Preliminary Results
Stanelco PLC
14 March 2008
14th March 2008
Stanelco Plc ('Stanelco','the Company' or 'the Group')
Preliminary Results for the 12 months ended 31st December 2007
Financial Highlights
Note - 2006 was a 14 month period
• Group revenue £8.1m (2006: £6.7m)
• Loss from operations excluding exceptional items £3.1m (2006: loss £6.6m)
• Closing Group cash position £8.1m; ahead of Board's expectations
• Loss per share 0.169p (2006: Loss per share 1.213p)
Business Highlights
• A year of transition and focus; re-organised Group into two distinct
divisions:
- BioPlastics - strengthened Biotec sales; commenced commercialisation
of further IP from Aquasol portfolio
- RF Applications - generating increased orders for traditional RF
business
• Organisational changes resulted in a tight management team with clear
priority of achieving growth through commercialisation of technology and
products
• Disciplined and careful approach to cash control
John Standen, Non-Executive Chairman said:
'This past year has been one of significant achievements and positive changes
for Stanelco, led by Paul Mines and his team. We have focused the business on
two distinct areas that the Board believes will provide the Company with a
sustainable, profitable future.'
'With our substantial cash resources enabling us to look at sensible investment
opportunities and improving sales showing the benefits of good management, we
remain confident that the resources are in place to improve our business
performance over time.'
'The current year has started well and we expect continued good progress in the
Group's main businesses. This gives the Board confidence in the outlook for
further development in 2008.'
- Ends -
For further information please contact:
Paul Mines, Chief Executive, Stanelco plc Tel: +44 (0) 2380 867100
Clive Warner, Finance Director, Stanelco plc
Jonathon Brill/Caroline Stewart, Tel: +44 (0) 20 7831 3113
Financial Dynamics
Chairman's statement
This year has seen a number of significant achievements and positive changes for
Stanelco. In particular, we have begun the commercialisation of more of the IP
from the Aquasol portfolio with a credible partner; Stanelco's direct sales of
product from the Biotec joint venture (JV) have increased materially in the
second half of the year (albeit from a small base); and our RF subsidiary is
building a sizeable enquiry book compared with its previous performance in 2006.
Management changes at the beginning of the year, and the appointment of Paul
Mines as CEO, are having a positive effect.
Results
In line with the Board's expectations, we made a trading loss before exceptional
items for the year ended 31 December 2007 of £3.1 million (2006: loss £6.6
million). The loss before taxation was £5.0 million (2006: loss £15.3 million)
resulting in a loss per share of 0.169 pence (2006: loss 1.213 pence). Turnover
of £8.1 million (2006: £6.7 million) was lower than our expectations,
principally due to reduced volume take-off at Biotec in the second half of the
year by its principal customer SPhere SA (SPhere). The Board do not recommend
the payment of a dividend.
Our cash position at year end was £8.1 million, significantly ahead of the
Board's expectations, due to a disciplined and careful approach being taken on
expenditure by our financial management.
With our substantial cash resources enabling us to look at sensible investment
opportunities and improving sales showing the benefits of good management, we
remain confident that the resources are in place to improve our business
performance over time. When we achieve profitability we should have substantial
protection from taxation due to the ability to offset prior years' losses.
Strategy
Since our interim statement, the Board has planned the future strategic path for
the business. Stanelco has been reorganised and focused into two distinct
areas; BioPlastics and Radio Frequency Applications (RF).
Our BioPlastics division encompasses all our activities in bio-based plastics.
We have grouped together in this division Aquasol, the Biotec JV and our
business based on growing sales of bioplastics, either based on Biotec's IP or
on IP offering similar advantages in the marketplace. We regard this as our core
business going forward and are looking for new opportunities to increase its
critical mass quickly.
The investment we are making in pilot facilities and additional technical/
science skills in the UK is underway and we look forward to the extra impetus
and capability that this will bring to the development and commercialisation of
bioplastics.
Biotec is our JV with SPhere. It has valuable know-how and IP in the bioplastics
arena and has volume capacity substantially above its current output. Biotec has
had a mixed performance this year, due principally to Novamont S.p.A ('Novamont
'), an Italian based competitor, making claims that a patent infringement exists
with both Biotec and SPhere. This dispute is being defended vigorously following
advice from our legal advisors. Inevitably, this has caused SPhere to reduce the
volume purchased from Biotec somewhat. We believe that the Biotec business is a
valuable asset and is important to our future strategy and we will do all we can
to further its growth within Stanelco.
