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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Triplearc | LSE:TPA | London | Ordinary Share | GB0031067340 | ORD 5P |
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% | 5.92 | 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:8608I TripleArc PLC 13 September 2006 TRIPLEARC PLC Interim results for the period ended 30 June 2006 TripleArc Plc ("TripleArc", the "Company" or the "Group") provides technology enhanced print management solutions to businesses seeking to reduce costs and streamline business processes. The Group is able to differentiate its offering by providing its customers with industry leading technology solutions which streamline the supply chain and facilitate sustainable cost savings. SUMMARY Six months Six months ended 30 June ended 30 June 2006 2005 (Restated*) Continuing Total Total operations Turnover #21.85m #22.96m #30.07m Gross profit #6.68m #7.41m #10.10m EBITA** #1.02m #0.71m #0.69m Adjusted earnings per share *** 0.21p 0.05p 0.02p Basic loss per share (0.41)p (0.95)p (1.19)p Cash inflow from operating activities #2.5m #0.4m * The restatement relates to the first time adoption of FRS20 (see note 1) **EBITA - Earnings before interest, tax, amortisation, exceptional costs, share option expense and loss on disposal of subsidiary undertaking. *** Based on EBITA before deferred financing amortisation. HIGHLIGHTS * Account development strategy paying off with growth realised in targeted accounts * Contracted revenue now accounts for more than 50% of turnover * Six new contracts signed so far in 2006 * Disposal of high revenue but low profit Stream business in March 2006 * 2006 revenue impacted by 2005 retail and business forms decline * 17% increase in continuing EBITA * Positive cash flow allowing for further debt repayments during the period Jason Cromack, CEO commented: "2006 has started well for the Group. Our strategy of focusing on new contracts and account development of existing customers is beginning to pay off. We have signed six new contracts, including the recently announced AOL contract, so far in 2006 and have seen growth from our targeted accounts. This has helped mitigate the ongoing decline in demand from the retail and business forms markets and, coupled with a restructured cost base, has led to an increase in EBITA from continuing operations. "We will continue to focus on these core strategies in order to position the Group for future revenue and profit growth." For further information please contact: TripleArc Plc 0117 933 1006 Jason Cromack, Chief Executive Officer Richard Hodgson, Chief Financial Officer Weber Shandwick Square Mile 020 7067 0700 Terry Garrett/ Nick Dibden The Board announces the Group's results for the six months ended 30 June 2006. Results Overview Following an extremely challenging year in 2005, significant progress has been made during 2006 in positioning the Group for future growth in both revenues and profitability. Particularly pleasing were the improvements in the overall gross profit margin, demonstrating the success of the Board's strategy of providing additional margin enhancing services to the Group's customers, and the 17% growth in EBITA from continuing operations. Additional improvements in working capital management, including a reduction in debtor days to 50, allowed a further #1m of loan repayments to be made. Net debt at 30 June 2006 was #15m down from #17.7m at 30 June 2005. Whilst the decline in demand from the retail and business forms markets experienced in 2005 has had a knock on effect on turnover in 2006, the contract wins announced during 2004 and the growth experienced within these new accounts mitigated the revenue decline to an extent. Although the impact from this decline will be felt throughout 2006, the Board believes that further revenue loss will be reduced to normal levels of customer churn. The business model has been radically shifted and the Group is now focused upon sustainable core revenue from which it will look to grow. Reflecting this, the Group's contracted revenues during the first six months of 2006 increased by 9% on the same period in 2005 and now accounts for more than 50% of revenue (2005: 40%). The strategy of concentrating on account development and an enhanced, extended product offering has also resulted in a substantial increase in revenue from the Group's top 30 targeted customers. So far in 