Molex Incorporated (NASDAQ: MOLX and MOLXA), a global electronic
components company, today reported results for its fiscal 2010
fourth quarter and its full fiscal year 2010, both ended June 30,
2010.
Three Months Ended
Jun. 30,
Mar. 31, Jun. 30,
USD millions, except per share
data
2010
2010 2009 Net revenue $ 847.3 $ 756.3 $ 570.6 Net income
(loss) 39.8 38.4 (220.5 ) Earnings (loss) per share 0.23 0.22 (1.27
) Non-GAAP net income (loss)* 67.5 51.0 (15.6 ) Non-GAAP earnings
(loss) per share* 0.39 0.29 (0.09 )
*A reconciliation of non-GAAP measures can be found on page
5
Revenue for the June 2010 quarter of $847.3 million exceeded the
high end of the guidance provided on April 27, 2010 and increased
12% from the March 2010 quarter and 48% from the June 2009 quarter.
The increase in local currency was 13% compared with the March 2010
quarter and 46% compared with the prior year. Orders for the
quarter were $910.4 million, an increase of 9% from the March 2010
quarter and 58% from the prior year quarter.
Net income for the June 2010 quarter was $39.8 million or $0.23
per share, compared with net income of $38.4 million or $0.22 per
share, for the March 2010 quarter. For the June 2010 quarter, net
income included a pretax restructuring charge of $26.5 million
($24.7 million after-tax or $0.14 per share) and a pretax loss of
$4.8 million ($3.0 million after-tax or $0.02 per share) related to
unauthorized activities in Japan. The effective tax rate for the
quarter was 35.0%.
On a non-GAAP basis, net income for the June 2010 quarter was
$67.5 million or $0.39 per share, compared with net income of $51.0
million or $0.29 per share, in the March 2010 quarter. For the
quarter, non-GAAP net income excluded charges for the restructuring
program and losses related to unauthorized activities in Japan. The
effective tax rate for the quarter on a non-GAAP basis was
27.0%.
“We achieved record bookings in the quarter and hit an all time
high for revenue in the month of June,” commented Martin P. Slark,
Molex’s Chief Executive Officer. “Business activity in all of our
major markets is quite strong and we expect to see further growth
going forward, although at a slower pace. We ended the fiscal year
with strong momentum. As expected, our restructuring program is now
complete and we are seeing the benefits of our reorganization and
improved cost structure through both top line growth and increased
earnings power.”
Other financial highlights for
the quarter ended June 30, 2010:
- Gross profit margin decreased to
29.9%, compared with 31.2% in the March 2010 quarter due primarily
to higher supply chain costs necessary to meet customer
requirements.
- SG&A expense was $158.7
million, an increase of $2.3 million from the March 2010 quarter.
The increase was primarily due to increased selling costs in
support of the higher demand level and increases in research and
development costs related to new product introductions.
- Capital expenditures were $79.5
million or 9.4% of revenue due to investments for new product
introductions and general capacity increases to keep pace with
customer demand.
- Depreciation and amortization
expense was $58.0 million or 6.8% of revenue, down $1.4 million
from the March 2010 quarter.
- Book-to-bill ratio was 1.07, the
fifth consecutive quarter of positive ratios.
- Backlog was $473 million, an
increase of $50.8 million or 12% from the March 2010 quarter.
- Cash flow from operations was
$68.7 million, a 71% increase from the March 2010 quarter.
Full Year
Results
Revenue for the full fiscal year ended June 30, 2010 was $3.0
billion, an increase of 16.5% compared with the prior fiscal year.
The increase in local currency was 14%. Net income of $76.9 million
or $0.44 per share included a pretax restructuring charge of $117.1
million ($92.8 million after-tax or approximately $0.53 per share),
a tax adjustment related to stock compensation of $4.8 million or
$0.03 per share and a pretax loss of $26.9 million ($17.1 million
after-tax or $0.10 per share) related to unauthorized activities in
Japan.
On a non-GAAP basis, net income for the full fiscal year ended
June 30, 2010 was $191.7 million or $1.10 per share, compared with
net income of $55.6 million or $0.32 per share in the prior fiscal
year, an increase of 244% for earnings per share. For these years,
non-GAAP net income excluded charges for goodwill impairment, the
restructuring program, the tax adjustment related to stock
compensation and losses related to unauthorized activities in
Japan. The effective tax rate for the fiscal year on a non-GAAP
basis was 30.4%.
