REG - Noventiq Holdings - Trading Statement Q4 FY2022

Noventiq HoldingsAnnouncement

31/05/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230531:nRSe1446Ba&default-theme=true

RNS Number : 1446B  Noventiq Holdings PLC  31 May 2023

Noventiq reports very strong results for Q4 FY2022, including 59% constant
currency turnover growth and 61% reported gross profit growth

 

31 May 2023, London, UK - Noventiq (LSE:NVIQ), the global digital
transformation and cybersecurity solutions and services provider, announces
unaudited key operating highlights for the fourth quarter and full FY2022
ending 31 March 2023.

 

Q4 and FY2022 BUSINESS HIGHLIGHTS

·    Delivered record turnover of $1.6 billion for the 12 months to 31
March 2023, an increase of 40% in USD, and 52% in constant currency. This
represents approximately $500 million incremental turnover over the prior
year, and includes record turnover of $480.7 million for the fourth quarter,
an increase of 46% in USD, and 59% in constant currency.

·    Gross profit in the fourth quarter was $52.6 million, an increase of
61.1% in USD. For the 12 months to 31 March 2023 gross profit was $176.3
million, an increase of 50.7% in USD. In Q4, the company implemented a change
in accounting policy under IAS 8 which impacted Gross Profit by $15.2 million
in Q4, and $58.7 million in FY22. Adjusting for this, gross profit was $67.7
million in Q4, and $235 million for FY22.

·    Adjusted EBITDA was $32.5 million for the 12 months to 31 March 2023.
Adjusted EBITDA in the fourth quarter was $11.6 million, reflecting a margin
on gross profit of 22.1%.

·    The company exceeded all key elements of its business outlook for the
full year provided on 28(th) February. This was driven by broad based
geographic turnover growth, with double-digit increases across all 4 regions
in FY22, including strength in India.

·    Expanded geographic footprint, establishing presence in 8 new
countries this year.

·    Broad based strength with double or triple-digit growth across the
three segments. Services turnover growth was 109% in FY22, which represented
41% share of gross profit. Hardware turnover growth was 185%, and Software
& Cloud turnover growth was 29% in FY22.

·    Recurring turnover was 69% in FY22, with growth of 41% in USD
year-over-year.

·    Destination for talent, with 6,400 people, up 70% year-over-year
overall, and up 81% in Services.

·    Enhancing Microsoft capabilities and expanding in existing and new
geographies.

·    Investment in growth based on capabilities related to key vendors
including AWS, Apple, Google.

·    Continued investment and execution of M&A strategy with 7
transactions announced in FY2022 enhancing skills, capabilities and geographic
presence.

·    The company recently communicated its intention to list on Nasdaq
through a business combination with Corner Growth Acquisition Corp.

·    The company will conduct a conference call webcast in the coming days
with more details on Noventiq's business momentum and its recent BCA signing
with Corner Growth, as well as its business outlook for the new fiscal year.

 

 

Hervé Tessler, Global CEO at Noventiq, said:

"Our exceptional performance this year is a testament to the relevance of our
strategy, and the strength of our team. We have incredible momentum in the
business, and I am proud that we have delivered above the business outlook for
the year that we outlined on our last call. We have invested and transformed
our business at unprecedented pace and scale as we expanded our competitive
reach and capabilities into thriving new markets. I want to thank our 6,400
talented people around the world, whose agility, and unwavering commitment to
delivering for our customers makes us the partner of choice for digital
transformation in the high growth markets where we operate."

 

Jacques Guers, Chairman of the Board of Directors at Noventiq, noted:

"It has been a truly extraordinary year for our business and we have made
significant progress against our long-term strategic objectives. I am very
proud of the record results that Noventiq has delivered, and with the
continued execution discipline in the context of a very dynamic market. As we
look ahead to the exciting opportunities for our business with the proposed
U.S. listing, we remain laser focused on creating value for all of our
stakeholders including our customers, our people, our shareholders, our
partners and the communities we operate within."

