Focus Media Reports Fourth Quarter and Full Year 2012 Results

SHANGHAI, March 25, 2013 /PRNewswire/ -- Focus Media Holding Limited (Nasdaq: FMCN) today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2012.

Highlights for Fourth Quarter 2012:

  • Total net revenue for the fourth quarter of 2012 was $250.2 million, of which
    • aggregate net revenue from the LCD display network, in-store network, poster frame network and movie theater network was $244.1 million, within the Company's guidance of between $237.0 million and $246.0 million.  This represented a slight decrease of 1% from $247.7 million for the third quarter of 2012 and an increase of 2% from $238.8 million for the fourth quarter of 2011; and
    • net revenue from the traditional outdoor billboard network for the fourth quarter of 2012 was $6.1 million, within the Company's guidance of between $6.0 million and $7.0 million
  • GAAP net income attributable to Focus Media for the fourth quarter of 2012 was $76.7 million, representing an increase of 19% from $64.6 million for the third quarter of 2012 and an increase of 107% from $37.1 million for the fourth quarter of 2011, and was adversely affected by the loss from equity method investee, VisionChina, of $38.9 million.
  • Non-GAAP net income attributable to Focus Media for the fourth quarter of 2012 was $95.1 million, within the Company's guidance of between $93 million and $98 million, slightly increasing from $94.6 million for the third quarter of 2012 and a slight decline of 1% from $96.0 million for the fourth quarter of 2011.  Please see the below sections on "Use of Non-GAAP Financial Measures" and "Reconciliation of GAAP to non-GAAP" for more information about the non-GAAP measures referred to within this announcement.
  • GAAP net income attributable to Focus Media per fully diluted ADS was $0.57, representing an increase of 19% from $0.48 per fully diluted ADS for the third quarter of 2012 and an increase of 111% from $0.27 per fully diluted ADS in the fourth quarter of 2011.
  • Non-GAAP net income attributable to Focus Media per fully diluted ADS was $0.71, substantially unchanged from $0.71 per fully diluted ADS for the third quarter of 2012 and an increase of 1% from $0.70 per fully diluted ADS for the fourth quarter of 2011. 

Highlights for Full Year 2012:

  • Total net revenue for full year 2012 was $927.5 million, an increase of 18% from $786.5 million for full year 2011, of which
    • aggregate net revenue from the LCD display network, in-store network, poster frame network and movie theater network was $895.5 million, representing an increase of 22% from $737.0 million for full year 2011 ; and
    • net revenue from the traditional outdoor billboard network was $32.0 million, representing a decrease of 35% from $49.5 million for full year 2011.
  • GAAP net income attributable to Focus Media for full year 2012 was $238.1 million, representing an increase of 46% from $162.7 million for full year 2011. 
  • Non-GAAP net income attributable to Focus Media for full year 2012 was $333.1 million, representing an increase of 17% from $284.1 million for full year 2011.  Please see the below sections on "Use of Non-GAAP Financial Measures" and "Reconciliation of GAAP to non-GAAP" for more information about the non-GAAP measures referred to within this announcement.
  • GAAP net income attributable to Focus Media per fully diluted ADS for full year 2012 was $1.79, representing an increase of 52% from $1.18 per fully diluted ADS for full year 2011.  
  • Non-GAAP net income attributable to Focus Media per fully diluted ADS for full year 2012 was $2.50, a 22% increase from $2.05 per fully diluted ADS for full year 2011.

Highlights for Balance Sheet and Cash Flow Results of Fourth Quarter and Full Year 2012:

