Capita UK Dividend Monitor - Capita Asset Services

Capita UK
Dividend Monitor

Issue 23 - July 2015

Contents

Executive summary 3

Introduction4

UK dividends shift up a gear, promising the fastest 5
growth since 2012

Sectors and companies 8

FTSE 100 v FTSE 250 12

Yield13

Outlook14

For media enquiries please contact: 2

Dan Pike
e: [email protected]
t: +44 (0)20 7360 7877

For data enquiries please contact:

Mark Baker
e: [email protected]
t: +44 (0)207 360 7877

For all other enquiries please contact:

e: [email protected]

Capita Asset Services is a trading name of Capita Registrars
Limited. Registered office: The Registry, 34 Beckenham
Road, Beckenham, Kent BR3 4TU. Registered in England
and Wales No. 2605568. Produced in association with
Teamspirit. Capita Asset Services accepts no responsibility
or liability for any actions/decisions under-taken on the
basis of this analysis.

www.capitaassetservices.com

© Teamspirit 2014

UK Dividend Monitor - Issue 23 - Q2 2015

Executive summary

−− Strong growth in Q2 as headline −− Strong UK economy means FTSE 250 % £bnUK dividends
dividends rise 13.2% to £29.2bn, a dividends rose 26.1% to £3.8bn, fastest
record second quarter growth rate since 2010, and fifth 105
consecutive quarter of accelerating 100
−− Fastest headline growth since 2012 increases
95
−− Underlying dividends (ie excluding −− FTSE 100 headline dividends rose an 90
specials) hit all-time quarterly record, up adjusted 8.2%, with underlying growth 85
12.7% at £28.3bn (excluding special dividends) a touch 80
slower 75
−− Weaker pound against dollar boosts 70
quarterly total by £800m, or 3% −− Prospective 12 month yield on FTSE 100 65
is 4.1%; FTSE 250 2.9% 60
−− Financials post strongest growth, up 55
one third, thanks mainly to Lloyds Bank −− Equity yields continue to exceed other 50
making its first payment since 2008 asset classes, despite bond yields 45
moving up during Q2 40 2007 2008 2009 2010 2011 2012 2013 2014 2015e
−− HSBC was the largest payer in Q2, and
increased 21% thanks mainly to helpful −− Growth expected to slow in H2, though Regular Dividends Special Dividends
exchange rates 2012 is set fair for the best growth since
2012 UK Income July 2015
−− Most industries saw solid single
digit increases, with sector strength −− Forecast for 2015 increased by £600m 5
in particular in housebuilders and to £87.2bn (headline)
beverages, while special dividends at ITV 4 4.1%
and Next boosted retail and media −− Underlying forecast increased to 3.6%
£84.8bn, up 7.2% year on year 2.9%
−− Utilities fell sharply owing to dividend (+£700m). 3
cuts at Centrica and Drax on lower
profitability 2

1.5% 2.0%

−− Mining and technology also saw falls, 1 FTSE 250 *Instant access 10 year UK gilts
though this was mainly due to one-off
factors Residential property FTSE 100 savings (source FT)
(source LSL Property
(source moneyfacts)
Services plc)

−− FTSE 250 dividend growth far exceeds Special dividends
FTSE 100 again; and mid-cap growth
rate is accelerating 20

15

£bn 10

5

0 2007 2008 2009 2010 2011 2012 2013 2014 2015e

UK Dividend Monitor - Issue 23 - Q2 2015 3

Introduction

An unexpectedly decisive result in the UK election in May surprised nearly everyone. An extra three
months of economic news would have made the outcome much easier to anticipate as consumer
confidence hit a sixteen year high, real wage growth forged ahead, inflation hovered near zero, and
unemployment fell lower still. Nevertheless, the stock market fell back as the Greek crisis slowly
unfolded with painful inevitability. Recent improvements in optimism in the European economy,
the UK’s largest export market, were quickly overshadowed by the turmoil on the eurozone’s
southern borders. Sterling ended the quarter stronger still against the euro, both quarter on
quarter and year on year, but though it has recovered more recently against the dollar, it was lower
compared to the second quarter of 2014. On balance, currency effects were positive for sterling
investors in UK companies, given the large number of big international companies listed on the UK
exchange, particularly those reporting results in dollars.
The quarterly Capita Asset Services UK Dividend Monitor analyses the latest trends in total gross UK
dividend payments (before 10% withholding tax), sector performance and the biggest companies,
and updates the forecast for the full year.

