Interim Results for six months ended 30 June 2024

Anglo-Eastern Plantations PLC
23 August 2024
 

Anglo-Eastern Plantations Plc

("AEP", "Group" or "Company")

 

Announcement of interim results for the six months ended 30 June 2024

 

The group, comprising Anglo-Eastern Plantations Plc and its subsidiaries (the "Group"), is a major producer of palm oil and rubber with plantations across Indonesia and Malaysia, has today released its results for the six months ended 30 June 2024.

 

Financial Highlights

 

Continuing operations

2024
6 months
to 30 June
$m

(unaudited)

 

2023
6 months
to 30 June
$m

(unaudited)


2023
12 months
to 31 December
$m

(audited)

Revenue

166.7


173.4


371.0

Profit before tax

 





 - before biological assets ("BA") movement

33.5


32.2


78.7

 - after BA movement

35.2


32.5


77.8

 

Basic Earnings per ordinary share ("EPS")

 





 - before BA movement

67.18cts


50.27cts


130.24cts

 - after BA movement

70.58cts


50.73cts


128.82cts

 

 

Enquiries:

 

Anglo-Eastern Plantations Plc


Dato' John Lim Ewe Chuan 

 +44 (0)20 7216 4621



Panmure Liberum


Amrit Mahbubani / Freddie Wooding

+44 (0)20 3100 2000

 

 

 

Chairman's Interim Statement

 

The interim results for the Group for the six months to 30 June 2024 were as follows:

 

Revenue for the six months to 30 June 2024 was $166.7 million, 4% lower than $173.4 million reported for the same period of 2023. The Group's gross profit after BA movement for the six months of 2024 was $36.3 million, 9% higher than $33.2 million for the same period of 2023.

 

The BA movement for the first half of 2024 was a credit of $1.8 million representing an increase in fair value of our Fresh Fruit Bunches ("FFB") as compared to a credit of $0.3 million for the same period last year.

 

Profit before tax after BA movement for the first half of 2024 was 8.6% higher at $35.3 million against $32.5 million for the same period last year. The higher profit for the period, notwithstanding the lower sales revenue, was primarily driven by reduced manuring costs due to cheaper fertiliser prices and an increase in the value of biological assets, primarily because of a greater number of unripe bunches on the trees and a higher net realisable value in June 2024 as compared to December 2023.

 

FFB production for the first half of 2024 was 5% lower at 494,900 mt as compared to 522,700 mt for the same period last year. This was primarily due to lower FFB yield from our old-matured trees in Bengkulu region, Sumatera, which have been earmarked for replanting and their fertiliser programs have been withdrawn 18 months prior to replanting. In addition, there was a further reduction of 1,814 ha of matured palm trees in Bengkulu region this year, of which 1,074 ha of the palms were replanted in 2023, while another 740 ha were cleared for replanting during the first half of 2024. This is part of the Group's replanting program to replenish old and Dura palms with Tenera seedlings which are of better quality to ensure higher FFB yields and better crude palm oil ("CPO") extraction going forward.

 

Bought-in crops for the first half of 2024 decreased by 8% to 463,300 mt as compared to 501,400 mt of outside crops purchased for the same period last year. The lower quantity purchased was due to the loss of supply of fruits from a competitor's estate who is now processing their own fruits in their own mill in Central Kalimantan as well as intense competition for fruits in Bengkulu region.

 

Operational and Financial Performance

 

For the six months ended 30 June 2024, gross profit margin increased to 21.8% from 19.2% as compared to the same period last year. The higher gross margin was mainly due to lower fertiliser prices together with the increase in fair value of our biological assets as at 30 June 2024.

 

The average ex-Rotterdam CPO price for the first six month to 30 June 2024 was $1,018/mt, which was 3% higher as compared to $991/mt for the same period last year. The Group's average CPO ex-mill price for the first six month was slightly lower at $749/mt as compared to $751/mt for the same period last year. The ex-mill price is normally quoted at a discount to ex-Rotterdam price as buyers factored in freight and insurance charges and deduct CPO export tax and levy imposed by the Indonesian Government. Palm kernel prices averaged at $411/mt, which was 14% higher for the first half year of 2024 against $361/mt for the same period last year.

 

Profit after tax for the six months ended 30 June 2024 was 15.8% higher at $27.9 million, compared to a profit after tax of $24.1 million, excluding the loss of $2.5 million from the discontinued operations for the same period last year.

 

The resulting basic earnings per share from continuing operations for the period was 70.58cts (H1 2023: 50.73cts).

 

The Group's Balance Sheet remains strong with no outstanding bank loans. Net assets as at 30 June 2024 was $519.7 million as compared to $530.7 million as at 31 December 2023 and $617.1 million as at 30 June 2023 respectively. The Group's net assets decreased by $11.0 million since 31 December 2023, largely driven by a currency translation loss of $32.3 million from Rupiah to our reporting currency in USD. This loss was partially net off by a profit of $27.9 million for the six months ending 30 June 2024.

 

As of 30 June 2024, the Group's cash and cash equivalents including short-term investments known as fixed deposits with banks, was $150.8 million (31 December 2023: $167.1 million, H1 2023: $261.3 million). The reduction in cash & cash equivalents including short-term deposits since the beginning of 2024 was due to cash allocated for investments of $30.0 million, capital expenditure of $12.0 million and loss in foreign currency exchange of $10.0 million net of cash generated from operations for the period of $34.8 million.

 

Working capital increased by $3.1 million for the period as compared to a decrease in working capital of $24.3 million for the corresponding period last year. The largest component of the movement in working capital related to a $9.9 million advance payment to the Group's Share Registrar for the dividend payment in July 2023, whereas no such advance payment was made during current period. Other fluctuations in working capital are due to timing differences related to normal business operations.

 

Production costs

 

Production cost for the Group was lower during the first half of 2024 as compared to the same period in 2023. This was mainly due to savings in manuring cost arising from fertilisers procured at lower prices for first half of 2024. The Group has recently concluded a tender to procure fertilisers at rates up to 40% less than the peak prices in 2022 for the second half of 2024.

