""

Required Report - public distribution

**Date:** 12/19/2003

**GAIN Report Number:** IT3026

IT3026

**Italy**

**Citrus**

**Annual**

**2003**

**Approved by:**

![](media/image1.wmf)Lisa Hardy Bass

U.S. Embassy

**Prepared by:**

Alberto Menghini

**Report Highlights:**

Italian citrus output for 2002/2004 marketing year is forecasted to be
very low, especially for tangerines (-20 percent) and oranges (-14
percent), although producers should be partly compensated by the high
quality of production. Lemons are expected to perform well on the winter
crop and very badly on the spring crop. After a bad 2002/2003 MY Italian
citrus producers are under ever-increasing pressure on internal and
international markets and struggle to compete with EU and non-EU (mainly
Spanish) colleagues.

Includes PSD Changes: Yes

Includes Trade Matrix: Yes

Annual Report

Rome \[IT1\]

\[IT\]

Table of Contents

[**Executive Summary 3**](#executive-summary)

[PSD TABLES 5](#psd-tables)

[Fresh Oranges 5](#fresh-oranges)

[Juice, Orange 5](#juice-orange)

[Fresh Lemons 6](#fresh-lemons)

[Juice, Lemon 6](#juice-lemon)

[Fresh Grapefruit 7](#fresh-grapefruit)

[Juice, Grapefruit 7](#juice-grapefruit)

[Fresh, Tangerines 8](#fresh-tangerines)

[Trade Matrixes 9](#trade-matrixes)

[Fresh Oranges 9](#fresh-oranges-1)

[Fresh Lemons 10](#fresh-lemons-1)

[Fresh Grapefruit 11](#fresh-grapefruit-1)

[Fresh Tangerines 12](#fresh-tangerines-1)

# Executive Summary

Italian citrus producers are facing greater challenges, especially after
2002/2003, because increasing competition and adverse climactic
conditions such as: a) the Etna volcano eruption that covered part of
Sicilian production in ashes forcing sales at very low prices or to
industrial processors; b) The exceptionally dry Summer in most of
Southern Italy citrus producing regions.

The Italian Citrus Producers' association's forecast for marketing year
2003/2004 is pessimistic, especially in terms of production volume,
mainly due to spring frosts, exceptional summer drought and September
floods that affected all the citrus producing regions.

Overall citrus production is expected to be down by more than 8 percent,
specifically:

1,000MT

  ------------------------------------------------ ----------------------
  Oranges                                          1437

  Lemons                                           570

  Grapefruits                                      30

  Tangerines                                       450
  ------------------------------------------------ ----------------------

Tangerine production is likely to decrease by as much as 20 percent in
some areas, with very little variation among regions. As far as Oranges
are concerned, production in Sicily and Calabria, where most of the
production takes place, is not expected to be significantly affected by
adverse conditions. However, decreasing production in Campania and
Puglia is expected to lower national production by about 13 percent.

Despite lower production for both tangerines and oranges, losses in
quantity will probably be partly compensated by the increased quality of
production, which is expected to be very good thanks to rainy weeks in
September and October.

Lemons, which are harvested in two different times of the year (winter
and spring), can yield very different results. Winter production (Primo
Fiore) is expected to be better than average, while spring production
will probably be very scarce because of drought conditions during the
flowering period.

At the industry level there is a general trend for producers to shift
from oranges, lemons and mandarins to seedless clementines and
grapefruits in order to be better placed on the market and to meet
consumer demand. As a result, productivity losses for tangerines and
grapefruits are partly compensated by increased planted area.

Despite producer efforts to improve their response to consumer demand,
Italian citrus producers are losing share both on internal and
international markets. This is partly due to the ever-increasing
competition from Spain, as well as from other non-EU competitors (i.e.
South Africa) that are able to offer cheaper prices and longer marketing
periods. Italian producers also find it very difficult to meet the
demands of large-scale distribution, both in terms of volume produced
and in terms of services (packaging, logistics, etc). As a result,
Spanish production is quickly gaining share on the Italian market,
especially for tangerines and oranges in the large supermarkets chains.

Since 2002, especially after the introduction of the Euro currency,
there has been a significant concern over prices and inflation. In
July/August 2003, the Italian media widely reported on suspected
wholesale and retail vendors who were allegedly overpricing on fruits
and vegetables to take advantage of the introduction of Euro. Since
then, many families have reduced their fruit and vegetable expenditures,
purchasing lower quantities of domestic product or switching to imported
products, which are generally cheaper.

