ASSIGNMENT ON

FINANCIAL STATEMENT ANALYSIS

Of

STEEL AUTHORITY OF INDIA LTD.

Submitted by:

Irfan Ahmad (2011MB32)

Manisha Yadav (2011MB29)
Submitted to:

Dr. Tanuj Nandan

SCHOOL OF MANAGEMENT STUDIES

MOTILAL NEHRU NATIONAL INSTITUTE OF TECHNOLOGY

INTRODUCTION
Steel Authority of India Limited (SAIL) is one of the largest state-owned steel makers in India and
one of the top steelmakers in World. With a turnover of 48,681 crore (US$9.87 billion), the company
is among the top five highest profit earning corporates of the country. It is a public sector undertaking
which trades publicly in the market is largely owned by Government of India and acts like an operating
company. Incorporated on January 24, 1973, SAIL has more than 1 lakh employees. During 201011,the manpower of SAIL reached a level of 110794 (as on 31.3.2011) from 116950 (as on 1.4.2010)
The company's current chairman is C.S Verma. With an annual production of 13.5 million metric tons,
SAIL is the 14th largest steel producer in the world.
Major plants owned by SAIL are located Bhilai, Bokaro, Durgapur, Rourkela, Burnpur (near Asansol)
and Salem. SAIL is a public sector company, owned and operated by the Government of India.
According to a recent survey, SAIL is one of India's fastest growing Public Sector Units. Besides, it
has R&D centre for Iron & Steel (RDCIS), Centre for Engineering and Technology (CET),
Management Training Institute (MTI) and SAIL Safety Organization (SSO) located at Ranchi capital
of Jharkhand.

HISTORY
1959-1973
SAIL traces its origin to the Hindustan Steel Limited (HSL) which was set up on January 19, 1954.
HSL was initially designed to manage only one plant that was coming up at Rourkela.
For Bhilai and Durgapur Steel Plants, the preliminary work was done by the Iron and Steel Ministry.
From April 1957, the supervision and control of these two steel plants were also transferred to
Hindustan Steel. The registered office was originally in New Delhi. It moved to Calcutta in July 1956,
and ultimately to Ranchi in December 1959.
A new steel company, Bokaro Steel Limited (Bokaro Steel Plant), was incorporated in January 1964
to construct and operate the steel plant at Bokaro. The 1 MT phases of Bhilai and Rourkela Steel
Plants were completed by the end of December 1961. The 1 MT phase of Durgapur Steel Plant was
completed in January 1962 after commissioning of the Wheel and Axle plant. The crude steel
production of HSL went up from 1.58 MT (195960) to 1.6 MT. The second phase of Bhilai Steel Plant
was completed in September 1967 after commissioning of the Wire Rod Mill. The last unit of the 1.8
MT phase of Rourkela - the Tandem Mill - was commissioned in February 1968, and the 1.6 MT stage
of Durgapur Steel Plant was completed in August 1969 after commissioning of the Furnace in SMS.
Thus, with the completion of the 2.5 MT stage at Bhilai, 1.8 MT at Rourkela and 1.6 MT at Durgapur,
the total crude steel production capacity of HSL was raised to 3.7 MT in 1968-69 and subsequently to
4MT in 1972-73.

1973-present
The Ministry of Steel and Mines drafted a policy statement to evolve a new model for managing
industry. The policy statement was presented to the Parliament on December 2, 1972. On this basis
the concept of creating a holding company to manage inputs and outputs under one umbrella was
mooted. This led to the formation of Steel Authority of India Ltd. The company, incorporated on
January 24, 1973 with an authorized capital of Rs. 2000 crore, was made responsible for managing
five integrated steel plants at Bhilai, Bokaro, Durgapur, Rourkela and Burnpur, the Alloy Steel Plant
and the Salem Steel Plant. In 1978 SAIL was restructured as an operating company.

RATIO ANALYSIS
Ratio analysis is a process of identifying the financial strengths and weaknesses of the firm.
This may be accomplished either through a trend analysis of the firms ratios over a period of
time or through a comparison of the firms ratios with its nearest competitors and with the
industry averages.
Ratio analysis is a very useful tool to raise relevant questions on a number of managerial
issues. It provides clues to investigate those issues in detail. However, caution needs to be
applied while interpreting ratios as they are calculated from the accounting numbers.
Accounting numbers suffer from accounting policy changes, arbitrary allocation procedures
and inflation.

