Exhibit 99.1
Contacts: | Phillip D. Kramer | Brad A. Thielemann |
| Executive VP and CFO | Manager, Special Projects |
| 713/646-4560—800/564-3036 | 713/646-4222—800/564-3036 |
FOR IMMEDIATE RELEASE
Plains All American Pipeline, L.P. Reports
Strong Financial Results for First Quarter 2006—
Net Income Climbs 93%; Net Income Per Diluted Unit Up 65%;
EBITDA Up 51%
(Houston—May 3, 2006) Plains All American Pipeline, L.P. (NYSE: PAA) reported first quarter 2006 net income of $63.4 million, equivalent to $0.71 per diluted limited partner unit. These financial results represent increases of 93% and 65%, respectively, over net income of $32.8 million, or $0.43 per diluted limited partner unit, for the first quarter of 2005. As reported, earnings before interest, taxes, depreciation and amortization (“EBITDA”) for the first quarter of 2006 were $100.3 million, an increase of 51% as compared with EBITDA of $66.5 million for the first quarter of 2005. See the section of this release entitled “Non-GAAP Financial Measures” and the attached tables for a discussion of EBITDA and other non-GAAP financial measures, and reconciliations of such measures to the comparable GAAP measures.
“Thus far in 2006, Plains All American has made significant progress toward accomplishing its goals for the year by delivering strong operating and financial results for the first-quarter and enhancing the visibility of its growth profile by completing five acquisitions for aggregate consideration of approximately $360 million,” said Greg Armstrong, Chairman and CEO of the Partnership. “In addition, we remain on track to execute the largest program of internal growth projects in our history. The combination of these activities allowed us to raise our quarterly distribution to $0.7075 per unit, which marks our eighth consecutive quarterly distribution increase. As a result, we believe 2006 is off to a great start.”
Armstrong also noted that the Partnership continued to demonstrate a disciplined financial growth strategy as it pre-funded a significant portion of the recent acquisitions through the issuance of more than $150 million of new equity capital.
The Partnership’s reported results include the impact of various items that affect comparability between reporting periods. Adjusting for selected items impacting comparability, the Partnership’s first quarter 2006 adjusted net income, adjusted net income per limited partner unit and adjusted EBITDA were $69.3 million, $0.82 per diluted unit and $106.2 million, respectively. By way of comparison, the Partnership’s first quarter 2005 adjusted net income, adjusted net income per limited partner unit and adjusted EBITDA were $49.2 million, $0.67 per diluted unit, and $82.9 million, respectively. On a comparable basis, first quarter 2006 adjusted net income, adjusted net income per diluted limited partner unit and adjusted EBITDA increased 41%, 22% and 28%, respectively, over first quarter 2005.
The following table highlights selected items that the Partnership believes impact the comparability of financial results between reporting periods:
| Three Months Ended |
| |||||
|
| 2006 |
| 2005 |
| ||
|
| (in millions, |
| ||||
Long-Term Incentive Plan (“LTIP”) charge |
| $ | (10.6 | ) | $ | (2.2 | ) |
Cumulative effect of change in accounting principle(1) |
| 6.3 |
| — |
| ||
Gain/(Loss) on foreign currency revaluation |
| (0.9 | ) | (0.8 | ) | ||
SFAS 133 mark-to-market adjustment |
| (0.7 | ) | (13.4 | ) | ||
Total |
| $ | (5.9 | ) | $ | (16.4 | ) |
Per Basic Limited Partner Unit(2) |
| $ | (0.11 | ) | $ | (0.24 | ) |
Per Diluted Limited Partner Unit(2) |
| $ | (0.11 | ) | $ | (0.24 | ) |
Note: Figures may not sum due to rounding.
(1) During the first quarter of 2006, we adopted SFAS No. 123(R) (revised) “Share Based Payment,” which requires that the cost resulting from all share-based payment transactions be recognized in the financial statements at fair value. The cumulative effect adjustment represents a decrease to our LTIP life-to-date accrued expense and related liability, and therefore resulted in a non-cash gain of $6.3 million in the first quarter of 2006.
