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SAC - SA Corporate Real Estate Fund - Reviewed final results and distribution
declaration for the year ended 31 December 2010
SA CORPORATE REAL ESTATE FUND
SA Corporate Real Estate Fund
(Incorporated in the Republic of South Africa)
Share Code: SAC ISIN Code: ZAE000083614
A Collective Investment Scheme in property registered in terms of the
Collective Investment Schemes Control Act, No. 45 of 2002 and managed by SA
Corporate Real Estate Fund Managers Limited ("SA Corporate Fund Managers")
(Registration number 1994/009895/06)
("SA Corporate" or "the Fund")
REVIEWED FINAL RESULTS AND DISTRIBUTION DECLARATION FOR THE YEAR ENDED
31 DECEMBER 2010
Distribution growth
- Full year 2.6% higher
- 2H10 7.1% higher than 2H09
Low debt risk
- Low gearing of 20.5%
- 83% of debt is fixed
Portfolio activity
- Standing portfolio value up 2.1% since December 2009
- Acquisition of 1 industrial property for R208.5m
- Disposal of 21 properties for R348.7m
Property performance
- Vacancies decreased to 7.3%
- Arrears stabilising
INTRODUCTION
SA Corporate Real Estate Fund is a JSE listed Property Unit Trust which owns a
portfolio of retail, industrial and office buildings located primarily in the
major metropolitan areas of South Africa.
FINANCIAL RESULTS AND PORTFOLIO PERFORMANCE
The distribution for second half of the year to December 2010 (14.18cpu)
increased by 7.1% relative to the comparable period in 2009 (13.24cpu) and the
full year`s distribution (28.42cpu) increased by 2.6% compared with 2009
(27.69cpu).
The Fund outperformed the Listed Property sector in 2010 producing a total
return of 33.1% vs. 29.6% and the discount to net asset value (342cpu) reduced
from 20.7% at December 2009 to 7.3% at December 2010.
Industrial rental growth (13.7%) was underpinned by the take-up of 3.2% vacant
space (6.1% to 2.9%), 80.5% retention ratio on expiries combined with 10.3%
positive rental reversions as well as the acquisition of 112 Yaldwyn Road
(R208.5m). Retail rental income decreased by 2.8% as a consequence of a 1.1%
increase in vacancies (9.3% to 10.4%), 2.6% negative rental reversion on
expiries and disposals (R162.8m).
Property expenses increased by 11.7%. Municipal costs increased by 22%,
because of higher municipal valuations, that resulted in a 17% increase in
rates, while electricity increased by 28% compared with prior year.
Maintenance costs increased by 47% and are reflective of our strategy to
improve the quality of the assets. Bad debt expenses reduced by 49.9%, from
R33.5m to R16.8m indicating a stabilisation in arrears and better collections
on current billings.
Net interest paid declined by 0.8%. Interest paid decreased by 1.4%, due to
the removal of the stepped rate debt structure, the set-off of disposal
proceeds placed in the debt access facility and favourable market interest
rates despite a R200m increase in borrowings between December 2010 and
December 2009. Interest received decreased by 8.3%, resulting from a low
interest rate environment and excess cash being placed in the debt access
facility.
The increase in unit price contributed towards a (23.9%) increase in the
service fee which was the primary reason for the increase in the total fund
expenses. Included in Fund expenses were once-off fees of R2.7m relating to
the termination of the stepped rate debt structure and restructuring fee on
the R200m additional borrowings.
