write 3 page report, if lenders should finace the loan of $10,331,200 from lenders prospectives to these comany given this data
Case Study - Happy Valley Farms Loan Request: Renew the present operating line increasing the commitment to from $250,000 to $500,000 Renew the present cattle line and increasing the commitment from $1,000,000 to $1,500,000 Renew the present $200,000 hedging line of credit Renew the present $300,000 capital line of credit Approve a new $750,000 term note to purchase cows and replacements heifers Approve a $885,000 term note to consolidate existing IT loans together Approve a new $1,951,000 real estate loan to consolidate existing loans together Approve a new $4,245,200 real estate loan for expansion and construction Total commitment requested: $10,331,200 kon iecp o llet TuS HA Background: headed hond wir Owners: Jim and Katie Meyer are 72 and 71 years old respectively. They have four children of which two are full time back at the farm. One son Mike is 48 years old and has ownership in the operation Their other son, David and 45 years old, works on the farm but has no ownership. Their other two children have no involvement in the operation. Management: Jim: President and General Manager Katie: Vice President: does all the books and feeds calves Mike: Oversees the dairy operation including feeding the herd; manages all HR responsibilities David: Oversees the cropping operation and manure management Happy Valley Farms is a 3" generation commercial dairy farm located in Columbia County, WI. The farm was started in the 1950's and incorporated in the 1970's by Jim and Katie Mike and David came back to the operation in the 1990's. Happy Valley Farms is organized as a sub chapter C-corporation. Jim, Katie and Mike each own 1/3 of this entity. In order to mitigate taxes, they formed two additional entities. The first entity they formed was for the purpose of transitioning ownership of cattle into an LLC called Happy Cows, LLC. All new heifers are sold from HVF to HC, LLC and then leased back to HVF as they enter the milking herd. The goal is to have all animals owned by HC, LLC. The second entity they formed is a land holding LLC called Happy Land, LLC. All land purchased the past 4 years have been purchased by Happy Land, LLC. Happy Valley Farms (HVF) is currently a 900 cow dairy. The dairy did their first expansion after Mike and David came back to the farm in the early 2000's which took them from 500 cows to their current level. This expansion entailed building a new 400 cow freestall barn and expanding the parlor. They filled the barn from within so they didn't purchase any cows. Two years later they built a dry cow barn so the main facilities were maxed with milking cows to maximize profits. In 2015, they expanded the parlar again to minimize the time cows were away from the barns, hoping this would increase production. Now they are looking at expanding the herd size to maximize the parlor again. Unfortunately, there was no change in milk per cow after the changes they made in 2015 In addition to the dairy. Macey Valley Farms operates 3 500 crores of which 1100 of these were we rend of the 1.100 acres rented, 100 acres are owned and rated from Mandi They have been slowly purchasing and and for additional or to get ready for this expansion All of the 3.500 acres will be needed to feed livestock with this expansion. H e the heter until they are 6 months of age, and then they are sent to a custom heifer grower they are 15 months old. They have their own equipment line and do their cropping and manure with the own labor HVF tiles financial production agronomy and nutrition consultants very effectively. They do not Currently engage in risk management and no mikor feed contracts in place. They do have crop Insurance with Compeer Financial Tim and Kate have a wing however and David are unaware of the transition plan on the death HVF is very active in the community. They host school farm tours and have hosted their county's lune Dairy month breakfast in addition, they have received the good newhor award from