(2) For the quarter ended March 31, 2006, the Partnership’s net income exceeded the cash distribution paid during such periods, which required the application of Emerging Issues Task Force Issue No. 03-06: “Participating Securities and the Two-Class Method under FASB Statement No. 128” (“EITF 03-06”). This theoretical calculation does not impact the Partnership’s aggregate net income or EBITDA, but does reduce the Partnership’s net income per limited partner unit. The application of EITF 03-06 negatively impacted basic and diluted earnings per limited partner unit by $0.04 for the first quarter of 2006.
The following table presents certain selected financial information by segment for the first quarter reporting periods:
|
| Three Months Ended |
| Three Months Ended |
| ||||||||||||||||
|
| Pipeline |
| Gathering, |
| Pipeline |
| Gathering, |
| ||||||||||||
|
| (in millions) |
| (in millions) |
| ||||||||||||||||
Revenues(1) |
|
| $ | 284.9 |
|
|
| $ | 8,388.7 |
|
|
| $ | 247.2 |
|
|
| $ | 6,426.2 |
|
|
Purchases and related costs(1) |
|
| (188.5 | ) |
|
| (8,277.1 | ) |
|
| (151.7 | ) |
|
| (6,369.4 | ) |
| ||||
Field operating costs (excluding LTIP charge) |
|
| (44.8 | ) |
|
| (36.5 | ) |
|
| (34.0 | ) |
|
| (29.5 | ) |
| ||||
LTIP charge—operations |
|
| (0.3 | ) |
|
| (0.7 | ) |
|
| (0.1 | ) |
|
| (0.2 | ) |
| ||||
Segment G&A expenses (excluding LTIP charge)(2) |
|
| (8.7 | ) |
|
| (13.5 | ) |
|
| (10.1 | ) |
|
| (10.1 | ) |
| ||||
LTIP charge—general and administrative |
|
| (4.6 | ) |
|
| (5.0 | ) |
|
| (1.2 | ) |
|
| (0.7 | ) |
| ||||
Segment profit |
|
| $ | 38.0 |
|
|
| $ | 55.9 |
|
|
| $ | 50.1 |
|
|
| $ | 16.3 |
|
|
SFAS 133 mark-to-market impact(3) |
|
| $ | — |
|
|
| $ | (0.7 | ) |
|
| $ | — |
|
|
| $ | (13.4 | ) |
|
Maintenance capital |
|
| $ | 2.9 |
|
|
| $ | 1.8 |
|
|
| $ | 2.8 |
|
|
| $ | 1.2 |
|
|
(1) Includes inter-segment amounts.
2
(2) Segment general and administrative expenses (G&A) reflect direct costs attributable to each segment and an allocation of other expenses to the segments based on the business activities that existed at that time. The proportional allocations by segment require judgment by management and will continue to be based on the business activities that exist during each period.
(3) Amounts related to SFAS 133 are included in revenues and impact segment profit. The SFAS 133 mark-to-market adjustment is primarily based upon crude oil prices at the end of the period and is related to the non-effective portion of our cash flow hedges, as well as certain derivative contracts that do not qualify under SFAS 133 as cash flow hedges. The net gain or loss related to these derivative instruments is principally offset by physical positions in future periods.
(4) Gains/losses on foreign currency revaluation are included in the Gathering, Marketing, Terminalling & Storage segment.
Excluding selected items impacting comparability in both periods, adjusted segment profit from pipeline operations in the first quarter of 2006 was $42.9 million, which was in-line with the high-end of our financial guidance range but was approximately $8.5 million lower than our adjusted segment profit of $51.4 million for the first quarter of 2005. The decrease from 2005's first quarter adjusted segment profit is due primarily to an increase in operating expenses associated with an increase in personnel and related costs and utilities. Utilities increased $4.1 million over the prior year period due to a variety of factors including (1) the net impact of a general increase in electricity rates and power hedges and (2) a true up of prior and current accruals following receipt of final billing information upon expiration of an existing term arrangement with a significant electricity provider. Adjusted segment profit from our gathering, marketing, terminalling and storage operations for the first quarter of 2006 was $63.2 million, up approximately 101% over the corresponding period in 2005 primarily as a result of an expanded asset base and continued favorable market conditions.
