BISMARCK, ND - October 24, 2003 - MDU Resources Group, Inc. (NYSE:MDU) announced financial results for the three months ended September 30, 2003, showing consolidated earnings of $65.3 million compared to $53.7 million for the same period last year. Earnings per common share, diluted, totaled 86 cents, compared to 75 cents per common share, diluted, for the third quarter of 2002.
Earnings for the nine months ended September 30, 2003, totaled $128.6 million or $1.72 per common share, diluted. Earnings for the first nine months of 2002 totaled $101.9 million or $1.44 per common share, diluted. However, 2003 earnings reflect a $7.6 million after-tax noncash transition charge to earnings reflecting the cumulative effect of the change in accounting for asset retirement obligations as required by the adoption of Statement of Financial Accounting Standards No. 143. In addition, 2002 earnings included the effects of a compromise agreement that resulted in a $16.6 million after-tax gain. Excluding the 2003 $7.6 million accounting charge and the 2002 $16.6 million effect of the compromise agreement, 2003 earnings would have totaled $136.1 million or $1.82 per common share, diluted, versus $85.3 million or $1.21 per common share, diluted, for the first nine months of 2002.
In the third quarter of 2003, the company adopted the fair value recognition provisions of SFAS No. 123, "Accounting for Stock-Based Compensation," and began expensing the fair market value of stock options for all awards granted on or after January 1, 2003. The adoption of this accounting statement did not have a significant effect on third quarter 2003 earnings.
The company is maintaining its 2003 earnings per share guidance. Projected earnings per common share, diluted, for 2003, are expected to be in the range of $2.10 to $2.35, including the cumulative effect of the $7.6 million after-tax accounting change. Earnings per common share, diluted, before the cumulative effect of the accounting change are expected to be in the range of $2.20 to $2.45. Projections on earnings per common share, diluted, for 2004 are in the range of $2.25 to $2.45.
"We are quite pleased with our earnings results for this quarter and continue to be confident in our ability to achieve our 2003 earnings goals," said Martin A. White, chairman of the board, president and chief executive officer of MDU Resources. "Energy prices have been strong and our construction materials businesses have experienced an even better year than 2002. Employee focus on our sound strategy continues to benefit our stakeholders. Our diversified asset base and strong balance sheet have us well positioned to provide earnings growth into the future."
QUARTERLY PERFORMANCE SUMMARY
Construction Materials and Mining
Earnings for the third quarter of 2003 for this business segment totaled $36.1 million, compared to $33.4 million for the same period last year. New acquisitions, higher ready-mixed concrete volumes and margins, as well as higher aggregate volumes contributed to the earnings gain. Lower asphalt volumes and margins, due in part to higher asphalt oil costs, partially offset the gains, as did higher selling, general and administrative expenses.
Earnings at this segment were $16.5 million for the third quarter of 2003, compared to $6.9 million for the same period last year. The increase was the result of realized natural gas prices that were 58 percent higher and realized oil prices that were 10 percent higher than the third quarter of 2002. In addition, the company's combined natural gas and oil production increased 7 percent, primarily from enhanced natural gas production in the Rocky Mountain area. The price and production gains were somewhat offset by higher depreciation, depletion and amortization expense, as well as higher lease operating expenses due partly to increased production.
Electric
Electric segment earnings for the three months ended September 30, 2003, totaled $6.3 million, compared to third quarter 2002 earnings of $4.5 million. Higher wholesale electric volumes and prices due to a stronger wholesale market combined with higher realized retail revenues were partially offset by higher operation and maintenance expenses, including higher pension and medical costs.
Natural Gas Distribution
This segment experienced a normal seasonal loss for the third quarter. The loss of $2.5 million in 2003 compares to a loss of $2.6 million in the same period of 2002. Rate relief approved by various public service commissions was largely offset by higher operation and maintenance costs, including higher pension and medical costs.
Utility Services
Earnings from this segment were $1.7 million for the third quarter of 2003, compared to earnings of $1.6 million for the same period in 2002. Earnings improvements at existing operations as well as earnings from an acquisition since the comparable period last year, were partially offset by higher selling, general and administrative expenses.
