Sales over the year amounted to USD 160.7 million, as compared to USD 124.4 million in the preceding year.
Sales increased by 29% as calculated in USD.
During the year USD 6.7 million were expensed as one-time expenses due to acquisitions
The profit for the year, net of unusual expenses, amounted to USD 15.6 million. Profit including unusual expenses amounted to USD 11.7 million.
Earnings per share (EPS), excluding unusual items, amounted to 4.70 US cents, as compared to 4.80 US cents in 2004. EPS including unusual expenses came to 3.53 US cents.
The Ossur hf. Annual Consolidated Financial Statement for 2005 was approved at a meeting of the Board of Directors on 6 February. The statement, prepared in compliance with the International Financial Reporting Standards (IFRS), has been audited and endorsed by the Company auditors.
Operation in 2005
Ossur enjoyed a successful year of operation, characterised by strong expansion with a corresponding increase in scope of activities. Organic growth in sales over the year was 9%, and toward the end of the year the number of employees passed the 1000 mark.
Technological leadership in the prosthetics sector was confirmed with the continued development of Ossur's line of bionic products. The first prototypes of the Power KneeTM were introduced during the year. The prosthetic knee, which features artificial intelligence and motor-driven muscle power, has already attracted deserved attention and recognition. The Power KneeTM will be marketed in a limited quantity in 2006. Hailed as the most advanced prosthetic device in the world, the knee follows the successful development of the Rheo KneeTM which was launched by the end of 2004. The Company also has plans to introduce a bionic ankle in 2006.
The Company continued its strong expansion into the orthopaedics market in 2005, acquiring the following companies:
Advanced Prosthetic Components Ltd, Australia 1 July
Royce Medical Holding Inc. United States 11 August
Innovative Medical Products Holdings, Ltd. United Kingdom 1 December
GBM Medical AB Sweden 8 December
In January 2006, Ossur finalized its acquisition of the US company Innovation Sports Inc.
The year 2005 was a year of change in Ossur's sales pattern. The Company is developing rapidly from being a market leader exclusively in the prosthetics sector to being global orthopaedics company specializing in prosthetics and bracing and support sector of the industry. The acquisition of Royce Medical Holding is the key to this expansion, bringing vastly increased access to health care professionals in the United States. It also brings know how and leadership in the design and cost efficient manufacturing of quality products, using methods which include outsourcing. The acquisition of Innovative Medical Products Holdings, Ltd. (IMP) in the UK brought market access for bracing and support products in a large and important European market, as IMP commands the greatest market share in its field in the United Kingdom. The acquisition provides the foundation for further development in Europe. The acquisition of GBM Medical in Sweden brings Ossur into contact with an important network for orthopaedic products in Sweden. The acquisition of Innovation Sports Inc. last January went a long way toward closing the circle as regards the supply of knee braces. The acquisition provides Ossur with one of the most prominent and best product lines available as regards ligament braces, formerly a weak link in Ossur's product portfolio.
The combined annual sales of the acquired companies amount to just over USD 100 million. Their total acquisition price was approximately USD 275 million. In connection with the acquisitions Ossur's share capital was increased in October 2005 by just over 66 million shares, sold for slightly over USD 87 million. Loan financing was negotiated in 2005 in the amount of USD 233 million, to which USD 40 million have been added in 2006. The loans were used both for the acquisitions and to re-finance older loans. Of the total amount, approximately USD 40 million remain unutilized.
Sales in the year were quite successful, increasing by 29% from the preceding year. Ossur's sales, net of Royce and IMP, amounted to USD 132.9 million, while sales of Royce products amounted to USD 26.7 million, and sales of IMP products amounted to USD 1.1 million, for a total of USD 160.7 million. For comparison, Ossur's total sales in 2004 amounted to USD 124.4 million. Excluding the increase in sales resulting from acquired companies sales increased by 9% in USD and by the same proportion in local currencies. Sales of bracing and support products last year accounted for 35% of Ossur's total sales, as compared to 24% in 2004 and 12% in 2003. In 2006 sales of bracing and support products are projected to account for around 50% of total sales.
