HGFA HBL Growth Fund

HBL Growth Fund (HGFA) income statement

HBL Growth Fund reported revenue of Rs 301.1 mn for FY2019 (Jul 2018 – Jun 2019), up 254.0% on FY2018.

HGFA income statement (annual) (Rs mn)
Rs mn	FY2019 Jul 2018 – Jun 2019	FY2018 Jul 2017 – Jun 2018	FY2017 Jul 2016 – Jun 2017	FY2016 Jul 2015 – Jun 2016	FY2015 Jul 2014 – Jun 2015	FY2014 Jul 2013 – Jun 2014	FY2013 Jul 2012 – Jun 2013	FY2012 Jul 2011 – Jun 2012	FY2011 Jul 2010 – Jun 2011	FY2010 Jul 2009 – Jun 2010	FY2009 Jul 2008 – Jun 2009	FY2008 Jul 2007 – Jun 2008	FY2007 Jul 2006 – Jun 2007	FY2006 * Jul 2005 – Jun 2006	FY2005 Jul 2004 – Jun 2005	FY2004 Jul 2003 – Jun 2004
Income	301.1	85.1	1,141.3	554.6	688.2	1,660.4	1,651.2	785.5	1,376.2	1,249.2	(1,503.3)	718.7	1,628.5	4,815.3	1,677.7	1,047.0
Net income before tax	(760.4)	(559.3)	1,660.3	455.7	(138.9)	1,821.2	1,706.8	509.3	1,198.2	551.7	(2,343.0)	(599.0)	1,789.2	3,243.4	2,678.1	1,795.0
Net income for the period	—	(559.3)	1,660.3	455.7	(138.9)	1,821.2	1,706.8	509.3	1,198.2	551.7	(2,343.0)	(599.0)	1,789.2	3,239.7	2,678.1	1,795.0

HGFA income statement — year-on-year change (Rs mn)
Rs mn	FY2019 Jul 2018 – Jun 2019	FY2018 Jul 2017 – Jun 2018	FY2017 Jul 2016 – Jun 2017	FY2016 Jul 2015 – Jun 2016	FY2015 Jul 2014 – Jun 2015	FY2014 Jul 2013 – Jun 2014	FY2013 Jul 2012 – Jun 2013	FY2012 Jul 2011 – Jun 2012	FY2011 Jul 2010 – Jun 2011	FY2010 Jul 2009 – Jun 2010	FY2009 Jul 2008 – Jun 2009	FY2008 Jul 2007 – Jun 2008	FY2007 Jul 2006 – Jun 2007	FY2006 * Jul 2005 – Jun 2006	FY2005 Jul 2004 – Jun 2005	FY2004 Jul 2003 – Jun 2004
Income	+254.0%	-92.5%	+105.8%	-19.4%	-58.6%	+0.6%	+110.2%	-42.9%	+10.2%	—	-309.2%	-55.9%	-66.2%	+187.0%	+60.2%	—
Net income before tax	—	-133.7%	+264.3%	—	-107.6%	+6.7%	+235.1%	-57.5%	+117.2%	—	—	-133.5%	-44.8%	+21.1%	+49.2%	—
Net income for the period	—	-133.7%	+264.3%	—	-107.6%	+6.7%	+235.1%	-57.5%	+117.2%	—	—	-133.5%	-44.8%	+21.0%	+49.2%	—

Change against the previous fiscal year; shown when the earlier figure is positive.

