Slide 1: Investor Presentation TOMRA Systems ASA
INVESTOR PRESENTATION TOMRA SYSTEMS ASA 23 February 2017 © TOMRA
Slide 2: The Dawn of the Resource Revolution
THE DAWN OF THE RESOURCE REVOLUTION THE CHALLENGE: THE OPPORTUNITY: 3 billion more middle-class $2.9 trillion of savings in consumers expected to be in the 2030 from capturing the resource global economy by 2030 productivity potential Up to $1.1 trillion At least $1 trillion spent annually on resour
Slide 3: World population and standard of living increasing dramatically
7 ai “! TALS THE WORLD POPULATION AND STANDARD OF LIVING IS INCREASING DRAMATICALLY =, TOMRA creates ea sensor-based RESOURCE PRODUCTIVITY MUST INCREASE : TO ENSURE SUSTAINABLE DEVELOPMENT solutions for optimal resource productivity 228 ‘Paka.
Slide 4: Leading the Resource Revolution
K&S TOMRA LEADING THE RESOURCE REVOLUTION
Slide 5: TOMRA impact in numbers
• Our solutions, in use around the globe, helped keep ~25 millions of tons of CO₂ from being released into the atmosphere in 2016 • ~35 bn used beverage containers are captured every year through our reverse vending machines • Our steam peelers process ~15 million tons of potatoes per year with a 1%
Slide 6: TOMRA in Short
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Slide 7: Creating value through two strong business areas
CREATING VALUE THROUGH TWO STRONG BUSINESS AREAS* 2016 Revenue 2016 EBITA 100 % 100 % ~30 ~40 • High growth 80 % • High margins 80 % % % • Medium cyclicality 60 % 60 % 40 % 40 % ~70 ~60 • Stable % % • High margins • Low cyclicality 20 % 20 % 0% 0% Collection Sorting Collection Sorting High technolog
Slide 8: The TOMRA Transformation Journey
THE TOMRA TRANSFORMATION JOURNEY 2000 2004 2008 2012 2016 FROM: TO: 5% 18 % 36 % 39 % 100% 95 % 61 % 82 % 64 % Collection Collection Collection Collection A house of Collection A branded brands Sorting Sorting Sorting Sorting house 8
Slide 9: TOMRA Worldwide
TOMRA WORLDWIDE Head Office TOMRA Collection Solutions offices (19) TOMRA Sorting Solutions offices (24) Compac offices (9) Production entities (6) Test centers (13) (TSS) Food test center Mining test center Recycling test center Agents/distributors (~60) in Leuven, Belgium in Hamburg, Germany in Ko
Slide 10: TOMRA's Two Business Areas
TOMRA’S TWO BUSINESS AREAS FOOD* REVERSE VENDING Share of ‘15 sales ~25% ~45% Employees 580 1,310 Customers Food growers, packers and processors Grocery retailers Market share ~25% ~75% RECYCLING MATERIAL RECOVERY Share of ‘15 sales ~12% ~15% Employees 175 500 Customers Material recovery facilities,
Slide 11: TOMRA Installed Base
TOMRA INSTALLED BASE REVERSE VENDING RECYCLING MINING FOOD* Nordic ~15,300 EMEA ~3,500 Europe ~10 EMEA ~2,900 Germany ~29,500 Americas ~700 US / Canada ~30 Americas ~2,700 Other Europe ~14,200 Asia ~600 Australia ~5 Asia ~600 North America ~15,900 Other ~20 South Africa ~25 Rest of the world ~3,500
Slide 12: Using the power of business to do good
USING THE POWER OF BUSINESS TO DO GOOD EMPLOYEES ETHICAL BUSINESS BEHAVIOUR • 77% of our employees say • Member of UN Global Compact TOMRA is a “Great Place to since end 2009 Work” (2015) • Implementing ethical policies worldwide ENVIRONMENT INCREASING CUSTOMER VALUES • We contribute to avoided emis
Slide 13: TOMRA in Depth
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Slide 14: TOMRA Collection Solutions
TOMRA Collection Solutions 14
Slide 15: Reverse Vending Advantages
REVERSE VENDING ADVANTAGES 15
Slide 16: Recycling of beverage packaging in a deposit system
RECYCLING OF BEVERAGE PACKAGING IN A DEPOSIT SYSTEM 16
Slide 17: Elements of a modern reverse vending system
ELEMENTS OF A MODERN REVERSE VENDING SYSTEM User communication Recognition system Sorting & processing Data administration 17
