1
UNITED STATES 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, 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 1-6780
RAYONIER INC.
Incorporated in the State of North Carolina
I.R.S. Employer Identification Number l3-2607329
l177 Summer Street, Stamford, Connecticut 06905-5529
(Principal Executive Office)
Telephone Number: (203) 348-7000
Indicate by check mark whether the registrant (l) has filed all reports
required to be filed by Section l3 or l5(d) of the Securities Exchange Act
of l934 during the preceding l2 months and (2) has been subject to such
filing requirements for the past 90 days.
YES (X) NO ( )
As of August 5, 1997, there were 28,748,786 Common Shares of the
Registrant outstanding.
2
RAYONIER INC.
TABLE OF CONTENTS
PAGE
----
PART I. FINANCIAL INFORMATION
Item l. Financial Statements
Statements of Consolidated Income for the
Three Months and Six Months
Ended June 30, 1997 and 1996 1
Consolidated Balance Sheets as of June 30, 1997
and December 3l, 1996 2
Statements of Consolidated Cash Flows for the
Six Months Ended June 30, 1997 and 1996 3
Item 2. Management's Discussion and Analysis
of Financial Condition and Results of Operations 4-6
Item 3. Selected Operating Data 7
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders 8
Item 6. Exhibits and Reports on Form 8-K 8
Signature 8
Exhibit Index 9
i
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PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
The following unaudited financial statements reflect, in the opinion of Rayonier
Inc. (Rayonier or the Company), all adjustments (which include only normal
recurring adjustments) necessary for a fair presentation of the results of
operations, the financial position and the cash flows for the periods presented.
Certain reclassifications have been made to the prior year's financial
statements to conform to current year presentation. For a full description of
accounting policies, please refer to Notes to Consolidated Financial Statements
in the 1996 Annual Report on Form l0-K.
RAYONIER INC. AND SUBSIDIARIES
STATEMENTS OF CONSOLIDATED INCOME
(UNAUDITED)
(THOUSANDS OF DOLLARS, EXCEPT PER SHARE DATA)
Three Months Six Months
Ended June 30, Ended June 30,
----------------------------- -----------------------------
1997 1996 1997 1996
------------ ------------ ------------ ------------
SALES $ 290,073 $ 296,667 $ 550,211 $ 590,647
------------ ------------ ------------ ------------
Costs and expenses
Cost of sales 240,360 254,787 450,141 480,461
Selling and general expenses 9,729 9,398 20,234 18,241
Other operating income, net (1,091) (467) (1,712) (896)
------------ ------------ ------------ ------------
248,998 263,718 468,663 497,806
------------ ------------ ------------ ------------
OPERATING INCOME 41,075 32,949 81,548 92,841
Interest expense (6,051) (7,097) (11,907) (14,243)
Interest and miscellaneous income, net 557 1,473 954 2,961
Minority interest (6,208) (7,549) (14,287) (16,537)
------------ ------------ ------------ ------------
Income before income taxes 29,373 19,776 56,308 65,022
Provision for income taxes (9,612) (4,372) (18,151) (18,141)
------------ ------------ ------------ ------------
NET INCOME $ 19,761 $ 15,404 $ 38,157 $ 46,881
============ ============ ============ ============
NET INCOME PER COMMON SHARE $ 0.67 $ 0.51 $ 1.29 $ 1.56
============ ============ ============ ============
Weighted average Common Shares 29,533,646 30,030,479 29,622,271 30,060,476
============ ============ ============ ============
1
4
RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(THOUSANDS OF DOLLARS)
ASSETS
June 30, December 31,
1997 1996
---------- ------------
CURRENT ASSETS
Cash and short-term investments $ 8,753 $ 3,432
Accounts receivable, less allowance for doubtful
accounts of $4,804 and $4,674 119,615 123,435
Inventories
Finished goods 58,469 68,441
Work in process 20,509 20,128
Raw materials 32,606 39,650
Manufacturing and maintenance supplies 25,217 26,695
