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SYNERGY INCOME FUND LIMITED - Summarised audited financial results for the year ended 31 March 2016

Release Date: 19/05/2016 17:20
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Summarised audited financial results for the year ended 31 March 2016

Synergy Income Fund Limited 
(Incorporated in the Republic of South Africa) 
(Registration number: 2007/032604/06)
JSE share code: SGA  ISIN: ZAE000202883
JSE share code: SGB  ISIN: ZAE000202891
Granted REIT status with the JSE
(Synergy or the company)

Summarised audited financial results for the year ended 31 March 2016


Highlights
- Property revenue of R348 million*  
  for the year ended 31 March 2016       
- Distributions to A shareholders of 94.65 cents per share*   
  for the year ended 31 March 2016       
- Distributions to B shareholders of 64.62 cents per share*  
  for the year ended 31 March 2016
- Interest rates hedged at 66% of total borrowings          
  at 31 March 2016* 
- Net asset value per combined share of R9.52   
  at 31 March 2016*                
- Net asset value per A share of R11.69   
  at 31 March 2016*           
- Net asset value per B share of R8.55  
  at 31 March 2016*           
- Investment property valued at R2.442 billion  
  at 31 March 2016*           
- Market capitalisation of R1.303 billion   
  at 31 March 2016*           
* The financial information above represents the year ended 31 March 2016. The comparative period is for nine months
  to 31 March 2015, following the change in Synergy’s financial year to align with that of its holding company Vukile
  Property Fund Limited. Accordingly, percentages and movements between periods are not disclosed in this announcement.


1. Profile
Synergy is a specialised retail property fund with a specific focus on medium-sized community and small regional
shopping centres, located in high-growth rural and township nodes. Synergy was listed on the Johannesburg Stock Exchange
(JSE) on 14 December 2011 with an initial portfolio of three small shopping centres valued at approximately R280 million.

Since listing, Synergy has grown its property portfolio to 15 shopping centres, valued at approximately R2.4 billion.
Key shopping centres in the Synergy portfolio include Gugulethu Square Shopping Centre in Gugulethu, Western Cape (25 322m2), 
King Senzangakhona Shopping Centre in Ulundi, KwaZulu-Natal (22 365m2), Atlantis City Shopping Centre in Atlantis, Western Cape 
(22 115m2), Setsing Crescent Shopping Centre in Phuthaditjhaba, Free State (21 538m2), and Highland Mews Shopping Centre in 
Emalahleni, Mpumalanga (17 032m2).

Synergy has separately listed A and B shares, each offering investors a different risk and reward profile. The A shares have 
a preferential entitlement to distributions that escalate at 5% annually until 31 March 2018, and thereafter at the lower of 
5% or CPI. The remaining distributable income, after payment of distributions to A shareholders, accrues to B shareholders. 
At 31 March 2016, there were 47.4 million A shares and 106.4 million B shares in issue. 

2. Financial Results
Despite a continually challenging operating and economic environment, Synergy has posted property revenue for the
year to 31 March 2016 of R348 million, and distributable income of R114 million. Results are presented for the first full
12 month period to 31 March 2016, following the change of year-end to align with that of its holding company, Vukile
Property Fund Limited (JSE: VKE) (Vukile). Vukile continues to provide asset management services together with outsourced
property management services via Vukile Asset Management (Pty) Ltd (previously Capital Land Asset Management (Pty) Ltd),
following its acquisition of 100% of the shares on 1 May 2015. Synergy’s strategy for this year has been inwardly focused
on improving the capital structure, and evaluating options to rejuvenate the A and B share structure for a positive
growth trajectory, while actively pursuing planned, strategic transactions with suitable parties. 

The board of directors of Synergy (the board) is pleased to announce distributions of 47.32 cents per A share and 32.16 cents 
per B share for the six months ended 31 March 2016. Combined with the interim distributions of 47.32 cents per A share and 
32.46 cents per B share, the total distributions for the 12 month period amount to 94.64 cents per A share, and 64.62 cents 
per B share. This equates to a 5% and 13.4% comparable increase in distributions to A and B shareholders respectively.

