Final Results
Expro International Group PLC
04 June 2003
For Immediate Release
4 June 2003
EXPRO INTERNATIONAL GROUP PLC
("Expro" or "the Group")
Preliminary results for the twelve months ending 31 March 2003
Expro International Group PLC, the oil field services company, today announces
preliminary results for the twelve months ending 31 March 2003.
Year Year
ending ending
31 March 2003 31 March 2002 Change
Turnover* £209.2m £219.2m (5%)
Operating Profit* £22.4m £27.5m (19%)
Profit before Tax £34.4m £20.2m 70%
Profit before Tax, Goodwill &
Exceptional items(1) £20.0m £24.6m (19%)
Basic EPS 37.8p 20.0p 89%
Basic EPS before Goodwill &
Exceptional items 22.1p 26.8p (18%)
Dividend per share 10.9p 10.8p 1%
* (includes share of joint-ventures)
The above numbers can be found by reference to the Group Consolidated Profit and
Loss Account, and note 5.
(1)Operating Profit plus goodwill amortisation of £2,388,000 (2002: £2,468,000)
less finance charges of £4,794,000 (2002: £5,415,000)
(2)See note 2
• Profit before Tax for 2003 includes an exceptional gain of £16.5m
• The business produced a strong EBITDA (Earnings before Exceptional
Items, Interest, Tax, Depreciation and Amortisation) of £43.4m(2), only 6% below
prior year £46.3m(2)(includes share of joint-ventures)
• A challenging year for the Group - difficult trading conditions,
particularly in H2
• Results in line with guidance given in trading update in March
• Strengthened financial position - net debt reduced to £42.4m (2001/2:
£88.2m)
• Continued investment in technology set to yield benefits in the future
Commenting on these results, John Dawson, Chief Executive, said: "In the near
term the market outlook for oil and gas demand is linked to the pace of global
economic recovery and in the coming year is expected to be modest. Projects
postponed from the second half of last year are commencing as expected. At
present the overall market continues to lack momentum, although recent
indicators suggest a progressive improvement in activity levels during the
course of the coming year.
"The long-term fundamentals for oil and gas are very positive, a recent
International Energy Agency study for oil and gas production, forecast an
increase of 25% in demand by the end of the decade. This requires massive
investment by the operators in order to add to capacity, whilst at the same time
overcoming the declining productivity from existing sources of production.
Against this backdrop we believe Expro is well positioned to continue to show
long term through cycle growth."
- Ends -
For further information please contact:
Expro International Group PLC On 6 June: 020 7067 0700
John Dawson, Chief Executive Thereafter: 01189 591 341
Eric Woolley, Group Finance Director
Weber Shandwick Square Mile 020 7067 0700
Tim Jackaman, Kirsty Hall, Rachel Taylor
Chairman's & Chief Executive's Statement
Results Summary
After two years of very strong growth, market conditions during the year ended
March 2003 and more particularly during the second half, have proved difficult
for Expro. Against a background of high commodity prices there has been
reluctance by our clients to expand their Exploration and Production programmes,
preferring to maximise cash flow from existing operations. Prices have been
driven by security of supply issues rather than demand, which has remained
static through a period of uncertainty surrounding the global economic and
political outlook. Despite this challenging environment, turnover for the year
held up relatively well, falling a modest 5% to £209m for the Group and share of
joint ventures.
Pre-tax profits, excluding goodwill amortisation and exceptional items, at
£20.0m was 19% below prior year, with EPS on the same basis at 22.1p, down 18%,
with EBITDA before exceptional items only 6% below the previous year's level at
£43.4m
Our financial condition continued to improve, as we repaid debt, reducing
gearing in the period from 106% to 43%, with net debt at the year-end of £42.4m.
The improvement to the Group's net debt position through strong operational cash
flow was further significantly enhanced by the receipt from Baker Hughes Inc. of
$30m, on the creation of the QuantX joint venture. QuantX has been formed to
become the leading provider of permanent in-well data acquisition systems,
utilising Expro's established reputation in this market combined with Baker
Hughes mechanical intelligent well completions technology and enhanced sales and
distribution capability.
