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Share Name | Share Symbol | Market | Type |
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Deveron UAS Corp | CSE:DVR | CSE | Common Stock |
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% | 0.23 | 0.22 | 0.25 | 0 | 01:00:00 |
RNS Number:0674L De Vere Group PLC 14 May 2003 Embargoed for release 0700a.m. Wednesday 14 May 2003 DE VERE GROUP PLC Results for the 26 weeks ended 30 March 2003 De Vere Group Plc, the hotels and health & fitness operator, today announces results for the 26 weeks ended 30 March 2003. Financial Highlights 26 weeks ended 30/ 26 weeks ended 31/3 Percentage 3/03 /02 change Turnover #150.2m #140.1m +7.2% EBITDA* #34.7m #34.1m +1.7% Operating profit* #22.7m #22.8m -0.6% Profit before tax * #15.0m #15.9m -5.4% Profit before tax #3.6m #16.5m -78.4% EPS* 9.29p 9.89p -6.1% Dividend 4.00p 3.95p +1.3% * Before exceptional items that, as reported on 15 April 2003, comprised a provision for exceptional costs of #9.3m net of tax following the outcome of the VAT tribunal in December 2002; the tribunal related to leisure and golf subscription income which had been treated as exempt sales between 1997-1999 inclusive. Operational Highlights * Robust performance across all the Group's brands with overall profit largely maintained * Positive sales and RevPAR growth in both hotel operations despite declining sales in the UK hotel market * Successful switch by De Vere Hotels into the leisure break market to counter reduced corporate demand - further increasing its RevPAR premium over peer group * Increased occupancy and room rates helped drive RevPAR up 3.2% at Village - maintaining its premium over peer group * Village growth set to continue. Maidstone under construction with three more in the pipeline * Greens continued to improve margins in line with expectations * The Board has commenced a succession planning process for the role of Chief Executive Peter Daresbury, Chairman, commented: "These are very positive results in what continues to be difficult trading conditions in the hotel industry. The management teams have reacted quickly to the changing environment and our flexible business models and sophisticated yield techniques have enabled the successful switch in business mix. These actions and the resilience of the brands have meant that the Group has maintained positive growth in sales and RevPAR and have given the Board confidence to raise the interim dividend." Enquiries: Paul Dermody, Chief Executive 020 7404 5959 (14 May) Roger Stubbs, Finance Director 01928 712111 (thereafter) Jonathan Glass/ Simon Sporborg Brunswick 020 7404 5959 Chairman's Statement The Board reports that De Vere Group Plc has continued to perform robustly in the 26 weeks ended 30 March 2003, despite a background of declining sales in the UK hotel market and economic and geopolitical uncertainty. Both the Group's hotel brands demonstrated their resilience by maintaining positive growth in sales and RevPAR and a progressive stance on pricing. The management teams have also reacted quickly to the changing environment and, assisted by flexible business models and sophisticated yield techniques, have secured a successful switch in business mix, which has largely maintained profitability in difficult markets. Greens again increased its margins. The organic expansion of the Group continued with the opening of the 15th Greens club in Giffnock, South Glasgow, in December 2002. Construction of the 15th Village Hotel and Leisure Club in Maidstone has started and it is scheduled to open in summer 2004. Building will commence on the 16th Village at North Birmingham before the year end and three further sites are in the planning stage, which will enable the Group to continue to capitalise on this highly successful brand. Results and Dividend Turnover increased by 7.2% to #150.2m for the 26 weeks ended 30 March 2003 (2002: #140.1m). EBITDA before exceptional items rose by 1.7% to #34.7m (2002: #34.1m) and operating profit before exceptional items was #22.7m (2002: #22.8m). Profit before tax and exceptional items amounted to #15.0m, a decline of 5.4% (2002: #15.9m). As previously announced on 15 April 2003, the results for the half-year include an exceptional charge of #9.3m net of taxation following the outcome of the VAT tribunal hearing in December 2002. The hearing related to golf and leisure subscription income between April 1997 and December 1999 which the Group had treated as being exempt from VAT. The exceptional charge relates to a provision made