Mumbai, May 20th, 2009: Axis Bank; India’s third largest private sector bank, today entered into a strategic alliance with Motilal Oswal Securities Ltd (MOSL), one of India’s largest financial services intermediaries, to facilitate online trading for the Bank’s ten million customers.
A Memorandum of Understanding (MoU) to this effect was signed by Mrs. Sonu Bhasin, President Retail Financial Services, Axis Bank and Mr. Motilal Oswal, CMD, Motilal Oswal Financial Services Ltd.
Following this tie-up, Axis Bank customers now have the additional option of making investments in equities, derivatives and Initial Public Offerings (IPOs), using the online trading platform of MOSL.
Axis Bank customers who have a Savings as well a Demat account with the Bank, can open a Trading Account with Motilal Oswal and enjoy the convenience of investing in financial products from the comfort of their home, office, while on the move or from any other location of their choice by just accessing the Axis Bank website and clicking on the link to MOSL provided on the homepage.
Axis Bank ties up with Motilal Oswal Securities for Online Trading
May 20th, 2009 by | No Comments | Filed in NewsDr. Reddys FY09 Revenues at Rs. 6,944 cr, Betapharm erodes Net profit
May 18th, 2009 by | No Comments | Filed in Politics
Hyderabad, India, May 18, 2009: Dr. Reddy’s Laboratories Ltd. (NYSE: RDY) today announced its unaudited financial results for the year ended March 31, 2009 under International Financial Reporting Standards (IFRS).
FY09 Key Highlights
o Overall revenues at Rs. 69.4 billion ($1.4 billion) in FY09 as against Rs. 50.0 billion ($983 million) in FY08, representing a growth of 39%.
o The growth was driven by the successful launch of the authorized generic version of GlaxoSmithKline’s Imitrex® (generic version: sumatriptan succinate), in late November 2008 and by the key markets of North America and Russia.
o Excluding revenues from Sumatriptan, the YoY growth is at 24%.
o EBITDA at Rs. 14.5 billion ($285 million) in FY09 as against Rs. 9.7 billion ($190 million) in FY08, representing a growth of 50%.
o During the year ended March 31, 2009, in our German subsidiary, betapharm, there has been a visible shift towards the tender based supply model with a continuing decrease in market prices. Pursuant to this adverse market development, the Company tested its carrying value of intangibles and goodwill at betapharm for impairment as required under the accounting standards. The impairment testing indicated that the carrying values of goodwill and some of the product related intangibles were higher than their respective recoverable values and accordingly, the Company has recorded an impairment loss with respect to intangible assets amounting to Rs. 3,167 million (Euros 47 million), before tax and with respect to goodwill of Rs 10,856 million (Euros 162 million). This is a one-time non-cash charge in the Income statement and incorporates the provisions of applicable accounting standards.
o As a result of the impairment, the reported Net Loss for FY09 is at Rs. 5.2 billion ($102 million).
o PAT adjusted for one time exceptions, at Rs. 8.5 billion ($167 million) as against Rs. 4.5 billion ($88 million) in FY08. This translates to an adjusted EPS of Rs. 50.3 ($1.0) in FY09 representing a growth of 89% over FY08.
o Revenues from Global Generics business at Rs. 49.8 billion ($979 million) in FY09 as against Rs. 33.0 billion ($649 million) in FY08. YoY growth of 51% driven by sumatriptan and the key markets of North America and Russia.
o Revenues from Pharmaceutical Services & Active Ingredients (PSAI) increase by 13% to Rs. 18.8 billion ($369 million) in FY09 as against Rs. 16.6 billion ($327 million) in FY08.
o During the year, the company launched 116 new generic products, filed 110 new generic product registrations and filed 55 DMFs globally.
o The company has filed 3 INDs in March 2009 and they have also been accepted by the concerned regulatory agency. The first human subjects were successfully dosed in a phase I study with DRL 17822, a selective inhibitor of CETP, for the treatment of dyslipidemia, atheresclerosis and associated cardiovascular diseases. The other two molecules are for the treatment of COPD and Dyslipidaemia.
o The Board of Directors of the Company have recommended a final dividend of Rs. 6.25 (125%) per equity share of Rs. 5/- face value, subject to the approval of shareholders at the ensuing Annual General Meeting.
