-----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, Avly2tU7lnIS8+lRw2dbt+Cz/sYAno1k+fqhxKA1NSSsPG0S5mcr7iPd9EzgcWRV 29sAnbChAbFrpoayjCqASA== 0000950144-98-009653.txt : 19980814 0000950144-98-009653.hdr.sgml : 19980814 ACCESSION NUMBER: 0000950144-98-009653 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980630 FILED AS OF DATE: 19980813 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALLIED HOLDINGS INC CENTRAL INDEX KEY: 0000909950 STANDARD INDUSTRIAL CLASSIFICATION: TRUCKING (NO LOCAL) [4213] IRS NUMBER: 580360550 STATE OF INCORPORATION: GA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-13867 FILM NUMBER: 98685654 BUSINESS ADDRESS: STREET 1: 160 CLAIRMONT AVE STREET 2: STE 510 CITY: DECATUR STATE: GA ZIP: 30030 BUSINESS PHONE: 4043701100 MAIL ADDRESS: STREET 1: 160 CLAIREMONT AVENUE SUITE 510 CITY: DECATUR STATE: GA ZIP: 30030 10-Q 1 ALLIED HOLDINGS, INC. 1 UNITED STATES 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 JUNE 30, 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: 0-22276 ALLIED HOLDINGS, INC. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter)
GEORGIA 58-0360550 - --------------------------------------------------------------------------------------------------------------------- (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number)
Suite 200, 160 Clairemont Avenue, Decatur, Georgia 30030 - -------------------------------------------------------------------------------- (Address of principal executive offices) (404) 373-4285 - -------------------------------------------------------------------------------- (Registrant's telephone number, including area code) - -------------------------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. [X] Yes [ ] No Outstanding common stock, No par value at August 1, 1998...............7,877,547 TOTAL NUMBER OF PAGES INCLUDED IN THIS REPORT: 13 2 INDEX PART I FINANCIAL INFORMATION
PAGE ITEM 1: FINANCIAL STATEMENTS Consolidated Balance Sheets as of June 30, 1998 and December 31, 1997. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Consolidated Statements of Operations for the Three and Six Month Periods Ended June 30, 1998 and 1997 . . . . . . . . . . . . . . . . . . . . 4 Consolidated Statements of Cash Flows for the Six Month Periods Ended June 30, 1998 and 1997 . . . . . . . . . . . . . . . . . . . . 5 Notes to Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . . . . 6 ITEM 2 Management's Discussion and Analysis of Financial Condition and Results of Operations . . . . . . . . . . . . . . . . . . . . . . . 8 PART II OTHER INFORMATION ITEM 4 Submission of Matters to a Vote of Security Holder. . . . . . . . . . . . . . . . . . 11 ITEM 6 Exhibits and Reports on Form 8-K . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Signature Page . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
2 3 PART 1 - FINANCIAL INFORMATION ITEM 1 - FINANCIAL STATEMENTS ALLIED HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (IN THOUSANDS)
JUNE 30 DECEMBER 31 1998 1997 ------------------- ------------------- (UNAUDITED) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 11,318 $ 10,530 Short-term investments 17,687 19,540 Receivables, net of allowance for doubtful accounts 79,569 74,881 Inventories 7,089 5,391 Deferred tax assets 18,212 17,812 Prepayments and other current assets 21,314 21,519 ------------------ ------------------ Total current assets 155,189 149,673 ------------------ ------------------ PROPERTY AND EQUIPMENT, NET 285,145 286,214 ------------------ ------------------ OTHER ASSETS: Goodwill, net 99,020 99,310 Notes receivable due from related parties 0 573 Other 35,113 23,169 ------------------ ------------------ Total other assets 134,133 123,052 ------------------ ------------------ Total assets $ 574,467 $ 558,939 ================== ================== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current maturities of long-term debt $ 2,974 $ 2,980 Trade accounts payable 31,803 36,263 Accrued liabilities 108,030 118,436 ------------------ ------------------ Total current liabilities 142,807 157,679 ------------------ ------------------ LONG-TERM DEBT, LESS CURRENT MATURITIES 248,891 228,003 ------------------ ------------------ POSTRETIREMENT BENEFITS OTHER THAN PENSIONS 11,320 11,355 ------------------ ------------------ DEFERRED INCOME TAXES 38,133 35,062 ------------------ ------------------ OTHER LONG-TERM LIABILITIES 68,770 69,512 ------------------ ------------------ STOCKHOLDERS' EQUITY: Common stock, no par value; 20,000 shares authorized, 7,878 and 7,819 shares outstanding at June 30, 1998 and December 31,1997, respectively 0 0 Additional paid-in capital 44,830 43,758 Retained earnings 25,264 16,877 Foreign currency translation adjustment, net of tax (4,145) (2,826) Unearned compensation (1,403) (481) ------------------ ------------------ Total stockholders' equity 64,546 57,328 ------------------ ------------------ Total liabilities and stockholders' equity $ 574,467 $ 558,939 ================== ==================