As far as exports are concerned, Germany, Austria, Switzerland and other
North European countries are still the main destination market for
Italian oranges, lemons and grapefruits. Nevertheless East European
countries (such as Croatia or Bosnia Herzegovina) and EU acceding
countries (such as Poland and Hungary) are becoming increasingly
interesting for exporters.

Italian Citrus producers, organized in producers associations, benefit
from EU payments on the basis of quantities delivered to processing
plants according to EU Fruit and Vegetables common market organisation
(CE2202/1996). Deliveries to processors, though, are subject to ceilings
per product that were updated in the year 2000 by EU Reg 2699. When the
processed production exceeds the established ceiling, the aid is reduced
proportionally.

In marketing year 2002/2003 deliveries to processors have been
exceptionally high especially for oranges that were damaged by pests or
by Mount Etna ashes, and therefore were not absorbed into the fresh
consumption market. This increase, partly compensated by stable trends
for other products, led to a 14.93 percent reduction of the payment per
delivered ton of production. Although official data on juice production
have not yet been released, they are expected to be very high compared
to previous years, leading to the possibility of a substantial increase
of stocks.

Orange juice production for the 2003/2004 marketing campaign is forecast
to be down due to low quantity, but generally high quality of
production, which will therefore be mainly consumed as fresh fruit.
Tangerines and lemons are expected to follow the same trend, whereas
lemon juice production is forecast to decrease due to poor performance
of the spring harvest.

Italian citrus producers are increasingly looking at EU-Registered
Geographic Indications (GI) and organic production to be more
competitive on the national and international markets.

Currently, there are 3 registered GIs: Clementina di Calabria IGP,
Clementina del golfo di Taranto IGP and Arancia Rossa di Sicilia IGP. GI
products are generally produced in very limited quantities and are
almost entirely sold on the national market.

Organic production amounts to 8% of oranges, 5% of clementines, 3% of
mandarins and 7% of lemons.

#  

# PSD TABLES

## Fresh Oranges

  --------------- ----------- ---------- ---------- ---------- ----------------- ---------- ------------ ------
  **PSD Table**                                                                                          

  **Country**     **Italy**                                                                              

  **Commodity**   **Fresh                                      (HECTARES)(1000                           
                  Oranges**                                    TREES)(1000 MT)                           

                  2001        Revised    2002       Estimate   2003              Forecast   UOM          

                  USDA        Post       USDA       Post       USDA Official     Post                    
                  Official    Estimate   Official   Estimate   \[Old\]           Estimate                
                  \[Old\]     \[New\]    \[Old\]    \[New\]                      \[New\]                 

  **Market Year               11/2001               11/2002                      11/2003    MM/YYYY      
  Begin**                                                                                                

  Area Planted    108000      108076     108000     106433     0                 106434     (HECTARES)   

  Area Harvested  106000      108076     106000     106433     0                 106434     (HECTARES)   

  Bearing Trees   0           0          0          0          0                 0          (1000 TREES) 

  Non-Bearing     0           0          0          0          0                 0          (1000 TREES) 
  Trees                                                                                                  

  TOTAL No. Of    0           0          0          0          0                 0          (1000 TREES) 
  Trees                                                                                                  

  Production      1829        1724       1765       1663       0                 1437       (1000 MT)    

  Imports         65          77         75         88         0                 90         (1000 MT)    

  TOTAL SUPPLY    1894        1801       1840       1751       0                 1527       (1000 MT)    

  Exports         129         148        140        128        0                 65         (1000 MT)    

  Fresh Dom.      1145        970        1130       815        0                 815        (1000 MT)    
  Consumption                                                                                            

  Processing      620         683        570        808        0                 647        (1000 MT)    

  TOTAL           1894        1801       1840       1751       0                 1527       (1000 MT)    
  DISTRIBUTION                                                                                           
  --------------- ----------- ---------- ---------- ---------- ----------------- ---------- ------------ ------

## Juice, Orange

  ----------------- ----------- ---------- ---------- ---------- ---------- ---------- ---------
  **PSD Table**                                                                        

  **Country**       **Italy**                         12         Degrees               
                                                                 Brix                  