 

Production and Sales


2024

2023

2023


6 months

6 months

Year


to 30 June

to 30 June

to 31 December


mt

mt

mt

Oil palm production

 



FFB

 



- all estates from continuing operations

494,900

522,700

1,102,100

- estates from discontinued operations

-

15,700

21,600

- bought-in from third parties

463,300

501,400

1,080,200

Saleable CPO

191,200

210,900

449,000

Saleable palm kernels

44,500

48,600

103,900


 



Oil palm sales

 



CPO

189,500

201,800

450,700

Palm kernels

44,000

47,400

104,300

FFB sold outside

24,300

24,200

55,100

 

The Group's seven mills processed a total of 936,500mt of FFB during the first half year of 2024, representing a decrease of 8% as compared to 1,015,600mt for the same period last year. This was mainly due to lower internal crop produced, coupled with lower third-party crops purchased for the same period.

 

Overall, CPO production for the first half of 2024 was 191,200mt, 9% lower than the corresponding period of 210,900 mt in 2023. The Oil Extraction Rate ("OER") for the first half year was 20.4%, which was slightly lower than 20.8% as compared to the same period last year.

 

Commodity prices

 

The ex-Rotterdam CPO price started the year at $935/mt and trended upwards during Q1 2024 before peaking at $1,140/mt in early April 2024. It retreated to a low of $980/mt in early June 2024 before it ended higher at $1,030/mt on 28 June 2024, the last business day of the period. CPO price ex-Rotterdam for the first half of 2024 averaged at $1,018/mt, 3% higher than last year (H1 2023: $991/mt). The increase in CPO price was seasonal due to a lower palm production and the higher price trend of competing vegetable oils during first half of 2024. However, despite the price surge, Indonesian CPO exporters were still not able to reap maximum profits due to reduced demand from several countries, particularly China.

 

Development

 

The Group's planted areas on 30 June 2024 comprised:

 


Total

Mature

Immature

Continuing operations

Ha

ha

Ha

North Sumatera

18,610

18,162

448

Bengkulu

16,423

13,016

3,407

Riau

4,786

4,786

-

Kalimantan

18,543

16,376

2,167

Bangka

2,766

2,437

329

Plasma

3,888

2,865

1,023

Indonesia

65,016

57,642

7,374

Malaysia

3,453

3,453

-

Total: 30 June 2024

68,469

61,095

7,374

Total: 31 December 2023

68,948

59,627

9,321





30 June 2023




Continuing operations

68,580

60,270

8,310

Discontinued operations

7,749

7,331

418

Total: 30 June 2023

76,329

67,601

8,728

 

The Group's new planting and replanting for the first six months of 2024 totalled 598 ha compared to 987 ha for the same period last year. In addition, Plasma planting for the period was 42 ha (H1 2023: 89 ha).

 

The Group remains optimistic that planting will pick up in the second half of 2024 as rainfall normalises. The Group's total landholding comprises of 90,500 ha, of which the planted area stands at 68,469 ha (H1 2023: 68,580 ha) with an estimated remaining plantable area of 9,400 ha (H1 2023: 9,500 ha).

 

The seventh mill in North Sumatera has commenced processing its estate crop since the beginning of this year. Meanwhile, the Group has initiated the environmental impact assessment ("EIA") for the eighth mill in Kalimantan and the EIA has been submitted to the Ministry of Environment and Forestry for approval before construction can begin.

 

Dividend and Share Buyback

 

The Board has decided to revert to paying a final dividend based on profits for the year and it will be declared in accordance with the dividend policy of at least 25% of the profit after tax for the year. Accordingly, no interim dividend has been declared. The final dividend of 15.0 cents per share in respect of the year ended 31 December 2023 was paid on 12 July 2024.

 

During the period, the Group repurchased 71,852 ordinary shares pursuant to the share buyback programme announced on 24 August 2023. The Group's share buyback programme expired at the conclusion of the Company's AGM on 24 June 2024.

 

Outlook

 

In the second half of 2024, palm oil production is expected to increase. Weaker demand from major importers like India and China would exert downward pressure on CPO prices. Additionally, the recent tropical storm Beryl brought heavy rain to the soybean production belt in the USA, which could enhance yields and increase the production of competing vegetable oils for the season. Similarly, soybean production is anticipated to be higher in Brazil and Argentina compared to the previous year. The anticipated increase in supply is likely to push CPO prices downward.

 

Despite these challenges, Indonesia's ongoing Biodiesel B35 program and the planned implementation of the B40 mandate are expected to boost domestic consumption, thereby supporting CPO prices by tightening supply. The B35 program requires biodiesel to contain 35% palm oil, while the upcoming B40 mandate will increase this requirement to 40%. These initiatives aim to reduce dependence on fossil fuels, promote renewable energy, and absorb more palm oil domestically, which in turn helps to stabilize and support CPO prices by reducing the volume available for export.

 

In addition, the possibility of La Niña and other extreme weather conditions could reduce palm oil production and disrupt the supply chain, which will also help to support CPO prices.

 

Barring any unforeseen circumstances, the Group expects satisfactory performance for the remaining half of this financial year.  

 

 

 



 

Principal risks and uncertainties

 

For the remaining six months of the financial year, the principal risks and uncertainties include:

 

·      CPO Price Fluctuations: Variability in CPO prices can significantly impact revenue and profitability. Prices may be influenced by global supply and demand dynamics, trade policies and tariffs, shifts in consumer preferences and geopolitical crises.

 

·      US Dollar to Rupiah Exchange Rates: Fluctuations in the exchange rate between the US Dollar and the Indonesian Rupiah can affect financial performance. As the reporting currency is USD, changes in the Rupiah's value can lead to gains or losses when translating financial results.

 

·      Weather and Natural Disasters: Adverse weather conditions or natural disasters could damage palm oil plantations, affecting yields, and production levels and disrupt supply chains.

 

·      Regulatory Restrictions: Regulatory changes, such as the European Union Deforestation Regulation ("EUDR"), can impact market access and operational costs. Compliance with the EUDR will likely increase operational costs for palm oil companies. These costs stem from the need for enhanced monitoring, certification, and potentially shifting to more sustainable practices, which could impact profitability. The EUDR aims to prevent deforestation by requiring proof that products, including palm oil, are not linked to deforestation, potentially increasing compliance costs and affecting trade. The Group has adopted the No Deforestation, No Peat and No Exploitation ("NDPE") policy since mid-2019.

 

A more detailed explanation of all principal risks and mitigation steps and other considerations are listed on pages 33 to 38 and from pages 144 to 149 of the 2023 Annual Report which is available at https://www.angloeastern.co.uk/.