The Partnership’s basic weighted average units outstanding for the first quarter of 2006 totaled 74.0 million (75.7 million diluted) as compared to 67.5 million (68.2 million diluted) in last year’s first quarter. At March 31, 2006, the Partnership had approximately 76.1 million units outstanding, long-term debt of $951.5 million and a long-term debt to total capitalization ratio of approximately 40%. Adjusted for the completion of the recent equity offering, the Partnership had approximately 77.3 million units outstanding as of May 1, 2006.
On April 20, 2006, the Partnership declared a cash distribution of $0.7075 per unit ($2.83 per unit on an annualized basis) on its outstanding limited partner units. The distribution will be payable on May 15, 2006, to holders of record of such units at the close of business on May 5, 2006. The distribution represents an increase of 11.0% over the May 2005 distribution and 2.9% over the February 2006 distribution. This represents the 8th consecutive quarterly distribution increase and the 15th distribution increase for the Partnership in the last 21 quarters.
The Partnership today furnished a current report on Form 8-K, which included material in this press release and financial and operational guidance for the second quarter and full year 2006. A copy of the Form 8-K is available on the Partnership’s website at www.paalp.com.
Non-GAAP Financial Measures
In this release, the Partnership’s EBITDA disclosure is not presented in accordance with generally accepted accounting principles and is not intended to be used in lieu of GAAP presentations of results of operations or cash provided by operating activities. EBITDA is presented because we believe it provides additional information with respect to both the performance of our fundamental business activities as well as our ability to meet our future debt service, capital expenditures and working capital requirements. We also believe that debt holders commonly use EBITDA to analyze Partnership performance. In addition, we
3
present selected items that impact the comparability of our operating results as additional information that may be helpful to your understanding of our financial results. We consider an understanding of these selected items impacting comparability to be material to our evaluation of our operating results and prospects. Although we present selected items that we consider in evaluating our performance, you should also be aware that the items presented do not represent all items that affect comparability between the periods presented. Variations in our operating results are also caused by changes in volumes, prices, exchange rates, mechanical interruptions, acquisitions and numerous other factors. These types of variations are not separately identified in this release, but will be discussed in management’s discussion and analysis of operating results in our Quarterly Report on Form 10-Q.
A reconciliation of EBITDA to net income and cash flow from operating activities for the periods presented is included in the tables attached to this release. In addition, the Partnership maintains on its website (www.paalp.com) a reconciliation of all non-GAAP financial information, such as EBITDA, that it reconciles to the most comparable GAAP measures. To access the information, investors should click on the “Investor Relations” link on the Partnership’s home page and then the “Non-GAAP Reconciliation” link on the Investor Relations page.
Conference Call
The Partnership will host a conference call to discuss the results and other forward-looking items on Wednesday, May 3, 2006. Specific items to be addressed in this call include:
1. A brief review of the Partnership’s first quarter performance;
2. A status report on major expansion projects and recent acquisition activity;
3. A discussion of capitalization and liquidity;
4. A review of financial and operating guidance for the second quarter and full year 2006; and
5. Comments regarding the Partnership’s outlook for the future.
The call will begin at 10:00 AM (Central). To participate in the call, please dial 877-709-8150, or, for international callers, 201-689-8354 at approximately 9:55 AM (Central). No password or reservation number is required.
Webcast Instructions
To access the Internet webcast, please go to the Partnership’s website at www.paalp.com, choose “Investor Relations”, and then choose “Conference Calls”. Following the live webcast, the call will be archived for a period of sixty (60) days on the Partnership’s website.
Telephonic Replay Instructions
To listen to a telephonic replay of the conference call, please dial 877-660-6853, or, for international callers, 201-612-7415, and enter acct # 232 and replay # 190857. The replay will be available beginning Wednesday, May 3, 2006, at approximately 1:00 PM (Central) and continue until 10:59 PM (Central) Monday, May 8, 2006.
