Final Results

RNS Number : 3178Q
Filtronic PLC
02 August 2010
 



FILTRONIC PLC

 

PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MAY 2010

 

Filtronic plc announces its Preliminary results for the year ended 31 May 2010.

 

Revenue from continuing operations was £15.6m (2009 £28.8m), with an operating loss before exceptional items of £0.3m (2009 profit £2.1m). Operating loss after exceptional items was £1.1m (2009 profit £1.2m).

 

Highlights

 

Strategic

·      Post year end proposal to transform business by entry to differentiated, high growth base station sector through acquisition

·      Major new OEM customer signed in December 2009

 

Financial

·      Revenue from continuing operations (Point to Point) £15.6m (2008 £28.8m)

·      Operating loss before exceptional items £0.3m (2009 profit £2.1m)

·      Year end cash maintained at £16.2m (2009 £16.2m)

·      Annual dividend 1.00p per share (2009 1.00p) recommended payable 5 November 2010

 

Outlook

 

The underlying market drivers for Point to Point backhaul market growth remain intact, although demand outlook through the summer remains constrained.  Whilst overheads have been trimmed the group continues to invest in R&D in order to position the Company with competitive products to respond to market expectations of a 2011 demand recovery.

 

The proposed acquisition progresses the Group's strategy to create a high growth wireless telecoms business through organic growth and selective acquisition.

 

Enquiries:

 

Filtronic plc

Tel. 01325 301 111

Howard Ford, Chairman


Hemant Mardia, CEO


Mike Brennan, CFO




Panmure Gordon (UK) Limited

Tel. 020 7459 3600

Dominic Morley


Stuart Gledhill




Walbrook PR Ltd

Tel. 020 7933 8787

Paul McManus

Mob. 07980 541 893


paul.mcmanus@walbrookpr.com



Chairman's Statement

 

The year ended 31 May 2010 produced revenue from continuing operations of £15.6m and an operating loss before exceptional items of £0.3m compared with the prior year revenue of £28.8m and £2.1m of operating profit.  The group loss for the period was £1.0m compared with a £11.7m profit in the prior year.  Cash at the year end of £16.2m was unchanged from 31 May 2009.  A full breakdown of the year is shown in the financial statements, notes and narrative which follow.

 

An annual dividend for 2008/9 of 1.00p (£0.7m) was paid to shareholders on 30 November 2009.  The Board has decided to recommend an annual dividend of 1.00p payable on 5 November 2010, to shareholders on the register at 8 October 2010 subject to approval by shareholders at the Annual General Meeting.

 

The recently announced proposal to acquire Isotek (Holdings) Limited is in line with our strategy to create a differentiated, high growth and higher margin wireless telecoms business.  The deal is intended to deliver entry into the rapidly developing 3G/4G base station market sector by acquiring innovative intellectual property, and is expected to be significantly earnings enhancing in the second year of our ownership.

 

Despite a further weakening of demand from a large customer in the second half year, the underlying market drivers for Point to Point backhaul market growth remain intact, although demand outlook through the summer remains constrained due to customer inventory overhang.  Consequently further small operating losses are expected into the first half of the next financial year.  Whilst overheads have been trimmed the group continues to invest in R&D in order to position the company with competitive products to respond to a recovery in market demand.

 

December's announcement of a major new customer signing is testament to the Group's product offering and service levels, and positions us well to benefit from market expectations of a 2011 demand recovery.

 

Panmure Gordon was appointed as corporate broker with effect from 1 December 2009.

 

Finally, I should like to thank all staff in the business for their contribution over the past year.

 

 

Howard Ford

Chairman

2 August 2010



 

Chief Executive Officer's Operating Review

 

Summary

 

Following past disposals the business consisted solely of the Point to Point business during the period.  Market activity continued to be subdued but expectations are for robust underlying drivers to initiate substantial growth in mobile broadband infrastructure demand during calendar year 2011. The business continues to execute its strategy to expand its addressable market through new product developments and customers. Filtronic is well placed to exploit market opportunities in the core business whilst also furthering its strategy to create a differentiated, high growth wireless telecoms business by entry to the base station sector with the proposed acquisition of Isotek (Holdings) Limited.

