First Capital International, Inc.
5120 Woodway Drive
Suite 9004
Houston, TX 77056
Phone: 713-629-4866
Fax: 713-629-4913
Email: manager@firstcap.net
Company Website: www.firstcap.net

Recommended on June 25, 2001 at $0.12

Interview with Alex Gennin, CEO First Capital International

Purchase of First Capital International, Inc. (OTC BB-FCAI-$0.21875); (Berlin Stock Exchange - FCAI.BE); (NEWEX Boerse AG - FCAI.EX) is recommended for aggressive high reward/risk investors. Our 24-month price target for the shares is $3.50, based on potential earning power of $0.35 per share five years out and the garnering of a P/E of 10. This prospective multiple, we feel, has the possibility of significantly widening over time, as First Capital effectively demonstrates that it can generate a strong and growing stream of income. We used a modest P/E to discount the expected heavy flow of earnings five years out as well as to adequately reflect the high degree of projected risk inherent in investing in relatively unseasoned companies.

First Capital management, we believe, has selected wisely both as to the basic business -- communications - and its geographic locality, Eastern Europe, with a particular focus on the more stable Baltic region. Essentially, First Capital has placed itself in the path of lucrative, sustainable and above-average growth. Bolstering the core telecommunications segment is the shift to lower cost Voice-over-IP (VoIP) technology and the simultaneous opening of the telecommunications market to new participants, technology and innovations as companies forming the traditional wire line telephone monopoly go the way of the horse and buggy. The initial service territory, the Baltic region, and selected points East are grossly under-served in regard to their communications needs. This provides the wherewithal for projected annual growth of 100% for at least the next five years that would eventually be measured in hundreds of millions of minutes of local, national and long distance service. The favorable backdrop is anchored by the following major themes:

Low per capita density of telephones in its operating territory ---- about 18 per hundred people vis-à-vis the 50 to 60 for developed countries;

 

The dramatic narrowing of the aforementioned usage gap over the next decade as the economies of Eastern European nations respond to the introduction of free market policies; and

 

The expected quantum shift in demand flow to the services provided (VoIP) by First Capital because of the present sharp price differential of 50% for similar quality and convenience. While we anticipate price decreases for telephone service by the traditional carriers, these should take place over an extended period of time because this strategy would allow them to maximize their revenue and profit flow from what is rapidly becoming an outmoded infrastructure. Moreover, growth in usage for the VoIP players as well as likely reduction in cost should more than compensate for a projected contraction in price.

 

In our view, First Capital has already setup the infrastructure to successfully compete in this burgeoning marketplace. Corporate management has first hand knowledge of the people, customs, language, and business opportunities in these localities. Strategic partnerships and alliances with the best positioned players in the communications business (locally) have been entered into. These entities can help First Capital build market share through the cross selling of VoIP services to an established customer base. Stress has been placed on partnering with indigenous companies that have demonstrated the ability to both build and service an expanding base of customers that should be highly receptive to purchase relevant new telecommunications services. Because the chosen partners are already conducting business in the locality, First Capital’s operating cost should be substantially lower than other potential competitors reflecting the aforementioned economies of scale. Since the partners have the capability of making significant incremental profits from the split of VoIP revenues, they are greatly incentivized to do the necessary marketing and offer customer support services. Moreover, the marketing costs are largely passed on to the local partners, thereby making this cost heavily linked to success and not an onerous burden to First Capital.

The potential for serious glitches has been significantly lessened, in our view, by the institution of stringent accounting controls and financial policies combined with the recruitment of a seasoned local management cadre who are well incentivized to be results oriented through their share positions and stock options. Therefore, First Capital has come up with a highly effective “cookie cutter” approach to profitably expanding its core business throughout the former CIS territory. Eventually, this would provide the company with a total market of approximately 200 million people who are in serious need of affordable communications services. Presently, the size of this market is large ---- about U.S. $3 billion and growing at a yearly rate of about 25%. Therefore, if First Capital achieves its goal of a 2% market share, the company’s revenues and pretax profits have the capability of being in the vicinity of U.S. $130 million and U.S. $58 million respectively five years out.

