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Unaudited results for the six months ended 30 September 2014 and interim cash dividend
OMNIA HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1967/003680/06
JSE code: OMN ISIN: ZAE000005153
(“Omnia” or “the Group”)
Unaudited results for the six months ended 30 September 2014 and interim cash dividend
- Revenue increased by 1,1% to R7,6bn
- Profit for the period down 4,7% to R404m
- Operating margin remained steady at 8,3%
- Basic earnings per share down 4,9% to 606,0 cents per share
- Debt:equity ratio improves from 35,7% to 29,7%
- Dividend up 2,7%: 190 cents per share
Condensed consolidated income statement
for the six months ended 30 September 2014
Unaudited Unaudited Audited
6 months 6 months 12 months
Rm 30 Sep 2014 % 30 Sep 2013 31 Mar 2014
Revenue 7 585 1 7 499 16 259
Cost of sales (5 858) (1) (5 912) (12 647)
Gross profit 1 727 9 1 587 3 612
Administrative expenses (374) 11 (336) (908)
Distribution expenses (742) 16 (640) (1 324)
Other operating expenses (29) 12 (26) (79)
Other operating income 48 12 43 115
Operating profit 630 0 628 1 416
Finance expenses (81) 16 (70) (143)
Finance income 22 57 14 56
Share of profit of investments accounted for
using the equity method 1 (50) 2 -
Profit before taxation 572 (0) 574 1 329
Income tax expense (168) 12 (150) (337)
Profit after taxation 404 (5) 424 992
Attributable to:
Owners of Omnia Holdings Limited 406 (4) 425 996
Non-controlling interest (2) 100 (1) (4)
404 (5) 424 992
Earnings per share from profit attributable to owners
of Omnia Holdings Limited during the period
Basic earnings per share (cents) 606 (5) 637 1 496
Diluted earnings per share (cents) 542 (9) 594 1 344
Condensed consolidated statement of comprehensive income
for the six months ended 30 September 2014
Unaudited Unaudited Audited
6 months 6 months 12 months
Rm 30 Sep 2014 30 Sep 2013 31 Mar 2014
Profit after taxation for the period 404 424 992
Other comprehensive income, net of tax:
Currency translation difference 161 158 255
Total comprehensive income for the period 565 582 1 247
Attributable to:
Owners of Omnia Holdings Limited 567 583 1251
Non-controlling interest (2) (1) (4)
565 582 1 247
Condensed consolidated cash flow statement
for the six months ended 30 September 2014
Restated*
Unaudited Unaudited Audited
6 months 6 months 12 months
Rm 30 Sep 2014 30 Sep 2013 31 Mar 2014
Operating profit 630 628 1 416
Depreciation and amortisation 170 153 295
Adjustment for non-cash items 49 39 58
Cash generated from operations 849 820 1 769
Utilised for working capital (1 619) (1 303) (52)
Interest paid (81) (70) (169)
Interest received 22 14 56
Taxation paid (235) (152) (289)
Net cash (outflow)/inflow from operating activities (1 064) (691) 1 315
Cash outflow from investing activities (276) (481) (791)
Cash outflow from financing activities (236) (187) (337)
Net (decrease)/increase in cash and cash equivalents (1 576) (1 359) 187
Net cash and cash equivalents at beginning of period (131) (321) (321)
Exchange rate movements on cash and cash equivalents 5 2 3
Net cash and cash equivalents at end of period (1 702) (1 678) (131)
*The 2013 Inventory and Property, Plant and Equipment (PPE) has been restated under IAS 16 (Property, Plant and Equipment)
whereby critical spares have been reallocated to PPE. This restatement has not been audited and has no material impact
on the Group results.