 

 

 

 

 

 

Mr Jonathan Law Ngee Song

Chairman

22 August 2024

 

 

 



 

Responsibility Statements

 

We confirm that to the best of our knowledge:

 

a)      The unaudited interim financial statements have been prepared in accordance with International Accounting Standards ("IAS") 34: Interim Financial Reporting as issued by the International Accounting Standards Board and as contained in UK adopted international accounting standards;

 

b)       The Chairman's interim statement includes a fair review of the information required by Disclosure and Transparency Rule ("DTR") 4.2.7R (an indication of important events during the first six months and a description of the principal risks and uncertainties for the remaining six months of the year); and

 

c)       The interim financial statements include a fair review of the information required by DTR 4.2.8R (material related party transactions in the six months ended 30 June 2024 and any material changes in the related party transactions described in the last Annual Report) of the DTR of the United Kingdom Financial Conduct Authority.

 

 

 

 

 

 

By order of the Board

Dato' John Lim Ewe Chuan

Executive Director

22 August 2024

 

 



 


Condensed Consolidated Income Statement

 



2024

6 months to 30 June

(unaudited)

 

2023

6 months to 30 June

(unaudited)

 

2023

Year to 31 December

(audited)

 

 

Notes

 

Result before BA movement*
$000

BA movement
$000

Total
$000

Result

before BA movement*
$000

BA movement
$000

Total
$000

Result

before BA movement*
$000

BA movement
$000

Total
$000

Continuing operations


 

 

 







Revenue

3

166,715

-

166,715

173,449

-

173,449

370,962

-

370,962

Cost of sales


(132,203)

1,764

(130,439)

(140,496)

291

(140,205)

(291,553)

(875)

(292,428)

Gross profit


34,512

1,764

36,276

32,953

291

33,244

79,409

(875)

78,534

Administration expenses


(4,629)

-

(4,629)

(4,224)

-

(4,224)

(8,867)

-

(8,867)

Gain arising from fair value


514

-

514

-

-

-

45

-

45

Operating profit


30,397

1,764

32,161

28,729

291

29,020

70,587

(875)

69,712

Exchange gains / (losses)


721

-

721

(493)

-

(493)

164

-

164

Finance income

4

2,390

-

2,390

3,990

-

3,990

7,977

-

7,977

Finance expense

4

(35)

-

(35)

(15)

-

(15)

(45)

-

(45)

Profit before tax

5

33,473

1,764

35,237

32,211

291

32,502

78,683

(875)

77,808

Tax expense

6

(6,940)

(390)

(7,330)

(8,349)

(65)

(8,414)

(20,364)

194

(20,170)

Profit for the period from continuing operations


26,533

1,374

27,907

23,862

226

24,088

58,319

(681)

57,638

(Loss) / Gain on discontinued operations, net of tax


-

-

-

 

(2,542)

 

67

 

(2,475)

6,611

(87)

6,524

 


26,533

1,374

27,907

21,320

293

21,613

64,930

(768)

64,162

 


 

 

 







Profit for the period attributable to:


 

 

 







-  Owners of the parent


26,527

1,343

27,870

17,795

248

18,043

55,414

(644)

54,770

-  Non-controlling interests


6

31

37

3,525

45

3,570

9,516

(124)

9,392

 


26,533

1,374

27,907

21,320

293

21,613

64,930

(768)

64,162

Profit for the period from continuing operations attributable to:


 

 

 







-  Owners of the parent


26,527

1,343

27,870

19,924

184

20,108

51,524

(561)

50,963

-  Non-controlling interests


6

31

37

3,938

42

3,980

6,795

(120)

6,675

 


26,533

1,374

27,907

23,862

226

24,088

58,319

(681)

57,638

Earnings per share attributable to the owners of the parent during the period


 

 

 




 

 

 

 

 

 

Profit


 

 

 







-  basic and diluted

8

 

 

70.58cts



45.52cts



138.44cts

Profit from continuing operations


 

 

 







-  basic and diluted

8

 

 

70.58cts



50.73cts



128.82cts

 

* The column represents the IFRS figures and the result before BA movement. This Alternative Performance Measure ("APM") reflects the Group's results before the movement in fair value of biological assets been applied. We have opted to additionally disclose APM as management do not use the fair value of BA movement in assessing business performance.

 

 

Condensed Consolidated Statement of Comprehensive Income

 


2024

(Restated)

2023

2023


6 months

6 months

Year


to 30 June

to 30 June#

to 31 December


(unaudited)

(unaudited)

(audited)


$000

$000

$000

Profit for the period

27,907

21,613

64,162

Other comprehensive (expenses) / income:




Items may be reclassified to profit or loss:

 



(Loss) / Profit on exchange translation of foreign operations

(32,316)

26,488

10,182

Recycling of foreign exchange on disposal

-

-

(10,431)

Net other comprehensive (expenses) / income may be reclassified to profit or loss

(32,316)

26,488

(249)

Items not to be reclassified to profit or loss:

 



Remeasurement of retirement benefits plan, net of tax

9

-

(375)

Net other comprehensive income / (expenses) not being reclassified to profit or loss

9

-

(375)

Total other comprehensive (expenses) / income for the period, net of tax

(32,307)

26,488

(624)

Total comprehensive (expenses) / income for the period

(4,400)

48,101

63,538

Attributable to:

 



-  Owners of the parent

(4,353)

39,511

54,580

-  Non-controlling interests

(47)

8,590

8,958


(4,400)

48,101

63,538

 

# The prior year's restatement details are disclosed in note 11.

 

Condensed Consolidated Statement of Financial Position

 



 





2024

(Restated)

2023

2023



as at 30 June

as at 30 June#

as at 31 December


Notes

(unaudited)

(unaudited)

(audited)



$000

$000

$000

Non-current assets


 



Property, plant and equipment


261,119

273,024

274,382

Investments

10

37,666

27

10,035

Receivables


19,556

20,142

20,306

Deferred tax assets


9,138

12,416

11,054



327,479

305,609

315,777

Current assets


 



Inventories


16,207

23,468

16,684

Income tax receivables


20,525

9,556

19,169

Other tax receivables


35,083

40,327

40,575

Biological assets


6,758

6,735

5,419

Trade and other receivables


8,987

17,591

10,689

Investments

10

2,911

-

-

Short-term investments


881

39,040

14,076

Cash and cash equivalents


149,911

222,286

152,984



241,263

359,003

259,596

Assets in disposal groups classified as held for sale


-

8,500

-



241,263

367,503

259,596

Total assets


568,742

673,112

575,373

Current liabilities


 



