2013-08-08 15:30:01 CEST
2013-08-08 15:30:05 CEST
REGULATED INFORMATION
Honkarakenne Oyj - Interim report (Q1 and Q3)
HONKARAKENNE OYJ’S INTERIM REPORT, 1 JANUARY – 30 JUNE 2013
HONKARAKENNE OYJ INTERIM REPORT 8 August 2013 at 4:30 p.m.
HONKARAKENNE OYJ'S INTERIM REPORT, 1 JANUARY - 30 JUNE 2013
SUMMARY
Second-quarter net sales and earnings fell short of the previous year. Net
sales for the January-June period saw a year-on-year decrease, but the result
before taxes improved.
The order book was substantially higher than in the corresponding period of the
previous year.
April - June 2013
-- Honkarakenne Group's consolidated net sales for the second quarter of the
year amounted to MEUR 11.5 (MEUR 13.0 in 2012). Net sales were lower than
in the previous year, decrease of 11 %.
-- Operating result was MEUR -0.5 (MEUR 0.5). Operating result before
non-recurring items was MEUR -0.5 (MEUR 0.5).
-- Result before taxes was MEUR -0.5 (MEUR 0.1).
-- Earnings per share amounted to EUR -0.07 (EUR 0.03).
January - June 2013
-- Honkarakenne Group's consolidated net sales for January-June amounted to
MEUR 18.8 (MEUR 20.0), representing a reduction over the same period the
previous year of 6 %.
-- Operating result was MEUR -2.0 (MEUR -1.8).
Operating result before non-recurring items was MEUR -2.0 (MEUR -1.8).
-- Result before taxes was MEUR -1.7 (MEUR -2.0).
-- Earnings per share amounted to EUR -0.28 (EUR -0.28).
The Group's order book stood at MEUR 23.3 (MEUR 17.7), up 32 % on the
corresponding period of the previous year.
Honkarakenne reiterates its previous outlook: in year 2013 Honkarakenne expects
its net sales to be at same level than in previous year and the result before
non-recurring items and taxes to be close to zero.
KEY FIGURES 4-6/ 4-6/ 1-6/ 1-6/ Change 1-12/
2013 2012 2013 2012 % 2012
Net sales, MEUR 11.5 13.0 18.8 20.0 -6 46.2
Operating profit/loss, MEUR -0.5 0.5 -2.0 -1.8 -4.3
Operating profit/loss before -0.5 0.5 -2.0 -1.8 -0.8
non-recurring items, MEUR
Profit/loss before taxes, MEUR -0.5 0.1 -1.7 -2.0 -4.4
Average number of personnel 231 258 238 259 257
Personnel in person-years, average 191 207 183 191 198
Earnings/share (EPS), EUR -0.07 0.03 -0.28 -0.28 -0.90
Equity ratio, % 41 48 47
Return on equity, % -11 -8 -28
Shareholders' equity/share, EUR 2.28 3.36 2.69
Gearing, % 49 35 11
Mikko Kilpeläinen, President and CEO of Honkarakenne Oyj, in connection with
the interim report:
“The trend in net sales was not at a satisfactory level. The most significant
shortfall in performance was seen in Russia & CIS. However, in our view, the
main reason behind this is that customers have delayed their orders. We believe
that Russia & CIS will post better performance in the latter half of the year.
The trend in our order book has been extremely favourable. At the end of the
second quarter, the order book was 32 % greater than in the corresponding
period of the previous year.
In Finland & Baltics, we focused on the detached house market. We made good
inroads into the detached house market in the Greater Helsinki Area and
prepared for the Housing Fair in Hyvinkää, which began in July. At the fair,
Honkarakenne is showcasing a detached house whose architecture makes it an
excellent fit for urban locations.
In Russia & CIS, we deepened our cooperation with our dealer network in order
to identify synergy benefits.
We have started to consolidate operations in Karstula and have placed our first
machinery orders to boost production efficiency. The major challenge currently
facing us in our consolidation process is to ensure that we can fulfil autumn's
good order book while simultaneously transitioning to a one-factory model.
During the second quarter, we bolstered our Executive Group with a new Vice
President, Design in order to enhance the management of creative architecture
to execute our strategy.
