-----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, MMDd73u+nOmM4hsscdIkPQtNccC03IoyNCrf5Q9EmyBdlTDlJk01cmZLHhZUJCKT Hj+aGUPLZ13cbCSNJH+qcg== 0000039899-95-000021.txt : 19951109 0000039899-95-000021.hdr.sgml : 19951109 ACCESSION NUMBER: 0000039899-95-000021 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19950924 FILED AS OF DATE: 19951108 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: GANNETT CO INC /DE/ CENTRAL INDEX KEY: 0000039899 STANDARD INDUSTRIAL CLASSIFICATION: NEWSPAPERS: PUBLISHING OR PUBLISHING & PRINTING [2711] IRS NUMBER: 160442930 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-06961 FILM NUMBER: 95588045 BUSINESS ADDRESS: STREET 1: 1100 WILSON BLVD CITY: ARLINGTON STATE: VA ZIP: 22234 BUSINESS PHONE: 7032846000 MAIL ADDRESS: STREET 1: 1100 WILSON BLVD 28TH FLOOR CITY: ARLINGTON STATE: VA ZIP: 22234 10-Q 1 3RD QUARTER 1995 10Q REPORT SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) X Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended September 24, 1995 or Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ______________ to _____________. Commission file number 1-6961 GANNETT CO., INC. (Exact name of registrant as specified in its charter) Delaware 16-0442930 (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 1100 Wilson Boulevard, Arlington, Virginia 22234 (Address of principal executive offices) (Zip Code) (703) 284-6000 (Registrant's telephone number, including area code) (Former name, former address and former fiscal year, if changed since last report) 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 ____ The number of shares outstanding of the issuer's Common Stock, Par Value $1.00, as of September 24, 1995 was 140,205,796. PART I. FINANCIAL INFORMATION MANAGEMENT'S DISCUSSION AND ANALYSIS OF OPERATIONS Operating Summary Income from operations for the third quarter of 1995 declined $17.8 million or 10%, reflecting costs associated with a strike against the Company's newspaper in Detroit . Newspaper earnings, which fell $31.3 million or 19%, were adversely affected both by the strike and by continuing increases in newsprint costs. Broadcast earnings rose 41%,reflecting strong television and radio advertising revenue growth. Outdoor division earnings were significantly improved, rising 39% over the comparable period a year ago. Operating income for the first nine months of 1995 rose $12.6 million or 2%. Newspapers Newspaper publishing revenues declined $11.2 million or 1% in the third quarter of 1995, and rose $37.6 million or 2% for the year-to-date. Newspaper advertising revenue fell $13.1 million or 3% in the quarter, reflecting lower revenues in Detroit because of the strike, partially offset by continued gains in classified advertising, particularly in employment and automotive. Excluding Detroit, newspaper advertising revenues for the quarter rose $6.4 million or 1%. For the first nine months of 1995, newspaper advertising revenue grew $38.4 million or 2%. The tables below provide, on a pro forma basis, further details of newspaper ad revenue and linage for the third quarter and year-to-date periods of 1995 and 1994: Advertising revenue, in thousands of dollars (pro forma) Third quarter 1995 1994 % Change Local $176,563 $185,170 (5) National 72,860 71,526 2 Classified 182,287 178,815 2 Total Run-of-Press 431,710 435,511 (1) Preprint and other advertising 77,192 78,051 (1) Total ad revenue $508,902 $513,562 (1) Advertising linage, in thousands of inches (pro forma) Third quarter 1995 1994 % Change Local 7,095 7,366 (4) National 499 502 (1) Classified 8,165 7,990 2 Total Run-of-Press 15,759 15,858 (1) Preprint 15,003 15,204 (1) Total ad linage 30,762 31,062 (1) Advertising revenue, in thousands of dollars (pro forma) Year-to-date 1995 1994 % Change Local $ 561,190 $ 561,868 - National 240,889 228,306 6 Classified 549,486 515,853 7 Total Run-of-Press 1,351,565 1,306,027 3 Preprint and other advertising 241,131 236,328 2 Total ad revenue $1,592,696 $1,542,355 3 