SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC
FORM U5S
ANNUAL REPORT
For the year ended December 31, 1998
Filed pursuant to the Public Utility Holding
Company Act of 1935
By
PECO ENERGY POWER COMPANY
2301 Market Street, Philadelphia, Pennsylvania 19101
<PAGE>
- 2 -
ITEM 1. SYSTEM COMPANIES AND INVESTMENTS THEREIN AS OF DECEMBER 31, 1998
<TABLE>
<CAPTION>
% of Issuer Owner's
Number of Common Voting Book Book
Name of Company Shares Owned Power Value Value
- --------------- ------------ ----- ----- -----
<S> <C> <C> <C> <C>
PECO Energy Power
Company (PEPCO)
(the registrant
and owner) (1)
Susquehanna Power
Company
(SPCO) (the issuer) 1,273,000 100% $74.95 $74.95
The Proprietors of the
Susquehanna Canal* (2)
<FN>
* Inactive Company
(1) Investment in Susquehanna Power Company of $95.4 million.
(2) This Company was acquired in connection with the development of the
Conowingo Hydroelectric Project. It is an inactive company, owning no
properties and conducting no business activities of any nature. The total
investment therein is reflected on the books of Susquehanna Power Company
at $1.
</FN>
</TABLE>
ITEM 2. ACQUISITIONS OR SALES OF UTILITY ASSETS
None.
ITEM 3. ISSUE, SALE, PLEDGE, GUARANTEE OR ASSUMPTION OF SYSTEM SECURITIES
None.
ITEM 4. ACQUISITION, REDEMPTION OR RETIREMENT OF SYSTEM SECURITIES
None.
ITEM 5. INVESTMENTS IN SECURITIES OF NONSYSTEM COMPANIES
None.
<PAGE>
- 3 -
ITEM 6. OFFICERS AND DIRECTORS
PART I. As of December 31, 1998,
<TABLE>
<CAPTION>
Name of System
Companies with
Which Connected
--------------------------
<S> <C> <C> <C> <C>
PEPCO SPCO
G. R. Rainey 2301 Market St., Philadelphia, PA 19101 Pres. - Director Pres. - Director
M. J. Egan 2301 Market St., Philadelphia, PA 19101 Director Director
A. J. Elmy 2301 Market St., Philadelphia, PA 19101 Director Director
R. W. Sauer 2301 Market St., Philadelphia, PA 19101 Vice President Vice President
D. T. Moy Kelly 2301 Market St., Philadelphia, PA 19101 Treasurer Treasurer
K. K. Combs 2301 Market St., Philadelphia, PA 19101 Secretary Secretary
E. J. Cullen, Jr. 2301 Market St., Philadelphia, PA 19101 General Counsel General Counsel
G. R. Shicora 2301 Market St., Philadelphia, PA 19101 Assist. Treas. Assist. Treas.
</TABLE>
PART II.
<TABLE>
<CAPTION>
Position Held Applicable
Name of Officer Name and Location of in Financial Exemption
or Director Financial Institution Institution Rule
--------------- --------------------- ------------- ----------
<S> <C> <C> <C>
None.
</TABLE>
<PAGE>
- 4 -
PART III.
(a) COMPENSATION OF DIRECTORS AND EXECUTIVE OFFICERS OF SYSTEM COMPANIES
None.
(b) INTEREST IN SECURITIES OF SYSTEM COMPANIES
None.
(c) CONTRACTS AND TRANSACTIONS
None.
(d) INDEBTEDNESS
None.
(e) BONUS AND PROFIT SHARING ARRANGEMENTS
None.
(f) INDEMNIFICATION
None.
ITEM 7. CONTRIBUTIONS AND PUBLIC RELATIONS
None.
ITEM 8. SERVICE, SALES AND CONSTRUCTION CONTRACTS
Part I: None.
Part II: None.
Part III: None.
ITEM 9. WHOLESALE GENERATORS AND FOREIGN UTILITY COMPANIES
Part I: None.
Part II: None.
Part III: None.