their local farm bureau. The client's are proposing an expansion of the facilities to handle 1.500 cows. The project will require upgrades to the current facilities, building a new freestall bar and increasing the feed and manure storage. The expansion includes adding another 500 stil barn sandbedded) and remodeling the oldest bam to make bigger stalls. In t ion, they will make improvements to the manure handling system, feed storage and upgrading electric to 3 phase across the form Anticipated costs of construction is $4 Million. A $424,000 contingency fund is being set up for cost overruns and to accommodate for construction costs of expectedClients have discussed the expansion with their milk processor who have expressed at this time, they would be able to talk the additional milk however would not put it in writing that things wouldn't change upon completion of the project SEARCHES: Clear reports were run on all owners. Nothing unusual was contained in the reports Credit reports show accounts have been paid on time. Credit Bureau scores ranged from 770-825 Production m ent Production management has been average in 2016, the unit shipped 73.7 ibs/lactating cow/day which was 32 lbs under budget. SCC averaged 234,000 last year. The annualized replacement rate of 41% was higher than the projected 36% !! ! S Capacity During 2018, HVF had net income of ($271,900) with CDRCat 100%. Although the unit had a loss, performance was 5522,100 better than budget. Total milk shipped was 260,700 wts vs budget of 270.00 cwt of milk. The average number of lactating cow was right on budget Average mikprice was $18 37/cwt or $1.59/cwt higher than budgeted. Mi revenue as a whole was $257,100 ahead of budget. Basis was strong at $3.06/cwt budget of $201. Cost of production was $19.41/cwt and was $0 31/cwt higher than budgeted. Sensitivity: In a typical year for this operation, a one lb/cow/day drop in production on the reduction in revenue of $79,100 amounts to a Capital: The pro forma YE balance sheet shows OE at 49% with wc of $149/cow. The lowest the projected OE will get is 47% with an anticipated low wc/Cow of $383/cow. This does not include the client using any available commitment on their lines of credit to fund any working capital shortages. When we consolidate all three business' along with the individuals, proforma OE is 5% with WC/Cow of $416. The year end consolidation of all three business' equity poution is 67 Collateral All loans are cross-collateralired. Assuming a 15% discount on total project cost, be 70% based on a new appraisal of all land currently securing the loans Avis expected to Peer Analysis HVF finished 18 out of the 31 dairies in the benchmark last year with net income of $ 253/cow. The top herd showed profitability of $584/cow. As compared to the prior two years benchmark, HVF finished 36 out of the 54 dairy accounts with net income of $219/cow. The range was profit of $1,839/cow to a loss of $-698/cow Historial Earnings and Production 2014 2018 2016 228.749 2017 309.686 33064 12159 Operating home Lesbok Sales Cul Breeding Livestock Sales Crop Sales ik Se Coop Distributions Ag Program Pres Crop Insurance Proceeds Custom Hire Income Sch Other & Beding the Elegame IGBOSS MARCIN 2015 219.500 356.912 1,223,648 5,007,120 18025 17.941 4605,150 247.152 19884 1 293.442 0.121 318 307 936 41 950 1.400 123 4.545.630 245144 94.368 8888 2.89394 45.438 31293 7202 7 10 795 7,308,785 131222 72597521 7.697521 74387 909520 9.095.628 7 ,98345 72.62 7373621 B01 8 149 151 70 150.725 450 315 516, 200 3.218 319 10,42 13281 412,115 40.799 2.963.703 78.458 12851 41051 10.759 129 928 97.238 411,370 287,385 29115 178,533 20,410 116,211 58.938 184,870 51.144 22,072 464,438 615063 3.519549 104 338 18,734 102.422 60.817 9.783 164713 1.178.173 4903 Chemicals Custom Hre Ep Deprecaton Feed Supplement Pertices & Lime Freight & Trucking Gas Fuel Ol Farm Insurance Exo Opersona interest Term Interest Labor Hired Pent - Mach/ Equip/Vehicle Rent - Land Repairs & Maintenance Seeds & Plants Supples Taes - Real Estate Utites Vet Breeding Meine SchF.Cher Ebenses Hedging E Other O Escense Total Gratis Ein 498 99,064 430,788 877515 3064317 145 584 24314 125, 110 57054 9425 171325 1.149.635 4058 112.999 283.972 111811 89888888888888888888 . "88888 88888 19,00 23.852 132.15 320.13 118,728 270.902 162.550 51 423 605 500 70689 173.242 208.959 195827 80.688 639 500 8.405.025 50.679 824700 7.538.071 61.450 135,579 291.078 227.848 58 107 634 500 7.782 508 58862 7679.809 841.000 7.969.195 INET OPER INCOME 681602 199 225 Mon Operating Federal The Term Princical Payment MARG AFTER DEBT SERV 3 180 431 000 193 A75 25 007 415.700 428 000 149.050 909.6. 