Slide 18: The used beverage container recycling value chain
THE USED BEVERAGE CONTAINER RECYCLING VALUE CHAIN Generic used beverage container (UBC) recycling value chain RVM-based UBC recycling value chain RVM SERVICE/ DATA ADMIN/ MATERIAL MATERIAL MATERIAL MATERIAL TECHNOLOGY SUPPORT CLEARING PICK-UP PROCESSING BROKERAGE RECYCLING 18
Slide 19: T-9: The first of a new generation of machines
T-9: THE FIRST OF A NEW GENERATION OF MACHINES • In fourth quarter 2013, TOMRA presented the first machine of the new generation of machines to come • T-9 features the first 360 degree recognition system applied in an RVM and a completely new industrial design • The machine is faster, cleaner and ta
Slide 20: Complete transformation of the product portfolio in progress
A COMPLETE TRANSFORMATION OF THE PRODUCT PORTFOLIO IN PROGRESS 2012 Portfolio 2017 Portfolio 20
Slide 21: Current deposit markets
CURRENT DEPOSIT MARKETS Northwest Territories (2005) Quebec Sweden (1984) Norway (1984) Yukon (1992) (1999) Finland Iceland (1996) (1989) Newfoundland Ontario (1997) Denmark Estonia (2007) (2002) (2005) British Columbia (1970) Prince Edwardian Lithuania Netherlands (2016) Island (2008) (2005) Nova S
Slide 22: Competitive landscape
COMPETITIVE LANDSCAPE* >75,000 10,000- 70,000 # of installed RVS 5,000- 10,000 500- 5,000 KANSMACKER MAX COMPACTION <500 INCOM RVM TECH DIGI 1-10 11-20 22-30 31-40 >40 Number of RVS markets Annual revenue from RVS sales Source: TOMRA estimates and analysis * Estimates 22
Slide 23: RVM: Our Strategy 2013-2018
RVM: OUR STRATEGY 2013 -2018 Defend and nurture core • Increase differentiation towards competition 1 deposit market business • Further reduce the cost of reverse vending systems • Increase scope of existing deposit markets Ensure continued relevance 2 • Assist in developing new deposit markets of d
Slide 24: New sourcing setup main driver for COGS savings
A NEW SOURCING SETUP IS THE MAIN DRIVER FOR ACHIEVED COGS SAVINGS COGS stribution by region (sourcing) Percent of total 100% 90% 80% 42% 40% 40% 47% 47% 70% 60% 60% 80% 50% 20% 25% 26% 40% 29% 28% 30% 23% 20% 40% 32% 35% 15% 24% 25% 10% 17% 5% 0% 2009 2011 2012 2013 2014 2015 2016 Asia East Europe R
Slide 25: Ensure continued relevance of automated deposit systems
ENSURE CONTINUED RELEVANCE OF AUTOMATED DEPOSIT SYSTEMS Handling method for deposit containers Share of containers sold with deposit Percent of total Percent of total 15 % 40 % 60 % 85 % Handled with RVS Containers sold with deposit Handled manually Containers sold without deposit ILLUSTRATIVE Sourc
Slide 26: Enter new segments
ENTER NEW SEGMENTS Depot segment >200,000 opportunity 50,000- TOMRA’s current 200,000 sweet spot Price (EUR) 10,000- 50,000 3,000- 5,000 Small stores Hypermarkets, C&C Large depots, Discounters/Supermarkets RCs, small depots etc. counting centers 0.1 -0.3 M UBC/year 0.3 -1 M UBC/year 1-3 M UBC/year
Slide 27: Create new revenue streams from SW/IT
CREATE NEW REVENUE STREAMS FROM SW/IT TOMRAPlus TOMRA ReAct/PANTO Integrating hardware and software into attractive and engaging combos 27
Slide 28: TOMRA machines installed in the German market
GERMANY REPLACEMENT UPDATE TOMRA MACHINES INSTALLED IN THE GERMAN MARKET 2700 – 3700 MACHINES PER YEAR 28
Slide 29: Potential new deposit markets
POTENTIAL NEW DEPOSIT MARKETS Recently approved Nearly approved In progress North America: Scotland: Possible expansion of Discussions ongoing deposit system in Quebec Croatia: Opportunity for ~1,000 machines from 2016-2019 Australia Spain: NSW to introduce deposit Regional initiatives from July 201
Slide 30: Collection Solutions – Financial Dashboard