Unauthorized Activities in
Japan
As previously disclosed, in April 2010 Molex launched an
investigation into unauthorized activities in its Japanese
subsidiary because it learned that an individual had obtained
unauthorized loans and entered into unauthorized trading in Molex
Japan’s name. Based on the results of the substantially completed
investigation, we recorded for accounting purposes an accrued
liability of $165.8 million as of June 30, 2010 for the outstanding
unauthorized loans pending the resolution of these matters, as more
fully described below. Based on our consultation with legal counsel
in Japan and the information learned from the substantially
completed investigation, we intend to vigorously contest the
enforceability of the outstanding unauthorized loans and any
attempt by the lender to obtain payment.
Restructuring
Update
The Company completed the restructuring program during the June
2010 quarter. The total pretax cost of the program was $315 million
which is $15 million higher than previously estimated due to
additional non-cash asset impairments for redundant production
capacity and further reductions in the carrying cost of real estate
held for sale. The expected cost savings from the restructuring
program is approximately $205 million on an annual basis. To date,
we have realized annual savings of approximately $172 million with
$33 million still to be realized in fiscal 2011.
Outlook
The Company estimates revenue in a range of $850 to $880 million
for the September 2010 quarter. At this level of revenue, the
Company expects earnings per share in a range of $0.42 to $0.46,
assuming an effective tax rate of 30%.
Earnings Conference Call
Information
A conference call will be held on Tuesday, August 3, 2010 at
4:00 pm central time. Please dial (888) 680-0892 to participate in
the call. International callers should dial (617) 213-4858. Please
dial in at least five minutes prior to the start of the call and
refer to participant pass code 87571928. Internet users will be
able to access the web-cast, including slide materials, live and in
replay in the “Investors” section of the Company’s website at
www.molex.com. A 48-hour telephone replay will be available at
approximately 6:00 pm central time at (888) 286-8010 or (617)
801-6888 / pass code 33670771.
Other Investor
Events
September 9, 2010 -
Molex Incorporated will host an Analysts Meeting to provide an
update to investors on the Company’s growth strategies, financial
performance and initiatives. The event will again be at our
corporate offices – Molex Incorporated, 2222 Wellington Court,
Lisle, Illinois 60532. The meeting will begin at 10:30am central
and is scheduled to end at approximately 3:00pm central. If you
would like to attend – please contact Christina Gutierrez at
chris.gutierrez@molex.com
Forward-Looking
Statements
Statements in this release that are not historical are
forward-looking and are subject to various risks and uncertainties
that could cause actual results to vary materially from those
stated. Words such as “anticipates,” “expects,” “believes,”
“intends,” “plans,” “projects,” “estimates,” “potential,” and
similar expressions are used to identify these forward-looking
statements. Forward-looking statements are based on currently
available information and include, among others, the discussion
under “Outlook.” These statements are not guarantees of future
performance and are subject to risks, uncertainties and assumptions
including those associated with the operation of our business,
including the risk that customer demand will decrease either
temporarily or permanently, whether due to the Company's actions or
the demand for the Company's products, and that the Company may not
be able to respond through cost reductions in a timely and
effective manner; the risk that the value of our inventory may
decline; price cutting, new product introductions and other actions
by our competitors; fluctuations in the costs of raw materials that
the Company is not able to pass through to customers because of
existing contracts or market factors; the availability of credit
and general market liquidity; fluctuations in currency exchange
rates; the financial condition of our customers; labor cost
increases; the challenges attendant to plant closings and
restructurings, the difficulty of commencing or increasing
production at existing facilities, and the reactions of customers,
governmental units, employees and other groups, the challenges
attendant to plant construction; and the ability to realize cost
savings from restructuring activities.
Other factors, risks and uncertainties are set forth in Item 1A
“Risk Factors” of the Company’s Form 10-K for the year ended June
30, 2009, and the Form 10-Q for the quarters ended September 30,
2009, December 31, 2009 and March 30, 2010 which are incorporated
by reference and in other reports that Molex files or furnishes
with the Securities and Exchange Commission. Forward-looking
statements are based upon assumptions as to future events that may
not prove to be accurate. Actual outcomes and results may differ
materially from what is expressed in these forward-looking
statements. As a result, this release speaks only as of its date
and Molex disclaims any obligation to revise these forward-looking
statements or to provide any updates regarding information
contained in this release resulting from new information, future
events or otherwise.