The breakdown of distributable earnings is set out below:
DISTRIBUTABLE EARNINGS (R000)
Year ended Year ended
31/12/2010 31/12/2009
(Reviewed) (Audited Restated)
Rent (excluding straight line adjustment) 871,994 845,927
Net property expenses (108,003) (113,416)
Property expenses (392,325) (351,336)
Recovery of property expenses 284,322 237,920
Net property income 763,991 732,511
Interest income from associate company (Oryx) 15,620 14,412
Net funding cost (129,666) (128,696)
Interest received 35,892 39,140
Interest paid (165,558) (167,836)
Fund expenses (58,217) (45,229)
Lapsed distribution on units bought back - 3,447
Distributable earnings 591,728 576,445
Units in issue 2,081,869 2,081,869
Distribution (cents per unit) 28.42 27.69
- Interim 14.24 14.45
- Final 14.18 13.24
PROPERTY VALUATIONS
The value of the Fund`s independently valued property portfolio increased by
R458m to R8.7bn as at 31 December 2010 (2009: R8,3bn). The standing portfolio,
representing properties held for the full 12 months in both 2009 and 2010,
increased by 2.1%. The Fund`s weighted average capitalisation and discount
rates for the standing portfolio at 31 December 2010 are as follows:
Property type Capitalisation rate (%) Discount rate (%) Growth in
standing
portfolio (%)
2010 2009 2010 2009
Retail 9.5 9.6 15.5 15.0 1.4
Industrial 10.0 10.1 16.1 15.4 2.4
Offices 10.0 9.8 16.0 15.1 4.7
Portfolio total 9.8 9.8 15.8 15.2 2.1
The portfolio valuation gives rise to a NAV of 342cpu (2009: 329cpu).
PORTFOLIO INVESTMENT ACTIVITY
The portfolio comprises 164 properties. The sectoral and geographic weightings
by value are set out below:
Sectoral Spread
Retail
54%
R4,7bn
47 props
579 178m2
Industrial
37%
R3,2bn
92 props
703 510m2
Offices
9%
R0,8bn
25 props
84 244m2
Geographic Spread
Gauteng
45%
R4,0bn
69 props
631 090m2
KwaZulu Natal
41%
R3,6bn
68 props
551 904m2
Western Cape
8%
R0,7bn
16 props
117 520m2
Other
5%
R0,5bn
11 props
66 418m2
Acquisition Cost of Acquisition Yield Sector Region
during the year acquisition date forecast
(Rm) 1st 12
months
(%)
112 Yaldwyn Road,
Jet Park, Boksburg 208.5 04/2010 10.0 Industrial Gauteng
The table below sets out the development activity during the year under
review.
Developments Development Completion Yield Sector Region
(Rm) date forecast
1st 12
months
(%)
Musgrave Shopping
Centre, Durban 144.0 10/2011 7.3 Retail KwaZulu
Natal
57 Sarel Baard Cresent,
Gauteng 52.8 02/2011 8.6 Industrial Gauteng
89 Davenport Road
Glenwood, Durban 22.0 06/2011 11.0 Retail KwaZulu
Natal
Disposals recognised in current year
Property Transfer/ Proceeds/ Carring Exit yield
effective (Rm) value at on sale
date date of price (%)
sale
(Rm)
Portion 4 of Erf 12445, Durban 06/2010 5.8 5.8 n/a
Portion 5 of Erf 12445, Durban 06/2010 4.5 4.1 n/a
Umlazi Mega City (25%), Durban 04/2010 51.8 51.8 12.6
The Colonial Development, Durban 03/2010 22.9 22.9 10.0
5 Bofors Circle, Cape Town 03/2010 22.5 22.5 4.4
20 Quality Street, Isando,
Gauteng 06/2010 8.9 8.5 4.9
343-345 West Street, Durban 04/2010 21.6 21.7 10.4
Browns Mkhuzi (Cnr Eagle Avenue
& Iris Road), Durban 06/2010 10.5 10.3 11.1
84-88 Oxford Street, East London 08/2010 30.5 30.2 9.7
3 Fabriek Street, Randburg,
Gauteng 08/2010 11.8 11.6 7.6
106-109 Bain Street, Gauteng 08/2010 20.3 19.8 5.3
9 Henwood, Pinetown 09/2010 5.7 5.6 12.1
48 Kings Road, Pinetown 09/2010 8.2 8.1 10.4
145/149 Crompton, Pinetown 09/2010 8.3 8.1 11.9
Summer Cottage (Cnr Roos &
Fourways Boulevard), Fourways 10/2010 14.8 13.2 10.0
Fountains Centre (Cnr Republic
Road & Rabie Street), Randburg 11/2010 15.1 14.9 12.5
3 Inanda Road, Hillcrest 12/2010 12.3 12.1 9.8
Total Disposals 275.5 271.2 9.3
Unconditional and contracted disposals
Property Transfer/ Contracted Carring Exit yield
effective sale price value at on sale
date (Rm) date of price (%)
sale
(Rm)
191 Chappel Street, Durban 02/2011 19.0 18.7 12.1
17 Timber Street,
Pietermaritzburg 02/2011 11.0 10.8 11.7
Quarry, 57 Hilton Ave, Hilton 03/2011 41.0 40.3 10.1
40 Grey Street, Bloemfontein 03/2011 2.4 2.4 7.8
Total Unconditional Sales 73.4 72.2 10.8
LEASE EXPIRIES AND VACANCIES
Vacancies in terms of rentable area and rental income were as follows:
Property type Vacancy as % of GLA Vacancy as % of rental income
31.12.2010 31.12.2009 31.12.2010 31.12.2009
Retail 10.4 9.3 11.2 9.7
Industrial 2.9 6.1 2.2 5.6
Office 19.5 13.1 12.6 12.3
Portfolio total 7.3 8.0 8.0 8.6
We expect retail vacancies to reduce, due to bottoming out of the cycle and a
slow increase in retail spending, as well as refurbishment initiatives at
Musgrave Centre, North Park Mall, and Comaro Crossing. Retail vacancies at
Musgrave Centre have decreased since 31 December 2010 (4,000m2) to
approximately 1,000m2 with interest in the remaining space.