  **Commodity**     **Juice,                                     (MT)                  
                    Orange**                                                           

                    2001        Revised    2002       Estimate   2003       Forecast   UOM

                    USDA        Post       USDA       Post       USDA       Post       
                    Official    Estimate   Official   Estimate   Official   Estimate   
                    \[Old\]     \[New\]    \[Old\]    \[New\]    \[Old\]    \[New\]    

  **Market Year                 01/2002               01/2003               01/2004    MM/YYYY
  Begin**                                                                              

  Deliv. To         620         620        570        570        0          0          (MT)
  Processors                                                                           

  Beginning Stocks  17000       75000      9000       75322      4000       100019     (MT)

  Production        40000       227587     38000      269290     0          215632     (MT)

  Imports           40000       50718      40000      50433      0          60015      (MT)

  TOTAL SUPPLY      97000       353305     87000      395045     4000       375666     (MT)

  Exports           52000       46683      46000      54026      0          61265      (MT)

  Domestic          36000       231300     37000      241000     0          233000     (MT)
  Consumption                                                                          

  Ending Stocks     9000        75322      4000       100019     0          81401      (MT)

  TOTAL             97000       353305     87000      395045     0          375666     (MT)
  DISTRIBUTION                                                                         
  ----------------- ----------- ---------- ---------- ---------- ---------- ---------- ---------

## 

## Fresh Lemons

  --------------- ----------- ---------- ---------- ---------- ----------------- ---------- ------------ ------
  **PSD Table**                                                                                          

  **Country**     **Italy**                                                                              

  **Commodity**   **Fresh                                      (HECTARES)(1000                           
                  Lemons**                                     TREES)(1000 MT)                           

                  2001        Revised    2002       Estimate   2003              Forecast   UOM          

                  USDA        Post       USDA       Post       USDA Official     Post                    
                  Official    Estimate   Official   Estimate   \[Old\]           Estimate                
                  \[Old\]     \[New\]    \[Old\]    \[New\]                      \[New\]                 

  **Market Year               10/2001               10/2002                      10/2003    MM/YYYY      
  Begin**                                                                                                

  Area Planted    35000       34599      34000      34500      0                 34500      (HECTARES)   

  Area Harvested  35000       34599      34000      34500      0                 34500      (HECTARES)   

  Bearing Trees   0           0          0          0          0                 0          (1000 TREES) 

  Non-Bearing     0           0          0          0          0                 0          (1000 TREES) 
  Trees                                                                                                  

  TOTAL No. Of    0           0          0          0          0                 0          (1000 TREES) 
  Trees                                                                                                  

  Production      571         570        584        573        0                 570        (1000 MT)    

  Imports         61          68         60         89         0                 80         (1000 MT)    

  TOTAL SUPPLY    632         638        644        662        0                 650        (1000 MT)    

  Exports         22          34         19         29         0                 25         (1000 MT)    

  Fresh Dom.      288         258        290        283        0                 283        (1000 MT)    
  Consumption                                                                                            

  Processing      322         346        335        350        0                 342        (1000 MT)    

  TOTAL           632         638        644        662        0                 650        (1000 MT)    
  DISTRIBUTION                                                                                           
  --------------- ----------- ---------- ---------- ---------- ----------------- ---------- ------------ ------

## Juice, Lemon

  ----------------- ----------- ---------- ---------- ---------- ---------- ---------- ---------
  **PSD Table**                                                                        

  **Country**       **Italy**                                                          

  **Commodity**     **Juice,                                     (MT)                  
                    Lemon**                                                            

                    2001        Revised    2002       Estimate   2003       Forecast   UOM

                    USDA        Post       USDA       Post       USDA       Post       
                    Official    Estimate   Official   Estimate   Official   Estimate   
                    \[Old\]     \[New\]    \[Old\]    \[New\]    \[Old\]    \[New\]    

  **Market Year                 01/2001               01/2001               01/2001    MM/YYYY
  Begin**                                                                              

  Deliv. To         0           346291     0          13424      0          342000     (MT)
  Processors                                                                           

  Beginning Stocks  0           13000      0          13424      0          12667      (MT)

  Production        0           77231      0          78050      0          76266      (MT)

  Imports           0           0          0          0          0          0          (MT)

  TOTAL SUPPLY      0           90231      0          91474      0          88933      (MT)