Molex Incorporated is a 72-year-old global manufacturer of
electronic, electrical and fiber optic interconnection systems.
Based in Lisle, Illinois, USA, the Company operates 39
manufacturing locations in 16 countries. The Molex website is
www.molex.com.
Editor’s note: Molex is traded on the NASDAQ Global Select
Market (MOLX and MOLXA) in the United States and on the London
Stock Exchange. The Company’s voting common stock (MOLX) is
included in the S&P 500 Index.
Molex Incorporated
Non-GAAP Measures
(in thousands, except per share data) Jun. 30,
Mar. 31, Jun. 30, 2010 2010 2009
Three months ended:
(as restated)*
(as restated)*
Net income (loss) $ 39,780 $ 38,447 $ (220,489 ) Restructuring
costs and asset impairments 24,694 7,440 32,224 Loss on
unauthorized activities in Japan 3,040 5,120 1,712 Goodwill
impairments - - 171,000 Non-GAAP net income (loss) $
67,514 $ 51,007 $ (15,553 ) Earnings (loss) per share
$ 0.23 $ 0.22 $ (1.27 ) Restructuring costs and asset impairments
0.14 0.04 0.19 Loss on unauthorized activities in Japan 0.02 0.03 -
Goodwill impairments - - 0.99 Non-GAAP
earnings (loss) per share $ 0.39 $ 0.29 $ (0.09 ) Jun. 30,
Jun. 30, 2010 2009
Fiscal years ended:
(as restated)*
Net income (loss) $ 76,930 $ (322,036 ) Restructuring costs and
asset impairments 92,835 111,798 Loss on unauthorized activities in
Japan 17,148 1,712 Tax adjustment - stock compensation 4,795 -
Goodwill impairments - 264,140 Non-GAAP net
income (loss) $ 191,708 $ 55,614 Earnings
(loss) per share $ 0.44 $ (1.84 ) Restructuring costs and asset
impairments 0.53 0.64 Loss on unauthorized activities in Japan 0.10
0.01 Tax adjustment - stock compensation 0.03 - Goodwill
impairments - 1.51 Non-GAAP earnings (loss)
per share $ 1.10 $ 0.32
*See Notes A and B
Non-GAAP net income (loss) and non-GAAP earnings (loss) per
share are non-GAAP financial measures. We refer to non-GAAP net
income (loss) and non-GAAP earnings (loss) per share to describe
earnings and earnings per share excluding the items referenced
above. We believe that non-GAAP net income (loss) and non-GAAP
earnings (loss) per share provide useful information to investors
because both provide information about the estimated financial
performance of Molex’s ongoing business. Non-GAAP net income (loss)
and non-GAAP earnings (loss) per share are used by management in
its financial and operational decision-making and evaluation of
overall operating performance and segment level core operating
performance. Non-GAAP net income (loss) and non-GAAP earnings
(loss) per share may be different from similar measures used by
other companies.
