1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC
20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended March 29, 1998 Commission File No. 1-11261
SONOCO PRODUCTS COMPANY
----------
Incorporated under the laws I.R.S. Employer Identification
of South Carolina No. 57-0248420
Post Office Box 160
Hartsville, South Carolina 29551-0160
Telephone: 843-383-7000
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 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 at May 3, 1998:
Common stock, no par value: 93,870,638
2
SONOCO PRODUCTS COMPANY
INDEX
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS:
Condensed Consolidated Balance Sheets - March 29, 1998 and
December 31, 1997
Condensed Consolidated Statements of Income - Three Months
Ended March 29, 1998 and March 30, 1997
Condensed Consolidated Statements of Cash Flows - Three Months
Ended March 29, 1998 and March 30, 1997
Notes to Condensed Consolidated Financial Statements
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
PART II. OTHER INFORMATION
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
SIGNATURE
3
SONOCO PRODUCTS COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars and shares in thousands)
March 29,
1998 December 31,
(unaudited) 1997 *
----------- -----------
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 56,782 $ 53,600
Trade accounts receivable, net of allowances 313,401 289,991
Other receivables 16,796 12,463
Inventories:
Finished and in process 109,473 94,785
Materials and supplies 124,569 115,313
Prepaid expenses 24,656 25,265
Deferred income taxes 64,584 63,041
Net assets held for sale 194,807 218,582
----------- -----------
905,068 873,040
PROPERTY, PLANT AND EQUIPMENT, NET 980,273 939,542
COST IN EXCESS OF FAIR VALUE OF ASSETS PURCHASED, NET 164,064 144,097
OTHER ASSETS 219,771 220,186
----------- -----------
Total Assets $ 2,269,176 $ 2,176,865
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Payable to suppliers $ 174,969 $ 161,078
Accrued expenses and other 99,881 106,839
Accrued wages and other compensation 15,851 22,689
Notes payable and current portion of long-term debt 92,359 99,690
Taxes on income 48,678 43,848
----------- -----------
431,738 434,144
LONG-TERM DEBT 846,415 696,669
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS 99,281 100,094
DEFERRED INCOME TAXES AND OTHER 106,560 97,139
SHAREHOLDERS' EQUITY **
Serial preferred stock, no par value
Authorized 30,000 shares
0 shares issued and outstanding at March 29, 1998
and December 31, 1997 0 0
Common stock, no par value
Authorized 150,000 shares
93,818 and 95,834 shares issued and outstanding at
March 29, 1998 and December 31, 1997, respectively 7,175 7,175
Capital in excess of stated value 110,605 198,271
Accumulated other comprehensive income (97,042) (91,420)
Retained earnings 764,444 734,793
----------- -----------
Total shareholders' equity 785,182 848,819
----------- -----------
Total Liabilities and Shareholders' Equity $ 2,269,176 $ 2,176,865
=========== ===========
* The year-end condensed consolidated balance sheet data was derived from
audited financial statements, but does not include all disclosures
required by generally accepted accounting principles.
** The shareholders' equity section has been modified to comply with
Statement of Financial Accounting Standards No. 130, "Reporting
Comprehensive Income". Accordingly, 1997 amounts have been adjusted to
reflect the new requirements. See Note 4 to the Condensed Consolidated
Financial Statements.
