Final Results

RNS Number : 3379H

Baillie Gifford Shin Nippon PLC

13 March 2015

 

RNS Announcement: Preliminary Results

Baillie Gifford Shin Nippon PLC

Results for the year to 31 January 2015

Over the year the Company's net asset value per share (after deducting borrowings at fair value) rose 11.7%, whilst the comparative index^* rose by 13.2% in sterling terms.  The share price fell by 2.1% and, having started the year at a premium, ended the year at a 6.6% discount to net asset value.

In sterling terms over three years, the Company's comparative index is up 37.3%, whilst the net asset value per share and share price are up by 95.3% and 91.9% respectively.

¾    Shin Nippon continues to focus on identifying the most exciting, up-and-coming growth businesses in Japan and the Board is encouraged by the recent broadening out of opportunities into new sectors. For example, two new holdings were taken in biotech companies, Peptidream and NanoCarrier.

¾    Several holdings that are building strong businesses overseas were among the positive contributors to performance, including Asics, M3 and Sysmex.

¾    Turnover within the portfolio remains consistently low, at 11.8% in line with our long term investment approach. However, a number of new holdings were taken including Cookpad, which operates a popular recipe website and Crowdworks, a recently listed 'crowdsourcing' company.

¾    Investors in Japan have been buoyed by the re-election of Mr Abe as Prime Minister to continue his reflationary, reformist agenda.

¾    During the year, the Company issued 500,000 shares, 1.4% of its 31 January 2014 issued share capital, at an average premium to net asset value per share of 7.7%.

^* The Company's comparative index for the year to 31 January 2015 was the MSCI Japan Small Cap Index (total return in sterling terms).

Shin Nippon aims to achieve long term capital growth through investment principally in small Japanese companies which are believed to have above average prospects for growth. At 31 January 2015 the Company had total assets of £147.5m (before deduction of bank loan of £18.9m).

The Company is managed by Baillie Gifford & Co, an Edinburgh based fund management group with around £121 billion under management and advice as at 12 March 2015.

Past performance is not a guide to future performance. The value of an investment and any income from it is not guaranteed and may go down as well as up and investors may not get back the amount invested. The Company has borrowed money to make further investments. This is commonly referred to as gearing. The risk is that, when this money is repaid by the Company, the value of these investments may not be enough to cover the borrowing and interest costs, and the Company makes a loss. If the Company's investments fall in value, gearing will increase the amount of this loss. The more highly geared the Company, the greater this effect will be.

Investment in investment trusts should be regarded as medium to long term. You can find up to date performance information about Shin Nippon at www.shinnippon.co.uk.

12 March 2015

For further information please contact:

Alex Blake, Baillie Gifford & Co

Tel: [phone]

Roland Cross, Director, Broadgate Mainland

Tel: [phone]

Chairman's Statement

Performance

Your Board reviews performance primarily over rolling three year periods. It is pleasing that over the three years to 31 January 2015, Shin Nippon's net asset value per share rose by 95.3%, our share price rose by 91.9%, while our comparative index (MSCI Japan Small Cap index, total return in sterling terms) rose by 37.3%. This was a period of very strong absolute and relative performance.

However, in the year to 31 January 2015 we did record a period of small underperformance; our net asset value per share rose 11.7%, while the comparative index rose 13.2%. In contrast our share price was weak recording a fall of 2.1% having moved from a premium at the beginning of the year to a discount of 6.6% at the end of the financial year. Our share price had stood at a premium to net asset value for well over a year and still trades at a narrower discount than the rest of our sector. In the Managers' Report you will find a detailed explanation of the Company's performance and some of the holdings. Your Board takes a very close interest in both of these topics. It has been gratifying that our strategy of identifying the most up-and-coming growth businesses in Japan and the Managers' stock selection have produced such strong returns in recent years.

Share Issuance

During the year the Company issued 500,000 shares (1.4% of the Company's share capital at 31 January 2014) at an average premium to net asset value of 7.7% raising £1.6m. This resulted in a small enhancement of net asset value for existing shareholders and it is anticipated that the impact on the liquidity of the shares will be positive.

Borrowing and Hedging

The Company's borrowings of ¥3.35 billion were unchanged during the year. Gearing was beneficial to performance and fell slightly during the year from 11% to 9%. As the Manager continues to identify interesting companies in which to invest, gearing is likely to be maintained.