  • Cash, cash equivalents, short-term investments and restricted cash were $1,029.8 million as of December 31, 2012, increasing by 14% from $901.1 million as of September 30, 2012.  Our short-term investments consist of longer term dated cash deposits that earn a higher interest rate as compared to cash and cash equivalents.
  • Bank loans were $200.0 million which were all long-term bank loans as of December 31, 2012 secured by onshore renminbi cash deposits, as compared to bank loans of $200.0 million inclusive of short-term bank loans of $100.0 million as of September 31, 2012, which was renewed and converted into long-term bank loans in the fourth quarter of 2012. Long-term bank loans of $100.0 million outstanding as of September 30, 2012, were also extended to 2018 in the fourth quarter of 2012.  The bank loan as of December 31, 2012 consisted of a $200.0 million term loan facility agreement entered into on November 21, 2012 with DBS Bank Ltd., Hong Kong Branch ("DBS") and was used to repay all of the Company's outstanding indebtedness under its previous credit facilities with DBS.
  • Net accounts receivable for the LCD display network, in-store network, poster frame network and movie theater network was $275.6 million as of December 31, 2012, a decrease of 3% from $284.1 million as of September 30, 2012.  Days sales outstanding was 100 days in the fourth quarter of 2012 versus 92 days for the third quarter of 2012.  Days sales outstanding was 97 days for full year 2012 versus 85 days for full year 2011.  As a supplementary cash collection metric, the actual cash collection from accounts receivables and prepayments from the advertisers was $281.7 million in the fourth quarter of 2012, as compared to $239.8 million in the fourth quarter of 2011.
  • Net cash inflow from operating activities in the fourth quarter of 2012 and full year of 2012 were $142.4 million and $358.3 million, respectively, representing an 11% increase from $128.8 million for the fourth quarter of 2011 and a 28% increase from $280.2 million for full year 2011, respectively.
  • Net cash inflow from operating activities for the fourth quarter of 2012, after deducting the purchase of equipment and subsidiaries was $137.6 million, an increase of 22% from $112.7 million for the fourth quarter of 2011.  Net cash inflow from operating activities for full year 2012, after deducting the purchase of equipment and subsidiaries was $335.7 million, representing an increase of 47% from $228.0 million for full year 2011.
  • Capital expenditures were $4.8 million and $19.6 million respectively for the fourth quarter and full year of 2012, mostly attributable to upgrading our LCD screens into interactive screens and network expansion in and into lower tier cities in China.

Jason Jiang, Chairman and Chief Executive Officer of Focus Media said, "In the fourth quarter of 2012, our operation's performance was in-line with our previous expectations as we continue to be affected by a slower overall advertising spending in China."

Kit Low, the Company's Chief Financial Officer added, "In the fourth quarter of 2012, the Company's aggregate net revenue year-on-year growth in our LCD display, poster frame business, in-store and movie theater network was 2%. GAAP net income attributable to Focus Media and Non-GAAP net income attributable to Focus Media for the fourth quarter of 2012 was $76.7 million and $95.1 million, respectively.  In the fourth quarter of 2012, the Company generated a net cash inflow from operating activities after deducting the purchases of equipment and subsidiaries of $137.6 million."

Fourth Quarter 2012 financial results

Advertising net revenue from the LCD display network was $127.5 million for the fourth quarter of 2012, representing a slight decrease of 1% from $128.4 million for the third quarter of 2012 and a decrease of 7% from $137.4 million for the fourth quarter of 2011.  The decrease in net revenue was due to a weaker brand advertising environment.

Advertising net revenue from the poster frame network was $85.7 million for the fourth quarter of 2012, representing an increase of 5% from $81.6 million for the third quarter of 2012 and an increase of 33% from $64.5 million for the fourth quarter of 2011, which was driven by the strength of promotional budget spending in the market.

Advertising net revenue from the in-store network was $11.1 million for the fourth quarter of 2012, representing a decrease of 23% from $14.5 million for the third quarter of 2012 and a decrease of 31% from $16.1 million for the fourth quarter of 2011.  The decrease was mostly attributable to less advertising spending from domestic dairy producers.

Advertising net revenue from the movie theater network was $19.8 million for the fourth quarter of 2012, representing a decrease of 15% from $23.2 million for the third quarter of 2012 due to seasonal factors and a decrease of 5% from $20.8 million for the fourth quarter of 2011.  The decrease in net revenue was mainly due to a weaker brand advertising environment.

Advertising net revenue from the traditional outdoor billboard network was $6.1 million for the fourth quarter of 2012, representing a decrease of 21% from $7.7 million for the third quarter of 2012 and a decrease of 56% from $13.9 million for the fourth quarter of 2011 due to combination of downsizing of the division and a weaker advertising environment.  Due to medium term advertising spending uncertainties and the continued view of the Company that the traditional outdoor billboard network is not a core business segment, the Company has decided to downsize this business segment by divesting four entities within the segment. Two of which have been divested prior to end of the third quarter of 2012 and the other two were divested in the fourth quarter of 2012. Consequently, $1.2 million of revenues of two divested entities for the fourth quarter of 2012, $4.8 million of revenues of four divested entities for the third quarter of 2012 and $3.8 million of revenues of four divested entities for the fourth quarter of 2011 have been reclassified into "Net loss from discontinued operations" in the consolidated statements of operations.  Other relevant items in the consolidated statements of operations were also reclassified accordingly to reflect the reclassification arising from the discontinued operations of the 4 entities.

