| Wed 3 Mar 2004, 8:51 | | Results Announcement For The Six Months Ended |
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RMB Holdings Limited - Unaudited Results Announcement For The Six Months Ended
31 December 2003
RMB Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1987/005115/06)
Share code: RMH
ISIN: ZAE000024501
("RMBH")
UNAUDITED RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2003
Headline earnings per share +26% to 83,9 cents
Core headline earnings per share +18% to 89,8 cents
Dividend per share +43% to 25,5 cents
OVERVIEW OF RESULTS FOR THE SIX-MONTH PERIOD
The volatile operating environment that the group faced in the previous
financial year abated somewhat, resulting in a relatively stable economic
environment for the six months to 31 December 2003. Key characteristics were:
- The economy remained fairly resilient, achieving growth of 1,9%;
- A strengthening Rand, increasing by 12,4% to a level of R6,62 against the
US Dollar;
- Falling inflation paved the way for a decline in interest rates and
resulted in a buoyant retail market; and
- An upturn in equity markets. The low interest environment and the positive
outlook for the economy resulted in the JSE ALSI 40 Index increasing by 24%
over the six months (of which 16% related to the last quarter of the
calendar year).
The net impact on the greater group was an increase in the demand for retail
credit, improved bad debt ratios, a positive outlook for equity related
activities and lower earnings in Rand terms from FirstRand"s foreign based
activities.
The results for the period demonstrate the advantages of RMBH"s diversified
earnings base. Within FirstRand:
* FirstRand Banking delivered a particularly strong performance. FNB
Corporate and RMB produced excellent results, with the retail banking
operations continuing to show solid improvements; whilst
* Momentum delivered a satisfactory performance in a tough environment; and
* Discovery delivered outstanding results.
Of our direct interests, a more than doubling of OUTsurance"s headline
earnings was particularly pleasing.
RMBH"s key financial highlights for the six months are:
* Headline earnings per share +26% to 83,9 cents (2002: 66,4 cents)
* Dividend per share +43% to 25,5 cents (2002: 17,8 cents)
In previous reports to shareholders we highlighted the impact of abnormal
currency fluctuations attaching to FirstRand"s integral South African
operations. Were such currency fluctuations to be consistently isolated from
RMBH"s results, the following arises:
* Core headline earnings per share +18% to 89,8 cents (2002: 76,4 cents)
Both the current period"s results and that of the comparative prior period have
been prepared in compliance with the Generally Accepted Accounting Standard
"AC133 - Financial Instruments: Recognition and Measurement". The need for
supplementary financial statements highlighting the impact of the changeover to
the new standard has thus fallen away. The main impact of the application of
this accounting standard arises in the FirstRand Banking Group. Shareholders
should note that in its report to shareholders FirstRand cautions that the
accounting standard introduces volatility in reported earnings, both in the
current period and in future periods.
RMBH has declared an interim dividend of 25,5 cents per share, representing a
43% increase over the prior period. Shareholders are referred to the further
commentary regarding RMBH"s dividend policy presented in this report.
Sources of income
RMBH has a well-diversified earnings base, drawn from the full spectrum of South
African financial services:
REVIEW OF OPERATIONS
FIRSTRAND GROUP
Summary of FirstRand financial results
Unaudited Audited
six months ended
year
ended
Dec Dec % June
Rm 2003 2002 change 2003
FirstRand Bank Holdings 2 308 1 722 34 3 820
Core operations 2 524 2 084 21 4 352
Foreign currency (216) (362) 40 (532)
elimination
Momentum Group 502 460 9 947
Discovery Holdings 85 51 67 169
FirstRand Limited (108) (18) >(100) (39)
Headline earnings 2 787 2 215 26 4 897
Attributable to RMBH* 898 718 25 1 590
* After consolidation eliminations
Review of operations
FirstRand Banking Group
Headline earnings increased by 34%
The Banking Group, which contributed 83% to the FirstRand group"s headline
earnings, had an excellent first six months due to strong new business growth,
lower bad debts and non-performing loans, increased transactional and trading
income and increased merchant banking income.
At an operating level most divisions improved their performance over the
corresponding period in the prior year with particularly good performances from
the following divisions:
Retail Banking
* FNB Retail (+20%) - An increase in the customer base, increased transactional
revenue and growth in card business and deposits were the principal contributors
to this excellent result. Non-performing loans were down to 6,3% from 8,2%.