Trade and other payables


(27,771)

(29,909)

(27,456)

Income tax liabilities


(1,438)

(1,501)

(2,951)

Other tax liabilities


(959)

(1,976)

(1,184)

Dividend payables


(5,962)

(9,941)

(41)

Lease liabilities


(227)

(124)

(300)



(36,357)

(43,451)

(31,932)

Net current assets


204,906

324,052

227,664

Non-current liabilities


 



Deferred tax liabilities


(457)

(731)

(762)

Retirement benefits - net liabilities


(11,500)

(11,563)

(11,298)

Lease liabilities


(719)

(311)

(709)

 


(12,676)

(12,605)

(12,769)

Net assets


519,709

617,056

530,672

 


 



Issued capital and reserves attributable to owners of the parent


 



Share capital


15,504

15,504

15,504

Treasury shares


(2,487)

(1,171)

(1,847)

Share premium


23,935

23,935

23,935

Capital redemption reserve


1,087

1,087

1,087

Exchange reserves


(373,871)

(268,122)

(341,639)

Retained earnings


848,612

727,993

826,656

 


512,780

499,226

523,696


6,929

117,830

6,976

Total equity


519,709

617,056

530,672

 

# The prior year's restatement details are disclosed in note 11.

 

Condensed Consolidated Statement of Changes in Equity

 


 

Attributable to owners of the parent

 



 

 

Share

capital

 

Treasury

shares

 

Share

premium

Capital

redemption

reserve

 

Exchange

Reserves

 

Retained

earnings

 

 

Total

Non-controlling

interests

 

Total

equity

 

 

 

$000

$000

$000

$000

$000

$000

$000

$000

$000

 

 











 

Balance at 31 December 2022


15,504

(1,171)

23,935

1,087

(289,434)

722,191

472,112

111,865

583,977

Items of other comprehensive (expenses) / income:











-Remeasurement of retirement benefits plan, net of tax


-

-

-

-

-

(374)

(374)

(1)

(375)

- Recycling of foreign exchange on disposal


-

-

-

-

(8,307)

-

(8,307)

(2,124)

(10,431)

-Gain on exchange translation of foreign operations


-

-

-

-

8,491

-

8,491

1,691

10,182

Total other comprehensive income / (expenses)


-

-

-

-

184

(374)

(190)

(434)

(624)

Profit for the year


-

-

-

-

-

54,770

54,770

9,392

64,162

Total comprehensive income for the year


-

-

-

-

184

54,396

54,580

8,958

63,538

Acquisition of non-controlling interests


-

-

-

-

(52,389)

65,923

13,534

(101,342)

(87,808)

Share buy back


-

(676)

-

-

-

-

(676)

-

(676)

Dividends paid


-

-

-

-

-

(15,854)

(15,854)

(12,505)

(28,359)

Balance at 31 December 2023

 

15,504

(1,847)

23,935

1,087

(341,639)

826,656

523,696

6,976

530,672

Items of other comprehensive (expenses) / income:

 

 

 

 

 

 

 

 

 

 

-Remeasurement of retirement benefits plan, net of tax

 

-

-

-

-

-

9

9

-

9

-Loss on exchange translation of foreign operations

 

-

-

-

-

(32,232)

-

(32,232)

(84)

(32,316)

Total other comprehensive (expenses) / income

 

-

-

-

-

(32,232)

9

(32,223)

(84)

(32,307)

Profit for the period

 

-

-

-

-

-

27,870

27,870

37

27,907

Total comprehensive (expenses) / income for the period

 

-

-

-

-

(32,232)

27,879

(4,353)

(47)

(4,400)

Share buy back

 

-

(640)

-

-

-

-

(640)

-

(640)

Dividends payable

 

-

-

-

-

-

(5,923)

(5,923)

-

(5,923)

Balance at 30 June 2024

 

15,504

(2,487)

23,935

1,087

(373,871)

848,612

512,780

6,929

519,709

 

 


 

Attributable to owners of the parent

 



 

 

Share

capital

 

Treasury

shares

 

Share

premium

Capital

redemption

reserve

 

Exchange

Reserves

 

Retained

earnings

 

 

Total

Non-controlling

interests

 

Total

equity

 

 

 

$000

$000

$000

$000

$000

$000

$000

$000

$000

 

 











 

Balance at 31 December 2022


15,504

(1,171)

23,935

1,087

(289,434)

722,191

472,112

111,865

583,977

Items of other comprehensive income:











-Remeasurement of retirement benefits plan, net of tax


-

-

-

-

-

-

-

-

-

-Gain on exchange translation of foreign operations


-

-

-

-

21,468

-

21,468

5,020

26,488

Total other comprehensive income


-

-

-

-

21,468

-

21,468

5,020

26,488

Profit for the year


-

-

-

-

-

18,043

18,043

3,570

21,613

Total comprehensive income for the year


-

-

-

-

21,468

18,043

39,511

8,590

48,101

Acquisition of non-controlling interests


-

-

-

-

(156)

(2,332)

(2,488)

(120)

(2,608)

Dividends paid


-

-

-

-

-

(9,909)

(9,909)

(2,505)

(12,414)

Balance at 30 June 2023 (after restatement)

 

15,504

(1,847)

23,935

1,087

(268,122)

727,993

499,226

117,830

617,056

 

 

 

 

 

 

 

 

 


 

Condensed Consolidated Statement of Cash Flows

 


2024

 

2023

2023


6 months

6 months

Year


to 30 June

to 30 June

to 31 December


(unaudited)

(unaudited)

(audited)


$000

$000

$000

Cash flows from operating activities

 



Profit before tax from continuing operations

35,237

32,502

77,808

Adjustments for:

 



Biological assets movement

(1,764)

(291)

875

Gain on disposal of property, plant and equipment

(18)

(26)

(49)

Depreciation

8,164

8,116

16,400

Retirement benefit provisions

1,002

386

2,581

Net finance income

(2,355)

(3,975)

(7,932)

Unrealised (gain) / loss in foreign exchange

(721)

493

(164)

Gain arising from fair value

(514)

-

(45)

Property, plant and equipment written off

242

28

191

Impairment of losses

-

-

35

(Reversal) / Provision for expected credit loss

(1)

