february 2012 investor update - ge.com · “this document may also contain non-gaap financial...

7
March 20, 2012 To the Investment Community, On March 9, GE announced that its 2011 annual report entitled “GE Works” is now available on the Company’s website. The digital version of the 2011 GE Annual Report, like the print edition, focuses on GE Works, featuring stories of how the Company’s employees and products are at work solving tough problems. It also features video commentary from Jeff Immelt sharing his view of what GE Works means for investors, employees, customers and society. Please click here to access our Annual Report. On February 14, GE hosted ‘American Competitiveness: What Works’, a four-day conference in Washington D.C. dedicated to America’s long-term economic and industry growth. The four-day event featured in-depth conversations with business, political and thought leaders, including GE Chairman and CEO Jeffrey Immelt, on what’s working right now, and what must be done to grow manufacturing, foster innovation, compete globally, and create jobs. At the conference, GE announced it will launch several new programs throughout the year, including: New pilot programs with partners to improve healthcare delivery in Louisville, Kentucky, and Erie, Pennsylvania, to achieve better health at lower costs in each community. This follows a successful program in Cincinnati that has resulted in significantly lower costs for both local employers and providers while improving access and maintaining quality care. Hiring 5,000 U.S. veterans over the next five years and sponsoring a “Hire our Heroes” partnership with the U.S. Chamber of Commerce to help veterans integrate into the civilian workforce and match them to jobs. Doubling the number of GE engineering interns to more than 5,000 as part of an initiative proposed by the President’s Council on Jobs and Competitiveness to add 10,000 more engineering graduates a year in the U.S. Please click here to access the presentation materials and for more information on the GE Works campaign. Business Highlights Industrial Businesses page 3 GE Capital page 6 Other Company News page 7 Investor Events page 7 Contact Trevor A. Schauenberg Vice President Corporate Investor Communications 3135 Easton Turnpike Fairfield, CT 06828 USA T 203 373 2424 F 203 373 2071 [email protected] February 2012 Investor Update GE Works Leader talking points GE Works is a new way of telling our story. It emphasizes what GE employees do every day, making things that matter to our customers, partners and communities around the world. We have the best people working together and the best technologies taking on the toughest challenges in energy, health and home, transportation and finance. We work by building, powering, moving and curing the world: Building– We help build communities and infrastructures to grow economies and improve the lives of people around the world. Curing– We’re breaking down the barriers of cost, quality and access to healthcare and inventing the technology that makes the world healthier, safer and more productive. Powering– We make the most of the resources we have today and invent the technology to power generations to come. Moving– We invent the technology that transports people and resources in the air, over the rails and on the road to keep the world moving forward. This is how we do it. We developglobal leaders who navigate the complexity of our times with clarity, courage and integrity We partner to solve tough challenges for customers and society We deliver innovative products, software and services We growbeyond the core, in developing markets and in specialty finance We useour scale, process excellence, effective capital allocation and risk management wisely to deliver organic growth, superior returns and cash over the long term Part of GE Works is showcasing what you work on every day. 6[Note to leader: employees may recall the U.S. advertising and you can cite it as an example of the role employees play.] 6 [Note to leader: visit — http://www.ge-works.com/ — and find a story that you personally find compelling and share it with your team as an example.] 6 [Leader uses his/her own story or develops what the team’s story is and shares it with the team.]

Upload: others

Post on 14-Mar-2020

0 views

Category:

Documents


0 download

TRANSCRIPT

Page 1: February 2012 Investor Update - ge.com · “This document may also contain non-GAAP financial information. Management uses this information in its internal analysis of results and

March 20, 2012

To the Investment Community,

On March 9, GE announced that its 2011 annual report entitled “GE Works” is now available on the Company’s website. The digital version of the 2011 GE Annual Report, like the print edition, focuses on GE Works, featuring stories of how the Company’s employees and products are at work solving tough problems. It also features video commentary from Jeff Immelt sharing his view of what GE Works means for investors, employees, customers and society. Please click here to access our Annual Report.

On February 14, GE hosted ‘American Competitiveness: What Works’, a four-day conference in Washington D.C. dedicated to America’s long-term economic and industry growth. The four-day event featured in-depth conversations with business, political and thought leaders, including GE Chairman and CEO Jeffrey Immelt, on what’s working right now, and what must be done to grow manufacturing, foster innovation, compete globally, and create jobs.

