. 4. Get Access Now. Ten years of annual and quarterly income statements for Louis Vuitton (LVMUY). org/10.4135/9781529753370 More information Case P/S Ratio Formula: P/S Ratio = Stock Price Sales per Share. Forecast Primarks 2011 post tax profits. Cotton Monthly Price (Pound Sterling per Pound)|. It may be said that ratios are vital to organisation to have an eye on the financial position in effectual manner. You must do all that is necessary (including using virus checking software) to satisfy yourself that accessing this website will not adversely affect your computer system(s). Knowing that a share price is $2.13 doesn't tell you much, but knowing that the company's price-to-earnings ratio (P/E) is 8.5 provides you with more context. The ratios are built from items coming from a company's income statement, balance sheet, and statement of cash flows. Structured Query Language (known as SQL) is a programming language used to interact with a database. Excel Fundamentals - Formulas for Finance, Certified Banking & Credit Analyst (CBCA), Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management Professional (FPWM), Commercial Real Estate Finance Specialization, Environmental, Social & Governance Specialization, How the 3 Financial Statements are Linked, Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management Professional (FPWM). Most importantly, financial ratios are a tool that should only be . Besides, the bank overdraft was 5.02 million Pound in 2006 and 7.92 million Pound in 2009. The amount of money that a business brings in via its day-to-day operations is referred to as its sales. Were giving people want they want., This is a BETA experience. Primark should be able to form and implement competitive strategies so that it may gain market share and become ahead of it. According to a recently research, the Primark company rose its selling space by 65% in the past 12 months, which is clearly showing how successfully these stores are being and ever-expanding. Information published on this website has been prepared for general information purposes only and not as specific advice to any particular person. Furthermore, by using the industry sector index to explain where Primark would be ranked financially on the LSE will also provide in thisresearch. There are many factors lead the Primarks operating profit fell. Income Statement Trend. Recommendations for corporate governance. It also demonstrates that despite the fact that financial ratio analysis is an excellent tool, it does have Because of the low interest expense of Primark, the result suggests that the ability of Primark to pay the interest is quite strong. Debt to equity refers to the amount of money and retained earnings invested in the company. or Telephone (07) 5406 5000. As such, the laws of New South Wales and Australia will govern these disclaimers, and terms and conditions, without giving effect to any principles of conflicts of laws. These analysis are done to ultimately keep up with the financial trends in a company and locate Financial Ratio Analysis of Sample Company Standard Financial Ratio Analysisfor Sample Company increase in stock price. It is important for the company so that it may analyze weaknesses and implement well-structured strategies by which weaknesses are transformed into strengths. Primark has achieved tremendous numbers over the previous years, its sales growing at 7.78% (Table 1) which has outperformed its competitors even when Primark only offers offline sales and has also managed a decent net profit margin of 7.40% (Table 1) Various valuation techniques have been used which brings a Market Capitalisation range from Management said that they. In SAGE Business Cases. Primark's coverage ratios are strong, with EBITDA interest coverage at 8.4-times, while EBITDA less capital expenditures covered interest 5.0-times. Primark Financial Report 2021. Are you interested in testing our business solutions? . Covid cost Primark around 650m in lost profits in 2020 and is likely to have reduced them to a breakeven level in the first half of its current financial year to March 2021. The operating cash flow ratio is a measure of the number of times a company can pay off current liabilities with the cash generated in a given period: Operating cash flow ratio = Operating cash flow / Current liabilities. 1. Financial ratios compare different line items in the financial statements to yield insights into the condition and results of a business. The income statement summarizes the revenues, expenses and profit generated by a business over an annual or quarterly period. Critical evaluation of the finance techniques. Permission to use and reproduce documents and related graphics available from this website is granted, provided that: The gross profit margin, operating margin and net profits margin are increase in recent years; the asset turnover is growth, and the inventory turnover is decreased, which means efficiency of inventory turnover is getting better. The price-earnings ratio compares a companys share price to its earnings per share: Price-earnings ratio = Share price / Earnings per share. Cm pdrtcoukdr, Vrcedrls rjturm, am jqucty (PAJ) dmn rjturm am cmvjstjn odpctdk (PACO) cs dksa vjry bchb, wbcob ejdm tbdt tbj oaepdmy, cs uscmh cts jqucty icmdmocmh ta hraw tbj `uscmjss, wbckj dt tbj sdej tcej hjmjrdtcmh bdmnsaej rjturms ta, Do not sell or share my personal information. Should you choose to act on any of the information included in the website, you accept all risks and responsibility for losses, damages, costs and other consequences resulting directly or indirectly from using this site and any information or material available from or through it to the maximum permitted by law. Before the pandemic, Primark's strategy to trade solely from brick-and-mortar stores had seen it continue to surge ahead as one of theU.K.s most successful fashion retailers, focused on low prices and a growing overseas presence rather than investing heavily in online capabilities. Its determination to remain offline-only led the Irish-based retailer toopen some of its stores for 24 hours in Decemberand to continue its search for new store sites inRome and Miami. From 2006 to 2010, the profit after tax reached the bottom point at 14.71 million Pound in 2008 and increased to the highest point at 191.9 million Pound in 2010 (Bloomberg,2011). These financial ratios include the debt-to-capital ratio, the debt-to-equity (D/E) ratio, the interest coverage ratio, and the degree of combined leverage (DCL). The accounts receivable turnover ratio measures how many times a company can turn receivables into cash over a given period: Receivables turnover ratio = Net credit sales / Average accounts receivable. Zara Investment (Holding) Co. Ltd. However, ABF said Primark had offset some of the impact on trading through a 25% reduction in usual operating costs. Financial analysis of Primark Stores Ltd. with regard to a Stock E Paul Eisenberg ~ 94 ~ 4th Quartile NEXT PLC 442.56 15.65 10,433,897,500.00 INCHCAPE PLC 39.80 15.07 3,428,959,253.60 This one is certainly no exception." applied in undergraduate and graduate business studies. Academia.edu no longer supports Internet Explorer. Dividends Per Share (DPS) Ratio. The cash ratio measures a companys ability to pay off short-term liabilities with cash and cash equivalents: Cash ratio = Cash and Cash equivalents / Current Liabilities. Primark Financial Information Division, a developer of enterprise-wide products and services for major financial institutions on a global basis 2) Primark Financial Analytics Division, which . Specifically, the biggest change was cash at bank part. Visibility Ration Your financial ratio analysis can help you assess your nonprofit's overall financial condition, flagging any patterns that may present a risk. A Company will be interested in investors if its financial report is relevant and reliable. The lower proportion of gearing ratio reflects Primark lack of long term investment. How much accounting data could apply is depending on a companys financial policies, so it is difficult to compare the ratios between two firms. In addition, the number of employees experienced a gradually rise during this time (from 13144 to 23707). It is important for the company so that it may analyze weaknesses and implement well-structured strategies by which weaknesses are transformed into strengths. In this research study, Primark belongs to the retail industry. From a continent separated by war and differences in culture, Europe has proceeded to become an economic and political leader today. There are six basic ratios that are often used to pick stocks for investment portfolios. Vrcedrl, bawjvjr, sjjes ta bdvj `uoljn, tbcs trjmn. Financial Modeling & Valuation Analyst (FMVA), Commercial Banking & Credit Analyst (CBCA), Capital Markets & Securities Analyst (CMSA), Certified Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management (FPWM). Harlow: Financial Times Prentice Hall. Evaluate the techniques and recommend the corporate governance structure will be reflected at the end of this research. Dkk Pchbts, ^bj odsj stuncjs am _DHJ @uscmjss Odsjs drj njschmjn dmn aptceczjn iar amkcmj kjdrmcmh. Opinions expressed by Forbes Contributors are their own. Many people choose to Primark is attracted by such low price, so avoidance of unnecessary remuneration is essential to save cost. Common liquidity ratios include the following: The current ratio measures a companys ability to pay off short-term liabilities with current assets: Current ratio = Current assets / Current liabilities. Get the best reports to understand your industry, Apparel market in the United Kingdom (UK), High street retail in the United Kingdom (UK), Retail Trade in the UK - Industry Insights & Data Analysis. PRIMARK STORES LIMITED - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity. New look plc, Next plc and M & S are performing well in the market and as a result, Primark has, to perform well so that it may outreach them in the most proficient way. Primark's owner Associated British Foods plc posted revenue of Primark has increase 13% to 3043m, and the adjusted operating profit is fell 8% from 335m to 309m (Associated British Foods plc, 2011). company is performing by analyzing how profit was earned relative to sales, total assets and net worth. Various competitors' are available in the market which eventually have impact on it. Enterprise Value to Sales (EV/Sales) Ratio. The originality of this study is derived from the holistic approach covering a wide range of financial ratios, models and methods that have not been applied yet in the academic literature to Primark. Sales at out-of-town retail park locations were higher than a year earlier, but sales at shopping centers and regional high streets were hit and, as a result, Primark is to store $275 million of unsold Fall and Winter season clothing to sell later this year. Ratios could be very helpful when comparing the financial health of different business, and it describes the relationshipbetween different items in financial statement (Elliott & Elliott, 2008). Ct cs, tbj `chhjst rjtdckjr `y vakuej dmn wckk kcljky obdkkjmhj Mjxt dmn Edrls & _pjmojr, wba drj ourrjmtky sjoamn, dmn icrst pkdoj rjspjotcvjky, cm tjres ai icmdmocdk pjriaredmoj iar icrst pkdoj. We use some essential cookies to make our services work. Financial ratios are used by the investment community to analyze a company's finances. The enclosed report deals with the financial analysis of Primark which is a clothing giant and a market leader (Cucchiella and Rosa, 2015). monthly price (Indexmundi, 2011) it is easy to see the cotton price was nearly doubled from September 2010 to March 2011. Lokanan, M. E., (2021). 4. The return on equity ratio measures how efficiently a company is using its equity to generate profit: Return on equity ratio = Net income / Shareholders equity. . Get in touch with us. The case will focus on the key issues facing Primark in comparison to its competitors and use both financial ratios and distress models to evaluate performance. Members of the external complaints resolution scheme operated by the Australian Financial Complaints Authority (AFCA). A price-to-earnings ratio, or P/E ratio, is a stock valuation metric that describes the market value of a company by comparing it to its earnings. The figure is about the latest fiscal year available. 1. The acid-test ratio measures a companys ability to pay off short-term liabilities with quick assets: Acid-test ratio = Current assets Inventories / Current liabilities. Start your research with authoritative encyclopedias and handbooks in the social and behavioral sciences. The use of financial figures to gain significant information about a company. Users of financial ratios include parties external and internal to the company: Liquidity ratios are financial ratios that measure a companys ability to repay both short- and long-term obligations. For example, a company has an annual earnings per share (EPS) of $3 and sells stock at $21 per share. We reserve the right to make changes to our site and these disclaimers, and terms and conditions at any time. Good corporate governance has the features of effective, integrity, accountability and transparency. Financial ratios are numerical calculations that illustrate the relationship between one piece or group of data and another. Research expert covering apparel industry and general merchandise. If a business has a high gearing ratio, which means a large amount of the money invested in the business has come from long term loans, therefore, long-term borrowing means investors are confident with the development of the organisation. London: SAGE Publications, Inc. Price-to-earning ratio. Due to varying update cycles, statistics can display more up-to-date Sorry, preview is currently unavailable. Answer: Financial Ratios such as Profitability and solvency ratios are important for businesses like Primark in evaluating their performance because of the following reasons: (I) They help in de View the full answer The dividend yield ratio measures the amount of dividends attributed to shareholders relative to the market value per share: Dividend yield ratio = Dividend per share / Share price. The financial analysis tools, ratio analysis will be used to indicate and evaluate these three organisations. Efficiency ratios, also known as activity financial ratios, are used to measure how well a company is utilizing its assets and resources. However, Primark is not issues it shares yet, and the whole data were not available, so the working capital cycle and investor ratios are missing in this research. For carrying out financial analysis, ratios play a vital role in the organization. Profit Change reflected in financial statements using fair value will bring benefits to market participants, as the financial statements itself reflects the real market value. Primark, which does not sell online, estimated lost sales as a result of the pandemic to be 2bn in the 2020/21 financial year. Compared with the previous year, the company reported a Turnover decrease of -8.67%, which is an equivalent of 202.7 million. Discover the real world of business for best practices and professional success. Primark is able to carry out the ratios by referring to the financial statements and as a result, accurate conclusions are drawn out of it which provides its financial position in the best possible way. The operating margin ratio, sometimes known as the return on sales ratio, compares the operating income of a company to its net sales to determine operating efficiency: Operating margin ratio = Operating income / Net sales. Business owners use financial statement ratios to performance, assess risk and guide decision-making. By using our site, you agree to our collection of information through the use of cookies. Phone: 1800 931 678 Analyzing primarks financial performance using financial ratios and models. The Return on Total Assets has increased due the increase in the companies pay GM $100 million and purchase $1 indicate an increase in inventory prices or volume. Available at: [Accessed 2 Mar 2023]. Excel shortcuts[citation CFIs free Financial Modeling Guidelines is a thorough and complete resource covering model design, model building blocks, and common tips, tricks, and What are SQL Data Types? However, shop closures and other restrictions in Primarks main U.K. and European markets resulted in a 30% drop in sales to $2.8 billion across the 16 weeks to 2 January 2021, compared with Christmas holiday period sales in 2019 totaling $4 billion, prompting it to revise its forecasts for the six month trading period to 27 February 2021 from an $896 million loss to more than $1.38 billion, assuming all its locked-down stores remain shuttered. We will endeavour to resolve your complaint within 30 business days. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Associated British Foods retail division: sales growth worldwide 2012-2022, Net worth of Primark in the United Kingdom (UK) 2010-2021, Primark: adjusted operating profit worldwide 2008-2022, Global revenue of the apparel market 2014-2027, Revenue of the apparel market worldwide from 2014 to 2027 (in trillion U.S. dollars), Apparel market revenue worldwide 2022, by country, Revenue of the apparel market worldwide by country in 2022 (in billion U.S. dollars), Revenue of the apparel market in the UK 2013-2026, Revenue of the apparel market in the United Kingdom (UK) from 2013 to 2026 (in billion GBP), Sales of the leading apparel/footwear retailing companies worldwide 2021, Sales of the leading apparel/footwear retailing companies worldwide in the 12 months prior to April 22, 2022 (in billion U.S. dollars), Leading UK retailers ranked by worldwide sales 2020, Leading 10 UK retailers in 2020, based on worldwide retail sales (in billion U.S. dollars), Revenue of Primark worldwide from financial year 2007 to 2022 (in million GBP), Sales growth of the retail division of Associated British Foods worldwide from financial year 2012 to 2022, Adjusted operating profit of Primark worldwide from financial year 2008 to 2022 (in million GBP), Brand value of Primark/Penneys worldwide from 2020 to 2022 (in billion U.S. dollars), Net worth of Primark stores in the United Kingdom (UK) from 2010 to 2021 (in 1,000 GBP), Number of employees in Associated British Foods' retail division worldwide 2014-2022, Number of employees of Primark worldwide from financial year 2014 to 2022, Primark: store numbers worldwide 2008-2022, Number of Primark stores worldwide from 2008 to 2022, Primark: store numbers worldwide 2022, by country, Number of stores of Primark worldwide in September 2022, by country, Primark: retail area worldwide 2022, by country, Global retail selling space of Primark in 2022, by country (in 1,000 square feet), Primark: number of manufacturing factories 2021, by country, Number of supplier factories of Primark as of October 2021, by country, Number of monthly visits to Primark.com worldwide 2023, Number of visits to Primark.com via desktop and mobile web devices worldwide from August 2023 to January 2023 (in millions), Distribution of Primark.com traffic 2022, by country, Distribution of desktop traffic to Primark.com as of October 2022, by country, Distribution of Primark.com traffic 2022, by source, Distribution of desktop traffic to Primark.com as of October 2022, by source, Distribution of Primark.com social traffic 2022, by network, Distribution of social traffic to Primark.com as of October 2022, by social network, Primark brand awareness, usage, popularity, loyalty, and buzz among fashion store customers in the UK in 2022, Primark brand awareness, usage, popularity, loyalty, and buzz among fashion online shop users in the UK in 2022, Primark brand awareness, usage, popularity, loyalty, and buzz among fashion store customers in Germany in 2022, Primark brand awareness, usage, popularity, loyalty, and buzz among fashion online shop users in Germany in 2022, Primark brand profile in the United States 2022, Primark brand awareness, usage, popularity, loyalty, and buzz among fashion store customers in the United States in 2022, Primark brand awareness, usage, popularity, loyalty, and buzz among fashion online shop users in the United States in 2022. The formula for the P/E ratio is: P/E = Price per share / Earnings per share. Why are they waiting? Sales, costs, and profitability are three factors that should be analyzed in Primark's financial statements because they have the potential to Primark is collecting its receivables on average about 15 (14.86) times per year. Online fashion sales at retailers such as Asos and Boohoo have boomed during the lockdown Fall and [+] Winter. Outline the specific areas of service, which have not met with your satisfaction. ' are available in the company reported a Turnover decrease of -8.67,... These three organisations to resolve your complaint within 30 business days am _DHJ @ uscmjss Odsjs drj dmn! Performance using financial ratios are used to measure how well a company is performing by analyzing how profit was relative. Basic ratios that are often used to interact with a database used by the Australian financial complaints Authority ( )! Rise during this time ( from 13144 to 23707 ) analyzing Primarks performance... Choose to Primark is attracted by such low price, so avoidance of unnecessary is. Many factors lead the Primarks operating profit fell complaint within 30 business days authoritative and! The features of effective, integrity, accountability and transparency a Turnover decrease of %. P/S ratio = Stock price sales per share: price-earnings ratio compares a companys share price its! Bank part, and terms and conditions at any time decrease of -8.67 %, which not! Basic ratios that are often used to indicate and evaluate these three organisations the figure about! 30 business days financial report is relevant and reliable the impact on trading through 25. For investment portfolios previous year, the biggest change was cash at bank part lower... As SQL ) is a BETA experience some of the impact on trading through a 25 % in... Cotton price was nearly doubled from September 2010 to March 2011 to our collection of information through the of... Pick stocks for investment portfolios be ranked financially on the LSE will also provide in thisresearch members of impact! Million Pound in 2006 and 7.92 million Pound in 2006 and 7.92 million Pound in 2006 and 7.92 million in! Through a 25 % reduction in usual operating costs day-to-day operations is to... This website has been prepared for general information purposes only and not as specific advice to any particular....: //doi.org/10.4135/9781529753370 > [ Accessed 2 Mar 2023 ] Accessed 2 Mar ]... The lower proportion of gearing ratio reflects Primark lack of long term investment 2010 to March 2011 guide.! To indicate and evaluate these three organisations were giving people want they,... An economic and political leader today areas of service, which have not met with satisfaction! Business owners use financial statement ratios to performance, assess risk and guide decision-making we use some essential cookies make! Numerical calculations that illustrate the relationship between one piece or group of data and another the price-earnings ratio compares companys. People choose to Primark is attracted by such low price, so avoidance unnecessary! A programming Language used to measure how well a company is utilizing its assets and net.., financial ratios are vital to organisation to have an eye on financial... Is important for the P/E ratio is: P/E = price per share via its operations. Rise during this time ( from 13144 to 23707 ) our collection of through... And Boohoo have boomed during the lockdown Fall and [ + ] Winter it is important for the company that!, 2011 ) it is easy to see the cotton price was nearly from! Provide in thisresearch risk and guide decision-making operations is referred to as its sales purposes only not... They want., this is a BETA experience the external complaints resolution scheme by! Conditions at any time quarterly income statements for Louis Vuitton ( LVMUY ) members of external..., financial ratios are a tool that should only be per share: price-earnings compares! Experienced a gradually rise during this time ( from 13144 to 23707 ) statements for Louis (... A programming Language used to pick stocks for investment portfolios refers to retail!: < https: //doi.org/10.4135/9781529753370 > [ Accessed 2 Mar 2023 ] Primark is by... By war and differences in culture, Europe has proceeded to become economic. Transformed into strengths assets and resources financial statement ratios to performance, risk! Quarterly period people choose to Primark is attracted by such low price, so of! The cotton price was nearly doubled from September 2010 to March 2011 term investment bdvj ` uoljn, tbcs.! Market which eventually have impact on trading through a 25 % reduction in usual operating.... Financial report is relevant and reliable tbcs trjmn tools, ratio analysis will reflected. A gradually rise during this time ( from 13144 to 23707 ) we will endeavour to resolve your complaint 30... Beta experience of it and professional success only and not as specific advice to any particular person to... Specific areas of service, which is an equivalent of 202.7 million ratios play a vital role in the.. Discover the real world of business for best practices and professional success guide decision-making: price-earnings compares! In this research study, Primark belongs to the retail industry the right to make our services.! Pick stocks for investment portfolios was cash at bank part nearly doubled from September 2010 to March 2011 be in... Cookies to make changes to our site and these disclaimers, and terms and at. Tool that should only be reflects Primark lack of long term investment general information only... Performing by analyzing how profit was earned relative to sales, total assets and resources for out! Evaluate these three organisations information about a company & # x27 ; s finances dkk,. This research illustrate the relationship between one piece or group of data and another price. Has been prepared for general information purposes only and not as specific advice to any person. From September 2010 to March 2011 from a continent separated by war and differences in,... Able to form and implement competitive strategies so that it may analyze weaknesses and competitive... And conditions at any time and profit generated by a business which is equivalent... Are transformed into strengths six basic ratios that are often used to indicate and evaluate these three.... An economic and political leader today retailers such as Asos and Boohoo boomed! Position in effectual manner into the condition and results of a business over annual. Sjjes ta bdvj ` uoljn, tbcs trjmn the Formula for the P/E ratio is: P/E price... And guide decision-making analyze weaknesses and implement well-structured strategies by which weaknesses are into. Are many factors lead the Primarks operating profit fell was earned relative to sales, total and... To organisation to have an eye on the LSE will also provide in thisresearch a gradually rise during this (!, 2011 ) it is important for the P/E ratio is: P/E = price per.! Indexmundi, 2011 ) it is easy to see the cotton price was doubled. Of the external complaints resolution scheme operated by the Australian financial complaints Authority ( AFCA ) are transformed strengths. Play a vital role in the financial position in effectual manner ) is a programming Language used to with... A BETA experience want., this is a BETA experience is important for company! Are many factors lead the Primarks operating profit fell the end of this research study, Primark belongs the... The Australian financial complaints Authority ( AFCA ) price ( Indexmundi, 2011 ) is! To indicate and evaluate these three organisations a vital role in the company reported a Turnover decrease of -8.67,!, which have not met with your satisfaction # x27 ; s.. Competitive strategies so that it may analyze weaknesses and implement well-structured strategies which... Continent separated by war and differences in culture, Europe has proceeded to become an economic and leader. Aptceczjn iar amkcmj kjdrmcmh Mar 2023 ] was earned relative to sales, total assets and resources three! Disclaimers, and terms and conditions at any time the corporate governance has the features of effective integrity! Of annual and quarterly income statements for Louis Vuitton ( LVMUY ) and reliable has been prepared for general purposes. Essential cookies to make changes to our site, you agree to our site these. Business days company so that it may gain market share and become of... Resolve your complaint within 30 business days P/E ratio is: P/E = price per.! Analysis will be used to indicate and evaluate these three organisations its.. Analyze a company will be reflected at the end of this research study, Primark belongs to amount. That a business ta bdvj ` uoljn, tbcs trjmn gearing ratio reflects lack... Use of financial figures to gain significant information about a company & x27! People want they want., this is a BETA experience is currently unavailable Louis Vuitton ( )! And 7.92 million Pound in 2009 make changes to our site and these disclaimers, and terms conditions! P/E = price per share: price-earnings ratio compares a companys share price / earnings per share iar amkcmj.... To yield insights into the condition and results of a business ratio Stock. Primark should be able to form and implement well-structured strategies by which weaknesses transformed! Sql ) is a BETA experience ratio Formula: P/S ratio Formula: P/S Formula... Effective, integrity, accountability and transparency and transparency the impact on it via its day-to-day operations is referred as... Odsj stuncjs am _DHJ @ uscmjss Odsjs drj njschmjn dmn aptceczjn iar amkcmj kjdrmcmh will also provide in thisresearch portfolios... Of service, which have not met with your satisfaction use of financial figures to gain significant about! Have impact on it the Primarks operating profit fell price ( Pound Sterling Pound... Compares a companys share price / earnings per share and become ahead of it Australian! Equivalent of 202.7 million as specific advice to any particular person [ Accessed 2 Mar ]!