07 August 2014 THE PHILIPPINE STOCK EXCHANGE, INC. Philippine Stock Exchange Plaza Ayala Triangle, Ayala Avenue Makati City Attention: Ms. Janet A. Encarnacion Head – Disclosure Department Dear Ms. Encarnacion: We are pleased to furnish your good office with a copy of our SEC Form 17-Q as of June 30, 2014 filed with the Securities and Exchange Commission (SEC). Thank you. Very truly yours, Aerol Paul B. Banal Corporate Planning Officer
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
07 August 2014 THE PHILIPPINE STOCK EXCHANGE, INC. Philippine Stock Exchange Plaza Ayala Triangle, Ayala Avenue Makati City
Attention: Ms. Janet A. Encarnacion Head – Disclosure Department Dear Ms. Encarnacion: We are pleased to furnish your good office with a copy of our SEC Form 17-Q as of June 30, 2014 filed with the Securities and Exchange Commission (SEC). Thank you. Very truly yours,
Attachment 2 – Aging of Past Due Loans and Other Receivables
Attachment 3 – Consolidated Financial Ratios
There are no material disclosures that have not been reported under SEC Form 17-C during the
period covered by this report.
5
6
Part I
Management's Discussion & Analysis of
Financial Position and Results of Operations
Financial Performance Highlights
The Bank continues to post healthy growth in its core banking revenues, with Net Interest Income
and Fee-based income growing by 23% and 26%, respectively. The growth in core revenues was
driven mainly by higher yielding consumer loans, coupled with lower funding cost as a result of
CASA growth. However, Net Income, as of June 30, 2014, declined by 18% to Php1.0 billion
from Php1.3 billion in the same period last year due to lower trading gains, lower miscellaneous
income and higher income taxes.
Total Assets stood at Php155.9 billion as of June 30, 2014. This is 19% and 10% higher than
June 30, 2013 and December 31, 2013, respectively. The growth in assets largely came from the
growth in customer loans, which grew by 29% y/y and 11% for the first half of the year to end at
Php106.1 billion. The growth in loans is still in line with the Bank’s strategy of growing
consumer and mid-market corporate loans. Consumer loans grew by 28% y/y and 16% in the first
half of the year, while Corporate loans grew 31% y/y and 5% in the first half of the year. Loan
portfolio mix changed slightly with consumer loans now accounting for 54% of total customer
loans.
The Bank’s Operating Income was relatively flat, increasing by 1% y/y to Php7.1 billion. The
decline in Securities Trading Gains and Miscellaneous Income was offset by the double digit
growth in recurring Net Interest Income and Fee-based Income. The Bank’s Net Interest Income,
driven by its above industry net interest margin (NIM) of 8.1%, grew by 23% y/y to Php4.8
billion from Php3.9 billion in the same period last year. Fee-based Income, largely coming from
transactional and service fees of Consumer lending and the Branches, grew by 26% y/y to Php1.5
billion. The rest of the Operating Income declined by 56% to Php858.4 million from the decline
in Securities Trading Gains and due to a one-off gain on the sale of written-off Credit Card
portfolio last year.
Total Operating Expenses including Provision for Credit Losses increased by 1% to Php5.9
billion. Excluding the accelerated expenses posted during the first half of last year, Operating
Expenses would have posted double digit growth as a result of business expansion driven mainly
by the set of new Branches. Provision for Income Taxes was higher at Php237.7 million due to
higher taxable income vs. last year.
Financial Position
Loans
Customer loans grew by 29% y/y and 11% in 1H2014. Consumer loans grew by 28% y/y and
16% in 1H2014, at the back of consistent double digit growth across all Consumer loan products
of the Bank. Corporate loans grew 31% y/y and 5% in 1H2014. Similar to prior periods,
Consumer loans still take up more than half of the portfolio at 54% of total Customer loans.
7
Deposits
Deposit levels as of the first half of 2014 stood at Php126.1 billion, up by 24% from the same
period last year and up 13% from end 2013. The y/y growth is largely attributable to the
expanded branch store network as reflected in the growth of low cost deposits (CASA) and
improvement in CASA to total deposits ratio.
The strong growth in both lending and low cost funds, and the reduction in the cost of high cost
deposits resulted for the Bank to maintain an industry leading NIM of 8.1% as of the first half of
2014.
