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Enel
Report Publication Announcement • Mar 6, 2020
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Report Publication Announcement
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| Informazione Regolamentata n. 0116-8-2020 |
Data/Ora Ricezione 06 Marzo 2020 17:48:43 |
MTA | |
|---|---|---|---|
| Societa' | : | ENEL | |
| Identificativo Informazione Regolamentata |
: | 128397 | |
| Nome utilizzatore | : | ENELN07 - Giannetti | |
| Tipologia | : | REGEM | |
| Data/Ora Ricezione | : | 06 Marzo 2020 17:48:43 | |
| Data/Ora Inizio Diffusione presunta |
: | 06 Marzo 2020 17:48:44 | |
| Oggetto | : | year Group operating data report | Enel publishes 2019 fourth quarter and full |
| Testo del comunicato |
Vedi allegato.
OPERATING DATA REPORT
Media Relations Investor Relations
T +39 06 8305 5699 T +39 06 8305 7975
[email protected] [email protected]
enel.com enel.com
ENEL PUBLISHES 2019 FOURTH QUARTER AND FULL YEAR GROUP
Rome, March 6 th, 2020 – Enel S.p.A. ("Enel") published its Quarterly Bulletin ("Report"), with the Group's operating data relating to the fourth quarter and full year of 2019.
The Report, which is published ahead of the approval by the Enel Board of Directors and the disclosure of the performance and financial data contained in Enel's periodic financial reports, is aimed at further strengthening Enel's transparency towards the financial community, in line with best practices in the most advanced markets.
The Report attached to this press release is available to the public at Enel's registered office, on the Enel website (www.enel.com), and - together with this press release - through the authorised storage mechanism "eMarket Storage" ().
Quarterly Bulletin FY 2019
Investor Relations Team [email protected] +39 06 8305 7975
www.enel.com/investors Website
Index
| 1. Group Summary | |
|---|---|
| 2. Group Net Installed Capacity | |
| 3. Group Net Production | |
| 4. Group Infrastructure & Networks | |
| 5. Retail | |
| 6. Main Financial & Market performance | |
| 7. Disclaimer |
1. Group Summary
Net Production - breakdown by country
Renewables Conventional Generation
Group Infrastructure & Networks
Free power market
2. Group Net Installed Capacity1
| 2019 Added | ||||||
|---|---|---|---|---|---|---|
| FY 2019 | FY 2018 | ∆ yoy | capacity | |||
| Group | MW | % Weight | MW | % Weight | ∆ yoy | MW |
| Hydro | 27,830 | 33.0% | 27,844 | 32.5% | -0.1% | 51 |
| Wind | 10,327 | 12.2% | 8,190 | 9.6% | 26.1% | 2,227 |
| Solar & Others | 3,100 | 3.7% | 2,364 | 2.8% | 31.1% | 1,222 |
| Geothermal | 878 | 1.0% | 804 | 0.9% | 9.3% | 75 |
| Total Renewables Nuclear |
42,134 3,318 |
50.0% 3.9% |
39,203 3,318 |
45.8% 3.9% |
7.5% 0.0% |
3,575 - |
| Coal | 11,695 | 13.9% | 15,828 | 18.5% | -26.1% | - |
| CCGT | 14,991 | 17.8% | 12,798 | 14.9% | 17.1% | - |
| Oil & Gas | 12,211 | 14.5% | 14,473 | 16.9% | -15.6% | - |
| Total Conventional Generation | 42,215 | 50.0% | 46,417 | 54.2% | -9.1% | - |
| Total Enel Group | 84,350 | 100% | 85,620 | 100% | -1.5% | 3,575 |