The division of sales between prosthetic and orthotic products was as follows:
Thousand USD 2005 2004 Change in USD %
Prosthetics 103,655 91,549 13%
Orthopedics 56,168 30,153 86%
Other 906 2,697 -66%
Total 160,729 124,399 29%
A total of USD 7.7 million was expensed as unusual expenses over the year, while USD 1 million was recognised as unusual income, reducing EBITDA by USD 6.7 million. Net of income tax, earnings were reduced by USD 3.9 million. The largest single unusual expense is the estimated cost of restructuring and integration of Royce Medical, at USD 4.1 million. As revealed in earlier releases, the restructuring is projected to reduce annual operating expenses by USD 4 to 4.5 million as of 2007.
Looking past the unusual expenses, all principal operating ratios were satisfactory. Gross profit amounted to just short of 61% of sales, operating profit was just over 14%, EBITDA was 20% and profit 10%. The ratio of operating expenses to sales was similar to past results. The depreciation of intangible assets expensed on the acquisition of Royce Medical Holding, Inc. and Innovative Medical Products Holdings, Ltd. has a significant impact on profit from operations and net profit for the year and coming years, even though it will not affect cash flow and EBITDA. In all, the depreciation amounted to USD 3.8 million, reducing the ratio of operating profit to sales by 2.4 percentage points. The largest proportion is expensed under sales and marketing expenses, 1.4%, research and development accounts for 08% and general administrative expenses 0.2%. The increase in interest expense resulting from increased leverage reduced the profit ratio from the levels of previous years.
Principal Operating Results for 2005
Following are the principal operating results for the year. A separate account is given of the impact og unusual expenses.
Consolidated Income Statement 2005 (USD '000) Jan-Dec
2005 Unusual exp. Jan-Dec 2005
net of unusual exp. % of sales Jan-Dec 2004 % of sales Change
Net sales 160,729 0 160,729 100% 124,399 100% 29%
Cost of goods sold -66,338 3,277 -63,061 -39% -49,555 -40% -27%
Gross profit 94,391 3,277 97.668 61% 74,844 60% 30%
Other income 1,870 -1,000 870 1% 1,049 1% -17%
Sales and marketing expenses -38,103 -38,103 -24% -26,772 -22% 42%
Research & development expenses -12,408 -12,408 -8% -9,066 -7% 37%
General & administrative expenses -24,806 -24,806 -15% -19,681 -16% 26%
Restructuring expenses -4,419 4,419 0% 0 0% 0%
Profit from operations 16,525 6,696 23,221 14% 20,374 16% 14%
Financial income /(expenses) -4,280 -4,280 -3% -1,232 -1% 247%
Net profit before tax 12,245 6,696 18,941 12% 19,142 15% -1%
Income tax -557 -2,824 -3,380 -2% -3,915 -3% -14%
Profit for the period 11,688 3,872 15,561 10% 15,227 12% 2%
EBITDA 25,832 6,696 32,528 20% 25,045 20% 30%
The Ossur consolidation has undergone a transformation as a result of its acquisitions. As related earlier, Royce Medical Holding enters the operations as of 11 August, while Innovative Medical Products Holdings, Ltd. comes in as of 1 December. GBM Medical in Sweden comes in as of 8 December, but its impact is insignificant as annual sales are less than USD 2 million. Two operating units, Mauch and Ossur's retail operation in Iceland, have been disposed of. Proceeds from the sale of these discontinued units amounted to USD 2.9 million in 2004.
Year-end Balance Sheet
Consolidated Balance Sheets (USD '000) 31.12.2005 31.12.2004 Change
Fixed assets 325,873 67,944 380%
Current assets 82,113 40,971 100%
Total assets 407,986 108,915 275%
Stockholders' Equity 152,829 54,720 179%
Long-term liabilities 215,361 35,622 505%
Current liabilities 39,796 18,573 114%
Total equity and liabilities 407,986 108,915 275%
Ossur's total assets increased significantly over the year as a result of acquisitions. New long-term loans were taken and share capital was increased to finance the acquisitions. The equity ratio at year-end was 37%, as compared to 50% at year-end 2004.
Cash Flow in 2005
Cash Flow 2005 (USD '000) 2005 2004
Working capital from operating activities 15,.481 16,600
Net cash provided by operating activities, excl. interest and taxes 24,986 19,173
Investing activities -249,659 -5,008
Net cash provided from financing activities 250,923 -11,641
Net change in cash and cash equivalents 16,745 -49
Net cash provided by operating activities amounted to USD 25 million, as compared to 19.2 million in 2004. The increase corresponds to 30%.
