-----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, WWKMlg7z9UwdZeBmxl2nHywGtq4+6/GtyZUwF1lI81idUHvB80WPlMlSIuSbZ7vH kbmh9kaEjCld6ce6VYUMSw== 0001012410-00-000050.txt : 20000516 0001012410-00-000050.hdr.sgml : 20000516 ACCESSION NUMBER: 0001012410-00-000050 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MERCER INTERNATIONAL INC CENTRAL INDEX KEY: 0000075659 STANDARD INDUSTRIAL CLASSIFICATION: PAPER MILLS [2621] IRS NUMBER: 916087550 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-09409 FILM NUMBER: 632977 BUSINESS ADDRESS: STREET 1: BRNDSCHENKE STR 64 CITY: ZURICH SWITZERLAND C STATE: V6 BUSINESS PHONE: 4112017710 MAIL ADDRESS: STREET 1: 400 BURRARD ST STE 1250 STREET 2: VANCOUVER PROVINCE CITY: B C V6C 3A6 10-Q 1 MERCER INTERNATIONAL - 1ST QTR 2000 FORM 10-Q 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 March 31, 2000 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 No.: 000-09409 MERCER INTERNATIONAL INC. (Exact name of Registrant as specified in its charter) Washington 91-6087550 (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification No.) Burglistrasse 6, Zurich, Switzerland CH 8002 (Address of principal executive offices) (Zip Code) 41(1) 201 7710 (Registrant's telephone number, including area code) 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 --- --- The Registrant had 16,635,399 shares of beneficial interest outstanding as at May 12, 2000. ================================================================================ 2 PART I. FINANCIAL INFORMATION --------------------- ITEM 1. FINANCIAL STATEMENTS MERCER INTERNATIONAL INC. CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2000 (Unaudited) FORM 10-Q QUARTERLY REPORT - PAGE 2 3 MERCER INTERNATIONAL INC. CONSOLIDATED BALANCE SHEETS As at March 31, 2000 and December 31, 1999 (Unaudited) (dollars in thousands)
March 31, December 31, 2000 1999 --------- ------------ ASSETS Current Assets Cash and cash equivalents $ 16,673 $ 1,722 Investments 5,029 5,392 Receivables 35,672 41,448 Inventories 14,711 17,697 Prepaid and other 2,641 2,857 --------- --------- Total current assets 74,726 69,116 Long-Term Assets Cash restricted 12,235 12,865 Properties 309,986 351,828 Investments 6,249 6,925 Note receivable 4,869 4,869 Deferred income tax 9,788 10,242 --------- --------- 343,127 386,729 --------- --------- $ 417,853 $ 455,845 ========= ========= LIABILITIES Current Liabilities Accounts payable and accrued expenses $ 41,672 $ 40,287 Pulp mill conversion costs payable 28,461 56,195 Note payable 695 553 Debt 6,622 19,121 --------- --------- Total current liabilities 77,450 116,156 Long-Term Liabilities Debt 239,207 233,163 Other 2,972 3,506 --------- --------- 242,179 236,669 --------- --------- Total liabilities 319,629 352,825 SHAREHOLDERS' EQUITY Shares of beneficial interest 99,038 99,038 Accumulated other comprehensive loss (61,109) (55,242) Retained earnings 60,295 59,224 --------- --------- 98,224 103,020 --------- --------- $ 417,853 $ 455,845 ========= =========
The accompanying notes are an integral part of these financial statements. FORM 10-Q QUARTERLY REPORT - PAGE 3 4 MERCER INTERNATIONAL INC. CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS For Three Months Ended March 31, 2000 and 1999 (Unaudited) (dollars in thousands, except for earnings per share)
2000 1999 ---------- ---------- Revenues Sales $ 55,243 $ 38,876 Other 517 2,203 ---------- ---------- 55,760 41,079 Expenses Cost of sales 48,892 35,431 General and administrative 1,688 4,988 Interest expense 4,132 528 ---------- ---------- 54,712 40,947 ---------- ---------- Income from operations before income taxes 1,048 132 Income taxes (recovery) (23) - ---------- ---------- Net income 1,071 132 Retained earnings, beginning of period 59,224 98,167 ---------- ---------- Retained earnings, end of period $ 60,295 $ 98,299 ========== ========== Earnings per share Basic $ 0.06 $ 0.01 ========== ========== Diluted $ 0.06 $ 0.01 ========== ==========
The accompanying notes are an integral part of these financial statements. FORM 10-Q QUARTERLY REPORT - PAGE 4 5 MERCER INTERNATIONAL INC. STATEMENTS OF COMPREHENSIVE INCOME For Three Months Ended March 31, 2000 and 1999 (Unaudited) (dollars in thousands)
2000 1999 ---------- ---------- Net income $ 1,071 $ 132 Other comprehensive (loss) income: Foreign currency translation adjustments (5,852) (12,114) Unrealised (loss) gain on securities (15) 1,113 ---------- ---------- Other comprehensive loss (5,867) (11,001) ---------- ---------- Total comprehensive loss $ (4,796) $ (10,869) ========== ==========
The accompanying notes are an integral part of these financial statements. FORM 10-Q QUARTERLY REPORT - PAGE 5 6 MERCER INTERNATIONAL INC. CONSOLIDATED STATEMENTS OF CASH FLOWS For Three Months Ended March 31, 2000 and 1999 (Unaudited) (dollars in thousands)