The accompanying notes are an integral part of these consolidated balance sheets. 3 4 ALLIED HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)
FOR THE THREE MONTHS ENDED FOR THE SIX MONTHS ENDED JUNE 30 JUNE 30 ------------------------------ ---------------------------- 1998 1997 1998 1997 ---- ---- ---- ---- REVENUES $280,641 $112,576 $534,031 $208,969 -------- -------- -------- -------- OPERATING EXPENSES: Salaries, wages and fringe benefits 149,877 57,692 293,853 109,634 Operating supplies and expenses 48,660 17,307 93,286 32,563 Purchased transportation 25,717 10,220 46,531 19,170 Insurance and claims 10,550 4,289 19,683 8,098 Operating taxes and licenses 6,982 4,332 15,645 8,190 Depreciation and amortization 13,015 6,939 25,940 13,786 Rents 2,868 1,239 5,897 2,470 Communications and utilities 2,072 764 3,985 1,534 Other operating expenses 1,576 1,150 3,100 2,074 -------- -------- -------- -------- Total operating expenses 261,317 103,932 507,920 197,519 -------- -------- -------- -------- Operating income 19,324 8,644 26,111 11,450 -------- -------- -------- -------- OTHER INCOME (EXPENSE): Interest expense (6,260) (2,792) (12,282) (5,408) Interest income 565 205 1,021 357 -------- -------- -------- -------- (5,695) (2,587) (11,261) (5,051) -------- -------- -------- -------- INCOME BEFORE INCOME TAXES 13,629 6,057 14,850 6,399 INCOME TAX PROVISION (5,932) (2,544) (6,463) (2,688) -------- -------- -------- -------- NET INCOME $ 7,697 $ 3,513 $ 8,387 $ 3,711 ======== ======== ======== ======== PER COMMON SHARE: BASIC $ 0.99 $ 0.45 $ 1.08 $ 0.48 ======== ======== ======== ======== DILUTED $ 0.98 $ 0.45 $ 1.07 $ 0.48 ======== ======== ======== ======== COMMON SHARES OUTSTANDING: BASIC 7,748 7,725 7,747 7,725 ======== ======== ======== ======== DILUTED 7,861 7,725 7,860 7,725 ======== ======== ======== ========
The accompanying notes are an integral part of these consolidated statements. 4 5 ALLIED HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS) (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30 ------------------------------------ 1998 1997 ----------------- ---------------- (UNAUDITED) (UNAUDITED) CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 8,387 $ 3,711 ---------------- ---------------- Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 25,940 13,786 Loss on sale of property and equipment 212 27 Deferred income taxes 3,497 1,405 Change in operating assets and liabilities: Receivables, net of allowance for doubtful accounts (5,150) (5,699) Inventories (1,739) (128) Prepayments and other current assets 128 (2,333) Trade accounts payable (4,297) (2,934) Accrued liabilities (10,946) 6,685 ---------------- ---------------- Total adjustments 7,645 10,809 ---------------- ---------------- Net cash provided by operating activities 16,032 14,520 ---------------- ---------------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment (25,149) (6,910) Proceeds from sale of property and equipment 501 114 Purchase of businesses, net of cash acquired (11,920) (12,898) Decrease (increase) in short-term investments 1,853 (301) Increase in the cash surrender value of life insurance (1,190) (1,283) ---------------- ---------------- Net cash used in investing activities (35,905) (21,278) ---------------- ---------------- CASH FLOWS FROM FINANCING ACTIVITIES: Repayments of long-term debt (1,233) (11,404) Proceeds from issuance of long-term debt 22,139 20,655 Other, net (348) 0 ---------------- ---------------- Net cash provided by financing activities 20,558 9,251 ---------------- ---------------- EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 103 (57) NET INCREASE IN CASH AND CASH EQUIVALENTS 788 2,436 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 10,530 1,973 ---------------- ---------------- CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 11,318 $ 4,409 ================ ================
The accompanying notes are an integral part of these consolidated statements. 