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MSFIN 211 FINAL PAPER

Articona, Chrisostomo
Camagay, Daniel
Cortez, Victoria Anne
Mamaril, Franchelle Marie
Reyes, Mark Lorenzo
EFFECT OF OIL PRICES AND INTEREST RATES ON VEHICLE SALES
ABSTRACT
Vehicle sales in the Philippines has been growing continuously for the past years.
It is interesting to note the factors that drive this boost in the automotive
industry. In this paper, we discuss how the fluctuation in oil prices and interest
rates affect the elasticity of vehicle sales. We chose oil prices (crude oil prices
multiplied with the foreign exchange rate) as one of the drivers under the
assumption that low oil prices increase vehicle sales. 5-year Treasury bill rates
were used for the interest rates since we have considered that availability of
good financing options aids vehicle purchasing power.

INTRODUCTION
As the year 2015 nears its curtain call, it leaves a mark in history as another year
of prosperity for the automotive industry in the Philippines. In 2014, CAMPI
(Chamber of Automotive Manufacturers of the Philippines, Inc.) and TMA (Truck
Manufacturers Association) reported an unprecedented 30% growth aggregate
car sales for both commercial and passenger vehicles finishing the year with a
total of 234,747 units sold compared to 181,283 units in 2013.
While the final tally for total car sales for this year has yet to be announced, first
half sales have shown no signs of slowing down. In the first half of 2015, sales
had already increased 21% year-on-year. CAMPI President Atty. Rommel Gutierrez
expressed confidence in reaching year-end targets (a record breaking 310,000

This has resulted in the increase in the volume of vehicles on the road in Metro Manila. This way. The first assumption is that cheaper oil prices lead to more cars on the road.units). This assumption is derived from the observation that after the steep drop in oil prices in 2014. In this study. traffic in the Philippines had worsened. This innovative system has proved to be lucrative for aspiring car owners and commuters alike. has proven to be a double-edged sword and the need for more efficient transportation has become more pressing. Third. pay for itself. It is also in this light that this experiment may be useful for the automotive industry for business and regulatory purposes. the vehicle is able to eventually. DATA DESCRIPTION . we have investigated the effects of oil prices and interest rates on the demand for vehicles (passenger and commercial) in the Philippines. the rapid growth in car sales (and car ownership transitively). New players in the field of public transportation such as Uber and GrabCar have enticed many people to avail of cars and rent them out for public use. explaining that the automotive industry is riding with the other industries’ growth. Second. These two factors are chosen under certain economic assumptions. with the help of proper financing. This became noticeable with the advent of last year’s oil crisis. Financing options are driven by the rates on Treasury bills. that total car sales can ultimately be translated to the demand for cars. From this perspective. that buying a car is easier if there are good financing options available for the public. The impressive performance of the automotive industry in the Philippines has led to many economic changes in the country.

it was found that a log-log model was closest to the underlying reality. CONCEPTUAL FRAMEWORK AND METHODOLOGY A regression model was determined to be the main backbone of the study. Thus. Crude and forex both denote the monthly close of the WTI and USD/PHP indices. respectively. then a certain portion of the commuting public would resort to buying cars and drive their own cars for purposes of practicality. The model is as follows: log(Y) = b0 + b1*log(X1) + b2*log(X2) + ui Before moving forward. Figure 1.Sept 2015) . the regression only uses data from Nov 2007 to Sept 2015 where variable is present. upon inclusion of _5yr_tbill_100. A. From this assumption. tot_sales denotes the total vehicle sales for the month which is the sum of monthly passenger vehicle sales and monthly commercial vehicle sales. A limitation arose in obtaining the 5-year Philippine government Treasury bill rate as the earliest data available was only from Nov 2007 to Sept 2015.Data was obtained from Bloomberg (using the Bloomberg Markets trading platform) from Jan 1996 (earliest data observed) to Sept 2015 (latest data observed) on a per month timeframe. we can derive that if oil is cheap. with oil prices and interest rates as the main regressors affecting car sales. a deeper understanding of the regressors must first be disclosed. Crude Oil Prices (Jan1996 . After careful discretion. The Relationship of Fuel Prices and Vehicle Sales The first assumption in the model states that oil prices determine how much cars are on the road.