A number of factors contributed to the shortfall in meeting our expectations of
improving our performance over the previous year. Sharp declines in oilfield
activity in the Gulf of Mexico were partially offset by strong performances in
Africa, the Former Soviet Union and Middle East. In Asia Pacific, activity
slowed following completion of the Malampaya project in the early part of the
year, whilst in Europe business was maintained at last year's levels despite the
reduction in client capital spending in this area. Delays and deferrals to
client projects from the second half into the following year also contributed to
the general weakness.
Dividend
The Board is recommending a final dividend of 7.1p per ordinary share, bringing
the total dividend for the year to 10.9p vs 10.8p last year.
Overview
During the year, Expro continued to evolve its core strategies focused on
service provision in the development and production phase of an oilfield's life.
This is being achieved through a combination of exploiting our global footprint,
specialist technologies and know-how in our three closely related businesses.
Cased Hole Services, specialises in well maintenance and production
optimisation. Cased Hole spending is determined by client operating expenditure,
maintaining and enhancing production and counteracting the effect of the
naturally occurring fall in productivity of existing wells. In the US market,
where much of our work relates to short life gas wells our services are more
geared to client development capital spending creating new wells.
We are looking to increased levels of business in the UK and our overseas
markets, including some modest recovery in the Gulf of Mexico, as the shelf
water activity begins to recover on the back of increased land activity in
response to higher gas prices in the US. Increasing penetration in overseas
markets is anticipated as additional cased hole portfolio services are
introduced into these locations.
New product development is being increased; a recent innovation jointly
developed with Marathon, BJ Services and Expro is the new EXcapeTM perforating
technology which is finding increasing acceptance in North America as a means of
reducing costs and enhancing reservoir performance.
Our Subsurface Systems business spans three critical areas: subsea safety
systems; Tronic seabed power and instrumentation connectors; and permanently
installed data monitoring systems. The primary driver in the subsurface area is
client capital spending on subsea field developments, in the deepwater.
Subsurface spending in Europe, particularly that in the UK has, as anticipated,
been in rapid decline in the last twelve months as operators have increasingly
focused their capital spending in the deep and ultra deepwater markets of
Africa, Gulf of Mexico and Brazil. In addressing this progressive geographic
re-alignment Expro has made a number of strategic initiatives.
The injection of Expro's permanent monitoring business into the QuantX joint
venture will enable it to become a leader in advancing permanent in-well
monitoring technology. Integrating Expro's capabilities to measure real-time
reservoir performance with Baker Hughes intelligent well completions and other
technologies will enable us to enhance client project economics, particularly in
the deepwater.
Tronic continues to hold a market leading position that will be reinforced by
our build up of capability in the highly influential domestic US market. We will
also be introducing our fibre-optic connector and high voltage seabed power
connectors in the coming year to address the market needs to operate in deeper
waters with long step outs from host facilities.
During the year we have added to our subsea safety system capabilities to
operate in ultra deepwater. Working with Statoil, Aker Kvaerner and bp we are
developing an enhanced open water assembly for high pressure and high
temperature applications for delivery to the field later this year.
Drawing on our capabilities in Cased Hole Services, together with our subsea
systems know-how, is allowing Expro to progress a new concept for deepwater well
maintenance with major clients. This initial move is positioning Expro at the
forefront of an emerging market, allowing step-change performance in subsea
field economics.
Our Surface and Environmental Systems business is positioned to provide the
upstream industry with safe, fast and cost effective surface based hydrocarbon
processing systems.
Expro provides engineered facilities capable of processing, measuring and, as
necessary, disposing of all produced well effluent, including gas, oil, water
and associated contaminates. This has to be done to the most exacting standards
of safety and environmental performance. We have developed a strategic niche
allowing us to provide clients with temporary, semi-permanent and life of field
process solutions, spanning all phases of the oil field cycle, primarily focused
on development and production expenditures.
Throughout the year we have continued to establish our reputation as an
international provider, particularly in the deepwater and in relation to small
field developments. Of significance, this year has seen a full year's operation
of the Soroosh field production facility in the Persian Gulf for Shell and next
year will see the commencement of operations for Tuscan on the Ardmore field in
the North Sea.
Board Changes
We welcome to the Board Terry Lazenby, who was appointed non-executive director
on 3rd June 2003. Terry brings to the Board a wealth of expertise following a
distinguished career with bp.
Sir John Chisholm will be standing down from the Board at the AGM after nearly
nine years of service as non-executive director and we thank Sir John for his
valuable contribution to the Company and the part he has played in the
development of the business.