and equates to VAT, interest and costs of #11.5m less a #2.2m corporation tax credit. This had previously been disclosed as a contingent liability in the Group's statutory accounts for each of the three years up to September 2002. As a result of this exceptional item, reported Group profit before tax was #3.6m (2002: #16.5m). Basic earnings per share excluding exceptional items were down 6.1% to 9.29p (2002: 9.89p). The Board is declaring an interim dividend of 4.00p per share (2002: 3.95 p), payable on 4 July 2003 to shareholders on the register on 13 June 2003. This increase reflects the Board's confidence in the resilient performance of the Group, despite tough market conditions. Finance Interest was 3.0 times covered by operating profits, excluding exceptional items, and gearing at the period end was 42.8% (2002: 3.3 times and 42.3% respectively). During the period, a private placement of US $100m (#63.3m) Guaranteed senior loan notes was successfully completed. The principal and interest payable of these loan notes has been hedged into Sterling for its full ten year life; Sterling interest cost will be 0.75% over LIBOR until 24 September 2003 and a fixed rate of 7.15% thereafter. The proceeds were used to pay down the revolving credit facility, leaving the full #175.0m undrawn at the end of March ahead of repayment of the #109.7m 7% Convertible Subordinated Bonds in September 2003. De Vere Hotels Turnover for De Vere Hotels rose by 2.5% to #86.2m (2002: #84.1m) compared with a flat performance by the peer group, whilst EBITDA excluding exceptional items decreased by 6.9% to #20.6m (2002: #22.2m). Operating profit before exceptional items was #14.1m (2002: #15.7m). As at 30 March 2003, De Vere Hotels comprised 21 hotels with 3,299 rooms and 24,200 leisure members. On a like-for-like basis, achieved room rates grew by 2.7%, and occupancy slipped by 1.2 percentage points, resulting in an increase in RevPAR of 1.0% to #56.48 (2002: #55.90). This compares with a 1.7% decline in the rest of the upper market segment. There was good progress in the first quarter, especially in the conference market, albeit against weaker comparative figures from the prior year. This was reversed in the second quarter, with growing economic uncertainty and concerns over the conflict in Iraq. To counter the reduced conference demand over this period, capacity was successfully switched into the leisure break market, which grew both in terms of room nights sold and average rates, resulting in a change in business mix. This reflected a successful continuation of the stance on pricing, where discounting has been avoided by switching market sector. However, as individual leisure break business is more expensive both to acquire and service than corporate group business, this change in mix has reduced margins by 1.8 percentage points. In addition, ongoing insurance premium increases have impacted by a further #0.5m in the first half. Village Hotels & Leisure Clubs Turnover for Village Hotels & Leisure Clubs rose 15.1% to #36.5m (2002: #31.7m). EBITDA grew by 10.2% to #9.8m (2002: #8.9m) and operating profit before exceptional items increased by 14.5% to #6.9m (2002: #6.0m). As at 30 March 2003, the brand comprised 14 hotels with 1,243 rooms and had 58,200 leisure club members, an increase of 11.1% (2002: 52,400). Like-for-like occupancy increased by 0.7 percentage points to 79.3%, which is an outstanding achievement when compared with the rest of the mid-provincial market performance of 62% occupancy. Not only has the increased occupancy come from the corporate sector, but also this corporate demand has displaced some lower rated leisure business. This is the result of strengthening the hotel based sales and revenue management resources last year. Achieved room rate rose by 2.3% to #51.58. The emphasis on driving improved rates, combined with high occupancy, resulted in a RevPAR increase of 3.2% to #40.86. This maintained Village's premium over its peer group, where RevPAR growth remained flat. The roll out programme, incorporating the modified hotel design, continues. Two sites are under construction this year, at Maidstone and North Birmingham, with Bournemouth and South Birmingham due to start next year. Greens Health & Fitness By 30 March 2003, the target of 15 clubs had been achieved with the opening of Giffnock, South Glasgow, on 2 December 2002. Turnover for Greens increased by 37.7% to #14.9m (2002: #10.8m). EBITDA rose 56.1% to #3.3m (2002: #2.1m) and operating profit increased to #1.1m (2002: #0.5m). On