-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, A8Wih8z1YaQMV/wq5VL88PQMPKSZs508M9ncaeq0CSJkDMDKcYlV26bA5auIvyDv p5zDor9LY8HcotaxgjwYJg== 0000950114-99-000093.txt : 19990813 0000950114-99-000093.hdr.sgml : 19990813 ACCESSION NUMBER: 0000950114-99-000093 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990630 FILED AS OF DATE: 19990812 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GRAYBAR ELECTRIC CO INC CENTRAL INDEX KEY: 0000205402 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-ELECTRICAL APPARATUS & EQUIPMENT, WIRING SUPPLIES [5063] IRS NUMBER: 130794380 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-00255 FILM NUMBER: 99685425 BUSINESS ADDRESS: STREET 1: 34 N MERAMEC AVE CITY: ST LOUIS STATE: MO ZIP: 63105 BUSINESS PHONE: 3145129200 MAIL ADDRESS: STREET 1: P O BOX 7231 CITY: ST LOUIS STATE: MO ZIP: 63177 10-Q 1 GRAYBAR ELECTRIC COMPANY, INC FORM 10-Q 1 CONFORMED --------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q Commission File Number 0-255 [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 1999 ---------------------------------------- OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to ------------------ ----------------- GRAYBAR ELECTRIC COMPANY, INC -------------------------------------------------------- (Exact name of registrant as specified in its charter) NEW YORK 13 - 0794380 - ------------------------------------------------------------------------------ (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification No.) 34 NORTH MERAMEC AVENUE, ST. LOUIS, MO 63105 - ------------------------------------------------------------------------------ (Address of principal executive offices) (Zip Code) POST OFFICE BOX 7231, ST. LOUIS, MO 63177 - ------------------------------------------------------------------------------ (Mailing Address) (Zip Code) Registrant's telephone number, including area code: (314) 512 - 9200 -------------------------- Indicate by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES X NO ----- ----- Common Stock Outstanding at July 31, 1999 5,727,795 ------------------------ (Number of Shares) 2 PART I ------ CONSOLIDATED BALANCE SHEETS --------------------------- (Dollars Stated in Thousands) (Except for Share and Per Share Data)
JUNE 30, 1999 DECEMBER 31, 1998 ------------------- --------------------- CURRENT ASSETS Cash $ 59,665 $ 20,252 ------------------- --------------------- Trade receivables 519,134 460,016 ------------------- --------------------- Merchandise inventory 557,216 440,406 ------------------- --------------------- Other current assets 4,507 3,945 ------------------- --------------------- Total current assets 1,140,522 924,619 ------------------- --------------------- PROPERTY Land 21,501 21,550 ------------------- --------------------- Buildings and permanent fixtures 306,842 297,780 ------------------- --------------------- Capital equipment leases 26,683 26,682 ------------------- --------------------- Less-Accumulated depreciation 153,022 142,934 ------------------- --------------------- Net property 202,004 203,078 ------------------- --------------------- DEFERRED FEDERAL INCOME TAXES 8,892 8,105 ------------------- --------------------- OTHER ASSETS 30,051 32,045 ------------------- --------------------- $1,381,469 $1,167,847 =================== ===================== CURRENT LIABILITIES Notes payable to banks $ 172,579 $ 43,948 ------------------- --------------------- Current portion of long-term debt 20,295 16,475 ------------------- --------------------- Trade accounts payable 429,707 344,869 ------------------- --------------------- Income taxes 12,308 -- ------------------- --------------------- Other accrued taxes 9,842 12,439 ------------------- --------------------- Accrued payroll and benefit costs 27,202 44,466 ------------------- --------------------- Dividends payable -- 5,479 ------------------- --------------------- Other payables and accruals 41,635 56,093 ------------------- --------------------- Total current liabilities 713,568 523,769 ------------------- --------------------- POSTRETIREMENT BENEFITS LIABILITY 77,858 77,708 ------------------- --------------------- LONG TERM DEBT 253,606 269,570 ------------------- --------------------- 2 3 CONSOLIDATED BALANCE SHEETS --------------------------- (Dollars Stated in Thousands) (Except for Share and Per Share Data) JUNE 30, 1999 DECEMBER 31, 1998 ------------------- --------------------- SHAREHOLDERS' EQUITY CAPITAL STOCK Preferred: --------- Par value $20 per share Authorized 300,000 shares SHARES ------ 1999 1998 ---- ---- Issued to shareholders 5,386 5,386 ------------ ----------- In treasury, at cost (246) -- ------------ ----------- Outstanding 5,140 5,386 103 108 ------------ ----------- ------------------- --------------------- Common ------ Stated value $20 per share Authorized 7,500,000 shares SHARES ------ 1999 1998 ---- ---- Issued to voting trustees 5,569,990 4,883,638 ------------ ----------- Issued to shareholders 339,690 326,586 ------------ ----------- In treasury, at cost (159,573) (25,706) ------------ ----------- Outstanding 5,750,107 5,184,518 115,002 103,690 ------------ ----------- ------------------- --------------------- Advance payments on subscriptions to common stock 60 -- ------------------- --------------------- Retained earnings 221,715 193,838 ------------------- --------------------- Accumulated other comprehensive income (443) (836) ------------------- --------------------- TOTAL SHAREHOLDERS' EQUITY 336,437 296,800 ------------------- --------------------- $1,381,469 $1,167,847 =================== ===================== See accompanying Notes to Consolidated Financial Statements
