Annual Financial Report - 46 of 56

RNS Number : 6384S

HSBC Holdings PLC

18 March 2016

 

Consolidated income statement

for the year ended 31 December 2015

		2015		2014		2013
	Notes	$m		$m		$m
Interest income		47,189		50,955		51,192
Interest expense		(14,658)		(16,250)		(15,653)
Net interest income		32,531		34,705		35,539
Fee income		18,016		19,545		19,973
Fee expense		(3,311)		(3,588)		(3,539)
Net fee income		14,705		15,957		16,434
Trading income excluding net interest income		6,948		4,853		6,643
Net interest income on trading activities		1,775		1,907		2,047
Net trading income		8,723		6,760		8,690
Changes in fair value of long-term debt issued and related derivatives		863		508		(1,228)
Net income from other financial instruments designated at fair value		669		1,965		1,996
Net income from financial instruments designated at fair value	2	1,532		2,473		768
Gains less losses from financial investments		2,068		1,335		2,012
Dividend income		123		311		322
Net insurance premium income	3	10,355		11,921		11,940
Other operating income		1,055		1,131		2,632
Total operating income		71,092		74,593		78,337
Net insurance claims and benefits paid and movement in liabilities to policyholders	4	(11,292)		(13,345)		(13,692)
Net operating income before loan impairment charges and other credit risk provisions		59,800		61,248		64,645
Loan impairment charges and other credit risk provisions	5	(3,721)		(3,851)		(5,849)
Net operating income		56,079		57,397		58,796
Employee compensation and benefits	6	(19,900)		(20,366)		(19,196)
General and administrative expenses		(17,662)		(18,565)		(17,065)
Depreciation and impairment of property, plant and equipment		(1,269)		(1,382)		(1,364)
Amortisation and impairment of intangible assets	20	(937)		(936)		(931)
Total operating expenses		(39,768)		(41,249)		(38,556)
Operating profit	5	16,311		16,148		20,240
Share of profit in associates and joint ventures	19	2,556		2,532		2,325
Profit before tax		18,867		18,680		22,565
Tax expense	8	(3,771)		(3,975)		(4,765)
Profit for the year		15,096		14,705		17,800
Profit attributable to shareholders of the parent company		13,522		13,688		16,204
Profit attributable to non-controlling interests		1,574		1,017		1,596
		$		$		$
Basic earnings per ordinary share	10	0.65		0.69		0.84
Diluted earnings per ordinary share	10	0.64		0.69		0.84

The accompanying notes on pages 347 to 469 form an integral part of these financial statements¹.

For footnote, see page 346.

Consolidated statement of comprehensive income

for the year ended 31 December 2015

		2015		2014		2013
		$m		$m		$m
Profit for the year		15,096		14,705		17,800
Other comprehensive income/(expense)
Items that will be reclassified subsequently to profit or loss when specific conditions are met:
Available-for-sale investments		(3,072)		2,972		(1,718)
- fair value gains/(losses)		(1,231)		4,794		(1,787)
- fair value gains reclassified to the income statement		(2,437)		(1,672)		(1,277)
- amounts reclassified to the income statement in respect of impairment losses		127		374		286
- income taxes		469		(524)		1,060
Cash flow hedges		(24)		188		(128)
- fair value gains		704		1,512		776
- fair value gains reclassified to the income statement		(705)		(1,244)		(894)
- income taxes		(23)		(80)		(10)
Share of other comprehensive income/(expense) of associates and joint ventures		(9)		80		(71)
- share for the year		(9)		78		(35)
- reclassified to income statement on disposal		-		2		(36)
Exchange differences		(10,945)		(8,903)		(1,372)
- foreign exchange gains reclassified to income statement on disposal of a foreign operation		-		(21)		(290)
- other exchange differences		(11,112)		(8,917)		(1,154)
- Income tax attributable to exchange differences		167		35		72
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit asset/liability		101		1,985		(458)
- before income taxes		130		2,419		(601)
- income taxes		(29)		(434)		143
Other comprehensive income for the year, net of tax		(13,949)		(3,678)		(3,747)
Total comprehensive income for the year		1,147		11,027		14,053
Attributable to:
- shareholders of the parent company		460		9,245		12,644
- non-controlling interests		687		1,782		1,409
Total comprehensive income for the year		1,147		11,027		14,053

The accompanying notes on pages 347 to 469 form an integral part of these financial statements¹.

