Upcoming Dividend • Jul 01
Upcoming dividend of €0.10 per share Eligible shareholders must have bought the stock before 08 July 2026. Payment date: 24 July 2026. Payout ratio is a comfortable 26% but the company is not cash flow positive. Trailing yield: 3.1%. Lower than top quartile of Cypriot dividend payers (5.9%). Higher than average of industry peers (1.0%). New Risk • Jun 22
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.4% Last year net profit margin: 6.4% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.4% net profit margin). New Risk • May 22
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 55% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Declared Dividend • May 03
Dividend of €0.10 announced Dividend of €0.10 is the same as last year. Ex-date: 8th July 2026 Payment date: 24th July 2026 Dividend yield will be 3.2%, which is higher than the industry average of 2.0%. Sustainability & Growth Dividend is covered by earnings (12% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 7.2% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Aankondiging • May 02
Logicom Public Limited announces Annual dividend, payable on July 24, 2026 Logicom Public Limited announced Annual dividend of EUR 0.1000 per share payable on July 24, 2026, ex-date on July 08, 2026 and record date on July 09, 2026. Aankondiging • Apr 30
Logicom Public Limited, Annual General Meeting, Jun 25, 2026 Logicom Public Limited, Annual General Meeting, Jun 25, 2026, at 18:30 GTB Standard Time. Location: the olympic palace, nicosia Cyprus Aankondiging • Apr 18
Logicom Public Limited to Report Fiscal Year 2025 Results on Apr 29, 2026 Logicom Public Limited announced that they will report fiscal year 2025 results at 10:30 AM, GTB Standard Time on Apr 29, 2026 New Risk • Apr 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Cypriot stocks, typically moving 5.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (23% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (5.5% average weekly change). Reported Earnings • Dec 01
Third quarter 2025 earnings released: EPS: €0.033 (vs €0.10 in 3Q 2024) Third quarter 2025 results: EPS: €0.033 (down from €0.10 in 3Q 2024). Revenue: €278.1m (up 4.2% from 3Q 2024). Net income: €2.44m (down 68% from 3Q 2024). Profit margin: 0.9% (down from 2.9% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 29% per year whereas the company’s share price has increased by 25% per year. Aankondiging • Nov 15
Logicom Public Limited to Report Q3, 2025 Results on Nov 27, 2025 Logicom Public Limited announced that they will report Q3, 2025 results on Nov 27, 2025 Reported Earnings • Sep 28
Second quarter 2025 earnings released: EPS: €0.077 (vs €0.082 in 2Q 2024) Second quarter 2025 results: EPS: €0.077 (down from €0.082 in 2Q 2024). Revenue: €255.9m (down 6.9% from 2Q 2024). Net income: €5.69m (down 6.3% from 2Q 2024). Profit margin: 2.2% (in line with 2Q 2024). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Sep 16
Logicom Public Limited to Report First Half, 2025 Results on Sep 25, 2025 Logicom Public Limited announced that they will report first half, 2025 results on Sep 25, 2025 Aankondiging • Jul 02
Logicom Public Limited Provides Earnings Guidance for the First Half of 2025 Logicom Public Limited provided earnings guidance for the first half of 2025. For the period, the company turnover is expected to decrease, compared to the same period in 2024, while Operating Profit from ordinary/existing operations is expected to decrease significantly, mainly due to the decrease in Turnover, but also due to the increase in Administrative Expenses, as a result of the expansion of the range of products available in the distribution sector. Profitability excluding the results of the associated company Demetra Holdings Plc ("Demetra") is expected to increase significantly, mainly due to significantly reduced Net Finance Costs. Board Change • Jun 30
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Neoclis Nicolaou was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jun 29
First quarter 2025 earnings released: EPS: €0.32 (vs €0.16 in 1Q 2024) First quarter 2025 results: EPS: €0.32 (up from €0.16 in 1Q 2024). Revenue: €234.0m (down 22% from 1Q 2024). Net income: €23.9m (up 104% from 1Q 2024). Profit margin: 10% (up from 3.9% in 1Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Jun 14
