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New Trend Lifestyle (NTLG)

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Friday 21 September, 2012

New Trend Lifestyle

Half Yearly Report

RNS Number : 8003M
New Trend Lifestyle
21 September 2012
 



 

 

New trend lifestyle GROUP PLC

("NTL", the "Company" or the "Group")

 

INTERIM RESULTS FOR THE SIX MONTHS ENDED 30th JUNE 2012

 

New Trend Lifestyle Group (AIM: NTLG), the Singapore-based Feng Shui products and services group, announces its interim results for the six months to 30 June 2012.

At present, the majority of NTL's business is transacted in Singapore Dollars (SGD) and therefore Group figures are presented in that currency.  (SGD 1.99 to £1.00)

Financial Highlights

·     Like-for-like product sales up by 11 % to SGD 2,979k (H1 2011: SGD 2,686k)

·     One-off factors caused a decline in overall sales revenue to SGD 5,204k (H1 2011: SGD 5,983k)                                             

·     Operating profit* decreased to SGD 162k (H1 2011: SGD863k)

·     Loss before taxation of SGD 785k (H1 2011: profit SGD 1,251k) (AIM admission costs of SGD 1,157k were recognised in the period)

·     Earnings per share SGD (0.09) (H1 2011:  SGD 0.35)

·     Net cash outflow from operations of SGD (574k) (H1 2011: inflow SGD 1,085k)

Operational Highlights

·     Successful admission to AIM and fund raising in June to accelerate geographic expansion

Post Period Highlights

·     Successful entry into the Chinese market with the launch of two retail outlets in Shenzhen, China

* Before exceptional items relating to AIM admission costs and other income

Robert Goddard, Chairman of NTL, commented:

"The Company's successful admission in June to the AIM market of the London Stock Exchange; together with the associated new equity funds will enable us to implement our growth strategy.

We are pleased to have delivered like for like growth in product sales compared with the corresponding period last year and although overall sales and profits were impacted by the unavoidable temporary closure of one of our large retail outlets in Singapore, this and other one-off factors have now passed.

The company has taken an important step in China, where we have successfully opened two new retail outlets in prime shopping locations in Shenzhen.  In, addition, we have made good headway in mobilising our ambitious marketing plans and developing our routes to market.  Therefore we remain confident that we will continue to fulfil our growth plans."



 

For further information:

New Trend Lifestyle Group Plc


Ajay Rajpal

Tel: +65 (0) 6533 5082



Zeus Capital Limited


(Nominated Adviser and Brokers)


Ross Andrews / Andrew Jones (Corporate)

Tel: +44 (0) 16 1831 1512

John Goold (Institutional sales)

Tel: +44 (0) 20 7016 8925



Newgate Threadneedle


Alex White / Heather Armstrong

Tel: +44 (0) 20 7653 9850

About New Trend Lifestyle

The Company was established in 2005 by Master Hillary Phang. NTL's Feng Shui services include building and office design consultancy, astrology readings, marriage matching, aura readings, business talks and seminars for large corporations.  These have recently been complemented by Tarot Card readings and an on-line dating service using Feng Shui principles.



 

Chairman's statement

Summary

The Company is pleased to report like-for-like product sales of SGD 2,979k, up 11% on the same period last year. Due mainly to public construction work causing the temporary closure of our primary outlet in Singapore, together with the diversionary effect of the work involved in listing the company, there was a 13% decline in overall sales. We opened a significant new outlet elsewhere, but this was not operating long enough in the period to offset the interruption to trading in China Town.

In June, the Company successfully listed on AIM, raising its profile internationally. However, the listing costs of SGD 1,157k, combined with additional expenses to open, staff and promote our new offices in Shenzhen, meant that what would have been a trading profit of SGD 372k (H1: SGD 1,251k), turned into a trading loss of SGD 785k. 

The balance sheet was, however, bolstered by the placing of new shares at admission just a few days before the period end.  The net amount raised at the flotation of the Company, before all expenses was SGD 1,915k.  The new funds have enabled us to initiate our strategy to expand into mainland China and will help speed the process.

We have made our first moves into mainland China with the opening of two shops in Shenzhen. Both are in excellent locations.  One is in the Chinese Culture Exhibition Palace - an area renowned for Chinese culture merchandise and the other is in the heart of the city's busiest area - Dong Men. This helps to keep us on track to hit our target by the end of 2012.