HGFA income statement — common size (Rs mn)
Rs mn	FY2019 Jul 2018 – Jun 2019	FY2018 Jul 2017 – Jun 2018	FY2017 Jul 2016 – Jun 2017	FY2016 Jul 2015 – Jun 2016	FY2015 Jul 2014 – Jun 2015	FY2014 Jul 2013 – Jun 2014	FY2013 Jul 2012 – Jun 2013	FY2012 Jul 2011 – Jun 2012	FY2011 Jul 2010 – Jun 2011	FY2010 Jul 2009 – Jun 2010	FY2009 Jul 2008 – Jun 2009	FY2008 Jul 2007 – Jun 2008	FY2007 Jul 2006 – Jun 2007	FY2006 * Jul 2005 – Jun 2006	FY2005 Jul 2004 – Jun 2005	FY2004 Jul 2003 – Jun 2004
Income	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	—	100.0%	100.0%	100.0%	100.0%	100.0%
Net income before tax	(252.5%)	(657.4%)	145.5%	82.2%	(20.2%)	109.7%	103.4%	64.8%	87.1%	44.2%	—	(83.3%)	109.9%	67.4%	159.6%	171.4%
Net income for the period	—	(657.4%)	145.5%	82.2%	(20.2%)	109.7%	103.4%	64.8%	87.1%	44.2%	—	(83.3%)	109.9%	67.3%	159.6%	171.4%

Each line as a percentage of income.

Figures in Pakistani rupees as reported by the company; costs and cash outflows in brackets; "—" = not reported. * Figures in this period do not fully reconcile in the source data (hover the * for details). Updated 16 Oct 2026.

