-----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, Ev9gpLJ45vfiE5tcJsPe23UBgc1w8v8kBHa/aqWNyOSPeWTkR/vxgisMBiDqaMsT 1ukRVKsftBQ522pRIMdBBA== 0000950144-00-009915.txt : 20000922 0000950144-00-009915.hdr.sgml : 20000922 ACCESSION NUMBER: 0000950144-00-009915 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000630 FILED AS OF DATE: 20000811 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUERTO RICAN CEMENT CO INC CENTRAL INDEX KEY: 0000081076 STANDARD INDUSTRIAL CLASSIFICATION: 3241 IRS NUMBER: 516601895 STATE OF INCORPORATION: PR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-04753 FILM NUMBER: 693180 BUSINESS ADDRESS: STREET 1: P.O.BOX 364487 CITY: SAN JUAN STATE: PR ZIP: 00936-4487 BUSINESS PHONE: 8097833000 MAIL ADDRESS: STREET 2: POST OFFICE BOX 364487 CITY: SAN JUAN STATE: PR ZIP: 09336-4487 10-Q 1 e10-q.txt PUERTO RICAN CEMENT COMPANY, INC. 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 June 30, 2000 ------------- 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: 1-4753 ------ Puerto Rican Cement Company, Inc. --------------------------------- (Exact Name of Registrant as Specified in Its Charter) Commonwealth of Puerto Rico 51-A-66-0189525 ------------------------------- ------------------------------------ (State or Other Jurisdiction of (I.R.S. Employer Identification No.) Incorporation or Organization) P.O. Box 364487 - San Juan, P.R. 00936-4487 --------------------------------------- ---------- (Address of Principal Executive Offices) (Zip Code) Registrant's Telephone Number, Including Area Code: (787) 783-3000 -------------- Not Applicable -------------- (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 [ ] Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: Common stock, $1.00 Par Value: 5,186,274 Shares Outstanding ----------------------------------------------------------- 2 PUERTO RICAN CEMENT COMPANY, INC. INDEX
PAGE NO. -------- Part I - Financial Information Item 1 - Financial Statements Consolidated Balance Sheet as of June 30, 2000 and December 31, 1999 ................................................................. 3 - 4 Consolidated Statement of Income for the three-month and six-month periods ended on June 30, 2000 and 1999 ........................................... 5 Consolidated Statement of Cash Flows for the six-month periods ended on June 30, 2000 and 1999 ........................................... 6 Notes to Consolidated Financial Statements ........................................ 7 Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations ............................................... 8 - 11 Item 3 - Quantitative and Qualitative Disclosures About Market Risk ....................................................................... 11 Part II - Other Information ................................................................. 12 Signatures ........................................................................ 13
2 3 PART I. FINANCIAL INFORMATION ITEM 1 - FINANCIAL STATEMENTS Puerto Rican Cement Company, Inc. Consolidated Balance Sheet (Unaudited)
June December 30, 2000 31, 1999 ---------- ---------- (In thousands) Assets Current assets Cash and cash equivalents $ 2,691 $ 1,631 - - - ------------------------------------------------------------------------------------------------- Short-term investments 11,386 6,001 - - - ------------------------------------------------------------------------------------------------- Notes and accounts receivable - net of allowance for doubtful accounts of $907 in 2000 and $1,101 in 1999 37,905 34,968 - - - ------------------------------------------------------------------------------------------------- Inventories: Finished products 2,525 2,435 Work in process 5,712 7,026 Raw materials 4,370 3,894 Maintenance and operating supplies 22,204 22,023 Land held for sale, including development costs 615 923 - - - ------------------------------------------------------------------------------------------------- Total inventories 35,426 36,301 - - - ------------------------------------------------------------------------------------------------- Prepaid expenses 9,354 5,580 - - - ------------------------------------------------------------------------------------------------- Total current assets 96,762 84,481 Property, plant and equipment - net of accumulated depreciation, depletion and amortization of $100,401 as of June 30, 2000 and $93,331 as of December 31, 1999 171,586 168,650 Long-term investments 35,468 39,712 Other assets 11,679 11,746 - - - ------------------------------------------------------------------------------------------------- Total $ 315,495 $ 304,589 =================================================================================================
See notes to consolidated financial statements. 3 4 Puerto Rican Cement Company, Inc. Consolidated Balance Sheet (Unaudited)