With grateful thanks to Exchange Data International
for providing the raw data feeds.

UK Dividend Monitor - Issue 23 - Q2 2015 4

UK dividends shift up a gear, promising the
fastest growth since 2012

UK companies delivered rapid growth in dividends in the second Strong Q2 growth - headline
quarter, after a first quarter that saw a strong start to the year dividends rise 13.2% to £29.2bn, a
obscured by one-off factors. Total dividends rose 13.2% to £29.2bn,
the highest second quarter total on record. On an underlying basis record second quarter
(which deducts special dividends), they rose 12.7% to £28.3bn, the Fastest headline growth since 2012
highest of any quarter on record. Underlying dividends hit all-time
quarterly record, up 12.7% at £28.3bn
The total was boosted by Barclays’ £642m final payment that Weaker pound against dollar boosts
slipped into the second quarter, whereas it is usually paid in
the first. That factor depressed the apparent growth rate in Q1; quarterly total by £800m
it flattered the Q2 growth rate by 2.5 percentage points. Even
adjusting for this factor, the 10.7% headline dividend growth
achieved by the wider market is impressive. With the exception of
Q1 2014, which was flattered by Vodafone’s huge special dividend,
this is the fastest headline growth rate since Q4 2012.

Special dividends were 31% higher year on year at £900m. ITV’s
was the largest at £280m. This was the third year running it has
declared a special, and it was more 50% higher than last year. Next
paid its second consecutive special. The financial sector also saw a
number of payments.

The weaker pound against the USD continues to be a factor
boosting the growth rate this year, after acting as a major drag in
2014. Sterling was 9% lower on average in Q2 2015 compared to
the same period in 2014. Given the international complexion of the
FTSE 100 in particular, many companies declare their dividends in
US dollars. In fact, 30% of the Q2 total dividends were declared in
that currency. The lower level of the pound boosted the quarter’s
total by around £800m, accounting for about three percentage
points of the year on year headline growth rate.

UK Dividend Monitor - Issue 23 - Q2 2015 5

Dividends 2007 2008 yoy  2009 yoy  2010 yoy  2011 yoy  2012 yoy  2013 yoy  2014 yoy  2015e yoy 
Paid £bn £33.0 £35.3
6.9% £31.1 -11.9% £29.5 -5.3% £35.1 19.0% £42.8 21.9% £39.8 -7.0% £56.7 42.6% £44.0 -22.4%
H1

H2 £30.5 £33.2 8.7% £28.5 -14.0% £29.2 2.3% £34.7 18.7% £38.7 11.7% £40.7 5.1% £40.7 0.0%

Full Year £63.6 £68.5 7.8% £59.7 -12.9% £58.7 -1.7% £69.7 18.9% £81.5 16.9% £80.5 -1.3% £97.4 21.0% £87.2 -10.4%

Q2 £22.4 £22.6 £17.0 £15.7 £19.3 £23.7 £25.5 £25.8 1.2% £29.2 13.2%

Growth in quarterly dividends - year on year

120%

115%

30%

25%

20%

15%

10%

5%

0

-5%

-10%

-15%

-20%

-25%

-30%

-40%

-50%

-60% Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409 Q110 Q210 Q310 Q410 Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215

UK Dividend Monitor - Issue 23 - Q2 2015 6

£bn Rolling twelve month dividends
£bn
£98
£96
£94
£92
£90
£88
£86
£84
£82
£80
£78
£76
£74
£72
£70
£68
£66
£64
£62
£60
£56
£54
£52 Q407 Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409 Q110 Q210 Q310 Q410 Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215

UK dividends

105
100

95
90
85
80
75
70
65
60
55
50
45

40 2007 2008 2009 2010 2011 2012 2013 2014 2015e

Regular Dividends Special Dividends

UK Dividend Monitor - Issue 23 - Q2 2015 7

Sectors and companies

Financials post strongest growth, as Lloyds HSBC was the largest payer in Q2, and
makes first payment since 2008 increased 21% thanks mainly to weaker

pound

Sector strength in particular in housebuilders Utilities fell sharply owing to dividend cuts at
and beverages Centrica and Drax on lower profitability