All reported line items 92

HGFA income statement — all reported line items (Rs mn)
Rs mn	FY2019 Jul 2018 – Jun 2019	FY2018 Jul 2017 – Jun 2018	FY2017 Jul 2016 – Jun 2017	FY2016 Jul 2015 – Jun 2016	FY2015 Jul 2014 – Jun 2015	FY2014 Jul 2013 – Jun 2014	FY2013 Jul 2012 – Jun 2013	FY2012 Jul 2011 – Jun 2012	FY2011 Jul 2010 – Jun 2011	FY2010 Jul 2009 – Jun 2010	FY2009 Jul 2008 – Jun 2009	FY2008 Jul 2007 – Jun 2008	FY2007 Jul 2006 – Jun 2007	FY2006 Jul 2005 – Jun 2006	FY2005 Jul 2004 – Jun 2005	FY2004 Jul 2003 – Jun 2004
Investment Income - Gross - Investment	591.8	807.0	562.3	418.6	425.6	457.5	1,651.2	785.5	1,376.2	1,249.2	(1,518.1)	718.7	746.0	4,815.3	1,677.7	1,046.9
Dividend Income - Investments	502.8	738.6	537.2	393.1	392.3	426.2	449.5	415.8	460.2	244.1	442.2	466.0	598.2	519.6	466.4	358.7
Interest Income - Investment	89.0	68.3	25.1	25.5	33.4	31.3	1,201.7	369.7	916.0	1,005.1	(1,960.3)	252.7	147.8	4,295.7	1,211.3	688.1
Fees & Commissions Expense	25.1	21.3	23.1	18.1	17.8	17.7	13.5	11.6	12.6	12.4	11.1	20.1	19.7	17.1	12.7	0.0
Realized Capital Gain/(Loss) - Total	(290.6)	(721.9)	579.0	135.9	262.6	1,202.9	—	—	—	—	—	—	—	—	—	—
Investments Securities - Realized Gain/(Loss)	(290.6)	(721.9)	579.0	135.9	262.6	1,202.9	—	—	—	—	—	—	—	—	—	—
Investments & Loans - Business - Gain/(Loss)	(290.6)	(721.9)	579.0	135.9	262.6	1,202.9	—	—	—	—	—	—	—	—	—	—
Revenue from Business-Related Activities - Other - Total	—	—	—	—	—	—	—	—	—	—	—	—	882.5	—	—	—
Business-Related Financing Revenue - Other	—	—	—	—	—	—	—	—	0.0	0.0	14.8	0.0	—	0.0	0.0	0.1
Revenue from Business Activities - Total	301.1	85.1	1,141.3	554.6	688.2	1,660.4	1,651.2	785.5	1,376.2	1,249.2	(1,503.3)	718.7	1,628.5	4,815.3	1,677.7	1,047.0
Cost of Operating Revenue	—	21.3	23.1	18.1	17.8	17.7	13.5	11.6	12.6	12.4	11.1	20.1	19.7	17.1	12.7	0.0
Selling, General & Administrative Expenses - Total	85.6	305.2	274.6	298.3	357.8	406.3	272.5	206.8	205.8	200.7	151.0	282.5	310.7	348.2	177.1	144.0
Selling, General & Administrative Expenses - Unclassified	57.9	11.0	30.6	10.5	55.3	65.9	42.2	32.5	26.1	37.8	16.8	—	—	—	—	—
Investment Management Fees	229.3	260.4	284.4	217.6	226.7	225.5	166.5	141.2	155.2	151.7	134.1	249.1	245.0	210.4	158.9	136.2
Other Operating Expense/(Income) - Net	—	25.7	0.0	3.4	6.3	7.1	21.6	4.5	4.4	4.3	4.3	5.2	7.6	13.0	9.1	7.0
Performance/Incentive Investment Fees	229.3	260.4	284.4	217.6	226.7	225.5	166.5	141.2	155.2	151.7	134.1	249.1	245.0	210.4	158.9	136.2
Operating Expenses - Total	—	352.2	297.7	319.9	381.9	431.1	307.6	222.8	222.8	217.4	166.4	307.7	338.1	378.3	198.9	151.0
Labor & Related Expenses including Stock-Based Compensation in Selling, General & Administrative Expenses	(2.1)	0.0	(77.3)	0.0	0.0	37.2	34.8	10.4	24.5	11.3	0.0	—	—	—	—	—
Selling, General & Administrative Expenses - Other - Total	29.8	33.8	37.0	70.2	75.7	77.7	28.9	22.6	0.0	—	—	—	—	—	—	—
Operating Profit before Non-Recurring Income/(Expense)	—	(267.1)	843.6	234.7	306.3	1,229.3	1,343.6	562.7	1,153.4	1,031.8	(1,669.8)	411.0	1,290.4	4,437.0	1,478.8	896.0
Property & Other Taxes	29.8	33.8	37.0	70.2	75.7	77.7	28.9	22.6	0.0	—	—	—	—	—	—	—
Other Operating Expense	—	—	—	—	—	7.1	4.5	—	—	—	—	—	—	—	—	—
Operating Provisions - Increase/(Decrease)	—	—	—	—	—	0.0	17.2	—	—	—	—	—	—	—	—	—