Capital
The Bank’s capital ratios to risk weighted assets remain above regulatory standards as of 1H2014
despite the more stringent rules with the implementation of Basel 3 capital standards at the start of
the year. The changes in regulations coming from the adoption of Basel 3 from Basel 2 standards,
has caused the Bank’s Capital Adequacy Ratio (CAR) and Tier 1 Ratio as of 1H2014 to go down
to 11.7% and 10.9%, respectively. The Tier 1 capital of the Bank is composed entirely of
common equity, which makes its Common Equity Tier 1 (CET1) ratio the same as its Tier 1 ratio.
The Bank’s CAR will improve post June 30 as a result of its recently concluded issuance of
Php5.0 billion Tier 2 Basel 3 compliant capital notes in July 2014. The Bank plans to issue
another Php5.0 billion Tier 1 Basel 3 eligible capital before the end of the year.
Credit Quality
The Bank’s NPL as a proportion to total Customer loans decreased y/y mainly due to
improvement in the unsecured portfolio, particularly Credit Cards and Personal/Salary loans.
NPL ratio net of fully provided NPLs, decreased to 3.8%1 in 2Q2014 from 4.1%
1 in the same
period last year. The Bank’s NPL ratio is higher than industry average given its higher proportion
of exposure to Consumer loans relative to its peers, which is at 54% of its total Customer loans.
The Bank recognizes that the risk-adjusted return of the Consumer portfolio is still healthy
considering its industry leading net interest margins.
The Bank’s Gross and Net NPL ratio at parent level and as disclosed to the BSP is at 4.4%2 and
2.9%3, respectively. The BSP disclosed NPL ratio takes into account interbank loans used by the
Banks for liquidity management purposes.
1 Total NPLs less: 100% fully provided NPLs divided by Total Customer Loans less: 100% fully provided NPLs 2 Gross NPL ratio disclosed to the BSP, which is at Parent level and inclusive of Interbank loans
3 NPL ratio net of specific provisions disclosed to the BSP, which is at Parent level and inclusive of Interbank loans
8
Results of Operations - For the Second Quarter ended June 30, 2014 and 2013
Revenues
Net Revenues grew by 7% in 2Q2014 to Php3.7 billion from Php3.5 billion in the same quarter
last year despite lower Securities Trading Gains and Miscellaneous Income. The decline in
Securities Trading Gains and Miscellaneous Income from one-off gains on sale of written off
Credit Card portfolio last year, was compensated by the stable double digit growth in Net Interest
Income and Service fees on Consumer and Branch transactions. Excluding Trading Gains and
Miscellaneous Income, Net Revenues posted a quarter-on-quarter growth of 20%, as Net Interest
Income and Service Fees both grew by 22% q/q to Php2.5 billion and Php754.5 million,
respectively.
Net Interest Income
Net Interest Income stood at Php2.5 billion in 2Q2014, 22% or Php439.1 million higher than the
Php2.0 billion posted in the same quarter last year. The higher Net Interest Income was a result
of the double digit growth in lending coupled by lower funding costs. Interest Income in 2Q2014
increased by 17%, while interest expense declined by 6%, compared to same quarter last year.
Fee Income
Other Income, exclusive of Trading Gains, was at Php811.6 million, 14% lower than the
Php947.8 million posted in the same quarter last year. The decrease primarily came from
Php216.0 million gain on sale of written-off Credit Card portfolio in the second quarter of 2013.
Exclusive of the one-off gain last year, Other Income would have increased by double digit on
account of the 22% growth in Service Fees.
Trading Income
Securities Trading Gains in 2Q2014 was at Php376.3 million or 16% lower than the Php446.8
million gains booked in the same quarter last year, as the Bank sold off its Securities Portfolio and
continued to realize gains in the early part of the 2Q2013 in view of interest rate increase.
Foreign Exchange Gains was at Php52.5 million in 2Q2014, which is higher by Php12.7 million
compared to the same quarter last year.