In June, the company's Board of Directors decided on a long-term incentive plan
for key employees. The new incentive plan seeks to combine the objectives of
the shareholders and the key employees in order to increase the value of the
company and to commit key employees.”
NET SALES
Honkarakenne Group's net sales for the second quarter of 2013 decreased by 11
per cent to MEUR 11.5 (MEUR 13.0).
Geographical distribution of net sales:
DEVELOPMENT OF SALES
Distribution of 1-6/2013 1-6/2012
net sales, %
Finland & Baltics 51 % 47 %
Russia & CIS 22 % 27 %
Global Markets 27 % 26 %
Total 100 % 100 %
Net sales, MEUR 4-6/2013 4-6/2012 Change % 1-6/2013 1-6/2012 Change %
Finland & Baltics 5.8 6.0 -3 % 9.7 9.5 2 %
Russia & CIS 2.5 3.6 -30 % 4.4 4.5 -3 %
Global Markets 3.2 3.4 -7 % 4.7 5.9 -21 %
Total 11.5 13.0 -11 % 18.8 20.0 -6 %
Finland & Baltics includes the following countries: Finland, Latvia, Lithuania
and Estonia. It also includes process waste sales for recycling.
Russia & CIS includes the following countries: Russia, Azerbaijan, Kazakhstan,
Ukraine and other CIS countries.
Global Markets includes countries other than the abovementioned.
The Group's order book stood at MEUR 23.3 at the end of June. In the
corresponding period of the previous year, it was MEUR 17.7.
DEVELOPMENT OF PROFIT AND PROFITABILITY
Operating loss in January - June was MEUR -2.0 (MEUR -1.8) and loss before
taxes was MEUR -1.7 (MEUR -2.0).
FINANCING AND INVESTMENTS
The Group's financial position was satisfactory at the end of report period.
The equity ratio stood at 41 % (48 %) and net financial liabilities at MEUR 5.4
(MEUR 5.6). MEUR 2.6 (MEUR 2.7) of the financial liabilities carry a 30 %
equity ratio covenant term. Group liquid assets totalled MEUR 2.2 (MEUR 2.1).
The Group also has a MEUR 8.0 (MEUR 8.0) bank overdraft facility, MEUR 2.7 of
which had been drawn on at the end of the report period (MEUR 0.4). Gearing
stood at 49 % (35 %).
The Group's capital expenditure totalled MEUR 1.2 (MEUR 0.7). The consolidation
of operations in Karstula has begun and the Group placed its first machinery
orders to boost production efficiency. Capital expenditure mainly comprised
prepayments for this machinery. The major challenge currently facing us in our
consolidation process is to ensure that we can fulfil autumn's good order book
while simultaneously transitioning to a one-factory model.
MARKET DEVELOPMENT
According to a report commissioned by RTS Oy, Finnish log house production is
expected to contract by 4 % this year. The figure includes production for
Finland and for overseas export.
PRODUCTS AND MARKETING
In Finland & Baltics, our operations focused on the detached house market and,
in the holiday home market, on cabin extensions. The Mainio collection, which
was launched for the S Group in March, was well-received, and the first orders
came in at the beginning of the second quarter. We prepared for the Housing
Fair in Hyvinkää, which began in July, and participated in the OmaKoti Fair,
Finland's largest construction fair. We completed an Orthodox log church in
Estonia and started the construction of a similar church in Tahko, Kuopio.
In Russia & CIS, we launched a new house collection for area development. Our
Russian dealer won an award for its area development projects in an
architectural competition. Net sales in Russia & CIS fell short of our targets
in the second quarter, but we believe that the trend in net sales will be
better in the latter part of the year.
In Global Markets, we focused on large projects and developed the cost
structure of our European operations.
A change that applies to all market areas is that we developed our range of
logs with a view to increasing production efficiency.
RESEARCH AND DEVELOPMENT
R&D continued to focus on boosting the efficiency of log production. Outlays
were made on the development of construction processes and products that
improve their efficiency.
In the January - June period, the Group's R&D expenditure totalled MEUR 0.2
(MEUR 0.2), representing 0.9 % of net sales (0.9 %). The Group did not
capitalise any development expenditure during the report period.
PERSONNEL
During the second quarter, the Group employed a total of 191 (207) people on
average in terms of person-years.
The Group had an average of 231 (258) employees during the second quarter, a
year-on-year decrease of 27.