Other Non-Operating Income/(Expense) - Total	—	—	—	—	—	—	—	—	—	—	—	—	(245.0)	—	—	—
Normalized Pre-tax Profit	(46.4)	(267.1)	843.6	234.7	306.3	1,229.3	1,343.6	562.7	1,153.4	1,031.8	(1,669.8)	411.0	1,045.4	4,437.0	1,478.8	896.0
Non-Recurring Income/Expense - Total	(714.0)	(292.2)	816.8	221.0	(445.2)	592.0	363.2	(53.4)	44.8	(480.1)	(673.2)	(1,010.0)	498.7	(1,193.6)	1,199.4	899.0
Fair Value Adjustments - Financial Investments	(714.0)	(292.2)	816.8	221.0	(445.2)	592.0	363.2	(53.4)	44.8	(480.1)	(673.2)	(1,010.0)	498.7	(1,193.6)	1,199.4	899.0
Provision for Income Tax Expense- Unclassified	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	3.7	0.0	0.0
Income before Taxes	(760.4)	(559.3)	1,660.3	455.7	(138.9)	1,821.2	1,706.8	509.3	1,198.2	551.7	(2,343.0)	(599.0)	1,789.2	3,243.4	2,678.1	1,795.0
Income Taxes	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	3.7	0.0	0.0
Net Income after Tax	—	(559.3)	1,660.3	455.7	(138.9)	1,821.2	1,706.8	509.3	1,198.2	551.7	(2,343.0)	(599.0)	1,789.2	3,239.7	2,678.1	1,795.0
Income before Discontinued Operations & Extraordinary Items	(760.4)	(559.3)	1,660.3	455.7	(138.9)	1,821.2	1,706.8	509.3	1,198.2	551.7	(2,343.0)	(599.0)	1,789.2	3,239.7	2,678.1	1,795.0
Net Income before Minority Interest	—	(559.3)	1,660.3	455.7	(138.9)	1,821.2	1,706.8	509.3	1,198.2	551.7	(2,343.0)	(599.0)	1,789.2	3,239.7	2,678.1	1,795.0
Net Income after Minority Interest	—	(559.3)	1,660.3	455.7	(138.9)	1,821.2	1,706.8	509.3	1,198.2	551.7	(2,343.0)	(599.0)	1,789.2	3,239.7	2,678.1	1,795.0
Income Available to Common Shares	(760.4)	(559.3)	1,660.3	455.7	(138.9)	1,821.2	1,706.8	509.3	1,198.2	551.7	(2,343.0)	(599.0)	1,789.2	3,239.7	2,678.1	1,795.0
Other Comprehensive Income - Starting Line	—	(559.3)	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Comprehensive Income - Unrealized Investment Gain/(Loss)	—	(567.8)	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Comprehensive Income - Net of Tax - Total	—	(567.8)	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Comprehensive Income before Minority Interest - Total	—	(1,127.1)	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Comprehensive Income - Attributable to Parent Company Equity Holders - Total	—	(1,127.1)	—	—	—	—	—	—	—	—	—	—	—	—	—	—
DPS - Common - Gross - Issue - By Period End Date Rs	—	0.00	2.75	0.75	0.00	0.00	4.50	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Income - Basic - including Extraordinary Items Applicable to Common - Total	(760.4)	(559.3)	1,660.3	455.7	(138.9)	1,821.2	1,706.8	509.3	1,198.2	551.7	(2,343.0)	(599.0)	1,789.2	3,239.7	2,678.1	1,795.0
Income available to Common excluding Extraordinary Items	(760.4)	(559.3)	1,660.3	455.7	(138.9)	1,821.2	1,706.8	509.3	1,198.2	551.7	(2,343.0)	(599.0)	1,789.2	3,239.7	2,678.1	1,795.0
Shares used to calculate Basic EPS - Total mn	—	283.5	283.5	283.5	283.4	283.5	283.5	283.5	283.5	283.5	283.5	283.5	283.5	212.0	198.4	157.5
EPS - Basic - including Extraordinary Items Applicable to Common - Total Rs	—	(1.97)	5.86	1.61	(0.49)	6.42	6.02	1.80	4.23	1.95	(8.26)	(2.11)	6.31	15.28	13.50	11.40
EPS - Basic - excluding Extraordinary Items Applicable to Common - Total Rs	—	(1.97)	5.86	1.61	(0.49)	6.42	6.02	1.80	4.23	1.95	(8.26)	(2.11)	6.31	15.28	13.50	11.40
