Interim Results
Interim Results
LONDON--(BUSINESS WIRE)--July 25, 2002--
ARC International plc Interim Results for the Six
Months Ended 30 June 2002
ARC International plc (LSE: ARK), a world leader in configurable
System-On-Chip (SoC) platform technologies, announces its unaudited
financial results for the second quarter and the six months ended 30
June 2002.
Financial and Operational Highlights:
Second Quarter ended 30 June 2002
- Turnover up 10% to £3.0 million (Q1 2002: £2.7 million)
- Operating expenses down 4% to £7.2 million from Q1 and down 27%
from Q2 2001
- Net loss reduced by 9% to £4.9 million (Q1 2002: £5.4 million)
- Cash burn reduced 25% to £3.8 million (Q12002: £5.2 million)
- 8 design licences and 6 additional customers won for
ARCtangent(TM) processor
- Software and development tools products shipped to more than 50
customers in Q2
- Launched new product - USB Now(TM)
- Signed an agreement with Metrowerks (an independently operating
subsidiary of Motorola) which allows Metrowerks to market ARC
software.
- Completed integration of ARC's three subsidiary companies into one
single unified business
Six months ended 30 June 2002
- Turnover down 21% to £5.7 million (2001: £7.2 million)
- Significant cost reductions implemented, operating expenses down
24% to £14.7 million (2001: £19.3 million)
- Net loss reduced by 25% to £10.3 million (2001: £13.8 million)
- Strong cash position; £111.7 million on balance sheet
- 16 design licences and 12 additional customers won in the first
half 2002 for the ARCtangent processor
- New management team in place
Commenting on the results, Mike Gulett, Chief Executive Officer, said:
"We have made significant improvements to the business during the
first half of the year and continue to work hard to drive the company
towards profitability. As a result of the new initiatives announced in
February this year, we have increased sales through new license and
customer agreements and reduced operating expenses and headcount.
Despite the continuing turbulence in our markets, we expect to
continue to achieve sequential growth in turnover. We also believe
that we can support significantly higher levels of turnover with our
current infrastructure. As a result, we believe we will continue to
make meaningful progress towards achieving EBITDA breakeven."
For further information, please contact:
ARC International plc
Mike Gulett CEO, +44 (0) 20 8236 2800
Monica Johnson CFO, +44 (0) 20 8236 2800
David Whitaker Director, Corporate Communications, +44 (0) 20 8236 2800
Natalie Godfrey Senior Communications Executive, +44 (0) 20 8236 2838
Tulchan Communications
Julie Foster Consultant, +44 (0) 20 7353 4200
*T
ARC will host an analyst briefing meeting at 9.30 a.m. on 25 July.
The slides in the briefing presentation may be accessed on the
presentations page of the Investor Relations section of ARC's website:
www.ARC.com from 9.25 a.m. on 25 July.
An audio replay of the briefing will be available on ARC's website on
the 25th July until 24th August.
Chief Executive's Review
Overview
Despite challenging operating conditions during the first half, ARC
has continued to grow turnover quarter-over-quarter, with strong new
products, new customers and new strategic partnerships with leading
edge companies.
In February this year, I announced the results of a strategic review
and pledged a number of initiatives to give ARC a clearer strategic
direction and increased focus. We have made good progress in the first
half of this year and we continue to work hard to achieve our
objectives of growth and profitability.
Senior Management
It has been a priority to ensure that the management team was
re-shaped to provide the leadership required to lead ARC through the
next steps of growth and profitability. We most recently announced the
appointment of Monica Johnson as SVP and Chief Financial Officer,
which now completes our senior management team.
During the first half, we appointed Haig Yaghoobian, SVP of Corporate
Development; Tom Huppuch, SVP and General Counsel; Bernard Glasauer,
SVP of Worldwide Engineering; Dennis McDonald, SVP of Human Resources;
and Farzad Zarrinfar, SVP of Marketing. I believe that we now have the
right mix of skills and experience to take the Company through to
profitability and beyond.
Integration
In June, we announced that we had completed the integration of ARC's
subsidiary companies; VAutomation, Precise Software and MetaWare, into
one business under the ARC International brand name.
