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Share Name Share Symbol Market Type Share ISIN Share Description
Montanaro European Smaller C. Tst Plc LSE:MTE London Ordinary Share GB0004543517 ORD 50P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -15.00 -1.01% 1,470.00 1,465.00 1,495.00 1,475.00 1,470.00 1,475.00 6,584 09:14:58
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 3.5 2.3 11.9 123.5 246

Montanaro European Smaller C.TstPLC Half-year Report

20/11/2020 7:00am

UK Regulatory (RNS & others)


TIDMMTE

RNS Number : 9434F

Montanaro European Smaller C.TstPLC

20 November 2020

 
            Montanaro European Smaller Companies Trust 
                                Plc 
                    LEI: 213800CWSC5B8BG3RS21 
 
             Unaudited Half-Yearly Report for the Six 
                  Months Ended 30 September 2020 
 
 
 The Board of Montanaro European Smaller Companies 
  Trust plc (the "Company") announces the unaudited 
  half-yearly results of the Company for the six months 
  ended 30 September 2020. 
 
    Highlights   (unaudited) 

for the six months ended 30 September 2020

Performance

 
Capital Returns%(2)          6 Month  1 year  3 year  5 year  10 year   MAM* 
===========================  =======  ======  ======  ======  =======  ===== 
Ordinary share price            59.4    37.2    73.3   171.3    249.8  339.4 
===========================  =======  ======  ======  ======  =======  ===== 
Net Asset Value ('NAV')**       49.9    31.1    58.3   151.6    210.0  319.7 
===========================  =======  ======  ======  ======  =======  ===== 
Benchmark (Composite)(1)**      33.4     8.2     4.6    65.8    125.6  146.6 
===========================  =======  ======  ======  ======  =======  ===== 
 
 
Total Returns%(2)            6 Month  1 year  3 year  5 year  10 year   MAM* 
===========================  =======  ======  ======  ======  =======  ===== 
Ordinary share price            60.2    38.8    77.8   185.4    294.2  424.5 
===========================  =======  ======  ======  ======  =======  ===== 
NAV**                           51.5    31.9    62.1   163.6    250.6  394.4 
===========================  =======  ======  ======  ======  =======  ===== 
Benchmark (Composite)(1)**      34.9     9.7    10.3    81.2    171.3  221.8 
===========================  =======  ======  ======  ======  =======  ===== 
 

Sources: Morningstar Direct, Association of Investment Companies ('AIC'), Montanaro Asset Management.

 
                            As at 30          As at   12 month       As at    6 month 
                           September   30 September               31 March 
                                2020           2019   % change        2020   % change 
                                                                 (Audited) 
========================  ==========  =============  =========  ==========  ========= 
Ordinary share 
 price                      1,402.5p       1,022.5p      37.4%      880.0p      59.4% 
========================  ==========  =============  =========  ==========  ========= 
NAV per Ordinary 
 share**                    1,434.6p       1,094.1p      31.1%      956.9p      49.9% 
========================  ==========  =============  =========  ==========  ========= 
Discount to NAV(2)              2.2%           6.5%          -        8.0%          - 
========================  ==========  =============  =========  ==========  ========= 
Gross assets** 
 (GBP'000s)                  249,140        191,889      29.8%     168,932      47.5% 
========================  ==========  =============  =========  ==========  ========= 
Net assets** (GBP'000s)      240,068        183,079      31.1%     160,123      49.9% 
========================  ==========  =============  =========  ==========  ========= 
Market capitalisation** 
 (GBP'000s)                  234,600        171,098      37.1%     147,253      59.4% 
========================  ==========  =============  =========  ==========  ========= 
Net gearing employed(2)         0.6%           0.7%          -        5.8%          - 
========================  ==========  =============  =========  ==========  ========= 
 
 
                            6 months    6 months   12 month   12 months    6 month 
                               ended       ended                  ended 
                                  30          30   % change    31 March   % change 
                                                                   2020 
                          S eptember   September              (Audited) 
                                2020        2019 
======================  ============  ==========  =========  ==========  ========= 
Revenue return per 
 Ordinary share                 2.5p       11.7p     -78.6%       11.9p     -79.1% 
======================  ============  ==========  =========  ==========  ========= 
Dividend per Ordinary 
 share                          2.0p        2.0p                  9.25p 
======================  ============  ==========  =========  ==========  ========= 
Ongoing charges 
 (annualised)(2)                1.2%        1.2%          -        1.2% 
======================  ============  ==========  =========  ==========  ========= 
Portfolio turnover 
 (rolling twelve 
 months)**                       12%         16%                    14% 
======================  ============  ==========  =========  ==========  ========= 
 
 
 *From 5 September 2006, when Montanaro Asset Management 
  Limited ('MAM') was appointed as Investment Manager. 
 **Details provided in the Glossary below 
 (1) From 5 September 2006, the benchmark was the 
  MSCI Europe SmallCap Index. The benchmark was changed 
  on 1 June 2009 to the MSCI Europe SmallCap (ex UK) 
  Index (in sterling terms) 
 (2) Refer to Alternative Performance Measures below 
 

Chairman ' s Statement

 
 Performance 
  The first six months of the financial year has seen 
  your company recover strongly from the Covid-19 related 
  market meltdown. The net asset value of your company 
  rose by 49.9% to 1,434.6p per share thus outperforming 
  the Benchmark (MSCI Europe SmallCap (ex UK) index), 
  which rose by 33.4%. Shareholders also benefited 
  from a narrowing of the discount from 8% to 2%. As 
  a result, the share price of the Company rose by 
  59.4% during the period, providing a total return 
  of 60.2%. Another period of strong absolute and relative 
  performance. This builds upon the outstanding medium 
  and longer term performance record with your Trust 
  being the best performing European Investment Trust 
  over the 3 and 5 year time periods. 
 
 Earnings and Dividends 
  In the 2020 Annual Report we highlighted that it 
  was very likely that income from your investee companies 
  would decline from the high levels seen in the previous 
  year, given the global economic uncertainty brought 
  about by the Covid-19 pandemic as well as the political 
  pressure to limit such distributions in light of 
  the government support schemes that were put in place. 
  This has proved to be the case and revenue earnings 
  per share for the period were 2.5p (2019: 11.7p). 
 
