Aug 28, 2018 SOURCE: PR NewsWire
Shikun & Binui Announces Financial Results For the First Half of 2018
AIRPORT CITY, Israel, Aug. 28, 2018 /PRNewswire/ -- Shikun & Binui Ltd. (TASE: SKBN.TA), a global construction and infrastructure company headquartered in Israel, today reported its financial results for the first half and second quarter ended June 30, 2018.
Financial highlights for the 1(st) half of 2018:
-- Revenues totaled ~NIS 2.7 billion, down 20% compared to the first half
of 2017. The decrease reflected Solel Boneh's strong performance in
2017, due to the Ashalim and Railroad Tracks projects, coupled with a
decline during 2018 in the Company's international contracting
activities (excluding the US), due to the slowdown of its activities in
Nigeria and Columbia and the completion of projects in Ghana and Togo.
-- Gross Margin for the period was 12% compared with 11% during the
parallel period of 2017. Gross Profit for the period totaled ~NIS 325
million, compared with ~NIS 377 million for the first half of 2017.
-- Net Profit for the first half of 2018 totaled ~NIS 203 million, compared
with ~NIS 89 million for the first half of 2017. The increase reflected
primarily a ~NIS 331 million pre-tax capital gain generated by the sale
of the Portfolio (45% of the Company's holdings in Carmeltun and 40% of
its holdings in North Roads, see below).
-- Cash flow from operations, excluding investments in land and rights
offerings, was a negative ~NIS 494 million. Cash flow from operations
including these investments was negative ~NIS 906 million.
Income Statement highlights:
1. CONSTRUCTION
Solel Boneh
-- Progress continues in expanding the Company's construction offerings:
revenues for the first half of 2018 totaled ~NIS 1.6 billion.
-- Acquisition of Menorah Izu Aharon Group: In February 2018, Solel Boneh
completed the acquisition of the Menorah Izu Aharon Group, a
privately-held company that engages in the execution, construction and
maintenance of complex electrical systems for lighting, railroad
crossings, traffic control and other applications. The company employs
~235 workers. The acquisition is in line with Shikun & Binui's strategy
to expand its construction offerings and will be complementary and
synergistic to its other activities.
-- Primary mega projects in process: Gilboa Pumped Storage, Ashalim Thermo
Solar power plant, Tel Aviv Light Rail (Western Section), the Tze'elim,
the Southern Barrier, and others.
International Building and Infrastructure Contracting Activities (excluding the US)
-- Total revenues for H1 2018: ~US$ 183 million ~NIS 643 million.
-- In February 2018, the company signed an agreement to build a new airport
in Uganda for ~USD 299 million.
-- In August 2018, the company received notice of the approval of an
expansion for the Shagamu-Ibadan Road project in Nigeria for ~USD 220
million.
-- The company has decided to begin reporting its financial results
according to the NAFEX exchange rate beginning in the second quarter of
2018, in light of Nigeria's announcement that it will cease publishing
the NIFEX exchange rate beginning in January 2019. As a result, a goal
has been established to reduce the gap between the NIFEX and the NAFEX
exchange rates, in light of the reduction in the flow of foreign
currency by the Central Bank (339 as of 30/06/18). As a result, a loss
of $5m from exchange rate differences was recorded in the second quarter
-- In the second quarter a loss of US$ 16 m (NIS 59m) was recoded due to
hedging activity in relation to a construction project in Uganda.
-- Segment 1 of the Colombia Toll Roads Project is now moving into
operation; completion of Segments 2 and 3 is expected to be delayed and
negotiations are currently underway to extend the work period. Regarding
Segments 4 and 5, significant changes in the scope of the project may be
required due to the discovery of water springs along the original route.
As a result of the delays, the project's funders have stopped allowing a
further draw-down of funds until a new plan has been approved for the
slowdown of work activity. In 2017, a provision of ~USD 5 million was
taken in respect of the project's expected loss, and in the second
quarter of 2018, another ~USD 5 million provision was taken.
-- During the second quarter of 2018, the Company decided to act in order
evaluate its indirect holdings in its consolidated company SBI
International Holdings AG, whether through a share deal and/or the sale
of activities and/or assets (partially or in full). including the
solicitation of appropriate offer, and evaluating the potential impact
of such activities. No decision has yet been made to sell the
International Infrastructure and Construction Division, and there is no
certainty, at this stage, regarding the results of the evaluation and/or
the feasibility, scope or terms of a deal. At this stage of the process,
the process has no effect on the Company's financial results.