Condensed consolidated balance sheet
as at 30 September 2014
Restated*
Unaudited Unaudited Audited
6 months 6 months 12 months
Rm 30 Sep 2014 30 Sep 2013 31 Mar 2014
ASSETS
Non-current assets 4 366 4 057 4 270
Property, plant and equipment 3 783 3 443 3 672
Intangible assets 528 512 537
Available-for-sale financial assets 24 23 34
Investments accounted for using equity method 31 77 17
Deferred income tax assets - 2 10
Current assets 8 287 6 876 6 302
Inventories 4 484 3 706 3 213
Trade and other receivables 3 461 2 992 2 751
Cash and cash equivalents 342 178 338
Total assets 12 653 10 933 10 572
EQUITY
Capital and reserves attributable to the owners of
Omnia Holdings Limited 6 295 5 362 5 918
Stated capital 1 289 1 289 1 289
Treasury shares (6) (7) (6)
Other reserves 821 552 655
Retained earnings 4 191 3 528 3 980
Non-controlling interest in equity (8) (3) (6)
Total equity 6 287 5 359 5 912
Liabilities
Non-current liabilities 424 479 462
Deferred income tax liabilities 331 294 342
Long term debt 93 185 120
Current liabilities 5 942 5 095 4 198
Trade and other payables 3 820 3 134 3 577
Short term debt 70 51 84
Income tax liabilities 8 54 68
Bank overdrafts and short term facilities 2 044 1 856 469
Total liabilities 6 366 5 574 4 660
Total equity and liabilities 12 653 10 933 10 572
Net debt 1 865 1 914 335
Net working capital 4 125 3 564 2 387
Net asset value per share (rand) 94,1 80,5 88,7
Capital expenditure
Depreciation 153 135 264
Amortisation 17 18 31
Incurred 288 484 855
Authorised and committed 237 274 143
Authorised but not contracted for 231 288 184
*The 2013 Inventory and Property, Plant and Equipment (PPE) has been restated under IAS 16 (Property, Plant and Equipment) whereby
critical spares have been reallocated to PPE. This restatement has not been audited and has no material impact on the Group results.
Condensed consolidated statement of changes in equity
for the six months ended 30 September 2014
Attributable to the owners of Omnia Holdings Limited
Non-
Stated Treasury Other Retained controlling
Rm capital shares reserves earnings interest Total
At 31 March 2013 (audited) 1 289 (9) 389 3 285 (2) 4 952
Recognised income and expense for the period
Profit for the period 425 (1) 424
Currency translation difference 158 158
Transactions with shareholders:
- Ordinary dividends paid (182) (182)
- Treasury shares sold 2 2
- Share-based payment - value of services provided 5 5
At 30 September 2013 (unaudited) 1 289 (7) 552 3 528 (3) 5 359
Total recognised income and expense for the period
Profit for the period 571 (3) 568
Currency translation difference 97 97
Transactions with shareholders:
- Ordinary dividends paid (119) (119)
- Treasury shares sold 1 1
- Share-based payment - value of services provided 6 6
At 31 March 2014 (audited) 1 289 (6) 655 3 980 (6) 5 912
Total recognised income and expense for the period
Profit for the period 406 (2) 404
Currency translation difference 161 161
Transactions with shareholders:
- Ordinary dividends paid (195) (195)
- Treasury shares sold -
- Share-based payment - value of services provided 5 5
At 30 September 2014 (unaudited) 1 289 (6) 821 4 191 (8) 6 287
Reconciliation of headline earnings
for the six months ended 30 September 2014
Unaudited Unaudited Audited
6 months 6 months 12 months
Rm 30 Sep 2014 30 Sep 2013 31 Mar 2014
Profit for the period attributable to owners of Omnia Holdings Limited: 406 425 996
Adjusted for loss/(profit) on disposal of fixed assets 1 (2) 2
Adjusted for profit on disposal of associate - - (55)
Adjusted for impairment of available-for-sale financial asset - - 11
Adjusted for insurance proceeds for replacement of property, plant and equipment - - (3)
Headline earnings 407 423 951
Headline earnings per share
Headline earnings per share (cents) 610 636 1 428
Diluted headline earnings per share (cents) 546 593 1 283
Segmental analysis
for the six months ended 30 September 2014
Unaudited Unaudited Audited
6 months 6 months 12 months
Rm 30 Sep 2014 % 30 Sep 2013 31 Mar 2014
Revenue, net of intersegmental sales 7 585 1 7 499 16 259
Mining 2 676 (3) 2 750 5 458
Agriculture 2 842 5 2 701 6 680
Chemicals 2 067 1 2 048 4 121
Operating profit 630 0 628 1 416
Mining 424 (6) 453 829
Agriculture 171 40 122 431
Chemicals 35 (34) 53 156
Other reserves
as at 30 September 2014
Unaudited Unaudited Audited
6 months 6 months 12 months
Rm 30 Sep 2014 30 Sep 2013 31 Mar 2014
Share-based payment reserve 129 118 124
Foreign currency translation reserve 689 431 528
Net discount arising on acquisition of shares of subsidiaries 3 3 3
821 552 655
Notes
Basis of preparation
This interim report has been prepared in accordance with the framework concepts and the measurement and recognition
requirements of International Financial Reporting Standards (“IFRS”), the SAICA Financial Reporting Guides as issued by
the Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council,
presentation and disclosures as required by IAS 34 Interim Financial Reporting, the JSE Listings Requirements and the
requirements of the Companies Act of South Africa. The preparation of this interim report was supervised by the Group
Finance Director, WG Koonin CA(SA).