Introduction

New Trend Lifestyle is an established and profitable business offering products and services based on Feng Shui and the associated Emperor Star Astrology. Feng Shui is a 5000 year old Chinese system of geomancy intended to help one improve life by promoting positive energy or "Qi". Numerous people, especially those from Chinese cultures, follow the principles of Feng Shui; however, it is becoming increasingly important to multinational corporations who operate in the Far East including Disney Land in Hong Kong and Donald Trump.

Established in 2005 by Grand Master Hillary Phang, the Company is based in Singapore where it has its head office and seven retail outlets, all of which are profitable.  The Company now employs over 70 people.

The two main drivers of the business are the provision of Feng Shui and Emperor Star Astrology services.  The retail outlets sell items such as precious stones, crystals and other "energy" products designed for various purposes.  At the same time, the shops also promote NTL's palmistry, astrology and geomancy services.  Those who receive consultations are led to the purchase of ornaments and charms.

The Company's latest innovation is an on-line dating service using Feng Shui principles.  This is in the early stages of development and commercial evaluation and the present plan is for it to be introduced to the market in 2013.

Profit & loss account and trading

At the end of this reporting period we had not opened any new outlets in China, although we were building the infrastructure to do so.  Accordingly, the sales discussed below and in the financial data that follow this statement are all of Singapore origin; though the expenses lines include the costs of establishing our presence in China.

The overall SGD 779k (13%) fall in sales revenue to SGD $5,204k from SGD 5,983k in the same period last year masks a number of changes and one-off events.  The principal reason for the decline was a loss in revenue from the provision of services.  The reduction amounted to SGD 937k and there were two main reasons for it.  First, as a result of public works, there was the forced temporary cessation for most of the period of our substantial business in China town. The Company has arrangements in hand to resume business in China Town once the construction restrictions are over. Meanwhile, business through the new store on Sims Avenue is gaining pace. This outlet brings the total number of stores in Singapore to eight.

The other major factor was the diversionary effect, especially for the CEO, of the extensive preparations for the admission of the Company to AIM in London.  Despite these adverse factors, there was still a rise of SGD 158k in product sales overall.  Importantly, a like-for-like analysis of sales across the two periods show an improvement of SGD 293k or 11% to SGD 2,979k over the first six months of 2011, this is testament to the growing appeal of the Company's unique and wide range of physical products.

With the new flagship store on Sims Avenue in Singapore now open and the resumption of trading in China town, we expect overall growth in revenue in that territory to resume in the second half of 2012.  We also look forward to reporting on sales from our new stores in Guangzhou.

There was only a small change in gross margin.  Gross profit, at 86.3% of sales was SGD 4,490k, which compares with 87.9% of sales and SGD 5,259k in the first six months of last year.

Most prominent among the operating expenses were the fees and other costs associated with the listing process.  The total costs of the exercise amounted to SGD1,157k  After adjusting for this, expenses overall were SGD 4,328k, excluding other income, and SGD 4,396k for the corresponding period in 2011.  Within this figure, costs of employment rose by 24% to SGD 1,834k.  This increase was due mainly to recruitment of new staff for the Shenzhen office.  To further support the development of the business in mainland China, the costs of advertising and promotion were also increased by 37% to SGD 118k.  Depreciation expenses were nearly halved as many fixed assets became fully depreciated.  The decline in other income results from the cessation of lease and service payments on a rented property. 

Profit before tax, before accounting for AIM admission costs fell from SGD 1,251k to SGD 372k.  After adjusting for the reduction in other income that was not related to the core business, operating profit fell to SGD 162k from

Cash flow and balance sheet

Since the start of the period there was an increase of SGD 196k in trade and other receivables.  This was due largely to an increase in prepayments and deposits, comprising mainly increases in security deposits and prepaid rental for new outlets amounting to SGD 152k.  The small movement in current assets since the start of the period is the result of an increase in other receivables offset by a decrease in inventories.

The increase of SGD 2.343k in short term borrowings reflects the borrowing of SGD 2,400k to help fund the purchase of a new headquarter for the Company for SGD 3,200k.  This purchase was the main reason for the increase in fixed assets.