Molex Incorporated
Condensed Consolidated Balance
Sheets
(in thousands) June 30, June 30, 2010 2009 (as
restated)*
ASSETS
Current assets: Cash and cash equivalents
$
376,352
$
424,707 Marketable securities 18,508 43,234 Accounts receivable,
less allowances of $43,650 and $32,593 respectively 734,932 528,907
Inventories 469,369 354,337 Deferred income taxes 112,531 87,424
Other current assets 64,129 68,449 Total current
assets 1,775,821 1,507,058 Property, plant and equipment, net
1,055,144 1,080,417 Goodwill 131,910 128,494 Non-current deferred
income taxes 94,191 99,276 Other assets 179,512
196,341 Total assets
$
3,236,578
$
3,011,586
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities: Current portion of long-term debt and
short-term borrowings
$
110,070
$
224,340 Accounts payable 395,474 266,633 Accrued expenses:
Salaries, commissions and bonuses 96,403 55,109 Restructuring
26,898 69,928 Accrual for unauthorized activities in Japan 165,815
174,804 Other 96,531 93,392 Income taxes payable
21,505
687 Total current liabilities 912,696 884,893 Other
non-current liabilities 19,869 21,862 Accrued pension and
postretirement benefits 135,448 113,268 Long-term debt
183,434 30,311 Total liabilities 1,251,447
1,050,334 Commitments and contingencies Total
stockholders’ equity 1,985,131 1,961,252 Total
liabilities and stockholders’ equity $ 3,236,578 $ 3,011,586
*See Notes A and B
Molex Incorporated
Condensed Consolidated
Statements of Operations
(in thousands, except per share data) (quarterly information
unaudited)
Three Months Ended
Years Ended
June 30,
June 30,
2010 2009 2010 2009
(as restated)*
(as restated)*
Net revenue $ 847,304 $ 570,589 $ 3,007,207 $2,581,841 Cost
of sales 594,366 433,352
2,114,584 1,925,664 Gross profit
252,938 137,237 892,623
656,177 Selling, general and administrative 158,676
136,668 610,784 586,702 Restructuring costs and asset impairments
26,543 45,627 117,139 151,531 Net loss on unauthorized activities
in Japan 4,768 2,685 26,898 2,685 Goodwill impairment -
171,000 - 264,140
Total operating expenses 189,987 355,980
754,821 1,005,058 Income (loss) from
operations 62,951 (218,743 ) 137,802 (348,881 ) Interest
(expense) income, net (832 ) (326 ) (5,416 ) 1,961 Other (expense)
income (959 ) 1,095 (897 )
25,347 Total other (expense) income (1,791 )
769 (6,313 ) 27,308 Income
(loss) before income taxes 61,160 (217,974 ) 131,489 (321,573 )
Income taxes 21,380 2,515
54,559 463 Net income (loss) $ 39,780
$ (220,489 ) $ 76,930 $ (322,036 ) Earnings
(loss) per share: Basic $ 0.23 $ (1.27 ) $ 0.44 $ (1.84 ) Diluted $
0.23 $ (1.27 ) $ 0.44 $ (1.84 ) Dividends declared per share
$ 0.1525 $ 0.1525 $ 0.6100 $ 0.6100 Average common shares
outstanding: Basic 174,123 173,290 173,803 174,598 Diluted 175,098
173,290 174,660 174,598
*See Notes A and B
Molex Incorporated
Condensed Consolidated
Statements of Cash Flows
(in thousands) Years Ended June 30, 2010 2009 (as
restated)* Operating activities: Net income (loss) $ 76,930 $
(322,036 ) Add (deduct) non-cash items included in net income
(loss): Depreciation and amortization 238,666 251,902 Goodwill
impairment - 264,140 Asset write-downs included in restructuring
costs 37,296 41,376 Loss (gain) on investments 558 (143 ) Deferred
income taxes (16,965 ) (28,233 ) Loss on sale of property, plant
and equipment 4,092 2,478 Share-based compensation 27,034 26,508
Other non-cash items 20,577 (8,124 ) Changes in assets and
liabilities: Accounts receivable (208,051 ) 201,080 Inventories
(117,701 ) 95,529 Accounts payable 115,869 (84,502 ) Other current
assets and liabilities 14,559 (22,591 ) Other assets and
liabilities 57,715 (47,486 ) Cash provided
from operating activities 250,579 369,898
Investing activities: Capital expenditures (229,477 )
(177,943 ) Proceeds from sales of property, plant and equipment
3,014 9,574 Proceeds from sales or maturities of marketable
securities 44,373 29,549 Purchases of marketable securities (18,890
) (42,751 ) Acquisitions (10,097 ) (74,789 ) Other investing
activities (5,794 ) 3,274 Cash used for
investing activities (216,871 ) (253,086 ) Financing
activities: Proceeds from revolving credit facility and short term
loans 154,000 245,000 Payments on revolving credit facility (79,000
) (295,000 ) Proceeds from issuance of long-term debt 32,647 78,060