Business Highlights FY09:
o Overall revenues at Rs. 69.4 billion ($1.4 billion) in FY09 as against Rs. 50.0 billion ($983 million) in FY08, representing a growth of 39%.
o The growth was majorly driven by the successful launch of the authorized generic version of GlaxoSmithKline’s Imitrex® (generic version: sumatriptan succinate), in late November 2008.
o Excluding revenues from Sumatriptan, the YoY growth is at 24%, driven by the key markets of North America and Russia.
o Operating income is at Rs. 11.2 billion ($220 million) in FY09 as against Rs. 5.4 billion ($107 million) in FY08 after adjusting for non cash impairment of intangibles and goodwill.
o EBITDA at Rs. 14.5 billion ($285 million) in FY09 as against Rs. 9.7 billion ($190 million) in FY08, representing a growth of 50%, higher than the sales growth of 39%.
o Revenues from Global Generics business at Rs. 49.8 billion ($979 million) in FY09 as against Rs. 33.0 billion ($649 million) in FY08. YoY growth of 51% driven by sumatriptan and key markets of North America and Russia.
o Excluding revenues from Sumatriptan, the growth of 58% in North America was driven by volume growth in existing products, acquisition of the Shreveport facility and the benefit of rupee depreciation against dollar.
o Revenue growth of 43% in Russia driven by key brands of Omez, Nise, Ketorol, Cetrine and Bion.
o Revenues from Pharmaceutical Services & Active Ingredients (PSAI) increase by 13% to Rs. 18.8 billion ($369 million) in FY09 as against Rs. 16.6 billion ($327 million) in FY08.
o During the year, the company launched 116 new generic products, filed 110 new generic product registrations and filed 55 DMFs globally.
Segmental Analysis
Global Generics
o Revenues from Global Generics business at Rs. 49.8 billion ($979 million) in FY09 as against Rs. 33.0 billion ($649 million) in FY08. YoY growth of 51% driven by launch of sumatriptan and the key markets of North America and Russia.
o Revenues from North America at Rs. 19.8 billion ($390 million) in FY09 as against Rs. 8.0 billion ($158 million) in FY08.
o Excluding revenues from Sumatriptan, the growth of 58% in North America was driven by high volume growth across existing Top products and acquisition of Shreveport facility.
o Revenue from Shreveport facility at Rs. 1.7 billion ($33 million) in FY09.
o 16 new products launched in FY09.
o During the year, the Company filed 20 ANDAs taking the total filings to 144. Total of 69 ANDAs pending at the USFDA addressing innovator sales of $46 billion as per IMS December 2008.
o Revenues from Europe at Rs. 11.9 billion ($234 million) in FY09 as against Rs. 10.2 billion ($201 million) in FY08, representing a growth of 16%.
o Revenues from betapharm increase by 20% to Rs. 9.9 billion ($194 million) in FY09 from Rs. 8.2 billion ($161 million) in FY08. This increase was on account of :
o Volume growth in existing products
o betapharm volume growth of 16.5% as against market volume growth of 3.2%.
(Source: NVI Report Apr-March 2009)
o One off seasonal vaccine sales in Q2 FY09
o Revenues from Rest of Europe remain flat at Rs. 1.9 billion ($39 million) in FY09.
o During the year, the company launched 25 new products and filed 11 dossiers across Europe.
o Revenues from Russia & Other CIS markets at Rs. 7.6 billion ($150 million) in FY09 as against Rs. 5.5 billion ($109 million) in FY08, representing a growth of 38%.
o Revenues in Russia increase to Rs. 5.8 billion ($114 million) in FY09 as against Rs. 4.1 billion ($80 million) in FY08. YoY growth of 43% driven by key brands of Omez, Nise, Ketorol, Cetrine and Bion.
o Dr. Reddy’s volume growth at 11.2% as against the industry volume degrowth of 0.2%.
(Source: Pharmexpert MAT Mar 09)
o Combined revenues from OTC & Hospital segment contribute 27% to total revenues.
o Revenues in Other CIS markets increase to Rs. 1.8 billion ($36 million) in FY09 as against Rs. 1.5 billion ($29 million) in FY08. YoY growth of 25%.
o Revenues in India increase to Rs. 8.5 billion ($167 million) in FY09 from Rs. 8.1 billion ($158 million), representing a growth of 5%.
o The sub-industry growth in India is on account of delay in launch of new products and temporary decline due to change in our supply chain model to a replenishment based model.
o 36 new products launched during the year.
o New products launched in the last 36 months contribute 14% to total revenues in FY09.