The principal components of the increase in net cash of SGD 378k are positive cash flow from trading of SGD 583k (before AIM admission costs) and the net proceeds of the fund raising of SGD 744k (SGD 1,915k gross) offset by property purchases totalling SGD 3,200k.



 

Post balance sheet events         

Since the end of June 2012, and as set out in a recent notice, we have opened two shops in prime locations in Shenzhen. We are optimistic about the prospect of reaching our target in Southern China by the end of 2012.

There are restrictions in Singapore that require governmental consent to be obtained for a residential property to become owned by a company that is subject to control outside Singapore.  It was noted in the Admission Document that the property at Sims Avenue was classified as a residential property and the listing on the AIM market in London would mean that the ultimate owner of that property would not be domiciled in Singapore.  Therefore consent would be required and if that consent was not forthcoming, Master Phang would if necessary acquire the interest of NTL in the Sims Avenue property for a price comparable with the value attributed to that property in the accounts of NTL and then lease it back to the Company on commercial terms.

We have now been informed that consent has not been granted and the Company has until 28th August 2013 to dispose of the property.  The property will be sold and leased back to the Company on the terms set out in the Admission Document.  The Company will make a further announcement once the sale and terms of lease back have been agreed formally.

Admission to Aim

New Trend Lifestyle was admitted to AIM on 28 June 2012 following the raising of £960,000 (prior to expenses) through a placing by Zeus Capital of 12,000,000 new Ordinary Shares at a price of 8p per share.  The funds raised will be used to bolster growth in Singapore and expand the business into the Chinese market, as well as promoting new ranges of products and offering stock options to key staff members.

Outlook

Progress is also being made in planning for the development of other regions in China; which is a vital part of our overall strategy.  However, we will only commit to building our infrastructure and forming contracts in those other regions once we have refined further our operational business model in Guangzhou and developed additional expertise among staff so that they can be deployed readily in other regions.  Our progress so far gives us confidence that we will meet our goals.

Our confidence has also been boosted by the considerable interest shown in the Company by the media in China - both in print and online.  At one stage we were in the top ten topics with the most tweets on Wei Bo, the Chinese 'Twitter'.  In addition, much of the favourable coverage of the IPO in the English language was translated in the Chinese press and could also be found in Mandarin on the Internet. 

With our strategy underway to expand into China, we are looking forward to moving further forward with the plans set out at admission to launch additional retail outlets, further penetrate the South China market, lay the ground for entry into other regions and begin testing our distribution channels.

 

 

 

 

Robert Goddard

Chairman



 

New Trend Lifestyle Group Plc

 

Consolidated Comprehensive Income Statement

For the period to 30 June 2012

           

 

6 Months to

30 June 2012

Unaudited

6 Months to

30 June 2011

Unaudited

Year to

31 December 2011

Audited

 

SGD'000

SGD'000

SGD'000

 

 

 

 

Revenue

5,204

5,983

11,973

 

 

 

 

Changes in inventories

(203)

(33)

(4)

Direct purchases and costs

(511)

(691)

(1,503)

Personnel expenses

(1,834)

(1,476)

(2,950)

Depreciation and amortisation expense

(197)

(386)

(596)

Finance expense

(52)

(56)

(66)

Commission expense

(806)

(905)

(1,890)

Advertising and promotional expense

(118)

(86)

(257)

Sales charges

(163)

(179)

(373)

Operating lease expense

(657)

(823)

(1,490)

Other operating expenses

(501)

(485)

(1,079)

Other income

210

388

1,077

AIM admission costs

(1,157)

-

-

 

──────

──────

──────

Profit/(Loss) before tax

(785)

1,251

2,842

 

 

 

 

Income tax charges

(87)

(201)

(457)

 

──────

──────

──────

Profit/(Loss) for the period

(872)

1,050

2,385

 

 

 

 

Other comprehensive loss for the period

(3)

-

(2)

 

──────

──────

──────

Total comprehensive profit/(loss) for the period

 

(875)

 

1,050

 

2,383

 

═════

═════

═════

 

 

 

 

Attributable to:

 

 

 

-     Owners of the parent

(875)

1,050

2,383

 

═════

═════

═════

 

 

 

 

Profit/(loss) per share

 

