Taiheiyo Cement Corporation
Reference Materials of
Financial Results for the Second Quarter of
Fiscal 2011
(From April 1, 2010 through September 30, 2010)
Contents
Trend in Construction Investments and Domestic Demand of Cement

Page 1

Volume of Sales and Shipment Results by Region

Page 2Financial Results for the Second Quarter of Fiscal 2011

Pages 3-4

Consolidated Balance Sheets

Page 5

Consolidated Statements of Cash Flows

Page 6

Forecast of Fiscal 2011

Page 7-8[Reference Information]
1. Status of the Consolidated Group
2. Change in Interest-bearing Debt
3. Change in Number of Personnel
4. Change in Capital Investment
5. Change in Depreciation Expenses
6. Change in Experiment and Research Expenses
7. Cement Sales in Overseas Subsidiaries
8. Financial Results of Ssangyong Cement
9. Overview of Businesses in the U.S.

Page 9Page 9Page 9Page 9Page 9Page 10
Page 10
Page 10
Page 10

November 9, 20101

1. Trend in Construction Investments and Domestic Demand of Cement
Estimate ofconstruction
investments(in nominal terms)

Year-onyear
changeDomestic
Demand(including
imports)

Year-onyear
changeExports

Year-onyear
change(100 million yen)(%)(Thousand tons)(%)(Thousand tons)(%)

Fiscal 1995

787,523(3.6)

79,743

1.4

14,995

1.4

Fiscal 1996

790,169

0.3

80,3770.8

13,389(10.7)

Fiscal 1997

828,077

4.8

82,4172.5

12,427(7.2)

Fiscal 1998

751,906(9.2)

76,573(7.1)

11,219(9.7)

Fiscal 1999

714,269(5.0)

70,719

(7.6)

7,558

(32.6)

Fiscal 2000

685,039(4.1)

71,515

1.1

7,564

0.1

Fiscal 2001

661,948(3.4)

71,435

(0.1)

7,477

(1.2)

Fiscal 2002

612,875(7.4)

67,811

(5.1)

7,863

5.2

Fiscal 2003

568,401(7.3)

63,514

(6.3)

8,554

8.8

Fiscal 2004

536,880(5.5)

59,687

(6.0)

9,879

15.5

Fiscal 2005

528,246(1.6)

57,569(3.5)

10,373

5.0

Fiscal 2006

515,676(2.4)

59,0892.6

10,273(1.0)

Fiscal 2007

513,281(0.5)

58,985

(0.2)

9,592

(6.6)

Fiscal 2008

476,961(estimated value)
476,500(estimated value)421,700(forecasted value)392,500(7.1)

55,506(5.9)

10,0174.4(0.1)

50,087(9.8)

10,672

6.5(11.5)

42,732(14.7)

11,0543.6(6.9)

40,450

(5.3)

9,700

(12.2)

Second Quarter of Fiscal 2009

24,446(10.6)

Second Quarter of Fiscal 2010

21,017(14.0)

Second Quarter of Fiscal 201119,820(5.7)

Fiscal 2009
Fiscal 2010
Fiscal 2011
(For reference)[Sources]
Estimate of construction investments:
for Fiscal 1995 to Fiscal 2008, Ministry of Land, Infrastructure, Transport and Tourism
for Fiscal 2009 and Fiscal 2011, Research Institute of Construction and Economy (RICE)
Domestic demand of cement: Japan Cement Association22. Volume of Sales and Shipment Results by Region
Volume of sales of cement by region (excluding imports)
Fiscal 2009

Fiscal 2010

Volume ofsales

Year-on-yearchangeVolume ofsales

Year-on-yearchange(Thousand
tons)

(%)

(Thousand
tons)

(%)

Second Quarter of
Fiscal 2011
Year-on-year
Volume ofchangesales(Thousand
tons)

(%)

Hokkaido

2,299(10.6)

2,240

(2.6)

1,144

(6.4)

Tohoku3,354(12.9)

3,011(10.2)

1,409

(3.5)

Kanto 1

11,241

(6.4)

9,508

(15.4)

4,506

(7.8)

Kanto 2

4,403

(10.6)

3,812(13.4)

1,849

3.6

Hokuriku

2,578

(6.5)

2,331

(9.6)

1,191

0.0

Tokai

6,379

(6.6)

