OceanaGold Reports Third Quarter 2023 Operating and Financial Results
(All financial figures in US Dollars unless otherwise stated)
VANCOUVER, BC, Oct. 25, 2023 /CNW/ - OceanaGold Corporation (TSX: OGC) (OTCQX: OCANF) ("OceanaGold" or the "Company") reported its operational and financial results for the three months ended September 30, 2023. The consolidated financial statements and the Management Discussion and Analysis ("MD&A") are available at www.oceanagold.com.
Gerard Bond, President and CEO of OceanaGold, said "The third quarter was always expected to be our lowest production quarter of 2023, though it was further impacted by isolated challenges in the final stage of the Mill Zone pit at Haile. However, strong performance at Didipio and Macraes keeps us on track to meet the low-end of our full-year consolidated production guidance range. We also achieved a number of exciting milestones across our business during the quarter: Haile produced its millionth ounce, first ore from the Haile Underground was mined, the ball mill at Macraes was comprehensively repaired and returned to full service, and some exciting exploration results were released at Didipio and Haile. We remain focused on safely and responsibly delivering on our consolidated full-year production guidance in the final quarter of the year and have laid the groundwork for a strong 2024 and beyond."
Third Quarter Highlights
- 12MMA total recordable injury frequency rate of 4.1 per million hours worked.
- Consolidated production of 99,028 ounces of gold and 3,413 tonnes of copper.
- Third quarter All-In Sustaining Costs ("AISC") of $1,911 per ounce on gold sales of 97,911 ounces.
- YTD AISC of $1,563 per ounce on gold sales of 349,064 ounces.
- Revenue of $214 million, EBITDA of $59 million and NPAT of $(6) million.
- YTD revenue of $759 million, EBITDA of $312 million and NPAT of $102 million.
- Adjusted earnings of $0.00 per share and operating cash flow of $0.08 per share.
- Repaid $15 million on the revolving credit facility during the quarter.
- Net debt of $172 million as at September 30, 2023, at a leverage ratio of 0.41 times.
- First development ore from the Haile Underground delivered to surface and on track for first stope ore to the mill in October.
- Extended known mineralization approximately 100 metres below the existing resource at Didipio.
- Haile third quarter production adversely impacted by final stage of now complete Mill Zone Pit.
- Macraes ball mill fully repaired and milling returned to full capacity in August 2023.
- Semi-annual dividend of $0.01 per share paid October 6, 2023.
Table 1 – Production and Cost Results Summary
Quarter ended | Haile | Didipio | Waihi | Macraes | Consolidated | |||
Q3 2023 | Q2 2023 | Q3 2022 | ||||||
Production, Sales & Costs | ||||||||
Gold Produced | koz | 23.0 | 30.5 | 10.9 | 34.7 | 99.0 | 130.1 | 105.0 |
Gold Sales | koz | 23.2 | 29.7 | 11.0 | 34.0 | 97.9 | 139.1 | 111.4 |
Average Gold Price | US$/oz | 1,930 | 1,944 | 1,924 | 1,930 | 1,934 | 1,967 | 1,699 |
Copper Produced | kt | — | 3.4 | — | — | 3.4 | 3.4 | 3.6 |
Copper Sales | kt | — | 3.1 | — | — | 3.1 | 3.5 | 3.7 |
Average Copper Price (2) | US$/lb | — | 3.76 | — | — | 3.76 | 3.67 | 3.14 |
Cash Costs | US$/oz | 1,063 | 754 | 1,549 | 1,004 | 1,003 | 725 | 1,100 |
Site AISC (1) | US$/oz | 3,047 | 872 | 2,196 | 1,550 | 1,911 | 1,318 | 1,554 |
Operating Physicals | ||||||||
Material Mined | kt | 7,683 | 443 | 268 | 11,347 | 19,741 | 20,922 | 20,082 |
Waste Mined | kt | 7,359 | 29 | 141 | 9,295 | 16,824 | 16,668 | 16,947 |