See accompanying Notes to Condensed Consolidated Financial Statements
4
SONOCO PRODUCTS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)
(Dollars and shares in thousands except per share)
Three Months Ended
----------------------------
March 29, March 30,
1998 1997
--------- ---------
Net sales $ 673,315 $ 687,648
Cost of sales 518,058 535,677
Selling, general and administrative expenses 67,337 71,806
--------- ---------
Income before interest and taxes 87,920 80,165
Interest expense 14,356 13,549
Interest income (808) (1,098)
--------- ---------
Income from operations before income taxes 74,372 67,714
Taxes on income 29,005 26,205
--------- ---------
Income from operations before equity in earnings
of affiliates/Minority interest in subsidiaries 45,367 41,509
Equity in earnings of affiliates/Minority
interest in subsidiaries 1,128 (263)
--------- ---------
Net income 46,495 41,246
Preferred dividends (1,066)
--------- ---------
Net income available to common shareholders $ 46,495 $ 40,180
========= =========
Average common shares outstanding:
Basic 94,468 89,976
Assuming conversion of preferred stock 4,966
Assuming exercise of options 2,764 1,769
--------- ---------
Diluted 97,232 96,711
========= =========
Per common share
Net income available to common shareholders:
Basic $ 0.49 $ 0.45
========= =========
Diluted $ 0.48 $ 0.43
========= =========
Dividends per common share $ .18 $ .165
========= =========
See accompanying Notes to Condensed Consolidated Financial Statements
5
SONOCO PRODUCTS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(Dollars in thousands)
Three Months Ended
---------------------------
March 29, March 30,
1998 1997
--------- --------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 46,495 $ 41,246
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, depletion and amortization 31,573 37,910
Equity in earnings of affiliates/Minority interest in subsidiaries (1,128) 263
Deferred taxes 4,839 1,872
Loss on disposition of assets 200 403
Changes in assets and liabilities, net of effects from acquisitions,
dispositions and foreign currency adjustments:
Accounts receivable (7,253) (26,341)
Inventories (15,880) (7,453)
Prepaid expenses 1,765 2,704
Payables and taxes (7,490) 22,176
Other assets and liabilities 1,108 (14,640)
--------- --------
Net cash provided by operating activities 54,229 58,140
--------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment (43,402) (50,365)
Cost of acquisitions, exclusive of cash (45,097) (1,870)
Proceeds from the sale of assets 183 62,634
Others, net (250) 570
--------- --------
Net cash (used) provided by investing activities (88,566) 10,969
--------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of debt 45,249 17,138
Principal repayment of debt (10,532) (17,891)
Net increase (decrease) in commercial paper borrowings 108,200 (44,091)
Cash dividends (16,844) (15,917)
Common shares acquired (108,441) (50)
Common shares issued 20,245 3,121
--------- --------
Net cash provided (used) by financing activities 37,877 (57,690)
--------- --------
EFFECTS OF EXCHANGE RATE CHANGES ON CASH (358) (949)
--------- --------
NET INCREASE IN CASH AND CASH EQUIVALENTS 3,182 10,470
Cash and cash equivalents at beginning of period 53,600 71,260
--------- --------
Cash and cash equivalents at end of period $ 56,782 $ 81,730
========= ========
See accompanying Notes to Condensed Consolidated Financial Statements
6
SONOCO PRODUCTS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited), continued
(Dollars in thousands)
SUPPLEMENTAL CASH FLOW DISCLOSURES:
Three Months Ended
--------------------------
March 29, March 30,
1998 1997
------- -------
Interest paid $11,123 $10,066
Income taxes paid $20,054 $ 6,652
See accompanying Notes to Condensed Consolidated Financial Statements
7
SONOCO PRODUCTS COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
NOTE 1: BASIS OF INTERIM PRESENTATION
In the opinion of the Company, the accompanying unaudited
condensed consolidated statements contain all adjustments
(consisting of only normal recurring adjustments) necessary to
present fairly the financial position and results of
operations for the interim periods reported hereon. Operating
results for the three months ended March 29, 1998, are not
necessarily indicative of the results that may be expected for
the year ending December 31, 1998. These condensed
consolidated financial statements should be read in
conjunction with the consolidated financial statements and the
notes thereto included in the Company's annual report for the
fiscal year ended December 31, 1997.
NOTE 2: DIVIDEND DECLARATIONS
On February 4, 1998, the Board of Directors declared a regular
quarterly dividend of $.18 per share. This dividend was paid
March 10, 1998 to shareholders of record as of February 20,
1998.
On April 15, 1998, the Board of Directors declared a 10% stock
dividend payable June 10, 1998, to all shareholders of record
May 15, 1998. The Board also declared a regular quarterly
dividend of $.18 per share payable June 10, 1998, to all
shareholders of record May 15, 1998. This dividend will also
be paid on those shares received through the stock dividend,
representing a 10% cash dividend increase.
NOTE 3: ACQUISITIONS/DISPOSITIONS
During the first quarter of 1998, Sonoco completed two
acquisitions in the Company's Industrial Packaging segment
with an aggregate cost of $45.1 million in cash. In February,
the Burk family of companies was acquired. Burk, consisting of
three manufacturing facilities in Germany, produces injection
and extruded plastic products. The Burk acquisition is
expected to add approximately $19 million of sales annually
and expands the Company's capability to provide customers with
a wider assortment of injection and extruded plastic products.
In March 1998, Sonoco completed the acquisition of the La
Rochette group. This acquisition includes four converting
operations and a paper mill in France with annual sales of
approximately $50 million. The La Rochette acquisition
improves the Company's competitive position in Europe through
additional tube and core manufacturing capacity in France as
well as additional paper mill support.
