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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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IntelliAM AI plc | AQSE:INT | Aquis Stock Exchange | Ordinary Share | GB00BR56LJ77 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 110.00 | 105.00 | 120.00 | 112.50 | 110.00 | 110.00 | 0.00 | 16:29:49 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:8434I Intercare Group PLC 18 March 2003 18 March 2003 The Intercare Group plc Intercare Delivers Further Strong Profit Growth and Cash Generation in 2002 The Intercare Group plc, the pharmaceutical manufacturer and distributor, today announces its preliminary results for the year ended 31 December 2002. Key Financials 2002 2001 Turnover #275.1m #216.0m + 27% Operating profit* #29.0m #24.7m + 17% Profit before tax* #24.6m #21.3m + 15% Adjusted earnings per share* 21.7p 19.5p + 11% Dividend per share 5.4p 5.2p + 4% Cash inflow from operations #35.9m #16.2m + 122% *Before amortisation of goodwill and exceptional items Statutory figures 2002 2001 Operating profit+ #17.1m #14.1m Profit before tax+ #10.6m #10.8m Basic earnings per share+ 5.1p 6.0p +After amortisation of goodwill and exceptional items Highlights * Excellent growth in turnover, profits and earnings * Successful acquisition and integration of LCO Sante in France * Good organic growth in both Manufacturing and Distribution Divisions * Strong operating cash inflow * New committed treasury facilities of #179m secured, with #108m surplus at year end * Appointment of Chief Operating Officer Commenting on the results, Mr Ken Harvey, Chairman, said: "Intercare has had a successful year, and the outlook for the future, both in the short-term and long-term, is very promising. As a result of a number of highly successful acquisitions made by the Group in recent years, particularly in the pharmaceutical manufacturing sector, we are now well positioned to capitalise on the many opportunities for growth within the supply chain sector of the pharmaceutical market. "Whilst there may not be an even pattern of growth, we believe that the Group is capable of achieving double-digit compound earnings per share growth over the next five years as we benefit from the significant capital investments now being made in our pharmaceutical manufacturing facilities. We shall seek to add to this organic growth with further targeted acquisitions." Enquiries The Intercare Group plc Tel: 01423 535500 John Parker, Chief Executive www.intercareplc.co.uk Jeremy Earnshaw, Group Finance Director Andrew Kay, Chief Operating Officer Financial Dynamics Tel: 020 7831 3113 David Yates/Ben Atwell Chairman's Statement I am once again pleased to report that The Intercare Group plc has had a successful year, and that the outlook for the future, both in the short-term and long-term, is good. Intercare is making excellent progress in establishing itself as a leading provider of supply chain services to the pharmaceutical industry. Trading in 2002 in both the Manufacturing and Distribution Divisions was good and, equally importantly, the Group has committed substantial resources towards manufacturing projects aimed at securing long-term shareholder value. In addition to the financial investment, Intercare has both expanded and significantly strengthened its management team. As a result, the Group is now well positioned to capitalise on the opportunities for growth within the supply chain sector of the pharmaceutical market. Group Results The results for the year ending 31st December 2002 demonstrate a good performance in all sectors within the Group. The Group recorded turnover during the year of #275.1m (2001 : #216.0m), an increase of 27%. Operating profit before amortisation of goodwill and product licences and exceptional items increased to #29.0m (2001 : #24.7m), a rise of 17%. On a statutory basis, operating profit increased by 21% to #17.1m (2001 : #14.1m). Profit before tax and amortisation of goodwill and product licences and exceptional items increased by 15% to #24.6m (2001 : #21.3m). On a statutory basis, the Group recorded profit before tax of #10.6m (2001 : #10.8m). The Group incurred an exceptional charge in 2002. Non-recurring arrangement fees of #2.1m were incurred upon securing substantial new long-term committed treasury facilities of #179m. Adjusted earnings per share reflect the earnings achieved excluding the impact of goodwill and product licence amortisation and exceptional items. Adjusted earnings per share increased by 11% to 21.7p during the year ending 31st December 2002 (2001 : 19.5p (as restated for FRS 19)). Basic earnings per share were 5.1p, compared to 6.0p (as restated for FRS 19) in 2001. The Board continues to adopt a progressive dividend policy, and a final dividend for the year ending 31st December 2002 of 3.2p (2001 : 3.1p) is recommended, making a total annual dividend in 2002 of 5.4p (2001 : 5.2p). Operating cashflow was very satisfactory and generated #35.9m from operating activities during the year. The Group does manage significant working capital balances on a proactive basis, and the cashflow movements arising from this aspect of the operations can be substantial. Interest cover was a very comfortable 6.6 times in 2002, compared to 7.3 times cover in 2001. Net borrowings increased to #71.0m at 31st December 2002 (2001 : #53.5m), and this compares to the committed facilities available to the Group of #179.0m. Net assets increased to #101.7m at 31st December 2002, compared to #93.3m (as restated for FRS 19) at 31st December 2001. Acquisitions LCO Sante ("LCO") was acquired in October 2002 for #33.3m. LCO is a leading European contract manufacturer of high-active ingredient hormone and biological products, based in France. The business complements well the existing contract manufacturing operations within the Group. LCO has specialist technical and manufacturing skills, and supplies a number of blue-chip pharmaceutical customers already common to Intercare. Since acquisition, LCO has performed well and the Board is encouraged by the future opportunities in this sector. Prospects The prospects for the Group are good. The Board is committed to investing not just for the short-term, but also for the future, and this is clearly demonstrated by the substantial investment programme being undertaken. The significant increase in management, together with the committed treasury facilities now available to the Group, equally confirm the intention of the Board to position Intercare for long-term expansion. The progress to date reflects a great deal of hard work by all of the employees of The Intercare Group plc, and I thank all of our staff again for their contribution to the success of the Company. Overall trading during the early part of 2003 has been satisfactory. I am optimistic and confident of further success in the future. Ken Harvey Chairman 18th March 2003 Chief Executive Officer's Report Seventh Record Year 2002 was the seventh successive year of record sales and profit for The Intercare Group plc reflecting the benefits of the evolving strategy. For the past two full years, Intercare has been a fully focused European pharmaceutical manufacturing and distribution Group. Whilst continuing to build on the successful own manufacturing business at Martindale, last year saw very good progress towards establishing Intercare as a leading provider of outsourced manufacturing services to the international pharmaceutical industry. As a result, the manufacturing businesses are expected to generate over 60% of the operating profit of the Group in future years. Manufacturing Division Outsourced Manufacturing The acquisition of LCO in October brought additional manufacturing, development resources and commercial expertise to the Group. Based in Osny, Northern France, LCO is a significant contract manufacturing organisation providing services to several global pharmaceutical companies. The company is the largest contract manufacturer of highly-active-ingredient/ low-dosage hormone products in Europe and is currently working towards FDA compliance for access to the North American markets. Intercare very much welcomes the 200 employees at LCO and their contribution since October has been firmly on plan. The combination of Federa Belgium and Federa France, together with Veramic in Belgium, which were all acquired in the second half of 2001, generated healthy sales and profits which matched expectations. These companies have given Intercare a significant strategic position in Europe for outsourced manufacturing of parenterals and particularly for pre-filled syringes. Major product market sectors which are serviced include vaccines and heparin products for the treatment of deep vein thrombosis. All of Intercare's manufacturing companies also have significant experience and resources in product development. This expanding service is now provided to many major pharmaceutical groups looking to work with Intercare to generate new product presentations and formats for international markets. New Factory in Brussels The building of the new Federa Belgium factory based at Neder over Heembeek in Brussels has progressed well during 2002 and remains on plan for operations to start in mid-2004 before being fully operational at the beginning of 2005. With the subsequent decision (taken in May) to increase the Federa Belgium new factory capacity by approximately 80%, the total investment is expected to be #17 million which is fully funded within the banking facilities. The Group has decided to invest in the confident expectation of delivering significant increases in organic growth from 2005 onwards. Already, the