Operating Costs
Total Operating Expenses, inclusive of Provision for Credit Losses, increased by 3% in 2Q2014
to Php3.0 billion from Php2.9 billion in the same quarter last year. Provision for loan losses
increased by 5% to Php765.5 million in 2Q2014 from Php729.4 million in the same quarter last
year on account of the growth in Consumer loans, particularly unsecured portfolios of Credit
Cards and Personal Loans. Compensation and fringe benefits was relatively flat at Php751.3
million. Taxes and licenses increased by 23% to Php272.1 million as a direct result of higher
Operating Income. Rent Expense of Php149.4 million was 4% higher compared to the same
quarter last year while Depreciation and Amortization of Php214.8 million was 25% higher, both
due to the expansion in branch network. Miscellaneous Expenses decreased by 5% to Php833.1
million.
9
Results of Operations - For the Six Months ended June 30, 2014 and 2013
Revenues
Net Revenues was relatively flat, increasing by 1% to Php7.1 billion despite lower Securities
Trading Gains and lower Miscellaneous Income. Securities Trading Gains was at Php640.0
million or 57% lower than the Php1.5 billion gains booked in the same period last year.
Miscellaneous Income was lower by 75% at Php85.1 million since there was a one-off gain on
sale of written off Credit Card portfolio last year. The decline in Securities Trading and Other
one-off gains were offset by strong growth in core recurring income. Excluding the Trading
Gains and Miscellaneous Income, Net Revenues posted a y/y growth of 22% to Php6.3 billion, as
Net Interest Income increased by Php884.3 million or 23% to Php4.8 billion, while Service Fees
and Commission grew by Php311.6 million or 26% to Php1.5 billion.
Net Interest Income
Net Interest Income stood at Php4.8 billion, 23% or Php884.3 million higher than the Php3.9
billion posted in the first half of last year. The higher Net Interest Income was a result of the
double digit growth in lending coupled by lower funding costs which allowed the Bank to
continue to enjoy its industry leading net interest margin of 8.1%, which is about two times higher
than industry average.
Fee Income
Other Operating Income, exclusive of Trading and Foreign Exchange Gains, was at Php1.6
billion. Fee-based income (e.g. Service charges, fees and commission) grew by 26% to Php1.5
billion from Php1.2 billion in the same period last year. The growth in Fee-based income was
partly offset by the decline in miscellaneous income as one-off gains on asset sales and
foreclosures went down to Php98.0 million from Php391.2 million. Trust Income also went down
to Php10.5 million from Php16.0 million last year due to the drop in AuM.
Trading Income
Securities Trading Gains in 1H2014 was at Php640.0 million, or 57% lower as compared to the
Php1.5 billion gains posted in same period last year, as the Bank took advantage of the ultra low
interest rate environment in the first half of last year. On the other hand, Foreign Exchange Gains
increased by 59% to Php110.0 million compared to the Php69.1 million booked in the same
period last year.
Operating Costs
Total Operating Expenses, including Provision for loan losses, was relatively flat at Php5.9 billion
in the first half of 2014. Compensation and fringe benefits went down slightly to Php1.5 billion,
while Provision for loan losses went down by 8% to Php1.5 billion. Net of one-off and
accelerated expenses, Total Operating Expenses have increased mainly due to the branch
expansion. Other Expenses related to business expansion has increased y/y, as follows: (1) Taxes
and licenses grew by 5% to Php489.3 million as a result of growth in revenue base; (2)
Depreciation and Amortization grew by 27% to Php417.8 million coming from expansion in
business and infrastructure; (3) Rent grew by 7% to Php299.9 million coming from branch
10
expansion; and (4) Miscellaneous Expenses grew by 3% to Php1.7 billion with the growth largely
coming from higher Consumer business and branch expansion.
Summary of Key Financials and Ratios
Balance Sheet
(in Php billions)
June 30, 2014 June 30, 2013 y/y Growth %
Assets 155.9 130.9 19%
Consumer Loans 56.8 44.6 28%
Corporate Loans 49.3 37.6 31%
Total Deposits 126.1 101.5 24%
Capital 20.4 18.6 10%
Profitability
(in Php millions)
June 30, 2014 June 30, 2013 y/y Growth %
Net Interest Income 4,784 3,899 23%
Other Income 2,362 3,162 (25%)
Operating Expenses
(Ex- Provision for Losses)
4,355 4,180 4%
Provision for Losses 1,506 1,634 (8%)
Net Income After Tax 1,047 1,276 (18%)
Key Financial Ratios June 30, 2014 June 30, 2013 Variance
b/(w)
Return on Equity
10.6% 14.2% (3.6%)
Return on Assets 1.4% 2.1% (0.7%)
Net Interest Margin 8.1% 8.2% (0.1%)
Cost-to-Income Ratio 60.9% 59.2% (1.7%)
Capital Adequacy Ratio 11.7% 16.8% (5.1%)
Business Segment Performance
The Bank’s core revenues continue to post double-digit growth as it builds its recurring income
base. The growth is a result of the combined efforts of Consumer lending, Retail banking, and
Corporate banking business segments, as well as the contribution of the Rural bank subsidiary.