While FNB HomeLoans new business growth was up 37%, net advances improved by
only 6% as a result of the run-off of mortgage books acquired in the 2002
financial year. Earnings growth was also impacted negatively by margin
compaction.
* WesBank (+41%) - Advances growth of 23% allowed WesBank to retain its dominant
position in the movable asset finance market.
Earnings from the Namibian, Botswana and Swaziland operations were slightly down
on the prior period due to margin squeeze experienced in Namibia and Botswana
and merger costs. New business growth was satisfactory.
Corporate Banking
* Rand Merchant Bank (+54%) - RMB benefited from an excellent growth in treasury
trading performance. Locally RMB was well positioned in the interest rate cycle
and benefited internationally from an improved credit environment. Merchant
banking fees were strong with activity driven by BEE transactions. Corporate
Finance was bolstered by good profits from equity related transactions and
Private Equity also delivered a strong performance.
* FNB Corporate (+74%) - Despite continued poor demand for credit from large
corporates, FNB Corporate had an excellent first six months benefiting from
strong growth in transactional income across all products combined with an
excellent reduction in bad debts. The work-out of large non-performing advances
removed the over exposure in the lending book to companies operating in the
retail sector.
International Banking
Lower bad debts and improved trading results enabled Ansbacher to reduce its
operating losses from R92 million to R86 million. This outcome includes the
negative impact of a R60 million settlement with the Irish tax authorities. The
operating environment remains difficult with disappointing new business flows.
Satisfactory progress has been made with the disengagement process, which will
result in the release of under-performing capital.
Momentum Group
Headline earnings increased by 9%
Momentum delivered a satisfactory performance in very tough market conditions
with earnings growth impacted by investment in new products and services.
New business growth was up 10%, mainly due to the success of Momentum"s new
generation risk and linked products, which off-set the decline in single premium
sales. Operating profits were depressed by significant development costs which
included the launch of Pulz (Momentum"s health insurance offering) and Momentum
Multiply (the company"s loyalty programme).
RMB Asset Management increased assets under management by 7% to R147 billion as
a result of strong investment performance.
Discovery Group
Headline earnings increased by 67%
Discovery Group delivered excellent growth in earnings and embedded value,
driven by strong new business growth. New business growth in Discovery Life was
particularly strong, increasing by 35%. Destiny, the US based health insurer, is
likely to reach break even in the first quarter of 2004 and is starting to see
the benefits of the Tufts and Guardian joint ventures.
FirstRand capital position
The FirstRand group is adequately capitalised for its current level of
operations. During the period under review FirstRand raised R1,4 billion of
additional funding through the issue of preference shares to facilitate the
transfer of Discovery to FirstRand and the consequential restructuring of
Momentum"s balance sheet. The attendant funding cost underlies the inter period
increase in expenses at the FirstRand Limited level.
DIRECTLY HELD INSURANCE INTERESTS
RMB Structured Insurance
Wholly-owned RMBSI reported headline earnings of R18,2 million compared to R20,5
million in 2002. The 10% decline in earnings between periods can largely be
ascribed to the restitution of a large structured insurance transaction included
in the prior period comparative. Such anomaly masks a significant increase in
advisory fees and satisfying growth in recurring management fees earned.
OUTsurance
OUTsurance had an excellent six months to December 2003 with premium receipts
increasing by some 56% between periods as a result of strong organic growth.
This, coupled with less than expected claims as a result of unusually clement
weather and significant economies of scale in the containment of management
expenses, resulted in headline earnings increasing by 116% to R91,2 million
(2002: R42,2 million).
RMBH"s attributable share of OUTsurance"s headline earnings for the six-month
period more than doubled and amounted to R 55,7 million (2002: R26,6 million).
OTHER FINANCIAL SERVICES INTERESTS
Glenrand M.I.B
A realignment of Glenrand M.I.B"s core Risk Advisory Services businesses
produced solid growth in revenues and resulted in headline earnings increasing
from R23,4 million in 2002 to R28,0 million. During the period the group
disposed of its investment in the Protector health group.
RMBH"s share of attributable headline earnings from Glenrand M.I.B for the six
months to December 2003 amounted to R4,7 million (2002: R4,1 million).
