Regulatory News:

Legrand (Paris:LR):

On the closing of full-year accounts for 2019, Benoît Coquart, Legrand’s Chief Executive Officer, commented:

“In 2019, in a mixed economic environment, Legrand delivered a solid integrated performance that was fully in line with its targets for the year3 and its value-creating medium-term business model.

Sales rose a total +10.4%, driven in particular by dynamic +2.6% organic growth and a sustained +5.3% increase in scope of consolidation, rounded out by a +2.2% exchange-rate effect.

Adjusted operating margin before acquisitions1 came to 20.4%. Taking acquisitions into account, adjusted operating margin was 20.0%, reflecting a +9.4% rise in adjusted operating profit. Net profit attributable to the Group and normalized free cash flow increased by +8.2% and by +13.0% respectively.

In addition, non-financial performance was ahead of schedule, with 113%2 achievement rate of Group’s CSR roadmap – reflecting its commitment to all stakeholders.

In keeping with its ambitions4, in 2019, Legrand pursued initiatives aimed at strengthening its profitable growth profile and leading positions.

Against this backdrop, in June 2019, the Group reiterated its focused ambition as a strategic player in connected buildings through steady deployment of the Eliot program. Legrand sales of connected products have thus risen by +29% in total, including organic growth up a solid +10%. This performance reflects the very positive response to IoT products, plus the successful docking of Netatmo.

The Group also continued its bold innovation drive, launching a host of new products that included user interface ranges, digital solutions, cable management systems and energy distribution products.

As part of its ongoing strategy of value-creating acquisitions, Legrand also purchased three companies in 2019: Universal Electric Corporation, the undisputed US leader in busways for data centers; Jobo Smartech, the Chinese leader in connected hotel-room management systems; and Connectrac, an innovative US company specializing in over-floor power and data distribution. These bring to 10 the number of acquisitions that Legrand has made over the past two years, reinforcing the Group’s leading positions in growing areas.

Lastly, Legrand is actively pursuing initiatives aimed at improving its performance, including in particular roll-out of the Legrand Way5 program, digitalization of its organization, and optimization of its industrial footprint.

The Group’s 2019 achievements fully reflect the momentum that stems from its medium-term business model for value-creation6.”

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Proposed dividend

Legrand’s Board of Directors will ask the General Meeting of shareholders to approve the payment of a dividend of €1.42 per share in respect of 2019 (compared with €1.34 in respect of 2018).

2020 targets

In 2020, Legrand will pursue its strategy of profitable and sustainable growth.

Based on current macroeconomic projections, which are uncertain on the whole for 2020, and excluding any major changes in the economic environment7, Legrand has set as targets, on the one hand organic evolution in sales in 2020 of between -1% and +3%, and on the other hand adjusted operating margin before acquisitions (at 2019 scope of operations) of between 19.6% and 20.4% of sales.

Legrand will also pursue its strategy of value-creating acquisitions and, subject to finalization of opportunities currently under discussion, intends to aim for a total increase of at least +4% in scope of consolidation on sales in 2020.

Legrand will moreover actively continue to deploy its demanding CSR roadmap for 2019-2021.

Key figures

Consolidated data

(€ millions)(1)

2018

2019

Change

Sales

5,997.2

6,622.3

+10.4%

Adjusted operating profit

1,212.1

1,326.1

+9.4%

As % of sales

20.2%

20.0%(2)

 

 

 

20.4%(2) before acquisitions(3)

 

Operating profit

1,139.0

1,237.4

+8.6%

As % of sales

19.0%

18.7%(2)

 

Net profit attributable to the Group

771.7

834.8

+8.2%

As % of sales

12.9%

12.6%(4)

 

Normalized free cash flow

893.5

1,009.8

+13.0%

As % of sales

14.9%

15.2%(5)

 

Free cash flow

746.3

1,044.3

+39.9%

As % of sales

12.4%

15.8%(5)

 

Net financial debt at December 31

2,296.6

2,480.7(6)

+8.0%

  1. See appendices to this press release for definitions and indicators reconciliation tables.
  2. Including a favorable impact of around +0.1 points linked to implementation of the IFRS 16 standard.
  3. At 2018 scope of consolidation.
  4. Implementation of the IFRS 16 standard has no significant impact on net profit attributable to the Group.
  5. Including a favorable impact of around +1.0 point linked to implementation of the IFRS 16 standard.
  6. Including €319.8 million in lease financial liabilities (implementation of the IFRS 16 standard since January 1, 2019).