3 4 CONSOLIDATED STATEMENTS OF INCOME --------------------------------- (Dollars Stated in Thousands) (Except for Share and Per Share Data)
QUARTER ENDED JUNE 30, 1999 JUNE 30, 1998 ------------------- ------------------- GROSS SALES, net of returns and allowances $1,042,035 $961,706 ------------------- ------------------- Less - Cash discounts 2,728 3,035 ------------------- ------------------- NET SALES 1,039,307 958,671 ------------------- ------------------- COST OF MERCHANDISE SOLD 848,057 788,071 ------------------- ------------------- Gross margin 191,250 170,600 ------------------- ------------------- SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 150,768 133,930 ------------------- ------------------- DEPRECIATION AND AMORTIZATION 6,243 6,324 ------------------- ------------------- Income from operations 34,239 30,346 ------------------- ------------------- OTHER INCOME, net 2,870 1,240 ------------------- ------------------- INTEREST EXPENSE 6,806 5,853 ------------------- ------------------- Income before provision for income taxes 30,303 25,733 ------------------- ------------------- PROVISION FOR INCOME TAXES Current 12,946 10,305 ------------------- ------------------- Deferred (467) 315 ------------------- ------------------- Total provision for income taxes 12,479 10,620 ------------------- ------------------- NET INCOME 17,824 15,113 =================== =================== NET INCOME PER SHARE OF COMMON STOCK $ 3.09 $ 2.84 =================== =================== DIVIDENDS Preferred - $.25 per share $ 1 $ 2 ------------------- ------------------- Common - $.30 per share 1,727 1,518 ------------------- ------------------- $ 1,728 $ 1,520 =================== =================== Restated for the declaration of a 5% stock dividend in 1998. See accompanying Notes to Consolidated Financial Statements.
4 5 CONSOLIDATED STATEMENTS OF INCOME --------------------------------- (Dollars Stated in Thousands) (Except for Share and Per Share Data)
SIX MONTHS ENDED JUNE 30, 1999 JUNE 30, 1998 ------------------- ------------------- GROSS SALES, net of returns and allowances $2,030,505 $1,833,561 ------------------- ------------------- Less - Cash discounts 5,248 5,559 ------------------- ------------------- NET SALES 2,025,257 1,828,002 ------------------- ------------------- COST OF MERCHANDISE SOLD 1,660,188 1,498,260 ------------------- ------------------- Gross margin 365,069 329,742 ------------------- ------------------- SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 293,209 258,296 ------------------- ------------------- DEPRECIATION AND AMORTIZATION 12,553 11,973 ------------------- ------------------- Income from operations 59,307 59,473 ------------------- ------------------- OTHER INCOME, net 6,685 2,993 ------------------- ------------------- INTEREST EXPENSE 12,596 11,996 ------------------- ------------------- Income before provision for income taxes 53,396 50,470 ------------------- ------------------- PROVISION FOR INCOME TAXES Current 22,831 20,278 ------------------- ------------------- Deferred (787) 528 ------------------- ------------------- Total provision for income taxes 22,044 20,806 ------------------- ------------------- NET INCOME 31,352 29,664 =================== =================== NET INCOME PER SHARE OF COMMON STOCK (NOTE 2) $ 5.50 $ 5.53 =================== =================== DIVIDENDS Preferred - $.50 per share $ 3 $ 3 ------------------- ------------------- Common - $.60 per share 3,472 3,055 ------------------- ------------------- $ 3,475 $ 3,058 =================== =================== See accompanying Notes to Consolidated Financial Statements
5 6 CONSOLIDATED STATEMENTS OF CASH FLOWS ------------------------------------- (Dollars Stated in Thousands) (Except for Share and Per Share Data)
