RNS Number : 3347H
AdEPT Telecom plc
04 November 2008
AdEPT Telecom Plc
("AdEPT" or the "Company")
Interim results for the 6 months ended 30 September 2008
AdEPT, a leading independent provider of award-winning telecommunications services for landline calls, line rental and broadband,
announces its results for the 6 months ended 30 September 2008.
Highlights
Financial
* Revenues increased by 59% to �14.76 million (2007: �9.27 million)
* Underlying operating profit increased by 32% to �1.72 million (2007: �1.30 million)
* Profit after tax (adjusted for amortisation and non-recurring costs) increased by 21% to �1.02 million (2007: �0.84 million)
* EPS (adjusted for amortisation and non-recurring costs) increased by 21% to 4.84p (2007: 3.99p)
* Underlying EBITDA : cash from operating activities conversion was 83.8% (2007: 69.5%)
* Net debt reduced by �0.22 million to �11.08 million (March 2008: �11.30 million)
Operational
* Continued increase in the revenue from business customers now 95% of total revenue (2007: 91%)
* Line rental, which is a minimum 12 month contract, now represents 37% of revenue (2007: 29%)
* Fixed fee revenues increased to 41.7% of total revenue (2007: 30.6%)
* Proportion of payments under direct debit increased to 68.9% (2007: 63.1%)
Change of Company broker
* Strand Partners Limited are being appointed as the Company's brokers with immediate effect, in addition to their continuing
appointment as the Company's Nominated Adviser
Chairman's Statement
"I am pleased to be able to announce a strong set of results for the first half of the year. Our sales revenues have increased by 59%
following the acquisition of Telecom Direct Limited ("Telecom Direct"). This acquisition has enabled us to bid for larger, longer term
contracts, and in particular to enter the data market at a different level to the one at which we had previously operated. It positions
AdEPT to service larger customers on longer term contracts, providing us with more stable revenues, albeit at somewhat lower margins. The
successful integration of the Telecom Direct business had largely been completed on schedule by the first half of the year and yielded the
planned cost savings. Consequently the growth in net margin of 34% was matched by a 32% rise in underlying EBITDA.
Customer churn remains under control, at levels slightly below industry averages and new sales are strong. We have continued to develop
our dealer channel, which is now one of the most powerful in the sector, and we have consistently grown the level of new sales for the first
9 months of 2008. The Company has strengthened many of its' Key Performance Indicators with Direct Debit customers now representing 69% of
sales (2007: 63%) and fixed fee charges (such as line rental or broadband) now representing 42% of revenue (2007: 31%). AdEPT is now one of
BT Openreach's 10 largest customers.
All acquisition earn-out payments have been completed and we continue to generate strong free cash flow. The business has no further
earn-out payments to make and therefore we consequently expect to pay down our debt more rapidly in future periods."
Financial review
Turnover for the first six months was �14.76 million (2007: �9.27 million). This in turn has generated underlying EBITDA of �1.7 million
(2007: �1.3 million) and reflects our ability to continue to generate industry leading EBITDA margins of 11.6%.
The strength of the Company's consolidated balance sheet has improved compared to the same period last year, with net assets of �26.21
million (2007: �20.46 million). The Company continues to generate positive cash with 84% of underlying EBITDA being converted into operating
cash in the period under review. Net debt decreased to �11.08 million (2007; �11.30 million) following the commencement of the repayment of
the borrowings in relation to the Telecom Direct acquisition.
Earnings per share (adjusted for amortisation and non-recurring costs) was 4.84p in the six months to 30 September 2008 (2007: 3.99p).
It is the Board's intention to pay dividends in the future, however, at this stage in the Company's development the Board intends to retain
surplus funds to grow the business.
As part of the process of complying with IFRS 2, the Company has taken a charge against profits of �10,000 in the first half year to
cover the notional cost of stock options and warrants awarded to executives and employees.
Business review
Organic sales have remained high over the last six months as a result of increasing the number of business partners selling our services
and cross-selling to our existing customers using our own call centre.
We have focused intently on improving retention levels across the customer base through increased investment in both customer services
personnel and systems. As a result gross churn continues to be lower than this time last year.
