6-K 1 zk1719647.htm 6-K

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 

F O R M 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of March 2017

TAT TECHNOLOGIES LTD.
(Name of Registrant)
 
      P.O.BOX 80, Gedera 70750 Israel
(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒    Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐


Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ☐     No ☒

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ____________
 
TAT Technologies Ltd.

6-K Items

1.
Press Release dated March 7, 2017 re TAT Technologies Ltd. Reports Fourth Quarter and Full Year 2016 Results.

2
ITEM 1

Press Release
Source: TAT Technologies Limited

TAT Technologies Reports Fourth Quarter and Full Year 2016 Results

GEDERA, Israel, March 7, 2017 - TAT Technologies Ltd. (NASDAQ: TATT - News) ("TAT" or  the "Company"), a leading provider of products and services to the commercial and military aerospace and ground defense industries, reported today its unaudited results for the year ended December 31, 2016.

Financial Highlights for the fourth quarter of 2016 (unaudited):
 
•
Total Revenue: $ 25 million compared to $ 21.7 million in the fourth quarter of 2015, growth of 15.2% in revenues compared to the fourth quarter of 2015.

•
Adjusted EBITDA: $ 3.1 million compared to negative adjusted EBITDA of $ (1) million in the fourth quarter of 2015.
 
•
Net income: $ 1.6 million compared to $ 3 million in the fourth quarter of 2015
 
•
Net income / Loss (Non-GAAP): $ 1.8 million compared to net loss of $ (1) million in the fourth quarter of 2015. The net income (Non GAAP) of the fourth quarter of 2015 includes several adjustments, as detailed in the appendix in page 9 below, including $ 4.8 million gain on bargain purchase.
 
•
Earnings per share basic and diluted: $ 0.18 per share compared to $ 0.34 per share in the fourth quarter of 2015.
 
•
Earnings (loss) per share basic and diluted (Non-GAAP): $ 0.20 per share compared to a loss of $ (0.11) in the fourth quarter of 2015.
 
•
Net cash provided by operating activities: $ 4.8 million compared to $ 0.9 million in the fourth quarter of 2015.

Financial Highlights for 2016 (unaudited):
 
•
Total Revenue: $ 95.8 million compared to $ 85.6 million in 2015, growth of 11.9% in revenues compared to fiscal year 2015.
 
•
Adjusted EBITDA: $ 7.9 million compared to $ 3.6 million in 2015.
 
•
Net income: $ 0.1 million compared to $ 5.8 million in 2015.
 
•
Net Income (Non-GAAP): $ 2.8 million compare to $ 0.4 million in 2015.
The net income (Non GAAP) for 2015 includes several adjustments, as detailed in the appendix in page 9 below, including $ 4.8 million gain on bargain purchase.
 
•
Taxes on income: include $ 2.7 million related to a deferred tax liability due to actual distribution of earnings from foreign subsidiaries of the Company and due to the possibility of future distribution of earnings from such foreign subsidiaries.
 
•
Earnings per share basic and diluted: $ 0.01 per share compared to $ 0.66 per share in 2015.
 
3
•
Earnings per share basic and diluted (Non-GAAP): $ 0.32 per share compared to $ 0.04 in 2015.
 
•
Net cash provided by operating activities: $ 5.5 million compared to $ 0.7 million in 2015.
 
•
Dividend distribution: During August 2016, the company distributed to shareholders a cash dividend in the total amount of $3.0 million.
 
Mr. Igal Zamir, TAT's President and CEO commented on the results: "Our fourth quarter 2016 results reflect the impact of our operational efficiency and cost cutting measures, with another consecutive improvement in profitability. Relatively strong sales of heat exchangers contributed to the growth in revenues in the current quarter. We continue to implement operational efficiency and cost cutting measures. Our strong balance sheet and cash position allowed us to pay a $3 million dividend in 2016 and will enable us to pursue business opportunities as part of our ongoing efforts to strengthen our business".
 