20

331

Operating cash flows before changes in working capital

39,272

37,253

90,031

(Increase) / Decrease in inventories

(578)

(2,871)

3,405

Decrease / (Increase) in non- current, trade and other receivables

1,254

(15,582)

(8,520)

Increase / (Decrease) in trade and other payables

2,449

(5,804)

(6,939)

Cash inflows from operations

42,397

12,996

77,977

Retirement benefits paid

(222)

(301)

(1,206)

Overseas tax paid

(7,404)

(22,172)

(43,108)

Operating cash flows generated from / (used in) continuing operations

34,771

(9,477)

33,663

Operating cash flows used in discontinued operations

-

(850)

(1,808)

Net cash flows generated from / (used in) operating activities

34,771

(10,327)

31,855

Investing activities

 



Property, plant and equipment

 



-  purchases

(12,034)

(17,110)

(33,421)

-  sales

23

155

315

Interest received

2,390

3,990

7,977

Increase in receivables from cooperatives under plasma scheme

(1,550)

(1,473)

(4,894)

Repayment from cooperatives under plasma scheme

1,042

-

1,921

Investment in investment portfolio

(30,028)

-

(9,948)

Disposal of subsidiaries

-

-

8,500

Placement of fixed deposits with original maturity of more than three months                                                                                                           

(881)

(39,040)

(14,076)

Withdrawal of fixed deposits with original maturity of more than three months

14,076

55,566

55,566

Cash (used in) / generated from investing activities from continuing operations

(26,962)

2,088

11,940

Cash used in investing activities from discontinued operations

-

(935)

(1,786)

Net cash (used in) / generated from investing activities

(26,962)

1,153

10,154

Financing activities

 



Dividends paid to the holders of the parent

(2)

-

(15,845)

Dividends paid to non-controlling interests

-

(2,505)

(12,505)

Repayment of lease liabilities - principal

(160)

(102)

(243)

Repayment of lease liabilities - interest

(35)

(15)

(45)

Acquisition of non-controlling interests

-

-

(86,620)

Share buy back

(640)

-

(676)

Cash used in financing activities from continuing operations

(837)

(2,622)

(115,934)

Net cash used in financing activities

(837)

(2,622)

(115,934)

Net increase / (decrease) in cash and cash equivalents

6,972

(11,796)

(73,925)

Cash and cash equivalents

 



At beginning of period

152,984

221,476

221,476

Exchange (loss) / gain

(10,045)

12,606

5,433

At end of period

149,911

222,286

152,984

Comprising:

 



Cash at end of period

149,911

222,286

152,984

 

 

 

Notes to the interim statements

 

1.        Basis of preparation of interim financial statements

 

These interim consolidated financial statements have been prepared in accordance with IAS 34, "Interim Financial Reporting" as issued by the International Accounting Standards Board ('IASB') and as adopted by the United Kingdom. They do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the 2023 Annual Report. The financial information for the half years ended 30 June 2024 and 30 June 2023 does not constitute statutory accounts within the meaning of Section 434(3) of the Companies Act 2006 and has been neither audited nor reviewed pursuant to guidance issued by the Auditing Practices Board.

 

Basis of preparation

The annual financial statements of Anglo-Eastern Plantations Plc are prepared in accordance with UK adopted International Accounting Standards. The comparative financial information for the year ended 31 December 2023 included within this report does not constitute the full statutory accounts for that period. The statutory Annual Report and Financial Statements for 2023 have been filed with the Registrar of Companies. The Independent Auditors' Report on the Annual Report and Financial Statements for 2023 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under Sections 498(2) or 498(3) of the Companies Act 2006.

 

The Directors have a reasonable expectation, having made the appropriate enquiries, that the Group has control of the monthly cashflows and that the Group has sufficient cash resources to cover the fixed cashflows for a period of at least 12 months from the date of approval of this interim report. For these reasons, the Directors adopted a going concern basis in the preparation of the interim report. The Directors have made this assessment after consideration of the Group's budgeted cash flows and related assumptions including appropriate stress testing of identified uncertainties. Stress testing of other identified uncertainties was undertaken on primarily commodity prices and currency exchange rates.

 

Changes in accounting standards

The same accounting policies, presentation and methods of computation are followed in these condensed consolidated financial statements as were applied in the Group's latest annual audited financial statements.

 

2.        Foreign exchange



2024

2023

2023



6 months

6 months

Year



to 30 June

to 30 June

to 31 December



(unaudited)

(unaudited)

(audited)



 



           Closing exchange rates


 



            Rp : $


16,421

15,026

15,416

           $ : £


1.26

1.27

1.27

           RM : $


4.72

4.67

4.60



 



            Average exchange rates


 



            Rp : $


15,901

15,071

15,255

           $ : £


1.26

1.23

1.24

           RM : $


4.73

4.46

4.56

 

3.        Revenue

 

Disaggregation of Revenue

The Group has disaggregated revenue into various categories in the following table which is intended to:

•     Depict how the nature, amount and uncertainty of revenue and cash flows are affected by timing of revenue recognition; and

•     Enable users to understand the relationship with revenue segment information provided in note 5.

 

There is no right of return and warranty provided to the customers on the sale of products and services rendered.

 

 

 

6 months to 30 June 2024

CPO, palm kernel and FFB

 

 

Rubber

Shell nut

Biogas products

 

 

Others

Total

 

$000

$000

$000

$000

$000

$000

 







Contract counterparties







Government

-

-

-

389

-

389

Non-government

 - Wholesalers

 

163,872

 

106

 

1,730

 

-

 

618

 

166,326

 

163,872

106

1,730

389

618

166,715

 







Timing of transfer of goods







Delivery to customer premises

 

3,780

 

106

 

-

 

-

 

-

 

3,885

Customer collect from our mills / estates

 

160,092

 

-

 

1,730

 

-

 

-

 

161,822

Upon generation / others

-

-

-

389

618

1,007


163,872

106

1,730

389

618

166,715















 

 

6 months to 30 June 2023

CPO, palm kernel and FFB

 

 

Rubber

Shell nut

Biogas products

 

 

Others

Total


$000

$000

$000

$000

$000

$000








Contract counterparties







Government

-

-

-

550

-

550

Non-government

- Wholesalers

 

169,920

 

327

 

2,337

 

-

 

315

 

172,899


169,920

327

2,337

550

315

173,449

 