Product Strategy and Customer Focus
One of our initial challenges was to redefine the business model. Our
objective is to make it easy for our customers to create embedded
systems, usually a SoC. We do this by simplifying the complexity of
designing, testing and producing integrated circuits and the software
that runs on these integrated circuits, with a proprietary system that
results from the integration of ARC's RISC/DSP processors, MetaWare
tools, VAutomation peripherals and the Precise software. ARC's
integrated products allow users to create new SoC solutions in less
time, at a lower cost and lower risk than alternatives. The recently
introduced USB Now is an example of this new approach, where we
deliver the silicon design, software, tools and the processor needed
to build a USB product to our customers.
As a result of this shift in emphasis, we are pleased to announce six
new customers in the second quarter and 8 design license agreements
for the ARCtangent processor. Adding these to the six new licensees in
Q1 gives a total of 12 new customers and 16 design license agreements
in the first half of 2002. This compares to 15 new customers in the
whole of 2001.
We also shipped software and development tool products to more than 50
customers during the quarter - an indication of the strength of our
product lines in these areas. These customers use our software and
tools for the ARM, MIPS and Motorola processors as well as the
ARCtangent processor.
We also released the results of the Embedded Microprocessor Benchmark
Consortium (EEMBC) telecom benchmark tests on the ARCtangent(TM)-A4
processor. The results show that the optimized ARCtangent-A4 was more
than 9% faster than its nearest competitor.
In early June, we announced a new product, USB Now, the world's first
integrated and optimized Universal Serial Bus for SoC IP platforms.
USB Now includes On-The-Go (OTG) functionality for Hi-Speed USB 2.0
peer-to-peer communications between mobile and consumer electronics
devices. OTG is a supplement to the USB 2.0 specification that
features limited host capability for portable devices, low power
requirements, and the transfer of information between USB-enabled
products without requiring a PC.
USB Now provides a fully integrated platform consisting of the
ARCtangent(TM)-A5 synthesizable CPU core, USB 2.0 host/device core
with OTG technology, and embedded software stack. As announced in
June, USB Now will be available to customers in August.
Strategic Alliances
We also announced the importance of strategic alliances and
acquisitions for ARC to achieve the goal of building a long-term
sustainable business. We have evaluated a number of acquisition
candidates in the last six months, and negotiated several alliances
and partnerships.
These partnerships and alliances include:
- A collaboration with Synopsys, the technology leader for complex
integrated circuit design tools that speeds development and
verification of (SoC) devices, enabling faster time-to-volume
production for ARCtangent processor-based designs.
- ARC and Standard Microsystems Corporation announced the
availability of a complete USB 2.0 solution that can reduce
product cost and power consumption while accelerating
time-to-market for products with 480-Mbps-USB connectivity.
- Hynix Semiconductor and e-MDT; Hynix is expanding its design
services IP portfolio by offering to its customers ARC's
ARCtangent microprocessor core architecture in hard macro IP form.
e-MDT will provide complete design services, back-end testing and
verification for products based on ARC's industry leading
communications and consumer SoC IP portfolio. Full turnkey
services will also include wafer fabrication and device assembly
via their foundry partner, Hynix Semiconductor.
- Denali Software will integrate their high-performance memory
controller core with the ARCtangent microprocessor cores. This is
especially important to us, as Denali's Databahn(TM) is the
industry's first configurable memory controller core solution.
- And today, I am happy to announce a partnership with Metrowerks,
an independently operating subsidiary of Motorola, Inc.
(NYSE:MOT). This agreement allows Metrowerks to market licenses
and support services in conjunction with its own products.
Bundling ARC's MQX RTOS and the networking stacks with the
Metrowerks products will expose these products to new customers
and potentially open some new sales channels into those markets.
Outlook
Despite the continuing turbulence in our markets, we expect to
continue to achieve sequential growth in turnover. We also believe
that we can support significantly higher levels of turnover with our
current infrastructure. As a result, we believe we will continue to
make meaningful progress towards achieving EBITDA breakeven.