 

 

 

 

 

 

From continuing operations:-

 

 

 

 

 

 

 

Basic and diluted SGD

(0.09)

0.35

0.79

 

═════

═════

═════

Before AIM admission costs:-

 

 

 

 

 

 

 

Basic and diluted SGD

0.03

0.35

0.79

 

═════

═════

═════

 

 



New Trend Lifestyle Group Plc

Consolidated Statement of Financial Position as at 30 June 2012

 

 

6 Months to

30 June 2012

Unaudited

6 Months to

30 June 2011

Unaudited

 Year to

31 December 2011

Audited

 

SGD'000

SGD'000

SGD'000

Assets

 

 

 

 

 

 

 

Non-current assets

 

 

 

Property, plant and equipment

7,219

867

4,044

 

──────

──────

──────

 

7,219

867

4,044

 

──────

──────

──────

Current assets

 

 

 

Cash and cash equivalents

3,288

1,686

3,315

Derivative financial assets

204

-

204

Trade and other receivable

889

3,080

693

Inventories

1,110

1,284

1,313

 

──────

──────

──────

 

5,491

6,050

5,525

 

──────

──────

──────

Total assets

12,710

6,917

9,569

 

═════

═════

═════

 




Equity and liabilities




 




Capital and reserves

 

 

 

Issued capital

199

3,000

3,000

Share premium

6,951

-

-

Group reorganisation reserve

(2,246)

-

-

Currency translation reserve

(5)

-

(2)

Accumulated surplus

870

1,119

1,742

 

──────

──────

──────

Total equity

5,769

4,119

4,740

 

──────

──────

──────

Non-current Liabilities

 

 

 

Restoration costs

59

283

57

Financial liabilities

-

-

287

 

──────

──────

──────

 

59

283

344

 

──────

──────

──────

 

 

 

 

Current liabilities

 

 

 

Trade and other payables

1,486

1,171

1,432

Short term borrowings

5,396

1,344

3,053

 

──────

──────

──────

 

6,882

2,515

4,485

 

──────

──────

──────

Total equity and liabilities

12,710

6,917

9,569

 

═════

═════

═════

 

 

 

 



New Trend Lifestyle Group Plc

Consolidated Statement of Cash Flows

 

For the six months to 30 June 2012

 

 

6 Months to

30 June 2012

Unaudited

6 Months to

30 June 2011

Unaudited

 Year to

31 December 2011

Audited

 

 

SGD'000

SGD'000

SGD'000

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

Profit/(loss) before income tax

(785)

1,251

2,842

 

Adjustments for

 

 

 

 

Depreciation and amortisation expense

197

386

595

 

Interest expense

52

56

105

 

Interest income

-

-

(38)

 

(Gain)/Loss on disposal of plant and

 equipment

 

-

 

-

 

(72)

 

Reversal of provision for restoration costs

2

(41)

(238)

 

Group reorganisation reserve

(11)

-

-

 

Translation reserve

(3)

-

(2)

 

 

──────

──────

──────

 

 

(548)

1,652

3,192

 

 

 

 

 

 

Changes in working capital:-

 

 

 

 

Inventories

203

33

4

 

Trade and other receivables

(196)

(299)

1,172

 

Trade and other payables

(33)

(301)

(2,460)

 

Provision for restoration costs

-

-

(29)

 

 

──────

──────

──────

 

Cash generated from operations

(574)

1,085

1,879

 

Interest received

-

-

38

 

Income tax paid

-

(189)

(368)

 

 

──────

──────

──────

 

Net cash from operating activities

(574)

896

1,549

 

 

──────

──────

──────

 

Cash flows from investing activities

 

 

 

 

Purchase of plant and equipment

(3,372)

(104)

(1,192)

 

Proceeds from disposal of PPE

-

-

37

 

 

──────

──────

──────

 

Cash flows used in investing activities

(3,372)

(104)

(1,155)

 

 

──────

──────

──────

 

Cash flows from financing activities

 

 

 

 

Proceeds of share placing

1,915

-

-

 

Proceeds from bank borrowings (net)

2,400

224

2,240

 

Repayment of bank loans

(344)

(614)

(211)

 

Repayment of finance lease liabilities

-

-

(343)

 

Interest paid

(52)

