##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-Q
 þ
    
    Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934.
 For the fiscal quarter ended June 30, 2008.
 OR
 o
    
    Transition report under Section 13 or 15(d) of the Exchange Act.
 For the transition period from  to  .
 COMMISSION
FILE NUMBER 000-51965
 WESTERN IOWA ENERGY, LLC
  Iowa
(State or other jurisdiction of
    
    41-2143913
(I.R.S. Employer Identification No.)incorporation or organization)
 1220 S. Center Street, P.O. Box 399
Wall Lake, Iowa 51466
 (712) 664-2173
  þ o
  o þ
    Large Accelerated Filer o
    
    Accelerated Filer o
    
    Non-Accelerated Filer þ
    
    Smaller Reporting Company o




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##### 



INDEX
 PART I  FINANCIAL INFORMATION
    
    
    3Item 1. Financial Statements
    
    
    3Item 2. Managements Discussion and Analysis or Plan of Operation
    
    
    17Item 3. Quantitative and Qualitative Disclosures About Market Risks
    
    
    27Item 4T. Controls and Procedures
    
    
    28PART II  OTHER INFORMATION
    
    
    28Item 1. Legal Proceedings
    
    
    28Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    29Item 3. Defaults Upon Senior Securities
    
    
    29Item 4. Submission of Matters to a Vote of Security Holders
    
    
    29Item 5. Other Information
    
    
    29Item 6. Exhibits
    
    
    30Exhibit 31.1Exhibit 31.2Exhibit 32.1Exhibit 32.2
   2




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PART I  FINANCIAL INFORMATION
 
 Item 1. Financial Statements.
 WESTERN IOWA ENERGY, LLC
BALANCE SHEET
 June 30,
    
    
    December 31,2008
    
    
    2007(UNAUDITED)ASSETSCURRENT ASSETSCash and cash equivalents
    
    $
    205,798
    
    
    $
    32,048Margin deposits
    
    
    284,041
    
    
    
    1,427,218Derivative instruments
    
    
    18,837
    
    
    
    Trade accounts receivable  related party
    
    
    3,555,328
    
    
    
    5,816,085Other receivables
    
    
    150,281
    
    
    
    5,997Incentive receivable
    
    
    1,406,872
    
    
    
    317,225Inventory
    
    
    7,563,447
    
    
    
    9,098,351Prepaid expenses and other assets
    
    
    220,071
    
    
    
    188,362Total current assets
    
    
    13,404,675
    
    
    
    16,885,286PROPERTY, PLANT AND EQUIPMENTLand and land improvements
    
    
    1,364,842
    
    
    
    1,364,842Office building and equipment
    
    
    645,542
    
    
    
    643,705Plant and process equipment
    
    
    33,323,350
    
    
    
    33,308,507Construction in progress
    
    
    11,635
    
    
    
    Total, at cost
    
    
    35,345,369
    
    
    
    35,317,054Less accumulated depreciation
    
    
    4,353,447
    
    
    
    3,261,429Total property, plant and equipment
    
    
    30,991,922
    
    
    
    32,055,625OTHER ASSETSLand options
    
    
    596
    
    
    
    596Other investments
    
    
    80,895
    
    
    
    33,810Loan origination fees, net of accumulated amortization
    
    
    96,499
    
    
    
    105,547Total other assets
    
    
    177,990
    
    
    
    139,953TOTAL ASSETS
    
    $
    44,574,587
    
    
    $
    49,080,864LIABILITIES AND MEMBERS EQUITYCURRENT LIABILITIESAccounts payable:Trade
    
    $
    2,863,357
    
    
    $
    1,747,007Related parties
    
    
    136,385
    
    
    
    2,061,742Revolving line of credit
    
    
    
    
    
    
    3,800,000Derivative instruments
    
    
    
    
    
    
    1,936,375Current portion of long-term debt
    
    
    2,636,592
    
    
    
    1,909,722Accrued interest
    
    
    64,998
    
    
    
    100,542Accrued wages and benefits
    
    
    80,206
    
    
    
    56,689Accrued payroll taxes
    
    
    15,498
    
    
    
    3,255Other accrued expenses
    
    
    25,726
    
    
    