Financial Ratios
Financial Ratios 2005 2004
Earnings per share (US cents) 3.53 4.80
P/E ratio 59.5 26.0
Return on common equity 15% 31%
Current ratio 2.1 2.2
Equity ratio 37% 50%
Market value of stock (million USD) 698 396
Earnings per share, excluding unusual expenses resulting from acquisitions, amounted to 4.70 US cents in 2005. In assessing earnings per share account must be taken of the fact that the Company's debts in 2005 exceeded those of 2004.
Sales trends by market regions
Thousand USD
2005
2004
Change in USD % Increase in local currency %
North America 93.264 63.704 46% 46%
Europe 37.370 32.620 15% 14%
The Nordic countries 17.874 17.013 5% 5%
Other markets 11.674 8.158 43% 43%
Total continuing operations 160.182 121.495 32% 31%
Discontinued operations 547 2.904
Total 160.729 124.399 29%
The growth in sales remained strong in the North American market, the consolidation's largest market, with sales up by 46% between years. Excluding sales growth resulting from acquisitions, the increase was 9% between years. This is the second year in a row of excellent growth in this market, as organic growth in 2004 was approximately 8%. The growth in the sale of prosthetic products was particularly good in 2005, while the growth in the sales of bracing and support products was less spectacular.
The sales growth in the European market, the consolidation's second largest market, was 15% over the year. Excluding sales resulting from acquisitions, the growth was rather weak over the year, at 4%. The growth fluctuated by quarters, being sluggish in the first quarter, excellent in the second, adequate in the third, and rather slow in the fourth. As in the United States, prosthetic sales were successful and showed strong growth.
The Nordic market showed similar growth as the other European markets in 2005, at 5% excluding acquisitions.
The year was particularly good in other international markets, where sales grew by 43% between years, and 32% net of acquisitions.
Ossur's strategy for the future is to become a world leader in the orthopaedics industry specializing in prosthetics and bracing and support products. The Company is already number 1-2 in the prosthetics sector of the market, and number 3-4 in the bracing and support sector of the US market.
Operating expense
Currency trends were particularly unfavourable for Ossur in the fourth quarter of 2005. The euro lost ground to the US dollar, while the Icelandic krona held its strength against the dollar. The structure of the Company's currency basket ensures a favourable balance between income and expenses in US dollars and European currencies. However, there is an imbalance within the European currency basket, where income in Icelandic kronur is insignificant while operating expenses are considerable, whereas income in euros is significantly higher than expenses. The average price of the euro against the US dollar was the same in 2004 and 2005, but varied significantly from quarter to quarter. Thus, the Company enjoyed significant benefits from currency trends in the first quarter and considerable benefits in the second; the third quarter was neutral, but the fourth quarter was particularly unfavourable. The krona continued strong against the dollar throughout the year, with the US dollar rate on average 10% lower in 2005 than in 2004. It may be assumed that the increase in expenses resulting from the strengthening of the dollar corresponds to USD 3 million, which translates into a 2% reduction in EBITDA over the year.
Gross profit suffered from the exchange rate trends in the fourth quarter, but still remained at 60.8% in 2005, as compared to 60.2% in 2004.
Following acquisitions, assets taken over have been revaluated by independent specialists. This includes the revaluation of intangible assets, such as trade marks, business relationships and patents. These intangible assets are amortized in the income statement in the same way as tangible assets over the coming years. The remainder of the acquisition price constitutes goodwill, which will be subjected to impairment test rather than regular amortization. The amortization of the part of the acquisition price which constitutes amortisable intangible assets has a significant impact on Ossur's income statement, and will continue to do so over the coming 4-5 years. Thus, an amount of USD 3.8 million was amortized in 2005 as a result of this item. The amortization is divided among individual operating items as follows:
Expense item Amount in USD million Ratio of amortisation to sales
Sales and marketing expenses 2.3 1.4%
Research & development expenses 1.3 0.8%
General & administrative expenses 0.2 0.2%
Total 3.8 2.4%
In the assessment of profit and expense ratio trends between years this amortization must be taken into account. However, the impact on EBITDA and cash flow from operating activities is nil.
