甘肃祁连山水泥集团股份有限公司 2015 年第一季度报告 公司代码：600720 公司简称：祁连山 甘肃祁连山水泥集团股份有限公司 2015 年第一季度报告 1 / 21 | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司主要财务数据和股东变化 | 3 | | 三、 | 重要事项 | 6 | | 四、 | 附录 | 11 | 甘肃祁连山水泥集团股份有限公司 2015 年第一季度报告 一、 重要提示 二、 公司主要财务数据和股东变化 2.1 主要财务数据 非经常性损益项目和金额 3 / 21 单位：元 币种：人民币 本报告期末 上年度末 本报告期末比上年度 调整后 调整前 末增减(%) 总资产 11,027,478,285.78 10,837,474,197.54 10,837,474,197.54 1.75 归属于上市公司股 东的净资产 4,717,251,546.62 4,790,725,493.31 4,790,725,493.31 -1.53 归属于上市公司股 东的每股净资产（ 元/股） 6.08 6.17 6.17 -1.53 年初至报告期末 上年初至上年报 ...

Financial Performance - In 2014, the company's operating revenue reached CNY 6,146,974,408.46, an increase of 5.74% compared to CNY 5,813,025,594.52 in 2013[26]. - The net profit attributable to shareholders was CNY 561,903,861.30, representing a 17.63% increase from CNY 477,679,682.81 in the previous year[26]. - The basic earnings per share for 2014 was CNY 0.72, up 16.13% from CNY 0.62 in 2013[27]. - The total assets of the company at the end of 2014 were CNY 10,837,474,197.54, a decrease of 1.40% from CNY 10,991,233,467.46 in 2013[26]. - The weighted average return on equity increased to 12.81% in 2014, up from 12.32% in 2013, reflecting a 0.49 percentage point increase[27]. - The company achieved a cash flow from operating activities of CNY 931,196,678.64, a decrease of 4.77% compared to CNY 977,867,083.52 in 2013[26]. - The company reported a total cost of sales of CNY 5,683,051,321.20, which is an increase of 5.36% from CNY 5,394,982,888.01 in the previous year[175]. - The total comprehensive income for the year was CNY 778,655,702.44, compared to CNY 556,176,109.55 in the previous year, an increase of 39.93%[177]. Dividend Distribution - The company plans to distribute a cash dividend of 2.2 RMB per 10 shares, totaling 170,783,862.04 RMB for the year-end 2014[2]. - In 2014, the company distributed cash dividends totaling RMB 170,783,862.04, with a payout of RMB 2.2 per 10 shares, representing 30.40% of the net profit attributable to shareholders[70]. - The company reported a cash dividend distribution of RMB 116,443,542.30 for the year 2013, with a payout of RMB 1.5 per 10 shares, which was 25.06% of the net profit attributable to shareholders[69]. - The company has established a three-year shareholder return plan for 2014-2016, emphasizing cash dividends as a priority[69]. Operational Highlights - The company has maintained its main business focus on cement production, sales, and commercial concrete since its listing[18]. - Cement production and sales reached 21.08 million tons and 21.06 million tons, respectively, with year-on-year growth of 14.93% and 14.77%[33]. - The company expanded its cement production capacity by 2 million tons and commercial concrete capacity by 800,000 cubic meters during the year[33]. - The company’s cement and commercial concrete sales volume increased year-on-year, despite a decline in cement sales prices[27]. - The company plans to produce 20.95 million tons of cement and achieve sales revenue of 5.6 billion RMB in 2015[65]. - The company aims to enhance its market position in the Gansu, Qinghai, and Tibet regions, focusing on cement and related industries[64]. Risk Management - The company has detailed descriptions of potential policy, market, and operational risks in its report[9]. - The company emphasizes the importance of accurate and complete financial reporting in its annual report[5]. - The company received a standard unqualified audit report from Xinyong Zhonghe Accounting Firm[5]. Shareholder Structure - The total share capital at the end of 2014 was 776,290,282 shares[2]. - The company’s parent company, Gansu Qilian Mountain Building Materials Holding Co., Ltd., held 12.81% of the total shares by the end of 2014[22]. - The largest shareholder, China National Materials Group Corporation, holds 102,772,822 shares, representing 13.24% of the total shares[106]. - Gansu Qilian Mountain Building Materials Holding Co., Ltd. reduced its holdings by 3,160,000 shares, bringing its total to 99,443,917 shares, or 12.81%[106]. Financial Management - The company has not implemented a capital reserve transfer to increase share capital[2]. - The company has a total of 130 pages in its annual report, covering various aspects of its operations and governance[6]. - The company has established a comprehensive governance structure that complies with the requirements of the Company