Financial Review
Second Quarter ended 30th June 2002
Turnover
Total turnover for the second quarter was £3.0 million, up 10% from
the first quarter revenue of £2.7million (Q201: £3.5million). Prior to
currency translation, with virtually all sales in US$, underlying
turnover was up 13% over Q102. License income was 9% higher than the
previous quarter at £2.4 million (Q1 02: £2.1 million). Maintenance
and service income was similar to that in the previous quarter at £0.5
million (Q1 2002: £0.5 million). The number of designs being shipped
by our customers and contributing to royalties was unchanged from the
previous quarter with 11 customers shipping 14 products with total
royalties at £0.1 million (Q1 2002: £0.1 million)
Costs
Cost of sales decreased 15% to £0.3 million (Q1 2002: £0.4 million),
which combined with the turnover increase, resulted in an increased
gross margin of 89% (Q1 2002: 85%). Total operating expenses
(excluding exceptional costs, amortisation of goodwill and
depreciation) decreased by 4% to £7.2 million (Q1 2002: £7.5 million).
The Company had 212 employees at 30 June 2002 compared with 227 at 31
March 2002. Research and development costs were slightly higher at
£3.1 million (Q1 2002: £3.0 million). Research and development
activities are being focused on the key short and longer-term
development projects that will contribute to future growth. Sales and
marketing costs decreased 6% to £2.6 million (Q1 2002: £2.7 million)
and general and administration costs were down 11% at £1.2 million (Q1
2002: £1.4 million) due to reductions in program and staff related
costs.
Interest
Interest income was unchanged at £1.1 million (Q1 2002: £1.1 million).
Net loss
The net loss decreased 9% to £ 4.9 million (Q1 2002: £5.4 million) as
a result of the 10% increase in turnover combined with the 4% decrease
in operating expenses. Loss per share improved to (1.7)p from (1.9)p
in Q1 2002.
Cash flow and balance sheet
The net cash outflow from operations was £4.8 million (Q1 2002 an
outflow of £6.0 million). Capital expenditure was £0.2 million. The
movement in net funds during the quarter was an outflow of £3.8
million. Net assets at 30 June 2002 were £126.6 million, including net
cash of £111.7 million.
Six months ended 30 June 2002
Total turnover at £5.7 million was down 20% from the previous year but
up 34% sequentially (H1 2001: £7.2 million, H2 2001: £4.3 million).
Licence income was £4.5million (2001: £5.9 million). Maintenance and
service income was £1.0 million (2001: £1.1 million) and royalties
were £0.2 million (2001: £0.2 million).
Costs
Cost of sales was £0.7 million (2001: £0.9 million), resulting in a
gross margin of 87% (2001: 88%). Total operating expenses (excluding
exceptional costs, amortisation of goodwill and depreciation)
decreased 24% to £14.7 million (2001: £19.3 million).
Total headcount in the business at 30 June 2002 was 212 employees
compared with 292 at 30 June 2001. Research and development costs were
down 9% to £6.1 million (2001: £6.8 million), sales and marketing
costs were down 34% to £5.3 million (2001: £8.0 million) and general
and administration costs were down 29% to £2.5 million (2001: £3.6
million).
Interest
Interest income was £2.2 million (2001: £3.7 million).
Net loss
The net loss before exceptional costs was £10.3 million (2001: £11.4
million).
Cash flow and balance sheet
The net cash outflow from operations was £10.8 million (2001: £14.2
million). Capital expenditure was £1.5 million (2001: £3.6 million).
The movement in net funds during the half year was a £9.1 million
outflow. Net assets at 30 June 2002 were £126.6 million (30 June 2001:
£151.8 million), including net cash of £111.7 million.
Dividend
No interim dividend payment will be made in respect of the six months
ended 30 June 2002. In the long-term interest of its shareholders, the
board believes that any future earnings should be retained to fund the
development and growth of the business.
