-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, AAbgkk0ij8Qa7eXXPkLvfqHCOhENmcqRYqB478nXmhJ8fCU/8PRzjprDcVdo3DVc dCfK4CgRxeXrINaian9yug== 0000950168-02-003144.txt : 20021031 0000950168-02-003144.hdr.sgml : 20021031 20021031164407 ACCESSION NUMBER: 0000950168-02-003144 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20021031 FILED AS OF DATE: 20021031 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EIMO PLC CENTRAL INDEX KEY: 0001119332 STANDARD INDUSTRIAL CLASSIFICATION: COMMUNICATIONS EQUIPMENT, NEC [3669] IRS NUMBER: 000000000 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-33093 FILM NUMBER: 02805253 BUSINESS ADDRESS: STREET 1: PO BOX 104 STREET 2: NOROKATU 5 CITY: LAHTI FINLAND STATE: H9 ZIP: 15101 MAIL ADDRESS: STREET 1: PO BOX 104 STREET 2: MOROKENTO CITY: LAHTI FINLAND ZIP: 15101 6-K 1 d6k.htm REPORT OF FOREIGN PRIVATE ISSUER 10-31-2002 REPORT OF FOREIGN PRIVATE ISSUER 10-31-2002
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
 
Pursuant to Section 13a-16 or 15d-16 of the Securities and Exchange Act of 1934
 
October 31, 2002
 

 
EIMO OYJ
(Eimo Public Limited Company)
 

 
(Translation of registrant’s name into English)
 
Norokatu 5 Fin-15101
Lahti, Finland
 

 
(Address of principal executive offices)
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
 
Form 20-F    x    Form 40-F    ¨
 
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes    ¨    No    x


 
Exhibits
 
99.1
  
Press Release, released publicly on October 31, 2002 (Eimo Corporation Agrees on EUR 75 Million Domestic Commercial Paper Program)
99.2
  
Press Release, released publicly on October 31, 2002 (Eimo’s CEO Resigns)
99.3
  
Press Release, released publicly on October 31, 2002 (Interim Report January—September 2002)
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report on Form 6-K to be signed on its behalf by the undersigned, thereunto duly authorized.
 
EIMO OYJ
By:
 
/s/    ELMAR PAANANEN

   
Name:    Elmar Paananen
   
Title:    Executive Vice Chairman
 
Dated: October 31, 2002
EX-99.1 3 dex991.htm PRESS RELEASE PRESS RELEASE
 
Exhibit 99.1
 
EIMO CORPORATION STOCK EXCHANGE RELEASE 31.10.2002 AT 8:30
  
1
(1)
 
EIMO CORPORATION AGREES ON EUR 75 MILLION DOMESTIC COMMERCIAL PAPER PROGRAM
 
Eimo Corporation has entered into an agreement on an EUR 75 million domestic commercial paper program. The managers in the joint program are OKO Bank, Nordea Bank Finland Plc and Svenska Handelsbanken Ab (publ). The lead manager was OKO Bank.
 
Within the framework of the commercial paper program the company can issue commercial papers with maturities of under one year. The program will enable Eimo to diversify its sources of financing in accordance with its financing policy.
 
Eimo Corporation
Timo Harju
President and CEO
 
Further information:
Elmar Paananen, Executive Vice Chairman +358 500 503 865
 
DISTRIBUTION:
HEX Helsinki Exchange
Press
 
This press release includes statements that constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. This information involves risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. For certain information regarding these risks and uncertainties, reference is made to Eimo’s Annual Report on Form 20-F filed with the United States Securities and Exchange Commission on June 27, 2002 (an extract of the Risk Factors from such Form 20-F is available at www.eimo.com / Investor relations / Form 20-F Risk Factors).
EX-99.2 4 dex992.htm PRESS RELEASE PRESS RELEASE
 
Exhibit 99.2
 
EIMO CORPORATION STOCK EXCHANGE RELEASE 31.10.2002 AT 8:15 AM
  
1
(1)
 
EIMO’S CEO RESIGNS
 
Eimo’s chief executive officer, Mr. Heikki Marttinen, has resigned from the company. It has been agreed that neither Mr. Marttinen nor the company will comment on the resignation. At the end of his notice period, May 1 2003, Mr. Marttinen will commence in the service of another company.
 
