REG - Grit Real Estate Inc - Strategy, Portfolio and Operational update

Grit Real Estate IncomeAnnouncement

20/09/2022 09:15

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RNS Number : 9668Z  Grit Real Estate Income Group  20 September 2022

 GRIT REAL ESTATE INCOME GROUP LIMITED

 (Registered in Guernsey)

 (Registration number: 68739)

 LSE share code: GR1T

 SEM share code: DEL.N0000

 ISIN: GG00BMDHST63

 LEI: 21380084LCGHJRS8CN05

 ("Grit" or the "Company" and, together with its subsidiaries, the "Group")

 

 

STRATEGY, PORTFOLIO AND ROBUST OPERATIONAL PERFORMANCE

UPDATE TO 30 JUNE 2022

 

 

The board of Directors (the "Board") of Grit Real Estate Income Group Limited,
a leading award winning women led, and only listed pan African impact real
estate company, today provides update on its strategy, with the inclusion of
GREA, and an operational and portfolio update showing strong cash rent
collection, improved occupancy rates, strong leasing activity and contractual
escalations being achieved ahead of the publication of the Company's results
for the year ended 30 June 2022, expected to be published on 28 October 2022.

 

Grit invests in and manages a diversified, multi geography portfolio of impact
real estate assets underpinned by predominantly US$ and Euro denominated long
term leases with high quality multi-national tenants generating sustainable
returns for global investors.

 

The Group increased its stake in Gateway Real Estate Africa ("GREA") to 35.01%
on 31 August 2022, allowing it to prioritise impact driven Real Estate,
creating value for local communities and focusing on infrastructure assets
specifically in corporate accommodation to the US State Department, data
centres, healthcare and industrial sectors. Furthermore, it recently
announced a sustainability led debt refinancing programme over US$306 million
of existing debt, enhancing the Group balance sheet and creating value for
shareholders over the short and medium term.

 

Key highlights - range expected for the FY ended 30 June 2022

 

                                                                   30 June 2022 expected range  31 December 2021  30 June 2021
 Income producing assets                                           US$855.0 mln to              US$802.3 mln      US$801.9 mln

                                                                    US$858.0 mln
 Property portfolio US$ valuation move y.o.y. (incl acquisitions)  +6.9%                        +0.1%             -2.6%
 Contractual lease collection rate                                 94.3%                        94.9%             90.1%
 Portfolio occupancy rate                                          95.3%                        94.3%             94.7%
 EPRA Topped up NIY                                                8.2%                         7.3%              7.4%
 Share price (LSE)                                                 GBp 32.00                    GBp 35.50         GBp45.00
 Share price Discount to actual / expected EPRA NRV *              53.1% to 55.4%**                               36.9%*
 Target and actual prior year dividend yield **                    13.59% ***                                     2.47%*

 

 * Calculated on LSE share price and converted at prevailing USD:GBP exchange
rate at 30 June 2021

 ** Calculated on LSE share price and converted at exchange rate as at 16
September 2022

 *** Targeted full year distribution of US$5cps

Executive summary

During the Covid period, Grit's management and Board committed to key
initiatives to ensure the stabilisation of operations, balance sheet
enhancement and improved liquidity. This focus has resulted in the delivery of
the following key highlights over the financial period.

 

·       Portfolio valuation recovery.

·       Improved retail leasing and valuation recovery.

·       Hospitality assets fully trading once again and tenants up to
date on rentals.

·       Successful asset recycling and progress towards the Board's 31
December 2023 target.

·       Significantly reduced loan to value.

·       Robust operational performance including strong cash
collections and growth in operational earnings.

·       Resumption of dividends.

·       Launch of sustainability linked debt restructure

 

Further commentary:

1.    Grit targets a distribution of between 80% - 100% of distributable
earnings and has resumed payment of dividends in the financial year to 30 June
2022 (US$ 2.5cps was paid in the first half of the financial year).

2.    Distributable earnings are expected to be at the lower end of the
previously guided range of US$5.00 - 6.00 cents per share, impacted by the
increased cost of funding associated with the cash purchase of GREA and
movements in the EUR vs the USD over the financial year.

3.    At the lower end of the guided range, full year distributions could
represent a 13.59% dividend yield on the current share price. The Board is
currently contemplating paying the second half distribution as a mix of cash
dividends and share buybacks, as it looks to support liquidity in the shares
on both LSE and SEM.