2006 the Group has won six new long term contracts, with organisations including Greenwich Leisure Limited, MS Society and General Teaching Council for England, each with annualised revenues of between #0.5m to #1m. After the period end, on 1 September 2006 the Group announced that it had been chosen to be AOL (UK) Ltd's print management provider in a multimillion pound deal. The full impact of these contracts is likely to be felt in future periods following full implementation. The Board is pleased that the Group is again winning significant new contracts and believes it is as a result of TripleArc's focus on providing a fully outsourced solution. The actions taken to restructure the Group during 2005 and 2006, including the substantial investment in infrastructure made to improve the Group's ability to manage large contracts, have improved its operational gearing and provided a solid foundation for future growth. The part disposal of Stream in March 2006 has led to a #701k loss on disposal. This loss is a result of having written off all of the consolidated goodwill of Stream amounting to #1.5m. At the date of disposal, Stream had #970k of net liabilities. Operational Overview The Group's strategy is to provide its customers with innovative print management and business communication solutions, which remove considerable cost from within their organisations. Our experienced staff are able to use our service offering and technology to provide our customers with tailored solutions which re-engineer and manage the way they communicate their corporate messages. In this environment a corporate message is anything from a brochure to direct mail, point of sale, emails, report and accounts, or even an invoice. The Group has provided these services via a number of operating companies which have recently been subject to a strategic review. The objective of the review was simple - to find the best way to ensure that moving forward we present a well defined, consistent message about the values of our business and the services we offer. The outcome of this review is that we have now made a decision to focus attention on the brand of our core business unit, AccessPlus. In order to support our strategy we have developed a new positioning statement which more clearly reflects what we as a business actually do. This is - AccessPlus: 'Innovators in Print Management and Business Communications' We have redefined all of our business services and products under 5 core areas; Print Management, Data Solutions, Document Management, Logistics and Campaign Delivery. This makes it easier to communicate our service offering to customers allowing us to tender for new contracts more successfully and to cross sell more effectively leading to enhanced account development. The redefining of the Company's services supports the Group's strategy of winning new long term contracts to drive organic growth and to develop its existing customers by providing additional added value services to those it was first contracted to provide. This not only delivers revenue growth, but strengthens the partnership we have with our customers as we are able to provide them with other services that can deliver further cost savings. As announced on 1 September 2006 AccessPlus had been awarded a three year multi-million pound print management contract with AOL (UK) Ltd. This contract was awarded to AccessPlus because of its ability to offer a full end-to-end business and marketing support solution from the management of AOL's print, right through to the Group's logistics, fulfilment and data and response management facilities. This contract win is a major endorsement of the Group's strategy of being able to provide additional value-added services from its range of Group owned services. New marketing collateral to support this initiative is now available and can be downloaded from our website, www.triplearcplc.com. Whilst the operating focus will be via AccessPlus, TripleArc Plc will remain the name of the holding Company. Staff The Group can differentiate itself because of its staff and the skills that they can provide to its customers, and they are the resource that underpins the Group's strategy. The Board would like to take this opportunity to thank them for their continued hard work and effort. Current Trading & Outlook The Board is pleased with the progress the Company has made in the year to date and is seeing positive