We expect a take up of industrial vacancies with increasing demand and minimal
speculative development, which should support firming market rentals. The
Fund`s already below sector average industrial vacancies (2.9% vs. 6%) are
expected to reduce even further. Recent leasing activity is testimony to the
quality of the portfolio in a demanding environment.
Office vacancy rates continued their upward trend during 2010 with national
vacancies averaging around 10%. Landlords face difficulties in the short term
as supply remains relatively high and the ease with which tenants are able to
move, however we are of the view that we have seen the peak in office market
vacancies. A high proportion of the Funds office vacancies (46%) relate to
space in retail centres. Musgrave Centre and North Park Mall account for 30%
of total office vacancies. Refurbishments at these centres will support future
take-up.
The lease expiry profile and vacancies are set out below:
Property Vacant (%) Expiring (%)
type Rental GLA Monthly 2011 2012 2013 2014 Thereafter
Retail 11.2 10.4 8.1 14.2 15.0 12.5 9.5 30.3
Industrial 2.2 2.9 0.9 13.3 26.5 15.1 6.4 34.9
Commercial 12.6 19.5 4.0 19.4 13.8 11.4 17.0 14.9
Total 8.0 7.3 4.0 14.1 20.9 13.7 8.4 31.6
Tenant retention and rental reversion
Propery type Expiries m2 Retention m2 Retention (%) Rental
reversion (%)
Retail 92,589 65,174 70.4 (2.6)
Industrial 246,717 198,564 80.5 10.3
Commercial 30,321 18,731 61.8 6.1
Total 369,627 282,470 76.4 4.9
BORROWINGS
Gearing remained low with debt amounting to 20.5% of the total portfolio
(2009:19%). 83% of the debt is fixed, with the earliest fix expiring in
December 2012. The debt profile is detailed below:
Type Maturity Fixed Quantum Interest Swap
date expiry (Rm) Rate
date (%)
Fixed 31/10/2015 13/09/2013 100 10.57 No
Fixed 31/12/2012 31/12/2012 500 10.82 No
Fixed 18/09/2014 05/06/2013 400 7.99 Yes
Variable 18/09/2014 N/A 300 7.99 No
Fixed 13/08/2013 31/07/2014 270 7.58 Yes
Fixed 13/08/2013 31/07/2014 30 7.58 Yes
Fixed 29/04/2015 31/07/2015 200 8.42 Yes
Total 1,800 8.9
The Fund has an additional R200m variable rate facility.
PROSPECTS
The Fund is expected to show sustainable positive distribution growth for
2011. The good performance of the industrial portfolio and expected gradual
take-up of vacant retail and office space is partially offset by the rebasing
of rentals, rising municipal expenses and short term impact of quality
enhancing capital expenditure.
The use of increased gearing and disposals for reinvestment and high quality
acquisitions, in particular but not limited to large industrial properties,
will continue to improve the portfolio`s quality. The focus on expiring
leases, reducing vacancies and management of property expenses will underpin
efficient operations that together with asset management initiatives will
support sustainably higher distribution growth over the medium term.