firm orders and serious expressions of commitment by the existing and new customers give confidence that factory capacity will be fully utilised in 2005, the first full year of operation. This impressive new factory, which will significantly increase Federa Belgium's pre-filled syringe capacity, is planned to be FDA (the USA Food and Drug Administration) compliant. This compliance, which Intercare believes over future years will become the global standard, is also being actively sought at LCO. Intercare is determined to achieve and maintain the highest quality standards for all its products through adherence to cGMP (current good manufacturing practice). This significant commitment of manpower and financial investment emphasises the Group's intention of delivering long-term organic growth. Own Manufacturing In 2002 the UK-based Martindale business built on the very successful performance achieved in 2001, which was its first full year as part of Intercare. As a result, over the last two years Martindale has grown its total sales by more than 18% while over the same timescale the UK market grew by less than 14%. For the ninth consecutive year operating margins were above 40%, highlighting the robustness of the business in the face of growing competition. Significant efforts during 2002 were made to ensure all operational aspects of the business continue at a high standard. Capacity and efficiency were enhanced through the installation of a new 4-headed ampoule filling machine together with two new automated packaging lines, both at the Romford facility. Substantial effort is being made in those export markets where Martindale lost ground in 2002 particularly in the Middle East due to a combination of renewed competitor activity and general unease over the political situation. With the objective of continuing to grow sales ahead of the market over the longer term, Martindale is putting more investment into new product development and the marketing of its products and services. Distribution The significant investment made into the UK-based generic and branded drug distribution business in 2001 and 2002 generated very good returns last year. Sales grew by 16% whilst 2001's record operating margin of 6.7% was maintained. A further two distribution depots in Solihull and Exeter were opened in 2002 and a new depot in Aberdeen has commenced in early 2003. This efficient and relatively low cost national distribution network, as well as generating record sales of existing products, is now ready to service other new customers and products. The capacity of the Intercare distribution network has been designed to allow for future long-term expansion. Lord Hunt, who reviewed UK volume generic pricing in early 2001, still has not announced any firm conclusions. The Group remains confident that it will be able to adapt positively to any further developments in the market if Lord Hunt does eventually decide to implement any changes. Also, the OFT (Office of Fair Trading) has recently recommended the complete removal of constraints on the location of retail pharmacies. This recommendation from the OFT was not unexpected. However, it is not at all certain whether the Department of Health will agree to and implement this recommendation. Many observers believe the Department of Health will look to preserve much of the status quo. Either way given the strong market position Intercare already has, coupled with excellent supplier and customer relationships, the Distribution business is well placed to take advantage of sensible changes. The Intercare Distribution Division now has a strong position in the UK market, with a national distribution capability offering a wide range of prescription drugs through a twice-daily service. 2003 will bring fresh opportunities, albeit with some new challenges in the form of the euro's rapid recent appreciation against sterling and the patent expiry of a major branded drug, Zocor. Nevertheless, our business has shown over the years that it is able to compete successfully at all levels in the market and its historical performance gives us confidence in its ability to rise to these challenges. Strategy Intercare is an international pharmaceutical manufacturing and distribution business also providing outsourced services to the pharmaceutical industry. Since the evolution of this strategy, targeted acquisitions of Federa France and LCO together with the development of the Federa Belgium business, have combined to give Intercare a strong strategic position in pre-filled syringe and hormone manufacturing in Europe. Together with the increased capacity at the new factory and the expected FDA approval there and at LCO, Intercare's long-term manufacturing organic growth expectations are looking very good. The longer-term expectation for the international pharmaceutical