Law and the Securities Law[140]. - The company has implemented a salary management system that includes a review and approval process for senior management compensation[134]. - The company has a dedicated financial management department and an independent accounting system, with no interference from the controlling shareholder in financial activities[154]. Related Party Transactions - There are no non-operating fund occupations by controlling shareholders or related parties[4]. - The company has not violated decision-making procedures for providing guarantees[5]. - The total amount of funds provided to related parties during the reporting period was CNY 326,530,580.12[80]. - The company provided funds to its controlling shareholder and subsidiaries, with a total occurrence amount of CNY 185,643,358.49[80]. - The company’s related party transactions primarily arise from the provision and acceptance of services and the sale of goods[80]. Environmental and Technological Investments - The company invested CNY 128 million in technological upgrades, implementing over 300 projects to improve production efficiency and promote energy conservation[41]. - The company has invested in environmental protection measures, achieving a nitrogen oxide emission reduction efficiency of over 60% in its cement kilns[72]. - Gansu Qilian Mountain Cement is investing CNY 200 million in new technology for production efficiency, expected to reduce costs by 5%[126]. Corporate Governance - The company has appointed a new board of directors, including a new chairman and president, as part of its governance changes[130]. - The company maintains complete independence from its controlling shareholder in business, personnel, assets, organization, and finance[154]. - The company has established a system for insider information registration and management, ensuring compliance with relevant regulations[141]. - The company has implemented a performance evaluation and incentive mechanism for senior management, aligning their interests with those of shareholders[156]. Future Outlook - The company plans to enhance its market expansion strategies, focusing on new product development and technological advancements[190]. - Future guidance indicates a commitment to improving operational efficiency and increasing shareholder value through strategic initiatives[190]. - The company is exploring potential acquisitions of smaller regional competitors to enhance its production capacity and market reach[125].

Financial Performance - Revenue for the first nine months reached CNY 4,829,489,465.45, representing a 12.46% increase year-on-year[7] - Net profit attributable to shareholders increased by 75.72% to CNY 635,213,718.53 for the first nine months[7] - Basic earnings per share rose by 44.19% to CNY 0.8183 compared to the same period last year[8] - The weighted average return on equity increased by 4.91 percentage points to 14.38%[7] - Total operating revenue for Q3 2014 reached ¥2,038,635,957.35, an increase from ¥1,982,214,405.70 in Q3 2013, representing a growth of 2.84%[31] - Net profit for Q3 2014 was ¥400,888,912.19, compared to ¥304,163,692.10 in Q3 2013, reflecting an increase of 31.8%[33] - Earnings per share (EPS) for Q3 2014 was ¥0.4751, up from ¥0.3566 in Q3 2013, indicating a growth of 33.3%[33] - The total comprehensive income for Q3 2014 was ¥400,888,912.19, compared to ¥304,163,692.10 in Q3 2013, reflecting an increase of 31.8%[33] Assets and Liabilities - Total assets increased by 2.68% to CNY 11,229,112,651.79 compared to the end of the previous year[7] - The company's current assets totaled CNY 2,705,657,753.91, up from CNY 2,493,849,030.04 at the beginning of the year, reflecting a growth of approximately 8.5%[23] - The total liabilities decreased to CNY 6,034,057,479.01 from CNY 6,315,155,423.85, indicating a reduction of about 4.5%[25] - The equity attributable to shareholders of the parent company increased to CNY 4,635,393,562.95 from CNY 4,106,051,264.84, representing a growth of approximately 12.8%[25] - Total assets as of September 30, 2014, amounted to ¥4,963,164,732.72, a decrease from ¥5,068,879,902.78 at the beginning of the year[28] - Total liabilities as of September 30, 2014, were ¥1,469,015,205.96, slightly up from ¥1,449,682,528.08 at the beginning of the year[28] - The company's total equity decreased to ¥3,494,149,526.76 from ¥3,619,197,374.70 