TIDMADF
RNS Number : 6813M
Facilities by ADF plc
18 September 2023
18 September 2023
Facilities by ADF plc
("Facilities by ADF", "ADF", the "Company" or the "Group")
Half year results for the six months ended 30 June 2023
Facilities by ADF, the leading provider of premium serviced
production facilities to the UK film and high-end television
industry ("HETV") announces its unaudited half year results for the
six months ended 30 June 2023 ("H1-FY23").
Financial highlights
GBPMs H1-FY23 H1-FY22 Change FY-22
-------------------- ----------- ----------- -------- ----------
Group revenue 21.8 12.6 +73% 31.4
Adjusted EBITDA* 5.8 2.6 +117% 8.0
Adjusted EBITDA % 27% 21% +540bps 25%
Profit Before Tax 2.7 1.3 +118% 4.6
Earnings per share 3.20 pence 1.52 pence +111% 6.1 pence
- basic
-- Interim dividend proposed of 0.5 pence per share (H1-FY22
- 0.46 pence per share) to be paid on 27(th) October to
shareholders on the register on close business on 6(th)
October 2023.
Percentages are based on underlying, not rounded, figures.
Operational highlights
Client Relationships:
-- Experienced increased demand for ADF's services from global
streaming brands such as Netflix, Apple, Disney and Amazon,
re-enforcing ADF's position as the UK's leading facilities
provider.
-- Supported 46 high-profile productions including The Crown
season 6, Slow Horses, Star Wars Andor, The Gentleman,
Rivals, The Diplomat, Industry, Paris Has Fallen, The
Famous Five, Back to Black and Sex Education.
Continued Growth:
-- Officially opened ADF's new flagship central hub at Longcross,
Surrey, highlighting the Company's commitment to its growth
strategy.
-- Added 108 units to the fleet in H1-FY23, bringing the
total to 700 units, fully leveraging the current enhanced
super-deduction capital allowance regime.
Location One Integration:
-- Acquired in Nov-22, Location One is now fully integrated
into the Group. During H1-FY23, Location One opened new
branches at Longcross, Bridgend, and Glasgow.
-- The enlarged Group is cross-selling to an increasing number
of HETV companies in the UK, delivering services in a
more efficient way, and moving the Company closer to its
goal of becoming a one-stop shop for film and HETV production.
Margin Improvement:
-- ADF worked on larger, longer productions in H1-FY23 compared
to H1-FY22, which were more geographically centred around
the main London studios making them more efficient from
a transport and mobilisation perspective. A sustained
effort was also made in H1-FY23 to increase the number
of 'employed' HGV drivers, as opposed to relying on more
costly agency HGV drivers.
-- Overall gross margins rose from 33.0% in H1-FY22 to 38.8%
in H1-FY23.
Outlook
-- Underlying market drivers still providing high confidence
that the demand for ADF's services will continue to expand
over the medium to long term.
-- As announced by the Company on 3 August 2023, the Group
remains strongly positioned in its markets with high quality
UK productions to sustain the business through the current
USA Writers (Writers Guild of America (WAG)) and Actors
(Screen Actors Guild - American Federation of Television
and Radio Artists (SAG-AFTR)) strikes which have been
impacting productions around the globe.
-- The Group remains committed to growth and will continue
to review acquisition opportunities in line with its strategy.
Commenting, Marsden Proctor, CEO, said: "The Group delivered a
strong first half, building on momentum from FY22. Whilst the
Writers Guild of America and Screen Actors Guild strikes are
causing a short-term impact on the business, we are confident the
Group is in a robust position to capitalise on the opportunity
ahead once previous production levels resume."
*Adjusted EBITDA is the adjusted profit before tax, prior to the
addition of finance income and deduction of depreciation,
amortisation, and finance expenses. The adjusted EBITDA measurement
removes non-recurring, irregular and one-time items that may
distort EBITDA. Adjusted EBITDA provides a more normalised metric
to make comparisons more meaningful across the Group and other
companies in the same industry.
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation and the Directors of the Company
take responsibility for this announcement.
Change of Name of Nominated Adviser and Broker
The Company also announces that its Nominated Adviser has
changed its name to Cavendish Securities plc following completion
of its own corporate merger.
