abrdn Asia Focus plc

(formerly Aberdeen Standard Asia Focus PLC)

Legal Entity Identifier (LEI): 5493000FBZP1J92OQY70

ANNOUNCEMENT OF UNAUDITED HALF YEARLY RESULTS

for the six months ended 31 January 2022

Performance Highlights

Financial Highlights

Chairman's Statement

Background

Global markets have become extremely volatile at the time of writing, with Russia's war in Ukraine sending shock waves across the world. Events are still unfolding and remain highly unpredictable. Even before the onset of the conflict, global equities had experienced sharp bouts of volatility in the half year to 31 January 2022. Markets in Asia were not spared either. Smaller companies in the region outpaced their larger counterparts, extending their superior performance since the depths of the Covid-19 pandemic in early 2020. Nonetheless, they ended in negative territory as steep falls at the period-end amid heightened risk aversion erased all their earlier gains.

Under these conditions, your Company has built on last year's positive returns and delivered a resilient result. The net asset value ("NAV") total return was 0.6%, ahead of the recently adopted MSCI AC Asia ex-Japan Small Cap Index return of -0.8%.  In previous Annual and Half Yearly Reports we have also compared performance to the MSCI AC Asia Pacific ex-Japan Small Cap Index, which declined by 1.2% over the period, and to the broader MSCI AC Asia Pacific ex-Japan Index, which fell by 3.1%.  In the future, following the adoption of the new performance linked tender offer (see below) these two indices are now less relevant for the Company and so we will cease to use them for performance comparison purposes. The share price gained 2.8%. The commendable short-term result is mirrored by good long-term performance, with your Company's 10-year annualised return standing at 10.5%, compared with the new benchmark's return of 8.3%.

The performance, despite choppy markets, is particularly encouraging given the changes undertaken by the Board following our comprehensive strategic review, which I outlined in the most recent Annual Report.  These are also summarised below. The proposals were overwhelmingly endorsed by shareholders at the General Meeting. From a portfolio management perspective, the removal of the US$1.5 billion market capitalisation limit is perhaps the most meaningful change as it will allow your Manager to invest in high-growth companies, particularly in larger markets like China, India and South Korea. The Board is optimistic that the strengthening of the abrdn management team with the introduction of new talent will position your Company to continue the steady performance of the past quarter century.

The market tumult may worry investors, but your Manager notes that Asia enters the current crisis in a strong position. Although the region will not be immune to the economic fallout from the Russia-Ukraine conflict, most Asian policymakers have monetary and fiscal room for manoeuvre. The Board would also like to reiterate its confidence in the long-term potential for the region and its smaller companies. Asia remains the world's fastest-growing region, underpinned by powerful structural trends such as increasing affluence, rising urbanisation and growing technology adoption. Exciting opportunities continue to abound in its small and mid-cap investment universe, where companies tend to be domestically oriented and low research coverage leaves considerable scope for market mispricing. I remain confident that your Manager's meticulous process of identifying well-run companies with superior growth prospects and strong financials will stand the Company in good stead for the next 25 years.

At the time of writing, after adjusting for the five for one share split on 4 February 2022, the NAV per share is 306.6p, the share price is 277.0p and the Company is trading at a discount of 9.6% to the NAV per share.

Overview

Three broad themes captured investor attention over the period. The first was the pandemic and its repercussions. The discovery of a fast-spreading Covid strain roiled markets, though fears subsided as the new variant appeared less severe than initially thought. Most Asian governments have since begun charting a careful return to normal life amid widening vaccine coverage. Also keeping investors on edge was China's regulatory upheaval, as well as its property and energy woes. Towards the end of the period, markets saw a big swing from growth-oriented to value stocks as major central banks pivoted to monetary tightening in view of rapidly rising inflation.

Against this backdrop, there was a marked divergence in small-cap performance by country. Markets in South-East Asia, where your Company has a heavy exposure, were broadly resilient as economic prospects brightened and corporate earnings rebounded. India, another large market for the Company, outperformed on optimism about the domestic economy. After the period-end, policymakers in India unveiled a pro-growth budget with an emphasis on capital investment as well as incentives for domestic manufacturing and clean energy. The lack of big populist measures signalled a clear intent to cap social welfare spending and support growth through more sustainable capacity building.