RF was the traditional base of the group and has been re-invigorated to seek and
service business opportunities in its loyal market; this change in approach is
capturing new business, encouraging existing customers to increase volumes and
re-activating former customers.
With improving performance now apparent from Stanelco, my task, and that of the
Board, is to secure the confidence of our shareholders and to pursue a strategy
that delivers sustainable and profitable growth into the future.
Board and employees
We are now a small board of directors devoted to achieving success for our
shareholders. The quality and depth of management skills that Paul Mines and his
subsequent appointees have brought to the business is beginning to emerge and
there is more to come.
Our employees have experienced considerable management change over the past two
years and have put in a magnificent level of commitment during that time. The
employee base has been reduced significantly but is now beginning an upward
curve in line with improving sales. I hope that our employees will be able to
reap rewards in the same way as our shareholders as our success grows. May I
offer my thanks to all those who have contributed to our improving performance
this year.
Outlook
The current year has started well and we expect continued good progress in the
Group's main businesses. This gives the Board confidence in the outlook for
further development in 2008.
John Standen
Chairman
14th March 2008
Chief Executive's statement
The last year has been a very exciting and challenging one for Stanelco as the
Group has brought greater focus and development impetus to its technology and
products. This will allow us to ensure we deliver the commercialisation of our
current portfolio of developments.
The decision to concentrate the management attention onto two key areas of the
business is yielding benefits in the clarity of purpose of our team and
encouragingly greater interest from customers for trials and tenders. There is
some early indication of direct sales uplift but this remains limited to-date.
We have a cohesive new product origination and industrialisation plan that is
already seeing several innovative new products launched in the RF Applications
business and others in the pipe-line of the BioPlastics business.
The year has seen considerable progress on the elimination of vestigial claims
and issues holding back the business by managerial distraction or legal/
financial obligation. Whilst minor issues remain, these no longer represent a
distraction to the business.
In the future we are seeking to commercialise our developing product range
through direct sales, partnerships and other innovative routes.
Operational Review
STANELCO BIOPLASTICS
A single Stanelco BioPlastics operating unit was established in the year
incorporating Biotec, the global sales function for bioplastic resins and the
activities of Aquasol.
Stanelco's bioplastic products build on 17 years of development at Biotec and
are being enhanced by both ongoing development at Biotec and the increasing
depth and experience of the technical team at Stanelco.
The global bioplastics market is emergent with various technology types
competing for what still remains a limited requirement. In Europe the market to
date has been focused on biodegradability and compostability; this has favoured
thinner materials such as films for bags. In North America and Asia it appears
that the market has a greater desire for 'sustainability' and for bio materials
which replace oil based materials in part or completely. Specific underlying
demands and growth rates remain difficult to predict as various customer bases
assess their appetite for the differing properties and often additional costs
associated with biomaterials.
Whilst we believe the existing product offering is 'best-in-class' versus
competitive biomaterials, the functional attributes often fall far short of
existing oil based products (backed, as they are, by decades of development).
The Board has therefore decided to complement the development activities at
Biotec with a pilot/development unit at the Company's headquarters in
Southampton under Paul Law's leadership (Paul was appointed MD of the
BioPlastics division in October 2007). This unit has recently been commissioned
and an extensive set of trials is planned over the next six months.
Sales activities were re-organised during the year, particularly in relation to
expanded reach into continental Europe. The early signs from this are promising
with a greater level of customer contact and pre-commercial trials. Local
arrangements for sales in North America were terminated in the period, it is
expected that we shall be developing a renewed approach to this market in 2008.
Biotec
Biotec is responsible for researching, developing and manufacturing a range of
biodegradable products from its base in Germany to support the sales and
manufacturing activities of Stanelco and Sphere. Stanelco holds a 'Golden Share'
in the ownership arrangement with SPhere that is due to expire on 31 December
2009.
Investment in new equipment at Biotec during the year of £1.0 million increased
effective capacity to 7,500 tonnes per annum. The end result is a capable and
modern automated facility that, while unproven as yet by demand, may be able to
flex up to 20,000 tonnes per annum in its current footprint/configuration.