 

Key financial metrics

                           FY2022*    FY2021     %    Q4 2022   Q4 2021   %
 Turnover ($000)           1,570,623  1,125,138  40%  480,748   328,174   46%
 Recurring turnover %      69%        68%             69%       64%

Turnover by business line ($000)

                           FY2022*    FY2021     %     Q4 2022   Q4 2021   %
 Software & Cloud          1,295,034  1,007,000  29%   394,439   281,169   40%
 IT Services               168,064    80,388     109%  49,719    30,737    62%
 Hardware                  107,257    37,695     185%  36,590    16,268    125%

                         FY2022*  FY2021   %    Q4 2022     Q4 2021    %
 Gross profit ($000)     176,277  116,942  51%  52,575    32,633       61%

Gross profit by business line ($000)

                       FY2022*  FY2021  %     Q4 2022     Q4 2021    %
 Software & Cloud      85,321   70,263  21%   21,686    13,034       66%
 IT Services           71,653   39,648  81%   24,112    15,970       51%
 Hardware              19,304   7,032   175%  6,777     3,630        87%

 

Turnover by region ($000)

                  FY2022*   FY2021    %      Q4 2022     Q4 2021    %
 APAC             797,924   569,067   40%    260,671   173,471      50%
 EMEA             362,485   251,358   44%    109,289   73,683       48%
 RoE**            196,459   146,168   34%    52,622    30,858       71%
 LATAM            239,196   209,385   14%    60,773    61,838       (2%)
 ICO elimination  (25,441)  (50,839)  (50%)  (2,607)   (11,676)     (77%)

 

Reported growth. Unaudited results.

*12 Months ended 31 March 2023

**Rest of Eurasia

 

 

BUSINESS Review

Noventiq reported record turnover of $1,570.6M for the 12 months to 31 March
2023, an increase of 52% in constant currency, and well above the prior
business outlook of "at least 45%" growth. Gross margin for the year was 15%
excluding the impact of changes in accounting policy under IAS 8, compared to
the prior business outlook which also excluded IAS 8, of "above the range of
13 to 14%". Adjusted EBITDA was $32.5M, representing approximately 14% of
gross profit excluding the impact of changes in accounting policy under IAS 8,
compared to the prior business outlook of "low double-digit" margin on gross
profit. Including the impact of IAS 8, adjusted EBITDA margin on gross profit
was 18.4%.

 

For the 12 Months to 31 March 2023:

Geographic Turnover - The company delivered broad based strength, both
organically and due to recent acquisitions. APAC was particularly strong with
40.2% growth year-over-year, predominantly driven by our business in India.
Growth was strong in all regions, including EMEA 44.2%, RoE 34.4%, and LATAM
14.2%.

Services - Services remains a key element of the company's growth strategy,
with continued momentum. Turnover was $168M, with growth of 109.1% year over
year. Services now represents 10.7% of group turnover, and contributes 40.6%
of total Gross Profit. Services growth reflects the impact of acquisitions, as
well as strong organic growth.

Software & Cloud - Turnover from Software & Cloud was $1.3B, up 28.6%
year-over-year.

Hardware - Hardware turnover was $107M, with growth of 185% year-over-year.

 

Profitability

Gross Profit for the 12 Months to 31 March 2023 was $176.3M. Gross profit
growth was 50.7%, which exceeded turnover growth for the year. A key
contributor to the growth was the strength of the Services business.

Adjusted EBITDA for the 12 Months to 31 March 2023 was $32.5M. Adjusted EBITDA
margin, Gross Profit based, was 18.4%. Adj. EBITDA reflects the significant
investments the company is making for future growth. These investments include
people, motivation and retention, continued company diversification into
Services, corporate governance, systems such as CRM, ERP and digital
platforms.

 

Other selected financial events

The board has continued to evaluate options designed to ensure that the
significant fundamental value of Noventiq is properly reflected by the market.
On 4th May 2023, the company announced its intention to list on Nasdaq through
a business combination with Corner Growth Acquisition Corp. Business
Combination Agreement
(https://noventiq.com/news/noventiq-to-list-on-nasdaq-through-business-combination-with-corner-growth-acquisition-corp-)
.

The company will conduct a conference call webcast in the coming days with
more details on Noventiq's business momentum and its recent BCA signing with
Corner Growth, as well as its business outlook for the new fiscal year.