US Building and Infrastructure Contracting Activities:
-- Total revenues for H1 2018: ~NIS 242 million from construction of the
SH-288 road project in Texas.
-- Beginning from the first quarter of 2018, the results of the US Building
and Infrastructure Contracting Activities division are presented
separately in line with Shikun & Binui's strategic processes.
Development of the Backlog (in NIS millions)
* The backlog as of 30.6.18 does not include additional construction projects totaling ~NIS 3.7 billion that the company has won in Israel and in international markets up to or after the report date, including ~USD 150 million in roads projects in Nigeria, ~USD 120 million in roads projects in Ethiopia, ~USD 120 million in roads projects in Guatemala and the construction of a NIS 750 million (our share - 50%) waste sorting and recycling center in Rishon Letzion, a project whose initiation is contingent upon the completion of a financial closing. In addition, the backlog does not include projects completed during the reporting period or after the report date. The decline in the backlog as compared with its level at 31.12.17 derives partially from the effect of the early adoption of the IFRS 15 reporting standard.
2. RESIDENTIAL REAL ESTATE DEVELOPMENT
Apartment Sales
-- During the first half of 2018, the company sold ~590 apartments (100%
share) totaling ~NIS 612 million, including ~169 units in Israel and
~421 units in Europe.
-- In Europe, the company continued to launch projects and to acquire land
for future development:
-- Launch of the Zahálka project in Prague, Czech Republic: 790 units
including 240 units in Phase 1
-- Launch of the Wellport project in Belgrade, Serbia: 570 units
including 95 units in Phase 1
-- Purchase of partner's share in the City Point project in Romania for
the development of ~1,500 units (construction expected to begin in
2019)
-- Purchase of land in the Karlin quarter in the Czech Republic for the
development of ~220 units (construction expected to begin in 2020)
-- In Israel, the company began planning for the construction of 657
apartments and commercial space in Or Yam in Or Akiva. In addition, it
initiated marketing efforts for new projects in Givat Shmuel, Ashkelon,
Kfar Yona and Harish, and building began for projects in Rishon Letzion
and Givat Shmuel.
Following is additional data regarding the Company's sale of apartments (signed contracts) during the first half of 2018:
Apartment Consolidated Projects
Units Under Projects Under Joint
Company Control
Management
Including
Partner Share
-------------
Israel
------
Sales (NIS
millions) 320 266 -
---------- --- --- ---
Number of
apartment sale
contracts signed 169 139 -
----------------- --- --- ---
Average price of
apartments sold
(NIS thousands) 1,893 1,913 -
---------------- ----- ----- ---
Europe
------
Sales (NIS
millions) 292 205 22
---------- --- --- ---
Number of
apartment sale
contracts signed 421 319 27
----------------- --- --- ---
Average price of
apartments sold
(NIS thousands) 693 643 842
---------------- --- --- ---
Following is data regarding the Company's delivery of apartments to customers during the first half of 2018:
Consolidated Projects Under
Projects Joint Control
-------- -------------
Europe
------
Revenues from apartments
delivered (NIS millions) 20 22
------------------------- --- ---
Number of units delivered 48 32
------------------------- --- ---
Average price of apartments
delivered (NIS thousands) 419 675
--------------------------- --- ---
-- Implementation of the IFRS Standard: According to the IFRS Standard, the
company reports its revenues from Israeli apartment sales over time
according to the progress made in the each project's building and sales
processes. The policy for revenue recognition from apartment sales in
other countries remains unchanged: that is, all revenues are recognized
at the time of delivery.
3. PROJECTS & IGAs (INCOME GENERATING ASSETS)
-- Won a Concessions tender for an urban waste sorting and treatment plant:
In April 2018, Israel's Tendering Committee selected Shikun & Binui and
G.E.S. (equal partners) to plan, finance and construct an urban waste
sorting and treatment plant under a 29.5-year concessions framework.
Construction costs are projected to total ~NIS 750 million. Solel Boneh
holds 50% of the Construction Contractor rights and will build the
project together with G.E.S. Launch of construction is contingent upon
the completion of Financial Closing.
