Wrap Text
Interim condensed consolidated financial results for the six months ended 30 September 2017
Investec Bank Limited
(Registration number: 1969/004763/06)
Share code: INLP
ISIN: ZAE000048393
Interim condensed
consolidated financial
results for the
six months ended
30 September 2017
Consolidated income statement
Reviewed Reviewed Audited
Six months to Six months to Year to
30 September 30 September 31 March
R'million 2017 2016 2017
Interest income 15 619 14 973 29 716
Interest expense (11 956) (11 214) (22 297)
Net interest income 3 663 3 759 7 419
Fee and commission income 1 216 1 023 2 235
Fee and commission expense (132) (129) (236)
Investment income 597 170 472
Share of post taxation operating profit of associates 382 172 306
Trading income arising from
- customer flow 196 167 486
- balance sheet management and other trading activities 42 41 70
Other operating income 1 1 2
Total operating income before impairment losses on loans and advances 5 965 5 204 10 754
Impairment losses on loans and advances (373) (322) (657)
Operating income 5 592 4 882 10 097
Operating costs (3 121) (2 894) (5 887)
Operating profit before acquired intangibles 2 471 1 988 4 210
Amortisation of acquired intangibles (26) (26) (51)
Profit before taxation 2 445 1 962 4 159
Taxation on operating profit before acquired intangibles (143) (358) (944)
Taxation on acquired intangibles 7 7 14
Profit after taxation 2 309 1 611 3 229
Calculation of headline earnings
Reviewed Reviewed Audited
Six months to Six months to Year to
30 September 30 September 31 March
R'million 2017 2016 2017
Profit after taxation 2 309 1 611 3 229
Preference dividends paid (67) (65) (131)
Earnings attributable to ordinary shareholders 2 242 1 546 3 098
Headline adjustments, net of taxation^ (46) (60) (29)
Gain on realisation of available-for-sale assets recycled through the income
statement (46) (60) (61)
Loss on non-current assets held for sale - - 32
Headline earnings attributable to ordinary shareholders 2 196 1 486 3 069
^ These amounts are net of taxation of R18.0 million [Six months to 30 September 2016: R23.4 million; year to 31 March 2017: R14.6 million].
Consolidated statement of total comprehensive income
Reviewed Reviewed Audited
Six months to Six months to Year to
30 September 30 September 31 March
R'million 2017 2016 2017
Profit after taxation 2 309 1 611 3 229
Other comprehensive income:
Items that may be reclassified to the income statement
Fair value movements on cash flow hedges taken directly to
other comprehensive income* (36) 373 943
Fair value movements on available-for-sale assets taken directly
to other comprehensive income* 113 661 701
Gain on realisation of available-for-sale assets recycled through the income
statement* (46) (60) (61)
Foreign currency adjustments on translating foreign operations 39 (339) (479)
Total comprehensive income 2 379 2 246 4 333
Total comprehensive income attributable to ordinary shareholders 2 312 2 181 4 202
Total comprehensive income attributable to perpetual preference shareholders 67 65 131
Total comprehensive income 2 379 2 246 4 333
* These amounts are net of taxation of R12.2 million [Six months to 30 September 2016: (R167.3 million); year to 31 March 2017: R381.8 million].
Condensed consolidated statement of changes in equity
Reviewed Reviewed Audited
Six months to Six months to Year to
30 September 30 September 31 March
R'million 2017 2016 2017
Balance at the beginning of the period 35 165 31 865 31 865
Total comprehensive income 2 379 2 246 4 333
Dividends paid to ordinary shareholders (654) (900) (900)
Dividends paid to perpetual preference shareholders (67) (65) (131)
Other equity movements - - (2)
Balance at the end of the period 36 823 33 146 35 165
Condensed consolidated cash flow statement
Reviewed Reviewed Audited
Six months to Six months to Year to
30 September 30 September 31 March
R'million 2017 2016 2017
Cash inflows from operations 2 064 1 862 4 210
Increase in operating assets (2 807) (3 956) (10 324)
Increase in operating liabilities 241 3 990 9 335
Net cash (outflow)/inflow from operating activities (502) 1 896 3 221
Net cash outflow from investing activities (86) (102) (244)
Net cash (outflow)/inflow from financing activities** (429) 717 1 320
Effects of exchange rate changes on cash and cash equivalents 10 (501) (756)
Net (decrease)/increase in cash and cash equivalents (1 007) 2 010 3 541
Cash and cash equivalents at the beginning of the period 30 024 26 483 26 483
Cash and cash equivalents at the end of the period 29 017 28 493 30 024
Cash and cash equivalents is defined as including: cash and balances at central banks, on demand loans and advances to banks and
non-sovereign and non-bank cash placements (all of which have a maturity profile of less than three months).