On 9th February 2023, the company signed a letter of intent [Letter of Intent
(https://noventiq.com/news/noventiq-and-corner-growth-acquisition-corp--sign-letter-of-intent-for-a-business-combination)
] to proceed with a potential business combination with Corner Growth
Acquisition Corp. to maximise and leverage significant opportunities within
the U.S. investment market.

Further to the announcement on 24(th) January 2023 of its intention to
re-domicile the company from Cyprus to the Cayman Islands: Re-domiciliation
(https://noventiq.com/news/noventiq-announces-its-intention-to-re-domicile-the-company-from-cyprus-to-the-cayman-islands)
, shareholders approved all resolutions in relation to the transaction at the
general meeting held on the 15(th) February 2023: GM Result 15 Feb 2023
(https://noventiq.com/news/noventiq-announces-the-results-of-the-general-meeting)
.

Based on the growing significance of its Services business which now
represents 10.7% of turnover for the 12 months to 31 March 2023, the company
has reviewed the presentation of financial reporting for comprehensibility and
transparency on an ongoing basis. In the fourth quarter, the company applied
IAS 8 "Accounting policies, Changes in Accounting Estimates and Errors" to
reclassify Services related direct costs into cost of sales. The company
considers that the change leads to a more accurate presentation of the
performance of the Group. This change impacted Gross Profit by $15.2M in Q4,
and $58.7M for the 12 Months to 31 March 2023.

Starting from Q1 (for the three Months to 30 June 2023):

·    The company will refer to the current year, for 12 Months to 31 March
2024 as FY2024. This aligns to the company's peer group.

·    The company will report the non-IFRS metric "Gross revenue" which is
defined as gross amounts billed to customers on all product categories during
the reporting period, regardless of role in the delivery process - as
principal or as agent. This will replace the previously disclosed metric of
"Turnover", and will not result in any financial impact.

Noventiq provides a factsheet of key metrics by quarter, which the company
believes is helpful for investors. Noventiq results and presentations
(https://noventiq.com/investor-relations/results-presentations)

Further details of all financial events can be found in the investor relations
section of Noventiq.com.

 

Balance sheet and liquidity

The Cash position as at 31 March 2023 was $135 million.

 

M&A

Noventiq's M&A strategy augments the 3-dimensional growth strategy, and
the company has been active over the past few years with a specific focus on
key strategic objectives.

During the 12 Months to 31 March 2023, Noventiq announced 7 acquisitions.
These acquisitions help strengthen Noventiq's positioning as a leader in
digital transformation and cybersecurity, and will also help the company to
grow in different capabilities and expand to new territories in Middle East,
India, the Eastern European regions, and beyond. Notable acquisitions include:

·    Seven Seas Technology (June 2022): Noventiq significantly bolstered
its Middle East presence through the acquisition of Seven Seas Technology,
which is a leading system integrator and Information and Communications
Technology (ICT) solution provider in the UAE. In partnership with major
technology vendors such as Microsoft, HPE and Cisco the company provides
medium and large enterprises with collaborative, multi-cloud strategies. SST
has 15 Gold competencies with Microsoft, as well as several advanced
specialisations. SST's 300+ ICT trained and certified professionals serve
large and medium businesses across a number of sectors including civil
aviation, government, oil & gas, banking & finance, hospitality,
healthcare, education and retail.

 

·    Makronet (Sept 2022): The acquisition of the leading Turkish
Microsoft Cloud Solution Provider (CSP) partner by Noventiq represents a
significant addition to Softline's business in Turkey and the MEA region. It
contributes to two dimensions of Noventiq´s three-dimensional growth
strategy: geographical expansion, and strengthening sales channel capabilities
with Makronet's own unique platform MyAdmin, which is globally awarded by
Microsoft. This solution, which simplifies and optimises customers´
management and operations of CSP assets, complements Noventiq´s own
ActivePlatform to further digitally transform customers´ ecosystems. In
addition to Microsoft´s cloud solutions, they also offer Software Asset
Management (SAM) services and General Data Protection Regulation (GDPR)
security services and managed services. Makronet has almost 1,000 cloud
customers in Turkey.