In North Asian markets, Taiwan was helped by the strength of the semiconductor industry. Conversely, the tech-heavy market of South Korea, where your Company has a comparatively light exposure, suffered outsized losses amid the sector rotation. Stocks in China and Hong Kong were beset by regulatory noise and concerns about the mainland's economy. The People's Bank of China cut key lending rates to counter slowing economic momentum.

Outcome of Long Term Investment Strategy Review

On 11 January 2022 I wrote to shareholders to provide an update on the Board's comprehensive review of the Company's long-term strategy.  This was initiated to ensure that the Company's investment policy continues to capture the immense opportunities that exist in the Asian small cap market in both South Asia and North Asia with the emergence of China as the world's second-largest economy. As part of the Strategic Review, the Board addressed the issue of how to make the Company more competitive whilst giving shareholders, and in particular retail investors, a more meaningful participation in the Company's ongoing success. I would like to thank shareholders for supporting the Board's proposals at the General Meeting held on 27 January 2022 and can now confirm that each of the following measures recommended by the Board have now been implemented:

-       Amendment of the Company's Investment Policy (refer to 'Disclosures' below for new policy);

-       Adoption of a new Enhanced Dividend Policy;

-       Amendment of the Company's Articles in order to provide flexibility to pay dividends out of capital profits in the future, and refresh the Articles more generally, including in connection with the running of Shareholder meetings following the recent pandemic; and

-       A five for one Share split (with effect from 4 February 2022 each Ordinary share of 25p was sub-divided into five Ordinary shares of 5p each)

In addition, as part of the process, the following enhancements have now also successfully been implemented:

-       Changes to the Company's management team, in particular the addition of Flavia Cheong, abrdn's Head of Equities, Asia Pacific, as joint lead manager, and Neil Sun as an investment manager directly responsible for managing the potential increased weighting in North Asia. They will work alongside Hugh Young and Gabriel Sacks to bolster the investment management team to reflect the increasing importance of China;

-       Agreement with abrdn to amend the Company's management fee from 0.96% per annum of the Company's market capitalisation to a new, tiered management fee of 0.85% per annum for the first £250 million of the Company's market capitalisation, 0.6% per annum for the next £500 million, and 0.5% per annum for market capitalisation of £750 million and above, with effect from 1 August 2021; and

-       The Board's commitment to introducing a performance-linked tender offer which shall provide that, in the event of underperformance of the NAV per Share versus the MSCI AC Asia ex Japan Small Cap Index over a five-year period commencing 1 August 2021, shareholders will be offered the opportunity to realise a proportion of their holding for cash at a level close to NAV less costs of the tender offer. The tender offer would be capped at a maximum of 25% of the issued share capital of the Company at that time.

These changes have provided the expanded management team at abrdn with much greater flexibility to invest in small growth companies across Asia. By increasing the target dividend and aiming to maintain the Company's progressive dividend policy of the last 25 years (including with the flexibility to pay dividends out of capital reserves where merited in the future), investors will have an enhanced, regular level of income alongside capital growth prospects amid the current relatively low interest rate environment. Furthermore, we have reduced the running costs of the Company through the new fee arrangements and hope to be able to increase the marketability of the Company's Ordinary Shares for small investors through the share split. And finally, by implementing the Future Tender Offer we have provided Shareholders with a partial exit opportunity if the Company's performance does not exceed the MSCI AC Asia ex Japan Small Cap Index over the five-year period commencing 1 August 2021.

Dividend

On 17 February 2022 the Company declared a first interim dividend of 3.2p per Ordinary 5p share which was paid on 21 March 2022 to Ordinary shareholders on the register on 25 February 2022.  In accordance with the enhanced dividend policy approved by shareholders, the Board has set a target dividend of 6.4p per Ordinary Share for the financial year ending 31 July 2022 (adjusted for the five for one share split that occurred on 4 February 2022) (2021 equivalent full-year dividend 3.2p after adjustment for the five for one share split).  The 3.2p dividend declared in February represented the first two quarterly dividends for the initial six month period to 31 January 2022 and the Board expects to declare 1.6p per Ordinary share per quarter for the remainder of the Company's financial year.