Non-GAAP Financial Measures

To supplement the consolidated financial statements presented in accordance with GAAP, the Company also presents a Non-GAAP presentation of Net Income and Adjusted EBITDA.  The adjustments to the Company's GAAP results are made with the intent of providing both management and investors a more complete understanding of the Company's underlying operational results, trends and performance.  Non-GAAP Net Income excludes changes, income or losses, as applicable, related to one or more of the following: (1) share-based compensation expenses and/or (2) certain tax impact and/or (3) acquisition related expenses and/or (4) share in results of equity investment of affiliated companies. Adjusted EBITDA is calculated as net income before the Company's share in results and sale of equity investment of affiliated companies, share-based compensation, taxes on income, financial (expenses) income, net, and depreciation and amortization.  Non-GAAP Net Income and Adjusted EBITDA, however, should not be considered as alternatives to net income and operating income for the period and may not be indicative of the historic operating results of the Company; nor they are meant to be predictive of potential future results.  Non-GAAP Net Income and Adjusted EBITDA are not measures of financial performance under generally accepted accounting principles and may not be comparable to other similarly titled measures for other companies. See reconciliation of GAAP Net Income to Non-GAAP Net Income and Adjusted EBITDA in pages 9 and 13 below.

About TAT Technologies LTD
 
TAT Technologies Ltd. is a leading provider of products and services to the commercial and military aerospace and ground defense industries. TAT operates under four segments:  (i) Original Equipment Manufacturing or "OEM" of Heat Management Solutions (ii) Heat Transfer Services and Products (iii) Maintenance, Repair and Overhaul or "MRO" services of Aviation Components; and (iv) overhaul and coating of jet engine blades and components

TAT's activities in the area of OEM Heat Management Solutions are focused on the design, development, manufacture, and sale of the following: (i) a broad range of heat transfer components including heat exchangers, pre-coolers and oil/fuel hydraulic coolers used in mechanical and electronic systems on-board commercial, military and business aircraft; (ii) environmental control and cooling systems on board aircraft and for ground applications; and (iii) a variety of other electronic and mechanical aircraft accessories and systems such as pumps, valves, power systems and turbines.

4
TAT's activities in the area of Heat Transfer Services and Products include the maintenance, repair and overhaul of heat transfer equipment and to a lesser extent, the manufacture of certain heat transfer product parts. TAT's Limco subsidiary operates an FAA certified repair station, which provides heat transfer MRO services and products for airlines, air cargo carriers, maintenance service centers and the military.

TAT's activities in the area of MRO services for Aviation Components include the maintenance, repair and overhaul of APUs, Landing Gears and other aircraft components. TAT's Piedmont subsidiary operates an FAA certified repair station, which provides aircraft component MRO services for airlines, air cargo carriers, maintenance service centers and the military.

TAT's activities in the area of jet engine overhaul includes the overhaul and coating of jet engine components such as turbine vanes and blades, fan blades, variable inlet guide vanes, afterburner flaps and other components.

For more information of TAT Technologies Ltd., please visit our web-site:
www.tat-technologies.com

Guy Nathanzon – CFO
TAT Technologies Ltd.
Tel: 972-8-862-8500
guyn@tat-technologies.com

Safe Harbor for Forward-Looking Statements

This press release contains forward-looking statements which include, without limitation, statements regarding possible or assumed future operation results. These statements are hereby identified as "forward-looking statements" for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause our results to differ materially from management's current expectations. Actual results and performance can also be influenced by other risks that we face in running our operations including, but are not limited to, general business conditions in the airline industry, changes in demand for our services and products, the timing and amount or cancellation of orders, the price and continuity of supply of component parts used in our operations, the change of control that will occur on the sale by the receiver of the Company's shares held by our previously controlling stockholders, and other risks detailed from time to time in the Company's filings with the Securities Exchange Commission, including, its annual report on form 20-F and its periodic reports on form 6-K. These documents contain and identify other important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements. Stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update publicly or revise any forward-looking statement.