    12,864Accrued expenses  related party
    
    
    178,928
    
    
    
    Total current liabilities
    
    
    6,001,690
    
    
    
    11,628,196LONG-TERM LIABILITIESLong-term debt, less current portion above
    
    
    10,683,685
    
    
    
    12,366,667Total liabilities
    
    
    16,685,375
    
    
    
    23,994,863MEMBERS EQUITYContributed capital
    
    
    23,516,376
    
    
    
    23,516,376Retained earnings
    
    
    4,372,836
    
    
    
    1,569,625Total members equity
    
    
    27,889,212
    
    
    
    25,086,001TOTAL LIABILITIES AND MEMBERS EQUITY
    
    $
    44,574,587
    
    
    $
    49,080,864
   3




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WESTERN IOWA ENERGY, LLC
STATEMENTS OF OPERATIONS
 Three Months Ended
    
    
    Six Months Ended
    
    
    Three Months Ended
    
    
    Six Months EndedJune 30, 2008
    
    
    June 30, 2008
    
    
    June 30, 2007
    
    
    June 30, 2007REVENUESRelated parties
    
    $
    24,355,790
    
    
    $
    39,257,659
    
    
    $
    20,467,166
    
    
    $
    34,084,878Incentive funds
    
    
    3,245,492
    
    
    
    6,373,165
    
    
    
    4,333,044
    
    
    
    4,970,31227,601,282
    
    
    
    45,630,824
    
    
    
    24,800,210
    
    
    
    39,055,190COST OF SALES
    
    
    25,133,535
    
    
    
    41,378,763
    
    
    
    22,234,384
    
    
    
    35,923,065Gross profit
    
    
    2,467,747
    
    
    
    4,252,061
    
    
    
    2,565,826
    
    
    
    3,132,125OPERATING EXPENSESConsulting and professional fees
    
    
    62,363
    
    
    
    165,585
    
    
    
    125,264
    
    
    
    207,472Office and administrative expenses
    
    
    508,438
    
    
    
    943,275
    
    
    
    450,290
    
    
    
    806,077Total operating expenses
    
    
    570,801
    
    
    
    1,108,860
    
    
    
    575,554
    
    
    
    1,013,549OTHER INCOME (EXPENSE)Interest income
    
    
    3,052
    
    
    
    4,779
    
    
    
    2,936
    
    
    
    12,085Interest expense
    
    
    (224,780
    )
    
    
    (501,173
    )
    
    
    (395,481
    )
    
    
    (749,549
    )Patronage dividends
    
    
    
    
    
    
    156,404
    
    
    
    31,810
    
    
    
    105,866Total other income (expense)
    
    
    (221,728
    )
    
    
    (339,990
    )
    
    
    (360,735
    )
    
    
    (631,598
    )NET INCOME
    
    $
    1,675,218
    
    
    $
    2,803,211
    
    
    $
    1,629,537
    
    
    $
    1,486,978BASIC AND DILUTED
EARNINGS PER UNIT
    
    $
    63.34
    
    
    $
    105.99
    
    
    $
    61.62
    
    
    $
    56.22WEIGHTED AVERAGE UNITS
OUTSTANDING, BASIC
AND DILUTED
    
    
    26,447
    
    
    
    26,447
    
    
    
    26,447
    
    
    
    26,447
   4




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WESTERN IOWA ENERGY, LLC
STATEMENTS OF CASH FLOWS
 Six Months Ended
    
    
    Six Months EndedJune 30, 2008
    
    
    June 30, 2007CASH FLOWS FROM OPERATING ACTIVITIESNet income
    
    $
    2,803,211
    
    
    $
    1,486,978Adjustments to reconcile net income to net cash provided by
operating activitiesDepreciation and amortization
    
    
    1,101,066
    
    
    
    1,089,837Provision for bad debts
    
    
    36,750
    
    
    
    6,664Non cash portion of patronage dividends
    
    
    (47,085
    )
    
    
    (31,810
    )Effects of changes in operating assets and liabilitiesMargin deposits
    
    
    1,143,177
    
    
    
    (803,972
    )Trade accounts receivable  related party
    
    
    2,224,007
    
    
    
