-----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, KROQMYcBf8HM6FkgrfvBHb3qBrq7qRXDEQzcuXeX4Y3bTz3UP5tuBjI/YOx8A3Ts lSsePTLWB6ms+iNAXThk0g== 0000950149-97-002032.txt : 19971111 0000950149-97-002032.hdr.sgml : 19971111 ACCESSION NUMBER: 0000950149-97-002032 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971110 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CRONOS GLOBAL INCOME FUND XIV L P CENTRAL INDEX KEY: 0000891332 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359] IRS NUMBER: 943163375 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-23158 FILM NUMBER: 97711372 BUSINESS ADDRESS: STREET 1: 444 MARKET ST 15TH FLR CITY: SAN FRANCISCO STATE: CA ZIP: 94111 BUSINESS PHONE: 4156778990 10-Q 1 CRONOS GLOBAL XIV 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1997 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 0-23158 CRONOS GLOBAL INCOME FUND XIV, L.P. (Exact name of registrant as specified in its charter) California 94-3163375 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 444 Market Street, 15th Floor, San Francisco, California 94111 (Address of principal executive offices) (Zip Code) (415) 677-8990 (Registrant's telephone number, including area code) 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 [ ] 2 CRONOS GLOBAL INCOME FUND XIV, L.P. REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1997 TABLE OF CONTENTS
PAGE PART I - FINANCIAL INFORMATION Item 1. Financial Statements Balance Sheets - September 30, 1997 (unaudited) and December 31, 1996 4 Statements of Operations for the three and nine months ended September 30, 1997 and 1996 (unaudited) 5 Statements of Cash Flows for the nine months ended September 30, 1997 and 1996 (unaudited) 6 Notes to Financial Statements (unaudited) 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 10 PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K 13
2 3 PART I - FINANCIAL INFORMATION Item 1. Financial Statements Presented herein are the Registrant's balance sheets as of September 30, 1997 and December 31, 1996, statements of operations for the three and nine months ended September 30, 1997 and 1996, and statements of cash flows for the nine months ended September 30, 1997 and 1996. 3 4 CRONOS GLOBAL INCOME FUND XIV, L.P. BALANCE SHEETS (UNAUDITED)
September 30, December 31, 1997 1996 ------------ ------------ Assets Current assets: Cashand cash equivalents, includes $1,046,926 at September 30, 1997 and $1,730,128 at December 31, 1996 in interest-bearing accounts $ 1,267,674 $ 1,730,504 Net lease receivables due from Leasing Company (notes 1 and 2) 1,162,767 1,173,515 ------------ ------------ Total current assets 2,430,441 2,904,019 ------------ ------------ Container rental equipment, at cost 53,131,844 52,798,896 Less accumulated depreciation 12,843,837 10,575,957 ------------ ------------ Net container rental equipment 40,288,007 42,222,939 ------------ ------------ Organizational costs, net 227,867 435,983 ------------ ------------ $ 42,946,315 $ 45,562,941 ============ ============ Partners' Capital Partners' capital: General partner $ 401 $ 776 Limited partners 42,945,914 45,562,165 ------------ ------------ Total partners' capital 42,946,315 45,562,941 ------------ ------------ $ 42,946,315 $ 45,562,941 ============ ============
The accompanying notes are an integral part of these financial statements 4 5 CRONOS GLOBAL INCOME FUND XIV, L.P. STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended Nine Months Ended ------------------------------ ------------------------------ September 30, September 30, September 30, September 30, 1997 1996 1997 1996 ------------ ------------ ------------ ------------ Net lease revenue (notes 1 and 3) $ 1,455,218 $ 1,603,150 $ 3,953,363 $ 5,170,080 Other operating expenses: Depreciation 837,743 841,822 2,527,653 2,527,919 Other general and administrative expenses 21,599 25,585 72,764 70,239 ------------ ------------ ------------ ------------ 859,342 867,407 2,600,417 2,598,158 ------------ ------------ ------------ ------------ Earnings from operations 595,876 735,743 1,352,946 2,571,922 Other income: Interest income 13,447 20,879 48,139 64,101 Net gain on disposal of equipment 13,275 10,214 66,167 63,005 ------------ ------------ ------------ ------------ 26,722 31,093 114,306 127,106 ------------ ------------ ------------ ------------ Net earnings $ 622,598 $ 766,836 $ 1,467,252 $ 2,699,028 ============ ============ ============ ============ Allocation of net earnings: General partner $ 62,897 $ 78,555 $ 203,899 $ 261,931 Limited partners 559,701 688,281 1,263,353 2,437,097 ------------ ------------ ------------ ------------ $ 622,598 $ 766,836 $ 1,467,252 $ 2,699,028 ============ ============ ============ ============ Limited partners' per unit share of net earnings $ .18 $ .23 $ .42 $ .82 ============ ============ ============ ============
The accompanying notes are an integral part of these financial statements 5 6 CRONOS GLOBAL INCOME FUND XIV, L.P. STATEMENTS OF CASH FLOWS (UNAUDITED)
