-----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, STKwEj8WbQIW07ThUDpcPkkri0Q0mE1H1c1BHLjdvHqCww/QdUA9hT/dQuqmwfXZ bI7khSec1uOr2U6tSD+A+Q== 0000950149-98-000218.txt : 19980218 0000950149-98-000218.hdr.sgml : 19980218 ACCESSION NUMBER: 0000950149-98-000218 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980213 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: MONDAVI ROBERT CORP CENTRAL INDEX KEY: 0000902276 STANDARD INDUSTRIAL CLASSIFICATION: BEVERAGES [2080] IRS NUMBER: 942765451 STATE OF INCORPORATION: CA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-21624 FILM NUMBER: 98538380 BUSINESS ADDRESS: STREET 1: 7801 ST HELENA HWY STREET 2: PO BOX 106 CITY: OAKVILLE STATE: CA ZIP: 94562 BUSINESS PHONE: 7072599463 MAIL ADDRESS: STREET 1: 7801 ST HELENA HWY CITY: OAKVILLE STATE: CA ZIP: 94562 10-Q 1 QUARTERLY REPORT FOR THE PERIOD ENDED 12/31/97 1 ================================================================================ U.S. 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 December 31, 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: 33-61516 --------------------------------------------- THE ROBERT MONDAVI CORPORATION Incorporated under the laws I.R.S. Employer Identification: of the State of California 94-2765451 Principal Executive Offices: 7801 St. Helena Highway Oakville, CA 94562 Telephone: (707) 259-9463 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 [ ] As of January 31, 1998 there were issued and outstanding 7,983,905 shares of the issuer's Class A Common Stock and 7,306,012 shares of the issuer's Class B Common Stock. ================================================================================ 2 PART I ITEM 1. FINANCIAL STATEMENTS. THE ROBERT MONDAVI CORPORATION CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT SHARE DATA) ASSETS
DECEMBER 31, JUNE 30, 1997 1997 ------------ ------------ UNAUDITED Current assets: Cash and cash equivalents $ -- $ 150 Accounts receivable--trade, net 58,001 59,222 Inventories 239,857 167,695 Deferred income taxes 2,696 1,677 Prepaid expenses and other current assets 5,468 5,593 ------------ ------------ Total current assets 306,022 234,337 Property, plant and equipment, net 201,567 186,990 Investments in joint ventures 21,844 19,212 Other assets 5,074 4,386 ------------ ------------ Total assets $ 534,507 $ 444,925 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Book overdraft $ 2,078 $ -- Notes payable to banks 21,700 8,750 Accounts payable--trade 51,613 14,769 Employee compensation and related costs 10,528 10,608 Other accrued expenses 7,995 5,446 Current portion of long-term debt 8,508 6,790 Deferred revenue 2,044 2,064 ------------ ------------ Total current liabilities 104,466 48,427 Long-term debt, less current portion 169,897 158,067 Deferred income taxes 12,019 10,848 Deferred executive compensation 5,623 5,395 Other liabilities 2,963 1,017 ------------ ------------ Total liabilities 294,968 223,754 ------------ ------------ Commitments and contingencies Shareholders' equity: Preferred Stock: Authorized--5,000,000 shares Issued and outstanding--no shares -- -- Class A Common Stock, without par value: Authorized--25,000,000 shares Issued and outstanding--7,963,905 and 7,499,024 shares 77,905 76,138 Class B Common Stock, without par value: Authorized--12,000,000 shares Issued and outstanding--7,306,012 and 7,676,012 shares 11,731 12,324 Paid-in capital 4,138 3,289 Retained earnings 145,765 129,420 ------------ ------------ 239,539 221,171 ------------ ------------ Total liabilities and shareholders' equity $ 534,507 $ 444,925 ============ ============
See Notes to Consolidated Financial Statements. 2 3 THE ROBERT MONDAVI CORPORATION CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED SIX MONTHS ENDED DECEMBER 31, DECEMBER 31, -------------------------- -------------------------- 1997 1996 1997 1996 --------- --------- --------- --------- Gross revenues $ 97,567 $ 91,669 $ 166,403 $ 153,863 Less excise taxes 4,565 4,472 7,851 7,682 --------- --------- --------- --------- Net revenues 93,002 87,197 158,552 146,181 Cost of goods sold 50,630 49,157 87,604 82,525 --------- --------- --------- --------- Gross profit 42,372 38,040 70,948 63,656 Selling, general and administrative expenses 22,491 21,039 41,218 37,405 --------- --------- --------- --------- Operating income 19,881 17,001 29,730 26,251 Other income (expense): Interest (2,866) (2,627) (5,393) (4,993) Equity in net income of joint ventures 652 992 3,198 3,084 Other (461) (258) (738) (509) --------- --------- --------- --------- Income before income taxes 17,206 15,108 26,797 23,833 Provision for income taxes 6,712 5,893 10,452 9,295 --------- --------- --------- --------- Net income $ 10,494 $ 9,215 $ 16,345 $ 14,538 ========= ========= ========= ========= Earnings per share - Basic $ .69 $ .61 $ 1.07 $ .97 ========= ========= ========= ========= Earnings per share - Diluted $ .66 $ .59 $ 1.03 $ .93 ========= ========= ========= ========= Weighted average number of common shares outstanding - Basic 15,250 15,011 15,220 14,986 ========= ========= ========= ========= Weighted average number of common shares outstanding - Diluted 15,880 15,606 15,862 15,564 ========= ========= ========= =========
