REG - Royal Bk Scot.Grp. - Half-year Report <Origin Href="QuoteRef">RBS.L</Origin> - Part 2
04/08/2017 07:08
- Part 2: For the preceding part double click ID:nRSD0890Na
(1)
● We retain the 2017 full year financial guidance and medium term financial outlook we provided in the 2016 Annual Results document. In addition, and subject to providing substantially for remaining significant legacy issues in 2017, our expectation remains that we will be profitable in 2018.
● Excluding RBS's stake in Alawwal Bank, we now expect that Capital Resolution RWAs will be at the lower end of our previous £15-£20 billion guidance for end 2017. We anticipate that Capital Resolution disposal losses will be substantially higher in H2 2017, at around £0.7 billion.
● In Q3 2017 we expect to recognise a debt sale gain of approximately £160 million in UK PBB.
Note:
(1) The targets, expectations and trends discussed in this section represent management's current expectations and
are subject to change, including as a result of the factors described in this document and in the "Risk Factors" on pages
432 to 463 of the Annual Report and Accounts 2016. These statements constitute forward-looking statements; refer to
Forward-looking statements in this announcement.
Summary consolidated income statement for the period ended 30 June 2017
Half year ended Quarter ended
30 June 30 June 30 June 31 March 30 June
2017 2016 2017 2017 2016
£m £m £m £m £m
Net interest income 4,472 4,333 2,238 2,234 2,177
Own credit adjustments (73) 450 (44) (29) 194
(Loss)/gain on redemption of own debt (7) (130) (9) 2 (130)
Strategic disposals 156 195 156 - 201
Other operating income 2,371 1,216 1,366 1,005 558
Non-interest income 2,447 1,731 1,469 978 823
Total income 6,919 6,064 3,707 3,212 3,000
Restructuring costs (790) (630) (213) (577) (392)
Litigation and conduct costs (396) (1,315) (342) (54) (1,284)
Other costs (3,666) (3,984) (1,844) (1,822) (1,833)
Operating expenses (4,852) (5,929) (2,399) (2,453) (3,509)
Profit/(loss) before impairment losses 2,067 135 1,308 759 (509)
Impairment losses (116) (409) (70) (46) (186)
Operating profit/(loss) before tax 1,951 (274) 1,238 713 (695)
Tax charge (727) (340) (400) (327) (260)
Profit/(loss) for the period 1,224 (614) 838 386 (955)
Attributable to:
Non-controlling interests 29 30 18 11 8
Other owners 256 208 140 116 114
Dividend access share - 1,193 - - -
Ordinary shareholders 939 (2,045) 680 259 (1,077)
Notable items memo
Adjusted basis
Total income - adjusted (1) 6,843 5,549 3,604 3,239 2,735
Operating expenses - adjusted (2) (3,666) (3,984) (1,844) (1,822) (1,833)
Operating profit - adjusted (1,2) 3,061 1,156 1,690 1,371 716
Within adjusted total income
IFRS volatility in Central items (3) 154 (668) 172 (18) (312)
FX (losses)/gains in Central items (108) 253 (56) (52) 201
Capital Resolution disposal losses (103) (53) (53) (50) (57)
Unwind of securitisations in the property portfolio (105) - - (105) -
Within adjusted operating expenses
VAT recovery in Central items 51 227 - 51 227
Within restructuring costs
Property exit costs (217) - 18 (235) -
Williams & Glyn restructuring costs (58) (345) (46) (12) (187)
Within impairment (losses)/releases
Capital Resolution impairment releases/(losses) 78 (263) 33 45 (67)
Capital Resolution shipping portfolio impairment releases/(losses) 21 (264) 17 4 (38)
Ulster Bank RoI impairment releases/(losses) 11 27 (13) 24 14
Commercial Banking impairment losses (94) (103) (33) (61) (89)
Notes:
(1) Excluding own credit adjustments, (loss)/gain on redemption of own debt and strategic disposals.
(2) Excluding restructuring costs and litigation and conduct costs.
(3) IFRS volatility relates to loans which are economically hedged but for which hedge accounting is not permitted under IFRS.
Details of other comprehensive income are provided on page 54.