At the conference, GE announced it will launch several new programs throughout the year, including:

New pilot programs with partners to improve healthcare delivery in Louisville, Kentucky, and Erie, Pennsylvania, to achieve better health at lower costs in each community. This follows a successful program in Cincinnati that has resulted in significantly lower costs for both local employers and providers while improving access and maintaining quality care.

Hiring 5,000 U.S. veterans over the next five years and sponsoring a “Hire our Heroes” partnership with the U.S. Chamber of Commerce to help veterans integrate into the civilian workforce and match them to jobs.

Doubling the number of GE engineering interns to more than 5,000 as part of an initiative proposed by the President’s Council on Jobs and Competitiveness to add 10,000 more engineering graduates a year in the U.S.

Please click here to access the presentation materials and for more information on the GE Works campaign.

Business HighlightsIndustrial Businesses page 3

GE Capital page 6

Other Company News page 7

Investor Events page 7

ContactTrevor A. Schauenberg Vice President Corporate Investor Communications

3135 Easton Turnpike Fairfield, CT 06828 USA

T 203 373 2424 F 203 373 2071 [email protected]

February 2012 Investor Update

GE WorksLeader talking points

GE Works is a new way of telling our story. It emphasizes what GE employees do every day, making things that matter to our customers, partners and communities around the world.

We have the best people working together and the best technologies taking on the toughest challenges in energy, health and home, transportation and finance.

We work by building, powering, moving and curing the world:• Building – We help build communities and infrastructures to grow economies and improve the lives of

people around the world.

• Curing – We’re breaking down the barriers of cost, quality and access to healthcare and inventing the technology that makes the world healthier, safer and more productive.

• Powering – We make the most of the resources we have today and invent the technology to power generations to come.

• Moving – We invent the technology that transports people and resources in the air, over the rails and on the road to keep the world moving forward.

This is how we do it. • We develop global leaders who navigate the complexity of our times with clarity, courage and integrity

• We partner to solve tough challenges for customers and society

• We deliver innovative products, software and services

• We grow beyond the core, in developing markets and in specialty finance

• We use our scale, process excellence, effective capital allocation and risk management wisely to deliver organic growth, superior returns and cash over the long term

Part of GE Works is showcasing what you work on every day.

6 [Note to leader: employees may recall the U.S. advertising and you can cite it as an example of the role employees play.]

6 [Note to leader: visit — http://www.ge-works.com/— and find a story that you personally find compelling and share it with your team as an example.]

6 [Leader uses his/her own story or develops what the team’s story is and shares it with the team.]

Page 2: February 2012 Investor Update - ge.com · “This document may also contain non-GAAP financial information. Management uses this information in its internal analysis of results and

On February 22, GE Aviation President and CEO David Joyce presented at the Barclays Capital Industrial Select Conference. Mr. Joyce highlighted Aviation’s expansive portfolio of commercial and military products and services that totaled over $18.9 billion of revenue in 2011. The presentation also highlighted Aviation’s significant growth over the past ten years, as well as its place among industry leaders in terms of technology leadership. Please click here to access presentation materials.

For presentations, news and other helpful information please visit our investor website at http://www.ge.com/investors.

Please see “GE Reports” to keep informed about the latest company developments. We will update it daily to share information and our perspectives on GE activities around the world. Please visit our website at http://www.gereports.com/.

Regards,

Investor Update continued

Results are preliminary and unaudited.