Advertising linage, in thousands of inches (pro forma) Year-to-date 1995 1994 % Change Local 21,890 22,240 (2) National 1,610 1,561 3 Classified 24,178 23,296 4 Total Run-of-Press 47,678 47,097 1 Preprint 46,368 45,245 2 Total ad linage 94,046 92,342 2 Excluding Detroit, pro forma newspaper advertising volume was flat for the quarter, reflecting a 3% decline in local because of reduced spending by larger retailers. Advertising revenues excluding Detroit were 3% higher, including a 6% gain in classified. Newspaper circulation revenues were down slightly for the quarter and for the year-to-date. Net paid daily circulation for the Company's local newspapers was down 3% for the quarter and 2% for the first nine months of 1995. Sunday circulation declined 4% for the quarter and 2% for the year-to-date. Daily and Sunday circulation for the quarter and year-to-date periods of 1995 reflect lower volume in Detroit because of the strike. Excluding Detroit, daily circulation declined 2% for the quarter and 1% for the year-to-date, while Sunday circulation was down 2% for the quarter and 1% for the year-to-date. USA TODAY reported an average daily paid circulation of 2,059,017 in the ABC Publisher's statement for the six months ended September 24, 1995, which, subject to audit, is a 2% increase from the comparable period a year ago. Operating costs in total for the newspaper segment rose $20.1 million or 3% for the quarter and $55.6 million or 3% for the year-to-date. Newsprint expense increased 39% for the quarter and 29% for the first nine months, reflecting significantly higher prices from a year ago. The impact of newsprint price increases was partially offset by newsprint conservation efforts, as consumption was below 1994 levels for the quarter and year-to-date periods, and by cost controls in other areas. The Company expects further newsprint price increases in 1995, which together with recent increases, will significantly affect newsprint expense comparisons for the remainder of 1995 and into 1996. Payroll costs declined 1% for the quarter and were up slightly for the year-to-date. Newspaper operating income declined $31.3 million or 19% for the third quarter and $18 million or 4% for the first nine months, reflecting significantly higher newsprint costs and losses in Detroit because of the strike. Excluding the impact of the strike, newspaper profits would have risen 3% for the quarter and 4% for the year-to-date. Most of the Company's local newspapers reported improved ad revenues and operating income. At USA TODAY, revenues improved for the quarter and for the year-to-date, but higher newsprint costs caused operating income to decline for the quarter and for the first nine months. Broadcast Broadcast revenues increased $9.6 million or 10% for the third quarter and $36 million or 13% for the first nine months, while operating costs declined $1.7 million or 2% for the quarter and were up $11.7 million or 6% for the year-to-date. Operating costs for the year-to-date period include certain program costs related to the September affiliation change at the Company's Denver TV station. On a pro forma basis, broadcast revenues increased 7% for the quarter and 10% for the year-to-date, reflecting strong demand for television advertising. Pro forma operating costs declined 5% for the quarter and increased 3% for the first nine months. Pro forma local television ad revenues grew 10% for the quarter and for the year-to-date, while national revenues increased 2% for the quarter and 8% for the first nine months. Radio revenues increased 10% for the quarter and 9% for the year-to-date. Operating income rose $11.2 million or 41% for the quarter and $24.2 million or 28% for the year-to-date, reflecting strong gains at most of the Company's television and radio stations. Outdoor Outdoor revenues increased $1.5 million or 2% for the quarter and $10.5 million or 6% for the year-to-date. Poster and bulletin sales were higher for the quarter and for the