  Despite this reduction in income we remain confident 
  in the long-term prospects of your investee companies. 
  In addition, the Company sits on a substantial revenue 
  reserve which is available for distribution and which 
  the Board can use to smooth short-term income volatility. 
  As such, the Board has declared an unchanged interim 
  dividend of 2.0p per Ordinary Share (2019: 2.0p per 
  share) payable on 4 January 2021 to shareholders 
  on the register on 4 December 2020. 
 
 Borrowings 
  At the end of the period, the Company had gearing, 
  net of cash, of 0.6% compared to 5.8% at 31 March 
  2020. 
 
    Treasury Shares 
     No shares were issued from treasury during the first 
     six months of the financial year, however, in the 
     weeks following the period end, the Company issued 
     215,000 shares from treasury at a premium to the 
     NAV per share, in accordance with its stated treasury 
     shares policy which is disclosed on page 24 of the 
     Company's Annual Report for the year ended 31 March 
     2020. 
 
     At the time of writing, 500,000 shares remained in 
     treasury. 
 
    The Board 
     The Board consists solely of independent Non-Executive 
     Directors with a good balance of skills, experience, 
     diversity and knowledge of the Company and its business. 
 
     We are fortunate to have welcomed Gordon Neilly to 
     the Board in September 2020. Gordon has a wealth 
     of experience and expertise in investment management 
     and he is already making an important contribution 
     to Board discussions. Following Gordon's appointment 
     Merryn Somerset Webb will retire from the Board at 
     the end of the calendar year having completed 9 years 
     of service. I would like to thank Merryn for her 
     outstanding contribution and commitment to the Board. 
     We will miss her wise counsel. 
 
    Outlook 
     If 2020 has taught us anything it should be the folly 
     of making bold predictions about future events. But 
     uncertainty, disruption, change and even crises bring 
     opportunities as well as risks for long-term investors. 
 
     The Manager continues to select only the highest 
     quality companies in Europe for inclusion in your 
     portfolio. Their focus is on identifying the structural 
     growth drivers that make it possible for these companies 
     to be significantly larger than they are today over 
     a period of years, as opposed to trying to take advantage 
     of short-term fads. This approach has yielded a strong 
     NAV performance not only in the year to date, but 
     over several years and we believe it is an effective 
     way to deliver attractive long-term returns irrespective 
     of future global economic conditions. 
 
     We are pleased that the combination of the Manager's 
     disciplined investment approach and the robust NAV 
     performance is being recognised by the market, with 
     the shares having mostly traded at a premium since 
     the end of the interim period under review. We are 
     pleased that the Trust won the Citywire 'Best European 
     Equities Trust' Award in November 2020. 
 
     In spite of the strong rebound in markets there remains 
     considerable uncertainty about the ongoing impact 
     of the Covid-19 virus. In addition, it would be remiss 
     not to highlight the extraordinary run that "growth" 
     style investing (which your company follows) has 
     had relative to "value" investing and that at some 
     stage this may reverse. The Board believes that the 
     risk of this is best mitigated by sticking to investing 
     only in quality companies and having a long-term 
     investment horizon. 
 
   R M CURLING 
    Chairman 
    19 November 2020 
 

Portfolio Summary

Twenty Largest Holdings

As at 30 September 2020

 
   Holding                  Country             Value            % of     % of net 
                                              GBP'000      investment       assets 
                                                            portfolio 
-----------------------  ---------------  -----------  --------------  ----------- 
   Sartorius Stedim         France             10,676            4.4%        4 .5% 
   Fortnox                  Sweden              9,299            3.9%         3.9% 
   VZ Holding               Switzerland         7,759            3.2%         3.2% 
   Tecan                    Switzerland         7,731            3.2%         3.2% 
   Thule                    Sweden              7,669            3.2%         3.2% 
   Hypoport                 Germany             7,281            3.0%         3.0% 
   Esker                    France              7,265            3.0%         3.0% 
   Atoss                    Germany             7,185            3.0%         3.0% 
   MIPS                     Sweden              6,903            2.9%         2.9% 
   NCAB                     Sweden              6,896            2.9%         2.9% 
   SimCorp                  Denmark             6,639            2.8%         2.8% 
   Vitrolife                Sweden              6,341            2.6%         2.6% 
   IMCD                     Netherlands         5,531            2.3%         2.3% 
   Belimo Holdings          Switzerland         5,406            2.2%         2.3% 
   Reply                    Italy               5,351            2.2%         2.2% 
   Nolato                   Sweden              5,260            2.2%         2.2% 
   Avanza                   Sweden              5,059            2.1%         2.1% 
   Mensch Und Maschine      Germany             4,935            2.1%         2.1% 
   CTS Eventim              Germany             4,895            2.0%         2.0% 
   Rational                 Germany             4,816            2.0%         2.0% 
-----------------------  ---------------  -----------  --------------  ----------- 
   Twenty Largest 
    Holdings                                  132,897           55.2%        55.4% 
----------------------------------------  -----------  --------------  ----------- 
 

A full portfolio listing is available on request from the Manager.

Geographical Analysis

As at 30 September 2020

 
   Country           % of investment 
                           portfolio 
---------------  ------------------- 
   Sweden                        26% 
   Germany                       22% 
   Switzerland                   11% 
   Italy                         11% 
   France                         9% 
   Norway                         8% 
   Netherlands                    5% 
   Denmark                        5% 
   Spain                          3% 
   Belgium                        1% 
 

Source: Montanaro Asset Management Limited

Sector Analysis

As at 30 September 2020

 
   Sector                       % of investment 
                                      portfolio 
--------------------------  ------------------- 
   Information 
    Technology                              31% 
   Healthcare                               20% 
   Industrials                              19% 
   Financials                               11% 
   Consumer Discretionary                    8% 
   Consumer Staples                          5% 
   Communications                            2% 
   Energy                                    1% 
   Materials                                 1% 
   Real Estate                               1% 
 