Nine Months Ended --------------------------------- September 30, September 30, 1997 1996 ------------- ------------- Net cash provided by operating activities $ 3,910,506 $ 5,132,661 Cash flows provided by (used in) investing activities: Proceeds from sale of container rental equipment 301,738 239,990 Purchase of container rental equipment (563,044) (122,400) Acquisition fees paid to general partner (28,152) (339,120) ------------- ------------- Net cash used in investing activities (289,458) (221,530) ------------- ------------- Cash flows used in financing activities: Distribution to partners (4,083,878) (5,235,631) ------------- ------------- Net decrease in cash and cash equivalents (462,830) (324,500) Cash and cash equivalents at January 1 1,730,504 1,919,339 ------------- ------------- Cash and cash equivalents at September 30 $ 1,267,674 $ 1,594,839 ============= =============
The accompanying notes are an integral part of these financial statements 6 7 CRONOS GLOBAL INCOME FUND XIV, L.P. NOTES TO UNAUDITED FINANCIAL STATEMENTS (1) Summary of Significant Accounting Policies (a) Nature of Operations Cronos Global Income Fund XIV, L.P. (the "Partnership") is a limited partnership organized under the laws of the State of California on July 30, 1992, for the purpose of owning and leasing marine cargo containers. Cronos Capital Corp. ("CCC") is the general partner and, with its affiliate Cronos Containers Limited (the "Leasing Company"), manages the business of the Partnership. The Partnership shall continue until December 31, 2012, unless sooner terminated upon the occurrence of certain events. The Partnership commenced operations on January 29, 1993 when the minimum subscription proceeds of $2,000,000 were obtained. As of September 30, 1997, the Partnership operated 8,317 twenty-foot, 3,560 forty-foot and 98 forty-foot high-cube marine dry cargo containers and 454 twenty-foot and 340 forty-foot refrigerated cargo containers. The Partnership offered 4,250,000 units of limited partnership interests at $20 per unit, or $85,000,000. The offering terminated on November 30, 1993, at which time 2,984,309 limited partnership units had been purchased. (b) Leasing Company and Leasing Agent Agreement The Partnership has entered into a Leasing Agent Agreement whereby the Leasing Company has the responsibility to manage the leasing operations of all equipment owned by the Partnership. Pursuant to the Agreement, the Leasing Company is responsible for leasing, managing and re-leasing the Partnership's containers to ocean carriers and has full discretion over which ocean carriers and suppliers of goods and services it may deal with. The Leasing Agent Agreement permits the Leasing Company to use the containers owned by the Partnership, together with other containers owned or managed by the Leasing Company and its affiliates, as part of a single fleet operated without regard to ownership. Since the Leasing Agent Agreement meets the definition of an operating lease in Statement of Financial Accounting Standards (SFAS) No. 13, it is accounted for as a lease under which the Partnership is lessor and the Leasing Company is lessee. The Leasing Agent Agreement generally provides that the Leasing Company will make payments to the Partnership based upon rentals collected from ocean carriers after deducting direct operating expenses and management fees to CCC and the Leasing Company. The Leasing Company leases containers to ocean carriers, generally under operating leases which are either master leases or term leases (mostly two to five years). Master leases do not specify the exact number of containers to be leased or the term that each container will remain on hire but allow the ocean carrier to pick up and drop off containers at various locations; rentals are based upon the number of containers used and the applicable per-diem rate. Accordingly, rentals under master leases are all variable and contingent upon the number of containers used. Most containers are leased to ocean carriers under master leases; leasing agreements with fixed payment terms are not material to the financial statements. Since there are no material minimum lease rentals, no disclosure of minimum lease rentals is provided in these financial statements. (Continued) 7 8 CRONOS GLOBAL INCOME FUND XIV, L.P. NOTES TO UNAUDITED FINANCIAL STATEMENTS (c) Basis of Accounting The Partnership utilizes the accrual method of accounting. Net lease revenue is recorded by the Partnership in each period based upon its leasing agent agreement with the Leasing Company. Net lease revenue is generally dependent upon operating lease rentals from operating lease agreements between the Leasing Company and its various lessees, less direct operating expenses and management fees due in respect of the containers specified in each operating lease agreement. (d) Financial Statement Presentation These financial statements have been prepared without audit. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting procedures have been omitted. It is suggested that these financial statements be read in conjunction with the financial statements and accompanying notes in the Partnership's latest annual report on Form 10-K. The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) requires the Partnership to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. The interim financial statements presented herewith reflect all adjustments of a normal recurring nature which are, in the opinion of management, necessary to a fair statement of the financial condition and results of operations for the interim periods presented. (2) Net Lease Receivables Due from Leasing Company Net lease receivables due from the Leasing Company are determined by deducting direct operating payables and accrued expenses, base management fees payable, and reimbursed administrative expenses payable to CCC and its affiliates from the rental billings payable by the Leasing Company to the Partnership under operating leases to ocean carriers for the containers owned by the Partnership. Net lease receivables at September 30, 1997 and December 31, 1996 were as follows:
September 30, December 31, 1997 1996 ------------ ------------ Lease receivables, net of doubtful accounts of $133,447 at September 30, 1997 and $144,071 at December 31, 1996 $ 2,026,428 $ 2,184,535 Less: Direct operating payables and accrued expenses 515,465 644,735 Damage protection reserve 125,859 143,887 Base management fees 184,177 181,305 Reimbursed administrative expenses 38,160 41,093 ------------ ------------ $ 1,162,767 $ 1,173,515 ============ ============
(Continued) 8 9 GLOBAL INCOME FUND XIV, L.P. NOTES TO UNAUDITED FINANCIAL STATEMENTS (3) Net Lease Revenue Net lease revenue is determined by deducting direct operating expenses, base management fees and reimbursed administrative expenses to CCC and its affiliates from the rental revenue billed by the Leasing Company under operating leases to ocean carriers for the containers owned by the Partnership. Net lease revenue for the three and nine-month periods ended September 30, 1997 and 1996 was as follows:
Three Months Ended Nine Months Ended ------------------------------ ------------------------------ September 30, September 30, September 30, September 30, 1997 1996 1997 1996 ------------ ------------ ------------ ------------ Rental revenue $ 2,084,545 $ 2,381,314 $ 6,113,089 $ 7,426,993 Less: Rental equipment operating expenses 376,792 481,226 1,412,107 1,337,124 Base management fees 143,957 163,994 424,887 514,445 Reimbursed administrative expenses 108,578 132,944 322,732 405,344 ------------ ------------ ------------ ------------ $ 1,455,218 $ 1,603,150 $ 3,953,363 $ 5,170,080 ============ ============ ============ ============
9 10 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations It is suggested that the following discussion be read in conjunction with the Registrant's most recent annual report on Form 10-K. 1) Material changes in financial condition between September 30, 1997 and December 31, 1996. At September 30, 1997, the Registrant had $1,267,674 in cash and cash equivalents, a decrease of $462,830 from the December 31, 1996 cash balances. At September 30, 1997, the Registrant had approximately $72,000 in cash generated from equipment sales reserved as part of its cash balances. Throughout the remainder of 1997, the Registrant expects to continue using cash generated from equipment sales to purchase and replace containers which have been lost or damaged beyond repair. The Registrant's cash distribution from operations for the third quarter of 1997 was 8.0% (annualized) of the limited partners' original capital contribution, unchanged from the second quarter of 1997. These distributions are directly related to the Registrant's results from operations and may fluctuate accordingly. During 1996, ocean carriers and other transport companies moved away from leasing containers outright, as declining container prices, favorable interest rates and the abundance of available capital resulted in ocean carriers and transport companies purchasing a larger share of equipment for their own account, reducing their need for leased containers. Once the demand for leased containers began to fall, per-diem rental rates were also adversely affected. Since the beginning of 1997, the container leasing industry has experienced a modest recovery as indicated by an upward trend in container utilization. The impact of this trend on the utilization rates of the Registrant has been mixed. The Registrant's dry container utilization rate increased from 79% at December 31, 1996 to 83% at September 30, 1997, while the refrigerated container utilization rate increased from 79% at December 31, 1996 to 82% at September 30, 1997, respectively. Increasing cargo volumes and continuing equipment imbalances within the container fleets of shipping lines and transport companies have re-established a need for these companies to replenish their leased fleets during 1997. Although there has been an improvement in container utilization rates, per-diem rental rates continue to remain under pressure as a result of the following factors: start-up leasing companies offering new containers and low rental rates in an effort to break into the leasing market; established leasing companies reducing rates to very low levels; and a continuing oversupply of containers. The recent volatility of the Hong Kong and other Asian financial markets and its impact on trade, shipping, and container leasing, especially intra-Asia and Asia-Europe routes, has yet to be determined. While these conditions could impact the Registrant's financial condition and operating performance through the remainder of 1997 and first half of 1998, the Registrant is well positioned to take advantage of further improvements in the container leasing market. 