At 31 March 2016, Synergy’s property portfolio (the portfolio) comprised 15 shopping centres with a total market value of 
R2.442 billion. The net asset value (NAV) per combined share has increased by 3.5% to R9.52 at 31 March 2016. No new shares 
were issued during the year under review. The combined market capitalisation at 31 March 2016 decreased by 5.0%, relative to 
that at 31 March 2015.

3. Borrowings
At 31 March 2016, Synergy’s total borrowings amounted to R977 million (before amortised debt raising costs), with available 
loan facilities totalling R996 million. Synergy’s interest rates were hedged at 66% (2015: 48%) of total borrowings, at a 
weighted average rate of 9.25% at 31 March 2016 (2015: 8.22%). Synergy’s finance strategy is to minimise funding costs and 
refinance risk, and increase the fixed portion of funding entered into. 

4. Corporate Action 
Management continues to engage with Vukile and Arrowhead Properties Limited (Arrowhead), in a due diligence process to further 
the terms of a transaction in terms of which:
- Synergy’s asset management will be internalised;
- Vukile will acquire all or the bulk of Synergy’s retail assets in return for the sale by Vukile to Synergy of the majority 
  of Vukile’s office and industrial assets; and 
- Synergy will acquire 100% of the shares in Cumulative Properties Limited, a subsidiary of Arrowhead that will house its 
  portfolio of higher yielding retail, office and industrial properties, in return for the issue of Synergy B shares to 
  Arrowhead.

Accordingly, a further cautionary announcement in respect of the proposed transaction was issued on 26 April 2016,
which advised Synergy shareholders to continue to exercise caution when dealing in the company’s securities until further
announcements were made.

5. Property Portfolio
Since Synergy listed on the JSE in December 2011, the value creation and growth in the portfolio has been driven by
acquisitions and direct active management to deliver strong returns to investors. The cumulative fair value gain on the
portfolio, since listing, amounts to R451 million. The expiry profile of leases as at 31 March 2016 is represented below:

 Period                      GLA (m2)     % composition    
 Current vacancy               8 965                4.5    
 March 2017                   47 113               23.6    
 March 2018                   29 451               14.7    
 March 2019                   39 519               19.8    
 March 2020                   35 827               17.9    
 March 2021                   20 246               10.1    
 March 2022 and beyond        18 843                9.4    
 Total                       199 964                       

Synergy’s property portfolio is geographically diverse with shopping centres situated in Gauteng, KwaZulu-Natal,
North West, Western Cape, Limpopo, Mpumalanga and the Free State. Most of the Synergy shopping centres are located in
township and rural locations targeting the high-growth mass consumer market in South Africa. The geographical profile of the
portfolio is represented below:

 Province            GLA (m2)     % composition    
 Western Cape         52 617               26.3    
 KwaZulu-Natal        48 770               24.4    
 Gauteng              24 485               12.3    
 Mpumalanga           23 671               11.8    
 Free State           21 538               10.8    
 Limpopo              17 995                9.0    
 North West           10 888                5.4    
 Total               199 964                       

The split of tenants across the portfolio is represented by category in tabular format below:

                        Category A^      Category B#      Category C•      Total*    
 Number of tenants              312               57              357         726    
 Split (%)                       74                6               20         100    
 ^ Large national, listed tenants, major franchises and government                   
 # National and listed tenants, franchised and medium to large professional firms    
 • Other tenants                                                                     
 * Figures calculated using GLA data as at 31 March 2016                             
                                                                                     
As Synergy’s portfolio comprises retail assets which are regarded as one segment, no segmental report is prepared.