4.    EPRA NRV for the year ended 30 June 2022 is expected to be in the
range of US$0.785 to US$0.825 per share (-23.3% to -19.4% versus prior year
NRV of US$1.024). The Group produced a robust underlying portfolio
performance, and the NRV reduction predominantly relates to the dilutive
impacts of the Company's equity issuance in December 2021.

5.    The Company raised US$76.3 million in an equity placement in December
2021, which was lower than targeted at that time. As a direct result, the
acquisition of a controlling interest in GREA was restructured and the direct
LTV benefits of financial consolidation delayed. LTV as at 30 June 2022 is now
expected in the range of 44.50% to 46.5% (from 53% in June 2021), impacted by
the GREA acquisition being settled in cash. LTV is expected to fall by 3.9ppts
upon consolidation of GREA in December 2022.

6.    From 31 August 2022, the Company owns 77.95% of APDM and 35.01% of
GREA with an option to acquire Gateway Partner's remaining 1% in APDM and
13.61% stake in GREA by 15 December 2022.

7.    The Group delivered a strong operational performance for the 12
months to 30 June with cash collection of 94.3% of contracted rentals,
occupancy rates improving to 95.3%, strong leasing activity and contractual
escalations being achieved. Notably, GREA has also delivered several completed
projects including US embassy accommodation compounds in Ethiopia and Kenya, a
data centre in Nigeria and an office park in Ghana and is making good progress
on two further projects, targeted for completion by March 2023.

8.    The Group recently announced a sustainability linked debt refinancing
over $306 million of existing debt facilities across Mozambique, Zambia, Ghana
and Senegal, creating diversification, tenor, optimal funding costs and a
scalable long term debt solution. The restructure is expected to be materially
concluded by 30 September 2022 (link to original RNS
(https://polaris.brighterir.com/public/grit/news/rns/story/rnlqo2w) ). The
Group currently has US$100 million of its interest rate risk hedged and the
sustainability led debt refinancing is expected to significantly reduce
refinance risk over the medium term whilst minimising the impact of expected
global interest rate and credit spread movements on the Group's weighted
average cost of debt.

9.    Asset recycling of up to US$160.0 million (being 20% of the Group's
gross asset balance at 30 June 2021) is still being targeted by 31 December
2023, including a potential sale of AnfaPlace Mall. Discussions with new
interested parties are currently underway. The sale of ABSA House, Mauritius
was recently completed and a partial disposal of Orbit Africa concluded on 18
July 2022. The Group has identified further assets and sectors for possible
divestiture and will provide further detail in due course.

10.   Reported property values are expected to increase by 6.9% driven by
investment and acquisitions and strong functional currency portfolio
performance. On a like for like basis (pre acquisitions), property values are
expected to increase 4.1% in functional currencies. However, moves in EUR: USD
exchange rates will result in like for like valuation declines in the reported
USD values of 0.3%.

11.   The Company is aiming to conclude the unwind of the Drive-in-Trading
structure in the fourth quarter of 2022 after recently agreeing, in principle,
that Grit will fund its US$17.5 million guarantee commitment and that both
Grit and PIC will take ownership of their related security (Grit ordinary
shares), upon which the guarantee liability will be extinguished. The
agreement is currently subject to legal addendums, which are currently being
drafted. As at 31 December 2021 Grit had provided for US$12.1 million of the
guarantee exposure.

12.   The financial results to 30 June 2022 are expected to be impacted by
the material corporate actions undertaken in the financial year. The Board
expects financial results to normalise beyond this date and is confident that
the Group is well positioned to deliver its updated total return target of
between 13% to 15% per annum from this date.

 

Bronwyn Knight, CEO of Grit Real Estate Income Group Limited commented:

"Grit's family of partnerships across the African continent enables us to
continue to deliver sustainable value for our shareholders and have real
impact on the people of Africa. The acquisition of Gateway Real Estate Africa,
a key milestone for the Group reinforces our solid growth and impact strategy.
GREA recently handed over a newly constructed accommodation compound to the
American Embassy (United States Bureau of Overseas Building Operations) in
Nairobi, Kenya, and I'm proud to say this was delivered by a woman led
development team. This unique, high impact asset was developed during the
Covid period, delivered on time and within budget, is experiencing strong
independently appraised valuation increases and has enhanced our local
communities through programmes like BuildHer and the provision of Covid
vaccinations.