market is for growth to continue at around 6%/7%. Within that the forecast growth for all outsourced products and services into the international pharmaceutical market is predicted to strengthen by between 7% /8%. Intercare is committed to outperforming any of the markets it operates in over the medium term and is therefore looking for growth in excess of these figures. As the demand for outsourced services continues to grow, exciting opportunities for Intercare are emerging for product development and manufacturing on behalf of global pharmaceutical companies. LCO has significantly enhanced strategic linkage with some of Intercare's existing core customers and has brought with it a fine reputation and resources for product development. As the Group continues to win new business for outsourced manufacturing, additional capacity particularly for packaging is being installed at Federa France. This will support Federa France's existing customer demand and also allow significant long-term expansion of the pre-filled syringe production capacity. Demand for pre-filled syringes in Europe has been growing historically at 15% per annum. Together with access to the huge USA market, once the new factory in Belgium is operational and with FDA approval, long-term demand for contract manufacturing in Intercare's markets is expected to remain very healthy. The global growth of demand for vaccines and heparins used in the treatment of deep vein thrombosis continues apace and with Intercare's strong position in this sector, long-term organic growth coupled with improving margins is an attractive opportunity. Similarly, the Crossject needle-free syringe project in which Intercare has made a limited investment continues to progress. If this eventually proves a commercial success Federa France will be the manufacturing centre for this product. Currently Federa Belgium is providing outsourced development and technical support to Crossject on a commercial basis. Intercare now offers customers strong skills in product development at four manufacturing sites in the UK, France and Belgium and the long-term commercialisation of these resources also looks very promising. Within the Martindale operation, the Group maintains a number of speciality branded parenteral products. Leverage of Group product development capabilities will enable this important strategic focus to be further developed both in the UK and internationally. Meanwhile, the Distribution Division has delivered significant organic growth and is analysing several new business initiatives to enhance long-term growth based on supply chain services to the pharmaceutical market. People With the appointment of Andrew Kay as Chief Operating Officer and a director of Intercare, a great deal of ability and experience in the pharmaceutical industry has been added to the Group's existing knowledge base. We also welcome all those other senior managers who have recently joined Intercare in newly established key positions. By continually adding to the existing skill and resource base, Intercare is demonstrating its commitment to long-term future and success of the Group. Outlook 2002 was a very good year and we look to 2003 to be another record year for the Group. No doubt new as well as the usual challenges and issues will face Intercare, as they do all ambitious and growing businesses. Our objective at Intercare is to continue to generate attractive long-term earnings per share growth for our shareholders. Following the successful integration of the acquisitions made by the Group in recent years, we believe that our businesses today are well positioned to support compound double-digit earnings per share growth over the next five years (before amortisation of goodwill and exceptional items). In the near-term, this level of increase may be limited by external factors such as the challenges faced by the Distribution Division as we commence the year, but over the medium-term we expect our growth to be significantly enhanced by the capital investments currently being undertaken in the Manufacturing Division. We will seek to add to this organic growth with further targeted acquisitions, particularly in the manufacturing and proprietary product sectors. We believe this presents an attractive investment profile for shareholders and we look forward to reporting further news of our progress in 2003. John Parker Chief Executive Officer 18th March 2003 Consolidated Profit And Loss Account for the year ended 31 December 2002 Year ended Year ended 31 December 2002 31 December 2001 (as restated) #'000 #'000 Notes Turnover Continuing operations 1 268,519 216,027 Acquisitions 6,614 - --------- --------- Group turnover 275,133 216,027 Cost of sales 1 (213,430) (168,379) --------- --------- Gross profit 1 61,703 47,648 Net operating expenses 1 (44,448) (33,338) Group