The longer term stability of the customer base has been helped by the increasing proportion of line rental customers being on a minimum
12 month contract, now up to 37% of total revenues (2007: 29%). We have also been successful in continuing to increase the proportion of
revenue from business customers, now up to 95% of total revenues (2006: 91%).
Change of Company broker
We are pleased to announce the appointment of Strand Partners Limited as the Company's brokers with immediate effect, in addition to
their continuing appointment as the Company's Nominated Adviser.
Acquisitions
In June 2007 the Company acquired 5,000 small business customers from Fizz Telecom Limited. In this half year the final earn-out payment
of �190,000 was made.
In addition, in April 2008 the final earn-out payment of �400,000 was made for Telecom Direct.
The business has no further earn-out payments to make and therefore we consequently expect to pay down our debt finance more rapidly in
future periods.
Outlook
Our increased scale positions us well to face the challenges of an uncertain economic climate, and we look forward to the future with
confidence.
Finally, I would like to offer my sincere appreciation to our customers, our staff and our business partners for their commitment and
support to AdEPT and I look forward to continuing to work together with them in the future.
Roger Wilson
4 November 2008
Enquiries
AdEPT Telecom
Ian Fishwick, (0870) 190 9125
Strand Partners
Simon Raggett
David Altberg, (020) 7409 3494
UNAUDITED CONSOLIDATED INCOME STATEMENT
Six months ended Year ended
30 September 30 September 31 March
2008 2007 2008
Note �'000 �'000 �'000
REVENUE 5 14,762 9,271 23,618
Cost of sales (9,508) (5,676) (14,864)
GROSS PROFIT 5,254 3,595 8,754
Administrative expenses (5,356) (3,158) (8,843)
OPERATING PROFIT/(LOSS) (104) 437 (89)
Total operating profit -
analysed:
Operating profit before
non-recurring costs,
amortisation
depreciation and amortisation 1,717 1,304 3,280
Non-recurring costs (654) - (1,381)
Depreciation of tangible fixed (100) (46) (119)
assets
Amortisation of intangible (1,067) (821) (1,869)
fixed assets
Total operating profit/(loss) (104) 437 (89)
Finance costs (585) (217) (653)
Finance income 1 - 4
PROFIT/(LOSS) BEFORE INCOME TAX (688) 220 (738)
Income tax expense (14) (200) (105)
PROFIT/(LOSS) FOR THE PERIOD (702) 20 (843)
Attributable to:
Equity holders of the parent (702) 20 (843)
Earnings per share
Basic earnings per share 3 (3.33)p 0.10p (4.00)p
(pence)
Diluted earnings per share 3 N/a 0.09p n/a
(pence)
Adjusted earnings per share,
after adding back
amortisation and non-recurring
costs
Basic earnings per share 3 4.84p 3.99p 11.43p
(pence)
Diluted earnings per share 3 4.30p 3.66p 10.49p
(pence)
UNAUDITED CONSOLIDATED BALANCE SHEET
30 September 30 September 31 March
2008 2007 2008
�'000 �'000 �'000
ASSETS
Non-current assets
Intangible assets 21,467 15,450 22,514
Property, plant and equipment 187 178 280
Deferred income tax 679 18 713
22,333 15,646 23,507
Current assets
Trade and other receivables 3,812 3,338 4,304
Cash and cash equivalents 63 1,475 155
3,875 4,813 4,459
Total assets 26,208 20,459 27,966
EQUITY AND LIABILITIES
Current liabilities
Trade and other payables 5,946 4,153 6,597
Borrowings 1,712 - 103
Income tax - 645 923
7,658 4,798 7,623
Non-current liabilities
Borrowings 9,427 5,000 10,527
Total liabilities 17,085 9,798 18,150
Equity attributable to shareholders
of the parent
Share capital 2,107 2,107 2,107
Share premium 7,965 7,965 7,965
Retained earnings (949) 589 (256)
Total equity and liabilities 26,208 20,459 27,966
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Attributable to equity holders of parent
Share Share Retained Total
capital premium earnings equity
�'000 �'000 �'000 �'000
Equity at 1 April 2007 2,107 7,965 552 10,624
Profit for six months ended 30 - - 20 20
September 2007
Share based payments - - 17 17
Total recognised income and expense
for the six
months to 30 September 2007 - - 37 37
Balance at 30 September 2007 2,107 7,965 589 10,661
Loss for six months ended 31 March - - (863) (863)
2008
Share based payments - - 17 17
Total recognised income and expense