-- Won a Concessions tender for a teleprocessing technology campus in Be'er
Sheva: In June 2018, Israel's Tendering Committee announced, in respect
to its tender to plan, finance, construct, operate and maintain a
170,000 m(2) teleprocessing technology campus in Be'er Sheva under a
25-year concessions framework, that it had selected a project company
established in equal partnership by the Company and Africa Israel
Properties Ltd. as the preferred candidate as part of the defined
process in the Concessions agreement. Final approval is conditional upon
fulfillment of milestones and conditions set out in the tender.
-- The company continues to implement its strategy aimed at realizing value
and freeing up cash flow for investment in new projects:
-- The company has completed the sale of the Portfolio (45% of its
rights in the Carmel Tunnels project and 40% of its rights in the
North Roads project). The sale generated a profit of NIS 272 million
and cash flow of ~NIS 580 million.
-- The company has entered into a process for selling its rights in the
Generi 2 Government Campus project. If and when the sale is
completed, the company expects to recognize ~NIS 25-30 million in
profit and ~NIS 70 million in cash flow. The project will be
completed in January 2019 at the earliest.
-- The company has entered into a process for selling its rights in an
IKEA store. If and when the sale is completed, the company expects
to recognize ~NIS 83-88 million in profit. Completion of the project
is contingent upon approval by regulatory authorities.
-- Significant progress with portfolio of Renewable Energy projects:
-- Received conditional license for the conversion of the Etgal power
plant to natural gas while expanding its generation capacity from
26MW to 186MW
-- Began construction of 6 high voltage PV projects totaling up to 60MW
-- Progress towards Financial Closing to construct high voltage PV
projects totaling up to 25MW
Sale of Shikun & Binui shares:
-- On August 6, 2018, a transaction was consummated for the sale of all
shares of Shikun & Binui Ltd. held by Arison Investments Ltd. to Capital
Foresight Israel Investments Company LLC, which is controlled by Mr.
Naty Saidoff. Subsequent to the consummation of the said transaction,
the control over the Company was transferred finally to Capital LLC.
-- Capital Foresight Israel Investments Company LLC holds about 46.91% of
the Company's issued and paid-up share capital, and about 47.68% of the
voting rights in the Company. Capital Foresight Israel Investments
Company LLC is held (100%) by the Capital Foresight Limited Partnership,
whose General Partner is the partnership Saidoff Foresight LP ("the
Partnership"). The General Partner of the Partnership is Naty Saidoff
LLC, which is held (100%) by Naty Saidoff.
About the Shikun & Binui Group
The Shikun & Binui Group is a global construction and infrastructure company that operates in Israel and internationally in seven segments: 1) infrastructure and construction contracting outside of Israel; 2) infrastructure and construction contracting within Israel; 3) real estate development within Israel; 4) real estate development outside of Israel; 5) renewable energy; 6) concessions; and 7) water. The Group's activities focus on large, highly complex projects carried out for entities in private and public sectors with a focus on sustainability.
This summary announcement was prepared solely for the convenience of the reader and does not replace Shikun & Binui Ltd.'s (hereafter - "the Company") full report. The information contained in this announcement is, by its nature, incomplete. All of its contents are provided as a supplement to the Company's report, and are subject to the declarations therein stated. This announcement includes forecasts, assessments, estimates and other information relating to the Company or its subsidiaries, or to other parties or to future events and matters, the extent of whose realization is not certain and is not under the sole control of the Company (forward-looking information, as defined in the Securities Law-1968). The key facts and data serving as the basis for this information are facts and data, among others, related to the current status of the Company and its businesses, facts and data relating to the current status of the operating segments in which the Company engages in its areas of operation, and other macroeconomic facts and data known to the Company on the preparation date of this presentation.
It is understood that forward-looking information does not constitute a fact and is based solely on subjective assessments. Forward-looking information is uncertain and for the most part, is not under the Company's control. The realization or non-realization of the forward-looking information will be influenced, among others, by the risk factors that characterize the Company's operations, as well as developments in the general environment and external factors that impact the Company's operations. The Company's future results and achievements could differ significantly from those presented in this presentation. The Company is not obligated to update or modify the said forecast or assessment, and is not obligated to update this announcement. This announcement does not constitute an offer to purchase the Company's securities or an invitation to receive such offers. An investment in securities in general, and in the Company in particular, carries risk. One must take into account that past data do not necessarily indicate future performance.