Caution Concerning Forward-Looking Statements: This document contains “forward-looking statements” — that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” or “will.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include: current economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices and the value of financial assets; potential market disruptions or other impacts arising in the United States or Europe from developments in the European sovereign debt situation; the impact of conditions in the financial and credit markets on the availability and cost of General Electric Capital Corporation’s (GECC) funding and on our ability to reduce GECC’s asset levels as planned; the impact of conditions in the housing market and unemployment rates on the level of commercial and consumer credit defaults; changes in Japanese consumer behavior that may affect our estimates of liability for excess interest refund claims (Grey Zone); potential financial implications from the Japanese natural disaster; our ability to maintain our current credit rating and the impact on our funding costs and competitive position if we do not do so; the adequacy of our cash flow and earnings and other conditions which may affect our ability to pay our quarterly dividend at the planned level; our ability to convert customer wins (which represent pre-order commitments) into orders; the level of demand and financial performance of the major industries we serve, including, without limitation, air and rail transportation, energy generation, real estate and healthcare; the impact of regulation and regulatory, investigative and legal proceedings and legal compliance risks, including the impact of financial services regulation; strategic actions, including acquisitions, joint ventures and dispositions and our success in completing announced transactions and integrating acquired businesses; and numerous other matters of national, regional and global scale, including those of a political, economic, business and competitive nature. These uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.

“This document may also contain non-GAAP financial information. Management uses this information in its internal analysis of results and believes that this information may be informative to investors in gauging the quality of our financial performance, identifying trends in our results and providing meaningful period-to-period comparisons. For a reconciliation of non-GAAP measures presented in this document, see the accompa-nying supplemental information posted to the investor relations section of our website at www.ge.com.”

“Effective January 1, 2011, we reorganized our segments. We have reclassified prior-period amounts to conform to the current-period’s presentation.”

“In this document, “GE” refers to the Industrial businesses of the Company including GECS on an equity basis. “GE (ex. GECS)” and/or “Industrial” refer to GE excluding Financial Services.”

Page 3: February 2012 Investor Update - ge.com · “This document may also contain non-GAAP financial information. Management uses this information in its internal analysis of results and

ENErGy INfrASTruCTurE• Further expanding its presence in Australia’s liquefied natural gas (LNG) sector, GE Oil & Gas

has received a contract of more than USD$150 million from Apache in Australia to supply subsea equipment for the Julimar Development Project, located offshore near Dampier in Western Australia. The Apache-operated Julimar Development Project is a joint venture between Apache (65 percent) and Kuwait Foreign Petroleum Exploration Company (35 percent). GE’s contract represents the largest subsea agreement ever awarded by Apache in Australia. GE will be responsible for project management, engineering and procurement of the subsea equipment for the Julimar project. Read the press release.

• GE announced that its ecomagination qualified Jenbacher gas engines will power China’s largest landfill gas (LFG) power generation project. The Laogang LFG project is owned by Laogang Renewable Energy Co., a joint venture formed by Veolia and Shanghai Environment Group, and supports the Chinese government’s 12th Five-Year Plan, during which China plans to invest more than RMB$260 billion in the waste treatment industry including waste-to-energy initiatives by 2015. Seven of GE’s ecomagination qualified Jenbacher J420 gas engines, which will provide about 10 megawatts of electricity, will power the new Laogang LFG facility located in Shanghai. Each J420 engine combusts 2.7 million cubic meters (m3) of methane each year, providing an overall yearly reduction of greenhouse gas of around 18.9 million m³ for the seven gas engines. Read the press release.

• GE Energy’s Power Conversion business was recently awarded a significant contract for the supply of electrical and automation equipment for Posco Assan TST’s new Cold Rolling Mill facility in Turkey. This order furthermore increases the group’s presence in the metals segment in Turkey, the second largest steel producing country in Europe. Based on its in-depth knowledge of advanced process controls, Power Conversion has been selected by Fives DMS, a worldwide leading mechanical company, to supply electrical and automation equipment for two new 64-inch Sendzimir Cold Rolling Mills for this facility. GE will provide in-house manufactured induction motors fed by Power Conversion MV7000 Medium Voltage drives, low voltage drives and Level 1 automation process, including thickness, flatness and tension controls. Read the press release.

• Reinforcing its position as a major supplier to Turkey’s growing private power sector, GE has secured contracts to supply equipment and services for a new gas-fired power plant in the Erzin district of southern Turkey. For the Egemer Elektrik Uretim A.S. — Erzin gas-fired power plant, GE will supply two Frame 9FB Gas Turbines and three generators and also has signed a 12-year service agreement to provide planned and unplanned maintenance services to help ensure the long-term, reliable operation of the equipment. Read the press release.