(56)

(105)

 

Repayment/(Placement) of fixed deposit

405

-

(502)

 

 

──────

──────

──────

 

Net cash used in financing activities

4,324

(446)

1,079

 

 

──────

──────

──────

 

Net change in cash and cash equivalents

378

346

1,473

 

Cash and cash equivalents at beginning of year

 

2,713

 

1,240

 

1,240

 

 

──────

──────

──────

 

Cash and cash equivalents at end of year

 

3,091   

1,586          

         2,713

 

═════

═════

═════

 

 

 

New Trend Lifestyle Group Plc

                                   

Consolidated statement of changes in equity

 

For six months to 30 June 2012

 

 

Share capital

Share premium

Accumulated surplus

Other Reserve

Currency translation reserve

Total

 

SGD'000

SGD'000

SGD'000

SGD'000

SGD'000

SGD'000

 

 

 

 

 

 

 

As at 1 Jan 2011

3,000

-

69

-

-

3,069

Share issued for period

-

-

-

-

-

-

Profit  after tax

-

-

2,385

-

-

2,385

Dividend

-

-

(712)

-

-

(712)

Currency translation reserve

-

-

-

-

(2)

(2)

 

──────

──────

──────

──────

──────

──────

Balance as at 31 December 2011

3,000

-

1,742

-

(2)

4,740

 

 

 

 

 

 

 

Shares issued in period

199

6,951

-

-

-

7,054

Loss after tax

-

-

(872)

-

-

(872)

Currency translation reserve

-

-

-

-

(3)

(3)

Group reorganisation

(3,000)

-

-

(2,246)

-

(5,246)

 

──────

──────

──────

──────

──────

──────

Balance as at 30 June 2012

199

6,951

870

(2,246)

(5)

5,673

 

═════

═════

═════

═════

═════

═════

 

 

 

 

 

 

 



New Trend Lifestyle Group Plc

 

Notes on the Interim Financial Information

 

1.      General Information

 

New Trend Lifestyle Group Plc ("NTLG") is a public limited company incorporated in England and Wales with      company number 8000104 and is quoted on the AIM market of the London Stock Exchange Plc.

 

2.      Basis of Preparation

 

This interim report, which incorporates the financial information of the Company, has been prepared using the historical cost convention, on a going concern basis and in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union, using accounting policies which are consistent with those set out in the accountants report set out in the AIM admission document and the New Trend Lifestyle PTE Limited ("NTL") financial statement for the period ended 31 December 2011. This interim financial information for the six months ended 30 June 2012 was approved by the Board on 20th September 2012.

Group reorganisation

 

NTLG acquired its 100% interest in NTL by way of a share for share exchange.  This is a business combination involving entities under common control and the consolidated financial statements are issued in the name of NTLG but they are a continuance of those of NTL.  Therefore the assets and liabilities of NTL have been recognised and measured in these consolidated financial statements at their pre combination carrying values.  The retained earnings and other equity balances recognised in these consolidated financial statements are the retained earnings and other equity balances of NTLG and NTL.  The equity structure appearing in these consolidated financial statements (the number and the type of equity instruments issued) reflect the equity structure of NTLG including equity instruments issued by the Company to effect the consolidation.

 

The difference between consideration given and net assets of NTL at the date of acquisition is included in a group reorganisation reserve.  The comparatives included are for NTL prior to the group reorganisation.

 



           

 

New Trend Lifestyle Group Plc

 

Notes to the Interim Financial Information

 

 

2.   Basis of preparation (continued)

 

      Taxes

 

      Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.

 

Standards and Interpretations adopted with no material effect on financial statements

 

There are no IFRSs or IFRIC interpretations that are effective for the first time for the financial year beginning on or after 1 January 2011 that would be expected to have a material impact on the group

 

 

Standards and Interpretations issued but not yet EU approved

 

The following new and revised Standards and Interpretations have not been approved but may have an impact on future accounting.

 

Title                                                                      Issued              Effective date

 

IFRS 9 Financial Instruments                                   Nov 09              Accounting periods

                                                                                                     beginning                                                                                                                           On or after 01 January 2013

 

 

 

 

 

 

 

New Trend Lifestyle Group Plc 

 

Notes to the Interim Financial Information

 

3.   Segmental Analysis

 

The Group's primary reporting format is business segments and its secondary format is geographical segments. The Group currently only operates in a single business and geographical segment. Accordingly no segmental information for business segment or geographical segment is required.

