Reported Earnings • Jul 26
Second quarter 2026 earnings released: EPS: JP¥37.89 (vs JP¥35.67 in 2Q 2025) Second quarter 2026 results: EPS: JP¥37.89. Revenue: JP¥937.0m (down 2.5% from 2Q 2025). Net income: JP¥246.0m (down 4.3% from 2Q 2025). Profit margin: 26% (in line with 2Q 2025). Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Entertainment industry in Germany. Upcoming Dividend • Jun 25
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 29 June 2026. Payment date: 28 September 2026. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 4.6%. Lower than top quartile of German dividend payers (4.8%). Higher than average of industry peers (2.9%). Aankondiging • Jun 17
Mobile Factory, Inc. to Report Q2, 2026 Results on Jul 24, 2026 Mobile Factory, Inc. announced that they will report Q2, 2026 results on Jul 24, 2026 Board Change • May 21
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 Outside Director Gisuke Shiozawa 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 • Apr 21
Mobile Factory, Inc. to Report Q1, 2026 Results on Apr 24, 2026 Mobile Factory, Inc. announced that they will report Q1, 2026 results on Apr 24, 2026 Aankondiging • Dec 13
Mobile Factory, Inc. to Report Fiscal Year 2025 Results on Jan 29, 2026 Mobile Factory, Inc. announced that they will report fiscal year 2025 results on Jan 29, 2026 Aankondiging • Sep 18
Mobile Factory, Inc. to Report Q3, 2025 Results on Oct 24, 2025 Mobile Factory, Inc. announced that they will report Q3, 2025 results on Oct 24, 2025 Aankondiging • Jun 14
Mobile Factory, Inc. to Report Q2, 2025 Results on Jul 25, 2025 Mobile Factory, Inc. announced that they will report Q2, 2025 results on Jul 25, 2025 Aankondiging • Mar 27
Mobile Factory, Inc. to Report Q1, 2025 Results on Apr 25, 2025 Mobile Factory, Inc. announced that they will report Q1, 2025 results on Apr 25, 2025 Aankondiging • Dec 14
Mobile Factory, Inc. to Report Fiscal Year 2024 Results on Jan 30, 2025 Mobile Factory, Inc. announced that they will report fiscal year 2024 results on Jan 30, 2025 Reported Earnings • Oct 27
Third quarter 2024 earnings released: EPS: JP¥19.36 (vs JP¥14.59 in 3Q 2023) Third quarter 2024 results: EPS: JP¥19.36 (up from JP¥14.59 in 3Q 2023). Revenue: JP¥735.0m (down 12% from 3Q 2023). Net income: JP¥146.0m (up 27% from 3Q 2023). Profit margin: 20% (up from 14% in 3Q 2023). Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Aankondiging • Sep 14
Mobile Factory, Inc. to Report Q3, 2024 Results on Oct 25, 2024 Mobile Factory, Inc. announced that they will report Q3, 2024 results on Oct 25, 2024 Reported Earnings • Jul 29
Second quarter 2024 earnings released: EPS: JP¥28.50 (vs JP¥28.40 in 2Q 2023) Second quarter 2024 results: EPS: JP¥28.50. Revenue: JP¥915.0m (down 2.5% from 2Q 2023). Net income: JP¥215.0m (down 2.3% from 2Q 2023). Profit margin: 24% (in line with 2Q 2023). Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Entertainment industry in Germany. Aankondiging • Jun 20
Mobile Factory, Inc. to Report Q2, 2024 Results on Jul 26, 2024 Mobile Factory, Inc. announced that they will report Q2, 2024 results on Jul 26, 2024 Reported Earnings • May 01
First quarter 2024 earnings released: EPS: JP¥14.67 (vs JP¥13.81 in 1Q 2023) First quarter 2024 results: EPS: JP¥14.67 (up from JP¥13.81 in 1Q 2023). Revenue: JP¥700.0m (up 4.2% from 1Q 2023). Net income: JP¥113.0m (up 4.6% from 1Q 2023). Profit margin: 16% (in line with 1Q 2023). Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has fallen by 29% per year, which means it is performing significantly worse than earnings. Reported Earnings • Mar 28
Full year 2023 earnings released: JP¥0.12 loss per share (vs JP¥69.66 profit in FY 2022) Full year 2023 results: JP¥0.12 loss per share (down from JP¥69.66 profit in FY 2022). Revenue: JP¥3.37b (up 7.2% from FY 2022). Net income: JP¥0 (down JP¥558.0m from profit in FY 2022). Profit margin: 0% (down from 18% in FY 2022). Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Entertainment industry in Europe. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 27% per year, which means it is performing significantly worse than earnings. Aankondiging • Mar 14
Mobile Factory, Inc. to Report Q1, 2024 Results on Apr 26, 2024 Mobile Factory, Inc. announced that they will report Q1, 2024 results on Apr 26, 2024 Reported Earnings • Feb 02