Pharmaceutical Services and Active Ingredients
o Revenues from this segment increase to Rs. 18.8 billion ($369 million) in FY09 as against Rs. 16.6 billion ($327 million) in FY08; YoY growth of 13% driven by growth in North America and RoW markets as well as benefit by depreciation of rupee against the dollar.
o Revenue from the business & facility acquired from Dow Pharma at Rs. 1.0 billion ($20 million) in FY09.
o During the year, 55 DMFs were filed globally, with 21 in US, 19 in Europe, 5 in Canada & 10 in RoW. The cumulative DMF filings till date is 351.
Income Statement Highlights:
o Gross profit increase by 44% to Rs. 36.5 billion ($718 million) in FY09 as against Rs. 25.4 billion ($499 million) in FY08. Gross profit margins on total revenues at 53% as against 51% in FY08, largely driven by attractive margins on sumatriptan.
o Selling, General & Administration (SG&A) expenses increase to Rs. 21.0 billion ($413 million) in FY09 from Rs. 16.8 billion ($331 million) in FY08.
o SG&A expenses as a % to sales is at 30% in FY09 as against 34% in FY08. The absolute increase is in line with a higher sales growth and coupled with a higher impact of currency on expenses outside India; however it was offset by control measures to optimize spending on expenses such as travel, General & Administration expenses and others.
o Other operating expenses of Rs. 253 million in FY09 includes Rs. 921 million as damages on account of the German court upholding the validity of the olanzapine patent.
o R&D investments at 6% of total revenues in FY09 as against 7% in FY08. YoY growth of 14%.
o Finance costs (net) are at Rs. 1.2 billion in FY09 as against Finance income (net) at Rs. 521 million in FY08. The increase is mainly on account of :
o Net forex loss of Rs. 634 million in FY09 as against net forex gain of Rs. 739 million in FY08.
o Net interest expense of Rs. 687 million in FY09 as against net interest expense of Rs. 329 million in FY08.
o PAT adjusted for one time exceptions is at Rs. 8.5 billion ($167 million) as against Rs. 4.5 billion ($88 million) in FY08. YoY growth of 89%.
o Adjusted EPS of Rs. 50.3 ($1.0) in FY09 as against adjusted EPS of Rs. 26.6 ($0.5), representing a growth of 89%.
o Capital expenditure for FY09 is at Rs. 4.4 billion ($87 million).
Q4 FY09 Business Highlights
o Overall revenues at Rs. 19.8 billion ($390 million) in Q4 FY09 as against Rs. 13.2 billion ($261 million) in Q4 FY08, representing a growth of 50%.
o The growth was majorly driven by the Sumatriptan.
o Excluding revenues from Sumatriptan, the YoY growth is at 23%.
o Operating income at Rs. 4.6 billion ($90 million) in Q4 FY09 as against Rs. 1.4 billion ($28 million) in Q4 FY08 after adjusting for non cash impairment.
o EBITDA at Rs. 5.5 billion ($108 million) in Q4 FY09 as against Rs. 2.6 billion ($51 million) in Q4 FY08, representing a growth of 113%.
o Revenues from Global Generics business at Rs. 14.7 billion ($288 million) in Q4 FY09 as against Rs. 8.7 billion ($172 million) in Q4 FY08. YoY growth of 68% driven by sumatriptan and key markets of North America and Russia.
o Excluding revenues from Sumatriptan, the growth of 44% in North America was driven by new product launches like Divalproex, Levetiracetam and acquisition of the Shreveport facility.
o Revenue growth of 88% in Russia driven by key brands.
o Revenues from Pharmaceutical Services & Active Ingredients (PSAI) increase by 11% to Rs. 4.9 billion ($96 million) in Q4 FY09 as against Rs. 4.4 billion ($86 million) in Q4 FY08.