1. PROFITABILITY RATIO
A class of financial metrics that are used to assess a business's ability to
generate earnings as compared to its expenses and other relevant costs incurred during
a specific period of time. For most of these ratios, having a higher value relative to a
competitor's ratio or the same ratio from a previous period is indicative that the
company is doing well.

a) Gross Profit Margin Ratio:

The gross profit margin reflects the efficiency with which management produces
each unit of product. This ratio indicates the average spread between the cost of goods
sold and the sales revenue.
Gross Profit Margin Ratio = (Gross Profit / Sales) * 100
Gross profit = PBDITA (profit before depreciation, interest, tax and amortization)
2006

2007

2008

2009

2010

22.322

27.425

28.086

22.176

27.339

40
22.322

27.425

28.086

22.176

27.339

20
0
2006

2007

2008

2009

2010

Analysis: Decrease in gross profit ratio indicates that direct expenses are increasing
and cost of goods sold is increasing.

b) Net Profit Margin Ratio:

Net profit margin ratio establishes the relationship between net profit and sales and
indicates management efficiency in manufacturing, administrating and selling of the
product. Net profit is obtained when operating expenses, interest and taxes are
subtracted from the gross profit.
Net Profit Margin Ratio = (Net Profit / Sales) * 100
2006

2007

2008

2009

2010

11.99

15.253

16.246

12.151

14.842

20
15

16.246

15.253

14.842
12.151

11.99

10
5
0
2006

2007

2008

2009

2010

Analysis: Previously the net profit was increasing but after 2008 it goes down, this
indicates operating expenses increases year to year.

c) Operating Ratio:
The operating ratio is a financial term defined as a company's operating expenses as a
percentage of revenue. This financial ratio is most commonly used for industries
which require a large percentage of revenues to maintain operations, such as railroads.
Operating ratio= (Cost of Goods Sold + Operating Expenses)/Net Sales
2006

2007

2008

2009

2010

0.8756

0.8417

0.8345

0.8738

0.8462

0.9

0.8756

0.8738
0.8417

0.85

0.8462

0.8345

0.8
2006

2007

2008

2009

2010

Analysis: In the previous years the operating ratio decreases but after 2008 it starts
increasing, this indicates that cost of goods sold increases in the later years.

2) SOLVENCY RATIO
The solvency ratio is a measure of the risk an insurer faces of claims that it cannot
absorb. The amount of premium written is a better measure than the total amount
insured because the level of premiums is linked to the likelihood of claims.

a) Debt Equity Ratio:

The debt-to-equity ratio (D/E) is a financial ratio indicating the relative proportion
of shareholders' equity and debt used to finance a company's assets. Closely
related to leveraging, the ratio is also known as Risk, Gearing or Leverage. The
two components are often taken from the firm's balance sheet or statement of
financial position (so-called book value), but the ratio may also be calculated
using market values for both, if the company's debt and equity are publicly traded,
or using a combination of book value for debt and market value for equity
financially.
Debt Equity Ratio = Long Term Debt / Share Holders Fund
2006

2007

2008

2009

2010

0.087

0.087

0.334

0.151

0.075

0.334

0.4
0.2

0.087

0.151

0.087

0.075

0
2006

2007

2008

2009

2010

Analysis: Decreasing ratio indicates that the borrowing is decreasing year by year.

b) Funded Debt to Capitalization Ratio:

A ratio showing the financial leverage of a firm, calculated by dividing long-term
debt by the amount of capital available:
Funded Debt to Capitalization Ratio = (Funded Debt/Total Capitalization)*100

2006

2007

2008

2009

2010

16.75

14.16

8.36

11.28

30.69

40

30.69

30
16.75

20

14.16

8.36

10

11.28

0
2006

2007

2008

2009

2010

Analysis: It indicates that the company is borrowing less from outside in the later
years.

c) Proprietary Ratio or Equity Ratio:

The equity ratio is a financial ratio indicating the relative proportion
of equity used to finance a company's assets. The two components are often taken
from the firm's balance sheet or statement of financial position (so-called book
value), but the ratio may also be calculated using market values for both, if the
company's equities are publicly traded.
Equity Ratio = Proprietary Fund / Total Assets
2006

2007

2008

2009

2010

0.42

0.49

0.54

0.5

0.47

0.6

0.42

0.49

0.54

0.5

0.47

0.4
0.2
0
2006

2007

2008

2009

2010

Analysis: In the year 2008 it increases, which shows that the business expands but in
the later years it decreases which indicates that the business is not expanded.