at the beginning of the year, a decline of 3.45%[28] Cash Flow - Net cash flow from operating activities for the first nine months was CNY 1,057,765,701.12, a 1.37% increase year-on-year[7] - Cash flow from operating activities for the first nine months of 2014 was ¥1,057,765,701.12, slightly up from ¥1,043,479,297.98 in the previous year[39] - The company reported an increase in cash inflow from investment activities, totaling ¥84,285,726.60 in 2014 compared to ¥63,529,162.50 in 2013[40] - The cash flow from financing activities showed a net outflow of ¥691,339,071.63 in 2014, compared to a net outflow of ¥554,364,681.71 in 2013[40] - The total cash and cash equivalents at the end of Q3 2014 were ¥483,568,212.00, down from ¥676,798,111.59 at the end of Q3 2013[40] - Net cash flow from operating activities decreased to ¥223,696,515.44 from ¥256,560,528.47 year-on-year[42] - Cash inflow from investment activities totaled ¥42,030,600.00, up from ¥30,000,000.00 in the same period last year[42] - Net cash flow from investment activities improved to -¥20,459,712.43 compared to -¥496,414,945.00 in the previous year[42] - Cash inflow from financing activities was ¥128,000,000.00, down from ¥365,000,000.00 year-on-year[43] - Net cash flow from financing activities turned negative at -¥219,832,647.91, compared to a positive ¥65,726,421.88 in the previous year[43] - The ending cash and cash equivalents balance decreased to ¥276,351,531.86 from ¥418,847,161.33 year-on-year[43] - The company reported a net decrease in cash and cash equivalents of -¥16,595,844.90 compared to -¥174,127,994.65 in the previous year[43] Shareholder Information - The total number of shareholders reached 74,173 by the end of the reporting period[9] - The largest shareholder, China National Materials Group Corporation, holds 13.24% of the shares[9] Government and Regulatory Matters - The company received government subsidies amounting to CNY 6,397,735.92 during the first nine months[9] - The company committed to reducing and standardizing related transactions with its controlling shareholder, China National Materials Group, ensuring fair pricing and terms comparable to independent third-party transactions[13] - The company has made commitments to maintain its independence and improve corporate governance structures during its controlling period by China National Materials Group[14] - The company reported that it will not engage in substantial competition with its controlling shareholder's business operations[13] Strategic Initiatives - The company plans to resolve industry competition with Ningxia Building Materials Group through coordination and communication, aiming to avoid disorderly competition in the market[14] - The company is actively working on integrating its cement business to eliminate potential industry competition, with a target completion date set for September 2015[14] - The company is focused on market research, product positioning, and brand promotion to enhance its competitive edge in the cement and clinker market[14] - The company has outlined a five-year plan to gradually consolidate its cement business into a single development platform[14] Miscellaneous - The company has not disclosed any significant changes in its financial performance or major losses for the current reporting period[15] - The company anticipates a significant change in net profit compared to the same period last year, but specific figures are not applicable at this time[15]

Financial Performance - The company's operating revenue for the first half of 2014 was CNY 2,790,853,508.10, representing a 20.70% increase compared to CNY 2,312,273,873.45 in the same period last year[12]. - Net profit attributable to shareholders for the first half of 2014 was CNY 258,285,869.47, a significant increase of 135.23% from CNY 109,800,255.41 in the previous year[12]. - Basic earnings per share for the first half of 2014 rose to CNY 0.3327, an increase of 80.91% compared to CNY 0.1839 in the same period last year[13]. - The weighted average return on equity increased to 6.03%, up by 3.11 percentage points from 2.92% in the previous year[13]. - The company reported a net profit of CNY 253,386,163.42 after deducting non-recurring gains and losses, which is a 129.54% increase from CNY 110,388,508.62 in the previous year[12]. - The company reported a net profit of CNY 258,285,869.47 for