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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Intechnology | LSE:ITO | London | Ordinary Share | GB0001388932 | ORD 1P |
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% | 24.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:5079Z InTechnology PLC 08 June 2004 8th June 2004 InTechnology plc Unaudited results for the year ended 31 March 2004 InTechnology plc ("InTechnology" or "the Company"), Europe's leading provider of data storage, security and network solutions and managed services, announces final results for the year ended 31 March 2004. Despite a tough IT environment, InTechnology is reporting a strong sales performance, both organic and assisted by the Allasso acquisition, a material improvement in gross profitability and a return to EBITA profitability. Financial highlights * Total turnover increased 42% to #223.5m (2003: #156.9m) including #64.4m from Allasso * Specialist Distribution turnover of #209.0m (2003: #148.7m) * Managed Services turnover of #14.5m (2003: #8.2m) * Gross profit increased 75% to #40.8m (2003: #23.3m) * EBITDA increased 87% to #7.3m (2003: #3.9m) * Return to EBITA profitability with profit before interest, tax and amortisation of goodwill of #1.6m (2003: pre exceptional item #1.0m loss, 2003: post exceptional item #2.6m loss) * Group operating loss was #2.8m (2003: #6.6m) * Balance sheet has cash reserves of #16.4m (2003: #18.2m) and net debt of #10.4m (2003: #10.0m net cash) predominantly as a result of the acquisition of Allasso. Operational highlights * Substantial expansion of the business in terms of products and services offered as well as markets addressed * Strong performance from Specialist Distribution division: * Very strong second half after slow first half * Rapid growth in higher margin security, consultancy, maintenance and enterprise software sales, which now represent 31% of Specialist Distribution turnover (2003: 17%) * Rapid integration of Allasso into the Group and performing in line with expectations * Managed Services progressing well: * Cumulative contracts over #60m at 31 March (2003: #40m) * Restorable data under management stands at 2 petabytes and is growing rapidly (2003: 0.7 petabytes) * Volume of contracts being won has accelerated quarter on quarter * Excellent renewal rate in Managed Services Commenting on the results, Charles Cameron, CEO of InTechnology said: "Relentless growth in storage volumes, increased concerns over data security and the network, and the growing burden of regulatory compliance for businesses provide a healthy background to demand for our products and services. The cost and complexity of addressing these important IT issues have highlighted the value of our utility computing services to government departments and the private sector in particular. "The focus in the past year has remained on maintaining the margins in our specialist distribution business, against a backdrop of difficult trading conditions, in addition to driving forward the Managed Services division towards break even. These results show that all is going to plan. "Six months ago we spoke about preparing to accelerate the Company's growth. With over a 40% increase in sales, a 75% increase in gross profit, and returning to EBITA profitability, this phase is now well under way. The first two months' trading of this financial year have been in line with management expectations and are ahead of the same period last year. As computing moves inexorably towards a more networked environment, our customers are looking increasingly for a broader based IT infrastructure supplier such as InTechnology." For further information: InTechnology plc 020 7786 3400 Charles Cameron / Andrew Kaberry Financial Dynamics 020 7831 3113 James Melville-Ross / Juliet Clarke Note to editors: InTechnology plc are experts in data storage, data management and the protection of business critical information and are widely acknowledged by the UK IT community as being the market leader in this field. In close partnership with major storage suppliers such as HP, IBM, Sun, Veritas, Tivoli & CA InTechnology has delivered over #1 billion worth of data storage solutions to businesses in the UK and other European countries. InTechnology also offers clients a unique range of Managed Data Services which enables them to back up their data to a secure, offsite facility using InTechnology's own, purpose built, data centres and high speed network infrastructure. For more information, please visit: www.intechnology.co.uk Final Results for the year ended 31 March 2004 Chairman's Statement