Duyuru • Nov 29
Auriant Mining AB (publ), Annual General Meeting, May 15, 2025 Auriant Mining AB (publ), Annual General Meeting, May 15, 2025. Duyuru • Oct 17
BoD of Auriant Mining Resolves to Apply for Shares Delisting from Nasdaq First North Premier Growth Market The Board of Auriant Mining AB (publ.) has resolved to apply for delisting of the Company’s shares from Nasdaq First North Premier Growth Market (the “Exchange”). It is expected that the application will be made not earlier than 3 months from the date of this press-release, on or about 14 January 2025. Subject to approval of the application by the Exchange, it can therefore be expected that the last date of trading in the Company’s share will be set by the Exchange in the end of January 2025. Due to the increasingly complex economic sanctions environment, the Company has been facing significant challenges, in particular as regards financing its ongoing operating expenses in Sweden while any cross-border payments related to Russia are made increasingly difficult, even intra-group. As another example of policy decisions by third parties affecting the Company, several members of the Swedish financial market no longer allow their customers to trade in the Company's shares. As a result, since 1 April 2024 when the decision to stop trading was made by several key brokers, there were no both buy and sell orders in the market during the majority of trading days, and no closings took place. Thus the liquidity of the Company’s share on Nasdaq First North Premier Growth Market, which was previously already low, has become virtually non-existent. This means that there is limited value for both the Company and its shareholders being listed on a public marketplace. At the same time, being a publicly listed company comes with significant costs for the Company. The Board estimates that the Company can save up to USD 400,000 in annual costs. Through delisting and the consequential direct and indirect savings, the Company aims to create a more sustainable business for its shareholders. In addition, whilst delisting itself will not affect the Group’s exposure to the existing economic sanctions regimes, it will give the Company more options, in particular, to restructure the Group’s operations so as to reduce risks and to ensure future growth. The decision was carefully considered by the Board in consultation with the Company’s Certified Adviser. Delisting of the Company's share from Nasdaq First North Premier Growth Market will mean that there will no longer be a marketplace for trading in the Company's shares. Instead, any future trades in the Company's stock will be over-the-counter. This may mean that it becomes more difficult to buy and sell shares in the Company and that dealing in the Company's shares via over-the-counter transactions may require legal assistance, which the parties to those transactions will need to finance themselves. The Board notes that some market participants currently offer to serve as a connecting point for buyers and sellers of unlisted shares, and will further investigate the possibility of engaging such service for the Company’s shares upon delisting. Following delisting, the Company will no longer be covered by, among other things, the disclosure obligations in the Market Abuse Regulation (MAR) and the set of rules that apply to companies admitted to trading on Nasdaq First North Premier Growth Market. However, the Company will continue to be covered by, among other things, the rules in the Swedish Companies Act and the Swedish Annual Accounts Act. The Company will publish a further announcement in connection with the submission of the delisting application and a decision of the Exchange. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment improves as stock rises 36% After last week's 36% share price gain to kr1.90, the stock trades at a trailing P/E ratio of 8x. Average trailing P/E is 11x in the Metals and Mining industry in Sweden. Total loss to shareholders of 49% over the past three years. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to kr1.50, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 10x in the Metals and Mining industry in Sweden. Total loss to shareholders of 61% over the past three years. Reported Earnings • Sep 01
