Showroomprive.com
Showroomprive.com: FIRST HALF 2020 RESULTS RETURN TO POSITIVE EBITDA OF
EUR 7 MILLION AND STRENGTHENED FINANCIAL STRUCTURE
27-Jul-2020 / 08:00 CET/CEST
Dissemination of a French Regulatory News, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
C
FIRST HALF 2020 RESULTS
RETURN TO POSITIVE EBITDA OF EUR 7 MILLION
AND STRENGTHENED FINANCIAL STRUCTURE
La Plaine Saint Denis, 27 July 2020 - Showroomprivé (SRP Group), a leading
European online retailer specialising in fashion for the Digital Woman, has
published its results for the first half of 2020 ended 30 June.
Against a more favourable backdrop for e-commerce in the second
quarter, SRP Group began reaping the rewards of its strategic
decisions and 2018-2020 Performance Plan to optimise processes,
as economic indicators improved
Return to growth in Q2 (up 19%), making up for the 20% decline
in Q1
· Strong business momentum since April (consumer shift towards
e-commerce), which continued post-lockdown
· Successful revitalisation of the offering (appeal, new
brands)
· Customer loyalty and a proven ability to attract new buyers
through controlled investments in marketing
Return to positive first half EBITDA[1] at EUR 7 million, vs. a
EUR 23 million loss in H1 2019
· Sharp increase in the gross margin to 37.1% (from 29.4% in
H1 2019) thanks to strategic measures (increased selectivity
of business, shift away from the firm purchase model towards
conditional purchases and dropshipping, improved returns and
inventory management) and the change of delivery terms during
the confinement period
· Optimisation of operating expenses, particularly marketing
and logistics
First half net loss reduced by nearly EUR 35 million to
EUR 6.6 million
· Despite EUR 3.7 million in non-recurring expenses
(restructuring) and a EUR 0.9 million tax charge
Strengthened financial structure by agreement with banks
· Shareholders' equity of EUR 146 million, to be strengthened
through a c. EUR 10 million capital increase
· Gross cash and cash equivalents of EUR 118.3 million, with
a semester positive free cash flow of EUR 26.5 million
· Net borrowings reduced to EUR 3.4 million (including
EUR 21.6 million lease liabilities under IFRS 16)
Performance continues to improve
Consistently strong positioning and business assets:
· 9th biggest French e-commerce website - base of 10 million
members, +1 million new members in H1
Strong growth and profitability drivers identified
· Continued transition of the purchasing model towards
conditional purchases and dropshipping
· Gradual ramp-up of the SRP Media contribution
· Development of digital offers (Ticketing/Travel)
Operating expenses under control - Stabilised operational
management
H1 2020 KEY FIGURES
(EUR million) H1 2019 H1 2020 Variation
Net revenues 302.0 302.7 +0.7
Total Internet revenues 298.0 300.6 +2.6
Gross margin 88.7 112.4 +23.7
as % of revenues 29.4% 37.1% +7.7pts
Current operating expenses 119.8 114.0 -5.8
as % of revenues 39.7% 37.7% -2.0pts
EBITDA -23.2 7.0 +30.2
EBITDA margin -7.7% 2.3% +10.0pts
Net results -41.4 -6.6 +34.8
Showroomprivé co-founders and co-CEOs Thierry Petit and David Dayan, said:
"Our first-half results have exceeded our initial expectations. We were able
to step up our recovery in the second quarter thanks to a healthy
combination of internal and external factors. While we undeniably benefited
from a consumer shift towards e-commerce during the health crisis, we were
also able to capitalise on a renewed and more attractive offering, thanks to
business initiatives set up with our partner brands. We also focused on
providing a more efficient service to our customers, which has helped
increase customer satisfaction and grow our loyal customer base. Our growth
momentum continued post-lockdown.
Another highlight was of course the return to positive EBITDA in the first
half, confirming the trend towards a gradual improvement in profitability.
This growth is a key factor in the Performance Plan launched in 2018, as
reflected by the gross margin increase and the reduction in operating
expenses. The bottom line is still negative but has improved significantly.
In addition to these encouraging results, our financial position has also
been bolstered with net debt nearing zero, thanks to solid cash flow
generation in the first half.