For further enquiries:
Facilities by ADF plc via Alma PR
Marsden Proctor, Chief Executive Officer
Neil Evans, Chief Financial Officer
John Richards, Chairman
Cavendish Securities (Nominated Adviser Tel: +44 (0)20 7220
and Broker) 0500
Ben Jeynes / Charlie Combe / George Lawson
- Corporate Finance
Michael Johnson / George Budd - Sales
Alma PR (Financial PR) Tel: +44 (0)20 3405
Josh Royston 0205
Hannah Campbell facilitiesbyadf@almapr.co.uk
Robyn Fisher
OVERVIEW OF FACILITIES BY ADF
Facilities by ADF plc is the leading provider of premium
serviced production facilities to the UK film and high-end
television industry ("HETV"). Its production fleet is made up of
700 premium mobile make-up, costume and artiste trailers,
production offices, mobile bathrooms, diners, school rooms and
technical vehicles. The Group provides these production facilities
and additional services after a planning process with the customer
held well in advance of filming. In servicing productions, ADF
staff are available on site and each production is allocated an
account manager who acts as a single lead point of contact during
filming.
In November 2022, ADF acquired Location One Ltd, the UK's
largest integrated TV and film location service and equipment hire
company, bringing highly complementary services and providing cross
selling opportunities to the enlarged Group, as well as delivering
efficiencies through central services.
The Group serves customers in an industry that has experienced
significant growth in recent years, with additional demand driven
by a material rise in the consumption of film and HETV content via
streaming platforms such as Netflix, Disney+, Apple TV+ and Amazon
Prime. The UK film and TV industry has directly benefited during
this growth due to the quality of its production facilities and
studios, highly skilled domestic workforce, geography,
accessibility to Europe, English language environment and strong
governmental support. Major US streaming companies have now set up
permanent bases in the UK, with the UK now the film and TV
industry's second largest operation after North America.
CEO review
Overview
The Group delivered an outstanding first half, with high levels
of fleet utilisation. We achieved revenue growth of 73% to GBP21.8
million (H1-FY22 GBP12.6 million) and adjusted EBITDA of GBP5.8
million, growth of 117% (H1-FY22 GBP2.6 million). This evidences
the ongoing high level of demand for our products and services, the
contribution of Location One since its acquisition in November
2022, and the higher value productions worked on in H1-FY23.
More recently however, the widely published USA Writers (Writers
Guild of America (WAG)) and Actors (Screen Actors Guild - American
Federation of Television and Radio Artists (SAG-AFTR)) strikes have
been impacting productions around the globe. Since July 2023,
several film and TV productions in the UK, on which ADF was
engaged, have seen stoppages or delays to production, and several
others that were scheduled to start filming in Autumn 2023 have now
been pushed into early 2024 commencement.
Notwithstanding, the Group's unaffected productions and pipeline
are expected to generate revenues for the full year ending 31
December 2023 of no less than GBP35 million. This assumes there is
no resolution to the strikes in H2-FY23. We are continuing to
assess the impact on our planned work programme for the remainder
of the financial year in conjunction with our production company
contacts. Any alleviation of the prevailing strike action may
provide the potential for further upside in the current financial
year, assuming productions are able to recommence filming
relatively soon thereafter.
The Board is confident there will be significant levels of
pent-up demand for film and high-end television productions as the
situation normalises and with Location One now fully embedded into
the Group, we are well placed to benefit given our scale and market
leading position.
Market opportunity
We operate in an industry that has experienced significant
growth and investment in recent years, underpinned by the success
of HETV. Whilst the industrial action has caused a short-term
impact, the Board is confident that the underlying market drivers
will continue to accelerate once the situation normalises and there
will be significant levels of pent-up demand for film and HETV
productions akin to that seen after the lifting of the lockdowns
imposed during the COVID-19 pandemic. The Group is well placed to
benefit given its market leading position.
The significant rise of global streaming platforms such as Apple
TV+, HBO Max, Netflix, Disney +, Sky TV and Amazon Prime has
culminated in a material increase in the consumption of films and
HETV. It is estimated that paid-for streaming services from these
companies will exceed GBP4.2 billion in the UK by 2025 and will
overtake, for the first time, traditional paid-for TV packages from
Sky, BT, Virgin etc (Source: KPMG). In comparison, streaming spend
in the UK was less than GBP1 billion in 2018.
Investment in new infrastructure in the UK to support demand
continues at pace with a number of new studio developments in 2023.
Developments at some of the studios where ADF frequently works
include:
-- Shinfield Studios, Berkshire - 5 new stages were added plus
workshop and production offices.
-- Pioneer Studios, Glasgow - where ADF has already established
a joint base with Location One, are opening more studios.
-- Pyramid Studios, Edinburgh - new studio development.
-- Sky Studios, Elstree - continued development of an already major complex.
Industry Performance
In terms of the overall performance of film and TV production in
the UK, the British Film Institute ("BFI") recently reported for
the first half of 2023, the following facts:
-- The combined total spend on film and HETV production in the
UK for H1-2023 was GBP2.5 billion from 188 productions.
o 85 films started shooting during H1-2023. The total UK
production spend for these films was GBP0.8 billion.
o 103 HETV productions began principal photography in H1-2023
with a total UK spend of GBP1.7 billion.