 

Operations

 

The Point to Point business designs and manufactures customised microwave electronic sub assembly components that are integrated by OEM's into Point to Point (PTP) radios. These radios provide the backhaul links for telecom networks, particularly the mobile base station market. Filtronic is a leading merchant supplier of transceivers and diplex filters to this market.

 

First half revenue (£9.6m) was broadly in line with the second half of the prior year but there was a significant weakening of demand in the second half (revenue £6.0m) due to customer inventory overhang and the continued low ebb in telecoms infrastructure spend.  Timely actions to reduce overheads including the closure of the Shipley manufacturing location were taken, and an operating loss of £0.3m was reported for the year. 

 

The group continues to invest in future product development, and in December 2009 a research grant of £1.25m was awarded by Yorkshire Forward with support from the European Regional Development Fund to assist in the development of a new product to target the emerging market for 4G mobile broadband services.

 

Strong working capital control and the decline in underlying activity during the year delivered a breakeven cash performance after dividends and exceptional costs.

 

Overall revenue for the year was £15.6m, down from £28.8m in the previous year with an operating loss before exceptional items of £0.3m compared with £2.1m profit in 2009. Operating loss before exceptional items in the second half was £0.6m compared with £0.3m profit in the first half year.

 

Exceptional costs of £0.8m (2009 £0.9m) included restructuring termination payments of £0.4m and final pension scheme closure costs of £0.1m.

 

£0.3m of these exceptional costs were incurred in evaluating acquisition opportunities including the recently announced proposal to purchase Isotek (Holdings) Limited.  The acquisition is expected to deliver rapid entry into the base station market sector, by combining Filtronic's reputation, resources and market access with the highly differentiated intellectual property to be acquired.

 

Network expansion in developing regions and capacity upgrades in developed regions will continue to drive demand for PTP products.  In December 2009 a major new OEM customer was signed and volume shipments for this customer and for the previously announced (July 2009) active electronically scanned array modules for Selex Sensors and Airborne Systems Ltd are expected to add significantly to revenues during calendar year 2011.  In the same time frame, market expectations are for robust underlying drivers to initiate substantial growth in mobile broadband infrastructure demand.

 

Employees

At 31 May 2010, the group employed 139 people (2009 152).

 

 

Hemant Mardia

Chief Executive Officer

2 August 2010



 

Financial Review

 

Results

 

Continuing operations generated revenue of £15.6m (2009 £28.8m), resulting in an operating loss before exceptional items of £0.3m (2009 £2.1m profit).  The group loss for the period was £1.0m (2009 £11.7m profit), reflecting a range of exceptional costs (and for 2009 the gains on disposal of the UK Defence business and the receipt relating to the Australian Wireless Infrastructure disposal).  The operating results are discussed in the Chief Executive's Operating Review, along with a review of the business.

 

Exceptional Costs

 

In addition to £0.3m of costs related to the evaluation of acquisition opportunities, restructuring costs including termination payments of £0.4m, and final pension scheme closure costs of £0.1m were also incurred.

 

Net finance income

 

The group ended the year with net cash of £16.2m (2009 £16.2m) and generated net finance income of £0.1m (2009 £1.1m), reflecting lower interest rates on much reduced cash deposits post special dividends.

 

Taxation

 

No current tax is due on continuing operations, reflecting available losses. No deferred tax asset was recognised at 31 May 2010 due to uncertainty in future recoverability.  A tax provision of £0.6m tax for 2009's Australian Wireless Infrastructure disposal was paid in the year to 31 May 2010.

 

Capital expenditure

 

Capital expenditure was £0.6m all of which related to continuing operations (2009 £0.9m total, £0.8m continuing operations).

 

Research and development costs

 

Research and development costs of £2.3m (2009 £1.8m), which represented 14.8% (2009 6.3%) of revenue were expensed.  Offsetting these costs, Yorkshire Forward grant income of £0.5m, was reported under other operating income.  No research and development costs were capitalised in the balance sheet.

 

Working capital

 

At 31 May 2010 net working capital was £2.5m (2009 £5.3m).  Net working capital comprised inventories of £2.0m (2009 £4.5m), receivables of £3.4m (2009 £4.8m) and payables of £2.9m (2009 £4.0m).