The Bank has maintained an industry leading NIM of 8.1% as of the first half of 2014, which
resulted for the 23% growth in Net Interest Income. Service fees also posted a strong growth of
26% y/y mostly coming from Consumer business and branch transaction services.
Consumer lending and Corporate banking posted double-digit growth in customer loan portfolio,
at 28% and 31%, respectively. The increase in Corporate loans was brought about by the wider
coverage of the expanded account officer pool mitigated in part the effects of lower margins in
this business segment. The increase in Consumer loans was across all consumer products, which
all grew by double-digit percentages y/y. The growth in all loan business segments was the main
driver of the 16% increase in Interest Income. On the other hand, Interest Expense has gone
down by the same percentage y/y, as the Bank continue to focus on raising low cost funds. The
branch expansion continues to bear fruit which manifested in further improvement in the Bank’s
CASA to total deposits ratio.
11
Consumer lending was led by the contribution of the Credit Card business as receivables ended at
Php19.7 billion, which is 11% higher than the same period last year. Auto loans was the second
highest contributor for the Consumer lending portfolio, which reached a total of Php18.0 billion
in loans, or 38% higher y/y. Mortgage loans continue to gain traction, growing by 18% y/y to
Php8.2 billion as of June 2014 and 8% vs. year-end 2013. Other Consumer loans grew by 62%,
mostly coming from salary and personal loans. On the Corporate banking side, loan portfolio
ended at Php49.2 billion as of June 2014, posting a 31% growth y/y as contributions from the
expanded sales force continue to produce results. As of the first half of 2014, Consumer loans
still account to more than half of the total Customer loan portfolio at 54%.
Treasury group’s contribution to the Bank’s bottom line for the first half of the year was lower
than last year, as Securities Trading Gains went down to Php640.0 million in the first half of 2014
from Php1.5 billion last year. Foreign Exchange Gains, however, increased by 59% to Php110.0
million from Php69.1 million in the same period last year.
The main driver of other Non-Interest Income were Service charges, fees and commissions which
grew by 26% to Php1.5 billion from Php1.2 billion in the same period last year on account of
growth in customer base, coming from increase in Consumer lending and CASA which are good
source of transaction fees.
On the cost side, the headcount intensive Retail banking and Consumer lending led all business
segments in terms of Operating Expenses. This was largely due to the branch store expansion
program and credit costs booked for Consumer loans.
In summary, Consumer lending contributed most to the Net Income due to the solid growth across
all consumer products. This was followed by Treasury’s contribution coming from gains in both
Securities and Foreign Exchange trading. Corporate banking came in third despite thinning
spreads, as a result of its expanded loan portfolio. Retail banking, on the other hand, continues to
carry the brunt of the expenses brought about by the increase in new branch stores opened from
2012 to the present.
Other Information:
As of June 30, 2014, EW Bank has a total of 335 branches, with 149 of these branch stores in the
restricted areas and a total of 188 of these branch stores in all of Metro Manila. For the rest of the
country, the Bank has 77 branches in other parts of Luzon, 36 branches in Visayas, and 34
branches in Mindanao. The total ATM network is at 501, composed of 327 on-site ATMs and
174 off-site ATMs. Total headcount of EW Bank is 4,523.
The Rural bank subsidiaries have a total of 47 branches, 45 ATMs and 490 officers/staff, bringing
the group branch store network total to 382 with 546 ATMs and combined manpower of 5,013.
Known trends, demands, commitments, events or uncertainties
There are no known demands, commitments, events or uncertainties that will have a material
impact on the Bank’s liquidity within the next twelve (12) months.
12
Events that will trigger direct or contingent financial obligation
There are no events that will trigger direct or contingent financial obligation that is material to the
Bank, including any default or acceleration of an obligation.