The strongest growth came from the financial industry, up 33.3% Three industries saw dividends fall.
year on year, and contributing more than one third of the quarter
total. The timing change of the Barclays payment flattered the The biggest decline was from utilities, where Centrica, hit by lower
total, but even adjusting for this, financial dividends soared 24.9%. oil prices leading to falling profits and rising debts, has rebased its
Banks were the primary driver. They accounted for more than dividends at a level 30% lower. This cost investors £214m in the
half the financial industry’s £10.1bn Q2 dividends, and increased second quarter, with a second £90m hit due later this year. Drax,
their payouts 35.5% (adjusted for Barclays). The principal driver suffering similar forces, followed suit.
was, of course, Lloyds Bank, which returned to dividend payment
for the first time since Q4 2008. At £595m, the total was well Mining dividends were a touch lower, mainly due to a sharp
below Lloyds’ former dividend might, but is an excellent sign reduction in the payment from Antofagasta. The company
that normality is returning to the battered sector. This does not returned some capital to shareholders last year, and this was not
mean we should expect rapid growth to return on a company repeated. Elsewhere in the sector, dividends rose (as they had in
by company basis. Barclays held its payment steady, while the the first quarter), on lower sterling and operational improvements
increase from Standard Chartered was due entirely to a more among big commodity companies. This followed a poor dividend
favourable exchange rate. HSBC raised its per share dividend performance in 2014.
by 5.2% in US dollar terms, with the strengthening dollar doing
the rest of the heavy lifting, the exchange rate being particularly Finally, in the relatively small technology industry grouping
favourable on the day it was set for the payment. Its total sterling dividends fell, though this was principally because Playtech paid a
payout rose 21% to £2.9bn, making it comfortably the largest large special dividend last year that it did not repeat. The majority
paying stock in the quarter. of companies in the group raised their payouts.

Consumer goods industries saw 11.7% growth, boosted by the
decision of Imperial Tobacco to switch to quarterly payments. This
means £228m was effectively transferred from Q3 to Q2, so we
should expect the sector comparables in Q3 to look weaker year
on year. Housebuilders posted excellent growth, on the back of
a brisk UK housing market, while beverages also made a strong
contribution. Special dividends at ITV and Next boosted retail and
media. Other industries showed single digit growth.