6. Statement of Financial Position 
   at 31 March 2016
                                                                                         2016             2015     
                                                                                         R000             R000    
   Assets                                                                                                         
   Non-current assets                                                               2 442 539        2 422 182    
   Investment properties and related receivables                                    2 441 574        2 421 900    
   Investment properties                                                            2 371 602        2 403 773    
   Straight-line rental income adjustment                                              69 972           18 127    
   Derivative financial instruments                                                       622                -    
   Deferred tax asset                                                                     343              282    
   Current assets                                                                      53 055           27 642    
   Trade and other receivables                                                         27 298           21 622    
   Derivative financial instruments                                                       141                -    
   Cash and cash equivalents                                                           25 616            6 020    
   Total assets                                                                     2 495 594        2 449 824    
   Equity and liabilities                                                                                         
   Shareholders’ interest                                                           1 463 357          460 591    
   Stated capital                                                                     953 410            1 537    
   Retained earnings                                                                   42 021          459 054    
   Non-distributable reserves                                                         467 926                -    
   Non-current liabilities                                                            976 954        1 922 555    
   Borrowings                                                                         976 016          968 658    
   Linked debentures                                                                        -          952 971    
   Derivative financial instruments                                                       938              926    
   Current liabilities                                                                 55 283           66 678    
   Trade and other payables                                                            55 283           41 288    
   Debenture interest payable                                                               -           25 307    
   Derivative financial instruments                                                         -               83    
   Total equity and liabilities                                                     2 495 594        2 449 824    
   Total number of shares in issue at 31 March                                    153 704 873      153 704 873    
   A shares                                                                        47 352 203       47 352 203    
   B shares                                                                       106 352 670      106 352 670    
   Net asset value per combined share (cents)*                                            952              920    
   Net asset value per A share (cents)*^                                                1 169            1 193    
   Net asset value per B share (cents)*                                                   855              798    
   Fair value per share represented by the market price at 31 March (cents)                                 
   Fair value of A share                                                                1 180            1 210    
   Fair value of B share                                                                  700              750    
   * The linked unit capital structure was converted to an all share structure during the year. Comparative figures
     represent linked units where applicable. Net asset value includes total equity attributable to equity holders
     and linked debenture holders (in respect of the former linked unit structure) where applicable.
   ^ Calculated based on the 60-day volume weighted average trading price at 31 March 2016 limited to combined net 
     asset value in accordance with the provisions of Synergy’s Memorandum of Incorporation.

7. Statements of Profit or Loss and Other Comprehensive Income 
   for the year/period ended 31 March 2016
                                                                                    12 months         9 months 
                                                                                         2016            2015* 
                                                                                         R000             R000 
   Property revenue                                                                   347 654          241 830 
   Straight-line rental income accrual                                                 51 845             (505)
   Gross property revenue                                                             399 499          241 325 
   Property expenses                                                                 (148 380)         (93 693)
   Net profit from property operations                                                251 119          147 632 
   Corporate administrative expenses                                                   (3 210)         (14 515)
   Finance income                                                                       1 628              915 
   Operating profit before finance costs                                              249 537          134 032 
   Finance costs                                                                      (84 908)         (58 761)
   Operating profit after finance costs                                               164 629           75 271 
   Debenture interest                                                                       -          (76 332)
   Profit/(loss) before capital items                                                 164 629           (1 061)
   Other capital items                                                                      -             (168)
   Profit/(loss) before fair value adjustments                                        164 629           (1 229)
   Gain on the ineffective portion of fair value of derivative                  
   financial instruments                                                                  225                - 
   Gross change in fair value of swaps                                                      -             (705)
   Net change in fair value of investment properties                                  (57 699)         (33 878)
   - Fair value adjustments                                                            (5 854)         (34 383)
   - Straight-line adjustment                                                         (51 845)             505 
   Profit/(loss) before taxation                                                      107 155          (35 812)
   Taxation                                                                                61              197 
   Profit/(loss) for the year/period                                                  107 216          (35 615)
   Other comprehensive income                                                                                  
   Cash flow hedges - current period gains (net of taxation)                              609                - 
   Total comprehensive income/(loss) for the year/period                              107 825          (35 615)
   Earnings/(loss) and diluted earnings/(loss) per combined share (cents)^              69.75           (23.17)
   Earnings/(loss) and diluted earnings/(loss) per A share (cents)^                     69.75           (23.17)
   Earnings/(loss) and diluted earnings/(loss) per B share (cents)^                     69.75           (23.17)
   Headline earnings per combined share (cents)^                                       107.29            (1.13)
   Headline earnings per A share (cents)^                                              107.29            66.53 
   Headline earnings per B share (cents)^                                              107.29            40.52 
   Total weighted average number of shares in issue at 31 March^                  153 704 873      153 704 873 
   A shares in issue^                                                              47 352 203       47 352 203 
   B shares in issue^                                                             106 352 670      106 352 670 
   * Prior period information is presented for the nine months to 31 March 2015, due to the change in year-end 
     to align Synergy with Vukile’s year-end following effective change of control.
   ^ The linked unit capital structure was converted to an all share structure during the year. Comparative 
     figures represent linked units where applicable.   

