Shield Therapeutics Edison

US partner next major inflection point

Shield Therapeutics 18 September 2020 Update
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Shield Therapeutics

US partner next major inflection point

Interim results

Pharma & biotech

18 September 2020

Price

139.5p

Market cap

£163m

£0.77/US$; £0.91/€

Unaudited net cash (£m) at 30 June 2020

6.5

Shares in issue

117.2m

Free float

32%

Code

STX

Primary exchange

AIM

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

12.1

55.0

(24.8)

Rel (local)

13.2

58.9

(10.4)

52-week high/low

193p

54p

Business description

Shield Therapeutics is a commercial-stage pharmaceutical company. Its proprietary product, Feraccru, is approved by the EMA and FDA for the treatment of iron deficiency. Feraccru is marketed through partners Norgine, AOP Orphan and Ewopharma.

Next events

Out-licensing US rights to Feraccru

2020

Launches in the US and additional EU states as covered by Norgine

2020/21

Analysts

Dr Susie Jana

+44 (0)20 3077 5700

Dr John Priestner

+44 (0)20 3077 5700

Shield Therapeutics is a research client of Edison Investment Research Limited

Shield Therapeutics’ (STX’s) interim results highlight the progress made year to date. Re-analysis of the Feraccru/Accrufer AEGIS-H2H data show it is a credible alternative to IV iron therapy for iron deficiency anaemia (IDA) in the long term. With the product out-licensed in China to partner ASK Pharm, all eyes remain on the announcement of a US commercial partner (expected this year). Royalties received from H120 sales of the product (UK and Germany) by partner Norgine are slowly building, but pricing and reimbursement discussions resuming in Europe could lead to ongoing rollouts in key countries (France, Spain and Italy) in 2021. STX’s cash runway extends into Q121, an upfront licensing payment from a US deal would ameliorate the need for further capital. We value Shield at £379.1m.

Year end

Revenue (£m)

PBT*
(£m)

EPS*
(p)

DPS
(p)

P/E
(x)

Yield
(%)

12/18

11.9

(5.2)

(1.5)

0.0

N/A

N/A

12/19

0.7

(9.1)

(7.5)

0.0

N/A

N/A

12/20e

10.5

(0.8)

0.3

0.0

N/A

N/A

12/21e

8.9

(4.4)

(3.2)

0.0

N/A

N/A

Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

US partnering and launch expected by year end

The re-analysis of the Feraccru/Accrufer AEGIS-H2H data confirmed Feraccru is a credible alternative to IV iron. This could potentially accelerate US partnering discussions and the resumption of pricing and reimbursement negotiations in key EU markets. Feraccru/Accrufer is making inroads in Europe, with net sales growing ~50% over the previous six months (Germany and UK), further uplift in Europe will be determined by additional launches from late 2021 by partner Norgine. The major focus for STX is establishing a US partner, as the US is a critical market (c 50% of our STX valuation) and management has ordered launch stock ahead of the potential year-end launch, highlighting its confidence there will be a deal in Q420.

Financials: Cash runway into Q121

Shield reported revenues of £8.9m and a net profit of £3.1m in H120 (H119: net loss £4.2m), benefiting from the $11.4m upfront payment from ASK Pharm. The H120 cash position of £6.5m implies a runway into Q121. A US partnering deal and associated upfront licensing payment would extend the cash reach and enable STX to start the formulation development work on PT20 (phosphate binder). We forecast that sustainable profitability is achievable from 2022 (assuming US launch 2020), with gross margins nearing c 50–60% in the long term. Partnering strategies enhance economic returns and de-risk the investment case.

Valuation: £379.1m or 324p/share

Our revised valuation is £379.1m or 324p/share, versus £381.7m or 326p/share. We have revised our FY20 forecasts downwards by removing any US sales contribution from Accrufer. We have increased our G&A and reduced our R&D assumptions for FY20. We roll forward our model, update for FX and include end-2020 net cash forecast of £5.5m. Our NPV calculation is based on Feraccru achieving peak sales of €130m in Europe, $410m in the US and $126m in China.

US 2020 market in focus

The expected announcement in Q4 of a US partnering deal for Feraccru/Accrufer should be a major inflection point for STX. Management is confident that ongoing discussions will bear fruition and launch of the product around year end is a possibility (launch stocks of US packaging Accrufer have been ordered ahead of potential US launch). A partnering deal will aim to optimise financial deal terms and additionally maximise the products potential across a broad range of therapy areas, beyond inflammatory bowel disease (IBD) and chronic kidney disease (CKD) associated anaemia to encompass iron deficiency of any cause as per its US prescribing information. STX is engaged with multiple companies, has several non-binding offers and is now in advanced discussions. Partnering discussions have likely been aided by the recent findings from the re-analysis of the AEGIS-H2H data on Feraccru/Accrufer confirming the product is a competitive oral alternative to IV iron in the longer term.