EPS - Basic - excluding Extraordinary Items - Normalized - Total Rs	—	(0.94)	2.98	0.83	1.08	4.34	4.74	1.98	4.07	3.64	(5.89)	1.45	4.55	20.91	7.45	5.69
Allocated Net Income including Extraordinary Items Applicable to Common - Issue Specific	—	(559.3)	1,660.3	455.7	(138.9)	1,821.2	1,706.8	—	—	—	—	—	—	—	—	—
Earnings Allocation Factor - Basic - Issue Specific	—	1.00×	1.00×	1.00×	1.00×	1.00×	1.00×	—	—	—	—	—	—	—	—	—
Shares used to calculate Basic EPS - Issue Specific mn	—	283.5	283.5	283.5	283.4	283.5	283.5	—	—	—	—	—	—	—	—	—
EPS - Basic - including Extraordinary Items Applicable to Common - Issue Specific Rs	—	(1.97)	5.86	1.61	(0.49)	6.42	6.02	1.80	4.23	1.95	(8.26)	(2.11)	6.31	15.28	13.50	11.40
EPS - Basic - excluding Extraordinary Items Applicable to Common - Issue Specific Rs	—	(1.97)	5.86	1.61	(0.49)	6.42	6.02	1.80	4.23	1.95	(8.26)	(2.11)	6.31	15.28	13.50	11.40
EPS - Basic - excluding Extraordinary Items - Normalized - Issue Specific Rs	—	(0.94)	2.98	0.83	1.08	4.34	4.74	1.98	4.07	3.64	(5.89)	1.45	4.55	20.91	7.45	5.69
EPS - Basic from Discontinued Operations & Extraordinary Items Rs	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Comprehensive Earnings Per Share - Basic - Issue Specific Rs	—	(3.98)	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Dilution Adjustment	—	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	—	—	—
Net Income - Diluted - including Extraordinary Items Applicable to Common - Total	(760.4)	(559.3)	1,660.3	455.7	(138.9)	1,821.2	1,706.8	509.3	1,198.2	551.7	(2,343.0)	(599.0)	1,789.2	3,239.7	2,678.1	1,795.0
Diluted Income available to Common excluding Extraordinary Items	(760.4)	(559.3)	1,660.3	455.7	(138.9)	1,821.2	1,706.8	509.3	1,198.2	551.7	(2,343.0)	(599.0)	1,789.2	3,239.7	2,678.1	1,795.0
Shares used to calculate Diluted EPS - Total mn	—	283.5	283.5	283.5	283.4	283.5	283.5	283.5	283.5	283.5	283.5	283.5	283.5	212.0	198.4	157.5
EPS - Diluted - including Extraordinary Items Applicable to Common - Total Rs	—	(1.97)	5.86	1.61	(0.49)	6.42	6.02	1.80	4.23	1.95	(8.26)	(2.11)	6.31	15.28	13.50	11.40
EPS - Diluted - excluding Extraordinary Items Applicable to Common - Total Rs	—	(1.97)	5.86	1.61	(0.49)	6.42	6.02	1.80	4.23	1.95	(8.26)	(2.11)	6.31	15.28	13.50	11.40
EPS - Diluted - excluding Extraordinary Items - Normalized - Total Rs	—	(0.94)	2.98	0.83	1.08	4.34	4.74	1.98	4.07	3.64	(5.89)	1.45	4.55	20.91	7.45	5.69
Allocated Diluted Net Income including Extraordinary Items Applicable to Common - Issue Specific	—	(559.3)	1,660.3	455.7	(138.9)	1,821.2	1,706.8	—	—	—	—	—	—	—	—	—
Earnings Allocation Factor - Diluted - Issue Specific	—	1.00×	1.00×	1.00×	1.00×	1.00×	1.00×	—	—	—	—	—	—	—	—	—
Shares used to calculate Diluted EPS - Issue Specific mn	—	283.5	283.5	283.5	283.4	283.5	283.5	—	—	—	—	—	—	—	—	—
EPS - Diluted - including Extraordinary Items Applicable to Common - Issue Specific Rs	—	(1.97)	5.86	1.61	(0.49)	6.42	6.02	1.80	4.23	1.95	(8.26)	(2.11)	6.31	15.28	13.50	11.40
EPS - Diluted - excluding Extraordinary Items Applicable to Common - Issue Specific Rs	—	(1.97)	5.86	1.61	(0.49)	6.42	6.02	1.80	4.23	1.95	(8.26)	(2.11)	6.31	15.28	13.50	11.40