8. Reconciliation of Profit/(Loss) to Headline Earnings and to Profit Available for Distribution 
   for the year/period ended 31 March 2016
                                                                                    12 months        9 months 
                                                                                         2016           2015* 
                                                                                         R000            R000 
   Profit/(loss) for the year/period                                                  107 216         (35 615)
   Adjusted for:                                                                                              
   Debenture interest                                                                       -          76 332 
   Earnings                                                                           107 216          40 717 
   Net change in fair value of investment properties                                   57 699          33 877 
   Headline earnings                                                                  164 915          74 594 
   Adjusted for:                                                                                              
   Amortisation of loan raising costs                                                     754             556 
   Straight-line rental income accrual                                                (51 845)            505 
   Other capital items                                                                      -             169 
   Deferred taxation                                                                      (61)              - 
   Gain on the ineffective portion of fair value of derivative financial        
   instruments                                                                           (225)              - 
   Net change in fair value of swaps                                                        -             508 
   Change in fair value of swaps                                                            -             705 
   Deferred taxation on change in fair value of swaps                                       -            (197)
   Profit available for distribution for the year/period                              113 538          76 332 
   * Prior period information is presented for the nine months to 31 March 2015, due to the change in year-end
     to align Synergy with Vukile’s year-end following effective change of control.   

9. Statement of Changes in Equity
   for the year/period ended 31 March 2016
                                                                                                Non- 
                                                               Stated      Retained    distributable  
                                                              capital      earnings         reserves        Total 
                                                                 R000          R000             R000         R000 
   Balance at 30 June 2014                                      1 537       494 668                -      496 205 
   Total comprehensive income for the period                        -       (35 614)               -      (35 614)
   Balance at 31 March 2015                                     1 537       459 054                -      460 591 
   Profit for the year                                              -       107 216                -      107 216 
   Distribution paid                                                -       (56 932)               -      (56 932)
   Change in fair value of investment properties                    -         5 854           (5 854)           - 
   Transfer to non-distributable reserves                           -      (473 171)         473 171            - 
   Capital conversion of debentures to stated capital         952 971             -                -      952 971 
   Costs of conversion of debentures                           (1 098)            -                -       (1 098)
   Other comprehensive income     
   Revaluation of cash flow hedges                                  -             -              609          609 
   Balance at 31 March 2016                                   953 410        42 021          467 926    1 463 357 

10. Cash Flow statement 
    for the year/period ended 31 March 2016
                                                                                         2016            2015 
                                                                                         R000            R000 
    Cash flows from operating activities                                                                      
    Cash generated from operations                                                    204 466         138 228 
    Finance income                                                                      1 628             915 
    Interest paid                                                                    (109 461)       (162 220)
    Distribution paid                                                                 (56 932)              - 
    Net cash inflow/(outflow) from operating activities                                39 701         (23 077)
    Cash flows from investing activities                                                                      
    Additions to investment properties                                                (25 528)        (34 183)
    Net cash outflow from investing activities                                        (25 528)        (34 183)
    Cash flows from financing activities                                                                      
    Financial liabilities raised                                                        6 521          59 058 
    Costs of conversion of debentures                                                  (1 098)              - 
    Net cash inflow from financing activities                                           5 423          59 058 
    Net cash inflow for the year/period                                                19 596           1 798 
    Cash and cash equivalents at the beginning of the year/period                       6 020           4 222 
    Cash and cash equivalents at the end of the year/period                            25 616           6 020 

11. Operational Performance
Synergy continues to operate in a challenging macro-economic environment with highly indebted consumers operating in
a stagnant economy, which has contributed to a poor trading environment. 

