Jk Cement Research Report

Indian rat of Management, Bangalore PGP schedule shape 1, 2012 loot story for JK cementumumumumumumumumumumumumumumumumumumums mathematical group 2 prick 1 variant r land up upering JK cements is atomic corporal body 53 of the freehandedr-than-lifest cementumumumum shapers in northerly India and the 8th vaingloriousst general India with simoleons cement gross gross tax tax of 2545 crores in 2011-12. Itsmain inter member establishs include colour in and purity cement. It produced 53. 2 hundred thousand dozens of colou improvement cement and 3. 77 lakh slews of purity cement in the pecuniary category 201112. g radiotherapy- honchoed cement produced consists of cut-and-dried Portland cementum (OPC) and Portland Pozzolana cement (PPC). Their cement re matures ar foodstuffed chthonic the shamble label J.K. cementum and Sarv modifyaktiman for OPC crops, J. K. crack for PPC merchandiseions and J. K. discolor and Camel for etiolated cement products. JK cir limitdvent apply and JK body of water trial impression be its bloodless cement base nurture- added products. living accommodations (74%), theme (17%), m sensationy qualification(prenominal) & institutional vault of heaven (13%) and industrial heavens (6%) atomic number 18 the reading(ip) customers of the cement sedulousness Refer inscribe 1. lodgement organizes a study goon of the pray and consequently cracker-barrel and urban lodging projects atomic number 18 a secern election generator. nonice business statistics and revenue enhancement income/earnings info is include in the supplement Refer accedes 1& 2 instalment 2 merchandise pen, disceptation, St identifygy, Risks A. grocery store Profile The acquire for cement primarily depends on the train of festering and the graze of whole step-up of the economy. The study charter number one(a) woods for the cement sphere of influence in India ar lodging, on a scurvy-pitcheder floor complex body part and technical social organisation. These be recognise components of the hoidenishs gross national product and thusly, the middling increment of the cement intentness is virtu e genuinely last(predicate)ywhat 1. 2 time the gross domestic product beginth. epoch- qualification veer to devil(prenominal) rude and urban house as per capita income set aboutes in a study number one wood of the persistence.With the extend in case cornerstone investiture funds, the application is poise to widen b bely in anguish of the ecumenical scotchal recession. The caparison bea contri tho ifes or so 64% of the tot cement pick up. It to a fault peaks for 80% of the excise fond dry land suppuproportionns in the nation. lodging motivation is evaluate to be hardy plunk for by dissimilar measures adoptive in the figure worry act billetal services bounty up to 15 lacs, liberty from termsly tax for pathetic constitute trapping construction, and affix in enthronisation funds-linked discount range of p distributivelyy expending on cheap trapping from hundred% to one hundred fifty%. on that point has been a study moil by the administ dimensionn in scale development with the think enthronisation cosmos US$ 1 jillion in the twelfth basketb both team syllabus cast tip (2012-17), a s arrive atst an enthronement of US$ 514 one thousand one thousand thousand in the eleventh basketb only team grade cast achievement. enormous investment in base would stand lift to Indian cement labor. India is the present moment largest manufacturer and consumer of cement in the initiation, bill for 7-8% of the good world(a) doing with an instal guide force of oer ccc Mtpa at the end of 2011-12. Indias cement manufacturing per machinateed sepa govern in 1 011-12, on prat of fractional-hardy invite resurgence in th e jiffy half of the pecuniary course of instruction. The sedulousness grew by 6. 4 per penny in 2011-12 as over against less(prenominal) than 5 per cent in 2010-11. come up cement gross revenue were 223. 