Meanwhile. Currently. Figure 2. Commercial. sales of both passenger and commercial vehicles in the Philippines rose to unprecedented highs during this period (see Figure 2). Vehicle Sales . and Total (Jan 1996 Sept 2015) .a 71% decrease over the span of 6 months (Ro 2014).Crude_Oil *Source: Bloomberg The Fuels Institute (2015) discusses the general relationship between the propensity to buy a car and the volatility of gas prices to be negatively correlated (having negative elasticity). Figure 1 shows that the price of crude oil reached a peak of $140/barrel in June 2008 when the demand for the commodity was highest (during this time demand from Asia.Passenger. particularly the fast-paced growth of China and the stagnation of oil production from middle eastern states were the key drivers for crude oil price appreciation) and drastically declined to almost $40/barrel in January 2009 post the (sub-prime) financial crisis of 2008 . the price of crude oil has reverted to this level after recovering slightly in the past years.

Flexible loans are now readily available for those qualified. In the financial markets.Tot_Sales Pass_Sales Comm_Sales *Source: Bloomberg It can be seen in the data that total vehicle sales in the Philippines was only slightly affected by the 2008 crisis. This is an accurate assumption considering manufacturers are always tied with financial institutions for their offerings. According to Guinigundo (2009). 5-yr PHL T-bill Yield. B. the domestic markets of EM Asia were somehow insulated from the shocks of the crisis which would explain the slight decrease in total vehicle sales. This banks on the mantra that favourable interest rates lead to favourable financing. The attractiveness of buying a car though mainly is founded upon whether or not one can afford it and the financial support from the banks make this possible. The Relationship of Interest Rates and Vehicle Sales The second assumption claims that financing options are driven by interest rates. however. in percent (Nov 2007 to Sept 2015) . But what constitutes favourable interest rates? Figure 3. this will lead to a different story and one which can explain the steep rise of vehicle sales moving forward.

Since the study purposes to find the link between . domestic vehicle sales rose significantly during this period.35% during the crisis (Figure 3). C. Following the ideas presented in other studies.49% almost 2. Chisasa (2013) found that consumers prefer contracts with lower payment streams even if it means paying a higher total cost. As stated in the previous section. the relationship between interest rates and the propensity to buy a car is also negative (having negative elasticity). in sovereign bonds and government securities but started to normalize thus after as inflation started to cool off. Empirical Framework (Model Specification) Finally we go back to the model. a longer borrowing tenor is preferred. In particular. Hypotheses are formulated. Guinigundo (2009) notes that the crisis of 2008 had a large effect on interest rate yields.9 percentage points down from its high of 6. Furthermore.5yr_Tbill Source* Bloomberg Chisasa (2013) lists "higher costs when buying on credit" as one of the major decision points prospective auto buyers consider when buying an automobile. Benchmark interest rates in the Philippines (the 5-year T-bill rate is used for this purpose) was on a downward trend since the financial crisis of 2008 currently at ~3. This relationship can also be seen in the local setting. thus.

. tot_sales = total domestic vehicle sales (passenger and commercial) crude_forex = price of crude oil (WTI) * USD/PHP exchange rate.car sales and crude oil prices and interest rates (negative relationship). log(tot_sales) = b0 + b1*log(crude_forex) + b2*log(_5yr_100) + ui where. the following hypotheses are created: H0(interest rates): interest rates have a negative and significant influence in car sales H1(interest rates) : interest rates do not have a negative and significant influence in car sales H0(crude oil) : the price of crude oil has a negative and significant influence in car sales H1(crude oil): the price of crude oil does not have negative and significant influence in car sales Like earlier mentioned. the variables crude (which denotes $/barrel of West Texas Intermediate crude used as a benchmark in oil pricing) is multiplied by the variable forex (which denotes the USD/PHP exchange rate) to eliminate any multicollinearities that may arise from the two variables _5yr_100 = 5-year Philippine Treasury Bill benchmark rate (in percent) / 100 A log-log model is used in order to denote the elasticity of the dependent variable with respect to the regressors. Ordinary Least Squares (OLS) is used to estimate the general specification of the model below: log(Y) = b0 + b1*log(X1) + b2*log(X2) + ui And the hypothesized model is therefore.