Outlook
The key to Expro's future success is the continued evolution of its technology
and utilisation of its international footprint, delivered both organically and
through acquisitions, focused on development and production phase activities,
closely associated with our three related business streams.
In the near term the market outlook for oil and gas demand is linked to the pace
of global economic recovery and in the coming year is expected to be modest.
Projects postponed from the second half of last year are commencing as expected.
At present the overall market continues to lack momentum, although recent
indicators suggest a progressive improvement in activity levels during the
course of the coming year.
The long-term fundamentals for oil and gas are very positive, a recent
International Energy Agency study for oil and gas production, forecast an
increase of 25% in demand by the end of the decade. This requires massive
investment by the operators in order to add to capacity, whilst at the same time
overcoming the declining productivity from existing sources of production.
Against this backdrop we believe Expro is well positioned to continue to show
long term through cycle growth.
Dr Chris Fay, CBE John Dawson
Chairman Chief Executive Officer 3 June 2003
- Ends -
Consolidated Profit and Loss Account
For the year ended 31 March 2003
2003 2002
_________________________________ __________________________________
Continuing Discontinued Total Continuing Discontinued Total
operations operations operations operations
Note £'000 £'000 £'000 £'000 £'000 £'000
Turnover: Group and share
of joint ventures 2 209,232 - 209,232 219,042 199 219,241
Less: share of joint
ventures 2 (5,743) - (5,743) (6,203) - (6,203)
______ ______ ______ ______ ______ ______
Group turnover 2 203,489 - 203,489 212,839 199 213,038
Cost of sales (170,066) - (170,066) (169,038) (349) (169,387)
______ ______ ______ ______ ______ ______
Gross profit / (loss) 33,423 - 33,423 43,801 (150) 43,651
______ ______ ______ ______ ______ ______
Other operating expenses (net)
Goodwill amortisation (2,388) - (2,388) (2,474) 6 (2,468)
Other expenses (9,375) - (9,375) (15,043) (303) (15,346)
______ ______ ______ ______ ______
Total other operating
expenses (11,763) - (11,763) (17,517) (297) (17,814)
______ ______ ______ ______ ______
Operating profit / (loss):
Group 21,660 - 21,660 26,284 (447) 25,837
Share of operating profit
in joint ventures 722 - 722 1,695 - 1,695
______ ______ ______ ______ ______ ______
Group and share of joint
ventures 22,382 - 22,382 27,979 (447) 27,532
Exceptional gain on partial
sale of interest in
business on formation of
joint venture 3 16,550 - 16,550 - - -
Exceptional loss on
termination of
discontinued operations 3 - (489) (489) - (1,964) (1,964)
Less: prior year
provision 3 - 735 735 - - -
______ ______ ______ ______ ______ ______
Profit / (loss) on ordinary
activities before finance
charges 38,932 246 39,178 27,979 (2,411) 25,568
Finance charges (net) (4,794) - (4,794) (5,415) - (5,415)
______ ______ ______ ______ ______ _____
Profit / (loss) on ordinary
activities before
taxation 34,138 246 34,384 22,564 (2,411) 20,153
Tax on profit/(loss) on
ordinary activities 4 (9,390) - (9,390) (6,967) - (6,967)
______ ______ ______ ______ ______ ______
Profit / (loss) on ordinary
activities after taxation 24,748 246 24,994 15,597 (2,411) 13,186
Minority equity interests (20) - (20) (15) - (15)
______ ______ ______ ______ ______ ______
Profit / (loss) for the
financial year 24,728 246 24,974 15,582 (2,411) 13,171
Dividends paid and
proposed 5 (7,210) - (7,210) (7,119) - (7,119)
______ ______ ______ ______ ______ ______
Retained profit / (loss)