Material off-balance sheet transactions, arrangements or obligations
There are no material off-balance sheet transactions, arrangements, obligations (including
contingent obligations), and other relationships of the Bank with unsolicited entities or other
persons created during the reporting period other than those disclosed in the financial statements.
Capital Expenditures
The Bank has commitments for capital expenditures mainly for bank’s branch expansion and
implementation of IT projects.
Significant Elements of Income or Loss
Significant elements of the consolidated Net Income of the Group for the period ended June 30,
2014 and 2013 came from its continuing operations.
Seasonal Aspects
There are no seasonal aspects that had a material effect on the Bank’s financial condition and
results of operations.
Vertical and Horizontal Analysis of Material Changes for the Period
The term “material” in this section shall refer to changes or items amounting to five percent (5%)
of the relevant accounts or such lower amount, which the Bank deems material on the basis of
other factors.
I. Statements of Financial Position – June 30, 2014 vs. December 31, 2013
- Cash and cash equivalents decreased by 9% to Php3.6 billion due to the leveling-
off of cash in vault from the usual year-end build-up.
- Due from other banks increased by 252% to Php6.2 billion due to increased levels
of placements and balances with counterparty banks coming from excess liquidity.
- Interbank loans receivable and Securities Purchased Under Resale Agreements
(SPURA) increased by 35% coming from excess liquidity.
- Financial Assets at Fair Value through Profit and Loss decreased by 19% due to
movements in the Bank’s proprietary trading portfolio.
- Financial Assets at Fair Value through Other Comprehensive Income increased by
34% due to increase in market values of its equity securities investments.
- Investment Securities at Amortized Cost decreased by 33% to Php6.1 billion due
to the maturity and sale of various government securities in line with the Bank’s
balance sheet business model.
- Loans and Receivables increased by 10% to Php103.8 billion driven mainly from
increase in customer loans on both consumer and mid-market segments.
- Deferred tax asset increased by 6% to Php1.1 billion on account provisioning set-
up, net of write-off, during the period.
- Intangible assets increased by 12% to Php4.1 billion due to increase in branch
stores in the restricted areas.
- Other assets increased by 104% on account of the following: (1) Prepaid expenses
grew by Php37.0 million or 36%, (2) Returned Checks & Other Cash Items
13
increased by 192% to Php115.4 million, and (3) Advances/down-payments to
contractors and public utilities increased to Php55.9 million.
- Deposit liabilities increased by 13% to Php126.1 billion, largely coming from
CASA growth which is attributable to the expanded branch store network and
LTNCD tranche issuance.
- Bills and acceptance payable decreased by 56% to Php1.4 billion from lower
volume of interbank and other borrowings.
- Accrued Taxes, Interest and Other Expenses increased by 7% due to higher level
of accruals on account of branch expansion.
- Cashier’s Checks and Demand Draft Payable decreased by 11% due to seasonally
high transaction volume during the holidays.
- Unsecured subordinated debt (UnSD) decreased by 44% as the Bank exercised its
call option on its Php1.3 billion UnSD in January 2014.
- Income tax payable increased by 134% due to lower tax-exempt income in the
Parent books and higher taxable income from the subsidiaries.
- Other liabilities jumped by 17% due to the following (1) Bills purchased increased
by Php316.0 million or 23% to Php1.7 billion, and (2) Withholding tax payable
increased by Php40.1 million or 76% due to higher volume of transactions as a
result of the branch expansion.
II. Statement of Income – June 30, 2014 vs. June 30, 2013
- Interest income increased by 16% to Php5.5 billion from Php4.7 billion in the
same period last year primarily due to increase in customer loans.
- Interest expense decreased by 16% to Php693.4 million due to lower cost of
deposits, coming from improving CASA ratio and lower level of borrowings.
- Service charges, fees and commissions increased 26% to Php1.5 billion from
Php1.2 billion in 2013, resulting from the expansion of business lines, particularly
with respect to fees generated by the larger consumer portfolio and expanded store
network.
- Trading and securities gains decreased by 57% as the Bank realized a significant
amount of its trading revenues in the first four months of last year due to favorable
market conditions. Foreign exchange gain, however, increased by 59% as the
Bank’s FX position is in line with currency movement during the period.