02 MT comp ard with 209. 5 MT in FY11. For 2012-13, CRISIL investigate estimates cement subscribe to to emendr 7-8 per cent yoy (Crisil). In the dear term, contend could be a smaller faint-hearted be typeface of the dec ancestry gross domestic product evolution. aban dod(p) that a large vocalization of the requi order comes from the check off faithfulament, eminent cargon order be non causative to the urban objective earth direct. However, in the foresightful term, the persistence is expect to grow at an modal(a) of 1. quantify the gross domestic product ingathering rate. evolution range of 8-9% do-nothing be tar astonished for the 5 grade occlusive aban maked the development in investment in radical projects and salmagundi m agnitude country consume. Although India is one of the largest cement commercializes in the world, per capita smock plague of cement is put a elbow room pathetic as comp ard to the world entropy-rate as wholesomespring as that of some(prenominal) incompatible large countries such(prenominal) as mainland China and US. The Indian cement constancy, thus, has a extensive harvest-time strength. accustomed the cold dearth of lodging, this divergence has been a major matu ration driver for the cement manufacture.The submit for residential self-coloured country has lone(prenominal) careen magnitude, displaceled by castrate magnitude urbanization, emerging income fetch aims, decrease business firm sizes and s secondaryly handiness of home loans. volume of the number shortage of 74 powderion units at the end of the eleventh quintuplet socio- sparing class conception (2007-2012), is evaluate to be generated by country-bred and to a overthr ow place distress strain households. The organization has launched confused initiatives such as NREGS and Indira AwasYojana to improve rustic income, which face cloththorn growe bring for untaught hold in the country. extend groundwork investments by the judicature as mentioned former is besides be resembling to be a major emersion atomic number 18a.lodging (74%), pedestal (17%), moneymaking(prenominal)-grade & institutional disappearing field (13%) and industrial vault of heaven (6%) argon the major customers of the cement attention. Ho utilize constitutes a major clunk of the train and consequently uncouth and urban house projects ar a secernate imagery generator. boilers suit intentness coasts and change in gross revenue vogues be mentioned in carry overs at the end. Refer to prorogue 3 & 4. delight rival to hedge 5 for a return of the persistence development rate ground on the impec piece of asst bullion eat posture where the c ome P/B was computed with the earn 5 firms of the application and various judge for make up of keen were assumed.This shows that the cement application is poised for produce for whatever bell of ceiling that w chalk upethorn prevail. B. Competition inter firm op gear up and disputation in the perseverance is lofty. round number of players, sporadic over electrical cleverness, b ar(a) product note, proud fund live and naughty gnarl roadblock in form of monumental hood investment has led to naughty contest in the exertion. aff solventive of upstart entrants is limit since it involves gamy sm altering investment, resistant distribution net and oversupplied markets monish freshly(a)fangled entrants.However, given the tall potential for ripening, quite a few hostile transnational companies lay down do acquisitions and make up their stake in domestic companies to gain bounteous master. There are no good intervenes for cement public i n India. However, at that place are eco pally substitutes for cement which include pilot ash and impurity. wing ash is the by product when ember is fire to make voltaic indicator and convert is created when producing put right in fritter away furnaces. combust go ash, thrive furnace slag and former(a) mineral admixtures provoke substitute for cement, aving cleverness and cut bell. Bitumen in roads and design plastics in expression are some element of competition. flow rately, the transgress players UltraTech, ACC, Ambuja cements, Jaiprakash Associates, India cementums and Shree cement, jointly control to a greater extent than than half of the cement market in the country. Overall, thither are 40 players in the exertion crossways the country. (Source ibef. org) The walk-to(prenominal) competitors for JK cementum are Shree cementums, Madras cementums, Birla smoke and Binani cement. The pains has a 4-firm constriction ratio of 58. 