ARC International plc
Consolidated profit and loss account
for the six months ended 30 June 2002
--------------------
Note 3 months 3 months 6 months 6 months Year
ended ended ended ended ended
30 June 30 June 30 June 30 June 31 December
2002 2001 2002 2001 2001
(unaudited) (unaudited) (unaudited) (unaudited) (audited)
£'000 £'000 £'000 £'000 £'000
Turnover 3,011 3,489 5,742 7,162 11,450
Operating costs
-------------------------------------------------------------------- -----------------------------------
Goodwill amortisation (1,024) (1,020) (2,046) (2,039) (4,075)
Exceptional costs - (3,170) - (2,390) (5,526)
Other operating costs (8,002) (10,443) (16,217) (20,234) (38,277)
-------------------------------------------------------------------- -----------------------------------
(9,026) (14,633) (18,263) (24,663) (47,878)
Loss before interest and tax (6,015) (11,144) (12,521) (17, 501) (36,428)
Interest receivable and similar income 1,117 1,745 2,242 3,721 6,586
Interest payable and similar charges - - - - (2)
---------------------- ----------------------------------
Loss on ordinary activities before tax (4,898) (9,399) (10,279) (13,780) (29,844)
Tax on loss on ordinary activities - (3) (2) (3) (81)
---------------------- ----------------------------------
Retained loss for the period (4,898) (9,402) (10,281) (13,783) (29,925)
====================== ==================================
Basic loss per share (1.67)p (3.40)p (3.51)p (4.98)p (10.83)p
Diluted loss per share (1.67)p (3.40)p (3.51)p (4.98)p (10.83)p
----------------------
Summary of operating expenses
--------------------
Operating costs
Cost of sales (338) (515) (735) (891) (1,683)
Research and development (3,104) (3,263) (6,147) (6,774) (13,291)
Sales and marketing (2,572) (4,361) (5,306) (8,043) (14,294)
General and administration (1,221) (1,792) (2,520) (3,632) (6,583)
Depreciation of fixed assets (767) (512) (1,509) (894) (2,426)
Amortisation of goodwill (1,024) (1,020) (2,046) (2,039) (4,075)
Exceptional costs - NIC on share options - 120 - 900 1,026
Exceptional costs - restructuring - (3,290) - (3,290) (6,552)
---------------------- ----------------------------------
Total operating expenses (9,026) (14,633) (18,263) (24,663) (47,878)
---------------------- ----------------------------------
ARC International plc
Consolidated statement of total recognised gains and losses
for the six months ended 30 June 2002
--------------------
3 months 3 months 6 months 6 months Year
ended ended ended ended ended
30 June 30 June 30 June 30 June 31 December
2002 2001 2002 2001 2001
(unaudited) (unaudited) (unaudited) (unaudited) (audited)
£'000 £'000 £'000 £'000 £'000
Loss for the period (4,898) (9,402) (10,281) (13,783) (29,925)
Currency translation difference (640) (39) (178) 247 71
---------------------- ----------------------------------
Total loss for the period (5,538) (9,441) (10,459) (13,536) (29,854)
---------------------- ==================================
ARC International plc
Consolidated balance sheet
as at 30 June 2002
30 June 30 June 31 December
2002 2001 2001
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Fixed assets
Intangible assets 10,312 14,316 12,280
Tangible assets 6,600 6,989 6,702
-------------------------------------------
16,912 21,305 18,982
-------------------------------------------
Current assets
Stock 156 380 156
Debtors 4,067 7,954 3,710
Investments - bank deposits 109,979 130,890 119,401
Cash at bank and in hand 1,744 1,195 1,449
-------------------------------------------
115,946 140,419 124,716
Creditors - amounts fully due within one year (4,304) (6,966) (5,198)
-------------------------------------------
Net current assets 111,642 133,453 119,518
Total assets less current liabilities 128,554 154,758 138,500
Creditors - amounts fully due after more than
one year (3) (5) (2)
Provisions for liabilities and charges (1,949) (3,000) (2,433)
-------------------------------------------
Net assets 126,602 151,753 136,065
===========================================
Capital and reserves
Called up share capital 293 277 283
Share premium account 152,248 149,693 151,033
Exchangeable shares 4,040 5,025 4,286
Merger reserve 107 107 107
Other reserves 24,719 24,679 24,702
Profit and loss account (54,805) (28,028) (44,346)
-------------------------------------------
Total shareholders' funds 126,602 151,753 136,065
===========================================
ARC International plc
Consolidated cash flow statement
for the six months ended 30 June 2002
--------------------
Note 3 months 3 months 6 months 6 months Year
ended ended ended ended ended
30 June 30 June 30 June 30 June 31 December
2002 2001 2002 2001 2001
(unaudited) (unaudited) (unaudited) (unaudited) (audited)
£'000 £'000 £'000 £'000 £'000
Net cash outflow from operating activities 2 (4,829) (8,177) (10,792) (14,186) (27,304)
Returns on investments and servicing of
finance
Interest received 927 1,577 2,244 3,300 6,365
Bank interest paid - - - - -
Interest element on finance lease rentals - - - - (2)
---------------------- ----------------------------------