Non-GAAP gross profit from the LCD display network for the fourth quarter of 2012 was $98.3 million, representing a decrease of 2% from $99.8 million for the third quarter of 2012 and a decrease of 13% from $113.6 million for the fourth quarter of 2011.  The decrease in non-GAAP gross profit was a result of quarter-on-quarter and year-on-year revenue declines while the cost of sales remained largely unchanged in the LCD display network

Non-GAAP gross profit from the poster frame network for the fourth quarter of 2012 was $56.9 million, representing an increase of 8% from $52.5 million for the third quarter of 2012, and an increase of 58% from $35.9 million for the fourth quarter of 2011.

Non-GAAP gross profit from the in-store network for the fourth quarter of 2012 was $5.8 million, representing a decrease of 36% from $9.1 million for the third quarter of 2012 and a decrease of 55% from $12.8 million in the fourth quarter of 2011 mainly due to the combination of a lower revenue and relatively unchanged cost of sales.

Non-GAAP gross profit from the movie theater network for the fourth quarter of 2012 was $10.9 million, representing a decrease of 25% from $14.5 million for the third quarter of 2012 and a decrease of 21% from $13.8 million for the fourth quarter of 2011 due to a lower revenue and a larger cost of sales as a result of network expansion.

Non-GAAP gross profit from the traditional outdoor billboard network for the fourth quarter of 2012 was $0.8 million, compared to $1.2 million loss for the third quarter of 2012 and a decrease of 62% from $2.1 million for the fourth quarter of 2011. 

Non-GAAP operating expense for the fourth quarter of 2012 was $57.9 million, substantially unchanged from $57.5 million for the third quarter of 2012.   It also represented a decrease of 7% from $62.2 million for the fourth quarter of 2011.

Net cash inflow from operating activities in the fourth quarter of 2012 and full year of 2012 were $142.4 million and $358.3 million, respectively, representing an 11% increase from $128.8 million for the fourth quarter of 2011 and a 28% increase from $280.2 million for full year 2011, respectively.

Net cash inflow from investing activities for the fourth quarter of 2012 was $53.3 million.  In the fourth quarter of 2012, the Company incurred capital expenditures of $4.8 million.  Meanwhile, the Company received net cash inflows from disposal of short-term investments after deducting the placement of restricted cash totaling $57.3 million during the quarter. Short-term investments are longer term dated cash deposits normally with maturities of between three and twelve months that earn higher interest rate as compared to cash and cash equivalents.  Restricted cash is deposited in bank accounts as security for bank borrowings.

Net cash used for financing activities for the fourth quarter of 2012 was $17.8 million, which consisted of a dividend paid by the Company declared in the third quarter of 2012.

Operating Data Summary

The Company is providing a breakdown of operating data as follows:

1) The approximate number of displays in the LCD display network was as follows:


As of December 31, 2012

As of September 30, 2012

LCD screens (note)

136,711

136,870

LCD 2.0 digital picture screens

35,615

35,535

Total for LCD display network

172,326

172,405

Note:  The decrease in the total number of LCD screens as of December 31, 2012 as compared to that as of September 30, 2012 was due to network optimization.  Of the total LCD screens of 136,711 as of December 31, 2012, 10,534 screens were operated through our regional distributors as compared to 9,589 screens as of September 30, 2012.

2) The approximate number of devices in the poster frame network was as follows:


As of December 31, 2012

As of September 30, 2012

Frame 1.0 picture frames (note)

505,571

497,269

Frame 2.0 digital picture screens

36,341

35,892

Total

541,912

533,161

Note: The increase in the total number of Frame 1.0 picture frames as of December 31, 2012 as compared to that as of September 30, 2012 was due to organic network expansion.

3) The total number of displays installed in our in-store network was approximately 52,267 as of December 31, 2012, slightly decreasing from 53,239 as of September 30, 2012 due to network optimization.