    (6,260,331
    )Other receivables
    
    
    (144,284
    )
    
    
    (4,225
    )Incentive receivables
    
    
    (1,089,647
    )
    
    
    55,580Inventory
    
    
    1,534,904
    
    
    
    2,745,930Derivative instruments
    
    
    (1,955,212
    )
    
    
    1,802,129Prepaid expenses
    
    
    (31,709
    )
    
    
    (16,738
    )Accounts payable
    
    
    (809,007
    )
    
    
    2,244,020Accrued interest
    
    
    (35,544
    )
    
    
    2,537Accrued wages and benefits
    
    
    23,517
    
    
    
    4,143Accrued payroll taxes
    
    
    12,243
    
    
    
    (26,522
    )Other accrued expenses
    
    
    12,862
    
    
    
    Accrued expenses- related party
    
    
    178,928
    
    
    
    (297,738
    )Net cash provided by operating activities
    
    
    4,958,177
    
    
    
    1,996,482CASH FLOWS FROM INVESTING ACTIVITIESPurchase of property, plant and equipment,
including construction in progress
    
    
    (28,315
    )
    
    
    (921,563
    )Sales tax refund received on plant construction costs
    
    
    
    
    
    
    443,535Net cash used in investing activities
    
    
    (28,315
    )
    
    
    (478,028
    )CASH FLOWS FROM FINANCING ACTIVITIESNet payments on line of credit
    
    
    (3,800,000
    )
    
    
    Proceeds from long-term debt
    
    
    
    
    
    
    4,809,472Payments on long-term debt
    
    
    (956,112
    )
    
    
    (4,215,000
    )Distributions to members
    
    
    
    
    
    
    (2,121,314
    )Net cash used in financing activities
    
    
    (4,756,112
    )
    
    
    (1,526,842
    )NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
    
    
    173,750
    
    
    
    (8,388
    )CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
    
    
    32,048
    
    
    
    28,322CASH AND CASH EQUIVALENTS, END OF PERIOD
    
    $
    205,798
    
    
    $
    19,934
   5




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WESTERN IOWA ENERGY, LLC
NOTES TO UNAUDITED FINANCIAL STATEMENTS
June 30, 2008
 NOTE 1  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
  Use of Estimates in Preparing Financial Statements
  Basis of Accounting
    Revenue Recognition
  Cash and Cash Equivalents
  Accounts Receivable
   6




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WESTERN IOWA ENERGY, LLC
NOTES TO UNAUDITED FINANCIAL STATEMENTS
June 30, 2008
 NOTE 1  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 Accounts Receivable
  Derivative Instruments and Hedging Activities
     Inventories
   7




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WESTERN IOWA ENERGY, LLC
NOTES TO UNAUDITED FINANCIAL STATEMENTS
June 30, 2008
 NOTE 1  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 Property, Plant, and Equipment
   YearsLand improvements
    
    2040Office building
    
    540Office equipment
    
    520Plant and process equipment
    
    1040
  Loan Origination Fees
  Other Investments
  Other Income
   8




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WESTERN IOWA ENERGY, LLC
NOTES TO UNAUDITED FINANCIAL STATEMENTS
June 30, 2008
 NOTE 1  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 Income Taxes
  Earnings Per Unit
  Cost of Sales
  Shipping and Handling Costs
  Environmental Liabilities
   9




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WESTERN IOWA ENERGY, LLC
NOTES TO UNAUDITED FINANCIAL STATEMENTS
June 30, 2008
 NOTE 1  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 New Accounting Standards
 Fair Value Measurements
 Disclosures about Derivative Instruments and Hedging
Activities (SFAS No. 161)
 NOTE 2  INCENTIVE PAYMENTS AND RECEIVABLE
  NOTE 3  INVENTORY
  June 30,
    
    
    December 31,2008
    
    
    2007Raw material
    
    $
    1,854,518
    
    
    $
    2,168,644Work in process
    
    
    2,713,855
    
    
    
    1,382,679Finished goods
    
    
    2,995,074
    
    
    
    5,547,028Total
    
    $
    7,563,447
    
    
    $
    9,098,351
  10




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WESTERN IOWA ENERGY, LLC
NOTES TO UNAUDITED FINANCIAL STATEMENTS
June 30, 2008
 NOTE 4  LAND OPTION
  NOTE 5  DEBT AND FINANCING
 Revolving Line of Credit
  Long-Term Debt
  June 30,
    
    
    December 31,2008
    
    
    2007Note payable to Farm Credit Services of America and
CoBank under term note agreement  
see details
below.
    