** The net cash (outflow)/inflow from financing activities is detailed as below:
Reviewed Reviewed Audited
Six months to Six months to Year to
30 September 30 September 31 March
R'million 2017 2016 2017
Net inflow of subordinated liabilities 292 1 682 2 351
Dividends paid (721) (965) (1 031)
Net cash (outflow)/inflow from financing activities (429) 717 1 320
Consolidated balance sheet
Reviewed Audited Reviewed
At 30 September 31 March 30 September
R'million 2017 2017 2016
Assets
Cash and balances at central banks 9 200 8 353 8 101
Loans and advances to banks 18 723 31 937 32 571
Non-sovereign and non-bank cash placements 10 399 8 993 10 218
Reverse repurchase agreements and cash collateral on securities borrowed 17 933 26 627 31 068
Sovereign debt securities 50 722 47 822 47 800
Bank debt securities 8 156 7 758 8 294
Other debt securities 12 056 11 945 11 396
Derivative financial instruments 11 244 9 856 11 821
Securities arising from trading activities 1 463 653 824
Investment portfolio 8 414 7 204 7 073
Loans and advances to customers 241 093 225 669 214 452
Own originated loans and advances to customers securitised 7 231 7 776 8 323
Other loans and advances 291 310 336
Other securitised assets 274 100 106
Interest in associated undertakings 5 898 5 514 5 382
Deferred taxation assets 292 388 118
Other assets 6 817 5 266 4 351
Property and equipment 289 274 236
Investment properties 1 1 1
Goodwill 171 171 171
Intangible assets 460 508 521
Loans to group companies 16 449 18 106 14 076^
Non-current assets held for sale - 456 497
427 576 425 687 417 736
Liabilities
Deposits by banks 25 181 32 378 32 934
Derivative financial instruments 13 457 12 556 11 897
Other trading liabilities 1 708 1 667 1 529
Repurchase agreements and cash collateral on securities lent 9 906 7 825 16 721
Customer accounts (deposits) 309 996 303 397 290 903
Debt securities in issue 2 770 5 823 5 418
Liabilities arising on securitisation of own originated loans and advances 1 652 673 728
Current taxation liabilities 577 977 692
Deferred taxation liabilities 104 109 159
Other liabilities 5 725 5 995 4 874
Loans from group companies 6 153 5 942 6 328^
377 229 377 342 372 183
Subordinated liabilities 13 524 13 180 12 407
390 753 390 522 384 590
Equity
Ordinary share capital 32 32 32
Share premium 14 885 14 885 14 885
Other reserves 1 713 1 662 1 128
Retained income 20 193 18 586 17 101
Total equity 36 823 35 165 33 146
Total liabilities and equity 427 576 425 687 417 736
^ Restated, refer to 'Restatements' in the commentary below.
Liquidity coverage ratio disclosure
The objective of the Liquidity Coverage Ratio (LCR) is to promote the short-term resilience of the liquidity risk profile of banks by
ensuring that they have sufficient high quality liquid assets to survive a significant stress scenario lasting at least 30 calendar days.
The minimum LCR requirement is 80% for 2017, increasing by 10% each year to 100% on 1 January 2019.
In accordance with the provisions of section 6(6) of the South African Banks Act 1990 (Act No. 94 of 1990), banks are directed to
comply with the relevant LCR disclosure requirements, as set out in Directive 6/2014 and Directive 11/2014. This disclosure is in
accordance with Pillar 3 of the Basel III liquidity accord.
Investec Bank Limited Investec Bank Limited
Solo - Consolidated Group -
R'million Total weighted value Total weighted value
Total high quality liquid assets 73 169 73 239
Total net cash outflows 57 869 52 186
Actual LCR (%) 127.0 124.9
Required LCR (%) 80.0 80.0
Commentary
Overview of results
Investec Bank Limited, a subsidiary of Investec Limited, posted an
increase in headline earnings attributable to ordinary shareholders of
47.8% to R2 196 million (2016: R1 486 million).