Timing of transfer of goods







Delivery to customer premises

3,339

327

-

-

-

3,666

Customer collect from our mills / estates

 

166,581

 

-

 

2,337

 

-

 

-

 

168,918

Upon generation / others

-

-

-

550

315

865


169,920

327

2,337

550

315

173,449















 

 

Year to 31 December 2023

CPO, palm kernel and FFB

 

 

Rubber

Shell nut

Biogas products

 

 

Others

Total


$000

$000

$000

$000

$000

$000








Contract counterparties







Government

-

-

-

1,081

-

1,081

Non-government

 - Wholesalers

 

363,967

 

529

 

4,844

 

-

 

541

 

369,881


363,967

529

4,844

1,081

541

370,962








Timing of transfer of goods







Delivery to customer premises

6,784

529

-

-

-

7,313

Customer collect from our mills / estates

 

357,183

 

-

 

4,844

 

-

 

-

 

362,027

Upon generation / others

-

-

-

1,081

541

1,622


363,967

529

4,844

1,081

541

370,962

 

4.        Finance income and expense



2024

2023

2023



6 months

6 months

Year



to 30 June

to 30 June

to 31 December



(unaudited)

(unaudited)

(audited)



$000

$000

$000



 



          Finance income


 



          Interest receivable on:


 



          Bank balances and time deposits


2,390

3,990

7,977



 



          Finance expense


 



           Interest payable on:


 



           Interest expense on lease liabilities


(35)

(15)

(45)

Net finance income recognised in income statement


2,355

3,975

 

7,932

 


 

5.         Segment information

 


North

Sumatera

Bengkulu

Riau

Bangka

Kalimantan

Total Indonesia

Malaysia

UK

Total


$000

$000

$000

$000

$000

$000

$000

$000

$000

6 months to 30 June 2024 (unaudited)

 

 

 

 

 

 

 

 

Total sales revenue (all external)

 

 

 

 

 

 

 

 

 

-     CPO, palm kernel and FFB

58,336

44,025

26,263

1,792

32,184

162,600

1,272

-

163,872

-     Rubber

106

-

-

-

-

106

-

-

106

-     Shell nut

491

660

552

-

27

1,730

-

-

1,730

-     Biogas products

74

137

-

-

178

389

-

-

389

-     Others

366

108

2

18

120

614

3

1

618

     Total revenue

59,373

44,930

26,817

1,810

32,509

165,439

1,275

1

166,715


 

 

 

 

 

 

 

 

 

     Profit / (loss) before tax

16,606

5,199

5,414

(262)

7,374

34,331

(342)

(516)

33,473

     BA movement

921

241

275

(7)

256

1,686

78

-

1,764

     Profit / (loss) for the period before tax per consolidated income statement

17,527

5,440

5,689

(269)

7,630

36,017

(264)

(516)

35,237



 

 

 


 


 


     Finance income

1,530

412

390

1

34

2,367

20

3

2,390

     Finance expense

(14)

-

-

-

-

(14)

(11)

(10)

(35)

     Depreciation

(3,246)

(1,141)

(161)

(350)

(3,092)

(7,990)

(131)

(43)

(8,164)

     Impairment losses

-

-

-

-

-

-

-

-

-

     (Provision) / Reversal for expected credit loss

(4)

-

-

-

5

1

-

-

1

     Inter-segment transactions

3,264

(1,397)

(401)

(226)

(1,524)

(284)

274

10

-

     Inter-segmental revenue

10,884

1,768

-

-

6,338

18,990

-

-

18,990

     Tax (expense) / credit

(4,213)

(748)

(1,222)

109

(1,186)

(7,260)

(69)

(1)

(7,330)


 

 

 

 

 

 

 

 

 

     Total assets

232,684

110,017

52,728

18,241

140,741

554,411

10,042

4,289

568,742

     Property, plant and equipment

79,319

48,861

7,913

15,843

101,350

253,286

7,380

453

261,119

     Property, plant and equipment -

       additions

2,582

4,317

388

571

3,577

11,435

165

155

11,755











 


North

Sumatera

Bengkulu

Riau

Bangka

Kalimantan

Total Indonesia

Malaysia

UK

Total

South* Sumatera


$000

$000

$000

$000

$000

$000

$000

$000

$000

$000

6 months to 30 June 2023 (unaudited)










Total sales revenue (all external)











-     CPO, palm kernel and FFB

57,802

46,763

22,485

1,679

40,169

168,898

1,022

-

169,920

2,789

-     Rubber

327

-

-

-

-

327

-

-

327

-

-     Shell nut

1,171

337

785

-

44

2,337

-

-

2,337

-

-     Biogas products

168

187

-

-

195

550

-

-

550

-

-     Others

213

58

-

20

14

305

8

2

315

69

     Total revenue

59,681

47,345

23,270

1,699

40,422

172,417

1,030

2

173,449

2,858












     Profit / (loss) before tax

11,795

6,734

5,747

(67)

8,973

33,182

(513)

(458)

32,211

(696)

     BA movement

366

(1)

(77)

30

(76)

242

49

-

291

86

     Profit / (loss) for the period before tax per consolidated income statement

12,161

6,733

5,670

(37)

8,897

33,424

(464)

(458)

32,502

(610)












     Finance income

2,164

1,267

501

-

21

3,953

36

1

3,990

2

     Finance expense

(13)

-

-

-

-

(13)

(2)

-

(15)

-

     Depreciation

(2,571)

(1,749)

(419)

(239)

(3,054)

(8,032)

(84)

-

(8,116)

-

     Provision for expected credit loss

(4)

(8)

-

-

(7)

(19)

-

(1)

(20)

(9)

     Inter-segment transactions

2,046

(945)

(270)

(146)

(996)

(311)

301

10

-

-

     Inter-segmental revenue

16,269

3,540

-

-

5,230

25,039

-

-

25,039

2,023

     Tax (expense) / credit

(3,093)

(1,299)

(1,200)

44

(1,554)

(7,102)

(96)

(1,216)

(8,414)

471












     Total assets

261,948

141,814

51,847

19,054

155,488

630,151

10,342

11,677

652,170

9,478

     Property, plant and equipment

86,369

46,374

8,145

16,399

108,633

265,920

7,104

-

273,024

-

     Property, plant and equipment -

       additions

6,104

5,102

377

1,036

5,162

17,781

12

-

17,793

137












 

* South Sumatera represents the operations which have been discontinued and have therefore been separated from the continuing operations.

