-----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, LIZG+djrExxW87IrLFofpBXPxGAIyRzL7gGHWd9Hxxyiwyh9it9EmbZZ8m4NzMHu qxKXe2pv8Rvet3GqyyiVSg== 0000904456-98-000153.txt : 19980518 0000904456-98-000153.hdr.sgml : 19980518 ACCESSION NUMBER: 0000904456-98-000153 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980515 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: HANGER ORTHOPEDIC GROUP INC CENTRAL INDEX KEY: 0000722723 STANDARD INDUSTRIAL CLASSIFICATION: ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES [3842] IRS NUMBER: 840904275 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-10670 FILM NUMBER: 98622377 BUSINESS ADDRESS: STREET 1: 7700 OLD GEORGETOWN RD 2ND FL CITY: BETHESDA STATE: MD ZIP: 20814 BUSINESS PHONE: 3019860701 MAIL ADDRESS: STREET 2: 7700 OLD GEORGETOWN RD 2ND FL CITY: BETHESDA STATE: MD ZIP: 20814 FORMER COMPANY: FORMER CONFORMED NAME: SEQUEL CORP DATE OF NAME CHANGE: 19890814 FORMER COMPANY: FORMER CONFORMED NAME: CELLTECH COMMUNICATIONS INC DATE OF NAME CHANGE: 19860304 10-Q 1 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 MARCH 31, 1998 -------------- 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 1-10670 HANGER ORTHOPEDIC GROUP, INC. -------------------------------------------------------------------- (Exact name of registrant as specified in its charter.) Delaware 84-0904275 ---------------------------------- ---------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 7700 Old Georgetown Road, Bethesda, MD 20814 ---------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's phone number, including area code: (301) 986-0701 ----------------------------------------------------------------------------- Former name, former address and former fiscal year, if changed since last report. Indicate by check 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 [ ] APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of April 27, 1998 15,645,501 shares of common stock, $.01 par value per share. HANGER ORTHOPEDIC GROUP, INC. INDEX
Page No. -------- PART I. FINANCIAL INFORMATION Item 1. Financial Statements Consolidated Balance Sheets - March 31, 1998 (unaudited) and December 31, 1997 2 Consolidated Statements of Income for the three months ended March 31, 1998 and 1997 (unaudited) 4 Consolidated Statements of Cash Flows for the three months ended March 31, 1998 and 1997 (unaudited) 5 Notes to Consolidated Financial Statements 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 9 PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K 14 SIGNATURES 15
HANGER ORTHOPEDIC GROUP, INC. CONSOLIDATED BALANCE SHEETS
March 31, December 31, 1998 1997 ------------------------------------- (unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents $ 5,652,746 $ 6,557,409 Accounts receivable less allowances for doubtful accounts of $6,266,000 and $4,871,000 in 1998 and 1997 respectively 31,655,712 31,145,327 Inventories 17,633,551 17,445,476 Prepaid expenses and other assets 4,028,619 4,260,656 Deferred income taxes 2,127,185 2,127,185 ------------- ------------- Total current assets 61,097,813 61,536,053 ------------- ------------- PROPERTY, PLANT AND EQUIPMENT Land 4,267,045 4,269,045 Buildings 8,342,849 8,326,732 Machinery and equipment 8,295,019 7,591,821 Furniture and fixtures 2,465,199 2,378,808 Leasehold improvements 3,495,718 3,142,244 ------------- ------------- 26,865,830 25,708,650 Less accumulated depreciation and amortization 8,134,225 7,538,385 ------------- ------------- 18,731,605 18,170,265 ------------- ------------- INTANGIBLE ASSETS Excess of cost over net assets acquired 92,853,728 81,150,328 Non-compete agreements 2,295,265 2,236,979 Other intangible assets 3,230,052 3,221,912 ------------- ------------- 98,379,045 86,609,219 Less accumulated amortization 9,765,256 9,101,531 ------------- ------------- 88,613,789 77,507,688 ------------- ------------- OTHER ASSETS Other 964,205 768,604 ------------- ------------- TOTAL ASSETS $169,407,412 $157,982,610 ============= =============
The accompanying notes are an integral part of the consolidated financial statements. 2 HANGER ORTHOPEDIC GROUP, INC. CONSOLIDATED BALANCE SHEETS