The yen weakened against sterling during the year by 5%. We undertook no currency hedging in the year and have no immediate plans to do so.

Revenue

Our revenue return per share fell from a loss of 0.69p last year to a loss of 1.01p this year.

Dividend income was again strong and grew by a very healthy 23%, but this was offset by higher management fees due to the increase in net asset value, increased administrative costs and higher finance costs due to the larger loan drawn down in November 2013 being in place for the full year.

AGM

At this year's AGM we are seeking authority to issue new shares (and to re-issue any shares held in treasury, of which there are presently none) of up to 10% of the Company's share capital for cash on a non pre-emptive basis, but only at a premium to net asset value, thus enhancing net asset value for existing shareholders.

Approval will again be sought to renew our authority to buy back shares. This would enable the Company to buy back shares if the discount to net asset value is substantial in absolute terms or in relation to its peers, should that be deemed desirable. Any such activity would enhance the net asset value attributable to existing shareholders.

Governance

Last year I announced that I would be standing down from the Board at this year's AGM. After an extensive external search the Board was delighted to welcome Neil Donaldson to the Board last year and it has already benefited from his wise counsel. Assuming that shareholders approve his appointment, it is intended that Neil will become Chairman when I stand down.

I have been very privileged to be the Chairman of Shin Nippon for the last six years and rather longer as a Director. I very much hope that Neil will enjoy being Chairman and part of the Board as much as I have done, and wish him and the Company all the very best.

Outlook

The pace of political change in Japan continues to be rather slow, but its general direction has continued to be very encouraging. In November the Prime Minister, Mr Abe, took the opportunity to call a snap election to seek a delay in the implementation of a sales tax rise and strengthen his mandate for political and economic reforms. He gained a good majority and is in a strong position to continue his growth and change agenda, thus providing a positive backdrop to the Japanese stockmarket.

The corporate sector is also in good heart, with strong balance sheets and buoyed by Japan being a major beneficiary of lower energy prices. There have also been encouraging signs that wage rises are being granted in a variety of industries, giving hope of increasing consumer demand in the future. The Board is also encouraged by improving corporate governance in Japan.

At the individual company level the Managers continue to find interesting companies in which to invest. At times, share ratings are not at bargain levels, but the portfolio benefits from companies with strong competitive advantages, with every prospect of gaining further market share. The Board and Managers remain very encouraged by the outlook.

Barry M Rose

Chairman

12 March 2015

Past performance is not a guide to future performance.

 

Managers' Report

The great opportunities for the small but expanding cohort of Japan's entrepreneurs working to change business practices and offerings for the better have been noted in recent Managers' reports. A lingering concern was that the majority of these innovators were focused on the internet and digital sectors. However, there are now encouraging signs that positive entrepreneurial developments are spreading to other parts of the economy.

In the past year we have met with hungry, young business founders with big ambitions in sectors such as robotics and biotechnology. Several appear to have made globally relevant technological advances in their fields of expertise. This contrasts with some of the attractive smaller internet businesses in Japan that are capable of growing rapidly in the domestic market, but generally lack the ability to expand overseas. We view this broadening of the opportunity set as an exciting long term trend for Shin Nippon. 

The biotech industry has significant growth potential for Japan Inc and has been identified by the government as a key industry to support and foster over the coming years. Japan has always enjoyed a strong reputation for its pharmaceutical research, as exemplified by Professor Yamanaka jointly winning the Nobel Prize for his stem cell research in late 2012. However, progress in commercialising the good research emanating from Japanese universities has been disappointing thus far. In an effort to address this weakness, the government has diverted significant funds towards biotech research over recent years and has overhauled the drug approval process to accelerate approval for innovative stem cell treatments. This should help give early stage Japanese biotech companies an edge over similar businesses elsewhere in the world where the approval process for novel therapeutics typically remains very conservative. We have recently purchased two new holdings in this area and more details are included below.   