We have also secured medium-term financing thanks to renewed confidence from
our banking partners, while our cash position will be further strengthened
by the c. EUR 10 million capital increase currently underway. All
indicators are gradually turning green. However, we remain vigilant given
the current environment, and aim to continue along the trajectory we've been
following for the past few months."
DETAILED COMMENTS BY TYPE OF INDICATOR
Revenues
(EUR thousand) H1 2019 H1 2020 Variation
Internet
revenues
France 248,888 255,136 +2.5%
International 49,070 45,433 -7,4%
International 297,958 300,568 +0,9%
Total Internet 4,085 2,165 -47,2%
revenues
Other revenues 302,043 302,733 +0,2%
H1 2020 net revenues were stable compared to H1 2019 at EUR 302.7 million,
with Q2 growth of 19% offsetting the Q1 20% decline. Since April 2020, the
Group has enjoyed a strong business recovery which continued post-lockdown,
partly driven by the consumer shift towards e-commerce. Showroomprivé has
been able to capture this momentum in e-commerce through a series of
decisive strategic decisions:
· The roll-out of attractive and updated offerings under the guidance of
the new sales management, and the expansion of teams to offer a dynamic
sales platform
· Rapid adaptation of our purchasing and delivery conditions to palliate
the constraints of the health crisis.
The Group also posted a high degree of customer satisfaction and delivery
quality during this period, helping to strengthen its loyal customer base
(NPS[2] of 43%, up from 34% in H1 2019).
Online sales in France amounted to EUR 255.1 million, up 2.5%, driven by
the core online sales business in Q2 2020 and by the development of growth
drivers such as SRP media. However, the health crisis curbed revenues from
other non-core businesses by around EUR 6 million.
International revenues fell 7.4% to EUR 45.4 million, mainly resulting from
a decrease in Saldi Privati revenues due to greater selectivity of offerings
and an impact on the behaviour of local consumers during the health crisis.
Other non-strategic revenues, including non-internet sales, were down 47.2%
year-on-year. This decrease is mainly due to a volume effect, as the Group
decided to switch from a firm purchasing model to conditional purchases and
dropshipping, resulting in fewer products sold through the physical sales
channel (wholesale). This strategy aims to clear stock with the purpose of
reducing the related logistical costs.
Key performance indicators (without Beauteprivee)
H1 2019 H1 2020 Variation
Cumulative buyers* (millions) 9.394 10.149 +8.0%
Buyers** (in millions) 2.166 2.114 -2.4%
of which loyal buyers*** 1.8 1.8 -3.0%
in % of total buyers 83% 83% -
Number of orders (in millions) 6,708 6,413 -4.4%
Revenue per buyer 126.3 128.9 2.1%
Average Number of orders 3.1 3.0 -2.0%
Average Basket size (EUR ) 40.8 42.5 +4.2%
* All buyers who have made at least one purchase on the group's platform
since its launch
** Member who made at least one order during the year
*** Member who made at least one order during the year and at least one
order during previous years
The number of buyers in the first half of the year was more or less stable,
with a Q2 rebound of around 7% largely making up for the decline in Q1. This
performance is in line with the continued optimisation of acquisition
marketing investments.
However, the concentration of marketing efforts helped consolidate the loyal
customer base at 1.8 million over the period, in line with measures aimed at
boosting engagement, loyalty and brand preference. This base now represents
83% of the total number of buyers and generated 88% of Group revenues.
Furthermore, the brand's consistent appeal has helped the Group strengthen
its base of first-time buyers, with around 360k new buyers in H1 2020, while
sustaining a healthy average basket value in the order of EUR 130.
Cost structure
(EUR million) H1 2019 H1 2020 Variation
Net revenues 302.0 302.7 +0.7
Cost of goods sold 213.3 190.4 +23.0
Gross margin 88.7 112.4 +23.7
as % of revenues 29.4% 37.1% +7.7pts
Marketing* 12.1 7.7 -4.4
as % of revenues 4.0% 2.6% -1.4pt
Logistics and order processing 77.4 76.0 -1.4
as % of revenues 25.6% 25.1% -0.5pt
General and administrative expenses 30.3 30.3 -
as % of revenues 10.0% 10.0% -
Total of current operational expenses -119.8 -114.0 -5.8
as % of revenues 39.7% 37.7% -2.0pts
Operating income -31.1 -1.6 +29.4
EBITDA -23.2 7.0 +30.2
of which France -19.5 7.0 +26.5
of which International -3.7 0 +3.7
*In accordance with AMF recommendations, the amortisation of intangible
assets recognised during a business combination is presented under
"underlying EBIT", as marketing costs.