2000 1999 ---------- ---------- Cash Flows from Operating Activities: Net income $ 1,071 $ 132 Adjustments to reconcile net income from operations to cash Depreciation and amortization 6,690 3,347 Non-cash asset acquisitions - (145) ---------- ---------- 7,761 3,334 Changes in current assets and liabilities Investments 181 1,401 Inventories 2,184 1,060 Receivables 4,124 (766) Accounts payable and accrued expenses 3,136 (4,805) Other (74) (2,899) ---------- ---------- Net cash provided by (used in) operating activities 17,312 (2,675) Cash Flows from Investing Activities: Purchase of fixed assets, net of investment grants 18,682 (74,901) ---------- ---------- Net cash provided by (used in) investing activities 18,682 (74,901) Cash Flows from Financing Activities: Increase in indebtedness 6,053 48,861 Decrease in indebtedness (3) (108) Decrease in pulp mill conversion costs payable (25,750) (1,521) ---------- ---------- Net cash (used in) provided by financing activities (19,700) 47,232 Effect of exchange rate changes on cash and cash equivalents (1,343) (3,055) ---------- ---------- Net increase (decrease) in cash and cash equivalents 14,951 (33,399) Cash and cash equivalents, beginning of period 1,722 53,250 ---------- ---------- Cash and cash equivalents, end of period $ 16,673 $ 19,851 ========== ==========
The accompanying notes are an integral part of these financial statements. FORM 10-Q QUARTERLY REPORT - PAGE 6 7 MERCER INTERNATIONAL INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THREE MONTHS ENDED MARCH 31, 2000 (Unaudited) Note 1. Basis of Presentation The interim period consolidated financial statements contained herein include the accounts of Mercer International Inc. and its subsidiaries (the "Company"). The interim period consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the "SEC"). Certain information and footnote disclosure normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such SEC rules and regulations. The interim period consolidated financial statements should be read together with the audited consolidated financial statements and accompanying notes included in the Company's latest annual report on Form 10-K for the fiscal year ended December 31, 1999. In the opinion of the Company, the unaudited consolidated financial statements contained herein contain all adjustments necessary to present a fair statement of the results of the interim periods presented. Certain reclassifications have been made to the prior period's financial statements to conform with the current period's presentation. Note 2. Earnings Per Share Earnings per share is computed on the basis of the weighted average number of shares outstanding during a period after considering convertible securities, warrants and options. The weighted average number of shares outstanding for the purposes of calculating diluted earnings per share was 16,992,883 and 15,893,867 for the three months ended March 31, 2000 and 1999, respectively. FORM 10-Q QUARTERLY REPORT - PAGE 7 8 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Mercer International Inc. is a pulp and paper company and its operations are primarily located in Germany. The following discussion and analysis of the results of operations and financial condition of the Company for the three months ended March 31, 2000 should be read in conjunction with the consolidated financial statements and related notes included elsewhere herein. In this document: (i) unless the context otherwise requires, the "Company" refers to Mercer International Inc. and its subsidiaries; and (ii) a "tonne" is one metric ton or 2,204.6 pounds. RESULTS OF OPERATIONS - Three Months Ended March 31, 2000 The following table sets forth selected sales data for the Company for the periods indicated:
Three Months Ended March 31, ---------------------------- 2000 1999 ---------- ---------- (unaudited) (in thousands) Sales by Product Class Packaging papers $ 5,205 $ 4,621 Specialty papers 8,495 8,107 Printing papers 9,257 10,016 Pulp 32,286 16,132 ---------- ---------- Total(1) $ 55,243 $ 38,876 ========== ========== Sales by Geographic Area Germany $ 22,799 $ 19,896 European Union(2) 19,467 15,733 Other 12,977 3,247 ---------- ---------- Total $ 55,243 $ 38,876 ========== ========== Sales by Volume (tonnes) Packaging papers 17,717 17,398 Specialty papers 10,658 9,475 Printing papers 13,489 14,175 Pulp 58,311 38,033 ---------- ---------- Total 100,175 79,081 ========== ==========
- ---------- (1) Excluding intercompany sales. (2) Not including Germany. FORM 10-Q QUARTERLY REPORT - PAGE 8 9 In the three months ended March 31, 2000, revenues increased by approximately 35.7% to $55.8 million from $41.1 million in the comparative period of 1999, primarily as a result of increased pulp sales resulting from the ramping-up of production and the conversion of production to kraft pulp at the Company's pulp mill. In the three months ended March 31, 2000, pulp and paper revenues increased by approximately 42.1% from the comparable period of 1999, on a 100.1% increase in pulp sales and a 0.9% increase in paper sales. The Company completed a project in late 1999 to convert the Company's pulp mill from the production of sulphite pulp to the production of kraft pulp and increase its annual production capacity from 160,000 tonnes to 280,000 tonnes (the "Conversion Project"). During the first quarter of 2000, the pulp mill ramped up production of kraft