-- The combined total UK spend on film and HETV productions for
the 12 months from July 2022 to June 2023 was GBP5.4 billion. This
is the third highest figure seen since records began. Inward
investment productions accounted for GBP4.5 billion or 83% of the
total.
In the first six months of 2023 government tax credits for HETV
production in the UK exceeded those for film for the first time
since the credits were introduced.
The total production across film and HETV was down on the
(record) comparative period in 2022 due in part to the availability
of studio space at the start of 2023 with a number of large
overruns. In addition, there were some uncertainty over reforms to
the tax credit regime for film and TV production at the end of last
year. These were however, allayed by Jeremey Hunt in his Spring
budget in March 2023 when he re-affirmed the UK government's total
commitment to the sector by increasing the overall rate of
relief.
Competitive strength
We are already the provider of choice in the UK for large scale
and quality productions. This, in the main, has allowed us to
select the highest value production contracts available. This
market position has taken several years to build, and we have the
right infrastructure in place to support continued expansion. The
addition of Location One has also made us strategically stronger,
evidenced by our financial performance in H1-FY23 and has
positioned us well to capture a growing proportion of the expanding
market.
The Group experienced an increase in the average revenue per
production in H1-FY23 of 32% to GBP361k (H1-FY22 GBP274k). ADF's
forward order book and pipeline, prior to the onset of the strikes,
was full of high value projects, and hence we were very confident
of achieving our forecast revenue for the year.
With the onset of the strikes, we have drawn on our strong
relationships with both customers and suppliers, and this has been
vital during this period of industrial action to understand the
impact on our planned programme of work for the remainder of the
year.
Notwithstanding the current headwinds, we continue to have a
relentless focus on doing the basic things well. Our net promoter
score (NPS) continues to be at an exceptional level and is
currently at +87, up from +83 at the date of the January 2022
IPO.
The Group continued to support several premier productions
throughout H1-FY23, including Black Mirror, Star Wars, Celebrity
Bake off, Industry and Slow Horses. Having visibility on such
highly acclaimed projects is imperative as we grow and whilst the
industrial action has temporarily impacted a number of productions,
we still have good visibility of the number of opportunities
available to us. Whilst timing is unclear, there have been more
positive signs recently from the parties involved in the
disputes.
Delivering against growth strategy
The Group continued to successfully execute on our organic
growth strategy through further investment into revenue-generating
fleet equipment. We added 108 assets to our fleet, bringing the
total to 700.
We continue to work closely with our key suppliers, including
General Coach Canada, who supply the artists trailers and
production offices, DAF, who supply our technical vehicles, tractor
units & generators, and Expandable NL, who provide our flagship
double expandable production offices, costume and make-up vehicles,
thus ensuring that we continue to deliver the high-quality level of
service to our customers.
At IPO, we also emphasised our intention to grow through
acquisitions. We approach acquisitions with a robust set of
criteria, working within demanding multiples having an element of
the consideration that is both deferred and contingent, and, in
most circumstances, retaining the management and keeping the brand
name unchanged as it serves its customer base.
The acquisition of Location One met all of these criteria and
the team is now fully integrated into the Group. During H1-FY23,
Location One opened branches at the Group's new operational base in
Longcross, Surrey, and also depots in Bridgend, South Wales and
Pioneer Studios, Glasgow. It therefore now provides the enlarged
Group with both the ability to cross-sell our services to the
increasing number of HETV companies with sites in the UK, and also
to deliver services in a more efficient way. These new branches
have expanded Location One's geographic reach and logistical
capabilities, strengthened the enlarged Group's position across the
UK, moving the company closer to becoming a one stop shop for film
and HETV production.
The IPO raised the Group's profile, and we are now seeing more
acquisitive opportunities. We are in discussions with several
parties and will continue to review opportunities for complementary
additions as they arise.
ESG
ADF is committed to activities that have a positive impact on
our employees and society, and we aim to reduce our environmental
impact through collaboration with stakeholders towards a low carbon
production industry. To achieve this, we are now developing our own
ESG strategy, led by our Chair, John Richards, along with the rest
of the ADF Board. This is being achieved through the development of
a new ESG Governance structure. An external consultant,
EthicallyBE, has been retained to assist with the refinement and
implementation of the strategy developed by the Board. They will be
taking a commercial approach to sustainability and the ESG strategy
provides an opportunity to use sustainability as a differentiator
and to align our brand, values and purpose - and effectively
integrate future acquisitions into the Group.
