Stella-Jones Inc. (TSX: SJ) (“Stella-Jones” or the “Company”) today
announced financial results for its fourth quarter and year ended
December 31, 2023.
"We concluded 2023 with a marked improvement in
profitability and the successful execution of investments to
support the continued growth momentum in our infrastructure product
categories," said Eric Vachon, President and Chief Executive
Officer of Stella-Jones. “With the first year of our three-year
strategic plan now completed, I am proud of our collective
achievements. We reinforced our solid industry presence through
strategic acquisitions and capital projects, we worked to secure
additional long-term sales commitments to seize growing demand from
existing and new customers, and we leveraged the forward-thinking
and expert know-how of our team to deliver exceptional
results."
"Driven by the increased level of profitability,
we announced a 22% growth in the Company's quarterly dividend. This
is the 20th year of continuous dividend increases, which truly
speaks to our confidence in the long-term financial strength of our
business. We are optimistic that the thoughtful planning and
execution of our business strategy, combined with recently set
sustainability targets and our disciplined capital management, will
enable us to sustain profitable growth and deliver meaningful value
for all our stakeholders. On the heels of such a banner year for
our business, Stella-Jones' growth prospects are promising, and we
are ready for the future," concluded Mr. Vachon.
|
Financial Highlights (in millions of Canadian dollars,
except per share data and margins) |
Q4-23 |
Q4-22 |
2023 |
2022 |
|
Sales |
688 |
665 |
3,319 |
3,065 |
|
Gross profit(1) |
137 |
112 |
688 |
524 |
|
Gross profit margin(1) |
19.9 % |
16.8 % |
20.7 % |
17.1 % |
|
EBITDA(1) |
120 |
87 |
608 |
448 |
|
EBITDA margin(1) |
17.4% |
13.1% |
18.3% |
14.6% |
|
Operating income |
89 |
61 |
499 |
359 |
|
Operating income margin(1) |
12.9 % |
9.2 % |
15.0 % |
11.7 % |
|
Net income for the period |
56 |
36 |
326 |
241 |
|
Earnings per share ("EPS") - basic and diluted |
0.98 |
0.61 |
5.62 |
3.93 |
|
Weighted average shares outstanding (basic, in ‘000s) |
57,076 |
59,449 |
57,963 |
61,421 |
| (1) Refer to the
section "Non-GAAP and other financial measures" in this press
release. |
FOURTH QUARTER
RESULTS
Sales for the fourth quarter of 2023 amounted to
$688 million, up 3% from sales of $665 million for the same period
in 2022. Excluding the contribution from the acquisition of the
utility pole manufacturing business of Texas Electric Cooperatives,
Inc. (“TEC”) in November 2022 and Baldwin Pole and Piling
("Baldwin") in July 2023 of $15 million and currency conversion of
one million dollars, pressure-treated wood sales rose $22 million,
or 4%, driven by the 8% organic sales growth of the Company’s
infrastructure businesses, namely utility poles, railway ties and
industrial products. Higher pricing for utility poles and railway
ties was partially offset by lower volumes and a decrease in
residential lumber sales.
Pressure-treated wood
products:
- Utility poles (56% of Q4-23
sales): Utility poles sales amounted to $383 million, up
from $326 million for the same period last year. Excluding the
contribution from acquisitions, sales increased 13%, driven by
pricing gains. The lower sales volume in the quarter was largely
explained by the softer pace of utility pole purchases, mostly
attributable to capital budget constraints of certain
customers.
- Railway ties (24% of Q4-23
sales): Sales of railway ties amounted to $165 million,
compared to $161 million last year. Railway ties sales rose 2%, as
improved pricing for both Class 1 and non-Class 1 business was
largely offset by lower non-Class 1 volumes.
-
Residential lumber (12% of Q4-23
sales): Residential lumber sales totaled $82 million, down
from $100 million of sales generated in the same period in 2022.
The decrease in residential lumber sales stemmed from lower pricing
attributable to the decrease in the market price of lumber, as well
as lower sales volumes.
- Industrial
products (4% of Q4-23 sales): Industrial
product sales amounted to $27 million, down from $32 million last
year, mainly due to the timing of projects related to railway
bridges and crossings.