COLLECTION SOLUTIONS – FINANCIAL DASHBOARD Material Material RVM RVM Recovery Recovery Dashboard Industry growth Market share 0-10% 0-3% 75% 60% Geographical Recurring diversity revenue ~75% 90-100% 20-30 markets 10 markets Profitability Cyclicality (ROCE)* 30-40% ~15% Low Low TARGETS 2013 -2018 Yea
Slide 31: TOMRA Sorting Solutions
TOMRA Sorting Solutions IE TOMRA
Slide 32: Strong revenue growth since inception in 1996
STRONG REVENUE GROWTH SINCE INCEPTION IN 1996 Revenue development and key milestones MNOK • Total revenue growth BEST 2,545 (organic plus inorganic) CAGR acquired of ~30% per year from 2004- Odenberg 2016 acquired — Average annual organic growth for the same Ultrasort period was ~17% acquired • Tech
Slide 33: Sorting Value Proposition
SORTING VALUE PROPOSITION 33
Slide 34: How does sensor based separation work?
HOW DOES SENSOR BASED SEPARATION WORK? • High-tech sensors to identify objects • High speed processing of information (material, shape, size, color, defect, damage and location of objects) • Precise sorting by air jets or mechanical fingers • Product specific equipment design often including multipl
Slide 35: Adoption of sensor-based sorting at different maturity levels
ADOPTION OF SENSOR-BASED SORTING AT DIFFERENT MATURITY LEVELS Maturity/ industry adoption FOOD RECYCLING MINING* Time * In certain mining sub-segments, such as industrial minerals and diamonds, sensor-based sorting is a more mature technology. 35
Slide 36: A common sensor based technology portfolio
A COMMON SENSOR BASED TECHNOLOGY PORTFOLIO Sensor/ Material Property Segment [m] Technology Gamma- 10-12 RM (Radiometric) Natural Gamma Radiation Mining radiation 10-11 10-10 XRT (X-ray transmission) Atomic Density Recycling, Mining, Food Low Energy X-ray X-ray 10-9 10-8 XRF X ray fluorescence (Elem
Slide 37: Products serving a wide range of detection parameters
…TO DEVELOP PRODUCTS SERVING A WIDE RANGE OF DETECTION PARAMETERS Color Shape & Size Removal of discolorations in mono- Sort on length, width, diameter, area, and mixed-color material broken-piece recognition, … Blemishes Biometric Characteristics Objects with spots or other (small) Sort based on wa
Slide 38: Cross utilizing our portfolio technologies
CROSS UTILIZING OUR PORTFOLIO TECHNOLOGIES TITECH NIR + ODENBERG BEST LASER + TOMRA TITECH NIR + BEST LASER platform mining platform Field Potato Sorter PRO Laser Duo Nimbus BSI • The NIR technology allows • The LASER technology • An NIR sensor has been added efficient removal of rocks, allows detec
Slide 39: Sorting unwashed potatoes: working principle
SORTING UNWASHED POTATOES: WORKING PRINCIPLE • The Field Potato Sorter is ODENBERG’s first venture into the unwashed potato market • The machine uses unique near infra-red technology to remove soil clods, stones and rotten potatoes, in addition to the foreign material commonly found in fields such a
Slide 40: Market size and potential
MARKET SIZE AND POTENTIAL Total annual market size Market growth EUR million • Market expected to grow at rate of around 7-9% per year ~1 320 • A large part of growth from unlocking of dormant potential – only possible by developing new applications and technologies • Some growth in “old world”, but
Slide 41: Sorting Solutions: Our Strategy
SORTING SOLUTIONS: OUR STRATEGY Food Recycling Mining More than doubling of emerging markets revenue (but North America and Europe still 60% of business in 2018) New applications representing Significant expansion of sales 1 Revenue growth 25% of revenue in 2018 15 M€ growth in new segments network
Slide 42: Backlog development and momentum
42 BACKLOG DEVELOPMENT AND MOMENTUM • Order intake of 649 MNOK in the quarter (up from 551 MNOK same quarter last year) • Revenues were 738 MNOK (compared to 677 MNOK in 4Q16) • Order backlog of 704 MNOK, up from 659 MNOK at the end of fourth quarter 2015 • Estimated backlog conversion ratio in 1Q17