UK Dividend Monitor - Issue 23 - Q2 2015 8

Dividends - top companies

Rank Q207 Q208 Q209 Q210 Q211 Q212 Q213 Q214 Q215
1 HSBC Holdings HSBC Holdings
BP plc Royal Dutch British American British American HSBC Holdings HSBC Holdings HSBC Holdings
2 plc plc Shell Plc Tobacco Tobacco plc plc plc
Royal Dutch
3 Barclays plc Barclays plc Shell Plc British American Royal Dutch Royal Dutch Royal Dutch British American Royal Dutch
Tobacco Shell Plc Shell Plc Shell Plc Tobacco Shell Plc
4 Lloyds Banking Lloyds Banking British American
Group plc Group plc Tobacco HSBC Holdings HSBC Holdings HSBC Holdings British American Royal Dutch British American
5 plc plc plc Tobacco Shell Plc Tobacco
Subtotal Royal Dutch BP plc HSBC Holdings
£bn Shell Plc plc Glaxosmithkline Glaxosmithkline Glaxosmithkline BP plc Glaxosmithkline BP plc
% of total Royal Dutch plc plc plc plc
dividends BP plc Shell Plc Glaxosmithkline Glaxosmithkline Glaxosmithkline
6 plc Standard BP plc Old Mutual plc plc BP plc plc
Chartered plc
7
£7.7 £8.6 £7.6 £6.4 £7.0 £8.3 £8.8 £8.8 £9.7
8
34% 38% 45% 41% 36% 35% 35% 34% 33%
9
HBOS British American Standard Centrica plc Standard BP plc Standard Rio Tinto plc Rio Tinto plc
10 Tobacco Chartered plc Chartered plc Chartered plc
British American Standard Glencore plc
11 Tobacco Glaxosmithkline Aviva Plc Aviva Plc Antofagasta plc Standard Rio Tinto plc Chartered plc
plc Chartered plc Standard
12 Glaxosmithkline Glencore plc Chartered plc
plc Aviva Plc Unilever plc Reckitt Benckiser Centrica plc Centrica plc Glencore Xstrata
13 Group Plc plc
Royal Bank of
14 Scotland Group Anglo American Rio Tinto plc Diageo plc Reckitt Benckiser Reckitt Benckiser Centrica plc Prudential plc Barclays plc
plc Group Plc Group Plc
15 plc
Sub Total Intercontinental Centrica plc Centrica plc Prudential plc Aviva Plc Aviva Plc Reckitt Benckiser Centrica plc Prudential plc
£bn Group Plc
Top 15 Hotels Group Prudential plc
Grand Inchcape plc Diageo plc BAE Systems plc Xstrata Plc Standard Life Plc Reckitt Benckiser Reckitt Benckiser
Total Aviva Plc Diageo plc Group Plc Group Plc
% of total
dividends Anglo American Unilever plc Reckitt Benckiser Unilever plc Xstrata Plc Prudential plc Prudential plc Antofagasta plc Diageo plc
plc Group Plc
BAE Systems plc
Inchcape plc Rio Tinto plc Prudential plc BG Group plc Anglo American Diageo plc Antofagasta plc Diageo plc Lloyds Banking
Group plc
Unilever plc Standard Antofagasta plc Pearson plc plc Anglo American Anglo American Anglo American
Chartered plc plc plc plc Anglo American
Centrica plc BAE Systems plc Morrison (Wm.) plc
Diageo plc Supermarkets plc Glencore Diageo plc Legal & General
International plc Group plc Legal & General
Group plc

£6.7 £6.1 £4.6 £3.5 £5.1 £6.0 £6.9 £6.8 £7.8

£14.4 £14.7 £12.2 £9.9 £12.1 £14.3 £15.8 £15.7 £17.4

64% 65% 72% 58% 77% 74% 67% 61% 60%

UK Dividend Monitor - Issue 23 - Q2 2015 9

Dividends - by industry

Dividends by Q207 Q208  yoy Q209  yoy Q210  yoy Q211  yoy Q212 yoy  Q213 yoy  Q214 yoy  Q215  yoy
Main Sector £m

Basic Materials £1,231 £1,720 40% £1,158 -33% £1,050 -9% £1,967 87% £3,133 59% £3,549 13% £3,251 -8% £3,214 -1%

Consumer £2,035 £2,445 20% £2,875 18% £2,732 -5% £3,163 16% £3,408 8% £3,592 5% £3,796 6% £4,241 12%
Goods

Consumer £2,738 £2,020 -26% £1,206 -40% £1,598 33% £1,583 -1% £1,759 11% £2,084 18% £2,461 18% £2,646 8%
Services

Financials £10,452 £9,604 -8% £4,352 -55% £4,572 5% £5,469 20% £7,176 31% £7,859 10% £7,641 -3% £10,188 33%

Health Care £867 £973 12% £1,077 11% £1,152 7% £1,207 5% £1,568 30% £1,381 -12% £1,441 4% £1,509 5%

Industrials £1,603 £1,653 3% £1,215 -26% £1,421 17% £1,723 21% £1,921 11% £2,100 9% £2,301 10% £2,426 5%

Oil and Gas £2,538 £3,104 22% £4,330 39% £2,271 -48% £3,088 36% £3,583 16% £3,871 8% £3,795 -2% £4,119 9%

Technology £127 £255 100% £94 -63% £127 35% £190 50% £219 15% £237 8% £299 26% £258 -14%

Telecomm- £37 £41 9% £53 30% £71 34% £72 1% £79 9% £90 14% £85 -5% £96 13%
unications

Utilities £781 £771 -1% £678 -12% £729 8% £812 11% £814 0% £761 -6% £757 -1% £542 -28%

Total £22,410 £22,586 1% £17,037 -25% £15,724 -8% £19,275 23% £23,660 23% £25,525 8% £25,828 1% £29,238 13%