Condensed Consolidated Interim Financial Statements
---------------------------------------------------
Condensed Consolidated Interim Statement of Financial Position as at
--------------------------------------------------------------------
June 30 June 30 December 31
2018 2017 2017
---- ---- ----
(Unaudited) (Audited)
---------- --------
NIS thousands NIS thousands NIS thousands
------------- ------------- -------------
Assets
Cash and cash equivalents 2,461,346 1,694,168 2,029,574
Bank deposits 531,743 623,790 657,668
Short-term loans and
investments 91,303 65,819 63,050
Short-term loans to
investee companies 5,035 1,686 31,854
Trade receivables -
accrued income 2,716,667 3,101,150 2,454,935
Inventory of buildings
held for sale 1,630,602 1,215,598 1,395,986
Receivables and debit
balances 525,504 529,074 498,838
Other investments,
including derivatives 271,163 187,206 241,641
Current tax assets 19,218 46,656 19,692
Inventory 190,428 194,190 176,145
Assets classified as held
for sale 737,371 107,606 105,352
------- ------- -------
Total current assets 9,180,380 7,766,943 7,674,735
--------- --------- ---------
Receivables and contract
assets
in respect of concession
arrangements 654,451 905,815 923,267
Non-current inventory of
land (freehold) 1,129,682 626,225 789,699
Non-current inventory of
land (leasehold) 463,335 340,550 426,609
Investment property, net 747,556 1,003,616 842,943
Land rights 13,420 13,101 13,179
Receivables, loans and
deposits 456,205 522,291 522,795
Investments in equity-
accounted investees 587,529 635,787 598,512
Loans to investee
companies 448,805 554,795 612,054
Deferred tax assets 155,025 81,181 162,932
Property, plant and
equipment, net 996,848 926,588 875,593
Intangible assets, net 283,966 207,440 150,238
------- ------- -------
Total non-current assets 5,936,822 5,817,389 5,917,821
--------- --------- ---------
Total assets 15,117,202 13,584,332 13,592,556
========== ========== ==========
Condensed Consolidated Interim Financial Statements
---------------------------------------------------
Condensed Consolidated Interim Statement of Financial Position as at
--------------------------------------------------------------------
June 30 June 30 December 31
2018 2017 2017
---- ---- ----
(Unaudited) (Audited)
---------- --------
NIS thousands NIS thousands NIS thousands
------------- ------------- -------------
Liabilities
Short-term credit from banks
and others 1,691,406 1,215,050 1,036,026
Subcontractors and trade
payables 1,389,517 1,276,887 1,460,075
Short-term employee benefits 136,050 118,828 136,860
Payables and credit balances
including derivatives 580,206 681,241 616,135
Current tax liabilities 72,683 102,328 105,653
Provisions 253,368 233,262 246,019
Payables -customer work
orders 1,285,345 1,710,534 1,376,856
Advances received from
customers 421,194 464,136 336,685
Liabilities classified as held
for sale 371,301 - -
------- --- ---
Total current liabilities 6,201,070 5,802,266 5,314,309
--------- --------- ---------
Liabilities to banks and
others 2,456,022 2,245,382 2,477,801
Debentures 3,659,246 3,387,920 3,402,211
Employee benefits 49,329 50,979 49,843
Deferred tax liabilities 82,285 101,602 105,719
Provisions 237,047 104,137 102,795
Excess of accumulated losses
over cost of investment
and deferred credit balance in
investee companies 59,701 30,416 48,130
------ ------ ------
Total non-current liabilities 6,543,630 5,920,436 6,186,499
--------- --------- ---------
Total liabilities 12,744,700 11,722,702 11,500,808
---------- ---------- ----------
Equity
Total equity attributable to
owners
of the Company 2,096,257 1,648,933 1,849,025
Non-controlling interests 276,245 212,697 242,723
------- ------- -------
Total equity 2,372,502 1,861,630 2,091,748
--------- --------- ---------
Total liabilities and equity 15,117,202 13,584,332 13,592,556
========== ========== ==========
Condensed Consolidated Interim Statement of Income
--------------------------------------------------
For the
For the six-month period ended For the three-month period ended year ended