For footnote, see page 346.

Consolidated balance sheet

at 31 December 2015

		2015		2014
	Notes	$m		$m
Assets
Cash and balances at central banks		98,934		129,957
Items in the course of collection from other banks		5,768		4,927
Hong Kong Government certificates of indebtedness		28,410		27,674
Trading assets	12	224,837		304,193
Financial assets designated at fair value	15	23,852		29,037
Derivatives	16	288,476		345,008
Loans and advances to banks		90,401		112,149
Loans and advances to customers		924,454		974,660
Reverse repurchase agreements - non-trading		146,255		161,713
Financial investments	17	428,955		415,467
Assets held for sale	23	43,900		7,647
Prepayments, accrued income and other assets	22	54,398		67,529
Current tax assets		1,221		1,309
Interests in associates and joint ventures	19	19,139		18,181
Goodwill and intangible assets	20	24,605		27,577
Deferred tax assets	8	6,051		7,111
Total assets at 31 December		2,409,656		2,634,139
Liabilities and equity
Liabilities
Hong Kong currency notes in circulation		28,410		27,674
Deposits by banks		54,371		77,426
Customer accounts		1,289,586		1,350,642
Repurchase agreements - non-trading		80,400		107,432
Items in the course of transmission to other banks		5,638		5,990
Trading liabilities	24	141,614		190,572
Financial liabilities designated at fair value	25	66,408		76,153
Derivatives	16	281,071		340,669
Debt securities in issue	26	88,949		95,947
Liabilities of disposal groups held for sale	23	36,840		6,934
Accruals, deferred income and other liabilities	27	38,116		46,462
Current tax liabilities		783		1,213
Liabilities under insurance contracts	28	69,938		73,861
Provisions	29	5,552		4,998
Deferred tax liabilities	8	1,760		1,524
Subordinated liabilities	30	22,702		26,664
Total liabilities at 31 December		2,212,138		2,434,161
Equity
Called up share capital	35	9,842		9,609
Share premium account		12,421		11,918
Other equity instruments		15,112		11,532
Other reserves		7,109		20,244
Retained earnings		143,976		137,144
Total shareholders' equity		188,460		190,447
Non-controlling interests	34	9,058		9,531
Total equity at 31 December		197,518		199,978
Total liabilities and equity at 31 December		2,409,656		2,634,139

The accompanying notes on pages 347 to 469 form an integral part of these financial statements¹.

For footnote, see page 346.

Douglas Flint, Group Chairman                                                                             Iain Mackay, Group Finance Director

Consolidated statement of cash flows

for the year ended 31 December 2015

		2015		2014		2013
	Notes	$m		$m		$m
Cash flows from operating activities
Profit before tax		18,867		18,680		22,565
Adjustments for:
- net gain from investing activities		(1,935)		(1,928)		(1,458)
- share of profits in associates and joint ventures		(2,556)		(2,532)		(2,325)
- (gain)/loss on disposal of associates, joint ventures, subsidiaries and businesses		-		9		(1,173)
- other non-cash items included in profit before tax	36	10,765		11,262		11,995
- change in operating assets	36	65,828		25,877		(148,899)
- change in operating liabilities	36	(106,762)		(93,814)		164,757
- elimination of exchange differences3		18,308		24,571		4,479
- dividends received from associates		879		757		694
- contributions paid to defined benefit plans		(664)		(681)		(962)
- tax paid		(3,852)		(3,573)		(4,696)
Net cash generated from/(used in) operating activities		(1,122)		(21,372)		44,977
Cash flows from investing activities
Purchase of financial investments		(438,376)		(384,199)		(363,979)
Proceeds from the sale and maturity of financial investments		399,636		382,837		342,539
Purchase of property, plant and equipment		(1,352)		(1,477)		(1,952)
Proceeds from the sale of property, plant and equipment		103		88		441
Net cash inflow/(outflow) from disposal of customer and loan portfolios		2,023		(1,035)		6,518
Net investment in intangible assets		(954)		(903)		(834)
Proceeds from disposal of Ping An		-		-		7,413
Net cash inflow/(outflow) from disposal of other subsidiaries, businesses, associates and joint ventures		8		(272)		3,269
Net cash generated from/(used in) investing activities		(38,912)		(4,961)		(6,585)
Cash flows from financing activities
Issue of ordinary share capital		147		267		297
Net sales/(purchases) of own shares for market-making and investment purposes		331		(96)		(32)
Issue of other equity instruments		3,580		5,681		-
Redemption of preference shares and other equity instruments		(463)		(234)		-
Subordinated loan capital issued		3,180		3,500		1,989
Subordinated loan capital repaid		(2,157)		(3,163)		(1,662)
Dividends paid to shareholders of the parent company		(6,548)		(6,611)		(6,414)
Dividends paid to non-controlling interests		(697)		(639)		(586)
Dividends paid to holders of other equity instruments		(950)		(573)		(573)
Net cash used in financing activities		(3,577)		(1,868)		(6,981)
Net increase/(decrease) in cash and cash equivalents		(43,611)		(28,201)		31,411
Cash and cash equivalents at 1 January		301,301		346,281		315,308
Exchange differences in respect of cash and cash equivalents		(13,827)		(16,779)		(438)
Cash and cash equivalents at 31 December	36	243,863		301,301		346,281