Full year 2023 earnings released: JP¥0.12 loss per share (vs JP¥69.66 profit in FY 2022) Full year 2023 results: JP¥0.12 loss per share (down from JP¥69.66 profit in FY 2022). Revenue: JP¥3.37b (up 7.2% from FY 2022). Net income: JP¥0 (down JP¥558.0m from profit in FY 2022). Profit margin: 0% (down from 18% in FY 2022). Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 3.8% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 19% per year, which means it is performing significantly worse than earnings. Aankondiging • Feb 01
Mobile Factory, Inc., Annual General Meeting, Mar 22, 2024 Mobile Factory, Inc., Annual General Meeting, Mar 22, 2024. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €4.54, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Entertainment industry in Europe. Total loss to shareholders of 45% over the past three years. Aankondiging • Jan 30
Mobile Factory, Inc. (TSE:3912) announces an Equity Buyback for 360,000 shares, representing 4.57% for ¥250 million. Mobile Factory, Inc. (TSE:3912) announces a share repurchase program. Under the program, the company will repurchase up to 360,000 shares, representing 4.57% of its issued share capital, (excluding treasury stock), for total worth of ¥250 million. The purpose of share repurchases is to return profits to shareholders. The program is valid till June 30, 2024. As of December 31, 2023, the company had 7,881,340 shares in issue (excluding treasury stock) and 1,044,155 shares are in treasury. Aankondiging • Dec 21
Mobile Factory, Inc. to Report Fiscal Year 2023 Results on Jan 30, 2024 Mobile Factory, Inc. announced that they will report fiscal year 2023 results on Jan 30, 2024 Reported Earnings • Oct 26
Third quarter 2023 earnings released: EPS: JP¥14.59 (vs JP¥15.45 in 3Q 2022) Third quarter 2023 results: EPS: JP¥14.59 (down from JP¥15.45 in 3Q 2022). Revenue: JP¥834.0m (up 14% from 3Q 2022). Net income: JP¥115.0m (down 5.7% from 3Q 2022). Profit margin: 14% (down from 17% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Aankondiging • Sep 27
Mobile Factory, Inc. to Report Q3, 2023 Results on Oct 24, 2023 Mobile Factory, Inc. announced that they will report Q3, 2023 results on Oct 24, 2023 Buying Opportunity • Jul 28
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be €6.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.3% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 28% in 2 years. Earnings is forecast to grow by 33% in the next 2 years. Reported Earnings • Jul 26
Second quarter 2023 earnings released: EPS: JP¥28.40 (vs JP¥19.87 in 2Q 2022) Second quarter 2023 results: EPS: JP¥28.40 (up from JP¥19.87 in 2Q 2022). Revenue: JP¥938.0m (up 12% from 2Q 2022). Net income: JP¥220.0m (up 38% from 2Q 2022). Profit margin: 24% (up from 19% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Aankondiging • Jun 21
Mobile Factory, Inc. to Report Q2, 2023 Results on Jul 25, 2023 Mobile Factory, Inc. announced that they will report Q2, 2023 results on Jul 25, 2023 Reported Earnings • Mar 31
Full year 2022 earnings released: EPS: JP¥69.66 (vs JP¥64.62 in FY 2021) Full year 2022 results: EPS: JP¥69.66 (up from JP¥64.62 in FY 2021). Revenue: JP¥3.14b (up 8.5% from FY 2021). Net income: JP¥558.0m (up 3.7% from FY 2021). Profit margin: 18% (in line with FY 2021). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has fallen by 11% per year and the company’s share price has also fallen by 11% per year. Aankondiging • Jan 29
Mobile Factory, Inc., Annual General Meeting, Mar 24, 2023 Mobile Factory, Inc., Annual General Meeting, Mar 24, 2023. Reported Earnings • Jan 29
Full year 2022 earnings released: EPS: JP¥69.66 (vs JP¥64.62 in FY 2021) Full year 2022 results: EPS: JP¥69.66 (up from JP¥64.62 in FY 2021). Revenue: JP¥3.14b (up 8.5% from FY 2021). Net income: JP¥558.0m (up 3.7% from FY 2021). Profit margin: 18% (in line with FY 2021). Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 3.0% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 22% per year, which means it is performing significantly worse than earnings. Aankondiging • Jan 28
Mobile Factory, Inc. (TSE:3912) announces an Equity Buyback for 200,000 shares, representing 2.53% for ¥200 million. Mobile Factory, Inc. (TSE:3912) announces a share repurchase program. Under the program, the company will repurchase up to 200,000 shares, representing 2.53% of its issued share capital, (excluding treasury stock), for total worth of ¥200 million. The purpose of share repurchases is to return profits to shareholders. The program is valid till June 30, 2023. As of December 31, 2022, the company had 7,901,340 shares in issue (excluding treasury stock) and 1,024,155 shares are in treasury. Aankondiging • Dec 23