5
TAT TECHNOLOGIES AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands)

 
December 31,
    
December 31,
  
   
2016
    
2015
  
   
(unaudited)
    
(audited)
  
ASSETS
            
CURRENT ASSETS:
            
Cash and cash equivalents
  
$
21,433
    
$
18,688
  
Short-term bank deposits
    
964
      
8,122
  
Accounts receivable, net
    
21,572
      
19,151
  
Other current assets and prepaid expenses
    
1,687
      
3,025
  
Inventory, net
    
39,269
      
36,664
  
                 
Total current assets
    
84,925
      
85,650
  
                 
NON-CURRENT ASSETS:
                
Investment in affiliates
    
1,019
      
169
  
Funds in respect of employee rights upon retirement
    
2,660
      
2,626
  
Deferred income taxes
    
896
      
890
  
Intangible assets, net
    
1,179
      
1,314
  
Property, plant and equipment, net
    
21,298
      
18,934
  
                 
Total non-current assets
    
27,052
      
23,933
  
                 
Total assets
  
$
111,977
    
$
109,583
  
                 
LIABILITIES AND EQUITY
                
                 
CURRENT LIABILITIES:
                
Accounts payable
    
8,406
      
7,022
  
Accrued expenses
    
9,836
      
7,815
  
                 
Total current liabilities
    
18,242
      
14,837
  
                 
NON CURRENT LIABILITIES:
                
Other long-term liabilities
    
151
      
189
  
Liability in respect of employee rights upon retirement
    
2,994
      
2,871
  
Deferred income taxes
    
1,938
      
262
  
                 
Total non-current liabilities
    
5,083
      
3,322
  
                 
Total liabilities
    
23,325
      
18,159
  
                 
EQUITY:
                
Share capital
    
2,797
      
2,793
  
Additional paid-in capital
    
64,760
      
64,529
  
Treasury stock at cost
    
(2,088
)
    
(2,088
)
Accumulated other comprehensive loss
    
(73
)
    
(4
)
Retained earnings
    
23,256
      
26,194
  
Total shareholders' equity
    
88,652
      
91,424
  
                 
Total liabilities and shareholders' equity
  
$
111,977
    
$
109,583
  

6
 
TAT TECHNOLOGIES AND ITS SUBSIDIARIES
 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share data)

   
Three months ended
    
Twelve months ended
  
   
December 31,
  
   
2016
    
2015
    
2016
    
2015
  
   
(Unaudited)
    
(Unaudited)
    
(Unaudited)
    
(Audited)
  
Revenues:
                        
Products
  
$
7,481
    
$
8,359
    
$
30,431
    
$
31,339
  
Services
    
17,504
      
13,344
      
65,363
      
54,268
  
     
24,985
      
21,703
      
95,794
      
85,607
  
                                 
Cost of goods:
                                
Products
    
5,609
      
5,875
      
23,788
      
24,466
  
Services
    
13,562
      
13,530
      
52,969
      
47,476
  
     
19,171
      
19,405
      
76,757
      
71,942
  
Gross Profit
    
5,814
      
2,298
      
19,037
      
13,665
  
                                 
Operating expenses:
                                
Research and development, net
    
189
      
320
      
1,140
      
890
  
Selling and marketing
    
1,008
      
773
      
3,876
      
2,903
  
General and administrative
    
2,631
      
2,488
      
10,023
      
8,469
  
Other loss (income)
    
(117
)
    
631
      
(138
)
    
631
  
Gain on bargain purchase
    
-
      
(4,833
)
    
-
      
(4,833
)
     
3,711
      
(621
)
    
14,901
      
8,060
  
Operating income
    
2,103
      
2,919
      
4,136
      
5,605
  
                                 
Financial expenses, net
    
(62
)
    
(117
)
    
(154
)
    
(349
)
                                 
Income before taxes on income
    
2,041
      
2,802
      
3,982
      
5,256
  
                                 
Taxes on income
    
420
      
(455
)
    