year-to-date. Operating costs declined $1.2 million or 2% for the quarter and were up $3 million or 2% for the first nine months. Operating income for Outdoor grew $2.7 million or 39% for the quarter and $7.5 million or 72% for the year-to-date. Non-operating Income and Expense Interest expense fell $1.2 million or 12% for the quarter and $0.5 million or 1% for the year-to-date, reflecting higher average interest rates, offset by lower average borrowings. Net Income Net income fell $9.4 million or 9% for the quarter and increased $5.7 million or 2% for the first nine months. Net income per share was $.69 in the third quarter, down from $0.74 in the 1994 quarter. For the year-to-date, net income per share increased 6% to $2.30 from $2.17 in 1994. The weighted average number of shares outstanding totaled 140,181,000 for the third quarter of 1995, compared with 143,465,000 for the third quarter of 1994. Average shares outstanding for the year-to-date totaled 140,103,000 for 1995 and 145,919,000 for 1994. The decline in the number of shares outstanding for the quarter and year-to-date periods reflects shares purchased under the Company's share repurchase program during the second and third quarters of 1994. Liquidity and Capital Resources Cash flow from operating activities totaled $396 million for the first nine months of 1995, compared with $512 million a year ago. Principal uses of cash flow in 1995 were for capital expenditures, reduction of debt, dividends and pension funding. Capital expenditures for the year-to-date totaled $106.4 million in 1995, compared with $95.6 million in 1994. Long-term debt (commercial paper obligations) was reduced by $167 million. The Company declared regular quarterly dividends of $0.34 per share in the first and second quarters of 1995 and $0.35 for the third quarter. Dividends declared totaled $144.3 million. Other Matters On July 24, 1995, the Company entered into an agreement to acquire Multimedia, Inc. Multimedia publishes 11 daily and 49 non-daily newspapers and operates five network-affiliated television stations and two radio stations. The company also owns cable television franchises, a security alarm business, and produces first-run syndicated television programming and News Talk Television for cable TV. The acquisition is expected to be completed by the end of the year, at a purchase price in excess of $1.7 billion. The Company will assume or retire Multimedia's existing debt. Pro forma financial information regarding the Multimedia transaction has been filed on a Form 8-K dated October 23, 1995. The Company has filed a registration statement with the Securities and Exchange Commission for the proposed shelf registration of $1.5 billion of debt securities. Proceeds from the sale of the securities are expected to be used for general corporate purposes and to finance part of the Multimedia acquisition purchase price. In addition, the Company has arranged for an amendment to its Revolving Credit Agreement to increase the commitments to $3 billion. The Company has adequate resources to meet its liquidity requirements, including all obligations related to the Multimedia transaction. CONSOLIDATED BALANCE SHEETS (UNAUDITED)
Sept. 24, 1995 Dec. 25, 1994 ---------------- ----------------- ASSETS Cash $ 14,249,000 $ 44,229,000 Marketable securities 21,288,000 23,000 Trade receivables, less allowance (1995 - $16,373,000; 1994 - $15,846,000) 468,278,000 487,615,000 Other receivables 32,474,000 29,745,000 Inventories 101,042,000 53,047,000 Prepaid expenses 38,276,000 36,178,000 ---------------- ----------------- Total current assets 675,607,000 650,837,000 ---------------- ----------------- Property, plant and equipment: Cost 2,904,052,000 2,814,456,000 Less accumulated depreciation (1,490,266,000) (1,386,312,000) ---------------- ----------------- Net property, plant and equipment 1,413,786,000 1,428,144,000 ---------------- ----------------- Intangible and other assets: Excess of cost of subsidiaries