At the beginning of the second quarter of 1998, the company
completed the previously announced sale of the Consumer
Packaging Segment's North American labels operations. The sale
included seven facilities in the United States and one in
Mexico. The sale of the company's interest in a joint venture
in a label facility in Puerto Rico has not closed, but is
expected to do so during the second quarter of 1998. The sale
of these operations resulted in a one-time, after-tax charge
of $174.5 million in the fourth quarter of 1997. Also
completed at the beginning of the second quarter was the
previously announced sale of the Industrial Packaging
Segment's industrial containers operations. When fully
completed, the industrial containers sale will result in a
one-time, after-tax gain of approximately $55 million.
8
SONOCO PRODUCTS COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, continued
(unaudited)
NOTE 3: ACQUISITIONS/DISPOSITIONS, CONTINUED
The sale of the remaining portion of Sonoco's industrial
containers business, intermediate bulk containers, consisting
of one plant, has not closed but is expected to do so during
the second quarter of 1998.
The combined net sales of the North American labels and
industrial containers operations in the first quarter were
$87.2 million in both 1998 and 1997. Combined operating
profits were $6.1 million and $1.5 million in 1998 and 1997,
respectively.
NOTE 4: COMPREHENSIVE INCOME
Effective January 1, 1998, the Company adopted Statement of
Financial Accounting Standards No. 130, "Reporting
Comprehensive Income". Accordingly, the shareholders' equity
section of the Condensed Consolidated Balance Sheets has been
modified to comply with the new requirements and the 1997
year-end data has been restated.
The following table provides a reconciliation from net income
available to common shareholders to comprehensive income:
Three Months Ended
--------------------------
March 29, March 30,
1998 1997
-------- --------
Net income available to common shareholders $ 46,495 $ 40,180
Other comprehensive income:
Foreign currency translation adjustments (5,622) (14,564)
-------- --------
Comprehensive income $ 40,873 $ 25,616
======== ========
The following table summarizes the components of the current
period change in the accumulated other comprehensive income
balance:
Minimum Accumulated
Foreign Pension Other
Currency Liability Comprehensive
Translation Adjustment Income
----------- ---------- ------
Balance at January 1, 1998 $(86,407) $(5,013) $(91,420)
Current period change (5,622) (5,622)
-------- ------- --------
Balance at March 29, 1998 $(92,029) $(5,013) $(97,042)
======== ======= ========
9
SONOCO PRODUCTS COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, continued
(unaudited)
NOTE 5: FINANCIAL SEGMENT INFORMATION
The Financial Segment Information provided below should be
read in conjunction with the Management's Discussion and
Analysis of Financial Condition and Results of Operations
immediately following the Notes to Condensed Consolidated
Financial Statements.
FINANCIAL SEGMENT INFORMATION (UNAUDITED)
(Dollars in thousands)
Three Months Ended
--------------------------------
March 29, 1998 March 30, 1997
-------------- --------------
Net Sales
Industrial Packaging $ 377,390 $ 381,300
Consumer Packaging 295,925 306,348
--------- ---------
Consolidated $ 673,315 $ 687,648
========= =========
Operating Profit
Industrial Packaging $ 54,548 $ 50,194
Consumer Packaging 33,372 29,971
Interest, net (13,548) (12,451)
--------- ---------
Consolidated $ 74,372 $ 67,714
========= =========
10
SONOCO PRODUCTS COMPANY
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(UNAUDITED)
Statements included in Management's Discussion and Analysis of Financial
Condition and Results of Operations that are not historical in nature, are
intended to be, and are hereby identified as "forward looking statements" for
purposes of the safe harbor provided by section 21E of the Securities Exchange
Act of 1934, as amended. The Company cautions readers that forward looking
statements, including without limitation those relating to the Company's future
business prospects, revenues, working capital, liquidity, capital needs,
interest costs, and income, are subject to certain risks and uncertainties that
could cause actual results to differ materially from those indicated in the
forward looking statements.
FIRST QUARTER 1998 COMPARED WITH FIRST QUARTER 1997
RESULTS OF OPERATIONS
Consolidated net sales for the first quarter of 1998 were $673.3 million,
compared with $687.6 million in the first quarter of 1997. Last year's first
quarter included sales of approximately $21 million from both the company's
former screen print operations, which were sold in late March 1997, and the
fibre partitions business, which was combined with Rock Tenn Company's fibre
partitions business in a joint venture near the end of the third quarter of
1997. Net income for the first quarter of 1998 was $46.5 million, a 12.7%
increase over the $41.2 million in the same period of 1997. Sonoco reported
record earnings of $.48 per diluted share for the first quarter of 1998, an
11.6% increase over the $.43 recorded in the first quarter of 1997. First
quarter performance was in line with Management's expectations.