signs from its key strategies. The Group is once again winning long term contracts, as demonstrated by the six contract wins so far this year. Following their full implementation, the Group will look to develop these accounts in future periods. Account development is proving successful in extending the range of services to our customers. It is also mitigating some of the impact of prior period losses and the revenue base is becoming more secure and sustainable. Whilst maintaining its focus on ensuring that the cost base is right for the business, the board will continue to review whether further investment is required in sales, marketing and account management to support growth. The current trading of the Group is in line with expectations. Richard Atkins Chairman TRIPLEARC PLC 13 September 2006 Consolidated profit and loss account Note Six months Six months Year ended Ended Ended 31 December 30 June 30 June 2005 2005 2006 (Restated) (Restated) #'000 #'000 #'000 Turnover Continuing operations 2 21,847 25,463 49,738 Discontinued operations 2 1,115 4,603 7,794 ------- ------- ------- 22,962 30,066 57,532 Cost of sales (15,551) (19,967) (42,745) ------- ------- ------- Gross profit 7,411 10,099 14,787 Administrative expenses: Excluding exceptional items and amortisation of intangible assets (6,706) (9,406) (13,017) Exceptional items (397) (612) (1,703) Share option expense - (78) (149) Amortisation of intangible assets (913) (1,766) (2,170) ------- ------- ------- Total administrative expenses (8,016) (11,862) (17,039) ------- ------- ------- Operating loss: ----------------------------------------------------------------------------------------------- Continuing operations excluding exceptional costs, share option expense and amortisation of intangible assets 1,015 869 2,079 Exceptional costs 3 (317) (278) (946) Share option expense - (78) (149) Amortisation of intangible assets (896) (1,741) (2,211) ------- ------- ------- Total operating loss - continuing operations 2 (198) (1,228) (1,227) ----------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------- Discontinued operations excluding exceptional costs and amortisation of intangible assets (310) (176) (309) Exceptional costs 3 (80) (334) (757) Amortisation of intangible assets (17) (25) 41 ------- ------- ------- Total operating loss - discontinued operations 2 (407) (535) (1,025) ----------------------------------------------------------------------------------------------- Operating loss (605) (1,763) (2,252) Loss on disposal of subsidiary undertaking 3 (701) - - Net interest payable (667) (697) (1,471) ------- ------- ------- Loss on ordinary activities before taxation (1,973) (2,460) (3,723) Tax on loss on ordinary activities - - 80 ------- ------- ------- Loss for the financial period (1,973) (2,460) (3,643) ======= ======= ======= Loss per ordinary share - basic and diluted (pence) 7 (0.95p) (1.19p) (1.76p) Consolidated statement of total recognised gains and losses Six months Six months Year ended 31 ended 30 ended 30 December June 2006 June 2005 2005 (Restated) (Restated) #'000 #'000 #'000 Loss attributed to shareholders (1,973) (2,460) (3,643) Prior year adjustment made at 31 December 2005 - - (845) Prior year adjustment for FRS20 (note 1) 181 - - ------ ------ ------ Total losses recognised since last Annual Report (1,792) (2,460) (4,488) ====== ====== ====== Reconciliation of movements in shareholders' funds Six months Six months Year ended 31 ended 30 ended 30 December June 2006 June 2005 2005 (Restated) (Restated) #'000 #'000 #'000 Opening equity shareholders' funds 21,262 25,296 25,296 Prior year adjustment - (845) (845) ------ ------ ------ As restated 21,262 24,451 24,451 Issued share capital including premium, net of expenses - 305 305 Total recognised loss for the financial period (1,973) (2,460) (3,643) Share option expense - 78 149 ------ ------ ------ Closing equity shareholders' funds 19,289 22,374 21,262 ====== ====== ====== The 2005 prior year adjustment of #845,000 is stated net of tax and reflects adjustments made within the 2005 Annual Report to restate certain 31 December 2004 balances. The adjustments mainly relate to the correction of cut off errors and goodwill amortisation. Consolidated balance sheet Note At At At 31 30 June 30 June December 2006 2005 2005 (Restated) (Restated) #'000 #'000 #'000 Fixed assets Intangible assets 33,498 41,960 34,974 Tangible assets 1,800 2,514 2,206 ------- ------- ------- 35,298 44,474 37,180 ------- ------- ------- Current assets Stocks 1,293 1,087 1,281 Debtors 4 9,156 13,235 11,450 Cash at bank and in hand 231 52 994 ------- ------- ------- 10,680 14,374 13,725 Creditors: amount falling due within one year 5 (13,513) (14,053) (15,633) ------- ------- ------- Net current (liabilities)/assets (2,833) 321 (1,908) ------- ------- ------- Total assets less current liabilities 32,465 44,795 35,272 Creditors: amounts falling due after more than one year 6 (13,176) (22,421) (14,010) ------- ------- ------- Net assets 19,289 22,374 21,262 ======= ======= ======= Capital and reserves Called up share capital 10,353 10,353 10,353 Share premium account 20,175 20,175 20,175 Share option reserve 849 778 849 Merger reserve (621) (621) (621) Group interest in shares of TripleArc Plc (150) (150) (150) Profit and loss account (11,317) (8,161) (9,344) ------- ------- ------- Equity shareholders' funds 19,289 22,374 21,262 ======= ======= ======= Consolidated cash flow statement Note Six months Six months Year ended 31 ended 30 ended 30 December June 2006 June 2005 2005 (Restated) (Restated) #'000 #'000 #'000 Net cash inflow from operating activities 8 2,532 402 2,742 ------- ------- ------- Returns on investments and servicing of finance: Net interest paid (601) (642) (1,299) ------- ------- ------- Net cash outflow from returns on investments and servicing of finance (601) (642) (1,299) ------- ------- ------- Taxation: UK corporation tax paid - - (17) ------- ------- ------- Capital expenditure and financial investment: Purchase of tangible fixed assets (424) (333) (511) Receipts from sales of tangible fixed assets - 38 58 Cash paid in connection with disposal of subsidiary undertaking 3 (451) - - Bank overdraft sold with subsidiary undertaking 873 - - ------- ------- ------- Net cash outflow from capital expenditure and financial investment (2) (295) (453) ------- ------- ------- Net cash inflow/(outflow) before financing 1,929 (535) 973 ------- ------- ------- Financing: Proceeds from issue of share capital - 305 305 Repayment of deferred consideration (535) (32) (33) Long term loans repaid (1,000) (500) (1,251) (Payment) / inception of finance leases (26) - 26 ------- ------- ------- Net cash outflow from financing (1,561) (227) (953) ------- ------- ------- Increase/(decrease) in cash 9 368 (762) 20 ======= ======= ======= NOTES TO THE FINANCIAL STATEMENTS 1. ACCOUNTING POLICIES This interim report was approved by the Board on 12 September 2006. The financial information in this interim report does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. With the exception of the adoption of FRS20 ("Share based payments"), it has been prepared using accounting policies that are consistent with those adopted in the statutory accounts for the year ended 31 December 2005. The figures for the year to 31 December 2005 were derived from the statutory accounts for that year. The statutory accounts for the year ended 31 December 2005 have been delivered to the Registrar of Companies and received an audit report which was unqualified and did not contain statements under s237(2) or (3) of the Companies Act 1985. During the period, the Group has adopted FRS20. Share based arrangements put in place since 7 November 2002 have been valued at the date of grant or award and charged to the operating result over the performance or vesting of the scheme. Options have been valued using the Black Scholes pricing model. This first time adoption of FRS20 has resulted in a prior year adjustment to operating profit of #78,000 for the period ended 30 June 2005 and of #149,000 for the year ended 31 December 2005. The share option expense has been credited to the share option reserve and consequently the adoption of FRS20 has not impacted upon net assets. Previous entries against the share option reserve have been reversed as part of the prior year adjustment through reserves. 