3,865
      
644
  
                                 
Income before equity investment
    
1,621
      
3,257
      
117
      
4,612
  
                                 
Share in results and sale of equity investment of affiliated companies
    
(4
)
    
(254
)
    
(55
)
    
1,237
  
                                 
Net income
  
$
1,617
    
$
3,003
    
$
62
    
$
5,849
  
                                 
Basic and diluted income per share
                                
                                 
Net income per share
  
$
0.18
    
$
0.34
    
$
0.01
    
$
0.66
  
                                 
Weighted average number of shares outstanding
                                
Basic
    
8,828,444
      
8,808,344
      
8,828,444
      
8,808,344
  
Diluted
    
8,833,226
      
8,813,533
      
8,830,764
      
8,810,689
  

7
 
TAT TECHNOLOGIES AND ITS SUBSIDIARIES
 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
 
   
Three months ended
    
Twelve months ended
  
   
December 31,
  
   
2016
    
2015
    
2016
    
2015
  
   
(Unaudited)
    
(Unaudited)
    
(Unaudited)
    
(Audited)
  
                         
Net income
  
$
1,617
    
$
3,003
    
$
62
    
$
5,849
  
Other comprehensive income
                                
Net unrealized gains (losses) from derivatives
    
(199
)
    
-
      
174
      
-
  
Reclassification adjustments  for gains included in net income and inventory
    
(29
)
    
(4
)
    
(243
)
    
(4
)
Total other comprehensive income (loss)
  
$
1,389
    
$
2,999
    
$
(7
)
  
$
5,845
  

8
 
TAT TECHNOLOGIES AND ITS SUBSIDIARIES
 
 RECONCILIATION OF GAAP TO NON-GAAP RESULTS (UNAUDITED)
(In thousands, except share and per share data)

   
Three months ended
    
Twelve months ended
  
   
December 31,
  
   
2016
    
2015
    
2016
    
2015
  
                         
Reported net income on GAAP basis
  
$
1,617
    
$
3,003
    
$
62
    
$
5,849
  
Adjustments:
                                
Gain on bargain purchase
    
-
      
(4,833
)
    
-
      
(4,833
)
Tax adjustments re non-GAAP adjustments (1)
    
198
      
-
      
2,685
      
-
  
Other expenses (Acquisition related expenses)
    
(105
)
    
553
      
(105
)
    
553
  
Share in results of equity investment of affiliated company
    
4
      
254
      
55
      
(1,237
)
Share based compensation
    
41
      
12
      
105
      
38
  
Non-GAAP net income (loss)
  
$
1,755
    
$
(1,011
)
  
$
2,802
    
$
370
  
                                 
Non-GAAP net income (loss) per share
  
$
0.20
    
$
(0.11
)
  
$
0.32
    
$
0.04
  
                                 
Weighted average number of shares outstanding
                                
Basic
    
8,828,444
      
8,808,344
      
8,828,444
      
8,808,344
  
Diluted
    
8,833,226
      
8,813,533
      
8,830,764
      
8,810,689
  
 
(1)
During 2016 the Company distributed dividend from its foreign subsidiaries earnings. As a result the company accrued deferred tax liability due to actual distribution of earnings from foreign subsidiaries of the Company and due to the possibility of future distribution of earnings from such foreign subsidiaries.

9

TAT TECHNOLOGIES AND ITS SUBSIDIARIES
 
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands, except share data)
 
   
TAT Technologies Ltd. Shareholders
              
                                                 
   
Share capital
          
Accumulated
                          
   
Number of
shares issued
    
Amount
    
Additional
paid-in
capital
    
other
comprehensive
income (loss)
    
Treasury
shares
    
Retained
earnings
    
Non-controlling
interest
    
Total
equity
  
                                                 
BALANCE AT DECEMBER 31, 2013 (audited)
    
9,079,709
    
$
2,792
    
$
64,454
    
$
(429
)
  
$
(2,088
)
  