The balance sheet remains sound with a capital adequacy ratio of
15.3% (31 March 2017: 15.4%). For full information on the Investec
Group results, refer to the combined results of Investec plc and
Investec Limited or the group's website http://www.investec.com.
Financial review
Unless the context indicates otherwise, all comparatives referred to in
the financial review relate to the six months ended 30 September 2016.
Salient operational features for the period under review include:
Total operating income before impairment losses on loans
and advances increased by 14.6% to R5 965 million
(2016: R5 204 million). The components of operating income are
analysed further below:
- Net interest income decreased 2.6% to R3 663 million
(2016: R3 759 million) negatively impacted by additional
subordinated debt issuance and an increase in the cost of foreign
liabilities following the sovereign rating downgrade. Lending
activity levels remained sound with core loans growing 6.5%
since 31 March 2017.
- Net fee and commission income increased 21.3% to R1 084 million
(2016: R894 million) supported by continued growth in the Private
Banking client base as well as a good performance from the
corporate treasury and corporate advisory businesses.
- Investment income increased significantly to R597 million
(2016: R170 million) supported by a strong performance from
the investment portfolio.
- Share of post taxation operating profit of associates of R382 million
(2016: R172 million) primarily reflects earnings in relation to the
group's investment in the IEP Group.
- Total trading income increased 14.4% amounting to R238 million
(2016: R208 million).
Impairments on loans and advances increased from R322 million
to R373 million, with the credit loss ratio on average core loans
and advances amounting to 0.31% (2016: 0.30%), remaining
at the lower end of its long term average trend. The percentage
of default loans (net of impairments but before taking collateral
into account) to core loans and advances amounted to
0.74% (31 March 2017: 1.03%). The ratio of collateral to
default loans (net of impairments) remains satisfactory at
2.19 times (31 March 2017: 1.66 times).
The ratio of total operating costs to total operating income
improved to 52.3% (2016: 55.6%). Total operating expenses
at R3 121 million were 7.8% higher than the prior period
(2016: R2 894 million) reflecting higher headcount costs across
the business to support increased activity and growth initiatives.
As a result of the foregoing factors profit before taxation and
acquired intangibles increased by 24.3% to R2 471 million
(2016: R1 988 million). Profit after taxation increased by 43.3%
to R2 309 million (2016: R1 611 million) impacted by a lower tax
rate following the release of provisions no longer required.
Accounting policies and disclosures
The condensed consolidated interim financial statements have
been prepared in accordance with International Financial Reporting
Standard, IAS 34, Interim Financial Reporting, the SAICA Financial
Reporting Guide as issued by the Accounting Practices Committee,
Financial Pronouncements as issued by Financial Reporting
Standards Council, the Companies Act of South Africa and
JSE Listings Requirements.
The accounting policies applied in the preparation of the results
for the six months ended 30 September 2017 are consistent
with those adopted in the financial statements for the year ended
31 March 2017.
Standards and interpretations issued but not yet effective
The following significant standards and interpretations, which
have been issued but are not yet effective, are applicable to
the group.
IFRS 9 Financial Instruments
The group will adopt IFRS 9 Financial Instruments on 1 April 2018.
The group expects that the recognition and measurement basis
of the majority of the group's financial assets will be largely
unchanged on application of IFRS 9, based on the analysis
performed to date.
The impairment requirements will lead to significant changes
in the accounting treatment for certain financial instruments
as a result of a shift from an incurred loss to an expected loss
impairment methodology. Credit risk methodologies have been
defined and model build has significantly been completed.
Approval, testing and validation of the models is ongoing.
IFRS 9 includes an accounting policy choice to remain with
IAS 39 hedge accounting. The group intends to continue
applying IAS 39's hedge accounting.
The classification and measurement and impairment
requirements are applied retrospectively by adjusting the
opening balance sheet at the date of initial application, with no
requirement to restate comparative periods. The group does not
intend to restate comparatives.
The regulatory capital impact of IFRS 9 has been proposed by
regulatory bodies with transitional capital arrangements being
announced for 1 January 2018 which would allow a phase in of
the Day 1 capital impact over a number of years.