Overview I was very pleased with the performance of the Group during the past 12 months as we made significant strides towards our goal of becoming the leading IT infrastructure provider in Europe while also growing our revenues and profits. Our Managed Services division has also enjoyed an acceleration in the cumulative value of contracts won which at 31 March 2004 was #60m (2003: #40m), generating #18.0m (2003: #10.5m) of recurring revenue per annum once commissioned. We have significantly altered the mix of business within our distribution division this year by both organic growth and acquisition so that higher margin software, consultancy and maintenance sales now represent some 31% (2003: 17%) of our distribution revenues. The acquisition of Allasso on 31 July 2003 has enabled us to extend our specialist distribution model to include IT security products and build a platform for territorial growth in five other western European markets. Our unique expertise across storage, security and enterprise software combined with our ability to deliver utility-based computing services is beginning to pay real dividends. As computing moves inexorably towards a more networked environment we are finding that our customers are looking increasingly for a one-stop IT infrastructure supplier such as InTechnology. In this current financial year we will be taking steps to significantly increase the levels of cross-selling to our customer base as well as unifying key group functions, which will lead to a much more effective and efficient operation. Trading and Operating Performance There was a very strong sales performance from Storage Solutions and Services (' SSS') in the second half year which contrasted with a slow start in the first half. The Allasso software security products division performed in line with expectations and is now fully integrated into InTechnology. Managed Services achieved a strong and consistent level of new contract wins in each half year. Group turnover was #223.5m during the year (2003: #156.9m) and gross profit improved by 75% to #40.8m (2003: #23.3m). Net operating expenses before depreciation, amortisation of goodwill and exceptional items were #33.5m (2003: #19.3m) with the acquisition of Allasso accounting for #10.5m of the increase. Net operating expenses were #43.6m (2003: #29.8m). Earnings before interest, tax, depreciation, amortisation of goodwill and exceptional items increased to #7.3m (2003: #3.9m). Group operating profit before amortisation of goodwill was #1.6m (2003: #2.6m loss). The Group reported an operating loss of #2.8m (2003: #6.6m loss). InTechnology's balance sheet remains strong with cash of #16.4m (2003: #18.2m) and net debt after finance leases and term loans of #10.4m (2003: net cash #10.0m), largely as a result of the acquisition of Allasso. Specialist Distribution Division InTechnology's Specialist Distribution activities embrace three principal areas of expertise: Storage, Security and Enterprise Software. In the UK we are engaged in all three activities; in continental Europe revenues are, for now, almost exclusively derived from security software and appliances. The slow start to the year experienced by Specialist Distribution was put firmly behind us during the second half of the year when we produced some excellent results, which included a record third quarter. Despite the well-documented commercial and market difficulties experienced by all partners of Sun and HP we managed to retain our market position, while our IBM business has continued to expand. We were also encouraged by the performance of our Veritas software business and made a promising start in our new UK relationship with Network Appliance. The storage market continues to grow in both volume and complexity and we are confident that we are, as always, well positioned to maximise this opportunity. We have now fully integrated the UK operation of Allasso into an enlarged UK Specialist Distribution business although maintaining the Allasso brand. Allasso's continental European footprint presents a foundation on which we can begin to build software, storage, network and managed services sales to the IT channel. In this current financial year we are exploring the opportunity to sell InTechnology's storage software product portfolio through our European offices, as we believe this to be a strong growth area for the business. In the year UK Specialist Distribution achieved revenues of #172.4m (2003: #148.7m) and maintained operating margins before amortisation of goodwill of 5%. Operating margins after amortisation of goodwill were maintained at 4%. The division