Novamont has brought proceedings against Biotec and SPhere and certain group
companies of SPhere claiming infringement of the French and Italian designations
of Novamont's European Patent Numbers EP 0 327 505, EP 0 947 559 and EP 0 937
120 (Novamont Patent).
Biotec is defending these claims on the basis that the claims in the Novamont
Patents relied on by Novamont are not infringed by Biotec and/or are invalid.
We are advised that the proceedings are at an early stage and a judgment is not
expected for a year or two at least. Stanelco and Biotec continue to take
professional and technical advice with regard to this litigation and are
confident of a successful outcome.
Biotec is core to Stanelco's future growth plans and we believe that the
existing product range and underlying science base provide a robust platform for
growth.
Aquasol
The Aquasol activities were merged into the Stanelco BioPlastics division during
the year. The Company commissioned a report from PricewaterhouseCoopers to
review a number of Aquasol patents. This, together with our own analysis, has
enabled us to concentrate development activity into those patents which are most
likely to provide sustainable and profitable growth. We are also considering
further product developments that will utilise Stanelco's own bioplastic
materials.
Royalty and commission agreements continue in place for Quantum Finish with
Reckitt Benckiser. There is some continuing interest in FrogPack and this is
being explored with a potential marketing partner. FrogMat is a re-pulpable
protective packaging with cushioning properties, and a pilot production machine
for this product has been completed and validated and is expected to be shipped
to our development/commercialisation partner in the first half of 2008.
RF APPLICATIONS
Our traditional RF business has received significant attention through the year.
The Board has reviewed the product portfolio and the market areas that the
business can hope to compete in successfully. The core elements of the business
remain mobile welders, fibre optics furnaces, zirconia tubes and general parts
and servicing.
Work on GreenSeal food tray sealing ceased during the period following
unsuccessful trials and a review of its technological efficacy and cost when
compared with conventional heat sealing alternatives. This has allowed
concentration on the existing customer base which has already produced repeat
orders of products not previously sold for some time. Stanelco has a good brand
reputation in this area for long-lasting and technically well engineered
products.
The management team are rebuilding an innovative OEM (original equipment
manufacturer) RF business. We are refilling the product pipeline and
value-engineering the existing product range. This is now being followed by a
review of the sales and market access structure with around half of enquiries
(by value) now originating in Asia.
Financial Review
The Group's revenue increased to £8.1 million (14 months to 31 December 2006:
£6.7 million) principally due to volume increases within Biotec by the sale of
biodegradable resins to SPhere.
The Group's opening cash position was £12.9 million. During the year the net
final instalment of the Biotec deferred consideration of £1.6 million was paid.
The cash movements are detailed in the consolidated cashflow statement and
supporting note. The closing cash position was £8.1 million.
The loss from operations before exceptional items for the period, £3.1 million,
was in line with the Board's expectations. The finance related income and
expense, including foreign exchange gains, was £0.6 million.
The strategic review undertaken during the year resulted in the following
one-off items in the period:
• impairment of intangible assets in respect of GreenSeal and Aquasol of
£2.3 million; and
• costs related to discontinued operation of £0.2 million
While the Board is aware that these one-off charges have had a significant
impact on the period's results, the Directors believe that these measures have
been necessary for the long-term benefit of the Group.
The net loss following these one-off items is £5.0 million. The resulting loss
per share is 0.169p and shareholders' funds reduced by £3.5 million to £21.3
million in the year.
The Group has identified that under IFRS, certain aspects of the accounting for
prior period acquisitions required restatement. The adjustments required have
no cash impact and no material impact upon the 2007 reported result.
Advisory Appointments
The Company has appointed advisors during the year which it considers more
appropriate to its future requirements. These include auditors Grant Thornton UK
LLP, insurance brokers Heath Lambert Limited, solicitors Osborne Clarke LLP and
bankers Royal Bank of Scotland plc
Employees
There has been considerable organisational change in the year. Average employee
numbers fell from 84 to 54 with most of this difference being accounted for in
the UK business.
This has included the recruitment of a number of experienced senior executives,
redundancy for some individuals and the significant changing of direction for
our staff.