10 11 2) Material changes in the results of operations between the three and nine-month periods ended September 30, 1997 and the three and nine-month periods ended September 30, 1996. Net lease revenue for the three and nine-month periods ended September 30, 1997 was $1,455,218 and $3,953,363, respectively, a decline of approximately 9% and 24% from the same periods in the prior year, respectively. Gross rental revenue (a component of net lease revenue) for the three and nine-month periods ended September 30, 1997 was $2,084,545 and $6,113,089, respectively, reflecting a decline of 13% and 18% from the same respective periods in the prior year. During 1997, gross lease revenue was primarily impacted by lower per-diem rental rates and utilization levels. Average dry cargo container per-diem rental rates for the three and nine-month periods ended September 30, 1997 declined approximately 12% and 11%, respectively, when compared to the same respective periods in the prior year. Average refrigerated container per-diem rental rates for the three and nine-month periods ended September 30, 1997 declined approximately 8% and 12%, respectively, when compared to the same respective periods in the prior year. Dry cargo container utilization, which steadily increased since December 31, 1996, did not recover to the same levels experienced during the three and nine-month periods ended September 30, 1996. Refrigerated container utilization rates fluctuated in each of the three and nine-month periods ended September 30, 1997, resulting in lower average utilization rates when compared to the same periods in the prior year. The Registrant's average fleet size and utilization rates for the three and nine-month periods ended September 30, 1997 and September 30, 1996 were as follows:
Three Months Ended Nine Months Ended ------------------------------ ------------------------------ September 30, September 30, September 30, September 30, 1997 1996 1997 1996 ------------- ------------- ------------- ------------- Average Fleet Size (measured in twenty-foot equivalent units (TEU)) Dry cargo containers 15,625 15,424 15,554 15,447 Refrigerated containers 1,134 1,151 1,138 1,153 Average Utilization Dry cargo containers 83% 83% 81% 84% Refrigerated containers 79% 85% 77% 90%
Rental equipment operating expenses were 18% and 23%, respectively, of the Registrant's gross lease revenue during the three and nine-month periods ended September 30, 1997, as compared to 20% and 18%, respectively, during the three and nine-month periods ended September 30, 1996. These changes were largely attributable to an increase in costs associated with lower utilization levels, including handling and storage. As reported in the Registrant's Current Report on Form 8-K and Amendment No. 1 to Current Report on Form 8-K, filed with the Commission on February 7, 1997 and February 26, 1997, respectively, Arthur Andersen, London, England, resigned as auditors of The Cronos Group, a Luxembourg Corporation headquartered in Orchard Lea, England (the "Parent Company"), on February 3, 1997. The Parent Company is the indirect corporate parent of Cronos Capital Corp., the general partner of the Registrant. In its letter of resignation to the Parent Company, Arthur Andersen states that it resigned as auditors of the Parent Company and all other entities affiliated with the Parent Company. While its letter of resignation was not addressed to the general partner or the Registrant, Arthur Andersen confirmed to the general partner that its resignation as auditors of the entities referred to in its letter of resignation included its resignation as auditors of Cronos Capital Corp. and the Registrant. 