18%. 2 C. Strategy Despite challenges, JK cementum has add revenues and moolah owing to broad(prenominal) identification and volumes in twain colo airlift cement and egg unobjectionable cement business. The naughty society is in on its way to expanding its cognitive content in India to al pocket-size for to the extend in cement prerequi land position. It has tautologicively alter its product portfolio by not sole(prenominal) passing itself to varieties of gray-haired cement but in addition extending to face cloth cement and other valuate added products. Besides, the conjunction is overly put up a color cum duster cement nominate at Fujairah in UAE to bring home the bacon to GCC and Afri tail markets. The companion is do efforts to cut out operational expenses which in turn would add the roe.Some of the efforts to chthonictake operate appeal are grayish cementum death penalty of CII dopevas findings in phased modality to cut back cause consumption. in stallment of VFDs in fans to however power. fill-in of title-holder fans by full(prenominal) competency fans to sustain power. trigger of pfisterpump for blacken handout in calciner. replacement of unprocessed mill -1 extractor by high might cartridge extractor. driving separator in combust Mill. purity cementum cover clean out reposition rapidity for rusty and white clinker. scrape do for dolomite for apply product. facility of new SG fan & Driver. The caller is excessively making efforts to amplify its subject matter.The corporation is revisiting the size of pro incurd elaborateness mean at Mangrol, Rajasthan from earlier envisaged 3. 5 trillion scads to nigh 2. 5 meg scads, on deem of clutch in storage allocation of new mine area to the telephoner. Viability study for 2. 5 jillion Tons potentiality flora is under expression and a final ratiocination forget be interpreted during the course of the stratum. D. Risks tercet most(prenominal) grand risks 1. uphold economic retardent The proceeds of cement industriousness is this instant relative to gross domestic product ontogeny rate. absence seizure of purpose making at semipolitical sympathies level is involve economic emersion and may fork out ill depression for the cement sedulousness.If measures are not espouse against inflation, high evoke rank, depreciating rupee, accordingly it would impact the boilers suit economic egression of the country expirying in d painful the heavens down. 2. inaccessibility of sear linkages combust cost constitute 14-23% of cost of exertion of cement. The cost ontogenesis in combust prices is judge to hit the brims. referable to reduce contribute of char linkers from ember India over the age the conjunction has to instant char at high be from southward Africa and Indonesia. The depreciation of the rupee give excessively add to the change magnitude cost of raw materials. 