3) ACTIVITY RATIOS:
Activity ratios measure the effectiveness of the firms use of resources.

a) Capital Turnover Ratio:

A ratio of how effectively a publicly-traded company manages
the capital invested in it to produce revenues. It is calculated by taking the
total of the company's annual sales and dividing it by the average stockholder

equity, which is the average amount of money invested in the company. A

high ratio indicates that the company is using its capital well, while a low ratio
indicates the opposite. It is also called equity turnover.
Capital Turnover Ratio = Net Sales/ Capital Employed
2006

2007

2008

2009

2010

2.58

1.66

1.48

1.42

1.09

2.58
1.66

1.48

1.42

1.09

1
0
2006

2007

2008

2009

2010

Analysis: In the previous years it decreases, which indicates that the sales are less but later it
increases which indicates that the sales are increased.

b) Net Working Capital Turnover Ratio:

Working capital is used by lenders to help gauge the ability for a company to
weather difficult financial periods. Working capital is calculated by
subtracting current liabilities from current assets. Due to differences in
businesses and the fact that working capital is not a ratio but an absolute
amount, it is difficult to predict what the ideal amount of working capital
would be for your business.
Net Working Capital Turnover Ratio = Net Sales/Net Working Capital
2006

2007

2008

2009

2010

8.58

4.74

3.86

3.01

2.1

10

8.58
4.74

3.86

3.01

2.1

0
2006

2007

2008

2009

2010

Analysis: It decreases which is not good for the company because all the
assets are not utilized by the company.

c) Inventory Turnover Ratio:

In accounting, the Inventory turnover is a measure of the number of times
inventory is sold or used in a time period such as a year. The equation for
inventory turnover equals the cost of goods sold divided by the
average inventory. Inventory turnover is also known as inventory
turns, stockturn, stock turns, turns, and stock turnover.
Inventory Turnover Ratio = Cost of Goods Sold/Average Inventory
2006

2007

2008

2009

2010

5.1

5.8

6.55

4.75

4.79

8
6

5.1

5.8

6.55
4.75

4.79

4
2
0
2006

2007

2008

2009

2010

Analysis: It indicates that the cost of goods is increasing due to which the
company earns less profit.

Appendices
Appendix I

Executive Summary of Statement

Appendix II

Assets

Appendix III

Liabilities

Appendix IV

Income and Expenditure

APPENDIX I

Steel Authority Of India Ltd.

Rs. Crore (Non-Annualised)
Total income

Mar 2006
12 mths

Mar 2007
12 mths

Mar 2008
12 mths

Mar 2009
12 mths

Mar 2010
12 mths

33415.79

40822.07

47454.82

51374.62

46815.5

32377.96

39312.59

45685.04

48837.27

44059.72

475.15

809.72

1311.33

1846.81

2075.6

30534.13

34904.99

40354.32

47077.09

38903.68

12283.58

13421.64

13829.23

19902.42

16990.85

Power, fuel & water charges

2528.45

2594.04

2852.03

3260.62

3445.25

Compensation to employees

4359.18

5252.04

8069.15

8745.38

5540.28

4625.1

5437.26

6272.14

5569.67

3497.12

1043.39

888.31

936.16

986.92

877.93

67.36

79.69

78.65

113.69

PBDITA

7356.8

10987.71

12945.78

11066.36

12260.25

PBDTA

6922.39

10671.55

12707.31

10742.29

11544.5

PBT

5707.33

9456.52

11471.43

9454.52

10207.26

PAT

4012.97

6202.29

7536.78

6170.4

6754.37

12601.41

17313.15

23063.57

28148.22

33316.7

Sales
Income from financial services
Total expenses
Raw material expenses

Indirect taxes
Selling & distribution expenses
Other operational exp. of indl.
enterprises
Other oper. exp. of non-fin. service
enterprises

Net worth
Paid up equity capital (net of forfeited
capital)