March 31, December 31, 1998 1997 ------------------------------------- (unaudited) LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Current portion of long-term debt $ 10,310,984 $ 5,747,865 Accounts payable 3,712,060 3,827,338 Accrued expenses 4,465,388 3,597,104 Customer deposits 1,130,483 1,145,001 Accrued wages and payroll taxes 5,313,447 8,037,805 Deferred revenue 309,801 150,418 ------------- ------------- Total current liabilities 25,242,163 22,505,531 ------------- ------------- Long-term debt 29,286,054 23,237,321 Deferred income taxes 3,405,833 3,405,833 Other liabilities and accrued dividends 2,236,007 2,210,445 Mandatorily redeemable preferred stock, class C, 300 shares authorized, liquidation preference of $500 per share 310,588 303,753 Mandatorily redeemable preferred stock, class F, 100,000 shares authorized, liquidation preference of $500 per share SHAREHOLDERS' EQUITY Common stock, $.01 par value; 25,000,000 shares authorized, 15,778,996 and 15,670,100 shares issued and 15,645,501 and 15,536,605 shares outstanding in 1998 and 1997, respectively 157,791 156,702 Additional paid-in capital 103,496,362 102,585,837 Retained earnings 5,928,176 4,232,750 ------------- ------------- 109,582,329 106,975,289 Treasury stock - (133,495 shares) (655,562) (655,562) ------------- ------------- 108,926,767 106,319,727 ------------- ------------- TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $169,407,412 $157,982,610 ============= =============
The accompanying notes are an integral part of the consolidated financial statements. 3 HANGER ORTHOPEDIC GROUP, INC. CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE MONTHS ENDED March 31, 1998 and 1997 (unaudited)
1998 1997 ---- ---- Net Sales $ 40,750,018 $ 30,949,614 Cost of products and services sold 21,303,131 16,229,929 ------------- ------------- Gross profit 19,446,887 14,719,685 Selling, general & administrative 14,729,001 10,924,635 Depreciation and amortization 709,022 749,305 Amortization of excess cost over net assets acquired 550,961 409,512 ------------- ------------- Income from operations 3,457,903 2,636,233 Other expense: Interest expense, net (614,822) (1,527,269) Other 30,345 (43,749) ------------- ------------- Income from operations before income taxes 2,873,426 1,065,215 Provision for income taxes 1,178,000 447,300 ------------- ------------- Net income $ 1,695,426 $ 617,915 ============= ============= BASIC PER COMMON SHARE DATA: Net income $ .11 $ .07 ============= ============= Shares used to compute basic per common share amounts 15,576,030 9,358,529 ============= ============= DILUTED PER COMMON SHARE DATA: Net income $ .10 $ .06 ============= ============= Shares used to compute diluted per common share amounts 17,081,983 9,940,659 ============= =============
The accompanying notes are an integral part of the consolidated financial statements. 4 HANGER ORTHOPEDIC GROUP, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED March 31, 1998 and 1997 (unaudited)
1998 1997 ---- ---- Cash flows from operating activities: Net income $ 1,695,426 $ 617,915 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Provision for bad debt 1,702,241 999,208 Depreciation and amortization 709,022 749,305 Amortization of excess cost over net assets acquired 550,961 409,512 Amortization of Debt Discount 318,515 Changes in assets and liabilities, net of effect from acquired companies: Accounts receivable (272,575) (1,145,684) Inventory 236,234 274,166 Prepaid and other assets 362,852 (1,161,495) Other assets (203,723) (49,638) Accounts payable (624,949) (1,314,988) Accrued expenses 848,880 1,407,612 Accrued wages and payroll taxes (3,221,776) (3,433,979) Customer deposits (14,294) 127,954 Deferred revenue (38,507) (20,486) Other liabilities 25,562 72,577 ------------- ------------- Total adjustments (2,902,296) (2,767,421) ------------- ------------- Net cash provided by (used in) operating activities 1,755,354 (2,149,506) ------------- ------------- Cash flows from investing activities: Purchase of fixed assets, net (605,905) (495,970) Acquisition, net of cash (10,713,583) (2,301,618) Purchase of patents (8,140) (40,009) Purchase of non-compete agreements (58,286) (50,000) ------------- ------------- Net cash used in investing activities (11,385,914) (2,887,597) ------------- -------------
