SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Form 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended March 31, 1998
Commission File Number 0-9881
SHENANDOAH TELECOMMUNICATIONS COMPANY
(Exact name of registrant as specified in its charter)
Virginia 54-1162806
(State or other jurisdiction (I.R.S. Employer
of incorporation or Identification
organization) Number)
P.O. Box 459, Edinburg, Virginia 22824
(Address of principal executive office and zip code)
Registrant's telephone number,
including area code: (540) 984-4141
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
YES X NO
Indicate the number of shares outstanding of each of the issuer's
classes of common stock as of the close of the period covered by
this report.
Class Outstanding at April 30, 1998
Common Stock, No Par Value 3,755,760 Shares
PAGE
SHENANDOAH TELECOMMUNICATIONS COMPANY
INDEX
Page
Number
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets
March 31, 1998 and December 1997 1 - 2
Consolidated Statements of Income
Three Months Ended
March 31, 1998 and 1997 3 - 4
Consolidated Statements of Cash Flow
Three Months Ended
March 31, 1998 and 1997 5 - 6
Notes To Consolidated Financial
Statements 7
Item II. Management's Discussion and Analysis of
Financial Condition and Results of
Operations 8 - 14
PART II. OTHER INFORMATION
Item 4. Submission of Matters To a Vote
of Security Holders 15
Item 6. Exhibits and Reports On Form 8-K 15
Signatures 16
PAGE
SHENANDOAH TELECOMMUNICATIONS COMPANY
AND SUBSIDIARY COMPANIES
PART I, FINANCIAL INFORMATION
ITEM I, FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS
ASSETS
[CAPTION]
March 31, 1998 December 31, 1997
[S] [C] [C]
CURRENT ASSETS
Cash & Cash Equivalents $ 5,282,345 $ 5,203,521
Certificates of Deposit 100,000 204,122
Investments Held to Maturity 1,123,917 1,622,433
Accounts Receivable 6,417,208 5,682,798
Materials 4,796,498 3,968,791
Prepaid and Other Current Assets 501,408 507,165
----------- -----------
TOTAL CURRENT ASSETS $18,221,376 $17,188,830
----------- -----------
NON-CURRENT ASSETS
Investment in Available for
Sale Securities $ 4,256,331 $ 3,597,997
Investment Held to Maturity
Securities 499,581 499,581
Other Investments 5,241,338 4,721,517
----------- -----------
TOTAL NON-CURRENT ASSETS $ 9,997,250 $ 8,819,095
----------- -----------
PROPERTY, PLANT, AND EQUIPMENT
Plant in Service $75,357,434 $74,144,956
Plant Under Construction 9,762,636 8,232,517
Less Accumulated Depreciation 26,405,228 25,313,297
----------- -----------
NET PROPERTY, PLANT & EQUIPMENT $58,714,842 $57,064,176
----------- -----------
OTHER ASSETS
Cost in Excess of Net Assets of
Business less Accumulated
Amortization $ 5,063,197 $ 5,157,078
Deferred Charges and Other Assets 443,548 476,687
Radio Spectrum License net of
Accumulated Amortization 689,813 702,036
----------- -----------
$ 6,196,558 $ 6,335,801
----------- -----------
TOTAL ASSETS $93,130,026 $89,407,902
=========== ===========
See accompanying notes to consolidated financial statements.