 

Cash flow

 

Cash inflow from operating activities was £1.9m (2009 £0.7m inflow), cash outflow from investing activities was £1.2m (2009 £13.7m inflow) and net cash outflow from financing activities was £0.7m (2009 £29.7m).  The closing cash balance as at 31 May 2010 was £16.2m (2009 £16.2m).

 

Pension matters

 

The wind up of the defined benefit pension scheme was completed in the year.

 

Dividend

 

An annual dividend of 1.00p per share in respect of 2008/9 was paid on 30 November 2009.

 

An annual dividend of 1.00p per share in respect of 2009/10 has been recommended by the Board and, subject to approval at the Annual General Meeting on 24 September 2010, will be paid on 5 November 2010 to shareholders on the register on 8 October 2010.

 

 

Michael Brennan

Chief Financial Officer

2 August 2010

 

 



Directors' Assessment of Risk

 

Introduction

 

Filtronic supplies microwave products for the wireless telecommunications market. The business is in a fast-changing sector with a small number of sophisticated customers, demanding performance standards and international competition, all of which pose risks to the business.

 

Market

 

We supply a niche range of products to a small number of large OEM customers. With the rapid evolution of product technology and other corporate decisions the size of our addressable market may be affected. We may also fail to forecast market movements correctly so missing opportunities or wrongly predicting product longevity.

 

Manufacturing

 

In most of the products, production is demand led and customers may vary their requirements from the business at short notice, which also impacts inventory management. Customers in these businesses expect consistent high quality product and reducing prices, hence we depend on control of our operating environment, including management of security of supply in our supply chain, and the provision of correctly designed technological solutions including the achievement of target cost reduction plans. Non performance in these areas risks a diminished market position.

 

All our products are provided to customers after detailed qualification testing. However, this may not test all aspects of the product's design and manufacturing process or may not ensure that the product is viewed as fit for purpose in its intended use. Identification of these types of problem after release of product to customers creates the risk of being required to rectify such product defects.  Historically such work has not had a substantial impact on the financial performance of the business, although a major defect, leading to a field recall could do so in future.

 

We operate a leased manufacturing location, located within the facility of our major semiconductor supplier.

 

Technology

 

Our product competitiveness is strongly influenced by technology choices at product concept stage and throughout execution of design to product launch. For products in the production cycle, technology insertion is often required as a means of achieving price reductions, which underpin sales. The market is time sensitive and opportunities may be lost if the technology we develop is not appropriate or ready for exploitation to match market demand, so having an adverse effect on business performance.

 

Our ability to remain competitive in terms of technology and product design is also underpinned by retaining key staff, the loss of whom could seriously impact the rate of introduction of new products and technologies.

 

Financial management

 

A large proportion of sales is denominated in US dollars with the cost base substantially in sterling, which may therefore create margin risks that may not be recoverable through price changes. This risk is mitigated to some extent by purchasing some input materials in US dollars.

 

 

We have sold four divisions of the group in the past six years. We have provided warranties in support of these transactions, covering areas including product liability for an initial period and usually environment risks on freehold property and tax risks for longer specified periods. We have received claims on the sale of the Wireless Infrastructure and Defence Electronics business, some of which have been settled or rejected, and may receive claims in future related to these current and future commitments.



Consolidated Income Statement

for the year ended 31 May 2010

 



2010

2009

Continuing operations

note

£000

£000





Revenue


15,575

28,779



======

======





Operating (loss)/profit before exceptional items


(292)

2,080

Exceptional items

2

(842)

(937)



----------

----------

Operating (loss)/profit


(1,134)

1,143





Finance income

5

113

1,255

Finance costs

6

-

(132)



----------

----------

(Loss)/profit before taxation


(1,021)

2,266

Taxation


-

-



----------

----------

(Loss)/profit for the period from continuing operations


(1,021)

2,266

Profit for the period from discontinued operations

7

-

9,390



----------

----------

(Loss)/profit for the period


(1,021)

11,656



======

======





Basic (loss)/earnings per share




Continuing operations

14

(1.37)p

3.05p

Discontinued operations

14

-

12.63p



----------

----------

Basic (loss)/earnings per share

14

(1.37)p

15.68p



======

======

 

Diluted (loss)/earnings per share




Continuing operations

14

(1.37)p

3.04p

Discontinued operations

14

-

12.61p



----------

----------

Diluted (loss)/earnings per share

14

(1.37)p

15.65p



======

======





The (loss)/profit for the period is attributable to the equity shareholders of the parent company Filtronic plc.