Slide 43: Financial Dashboard – Sorting Solutions
FINANCIAL DASHBOARD – SORTING SOLUTIONS Dashboard Food Recycling Mining Industry Market share Growth 5-15% 40-50 %⁽ⁱ⁾ 55-65 % 40-50 % Recurring Geographical revenue diversity 15-20% 45-50 markets 40-50 markets 45-50 markets Profitability (ROCE)* 45-55% Cyclicality Medium High High TARGETS 2013 -2018
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Slide 45: Growth in global food demand will spur investments in automation
GROWTH IN GLOBAL FOOD DEMAND WILL SPUR INVESTMENTS IN AUTOMATION Drivers and trends • Increasing food consumption in emerging markets, more mid-class consumers • Industry focus on increased productivity and reducing costs through automation & quality control • Higher quality demands from the consume
Slide 46: Market size food sorting
MARKET SIZE FOOD SORTING* Total annual market size Market growth EUR million • Total market for food sorting growing around 6- 8% per year • Approximately a third of total growth is dormant potential ~1 100 — only unlocked by development of new applications and technologies • New world share grows b
Slide 47: Uniquely positioned to serve the entire value chain
WE ARE UNIQUELY POSITIONED TO SERVE THE ENTIRE VALUE CHAIN WITH OUR PRODUCT PLATFORM Sales of potato-related products account for about 25% of the sales in the food division 47
Slide 48: Introduction to Compac
INTRODUCTION TO COMPAC (ANNOUNCED 12.10.16) Introduction Spectrim: Compac’s latest sorter • Compac is a New Zealand-based provider of post-harvest solutions and • The sorter was launched in 2015 services to the global fresh produce industry • Represents an unmatched capability of external • Founded
Slide 49: Transaction rationale elaborated
TRANSACTION RATIONALE ELABORATED • Lane sorting is a fast-growing adjacent segment with a ~8% historical CAGR and strong future outlook Attractive • Key market trends drive further growth, especially in the developing markets as a substitute for Market manual labor as we see wages increase • The ind
Slide 50: TOMRA has the broadest footprint within the food sorting universe
TOMRA HAS THE BROADEST FOOTPRINT WITHIN THE FOOD SORTING UNIVERSE A B C Free fall Belt Lane SK NDF PFV Fresh Rice, Seeds & Nuts & Processed Fruit, Vegetables and Potatoes Kernels Dried Fruit Fruits & Veg Circa 40%* of annual global Circa 30%* of annual global Circa 25%* of annual sorter sales revenu
Slide 51: Three ways of sorting within the food segment
THREE WAYS OF SORTING WITHIN THE FOOD SEGMENT Free fall (Channel / Chute) Free fall Application Seeds, rice, grains 60 % Companies Buhler, Key, Best, Satake, Daewon, Hefei, A Sensor tech. Orange Camera (simple) B Belt Belt Application Prepared /preserved veg. and fruit 20 % Companies Best, Key, Oden
Slide 52: Food competitive landscape
FOOD COMPETITIVE LANDSCAPE A >3,000 B TOMRA competitive positioning • Size (revenues) # of installed machines • Widest range of applications (150+) 1,000- 3,000 • Broadest technology base • Geographic reach (~80 countries) • Market share in targeted segments • Transformative solutions (Q-Vision) • M
Slide 53: Broad coverage and technology base in bulk sorting
OUR BROAD COVERAGE AND TECHNOLOGY BASE IS SETTING US APART IN BULK SORTING DRIED FRUIT NUTS FRESH CUT FRUIT VEGETABLES MEAT POTATOES SEAFOOD • Apricots • Almonds • Baby • Apples • Beans • Bacon bits • Washed • Mussels FOOD • Craisins • Cashews leaves • Blackberries • Beet • Beef • French fries • Sca
Slide 54: Our customers