for the six
months to 31 March 2008 - - (846) (846)
Balance at 31 March 2008 2,107 7,965 (256) 9,816
Loss for six months ended 30 - - (702) (702)
September 2008
Share based payments - - 10 10
Total recognised income and expense
for the six
months to 30 September 2008 - - (692) (692)
Balance at 30 September 2008 2,107 7,965 (949) 9,123
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
Six months ended Year ended
30 September 30 September 31 March
2008 2007 2008
�'000 �'000 �'000
Cash flows from operating
activities
Profit before income tax (688) 220 (738)
Depreciation and amortisation 1,167 867 1,989
(Profit)/loss on sale of fixed - - -
assets
Share based payments 10 18 35
Net finance costs 585 217 644
Profit held in trust - - (31)
(Increase)/decrease in trade and 493 214 79
other receivables
Increase/(decrease) in trade and (111) (321) (137)
other payables
Cash generated from operations 1,456 1,215 1,839
Income taxes paid (16) (309) (709)
Net cash from operating activities 1,440 906 1,130
Cash flows from investing
activities
Interest received 1 1 4
Interest paid (586) (140) (665)
Acquisition of subsidiary, net of - - (5,144)
cash acquired
Purchase of intangible assets (607) (1,321) (2,009)
Purchase of property, plant and (7) (61) (196)
equipment
Net cash (used in)/from investing (1,199) (1,521) (8,010)
activities
Cash flows from financing
activities
Expenses paid in connection with - - -
share issue
Repayment of finance leases (22) - (5)
Repayment of borrowings (511) - (1,500)
Increase of bank loan 200 750 7,200
Net cash (used in)/from financing (333) 750 5,695
activities
Net increase/(decrease) in cash and (92) 135 (1,185)
cash equivalents
Cash and cash equivalents at 155 1,340 1,340
beginning of period/year
Cash and cash equivalents at end of 63 1,475 155
period/year
Cash at bank and in hand 63 1,475 155
Bank overdrafts - - -
Cash and cash equivalents 63 1,475 155
ACCOUNTING POLICIES
1 Nature of operations and general information
AdEPT Telecom plc is a leading independent provider of telecommunications services with award winning customer service. The Group is
focused on delivering a complete telecommunications service for small and medium sized business customers with a targeted product range
including landline calls, line rental, data, mobile and other services.
AdEPT Telecom plc is the Group's ultimate parent company and is incorporated and domiciled in the UK. The Company's shares are listed on
the Alternative Investment Market (AIM) of the London Stock Exchange.
The financial information set out in this interim report which has not been audited, does not constitute statutory accounts as defined
in Section 240 of the Companies Act 1985. The Group's statutory financial statements for the year ended 31 March 2008, prepared under IFRS,
have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a
statement under Section 237(2) or (3) of the Companies Act 1985.
2 Basis of preparation and summary of significant accounting policies
Basis of preparation
The interim consolidated financial statements have been prepared in accordance with applicable International Financial Reporting
Standards (IFRS) as adopted by the EU as issued by the International Accounting Standards Board and in particular Interim Financial
Reporting.
The interim consolidated financial statements have been prepared under the historical cost convention. The measurement bases and
principal accounting policies of the Group are set out below.
Basis of consolidation
The Group financial statements consolidate those of the Company and all of its subsidiary undertakings drawn up to 30 September 2008.
Subsidiaries are entities over which the Group has the power to control the financial and operating policies so as to obtain benefits from
its activities. The Group obtains and exercises control through voting rights.
Unrealised gains on transactions between the Company and its subsidiaries are eliminated. Unrealised losses are also eliminated unless
the transaction provides evidence of an impairment of the asset transferred. Amounts reported in the financial statements of subsidiaries
have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Group.