 

4.    Significant Events

      

On 26 March 2012, NTL agreed to purchase the office premise for a purchase consideration of SGD3.2 million in accordance with the terms and conditions of an option at Kaki Bukit stipulated in the tenancy agreement (the "Agreement) dated 22 February 2010. On 21 May 2012, NTL completed the acquisition of the office premise at Kaki Bukit from the vendor, after fulfilling all the terms and conditions set out in the Agreement. The acquisition was funded from NTL's bank balances and a 10 year bank loan for SGD2.4 million which bears interest at a discount of between 2.37 per cent. and 3.57 per cent. to the Singapore prime rate in the first three years reverting to the prime rate thereafter. The bank loan is personally guaranteed by Master Phang.

 

5.   Directors Emoluments

 

 

6 Months to

30 June 2012

Unaudited

6 Months to

30 June 2011

Unaudited

 Year to

31 December 2011

Audited

The salaries and pension costs were:-

GD'000

SGD'000

SGD'000


 

 

 

Master Phang

305

44

97

 

═════

═════

═════

6.   Profit/(Loss) per share

 

6 Months to

30 June 2012

Unaudited

6 Months to

30 June 2011

Unaudited

 Year to

31 December 2011

Audited

 

SGD'000

SGD'000

SGD'000

 

 

 

 

Loss per ordinary share - SGD

 

 

 

Basic and diluted

(0.09)

0.35

0.79

 

═════

═════

═════

 

      Earnings per share has been calculated on the net basis on the comprehensive loss after tax or SGD875,000 (31 December 2011 - profit SGD2,383,000; 30 June 2011- profit SGD1,050,000) using the weighted average number of ordinary shares in issue of 9,868,159 (31 December 2011 and 30 June 2011 - 3,000,000).



New Trend Lifestyle Group Plc 

 

Notes to the Interim Financial Information

 

7.      Called up Share Capital

 

       The issued share capital as at 30 June 2012 was 100,000,000 Ordinary Shares of 0.1p each. At 30 June 2011 and 31 December 2011 the issued share capital of NTL was 3,000,000 ordinary shares of SGD1.00 each.

 

       On 28 June 2012, the company granted warrants for 3,000,000 ordinary shares of 0.1p each to Zeus Capital Limited, exercising at 8p per share up to 27 June 2017.

 

8.      Cash and cash equivalents

 

 

6 Months to

30 June 2012

Unaudited

6 Months to

30 June 2011

Unaudited

Year to

31 December 2011

Audited

 

SGD'000

SGD'000

SGD'000

Cash and bank balance

3,091

1,586

2,713

Fixed deposits

197

100

602

 

──────

──────

──────

Cash and bank balances as presented in the statement of financial position

 

 

3,288

 

 

1,686

 

 

3,315

Less: Pledge fixed deposits

(197)

(100)

(602)

 

──────

──────

──────

Cash and cash equivalents as presented in the statement of cash flow

 

 

3,091

 

 

1,586

 

 

2,713

 

═════

═════

═════

 

 

 

 

        

9.      Related-party transactions

 

       Transactions between the Group and its subsidiaries, which are related parties, have been      eliminated on consolidation and are not disclosed in this note.

 

10.     Events subsequent to 30 June 2012

         

The company opened two new outlets in Shenzhen, China.

 

It was recognised in the Admission Document that the Singapore Land Authority (SLA) would need to provide its consent for the ownership of one of the Company's retail outlets, but which was classified as residential and therefore there was a possibility that such consent would not be given.  Since admission, the SLA has stated that it will not give its consent and as a result, the property will be sold for a price comparable to that at which it is valued in the balance sheet and leased back to the Company at an acceptable market rent.

 

11.     The unaudited results for period ended 30 June 2012 do not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006. The comparative figures for the period ended 31 December 2011 for NTL extracted from the audited financial statements which contained an unqualified audit report.

 

12.     This interim financial statement will be, in accordance with Rule 26 of the AIM Rules for Companies, available shortly on the Company's website at www.newtrendlifestylegroup.com.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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