2. SEGMENTAL ANALYSIS Turnover Operating profit/(loss) Six months Year Six months Year ended ended 31 ended ended 31 30 June December 30 June December 2006 2005 2005 2006 2005 2005 (Re-stated) (Re-stated) #'000 #'000 #'000 #'000 #'000 #'000 Continuing operations Excluding exceptional costs 21,847 25,463 49,738 119 (950) (281) Exceptional costs - - - (317) (278) (946) ------- ------- ------- ----- ------ ------- Total 21,847 25,463 49,738 (198) (1,228) (1,227) ======= ======= ======= ===== ====== ======= Discontinued operations Excluding exceptional costs 1,115 4,603 7,794 (327) (201) (268) Exceptional costs - - - (80) (334) (757) ------- ------- ------- ----- ------ ------- 1,115 4,603 7,794 (407) (535) (1,025) ======= ======= ======= ===== ====== ======= The activities of the Group are all now considered to be the provision of technology-enhanced print management solutions to businesses. Predominantly all of the Group's turnover and operating loss originates within the UK and the vast majority of the Group's net assets are located within the UK. 3. EXCEPTIONAL COSTS The following costs were derived from events that fall within the ordinary activities of the Group and have been classified as operating exceptional items by virtue of their size or incidence: Six months Six months Year ended 30 June ended 30 June ended 31 2006 2005 December 2005 #'000 #'000 #'000 Recruitment, reorganisation and integration costs (397) (612) (1,703) ========== ========== ========== Costs relate mainly to the reorganisation of the Group following the acquisition of the Stream Group in December 2004, its subsequent integration and preparation for disposal. In addition to the above, on 31 March 2006 the Group sold 100% of the issued share capital of Stream GWC Limited for a consideration of #1. Costs associated with the disposal were #196,000 and at the date of disposal, Stream GWC Limited had net liabilities of #969,000. Goodwill of #1,474,000 was written off upon disposal thereby generating a loss on disposal of #701,000. Co-terminus with this transaction, the Group acquired certain assets and liabilities from the disposed business for a cash consideration of #255,000. 4. DEBTORS: As at As at As at 31 30 June 30 June December 2006 2005 2005 #'000 #'000 #'000 Trade debtors 8,638 11,679 10,923 Prepayments 312 514 350 Other debtors 126 1,042 97 Deferred tax 80 - 80 __________ __________ __________ 9,156 13,235 11,450 ========== ========== ========== 5. CREDITORS: amounts falling due within one year As at As at As at 31 30 June 30 June December 2006 2005 2005 #'000 #'000 #'000 Bank loans 1,881 1,750 1,881 Bank overdrafts 296 1,267 1,427 Finance leases - - 5 Trade creditors 9,645 8,345 9,873 Taxes and social security 442 787 808 Corporation tax 156 421 105 Accruals 1,089 1,329 871 Government grants 4 4 4 Other creditors - 75 124 Deferred consideration due on acquisitions - 75 535 __________ __________ __________ 13,513 14,053 15,633 ========== ========== ========== 6. CREDITORS: amounts falling due after more than one year As at As at As at 31 30 June 30 June December 2006 2005 2005 #'000 #'000 #'000 Deferred consideration on acquisition - 6,956 - Deferred income - government grants 13 15 13 Bank loans 13,043 15,450 13,976 Finance leases - - 21 Other creditors 120 - - __________ __________ __________ 13,176 22,421 14,010 ========== ========== ========== 7. EARNINGS PER SHARE a) Basic earnings/(loss) per share Six months Six months Year ended 30 ended 30 ended 31 June June December 2006 2005 2005 (Restated) (Restated) Loss attributable to ordinary shareholders (#'000) (1,973) (2,460) (3,643) Loss attributable to shareholders from continuing operations (#'000) (842) (1,883) (2,548) Loss attributable to shareholders from discontinued operations (#'000) (1,131) (577) (1,095) __________ __________ __________ Basic weighted average number of shares 207,062,165 207,191,420 206,588,489 __________ __________ __________ Basic loss per share (pence) (0.95)p (1.19)p (1.76)p Continuing operations (0.41)p (0.91)p (1.23)p Discontinued operations (0.54)p (0.28)p (0.53)p In 2005 and 2006 the diluted EPS is considered to be the same as the basic EPS as any shares to be issued under the option arrangements will be anti dilutive due to the loss in both years. b) Adjusted earnings/(loss) per share Six months Six months Year ended ended 30 June ended 30 June 31 December 2006 2005 2005 Profit attributable to ordinary shareholders (#'000) 104 51 285 Profit attributable to shareholders from continuing operations (#'000) 437 269 781 Loss attributable to shareholders from discontinued operations (#'000) (333) (218) (496) __________ __________ __________ Basic weighted average number of shares 207,062,165 207,191,420 206,588,489 __________ __________ __________ Basic adjusted earnings per share (pence) 0.05p 0.02p 0.14p Continuing operations 0.21p 0.13p 0.38p Discontinued operations (0.16)p (0.11)p (0.24)p 7. EARNINGS PER SHARE b) Adjusted earnings/loss) per share (continued) Profit/loss attributable to ordinary shareholders for the 6 months ended 30 June 2006 in b) above is shown before charging against profit : #0.4m (six months to 30 June 2005: #0.6m; full year 2005: #1.7m) in respect of exceptional recruitment and integration costs, #nil (six months to 30 June 2005 #0.1m; full year #0.1m) in respect of share option expenses, #1.0m (six months to 30 June 2005: #1.8m; full year 2005: #2.3m) in respect of goodwill and deferred financing amortisation, and #0.7m (six months to 30 June 2005: #nil; full year 2005: #nil) in respect of the loss on the disposal of subsidiary undertakings and expenses associated with the disposal. 8. RECONCILIATION OF OPERATING LOSS TO NET CASH INFLOW FROM OPERATING ACTIVITIES Six months ended 30 Year ended June 31 December 2006 2005 2005 (Re- (Re- stated) stated) #'000 #'000 #'000 Operating loss (605) (1,763) (2,252) Depreciation 231 284 508 Loss / (Profit) on disposal of tangible fixed assets - 17 (25) Amortisation of intangible assets 913 1,766 2,170 (Increase)/decrease in stocks (109) 51 (141) Decrease in debtors 1,193 2,851 4,097 (Decrease)/increase in creditors 909 (2,882) (1,764) Share option expense - 78 149 __________ __________ __________ Net cash inflow from operating activities 2,532 402 2,742 ========== ========== ========== 9. ANALYSIS OF CHANGES IN NET DEBT At 1 Jan Cash flow Non- cash Finance At 30 June 2006 items leases 2006 #'000 #'000 #'000 #'000 #'000 Cash at bank 994 (763) - - 231 Bank overdrafts (1,427) 1,131 - - (296) ________ ________ ________ ________ ________ Cash (433) 368 - - (65) ________ ________ ________ ________ ________ Loans repayable in less than one year (1,881) - - - (1,881) Loans repayable in more than one year (13,976) 1,000 (67) - (13,043) Finance leases (26) - - 26 - ________ ________ ________ ________ ________ Borrowings (15,883) 1,000 (67) 26 (14,924) ________ ________ ________ ________ ________ Net Debt (16,316) 1,368 (67) 26 (14,989) ________ ________ ________ ________ ________ The non-cash items relate to the amortisation of FRS 4 finance costs. 10. RECONCILIATION OF NET CASH FLOW TO MOVEMENTS IN NET DEBT Six months Six months Year ended 31 ended 30 June ended 30 June December 2006 2005 2005 #'000 #'000 #'000 Increase/(decrease) in cash in the year 368 (762) 20 Repayment of net debt 1,026 500 1,258 Deferred financing costs (67) - (172) __________ __________ __________ Movement in net debt in the year 1,327 (262) 1,106 Opening net debt (16,316) (18,153) (17,422) __________ __________ __________ Closing net debt (14,989) (18,415) (16,316) ========== ========== ========== 11. Copies of this statement will be available on line at www.triplearc.com or from the company's registered office: Access House, The Promenade, Clifton Down, Bristol, Avon, BS8 3AQ. Independent review report to TripleArc Plc Introduction We have been instructed by the company to review the financial information set out on pages 6 to 17. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. This report is made solely to the company having regard to guidance contained in Bulletin 1999/4 'Review of interim financial information' issued by the Auditing Practices Board. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our work, for this report, or for the conclusions we have formed. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the interim report in accordance with the AIM Rules. The directors are also responsible for ensuring that the accounting policies and presentation applied to the interim figures are consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. Review work performed We conducted our review having regard to guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of group management and applying analytical procedures to the financial information and underlying financial data and, based thereon, assessing whether the accounting policies and presentation have been consistently applied, unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with International Standards on Auditing (UK and Ireland) and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30 June 2006. RSM Robson Rhodes LLP Chartered Accountants Birmingham, England 13 September 2006 This information is provided by RNS The company news service from the London Stock Exchange END IR ILFVDAEIFLIR
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