Jk Cement Research Report

Indian initiate of Management, Bangalore PGP Program Term 1, 2012 Final describe for JK cementumumumumumumums Group 2 Section 1 Business Description JK cementums is one of the largest cementum manufacturers in Northern India and the eighth largest boilersuit India with net cement sales of 2545 crores in 2011-12. Itsmain harvest-homesinclude colourize and exsanguine cement. It produced 53. 2 lakh tons of grey cement and 3. 77 lakh tons of dust coat cement in the financial course 201112. hoar cement produced consists of Ordinary Portland cementum (OPC) and Portland Pozzolana cementum (PPC). Their cement products be marketed under the check names J.K. cementum and Sarvashaktiman for OPC products, J. K. Super for PPC products and J. K. colour and Camel for neat cement products. JK Wall put on and JK Water proof ar its w ca-cae cement establish prize-added products. Housing (74%), substructure (17%), mer quite a littletile & institutional firmament (13%) and industrial celestial sphere (6%) atomic number 18 the major customers of the cement fabrication Refer solve 1. Housing constitutes a major amass of the acquire and and and so cracker-barrel and urban housing projects are a headstone resource generator. learn broth statistics and revenue/earnings info is included in the appgoalix Refer postpones 1& 2Section 2 cossetket write, Competition, St roamgy, Risks A. Market Profile The pack for cement in general depends on the level of development and the post of maturement of the economy. The major ingest drivers for the cement sector in India are housing, understructure and commercial construction. These are key components of the countrys gross domestic product and be buzz off, the second-rate elevateth of the cement sedulousness is approximately 1. 2 gene symmetryn the gross domestic product appendage. Signifi tooshiet impetus to some(prenominal) hobnai guide and urban housing as per capita income augm ents in a major driver of the industry.With the add in national al-Qaida investiture, the industry is poised to expand shape up in spite of the worldwide sparing recession. The housing sector contributes some 64% of the fare cement demand. It also accounts for 80% of the total real landed estate developments in the country. Housing demand is expect to be robust backed by sundry(a) measures choose in the budget wish salutary continued beguile subvention up to 15 lacs, exemption from service task for rugged bell housing construction, and cast up in investment-linked deduction of not bad(p) expending on impoverished-cost housing from one hundred% to 150%.There has been a major thrust by the organisation in alkali development with the intended investment macrocosm US$ 1 trillion in the 12th five year visualize recoilary (2012-17), a benefitst an investment of US$ 514 gazillion in the 11th five year plan period. Massive investment in infrastructure would prov ide boost to Indian cementum industry. India is the second largest producer and consumer of cement in the world, accounting for 7-8% of the total worldwide production with an installed content of over three hundred Mtpa at the end of 2011-12. Indias cement industry per inninged better in 1 011-12, on back of robust demand revival in the second half(a) of the financial year. The industry grew by 6. 4 per cent in 2011-12 as against slight than 5 per cent in 2010-11. perfect cement sales were 223. 02 MT compared with 209. 5 MT in FY11. For 2012-13, CRISIL Research estimates cement demand to improver 7-8 per cent yoy (Crisil). In the near term, demand could be a little weak because of the lower GDP offset. minded(p) that a large transgress of the demand comes from the housing sector, mellowed following rates are not contributive to the urban real estate demand. However, in the long term, the industry is expected to grow at an average of 1. times the GDP gain rate. Growth rates of 8-9% aft(prenominal) part be targeted for the five year period given the attach in investment in infrastructure projects and increasing rural demand. Although India is one of the largest cement markets in the world, per capita pulmonary tuberculosis of cement is still low as compared to the world average as well as that of other large countries much(prenominal) as China and US. The Indian cement industry, and so, has a huge return latent. Given the intense deficit of housing, this segment has been a major growth driver for the cement industry.The demand for residential real estate has only flip-flop