Q2 2015 £9.7bn

£11.8bn

£7.8bn Top 5
Next 10
The rest

UK Dividend Monitor - Issue 23 - Q2 2015 10

Cyclical v defensive sectors Q2 2014 £m Q2 2015 £m 2015 v 2014

Cyclical £3,460 £5,332 54%
£3,647 £3,923 8%
Defensive £3,039 £2,984 -2%
£2,335 £2,390 2%
Sub-sector £2,040 £2,311 13%
£1,142 £1,475 29%
Banks £1,328 £1,351 2%
Oil & Gas Producers 3%
Mining £892 £922
Life Insurance £643 £890 38%
Tobacco £593 £814 37%
Media
Pharmaceuticals & Biotechnology £705 £802 14%
Support Services
Financial Services £636 £661 4%
Nonlife Insurance £560 £617 10%
Household Goods & Home £453 £537 19%
Construction £717 £509 -29%
Aerospace & DefenSe £374 £470 26%
Beverages £692 £426 -38%
Real Estate Investment Trusts £318 £339
Gas, Water & Multiutilities £354 £331 7%
General Retailers £253 £275 -7%
Travel & Leisure £227 £227 9%
Industrial Engineering £158 £225 0%
Food Producers 43%
Food & Drug Retailers £147 £194
General Industrials 32%
Real Estate Investment & Services £235 £177
Oil Equipment, Services & £112 £157 -25%
Distribution £110 £129 40%
Software & Computer Services £103 £119 18%
Health Care Equipment & Services £97 £103 16%
Chemicals £76 £98
Electronic & Electrical Equipment £85 £96 6%
Automobiles & Parts £89 £86 29%
Construction & Materials £65 £80 13%
Mobile Telecommunications £50 £61 -3%
Forestry & Paper £16 £51 24%
Technology Hardware & Equipment £41 £33 21%
Industrial Transportation £24 £27 27%
Leisure Goods £14 £14 -19%
Electricity 12%
Personal Goods £1 £1
Industrial Metals & Mining 2%
Alternative Energy 13%

UK Dividend Monitor - Issue 23 - Q2 2015 11

FTSE 100 v FTSE 250

The mid-caps continue to deliver breakneck growth compared to their payouts over an economic cycle. Big companies, with
their large-cap counterparts. In the second quarter they grew their stronger balance sheets, tend to try to grow their dividends every
dividends 26.1% on a headline basis to £3.8bn. This was the fastest year, even if profits are weaker, unless they consider this lower
growth rate in any quarter since 2010, and the fifth consecutive profitability to be permanent, as the likes of Tesco or Centrica have
quarter of accelerating growth from the FTSE 250 as the strong demonstrated recently.
recovery in the UK economy fed through to shareholder payouts.
Underlying growth from the FTSE 250 (which excludes special In our last report we forecast a strong performance for the large-
dividends) was a touch faster still. Over the course of a full year, caps for the second quarter, and this was certainly the case. The
the mid-caps only make up about one tenth of all payments so this FTSE 100 saw dividends rise 11.1% year on year to £24.8bn in Q2,
rapid growth has on a relatively limited impact on the overall total, the growth rate flattered somewhat by the timing of Barclays’
but is nevertheless very encouraging to see. final payment. Even adjusting for that, they grew 8.2%. On an
underlying basis (adjusting also for Barclays), the 7.7% growth was
The mid-caps show much greater cyclical swings in their dividends the fastest since mid 2013, and bodes well for the full year.
than the large-caps, as they have a more limited ability to smooth

Q214 £bn Q215 £bn Strong UK economy means
FTSE 250 dividends rose
£3.0bn £0.4bn £3.8bn £0.6bn 26.1% to £3.8bn, fastest

£22.4bn £24.8bn growth rate since 2010, and
fifth consecutive quarter of

accelerating increases

FTSE100 FTSE100 FTSE 100 headline dividends
FTSE250 rose an adjusted 8.2%, with
130 FTSE250 The rest underlying growth (excluding
120 The rest special dividends) a touch

110 slower

100

90

FT8700SE100 v FTSE250 - annual growth per quarter

60

50 FTSE 250
40 FTSE 100
30

20

10

% 0

-10

-20

-30

-40

-50

-60 Q109 Q209 Q309 Q409 Q110 Q210 Q310 Q410 Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215