---------- ----------
Total inventories 136,801 154,914
Timber stumpage purchases 22,398 31,416
Other current assets 12,763 13,223
Deferred income taxes 19,771 23,168
---------- ----------
Total current assets 320,101 349,588
OTHER ASSETS 51,179 50,026
TIMBER STUMPAGE PURCHASES 20,982 23,341
TIMBER, TIMBERLANDS AND LOGGING ROADS,
NET OF DEPLETION AND AMORTIZATION 495,041 490,298
PROPERTY, PLANT AND EQUIPMENT
Land, buildings, machinery and equipment 1,250,134 1,190,786
Less - accumulated depreciation 541,038 506,308
---------- ----------
709,096 684,478
---------- ----------
$1,596,399 $1,597,731
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 82,308 $ 87,609
Bank loans and current maturities 3,735 2,243
Accrued taxes 12,320 11,497
Accrued payroll and benefits 13,558 18,340
Accrued interest 5,751 5,154
Other current liabilities 46,924 55,976
Current reserves for dispositions and discontinued operations 27,568 40,003
---------- ----------
Total current liabilities 192,164 220,822
DEFERRED INCOME TAXES 102,687 89,484
LONG-TERM DEBT 448,695 430,667
NON-CURRENT RESERVES FOR DISPOSITIONS
AND DISCONTINUED OPERATIONS 180,886 183,975
OTHER NON-CURRENT LIABILITIES 31,338 30,529
MINORITY INTEREST 18,274 18,864
SHAREHOLDERS' EQUITY
Common Shares, 60,000,000 shares authorized, 28,789,963
and 29,282,455 shares issued and outstanding 123,941 145,679
Retained earnings 498,414 477,711
---------- ----------
622,355 623,390
---------- ----------
$1,596,399 $1,597,731
========== ==========
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5
RAYONIER INC. AND SUBSIDIARIES
STATEMENTS OF CONSOLIDATED CASH FLOWS
(UNAUDITED)
(THOUSANDS OF DOLLARS)
Six Months
Ended June 30,
----------------------
1997 1996
--------- --------
OPERATING ACTIVITIES
Net income $ 38,157 $ 46,881
Non-cash items included in income
Depreciation, depletion and amortization 47,572 46,687
Deferred income taxes 10,893 4,024
Increase in other non-current liabilities 809 1,315
Change in accounts receivable, inventories
and accounts payable 16,632 (10,066)
Decrease in current timber stumpage purchases 9,018 18,266
Decrease (increase) in other current assets 460 (7,291)
Decrease in accrued liabilities (12,414) (2,079)
Reduction in reserves for dispositions 0 (2,500)
--------- --------
CASH FROM OPERATING ACTIVITIES 111,127 95,237
--------- --------
INVESTING ACTIVITIES
Capital expenditures, net of sales, retirements and
reclassifications of $240 and $671 (76,933) (88,740)
Expenditures for dispositions and discontinued operations,
net of tax benefits of $5,707 and $612 (9,817) (1,069)
Change in timber stumpage purchases and other assets 1,206 (6,057)
--------- --------
CASH USED FOR INVESTING ACTIVITIES (85,544) (95,866)
--------- --------
FINANCING ACTIVITIES
Issuance of debt 139,682 17,200
Repayments of debt (120,162) (2,035)
Dividends paid (17,454) (17,170)
Repurchase of Common Shares (23,145) (6,908)
Issuance of Common Shares 1,407 852
(Decrease) increase in minority interest (590) 2,571
--------- --------
CASH USED FOR FINANCING ACTIVITIES (20,262) (5,490)
--------- --------
CASH AND SHORT-TERM INVESTMENTS
Increase (decrease) during the period 5,321 (6,119)
Balance, beginning of period 3,432 10,932
--------- --------
Balance, end of period $ 8,753 $ 4,813
========= ========
Supplemental disclosures of cash flow information
Cash paid during the period for:
Interest $ 14,386 $ 15,210
========= ========
Income taxes, net of refunds $ 3,693 $ 6,900
========= ========
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
The sales and operating income of Rayonier's business segments for the three and
six months ended June 30, 1997 and 1996 were as follows (thousands of dollars):
Three Months Six Months
Ended June 30, Ended June 30,
----------------------- -----------------------
1997 1996 1997 1996
--------- --------- --------- ---------
SALES
TIMBER AND WOOD PRODUCTS
Log trading and merchandising $ 77,573 $ 91,598 $ 134,310 $ 157,358