Logicom Public Limited to Report Q1, 2025 Results on Jun 26, 2025 Logicom Public Limited announced that they will report Q1, 2025 results on Jun 26, 2025 Declared Dividend • Apr 28
Dividend increased to €0.10 Dividend of €0.10 is 11% higher than last year. Ex-date: 2nd July 2025 Payment date: 18th July 2025 Dividend yield will be 2.8%, which is higher than the industry average of 2.0%. Sustainability & Growth Dividend is well covered by both earnings (18% earnings payout ratio) and cash flows (10% cash payout ratio). The dividend has increased by an average of 8.4% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 80% to shift the payout ratio to a potentially unsustainable range, which is more than the 1.7% EPS decline seen over the last 5 years. Aankondiging • Apr 26
Logicom Public Limited announces Annual dividend, payable on July 18, 2025 Logicom Public Limited announced Annual dividend of EUR 0.1000 per share payable on July 18, 2025, ex-date on July 02, 2025 and record date on July 03, 2025. Aankondiging • Apr 25
Logicom Public Limited, Annual General Meeting, Jun 19, 2025 Logicom Public Limited, Annual General Meeting, Jun 19, 2025, at 18:30 GTB Standard Time. Location: olympic hall, nicosia Cyprus Reported Earnings • Dec 26
Third quarter 2024 earnings released: EPS: €0.10 (vs €0.14 in 3Q 2023) Third quarter 2024 results: EPS: €0.10 (down from €0.14 in 3Q 2023). Revenue: €266.8m (down 19% from 3Q 2023). Net income: €7.71m (down 26% from 3Q 2023). Profit margin: 2.9% (down from 3.1% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 22% per year. New Risk • Sep 08
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.8x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.8x net interest cover). Earnings have declined by 1.2% per year over the past 5 years. Reported Earnings • Sep 08
Second quarter 2024 earnings released: EPS: €0.082 (vs €0.16 in 2Q 2023) Second quarter 2024 results: EPS: €0.082 (down from €0.16 in 2Q 2023). Revenue: €274.8m (down 8.1% from 2Q 2023). Net income: €6.07m (down 49% from 2Q 2023). Profit margin: 2.2% (down from 4.0% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 24% per year. Upcoming Dividend • Jun 19
Upcoming dividend of €0.09 per share Eligible shareholders must have bought the stock before 26 June 2024. Payment date: 12 July 2024. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Cypriot dividend payers (6.4%). Higher than average of industry peers (1.7%). Reported Earnings • Jun 04
First quarter 2024 earnings released: EPS: €0.16 (vs €0.15 in 1Q 2023) First quarter 2024 results: EPS: €0.16 (up from €0.15 in 1Q 2023). Revenue: €299.1m (down 8.4% from 1Q 2023). Net income: €11.7m (up 6.9% from 1Q 2023). Profit margin: 3.9% (up from 3.4% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Apr 23
Dividend of €0.09 announced Shareholders will receive a dividend of €0.09. Ex-date: 26th June 2024 Payment date: 12th July 2024 Dividend yield will be 3.3%, which is higher than the industry average of 2.0%. Sustainability & Growth Dividend is covered by earnings (15% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 20% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 15% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 21
Full year 2023 earnings released: EPS: €0.60 (vs €0.36 in FY 2022) Full year 2023 results: EPS: €0.60 (up from €0.36 in FY 2022). Revenue: €1.21b (up 4.4% from FY 2022). Net income: €44.5m (up 67% from FY 2022). Profit margin: 3.7% (up from 2.3% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 29
Third quarter 2023 earnings released: EPS: €0.14 (vs €0.073 in 3Q 2022) Third quarter 2023 results: EPS: €0.14 (up from €0.073 in 3Q 2022). Revenue: €328.7m (up 15% from 3Q 2022). Net income: €10.4m (up 91% from 3Q 2022). Profit margin: 3.1% (up from 1.9% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 32% per year, which means it is well ahead of earnings. New Risk • Nov 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Cypriot stocks, typically moving 5.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Minor Risk Share price has been volatile over the past 3 months (5.2% average weekly change). Reported Earnings • Sep 03
Second quarter 2023 earnings released: EPS: €0.16 (vs €0.12 in 2Q 2022) Second quarter 2023 results: EPS: €0.16 (up from €0.12 in 2Q 2022). Revenue: €299.0m (up 1.8% from 2Q 2022). Net income: €12.0m (up 35% from 2Q 2022). Profit margin: 4.0% (up from 3.0% in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 43% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €3.08, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 22x in the Electronic industry in Asia. Total returns to shareholders of 241% over the past three years. Reported Earnings • Jun 30