It will not be practical to disclose reliable financial impact
estimates until the implementation programme and validation
and testing is further advanced.
IFRS 15 Revenue from contracts with customers
The group's current measurement and recognition principles
are aligned to the standard and the group does not expect an
impact to measurement principles currently applied. The impact
of the disclosure requirements of the standard is currently being
assessed.
The condensed consolidated interim financial statements have
been prepared under the supervision of Nishlan Samujh, the Group
Chief Financial Officer. The interim financial statements for the six
months ended 30 September 2017 will be posted to stakeholders
on 30 November 2017. These interim financial statements will be
available on the group's website at the same date.
Restatements
The group had previously offset an amount of loans payable to group
companies against loans receivable from group companies in the line
items "Loans to group companies" included in assets.
The presentation was amended in the March 2017 annual financial
statements.
The restatements to the balance sheet line items in the current period
are noted below:
At 30 September
R'million 2016
Restated
Loans to group companies 14 076
Loans from group companies 6 328
Total assets 417 736
Total liabilities 384 590
As previously reported
Loans to group companies 7 748
Loans from group companies -
Total assets 411 408
Total liabilities 378 262
Change to previously reported
Loans to group companies 6 328
Loans from group companies 6 328
Total assets 6 328
Total liabilities 6 328
The above changes had no impact on the income statement, net
assets or the net cash flows.
On behalf of the Board of Investec Bank Limited
Fani Titi Richard Wainwright
Chairman Chief Executive Officer
15 November 2017
Review conclusion
The condensed consolidated interim financial statements for
the period ended 30 September 2017 have been reviewed
by KPMG Inc. and Ernst & Young Inc., who expressed an
unmodified review conclusion. A copy of the auditors' review
report is available for inspection at the company's registered
office together with the financial statements identified in the
auditors' report.
The auditors' report does not necessarily report on all of the
information contained in these financial results. Shareholders
are therefore advised that in order to obtain a full understanding
of the nature of the auditors' engagement, they should obtain
a copy of the auditor's report together with the accompanying
financial information from the issuer's registered office.
Analysis of assets and liabilities by measurement basis
Total
instruments
Total at Non-
At 30 September 2017 instruments amortised financial
R'million at fair value cost instruments Total
Assets
Cash and balances at central banks - 9 200 - 9 200
Loans and advances to banks - 18 723 - 18 723
Non-sovereign and non-bank cash placements 51 10 348 - 10 399
Reverse repurchase agreements and cash collateral on securities borrowed 11 920 6 013 - 17 933
Sovereign debt securities 47 299 3 423 - 50 722
Bank debt securities 6 058 2 098 - 8 156
Other debt securities 10 418 1 638 - 12 056
Derivative financial instruments 11 244 - - 11 244
Securities arising from trading activities 1 463 - - 1 463
Investment portfolio 8 414 - - 8 414
Loans and advances to customers 17 391 223 702 - 241 093
Own originated loans and advances to customers securitised - 7 231 - 7 231
Other loans and advances - 291 - 291
Other securitised assets - 274 - 274
Interests in associated undertakings - - 5 898 5 898
Deferred taxation assets - - 292 292
Other assets 940 3 055 2 822 6 817
Property and equipment - - 289 289
Investment properties - - 1 1
Goodwill - - 171 171
Intangible assets - - 460 460
Loans to group companies 175 16 274 - 16 449
115 373 302 270 9 933 427 576
Liabilities
Deposits by banks - 25 181 - 25 181
Derivative financial instruments 13 457 - - 13 457
Other trading liabilities 1 708 - - 1 708
Repurchase agreements and cash collateral on securities lent 465 9 441 - 9 906
Customer accounts (deposits) 30 854 279 142 - 309 996
Debt securities in issue - 2 770 - 2 770
Liabilities arising on securitisation of own originated loans and advances - 1 652 - 1 652
Current taxation liabilities - - 577 577
Deferred taxation liabilities - - 104 104
Other liabilities 404 1 333 3 988 5 725
Loans from group companies - 6 153 - 6 153
Subordinated liabilities - 13 524 - 13 524
46 888 339 196 4 669 390 753
Financial instruments carried at fair value
The table below analyses recurring fair value measurements for
financial assets and financial liabilities.