In general we do not believe that macro-economic factors overly influence the small businesses in which Shin Nippon invests. The quality of management teams and their business strategies typically have a much greater impact on the success or failure of a small company. This remains the case but it is worth highlighting the increasing shortage of labour in Japan as the baby-boomers retire and as the economic environment has improved. Rising wages should be a long term driver of automation and innovative solutions that promote more flexible forms of employment. We retain exposure to several automation companies within the portfolio, both traditional industrial robotic businesses and software providers that help automate processes in non-manufacturing businesses. During the period we made an investment in a newly listed company that is the leader in the burgeoning freelance employee market. 

Last year witnessed another rise in the number of IPOs in Japan and there has been a noticeable increase in the number of newly listed businesses that operate in the innovative and expanding parts of the economy. This encouraging development is expanding the range of potentially attractive investments available to Shin Nippon.

Performance

The MSCI Japan Small Cap Index (total return in sterling terms) rose by 13.2% over the year while Shin Nippon's net asset value per share rose by 11.7% (after deducting borrowings at fair value), ending the period at an all time high. Investors in Japanese stocks have been buoyed by the re-election of Mr Abe as Prime Minister to continue his reflationary, reformist agenda, while significant progress has been made by regulators in improving corporate governance.

Several holdings that are building strong businesses overseas were among the positive contributors to performance over the year. Asics has continued to see strong sales growth of its running shoes outside Japan, particularly in developing markets. In the healthcare sector, M3 has been successfully developing additional profitable segments that take advantage of the vast online network of doctors that the company has accumulated around the world. Meanwhile, Sysmex's advanced blood testing equipment has been selling well in China. One of the earlier new purchases in the financial year, Cookpad, was another strong performer; profits from advertising on the company's popular recipe website have been advancing quickly.

Performance from some of the earlier stage internet related businesses has been disappointing. Profit growth at Yume No Machi, the online takeaway ordering service, and Oisix, the organic online supermarket, has been held back by extra marketing costs incurred to build the companies' brands.

Portfolio

Shin Nippon's active share figure continues to be high at 94%, implying just a 6% overlap between the portfolio and the comparative index. Annualised turnover within the portfolio was 11.8%, consistent with our long term investment approach. However, new investments were made over the year in several companies with high growth potential.

In the biotech area, we purchased a new holding in Peptidream.  Drug types traditionally can either be classified as small molecule or large biologics; there are advantages and disadvantages to both approaches. Peptidream has developed a proprietary system that should enhance the drug discovery process by combining the best of both approaches. The company is developing its own drugs with this system and has also licensed the technology to big pharmaceutical partners.

Many biotech researchers have been trying to develop a new drug delivery system that can accurately deliver anticancer drugs to cancerous cells. This goal has proved to be very difficult to achieve but new holding NanoCarrier has made some real progress. The company's nanoparticles allow the use of higher toxicity drug payloads through accurate targeting and controlled release. The coming decades offer real hope that nanoparticle based cancer drugs will make sizable therapeutic inroads into treating cancer, particularly for hard-to-treat solid tumours. 

Crowdworks is a recently listed 'crowdsourcing' company.  The online network earns a fee from linking freelance workers in Japan with companies looking for short term staff to work on particular projects. The company has moved quickly to establish an industry leading position both in terms of the number of freelancers on the network and the quality of large clients who regularly recruit through the website. A new holding was purchased as the industry and company are growing rapidly from a very low base.

Outlook

Shin Nippon continues to focus on identifying the most exciting, up-and-coming growth businesses in Japan.  The start-up community remains vibrant, while increased efforts to make the Japanese stockmarket a more attractive place to invest are encouraging. The recent broadening out into new sectors of the range of businesses that meet Shin Nippon's investment criteria is a welcome and healthy development for the long term.

Baillie Gifford & Co Limited

12 March 2015

Past performance is not a guide to future performance.

 