GAMING INTERESTS
Global Resorts
Global Resorts had a satisfactory six months. Its flagship resort, Caesars
Gauteng, did particularly well, and maintained its market share in Gauteng at
some 27,5%.
As previously reported, the restructuring of the empowerment funding at Caesars
Gauteng during 2002 has a dilutory effect on the other shareholders in Global
Resorts. As a result, RMBH"s share of headline earnings for the six-month period
amounted to R18,9 million (2002: R29,0 million). The group continued its strong
cash flow generation and repaid the last of the shareholders" development loans
during the period.
After a tender process that involved the key industry participants, shareholders
were informed during January 2004 that RMBH had agreed to sell its 48,4%
interest in Global Resorts to a consortium comprising the clients of leading
South African fund managers and the Global Resorts executive management team.
The consortium has lodged acceptable collateral to secure the R527 million
purchase consideration. The sale transaction is still awaiting regulatory
approval, which is anticipated before the end of the second quarter of 2004.
RMBH has been the lead investor in Global Resorts since its creation some ten
years ago. During this period, Global Resorts has become a leading participant
in the gaming industry in southern Africa. With Global Resorts about to embark
on a renewed expansion phase, RMBH believes that its role as provider of the
initial risk capital has come to an end and that the interests of the company
would be better served by a different profile of investor. Upon receipt of the
sale consideration, RMBH will have realised a compound return of some 25% per
annum on its investment in Global Resorts.
CAPITAL POSITION
Net funding cost as reported substantially represents funding costs incurred in
financing RMBH"s commitment at its gaming interests. The sale proceeds
anticipated from the disposal of Global Resorts will extinguish the remaining
funding liability (some R46 million at end December 2003) and will leave RMBH in
a cash surplus position.
FirstRand reports that the capital adequacy ratios of its subsidiaries are
satisfactory and are capable of meeting anticipated growth and regulatory
requirements. RMBH"s other subsidiaries and associates are more than adequately
capitalised at present.
Remgro option to subscribe for additional shares
Remgro Limited ("Remgro") acquired a 23,1% interest in RMBH on 1 January 2001.
At that stage certain of RMBH"s assets (RMBSI, OUTsurance and Global Resorts)
were still in a development stage and required further effort to demonstrate
their value. In terms of the agreement between RMBH and Remgro, it was agreed
that after a three-year period, the value cristalised for such assets would be
revisited. Should the value of the assets not have shown satisfactory growth,
Remgro was entitled to subscribe for up to a maximum of 10,75 million additional
RMBH shares at nominal consideration. The parties have reviewed the valuation of
the assets in question and have agreed that their value has been adequately
demonstrated. Consequently, Remgro"s right to subscribe for additional shares on
1 January 2004 has lapsed.
DIVIDEND POLICY
RMBH"s dividend receipts tend to accrue in equal proportions at the interim and
final stages. In the past, the company has tended to skew its dividend payments
by making a smaller payment at the interim (normally one-third) and a larger
payment at the final (two-thirds). By retaining an element of the dividend flows
in this manner, RMBH benefited from reduced funding costs. The core funding has
been significantly reduced and upon receipt of the Global Resorts sale proceeds
will be extinguished.
In the light of this, the Board believes that it is appropriate for RMBH to move
to a dividend payment pattern that more accurately reflects its underlying
pattern of dividend receipts. While the advent of accounting standards such as
AC133 is expected to result in greater volatility in the group"s underlying
earnings, it should not disturb its inherent dividend generation patterns. RMBH
anticipates that as in the past, headline earnings for a full year will cover
dividends paid by approximately three times.
INTERIM DIVIDEND
The Board has resolved to declare a 3,3 times covered interim dividend of 25,5
cents per share (2002: 17,8 cents). The increase of 43% over the previous period
should be evaluated in the light of the commentary set out above.
OUTLOOK FOR THE GROUP
The group has welcomed the conclusion of the Financial Services Charter and
believes that over time it will result in broad-based and genuine empowerment in
the sectors in which we operate. All companies in the greater group are
proactively working towards the targets envisaged in the Charter.
Expected higher economic growth and a continuing low interest environment
creates a favourable environment for financial services enterprises in southern
Africa.