Acquisitions of subsidiaries are dealt with by the purchase method. The purchase method involves the recognition at fair value of all
identifiable assets and liabilities, including contingent liabilities of the subsidiary, at the acquisition date, regardless of whether or
not they were recorded in the financial statements of the subsidiary prior to acquisition. On initial recognition, the assets and
liabilities of the subsidiary are included in the consolidated balance sheet at their fair values, which are also used as the bases for
subsequent measurement in accordance with the Group's accounting policies. Goodwill is stated after separating out identifiable intangible
assets. Goodwill represents the excess of acquisition cost over the fair value of the Group's share of the identifiable net assets
(including intangibles) of the acquired subsidiary at the date of acquisition.
Revenue
Revenue is measured by reference to the fair value of consideration received or receivable by the Group for goods supplied and services
provided, excluding VAT and trade discounts. Revenue is recognised upon the performance of services or transfer of the risks and rewards of
ownership to the customer.
Revenue comprises of both invoiced and un-invoiced amounts for performance of network services supplied by the Group during the year.
The network services, which include call revenues (billing for call minutes) and fixed charges such as line rental or broadband, are
generally billed monthly in arrears. The revenue is recognised in the month to which the calls relate. Revenue from mobile commissions is
recognised when the customers are connected to the relevant network.
Non-recurring costs
The operating profit/(loss) includes non-recurring costs, incurred by the Telecom Direct division, which will not recur in future
periods. The bulk of these costs are represented by staff, property and leases, which when removed leave the underlying administrative costs
for the business.
Investments
Shares in the Subsidiaries are valued at cost less provision for permanent impairment.
Intangible assets acquired as part of a business combination and amortisation
In accordance with IFRS 3 Business Combinations, an intangible asset acquired in a business combination is deemed to have a cost to the
Group of its fair value at the acquisition date. The fair value of the intangible asset reflects market expectations about the probability
that the future economic benefits embodied in the asset will flow to the Group.
Intangible fixed assets continue to be subject to an impairment review on the first anniversary after acquisition, when appropriate
lives are selected.
The intangible asset "customer base" is amortised to the income statement over its estimated economic life. The average estimated useful
economic life of all the acquisitions has been estimated at 12 years (2007: 11 years).
Other intangible assets
Also included within intangible fixed assets are the development costs of the Group's billing and customer management system plus an
individual license. These other intangible assets are stated at cost, less amortisation and any provision for impairment. Amortisation is
provided at rates calculated to write off the cost, less estimated residual value of each intangible asset, over its expected useful life on
the following bases:
Customer management system - 3 years straight line
Other licences - Contract license period
Property plant and equipment
Property plant and equipment are stated at cost, less depreciation and any provision for impairment. Depreciation is provided on all
property plant and equipment at rates calculated to write off the cost, less estimated residual value of each asset, over its expected
useful life on the following bases:
Short term leasehold improvements - 5 years straight line
Fixtures and fittings - 3 years straight line
Office equipment - 3 years straight line
Computer software - 3 years straight line
Leasing and hire purchase commitments
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership
of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding
lease or hire purchase obligation is treated in the balance sheet as a liability.
The interest element of the rental obligations is charged to the income statement over the period of the lease and represents a constant
proportion of the balance of capital repayments outstanding.
Rentals under operating leases, where substantially all of the benefits and risks of ownership remain with the lessor, are charged to
the profit and loss on a straight line basis, even if payments are not made on such a basis.
Income tax
Income tax is the tax currently payable based on taxable profit for the year.
Deferred income tax is generally provided on the difference between the carrying amounts of assets and liabilities and their tax bases.
However, deferred income tax is not provided on the initial recognition of goodwill, nor on the initial recognition of an asset or liability
unless the related transaction is a business combination or affects tax or accounting profit.
The hive up of intangible assets between Group companies is not considered a business combination under IFRS 3 (Business Combinations)
and therefore deferred income tax is not provided on the intangible customer base asset thus acquired by AdEPT Telecom plc.
