Investor Presentation

HORSEHEAD HOLDING CORP.
Investor Presentation
August 2012
Cellhouse
Legal Disclaimers
Informational Purposes Only
This investor presentation is being furnished for informational purposes only, and does not and shall not constitute an offer to sell
or a solicitation to buy any securities of the Company.
Third Party Information
This presentation has been prepared by the Company based on information we have or have obtained from sources we believe
to be reliable. Summaries of the terms of certain documents may be contained in this presentation and may not be complete,
and we refer you to such documents for a more complete understanding of what we discuss in this presentation. The information
in this presentation is current only as of the date on the cover, and our business or financial condition and other information in
this presentation may change after that date.
Forward Looking Statements
This presentation contains statements, estimates and projections with respect to the anticipated future performance of
the Company that may be deemed to be “forward‐looking statements”. You should not place undue reliance upon
these statements. These statements relate to analyses and other information, which are based on forecasts of future
results and estimates of amounts not yet determinable. These statements also relate to our future prospects, liquidity,
possible or future results of operations, developments and business strategies. Although we believe that our plans,
intentions and expectations reflected in or suggested by such forward‐looking statements are reasonable, we cannot
assure you that we will achieve those plans, intentions or expectations.
Non-GAAP Financial Measures
We have included certain financial measures in this presentation, including EBITDA and Adjusted EBITDA, which are
“non-GAAP financial measures” as defined under the rules of the Securities and Exchange Commission. This
presentation includes reconciliations of the non-GAAP financial measures found in this presentation to the most
directly comparable financial measures calculated and presented in accordance with generally accepted accounting
principles in the United States.
2
Company Overview
Horsehead Holding Corp. (NASDAQ:ZINC) is the parent company of:

–
Horsehead Corporation: Producer of specialty zinc and zinc-based products and a recycler of electric arc
furnace (“EAF”) dust, a zinc containing EPA-listed hazardous waste generated by North American steel minimills
–
INMETCO: Recycler of nickel-bearing wastes and nickel-cadmium (“Ni-Cd”) batteries
–
Zochem: Producer of zinc oxide located in Brampton, Ontario
Leading market position in most markets served

–
Largest zinc producer in U.S.
–
Largest zinc oxide producer in North America
–
Largest recycler of EAF dust in the world (providing low-cost feed)
–
Leading environmental service provider to the U.S. Steel industry
State-of-the-art environmentally friendly low operating cost zinc plant under construction

–
Recently completed financing expected to provide remaining capital required
–
Expansion of zinc oxide capacity underway at Zochem
Revenue vs. LME Zinc Prices
(Revenue, US$ in millions)
$600
$546
$496
500
$451
$446
Adjusted EBITDA ($ millions) (1)
(LME Zinc Prices)
$2.00
$180
1.80
$160
1.60
$140
1.40
$120
1.20
$100
$475
$382
400
1.00
300
$217
0.80
200
0.60
0.40
100
0.20
0
0.00
2006
2007
2008
2009
2010
2011
6/30/2012
$163
$138
$68
$80
$64
$63
$60
$46
$40
$20
$0
-$20
2006
2007
2008
-$10
2009*
2010
2011
3/31/12
LTM
* 2009 hedging value of $50.3 million was recognized in 2008.
(1) Adjusted EBITDA is a supplemental measure that is not required by, or presented, in accordance with, GAAP. For a reconciliation of Adjusted EBITDA to net income, see
Appendix A to this presentation.
3
Operations Footprint
Horsehead has production and/or recycling operations at seven facilities in seven locations
Existing Capacity

