreciationCapital spending to depreciation. Capital spending for the period divided by its depreciation and amortisation. Capital spending to depreciation in the glossary | – | – | – | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 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. Capital work in progress, % of net block in the glossary | – | 0.0% | 0.0% | 0.0% | – | – | – | 0.0% | 0.0% |
Interest cover is left blank for the years to Mar 2018, Mar 2019, Mar 2020, Mar 2021, Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill. Debt to equity is left blank for the years to Mar 2023, Mar 2024, Mar 2025 and Mar 2026: net worth is below zero, so there is no shareholders' money to set the borrowings against. No balance sheet is on record for the years to 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 2026.
- 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.
- −10.6%
| Measure | 5 years | 3 years |
|---|---|---|
| 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. | −27.8% | −5.1% |
| 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. | 0.00 | 0.00 |
Where the cash came from and went
Standalone: the listed company alone, without its subsidiaries. ₹ crore, added up over each window, which ends with the year to Mar 2026.
| ₹ crore | 5 years | 3 years | Latest year |
|---|---|---|---|
| Cash from operationsCash from operations. Latest year: Cash from operating activities in the latest year. 3 years: Cash from operating activities added over the last three years, needing every one of them. 5 years: Cash from operating activities added over the last five years, needing every one of them. | −16.3 | −15.0 | −5.4 |
| Cash from investingCash from investing. Latest year: Cash from investing activities in the latest year. 3 years: Cash from investing activities added over the last three years, needing every one of them. 5 years: Cash from investing activities added over the last five years, needing every one of them. | 1.1 | 0.6 | 0.0 |
| Cash from financingCash from financing. Latest year: Cash from financing activities in the latest year. 3 years: Cash from financing activities added over the last three years, needing every one of them. 5 years: Cash from financing activities added over the last five years, needing every one of them. | 15.1 | 14.3 | 5.4 |
| Capital spendingCapital spending. Latest year: Spending on property, plant and equipment in the latest year. 3 years: Spending on property, plant and equipment added over the last three years, needing every one of them. 5 years: Spending on property, plant and equipment added over the last five years, needing every one of them. | 0.0 | 0.0 | 0.0 |
| Dividends paidDividends paid. Latest year: Dividends paid in the latest year. 3 years: Dividends paid added over the last three years, needing every one of them. 5 years: Dividends paid added over the last five years, needing every one of them. | 0.0 | 0.0 | 0.0 |
| Shares bought backShares bought back. Latest year: Shares bought back in the latest year. 3 years: Shares bought back added over the last three years, needing every one of them. 5 years: Shares bought back added over the last five years, needing every one of them. | 0.0 | 0.0 | 0.0 |
| Shares issued for cashShares issued for cash. Latest year: Shares issued for cash in the latest year. 3 years: Shares issued for cash added over the last three years, needing every one of them. 5 years: Shares issued for cash added over the last five years, needing every one of them. | 2.0 | 2.0 | 0.0 |
| Borrowings raisedBorrowings raised. Latest year: Money raised by borrowing, as a positive amount, in the latest year; empty where a year's filing states only borrowing net of repayment, which says neither how much was raised nor how much paid back. 3 years: Money raised by borrowing, as a positive amount, added over the last three years, needing every one of them; empty where a year's filing states only borrowing net of repayment, which says neither how much was raised nor how much paid back. 5 years: Money raised by borrowing, as a positive amount, added over the last five years, needing every one of them; empty where a year's filing states only borrowing net of repayment, which says neither how much was raised nor how much paid back. | 14.0 | 13.2 | 5.4 |
| Borrowings repaidBorrowings repaid. Latest year: Money paid back on borrowings, as a positive amount, in the latest year. 3 years: Money paid back on borrowings, as a positive amount, added over the last three years, needing every one of them. 5 years: Money paid back on borrowings, as a positive amount, added over the last five years, needing every one of them. | 0.9 | 0.9 | 0.0 |
Accounting checks
Standalone, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.
| Check | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| 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. Altman Z-score in the glossaryPublished threshold 1.81 | – | 0.08 | – | – | – | 1.41 |
| Profit not backed by cash, % of assetsProfit not backed by cash (Sloan accruals). Net profit less cash from operations, as a percentage of average total assets. Profit not backed by cash (Sloan accruals) in the glossaryPublished threshold 10 per cent of average total assets | −0.92 | 12.82 | −4.18 | 104.78 | 1.41 | 26.04 |
| 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. Assets under construction, years of additions in the glossaryOur threshold 2 years of additions | – | – | 0.00 | 0.00 | 0.00 | 0.00 |
A threshold marked as ours has no published figure; it is the line we read the check against.