The financial statements have been prepared using accounting policies that comply with IFRS and which are consistent
with those applied in the preparation of the financial statements for the year ended 31 March 2014, except as restated
under IAS 16 in the prior year comparative results.
The interim results have not been audited.
Additional information
for the six months ended 30 September 2014
Unaudited Unaudited Audited
6 months 6 months 12 months
30 Sep 2014 30 Sep 2013 31 Mar 2014
Weighted average number of shares in issue (‘000) 66 687 66 559 66 592
Weighted average number of diluted shares in issue (‘000) 74 492 71 359 74 128
Number of shares in issue (excluding treasury shares) (‘000) 66 782 66 588 66 678
Commentary
Introduction
Omnia is a diversified provider of specialised chemical products and services used in the Mining, Agricultural and
Chemical sectors. The Group differentiates itself from other commodity chemical providers by adding value at every stage of
the supply and service chain through technological innovation and by deploying our intellectual capital. The
sustainability of the business model is strengthened based on targeted backward integration through the installation of
technologically advanced plants to manufacture core materials such as nitric acid and explosives emulsions. In addition to
securing sources of supply, this enables us to improve operational efficiencies throughout the product development and
production cycle.
Omnia provides customised, knowledge-based solutions through the Mining, Agricultural and Chemicals divisions. The
Group’s proven business model makes it a market leader in chemical services. Omnia continues to grow and prosper, offering
extraordinary value to customers by tailoring solutions to their business needs through product and service innovation,
and the expert application thereof.
Omnia has built an in-depth understanding not only of its core markets here in South Africa, but also in the
fundamental industries of mining and agriculture in Africa.
Macro environment
During the six month reporting period, the macro environment was challenging for all three divisions. Global economic
conditions faced headwinds with geo-political disturbances in the Middle-East and Ukraine, international economic
sanctions on Russia, economic uncertainty in Germany and the risk of deflation in the Eurozone. The US economy continues to
gather momentum while the rest of the world lags behind. Emerging economy currencies remain exposed to the strength of the
major global currencies and the change in risk appetite for economic investment in these countries.
Internationally, the market price for mining commodities, agricultural and chemicals products remained under pressure.
The South Africa Rand was weaker against the US Dollar which had a positive impact on the selling prices across each of
Omnia’s three divisions, however the price of imported raw material and other product costs increased. Commodity prices were
generally lower during the six month period, in particular, gold due to the improved outlook for the US economy and iron ore
as a result of slower global economic growth and oversupply by the major producers. Agricultural commodity prices were
buoyed by a significant increase in the international ammonia and urea prices. The ammonia to urea ratio remained
unfavourable during the six month period, although slightly improved compared to the prior corresponding period, placing
fertiliser margins under pressure. The pricing of chemical products remained under pressure due to weaker demand as a result
of slower global economic growth.
During the six months under review, agricultural activities in South Africa and Africa remained at normal levels
gearing up for the commencement of the summer planting season. Mining activities across our major markets were under pressure
due to lower commodity prices. Demand for mining chemical products into Africa was encouraging and in
contrast, demand from the South African platinum sector was lower due to considerable production time lost during the five
month strike that ended on 24 June 2014. The Chemicals division also faced considerable margin pressure due to the
subdued state of the South African manufacturing sector, higher input costs and the secondary effect of the strikes in the
platinum and other sectors reducing demand during the six month period.