<PAGE>
- 5 -
ITEM 10. FINANCIAL STATEMENTS AND EXHIBITS
(a) Index to Financial Statements and Schedules:
PAGE
----
6 Report of Independent Accountants.
7 Consolidating Statement of Income for the year ended December
31, 1998.
8-9 Consolidating Balance Sheet as of December 31, 1998.
10 Consolidating Statement of Cash Flows for the year ended
December 31, 1998.
11 Consolidating Statement of Changes in Shareholder's Equity for
the year ended December 31, 1998.
12-14 Notes to Consolidating Financial Statements.
Ex. 27 Financial Data Schedule as of December 31, 1998.
(b) Index to Exhibits
Exhibit A
None.
Exhibit B
1. PECO Energy Power Company's Certificate of Organization and
Charter, By-laws amended as of December 23, 1993, and
amendment to Articles of Incorporation filed February 8, 1994,
are incorporated herein by reference (1991 Form U5S and 1993
Form 10-K, File No.1-1392).
2. Susquehanna Power Company's Certificate of Organization is
incorporated herein by reference (1991 Form U5S, File No.
1-1392); By-laws amended December 23, 1993, and Charter
amendment filed February 8, 1994 are incorporated herein by
reference (1993 Form U5S, File No. 1-1392).
Exhibit C
None.
Exhibit D
None.
Exhibit E
None.
Exhibit F
See Item 10(a), Index to Financial Statements and Schedules.
Exhibit G
See Item 10(a), Index to Financial Statements and Schedules.
Exhibit H
None.
Exhibit I
None.
<PAGE>
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REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors
PECO Energy Power Company
Philadelphia, Pennsylvania
In our opinion, the accompanying consolidating and individual financial
statements of PECO Energy Power Company (subsidiary of PECO Energy Company) and
subsidiary company listed in Item 10 of this Form U5S, present fairly, in all
material respects, the consolidating and individual financial positions of PECO
Energy Power Company and subsidiary company at December 31, 1998, and the
results of operations and their cash flows for the year ended December 31, 1998,
in conformity with generally accepted accounting principles. These financial
statements are the responsibility of the Company's management; our
responsibility is to express an opinion on these financial statements based on
our audit. We conducted our audit of these statements in accordance with
generally accepted auditing standards which require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by
management, and evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for the opinion expressed
above.
PricewaterhouseCoopers LLP
February 5, 1999
<PAGE>
- 7 -
PECO ENERGY POWER COMPANY & SUBSIDIARY COMPANY
CONSOLIDATING STATEMENT OF INCOME
For the Year Ended December 31, 1998
<TABLE>
<CAPTION>
PECO
Energy Susquehanna
Power Power
Company Company Eliminations Consolidated
-------- ----------- ------------ ------------
<S> <C> <C> <C> <C>
Rentals from Utility Plant Leased to Others:
Affiliates $740,785 $20,542,587 -- $21,283,372
Others 306,310 559 -- 306,869
------------ ------------ ------------ ------------
Total Rentals from Utility Plant
Leased to Others 1,047,095 20,543,146 -- 21,590,241
------------ ------------ ------------ ------------
Expenses of Utility Plant Leased to Others:
Depreciation and Amortization 45,288 2,032,828 -- 2,078,116
Other Taxes 216,000 2,398,303 -- 2,614,303
------------ ------------ ------------ ------------
Total Expenses of Utility Plant
Leased to Others 261,288 4,431,131 -- 4,692,419
------------ ------------ ------------ ------------
Income from Leased Utility Plant 785,807 16,112,015 -- 16,897,822
------------ ------------ ------------ ------------
Other Income and Deductions:
Capitalized Interest -- 510,976 -- 510,976
Other, Net (9,740) (8,364) -- (18,104)
Equity in Net Income of Subsidiary 9,610,773 -- (9,610,773) --
------------ ------------ ------------ ------------
Total Other Income and Deductions 9,601,033 502,612 (9,610,773) 492,872