operating profit 1 Continuing operations before goodwill and licence 27,982 24,549 amortisation Goodwill and licence amortisation (10,936) (10,239) --------- --------- Continuing operations 17,046 14,310 Acquisitions before goodwill and licence amortisation 788 - Goodwill and licence amortisation (579) - --------- --------- Acquisitions 209 - Group operating profit 17,255 14,310 Share of associate's operating profit before goodwill 215 161 amortisation Goodwill amortisation (337) (335) --------- --------- Share of associate's operating loss (122) (174) Total operating profit 1 17,133 14,136 Exceptional charge (2,096) - --------- --------- Profit on ordinary activities before interest 15,037 14,136 Net interest payable (4,413) (3,375) --------- --------- Profit on ordinary activities before taxation, goodwill and 24,572 21,335 licence amortisation and exceptional item Exceptional item 2 (2,096) - Goodwill and licence amortisation (11,852) (10,574) --------- --------- Profit on ordinary activities before taxation 10,624 10,761 Tax on profit on ordinary activities (6,512) (6,027) --------- --------- Profit on ordinary activities after taxation 4,112 4,734 Dividends 3 (4,427) (4,132) --------- --------- Retained (loss)/profit for the financial year (315) 602 --------- --------- Basic earnings per share 4 5.1p 6.0p --------- --------- Adjusted earnings per share 4 21.7p 19.5p --------- --------- Diluted earnings per share 4 5.1p 5.9p --------- --------- Adjusted diluted earnings per share 4 21.4p 19.2p --------- --------- Dividend per share 3 5.4p 5.2p --------- --------- Consolidated Balance Sheet 31 December 2002 31 December 2002 31 December 2001 (as restated) #'000 #'000 Fixed assets Intangible assets: Licences 3,613 4,011 Goodwill 104,816 89,870 Negative goodwill (1,449) (1,194) --------- --------- 106,980 92,687 Tangible assets 27,749 14,253 Investments 274 242 Interest in associate: Goodwill arising on acquisition 2,645 2,979 Share of net assets 191 148 --------- --------- 2,836 3,127 --------- --------- Total fixed assets 137,839 110,309 Current assets Assets held for resale 336 478 Stocks 42,214 25,179 Debtors 65,839 48,426 Cash at bank and in hand 5,180 562 --------- --------- 113,569 74,645 Creditors: Amounts falling due within one year (88,430) (52,916) --------- --------- Net current assets 25,139 21,729 Total assets less current liabilities 162,978 132,038 Creditors: Amounts falling due after more than one year (61,484) (38,751) Provisions for liabilities and charges 246 - --------- --------- Net assets 101,740 93,287 --------- --------- Capital and reserves Share capital 2,076 1,986 Share premium 59,535 59,210 Merger reserve 30,751 23,774 Profit and loss 9,378 8,317 --------- --------- Equity shareholders' funds 101,740 93,287 --------- --------- Consolidated Cash Flow Statement for the year ended 31 December 2002 Year ended Year ended 31 December 2002 31 December 2001 (as restated) #'000 #'000 Group operating profit 17,255 14,310 Depreciation charges 2,796 1,653 Amortisation of goodwill 10,934 9,664 Amortisation of licences 584 575 Provision against indiemed.com Limited - 50 Loss on sale of tangible fixed assets - 13 (Increase)/decrease in working capital: - stocks (9,150) (995) - debtors (13,261) (4,361) - creditors 26,332 (4,741) - currency translation adjustments 432 (13) --------- --------- Net cash inflow from operating activities 35,922 16,155 Dividends received from associate 100 - Interest received 54 66 Interest paid (4,621) (3,485) Interest element of finance lease rental payments (4) (6) --------- --------- Returns from investments and servicing of finance (4,571) (3,425) --------- --------- Taxation (6,675) (5,195) Capital expenditure and financial investment (8,564) (2,409) Acquisitions and disposals (27,625) (16,291) Equity dividends paid (4,207) (4,715) --------- --------- Cash outflow before financing (15,620) (15,880) Financing Issue of ordinary share capital 335 115 New loans 65,010 19,000 Exceptional charge (2,096) - Repayment of loans (39,500) - Increase/(decrease) in debt factoring (498) (12,942) Principal payments under finance leases (6) (53) --------- --------- Net cash inflow from financing 23,245 6,120 --------- --------- Increase/(decrease) in cash in the year 7,625 (9,760) --------- --------- Reconciliation of net cash flow to movement in net debt Increase/(decrease) in cash in the year 7,625 (9,760) Cash outflow on finance leases 6 53 Cash inflow on loans (25,510) (19,000) Cash (inflow)/outflow on debt factoring 498 12,942 --------- --------- Change in net debt arising from cash flows (17,381) (15,765) Loans and finance leases acquired with subsidiaries - (32) Non-cash flow movements (99) (25) Exchange differences 29 30 --------- --------- Increase in net debt in the year (17,451) (15,792) Net debt at start of year (53,525) (37,733) --------- --------- Net