 

·    Value Point Systems (October 2022): Value Point Systems (VPS) is an
Indian digital infrastructure and cybersecurity solutions & services with
more than 1,200 employees, and over 2,000 local customers. This acquisition
accurately represents Noventiq´s strategy and vision for this market:
"Investing in India, for India". Noventiq will strengthen its global
cybersecurity proposition with the skills of VPS' Security Operation Centre
(SOC) - including the cybersecurity integration capabilities and a
sophisticated cybersecurity consultancy offering. VPS' SOC is one of the
industry's leading SOCs in India.

 

·    Saga Group (November 2022): Noventiq signed an agreement to acquire
the majority of Serbian software and digital solutions leader Saga Group,
bringing 400 people to Noventiq´s team. Saga Group, which has operations in
more than 25 countries, will contribute to Noventiq's growth in Central and
Eastern Europe strengthening Noventiq's position in markets such as Serbia,
Montenegro, Bosnia and Herzegovina, and North Macedonia. This transaction also
helps Noventiq to reinforce its global portfolio as Saga Group is an advanced
partner of Oracle and Cisco, as well as Microsoft, DELL, Hewlett Packard
Enterprise, Juniper, VMWare, and others. Saga Group has built an impressive
portfolio of proprietary digital products, including its own IP for digital
banking, Fintense - created by Saga's subsidiary NF Innova -, which is an
omnichannel digital banking platform. Saga's other own solutions are, Weaver,
a sophisticated AI smart assistant; and Selecta, a next generation AI-powered
CRM platform - these two platforms are created and owned by Intellya, another
of Saga Group's subsidiaries. The deal to close the acquisition of Saga Group
and its subsidiaries was announced on February 2023.

 

·    G7 CR Technologies (December 2022): Headquartered in Bengaluru, G7 CR
Technologies is considered India's leading Managed Services Provider for
Azure-based cloud solutions offering services from advisory to migration,
implementation, security and optimization, among others. G7 CR is also a
significant player in the market for Microsoft products. This means that
Noventiq will strengthen its capability for delivering services for Microsoft
Azure migrations and support through the acquisition of G7 CR Technologies.
Microsoft's Azure business is historically growing globally at 40-60% every
year. This transaction represents the fourth acquisition of Noventiq in India,
and the second acquisition in this market in the third quarter of 2022, which
once again highlights the company's goal on continuing to invest in India, for
India.

The company continues to have a strong pipeline of deals.

 

Microsoft

Noventiq, a globally managed partner of Microsoft, has strengthened its
collaboration with the company and aims to further expand their partnership in
various international markets. With extensive experience spanning over 25
years, Noventiq has successfully worked alongside Microsoft, catering to
diverse customer segments including SMBs and large organizations in both
private and public sectors. Presently, Noventiq operates as a Licensing
Solutions Provider and Cloud Solutions Provider in over 35 countries. The
company holds esteemed affiliations such as membership in the Microsoft
Intelligent Security Association, recognition as a Microsoft Azure Expert
Managed Services Provider, and possesses twelve Advanced Specializations from
Microsoft. Additionally, Noventiq proudly retains 5 out of 6 Microsoft
solutions partner designations. Their commitment and expertise have been
acknowledged through multiple Partner of the Year awards in 2022.

ESG

Noventiq remains committed to advancing and integrating ESG principles
throughout its operations, which is a key component of the company's overall
strategy. Its primary focus is on fostering an environment that promotes
individual growth and prosperity. This dedication to its employees has been
acknowledged through the attainment of Great Place To Work certification in
numerous markets where Noventiq operates, including India, Colombia, Costa
Rica, Argentina, Peru, among other countries. Furthermore, Noventiq has
consistently demonstrated its commitment to upholding fundamental rights and
human dignity both within and outside the workplace. This includes the
implementation of crucial diversity and inclusion policies that hold
significant importance for the company's leadership team.

 

As part of its ESG strategy, Noventiq is driven by the goal of ensuring
environmentally responsible and sustainable development across the company. It
continuously seeks opportunities to mitigate the climate impact of its
operations. Additionally, Noventiq has established a robust framework for
maintaining ethical standards and compliance in all the markets it operates
in.