the first half of 2014, compared to CNY 270,051,274.29 in the same period of 2013, reflecting a decrease of 4.4%[77]. Cash Flow and Investments - The net cash flow from operating activities decreased by 23.62% to CNY 500,442,937.78, down from CNY 655,175,714.78 in the same period last year[12]. - The cash flow from operating activities decreased by 23.62% to 500.44 million yuan compared to the previous year[16]. - The cash flow from investment activities improved by 63.90%, reducing outflows to 171.08 million yuan[18]. - The total cash outflow from investing activities was CNY 58,823,958.00, compared to CNY 423,296,045.00 in the previous year, indicating a reduction of 86.1%[75]. - The company reported a significant increase in investment income, reaching RMB 84,000,000.00, up from RMB 60,000,000.00 in the prior period[71]. Production and Sales - The company produced 8.8779 million tons of cement in the first half of the year, an increase of 26.86% year-on-year[16]. - Cement sales (including commercial clinker) reached 9.9134 million tons, up 26.1% compared to the previous year[16]. - The company added 2 million tons of cement production capacity, bringing total capacity to 28 million tons[16]. - The gross profit margin for cement increased by 3.32 percentage points to 30.04%[19]. - The revenue from the Tianshui region increased by 39.97%, primarily due to the commissioning of a new cement production line[20]. Assets and Liabilities - Total assets as of the end of the reporting period were CNY 11,292,216,367.29, reflecting a 3.29% increase from CNY 10,932,475,866.68 at the end of the previous year[12]. - Total liabilities rose to CNY 6,336,631,401.28, compared to CNY 6,253,852,734.54, indicating an increase of about 1.3%[61]. - Owner's equity reached CNY 4,955,584,966.01, up from CNY 4,678,623,132.14, reflecting a growth of approximately 5.9%[61]. - The total amount of guarantees provided to subsidiaries during the reporting period was CNY 320,000,000.00[38]. - The total guarantee amount at the end of the reporting period was CNY 1,135,000,000.00, accounting for 22.47% of the company's net assets[38]. Shareholder Information - The total number of shareholders at the end of the reporting period reached 80,788[45]. - The largest shareholder, China National Materials Group Corporation, holds 13.24% of shares, totaling 102,772,822 shares[45]. - Gansu Qilian Mountain Cement Holding Co., Ltd. holds 13.22% of shares, totaling 102,603,917 shares, with 39,000,000 shares pledged[45]. - The company has not proposed a cash dividend plan for the year despite achieving profitability, and the reasons for this will be disclosed in the regular report[31]. Corporate Governance and Compliance - The company has established a sound corporate governance structure and internal control system to reduce risks and enhance information disclosure[42]. - The company has not faced any administrative penalties or public reprimands from the China Securities Regulatory Commission or stock exchanges during the reporting period[42]. - The company is committed to transparency in related party transactions and adherence to decision-making procedures[39]. - The company has made commitments to ensure independence in governance and operations between itself and its controlling shareholder[41]. Accounting Policies and Financial Reporting - The financial statements are prepared based on the going concern principle and comply with the requirements of the Enterprise Accounting Standards[96]. - The company recognizes revenue from sales of goods when the major risks and rewards of ownership have transferred to the buyer, and the amount can be reliably measured[120]. - The company assesses the carrying value of financial assets for impairment at the balance sheet date[101]. - The company employs a first-in, first-out (FIFO) method for inventory valuation and uses a lower of cost or net realizable value principle for inventory measurement[105]. Future Outlook and Strategy - The company plans to continue its focus on capital management and profitability improvement strategies moving forward[84]. - The company is exploring market expansion opportunities, although specific details were not provided in the documents[84]. - The company is focusing on expanding its market presence through new product development and technology advancements in cement and concrete production[28].