tot_sales becomes non-stationary after getting the second difference (Table 6). we have obtained the first difference of crude_forex (Table 4) and _5yr_100 (Table 5).677175 3.5022 2.57363 ex -2. 1) D(_5yr_100.87426 - 2.114348 -3.4594 - - 2) D(crude_forex 9.1 below: Table 1-3.RESULTS Unit Root Test Tables 1-3 (in Appendix) show the ADF test results for the variables tot_sales.45949 2. 11.1 Augmented Dickey-Fuller ADF t-stat 1% 5% - 10% tot_sales crude_for 0.50145 2. Table 4-6. To correct for non-stationarity.5733 - 1) 9.89254 -2.87365 - -2.338364 3.64399 3.87365 - -2.58355 .58337 Variable The results show that all three variables contain a unit root and thus are nonstationary (ADF t-stat > critical values). crude_forex. and _5yr_100 which is summarized in Table 1-3.4581 - 2.54987 - 9 2.4581 - 2.57363 . - 3.87426 - -2.1 Augmented Dickey-Fuller (first and second ADF difference) t- Variable stat 1% - 5% 10% D(tot_sales.5733 _5yr_100 -1.89288 2.5714 - -3.

207093 0.703) which meant serial autocorrelation is present among the variables.0301* crude_forex (lag) _5yr_100 _5yr_100 (lag) 0. 1.198246 -0. Table 8.894539* 0.1 Introduction of Lagged Variables AR(1) to correct for Serial AC coefficient std. well below the lower bound of the model's Durbin-Watson critical interval.r.729054 13.209827 -0.0047* _5yr_100 -0.472882.234077 0. DU) = (1. Crude Oil and 5-yr T-bill Rates coefficient std.59911* 0* crude_forex -0.527788 0.623.82903 0.062774 -8.389438 0. However.1682 .e. the test also yielded a low Durbin-Watson statistic of 0. This was corrected by adjusting for AR(1) which yielded results in Table 8 and summarized in Table 8.338275 0.3137 0. (D L.3993 0.989602 9. error t-stat p-value Β 9.846928 -1. i.2436 0. A summary of Table 7 is shown in Table 7.914485 0.202422 -2.1 Elasticity of Vehicle Sales w.4 Discussion of the Results of the Regression The model was estimated using OLS and White heteroskedasticity-consistent standard errors and covariance to correct for the presence of heteroskedasticity (see Table 7 for full test results).386853.407792* 0* *significant at 5% level At first glance.446054 0.93231 0 crude_forex -0. the regressors seem to be significant at the 5% significance level. The model also seems to be a good fit with R 2 = 0.084159 -2.243462 1.1 below: Table 7.t.203589* 0. error t-stat p-value Β 9.013202 -0.1 below.

while the _5yr_100 variable is rendered to be insignificant. Possible reasons for the low correlation could arise from the lack of drastic changes in the regressors. only the variable crude_forex is significant at the 5% level. . Also. we recommend that further refinement of the model be done by introducing new factors that drive vehicle sales. the model now has a higher R2 = 0. So in part. Thus. It is possible that the model may provide more substantial results if 2015 data is included. we reject the HO for _5yr_100 and accept Ho for crude_forex. CONCLUSION Based on the results obtained.459901 due to the addition of variables. the crude_forex variable is considered to be significant.483131 but a lower Adjusted R 2 = 0. However. after considering autocorrelation. we can say that almost 50% of the change in demand for cars can be explained by the elasticity of oil prices and interest rates. These results are conclusive at 5% confidence level and are subject to the limitation of the model.*significant at 5% level The new regression shows that correcting for serial autocorrelation.