Financial review
Group revenue rose 1,1% to R7 585 million (2013: R7 499 million) on the back of mixed results from the three
divisions, with modest volume growth in the Agriculture division, marginally better prices achieved in the Chemicals division and
lower volumes in the Mining division.
Gross profit increased 8,9% to R1 727 million (2013: R1 587 million) and gross profit percentage was marginally higher
at 22,8% of revenue (2013: 21,2%) due to higher gross margins in the Mining and Agriculture divisions, offset by lower
gross margins in the Chemicals division.
Administrative expenses increased by 11,3% to R374 million (2013: R336 million) due to weaker exchange rates and
additional costs incurred at new mining operations outside South Africa. Distribution overheads increased by 15,9% to R742
million (2013: R640 million), predominantly due to a change in product mix and higher volumes in the Agriculture and
Chemicals divisions.
Other net operating income of R19 million (2013: R17 million) was marginally higher period on period.
Operating profit was relatively flat at R630 million (2013: R628 million), with the improved operating profit in the
Agriculture division offset by the reduction in the Mining and Chemicals divisions. Overall, the operating margin was
largely unchanged for the six month period at 8,31% (2013: 8,37%). Whereas the Agriculture division’s operating margin
increased to 6,0% (2013: 4,5%) as a result of improvements in factory throughput efficiencies, the Mining division’s
operating margin was lower at 15,8% (2013: 16,5%) due to a combination of reduced volumes offset by a change in product mix.
The Chemicals division’s operating margin decreased to 1,7% (2013: 2,6%) due to competitive pricing pressures in a
difficult market despite the impact on prices due to a weaker Rand-US Dollar exchange rate, lower volumes and inflationary
related overhead increases.
Net finance expenses increased marginally by R3 million to R59 million (2013: R56 million) due to higher interest
rates.
Income tax expense increased by 12% or R18 million to R168 million (2013: R150 million), resulting in an effective tax
rate of 29,3% (2013: 26,1%). The 3,2% increase in the effective tax rate was due to the varying tax charges period on
period across the various jurisdictions in which the Group operates.
Profit after tax decreased by 4,7% or R20 million from R424 million in the previous corresponding period to
R404 million in the current period.
Total assets increased by 15,7% or R1 720 million from R10 933 million in the previous corresponding period to R12 653
million in the current period primarily as a result of higher levels of inventories, receivables and capital
expenditure.
Property, plant and equipment increased by R340 million to R3 783 million primarily as a result of R112 million
capital expenditure which was approved in the previous financial year and completed in the current six month period, and R228
million of new capital projects undertaken during the six month period. The major components of the capital expenditure
incurred in the period under review relate to the construction of a new bulk mining explosives production facility at
Dryden, further expansion of BME production sites in Africa, and capital expenditure on various plant and logistics
facilities for the Agriculture division.
Inventory increased by 21,0% or R778 million from R3 706 million in the previous corresponding period to R4 484
million in the current period, primarily due to an increase of R496 million in the Agriculture division. This increase is
attributable to higher production efficiency resulting in increased production output ahead of the planting season, delayed
commencement of fertilizer deliveries pending the start of the seasonal rains in South Africa and raised unit costs due
to higher commodity input prices. Inventory in the Chemicals division increased by R77 million due to the late
replenishment of certain products by customers in the six month cycle, specifically in the platinum and broader manufacturing
sector following the resolution of strike related activity. Inventory in the Mining division remained flat.
Trade and Other Receivables increased by 15,7% or R469 million from R2 992 million in the previous corresponding
period to R3 461 million in the current period, due to increased sales outside South Africa, prepayment for raw materials and
higher levels of VAT refunds. Trade and other payables increased by 21,9% or R686 million from R3 134 million in the previous
corresponding period to R3 820 million in the current period, due to the timing of the working capital cycle, which was offset
in part by the higher trade and other receivables. Overall, net working capital increased period on period by 15,7% or R561 million
from R3 564 million to R4 125 million.
Equity increased by 17,3% or R928 million from R5 359 million in the previous corresponding period to R6 287 million in the current
period. The net increase was attributable to the increase in retained earnings of R977 million, foreign exchange currency translation
reserves of R258 million and other reserves and movements of R7 million which was offset by R314 million in dividend payments.