 


North

Sumatera

Bengkulu

Riau

Bangka

Kalimantan

Total Indonesia

Malaysia

UK

Total

South* Sumatera

 


$000

$000

$000

$000

$000

$000

$000

$000

$000

$000

 

Year to 31 December 2023 (audited)









 

Total sales revenue (all external)











 

-     CPO, palm kernel and FFB

120,788

100,998

53,193

3,315

83,630

361,924

2,043

-

363,967

3,810

-     Rubber

529

-

-

-

-

529

-

-

529

-

-     Shell nut

2,013

1,299

1,479

-

53

4,844

-

-

4,844

-

-     Biogas products

339

350

-

-

392

1,081

-

-

1,081

-

-     Others

369

49

-

33

54

505

14

22

541

122

     Total revenue

124,038

102,696

54,672

3,348

84,129

368,883

2,057

22

370,962

3,932












     Profit / (loss) before tax

31,960

15,718

13,606

(95)

19,676

80,865

(896)

(1,286)

78,683

(1,836)

     BA movement

(84)

(355)

(174)

5

(273)

(881)

6

-

(875)

(111)

     Profit / (loss) for the year before tax per consolidated income statement

 

31,876

 

15,363

 

13,432

 

(90)

 

19,403

 

79,984

 

(890)

 

(1,286)

 

77,808

 

(1,947)












     Finance income

4,392

2,358

1,106

1

47

7,904

69

4

7,977

3

     Finance expense

(26)

-

-

-

-

(26)

(11)

(8)

(45)

-

     Depreciation

(5,139)

(3,561)

(854)

(488)

(6,131)

(16,173)

(203)

(24)

(16,400)

-

     Impairment losses

-

-

-

-

-

-

(35)

-

(35)

-

     (Provision) / Reversal for expected credit loss

(17)

57

-

-

(387)

(347)

-

16

(331)

(7)

     Inter-segment transactions

(1,011)

(2,310)

(6,815)

(358)

3,464

(7,030)

533

50

(6,447)

6,447

     Inter-segmental revenue

33,790

5,296

-

-

10,947

50,033

-

-

50,033

2,716

     Tax (expense) / credit

(6,114)

(2,619)

(1,368)

68

(4,921)

(14,954)

17

(5,233)

(20,170)

(584)












     Total assets

231,839

107,389

51,568

18,951

149,629

559,376

10,519

5,478

575,373

-

     Property, plant and equipment

85,235

48,846

8,196

16,648

107,574

266,499

7,542

341

274,382

-

     Property, plant and equipment -

       additions

9,792

10,612

1,100

1,945

10,041

33,490

496

365

34,351

-

 

* South Sumatera represents the operations which have been discontinued and have therefore been separated from the continuing operations.

 

In the 6 months to 30 June 2024, revenue from 4 customers of the Indonesian segment represent approximately $84.5m (H1 2023: $85.8m) of the Group's total revenue. In the year 2023, revenue from 4 customers of the Indonesian segment represent approximately $194.2m of the Group's total revenue for continuing operations. An analysis of this revenue is provided below. Although Customers 1 to 2 each contribute over 10% of the Group's total revenue, there was no over reliance on these Customers as tenders were performed on a weekly basis. Three of the top four customers were the same as in the year to 31 December 2023.


2024

2023

2023


6 months

6 months

Year


to 30 June

to 30 June

to 31 December


(unaudited)

(unaudited)

(audited)


$m

%

$m

%

$m

%

Major Customers

 

 

 

 

 

 

Customer 1

32.3

19.3

27.9

16.1

64.8

17.4

Customer 2

24.6

14.8

23.1

13.3

53.6

14.5

Customer 3

16.4

9.9

17.7

10.2

43.1

11.7

Customer 4

11.2

6.7

17.1

9.9

32.7

8.8

Total

84.5

50.7

85.8

49.5

194.2

52.4


6.        Tax expense


2024

(Restated)

2023

2023


6 months

6 months

Year


to 30 June

to 30 June

to 31 December


(unaudited)

(unaudited)

(audited)


$000

$000

$000


 



Foreign corporation tax - current year

6,296

7,490

17,760

Foreign corporation tax - prior year

39

-

308

Deferred tax adjustment - origination and reversal of temporary differences

995

924

 

 

2,049

Deferred tax - prior year

-

-

53

 

7,330

8,414

20,170

 

Corporation tax rate in Indonesia is at 22% (H1 2023: 22%, 2023: 22%) whereas Malaysia is at 24% (H1 2023: 24%, 2023: 24%). The standard rate of corporation tax in the UK for the current year is 25% (H1 2023: 19%, 2023: 23.5%).  

 

7.        Dividend

          

The interim dividend in respect of 2023, amounting to 15.0 cents per share, or $5,944,516 was paid on 6 October 2023 (2022: No interim dividend).

 

The final dividend in respect of 2023, amounting to 15.0 cents per share, or $5,923,289 was paid on 12 July 2024 (2022: 25.0 cents per share, or $9,909,093 paid on 7 July 2023).

 

8.        Earnings per ordinary share ("EPS")


2024

2023

2023


6 months

6 months

Year


to 30 June

to 30 June

to 31 December


(unaudited)

(unaudited)

(audited)


$000

$000

$000

Total operations

 



Profit for the period attributable to owners of the Company before BA movement

26,527

17,795

55,414

BA movement

1,343

248

(644)

Earnings used in basic and diluted EPS

27,870

18,043

54,770

 

 



Continuing operations

 



Profit for the period attributable to owners of the Company before BA movement

26,527

19,924

51,524

BA movement

1,343

184

(561)

Earnings used in basic and diluted EPS

27,870

20,108

50,963

 

 



Discontinued operations

 



Loss for the period attributable to owners of the Company before BA movement

-

(2,129)

3,890

BA movement

-

64

(83)

Earnings used in basic and diluted EPS

-

(2,065)

3,807


 




Number

Number

Number


'000

'000

'000

Weighted average number of shares in issue in the period

 



  -  used in basic EPS

39,489

39,636

39,560

  -  dilutive effect of outstanding share options

-

-

 

-

  -  used in diluted EPS

39,489

39,636

39,560


 



Total operations

 



    - Basic and diluted EPS before BA movement

67.18cts

44.90cts

140.07cts

 - Basic and diluted EPS after BA movement

70.58cts

45.52cts

138.44cts


 