businessinsider. http://www.com). Nina.p.. 2015. 2015 . Chicago Tribute (www. 2014. http://www. November 29..p. N. Nina.com). November 29. CNNMoney. Chisasa. N.SOURCES Fuels Institute. December 19.chicagotribune.chicagotribune. Web . http://www. http://www.com/2014/12/05/news/economy/oil-powershift//. CNNMoney. An Empirical Analysis Of The Interest RateVehicle Purchase Decision Nexus CAMPI. Santos. Matt and Bloomberg. Business Insider (www.campiauto. Interest rate hike could cripple auto sales. Guinigundo. 2009. October 13. The impact of the global financial crisis on the Philippine financial system – an assessment.com/annotated-history-crude-oil-prices-since-18612014-12.cnn.com/classified/automotive/ct-interest-rate-hike-couldcripple-auto-sales-20151013-story. '2015: The Year When The Oil Crisis Finally Comes To An End'.com/business/2015/07/10/1475095/vehiclesales-zoom-21-first-half. increase loan risk.html. 2015 Santos. November 29.p..org/2014-another-banner-year-automotive-industry/.businessinsider. Diwa C. Fuel Prices and Auto Sales: A Five Year Persective 2015.philstar. Scully. Web . '2014 Another Banner Year For The Automotive'. Sam. Joseph and Winnie Dlamini. 2015 Ro.. http://money. 2015 N. '2015: The Year When The Oil Crisis Finally Comes To An End'.

1007 0.E.185510 0.874258 -2.070646 0. of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.589289 1.070641 0.7379 0.442639 0.573625 0.APPENDIX Null Hypothesis: TOT_SALES has a unit root Exogenous: Constant Lag Length: 12 (Automatic .018692 0.066746 198.223784 -0.024579 0.023670 -0.9914 *MacKinnon (1996) one-sided p-values.070658 0.070976 0.931412 -1.459494 -2.335128 -0.82891 0.69579 1.072486 0. dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter.068252 0.* 0.119476 -0.066979 -0.069892 0.894 16.0001 0. Error t-Statistic Prob. Augmented Dickey-Fuller Test Equation Dependent Variable: D(TOT_SALES) Method: Least Squares Date: 11/29/15 Time: 16:40 Sample (adjusted): 1997M02 2015M09 Included observations: 224 after adjustments Variable Coefficient Std.648678 -1.203964 0.D.2487 0.60972 16.82295 16.1396 0.0096 0.263672 -0.2676 1. TOT_SALES(-1) D(TOT_SALES(-1)) D(TOT_SALES(-2)) D(TOT_SALES(-3)) D(TOT_SALES(-4)) D(TOT_SALES(-5)) D(TOT_SALES(-6)) D(TOT_SALES(-7)) D(TOT_SALES(-8)) D(TOT_SALES(-9)) D(TOT_SALES(-10)) D(TOT_SALES(-11)) D(TOT_SALES(-12)) C 0.86862 0.863212 -3.65625 1233.677175 -3.012657 -0.based on SIC.0000 0.026114 6.3527 0.89E+08 -1846.081967 0.041631 0.960348 .000000 Mean dependent var S.156601 0.198582 -0.613687 0.415410 -63.289 12. maxlag=14) Augmented Dickey-Fuller test statistic Test critical values: 1% level 5% level 10% level t-Statistic Prob.072468 0.322341 0.677175 -3.7283 0.3060 0.8386 0.408136 949.347860 2.070629 0.071822 0.7475 R-squared Adjusted R-squared S.071911 0.223555 -0.5563 0.0016 0.070869 0.014649 0.4990 0. Durbin-Watson stat 68.

* -1.7985 14245749 -1627.089642 0.E. dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter.Table 2. Durbin-Watson stat 6.based on SIC.based on SIC.573298 0.277736 65.0356 0.011482 0.6001 13. CRUDE_FOREX(-1) D(CRUDE_FOREX(-1)) C -0.114348 -3.062861 33.583371 0. Augmented Dickey-Fuller Test Equation Dependent Variable: D(CRUDE_FOREX) Method: Least Squares Date: 11/29/15 Time: 16:56 Sample (adjusted): 1996M03 2015M09 Included observations: 235 after adjustments Variable Coefficient Std.89360 2.114348 4. of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0. Error t-Statistic Prob.000019 Mean dependent var S.91996 13.987477 0.012925 Table 3.406 11.081794 247.87579 13.* -2. maxlag=14) Augmented Dickey-Fuller test statistic Test critical values: 1% level 5% level 10% level t-Statistic Prob.501445 -2.791082 258. Augmented Dickey-Fuller Test (crude_forex) Null Hypothesis: CRUDE_FOREX has a unit root Exogenous: Constant Lag Length: 1 (Automatic . maxlag=11) Augmented Dickey-Fuller test statistic Test critical values: 1% level 5% level 10% level t-Statistic Prob.0480 R-squared Adjusted R-squared S. Augmented Dickey-Fuller Test (_5yr_100) Null Hypothesis: _5YR_100 has a unit root Exogenous: Constant Lag Length: 0 (Automatic .418273 1.338364 -3.93739 0.17643 -2.024277 0.873648 -2.D.6089 .0000 0.892536 -2.2393 *MacKinnon (1996) one-sided p-values.458104 -2.42243 0.