earned an operating profit before amortisation of goodwill of #8.5m (2003: #8.1m) and an operating profit of #6.5m (2003: #6.4m). Software, consultancy and maintenance revenues were 31% (2003: 17%) of the division's revenue. Allasso Europe recorded revenues of #36.6m and an operating profit of #0.8m. There was encouraging revenue growth in southern Europe and we see good potential to exploit our new European footprint. Managed Services Division Managed Services increased revenues by 77% to #14.5m (2003: #8.2m) with an operating loss before amortisation of goodwill and exceptional items of #7.8m (2003: #9.1m) which reflects our continued ongoing investment in this side of the business and the time delay between winning and commissioning contracts. The Managed Services operating loss was #10.0m (2003: #13.0m). At 31 March 2004, our annualised recurring revenues were #18.0m (2003: #10.5m) and cumulative contracts won were #60m (2003: #40m). The Board remains confident that following the installation of approximately #65m of cumulative contract wins, this division will achieve EBITA breakeven. I strongly believe that our technology and methodology has gained significant market awareness and acceptance in both the UK public and private sectors, where we have achieved equal success. The restorable data we now manage in our data centres exceeds 2 petabytes (2003: 0.73 petabytes) and we now take data from over 170 customer sites in the UK. Our network in the UK, LANnet, has been a tremendous success and we now have 168 sites connected to the network taking a variety of services from us. This year we are also very encouraged that 55% of our user base now takes more than one service from us and 10% now take three. In October of last year we launched our "InPartnership" programme, through which we have formalised many of our relationships with consultants, integrators and outsourcers which sell our services to their clients. Sales of outsourced services through this channel have proved to be extremely effective as we enable our partners to capture more of their own client's recurring IT spend without them having to invest in data centres and network infrastructure or work with a competing IT provider. Many more of our traditional channel partners are turning to us for these services which confirms our belief in the unified InTechnology approach to the IT channel. New Developments We have a number of exciting new developments across the Group in the coming year: InTechnology Appliances As the world of enterprise computing becomes ever more complex we are developing a range of appliances to solve particular business and legislative issues. Today a computing solution can involve technologies from many different suppliers confusing both end users and even the salesmen. InTechnology Appliances, which we will launch under the MyAppliance brand, aim to remove all this difficulty and simplify the whole process by defining a solution to a specific problem and supplying a turnkey package. Network products InTechnology's expertise has been centred on storage and security related products. Later this financial year we look forward to significantly expanding the product range by adding some leading network products. Additional Managed Services We are continuing to develop commercially a number of technologies in the Managed Services division to improve performance, reduce costs and broaden the range of services offered to customers. In the coming months we expect to launch the following: * An increased capacity VBAK from 2TB to 4TB per system * InTechnology Voice over IP ('VOIP') * Archiving/Information Life Cycle Management ('ILM') * An enhanced data replication offering. Current Trading The first two months' trading of this financial year have been in line with management expectations and are ahead of the same period last year. Outlook As computing moves inexorably towards a more networked environment our customers are increasingly turning to us either for the supply of infrastructure, products, services and expertise or choosing to outsource to us the provision of network, hosting or storage services to improve the overall resilience, compliance or performance of their IT infrastructure. In order to take advantage of our excellent position as the one-stop IT infrastructure provider to the channel (systems integrators, consultants and resellers) we shall this fiscal year start integrating our UK sales, marketing and professional services divisions into a unified structure. This will allow us to achieve better customer focus with all our products and services and create greater