Second quarter 2024 earnings released: US$0.01 loss per share (vs US$0.024 loss in 2Q 2023) Second quarter 2024 results: US$0.01 loss per share (improved from US$0.024 loss in 2Q 2023). Revenue: US$10.2m (up 17% from 2Q 2023). Net loss: US$950.0k (loss narrowed 60% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 34 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to kr1.50, the stock trades at a trailing P/E ratio of 15.6x. Average trailing P/E is 11x in the Metals and Mining industry in Sweden. Total loss to shareholders of 64% over the past three years. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improves as stock rises 180% After last week's 180% share price gain to kr1.40, the stock trades at a trailing P/E ratio of 14.1x. Average trailing P/E is 11x in the Metals and Mining industry in Sweden. Total loss to shareholders of 68% over the past three years. Reported Earnings • Jun 05
First quarter 2024 earnings released: US$0.005 loss per share (vs US$0.085 loss in 1Q 2023) First quarter 2024 results: US$0.005 loss per share (improved from US$0.085 loss in 1Q 2023). Revenue: US$8.61m (down 3.7% from 1Q 2023). Net loss: US$487.0k (loss narrowed 94% from 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 30 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Mar 27
Now 68% overvalued after recent price rise Over the last 90 days, the stock has risen 15% to kr1.50. The fair value is estimated to be kr0.89, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 8.3% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Mar 03
Full year 2023 earnings released: US$0.071 loss per share (vs US$0.077 profit in FY 2022) Full year 2023 results: US$0.071 loss per share (down from US$0.077 profit in FY 2022). Revenue: US$37.3m (down 27% from FY 2022). Net loss: US$7.02m (down 193% from profit in FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 34 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Feb 23
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 26% to kr1.10. The fair value is estimated to be kr1.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.3% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Feb 09
Now 21% undervalued Over the last 90 days, the stock has risen 9.8% to kr1.12. The fair value is estimated to be kr1.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.3% over the last 3 years. Meanwhile, the company became loss making. Duyuru • Dec 12
Auriant Mining AB (Publ) Provides Production Guidance for the Year 2024 Auriant Mining AB (publ) provided production guidance for the year 2024. The company announces that its total production forecast for 2024 is 580-600 kg of gold. Ore to be fed to the Tardan CIL plant will come from Tardan’s ore zones and tailings of the Heap Leach. Annual throughput of the CIL plant will amount to 390,000 - 420,000 tonnes. Buying Opportunity • Dec 06
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 7.4%. The fair value is estimated to be kr1.33, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.3% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Dec 01
Third quarter 2023 earnings released: EPS: US$0.006 (vs US$0.004 loss in 3Q 2022) Third quarter 2023 results: EPS: US$0.006 (up from US$0.004 loss in 3Q 2022). Revenue: US$9.32m (down 34% from 3Q 2022). Net income: US$614.0k (up US$1.00m from 3Q 2022). Profit margin: 6.6% (up from net loss in 3Q 2022). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 26 percentage points per year, which is a significant difference in performance. Buying Opportunity • Sep 05
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be kr1.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.8% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Sep 01
Second quarter 2023 earnings released: US$0.024 loss per share (vs US$0.05 profit in 2Q 2022) Second quarter 2023 results: US$0.024 loss per share (down from US$0.05 profit in 2Q 2022). Revenue: US$8.67m (down 4.3% from 2Q 2022). Net loss: US$2.34m (down 147% from profit in 2Q 2022). Revenue is forecast to stay flat during the next 2 years, in line with the revenue forecast for the Metals and Mining industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 40% per year, which means it has not declined as severely as earnings. Reported Earnings • Jun 01