H1 2020 gross margin increased sharply by EUR 23.7 million to EUR 112.4
million. Gross margin accounted for 37.1% of revenues, versus 29.4% in H1
2019. This 7.7 percentage point increase breaks down as follows:
· +3.8 pp from 2019 inventory clearance and more efficient returns
management;
· +3.5 pp from the increase in the gross margin of online sales due to
greater business selectivity and the shift away from a firm purchasing
model towards conditional purchases and dropshipping. The change in
delivery terms during the confinement period contributed 1.2 points;
· -0.5 pp related to the lack of activity on the travel due to the health
situation;
· +0.7 pp from the ramp-up of SRP Media;
· +0.3 pp from improved wholesale conditions (fewer inventories from firm
purchases).
This positive change in the gross margin vindicates the Group's strategic
decisions. These developments were also accompanied by a EUR 5.8 million
reduction in operating expenses, (EUR 6.6 million before depreciation and
amortisation) in line with the objectives of the Performance plan launched
in 2018. This optimisation includes:
· a significant EUR 4.4 million reduction in marketing expenditure, due
to decreased marketing pressure at the beginning of the year and access to
attractive advertising rates in the second quarter;
· a EUR 1.4 million decrease in logistics costs compared to H1 2019. The
Group is beginning to reap the rewards of the gradual streamlining of its
logistics chain (warehouses and subcontractors). The reduction was curbed
by the increase in home deliveries during the lockdown, due to the closure
of pick-up points;
· stable general and administrative expenses. The impact of the savings
measures implemented over the past year on payroll are still masked by the
recognition of non-recurring expenses of around EUR 2 million in H1.
Finally, the Group returned to positive EBITDA in H1 2020 at EUR 7.0
million, versus EBITDA losses of EUR 23.2 million in H1 2019 and EUR 8.3
million in H2 2019, thereby confirming the trend towards a gradual
improvement in profitability.
After depreciation, amortisation and provisions, operating income before
cost of share-based payments and other operating income and expenses
amounted to EUR 1.6 million loss, nonetheless an improvement on H1 2019.
Net income
(EUR million) H1 2019 H1 2020 Variation
Operating income before cost of -31.1 -1.6 +29.4
share-based payments and other
operating income and expenses
Other operating income and expenses -12.8 -3.7 +9.1
Operating income -43.9 -5.4 +38.5
Cost of financial debt -0.2 -0.3 -0.1
Other financial income and expenses -44.1 -5.7 +38.4
Profit before tax 2.6 -0.9 -3.5
Income tax -41.4 -6.6 +34.8
Other operating income and expenses (EUR 3.7 million net expense) comprise
sundry non-recurring expenses totalling EUR 3.1 million (disputes, fees,
impairment loss linked to the discontinuation of a project) and EUR 600,000
in costs of share-based payments.
Financial expenses remained under control at EUR 0,3 million and the Group
recorded a tax charge of EUR 0,9 (CVAE business value-added tax).
Accordingly, the Group posted a net loss of EUR 6.6 million, i.e. an
improvement of close to EUR 35 million versus H1 2019.
Cash-flow elements
(EUR million) H1 2019 H1 2020
Cash flows related to operating activities -28.7 31.3
Cash flows related to investment activities -30.5 -4.8
Cash flows related to financing activities 19.9 42.8
Net change in cash and cash equivalents -39.3 69.3
Cash flow from operating activities rose sharply to EUR 31.3 million,
compared to a EUR 28.7 million outflow in H1 2019, because of a significant
EUR 27.0 million reduction in working capital requirement, improved
operating earnings and a healthy EBITDA cash conversion ratio. The
improvement in working capital was the result especially of a cyclical
effect linked to the progression of the supplier position due to the level
of activity in the second half of the year.
These cash flows largely financed net cash outflows on capital expenditure,
which were limited to EUR 4.8 million for the period. As such, the Group
generated a free cash flow surplus of EUR 26.5 million, all of which was
used to strengthen its cash position.