Pipeline and Energy Services
This segment's earnings totaled $4.6 million for the third quarter of 2003 compared to $5.8 million in the third quarter of 2002. Higher transportation and gathering rates and lower financing-related costs were more than offset by lower volumes transported to storage and higher operation and maintenance expenses, including higher compressor-related materials costs and property insurance costs.
Independent Power Production and Other
Earnings were $2.6 million for the quarter compared to $4.1 million for the same period last year. The Colorado and California generating facilities continue to contribute to 2003 earnings. The Brazilian operations had higher margins due to higher capacity revenues resulting from all four units being in operation compared to only two operational units for the same period in 2002. However, the gains were offset by the effects of foreign currency exchange fluctuations, including their effect on the value of the embedded derivative in the electric power contract.
Corporate News
John K. Wilson, 48, president of Durham Resources, LLC, was named to the board of directors in August 2003. He will stand for election at the next annual meeting of MDU Resources Stockholders in April 2004. Durham Resources is a privately held financial management company. Wilson also serves as president of the Durham Foundation.
In August 2003, the MDU Resources Board of Directors increased the common stock dividend to 25.5 cents per share, a 6.3 percent increase from the previous quarterly dividend of 24 cents. This results in a 6 cents per share annualized increase. The Board also voted to split the common stock of the company on a three-for-two basis. The stock split will be effected in the form of a 50 percent stock dividend on October 29, 2003, for shareholders of record on October 10, 2003. The indicated quarterly dividend, after the effect of the three-for-two stock split, will be 17 cents per common share or an annualized dividend rate of 68 cents per share.
The company will host a webcast on October 24, 2003, beginning at 12:00 noon CDT to discuss third quarter results and earnings guidance. The event can be accessed at www.mdu.com. An audio replay will be available through October 31, 2003. The dial in number for replay is (888) 203-1112; confirmation code 716232.
In addition, on Tuesday, October 28, 2003, the company will webcast its presentation at the EEI Financial Conference. This webcast begins at 10:15 am CST and can also be accessed at www.mdu.com.
Replays will be available approximately two hours after the conclusion of the live presentations.
The following information highlights the key growth strategies, projections and certain assumptions for the company and its subsidiaries over the next few years and other matters for each of the company's businesses. Many of these highlighted points are "forward-looking statements." There is no assurance that the company's projections, including estimates for growth and increases in revenues and earnings, will in fact be achieved. Please refer to assumptions contained in this section as well as the various important factors listed at the end of this document under the heading "Risk Factors and Cautionary Statements that May Affect Future Results." Changes in such assumptions and factors could cause actual future results to differ materially from the company's targeted growth, revenue and earnings projections.
MDU Resources Group, Inc.
Earnings per common share for 2004, diluted, are projected in the range of $2.25 to $2.45.
The company will consider issuing equity from time to time to keep debt at the nonregulated businesses at no more than 40 percent of total capitalization.
Excluding unidentified future acquisitions, the company anticipates investing approximately $510 million and $375 million in capital expenditures during 2003 and 2004, respectively.
The company's long-term compound annual growth goals on earnings per share from operations are in the range of 6 percent to 9 percent.
Electric
In August 2003, an electric rate case was filed with the Montana Public Service Commission requesting an increase of $3.3 million annually, or 10.7 percent. This case was recently withdrawn due to concerns expressed by the Commission and the Montana Consumer Council related to the case test period. It is the company's intent to file a new case.
Regulatory approval has been received from the North Dakota Public Service Commission and the South Dakota Public Utilities Commission on the company's plans to purchase energy from a 20-megawatt wind energy farm in North Dakota. This wind energy farm is expected to be on line early to mid 2004.
The company expects to build or acquire an additional 80 megawatts of capacity in the 2007 through 2009 timeframe. The costs of these projects are expected to be recovered in rates and will be used to meet the utility's need for additional generating capacity.
Natural Gas Distribution
Utility Services
Pipeline and Energy Services
Pipeline construction began in mid-August on the 253-mile Grasslands Pipeline project. The in-service date for this project is expected to be in the mid-November to December 1, 2003, timeframe.
Natural Gas and Oil Production
This segment expects to drill more than 400 wells in 2003 and approximately 400 wells in 2004.