June December 30, 2000 31, 1999 ---------- ---------- (In thousands) Liabilities and stockholders' equity Current liabilities Notes payable $ 5,687 $ 654 Current portion of long-term debt 3,985 3,806 Accounts payable 14,028 9,665 Accrued liabilities 10,960 9,233 Income taxes payable 1,141 4,075 - - - ------------------------------------------------------------------------------------------------- Total current liabilities 35,801 27,433 - - - ------------------------------------------------------------------------------------------------- Long-term liabilities Long-term debt, less current portion 80,437 81,365 Deferred income taxes 30,927 30,788 Other long-term liabilities, including postretirement benefits 3,067 3,105 - - - ------------------------------------------------------------------------------------------------- Total long-term liabilities 114,431 115,258 - - - ------------------------------------------------------------------------------------------------- Total liabilities 150,232 142,691 - - - ------------------------------------------------------------------------------------------------- Stockholders' equity Preferred stock, authorized 2,000,000 shares of $5.00 par value each; none issued Common stock, authorized 20,000,000 shares of $1.00 par value each; issued 6,000,000 shares; outstanding 5,186,274 shares as of June 30, 2000 and December 31, 1999 6,000 6,000 Additional paid-in capital 14,703 14,703 Retained earnings 167,586 164,221 - - - ------------------------------------------------------------------------------------------------- 188,289 184,924 Less: Shares of common stock in treasury, at cost (813,726 shares as of June 30, 2000 and December 31, 1999) 23,026 23,026 - - - ------------------------------------------------------------------------------------------------- Stockholders' equity - net 165,263 161,898 - - - ------------------------------------------------------------------------------------------------- Total $ 315,495 $ 304,589 =================================================================================================
See notes to consolidated financial statements. 4 5 Puerto Rican Cement Company, Inc. Consolidated Statement of Income (Unaudited)
Three months ended Six months ended June 30, June 30, 2000 1999 2000 1999 - - - ------------------------------------------------------------------------------------------------------------------------------------ (In Thousands, except share data) Net sales $ 41,697 $ 48,054 $ 83,513 $ 92,692 Revenue from real estate operations 531 26 557 52 - - - ------------------------------------------------------------------------------------------------------------------------------------ 42,228 48,080 84,070 92,744 Cost of sales 30,567 33,402 64,471 64,878 - - - ------------------------------------------------------------------------------------------------------------------------------------ Gross margin 11,661 14,678 19,599 27,866 Selling, general & administrative expenses 5,677 7,728 11,669 14,309 - - - ------------------------------------------------------------------------------------------------------------------------------------ Income from operations 5,984 6,950 7,930 13,557 - - - ------------------------------------------------------------------------------------------------------------------------------------ Other (credits) charges: Interest and financial charges 1,591 1,563 3,116 3,080 Interest income (980) (916) (1,935) (1,832) Other expenses (59) 327 74 592 - - - ------------------------------------------------------------------------------------------------------------------------------------ Total other charges 552 974 1,255 1,840 - - - ------------------------------------------------------------------------------------------------------------------------------------ Income before income tax 5,432 5,976 6,675 11,717 Provision for income tax 1,287 1,844 1,339 3,438 - - - ------------------------------------------------------------------------------------------------------------------------------------ Net income $ 4,145 $ 4,132 $ 5,336 $ 8,279 ==================================================================================================================================== Net income per share $ 0.80 $ 0.78 $ 1.03 $ 1.55 ==================================================================================================================================== Average common shares outstanding 5,186,274 5,314,807 5,186,274 5,346,941 ====================================================================================================================================
See notes to consolidated financial statements. 5 6 Puerto Rican Cement Company, Inc. Consolidated Statement of Cash Flows (Unaudited)
For the six months ended June 30, 2000 1999 - - - -------------------------------------------------------------------------------------------------- (In thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 5,336 $ 8,279 - - - -------------------------------------------------------------------------------------------------- Adjustments to reconcile net income to cash flows from operating activities: Depreciation, depletion and amortization 7,301 6,916 Accretion of discount on investments (990) (1,231) Provision for deferred income taxes 139 544 Postretirement benefits cost (15) 13 (Gain) loss on sale of fixed assets (4) 13 Changes in assets and liabilities: Increase in notes and accounts receivable (2,912) (9,555) Decrease in inventories 875 1,949 Increase in prepaid expenses (3,774) (2,924) Decrease (increase) in other long-term assets 14 (144) Increase in accounts payable 3,387 6,355 Increase in accrued liabilities 1,727 1,995 Decrease in income taxes payable (2,935) (147) Decrease in long-term liabilities (23) -- - - - ------------------------------------------------------------------------------------------------- Total adjustments 2,790 3,784 - - - ------------------------------------------------------------------------------------------------- Cash provided by operations 8,126 12,063 - - - ------------------------------------------------------------------------------------------------- CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (10,228) (9,536) Increase in long-term notes receivable -- (146) Redemption of long-term investments 849 11,817 Purchase of investments (1,000) (2,660) Proceeds from sale of fixed assets 23 109 - - - ------------------------------------------------------------------------------------------------- Cash used in investing activities (10,356) (416) - - - ------------------------------------------------------------------------------------------------- CASH FLOWS FROM FINANCING ACTIVITIES: Increase in short-term borrowings 3,000 -- Proceeds from loans 1,200 1,249 Repayment of long-term debt (1,949) (1,129) Purchase of treasury stock -- (6,403) Dividends paid (995) (2,044) Increase in notes payable 2,033 754 - - - ------------------------------------------------------------------------------------------------- Cash provided by (used in) financing activities 3,290 (7,573) - - - ------------------------------------------------------------------------------------------------- Increase in cash and cash equivalents 1,060 4,074 Cash and cash equivalents - beginning of period 1,631 7,481 - - - ------------------------------------------------------------------------------------------------- Cash and cash equivalents - end of period $ 2,691 $ 11,555 =================================================================================================
See notes to consolidated financial statements. 6 7 PUERTO RICAN CEMENT COMPANY, INC. (Unaudited) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. Financial Statements: In the opinion of Puerto Rican Cement Company, Inc. (the "Company", "Registrant" or "PRCC"), the accompanying unaudited financial statements contain all adjustments necessary to present fairly its financial position at June 30, 2000 and December 31, 1999; the results of operations for the six-month and three-month periods ended June 30, 2000 and 1999; and its cash flows and changes in stockholders' equity for the six-month periods ended June 30, 2000 and 1999. The results of operations for this interim period are not necessarily indicative of the results to be expected for the full year. 2. Comprehensive income: Other comprehensive income includes, among other things, net realized and unrealized gains and losses on investments in available-for-sale securities. The Company had no item reported as comprehensive income during the second quarter of 2000 and 1999. 3. Segment information: The Company has identified three reportable segments: cement operations, ready mix concrete operations and all others, which includes the lime, realty, financing, and paper and packaging operations. Segment detail for the six-month period is summarized as follows (000's omitted):
Ready Mix All Cement Concrete Others Total -------- --------- -------- -------- June 30, 2000 Revenues Total revenues $ 48,632 $ 47,052 $ 5,982 $101,666 Less - Intersegment revenues 14,986 -- 2,610 17,596 -------- -------- -------- -------- Net revenues $ 33,646 $ 47,052 $ 3,372 $ 84,070 ======== ======== ======== ======== Total assets $180,099 $ 64,104 $ 71,292 $315,495 ======== ======== ======== ======== Ready Mix All Cement Concrete Others Total -------- --------- -------- -------- June 30, 1999 Revenues Total revenues $ 56,792 $ 50,390 $ 7,110 $114,292 Less - Intersegment revenues 19,116 -- 2,432 21,548 -------- -------- -------- -------- Net revenues $ 37,676 $ 50,390 $ 4,678 $ 92,744 ======== ======== ======== ======== Total assets $172,185 $ 62,382 $ 73,668 $308,235 ======== ======== ======== ========
7 8 ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. Cash and cash equivalents increased $1.1 million from $1.6 million as of December 31, 1999 to $2.7 million as of June 30, 2000. Short-term and long-term investments held to maturity increased $1.2 million to $46.9 million at June 30, 2000 from $45.7 million at December 31, 1999. This was mainly the result of the increase of $990,000 in the investment in zero-coupon notes intended to pay at maturity notes issued by the company to certain institutional investors. Notes and accounts receivable increased by $3.0 million, to $37.9 million as of June 30, 2000 from $34.9 million as of December 31, 1999. The increase is mainly attributable to comparatively higher balances in account receivables-trade. These higher balances have resulted from historically higher volume of sales during the second quarter of each year as compared to the last quarter of the previous year. Inventories decreased by $900,000 to $35.4 million as of June 30, 2000 from $36.3 million as of December 31, 1999. The decrease was caused primarily by a reduction in clinker inventory as the result of a scheduled plant shutdown in the first quarter of 2000. The increase of $3.8 million in prepaid expenses is mainly due to the timing of scheduled payments related to property and municipal taxes, as well as insurance. Property, plant and equipment increased by $2.9 million to $171.6 million as of June 30, 2000 from $168.7 million as of December 31, 1999. This increase resulted from capital expenditures of $10.2 million net of depreciation and amortization of $7.3 million. The capital expenditures were primarily related to machinery and equipment improvements at the cement and ready mix batching plants. Total current liabilities increased $8.4 million to $35.8 