These fair value measurements are categorised into different
levels in the fair value hierarchy based on the inputs to the
valuation technique used. The different levels are identified
as follows:
Level 1 - quoted (unadjusted) prices in active markets for
identical assets or liabilities
Level 2 - inputs other than quoted prices included within level 1
that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from
prices)
Level 3 - inputs for the asset or liability that are not based on
observable market data (unobservable inputs)
Fair value category
Financial
At 30 September 2017 instruments
R'million at fair value Level 1 Level 2 Level 3
Assets
Non-sovereign and non-bank cash placements 51 - 51 -
Reverse repurchase agreements and cash collateral on securities borrowed 11 920 - 11 920 -
Sovereign debt securities 47 299 47 299 - -
Bank debt securities 6 058 4 765 1 293 -
Other debt securities 10 418 6 590 3 828 -
Derivative financial instruments 11 244 - 11 234 10
Securities arising from trading activities 1 463 1 185 278 -
Investment portfolio 8 414 4 479 596 3 339
Loans and advances to customers 17 391 - 17 391 -
Other assets 940 940 - -
Loans to group companies 175 - 175 -
115 373 65 258 46 766 3 349
Liabilities
Derivative financial instruments 13 457 - 13 457 -
Other trading liabilities 1 708 240 1 468 -
Repurchase agreements and cash collateral on securities lent 465 - 465 -
Customer accounts (deposits) 30 854 - 30 854 -
Other liabilities 404 - 404 -
46 888 240 46 648 -
Net financial assets at fair value 68 485 65 018 118 3 349
Transfers between level 1 and level 2
There were no transfers between level 1 and level 2 in the current period.
Level 3 instruments
The following table shows a reconciliation of the opening balances to the closing balances for financial instruments in level 3 at fair
value category. All instruments are at fair value through profit and loss.
R'million 2017
Balance as at 1 April 2017 3 295
Total losses in the income statement (58)
Purchases 219
Sales (2)
Transfers out of level 3 (106)
Foreign exchange adjustments 1
Balance at 30 September 2017 3 349
For the period ended 30 September 2017, R105.6 million has been transferred from level 3 into level 2 as a result of the inputs to the valuation
methods becoming observable in the market due to a selling price becoming available.
The following table quantifies the losses included in the income statement recognised on level 3 financial instruments:
For the six months to 30 September 2017
R'million Total Realised Unrealised
Total losses included in the income statement for the period
Investment income (58) (5) (53)
Sensitivity of fair values to reasonably possible alternative assumptions by level 3 instrument type
The fair value of financial instruments in level 3 are measured using valuation techniques that incorporate assumptions that are not
evidenced by prices from observable market data. The following table shows the sensitivity of these fair values to reasonably possible
alternative assumptions, determined at a transactional level:
Level 3 Range which Potential impact on the
balance unobservable income statement
sheet Significant input has Favourable Unfavourable
value Valuation unobservable been changes changes
At 30 September 2017 R'million method input changed stressed R'million R'million
Assets
Derivative financial instruments 10 Comparable Property value (10%) - 10% 1 (1)
sales
Investment portfolio 3 339 1 077 (1 222)
Price earnings EBITDA * 902 (843)
Discounted Precious and
cash flow industrial metals (10%) - 6% 116 (320)
prices
Other Various ** 59 (59)
Total 3 349 1 078 (1 223)
* The EBITDA has been stressed on an investment-by-investment basis in order to obtain favourable and unfavourable valuations.
** The valuation sensitivity for certain equity investments has been assessed by adjusting various inputs such as expected cash flows,
discount rates, earnings multiples rather than a single input. It is deemed appropriate to reflect the outcome on a portfolio basis
for the purpose of this analysis as the sensitivity of the investment cannot be determined through the adjustment of a single input.
In determining the value of level 3 financial instruments, the following is a principal input that can require judgement:
EBITDA
The group's earnings before interest, taxes, depreciation and amortisation. This is the main input into a price earnings multiple valuation
method.
Property value and precious and industrial metal prices
Property value and the price of precious and industrial metals is a key driver of future cash flows on these investments.