2019 integrated performance

Consolidated sales

Sales for 2019 stood at €6,622.3m, increasing +10.4% in total from 2018.

In 2019, sales growth at constant scope of consolidation and exchange rates was +2.6%, driven by rises in both mature countries (+2.6%) and new economies (+2.5%).

The impact of the broader scope of consolidation came to +5.3%. Based on acquisitions completed in 2019 and their likely dates of consolidation, this should reach around +1% in 2020.

The exchange-rate effect on sales was positive at +2.2%. Based on average exchange rates in January 2020, the full-year exchange-rate effect on sales for 2020 should be about +0.5%.

Changes in sales by destination at constant scope of consolidation and exchange rates broke down as follows by region:

 

2019 / 2018

4th quarter 2019 / 4th quarter 2018

Europe

+3.3%

+5.1%

North and Central America

+2.5%

+2.3%

Rest of the world

+1.4%

+2.3%

Total

+2.6%

+3.4%

These changes at constant scope of consolidation and exchange rates are analyzed below by geographical region:

- Europe (39.9% of Group sales): in 2019, sales in Europe rose +3.3% at constant scope and exchange rates compared with 2018.

In Europe’s mature countries, sales rose organically by +2.9% in 2019. The trend was driven by good showings in Italy – that reported strong performances in energy distribution, user interfaces, and connected products such as video door entry systems, Smarther thermostats, and the Living Now with Netatmo range – as well as in the United Kingdom, in the Benelux8, in Switzerland and in Southern Europe9. Sales rose in France from 2018, driven by the positive response to new connected products including emergency lighting and user interfaces with the Mosaic line launched in 2019 and the dooxie range introduced earlier.

In Europe’s new economies, 2019 sales rose +6.0% at constant scope of consolidation and exchange rates, with Eastern Europe turning in a particularly solid showing.

The very sustained growth in sales recorded in Europe in the fourth quarter alone compared with 2018 (+5.1%), benefitted in part from one-off factors, particularly in Turkey and in Eastern Europe, and sets a demanding basis for comparison for 2020.

- North and Central America (38.6% of Group sales): organic growth in sales was +2.5% in 2019.

This good showing was driven by the United States, where sales rose +2.9% with solid growth in user interfaces, cable management, and busways for data centers, rounded out by rising sales in lighting commands and solutions.

Sales also rose in Canada, and retreated in Mexico.

Note that in 2020, the Group will not be pursuing a US retail contract that no longer meets Legrand’s profitability criteria; this is expected to have a negative impact on 2020 sales in North and Central America of around -2% of 2019 sales.

- Rest of the world (21.5% of Group sales): sales rose +1.4% at constant scope of consolidation and exchange rates in 2019.

In Asia-Pacific, sales were up +2.4% from 2018, reflecting in particular a sustained increase in India and China. Australia saw a decline in business, as did certain countries in Southeast Asia.

In South America, organic growth in sales came to +0.4% in 2019, with sales nearly unchanged in Brazil and mixed trends for the rest of the area.

In Africa and the Middle East, sales retreated by -0.5%. Strong growth recorded in many African countries including Egypt and Algeria was offset by a marked decline in the Middle East reflecting the region’s difficult geopolitical and economic environment.

2020 should remain marked by the uncertain political and economic environment in several regions.

Adjusted operating profit and margin

Before acquisitions (at 2018 scope of consolidation), adjusted operating margin came to 20.4% of sales in 2019. Against a backdrop of rising US tariffs, fully offset, this +0.2-point improvement from 2018 reflects efficient management of pricing, a good operating performance over the year, and solid control of administrative and selling expenses.

As announced, the impact of changes in the scope of consolidation on adjusted operating margin was -0.4 points for the full year, setting adjusted operating margin at 20.0% of sales in 2019.

Adjusted operating profit rose +9.4% to €1,326.1m.

Net profit attributable to the Group

Net profit attributable to the Group rose by +8.2% in 2019, to total €834.8m.