5 6 ALLIED HOLDINGS, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements (Unaudited) Note 1. Basis of Presentation The unaudited consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. The statements contained herein reflect all adjustments, all of which are of a normal, recurring nature, which are, in the opinion of management, necessary to present fairly the financial condition, results of operations and cash flows for the periods presented. Operating results for the three and six month periods ended June 30, 1998 are not necessarily indicative of the results that may be expected for the year ended December 31, 1998. The interim financial statements should be read in conjunction with the financial statements and notes thereto of Allied Holdings, Inc. and Subsidiaries, (the "Company") included in the Company's 1997 Annual Report on Form 10-K. Note 2. Long-Term Debt On September 30, 1997, the Company issued $150 million of 8 5/8 % senior notes (the "Notes") through a private placement. Subsequently, the senior notes were registered with the Securities and Exchange Commission. The net proceeds from the Notes were used to fund the acquisition of Ryder Automotive Carrier Services, Inc. and RC Management Corp., pay related fees and expenses, and reduce outstanding indebtedness. The Company's obligations under the Notes are guaranteed by substantially all of the subsidiaries of the Company (the "Guarantors"). Separate financial statements of the Guarantors are not provided herein as (i) the Guarantors are jointly and severally liable for the Company's obligations under the Notes, (ii) the subsidiaries which are not Guarantors are inconsequential to the consolidated operations of the Company and its subsidiaries and (iii) the net assets and earnings of the Guarantors are substantially equivalent to the net assets and earnings of the consolidated entity as reflected in these consolidated financial statements. There are no restrictions on the ability of the Guarantors to make distributions to the Company. Note 3. Acquisition of Ryder Automotive Carrier Services, Inc. and RC Management Corp. On September 30, 1997, the Company completed the acquisition of Ryder Automotive Carrier Services, Inc. and RC Management Corp. from Ryder System, Inc. ( the "Acquisition" ) for approximately $114.5 million in cash, subject to post-closing adjustments. The subsidiaries of Ryder Automotive Carrier Services are engaged in car hauling, vehicle processing and dealer prep, rail unloading and loading services of vehicle railcars, and rail and port yard management. RC Management Corp. is principally involved in providing logistics services to the new retail used car superstores. The 6 7 operating results of Ryder's Automotive Carrier Group have been included with Allied's since the date of acquisition. Note 4. Investment in Axis do Brasil In February of 1998, the Company's wholly-owned subsidiary, Axis Group, Inc. completed the formation of a 50 percent owned venture in Brazil. The Brazilian venture, Axis do Brasil, is a partnership with Coimex Trading Company of Vitoria, Brazil, which is one of the largest trading companies in South America. Axis do Brasil is an equity partner in a newly formed Brazilian firm, Axis Sinimbu Logistica ("ASL"). ASL will provide supply chain logistics services for the automotive industry in the Mercosur countries. The Company accounts for its investment in ASL under the equity method of accounting. Note 5. Comprehensive Income Comprehensive income was $ 6.4 million for the second quarter 1998 versus $3.2 million for the second quarter of 1997, and $7.1 million for the first six months of 1998 versus $3.4 million for the first six months of 1997. The difference between comprehensive income and net income is changes in the foreign currency translation adjustment, net of income taxes. Note 6. Earnings per Share In February 1997, the Financial Accounting Standards Board issued SFAS No. 128, "Earnings per Share." This new statement did not result in changes to the Company's earnings per share for the first two quarters of 1997. 7 8 Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS Revenues were $280.6 million for the second quarter of 1998 versus revenues of $112.6 million for the second quarter of 1997, an increase of 149 %. For the six-month period ended June 30, 1998, revenues were $534.0 million, versus revenues of $209.0 million reported for the same period last year, a 156 % increase. The significant increase in the Company's revenues was primarily attributable to the acquisition of Ryder's Automotive Carrier Group which was completed on September 30, 1997. The results of Ryder's Automotive Carrier Group have been included with Allied's since the date of acquisition. The combined companies had a 7 % increase in the number of vehicles delivered during the second quarter of 1998 versus the second quarter of 1997 and a 6 % increase for the first six months of 1998 versus the first six months of 1997 due to increases in new vehicle production and sales. Net income was $7.7 million in the second quarter of 1998 versus $3.5 million in the second quarter of 1997, a 120 % increase. Basic earnings per share for the second quarter of 1998 were $0.99 and diluted earnings per share were $0.98, versus basic and diluted earnings per share of $0.45 in the second quarter of 1997. For the six-month period ended June 30, 1998, net income was $8.4 million, compared with net income of $3.7 million for