Succinctly, First Capital can acquire existing operating entities in its core business and targeted operating territory, by paying up to one times current revenues and four times current earnings. Therefore, making acquisitions with a total cost of U.S. $8 million has the capability of generating initial revenues and net income of $8 million and $2 million respectively. By having greater access to the global capital markets as well as to more innovative technology and management prowess, the acquired companies have the capability of exponentially growing their business. Our estimates indicate that First Capital has the potential wherewithal to generate revenues and net income of U.S. $130 million and U.S. $38 million respectively in fiscal 2006. First Capital could generate earnings per share of U.S. $0.35 that year, based on the total number of shares outstanding post financing and the number of shares issued to acquire the aforementioned companies. We are basing our fiscal year 2006 per share estimate on approximately 110 million shares outstanding. We believe that the Board of Directors has set the long-range objective of a share price of between U.S. $15 to U.S. $20 for First Capital common. Therefore, we feel that the company will institute a reverse stock split but would do so after the company starts generating a flow of revenue and net income to support such action.

Of prime importance, First Capital is a U.S. based company that follows U.S. accounting and investor relations policies. Investors can receive input on the fundamentals of this company from top echelon corporate executives who are located in Houston, Texas, and who are excellent communicators. First Capital has positioned itself well to introduce its shares to European investor by its listing on the Berlin Stock Exchange and the NEWEX (New Europe) Exchange. This should help First Capital to fully participate in two major European investment themes:

The increasing popularity of equities, as trillions of dollars of wealth are in the process of being transferred to a new generation of risk takers who have not been traumatized by world wars and a major depression; and

The quest for meaningful capital appreciation not an assured income stream through the purchase of shares in companies that have above-average growth potential. By necessity, this would entail investment in companies that are either linked to new technologies or the emerging Eastern European markets, because companies in traditional businesses in Western Europe generally do not have above-average growth dynamics. First Capital provides participation in both of these desirable segments.

 

We believe that a shift in global investor sentiment is taking place towards Europe, vis-a-vis the U.S. Europe offers significantly grater growth potential in regard to both GDP and corporate profits. Markets such as Russia are poised to benefit from the strength over the last 12 months in the price of crude oil, which should bolster that nation’s foreign reserve position. The aforementioned should help that nation’s currency and accelerate its economic activity.

Accordingly, we recommend purchase of First Capital for aggressive investors seeking capital gains potential of 10-or-more-fold over the next two years.

First Capital’s business is situated in the Eastern European (predominantly the Baltic region) market focusing on Internet Service Provider (“ISP”) and Voice over IP (VoIP) communications technology. Its base of activity is being selectively expanded by the purchase of favorably situated Central and Eastern European Internet and telecommunications companies in this newly deregulated market. Within the next two years, we believe that First Capital should become the dominant player in VoIP in the Baltic region, reflecting the expertise and contacts of the management team and the leveraging of current and future acquisitions and strategic partnerships in this region. The market chosen by the company is large (approximately 200 million people) and is still virtually untouched by the VoIP wave. Profit margins for VoIP are in the vicinity of 20% to 30%. In our view, VoIP profitability should be maintained at a high level for at least the next three to five years because it should take a long time for competitive forces to address the supply/demand imbalance, and because traditional carriers showed be slow to embrace a technology that has the capabilities of substantially lowering their return on investment. We believe that First Capital has the capability of building revenues and pretax income to U.S. $130 million and U.S. $58 million respectively in the fifth year of operation. Profitability should be achieved in the initial year of operation, in our view.

In early 1995, the commercial feasibility of Internet Protocol (IP) telephony was established by the introduction of Internet Phone software. Internet telephony comprises a wide range of communications services such as voice, video, data facsimile and voice --- messaging applications that are transported over the Internet as opposed to the public switched telephone network (therefore, calls are not subject to regional calling charges). The growth of VoIP is starting to emerge in Eastern Europe because it offers a viable cost effective alternate to expensive conventional long - distance telephone calls. Accordingly, International VoIP call volumes are increasing rapidly. For instance, a study by the Probe Research group notes that International VoIP call volume was 2.6 billion minutes in 1999, a quantum leap from the 1998 total of 150 million. VoIP is changing the dynamics of the market. Currently, real-time, toll-quality voice and fax communications are possible over the Internet and IP data networks. The Yankee Group forecasts that VoIP will achieve “mainstream popularity” in the business world this year. Conservative industry estimates indicate a four-fold jump in voice traffic over the next three years.