REVIEW BY INDEPENDENT AUDITORS
The condensed provisional financial information for the year ended 31 December
2010 has been reviewed by the Fund`s auditors, Deloitte & Touche. The review
was conducted in accordance with ISRE 2410 `Review of Interim Financial
Information performed by the Independent Auditor of the Entity`. A copy of
their unmodified review report is available for inspection at the Fund`s
registered office. Any reference to future financial performance included in
this announcement, has not been reviewed or reported on by the Fund`s
auditors.
CONDENSED CONSOLIDATED STATEMENT 31.12.2010 31.12.2009 31.12.2008
OF FINANCIAL POSITION (R000) (Reviewed) (Audited (Audited
Restated) Restated)
Assets
Non-current assets 8,493,622 7,260,694 7,120,998
Investment property 8,171,109 7,009,779 6,835,725
- As per valuation 7,347,450 7,001,900 6,932,003
- Straight line rental adjustment (198,641) (147,121) (134,848)
- Property under development 1,022,300 155,000 38,570
Investment in associate 155,892 133,321 173,150
Rental receivable - straight line
adjustment 166,621 117,594 112,123
Current assets 908,384 1,745,435 2,502,697
Properties classified as held for
disposal 402,518 1,166,516 1,861,110
Trade receivables 8,761 13,596 34,217
Other receivables and accrued interest 154,607 107,745 141,665
Rental receivable - straight line
adjustment 32,020 29,527 22,726
Cash resources and short term
investments 310,478 428,051 442,979
Total assets 9,402,006 9,006,129 9,623,695
Unitholders` funds and liabilities
Unitholders` funds 7,125,735 6,851,389 7,354,973
Non-current liabilities 1,835,645 1,778,266 1,809,056
Interest bearing borrowings 1,684,330 1,600,000 1,571,283
- At nominal value 1,684,330 1,600,000 1,570,000
- Effective interest rate
adjustment on stepped debt - - 1,283
Interest rate swap derivative 31,541 79,396 93,652
Deferred taxation 119,774 98,870 144,121
Current liabilities 440,626 376,474 459,666
Trade and other payables 124,945 80,724 123,026
Capital gains taxation 18,795 18,795 14,529
Unclaimed distributions 1,589 1,319 1,179
Distributions payable 295,296 275,636 320,932
Total unitholders` funds and
liabilities 9,402,006 9,006,129 9,623,695
NAV cpu 342 329 345
Year ended Year ended
CONDENSED CONSOLIDATED STATEMENT 31/12/2010 31/12/2009
OF COMPREHENSIVE INCOME (R000} (Reviewed) (Audited
Restated)
Revenue 1,182,374 1,091,201
Income 1,257,105 1,152,849
Rent 871,994 845,927
Straight line rental adjustment 26,058 7,354
Recovery of property expenses 284,322 237,920
Income from associate company
- Interest income 15,620 14,412
- Share of post acquisition reserves 23,219 6,813
Interest 35,892 39,140
Effective interest rate adjustment - 1,283
Expenses (670,534) (597,890)
Accounting and secretarial fees (10,369) (9,966)
Audit fees (1,427) (1,465)
Administrative fees (11,696) (5,761)
Debt restructure costs (22,894) (33,489)
Interest paid (165,558) (167,836)
Property expenses (392,325) (351,336)
Service fees (34,725) (28,037)
Revaluations of interest rate swap (31,540) -
Deferred taxation on straight line rental adjustment (4,042) (3,595)
Headline earnings 582,529 551,364
Capital profit on disposal of investment property 359 2,554
Revaluation of investment properties 148,766 (420,030)
- Revaluations 174,824 (412,676)
- Straight line rental adjustment (26,058) (7,354)
Revaluation of investment property under
construction 139,994 (15,587)
Impairment of investment in associate (649) (46,642)
Taxation (18,859) 43,442
On capital transactions and revaluations (1,997) (5,404)