Sales and marketing expenses as a ratio of sales amounted to 23.7% in 2005, as compared to 21.5% in 2004. The ratio increased by 1.4% as a result of the amortization of intangible assets. The rest of the increase can be attributed to the different expense structure of acquired enterprises and the increased scope of activities. The Company now faces the considerable task of developing a strong Ossur brand for all the product lines acquired in the past year.
Research and development expenses amounted to 7.7% of sales in 2005, as compared to 7.3% in 2004. Taking into account the increase resulting from the amortization of intangible assets, which corresponds to 0.8% of sales, R&D expenses fell slightly as a proportion of sales. This is normal, as Royce Medical and IMP's R&D costs were considerably lower than those of Ossur. One of the opportunities opened by Ossur's ingress into the orthopaedics market is the potential for using the outstanding technological know-how of the Company's R&D team to upgrade its new line of bracing and support products, as these products in general have been perceived as lagging behind in development in major markets. Ossur plans to continue to contribute 6-8% of annual income to research and development.
General and administrative expenses amounted to 15.4% of sales, which is close to the 2004 level of 15.8%. The factors contributing to the increase in this expense include the exchange rate trends and the increased scope of activities resulting from the Company's growth. In the long term greater efficiency will be achieved under this item, as work is currently in progress on merging the financial departments and back-office work in most of the companies acquired.
Expensed taxes in 2005 were insignificant. There are two principal reasons for this. In the first place, significant costs accrued from commission fees and expenses relating to acquisitions and acquisition-related borrowings. This cost is generally capitalised as part of the acquisition price of the companies in question. Borrowing costs are capitalised separately and distributed among expenses during the amortisation term of the loans to which they pertain. The main part of these expense items is deductible from tax immediately at the time of acquisition, creating significant deductions in 2005. In the second place, acquisitions of subsidiaries are financed internally by the parent company using equity and loan capital. The borrowings result in tax deductions in the countries in question, where the tax amount is larger than that imposed on the financial subsidiary of parent company.
Unusual items
In addition to the amortization of intangible assets resulting from acquisitions, some one-time expenses were incurred. These include, on the one hand, restructuring costs and, on the other hand, expenses resulting from the revaluation of inventory existing at the time of acquisition which is in accordance to IFRS. This means that normal mark-up is not recognised as income in the income statement until the initial inventory has been sold. The effect of this on the income statement for the year is that the cost of goods sold is USD 3.3 million higher and gross profit lower by the same amount than otherwise would have been the case. Unusual expenses are as follows:
Expense item Expense type Amount in USD million
Cost of goods sold Inventory adjusted to selling price 3.3
Other income Carried-back performance-related part of acquisition price from 2000 -1.0
Restructuring costs Restructuring costs resulting from acquisitions 4.4
Total 6.7
As recounted earlier, an additional USD 3.8 million have been expensed for the year as a result of the amortization of intangible assets; however, this is not a one-time expense as amortization will continue over the next 4-5 years.
Principal Operating Results for the Fourth Quarter
Income Statement Q4 2005 (USD '000) Q4 2005 Unusual exp. Q4 net of unusual exp. % sales Q4 2004 % of sales
Change
Net sales 49.590 0 49,590 100% 31,282 100% 59%
Cost of goods sold -20,367 655 -19,712 -40% -12,938 -41% 52%
Gross profit 29,223 655 29,878 60% 18,344 59% 63%
Other income 277 0 277 1% 497 2% -44%
Sales & marketing expenses -13,521 0 -13,521 -27% -6,830 -22% 98%
Research & development expenses -4,057 0 -4,057 -8% -2,386 -8% 70%
General & administrative expenses -7,680 0 -7,680 -15% -4,930 -16% 56%
Restructuring expenses -304 304 0 0% 0 0% 0%
Profit from operations 3,938 959 4,897 10% 4,695 15% -4%
Financial income /(expenses) -1,737 0 -1,737 -4% -468 -1% 271%
Net profit before tax 2,201 959 3,160 6% 4,227 14% -25%
Income tax 887 -258 629 1% -801 -3% -179%
Profit for the period 3,088 701 3,789 8% 3,426 11% 11%
EBITDA 7,932 958 8,890 18% 5,934 19% 50%
Operations in the fourth quarter were more or less satisfactory. Sales amounted to USD 49.6 million, increasing by 59% from the year 2004. Net of discontinued operating units, sales grew by 63%. The increase measured in local currency was slightly greater, at about 66%. By far the greatest proportion of the increase can be traced to acquisitions.