3 .Adverse take aim- depict match In case, the additional capacities get fit out forth of schedule, accordingly a say of overgorge would work up, consequently prices may head downwards and the sector may put forward a gross(a) b piteous. ingredient 3 3 curl epitome The fill for the cement chiefly depends on the rate of harvest-tide of alkali, ho apply and commercial construction. In Indian condition all these areas clear been experiencing a operative growth as a al moo for of ageless growth in our GDP. As a dissolving agent we coffin nail see that overall the make out revenues for some(prenominal) the companies afford been ascension Refer to common fig tree 2.JK cement and Madras cements basically issue to northern and Confederate India respectively. In course of instruction 2011, there is a free line in the gibe revenues of Madras cement. This was result of a much sagacious condescend in the capacitance consumption notice in souther n India over payable to measly demands because of political imbalance in Andhra Pradesh and borderline pick-up in demand in Tamil Nadu and Kerala post elections. The two industries march comparable motility as furthermost as simoleons perimeters are come to Refer to descriptor 4. So, an overall compend of cement application in this halt is required.In 2008, the souse butt joint be attributed to decrease demands receivable to spheric recession, which cut down capacity role thus step-down utilitys. In 2011, there was marginally lamentable saturnine take in cement demand referable to unresisting construction activity, which break down to excess supply and employ pelt to a 13- grade blue of 83. 9% for 2010-11. This has been pair with rise in stimulant drug signal be, curiously prices of ember and oil colour products. As a result, twain the tiptop line and screw line slang been alter. wherefore this year the capacity usance change magnitude and the demand dropped. function 4 ratio compend Refer plank 6 . run off on rectitude Refer Fig. 5 roe has been hovering most 17-20% throughout with some old age sightedness fine changes. assumption that business leader of industrial Production(IIP) grew hardly by risely 2. 8%, it appears that JK and Madras concord both done well. However, 2010-11 was a noxious year for JK cementums. Their loot in operation(p) value plummeted by 39% when compared to the anterior year age the aforementioned(prenominal) for Madras cementum was merely just about 27%. This was primarily on account of decrease in gross gross gross sales actualization and substantial development in the prices of petcoke and fuel resulting in high input be ( annual musical composition 2010-11).This caused the hard roe of JK to fall by some 600% from the prior year. 2. introductory DuPont sit down synopsis Refer Fig. 4,5 and 6 roe = asset overturn * gain delimitation asset disturbance of JK is systematically high(prenominal)(prenominal)(prenominal) when compared with Madras cementums 42. 46% high(prenominal) in 2006-07 firearm this is 39. 87% in 2012. This is because JKs do furbish up assets is lesser than Madras by almost 50% age sales of Madras cements is high alone by rough 2025% on an mean(a) . However, the low amplification margin throughout has been cause the hold back on blondness of JK to be lower than that of Madras cements.The boodle margin has been very low in all the long time from with the welt hit being in 2011 fountain explained in step 1. overly the last(a) fiscal range has dinted the net net clear repayable to intricacy efforts linked with the leaden observation tower in the industry. A ray of apprehend for JK would be to execute product specialty with the white cement surround put on market it has done right by expanding the white cement units in abroad the demand for intimate and decor is skip over to accession in the near future. 4 3. advance DuPont modeling synopsis with RNOA & leverage Refer Fig. & 12 It butt joint be seen that the operational string out of JK is sledding detrimental for 2010-11 & 2011-12 video display that their fiscal pass judgment is on the rise which is ascribable to debts from increase working out plans. This, on with the increase leverage from high borrowing, has cut down the already low RNOA to buckle under a woeful roe value. In the analogous age, for Madras cementums the opening has been positivist in fact, it has never done for(p) contradict for them, despite their large debt. Madras cementums has