On revaluation/impairment of investment
properties/investments (20,904) 45,251
Straight line rental adjustment 4,042 3,595
Net profit attributable to unitholders 852,140 115,101
Revaluation of interest rate swap (8,960) 14,256
Amortisation of breakage cost 22,894 -
Total comprehensive income attributable to
unitholders` 866,074 129,357
Units in issue (000) 2,081,869 2,081,869
Weighted units in issue (000) 2,081,869 2,087,441
Cents Cents
Distribution per unit 28.42 27.69
- Interim 14.24 14.45
- Final 14.18 13.24
Net profit per unit 40.93 5.53
- Interim profit 16.03 20.43
- Final profit/(loss) 24.90 (14.90)
Headline earnings per unit 27.98 26.48
Year ended Year ended
CONDENSED CONSOLIDATED STATEMENT OF CHANGES 31/12/2010 31/12/2009
IN UNITHOLDERS` FUNDS (R000) (Reviewed) (Audited
Restated)
Unitholders` funds prior to change of accounting
policy adjustment - 7,260,893
2008 Change in accounting policy adjustment - 94,080
Unitholders` funds at beginning of year 6,851,389 7,354,973
Total comprehensive income for the year 866,074 129,357
Net profit for the year 852,140 115,101
Revaluation of interest rate swap (8,960) 14,256
Amortisation of breakage costs recognised in
reserves 22,894 -
22 600 000 units bought back at 264,97cpu - (59,883)
Unit buy back costs - (60)
Lapsed distribution on units bought back - 3,447
7,717,463 7,427,834
Distribution attributable to unitholders (591,728) (576,445)
Unitholders` funds at end of year 7,125,735 6,851,389
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (R000)
Net cash flows from operating activities (68,228) (70,991)
Net cash flows from investing activities (133,675) 82,559
Net cash flows from financing activities 84,330 (26,496)
Net decrease in cash resources (117,573) (14,928)
Cash resources at beginning of year 428,051 442,979
Cash resources at end of year 310,478 428,051
NOTES TO THE FINANCIAL STATEMENTS
The condensed financial information has been prepared in accordance with the
framework concepts and the measurement and recognition requirements of
International Financial Reporting Standards (IFRS), the AC 500 standards as
issued by the Accounting Practices Board, the requirements of the Collective
Investment Schemes Control Act and the information as required by IAS 34:
Interim Financial Reporting. The results have been prepared using accounting
policies that are consistent with those applied in the financial statements
for the year ended 2009, except for the following change in accounting policy
relating to the treatment of income taxes.
1 Changes in accounting policy:
SA Corporate has early adopted the amendment to IAS 12 (Income taxes) which
requires entities to apply the Capital Gains Tax ("CGT") rate to their entire
investment property revaluations (where tax is applicable), and no longer
require a split of the property with a portion (land) attracting the CGT rate
and a portion (the building) attracting the full income tax rate. Further,
where investment property moves in or out of the "held for disposal" category,
there will be no adjustment to the tax rate applied to the building portion of
the revaluation. This has resulted in a retrospective restatement of the
comparative information. This has the effect of a lower deferred tax charge on
upward revaluations in profit and loss; no release of any deferred tax when
properties are moved into "held for disposal" and similarly no increase when
they are removed from that category; and a net increase in Net Asset Value per
unit.