See Notes to Consolidated Financial Statements. 3 4 THE ROBERT MONDAVI CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED, IN THOUSANDS)
SIX MONTHS ENDED DECEMBER 31, ------------------------ 1997 1996 -------- -------- Cash flows from operating activities: Net income $ 16,345 $ 14,538 Adjustments to reconcile net income to net cash used in operating activities: Deferred income taxes 152 (425) Depreciation and amortization 6,708 5,908 Equity in net income of joint ventures (3,198) (3,084) Other (314) 141 Changes in assets and liabilities: Accounts receivable--trade 1,221 (6,720) Inventories (72,634) (39,607) Other assets 125 979 Accounts payable--trade and accrued expenses 36,048 18,950 Income taxes payable 4,114 3,964 Deferred revenue (20) (121) Deferred executive compensation 228 664 Other liabilities 1,946 1,878 -------- -------- Net cash used in operating activities (9,279) (2,935) -------- -------- Cash flows from investing activities: Acquisitions of property, plant and equipment (27,247) (23,532) Proceeds from sale of assets 6,420 -- Distributions from joint ventures 1,247 792 Contributions to joint ventures (209) (235) -------- -------- Net cash used in investing activities (19,789) (22,975) -------- -------- Cash flows from financing activities: Book overdraft 2,078 1,683 Net additions under notes payable to banks 12,950 -- Proceeds from issuance of long-term debt 13,548 50,000 Principal repayments of long-term debt -- (27,069) Proceeds from issuance of Class A Common Stock 200 126 Exercise of Class A Common Stock options 974 1,075 Other (832) 95 -------- -------- Net cash provided by financing activities 28,918 25,910 -------- -------- Net decrease in cash and cash equivalents (150) -- Cash and cash equivalents at the beginning of the period 150 -- -------- -------- Cash and cash equivalents at the end of the period $ -- $ -- ======== ========
See Notes to Consolidated Financial Statements. 4 5 THE ROBERT MONDAVI CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1--BASIS OF PRESENTATION: In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (which include only normal recurring adjustments) necessary to present fairly the Company's financial position at December 31, 1997, its results of operations for the three and six month periods ended December 31, 1997 and 1996 and its cash flows for the six month periods ended December 31, 1997 and 1996. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted from the accompanying consolidated financial statements. For further information, reference should be made to the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K (the 10-K) for the fiscal year ended June 30, 1997, on file at the Securities and Exchange Commission. NOTE 2--INVENTORIES: Inventories consist of the following (in thousands):
DECEMBER 31, JUNE 30, 1997 1997 ------------ ------------ Wine in production $ 196,825 $ 127,922 Bottled wine 64,534 53,734 Supplies and crop costs 11,585 14,793 ------------ ------------ Inventories stated at FIFO cost 272,944 196,449 Reserve for LIFO valuation method (33,087) (28,754) ------------ ------------ $ 239,857 $ 167,695 ============ ============
Information related to the FIFO method may be useful in comparing operating results to those of companies not on LIFO. If inventories valued at LIFO cost had been valued at FIFO cost, net income would have increased by approximately $0.8 million and $3.4 million, respectively, for the three months ended December 31, 1997 and 1996, and increased by approximately $2.6 million and $5.8 million, respectively, for the six months ended December 31, 1997 and 1996. NOTE 3--EARNINGS PER SHARE: During February 1997, Statement of Financial Accounting Standards No. 128 (SFAS 128), Earnings per Share, was issued. This statement supersedes Accounting Principles Board Opinion No. 15, Earnings per Share, and its related Interpretations and establishes new accounting standards for the computation and manner of presentation of the Company's earnings per share. The Company adopted SFAS 128 for the quarter ending December 31, 1997 and as required under SFAS 128 the Company has restated previously reported earnings per share for all periods presented. In computing basic earnings per share for the three and six month periods ended December 31, 1997 and 1996, no adjustments have been made to net income (numerator) or weighted-average shares outstanding (denominator). The computation of diluted earnings per share for the same periods is identical to the computation of basic earnings per share except that the number of weighted-average shares outstanding (denominator) have been increased by 630,000 and 595,000, respectively, for the three months ended December 31, 1997 and 1996, and by 642,000 and 578,000, respectively, for the six months ended December 31, 1997 and 1996, to include the dilutive effect of stock options outstanding. 