EAF Recycling:
770,000 Tons

Smelting:
140,000 Tons
Brampton, ON, Canada
 Zochem Facility
 Finished Products:
 Zinc Oxide: 49,600 Tons
Note: Excludes New North Carolina Plant.
Calumet, IL
 Recycling Facility:
 EAFD: 169,000(1)
Tons
Ellwood City, PA
 INMETCO Recycling Facility:
 EAFD and other waste: 70,000 Tons
 Cadmium: 5,000 tons
Pittsburgh, PA
 Monaca, PA Facility
 Finished Products:
 PW Metal: 88,000 Tons
 Zinc Oxide: 90,000 Tons
 SSGH Metal: 15,000 Tons
 Zinc Dust: 5,900 Tons
Palmerton, PA
 Recycling Facility
 Calcine: 130,000(2) Tons
 EAFD: 273,000 Tons (1)
 Zinc Powder: 5,000 -14,000(3)
Tons
 Finished Products
 Zinc Copper Base: 3,000
Tons
Rutherford Co., NC
 New Zinc Plant
 Under Construction
 Projected Operating Level:
 155,000 Tons of SHG, CGG
& PW metal
Under construction
Acquired in 2011
Built in 2010
Acquired in 2009
Other operating facilities
Note: Number of tons denotes annual capacity.
(1)
(2)
(3)
Rockwood, TN
 Recycling Facility:
 EAFD: 148,000 Tons (1)
Represents EAF dust and other metal-bearing wastes recycling and processing capacity.
Assumes that one of four kilns is operated to produce calcine and the other three kilns are operated to produce waelz oxide.
Depending upon grade.
Barnwell, SC
 Recycling Facility:
 EAFD: 180,000(1) Tons
4
Business Segments Overview
Zinc
Nickel
2011 Revenue
$451 Million
Zinc
86%


Operates four strategically
located hazardous waste
recycling facilities for recovery of
zinc
Operates largest zinc smelter in
the U.S. in Monaca, PA to
produce zinc metal and zinc
oxide
–
Acquired INMETCO on
December 31, 2009

Operates high temperature
metals recovery facility to
recover primarily nickel,
chromium and iron from a
variety of metal-bearing waste
materials, generated by the
specialty steel industry

Main product is a nickelchromium-iron ("Ni-Cr-Fe")
remelt alloy ingot that is used
as a feedstock to produce
stainless and specialty steels

Also recycles nickel-cadmium
batteries, producing a
cadmium metal product that is
reused in the production of
nickel-cadmium batteries
Nickel
14%
Low-cost feedstock from
recycling facilities results in
competitive advantage
 Acquired Zochem, a zinc oxide
producer located in Brampton,
Ontario, in November 2011
creating the largest zinc oxide
producer in North America

2011 Gross Profit
$74 Million
Zinc
66%
Nickel
34%
5
Products, Services and Customer Overview
Horsehead's products are used in a wide variety of applications by diverse customers
Products
Zinc Metal
Prime Western
(“PW”)
Zinc Metal

Galvanized
Steel/
Infrastructure
Special
Special High
Grade
(“SSHG”)
Zinc Metal

Alkaline
Batteries
34.6%
5.7%
Zinc and
CopperBased
Powders
Zinc Oxide

Rubber

Powder Metal

Pharma


Chemicals


Paints
Brass
27.1%
Environmental Services
Mini-mills

Asphalt
Parts

Cement
Water
Purification

Scrap
Alternative
3.8%

8.1%
Toll
Processing
Iron-Rich
Material
(“IRM”)
ECOTITE
EAF Dust
Service
Fees
0.2%
Specialty
Steel Waste
Battery
Recycling
and Other
Metal Bearing
Waste
Streams

SS EAF and
AOD dust,
swarf, mill
scale

Nickel Alloy
remelt to
stainless
producers

Nickel Alloy
remelt to
stainless
producers

RBRC

Nickel &
Cadmium
recovery
5.6%
8.2%
Customers
% of Rev.*
Uses

Value-Added Zinc
*Based on 2011, excluding hedge effects and other misc. sales representing 6.7% of sales.
6
New Zinc Plant — Green Technology at a Substantially
Lower Cost

Current 80 year old zinc smelter utilizes a high-cost electrothermic process which produces a limited product range and
faces increasing environmental pressures

New plant will utilize a state-of-the-art, “green” technology based on solvent extraction and electro-winning technology

Benefits:
–
Lower energy usage, higher labor productivity and reduced maintenance costs
–
Produces Special High Grade (“SHG”) and Continuous Galvanizing Grade (“CGG”) in addition to the Prime
Western Grade produced by current smelter thus serving a much larger market with higher premiums
–
Recovery of value from silver and lead in electric arc furnace (“EAF”) dust and higher premiums on
SHG and CGG

Positions the Company among the global low cost producers when combined with our EAF-based feed

