2018 Q3 Form 10-Q Financial Statement

#000128604318000132 Filed on November 02, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $85.75M $87.14M
YoY Change -1.6% -2.23%
Cost Of Revenue $23.30M $22.69M
YoY Change 2.69% 0.35%
Gross Profit $62.45M $64.45M
YoY Change -3.1% -3.11%
Gross Profit Margin 72.83% 73.96%
Selling, General & Admin $4.870M $5.430M
YoY Change -10.31% 6.89%
% of Gross Profit 7.8% 8.43%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $36.86M $42.79M
YoY Change -13.87% -6.04%
% of Gross Profit 59.02% 66.4%
Operating Expenses $65.02M $70.91M
YoY Change -8.31% -3.17%
Operating Profit $20.55M $16.23M
YoY Change 26.62% 2.12%
Interest Expense $16.06M $16.37M
YoY Change -1.92% -4.48%
% of Operating Profit 78.14% 100.88%
Other Income/Expense, Net -$379.0K -$94.00K
YoY Change 303.19%
Pretax Income $4.290M -$240.0K
YoY Change -1887.5% -80.8%
Income Tax -$27.00K -$33.00K
% Of Pretax Income -0.63%
Net Earnings $3.938M -$204.0K
YoY Change -2030.39% -87.87%
Net Earnings / Revenue 4.59% -0.23%
Basic Earnings Per Share
Diluted Earnings Per Share $47.03K -$0.01
COMMON SHARES
Basic Shares Outstanding 83.71M shares 83.59M shares
Diluted Shares Outstanding 83.77M shares 83.59M shares

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $30.70M $32.50M
YoY Change -5.54% 12.85%
Cash & Equivalents $30.71M $32.47M
Short-Term Investments
Other Short-Term Assets $17.40M $12.80M
YoY Change 35.94% 18.52%
Inventory
Prepaid Expenses
Receivables $57.10M $53.30M
Other Receivables $0.00 $0.00
Total Short-Term Assets $105.2M $98.60M
YoY Change 6.69% 9.56%
LONG-TERM ASSETS
Property, Plant & Equipment $3.052B $3.320B
YoY Change -8.09% -3.99%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $13.84M
YoY Change
Other Assets $115.1M $124.5M
YoY Change -7.55% 71.25%
Total Long-Term Assets $3.181B $3.445B
YoY Change -7.67% -4.34%
TOTAL ASSETS
Total Short-Term Assets $105.2M $98.60M
Total Long-Term Assets $3.181B $3.445B
Total Assets $3.286B $3.543B
YoY Change -7.27% -4.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $98.50M $101.6M
YoY Change -3.05% 8.78%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $98.50M $101.6M
YoY Change -3.05% 8.78%
LONG-TERM LIABILITIES
Long-Term Debt $1.578B $1.682B
YoY Change -6.15% -2.92%
Other Long-Term Liabilities $82.70M $101.1M
YoY Change -18.2% -16.17%
Total Long-Term Liabilities $1.661B $1.783B
YoY Change -6.83% -3.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $98.50M $101.6M
Total Long-Term Liabilities $1.661B $1.783B
Total Liabilities $1.760B $1.884B
YoY Change -6.62% -3.19%
SHAREHOLDERS EQUITY
Retained Earnings -$604.9M -$485.6M
YoY Change 24.57% 22.2%
Common Stock $837.0K $836.0K
YoY Change 0.12% 0.12%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.478B $1.585B
YoY Change
Total Liabilities & Shareholders Equity $3.286B $3.543B
YoY Change -7.27% -4.0%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $3.938M -$204.0K
YoY Change -2030.39% -87.87%
Depreciation, Depletion And Amortization $36.86M $42.79M
YoY Change -13.87% -6.04%
Cash From Operating Activities $37.00M $42.70M
YoY Change -13.35% 7.29%
INVESTING ACTIVITIES
Capital Expenditures -$12.70M -$26.70M
YoY Change -52.43% 10.33%
Acquisitions
YoY Change
Other Investing Activities -$1.800M $8.300M
YoY Change -121.69% 336.84%
Cash From Investing Activities -$14.50M -$18.40M
YoY Change -21.2% -17.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -24.80M -19.70M
YoY Change 25.89% -25.94%
NET CHANGE
Cash From Operating Activities 37.00M 42.70M
Cash From Investing Activities -14.50M -18.40M
Cash From Financing Activities -24.80M -19.70M
Net Change In Cash -2.300M 4.600M
YoY Change -150.0% -150.55%
FREE CASH FLOW
Cash From Operating Activities $37.00M $42.70M
Capital Expenditures -$12.70M -$26.70M
Free Cash Flow $49.70M $69.40M
YoY Change -28.39% 8.44%