Excluding acquisitions, the best growth was seen in the US market, at approximately 12%. Sales in the European market were slow in the fourth quarter, with sales net of acquisitions growing by just over 2%, as measured in local currencies. Owing to the weakening of the euro against the dollar in the fourth quarter, this translates into a decline of 5% as measured in US dollars. The Nordic markets showed fine growth and other markets were satisfactory.
The amortization of intangible assets resulting from acquisition had a significant impact during the quarter; this amortization is as follows:
Expense item Amount in USD million Ratio of amortisation to sales
Sales and marketing expenses 1.5 2.9%
Research & development expenses 0.8 1.6%
General & administrative expenses 0.1 0.3%
Total 2.4 4.8%
In addition, the projected restructuring costs resulting from the acquisition of IMP were expensed separately at USD 304,000.
Gross profit as a ratio of sales was 60.2%, as compared to 58.6% in 2004. The increase is explained partly by the fact that the gross margin on Royce Medical products is generally somewhat higher than that of the products sold by Ossur. However, this is partly offset by the unfavourable exchange rate trends of the fourth quarter and a lower profit margin on IMP's product line.
Sales and marketing expenses increased significantly, to 27.3% of sales against 21.8% in 2004. The change corresponds to 5.5%, of which 2.9% results from the amortization of intangible assets. Sales and marketing expenses at Royce were higher than at Ossur, which is the principal explanation for the increase.
Research and development expenses amounted to 8.2% of sales, as compared to 7.6% in 2004. Excluding the change in the ratio resulting from intangible assets, the ratio fell from 8.2% of sales to 6.6%. The fall of the US dollar against the krona increases development costs, as the greatest proportion of Ossur's development work is conducted in Iceland. However, this is offset in part by the fact that the development cost ratio of acquired companies was in the range of 3-4%, as compared to 6-8% at Ossur.
General and administrative expenses were 15.5% of sales, as compared to 15.8% in 2004. The exchange rate trends had the effect of raising this cost, as the Company's top management and financial department are located in Iceland. Some short-term upward pressure resulted from the increase in the Company's scope of activities. Based on past experience it should take Ossur approximately one year to bring about increased operating efficiency from the acquisitions under this item.
EBITDA was approximately 18% in the fourth quarter, as compared to 19% in 2004. This is reasonable success in light of the initial increase in cost resulting from the rapid growth before the impact of streamlining is felt.
Five-year comparison
2005 2004 2003 2002 2001
Net sales 160,729 124,399 94,467 81,284 63,380
Profit from operations 16,525 20,374 6,112 11,501 10,889
Financial income / (expenses) -4,280 -1,232 -407 182 -487
Profit before tax 12,245 19,142 5,705 11,837 10,424
Net profit 11,689 15,227 4,661 10,056 8,632
Stockholders' Equity 152,829 54,720 44,011 39,861 39,861
Total assets 407,997 108,915 102,126 71,425 70,682
Working capital provided by operating activities 18,954 23,095 8,774 14,661 10,771
Net cash provided by operating activities 15,481 16,600 10,383 10,503 10,359
Return on common equity (based on operation in the preceding 12 months) 15% 31% 11% 29% 32%
Current ratio 2.1 2.2 1.8 2.3 1.9
Equity ratio 37% 50% 43% 56% 52%
Earnings per share (EPS) over past 12 months 3.53 4.80 1.45 3.12 2.64
Price per share at the end of the quarter 114 76 43.6 54 49.8
Price per share at the end of the quarter 695 396 201 220 158
Operating Prospects
The long-term prospects for Ossur's operations are bright. Ossur is an global leader in the design, manufacture and sale of prosthetic products. A systematic expansion into the bracing and support sector of the orthopaedics market has been launched, and over a short period of time the Company has a comprehensive product line in this sector. In the future the Company intends to take advantage of its technological capabilities to breathe new life into the orthopaedics market through product development in the same way as previously achieved in the prosthetic field of the industry. The age distribution of western communities represents significant opportunities in the fields where Ossur operates. The first year of the baby boom generation (1946-1964) will turn sixty this year, and the largest proportion of Ossur's customers is composed of senior citizens. When this is combined with the improved economic circumstances and an increased demand for quality of life among senior citizens it translates into a potential for substantial underlying growth in the rehabilitation market over the coming 20 years.
Ossur has set itself the goal of increasing sales to USD 750 million before the end of 2010. The plan is to achieve this goal through powerful organic growth in combination with acquisitions. An EBITDA of 23% has been targeted.
The operating prospects for next year are good. The rapid growth of recent years has brought heavy strain in various areas, and the integration of acquired companies brings significant general expenses. These expenses, together with restructuring costs, must be undertaken in order to bring about long-term operating efficiency. Starting in 2007, an estimated annual operating efficiency of up to USD 8 million is projected to result from restructuring efforts relating to the acquisitions undertaken in July 2005 to January 2006.
In 2006 it is estimated that Ossur's sales will exceed USD 250 million, with EBITDA excluding unusual expenses at 20%. It is likely that EBITDA in the first quarter will be relatively low, at approximately 16-18% excluding unusual expenses, principally as a result of the cost of growth. Additionally, unusual expenses related to the acquisition of Innovation Sports are estimated to be 3 million USD.
Awards
During the year Ossur was the recipient of several prestigious awards for design and for the Company's new bionic technology product line. These awards are granted in recognition of the technology and knowledge developed by Ossur and they confirm the Company's leadership in this field.
Frost & Sullivan presented Ossur with the 2005 Technology of the year Award for the Rheo KneeTM, the most technically advanced prosthetic knee on the market today.
In September Ossur was presented with the 2005 Gold International Award of Excellence by the US Medical Market Association for the best branding/corporate identity development of the year.
In November 2005 Popular Science magazine awards Ossur with the 2005 Best of What's New Award for its Power Knee, a new generation of bionic prosthetic products. The Power Knee is the first prosthetic device of its kind, featuring artificial intelligence and a motor serving the function of muscles.
Acquisitions
In the course of the year Ossur achieved the result of moving still further into the market for orthopaedic products through the acquisition of companies featuring strong product lines and expertise in their respective fields. The companies acquired over the year are the following:
In early July Ossur acquired the Australian company Advanced Prosthetic Components for USD 1.2 million; the company is a former distributor of Ossur products. The company will concentrate on Ossur's current markets in Australia, China and Japan, in addition to working toward further growth in Asia.
In July Ossur acquired the US orthopaedics company Royce Medical Holding for USD 216 million. The acquisition of Royce Medical provides Ossur with a broad product line of bracing and support products, access to healthcare professionals, a stronger position in the US market and knowledge of outsourcing opportunities for its manufacturing processes.
In early December Ossur acquired the UK company Innovative Medical Holdings (IMP) for USD 18.5 million. IMP Holdings is a manufacturing, sales and distributing company for orthopaedic products and the largest distributor of orthopaedic products in the UK. IMP will provide Ossur with a strong position in the UK.
In mid-December 2005 Ossur acquired GBM Medical in Sweden for USD 1.9 million. GBM is a distributing company which distributes orthopaedic products in Scandinavia.
Ossur reporting schedule
Following are the estimated dates of publication of financial statements in 2006:
2006 Annual General Meeting 24 February 2006
1st quarter 3 May 2006
2nd quarter 31 July 2006
3rd quarter 30 October 2006
4th quarter 7 February 2007
2007 Annual General Meeting 23 February 2007
Ossur's annual report will be presented at the Annual General Meeting of the Company.
Investor meetings
On Wednesday, 8 February, Ossur will host briefings for investors.
At 8:15 a.m., local time, there will be an open meeting with the Company management at the Grand Hotel at Sigtún in Reykjavík. At the meeting, Jón Sigurdsson, CEO, and Hjorleifur Palsson, CFO, will discuss the operations of the year.
A telephone conference in English will be held at 13:00, local time, 14:00 CET and 8:00 am eastern time. The telephone conference can be heard on the Ossur website: www.ossur.com.
Please call the following telephone numbers to participate in the conference:
Telephone number for Europe: +44 (0) 20 7162 0025
Telephone number for the United States: +1 334 323 6201
Queries can also be sent to the meeting held in English by e-mail to investormeeting@ossur.com.
Ossur press releases by e-mail
If you wish to receive Ossur press releases by e-mail please register on the following web-site: http://www.ossur.com/investormailings