------------ ------------ ------------ ------------
Income Before Taxes 10,386,840 16,614,627 (9,610,773) 17,390,694
Income Taxes 294,038 7,003,854 -- 7,297,892
------------ ------------ ------------ ------------
Net Income $10,092,802 $9,610,773 (9,610,773) 10,092,802
============ ============ ============ ============
</TABLE>
See Notes to Consolidating Financial Statements
<PAGE>
- 8 -
PECO ENERGY POWER COMPANY & SUBSIDIARY COMPANY
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1998
(ASSETS)
<TABLE>
<CAPTION>
PECO
Energy Susquehanna
Power Power
Company Company Eliminations Consolidated
-------- ----------- ------------ ------------
<S> <C> <C> <C> <C>
ASSETS
Utility Plant $6,103,452 $146,441,531 -- $152,544,983
Less Accumulated Provision for
Depreciation and Amortization 734,652 36,078,343 -- 36,812,995
------------- ------------- ------------- -------------
5,368,800 110,363,188 -- 115,731,988
------------- ------------- ------------- -------------
Construction Work in Progress -- 3,972,244 -- 3,972,244
------------- ------------- ------------- -------------
5,368,800 114,335,432 -- 119,704,232
------------- ------------- ------------- -------------
Investments
Investment in Subsidiary Company 95,407,226 -- ($95,407,226) --
Nonutility Property, Net 384,727 1,104,644 -- 1,489,371
------------- ------------- ------------- -------------
95,791,953 1,104,644 (95,407,226) 1,489,371
------------- ------------- ------------- -------------
Current Assets
Cash and Temporary Cash Investments 1,965,368 5,562,955 -- 7,528,323
Accounts Receivable, Affiliates 3,042,465 2,353,821 (3,182,500) 2,213,786
Accounts Receivable, Other 100,305 -- -- 100,305
Prepayments 95,096 140,400 -- 235,496
------------- ------------- ------------- -------------
5,203,234 8,057,176 (3,182,500) 10,077,910
------------- ------------- ------------- -------------
Deferred Debits
Miscellaneous Deferred Debits -- 87,059 -- 87,059
------------- ------------- ------------- -------------
-- 87,059 -- 87,059
------------- ------------- ------------- -------------
Total Assets $106,363,987 $123,584,311 ($98,589,726) $131,358,572
============= ============= ============= =============
</TABLE>
See Notes to Consolidating Financial Statements.
<PAGE>
- 9 -
PECO ENERGY POWER COMPANY & SUBSIDIARY COMPANY
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1998
(CAPITALIZATION & LIABILITIES)
<TABLE>
<CAPTION>
PECO
Energy Susquehanna
Power Power
Company Company Eliminations Consolidated
-------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
CAPITALIZATION & LIABILITIES
Capitalization
Common Shareholder's Equity
Common Stock ($25 par)
Authorized 1,500,000 Shares,
Outstanding 984,000 Shares $24,600,000 -- -- $24,600,000
Common Stock (without par value)
Authorized 1,500,000 Shares,
Outstanding 1,273,000 Shares -- $47,047,450 ($47,047,450) --
Other Paid-In Capital 74,740,078 47,715,078 (47,715,078) 74,740,078
Retained Earnings 4,929,136 644,698 (644,698) 4,929,136
------------- ------------- ------------- -------------
104,269,214 95,407,226 (95,407,226) 104,269,214
------------- ------------- ------------- -------------
Current Liabilities
Accounts Payable, Affiliates 1,218,693 7,733,522 (3,182,500) 5,769,715
Accounts Payable, Other 15,241 55,953 -- 71,194
Taxes Accrued 510,446 4,029,738 -- 4,540,184
Interest Accrued -- -- -- --
------------- ------------- ------------- -------------
1,744,380 11,819,213 (3,182,500) 10,381,093
------------- ------------- ------------- -------------
Deferred Credits
Unamortized Tax Credit -- 900,817 -- 900,817
Deferred Income Taxes 350,393 15,457,055 -- 15,807,448
------------- ------------- ------------- -------------
350,393 16,357,872 -- 16,708,265
------------- ------------- ------------- -------------
Total Capitalization & Liabilities $106,363,987 $123,584,311 ($98,589,726) $131,358,572
============= ============= ============= =============
</TABLE>
See Notes to Consolidating Financial Statements.