Payments of long-term debt (87,787 ) (1,827 ) Cash dividends paid
(105,984 ) (99,640 ) Exercise of stock options 4,008 1,692 Excess
tax benefits from share-based compensation - 1,693 Purchase of
treasury stock - (76,342 ) Other financing activities (1,120
) (9,218 ) Cash used for financing activities (83,236 )
(155,582 ) Effect of exchange rate changes on cash
1,173 (12,030 ) Net (decrease) increase in cash and
cash equivalents (48,355 ) (50,800 ) Cash and cash equivalents,
beginning of year 424,707 475,507 Cash
and cash equivalents, end of year $ 376,352 $ 424,707
* See Notes A and B
Note A – Net Loss on Unauthorized Activities in Japan
As we previously reported, in April 2010, we launched an
investigation into unauthorized activities in Japan. We learned
that an individual working in Molex Japan's finance group obtained
unauthorized loans from third party lenders, that included in at
least one instance the attempted unauthorized pledge of Molex Japan
facilities as security, in Molex Japan's name that were used to
cover losses resulting from unauthorized trading, including margin
trading, in Molex Japan's name. We also learned that the individual
misappropriated funds from Molex Japan’s accounts to cover losses
from unauthorized trading. The individual admitted to forging
documentation in arranging and concealing the transactions. We
retained outside legal counsel, and they retained forensic
accountants, to investigate the matter. The investigation is now
substantially complete. Based on our consultation with legal
counsel in Japan and the information learned from the substantially
completed investigation, we intend to vigorously contest the
enforceability of the outstanding unauthorized loans and any
attempt by the lender to obtain payment.
At the end of the third quarter of fiscal 2010, we reported the
outstanding unauthorized loans as a contingent liability of $162.2
million. Based on the results of the substantially completed
investigation, we recorded for accounting purposes an accrued
liability for the effect of unauthorized activities pending the
resolution of these matters. In particular, we recognized
cumulative net losses of ($201.9 million, or $128.7 million
after-tax) due to these unauthorized activities, which were
comprised of (1) the asserted unauthorized loans outstanding as of
June 30, 2010 of ¥15.0 billion ($169.7 million), (2) the payment of
¥1.0 billion ($10.8 million) of unauthorized loans on April 5,
2010, (3) misappropriated funds of ¥1.9 billion ($20.5 million),
and (4) cumulative investigative costs through June 30, 2010 of
$4.8 million, offset by (5) an unauthorized investment account with
a balance of ¥0.4 billion ($3.9 million) as of June 30, 2010. We
believe these unauthorized activities and related losses occurred
from at least as early as 1988 through 2010, with approximately
¥15.4 billion ($167.4 million) occurring prior to June 30, 2007.
The accrued liability for these potential net losses was ¥14.7
billion ($165.8 million) as of June 30, 2010. To the extent we
prevail in not having to pay all or any portion of the outstanding
unauthorized loans, we would recognize a gain in that amount.
Note B - Restatement of Prior Period Financial
Statements
During the fourth quarter of fiscal 2010, we made the following
adjustments to the historical consolidated financial
statements.
- As discussed in Note A, we
recorded a liability for potential losses related to the
unauthorized activities in Japan. We are restating prior period
financial statements to record liabilities in the periods in which
the unauthorized transactions occurred.
- During the fourth quarter of
fiscal 2010, we completed a study to determine if historical tax
transactions and balances had been recognized appropriately in
accordance with ASC 740. We identified errors in tax-related
accounts in prior periods.
Based on our analysis of these adjustments, we concluded that
while the adjustments were not material to the operating results of
fiscal year 2009, there was an overstatement of stockholders’
equity in the amount of $101.3 million, which represented 4.9% of
total stockholders’ equity as of June 30, 2009. Accordingly, we
restated the fiscal 2009 consolidated financial statements and
quarterly financial statements included in this release.
