Interim Results
API Group PLC
01 June 2005
API GROUP PLC
INTERIM STATEMENT
SIX MONTHS ENDED 31 MARCH 2005
1 June 2005
Highlights
• Operating profit before goodwill amortisation and exceptional items
improved to £0.1m (£0.6m loss) on sales lower at £65.2m (£82.2m) following
disposals of loss-making and non-core businesses
• Metallised Paper and Converted Products divisions sold during the period
for cash consideration of up to £12.6m, £9.0m of which was received in the
period
• Operating profit from continuing operations, before goodwill amortisation
and exceptional items, increased to £1.4m (£1.2m) on sales virtually
unchanged at £52.6m (£52.9m)
• Loss per share before goodwill amortisation and exceptional items of 3.3p
(6.5p loss)
• Balance sheet strengthened with net debt reduced to £6.4m, representing
gearing of 21% (26% at financial year end)
• Group now focused solely on the manufacture of foils and laminates
• Full year results will benefit from seasonally stronger second half
Commenting on the results, Chief Executive David Walton said:
'We have successfully re-focused API on its profitable foils and laminates
activities. We have strong positions in attractive markets, a sound financial
base and opportunities for further improvement. The results for the year will
benefit from the seasonally stronger second half.'
Enquiries:
API Group plc 020 7653 3300
David Walton, Chief Executive
Financial Dynamics 020 7831 3113
Tim Spratt/Caroline Long
As a manufacturer of specialised packaging and security products for the
tobacco, drinks, food, luxury and consumer goods sectors, the Group in recent
years has faced considerable challenges. Nevertheless, it has successfully
repositioned itself as a focused provider of reflective-surfaced packaging
materials for premium branded goods. Earlier this year, we completed this
process with the disposal of the remaining businesses in the Converted Products
division for cash consideration of up to £12.2m, which followed the sale of the
heavily loss-making Metallised Paper division in December 2004 for £0.4m in
cash.
In January 2005, the Group received an approach from Illinois Tool Works, Inc.
('ITW'), a large US-based industrial conglomerate. This led to an announcement
on 11 February that the Board was in discussions regarding the possibility of a
public offer being made to acquire the Group. Detailed discussions were held
with ITW, but those discussions were terminated on 13 April 2005 and a period of
uncertainty was put behind us. API today has strong positions in attractive
markets and the Board is confident of the Group's ability to deliver an
appropriate return to shareholders as an independent entity.
The trading results for the six months ended 31 March 2005 represent an
improvement over the same period in the previous year, although this is largely
attributable to the disposal of loss-making and underperforming businesses. The
continuing operations performed strongly in the first quarter, but trading
conditions were more challenging in the second quarter. There was a marked
slowdown in certain markets, which led to a reduction in demand, and the US and
European Foils businesses were both affected by the uncertainty caused by the
ITW approach.
Following the disposal of the Metallised Paper and Converted Products businesses
and the termination of offer discussions, the Group is now committed to the
development of its profitable foils and laminates business, where there is still
scope for further improvement. The Board is conducting a review of the Group's
remaining businesses and we will be making changes later this year that will
both improve effectiveness and result in substantial overhead reductions.
Review of Results
For the six months ended 31 March 2005, the Group reported a loss before
interest and taxation of £11.7m (£19.7m loss) comprising:
• operating profit before goodwill amortisation and exceptional items of
£0.1m (£0.6m loss)
• goodwill amortisation of £0.2m (£0.2m)
• exceptional items of £0.2m (£4.3m)
• loss on disposal of discontinued operations of £11.4m (£14.5m), comprising
£7.8m loss on sale of assets and a transfer between reserves of £3.6m
The operating result before goodwill amortisation and exceptional items for the
six months ended 31 March 2005 improved from a £0.6m loss to a profit of £0.1m.
The improvement was principally due to the disposal of the Metallised Paper and
Converted Products divisions which reported operating losses of £1.3m (£1.8m
loss) for the period. Operating profit from continuing operations, before
goodwill amortisation and exceptional items, improved to £1.4m (£1.2m) on sales
virtually unchanged at £52.6m, reflecting trading conditions in the period as a
whole. The exceptional item of £0.2m related to the costs incurred by the Group
in connection with the approach made by ITW.