Income Statement Highlights:
o Gross profit increase by 53% to Rs. 10.8 billion ($212 million) in Q4 FY09 as against Rs. 7.0 billion ($138 million) in Q4 FY08. Gross profit margins on total revenues at 54% as against 53% in FY08, driven by attractive margins on sumatriptan.
o Selling, General & Administration (SG&A) expenses increase to Rs. 5.3 billion ($104 million) (27% of revenues) in Q4 FY09 from Rs. 4.7 billion ($93 million) in Q4 FY08 (36% of revenues).
o The growth of 12% was well lower than the sales growth of 50%. This reduction of SG&A as a % to sales is largely due to the close monitoring of costs across the company.
o R&D expenses at 6% of total revenues in Q4 FY09 as against 8% in Q4 FY08.
o Finance costs (net) are at Rs. 82 million ($2 million) in Q4 FY09 as against Finance income (net) at Rs. 38 million ($1 million) in Q4 FY08. The increase is mainly on account of :
o Net forex loss of Rs. 21 million in Q4 FY09 as against net forex gain of Rs. 93 million in Q4 FY08.
o Net interest expense of Rs. 71 million in Q4 FY09 as against Rs. 126 million in Q4 FY08.
o PAT adjusted for one time exceptions is at Rs. 3.3 billion ($64 million) as against Rs. 1.1 billion ($22 million) in FY08.
Source: Press Release
ICICI Securities Ltd MD & CEO Madhabi Puri Buch reaction on poll results
May 16th, 2009 by | No Comments | Filed in UpdatesThe mood of the moment is clearly upbeat. The largest and most complex election process on the planet is complete. The impact of the results on the markets is clearly positive. Both in the short term and long term. In the secondary markets and the primary markets.
Why ? It is almost as though investors had pressed the ” pause” button on major decisions on account of ” uncertainty”. With the clear mandate to the new government and the strong expectation of stability for the next five years, the ” play ” button will be on. If global cues continue to be positive, the ” play” could even become a “fast forward”.
Specifically, the liquidity in global markets is reasonably strong, local mutual funds have been in cash for some time and internationally the risk appetite has increased significantly. The volatility index, commonly seen to be the ” fear index” doesn’t look quite as “fearful” as it used to.
Add to that that India continues to enjoy a competitive advantage amongst emerging economies : the three aces :
the demographic advantage of a young,english speaking,productive population
the domestic consumption advantage of a growing middle class consuming a variety of products and services including in rural India the financial stability advantage of a financial system that is stable and well regulated.
The FII flows would follow.
In respect of the primary market, the new government would present the full budget, there would be clarity on the fiscal deficit. Interest rates would see stability thereby opening up the debt capital market. Possible disinvestment of PSUs to meet part of the fiscal deficit could see an additional impact in terms of giving the equity capital markets it first major IPO or FPO.
In the long term the new government has a unique opportunity to add to its strategic policy initiatives. The country today has a fiscal policy and a monetary policy. There is today, a unique opportunity to create a “markets policy” that will direct what the country wants to see as the balance sheet of India Inc. The mix of Debt and Equity, the mix of Long Term and Short Term funds, the mix of Domestic and Foreign funds.
The country looks forward to five years of health capital formation in the economy….five years of a healthy and robust capital market.
Stock Markets may take UPA win a positive move
May 16th, 2009 by | No Comments | Filed in Updates New Delhi: Indian stock markets are likely to react positively on Congress led United Progressive Alliance winning Lok Sabha elections, which the results were out today.
The initial response on various TV Channels is positive.
The domestic brokerage firm Angel Broking Chairman and Managing Director Dinesh Thakkar termed the event as positive surprise.
“The election results have come as a positive surprise and are expected to go down well with the markets considering that markets like continuity of government policies, mindsets and ideologies. The UPA’s 250+ tally has managed to beat the most optimistic political analyst on the street and this ‘thumping’ victory has set the stage for the Congress led UPA to come back to power. Further, the possibility that the UPA could form the government without the Left will further soothe investors’ nerves. The markets are expected to rally as fresh money from FIIs and those waiting on the sidelines on account of the political uncertainty, makes its way into Indian stockmarkets. Investors must remain ‘long’ on India to take advantage of the long-term wealth creation opportunities that Indian stockmarkets have to offer,” Dinesh Thakkar said.
The investment banker Helios head Arora said Bombay Stock Exchange Sensex may hit upper circuit on Monday on UPA win.
Earlier there were some fears, but now, the Sensex unlikely to move below 10000 now, Enam Securities head Chokhani said.