| MW | % Weight | MW | % Weight | ∆ yoy | MW | |
| Italy Hydro |
12,406 | 45.2% | 12,411 | 44.9% | 0.0% | 17.8 |
| Wind | 772 | 2.8% | 772 | 2.8% | 0.0% | - |
| Solar & Others | 28 | 0.1% | 65 | 0.2% | -56.7% | - |
| Geothermal | 766 | 2.8% | 762 | 2.8% | 0.4% | 3.1 |
| Total Renewables | 13,972 | 50.9% | 14,011 | 50.7% | -0.3% | 20.9 |
| Coal | 6,206 | 22.6% | 6,340 | 23.0% | -2.1% | - |
| CCGT | 4,535 | 16.5% | 2,312 | 8.4% | 96.2% | - |
| Oil & Gas Total Conventional Generation |
2,739 13,480 |
10.0% 49.1% |
4,962 13,613 |
18.0% 49.3% |
-44.8% -1.0% |
- - |
| Total | 27,452 | 100% | 27,624 | 100% | -0.6% | 20.9 |
| Iberia | MW | % Weight | MW | % Weight | ∆ yoy | MW |
| Hydro | 4,748 | 20.3% | 4,761 | 21.0% | -0.3% | 29 |
| Wind | 2,291 | 9.8% | 1,750 | 7.7% | 30.9% | 541 |
| Solar & Others Total Renewables |
353 7,391 |
1.5% 31.7% |
14 6,525 |
28.7% | 0.1% 2438.4% 13.3% |
339 909 |
| Nuclear | 3,318 | 14.2% | 3,318 | 14.6% | 0.0% | - |
| Coal | 4,825 | 20.7% | 5,052 | 22.2% | -4.5% | - |
| CCGT | 5,480 | 23.5% | 5,445 | 24.0% | 0.6% | - |
| Oil & Gas | 2,334 | 10.0% | 2,377 | 10.5% | -1.8% | - |
| Total Conventional Generation | 15,957 | 68.3% | 16,192 | 71.3% | -1.4% | - |
| Total | 23,348 | 100% | 22,717 | 100% | 2.8% | 909 |
| Latin America Hydro |
MW 10,579 |
% Weight 49.9% |
MW 10,575 |
% Weight 49.0% |
∆ yoy 0.0% |
MW 4 |
| Wind | 1,556 | 7.3% | 1,616 | 7.5% | -3.8% | 29 |
| Solar & Others | 1,500 | 7.1% | 1,636 | 7.6% | -8.3% | 314 |
| Geothermal | 41 | 0.2% | 41 | 0.2% | 0.0% | - |
| Total Renewables | 13,676 | 64.5% | 13,869 | 64.2% | -1.4% | 347 |
| Coal | 664 | 3.1% | 813 | 3.8% | -18.3% | - |
| CCGT | 4,168 | 19.7% | 4,233 | 19.6% | -1.5% | - |
| Oil & Gas Total Conventional Generation |
2,691 7,523 |
12.7% 35.5% |
2,688 7,734 |
12.4% 35.8% |
0.1% -2.7% |
- - |
| Total | 21,200 | 100.0% | 21,603 | 100% | -1.9% | 347 |
| Rest of Europe | MW | % Weight | MW | % Weight | ∆ yoy | MW |
| Hydro | 19 | 0.3% | 19 | 0.2% | 0.0% | - |
| Wind Solar & Others |
895 123 |
14.2% 2.0% |
741 123 |
7.6% 1.3% |
20.8% 0.0% |
154 - |
| Total Renewables | 1,037 | 16.5% | 883 | 9.0% | 17.5% | 154 |
| Coal | - | 0.0% | 3,623 | 37.1% -100.0% | - | |
| CCGT | 809 | 12.9% | 809 | 8.3% | 0.0% | - |
| Oil & Gas | 4,447 | 70.7% | 4,447 | 45.6% | 0.0% | - |
| Total Conventional Generation | 5,255 | 83.5% | 8,878 | 91.0% -40.8% | - | |
| Total | 6,293 | 100% | 9,761 | 100% -35.5% | 154 | |
| North America | MW | % Weight | MW | % Weight | ∆ yoy | MW |
| Hydro | 77 | 1.5% | 78 | 2.4% | -1.2% | - |
| Wind | 4,395 | 83.2% | 2,940 | 91.3% | 49.5% | 1,456 |
| Solar & Others | 738 | 14.0% | 202 | 6.3% | 265.3% | 536 |
| Geothermal | 72 | 1.4% | - | 0.0% | n.m. | 72 |
| Total | 5,282 | 100% | 3,220 | 100% | 64.0% | 2,063 |
| Africa, Asia & Oceania | MW | % Weight | MW | % Weight | ∆ yoy | MW |
| Wind | 418 | 53.9% | 371 | 53.4% | 12.7% | 47 |
| Solar & Others Total |
357 776 |
46.1% 100% |
323 695 |
46.6% 100% |
10.5% 11.7% |
34 81 |
- Consolidated perimeter excluding managed capacity under JV in North America, Italy, Australia, Mexico and Morocco equal to around 3.7 GW.