Continuing operations

 



    - Basic and diluted EPS before BA movement

67.18cts

50.27cts

130.24cts

 - Basic and diluted EPS after BA movement

70.58cts

50.73cts

128.82cts


 



Discontinued operations

 



    - Basic and diluted EPS before BA movement

-

(5.37)cts

9.83cts

 - Basic and diluted EPS after BA movement

-

(5.21)cts

9.62cts

 

9.         Fair value measurement of financial instruments

           

The carrying amounts and fair values of the financial instruments which are not recognised at fair value in the Statement of Financial Position are exhibited below:  

 


2024

2023

2023

 


6 months

6 months

Year

 


to 30 June

to 30 June

to 31 December

 


(unaudited)

(unaudited)

(audited)

 


Carrying amount

Fair value

Carrying amount

Fair value

Carrying amount

Fair value

 


$000

$000

$000

$000

$000

$000

 

 

 

 





 

Non-current receivables

 

 





 

Due from non-controlling interests

-

-

434

434

-

-

 

Due from cooperatives under Plasma scheme

19,556

12,766

19,708

13,390

20,306

14,757

 


19,556

12,766

20,142

13,824

20,306

14,757

 


 

 





Financial instruments not measured at fair value include non-current receivables, cash and cash equivalents, trade and other receivables, trade and other payables due within one year and lease liabilities for both current and non-current.

 

Due to their short-term nature, the carrying value of cash and cash equivalents, trade and other receivables, trade and other payables and due from non-controlling interests due within one year approximates their fair value.

 

All non-financial current assets and non-current receivables are classified as Level 3 in the fair value hierarchy.

 

The valuation techniques and significant unobservable inputs used in determining the fair value measurement of non-current receivables and borrowings due after one year, as well as the inter-relationship between key unobservable inputs and fair value, are set out in the table below:

 

Item

Valuation approach

Inputs used

Inter-relationship between key unobservable inputs and fair value

 

 

Non-current receivables

Due from non-controlling interests

Based on cash flows discounted using current lending rate of 6% (H1 2023 and 2023: 6%).

 

Discount rate

The higher the discount rate, the lower the fair value.

 

Due from cooperatives under Plasma scheme

Based on cash flows discounted using an estimated current lending rate of 10.25% (H1 2023 and 2023: 10.25%).

 

Discount rate

The higher the discount rate, the lower the fair value.

 

10.      Investments

 

The breakdown for the investments is split between current and non-current based on the maturity of the investments as follows:



2024

2023

2023



as at 30 June

as at 30 June

As at 31 December



(unaudited)

(unaudited)

(audited)



$000

$000

$000



 



Non-current


37,666

27

10,035

Current


2,911

-

-



40,577

27

10,035

 

 

 

The movement of the fair value through profit and loss investment is as follows:

 



2024

2023

2023



as at 30 June

as at 30 June

As at 31 December



(unaudited)

(unaudited)

(audited)



$000

$000

$000

1 January


10,035

42

42

Exchange differences


-

-

-

Additions


30,028

-

9,948

Change in fair value recognised in profit and loss


514

(15)

 

45



40,577

27

10,035

 

                     

            Fair value through profit and loss financial assets includes the following:

 



2024

2023

2023



as at 30 June

as at 30 June

As at 31 December



(unaudited)

(unaudited)

(audited)



$000

$000

$000

Quoted:


 



   Equity securities - United Kingdom


33

27

27

   Bonds - Indonesia


30,189

-

-



 



Unquoted:


 



   Investment portfolio - Luxembourg


10,355

-

10,008



40,577

27

10,035

 

The maturity of the Bond is between 1 to 10 years (2023: nil). The coupon rates are between 4.9% to 7.0% (2023: nil).

 

Financial assets measured at fair value through profit and loss include the Group's strategic to aim for higher return. In January 2024, the Group allocated $30,028,000 to our bank's fund manager to invest in Indonesian Government Bonds.

 

In FY2023, the Board allocated $10,000,000 to a fund manager to invest in structured products. These structured products are nevertheless capital protected as the Board exercised prudence, amidst generally low risk appetite. Out of the $10,000,000 allocated, the fund manager had invested of $9,948,000 in FY2023.

 

Fair value through profit and loss financial assets are denominated in the following currencies:

 



2024

2023

2023



as at 30 June

as at 30 June

As at 31 December



(unaudited)

(unaudited)

(audited)



$000

$000

$000

Currency

 


 



   Sterling


33

27

27

   US Dollar


10,355

-

10,008

   Indonesian Rupiah


30,189

-

-



40,577

27

10,035

 

The fair value of investment for quoted equity securities and bonds are classified as Level 1 in the fair value hierarchy and fair value of investment for unquoted investment portfolio is classified as Level 2.

 

The valuation inputs for quoted equity securities and bonds are obtained from the active market while for unquoted investment portfolio is obtained from the custodian bank. Where this value of unquoted investment is below the amount initially invested, the fair value has been determined to be the cost of the investment due to protected capital arrangements in place.

 

11.      Prior year restatement

 

The deferred tax assets were not recognised in FY2022 because of the understanding that generally capital losses cannot be utilised to offset against future trading profit. Following the finalisation of the 2022 accounts and through further research, the Group identified a provision in the Indonesian tax law which allows capital losses from trading assets to be offset against future trading profit.

 


6 months to

30 June 2023

$000

Impact on consolidated statement of comprehensive income

 

Other comprehensive income for the year before restatement

25,971

 

 

Effect of change in restatement:


 

 

Gain on exchange translation of foreign operations

517

 

 


517

 

 

Other comprehensive expenses for the year after restatement

26,488

 

 

The following table summarises the impact of this prior year restatement on the Consolidated Statement of Financial Position:

 


Balance as reported

30 June 2023

$000

 

 

Effect of restatement

$000

Restated balance at

30 June 2023

$000

Impact on consolidated statement of financial position




Deferred tax assets

2,310

10,106

12,416

Income tax receivables

8,198

1,358

9,556

Deferred tax liabilities

(783)

52

(731)

Exchange reserves

(267,990)

(132)

(268,122)

Retained earnings

718,721

9,272

727,933

Non-controlling interests

115,454

2,376

117,830

 

12.      Report and financial information

 

Copies of the interim report for the Group for the period ended 30 June 2024 are available on the AEP website at https://www.angloeastern.co.uk/.

 

 

 

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