<PAGE>
- 10 -
PECO ENERGY POWER COMPANY & SUBSIDIARY COMPANY
CONSOLIDATING STATEMENT OF CASH FLOWS
For the Year Ended December 31, 1998
<TABLE>
<CAPTION>
PECO
Energy Susquehanna
Power Power
Company Company Eliminations Consolidated
-------- ----------- ------------ ------------
<S> <C> <C> <C> <C>
Cash Flows from Operating Activities
Net Income $10,092,802 $9,610,773 (9,610,773) $10,092,802
Income Before Extraordinary Item
Adjustments to Reconcile Net Income to Net
Cash Provided by Operating Activities:
Depreciation and Amortization 45,288 2,032,828 -- 2,078,116
Deferred Income Taxes 161 1,325,808 -- 1,325,969
Investment Tax Credits, Net (16,272) (16,272)
Increase in Receivables (2,453,918) (605,942) -- (3,059,860)
Increase in Payables and
Accrued Expenses 801,151 6,130,163 -- 6,931,314
Other, Net (64,931) 13,004 -- (51,927)
------------ ------------ ------------ ------------
Net Cash Flows Provided by Operating
Activities 8,420,553 18,490,362 (9,610,773) 17,300,142
------------ ------------ ------------ ------------
Cash Flows from Investing Activities
Investment in Utility Plant -- (8,179,729) -- (8,179,729)
Nonutility Plant -- 8,364 -- 8,364
Net Investment in Subsidiary Company (4,245,773) -- 4,245,773 --
------------ ------------ ------------ ------------
Net Cash Flows Used by Investing Activities (4,245,773) (8,171,365) 4,245,773 (8,171,365)
------------ ------------ ------------ ------------
Cash Flows from Financing Activities
Capital Contribution from Parent Company 1,000,000 1,000,000 (1,000,000) 1,000,000
Dividends on Common Stock (3,444,000) (6,365,000) 6,365,000 (3,444,000)
------------ ------------ ------------ ------------
Net Cash Flows Used by Financing Activities (2,444,000) (5,365,000) 5,365,000 (2,444,000)
------------ ------------ ------------ ------------
Increase in Cash and Cash Equivalents 1,730,780 4,953,997 -- 6,684,777
------------ ------------ ------------ ------------
Cash & Cash Equivalents at beginning of period 234,588 608,958 -- 843,546
------------ ------------ ------------ ------------
Cash & Cash Equivalents at end of period $1,965,368 $5,562,955 -- $7,528,323
============ ============ ============ ============
</TABLE>
See Notes to Consolidating Financial Statements.
<PAGE>
- 11 -
PECO ENERGY POWER COMPANY & SUBSIDIARY COMPANY
CONSOLIDATING STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY
For the Year Ended December 31, 1998
<TABLE>
<CAPTION>
Capital
Contributions
From
Balance Net Parent Balance
1/1/98 Dividends Income Company 12/31/98
---------- ---------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C>
PECO Energy Power Company
Common Stock $24,600,000 -- -- -- $24,600,000
Other Paid-In Capital 73,740,078 -- -- 1,000,000 74,740,078
Retained Earnings (1,719,666) (3,444,000)* 10,092,802 -- 4,929,136
Susquehanna Power Company
Common Stock 47,047,450 -- -- -- 47,047,450
Other Paid-In Capital 46,715,078 -- -- 1,000,000 47,715,078
Retained Earnings (2,601,075) (6,365,000)** 9,610,773 -- 644,698
Eliminations
Common Stock (47,047,450) -- -- -- (47,047,450)
Other Paid-In Capital (46,715,078) -- -- (1,000,000) (47,715,078)
Retained Earnings 2,601,075 6,365,000 (9,610,773) -- (644,698)
Consolidated
Common Stock 24,600,000 -- -- -- 24,600,000
Other Paid-In Capital 73,740,078 -- -- 1,000,000 74,740,078
Retained Earnings (1,719,666) (3,444,000) 10,092,802 -- 4,929,136
<FN>
* $3.50 per share
** $5.00 per share
</FN>
</TABLE>
<PAGE>
- 12 -
NOTES TO CONSOLIDATING FINANCIAL STATEMENTS
1. Significant Accounting Policies:
CONSOLIDATION
The consolidating financial statements include the accounts of PECO Energy
Power Company (Company) and its subsidiary, Susquehanna Power Company
(SPCO). The Company and SPCO (Companies) are owned by PECO Energy Company
(Parent Company), which together with another subsidiary leases and
operates the utility plant of the Company and SPCO.