Portfolio Performance Attribution for the Year to 31 January 2015*

Computed relative to the comparative index^†

	Index		Shin Nippon		Performance#		Contribution	Contribution attributable to:
	asset allocation		asset allocation		Shin		to relative	Stock	Asset
	31.01.14	31.01.15	31.01.14	31.01.15	Nippon	Index	return	selection	allocation	Gearing
Portfolio Breakdown	%	%	%	%	%	%	%	%	%	%
Consumer   Discretionary	18.8	17.5	26.5	30.1	8.8	10.7	(0.4)	(0.2)	(0.2)	-
Consumer Staples	8.9	9.7	5.2	5.7	46.0	27.1	0.4	0.8	(0.4)	-
Energy	0.7	0.7	1.5	0.9	(34.6)	(11.2)	(0.4)	(0.3)	(0.1)	-
Financials	18.8	20.2	8.8	5.9	17.5	16.3	(0.3)	-	(0.3)	-
Health Care	5.4	5.4	13.1	18.1	27.7	2.8	2.3	3.1	(0.8)	-
Industrials	24.7	24.5	17.4	20.3	27.6	12.7	2.4	2.4	-	-
Information   Technology	11.4	10.6	24.9	18.0	(13.8)	12.9	(5.7)	(5.6)	(0.1)	-
Materials	11.1	10.9	1.0	-	-	10.3	0.8	0.6	0.2	-
Telecommunication    Services	-	-	1.6	1.0	(21.7)	-	(0.4)	(0.3)	(0.1)	-
Utilities	0.2	0.5	-	-	-	10.5	-	-	-	-
Total (excluding gearing)	100.0	100.0	100.0	100.0	11.3	13.2	(1.7)	(0.1)	(1.6)	-
Impact of gearing					1.0		1.0			1.0
Total (including gearing)**	100.0	100.0	100.0	100.0	12.4	13.2	(0.7)	(0.1)	(1.6)	1.0

Past performance is not a guide to future performance.

Source: Baillie Gifford/Statpro.

Contributions cannot be added together, as they are geometric; for example to calculate how a return of 12.4% against an index return of 13.2% translates into a relative return of (0.7%), divide the portfolio return of 112.4 by the index return of 113.2, subtract one and multiply by 100.

*      The performance attribution table is based on total assets.

†      The comparative index for the year to 31 January 2015 was the MSCI Japan Small Cap Index, total return and in sterling terms.

#      The returns are total returns (net income reinvested), calculated on a monthly linked method.

**    The total return performance of 12.4% excludes expenses and therefore differs from the NAV return (after deducting borrowings at par value) of 11.4% as a result.

 

Income statement

The following is the unaudited preliminary statement for the year to 31 January 2015 which was approved by the Board on 12 March 2015. No dividend is payable.

	For the year ended 31 January 2015 (unaudited)			For the year ended 31 January 2014 (audited)
	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000
Gains on investments*	-	12,806	12,806	-	32,841	32,841
Currency gains (note 2) †	-	658	658	-	858	858
Income	1,554	-	1,554	1,259	-	1,259
Investment management fee (note 3)	(897)	-	(897)	(869)	-	(869)
Other administrative expenses	(381)	-	(381)	(301)	-	(301)
Net return before finance costs and taxation	276	13,464	13,740	89	33,699	33,788
Finance costs of borrowings (note 4)	(495)	-	(495)	(231)	(15)	(246)
Net return on ordinary activities before taxation	(219)	13,464	13,245	(142)	33,684	33,542
Tax on ordinary activities	(155)	-	(155)	(97)	-	(97)
Net return on ordinary activities after taxation	(374)	13,464	13,090	(239)	33,684	33,445
Net return per ordinary share (note 6)	(1.01p)	36.35p	35.34p	(0.69p)	96.62p	95.93p

*      Gains on investments include gains and losses on disposals and holding gains and losses on the investment portfolio resulting from: i) changes in the local currency fair value of the investments and, ii) movements in the yen/sterling exchange rate.

†      Currency gains include: i) currency exchange gains and losses on yen bank loans, ii) exchange differences on the settlement of investment transactions and, iii) other exchange differences arising from the retranslation of cash balances.

The total column of this statement is the profit and loss account of the Company. The revenue and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies.

All revenue and capital items in this statement derive from continuing operations.

A Statement of Total Recognised Gains and Losses is not required as all gains and losses of the Company have been reflected in the above statement.