EPS - Diluted - excluding Extraordinary Items - Normalized - Issue Specific Rs	—	(0.94)	2.98	0.83	1.08	4.34	4.74	1.98	4.07	3.64	(5.89)	1.45	4.55	20.91	7.45	5.69
EPS - Diluted from Discontinued Operations & Extraordinary Items Rs	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Comprehensive Earnings Per Share - Diluted - Issue Specific Rs	—	(3.98)	—	—	—	—	—	—	—	—	—	—	—	—	—	—
DPS - Common - Gross - Issue - By Announcement Date Rs	—	2.75	0.75	0.00	0.00	4.50	1.75	2.55	1.25	2.00	0.00	1.50	3.00	5.83	0.00	2.07
DPS - Common - Net - Issue - By Announcement Date Rs	—	2.48	0.68	0.00	0.00	4.05	1.58	2.30	1.13	1.80	0.00	1.35	2.70	5.25	0.00	1.86
Earnings before Interest & Taxes (EBIT)	(46.4)	(267.1)	843.6	234.7	306.3	1,229.3	1,343.6	562.7	1,153.4	1,031.8	(1,669.8)	411.0	1,290.4	4,437.0	1,478.8	896.0
Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA)	—	(267.1)	843.6	234.7	306.3	1,229.3	1,343.6	562.7	1,153.4	1,031.8	(1,669.8)	411.0	1,290.4	4,437.0	1,478.8	896.0
Auditor Fees	—	1.0	0.9	—	0.6	0.6	0.5	0.6	0.5	0.5	0.6	0.5	—	—	—	—
Audit-Related Fees	—	1.0	0.9	—	0.6	0.5	0.5	0.5	0.5	0.5	0.4	0.4	—	—	—	—
Tax Fees	—	—	—	—	—	—	—	—	—	0.0	0.1	0.1	—	—	—	—
Fees - Other	—	—	—	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	—	—	—	—
Normalized after Tax Profit	714.0	(267.1)	843.6	234.7	306.3	1,229.3	1,343.6	562.7	1,153.4	1,031.8	(1,669.8)	411.0	1,290.4	4,433.4	1,478.8	896.0
Normalized Net Income from Continuing Operations	(46.4)	(267.1)	843.6	234.7	306.3	1,229.3	1,343.6	562.7	1,153.4	1,031.8	(1,669.8)	411.0	1,290.4	4,433.4	1,478.8	896.0
Normalized Net Income - Bottom Line	(46.4)	(267.1)	843.6	234.7	306.3	1,229.3	1,343.6	562.7	1,153.4	1,031.8	(1,669.8)	411.0	1,290.4	4,433.4	1,478.8	896.0
Earnings before Interest & Taxes (EBIT) - Normalized	(46.4)	(267.1)	843.6	234.7	306.3	1,229.3	1,343.6	562.7	1,153.4	1,031.8	(1,669.8)	411.0	1,045.4	4,437.0	1,478.8	896.0
Advertising Expenses - Supplemental	—	—	—	—	—	—	—	—	—	—	0.0	0.1	—	0.3	0.2	0.2
Operating Expenses	347.5	352.2	297.7	319.9	381.9	431.1	307.6	222.8	222.8	217.4	166.4	307.7	338.1	378.3	198.9	151.0
Selling, General & Administrative Expenses excluding Research & Development Expenses	85.6	305.2	274.6	298.3	357.8	406.3	272.5	206.8	205.8	200.7	151.0	282.5	310.7	348.2	177.1	144.0
Income before Taxes & Provision for Loan Losses	(760.4)	(559.3)	1,660.3	455.7	(138.9)	1,821.2	1,706.8	509.3	1,198.2	551.7	(2,343.0)	(599.0)	1,789.2	3,243.4	2,678.1	1,795.0
Cost of Revenue including Operation & Maintenance (Utility) - Total	—	21.3	23.1	18.1	17.8	17.7	13.5	11.6	12.6	12.4	11.1	20.1	19.7	17.1	12.7	0.0
DPS - Common - Gross - Issue - By Payable Date Rs	—	2.75	0.75	0.00	0.00	4.50	1.75	2.55	1.25	2.00	1.00	5.75	3.00	8.42	2.07	2.07
DPS - Common - Gross - Issue - By Ex Date Rs	—	2.75	0.75	0.00	0.00	4.50	1.75	2.55	1.25	2.00	1.00	5.75	3.00	8.42	2.07	2.07
Tax Adjusted Operating Income	—	—	1,660.3	455.7	—	1,821.2	1,706.8	509.3	1,198.2	551.7	—	—	1,789.2	3,239.7	2,678.1	1,795.0
Estimated Tax Rate	0.30×	0.30×	0.31×	0.32×	0.33×	0.34×	0.35×	0.35×	0.35×	0.35×	0.35×	0.35×	0.35×	0.35×	0.35×	—
Total Common & Spl DPS -Gross - Issue - By Announcement Date Rs	—	2.75	0.75	0.00	0.00	4.50	1.75	2.55	1.25	2.00	0.00	1.50	3.00	5.83	0.00	2.07

Every line the company reported, in the original order and wording, without regrouping or signs changed.