4130.4

4130.4

4130.4

4130.4

4130.4

8471.01

13182.75

18933.17

24017.82

29186.3

3388.45

3291.52

2137.29

6700.21

15688.62

Current liabilities & provisions

11765.05

11957.99

14254.62

18131.99

18093.54

Total assets

Reserves & surplus

Total borrowings

30644.44

35270.45

42015.47

55476.02

69545.67

Gross fixed assets

30118.39

31111.23

33312.28

39400.55

50416.7

Net fixed assets

12920.08

12796.23

13960.86

18855.1

28641.41

292

513.79

557.13

672.85

703.61

15525.72

19645.73

26049.33

34340.08

38685.01

285.75

323.92

397.28

444.51

483.75

Investments
Current assets
Loans & advances

Growth (%)

Total income

Total expenses

PBDITA
PAT
Net worth
Total assets
Profitability ratios (%)
PBDITA Net of P&E/Total income net
of P&E
PAT Net of P&E/Total income net of
P&E
PAT Net of P&E/Avg. net worth
PAT/Avg. net worth
PAT Net of P&E/Avg. total assets
PAT/Avg. total assets

1.6808049
8

22.164012
9

16.247951
2

8.2600671
5

15.597537
2
34.842180
4

14.314670
2

15.611893
9

-41.132644
23.710910
8
4.0150650
6

49.354474
8
54.556101
8
38.741876
6
15.095756
4

17.820546
8
21.516085
2
33.869238
8

16.659356
4
14.517626
6

21.721988
7
11.672145
7
33.906057
5
35.035441
7
12.922541
2
13.352980
9

26.562479
6
14.772957
7
40.090243
7
41.466697
2
18.194401
9
18.819086
2

27.106556
5
15.679940
7
36.765690
7
37.332304
4
19.207612
5
19.503630
2

1.3677578
3
0.2735800
2
13.840335
2
23.618611
2
63.199842
4

1.6409484
3
0.1915456
2
30.259362
3
21.389345
6
61.330637
7

1.9136668
0.0929091
3
48.624606
9
23.096965
7
63.286015
5

1.1214249
9
7.6656137
2

1.2451462
5
7.7726121
7

1.2310373
5.8810184
5

19.123714

-18.129493
22.361806
1
32.037128
2

21.183544
6
11.607424
4
23.176303
7
24.097576
12.174395
9
12.658335
6

8.8742651
5
17.361757
1
10.788461
6
9.4640541
9
18.361658
4
25.361678
8

25.856089
14.037563
4
21.279324
9
21.977967
3
10.461640
7
10.805117
1

Liquidity ratios (times)

Current ratio
Debt to equity ratio
Interest cover
Debtors (days)
Creditors (days)

1.9920885
1
0.2380331
7
29.446385
24.189701
8
63.465386
6

2.1079245
1
0.4708935
8
14.960950
1
28.452866
9
108.57055
1

1.0545737
5
5.8744868
7

0.7489180
5
8.4500241
9

Efficiency ratios (times)

Total income / Avg. total assets
Total income / Compensation to
employees

APPENDIX II

Steel Authority Of India Ltd.

Mar
2006

Mar
2007

Mar
2008

Mar
2009

Mar
2010

Rs. Crore (Non-Annualised)

12 mths

12 mths

12 mths

12 mths

12 mths

Gross fixed assets

Land & building
Plant & machinery
Transport & comm.
equipment/infrastructure

30118.39

31111.23

33312.28

39400.55

50416.7

2604.88

2608.23

2697.05

2773.19

2873.67

25021.73

25489.78

26202.33

27742.15

28866.54

1089.1

1138.19

1226.82

1373.17

1614.55

Furniture,amenities & other fixed assets

415.45

431.02

456.76

534.25

565.46

Capital work-in-progress

753.48

1193.01

2372.89

6549.86

15029.59

Intangible assets

204.88

221.53

314.25

401.25

1439.04

4.46

5.51

16.66

0.84

4.62

17198.31

18315

19351.42

20545.45

21775.29

12920.08

12796.23

13960.86

18855.1

28641.41

Net pre-operative expenses pending

allocation
Net lease reserve adjustment
Less: Cumulative depreciation
Less: Arrears of depreciation
Net fixed assets
Investments

292

513.79

557.13

672.85

703.61

296.49

521.49

545.9

660

676.13

Preference shares

Mutual funds

Debt instruments

Approved securites (slr/statutory req.)