    $
    5,050,000
    
    
    $
    5,950,000Note payable to Farm Credit Services of America and
CoBank under reducing revolving credit note  see
details below.
    
    
    7,260,000
    
    
    
    7,260,000Note payable to the Iowa Department of Economic Development  see details below.
    
    
    352,500
    
    
    
    367,500Note payable to Glidden Rural Electric Cooperative  see details below
    
    
    657,777
    
    
    
    698,889Total
    
    
    13,320,277
    
    
    
    14,276,389Less current portion
    
    
    2,636,592
    
    
    
    1,909,722Long-term portion
    
    $
    10,683,685
    
    
    $
    12,366,667
  11




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WESTERN IOWA ENERGY, LLC
NOTES TO UNAUDITED FINANCIAL STATEMENTS
June 30, 2008
 NOTE 5  DEBT AND FINANCING
 Long-Term Debt
  2009
    
    $
    2,636,5922010
    
    
    1,912,2222011
    
    
    1,645,3522012
    
    
    2,047,2222013
    
    
    1,882,222Thereafter
    
    
    3,196,667Total
    
    $
    13,320,277
   12




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WESTERN IOWA ENERGY, LLC
NOTES TO UNAUDITED FINANCIAL STATEMENTS
June 30, 2008
 NOTE 5  DEBT AND FINANCING
      NOTE 6  MEMBERS EQUITY
   13




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WESTERN IOWA ENERGY, LLC
NOTES TO UNAUDITED FINANCIAL STATEMENTS
June 30, 2008
 NOTE 7  CASH FLOW DISCLOSURES
  Six Months Ended
    
    
    Six Months EndedJune 30, 2008
    
    
    June 30, 2007Cash paid for interest
    
    $
    536,717
    
    
    $
    747,012
 NOTE 8  RELATED PARTY TRANSACTIONS
    NOTE 9  LEASE COMMITMENTS
  2009
    
    $
    35,6272010
    
    
    35,6272011
    
    
    35,627Total
    
    $
    106,881
  14




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WESTERN IOWA ENERGY, LLC
NOTES TO UNAUDITED FINANCIAL STATEMENTS
June 30, 2008
 NOTE 9  LEASE COMMITMENTS
  NOTE 10  RETIREMENT AND SAVINGS PLAN
  NOTE 11  FAIR VALUE OF FINANCIAL INSTRUMENTS
  
    
    Level 1Unadjusted quoted prices for identical assets and liabilities in active
markets;
    
    Level 2Quoted prices for similar assets and liabilities in active markets (other
than those included in Level 1) which are observable for the asset or liability, either
directly or indirectly; and
    
    Level 3Valuations derived from valuation techniques in which one or more significant
inputs or significant value drivers are unobservable.
  SignificantQuoted Prices in
    
    
    Other
    
    
    SignificantActive Markets for
    
    
    Observable
    
    
    UnobservableIdentical Assets
    
    
    Inputs
    
    
    InputsJune 30, 2008
    
    
    (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)Financial assets:Cash equivalents
    
    $
    886,052
    
    
    $
    886,052
    
    
    $
    
    
    
    $
    Commodity derivatives
    
    $
    18,837
    
    
    $
    
    
    
    $
    18,837
    
    
    $
    
  15




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WESTERN IOWA ENERGY, LLC
NOTES TO UNAUDITED FINANCIAL STATEMENTS
June 30, 2008
 NOTE 11  FAIR VALUE OF FINANCIAL INSTRUMENTS
  NOTE 12  UNCERTAINTIES
         16




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Item 2. Managements Discussion and Analysis or Plan of Operation.
  Cautionary Statements Regarding Forward Looking Statements
  
    
    The availability and adequacy of our cash flow to meet our requirements;
    