4) The number of movie screens on which the Company had the right to lease advertising time as of December 31, 2012 was approximately 2,730, as compared to 2,470 as of September 30, 2012.  The increase was due to organic network expansion

Arrangements Regarding Announced Recurring Shareholder Payments

On January 10, 2012, the Company announced a policy starting from 2012 to issue a recurring dividend with payments expected to equal approximately 25% of the Company's annual non-GAAP net income of the preceding fiscal year and to reserve up to an additional 30% of the Company's annual non-GAAP net income of the preceding fiscal year (starting from 2012 earnings) that can be used, at the discretion of the board of directors, to increase the dividend payment or the size of our share purchase program in effect at that time (the "dividend policy").

The Company announced on November 27, 2012 that its board of directors had resolved to postpone approval of future cash dividends through December 31, 2012 due to ongoing considerations relating to the going private proposal.

Due to the signing on December 19, 2012 of the going private merger agreement, which prohibits the Company from paying any dividends or repurchasing any of its ordinary shares or ADS pending consummation of the merger, the Company's board of directors has resolved to terminate the dividend policy effective December 31, 2012.

Announcement of the Extraordinary General Meeting of Shareholders to Vote on the Going Private Transaction

The Company announced today that it has called an extraordinary general meeting of the shareholders to be held on April 29, 2013 to consider and vote on, among other things, the proposal to authorize and approve the previously announced agreement and plan of merger, dated December 19, 2012, among Giovanna Parent Limited, Giovanna Acquisition Limited and the Company, the plan of merger and the transactions contemplated thereby (including the merger). 

Foreign Currency Translation

Assets and liabilities are translated at the exchange rate as of December 31, 2012, which was $1 to RMB 6.2855.  Equity accounts are translated at historical exchange rates and revenues, expenses, gains and losses are translated using the average rate for the fourth quarter of 2012, which was $1 to RMB 6.2926.  Translation adjustments are reported as a component of comprehensive income.

USE OF NON-GAAP FINANCIAL MEASURES

In addition to Focus Media's consolidated financial results under GAAP, the Company also provides non-GAAP financial measures, including non-GAAP gross profit (cumulatively and by segment), non-GAAP operating expenses, non-GAAP operating profit (loss), non-GAAP net income and non-GAAP fully-diluted earnings per ADR, all excluding share-based compensation expenses, amortization of acquired intangible assets, loss from equity investment and goodwill impairment.  Management uses these non-GAAP financial measures to better assess operating performance of the Company.  The Company believes that these non-GAAP financial measures provide investors with another method for assessing Focus Media's operating results in a manner that is focused on the performance of its ongoing operations.  Readers are cautioned not to view non-GAAP results on a stand-alone basis or as a substitute for results under GAAP, or as being comparable to results reported or forecasted by other companies, and should refer to the reconciliation of GAAP results with non-GAAP results in the attached financial information.  The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing the performance of Focus Media and when planning and forecasting for future periods.  The Company computes its non-GAAP financial measures using a consistent method from quarter to quarter, mostly excluding share-based compensation expenses, amortization of acquired intangible assets, loss from equity investment and goodwill impairment.  The accompanying tables have more details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliation between these financial measures.

 

Focus Media Holding Ltd.

Reconciliation of GAAP to non-GAAP

(U.S. Dollars in thousands, except percentages, share and per-share data)

(Unaudited)

 


Three months ended December 31, 2012


GAAP

(1)

(2)

(3)

(4)

Non-GAAP








Gross Profit (loss)







LCD display network

97,431

354

478


-

98,263

Poster frame network

56,776

-

74


-

56,850

In-store network

5,841

-



-

5,841

Movie theater network

10,925

-



-

10,925

Traditional outdoor billboard network

333

-

418


-

751

Total Gross Profit

171,306

354

970


-

172,630








General and administrative

32,968

(11,638)




21,330

Selling and marketing

51,973

(998)

(521)



50,454

Other operating  income, net

(13,897)





(13,897)

Total operating expense

71,044

(12,636)

(521)



57,887








Operating profit from continuing
   operations

100,262

12,990

1,491



114,743








Profit from continuing operations
   before income taxes and loss
   from equity method investee