Source: Montanaro Asset Management Limited

Interim Management Report

 
   The important events that have occurred during the 
    period under review and the key factors influencing 
    the financial statements are set out in the Chairman's 
    Statement above. 
   Statement of Principal Risks and Uncertainties: 
    Most of the principal risks that could threaten the 
    Company's objective, strategy, future returns and 
    solvency are market related and comparable to those 
    of other investment trusts investing primarily in 
    quoted securities. The principal risks faced by the 
    Company are investment and strategic, gearing, financial, 
    discount volatility, regulatory, operational and 
    manager risks. These risks, including the impact 
    of the Covid-19 pandemic on the market and the Company's 
    business operations, and the way in which they are 
    mitigated, are described in more detail under the 
    heading 'Principal and Emerging Risks and Uncertainties 
    and Risk Mitigation' within the Business Model and 
    Strategy section on pages 12 to 14 of the Company's 
    Annual Report for the year ended 31 March 2020. The 
    Company's principal risks and uncertainties have 
    not changed materially since the date of that report 
    and are not expected to change materially for the 
    remaining six months of the Company's financial year. 
    The Directors have ensured that all risks will be 
    kept under review at every meeting as the implications 
    of Covid-19 continue to emerge. 
   Related party transactions: 
    Related party transactions are disclosed in note 
    14 below. There have been no material changes in 
    the related party transactions described in the last 
    annual report. 
   Going concern: 
    As stated in Note 13 to the condensed financial statements, 
    the Directors are satisfied that the Company has 
    sufficient resources to continue in operation for 
    the foreseeable future, a period of not less than 
    12 months from the date of this report. Accordingly, 
    they continue to adopt the going concern basis in 
    preparing the condensed financial statements. 
 
 
   Directors'   Responsibility   Statement in  respect  of the Half-Yearly Report 
   We   confirm   that   to   the   best  of   our   knowledge: 
 
   --     the condensed set of f inancial statements have 
           been prepared in accordance with IAS 34 'Interim 
           Financial Reporting' and give a true and fair 
           view of the assets, liabilities, financial position 
           and profit or loss of the Company; 
   --     the Interim Management Report includes a fair 
           review of the information required by the Disclosure 
           Guidance and Transparency Rule ('DTR') 4.2.7R, 
           being an indication of important events that 
           have occurred during the first six months of 
           the financial year and their impact on the financial 
           statements; 
   --     the Statement of Principal Risks and Uncertainties 
           shown above is a fair review of the information 
           required by DTR 4.2.7R; and 
   --     the Chairman's Statement, together with the condensed 
           set of financial statements, include a fair review 
           of the information required by DTR 4.2.8R, being 
           related party transactions that have taken place 
           in the first six months of the financial year 
           and that have materially affected the financial 
           position or performance of the Company during 
           the period, and any changes in the related party 
           transactions described in the last Annual Report 
           that could do so. 
 
          The Half-Yearly Report and Accounts were approved 
           by the Board and the above responsibility statement 
           was signed on its behalf by: 
 
          R M CURLING 
           Chairman 
          19 November 2020 
 
   Condensed   Statement   of   Comprehensive   Income   (unaudited) 

for the six months ended 30 September 2020

 
                                     Six months                    Six months                  Year to 31 March 
                                                                                                     2020 
                                   to 30 September               to 30 September                   (Audited) 
                                         2020                          2019 
                    Notes    Revenue   Capital     Total   Revenue   Capital     Total   Revenue   Capital       Total 
                             GBP'000   GBP'000   GBP'000   GBP'000   GBP'000   GBP'000   GBP'000   GBP'000     GBP'000 
Gains (losses) 
 on investments 
 held at 
 fair value                        -    81,738    81,738         -    13,742    13,742         -   (8,126)     (8,126) 
Exchange 
 gains/(losses)                    -     (337)     (337)         -        15        15               (211)       (211) 
--------------------------  --------  --------  --------  --------  --------  --------  --------  --------  ---------- 
Revenue 
Investment 
 income                        1,209         -     1,209     2,799         -     2,699     3,497         -       3,497 
--------------------------  --------  --------  --------  --------  --------  --------  --------  --------  ---------- 
Total income                   1,209    81,401    82,610     2,799    13,757               3,497   (8,337)     (4,840) 
--------------------------  --------  --------  --------  --------  --------  --------  --------  --------  ---------- 
Expenditure 
Management 
 expenses                      (335)     (622)     (957)     (279)     (518)     (797)     (564)   (1,047)     (1,611) 
Other expenses                 (303)         -     (303)     (308)         -     (308)     (595)         -       (595) 
--------------------------  --------  --------  --------  --------  --------  --------  --------  --------  ---------- 
Total expenditure              (638)     (622)   (1,260)     (587)     (518)   (1,105)   (1,159)   (1,047)     (2,206) 
--------------------------  --------  --------  --------  --------  --------  --------  --------  --------  ---------- 
Profit before 
 finance 
 costs and 
 tax                             571    80,779    81,350     2,212    13,239    15,451     2,338   (9,384)     (7,046) 
Finance 
 costs                          (36)      (43)      (79)      (23)      (43)      (66)      (48)      (85)       (133) 
--------------------------  --------  --------  --------  --------  --------  --------  --------  --------  ---------- 
Profit before 
 tax                             535    80,736    81,271     2,189    13,196    15,385     2,290   (9,469)     (7,179) 
Tax                            (113)         -     (113)     (234)         -     (234)     (291)         -       (291) 
--------------------------  --------  --------  --------  --------  --------  --------  --------  --------  ---------- 
Total comprehensive 
 income                          422    80,736    81,158     1,955    13,196    15,151     1,999   (9,469)     (7,470) 
--------------------------  --------  --------  --------  --------  --------  --------  --------  --------  ---------- 
Return per 
 share                          2.5p    482.5p    485.0p     11.7p     78.9p     90.5p     11.9p   (56.6p)     (44.7p) 
==========================  ========  ========  ========  ========  ========  ========  ========  ========  ========== 
 
 
   The total column of this statement represents the 
    Company's Income Statement and Statement of Comprehensive 
    Income, prepared in accordance with International 
    Financial Reporting Standards. 
 
   The supplementary revenue return and capital return 
    columns are both prepared under guidance published 
    by the AIC. 
 
   All revenue and capital items in the above statement 
    derive from continuing operations. No operations 
    were acquired or discontinued during the period. 
 