11 12 Following Arthur Andersen's resignation, the Parent Company subsequently received notification from the Securities and Exchange Commission that it was conducting a private investigation of the Parent Company regarding the events and circumstances leading to Arthur Andersen's resignation. The results of this investigation are still pending. Accordingly, the Registrant does not, at this time, have sufficient information to determine the impact, if any, that the Securities and Exchange Commission investigation of the Parent Company and the concerns expressed by Arthur Andersen in its letter of resignation may have on the future operating results and financial condition of the Registrant or the Leasing Company's ability to manage the Registrant's fleet in subsequent periods. However, the general partner of the Registrant does not believe, based upon the information currently available to it, that Arthur Andersen's resignation was triggered by any concern over the accounting policies and procedures followed by the Registrant. Arthur Andersen's report on the financial statements of Cronos Capital Corp. and the Registrant, for either of the previous two years, has not contained an adverse opinion or a disclaimer of opinion, nor was any such report qualified or modified as to uncertainty, audit scope, or accounting principles. During the Registrant's previous two fiscal years and the subsequent interim period preceding Arthur Andersen's resignation, there have been no disagreements between Cronos Capital Corp. or the Registrant and Arthur Andersen on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure. The Registrant retained a new auditor, Moore Stephens, P.C. ("Moore Stephens") on April 10, 1997, as reported in the Registrant's Current Report on Form 8-K, filed April 14, 1997. The President of the Leasing Company, a subsidiary of the Parent Company, along with two marketing Vice Presidents, resigned in June 1997. These vacancies were filled by qualified, long-time employees who average over 15 years of experience in the container leasing industry, therefore providing continuity in the management of the Leasing Company. The Registrant and general partner do not believe these changes will have a material impact on the future operating results and financial condition of the Registrant. Cautionary Statement This Quarterly Report on Form 10-Q contains statements relating to future results of the Registrant, including certain projections and business trends, that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to changes in: economic conditions; trade policies; demand for and market acceptance of leased marine cargo containers; competitive utilization and per-diem rental rate pressures; as well as other risks and uncertainties, including but not limited to those described in the above discussion of the marine container leasing business under Item 2., Management's Discussion and Analysis of Financial Condition and Results of Operations; and those detailed from time to time in the filings of Registrant with the Securities and Exchange Commission. 12 13 PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (a) Exhibits
Exhibit No. Description Method of Filing ------- ----------- ---------------- 3(a) Limited Partnership Agreement of the Registrant, * amended and restated as of December 2, 1992 3(b) Certificate of Limited Partnership of the Registrant ** 10 Form of Leasing Agent Agreement with Cronos Containers *** Limited 27 Financial Data Schedule Filed with this document
(b) Reports on Form 8-K No reports on Form 8-K were filed by the Registrant during the quarter ended September 30, 1997. - ---------- * Incorporated by reference to Exhibit "A" to the Prospectus of the Registrant dated December 2, 1992, included as part of Registration Statement on Form S-1 (No. 33-51810) ** Incorporated by reference to Exhibit 3.2 to the Registration Statement on Form S-1 (No. 33-51810) *** Incorporated by reference to Exhibit 10.2 to the Registration Statement on Form S-1 (No. 33-51810) 13 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. CRONOS GLOBAL INCOME FUND XIV, L.P. By Cronos Capital Corp. The General Partner By /s/ JOHN KALLAS ------------------------------------ John Kallas Vice President, Treasurer Principal Finance & Accounting Officer Date: November 10, 1997 14 15 EXHIBIT INDEX
Exhibit No. Description Method of Filing ------- ----------- ---------------- 3(a) Limited Partnership Agreement of the Registrant, * amended and restated as of December 2, 1992 3(b) Certificate of Limited Partnership of the Registrant ** 10 Form of Leasing Agent Agreement with Cronos Containers *** Limited 27 Financial Data Schedule Filed with this document
- ---------- * Incorporated by reference to Exhibit "A" to the Prospectus of the Registrant dated December 2, 1992, included as part of Registration Statement on Form S-1 (No. 33-51810) ** Incorporated by reference to Exhibit 3.2 to the Registration Statement on Form S-1 (No. 33-51810) *** Incorporated by reference to Exhibit 10.2 to the Registration Statement on Form S-1 (No. 33-51810) EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BALANCE SHEET AT SEPTEMBER 30, 1997 (UNAUDITED) AND THE STATEMENT OF OPERATIONS FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1997 (UNAUDITED) AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS INCLUDED AS PART OF ITS QUARTERLY REPORT ON FORM 10-Q FOR THE PERIOD SEPTEMBER 30, 1997 9-MOS DEC-31-1997 JAN-01-1997 SEP-30-1997 1,267,674 0 1,162,767 0 0 2,430,441 53,131,844 12,843,837 42,946,315 0 0 0 0 0 42,946,315 42,946,315 0 3,953,363 0 2,600,417 0 0 0 0 0 0 0 0 0 1,467,252 0 0
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