531 150 755 Dairy Production 2018 2017 2016 2015 Milk/cow/Year (Use lbs. Sold) 24,248 25,055 23,335 23,285 Somatic Cell Count 218,000 207,000 161,000 183,000 Replacement Rate 41% 39% 39% 42% Percent of Cows in Milk 90% 90% 91% 91% Year End Balance Sheet - Consolidated Pro-forma prvo Current Assets Intermediate Assets Long Term Assets Total Assets $1,630,711 $7,082,530 $8,197,326 $16,910,567 $1,549,372 $8,224,809 $12,261,718 $22,035,899 Current Liabilities Intermediate Liabilities Long Term Liabilities Total Liabilities $803,161 $1,858,833 $2,915,338 $5,577,332 $873,588 $2,580,593 $6,954,525 $10,408,706 Net Worth $11,333,235 67% $11,627,193 53% Working Capital $827,550 $754/cow $675,764 $416/cow Projected Credit Standards of Dairy and Entities Financial Performance Current 12/31/2018 OS Projected 12/312019 53% 56% 100% Owner Equity% CORC% LT Loan/AV% STLoan AV% Working Capital Cow Dary Investment Cow Debt Repayment/Cwt Income Over Feed Cost Debt Cwt 16-Comm Dairy On-Going 45% 115% 65% 75% $350 56.000 $2.50 56.25 $20.00 130% 50% 50% $500 38% 5810 $5.900 $2.43 3726 $14.87 65% 51% $449 $8.300 5258 5876 321 90 $1.75 $8.50 $1200 Dairy Financial Benchmark Projections Per Cwt Labor Cost Feed Cost Replacement Cost Accrual Cost of Prod Year end 2018 $4.36 $10.59 $2.50 $19.41 Budget Yr 1 $4.22 $10.44 $2.16 $19.72 Budget Yr 2 $4.19 $9.91 $2.93 wity $19.90 mod 2 90d WC/cow Lb/cow/day Cull Rate CDRC Cash Margin Break Even Milk Price Net Income Proj. Mailbox Price Budget Yr 1 $449 75.0 40% 175% $468,900 $19.48 ($109,700)? $19.54 Budget Yr 2 $519 77.0 37% 183% $865,200 $19.24 $489,800 $19.83 Budget Yr 3 $567 78.5 39% 195% $960,900 $19.49 $565,800 $19.84 Proj. Yr1 Prol. Yr 2 Prol. Y 3 Prol Yr 4 0 Income: Crop Production (Harvest Value Added . Crop Purchase Calves Heifer Appreciation Cows - Sales Milk (includes MPP pyet) Custom Work Dividends Government Receipts Mise - Total Total Income $1,047 067 51,053,702 $1064, 026 $1,070 330 50 $251.45 24 142 5291 0415304546 9 H 4 | | | | $3195260 2542254 1431 503 $5,927,74 0,001 604 $8,114, 319 .2003 5333 157 099 485815 5485,651 SO $72834 $72834 572834 S72354 $8.564.779 $11.056.221 $11.322,355 $11.694.276 526 227 $246.687 $51.504 $70,451 $99 883 $325 849 SA 240 $93.358 $32450 $57 325 $92.750 542 STT $857 175 523 250 $950,250 $575.250 Expenses: Administration Animal Health --Total Bedding Breeding Crop Chemical Expense Custom Exp. Total Depreciation Expense Drying and Storage Expense Feed Expense Fuel Expense Custom Raises Hard Replacement Cost Insurance Expense Interest Expense: All Labor Expense-Total Marketing Expense-Total Nutrient Management Expense Production Enhancer Expense Production Services Expense Rent/Lease Exp. Total Rent-Land Repairs / Maintenance Expense Sed/Plants Expense Supplies Expense Other Taxes Expense Trucking & Freight Expense Utilities Expense Other Expense Agronomy Capitalization Total Expenses (pretar) 33.000 20 $111.466 $41500 58208 $71956 $346191 51271.753 $ 467 $102 193 587 232 53 855 054 012410 54 Tool $12 5122 TAO $1244 $ $631 900 $45 205 50533 $1 047 583 747 $85 905 476355 $447 279 5 411 468 $160 T81 $1.585 543 51 000 767 $0.95 $91 573 390 240 $174 510 $17802 $178 $115 579 $114 575 5116 $53225 $53 225 $12 $901 $75,133 $75 8 $78005 5276 137 5278,001 $100005 5102 005 102 DOE $195 178 $194243 $195 654 41 258 $42 185 $44,771 $45200 $45 200 510 632 $181 545 5163 477 2911 50 0 $10.566.380 $10,756,566 $10.970,743 $242 574418 272.00 $101.701 5157697 $40 547 323655 $138 818 1 TO $319 $8.676,443 Net