5,064

(20.6)

2,267

(8.4)

Kinki

7,026

(13.7)

5,505(21.6)

2,593

(5.0)

Shikoku

1,824(12.8)

1,661

(8.9)

737

(3.0)

Chugoku

3,343(11.8)

2,924(12.5)

1,268

(8.9)

Kyushu5,892(13.4)

5,137(12.8)

2,336

(4.3)

Okinawa

825

1.1

783

(5.1)

346

(4.9)

49,164(9.9)

41,976(14.6)

19,547(5.1)

10,672
Total
59,835
Source: Japan Cement Association

6.5
(7.4)

11,05453,030

3.6(11.4)

5,241
24,788

(5.8)
(5.3)

Domestic Total
Exports

Shipment of ready-mixed concrete by region
Fiscal 2009
Shipment(Thousandcubicmeters)Fiscal 2010

Year-on-yearchangeShipment(Thousandcubicmeters)(%)

Year-on-yearchange(%)

Second Quarter of
Fiscal 2011
Year-on-year
Shipmentchange(Thousandcubicmeters)(%)

Hokkaido

3,874(14.2)

3,475(10.3)

1,640(12.5)

Tohoku6,835(12.7)

6,030(11.8)

2,878

(1.9)

Kanto 1

24,155(11.9)

20,024(17.1)

10,044(2.3)

Kanto 2

7,579

(13.5)

6,442(15.0)

3,094

0.2

Hokuriku

5,602

(5.4)

5,225

(6.7)

2,663

(0.7)

Tokai

13,865(1.3)

10,995(20.7)

4,898

(9.8)

Kinki

13,610(5.0)

11,466(15.8)

5,284

(9.0)

Chugoku

6,536(14.0)

5,823(10.9)

2,595

(4.6)

Shikoku

4,199(11.4)

3,938

(6.2)

1,668

(6.4)

Kyushu14,753(11.8)

12,612(14.5)

5,491

(3.3)

101,009(9.7)

86,030(14.8)

40,256

(4.8)

Total

Source: National Federation of Ready-Mixed Concrete Industrial Associations

3

Financial Results for the Second Quarter of Fiscal 2011
(From April 1, 2010 through September 30,2010)
Consolidated Statements of Income(Millions of yen)
Item

Second Quarter of
Fiscal 2010

Second Quarter of
Fiscal 2011

357,938
296,884
61,05362,786(1,732)
304
893

343,014285,801
57,21359,014(1,801)
265
772(14,924)(11,083)(3,840)(3,771)
(69)
(39)
(120)

503

-

(503)

2,574
4,275

2,110
3,148

(464)
(1,127)

5,002

4,919

(83)

-

582

582

1,857

3,524

1,667

6,860
(4,316)
361
13
269
644
1,323

9,026
(7,679)
8,101
1,084
806
9,991
729

2,166
(3,362)
7,739
1,071
536
9,347
(593)

-

2,543

2,543

2,243

2,243

14

164

149

-

4,056

4,056

1,190
2,528
(6,201)
1,926
(122)
1,803

1,893
11,630(9,318)
4,460
(729)
3,730

1,927

-

(13,409)(13,049)(16)(7,988)51

68(13,101)(5,112)

Cost of sales
Gross profit
Selling, general and administrative expenses

Operating loss
IncomeInterest income
Dividends income
Equity in earnings of unconsolidated subsidiaries
and affiliates
Other
Total
Interest expenses
ExpensesNon-operating
income and expenses

Ordinary income and loss

Operatingincome/loss

Net sales

Equity in losses of unconsolidated subsidiaries
and affiliates
Other
Total

Ordinary loss
Gain on sales of investment securities
Other
Total
Loss on disposal of non-current assets
Loss on sales of investment securities
LossesExtraordinary gain and loss

Gain

Gain on disposal of non-current assets

Loss on valuation of investment securities
Impairment loss
Loss on adjustment for changes of accounting
standard for asset retirement obligations
Other
Total

Loss before income taxes
Income taxes-current
Income taxes-deferred
Total income taxes
Loss before minority interests
Minority interests in income(loss)
Net loss
Sales volume of cement
SecondQuarter of
Fiscal 2010
Domestic
8,374
Export2,144(Thousand tons)
SecondChangeQuarter of
Fiscal 2011
7,362
(1,012)2,415
271