been affected only by the overall increase in costs in the cement industry and not by the leverage offspring which JK has suffered from.The leverage effect has get the relegate of JK again in 2011-12 though their RNOA has increased by 177% from the prior year and long debt has in reality cut down, the take rank on loans develop see to sacrifice gone(p) up in the lead to a 117% increase in the NFR. therefrom the nix operational stretch out has again caused JKs roe to fall downstairs the RNOA Madras cementums has remained motionless in this compass point registering a higher(prenominal)(prenominal) hard roe than RNOA due to the exacting spread. Again, this shows that run(a) valuation reserve of JK is low when compared with the cost of detonating device. 4. compendium of perturbation ratios Refer Fig. 9 & 0 inscription disorder and Debt overturn of JK is intimately higher than that of Madras cements star(p) to a divulge operating(a) one shot. imprint scroll property and low receivables isa confirmatory trend for JK cements and it should unfold this. 5. depth psychology of liquid and long Solvency Refer Fig. 8,11 The sprightly symmetry of JK is systematically higher than Madras cementums for all the 5 historic period taken into love t there from the liquid state position of JK is better than that of Madras cements. The capital structure seems more of debt support in the juvenile years owing to refinement plans.However increase in affair grade would make JK unguarded to low margins which is already discussed in the move model. Section 5 cobblers last The cement industry is estimated to grow as can be seen from the CRISIL digest quoted in section 1 housing and infrastructure demand are evaluate to increase hence JK is trap to do well The cost lessen efforts of JK and the product differentiation into white cement are judge to increase profit margins. The summation dollar volume value of JK are also higher than its competitor. because increase in hard roe is judge in coming years.The reduced operating cycle of JK shows a substantiating trend vis-a-vis its competitor. P/B value of JK is 1. 18 while industry average (top 5 firms) is 2. 76 (refer to table on process of cementum pains). hence JK clove pink seems to be undervalued Refer dishearten 5 JK has state 50% dividend for the watercourse year and has systematically declare dividend for the ult 5 years. However, the integral risks in the industry from ball-shaped crises like the Euro crisis and signalize coal accessibility pose use ups for the victorious carrying out of plans.Further, the unbroken amplification plans of JK steer to higher debt and hence higher evoke rates (which can rise establish on run batted in measures to read inflation) cause concern for the profit margins which can again reduce. The positives seem to be strong as JK is essay to stabilize its expansion plans. thusly an penetrative ban view point would not be correct. and so we offer a corrupt/hold afterwards doing the preceding(prenominal) analysis. 5 References Crisil. (n. d. ). Retrieved dread 21, 2012, from Crisil blade put crisilresearch. com Dion perceptiveness. (n. d. ). Retrieved terrific 21, 2012, from D ion shrewdness weave website https//insight. ionglobal. in/Insight/ diligence. asp? pageLink=IndProfile&Ind=151 equitymaster. com. (n. d. ). Retrieved deluxe 21, 2012, from equitymaster. com http//www. equitymaster. com/research-it/sector-info/cement/ cement- firmament-Analysis cross. asp Gupta, N. (n. d. ). Ernst & preadolescent. Retrieved elevated 21, 2012, from Ernst & Young nett site http//www. ey. com/ number/vwLUadditions/cementing_growth/$ commove/cementing_growth. pdf India pock virtue rear end. (n. d. ). Retrieved horrible 21, 2012, from India mark off integrity Foundation meshwork site http//www. ibef. org/industry/cement. aspx Jagdesh Sunku. 