Mobile Factory, Inc. to Report Fiscal Year 2022 Results on Jan 27, 2023 Mobile Factory, Inc. announced that they will report fiscal year 2022 results on Jan 27, 2023 Reported Earnings • Nov 18
Third quarter 2022 earnings released: EPS: JP¥15.45 (vs JP¥12.60 in 3Q 2021) Third quarter 2022 results: EPS: JP¥15.45 (up from JP¥12.60 in 3Q 2021). Revenue: JP¥734.0m (up 12% from 3Q 2021). Net income: JP¥122.0m (up 16% from 3Q 2021). Profit margin: 17% (in line with 3Q 2021). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 19% per year, which means it is performing significantly worse than earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Outside Director Part-Time Yamaguchi Shu was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 22
Third quarter 2022 earnings released: EPS: JP¥15.45 (vs JP¥12.60 in 3Q 2021) Third quarter 2022 results: EPS: JP¥15.45 (up from JP¥12.60 in 3Q 2021). Revenue: JP¥734.0m (up 12% from 3Q 2021). Net income: JP¥122.0m (up 16% from 3Q 2021). Profit margin: 17% (in line with 3Q 2021). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings. Aankondiging • Sep 14
Mobile Factory, Inc. to Report Q3, 2022 Results on Oct 21, 2022 Mobile Factory, Inc. announced that they will report Q3, 2022 results on Oct 21, 2022 Reported Earnings • Jul 25
Second quarter 2022 earnings released: EPS: JP¥19.87 (vs JP¥18.22 in 2Q 2021) Second quarter 2022 results: EPS: JP¥19.87 (up from JP¥18.22 in 2Q 2021). Revenue: JP¥841.0m (up 15% from 2Q 2021). Net income: JP¥160.0m (up 6.0% from 2Q 2021). Profit margin: 19% (down from 21% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 15%, compared to a 131% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 15% per year. Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €7.00, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 16x in the Entertainment industry in Europe. Total loss to shareholders of 43% over the past three years. Aankondiging • Jun 16
Mobile Factory, Inc. to Report Q2, 2022 Results on Jul 22, 2022 Mobile Factory, Inc. announced that they will report Q2, 2022 results on Jul 22, 2022 Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Outside Director Part-Time Yamaguchi Shu was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 24
First quarter 2022 earnings released: EPS: JP¥10.62 (vs JP¥15.64 in 1Q 2021) First quarter 2022 results: EPS: JP¥10.62 (down from JP¥15.64 in 1Q 2021). Revenue: JP¥651.0m (flat on 1Q 2021). Net income: JP¥87.0m (down 34% from 1Q 2021). Profit margin: 13% (down from 20% in 1Q 2021). Over the next year, revenue is forecast to grow 11%, compared to a 181% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings. Aankondiging • Apr 08
Mobile Factory, Inc. to Report Q1, 2022 Results on Apr 22, 2022 Mobile Factory, Inc. announced that they will report Q1, 2022 results on Apr 22, 2022 Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improved over the past week After last week's 23% share price gain to €7.45, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 21x in the Entertainment industry in Germany. Total loss to shareholders of 41% over the past three years. Reported Earnings • Jan 30
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: JP¥64.62 (down from JP¥68.01 in FY 2020). Revenue: JP¥2.90b (up 1.5% from FY 2020). Net income: JP¥538.0m (down 7.6% from FY 2020). Profit margin: 19% (down from 20% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.0%. Over the next year, revenue is forecast to grow 10%, compared to a 343% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings. Reported Earnings • Oct 23
Third quarter 2021 earnings released: EPS JP¥12.60 (vs JP¥16.07 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥654.0m (down 5.1% from 3Q 2020). Net income: JP¥105.0m (down 23% from 3Q 2020). Profit margin: 16% (down from 20% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 22
Second quarter 2021 earnings released: EPS JP¥18.22 (vs JP¥19.35 in 2Q 2020) The company reported a poor second quarter result with weaker earnings and profit margins, although revenues were flat. Second quarter 2021 results: Revenue: JP¥733.0m (flat on 2Q 2020). Net income: JP¥151.0m (down 8.5% from 2Q 2020). Profit margin: 21% (down from 22% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 25