High Networth investor Rakesh Jhunjhunwala is bullish on the election development and said he won’t be surprised if Nifty tops 4500 in few days.
Indiainfoline Chairman Jain said, the people have given a clear mandate against the Left parties policies.
“The election results have pleasantly surprised the market participants. People of India have given verdict for a stable government and against policies of the ‘Left’. UPA at close to 260, will be in a much better bargaining position. In the last 5 years, as Congress was playing a survival game, they could not do much with reforms and policy decisions such as FDI in insurance, retail, banking reforms etc,” Jain said.
“Now expectations are high. Market will be euphoric and may open about 10% higher. Therefore one has to be cautious but this may possibly be a beginning of another bull market. There will be opportunities for investors to invest. Once euphoria is over, one has to be cautious about negative cues from global markets, over supply of papers and swelling fiscal deficits,” Jain said.
Infosys Annual Report Available Online for ADS Holders
May 15th, 2009 by | No Comments | Filed in UpdatesBangalore, India – May 15, 2009: Infosys Technologies Limited (NASDAQ: INFY) today announced that as in the previous year, it will avail NASDAQ’s rule amendment which allows a company to furnish its annual reports to its ADS holders on its website in lieu of physical distribution.
Accordingly, the Annual Report on Form 20-F for the year ended March 31, 2009 filed with the Securities and Exchange Commission (SEC) on April 28, 2009, together with the Indian Annual Report is available on the Infosys Technologies website at www.infosys.com. The financial statements included in the Annual Report on Form 20-F have been prepared in accordance with the International Financial Reporting Standards as issued by International Accounting Standards Board, (IFRS) using April 1, 2007 as the transition date. Until the adoption of IFRS , the financial statements included in the Annual Reports on Form 20-F and Quarterly Reports on Form 6-K filed with the SEC were prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP).
As per the rule amendment, the company will not be circulating physical copies of the Annual Report on Form 20-F or the Indian Annual Report to ADS holders. However, in compliance with the NASDAQ rule amendment, physical copies of Infosys’ Annual Report on Form 20-F and the Indian Annual Report will be made available, at no cost, to ADS holders on request. Interested ADS holders may write to “The Company Secretary” at Infosys’ registered office at, Electronics City, Hosur Road, Bangalore – 560 100, or email their request to investors@infosys.com.
Ashok Leyland 2008-09 Net at Rs 190 crores
May 15th, 2009 by | No Comments | Filed in ResultsChennai: Withstanding a 33% contraction in demand for medium and heavy duty commercial vehicles, Hinduja Group flagship Ashok Leyland has registered a net profit of Rs 190 crores during 2008-09, keeping intact its profitable track record of 60 years. On a reduced sales volume of 54,431 vehicles (83,307 nos), sales turnover is at Rs 5,981.07 crores (Rs 7,742.58 crores), with other income contributing Rs 49.62 crores (Rs 57.61 crores).
Faced with a steep fall in demand, the Company had curtailed production by resorting to lesser number of working days starting November’08 which has brought down operating costs, contributing to lower “other expenses” at Rs 493.21 crores (Rs 541.20 crores). Employee costs during the year have been contained at Rs 566.18 crores (Rs 616.09 crores). However, financial expenses rose to Rs 118.71 crores (Rs 49.74 crores), reflecting higher borrowings to meet capex commitments, higher working capital requirements and higher interest rates. Profit from ordinary activities before tax was lower at Rs 208.45 crores (Rs 638.15 crores) with income tax claiming a lower Rs 12.45 crores (Rs 161.84 crores) and fringe benefit tax Rs 6.0 crores (Rs 7.0 crores). Net profit from ordinary activities after tax is Rs 190.00 crores (Rs 469.31crores).
Analyzing the composition of vehicle demand, said Mr R Seshasayee, Managing Director: “One disturbing trend in the segmental shift is the steeper fall in demand for higher capacity vehicles such as tractor trailers and multi-axle vehicles, at least temporarily retarding the modernization of India’s vehicle composition”. These are also segments where Ashok Leyland has a stronger presence and the maximum model options. This segmental reversal and the relatively robust demand in the Eastern region impacted the Company’s goods volumes. The redeeming feature was the bus demand which was down just 9.7%. The Company improved its market share in buses by 0.5% and retained the number one position. Overall, the share of non-cyclical business has gone up to 50% from 34% in 2007-08, with the engines business fetching a revenue of Rs 404 crores (Rs 204 crores). This represents higher volume of genset engines (11,264 nos) and transformation of the business stream from mere trading in engines into ‘the Power Solutions Business’ through greater value addition.