Logs and lumber:
- Logs and lumber
(4% of
Q4-23 sales): Logs and lumber
sales totaled $31 million, down 33% compared to the same period
last year, driven by a decrease in the market price of logs and
lumber, partially offset by higher log sales activity, compared to
the fourth quarter last year.
Gross profit(1) was $137 million in the fourth
quarter of 2023, versus $112 million, in the fourth quarter of
2022, representing a margin(1) of 19.9% and 16.8% respectively. The
increase in absolute dollars was largely attributable to the margin
expansion for utility poles and railway ties, offset in part by
lower sales volumes and a decrease in the gross profit of
residential lumber. As a percentage of sales, the gross profit also
benefited from a better product mix.
Similarly, operating income totaled $89 million
in 2023 versus operating income of $61 million in the corresponding
period of 2022, while EBITDA(1) increased to $120 million, or a
margin of 17.4%, compared to $87 million, or a margin of 13.1%
reported in the fourth quarter of 2022.
Net income for the fourth quarter of 2023 was
$56 million, or $0.98 per share, compared to net income of $36
million, or $0.61 per share, in the corresponding period of
2022.
(1) Refer to the section "Non-GAAP and other financial
measures" in this press release.
2023
RESULTS
Sales in 2023 were up 8% to $3,319 million,
compared to $3,065 million last year. Excluding the contribution
from acquisitions of $75 million and the positive effect of
currency conversion of $84 million, pressure-treated wood sales
rose $169 million, or 6%. Infrastructure sales grew organically by
$274 million or 13%, while residential lumber sales dropped by $105
million. All the infrastructure product categories benefited from
higher year-over-year sales prices, partially offset by lower
volumes, while residential lumber sales were impacted by the
decrease in the market price of lumber when compared to the prior
year. This lower pricing more than offset the increase in
residential lumber volumes.
Pressure-treated wood
products:
- Utility poles
(47% of
2023 sales): Utility poles sales
increased to $1,571 million in 2023, compared to sales of $1,227
million in 2022. Excluding the contribution from the acquisition of
assets of TEC and Baldwin, and the currency conversion effect,
utility poles sales increased by $222 million, or 18%, driven by
pricing gains. While production volumes benefited in 2023 from
growth projects, sales volumes were lower compared to the prior
year. Sales volumes in 2023 were impacted by the deferred
maintenance of California utilities due to extreme weather events
in the first half of the year and the softer pace of utility pole
purchases of certain customers in the latter part of the year.
- Railway ties
(25% of
2023 sales): Railway ties sales
were $828 million in 2023, compared to sales of $750 million in
2022. Excluding the currency conversion effect, railway ties sales
increased $52 million, or 7%, largely attributable to sales price
increases, in response to higher costs, and higher Class 1 volumes.
Overall, sales volumes were lower year-over-year due to the
non-Class 1 business, which was impacted by the Company's reduced
level of treated ties inventory following the limited fibre supply
availability in 2022.
- Residential lumber (19%
of 2023 sales):
Sales in the residential lumber category decreased to $645 million
in 2023, compared to sales of $744 million in 2022. Excluding the
currency conversion effect, residential lumber sales decreased $105
million, or 14%, driven by a decrease in pricing attributable to
the lower market price of lumber when compared to 2022. Better
consumer demand and the resulting higher sales volumes in 2023 was
not sufficient to offset the lower pricing.
- Industrial products (5% of
2023 sales): Industrial product sales increased to $148
million in 2023 compared to sales of $143 million in 2022.
Excluding the currency conversion effect, industrial product sales
remained stable compared to last year.
Logs and lumber:
- Logs and lumber
(4% of
2023 sales): Sales in the logs
and lumber product category were $127 million in 2023, down from
$201 million in 2022. The decrease in sales was largely due to a
decline in the market price of lumber and less lumber trading
activity compared to last year. Logs sales remained stable as
higher log sales activity was offset by the lower market price of
logs.
Gross profit(1) was $688 million in 2023
compared to $524 million in 2022, representing a margin(1) of 20.7%
and 17.1%, respectively. The increase in gross profit in absolute
dollars was largely due to the margin expansion of the Company’s
infrastructure businesses, particularly stemming from utility
poles, partially offset by lower sales volumes and a decrease in
the gross profit of residential lumber. The acquisition of the wood
utility pole manufacturing businesses in late 2022 and in 2023, and
the positive impact of the currency conversion, further contributed
to the higher gross profit for the year ended December 31, 2023. As
a percentage of sales, the gross profit also benefited from a
better product mix, led by the strong growth of utility poles sales
and the lower relative proportion of residential lumber sales.