   Condensed   Balance   Sheet   (unaudited) 

as at 30 September 2020

 
                              Notes           As at          As at     As at 31 
                                       30 September   30 September   March 2020 
                                               2020           2019    (Audited) 
                                            GBP'000        GBP'000      GBP'000 
============================  ======  =============  =============  =========== 
Non-current assets 
Investments held at fair 
 value through profit and 
 loss                                       241,298      183,843        169,018 
====================================  =============  =============  =========== 
Current assets 
Trade and other receivables                     559           841           615 
Cash and cash equivalents                     7,712         7,596           405 
====================================  =============  =============  =========== 
                                              8,271         8,437         1,020 
 ===================================  =============  =============  =========== 
Total assets                                249,569      192,280        170,038 
====================================  =============  =============  =========== 
Current liabilities 
Trade and other payables                      (429)         (391)         (222) 
Interest-bearing bank 
 loans                                            -              -        (884) 
====================================  =============  =============  =========== 
                                              (429)         (391)       (1,106) 
 ===================================  =============  =============  =========== 
Non-current liabilities 
============================  ======  =============  =============  =========== 
Interest-bearing bank 
 loans                                      (9,072)       (8,810)       (8,809) 
====================================  =============  =============  =========== 
Total liabilities                           (9,501)       (9,201)       (9,915) 
====================================  =============  =============  =========== 
Net assets                                  240,068      183,079        160,123 
====================================  =============  =============  =========== 
Capital and reserves 
Called-up share capital                       8,724         8,724         8,724 
Share premium account                         5,283         5,283         5,283 
Capital redemption reserve                    2,212         2,212         2,212 
Capital reserve                             220,377      162,306        139,641 
Revenue reserve                               3,472         4,554         4,263 
====================================  =============  =============  =========== 
Shareholders' funds                         240,068      183,079        160,123 
====================================  =============  =============  =========== 
NAV per share                              1,434.7p     1,094.1p         956.9p 
====================================  =============  =============  =========== 
 
   Condensed   Statement   of   Changes   in   Equity   (unaudited) 

for the six months ended 30 September 2020

 
                         Share     Share      Capital   Capital   Revenue     Total 
                       capital   premium   redemption   reserve   reserve   GBP'000 
                       GBP'000   account      reserve   GBP'000   GBP'000 
                                 GBP'000      GBP'000 
====================  ========  ========  ===========  ========  ========  ======== 
Balance at 1 April 
 2020                    8,724     5,283        2,212   139,641     4,263   160,123 
Total comprehensive 
 income                      -         -            -    80,736       422    81,158 
Dividends paid               -         -            -         -   (1,213)   (1,213) 
====================  ========  ========  ===========  ========  ========  ======== 
Balance at 30 
 September 2020          8,724     5,283        2,212   220,377     3,472   240,068 
====================  ========  ========  ===========  ========  ========  ======== 
 

for the six months ended 30 September 2019 (unaudited)

 
                         Share     Share       Capital     Capital   Revenue     Total 
                       capital   premium    redemption     reserve   reserve   GBP'000 
                       GBP'000   account       reserve     GBP'000   GBP'000 
                                 GBP'000       GBP'000 
====================  ========  ========  ============  ==========  ========  ======== 
Balance at 1 April 
 2019                    8,724     5,283         2,212     149,110     3,812   169,141 
Total comprehensive 
 income                      -         -             -      13,196     1,955    15,151 
Dividends paid               -         -             -           -   (1,213)   (1,213) 
====================  ========  ========  ============  ==========  ========  ======== 
Balance at 30 
 September 2019          8,724     5,283         2,212     162,306     4,554   183,079 
====================  ========  ========  ============  ==========  ========  ======== 
 

for the year ended 31 March 2020 (Audited)

 
                          Share     Share      Capital     Capital   Revenue     Total 
                       c apital   premium   redemption     Reserve   reserve   GBP'000 
                        GBP'000   account      reserve     GBP'000   GBP'000 
                                  GBP'000      GBP'000 
====================  =========  ========  ===========  ==========  ========  ======== 
Balance at 1 April 
 2019                     8,724     5,283        2,212     149,110     3,812   169,141 
Total comprehensive 
 income                       -         -            -     (9,469)     1,999   (7,470) 
Dividends paid                                                       (1,548)   (1,548) 
====================  =========  ========  ===========  ==========  ========  ======== 
Balance at 31 
 March 2020               8,724     5,283        2,212     139,641     4,263   160,123 
====================  =========  ========  ===========  ==========  ========  ======== 
 
   Condensed   Statement   of   Cash   Flows   (unaudited) 

for the six months ended 30 September 2020

 
                                         Six months     Six months         Year 
                                    to 30 September             to        to 31 
                                                                          March 
                                                                           2020 
                                               2020   30 September    (Audited) 
                                                              2019 
                                            GBP'000        GBP'000      GBP'000 
===============================  ==================  =============  =========== 
Net cash inflow (outflow) 
 from operating activities                    9,595          1,148      (6,259) 
Cash outflow from financing 
 activities                                 (2,168)        (1,264)        (835) 
===============================  ==================  =============  =========== 
                                              7,427          (116)      (7,094) 
Exchange gains                                  120            269           56 
===============================  ==================  =============  =========== 
Increase/(decrease) in cash 
 and cash equivalents                         7,307            153      (7,038) 
===============================  ==================  =============  =========== 
 
Reconciliation of profit 
 before finance costs and 
 tax to net cash inflow from 
 operating activities 
 
Profit before finance costs 
 and tax                                     81,350         15,451      (7,046) 
Gains on investments held 
 at fair value                             (81,738)       (13,742)        8,126 
Exchange (gains)                                337           (15)          211 
Withholding tax                               (113)          (297)        (291) 
Purchases of investments                   (24,897)       (13,901)     (33,739) 
Sales of investments                         34,415         13,575       26,361 
Changes in working capital 
 and other non-cash items                       241             77          419 
===============================  ==================  =============  =========== 
Net cash inflow from operating 
 activities                                   9,595          1,148      (6,259) 
===============================  ==================  =============  =========== 
 
   N otes   to   the   Accounts   (unaudited ) 
 
   1.     The condensed unaudited financial statements 
           have been prepared in accordance with International 
           Financial Reporting Standard ('IFRS') IAS 34 
           'Interim Financial Reporting' and the accounting 
           policies set out in the statutory accounts of 
           the Company for the year ended 31 March 2020. 
           The condensed financial statements do not include 
           all of the information required for a complete 
           set of IFRS financial statements and should be 
           read in conjunction with the financial statements 
           of the Company for the year ended 31 March 2020, 
           which were prepared under full IFRS requirements. 
   2.     Earnings for the first six months should not 
           be taken as a guide to the results for the full 
           year. 
   3.     Income for the period is derived from: 
 