395521 0.3) D(TOT_SALES(-4).184076 5.874258 -2.184076 Mean dependent var S.2) has a unit root Exogenous: Constant Lag Length: 10 (Automatic .751808 3.065023 -8. of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.0000 0.693606 4.549873 -3.155139 -9.163197 0.939425 Table 4.* -9.685654 1.based on SIC.001445 -1.3) -10.3) D(TOT_SALES(-5).2896 R-squared Adjusted R-squared S.85351 8.001658 381.0000 0.3) D(TOT_SALES(-7).136509 1.777101 6.971783 0.3) D(TOT_SALES(-6).0000 0. _5YR_100(-1) C -0.420463 0.3) D(TOT_SALES(-3).059961 0.0000 0. Augmented Dickey-Fuller Test D(tot_sales.0000 0. Augmented Dickey-Fuller Test Equation Dependent Variable: D(TOT_SALES.010910 -8.727340 4.572194 0.E.279834 0.008436 0.549873 7.718888 0.956150 1.028135 0.2) D(TOT_SALES(-1). Error t-Statistic Prob.3) Method: Least Squares Date: 11/29/15 Time: 17:14 Sample (adjusted): 1997M02 2015M09 Included observations: 224 after adjustments Variable Coefficient Std.113096 1.D.573625 0.338364 1.3) D(TOT_SALES(-2).065106 0.0000 0. 2) Null Hypothesis: D(TOT_SALES.894074 6.0000 0.791218 0.661046 2.3) D(TOT_SALES(-8).000304 0.0000 *MacKinnon (1996) one-sided p-values.*MacKinnon (1996) one-sided p-values.001539 0.0561 1.3) D(TOT_SALES(-9).004245 0.0000 0.986961 6. Error t-Statistic Prob. maxlag=14) Augmented Dickey-Fuller test statistic Test critical values: 1% level 5% level 10% level t-Statistic Prob.092655 4. Augmented Dickey-Fuller Test Equation Dependent Variable: D(_5YR_100) Method: Least Squares Date: 11/29/15 Time: 16:57 Sample (adjusted): 2007M12 2015M09 Included observations: 94 after adjustments Variable Coefficient Std. D(TOT_SALES(-1).019098 0.857408 0.459494 -2.542064 5.009580 4.0000 .043165 1.037655 0.987669 1. dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter.1841 0.004263 -8. Durbin-Watson stat -0.307450 6.0000 0.656664 7.

928382 959.689091 0.931914 0.3) C R-squared Adjusted R-squared S. Durbin-Watson stat -1. of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.027302 312. of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.E.E.516169 Mean dependent var S.658507 0. dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter.004897 .10714 3586.063186 16.364946 0.D(TOT_SALES(-10).* -11.D.29202 -11. Error t-Statistic Prob.0000 0.362221 249.839 263.005814 Table 5.69734 2. dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter.88637 13. 1) Null Hypothesis: D(CRUDE_FOREX) has a unit root Exogenous: Constant Lag Length: 0 (Automatic . maxlag=14) Augmented Dickey-Fuller test statistic Test critical values: 1% level 5% level 10% level t-Statistic Prob.2) Method: Least Squares Date: 11/29/15 Time: 17:14 Sample (adjusted): 1996M03 2015M09 Included observations: 235 after adjustments Variable Coefficient Std.based on SIC.89824 2. Augmented Dickey-Fuller Test D(crude_forex.16153 7.0000 *MacKinnon (1996) one-sided p-values.6371 14520254 -1629.0000 0.648 133.95E+08 -1849.8980 0. Augmented Dickey-Fuller Test Equation Dependent Variable: D(CRUDE_FOREX.062360 64. D(CRUDE_FOREX(-1)) C -0. Durbin-Watson stat 0.731148 4.000000 0.8730 1.873648 -2.57143 0.287815 0.57143 -3.7737 R-squared Adjusted R-squared S.80633 16.458104 -2.D.62356 16.000000 Mean dependent var S.6063 48.477587 33.754 16.7933 0.11817 0.5892 13.91581 13.573298 0.