103,506

12,990

1,491

1,526


119,513








Net profit from continuing
   operations

76,296

12,990

1,491

4,126


94,903

Net loss from discontinued
   operations

(232)


174


(375)

(433)








Net income attributable to Focus
   Media

76,672

12,990

1,665

4,126

(375)

95,078








Basic net income from continuing
   operations attributable to Focus
   Media per ADS

0.59





0.73

Diluted net income from continuing
   operations attributable to Focus
   Media per ADS

0.57





0.71








Basic net income from discontinued
   operations attributable to Focus
   Media per ADS

0.00





0.00

Diluted net income from discontinued
   operations attributable to Focus
   Media per ADS

0.00





0.00








Basic net income attributable to Focus
    Media per ADS

0.59





0.73

Diluted net income attributable to Focus
   Media per ADS

0.57





0.71

ADS used in calculating basic income
   per ADS

130,265,271





130,265,271

ADS used in calculating diluted income
   per ADS

134,529,688





134,529,688









(1). Share-based compensation.
(2). Amortization of acquired intangible assets.
(3). loss from equity investment, including equity method investee (VisionChina) and cost method investment
(4). Gain from disposal of previously acquired subsidiaries

 


Three months ended September 30, 2012


GAAP

(1)

(2)

(3)

(4)

Non-GAAP








Gross Profit (loss)







LCD display network

98,443

495

813

-

-

99,751

Poster frame network

52,341

-

129

-

-

52,470

In-store network

9,082

-

-

-

-

9,082

Movie theater network

14,471

-

-

-

-

14,471

Traditional outdoor billboard network

(1,708)

-

462

-

-

(1,246)

Total Gross Profit

172,629

495

1,404

-

-

174,528








General and administrative

36,132

(14,884)

-

-

-

21,248

Selling and marketing

53,123

(1,438)

(552)

-

-

51,133

Other operating  income, net

(14,890)

-

-

-

-

(14,890)

Total operating expense

74,365

(16,322)

(552)

-

-

57,491








Operating profit from continuing
   operations

98,264

16,817

1,956

-

-

117,037








Profit from continuing operations
   before income taxes and loss
   from equity method investee

102,346

16,817

1,956

-

-

121,119








Net profit from continuing
   operations

65,334

16,817

1,956

9,499

-

93,606

Net profit/ (loss) from discontinued
   operations

(1,008)

-

806

-

908

706








Net income attributable to Focus
   Media

64,590

16,817

2,762

9,499

908

94,576








Basic net income from continuing
   operations attributable to Focus
   Media per ADS

0.52





0.74

Diluted net income from continuing
   operations attributable to Focus
   Media per ADS

0.49





0.71








Basic net income from discontinued
   operations attributable to Focus
   Media per ADS

(0.01)





0.00

Diluted net income from discontinued
   operations attributable to Focus
   Media per ADS

(0.01)





0.00








Basic net income attributable to Focus
   Media per ADS

0.51





0.74

Diluted net income attributable to Focus
   Media per ADS

0.48





0.71

ADS used in calculating basic income
   per ADS

127,777,021





127,777,021

ADS used in calculating diluted income
   per ADS

133,518,344





133,518,344








 

(1). Share-based compensation.

(2). Amortization of acquired intangible assets.

(3). Loss from equity method investee (VisionChina)

(4). Goodwill impairment

 

                                                                                                                                                         


Three months ended December 31, 2011


GAAP

(1)

(2)

(3)

Non-GAAP







Gross Profit






LCD display network

112,179

286

1,100

-

113,565

Poster frame network

35,036

-

890

-

35,926

In-store network

12,797

-

-

-

12,797

Movie theater network

13,803

-

-

-

13,803

Traditional outdoor billboard network

1,591

-

459

-

2,050

Total Gross Profit

175,406

286

2,449

-

178,141







General and administrative

37,092

(14,267)

-

-

22,825

Selling and marketing

49,606

(1,029)

(1,055)

-

47,522

Other operating  income, net

(8,181)

-

-

-

(8,181)

Total operating expense

78,517

(15,296)

(1,055)

-

62,166







Operating profit from continuing
   operations

96,889

15,582

3,504

-

115,975







Profit before tax from continuing
   operations

100,941

15,582

3,504

-

120,027







Net profit from continuing
   operations

37,037

15,582

3,504

38,882

95,005

Net loss from discontinued
   operations

(1,538)