Interest-bearing debt

Consolidated
Non-consolidated

4

As of
3/31/10
679,077
406,416

Change702
9,101(3,117)
2,534
(607)

(Millions of yen)
As of
Change9/30/10622,605(56,472)360,554(45,862)

Segment Information(1) Net sales(Millions of yen)
Main factors of change
Domestic cement sales decreased (5.1) bil. yen
Decreased in cement export volume (0.9) bil.yen
Domestic
Decreased sales from companies producing
ready-mixed concrete and merchandising firms ofready-mixed concrete etc (6.4) bil.yen
U. S. $(58) million
cement:$(27)million(volume$(19) mil,price$(8)mil)
Overseas
ready-mixed concrete etc.: $(31)million
subsidiaries
China $7 million
Effect of foreign exchange (1.9) bil. yen

2Q FY2011

ChangeDomestic

177,115

164,559(12,556)

Overseassubsidiaries

50,021

43,314(6,706)

Total
Mineral Resourcesbusiness
Environmental
business
Construction
Materials business
Ceramics &Electronics business

227,136

207,874(19,262)

43,961

39,161sales of aggregate, sand due to reduced volume of(4,800) Decreased
ready-mixed concrete.

29,05728,391sales due to reduced volume of coal ash, excavated(665) Decreased
waste, sludge, etc. Increased sales of mineral ingredients.

43,07437,001(6,072) Decreased sales due to reduced volume of construction materials.

7,039

17,194

sales in Ceramics & Electronics business as a result of the
10,155 Increased
recovery of market circumstances.

Other

46,37347,882

sales in transport and warehouse business due to rise in
1,508 Increasedhandling volumes.

Total

396,643

377,506(19,137)

Eliminations or
corporate assets(38,705)(34,492)

4,213

Consolidated total

357,938

343,014(14,924)

2Q FY2010

2Q FY2011(2,906)

216

3,123

14

(3,190)(3,204)(2,892)(2,973)

(81)

395

274

(121)

2,186

2,362

175

328

(1,689)(2,017) Decreased profit due to reduced volume of construction materials.

(2,422)(860)

1,561 Increased profit in Ceramics & Electronics business as a result of

Other

1,061

1,295

234

Total

(1,343)(1,590)(247)

Eliminations or
corporate assets

(388)

(210)

178

Consolidated total(1,732)(1,801)(69)

Cement business

2Q FY2010

Cement business(2) Operating Income

Domestic

Overseassubsidiaries

Total
Mineral Resourcesbusiness
Environmental
business
Construction
Materials business
Ceramics &Electronics businessChangeMain factors of change
Domestic cement sales decreased (2.6) bil. yen
Variable cost reduction etc. 2.8 bil. yen
Fixed cost decreased 3.0 bil. yen
Domestic
Decreased operating income producing ready-mixed
concrete and merchandising firms of ready-mixed
concrete etc. (0.1) bil.yen
U. S. $(27) million
Overseas
China $(2) million
subsidiaries
Asia $(7) million

the recovery of market circumstances.
Increased profit in transport and warehouse business due to rise inhandling volumes.

[Reference information]
Foreign exchange rate 2Q of Fiscal 2010 average: ¥95.59 per dollar; 2Q of Fiscal 2011 average: ¥91.36 per dollar; difference: ¥4.23
Exchange rate at end of Dec. 2009: ¥92.10 per dollar; at end of Jun. 2010: ¥88.48 per dollar; difference: ¥3.62

5

Consolidated Balance Sheets(Unit: Millions of yen)
Cash and time deposits
Notes and accounts receivable-trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Current assets
Property, plant and equipment
Buildings and structures
Machinery, equipment and vehicles
Land
Other
Property, plant and equipment
Intangible assets
Goodwill
Other
Intangible assets
Investments and other assets
Investments in securities
Other
Allowance for doubtful accounts
Investments and other assets
Non-current assets
Total assets
Notes and accounts payable-trade
Short-term loans payable
Commercial papers
Current portion of bonds
Current portion of bonds with subscription
rights to shares
Income taxes payable
Provision for bonuses
Provision for directors’ bonuses
Provision for loss on assignment ofbusiness
Provision for business structure reform
costs
Other provisions
Asset retirement obligations(current)
Other
Current liabilities
Bonds payable
Bonds with subscription rights to shares
Long-term bank loans payable
Provision for retirement benefits
Provision for directors’ retirement benefits
Provision for loss on business of
subsidiaries and affiliates
Provision for special repairs
Asset retirement obligations(noncurrent)
Other
Non-current liabilities
Total liabilities
Capital stock
Capital surplus
Retained earnings
Treasury stock
Shareholders’ equity
Unrealized gain on other securities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustments
Accumulated other comprehensive losses
Valuation and translation adjustments
Minority interests in consolidated subsidiaries
Total net assets
Total liabilities and total net assets