Change of Company Name

In order to align the Company's name with the name of the Manager's business, which has changed to abrdn plc, the Board has resolved to change the Company's name to abrdn Asia Focus plc and the Company received confirmation from Companies House that the change became effective from 4 April 2022.

Portfolio Review

Your Company's outperformance was driven by both long-term holdings and relatively recent additions. Stock choice in the communication services sector proved prudent. Consumer marketing technology firm Affle, which was introduced in 2020, enjoyed solid gains on the back of healthy volume growth and pricing improvements. A dominant player in India, Affle is also well-placed to grow profitability in other emerging markets, as evident from its acquisition in Latin America.

The performance of your Company's real estate holdings was equally pleasing. Notable mentions include two relatively new additions, Nam Long in Vietnam and Prestige Estates in India. The former rallied on the property market recovery and expectations of continued loose monetary policy in Vietnam, while the latter reported record quarterly pre-sales. Both property developers are backed by decent land banks.

The investments in healthcare and industrials also did well. Thailand-based Mega Lifesciences, which manufactures and sells pharmaceutical and nutraceutical products, posted sharply higher quarterly earnings. The company stands to gain from its increasing exposure to key frontier markets that are structurally attractive over the long term. In industrials, the outlook for our long-held holding John Keells has improved, with the Sri Lankan conglomerate announcing a strong set of results despite the country's extremely challenging macroeconomic environment.

The information technology sector, which had contributed to the portfolio's prior outperformance, was hit by the shift from growth to value stocks. Not all holdings fared poorly. Singapore-based testing and handling solutions provider AEM and Taiwanese integrated circuit maker ASPEED Technology bucked the trend, and growth prospects for both companies remain promising.

Some of the portfolio's technology holdings tracked the broader market lower, however. Among these were Taiwan Union Technology as well as Park Systems and Koh Young Technology in Korea. It is worth noting that despite weaker share prices, there is little fundamental change to the companies' earnings potential and growth opportunities. Copper-clad laminate maker Taiwan Union Technology and Koh Young Technology, a global leader in 3D inspection for circuit boards, remain beneficiaries of favourable structural trends such as 5G telecommunications and demand for connectivity. Software company Park Systems' earnings are poised to grow when orders roll in.

Other detractors included Singapore-based advanced materials supplier Nanofilm Technologies, which fell after its major clients postponed projects due to semiconductor chip shortages, and Indian oil and gas logistics provider Aegis Logistics, which was pressured by worries over Covid-related disruptions. Also impeding performance were consumer holdings, Momo.com and Godrej Agrovet. Taiwanese online retailer Momo.com was another casualty of the switch from growth to value, while Indian diversified agri-business Godrej Agrovet weakened on muted results.

Turning to portfolio activity, two new holdings were initiated over the period. The first was Taiwanese computer chip maker Andes Technology, one of the top three companies globally for RISC-V, an open-source instruction set architecture that defines the way software 'talks' to a processor. Your Manager sees RISC-V gaining market share given its simplicity and efficiency. Another introduction was Australian intellectual property services provider IPH, which has performed steadily and is attractively valued at period end.

Your Manager also participated in the IPOs of two Indian companies. Vijaya Diagnostic Centre is a leading medical diagnostic chain in south India. Your Manager is impressed with its focus on service and experience, and sees Vijaya as a high-growth company in a very fragmented market. CE Info Systems (MapmyIndia), a pioneer of digital mapping in India, is a beneficiary of the country's revamped geospatial regulations, which subject foreign players to restrictions that limit their competitiveness. Your Manager sees this clear competitive advantage sustaining its growth prospects, as growing smartphone penetration and 5G adoption lead to rising investment in digital maps and location services technology.

Among the disposals were AEON Credit Service Asia and ORIX Leasing Pakistan. Ujjivan Financial Services and AEON Thana Sinsap were also divested owing to their challenging outlooks.

Share Capital Management and Gearing

During the period we have not bought back any Ordinary shares in the market. The Board will continue to consider the use of share buy backs to both reduce the volatility of any discount and to modestly enhance the NAV for shareholders.

The Company's net gearing at 31 January 2021 was 12.9% with the majority of the debt provided by the Loan Notes. Gearing is also provided by the Convertible Unsecured Loan Stock redeemable in 2025, of which approximately £36.6m million remains outstanding.  As at 11 April 2022, the latest practicable date, the net gearing stood at 12.2%.