Timberlands management and stumpage 44,145 51,881 93,659 110,005
Wood products 38,637 27,129 68,300 47,767
Intrasegment eliminations (5,631) (12,480) (11,918) (23,952)
--------- --------- --------- ---------
Total Timber and Wood Products 154,724 158,128 284,351 291,178
--------- --------- --------- ---------
SPECIALTY PULP PRODUCTS
Chemical cellulose 86,850 81,659 167,066 157,276
Fluff and specialty paper pulps 39,963 41,285 83,157 97,323
--------- --------- --------- ---------
Total Specialty Pulp Products 126,813 122,944 250,223 254,599
--------- --------- --------- ---------
Intersegment eliminations (353) (816) (978) (2,412)
--------- --------- --------- ---------
Total before dispositions 281,184 280,256 533,596 543,365
Dispositions 8,889 16,411 16,615 47,282
--------- --------- --------- ---------
Total sales $ 290,073 $ 296,667 $ 550,211 $ 590,647
========= ========= ========= =========
OPERATING INCOME
Timber and Wood Products $ 35,044 $ 32,466 $ 68,691 $ 69,649
Specialty Pulp Products 9,024 8,185 21,411 33,751
Corporate and other (4,203) (3,693) (8,347) (6,189)
Intersegment eliminations 39 141 151 206
--------- --------- --------- ---------
Total before dispositions 39,904 37,099 81,906 97,417
Dispositions 1,171 (4,150) (358) (4,576)
--------- --------- --------- ---------
Total operating income $ 41,075 $ 32,949 $ 81,548 $ 92,841
========= ========= ========= =========
RESULTS OF OPERATIONS
SALES AND OPERATING INCOME
Sales of $290 million for the second quarter of 1997 were $7 million lower than
the second quarter of 1996 while operating income of $41 million was $8 million
or 25 percent higher than the same period last year. The increase in operating
income resulted primarily from the absence of losses from the now-closed Port
Angeles, WA pulp mill, stronger lumber markets and an improvement in log trading
margins. Sales for the six months ended June 30, 1997 of $550 million were $40
million or 7 percent lower than the prior year due to the closure of the Port
Angeles pulp mill and lower export log and stumpage prices. Operating income of
$82 million for the six month period was $11 million or 12 percent less than the
prior year as a result of lower pricing for fluff pulp.
4
7
Timber and Wood Products
Timber and Wood Products' sales for the three and six month periods ended June
30, 1997 were slightly below last year's results reflecting lower Northwest U.S.
and New Zealand stumpage prices partially offset by stronger lumber prices and
volumes. Operating income for the quarter of $35 million was 8 percent higher
than the prior year as increased lumber volumes and prices, along with improved
log trading margins, offset declines in stumpage prices. Year to date operating
income of $69 million was comparable to $70 million for the same period of 1996.
Log trading and merchandising sales declined from 1996 due to lower North
American export log prices and lower New Zealand log volumes resulting from
weakness in Asian wood markets. Operating income improved slightly from 1996,
resulting from more favorable margins.
Timberlands management and stumpage sales and operating income were below last
year's results due to lower Northwest U.S. stumpage prices, reflecting the
effect of weak export and domestic log markets at the time the related stumpage
contracts were initiated. New Zealand stumpage prices for the second quarter and
year to date were lower than in the comparable periods of 1996.
Wood products results continued to improve due to increased capacity and
productivity along with higher lumber prices and stronger volumes.
Specialty Pulp Products
Sales of Specialty Pulp Products (from the Company's ongoing Jesup and
Fernandina mills) were $127 million compared to $123 million for last year's
second quarter. Operating income was $9 million, $1 million above the 1996
second quarter as a result of higher volumes and improved production costs.