As of 3/31/10
119,437
153,699
31,367
8,084
36,80652,827(1,868)400,353

As of 9/30/10
71,113
141,781
31,2689,430
39,092
53,777(1,869)344,594

Change(48,324)(11,917)(99)(1,346)
2,286
950
(1)
(55,759)

160,864
128,958
169,027
71,411
530,261

154,730
119,271
157,677
72,056
503,735(6,133)(9,687)(11,349)644(26,525)

17,99835,99353,991

16,141
32,536
48,678(1,856)(3,456)(5,312)102,955
76,642(8,947)
170,650
754,903
1,155,256
82,958291,523
46,00020,61087,55575,530(8,919)154,167
706,581
1,051,175
72,033
315,367
51,00010,472(15,400)(1,111)
28(16,482)(48,321)(104,081)(10,924)
23,843
5,000(10,138)

21,982-(21,982)

2,848
5,242
7

5,305
4,575
7

2,457
(667)
-

5,588

5,588

-

17,262

14,008(3,254)886
58,556553,466
63,05040
235,870
35,412792

866
305
57,450536,981
52,680193,084
30,698
585

(19)
305
(1,106)-16,485(10,370)(40)(42,785)(4,714)
(206)

138

138

-

400
77,896413,602
967,069
69,49960,38452,753(960)
181,676
6,586
6
4,503
(37,115)(2,468)(28,488)
34,999188,187
1,155,256

284
5,966
74,896358,307895,288
69,49960,743
81,766(2,476)
209,532
7,746
(74)
4,548
(34,567)(2,707)(25,053)
36,420155,886
1,051,175

(116)
5,966
(3,027)(55,295)(71,780)(26,421)
10,53250(15,838)(2,795)(28)(41)(6,641)
214(9,293)(7,168)(32,300)(104,081)

6

Main factors of change

Property, plant and equipment(Included long-term prepaid expenses)
Breakout of increase-decrease
Capital investment 14.8 bil. Yen
Depreciation (21.3) bil. yen
Loss on retirement and sales (3.1) bil. yen
Exclusion (20.4) bil. yen
Asset retirement obligations 1.2 bil. yen
New consolidation 4.3 bil. Yen
Foreign exchange effects (7.7) bil. Yen
Other (1.0) bil. yen

Consolidated Statements of Cash Flows(Unit: Millions of yen)
Second Quarterof Fiscal 2010
14,712(6,201)
23,930

Second Quarterof Fiscal 2011
7,749
(9,318)21,302

20,570

6,087(23,243)(6,932)

16,311(342)(3,389)(3,047)

Cash flows from investing activities
Purchase of non-current assets
Proceeds from sale of non-current
assetsPurchase of investments insecurities
Proceeds from sales of investments
in securities
Other(14,552)(22,504)(1,491)(13,647)

13,061
8,857

1,062

10,495

9,433

(118)

(186)

(68)

6,349

3,118

(3,231)658(1,273)(1,931)

Cash flows from financing activities
Increase (decrease) ininterest-bearing debt
Other

(1,909)(47,506)(45,597)

Cash flows from operating activities
Loss before income taxes
Depreciation and amortization
Decrease(increase) in notes andaccounts receivable-trade
Increase (decrease) in notes andaccounts payable-trade
Other

Effect of exchange rate changes on cash
and cash equivalents
Net increase(decrease) in cash and cash
equivalents
Other
Cash and cash equivalents at beginning of
the period
Cash and cash equivalents at end of theperiodIncrease (decrease) in interest-bearing
debt
Bonds payable
Current portion of bonds
Bonds with subscription rights to shares
Current portion of bonds with
subscription rights to shares
Long-term loans payable
Short-term loans payable
Commercial papers
Total interest-bearing liabilities