Forward Looking Statements
Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from results anticipated in the forward-looking statements. These risks and uncertainties include, among other things: the success of our risk management activities; environmental liabilities or
4
events that are not covered by an indemnity, insurance or existing reserves; maintenance of our credit rating and ability to receive open credit from our suppliers and trade counterparties; abrupt or severe declines or interruptions in outer continental shelf production located offshore California and transported on our pipeline system; declines in volumes shipped on the Basin Pipeline, Capline Pipeline and our other pipelines by us and third party shippers; the availability of adequate third party production volumes for transportation and marketing in the areas in which we operate; demand for natural gas or various grades of crude oil and resulting changes in pricing conditions or transmission throughput requirements; fluctuations in refinery capacity in areas supplied by our transmission lines; the availability of, and our ability to consummate, acquisition or combination opportunities; our access to capital to fund additional acquisitions and our ability to obtain debt or equity financing on satisfactory terms; successful integration and future performance of acquired assets or businesses and the risks associated with operating in lines of business that are distinct and separate from our historical operations; the impact of current and future laws, rulings and governmental regulations; the effects of competition; continued creditworthiness of, and performance by, counter parties; interruptions in service and fluctuations in rates of third party pipelines; increased costs or lack of availability of insurance; fluctuations in the debt and equity markets, including the price of our units at the time of vesting under our Long-Term Incentive Plans; the currency exchange rate of the Canadian dollar; the impact of crude oil and natural gas price fluctuations; shortages or cost increases of power supplies, materials or labor; weather interference with business operations or project construction; general economic, market or business conditions; and other factors and uncertainties inherent in the marketing, transportation, terminalling, gathering and storage of crude oil and liquefied petroleum gas discussed in the Partnership’s filings with the Securities and Exchange Commission.
Plains All American Pipeline, L.P. is engaged in interstate and intrastate crude oil transportation and crude oil gathering, marketing, terminalling and storage, as well as the marketing and storage of liquefied petroleum gas and other petroleum products, in the United States and Canada. Through its 50% ownership in PAA/Vulcan Gas Storage LLC, the Partnership is engaged in the development and operation of natural gas storage facilities. The Partnership’s common units are traded on the New York Stock Exchange under the symbol “PAA.” The Partnership is headquartered in Houston, Texas.
# # #
5
PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per unit data)
|
| Three Months Ended |
| ||||
|
| 2006 |
| 2005 |
| ||
REVENUES |
| $ | 8,635.4 |
| $ | 6,638.5 |
|
COSTS AND EXPENSES |
|
|
|
|
| ||
Purchases and related costs |
| 8,427.4 |
| 6,486.2 |
| ||
Field operating costs |
| 82.3 |
| 63.8 |
| ||
General and administrative expenses |
| 31.8 |
| 22.1 |
| ||
Depreciation and amortization |
| 21.6 |
| 19.1 |
| ||
Total costs and expenses |
| 8,563.1 |
| 6,591.2 |
| ||
OPERATING INCOME |
| 72.3 |
| 47.3 |
| ||
OTHER INCOME/(EXPENSE) |
|
|
|
|
| ||
Equity earnings (loss) in PAA/Vulcan Gas Storage, LLC |
| (0.2 | ) | — |
| ||
Interest expense |