$
20,913
    
$
1,961
    
$
87,603
  
CHANGES DURING THE YEAR ENDED DECEMBER 31, 2014 (audited):
                                                                
Comprehensive income
    
-
      
-
      
-
      
429
      
-
      
1,432
      
-
      
1,861
  
Share based compensation expenses
    
-
      
-
      
38
      
-
      
-
      
-
      
-
      
38
  
 Exercise of option
    
3,108
      
1
      
(1
)
    
-
      
-
      
-
      
-
      
-
  
 Dividend distributed
    
-
      
-
      
-
      
-
      
-
      
(2,000
)
    
-
      
(2,000
)
 Sale of subsidiary
    
-
      
-
      
-
      
-
      
-
      
-
      
(1,961
)
    
(1,961
)
BALANCE AT DECEMBER 31, 2014 (audited)
    
9,082,817
    
$
2,793
    
$
64,491
    
$
-
    
$
(2,088
)
  
$
20,345
    
$
-
    
$
85,541
  
CHANGES DURING THE YEAR ENDED DECEMBER 31, 2015 (audited):
                                                                
Comprehensive income (loss)
    
-
      
-
      
-
      
(4
)
    
-
      
5,849
      
-
      
5,845
  
Share based compensation expenses
    
-
      
-
      
38
      
-
      
-
      
-
      
-
      
38
  
BALANCE AT DECEMBER 31, 2015 (audited)
    
9,082,817
    
$
2,793
    
$
64,529
    
$
(4
)
  
$
(2,088
)
  
$
26,194
    
$
-
    
$
91,424
  
CHANGES DURING THE YEAR ENDED DECEMBER 31, 2016 (unaudited):
                                                                
Comprehensive income (loss)
    
-
      
-
      
-
      
(69
)
    
-
      
62
      
-
      
(7
)
Share based compensation expenses
    
-
      
-
      
105
      
-
      
-
      
-
      
-
      
105
  
 Exercise of option
    
20,100
      
4
      
126
      
-
      
-
      
-
      
-
      
130
  
 Dividend distributed
    
-
      
-
      
-
      
-
      
-
      
(3,000
)
    
-
      
(3,000
)
BALANCE AT DECEMBER 31, 2016 (unaudited)
    
9,102,917
    
$
2,797
    
$
64,760
    
$
(73
)
  
$
(2,088
)
  
$
23,256
    
$
-
    
$
88,652
  


10
 
TAT TECHNOLOGIES AND ITS SUBSIDIARIES
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
 
   
Three months ended
    
Twelve months ended
  
   
December 31,
  
   
2016
    
2015
    
2016
    
2015
  
   
(Unaudited)
    
(Unaudited)
    
(Unaudited)
    
(Audited)
  
                         
CASH FLOWS FROM OPERATING ACTIVITIES:
                        
Net income
  
$
1,617
    
$
3,003
    
$
62
    
$
5,849
  
                                 
Adjustments to reconcile net income to net cash provided by operating activities:
                                
                                 
Depreciation and amortization
    
976
      
891
      
3,636
      
2,781
  
Loss on sale of  property, plant and equipment
    
30
      
-
      
12
      
-
  
Interest from short-term bank deposits and restricted deposits
    
(13
)
    
(13
)
    
(24
)
    
(33
)
Loss (gain) from change in fair value of derivatives
    
18
      
10
      
(152
)
    
10
  
Provision for doubtful accounts
    
(82
)
    
62
      
(29
)
    
206
  
Share in results and sale of equity investment of affiliated Company
    
4
      
254
      
55
      
(1,237
)
Share based compensation
    
41
      
12
      
105
      
38
  
Gain on bargain purchase
    
-
      
(4,833
)
    
-
      
(4,833
)
Liability in respect of employee rights upon retirement
    
63
      
(25
)
    
123
      
28
  
Deferred income taxes, net
    
(143
)
    
(693
)
    
1,670
      
(21
)
Changes in operating assets and liabilities:
                                