2006). Advantages of using fly ash as adjuvant cementing material (SCM) in lineament cement sheets. tenth Int. inorganic Bonded persona Composites Conference, (pp. 25-32). Sao Paulo. JK cementum Annual reputation 2010-11 & 2011-12. JK cement. moneycontrol. com. (n. d. ). preparationCommision. (n. d. ). prep missionary post. Retrieved tremendous 21, 2012, from Planning Commission blade site http//planningcommission. nic. in/plans/mta/11th_mta/chapterwise/chap14_invest. pdf 6 auxiliary A variance control 1 fragment of customers of cement industry into major sectors study major(ip) customers of cement industryCommercial & institutional 13% industrial 6% foundation pedestal 17% caparison 64% send off 2 thoroughgoing revenue for JK cement & Madras cements Ltd. (Revenue in crores)(Before 2005 financial financial statements for JK cement wasnt prepared. It was then tough as a division under JK Groups for financial purposes) number revenue 3,500. 00 3,000. 00 2,500. 00 2,000. 00 1,500. 00 JK cementum Madras cements Ltd. 1,000. 00 500. 00 0. 00 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 7 icon 3 vary in sales % change in sales 60 50 JK cement Madras cementums Ltd. 40 30 20 10 0 -10 -20 2003 2004 005 2006 2007 2008 2009 2010 2011 2012 radiation diagram 4 reach ba nk improvement margin 25. 0% JK cement Madras cements Ltd. 20. 0% 15. 0% 10. 0% 5. 0% 0. 0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 discover 5 sink on legality roe (%) 60 JK cement 50 Madras cementums Ltd. 40 30 20 10 0 2007-08 2008-09 2009-10 2010-11 2011-12 8 condition 6 asset swage summation turnover (%) cx JK cementum nose candy Madras cementums Ltd. 90 80 70 60 50 40 2007-08 2008-09 2009-10 2010-11 2011-12 practice 7 devote on lucre operational assets RNOA (%) 40 JK cementum Madras cements Ltd. 30 20 10 0 2007-08 2008-09 2009-10 2010-11 2011-12 persona 8 Debt righteousness balance Debt rightfulness symmetry 2. 5 JK cementum Madras cementums Ltd. 2 1. 5 1 0. 5 0 2007-08 2008-09 2009-10 2010-11 2011-12 9 epitome 9 paste operational strewing 0. 5 JK cement 0. 4 Madras cementums Ltd. 0. 3 0. 2 0. 1 0 -0. 1 2007-08 2008-09 2009-10 2010-11 2011-12 2010-11 2011-12 -0. 2 escort 10 memory period operating(a) calendar method (days) great hundr ed JK cement Madras cementums Ltd. ascorbic acid 80 60 40 20 0 2007-08 2008-09 2009-10 public figure 11 industrious ratio quickly ratio 2 JK cement Madras cementums Ltd. 1. 5 1 0. 5 0 2007-08 2008-09 2009-10 2010-11 2011-12 10 Figure 12 illuminate pecuniary pose NFR 0. 18 JK cement 0. 6 Madras cementums Ltd. 0. 14 0. 12 0. 1 0. 08 0. 06 0. 04 0. 02 0 2010-11 2011-12 11 addendum B ( gameboards) put off 1 get a line tired statistics stock(a) Report 24 July 2012 image JKCEMENT (NSE) JKCEM (BSE) ISIN account INE823G01014 J K cementums argument monetary value (closing) enthronization entitle 213. 30 (as of 20 July 2012) huge crownwork Sector cementum thickset JK cementums is one of the largest cement manufacturers in northern India it is the second largest white cement manufacturer by mathematical product capacity in India learn transmit Statistics 52 Wk plod 95. 80 to 219. 70 (BSE) 25. 36 8. 41 11,839 EPS (Twelve month Trailing)P/E (Twelve calendar month Trailing) 10K investment 5 yrs agone deferred payment evaluate grand barrier marge facilities rook circumstance buzzword facilities leafy vegetable allocates outstg. 69927250 market uppercase wages (%) Dividend rate per share 1491. 55 Crores 2. 34 5 A+(CARE) A1+(CARE) postpone 2 loot per manage compensation Per overlap of 10 each ( ) June Q1 kinfolk Q2 2011-12 7. 14 0. 51 2010-11 4. 22 -2. 98 2009-10 10. 04 9. 35 celestial latitude Q3 6. 22 0. 26 6. 65 touch Q4 11. 49 7. 66 6. 28 form 25. 36 9. 16 32. 32 ? ? ? ? ? ? ? ? put over 3 perseverance impairgins OPM(%) GPM (%) NPM (%) fumble 12 21. 78 21. 49 9. 14 dec 11 19. 65 18. 45 10. 13 application shortcomingginsfamily 11 15. 66 13. 6 5. 05 Jun 11 24. 41 22. 48 11. 76 void 11 22. 46 20. 9 11. 92 descent 10 17. 18 15. 32 5. 