pulp, and by the end of the quarter was operating at approximately 90% of capacity. The Company believes that the pulp mill will be operating at or near full capacity by mid-year. In the three months ended March 31, 2000, kraft pulp sales benefited from increased demand and low producer inventories. List prices for kraft pulp in Europe increased from approximately $600 per tonne at the end of 1999 to approximately $630 per tonne during the first quarter of 2000 and approximately $670 per tonne effective April 1, 2000. Pulp sales in the three months ended March 31, 2000 increased to $32.3 million from $16.1 million in the comparable period of 1999. In the current period, sales of packaging and specialty papers increased marginally as a result of increased demand, while sales of printing papers declined, compared to the three months ended March 31, 1999. Overall, paper sales in the three months ended March 31, 2000 increased to $23.0 million from $22.7 million in the comparable period of 1999. On average, paper prices realized by the Company in the three months ended March 31, 2000 decreased by approximately 1.0% compared to the same period in 1999, with higher prices for packaging papers and lower prices for specialty and printing papers. Expenses increased to $54.7 million in the three months ended March 31, 2000 from $40.9 million in the comparable period of 1999, primarily as a result of higher sales volumes. On average, the Company's fibre costs for pulp production in the three months ended March 31, 2000 increased by approximately 9.1% compared to the same period in 1999. Prices for waste paper, which comprises approximately 80% of the fibre for the Company's paper mills, also increased in the three months ended March 31, 2000, compared to the same period of 1999. General and administrative expenses were $1.7 million in the three months ended March 31, 2000, compared to $5.0 million in the comparable period of 1999. Interest expense in the three months ended March 31, 2000 increased to $4.1 million from $0.5 million in the comparable period of 1999, primarily as a result of increased indebtedness during the current period resulting from the Conversion Project. Interest costs incurred in 1999 in respect of the Conversion Project were capitalized. For the three months ended March 31, 2000, the Company reported net income of $1.1 million, or $0.06 per share, compared to $0.1 million, or $0.01 per share, in the comparable period of 1999. FORM 10-Q QUARTERLY REPORT - PAGE 9 10 LIQUIDITY AND CAPITAL RESOURCES The following table is a summary of selected financial information concerning the Company for the periods indicated:
As at As at March 31, 2000 December 31, 1999 -------------- ----------------- (unaudited) (in thousands) Financial Position Working capital $ (2,724) $ (47,040) Total assets 417,853 455,845 Long-term government debt 5,222 5,490 Long-term debt - other 233,985 227,673
At March 31, 2000, the Company's cash and cash equivalents totalled $16.7 million, a net increase of $15.0 million from $1.7 million at December 31, 1999. At March 31, 2000, the Company had short-term trading securities totalling $5.0 million, compared to $5.4 million at December 31, 1999. Operating Activities Operating activities provided cash of $17.3 million in the three months ended March 31, 2000, compared to using cash of $2.7 million in the same period in 1999. An increase in accounts payable and accrued expenses provided cash of $3.1 million in the three months ended March 31, 2000, compared to a decrease in accounts payable and accrued expenses using cash of $4.8 million in the three months ended March 31, 1999. A decrease in receivables provided cash of $4.1 million in the current period, compared to an increase in receivables using cash of $0.8 million in the comparative period of 1999. Lower inventories provided cash of $2.2 million in the three months ended March 31, 2000, compared to $1.1 million in the three months ended March 31, 1999. Net sales of investment securities provided cash of $0.2 million in the three months ended March 31, 2000, compared to $1.4 million in the comparative period of 1999. Investing Activities Investing activities in the three months ended March 31, 2000 provided cash of $18.7 million, consisting primarily of the receipt of governmental grants in connection with the Conversion Project, compared to using cash of $74.9 million in the three months ended March 31, 1999. The Company completed the Conversion Project in late 1999. In the three months ended March 31, 2000, the Company incurred $7.3 million in expenditures related to the completion of the Conversion Project. The Conversion Project was financed through a combination of borrowings under a project loan, non-refundable governmental grants, governmental assistance and guarantees for long-term project financing and an equity investment by the Company. FORM 10-Q QUARTERLY REPORT - PAGE 10 11 Capital expenditures to upgrade the Company's paper mills used cash of approximately $2.1 million in the three months ended March 31, 2000, including approximately $1.3 million to complete the