Ore Mined | kt | 324 | 414 | 127 | 2,052 | 2,917 | 4,254 | 3,135 |
Mill Feed | kt | 777 | 1,014 | 131 | 1,338 | 3,260 | 3,651 | 3,454 |
Mill Feed Grade | g/t | 1.21 | 1.04 | 2.77 | 0.97 | 1.12 | 1.30 | 1.13 |
Gold Recovery | % | 76.6 | 89.8 | 93.0 | 83.6 | 84.2 | 85.2 | 82.6 |
Capital Expenditures | ||||||||
General Operations | US$m | 12.7 | 2.9 | 1.1 | 6.8 | 23.5 | 26.5 | 18.9 |
Pre-strip & Capitalized Mining | US$m | 32.7 | 0.6 | 5.0 | 8.9 | 47.2 | 40.9 | 19.7 |
Growth | US$m | 14.9 | 2.4 | 1.7 | 0.5 | 19.5 | 16.6 | 12.4 |
Exploration | US$m | 1.7 | 0.7 | 4.2 | 0.4 | 7.0 | 6.5 | 5.4 |
Total Capital Expenditures | US$m | 62.0 | 6.6 | 12.0 | 16.6 | 97.2 | 90.5 | 56.4 |
Year to date | Haile | Didipio | Waihi | Macraes | Consolidated | ||
YTD 2023 | YTD 2022 | ||||||
Production, Sales & Costs | |||||||
Gold Produced | koz | 1414.6 | 95.7 | 35.9 | 100.9 | 347.2 | 351.3 |
Gold Sales | koz | 116.6 | 95.9 | 35.8 | 100.8 | 349.1 | 350.4 |
Average Gold Price | US$/oz | 1,942 | 1,948 | 1,940 | 1,937 | 1,942 | 1,828 |
Copper Produced | kt | — | 10.3 | — | — | 10.3 | 10.9 |
Copper Sales | kt | — | 9.9 | — | — | 9.9 | 11.2 |
Average Copper Price (2) | US$/lb | — | 3.90 | — | — | 3.90 | 3.79 |
Cash Costs | US$/oz | 720 | 642 | 1,284 | 1,034 | 847 | 865 |
Site AISC (1) | US$/oz | 1,755 | 727 | 1,949 | 1,611 | 1,563 | 1,338 |
Operating Physicals | |||||||
Material Mined | kt | 25,909 | 1,287 | 716 | 35,567 | 63,479 | 64,942 |
Waste Mined | kt | 23,300 | 101 | 378 | 29,328 | 53,107 | 54,667 |
Ore Mined | kt | 2,609 | 1,186 | 339 | 6,239 | 10,372 | 10,277 |
Mill Feed | kt | 2,484 | 3,086 | 341 | 4,096 | 10,007 | 10,240 |
Mill Feed Grade | g/t | 1.76 | 1.08 | 3.50 | 0.93 | 1.27 | 1.27 |
Gold Recovery | % | 81.0 | 89.5 | 93.5 | 82.3 | 84.6 | 83.1 |
Capital Expenditures | |||||||
General Operations | US$m | 37.1 | 5.2 | 2.3 | 26.2 | 70.8 | 49.1 |
Pre-strip & Capitalized Mining | US$m | 78.3 | 2.6 | 18.7 | 30.4 | 130.0 | 79.9 |
Growth | US$m | 38.9 | 5.1 | 5.8 | 1.3 | 51.1 | 41.3 |
Exploration | US$m | 4.5 | 1.4 | 9.6 | 2.3 | 17.8 | 16.6 |
Total Capital Expenditures | US$m | 158.8 | 14.3 | 36.4 | 60.2 | 269.7 | 186.9 |
(1) | Site AISC are exclusive of corporate general and administrative expenses but include share based remuneration paid to eligible site employees, Consolidated AISC is inclusive of corporate general and administrative expenses which includes share based remuneration paid to eligible non-operations corporate employees. Cash Costs and All-In Sustaining Costs are reported on ounces sold and net of by-product credit basis. |
(2) | The Average Copper Price Received calculated includes marked to market revaluations on unfinalized shipments as well as final adjustments on prior period shipments per accounting requirements. |
Notes: | |
• | Consolidated capital excludes rehabilitation and closure costs at Reefton and Junction Reefs plus corporate capital projects not related to a specific operating region; these totalled $0.9 million and $0.3 million respectively in the third quarter. Capital and exploration expenditure by location excludes related regional greenfield exploration where applicable. |
Table 2 – Financial Summary
Quarter ended 30 September 2023 (US$m) | Q3 30 Sep 2023 | Q2 30 Jun 2023 | Q3 30 Sep 2022 | YTD 2023 | YTD 2022 |
Revenue | 214.1 | 301.0 | 213.9 | 759.0 | 729.0 |
Cost of sales, excluding depreciation and amortization | (113.3) | (121.1) | (143.1) | (352.9) | (377.4) |
General and administration – indirect taxes (1) | (7.4) | (5.1) | (3.4) | (18.1) | (11.7) |