million as of June 30, 2000 from $27.4 million as of December 31, 1999. The increase was mainly due to a $5.7 million increase in short-term borrowing for short term working capital needs. In addition, there was a $2.7 million increase in accounts payable and accrued liabilities. The increase in accounts payable resulted mainly from a greater amount of purchases of raw materials in the second quarter of 2000 as compared to the last quarter of 1999, a consequence of higher volume of sales explained above. At its June 28, 2000 meeting, the Board of Directors of PRCC declared a $0.19 per share dividend on its common stock, payable on August 7, 2000 to stockholders of record on July 10, 2000. As of June 30, 2000, PRCC had 5,186,274 shares of common stock issued and outstanding. LIQUIDITY AND CAPITAL RESOURCES Working capital at June 30, 2000, increased to $61.0 million from $57.0 million at December 31, 1999 but current ratio decreased to 2.70 to 1 as of June 30, 2000, from 3.08 to 1 as of December 31, 1999. The reduction in current ratio was due mainly to the increase in current liabilities as explained above. 8 9 As of June 30, 2000, the approximate aggregate maturities of long-term debt for the remainder of 2000 and thereafter are as follows (000's omitted): 2000 $ 2,139 2001 4,849 2002 4,507 2003 2,196 2004 and thereafter 70,731 -------- Total $ 84,422 ========
Loan agreements with term lenders impose certain restrictions on the Company concerning working capital, indebtedness, dividends, investments and certain advances, among other restrictions. At June 30, 2000, the Company complied with the provisions of the loan agreements. The Company's long term debt includes $70 million in notes issued pursuant to a loan agreement to several institutional investors. These notes require no payment of principal until their maturity date and are secured by a $70 million zero-coupon U.S. Treasury bond pledged as collateral. The Company has available credit facilities in the aggregate amount of $42,000,000 with commercial banks for short-term financing and discount of trade paper from customers. These short-term facilities are renewable annually at the discretion of the banks, which at this time do not require any commitment fees. The average borrowing outstanding for the quarter and the maximum aggregate short-term borrowing outstanding at any month-end during the second quarter of 2000 was $5,650,000. RESULTS OF OPERATIONS THREE MONTHS ENDED JUNE 30, 2000 COMPARED WITH THREE MONTHS ENDED JUNE 30, 1999 Net income for the second quarter of 2000 totaled $4,145,000, or $0.80 per share, compared with $4,132,000, or $0.78 per share, in the comparable quarter of 1999. Consolidated net revenues of $42,228,000 during the second quarter in 2000 compare with $48,080,000 for the same period in 1999. The reconstruction works related to damages caused by Hurricane Georges resulted in record sales levels for the first half of 1999. The Company's cement sales for the second quarter of 2000 amounted to 287,000 tons as compared to 349,000 tons sold in the same quarter of 1999, a decrease of 17.8%. During the second quarter of 2000 total sales volume for cement on the Island decreased 5.6% in relation to the same period of 1999. During the first half of 2000 the cement industry of the Island has been impacted by higher imports of cement. The reduction in the construction activity during the first half of 2000 also affected our ready mix concrete subsidiary. Ready mix concrete sales decreased to 367,000 cubic yards for the second quarter of 2000 from 438,000 cubic yards sold during the same period of 1999. 9 10 During the second quarter of 2000, the Company realized a $504,000 profit on the sale of the remaining lot at the Amelia Industrial Park. Consolidated cost of sales for the second quarter of 2000 decreased 8% to $30.6 million from $33.4 million for the comparable period of 1999. The reduction was principally due to lower sales volume as mentioned above. On a per ton basis, cost of sales reflect higher production costs resulting mainly from increased repair costs during the first quarter of 2000 as the result of a scheduled production shut down of our cement facilities. In addition, recent spikes in oil prices have increased energy costs in all production areas. As a result of these increases, the gross margin for the second quarter decreased from 30.5% in 1999 to 27.6% in 2000. Selling, general and administrative expenses decreased 27% to $5.7 million during the second quarter of 2000 from $7.7 million over the comparable quarter of 1999. The decrease was principally attributable to lower professional fees associated with legal proceedings against local government agencies in the federal and local courts that were settled during 1999. The provision for income taxes as a percentage of income before taxes, decreased from 31% for the second quarter of 1999 to 25% for the same period of 2000. This decrease is principally attributable to the capital gain on the sale of the lot at the Amelia Industrial Park, which was taxed at a lower rate. SIX MONTHS ENDED JUNE 30, 2000 COMPARED WITH SIX MONTHS ENDED JUNE 30, 1999 Net income for the first six months of 2000 totaled $5,336,000, or $1.03 per share, compared with $8,279,000, or $1.55 per share, for the comparable period of 1999. Consolidated net revenues of $84,070,000 during the first half of 2000 compare with $92,744,000 for the same period in 1999. As discussed