2) Method: Least Squares Date: 11/29/15 Time: 17:11 Sample (adjusted): 2008M01 2015M09 Included observations: 93 after adjustments Variable Coefficient Std. Augmented Dickey-Fuller Test Equation Dependent Variable: D(_5YR_100.643989 -3.729054 0. 1) Null Hypothesis: D(_5YR_100) has a unit root Exogenous: Constant Lag Length: 0 (Automatic .583553 0.6809 93.0000 0.004260 0. 9. Durbin-Watson stat 8.243600 -0.0000 .407792 0.502238 -2.001652 376.003190 -8.* -9.000443 -9. dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter. D(_5YR_100(-1)) C -0.505452 0.01E-05 0.914485 -0.057655 -8.D.E.999857 -0.based on SIC.0047 0. Error t-Statistic Prob.0000 *MacKinnon (1996) one-sided p-values.Table 6.000000 Mean dependent var S.892879 -2.062774 13.535756 0.084159 0.035663 2.59911 -2. of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.643989 -0. log-log Dependent Variable: LOG(TOT_SALES) Method: Least Squares Date: 11/29/15 Time: 15:26 Sample (adjusted): 2007M11 2015M09 Included observations: 95 after adjustments LOG(TOT_SALES) = C(1) + C(2)*LOG(CRUDE_FOREX) + C(3) *LOG(_5YR_100) C(1) C(2) C(3) Coefficient Std.500018 0.010544 Table 7. OLS Regression Result.5934 R-squared Adjusted R-squared S.000237 0. maxlag=11) Augmented Dickey-Fuller test statistic Test critical values: 1% level 5% level 10% level t-Statistic Prob. Error t-Statistic Prob. Augmented Dickey-Fuller Test D(_5yr_100.103677 0.894539 -8.0000 0.527788 0.006025 -8.00652 0.

322620 0.274559 -0.271752 -0.199715 3. dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter. dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter.R-squared Adjusted R-squared S.000000 Mean dependent var S.461423 0.846928 -1. of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.549844 20.000000 0. Error t-Statistic Prob.932310 -2.386853 Table 8. Correcting for Autocorrelation using AR(1) Dependent Variable: LOG(TOT_SALES) Method: Least Squares Date: 11/29/15 Time: 16:02 Sample (adjusted): 2007M12 2015M09 Included observations: 94 after adjustments White heteroskedasticity-consistent standard errors & covariance LOG(TOT_SALES) = C(1) + C(2)*LOG(CRUDE_FOREX) + C(3) *LOG(CRUDE_FOREX(-1)) + C(4)*LOG(_5YR_100) + C(5) *LOG(_5YR_100(-1)) C(1) C(2) C(3) C(4) C(5) R-squared Adjusted R-squared S.446054 0. 9.000000 Mean dependent var S.E.483131 0.80194 .202422 0.207093 0.989602 0.436019 22. Durbin-Watson stat 9.61016 20.0000 0.199473 3.660625 19. Durbin-Watson stat Wald F-statistic 9.459901 0.243462 9.198246 -0.540349 0. of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) Prob(Wald F-statistic) Coefficient Std.277487 0.87238 41.203589 1.234077 0.3993 0.1682 0.D.D.196850 -0.389438 0.209827 -0.0301 0.338275 0.271806 -0.332131 -0.013202 -0.3137 0.472882 0.355208 -0.829030 -0.537419 0.79768 0.E.26693 0.