| (15.3 | ) | (14.6 | ) | ||
Interest and other income (expense), net |
| 0.3 |
| 0.1 |
| ||
Income before cumulative effect of change in accounting principle |
| 57.1 |
| 32.8 |
| ||
Cumulative effect of change in accounting principle |
| 6.3 |
| — |
| ||
NET INCOME |
| $ | 63.4 |
| $ | 32.8 |
|
NET INCOME—LIMITED PARTNERS |
| $ | 56.7 |
| $ | 29.3 |
|
NET INCOME—GENERAL PARTNER |
| $ | 6.7 |
| $ | 3.5 |
|
BASIC NET INCOME PER LIMITED PARTNER UNIT |
|
|
|
|
| ||
Income before cumulative effect of change in accounting principle |
| $ | 0.65 |
| $ | 0.43 |
|
Cumulative effect of change in accounting principle |
| 0.08 |
| — |
| ||
Basic net income per limited partner unit |
| $ | 0.73 |
| $ | 0.43 |
|
DILUTED NET INCOME PER LIMITED PARTNER UNIT |
|
|
|
|
| ||
Income before cumulative effect of change in accounting principle |
| $ | 0.63 |
| $ | 0.43 |
|
Cumulative effect of change in accounting principle |
| 0.08 |
| — |
| ||
Diluted net income per limited partner unit |
| $ | 0.71 |
| $ | 0.43 |
|
BASIC WEIGHTED AVERAGE UNITS OUTSTANDING |
| 74.0 |
| 67.5 |
| ||
DILUTED WEIGHTED AVERAGE UNITS OUTSTANDING |
| 75.7 |
| 68.2 |
| ||
PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)
OPERATING DATA (in thousands)(1) |
|
|
| ||||||
Average Daily Volumes (barrels) |
|
|
| ||||||
|
| Three Months Ended |
| ||||||
|
| 2006 |
| 2005 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pipeline activities: |
|
|
|
|
|
|
|
|
|
Tariff activities |
|
|
|
|
|
|
|
|
|
All American |
|
| 44 |
|
|
| 54 |
|
|
Basin |
|
| 314 |
|
|
| 277 |
|
|
Capline |
|
| 86 |
|
|
| 160 |
|
|
Cushing to Broome |
|
| 70 |
|
|
| 23 |
|
|
North Dakota/Trenton |
|
| 82 |
|
|
| 61 |
|
|
West Texas/New Mexico Area Systems(2) |
|
| 442 |
|
|
| 401 |
|
|
Canada |
|
| 239 |
|
|
| 268 |
|
|
Other |
|
| 446 |
|
|
| 410 |
|
|
Pipeline margin activities |
|
| 91 |
|
|
| 75 |
|
|
Total |
|
| 1,814 |
|
|
| 1,729 |
|
|
Crude oil lease gathering |
|
| 615 |
|
|
| 622 |
|
|
LPG sales |
|
| 84 |
|
|
| 84 |
|
|
(1) Volumes associated with acquisitions represent total volumes transported for the number of days we actually owned the assets divided by the number of days in the period.
(2) The aggregate of multiple systems in the West Texas/New Mexico area.
CONDENSED CONSOLIDATED BALANCE SHEET DATA |
|
|
|
|
| ||||||
(in millions) |
|
|
|
|
| ||||||
|
| March 31, |
| December 31, |
| ||||||
|
| 2006 |
| 2005 |
| ||||||
ASSETS |
|
|
|
|
|
|
|
|
| ||
Current assets |
|
| $ | 2,374.4 |
|
|
| $ | 1,805.2 |
|
|
Property and equipment, net |
|
| 1,899.5 |
|
|
| 1,857.2 |
|
| ||
Pipeline linefill in owned assets |
|
| 180.1 |
|
|
| 180.2 |
|
| ||
Inventory in third party assets |
|
| 71.9 |
|
|
| 71.5 |
|
| ||
Investment in PAA/Vulcan Gas Storage, LLC |
|
| 113.3 |
|
|
| 113.5 |
|
| ||
Other long-term assets, net |
|
| 94.5 |
|
|
| 92.7 |
|
| ||
Total Assets |
|
| $ | 4,733.7 |
|
|
| $ | 4,120.3 |
|
|
LIABILITIES AND PARTNERS’ CAPITAL |
|
|
|
|
|
|
|
|
| ||
Current liabilities |
|
| $ | 2,294.1 |
|
|
| $ | 1,793.3 |
|
|
Long-term debt under credit facilities and other |
|
| 4.4 |
|
|
| 4.7 |
|
| ||
Senior notes, net of unamortized discount |
|
| 947.1 |
|
|
| 947.0 |
|
| ||
Other long-term liabilities and deferred credits |
|
| 49.4 |
|
|
| 44.6 |
|
| ||
Total Liabilities |
|
| 3,295.0 |
|
|
| 2,789.6 |
|
| ||
Partners’ capital |
|
| 1,438.7 |
|
|
| 1,330.7 |
|
| ||
Total Liabilities and Partners’ Capital |
|
| $ | 4,733.7 |
|
|
| $ | 4,120.3 |
|
|
PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)
(1) Reflects pro forma full distribution of earnings under EITF 03-06. The application of EITF 03-06 negatively impacted basic and diluted earnings per limited partner unit by approximately $0.04 for the three months ended 2006.
PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)
|
| Three Months Ended |
| ||||
|
| 2006 |
| 2005 |
| ||
Funds flow from operations (“FFO”) |
|
|
|
|
| ||
Net income |
| $ | 63.4 |
| $ | 32.8 |
|
Equity (earnings) loss in PAA/Vulcan Gas Storage, LLC |
| 0.2 |
| — |
| ||
Depreciation and amortization |
| 21.6 |
| 19.1 |
| ||
Non-cash amortization of terminated interest rate hedging instruments |
| 0.4 |
| 0.4 |
| ||
FFO |
| 85.6 |
| 52.3 |
| ||
Maintenance capital expenditures |
| (4.7 | ) | (4.0 | ) | ||
FFO after maintenance capital expenditures |
| $ | 80.9 |
| $ | 48.3 |
|
PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)
(1) The application of EITF 03-06 negatively impacted basic and diluted earnings per limited partner unit by approximately $0.04 for the three months ended 2006.
|
| Three Months Ended |
| ||||
|
| 2006 |
| 2005 |
| ||
Net income and earnings per limited partner unit excluding selected items impacting comparability |
|
|
|
|
| ||
Net income |
| $ | 63.4 |
| $ | 32.8 |
|
Selected items impacting comparability |
| 5.9 |
| 16.4 |
| ||
Adjusted net income |
| $ | 69.3 |
| $ | 49.2 |
|
Net income available for limited partners under EITF 03-06 |
| $ | 53.8 |
| $ | 29.3 |
|
Limited partners 98% of selected items impacting comparability |
| 5.8 |
| 16.1 |
| ||
Pro forma additional general partner distribution under EITF 03-06 |
| 2.9 |
| — |
| ||
Adjusted limited partners net income |
| $ | 62.5 |
| $ | 45.4 |
|
Adjusted basic net income per limited partner unit |
| $ | 0.84 |
| $ | 0.67 |
|
Adjusted diluted net income per limited partner unit |
| $ | 0.82 |
| $ | 0.67 |
|
Basic weighted average units outstanding |
| 74.0 |
| 67.5 |
| ||
Diluted weighted average units outstanding |
| 75.7 |
| 68.2 |
| ||
PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)
|
| Three Months Ended |
| ||||||||
|
| Pipeline |
| GMT&S |
| ||||||
2006 Segment profit excluding selected items impacting comparability |
|
|
|
|
|
|
|
|
| ||
Reported segment profit |
|
| $ | 38.0 |
|
|
| $ | 55.9 |
|
|
Selected items impacting comparability of segment profit: |
|
|
|
|
|
|
|
|
| ||
LTIP charge |
|
| 4.9 |
|
|
| 5.7 |
|
| ||
Loss on foreign currency revaluation |
|
| — |
|
|
| 0.9 |
|
| ||
SFAS 133 mark-to-market adjustment |
|
| — |
|
|
| 0.7 |
|
| ||
Segment profit excluding selected items impacting comparability |
|
| $ | 42.9 |
|
|
| $ | 63.2 |
|
|
|
| Three Months Ended |
| ||||||||
|
| Pipeline |
| GMT&S |
| ||||||
2005 Segment profit excluding selected items impacting comparability |
|
|
|
|
|
|
|
|
| ||
Reported segment profit |
|
| $ | 50.1 |
|
|
| $ | 16.3 |
|
|
Selected items impacting comparability of segment profit: |
|
|
|
|
|
|
|
|
| ||
LTIP charge |
|
| 1.3 |
|
|
| 0.9 |
|
| ||
Loss on foreign currency revaluation |
|
| — |
|
|
| 0.8 |
|
| ||
SFAS 133 mark-to-market adjustment |
|
| — |
|
|
| 13.4 |
|
| ||
Segment profit excluding selected items impacting comparability |
|
| $ | 51.4 |
|
|
| $ | 31.4 |
|
|