Facts In Submission

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CY2017Q4 us-gaap Minority Interest
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CY2017Q4 us-gaap Minority Interest In Operating Partnerships
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CY2018Q3 us-gaap Minority Interest In Operating Partnerships
MinorityInterestInOperatingPartnerships
47426000 USD
us-gaap Minority Interest Period Increase Decrease
MinorityInterestPeriodIncreaseDecrease
704000 USD
us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
21142000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
103595000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
123845000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
119033000 USD
us-gaap Net Income Loss
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CY2017Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
418000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1528000 USD
CY2018Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
379000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
604000 USD
CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-622000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
9565000 USD
CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3938000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-15346000 USD
CY2017Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-94000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-314000 USD
CY2018Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-379000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-643000 USD
CY2018Q3 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
2 property
CY2017Q3 us-gaap Operating Expenses
OperatingExpenses
70909000 USD
us-gaap Operating Expenses
OperatingExpenses
224467000 USD
CY2018Q3 us-gaap Operating Expenses
OperatingExpenses
65020000 USD
us-gaap Operating Expenses
OperatingExpenses
240610000 USD
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
16229000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
45433000 USD
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
20727000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
26635000 USD
CY2017Q3 us-gaap Operating Leases Income Statement Minimum Lease Revenue
OperatingLeasesIncomeStatementMinimumLeaseRevenue
67585000 USD
us-gaap Operating Leases Income Statement Minimum Lease Revenue
OperatingLeasesIncomeStatementMinimumLeaseRevenue
204926000 USD
CY2018Q3 us-gaap Operating Leases Income Statement Minimum Lease Revenue
OperatingLeasesIncomeStatementMinimumLeaseRevenue
65328000 USD
us-gaap Operating Leases Income Statement Minimum Lease Revenue
OperatingLeasesIncomeStatementMinimumLeaseRevenue
202475000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
2710000 USD
CY2017Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
322000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
1398000 USD
CY2018Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
53000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
2780000 USD
us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
133206000 USD
us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
118085000 USD
CY2017Q4 us-gaap Other Liabilities
OtherLiabilities
96564000 USD
CY2018Q3 us-gaap Other Liabilities
OtherLiabilities
82723000 USD
us-gaap Other Operating Income
OtherOperatingIncome
3593000 USD
us-gaap Other Operating Income
OtherOperatingIncome
2322000 USD
us-gaap Payments For Construction In Process
PaymentsForConstructionInProcess
-6677000 USD
us-gaap Payments For Construction In Process
PaymentsForConstructionInProcess
644000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
808000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
350000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
75841000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
79722000 USD
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
3086000 USD
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
2919000 USD
us-gaap Payments Of Loan Costs
PaymentsOfLoanCosts
0 USD
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
9973000 USD
us-gaap Payments Of Loan Costs
PaymentsOfLoanCosts
2865000 USD
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
0 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
61611000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
47287000 USD
CY2017Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
12465000 USD
CY2018Q3 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
17371000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
59000 USD
us-gaap Proceeds From Loans
ProceedsFromLoans
69700000 USD
us-gaap Proceeds From Loans
ProceedsFromLoans
127000000 USD
us-gaap Proceeds From Loans
ProceedsFromLoans
127000000 USD
us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
76076000 USD
us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
161499000 USD
CY2017Q3 us-gaap Profit Loss
ProfitLoss
-204000 USD
us-gaap Profit Loss
ProfitLoss
11093000 USD
CY2018Q3 us-gaap Profit Loss
ProfitLoss
4317000 USD
us-gaap Profit Loss
ProfitLoss
-14742000 USD
us-gaap Provision For Other Credit Losses
ProvisionForOtherCreditLosses
2409000 USD
us-gaap Provision For Other Credit Losses
ProvisionForOtherCreditLosses
1714000 USD
CY2017Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
664614000 USD
CY2018Q3 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
700728000 USD
CY2017Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
3957884000 USD
CY2018Q3 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
3752472000 USD
CY2017Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
3293270000 USD
CY2018Q3 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
3051744000 USD
CY2017Q3 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
10826000 USD
us-gaap Real Estate Tax Expense
RealEstateTaxExpense
32384000 USD
CY2018Q3 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
11205000 USD
us-gaap Real Estate Tax Expense
RealEstateTaxExpense
32351000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