Estimates for average natural gas prices in the Rocky Mountain region for November and December 2003, reflected in the company's 2003 earnings guidance, are in the range of $3.50 to $4.00 per Mcf. The company's estimates for natural gas prices on the NYMEX for November and December 2003, reflected in the company's 2003 earnings guidance, are in the range of $4.25 to $4.75 per Mcf. During 2002, more than half of this segment's natural gas production was priced using Rocky Mountain or other non-NYMEX prices.
For 2004, the company's estimate for natural gas prices in the Rocky Mountain region are in the range of $3.00 to $3.50 per Mcf, and estimates for natural gas prices on the NYMEX are in the range of $4.00 to $4.25 per Mcf.
Estimates of NYMEX crude oil prices for October through December 2003, reflected in the company's 2003 earnings guidance, are in the range of $22 to $27 per barrel.
Estimates of NYMEX crude oil prices for 2004 are projected in the range of $24 to $28 per barrel.
The company has hedged a portion of its 2003 production primarily using collars that establish both a floor and a cap. The company has entered into agreements representing approximately 45 percent to 50 percent of 2003 estimated annual natural gas production. The agreements are at various indices and range from a low CIG index of $2.94 to a high Ventura index of $4.76 per Mcf. CIG is an index pricing point related to Colorado Interstate Gas Co.'s system and Ventura is an index pricing point related to Northern Natural Gas Co.'s system.
The company has hedged a portion of its 2003 oil production. The company has entered into agreements at NYMEX prices with floors of $24.50 and caps as high as $28.12, representing approximately 30 percent to 35 percent of 2003 estimated annual oil production.
The company has hedged a portion of its 2004 estimated annual natural gas production. The company has entered into agreements representing approximately 10 percent to 15 percent of 2004 estimated annual natural gas production. The agreements are at various indices and range from a low CIG index of $3.75 to a high NYMEX index of $5.20 per Mcf.
Construction Materials and Mining
Revenues for this segment in 2003 are expected to increase by approximately 10 percent to 15 percent as compared to 2002 record levels. Revenues in 2004 are expected to increase by approximately 5 percent to 10 percent over projected 2003 levels.
Independent Power Production and Other
The company is finalizing plans for the construction of a 113-megawatt coal-fired development project in Hardin, Montana. Based on demand and power pricing in the Northwest, the plant will be built on a merchant basis. Efforts will continue towards securing a contract for the off-take of the plant. The company is optimistic that this plant will be under contract by the time of plant completion. The projected plant on-line date for this project is late 2005.
Use of Non-GAAP Financial Measure
Where noted in the press release, the company, in addition to presenting its earnings information in conformity with Generally Accepted Accounting Principles (GAAP), has provided non-GAAP earnings data that reflect adjustments to exclude a 2002 $16.6 million after-tax gain arising from a compromise agreement. The company believes that this non-GAAP financial measure is useful to investors because the item excluded is not indicative of the company's continuing operating results. Also, the company's management uses this non-GAAP financial measure as an indicator for planning and forecasting future periods. The presentation of this additional information is not meant to be considered a substitute for financial measures prepared in accordance with GAAP.
Risk Factors and Cautionary Statements that May Affect Future Results
The information in this release includes certain forward-looking statements, including earnings per share guidance and statements by the chairman of the board, president and chief executive officer of MDU Resources, within the meaning of Section 21E of the Securities Exchange Act of 1934. Although the company believes that its expectations are based on reasonable assumptions, actual results may differ materially. Following are important factors that could cause actual results or outcomes for the company to differ materially from those discussed in forward-looking statements.
The company relies on financing sources and capital markets. The company's inability to access financing may impair the company's ability to execute its business plans, make capital expenditures or pursue acquisitions that the company may otherwise rely on for future growth.
The company's natural gas and oil production business is dependent on factors, including commodity prices, which cannot be predicted or controlled.
Some of the company's operations are subject to extensive environmental laws and regulations that may increase its costs of operations, impact or limit its business plans, or expose the company to environmental liabilities. Certain of the company's subsidiaries and properties are the subject of various lawsuits brought by environmental groups in connection with the company's natural gas development activities.
The company is subject to extensive government regulations that may have a negative impact on its business and its results of operations.