for the year 17,518 246 17,764 8,463 (2,411) 6,052
______ ______ ______ ______ ______ ______
Earnings per ordinary
share 6
Basic 37.4p 37.8p 23.7p 20.0p
Diluted 37.4p 37.7p 23.5p 19.8p
Basic before goodwill
amortisation and
exceptional items 22.1p 22.1p 27.5p 26.8p
Consolidated Statement of Total Recognised Gains and Losses
For the year ended 31 March 2003
2003 2002
£'000 £'000
Profit for the financial year 24,974 13,171
(Loss)/gain on foreign currency translation (7,347) 1,960
Gain/(loss) on overseas borrowings 4,563 (1,421)
_______ _______
22,190 13,710
_______ _______
Consolidated Balance Sheet
31 March 2003
31 March 31 March
2003 2002
£'000 £'000
Fixed assets
Patents and licences 1,055 906
Goodwill 38,059 43,364
_______ _______
Intangible assets 39,114 44,270
Tangible assets 71,835 76,868
Investments 7 10
Investments in joint ventures:
- share of gross assets 12,474 13,986
- share of gross liabilities (8,392) (11,520)
- goodwill 932 1,092
_______ _______
5,014 3,558
_______ _______
115,970 124,706
_______ _______
Current assets
Stocks and work-in-progress 10,392 12,073
Debtors
- due within one year 61,402 75,639
- due after one year 8,775 8,775
Cash at bank and in hand 28,104 5,848
_______ _______
108,673 102,335
Creditors: Amounts falling due within one year (52,314) (58,709)
_______ _______
Net current assets 56,359 43,626
_______ _______
Total assets less current liabilities 172,329 168,332
Creditors: Amounts falling due after more than
one year (70,844) (82,607)
Provisions for liabilities and charges (3,039) (2,635)
_______ _______
Net assets 98,446 83,090
_______ _______
Capital and reserves Note
Called-up share capital 6,615 6,605
Share premium account 7 61,650 61,304
Capital reserve 7 24 24
Profit and loss account 7 30,134 15,154
_______ _______
Shareholders' funds, being equity interests 98,423 83,087
Minority equity interests 23 3
_______ _______
Total capital and reserves 98,446 83,090
_______ _______
Consolidated Cash Flow Statement
For the year ended 31 March 2003
31 March 31 March
2003 2002
£'000 £'000
Note
Net cash inflow from operating activities 8 53,129 28,850
_______ _______
Returns on investments and servicing of finance
Interest received 109 338
Interest paid (5,461) (5,457)
_______ _______
Net cash outflow for returns on investments and
servicing of finance (5,352) (5,119)
_______ _______
Taxation (6,993) (7,010)
_______ _______
Net cash outflow for capital expenditure and
financial investment (12,874) (22,312)
_______ _______
Acquisitions and disposals 18,979 -
Equity dividends paid (7,197) (6,636)
_______ _______
Cash inflow/(outflow) before financing 39,692 (12,227)
_______ _______
Financing
Issue of ordinary share capital 356 247
(Decrease)/increase in debt (5,676) 31,686
_______ _______
(5,320) 31,933
_______ _______
Increase in cash in the year 34,372 19,706
_______ _______
Notes to the preliminary results
31 March 2003
1. The financial information set out above does not constitute the Company's
statutory accounts within the meaning of Section 240 of the Companies Act 1985.
The statutory accounts of the Company for the year ended 31 March 2002 have been
delivered to the Registrar of Companies. The auditors' report on those accounts
was unqualified and did not contain any statements under Section 237(2) or (3)
of the Companies Act 1985.
The auditors' report for the year ended 31 March 2003 is unqualified and does
not contain any statements under Section 237(2) or (3) of the Companies Act 1985.
These accounts have been prepared using the same accounting policies as in the
31 March 2002 statutory accounts. These accounts will be delivered to the
Registrar of Companies following the Annual General Meeting on 9 July 2003.