New facility is currently expected to expand EBITDA by approximately $90 to $110 million by 2014
Existing Smelter
New Zinc Facility
~$0.38/lb
~$0.22 — $0.24/lb
$0.41/lb
Higher Co-Product Value
Higher SHG/CGG Premium
Manufacturing Conversion Cost
Reduced Feed Cost(1)
Volume Expansion and Other
Incremental Annual Adj. EBITDA
Contribution ($ million) (2)
$46
to
$50
$0.35/lb
16
to
20
N/A
Increased Revenue: $15 to $25 million/year
15
to
25
N/A
Increased Revenue: $8 to $10 million/year
8
to
10
140,000 tpy contained zinc
155,000 tpy contained zinc
5
to
5
$90
to
$110
Total:
(1) Due to cost reductions and higher zinc recoveries.
(2) For a reconciliation of Adjusted EBITDA to net income, see Appendix A to this presentation.
7
Sustainable Business Model

Horsehead's recycling technologies and production operations form a complete recycling loop – from recycled
zinc and nickel to finished products

Utilizing byproducts and other materials produced by the steel industry and other secondary and related
industries, Horsehead produces zinc, nickel and related raw materials, which feedback into those industries
EAF
Dust
Steel
Products
Steel
Industry
Other
Customers/
Secondaries
Zinc/
Nickel
End User
Steel Scrap
8
Environmental Services Value Chain: Strengths
Industrial Waste
Collection, Handling
and Management



Broad hazardous waste
management
capabilities
Metal Products
for Sale to End
Markets
Metals Recovery
Technology

Over 30 years
experience handling,
transporting and
processing EPA-listed
hazardous waste
Designated "Best
Demonstrated Available
Technology"
Metals recovery
processes
– Waelz kilns
– Flame reactor
– Electrothermic
furnaces
– Rotary Hearth
furnace
– Hydrometallurgical
processing

Chemical/Metallurgical
expertise

Broad metals
processing experience

Zinc metal

Zinc oxide

Zinc powders

Nickel based alloys

Cadmium metal

Iron-rich material

(lead-silver concentrate
expected in future)
Horsehead plays an integral part in the environmental services value chain
9
Significant Growth of Recycling Capacity

Horsehead has demonstrated growth in
hazardous waste management and recycling
capacity
–
47% increase in EAF dust recycling
capacity achieved between 2006 and 2010
Completion of acquisitions and completion or
investment in significant new growth projects
–
Rockwood capacity expansion (2007-2008)
–
Acquisition of the customer contracts
related to the EAF dust collection business
of Envirosafe, a company that disposed of
the EAF dust in landfills
–
Barnwell facility construction (2008-2010)
completed on time and significantly under
budget
• First kiln started in April 2010 and
second kiln started in September
2010
–
New 10 yr Agreement with Nucor in 2011
expanded and extended existing
relationship
–
Grew EAF dust market share significantly
from 2003
–
Acquisitions of INMETCO and Zochem
CARBON STEEL EAF DUST RECYCLING CAPACITY GROWTH
2006 - Present
w
Gro
47 %
800
th
180
735
700
EAF Dust (tons in thousands)

80
600
500
500
400
300
200
100
0
2006 Capacity
Rockwood Kiln
Addition
(2008)
Barnwell Kilns
Addition
(2010)
Current Capacity
Expansion of INMETCO's processing
capacity by 25% currently underway
Note: 2006 capacity includes 25,000 tons from Beaumont facility which is currently idle.
10
Decision to Replace Monaca Smelter

The Monaca facility produces Prime Western Zinc, Zinc Oxide and
Special-Special High Grade Zinc

Commissioned in 1931, is the only electrothermic zinc refining
facility in the Western Hemisphere

Low-cost feed obtained from our EAF dust recycling business has
been the primary source of competitive advantage for the zinc
products business

Unfavorable trends have made the electrothermic smelting
technology less competitive in recent years:
–
Higher labor and energy costs, particularly metallurgical coke
and electric power
–
Shrinking general galvanizing market as a result of greater
imports of galvanized fabricated products and greater
penetration of alternative coatings
–
Shift in use away from PW zinc to avoid lead issues
–
Tighter environmental regulations requiring significant capital
investment to comply with new and more stringent air quality
standards



SMELTER
OPERATING STATISTICS
Products
In 2008, Horsehead decided to replace the current smelting
technology with a state-of-the-art, environmentally friendly approach
based on solvent-extraction and electrowinning technology
In early 2011, Horsehead announced plans to build a new zinc plant
based on solvent extraction (SX) and electrowinning (EW)
technology
In March 2012, Horsehead entered into an option agreement with
Shell to sell the Monaca site. If exercised, Horsehead would be
required to vacate the facility by April 2014
Annual
Capacity (tons)
2012 Projected
Utilization
PW Metal
88,000
93%
Zinc Oxide
90,000
66%
SSHG Metal
15,000
100%