Income foretax) (5109.669 $489.841 $566.797 $614,533 bod/ pood Case Study - Happy Valley Farms Loan Request: Renew the present operating line increasing the commitment to from $250,000 to $500,000 Renew the present cattle line and increasing the commitment from $1,000,000 to $1,500,000 Renew the present $200,000 hedging line of credit Renew the present $300,000 capital line of credit Approve a new $750,000 term note to purchase cows and replacements heifers Approve a $885,000 term note to consolidate existing IT loans together Approve a new $1,951,000 real estate loan to consolidate existing loans together Approve a new $4,245,200 real estate loan for expansion and construction Total commitment requested: $10,331,200 kon iecp o llet TuS HA Background: headed hond wir Owners: Jim and Katie Meyer are 72 and 71 years old respectively. They have four children of which two are full time back at the farm. One son Mike is 48 years old and has ownership in the operation Their other son, David and 45 years old, works on the farm but has no ownership. Their other two children have no involvement in the operation. Management: Jim: President and General Manager Katie: Vice President: does all the books and feeds calves Mike: Oversees the dairy operation including feeding the herd; manages all HR responsibilities David: Oversees the cropping operation and manure management Happy Valley Farms is a 3" generation commercial dairy farm located in Columbia County, WI. The farm was started in the 1950's and incorporated in the 1970's by Jim and Katie Mike and David came back to the operation in the 1990's. Happy Valley Farms is organized as a sub chapter C-corporation. Jim, Katie and Mike each own 1/3 of this entity. In order to mitigate taxes, they formed two additional entities. The first entity they formed was for the purpose of transitioning ownership of cattle into an LLC called Happy Cows, LLC. All new heifers are sold from HVF to HC, LLC and then leased back to HVF as they enter the milking herd. The goal is to have all animals owned by HC, LLC. The second entity they formed is a land holding LLC called Happy Land, LLC. All land purchased the past 4 years have been purchased by Happy Land, LLC. Happy Valley Farms (HVF) is currently a 900 cow dairy. The dairy did their first expansion after Mike and David came back to the farm in the early 2000's which took them from 500 cows to their current level. This expansion entailed building a new 400 cow freestall barn and expanding the parlor. They filled the barn from within so they didn't purchase any cows. Two years later they built a dry cow barn so the main facilities were maxed with milking cows to maximize profits. In 2015, they expanded the parlar again to minimize the time cows were away from the barns, hoping this would increase production. Now they are looking at expanding the herd size to maximize the parlor again. Unfortunately, there was no change in milk per cow after the changes they made in 2015 In addition to the dairy. Macey Valley Farms operates 3 500 crores of which 1100 of these were we rend of the 1.100 acres rented, 100 acres are owned and rated from Mandi They have been slowly purchasing and and for additional or to get ready for this expansion All of the 3.500 acres will be needed to feed livestock with this expansion. H e the heter until they are 6 months of age, and then they are sent to a custom heifer grower they are 15 months old. They have their own equipment line and do their cropping and manure with the own labor HVF tiles financial production agronomy and nutrition consultants very effectively. They do not Currently engage in risk management and no mikor feed contracts in place. They do have crop Insurance with Compeer Financial Tim and Kate have a wing however and David are unaware of the transition plan on the death HVF is very active in the community. They host school farm tours and have hosted their county's lune Dairy month breakfast in addition, they have received the good newhor award from their local farm bureau. The client's are proposing an expansion