Financial Performance - Operating revenue for the first quarter reached CNY 714,036,849.28, a 22.41% increase year-on-year[12] - The net profit attributable to shareholders was a loss of CNY 84,935,174.62, compared to a loss of CNY 73,632,681.42 in the previous year[12] - Basic and diluted earnings per share were both -0.1094 CNY, showing no improvement from the previous year[12] - Total operating revenue for the current period is RMB 583,311,704.55, a decrease of 18.3% from RMB 714,036,849.28 in the previous period[34] - Operating profit for the current period is -RMB 121,809,184.00, compared to -RMB 93,656,220.92 in the previous period, indicating a worsening performance[34] - Net profit attributable to the parent company is -RMB 84,935,174.62, compared to -RMB 73,632,681.42 in the previous period, reflecting a decline in profitability[35] - The company reported a total comprehensive loss of RMB 105,149,112.66 for the current period, compared to a loss of RMB 86,073,548.56 in the previous period[35] Cash Flow - Net cash flow from operating activities surged by 292.67% to CNY 84,976,630.27 compared to the same period last year[12] - Cash flow from operating activities generated a net cash inflow of RMB 84,976,630.27, an increase from RMB 21,640,476.97 in the previous period[39] - Cash flow from investing activities resulted in a net outflow of RMB 218,824,199.90, worsening from -RMB 159,950,702.06 in the previous period[40] - Cash flow from financing activities generated a net inflow of RMB 298,683,409.62, compared to a net outflow of -RMB 80,752,789.98 in the previous period[40] - The ending cash and cash equivalents balance increased to RMB 630,129,875.32 from RMB 592,024,878.75 in the previous period[40] - Net cash flow from operating activities was -¥490,201,415.59, compared to -¥36,274,845.26 in the prior period[43] - Cash inflow from financing activities reached ¥508,000,000.00, significantly up from ¥50,000,000.00 in the prior period[44] - The net increase in cash and cash equivalents was -¥40,939,887.59, compared to -¥190,253,471.94 in the previous period[44] Assets and Liabilities - Total assets increased by 3.45% to CNY 11,309,430,055.27 compared to the end of the previous year[12] - The company reported a decrease in net assets attributable to shareholders by 1.98% to CNY 4,069,703,904.84 compared to the end of the previous year[12] - Total liabilities rose to CNY 6,733,537,598.80 compared to CNY 6,253,852,734.54, indicating an increase of about 7.7%[28] - Current liabilities totaled CNY 4,545,855,807.86, up from CNY 4,260,991,552.37, representing a growth of approximately 6.7%[28] - Non-current liabilities increased to CNY 2,187,681,790.94 from CNY 1,992,861,182.17, marking a rise of around 9.8%[28] - Owner's equity decreased to CNY 4,575,892,456.47 from CNY 4,678,623,132.14, a decline of about 2.2%[28] Shareholder Information - The total number of shareholders at the end of the reporting period was not specified, but major shareholders include China National Materials Group Corporation with a 13.24% stake[14] Government Support - The company received government subsidies amounting to CNY 3,415,899.29 during the reporting period[13] Operational Changes - The company has not disclosed any new product developments or market expansion strategies in this report[17] - The company has committed to resolving potential industry competition issues within three years following the acquisition completion, as stated in previous commitments[22] - There is an ongoing effort to coordinate business operations between Qilian Mountain and other subsidiaries to avoid disorderly competition[22] - The company continues to enhance its corporate governance structure to ensure independence and compliance with regulatory requirements[22] Related Party Transactions - The company committed to reducing related party transactions and ensuring fairness in pricing, adhering to legal obligations[20] - The actual controller, China National Materials Group, pledged to minimize related transactions with Qilianshan and ensure compliance with relevant regulations[20] - The company emphasized that any unavoidable related transactions will be conducted on an equal and voluntary basis, following fair market pricing principles[20]

Financial Performance - The company reported a profit of 1,633,531,342.97 RMB to be carried forward for distribution in the next fiscal year[4]. - The company's operating revenue for 2013 reached CNY 5,813,025,594.52, representing a year-on-year increase of 36.83%[19]. - Net profit attributable to shareholders was CNY 464,700,104.15, a significant increase of 167.77% compared to the previous year[19]. - The company achieved a profit margin of 11.82% on weighted average return on equity, up from 5.97% in 2012[19]. - The company received government subsidies totaling CNY 8,344,901.83, which contributed to its financial performance[20]. - The total assets increased to CNY 10,932,475,866.68, reflecting a year-on-year growth of 7.93%[19]. - The gross profit margin for cement increased by 8.14 percentage points to 30.51%, reflecting improved pricing and cost management[28]. - The company reported a significant increase in revenue from the Tianshui region, up 80.15%, primarily due to the completion of the second phase of the Zhangxian company and rising prices in the area[29]. - The company reported a total of CNY 1,074,981,803.42 in undistributed profits, indicating a substantial reserve for future investments[158]. Shareholder