• GE Energy’s Industrial Solutions business has received the prestigious 2011 North America Supplier of the Year award from Gexpro, a part of Rexel Holdings, U.S.A. The award, one of four presented, was announced recently at the Gexpro Leadership Conference in Phoenix, Arizona. GE Energy’s Industrial Solutions business was clearly focused on innovation, marketing, services and solutions with Gexpro,” said Scott King, vice president of sourcing and inventory for Gexpro. “They successfully drove engagement and leadership that netted revenue growth for all five Gexpro divisions.” Read the press release.

• GE is participating in this week’s WQA Aquatech 2012 conference at the Las Vegas Convention Center, where the company will showcase its ZCore depth cartridge filter technology and its broad product portfolio. This portfolio leverages equipment, chemistries and services to help commercial and industrial customers address their pressing water resource challenges. Key industrial customers that require enhanced water filtration technologies like ZCore include those in the food and beverage, microelectronics and other industrial sectors including power generation, chemical processing and hydrocarbon processing as well as wastewater remediation. Read the press release.

Industrial Businesses

February 2012 Investor Update 3

Page 4: February 2012 Investor Update - ge.com · “This document may also contain non-GAAP financial information. Management uses this information in its internal analysis of results and

AvIATION• GE Aviation has been selected by Sikorsky Aircraft as a member of a newly-formed team that is building a next-generation

helicopter for evaluation by the U.S. military. GE Aviation will provide the engine to enable the aircraft – designated the S-97 RAIDER helicopter — to demonstrate state-of-the-art advancements in rotorcraft technology. GE is among 35 companies nationwide announced as preferred suppliers by Sikorsky on January 12 during the Association of the United States Army (AUSA) Aviation symposium at National Harbor, Maryland, near Washington D.C. Read the press release.

• GE Aviation announced its agreement with GeoEye to provide the aviation industry with ICAO-compliant terrain and obstacle aeronautical data derived from GeoEye’s high resolution Earth imagery. As the first offering under this agreement, GE will provide ICAO Annex 15 Area-2 terrain and obstacle databases to support the development of new Performance-based Navigation (PBN) flight paths around the world. “This advanced aeronautical data, along with our Required Navigation Performance (RNP) products, will accelerate the deployment of RNP flight paths that will help meet the global challenge of increasing efficiency in the world’s air traffic management system,” said Giovanni Spitale, general manager of GE’s PBN Services. Read the press release.

• The U.S. Federal Aviation Administration (FAA) has granted 330-minute extended-range, twin-engine operations (ETOPS) Approval to 14 CFR Part 33.201 for the GEnx-1B Performance Improvement Program (PIP) engine, which will power the Boeing 787 Dreamliner aircraft. This follows the 330-minute ETOPS approval that was granted to the GEnx-1B baseline engine late last year. Boeing recently completed all flight tests of the GEnx-powered Boeing 787 Dreamliner aircraft expected to be required for FAA type certification. Read the press release.

HEAlTHCArE• General Electric, through its healthcare IT business, and Microsoft Corp. announced developments for their planned

50-50 joint venture, Caradigm™, which is expected to launch in the first half of 2012, pending customary closing conditions. Caradigm will be aimed at driving a paradigm shift in the delivery of care by enabling health systems and professionals to use real-time, system-wide intelligence to improve healthcare quality and the patient experience. Upon formation, the new company will develop and market an open, interoperable technology platform and collaborative clinical applications focused on enabling better population health management to improve outcomes and the economics of health and wellness. Read the press release.

• GE Healthcare announced it has reached an agreement to acquire Xcellerex, Inc. a supplier of innovative manufacturing technologies for the fast-growing biopharmaceutical industry. The acquisition of Xcellerex will allow GE Healthcare to expand its offering of products and services for the manufacture of biopharmaceuticals such as recombinant proteins, antibodies and vaccines. The strong strategic fit between the two companies, combined with expanded capabilities in product development and marketing, will offer significant customer benefits. Financial terms were not disclosed. Read the press release.

• GE Healthcare introduced in Mexico the pocket-sized, portable visualization tool, Vscan*, a device that enables physicians to quickly look inside the body at the point of care. Vscan’s pocket-friendly size provides clinicians with an immediate, non-invasive method to help obtain visual information about what is happening inside the body. Vscan is portable and can easily be used in hospital, clinics or primary care settings. Read the press release.