I would like to thank all our employees for their commitment during this period
and their readiness to accept the challenges that have faced with
professionalism and enthusiasm.
Paul Mines
Chief Executive Officer
14th March 2008
UNAUDITED CONSOLIDATED INCOME STATEMENT
For the period ended 31 December 2007
Note 12 Months ended 14 Months ended
31 December 2007 31 December 2006
as restated
£'000 £'000
REVENUE 2 8,064 6,670
Cost of sales (5,405) (4,668)
GROSS PROFIT 2,659 2,002
Distribution costs (227) (220)
Recurring Administrative expenses 3 (5,548) (8,388)
Exceptional Items 4 (2,527) (8,416)
LOSS FROM OPERATIONS (5,643) (15,022)
LOSS FROM OPERATIONS EXCLUDING EXCEPTIONAL ITEMS (3,116) (6,606)
Interest Received 614 134
Finance Charges 5 (458) (580)
Foreign Exchange gain 469 187
LOSS BEFORE TAXATION (5,018) (15,281)
Taxation (31) 446
LOSS FOR THE PERIOD (5,049) (14,835)
Attributable to:
Equity holders of the parent (4,583) (14,706)
Minority interest (466) (129)
RETAINED FOR THE PERIOD (5,049) (14,835)
The calculation of earnings per share is based on the
loss after tax for the year of £5,049,467 (2006:
restated loss of £14,835,000) and a weighted average
of 2,996,577,096 (2006: 1,223,004,193) ordinary shares
in issue
Basic and diluted loss per share - pence (0.169) (1.213)
All recognised gains and losses are included in the income statement.
The accompanying notes form an integral part of the financial statements.
UNAUDITED CONSOLIDATED BALANCE SHEET
As at 31 December 2007
At 31 December 2007 At 31 December 2006
as restated
£'000 £'000 £'000 £'000
NON-CURRENT ASSETS
Goodwill 12,725 13,210
Other intangible assets 216 979
Property, plant and equipment 4,364 4,018
17,305 18,207
CURRENT ASSETS
Inventories 6,519 1,854
Trade and other receivables 1,878 1,152
Amounts due on deferred consideration - 1,597
Corporation tax - 439
Cash and cash equivalents 8,059 12,916
16,456 17,958
TOTAL ASSETS 33,761 36,165
CURRENT LIABILITIES
Trade and other payables 4,765 1,479
Amounts payable in respect of deferred
consideration 466 3,734
Promissory notes 5,672 5,205
Obligations under finance lease 169 40
Bank loans - 5
Short term provisions 441 857
11,513 11,320
NON-CURRENT LIABILITIES
Obligations under finance lease 938 27
938 27
TOTAL LIABILITIES 12,451 11,347
NET ASSETS 21,310 24,818
UNAUDITED CONSOLIDATED BALANCE SHEET (CONTINUED)
As at 31 December 2007
At At
31 December 2007 31 December 2006
as restated
£'000 £'000
EQUITY
Share capital 3,012 2,978
Share premium account 38,199 37,932
Share options reserve 883 1,016
Translation reserves 102 293
Retained losses (25,056) (20,473)
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE 17,140 21,746
PARENT
Minority interest 4,170 3,072
TOTAL EQUITY 21,310 24,818
The accompanying notes form an integral part of the financial statements
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
As at 31 December 2007
Share Share Shares to Share Translation Retained Attributable Minority TOTAL
capital premium be issued options reserves losses to equity interest
account reserve holders of EQUITY
the parent
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 929 19,899 1,050 393 19 (5,780) 16,510 2,498 19,008
1 November 2005 as
restated
Exchange translation - - - - 274 (50) 224 21 245
differences
Net income recognised - - - - 274 (50) 224 21 245
directly in equity
Loss for the period - - - - - (14,706) (14,706) (129) (14,835)
Total recognised income - - - - 274 (14,756) (14,482) (108) (14,590)
and expense for the
period
New share capital 2,049 18,033 - - - - 20,082 - 20,082
subscribed
Minority share of - - - - - - - 682 682
increase in
subsidiaries capital
reserve
Shares issued in - - (400) - - - (400) - (400)
respect deferred
consideration
Adjustment to deferred - - 150 - - - 150 - 150
consideration
Transfer to non-current (800) (800) (800)
liabilities
Share option charges - - - 686 - - 686 - 686
Share options exercised - - - (63) - 63 - - -
in period