Directorate

Debby Guthrie has decided to resign from the Board with effect from 13 April 2022 and I would like to thank her for her contribution to not only the Board but also as Chairman of the Audit Committee. As was announced at the time of the 2021 Annual Report, with the help of outside consultants, the Board is in the process of appointing two new independent non-executive Directors. Once these new appointments are made, the Board will then choose my successor so that I can retire from the Board at the conclusion of the AGM in December 2022. 

During the period Viscount Dunluce succeeded to the title Earl of Antrim following the death of his father.

Outlook

As ever, predicting the macroeconomic and geopolitical outlook is tricky. Big market swings in early 2022 have given us a foretaste of things to come as the US raises interest rates to tame inflation. The Russia-Ukraine conflict also creates further headwinds to the global recovery, not to mention the potential for a devastating loss of lives. Your Manager is keeping a watchful eye on developments, particularly on inflation and the impact of monetary policy on borrowing costs, companies and the wider economy. At the same time, the Covid shadow still lingers and further flare-ups cannot be ruled out. That said, Asia's vaccination drive could see a return to some normality, which is positive for consumption, businesses and overall growth.

The other big question in Asia and indeed globally is China, which faces a property-led slowdown. Stringent Covid controls could put further stress on the economy. Beijing has responded to the risks, however, moving toward policy loosening to stabilise growth. Meanwhile, relations with the US remain fraught. Your Manager believes this will continue to drive China's push for self-sufficiency, which in turn offers ample investment opportunities across diverse sectors such as consumption, technology and green energy.

As I mentioned at the outset, the attractions of Asia and its smaller companies are many and obvious. Economic growth should continue to outstrip the US and Europe, while corporate balance sheets remain broadly resilient. Global volatility seems inevitable, however. That is why it is imperative to underpin investment decisions with rigorous discipline, which is embedded in your Manager's process. Given our holdings' sound businesses and robust financials, I am cautiously optimistic that your Company can weather the choppy months ahead.

Nigel Cayzer
Chairman
13 April 2022

Disclosures

Revised Investment Objective and Policy (from 27 January 2022)

Investment Objective

The Company aims to maximise total return to shareholders over the long term from a portfolio made up predominantly of quoted smaller companies in the economies of Asia excluding Japan.

Investment Policy

The Company may invest in a diversified portfolio of securities (including equity shares, preference shares, convertible securities, warrants and other equity-related securities) predominantly issued by quoted smaller companies spread across a range of industries and economies in the Investment Region. The Investment Region includes Bangladesh, Cambodia, China, Hong Kong, India, Indonesia, Korea, Laos, Malaysia, Myanmar, Pakistan, The Philippines, Singapore, Sri Lanka, Taiwan, Thailand and Vietnam, together with such other economies in Asia as approved by the Board.

The Company may invest up to 10% of its net assets in collective investment schemes, and up to 10% of its net assets in unquoted companies, calculated at the time of investment.

The Company may also invest in companies traded on stock markets outside the Investment Region provided over 75% of each company's consolidated revenue, operating income or pre-tax profit is earned from trading in the Investment Region or the company holds more than 75% of their consolidated net assets in the Investment Region.

When the Board considers it in shareholders' interests, the Company reserves the right to participate in rights issues by an investee company.

Risk Diversification

The Company will invest no more than 15% of its gross assets in any single holding including listed investment companies at the time of investment.

Gearing

The Board is responsible for determining the gearing strategy for the Company. Gearing is used selectively to leverage the Company's portfolio in order to enhance returns where and to the extent this is considered appropriate to do so. Gearing is subject to a maximum gearing level of 25% of NAV at the time of draw down.

Principal Risks and Uncertainties

The principal risks and uncertainties affecting the Company are set out in detail on pages 17 to 19 of the Annual Report and Financial Statements for the year ended 31 July 2021 and these have not changed.

They can be summarised under the following headings:

-       Investment Strategy and Objectives;

-       Investment Portfolio and Investment Management Risks;

-       Financial Obligations (Gearing);

-       Financial and Regulatory;

-       Operational;

-       Investment in Unlisted Securities; and

-       Market and F/X Risks.