February 2012 Investor Update 4

Industrial Businesses continued

Page 5: February 2012 Investor Update - ge.com · “This document may also contain non-GAAP financial information. Management uses this information in its internal analysis of results and

TrANSpOrTATION• GE Transportation, along with Amtrak and the Michigan Department of Transportation (MDOT),

announced that they have received approval from the U.S. Department of Transportation Federal Railroad Administration (FRA) to operate Amtrak trains at 110 mph on 97 miles of Amtrak-owned line between Kalamazoo, Michigan, and Porter, Indiana. Following the successful installation and testing of GE’s Positive Train Control Safety System, Amtrak and MDOT, FRA and GE Transportation introduced the higher speed rail service on February 15 with government leaders, Amtrak executives, MDOT officials and members of the media from Chicago and Michigan. “This is the first expansion of regional high speed rail outside the Amtrak-owned Northeast Corridor,” said President and CEO Joseph Boardman when Amtrak announced the FRA decision. “With our partners in Michigan, we will extend this 110 mph service from Kalamazoo to the state’s central and eastern regions in the coming years.” Read the press release.

HOmE & BuSINESS SOluTIONS• GE Appliances & Lighting has earned the U.S. Environmental Protection Agency’s ENERGY STAR®

Sustained Excellence Award for the seventh consecutive year. GE Appliances & Lighting supports the ENERGY STAR® program through a variety of initiatives, including training sales employees, retailers and distributors; promoting ENERGY STAR®-qualified products; and recycling at company locations. For example, in 2011, GE Appliance Park in Louisville recycled 10,000 gross tons of factory and office materials. GE representatives will receive the award at a March 15 ceremony in Washington, D.C. Read the press release.

• GE Appliances announced the opening of its GeoSpring™ Hybrid Water Heater manufacturing facility at Appliance Park in Louisville, Kentucky — the first to open there since 1957. The $38 million investment in the new product and a revitalized facility is the first milestone in commitments GE has made since 2009 to invest a total of $1 billion ($800 million in Louisville) and create more than 1,300 new jobs in the U.S. by 2014. “The journey we started in 2009 to get to this day has been an inspirational one,” said GE Appliances President and CEO Charles “Chip” Blankenship. “To reverse decades of outsourcing by bringing new, industry-leading products and jobs back to the U.S.” Read the press release.

February 2012 Investor Update 5

Industrial Businesses continued

*Registered Trademark of General Electric Company

Page 6: February 2012 Investor Update - ge.com · “This document may also contain non-GAAP financial information. Management uses this information in its internal analysis of results and

• GE Capital, Corporate Finance announced it is co-collateral agent on a $100 million asset-based revolving credit facility for Federal Signal Corporation (NYSE: FSS), a leading designer and manufacturer of safety and security products and systems. The financing will be used to refinance debt and provide working capital. “As part of a global industrial company, GE Capital has a keen sense of manufacturing and helped us complete our overall refinancing,” said Bill Barker, CFO of Federal Signal Corporation. “The new credit facility has the flexibility to support both day-to-day working capital and growth.” Read the press release.

• GE Capital, Franchise Finance provided a $91 million senior agented credit facility to JIB Management, Inc., a Jack in the Box and Denny’s franchise company. The financing, primarily to refinance existing debt, included a syndicated $81 million term loan and a $10 million development line of credit. A portion of the funding was provided through GE Capital’s bank affiliate, GE Capital Financial Inc. “GE Capital’s knowledge of the industry, and of JIB Management, enabled them to complete a comprehensive, $91 million credit facility that included a strong syndicate of banks that provided us with a development loan for future growth,” said Anil Yadav, president, JIB Management, Inc. Read the press release.

• GE Capital announced it served as administrative agent on a $65 million senior secured first lien credit facility for Paradigm Management Services. The funds were used to support the acquisition of Paradigm by Lightyear Capital. Paradigm Management Services is a leading provider of complex and catastrophic medical management services in the workers’ compensation industry. “We’re pleased to support Lightyear and Paradigm in this transaction. We believe Lightyear’s extensive financial services expertise will help the company continue to improve its business,” said Doug Cannaliato, managing director at GE Antares Capital. Read the press release.