Sales for the first six months of 1997 were $250 million compared to $255
million for the prior period and operating income was $21 million, a decrease of
$12 million or 37 percent from 1996. Results were below the prior year primarily
due to lower fluff pulp prices partly offset by higher sales volumes and lower
production costs.
Dispositions
Dispositions reflect results of the Company's Port Angeles mill, permanently
closed in February 1997, with product sales coming from inventory run-off.
Improved results over 1996 primarily reflect the absence of operating losses
after the mill's closure.
OTHER INCOME / EXPENSE
Interest expense was $12 million for the first six months of 1997, $2 million
favorable to 1996, reflecting higher capitalized interest in connection with the
Company's New Zealand MDF facility and a lower average debt level.
Interest and miscellaneous income, net declined $2 million from the prior year
which had included mark-to-market gains on forward exchange contracts. The
Company uses forward contracts to mitigate the impact of New Zealand /U.S.
dollar exchange rate fluctuations on New Zealand operating expenses.
Minority interest in the earnings of Rayonier's subsidiary, Rayonier
Timberlands, L.P. (RTLP) was $2 million less than the first half of 1996,
primarily reflecting lower Northwest U.S. stumpage prices. The minority
participation in the earnings of RTLP will change from approximately 24 percent
to approximately 1 percent effective January 1, 2001.
The effective tax rate of 32.2 percent for the first half of 1997 is higher than
the first half 1996 effective rate of 27.9 percent due to the absence of certain
tax benefits recognized in 1996 that pertained to prior years.
NET INCOME
Net income for the second quarter was $20 million or $0.67 per Common Share, an
increase of $4 million or $0.16 per Common Share from the 1996 second quarter.
Net income for the six months ended June 30, 1997 was $38 million or $1.29 per
Common Share, a decrease of $9 million or $0.27 per Common Share from last
year's results.
OTHER ITEMS
Statement of Financial Accounting Standards (SFAS) No. 128, Earnings Per Share
(EPS), issued in February, 1997 establishes standards for computing and
presenting EPS and is effective for both interim and annual periods ending after
December 15, 1997. SFAS No. 128 does not permit early application of its
provisions. The statement replaces the presentation of primary EPS with a
5
8
presentation of basic EPS, as defined. The Company's pro forma basic EPS
determined in accordance with SFAS No. 128 was $0.68 and $0.52 for the three
months ended June 30, 1997 and 1996, respectively, and $1.31 and $1.58 for the
six months ended June 30, 1997 and 1996, respectively. Pro forma diluted EPS
would be unchanged from the currently reported income per Common share.
LIQUIDITY AND CAPITAL RESOURCES
Cash flow from operating activities of $111 million for the first six months of
1997 increased $16 million from 1996 as a result of reduced working capital
requirements partially offset by lower earnings. EBITDA (defined as earnings
from continuing operations before significant non-recurring items, provision for
dispositions, interest expense, income taxes and depreciation, depletion and
amortization) for the first six months of 1997 of $116 million decreased $10
million from the comparable period of 1996. Cash from operating activities
helped to finance capital expenditures of $77 million, dividends of $17 million
and repurchase of Common Shares for $23 million. In connection with the
previously announced one-year increase in the Company's share repurchase program
to $50 million for 1997, the Company repurchased 579,100 shares during the first
six months at an average cost of $39.97. Over the same period of 1996, the
Company purchased 191,700 shares at an average cost of $36.03 per share for $7
million. Second quarter ending debt was $452 million and the
debt-to-capital-ratio was 42.1 percent compared to 41.0 percent at December 31,
1996.
During the second quarter of 1997, the Company issued approximately $101 million
of securities to an investment bank in the United Kingdom. The proceeds of this
financing were used to retire commercial paper and bank loans. Due to
anticipated United Kingdom tax law changes that would increase the effective
cost of this financing, the Company refinanced those securities in July 1997
with the issuance of additional commercial paper.