Assisted companies

0.18

0.18

19.11

20.33

34.96

4.67

7.88

7.88

7.48

7.48

284.48

509.48

533.89

647.99

664.12

12.01

12.01

12.01

12.01

12.01

3.33

4.31

5.12

2.7

6.08

1405.07

1295.13

991.39

1162.39

1031.89

Equity shares

Others
Less: Provision for dimunition in value of
investments
Group companies
Non-group companies
Market value of quoted investments
Deferred tax assets

Current assets

15525.72

20212.23

26049.33

34341.17

Cash & bank balance

6172.64

9609.83

13759.44

18264.67

22439

Inventories

6210.06

6651.47

6857.23

10161.19

9027.46

Receivables

3132.79

3940.43

5421.04

5848.24

7077.71

10.23

10.5

11.62

67.07

140.84

Loans & advances

285.75

323.92

397.28

444.51

483.75

Deferred revenue expenditure

215.82

129.15

59.48

30644.44

35270.45

42015.47

55476.02

69545.67

Expenses paid in advance

Total assets

38685.01

APPENDIX III

Steel Authority Of India Ltd.

Mar
2006

Mar
2007

Mar
2008

Mar
2009

Mar
2010

Rs. Crore (Non-Annualised)

12 mths

12 mths

12 mths

12 mths

12 mths

Net worth

12601.41

17313.15

23063.57

28148.22

5000

5000

5000

5000

5000

4130.4

4130.4

4130.4

4130.4

4130.4

4130.4

4130.4

4130.4

4130.4

4130.4

8471.01

13182.75

18933.17

24017.82

29186.3

8071.64

12819.45

18655.46

23774.82

28884.06

235.29

235.29

235.29

235.29

235.29

7836.35

12584.16

18420.17

23539.53

28648.77

399.37

363.3

277.71

243

302.24

Revaluation Reserves

Less Accumulated losses

Total borrowings

3388.45

3291.52

2137.29

6700.21

15688.62

Bank borrowings

315.24

791.24

260.81

3264.04

7023.8

Short term bank borrowings

315.24

791.24

260.81

824.04

2067.8

Long term bank borrowings

2440

4956

204.43

204.43

204.43

204.16

204.16

778.9

765.15

664.5

673.6

5288.1

778.9

765.15

664.5

673.6

5288.1

635.83

535.65

515.65

1410.51

1814.38

Authorised capital
Issued equity capital
Paid up equity capital (net of forfeited
capital)
Forfeited equity capital
Paid up preference capital (net of forfeited
capital)
Capital contibution, suspense and
application money
Reserves & surplus
Free Reserves
Security premium reserves (Net of
deductions)
Other free reserves
Specific Reserves

Financial institutional borrowings

Central & state govt. (usually sales tax
deferrals)
Debentures / bonds
Convertible
Non-convertible
Fixed deposits
Foreign borrowings
Of which : euro convertible bonds
Borrowings from corporate bodies
Group / associate cos.

33316.7

Borrowings from promoters / directors

Commercial paper

944.78

Hire purchase borrowings

Deferred credit

Other borrowings

1454.05

995.05

491.9

1147.9

413.4

Secured borrowings

1122.16

1556.39

925.31

1497.64

7755.9

Unsecured borrowings

2266.29

1735.13

1211.98

5202.57

7932.72

Current portion of long term debt

1448.23

2047.12

1028.64

5211.51

3041.31

11765.05

11957.99

14254.62

18131.99

18093.54

2427.36

2545.07

2987.25

4104.87

6232.36

Current liabilities & provisions

Sundry creditors
Acceptances
Deposits & advances from customers &
employees
Interest accrued
Share application money

768.56

889.51

886.63

1021.22

1216.36

1284.99

1087.79

1023.59

958.2

1223.75

Other current liabilities

1619.96

1764.47

2411.45

2467

3087.02

Provisions

5664.18

5671.15

6945.7

9580.7

6334.05

2889.53

2707.79

2559.99

2495.6

2446.81

Total liabilities

30644.44

35270.45

42015.47

55476.02

69545.67

Net worth (net of reval & DRE)