• Capital, Franchise Finance announced that it has recently provided a $19 million senior term loan facility to Original Joe’s Franchise Group, Inc. to support the acquisition of all of the assets of Elephant & Castle Group, Inc. out of bankruptcy. Derek Doke, majority owner, Original Joe’s Franchise Group, Inc., said, “We know from our existing relationship with GE Capital that they bring a lot of expertise in restaurant financing to each transaction. We are very pleased with this outcome.” Read the press release.

• GE Capital, Franchise Finance announced that it has recently provided a $15 million senior term loan facility to Temple Real Estate Investment Trust to support the acquisition of the Radisson Hotel & Suites Fort McMurray, “We are very pleased to be able to support Temple REIT in this acquisition,” explained Edward Khediguian, senior vice president, GE Capital, Franchise Finance, Canada. “We have financed over $1 billion in hotel transactions in Canada over the last 10 years, and remain committed to the industry. Read the press release.

• GE Capital, Franchise Finance recently provided a $2.675 million term loan to QSC Restaurants, Inc., a Wendy’s franchisee, for a partner buyout. The funding was provided through GE Capital’s bank affiliate, GE Capital Financial Inc. “This buyout was a big step that was two years in the making, and we needed a responsive and reliable lender to help us,” says Laryl Laetsch, chief financial officer, QSC Restaurants, Inc. “GE Capital proved to be very responsive to our needs and we are very pleased with the execution of this transaction.” Read the press release.

• GE Capital Aviation Services Limited (GECAS) announced delivery of a new, CFM-powered Airbus A320 to GoAir following a purchase and leaseback transaction with the airline. The aircraft, which was inducted into the GoAir fleet a number of weeks ago, comes from the airline’s existing order book with Airbus. GoAir currently operates over 150 flights per day with a fleet of 12 aircraft serving 21 destinations across India. Read the press release.

February 2012 Investor Update 6

GE Capital

Page 7: February 2012 Investor Update - ge.com · “This document may also contain non-GAAP financial information. Management uses this information in its internal analysis of results and

CITIzENSHIp, ECOmAGINATIONSm, HEAlTHymAGINATION • GE and Chesapeake Energy Corporation announced a collaboration to develop

infrastructure solutions that will help accelerate the adoption of natural gas as a transportation fuel. This groundbreaking technology and services project marks a significant milestone toward increasing energy independence in the United States through the increased use of natural gas — an abundant, reliable and cleaner-burning source of energy for both consumers and commercial users. As part of the announced collaboration, beginning in the fall of 2012 GE will provide more than 250 modular and standardized CNG compression stations for NGV infrastructure. These units, also known as “CNG In A Box™,” have gone through GE’s rigorous ecomagination qualification process and will provide the core infrastructure to enable expanded access to CNG at fueling stations and other designated installations. Read the press release. Read the press release.

• With the peak of flu season upon us, scientists at GE Global Research have been awarded a program through the Defense Advanced Research Projects Agency (DARPA) to develop a breakthrough medical device that can diagnose the flu and other infectious diseases such as malaria, E. coli and salmonella at the point-of-care. In addition to making an accurate diagnosis, another key goal of the device is to be readily adapted for new strains of diseases so that new diagnostic tests can be rapidly developed. GE scientists will be partnering with InDevR, a rapidly growing biotechnology company in Boulder, Colorado that develops new tools to assist in disease diagnosis such as the flu and vaccine development as well. Read the press release.

February 2012 Investor Update 7

Other Company News

rECENT INvESTOr EvENTSVisit the Events & Presentations section of our investor website to view the presentations.- February 22, 2012*: Barclays Capital Industrial Select Conference- March 6-7, 2012*: GE Global Growth Investor Meeting in Rio de Janeiro, Brazil

upCOmING INvESTOr EvENTS (SuBjECT TO CHANGE)- March 22, 2012: J.P. Morgan Capital Goods Blue Chip Forum 2012- April 20, 2012**: GE 1st Quarter 2012 Earnings Webcast- April 25, 2012**: 2012 Annual Meeting of Shareowners - May 23, 2012**: 2012 Electrical Products Group (EPG) Conference* Webcast replays are retained on our website for a limited period of time.

**Meeting will be webcast.