First quarter 2021 earnings released: EPS JP¥15.64 (vs JP¥15.37 in 1Q 2020) The company reported a poor first quarter result with weaker earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: JP¥647.0m (down 2.9% from 1Q 2020). Net income: JP¥131.0m (down 1.5% from 1Q 2020). Profit margin: 20% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 03
Full year 2020 earnings released: EPS JP¥68.01 (vs JP¥86.48 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: JP¥2.86b (down 11% from FY 2019). Net income: JP¥582.0m (down 25% from FY 2019). Profit margin: 20% (down from 24% 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 16% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Aankondiging • Mar 17
Mobile Factory, Inc. to Report Q1, 2021 Results on Apr 23, 2021 Mobile Factory, Inc. announced that they will report Q1, 2021 results on Apr 23, 2021 Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improved over the past week After last week's 30% share price gain to JP¥10.60, the stock trades at a trailing P/E ratio of 20.9x, up from the previous P/E ratio of 16.1x. Average P/E is 36x in the Entertainment industry in Europe. Total returns to shareholders over the past three years are 4.2%. Aankondiging • Jan 29
Mobile Factory, Inc., Annual General Meeting, Mar 26, 2021 Mobile Factory, Inc., Annual General Meeting, Mar 26, 2021. Reported Earnings • Jan 28
Full year 2020 earnings released: EPS JP¥68.01 (vs JP¥86.48 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: JP¥2.86b (down 11% from FY 2019). Net income: JP¥582.0m (down 25% from FY 2019). Profit margin: 20% (down from 24% 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 16% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Jan 28
Revenue beats expectations Revenue exceeded analyst estimates by 0.2%. Over the next year, revenue is forecast to grow 14%, compared to a 3.2% growth forecast for the Entertainment industry in Germany. Is New 90 Day High Low • Jan 21
New 90-day high: €8.55 The company is up 4.0% from its price of €8.25 on 23 October 2020. The German market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 24% over the same period. Is New 90 Day High Low • Dec 23
New 90-day low: €7.10 The company is down 28% from its price of €9.85 on 24 September 2020. The German market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 18% over the same period. Aankondiging • Dec 13
Mobile Factory, Inc. to Report Fiscal Year 2020 Results on Jan 27, 2021 Mobile Factory, Inc. announced that they will report fiscal year 2020 results on Jan 27, 2021 Is New 90 Day High Low • Dec 07
New 90-day low: €7.70 The company is down 19% from its price of €9.55 on 08 September 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 17% over the same period. Analyst Estimate Surprise Post Earnings • Nov 19
Revenue misses expectations Revenue missed analyst estimates by 9.5%. Over the next year, revenue is forecast to grow 9.2% compared to a 33% decline forecast for the Entertainment industry in Germany. Reported Earnings • Nov 19
Third quarter 2020 earnings released: EPS JP¥16.07 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: JP¥689.0m (down 6.3% from 3Q 2019). Net income: JP¥137.0m (down 19% from 3Q 2019). Profit margin: 20% (down from 23% in 3Q 2019). 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 but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 31
New 90-day low: €7.85 The company is down 11% from its price of €8.85 on 31 July 2020. The German market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 6.0% over the same period. Analyst Estimate Surprise Post Earnings • Oct 24
Third-quarter earnings released: Revenue misses expectations Third-quarter revenue missed analyst estimates by 9.5% at JP¥689.0m. Revenue is forecast to grow 17% over the next year, compared to a 33% decline forecast for the Entertainment industry in Germany. Reported Earnings • Oct 24
Third quarter earnings released Over the last 12 months the company has reported total profits of JP¥696.0m, largely unchanged from the prior year. Total revenue was JP¥2.89b over the last 12 months, down 11% from the prior year. Aankondiging • Sep 25
Mobile Factory, Inc. to Report Q3, 2020 Results on Oct 23, 2020 Mobile Factory, Inc. announced that they will report Q3, 2020 results on Oct 23, 2020 