General and administration – other | (16.9) | (18.8) | (12.3) | (53.9) | (37.9) |
Additional Government Share (2) | (13.9) | — | — | (13.9) | — |
Foreign currency exchange gain/(loss) | (3.4) | (3.2) | (15.7) | (8.7) | (30.5) |
Other income/(expense) | — | (0.3) | 0.7 | 0.2 | 1.3 |
EBITDA (excluding impairment expense) (3) | 59.2 | 152.5 | 40.1 | 311.7 | 272.8 |
Depreciation and amortization | (51.7) | (60.2) | (46.3) | (157.0) | (148.7) |
Net interest expense and finance costs | (4.4) | (4.8) | (1.6) | (14.7) | (5.1) |
Earnings before income tax (excluding impairment expense) (3) | 3.1 | 87.5 | (7.8) | 140.0 | 119.0 |
Income tax (expense)/benefit on earnings | (8.6) | (18.9) | 1.4 | (38.0) | (23.0) |
Earnings after income tax (excluding impairment expense) (3) | (5.5) | 68.6 | (6.4) | 102.0 | 96.0 |
Impairment of exploration/property expenditure/investment (4) | — | — | — | — | (4.4) |
Net Profit/(loss) after Tax | (5.5) | 68.6 | (6.4) | 102.0 | 91.6 |
Basic earnings/(loss) per share | $(0.01) | $0.10 | $(0.01) | $0.14 | $0.13 |
Earnings/(loss) per share - fully diluted | $(0.01) | $0.09 | $(0.01) | $0.14 | $0.13 |
(1) | Represents production-based taxes in the Philippines, specifically excise tax, local business and property taxes. |
(2) | As at September 30, 2023, there was an initial recognition of the Additional Government Share. Under the addendum and renewal agreement of the FTAA under which the Company's Didipio mine in the Philippines operates, the Philippines government is entitled to the Additional Government Share. This is equal to 60% of the Net Revenue of the mine less taxes and fees paid to the government after the Company's recovery of the pre-operating expenditure. The Additional Government Share has been recognized on a life to date basis and has been recorded within Trade and other payables. |
(3) | EBITDA, EBIT and Earnings after income tax are non-GAAP measures. Refer to the Accounting & Controls section of this report for an explanation. |
(4) | There were two write-offs in 2022 totalling $4.4 million related to capital projects in New Zealand and the Sam's Creek investment. |
Table 3 - Cash flow Summary
Quarter ended 30 September 2023 (US$m) | Q3 30 Sep 2023 | Q2 30 Jun 2023 | Q3 30 Sep 2022 | YTD 2023 | YTD 2022 |
Cash flows from Operating Activities | 62.5 | 161.7 | 45.0 | 289.4 | 268.5 |
Cash flows used in Investing Activities | (92.1) | (89.4) | (55.1) | (263.1) | (190.6) |
Cash flows used in Financing Activities | (22.7) | (14.6) | (6.9) | (43.9) | (72.9) |
Free Cash Flow | (29.6) | 72.3 | (17.1) | 26.3 | 55.0 |
Note: Free Cash Flow in 2023 has been calculated as Cash flows from Operating Activities, less Cash flows used in Investing Activities. In the prior year, Free Cash Flow was calculated as Cash flows from Operating Activities, less Cash flows used in Investing Activities less finance lease principal payments which are reported as part of cash flow used in financing activities in 2022. |
Operations
The Company produced 99,028 ounces of gold and 3,413 tonnes of copper in the third quarter of 2023. Third quarter gold production was 24% lower than the previous quarter and 6% lower than the corresponding quarter in 2022. The quarter-on-quarter reduction was driven by decreased production at Haile, with lesser contribution quarter-on-quarter also from Macraes and Waihi. The Company has produced 347,207 ounces of gold and 10,324 tonnes of copper year-to-date ("YTD"), which was broadly in line with the corresponding period in 2022.