927 1,577 2,244 3,300 6,363
---------------------- ----------------------------------
Capital expenditure and financial investment
Purchase of tangible fixed assets (183) (2,080) (1,505) (3,645) (5,315)
Sale of tangible fixed assets - - - - 8
---------------------- ----------------------------------
(183) (2,080) (1,505) (3,645) (5,307)
---------------------- ----------------------------------
Net cash outflow before management of liquid
resources and financing (4,085) (8,680) (10,053) (14,531) (26,248)
---------------------- ----------------------------------
Management of liquid resources
Movement on term deposits 4 3,561 6,114 9,422 12,399 23,888
---------------------- ----------------------------------
Financing
Financing - issue of ordinary share capital -
IPO and options 429 291 1,021 636 1,243
Capital element of finance lease rentals (3) (11) (4) (14) (20)
Decrease in borrowings - (10) - (18) (17)
---------------------- ----------------------------------
Net cash inflow from financing 426 270 1,017 604 1,206
---------------------- ----------------------------------
Increase in cash during the period 4 (98) (2,296) 386 (1,528) (1,154)
---------------------- ----------------------------------
1. Basis of preparation
The interim financial statements comprise the unaudited
consolidated accounts of ARC International plc group at 30 June 2002
and for the six months then ended.
The interim financial statements of ARC International plc have been
prepared on the basis of the accounting policies set in the Annual
Report of ARC International plc dated 31 December 2001 except for a
change in the accounting policy in respect of deferred taxation to
comply with "FRS19 - Deferred Tax". FRS 19 requires full provision to
be made for deferred tax, and therefore the company's previous policy
of making a partial provision for deferred taxation in accordance with
SSAP 15 has been revised. This change of accounting policy has had no
effect on the current period or prior year figures. The prior year
comparatives are derived from audited financial information for ARC
International plc as set out in the Annual Report for the year ended
31 December 2001.
The interim financial statements for the 6 months ended 30 June 2002
are unaudited but have been reviewed by the auditors. The report of
the auditors to the directors is set out on page 13.
The interim financial statements for the six months ended 30 June 2002
were approved by the directors on 23 July 2002.
2. Reconciliation of operating profit to net cash flow from operating activities
--------------------
Note 3 months 3 months 6 months 6 months Year
ended ended ended ended ended
30 June 30 June 30 June 30 June 31 December
2002 2001 2002 2001 2001
(unaudited) (unaudited) (unaudited) (unaudited) (audited)
£'000 £'000 £'000 £'000 £'000
Operating loss (6,015) (11,144) (12,521) (17,501) (36,428)
Depreciation 767 512 1,509 894 2,426
Amortisation of goodwill 1,024 1,020 2,046 2,039 4,075
Loss on disposal of fixed assets - - 44 - 237
Share option grant credit 28 (11) 17 16 39
(Increase) in stocks (1) (87) (3) (383) (159)
(Increase) in debtors (263) (335) (661) (1,232) 2,911
Increase/(decrease) in creditors (80) (1,132) (739) (1,019) (2,838)
(Decrease)/increase in provisions (289) 3,000 (484) 3,000 2,433
---------------------- ----------------------------------
Net cash flow from operating activities (4,829) (8,177) (10,792) (14,186) (27,304)
---------------------- ----------------------------------
3. Analysis of net funds
(unaudited) Cash at bank Investments - Finance Total
bank deposits leases
£000 £000 £000 £000
At 31 December 2001 1,449 119,401 (7) 120,843
Exchange (91) - - (91)
Cash flow 386 (9,422) 4 (9,032)
---------------------------------------------------------
At 30 June 2002 1,744 109,979 (3) 111,720
---------------------------------------------------------
4. Reconciliation of net cash flow to movement in net funds
--------------------
3 months 3 months 6 months 6 months Year
ended ended ended ended ended
30 June 30 June 30 June 30 June 31 December
2002 2001 2002 2001 2001
(unaudited) (unaudited) (unaudited) (unaudited) (audited)
£'000 £'000 £'000 £'000 £'000
(Decrease)/increase in cash in the
period (98) (2,296) 386 (1,528) (1,154)
Cash (inflow)/outflow from increase in
liquid resources (3,561) (6,114) (9,422) (12,399) (23,888)
---------------------- ----------------------------------
(3,659) (8,410) (9,036) (13,927) (25,042)
Movement in borrowings 3 21 4 32 37
Exchange movements (184) 64 (91) 151 32
---------------------- ----------------------------------
Movement in funds (3,840) (8,325) (9,123) (13,744) (24,973)
Net funds at beginning of period 115,560 140,397 120,843 145,816 145,816
---------------------- ----------------------------------
Net funds at end of period 111,720 132,072 111,720 132,072 120,843
---------------------- ----------------------------------
5. Copies of this report are being sent to shareholders and are
available to the public at the Company's Registered Office; ARC House,
Waterfront Business Park, Elstree Road, Elstree, Hertfordshire WD6
3BS.