of the facilities to handle 1.500 cows. The project will require upgrades to the current facilities, building a new freestall bar and increasing the feed and manure storage. The expansion includes adding another 500 stil barn sandbedded) and remodeling the oldest bam to make bigger stalls. In t ion, they will make improvements to the manure handling system, feed storage and upgrading electric to 3 phase across the form Anticipated costs of construction is $4 Million. A $424,000 contingency fund is being set up for cost overruns and to accommodate for construction costs of expectedClients have discussed the expansion with their milk processor who have expressed at this time, they would be able to talk the additional milk however would not put it in writing that things wouldn't change upon completion of the project SEARCHES: Clear reports were run on all owners. Nothing unusual was contained in the reports Credit reports show accounts have been paid on time. Credit Bureau scores ranged from 770-825 Production m ent Production management has been average in 2016, the unit shipped 73.7 ibs/lactating cow/day which was 32 lbs under budget. SCC averaged 234,000 last year. The annualized replacement rate of 41% was higher than the projected 36% !! ! S Capacity During 2018, HVF had net income of ($271,900) with CDRCat 100%. Although the unit had a loss, performance was 5522,100 better than budget. Total milk shipped was 260,700 wts vs budget of 270.00 cwt of milk. The average number of lactating cow was right on budget Average mikprice was $18 37/cwt or $1.59/cwt higher than budgeted. Mi revenue as a whole was $257,100 ahead of budget. Basis was strong at $3.06/cwt budget of $201. Cost of production was $19.41/cwt and was $0 31/cwt higher than budgeted. Sensitivity: In a typical year for this operation, a one lb/cow/day drop in production on the reduction in revenue of $79,100 amounts to a Capital: The pro forma YE balance sheet shows OE at 49% with wc of $149/cow. The lowest the projected OE will get is 47% with an anticipated low wc/Cow of $383/cow. This does not include the client using any available commitment on their lines of credit to fund any working capital shortages. When we consolidate all three business' along with the individuals, proforma OE is 5% with WC/Cow of $416. The year end consolidation of all three business' equity poution is 67 Collateral All loans are cross-collateralired. Assuming a 15% discount on total project cost, be 70% based on a new appraisal of all land currently securing the loans Avis expected to Peer Analysis HVF finished 18 out of the 31 dairies in the benchmark last year with net income of $ 253/cow. The top herd showed profitability of $584/cow. As compared to the prior two years benchmark, HVF finished 36 out of the 54 dairy accounts with net income of $219/cow. The range was profit of $1,839/cow to a loss of $-698/cow Historial Earnings and Production 2014 2018 2016 228.749 2017 309.686 33064 12159 Operating home Lesbok Sales Cul Breeding Livestock Sales Crop Sales ik Se Coop Distributions Ag Program Pres Crop Insurance Proceeds Custom Hire Income Sch Other & Beding the Elegame IGBOSS MARCIN 2015 219.500 356.912 1,223,648 5,007,120 18025 17.941 4605,150 247.152 19884 1 293.442 0.121 318 307 936 41 950 1.400 123 4.545.630 245144 94.368 8888 2.89394 45.438 31293 7202 7 10 795 7,308,785 131222 72597521 7.697521 74387 909520 9.095.628 7 ,98345 72.62 7373621 B01 8 149 151 70 150.725 450 315 516, 200 3.218 319 10,42 13281 412,115 40.799 2.963.703 78.458 12851 41051 10.759 129 928 97.238 411,370 287,385 29115 178,533 20,410 116,211 58.938 184,870 51.144 22,072 464,438 615063 3.519549 104 338 18,734 102.422 60.817 9.783 164713 1.178.173 4903 Chemicals Custom Hre Ep Deprecaton Feed Supplement Pertices & Lime Freight & Trucking Gas Fuel Ol Farm Insurance Exo Opersona interest Term Interest Labor Hired Pent - Mach/ Equip/Vehicle Rent - Land Repairs & Maintenance Seeds & Plants Supples Taes - Real Estate Utites Vet Breeding Meine SchF.Cher Ebenses Hedging E Other O Escense Total Gratis Ein 498 99,064 430,788 877515 3064317 145 584 24314 125, 110 57054 9425 171325 1.149.635 4058 112.999 283.972 111811 89888888888888888888 . "88888 88888 19,00 23.852 132.15 320.13 118,728 270.902 162.550 51 423 605 500 70689 173.242 208.959 195827 80.688 639 500 8.405.025 50.679 824700 7.538.071 61.450 135,579 291.078 227.848 58 107 634 500 7.782 508 58862 7679.809 841.000 7.969.195 INET OPER INCOME 681602 199 225 Mon Operating Federal The Term Princical Payment MARG AFTER DEBT SERV 3 180 431 000 193 A75 25 007 415.700 428 000 149.050 909.6. 