On a consolidated basis, the Company recorded a third quarter AISC of $1,911 per ounce on gold sales of 97,911 ounces and copper sales of 3,133 tonnes. This was a 45% increase in AISC compared to the previous quarter and a 23% increase compared to the corresponding period in 2022. The quarter-on-quarter increase was mainly driven by 30% lower comparative gold sales, especially from Haile. YTD the Company has recorded an AISC of $1,563 on sales of 349,064 ounces of gold and 9,877 tonnes of copper. AISC excludes the Additional Government Share of $13.9 million at Didipio for both the third quarter of 2023 and YTD 2023 related to the Financial or Technical Assistance Agreement ("FTAA").
Haile produced 22,961 ounces of gold in the third quarter. The 47% reduction compared to the previous quarter was due to lower than expected grades from the lower benches of the Mill Zone pit and a planned transition to waste stripping at Ledbetter pit; mining in Mill Zone was completed in the third quarter. Haile's third quarter AISC was $3,047 per ounce, a material increase compared to the previous quarter largely driven by the lower quarter-on-quarter gold sales. YTD Haile has produced 114,640 ounces of gold at an AISC of $1,755 per ounce sold.
During the third quarter, first development ore was mined and stockpiled from the Horseshoe Underground mine at Haile. First stope ore was achieved in mid-October and three production stopes are planned to be mined and delivered to the mill in the fourth quarter of 2023.
Didipio produced 30,479 ounces of gold and 3,413 tonnes of copper in the third quarter. The 5% reduction in gold production compared to the previous quarter was mainly due to slightly lower grades consistent with the mine plan. Copper production was largely flat quarter-on-quarter. Didipio's third quarter AISC was $872 per ounce on gold sales of 29,657 ounces and 3,133 tonnes of copper, an 18% increase on the previous quarter due to lower by-product credits (mainly volume related) and higher production taxes. YTD Didipio has produced 95,720 ounces of gold and 10,324 tonnes of copper at an AISC of $727 per ounce.
Macraes produced 34,725 ounces of gold in the third quarter. The 12% reduction compared to the previous quarter was due to lower total mill feed with ball Mill No:2 ("ML-02") taken down for repair in July. The repair was completed in August and ML-02 was returned to service and operated at full capacity for the remainder of the third quarter. Macraes third quarter AISC was $1,550 per ounce, a 20% increase compared to the previous quarter mainly due to the lower quarter-on-quarter gold sales. YTD Macraes has produced 100,901 ounces of gold at an AISC of $1,611 per ounce.
Waihi produced 10,863 ounces of gold for the third quarter. The 27% decrease compared to the previous quarter was driven by a 36% decrease in feed grade, as mining encountered additional lower grade remnant ore material, partially offset by a 10% increase in ore tonnes mined. Waihi's third quarter AISC was $2,196 per ounce, a 36% increase compared to the previous quarter mainly driven by the lower quarter-on-quarter gold sales. YTD Waihi has produced 35,945 ounces of gold at an AISC of $1,949 per ounce.
Financial
The Company recorded third quarter consolidated revenue of $214.1 million, a 29% decrease compared to the previous quarter largely driven by 30% lower gold sales. The decrease in gold sales reflected the aforementioned performance at Haile, Macraes and Waihi. Third quarter revenue was broadly in line with the corresponding period in 2022.
The Company has YTD consolidated revenue of $759.0 million, a 4% increase relative to the corresponding period in 2022, driven by a 14% higher realized gold price for the Company and an 18% increase in gold sales at Macraes. This was partially offset by a 42% decrease in gold sales at Haile and a 18% decrease in gold sales at Waihi relative to the corresponding period.
Third quarter EBITDA was $59.2 million, a 61% decrease relative to the previous quarter mainly due to the lower revenue and the Additional Government Share of $13.9 million recognized for the first time at Didipio, partially offset by lower costs of sales. YTD consolidated EBITDA was $311.7 million, reflecting a 14% increase compared to the corresponding period in 2022 with higher revenue and lower foreign currency exchange losses, partially offset by higher general and administration costs including indirect taxes and the Additional Government Share at Didipio.