UK Dividend Monitor - Issue 23 - Q2 2015 12

Yield

Prospective 12 month yield on FTSE 100 is 4.1%; FTSE 250 2.9%
Equity yields continue to exceed other asset classes

Stock prices were very volatile in the second quarter as the UK Income July 2015
extraordinary spectacle of Greece’s debt drama twisted and
turned on a daily basis towards IMF default. The FTSE 100 ended 5
the quarter well below the 7000 mark. Based on likely dividend
growth over the next twelve months, the prospective yield on 4 4.1%
the UK’s large-cap index is 4.1% at the end of June price level. For 3.6%
the mid-cap index, where dividend growth is developing more %
strongly, the yield rose to 2.9%. Overall equities will yield 4.0% 3
over the next year. 2.9%
2
Compared to other asset classes, equities have not lost their edge,
though the margin over bonds has narrowed in the last three 1.5% 2.0%
months as bond markets around the world have fallen, pushing
yields sharply higher from their historic lows. The UK government 1 FTSE 250 *Instant access 10 year UK gilts
now pays just over 2% to borrow for 10 years, compared to 1.5%
three months ago, increasing the attractiveness to investors of Residential property FTSE 100 savings (source FT)
fixed income, but this is still well below the yield on shares. Cash (source LSL Property
savings rates are flat at 1.5%, while residential property yields (source moneyfacts)
3.6% net of costs. Services plc)

UK Dividend Monitor - Issue 23 - Q2 2015 13

Outlook

Growth expected to slow in H2, though 2012 is set fair £bn £bnUK dividends
for the best growth since 2012
105
Forecast for 2015 increased by £600m to £87.2bn 100
(headline)
95
Underlying forecast increased to £84.8bn, up 7.2% year 90
on year (+£700m 85
80
75
70
65
60
55
50
45
40 2007 2008 2009 2010 2011 2012 2013 2014 2015e

Regular Dividends Special Dividends

In April we raised our 2015 forecast by £400m to £86.5bn. Sterling’s exchange rate, in Special dividends
particular to the US dollar, is a key factor influencing the eventual total for the full year.
We do not make forecasts for currencies, but for the sake of modelling UK dividends, we 20
assume the prevailing rate will persist for the rest of year. With the pound lower against 15
the dollar than it was a year ago, payouts from big global companies like HSBC, Shell 10
and BP will continue to receive an extra fillip from the lower exchange rate in the third 5
quarter, with that effect trailing off in the fourth quarter. 0 2007 2008 2009 2010 2011 2012 2013 2014 2015e

Though there is strong momentum developing across a wide range of sectors, we expect
the growth rate to slow down before the end of the year. The currency boost will diminish,
Tesco and Sainsbury between them will pay out £1bn less in the third quarter this year
compared to last year, and Imperial Tobacco’s switch to quarterly payments will be felt.
There is an additional £90m hit from Centrica’s cut in its next payment.

Even with a slower rate of growth in the second half of the year than in the first, there
is still scope to upgrade our 2015 forecast. We increase our expectation for full year
dividends by £600m to £87.2bn, down 10.4% on a headline basis (due to the strong base
effect of Vodafone’s large 2014 special dividend). We expect underlying dividends (which
exclude special payouts) to reach £84.8bn, 7.3% higher year on year, the fastest increase
since 2012, and comfortably a new record for the underlying total.

UK Dividend Monitor - Issue 23 - Q2 2015 14

For media enquiries please contact:
Dan Pike
e: [email protected]
t: +44 (0)20 7360 7877

For data enquiries please contact:
Mark Baker
e: [email protected]
t: +44 (0)207 360 7877

For all other enquiries please contact:
e: [email protected]

Capita Asset Services is a trading name of Capita Registrars Limited. Registered office: The Registry, 34
Beckenham Road, Beckenham, Kent BR3 4TU. Registered in England and Wales No. 2605568. Produced in
association with Teamspirit. Capita Asset Services accepts no responsibility or liability for any actions/decisions
under-taken on the basis of this analysis.

www.capitaassetservices.com

© Teamspirit 2014

SS14844