Reconciliation of deferred tax: As previously New (based
reported on IAS 12
amendments)
(R000) (R000)
2008 238,201 144,121
2009 162,131 98,870
Reconciliation of unitholders As previously New (based Movement
funds reported on IAS 12
amendments)
(R000) (R000) (000)
2008 7,260,893 7,354,973 94,080
2009 6,788,128 6,851,389 63,261
Effect on statement of consolidated
comprehensive income 2009 (30,819)
2 Headline earnings and distribution attributable to unitholders
31/12/2010 31/12/2009
(Reviewed) (Audited
Restated)
R 000 CPU R 000 CPU
Net profit for the year 852,140 40.93 115,101 5.53
Adjustments for:
Capital profit on disposal of
investment properties (359) (2,554)
Revaluation of investment
properties (148,766) 420,030
Revaluation of investment
property under construction (139,994) 15,587
Impairment of investment in
associate 649 46,642
Taxation thereon 18,859 (43,442)
Headline earnings 582,529 27.98 551,364 26.48
Straight line rental adjustment (26,058) (7,354)
Taxation thereon 4,042 3,595
Share of associate company`s
after tax profit (23,219) (6,813)
Debt restructure costs 22,894 33,489
Effective interest rate adjustment
on stepped debt - (1,283)
Lapsed distribution on units
bought back - 3,447
Revaluation of interest rate swap 31,540 -
Distributable income 591,728 576,445
Distribution attributable to
unitholders 591,728 28.42 576,445 27.69
Interim 296,431 14.24 300,808 14.45
Final 295,297 14.18 275,637 13.24
Weighted headline earnings per unit 27.98 26.41
3 Primary operational segments (R000)
Business segment Industrial Office Retail Group
Extract from income statement
Total Revenue 401,323 96,463 684,588 1,182,374
Rental income (excluding straight
line rental adjustment) 328,333 81,799 461,862 871,994
Net property expenditure (23,498) (13,285) (70,924) (108,003)
Property expenses (76,065) (28,121) (287,843) (392,325)
Recovery of property expenses 52,567 14,835 216,919 284,322
Net property income 304,835 68,513 390,939 763,991
Straight line rental adjustment 20,423 (172) 5,806 26,058
Interest income from associate - - - 15,620
Net interest paid - - - (129,666)
Debt restructure costs - - - (22,894)
Group expenses - - - (58,217)
Share of associate company`s
after tax profit - - - 23,219
Deferred taxation on straight
line rental adjustment (35) 138 (4,145) (4,042)
Revaluation of interest rate swap - - - (31,540)
Headline earnings 582,529
Other information
Properties 3,177,434 742,987 4,653,205 8,573,627
At valuation 3,024,400 727,900 3,595,150 7,347,450
Classified as held for disposal - 31,835 370,683 402,518
Property under development 236,700 - 785,600 1,022,300
Straight line rental adjustment (83,666) (16,748) (98,227) (198,641)
Revaluation of investment
properties excluding straight
line adjustment, net of taxation 99,710 23,776 170,429 293,914
4 Segment growth rates Industrial Office Retail Group
Rental income (excluding straight
line rental adjustment) 13.7% (0.2%) (2.8%) 3.1%
Property expenses 16.2% 35.7% 8.6% 11.7%
Recovery of property expenses 21.6% (0.3%) 20.6% 19.6%
Net property income 14.3% (10.0%) 0.3% 4.3%
DISTRIBUTION DECLARATION AND IMPORTANT DATES
Notice is hereby given of the declaration of distribution no. 32 in respect of
the income distribution period 1 July 2010 to 31 December 2010. The
distribution amounts to 14.18 cpu.
Last date to trade cum distribution Thursday, 17 March 2011
Units will trade ex-distribution Friday, 18 March 2011
Record date to participate in the distribution Friday, 25 March 2011
Payment of distribution Monday, 28 March 2011
Unit certificates may not be dematerialised or re-materialised between Friday,
18 March and Friday, 25 March 2011 both days inclusive.
SA Corporate Real Estate Fund Managers Limited
Registered office
Mutual Park,
Jan Smuts Drive
5th Floor Pinelands
7405
PO Box 333
Mutual Park 7451
Tel: (021) 530-4500
Registered auditors
Deloitte & Touche
2 Pencarrow Crescent
Pencarrow Park
La Lucia Ridge Office Estate
La Lucia 4051
Transfer secretaries
Computershare Investor Services
(Pty) Ltd
Ground Floor, 70 Marshall Street
Johannesburg 2001
PO Box 61051
Marshalltown 2107
Sponsor
Nedbank Capital
A division of Nedbank
Limited
135 Rivonia Road
Sandton
2196
Directors: KM Roman (Chairman), LB van Niekerk (Managing)*, AM Basson*, RJ
Biesman-Simons, GP Dingaan, KJ Forbes, BM Kodisang, SH Mia, IN Mkhari, MM
Ngcobo, ES Seedat, WC van der Vent
*Executive
Alternates: A Beattie, N Corbishley, P Zagaretos
OLD MUTUAL INVESTMENT GROUP PROPERTY INVESTMENTS (PTY) LTD
SECRETARIES
18 February 2011
Date: 18/02/2011 12:04:02 Supplied by www.sharenet.co.za
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