Sales in the UK from the Group's continuing businesses increased by 3% to £19.8m
(£19.2m) and were virtually unchanged in Continental Europe at £13.9m. A strong
performance from Laminates was partially offset by a reduction in sales in the
European Foils business. Sales in the US from the Group's continuing businesses
decreased by 12% to £10.8m (£12.3m) but much of this decrease was attributable
to significant one-off contracts for the Laminates business in the US in the
prior year.
Underlying sales in the US Foils business increased by 2%, but the continuing
weakness of the US dollar adversely affected the result and reported sales
declined by 4%. Sales to the Rest of the World increased 4% to £8.1m (£7.8m)
principally due to increased exports to these markets from the UK. In contrast,
sales in the Chinese Foils business decreased by 23% compared with the previous
year. Although 4% of the deterioration was attributable to the continued
weakness of the Chinese Renminbi, the main cause was the adverse effect of the
restructuring of the domestic Chinese tobacco industry.
The Group will receive total consideration of up to £12.6m on the disposal of
Metallised Paper and Converted Products. Of this, £9.0m had been received by 31
March 2005, with the balance attributable to a combination of deferred and
contingent consideration. A receivable balance of £2.4m has been included within
debtors at 31 March 2005, representing the proportion relating to deferred
consideration. No allowance had been made for any consideration that is
contingent on the future performance of the sold businesses.
Loss per share before goodwill amortisation and exceptional items improved to
3.3 pence (6.5 pence loss). The Board is not recommending the payment of an
interim dividend.
Review of Operations
Continuing Operations
Operating profits before goodwill amortisation and exceptional items improved
slightly in Foils and Laminates to £1.4m (£1.2m) on sales of £52.6m (£52.9m).
The US Foils business continues to focus on profit improvement and performed
well. Underlying sales increased and the return to profitability achieved
towards the end of the prior year was sustained, despite the market slowdown and
uncertainty referred to above. Increases in raw materials costs were
successfully absorbed through more effective purchasing, reduced waste and price
increases. Good progress was also made in reorganising the manufacturing
capabilities and the management team successfully pursued a sales strategy that
delivered growth in a number of key accounts and product areas.
In contrast, the European Foils business experienced challenging trading
conditions throughout the first half. Sales reduced in both the UK and
Continental Europe offsetting the margin improvement initiatives that had been
successfully implemented and it has proven difficult to recover increased raw
material costs linked to increases in oil prices. In recent months, the
management team has been strengthened and action is now underway to improve
manufacturing effectiveness and reduce the cost base. A number of important new
products have also been launched and we remain optimistic of some improvement in
the second half.
In China, restructuring of the domestic tobacco industry resulted in a
significant reduction in demand for holographic foil and pressure on margins.
Although this was partially offset by growth in other product areas, underlying
sales were down by 23% compared with the prior year. Demand is expected to
improve, but the extent and timing of the recovery is currently uncertain. In
response, the management team has redoubled its efforts to position the business
as a provider of higher quality, premium products and we continue to progress
major capital projects, such as the relocation of the business to a new facility
just outside Shanghai.
The Laminates business performed strongly again, with significant volume
increases in the traditional drinks and health and beauty sectors and growth in
the new markets for media, microwave and other food packaging. During the
period, we also successfully implemented Oracle, the Group's new ERP system. In
recent years, productivity and factory output have been increased dramatically
to support the sustained growth in demand for laminated board products and we
are now evaluating the options for investment in additional laminating capacity.
Discontinued Businesses
The operating loss before goodwill amortisation and exceptional items of the
discontinued businesses was £1.3m (£1.8m) on sales of £12.6m (£29.3m). The
performance of both the Metallised Paper and Converted Products divisions
deteriorated during the periods immediately preceding their sale in December
2004 and January 2005 respectively.
Finance
Cash Flow
The Group's net cash inflow from operating activities in the period was £0.8m
(£1.7m outflow). Working capital increased by £1.5m (£3.6m), principally due to
an increase in stocks of finished goods, although £1.8m (£3.2m) was attributable
to increases that occurred in the discontinued businesses prior to their
disposal.