Balance at 31 December 2,978 37,932 - 1,016 293 (20,473) 21,746 3,072 24,818
2006 as restated
Balance at 2,978 37,932 - 1,016 293 (20,473) 21,746 3,072 24,818
1 January 2007
Exchange translation - - - - (191) - (191) 835 644
differences
Net income recognised - - - - (191) - (191) 835 644
directly in equity
Loss for the period - - - - (4,583) (4,583) (466) (5,049)
Total recognised income - - - - (191) (4,583) (4,774) 369 (4,405)
and expense for the
period
New share capital 34 267 - - - - 301 - 301
subscribed
Minority share of - - - - - - - 729 729
investment in joint
venture
Share option charges in - - - (133) - - (133) - (133)
period
Balance at 3,012 38,199 - 883 102 (25,056) 17,140 4,170 21,310
31 December 2007
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
For the year ended 31 December 2007
Note 12 Months ended 14 Months ended
31 December 2007 31 December 2006
£'000 as restated
£'000
NET CASH OUTFLOW FROM OPERATING ACTIVITIES 7 (4,248) (6,926)
INVESTING ACTIVITIES
Interest received 614 134
Proceeds on disposal of property, plant and
equipment 673 34
Investment in intangible assets (71) (1,406)
Purchase of property, plant and equipment (1,029) (2,067)
Settlement of deferred consideration (net) (1,909) (1,719)
NET CASH USED IN INVESTING ACTIVITIES (1,722) (5,024)
FINANCING ACTIVITIES
Repayment of loan capital (5) (132)
Repayment of obligations under finance lease (157) (83)
Proceeds of issue of ordinary share capital 301 19,682
Minority interest investment from joint
venture partner 729 682
Proceeds from finance lease 1,300 76
NET CASH FROM FINANCING ACTIVITIES 2,168 20,225
NET INCREASE/(DECREASE) IN CASH AND CASH
EQUIVALENTS (3,802) 8,275
CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD 12,916 4,396
Effect of foreign exchange rate changes (1,055) 245
CASH AND CASH EQUIVALENTS AT END OF PERIOD 8,059 12,916
The accompanying notes form an integral part of the financial statements
UNAUDITED NOTES TO THE FINANCIAL STATEMENTS
For the period ended 31 December 2007
1. RESTATEMENT OF PRIOR YEAR RESULTS
12 Months ended 14 Months ended
31 October 2005 31 December 2006
as restated as restated
£'000 £'000
Increase in transaction costs* 180
Increase in finance charges** 417
Increase in pre-tax loss 180 417
Cumulative loss bought forward (180)
Decrease in Goodwill (856)
Increase amounts due to third party in respect (800)
of deferred consideration***
Increase amounts due to third party in respect 676 (417)
of deferred consideration**
Reduction in net assets (180) (1,397)
Cumulative loss bought forward 180
Shares to be issued*** 800
Retained Earnings 180 417
Reduction in equity 180 1,397
*In the period ended 31 October 2005 transaction costs incurred on an
acquisition of £180,000 were included as a cost of investment. These costs
should have been expensed through the profit and loss account. The impact of
this restatement in the consolidated accounts is to decrease goodwill and to
decrease the profit and loss reserve at 31 October 2005 by £180,000. There is
no impact upon the results or cash flows reported for the periods ended 31
December 2006 or 2007.
**Upon transition to IFRS deferred consideration in relation to two acquisitions
made prior to 31 October 2005 was not discounted as required by IFRS 3. The
impact of this restatement on the consolidated accounts is to reduce both
goodwill and deferred consideration payable at 31 October 2005 by £676,000.
Interest payable for the period ended 31 December 2006 and deferred
consideration payable at 31 December 2006 are both increased by £417,000. There
is no impact upon reported cash flows for 2006.
***In the period ended 31 December 2006 deferred consideration payable of
£800,000 was described as 'Shares to be issued' and was included within Equity.
The impact of this restatement is to decrease equity and increase non-current
liabilities as at 31 December 2006 by £800,000. There is no impact upon the
reported profit or cash flows for 2006.