 

The Group weathered the challenges over the Covid period and despite recent
global uncertainty, is concluding new leasing activity, achieving contractual
escalations, and has collected in excess of 94% of its contracted rentals for
the financial year. Grit is on track with its long-term sustainability-linked
refinance of existing debt exposures into a single facility, which brings with
it the promise of a more streamlined and efficient Group loan management
process.

 

Grit's earnings and dividends are underpinned by the Company's secure,
diversified and growing index-linked income streams, as well as attractive
capital appreciation from across our high-quality portfolio. The Grit Group is
committed to, and passionate about, developing smart business solutions with
impact real estate that goes beyond buildings. No matter what the challenges
we encounter in Africa, as a team of spirited warriors we always find the
way."

 

OPERATIONAL UPDATE

 

The Group's dividend is paid from distributable earnings, which predominantly
comprise reported IFRS earnings adjusted for the distributable results of
associates and an exclusion of non-cash items. The Board expects to resume
sustainable bi-annual dividends in the financial year end to 30 June 2022 as a
result of improvements in the Company's financial position and increased
confidence in the outlook for the portfolio, which include:

·      contracted weighted average topped up NIY of 8.2% on the current
property portfolio

·      current WACD of 7.13%

·      cash collection in excess of 94.3% of contracted rents

·      EPRA occupancy improvement to 95.3% as a result of successful
leasing activity

 

As at 30 June 2022, the Group's high-quality property assets have a weighted
average lease expiry ("WALE") of 4.8 years (June 2021: 4.8 years), a weighted
average contracted lease escalation of 5.4% per annum (June 2021: 3.8% p.a.)
and are underpinned by a wide range of blue-chip multi-national tenants across
a variety of sectors. Grit's property portfolio comprises a total of 53 assets
(including 25 properties held in Letlole La Rona in Botswana) with rentals
predominantly collected monthly, of which 91.5% are collected in US$, Euro or
pegged currencies.

 

A summary of the expected portfolio performance on a Grit economic basis are
as below:

 Sector                   Property Value  Property Value  Total Portfolio Move  Like for like                                             Rental Collection FY2022  NOI       Expected

                          30 June 2021    30 June 2022    USD                   Fair Value Move LCY   Like for Like Fair Value Move USD                             FY 2021   Movement for FY2022

                                                                                                                                                                                                    EPRA

                                                                                                                                                                                                    topped

                                                                                                                                                                                                    up NIY
                          USD'000         USD'000         %                     %                     %                                   %                         USD'000   %
 Retail                   186,295         190,944         2.5%                  5.4%                  1.4%                                88.3%                     9,429     +12.0% to +14.0%      8.1%
 Hospitality              174,420         164,603         -5.6%                 5.3%                  -6.8%                               90.6%                     12,728    (2.5%) to (1.5%)      6.9%
 Office                   191,472         194,958         1.8%                  3.3%                  2.6%                                101.1%                    16,573    (12.5%) to (11.5%)    8.6%
 Industrial               36,232          80,414          121.9%                5.7%                  4.7%                                91.5%                     2,100     +74.0% to +76.0%      7.9%
 Corporate Accommodation  127,899                         0.9%                  0.6%                                                      97.6%

                                          128,989                                                     0.7%                                                          11,139    (8.5%) to (7.5%)      8.9%
 LLR portfolio            26,999          20,946          -22.4%                2.5%                  -7.3%                               n/a                       2,476     +0.5% to +2.0%        11.7%
 GREA portfolio           12,557          27,389          117.3%                15.1%                 15.1%                               93.8%                     126       + >250%               9.6%
 TOTAL                    755,874         808,244         6.9%                  4.1%                  -0.3%                               94.3%                     54,740    (0.5%) to +1.0%       8.2%

 

Retail sector

Retail sector valuation increase 2.5% bolstered by stronger Zambian retail
performance that offset pressure on Zimpeto Square, Mozambique and currency
translation losses on AnfaPlace Mall, Morocco.