The company's global tube, core, and cone operations and composite can business
continued to lead the company's performance with volume gains over the first
quarter of last year, while productivity gains in nearly all operations
contributed to enhanced profitability for the quarter.
INDUSTRIAL PACKAGING SEGMENT
The industrial packaging segment for the first quarter of 1998 included tubes;
cores, cones; roll wrap; molded plugs and related products and services;
injection molded and extrusion molded plastics; paper manufacturing; recovered
paper operations; corner posts; reels for wire and cable packaging; adhesives;
converting machinery; forest products; and industrial containers.
First quarter sales for the industrial packaging segment were $377.4 million,
compared with $381.3 million in the first quarter of 1997. Sonoco's partitions
business, which was included in the first quarter of 1997, was combined in a
joint venture during the third quarter of 1997, affecting first quarter sales
comparisons by approximately $11 million. Operating profits for this segment
were $54.5 million, an 8.7% increase over the $50.2 million in the same period
of 1997.
11
SONOCO PRODUCTS COMPANY
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(UNAUDITED), CONTINUED
FIRST QUARTER 1998 COMPARED WITH FIRST QUARTER 1997, CONTINUED
First quarter 1998 volume increased in the tube and core operations led by
market share increases with customers in several industries, compared with a
year ago. First quarter results also reflect improvement over the same quarter
last year attributable to sales price increases implemented in September 1997,
scrap reduction, and efficiency improvements. Sonoco's global capability
continues to add value for customers in a variety of markets. The ability to not
only provide the specific cores and tubes but to also supply a variety of
ancillary products and services is helping Sonoco serve customers who are
looking to consolidate their supplier bases.
Volume in Sonoco's paper operations, which primarily supply Sonoco's converted
products businesses, increased over the first quarter of last year. Recovered
paper prices were higher in the first quarter of 1998 than in the same quarter
last year; however, cylinderboard price increases implemented in the second half
of 1997 kept ahead of the higher raw materials costs.
Sonoco's molded and extruded plastics operations had strong volume in the
textile and wire markets, but overall volume was down modestly because of
declines in sales to the automotive and quick-service restaurant markets.
As previously disclosed, the company's plastic and fibre drum operations were
sold at the beginning of the second quarter.
CONSUMER PACKAGING SEGMENT
The consumer packaging segment in the first quarter of 1998 included composite
cans; plastic and fibre cartridges; capseals; flexible packaging; high density
film products; paperboard cartons; packaging services; coasters and glass
covers; and pressure-sensitive labels and label application machinery.
First quarter sales were $295.9 million, compared with $306.3 million in the
same quarter of 1997. Last year's sales included approximately $10 million from
the screen print operations, which were sold at the end of last year's first
quarter. Operating profits in this segment increased 11.3% to $33.4 million,
compared with $30.0 million for the first quarter of 1997.
12
SONOCO PRODUCTS COMPANY
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(UNAUDITED), CONTINUED
FIRST QUARTER 1998 COMPARED WITH FIRST QUARTER 1997, CONTINUED
The company's global composite can operations remain strong with volume
increases in the snack food and adhesives and sealants markets. Productivity
improvements, resulting from initiatives implemented in 1997, also contributed
to this group's improved performance over the first quarter of 1997.
Volume increased in Sonoco's high density film products operations led by
increases in both the grocery and retail markets. Sales prices, however,
declined from last year's first quarter.
Volume increased in the company's flexible packaging operations in both the
confectionery and liners markets. Productivity improvements from reduced scrap,
improved run speeds, and faster changeovers also contributed to this group's
improved performance over the first quarter of 1997.
As previously disclosed, the sale of the North American labels operations was
completed at the beginning of the second quarter.
CORPORATE
General corporate expenses have been allocated as operating costs to each of the
segments. Interest expense was higher in the first quarter of 1998 compared with
the same quarter in 1997 due to the higher average borrowings associated with
the share repurchase program. Approximately three million shares have been
repurchased through this program through the end of the first quarter of 1998.
FINANCIAL POSITION, LIQUIDITY AND CAPITAL RESOURCES
The Company's financial position remained strong through the first quarter of
1998. The debt-to-capital percentage, after adjusting debt levels for excess
cash related to the issuance of restricted purpose bonds, increased to 52.0% at
March 29, 1998, from 46.1% at December 31, 1997. The increase is attributable
primarily to the reduction in shareholder's equity resulting from the share
repurchase program. Debt has also increased from year end primarily as a result
of commercial paper borrowings to fund the share repurchase program. Total debt
is expected to decrease in the second quarter as principal reductions are made
with proceeds from the sales of the North American labels and industrial
containers operations.