the comparable six-month period a year ago, an increase of 127 %. Basic earnings per share for the first six months of 1998 were $1.08 and diluted earnings per share were $1.07, versus basic and diluted earnings per share of $0.48 during the first six months of 1997. The Company's second quarter earnings were the highest quarterly earnings in the Company's sixty-four year history, even though the work stoppages at most General Motors manufacturing plants reduced the Company's 1998 second quarter earnings by approximately $0.10 per share. Additionally, the work stoppages have had a continuing adverse impact on the Company. The Company estimates that the work stoppages will reduce third quarter revenues by $25 million. The record earnings were attributable to increased vehicle deliveries from the Ryder Automotive Carrier Group acquisition, increased new vehicle production and sales, and an improved performance by the Axis Group, Inc., Allied Holdings' logistics subsidiary. The Axis Group, Inc. recorded an operating profit of approximately $700,000 led by strong port-processing and carrier management activities during the quarter, together with contributions from Axis' recent venture in Brazil. This was the first quarter the Axis Group posted an operating profit since its inception in April 1996. Salaries, wages and fringe benefits increased from 51.3 % of revenues in the second quarter of 1997 to 53.4 % of revenues for the second quarter of 1998, and from 52.5 % of revenues 8 9 for the first six months of 1997 to 55.0 % of revenues for the first six months of 1998. The increase was primarily due to annual salary and benefit increases together with additional acquisition related terminal consolidations and computer conversion costs offset by continued productivity and efficiency improvements. Operating supplies and expenses increased from 15.4 % of revenues in the second quarter of 1997 to 17.3 % of revenues for the second quarter of 1998, and from 15.6 % of revenues for the first six months of 1997 to 17.5 % of revenues for the first six month of 1998. The increase was primarily the result of the acquisition of Ryder's Automotive Carrier Group as its operating costs as a percentage of revenues were higher than the Company's. Purchased transportation expense increased slightly from 9.1 % of revenues in the second quarter of 1997 to 9.2 % of revenues for the second quarter of 1998. However, for the six-month period ended June 30, 1998, purchased transportation was 8.7 % of revenues compared to 9.2 % of revenues for the same period last year. The decrease was primarily due to the decrease in the mix of owner operators to company drivers and the ability to haul more vehicles with Company drivers thus reducing the number of vehicles delivered by other carriers for the Company. All costs for owner-operators are included in purchased transportation. Insurance and claims expense as a percentage of revenues remained approximately unchanged during the second quarter of 1998 compared to the second quarter of 1997. However, for the six-month period ended June 30, 1998, insurance and claims expense decreased to 3.7 % of revenues from 3.9 % of revenues for the first six months of 1997. The decrease was primarily due to lower cargo claims costs resulting from the continuation of quality programs instituted in 1997. Depreciation and amortization expense decreased from 6.2 % of revenues in the second quarter of 1997 to 4.6 % for the second quarter of 1998, and from 6.6 % for the six months of 1997 to 4.9 % of revenues for comparable six-month period a year ago. The decrease was primarily the result of depreciation expense on the rigs acquired through the acquisition of Ryder's Automotive Carrier Group representing a lower percentage of revenues than the Company's due to the age and useful lives of the rigs. FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES Net cash provided by operating activities totaled $16.0 million for the six months ended June 30, 1998 versus $14.5 million for the first six months ended June 30, 1997. The increase in cash provided by operating activities was primarily due to changes in working capital due to the seasonality of the Company's revenues. Net cash used in investing activities totaled $35.9 million for the six months ended June 30, 1998 versus $21.3 million for the same period in 1997. The increase was primarily 9 10 due to an increase in capital expenditures, from $6.9 million for the first six months of 1997 to $25.1 million for the first six months of 1998. This increase was due to the increase in the number of new tractors and trailers purchased by the Company together with an increase in modifications to existing tractors and trailers due to an increase in the fleet size as a result of the Ryder Automotive Carrier Group