·    AnfaPlace Mall Morocco experienced positive letting activity in the
period, including the introduction of Colin's and ICHTAH, reducing its
reported vacancy rate from 29.0% in December 2021 to 18.1% as at 30 June 2022.
Grit is currently undergoing fit out for the Hudson Group which will further
reduce vacancy in Q4 2022. The centre has enjoyed high and rising levels of
footfall, significantly surpassing both pre Covid and pre redevelopment
levels, which bodes well for the outlook for the predominantly turnover linked
leases currently in place and resulted in positive local currency fair value
move in the financial year. The asset is still being targeted for disposal
although formal negotiations with a previously interested buyer have broken
down.

·    Mukuba and Kafubu Malls, Zambia are largely fully let while
Cosmopolitan Mall (Lusaka), has also seen good leasing activity and reduced
vacancies.

·    Buffalo Mall introduced Chandrana as new significant anchor tenant
and further improved leasing activity is expected in the new financial year.
 

 

Hospitality sector

Hospitality operators are experiencing strong forward bookings at Grit owned
assts and evidence of robust tourist demand is providing strong support to
asset valuations, which have rebounded in Euros by 5.3% in the financial year
to 30 June 2022. Euro devaluation for the period has offset these positive
valuation trends and will result in reported US$ valuations for the same
period reducing by 5.6%. NOI has similarly increased in functional currency
but upon translation has declined from the USD value reported in the prior
year.

 

All Grit's hotel tenants are up to date on their tenant obligations and The
Lux Group has repaid all amounts owing from 2021 deferred rents. Beachcomber
resorts have been granted a 48-month period within which to repay 2021
deferred rents and will resume these payments from May 2023. Club Med Senegal
opened on 5 December 2021 and are current on all their rental obligations.

 

Office sector

Office sector valuations in Mozambique have remained resilient despite
isolated tenant rotation, with recovering natural gas and commodity prices
providing a strong underpin to the economy. The Ghanaian office market is
showing signs of additional re-leasing risks and tenant rotations, although
Grit has successfully filled vacated space through pleasing new leasing
activity in the financial year. The NOI decline in the financial year relates
to a non-repeating tenant exit fee in 2021 and increased Covid re-opening
operational expenditure costs in the Ghanaian portfolio.

 

The reported office sector value in USD for the year ended 30 June 2022 has
grown by 1.8%, and on a like for like basis increased by 2.6%. During the
financial year, the Group disposed of ABSA House in Mauritius which accounts
for the bulk of the difference.

 

Corporate accommodation sector

Corporate Accommodation sector valuation increased by 0.9% year-on-year. Grit continues to work with the new owner of Vale's mine in relation to their corporate accommodation needs and expects valuation recovery upon renewal of the current lease, which still has 1.9 years until expiry. The sector experienced rising operational expenditure costs in 2022 as assets required increased repairs and maintenance in the current year.

 

Light industrial sector

The sector enjoyed strong year on year increase upon the completion of the
Bollore asset upgrade and growth through acquisition. Grit concluded the
acquisition of the Orbit Africa Facility in Nairobi, Kenya in March 2022,
which represented a key step forward in geographically and sectorally
balancing the portfolio into an undersupplied and futureproof asset class. The
strategic unlocking of a long-term partnership with the IFC also brings with
it further opportunities for collaboration as the Group continues to see
further investment opportunities in this sector.

 

On 18 July 2022 Grit introduced a 30% co-investor, Letlole La Rona ("LLR") to
the Orbit asset for an investment of US$7.23 million. LLR's shareholders have
approved a "Go-to-Africa" strategy and have aligned with Grit as their
recognised real estate specialist partner, positioning them as preferred
co-funder for further investment opportunities in the sector. (link to RNS
(https://polaris.brighterir.com/public/grit/news/rns/story/xl850jw) )

 

GREA

GREA is a private real estate development company specialising in risk
mitigated turnkey construction of real estate in Africa. GREA develops assets
on the strength of USD-denominated or USD-linked long-term lease contracts
signed with multinational tenants, who are predominantly either current or
target clients of Grit. GREA's current approved project pipeline is fully
funded, and debt financing is secured and in place.

 

Acquiring control of GREA will provide Grit with control of its own
significant pipeline of accretive developments whilst creating positive and
sustainable impacts and value to the local people and communities we serve
across Africa.