Cash utilised by operating activities of R1 064 million (2013: R691 million) was R373 million higher than the previous
six month period due to the R316 million increase in net working capital utilised and R83 million increase in taxation
paid. Cash outflow from investing activities of R276 million (2013: R481 million) was R205 million lower due to the
completion of certain capital projects in the prior corresponding period. After taking into account the R236 million (2013:
R187 million) cash outflow from financing activities, which included a dividend payment of R195 million (2013: R182
million), the negative cash and cash equivalents position at the end of the six month period was marginally higher by R24
million at R1 702 million (2013: R1 678 million), which is in line based on the seasonal nature of the agriculture
business.
Net debt at the end of the six month period was R49 million lower at R1 865 million (2013: R1 914 million) and the net
debt:equity ratio had improved by 6,0% to 29,7% (2013: 35,7%).
Divisional review
Mining
The Mining division services the mining industry through BME and Protea Mining Chemicals.
BME operates throughout Africa with a strong presence in southern and western Africa. BME is a market leader in the
production of bulk emulsion and blended bulk explosives formulations for the opencast mining industry, the manufacturing of
packaged explosives for underground and specialised surface blasting operations, the production of electronic delay detonators
and shocktube initiating systems and the sale of boosters. BME adds value to its products through its world class blasting
consultancy service, through which industry experts and experienced mining engineers advise and support customer operations,
particularly in using its unique and proprietary BlastMapIII™ software solution.
In southern Africa, Protea Mining Chemicals offers value-added services to complement a wide range of chemical
products. These include Protea Process™, a comprehensive service that covers the handling, logistics and on-site formulation of
chemicals used in the mining beneficiation process.
Revenue decreased by 2,7% to R2 676 million (2013: R2 750 million) due to a combination of higher selling prices on
the back of the weaker Rand-US Dollar exchange rate and lower volumes. Sales volumes remained steady throughout the
business except in the west African markets which experienced a decline predominantly in volumes sold to gold mines where
production volumes had deceased as a result of lower commodity prices. Gross margins improved due to the weaker Rand as
well as improved efficiency in raw material procurement. Protea Mining Chemicals’ gross margin came under pressure as a
result of higher raw material cost due to the weaker Rand and lower selling prices achieved. Overall the Mining division’s
operating margin was lower at 15,8% (2013: 16,5%) and operating profit decreased by 6,4% to R424 million (2013: R453 million).
Agriculture
The Agriculture division comprising Omnia Fertilizer and Omnia Specialities, is the market leader in this sector in
southern Africa. This division produces granular, liquid and speciality fertilisers for a broad customer base of farmers,
co-operatives and wholesalers throughout southern and east Africa, Australasia and Brazil.
The Agriculture division’s range of specialised products and services are coordinated through its pioneering
Nutriology® offering, which incorporates leading edge research and development of new products and services to assist customers
in optimising crop yield and quality for maximised returns. The Omnia Nutriology® brand is highly regarded in the
regional market and its core concept of value-added service is being increasingly recognised.
Revenue increased 5,2% to R2 842 million (2013: R2 701 million) due to higher volumes which were offset in part by
lower international selling prices denominated in US Dollars. Sales volumes in the lower margin wholesale business
increased period on period. Operating profits increased by 40,2% to R171 million (2013: R122 million) due to improved
performance of the granulation plants, increased throughput volumes from the new Nitric acid complex that supplied the Mining
division (replacing 3rd party raw materials) and additional efficiency achieved from other downstream plants. During the
period under review the ammonia to urea ratio weakend and remained at unfavourable levels in relation to the long term
average.
Chemicals
Protea Chemicals, which is active throughout southern and eastern Africa, is a well-established manufacturer and
distributor of specialty, functional and effect chemicals and polymers, with a major presence in every sector of the broader
chemical distribution market. It represents a large number of domestic and international principals, counting amongst
its suppliers many of the world’s leading chemical producers.