531 150 755 Dairy Production 2018 2017 2016 2015 Milk/cow/Year (Use lbs. Sold) 24,248 25,055 23,335 23,285 Somatic Cell Count 218,000 207,000 161,000 183,000 Replacement Rate 41% 39% 39% 42% Percent of Cows in Milk 90% 90% 91% 91% Year End Balance Sheet - Consolidated Pro-forma prvo Current Assets Intermediate Assets Long Term Assets Total Assets $1,630,711 $7,082,530 $8,197,326 $16,910,567 $1,549,372 $8,224,809 $12,261,718 $22,035,899 Current Liabilities Intermediate Liabilities Long Term Liabilities Total Liabilities $803,161 $1,858,833 $2,915,338 $5,577,332 $873,588 $2,580,593 $6,954,525 $10,408,706 Net Worth $11,333,235 67% $11,627,193 53% Working Capital $827,550 $754/cow $675,764 $416/cow Projected Credit Standards of Dairy and Entities Financial Performance Current 12/31/2018 OS Projected 12/312019 53% 56% 100% Owner Equity% CORC% LT Loan/AV% STLoan AV% Working Capital Cow Dary Investment Cow Debt Repayment/Cwt Income Over Feed Cost Debt Cwt 16-Comm Dairy On-Going 45% 115% 65% 75% $350 56.000 $2.50 56.25 $20.00 130% 50% 50% $500 38% 5810 $5.900 $2.43 3726 $14.87 65% 51% $449 $8.300 5258 5876 321 90 $1.75 $8.50 $1200 Dairy Financial Benchmark Projections Per Cwt Labor Cost Feed Cost Replacement Cost Accrual Cost of Prod Year end 2018 $4.36 $10.59 $2.50 $19.41 Budget Yr 1 $4.22 $10.44 $2.16 $19.72 Budget Yr 2 $4.19 $9.91 $2.93 wity $19.90 mod 2 90d WC/cow Lb/cow/day Cull Rate CDRC Cash Margin Break Even Milk Price Net Income Proj. Mailbox Price Budget Yr 1 $449 75.0 40% 175% $468,900 $19.48 ($109,700)? $19.54 Budget Yr 2 $519 77.0 37% 183% $865,200 $19.24 $489,800 $19.83 Budget Yr 3 $567 78.5 39% 195% $960,900 $19.49 $565,800 $19.84 Proj. Yr1 Prol. Yr 2 Prol. Y 3 Prol Yr 4 0 Income: Crop Production (Harvest Value Added . Crop Purchase Calves Heifer Appreciation Cows - Sales Milk (includes MPP pyet) Custom Work Dividends Government Receipts Mise - Total Total Income $1,047 067 51,053,702 $1064, 026 $1,070 330 50 $251.45 24 142 5291 0415304546 9 H 4 | | | | $3195260 2542254 1431 503 $5,927,74 0,001 604 $8,114, 319 .2003 5333 157 099 485815 5485,651 SO $72834 $72834 572834 S72354 $8.564.779 $11.056.221 $11.322,355 $11.694.276 526 227 $246.687 $51.504 $70,451 $99 883 $325 849 SA 240 $93.358 $32450 $57 325 $92.750 542 STT $857 175 523 250 $950,250 $575.250 Expenses: Administration Animal Health --Total Bedding Breeding Crop Chemical Expense Custom Exp. Total Depreciation Expense Drying and Storage Expense Feed Expense Fuel Expense Custom Raises Hard Replacement Cost Insurance Expense Interest Expense: All Labor Expense-Total Marketing Expense-Total Nutrient Management Expense Production Enhancer Expense Production Services Expense Rent/Lease Exp. Total Rent-Land Repairs / Maintenance Expense Sed/Plants Expense Supplies Expense Other Taxes Expense Trucking & Freight Expense Utilities Expense Other Expense Agronomy Capitalization Total Expenses (pretar) 33.000 20 $111.466 $41500 58208 $71956 $346191 51271.753 $ 467 $102 193 587 232 53 855 054 012410 54 Tool $12 5122 TAO $1244 $ $631 900 $45 205 50533 $1 047 583 747 $85 905 476355 $447 279 5 411 468 $160 T81 $1.585 543 51 000 767 $0.95 $91 573 390 240 $174 510 $17802 $178 $115 579 $114 575 5116 $53225 $53 225 $12 $901 $75,133 $75 8 $78005 5276 137 5278,001 $100005 5102 005 102 DOE $195 178 $194243 $195 654 41 258 $42 185 $44,771 $45200 $45 200 510 632 $181 545 5163 477 2911 50 0 $10.566.380 $10,756,566 $10.970,743 $242 574418 272.00 $101.701 5157697 $40 547 323655 $138 818 1 TO $319 $8.676,443 Net Income foretax) (5109.669 $489.841 $566.797 $614,533 bod/ pood