Decrease (increase) in trade accounts receivable
    
1,149
      
1,528
      
(2,392
)
    
(2,375
)
Decrease (increase) in other current assets and prepaid expenses
   
1,456
      
191
      
1,487
      
(85
)
Increase in inventory
    
(1,340
)
    
(153
)
    
(2,707
)
    
(571
)
Increase (decrease) in trade accounts payable
    
(187
)
    
1,237
      
1,192
      
436
  
Increase (decrease) in  accrued expenses
    
1,163
      
(527
)
    
2,521
      
525
  
Increase (decrease) in other long-term liabilities
    
85
      
(10
)
    
(38
)
    
15
  
Net cash provided by operating activities
  
$
4,837
    
$
934
    
$
5,521
    
$
733
  
                                 
  CASH FLOWS FROM INVESTING ACTIVITIES:
                                
Acquisitions of subsidiary, net of cash acquired
    
-
      
(1,796
)
    
-
      
(1,796
)
Investment in affiliated company
    
(516
)
    
-
      
(905
)
    
-
  
Proceeds from sale of equity investment of affiliated Company
    
-
      
-
      
-
      
3,624
  
Funds in respect of employee rights upon retirement
    
(73
)
    
69
      
2
      
8
  
Proceeds from sale of property and equipment
    
(1
)
    
-
      
17
      
9
  
Purchase of property and equipment
    
(1,041
)
    
(871
)
    
(5,702
)
    
(3,315
)
Maturities of short-term deposits
    
-
      
-
      
7,182
      
-
  
 Investments in short-term deposits
    
-
      
(3,000
)
    
-
      
(3,000
)
Cash flows provided by (used in) investing activities
  
$
(1,631
)
  
$
(5,598
)
  
$
594
    
$
(4,470
)
                                 
 CASH FLOWS FROM FINANCING ACTIVITIES:
                                
Repayments of short-term loans
    
-
      
(469
)
    
-
      
(469
)
Realization of contingency
    
-
      
-
      
(500
)
    
-
  
Payment of cash dividend
    
-
      
-
      
(3,000
)
    
-
  
 Exercise of options
    
-
      
-
      
130
      
-
  
Cash flows used in financing activities
 
$
-
    
$
(469
)
  
$
(3,370
)
  
$
(469
)
                                 
Net increase (decrease) in cash and cash equivalents
    
3,206
      
(5,133
)
    
2,745
      
(4,206
)
                                 
Cash and cash equivalents at beginning of period
    
18,227
      
23,821
      
18,688
      
22,894
  
                                 
Cash and cash equivalents at end of period
  
$
21,433
    
$
18,688
    
$
21,433
    
$
18,688
  

11
TAT TECHNOLOGIES AND ITS SUBSIDIARIES
 
 RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA (NON-GAAP) (UNAUDITED)
(In thousands)
 
   
Three months ended
    
Twelve months ended
  
   
December 31,
  
   
2016
    
2015
    
2016
    
2015
  
                         
Net income
  
$
1,617
    
$
3,003
    
$
62
    
$
5,849
  
Adjustments:
                                
Share in results and sale of equity investment of affiliated companies
    
4
      
254
      
55
      
(1,237
)
Taxes on income
    
420
      
(455
)
    
3,865
      
644
  
Financial expenses, net
    
62
      
117
      
154
      
349
  
Gain on bargain purchase
    
-
      
(4,833
)
    
-
      
(4,833
)
Depreciation and amortization
    
976
      
891
      
3,636
      
2,781
  
Share based compensation
    
41
      
12
      
105
      
38
  
Adjusted EBITDA
  
$
3,120
    
$
(1,011
)
  
$
7,877
    
$
3,591
  

12
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
TAT TECHNOLOGIES LTD.
            (Registrant)       
  
       
 
By:
/s/ Guy Nathanzon  
    Guy Nathanzon  
    Chief Financial Officer  
       
Date: March 7, 2017
 
13