The Companies are joint holders of a license from the Federal Energy
Regulatory Commission (FERC) for Project No. 405 (Conowingo Project).
DEPRECIATION AND AMORTIZATION
The annual provision for depreciation is provided over the estimated
service lives of plant on the straight-line method. The annual provision
for financial reporting purposes in 1998, expressed as a percent of average
depreciable plant in service, was 1.07% for the property of the Company and
1.51% for the property of SPCO.
Costs for relicensing the Conowingo Hydroelectric Project are being
amortized over 30 years on the straight-line method.
INCOME TAXES
Deferred federal and state income taxes are provided on all significant
temporary differences between book and tax basis of assets and liabilities,
transactions that reflect taxable income in a year different than book
income and tax carryforwards. Investment tax credits previously used for
income tax purposes have been deferred on the Consolidated Balance Sheet
and are recognized in book income over the life of the related property.
The Companies file a consolidated federal income tax return with the Parent
Company and its other subsidiaries. The provision for federal income taxes
is computed on a separate return basis after giving consideration to
consolidated return savings.
INTEREST DURING CONSTRUCTION
Effective January 1, 1998, the Companies ceased accruing AFUDC under
Statement of Financial Accounting Standards (SFAS) No. 71, "Accounting for
the Effects of Certain Types of Regulation," for electric
generation-related construction projects. The Companies used SFAS No. 34,
"Capitalization of Interest Cost," to calculate the costs, during the
period of construction, of debt funds used to finance its electric
generation-related construction projects. The Companies recorded additional
utility plant of $0.5 million in 1998 based on their proportionate share of
the Parent Company's capitalized interest.
<PAGE>
- 13 -
2. Income Taxes:
Income tax expense is comprised of the following components:
<TABLE>
<CAPTION>
PECO Energy Susquehanna
Power Power
Company Company Consolidated
----------- ----------- ------------
<S> <C> <C> <C>
Federal
Current $213,541 $4,791,158 $5,004,699
Deferred 124 1,091,146 1,091,270
Investment tax credit, net -- (16,272) (16,272)
State
Current 80,336 903,160 983,496
Deferred 37 234,662 234,699
----------- ----------- -----------
Total $294,038 $7,003,854 $7,297,892
=========== =========== ===========
</TABLE>
The total income tax provisions differed from amounts computed by applying the
federal statutory rate to income as shown below:
PECO Energy Susquehanna
Power Power
Company Company Consolidated
----------- ----------- ------------
Federal statutory rate 35% 35% 35%
State income tax,
net of federal
income tax benefit 7% 4% 5%
Plant related flow-through -- (1)% (1)%
Prior period income taxes (5)% 4% 3%
Other 1% -- --
---- ---- ----
Effective rate 38% 42% 42%
==== ==== ====
<PAGE>
- 14 -
The tax effect of temporary differences which give rise to the Companies' net
deferred tax liability as of December 31, 1998 are as follows:
<TABLE>
<CAPTION>
Liability or (Asset)
--------------------------------------------
PECO Energy Susquehanna
Power Power
Company Company Consolidated
----------- ----------- ------------
<S> <C> <C> <C>
Nature of Temporary Difference:
Plant basis difference $350,393 $15,457,055 $15,807,448
Deferred investment tax credit -- 900,817 900,817
----------- ----------- -----------
Deferred income taxes on
the balance sheet $350,393 $16,357,872 $16,708,265
=========== =========== ===========
</TABLE>
3. Taxes, Other Than Income Taxes - Operating:
PECO Energy Susquehanna
Power Company Power Company Consolidated
------------- ------------- ------------
Capital stock $108,000 $634,800 $742,800
Real estate 108,000 1,704,000 1,812,000
Other -- 59,503 59,503
---------- ---------- ----------
$216,000 $2,398,303 $2,614,303
========== ========== ==========
4. Utility Plant - Leased to Related Parties:
Utility plant consists principally of a hydroelectric generating station
and related transmission facilities and is leased to and operated by
affiliated companies. Rentals are based on an annual return on net original
cost of utility plant plus working capital together with a reimbursement of
operating expenses, taxes and depreciation as reflected in the
Consolidating Statement of Income. The license granted by the Federal
Energy Regulatory Commission for the Conowingo Project expires in 2014.