5 6 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. THREE MONTHS ENDED DECEMBER 31, 1997 GROSS REVENUES. Gross revenues increased by 6.4% to $97.6 million in the second quarter of fiscal 1998 from $91.7 million in the second quarter of fiscal 1997. The increase in gross revenues was primarily attributable to price increases on certain of the Company's wines combined with a shift in sales mix to the Robert Mondavi Winery and Robert Mondavi Coastal brands and a 0.9% increase in sales volume. The overall rate of sales volume growth for the second quarter of fiscal 1998 was affected by limited supply of Woodbridge Chardonnay and intense competition in the imported wine segment. The Company expects these factors will constrain the rate of sales volume growth at least through the third quarter of fiscal 1998. EXCISE TAXES. The Company's federal and state excise taxes increased by 2.1% to $4.6 million in the second quarter of fiscal 1998 from $4.5 million in the second quarter of fiscal 1997. The dollar increase in excise taxes generally correlates to the increase in sales volume, since the excise tax is assessed on a per gallon basis and the excise tax rate is unchanged from the prior year. NET REVENUES. As a result of the above factors, net revenues increased by 6.7% to $93.0 million in the second quarter of fiscal 1998 from $87.2 million in the second quarter of fiscal 1997. Net revenues per case increased by 6.1% in the second quarter of fiscal 1998 compared to the second quarter of fiscal 1997, reflecting the price increases and the shift in sales mix discussed above. COST OF GOODS SOLD. Cost of goods sold increased by 3.0% to $50.6 million in the second quarter of fiscal 1998 from $49.2 million in the second quarter of fiscal 1997, primarily due to a shift in sales mix to wines with a higher average cost per case, higher grape costs and increased sales volume. If inventories valued at LIFO cost had been valued at FIFO cost, then cost of goods sold would have been $1.4 million and $5.6 million lower, respectively, in the second quarter of fiscal 1998 and 1997. GROSS PROFIT. Gross profit increased by 11.4% to $42.4 million in the second quarter of fiscal 1998 from $38.0 million in the second quarter of fiscal 1997. The Company's gross profit percentages for the second quarter of fiscal 1998 and 1997 were 45.6% and 43.6%, respectively. The gross profit improvement reflects the price increases and the shift in sales mix discussed above. OPERATING EXPENSES. Operating expenses increased by 6.9% to $22.5 million in the second quarter of fiscal 1998 from $21.0 million in the second quarter of fiscal 1997. The ratio of operating expenses to net revenues was 24.2% in the second quarter of fiscal 1998 and 24.1% in the second quarter of fiscal 1997. INTEREST. Interest expense increased by 9.1% to $2.9 million for the second quarter of fiscal 1998 from $2.6 million for the second quarter of fiscal 1997. This increase was primarily attributable to an increase in the Company's average borrowings that was partially offset by an increase in interest capitalized and a decrease in the average interest rate. EQUITY IN NET INCOME OF JOINT VENTURES. Equity in net income of joint ventures was $0.7 million in the second quarter of fiscal 1998 compared to $1.0 million in the second quarter of fiscal 1997. PROVISION FOR INCOME TAXES. The provision for income taxes was $6.7 million in the second quarter of fiscal 1998 compared to $5.9 million in the second quarter of fiscal 1997. The Company's effective tax rate was 39.0% in the second quarter of fiscal 1998 and 1997. 6 7 NET INCOME AND EARNINGS PER SHARE. As a result of the above factors, net income increased by 13.9% to $10.5 million in the second quarter of fiscal 1998 from $9.2 million in the second quarter of fiscal 1997. Diluted earnings per share increased to $.66 in the second quarter of fiscal 1998 from $.59 in the second quarter of fiscal 1997 (see Note 3 of the consolidated financial statements). SIX MONTHS ENDED DECEMBER 31, 1997 GROSS REVENUES. Gross revenues increased by 8.2% to $166.4 million in the first six months of fiscal 1998 from $153.9 million in the first six months of fiscal 1997. The increase in gross revenues was primarily attributable to price increases on certain of the Company's wines combined with a shift in sales mix to the Robert Mondavi Winery and Robert Mondavi Coastal brands and a 1.4% increase in sales volume. EXCISE TAXES. The Company's federal and state excise taxes increased by 2.2% to $7.9 million in the first six months of fiscal 1998 from $7.7 million in the first six months of fiscal 1997. The dollar increase in excise taxes generally correlates to the increase