above, reconstruction efforts due to Hurricane Georges resulted in an increased demand for cement and ready mix concrete in 1999. This demand for cement has returned to normal levels in 2000. The company's cement sales in the first six months of 2000 were 575,000 tons compared to 674,000 tons in the first half of 1999. Our ready mix concrete subsidiary sold 735,000 cubic yards for the first six months of 2000 and 801,000 cubic yards during the same period of 1999. Consolidated cost of sales for the first six months of 2000 decreased slightly to $64.5 million from $64.9 million for the comparable period of 1999. This decrease was minimal compared to the decrease in sales volume resulting in the reduction of the Company's gross margin from 30% for the first six months of 1999 to 23.3% for the comparable 2000 period. This was mainly caused by higher production costs resulting from increased shutdown and repair expenses during the first quarter of 2000 as the result of a scheduled production shut down of our cement facilities, and higher energy costs in all production areas. Selling, general and administrative expenses during the first half of 2000 decreased 18% to $11.7 million from $14.3 million over the comparable period of 1999. Selling, general and administrative expenses were higher in 1999 because of legal fees resulting from proceedings against local government agencies in the federal and local courts. 10 11 The provision for income taxes as a percentage of income before taxes, decreased from 29% for the first six months of 1999 to 20% for the same period of 2000. This decrease is principally related to the decline in taxable income during the first half of 2000 and the more favorable tax treatment of the gain on the sale of the lot at the Amelia Industrial Park, as explained above. FORWARD-LOOKING STATEMENTS Certain statements contained in this document, including those in this Management's Discussion and Analysis of Financial Condition and Results of Operations, that are not historical facts constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance of the Company and its businesses to be materially different from that expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions; political and social conditions; government regulations and compliance therewith; demographic changes; sales mix; pricing levels; changes in sales to, or the identity of, significant customers; changes in technology, including the technology of cement production; capacity constraints; availability of raw materials and adequate labor; availability of liquidity sufficient to meet the Company's needs; the ability to adapt to changes resulting from acquisitions; and various other factors referenced in this Management's and Discussion Analysis. The Company can be particularly affected by weather in Puerto Rico, changes in the Puerto Rico economy, and changes in the Government of Puerto Rico or the manner in which it regulates the Company. The Company assumes no obligation to update forward-looking statements to reflect actual results or changes in or additions to the factors affecting such forward-looking statements. ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK The Company's investment portfolio is subject to market risk. Market risk is the risk of economic loss arising from adverse changes in market rates and prices, such as interest rates and other relevant market prices. The Company's primary market risk exposure relates to interest rates, as interest rate volatility impacts the value of the Company's investment portfolio. The re-pricing of the Company's financial assets and liabilities also affects interest income and interest expense. The Company manages its interest rate risk exposure to maintain the stability of interest income and interest expense under varying interest rate environments. Taking advantage of the favorable interest rate scenario in recent years, the Company has taken certain steps to minimize its interest rate risk exposure, which include obtaining long-term financing at fixed interest rates (see discussion under liquidity and capital resources.) At the same time, to minimize its interest rate risk exposure and manage its liquidity needs, the Company invests primarily in securities issued or guaranteed by the US government and its agencies with short-term (one year or less) and medium-term (over 1 through 7 years) maturities. The Company has also invested in a US government security with a 20-year term to serve as collateral and a source of repayment for one of its long-term debts. 11 12 PART II. OTHER INFORMATION ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits required by Item 601 of Regulation S-K 27. Financial Data Schedule (for SEC use only). 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. PUERTO RICAN CEMENT COMPANY, INC. --------------------------------- Registrant Date: August 11, 2000 By: /s/ Jose O. Torres --------------------------------------- Jose O. Torres Vice President and Chief Financial Officer 13 EX-27 2 ex27.txt FINANCIAL DATA SCHEDULE
5 1 U.S. DOLLARS 6-MOS DEC-31-2000 JAN-01-2000 JUN-30-2000 1 2,690,456 11,385,800 38,811,962 906,537 35,426,326 96,761,453 271,986,543 100,400,933 315,494,915 35,800,806 80,437,209 0 0 6,000,000 159,263,073 315,494,915 83,513,337 84,069,777 64,471,087 76,139,633 74,642 342,004 3,115,574 6,675,425 1,339,269 5,336,156 0 0 0 5,336,156 1.03 1.03
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