12385.59

17184

23004.09

28148.22

33316.7

5705.22

5605.9

17262.72

32076.05

28384

Deferred tax liability

Contingent liabilities

APPENDIX IV
Steel Authority Of
India Ltd.
Indicators / Segments
Mar 2006

Mar 2007

Mar 2008

Mar 2009

Mar 2010

Segment sales
Alloy Steel Plant

33884.32
669.21

41250.1
772

48276.09
1051.45

52068.69
1132.75

47561.07
1215.83

Bhilai Steel Plant

11386.52

13867.87

16709.24

18916.13

16606.04

Bokaro Steel Plant

10069.26

11519.21

12757.04

12284.72

11550.09

3839.9

4488.07

5642.83

6626.63

5917.24

1358.58

1590.56

1840.26

2351.11

2220.58

486.25

563.65

707.15

1100.22

1028.15

4632.72

6395.01

7384.85

7741.74

7092.69

Salem Steel Plant

785.04

1305.24

1397.13

1265.04

1373.34

Visvesvaraya Iron &

Steel Plant

656.84

748.49

786.14

650.35

557.11

Durgapur Steel Plant

ISP
Others
Rourkela Steel Plant

Visvesvaraya Iron &

Steel
Less: inter segment

557.11

Alloy Steel Plant

1604.57
174.16

2061.44
240.1

2720.75
500.31

3149.56
587.92

3626.37
806.36

Bhilai Steel Plant

169.25

341.56

191.43

419.43

731.74

Bokaro Steel Plant

531.89

514.52

719.47

427.03

253.12

Durgapur Steel Plant

79.41

200.39

368.1

420.08

315.47

ISP

19.35

108.19

124.44

325.33

387.1

482.95

554.86

677.42

779.75

970.74

Others

Rourkela Steel Plant

46.07

59.11

63.19

118.57

100.45

Salem Steel Plant

14.92

5.97

22.86

10.55

4.65

Visvesvaraya Iron &

Steel Plant

23.81

36.74

53.53

60.9

56.54

Visvesvaraya Iron &

Steel

56.54

Net sales (net of inter

segment)
Alloy Steel Plant

32279.75
495.05

39188.66
531.9

45555.34
551.14

48919.13
544.83

43934.7
409.47

Bhilai Steel Plant

11217.27

13526.31

16517.81

18496.7

15874.3

Bokaro Steel Plant

9537.37

11004.69

12037.57

11857.69

11296.97

Durgapur Steel Plant

3760.49

4287.68

5274.73

6206.55

5601.77

ISP

1339.23

1482.37

1715.82

2025.78

1833.48

3.3

8.79

29.73

320.47

57.41

4586.65

6335.9

7321.66

7623.17

6992.24

Salem Steel Plant

770.12

1299.27

1374.27

1254.49

1368.69

Visvesvaraya Iron &

Steel Plant

633.03

711.75

732.61

589.45

500.57

Others
Rourkela Steel Plant

Visvesvaraya Iron &

Steel
PBIT

500.57

Alloy Steel Plant

6173.5
30.15

9755.18
22.73

11719.67
8.35

9658.29
-106.94

10534.04
-22.05

Bhilai Steel Plant

2921.7

4286.24

5425.28

5030.44

4403.49

2169.72

2771.13

2870.84

1345.55

2166.65

311.24

639.23

1036.34

783.64

693.54

-242.21

-245.37

-280.06

-178.59

185.94

Others

401.13

818.27

1122.3

1825.79

1744.18

Rourkela Steel Plant

608.74

1369.2

1480.98

1099.73

1443.11

Salem Steel Plant

-56.92

123.55

107.69

7.12

19.16

29.95

-29.8

-52.05

-148.45

-99.98

Bokaro Steel Plant

Durgapur Steel Plant
ISP

Visvesvaraya Iron &

Steel Plant
Visvesvaraya Iron &
Steel
Interest / dividend income
Less: interest expense
Net unallocable
income/expenditure

-99.98

467.76

332.13

250.94

259.41

402.01

Less: Tax
Deferred Taxes
PAT
PAT/sales (%)
PAT/capital employed
(%)
PAT/total assets (%)

1692.77

3220.76

3931.95

3226.48

3377.66

4012.97

6202.29

7536.78

6172.4

6754.37

12.4318497

15.8267468

16.5442295

12.6175588

15.3736568

21.8292065

27.0767513

27.2307994

16.6622305

13.1810923

13.0242055

18.3199918

18.4380822

11.3916451

9.87605167