4
3. Group Net Production
| FY 2019 | FY 2018 | ∆ yoy | Q4 2019 | |||
|---|---|---|---|---|---|---|
| Group | GWh | % Weight | GWh | % Weight | ∆ yoy | GWh |
| Hydro | 62,580 | 27.3% | 65,893 | 26.3% | -5.0% | 17,013 |
| Wind | 26,668 | 11.6% | 22,161 | 8.9% | 20.3% | 7,736 |
| Solar & Others | 3,995 | 1.7% | 5,005 | 2.0% | -20.2% | 1,080 |
| Geothermal | 6,149 | 2.7% | 5,881 | 2.3% | 4.5% | 1,551 |
| Total Renewables | 99,391 | 43.4% | 98,940 | 39.5% | 0.5% | 27,379 |
| Nuclear Coal |
26,279 | 11.5% | 24,067 | 9.6% | 9.2% | 6,034 |
| CCGT | 37,592 44,980 |
16.4% 19.6% |
64,366 38,134 |
25.7% 15.2% |
-41.6% 18.0% |
5,344 10,670 |
| Oil & Gas | 20,887 | 9.1% | 24,832 | 9.9% | -15.9% | 5,373 |
| Total Conventional Generation | 129,738 | 56.6% | 151,399 | 60.5% -14.3% | 27,422 | |
| Total Enel Group | 229,129 | 100% | 250,339 | 100% | -8.5% | 54,801 |
| Italy | GWh | % Weight | GWh | % Weight | ∆ yoy | GWh |
| Hydro | 17,246 | 36.8% | 18,395 | 34.6% | -6.2% | 4,774 |
| Wind | 1,357 | 2.9% | 1,289 | 2.4% | 5.3% | 412 |
| Solar & Others Geothermal |
36 5,669 |
0.1% 12.1% |
125 5,667 |
0.2% 10.6% |
-70.9% 0.0% |
2 1,409 |
| Total Renewables | 24,308 | 51.8% | 25,476 | 47.9% | -4.6% | 6,596 |
| Coal | 12,757 | 27.2% | 20,698 | 38.9% | -38.4% | 3,387 |
| CCGT | 9,591 | 20.4% | 6,578 | 12.4% | 45.8% | 2,177 |
| Oil & Gas | 256 | 0.5% | 481 | 0.9% | -46.8% | 41 |
| Total Conventional Generation | 22,604 | 48.2% | 27,757 | 52.1% -18.6% | 5,605 | |
| Total | 46,912 | 100% | 53,232 | 100% -11.9% | 12,201 | |
| GWh | % Weight | GWh | % Weight | ∆ yoy | GWh | |
| Iberia Hydro |
5,861 | 9.5% | 8,459 | 11.4% | -30.7% | 1,914 |
| Wind | 4,127 | 6.7% | 3,688 | 5.0% | 11.9% | 1,295 |
| Solar & Others | 102 | 0.2% | 25 | 0.0% | 301.8% | 57 |
| Total Renewables | 10,090 | 16.4% | 12,172 | 16.4% -17.1% | 3,267 | |
| Nuclear | 26,279 | 42.8% | 24,067 | 32.4% | 9.2% | 6,034 |
| Coal | 7,643 | 12.4% | 22,316 | 30.1% | -65.8% | 1,289 |
| CCGT | 11,687 | 19.0% | 8,957 | 12.1% | 30.5% | 2,938 |
| Oil & Gas Total Conventional Generation |
5,703 51,312 |
9.3% 83.6% |
6,681 62,021 |
9.0% | -14.6% 83.6% -17.3% |
1,320 11,580 |
| Total | 61,402 | 100% | 74,193 | 100.0% -17.2% | 14,847 | |
| Latin America1 | GWh | % Weight | GWh | % Weight | ∆ yoy | GWh |
| Hydro | 39,191 | 54.6% | 38,733 | 54.9% | 1.2% | 10,236 |
| Wind | 6,297 | 8.8% | 6,138 | 8.7% | 2.6% | 1,649 |
| Solar & Others | 2,766 | 3.9% | 3,052 | 4.3% | -9.4% | 722 |
| Geothermal | 194 | 0.3% | 214 | 0.3% | -9.4% | 44 |
| Total Renewables | 48,448 | 67.4% | 48,137 | 68.2% | 0.6% | 12,651 |
| Coal CCGT |
3,858 17,908 |
5.4% 24.9% |
2,781 16,816 |
3.9% 23.8% |
38.7% 6.5% |
669 3,989 |