An overall vacancy of 4.5% existed at 31 March 2016, compared to 5.6% at 31 March 2015. Rental reversions of 9.8%
have been achieved across the portfolio. Synergy maintained a national tenant ratio of 80% at 31 March 2016 in line with
Synergy’s target ratio. Eighty-four percent (33 023m2) of leases to be renewed during the period ended 31 March 2016 were
renewed, or are in the process of being renewed (2015: 67% (28 153m2)). The weighted average lease expiry profile for
the property portfolio at 31 March 2016 was 2.6 years (2015: 3.2 years). 

12. Capital Conversion
The capital conversion of A linked units and B linked units to an all-equity capital structure, to ensure compliance with 
REIT legislation, was fully implemented following shareholder approval on 22 June 2015.

13. Directorate
During the year under review, WM Brooks and AE Raubenheimer stepped down as chief executive officer and financial director on 
1 May 2015 and 22 May 2015 respectively, following Vukile assuming control of Synergy. GS Moseneke and RC Hawton were appointed 
as interim chief executive officer and financial director, effective 4 May and 22 May 2015 respectively. I Zwarenstein was 
appointed as a non-executive director effective 1 December 2015. 

14. Prospects
Management expects the tough conditions experienced in the financial year to March 2016 to continue into the next year, given 
the economic environment in which Synergy operates. Notwithstanding this, Synergy’s A shareholders will continue to receive a 5% 
growth in distributions, and B shareholders can expect a distribution per share in the range of 65.00 cents per share to 
68.00 cents per share. This is derived after taking into account further efforts to increase the fixed percentage of Synergy’s 
funding, in the face of an anticipated rise in interest rates. The company continues to focus inwardly on improving its financial 
position and actively pursuing the planned strategic transaction with Vukile and Arrowhead. 

The forecast growth in distribution is based on the assumptions that the macro-economic environment does not deteriorate further and 
no major corporate failures will occur. Forecast rental income has been based on contractual escalations and market-related renewals. 

This forecast has not been reviewed by the company’s auditors.

15. Payment of Final Distributions
The board has approved and notice is hereby given of final distributions of 47.32277 cents per A share and 32.15705 cents per B share 
for the six months ended 31 March 2016. 

In accordance with Synergy’s status as a REIT, shareholders are advised that the distribution meets the requirements of a “qualifying 
distribution” for the purposes of section 25BB of the Income Tax Act, 58 of 1962 (Income Tax Act). The distribution on the shares 
will be deemed to be a dividend, for South African tax purposes, in terms of section 25BB of the Income Tax Act.

The distribution received by or accrued to South African tax residents must be included in the gross income of such shareholders 
and will not be exempt from income tax (in terms of the exclusion to the general dividend exemption, contained in paragraph (aa) 
of section 10(1)(k)(i) of the Income Tax Act) because it is a dividend distributed by a REIT. This distribution is, however, exempt
from dividend withholding tax in the hands of South African tax resident shareholders, provided that the South African resident 
shareholders provided the following forms to their Central Securities Depository Participant (CSDP) or broker, as the case may be, 
in respect of uncertificated shares, or the company, in respect of certificated shares: 
- A declaration that the distribution is exempt from dividends tax; and
- A written undertaking to inform the CSDP, broker or the company, as the case may be, should the circumstances affecting the
  exemption change or the beneficial owner cease to be the beneficial owner; 
            
both in the form prescribed by the Commissioner for the South African Revenue Service. Shareholders are advised to contact their 
CSDP, broker or the company, as the case may be, to arrange for the above mentioned documents to be submitted prior to payment of the 
distribution, if such documents have not already been submitted.

Distributions received by non-resident shareholders will not be taxable as income and instead will be treated as an ordinary 
dividend which is exempt from income tax in terms of the general dividend exemption in section 10(1)(k)(i) of the Income Tax Act. 
It should be noted that up to 31 December 2014 distributions received by non-residents from a REIT were not subject to dividend 
withholding tax. Since 1 January 2015, any distribution received by a non-resident from a REIT will be subject to dividend
withholding tax at 15%, unless the rate is reduced in terms of any applicable agreement for the avoidance of double taxation 
(DTA) between South Africa and the country of residence of the shareholder. Assuming dividend withholding tax will be withheld 
at a rate of 15%, the net dividend amount due to non-resident shareholders is 40.22435 cents per A share and 27.33349 cents per 
B share. A reduced dividend withholding rate in terms of the applicable DTA, may only be relied on if the non-resident shareholder 
has provided the following forms to their CSDP or broker, as the case may be, in respect of uncertificated shares, or the company, 
in respect of certificated shares: 
- A declaration that the dividend is subject to a reduced rate as a result of the application of a DTA; and 
- A written undertaking to inform their CSDP, broker or the company, as the case may be, should the circumstances affecting the 
  reduced rate change or the beneficial owner cease to be the beneficial owner; 