  Exports           0           807        0          807        0          0          (MT)

  Domestic          0           76000      0          78000      0          78000      (MT)
  Consumption                                                                          

  Ending Stocks     0           13424      0          12667      0          10933      (MT)

  TOTAL             0           90231      0          91474      0          88933      (MT)
  DISTRIBUTION                                                                         
  ----------------- ----------- ---------- ---------- ---------- ---------- ---------- ---------

## Fresh Grapefruit

  --------------- -------------- ---------- ---------- ---------- ----------------- ---------- ------------ ------
  **PSD Table**                                                                                             

  **Country**     **Italy**                                                                                 

  **Commodity**   **Fresh                                         (HECTARES)(1000                           
                  Grapefruit**                                    TREES)(1000 MT)                           

                  2001           Revised    2002       Estimate   2003              Forecast   UOM          

                  USDA Official  Post       USDA       Post       USDA Official     Post                    
                  \[Old\]        Estimate   Official   Estimate   \[Old\]           Estimate                
                                 \[New\]    \[Old\]    \[New\]                      \[New\]                 

  **Market Year                  06/2001               06/2002                      06/2003    MM/YYYY      
  Begin**                                                                                                   

  Area Planted    1400           1400       1600       1450       0                 1450       (HECTARES)   

  Area Harvested  1200           1200       1400       1250       0                 1300       (HECTARES)   

  Bearing Trees   0              0          0          0          0                 0          (1000 TREES) 

  Non-Bearing     0              0          0          0          0                 0          (1000 TREES) 
  Trees                                                                                                     

  TOTAL No. Of    0              0          0          0          0                 0          (1000 TREES) 
  Trees                                                                                                     

  Production      30             30         45         30         0                 30         (1000 MT)    

  Imports         30             30         40         36         0                 38         (1000 MT)    

  TOTAL SUPPLY    60             60         85         66         0                 68         (1000 MT)    

  Exports         8              8          2          5          0                 5          (1000 MT)    

  Fresh Dom.      45             45         80         55         0                 57         (1000 MT)    
  Consumption                                                                                               

  Processing      7              7          3          6          0                 6          (1000 MT)    

  TOTAL           60             60         85         66         0                 68         (1000 MT)    
  DISTRIBUTION                                                                                              
  --------------- -------------- ---------- ---------- ---------- ----------------- ---------- ------------ ------

## Juice, Grapefruit

  --------------- -------------- ------------ ---------- ------------ ---------- ------------ --------- ------
  **PSD Table**                                                                                         

  **Country**     **Italy**                                                                             

  **Commodity**   **Juice,                                            (MT)                              
                  Grapefruit**                                                                          

                  2001           Revised      2002       Estimate     2003       Forecast     UOM       

                  USDA Official  Post         USDA       Post         USDA       Post                   
                  \[Old\]        Estimate     Official   Estimate     Official   Estimate               
                                 \[New\]      \[Old\]    \[New\]      \[Old\]    \[New\]                

  **Market Year                  01/2001                 01/2001                 01/2001      MM/YYYY   
  Begin**                                                                                               

  Deliv. To       0              0            0          0            0          0            (MT)      
  Processors                                                                                            

  Beginning       0              144          0          0            0          0            (MT)      
  Stocks                                                                                                

  Production      0              0            0          0            0          0            (MT)      

  Imports         0              0            0          12325        0          11216        (MT)      

  TOTAL SUPPLY    0              144          0          12325        0          11216        (MT)      

  Exports         0              0            0          2451         0          2206         (MT)      

  Domestic        0              0            0          0            0          0            (MT)      
  Consumption                                                                                           

  Ending Stocks   0              0            0          0            0          0            (MT)      

  TOTAL           0              0            0          2451         0          2206         (MT)      
  DISTRIBUTION                                                                                          

                  \_             \_\_\_\_\_   \_         \_\_\_\_\_              \_\_\_\_\_             

                  \_             -144         \_         -9874                   -9010                  

                                                                                                        

                                                                                                        

                                                                                                        
  --------------- -------------- ------------ ---------- ------------ ---------- ------------ --------- ------

## Fresh, Tangerines

  --------------- -------------- ---------- ---------- ---------- ----------------- ---------- ------------ ------
  **PSD Table**                                                                                             