In January, the company concluded negotiations under the act on co-operation.
As a result, a decision was taken to consolidate production in Karstula and to
make 68 employees redundant. It was also agreed that the company's personnel
in Finland can be temporarily laid off for a maximum of 90 days until the end
of September 2013.
Petr Morinov, Bachelor of Science, was appointed as the company's Vice
President Sales for Business Area Russia & CIS and a member of the Executive
Group on 30 January 2013.
Master of Science (Architecture) SAFA and Master of Laws, Tanja
Rytkönen-Romppanen, was appointed Vice President, Design and a member of the
Executive Group on 29 April 2013. Her responsibilities include steering design,
Group marketing and R&D. She started in her position on 1 June 2013.
LONG-TERM INCENTIVE PLAN
In the second quarter of 2013, the Board of Directors decided on a long-term
share-based incentive plan for members of the Executive Group. The performance
period of the new plan began on 1 January 2013 and will end on 31 December
2016. The potential reward for the performance period is based on the
cumulative earnings per share (EPS) for 2013 - 2016 and on the average return
on capital employed (ROCE) for 2013-2016. Any rewards for the performance
period 2013 - 2016 will be paid partly as B shares and partly in cash in 2017.
The rewards to be paid on the basis of the performance period will correspond
to a total maximum of about 340,000 B shares, including the amount to be paid
in cash.
HONKARAKENNE OYJ'S 2013 ANNUAL GENERAL MEETING, BOARD OF DIRECTORS, AND AUDITORS
The Annual General Meeting (AGM) of Honkarakenne Oyj was held at the company's
headquarters in Tuusula on 5 April 2013. The AGM confirmed the financial
statements of the parent company and Group, and discharged from liability the
board members and CEO for 2012. The AGM decided that no dividends be paid for
the 2012 financial year. The AGM decided that a repayment of capital totalling
EUR 0.08 per share be paid from the Fund for invested unrestricted equity.
Anders Adlercreutz, Lasse Kurkilahti, Mauri Saarelainen, Marko Saarelainen and
Teijo Pankko were re-elected to the Board of Directors. The Board's constituent
meeting appointed Lasse Kurkilahti the Chairman of the Board. Mauri Saarelainen
will serve as the Deputy Chairman. Board of Directors decided not to set up any
committees.
PricewaterhouseCoopers Oy, member of the Finnish Institute of Authorised Public
Accountants, was appointed as auditor of the company, with Maria Grönroos, APA,
as chief auditor.
HONKARAKENNE OYJ'S OWN SHARES AND AUTHORISATIONS OF THE BOARD OF DIRECTORS
Honkarakenne has not acquired its own shares during the report period. At the
end of the report period, the Group held 364,385 of its Honkarakenne B shares
with a total purchase price of EUR 1,381,750.23. These shares represent 7.05 %
of the company's capital stock and 3.35 % of all votes. The purchase cost has
been deducted from shareholders' equity in the consolidated financial
statements.
On 5 April 2013, the AGM decided that the Board of Directors will be authorised
to acquire a maximum of 400,000 of the company's own B shares with assets
included in the company's unrestricted equity. In addition, the AGM authorised
the Board to decide on a rights issue or bonus issue and on granting special
rights to shares referred to in Section 1 of Chapter 10 of the Limited
Liability Companies Act in one or more instalments. By virtue of the
authorisation, the Board may issue a maximum total of 400,000 new shares and/or
relinquish old B shares held by the company, including those shares that can be
issued by virtue of special rights. Both authorisations will be valid until 25
March 2014.
CORPORATE GOVERNANCE
Honkarakenne Oyj follows the Limited Liability Companies Act and the Finnish
Corporate Governance Code, 1 October 2010, for listed companies issued by the
Finnish Securities Market Association. The company's website, www.honka.com,
provides more information on the corporate governance systems.
FUTURE OUTLOOK
The market situation remains uncertain. General macroeconomic uncertainty
factors, such as the situation in the eurozone, are being reflected in
customers' unwillingness to make decisions on construction projects. Sales
figures are still impacted by the longer sales periods and the scarcity of
longer-term orders.
At the end of June, the Group's order book amounted to MEUR 23.3, up 32 % on
the corresponding period of the previous year, when it was MEUR 17.7. The order
book refers to orders whose delivery date falls within the next 24 months. Some
orders may include a financing or building permit condition.