The accompanying notes on pages 347 to 469 form an integral part of these financial statements¹.

For footnotes, see page 346.

Consolidated statement of changes in equity

for the year ended 31 December 2015

										Other reserves
		Called up             share            capital		Share      premium		Other          equity         instru-          ments2		Retained     Earnings4,6		Available-         for-sale      fair value         reserve5		Cash flow         hedging         reserve5		Foreign     exchange         reserve5		Merger       reserve6,7		Total            share-       holders'            equity	Non-     controlling         interests			Total            equity
		$m		$m		$m		$m		$m		$m		$m		$m		$m		$m		$m
At 1 January 2015		9,609		11,918		11,532		137,144		2,143		58		(9,265)		27,308		190,447		9,531		199,978
Profit for the year		-		-		-		13,522		-		-		-		-		13,522		1,574		15,096
Other comprehensive income (net of tax)		-		-		-		73		(2,332)		(24)		(10,779)		-		(13,062)		(887)		(13,949)
- available-for-sale investments		-		-		-		-		(2,332)		-		-		-		(2,332)		(740)		(3,072)
- cash flow hedges		-		-		-		-		-		(24)		-		-		(24)		-		(24)
- remeasurement of defined benefit asset/liability		-		-		-		82		-		-		-		-		82		19		101
- share of other comprehensive income of associates and joint ventures		-		-		-		(9)		-		-		-		-		(9)		-		(9)
- exchange differences		-		-		-		-		-		-		(10,779)		-		(10,779)		(166)		(10,945)
Total comprehensive income for the year		-		-		-		13,595		(2,332)		(24)		(10,779)		-		460		687		1,147
		45
Shares issued under employee remuneration and share plans		45		691		-		(589)		-		-		-		-		147		-		147
Shares issued in lieu of dividends and amounts arising thereon		188		(188)		-		3,162		-		-		-		-		3,162		-		3,162
Capital securities issued		-		-		3,580		-		-		-		-		-		3,580		-		3,580
Dividends to shareholders		-		-		-		(10,660)		-		-		-		-		(10,660)		(697)		(11,357)
Cost of share-based payment arrangements		-		-		-		757		-		-		-		-		757		-		757
Other movements		-		-		-		567		-		-		-		-		567		(463)		104
At 31 December 2015		9,842		12,421		15,112		143,976		(189)		34		(20,044)		27,308		188,460		9,058		197,518
At 1 January 2014		9,415		11,135		5,851		128,728		97		(121)		(542)		27,308		181,871		8,588		190,459
Profit for the year		−		−		−		13,688		−		−		−		−		13,688		1,017		14,705
Other comprehensive income (net of tax)		−		−		−		2,066		2,025		189		(8,723)		−		(4,443)		765		(3,678)
- available-for-sale investments		−		−		−		−		2,025		−		−		−		2,025		947		2,972
- cash flow hedges		−		−		−		−		−		189		−		−		189		(1)		188
- remeasurement of defined benefit asset/liability		−		−		−		1,986		−		−		−		−		1,986		(1)		1,985
- share of other comprehensive income of associates and joint ventures		−		−		−		80		−		−		−		−		80		−		80
- exchange differences		−		−		−		−		−		−		(8,723)		−		(8,723)		(180)		(8,903)
Total comprehensive income for the year		−		−		−		15,754		2,025		189		(8,723)		−		9,245		1,782		11,027
Shares issued under employee remuneration and share plans		60		917		−		(710)		−		−		−		−		267		−		267
Shares issued in lieu of dividends and amounts arising thereon		134		(134)		−		2,709		−		−		−		−		2,709		−		2,709
Capital securities issued		−		−		5,681		−		−		−		−		−		5,681		−		5,681
Dividends to shareholders		−		−		−		(9,893)		−		−		−		−		(9,893)		(712)		(10,605)
Cost of share-based payment arrangements		−		−		−		732		−		−		−		−		732		−		732
Other movements		−		−		−		(176)		21		(10)		−		−		(165)		(127)		(292)
At 31 December 2014		9,609		11,918		11,532		137,144		2,143		58		(9,265)		27,308		190,447		9,531		199,978