------------------------------ -------------------------------- ----------
June 30 June 30 June 30 June 30 December 31
2018 2017 2018 2017 2017
---- ---- ---- ---- ----
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
---------- ---------- ---------- ---------- --------
NIS thousands NIS thousands NIS thousands NIS thousands NIS thousands
------------- ------------- ------------- ------------- -------------
Revenues from work
performed and sales 2,738,400 3,441,126 1,382,982 1,554,421 6,437,307
Cost of work
performed
and sales (2,413,633) (3,064,406) (1,214,205) (1,383,957) (5,586,065)
---------- ---------- ---------- ---------- ----------
Gross profit 324,767 376,720 168,777 170,464 851,242
Gain on sale of
investment property 26,219 640 23,248 - 3,217
Selling and
marketing expenses (18,735) (19,288) (8,531) (10,611) (40,049)
Administrative and
general
expenses (214,040) (186,737) (116,457) (96,417) (380,824)
Share of profits
(losses)
of equity accounted
investees (net of
tax) 19,145 16,631 20,121 (7,380) 59,816
Other operating
income 339,934 84,133 333,450 7,918 219,622
Other operating
expenses (49,778) (33,723) (38,316) (27,267) (130,028)
------- ------- ------- ------- --------
Operating profit 427,512 238,376 382,292 36,707 582,996
------- ------- ------- ------ -------
Financing income 146,586 121,309 45,977 58,665 199,436
Financing expenses (276,598) (238,557) (182,118) (99,814) (422,471)
-------- -------- -------- ------- --------
Net financing
expenses (130,012) (117,248) (136,141) (41,149) (223,035)
-------- -------- -------- ------- --------
Profit (loss)
before taxes
on income 297,500 121,128 246,151 (4,442) 359,961
Taxes on income (94,766) (32,100) (70,649) 5,340 (61,655)
------- ------- ------- ----- -------
Profit for the
period 202,734 89,028 175,502 898 298,306
======= ====== ======= === =======
Attributable to:
Owners of the
Company 186,287 64,423 169,188 (12,913) 230,927
Non-controlling
interests 16,447 24,605 6,314 13,811 67,379
------ ------ ----- ------ ------
202,734 89,028 175,502 898 298,306
======= ====== ======= === =======
Basic earnings
(loss) per
share (in NIS) 0.47 0.16 0.42 (0.03) 0.58
==== ==== ==== ===== ====
Diluted earnings
(loss) per
share (in NIS) 0.46 0.16 0.42 (0.03) 0.57
==== ==== ==== ===== ====
Consolidated Financial Statements
---------------------------------
Operating Segments
For the six month period ended June 30, 2018 (unaudited)
-------------------------------------------------------
Infrastructures
and
Infrastructures construction Infrastructures
and (international) and Real estate Real estate
construction (excluding construction development development Renewable
(Israel) USA) (USA) (Israel) (international) Concessions energy Other Adjustments Consolidated
------- --- ---- ------- -------------- ----------- ------ ----- ----------- ------------
NIS thousands
-------------
Total external revenues 1,429,711 643,520 241,805 476,424 74,816 22,336 88,625 20,702 (259,539) 2,738,400
Inter-segment revenues 129,784 - - 38 - - - - (129,822) -
------- --- --- --- --- --- --- --- -------- ---
Total revenues 1,559,495 643,520 241,805 476,462 74,816 22,336 88,625 20,702 (389,361) 2,738,400
========= ======= ======= ======= ====== ====== ====== ====== ======== =========
Segment profit (loss) before
income tax 52,693 (56,973) 23,827 101,582 (18,444) 346,922 (9,747) (16,673) (125,687) 297,500
====== ======= ====== ======= ======= ======= ====== ======= ======== =======
For the six month period ended June 30, 2017 (unaudited)
-------------------------------------------------------
Infrastructures
and
Infrastructures construction Infrastructures
and (international) and Real estate Real estate
construction (excluding construction development development Renewable
(Israel) USA) (USA) (Israel) (international) Concessions energy Other Adjustments Consolidated
------- --- ---- ------- -------------- ----------- ------ ----- ----------- ------------
NIS thousands
-------------
Total external revenues 1,728,888 826,183 152,958 689,092 106,194 105,649 18,837 23,961 (210,636) 3,441,126
Inter-segment revenues 158,555 - - 38 - - - - (158,593) -