SIX MONTHS ENDED JUNE 30, 1999 1998 --------------- -------------- CASH FLOWS FROM OPERATIONS Net Income $ 31,352 $ 29,664 --------------- -------------- Adjustments to reconcile net income to cash used by operations: Depreciation and amortization 12,553 11,973 --------------- -------------- Deferred income taxes (787) 528 --------------- -------------- Gain on sale of property (543) (554) --------------- -------------- Changes in assets and liabilities: Trade receivables (59,118) (50,594) --------------- -------------- Merchandise inventory (116,810) (21,438) --------------- -------------- Other current assets (562) (1,157) --------------- -------------- Other assets 2,387 4,592 --------------- -------------- Trade accounts payable 84,838 36,848 --------------- -------------- Accrued payroll and benefit costs (17,264) (15,932) --------------- -------------- Other accrued liabilities (4,597) (104) --------------- -------------- (99,903) (35,838) --------------- -------------- Net cash used by operations (68,551) (6,174) --------------- -------------- CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of property 1,007 1,429 --------------- -------------- Capital expenditures for property (11,943) (14,168) --------------- -------------- Net cash used by investing activities (10,936) (12,739) --------------- -------------- CASH FLOWS FROM FINANCING ACTIVITIES Net increase (decrease) in notes payable to banks 128,631 (67,881) --------------- -------------- Proceeds from long-term debt -- 140,000 --------------- -------------- Repayment of long-term debt (9,489) (10,477) --------------- -------------- Principal payments under capital equipment leases (2,655) (2,219) --------------- -------------- Sale of common stock 14,049 185 --------------- -------------- Purchase of treasury stock (2,682) (2,796) --------------- -------------- Dividends paid (8,954) (8,304) --------------- -------------- Net cash flow provided by financing activities 118,900 48,508 --------------- -------------- NET INCREASE IN CASH 39,413 29,595 --------------- -------------- CASH, BEGINNING OF YEAR 20,252 18,523 --------------- -------------- CASH, END OF SECOND QUARTER $ 59,665 $ 48,118 =============== ============== See accompanying Notes to Consolidated Financial Statements
6 7 CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY ---------------------------------------------------------- FOR THE SIX MONTHS ENDED ------------------------ JUNE 30, 1999 AND 1998 ---------------------- (Dollars Stated in Thousands) (Except for Share and Per Share Data)
COMMON ACCUMULATED STOCK OTHER COMMON PREFERRED SUBSCRIBED, RETAINED COMPREHENSIVE STOCK STOCK UNISSUED EARNINGS INCOME TOTAL ------ --------- ----------- -------- ------------- -------- December 31, 1997 $103,749 $ 119 $ 37 $149,226 $253,131 -------- Net Income 29,664 29,664 Currency Translation Adjustments $ (520) (520) -------- Comprehensive Income 29,144 -------- Stock Issued 187 187 Stock Redeemed (2,785) (11) (2,796) Advance Payments (2) (2) Dividends Declared (3,058) (3,058) -------- ------- ------ -------- -------- -------- June 30, 1998 $101,151 $ 108 $ 35 $175,832 $ (520) $276,606 ======== ======= ====== ======== ======== ======== COMMON ACCUMULATED STOCK OTHER COMMON PREFERRED SUBSCRIBED, RETAINED COMPREHENSIVE STOCK STOCK UNISSUED EARNINGS INCOME TOTAL ------ --------- ----------- -------- ------------- -------- December 31, 1998 $103,690 $ 108 $ 0 $193,838 $ (836) $296,800 -------- Net Income 31,352 31,352 Currency Translation Adjustments 393 393 -------- Comprehensive Income 31,745 -------- Stock Issued 13,989 13,989 Stock Redeemed (2,677) (5) (2,682) Advance Payments 60 60 Dividends Declared (3,475) (3,475) -------- ------- ------ -------- -------- -------- June 30, 1999 $115,002 $ 103 $ 60 $221,715 $ (443) $336,437 ======== ======= ====== ======== ======== ======== See accompanying Notes to Consolidated Financial Statements
7 8 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AND OTHER INFORMATION ------------------------- (Dollars Stated in Thousands) (Except for Share and Per Share Data) Note 1 - ------ The condensed financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these condensed financial statements be read in conjunction with the financial statements and the notes thereto included in the Company's latest annual report on Form 10-K. In the opinion of the Company, the quarterly report includes all adjustments, consisting of normal recurring accruals, necessary for the fair presentation of the financial statements presented. Such interim financial information is subject to year-end adjustments and independent audit. Results for interim periods are not necessarily indicative of results to be expected for the full year. Note 2 - ------
SIX MONTHS 1999 SIX MONTHS 1998 ---------------- ----------------- Earnings for Six Months $ 31,352 $ 29,664 ---------------- ----------------- Dividends on Preferred Stock 3 3 ---------------- ----------------- Available for Common Stock $ 31,349 $ 29,661 ---------------- ----------------- Average Common Shares Outstanding 5,699,293 5,367,737 ---------------- ----------------- Earnings Per Share $ 5.50 $ 5.53 ---------------- ----------------- Restated for the declaration of a 5% stock dividend in 1998. Prior to adjusting for the stock dividend, the average common shares outstanding were 5,112,130.