First quarter 2023 earnings released: EPS: €0.15 (vs €0.11 in 1Q 2022) First quarter 2023 results: EPS: €0.15 (up from €0.11 in 1Q 2022). Revenue: €326.6m (up 21% from 1Q 2022). Net income: €11.0m (up 32% from 1Q 2022). Profit margin: 3.4% (up from 3.1% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 32% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 14
Upcoming dividend of €0.085 per share at 3.8% yield Eligible shareholders must have bought the stock before 21 June 2023. Payment date: 07 July 2023. Payout ratio is a comfortable 24% but the company is not cash flow positive. Trailing yield: 3.8%. Lower than top quartile of Cypriot dividend payers (7.1%). Higher than average of industry peers (1.8%). Reported Earnings • Mar 09
Full year 2022 earnings released: EPS: €0.36 (vs €0.33 in FY 2021) Full year 2022 results: EPS: €0.36 (up from €0.33 in FY 2021). Revenue: €1.17b (up 23% from FY 2021). Net income: €26.8m (up 8.2% from FY 2021). Profit margin: 2.3% (down from 2.6% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Board Change • Mar 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 4 highly experienced directors. Director Neoclis Nicolaou was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Aankondiging • Dec 31
Logicom Public Limited Provides Earnings Guidance for the Fiscal Year 2022 Logicom Public Limited provided earnings guidance for the fiscal year 2022. For the period, the company expects Compared to 2021, the Turnover and the Operating Profit from usual/existing operations in 2022 are significantly increased, mainly due to the broader range of available products in the distribution sector. Profitability, not including the results of the associated company Demetra Holdings Plc (Demetra), is expected to be improved, mainly due to the increase in Turnover. Reported Earnings • Dec 07
Third quarter 2022 earnings released: EPS: €0.073 (vs €0.062 in 3Q 2021) Third quarter 2022 results: EPS: €0.073 (up from €0.062 in 3Q 2021). Revenue: €286.8m (up 31% from 3Q 2021). Net income: €5.42m (up 18% from 3Q 2021). Profit margin: 1.9% (down from 2.1% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Aankondiging • Nov 22
Logicom Public Limited to Report Q3, 2022 Results on Dec 02, 2022 Logicom Public Limited announced that they will report Q3, 2022 results on Dec 02, 2022 Reported Earnings • Sep 25
Second quarter 2022 earnings released: EPS: €0.12 (vs €0.09 in 2Q 2021) Second quarter 2022 results: EPS: €0.12 (up from €0.09 in 2Q 2021). Revenue: €293.9m (up 25% from 2Q 2021). Net income: €8.90m (up 33% from 2Q 2021). Profit margin: 3.0% (up from 2.8% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Aankondiging • Sep 10
Logicom Public Limited to Report First Half, 2022 Results on Sep 22, 2022 Logicom Public Limited announced that they will report first half, 2022 results on Sep 22, 2022 Aankondiging • Jun 30
Logicom Public Limited to Report Fiscal Year 2021 Results on Jul 31, 2022 Logicom Public Limited announced that they will report fiscal year 2021 results on Jul 31, 2022 Upcoming Dividend • Jun 22
Upcoming dividend of €0.08 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 15 July 2022. Payout ratio is a comfortable 22% but the company is not cash flow positive. Trailing yield: 4.3%. Lower than top quartile of Cypriot dividend payers (5.5%). Higher than average of industry peers (2.2%). Reported Earnings • Jun 18
First quarter 2022 earnings released: EPS: €0.11 (vs €0.079 in 1Q 2021) First quarter 2022 results: EPS: €0.11 (up from €0.079 in 1Q 2021). Revenue: €271.0m (up 23% from 1Q 2021). Net income: €8.32m (up 42% from 1Q 2021). Profit margin: 3.1% (up from 2.7% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Aankondiging • Jun 03
Logicom Public Limited to Report Q1, 2022 Results on Jun 14, 2022 Logicom Public Limited announced that they will report Q1, 2022 results on Jun 14, 2022 Aankondiging • Jan 01
Logicom Public Limited Provides Earnings Guidance for the Year 2021 Logicom Public Limited provided earnings guidance for the year 2021. During 2021, the Turnover and the Operating Profit from usual/existing operations are increased compared to 2020, mainly due to the expansion of the range of available products in the distribution sector. Reported Earnings • Dec 10