magnitude, fuelled by increasing urbanization, acclivitous income levels, decreasing household sizes and easy handiness of home loans. Bulk of the total shortage of 74 loiterion units at the end of the 11th Five grade visualize (2007-2012), is expected to be generated by rural and below poverty line households. The government has launched various initiatives such as NREGS and Indira AwasYojana to rectify rural income, which w pee-peeethorn make up demand for rural housing in the country. transfer magnitude infrastructure investments by the government as mentioned earlier is also likely to be a major growth area.Housing (74%), infrastructure (17%), commercial & institutional sector (13%) and industrial sector (6%) are the major customers of the cement industry. Housing constitutes a major chunk of the demand and hence rural and urban housing projects are a key resource generator. Overall industry allowance accounts and change in sales arcs are mentioned in tables at the end. Refer to elude 3 & 4. recreate refer to turn off 5 for a picture of the industry growth rate based on the impeccant cash Flow model where the average P/B was computed with the pennant 5 firms of the industry and several(predicate) rates for cost of ceiling were assumed.This shows that the cement industry is poised for growth for whatever cost of capital that may prevail. B. Competition Inter firm op stupefy and rivalry in the industry is high. salient number of players, intermittent over expertness, marginal product distinction, high storage cost and high exit barrier in form of signifi crumbt capital investment has led to high competition in the industry. terror of new entrants is limited since it involves high capital investment, broad distribution network and oversupplied markets monish new entrants.However, given the high potential for growth, quite a few im actual transnational companies build made acquisitions and increase their stake in domestic companies to gain full control. There are no good commutes for cement popular in India. However, there are eco friendly substitutes for cement which include fly ash and impurity. zap ash is the by product when combust is burnt to make electric bureau and slag is created when producing iron in nose candy furnaces. ember fly ash, blast furnace slag and other mineral admixture s can substitute for cement, aving energy and reducing cost. Bitumen in roadstead and engineering plastics in building are some element of competition. Currently, the top players UltraTech, ACC, Ambuja cements, Jaiprakash Associates, India cementums and Shree cementum, conjointly control to a greater extent than half of the cement market in the country. Overall, there are 40 players in the industry crosswise the country. (Source ibef. org) The closest competitors for JK cement are Shree cements, Madras cementums, Birla peck and Binani cementum. The industry has a 4-firm concentration ratio of 58. 18%. 2 C. StrategyDespite challenges, JK cement has increase revenues and earningss owing to high acknowledgement and volumes in two grey cement and washcloth cement business. The fellowship is in on its way to expanding its capacity in India to bring home the bacon to the increase in cement demand. It has also diversified its product portfolio by not only limiting itself to var ieties of grey cement but also extending to white cement and other value added products. Besides, the family is also setting up a grey cum white cement plant at Fujairah in UAE to cater to GCC and African markets. The party is making efforts to void direct expenses which in turn would increase the roe.Some of the efforts to reduce operate cost are Grey cement Implementation of CII visit findings in phased manner to reduce advocator consumption. Installation of VFDs in fans to save power. permutation of booster fans by high talent fans to save power. Installation of pfisterpump for coal bagging in calciner. Replacement of Raw mill -1 separator by high cleverness separator. Dynamic separator in Coal Mill. White cement Covered clean out storage facility for grey and white clinker. Grinding plant for dolomite for put on product. Installation of new SG Fan & Driver. The phoner is also making efforts to increase its capacity.The company is revisiting the size of proposed expansion plan at Mangrol, Rajasthan from earlier envisaged 3. 5 Million scads to around 2. 5 Million Tons, on account of delay in tryst of new mining area to the follow. Viability instruction for 2. 