a like-for-like basis, sales increased by 4.2%. Total membership now stands at 63,700, an increase of 30.5% during the last 12 months (2002: 48,800). As these results demonstrate, the emphasis on profit conversion and margins is improving returns at the clubs. G&J Greenall Turnover for G&J dropped by 6.7% to #12.6m (2002: #13.5m). Operating profit increased by 2.4% to #0.6m (2002: #0.5m), with the fall in volume of the low margin own label products being offset by a more favourable sales mix. Management In October 2003, Paul Dermody will have served 40 years with the Company including three and a half years as Chief Executive. In light of this, the Board has commenced a process to consider succession planning for the role of Chief Executive. Paul Dermody is working closely with the rest of the Board on this matter and will continue in his role until his successor has been appointed and a smooth handover has taken place. Current Trading In the 5 weeks since the half year end trading conditions have remained challenging, although in line with the Board's expectations given the general economic climate. Total Group sales have increased by 3.4%. The performance in this period, however, has been impacted by the timing of Easter. In 2002, Easter fell across March and April, whereas this year, both weeks of Easter fell into April. Consequently, total sales for De Vere were negatively impacted, being 1.8% down on last year and RevPAR down by 1.5%. Over the same five week period, Village continued to perform well, with total sales up by 10.3%, although RevPAR has slipped slightly, bringing the 31 week year on year growth to 2.3% from 3.2% as reported at 30 March 2003. Whilst the economic outlook remains uncertain and the timing and extent of any recovery is hard to predict, the Board is confident that its brands will continue to perform well in a tough market. The Group's proven ability to switch capacity between the leisure and corporate markets should continue to produce relative benefits in the event of an economic recovery, when capacity is switched to the higher yielding sectors. DE VERE GROUP PLC INTERIM ANNOUNCEMENT Financial highlights for the six months ended 30 March 2003 De Vere Group Plc 2003 2002 #m #m % change _____________________________________________________________________________________________________ Turnover 150.2 140.1 +7.2% EBITDA* 34.7 34.1 +1.7% Operating profit* 22.7 22.8 -0.6% Profit before tax* 15.0 15.9 -5.4% Profit before tax 3.6 16.5 -78.4% EPS* - pence 9.29 9.89 -6.1% Dividend - pence 4.00 3.95 +1.3% _____________________________________________________________________________________________________ * Before exceptional items, which in 2003 comprise a provision for exceptional costs of #9.3m net of tax following the outcome of the VAT tribunal in December 2002, relating to leisure and golf subscription income that had been treated as exempt sales between 1997-1999 inclusive. Consolidated profit and loss account for the six months ended 30 March 2003 26 weeks to 30.03.03 (unaudited) _____________________________________ Before 26 weeks 52 weeks Exceptional Exceptional to 31.03.02 to 29.09.02 items items Total (unaudited) (audited) Note #000 #000 #000 #000 #000 ____________________________________ ______ _________ _______ ________ ________ Turnover 2 150,211 - 150,211 140,145 293,888 Cost of Sales (89,150) - (89,150) (84,202) (173,037) ____________________________________ _______ _________ _______ _________ _________ Gross profit 61,061 - 61,061 55,943 120,851 Other operating expenses (net) (38,397) (8,993) (47,390) (32,835) (68,695) ____________________________________ _______ _________ _______ _________ ________ Operating profit 2 22,664 (8,993) 13,671 23,108 52,156 ______ _________ _______ ________ ________ Continuing operations 22,664 - 22,664 22,808 51,856 Exceptional items 3 - (8,993) (8,993) 300 300 ______ _________ _______ ________ ________ Surplus on disposal of fixed assets 64 - 64 292 508 ____________________________________ ______ _________ _______ ________ ________ Profit before interest 22,728 (8,993) 13,735 23,400 52,664 Net interest payable (7,636) (2,537) (10,173) (6,915) (14,132) ____________________________________ ______ _________ _______ ________ ________ Profit on ordinary activities before 15,092 (11,530) 3,562 16,485 38,532 taxation Taxation on profit on ordinary (4,600) 2,192 (2,408) (4,940) (11,475) activities ____________________________________ _______ _________ _______ _________ ________ Profit on ordinary activities after taxation 