 

 

 



Consolidated Statement of Comprehensive Income

for the year ended 31 May 2010

 


2010

2009


£000

£000




(Loss)/profit for the period

(1,021)

11,656


----------

----------

Actuarial gain on defined benefit pension scheme

-

929

Transfer to income from translation reserve related to business disposal

-

(340)

Currency translation movement arising on consolidation

-

139


----------

----------


-

728


----------

----------





----------

----------

Total comprehensive income for the period

(1,021)

12,384


======

======

 

The total comprehensive income for the period is attributable to the equity shareholders of the parent company Filtronic plc.

 

 



Consolidated Balance Sheet

at 31 May 2010

 



2010

2009



£000

£000

Non-current assets




Property, plant and equipment


1,998

1,996



----------

----------

Current assets




Inventories


1,998

4,531

Trade and other receivables


3,361

4,779

Cash and cash equivalents


16,245

16,218



----------

----------



21,604

25,528



----------

----------







----------

----------

Total assets


23,602

27,524



----------

----------

Current liabilities




Trade and other payables


2,886

3,999

Income tax payable


-

635

Provision


706

1,314

Deferred income


17

-



----------

----------



3,609

5,948



----------

----------

Non-current liabilities




Deferred income


108

-



----------

----------







----------

----------

Total liabilities


3,717

5,948



----------

----------



----------

----------

Net assets


19,885

21,576



======

======

Equity




Share capital


7,432

7,432

Retained earnings


12,453

14,144



----------

----------

Total equity


19,885

21,576



======

======

 

The total equity is attributable to the equity shareholders of the parent company Filtronic plc.

 

 

 

 

  

Consolidated Statement of Changes in Equity

for the year ended 31 May 2010

 

 



2010

2009

 

 



£000

£000

Opening total equity


21,576

38,913

Total comprehensive income for the period


(1,021)

12,384

Share-based payments


73

8

Dividends


(743)

(29,729)



----------

----------

Closing total equity


19,885

21,576



======

======



Consolidated Cash Flow Statement

for the year ended 31 May 2010

                                                                    



2010

2009


note

£000

£000

Cash flows from operating activities




(Loss)/profit for the period


(1,021)

  11,656

Gain on sale of discontinued operations


-

(9,614)

Finance costs


-

132

Finance income


(113)

(1,255)



----------

----------

Operating (loss)/profit

16

(1,134)

919

Defined benefit pension contributions paid


-

(100)

Share-based payments


73

8

Loss on disposal of plant and equipment


35

-

Depreciation


601

920

Movement in inventories


2,533

59

Movement in trade and other receivables


1,418

4,721

Movement in trade and other payables


(867)

(5,646)

Movement in provision


(608)

(172)

Movement in deferred income


(125)

-



----------

----------

Net cash from operating activities

16

1,926

      709



----------

----------

 

 

 

 



Consolidated Cash Flow Statement

for the year ended 31 May 2010

 



2010

2009


note

£000

£000





Net cash from operating activities

16

1,926

709



----------

----------

Cash flows from investing activities




Interest received


113

1,213

Acquisition of plant and equipment


(639)

(945)

Sale of discontinued operations


(635)

13,418



----------

----------

Net cash (used in)/from investing activities

16

(1,161)

13,686



----------

----------

Cash flows from financing activities




Dividends paid


(743)

(29,729)



----------

----------

Net cash used in financing activities

16

(743)

(29,729)



----------

----------





Movement in cash and cash equivalents


22

(15,334)

Currency exchange movement


5

101

Opening cash and cash equivalents


16,218

31,451



----------

----------

Closing cash and cash equivalents


16,245

16,218



======

======

 

 



Notes to the Preliminary Financial Information

for the year ended 31 May 2010

 

1    Continuing operations

In accordance with IFRS 8 the continuing operations for the current period form one business located in the United Kingdom. The business designs and manufactures transceiver modules and filters for backhaul microwave linking of base stations used in wireless telecommunication networks. Under IAS 14 there was also a single segment.