5 Million Tons capacity plant is under preparation and a final decision will be interpreted during the course of the year. D. Risks Three approximately important risks 1. Sustained economic retardent The growth of cement industry is outright proportional to GDP growth rate. absence of decision making at judicature level is affecting economic growth and may have adverse doing for the cement industry.If measures are not adopted against inflation, high interest rates, depreciating rupee, then it would impact the overall economic growth of the country egressing in dragging the sector down. 2. Unavailability of coal linkages Coal costs constitute 14-23% of cost of production of cement. The further in coal prices is expected to hit the margins. Due to reduced fork out of coal linkers from Coal India over the old age the company has to import coal at high costs from South Africa and Indonesia. The depreciation of the rupee will also add to the increase cost of raw materials. 3.Adverse demand-supply mismatch In case, the additional capacities get commissioned forrard of schedule, then a state of furnish would rise, consequently prices may head downwards and the sector may suffer a severe blow. Section 3 3 Trend Analysis The demand for the cement mainly depends on the rate of growth of infrastructure, housing and commercial construction. In Indian context all these areas have been experiencing a significant growth as a result of constant growth in our GDP. As a result we can see that overall the total revenues for both the companies have been rising Refer to insert 2.JK Cement and Madras Cements basically cater to northern and grey India respectively. In year 2011, there is a dip in the total revenues of Madras Cement. This was result of a more acute nightfall in the capacity work spy in southern India collect to low demands because of political instability in Andhra Pradesh and tokenish pick-up in demand in Tamil Nadu and Kerala post elections. The two industries exhibit comparable movement as far as profit margins are concerned Refer to common fig 4. So, an overall analysis of cement industry in this period is required.In 2008, the dip can be attributed to reduced demands delinquent to globular recession, which reduced capacity utilization thus reducing profits. In 2011, there was marginally pathetic off take in cement demand due to unresisting construction activity, which lead to excess supply and utilisation fell to a 13-year low of 83. 9% for 2010-11. This has been coupled with rise in input costs, especially prices of coal and crude products. As a result, both the top line and bottom line have been change. thus this year the capacity utilization change magnitude and the demand dropped. Section 4 rat io Analysis Refer hedge 6 . requite on uprightness Refer Fig. 5 roe has been hovering around 17-20% throughout with some years seeing slight changes. Given that Index of industrial Production(IIP) grew only by around 2. 8%, it appears that JK and Madras have both done well. However, 2010-11 was a bad year for JK Cements. Their Net in operation(p) cyberspace plummeted by 39% when compared to the introductory year plot of ground the same for Madras Cement was only around 27%. This was mainly on account of reduction in sales realisation and substantial increase in the prices of petcoke and fuel resulting in high input costs (yearly Report 2010-11).This caused the hard roe of JK to fall by more or less 600% from the introductory year. 2. Basic DuPont Model Analysis Refer Fig. 4,5 and 6 roe = plus turnover * emolument edge Asset dollar volume of JK is consistently high(prenominal) when compared with Madras Cements 42. 46% higher in 2006-07 while this is 39. 87% in 20 12. This is because JKs total fixed assets is lesser than Madras by almost 50% while sales of Madras Cements is higher only by around 2025% on an average . However, the low profit margin throughout has been causing the Return on Equity of JK to be lower than that of Madras Cements.The profit margin has been very low in all the years from with the worst hit being in 2011 reason explained in step 1. Also the Net pecuniary Rate has dinted the net profit due to expansion efforts coupled with the dim observation post in the industry. A ray of believe for JK would be to perform product differentiation with the white cement wall putty market it has done right by expanding the white cement units in oversea the demand for interior and decor is bound to increase in the near future. 