Information - The company plans to distribute a cash dividend of 1.5 RMB per 10 shares, totaling 116,443,542.30 RMB, based on a total share capital of 776,290,282 shares as of the end of 2013[4]. - The controlling shareholder of the company is China National Materials Group Corporation, holding 13.24% of the total share capital as of the end of 2013[16]. - The company has a total of 102,772,822 shares held by its controlling shareholder, China National Materials Group Corporation[16]. - The company has a total of 102,603,917 shares held by its parent company, Qilian Mountain Holdings, representing 13.22% of the total share capital[16]. - The shareholding structure post-capital increase shows China National Materials Group Corporation holding 13.24% and Gansu Qilian Mountain Building Materials Holding Co., Ltd. holding 13.22%[75]. - The company had a total of 86,941 shareholders as of the end of the reporting period[76]. Capital Management - As of the end of 2013, the company implemented a capital reserve conversion plan, increasing the share capital by 30% (3 shares for every 10 shares held)[16]. - The company raised a total of RMB 765,247,684.14 through a rights issue, with a net amount of RMB 740,299,248.00 after deducting issuance fees[34]. - The company completed a capital increase by converting capital reserves, distributing 3 additional shares for every 10 shares held, resulting in a total share capital of 776,290,282 shares[48]. - The company has established a special account for the management of raised funds, adhering to regulatory requirements[35]. - The company has no instances of delayed or inaccurate disclosures regarding the use of raised funds[36]. Operational Highlights - The company produced and sold 17.56 million tons of cement and 18.98 million tons of clinker, with year-on-year growth of 30.84% and 28.15% respectively[22]. - The company expanded its cement production capacity by 5 million tons, bringing total capacity to 26 million tons[22]. - The company completed the acquisition of Longnan Runji and successfully introduced strategic investors for the Tibet project, enhancing its market control and influence[26]. - The company is focusing on expanding its business into ready-mixed concrete and aggregates, as well as promoting circular economy initiatives[42]. - The company plans to produce 20 million tons of cement and sell 19.73 million tons in the current year[42]. Risk Management - The company has outlined potential risks including policy, market, and operational risks in its annual report[9]. - The company is facing risks related to policy changes, market competition, and rising operational costs, particularly in coal and electricity[44]. - The company aims to eliminate potential competition in the cement business over a five-year period, with a target completion date of September 2015[64]. Governance and Compliance - The company has received a standard unqualified audit report from its auditing firm, Xinyong Zhonghe[4]. - The company has established a comprehensive governance structure and internal control system to reduce risks and enhance information disclosure[104]. - The company has committed to maintaining independence in governance and operations, ensuring separation in personnel, finance, assets, and business from its controlling shareholder[64]. - The company has not faced any penalties or administrative actions from the China Securities Regulatory Commission during the reporting period[67]. Research and Development - Research and development expenditures totaled CNY 220 million, a 74.60% increase from the previous year, focusing on efficiency improvements and emissions reduction[24]. - The company is committed to environmental protection and is adopting new technologies to reduce emissions[44]. - The company emphasizes the importance of new product and technology development, although specific figures were not provided[91]. Subsidiaries and Acquisitions - The company holds a 60% equity stake in Jiugang (Group) Hongda Building Materials Co., Ltd., which is engaged in cement production and sales[34]. - The company completed the acquisition of 100% of Longnan Qilian Mountain Cement Co., Ltd. for 265,594,600 RMB, with a net profit contribution of -3,435,126.41 RMB[53]. - The company is actively involved in the limestone mining sector through its subsidiary Qinghai Qicai Mining Co., Ltd., which has a production capacity of 1,600 million RMB[199]. Employee and Management Information - The total number of employees in the parent company and major subsidiaries is 6,498, with 115 in the parent company and 6,383 in subsidiaries[96]. - The total compensation for the board members and senior management amounted to 509.25 million CNY before tax, with a total shareholding increase of 11,391 shares during the reporting period[87]. - The company has a diverse board with members holding advanced degrees and significant industry experience, enhancing its strategic decision-making capabilities[88]. Financial Position - The company reported a total asset of CNY 10,932,475,866.68 as of December 31, 2013, an increase from CNY 10,129,680,292.75 at the beginning of the year, reflecting a growth of approximately 7.9%[129]. - The company's total liabilities amounted to CNY 6,253,852,734.54, up from CNY 6,066,860,802.87, indicating a rise of about 3.1%[129]. - The total equity attributable to shareholders increased to CNY 4,152,007,646.08 from CNY 3,704,253,569.08, representing a growth of approximately 12.1%[129].