 

Partnership with Annamrita Foundation in India

Noventiq India re-aligned its partnership with the Annamrita Foundation,
formerly known as ISKCON Food Relief Foundation which provides midday meals to
schools across India. Employees from Noventiq, Embee, and Umbrella Infocare
Mumbai offices volunteered to serve midday meals to the students of K.M.S.
Parel Marathi Primary School in Mumbai. This gesture is a reflection of
Noventiq India's pledge to feed 500 school children for a year with a
substantial contribution towards the cause.

 

#EarthDay activity in India

Team Noventiq India collectively contributed towards the planting of trees to
support farmers through the #TaxFreeTrees campaign, initiated by Sankalp Taru,
an IT-enabled NGO, spreading greenery and helping people earn tax rebates.

 

As a part of the Active Noida initiative, Team Noventiq India also
participated in the #WorldEarthDayRun, a marathon event, which is an
opportunity for the community to come together and celebrate sustainability
for the planet while focusing on fitness and health.

 

Growing the environment with IPNA Foundation in Argentina

Noventiq team gathered together to plant trees in a deforested land. Among the
initiatives developed by Noventiq LATAM teams, one project they had put into
place was focused on reducing environmental impact of deforestation. The team
in Noventiq Argentina partnered with the IPNA Foundation, Therapeutic
Educational Center for people with disabilities based to go to a deforested
area and plant a few Bauhinia forficate trees, commonly known as Brazilian
orchid tree which have multiple benefits for the environment including the
protection of the microclimate.

 

Reforestation with Fundación Al verde Vivo in Colombia

In Noventiq Colombia, a reforestation day was carried out with the Fundación
Al verde Vivo as part of the project "one million and a half trees to recover
the upper basin of the Bogotá river"; as carbon footprint offset to mitigate
climate change.

 

The company published its ESG statement that can be read here:
https://noventiq.com/about/esg (https://noventiq.com/about/esg)

 

Awards

During the 12 Months to 31 March 2023, Noventiq received multiple awards for
its dedication towards its customers and vendor-partners:

 * Frost & Sullivan 2022 Latin American Product Leadership Award to
Noventiq - Noventiq was applauded by Frost & Sullivan for supporting
unified communications & collaboration, digital transformation and hybrid
work with its Total Voice solution. Last February Noventiq announced that
Frost & Sullivan had recognized Noventiq with the 2022 Latin American
Product Leadership Award.

 * 2022 Gartner Magic Quadrant - Noventiq was recognised as a 'Visionary' in the
2022 Gartner Magic Quadrant for SAM Managed Services.

 * VARIndia Star Nite 2022 Best Services & Solutions Partner Award to
Noventiq - Noventiq India was recognised as Best Services & Solutions
Partner at the VARIndia Star Nite Awards 2022, considered the DNA of the
Indian IT Channel, the Star Nite Awards. Noventiq's subsidiaries Embee and
Umbrella Infocare bagged the Best Solution Partner and Best Cloud Solution
Partner Awards, respectively

 * Microsoft Partner of the Year - Noventiq took home three major awards at
Microsoft's annual Inspire conference 2022. Noventiq was selected for the
prestigious awards for its outstanding work building digital infrastructure
with businesses in Vietnam, Cambodia and India. Microsoft recognised Noventiq
Vietnam and Noventiq Cambodia with the Partner of the Year Award, an annual
prize where Microsoft awards its partners for their excellence in innovation
and implementation of Microsoft´s solutions. Noventiq subsidiary Embee,
acquired by the company in 2021, was also recognised with the Microsoft India
Area Award 2022 - MWP Partner of the Year.

 * Kaspersky Outstanding partner of the year award 2022 for Noventiq Vietnam

 * Apple Authorised Reseller - Malaysia and Philippines

 

Business outlook

The company will conduct a conference call webcast in the coming days with
more details on Noventiq's business momentum and its recent BCA signing with
Corner Growth, as well as its business outlook for the new fiscal year.

 

Additional Information

Noventiq's related supporting materials can be accessed in the Investor
Relations section of Noventiq.com. These include a factsheet of key metrics by
quarter, which the company believes is helpful for investors.