By the Year 2005, Probe Research estimates that 428 billion minutes of voice traffic will be carried on the Internet. This transformation is taking place now. The Yankee Group indicates that Internet telephony service providers such as Dialpad.com and Net2Phone are signing up 30,000 to 50,000 new customers a day. The largest market for VoIP calls is international phone calls. Just 1.7 billion minutes of International calls were carried over the Internet in 1999, according to TeleGeography. This was approximately 2% of the total - it is expected to approach 6 billion minutes, or approximately 5% of the total, in the Year 2001. The attached charts and tables illustrate the growth of this market.

VoIP is equal to the traditional carriers in reliability and quality and is superior on cost. Momentum is expected to remain high going forward. First Capital management has been perceptive in building a business around the new technology and, in our view, has established a competitive edge over most potential competitors.

The Baltic Region --- Estonia, Latvia, Lithuania and St. Petersburg --- represents a major business opportunity for First Capital because of high international call tariffs. Table 1 shows the substantial cost advantage of VoIP over regular service for making calls from Estonia to other countries in Europe and to the U.S. The table also shows the cost of making these calls for the service provider. The difference between that cost and the price charged indicate that this business should support a hefty gross margin.

TABLE 1

THE Cost of Calling From Estonia

Major Directions of Outbound Traffic

VoIP Regular Service VoIP VoIP *Proposed

Baltic News Service, 30 November 2000, 16:14

PRESS.COM, 30 November 2000, 17:19

We stress that the cost imbalance between VoIP and regular service for other Eastern European localities mirrors that of Estonia.

Essentially, the RNE (Russia and New Europe) countries comprise First Capital’s potential market. These 27 countries have a combined population of more than 400 million people and geographically extend from the Czech Republic in the West to the Pacific Ocean in the East. However, the company plans to currently concentrate on approximately half this market, namely those that are politically stable and have a respect for private capital.

These countries are well situated to benefit from ready access to Western Europe’s capital and technology and the large customer base situated in Asia and the European Union. These nations have many favorable attributes including established infrastructures, technological expertise, substantial natural resources, a well-educated populace, and a significant wage advantage over Western European workers.

For about 50 years, the economic development of these countries, were retarded by their adherence to centrally planned economies administered under ill-conceived socialist or communist regimes. The end-result was the nationalization of industries, a non-functioning distribution system because of government administered prices, limited external trade, poor productivity, eroding world competitiveness, a reduction in living levels with the developed world and a dearth of economic incentives for businesses and individuals. A poor allocation mechanism for investment resources combined with the elimination of market forces produced a low level of output and income per capita.

Economically, these countries have a substantial gap to bridge between themselves and those in the West. If these countries adhere to their present course, the catch-up period should take decades. Our contention is that most RNE countries should be able to show real annual growth rates that are multiples of those in Western Europe (about 5% for RNE countries versus 1.5%). Finding sustainable growth opportunities in Western Europe, we feel, is going to be an extremely difficult task. Therefore, our view is that aggressive international investors will increasingly explore the Eastern European landscape for above-average investment potential.

A prime area for the company is the Ukraine, which is the second largest emerging market in Europe. This country’s population of 52.5 million makes it the largest market between Russia and Germany. The split from the former USSR took place in 1991, officially ending 200 years of Russian control. There is a high measure of political stability in the Ukraine, which was the first former republic of the USSR to have a peaceful and orderly transfer of power between two democratically elected presidents. Domestically, the Armed Forces have avoided violence, refusing to interfere in internal political disputes. Ukraine has committed itself to a foreign policy of non-alignment. Formerly the third largest nuclear power in Europe, Ukraine abandoned nuclear arms by transferring its tactical nuclear stocks to Russia in 1992 and by removing and destroying its strategic nuclear weapons starting in 1994.

The country has abundant natural resources, featuring large deposits of coal, manganese, and natural gas. Ukraine is also a major producer of iron and steel, heavy machinery and ships. It is also one of the world’s leading farming regions, comprising 18% of the total agricultural output of the former Soviet Union. This nation is self-sufficient in agricultural products, being a net exporter of meat, milk, grain, and vegetables. The industrial complex is undergoing a metamorphosis from being an important supplier of armaments to being a producer of commercial products.

A major competitive advantage of Ukraine vis-à-vis most other emerging markets is the existence of a highly trained, well-educated and motivated labor force. Many leading scientific institutes that were an important component of the former Soviet military industrial complex are located there. Ukraine has hundreds of technical schools and more that 100 institutions of higher education with a total aggregate enrollment of about 1.7 million students. Substantial numbers of students received degrees in applied sciences, including chemistry, physics, and mathematics. Ukraine is a global leader in technical and natural sciences research.

St. Petersburg is one of the Russian Federation’s main centers of business and industry. There is a considerable presence of foreign businessmen in this city. They play a pivotal role in the business community and require telecommunications services. It has had a strong flow of foreign investment because it is perceived to have little country risk and has a large potential for above-average economic growth.

The urban population of St. Petersburg is about 5.2 million, making it the second largest city in the Russian Federation. There are approximately 8.5 million people in the region. It is also the largest seaport in that nation. Key business sectors are engineering, chemicals, consumer goods (textiles, apparel, shoes, beer and food) and printing.

Estonia, with a population of 1.5 million people, is considered to be the most stable (politically) of the Baltic States. It has been functioning as a democracy for more than 10 years. In November 1999, Estonia joined the World Trade Organization.

Estonia has evolved into a technology model for the rest of Europe, literally leapfrogging to Internet technologies because of the dearth of a communications infrastructure. This country has 214 Internet connections per 10,000 people, placing it ahead of Germany and slightly behind the United Kingdom. Free public Web-access points around the country are being set up by the government. Aiding Estonia’s technology push is its proximity to the technologically advanced Nordic countries.

Lithuania has a population of 3.6 million. This country is striving to privatize large state-owned utilities and to reduce the current account deficit. The telecommunications sector is being upgraded, with a national fiber-optic cable inter-urban trunk system nearing completion, improvements being made in rural exchanges and the installation of a mobile cellular system. Prime Minister Kubilius, who was installed in November 1999, has made a commitment to fiscal restraint, economic stabilization, and the acceleration of economic reform. Demand for prepaid VoIP cards is largely unsatiated. Deregulation of the telecommunications sector is likely to take place in 2002. 

Latvia has a population of 2.4 million. This country is preparing for EU membership by 2003. Privatization of large state-owned utilities is being pushed. In 2002, deregulation of the telecommunications sector is expected.

Kaliningrad is Russia’s smallest region, located along the Baltic Sea between Poland and Lithuania. Approximately 400,000 people live in metropolitan Kaliningrad and there are about one million people in the region. With the breakup of the former USSR, Kaliningrad was cut off from Russia proper.

Kaliningrad is a Special Economic Zone, providing tax incentives to local and foreign investors. It is the only port in the west of Russia to be ice-free all year round. It is considered to be a gateway to the Russian Federation. Kaliningrad is poised for a high rate of economic growth, in our view.

The company’s marketing plan revolves around building strategic relationships with Cable TV companies in the region and cross selling VoIP services to an established customer base. Management has been very aggressive in marketing the company’s telecommunication services in its business territories. Consider the following recent developments:

Entered into an agreement with a large Estonian Commercial Bank to provide VoIP services to the customer base of the bank (about 200,000 card holders). The bank will market these services directly to their customers. First Capital anticipates that 10,000 customers will opt for its services, which carry a monthly billing charge of U.S. $15.

Initial 5-year marketing agreements (with a 5-year extension) have been signed with two Estonian cable TV operators with a combined customer base of about 30,000. Within two to three months, the number of potential customers to First Capital could be in the vicinity of 3,000 (the minimum monthly billing charge is U.S. $15).

Signed a joint venture agreement to market VoIP services with the St. Petersburg ISP company, “LANK,” with First Capital owning 51% of the venture. LANK has an existing customer base. LANK management has indicated a minimum potential, within 12 months of operation, of one million minutes per month at U.S. $0.35 per minute in pre-paid Tel Com card fees.

Entered into an agreement with the largest Lithuanian independent mobile service contract reseller, Medifone, to create a joint venture company. This 51%-owned joint venture plans to offer VoIP and ISP services to a large customer base. The joint venture plans to open 13 gateways in Poland, one in Belarus and one in Latvia. Within twelve months, company management believes that the joint venture is capable of generating about U.S. $500,000 a month in gross sales.