Third quarter Net Loss After Tax was $(5.5) million or $(0.01) per share fully diluted, compared with a Net Profit After Tax of $68.6 million and $0.09 per share fully diluted in the previous quarter.
Third quarter Adjusted Net Loss After Tax was $(1.6) million or $0.00 per share fully diluted compared with an Adjusted Net Profit After Tax of $70.4 million or $0.10 per share in the previous quarter.
YTD Net Profit After Tax was $102.0 million, a 6% increase compared to the corresponding period in 2022.
Third quarter cash flows from operating activities were $62.5 million, which was 61% below the previous quarter reflecting both the lower revenue and EBITDA in the third quarter, in line with plan. YTD cash flows from operating activities totalled $289.4 million, which was 8% above the corresponding period in 2022.
Third quarter cash flows used in investing activities totalled $92.1 million, which was 3% above the prior quarter, due primarily to higher quarter-on-quarter pre-stripping and capitalized mining costs and growth capital expenditure primarily related to the Haile underground mine development.
The Company's Free Cash Flow ("FCF") for the third quarter was $(29.6) million. YTD FCF is $26.3 million.
As at September 30, 2023, the Company's available revolving credit facilities remained at $250 million, with $115 million undrawn following a discretionary repayment of $15.0 million during the third quarter. The Company had immediately available liquidity of $175 million including $60.3 million in cash.
The Company's Net Debt position, inclusive of equipment leases, increased to $171.6 million from $136.3 million in the previous quarter primarily due to the decrease in cash and cash equivalents as a result of negative FCF and payment of the semi-annual dividend. The Company's leverage ratio was 0.41 times as at September 30, 2023.
Outlook
Overall, the Company expects to deliver gold production within its original production range, albeit towards the lower end of the range. Copper production and group capital and exploration expenditure guidance remains unchanged, with changes at the asset level offsetting each other. AISC guidance has been lifted by $125 per ounce reflecting the impact of lower production from Haile.
The Company's updated 2023 full year guidance is presented in the tables below.
Production & Costs | Haile | Didipio | Waihi | Macraes | Consolidated | |||||||||||
Gold Production | koz | 140 | - | 150 | 125 | - | 135 | 50 | - | 60 | 130 | - | 140 | 460 | - | 480 |
Copper Production | kt | - | 12 | - | 14 | - | - | 12 | - | 14 | ||||||
Cash costs | $/oz | 950 | - | 1,050 | 500 | - | 600 | 1,350 | - | 1,450 | 900 | - | 1,000 | 850 | - | 950 |
All-in sustaining costs (1) | $/oz | 1,950 | - | 2,050 | 650 | - | 750 | 1,800 | - | 1,900 | 1,575 | - | 1,675 | 1,550 | - | 1,650 |
Capital Investments | Haile | Didipio | Waihi | Macraes | Consolidated | Included | ||||||||||||
Pre-strip and Capitalized Mining | 85 | - | 95 | 4 | - | 6 | 20 | - | 25 | 45 | - | 50 | 155 | - | 170 | 155 | - | 170 |
General Operations | 45 | - | 50 | 10 | - | 15 | 3 | - | 5 | 30 | - | 35 | 85 | - | 100 | 85 | - | 100 |
Growth | 40 | - | 45 | 5 | - | 10 | 10 | - | 15 | 1 | - | 3 | 60 | - | 70 | — | - | — |
Exploration | 6 | - | 8 | 3 | - | 5 | 13 | - | 18 | 2 | - | 4 | 25 | - | 35 | 7 | - | 9 |
Total Investments | 180 | - | 200 | 25 | - | 35 | 45 | - | 55 | 80 | - | 90 | 330 | - | 385 | 245 | - | 285 |
1. | Consolidated AISC include corporate costs. AISC guidance based on copper price of $3.75/lb. |
2. | Includes corporate capital and excludes Reefton and junction Reefs Rehabilitation costs and equipment leases classified as non-sustaining at inception. |
As stated in the news release dated September 14, 2023, under reconciliation in the lower benches of the now complete Mill Zone pit negatively impacted Haile's production guidance for the year. However, due to strong operating performance YTD and projected for the remainder of the year at both Didipio and Macraes, the Company still expects to produce above the bottom end of the original group gold production guidance range of 460,000 ounces, but has narrowed the top end of the gold production guidance to be 480,000 ounces. The Company's copper production guidance of between 12,000 to 14,000 tonnes remains unchanged.