This represents a €63.1m increase from 2018 that stems mainly from:

  • a rise in operating profit (+€98m);
  • an unfavorable change (-€16m) in net financial expenses (due primarily to implementation of the IFRS 16 standard for an impact of -€10m) and the foreign-exchange result; and
  • a rise in corporate tax in absolute value (-€17m), coming from the increase in Group profit before tax, partially offset by the favorable impact of a one-off reduction in the corporate tax rate from 28.1% in 2018 to 27.5%.

Cash generation

In 2019, cash flow from operations stood at 18.4% of sales, i.e., up +11.0%.

Normalized free cash flow was up +13.0% from 2018 at 15.2% of sales.

Working capital requirement came to 8.1% of sales at December 31, 2019, down 1.1 points from December 31, 2018. This was due primarily to a particularly favorable trend in operating working capital requirement that was partially offset by the consolidation of recent acquisitions.

Exceeding one billion euros, free cash flow represented 15.8% of Group sales, marking a sharp rise in 2019 – nearly +40% – from 2018.

Non-financial performance

In 2019, the Group recorded 113%10 achievement rate of its CSR roadmap, placing it ahead of schedule. Launched in May 2019, this fourth roadmap, covering three years, is structured around three focal areas (Business Ecosystem, People, and the Environment) and ten key challenges that contribute to the UN’s Sustainable Development Goals.

In 2019, the Group also:

  • confirmed its commitment to fighting climate change as part of the 2019 edition of the French Business Climate Pledge, by (i) setting a target validated by Science Based Targets that calls for a 30% reduction in greenhouse gas emissions by 2030, and (ii) committing to help customers avoid CO2 emissions by offering highly energy-efficient solutions and transparent communication on the environmental impact of its products in PEPs (Product Environmental Profiles);
  • published its "diversity and inclusion" policy to favor diversity within the Group, built around five areas (gender diversity, inclusion of disabled workers, intergenerational collaboration, social and cultural diversity, and inclusion of LGBT+ people);
  • continued initiatives with local communities. In France, for example, the Legrand Foundation recognized social and charitable structures promoting support in the home for people with reduced autonomy for the fourth consecutive year; in India it helped open “telemedicine centers”, awarded scholarships, and offered training leading to certification for 2,500 electricians over the year; and
  • contributed to improving access to water and electricity under its longstanding partnership with the NGO “Electriciens Sans Frontières”, providing logistical and material assistance, particularly following natural disasters.

Legrand moreover recorded continuous progress in promoting health and safety at the workplace by:

  • raising the number of hours of related training per employee by nearly +27% from 2018; and
  • reducing significantly the frequency of workplace accidents in 2019.

Dividend

The Legrand Board of Directors will ask the General Meeting of Shareholders to be held on May 27, 2020 to approve the payment of a €1.4211 per-share dividend in respect of 2019 (versus €1.34 in respect of 2018). The ex-dividend date will be June 1, 2020 and the dividend will be paid on June 3, 2020.

Strengthening profitable growth profile

Continued deployment of Eliot program

Legrand intends to continue its role as a strategic player in the field of connected buildings, and announced on June 12, 201912 that it was stepping up development in this area.

The Group has thus set new 2022 targets for the Eliot program, aiming for (i) double-digit average annual organic growth in sales for connected products from 2018 to 2022, and (ii) over one billion euros in sales of connected products in 2022, excluding perimeter and exchange-rate effects.

In 2019, sales of connected products were up +29% from 2018, including organic growth of +10%, thus already accounting for over 12% of total Group revenues for the year (€819m). This strong showing is in line with targets2 and reflects the program’s good momentum over the year. Drivers included:

  • geographical deployment of IoT offerings, with ranges of connected user interfaces marketed in 28 new countries in 2019;
  • ongoing launches of many new products, including new ranges of user interfaces such as Valena Next with Netatmo and Plexo with Netatmo, the Classe 100x video door entry system, and emergency lightings;
  • successful docking of Netatmo, reflecting its continued strong growth and good fit with Legrand, as well as many innovations that included the ones revealed at Consumer Electronics Show (CES) 2020, from the "Drivia with Netatmo" connected panel to the Group's first smart lock offering;
  • a richer user experience thanks to new functionalities linked for example to artificial intelligence and predictive analysis of human behavior, along with deployment of the Home+Control app for the connected home.

Innovation-driven enrichment of product offering

With nearly 5% of its sales devoted to R&D in 2019, Legrand pursued its innovation policy, designed to enrich its catalogs.