in sales volume, since the excise tax is assessed on a per gallon basis and the excise tax rate is unchanged from the prior year. NET REVENUES. As a result of the above factors, net revenues increased by 8.5% to $158.6 million in the first six months of fiscal 1998 from $146.2 million in the first six months of fiscal 1997. Net revenues per case increased by 6.0% in the first six months of fiscal 1998 compared to the first six months of fiscal 1997, reflecting the price increases and the shift in sales mix discussed above. COST OF GOODS SOLD. Cost of goods sold increased by 6.2% to $87.6 million in the first six months of fiscal 1998 from $82.5 million in the first six months of fiscal 1997, primarily reflecting a shift in sales mix to wines with a higher average cost per case, higher grape costs and increased sales volume. If inventories valued at LIFO cost had been valued at FIFO cost, then cost of goods sold would have been $4.3 million and $9.6 million lower, respectively, in the first six months of fiscal 1998 and 1997. GROSS PROFIT. Gross profit increased by 11.5% to $70.9 million in the first six months of fiscal 1998 from $63.7 million in the first six months of fiscal 1997. The Company's gross profit percentages for the first six months of fiscal 1998 and 1997 were 44.7% and 43.5%, respectively. The gross profit improvement reflects the price increases and the shift in sales mix discussed above. OPERATING EXPENSES. Operating expenses increased by 10.2% to $41.2 million in the first six months of fiscal 1998 from $37.4 million in the first six months of fiscal 1997. The ratio of operating expenses to net revenues was 26.0% in the first six months of fiscal 1998 and 25.6% in the first six months of fiscal 1997. The dollar increase in operating expenses was primarily attributable to an increase in average selling and marketing dollars spent per case. INTEREST. Interest expense increased by 8.0% to $5.4 million in the first six months of fiscal 1998 from $5.0 million in the first six months of fiscal 1997. This increase was primarily attributable to an increase in the Company's average borrowings that was partially offset by an increase in interest capitalized and a decrease in the Company's average interest rate. EQUITY IN NET INCOME OF JOINT VENTURES. Equity in net income of joint ventures was $3.2 million in the first six months of fiscal 1998 compared to $3.1 million in the first six months of fiscal 1997. PROVISION FOR INCOME TAXES. The provision for income taxes was $10.5 million in the first six months of fiscal 1998 and $9.3 million in the first six months of fiscal 1997. The Company's effective tax rate was 39.0% for the first six months of fiscal 1998 and 1997. 7 8 NET INCOME AND EARNINGS PER SHARE. As a result of the above factors, net income increased by 12.4% to $16.3 million in the first six months of fiscal 1998 from $14.5 million in the first six months of fiscal 1997. Diluted earnings per share increased to $1.03 in the first six months of fiscal 1998 from $.93 in the first six months of fiscal 1997 (see Note 3 of the consolidated financial statements). LIQUIDITY AND CAPITAL RESOURCES During the second quarter of fiscal 1998, the Company completed its 1997 harvest. The completion of harvest had a significant impact on the Company's balance sheet, including increases in inventories and amounts payable to external growers. Working capital as of December 31, 1997 was $201.6 million compared to $185.9 million at June 30, 1997. The $15.7 million increase in working capital was primarily attributable to a $72.6 million increase in inventories, that was partially offset by a $37.7 million increase in grower accounts payable and $13.0 million in net additions under short-term credit lines. The Company had a book overdraft of $2.1 million at December 31, 1997, compared to a cash balance of $150,000 at June 30, 1997. The Company has unsecured short-term and long-term credit lines that have a maximum credit availability of $71.5 million and $80.0 million, respectively, at December 31, 1997. The short-term credit lines expire during December 1998. The long-term credit lines expire on December 31, 2000. During January 1998, the Company obtained $95.0 million of unsecured long-term loans. The proceeds from these loans were used to repay a portion of the Company's unsecured credit lines. The Company anticipates that current capital combined with cash from operating activities and the availability of cash under its credit lines will be sufficient to meet its liquidity and capital expenditure requirements at least through the end of fiscal 1999. PART II ITEM 1. LEGAL PROCEEDINGS. The Company is subject to litigation in the ordinary course of its business. In the opinion of management, the ultimate outcome of existing litigation will not have a material adverse effect on the Company's consolidated financial condition or the results of its operations. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. The Company's Annual Meeting of Shareholders was held on November 3, 1997 at the Robert Mondavi Winery, Oakville, California. Three matters were submitted to a vote of shareholders: election of directors; ratification of Price Waterhouse LLP as the Company's independent auditors for the fiscal year ending June 30, 1998; and ratification of proposed amendments to the Company's 1993 Equity Incentive Plan. Philip Greer, Frank Farella and James Barksdale were nominated as Class A directors. 5,350,451 Class A shares were voted for Mr. Greer and 73,085 shares were withheld. 5,342,301 Class A shares were voted for Mr. Farella and 81,235 shares were withheld. 5,350,401 Class A shares were voted for Mr. Barksdale and 73,135 shares were withheld. Accordingly, Mssrs. Greer, Farella and Barksdale were elected as Class A directors. 8 9 Robert G. Mondavi, R. Michael Mondavi, Marcia Mondavi Borger, Timothy J. Mondavi and Bartlett R. Rhoades were nominated as Class B directors. 7,673,712 Class B shares were voted for Robert G. Mondavi, R. Michael Mondavi, Marcia Mondavi Borger and Timothy J. Mondavi. 7,523,282 Class B shares were voted for Bartlett R. Rhoades and 150,430 shares were withheld. Accordingly, each of the Class B nominees was re-elected to the Board. There is one vacancy on the Board, entitled to be filled by the Class B shareholders or the incumbent Class B directors. 6,474,420 Class A shares were voted in favor of the ratification of Price Waterhouse LLP, 6,184 Class A shares were voted against and 1,695 Class A shares abstained. 76,737,120 Class B votes were cast in favor of the ratification of Price Waterhouse LLP. The proposed amendments to the Company's 1993 Equity Incentive Plan increase by 750,000 the number of shares that may be issued under the plan and authorize the Compensation Committee of the Board to grant stock appreciation rights, performance grants and awards of restricted stock in addition to stock options and stock bonuses as were available under the original plan. 1,684,872 Class A shares were voted in favor of the ratification of the amendments to the Company's 1993 Equity Incentive Plan, 3,381,456 Class A shares were voted against and 18,073 Class A shares abstained. 76,737,120 Class B votes were cast in favor of the ratification of the amendments. Accordingly, the amendments of the plan were adopted as proposed. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K. 1) Exhibits: Exhibit 27 Financial Data Schedule 2) Form 8-K: No reports on Form 8-K were filed during the quarter ended December 31, 1997. 9 10 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. THE ROBERT MONDAVI CORPORATION Dated: February 13, 1998 By /s/ GREGORY M. EVANS ------------------------------------ Gregory M. Evans, Senior Vice President and Chief Financial Officer FORWARD-LOOKING STATEMENTS The above form 10-Q and other information provided from time to time by the Company contain historical information as well as forward-looking statements about the Company, the premium wine industry and general business and economic conditions. Such forward-looking statements include, for example, projections or predictions about the Company's future growth, consumer demand for its wines, including new brands and brand extensions, margin trends, the premium wine grape market and the Company's anticipated future investment in vineyards and other capital projects. Actual results may differ materially from the Company's present expectations. Among other things, reduced consumer spending or a change in consumer preferences could reduce demand for the Company's wines. Similarly, competition from numerous domestic and foreign vintners could affect the Company's ability to sustain volume and revenue growth. The price of grapes, the Company's single largest product cost, is beyond the Company's control and higher grape costs may put more pressure on the Company's gross profit margin than is currently forecast. Interest rates and other business and economic conditions could increase significantly the cost and risks of projected capital spending. For additional cautionary statements identifying important factors that could cause actual results to differ materially from such forward-looking information, please refer to Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations," in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 1997, on file with the Securities and Exchange Commission. For these and other reasons, no forward-looking statement by the Company can nor should be taken as a guarantee of what will happen in the future. 10 EX-27 2 FINANCIAL DATA SCHEDULE
5 1,000 6-MOS JUN-30-1998 JUL-01-1997 DEC-31-1997 0 0 58,001 0 239,857 306,022 284,008 82,441 534,507 104,466 169,897 0 0 89,636 149,903 534,507 158,552 158,552 87,604 87,604 41,218 0 5,393 26,797 10,452 16,345 0 0 0 16,345 1.07 1.03
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