Summary consolidated balance sheet as at 30 June 2017
30 June 31 March 31 December
2017 2017 2016
£m £m £m
Cash and balances at central banks 86,807 83,160 74,250
Net loans and advances to banks (1) 20,685 20,513 17,278
Net loans and advances to customers (1) 326,059 326,733 323,023
Reverse repurchase agreements and stock borrowing 40,030 45,451 41,787
Debt securities and equity shares 86,687 77,347 73,225
Other assets 28,855 26,019 22,112
Funded assets 589,123 579,223 551,675
Derivatives 193,531 204,052 246,981
Total assets 782,654 783,275 798,656
Bank deposits (2) 38,965 40,276 33,317
Customer deposits (2) 359,882 351,498 353,872
Repurchase agreements and stock lending 43,038 44,966 32,335
Debt securities in issue 31,997 28,163 27,245
Subordinated liabilities 14,724 15,514 19,419
Derivatives 184,161 196,224 236,475
Provisions for liabilities and charges 11,227 11,619 12,836
Other liabilities 48,611 45,504 33,753
Total liabilities 732,605 733,764 749,252
Non-controlling interests 844 805 795
Owners' equity 49,205 48,706 48,609
Total liabilities and equity 782,654 783,275 798,656
Contingent liabilities and commitments 143,493 148,324 150,691
Notes:
(1) Excludes reverse repurchase agreements and stock borrowing.
(2) Excludes repurchase agreements and stock lending.
Analysis of results
Half year ended Quarter ended
30 June 30 June 30 June 31 March 30 June
2017 2016 2017 2017 2016
Net interest income £m £m £m £m £m
Net interest income
RBS 4,472 4,333 2,238 2,234 2,177
- UK Personal & Business Banking 2,231 2,109 1,120 1,111 1,090
- Ulster Bank RoI 206 198 101 105 93
- Commercial Banking 1,141 1,067 574 567 531
- Private Banking 226 226 114 112 113
- RBS International 161 151 81 80 76
- NatWest Markets 42 43 13 29 24
- Capital Resolution 24 168 (9) 33 82
- Williams & Glyn 333 324 168 165 162
- Central items & other 108 47 76 32 6
Average interest-earning assets (IEA)
RBS 413,598 399,751 421,981 405,122 396,118
- UK Personal & Business Banking 151,659 138,192 153,714 149,581 140,591
- Ulster Bank RoI 24,858 24,233 25,288 24,424 24,288
- Commercial Banking 131,807 117,312 132,719 130,885 119,768
- Private Banking 18,068 16,441 18,533 17,597 16,622
- RBS International 23,997 21,436 25,034 22,949 21,798
- NatWest Markets 17,021 11,745 16,853 17,192 11,923
- Capital Resolution 15,959 29,962 15,156 16,771 29,157
- Williams & Glyn 25,334 23,764 25,495 25,170 24,172
- Central items & other 4,895 16,666 9,189 553 7,799
Yields, spreads and margins of the banking business
Gross yield on interest-earning assets
of the banking business (1,2) 2.63% 2.85% 2.56% 2.70% 2.87%
Cost of interest-bearing liabilities of banking business (1) (0.67%) (1.00%) (0.65%) (0.69%) (1.00%)
Interest spread of the banking business (1,3) 1.96% 1.85% 1.91% 2.01% 1.87%
Benefit from interest-free funds 0.22% 0.33% 0.22% 0.23% 0.34%
Net interest margin (4)
RBS 2.18% 2.18% 2.13% 2.24% 2.21%
- UK Personal & Business Banking 2.97% 3.07% 2.92% 3.01% 3.12%
- Ulster Bank RoI 1.67% 1.64% 1.60% 1.74% 1.54%
- Commercial Banking 1.75% 1.83% 1.73% 1.76% 1.78%
- Private Banking 2.52% 2.76% 2.47% 2.58% 2.73%
- RBS International 1.35% 1.42% 1.30% 1.41% 1.40%
- NatWest Markets 0.50% 0.74% 0.31% 0.68% 0.81%
- Capital Resolution 0.30% 1.13% (0.24%) 0.80% 1.13%
- Williams & Glyn 2.65% 2.74% 2.64% 2.66% 2.70%
For the notes to this table refer to the following page.