------- --- --- --- --- --- --- --- -------- ---
Total revenues 1,887,443 826,183 152,958 689,130 106,194 105,649 18,837 23,961 (369,229) 3,441,126
========= ======= ======= ======= ======= ======= ====== ====== ======== =========
Segment profit (loss) before
income tax 50,308 53,466 20,038 82,568 (4,251) 78,209 (3,290) (50,849) (105,071) 121,128
====== ====== ====== ====== ====== ====== ====== ======= ======== =======
Consolidated Financial Statements
---------------------------------
Operating Segments
For the three month period ended June 30, 2018 (unaudited)
---------------------------------------------------------
Infrastructures
and
Infrastructures construction Infrastructures
and (international) and Real estate Real estate
construction (excluding construction development development Renewable
(Israel) USA) (USA) (Israel) (international) Concessions energy Other Adjustments Consolidated
------- --- ---- ------- -------------- ----------- ------ ----- ----------- ------------
NIS thousands
-------------
Total external revenues 763,198 321,362 135,462 202,426 56,540 11,572 28,160 11,441 (147,179) 1,382,982
Inter-segment revenues 57,274 - - 19 - - - - (57,293) -
------ --- --- --- --- --- --- --- ------- ---
Total revenues 820,472 321,362 135,462 202,445 56,540 11,572 28,160 11,441 (204,472) 1,382,982
======= ======= ======= ======= ====== ====== ====== ====== ======== =========
Segment profit (loss) before
income tax 24,196 (68,780) 9,034 41,786 (9,289) 323,256 1,103 (8,909) (66,246) 246,151
====== ======= ===== ====== ====== ======= ===== ====== ======= =======
For the three month period ended June 30, 2017 (unaudited)
---------------------------------------------------------
Infrastructures
and
Infrastructures construction Infrastructures
and (international) and Real estate Real estate
construction (excluding construction development development Renewable
(Israel) USA) (USA) (Israel) (international) Concessions energy Other Adjustments Consolidated
------- --- ---- ------- -------------- ----------- ------ ----- ----------- ------------
NIS thousands
-------------
Total external revenues 766,496 365,727 82,377 324,177 86,202 31,884 9,755 12,526 (124,723) 1,554,421
Inter-segment revenues 61,344 - - 19 - - - - (61,363) -
------ --- --- --- --- --- --- --- ------- ---
Total revenues 827,840 365,727 82,377 324,196 86,202 31,884 9,755 12,526 (186,086) 1,554,421
======= ======= ====== ======= ====== ====== ===== ====== ======== =========
Segment profit (loss) before
income tax 22,568 8,595 10,436 32,379 5,759 2,375 3,142 (34,720) (54,976) (4,442)
====== ===== ====== ====== ===== ===== ===== ======= ======= ======
Consolidated Financial Statements
---------------------------------
Operating Segments
For the year ended December 31, 2017 (audited)
---------------------------------------------
Infrastructures
and
Infrastructures construction Infrastructures
and (international) and Real estate Real estate
construction (excluding construction development development Renewable
(Israel) USA) (USA) (Israel) (international) Concessions energy Other Adjustments Consolidated
------- --- ---- ------- -------------- ----------- ------ ----- ----------- ------------
NIS thousands
Total external revenues 3,229,094 1,508,804 345,405 1,382,599 247,775 145,359 36,689 37,939 (496,357) 6,437,307
Inter-segment revenues 291,770 - - 76 - - - - (291,846) -
------- --- --- --- --- --- --- --- -------- ---
Total revenues 3,520,864 1,508,804 345,405 1,382,675 247,775 145,359 36,689 37,939 (788,203) 6,437,307
========= ========= ======= ========= ======= ======= ====== ====== ======== =========
Segment profit (loss) before
income tax 114,603 85,111 44,933 274,692 47,711 120,431 6,977 (109,465) (225,032) 359,961
======= ====== ====== ======= ====== ======= ===== ======== ======== =======
IR Contacts:
Company External IR
Inbal Uliansky Ehud Helft/Kenny Green
+972(3)6301058 GK Investor Relations
inbal_u@shikunbinui.com +1-617-418-3096
shikunbinuni@gkir.com
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SOURCE Shikun & Binui Ltd.