Number of Employees: 633

Key fixed assets
–
–
–
–
–
10 ft x 250 ft Sinter Machine
7-9 MW vertical reduction furnaces
10 distillation columns
15 product and environmental bag filters
6 acres of storage buildings
11
New Zinc Plant Overview
New Zinc Plant Overview


New plant will replace existing high temperature smelting process located in Monaca, PA with state-of-the-art, green, solvent extraction
(“SX”) and electro-winning (“EW”) technology
–
SX is the only proven technology which selectively extracts zinc from a leachate containing multiple contaminants typical of the
Waelz Oxide produced from EAF dust
–
EW is the most commonly used technology in the world for producing high purity zinc
Nominal operating level of 155,000 tpy will replace existing 140,000 tpy smelter in Monaca
–
New plant will produce SHG, CGG and PW metal
–
Current smelter produces 140,000 tpy of zinc contained in PW metal, SSHG metal and zinc oxide
–
Zinc Oxide business will be supplied by purchased SHG after the new zinc plant comes on-line

Entered into engineering and technology licensing agreements with Tecnicas Reunidas (“TRSA”) for SX and Asturiana de Zinc (“AdZ”),
a subsidiary of Xstrata, for EW in early 2011

Anticipated project capital cost of approximately $375 million is based on TRSA, Global Performance (“GP”) and Company estimates
13
New Zinc Plant Advantages

New customers and markets opened through this technology
–
Products – SHG zinc metal with higher purity and premium
–
Markets – CGG market is 10x current market

Allows for participation in the much larger steel continuous galvanizer segment including several of our EAFD
recycling customers

Expand access in the hot dip galvanizing segment to include all galvanizer needs, doubling our opportunities

Exposure to the zinc die cast alloy producers. Currently, the Company has supplied some SSHG to them and
purchased the residues they generate from their process

SHG grade opens access to LME warehouses
MARKET SEGMENTS
Other
134,444
11%
ZINC METAL TYPE
Alloy
170,810
14%
PW
150,965
12%
2011 US Consumption of Zinc
(1,260,688 Tons)
Brass and
Bronze
182,932
14%
Sheet and
Strip
Galvanizing
607,406
48%
Source: Management estimates.
Af ter Fab
Galvanizing
163,096
13%
SHG/CGG
1,109,723
88%
14
SX-EW Proven Technology
Solvent Extraction Technology has been Used Extensively for Last 30 Years in Facilities all over the World

Technology implementation in facilities around the world
–
Skorpion Zinc in Namibia
•
•
•
•
–
SX has performed well – Initial delays due to poor initial selection of solid/liquid separation equipment
Considered to be one of the lowest cost zinc producers in the world
ZINCEX process for treating Waelz Oxide (“WOX”) was commissioned in 2010
Validates applicability of SX technology for the Horsehead feed mix
Consumption levels of acid and organic solvents consistent with Tecnicas Reunidas estimates
No operational problems experienced
Glencore Portovesme Plant in Italy
•

165,000 tpy plant commissioned in 2004 for processing complex zinc silicate/oxide ore
Akita Zinc Plant in Japan
•
•
•
•
–
First commercial application of ZINCEX process (a combination of the SX and EW technologies)
Start-up expected in Q1’13
Horsehead Lab Testing of Waelz Oxide
–
–
Completed extensive testing of leach/neutralization and filtration processes to produce pregnant leach
solution (“PLS”)
Demonstrated that PLS falls within the range of other solutions successfully processed in SX-EW process
A.D. Zunkel Consultants Independently Affirmed the Feasibility of the ZINCEX Process for Horsehead
15
Industry-Leading Technology Providers
Horsehead is Utilizing Two Experienced, World Class Technology Providers
Leaching & Solvent Extraction Technology
Tecnicas Reunidas (CATS:TRE; Market Cap: $2.1 bn)
Electrowinning & Melting Casting Technology
Asturiana de Zinc (2011 Revenue: $1.3 bn)

Developer of the ZINCEX Process; has built multiple plants
around the world

Spanish-based zinc producer; a wholly owned subsidiary of
Xstrata (LSE:XTA; Market Cap: $38.2 bn)