 

GREA has had a successful 12 months to 30 June 2022, and specifically
delivered several key projects that have supported both valuation growth and
the outlook for operating income growth in subsequent financial years. On
average GREA has developed at a development yield of over 10.5% and its
assets, on average, enjoy post completion yield compression to levels of
c.8.5%.

 

 Name                                  % Complete  Completion date  Anchor tenant       Total Estimated Project Cost
 ADC Nigeria (data centre)             100%        January 2022     Liquid telecom      $24,422,288
 OBO Ethiopia (embassy accommodation)  100%        October 2021     US embassy          $55,722,775
 OBO Kenya (embassy accommodation)     100%        September 2022   US embassy          $51,845,651
  The Precinct, Mauritius (office)     81%         January 2023     Grit, Dentons, W17  $28,726,554
 Adumah Place, Ghana (office)          100%        March 2022       Appolonia City      $3,888,823
  Eneo, Tatu City, Ghana               11%         December 2023    CCI                 $36,783,967
 Falcon Hospital, Curepipe, Mauritius  62%         January 2023     Artemis             $20,136,467
 Coromandel Hospital, Mauritius        5%          August 2024      Artemis             $32,509,733
 OBO Mali (embassy accommodation)      5%          Q3 2024          US embassy          $52,455,451

 

Pathway to control over GREA

Grit successfully lifted its stake in GREA to 35.01% in August 2022, after it
also acquired a 77.95% controlling interest in APDM, the asset manager of
GREA, in April 2022. Through the APDM investment Grit currently exercises
operational control over all material business activities of GREA (including
development of properties, day to day management of the completed assets,
leasing activity and operational cost management), governed by the terms of
the asset management agreement and the GREA Investment Charter.

 

Beyond that, for Grit to obtain a majority at the GREA Board (and thereby
control GREA), any of the following events would need to occur:

·     Grit exercises and concludes its option to acquire the remaining
13.61% interest owned by Gateway Partners by 15 December 2022 thereby
acquiring all the rights of Gateway Partners under the shareholder agreement;
or

·     Gateway Partners sell their remaining shares to a third party; or

·     GREA makes changes to the shareholders agreement to remove certain
rights granted to the founding shareholders.

 

GREA management remuneration policies have also been aligned with Grit's, and
senior management of APDM have now been included in the Grit long term
incentive plan, which are specifically linked to value creation at the Grit
equity holder level.

 

UPDATED STRATEGY DRIVING VALUE CREATION AND INCREASING CONFIDENCE IN OUTLOOK

The Grit Group is people centred, pioneers, proudly African and woman
led, powered by purposeful impact through authentic partnerships. We
recognise our role in transforming the design of buildings and developments
and creating smart business solutions for long-term sustainability, especially
with the African landscape rapidly urbanising. The Group's sustainability
efforts focus on community impact, the empowerment of women, energy efficiency
and carbon reduction.

 

The Board remains committed to a five-year target of a 25% reduction in carbon
emissions and a 25% improvement in our building efficiency. Grit continues to
make significant progress and is ahead of plan in the achievement of these
targets.

 

In addition to environmental responsibility, the Group prides itself on
achieving more than 45% of women in leadership positions at Grit, more than
65% localised employees and significant support to the numerous communities
in the countries where we operate through extensive ESG and upliftment
programmes.

 

Following the equity issuance in December 2021 Grit was able to reduce its
overall debt exposure and reduce its LTV, and in combination with the targeted
asset recycling strategy, has positioned the Company for a strong post
Covid-19 recovery.

 

While Grit has assumed operational control of GREA from April 2022, Grit has
also agreed a pathway to control over GREA by 31 December 2022, upon which,
the consolidation is expected to lower the Group LTV by 3.9ppts.

 

This leaves the Group well positioned for recovery in a post-pandemic
environment backed by strong cash collection, increased leasing activity,
resilient assets, reduced debt levels and the potential for stronger NAV
growth going forward. Upon the final completion of the GREA acquisition the
Board's total return target will increase from the current 12% to a range of
between 13% and 15% per annum.

 

The Group continues to deploy its resources within these principal strategic
areas:

1.   Owning and managing a diversified portfolio of high quality real
estate assets across the African continent (excluding South Africa) - with
strong valuation recovery potential post Covid disruptions.