both in the form prescribed by the Commissioner for the South African Revenue Service. Non-resident shareholders are advised to 
contact their CSDP, broker or the company, as the case may be, to arrange for the above mentioned documents to be submitted prior 
to payment of the distribution if such documents have not already been submitted, if applicable.

The salient dates for the final distributions will be as follows:

                                                             2016    
 Last day to trade cum distribution                Friday, 3 June    
 Securities trade ex distribution                  Monday, 6 June    
 Record date                                      Friday, 10 June    
 Payment date                                     Monday, 13 June    

Shareholders may not dematerialise or rematerialise their shares between Monday, 6 June 2016 and Friday, 10 June 2016, both days 
inclusive. Payment of the distribution will be made to shareholders on Monday, 13 June 2016. In respect of dematerialised shares, 
the distribution will be transferred to the CSDP/broker accounts on Monday, 13 June 2016. Certificated shareholders’ distribution 
payments will be paid to certificated shareholders’ bank accounts on Monday, 13 June 2016.

A shares in issue at the date of declaration of final distribution: 47 352 203
B shares in issue at the date of declaration of final distribution: 106 352 670
Synergy income tax reference number: 9068723171

16. Preparation, accounting policies and audit opinion
These summarised audited financial statements for the year ended 31 March 2016 have been prepared in accordance with 
International Financial Reporting Standards and are presented in accordance with the minimum content, including disclosures, 
prescribed by IAS 34 applied to year-end reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices 
Board, the JSE Listings Requirements and the requirements of the South African Companies Act, 2008. These summarised audited 
financial statements for the year ended 31 March 2016 are prepared on a going concern basis and Synergy’s accounting policies 
have been applied consistently to all periods presented. 

These statements, which comprise the statement of financial position at 31 March 2016 and the statement of comprehensive income, 
statement of changes in equity and statement of cash flows for the 12 months then ended are extracted from audited information, 
but are themselves not audited. The annual financial statements were audited by Grant Thornton, who expressed an unmodified 
opinion thereon. The auditor’s report does not necessarily cover all of the information included in this announcement. Shareholders
are therefore advised that, in order to obtain a full understanding of the nature of the auditor’s work, they should obtain a copy
of the audit report together with the accompanying financial information from the registered office of the company situated at
Ground Floor, One-On-Ninth, Cnr Glenhove Road and Ninth Street, Melrose Estate.

The directors take full responsibility for the preparation of this report and that the financial information has been correctly 
extracted from the underlying financial statements. 

This report was compiled under the supervision of Robert Hawton CA(SA), the financial director of the company. Synergy seeks to 
comply with the provisions of the SA Reit Best Practice Recommendations document.

The directors are not aware of any matters or circumstances arising subsequent to 31 March 2016 that require any additional 
disclosure or adjustment to the financial statements and which are not disclosed in this announcement.

By order of the board

Synergy Income Fund Limited
Johannesburg 
19 May 2016

JSE sponsor: Java Capital Trustees and Sponsors, 6A Sandown Valley Crescent, Sandown, Sandton, 2196  

Executive directors: GS Moseneke, RC Hawton                                                            
Non-executive directors: LG Rapp, MJ Potts, LX Mtumtum*, SJ Segar*, I Zwarenstein*, MJ Kuscus*         
*Independent non-executive director

Registered office: One-on-Ninth, corner Glenhove and Ninth Street, Melrose Estate, 2196 

Company Secretary: J Neethling  

Transfer secretaries: Link Market Services South Africa (Pty) Ltd, Johannesburg      

Investor and media relations: Marketing Concepts, Telephone +27 11 783 0700, Fax +27 11 783 3702       

www.synergyincomefund.com
Date: 19/05/2016 05:20:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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