Moreover, the Group launched a host of new products in 2019, including:

  • user interfaces such as Mosaic in France, Radiant Graphite in the United States, Lyncus in India, Belanko S in Southeast Asia and Rivia in Vietnam;
  • digital infrastructures, including fiber cassettes and power delivered over ethernet distribution systems;
  • innovative On-Q cabinets for distributing electrical and digital flows in North America, enabling the integration of Wifi routers;
  • architectural and mission-critical lighting ranges in the United States;
  • connected natural lighting management solutions by QMotion, using Zigbee networks, in the United States;
  • Classe 100x connected video door entry systems in Europe;
  • MCS Trimod UPS systems and CRT Tier 2 highly energy-efficient transformers;
  • molded case circuit-breakers 125 HP and 250 HP DRX and modular circuit-breakers RX3 C-Curve in Asia;
  • “Reach Digital” smart residential alarms in the United-Kingdom for assisted living; and
  • the P31 cable management range in Europe.

Lastly, the Group has continued to deploy and enhance its LCS3 high-performance structured cabling offer.

Three acquisitions made in 2019

In 2019, Legrand pursued its growth strategy by acquiring companies that are leading players in their markets, with:

  • Universal Electric Corporation, the undisputed American leader in busways for data centers;
  • Jobo Smartech, the Chinese leader in connected hotel-room management systems (lighting, ambient temperature, etc.); and
  • Connectrac, an innovative US company specializing in over-floor power and data distribution.

This brings to ten the total number of acquisitions Legrand has made in the past two years, enabling the Group to strengthen its positions in promising markets in the United States, France, China, Germany, New Zealand and the United Arab Emirates.

Based on acquisitions made in 2019, and their likely dates of consolidation, the full-year 2020 impact of changes in scope of consolidation is estimated at around +1% of net sales. Moreover – subject to finalization of opportunities currently under discussion – the Group intends to aim for a total increase of at least +4% in scope of consolidation on sales in 2020.

Ongoing momentum for improving performance

In 2019, Legrand continued its policy for performance improvement.

One example is the active deployment of Legrand Way13. The program’s practices are now being extended to all functions, particularly those related to product development, after successful implementation at Group industrial sites.

Legrand is also digitalizing its organization:

  • at front-office level, for example through many digital marketing and marketing automation initiatives;
  • as well as at back-office level, in particular thanks to Factory 4.0 tools: at year-end 2019, already 70 initiatives (POCs14) had been implemented, up from 51 at year-end 2018, and 40 were being tested.

The Group also kept on actively optimizing its industrial footprint, particularly by:

  • rationalizing the configuration and number of its production sites in Russia, Spain, China, India, Saudi Arabia and Brazil; and by
  • reducing Group carbon emissions by -6% from 2018 to 2019, through a net decrease in consumption.

Together these initiatives have strengthened Legrand's profitable and sustainable growth profile.

----------------------

The Board adopted consolidated financial statements15 for 2019 at its meeting on February 12, 2020. These consolidated financial statements1, a presentation of 2019 annual results and the related teleconference (live and replay) are available at www.legrandgroup.com.

Key financial dates:

  • 2020 first-quarter results: May 7, 2020
    “Quiet period16” starts April 7, 2020
  • General Meeting of Shareholders: May 27, 2020
  • Ex-dividend date: June 1, 2020
  • Dividend payment: June 3, 2020
  • 2020 first-half results: July 31, 2020
    “Quiet period2” starts July 1, 2020

About Legrand

Legrand is the global specialist in electrical and digital building infrastructures. Its comprehensive offering of solutions for commercial, industrial and residential markets makes it a benchmark for customers worldwide. Drawing on an approach that involves all teams and stakeholders, Legrand is pursuing its strategy of profitable and sustainable growth driven by acquisitions and innovation, with a steady flow of new offerings—including Eliot* connected products with enhanced value in use. Legrand reported sales of over €6.6 billion in 2019. The company is listed on Euronext Paris and is notably a component stock of the CAC 40 index.
(code ISIN FR0010307819)
https://www.legrandgroup.com

*Eliot is a program launched in 2015 by Legrand to speed up deployment of the Internet of Things in its offering. A result of the group’s innovation strategy, Eliot aims to develop connected and interoperable solutions that deliver lasting benefits to private individual users and professionals.
https://www.legrandgroup.com/en/group/eliot-legrands-connected-objects-program

Appendices

Glossary

Adjusted operating profit: Adjusted operating profit is defined as operating profit adjusted for amortization and depreciation of revaluation of assets at the time of acquisitions and for other P&L impacts relating to acquisitions and, where applicable, for impairment of goodwill.