10,492 (9,338) 1,154 11,545 27,057 _______ _________ Ordinary dividend 4 (4,490) (4,425) (12,679) _______ _________ ________ Retained (loss)/profit for the (3,336) 7,120 14,378 period ____________________________________ _______ ________ ________ Earnings per share 5 Basic and diluted 1.03 p 10.33 p 24.19p Earnings per share excluding exceptional items Basic and diluted 9.29 p 9.89 p 23.55p Consolidated balance sheet as at 30 March 2003 30.03.03 31.03.02 29.09.02 (unaudited) (unaudited) (audited) #000 #000 #000 _____________________________________________________________________________________________________________ Fixed assets Tangible assets 851,512 829,485 848,473 Investments 8,834 6,945 6,804 _________________________________________________ 860,346 836,430 855,277 _____________________________________________________________________________________________________________ Current assets Stocks 13,243 13,888 14,078 Debtors 37,836 39,657 39,669 Cash at bank and in hand 2,755 2,809 5,460 _________________________________________________ 53,834 56,354 59,207 Creditors: amounts falling due within one year Convertible subordinated bonds (109,673) - (109,673) Other creditors (98,127) (91,489) (103,239) _________________________________________________ Net current liabilities (153,966) (35,135) (153,705) _____________________________________________________________________________________________________________ Total assets less current liabilities 706,380 801,295 701,572 Creditors: amounts falling due after more than one year Convertible subordinated bonds - (109,679) - Other creditors (123,656) (121,347) (117,313) _________________________________________________ (123,656) (231,026) (117,313) Provisions for liabilities and charges (23,443) (15,848) (21,654) _____________________________________________________________________________________________________________ Net assets 559,281 554,421 562,605 _____________________________________________________________________________________________________________ Capital and reserves Called up share capital 24,939 24,864 24,938 Share premium 2,328 1,465 2,317 Revaluation reserve 99,611 99,851 99,611 Other reserves 271,133 271,133 271,133 Profit and loss account 161,270 157,108 164,606 _____________________________________________________________________________________________________________ Shareholders' funds 559,281 554,421 562,605 _____________________________________________________________________________________________________________ Consolidated cash flow statement for the six months ended 30 March 2003 26 weeks 26 weeks 52 weeks to 30.03.03 to 31.03.02 to 29.09.02 (unaudited) (unaudited) (audited) Note #000 #000 #000 __________________________________________________________________________________________________________________ _________ ________ ________ Net cash inflow from operating activities before reorganisation costs 26,575 15,811 69,213 Net cash outflow in respect of non-operating reorganisation costs (5,134) (5,748) (11,016) _________ ________ ________ Net cash inflow from operating 21,441 10,063 58,197 activities Returns on investments and servicing of finance _________ ________ ________ Interest received 31 109 245 Interest paid (5,152) (3,739) (11,431) Interest element of finance lease rental payments (1,580) (1,581) (3,119) _________ _________ _________ Net cash outflow from returns on investments and servicing of finance (6,701) (5,211) (14,305) Tax (paid)/recovered (161) 218 (143) Capital expenditure and financial investment _________ _________ _________ Purchase of tangible fixed assets (15,706) (25,877) (56,464) Purchase of investments (2,000) (546) - Sales of tangible fixed assets 386 4,952 6,074 _________ ________ ________ Net cash outflow from capital expenditure and financial investment (17,320) (21,471) (50,390) Dividends paid (8,249) (7,692) (12,120) __________________________________________________________________________________________________________________ Cash outflow before financing (10,990) (24,093) (18,761) Financing _________ ________ ________ Issue of Ordinary share capital 12 1,232 2,158 Issue of US$100m Guaranteed senior loan 6 63,331 - - notes (Decrease)/increase in other amounts (54,933) 19,644 19,569 borrowed _________ ________ ________ Net cash inflow from financing 8,410 20,876 21,727 __________________________________________________________________________________________________________________ (Decrease)/increase in cash (2,580) (3,217) 2,966 __________________________________________________________________________________________________________________ Notes to the consolidated cash flow statement for the six months ended 30 March 2003 Net cash inflow from operating activities Operating profit is reconciled to net cash inflow from operating activities as follows: 26 weeks 26 weeks 52 weeks to 30.03.03 to 31.03.02 to 29.09.02 #000 #000 #000 __________________________________________________________________________________________________________ Operating profit 13,671 23,108 52,156 Depreciation 12,009 11,284 23,186 Decrease in provisions (485) (567) (1,205) Share of operating (profit)/loss of joint (30) 132 (273) ventures Decrease in stocks 835 330 140 Decrease/(increase) in debtors 1,552 (4,124) (4,132) Decrease in creditors (977) (14,352) (659) __________________________________________________________________________________________________________ Net cash inflow from operating activities 26,575 15,811 69,213 __________________________________________________________________________________________________________ Reconciliation of net cash flow to movement in net Borrowings (Decrease)/increase in cash (2,580) (3,217) 2,966 Cash inflow from movement in borrowings (8,398) (19,644) (19,569) __________________________________________________________________________________________________________ Change in net borrowings resulting from cash (10,978) (22,861) (16,603) flows Other non-cash adjustments to long-term borrowings (120) (123) (243) __________________________________________________________________________________________________________ Movement in net borrowings (11,098) (22,984) (16,846) Opening net borrowings (228,132) (211,286) (211,286) __________________________________________________________________________________________________________ Closing net borrowings (239,230) (234,270) (228,132) __________________________________________________________________________________________________________ Other statements for the six months ended 30 March 2003 Reconciliation of movements in shareholders' funds 26 weeks 26 weeks 52 weeks to 30.03.03 to 31.03.02 to 29.09.02 (unaudited) (unaudited) (audited) #000 #000 #000 __________________________________________________________________________________________________________ Profit attributable to Ordinary shareholders of the Company 1,154 11,545 27,057 Ordinary dividend (4,490) (4,425) (12,679) __________________________________________________________________________________________________________ (3,336) 7,120 14,378 Shares issued (net of costs) 12 1,232 2,158 __________________________________________________________________________________________________________ Net movement in shareholders' funds (3,324) 8,352 16,536 Opening shareholders' funds 562,605 546,069 546,069 __________________________________________________________________________________________________________ Closing shareholders' funds 559,281 554,421 562,605 __________________________________________________________________________________________________________ Statement of total recognised gains and losses There were no recognised gains or losses for the period other than the profit shown in the profit and loss account. Notes to the interim financial statements for the six months ended 30 March 2003 1) Basis of preparation The interim financial statements have been prepared on the basis of the accounting policies set out in the Group accounts for the year ended 29 September 2002. The interim financial statements were approved by the Board of Directors on 14 May 2003. The interim financial statements are unaudited but have been reviewed by the Auditors. The financial information for the full year does not comprise statutory accounts within the meaning of section 240 of the Companies Act 1985. Statutory accounts of De Vere Group Plc for the year ended 29 September 2002 have been delivered to the Registrar of Companies. The Auditors' report on the statutory accounts was unqualified and did not contain a statement under Section 237 of the Companies Act 1985. 