Deferred income tax on temporary differences associated with shares in subsidiaries is not provided if reversal of these temporary
differences can be controlled by the Group and it is probable that reversal will not occur in the foreseeable future. In addition, tax
losses available to be carried forward as well as other income tax credits to the Group are assessed for recognition as deferred income tax
assets.
Deferred income tax liabilities are provided in full, with no discounting. Deferred income tax assets are recognised to the extent that
it is probable that the underlying deductible temporary differences will be able to be offset against future taxable income. Current and
deferred income tax assets and liabilities are calculated at tax rates that are expected to apply to their respective period of realisation,
provided they are enacted or substantively enacted at the balance sheet date.
Changes in deferred income tax assets or liabilities are recognised as a component of income tax expense in the income statement, except
where they relate to items that are charged or credited directly to equity in which case the related deferred income tax is also charged or
credited directly to equity.
Pensions
The group contributes to personal pension plans. The amount charged to the income statement in respect of pension costs is the
contribution payable in the year.
Capital instruments
The costs incurred directly in connection with the issue of debt instruments are charged to the income statement on a straight line
basis over the life of the debt instrument.
Share based payments
The cost of equity-settled transactions with employees is measured by reference to the fair value of the award at the date at which they
are granted and is recognised as an expense over the vesting period, which ends on the date at which the relevant employees become fully
entitled to the award. Fair value is appraised at the grant date and excludes the impact on non-market vesting conditions such as
profitability and sales growth targets, using an appropriate pricing model for which the assumptions are approved by the Directors. In
valuing equity-settled transactions, only vesting conditions linked to the market price of the shares of the Company are considered.
No expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition,
which are treated as vesting irrespective of whether or not the market condition is satisfied, provided that all other performance
conditions are satisfied.
At each balance sheet date, the cumulative expense (as above) is calculated, representing the extent to which the vesting period has
expired and management's best estimate of the achievement or otherwise of non market conditions, the number of equity instruments that will
ultimately vest or in the case of an instrument subject to a market condition, be treated as vesting described above. The movement in the
cumulative expense since the previous balance sheet date is recognised in the income statement, with a corresponding entry in equity.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits, together with other short-term, highly liquid investments that are
readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value.
Financial risk management objectives and policies
The Group's principal financial liabilities comprise bank loans, overdrafts, finance leases, trade payables and hire purchase contracts.
The main purpose of these financial liabilities is to finance the Group's operations and acquisitions. The Group has various financial
assets such as trade receivables and cash, which arise directly from its operations.
The Group also enters into interest rate swaps. The purpose is to manage the interest rate risks arising from the Group's sources of
finance.
It is, and has been throughout 2007 and 2008, the Group's policy that no trading in derivatives shall be undertaken.
The main risks arising from the Group's financial instruments are cash flow interest rate risk, liquidity risk and credit risk. The
Board of Directors reviews and agrees policies for managing each of these risks which are summarised below.
Interest rate risk
The Group's exposure to the risk of changes in market interest rates relates primarily to the Group's long-term debt obligations with
floating interest rates.
The Group's policy is to manage its interest cost using a mix of fixed and variable rate debts. The Group's policy is to keep a maximum
of 75% of its borrowings at fixed rates of interest. To manage this, the Group enters into interest rate swaps, in which the Group agrees to
exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed upon
notional principal amount. These swaps are designated to hedge underlying debt obligations. At 30 September 2008, after taking into account
the effect of interest rate swaps, 72% of the Group's borrowings are at a fixed rate of interest (2007: Nil).
Credit risk
The Group's policy is to monitor trade and other receivables and avoid significant concentrations of credit risk. The principal credit
risk arises from trade receivables. Aged receivables reports are reviewed regularly and significant items brought to the attention of senior
management.
Liquidity risk
The Group seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash
assets safely and profitably.
The Group's objective is to maintain a balance between continuity of funding and flexibility through the use of bank overdrafts, bank
loans and finance lease contracts. 15% of the Group's borrowings will mature in less than one year at 30 September 2008 (2007: Nil) based on
the carrying value of borrowings reflected in the financial statements.
Currency risk
AdEPT's operations are handled entirely in sterling.