 
                       Six months     Six months       Year ended 
                               to             to         31 March 
                     30 September   30 September   2020 (Audited) 
                             2020           2019          GBP'000 
                          GBP'000        GBP'000 
==================  =============  =============  =============== 
Overseas dividend 
 income                     1,200          2,799            3,472 
==================  =============  =============  =============== 
Other Income                    9              -               25 
==================  =============  =============  =============== 
Total                       1,209          2,799            3,497 
==================  =============  =============  =============== 
 
 
 4.     Management fee: 
 
 
                           Six months to                       Six months to                       Year ended 
                            30 September                        30 September                      31 March 2020 
                                2020                                2019                            (Audited) 
                              GBP'000                             GBP'000                            GBP'000 
                   Revenue     Capital       Total     Revenue     Capital       Total     Revenue   Capital       Total 
                   GBP'000     GBP'000     GBP'000     GBP'000     GBP'000     GBP'000     GBP'000   GBP'000     GBP'000 
   Investment 
    management 
    fee                335         622         957         270         502         772         546     1,015       1,561 
   AIFM fee              9          16          25           9          16          25          18        32          50 
--------------  ----------  ----------  ----------  ----------  ----------  ----------  ----------  --------  ---------- 
                       344         638         982         279         518         797         564     1,047       1,611 
--------------  ----------  ----------  ----------  ----------  ----------  ----------  ----------  --------  ---------- 
 
 
        MAM receives an investment management fee of 0.9% 
         per annum of the Company's market capitalisation 
         (payable monthly in arrears). 
 
        MAM is also entitled to a fee of GBP50,000 per 
         annum for acting as the Company's Alternative 
         Investment Fund Manager ("AIFM"). 
 
 5.   Earnings per Ordinary Share is based on a weighted 
       average of 16,733,260 Ordinary Shares in issue 
       during the period (year ended 31 March 2020: 16,733,260 
       and six months ended 30 September 2019: 16,733,260), 
       excluding those shares bought back and held in 
       treasury. 
 
 6.     The interim dividend relating to the year ended 
         31 March 2020 of 2.0p per Ordinary Share will 
         be paid on 4 January 2021 to shareholders on the 
         register on 4 December 2020. In accordance with 
         IFRS, this dividend has not been recognised in 
         these financial statements. The ex-dividend date 
         for this payment is 3 December 2020. 
 
        A final dividend relating to the year ended 31 
         March 2020 of 7.25p per Ordinary Share was paid 
         during the six months to 30 September 2020 and 
         amounted to GBP1,213,000. 
 
 7.     Investments at Fair Value Through Profit and Loss: 
 
 
                         30 September         30 September       31 March 
                                 2020          2019                2020 
                              GBP'000          GBP'000            GBP'000 
                                                                 (Audited) 
=======================  ============  ===================  ============== 
Opening book cost             121,712              107,172         107,172 
Holding gains                  47,163               62,656          62,656 
=======================  ============  ===================  ============== 
Opening fair value            168,875              169,828         169,828 
Purchases at cost              24,897               14,060          33,739 
Sales - proceeds             (34,352)             (13,787)        (26,423) 
      - gains on sales         14,248                4,789           7,224 
Holding gains (losses)         67,630                8,953        (15,350) 
=======================  ============  ===================  ============== 
Closing fair value            241,298              183,843         169,018 
=======================  ============  ===================  ============== 
Closing book cost             126,505              112,234         121,712 
Holding gains                 114,793               71,609          47,306 
=======================  ============  ===================  ============== 
Closing valuation             241,298              183,843         169.018 
=======================  ============  ===================  ============== 
 
 
   8.     Interest-Bearing Bank Loans: 
 
 
                            30 September          30 September       31 March 
                                    2020                  2019           2020 
                                 GBP'000               GBP'000        GBP'000 
                                                                    (Audited) 
==========================  ============  ====================  ============= 
Opening balance                    8,572                 8,572          8,572 
Amortisation of set-up 
 costs                                 5                     5             10 
Non-cash foreign currency 
 movements                           495                   233            227 
==========================  ============  ====================  ============= 
                                   9,072                 8,810          8,809 
==========================  ============  ====================  ============= 
 
 
           The Company's fixed rate loan facilities totaling 
            GBP 25 million matured on 13 September 2018. 
            The Company refinanced GBP 10 million by entering 
            into a five year secured loan at a fixed rate 
            of 1.33% per annum with ING Bank N.V. ('ING'). 
            This loan will mature on 13 September 2023. 
            The Company's other fixed rate loan totaling 
            GBP 15 million was repaid. The Company has 
            also entered into a five year secured revolving 
            loan facility with ING, for GBP15 million which 
            will also mature on 13 September 2023. 
 
           As at 30 September 2020, no amounts were drawn 
            down under these facilities. 
 
           Under the bank covenants relating to these 
            facilities, the Company is to ensure that at 
            all times the total borrowings of the Company 
            do not exceed 40% of the Adjusted NAV (as defined 
            in the facility agreements) and that the Adjusted 
            NAV does not fall below GBP45 million. The 
            Company met all covenant conditions during 
            the period. The fair value of the fixed rate 
            loans is show in note 10. 
 
   9.      The NAV per Ordinary Share was based on 16,733,260 
            Ordinary Shares in issue at the end of the 
            period (31 March 2020: 16,733,260 and 30 September 
            2019: 16,733,260), excluding those shares bought 
            back and held in treasury. As at 30 September 
            2020, there were 715,000 Ordinary Shares held 
            in treasury (31 March 2020: 715,000 and 30 
            September 2019: 715,000). 
 
   10.     The Company held the following categories of 
            financial instruments at the period end: 
 
 
                                           Level        Level          Level        Total 
                                               1           2              3         GBP'000 
                                         GBP'000        GBP'000        GBP'000 
========================  ======================  =============  =============  =========== 
30 September 2020 
Investments                              241,298              -              -      241,298 
Loans                                                   (9,072)                     (9,072) 
------------------------  ----------------------  -------------  -------------  ----------- 
30 September 2019 
Investments                              183,843              -              -      183,843 
Loans                                          -        (8,810)              -      (8,831) 
------------------------  ----------------------  -------------  -------------  ----------- 
31 March 2020 (Audited) 
Investments                              169,018              -              -      169,018 
Loans                                          -        (8,809)              -      (8,809) 
========================  ======================  =============  =============  =========== 
 
 
           The table above provides an analysis of financial 
            instruments based on the fair value hierarchy 
            described below and which reflects the reliability 
            and significance of the information used to measure 
            their fair value. The levels are determined by 
            the lowest significant applicable input: 
 
           Level 1 reflects financial instruments quoted 
            in an active market. 
           Level 2 reflects financial instruments whose fair 
            value is evidenced by comparison with other observable 
            current market transactions in the same instrument 
            or based on a valuation technique whose variables 
            include only observable market data. 
 