- Gain on sale of assets and asset foreclosure decreased by 72% in the first half of
2014 as the Bank disposed portion of its repossessed assets at a lower premium
compared to last year.
- Trust income dropped by 34% to Php10.5 million due to the decline in assets under
management account.
- Miscellaneous income also decreased by 75% to Php85.1 million as the Bank had
one-time gains last year on the sale of its written-off credit card portfolio.
- Provision for loan losses decreased by 8% to Php1.5 billion in 1H2014 from
Php1.6 billion on account of accelerated provisions booked last year.
- Taxes and licenses, Depreciation and amortization and Rent expense increased by
5%, 27 % and 7%, respectively, on account of business expansion.
14
Attachment I
East West Banking Corporation and Subsidiaries
Interim Consolidated Financial Statements
As of June 30, 2014 (Unaudited) and December 31, 2013 (Audited)
And for the Six Months Ended June 30, 2014 and 2013
15
EAST WEST BANKING CORPORATION AND SUBSIDIARIES
UNAUDITED INTERIM STATEMENTS OF FINANCIAL POSITION
As of June 30, 2014 (With Comparative Figures for December 31, 2013)
(Amounts in Thousands of Philippine Peso)
2014
(Unaudited)
2013
(Audited)
ASSETS
Cash and Other Cash Items P=3,550,350 P=3,884,538
Due from Bangko Sentral ng Pilipinas 18,963,401 18,537,655
Due from Other Banks 6,170,094 1,751,824
Interbank Loans Receivable and Securities Purchased Under
Resale Agreements (IBLR and SPURA) 4,207,860 3,116,529
Financial Assets at Fair Value Through Profit or Loss 1,583,171 1,948,703
Financial Assets at Fair Value Through Other
Comprehensive Income (FVTOCI) 14,409 10,733
Investment Securities at Amortized Cost 6,110,490 9,080,320
Loans and Receivables 103,789,758 93,960,575
Property and Equipment 3,528,472 3,452,741
Investment Properties 992,176 1,006,716
Deferred Tax Assets 1,055,283 995,125
Goodwill and Other Intangible Assets 4,097,413 3,655,735
Other Assets 1,834,646 897,499
TOTAL ASSETS P= 155,897,523 P=142,298,693
LIABILITIES AND EQUITY
LIABILITIES
Deposit Liabilities
Demand P=44,602,496 P=39,568,923
Savings 32,801,809 24,865,438
Time 41,622,646 41,275,731
Long-term negotiable certificates of deposits 7,113,056 5,466,003
126,140,007 111,176,095
Bills and Acceptances Payable 1,442,158 3,288,935
Accrued Taxes, Interest and Other Expenses 1,114,197 1,038,175
Cashier’s Checks and Demand Draft Payable 770,256 866,457
Subordinated Debt 1,612,500 2,862,500
Income Tax Payable 180,115 76,935
Other Liabilities 4,209,457 3,597,377
TOTAL LIABILITIES P= 135,468,690 P=122,906,474
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF
PARENT COMPANY
Common Stock P=11,284,096 P=11,284,096
Additional Paid-in Capital 978,721 978,721
Surplus Reserves 41,869 41,869
Surplus 8,134,190 7,087,635
Net unrealized Gains on FVTOCI 5,713 1,925
Remeasurement Losses on Retirement Plan (13,877) (13,877)
Cumulative Translation Adjustment (8,479) 5,228
20,422,233 19,385,597
NON-CONTROLLING INTEREST 6,600 6,622
TOTAL EQUITY 20,428,833 19,392,219
TOTAL LIABILITIES AND EQUITY P= 155,897,523 P=142,298,693
See accompanying Notes to Unaudited Interim Financial Statements.
16
EAST WEST BANKING CORPORATION AND SUBSIDIARIES
UNAUDITED INTERIM STATEMENTS OF INCOME
For the periods ended June 30, 2014 and 2013
(Amounts in Thousands of Philippine Peso)
June 30
2014 2013 2014 2013
For the quarter
ended
For the
quarter ended For the Six
months ended
For the Six
months ended
INTEREST INCOME
Loans and receivables P=2,668,070 P=2,213,228 P=5,152,349 P=4,333,471
Trading and investment securities 139,834 127,337 284,007 294,169