2.   Pursuing limited risk-mitigated real estate developments for existing
and target tenants, predominantly focused on the industrial, embassy
accommodation and data centres sectors driving accelerated NAV growth into the
future. Development exposure will not exceed more than 20% of Group gross
asset value, and upon completion, will be included in the income producing
portfolio of the Group thereby underpinning future income growth - leading to
an expectation of enhanced yield and income, etc upon completion.

3.   Fee generation income from real estate, facilities and development
management services to both internal clients and to third party clients and
co-investors - resulting in an expectation of enhanced income.

 

The Company refreshed its buy back authority at the last annual general
meeting, and recently published a circular seeking a linked treasury issuance
authority. The combination of these will allow the Board to contemplate a
treasury buyback programme in support of trading liquidity and distributions
to shareholders and will provide opportunities to execute the Drive-in-trading
guarantee unwind.

 

Further detail and outlook for the operating divisions of the Group will be
provided at a Company hosted Capital Markets Day being planned after the
release of the audited annual financial statements. Further details will be
provided to interested stakeholders in due course.

 

By Order of the Board

 

20 September 2022

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulation (EU no.
596/2014) (as amended) as it forms part of UK domestic law by virtue of the
European union (withdrawal) act 2018 and other implementing measures. Upon the
publication of this announcement, this inside information is now considered to
be in the public domain.

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

 Grit Real Estate Income Group Limited
 Bronwyn Knight, Chief Executive Officer                           +230 269 7090
 Darren Veenhuis, Investor Relations                               +44 779 512 3402

 Maitland/amo - Communications Adviser
 James Benjamin                                                    +44 7747 113 930 / +44 20 7379 5151
 Alistair de Kare-Silver                                           Grit-maitland@maitland.co.uk

 finnCap Ltd - UK Financial Adviser
 William Marle/Teddy Whiley (Corporate Finance)                    +44 20 7220 5000
 Mark Whitfeld/Pauline Tribe (Sales)                               +44 20 3772 4697
 Monica Tepes (Research)                                           +44 20 3772 4698

 Perigeum Capital Ltd - SEM Authorised Representative and Sponsor
 Shamin A. Sookia                                                  +230 402 0894
 Kesaven Moothoosamy                                               +230 402 0898

 Capital Markets Brokers Ltd - Mauritian Sponsoring Broker
 Elodie Lan Hun Kuen                                               +230 402 0280

 

NOTES:

Grit Real Estate Income Group Limited is the leading pan-African real estate
company focused on investing in, developing and actively managing a
diversified portfolio of assets in carefully selected African countries
(excluding South Africa). These high-quality assets are underpinned by
predominantly US$ and Euro denominated long-term leases with a wide range of
blue-chip multi-national tenant covenants across a diverse range of robust
property sectors.

 

The Company is committed to delivering strong and sustainable income for
shareholders, with the potential for income and capital growth.

 

The Company holds its primary listing on the Main Market of the London Stock
Exchange (LSE: GR1T) and a secondary listing on the Stock Exchange of
Mauritius (SEM: DEL.N0000).

 

Further information on the Company is available at http://grit.group/
(http://grit.group/)

 

Directors: Peter Todd+ (Chairman), Bronwyn Knight (Chief Executive Officer)*,
Leon van de Moortele (Chief Financial Officer)*, David Love+, Sir Samuel Esson
Jonah+, Nomzamo Radebe, Catherine McIlraith+, Jonathan Crichton+, Cross
Kgosidiile and Bright Laaka+ (Permanent Alternate Director to Nomzamo Radebe).

(* Executive Director) (+ independent Non-Executive Director)

 

Company secretary: Intercontinental Fund Services Limited

Registered address: PO Box 186, Royal Chambers, St Julian's Avenue, St Peter
Port, Guernsey GY1 4HP

Registrar and transfer agent (Mauritius): Intercontinental Secretarial
Services Limited

UK Transfer secretary: Link Asset Services Limited

SEM authorised representative and sponsor: Perigeum Capital Ltd

Mauritian sponsoring broker: Capital Markets Brokers Ltd

 

This notice is issued pursuant to the FCA Listing Rules and SEM Listing Rule
15.24 and the Mauritian Securities Act 2005.  The Board of the Company
accepts full responsibility for the accuracy of the information contained in
this communiqué.

 

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