FORTHCOMING RISKS AND UNCERTAINTIES
Although the Group's order book is better than in the previous year, there is
still the risk that the Group will not be able to accelerate its sales in line
with its targets.
At this time, sales periods have lengthened, especially in Russia & CIS. There
is a risk that deals - particularly those currently being prepared for
fulfilment in the last quarter - will be pushed back to 2014.
Some of the orders may also include financing terms. Banks have begun to
tighten their lending terms, which might make it more difficult for customers
to obtain financing.
The Group has one significant concentration of credit risks in trade
receivables, concerning the open trade receivables of one dealer. No provision
for doubtful debt has been made for this. A payment plan has been made with
this dealer and the amount of the trade receivables has decreased in every
quarter. Payments under this plan will continue until 2015.
The valuation of amounts in the balance sheet is based on current assessment by
the management. If these assessments are changed, this may result in changes to
the Group's result.
REPORTING
This report contains statements that relate to the future, and these statements
are based on hypotheses that the company's management hold currently as well as
on the decisions and plans that are currently in place. Although the management
believes that the hypotheses relating to the future are well-founded, there is
no guarantee that the said hypotheses will prove to be correct.
The interim report has been drafted in accordance with IAS 34. The principles
adhered to in preparing the annual financial statements also apply to this
interim report. The interim report should be read together with the annual
financial statements for 2012. The new revised standards or interpretations
effective as of 1 January 2013 have no bearing on the figures presented for the
report period. The figures have not been examined by the auditor.
OUTLOOK FOR 2013
Honkarakenne reiterates its previous outlook: in year 2013 Honkarakenne expects
its net sales to be at same level than in previous year and the result before
non-recurring items and taxes to be close to zero.
HONKARAKENNE OYJ
Board of Directors
Further information:
Mikko Kilpeläinen, President and CEO, tel.+358 50 542 5884,
mikko.kilpelainen@honka.com
Mikko Jaskari, CFO, tel.+358 400 535 337, mikko.jaskari@honka.com
This and previous releases are available for viewing on the company's website
at www.honka.com. The next 2013 interim report will be published on 31 October
2013.
DISTRIBUTION
NASDAQ OMX Helsinki
Key media
Financial Supervisory Authority
www.honka.com
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
unaudited 4-6 4-6 1-6 1-6 1-12
/2013 /2012 /2013 /2012 /2012
MEUR
Net sales 11.5 13.0 18.8 20.0 46.2
Other operating income 0.1 0.2 0.2 0.6 0.8
Change in inventories of finished and 0.6 0.0 1.8 0.9 -0.2
unfinished goods
Materials and services -6.9 -7.2 -12.1 -12.4 -25.2
Employee benefit expenses -2.6 -2.6 -5.0 -5.1 -12.4
Depreciations and amortisation -0.8 -0.7 -1.4 -1.5 -3.0
Impairment -0.0 -0.0 -0.0 -0.0 -1.8
Other operating expenses -2.4 -2.2 -4.4 -4.2 -8.7
Operating profit/loss -0.5 0.5 -2.0 -1.8 -4.3
Financial income 0.2 0.1 0.4 0.1 0.6
Financial expenses -0.1 -0.5 -0.1 -0.3 -0.7
Profit/loss before taxes -0.5 0.1 -1.7 -2.0 -4.4
Income taxes 0.1 0.0 0.4 0.6 0.1
Profit/loss for the period -0.4 0.1 -1.4 -1.4 -4.3
Other comprehensive income:
Translation differences -0.1 0.1 -0.2 0.0 -0.2
Total comprehensive -0.5 0.3 -1.6 -1.4 -4.6
income for the period
Protif for the period attributable to:
Equity holders of the parent -0.4 0.1 -1.4 -1.4 -4.3
Non-controlling interest 0.0 0.0 0.0 0.0 0.0
-0.4 0.1 -1.4 -1.4 -4.3
Comprehensive income attributable to:
Equity holders of the parent -0.5 0.3 -1.6 -1.4 -4.6
Non-controlling interest 0.0 0.0 0.0 0.0 0.0
-0.5 0.3 -1.6 -1.4 -4.6
Earnings/share (EPS) calculated on the
profit attributable to equity holders
of the parent, EUR
Basic -0.07 0.03 -0.28 -0.28 -0.90
Diluted -0.07 0.03 -0.28 -0.28 -0.90
Honkarakenne Oyj has two series of shares: A shares and B shares, which have
different right to dividend. Profit distribution of 0.20 EUR per share will be
paid first for B shares, then 0.20 EUR per share for A shares, followed by
equal distribution of remaining profit distribution between all shares.