           Level 3 reflects financial instruments whose fair 
            value is determined in whole or in part using 
            a valuation technique based on assumptions that 
            are not supported by prices from observable market 
            transactions in the same instrument and not based 
            on available observable market data. 
 
           There were no transfers between levels during 
            the period ended 30 September 2020 (year ended 
            31 March 2020 and period ended 30 September 2019: 
            None). 
 
           Listed investments held (see note 7) are valued 
            at fair value through profit or loss. For listed 
            securities this is either bid price or the last 
            traded price depending on the convention of the 
            exchange on which the investment is listed. The 
            fair value of the loans is calculated using a 
            discounted cash flow technique based on relevant 
            current interest rates compared to their value 
            as stated on the Balance Sheet at amortised cost 
            of GBP9,072,000 ( 31 March 2 0 20: GBP8,809,000 
            and 30 Se p t ember 2 0 1 9: GBP 8,810, 00 0 ). 
            The fair value of all other financial assets and 
            liabilities is represented by their carrying value 
            in the Balance Sheet shown above. 
 
           Other aspects of the Company's financial risk 
            management objectives and policies are consistent 
            with those disclosed in the financial statements, 
            as at and for the year ended, 31 March 2020. 
 
   11.     Rates of exchange (to Sterling): 
 
 
                  30 September          30 September       31 March 
                          2020                  2019           2020 
                       GBP'000               GBP'000        GBP'000 
                                                          (Audited) 
================  ============  ====================  ============= 
Danish Krone              8.20                  8.44           8.44 
Euro                      1.10                  1.13           1.13 
Norwegian Krone          12.10                 11.19          13.02 
Swedish Krona            11.57                 12.12          12.28 
Swiss Franc               1.19                  1.23           1.20 
================  ============  ====================  ============= 
 
 
 12.      The Board has considered the requirements of 
           IFRS 8 'Operating Segments'. The Board is of 
           the view that the Company is engaged in a single 
           segment of business, of investing in European 
           quoted smaller companies, and that therefore 
           the Company has only a single operating segment. 
           The Board of Directors, as a whole, has been 
           identified as constituting the chief operating 
           decision maker of the Company. The key measure 
           of performance used by the Board to assess the 
           Company's performance is the total return on 
           the Company's net asset value, as calculated 
           under IFRS, and therefore no reconciliation 
           is required between the measure of profit or 
           loss used by the Board and that contained in 
           the financial statements. 
 
 13.      Going Concern: 
           In assessing the going concern basis of accounting, 
           the Directors have had regard to the guidance 
           issued by the Financial Reporting Council and 
           have undertaken a rigorous review of the Company's 
           ability to continue as a going concern. They 
           have considered the current cash position of 
           the Company, the availability of the borrowing 
           facilities to 13 September 2023, compliance 
           with their covenants, the Company's other liabilities 
           and forecast revenues. The Directors have also 
           taken into account the Company's investment 
           policy, which is subject to regular Board monitoring 
           processes and is designed to ensure that the 
           Company is invested mainly in liquid, listed 
           securities. The Company retains title to all 
           assets held by its custodian and has financial 
           covenants, relating to its bank borrowings with 
           which it complied during the period. 
 
          The Directors believe, in light of the controls 
           and review processes noted above and bearing 
           in mind the nature of the Company's business 
           and assets and liabilities, that the Company 
           has adequate resources to continue in operational 
           existence for a period of at least twelve months 
           from the date of approval of the accounts. For 
           this reason, they continue to adopt the going 
           concern basis in preparing the accounts. 
 
 14.      Related Parties: 
           The following are considered related parties: 
           the Board of Directors. The Directors of the 
           Company received fees for their services and 
           dividends from their shareholdings in the Company 
           as outlined below. 
 
        The amount charged by the Manager during the 
         period was GBP957,000 (six months to 30 September 
         2019: GBP797,000; year to 31 March 2020: GBP1,611,000). 
         At 30 September 2020, the amount due to the 
         Manager, included in creditors, was GBP356,000. 
         The existence of an independent Board of Directors 
         demonstrates that the Company is free to pursue 
         its own financial and operating policies and 
         therefore, under the AIC SORP, the Manager is 
         not considered to be a related party. 
 
        Directors' Emoluments 
         At 30 September 2020, the Board consisted of 
         four non-executive Directors. All Directors 
         are considered to be independent of the Manager. 
         None of the Directors has a service contract 
         with the Company. The Chairman receives an annual 
         fee of GBP35,000, the Chair of the Audit Committee 
         receives an annual fee of GBP30,000 and non-executive 
         Directors receive GBP25,000 per annum. 
 
        At 30 September 2020, the amount outstanding 
         in respect of Directors' fees was GBPnil (31 
         March 2020: GBPnil). 
 
        At 30 September 2020, the interests of the Directors 
         in the ordinary shares of the Company were as 
         follows: 
 
                                As at 30 September     As at 31 March 
                                              2020               2020 
                                     No. of shares      No. of shares 
       -------------------  ----------------------  ----------------- 
  R M Curling                               10,000             10,000 
        G J Neilly*                          4,895                N/A 
  C A Roxburgh**                             6,421              6,182 
  M R Somerset 
   Webb                                      4,114              4,095 
 -------------------------  ----------------------  ----------------- 
 
  *Mr Neilly was appointed to the Board on 21 
   September 2020, but has been a shareholder for 
   many years. 
  ** Includes 214 shares held by Ms Roxburgh's 
   spouse. 
 
  There were no changes in the Directors' interests 
   between 30 September 2020 and the date of this 
   report . 
 