Capital expenditure of £2.4m (£1.6m) was slightly below depreciation of £2.5m
(£3.6m). Expenditure was in line with expected levels and included £1.3m on
implementation of the Group's new Oracle-based ERP system.
Returns on investment and servicing of finance of £1.4m (£1.0m) included bank
interest and minority dividends. The Group paid interest of £1.0m (£0.6m)
compared to the interest charge of £0.8m (£0.8m). The interest charge remains in
line with the prior year as the effect of the lower level of average borrowings
has been offset by an increase in bank base lending rates.
Borrowings
Net borrowings were reduced by £4.1m during the period to £6.4m and represented
gearing of 21% at 31 March 2005, compared with 26% at 30 September 2004. The
Group benefited from receipts of £9.0m from the sale of businesses. However,
this was offset by transaction costs of £0.9m, increased cash requirements of
the discontinued businesses during the period immediately prior to sale and the
normal seasonal increase in working capital in the continuing businesses. The
Group's net debt position is expected to further improve in the seasonally
stronger second half.
Following the sale of the Metallised Paper and Converted Products businesses
committed UK bank facilities were reduced by £4.0m to £25.0m, resulting in
undrawn UK facilities of £12.2m at 31 March 2005.
Shareholders' funds at 31 March 2005 were £30.0m. Net tangible assets per share
were equivalent to 89p per share.
IFRS
All listed companies in the European Union will adopt International Financial
Reporting Standards (IFRS) for accounting periods beginning on or after 1
January 2005. The adoption of IFRS will first be reflected in the Group's
interim statement for the six months ending 31 March 2006 with appropriate
restatement of comparative figures. The Group has implementation plans in place
to ensure a smooth transition to IFRS. Although the adoption of IFRS will
impact the reported results the underlying performance of the business will be
unaffected.
People
David Hudd, the Group's Non-Executive Chairman and the Chairman of the Audit
Committee, will retire by rotation at the next Annual General Meeting to be held
in February 2006 and has indicated that he will not be seeking re-election. The
Board have nominated Richard Wright, who joined the Board in September 2001 and
is currently the Senior Independent Director and also Chairman of the
Remuneration Committee, to the role of Non-Executive Chairman following David's
retirement. The Nomination Committee will shortly commence a search for another
independent Non-Executive director, who would also be expected to assume the
responsibilities of Chairman of the Audit Committee.
The Board would like to take this opportunity to sincerely thank David for the
significant contribution that he has made to the development of the Group since
he joined the Board as a Director in July 1998, and for the leadership that he
has provided during challenging times since he assumed the role of Non-Executive
Chairman in September 2001.
Outlook
The performance of the US Foils business continues to improve steadily and the
European holographic foils and Laminates businesses continue to perform well.
Actions taken to address the underperformance in the European Foils businesses,
in challenging markets, are beginning to deliver benefits. We remain optimistic
of some recovery in demand for holographic foils in China during the second half
of the year.
The Group is now repositioned as a focused supplier of reflective-surfaced
packaging materials for premium branded goods in the US, Europe and Far East.
The Board believes that the Group has strong positions in attractive markets and
remains confident of the Group's ability to deliver an appropriate return to
shareholders.