    Changes in interest rates and the availability of credit to support capital
improvements, development, expansion and operations;
    
    Competition with other manufacturers in the biodiesel industry;
    
    Overcapacity within the biodiesel industry;
    
    Decrease in the demand for biodiesel;
    
    Actual biodiesel and glycerin production varying from expectations;
    
    Availability and cost of products and raw materials, particularly soybean oil and
animal fats;
    
    Changes in the price and market for biodiesel and its co-products;
    
    Our ability to market and our reliance on third parties to market our products;
    
    Fluctuations in petroleum prices;
    
    Changes in our business strategy, capital improvement or development plans;
    
    Changes in general economic conditions or the occurrence of certain events causing
an economic impact in the agriculture, oil or transportation industries;
    
    Changes in plant production capacity or technical difficulties in operating the
plant;
    
    Changes in the environmental regulations or in our ability to comply with the
environmental regulations that apply to our plant operations;
    
    Changes and advances in biodiesel production technology;
    
    The imposition of tariffs or other duties on biodiesel imported into Europe; and
    
    Other factors described elsewhere in this report.
   17




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Overview
  RISK FACTORS
     18




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Results of Operations for the Three Months Ended June 30, 2008 and 2007
  Three Months Ended
    
    
    Three Months EndedJune 30, 2008
    
    
    June 30, 2007(Unaudited)
    
    
    (Unaudited)Statement of Operations Data
    
    Amount
    
    
    %
    
    
    Amount
    
    
    %Revenues
    
    $
    27,601,282
    
    
    
    100
    %
    
    $
    24,800,210
    
    
    
    100
    %Cost of Sales
    
    $
    25,133,535
    
    
    
    91.06
    %
    
    $
    22,234,384
    
    
    
    89.65
    %Gross Profit
    
    $
    2,467,747
    
    
    
    8.94
    %
    
    $
    2,565,826
    
    
    
    10.35
    %Operating Expenses
    
    $
    570,801
    
    
    
    2.07
    %
    
    $
    575,554
    
    
    
    2.32
    %Other Expense
    
    $
    (221,728
    )
    
    
    0.80
    %
    
    $
    (360,735
    )
    
    
    1.45
    %Net Income (Loss)
    
    $
    1,675,218
    
    
    
    6.07
    %
    
    $
    1,629,537
    
    
    
    6.57
    %
  19




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Revenues
  June 30, 2008
    
    
    June 30, 2007% of
    
    
    
    
    
    
    % ofRevenue Sources
    
    Amount
    
    
    Revenues
    
    
    Amount
    
    
    RevenuesBiodiesel Sales
    
    $
    26,644,958
    
    
    
    96.5
    %
    
    $
    24,414,879
    
    
    
    98.4
    %Glycerin Sales
    
    $
    639,240
    
    
    
    2.3
    %
    
    $
    290,123
    
    
    
    1.2
    %Fatty Acid
Sales and Soapstock Sales
    
    $
    317,084
    
    
    
    1.1
    %
    
    $
    95,208
    
    
    
    0.4
    %Total Revenues
    
    $
    27,601,282
    
    
    
    100
    %
    
    $
    24,800,210
    
    
    
    100
    %
        20




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Cost of Sales
     21




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##### Table of Contents



Operating Expense
   22




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Other Expenses
  Results of Operations for the Six Months Ended June 30, 2008 and 2007
  Six Months Ended
    
    
    Six Months EndedJune 30, 2008
    
    
    June 30, 2007(Unaudited)
    
    
    (Unaudited)Statement of Operations Data
    
    Amount
    
    
    %
    
    
    Amount
    
    
    %Revenues
    
    $
    45,630,824
    
    
    
    100
    %
    
    $
    39,055,190
    
    
    
    100
    %Cost of Sales
    
    $
    41,378,763
    
    
    
    90.68
    %
    
    $
    35,923,065
    
    
    
    91.98
    %Gross Profit
    
    $
    4,252,061
    
    
    
    9.32
    %
    
    $
    3,132,125
    
    
    
    8.02
    %Operating Expenses
    
    $
    1,108,860
    
    
    
    2.43
    %
    
    $
    1,013,549
    
    
    