The Board is monitoring the current geo-political risks, market volatility and uncertainty associated with Russia's invasion of Ukraine, which are evolving day by day. The Board continues to note that there are a number of contingent risks stemming from the Covid-19 pandemic that may impact the operation of the Company and world markets. The Board is also very conscious of the risks emanating from increased environmental, social and governance challenges and mounting climate change pressure.  The Board continues to monitor, through its Manager, the potential risk that investee companies may fail to keep pace with the rates of ESG and Climate Change adaptation required. In all other respects, the Company's principal risks and uncertainties have not changed materially since the date of the 2021 Annual Report.

Going Concern

The Directors have conducted a thorough review of the Company's ability to continue as a going concern with particular focus on the impact of world events as well as the Covid-19 pandemic.  During the review period the Board has been regularly updated by the Manager on the resilience of the Manager's systems as well as those of the other key third party service providers.  The Board is satisfied that suitable business interruption plans are in place and working from home arrangements have proved effective throughout the course of the pandemic.

The Board monitors the Company's covenant compliance and gearing levels regularly and is satisfied that there is sufficient headroom in place and flexibility if required.

The Company's assets consist of a diverse portfolio of listed equities which in most circumstances are realisable within a short timescale. The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least the next 12 months. Accordingly, the Board continues to adopt the going concern basis in preparing the financial statements.

Directors' Responsibility Statement

The Directors are responsible for preparing this half-yearly financial report in accordance with applicable law and regulations. The Directors confirm that to the best of their knowledge:

-       the condensed set of financial statements contained within the half-yearly financial report has been prepared in accordance with Financial Reporting Standard 104 (Interim Financial Reporting);

-       the Interim Board Report (constituting the interim management report) includes a fair review of the information required by rule 4.2.7R of the UK Listing Authority Disclosure Guidance and Transparency Rules (being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements and a description of the principal risks and uncertainties for the remaining six months of the financial year) and 4.2.8R (being related-party transactions that have taken place during the first six months of the financial year and that have materially affected the financial position of the Company during that period; and any changes in the related party transactions described in the last Annual Report that could so do).

Nigel Cayzer
Chairman
13 April 2022

Ten Largest Investments

As at 31 January 2022

Investment Portfolio

Investment Case Studies

Nam Long Investment Corporation

In which year did we first invest?       2019
Where is their head office?                   Ho Chi Minh City, Vietnam
What is their website?                             namlongvn.com
Holding at period end:                             3.2%

What does the company do?

Nam Long started out as the first non-state owned enterprise in Vietnam's construction sector in 1992. Since then, it has grown into a reputable property developer in Ho Chi Minh City, with a decent land bank and promising project pipeline.

Why do we like the investment?

Nam Long has the attributes that we like in a quality property developer. It is positioned in the affordable to mid-level segments of Vietnam's housing market where the structural growth is. Its affordable housing brand, Ehome, is well established. The company also develops reasonably priced mid-end housing in Ho Chi Minh City under the brands Flora and Valora, together with Japanese partners Hankyu Realty and Nishin Nippon.

While Nam Long continues to focus on affordable housing, its property mix has been shifting up to the mid-level segment through the years. This is partly due to rising affluence. It also reflects Nam Long's ambitions to become the leading integrated real estate group by 2030. The group is developing more integrated townships with offerings in the suburbs of large urban centres instead of single projects on smaller land parcels. Its multiple brands mean that it can be more flexible depending on the location and target market. This is supported by a large land bank of around 680 hectares in south Vietnam, mainly in Can Tho, Long An and Ho Chi Minh City.

The integrated townships satisfying the need to "live, work, play, shop and learn" are key to the Dragon Growth Transformation journey that Nam Long undertook in 2021. The company aims to increase its market penetration by developing new segments in priority districts in Ho Chi Minh City on top of its familiar products like EHome, Flora and Valora. Geographic expansion is also in the works. Nam Long is looking at Hanoi and priority Tier 2 cities that have potential for economic growth, attracting a large workforce who would need homes to live in.

Overseeing all this is a progressive management team with a strong track record. The performance-driven culture is aligned with minority interests, with checks and balances through its key shareholder, Singapore's Keppel Land, and Japanese project partners, which also provide the necessary skill and expertise in construction.