4 3. Advanced DuPont Model Analysis with RNOA & supplement Refer Fig. & 12 It can be seen that the direct circularise of JK is going negative for 2010-11 & 2011-12 showing that their pecuniary Rate is o n the rise which is due to debts from increased expansion plans. This, along with the increased supplement from high borrowing, has reduced the already low RNOA to yield a poor hard roe value. In the same while, for Madras Cements the allot has been positive in fact, it has never gone(p)(p) negative for them, despite their large debt. Madras Cements has been affected only by the overall increase in costs in the cement industry and not by the leverage effect which JK has suffered from.The leverage effect has overcome JK again in 2011-12 though their RNOA has increased by 177% from the previous year and semipermanent debt has actually reduced, the Interest Rates on loans have seem to have gone up confidential information to a 117% increase in the NFR. Thus the negative operating spread has again caused JKs ROE to fall below the RNOA Madras Cements has remained stable in this period registering a higher ROE than RNOA due to the positive spread. Again, this shows that operat ional tolerance of JK is low when compared with the cost of capital. 4. Analysis of Turnover ratios Refer Fig. 9 & 0 inventorying Turnover and Debt Turnover of JK is considerably higher than that of Madras Cements leading to a better operating cycle. Low register holding and low receivables isa positive trend for JK Cements and it should continue this. 5. Analysis of Liquidity and long-run Solvency Refer Fig. 8,11 The prompt dimension of JK is consistently higher than Madras Cements for all the 5 years taken into consideration hence the liquidity position of JK is better than that of Madras Cements. The capital structure seems more of debt financing in the recent years owing to expansion plans.However increase in interest rates would make JK insecure to low margins which is already discussed in the right model. Section 5 Conclusion The cement industry is estimated to grow as can be seen from the CRISIL analysis quoted in partitioning 1 housing and infrastructure dema nd are expected to increase hence JK is bound to do well The cost reducing efforts of JK and the product differentiation into white cement are expected to increase profit margins. The Asset Turnover set of JK are also higher than its competitor. consequently increase in ROE is expected in coming years.The reduced operating cycle of JK shows a positive 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 Growth of Cement Industry). Hence JK stock seems to be undervalued Refer Table 5 JK has tell 50% dividend for the current year and has consistently declared dividend for the past 5 years. However, the inherent risks in the industry from global crises like the Euro crisis and nodding coal availability pose concerns for the roaring implementation of plans.Further, the continuous expansion plans of JK leading to higher debt and hence higher interest rates (which can rise based on RBI measures to contain inflatio n) cause concern for the profit margins which can again reduce. The positives seem to be strong as JK is trying to stabilize its expansion plans. Hence an acute negative view purport would not be correct. Hence we propose a buy/hold after doing the above analysis. 5 References Crisil. (n. d. ). Retrieved prideful 21, 2012, from Crisil sack site crisilresearch. com Dion Insight. (n. d. ). Retrieved distinguished 21, 2012, from Dion Insight entanglement site https//insight. ionglobal. in/Insight/Industry. asp? pageLink=IndProfile&Ind=151 equitymaster. com. (n. d. ). Retrieved August 21, 2012, from equitymaster. com http//www. equitymaster. com/research-it/sector-info/cement/Cement-Sector-AnalysisReport. asp Gupta, N. (n. d. ). Ernst & Young. Retrieved August 21, 2012, from Ernst & Young nett site http//www. ey. com/ yield/vwLUAssets/cementing_growth/$FILE/cementing_growth. pdf India Brand Equity Foundation. (n. d. ). Retrieved August 21, 2012, from India Brand Equity Fou ndation Web site http//www. ibef. org/industry/cement. aspx Jagdesh Sunku. 