The effect of the restatement on
the consolidated statement of operations for the year ended June
30, 2009 follows (in thousands):
Adjustments
As Reported Japan Tax As Restated Year
Ended June 30, 2009: Net loss on unauthorized activities in Japan $
- $ 2,685 $ - $ 2,685 Income (loss) from operations (346,196 )
(2,685 ) - (348,881 ) Income (loss) before income taxes (318,888 )
(2,685 ) - (321,573 ) Income taxes 2,399 (973 ) (963 ) 463 Net
income (loss) (321,287 ) (1,712 ) 963 (322,036 ) Earnings (loss)
per share: Basic (1.84 ) 0.01 (0.01 ) (1.84 ) Diluted (1.84 ) 0.01
(0.01 ) (1.84 )
The effect of the restatement on
the consolidated balance sheet as of June 30, 2009 follows (in
thousands):
Adjustments
As Reported Japan Tax As Restated Deferred income taxes $ 27,939 $
63,366 $ (3,881 ) $ 87,424 Total current assets 1,447,573 63,366
(3,881 ) 1,507,058 Non-current deferred income taxes 89,332 - 9,944
99,276 Total assets 2,942,157 63,366 6,063 3,011,586 Income
taxes payable 4,750 - (4,063 ) 687 Accrual for unauthorized
activities in Japan - 174,804 - 174,804 Total current liabilities
714,152 174,804 (4,063 ) 884,893 Total liabilities 879,593 174,804
(4,063 ) 1,050,334 Retained earnings 2,355,991 (111,438 )
17,041 2,261,594 Accumulated other comprehensive income 183,298 -
(6,915 ) 176,383 Total stockholders’ equity 2,062,564 (111,438 )
10,126 1,961,252 Total liabilities and stockholders’ equity
2,942,157 63,366 6,063 3,011,586
The effect of the restatement on
the consolidated statement of cash flows for the year ended June
30, 2009 follows (in thousands):
Adjustments
As Reported Japan Tax As Restated Net income (loss) $
(321,287 ) $ (1,712 ) $ 963 $ (322,036 ) Deferred income taxes
(26,606 ) (973 ) (654 ) (28,233 ) Other current assets and
liabilities (24,967 ) 2,685 (309 ) (22,591 ) Cash provided from
operating activities 369,898 - - 369,898
The effect of the restatement on
the quarterly consolidated statements of operations for the
quarters ended March 31, 2010, December 31, 2009, September 30,
2009 and June 30, 2009 follows (in thousands):
Adjustments
As Reported Japan Tax As Restated Quarter
Ended March 31, 2010: Net loss on unauthorized activities in Japan
$ 30,967 $ (22,935 ) $ - $ 8,032 Income (loss) from operations
39,321 22,935 - 62,256 Income (loss) before income taxes 34,302
22,935 - 57,237 Income taxes 10,476 8,314 - 18,790 Net income
(loss) 23,826 14,621 - 38,447 Earnings (loss) per share: Basic 0.14
0.08 - 0.22 Diluted 0.14 0.08 - 0.22
Adjustments
As Reported Japan Tax As Restated Quarter Ended December 31, 2009:
Net loss on unauthorized activities in Japan $ - $ 8,544 $ - $
8,544 Income (loss) from operations 36,796 (8,544 ) - 28,252 Income
(loss) before income taxes 34,809 (8,544 ) - 26,265 Income taxes
15,523 (3,097 ) - 12,426 Net income (loss) 19,286 (5,447 ) - 13,839
Earnings (loss) per share: Basic 0.11 (0.03 ) - 0.08 Diluted 0.11
(0.03 ) - 0.08
Adjustments
As Reported Japan Tax As Restated Quarter Ended September 30, 2009:
Net loss on unauthorized activities in Japan $ - $ 5,555 $ - $
5,555 Income (loss) from operations (10,103 ) (5,555 ) - (15,658 )
Income (loss) before income taxes (7,619 ) (5,555 ) - (13,174 )
Income taxes 3,976 (2,014 ) - 1,962 Net income (loss) (11,595 )
(3,541 ) - (15,136 ) Earnings (loss) per share: Basic (0.07 ) (0.02
) - (0.09 ) Diluted (0.07 ) (0.02 ) - (0.09 )
Adjustments
As Reported Japan Tax As Restated Quarter Ended June 30, 2009: Net
loss on unauthorized activities in Japan $ - $ 2,685 $ - $ 2,685
Income (loss) from operations (216,058 ) (2,685 ) - (218,743 )
Income (loss) before income taxes (215,289 ) (2,685 ) - (217,974 )
Income taxes 4,451 (973 ) (963 ) 2,515 Net income (loss) (219,740 )
214 (963 ) (220,489 ) Earnings (loss) per share: Basic (1.27 ) 0.01
(0.01 ) (1.27 ) Diluted (1.27 ) 0.01 (0.01 ) (1.27 )
Molex Incorporated (MM) (NASDAQ:MOLX)
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