As part of our journey to ultimately become a carbon-neutral
operator in the future, last year we partnered with Creative Zero,
a sustainability organisation, to undergo a carbon audit to better
understand our impact on the environment. Internal interviews and
research are almost complete and Creative Zero has presented the
results of the Carbon Audit. This sets out our impact as a business
across Scopes 1 and 2, and some of 3, and makes recommendations on
potential areas of focus for our path to net zero. These
opportunities will be maximised moving forward and the carbon audit
footprint will provide the data required for the SECR submission to
be prepared by April 2024.
We were proud to have been the first facilities provider in
Europe that was approved by Albert, the authority on environmental
sustainability for the film and television industry, a clear
endorsement of the Group's ESG strategy. Maintaining our Albert
approval is as important as ever with many studios only allowing
Albert approved vehicles on site. Location One is also an approved
Albert supplier.
In H1-FY23, we launched our first Employee Satisfaction Survey
to measure and improve employee wellbeing. As part of our ESG
strategy, we are in the process of re-launching our Company Values
and Mission Statement, to ensure our employees can reach their full
potential.
The ESG strategy will drive high levels of compliance across
environmental, social and governance factors, and set out where ADF
also has the opportunity to lead the market in key areas. Our early
strategic focus is on the environment, most specifically the carbon
footprint of our business and the drive to net zero; the continuing
development of innovative client solutions; health and wellbeing,
and an increased focus on knowledge, training, and upskilling.
The Group intends to finalise its ESG strategy in H2-FY23 and
will provide an update on progress in due course.
Outlook
The Group delivered an outstanding H1-FY23 performance, with
encouraging revenue growth and margin improvement, where we
supported a record number of premium productions across the UK.
Whilst the widely publicised writers and actors strike is
impacting the Group's H2-FY23 performance, as the filming of
several ADF productions have now been delayed until 2024, we
believe the impact will only be short-term, and the Group is ready
to capitalise on the pent-up demand once the situation
normalises.
Marsden Proctor
Chief Executive Officer
Financial performance
Summary
The financial results for the 6 months ended 30 June 2023
reflect a continuation of the strong performance in the second half
of FY22. Revenue in the first half of the FY23 of GBP21.8 million
was 73% ahead of the same period in 2022 (GBP12.6 million), coming
in slightly ahead of the Board's expectations.
The revenue of GBP21.8 million includes GBP5.2 million from
location equipment hire specialist, Location One Limited, our new
acquisition in November 2022. Like-for-like sales for the core
facilities business, excluding Location One Ltd, were 32% ahead of
the same period in 2022.
With the continued high level of revenue visibility from our
pipeline and order book, we had forecast, and budgeted, sales for
H1-FY23 to be broadly in line with what we achieved. The order book
for the second half of FY23 was similarly very strong, however the
announcement of USA Writers (Writers Guild of America (WAG)) and
Actors (Screen Actors Guild - American Federation of Television and
Radio Artists (SAG-AFTR)) strikes has reduced our work programme
and pipeline for the remainder of the year.
Profit margins also improved in H1-FY23. The productions ADF
worked on in the period were more geographically centred around the
main London studios and other studios close to our operational hubs
in Wales, Manchester and Glasgow which therefore made them more
efficient from a transport and mobilisation perspective.
Furthermore, a sustained effort was made over H1-FY23 to
increase the number of employed HGV drivers as opposed to relying
on agency HGV drivers. This is reflected in agency driver costs
reducing to 9.6% of revenue in H1-FY23 compared to 16.0% in
H1-FY22.
Nevertheless, overall direct labour costs remained relatively
static at approximately 29% of revenue in both periods. There was
some upwards pressure on pay rates at the start of the 2023, and
some (below inflation) pay awards were made at that time for a
number of employee groups including HGV drivers, mechanics and
trailer manufacturing staff. Overheads remained in line with
expectation at 12.3% of revenue, slightly up on H1-FY22 of
11.9%.
Net interest expense increased from GBP284K in H1-FY22 to
GBP625K in H1-FY23. The increase is made up of three elements -
additional HP interest of GBP122K from new HP leases to fund
organic growth, GBP58K from Location One's existing and new HP
leases, and GBP161K interest from the capitalisation of the
Longcross lease under IFRS16. Interest rates on HP leases are not
variable and fixed at the date the leases are taken out.
Location One continue to integrate into ADFs systems, processes
and operating model with the consolidation of IT systems,
insurances, HR support, finance procedures and reporting, sales and
CRM systems, thus delivering the expected efficiencies. Having one
integrated platform for sales has led to successful joint bids for
nine productions in H1-FY23. Location One also expanded their
geographical footprint with three new locations - two at existing
ADF sites (Wales and Longcross) and one at a new site in Glasgow,
alongside ADF.