 

EXISTING BUSINESSES

 

The company’s existing entities and relationships include:

an Estonian ISP, ANET EESTI AS. This was the company’s first acquisition (completed in April 2000) in the region, comprising a platform for further expansion. ANET had trailing 12- month revenues of approximately U.S. $300,000. This entity was starved for capital. Therefore, having access to the financial capabilities of First Capital should enable ANET to significantly increase the scope of its business.

TGK -LINK AS, an Estonian VoIP operator. First Capital presently holds a 65% interest in TGK-LINK (and has an option to buy an additional 25%). This entity has the capability of enabling First Capital to establish itself in Estonia as a major VoIP operator, with further expansion of services to the St. Petersburg area. The company is also developing a VoIP Telecommunications platform for a major Estonian bank that should enable its customers to utilize First Capital’s existing VoIP network.

Joint venture agreement with Estonian Cable TV companies that allows ANET to offer Internet Service, VoIP and prepaid phone cards to its 14,000 customers. The Cable TV operators are seeking to aggressively boost its customer base to 50,000 from 30,000 currently. A capital infusion would be needed in order to implement cable modem infrastructure through the network.

Andevis, an Estonian software company that specializes in e-commerce solutions. Provides e-commerce solutions, database mining and develops service applications software. This entity was purchased in July 2000. Its 15 programmers generate about U.S. $300,000 in revenues. Andevis greatly strengthens First Capital’s infrastructure in the Baltic Region. It provides a competent technical team that can develop and maintain First Capital’s ISP and IP Telephony businesses. Numbered among the customers of Andevis is the Estonian Telephone Company for Personnel, Accounting, Automation and Technical Development projects.

 

The company has developed five additional sites, all of which are fully operational and have their own management team. These businesses do not require any major assistance from First Capital. The company is seeking to either sell or spinoff (into public companies) these sites. We believe that the proceeds for some of the sites could exceed U.S. $1 million. Some of the sites may prove to be exciting standalone entities. First Capital shareholders would receive shares in these spinoffs. Simplifying the company should boost the valuation for First Capital stock because it would make the company a pure telecommunications play.

First Capital is seeking to raise U.S. $10 million in equity. Use of proceeds:

Acquisitions/Improvements $8.1 million

Cost of Operation $0.9 million

Working Capital $1.0 million

Total $10.0 million

The first and key assumption is that First Capital is able to complete a U.S. $10 million financing. Then, First Capital would proceed to make the acquisitions and improvements in Estonia, Vilnius/Lithuania, St. Petersburg, Riga/Latvia, Kaliningrad, Moscow, Russia, and Kiev/Ukraine. We are projecting that First Capital would make the contemplated acquisitions for a total of 3 million shares of common stock.

The second is that usage costs are approximately 40% of Gross Revenues, except for St. Petersburg, which is forecast at approximately 70% because of the need to compensate a marketing company that is engaged to generate revenues.

Starting in month 3, the number of marketing personnel at each location is 15 marketers who will be compensated on a success basis. The marketers will concentrate on commercial accounts to generate revenues. We forecast that each marketer can bring in U.S. $20,000 per month.

Marketing ads should start in month 4. These ads should be seen in the following publications: Äripäev, Eesti Päevaleht, Vesti/Nedelja Plus and Delovõe Vedomosti. The initial cost of the media ads is U.S. $12,000 per month. This should increase to approximately U.S. $20,000 per month in Year 3 and then decrease to approximately U.S. $15,000 per month in Years 4 and 5.

The Administrative Expenses are placed at approximately U.S. $70,000 per month in Year 1, increasing by U.S. $20,000 a month annually, with the exception of Year 3 where they are budgeted at U.S. $30,000 per month. Included in Administrative Expenses are the operating expenses of the U.S. Headquarters.

The projected tax rate is 35%. The number of shares outstanding is forecast at 110 million, which is the 76 million shares presently outstanding, the 33 million shares issued in the proposed U.S. $10,000,000 financing and the 3 million shares issued to complete the contemplated acquisitions.

Table 2 outlines the projected stream of income for First Capital for the initial five years that follow the projected U.S. $10 million capital infusion.