Working capital increased $34.4 million to $473.3 million during the first
quarter of 1998, driven by increases in receivables and inventories, both
partially attributable to first quarter acquisitions.
13
SONOCO PRODUCTS COMPANY
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(UNAUDITED), CONTINUED
FIRST QUARTER 1998 COMPARED WITH FIRST QUARTER 1997, CONTINUED
FINANCIAL POSITION, LIQUIDITY AND CAPITAL RESOURCES, CONTINUED
The net proceeds from the sales of the North American labels and industrial
containers operations, when fully completed, should be approximately $300
million. The proceeds will be used to fund the $150 million stock repurchase
program which was implemented in January 1998. Through the end of the first
quarter this program is approximately two-thirds complete with a total of
2,996,182 shares having been repurchased at an average price of $36.19 per
share. The remainder of the proceeds from the sales will be used for debt
reduction and other corporate purposes.
At the beginning of the second quarter, the company commenced a fixed spread
tender offer for any and all of its 9.20% Debentures due August 1, 2021. The
purchase of the debentures, which ended on April 14, 1998, will result in an
extraordinary charge against earnings in the second quarter of approximately $12
million after tax, reflecting the tender of $58.7 million principal amount of
the $100 million issue. Net interest expense will be reduced by approximately
$0.9 million annually.
The Company expects internally generated cash flows along with borrowings
available under its commercial paper and other existing credit facilities to be
sufficient to meet operating and normal capital expenditure requirements.
14
SONOCO PRODUCTS COMPANY
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders
The Company's annual meeting of shareholders was held on April
15, 1998. The following matters, as described more fully in the
Company's Proxy Statement, were approved by the shareholders at
this meeting:
(1) The following directors were elected:
VOTES
-----------------------
Term For Withheld
---- --- --------
P. C. Browning 3-year 79,743,174 1,022,416
F. L. H. Coker 3-year 79,720,856 1,044,734
T. C. Coxe III 3-year 79,736,612 1,028,978
H. E. DeLoach, Jr. 2-year 79,659,939 1,105,651
B. L. M. Kasriel 3-year 79,753,030 1,012,560
E. H. Lawton, Jr. 3-year 79,741,815 1,023,775
(2) Coopers & Lybrand L.L.P., Certified Public Accountants,
was reelected as the independent auditors of the
corporation for the fiscal year ending December 31, 1998.
The shareholders voted 80,556,739 for and 96,539 against
this appointment, with 112,312 votes abstaining.
There were 12,748,825 non-votes for each matter voted upon.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibit (27) - Financial Data Schedule
(for SEC use only)
(b) The Company filed a Current Report on Form 8-K on
January 21, 1998, disclosing the announcements of its
intent to sell its North American labels and
industrial containers operations. On April 14, 1998,
the Company filed a Current Report on Form 8-K
disclosing the completion of these sales (except for
the labels operation in Puerto Rico and the
intermediate bulk containers operation in Lavonia,
Georgia) and the tender offer to purchase its 9.20%
Debentures due August 1, 2021.
15
S O N O C O P R O D U C T S C O M P A N Y
SIGNATURE
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.
SONOCO PRODUCTS COMPANY
(Registrant)
Date: May 7, 1998 By: /s/ F. T. Hill, Jr.
----------------------- -----------------------
F. T. Hill, Jr.
Vice President and
Chief Financial Officer
16
SONOCO PRODUCTS COMPANY
EXHIBIT INDEX
Exhibit
Number Description
------ -----------
27.197 Financial Data Schedule for the first quarter of 1997 -
restated (for SEC use only)
27.198 Financial Data Schedule for the first quarter of 1998
(for SEC use only)
5
1,000
3-MOS
DEC-31-1997
JAN-01-1997
MAR-30-1997
52,133
29,597
354,139
6,497
255,270
751,918
1,867,369
870,702
2,404,681
515,384
750,161
0
119,706
7,175
808,104
2,404,681
687,648
687,648
535,677
535,677
0
1,204
13,549
67,714
26,205
41,246
0
0
0
41,246
0.45
0.43
5
1,000
3-MOS
DEC-31-1998
JAN-01-1998
MAR-29-1998
32,419
24,363
319,427
6,026
234,042
905,068
1,842,159
861,886
2,269,176
431,738
846,415
0
0
7,175
778,007
2,269,176
673,315
673,315
518,058
518,058
0
905
14,356
74,372
29,005
46,495
0
0
0
46,495
0.49
0.48