 

2    Exceptional items

Operating (loss)/profit is stated after charging exceptional items as follows:



2010

2009


note

£000

£000





Directors' resignation costs

3

146

383

Pension scheme closure costs

4

116

266

Acquisition related costs


320

-

Redundancy costs


260

288



----------

----------



842

937



======

======

 

3    Directors' resignation costs


2010

2009


£000

£000




Directors' resignation costs

146

383


======

======




 

John Poulter resigned as Chairman on 18 September 2009.  Under the terms of his contract he was paid 6 months salary in lieu of notice.

 

Stephen Mole resigned as Chief Financial Officer on 18 September 2009.  Under the terms of his contract he was paid 6 months salary in lieu of notice.

 

4    Pension scheme closure costs


2010

2009


£000

£000




Pension scheme closure costs

116

266


======

======




 

Professional fees were incurred in connection with the process of closing the defined benefit pension scheme.

 



 

5    Finance income


2010

2009


£000

£000




Interest income

113

1,213

Expected return on pension scheme assets

-

42


----------

----------


113

1,255


======

======

 

6    Finance costs


2010

2009


£000

£000




Interest on pension scheme liabilities

-

69

Currency exchange losses

-

63


----------

----------


-

132


======

======

 

 

7    Profit for the period from discontinued operations



2010

2009

Discontinued operations

note

£000

£000





Revenue

8

-

2,111



======

======

Discontinued operations

8

-

(224)



----------

----------

Loss before taxation


-

(224)

Taxation


-

-



----------

----------

Loss after taxation


-

(224)

Gain on sale of discontinued operations

10

-

9,614



----------

----------

Profit for the period from discontinued operations


-

9,390



======

======

 



 

8    Business segment analysis discontinued operations


2010

2009


£000

£000

Revenue



Defence Electronics

-

2,111


----------

----------


-

2,111


======

======

Operating loss



Defence Electronics

-

(224)


----------

----------

Operating loss

-

(224)


----------

----------

Loss before taxation

-

(224)

Taxation

-

-


----------

----------

Loss after taxation

-

(224)

Gain on sale of discontinued operations

-

9,614


----------

----------

Profit for the period from discontinued operations

-

9,390


======

======

 

 

9    Geographical origin segment analysis discontinued operations


2010

2009


£000

£000

Revenue



United Kingdom

-

1,900

Australia

-

211


----------

----------

Discontinued operations

-

2,111


======

======

    Operating loss



United Kingdom

-

(261)

Australia

-

37


----------

----------

Discontinued operations

-

(224)


----------

----------

Loss before taxation

-

(224)

Taxation

-

-


----------

----------

Loss after taxation

-

(224)

    Gain on sale of discontinued operations

-

9,614


----------

----------

Profit for the period from discontinued operations

-

9,390


======

======
















 

10  Gain on sale of discontinued operations



2010

2009


note

£000

£000

(Loss)/gain on sale of:




United Kingdom and Australian Wireless Infrastructure business

11

-

1,313

United States Defence Electronics business

12

-

(87)

United Kingdom and Australian Defence Electronics Business

13

-

8,388



----------

----------



-

9,614



======

======

 

11  Sale of United Kingdom and Australian Wireless Infrastructure business

The Australian Wireless Infrastructure business was sold to its management in 2005. The business was sold on to another party in July 2008. Under the terms of the original sale a proportion of the sell-on proceeds were received by the group in July 2008 and amounted to £1,903,000.

 


2010

2009


£000

£000




Gain on sale of Australian Wireless Infrastructure business before taxation

-

1,903

Taxation

-

           (590)


----------

----------

Gain on sale of Australian Wireless Infrastructure business after taxation

-

1,313


======

======

 

 

12  Sale of the United States Defence Electronics business

The Defence Electronics business of Sage Laboratories, Inc. in the United States of America was sold on 12 October 2007. At 31 May 2008, $1,130,000 of consideration was included in receivables and $1,000,000 of sale costs were accrued to meet a potential claim from the purchaser. In March 2009 agreement was reached to offset the outstanding consideration against the claim from the purchaser, resulting in full and final settlement of the business sale transaction.