debt at end of year (70,976) (53,525) --------- --------- Analysis of net debt Overdrafts (5,871) (8,906) Cash 5,180 562 Finance leases (47) (52) Loans (64,508) (38,901) Debt factoring (5,730) (6,228) --------- --------- (70,976) (53,525) Notes to Accounts 1. Segmental analysis Year ended 31 December 2002 Year ended 31 December 2001 (as restated) Continuing Acquisitions Total Total #'000 #'000 #'000 #'000 Turnover Pharmaceutical Manufacturing 61,283 6,614 67,897 37,383 Pharmaceutical Distribution 207,236 - 207,236 178,644 --------- --------- --------- --------- 268,519 6,614 275,133 216,027 Cost of sales (208,675) (4,755) (213,430) (168,379) --------- --------- --------- --------- Gross profit 59,843 1,859 61,703 47,648 Operating expenses: Selling and distribution expenses (12,350) - (12,350) (9,800) Administration expenses (30,448) (1,650) (32,098) (23,538) --------- --------- --------- --------- (42,590) (1,650) (44,448) (33,338) Group operating profit 17,046 209 17,255 14,310 Associate 215 - 215 161 Goodwill amortisation (337) - (337) (335) --------- --------- --------- --------- Share of associate's operating loss (122) - (122) (174) -------- --------- --------- --------- Total operating profit 16,924 209 17,133 14,136 --------- --------- --------- --------- Operating profit Pharmaceutical Manufacturing before 16,195 788 16,983 14,128 goodwill and licence amortisation Goodwill and licence amortisation (9,101) (579) (9,680) (8,402) --------- --------- --------- --------- Total Pharmaceutical Manufacturing 7,094 209 7,303 5,726 Pharmaceutical Distribution before 14,028 - 14,028 12,167 goodwill amortisation Goodwill amortisation (2,172) - (2,172) (2,172) --------- --------- --------- --------- Total Pharmaceutical Distribution 11,856 - 11,856 9,995 Central costs (2,026) - (2,026) (1,585) --------- --------- --------- --------- Total operating profit 16,924 209 17,133 14,136 2. The Group incurred an exceptional charge in 2002. Non-recurring arrangement fees of #2.1m were incurred upon securing the substantial new long-term committed treasury facilities of #179m. The fees have been classified as exceptional with regard to their size and incidence. 3. A final dividend of 3.2p per share is proposed to be paid on 30 May 2003 to shareholders on the register at 2 May 2003, which together with the interim dividend of 2.2p per share already paid makes a total of 5.4p for the year (2001 : 5.2p). 4. The calculation of basic earnings per share is by reference to profit after taxation of #4,112,000 (2001 : #4,734,000 as restated) and by reference to the weighted average number of shares in issue during the year of 80,483,349 (2001 : 78,557,470). The calculation of adjusted earnings per share is by reference to the profits after taxation excluding amortisation of goodwill and licences and exceptional items of #17,431,000 (2001 : #15,308,000 as restated). The weighted average number of shares in issue in each year is as defined above. 2002 2001 (as restated) #'000 Pence per share #'000 Pence per share Basic earnings per share 4,112 5.1 4,734 6.0 Adjustment in respect of exceptional finance costs 2,096 2.6 - - Adjustment in respect of taxation on the exceptional finance costs (629) (0.7) - - Adjustment in respect of goodwill and licence amortisation 11,852 14.7 10.574 13.5 --------- --------- --------- --------- Adjusted earnings per share 17,431 21.7 15,308 19.5 --------- --------- --------- --------- Adjusted earnings per share figures and the reconciliation above are given in order that shareholders may appreciate the effect on earnings of exceptional finance costs and goodwill and licence amortisation. 5. The results for the year ended 31 December 2002 have been abridged from the full accounts of the Group for that year which received an unqualified auditors' report and which have not yet been delivered to the Registrar of Companies. The results for the year ended 31 December 2001 have been extracted from the Group's statutory accounts which received an unqualified auditors' report and have been filed with the Registrar of Companies. 6. FRS 19 'Deferred Tax' has been adopted in preparing the financial statements for the year ending 31st December 2002. The results for the year ending 31st December 2001 have been appropriately restated for the effect of adopting FRS 19. 7. The preceding statements have been prepared in accordance with applicable United Kingdom accounting standards on a basis which is consistent with that applied in previous periods. 8. The Annual General Meeting will be held on Tuesday 29 April 2003 at 11am at Rudding Park Hotel, Rudding Park, Follifoot, Harrogate, North Yorkshire, HG3 1JH. This information is provided by RNS The company news service from the London Stock Exchange END FR NKOKQOBKDCND
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