  **Country**     **Italy**                                                                                 

  **Commodity**   **Fresh                                         (HECTARES)(1000                           
                  Tangerines**                                    TREES)(1000 MT)                           

                  2001           Revised    2002       Estimate   2003              Forecast   UOM          

                  USDA Official  Post       USDA       Post       USDA Official     Post                    
                  \[Old\]        Estimate   Official   Estimate   \[Old\]           Estimate                
                                 \[New\]    \[Old\]    \[New\]                      \[New\]                 

  **Market Year                  11/2001               11/2002                      11/2003    MM/YYYY      
  Begin**                                                                                                   

  Area Planted    37000          37000      37000      37000      0                 37500      (HECTARES)   

  Area Harvested  35000          35000      35000      35000      0                 35500      (HECTARES)   

  Bearing Trees   0              0          0          0          0                 0          (1000 TREES) 

  Non-Bearing     0              0          0          0          0                 0          (1000 TREES) 
  Trees                                                                                                     

  TOTAL No. Of    0              0          0          0          0                 0          (1000 TREES) 
  Trees                                                                                                     

  Production      611            611        560        548        0                 450        (1000 MT)    

  Imports         65             65         75         76         0                 99         (1000 MT)    

  TOTAL SUPPLY    676            676        635        624        0                 549        (1000 MT)    

  Exports         71             71         70         51         0                 28         (1000 MT)    

  Fresh Dom.      475            475        455        455        0                 450        (1000 MT)    
  Consumption                                                                                               

  Processing      130            130        110        118        0                 71         (1000 MT)    

  TOTAL           676            676        635        624        0                 549        (1000 MT)    
  DISTRIBUTION                                                                                              
  --------------- -------------- ---------- ---------- ---------- ----------------- ---------- ------------ ------

#  

# Trade Matrixes

## Fresh Oranges

  --------------------- -------------- --------------------- --------------
  **Export Trade                                             
  Matrix**                                                   

  **Country**           Italy                                

  **Commodity**         Fresh Oranges                        

  Time Period                          Units:                

  Exports for:          2001                                 **2002**

  U.S.                  391            U.S.                  266

  Others                               Others                

  Germany               43348          Germany               36345

  Austria               21296          Austria               18116

  France                7945           Switzerland           16319

  Poland                7659           Poland                7214

  Check Rep.            7632           Albania               4829

  Belgium               4774           Check Rep.            4499

  Malta                 3951           Croatia               4198

  Slovenia              3789           Bosnia-Erz            3764

  Sweden                3573           France                3427

  Bosnia-Erz            3360           Belgium               3325

  Total for Others      107327                               102036

  Others not Listed     39917                                26142

  Grand Total           147635                               128444
  --------------------- -------------- --------------------- --------------

##  

  --------------------- -------------- --------------------- --------------
  **Import Trade                                             
  Matrix**                                                   

  **Country**           Italy                                

  **Commodity**         Fresh Oranges                        

  Time Period                          Units:                

  Imports for:          2001                                 **2002**

  U.S.                                 U.S.                  

  Others                               Others                

  Spain                 31514          Spain                 49725

  S. Africa             16557          S. Africa             16059

  France                6797           Netherlands           4784

  Netherlands           6582           France                4395

  Argentina             5237           Belgium               3284

  Uruguay               4126           Egypt                 1648

  Ciprus                1142           Uruguay               1612

  Greece                1057           Argentina             1558

                                       Germany               1045

                                       Greece                977

  Total for Others      73012                                85087

  Others not Listed     3988                                 2913

  Grand Total           77000                                88000
  --------------------- -------------- --------------------- --------------

## Fresh Lemons

  --------------------- -------------- --------------------- --------------
  **Export Trade                                             
  Matrix**                                                   

  **Country**           Italy                                

  **Commodity**         Fresh Lemons                         

  Time Period                          Units:                

  Exports for:          2001                                 **2002**

  U.S.                                 U.S.                  