Note 3 - ------ Comprehensive income is reported in the Consolidated Statements of Changes in Shareholders' Equity. Comprehensive income for the quarters ended June 30, 1999 and 1998 was $18,060 and $14,689, respectively. 8 9 MANAGEMENT'S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS --------------------------------------------- (Dollars Stated in Thousands) RESULTS OF OPERATIONS - --------------------- Net sales in the first six months of 1999 were 10.8% higher than in the first six months of 1998. The higher net sales resulted from improvements in the market sectors of the economy in which the Company operates. Gross margin in the first six months of 1999 increased $35,327 (10.7%) compared to the first six months of 1998 primarily due to increased sales in the electrical and communication markets. The increase in selling, general and administrative expenses in the first six months of 1999 compared to the first six months of 1998 occurred largely because of adjustments in personnel complement and adjustments in compensation and related expenses. In addition, continued implementation of a companywide customer service and logistics project resulted in higher selling, general and administrative expenses in the first six months of 1999 compared to the first six months of 1998 due to increases in the Company's number of facilities and related staffing and start-up expenses. The necessary increased expenses were anticipated by management and are expected to provide future benefits to the Company's results of operations. Interest expense increased in the first six months of 1999 compared to the first six months of 1998 primarily due to increased levels of borrowing incurred to finance higher aggregate levels of inventory and receivables. Other income in the first six months of 1999 included $2,000 of service charges for special services provided to one customer and gains on sale of property of $543. The combined effect of the increases in gross margin and other income, together with increases in selling, general and administrative expenses, interest expense and depreciation and amortization, resulted in an increase in pretax earnings of $2,926 in the first six months of 1999 compared to the same period in 1998. 9 10 MANAGEMENT'S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS --------------------------------------------- (Dollars Stated in Thousands) FINANCIAL CONDITION AND LIQUIDITY - --------------------------------- The financial condition of the Company continues to be strong. At June 30, 1999, current assets exceeded current liabilities by $426,954, up $26,104 from December 31, 1998. The current assets at June 30, 1999 were sufficient to meet the cash needs required to pay current liabilities. The substantial increases in accounts receivable and merchandise inventory resulted primarily from the growth in sales experienced by the Company. While the average number of days of sales in accounts receivable has remained relatively stable during 1998 and 1999, inventory turnover has decreased slightly during that same period. The decrease in inventory turnover is due largely to a companywide customer service and logistics project to redeploy inventory into a system of national zones, regional zones and branch locations. Although the project objective is to provide better customer service and reduce overall costs, management expected some temporary inventory increase, unrelated to sales volume, during the transition to the new system. This temporary increase in inventory investment is partially offset by a corresponding increase in trade accounts payable. The Company does not have any other plans or commitments which would require significant amounts of additional working capital. At June 30, 1999, the Company had available to it unused lines of credit amounting to $201,421. These lines are available to meet short-term cash requirements of the Company. Bank borrowings outstanding during 1999 through June 30 ranged from a minimum of $14,000 to a maximum of $184,000. In July 1999 the Company entered into a $410,000 Revolving Credit Loan Agreement with a group of banks at an interest rate based on the London Interbank Offered Rate (LIBOR). The credit agreement has various covenants which limit the Company's ability to make investments, incur debt, dispose of property, and issue equity securities. The Company is also required to maintain certain financial ratios as defined in the agreement. The Company intends to utilize the credit agreement as a primary source of short-term borrowings. The Company has funded its capital requirements from operations, stock issuances to its employees and long term debt. During the first six months of 1999, cash used by operations amounted to $68,551 compared to $6,174 cash used by operations in the first six months of 1998. Cash provided from the sale of common stock and proceeds received on stock subscriptions amounted to $14,049 in the first six months of 1999. Additional cash of approximately $308 will be provided in the remainder of 1999 as a result of payments to be made for stock subscribed to by employees under the 1998 Common Stock Purchase Plan. Capital expenditures for property for the six-month periods ended June 30, 1999 and 1998 were $11,943 and $14,168, respectively. Purchases of treasury stock for the six-month periods ended June 30, 1999 and 1998 were $2,682 and $2,796, respectively. Dividends paid for the six-month periods ended June 30, 1999 and 1998 were $8,954 and $8,304, respectively. 