Measurement of financial assets and liabilities at level 2
The table below sets out information about the valuation techniques used at the end of the reporting period in measuring financial
instruments categorised as level 2 in the fair value hierarchy:
Valuation basis/techniques Main inputs
Assets
Non-sovereign and non-bank cash placements Discounted cash flow model Yield curve
Reverse repurchase agreements and cash collateral on Discounted cash flow model Yield curve
securities borrowed Black-Scholes Volatilities
Bank debt securities Discounted cash flow model Yield curve
Other debt securities Discounted cash flow model Yield curve
Derivative financial instruments Discounted cash flow model Yield curve
Black-Scholes Volatilities
Securities arising from trading activities Adjusted quoted price Liquidity adjustment
Investment portfolio Adjusted quoted price Liquidity adjustment
Loans and advances to customers Discounted cash flow model Yield curve
Loans to group companies Discounted cash flow model Yield curve
Liabilities
Derivative financial instruments Discounted cash flow model Yield curve
Black-Scholes Volatilities
Other trading liabilities Discounted cash flow model Yield curve
Repurchase agreements and cash collateral on securities lent Discounted cash flow model Yield curve
Customer accounts (deposits) Discounted cash flow model Yield curve
Other liabilities Discounted cash flow model Yield curve
Fair value of financial assets and liabilities at amortised cost
The following table sets out the fair value of financial instruments held at amortised cost where the carrying value is not a reasonable
approximation of fair value:
At 30 September 2017 Carrying Fair
R'million value value
Assets
Sovereign debt securities 3 423 3 340
Bank debt securities 2 098 2 228
Other debt securities 1 638 1 649
Loans and advances to customers 223 702 223 871
Liabilities
Deposits by banks 25 181 24 991
Repurchase agreements and cash collateral on securities lent 9 441 9 850
Customer accounts (deposits) 279 142 278 631
Debt securities in issue 2 770 2 761
Subordinated liabilities 13 524 14 493
Investec Bank Limited
Incorporated in the Republic of South Africa
Registration number: 1969/004763/06
Share code: INLP
ISIN: ZAE000048393
Preference share dividend announcement
Non-redeemable non-cumulative non-participating
preference shares ("preference shares")
Declaration of dividend number 29
Notice is hereby given that preference dividend number 29 has
been declared by the Board from income reserves for the period
01 April 2017 to 30 September 2017 amounting to a gross
preference dividend of 434.57166 cents per share payable to
holders of the non-redeemable non-cumulative non-participating
preference shares as recorded in the books of the company at
the close of business on Friday, 08 December 2017.
The relevant dates for the payment of dividend number 29
are as follows:
Last day to trade cum-dividend Tuesday, 05 December 2017
Shares commence
trading ex-dividend Wednesday, 06 December 2017
Record date Friday, 08 December 2017
Payment date Monday, 11 December 2017
Share certificates may not be dematerialised or
rematerialised between Wednesday, 06 December 2017 and
Friday, 08 December 2017, both dates inclusive.
Additional information to take note of:
- Investec Bank Limited tax reference number: 9675/053/71/5
- The issued preference share capital of Investec Bank Limited
is 15 447 630 preference shares in this specific class
- The dividend paid by Investec Bank Limited is subject to
South African Dividend Tax (Dividend Tax) of 20% (subject to
any available exemptions as legislated)
- The net dividend amounts to 347.65733 cents per preference
share for shareholders liable to pay the Dividend Tax and
434.57166 cents per preference share for preference
shareholders exempt from paying the Dividend Tax.
By order of the board
N van Wyk
Company Secretary
15 November 2017
Registered office Transfer secretaries
100 Grayston Drive Computershare Investor
Sandown Services (Pty) Ltd
Sandton Rosebank Towers
2196 15 Biermann Avenue,
Rosebank, 2196
Investec Bank Limited
(Registration number: 1969/004763/06)
Share code: INLP
ISIN: ZAE000048393
Directors Company secretary
F Titi (Chairman) N van Wyk
D M Lawrence (Deputy Chairman)
S Koseff^ (Group Chief Executive)
B Kantor^ (Managing Director)
R J Wainwright^ (Chief Executive)
S E Abrahams, Z B M Bassa
G R Burger^, D Friedland,
N A Samujh^, K L Shuenyane,
B Tapnack^, P R S Thomas
^ Executive
Sponsor
Investec Bank Limited
Date: 16/11/2017 08:59:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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