* For the group"s banking interests, a sustained low interest rate environment
will continue to place pressure on margins, but growth in new business and bad
debts at an all-time low should to some extent offset these pressures.
* For the insurance businesses, the strong growth in investment markets should
be positive for asset-based fees in the second half and new business flows
should increase as investor sentiment improves. New growth initiatives and
improvements in productivity should lead to a positive impact on profitability.
We are confident that the Group"s diverse earnings base, its new initiatives and
the inherent organic growth opportunities that the RMBH group offers will allow
it, in the absence of major shocks or instability, to continue to report good
earnings growth.
For and on behalf of the Board
GT Ferreira P Cooper
Chairman Chief Operating Officer
Sandton
3 March 2004
INTERIM DIVIDEND DECLARATION
Notice is hereby given that an interim dividend of 25,5 cents per share has been
declared on 3 March 2004 in respect of the half year ended 31 December 2003.
The salient dates will be as follows:
Last day to trade cum the dividend Thursday, 18 March
Shares commence trading ex the dividend
from the commencement of business on Friday, 19 March
Record date Friday, 26 March
Payment date Monday, 29 March
Share certificates may not be dematerialised or rematerialised between Friday,
19 March 2004 and Friday 26 March 2004, both days inclusive.
By order of the Board
AH Arnott
Company Secretary
3 March 2004
BASIS OF PREPARATION
These results are a consolidation of the operations of RMBH, OUTsurance and RMB
Structured Insurance. RMBH"s proportionate interest in its associates,
FirstRand, GlenRand M.I.B and Global Resorts have been equity accounted.
This interim report has been prepared in accordance with "AC127: Interim
Financial Reporting" and using accounting policies which are in accordance with
South African Generally Accepted Accounting Practice. Such policies are in all
material respects consistent with those applied in the preparation of the
unqualified audited financial statements for the year ended 30 June 2003.
SUMMARISED GROUP INCOME STATEMENT
Unaudited Audited
six months
ended 31
December
year
ended
2003 2002 % 30 June
2003
Rm Rm change Rm
Operating profit 174 107 63 192
Net finance costs 1 (10) >100 (18)
Profit before tax 175 97 80 174
Taxation (44) (35) (26) (59)
Operating profit after 131 62 >100 115
tax
Share of after-tax 916 696 32 1 575
results in associate
companies
Earnings attributable to 1 047 758 38 1 690
shareholders before
goodwill amortisation
Net goodwill amortised (108) (109) 1 (218)
Earnings attributable to (32) (19) (68) (42)
outside shareholders
Earnings attributable to 907 630 44 1 430
ordinary shareholders
Computation of headline
earnings:
Earnings attributable to 907 630 44 1 430
ordinary shareholders
Adjustment for:
Net goodwill amortised 107 109 (2) 217
Other (24) (5) >(100) 13
Adjustment made by
associates:
Goodwill 6 59 (90) 106
amortised/impaired
Other - (4) 100 (9)
Headline earnings 996 789 26 1 757
attributable to ordinary
shareholders
Headline earnings 996 789 26 1 757
attributable to ordinary
shareholders
Elimination of currency 71 119 (40) 175
translation adjustment by
FirstRand
Core headline earnings 1 067 908 18 1 932
attributable to ordinary
shareholders
COMPUTATION OF EARNINGS PER SHARE
Unaudited Audited
six months ended
31 December
year
ended
2003 2002 % 30 June
2003
Rm Rm change Rm
Number of shares in 1 188 1 188 1 188
issue (millions)
Weighted average 1 188 1 188 1 188
number of shares in
issue (millions)
Earnings per share 76,3 53,1 44 120,4
(cents)
Headline earnings per 83,9 66,4 26 147,9
share (cents)
Core headline 89,8 76,4 18 162,6
earnings per share
(cents)
Dividend per share
(cents)
- Interim 25,5 17,8 43 17,8
- Final - - - 37,2
Total 25,5 17,8 43 55,0
Dividend cover 3,3 3,7 2,7
(relative to headline
earnings)
SUMMARISED GROUP BALANCE SHEET
December December June
2003 2002 2003
Unaudited Unaudited Audited