First quarter 2023 earnings released: US$0.09 loss per share (vs US$0.048 profit in 1Q 2022) First quarter 2023 results: US$0.09 loss per share (down from US$0.048 profit in 1Q 2022). Revenue: US$8.95m (down 48% from 1Q 2022). Net loss: US$8.44m (down 280% from profit in 1Q 2022). Revenue is forecast to stay flat during the next 2 years, in line with the revenue forecast for the Metals and Mining industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has fallen by 31% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to kr1.69, the stock trades at a forward P/E ratio of 1x. Average forward P/E is 8x in the Metals and Mining industry in Europe. Total loss to shareholders of 48% over the past three years. Reported Earnings • Mar 04
Full year 2022 earnings released: EPS: US$0.077 (vs US$0.072 in FY 2021) Full year 2022 results: EPS: US$0.077 (up from US$0.072 in FY 2021). Revenue: US$51.1m (up 7.1% from FY 2021). Net income: US$7.56m (up 6.7% from FY 2021). Profit margin: 15% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Duyuru • Dec 29
Auriant Mining AB (Publ) Elects Thor Åhlgren as Member of the Board Auriant Mining AB (publ) resolved at the general meeting that Thor Åhlgren is elected as a new member of the Board until the end of the next annual general meeting. The Board of directors in the company will thus consist of Peter Daresbury (Chairman of the Board), Preston Haskell, Jukka Pitkäjärvi and Thor Åhlgren. Duyuru • Dec 14
Auriant Mining AB (Publ) Announces Production Guidance for 2023 Auriant Mining AB (publ) announced production guidance for 2023. For the year, company expects gold production of 630-670 kg. Ore to be fed to the Tardan CIL plant will come from Tardan’s ore zones and tailings of the Heap Leach. Annual throughput of the CIL plant will amount to 390,000 - 420,000 tonnes. Reported Earnings • Dec 01
Third quarter 2022 earnings released: US$0.004 loss per share (vs US$0.007 profit in 3Q 2021) Third quarter 2022 results: US$0.004 loss per share (down from US$0.007 profit in 3Q 2021). Revenue: US$14.1m (up 8.8% from 3Q 2021). Net loss: US$389.0k (down 159% from profit in 3Q 2021). Revenue is expected to fall by 2.9% p.a. on average during the next 2 years compared to a 3.9% decline forecast for the Metals and Mining industry in Sweden. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. Duyuru • Nov 01
Auriant Mining AB (publ.) Announces Appointment of Alexander Buchnev as CFO, Effective November 1, 2022 Auriant Mining AB (publ.) announced that Alexander Buchnev will join the Group as Chief Financial Officer on 1 November 2022. Alexander graduated from the Financial Academy in Moscow in 2004 with a Degree in Crisis Management. Alexander is qualified as an ACCA and his 20 years’ extensive financial and accounting experience includes CFO of Planeta Sirius Group, a top 5 Russian workwear producer, as well as CFO of VEDK Group, a gold producer in the Republic of Yakutia (Russia), and 8 years of experience at Ernst&Young. Alexander previously already worked for Auriant Mining Group as CFO and IFRS Leader in 2013-2018. Duyuru • Oct 29
Auriant Mining AB (Publ.) Announces Resignation of James P. Smith Jr. as the Deputy Board Member James P. Smith Jr., deputy board member of Auriant Mining AB (publ.) (the “Company”) since 2014, has informed the Board that he wishes to retire as a deputy board member of the Company on 30 October 2022, as part of his general disengagement from his commercial commitments. Upon Mr. Smith’s departure, the functions of the chairman of the Finance and Audit Committee will be performed by Peter Daresbury. Duyuru • Oct 14
Auriant Mining AB (publ) Announces CFO Changes, October 17, 2022 Vladimir Vorushkin, Chief Financial Officer of Auriant Mining AB (publ.) (the "Company") since August 2020, has informed the Board that he is resigning from his position for personal reasons. October 17, 2022 will be the last day of Mr. Vorushkin's work. The Company will look to hire a new CFO as soon as possible and has started the recruitment process. In the meantime, the CFO's duties will be performed by the CEO Danilo Lange. Reported Earnings • Sep 01
Second quarter 2022 earnings released: EPS: US$0.05 (vs US$0.02 in 2Q 2021) Second quarter 2022 results: EPS: US$0.05 (up from US$0.02 in 2Q 2021). Revenue: US$9.06m (down 27% from 2Q 2021). Net income: US$4.96m (up 155% from 2Q 2021). Profit margin: 55% (up from 16% in 2Q 2021). The increase in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 4.9% while the Metals and Mining industry in Sweden is not expected to grow. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Duyuru • Aug 31
Auriant Mining AB (Publ) Updates Annual Production Forecast for 2022 Auriant Mining AB (publ) announced that the company updated annual production forecast for 2022 is 800 kg of gold. Duyuru • Aug 19