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: €0.062 (down from €0.089 in 3Q 2020). Revenue: €218.8m (up 2.2% from 3Q 2020). Net income: €4.58m (down 31% from 3Q 2020). Profit margin: 2.1% (down from 3.1% in 3Q 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 6% per year. Reported Earnings • Oct 01
Second quarter 2021 earnings released: EPS €0.09 (vs €0.072 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €235.2m (up 15% from 2Q 2020). Net income: €6.68m (up 26% from 2Q 2020). Profit margin: 2.8% (up from 2.6% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Aankondiging • Jul 03
Logicom Public Limited Provides Earnings Guidance for the First Half of 2021 Logicom Public Limited provided earnings guidance for the first half of 2021. During the first half of 2021, the Turnover and the Operating Profit from usual/existing operations are increased compared to the corresponding period of 2020, mainly due to the expansion of the range of available products in the distribution sector. Profitability, excluding the results of the associated company Demetra Holdings Plc is expected to be significantly improved, due to the increase of the Turnover and the decrease of Finance Cost. Reported Earnings • Jun 16
First quarter 2021 earnings released: EPS €0.079 (vs €0.044 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €220.2m (up 4.7% from 1Q 2020). Net income: €5.84m (up 78% from 1Q 2020). Profit margin: 2.7% (up from 1.6% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 20
Full year 2020 earnings released: EPS €0.31 (vs €0.79 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €862.0m (down 9.0% from FY 2019). Net income: €23.3m (down 60% from FY 2019). Profit margin: 2.7% (down from 6.2% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Aankondiging • Apr 03
Logicom Public Limited Provides Earnings Guidance for the First Quarter of 2021 Logicom Public Limited provided earnings guidance for the first quarter of 2021. Compared to the corresponding period of 2020, in the first quarter of 2021 the Turnover and the Operating Profit from usual/existing operations are increased, due to a broader range of available products in the area of distribution. Profitability, not including the results of the associated company Demetra Holdings Plc ("Demetra"), is expected to be significantly improved, mainly as a result of a decrease in finance costs. No safe estimates on the final Profitability after Taxation can be provided, due to the unavailability of all necessary information in relation to the expected results of Demetra, further to the unavailability of all necessary information on the respective expected results of Hellenic Bank for purposes of their inclusion in Demetra's results. The Company will make further announcements in due course, once all necessary information is available. Is New 90 Day High Low • Dec 29
New 90-day high: €1.40 The company is up 37% from its price of €1.02 on 30 September 2020. The Cypriot market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 10.0% over the same period. Is New 90 Day High Low • Dec 09
New 90-day high: €1.38 The company is up 38% from its price of €1.00 on 10 September 2020. The Cypriot market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 10.0% over the same period. Reported Earnings • Dec 08
Third quarter 2020 earnings released: EPS €0.089 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: €214.0m (down 1.1% from 3Q 2019). Net income: €6.59m (up 135% from 3Q 2019). Profit margin: 3.1% (up from 1.3% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Nov 19
New 90-day high: €1.11 The company is up 9.0% from its price of €1.02 on 21 August 2020. The Cypriot market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 6.0% over the same period. Aankondiging • Nov 17
Logicom Public Limited to Report Nine Months, 2020 Results on Dec 03, 2020 Logicom Public Limited announced that they will report nine months, 2020 results on Dec 03, 2020 Aankondiging • Oct 15
Logicom Public Limited Announces Resignation of Nicos Michaelas as Director Logicom Public Limited announced resignation of Nicos Michaelas as Director, with effect from October 13, 2020. Reported Earnings • Oct 01
First half earnings released Over the last 12 months the company has reported total profits of €56.1m, up 179% from the prior year. Total revenue was €895.5m over the last 12 months, down 2.1% from the prior year. 