PAGE
SHENANDOAH TELECOMMUNICATIONS COMPANY
AND SUBSIDIARY COMPANIES
PART I, FINANCIAL INFORMATION
ITEM I, FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS
[CAPTION] LIABILITIES AND STOCKHOLDERS' EQUITY
[S] March 31, 1998 December 31, 1997
CURRENT LIABILITIES [C] [C]
Current maturities of LTD $ 544,954 $ 544,954
Accounts Payable 3,017,381 3,743,701
Advance Billing and Payments 547,176 631,815
Customers' Deposits 106,278 98,905
Other Current Liabilities 1,913,112 1,926,769
Income Taxes Payable 640,916 0
Other Taxes Payable 250,030 153,678
----------- -----------
TOTAL CURRENT LIABILITIES $ 7,019,847 $ 7,099,822
----------- -----------
LONG-TERM DEBT, LESS
CURRENT MATURITIES $28,844,915 $26,815,706
----------- -----------
OTHER LIABILITIES AND
DEFERRED CREDITS
Deferred Investment
Tax Credit $ 198,098 $ 216,256
Deferred Income Taxes 6,243,565 5,987,860
Pension and Other 1,019,938 883,568
----------- -----------
$ 7,461,601 $ 7,087,684
----------- -----------
MINORITY INTEREST $ 1,809,815 $ 1,894,206
----------- -----------
STOCKHOLDERS' EQUITY
Common Stock $ 4,734,377 $ 4,740,677
Retained Earnings 41,673,753 40,579,090
Unrealized gains on Available
for sale securities 1,585,718 1,190,717
----------- -----------
$47,993,848 $46,510,484
----------- -----------
TOTAL LIABILITIES &
STOCKHOLDERS' EQUITY $93,130,026 $89,407,902
=========== ===========
See accompanying notes to consolidated financial statements.
PAGE
SHENANDOAH TELECOMMUNICATIONS COMPANY
AND SUBSIDIARY COMPANIES
PART I, FINANCIAL INFORMATION
ITEM I, FINANCIAL STATEMENTS
[CAPTION] CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Three months ended
March 31
[S] 1998 1997
OPERATING REVENUES
Telephone Revenues [C] [C]
Local Service $922,032 $859,022
Access 1,924,320 1,739,682
Toll 12,634 6,135
Miscellaneous:
Directory 293,487 273,030
Facility Leases 502,615 476,706
Billing & Collection 118,424 105,036
Other Miscellaneous 41,406 48,386
--------- ---------
Total Telephone Revenues $3,814,918 $3,507,997
Cable Television Revenues 716,668 615,121
ShenTel Service Revenues 526,367 473,950
Leasing Revenues 4,585 3,622
Mobile Revenues 2,057,042 1,790,323
PCS Revenues 666,736 255,543
Long Distance Revenues 218,833 241,978
Network Revenues 153,733 153,733
---------- ---------
TOTAL REVENUES AND SALES $8,158,882 $7,042,267
---------- ----------
OPERATING EXPENSES
Cost of Products &
Service Sold $ 365,258 $ 397,208
Line Costs 100,379 95,361
Plant Specific 699,411 622,388
Plant Non-Specific:
Network & Other 1,240,576 929,994
Depreciation and Amortization 1,281,531 1,110,488
Customer Operations 1,153,851 995,668
Corporate Operations 735,277 669,621
Other Operating Expenses 133,509 194,914
Taxes Other Than Income 218,719 98,177
---------- ----------
Total Operating Expenses $5,928,511 $5,113,819
---------- ----------
See accompanying notes to consolidated financial statements.
PAGE
SHENANDOAH TELECOMMUNICATIONS COMPANY
AND SUBSIDIARY COMPANIES
PART I, FINANCIAL INFORMATION
ITEM I, FINANCIAL STATEMENTS
[CAPTION] CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Three months ended
March 31
1998 1997
[S] [C] [C]
Operating Income $2,230,371 $1,928,448
Non-Operating Income less
Expenses 209,387 229,416
Interest Expense (312,844) (356,449)
---------- ----------
Income Before Taxes $2,126,914 $1,801,415
Provision for Income Taxes 682,942 575,822
---------- ----------
Net Income Before Minority
Interest $1,443,972 $1,225,593
Minority Interest (255,609) (211,056)
---------- ----------
Net Income $1,188,363 $1,014,537
========== ==========
EARNINGS PER SHARE
Weighted Average Common
Shares Outstanding 3,758,316 3,760,760
========== =========
Net Income per share,
Basic and Diluted $0.32 $0.27
========== ========
See accompanying notes to consolidated financial statements.