| Oil & Gas | 1,621 | 2.3% | 2,843 | 4.0% | -43.0% | 312 |
| Total Conventional Generation | 23,388 | 32.6% | 22,441 | 31.8% | 4.2% | 4,970 |
| Total | 71,836 | 100.0% | 70,578 | 100.0% | 1.8% | 17,621 |
| Rest of Europe2 | GWh | % Weight | GWh | % Weight | ∆ yoy | GWh |
| Hydro | 39 | 0.1% | 32 | 0.1% | 21.9% | 8 |
| Wind Solar & Others |
1,807 159 |
5.2% 0.5% |
1,700 163 |
4.1% 0.4% |
6.3% -2.3% |
568 26 |
| Total Renewables | 2,005 | 5.8% | 1,894 | 4.6% | 5.8% | 601 |
| Coal | 13,333 | 38.7% | 18,572 | 45.2% | -28.2% | - |
| CCGT | 5,793 | 16.8% | 5,783 | 14.1% | 0.2% | 1,567 |
| Oil & Gas | 13,307 | 38.6% | 14,827 | 36.1% | -10.2% | 3,701 |
| Total Conventional Generation | 32,433 | 94.2% | 39,182 | 95.4% -17.2% | 5,268 | |
| Total | 34,438 | 100% | 41,076 | 100% -16.2% | 5,869 | |
| North America3 | GWh | % Weight | GWh | % Weight | ∆ yoy | GWh |
| Hydro | 244 | 1.9% | 274 | 2.8% | -11.0% | 81 |
| Wind | 12,122 | 93.5% | 8,413 | 86.3% | 44.1% | 3,596 |
| Solar & Others | 319 | 2.5% | 1,066 | 10.9% | -70.1% | 99 |
| Geothermal | 285 | 2.2% | - | 0% | n.m. | 98 |
| Total | 12,969 | 100% | 9,752 | 100% 33.0% | 3,873 | |
| GWh | % Weight | GWh | % Weight | ∆ yoy | GWh | |
| Africa, Asia & Oceania4 Wind |
959 | 61.0% | 933 | 61.9% | 2.7% | 216 |
| Solar & Others Total |
612 1,571 |
39.0% 100% |
574 1,508 |
38.1% 100% |
6.7% 4.2% |
173 390 |
-
Includes South America, Costa Rica, Guatemala and Panama.
-
Includes Romania, Russia, Greece and Bulgaria.
-
Includes Mexico, USA and Canada.
-
Includes South Africa, India and Zambia.
4. Group Infrastructure & Networks
| Electricity distributed (TWh) | FY 2019 | FY 2018 | ∆yoy | End users1 (mn) |
FY 2019 | FY 2018 | ∆yoy |
|---|---|---|---|---|---|---|---|
| Italy | 224.6 | 226.5 | -0.8% | Italy | 31.5 | 31.4 | 0.0% |
| Iberia | 126.5 | 124.9 | 1.3% | Iberia | 12.2 | 12.2 | 0.5% |
| Latin America | 137.3 | 117.4 | 16.9% | Latin America | 26.7 | 26.5 | 0.8% |
| Argentina | 16.8 | 17.5 | -4.3% | Argentina | 2.5 | 2.5 | -1.6% |
| Brazil | 81.3 | 61.3 | 32.7% | Brazil | 17.2 | 17.1 | 0.5% |
| Chile | 16.6 | 16.5 | 0.6% | Chile | 2.0 | 1.9 | 2.5% |
| Colombia | 14.4 | 14.0 | 2.4% | Colombia | 3.5 | 3.4 | 2.7% |
| Peru | 8.2 | 8.0 | 2.1% | Peru | 1.4 | 1.4 | 0.8% |
| Rest of Europe | 15.7 | 15.6 | 0.3% | Rest of Europe | 2.9 | 2.9 | 1.8% |
| Total | 504.0 | 484.4 | 4.1% | Total | 73.3 | 72.9 | 0.4% |
(mn) FY 2019 FY 2018 ∆yoy Argentina 16.8 17.5 -4.3% Argentina 2.5 2.5 -1.6% Brazil 81.3 61.3 32.7% Brazil 17.2 17.1 0.5% Chile 16.6 16.5 0.6% Chile 2.0 1.9 2.5% Colombia 14.4 14.0 2.4% Colombia 3.5 3.4 2.7% Peru 8.2 8.0 2.1% Peru 1.4 1.4 0.8%
1.End Users represent the number of distribution delivery points at the end of the period.