TABLE 2

POTENTIAL EARNING POWER OF FIRST CAPITAL FOLLOWING CAPITAL INFUSION

 

			YR 1		YR 2		YR 3		YR 4		YR 5
REVENUE:				Growth		Growth		Growth		Growth
Gross Revenue				Rate		Rate		Rate		Rate
	Estonia		2,300,800	50%	3,450,100	30%	4,485,130	30%	5,830,669	30%	7,579,870
	St. Petersburg/Russia		3,632,100	100%	7,264,200	20%	8,717,040	20%	10,460,448	20%	12,552,538
	Vilnius/Lithuania		1,939,000	50%	2,908,500	100%	5,817,000	30%	7,562,100	30%	9,830,730
	Kiev/Ukraine		500,000	100%	1,000,000	300%	4,000,000	100%	8,000,000	50%	12,000,000
	Kaliningrad		0		200,000	300%	800,000	100%	1,600,000	50%	2,400,000
	Riga/Latvia		0		400,000	300%	1,600,000	100%	3,200,000	50%	4,800,000
	Moscow/Russia		0		3,000,000	200%	9,000,000	200%	27,000,000	200%	81,000,000
	Total		8,371,900		18,222,800		34,419,170		63,653,217		130,163,137
Less: Usage Cost
	Estonia @ 40% of Gross		(920,320)		(1,380,040)		(1,794,052)		(2,332,268)		(3,031,948)
	St. Petersburg/Russia @ 70% of Gross		(2,542,470)		(5,084,940)		(6,101,928)		(7,322,314)		(8,786,776)
	Vilnius/Lithuania 40% of Gross		(775,600)		(1,163,400)		(2,326,800)		(3,024,840)		(3,932,292)
	Kiev/Ukraine 40% of Gross		(200,000)		(400,000)		(1,600,000)		(3,200,000)		(4,800,000)
	Kaliningrad 40% of Gross		0		(80,000)		(320,000)		(640,000)		(960,000)
	Riga/Latvia 40% of Gross		0		(160,000)		(640,000)		(1,280,000)		(1,920,000)
	Moscow/Russia 40% of Gross		0		(1,200,000)		(3,600,000)		(10,800,000)		(32,400,000)
	Total		(4,438,390)		(9,468,380)		(16,382,780)		(28,599,421)		(55,831,016)
Revenue less Usage Cost			3,933,510		8,754,420		18,036,390		35,053,796		74,332,121
EXPENSES:
Acquisition Costs			(200,000)		(1,800,000)		0		(2,000,000)		(2,000,000)
Equipment Costs (Cisco Platforms + Routers + Upgrade)			(100,000)		(240,000)		(360,000)		(240,000)		(240,000)
Operating Expenses:
Commissions @ 5% of Gross			(418,595)		(911,140)		(1,720,959)		(3,182,661)		(6,508,157)
Telecommunication Lines			(360,000)		(600,000)		(1,160,000)		(1,160,000)		(1,600,000)
Software			(35,000)		(80,000)		(50,000)		(30,000)		(30,000)
Customary Benefits (Auto, Travel, etc.) per loc @ $3,500/mo			(168,000)		(210,000)		(210,000)		(210,000)		(210,000)
Building & Improvement (includes equipment space)			(20,000)		(30,000)		(30,000)		(30,000)		(30,000)
Rent (Estonia & Vilnius only) @ $6,000/mo; $2,000/mo per new loc			(108,000)		(240,000)		(360,000)		(720,000)		(720,000)
Marketing Staff:
	15 personnel @ 10,000/yr.	(500,000)		(900,000)		(1,200,000)		(1,200,000)		(1,200,000)
	2 manager @ 20,000/yr	(160,000)	(660,000)	(240,000)	(1,140,000)	(240,000)	(1,440,000)	(240,000)	(1,440,000)	(240,000)	(1,440,000)
Marketing Ads:
	Media: TV, Radio, Newspaper @ $10,000/mo		(80,000)		(1,080,000)		(1,440,000)		(1,080,000)		(1,080,000)
	Printing (200,000 pcs per location @ $0.50 ea)		(100,000)		(200,000)		(600,000)		(600,000)		(600,000)
Administrative Expenses			(840,000)		(1,080,000)		(1,440,000)		(1,680,000)		(1,920,000)
Interest on Financing			0		0		0		0		0
	Total Expenses		(3,089,595)		(7,611,140)		(8,810,959)		(12,372,661)		(16,378,157)
Pre-tax Profit			843,915		1,143,280		9,225,432		22,681,135		57,953,964

 

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