PAGE
SHENANDOAH TELECOMMUNICATIONS COMPANY
AND SUBSIDIARY COMPANIES
PART I, FINANCIAL INFORMATION
ITEM I, FINANCIAL STATEMENTS
[CAPTION] CONSOLIDATED STATEMENTS OF CASH FLOW
(UNAUDITED)
THREE MONTHS ENDED MARCH 31
1998 1997
[S]
CASH FLOWS FROM OPERATING
ACTIVITIES [C] [C]
Net Income $1,188,363 $1,014,537
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation and Amortization 1,281,531 1,111,989
Deferred taxes 255,705 (7,628)
Gain on Sale of Equity Investment (263,333) 0
(Income)/Losses on Equity Investments (516,032) 40,187
Minority Share of Income (84,391) 211,056
Other 156,243 (41,997)
Decrease (increase) in:
Accounts Receivable (734,410) 94,711
Materials and Supplies (827,707) (47,425)
Increase (Decrease) in:
Accounts Payable (726,320) (704,953)
Income Taxes Payable 700,650 588,568
Other Deferrals and Accruals (48,548) (24,930)
--------- ---------
Net cash provided by
operating activities $ 381,751 $2,234,115
----------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of Property
and Equipment (2,830,985) (2,330,946)
FCC Deposit Refund 0 953,400
Purchase of Intangible Assets
Purchase of Certificates of Deposit 0 (499,582)
Maturities of Certificates of Deposit 0 486,982
Proceeds from Investments 602,638 0
Other (3,789) 17,198
---------- ----------
Net cash used in investing
activities $(2,232,136) $(1,372,948)
----------- -----------
See accompanying notes to consolidated financial statements.
PAGE
SHENANDOAH TELECOMMUNICATIONS COMPANY
AND SUBSIDIARY COMPANIES
PART I, FINANCIAL INFORMATION
ITEM I, FINANCIAL STATEMENTS
[CAPTION] CONSOLIDATED STATEMENTS OF CASH FLOW
(UNAUDITED)
THREE MONTHS ENDED MARCH 31
1998 1997
[S]
CASH FLOWS FROM [C] [C]
FINANCING ACTIVITIES
Redemption of Common Stock $ (100,000) $ 0
Proceeds from Long Term Debt 2,166,556 601,500
Principal payments on Long Term Debt (137,347) (133,933)
--------- --------
Net cash provided by financing
activities 1,929,209 467,567
--------- --------
Net increase in cash
and cash equivalents 78,824 1,328,734
--------- ---------
Cash and Cash Equivalents:
Beginning 5,203,521 3,763,468
---------- ----------
Ending $5,282,345 $5,092,202
========== ==========
See accompanying notes to consolidated financial statements.
PAGE
SHENANDOAH TELECOMMUNICATIONS COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. In the opinion of management, the accompanying condensed consolidated
financial statements which are unaudited, except for the condensed
balance sheet at December 31, 1997, contain all adjustments (consisting
of only normal recurring accruals) necessary to present fairly
Shenandoah Telecommunications Company's financial position as of March
31, 1998 and the results of operations and cash flows for the three
month periods ended March 31, 1998 and 1997.
While the Company believes that the disclosures presented are adequate,
to make the information not misleading it is suggested that these
financial statements be read in conjunction with the financial
statements and notes included in the Company's annual report on Form 10-
K.
2. The results of operations for the three-month period ended march 31,
1998 and 1997 are not necessarily indicative of the results to be
expected for the full year.
3. The earnings per common share were computed on the weighted average
number of shares outstanding. The Company has stock options
outstanding, which are not dilutive, therefore basic and diluted
earnings per share are the same.
4. Comprehensive income consists of the unrealized holding gains and losses
on the Company's available-for-sale investment. The unrealized holding
gains net of tax for the three month period ended March 31, 1998 was
$395,001 and the unrealized holding loss net of tax for the three month
period ended March 31, 1997 was $563,300.