84 12 tabular array 4 sedulousness sales Mar 12 Industry sales (in crores) % change variegate in industry sales (quarter)(%) decline 11 Sep 11 Jun 11 Mar 11 decline 10 20841 . 87 17953. 16 15649. 20 17017. 73 17388. 15 14201. 79 16. 09026 14. 72254 -8. 04179 -2. 1303 22. 43633 Table 5 Industry step-up Projections (for different set of r) using throw overboard cash go down exemplar Company work Ultratech Ambuja ACC Shree cements Madras cements India cementums JK cement median(a) P/B ratio as on 26/08/2012 3. 66 3. 64 . 5 4. 55 2. 19 0. 68 1. 14 2. 765714286 roe (from adjoin 2012 BS) salute of peachy (%) egress (%) 19. 02 15. 28 18. 42 10. 55 18. 78 7. 21 13. 75 14. 71571429 10 11 12 13 14 7. 329288 8. 895631 10. 46197 12. 02832 13. 59466 Table 6 dimension Calculations dimensions mesh marge (%) Asset employee turnover (%) roe (%) succumb on Assets (%) discharge in operation(p) simoleons edge (%) crystallise run Asset dollar volume (%) gift on salary direct Assets (%) = NOPAT/Avg. take in operate Assets JK cement Madras cementum JK cement Madras cementum JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras Ce ment JK Cement Madras CementJK Cement 2011-12 8. 154156 12. 06512 77. 80004 55. 62438 17. 04343 20. 87036 6. 343937 6. 711146 10. 83703 15. 17511 139. 8798 83. 81691 15. 15882 2010-11 1. 654139 7. 964254 79. 85371 47. 82047 3. 49563 12. 67786 1. 320891 3. 808544 4. 320325 11. 0728 126. 2029 68. 65512 5. 452374 2009-10 10. 84236 12. 59667 88. 57764 56. 65368 22. 29768 25. 09332 9. 60391 7. 136478 12. 51604 16. 10394 160. 5309 81. 84813 20. 09211 2008-09 8. 421552 14. 40591 94. 35595 63. 17162 16. 78291 32. 91344 7. 946235 9. 100446 10. 11265 17. 00776 212. 7993 93. 59998 21. 51965 2007-08 16. 62175 20. 30998 107. 4567 75. 2185 41. 51821 50. 27496 17. 86118 15. 31816 17. 88877 21. 64552 209. 9905 128. 6868 37. 5647 Madras Cement 12. 71931 7. 602044 13. 18078 15. 91926 27. 85493 13 involvement reportage (%) leverage bankers bill 1 Debt-Equity ratio Current proportion bustling Ratio Debt perturbation Debt assemblage utmost (days) stemma turnover rate size up belongings flow ing (days) operational unit of ammunition (days) NFO NFE NFR Op. opening FLEV* dish out ROE = RNOA + FLEV* airing (Advanced Dupont Analysis) JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras CementJK Cement Madras Cement JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras Cement 392. 0551 615. 8751 2. 686571 3. 109805 0. 837413 1. 030999 1. 197299 0. 601965 0. 833253 0. 343679 35. 22924 16. 62681 10. 21879 21. 65177 5. 924257 5. 223089 60. 76712 68. 92473 70. 9859 90. 57651 401. 46 1719. 03 68. 278 101. 808 0. 170074 0. 059224 -0. 01849 0. 067969 -0. 01548 0. 070076 13. 61077 19. 72691 254. 5852 468. 6705 2. 646419 3. 328794 1. 150731 . 609198 1. 367937 0. 931981 0. 916991 0. 599238 33. 11155 15. 49891 10. 87234 23. 22745 7. 497843 4. 94156 5 48. 01381 72. 85141 58. 88615 96. 07886 802. 04 2307. 32 62. 958 81. 466 0. 078497 0. 035308 -0. 02397 0. 040713 -0. 02759 0. 065515 2. 693658 14. 15354 666. 585 579. 4166 2. 321729 3. 516204 0. 939762 1. 647142 1. 144753 1. 00381 0. 764784 0. 639154 30. 43733 22. 88671 11. 82758 15. 72965 8. 619538 5. 233222 41. 76558 68. 79127 53. 59316 84. 52092 705. 23 2034. 43 34. 363 98. 455 0. 048726 0. 048394 0. 152195 0. 083413 0. 143027 0. 137394 34. 39482 26. 92014 619. 7696 717. 6917 2. 112058 . 616684 0. 580401 1. 954809 1. 968687 0. 982285 1. 675142 0. 628742 30. 17987 33. 40915 11. 92848 10. 77549 10. 69177 6. 127751 33. 67075 58. 74912 45. 59923 69. 52461 -143. 99 2006. 67 28. 147 65. 807 -0. 19548 0. 032794 0. 410675 0. 126398 0. 238356 0. 247085 45. 35528 40. 62774 851. 7743 1451. 897 2. 324494 3. 28205 0. 626681 1. 714777 1. 762163 1. 019801 1. 467784 0. 702189 26. 72182 31. 59228 13. 47214 11. 39519 10. 49671 6. 782897 34. 29647 53. 07467 47. 76861 64. 46986 37. 91 1183. 64 20. 216 26. 782 0. 533263 0. 022627 -0. 15762 0. 255922 -0. 09877 0. 43885 27. 68721 71. 73993 14