118771000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
245000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
244991000 USD
CY2017Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
8878000 USD
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
8094000 USD
CY2018Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
10307000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-509833000 USD
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-604917000 USD
CY2017Q3 us-gaap Revenues
Revenues
87138000 USD
us-gaap Revenues
Revenues
269900000 USD
CY2018Q3 us-gaap Revenues
Revenues
85747000 USD
us-gaap Revenues
Revenues
267245000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
4869000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
4015000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
4431000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
1565411000 USD
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
1478172000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1566109000 USD
CY2018Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1478870000 USD
us-gaap Straight Line Rent
StraightLineRent
2031000 USD
us-gaap Straight Line Rent
StraightLineRent
744000 USD
CY2018Q3 us-gaap Variable Interest Entity Consolidated Carrying Amount Assets
VariableInterestEntityConsolidatedCarryingAmountAssets
444200000 USD
CY2018Q3 us-gaap Variable Interest Entity Consolidated Carrying Amount Liabilities
VariableInterestEntityConsolidatedCarryingAmountLiabilities
205700000 USD
us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
2000000 shares
us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
2000000 shares
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
83594163 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
83689590 shares
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
83767655 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
83670038 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
83594163 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
83581847 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
83706704 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
83670038 shares
us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Organization</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Kite Realty Group Trust (the "Parent Company"), through its majority-owned subsidiary, Kite Realty Group, L.P. (the &#8220;Operating Partnership&#8221;), owns interests in various operating subsidiaries and joint ventures engaged in the ownership and operation, acquisition, development and redevelopment of high-quality neighborhood and community shopping centers in select markets in the United States. The terms "Company," "we," "us," and "our" refer to the Parent Company and the Operating Partnership, collectively, and those entities owned or controlled by the Parent Company and/or the Operating Partnership.</font></div><div style="line-height:120%;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Operating Partnership was formed on August 16, 2004, when the Parent Company contributed properties and the net proceeds from an initial public offering of shares of its common stock to the Operating Partnership. The Parent Company was organized in Maryland in 2004 to succeed in the development, acquisition, construction and real estate businesses of its predecessor. We believe the Company qualifies as a real estate investment trust (a &#8220;REIT&#8221;) under provisions of the Internal Revenue Code of 1986, as amended. </font></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Parent Company is the sole general partner of the Operating Partnership, and as of&#160;</font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">&#160;owned approximately&#160;</font><font style="font-family:inherit;font-size:10pt;">97.6%</font><font style="font-family:inherit;font-size:10pt;">&#160;of the common partnership interests in the Operating Partnership (&#8220;General Partner Units&#8221;). The remaining </font><font style="font-family:inherit;font-size:10pt;">2.4%</font><font style="font-family:inherit;font-size:10pt;"> of the common partnership interests (&#8220;Limited Partner Units&#8221; and, together with the General Partner Units, the &#8220;Common Units&#8221;) were owned by the limited partners. As the sole general partner of the Operating Partnership, the Parent Company has full, exclusive and complete responsibility and discretion in the day-to-day management and control of the Operating Partnership. The Parent Company and the Operating Partnership are operated as one enterprise. The management of the Parent Company consists of the same members as the management of the Operating Partnership. As the sole general partner with control of the Operating Partnership, the Parent Company consolidates the Operating Partnership for financial reporting purposes, and the Parent Company does not have any significant assets other than its investment in the Operating Partnership. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">At </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, we owned interests in </font><font style="font-family:inherit;font-size:10pt;">115</font><font style="font-family:inherit;font-size:10pt;"> operating and redevelopment properties totaling approximately </font><font style="font-family:inherit;font-size:10pt;">22.4 million</font><font style="font-family:inherit;font-size:10pt;"> square feet. We also owned </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> development project under construction as of this date. Of the </font><font style="font-family:inherit;font-size:10pt;">115</font><font style="font-family:inherit;font-size:10pt;"> properties, </font><font style="font-family:inherit;font-size:10pt;">112</font><font style="font-family:inherit;font-size:10pt;"> are consolidated in these financial statements and the remaining </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> are accounted for under the equity method.</font></div></div>

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