Cash flows from financing activities amounted to EUR 42.8 million,
including two new lines of credit granted by CAIDF (Caisse Régionale de
Crédit Agricole Mutuel de Paris et d'?Zle-de-France) comprising a EUR 35
million 90% state-guaranteed PGE loan, under the agreement signed with
banking partners on April 29, 2020, and a second loan of EUR 10 million.
Balance sheet
ASSETS 31/12/2019 30/06/2020 LIABILITIES 31/12/2019 30/06/2020
(EUR (EUR
millio million)
n)
Total 224.3 219.1 Total 152.2 146.1
non-cu shareholder
rrent s' equity
assets
Total 164.1 246.3 Total 20.8 118.5
curren non-current
t liabilities
assets
o/w 48.4 46.4 o/w 20.3 118.0
Invent financial
ory debt
o/w 49.0 118.3 Total 215.4 200.9
Cash current
and liabilities
cash
equiva
lents
o/w 58.1 3.7
financial
debt
Total 388.4 465.5 Total 388.4 465.5
Assets liabilities
and
shareholder
s' equity
Shareholders' equity stood at EUR 146.1 million at 30 June 2020.
The Group had solid gross cash and cash equivalents of EUR 118.3 million at
30 June 2020. Cash flow generation in the first half helped reduce net
financial debt to EUR 3.4 million at 30 June 2020, compared to EUR 29.4
million at 31 December 2019.
Net financial debt includes EUR 21.6 million in lease liabilities (under
IFRS 16) at 30 June 2020. Without this accounting item, the Group would have
posted positive net cash of EUR 18.2 million.
Most of the gross financial debt is due in more than one year, reflecting
the new financing arrangements and extension of maturities obtained from
banking partners under the agreement signed in April.
The current capital increase is an integral part of the agreement with the
creditors. For a maximum amount of EUR 10 million, guaranteed by the
founding directors up to 75%, this capital increase will strengthen the cash
position.
The Group is therefore in a solid financial position that will enable it to
embark on the next stages of its road map with confidence.
FORWARD-LOOKING STATEMENTS
This press release solely contains summary information and is not intended
to be detailed. This press release may contain forward-looking information
and statements relating to the Group and its subsidiaries. These statements
include financial projections and estimates and their underlying hypotheses,
statements with respect to plans, to objectives and to expectations relating
to operations that are still to come, to future revenues and services, and
statements with respect to future performance. Forward-looking statements
can be identified by the words "believe", "anticipate", "objective" or
similar expressions. Even if the Group believes that the expectations
reflected by such forward looking statements are reasonable, investors and
shareholders of the Group are advised of the fact that the information and
forward-looking statements are subject to numerous risks and uncertainties,
many of which are difficult to predict and generally out of the control of
the Group, which could imply that the effective results and events can
differ significantly and in an unfavourable manner from those that are
communicated, implied or indicated by this information and these forward
looking statements. These risks and uncertainties include those that are
advanced or identified in the documents filed or that are to be filed with
the Financial Markets Authority by the Group (in particular those detailed
in chapter 4 of the reference document of the Company). The Group does not
take on any commitment to publish updates of the forward-looking
information, this whether subsequent to new information, to future events or
to any other element.
UPCOMING INFORMATION
Revenue of the 3rd quarter of 2020: end October 2020
ABOUT showroomprive.com
Showroomprivé.com is a European player in event-driven online sales that is
innovative and specialized in fashion. Showroomprivé proposes a daily
selection of more than 2,000 partner brands over its mobile applications or
its Internet site in France and in six other countries. Since its creation
in 2006, the company has undergone quick growth.
Listed on the Euronext Paris market (code: SRP), Showroomprivé achieved a
gross business volume with all taxes included of more than 821 million euros
in 2019, and net revenue of 616 million euros. The Group employs more than
950 people.