Significant accounting judgements and estimates
The Group makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated and are based
on historical experience and other factors, including expectations of future events that are believed to be reasonable under the
circumstances. In the future, actual experience may differ from these estimates and assumptions. The estimates and assumptions that have a
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are
discussed below.
The estimated life of intangible asset customer bases:
Intangible asset customer bases are amortised over their useful lives. They are subject to an impairment review on the first anniversary
after acquisition, when appropriate lives are selected. Useful lives are based on the management's estimates of the period that assets will
generate revenue. Changes to estimates could result in significant variations in the carrying value and amounts charged to the consolidated
income statement in specified periods.
The estimated liability of the deferred consideration of intangible asset customer bases:
The estimate of the deferred consideration liability is based upon the revenue and margins that are expected to be generated by the
customer base under the terms of each Sale and Purchase agreement. Actual revenue may be materially different to that estimated and could
result in significant variations in the carrying value of the intangible asset customer bases and deferred consideration liabilities and
respective amounts charged to the consolidated income statement in specified periods.
3 Earnings per share
Six months ended Year ended
30 September 30 September 31 March
2008 2007 2008
�'000 �'000 �'000
Earnings for the purposes of basic
and diluted
earnings per share
(Loss)/profit for the period
attributable to equity holders
of the parent (702) 20 (843)
Amortisation 1,067 821 1,869
Non-recurring costs 654 - 1,381
Adjusted profit attributable to
equity holders of the
parent, adding back amortisation and 1,019 841 2,407
non-recurring costs
Number of shares
Weighted average number of shares
used for earnings
per share 21,067,443 21,067,443 21,067,443
Dilutive effect of share plans 2,641,697 1,957,070 1,891,697
Diluted weighted average number of
shares used to
calculate fully diluted earnings per 23,709,140 23,024,513 22,959,140
share
Earnings per share
Basic earnings per share (pence) (3.33)p 0.10p (4.00)p
Fully diluted earnings per share N/a 0.09p N/a
(pence)
Adjusted earnings per share, after
adding back
amortisation and non-recurring costs
Adjusted basic earnings per share 4.84p 3.99p 11.43p
(pence)
Adjusted fully diluted earnings per 4.30p 3.66p 10.49p
share (pence)
Earnings per share is calculated by dividing the profit attributable to equity holders of the parent by the weighted average number of
ordinary shares in issue.
Adjusted earnings per share is calculated by dividing the profit attributable to equity holders of the parent (after adding back
amortisation) by the weighted average number of ordinary shares in issue.
Fully diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares by existing share options,
assuming dilution through conversion of all existing options. The adjustment for the dilutive effect of share options in the six months
ended 30 September 2008 and year to 31 March 2008 has not been reflected in the calculation of the diluted loss per shares as the effect
would be anti-dilutive.
4 Acquisitions
In June 2007 AdEPT acquired a customer base from Fizz Telecom limited comprising 5,000 business customers. In December 2007, AdEPT
acquired 100% of the share capital of Oxtalk Limited and its subsidiary Telecom Direct Limited, both companies are registered in England and
Wales. The fair value tables in respect of these acquisitions can be summarised as follows:
Six months ended Year ended
30 September 30 September 31 March
2008 2007 2008
�'000 �'000 �'000
Cash - 1,028 5,848
Deferred consideration - 686 1,101
Acquisition costs - 55 427
Total consideration - 1,769 7,376
Fair value of net liabilities/(assets) - - 2,041
acquired
Intangible asset/customer base acquired - 1,769 9,417
5 Revenue
Following acquisitions the customers are fully integrated into a single billing and customer service platform. Whilst turnover can be
separately identified by acquisition, costs cannot. Calls are routed across various network operators and the overhead base serves all
customers. The analysis of turnover by existing and acquired businesses is as follows:
Six months ended Year ended
30 September 30 September 31 March
2008 2007 2008
�'000 �'000 �'000
Existing businesses at start of 14,762 8,155 16,437
period
Businesses acquired in the period - 1,116 7,181
Total sales 14,762 9,271 23,618
This information is provided by RNS
The company news service from the London Stock Exchange
END
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