SHENANDOAH TELECOMMUNICATIONS COMPANY
AND SUBSIDIARY COMPANIES
ITEM II, MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following tables set forth, for the periods indicated, the percentages which
certain items reflected in the financial data bear to total operating revenues and the
percentage increase of such items as compared to the indicated prior period:
RELATIONSHIP TO PERIOD TO PERIOD
TOTAL REVENUES INCREASE OR DECREASE
Three months ended Three months ended
March 31 March 31
1998 1997 1998-97 1997-96
OPERATING REVENUES
Telephone Revenues
Local Service 11.30 12.20 7.34 8.63
Access 23.59 24.70 10.61 (1.92)
Toll 0.15 0.09 105.93 40.87
Miscellaneous:
Directory 3.60 3.88 7.49 (3.75)
Facility Leases 6.16 6.77 5.44 10.04
Billing & Collection 1.45 1.49 12.75 (7.90)
Other Miscellaneous 0.51 0.69 (14.43) 65.93
------ ------ ------ ------
Total Telephone Revenues 46.76 49.81 8.75 2.30
Cable Television Revenues 8.78 8.73 16.51 179.43
ShenTel Service Revenues 6.45 6.73 11.06 20.43)
Leasing Revenues 0.06 0.05 26.59 (21.41)
Mobile Revenues 25.21 25.42 14.90 30.95
PCS Revenues 8.17 3.63 160.91 N/A
Long Distance Revenues 2.68 3.44 (9.56) (14.90)
Network Revenues 1.88 2.18 0.00 24.14
------ ------ ------ ------
Total Revenues 100.00 100.00 15.86 20.95
------ ------ ------ ------
PAGE
SHENANDOAH TELECOMMUNICATIONS COMPANY
AND SUBSIDIARY COMPANIES
ITEM II, MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RELATIONSHIP TO PERIOD TO PERIOD
TOTAL REVENUES INCREASE OR DECREASE
Three months ended Three months ended
March 31 March 31
1998 1997 1998-97 1997-96
OPERATING EXPENSES
Cost of Products Sold 4.48 5.64 (8.04) 45.00
Line Costs 1.23 1.35 5.26 (29.14)
Plant Specific 8.57 8.84 12.38 18.69
Plant Non-Specific:
Network & Other 15.21 13.21 33.40 40.50
Depreciation and Amortization 15.71 15.77 15.40 38.37
Customer Operations 14.14 14.14 15.89 30.32
Corporate Operations 9.01 9.51 9.80 28.86
Other Operating & Expenses 1.64 2.77 (31.50) 320.38
Taxes Other Than Income 2.68 1.39 122.78 (2.12)
------ ------ ------ ------
Total Operating Expenses 72.66 72.62 15.93 33.60
------ ------ ------ ------
Operating Income 27.34 27.38 15.66 (3.33)
Non-Operating Income less Expenses 2.57 3.26 (8.73) (45.67)
Interest Expense (3.83) (5.06) (12.23) 152.34
------ ------ ------ ------
Income Before Income Taxes 26.07 25.58 18.07 (20.85)
Provision for Income Taxes 8.37 8.18 18.60 (26.27)
------ ------ ------ ------
Income Before Minority Interest 17.70 17.40 17.82 (18.02)
Minority Interest (3.13) (3.00) 21.11 73.79
------ ------ ------ ------
Net Income 14.57 14.41 17.13 (26.14)
====== ====== ====== ======
/TABLE
SHENANDOAH TELECOMMUNICATIONS COMPANY
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Shenandoah Telecommunications Company is a diversified
telecommunications holding company providing both regulated and
unregulated telecommunications services through its eight wholly-
owned subsidiaries.
This industry is in a period of transition from a protected
monopoly to a competitive environment as evidenced by the
passage of the Telecommunications Act of 1996. As a result,
Shenandoah Telecommunications has made and plans to continue to
make significant investments in the new and emerging
technologies.