 15.    These are not statutory accounts in terms of 
         Section 434 of the Companies Act 2006 and have 
         not been audited or reviewed by the Company's 
         Auditor. The information for the year ended 
         31 March 2020 has been extracted from the latest 
         published financial statements and which have 
         been filed with the Registrar of Companies. 
         The Auditor's report on those accounts was not 
         qualified, did not include a reference to any 
         matters to which the auditor drew attention 
         by way of emphasis without qualifying the report 
         and did not contain statements under section 
         498 (2) or (3) of the Companies Act 2006. No 
         statutory accounts in respect of any period 
         after 31 March 2020 have been reported on by 
         the Company's Auditor or delivered to the Registrar 
         of Companies. 
 
 16.    Post Balance Sheet events 
  Since 31 March 2020, the Company has issued 
   215,000 Ordinary Shares from treasury, owing 
   to demand in the market. The total consideration 
   for these issuances is GBP3,109,725. Following 
   these issuances, as at 19 November 2020, the 
   Company has 16,948,260 shares in issue (excluding 
   the remaining 500,000 shares held in treasury). 
 
 
   Alternative Performance Measures ("APMs") 
   The Company uses the following APMs: 
   Capital Return - NAV and Share Price Returns 
    Capital returns measure the effect of any rise or 
    fall in the share price or NAV, excluding any dividends 
    paid. As at 30 September 2020, the 6 month NAV Capital 
    Return was 49.9%, and the 6 month Ordinary share 
    price Capital Return was 59.4%, as shown in the Highlights 
    above . 
   Total Return - NAV and Share Price Returns 
    Total returns measure the effect of any rise or fall 
    in the share price or NAV, plus dividends paid which 
    are reinvested at the prevailing NAV or share price 
    on the ex-dividend date. As at 30 September 2020, 
    the 6 month NAV Total Return was 51.5%, and the 6 
    month Ordinary share price Total Return was 60.2%, 
    as shown in the H ighlights above. 
   Discount or Premium to NAV 
    If the share price of an Investment Trust is less 
    than its NAV per share, the shares are trading at 
    a discount. If the share price is greater than the 
    NAV per share, the shares are trading at a premium. 
   As at 30 September 2020, the NAV per share was 1,434.66 
    p and the share price was 1,402.50p . The discount 
    is therefore calculated at 2.2 % as shown in the 
    highlights above. 
   Net gearing employed 
    Unlike open-ended investment companies, Investment 
    Trusts have the ability to borrow to invest. This 
    term is used to describe the level of borrowings 
    that an Investment Trust has undertaken, and is stated 
    as a percentage of shareholders' funds. The higher 
    the level of borrowings, the higher the gearing ratio. 
   Net gearing is calculated as total debt, net of cash 
    and cash equivalents, as a percentage of the total 
    shareholders' funds. 
   As at 30 September 2020, interest bearing bank loans 
    were (GBP9,072,000), cash and cash equivale nts w 
    e re GBP7,712,000 and net ass ets w e re GBP240,068,000. 
    As at 30 Se p t ember 2 0 20, Gearing wa s therefore 
    equal to 0.6 % as shown in the Highlights above. 
   Ongoing charges (expressed as a percentage) 
    Ongoing charges are the Company's revenue and capital 
    expenses (excluding finance costs and certain non-recurring 
    items) expressed as a percentage of the average daily 
    net assets of the Company during the period. 
 

Ongoing charges calculation

 
                              Six months to         Six months       31 March 
                               30 September    to 30 September           2020 
                                       2020               2019 
                                    GBP'000            GBP'000        GBP'000 
                                                                    (Audited) 
===================  ====  ================  =================  ============= 
Total expenditure                     1,339              1,105          2,206 
Less negative 
 interest                              (79)               (26)           (34) 
Less non-recurring                        -                  -              - 
 costs 
===================  ====  ================  =================  ============= 
Total                (a)              1,260              1,079          2,172 
Average daily 
 net assets          (b)            216,742            184,753        184,174 
===================  ====  ================  =================  ============= 
Ongoing charges 
 (c = a/b)*          (c)               1.2%               1.2%           1.2% 
===================  ====  ================  =================  ============= 
 

* 30 September 2020 and 30 September 2019 figures annualised for comparison (c = (a/b) x 2).