CONSOLIDATED BALANCE SHEET 30.6.2013 30.6.2012 31.12.2012
unaudited
MEUR
Assets
Non-current assets
Property, plant and equipment 14.3 17.7 14.6
Goodwill 0.1 0.1 0.1
Other intangible assets 0.6 0.8 0.6
Investments in associated companies 0.3 0.3 0.3
Available-for-sale financial assets 0.1 0.1 0.1
Receivables 0.3 0.4 0.3
Deferred tax assets 1.6 1.6 1.1
17.1 21.0 17.0
Current assets
Inventories 8.1 7.6 6.5
Trade and other receivables 6.1 9.4 5.9
Cash and cash equivalents 2.2 2.1 4.8
16.5 19.1 17.2
Total assets 33.6 40.1 34.2
Equity and liabilities 30.6.2013 30.6.2012 31.12.2012
Equity attributable to equity holders
of the parent company
Share capital 9.9 9.9 9.9
Share premium account 0.5 0.5 0.5
Reserve fund 0.0 5.3 0.0
Fund for invested unrestricted equity 6.4 1.5 6.8
Own shares -1.4 -1.4 -1.4
Translation differences 0.0 0.5 0.2
Retained earnings -4.5 -0.2 -3.2
11.0 16.1 12.9
Non-controlling interests 0.2 0.2 0.2
Total equity 11.2 16.3 13.1
Non-current liabilities
Deferred tax liabilities 0.1 0.0 0.0
Provisions 0.5 0.3 0.5
Financial liabilities 5.2 5.6 3.9
5.8 5.9 4.4
Current liabilities
Trade and other payables 13.9 15.6 12.6
Current tax liabilities 0.1 0.1 0.0
Provisions 0.2 0.0 1.6
Current financial liabilities 2.5 2.2 2.4
16.6 17.9 16.7
Total liabilities 22.4 23.8 21.1
Total equity and liabilities 33.6 40.1 34.2
STATEMENT OF CHANGES IN EQUITY
abridged
unaudited
1000 eur Equity attributable to equity holders of
the parent
a) b) c) d) e) f) g) Total h) Total
equity
Total equity 9898 520 5316 1896 462 -1382 1151 17859 242 18101
1.1.2012
Profit/loss for -1358 -1358 -1 -1359
the period
Translation 4 4 4
difference
Repayment of -384 -384 -384
capital
Purchase of 0 -35 -35
non-controlling
interests
Total equity 9898 520 5316 1512 466 -1382 -207 16121 206 16327
30.6.2012
a) b) c) d) e) f) g) Total h) Total
equity
Total equity 9898 520 0 6828 224 -1382 -3178 12909 209 13117
1.1.2013
Profit/loss for -1356 -1356 3 -1353
the period
Translation -208 -208 -208
difference
Repayment of -384 -384 -384
capital
Total equity 9898 520 0 6444 16 -1382 -4536 10960 213 11174
30.6.2013
a) Share capital
b) Share premium account
c) Reserve fund
d) Fund for invested unrestricted equity
e) Translation difference
f) Own shares
g) Retained earnings
h) Non-controlling interests
CONSOLIDATED STATEMENT OF CASH FLOWS 1.1.- 1.1.- 1.1.-
abridged 30.6.2013 30.6.2012 31.12.2012
unaudited
MEUR
Cash flow from operating activities -2.5 1.5 5.5
Cash flow from investing activities, net -1.1 -0.3 -0.1
Total cash flows from financing activities: 1.0 -1.6 -3.1
Repayment of capital -0.4 -0.4 -0.4
Proceeds from borrowings 2.7 2.1 2.1
Repayment of borrowings -1.2 -3.2 -4.6
Other financial items -0.1 -0.1 -0.2
Change in cash and cash equivalents -2.6 -0.5 2.2
Cash and cash equivalents at the beginning of 4.8 2.6 2.6
period
Cash and cash equivalents at the close of 2.2 2.1 4.8
period
NOTES TO THE REPORT
Accounting principles
The interim report has been drafted in accordance with IAS 34. The principles
adhered to in preparing the annual financial statements also apply to this
interim report. The interim report should be read together with the annual
financial statements for 2012. The new revised standards or interpretations
effective as of 1 January 2013 have no bearing on the figures presented for the
report period. The figures have not been examined by the auditor.