Mr. Timo Harju, M.Sc. (Engineering) (48) has been appointed interim CEO of the company as of today. Mr. Harju has most recently held the position of chief financial officer (CFO) and deputy CEO with Eimo. His previous experience includes executive positions in both general and financial management with the Ahlstrom Group. Eimo’s board of directors has immediately begun the search for a new CEO. The board also states that the non-executive chairman of Eimo, Mr. Jalo Paananen, and Mr. Seppo Jaakkola, Senior Vice President, Technology at Eimo, will actively support the interim CEO. By taking a more active role, Mr. Paananen wishes to ensure that ongoing important development and streamlining measures proceed as planned. “Eimo is on the right track. In a very challenging market, our nine month figures show an organic sales growth of 23% (growth of 94% reported), which exceeds the performance of our closest competitors,” comments Mr. Paananen.
 
EIMO CORPORATION
 
Board of Directors
 
Further information:
 
Elmar Paananen, Executive Vice Chairman +358 500 503 865
 
DISTRIBUTION:
HEX Helsinki Exchange
Press
 
This press release includes statements that constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. This information involves risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. For certain information regarding these risks and uncertainties, reference is made to Eimo’s Annual Report on Form 20-F filed with the United States Securities and Exchange Commission on June 27, 2002 (an extract of the Risk Factors from such Form 20-F is available at www.eimo.com / Investor relations / Form 20-F Risk Factors).
EX-99.3 5 dex993.htm PRESS RELEASE PRESS RELEASE
Exhibit 99.3
EIMO CORPORATION STOCK EXCHANGE RELEASE 31.10.2002 AT 8.30
  
1 (9)
 
INTERIM REPORT JANUARY-SEPTEMBER 2002
Figures are not audited
 
Third quarter 2002
 
Net sales EUR 58 million
 
Sales growth 35%, internal growth of 40%
 
Operating loss EUR 0.5 million, includes appr. EUR 1.5 million of one-off costs
 
EPS, diluted EUR –0.01
 
January-September 2002
 
Net sales EUR 178 million
 
Sales growth 94%, internal growth of 23%
 
Operating loss EUR 2.2 million
 
EPS, diluted EUR –0.03
 
Prospects
 
Strong fourth quarter
 
Full year in profit
 
Third quarter
 
Eimo’s third quarter net sales were EUR 58.0 million (EUR 43.1 million in the corresponding period in the previous year), and the operating loss EUR 0.5 (profit of EUR 2.4) million. Sales grew by 35 % compared to one year ago. Internal sales growth, that is growth in sales of Eimo excluding sales by its Eimo Americas subsidiary, was 40%.
 
The quarter’s loss includes some EUR 1.5 million of non-recurring costs resulting from the company’s efficiency program and consisting mainly of costs of closing Eimo’s plant in Georgetown, Texas and the reorganization of operations in Lahti and Hollola, Finland. The non-diluted and diluted earnings per share were both EUR –0.01 (0.03). The period’s cash used in operations was EUR 6.5 million and cash used in operations after capital expenditures was EUR 11.1 million. The geographical distribution of sales as a percentage of total sales for the quarter, based on the geographic location of Eimo’s customers, was 54% to Europe, 41% to the Americas and 5% to Asia. The significant increase in the proportion of Asian sales from their 1% level in the second quarter resulted from significant increases in sales to Asia from Eimo’s manufacturing units in all the three named regions. Customers in the telecommunications and other electronics industries represented 82% (77% in Q2/2002) of net sales during the quarter.
 