2. SEGMENTAL INFORMATION BY GEOGRAPHICAL REGION FOR 12 MONTHS TO DECEMBER 2007
Turnover Segment Capital
Assets Expenditure
12 months to As at 31 12 months to
December 2007 December 2007 December 2007
£'000's £'000's £'000's
Europe 6,428 23,506 972
UK 413 10,255 57
Other 1,223 - -
8,064 33,761 1,029
SEGMENTAL INFORMATION BY GEOGRAPHICAL REGION FOR 14 MONTHS TO DECEMBER 2006
Turnover Segment Capital
Assets Expenditure
14 months to As at 31 14 months to
December 2006 December 2006 December 2006
£'000's £'000's £'000's
Europe 5,385 16,993 1,617
UK 645 19,172 1,490
Other 640 - -
6,670 36,165 3,107
3. REVENUE AND LOSS FROM OPERATIONS BEFORE EXCEPTIONAL ITEMS AND TAXATION
12 Months ended 14 Months ended
31 December 31 December 2006
2007 as restated
£'000 £'000
The loss on operations before exceptional items and taxation is stated after charging/(crediting):
Depreciation, amortisation and impairment:
Other intangible fixed assets, owned 114 503
Property, plant and equipment, owned 372 607
Property, plant and equipment, leased 68 13
(Profit)/loss on disposal of property, plant and equipment (204) 9
Auditors' remuneration:
audit work 76 82
non-audit work 15 90
Hire of plant and machinery 12 34
Operating lease rentals: Land and buildings 241 217
Charge for share based payments (133) 686
Bad debt provision - 6
4. EXCEPTIONAL ITEMS
12 Months ended 14 Months ended
31 December 31 December
2007 2006
£'000 £'000
The loss from operations after exceptional items and before taxation is stated after charging /
(crediting):
Exceptional items:
Bad debt provision - 66
Discontinued operations 217
Impairment of intangible assets 2,310 5,529
Impairment of inventories - 1,416
Impairment and disposal of property, plant and equipment - 696
Provision for costs relating to strategic review - 709
2,527 8,416
5. FINANCE CHARGES
12 Months ended 14 Months ended
31 December 31 December
2007 2006
£'000 £'000
Finance leases 100 14
Bank loan and other interest 64 89
Interest on promissory notes 56 60
Finance charge on deferred consideration 238 417
458 580
6. DIVIDEND
The directors do not recommend the payment of a dividend.
7. NOTES TO CONSOLIDATED CASH FLOW STATEMENT
12 Months ended 14 Months ended
31 December 2007 31 December 2006
£'000s £'000 as restated
Loss from operations and exceptional items (5,643) (14,835)
Adjustment for:-
Amortisation and impairment of intangible fixed assets 2,424 6,032
Depreciation of property, plant and equipment 440 1,276
Share based payments (133) 686
(Profit)/loss on disposal of property, plant and (204) 49
equipment
(Decrease)/increase in provisions (416) (596)
Foreign exchange 469 -
Minority interest share of loss 837
Operating cash flows before movement in working capital (2,226) (7,388)
Decrease / (increase) in inventories (4,665) 750
Decrease / (increase) in receivables 1,279 218
(Decrease) in payables 1,419 (44)
Cash utilised by operations (4,193) (6,464)
Corporation tax received/(paid) 403 59
Interest paid (458) (521)
Net cash outflow from operating activities (4,248) (6,926)
Additions to property, plant and equipment during the period amounting to
£1,276,691 (2006: £75,656) were financed by new finance leases.
8. REPORT AND FINANCIAL STATEMENTS
The financial information set out in this preliminary announcement does not
constitute the Group's statutory accounts for the year ended 31 December 2007 or
the 14 month period ended 31 December 2006.
The statutory accounts for 2007 will be finalised on the basis of the financial
information presented by the directors in this preliminary announcement and will
be delivered to the Registrar of Companies following the Group's Annual General
Meeting.
The information relating to the 14 months ended 31 December 2006 is extracted
from the audited accounts that have been filed at Companies House and on which
the auditors issued an unqualified opinion.
The above financial information does not constitute statutory accounts within
the meaning of Section 240 of the Companies Act 1985.
This information is provided by RNS
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