2006). Advantages of using fly ash as supplementary cementing material (SCM) in fibre cement sheets. tenth Int. Inorganic Bonded Fibre Composites Conference, (pp. 25-32). Sao Paulo. JK Cement Annual Report 2010-11 & 2011-12. JK Cement. moneycontrol. com. (n. d. ). provisoCommision. (n. d. ). Planning Commission. Retrieved August 21, 2012, from Planning Commission Web site http//planningcommission. nic. in/plans/mta/11th_mta/chapterwise/chap14_invest. pdf 6 Appendix A fragment calculate 1 Division of customers of cement industry into major sectors major Major customers of cement industryCommercial & Institutional 13% industrial 6% Infrastructure Infrastructure 17% Housing 64% prognosticate 2 join revenue for JK Cement & Madras Cements Ltd. (Revenue in crores)(Before 2005 financial financial statements for JK Cement wasnt prepared. It was then treated as a division under JK Groups for financial purpos es) Total revenue 3,500. 00 3,000. 00 2,500. 00 2,000. 00 1,500. 00 JK Cement Madras Cements Ltd. 1,000. 00 500. 00 0. 00 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 7 take care 3 Change in sales % change in sales 60 50 JK Cement Madras Cements Ltd. 40 30 20 10 0 -10 -20 2003 2004 005 2006 2007 2008 2009 2010 2011 2012 Figure 4 Profit Margin Profit 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 Figure 5 Return on Equity ROE (%) 60 JK Cement 50 Madras Cements Ltd. 40 30 20 10 0 2007-08 2008-09 2009-10 2010-11 2011-12 8 Figure 6 Asset turnover Asset turnover (%) 110 JK Cement snow Madras Cements Ltd. 90 80 70 60 50 40 2007-08 2008-09 2009-10 2010-11 2011-12 Figure 7 Return on Net in operation(p) Assets RNOA (%) 40 JK Cement Madras Cements Ltd. 30 20 10 0 2007-08 2008-09 2009-10 2010-11 2011-12Figure 8 Debt Equity Ratio Debt Equity Ratio 2. 5 JK Cement Madras Cements Ltd. 2 1. 5 1 0. 5 0 2007-08 2008-09 2009-10 2010-11 2011-12 9 Figure 9 outflank operate disperse 0. 5 JK Cement 0. 4 Madras Cements 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 Figure 10 keeping period Operating Cycle (days) long hundred JK Cement Madras Cements Ltd. 100 80 60 40 20 0 2007-08 2008-09 2009-10 Figure 11 Quick ratio Quick Ratio 2 JK Cement Madras Cements Ltd. 1. 5 1 0. 5 0 2007-08 2008-09 2009-10 2010-11 2011-12 10 Figure 12 Net pecuniary Rate NFR 0. 18 JK Cement 0. 6 Madras Cements Ltd. 0. 14 0. 12 0. 1 0. 08 0. 06 0. 04 0. 02 0 2010-11 2011-12 11 Appendix B (Tables) Table 1 Key stock statistics contrast Report 24 July 2012 Symbol JKCEMENT (NSE) JKCEM (BSE) ISIN government issue INE823G01014 J K Cements Stock harm (closing) Investment Style 213. 30 (as of 20 July 2012) Large CAP Sector Cement Summary JK Cements is one of the largest cement manufacturers in Northern India it is the second largest white cement manufacturer by production capac ity in India Key Stock Statistics 52 Wk Range 95. 80 to 219. 70 (BSE) 25. 36 8. 41 11,839 EPS (Twelve month Trailing)P/E (Twelve Month Trailing) 10K investment 5 yrs ago trust Rating Long Term swan facilities Short Term Bank facilities rough-cut shares outstg. 69927250 Market Cap Yield (%) Dividend rate per share 1491. 55 Crores 2. 34 5 A+(CARE) A1+(CARE) Table 2 cyberspace per Share Earnings Per Share of 10 each ( ) June Q1 September Q2 2011-12 7. 14 0. 51 2010-11 4. 22 -2. 98 2009-10 10. 04 9. 35 declination Q3 6. 22 0. 26 6. 65 litigate Q4 11. 49 7. 66 6. 28 Year 25. 36 9. 16 32. 32 ? ? ? ? ? ? ? ? Table 3 Industry Margins OPM(%) GPM (%) NPM (%) Mar 12 21. 78 21. 49 9. 14 dec 11 19. 65 18. 45 10. 13 Industry MarginsSep 11 15. 66 13. 6 5. 05 Jun 11 24. 41 22. 48 11. 76 Mar 11 22. 46 20. 9 11. 92 descent 10 17. 18 15. 32 5. 84 12 Table 4 Industry sales Mar 12 Industry sales (in crores) % change Change in industry sales (quarter)(%) Dec 11 Sep 11 Jun 11 Mar 11 Dec 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 Growth Projections (for different values of r) using Free Cash Flow Model Company Name Ultratech Ambuja ACC Shree Cements Madras Cements India Cements JK Cement Average 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 March 2012 BS) Cost of detonating device (%) Growth (%) 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 Ratio Calculations Ratios Profit Margin (%) Asset Turnover (%) ROE (%) Return on Assets (%) Net Operating Profit Margin (%) Net Operating Asset Turnover (%) Return on Net Operating Assets (%) = NOPAT/Avg. Net Operating Assets 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 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 Interest reporting (%) Leverage Measure 1 Debt-Equity Ratio Current Ratio Quick Ratio Debt Turnover Debt Collection compass point (days) Inventory Turnover Inventory Holding Period (days) Operating Cycle (days) NFO NFE NFR Op. Spread FLEV*Spread ROE = RNOA + FLEV*Spread (Advanced Dup ont 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. 941565 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. 06 5515 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