over net tangible assets acquired, less amortization (1995 - $476,284,000, 1994 - $442,166,000) 1,442,304,000 1,472,002,000 Other assets 193,859,000 156,069,000 ---------------- ----------------- Total intangible and other assets 1,636,163,000 1,628,071,000 ---------------- ----------------- Total assets $ 3,725,556,000 $ 3,707,052,000 ================ ================= LIABILITIES & SHAREHOLDERS' EQUITY Current portion of long-term debt $ 59,824,000 $ 1,026,000 Accounts payable and current portion of film contracts payable 223,062,000 215,885,000 Compensation, interest and other accruals 166,094,000 148,506,000 Dividend payable 49,158,000 47,739,000 Income taxes 18,612,000 37,618,000 Deferred income 78,389,000 76,280,000 ---------------- ----------------- Total current liabilities 595,139,000 527,054,000 ---------------- ----------------- Deferred income taxes 151,522,000 164,691,000 Long-term debt, less current portion 541,536,000 767,270,000 Postretirement medical and life insurance liabilities 308,714,000 306,863,000 Other long-term liabilities 108,776,000 118,936,000 ---------------- ----------------- Total liabilities 1,705,687,000 1,884,814,000 ---------------- ----------------- Shareholders' Equity: Preferred stock of $1 par value per share. Authorized 2,000,000 shares, issued - none Common stock of $1 par value per share. Authorized 400,000,000, issued 162,211,456 shares 162,211,000 162,212,000 Additional paid-in capital 73,336,000 76,604,000 Retained earnings 2,815,295,000 2,639,440,000 Foreign currency translation adjustment (10,196,000) (12,894,000) ---------------- ----------------- Total 3,040,646,000 2,865,362,000 ---------------- ----------------- Less treasury stock - 22,005,660 shares and 22,444,480 shares respectively, at cost (986,660,000) (1,008,199,000) Deferred compensation related to ESOP (34,117,000) (34,925,000) ---------------- ----------------- Total shareholders' equity 2,019,869,000 1,822,238,000 ---------------- ----------------- Total liabilities and shareholders' equity $ 3,725,556,000 $ 3,707,052,000 ================ =================
CONSOLIDATED STATEMENT OF INCOME (Unaudited)
Thirteen weeks ended Thirty-nine weeks ended Sept. 24, 1995 Sept. 25, 1994 Sept. 24, 1995 Sept. 25, 1994 -------------- -------------- -------------- --------------- Net Operating Revenues: Newspaper advertising $508,821,000 $521,938,000 $ 1,592,697,000 $ 1,554,332,000 Newspaper circulation 209,445,000 210,724,000 635,454,000 635,809,000 Broadcasting 104,787,000 95,189,000 322,650,000 286,689,000 Outdoor advertising 67,398,000 65,929,000 186,562,000 176,031,000 Other 41,810,000 38,647,000 122,639,000 123,072,000 ----------- ----------- ------------- ------------- Total 932,261,000 932,427,000 2,860,002,000 2,775,933,000 ----------- ---------- ------------- ------------- Operating Expenses: Cost of sales and operating expenses, exclusive of depreciation 546,196,000 524,016,000 1,622,790,000 1,556,523,000 Selling, general and administrative expenses, exclusive of depreciation 166,953,000 167,447,000 513,536,000 501,850,000 Depreciation 38,336,000 42,203,000 116,578,000 123,204,000 Amortization of intangible assets 11,362,000 11,506,000 34,118,000 33,961,000 ----------- ----------- ------------- ------------- Total 762,847,000 745,172,000 2,287,022,000 2,215,538,000 ----------- ----------- ------------- ------------- Operating income 169,414,000 187,255,000 572,980,000 560,395,000 ----------- ----------- ------------- ------------- Non-operating income (expense): Interest expense (9,113,000) (10,307,000) (31,723,000) (32,204,000) Other 1,100,000 (217,000) (627,000) 2,224,000 ----------- ------------ ------------- ------------- Total (8,013,000) (10,524,000) (32,350,000) (29,980,000) ----------- ----------- ------------- ------------- Income before income taxes 161,401,000 176,731,000 540,630,000 530,415,000 Provision for income taxes 65,300,000 71,200,000 218,900,000 214,400,000 ----------- ----------- ------------- ------------- Net income $ 96,101,000 $105,531,000 $ 321,730,000 $ 316,015,000 =========== =========== ============= ============= Net income per share $0.69 $0.74 $2.30 $2.17 =========== =========== ============= ============= Dividends per share $0.35 $0.34 $1.03 $1.00 =========== =========== ============= =============