2) Segmental analysis 26 weeks to 30.03.03 26 weeks to 31.03.02 __________________________________________________________________________ Operating Operating Turnover profit Net assets Turnover profit Net assets #000 #000 #000 #000 #000 #000 _______________________________________________________________________________________________________ ________ ________ ________ ________ ________ ________ De Vere pre-exceptional 86,182 14,145 554,790 84,098 15,721 542,119 Exceptional items (note 3) - (2,998) (3,113) - 300 - ________ ________ ________ ________ ________ ________ De Vere 86,182 11,147 551,677 84,098 16,021 542,119 ________ ________ ________ ________ ________ ________ Village pre-exceptional 36,491 6,905 185,201 31,707 6,031 184,787 Exceptional items (note 3) - (5,995) (6,225) - - - ________ ________ ________ ________ ________ ________ Village 36,491 910 178,976 31,707 6,031 184,787 Greens 14,948 1,056 64,385 10,852 511 56,305 G&J Greenall 12,590 558 3,473 13,488 545 5,480 _________________________________________________________________________ 150,211 13,671 798,511 140,145 23,108 788,691 Net borrowings - - (239,230) - - (234,270) _________________________________________________________________________ 150,211 13,671 559,281 140,145 23,108 554,421 _________________________________________________________________________ All of the Group's material business activities and related net assets are situated in the UK and all sales and profits are earned from businesses conducted in the UK. 3) Exceptional items For the period from April 1997 to December 1999, a De Vere Group subsidiary company treated its leisure and golf subscription income as exempt from VAT. HM Customs & Excise has contended that this income should be liable to VAT at the standard rate and in July 2000 raised a VAT assessment; the potential liability amounted to #7m plus interest. Following a hearing in December 2002, a judgement has now been received from the VAT tribunal which makes it more likely that this assessment will become payable. The Board has therefore decided to make an appropriate provision in these accounts. The provision amounts to #9.3m net of taxation and equates to VAT, interest and costs of #11.5m and a corporation tax credit of #2.2m. This issue was previously disclosed as a contingent liability in the notes to the Group accounts for the year ended 29 September 2002. In the prior period, the operating exceptional item of #0.3m is the compensation in respect of committed income not received due to the postponement of the Ryder Cup until September 2002 following the events of 11 September 2001. 4) Dividend The interim dividend of 4.00 pence per share will be paid on 4 July 2003 to holders of Ordinary shares on the register at close of business on 13 June 2003 (2002: 3.95 pence). 5) Earnings per share Basic earnings per share is calculated with reference to the profit attributable to Ordinary shareholders of #1,154,000 (2002: #11,545,000). The weighted average number of Ordinary shares in issue during the period was 112,226,000 (2002: 111,712,000). Adjusted earnings per share figures have been calculated excluding exceptional items. 6) Maturity of 7% Convertible subordinated bonds The 7% Convertible subordinated bonds will be redeemed at their outstanding principal amount on 24 September 2003 and are therefore disclosed as creditors falling due within one year. On 18 December 2002, US $100m Guaranteed senior loan notes were issued and provided Sterling funds of #63.3m. The principal and interest payable on these loan notes have been hedged into Sterling for their full 10 year life; the Sterling interest cost is 0.75% over LIBOR until 24 September 2003 and a fixed rate of 7.15% thereafter. The proceeds have initially been used to pay down the existing revolving credit facility, leaving the full facility of #175m undrawn at the end of March, in readiness for the repayment of the 7% Convertible subordinated bonds. Independent review report to De Vere Group Plc Introduction We have been instructed by the Company to review the financial information for the six months ended 30 March 2003 which comprises the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Consolidated Cash Flow Statement, Statement of Total Recognised Gains and Losses, Reconciliation of movements in Shareholders' Funds and the related notes 1 to 6. 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 the 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 preparing 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 30 March 2003. Ernst & Young LLP Manchester 14 May 2003 Interim report Copies of the interim report will be posted to all shareholders and registered bond holders on or around 23 May 2003, and copies will be available for members of the public at the Company's registered office, 2100 Daresbury Park, Warrington, WA4 4BP. This information is provided by RNS The company news service from the London Stock Exchange END IR GUUPAAUPWPWW
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