Consolidated statement of changes in equity (continued)

Other reserves

Called up              share            capital

Share       premium

Other            equity            instru-            ments

Retained      Earnings4,6

Available-          for-sale      fair value          reserve

Cash flow         hedging          reserve

Foreign      exchange          reserve

Merger       reserve6,7

Total            share-        holders'            equity

Non-     controlling          interests

Total            equity

$m

$m

$m

$m

$m

$m

$m

$m

$m

$m

$m

At 1 January 2013

9,238

10,084

5,851

120,347

1,649

13

752

27,308

175,242

7,887

183,129

Profit for the year

−

−

−

16,204

−

−

−

−

16,204

1,596

17,800

Other comprehensive income (net of tax)

−

−

−

(561)

(1,577)

(128)

(1,294)

−

(3,560)

(187)

(3,747)

- available-for-sale investments

−

−

−

−

(1,577)

−

−

−

(1,577)

(141)

(1,718)

- cash flow hedges

−

−

−

−

−

(128)

−

−

(128)

−

(128)

- remeasurement of defined benefit asset/liability

−

−

−

(490)

−

−

−

−

(490)

32

(458)

- share of other comprehensive income of associates and joint ventures

−

−

−

(71)

−

−

−

−

(71)

−

(71)

- exchange differences

−

−

−

−

−

−

(1,294)

−

(1,294)

(78)

(1,372)

Total comprehensive income for the year

−

−

−

15,643

(1,577)

(128)

(1,294)

−

12,644

1,409

14,053

Shares issued under employee remuneration and share plans

60

1,168

−

(931)

−

−

−

−

297

−

297

Shares issued in lieu of dividends and amounts arising thereon

117

(117)

−

2,523

−

−

−

−

2,523

−

2,523

Dividends to shareholders

−

−

−

(9,510)

−

−

−

−

(9,510)

(718)

(10,228)

Cost of share-based payment arrangements

−

−

−

630

−

−

−

−

630

−

630

Other movements

−

−

−

26

25

(6)

−

−

45

10

55

At 31 December 2013

9,415

11,135

5,851

128,728

97

(121)

(542)

27,308

181,871

8,588

190,459

The accompanying notes on pages 347 to 469 form an integral part of these financial statements¹.

For footnotes, see page 346.

HSBC Holdings balance sheet

at 31 December 2015

		2015		2014
	Notes	$m		$m
Assets
Cash at bank and in hand:
- balances with HSBC undertakings		242		249
Derivatives	16	2,467		2,771
Loans and advances to HSBC undertakings		44,350		43,910
Financial investments in HSBC undertakings		4,285		4,073
Prepayments, accrued income and other assets		265		125
Current tax assets		723		472
Investments in subsidiaries	21	97,770		96,264
Intangible assets		75		-
Deferred tax assets		17		-
Total assets at 31 December		150,194		147,864
Liabilities and equity
Liabilities
Amounts owed to HSBC undertakings		2,152		2,892
Financial liabilities designated at fair value	25	19,853		18,679
Derivatives	16	2,278		1,169
Debt securities in issue	26	960		1,009
Accruals, deferred income and other liabilities		1,642		1,398
Deferred tax liabilities		-		17
Subordinated liabilities	30	15,895		17,255
Total liabilities		42,780		42,419
Equity
Called up share capital	35	9,842		9,609
Share premium account		12,421		11,918
Other equity instruments		15,020		11,476
Other reserves		37,907		37,456
Retained earnings		32,224		34,986
Total equity		107,414		105,445
Total liabilities and equity at 31 December		150,194		147,864

The accompanying notes on pages 347 to 469 form an integral part of these financial statements¹.