 
   Glossary of terms 
   AIFMD 
    Alternative Investment Fund Managers Directive. Issued 
    by the European Parliament in 2012 and 2013, the 
    Directive requires that all investment vehicles in 
    the European Union, including Investment Trusts, 
    must, with effect from 22 July 2014, appoint a Depositary 
    and an AIFM. The Board of Directors of an Investment 
    Trust, nevertheless, remains fully responsible for 
    all aspects of the Company's strategy, operations 
    and compliance with regulations. 
   AIC 
    The Association of Investment Companies is the trade 
    body for Closed-end Investment Companies (www.theaic.co.uk). 
   Benchmark 
    This is a measure against which an Investment Trust's 
    performance is compared. The benchmark of the Company 
    is the MSCI Europe SmallCap (ex UK) Index (capital 
    return in Sterling terms). The index averages the 
    performance of a defined selection of companies listed 
    in European smaller company stock markets and gives 
    an indication of how those markets have performed 
    in any period. 
   Closed-end Investment Company 
    A company, including an Investment Trust, with a 
    fixed issued ordinary share capital which is traded 
    on an exchange at a price not necessarily related 
    to the NAV of the company and where shares can only 
    be issued or bought back by the company in certain 
    circumstances. This contrasts with an open-ended 
    investment company, which has units not traded on 
    an exchange but issued or bought back from investors 
    at a price directly related to the NAV. 
   Custodian 
    A specialised financial institution responsible for 
    safeguarding, worldwide, the listed securities and 
    certain cash assets of the Company, as well as the 
    income arising therefrom, through provision of custodial, 
    settlement and associated services. The Company's 
    Custodian is Bank of New York Mellon SA/NV . 
   Depositary 
    Under AIFMD rules applying from 22 July 2014, the 
    Company must appoint a Depositary, whose duties in 
    respect of investments, cash and similar assets include: 
    safekeeping; verification of ownership and valuation; 
    and cash monitoring. The Depositary has strict liability 
    for loss of any investments or other assets where 
    it has safekeeping duties. The Depositary's oversight 
    duties include, but are not limited to, oversight 
    of share buybacks, dividend payments and adherence 
    to investment limits. The Company's Depositary is 
    The Bank of New York Mellon (International) Limited. 
   Dividend 
    The income from an investment. Some Investment Trusts 
    pay dividends on a quarterly or monthly basis. Montanaro 
    European Smaller Companies Trust plc currently pays 
    dividends twice a year. 
   Gearing 
    Gearing is calculated as total liabilities less current 
    assets divided by net assets. 
   Gross assets 
    Gross assets are calculated as total assets less 
    current liabilities. 
   IFRS 
    International Financial Reporting Standards. 
   Investment Manager 
    The Company's investment manager is Montanaro Asset 
    Management Limited. 
   Investment Trust 
    A Closed-end Investment Company which satisfies the 
    requirements of Section 1158 of the Corporation Tax 
    Act 2010. Companies which meet these criteria are 
    exempt from having to pay tax on the capital gains 
    they realise from sales of the investments within 
    their portfolios. 
   Leverage 
    As defined under the AIFMD rules, Leverage is any 
    method by which the exposure of an AIF is increased 
    through borrowing of cash or securities or leverage 
    embedded in derivative positions. Leverage is broadly 
    equivalent to Gearing, but is expressed as a ratio 
    between the assets (excluding borrowings) and the 
    net assets (after taking account of borrowings). 
    Under the gross method, exposure represents the sum 
    of the Company's positions after deduction of cash 
    and cash equivalents, without taking account of any 
    hedging or netting arrangements. Under the commitment 
    method, exposure is calculated without the deduction 
    of cash and cash equivalents and after certain hedging 
    and netting positions are offset against each other. 
   Marked to Market 
    Accounting for the fair value of an asset or liability 
    that can change over time and reflects its current 
    market value rather than its book cost. 
   Market Capitalisation 
    The stock market value of a company as determined 
    by multiplying the number of shares in issue, excluding 
    those shares held in treasury, by the market price 
    of the shares 
   N AV per Ordinary Share 
    This is calculated as the net assets of an Investment 
    Trust divided by the number of shares in issue, excluding 
    those shares held in treasury. 
   Net Assets (or Shareholders' Funds) 
    This is calculated as the value of the investments 
    and other assets of an Investment Trust, plus cash 
    and debtors, less borrowings and any other creditors. 
    It represents the underlying value of an Investment 
    Trust at a point in time. 
   Net Gearing 
    Net gearing is calculated as total debt, net of cash 
    and cash equivalents, as a percentage of the total 
    shareholders' funds. 
   Ordinary Shares 
    The main type of equity capital issued by conventional 
    Investment Trusts. Shareholders are entitled to their 
    share of both income, in the form of dividends paid 
    by the Investment Trust, and any capital growth. 
    Montanaro European Smaller Companies Trust plc has 
    only Ordinary Shares in issue. 
   Portfolio Turnover 
    Calculated using the total purchases plus the sales 
    proceeds divided by two as a percentage of the average 
    total investments at fair value during the year. 
   Related Party Transactions 
    Under the Listing Rules, the Manager is regarded 
    as a related party of the Company. 
   Share Price 
    The value of a share at a point in time as quoted 
    on a stock exchange. The shares of Montanaro European 
    Smaller Companies Trust plc are quoted on the Main 
    Market of the London Stock Exchange. 
   SORP 
    Statement of Recommended Practice "Financial Statements 
    of Investment Trust Companies and Venture Capital 
    Trusts" issued by the AIC. 
   Total Assets 
    This is calculated as the value of the investments 
    and other assets of an Investment Trust, plus cash 
    and debtors. 
   Shareholder Information 
 
    The Board has decided it will no longer post a hard 
    copy of its Half-Yearly Report to shareholders. This 
    is not a legal requirement and the Board believes 
    that reducing the number of hard copy documents sent 
    by post will deliver cost savings to the Company 
    in terms of administration, printing and postage 
    costs. The reduced use of paper will also have environmental 
    benefits. 
   Directors and Advisers 
   Registered Office                         Depositary 
    16 Charlotte Square Edinburgh             THE BANK OF NEW YORK MELLON 
    EH2 4DF                                   (INTERNATIONAL) LIMITED 
                                              One Canada Square London 
                                              E14 5AL 
   Registered in Scotland 
    No. SC074677 
   An investment company as                  Custodian 
    defined under Section 833                 BANK OF NEW YORK MELLON 
    of the Companies Act 2006.                SA/NV 
                                              One Canada Square London 
                                              E14 5AL 
   Directors 
    R M Curling (Chairman) 
    C A Roxburgh 
    M R Somerset Webb 
    G J Neilly 
   Investment Manager and                    Registrar 
    Alternative Investment                    EQUINITI LIMITED 
    Fund Manager ('AIFM')                     Aspect House, 
    MONTANARO ASSET MANAGEMENT                Spencer Road, Lancing 
    LIMITED                                   West Sussex BN99 6DA 
    53 Threadneedle Street 
    London                                    Registrar's Shareholder 
    EC2R 8AR                                  Helpline 
    Tel: 020 7448 8600                        Tel: 0371 384 2461* 
    Fax: 020 7448 8601 
    Email: enquiries@montanaro.co.uk          *Lines are open 9.00am 
    www.montanaro.co.uk                       to 5.00pm, Monday to Friday, 
                                              excluding public holidays 
                                              in England and Wales. 
   Administrator                             Stockbroker 
    LINK ALTERNATIVE FUND ADMINISTRATORS      CENKOS SECURITIES PLC 
    LIMITED                                   6.7.8 Tokenhouse Y ard 
    Beaufort House                            London EC2R 7AS 
    51 New North Road, Exeter 
    EX4 4EP 
   Company Secretary                         Auditor 
    LINK COMPANY MATTERS LIMITED              ERNST & YOUNG LLP 
    65 Gresham Street London                  Atria One 
    EC2V 7NQ                                  144 Morrison Street Edinburgh 
    Tel: 020 7954 9531                        EH3 8EX 
    Contact: 
    mesct@linkgroup.co.uk 
   Solicitor                                 Website 
    DICKSON MINTO W.S.                       https://montanaro.co.uk/trust/montanaro-european-smaller-companies-trust/ 
    16 Charlotte Square 
    Edinburgh EH2 4DF 
 
 Neither the contents of the Company's website nor 
  the contents of any website accessible from hyperlinks 
  on this announcement (or any other website) is incorporated 
  into, or forms part of, this announcement. 
 For further information, please contact: 
 Montanaro Asset Management Limited 
 Tel: 020 7448 8600 
 

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