Analysis of results
Half year ended Quarter ended
30 June 30 June 30 June 31 March 30 June
Third party customer rates (5) 2017 2016 2017 2017 2016
Third party customer asset rate
- UK Personal & Business Banking 3.54% 3.96% 3.50% 3.57% 3.96%
- Ulster Bank RoI (6) 2.37% 2.20% 2.28% 2.47% 2.07%
- Commercial Banking 2.66% 2.85% 2.65% 2.67% 2.82%
- Private Banking 2.70% 3.00% 2.68% 2.71% 2.97%
- RBS International 2.73% 3.14% 2.72% 2.75% 3.02%
Third party customer funding rate
- UK Personal & Business Banking (0.18%) (0.54%) (0.18%) (0.17%) (0.46%)
- Ulster Bank RoI (6) (0.36%) (0.56%) (0.31%) (0.40%) (0.53%)
- Commercial Banking (0.13%) (0.36%) (0.11%) (0.14%) (0.36%)
- Private Banking (0.07%) (0.22%) (0.07%) (0.07%) (0.20%)
- RBS International (0.02%) (0.18%) (0.01%) (0.03%) (0.13%)
Notes:
(1) For the purpose of calculating gross yields and interest spread, interest receivable has been decreased by £77 million (Q2 2017 - £42 million; Q1 2017 - £35 million) and interest payable has decreased by £77 million (Q2 2017 - £42 million; Q1 2017 - £35 million) in respect of negative interest relating to both financial assets and financial liabilities that attracted negative interest.
(2) Gross yield is the interest earned on average interest-earning assets as a percentage of average interest-earning assets.
(3) Interest spread is the difference between the gross yield and interest paid on average interest-bearing liabilities as a percentage of average interest-bearing liabilities.
(4) Net interest margin is net interest income as a percentage of average interest-earning assets.
(5) Net interest margin includes Treasury allocations and interest on intercompany borrowings, which are excluded from third party customer rates.
(6) Ulster Bank Ireland DAC manages its funding and liquidity requirements locally. Its liquid asset portfolios and non-customer related funding sources are included within its net interest margin, but excluded from its third party asset and liability rates.
Analysis of results
Half year ended Half year ended
30 June 2017 30 June 2016
Average Average
balance Interest Rate balance Interest Rate
Average balance sheet £m £m % £m £m %
Assets
Loans and advances to banks 70,191 81 0.23 66,179 115 0.35
Loans and advances to customers 296,421 5,114 3.48 287,575 5,364 3.75
Debt securities 46,986 190 0.82 45,997 177 0.77
Interest-earning assets
- banking business (1,2) 413,598 5,385 2.63 399,751 5,656 2.85
- trading business (3) 116,600 132,839
Non-interest earning assets 235,615 338,903
Total assets 765,813 871,493
Memo: Funded assets 539,196 535,848
Liabilities
Deposits by banks 16,905 31 0.37 4,437 12 0.54
Customer accounts 227,730 290 0.26 237,126 575 0.49
Debt securities in issue 23,883 254 2.14 21,742 298 2.76
Subordinated liabilities 15,944 317 4.01 19,837 442 4.48
Internal funding of trading business (9,776) 21 (0.43) (17,508) (4) 0.05
Interest-bearing liabilities
- banking business (1,2) 274,686 913 0.67 265,634 1,323 1.00
- trading business (3) 126,164 141,714
Non-interest-bearing liabilities
- demand deposits 99,029 84,660
- other liabilities 216,181 325,071
Owner's equity 49,753 54,414
Total liabilities and owner's equity 765,813 871,493
Notes:
(1) For the purpose of calculating gross yields and interest spread, interest receivable has been decreased by £77 million (H1 2016 - £36 million) and interest payable has decreased by £77 million (H1 2016 - £36 million) in respect of negative interest relating to both financial assets and financial liabilities that attracted negative interest.
(2) Interest income includes amounts (unwind of discount) recognised on impaired loans and receivables. The average balances of such loans are included in average loans and advances to banks and loans and advances to customers.
(3) Interest receivable and interest payable on trading assets and liabilities are included in income from trading activities.
Analysis of results
Key points
● Net interest income of £4,472 million increased by £139 million, or 3.2%, compared with H1 2016 principally reflecting higher
volumes in UK PBB, up £122 million or 5.8%, and increased deposit volumes and re-pricing benefits in Commercial Banking, up £74
million or 6.9%. Partially offsetting, Capital Resolution reduced by £144 million in line with the planned shrinkage of the
balance sheet.