For and on behalf of API Group plc
David Hudd David Walton
Non-Executive Chairman Group Chief Executive
1 June 2005
Group Profit and Loss Account
for the six months ended 31 March 2005
6 months to 31 6 months to 31 12 months to 30
March 2005 March 2004 September 2004
£'000 £'000 £'000
Turnover
Continuing operations 52,579 52,930 111,831
Discontinued operations 12,638 29,262 57,714
65,217 82,192 169,545
Operating profit/(loss)
Before goodwill amortisation and
exceptional items
Continuing operations 1,354 1,196 4,196
Discontinued operations (1,288) (1,820) (2,778)
66 (624) 1,418
Goodwill amortisation
Continuing operations (204) (204) (406)
Discontinued operations - (21) (44)
(204) (225) (450)
After goodwill amortisation but before
exceptional items
Continuing operations 1,150 992 3,790
Discontinued operations (1,288) (1,841) (2,822)
(138) (849) 968
Exceptional items
Continuing operations (158) (837) (1,657)
Discontinued operations - (3,503) (6,904)
(158) (4,340) (8,561)
Group operating profit/(loss)
Continuing operations 992 155 2,133
Discontinued operations (1,288) (5,344) (9,726)
(296) (5,189) (7,593)
Share of operating loss in discontinued (55) - (91)
joint venture
Total operating loss: group and share (351) (5,189) (7,684)
of joint venture
Loss on disposal of discontinued
operations
Before goodwill (7,774) (100) (100)
Goodwill previously charged to reserves (3,555) (14,365) (14,365)
(11,329) (14,465) (14,465)
Profit/(loss) on ordinary activities
before interest and taxation
Continuing operations 992 155 2,133
Discontinued operations (12,672) (19,809) (24,282)
(11,680) (19,654) (22,149)
Net interest expense (787) (787) (1,696)
Loss on ordinary activities before (12,467) (20,441) (23,845)
taxation
Taxation (38) (375) (559)
Loss on ordinary activities after (12,505) (20,816) (24,404)
taxation
Profit attributable to equity minority (267) (387) (982)
interests
Loss attributable to ordinary (12,772) (21,203) (25,386)
shareholders
Ordinary dividends - - -
Balance transferred from reserves (12,772) (21,203) (25,386)
pence pence pence
Basic and fully diluted loss per share (38.4) (63.7) (76.3)
Adjusted loss per share before (3.3) (6.5) (5.7)
exceptional items and goodwill
amortisation
Group Balance Sheet
at 31 March 2005
31 March 31 March 30 September
2005 2004 2004
£'000 £'000 £'000
Fixed assets
Intangible assets 5,313 5,742 5,516
Tangible assets 28,210 43,141 38,579
Investment in joint venture - 186 490
33,523 49,069 44,585
Current assets
Stocks 13,372 17,067 16,957
Debtors 21,597 32,251 34,918
Cash at bank and in hand 7,839 11,996 11,719
42,808 61,314 63,594
Creditors - amounts falling due within one year (28,169) (35,958) (41,251)
Net current assets 14,639 25,356 22,343
Total assets less current liabilities 48,162 74,425 66,928
Creditors - amounts falling due after more than (10,908) (22,914) (19,712)
one year
Provisions for liabilities and charges (1,429) (1,657) (1,499)
Accruals and deferred income (228) (418) (323)
35,597 49,436 45,394
Share capital and reserves
Called up share capital 8,494 8,463 8,463
Share premium account 51 - -
Revaluation reserve 1,866 2,892 2,886
Capital redemption reserve 549 549 549
Merger reserve 17,920 14,365 14,365
ESOP reserve (2,432) (2,513) (2,513)
Profit and loss account 3,587 19,982 16,135
Equity shareholders' funds 30,035 43,738 39,885
Equity minority interests 5,562 5,698 5,509
35,597 49,436 45,394
Group Cash Flow Statement
for the six months ended 31 March 2005
6 months to 6 months to 12 months to 30
31 March 2005 31 March 2004 September 2004
£'000 £'000 £'000
Reconciliation of operating loss to net cash flow
from operating activities
Group operating loss (296) (5,189) (7,593)
Amortisation and depreciation less government grants 2,591 3,753 6,852
Impairment charge against tangible fixed assets - 3,405 6,665
Profit on disposal of tangible fixed assets other (25) (4) (1)
than land and buildings
Increase in stocks (2,470) (476) (287)
Decrease/(increase) in debtors 4,930 722 (2,000)
(Decrease)/increase in creditors (3,980) (3,787) 490
Decrease in provisions - (92) (90)
Net cash inflow/(outflow) from operating activities 750 (1,668) 4,036
The cash outflow in respect of working capital movements in the discontinued businesses prior to disposal was
£1,818,000 (2004: £3,202,000)
Cash flow statement
Net cash inflow/(outflow) from operating activities 750 (1,668) 4,036
Returns on investments and servicing of finance (1,446) (1,030) (2,127)
Taxation (400) (190) (662)