OUR CUSTOMERS We are active in five continents and 80 markets • 6 of the 10 largest, global food companies are our customers • We have ~2,000 customers globally TSS Food provides sorting solutions for: • Growers: Harvester mounted tomato, onion and garlic sorters - ~5% of our customers • Packers: So
Slide 55: Reducing complexity: merging platforms for next generation machines
REDUCING COMPLEXITY: MERGING PLATFORMS FOR OUR NEXT GENERATION MACHINES High-Level Product Roadmap FOOD (Illustrative) Simplification of Product Landscape PRODUCT 1 PRODUCT 2 NEXT GENERATION PRODUCT 3 PRODUCT 4 NEXT GENERATION PRODUCT 5 NEXT GENERATION PRODUCT 6 PRODUCT 7 PRODUCT 8 PRODUCT 1 NEXT GE
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Slide 57: Global drivers for the recycling segment
GLOBAL DRIVERS FOR THE RECYCLING SEGMENT Drivers and trends • Consumption and industry production level increase • Favorable changes in regulatory framework (DSD, WEEE, ELV, etc) • Commodity price levels and fluctuation • Access to financing • Demand for recycled raw materials • Increasing labor cos
Slide 58: Only a fraction of waste volume handled by sensor based sorting
ONLY A FRACTION OF THE WASTE VOLUME IS HANDLED BY SENSOR BASED SORTING Sensor based sorting is competing with different technologies Landfill Incineration Separate Collection Scavengers Hand Sorting 58
Slide 59: Legislative framework promoting recycling
LEGISLATIVE FRAMEWORK - PROMOTING RECYCLING Description Target • Recycling and reuse of municipal • Rules on the production, marketing, use, recycling and refilling waste: 70% by 2030 of containers of liquids for human consumption and on the • Recycling and reuse of packaging Packaging disposal of u
Slide 60: Market size recycling
MARKET SIZE RECYCLING Total annual market size Market growth EUR million • Market expected to grow at around 7-9% per year, lower than previous expectations due to economic slowdown • Demand in old world flattening, while new markets expected to drive growth • Existing segments will serve as a base,
Slide 61: Recycling: applications and sensor technology
RECYCLING: APPLICATIONS AND SENSOR TECHNOLOGY HOUSEHOLD AUTOMOBILE ELECTRONIC WASTE PACKAGING C&D SHREDDER SCRAP MATERIAL • Hard plastics • Plastics • Inert material • NF metal • Printed circuit • Plastic film • Plastic film • Plastic film • Stainless steel boards • Mixed paper • Cardboard • Metals
Slide 62: Automated with TOMRA sorting units
AUTOMATED WITH TOMRA SORTING UNITS NIR for packaging waste Baler Focus on the PET stream PP Mixed Paper cleaning PE Colored PE Natural ONP Cleaning PET Manual sorting for oversize materials Sorting of Municipal Solid Waste, Cyprus Packaging ONP Double Deck Screen Ballistics (removing films) Input 62
Slide 63: Recycling competitive landscape
RECYCLING COMPETITIVE LANDSCAPE >3,000 TOMRA competitive positioning # of installed machines • Largest installed base • Highest revenues 1,000- 3,000 • Broadest technology platform • Highest number of applications and markets served • Leading brand • Market share: 55-65% 0-1,000 10-25 25-50 >50 mark
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Slide 65: Global drivers for the mining segment
GLOBAL DRIVERS FOR THE MINING SEGMENT • Energy costs and water stress are major drivers • Demand of all commodities is expected to grow with increased population and urbanization in the drivers seat • Increasing labor costs in emerging world drive adoption of automatic sorting technologies • Mining
Slide 66: Market size mining
MARKET SIZE MINING Total annual market size Market growth EUR million • Capex has declined recent years • Sensor based machines sales expected to grow at around 15% per year — Growth is however conditional on new applications and technologies being developed • Sensor based sorting is still a technol
Slide 67: Mining: applications and sensor technology