Operating income totaled $499 million in 2023
versus operating income of $359 million in 2022, while EBITDA(1)
increased 36% to $608 million in 2023, compared to $448 million in
2022. Benefiting from the strong organic sales growth and a better
product mix, EBITDA margin(1) expanded from 14.6% in 2022 to 18.3%
in 2023.
Net income in 2023 was $326 million, versus net
income of $241 million in 2022. Earnings per share in 2023 were
$5.62, compared to earnings per share of $3.93 in 2022.
(1) Refer to the section "Non-GAAP and other financial
measures" in this press release.
LIQUIDITY AND CAPITAL
RESOURCES
During the year ended December 31, 2023,
Stella-Jones used the cash generated from operations of $107
million and available credit to maintain and upgrade its assets,
expand and secure production capacity, including acquiring three
businesses, as well as return $195 million of capital to
shareholders. In 2023, the dividend paid amounted to $0.92 per
share, representing a 15% increase compared to 2022.
As at December 31, 2023, the net
debt-to-EBITDA(1) ratio increased above the target range, at 2.6x,
largely explained by the investment in strategic growth
opportunities totaling $152 million in 2023.
Subsequent to year-end, the Company amended and
restated the syndicated credit agreement in order to increase the
amount available under the unsecured revolving credit facility to
US$600 million and extend the term of the US$475 million tranche to
February 27, 2028, and the US$125 million tranche to February 27,
2026.
(1) Refer to the section "Non-GAAP and other financial
measures" in this press release.
NORMAL COURSE ISSUER BID
On November 6, 2023, the TSX accepted the
Company’s Notice of Intention to Make a Normal Course Issuer Bid
("NCIB") to purchase for cancellation up to 2,500,000 common shares
during the 12-month period commencing November 14, 2023 and ending
November 13, 2024, representing approximately 5% of the public
float of its common shares.
In 2023, the Company repurchased 2,286,484
common shares for cancellation in consideration of $142 million,
under its NCIBs then in effect.
QUARTERLY DIVIDEND INCREASED
22% TO $0.28
PER SHARE
On February 28, 2024, the Board of
Directors declared a quarterly dividend of $0.28 per common share
payable on April 19, 2024 to shareholders of record at the
close of business on April 1, 2024. This dividend is
designated to be an eligible dividend.
2023-2025 FINANCIAL OBJECTIVES: PROGRESS
IN 2023
In the first year of its 2023-2025 financial
plan, the Company delivered a strong performance and made
significant progress towards the achievement of its financial
objectives, as summarized in the table below. Based on 2023
financial metrics, the Company is on track to meet its 2025
objectives.
|
(in millions of dollars, except percentages and ratios) |
2023-2025 Objectives
(1) |
2023 |
Results |
|
Sales |
> $3,600 |
$3,319 |
On Track |
| EBITDA
margin (3) |
16% |
18.3% |
On Track |
| Return to
Shareholders: cumulative |
> $500 |
$195 |
On Track |
|
Net Debt-to-EBITDA (2) (3) |
2.0x-2.5x |
2.6x |
On Track |
|
(1) Excludes acquisitions and assumes Canadian dollar will trade,
on average, at approximately C$1.30 per U.S. dollar, with sales in
the U.S. representing approximately 70% of total sales. |
|
(2) The Company may deviate from its leverage target to pursue
acquisitions and other strategic opportunities, and/or fund its
seasonal working capital requirements. In 2023, the Company
financed $152 million of strategic growth opportunities. |
|
(3) Refer to the section entitled “Non-GAAP and Other Financial
Measures” of this press release. |
Key Highlights:
- Projected compound annual growth
rate ("CAGR") for sales of 6% for the 2023-2025 period, driven by a
9% CAGR for the Company's infrastructure businesses, expected to
account for 75%-80% of total sales:
- Utility poles: 15% sales CAGR,
supported by a growth capital expenditure program of $115
million;
- Railway ties: low single-digit
annual sales growth;
- Residential lumber: annual sales
target of $600-$650 million, representing less than 20% of total
sales;
- EBITDA margin of 16% through 2025
driven by improvement in product mix.