CONDENSED CONSOLIDATED STATEMEMTS OF CASH FLOWS (Unaudited) Thirty-nine weeks ended Sept. 24, 1995 Sept. 25, 1994 Cash flows from operating activities: Net income $ 321,730,000 $ 316,015,000 Adjustments to reconcile net income to operating cash flows: Depreciation 116,578,000 123,204,000 Amortization of intangibles 34,118,000 33,961,000 Deferred income taxes (13,168,000) (12,916,000) Gain on sale of assets (123,000) (5,614,000) Other, net 21,011,000 29,571,000 Changes in other assets & liabilities, net (84,147,000) 27,765,000 ------------- ------------- Net cash flow from operating activities 395,999,000 511,986,000 ------------- ------------- Cash flows from investing activities: Purchase of property, plant and equipment (106,376,000) (95,630,000) Payments for acquisitions, net of cash acquired (30,910,000) Increase in other investments (2,320,000) (24,458,000) Proceeds from sale of certain assets 1,622,000 54,946,000 Collection of long-term receivables 4,711,000 1,012,000 ------------- ------------- Net cash used by investing activities (102,363,000) (95,040,000) ------------- ------------- Cash flows from financing activities: Proceeds from long-term debt 64,741,000 Payments of long-term debt (166,936,000) Dividends paid (142,915,000) (146,310,000) Common stock transactions, net 7,227,000 (385,196,000) ------------- ------------- Net cash used for financing activities (302,624,000) (466,765,000) ------------- ------------- Effect of currency exchange rate change 273,000 (397,000) ------------- ------------- Net decrease in cash and cash equivalents (8,715,000) (50,216,000) Balance of cash and cash equivalents at beginning of year 44,252,000 75,495,000 ------------- ------------- Balance of cash and cash equivalents at end of third quarter $ 35,537,000 $ 25,279,000 ============= ============= BUSINESS SEGMENT INFORMATION
Thirteen weeks ended Thirty-nine weeks ended Sept. 24, 1995 Sept. 25, 1994 Sept. 24, 1995 Sept. 25, 1994 -------------- -------------- -------------- -------------- OPERATING REVENUES: - ------------------ Newspaper publishing $ 760,075,000 $ 771,309,000 $2,350,789,000 $2,313,213,000 Broadcasting 104,787,000 95,189,000 322,650,000 286,689,000 Outdoor advertising 67,399,000 65,929,000 186,563,000 176,031,000 -------------- -------------- -------------- -------------- Total $ 932,261,000 $ 932,427,000 $2,860,002,000 $2,775,933,000 ============== ============== ============== ============== OPERATING INCOME (NET OF DEPRECIATION AND AMORTIZATION): - --------------------------------------- Newspaper publishing $ 136,344,000 $ 167,691,000 $ 492,434,000 $ 510,447,000 Broadcasting 38,513,000 27,243,000 112,119,000 87,902,000 Outdoor advertising 9,723,000 7,006,000 18,007,000 10,462,000 Corporate (15,166,000) (14,685,000) (49,580,000) (48,416,000) -------------- -------------- -------------- -------------- Total $ 169,414,000 $ 187,255,000 $ 572,980,000 $ 560,395,000 ============== ============== ============== ============== DEPRECIATION & AMORTIZATION: - --------------------------- Newspaper publishing $ 36,169,000 $ 38,920,000 $ 109,585,000 $ 114,063,000 Broadcasting 6,991,000 7,381,000 21,061,000 21,470,000 Outdoor advertising 4,183,000 4,998,000 12,617,000 14,238,000 Corporate 2,355,000 2,410,000 7,433,000 7,394,000 -------------- -------------- -------------- -------------- Total $ 49,698,000 $ 53,709,000 $ 150,696,000 $ 157,165,000 ============== ============== ============== ==============