The company is finalizing plans for the completion of construction of a 113-megawatt coal-fired electric generation station in Hardin, Montana. The plant will be built on a merchant basis and the projected plant on-line date for this project is late 2005. Unanticipated events could delay completion of construction, start-up and operation of the project. Changes in the market price for power from the company's projections could also negatively impact earnings to be derived from the project.
The value of the company's investment in foreign operations may diminish due to political, regulatory and economic conditions and changes in currency exchange rates in countries where the company does business.
Competition is increasing in all of the company's businesses.
Weather conditions can adversely affect the company's operations and revenues.
Other factors that could cause actual results or outcomes for the company to differ materially from those discussed in forward-looking statements include:
Acquisition and disposal of assets or facilities
Changes in operation and construction of plant facilities
Changes in present or prospective generation
Changes in anticipated tourism levels
The availability of economic expansion or development opportunities
Population growth rates and demographic patterns
Market demand for energy from plants or facilities
Changes in tax rates or policies
Unanticipated project delays or changes in project costs
Unanticipated changes in operating expenses or capital expenditures
Labor negotiations or disputes
Inflation rates
Inability of the various contract counterparties to meet their contractual obligations
Changes in accounting principles and/or the application of such principles to the company
Changes in technology and legal proceedings
The ability to effectively integrate the operations of acquired companies
For a further discussion of these risk factors and cautionary statements, refer to the Introduction of the company's most recent Form 10-Q and to Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations - Risk Factors and Cautionary Statements that May Affect Future Results.
MDU Resources Group, Inc., a member of the S&P MidCap 400 Index, provides energy, value-added natural resource products and related services that are essential to our country's energy, transportation and communication infrastructure. MDU Resources includes natural gas and oil production, construction materials and mining, electric and natural gas utilities, a natural gas pipeline, domestic and international independent power production, utility services and energy services. For more information about MDU Resources, see the company's Web site at www.mdu.com or contact the investor relations department at investor@mduresources.com.
MDU Resources Group, Inc.
| Three Months Ended | Nine Months Ended | |||||||||
|
| 2003 |
| 2002 |
| 2003 |
| 2002 | |||
|
| (In millions, where applicable) |
| ||||||||
Consolidated Statements of Income |
|
|
|
|
|
|
|
| |||
Operating revenues: |
|
|
|
|
|
|
|
|
| ||
Electric |
| $ 47.9 |
| $ 41.5 |
| $ 131.7 |
| $ 117.9 |
| ||
Natural gas distribution |
| 27.7 |
| 16.8 |
| 181.1 |
| 122.7 |
| ||
Utility services |
| 116.1 |
| 113.4 |
| 328.7 |
| 338.1 |
| ||
Pipeline and energy services |
| 61.4 |
| 27.6 |