The Company has unsecured credit facilities totaling $300 million, which are
used for direct borrowings and as support for $50 million of outstanding
commercial paper. As of June 30, 1997, the Company had $250 million of available
borrowings under its revolving credit facilities. In addition, through currently
effective shelf registration statements filed with the Securities and Exchange
Commission, the Company may offer up to $141 million of new public debt
securities. The Company believes that internally generated funds combined with
available external financing will enable Rayonier to fund capital expenditures,
share repurchases, working capital and other liquidity needs for the foreseeable
future.
SAFE HARBOR
Except for the information about past operations and results, the comments in
this report are forward-looking and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Changes in
the following important factors, among others, could cause actual results to
differ materially from those expressed in the forward-looking statements:
competitive products and pricing, as well as fluctuations in demand,
particularly for specialty fluff pulps and for export and domestic logs and wood
products; the impact of such market factors on the Company's sales in the United
States and New Zealand of timber stumpage; production costs for specialty pulps,
particularly for raw materials and chemicals; governmental policies and
regulations affecting the environment, import and export controls and taxes; and
interest rate and currency movements.
6
9
ITEM 3. SELECTED OPERATING DATA
Three Months Six Months
Ended June 30, Ended June 30,
------------------------ ------------------------
1997 1996 1997 1996
-------- -------- -------- --------
TIMBER AND WOOD PRODUCTS
Log sales
North America - million board feet 75 83 120 134
New Zealand - thousand cubic meters 288 396 525 766
Other - thousand cubic meters 58 21 191 55
Timber sales
Northwest U.S. - million board feet 49 53 108 114
Southeast U.S. - thousand short green tons 534 537 1,144 1,107
New Zealand - thousand cubic meters 288 291 499 548
Lumber sold - million board feet 89 73 163 134
Intercompany sales
Logs - million board feet 0 2 1 4
Northwest U.S. timber stumpage
- million board feet 4 4 10 13
Southeast U.S. timber stumpage
- thousand short green tons 13 28 38 76
New Zealand - thousand cubic meters 141 260 271 458
SPECIALTY PULP PRODUCTS
Pulp sales (a)
Chemical cellulose sales - thousand metric tons 100 84 189 163
Fluff and specialty paper pulp sales - thousand metric tons 80 86 161 165
Production as a percentage of capacity 98.4% 100.0% 98.6% 99.9%
SELECTED SUPPLEMENTAL INFORMATION (millions of U.S. dollars)
New Zealand - Sales $ 22.4 $ 25.7 $ 39.6 $ 51.0
======== ======== ======== ========
New Zealand - Operating Income $ 2.2 $ 2.0 $ 2.4 $ 3.4
======== ======== ======== ========
a) Excludes Port Angeles statistics reflected below:
Chemical cellulose sales - thousand metric tons 9 16 18 48
Fluff and specialty paper pulp sales - thousand metric tons 1 5 5 8
7
10
PART II. OTHER INFORMATION
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The Annual Meeting of Shareholders of the Company was held on May 16,
1997. At that meeting, five directors were elected as follows (there were
no broker non-votes with respect to the election of directors):
Votes For Votes Withheld
---------- --------------
Director of Class II, Term Expires in 1999:
Carl S. Sloane 26,727,964 89,839
Director of Class III, Term Expires in 2000:
Rand V. Araskog 26,689,548 128,255
Donald W. Griffin 26,728,996 88,807
Wallace L. Nutter 26,705,593 112,210
Nicholas L. Trivisonno 26,729,479 88,324
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) See Exhibit Index.
(b) Rayonier Inc. did not file a report on Form 8-K during the quarter
covered by this report.
SIGNATURE
Pursuant to the requirements of Section 13 of the Securities Exchange Act
of l934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
RAYONIER INC. (Registrant)
---------------------------
BY KENNETH P. JANETTE
------------------
Kenneth P. Janette
Vice President and Corporate Controller
August 12, 1997 (Chief Accounting Officer)
8
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION LOCATION
----------- ----------- --------
2 Plan of acquisition, reorganization, None
arrangement, liquidation or succession
3.1 Amended and restated articles of incorporation No amendments
3.2 By-laws No amendments
4 Instruments defining the rights of security holders, Not required to be filed. The
including indentures Registrant hereby agrees to file
with the Commission a copy of
any instrument defining the rights
of holders of the Registrant's
long-term debt upon request of
the Commission.
10.1 Sixth Amendment to the Rayonier Investment and Filed herewith
Savings Plan for Salaried Employees
10.2 Other material contracts None
11 Statement re computation of per share earnings Not required to be filed
12 Statement re computation of ratios Filed herewith
15 Letter re unaudited interim financial information None
18 Letter re change in accounting principles None
19 Report furnished to security holders None
22 Published report regarding matters None
submitted to vote of security holders
23 Consents of experts and counsel None
24 Power of attorney None
27 Financial data schedule Filed herewith
99 Additional exhibits None
9
1
Exhibit 10.1
SIXTH AMENDMENT TO THE
RAYONIER INVESTMENT AND SAVINGS PLAN
FOR SALARIED EMPLOYEES
1. Section 10.3(d)(ii) of the Rayonier Investment and Savings Plan for
Salaried Employees (the "Plan") is hereby amended to read in its entirety as
follows, effective as of February 12, 1996:
"(ii) Provided the value of the Member's or Deferred Member's vested
Accounts is at least $3,500, and the first payment is at least $1,000, by
payment in annual cash installments over the Member's or Deferred Member's life
expectancy or the joint life expectancies of the Member or Deferred Member and
the Member or Deferred Member's spouse, as actuarially determined at the time of
commencement of the initial installment and which may be redetermined annually
thereafter. The amount of such installments will be based on the value of the
Member's or Deferred Member's Accounts as of the Valuation Date coinciding with
or next following the date of receipt by the Savings Plan Administrator of a
properly completed application as transmitted by the Company and each
anniversary thereof, and shall be determined by multiplying such value by a
fraction, the numerator of which shall be one and the denominator of which shall
be the number of years and fraction thereof of the Member's or Deferred Member's
life expectancy (or the joint life expectancies of the Member or Deferred Member
and the Member's or Deferred Member's spouse) based on age at the time of the
initial installment (if life expectancy is not to be recalculated) or at the
time the installment is payable (if life expectancy is to be recalculated). Any
Member or Deferred Member who elects annual cash installment payments over the
Member's or Deferred Member's life expectancy or over the joint life
expectancies of the Member of Deferred Member and the Member's or Deferred
Member's spouse may not thereafter elect to receive in a lump sum the remaining
value of the Accounts."
Dated: February 26, 1996
_____________________
John P. O'Grady
Senior Vice President
Human Resources
1
EXHIBIT 12
RAYONIER INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)
(THOUSANDS OF DOLLARS)
Six Months
Ended June 30,
---------------------
1997 1996
------- -------
Earnings:
Net Income $38,157 $46,881
Add:
Income Taxes 18,151 18,141
Minority Interest 14,287 16,537
Amortization of Capitalized Interest 536 982
------- -------
71,131 82,541
Adjustments to Earnings for Fixed Charges:
Interest and Other Financial Charges 11,907 14,243
Interest Factor Attributable to Rentals 1,094 722
------- -------
13,001 14,965
------- -------
EARNINGS AS ADJUSTED $84,132 $97,506
======= =======
Fixed Charges:
Fixed Charges above $13,001 $14,965
Capitalized Interest 3,076 865
------- -------
TOTAL FIXED CHARGES $16,077 $15,830
======= =======
RATIO OF EARNINGS AS ADJUSTED TO
TOTAL FIXED CHARGES 5.23 6.16
======= =======
5
1,000
6-MOS
DEC-31-1997
JAN-01-1997
JUN-30-1997
8,753
0
124,419
4,804
136,801
320,101
1,250,134
541,038
1,596,399
192,164
448,695
0
0
123,941
498,414
1,596,399
550,211
550,211
450,141
450,141
31,855
0
11,907
56,308
18,151
38,157
0
0
0
38,157
1.29
1.29