Continued The accompanying notes are an integral part of the consolidated financial statements. 5 HANGER ORTHOPEDIC GROUP, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED March 31, 1998 and 1997 (unaudited)
1998 1997 ---- ---- Cash flows from financing activities: Net borrowings under revolving credit facility $ 4,000,000 $ 500,000 Proceeds from long-term debt 5,000,000 5,500,000 Repayment of long-term debt (1,192,552) (900,678) Proceeds from the sale of common stock 918,449 85,400 ------------- ------------- Net cash provided by financing activities 8,725,897 5,184,722 ------------- ------------- Net change in cash and cash equivalents for the period (904,663) 147,619 Cash and cash equivalents at beginning of period 6,557,409 6,572,402 ------------- ------------- Cash and cash equivalents at end of period $ 5,652,746 $ 6,720,021 ============= ============= Supplemental disclosure of cash flow information: Cash paid during the period for: Interest $ 483,646 $ 641,926 ============= ============= Taxes $ 325,400 $ 99,240 ============= ============= Non-cash financing and investing activities: Issuance of notes in connection with acquisitions $ 2,755,000 $ 250,000 ============= ============= Dividends declared - preferred stock $ 6,835 $ 6,295 ============= =============
The accompanying notes are an integral part of the consolidated financial statements. 6 NOTE A -- BASIS OF PRESENTATION The accompanying unaudited financial statements have been prepared in accordance with Rule 10-01 of Regulation S-X. They do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, consisting of a normal recurring nature, considered necessary for a fair presentation have been included. These financial statements should be read in conjunction with the financial statements of Hanger Orthopedic Group, Inc. (the "Company"), as of December 31, 1997 and notes thereto included in the Annual Report on Form 10-K for the year December 31, 1997, filed by the Company with the Securities and Exchange Commission. NOTE B - NEW ACCOUNTING STANDARDS The Company adopted Statement of Financial Accounting Standards (SFAS) 128, "Earnings per Share," effective January 1, 1997. As a result, earnings per share for the first quarter ended March 31, 1997 have been restated to conform to the provisions of this statement. In addition, the Company adopted SFAS 130, "Reporting Comprehensive Income, " effective January 1, 1998. Total comprehensive income and net income are identical for the period ended March 31, 1998. The Company will adopt the provisions of SFAS 131, "Disclosures about Segments of an Enterprise and Related Information" effective with the financial statements for the year ended December 31, 1998. SFAS 131 establishes standards for the way that public business enterprises report information about operating segments in annual financial statements and requires that those enterprises report selected information about operating segments in interim financial reports issued to shareholders. It also establishes standards for related disclosures about products and services, geographic areas, and major customers. Financial statement disclosures for prior periods are required to be restated. The Company is in the process of evaluating the disclosure requirements. The adoption of SFAS 131 will not have a material impact on the Company's consolidated results of operations, financial position or cash flows. 7 NOTE C -- INVENTORY Inventories at March 31, 1998 and December 31, 1997 were comprised of the following:
March 31, 1998 December 31, 1997 ------------- ----------------- (unaudited) Raw materials $ 7,858,656 $ 7,685,134 Work-in-process 1,467,133 1,437,946 Finished goods 8,307,762 8,322,396 ------------ ------------ $17,633,551 $17,445,476 ============ ============
NOTE D - ACQUISITIONS During the first three months ended March 31, 1998, the Company acquired three orthotic and prosthetic companies. The aggregate purchase price was $13,230,000, comprised of $10,475,000 in cash and $2,755,000 in promissory notes. NOTE E - NET INCOME PER COMMON SHARE The following is a reconciliation of the numerators and denominators of the basic and diluted income per common share amounts for the three months ended March 31, 1998 and 1997.