Spanish-based engineering services and general contractor


Engaged in the engineering, procurement & construction of a
wide variety of industrial facilities for the oil & gas, power,
infrastructure and metals industries
Has built and currently operates international zinc plants
including the world’s largest zinc plant at 510,000 metric ton
capacity

Has provided the technology for multiple zinc plants
worldwide and is a supplier of core specialty equipment
specifically
designed
for
zinc
Electrowinning
&
melting/casting operations

Regarded as the leader in zinc EW and melting/casting
technology

Provides a complete array of integrated services for turnkey
projects worldwide

Has designed and built over 1,000 industrial plants worldwide
since 1959
TRSA Designed and Built the Skorpion and Akita
Plants
Horsehead’s New Plant will Utilize the Same
Technology as AdZ’s Premier Zinc EW Facility
16
Plant Status and Project Timeline
Current Status
Potential Risks and Mitigants

On schedule for completion in Q3 2013 as originally planned

Infrastructure, Electrowinning, Melting and Casting all ahead of schedule

Leaching and Solvent Extraction completion is on schedule – major
construction activity already underway

Basic engineering and FEED completed; detailed engineering on-going

NPDES permit received, other permits underway

Hiring of facility management team is almost complete

Foundation excavation work started in Q1’12; foundation installation
began in Q2’12

Delivery delays in long lead items
-

Construction activity delays
–
–
–

All longer lead time equipment has been ordered and schedules
established – low probability of schedule issues
Additional resources can be allocated to mitigate risk – Company
does not expect delays beyond 2 months, if any
TRSA/AdZ have provided all equipment lists necessary for the
construction of the facility and the engineering requirements
TRSA/AdZ regularly review engineering packages put together by
CSD and R.T. Patterson
Startup and commissioning delays
–
The Company has secured technical resources from TRSA/AdZ
Historical Milestones
2009
- Initiated
discussions with
Tecnicas Reunidas
regarding SX-EW
Technology
2010
- Launched
feasibility studies
on SX-EW project
- Initiated site
search
Q1 2011
- Selected primary
site location
Q2 2011
- Completed basic
engineering study
- Board approved
proceeding with
project
Q3 2011
- Announced site
location
- Ordered long
lead time
equipment
Q4 2011
- Began plant
Construction
Q1 2012
- Finalized Detailed
Engineering
Major Milestones
Approximately $70 million Spent on New Plant Through Q1 2012
17
Plant Status and Project Timeline (Cont.)
Breakdown of Capital Costs
Project Costs – Validated by Independent EPCM

Global Performance (independent EPCM), validated the original estimate
for plant completion – independent estimate of $382 mm (1)

Report scope encompassed an in-depth, item-by-item cost-out
estimate of every aspect of the new plant construction build

$220 mm (60%) of project has already been committed

Remaining $155 mm (40%) includes a 10% cushion and is comprised of
labor costs, small equipment and mechanical / electrical installation

$15 mm of the remaining $155 mm will be paid after start-up to cover
licensing fees and performance based contingent payments

Construction costs to date have been within 5% of original estimates – the
remaining costs will be competitively bid

The more difficult costing exercise has been completed, future costs are
more predictable and easier to manage – limited risk on remaining costs
Land and
Infrastructure
$60 million
Engineering
$60 million
Installation
$75 million
Equipment
$180 million
Total: $375 million
($70 mm Spent Through Q1 2012)
Projected Schedule & Capital Costs
Q2 2012
- Begin mixer settler
concrete, utilities
and cell house
- Building and
facility construction
Q3 2012
- Complete utilities
- Complete all cell
house structural
concrete
Q4 2012
- Complete mixer
settler concrete,
utility corridor and
installation of all
tanks and bins
- Delivery of
transformer rectifier
Q2 2012: $35 mm
Q3 2012: $54 mm
Q4 2012: $72 mm
Expected Q2-Q4 2012 Spend on New Plant: $160.7 million
(1)
Within 2% of management estimates.
Q1 2013
- Begin equipment
installation
- Power on at facility
100 KV
Q1 2013: $73 mm
Q2 2013
- Start
commissioning at
new facility
Q3 2013
- First zinc
production at new
facility
Q2 2013: $54 mm
Q3 2013: $15 mm
Expected 2013 Spend on New Plant: $142.3 million
18
Financial Overview
Historical Financial Performance
Revenue vs. LME Zinc Prices
Commentary
Revenue and earnings have high sensitivity to the
change in the LME zinc price
–
~$25 million for $0.10/lb change