For more information: https://www.showroomprivegroup.com [1]
Contacts
Showroomprivé ACTUS finance &
communication
François de Castelnau, CFO Grégoire Saint-Marc,
Investor relations
investor.relations@showroomprive.net showroomprive@actus.fr
+33 1 53 67 36 94
Priscilla Le Minter, Communication Manon Clairet, Press
Relations
priscilla.leminter@showroomprive.net mclairet@actus.fr
+33 1 76 21 50 16 +33 1 53 67 36 73
APPENDICES
INCOME STATEMENT
(EUR 2018 2019 %Change H1 2019 H1 2020 %Change
thousands)
Net 672,233 615,562 -8.4% 302,043 302,733 +0.2%
revenues
Cost of -428,465 -428,018 -0.1% -213,330 -190,360 -10.8%
goods sold
Gross 243,769 187,544 -23.1% 88,713 112,373 +26.7%
margin
Gross 36.3% 30.5% -5.8,pt 29.4% 37.1% +7.7,pt
margin as %
of revenues
Marketing1 -34,551 -24,706 -28.5,% -12,101 -7,721 -36.2%
As % of 5.1% 4.0% -1.1,pt 4.0% 2.6% -1.4,pt
revenues
Logistics & -157,895 -152,373 -3.5% -77,364 -75,997 -1.8%
fulfilment
As % of 23.5% 24.8% +1.3,pt 25.6% 25.1% -0.5,pt
revenues
General & -56,976 -57,247 +0.5% -30,305 -30,297 -
administrat
ive
expenses
As % of 8.5% 9.3% +0.8,pt 10.0% 10.0% -
revenues
Total Opex -249,422 -234,326 -6.1% -119,770 -114,015 -4.8%
As % of 37.1% 38.1% +1.0,pt 39.7% 37.7% -2.0,pt
revenues
Current -5,653 -46,782 N.A -31,057 -1,642 -94.7%
operating
profit
Other -681 -21,638 N.A -12,802 -3,726 -70.9%
operating
income and
expenses
Operating -6,334 -68,420 N.A -43,859 -5,368 -87.8%
profit
Net finance -224 -591 +163.8% -210 -354 +68.8%
costs
Other -77 -122 N.A 4 26 +518.3%
financial
income and
expenses
Profit -6,636 -69,133 N.A -44,064 -5,695 -87.1%
before tax
Income 2,280 -1,329 N.A 2,645 -896 N.A
taxes
Net income -4,356 -70,462 N.A -41,420 -6,591 -84.1%
EBITDA 5,120 -31,440 N.A -23,164 7,049 N.A
EBITDA as % 0.8% N.A N.A -7.7% 2.3% +10.0,pt
of revenues
1 In compliance with the recommendations of the AMF, amortization of
intangible assets recognized upon business combinations is indicated in the
"Current Operating Income" within marketing expenses
PERFORMANCE INDICATORS1
2018 2019 %Change H1 2019 H1 2020 %Change
CUSTOMERS METRICS
Cumulative buyers 9,031 9,785 +8.3% 9,394 10,149 +8.0%
(in thousands)
France 7,200 7,749 +7.6% 7,462 8,023 +7.5%
International 1,831 2,035 +11.2% 1,932 2,126 +10.1%
Buyers (in 3,481 3,162 -9.2% 2,166 2,114 -2.4%
thousands)
France 2,783 2,533 -9.0% 1,747 1,718 -1.6%
International 698 629 -9.9% 420 395 -5.7%
Revenue per Buyers 176.0 176.0 0.0% 126.3 128.9 +2.1%
(EUR )
France 180.3 181.2 +0.5% 128.9 132.6 +2.8%
International 159.1 155.3 -2.4% 115.4 113.0 -2.0%
ORDERS
Total orders (in 15,085 13,368 -11.4% 6,708 6,413 -4.4%
thousands)
France 12,232 10,837 -11.4% 5,443 5,229 -3.9%
International 2,854 2,530 -11.3% 1,266 1,183 -6.5%
Average Orders per 4.3 4.2 -2.4% 3.1 3.0 -2.0%
Buyer (in number
of orders)
France 4.4 4.3 -2.6% 3.1 3.0 -2.3%
International 4.1 4.0 -1.6% 3.0 3.0 -0.8%
Average Basket 40.6 41.6 +2.5% 40.8 42.5 4.2%
Size
France 41.0 42.3 +3.2% 41.4 43.6 5.3%
International 38.9 38.6 -0.8% 38.2 37.8 -1.2%
1 Hors Beauteprivee
BALANCE SHEET
(EUR thousands) 31/12/2019 30/06/2020
NON-CURRENT ASSETS
Goodwill 123,685 123,685
Other intangible assets 54,466 52,623
Tangible assets 44,849 41,563
Other non-current assets 1,347 1,273
Total non-current assets 224,348 219,144
CURRENT ASSETS
Inventory 48,373 46,427
Accounts receivable 20,548 23,090
Deferred tax assets 4,657 4,828
Other current assets 41,443 53,676
Cash and cash equivalents 49,049 118,333
Total current assets 164,070 246,355
Total assets 123,685 123,685
NON-CURRENT LIABILITIES
Long term financial debt 20,349 118,004
Obligations to personnel 65 65
Other provisions 347 352