Three Months Ended March 31, 1998 1997 ---- ---- Net income $ 617,915 $ 1,695,426 Less preferred stock dividends declared (6,295) (6,835) ------------ ------------ Income available to common stockholders $ 611,620 $ 1,688,591 ============ ============ Average shares of common stock outstanding used to compute basic per common share amounts 15,576,030 9,358,529 Effect of dilutive options 1,049,473 193,849 Effect of dilutive warrants 456,480 388,281 Shares used to compute dilutive per ------------ ------------ common share amounts 17,081,983 9,940,659 ============ ============ Basic income per common share $ .11 $ .07 Diluted income per common share $ .10 $ .06
Options to purchase 2,389 shares of common stock were outstanding at March 31, 1998 but were not included in the computation of diluted income per common share because the options' exercise price was greater than the average market price of the common shares. 8 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS The following table sets forth for the periods indicated certain items of the Company's statements of operations and their percentage of the Company's net sales:
For the Three Months Ended March 31, 1998 1997 ---- ---- Net sales 100.0% 100.0% Cost of products and services sold 52.3 52.4 Gross profit 47.7 47.6 Selling, general & administrative expenses 36.1 35.3 Depreciation and amortization 1.7 2.4 Amortization of excess cost over net assets acquired 1.4 1.3 Income from operations 8.5 8.5 Interest expense 1.5 4.9 Provision for income taxes 2.9 1.4 Net income 4.2 2.0
FOR THE THREE MONTHS ENDED MARCH 31, 1998 COMPARED TO THE THREE MONTHS ENDED MARCH 31, 1997 NET SALES Net sales for the three months ended March 31, 1998, amounted to approximately $40,750,000, an increase of approximately $9,800,000, or 31.7%, over net sales of approximately $30,950,000 for the three months ended March 31, 1997. Contributing to the increase were (i) an 13.8% increase in sales by those Hanger patient-care centers operating during both quarters ("same store sales") and (ii) sales by patient-care centers acquired by Hanger subsequent to March 31, 1997. GROSS PROFIT Gross profit during the three months ended March 31, 1998 amounted to approximately $19,447,000, an increase of approximately $4,727,000, or 32.1%, over gross profit of approximately $14,720,000 for the three months ended March 31, 1997. Gross profit as a percent of net sales for the quarters ended March 31, 1998 and 1997 remained approximately the same at 47.7% and 47.6, respectively. 9 SELLING, GENERAL AND ADMINISTRATIVE Selling, general and administrative expenses in the three months ended March 31, 1998 increased by approximately $3,804,000, or 34.8%, compared to the three months ended March 31, 1997. The increase in selling, general and administrative expenses was primarily a result of the acquisitions subsequent to March 31, 1997. Selling, general and administrative expenses as a percent of net sales in the first three months of 1998 increased to 36.1% from 35.3% for the same period a year ago. INCOME FROM OPERATIONS Principally as a result of the above, income from operations in the quarter ended March 31, 1998 amounted to approximately $3,458,000, an increase of $822,000, or 31.2%, over the prior year's comparable quarter. Income from operations as a percent of net sales for the quarters ended March 31, 1998 and 1997 remained the same at 8.5%. INTEREST EXPENSE Interest expense in the first quarter of 1998 amounted to approximately $615,000, a decrease of approximately $912,000, or 59.7%, from the approximately $1,527,000 of interest expense incurred in the first quarter of 1997. Interest expense as a percent of net sales decreased to 1.5% in the first quarter of 1998 from 4.9% for the same period a year ago. The decrease in interest expense was primarily attributable to the repayment of $58.0 million of indebtedness during July and August of 1997 from the proceeds of a underwritten public offering in which the Company sold 5,750,000 shares of common stock at $11.00 per share. INCOME TAXES The Company's effective tax rate was 41% in the first quarter of 1998 versus 42% in 1997. The provision for income taxes in the first quarter of 1998 amounted to approximately $1,178,000 compared to approximately $447,000 in the first quarter of 1997. NET INCOME As a result of the above, the Company recorded net income of approximately $1,695,000, or $.10 per diluted common share on approximately 17,082,000 shares outstanding for the quarter ended March 31, 1998, compared to net income of approximately $618,000, or $.06 per diluted common share on approximately 9,941,000 shares outstanding in the quarter ended March 31, 1997. 10 LIQUIDITY AND CAPITAL RESOURCES The Company's consolidated working capital at March 31, 1998 was approximately $35,856,000. Cash and cash equivalents available at that date was approximately $5,653,000. The Company's cash resources were satisfactory to meet its obligations for the three months ended March 31, 1998. The Company has a credit agreement (the "Credit Agreement") with a syndicate of banks, (collectively, the "Banks") that provides for (i) an A-Term Loan of up to $29,000,000 (the "A-Term Loan"); (ii) a B-Term Loan of up to $28,000,000 (the "B-Term Loan"); (iii) an acquisition loan of up to $25,000,000 (the "Acquisition Loan"); and (iv) a revolving loan of up to $8,000,000 (the "Revolving Loan"). The Company's total long-term debt at March 31, 1998, including a current portion of approximately $10,311,000, was approximately $39,597,000. Such indebtedness included: (i) $16,888,000 borrowed under the A-Term Loan and B-Term Loan; (ii) $5,000,000 borrowed under the Acquisition Loan; (iii) $4,000,000 borrowed under the Revolving Loan; and (iv) a total of $13,709,000 of other indebtedness. The Credit Agreement with the Banks is collateralized by substantially all