Feraccru/Accrufer (oral ferric maltol) is making inroads in Europe, with net sales growing ~50% (Germany and UK). Exhibit 1 highlights the slow but steady growth since Norgine launched the products back into the market in H119. Further uplift in Europe will be determined by launches from late 2021 in additional countries, subject to pricing and reimbursement negotiations that had been put on hold while the re-analysis of the AEGIS-H2H data was being carried out. STX note that negotiations will resume as soon as the H2H clinical study report is available (expected October 2020).

Exhibit 1: Europe commercialisation net packs sold by Norgine

Source: STX corporate presentation

AEGIS-H2H non-inferiority versus IV iron at 52 weeks confirmed

In August STX announced an update that the re-analysis demonstrates that Feraccru/Accrufer is a ‘credible alternative’ to IV iron therapy for IDA in the long term (Exhibit 2 and 3). We note the product did not meet the primary endpoint of non-inferiority at 12 weeks versus IV iron, although the average increase in Hb levels in Feraccru patients was ~2.5g/dL in the intent to treat population, which is clinically significant (vs ~3g/dL for IV). However, we note that 82% of IV patients required more than one infusion due to iron depletion in this phase and 138 days were taken off work collectively. Importantly, Feraccru did correct anaemia and maintain Hb levels over the long-term phase of the trial (as defined by the 40-week extension phase). We believe this will have positive implications for health economic outcomes, as Feraccru has no administration-related costs or resource use (unlike IV iron, which also has a higher drug cost), reducing the burden on healthcare providers and potentially reducing overall hospitalisation costs.

Exhibit 2: Average change in patient Hb concentration from baseline

Exhibit 3: Average patient Hb concentration by visit

Source: STX corporate presentation

Source: STX corporate presentation

Exhibit 2: Average change in patient Hb concentration from baseline

Source: STX corporate presentation

Exhibit 3: Average patient Hb concentration by visit

Source: STX corporate presentation

While we note AEGIS-H2H was not required as a registration study (thus the regulatory status of the product is unaffected), the headline results of long-term Hb correction are comparable to IV iron for chronic conditions of anaemia. We believe this will have positive implications for health economic outcomes, pricing strategies, reimbursement negotiations and partnering activities.

China deal adds to overall value proposition

In January 2020, an out-licensing deal with China-based Jiangsu Aosaikang Pharmaceutical (ASK Pharm) was announced that covers China, Hong Kong, Macau and Taiwan, which led to an $11.4m upfront payment to STX. Following discussions with the China regulatory authority (CDE), Feraccru/Accrufer could launch in China within three years (subject to assumption of NDA submission H122). The regulator has indicated a Phase III study in IBD will be required (but a pharmacokinetic study, or a Phase III in CKD may not be needed). The IBD study in China patients could start in 2021, once CDE confirm the exact submission requirements. ASK Pharm will complete any required clinical trials in China and file the marketing authorisation for the treatment of iron deficiency in all territories covered by the deal; we forecast China launch in 2023. Under the deal terms with ASK Pharm, STX received $11.4m as an upfront payment and is eligible for a further $11.4m on approval in China. STX will receive tiered royalties of 10% or 15% on net sales of Feraccru/Accrufer (throughout the duration of the intellectual property) plus up to $40m in sales-related milestones. ASK Pharm is a speciality pharma company with a focus on gastrointestinal and oncology treatment, Feraccru/Accrufer fits into its therapeutic focus well and will benefit from the 1,000-strong commercial team in China on potential launch.

Clinical work continues in 2020/21

STX has developed a liquid formulation of Feraccru/Accrufer, is necessary to start a paediatric study (a requirement for both Europe and US regulatory bodies). The first phase (a crossover study to confirm the liquid formulation is equivalent to capsules, n=32 healthy adult volunteers) is expected to complete by end 2020. This implies the main paediatric study could start in H121. STX could start developing a new formulation of its iron-based phosphate binder PT20 in H220 (subject to funding which is dependent on a US Feraccru/Accrufer deal), with a view to start the additional pivotal Phase III trial required for regulatory submission in 2022 (PT20 has already completed a pivotal clinical trial).