Capital expenditure and financial investment (2,315) (1,565) (3,667)
Acquisitions and disposals 7,701 2,171 2,295
Net cash inflow/(outflow) before management of liquid 4,290 (2,282) (125)
resources and financing
Management of liquid resources - 1,351 1,335
Financing (7,874) 4,099 1,575
(Decrease)/increase in cash in the period (3,584) 3,168 2,785
Exchange movement (296) (568) (462)
Balance sheet movement in net cash (3,880) 2,600 2,323
Reconciliation of net cash flow to movement in net
debt
(Decrease)/increase in cash (3,584) 3,168 2,785
Decrease in short term investments - (1,351) (1,335)
Increase in short term borrowing (763) (4,099) (1,775)
Decrease in long term borrowing 8,800 - 200
Change in net debt resulting from cash flows 4,453 (2,282) (125)
Exchange movement (308) (634) (552)
Other non-cash movements (18) - (37)
Movement in net debt 4,127 (2,916) (714)
Net debt at start of period (10,535) (9,821) (9,821)
Net debt at end of period (6,408) (12,737) (10,535)
Other Statements
6 months to31 6 months to 12 months to 30
March 2005 31 March 2004 September 2004
£'000 £'000 £'000
Statement of total recognised gains and losses
Loss for the period excluding share of joint venture (12,717) (21,203) (25,295)
losses
Share of joint venture losses for the period (55) - (91)
Loss attributable to shareholders (12,772) (21,203) (25,386)
Currency translation differences on foreign currency (796) (1,833) (1,503)
net investments
Total recognised gains and losses relating to the (13,568) (23,036) (26,889)
period
Prior year adjustment - (435) (435)
Total gains and losses recognised since the previous (13,568) (23,471) (27,324)
annual report and accounts
6 months to 6 months to 12 months to 30
31 March 2005 31 March September 2004
2004
£'000 £'000 £'000
Reconciliation of movements in shareholders' funds
Loss attributable to shareholders (12,772) (21,203) (25,386)
New shares issued net of costs 82 - -
Exercise of share options to acquire shares held by 81 - -
the ESOP
Goodwill reinstated on sale of subsidiaries 3,555 14,365 14,365
Currency translation differences on foreign currency
net investments (796) (1,833) (1,503)
Net deduction to shareholders' funds (9,850) (8,671) (12,524)
Opening shareholders' funds (as previously stated) 39,885 52,844 52,844
Reclassification of ESOP shares - (435) (435)
Opening shareholders' funds (as restated) 39,885 52,409 52,409
Closing shareholders' funds 30,035 43,738 39,885
Notes
Segmental Analysis
6 months to31 6 months to 31 12 months to 30
March 2005 March September 2004
2004
£'000 £'000 £'000
Analysis of turnover by destination
United Kingdom
Continuing operations 19,833 19,173 42,386
Discontinued operations 6,007 13,162 24,954
25,840 32,335 67,340
Continental Europe
Continuing operations 13,899 13,696 27,937
Discontinued operations 5,474 14,095 29,185
19,373 27,791 57,122
Americas
Continuing operations 10,783 12,267 25,266
Discontinued operations 66 141 405
10,849 12,408 25,671
Rest of World
Continuing operations 8,064 7,794 16,242
Discontinued operations 1,091 1,864 3,170
9,155 9,658 19,412
65,217 82,192 169,545
Analysis of turnover by origin
United Kingdom
Continuing operations 37,551 36,354 76,905
Discontinued operations 12,631 29,262 57,714
50,182 65,616 134,619
Continental Europe - continuing operations 507 560 1,008
Americas - continuing operations 10,309 10,438 22,206
Rest of World
Continuing operations 4,212 5,578 11,712
Discontinued operations 7 - -
4,219 5,578 11,712
65,217 82,192 169,545
Analysis of loss before interest and tax by origin
United Kingdom
Continuing operations 732 589 2,340
Discontinued operations (1,288) (1,820) (2,778)
(556) (1,231) (438)
Continental Europe - continuing operations 25 92 166
Americas - continuing operations (22) (597) (558)
Rest of World - continuing operations 619 1,112 2,248
66 (624) 1,418
Share of losses in discontinued joint venture (55) - (91)
Exceptional items and goodwill amortisation (11,691) (19,030) (23,476)
(11,680) (19,654) (22,149)
Notes
Segmental Analysis (continued)
6 months to31 6 months to 31 12 months to 30
March 2005 March September 2004
2004
£'000 £'000 £'000
Analysis of turnover by activity
Continuing operations
Foils and Laminates 52,579 52,930 111,831
Discontinued operations
Metallised Paper 3,340 10,771 22,959
Converted Products 9,298 18,491 34,755
12,638 29,262 57,714
65,217 82,192 169,545
Analysis of loss before interest and tax by
activity
Continuing operations
Foils and Laminates 2,412 2,460 6,416
Central Costs (1,058) (1,264) (2,220)