Rm Rm Rm
ASSETS
Cash and cash equivalents 1 227 1 693 1 454
Investments 1 853 780 1 509
Accounts receivable 485 265 262
3 565 2 738 3 225
Investment in associate 8 215 7 163 7 640
companies
Property and equipment 30 23 34
Goodwill 3 264 3 478 3 371
Total assets 15 074 13 402 14 270
LIABILITIES AND
SHAREHOLDERS" FUNDS
Funding instruments 268 388 291
Accounts payable and 435 485 704
accruals
Short-term insurance 2 157 1 491 1 747
provisions
Liabilities to 124 132 107
policyholders
2 984 2 496 2 849
Outside shareholders" 209 130 147
interest
Shareholders" funds
Share capital and premium 5 793 5 793 5 793
Reserves 6 088 4 883 5 481
Convertible debentures - 100 -
Total shareholders" funds 11 881 10 776 11 274
Total liabilities and 15 074 13 402 14 270
shareholders" funds
SOURCES OF HEADLINE EARNINGS
Unaudited Audited
six months ended
31 December
year
ended
2003 2002 % 30 June
2003
Rm Rm change Rm
Headline earnings
from:
- FirstRand 898 718 25 1 590
- Glenrand M.I.B 5 4 25 14
- OUTsurance 56 27 >100 62
- RMB Structured 18 20 (10) 43
Insurance
- Global Resorts 19 29 (34) 69
996 798 25 1 778
- RMBH and other - (9) 100 (21)
Headline earnings 996 789 26 1 757
Headline earnings 996 789 26 1 757
Elimination of 71 119 (40) 175
currency translation
adjustment by
FirstRand
Core headline earnings 1 067 908 18 1 932
SUMMARISED GROUP CASH FLOW STATEMENT
Unaudited Audited
six months ended
year
ended
31 December 30 June
2003 2002 2003
Rm Rm Rm
Cash available from 378 555 1 413
operating activities
Cash flows for servicing (442) (359) (570)
of finance from
shareholders
Cash flows on investment (162) 518 (270)
activities
Cash flows from financing (1) (84) (182)
activities
Net (decrease)/increase in (227) 630 391
cash and cash equivalents
Cash and cash equivalents 1 454 1 063 1 063
at the beginning of the
period
Cash and cash equivalents 1 227 1 693 1 454
at the end of the period
Cash available from operating activities includes net premium receipts by short-
term insurance operations. Given the fluctuations inherent in non-recurring
structured insurance transactions, such cash flows are not necessarily directly
comparable between periods.
SUMMARISED STATEMENT OF CHANGES IN EQUITY
Equity
Share Share accounted
capital premium reserves
Rm Rm Rm
Balance at 30 June 2003 12 5 781 4 340
(audited)
Earnings attributable to - - -
ordinary shareholders
Dividend paid - - -
Income of associated - - 580
companies retained
Transfers relating to
subsidiaries:
- Transfer to contingency - - -
reserve by short-term
insurance operations
- Investment reserve - - -
relating to short-term
insurance operations
- Decrease in reserves due - - -
to dilution in interest
Transfers relating to
associates:
- Movement in foreign - - (39)
currency translation
reserves
- Revaluation of available - - (8)
for sale assets
- Revaluation of investment - - 181
assets
- Cash flow hedging - - (22)
(effective portion)
- Reserves arising on - - 6
acquisition of subsidiaries
- Non-distributable - - 1
reserves of associate
companies
- Movement in other - - 2
reserves
Balance at 31 December 2003 12 5 781 5 041
(unaudited)
Balance at 31 December 2002 12 5 781 3 833
(unaudited) as previously
reported
Restatements by FirstRand:
- Earnings attributable to - - -
ordinary shareholders
- Income of associated - - 2
companies retained
- Change in accounting
policy:
Deferred acquisition costs - - (41)
Restated balance at 31 12 5 781 3 794
December 2002 (unaudited)
SUMMARISED STATEMENT OF CHANGES IN EQUITY
Non-distri-
butable Retained Total
reserves earnings equity
Rm Rm Rm
Balance at 30 June 2003 362 779 11 274
(audited)
Earnings attributable to - 907 907
ordinary shareholders
Dividend paid - (442) (442)
Income of associated - (580) -
companies retained
Transfers relating to
subsidiaries:
- Transfer to contingency 14 (14) -
reserve by short-term
insurance operations
- Investment reserve 22 - 22
relating to short-term
insurance operations
- Decrease in reserves due (1) - (1)
to dilution in interest
Transfers relating to
associates:
- Movement in foreign - - (39)
currency translation
reserves
- Revaluation of available - - (8)
for sale assets
- Revaluation of investment - - 181
assets
- Cash flow hedging - - (22)
(effective portion)
- Reserves arising on - - 6
acquisition of subsidiaries
- Non-distributable - - 1
reserves of associate
companies
- Movement in other - - 2
reserves
Balance at 31 December 2003 397 650 11 881
(unaudited)
Balance at 31 December 2002 354 735 10 715
(unaudited) as previously
reported
Restatements by FirstRand:
- Earnings attributable to - 2 2
ordinary shareholders
- Income of associated - (2) -
companies retained
- Change in accounting
policy:
Deferred acquisition costs - - (41)
Restated balance at 31 354 735 10 676
December 2002 (unaudited)
The RMBH Group at a glance
RMBH is the holding company of some of South Africa"s leading financial services
companies. Its interests include:
* FirstRand Limited (the "FirstRand group") (effective interest: 32,7%)
The FirstRand group is an integrated financial services group with critical
mass in both banking and insurance. For regulatory oversight purposes, its
operations are housed in three subsidiary groups under FirstRand Bank
Holdings Limited (100%), Momentum Group Limited (100%) and Discovery
Holdings Limited (63%). In order to provide customers with a comprehensive
range of products and services the group"s business units are clustered
according to specific target markets. These are:
* Retail - targeting individual customers (principally under the
FNB/First National Bank, WesBank and eBucks.com brand names);
* Corporate - directed at large corporate and commercial enterprises (under
the FNB Corporate, Rand Merchant Bank, RMB Asset Management, Futuregrowth
and Momentum Employee Benefits brand names);
* Wealth - targeting individuals in the middle and upper income markets
(principally under the Momentum Life, Momentum Wealth, RMB Private Bank and
RMB Unit Trust brand names); and
* Health - serving the health insurance market (via the Discovery group).
* RMB Structured Insurance Limited ("RMBSI") (effective interest: 100%)
RMBSI holds both short-term and life assurance licences. It creates bespoke
financial risk solutions to South Africa"s large corporates by using
sophisticated risk techniques and innovative financial structures.
* OUTsurance Limited ("OUTsurance") (effective interest: 60,3%)
OUTsurance is a direct personal lines short-term insurer. Pioneers of the
OUTbonus concept, it has grown rapidly by applying a scientific approach to
risk selection, product design and claims management.
* Glenrand M.I.B Limited ("Glenrand M.I.B") (effective interest: 17,0%)
Glenrand M.I.B is a leading financial services group focused on providing
risk advisory services and solutions, employee benefits and investment
advisory services.
* Global Resorts (SA) (Pty) Limited ("Global Resorts") (effective interest:
48,4%)
Global Resorts is a leading player in the southern African gaming industry.
It designs, develops and operates multi-faceted casino, hotel and
entertainment facilities and has an interest in three casinos, the
principal of which is Caesars Gauteng.
RMB HOLDINGS LIMITED ("RMBH")
Registration number: 1987/005115/06
Share code: RMH
ISIN: ZAE000024501
Directors: GT Ferreira (Chairman),
P Cooper (COO), LL Dippenaar,
JW Dreyer, DM Falck, PM Goss,
PK Harris, KC Shubane
Secretary and registered office:
AH Arnott
17th Floor, 1 Merchant Place,
Corner Fredman Drive and Rivonia Road, Sandton, 2196
Postal address:
PO Box 786273, Sandton, 2146
Telephone +27 11 282 8000
Telefax +27 11 282 8088
Sponsor:
(In terms of JSE listings requirements)
Rand Merchant Bank
(A division of FirstRand Bank Limited)
Corporate Finance
1 Merchant Place
Corner Fredman Drive and Rivonia Road
Sandton, 2196
Transfer secretaries:
Computershare Limited
70 Marshall Street,
Johannesburg, 2001
Postal address
PO Box 61051,
Marshalltown, 2107
Telephone +27 11 370 7700
Telefax +27 688 7721
Web address: www.rmbh.co.za
Date: 03/03/2004 07:15:20 AM Produced by the JSE SENS Department