For footnote, see page 346.

Douglas Flint                                                                                                                                                                                                                                                            Iain Mackay 

Group Chairman                                                                                                                                                                                                                          Group Finance Director

HSBC Holdings statement of cash flows

for the year ended 31 December 2015

		2015		2014
	Notes	$m		$m
Cash flows from operating activities
Profit before tax		4,282		6,228
Adjustments for:
- non-cash items included in profit before tax	36	114		52
- change in operating assets	36	543		1,854
- change in operating liabilities	36	(2,342)		(9,914)
- tax received		470		133
Net cash generated from/(used in) operating activities		3,067		(1,647)
Cash flows from investing activities
Net cash outflow from acquisition of or increase in stake of subsidiaries		(2,118)		(1,603)
Repayment of capital from subsidiaries		790		3,505
Net investment in intangible assets		(79)		-
Net cash generated from/(used in) investing activities		(1,407)		1,902
Cash flows from financing activities
Issue of ordinary share capital		678		924
Issue of other equity instruments		3,538		5,635
Subordinated loan capital issued		3,180		3,500
Subordinated loan capital repaid		(1,565)		(1,654)
Debt securities repaid		-		(1,634)
Dividends paid on ordinary shares		(6,548)		(6,611)
Dividends paid to holders of other equity instruments		(950)		(573)
Net cash used in financing activities		(1,667)		(413)
Net decrease in cash and cash equivalents		(7)		(158)
Cash and cash equivalents at 1 January		249		407
Cash and cash equivalents at 31 December	36	242		249

The accompanying notes on pages 347 to 469 form an integral part of these financial statements¹.

For footnote, see page 346.

HSBC Holdings statement of changes in equity

for the year ended 31 December 2015

										Other reserves
		Called up          share         capital		Share    premium		Other         equity         instru-          ments	Retained        earnings8		Available-         for-sale      fair value         reserve			Other         paid-in          capital9		Merger   and other     reserves7		Total         share-     holders'         equity
		$m		$m		$m		$m		$m		$m		$m		$m
At 1 January 2015		9,609		11,918		11,476		34,986		240		2,089		35,127		105,445
Profit for the year		-		-		-		4,853		-		-		-		4,853
Other comprehensive income (net of tax)		-		-		-		-		(57)		-		-		(57)
- available-for-sale investments		-		-		-		-		(77)		-		-		(77)
- income tax		-		-		-		-		20		-		-		20
Total comprehensive income for the year		-		-		-		4,853		(57)		-		-		4,796
Shares issued under employee share plans		45		691		-		(59)		-		-		-		677
Shares issued in lieu of dividends and amounts arising thereon		188		(188)		-		3,162		-		-		-		3,162
Capital securities issued		-		-		3,544		-		-		-		-		3,544
Dividends to shareholders		-		-		-		(10,660)		-		-		-		(10,660)
Tax credit on distributions		-		-		-		157		-		-		-		157
Own shares adjustment		-		-		-		180		-		-		-		180
Exercise and lapse of share options		-		-		-		(508)		-		508		-		-
Cost of share-based payment arrangements		-		-		-		86		-		-		-		86
Income taxes on share-based payments		-		-		-		1		-		-		-		1
Equity investments granted to employees of subsidiaries under employee share plans		-		-		-		26		-		-		-		26
At 31 December 2015		9,842		12,421		15,020		32,224		183		2,597		35,127		107,414
At 1 January 2014		9,415		11,135		5,828		35,406		124		2,052		35,127		99,087
Profit for the year		-		-		-		6,527		-		-		-		6,527
Other comprehensive income (net of tax)		-		-		-		-		116		-		-		116
- available-for-sale investments		-		-		-		-		152		-		-		152
- income tax		-		-		-		-		(36)		-		-		(36)
Total comprehensive income for the year		-		-		-		6,527		116		-		-		6,643
Shares issued under employee share plans		60		917		-		(53)		-		-		-		924
Shares issued in lieu of dividends and amounts arising thereon		134		(134)		-		2,709		-		-		-		2,709
Capital securities issued		-		-		5,648		-		-		-		-		5,648
Dividends to shareholders		-		-		-		(9,893)		-		-		-		(9,893)
Tax credit on distributions		-		-		-		104		-		-		-		104
Own shares adjustment		-		-		-		103		-		-		-		103
Exercise and lapse of share options		-		-		-		(37)		-		37		-		-
Cost of share-based payment arrangements		-		-		-		74		-		-		-		74
Income taxes on share-based payments		-		-		-		(2)		-		-		-		(2)
Equity investments granted to employees of subsidiaries under employee share plans		-		-		-		48		-		-		-		48
At 31 December 2014		9,609		11,918		11,476		34,986		240		2,089		35,127		105,445