Birgit Köster Hoffmann Resigns from the Board of Directors of Auriant Mining AB (publ.) Auriant Mining AB (publ.) announced the resignation of Birgit Köster Hoffmann as Member of the Board of Directors, effective August 18, 2022. She joined the Company's Board of directors in May 2021 and is the chairperson of the Finance and Audit Committee since May 2022. Reported Earnings • Jun 02
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: US$0.048 (up from US$0.017 in 1Q 2021). Revenue: US$17.2m (up 63% from 1Q 2021). Net income: US$4.70m (up 175% from 1Q 2021). Profit margin: 27% (up from 16% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) also missed analyst estimates by 7.2%. Over the next year, revenue is forecast to stay flat compared to a 640% growth forecast for the industry in Sweden. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Duyuru • Jun 01
Auriant Mining AB (publ.) Provides Production Guidance for the Year 2022 Auriant Mining AB (publ.) provided production guidance for the year 2022. For the year, the company expects that its total production will be 800 kg - 830 kg of gold. Reported Earnings • Mar 02
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: US$0.072 (down from US$0.12 in FY 2020). Revenue: US$47.7m (down 20% from FY 2020). Net income: US$7.09m (down 38% from FY 2020). Profit margin: 15% (down from 19% in FY 2020). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 16%, compared to a 530% growth forecast for the mining industry in Sweden. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 22% share price decline to kr2.30, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 5x in the Metals and Mining industry in Sweden. Total loss to shareholders of 12% over the past three years. Duyuru • Dec 14
Auriant Mining AB (Publ.) Announces 2022 Production Forecast Auriant Mining AB (publ.) announces that its total production forecast for 2022 is 800 - 830 kg of gold. Reported Earnings • Dec 01
Third quarter 2021 earnings: EPS and revenues miss analyst expectations Third quarter 2021 results: EPS: US$0.007 (down from US$0.03 in 3Q 2020). Revenue: US$12.9m (down 6.6% from 3Q 2020). Net income: US$658.0k (down 78% from 3Q 2020). Profit margin: 5.1% (down from 21% in 3Q 2020). Revenue missed analyst estimates by 3.7%. Earnings per share (EPS) also missed analyst estimates by 69%. Earnings per share (EPS) missed analyst estimates by 69%. Over the next year, revenue is forecast to grow 9.3%, compared to a 247% growth forecast for the industry in Sweden. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Duyuru • Nov 30
Auriant Mining AB (Publ) Provides Production Guidance for 2021 Auriant Mining AB (publ) provided production guidance for 2021. For the period, the company's total gold production forecast is 900 - 930 kg (28,936 - 29,900 oz). Reported Earnings • Sep 03
Second quarter 2021 earnings released: EPS US$0.02 (vs US$0.027 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: US$12.4m (flat on 2Q 2020). Net income: US$1.94m (down 27% from 2Q 2020). Profit margin: 16% (down from 22% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Duyuru • May 31
Auriant Mining AB (Publ) Provides Production Guidance for the Year 2021 Auriant Mining AB (publ) provided production guidance for the year 2021. For the year, the company expects annual total gold production forecast is 900 - 930 kg (28,936 – 29,900 oz). Annual throughput of the CIL plant will amount to 350 - 380 thousand tonnes. Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improved over the past week After last week's 15% share price gain to kr4.97, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 10x in the Metals and Mining industry in Europe. Total returns to shareholders of 111% over the past three years. Is New 90 Day High Low • Mar 05
New 90-day low: kr4.41 The company is down 24% from its price of kr5.78 on 04 December 2020. The Swedish market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 17% over the same period. Analyst Estimate Surprise Post Earnings • Mar 04
Revenue and earnings miss expectations Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) also missed analyst estimates by 21%. Over the next year, revenue is expected to shrink by 6.2% compared to a 12% growth forecast for the Metals and Mining industry in Sweden. Reported Earnings • Feb 28