Within the third quarter, Eimo experienced rapid sales growth each month, from July’s EUR 15.1 million to September’s EUR 24.2 million. Low capacity utilization, especially early in the quarter and in the Americas, affected profitability. Compared to the poor second quarter, performance improved especially in Europe, where sales grew sequentially by 38% and operations returned to profitability.


2 (9)
 
Performance in January-September
 
In January-September 2002 Eimo recorded net sales of EUR 178.3 (92.0) million, which represented growth of 94%. The operating loss was EUR 2.2 (profit of 3.3) million and loss before extraordinary items was EUR 3.3 (profit of 2.0) million. The operating loss for the period includes EUR 1.7 million of amortization of negative goodwill, and EUR 0.4 million of amortization of normal goodwill. The non-diluted and diluted earnings per share were both EUR –0.03 (0.03).
 
The geographical distribution of sales as a percentage of total sales for the period, based on the geographic location of Eimo’s customers, was 47% to Europe, 51% to the Americas and 2% to Asia. Customers in the telecommunications and other electronics industries represented 81% of net sales during the period.
 
Compared to the same period in 2001, Eimo’s net sales grew significantly. Such growth was primarily due to the inclusion of sales from Eimo’s Eimo Americas subsidiary, but also reflected increased sales to Eimo’s customer base. Internal sales growth, that is growth in sales of Eimo excluding sales by its Eimo Americas subsidiary, was 23%.
 
During the period, profitability was hampered by excessive costs of some new programs especially in March-April, and surprisingly low volumes for some programs especially in May-July, leading to at times very low capacity utilization at some facilities.
 
This year’s depreciation of the U.S. dollar against Eimo’s reporting currency the euro has had a minor positive effect on earnings, and a minor dampening effect on reported sales.
 
Gross investments during January to September totaled EUR 17.0 (34.9) million. The largest cash investments were made in the Americas to introduce new production technology. Cash flow from operations was EUR 0.9 million, and cash used in operations after capital expenditures was EUR 17.0 million. The relatively high capital expenditures reflect some changes in the composition of Eimo’s offering to its customers, which now in some cases includes automated assembly equipment owned by Eimo. Full year capital expenditures are estimated to exceed EUR 24 million.
 
On September 30, Eimo’s cash and committed unused credit facilities totaled EUR 18.0 million. The equity ratio was 42.4% (48.0%) and the current ratio was 1.43 (1.53). Consolidated interest bearing net debt was EUR 57.5 million, and the balance sheet total at the end of September was EUR 177 (161) million. The changes in the financial position compared to end of June reflect on the one hand the rapidly grown sales, which have much increased Eimo’s working capital, and on the other additional financing arranged by the company.
 
Eimo employed on average 1903 (1046) people during January – September 2002. On September 30, the company had 1952 employees.


 
3 (9)
 
Efficiency program and other news from production operations
 
In order to improve capacity utilization and to achieve additional efficiencies Eimo made changes to its global production set-up and organization. In the Americas the company’s Georgetown, Texas molding operations were closed in September. In Michigan, the Battle Creek facility has been a main target of an efficiency drive. In Vicksburg, due to high demand and the need to arrange space for additional telecoms related work, the company’s old Vicksburg 2 building returned to service in May and has since expanded operations under common management and as an integral part of Vicksburg operations.
 
In Europe Eimo’s molding operations in Lahti and Hollola have been organized under one management. Tooling operations in Lahti and Hollola will be merged by the end of the year. In Asia, painting and improved mold maintenance has been installed to Shenzhen, and mass production of parts for mobile phones is expanding rapidly.
 
The costs of the efficiency program have been, and are being, expensed as they occur. The efficiency program is estimated to lead to yearly savings exceeding EUR 10 million per year, partly from having the number of personnel fall by approximately 200 people, with little loss of production capacity.
 
Management
 
Eimo’s chief executive officer, Mr. Heikki Marttinen, has resigned from the company. As of October 30, Mr. Timo Harju, M.Sc. (Engineering) (48) has been appointed interim CEO of the company. Mr. Harju has most recently held the position of chief financial officer (CFO) and deputy CEO with Eimo. His previous experience includes executive positions in both general and financial management with the Ahlstrom Group.
 