Meanwhile, Nam Long sits well with sustainability development, given its focus on providing affordable housing in a market where it is very much needed. It has three focus areas: sustainable business operations, protecting the environment and contributing to society. For instance its supplier Nam Long sets regulations on environmental standards and requires its contractors to use construction techniques that minimise environmental damage. As for sustainable urban planning, in the areas that Nam Long develops, the proportion of green habitats from low building density planning is 30% or higher, with most of such space given over to rivers, trees, landscape lakes and the like.

Finally, Nam Long's affordable housing product line has enabled nearly 3,300 low-income households in Ho Chi Minh City the opportunity to own their own apartments. The group has also donated about VND8 billion (£260,000) to support over 20,000 people through corporate social responsibility activities such as Support for Covid-19, support for flash floods in the central region, an education fund, and maintaining the "Swing for Dreams" scholarship fund.

Mega Lifesciences

In which year did we first invest?            2017
Where is their head office?                       Bangkok, Thailand
What is their website                                    megawecare.com
Holding at period end:                                  2.5%

What does the company do?

This Thai company produces and sells nutritional products and prescription drugs domestically and across frontier markets, with a leading position in Indochina. Its Maxxcare brand covers prescription and OTC drugs, while its Mega We Care brand offers nutritional products.

Why do we like the investment?

Strong brand equity counts for a lot. The company has built a strong brand in Southeast Asia for its Mega We Care brand, making it a trusted producer of supplements and pharmaceutical products in the region, in the same league as Australia's Blackmores. Several of Mega's brands are ranked no. 1 in their respective categories, while others were consistently ranked in the top five in the home market of Thailand as well as in countries like Myanmar and Vietnam.

Mega focuses on being the first mover into a market for both its We Care and Maxxcare businesses, and niche markets at that.   This discourages competitors from entering once there is an incumbent of its size. For instance, its long-established distribution network in Myanmar and Vietnam gives access to more than 50,000 and 26,500 retail outlets, respectively. In such frontier markets, regulations are getting tougher and it is becoming harder to get regulatory approvals from various countries, but in a way this benefits Mega, as it raises the entry barriers for new competitors.

Branding is even more important in the pharmaceutical space and it also translates into high pricing power. Mega has maintained high margins over the past several years, while growing revenue. This is because it is able to charge relatively attractive prices versus pharmacies, hospitals, clinics, health practitioners and physicians, yet still at a cheaper level than imported pharmaceutical products. Mega's operating cash flow has been positive over the years, underpinning a net-cash balance sheet.

In the wake of the pandemic, demand for immunity-boosting products, such as supplements, has risen sharply. Although such sales are likely to normalise somewhat as pandemic effects recede and economies recover, Covid-19 has increased awareness of nutraceutical products and we would expect some of the higher demand to be sustained. There are also broader structural trends in Asia that support demand, as an increasingly affluent middle class turns more health conscious on the back of rapidly ageing populations. We see Mega's businesses benefiting from these longer-term trends.

For a company that sells products promoting health and well-being, Mega prides itself on being a people-centric organisation, too, with a "People First" culture listed as one of its competitive strengths. In addition to regular salaries, bonuses and provident funds, Mega provides staff awards based on years of service and medical insurance, along with diet and healthy living planning.

It also pays heed to environmental laws in its production process and in dealing with hazardous materials, receiving green industry certification for its facilities in Thailand. Its green initiatives include the move to more energy-efficient lamps, as well as the use of chilled chlorofluorocarbon-free water for its air-conditioning units and solar power in its operations.

Condensed Statement of Comprehensive Income (unaudited)

Condensed Statement of Financial Position (unaudited)

Condensed Statement of Changes in Equity (unaudited)

Condensed Statement of Cash Flows (unaudited)

Notes to the Financial Statements

Alternative Performance Measures ("APMs")

Copies of the Company's Half Yearly Report for the six months ended 31 January 2022 will be posted to shareholders in April 2022 and will be available thereafter on the Company's website: asia-focus.co.uk *.

Please note that past performance is not necessarily a guide to the future and that the value of investments and the income from them may fall as well as rise and may be affected by exchange rate movements.  Investors may not get back the amount they originally invested.

* Neither the content of the Company's website nor the content of any website accessible from hyperlinks on the Company's website (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement.

Aberdeen Asset Management PLC

Secretaries

13 April 2022