installation of a new paper machine drive at the Company's Fahrbrucke paper mill. The Company is currently reviewing its paper operations to define a long- term core competency in respect of products produced in order that future investment may be directed towards that segment. Currently the investment required to maintain all four of the Company's paper mills has not enhanced the competitive position of any one mill and has had a dilutive effect on the Company's assets. Financing Activities Financing activities used cash of $19.7 million in the three months ended March 31, 2000, primarily as a result of lower accounts payable relating to the Conversion Project. Financing activities provided cash of $47.2 million in the three months ended March 31, 1999. The depreciation of the deutschmark against the U.S. dollar in the three months ended March 31, 2000 resulted in an unrealized foreign exchange translation loss of $1.3 million on cash and cash equivalents, which is included in the Company's statement of comprehensive income and does not affect the Company's net earnings. See "Foreign Currency". Effective January 2000, the Company agreed, subject to certain conditions, to acquire a controlling interest in a "greenfield" project to construct and operate a 550,000-tonne softwood kraft pulp mill to be located at Stendal, Germany (the "Stendal Project"). The Company's participation in the Stendal Project is subject to, among other things, completion of due diligence and the Stendal Project itself is subject to, among other things, financing. The Stendal Project is currently estimated to cost approximately DM 1,600.0 million (or $823.3 million) and to be completed by the end of 2003. Financing for the Stendal Project is expected to come from the project partners, government financing, project financing and outside capital. See "Stendal Pulp Mill Project Uncertainties". Other than the agreement relating to the Stendal Project, the Company had no material commitments to acquire assets or operating businesses as at March 31, 2000. The Company anticipates that there will be acquisitions of businesses or commitments to projects in the future. To achieve its long- term goals of expanding its asset and earnings base through mergers and acquisitions, the Company will require substantial capital resources. The necessary resources will be generated from cash flow from operations, cash on hand, borrowing against its assets and/or the sale of assets. Foreign Currency Substantially all of the Company's operations are conducted in international markets and its consolidated financial results are subject to foreign currency exchange rate fluctuations, in particular, those in Germany. Approximately 99% of the Company's revenues are denominated in deutschmarks and euros. The value of the euro is fixed at 1.95583 deutschmarks. FORM 10-Q QUARTERLY REPORT - PAGE 11 12 The Company translates foreign assets and liabilities into U.S. dollars at the rate of exchange on the balance sheet date. Revenues and expenses are translated at the average rate of exchange prevailing during the period. Unrealized gains or losses from these translations are recorded as shareholders' equity on the Company's balance sheet and do not affect the net earnings of the Company. Since substantially all of the Company's revenues are received in deutschmarks and euros, the financial position of the Company for any given period, when reported in U.S. dollars, can be significantly affected by the exchange rates prevailing during that period. In the three months ended March 31, 2000, the depreciation of the deutschmark against the U.S. dollar resulted in a net $5.9 million foreign exchange translation loss and, as a result, the cumulative foreign exchange translation loss increased from $49.9 million at December 31, 1999 to $55.8 million at March 31, 2000. As both the Company's principal sources of revenues and expenses are in deutschmarks or euros, the Company does not currently enter into any currency hedging arrangements for exchange rate fluctuations. The average and period ending exchange rates for the deutschmark to the U.S. dollar for the periods indicated are as follows:
Quarter Ended Quarter Ended March 31, 2000 March 31, 1999 --------------------------- --------------------------- Period End Period Average Period End Period Average ---------- -------------- ---------- -------------- Rate of Exchange Deutschmark 2.0434 1.9823 1.8088 1.7429