Busways:electric power distribution systems based on metal busbars.

Cash flow from operations: Cash flow from operations is defined as net cash from operating activities excluding changes in working capital requirement.

CSR: Corporate Social Responsibility.

EBITDA: EBITDA is defined as operating profit plus depreciation and impairment of tangible and of right of use assets, amortization and impairment of intangible assets (including capitalized development costs), reversal of inventory step-up and impairment of goodwill.

Free cash flow: Free cash flow is defined as the sum of net cash from operating activities and net proceeds from sales of fixed and financial assets, less capital expenditure and capitalized development costs.

KVM: Keyboard, Video and Mouse.

Net financial debt: Net financial debt is defined as the sum of short-term borrowings and long-term borrowings, less cash and cash equivalents and marketable securities.

Normalized free cash flow: Normalized free cash flow is defined as the sum of net cash from operating activities—based on a normalized working capital requirement representing 10% of the last 12 months’ sales and whose change at constant scope of consolidation and exchange rates is adjusted for the period considered—and net proceeds of sales from fixed and financial assets, less capital expenditure and capitalized development costs.

Organic growth: Organic growth is defined as the change in sales at constant structure (scope of consolidation) and exchange rates.

Payout: Payout is defined as the ratio between the proposed dividend per share for a given year, divided by the net profit attributable to the Group per share of the same year, calculated on the basis of the average number of ordinary shares at December 31 of that year, excluding shares held in treasury.

PDU: Power Distribution Units.

UPS: Uninterruptible Power Supply.

Working capital requirement: Working capital requirement is defined as the sum of trade receivables, inventories, other current assets, income tax receivables and short-term deferred tax assets, less the sum of trade payables, other current liabilities, income tax payables, short-term provisions and short-term deferred tax liabilities.

Calculation of working capital requirement

In € millions

2018

2019

Trade receivables

666.4

756.8

Inventories

885.9

852.6

Other current assets

206.0

217.5

Income tax receivables

89.6

60.2

Short-term deferred taxes assets/(liabilities)

91.2

88.2

Trade payables

(662.0)

(654.2)

Other current liabilities

(605.2)

(653.0)

Income tax payables

(31.5)

(28.3)

Short-term provisions

(87.9)

(104.1)

Working capital required

552.5

535.7

Calculation of net financial debt

In € millions

2018

2019

Short-term borrowings

400.5

616.2

Long-term borrowings

2,918.6

3,575.4

Cash and cash equivalents

(1,022.5)

(1,710.9)

Net financial debt

2,296.6

2,480.7

Reconciliation of adjusted operating profit with profit for the period

In € millions

2018

2019

Profit for the period

772.4

836.1

Share of profits (losses) of equity-accounted entities

0.4

1.8

Income tax expense

301.3

318.3

Exchange (gains) / losses

(2.2)

2.0

Financial income

(12.0)

(11.9)

Financial expense

79.1

91.1

Operating profit

1,139.0

1,237.4

Amortization & depreciation of revaluation of assets at the time of acquisitions and other P&L impacts relating to acquisitions

73.1

88.7

Impairment of goodwill

0.0

0.0

Adjusted operating profit

1,212.1

1,326.1

Reconciliation of EBITDA with profit for the period

In € millions

2018

2019

Profit for the period

772.4

836.1

Share of profits (losses) of equity-accounted entities

0.4

1.8

Income tax expense

301.3

318.3

Exchange (gains) / losses

(2.2)

2.0

Financial income

(12.0)

(11.9)

Financial expense

79.1

91.1

Operating profit

1,139.0

1,237.4

Depreciation and impairment of tangible assets

100.9

183.3

Amortization and impairment of intangible assets (including capitalized development costs) and reversal of Milestone inventory step-up

106.3

123.3

Impairment of goodwill

0.0

0.0

EBITDA

1,346.2

1,544.0

Reconciliation of cash flow from operations, free cash flow and normalized free cash flow with profit for the period