10 11 IMPACT OF YEAR 2000 ISSUE - ------------------------- In early 1996 the Company began its review and analysis of the Year 2000 Issues and the potential risks to our operations. Modifications to our existing internal software began in 1996 and continue to be made. A full-time senior manager of the Company was appointed in January 1998 to oversee all of the analytical and remedial projects connected with the Year 2000. The Company has also used independent consultants to assist the Company with its Year 2000 readiness efforts. The Company believes that with modifications to existing internal software and conversions to new software, the Year 2000 will not pose significant problems for all of its systems, including its accounting, management information, warehouse and administrative systems. However, if such modifications and conversions are not completed in a timely manner, the Year 2000 could have a material impact on the operations of the Company. Communications have been initiated by the Company with over 600 suppliers of products and large customers to determine the extent to which the interface between their systems and the Company's systems are vulnerable to those parties' failures to remediate their own Year 2000 issues. Most responses relating to products indicated Year 2000 compliance for the specific product. A significant number of the responses indicated that Year 2000 analytical studies were in process for both internal systems and some products. The Company's total Year 2000 project schedule and cost estimates to complete include the estimated costs and time associated with the impact of supplier and customer Year 2000 issues based on currently available information. However, there can be no guarantee that the systems of these companies on which the Company's systems rely will be modified in a timely manner so there will not be an adverse impact on the Company's business. Contingency plans will be developed on a case-by-case basis for suppliers or customers where a problem is identified that cannot be remedied in time. Contingency plans may involve alternate means of communications for electronic data interchange suppliers and customers or an alternate source of supply in the case of a supplier or a specific product. The Company has and will continue to utilize both internal and external resources to reprogram, or replace, and test the software for Year 2000 modifications. Communications will continue with customers and suppliers to identify any potential problems requiring contingency plans. The Company anticipates completing the Year 2000 project by September 30, 1999, although some additional testing and implementation will continue after that date. The Year 2000 projects will be funded through operating cash flows and expensed as incurred. The project costs have not had and are not expected to have a material impact on the results of operations. The costs of the project and the date on which the Company believes it will complete the Year 2000 modifications are based on management's best estimates, which were derived utilizing numerous assumptions of future events, including the continued availability of certain resources, third party modification plans and other factors. However, there can be no guarantee that these estimates will be achieved and actual results could differ materially from those anticipated. Specific factors that might cause such material differences include, but are not limited to, the availability and cost of personnel trained in this area, the ability to locate and correct all relevant computer codes, and similar uncertainties. 11 12 PART II OTHER INFORMATION -------------------------- Item 4. Submission of Matters to a Vote of Security Holders. The annual meeting of shareholders occurred on June 10, 1999. All of the nominees named in the Information Statement filed with the Commission and mailed to shareholders in accordance with the provisions of Regulation 14-C were elected. The names of the nominees elected follow; all received 5,459,170 votes, no negative votes were cast. 1. R. A. Cole 2. T. F. Dowd 3. T. S. Gurganous 4. C. L. Hall 5. R. H. Haney 6. G. W. Harper 7. W. L. King 8. J. C. Loff 9. G. J. McCrea 10. R. D. Offenbacher 11. R. A. Reynolds, Jr. 12. J. R. Seaton 13. C. R. Udell 14. J. F. Van Pelt 15. J. W. Wolf Item 6. Exhibits and Reports on Form 8-K. (a) Exhibits furnished in accordance with provisions of Item 601 of Regulation S-K. (27) Financial Data Schedule (submitted in EDGAR format only). (b) Reports on Form 8-K No reports on Form 8-K have been filed during the quarter for which this report is filed. 12 13 SIGNATURES ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. August 12, 1999 GRAYBAR ELECTRIC COMPANY, INC. - ---------------------- (Date) /S/ C. L. HALL --------------------------------------- C. L. HALL PRESIDENT /S/ J. R. SEATON --------------------------------------- J. R. SEATON VICE PRESIDENT AND COMPTROLLER 13 EX-27 2 FINANCIAL DATA SCHEDULE
5 1,000 6-MOS DEC-31-1999 JAN-01-1999 JUN-30-1999 59,665 0 519,134 0 557,216 1,140,522 355,026 153,022 1,381,469 713,568 253,606 115,002 0 103 221,332 1,381,469 2,025,257 2,025,257 1,660,188 1,660,188 305,762 0 12,596 53,396 22,044 31,352 0 0 0 31,352 5.50 5.50
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