acquisition. In addition, net cash used in investing activity increased because the Company invested $11.9 million to form Axis do Brasil in February 1998. Net cash provided by financing activities totaled $20.6 million for the six months ended June 30, 1998 versus $9.3 million for the six months ended June 30, 1997. The increase was primarily due to borrowings made in the first quarter of 1998 to finance the Company's investment in Brazil. Also, the Company had net borrowings in the second quarter of 1998 due to the payment of certain liabilities resulting from the Ryder Automotive Carrier Group acquisition. The liabilities had been accrued at the acquisition date and relate to litigation, severance, relocation, and other acquisition related costs. Seasonality and Inflation The Company's revenues are seasonal, with the second and fourth quarters generally experiencing higher revenues than the first and third quarters. The volume of vehicles shipped during the second and fourth quarters is generally higher due to the introduction of new models which are shipped to dealers during those periods and the higher spring and early summer sales of automobiles and light trucks. During the first and third quarters, vehicle shipments typically decline due to lower sales volume during those periods and scheduled plant shut downs. Inflation has not significantly affected the Company's results of operations. Cautionary notice regarding Forward-Looking Statements Statements in this quarterly report on Form 10-Q that are not strictly historical are "forward-looking" statements. Investors are cautioned that such statements are subject to certain risks and uncertainties that could cause actual results to differ materially. Without limitation, these risks and uncertainties include economic recessions or downturns in new vehicle production or sales, labor disputes involving the Company or its significant customers, risks associated with conducting business in foreign countries and the ability to integrate the acquisition of Ryder's Automotive Carrier Group. Investors are urged to carefully review and consider the various disclosures made by the Company in this quarterly report and in the Company's other reports filed with the Securities and Exchange Commission. 10 11 PART II OTHER INFORMATION Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS On May 27, 1998 the Annual Meeting of Shareholders was held. The following Directors were elected for terms which will expire on the date of the annual meeting in the year indicated below. The number of shares voted for, against and abstentions are also indicated.
- ----------------------------------------------------------------------------------------------------------------- FOR AGAINST ABSTAIN TERM - ----------------------------------------------------------------------------------------------------------------- Joseph W. Collier 5,511,283 0 305 2001 - ----------------------------------------------------------------------------------------------------------------- Guy W. Rutland, IV 5,511,283 0 305 2001 - ----------------------------------------------------------------------------------------------------------------- Randall E. West 5,511,278 0 310 2001 - ----------------------------------------------------------------------------------------------------------------- Berner F. Wilson 5,511,283 0 305 2001 - ----------------------------------------------------------------------------------------------------------------- William P. Benton 5,511,280 0 308 2000 - -----------------------------------------------------------------------------------------------------------------
The following Directors' terms will continue as indicated. David G. Bannister 2000 A. Mitchell Poole, Jr. 2000 Robert J. Rutland 2000 Bernard O. De Wulf 1999 Guy W. Rutland, III 1999 Robert R. Woodson 1999
11 12 Item 6. EXHIBITS AND REPORTS ON FORM 8-K. (a) Exhibits: Ex 27.1 Financial Data Schedule (For SEC use only). (b) Reports on Form 8-K: There were no reports filed on Form 8-K for the quarter ended June 30, 1998. 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. Allied Holdings, Inc. August 13, 1998 /s/A. Mitchell Poole, Jr. - --------------- ------------------------------------- (Date) A. Mitchell Poole, Jr. on behalf of Registrant as President, Chief Operating Officer, Chief Financial Officer and Assistant Secretary 13 EX-27.1 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FINANCIAL STATEMENTS OF ALLIED HOLDINGS, INC. FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 U.S. DOLLARS 6-MOS DEC-31-1998 JAN-31-1998 JUN-30-1998 1 11,318 17,687 79,569 0 7,089 155,189 285,145 0 574,467 142,807 0 0 0 0 64,546 574,467 534,031 534,031 507,920 507,920 0 0 12,282 14,850 6,463 8,387 0 0 0 8,387 1.08 1.07
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