CONFERENCE CALL
Stella-Jones will hold a conference call to
discuss these results on February 29, 2024, at 10:00 a.m.
Eastern Standard Time. Interested parties can join the call by
dialing 1-866-518-4114. A live audio webcast of the conference call
will be available on the Company’s website, on the Investor
relations section’s home page or here:
https://web.lumiagm.com/440096911. This recording will be available
on Thursday, February 29, 2024, as of 1:00 PM until 11:59 PM on
Thursday, March 7, 2024.
ABOUT STELLA-JONES
Stella-Jones Inc. (TSX: SJ) is a leading North
American producer of pressure-treated wood products. It supplies
the continent’s major electrical utilities and telecommunication
companies with wood utility poles and North America’s Class 1,
short line and commercial railroad operators with railway ties and
timbers. Stella-Jones also provides industrial products, which
include wood for railway bridges and crossings, marine and
foundation pilings, construction timbers and coal tar-based
products. Additionally, the Company manufactures and distributes
premium treated residential lumber and accessories to Canadian and
American retailers for outdoor applications, with a significant
portion of the business devoted to servicing Canadian customers
through its national manufacturing and distribution network. The
Company’s common shares are listed on the Toronto Stock
Exchange.
CAUTION REGARDING FORWARD-LOOKING
INFORMATION
Except for historical information provided
herein, this press release may contain information and statements
of a forward-looking nature concerning the future performance of
the Company. These statements are based on suppositions and
uncertainties as well as on management's best possible evaluation
of future events. Such items include, among others: general
political, economic and business conditions, evolution in customer
demand for the Company's products and services, product selling
prices, availability and cost of raw materials, operational
disruption, climate change, failure to recruit and retain qualified
workforce, information security breaches or other cyber-security
threats, changes in foreign currency rates, the ability of the
Company to raise capital and factors and assumptions referenced
herein and in the Company’s continuous disclosure filings. As a
result, readers are advised that actual results may differ from
expected results. Unless required to do so under applicable
securities legislation, the Company does not assume any obligation
to update or revise forward-looking statements to reflect new
information, future events or other changes after the date
hereof.
Note to readers: The
audited consolidated financial statements for the year
ended December 31, 2023 as well
as management’s discussion and analysis are available on
Stella-Jones’ website at
www.stella-jones.com.
|
Head Office3100 de la Côte-Vertu Blvd., Suite
300Saint-Laurent, QuébecH4R 2J8 Tel.: 514-934-8666Fax:
514-934-5327 |
Exchange ListingsThe Toronto Stock ExchangeStock
Symbol: SJTransfer Agent and
RegistrarComputershare Investor Services Inc. |
Investor RelationsSilvana TravagliniSenior
Vice-President and Chief Financial OfficerTel.: 514-934-8660Fax:
514-934-5327stravaglini@stella-jones.com |
|
Stella-Jones Inc. |
|
Consolidated Statements of Income |
(expressed in millions of Canadian dollars,
except earnings per common share)
| |
For thethree-month
periodsended December 31, |
For theyearsended
December 31, |
|
|
2023 |
|
2022 |
|
2023 |
2022 |
| |
|
|
|
|
| Sales |
688 |
|
665 |
|
3,319 |
3,065 |
| |
|
|
|
|
| Expenses |
|
|
|
|
| |
|
|
|
|
| Cost of sales (including
depreciation and amortization (3 months - $28 (2022 - $21) and 12
months - $94 (2022 - $74)) |
551 |
|
553 |
|
2,631 |
2,541 |
| Selling and administrative
(including depreciation and amortization (3 months - $3 (2022 - $5)
and 12 months - $15 (2022 - $15)) |
44 |
|
44 |
|
181 |
157 |
| Other losses, net |