Reflecting the lower production guidance, group cash cost guidance has increased to $850 to $950 per ounce and AISC guidance has increased to $1,550 to $1,650 per ounce for the year.
As previously announced, full year production at Haile is expected to be approximately 25,000 ounces below the bottom of the original guidance range, with full year production now expected to be 140,000 to 150,000 ounces of gold. Consequently Haile's AISC will be higher and is now expected to be between $1,950 and $2,050 per ounce.
Didipio full year production is expected to exceed the original guidance range, which has been increased to 125,000 to 135,000 ounces of gold, with copper guidance unchanged at 12,000 to 14,000 tonnes of copper. As a result of the higher production, AISC is expected to be lower than original guidance and is now expected to be between $650 and $750 per ounce.
Through increased throughput initiatives at Macraes following the ball mill repair, Macraes is expected to exceed its original production guidance and is now expected to produce between 130,000 and 140,000 ounces of gold for the year. As a result of the higher production, AISC is expected to be lower than original guidance and is now expected to be between $1,575 and $1,675 for the year.
Waihi's 2023 production guidance of between 50,000 and 60,000 ounces of gold remains unchanged. However, a projected increase in operating costs including contract workers and additional water management costs means that AISC is now expected to be between $1,800 and $1,900 per ounce, which is higher than original guidance.
The Company also maintains its consolidated capital and exploration expenditure guidance of between $330 million and $385 million unchanged. However, based on the latest mine plans and the timing of planned capital expenditure programs, the full year general operations capital and growth capital guidance ranges have been reduced to $85 million to $100 million and $60 million to $70 million, respectively, while pre-strip and capitalized mining costs have been increased to $155 million to $170 million. Exploration expenditure guidance remains unchanged.
Conference Call
Senior management will host a conference call / webcast to discuss the results on Thursday October 26th, 2023, at 9:00 am Eastern Time.
Webcast Details:
To register, please copy and paste the link into your browser: https://app.webinar.net/RGB2oWGoZV9
Conference Call Details:
Toll-free North America: +1 888-390-0546
Toronto and International: +1 416-764-8688
If you are unable to attend the call, a recording will be made available on the Company's website.
OceanaGold is a growing intermediate gold and copper producer committed to safely and responsibly maximizing the generation of Free Cash Flow from our operations and delivering strong returns for our shareholders. We have a portfolio of four operating mines: the Haile Gold Mine in the United States of America; Didipio Mine in the Philippines; and the Macraes and Waihi operations in New Zealand.
www.oceanagold.com | Twitter: @OceanaGold
Cautionary Statement for Public Release
Certain information contained in this public release may be deemed "forward-looking" within the meaning of applicable securities laws. Forward-looking statements and information relate to future performance and reflect the Company's expectations regarding the generation of free cash flow, execution of business strategy, future growth, future production, estimated costs, results of operations, business prospects and opportunities of OceanaGold Corporation and its related subsidiaries. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those expressed in the forward-looking statements and information. They include, among others, the accuracy of mineral reserve and resource estimates and related assumptions, inherent operating risks and those risk factors identified in the Company's most recent Annual Information Form prepared and filed with securities regulators which is available on SEDAR at www.sedar.com under the Company's name. There are no assurances the Company can fulfil forward-looking statements and information. Such forward-looking statements and information are only predictions; actual events or results may differ materially as a result of risks facing the Company, some of which are beyond the Company's control. Although the Company believes that any forward-looking statements and information contained in this press release is based on reasonable assumptions, readers cannot be assured that actual outcomes or results will be consistent with such statements. Accordingly, readers should not place undue reliance on forward-looking statements and information. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements and information, whether as a result of new information, events or otherwise, except as required by applicable securities laws. The information contained in this release is not investment or financial product advice.
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