 

Balance sheet

	At 31 January 2015 (unaudited)		At 31 January 2014 (audited)
	£'000	£'000	£'000	£'000
Fixed assets
Investments		140,006		126,381
Current assets
Debtors	757		202
Cash and short term deposits	8,181		7,606
	8,938		7,808
Creditors
Amounts falling due within one year	(1,415)		(361)
Net current assets		7,523		7,447
Total assets less current liabilities		147,529		133,828
Creditors
Amounts falling due after more than one year (note 7)		(18,894)		(19,867)
Net assets		128,635		113,961
Capital and reserves
Called up share capital		3,718		3,668
Share premium account		23,317		21,783
Capital redemption reserve		21,521		21,521
Capital reserve		85,146		71,682
Revenue reserve		(5,067)		(4,693)
Shareholders' funds		128,635		113,961
Net asset value per ordinary share (after deducting borrowings at book value)		346.0p		310.7p
Net asset value per ordinary share (after deducting borrowings at fair value)		343.7p		307.8p
Net asset value per ordinary share (after deducting borrowings at par value)		345.8p		310.4p

 

Reconciliation of movements in shareholders' funds

For the year ended 31 January 2015 (unaudited)

	Called up share capital £'000	Share premium account £'000	Capital redemption reserve £'000	Capital reserve £'000	Revenue reserve £'000	Shareholders' funds £'000
Shareholders' funds at 1 February 2014	3,668	21,783	21,521	71,682	(4,693)	113,961
Ordinary shares issued	50	1,534	-	-	-	1,584
Net return on ordinary activities after taxation	-	-	-	13,464	(374)	13,090
Shareholders' funds at 31 January 2015	3,718	23,317	21,521	85,146	(5,067)	128,635

For the year ended 31 January 2014 (audited)

	Called up Share capital £'000	Share premium account £'000	Capital  redemption reserve £'000	Capital reserve £'000	Revenue reserve £'000	Shareholders' funds £'000
Shareholders' funds at 1 February 2013	3,266	10,795	21,521	37,998	(4,454)	69,126
Ordinary shares issued	402	10,988	-	-	-	11,390
Net return on ordinary activities after taxation	-	-	-	33,684	(239)	33,445
Shareholders' funds at 31 January 2014	3,668	21,783	21,521	71,682	(4,693)	113,961

 

Cash flow statement

	For the year ended 31 January 2015 (unaudited)		For the year ended 31 January 2014  (audited)
	£'000	£'000	£'000	£'000
Net cash inflow from operating activities (note 9)		252		94
Servicing of finance
Interest paid	(480)		(180)
Breakage costs paid	-		(15)
Net cash outflow from servicing of finance		(480)		(195)
Taxation
Overseas tax paid	(148)		(89)
Total tax paid		(148)		(89)
Financial investment
Purchases of investments	(15,482)		(33,513)
Sales of investments	15,182		14,767
Exchange differences on settlement of investment transactions	218		(188)
Net cash outflow from financial investment		(82)		(18,934)
Financing
Ordinary shares issued	1,584		11,390
Bank loan repaid	-		(6,882)
Bank loan drawn down	-		19,926
Net cash inflow from financing		1,584		24,434
Increase in cash		1,126		5,310
Reconciliation of net cash flow to movement in net debt
Increase in cash		1,126		5,310
Net inflow from bank loans		-		(13,044)
Exchange movement on bank loans		991		1,128
Exchange differences on cash		(551)		(82)
Other non-cash changes		(18)		(3)
Movement in net debt in the year		1,548		(6,691)
Opening net debt		(12,261)		(5,570)
Closing net debt		(10,713)		(12,261)

 

Twenty largest equity holdings at 31 January 2015 (unaudited)

Name	Business	2015 Value £'000	2015 % of total assets	2014 Value £'000
Nihon M&A Center	M&A advisory services	4,424	3.0	3,233
M3	Online medical database	3,855	2.6	2,812
Don Quijote	Discount store chain	3,836	2.6	2,969
Asics	Sport shoes and clothing	3,829	2.6	2,475
Asahi Intecc	Specialist medical equipment	3,595	2.4	2,783
MonotaRO	Online business supplies	3,575	2.4	3,413
Cookpad	Recipe website	3,523	2.4	-
Iriso Electronics	Specialist auto connectors	3,323	2.3	2,921
Infomart	Internet platform for restaurant supplies	3,064	2.1	2,059
Takara Leben	Residential property developer	3,045	2.1	1,721
Nakanishi	Dental equipment	2,945	2.0	2,194
Nabtesco	Robotic components	2,901	2.0	2,277
Nifco	Industrial fastener manufacturer	2,865	1.9	1,991
Cyberagent	Internet advertising and content	2,823	1.9	2,846
H.I.S.	Discount travel agency and theme parks	2,708	1.8	1,965
Pigeon	Baby care products	2,664	1.8	1,997
Harmonic Drive	Robotic components	2,620	1.8	1,026
Start Today	Internet fashion retailer	2,611	1.8	2,626
Japan Exchange Group	Stock exchange operator	2,458	1.7	2,355
Sysmex	Medical testing equipment	2,439	1.6	1,378
		63,103	42.8	45,041