| 178.8 |
| 113.8 |
| ||
Natural gas and oil production |
| 64.9 |
| 42.2 |
| 198.6 |
| 148.3 |
| ||
Construction materials and mining |
| 426.5 |
| 378.6 |
| 811.3 |
| 701.5 |
| ||
Independent power production and other |
| 10.1 |
| .8 |
| 28.1 |
| 2.5 |
| ||
Intersegment eliminations |
| (38.5) |
| (8.5) |
| (126.2) |
| (70.2) |
| ||
|
| 716.1 |
| 612.4 |
| 1,732.1 |
| 1,474.6 |
| ||
Operating expenses: |
|
|
|
|
|
|
|
|
| ||
Fuel and purchased power |
| 16.1 |
| 14.5 |
| 44.8 |
| 41.6 |
| ||
Purchased natural gas sold |
| 19.9 |
| 4.6 |
| 123.6 |
| 60.1 |
| ||
Operation and maintenance |
| 494.5 |
| 445.7 |
| 1,120.4 |
| 1,023.6 |
| ||
Depreciation, depletion and amortization |
| 47.7 |
| 40.6 |
| 138.7 |
| 114.5 |
| ||
Taxes, other than income |
| 22.2 |
| 16.8 |
| 61.3 |
| 47.6 |
| ||
|
| 600.4 |
| 522.2 |
| 1,488.8 |
| 1,287.4 |
| ||
Operating income: |
|
|
|
|
|
|
|
|
| ||
Electric |
| 12.2 |
| 9.6 |
| 27.2 |
| 22.4 |
| ||
Natural gas distribution |
| (3.8) |
| (3.9) |
| 1.6 |
| 2.3 |
| ||
Utility services |
| 3.4 |
| 3.6 |
| 9.2 |
| 8.8 |
| ||
Pipeline and energy services |
| 8.7 |
| 11.5 |
| 27.2 |
| 27.2 |
| ||
Natural gas and oil production |
| 28.0 |
| 12.1 |
| 91.0 |
| 62.5 |
| ||
Construction materials and mining |
| 63.3 |
| 58.3 |
| 76.3 |
| 66.1 |
| ||
Independent power production and other |
| 3.9 |
| (1.0) |
| 10.8 |
| (2.1) |
| ||
|
| 115.7 |
| 90.2 |
| 243.3 |
| 187.2 |
| ||
Other income - net |
| 2.5 |
| 6.9 |
| 11.1 |
| 11.7 |
| ||
Interest expense |
| 13.6 |
| 11.8 |
| 39.3 |
| 33.3 |
| ||
Income before income taxes |
| 104.6 |
| 85.3 |
| 215.1 |
| 165.6 |
| ||
Income taxes |
| 39.1 |
| 31.4 |
| 78.4 |
| 63.1 |
| ||
Income before cumulative effect of accounting change |
|
|
|
|
|
|
|
| |||
Cumulative effect of accounting change |
| --- |
| --- |
| (7.6) |
| --- |
| ||
Net income |
| 65.5 |
| 53.9 |
| 129.1 |
| 102.5 |
| ||
Dividends on preferred stocks |
| .2 |
| .2 |
| .5 |
| .6 |
| ||
|
|
|
|
|
|
|
|
|
| ||
Earnings on common stock: |
|
|
|
|
|
|
|
|
| ||
Electric |
| 6.3 |
| 4.5 |
| 12.9 |
| 9.6 |
| ||
Natural gas distribution |
| (2.5) |
| (2.6) |
| .4 |
| 1.0 |
| ||
Utility services |
| 1.7 |
| 1.6 |
| 4.3 |
| 3.8 |
| ||
Pipeline and energy services |
| 4.6 |
| 5.8 |
| 14.1 |
| 13.3 |
| ||
Natural gas and oil production |
| 16.5 |
| 6.9 |
| 46.1 |
| 37.4 |
| ||
Construction materials and mining |
| 36.1 |
| 33.4 |
| 41.5 |
| 34.6 |
| ||
Independent power production and other |
| 2.6 |
| 4.1 |
| 9.3 |
| 2.2 |
| ||
|
| $ 65.3 |
| $ 53.7 |
| $ 128.6 |
| $ 101.9 | |||
Earnings per common share - basic: |
|
|
|
|
|
|
|
|
| ||
Earnings before cumulative effect of accounting change |
|
|
|
|
|
|
|
| |||
Cumulative effect of accounting change |
| --- |
| --- |
| (.10) |
| --- |
| ||
Earnings per common share - basic |
| $ .87 |
| $ .76 |
| $ 1.74 |
| $ 1.45 |
| ||
|
|
|
|
|
|
|
|
|
| ||
Earnings per common share - diluted: |
|
|
|
|
|
|
|
|
| ||
Earnings before cumulative effect of accounting change |
|
|
|
|
|
|
|
| |||
Cumulative effect of accounting change |
| --- |
| --- |
| (.10) |
| --- |
| ||
Earnings per common share - diluted |
| $ .86 |
| $ .75 |
| $ 1.72 |
| $ 1.44 |
| ||
Dividends per common share |
| $ .2550 |
| $ .2400 |
| $ .7350 |
| $ .7000 |
| ||
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