Shares and shareholders
 
The daily closing price for Eimo’s shares in the Helsinki Exchanges in the period January to September ranged between EUR 0.85 and EUR 2.39. The closing price on September 30, 2002 was EUR 0.90. On September 30, 2002 Eimo had 65,432,300 shares outstanding. The listing of Eimo’s ADRs on the Nasdaq National Market ceased on August 30, 2002.
 
Business prospects
 
Recent changes to unit volume forecasts for 2002 in the global mobile phone market have been small. Many recent estimates are in the 400 million unit range. Eimo continues to operate in an environment of little overall growth in its core market.
 
Based on October’s performance and current customer forecasts Eimo expects its fourth quarter sales and profit to be relatively strong. However, there remains uncertainty as to the actual sales and profit level in November-December, especially as a very large proportion of


 
4 (9)
sales in the fourth quarter comes from parts to recently introduced products. Fourth quarter sales are expected to be between EUR 68 and EUR 74 million. According to current estimates, the company will not reach last year’s level in full year pre-tax profits. However, even at the low end of the sales estimate, the company expects to show a positive full year pre-tax profit.
 
Lahti, 31 October 2002
 
Eimo Corporation
Board of Directors
 
Financial Results for 2002 will be published on February 10, 2003. Interim Reports in 2003 will be published as follows: January-March on April 30, January-June on August 6, and January-September on October 24. Eimo’s annual report will be published in the week starting March 10, 2003. The Annual General Meeting of Eimo Corporation will be held on April 30, 2003.
 
Further information:
 
Elmar Paananen, Vice Chairman, IR
 
+358-500-503 865
 
Eimo is a leading global manufacturer of precision plastic components, whose main customers are companies in the mobile communications, automotive and health care industries. With operations on four continents, the Company’s worldwide operations include ten injection molding plants located close to the production units of the Company’s key customers. In 2001 Eimo’s net sales totaled EUR 166 million.
 
This press release includes statements that constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. This information involves risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. For certain information regarding these risks and uncertainties, reference is made to Eimo’s Annual Report on Form 20-F filed with the United States Securities and Exchange Commission on June 27, 2002 (an extract of the Risk Factors from such Form 20-F is available at www.eimo.com / Investor relations / Form 20-F Risk Factors).
 
DISTRIBUTION:
HEX Helsinki Exchanges
Press
 
ENCLS.
Consolidated income statements
Cash flow statement
Consolidated balance sheet
Financial ratios


 
5 (9)
 
APPENDIX 1
 
CONSOLIDATED INCOME STATEMENT
JULY-SEPTEMBER 2002
  
7-9/2002
  
7-9/2001
      
    
1 000 EUR
  
1 000 EUR
  
Change    
%
NET SALES
  
57 977
  
43 102
  
34.5
 
Other operating income
  
379
  
391
  
- 3.1
 
Operating expenses
  
54 539
  
39 142
  
39.3
 
Depreciation and write-downs
  
4 272
  
1 996
  
114.0
 
OPERATING PROFIT / LOSS
  
- 455
  
2 355
  
- 119.3
 
% of net sales
  
- 0.8
  
5.5
      
Financial income and expenses
  
- 544
  
- 453
  
20.1
 
PROFIT BEFORE EXTRAORDINARY ITEMS
  
- 999
  
1 902
  
- 152.5
 
% of net sales
  
- 1.7
  
4.4
      
Extraordinary items
  
—  
  
183
      
PROFIT BEFORE TAXES
  
- 999
  
2 085
  
- 147.9
 
% of net sales
  
-1.7
  
4.8
      
Income tax on ordinary activities
  
530
  
- 183
  
389.6
 
Income tax on extraordinary items
  
—  
  
- 53
      
Minority interest
  
- 50
  
120
      
CONSOLIDATED PROFIT FOR THE REVIEW PERIOD
  
- 519
  
1 969
  
- 126.4
 


 
6 (9)
 