*T
Independent review report to ARC International plc
Introduction
We have been instructed by the company to review the financial
information which comprises consolidated profit and loss, consolidated
statement of total recognised gains and losses, consolidated balance
sheet, consolidated cash flow statement and the notes supporting these
primary statements. We have read the other information contained in
the interim report and considered whether it contains any apparent
misstatements or material inconsistencies with the financial
information.
Directors' responsibilities
The interim report, including the financial information contained
therein, is the responsibility of, and has been approved by the
directors. The directors are responsible for preparing the interim
report in accordance with the Listing Rules of The Financial Services
Authority which require that the accounting policies and presentation
applied to the interim figures should be consistent with those applied
in preparing the preceding annual accounts except where any changes,
and the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in
Bulletin 1999/4 issued by the Auditing Practices Board for use in the
United Kingdom. A review consists principally of making enquiries of
group management and applying analytical procedures to the financial
information and underlying financial data and, based thereon,
assessing whether the accounting policies and presentation have been
consistently applied unless otherwise disclosed. A review excludes
audit procedures such as tests of controls and verification of assets,
liabilities and transactions. It is substantially less in scope than
an audit performed in accordance with United Kingdom Auditing
Standards and therefore provides a lower level of assurance than an
audit. Accordingly we do not express an audit opinion on the financial
information.
Review conclusion
On the basis of our review we are not aware of any material
modifications that should be made to the financial information as
presented for the six months ended 30 June 2002.
PricewaterhouseCoopers
Chartered Accountants
West London
25 July 2002
Notes
ARC International is an industry-leading developer of embedded
user-customizable, high-performance 32-bit RISC/DSP processor cores,
with integrated development tools, peripherals, RTOS and software.
These integrated products and solutions are a result of the
acquisitions of MetaWare, VAutomation and Precise Software
Technologies. ARC's integrated intellectual property solutions assist
customers in rapidly developing next generation wireless, networking
and consumer electronics products, reducing the number of IP
suppliers, reducing time to market, reducing their cost, and reducing
their risk for System-on-Chip product development. Products based on
ARC's technology include digital still cameras, set-top boxes, and
network processors.
ARC International employs more than 200 people in research and
development, sales, and marketing offices across North America, Europe
and Israel. Full details of the company's locations and other
information are on the company's web site, www.ARC.com. ARC
International is listed on the London Stock Exchange as ARC
International plc (LSE:ARK).
Statements made in this report that are not historical facts include
forward-looking statements that involve risks and uncertainties.
Important factors that could cause actual results to differ from those
indicated by such forward-looking statements include, among others,
market acceptance of the ARC technology; fluctuations in and
unpredictability of the Company's quarterly results; general economic
and business conditions; regulatory policies adopted by governmental
authorities; assumptions regarding the Company's future business
strategy; changes in technology; competition; ability to attract and
retain qualified personnel; risks associated with the Company's
international operations; and other uncertainties that are discussed
in the "Investment Considerations" section of the Company's listing
particulars dated 28 September 2000 filed with the United Kingdom
Listing Authority and the Registrar of Companies in England and Wales.
The Company disclaims any intention or obligation to update any
forward-looking statements as a result of developments occurring after
the date such statement was first made
ARC, the ARC logo, USB Now and ARCtangent are trademarks of ARC
International. All other brands or product names are the property of
their respective holders.
Short Name: Arc Intl PLC
Category Code: IR
Sequence Number: 00000506
Time of Receipt (offset from UTC): 20020724T190130+0100