The most significant revenue contributors are the regulated
telephone local exchange company accounting for 46.8% of revenue
and the cellular dominated operations of the Mobile subsidiary,
accounting for 25.2% of revenue during the most recent quarter.
Other significant services provided are paging, personal
communications services (PCS), cable television, Internet access,
long distance, and fiber facilities and towers leased to other
telecommunications carriers. The Company also sells and leases
equipment, mainly related to services provided. The Company also
participates in emerging technologies by direct investment in
non-affiliated companies.
RESULTS OF OPERATIONS
The regulated Company's largest source of revenue continues to be for
access to the Company's local exchange network by interexchange
carriers. The volume for approximately two-thirds of these
access revenues generally tracks with changes in minutes of use.
The minutes of use during the first quarter of 1998 increased
11.9%, compared to a decrease of .2% in 1997. The associated revenues
increased 10.6% in first quarter 1998 compared to a 1.92% decrease in 1997.
Management attributes these increases, in part, to inclement weather
experienced the first quarter of 1997.
First quarter cable television revenues increased 16.5%
over the first quarter of 1997 due to rate increases and a 4.0% increase in
the customer base. The 1997 increase of 179.4% was due to the
acquisition of the CATV assets owned by FrontierVision Operating
Partnership located in our service area on September 30, 1996.
PAGE
SHENANDOAH TELECOMMUNICATIONS COMPANY
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS (Continued)
The increase in the ShenTel Service revenues category for
the first quarter of 1998 compared to 1997 was 11.1%. This was
due to increases in Internet Service revenues. First quarter
1998 revenues from our Internet Service operations were up
$118,018 or 64.9% compared to the first quarter of 1997. The
increase is due to the increasing customer base. The increases
in Internet access revenues were partially offset by decreases in
equipment sales and rentals. These revenues decreased $69,524 or
50.2% compared to the first quarter of 1997.
Financing lease revenues are chiefly for leases and rentals
of customer premise equipment such as PBX's sold through Company
subsidiaries.
The Mobile revenues are mainly comprised of revenues from
wireless communications services. First quarter 1998 local
cellular revenues increased $188,764 or 23.4% compared to the
same period in 1997. The increase in local cellular revenues was
due to an increase in the customer base. First quarter 1998
outcollect roamer revenues increased $71,971 or 8.1% compared
to the same period in 1997. Total revenues from the Cellular
operation accounted for 23.9% of total Company revenues in the
first quarter, compared to 24.2% in the first quarter of 1997.
Total payroll costs (including capitalized costs) in the
first three months of 1998 increased $116,251 or 8.2% compared
to the same period in 1997. The increase is due to an increase
in the size of the Company's work force.
PAGE
SHENANDOAH TELECOMMUNICATIONS COMPANY
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS (Continued)
Cost of Goods Sold decreased 8.0% in the first quarter
compared to the same period in 1997. This is due to a decrease
in the volume of equipment sales in ShenTel and our cellular operations.
The expense category Network and Other consists primarily of
network support, engineering, and leased facilities costs. Of
the 33.4% or $310,582 increase for the first quarter of 1998 over the
first quarter of 1997, $141,932 is due from the PCS operation, $75,663 from
the Internet access operation, and $67,676 is due to increases from our
cellular operation.
Depreciation and Amortization, our largest expense category,
was 15.40% higher in the first quarter of 1998 compared to 1997. This is due
to the pace of plant acquisition. Expenditures for construction and purchases
of property and equipment for 1997 equaled $10,687,958. Comparable
expenditures during 1997 equaled $22,835,061.
Customer Operations increased 20.4% for the quarter
compared to the same period in 1997. These costs are for the
marketing and sales, billing, and customer service functions. As
with the network and other category, increases for the Internet
access, cellular, and PCS businesses are primarily responsible
for the increase.