| |||
Basic |
| 74.9 |
| 70.9 |
| 74.1 |
| 70.3 |
| ||
Diluted |
| 75.6 |
| 71.3 |
| 74.6 |
| 70.8 |
| ||
|
|
|
|
|
|
|
|
| |||
Pro forma amounts assuming retroactive application of accounting change: |
|
|
|
|
|
|
|
| |||
Net income |
| $ 65.5 |
| $ 53.3 |
| $ 136.7 |
| $ 100.7 |
| ||
Earnings per common share - basic |
| $ .87 |
| $ .75 |
| $ 1.84 |
| $ 1.42 |
| ||
Earnings per common share - diluted |
| $ .86 |
| $ .74 |
| $ 1.82 |
| $ 1.42 |
| ||
|
|
|
|
|
|
|
|
|
| ||
Operating Statistics |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
| ||
Electric (thousand kWh): |
|
|
|
|
|
|
|
|
| ||
Retail sales |
| 630,208 |
| 609,860 |
| 1,760,045 |
| 1,669,575 |
| ||
Sales for resale |
| 212,738 |
| 153,586 |
| 587,055 |
| 579,976 |
| ||
|
|
|
|
|
|
|
|
|
| ||
Natural gas distribution (Mdk): |
|
|
|
|
|
|
|
|
| ||
Sales |
| 3,110 |
| 3,154 |
| 25,915 |
| 26,240 |
| ||
Transportation |
| 2,761 |
| 2,517 |
| 8,808 |
| 8,892 |
| ||
|
|
|
|
|
|
|
|
|
| ||
Pipeline and energy services (Mdk): |
|
|
|
|
|
|
|
|
| ||
Transportation |
| 22,914 |
| 29,910 |
| 69,893 |
| 77,013 |
| ||
Gathering |
| 18,844 |
| 18,759 |
| 56,379 |
| 52,387 |
| ||
|
|
|
|
|
|
|
|
|
| ||
Natural gas and oil production: |
|
|
|
|
|
|
|
|
| ||
Natural gas (MMcf) |
| 13,470 |
| 12,219 |
| 40,367 |
| 34,571 |
| ||
Oil (000's of barrels) |
| 453 |
| 486 |
| 1,380 |
| 1,469 |
| ||
Average realized natural gas price |
| $ 3.91 |
| $ 2.48 |
| $ 3.98 |
| $ 2.54 |
| ||
Average realized oil price |
| $ 26.86 |
| $ 24.44 |
| $ 27.48 |
| $ 22.54 |
| ||
|
|
|
|
|
|
|
|
|
| ||
Construction materials and mining (000's): |
|
|
|
|
|
|
|
|
| ||
Aggregates (tons) |
| 14,119 |
| 13,155 |
| 28,738 |
| 25,600 |
| ||
Asphalt (tons) |
| 3,647 |
| 3,745 |
| 5,510 |
| 5,732 |
| ||
Ready-mixed concrete (cubic yards) |
| 1,161 |
| 951 |
| 2,588 |
| 2,145 |
| ||
|
|
|
|
|
|
|
|
|
| ||
Independent power production and other:* |
|
|
|
|
|
|
|
|
| ||
Net generation capacity - kW |
| 279,600 |
| --- |
| 279,600 |
| --- |
| ||
Electricity produced and sold |
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
| ||
Other Financial Data** |
|
|
|
|
|
|
|
| |||
Book value per common share |
|
|
|
|
| $ 18.60 |
| $ 16.80 |
| ||
Dividend yield (indicated annual rate) |
|
|
|
|
| 3.0% |
| 4.2% |
| ||
Price/earnings ratio*** |
|
|
|
|
| 14.4x |
| 12.3x |
| ||
Market value as a percent of book value |
|
|
|
| 181.6% |
| 135.9% |
| |||
Return on average common equity*** |
|
|
|
|
| 13.4% |
| 11.5% |
| ||
Fixed charges coverage, including preferred dividends*** |
|
|
|
|
|
|
|
| |||
Total assets |
|
|
|
|
| $ 3,333.4 |
| $ 2,869.6 |
| ||
Total equity |
|
|
|
|
| $ 1,418.7 |
| $ 1,215.0 |
| ||
Net long-term debt |
|
|
|
|
| $ 988.8 |
| $ 832.5 |
| ||
Capitalization ratios: |
|
|
|
|
|
|
|
|
| ||
Common equity |
|
|
|
|
| 58% |
| 58% |
| ||
Preferred stocks |
|
|
|
|
| 1 |
| 1 |
| ||
Long-term debt |
|
|
|
|
| 41 |
| 41 |
| ||
|
|
|
|
|
| 100% |
| 100% |
| ||
|
|
|
|
|
|
|
|
|
| ||
*Reflects domestic independent power production operations acquired in November 2002 and January 2003 |
| ||||||||||
**Reported on a year-to-date basis only |
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| ||||||
***Represents 12 months ended |
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