As a result of the above, profit before tax for H1-FY23 was
GBP2.7 million, an increase of 118% over the same period one year
earlier (H1-FY22: GBP1.3 million).
The taxation charge for H1-FY23 of GBP192k is deferred tax only
as the Group currently has excess (super deduction) capital
allowances to cover its current taxable profits.
EBITDA
We also measure performance based on EBITDA and Adjusted EBITDA.
EBITDA is a common measure used by investors and analysts to
evaluate the operating financial performance of companies.
We consider EBITDA and Adjusted EBITDA to be useful measures of
operating performance because they approximate the underlying
operating cash flow by eliminating depreciation and amortisation.
EBITDA and Adjusted EBITDA are not direct measures of our
liquidity, which is shown by our cash flow statement, and need to
be considered in the context of our financial commitments.
A reconciliation of reported profit before tax for the period, a
direct comparable IFRS measure, to Adjusted EBITDA, is set out
below.
Adjusted EBITDA H1-FY23 H1-FY22 FY-22
GBP000's
------------------------ -------- -------- -------
Revenue 21,777 12,620 31,414
------------------------ -------- -------- -------
Profit before tax 2,737 1,253 4,615
Add back:
Finance expenses 625 284 702
Depreciation 2,350 1,093 2,510
Amortisation 9 0 3
Non-recurring expenses 23 0 78
Share based payments 29 29 59
Adjusted EBITDA 5,773 2,659 7,967
------------------------ -------- -------- -------
Adjusted EBITDA
% 26.5% 21.1% 25.4%
------------------------ -------- -------- -------
Revenue
ADF's overall revenue increased by 73% in the first half of 2023
compared to 2022. This includes a full 6 months' sales for our new
group member Location One Limited. Adjusting for this, ADF's
like-for-like facilities sales increased by 32% the first half of
2022.
The table below shows the revenue between the two main
facilities hire categories, being Main Packages and Additional
Sales, plus other miscellaneous sales. Revenue for Location One is
shown separately. The table also shows the percentage uplift in
facilities revenue from post-main package 'additional' sales, which
has remained relatively consistent at approximately 75% over the
relevant periods shown. This is further explained in the following
sections.
Turnover GBPM's H1-FY23 H1-FY22 % Inc FY22
----------------------------------- -------- -------- ------ --------
Facilities - Main packages GBP10.1 GBP7.2 40% GBP18.5
Facilities - Additional sales GBP6.4 GBP5.3 21% GBP11.9
Facilities - Other income GBP0.1 GBP0.1 0% GBP0.3
----------------------------------- -------- -------- ------ --------
Facilities - Total GBP16.6 GBP12.6 32% GBP30.7
Location Equipment hire (Location GBP5.2 GBP0.0 0% GBP0.7
One)
Total Revenue GBP21.8 GBP12.6 73% GBP31.4
----------------------------------- -------- -------- ------ --------
Uplift on main packages % (see
explanation below) 73.7% 73.9% 75.2%
----------------------------------- -------- -------- ------ --------
Main Package sales
Main packages are agreed with ADF's clients, in most cases
several months in advance for the hire of specific items of
equipment over a set timeframe. Each type of equipment has a set
daily hire rate. The cost of ADF staff required to be onsite to
manage and service the equipment is also calculated by reference to
a set daily hire rate. The rate card is set and adjusted annually.
Main packages are purely to secure and 'pre-book' the equipment and
staff. These packages are split into equal fortnightly payments
beginning two weeks before commencement of principal filming.
Additional sales
ADF's trailers and staff are typically booked six or more months
in advance, and client requirements invariably change in the run up
to filming. Often, at the time of booking, scripts have not been
finalised and locations have not been agreed. Any additional
equipment and staff required closer to and during the filming
period, plus the labour & transport cost to move equipment, are
then charged out weekly during the filming period. Additional sales
include such items as:
-- Labour recharges - this is the largest component of
additional revenue (typically more than half) and is principally
payments for drivers to move trailers and equipment around the
various locations on each production.
-- Additional trailer hire - incremental ad-hoc vehicles required during the project.
-- Fuel recharges - ADF recharges fuel used on productions (with a c.10% admin fee).
-- Sundry recharges - consumable products, hand sanitisers, toiletries etc.
Revenue Mix
ADF worked on 46 productions in H1-FY23, the same number as in
H1-FY22.