2. Segmental information Business Stream
__________________________________________
Surface &
Cased Hole Subsurface Environmental
Services Systems Systems Total
2003 2002 2003 2002 2003 2002 2003 2002
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Geographical area
-----------------
Europe 27,825 28,194 27,576 27,058 24,471 23,648 79,872 78,900
Africa/FSU/ME(a) 13,306 13,095 11,949 8,772 33,598 31,506 58,853 53,373
Asia Pacific 9,408 8,408 4,743 5,176 11,824 15,454 25,975 29,038
Americas 27,075 34,520 12,518 13,105 4,939 10,305 44,532 57,930
_______ _______ _______ _______ _______ _______ _______ _______
Total turnover 77,614 84,217 56,786 54,111 74,832 80,913 209,232 219,241
Share of joint
ventures - - - - (5,743) (6,203) (5,743) (6,203)
_______ _______ _______ _______ _______ _______ _______ _______
Group turnover 77,614 84,217 56,786 54,111 69,089 74,710 203,489 213,038
_______ _______ _______ _______ _______ _______ _______ _______
EBITDA before
central costs
and exceptional
items(b) 16,634 20,937 19,003 18,071 16,388 20,529 52,025 59,537
_______ _______ _______ _______ _______ _______
Central costs (8,669) (13,220)
_______ _______
EBITDA before
exceptional
items(b) 43,356 46,317
_______ _______
Profit before tax,
exceptional items,
finance and central
costs 10,684 13,965 13,217 13,473 7,891 14,285 31,792 41,723
Exceptional items 246 (1,964) - - 16,550 - 16,796 (1,964)
Finance and central
costs - - - - - - (14,204) (19,606)
_______ _______ _______ _______ _______ _______ _______ _______
Profit before tax 10,930 12,001 13,217 13,473 24,441 14,285 34,384 20,153
_______ _______ _______ _______ _______ _______ _______ _______
(a) Africa, Former Soviet Union and Middle East.
(b) EBITDA - Group operating profit of £21,660,000 (2002 - £25,837,000) plus
depreciation of £17,384,000 (2002 - £15,938,000), amortisation of £2,549,000
(2002 - £2,558,000) and share of joint ventures EBITDA of £1,763,000
(2002 - £1,984,000).
An analysis of profit on ordinary activities by geographical area and net assets
by geographical area and business stream has been omitted.
3. Exceptional items
(a) Exceptional gain on partial sale of interest in business on formation of
joint venture
On 31 March 2003 the group transferred its Permanent Monitoring
business into a newly formed joint venture enterprise, QuantX Wellbore
Instrumentation. In this transaction, the Expro group's Permanent Monitoring
business was transferred, by a combination of asset and share sales, from
three wholly owned subsidiary companies, Expro North Sea Limited, Expro Gulf
Limited and Expro Americas Inc. into three newly formed joint venture companies,
QuantX Wellbore Instrumentation Limited, QuantX Wellbore Instrumentation
(International) Limited and QuantX Wellbore Instrumentation LLC. In
consideration for a 50% holding in the joint venture companies, Baker Hughes
Inc. paid the Expro group £18,979,000 cash. As a result of this transaction,
the Expro group and Baker Hughes Inc. each hold 50% in each of these joint
venture companies. The total net book value of Expro's Permanent Monitoring
business assets was £3,038,000. The group recorded a realised exceptional
gain before taxation of £16,550,000 being the cash consideration less the net
book value of the net assets transferred to the joint ventures by the Expro
group of £1,519,000 and costs associated with the transaction of £910,000.
Tax on the exceptional gain is £4,036,000. At any time after 31 March 2004,
the Expro group has the option to sell to Baker Hughes Inc., and Baker Hughes
Inc. has the option to purchase from the Expro group, all of the Expro group's
remaining equity interests in the joint venture companies at a price based
on the adjusted earnings for the year immediately prior to the exercise of
the option.
(b) Exceptional (profit)/loss on termination of discontinued operations
Discontinued operations relate to the closure of the group's Cased Hole
Services business in Venezuela in the prior year. The closure of the operation
is complete with the final charges and associated provisions recorded in the
current year resulting in an exceptional profit from the release of excess
provisions. The current year exceptional profit and prior year charge had no
effect on the group tax charge or minority interest.
2003 2002
£'000 £'000
Loss on termination of discontinued operations 489 1,576
Less prior year provision (735) -
Goodwill previously eliminated against reserves - 506
Negative goodwill - (261)
Loss on disposal of fixed assets - 143
_______ _______
Exceptional (profit)/loss (246) 1,964
_______ _______
4. Tax on profit/(loss) on ordinary activities
The taxation charge comprises:
2003 2002
£'000 £'000
Current tax
UK corporation tax charge 4,300 2,240
Double tax relief (1,347) (1,046)
______ ______
2,953 1,194
Foreign tax 8,384 5,946
______ ______
11,337 7,140
Adjustments to UK corporation tax in respect of prior
years - 51
______ ______
Total current tax 11,337 7,191
Deferred tax: Origination and reversal of timing
differences (1,947) (224)
______ ______
Total tax on profit on ordinary activities 9,390 6,967
______ ______
5. Dividends paid and proposed
2003 2002
£'000 £'000
Dividend paid on 31 January 2003 of 3.8p (2002 - 3.7p) per
ordinary share 2,510 2,434
Proposed final dividend of 7.1p (2002 - 7.1p) per ordinary
share* 4,700 4,685
______ ______
7,210 7,119
______ ______
* The Board is recommending a final dividend of 7.1p per ordinary share, subject
to shareholder's approval at the Annual General Meeting on 9 July 2003. The
dividend will be paid on 31 July 2003, to shareholders on the register at 4 July
2003.