operating efficiencies. The new products and services outlined above will be launched this year with the main financial benefits arising from 2006 onwards. We believe that the advent of Network Computing is not only about to happen, it is happening and InTechnology is extremely well placed to capitalise on this opportunity. Peter Wilkinson Executive Chairman 8 June 2004 Consolidated profit and loss account for the year ended 31 March 2004 2004 2003 Note #'000 #'000 Turnover 2 Continuing operations 159,069 156,899 Acquisition 5 64,440 - 223,509 156,899 Cost of sales (182,706) (133,642) Gross profit 40,803 23,257 Net operating expenses before depreciation, amortisation of goodwill and exceptional items (33,524) (19,314) Depreciation (5,640) (4,885) Amortisation of goodwill (4,403) (3,980) Exceptional costs of German subsidiary - (1,645) Net operating expenses (43,567) (29,824) Group operating (loss)/profit Continuing operations (4,012) (6,567) Acquisition 5 1,248 - Group operating loss (2,764) (6,567) Net interest payable (1,050) (108) Loss on ordinary activities before taxation 2 (3,814) (6,675) Tax on loss on ordinary activities 3 (889) (367) Loss sustained for the financial year (4,703) (7,042) EBITDA 7,279 3,943 Loss per share (pence) 4 Basic and diluted (3.40) (5.10) Adjusted loss per share (pence) 4 Basic and diluted (0.22) (1.03) EBITDA comprises earnings before interest, taxation, depreciation, amortisation of goodwill and exceptional items. There is no difference between the loss on ordinary activities before taxation and the loss sustained for the financial year and their historical cost equivalents. Consolidated statement of total recognised gains and losses for the year ended 31 March 2004 2004 2003 #'000 Loss sustained for the financial year (4,703) (7,042) Exchange adjustments offset in reservces - - Total recognised losses since last annual report (4,703) (7,042) Consolidated balance sheet as at 31 March 2004 Group 2004 2003 #'000 #'000 Fixed assets Intangible assets 76,910 68,964 Tangible assets 13,443 12,179 90,353 81,143 Current assets Stocks 10,811 9,225 Debtors - due within one year 83,171 35,542 Cash at bank and in hand 16,379 18,155 110,361 62,922 Creditors - amounts falling due within one year (87,194) (45,109) Net current assets 23,167 17,813 Total assets less current liabilities 113,520 98,956 Creditors - amounts falling due after more than one year (20,600) (1,300) Provisions for liabilities and charges (144) (209) Net assets 92,776 97,447 Capital and reserves Called up share capital - equity 1,384 1,381 - non-equity 480 480 Share premium account 188,420 188,391 Profit and loss account (97,508) (92,805) Shareholders' funds (including non-equity interests) 92,776 97,447 Shareholders' funds comprise: Equity interests 90,536 95,207 Non-equity interests 2,240 2,240 92,776 97,447 Consolidated cash flow statement for the year ended 31 March 2004 2004 2003 Note #'000 #'000 Net cash inflow from operating activities 6 3,735 2,356 Returns on investments and servicing of finance Interest received 324 451 Interest element of finance lease payments (220) (105) Interest paid (1,104) (454) Debt issue costs (300) - Net cash outflow from returns on investments and servicing of finance (1,300) (108) Taxation paid (1,305) (676) Capital expenditure and financial investment Purchase of tangible fixed assets (6,144) (3,911) Sale of tangible fixed assets 349 187 Net cash outflow from capital expenditure and financial investment (5,795) (3,724) Acquisitions Purchase of subsidiary undertakings (including costs) (18,578) - Net cash at bank acquired with purchase of subsidiary undertakings 2,731 - Net cash outflow for acquisitions (15,847) - Net cash outflow before financing (20,512) (2,152) Management of liquid resources Decrease in short term deposits with financial institutions - 10,000 Financing Issue of ordinary share capital 32 - Net increase/(decrease) in borrowings 19,974 (2,199) Capital element of finance lease payments (1,173) (813) Net cash inflow/(outflow) from financing 18,833 (3,012) (Decrease)/increase in cash in the year 7 (1,679) 4,836 Notes to the Preliminary Announcement 1 Basis of preparation The financial information included in this Preliminary Announcement, which has been agreed for release by the Company's auditors, does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. The financial information has been prepared on the basis of accounting policies consistent with those set out in the statutory Annual Report and Accounts for the year ended 31 March 2003, which have been filed with the Registrar of Companies and on which the auditors gave an