1,354 1,196 4,196
Discontinued operations
Metallised Paper (767) (1,675) (2,679)
Converted Products (521) (145) (99)
(1,288) (1,820) (2,778)
66 (624) 1,418
Share of losses in discontinued joint venture (55) - (91)
Exceptional items and goodwill amortisation (11,691) (19,030) (23,476)
(11,680) (19,654) (22,149)
Operating Loss
6 months to31 6 months to 12 months to 30
March 2005 31 March September 2004
2004
£'000 £'000 £'000
Exceptional items charged against operating loss
comprise
Professional expenses incurred in respect of takeover 158 - -
approach
Restructuring of operating businesses - 935 1,896
Impairment of tangible assets - 3,405 6,665
158 4,340 8,561
Notes
Earnings per share 6 months to 6 months to 12 months to
31 March 31 March 30 September
2005 2004 2004
pence £'000 pence £'000 pence £'000
Earnings per share are based
on
Loss attributable to (38.4) (12,772) (63.7) (21,203) (76.3) (25,386)
shareholders
Add loss on disposal of 34.0 11,329 43.5 14,465 43.5 14,465
discontinued operations
Add exceptional items 0.5 158 13.0 4,340 25.7 8,561
Add goodwill amortisation 0.6 204 0.7 225 1.4 450
Adjusted loss attributable (3.3) (1,081) (6.5) (2,173) (5.7) (1,910)
to shareholders
Basic and diluted weighted 33,273,392 33,262,578 33,262,578
average number of ordinary
shares
The weighted average number of shares excludes the shares owned by the API Group
plc No.2 Employee Benefit Trust.
Basis of Preparation
The interim statements have been prepared in accordance with the accounting
policies set out in the financial statements for the year ended 30 September
2004.
Publication of Non-Statutory Accounts
The financial information contained in this interim statement is unaudited and
does not constitute statutory accounts as defined in section 240 of the
Companies Act 1985. The financial information for the full preceding year is
based on the statutory accounts for the financial year ended 30 September 2004.
Those accounts, upon which the auditors issued an unqualified opinion, have been
delivered to the Registrar of Companies.
Interim Statement
The interim statement is being mailed to shareholders on 8 June 2005 and will be
available at the company's registered office, Second Avenue, Poynton Industrial
Estate, Poynton, Stockport, Cheshire, SK12 1ND.
Independent Review Report
To API Group plc
Introduction
We have been instructed by the company to review the financial information for
the six months ended 31 March 2005, which comprises Group Profit and Loss
Account, Group Balance Sheet, Group Cash Flow Statement, Statement of Total
Recognised Gains and Losses, Reconciliation of Movements in Shareholders' Funds
and the related notes. We have read the other information contained in the
interim report and considered whether it contains any apparent misstatements or
material inconsistencies with the financial information.
This report is made solely to the company in accordance with guidance contained
in Bulletin 1999/4 'Review of interim financial information' issued by the
Auditing Practices Board. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the company, for our work,
for this report, or for the conclusions we have formed.
Directors' responsibilities
The interim report, including the financial information contained therein is the
responsibility of, and has been approved by, the directors. The directors are
responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in the preceding annual accounts except where any changes,
and the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
'Review of interim financial information' issued by the Auditing Practices Board
for use in the United Kingdom. A review consists principally of making
enquiries of group management and applying analytical procedures to the
financial information and underlying financial data and based thereon, assessing
whether the accounting policies and presentation have been consistently applied,
unless otherwise disclosed. A review excludes audit procedures such as tests of
controls and verification of assets, liabilities and transactions. It is
substantially less in scope than an audit performed in accordance with United
Kingdom Auditing Standards and therefore provides a lower level of assurance
than an audit. Accordingly we do not express an audit opinion on the financial
information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 31 March 2005.
Ernst & Young LLP
Manchester
1 June 2005
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