4 |
|
7 |
|
8 |
8 |
| |
599 |
|
604 |
|
2,820 |
2,706 |
| Operating
income |
89 |
|
61 |
|
499 |
359 |
| |
|
|
|
|
| Financial
expenses |
21 |
|
11 |
|
68 |
33 |
| |
|
|
|
|
| |
|
|
|
|
| Income before income
taxes |
68 |
|
50 |
|
431 |
326 |
| |
|
|
|
|
| Income tax
expense |
|
|
|
|
| Current |
(12 |
) |
15 |
|
83 |
79 |
| Deferred |
24 |
|
(1 |
) |
22 |
6 |
| |
|
|
|
|
| |
12 |
|
14 |
|
105 |
85 |
| |
|
|
|
|
| Net
income |
56 |
|
36 |
|
326 |
241 |
| |
|
|
|
|
| Basic and diluted
earnings per common share |
0.98 |
|
0.61 |
|
5.62 |
3.93 |
|
Stella-Jones Inc. |
|
Consolidated Statements of Financial Position |
(expressed in millions of Canadian dollars)
|
|
2023 |
2022 |
| Assets |
|
|
| |
|
|
| Current
assets |
|
|
| Accounts receivable |
308 |
287 |
| Inventories |
1,580 |
1,238 |
| Income taxes receivable |
11 |
— |
| Other current assets |
48 |
58 |
| |
1,947 |
1,583 |
| Non-current
assets |
|
|
| Property, plant and
equipment |
906 |
755 |
| Right-of-use assets |
285 |
160 |
| Intangible assets |
169 |
171 |
| Goodwill |
375 |
369 |
| Derivative financial
instruments |
21 |
29 |
| Other non-current assets |
5 |
6 |
| |
3,708 |
3,073 |
| Liabilities and
Shareholders’ Equity |
|
|
| Current
liabilities |
|
|
| Accounts payable and accrued
liabilities |
204 |
201 |
| Income taxes payable |
— |
7 |
| Current portion of long-term
debt |
100 |
1 |
| Current portion of lease
liabilities |
54 |
41 |
| Current portion of provisions
and other long-term liabilities |
26 |
9 |
| |
384 |
259 |
| Non-current
liabilities |
|
|
| Long-term debt |
1,216 |
940 |
| Lease liabilities |
240 |
126 |
| Deferred income taxes |
175 |
158 |
| Provisions and other long-term
liabilities |
31 |
26 |
| Employee future benefits |
10 |
7 |
| |
2,056 |
1,516 |
| Shareholders’
equity |
|
|
| Capital stock |
189 |
194 |
| Retained earnings |
1,329 |
1,192 |
| Accumulated other
comprehensive income |
134 |
171 |
| |
|
|
| |
1,652 |
1,557 |
| |
3,708 |
3,073 |
|
Stella-Jones Inc. |
|
Consolidated Statements of Cash Flows |
(expressed in millions of Canadian dollars)
|
|
2023 |
|
2022 |
|
| Cash flows from (used
in) |
|
|
| Operating
activities |
|
|
| Net income |
326 |
|
241 |
|
| Adjustments for |
|
|
| Depreciation of property,
plant and equipment |
40 |
|
31 |
|
| Depreciation of right-of-use
assets |
53 |
|
42 |
|
| Amortization of intangible
assets |
16 |
|
16 |
|
| Financial expenses |
68 |
|
33 |
|
| Income tax expense |
105 |
|
85 |
|
| Other |
11 |
|
9 |
|
| |
619 |
|
457 |
|
| |
|
|
| Changes in non-cash working
capital components |
|
|
| Accounts receivable |
(7 |
) |
(43 |
) |
| Inventories |
(353 |
) |
(75 |
) |
| Income taxes receivable |
(2 |
) |
— |
|
| Other current assets |
8 |
|
(9 |
) |
| Accounts payable and accrued
liabilities |
9 |
|
22 |
|
| |
(345 |
) |
(105 |
) |
| Interest paid |
(68 |
) |
(32 |
) |
| Income taxes paid |
(99 |
) |
(65 |
) |
| |
107 |
|
255 |
|
| Financing
activities |
|
|
| Net change in revolving credit
facilities |
362 |
|
139 |
|
| Proceeds from long-term
debt |
33 |
|
63 |
|
| Repayment of long-term
debt |
(1 |
) |
(33 |
) |
| Repayment of lease
liabilities |
(50 |
) |
(41 |
) |
| Dividends on common
shares |
(53 |
) |
(49 |
) |
| Repurchase of common
shares |
(142 |
) |
(180 |
) |
| Other |
2 |
|
— |
|
| |
151 |
|
(101 |
) |
| Investing
activities |
|
|
| Business combinations |
(93 |
) |
(46 |
) |
| Purchase of property, plant
and equipment |
(155 |
) |
(97 |
) |
| Additions of intangible
assets |
(10 |
) |
(11 |
) |
| |
(258 |
) |
(154 |
) |
| Net change in cash and
cash equivalents during the year |
— |
|
— |
|
| Cash and cash
equivalents – Beginning of year |
— |
|
— |
|
| Cash and cash
equivalents – End of year |
— |
|
— |
|
NON-GAAP AND OTHER FINANCIAL
MEASURES
This section includes information required by
National Instrument 52-112 – Non-GAAP and Other Financial Measures
Disclosure in respect of “specified financial measures” (as defined
therein).