Year-on-year change
Equity ratio (%)
Equity ratio based on market value (%)
Net assets per share (yen)Current ratio (%)

Year-on-year change
Net loss per share (yen)Change(6,963)(3,117)-2,628(14,483)(23)(46,320)(46,297)(1,885)(1,185)

700

960

(773)

(1,733)(788)(42,022)(41,234)

(126)

(3)

123

56,299113,480

57,181

55,38371,455

16,072As of 3/31/10

As of 9/30/10

Difference

63,05020,61040

52,68010,472-(10,370)(10,138)(40)

21,982-(21,982)

235,870
291,523
46,000679,077

193,084
315,367
51,000622,605(42,785)
23,843
5,000(56,472)

As of 3/31/10

As of 9/30/10

Difference

13.3
10.9
162.9
72.3

12.2
8.8
136.1
64.2

(1.1)
(2.1)
(26.8)(8.2)

First Half of
Fiscal 2010
(8.5)

First Half of
Fiscal 2011(13.9)

7

Difference(5.4)

Main factors of change

Forecast of Fiscal 2011
[Preconditions]・Domestic production: 40.45 million tons (down 5.3% year-on-year)
・Predicted foreign exchange rate for Fiscal 2011: 87.68 yen/ US dollar (5.97 yen higher than previous fiscal year)

Net sales

Cement business (domestic)
Overseas subsidiaries
Cement business (total)
Mineral Resources business
Environmental business
Construction Materials business
Ceramics & Electronics business
Other
Total
Eliminations or corporate assets
Consolidated

Operating income(Unit: Millions of yen)
Fiscal 2011
Differences
329,737(21,339)
93,444(6,976)423,181(28,316)
82,175(4,303)57,315(3,601)
84,394(4,350)34,03813,60885,039(16,082)
766,142(43,047)(74,742)5,866
691,400(37,181)

Fiscal 2010
351,076
100,420
451,497
86,47860,91688,744
20,430101,121809,189(80,608)
728,581

Cement business (domestic)
Overseas subsidiaries
Cement business (total)
Mineral Resources business
Environmental business
Construction Materials business
Ceramics & Electronics business
Other
Total
Eliminations or corporate assets
Consolidated

2,634(3,477)
(843)
826
4,157
1,065
(3,627)
3,098
4,676(1,104)
3,572

7,660
(4,608)
3,052
1,022
4,959
(389)
(285)
2,855
11,214(714)
10,500196802(1,454)
3,342
(243)
6,538
390
6,928

148

2,000

1,852

Extraordinary income (loss)(42,303)

18,00060,303

Income (loss) before income taxes(42,155)

20,00062,155

Net income (loss)(37,041)4,000

41,041

Ordinary income

8

5,026
(1,131)
3,895

Sales volume of cement(Thousand tons)

Fiscal 2010

Fiscal 2011

ChangeDomestic

14,82913,810(1,019)

Export

5,009

4,387

(622)

Breakdown of increase (decrease) in net sales of Cement business
Domestic
Domestic cement sales decrease (8.7) bil. yen
Decrease in cement export volume (2.5) bil.yen
Decrease sales from companies producing ready-mixed concrete andmerchandising firms of ready-mixed concrete etc. (13.8) bil.yen
Overseas subsidiaries
U. S. $(45) million
cement: $(29) million(volume$(15) mil, price$(14) mil)ready-mixed concrete etc.: $(16) million
China $17 million
Asia $23 million
Other $1 million
Effect of foreign exchange (6.5) bil. yen
Breakdown of increase (decrease) in net sales of other segments
CE
Increase sales in Ceramics & Electronics business as a result of
the recovery of market circumstances.
Other Decrease sales due to nonconsolidation of Azuma Shipping
Co.,Ltd
Breakdown of increase (decrease) in operating income of Cement business
Domestic
Domestic cement sales expected to decrease (4.8) bil. yen
Decrease in cement export volume (0.8) bil.yen
Variable cost reduction etc. 3.6 bil. yen
Fixed cost decreased 7.0 bil. yen

Overseas subsidiaries
U. S. $(2) million
China $(5) million
Asia $(7) million
Other $1 million

Breakdown of increase (decrease) in operating income of other segments
Construction Materials business
Decrease profit due to reduce volume of construction materials.