APPENDIX 2
 
CONSOLIDATED INCOME STATEMENT JANUARY-SEPTEMBER 2002
  
1-9/2002
  
1-9/2001
       
1-12/2001
    
1 000 EUR
  
1 000 EUR
  
Change    %
  
1 000 EUR
NET SALES
  
178 270
  
91 959
  
93.9
  
165 837
Other operating income
  
1 341
  
898
  
49.3
  
963
Operating expenses
  
171 371
  
83 377
  
105.5
  
147 312
Depreciation and write-downs
  
10 445
  
6 219
  
68.0
  
9 872
OPERATING PROFIT / LOSS
  
- 2 205
  
3 261
  
- 167.6
  
9 616
% of net sales
  
- 1.2
  
3.5
       
5.8
Financial income and expenses
  
- 1 057
  
- 1 252
  
- 15.6
  
- 1 808
PROFIT BEFORE EXTRAORDINARY ITEMS
  
- 3 262
  
2 009
  
- 262.4
  
7 808
% of net sales
  
- 1.8
  
2.2
       
4.7
Extraordinary items
  
—  
  
- 1 237
       
- 1 237
PROFIT BEFORE TAXES
  
- 3 262
  
772
  
- 522.5
  
6 571
% of net sales
  
- 1.8
  
0.8
       
4.0
Income tax on ordinary activities
  
1 409
  
- 868
       
- 2 480
Income tax on extraordinary items
  
—  
  
359
       
359
Minority interest
  
—  
  
407
       
744
CONSOLIDATED PROFIT FOR THE REVIEW PERIOD
  
- 1 853
  
670
  
- 376.6
  
5 194


 
7 (9)
 
APPENDIX 3
 
CASH FLOW STATEMENT
  
1-9/2002
  
1-9/2001
  
1-12/2001
    
1 000 EUR
  
1 000 EUR
  
1 000 EUR
CASH FLOW FROM OPERATING ACTIVITIES
              
Operating profit
  
- 2 205
  
3 373
  
9 616
Adjustments
  
7 873
  
6 870
  
9 837
Change in net working capital
  
- 4 724
  
- 425
  
- 1 607
CASH FLOW GENERATED BY OPERATIONS
  
944
  
9 818
  
17 846
                
Interest received
  
212
  
89
  
151
Interest and other financial expenses
  
- 1 452
  
- 1 342
  
- 1 966
Income taxes paid
  
- 1 026
  
- 2 509
  
- 2 189
Extraordinary income and expenses
  
—  
  
- 1 237
  
- 1 237
NET CASH PROVIDED BY OPERATING ACTIVITIES
  
- 1 322
  
4 819
  
12 605
                
CASH FLOW FROM INVESTING ACTIVITIES
              
Acquisition of group companies
  
- 23
  
- 735
  
- 661
Other investments
  
- 8
  
—  
  
- 33
Capital expenditures
  
- 15 769
  
- 7 546
  
- 17 211
Proceeds from sales of fixed assets
  
162
  
62
  
1 281
NET CASH USED IN INVESTING ACTIVITIES
  
- 15 638
  
- 8 219
  
- 16 624
                
OPERATING CASH FLOW ./. INVESTMENTS
  
- 16 960
  
- 3 400
  
- 4 019
                
CASH FLOW FROM FINANCING ACTIVITIES
              
Proceed from (payments of) long-term liabilities, net
  
17 618
  
14 054
  
5 294
Proceed from (payments of) short-term borrowings, net
  
4 638
  
- 5 523
  
6 256
Dividends paid
  
- 2 610
  
- 3 248
  
- 3 649
Proceeds from issuance of share capital
  
270
  
1 123
  
304
                
NET CASH USED IN (PROVIDED BY) FINANCING ACTIVITIES
  
19 916
  
6 406
  
8 205
Net increase in cash and cash equivalents
  
2 956
  
3 006
  
4 186
Cash and cash equivalents at the beginning of the period
  
5 851
  
1 665
  
1 665
Cash and cash equivalents at the end of the period
  
8 807
  
4 671
  
5 851


 
8 (9)
 