Revenue increased marginally to R2 067 million (2013: R2 048 million) on the back of slightly higher volumes, marginal
reduction in unit selling prices and a change in product mix. The gross margin remained under pressure due to
competitive pricing achieved compared to the prior corresponding period. Overheads increased in line with inflation and the
depreciation charge was higher due to the new chlorine packing plant that was commissioned on 16 September 2013. Operating
profits decreased to R35 million (2013: R53 million) and the operating margin of 1,7% compared unfavourably to the 2,6% of
the prior corresponding period.
Prospects
The outlook for the macro environment in the second half of the financial year is mixed across all three divisions.
The Agricultural division is appropriately positioned ahead of the summer planting season, with a strong performance
expected in the second half of the year. An improvement in production throughput at the Sasolburg factory and the
normalisation of sales during the planting season is expected to lead to a further improvement in margins in the second half of
the financial year. In the short term, maize prices are expected to be lower than the previous year, resulting in a switch from
maize plantings to other crops such as soybeans and sunflowers. As a result, the fertilizer application volumes sold to existing
markets are expected to be marginally lower than in the previous corresponding period and will be partially or fully
offset based on new markets and products that have been developed. The unfavourable ammonia to urea ratio is expected to
remain at these levels or weaken further during the second half of the financial year due to an oversupply of urea coupled
with a global shortage of ammonia.
The Mining division faces a number of challenges due to declining commodity prices and lower volumes mined which could
be offset in part by a weaker Rand, should this trend continue. The launch of new products specifically designed for
the underground mining market will further strengthen BME’s product offering. Additionally, the supply of specialised
chemicals for the mining industry in Africa is expected to continue to grow.
The Chemicals division continues to gather momentum following the resolution of the recent strikes which negatively
impacted the manufacturing and mining sectors. The impact of the reorganisation of the business into the One Protea
structure that was implemented on 1 April 2014 is gaining momentum. However given the state of the South African manufacturing
industry, the targeted operating margin of 4,5% to 5,5% for the full financial year is unlikely to be achieved.
Directorate
As announced on SENS on 9 June 2014, Mr Noel Fitz-Gibbon retired as Executive Director and Group Finance Director with
effect from 30 September 2014 but continues to serve on the Board as a non-executive director with effect from 1 October 2014.
Mr Wayne Koonin was appointed as Executive Director and Group Finance Director with effect from 1 October 2014.
Dividends
The Board has declared an interim gross cash dividend of 190 cents per ordinary share (2013: 185 cents per ordinary
share) payable out of income in respect of the period ended 30 September 2014. The number of ordinary shares in issue at
the date of this declaration is 67 249 825 participation shares. The gross dividend is subject to local dividends tax of
15% for those shareholders to which local dividends tax is applicable. The resultant net dividend amount is 161.50 cents
per share for shareholders subject to local dividends tax and 190 cents per share for those shareholders not subject to
local dividends tax. No STC credits are available to be used. Omnia’s tax reference number is 9400087715.
The salient dates for the interim dividend are as follows:
Last day to trade cum dividend Friday, 9 January 2015
Shares trade ex-dividend Monday, 12 January 2015
Record date Friday, 16 January 2015
Payment date Monday, 19 January 2015
Share certificates may not be dematerialised or materialised between Monday, 12 January 2015 and Friday, 16 January
2015, both dates inclusive.
NJ Crosse RB Humphris WG Koonin
Chairman Group Managing Director Group Finance Director
25 November 2014
Directors:
RC Bowen (British), FD Butler, NJ Crosse (Chairman), NKH Fitz-Gibbon, R Havenstein, HH Hickey, RB Humphris* (Managing Director),
WG Koonin* (Finance Director), Prof SS Loubser, Dr WT Marais, HP Marais (alternate), SW Mncwango, D Naidoo, KP Shongwe
*Executive Directors
Registered office: 2nd Floor, Omnia House, 13 Sloane Street, Epsom Downs, Bryanston, Sandton. PO Box 69888, Bryanston 2021
Telephone: (011) 709 8888
Transfer secretaries: Link Market Services South Africa Proprietary Limited, 13th Floor, Rennie House, 19 Ameshoff Street, Braamfontein
Sponsor: Merchantec Capital, 2nd Floor, North Block, Hyde Park Office Tower, Corner 6th Road and Jan Smuts Avenue, Hyde Park, 2196
www.omnia.co.za
Date: 25/11/2014 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
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indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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