  Others                               Others                

  Austria               10757          Austria               7126

  Germany               8405           Germany               5453

  France                2329           France                1687

  Slovenja              1754           Slovenja              1344

  Croatia               1408           Croatia               1528

  Check Rep             1307           Check Rep             1146

  UK                    1145           UK                    619

  Switzerland           1143           Switzerland           948

                                       Hungary               840

                                       Bosnia - Erz          793

  Total for Others      28248                                21484

  Others not Listed     5752                                 7516

  Grand Total           34000                                29000
  --------------------- -------------- --------------------- --------------

  --------------------- -------------- --------------------- --------------
  **Import Trade                                             
  Matrix**                                                   

  **Country**           Italy                                

  **Commodity**         Fresh Lemons                         

  Time Period                          Units:                

  Imports for:          2001                                 **2002**

  U.S.                                 U.S.                  

  Others                               Others                

  Spain                 27557          Spain                 45984

  Argentina             25667          Argentina             33693

  Netherlands           2624           Netherlands           1440

  S. Africa             2413           S. Africa             3158

  Turkey                2195           Turkey                1611

  France                2033           France                1116

  Uruguay               2032           Ciprus                1174

  Belgium               1380                                 

  Ciprus                1772                                 

                                                             

  Total for Others      67673                                88176

  Others not Listed     327                                  824

  Grand Total           68000                                89000
  --------------------- -------------- --------------------- --------------

## Fresh Grapefruit

  --------------------- -------------- --------------------- --------------
  **Export Trade                                             
  Matrix**                                                   

  **Country**           Italy                                

  **Commodity**         Fresh                                
                        Grapefruit                           

  Time Period                          Units:                

  Exports for:          2001                                 **2002**

  U.S.                                 U.S.                  

  Others                               Others                

  Austria               1291           Austria               1355

  France                1279           France                1288

  Germany               685            Germany               627

  Greece                286            Greece                338

  Netherlands           251            Netherlands           333

                                                             

                                                             

                                                             

                                                             

                                                             

  Total for Others      3792                                 3941

  Others not Listed     4208                                 1059

  Grand Total           8000                                 5000
  --------------------- -------------- --------------------- --------------

  --------------------- -------------- --------------------- --------------
  **Import Trade                                             
  Matrix**                                                   

  **Country**           Italy                                

  **Commodity**         Fresh                                
                        Grapefruit                           

  Time Period                          Units:                

  Imports for:          2001                                 **2002**

  U.S.                                 U.S.                  

  Others                               Others                

  Israel                7693           Israel                9874

  S. Africa             6909           S. Africa             5895

  Netherlands           5222           Netherlands           5500

  France                1974           France                1500

  Latin America         1212           Latin America         1182

  Latin America         1204           Latin America         474

  Germany               982            Asia                  7650

  Belgium               702                                  

                                                             

                                                             

  Total for Others      25898                                32075

  Others not Listed     4102                                 3925

  Grand Total           30000                                36000
  --------------------- -------------- --------------------- --------------

## Fresh Tangerines

  --------------------- -------------- --------------------- --------------
  **Export Trade                                             
  Matrix**                                                   

  **Country**           Italy                                

  **Commodity**         Fresh                                
                        Tangerines                           

  Time Period           2001           Units:                2002

  Exports for:                                               **1**

  U.S.                                 U.S.                  

  Others                               Others                

  Poland                24949          Poland                15504

  Hungary               7347           Bosnia - Erz          6117

  Check Rep             7089           Hungary               5560

  Slovenja              5317           Germany               4575

  Slovack               3965           Slovenja              3658

  Germany               3428           Check Rep             2692

  Bosnia - Erz          3413           Slovack               2939

  France                3336           Austria               2058

  Latvia                3120           France                2045

  Austria               2931           Latvia                1657

  Total for Others      64895                                46805

  Others not Listed     6105                                 4195

  Grand Total           71000                                51000
  --------------------- -------------- --------------------- --------------

  --------------------- -------------- --------------------- --------------
  **Import Trade                                             
  Matrix**                                                   

  **Country**           Italy                                

  **Commodity**         Fresh                                
                        Tangerines                           

  Time Period                          Units:                

  Imports for:          2001                                 **2002**

  U.S.                                 U.S.                  

  Others                               Others                

  Spain                 49855          Spain                 65988

  France                4126           France                4601

  Ciprus                2017           Ciprus                1635

                                       Greece                1469

                                       Uruguay               992

                                       Morocco               723

                                       Netherlands           228

                                       Argentina             132

                                                             

                                                             

  Total for Others      55998                                75768

  Others not Listed     9002                                 232

  Grand Total           65000                                76000
  --------------------- -------------- --------------------- --------------