5. Retail
| Total energy sold (TWh)2 | FY 2019 | FY 2018 | ∆yoy | Total power customers4 (mn) |
FY 2019 | FY 2018 | ∆yoy |
|---|---|---|---|---|---|---|---|
| Italy | 97.5 | 104.3 | -6.5% | Italy | 23.7 | 25.2 | -5.8% |
| Regulated | 35.6 | 39.8 | -10.7% | Regulated | 14.4 | 16.6 | -12.9% |
| Free Market | 62.0 | 64.5 | -3.9% | Free Market | 9.2 | 8.6 | 8.0% |
| Iberia | 89.4 | 89.6 | -0.2% | Iberia | 10.6 | 10.8 | -1.1% |
| Regulated | 11.4 | 12.9 | -11.5% | Regulated | 4.8 | 5.1 | -4.5% |
| Free Market | 78.1 | 76.8 | 1.7% | Free Market | 5.8 | 5.7 | 1.9% |
| Latin America | 105.0 | 91.1 | 15.2% | Latin America | 26.7 | 26.5 | 0.8% |
| Argentina | 13.7 | 14.5 | -5.3% | Argentina | 2.5 | 2.5 | -1.6% |
| Brazil3 | 62.2 | 48.1 | 29.4% | Brazil3 | 17.2 | 17.1 | 0.5% |
| Chile | 12.8 | 12.8 | -0.4% | Chile | 2.0 | 1.9 | 2.5% |
| Colombia | 9.4 | 8.9 | 5.3% | Colombia | 3.5 | 3.4 | 2.7% |
| Peru | 6.9 | 6.8 | 1.5% | Peru | 1.4 | 1.4 | 0.8% |
| Rest of Europe | 9.7 | 10.4 | -6.4% | Rest of Europe | 3.1 | 3.0 | 1.9% |
| Total | 301.7 | 295.4 | 2.1% | Total | 64.1 | 65.4 | -2.0% |
| Gas sold (bmc) | FY 2019 | FY 2018 | ∆yoy | Gas customers (mn) | FY 2019 | FY 2018 | ∆yoy |
|---|---|---|---|---|---|---|---|
| Italy | 4.7 | 4.8 | -0.5% | Italy | 4.2 | 4.1 | 1.6% |
| Iberia | 5.7 | 6.4 | -10.3% | Iberia | 1.6 | 1.6 | 2.8% |
| Romania | 0.01 | 0.01 | 75.1% | Romania | 0.05 | 0.04 | 22.1% |
| Total | 10.5 | 11.2 | -6.1% | Total | 5.9 | 5.7 | 2.1% |
-
Net of energy losses.
-
Consider the full consolidation of Enel Dx Sao Paulo since June 2018.