980


(558)







Net income attributable to Focus
   Media

37,093

15,582

4,484

38,882

96,041







Basic net income from continuing
   operations attributable to Focus
   Media per ADS

0.29




0.73

Diluted net income from continuing
   operations attributable to Focus
   Media per ADS

0.28




0.70







Basic net income from discontinued
   operations attributable to Focus
   Media per ADS

(0.01)




0.00

Diluted net income from discontinued
   operations attributable to Focus
   Media per ADS

(0.01)




0.00







Basic net income attributable to Focus
   Media per ADS

0.28




0.73

Diluted net income attributable to Focus
   Media per ADS

0.27




0.70







ADS used in calculating basic income
   per ADS

132,073,143




132,073,143

ADS used in calculating diluted
   income per ADS

136,912,952




136,912,952







 

(1). Share-based compensation.

(2). Amortization of acquired intangible assets.

(3). Loss from equity method investee (VisionChina)

 

                                                                                                                                                         

 

Focus Media Holding Ltd.

Reconciliation of GAAP to non-GAAP

(U.S. Dollar in thousands, except share and per-share data)

(Unaudited)


Twelve months ended December 31, 2012


GAAP

(1)

(2)

(3)

(4)

Non-GAAP








Gross Profit (loss)







LCD display network

352,346

1,821

3,136



357,303

Poster frame network

183,873


596



184,469

In-store network

30,284





30,284

Movie theater network

43,994





43,994

Traditional outdoor billboard network

(2,592)


1,805



(787)

Total Gross Profit

607,905

1,821

5,537



615,263








General and administrative

136,704

(56,561)




80,143

Selling and marketing

194,095

(5,255)

(2,260)



186,580

Other operating  income, net

(38,588)





(38,588)

Total operating expense

292,211

(61,816)

(2,260)



228,135








Operating profit from continuing
   operations

315,694

63,637

7,797



387,128








Profit before tax from continuing
   operations

331,459

63,637

7,797

1,526


404,419

Net profit from continuing
   operations

237,001

63,637

7,797

20,087


328,522

Net profit/ (loss) from
   discontinued operations

(1,065)


3,005


533

2, 473

Net income attributable to Focus
   Media

238,078

63,637

10,802

20,087

533

333,137








Basic net income from continuing
   operations attributable to Focus
   Media per ADS

1.86





2.57

Diluted net income from continuing
   operations attributable to Focus
   Media per ADS

1.80





2.48








Basic net income from discontinued
   operations attributable to Focus
   Media per ADS                                                              

(0.01)





0.02

Diluted net income from discontinued
   operations attributable to Focus
   Media per ADS

(0.01)





0.02








Basic net income attributable to
   Focus Media per ADS

1.85





2.59

Diluted net income attributable to
   Focus Media per ADS

1.79





2.50








ADS used in calculating basic
   income per ADS

128,809,554





128,809,554

ADS used in calculating diluted
   income per ADS

133,250,339





133,250,339








 

(1). Share-based compensation.

(2). Amortization of acquired intangible assets.

(3). loss from equity investment, including equity method investee (VisionChina) and cost method investment

(4). Loss from disposal of previously acquired subsidiaries, of which gain from disposal of subsidiaries was $0.4 million and loss from impairment of goodwill was $0.9 million.

 

                                                                                                                                                         

 

Focus Media Holding Ltd.

Reconciliation of GAAP to non-GAAP

(U.S. Dollar in thousands, except percentages, share and per-share data)

(Unaudited)

 


Twelve months ended December 31, 2011


GAAP

(1)

(2)

(3)

Non- GAAP







Gross Profit






LCD display network

358,518

880

4,409

-

363,807

Poster frame network

75,079

-

4,175

-

79,254

In-store network

35,792

-

-

-

35,792

Movie theater network

25,082

-

43

-

25,125

Traditional outdoor billboard network

7,610

-

1,808

-

9,418

Total Gross Profit

502,081

880

10,435

-

513,396







General and administrative

126,518

(57,119)

-

-

69,399

Selling and marketing

146,392

(3,803)

(4,220)

-

138,369

Other operating (income), net

(16,147)

-

-

-