Dividends per ordinary share at 31 December 2015 were $0.50 (2014: $0.49; 2013: $0.48).

The accompanying notes on pages 347 to 469 form an integral part of these financial statements¹.

For footnotes, see page 346.

Footnotes to the Financial Statements

1     The audited sections of 'Risk' on pages 101 to 226, the audited sections of 'Capital' on pages 227 to 248 and the audited sections of 'Directors' Remuneration Report' on pages 285 to 321 are also an integral part of these financial statements.

2     During 2015, HSBC Holdings issued $2,450m and €1,000 of Perpetual Subordinated Contingent Convertible Capital Securities, on which there were $12m of external issuance costs, $25m of intra-group issuance costs and $19m of tax. In 2014, HSBC Holdings issued $2,250m, $1,500m and €1,500m of Perpetual Subordinated Contingent Convertible Capital Securities, on which there were $13m of external issuance costs and $33m of intra-group issuance costs.Under IFRSs these issuance costs and tax benefits are classified as equity.

3     Adjustment to bring changes between opening and closing balance sheet amounts to average rates. This is not done on a line-by-line basis, as details cannot be determined without unreasonable expense. 

4     Retained earnings include 81,580,180 ($1,604m) of own shares held within HSBC's Insurance business, retirement funds for the benefit of policyholders or beneficiaries within employee trusts for the settlement of shares expected to be delivered under employee share schemes or bonus plans, and the market-making activities in Markets (2014: 85,337,430 ($641m); 2013: 85,997,271 ($915m)).

5     At 31 December 2015, our operations in Brazil were classified as held for sale (see Note 23). The cumulative amount of other reserves attributable to these operations were as follows: available-for-sale fair value reserve debit of $176m, cash flow hedging reserve credit of $34m and foreign exchange reserve debit of $2.6bn.

6     Cumulative goodwill amounting to $5,138m has been charged against reserves in respect of acquisitions of subsidiaries prior to 1 January 1998, including $3,469m charged against the merger reserve arising on the acquisition of HSBC Bank plc. The balance of $1,669m has been charged against retained earnings.

7     Statutory share premium relief under Section 131 of the Companies Act 1985 (the 'Act') was taken in respect of the acquisition of HSBC Bank plc in 1992, HSBC France in 2000 and HSBC Finance Corporation in 2003 and the shares issued were recorded at their nominal value only. In HSBC's consolidated financial statements the fair value differences of $8,290m in respect of HSBC France and $12,768m in respect of HSBC Finance Corporation were recognised in the merger reserve. The merger reserve created on the acquisition of HSBC Finance Corporation subsequently became attached to HSBC Overseas Holdings (UK) Limited ('HOHU'), following a number of intra-group reorganisations. During 2009, pursuant to Section 131 of the Companies Act 1985, statutory share premium relief was taken in respect of the rights issue and $15,796m was recognised in the merger reserve. The merger reserve includes the deduction of $614m in respect of costs relating to the rights issue, of which $149m was subsequently transferred to the income statement. Of this $149m, $121m was a loss arising from accounting for the agreement with the underwriters as a contingent forward contract. The merger reserve excludes the loss of $344m on a forward foreign exchange contract associated with hedging the proceeds of the rights issue.

8     Retained earnings include 67,881 ($1m) (2014: 179,419 ($3m)) of own shares held to fund employee share plans.

9     Other paid-in capital arises from the exercise and lapse of share options granted to employees of HSBC Holdings subsidiaries.

 

END

 

 

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