    2.60
    %Other Expense
    
    $
    (339,990
    )
    
    
    0.75
    %
    
    $
    (631,598
    )
    
    
    1.62
    %Net Income (Loss)
    
    $
    2,803,211
    
    
    
    6.14
    %
    
    $
    1,486,978
    
    
    
    3.81
    %
 Revenues
  June 30, 2008
    
    
    June 30, 2007% of
    
    
    
    
    
    
    % ofRevenue Sources
    
    Amount
    
    
    Revenues
    
    
    Amount
    
    
    RevenuesBiodiesel Sales
    
    $
    43,899,438
    
    
    
    96.2
    %
    
    $
    38,498,320
    
    
    
    98.6
    %Glycerin Sales
    
    $
    1,271,603
    
    
    
    2.8
    %
    
    $
    441,459
    
    
    
    1.1
    %Fatty Acid Sales
and Soapstock Sales
    
    $
    459,783
    
    
    
    1.0
    %
    
    $
    115,411
    
    
    
    0.3
    %Total Revenues
    
    $
    45,630,824
    
    
    
    100
    %
    
    $
    39,055,190
    
    
    
    100
    %
  Cost of Sales
   23




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Operating Expense
  Other Expenses
  Changes in Financial Condition for the Six Months Ended June 30, 2008
  June 30,
    
    
    December 31,2008
    
    
    2007Current Assets
    
    $
    13,404,675
    
    
    $
    16,885,286Current Liabilities
    
    $
    6,001,690
    
    
    $
    11,628,196Long-Term Debt
    
    $
    10,683,685
    
    
    $
    12,366,667Members Equity
    
    $
    27,889,212
    
    
    $
    25,086,001
 Current Assets
 Current Liabilities
 Long-Term Debt
 Members Equity
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Critical Accounting Estimates
  Inventories.
 Long-Lived Assets.
  Liquidity and Capital Resources
  Sources of Funds
  Short-Term Debt Sources
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Long-Term Debt Sources
     Grants and Government Programs
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Off-Balance Sheet Arrangements
  
 Item 3. Quantitative and Qualitative Disclosures About Market Risks.
 Accounting for Derivative
Instruments and Hedging Activities
  Interest Rate Risk
 Item 2  Managements
Discussion and Analysis of Financial Condition and Results of Operations .
 Commodity Price Risk
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Item 4T. Controls and Procedures.
  Internal Control  Integrated Framework
 
 PART II  OTHER INFORMATION
 
 Item 1. Legal Proceedings.
  Item 1A. Risk Factors
 MANAGEMENTS DISCUSSION AND ANALYSIS
 There are doubts about our ability to continue as a going concern and if we are unable to continue
our business, our units may have little or no value.
 An investigation by the European Commission into whether the U.S. biodiesel industry has been
engaging in unfair trade practices could lead to the imposition of duties or tariffs on biodiesel
imported into Europe, which could cause a significant decrease in our revenues.
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Because of the high cost of soybean oil, we are attempting to use alternative feedstocks, such
as corn oil, to produce our biodiesel, which may have risks and disadvantages of which we are not
yet fully aware.
 The VEETC, a federal biodiesel tax credit on which we currently rely could expire on December
31, 2008, causing a material adverse affect on our future revenues.
 
 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
  
 Item 3. Defaults Upon Senior Securities.
  
 Item 4. Submission of Matters to a Vote of Security Holders.
  
 Item 5. Other Information.
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Item 6. Exhibits.
  Exhibit No.
    
    Exhibit31.1
    
    
    Certificate Pursuant to 17 CFR 240.15d-14(a).31.2
    
    
    Certificate Pursuant to 17 CFR 240.15d-14(a).32.1
    
    
    Certificate Pursuant to 18 U.S.C. § 1350.32.2
    
    
    Certificate Pursuant to 18 U.S.C. § 1350.
 
 SIGNATURES
  WESTERN IOWA ENERGY, LLC/s/ William J. HoranWilliam J. HoranChairman, President and Director(Principal Executive Officer)/s/ Denny MauserDenny MauserTreasurer and Director(Principal Financial and Accounting Officer)
  30