CE Increase profit in Ceramics & Electronics business as a result of therecovery of market circumstances.

9

[Reference Information]
1. Status of the Consolidated Group(Number of companies)
As of 3/31/08

As of 3/31/09

As of 3/31/10

As of 9/30/10

174
14
54

172
14
51

167
16
48

159
15
44

242

237

231

218

129

125

117

106

96

87

87

78

Total of companies outside the scopeof consolidation

225

212

204

184

Total

467

449

435

402

Consolidated subsidiaries
Equity method subsidiaries
Equity method affiliates
Total of companies within the scopeof consolidation
Subsidiaries outside the scope of
consolidation
Affiliates outside the scope of
consolidation

2. Change in Interest-bearing Debt

The Company
Consolidated subsidiaries
Whole group

As of 3/31/08

As of 3/31/09

As of 3/31/10

342.0
248.2
590.2

365.0
278.3
643.3

406.4
272.6
679.0

(Billions of yen)
As of 9/30/10 As of 3/31/11(forecast)
360.5
262.1
622.6

317.7
249.3
567.0

3. Change in Number of Personnel

The Company
Consolidated subsidiaries
Whole group

As of 3/31/08

As of 3/31/09

3,312
14,57917,891

3,306
15,22818,534(Number of persons)
As of 3/31/10 As of 9/30/10
3,238
13,671
16,9092,397
13,724
16,121(Billions of yen)
Fiscal 2011
(forecast)
15.7
16.9
32.6

4. Change in Capital Investment

The Company
Consolidated subsidiaries
Whole group

Fiscal 2008

Fiscal 2009

Fiscal 2010

First Half of
Fiscal 2011

16.9
39.6
56.5

19.6
40.4
60.0

12.7
26.3
39.0

8.9
5.9
14.8

5. Change in Depreciation Expenses

The Company
Consolidated subsidiaries
Whole group

Fiscal 2008

Fiscal 2009

Fiscal 2010

17.6
25.9
43.5

22.8
28.9
51.7

21.7
27.0
48.7

10

(Billions of yen)
Fiscal 2011
First Half of
Fiscal 2011
(forecast)
8.7
12.6
21.3

19.4
24.5
43.9

6. Change in Experiment and Research Expenses
Fiscal 2008

Fiscal 2009

Fiscal 2010

4.0
1.1
5.1

4.0
1.0
5.0

3.7
0.9
4.6

The Company
Consolidated subsidiaries
Whole group(Billions of yen)First Half of
Fiscal 2011
Fiscal 2011
(forecast)
1.6
0.4
2.0

3.4
1.0
4.4

7. Cement Sales in Overseas Subsidiaries (Sum of the sales of the consolidated subsidiaries)(10 thousand tons)
Fiscal 2011
Fiscal 2008
Fiscal 2009
Fiscal 2010
(forecast)
U.S.
579
432
277
270
Asia
974
940
943
1,018
Other regions
13
16
13
13
8. Financial Results of Ssangyong Cement
Fiscal 2008

Fiscal 2009

Fiscal 2010

ActualActualActualSecondQuarter of
Fiscal 2011
10 thousand tons

Sales of cement clinker
1,297

1,331

1,395

665
Billions of won

Net sales
1,015.5

1,172.3

1,083.6

504.6

5.4

(15.4)

70.7

17.2

3.9

(165.3)

76.2

(6.7)

Operating income (loss)
Ordinary income (loss)
Net income (loss)
Outstanding balance of loans

44(168.7)74.2(6.6)
As of 12/31/07 As of 12/31/08 As of 12/31/09 As of 6/30/10
791.2
986.8
1,184.9758.0

9. Overview of Businesses in the U.S. (Taiheiyo Cement U.S.A., Inc., on a consolidated basis)($ thousands)
SecondFiscal 2010
Fiscal 2008
Fiscal 2009
Fiscal 2010
Quarter of(forecast)actualactualActualFiscal2011
Net sales

1,010,088

910,241

574,753

238,684

529,223

Operating income (loss)

176,01154,013(82,558)(47,340)(85,020)

Net income (loss)

139,170

27,019(53,876)(28,210)(1,438)11