Following the notification on 23 February 2023 of the Company name change to
Noventiq Holdings plc, the Company confirmed the stock market TIDMs, effective
3 March 2023, as "NVIQ", and "NVNQ". The Company's ISIN, SEDOL, and CUSIP
numbers remain unchanged and the Company's Legal Entity Identifier (LEI)
remains 984500985DEC92D98C87. Shareholdings are unaffected by the change of
name. Existing share certificates should be retained as they will remain valid
for all purposes and no new share certificates will be issued.

 

Results conference call

An investor webcast will be held on 31(st) May 2023 at 8:00am UK time.
Noventiq will announce key operating highlights for Q4 and FY2022 ending 31
March 2023.

A livestream of the investor call will be available and can be accessed here:

Noventiq - Q4 FY2022 Trading update
(https://www.lsegissuerservices.com/spark/SOFTLINEHOLDING/events/2dca9fb4-ead0-4b6f-90fa-7260e1f820d2)

 

 

About Noventiq

Noventiq is a leading global solutions and services provider in digital
transformation and cybersecurity, headquartered in London. Noventiq enables,
facilitates and accelerates the digital transformation of its customers'
businesses, connecting over 75,000 organisations from all industries with
hundreds of best-in-class IT vendors, and delivering its own services and
solutions.

 

Noventiq delivered a turnover of approximately $1.6B for the 12 Months to 31
March 2023. Noventiq's 6,400 employees work in almost 60 countries throughout
Asia, Latin America, Europe, The Middle East and Africa - with a focus on
markets with significant growth potential.

 

Additional information about the company can be found here:
https://noventiq.com/investor-relations
(https://noventiq.com/investor-relations)

 

Contacts

Steven Salter

Global Investor Relations VP

IR@noventiq.com (mailto:IR@noventiq.com)

 

Rocio Herraiz

Global Head of Communications

pr@noventiq.com (mailto:pr@noventiq.com)

 

Important Notices

The financial results set out in this release are sourced from the Group's
management accounts for Q4/YTD FY2022, Q4/YTD FY2021, and are unaudited. The
"constant currency" metric excludes the effect of foreign currency exchange
rate fluctuations by translating the current period revenues
into U.S. dollars at the weighted average exchange rates of the prior period
of comparison.

This document may constitute or include forward-looking statements. Forward
looking statements are statements that are not historical facts and may be
identified by words such as "plans", "targets", "aims", "believes", "expects",
"anticipates", "intends", "estimates", "will", "may", "continues", "should"
and similar expressions. These forward-looking statements reflect, at the time
made, the Company's beliefs, intentions and current targets/aims concerning,
among other things, the Company's or the Group's results of operations,
financial condition, liquidity, prospects, growth and strategies.
Forward-looking statements include statements regarding: objectives, goals,
strategies, outlook and growth prospects; future plans, events or performance
and potential for future growth; liquidity, capital resources and capital
expenditures; economic outlook and industry trends; developments of the
Company's or the Group's markets; the impact of regulatory initiatives; and
the strength of the Company's or any other member of the Group's competitors.
Forward-looking statements involve risks and uncertainties because they relate
to events and depend on circumstances that may or may not occur in the future.
The forward-looking statements in this document are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, management's examination of historical operating
trends, data contained in the Company's records (and those of other members of
the Group) and other data available from third parties. Although the Company
believes that these assumptions were reasonable when made, these assumptions
are inherently subject to significant known and unknown risks, uncertainties,
contingencies and other important factors which are difficult or impossible to
predict and are beyond its control. Forward-looking statements are not
guarantees of future performance and such risks, uncertainties, contingencies
and other important factors could cause the actual outcomes and the results of
operations, financial condition and liquidity of the Company and other members
of the Group or the industry to differ materially from those results expressed
or implied in this document by such forward-looking statements. No
representation or warranty is made that any of these forward-looking
statements or forecasts will come to pass or that any forecast result will be
achieved. Undue influence should not be given to, and no reliance should be
placed on, any forward-looking statement. No statement in this document is
intended to be nor may be construed as a profit forecast.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTFIFVEEVILVIV