Wiki Analysis

8/3/2019 Wiki Analysis

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WIKI ANALYSISTOP CONTRIBUTORS

Geoffrey Jordan

Avinash Gandhi

Suzlon Energy Limited (BSE: Suzlon) is a wind energy company based in India thatmanufactures wind turbine power generators and services wind park systems. Suzlon'saggressive expansion strategy focuses on low-cost production and regional pricediscrimination. As the worlds third largest wind-turbine manufacturer with a marketshareof 9.8% globally and 50% in India,[1] Suzlon expanded rapidly before the financialdownturn of 2008, acquiring suppliers to vertically integrate along its supply chain.However, Suzlon has since divested some of these investments.Suzlon customers in both the United States and India have reported that Suzlon's wind

turbines cracked in high winds and failed to deliver the power outputs stated in salescontracts. Other quality control issues led some customers to cancel orders from Suzlonand to purchase wind turbines from other suppliers. The company repaired 1,251 turbineblades for a total of $100 million inwarranty costs.[2]Not only are faulty turbine bladesexpensive to repair, but they damage the company's image.Wind power is a fully renewable source, and it produces little pollution, making it one ofthe cleanest sources of power. Though advances in technology are making wind energymore economically feasible,oil prices have maderenewable energy sources lessfinancially attractive. However, sincefossil fuels are a non-renewable source of energy,alternative energy sources (wind,geothermal,solar) have the potential to becomesignificant sources of energy, and Suzlon is poised to benefit as the third largest wind

turbine manufacturer in the world.

Contents1 News2 Company Overview2.1 Business Segments2.2 Acquisitions and Divestitures3 Trends and Forces3.1 Globalizing Strategy and Vertical Integration3.2 Low Speed Wind Turbines Could Broaden the Appeal of Wind Energy3.3 Problems with Suzlon's Turbines Threaten Long-Term Viability3.4 Consumer Demand for Renewable Energy and Clean Energy3.4.1 Demand for renewable energy is growing in emerging markets3.4.2 The 2008 Financial Crisis has slowed growth in the wind energy sector in 20093.4.3 Pollution Control3.4.4 Falling Oil and Gas Prices Limit Demand for Renewable Energy3.4.5 Objections to Wind Power3.4.6 Government restrictions on foreign wind turbine suppliers in China3.5 Government Regulation of Energy Markets
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3.5.1 The Kyoto Protocol3.5.2 Domestic Legislation4 Competition5 Market Share6 References

NewsSuzlon signed its first South African deal for supplying turbines and is in talks with fourmore South African Clients. Suzlon is also eying at South Africa as a possiblemanufacturing base to join the ones it already has in India, China, Germany and Brazil.The deal is with African Clean Energy Developments (ACED) for a proposed wind farmin the rural town of Cookhouse in Eastern Cape Province.[3]Company OverviewSuzlon, based in India, specializes in the low-cost manufacture ofwind energy solutionsthat convert the kinetic energy in wind to electricity. Its customers include governmentsand corporations such as utility companies. The company produces turbines andgenerators at its production facilities inIndia,China, Belgium, and the United States and

offers comprehensive wind power packages, including servicing for all its products.[4]Business SegmentsSuzlon produces two major lines of turbines: the Megawatt series and the Multi-Megawatt series, which can generate energy in capacities from 350 kilowatts to 2.1megawatts.[5]Watts are a measure of power, and the main differences between the twoseries is the power-generating capacity.[6] Suzlon's wind parks are multi-turbine parksthat allow the company to increase profit margins througheconomies of scale. Inaddition, once turbines are produced and installed, Suzlon maintains a low level ofrevenue by servicing wind turbines.Acquisitions and DivestituresBefore the financial downturn in 2008, Suzlon aggressively pursued an acquisition

strategy to absorb smaller competitors and to vertically integratealong its supply chain.For example, in 2007 Suzlon acquired the German wind turbine manufacturer REpowerfor $1.7 billion (USD) in order to reduce competition and to acquire new product lines.REpower controls 10% of German market share and gives Suzlon a strong foothold in theWestern European market.[7]However, a weakened U.S. wind turbine market has made Suzlon managers reconsider itsexpansion strategy. Suzlon sold a 35% stake in a subsidiary, Hansen Transmissions, for$370 million, as part of its efforts to reduce debt.[8] After selling Hansen, Suzlon's stakein the gearbox maker declined to 26% from 61%.[8] This is the second divestment ofSuzlon's stake in Hansen in 2009, with the firm selling 10% in January to the London-based investment firm Ecofin.[8] Suzlon bought the Belgium-based Hansen in 2006 for

$565 million.[8]Suzlon remains saddled with debt from its rapid expansion strategy. Suzlon took on

major debt in 2007 to acquire REpower for $1.7 billion and to build new factories in theU.S., China, and India.[9] Credit Rating Information Services of India estimated that the$2.2 billion of net debt Suzlon reported for the end of 2008 was 1.5 times its equity atthat time.[9]Trends and ForcesGlobalizing Strategy and Vertical Integration
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Suzlon is focusing on globalizing through a number of methods. First, it benefits fromIndia's depreciating currency, therupee, as its products are seen as cheaper by the rest ofthe world. Second, Suzlon offers varying packages in different places depending on pricelevels; in China, where prices are low, Suzlon offers full power plants, but in the U.S.,Suzlon installs cheaper turbine generators. This price discrimination allows Suzlon to cut

costs while maximizing its profit margin. Finally, Suzlon is increasing its global reachwith its R&D branch in Europe, production in India andChina, and a sales focus in thetop global wind markets. In 2005, 90% of Suzlons sales were in India; by 2008,international sales accounted for 60% of the total.[2]Suzlon continues to expand its operations to new countries as well as strengthen itsposition in existing markets. For example, in 2010, Suzlon received its first order inSweden from Triventus AB, a Swedish wind power developer. The company ordered two2.1 MW wind turbines.[10] Additionally, as of November 2010, Suzlon plans to set upoffices in several Latin American countries, including Mexico, Argentina, and Chile.[11]

Suzlon's Sales by Geography[4]Though most of Suzlon's business comes from the United States, Europe is a larger and

faster growing wind market. This is an important consideration for Suzlon, which isexpanding its coverage of European markets.

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Though Suzlon is expanding internationally, it is still focusing on growing in India. Forexample, in 2011, Suzlon announced an order for 1,000 MW of wind turbines worth$1.28 billion (Rs 5,800 crore) from Caparo Energy India. This contract and other largeorders such as one from Vedanta will give significant visibility to Suzlon in the Indianmarket.[13]

Low Speed Wind Turbines Could Broaden the Appeal of Wind EnergySuzlon is investing in low speed wind turbines and is hoping to gain an early moveradvantage in this segment of the wind turbine market. The company is planning to releaseits prototype of the class-III turbine. The turbine, which no company manufactures yet, isexpected to reach the market by August 2011.[14]Wind turbine manufacturers, including Suzlon, currently produce class-I and class-IIturbines. Class-I turbines are designed for wind speeds of more than 8.5 meters persecond (m/s). Class-II turbines are designed for wind speeds of 7.5-8.5 m/s, class-III for4.5-7.5 m/s, and class-IV for less than 4.5 m/s.Class-IV turbines are not economically viable now, given that 99% of the wind farmsglobally come up in class-II areas. Suzlon currently manufactures wind turbines having a

blade diameter of 88 meters. The new class-III wind turbine has a blade diameter of 97meters.Suzlon spends Rs400-500 crore, or about 2% of its revenues, annually on research anddevelopment of new turbines. Suzlons competitors, GE Energy and Vestas (VWSYF),are also working on class III turbines.Problems with Suzlon's Turbines Threaten Long-Term ViabilitySuzlon's turbines have gained a reputation for being faulty. U.S. customers complained ofcracking turbine blades, and the company came under fire from Indian customers forsupplying turbines having control issues, shaking in the wind, and producing less energythan guaranteed by sales contracts, causing utility companies to incur large costs.[15] InApril 2009, Suzlon signed a contract to supply blades for 75 turbines in a project beingmanaged by REpower in China's Shandong province. REpower rejected the turbineprototype provided by Suzlon and ordered the equipment from another supplier.[16]Andthough Suzlon promises its customers that turbines will be available to produce power atleast 95% of the time the wind is blowing with limited downtime for maintenance, oftenits products have had significantly lower availability rates.[2]More recently, the blades of a Suzlon S88 generator in Rugby, North Dakota, fell fromtheir mount. This caused the wind generation plant to suspend its operations while theoperator investigates the cause. This is the same model that suffered cracked blades,prompting Suzlon to strengthen the components at a cost of $25 million.[17]Faulty turbine blades and quality control issues lead to lost revenue, and contracts thatSuzlon loses due to faulty equipment are awarded to its competitors. Additionally, Suzlonincurs significant costs in repairing faulty turbine blades. Suzlon has only two windturbines in the United States left to retrofit with new blades after replacing the blades onall of its nearly 400 turbines in the country.[18] The company undertook the retrofitprogram after cracking caused one blade to break off a turbine in Illinois in 2008.[18]Suzlon reported in 2008 that it has spent $30 million (Rs129 crore) to fix faulty windturbines.[2] Not only are faulty turbine blades expensive to repair, but they also damageSuzlon's company image.Consumer Demand forRenewable Energy and Clean Energy
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Electrical Generation by Source for 2008[19] Excluding hydropower, less than 3 percentof the U.S. power generation comes from renewables such as wind and solarThe global market for wind turbine installations in 2008 was worth about $47.5 billion,

an increase of approximately 42 percent over 2007.[20] Growth in global wind capacityin 2008 exceeded the average growth rate for the past 10 years. Global wind capacityincreased 27,051 megawatts in 2008, ending the year at 120,798 megawatts.[20] Thisrepresented a growth of 29% in 2008 with the U.S. overtaking Germany as the world'sleading wind power generator.[20]U.S. wind capacity increased by 50 percent in 2008 to 25,170 megawatts.[20] As of2008, Suzlon had 1,910 MW of wind capacity installed in the U.S., accounting for 55%of its global installations.[4]For the first time, wind power represented Europe's leadingsource of new electric capacity with 8,877 megawatts added, compared to 6,939megawatts of natural gas capacity added and 763 megawatts of coal capacity added.[20]By the end of 2008, wind power accounted for 8 percent of the European Union's power

capacity, enough to generate 4.2 percent of the region's annual power needs.[20] At theend of 2008, the European Union accounted for 267 MW of Suzlon's total installedcapacity, or 8%.[4] Asia accounted for almost one-third of global wind capacity additionsin 2008.[20] China ranked second after the United States, with approximately 6,300megawatts installed during the year.[20] This doubled its cumulative wind capacity forthe fourth year in a row.[20] Suzlon had 586 MW (17% of total global capacity) installedin China and 160 MW (5%) in India. Suzlon has benefited from the increase in demandfor wind energy in 2008, especially given its strong presence throughout the world.Suzlon has recently become more globally diversified; in 2005, 90% of Suzlons saleswere in India; by 2008, international sales accounted for 60% of the total. [2]Suzlonspresentations to investors predict exports will jump to 75% of total sales in 2009, with the

U.S., China and Europe accounting for an equal share.[2]Demand for renewable energy is growing in emerging marketsSince demand for wind turbines has fallen sharply in the U.S. and European markets,Suzlon has focused on increasing sales in India, Brazil and China. At the end of thequarter ending June 2010, Suzlons order backlog improved to 1,459 Mw, compared to1,126 MW in the March quarter.[21]This was led by Indias order backlog touching anall-time high of 580 MW. The company is also increasing its capacity in Brazil, where itcommands over half of the market share and expects more projects in the near term.[21]
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Although the demand from the Indian and other emerging markets is growing, theoutlook for large markets like the U.S. and Europe will continue to weigh on Suzlon'sresults[21]The 2008 Financial Crisishas slowed growth in the wind energy sector in 2009Despite the rapid growth in the wind energy sector in 2008, the turbulent economic

environment and global credit crunch have led some of the fast growing markets like theU.S. and Europe to slow in terms of new capacity additions. For example, EmergingEnergy Research estimates that new wind plant activations in Europe in 2009 could dropby as much as 18% compared to 2008.[22]Europe is expected to add 7,836 megawatts ofwind power capacity in 2009, down from 9,556 in megawatt additions in 2008.[22] Thecredit crunch has also reduced the number of wind projects that are able to closefinancing, leading to installation postponements in the United Kingdom, Italy, andFrance.[22]According to the Danish consulting firm MAKE, wind turbine manufacturers reported a50% drop in orders in the first half of 2009.[23]In response to falling demand, Suzlon cut90 of the 300 workers it had employed at its Minnesota plant in 2009, which has the

capacity to build 300 turbines per year.[18] However, analysts expect demand to increasein the fourth quarter. Suzlon expects to sell equipment capable of generating 2,600 MWof electricity in the year ending March 31, 2010, down from 2,790 MW installed a yearearlier.[23] The projected drop in Suzlons sales volume will be its first in at least sixyears; the companys sales volume has increased every year since the period endedMarch 2004.[23]Pollution ControlOil and coal combustion release carbon dioxide and monoxide, as well as nitrogenoxides, sulfur oxides, ozone, and other pollutants that contribute to acid rain, smogpollution, as well as asthma and respiratory problems in the general populace. Increasingawareness of these issues has led to movements to push forgovernment regulation ofpollution, and higher energy prices have driven development ofclean coaltechnologies.However, coal and oil can only be burned cleanly up to a certain point and, as a result,there is growing support for government investment in clean energy sources such as windpower. Suzlon is poised to benefit from this trend as it is already an established producerof wind power technology.Falling Oil and Gas Prices Limit Demand for Renewable EnergyFossil fuels andcoal are not renewable because there is a limited quantity of bothresources on the earth, and the replenishment of these resources takes hundreds ofthousands of years. As oilbecomes more rare, prices increase and new energy sourcesbecome increasingly feasible from a financial perspective.Oil and gas prices have fluctuated heavily over the past few years, but the most recenttrend has been a significant decline in prices. The price of crude oil fell from a recordhigh of nearly $150 a barrel in July 2008 to around $50 a barrel in the first quarter of2009.[24] Asfalling oil and gas priceslead to more affordable commercial electricity,consumers limit their demand for new, often expensive sources of renewable power.

Power Generation Costs for Various Energy Sources in 2010[25][26][27][28]

Cost (cents/kWh)
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Coal 5.5

Natural gas 5.2

Nuclear 0.57

Wind 5

Geothermal 3.6

Note: Wind energy cost included the U.S. Production Tax CreditSuzlon would benefit from decreases in the production cost of wind turbines astechnology improves and production processes become more efficient.Objections to Wind PowerThe main objections to wind power stem from environmental costs. Many wind parks areshut down for part of the year because of bird migration patterns and turbine-related birddeaths. Furthermore, turbines occupy land; though larger turbines produce more power,they also occupy more land to operate safely. Since man-made installations can haveadverse effects on terrestrial ecosystems, environmentalists have lobbied the governmentto prevent the installation of wind parks.[29]Government restrictions on foreign wind turbine suppliers in ChinaState-owned utilities in China have shown a preference for buying wind turbines fromlow-cost, local manufacturers. There are three leaders in turbine production in China, and60 smaller companies.[30] Foreign companies like Suzlon have been losing market sharein China, which is now the world's largest for wind turbines after several years of nearly80% annual growth.[30] Chinese manufacturers, which are generally less technologicallysophisticated than those of foreign companies, sell turbines for about 5% less than thosemade by Suzlon, but as much as 20% below those of other foreign companies.[30]Some Chinese localization rules like those at the largest wind farm in the world inRudong, China, prevent non-Chinese manufacturers from selling turbines. These rulesrequire 70% of turbine equipment to be sourced and built domestically.[31]The Chinesegovernment has also sought to eliminate turbines with capacities of less than onemegawatt, a policy which is favorable to domestic Chinese turbine manufacturers.[31]China's National Energy Administration predicted that China's wind power capacity islikely to rise from 12,000 megawatts at the end of 2008 to 30,000 megawatts by the endof 2011, a goal that will require about 100 billion yuan ($14.6 billion) in investment.[31]However, unfavorable policies for foreign turbine manufacturers in China put companieslike Suzlon at a disadvantage and weaken their foothold in one of the most promisingwind markets in the world.[31]Despite China's stringent policies regarding sourcing of wind turbines, it still represents a

market with the most growth potential in the world. China relies on coal to generate about70 percent of electric power.[32] The country is expected to have 120 million to 150million kilowatts of installed wind power capacity, totaling 7 to 9 percent of the nationaltotal installed electricity capacity, in 2020, according to the China Energy andEnvironment Technology Association.[32] This represents an enormous investmentopportunity for wind turbine manufacturers such as Suzlon.Government Regulation of Energy Markets
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Clean energy companies are highly dependent on government subsidies and support tobring in revenue, given that oil, coal, and nuclear energyare cheaper, well-establishedenergy sources and hold oligopolistic control over the world-wide energy market. Giventhis dependence on the government, many environmental and social movements arefocusing on pressuring the government to pave the way for a transition to renewables.

Furthermore, many government endorse local renewables as an alternative to foreignfossil fuels, in an attempt to create energy independence. Government support ofrenewables is taking place at local, national, and global scales. One significant example isthat in September 2009, the U.S. government announced it had awarded more than $500million in grants to help finance wind projects under a $787 billion stimulus packagedesigned to help revive the economy.[18]The Kyoto ProtocolThe Kyoto Protocol is an international agreement to reduce greenhouse gas emissions ina global effort to stop climate change. The Kyoto Protocol mandates emissions capsthrough cap-and-trade systems oftrading carbon credits. This system has the potential tobenefit Suzlon as many countries make the transition to renewable energy such as wind

power.The U.S. has not ratified the treaty and has no plans to do so. China, while part of thetreaty, is classified as a developing country and therefore has no obligation to lower itsemissions.Domestic LegislationGiven the fear of global warming and pollution, which has led to increasing socialsupport for clean energy sources, governments around the world have implementedlegislation that indirectly leads to increased revenues for Suzlon. Examples include:California has mandated that 25% of electricity come from clean sources by 2020 and75% by 2050[33]The Obama administration authorized $100 billion of spending and tax breaks for greenprojects by signing the stimulus package into law[34]The Renewable Energy Standard bill, which would require utilities to generate 6% oftheir energy from renewables by 2012 and 25% by 2025, is being considered at thecommittee stage in the United States Congress[34]The European Union aims to get 22% of its energy from clean sources by 2010[35]China's Renewable Energy Law raises the target for the total percentage of renewableenergy used in the country to 10% by 2020[36]In February 2009, President Obama extended tax credits for wind and increased theamount the government will spend on those credits by 30 percent.[37]Obama said hewould invest $15 billion a year in renewable energy sources to create five million newenergyjobs through 2018.[37]Legislative mandates like these benefit renewable energy companies because they forceutilities companies to turn to other power sources, allowing companies like Suzlon toenter a crowded energy market. Also, such legislation usually leads to governmentsupport for renewable energy companies in the form of fiscal incentives.Competition
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Top Suppliers of Wind Turbines in 2008[38]Suzlon, which owns a 9.8% global market share,[1] has several major competitors in thewind energy sector.Vestas (VWSYF) (19%): Vestas Wind Systems A/S is a Denmark-based company thatdevelops, manufactures, markets, and maintains wind power systems that utilize windenergy to generate electricity. It is the largest manufacturer of wind turbines and windenergy systems in the world.General Electric(18%) is a conglomerate with business units in energy, industrial andconsumer technology, media, and finance. GE's wind energy division has installed over10,000 wind turbines worldwide comprising more than 15,000 MW of capacity.[39]

Gamesa (GCTAF) (11%) is a Spain-based holding company that, through its subsidiaries,develops renewable energy solutions. The company manufactures and sells solar andwind farm components, such as solar panels and wind turbines.Enercon (9%) is a German-based manufacturer of wind turbines. Enercon has installedabout 13,000 of its turbines in more than 30 countries. [40]In addition to its turbinemanufacturing business, Enercon manufactures a desalination system that converts seawater into drinking water.Siemens (7%) is an electronics and electrical engineering conglomerate. Its renewableenergy division manufactures wind turbines for both on- and off-shore applications.While most of these companies are well-established in the global market, Suzlon's abilityto produce in low cost countries (Chinaand India) and its focus on high-potential energy

markets gives it a powerful competitive advantage. Its growth over the past two yearssuggests that the business is taking full advantage of expanding markets while improvingits efficiency to increase profitability. Suzlon also offers the most turbine models, one foreach general wattage category (except for the highest capacities). The chart belowillustrates the wide range of generating capacity that Suzlon has in comparison to itsmajor competitors.

Wind Turbine Power Capacity in 2008
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Manufacturer 2.5MW

Suzlon EnergyLimited/REpower[5

]

350kW 600kW - 1.25MW 1.5MW 2.1MW -

Nordex[41] - - - 1.3MW 1.5MW 2.3MW/2.5MW -

Siemens[42] - - - 1.3MW - 2.3MW 3.6MW

Enercon[43] 330kW 800kW - - 1.5MW 2 MW/2.3MW 6 MW

Gamesa[44] - - 850kW 1.3MW - 2MW -

General ElectricWind[45]

- - - - 1.5MW 2.5MW 3.6MW

Vestas[46] - - 850kW - - 1.65MW/2 MW 3MW

It should be noted that the two largest manufacturers, GE and Vestas, produce highcapacity turbines. Suzlon produces most capacities, except turbines over 2.5MW, whileGE and Vestas produce over 3MW. Low-energy turbines take less area to operate whilehigh-energy turbines produce more power but take up more physical space.Market ShareSuzlon is the third largest wind turbine manufacturer in the word with 9.8% market shareglobally.[1] Suzlon has been the market leader in India with more than 4400 MW ofinstalled wind energy projects in 8 states. In FY 2008-09, Suzlon had a market share ofmore than 50% in the Indian market.[1]

% Change in Wind Market Share (2006-2007)[47]
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References

1.01.11.21.3Suzlon Key Financial Data: Company Website 2.02.12.22.32.42.5Wall Street Journal Live Mint: Suzlons US wind turbine planshit new turbulenceThe Economic Times: "Suzlon Energy signs first South African wind turbine deal"May 27, 2011 4.04.14.24.3Suzlon FY 07-08 Annual Report: Management Discussion and Analysis,p. 7 5.05.1Suzlon Products & ServicesSuzlon Multi-Mega Watt Technical SpecificationsReuters: India's Suzlon Energy completes REpower acquisition 8.08.18.28.3IndiaInfoLine: "Suzlon Energy rose 1.12% to Rs 85.95 at 11:08 IST

after the company won a 31.5 megwatt capacity order from Rajasthan State Mines andMinerals." 9.09.1WSJ: "India's Suzlon Energy Is Buffeted by New Headwinds"Steelguru: "Suzlon Energy wins order from Triventus AB"My Digital FC: "Suzlon to spread wings in Latin America" November 15, 2010 [http://www.thehindubusinessline.com/companies/article1134507.ece?homepage=trueThe Hindu Business Line: "Suzlon wins $1.28-b Caparo wind power deal Our Bureau"Jan. 28, 2010]DNA: "With new turbine, Suzlon hopes to reap the low wind" December 15, 2010WSJ: "India's Suzlon Energy Encounters Headwinds at Home"Industrial Wind Action Group: "Suzlon falls most in 3 months on faulty blade report"Bloomberg: "Iberdrola Halts Wind Farm After Suzlon Turbine Blades Fall" March 21,2011 18.018.118.218.3RPT-Reuters Summit-UPDATE 1-Suzlon sees 400-500 MW innew ordersSeekingAlpha: Electric Utilities: Coal vs. Renewables 20.020.120.220.320.420.520.620.720.8Reliable Plant: Wind power growth in2008 exceeded past decade 21.021.121.2SIFY: Suzlon Energy: Low on power 22.022.122.2International Sustainable Energy Review 23.023.123.2Bloomberg: Suzlon Says Orders May Increase on Project FundingBloomberg Commodities: Energy PricesMontana Environmental Information CenterAmerican Wind Energy AssociationScientific AmericanNuclear Energy InstituteIndustrial Wind Action Group: Impact on Birds 30.030.130.2
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31.031.131.231.3Foreigners swept aside as wind power blows through China, June 4, 2009 32.032.1Debate over excess capacity blows up in China's wind power sectorNational Wildlife Federation: "Charting a New Path for California's ElectricityGeneration and Use"

34.034.1Business Green: "Congress floats renewable energy bill"Energizing Spain, p. S5Renewable Energy World: "China Passes Renewable Energy Law" 37.037.1CNET: The next big thing in wind: Slow wind, huge turbinesEnvironmental Leader: Wind Turbine Market Share RevealedGE EnergyGoogle Finance: EnerconNordex Wind TurbinesSiemens Wind TurbinesEnercon Wind Turbines: Technical SpecificationsGamesa Products

GE Wind TurbinesVestas Wind TurbinesSuzlon FY 07-08 Annual Report - Management Discussion and Analysis, p. 6
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