Honka Management Oy, which is owned by the senior management of Honkarakenne
Oyj and was established in 2010, is included in the consolidated financial
statements due to the terms and conditions of the shareholder agreement
concluded between it and Honkarakenne Oyj.
Honkarakenne has three geographical operating segments that have been combined
into one segment for reporting purposes. Geographically, sales are divided as
follows: Finland & Baltics, Russia & CIS and Global Markets. The internal
reporting of the management is in line with IFRS reporting. For this reason,
separate reconciliations are not presented.
PROPERTY, PLANT AND EQUIPMENT
unaudited
MEUR Property, plant and
equipment
Cost 1.1.2013 63.9
Translation differences (+/-) -0.0
Increase 1.1
Disposals -0.7
Cost 30.6.2013 64.3
Accumulated depreciation 1.1.2013 -49.4
Translation differences (+/-) 0.0
Accumulated depreciation of disposals and 0.7
reclassifications
Depreciation for the period -1.3
Accumulated depreciation 30.6.2013 -50.0
Carrying amount 1.1.2013 14.6
Carrying amount 30.6.2013 14.3
Own shares
Honkarakenne Oyj has not acquired its own shares during the report period. At
the end of the report period, the Group held 364,385 of its Honkarakenne B
shares with a total purchase price of EUR 1,381,750.23. These shares represent
7.05 % of the company's capital stock and 3.35 % of all votes.
Contingent liabilities
unaudited 30.6.2013 30.6.2012 31.12.2012
MEUR
For own loans
- Mortgages 25.7 23.7 25.7
- Other quarantees 2.4 1.5 3.4
For others
- Guarantees 0.0 0.2 0.0
Leasing liabilities 0.3 0.3 0.2
Derivative contracts 0.4 0.4 0.3
Nominal values of forward exchange contracts 1.2 1.8 2.9
Events with related parties
The Group's related parties consist of subsidiaries, associated companies as
well as key management and the companies in which they exercise influence. Key
management comprises the Board of Directors, the CEO and the company's
Executive Group. The pricing of goods and services in related party
transactions is based on market prices.
During the report period, ordinary business transactions with related parties
were made as follows: the sales to the related parties were EUR 162 thousand
and the purchases from the related parties were EUR 249 thousand. In 2010 and
2011, Honkarakenne Oyj granted long-term loans totalling MEUR 0.9 to Honka
Management Oy, which is owned by the company's senior management.
KEY INDICATORS
1-6 1-6 1-12
unaudited 2013 2012 2012
Earnings/share (EPS) eur -0.28 -0.28 -0.90
Return on equity % -11 -8 -28
Equity ratio % 41 48 47
Shareholders equity/share eur 2.28 3.36 2.69
Net debt MEUR 5.4 5.6 1.5
Gearing % 49 35 11
Gross investments MEUR 1.2 0.7 0.9
% of net sales 6 3 2
Order book MEUR 23.3 17.7 15.9
Average number of personnel Staff 116 121 123
Workers 121 138 134
Total 238 259 257
Personnel in person-years, average Staff 102 115 117
Workers 80 76 81
Total 183 191 198
Adjusted number of shares ('000) At year-end 4805 4805 4805
Average during period 4805 4805 4805
Calculation of key indicators
Profit for the period attributable to equity
holders of parent
Earnings/share (EPS) ------------------------------------------------
Average number of outstanding shares
Result before taxes - taxes
Return on equity % ------------------------------------------------ x 100
Total equity, average
Total equity
Equity ratio, % ------------------------------------------------ x 100
Balance sheet total - advances received
Net financial Financial liabilities - cash and cash equivalents
liabilities
Financial liabilities - cash and cash equivalents
Gearing, % ----------------------------------------------- x 100
Total equity
Shareholders' equity
Shareholders ------------------------------------------------
equity/share
Number of shares outstanding at the close of period
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