Minimum rental payments due in future years through 2014 aggregated $142.3
million at December 31, 1998, with approximately $9.4 million of rentals,
net of expenses, due in each of the next five years.
5. Cash and Cash Equivalents:
For purposes of the Consolidating Statement of Cash Flows, the Companies
consider all highly liquid debt instruments purchased with a maturity of
three months or less to be cash equivalents. The following disclosures
supplement the accompanying Consolidating Statement of Cash Flows:
<TABLE>
<CAPTION>
PECO Energy Susquehanna
Power Company Power Company Consolidated
------------- ------------- ------------
<S> <C> <C> <C>
Cash Paid During the Year:
Income taxes (net of refunds) $285,417 $4,413,867 $4,699,284
</TABLE>
<PAGE>
SIGNATURE
The undersigned system company has duly caused this annual report to be
signed on its behalf by the undersigned thereunto duly authorized pursuant to
the requirements of the Public Utility Holding Company Act of 1935. The
signature of the undersigned company shall be deemed to relate only to matters
having reference to such company or its subsidiary.
PECO ENERGY POWER COMPANY
Date: April 30 1999 By: /S/ Jean H. Gibson
---------------------------- ---------------------------
Jean H. Gibson
Vice President & Controller
<TABLE> <S> <C>
<ARTICLE> OPUR1
<CIK> 0000078103
<NAME> PECO ENERGY POWER COMPANY
<SUBSIDIARY>
<NUMBER> 01
<NAME> SUSQUEHANNA POWER COMPANY
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 119,704,232
<OTHER-PROPERTY-AND-INVEST> 1,489,371
<TOTAL-CURRENT-ASSETS> 10,077,910
<TOTAL-DEFERRED-CHARGES> 87,059
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 131,358,572
<COMMON> 24,600,000
<CAPITAL-SURPLUS-PAID-IN> 74,740,078
<RETAINED-EARNINGS> 4,929,136
<TOTAL-COMMON-STOCKHOLDERS-EQ> 104,269,214
0
0
<LONG-TERM-DEBT-NET> 0
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 0
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 27,089,358
<TOT-CAPITALIZATION-AND-LIAB> 131,358,572
<GROSS-OPERATING-REVENUE> 21,590,241
<INCOME-TAX-EXPENSE> 7,297,892
<OTHER-OPERATING-EXPENSES> 4,692,419
<TOTAL-OPERATING-EXPENSES> 11,990,311
<OPERATING-INCOME-LOSS> 16,897,822
<OTHER-INCOME-NET> (18,104)
<INCOME-BEFORE-INTEREST-EXPEN> 16,879,718
<TOTAL-INTEREST-EXPENSE> (510,976)
<NET-INCOME> 10,092,802
0
<EARNINGS-AVAILABLE-FOR-COMM> 10,092,802
<COMMON-STOCK-DIVIDENDS> 3,444,000
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> 17,300,142
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