However, there was a significant increase in revenue per
production during the period, with the average revenue per
production (excluding Location One) in H1-FY23 being GBP361k, a 32%
increase over H1-FY22 (GBP274k), which reflects working on a number
of specific higher value productions with Netflix (Crown season 6),
Disney+ (Star Wars Andor) and Apple TV+ (Slow Horses) during
H1-FY23.
H1-FY23 H1-FY22
Revenue by Platform GBP000's % GBP000's %
--------------------- ----------- ------- ---------- -------
Amazon GBP747 3.4% GBP686 5.4%
Apple TV+ GBP2,378 10.9% GBP234 1.9%
BBC GBP3,059 14.0% GBP2,431 19.3%
Disney+ GBP3,037 13.9% GBP1,449 11.5%
Fox GBP0 0% GBP315 2.5%
ITV GBP2,671 12.2% GBP2,246 17.8%
Marvel GBP0 0% GBP952 7.5%
Netflix GBP4,578 21.0% GBP2,614 20.7%
Other Productions GBP4,265 19.5% GBP714 5.7%
Sky GBP607 2.7% GBP702 5.6%
--------------------- ----------- ------- ---------- -------
Total invoiced GBP21,342 98.0% GBP12,343 97.8%
Cross Hire & Other GBP435 1.8% GBP277 2.2%
-----------
Total revenue GBP21,777 100.0% GBP12,620 100.0%
--------------------- ----------- ------- ---------- -------
Split
ADF GBP16,617 76% GBP12,620 100%
Location One GBP5,160 24% GBP0 0%
GBP21,777 100% GBP12,620 100%
------------------------ ---------- ----- ---------- -----
ADF Productions (No.) 46 46
ADF Ave Per Production GBP361 GBP274
------------------------ ---------- ----- ---------- -----
The split of productions across the revenue bands is shown
below:
H1-FY23 H1-FY22 FY22
Production value
------------------- -------- -------- -----
GBP0 - GBP500k 37 39 54
GBP500k - GBP1.0m 4 6 16
GBP1.0m - GBP1.5m 2 1 4
GBP1.5m - GBP2.0m 2 0 1
GBP2.0m - GBP2.5m 0 0 0
GBP2.5m - GBP3.0m 1 0 1
46 46 76
------------------- -------- -------- -----
Share Based Payments & Non-Recurring Expenses
The share-based payments relate to certain options granted to
the two current executive directors. The non-recurring expenses
relate to the advisory costs in relation to the acquisition of
Location One Limited.
Dividend & EPS
The Company declared a final dividend of 0.90 pence per share in
June 2023 in relation to the year ended 31(st) December 2022. This
took the total dividend for that year to 1.36 pence per share, with
the interim dividend of 0.46 pence per share in October 2022.
Basic earnings per share for H1-FY23 was 3.20 pence per share,
an increase of 111% over H1-FY22 (1.52 pence per share).
The Group proposes to pay an interim dividend of 0.5 pence per
share in relation to FY-23 (0.46 interim dividend FY-22) to be paid
on 27(th) October 2023 to shareholders on the register on close
business on 6(th) October 2023
Cash Flow & Net Debt
Net cash generated from operating activities was GBP4.5 million
in H1-FY23 compared to GBP0.3 million in H1-FY22.
Trade and other receivables increased by GBP0.5 million due to
the inclusion of the balances in Location One Ltd, which has a much
broader client base.
During the 6 months to 30 June 2023, ADF spent GBP9.4 million on
new equipment, of which GBP6.0 million was financed by hire
purchase and GBP3.4 million was paid for with cash. This comprised
the majority of our planned capital expenditure for FY23 which was
accelerated to maximise claims under the very favourable super
deduction capital allowance regime. There was a risk this capital
allowance regime would be withdrawn from April 2023, but it was
extended on a similar but slightly lower level by the Chancellor in
his Spring budget. The Company now has significant excess capital
allowances to offset its corporation tax liabilities.
At 30 June 2023, the Group had committed, un-delivered capex
orders of GBP6.2 million for FY-23. Some GBP1.0 million of this was
delivered in Jul-23, however the remaining GBP5.2 million has been
put on hold, in agreement with our suppliers, for delivery after
the writers and artist strikes have been resolved.
In addition, new property leases with an inception value of
GBP0.8 million were capitalised under IFRS16, being the renewal of
the lease at the factory unit in Brynmenyn, additional space at the
corporate Head Office in Bridgend, and additional capacity at
Location One's main operational base in Barking.
Since the onset of the WAG and SAG-AFTR strikes all further
capital expenditure has been put on hold until this is
resolved.