● The net interest margin (NIM) was stable on H1 2016 at 2.18%. A 9 basis point reduction across PBB and CPB, associated with
asset margin pressure and higher liquidity requirements, has been broadly offset by the benefit of a reduction in low yielding
Capital Resolution and centrally held assets, down from 12% of total interest earning assets to 5%.
○ UK PBB declined by 10 basis points to 2.97% driven by lower mortgage margins and reduced current account hedge yield, partially offset by savings re-pricing benefits from actions taken in 2016.
○ Ulster Bank RoI NIM of 1.67% was 3 basis points higher than H1 2016 reflecting a combination of improved deposit and loan margins, one off income adjustments in H1 2017 and deleveraging measures in 2016 which have reduced the concentration of low yielding non-performing loans.
○ In Commercial Banking, active re-pricing of assets and deposits has been offset by wider asset margin pressure in a lower rate environment causing net interest margin to fall by 8 basis points to 1.75%.
○ Private Banking fell 24 basis points to 2.52% reflecting the competitive market and lower rate environment.
○ RBS International NIM of 1.35% was 7 basis points lower as margin pressures outweigh mitigating pricing actions.
● Structural hedges of £126 billion generated a benefit of £651 million through net interest income for H1 2017.
● Compared with Q1 2017, NIM reduced by 11 basis points to 2.13%, with the majority of the reduction driven by a conscious build
-up in liquidity as we manage for litigation and conduct costs, including FHFA, and accelerate MREL and other wholesale funding
plans into H1 2017. In addition, conditions in the UK mortgage market have become more competitive, contributing to a 9 basis
point reduction in UK PBB NIM. Front book mortgage NIM was around 40 basis points lower than the back book. SVR balances were
around 11% of total mortgage balances, broadly in line with Q1 2017.
● NIM was 8 basis points lower than Q2 2016 principally reflecting asset margin pressure and mix impacts across the core
businesses.
Half year ended Quarter ended
30 June 30 June 30 June 31 March 30 June
2017 2016 2017 2017 2016
Non-interest income £m £m £m £m £m
Net fees and commissions 1,218 1,284 613 605 630
Income from trading activities 957 (267) 529 428 (157)
Own credit adjustments (OCA) (73) 450 (44) (29) 194
(Loss)/gain on redemption of own debt (7) (130) (9) 2 (130)
Strategic disposals 156 195 156 - 201
Other operating income 196 199 224 (28) 85
Total non-interest income 2,447 1,731 1,469 978 823
Key points
· Non-interest income of £2,447 million increased by £716 million, or 41.4%, compared with H1 2016.
○ Across PBB and CPB, non-interest income reduced by £23 million, or 1.7%, to £1,349 million.
○ NatWest Markets non-interest income increased by £115 million, or 14.8%, to £890 million reflecting strong underlying income growth partially offset by a £185 million adverse movement in own credit adjustment.
○ Capital Resolution non-interest income was a loss of £126 million compared with £340 million in H1 2016, which included a £330 million funding valuation adjustment. An own credit adjustment loss of £22 million compared with a gain of £184 million in H1
2016.
○ Central items non-interest income was a gain of £250 million compared with a loss of £163 million largely reflecting a £154 million gain in respect of IFRS volatility compared with a £668 million loss in H1 2016.
· Income from trading activities increased by £1,224 million compared with H1 2016 largely reflecting a £154 million IFRS volatility gain, compared with a £668 million loss in H1 2016, increased NatWest Markets income and a £330 million funding valuation
adjustment in Capital Resolution in H1 2016.
Analysis of results
Half year ended Quarter ended
30 June 30 June 30 June 31 March 30 June
2017 2016 2017 2017 2016
Operating expenses £m £m £m £m £m
Staff costs 2,041 2,329 1,017 1,024 1,127
Premises and equipment 602 630 292 310 315
Other administrative expenses 678 625 358 320 179
Restructuring costs (see below) 790 630 213 577 392
Litigation and conduct costs 396 1,315 342 54 1,284
Administrative expenses 4,507 5,529 2,222 2,285 3,297
Depreciation and amortisation 337 352 169 168 174
Write down of other intangible assets 8 48 8 - 38
Operating expenses 4,852 5,929 2,399 2,453 3,509
Adjusted operating expenses (1) 3,666 3,984 1,844 1,822 1,833
Restructuring costs comprise:
- staff expenses 406 366 115 291 245
- premises, equipment, depreciation and amortisation 250 24 9 241 15
- other 134 240 89 45 132
790 630 213 577 392
Staff costs as a % of total income 29.5% 38.4% 27.4% 31.9% 37.6%
Cost:income ratio (2) 69.8% 97.7% 64.4% 76.1% 117.2%
Cost:income ratio - adjusted (2,3) 53.1% 71.4% 50.7% 55.8% 66.6%
Employee numbers (FTE - thousands) 75.0 89.2 75.0 76.2 89.2
Notes:
(1) Excluding restructuring costs and litigation and conduct costs.