Full year 2020 earnings released: EPS kr0.98 (vs kr0.061 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: kr492.1m (up 75% from FY 2019). Net income: kr96.5m (up kr102.5m from FY 2019). Profit margin: 20% (up from net loss in FY 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment improved over the past week After last week's 20% share price gain to kr5.40, the stock is trading at a trailing P/E ratio of 5.1x, up from the previous P/E ratio of 4.3x. This compares to an average P/E of 26x in the Metals and Mining industry in Sweden. Total returns to shareholders over the past three years are 183%. Is New 90 Day High Low • Feb 05
New 90-day low: kr4.72 The company is down 26% from its price of kr6.34 on 06 November 2020. The Swedish market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 17% over the same period. Recent Insider Transactions • Jan 21
Independent Chairman of the Board recently sold kr188k worth of stock On the 18th of January, Gilbert Daresbury sold around 35k shares on-market at roughly kr5.31 per share. This was the largest sale by an insider in the last 3 months. Gilbert has been a seller over the last 12 months, reducing personal holdings by kr188k. Is New 90 Day High Low • Jan 20
New 90-day low: kr5.20 The company is down 7.0% from its price of kr5.58 on 22 October 2020. The Swedish market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 14% over the same period. Is New 90 Day High Low • Dec 23
New 90-day low: kr5.34 The company is down 10.0% from its price of kr5.94 on 23 September 2020. The Swedish market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 7.0% over the same period. Reported Earnings • Dec 01
Third quarter 2020 earnings released: EPS kr0.26 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: kr122.5m (up 29% from 3Q 2019). Net income: kr25.8m (up 125% from 3Q 2019). Profit margin: 21% (up from 12% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Dec 01
Revenue and earnings miss expectations Revenue missed analyst estimates by 17%. Earnings per share (EPS) also missed analyst estimates by 40%. Over the next year, revenue is expected to shrink by 1.2% compared to a 14% growth forecast for the Metals and Mining industry in Sweden. Duyuru • Nov 26
Auriant Mining AB (publ.) Appoints Petr Kustikov as Chief Operating Officer The Board of Directors of Auriant Mining AB (publ.) appointed Petr Kustikov as Chief Operating Officer with effect from 1 December 2020. Petr has been Head of Project Development at Auriant since 2016, and played a leading role in the construction of the successful CIL plant at the company’s Tardan mine. He is an experienced mine manager, having worked in that role at both Oxus Gold and Orsu Metals. Petr graduated from Navoi State Mining Institute with a degree in Mining Engineering and has completed his Master in Business Administration from the Plekhanov Russian University of Economics, Moscow. Petr has been a member of the Australasian Institute of Mining and Metallurgy since 2014. Immediately prior to joining Auriant he was a Leading Consultant at SRK Consulting (Russia) based in Moscow. Valuation Update With 7 Day Price Move • Nov 07
Market bids up stock over the past week After last week's 17% share price gain to kr6.34, the stock is trading at a trailing P/E ratio of 7x, up from the previous P/E ratio of 6x. This compares to an average P/E of 19x in the Metals and Mining industry in Sweden. Total returns to shareholders over the past three years are 214%. Is New 90 Day High Low • Oct 30
New 90-day low: kr5.50 The company is down 13% from its price of kr6.32 on 31 July 2020. The Swedish market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 1.0% over the same period. Duyuru • Oct 01
Auriant Mining AB (Publ) Announces Departure of Chief Geologist Auriant Mining AB (publ) announced the departure of Chief Geologist Vladimir Churin, who leaves the Company to pursue other opportunities, and consequent changes in its geological team. The Board is reviewing its future requirements in this team, which in the meantime will continue under the leadership of Senior Geologist, Artem Manshin who has been with the Company for 7 years. Duyuru • Sep 05
Auriant Mining AB (publ.) Announces Executive Changes The Board of Directors of Auriant Mining AB (publ.) (the “Company”) announced the appointment of Danilo Lange as Chief Executive Officer of the Company. He succeeds Sergey Ustimenko, Chief Executive Officer since January 2016.