APPENDIX 4
 
CONSOLIDATED BALANCE SHEET
  
30.9.02
  
30.9.01
       
31.12.01
    
1 000 EUR
  
1 000 EUR
  
Change    %
  
1 000 EUR
ASSETS
                   
NON-CURRENT ASSETS
                   
Intangible assets
  
2 055
  
3 028
  
- 32.1
  
2 550
Tangible assets
  
93 375
  
89 110
  
4.8
  
93 685
Investments
  
757
  
1 837
  
- 58.8
  
650
                     
CURRENT ASSETS
                   
Inventories
  
21 299
  
20 269
  
5.1
  
23 010
Long-term receivables
  
—  
  
—  
       
—  
Deferred tax receivable
  
3 475
  
1 799
       
1 127
Short-term receivables
  
46 916
  
40 350
  
16.3
  
47 124
Cash and cash equivalents
  
8 807
  
4 671
  
88.5
  
5 851
                     
TOTAL ASSETS
  
176 684
  
161 064
  
9.7
  
173 997
                     
SHAREHOLDERS’ EQUITY AND LIABILITIES
                   
SHAREHOLDERS’ EQUITY
                   
Share capital
  
16 358
  
16 125
  
1.4
  
16 170
Share premium account
  
39 899
  
38 396
  
3.9
  
38 655
Translation difference
  
- 4 939
  
- 1 047
       
876
Retained earnings
  
22 165
  
21 699
  
2.1
  
26 246
                     
MINORITY INTEREST
  
—  
  
1 285
       
1 009
                     
NEGATIVE GOODWILL
  
—  
  
3 372
       
1 686
                     
LIABILITIES
                   
Deferred tax liability
  
3 191
  
4 432
  
- 28.0
  
3 272
Long-term liabilities
                   
Interest bearing liabilities
  
43 863
  
33 901
  
29.4
  
29 392
Current liabilities
                   
Interest bearing liabilities
  
22 480
  
10 516
  
113.8
  
17 568
Other non-interest bearing liabilities
  
24 273
  
25 366
  
- 4.3
  
29 921
Accruals and deferred income
  
9 394
  
7 019
  
33.8
  
9 202
                     
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
  
176 684
  
161 064
  
9.7
  
173 997


 
9 (9)
 
APPENDIX 5
 
KEY FIGURES
  
30.9.02
  
30.9.01
  
Change    %
  
31.12.01
                     
Return on equity (ROE),%
  
- 3.2
  
2.3
       
7.7
Return on investment (ROI),%
  
- 2.1
  
4.5
       
9.5
Equity ratio,%
  
42.4
  
48.0
       
48.0
Net Gearing,%
  
78.3
  
52.0
       
49.6
Current Ratio
  
1.43
  
1.53
       
1.36
                     
Capital expenditure, 1 000 EUR
  
16 962
  
34 926
  
- 51.4
  
44 936
% of net sales
  
9.5
  
38.0
       
27.1
Average number of personnel
  
1 903
  
1 046
  
81.9
  
1 229
                     
PER SHARE RATIOS
                   
Earnings per share (EPS), diluted, EUR
  
- 0.028
  
0.031
  
-191.0
  
0.113
Shareholders equity per share, EUR
  
1.123
  
1.165
  
- 3.6
  
1.267
                     
SECURITIES AND GUARANTEES, 1 000 EUR
                   
Securities for own liabilities
  
70 107
  
62 727
       
63 511
Other own liabilities
  
1 903
  
1 616
       
3 579
Nominal value of derivative contracts
  
24 396
  
7 228
       
20 186
Fair value of derivative contracts
  
- 233
  
- 265
       
- 93
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