Based upon the period average exchange rate in the three months ended March 31, 2000, the U.S. dollar increased by approximately 2.0% in value against the deutschmark since December 31, 1999. Cyclical Nature of Business; Competitive Position The pulp and paper business is cyclical in nature and markets for the Company's principal products are characterized by periods of supply and demand imbalance, which in turn affects product prices. The markets for pulp and paper are highly competitive and sensitive to cyclical changes in industry capacity and in the economy, both of which can have a significant influence on selling prices and the earnings of the Company. Demand for pulp and paper products has historically been determined by the level of economic growth and has been closely tied to overall business activity. The competitive position of the Company is influenced by the availability and quality of raw materials (fibre) and its experience in relation to other producers with respect to inflation, energy, transportation, labour costs and productivity. FORM 10-Q QUARTERLY REPORT - PAGE 12 13 Stendal Pulp Mill Project Uncertainties The Company's participation in the Stendal Project is subject to certain conditions, including completion of its due diligence and entering into a shareholders' agreement. In addition, the Stendal Project itself is subject to various risks and uncertainties customary to large "greenfield" projects of this nature which may result in the Stendal Project not proceeding as currently planned, or at all, such as availability and cost of materials and labour, construction delays, cost overruns, weather conditions, governmental regulations, availability of adequate financing, increases in long-term interest rates and increases in taxes and other governmental fees. The Stendal Project will also be subject to extensive and complex regulations and environmental compliance which may result in delays, in the project company and/or its shareholders, including the Company, incurring substantial costs in relation thereto or in the Stendal Project being amended or not proceeding at all. The implementation of the Stendal Project is currently expected to commence at the end of 2000 and be completed by the end of 2003. However, there can be no assurance that the Stendal Project will proceed as currently planned, or at all. Year 2000 The Company has not experienced any difficulties associated with the changeover to the year 2000. While management of the Company believes that it took adequate steps to address the year 2000 issue, and the Company is not aware of any difficulties experienced by its clients associated with the changeover to the year 2000, there can be no assurance that difficulties associated with the year 2000 may not arise in the future. Forward-Looking Statements Statements in this report, to the extent they are not based on historical events, constitute forward-looking statements. Forward-looking statements include, without limitation, statements regarding the outlook for future operations, forecasts of future costs and expenditures, the evaluation of market conditions, the outcome of legal proceedings, the adequacy of reserves, or other business plans. Investors are cautioned that forward- looking statements are subject to an inherent risk that actual results may vary materially from those described herein. Factors that may result in such variance, in addition to those accompanying the forward-looking statements, include changes in interest rates, commodity prices, and other economic conditions; actions by competitors; changing weather conditions and other natural phenomena; actions by government authorities; uncertainties associated with legal proceedings; technological development; future decisions by management in response to changing conditions; and misjudgments in the course of preparing forward-looking statements. ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Reference is made to the Company's annual report on Form 10-K for the year ended December 31, 1999 for information concerning market risk. FORM 10-Q QUARTERLY REPORT - PAGE 13 14 PART II. OTHER INFORMATION ----------------- ITEM 1. LEGAL PROCEEDINGS The Company is subject to routine litigation incidental to its business. The Company does not believe that the outcome of such litigation will have a material adverse effect on its business or financial condition. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits Exhibit Number Description ------- ----------- 27 Article 5 - Financial Data Schedule for the 1st Quarter 2000 Form 10-Q. (b) Reports on Form 8-K The Company filed the following report on Form 8-K with respect to the indicated items during the three months ended March 31, 2000: Form 8-K dated February 8, 2000: Item 5. Other Events Item 7. Financial Statements and Exhibits FORM 10-Q QUARTERLY REPORT - PAGE 14 15 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. MERCER INTERNATIONAL INC. By: /s/ R. Ian Rigg ------------------------------------------ R. Ian Rigg Vice President and Chief Financial Officer Date: May 12, 2000 FORM 10-Q QUARTERLY REPORT - PAGE 15 16 EXHIBIT INDEX Exhibit Number Description - ------- ----------- 27 Article 5 - Financial Data Schedule for the 1st Quarter 2000 Form 10-Q. EX-27 2 EX 27 - ARTICLE 5 - FDS IST QTR MERCER
5 This Schedule contains summary financial information extracted from the consolidated financial statements and notes included in this Form 10-Q and is qualified in its entirety by reference to such financial statements. 1,000 3-MOS DEC-31-2000 JAN-01-2000 MAR-31-2000 16,673 5,029 35,672 0 14,711 74,726 309,986 0 417,853 77,450 239,207 0 0 99,038 (814) 417,853 55,243 55,760 48,892 54,712 0 0 4,132 1,048 (23) 1,071 0 0 0 1,071 0.06 0.06
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