Deferred taxes 77 77
Total non-current liabilities 20,838 118,498
Short-term financial debt 58,064 3,654
Accounts payable 110,470 137,548
Other current liabilities 46,870 59,675
Total current liabilities 215,405 200,877
Total liabilities 236,243 319,375
Total shareholders' equity 152,175 146,124
Total liabilities and shareholders' equity 388,418 465,499
CASH FLOWS
(EUR thousands) 2018 2019 H1 2019 H1 2020
Net income for the period -4,355 -70,462 - 41,420 - 6,591
Adjustments for non-cash 5,542 20,360 10,026 11,110
items
Cash flow from operations 1,187 -50,101 - 31,394 4,519
before finance costs and
income tax
Elim of accrued income tax -2,280 1,329 - 2,646 896
expense
Elim of cost of net 224 591 210 353
financial debt
Impact of change in working 5,533 26,385 7,826 27,023
capital
Cash flow from operating 4,664 -21,796 - 26,004 32,790
activities before tax
Income tax paid 2,046 -4,226 - 2,700 - 1,487
Cash flow from operating 6,710 -26,022 - 28,703 31,303
activities
Impact of changes in 0 -22,317 - 22,317 -
perimeter
Acquisitions of property -18,306 -16,720 - 10,835 - 4,893
plant & equipment and
intangible assets
Changes in loans and 84 -48 - 137 62
advances
Other investing cash flows 292 2,898 2,834 1
Net cash flows from -17,930 -36,187 - 30,455 - 4,830
investing activities
Capital increase 37,978 - - -
Transaction on own shares -183 - - 94 - 45
Increase in share capital 39 - 2 -
and share premium reserves
Issuance of indebtedness 21,700 35,827 22,221 45,000
Repayment of borrowings -18,595 -4,339 - 1,990 - 1,766
Net interest expense -202 -613 - 208 - 342
Other flows from financing - 29
activities
Net cash flows from 40,737 30,839 19,902 42,847
financing activities
Net change in cash 29,527 -31,356 - 39,253 69,283
RECONCILIATION OF THE EBITDA
(EUR thousand) S1 2019 S1 2020
Net result -41,420 -6,591
Am. of intangible assets recognized on the 567 567
occasion of a business combination
Am. and dep. fixed assets 7,326 8,124
of which depreciation in Logistics and order 1,273 2,462
processing
of which depreciation in General and 6,053 5,662
administrative expenses
Cost of share-based payments 134 611
Non-recurring items 12,668 3,115
Cost of financial debt 210 354
Other financial income and expenses -4 -26
Income tax -2,645 896
EBITDA -23,164 7,049
=---------------------------------------------------------------------------
[1] EBITDA, as defined by the Company, includes the net income before
amortization of intangible assets recognized at the time of business
combinations, the amortization of tangible and intangible assets, the
non-recurring items, the cost of shares based payments including expenses
from the issue of free shares and share options allocated to employees, net
financial cost and other financial income and expenses as well as income
taxes. EBITDA is not a measure of financial performance under IFRS standards
and the definition of the term used by the Group may not be comparable to
similar terms used by other companies.
[2] Net promoter score - indicator of customer loyalty
Regulatory filing PDF file
File: FIRST HALF 2020 RESULTS RETURN TO POSITIVE EBITDA OF EUR 7 MILLION
AND STRENGTHENED FINANCIAL STRUCTURE [2]
Language: English
Company: Showroomprive.com
1, rue des Blés - ZAC Montjoie
93210 La Plaine Saint-Denis
France
Internet: showroomprive.com
ISIN: FR0013006558
AMF Category: Inside information / News release on accounts, results
EQS News ID: 1101937
End of Announcement EQS News Service
1101937 27-Jul-2020 CET/CEST
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July 27, 2020 02:00 ET (06:00 GMT)
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