unqualified opinion. The Annual Report and Accounts for the year ended 31 March 2004, on which the auditors have still to report, will be delivered to the Registrar of Companies and will be posted to shareholders on 7 July 2004. Further copies are available on request from the registered office of the Company at Nidderdale House, Beckwith Knowle, Otley Road, Harrogate, HG3 1SA. 2. Segmental information Turnover Turnover Operating (loss)/profit by by by destination source source 2004 2003 2004 2003 2004 2003 #'000 #'000 #'000 #'000 #'000 #'000 Geographical analysis United Kingdom 185,734 155,089 186,935 156,888 (3,521) (4,922) Continental Europe 37,174 1,313 36,574 11 757 (1,645) North America 293 497 - - - - Africa 176 - - - - - Rest of the World 132 - - - - - Total 223,509 156,899 223,509 156,899 (2,764) (6,567) Operating profit/(loss) Before goodwill After goodwill amortisation and amortisation and Turnover exceptional items exceptional items 2004 2003 2004 2003 2004 2003 #'000 #'000 #'000 #'000 #'000 #'000 Business analysis Distribution 209,015 148,681 9,397 8,148 7,281 6,449 Managed Services 14,494 8,218 (7,758) (9,090) (10,045) (13,016) Total 223,509 156,899 1,639 (942) (2,764) (6,567) Including Excluding goodwill goodwill 2004 2003 2004 2003 #'000 #'000 #'000 #'000 Net assets Geographical analysis United Kingdom 85,415 97,447 8,505 28,483 Continental Europe 7,361 - 7,361 - Group Total 92,776 97,447 15,866 28,483 Business analysis Distribution 39,232 33,800 (443) 4,358 Managed Services 37,165 45,492 (70) 5,970 76,397 79,292 (513) 10,328 Cash 16,379 18,155 16,379 18,155 Group Total 92,776 97,447 15,866 28,483 The segmental analysis above excludes net interest payable of #1,050,000 (2003: #108,000) which is not analysed by business segment. The acquisition of the Allasso group of companies contributed the following to the Distribution division in the 8 month period following completion of the acquisition on 31 July 2003: Operating profit Turnover Before goodwill After goodwill by destination amortisation and amortisation and and source exceptional items exceptional items Year Year Year Year Year Year ended ended ended ended ended ended 31 March 31 March 31 March 31 March 31 March 31 March 2004 2003 2004 2003 2004 2003 #'000 #'000 #'000 #'000 #'000 #'000 Geographical analysis United Kingdom 27,866 - 735 - 491 - Continental Europe 36,574 - 925 - 757 - Total 64,440 - 1,660 - 1,248 - Including Excluding goodwill goodwill Year ended Period Year ended Period ended ended 31 March 31 March 31 March 31 March 2004 2003 2004 2003 #'000 #'000 #'000 #'000 Net assets Geographical analysis United Kingdom 13,438 - 6,366 - Continental Europe 12,226 - 7,361 - 25,664 - 13,727 - 3. Tax on loss on ordinary activities 2004 2003 #'000 #'000 Tax charge comprises: United Kingdom corporation tax at 30% (2003: 30%) Current (632) (187) Over/(under) provision in respect of prior years 198 (185) UK current tax (434) (372) Overseas current tax (429) - Total current tax (863) (372) Deferred tax (26) 5 (889) (367) The tax charge on profits before goodwill charges is higher (2003: higher) than the standard rate of corporation tax in the UK. The differences are explained as follows: 2004 2003 #'000 #'000 Loss on ordinary activities before taxation (3,814) (6,675) At standard rate of corporation tax of 30% (2002: 30%) (1,144) (2,003) Effects of: Amortisation of goodwill 1,321 1,194 Expenses not deductible for tax purposes 366 544 Adjustment to tax charge in respect of previous periods (198) 185 Capital allowances for year lower than / (in excess of) depreciation 161 (41) Overseas tax rates/losses not used 251 493 Other timing differences 106 - 863 372 At 31 March 2004, the Company had accumulated tax losses of #2,973,000 which are available for offset against future trading profits of certain Group operations. 4. Loss per share Basic loss per share is calculated by dividing the loss attributable to ordinary shareholders of #4,703,000, (2003: #7,042,000), by the weighted average number of ordinary shares in issue during the year of 138,245,916, (2003: 138,101,518). The adjusted basic loss per share has been calculated to provide a better understanding of the underlying performance of the Group as follows: 2004 2003 Basic and diluted Basic and diluted (Loss)/ (Loss)/ (Loss)/ (Loss)/ earnings earnings earnings earnings per share per share #'000 pence #'000 pence Loss attributable to ordinary (4,703) (3.40) (7,042) (5.10) shareholders Amortisation of goodwill 4,403 3.18 3,980 2.88 Exceptional costs of German subsidiary - - 1,645 1.19 Adjusted basic loss per share (300) (0.22) (1,417) (1.03) The loss attributable to ordinary shareholders and the weighted average number of ordinary shares for the purpose of calculating the diluted earnings per ordinary share are identical to those used for basic earnings per ordinary share. This is because the exercise of share options would have the effect of reducing the loss per ordinary share and is therefore not dilutive under the terms of Financial Reporting Standard 14 "Earnings per share". 