Exhibit 4: Financial summary

December

£000s

 

2017

2018

2019

2020E

2021E

Revenue

 

 

637

11,881

719

10,496

8,905

Cost of sales

 

 

(155)

(311)

(485)

(1,063)

(4,175)

Gross profit

 

 

482

11,570

234

9,434

4,730

Gross margin %

 

 

76%

97%

33%

90%

53%

SG&A (expenses)

 

 

(16,722)

(12,429)

(6,773)

(7,750)

(6,098)

R&D costs

 

 

(4,711)

(4,300)

(2,496)

(2,500)

(3,000)

Other income/(expense)

 

 

0

0

0

0

0

EBITDA

 

 

(18,514)

(2,469)

(6,414)

1,434

(2,270)

Depreciation and amortisation

 

 

(2,437)

(2,690)

(2,621)

(2,250)

(2,098)

Reported Operating Income

 

 

(20,951)

(5,159)

(9,035)

(816)

(4,369)

Exceptionals and adjustments

 

 

(2,571)

0

0

0

0

Adjusted Operating Income

 

 

(18,380)

(5,159)

(9,035)

(816)

(4,369)

Finance income/(expense)

 

 

(43)

8

(31)

0

0

Reported PBT

 

 

(20,994)

(5,151)

(9,066)

(816)

(4,369)

Profit Before Tax (norm)

 

 

(18,423)

(5,151)

(9,066)

(816)

(4,369)

Income tax expense

 

 

1,406

3,359

266

1,200

600

Reported net income

 

 

(19,588)

(1,792)

(8,800)

384

(3,769)

Average Number of Shares Outstanding (m)

 

112.4

116.4

117.0

117.2

117.2

Year-end number of shares, m

 

 

112.4

116.4

117.0

117.2

117.2

Basic EPS (p)

 

 

-17.4

-2.0

-7.5

0.3

-3.2

EPS - normalised (p)

 

 

-15.2

-1.5

-7.5

0.3

-3.2

Dividend per share (p)

 

 

0.0

0.0

0.0

0.0

0.0

 

 

 

 

 

 

 

 

Balance sheet

 

 

 

 

 

 

 

Property, plant and equipment

 

 

13

155

26

18

13

Goodwill

 

 

0

0

0

0

0

Intangible assets

 

 

29,961

30,957

29,898

27,906

26,063

Other non-current assets

 

 

0

0

0

0

0

Total non-current assets

 

 

29,974

31,112

29,924

27,924

26,075

Cash and equivalents

 

 

13,299

9,776

4,141

5,546

513

Inventories

 

 

125

109

948

1,168

2,294

Trade and other receivables

 

 

1,572

1,031

356

3,906

13,172

Other current assets

 

 

0

1,500

950

950

950

Total current assets

 

 

14,996

12,416

6,395

11,570

16,929

Non-current loans and borrowings

 

 

0

0

0

0

0

Other non-current liabilities

 

 

0

0

0

0

0

Total non-current liabilities

 

 

0

0

0

0

0

Trade and other payables

 

 

3,501

2,548

3,547

5,838

12,617

Current loans and borrowings

 

 

0

0

0

0

0

Other current liabilities

 

 

262

403

607

607

607

Total current liabilities

 

 

3,763

3,098

4,174

6,445

13,224

Equity attributable to company

 

 

41,207

40,430

32,145

33,029

29,760

 

 

 

 

 

 

 

 

Cashflow statement

 

 

 

 

 

 

 

Reported net income

 

 

(19,588)

(1,792)

(8,800)

384

(3,769)

Depreciation and amortisation

 

 

2,437

2,690

2,621

2,250

2,098

Share based payments

 

 

560

1,013

456

500

500

Other adjustments

 

 

39

4

33

0

0

Movements in working capital

 

 

(186)

(255)

555

(1,479)

(3,613)

Interest paid / received

 

 

0

0

0

0

0

Income taxes paid / received

 

 

587

(1,500)

1,040

0

0

Cash from operations (CFO)

 

 

(16,151)

151

(4,066)

1,655

(4,783)

Capex

 

 

(3,408)

(3,345)

(1,384)

(250)

(250)

Acquisitions & disposals net

 

 

0

0

0

0

0

Other investing activities

 

 

0

50

18

0

0

Cash used in investing activities (CFIA)

 

 

(3,408)

(3,295)

(1,366)

(250)

(250)

Net proceeds from issue of shares

 

 

11,880

0

0

0

0

Movements in debt

 

 

0

0

0

0

0

Other financing activities

 

 

0

0

0

0

0

Cash from financing activities (CFF)

 

 

11,880

(379)

(203)

0

0

Cash and equivalents at beginning of period

 

 

20,978

13,299

9,776

4,141

5,546

Increase/(decrease) in cash and equivalents

 

 

(7,679)

(3,523)

(5,635)

1,405

(5,033)

Cash and equivalents at end of period

 

 

13,299

9,776

4,141

5,546

513

Closing net (debt)/cash

 

 

13,299

9,776

4,141

5,546

513


General disclaimer and copyright

This report has been commissioned by Shield Therapeutics and prepared and issued by Edison, in consideration of a fee payable by Shield Therapeutics. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2020 Edison Investment Research Limited (Edison).

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Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

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Frankfurt +49 (0)69 78 8076 960

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Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

General disclaimer and copyright

This report has been commissioned by Shield Therapeutics and prepared and issued by Edison, in consideration of a fee payable by Shield Therapeutics. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2020 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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