NOTE TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS September 24, 1995 1. Basis of Presentation The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with the instructions for Form 10-Q and, therefore, do not include all information and footnotes which are normally included in Form 10-K and annual report to shareholders. The financial statements covering the 13 and 39 week periods ended September 24, 1995, and the comparative periods of 1994, reflect all adjustments which, in the opinion of the Company, are necessary for a fair statement of results for the interim periods. PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (a) Exhibits. See Exhibit Index for list of exhibits filed with this report. (b) Reports on Form 8-K. A Form 8-K was filed on July 27, 1995 reporting on the Multimedia transactions. 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. GANNETT CO., INC. Dated: November 8, 1995 s/ Larry F. Miller ------------------ Larry F. Miller Senior Vice President/Financial Planning and Controller Dated: November 7, 1995 s/ Thomas L. Chapple -------------------- Thomas L. Chapple Senior Vice President, General Counsel and Secretary EXHIBIT INDEX Exhibit Number Title or Description Location - ------ -------------------- ------------ 4-1 $1,000,000,000 Revolving Incorporated by reference Credit Agreement among to Exhibit 4-1 to Gannett Gannett Co., Inc. and the Co., Inc.'s Form 10-K for Banks named therein. the fiscal year ended December 26, 1993. 4-2 Amendment Number One to Incorporated by reference $1,000,000,000 Revolving to Exhibit 4-2 to Gannett Credit Agreement among Co., Inc.'s Form 10-Q for Gannett Co., Inc. and the the fiscal quarter ended Banks named therein. June 26, 1994. 4-3 Indenture dated as of Incorporated by reference March 1, 1983 between to Exhibit 4-2 to Gannett Gannett Co., Inc. and Co., Inc.'s Form 10-K for Citibank, N.A., as the fiscal year ended Trustee. December 29, 1985. 4-4 First Supplemental Incorporated by reference Indenture to Exhibit 4 to Gannett dated as of November 5, Co., Inc.'s Form 8-K filed 1986 on November 9, 1986. among Gannett Co., Inc., Citibank, N.A., as Trustee, and Sovran Bank, N.A., as Successor Trustee. 4-5 Second Supplemental Incorporated by reference Indenture dated as of to Exhibit 4 to Gannett June 1, 1995 among Co., Inc's Form 8-K filed Gannett Co., Inc., June 15, 1995 NationsBank, N.A., as Trustee, and Crestar Bank, as Trustee. 4-6 Rights Plan. Incorporated by reference to Exhibit 1 to Gannett Co., Inc.'s Form 8-K filed on May 23, 1990. 11 Statement re computation Attached. of earnings per share. 27 Financial Data Schedule. Attached. Gannett Co., Inc. agrees to furnish to the Securities and Exchange Commission, upon request, a copy of each agreement with respect to long-term debt not filed herewith in reliance upon the exemption from filing applicable to any series of debt which does not exceed 10% of the total consolidated assets of the registrant. EX-11 2 EARNINGS PER SHARE EXHIBIT 11 GANNETT CO., INC. Calculation of Earnings Per Share Thirteen weeks ended Thirty-nine weeks ended Sept. 24, 1995 Sept. 25, 1994 Sept. 24, 1995 Sept. 25, 1994 -------------- -------------- -------------- -------------- Net Income $ 96,101,000 $105,531,000 $321,730,000 $316,015,000 ============== ============== ============== ============== Weighted average number of common shares outstanding 140,181,000 143,465,000 140,103,000 145,919,000 ============== ============== ============== ============== Net income per share $0.69 $0.74 $2.30 $2.17 ===== ===== ===== ===== EX-27 3 ART. 5 FDS FOR 3RD QUARTER 10-Q
5 This schedule contains summary financial information extracted from the consolidated balance sheets and statements of income for Gannett Co., Inc. and is qualified in its entirety by reference to such financial statements. 9-MOS DEC-31-1995 DEC-26-1994 SEP-24-1995 14,249,000 21,288,000 484,651,000 16,373,000 101,042,000 675,607,000 2,904,052,000 1,490,266,000 3,725,556,000 595,139,000 0 162,211,000 0 0 1,857,658,000 3,725,556,000 2,860,002,000 2,860,002,000 1,622,790,000 2,287,022,000 0 0 31,723,000 540,630,000 218,900,000 321,730,000 0 0 0 321,730,000 2.30 0
-----END PRIVACY-ENHANCED MESSAGE-----