(2) Operating lease depreciation included in income (H1 2017 - £72 million; Q2 2017 - £36 million; H1 2016 - £76 million; Q1 2017 - £36 million and Q2 2016 - £38 million).
(3) Excluding restructuring costs, litigation and conduct costs, own credit adjustments, (loss)/gain on redemption of own debt and strategic disposals.
Key points
· Total operating expenses of £4,852 million were £1,077 million, or 18.2%, lower than H1 2016 reflecting a £919 million reduction in litigation and conduct costs and a £318 million, or 8.0%, reduction in adjusted operating expenses, partially offset by a £160 million increase in restructuring costs.
· Excluding VAT recoveries of £51 million in H1 2017 and £227 million in H1 2016, adjusted operating expenses reduced by £494 million, or 11.7%, compared with H1 2016 and we remain on track to achieve a £750 million reduction for the full year. The core businesses accounted for £151 million, or 31%, of the reduction with the remainder largely in Capital Resolution, down £282 million or 68.0%.
· Staff costs of £2,041 million, were £288 million, or 12.4%, lower than H1 2016 underpinned by a 14,200, or 15.9%, reduction in headcount.
· Restructuring costs of £790 million included an £217 million charge relating to the reduction in our property portfolio, a £134 million charge in Capital Resolution, primarily in respect of Asia-Pacific restructuring, a £73 million net settlement relating to the RBS Netherlands pension scheme and a £50 million provision in respect of the revised package of remedies regarding Williams & Glyn.
· Litigation and conduct costs of £396 million included a £151 million charge in respect of settlement with the FHFA and a £25 million charge relating to the settlement of the UK 2008 rights issue shareholder litigation.
· Q2 2017 adjusted operating expenses increased by £22 million compared with Q1 2017 principally reflecting the £51 million VAT release in the previous quarter. Across the core businesses, adjusted operating expenses reduced by £47 million.
Analysis of results
Half year ended Quarter ended
30 June 30 June 30 June 31 March 30 June
2017 2016 2017 2017 2016
Impairment losses/(releases) £m £m £m £m £m
Loan impairment losses/(releases)
- individually assessed 50 358 8 42 172
- collectively assessed 103 43 65 38 27
- latent (1) 11 (5) 4 (10)
Total loan impairment losses 152 412 68 84 189
Securities (36) (3) 2 (38) (3)
Total impairment losses 116 409 70 46 186
30 June 31 March 31 December
Credit metrics (1) 2017 2017 2016
Gross customer loans £330,004m £330,843m £327,478m
Loan impairment provisions £3,945m £4,110m £4,455m
Risk elements in lending (REIL) £9,296m £9,726m £10,310m
Provisions as a % of REIL 42% 42% 43%
REIL as a % of gross customer loans 2.8% 2.9% 3.1%
Provisions as a % of gross customer loans 1.2% 1.2% 1.4%
Note:
(1) Includes disposal groups and excludes reverse repos.
Key points
· A net impairment loss of £116 million, 7 basis points of gross customer loans, compared with a loss of £409 million in H1 2016.
· Capital Resolution reported a net impairment release of £78 million in H1 2017 compared with a loss of £263 million in H1 2016 which included a £264 million charge in respect of the shipping portfolio.
· Across the core businesses, net impairment losses increased by £39 million to £168 million, 11 basis points of gross customer loans, compared with H1 2016. UK PBB net impairment losses increased by £32 million to £72 million, 10 basis points of gross
customer loans, largely reflecting a reduction in impairment releases. Ulster Bank RoI reported a net impairment release of £11 million compared with £27 million in H1 2016. Commercial Banking net impairment losses of £94 million, 19 basis points of gross
customer loans, compared with a loss of £103 million in H1 2016.