| Total energy sold (TWh)2 | FY 2019 | FY 2018 | ∆yoy | Total power customers4 (mn) |
FY 2019 | FY 2018 | ∆yoy |
|---|---|---|---|---|---|---|---|
| 97.5 | 104.3 | -6.5% | Italy | 23.7 | 25.2 | ||
| Regulated | 35.6 | 39.8 | -10.7% | Regulated | 14.4 | 16.6 | |
| Free Market | 62.0 | 64.5 | -3.9% | Free Market | 9.2 | 8.6 | |
| Iberia | 89.4 | 89.6 | -0.2% | Iberia | 10.6 | 10.8 | |
| Regulated | 11.4 | 12.9 | -11.5% | Regulated | 4.8 | 5.1 | |
| Free Market | 78.1 | 76.8 | 1.7% | Free Market | 5.8 | 5.7 | |
| Latin America | 105.0 | 91.1 | 15.2% | Latin America | 26.7 | 26.5 | |
| Argentina | 13.7 | 14.5 | -5.3% | Argentina | 2.5 | 2.5 | |
| Brazil3 | 62.2 | 48.1 | 29.4% | Brazil3 | 17.2 | 17.1 | |
| Chile | 12.8 | 12.8 | -0.4% | Chile | 2.0 | 1.9 | |
| Colombia | 9.4 | 8.9 | 5.3% | Colombia | 3.5 | 3.4 | |
| Peru | 6.9 | 6.8 | 1.5% | Peru | 1.4 | 1.4 | |
| Rest of Europe | 9.7 | 10.4 | -6.4% | Rest of Europe | 3.1 | 3.0 | |
| Total | 301.7 | 295.4 | 2.1% | Total | 64.1 | 65.4 |
| Gas sold (bmc) | FY 2019 | FY 2018 | ∆yoy | Gas customers (mn) | FY 2019 | FY 2018 | ∆yoy |
|---|---|---|---|---|---|---|---|
| 4.7 | 4.8 | -0.5% | Italy | 4.2 | 4.1 | 1.6% | |
| 5.7 | 6.4 | -10.3% | Iberia | 1.6 | 1.6 | 2.8% | |
| 0.01 | 0.01 | 75.1% | Romania | 0.05 | 0.04 | 22.1% | |
| 10.5 | 11.2 | -6.1% | Total | 5.9 | 5.7 | 2.1% |
- Power Customers represent clients with active contracts with Enel.
6. Main Financials & Market performance
| Dividends | Multiples | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| €/share | FY 2019 | FY 2018 | 31/12/2019 31/12/2018 | ∆ yoy | ||||||
| Amount | Ex-Date | Amount | Ex-Date | |||||||
| Ordinary (interim) | 0.16 | 01/22/20 | 0.14 | 01/23/19 | Share Price (€) | 7.072 | 5.044 | 40.2% | ||
| Ordinary (Final) | 0.16 | N.A. | 0.14 | 07/22/19 | P/E1 | 15.0 | 12.6 | 18.6% | ||
| Total DPS1 | 0.32 | 0.28 | EV/EBITDA | 9.1 | 7.2 | 27.0% | ||||
| Pay out | 70% | 70% | Dividend Yield | 4.5% | 5.6% | -18.5% |
| Multiple | ||
|---|---|---|
| 31/12/2019 31/12/2018 | ∆ yoy | |
|---|---|---|
| 15.0 | 12.6 | 18.6% |
-
Minimun guaranteed DPS for 2019.
-
2019 P/E ratio calculated using net income guidance. Source: Bloomberg.
Enel Group's Ratings
| Rating | Outlook | Update | |
|---|---|---|---|
| Moody's | Baa2 | Positive | 07/16/2019 |
| S&P | BBB+ | Stable | 09/19/2018 |
| Fitch | A- | Stable | 02/11/2019 |
Stock performance (01/01/2019 - 21/02/2020)
7. Disclaimer
Source: Bloomberg
This document contains certain forward-looking statements that reflect the Company's management's current views with respect to future events and financial and operational performance of the Company and its subsidiaries. These forward-looking statements are based on Enel S.p.A.'s current expectations and projections about future events. Because these forward-looking statements are subject to risks and uncertainties, actual future results or performance may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of Enel S.p.A. to control or estimate precisely, including changes in the regulatory environment, future market developments, fluctuations in the price and availability of fuel and other risks. You are cautioned not to place undue reliance on the forward-looking statements contained herein, which are made only as of the date of this presentation. Enel S.p.A. does not undertake any obligation to publicly release any updates or revisions to any forwardlooking statements to reflect events or circumstances after the date of this presentation. The information contained in this presentation does not purport to be comprehensive and has not been independently verified by any independent third party.
This presentation does not constitute a recommendation regarding the securities of the Company. This presentation does not contain an offer to sell or a solicitation of any offer to buy any securities issued by Enel S.p.A. or any of its subsidiaries.
Pursuant to art. 154-bis, paragraph 2, of the Italian Unified Financial Act of February 24, 1998, the executive in charge of preparing the corporate accounting documents at Enel, Alberto De Paoli, declares that the accounting information contained herein correspond to document results, books and accounting records.