The below-described non-GAAP measures have no
standardized meaning under GAAP and are not likely to be comparable
to similar measures presented by other issuers. The Company’s
method of calculating these measures may differ from the methods
used by others, and, accordingly, the definition of these non-GAAP
financial measures may not be comparable to similar measures
presented by other issuers. In addition, non-GAAP financial
measures should not be viewed as a substitute for the related
financial information prepared in accordance with GAAP.
Non-GAAP financial measures include:
- Gross profit:
Sales less cost of sales
- EBITDA: Operating
income before depreciation of property, plant and equipment,
depreciation of right-of-use assets and amortization of intangible
assets (also referred to as earnings before interest, taxes,
depreciation and amortization)
- Net debt: Sum of
long-term debt and lease liabilities (including the current
portion)
Non-GAAP ratios include:
- Gross profit
margin: Gross profit divided by sales for the
corresponding period
- EBITDA margin:
EBITDA divided by sales for the corresponding period
- Net
debt-to-EBITDA: Net debt divided by trailing 12-month
(TTM) EBITDA
Other specified financial measures include:
- Operating income
margin: Operating income divided by sales for the
corresponding period
Management considers these non-GAAP and other
financial measures to be useful information to assist knowledgeable
investors to understand the Company’s operating results, financial
position and cash flows as they provide a supplemental measure of
its performance. Management uses non-GAAP and other financial
measures in order to facilitate operating and financial performance
comparisons from period to period, to prepare annual budgets, to
assess the Company’s ability to meet future debt service, capital
expenditure and working capital requirements, and to evaluate
senior management’s performance. More specifically:
- Gross profit and gross
profit margin: The Company uses these financial measures
to evaluate its ongoing operational performance.
- EBITDA and EBITDA
margin: The Company believes these measures provide
investors with useful information because they are common industry
measures, used by investors and analysts to measure a company’s
ability to service debt and to meet other payment obligations, or
as a common valuation measurement. These measures are also key
metrics of the Company's operational and financial
performance.
- Net debt and net debt-to
EBITDA: The Company believes these measures are indicators
of the financial leverage of the Company.
The following tables present the reconciliations
of non-GAAP financial measures to their most comparable GAAP
measures.
|
Reconciliation of operating income to EBITDA(in
millions of dollars) |
Three-month periods ended December 31, |
Years ended December 31, |
|
|
2023 |
2022 |
2023 |
2022 |
|
Operating income |
89 |
61 |
499 |
359 |
|
Depreciation and amortization |
31 |
26 |
109 |
89 |
|
EBITDA |
120 |
87 |
608 |
448 |
|
Reconciliation of Long-Term Debt to Net Debt(in
millions of dollars) |
Years ended December 31, |
|
|
2023 |
2022 |
|
Long-term debt, including current portion |
1,316 |
941 |
|
Add: |
|
|
|
Lease liabilities, including current portion |
294 |
167 |
|
Net Debt |
1,610 |
1,108 |
|
EBITDA (TTM) |
608 |
448 |
|
Net Debt-to-EBITDA |
2.6x |
2.5x |
|
Source: |
Stella-Jones Inc. |
Stella-Jones Inc. |
| |
|
|
| Contacts: |
Silvana Travaglini,
CPA |
Stephanie
Corrente |
| |
Senior Vice-President and Chief
Financial OfficerStella-Jones |
Director, Corporate
CommunicationsStella-Jones |
| |
Tel.: 514-934-8660 |
|
| |
stravaglini@stella-jones.com |
communications@stella-jones.com |
Stella Jones (TSX:SJ)
過去 株価チャート
から 10 2024 まで 11 2024
Stella Jones (TSX:SJ)
過去 株価チャート
から 11 2023 まで 11 2024