 

Notes to the condensed financial statements (unaudited)

1.		The financial statements for the year to 31 January 2015 have been prepared on the basis of the same accounting policies used for the year to 31 January 2014. In accordance with the Financial Reporting Council's guidance on going concern and liquidity risk, the Directors have undertaken a rigorous review of the Company's ability to continue as a going concern.  The Company's assets, the majority of which are investments in quoted securities which are readily realisable, exceed its liabilities significantly. All borrowings require the prior approval of the Board. Gearing levels and compliance with loan covenants are reviewed by the Board on a regular basis. Accordingly, the financial statements have been prepared on the going concern basis as it is the Directors' opinion that the Company will continue in operational existence for the foreseeable future. The Directors consider the Company's functional currency to be sterling as the Company's shareholders are predominantly based in the UK and the Company is subject to the UK's regulatory environment.
2.		Currency gains/(losses)	31 January 2015 £'000			31 January 2014 £'000
		Exchange movement on bank loans	991			1,128
		Other exchange differences	(333)			(270)
			658			858
3.		Investment management fee - all charged to revenue	31 January 2015 £'000			31 January 2014 £'000
		Investment management fee	897			869
		The annual management fee is 0.95% on the first £50m of net assets and 0.65% on the remaining net assets, calculated quarterly. Prior to 1 April 2013 the annual fee was 1.0% of net assets, calculated quarterly.
4.		The Company paid interest on bank loans of £495,000 (2014 - £231,000 and loan breakage costs of £15,000).
5.		No dividend will be declared.
6.	Net return per ordinary share		31 January 2015 £'000	31 January 2014 £'000
	Revenue return		(374)	(239)
	Capital return		13,464	33,684
	Total return		13,090	33,445
	The returns per ordinary share set out below are based on the above returns and on 37,038,511 ordinary shares (2014 - 34,861,637), being the weighted average number of ordinary shares in issue during the year. There are no dilutive or potentially dilutive shares in issue.
	Revenue return		(1.01p)		(0.69p)
	Capital return		36.35p		96.62p
	Total return		35.34p		95.93p

 

Notes to the condensed financial statements (unaudited) (ctd)

7.		The Company has a 7 year fixed rate loan with ING Bank NV for ¥3,350 million maturing 27 November 2020.
8.		At 31 January 2015 the Company had authority to buy back 5,527,637 shares. No shares were bought back during the year. Share buy-backs are funded from the capital reserve. During the year the Company issued 500,000 shares on a non pre-emptive basis at a premium to net asset value for net proceeds of £1.6m.
9.	Reconciliation of net return before finance costs and taxation to net cash inflow from operating activities		31 January 2015 £'000	31 January 2014 £'000
	Net return before finance costs and taxation		13,740	33,788
	Gains on investments		(12,806)	(32,841)
	Currency gains		(658)	(858)
	Increase in accrued income and prepayments		(71)	(32)
	Increase in creditors		47	37
	Net cash inflow from operating activities		252	94
10.		The Report and Accounts will be available on the Company's website www.shinnippon.co.uk† on or around 13 April 2015.
11.		The financial information set out above does not constitute the Company's statutory accounts for the year ended 31 January 2015. The financial information for 2014 is derived from the statutory accounts for 2014, which have been delivered to the Registrar of Companies. The Auditors have reported on the 2014 accounts, their report was unqualified and did not contain a statement under section 495 to 497 of the Companies Act 2006. The statutory accounts for 2015 will be finalised on the basis of the financial information presented in this preliminary announcement and will be delivered to the Registrar of Companies following the Company's Annual General Meeting which will be held on 21 May 2015. None of the views expressed in this document should be construed as advice to buy or sell a particular investment.

†    Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

- ends -

 

END

 

 

FR SFIFWEFISELD