· REIL reduced by £2,493 million, compared with H1 2016, to £9,296 million reflecting Capital Resolution run-down and a portfolio sale in Ulster Bank RoI, partially offset by an increase in the shipping portfolio, foreign exchange movements and the
implementation of a revised mortgage methodology in Ulster Bank RoI. REIL represented 2.8% of gross customer loans compared with 3.5% at 30 June 2016 and 3.1% at 31 December 2016.
· Excluding Capital Resolution and Ulster Bank RoI, REIL were £4.0 billion, or 1.3% of the respective gross customer loans.
Analysis of results
Capital and leverage ratios
End-point CRR basis (1)
30 June 31 December
2017 2016
Risk asset ratios % %
CET1 14.8 13.4
Tier 1 16.7 15.2
Total 20.0 19.2
Capital £m £m
Tangible equity 35,682 34,982
Expected loss less impairment provisions (1,226) (1,371)
Prudential valuation adjustment (854) (532)
Deferred tax assets (877) (906)
Own credit adjustments (142) (304)
Pension fund assets (186) (208)
Cash flow hedging reserve (575) (1,030)
Other deductions 52 (8)
Total deductions (3,808) (4,359)
CET1 capital 31,874 30,623
AT1 capital 4,041 4,041
Tier 1 capital 35,915 34,664
Tier 2 capital 7,107 9,161
Total regulatory capital 43,022 43,825
Risk-weighted assets
Credit risk
- non-counterparty 157,300 162,200
- counterparty 17,800 22,900
Market risk 16,500 17,400
Operational risk 23,800 25,700
Total RWAs 215,400 228,200
Leverage (2)
Cash and balances at central banks 86,800 74,200
Derivatives 193,500 247,000
Loans and advances 346,800 340,300
Reverse repos 40,000 41,800
Other assets 115,600 95,400
Total assets 782,700 798,700
Derivatives
- netting and variation margin (193,400) (241,700)
- potential future exposures 56,700 65,300
Securities financing transactions gross up 1,900 2,300
Undrawn commitments 53,100 58,600
Regulatory deductions and other adjustments 800 100
CRR leverage exposure 701,800 683,300
Tier 1 capital 35,915 34,664
CRR leverage ratio % 5.1 5.1
UK leverage exposure (3) 618,700 614,600
UK leverage ratio % (3) 5.8 5.6
Notes:
(1) CRR as implemented by the PRA in the UK, with effect from 1 January 2014. All regulatory adjustments and deductions to CET1 have been applied in full with the exception of unrealised gains on available-for-sale securities which have been included from 2015 under the PRA transitional basis.
(2) Based on end-point CRR Tier 1 capital and leverage exposure under the CRR Delegated Act.
(3) Based on end-point CRR Tier 1 capital and UK leverage exposures reflecting the post EU referendum measures announced by the Bank of England in the third quarter of 2016.
Segment performance
Half year ended 30 June 2017
PBB CPB Central
Ulster Commercial Private RBS NatWest Capital Williams items & Total
UK PBB Bank RoI Banking Banking International Markets Resolution & Glyn (1) other (2) RBS
£m £m £m £m £m £m £m £m £m £m
Income statement
Net interest income 2,231 206 1,141 226 161 42 24 333 108 4,472
Other non-interest income 524 90 609 95 34 938 (104) 84 101 2,371
Total income - adjusted (3) 2,755 296 1,750 321 195 980 (80) 417 209 6,843
Own credit adjustments - (3) - - - (48) (22) - - (73)
Loss on redemption of own debt - - - - - - - - (7) (7)
Strategic disposals - - - - - - - - 156 156
Total income 2,755 293 1,750 321 195 932 (102) 417 358 6,919
Direct expenses - staff costs (329) (96) (245) (74) (23) (297) (26) (96) (855) (2,041)
- other costs (121) (24) (111) (12) (7) (99) (19) (20) (1,212) (1,625)
Indirect expenses (963) (97) (519) (132) (60) (242) (88) (42) 2,143 -
Operating expenses - adjusted (4) (1,413) (217) (875) (218) (90) (638) (133) (158) 76 (3,666)
Restructuring costs - direct
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