In € millions

2018

2019

Profit for the period

772.4

836.1

Adjustments for non-cash movements in assets and liabilities:

 

 

Depreciation, amortization and impairment

209.7

309.4

Changes in other non-current assets and liabilities and long-term deferred

taxes

105.8

64.6

Unrealized exchange (gains)/losses

6.3

5.1

(Gains)/losses on sales of assets, net

5.1

5.0

Other adjustments

1.2

1.5

Cash flow from operations

1,100.5

1,221.7

Decrease (Increase) in working capital requirement

(175.2)

17.7

Net cash provided from operating activities

925.3

1,239.4

Capital expenditure (including capitalized development costs)

(184.3)

(202.2)

Net proceeds from sales of fixed and financial assets

5.3

7.1

Free cash flow

746.3

1,044.3

Increase (Decrease) in working capital requirement

175.2

(17.7)

(Increase) Decrease in normalized working capital requirement

(28.0)

(16.8)

Normalized free cash flow

893.5

1,009.8

 

Scope of consolidation

2018

Q1

H1

9M

Full year

Full consolidation method

Modulan

Balance sheet only

Balance sheet only

6 months

9 months

Gemnet

 

Balance sheet only

Balance sheet only

7 months

Shenzhen Clever Electronic

 

 

Balance sheet only

6 months

Debflex

 

 

 

Balance sheet only

Netatmo

 

 

 

Balance sheet only

Kenall

 

 

 

Balance sheet only

Trical

 

 

 

Balance sheet only

2019

Q1

H1

9M

Full year

Full consolidation method

Modulan

3 months

6 months

9 months

12 months

Gemnet

3 months

6 months

9 months

12 months

Shenzhen Clever Electronic

3 months

6 months

9 months

12 months

Debflex

Balance sheet only

6 months

9 months

12 months

Netatmo

Balance sheet only

6 months

9 months

12 months

Kenall

3 months

6 months

9 months

12 months

Trical

Balance sheet only

6 months

9 months

12 months

Universal Electric Corporation

 

Balance sheet only

6 months

9 months

Connectrac

 

 

 

Balance sheet only

Jobo Smartech

 

 

 

Balance sheet only

 

Disclaimer

This press release may contain forward-looking statements which are not historical data. Although Legrand considers these statements to be based on reasonable assumptions at the time of publication of this release, they are subject to various risks and uncertainties that could cause actual results to differ from those expressed or implied herein.

Details on risks are provided in the Legrand Registration Document filed with the Autorité des marchés financiers (Financial Markets Authority, AMF), which is available on-line on the websites of both AMF (www.amf-france.org) and Legrand (www.legrandgroup.com).

No forward-looking statement contained in this press release is or should be construed as a promise or a guarantee of actual results, which are liable to differ significantly. Therefore, such statements should be used with caution, taking into account their inherent uncertainty.

Subject to applicable regulations, Legrand does not undertake to update these statements to reflect events or circumstances occurring after the date of publication of this release.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy Legrand shares in any jurisdiction.

 

1 At 2018 scope of consolidation.
2 Achievement rate of CSR 2019-2021 roadmap in 2019.
3 For a complete presentation of Legrand’s 2019 targets and medium-term business model, readers are invited to consult the press release dated February 14, 2019.  
4 For more details, readers are invited to consult press releases dated February 14, 2019 and June 12, 2019.
5 Program dedicated to the implementation of best practices throughout the Group, covering in particular the management of operational performance, new-product development, rules for health and safety, and quality.
6 For the complete wording of the medium-term model, readers are invited to consult the press release dated February 14, 2019.
7 Possibly linked to developments in the world health outlook.
8 Benelux: Belgium + Netherlands + Luxembourg.
9 Southern Europe: Spain + Greece + Portugal.
10 Achievement rate of CSR 2019-2021 roadmap in 2019.
11 This dividend will be paid in full out of distributable income.
12 For more details, readers are invited to consult the press release dated June 12, 2019.
13 Program dedicated to the implementation of best practices throughout the Group, covering in particular the management of operational performance, new-product development, rules for health and safety, and quality.
14 POC: Proof of Concept.
15 The 2019 consolidated financial statements have been audited and the Statutory Auditors' report is in the process of being published.
16 Period of time when all communication is suspended in the run-up to publication of results.

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