FACILITIES BY ADF PLC
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 JUNE 2023
Six months ended Six months ended
Note 30 June 2023 (unaudited) GBP'000 30 June 2022 (unaudited) GBP'000
--------------------------------- ---------------------------------
Revenue 3 21,777 12,620
Cost of sales (13,332) (8,454)
--------------------------------- ---------------------------------
Gross profit 8,445 4,166
Administrative expenses (5,031) (2,600)
Non-recurring expenses 5 (23) -
Share based payment expense (29) (29)
Operating profit 3,362 1,537
Finance expense 8 (625) (284)
Profit before taxation 2,737 1,253
Taxation (192) (112)
--------------------------------- ---------------------------------
Profit for the period 2,545 1,141
================================= =================================
Earnings per share for profit
attributable to the owners
--------------------------------- ---------------------------------
Basic earnings per share (GBP) 6 0.0320 0.0152
Diluted earnings per share (GBP) 6 0.0298 0.0141
================================= =================================
FACILITIES BY ADF PLC
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023
As at
30 June As at
2023 31 December 2022
(unaudited) (audited)
Note GBP'000 GBP'000
------------- ------------------
Assets
Current assets
Inventories 475 417
Trade and other receivables 3,577 3,045
Cash and cash equivalents 7,251 9,518
------------- ------------------
Total current assets 11,303 12,980
------------- ------------------
Non-current assets
Property, plant and equipment 7 11,901 10,680
Right-of-use assets 8 32,341 25,901
Intangible assets 9 7,280 7,289
Total non-current assets 51,522 43,870
------------- ------------------
Total assets 62,825 56,850
============= ==================
Liabilities
Current liabilities
Trade and other payables 5,464 6,322
Lease liabilities 8 5,732 3,705
Total current liabilities 11,196 10,027
------------- ------------------
Non-current liabilities
Other provisions 39 38
Lease liabilities 8 20,221 17,524
Contingent consideration 878 878
Deferred tax liabilities 3,388 2,966
------------- ------------------
Total non-current liabilities 24,526 21,406
------------- ------------------
Total liabilities 35,722 31,433
------------- ------------------
Net Assets 27,103 25,417
============= ==================
Equity
Called up share capital 11 806 794
Share premium 15,547 15,492
Share based payment reserve 1,681 1,652
Merger reserve (400) (400)
Retained earnings 9,469 7,879
------------- ------------------
Total equity 27,103 25,417
============= ==================
FACILITIES BY ADF PLC
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 JUNE 2023
Share
Based
Share Share Payment Merger Retained Total
Capital Premium Reserve Reserve Earnings Equity
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------- ---------- --------- ---------- ----------- ----------
Balance at 01 January
2022 455 787 1,332 (400) 3,322 5,496
Comprehensive Income
Profit for the year - - - - 4,612 4,612
Transactions with
owners
Issue of shares
on AIM listing 11 300 14,700 - - - 15,000
Costs of issue of
shares on AIM listing - (1,457) - - - (1,457)
Exercise of options 11 5 - - - - 5
Share based payment
charge on AIM listing - (261) 261 - - -
Share based payment
charge on long term
incentive program - - 59 - - 59
Deferred tax adjustment 295 295
Business acquisition 34 1,846 - - - 1,880
Costs of issue of
shares - (123) - - - (123)
Dividends - - - - (350) (350)
----------- ---------- --------- ---------- ----------- ----------
Balance at 31 December
2022 (audited) 794 15,492 1,652 (400) 7,879 25,417
----------- ---------- --------- ---------- ----------- ----------
Balance at 01 January
2023 794 15,492 1,652 (400) 7,879 25,417
Comprehensive Income
Profit for the year - - - - 2,545 2,545
Transactions with
owners
Issue of share capital 11 12 55 - - - 67
Share based payment
charge - - 29 - - 29
Share based payment
deferred tax charge - - - - - (230) (230)
Dividends - - - - (725) (725)
Balance at 30 June
2023 (unaudited) 806 15,547 1,681 (400) 9,469 27,103
----------- ---------- --------- ---------- ----------- ----------
FACILITIES BY ADF PLC
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 30 JUNE 2023
Six months ended
30 June Year ended
2023 31 December 2022
(unaudited) (audited)
Note GBP'000 GBP'000
----------------- ------------------
Cash flows from operating activities
Profit before taxation from continuing activities 2,737 4,615
Adjustments for non-cash/non-operating items:
Depreciation of property, plant and equipment 7 879 611
Depreciation of right-of-use assets 8 1,471 1,899
Amortisation of intangible assets 9 9 3
Loss on disposal of property, plant and equipment and
right-of-use assets 7/8 183 52
Share based payment charge 29 59
Finance expense 8 625 702
5,933 7,941
Increase in inventories (58) (417)
(Increase)/decrease in trade and other receivables (532) 259
(Decrease)/increase in trade and other payables (858) (3,517)
Cash from operations 4,485 4,266
Net cash generated from operating activities 4,485 4,266
----------------- ------------------
Cash flows from investing activities
Purchase of property, plant and equipment 7 (2,455) (4,056)
Purchase of intangible assets - (81)
Purchase of right-of-use assets (972) (964)