5. Acquisitions On 31 July 2003 the Group acquired all of the issued share capital of Allasso UK Limited and Allasso France SAS from Articon-Integralis AG for cash consideration (including costs) of #18,578,000 and contingent consideration to a maximum of Euro3,770,000 (#2,520,000 assuming an exchange rate of #1 to Euro1.496). The contingent consideration is dependent upon the level of revenue earned from Articon-Integralis AG in the 24 month period following completion. The full contingent consideration of Euro3,770,000 is payable if cumulative sales to Articon-Integralis AG reach Euro61,500,000 by 31 July 2005. Based on current trading the Directors estimate that Euro1,500,000 (#1,003,000 assuming an exchange rate of #1 to Euro1.496) of contingent consideration will become payable by 31 July 2005. The amounts in the following table represent the provisional book and fair values of the assets and liabilities acquired and the consideration paid. Completion accounts have been prepared in respect of the acquisition and are in the process of being agreed with Articon-Integralis AG. Any adjustments to the book and provisional fair values shown below which result from this process will be reflected in the Group's 2004/2005 accounts. Provisional book & fair value to the Group #'000 Tangible fixed assets 1,033 Stock 1,465 Debtors 17,418 Deferred cost of goods sold 13,311 Cash 2,731 Obligations under finance leases (48) Creditors - amounts falling due within one year (11,648) Creditors - amounts falling due after more than one year (59) Deferred revenue (16,971) Net assets 7,232 Goodwill arising on acquisition 12,349 19,581 Discharged by: Cash consideration 17,480 Contingent consideration 1,003 Costs associated with the acquisition 1,098 19,581 The unaudited results of Allasso for the period 1 January 2003 to 31 July 2003 together with the unaudited pro-forma results extracted from the Articon-Integralis AG trial balance for the year ended 31 December 2002 were as follows: 7 months ended Year ended 31 July 2003 31 December 2002 (Unaudited) (Unaudited pro-forma) #'000 #'000 Turnover 52,529 104,805 Cost of sales (40,937) (80,159) Gross profit 11,592 24,646 Net operating expenses before depreciation and amortisation of goodwill (9,493) (17,477) Depreciation (355) (1,054) Amortisation of goodwill (42) (425) Net operating expenses (9,890) (18,956) Operating profit 1,702 5,690 Net interest payable (14) (217) Profit on ordinary activities before taxation 1,688 5,473 Tax on profit on ordinary activities (238) (1,020) Profit for the period 1,450 4,453 EBITDA 2,099 7,169 In the 8 month period since acquisition Allasso contributed a net operating cash inflow of #1,706,000, paid #17,000 in interest, paid #836,000 in taxation, paid #490,000 in capital expenditure and received #124,000 in respect of disposals. 6. Reconciliation of operating loss to net cash inflow from operating activities Year ended Year ended 31 March 31 March 2004 2003 Continuing Acquisition Total #'000 #'000 #'000 #'000 Operating (loss)/profit (4,012) 1,248 (2,764) (6,567) Depreciation of tangible fixed assets 5,360 280 5,640 4,885 Depreciation of tangible fixed assets - exceptional costs of German subsidiary - - - 89 Goodwill amortisation 3,991 412 4,403 3,980 Profit on sale of tangible fixed assets (30) (57) (87) (41) Exchange movements (14) - (14) - Decrease/(increase) in stocks 311 (357) (46) 2,223 (Increase)/decrease in debtors (11,013) (6,611) (17,624) 5,183 Increase/(decrease) in creditors and provisions 7,436 6,791 14,227 (7,396) Net cash inflow from operating activities 2,029 1,706 3,735 2,356 7. Analysis of net debt At Cashflow Acquisitions Exchange Other At 1 April movements non-cash 31 March 2003 changes 2004 #'000 #'000 #'000 #'000 #'000 #'000 Cash at bank and in hand 18,155 (1,679) - (97) - 16,379 Finance leases (2,456) (961) (48) - - (3,465) Debt due after more than one - (18,350) - 143 175 (18,032) year Debt due within one year (5,738) 260 - 116 75 (5,287) Net debt 9,961 (20,730) (48) 162 250 (10,405) This information is provided by RNS The company news service from the London Stock Exchange END FR EAEKXEEKLEAE
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