2010

2009


£000

£000




Consideration adjustment

-

(689)

Sale cost adjustment

-

602


----------

----------

Loss on sale of the United States Defence Electronics business

-

(87)


======

======



 

13  Sale of the United Kingdom and Australian Defence Electronics business

On 15 August 2008 the United Kingdom and Australian Defence Electronics business was sold. The sale is analysed as follows:

 


2010

2009


£000

£000

Consideration and costs



Gross consideration

-

13,000

Adjustment of working capital

-

(287)


-----------

-----------

Net consolidation

-

        12,713

Sale costs

-

(879)

Currency translation adjustment

-

340


----------

----------


-

12,174


======

======

Assets and liabilities sold



Property, plant and equipment

-

2,073

Inventories

-

1,655

Trade and other receivables

-

2,925

Cash and equivalents

-

419

Trade and other payables

-

(2,620)

Provision

-

(666)


----------

----------

Net assets sold

-

3,786

Gain on sale of the United Kingdom and Australian Defence Electronics business

-

8,388


----------

----------


-

12,174


======

======







 



 

14  (Loss)/Earnings per share


2010

2009


£000

£000

(Loss)/profit for the period



Continuing operations

(1,021)

2,266

Discontinued operations

-

9,390


----------

----------

(Loss)/profit for the period

(1,021)

11,656


======

======





000

000

Basic weighted average number of shares

74,323

74,323

Dilution effect of share options

41

120

Dilution effect of share awards

153

-


---------

---------

Diluted weighted average number of shares


74,517

74,443



======

======





 

Basic (loss)/earnings per share




Continuing operations


(1.37)p

3.05p

Discontinued operations


-

12.63p



----------

----------

Basic (loss)/earnings per share


(1.37)p

15.68p



======

======

 

Diluted (loss)/earnings per share




Continuing operations


(1.37)p

3.04p

Discontinued operations


-

12.61p



----------

----------

Diluted (loss)/earnings per share


(1.37)p

15.65p



======

======

 

 

15   Dividends

The dividends recognised in equity and paid during the year were as follows:

 
 
2010
2009
 
 
Per share
£000
£000
 
 
 
 
 
 
Special interim dividend year ended 31 May 
2009
40.00p
-
29,729
 
Annual dividend year ended 31 May 2009
1.00p
743
-
 
 
 
----------
----------
 
 
 
743
29,729
 
 
 
======
======
 
 
The annual dividend proposed for the year ended 31 May 2010 is 1.00p per share payable on 5 November 2010 to shareholders on the register on 8 October 2010. The annual dividend will amount to £743,000 based on the issued share capital of 74,323,093 10p ordinary shares as at 2 August 2010.
 

 

 

16  Note to the consolidated cash flow statement



2010

2009


note

£000

£000

Operating (loss)/profit




Continuing operations


(1,134)

1,143

Discontinued operations


-

(224)



----------

----------



(1,134)

919



======

======

Net cash from operating activities




Continuing operations


1,926

689

Discontinued operations


-

20



----------

----------



1,926

709



======

======

Net cash (used in)/from investing activities




Continuing operations


(526)

349

Discontinued operations


-

(81)

Sale of discontinued operations

17

(635)

13,418



----------

----------



(1,161)

13,686



======

======

Net cash used in financing activities




Continuing operations


(743)

(29,729)



======

======

 

17  Net cash from sale of discontinued operations



2010

2009



£000

£000





Consideration received


-

14,616

Sale costs paid


-

(779)

Cash and cash equivalent sold


-

(419)

Tax paid


(635)

-



----------

----------



(635)

13,418



======

======

 

18  Post Balance Sheet Events

     

These preliminary results have been prepared on the basis of the accounting policies which are to be set out in Filtronic plc's annual report and financial statements for the year ended 31 May 2010.

 

EU Law (IAS Regulation EC1606/2002) requires that the consolidated financial statements of the group for the year ended 31 May 2010 be prepared in accordance with International Financial Reporting Standards ("IFRSs") as adopted for use in the EU ('adopted IFRSs').

 

The financial information set out above does not constitute the company's statutory accounts for the years ended 31 May 2010 or 2009 [but is derived from those financial statements. Statutory financial statements for 2009 have been delivered to the registrar of companies, and those for 2010 will be delivered in due course. The auditors have reported on those financial statements; their reports were (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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