The Other Operating Expense category consists of royalty
expense paid to programming providers for the Cable Television
subsidiary. The increase in these expenses year-to-date compared
with the first quarter of 1997 is due to an increase in customer base and
channels offered.
PAGE
SHENANDOAH TELECOMMUNICATIONS COMPANY
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS (Continued)
The Non-operating Income Less Expenses category consists
mainly of the income or loss from investments made by the
Company. This category showed a decrease of 8.7% in the first
quarter compared to the same period in 1997, primarily due to a
decrease in interest income.
Interest expense has decreased $43,605 in the first quarter
compared to the first quarter of 1997, due primarily to larger
capitalized interest costs for plant under construction. The
Company began drawing funds on the CoBank note (described below)
in the third quarter of 1997. Draws on this note at March 31,
1998 equaled $18,170,276.
LIQUIDITY AND CAPITAL RESOURCES
On August 2, 1996, the Company signed a note with CoBank to
borrow up to $25 million. The term of the loan is for up to 15
years, with multiple interest options. The Company began drawing
these funds in the third quarter of 1996. A majority of these
funds were used for the acquisition of the Shenandoah County CATV
assets of FrontierVision in September of 1996, and to finance the
building of the new network for the PCS operation. The Company
anticipates making additional draws on this note in 1998 to fund
in part the $8,000,000 capital budget for the non-telephone
subsidiaries.
PAGE
SHENANDOAH TELECOMMUNICATIONS COMPANY
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
LIQUIDITY AND CAPITAL RESOURCES (Continued)
The Company budgeted capital expenditures of approximately
$10,000,000 for the Telephone subsidiary in 1998. These capital
needs will be met through internally generated cash flows and the
existing Rural Telephone Bank note. The loan agreement with the
RTB allows for additional borrowings of approximately $3,000,000.
Expenditures of these loan funds is limited to capital projects
for the regulated local exchange carrier.
Based on a preliminary assessment, the Company has determined that
significant portions of its software must be modified or replaced so that its
computer systems will properly utilize dates beyond December 31, 1999. The
vast majority of this software is provided by third parties. The Company is
now in the process of implementing third party financial software that is Year
2000 certified, at an estimated cost of $900,000. The Company also utilizes
third party software for customer care applications. These suppliers have
asserted their software is presently Year 2000 compliant or will be in mid-
1998. The Company estimates its remaining software will be Year 2000
compliant by June 30, 1999.
PAGE
SHENANDOAH TELECOMMUNICATIONS COMPANY
PART II
OTHER INFORMATION
ITEM 4. Submission of Matters to a Vote of Security
Holders
No matters were submitted to a vote of security
holders.
ITEM 6. Exhibits and Reports on Form 8-K
A. Exhibits
Exhibit 27 - Financial Data Schedule
B. Reports on Form 8-K
On February 27, 1998, the Company filed a
report on Form 8-K, reporting under Item 5,
disclosing that on February 9, 1998, the
Board of Directors adopted a Stockholders'
Rights Plan, granting the existing stockholders
the right to acquire additional shares of the
Company's common stock at a substantial
discount, should anyone acquire 15% or more
of the Company's common stock or causes the
Company to merge into or with another company.
PAGE
SHENANDOAH TELECOMMUNICATIONS COMPANY
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.
SHENANDOAH TELECOMMUNICATIONS COMPANY
(Registrant)
May 14, 1998 CHRISTOPHER E. FRENCH
Christopher E. French
President
May 14, 1998 LAURENCE F. PAXTON
Laurence F. Paxton
Vice President - Finance
5
3-MOS
DEC-31-1998
MAR-31-1998
5,282,345
5,879,829
6,417,208
16,083
4,796,498
18,221,376
85,120,070
26,405,228
93,130,026
7,019,847
28,844,915
0
0
4,734,377
43,259,471
93,130,026
0
8,158,882
0
5,928,511
0
0
312,844
1,871,305
682,942
1,188,363
0
0
0
1,188,363
.32
.32