6. Earnings per ordinary share
The calculations of earnings per share are based on the following profits and
numbers of shares.
Continuing operations Total
_____________________ _______________
2003 2002 2003 2002
£'000 £'000 £'000 £'000
Profit for the financial year for Basic and
Diluted earnings per share 24,728 15,582 24,974 13,171
Goodwill amortisation 2,388 2,474 2,388 2,468
Exceptional gain after tax on partial sale
of interest in business on formation of
joint venture (12,514) - (12,514) -
Exceptional (gain)/loss on discontinued
operations - - (246) 1,964
_______ _______ _______ _______
Earnings before goodwill and exceptional
items 14,602 18,056 14,602 17,603
_______ _______ _______ _______
Number of shares
__________________
2003 2002
Weighted average number of shares ranking for dividend
used for Basic earnings per share 66,034,624 65,755,130
Exercise of share options - Executive share scheme 88,222 298,009
- Employee share scheme 41,254 300,515
__________ __________
Weighted average number of shares used for Diluted
earnings per share 66,164,100 66,353,654
__________ __________
The directors believe that the presentation of basic earnings per share before
goodwill amortisation and exceptional items assists with understanding the
underlying performance of the group.
7. Reserves
Share Profit
premium Capital and loss
account reserve account
£'000 £'000 £'000
Group
Beginning of year 61,304 24 15,154
Share issues 346 - -
Currency translation difference on foreign
currency net investments - - (7,347)
Currency translation difference on related
borrowings - - 4,563
Retained profit for the year - - 17,764
_______ _______ _______
End of year 61,650 24 30,134
_______ _______ _______
Cumulative goodwill written off against reserves was £47,186,000 (2002 -
£47,186,000).
8. Cash flow information
Reconciliation of operating profit to net operating cash inflow
2003 2002
__________________________________ _____________________________________
Continuing Discontinued Total Continuing Discontinued Total
operations operations operations operations
£'000 £'000 £'000 £'000 £'000 £'000
Operating profit/
(loss) 21,660 - 21,660 26,284 (447) 25,837
Depreciation and
amortisation 19,933 - 19,933 18,252 244 18,496
Loss on sale of
tangible fixed
assets 133 - 133 20 - 20
Increase in stocks
and
work-in-progress (437) - (437) (185) (129) (314)
Decrease/
(increase) in
debtors 15,809 - 15,809 (12,062) 1,029 (11,033)
Decrease in
creditors and
provisions (4,058) - (4,058) (3,425) (372) (3,797)
Exceptional cash
inflow/(outflow)
related to
termination of
discontinued
operation (note
3b) - 89 89 - (359) (359)
_______ _______ _______ _______ _______ _______
Net cash inflow /
(outflow) from
operating
activities 53,040 89 53,129 28,884 (34) 28,850
_______ _______ _______ _______ _______ _______
Reconciliation of net cash flow to movement in net debt
2003 2002
£'000 £'000
Increase in cash in the year 34,372 19,706
Cash flow from decrease/(increase) in debt finance 5,676 (31,686)
_______ _______
Decrease/(increase) in net debt resulting from cash
flows 40,048 (11,980)
Translation difference 5,701 753
_______ _______
Movement in net debt in the year 45,749 (11,227)
Net debt at beginning of year (88,173) (76,946)
_______ _______
Net debt at end of year (42,424) (88,173)
_______ _______
Analysis of net debt
Other
Beginning Cash non cash End of
of year flow changes year
£'000 £'000 £'000 £'000
Cash at bank and in hand 5,848 22,256 - 28,104
Bank overdrafts (12,116) 12,116 - -
Debt due after 1 year (81,905) 5,676 5,701 (70,528)
_______ _______ _______ _______
(88,173) 40,048 5,701 (42,424)
_______ _______ _______ _______
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