Additional volatility to revenues from unrealized
gains/losses associated with hedge accounting

1.20
1.00
$217
177
160
153
154
152
137
140
0.60
0.40
100
0.20
0
0.00
2006
100
100
80
80
60
60
40
40
20
20
0
0
(20)
2008
2009
2010
2008
2009
2010
2011
6/30/2012
LTM
(Adj. EBITDA Margin)
40.0%
35.0
30.0
120
118
2007
2007
(Adj. EBITDA, US$ in millions)
$180
$163
160
$138
140
120
2006
0.80
200
Adjusted EBITDA and Margin (1)
(Tons, thousands)
200
158
2011
1.60
1.40
$382
Zinc Products – Shipment Tons
180
1.80
$475
$451
$446
300
Increase in product shipment volume resulting from
recent acquisition of Zochem

(LME Zinc Prices)
$2.00
400
2008 revenue and adjusted EBITDA included $50
million favorable effect from monetization of 2009
hedge positions

(Revenue, US$ in millions)
$600
$546
$496
500
6/30/2012
LTM
25.0
20.0
$68
$64
$63
15.0
$39
10.0
5.0
0.0
(5.0)
($10)
2006
2007
2008
2009*
2010
2011
6/30/2012
LTM
*2009 hedging value of $50.3 million was recognized in 2008.
(1) Adjusted EBITDA is a supplemental measure that is not required by, or presented in accordance with, GAAP. For a reconciliation of Adjusted EBITDA to net income for
each of the periods presented, see Appendix A to this presentation.
20
Conservative Financial Policy
• Focus on liquidity for financing new zinc plant
Target Capital
Structure
• Currently negotiating expansion of existing $60 million revolving credit facility to
$80-$100 million for working capital needs
• Downside protection has been maintained to protect the business
Hedging Policy
• Cash flow materially hedged when entering heavy periods of investment
• Current have zinc put options with $0.85/lb strike price through June 2013
Acquisition
Philosophy
• Disciplined acquisition strategy focused on opportunistic acquisitions that are
earnings and cash flow accretive
• Will continue to evaluate opportunistic acquisitions that enhance Horsehead's
environmental services offerings and metals recovery
21
Illustrative EBITDA Sensitivity
Adj. EBITDA at Various Levels of LME Zinc Prices*
With SX-EW
52-week High & Low Range of LME Zinc Prices
$0.79 - $1.13
Adj. EBITDA
Status Quo
LME Zinc Prices
*The slide shows the illustrative effect of a change in the LME zinc price on Adj. EBITDA for zinc products from the current zinc production facility in Monaca, PA (“Status
Quo”) versus the new zinc production facility in North Carolina (“SX-EW”). The Status Quo scenario assumes 142,000 tons of zinc production versus 156,000 tons of zinc
production in the SX-EW scenario. The change in Adj. EBITDA does not include any price change for other metals (lead and silver) or contributions from INMETCO and
Zochem.
22
Appendix A
Adjusted EBITDA Reconciliation
LTM
Jun-12
Adjusted EBITDA Reconciliation
2011
Consolidated
2010
Consolidated
2009
Consolidated
2008
Consolidated
2007
Consolidated
2006
Consolidated
$
$
$
$
$
$
($s in 000s)
Net income (loss)
$
Interest expense
1,150
21,454
4,878
3,324
Interest and other income
(2,299)
(1,948)
Gain on Bargain Purchase
(4,920)
(4,920)
Income tax provison (benefit)
(1,653)
10,902
Noncash hedge adjustments
2,190
Noncash compensation expense
2,866
Exit of private equity sponsor
Impairment of assets
Acquisition related expenses
Depreciation and amortization
Adjusted EBITDA
$
24,770
1,226
(27,471)
2,340
(849)
(883)
-
-
39,442
90,683
1,474
7,589
(1,871)
(3,037)
54,457
9,555
(327)
-
-
-
14,409
(16,689)
22,647
51,147
32,717
3,686
11,997
(8,746)
5,153
13,155
2,984
1,860
2,153
1,739
1,423
422
-
-
-
-
-
-
19,001
13,071
9,797
203
1,153
665
-
-
-
-
-
1,355
-
-
-
23,556
22,025
18,612
15,982
12,797
10,150
8,536
38,839
(271)
$
63,347
$
63,917
$
(10,063)
$
68,147
$
163,108
$
137,516
24