MINING: APPLICATIONS AND SENSOR TECHNOLOGY INDUSTRIAL BASE & FUEL/ PRECIOUS DIAMONDS MINERALS Fe METALS ENERGY METALS & GEMS METAL SLAG • Calcite •Copper • Coal • Gold • Diamonds • Stainless steel COMMODITY • Quarts • Zinc • Uranium • Platinum • Tanzanite • Copper • Feldspar • Nickel • Colored • Chr
Slide 68: The concept of sensor-based sorting in mining
THE CONCEPT OF SENSOR-BASED SORTING IN MINING Mining process: Mining process: Industrial minerals Metal mining Run of Mine (ROM) Run of Mine (ROM) Primary Crushing Primary Crushing Secondary Crushing Sensor Based Sorting Waste Sensor Based Sorting • 15% to 50% of the ROM Beneficiation Plant: can be
Slide 69: Mining competitive landscape
MINING COMPETITIVE LANDSCAPE >200 TOMRA competitive positioning # of installed machines • Wide geographical coverage • Broadest technology platform 50-200 • Leading brand • Pioneering in developing high volume sorter in corporation with Rio Tinto • Market share: 40-50% 0-50 10-25 25-50 >50 markets m
Slide 70: Historical financial performance
Historical financial performance 70
Slide 71: Key financials development
KEY FINANCIALS DEVELOPMENT Revenues Gross Contribution and margin 7 000 3 000 50% 45% 6 000 2 500 40% 5 000 35% 2 000 4 000 30% MNOK MNOK 1 500 25% 3 000 20% 1 000 15% 2 000 500 10% 1 000 5% 0 0 0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 EB
Slide 72: Financial highlights
FINANCIAL HIGHLIGHTS BALANCE SHEET, CASH FLOW AND CAPITAL STRUCTURE 31 Dec 31 Dec Amounts in NOK million 2016 2015 ASSETS 7,115 7,318 • Intangible non-current assets 2,750 2,816 • Tangible non-current assets 801 721 • Financial non-current assets 342 309 • Inventory 1,127 1,158 • Receivables 1,696 1
Slide 73: Currency
73 CURRENCY -1.8%* Some negative impact from currencies in 4Q16 vs 4Q15 -3.2%* -8.0%* 4Q15 1Q16 2Q16 3Q16 4Q16 * Average rate 4Q16 vs average rate 4Q15 Revenues and expenses per currency; NOTE: Rounded figures EUR** USD NOK SEK OTHER TOTAL Revenues 45 % 30 % 5% 10 % 10 % 100 % Expenses 45 % 25 % 10
Slide 74: Currency exposure
CURRENCY EXPOSURE Revenues and expenses per currency; NOTE: Rounded figures EUR* USD NOK SEK OTHER TOTAL Revenues 45 % 30 % 5% 10 % 10 % 100 % Expenses 45 % 25 % 10 % 10 % 10 % 100 % EBITA 45% 50 % - 15 % 10 % 10 % 100 % * EUR includes DKK 10% change in NOK towards other currencies will impact; Reve
Slide 75: Collection Solutions – Segment Financials
COLLECTION SOLUTIONS – SEGMENT FINANCIALS Revenue development Gross and EBITA margin development NOK million Percent 4500 50 44 4000 45 41 42 42 42 42 41 39 40 40 3500 40 35 3000 30 2500 25 2000 19 20 21 20 20 20 21 20 16 1500 14 14 15 1000 10 500 5 0 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2
Slide 76: Sorting Solutions – Segment Financials
SORTING SOLUTIONS – SEGMENT FINANCIALS Revenue development Gross and EBITA margin development NOK million Percent 2500 70 64 62 62 58 60 54 2000 51 50 45 45 45 45 1500 40 28 30 26 1000 22 17 18 17 20 13 500 11 11 12 10 0 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2007 2008 2009 2010 2011 20
Slide 77: TOMRA Shareholder Structure
TOMRA SHAREHOLDER STRUCTURE Top 10 shareholders as of 31st of December 2016 Shareholders by country 1 Investment AB Latour 38 130 000 25.8% 3% 2 Folketrygdfondet 9 529 819 6.4% 5% 5% 3 The Bank of New York BNYM, Stitching Dep 7 845 000 5.3% (NOM) 6% 35% 4 Skandinaviska Enskilda A/C Clients account 4
Slide 78: Disclaimer
DISCLAIMER Copyright The material in this Document (which may be a presentation, video, brochure or other material), hereafter called Document , including copy, photographs, drawings and other images, remains the property of TOMRA Systems ASA or third party contributors where appropriate. No part of