the assets of the Company, restricts the payment of dividends, and contains certain affirmative and negative covenants customary in an agreement of this nature. The A-Term Loan, the Acquisition Loan and the Revolving Loan bear base interest at the Company's option of either LIBOR plus 2.50% or the Bank's prime rate plus 1.50%. The base interest rate is then reduced by .25% to 1.25% depending upon the ratio of the Company's total indebtedness to annual earnings before interest, taxes, depreciation and amortization. The outstanding amount of the A-Term Loan at March 31, 1998 was $8,296,000, which is being amortized in quarterly amounts and will mature on December 31, 2001. The B-Term Loan bears base interest at the Company's option of either LIBOR plus 2.75% or the Bank's prime rate plus 1.75%. The base interest rate is then reduced by .25% to 1.25% depending upon the ratio of the Company's total indebtedness to annual earnings before interest, taxes, depreciation and amortization. The outstanding amount of the B-Term Loan at March 31, 1998 was $8,592,000, which is being amortized in quarterly amounts and will mature on December 31, 2003. All of any portion of outstanding loans under the Credit Agreement may be repaid at any time and commitments may be terminated in whole or in part at the option of the Company without premium or penalty, except that LIBOR-based loans may only be repaid at the end of the applicable interest period. Mandatory prepayments will be required in the event of certain sales of assets, debt or equity financings and under certain other circumstances. 11 During the first three months of 1998, the Company acquired three orthotic and prosthetic companies. The aggregate purchase price was $13,230,000, comprised of $10,475,000 in cash and $2,755,000 in promissory notes. The Company plans to finance future acquisitions through internally generated funds or borrowings under the Acquisition Loan, the issuance of notes or shares of common stock of the Company, or through a combination thereof. The Company is actively engaged in ongoing discussions with prospective acquisition candidates. The Company plans to continue to expand its operations aggressively through acquisitions. OTHER Inflation has not had a significant effect on the Company's operations, as increased costs to the Company generally have been offset by increased prices of products and services sold. The Company will adopt the provisions of SFAS 131, "Disclosures about Segments of an Enterprise and Related Information" effective with the financial statements for the year ended December 31, 1998. SFAS 131 establishes standards for the way that public business enterprises report information about operating segments in annual financial statements and requires that those enterprises report selected information about operating segments in interim financial reports issued to shareholders. It also establishes standards for related disclosures about products and services, geographic areas, and major customers. Financial statement disclosures for prior periods are required to be restated. The Company is in the process of evaluating the disclosure requirements. The adoption of SFAS 131 will not have a material impact on the Company's consolidated results of operations, financial position or cash flows. The Company primarily provides services and customized devices throughout the United States and is reimbursed, in large part, by the patients' third-party insurers or governmentally funded health insurance programs. The ability of the Company's debtors to meet their obligations is principally dependent upon the financial stability of the insurers of the Company's patients and future legislation and regulatory actions. The Company's management believes that its major financial and manufacturing applications are year 2000 compliant. The company expects no material impact on its internal information systems from the year 2000 issue. The Company has recently initiated communications with its significant suppliers to determine the extent that the Company may be impacted by third parties' failure to address the issue. The Company will continue to monitor and evaluate the impact of the year 2000 on its operations. This report contains forward-looking statements setting forth the company's beliefs or expectations relating to future revenues and profitability. Actual results may differ materially from projected or expected 12 results due to changes in the demand for the company's O&P services and products, uncertainties relating to the results of operations or recently acquired and newly acquired O&P patient care practices, the Company's ability to attract and retain qualified O&P practitioners, governmental policies affecting O&P operations and other risks and uncertainties affecting the health-care industry generally. Readers are cautioned not to put undue reliance on forward-looking statements. The company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise. 13 PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) EXHIBITS - Exhibit 27 - Financial Data Schedule (b) REPORTS ON FORM 8-K None. 14 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. HANGER ORTHOPEDIC GROUP, INC. Date: May 11, 1998 /s/IVAN R. SABEL ------------ ------------------ Ivan R. Sabel, CPO Chief Executive Officer Date: May 11, 1998 /s/RICHARD A. STEIN ------------ ------------------- Richard A. Stein Vice President - Finance Principal Financial and Accounting Officer 15 EX-27 2
5 3-MOS DEC-31-1998 JAN-01-1998 MAR-31-1998 5,652,746 0 31,655,712 6,266,000 17,633,551 61,097,813 18,731,605 8,134,225 169,407,412 25,242,163 29,286,054 310,588 0 157,791 108,768,976 169,407,412 40,750,018 40,750,018 21,303,131 21,303,131 15,988,984 1,702,241 614,822 2,873,426 1,178,000 1,695,426 0 0 0 1,695,426 0.11 0.10
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