Mr Seshasayee said that the slowdown forced a quick redrawal of the capex plans. Investment plan for 2009-12 has been scaled down from Rs 3,000 crores to Rs 2,000 crores, yet protecting Product Development outlay. While the additional 20,000 engine capacity at Ennore is on ground and the Ras Al Khaimah bus plant is operational, the Uttarakhand unit will go on stream with an initial capacity of 50,000 vehicles by end this fiscal.
The diversification JVs are progressing. The joint venture with John Deere for construction equipment is progressing a pace. As for the light trucks JV with Nissan, with respect to the various products, development activity is on track and on schedule. Under consideration is optimization of investments by making use of existing facilities of both the partners. The two partners are also evaluating the possibility of enlarging the product range in the manufacturing plan, including some additional products from Nissan’s global portfolio of Light Commercial Vehicles. The economic slowdown and the delay in land acquisition together have pushed the project dates back around six months. Current assumption for start of volume production is 2011.
In partnership with AVL Austria, the Company has developed two versions of the new generation Neptune engines: the 4 cylinder engine in the 160-230 hp range and the 6 cylinder engine in the 270-380 hp range. The Neptune engine will power the modern truck range to be built on the modular UNITRUCK platform, to be launched in April 2010. The Product Development at Ashok Leyland is currently under migration to GENMOD, the transformational matrix management process with breakthrough performance targets for future vehicles.
The Company is extending its lean management initiatives to Marketing. Under its new Working Capital Management initiative, pipeline inventories are being reduced through various measures including warehouse rationalization.
The Company has so far received orders totaling over 2,800 buses, out of the total orders for 5,330 buses released under JNNURM. Out of over 14,000 buses sanctioned, tenders have been released for over 11,200 buses.
“For our country, the worst seems over. For the industry, demand for medium and heavy commercial vehicles can swing in single digits in the current year – the upward swing predicated upon a stable, progressive and responsive government at the Centre”, said Mr Seshasayee.
RANBAXY RECALLS NITROFURANTOIN CAPSULES IN US
May 2nd, 2009 by | No Comments | Filed in NewsGurgaon, India, May 02, 2009 – Ranbaxy Pharmaceuticals Inc. (RPI) announced today that it is conducting a voluntary recall of all lots of Nitrofurantoin (Monohydrate/Macrocrystals) Capsules, USP 100 mg, currently on the market in the U.S.
Although certain lots of the product were determined to not be in conformity with the approved laboratory specifications, Ranbaxy decided to recall all the lots, as a matter of abundant caution, given its commitment to the health and safety of patients. Ranbaxy is continuing to look into the cause of such non-conformity.
The recall is being conducted in coordination with the FDA and will be a retail level recall. To the best of Ranbaxy’s knowledge, the recalled product is unlikely to produce any serious adverse health effects. However, there is a remote possibility that the non-conforming product may increase the incidence of local non-serious gastrointestinal adverse events such as nausea and vomiting. All patients presently consuming and/or prescribed this formulation should consult their physicians for alternate and appropriate medication/treatment options.
Ranbaxy Pharmaceuticals Inc. (RPI) based in Jacksonville, Florida, is a wholly owned subsidiary of Ranbaxy Laboratories Limited (RLL), India’s largest pharmaceutical company. RPI is engaged in the sale and distribution of generic and branded prescription products in the U.S. healthcare system.
Ranbaxy Laboratories Limited, India’s largest pharmaceutical company, is an integrated, research based, international pharmaceutical company producing a wide range of quality, affordable generic medicines, trusted by healthcare professionals and patients across geographies. Ranbaxy’s continued focus on R&D has resulted in several approvals in developed markets and significant progress in New Drug Discovery Research. The Company’s foray into Novel Drug Delivery Systems has led to proprietary “platform technologies,” resulting in a number of products under development. The Company is serving its customers in over 125 countries and has an expanding international portfolio of affiliates, joint ventures and alliances, ground operations in 49 countries and manufacturing operations in 11 countries.