Increase in amounts due from directors - (180)
Cost of business acquisition - (3,595)
Net cash used in investing activities (3,427) (8,876)
----------------- ------------------
Cash flows from financing activities
Proceeds from issue of shares 67 15,005
Cost of share issue - (1,580)
Repayment of borrowings - (342)
Cash movements on lease liabilities 8 (2,042) (2,890)
Interest paid on lease liabilities 8 (625) (695)
Other interest paid - (7)
Dividends paid (725) (350)
Net cash used in financing activities (3,325) 9,141
----------------- ------------------
Net (decrease)/increase in cash and cash equivalents (2,267) 4,531
Cash and cash equivalents at beginning of period 9,518 4,987
Cash and cash equivalents at end of period 7,251 9,518
================= ==================
FACILITIES BY ADF PLC
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL
STATEMENTS
FOR THE SIX MONTHSED 30 JUNE 2023
1 General Information
The principal activity of Facilities by ADF Plc (the "Company")
and its subsidiaries (together, the "Group") is the supply of
mobile facilities and location equipment hire for television and
film productions.
The Company is a public company limited by shares, incorporated,
domiciled and registered in England and Wales in the UK. The
registered number is 13761460 and the registered address is Ground
Floor, 31 Oldfield Road, Bocam Park, Pencoed, Bridgend, United
Kingdom, CF35 5LJ.
2 Summary of significant accounting policies
2.1 Basis of preparation
The unaudited interim financial information presents the
financial results of the Group for the six-month period to 30 June
2023. This financial information has been prepared in accordance
with UK-adopted International Accounting Standards and are
presented on a condensed basis. All values are rounded to the
nearest thousand (GBP'000) except where otherwise indicated.
The financial information presented in this interim financial
report for the period ended 30 June 2023 does not constitute
statutory accounts, within the meaning of section 434 of Companies
Act 2006. These interim financial statements do not include all of
the information required for a complete set of financial statements
prepared in accordance with IFRS Standards. However, selected
explanatory notes are included to explain events and transactions
that are significant to an understanding of the changes in the
Group's financial position and performance since the last annual
consolidated financial statements.
The Annual Report and Financial Statements for the year ending
31 December 2022 have been filed with the Registrar of Companies.
The Independent Auditor's Report on the Annual Report and Financial
Statement ended 31 December 2022 was unqualified.
2.2 Accounting policies
The accounting policies are consistent with those followed in
the preparation of the Annual Report and Financial Statements for
the year ending 31 December 2022, which are filed with the
Registrar of Companies.
2.3 Going concern
The interim financial statements have been prepared on the going
concern basis, which the directors believe to be appropriate for
the following reasons. The directors have prepared cash flow
forecasts for a 12-month period from the date of approval of these
interim financial statements and such forecasts have indicated that
sufficient funds should be available to enable the Group to
continue in operational existence for the foreseeable future by
meeting its liabilities as they fall due for payment.
Furthermore, the Directors have considered the ongoing impact of
the current macro-economic factors on the Group's forecast
cashflows and liabilities, concluding that these have no material
impact on the Group due to the nature of its operations.
2.4 Critical accounting judgements and estimates
The preparation of the interim financial information requires
the use of certain critical accounting estimates. It also requires
management to exercise judgement and use assumptions in applying
the Group's accounting policies. The resulting accounting estimates
calculated using these judgements and assumptions will, by
definition, seldom equal the related actual results but are based
on historical experience and expectations of future events.
Management believe that the estimates utilised in preparing the
interim financial information are reasonable and prudent.
Estimates and judgements are continually evaluated 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 judgements and key sources of estimation uncertainty that
have a significant effect on the amounts recognised in the interim
financial information are consistent with those followed in the
preparation of the Annual Report and Financial Statements for the
year ending 31 December 2022 which are filed with the Registrar of
Companies .
3 Revenue from contracts with customers
All of the Group's revenue was generated from the provision of
services in the UK, apart from hire of facilities revenues
totalling GBP314,371 (2022: GBPNil) which were generated in the
European Union. Five customers make up 10% or more of revenue in
the period ending 30 June 2023 (2022: 4 ). Management considers
revenue is derived from one business stream being that of hire of
facilities. As at 30 June 2023 the Group had ceased trading of fuel
cards. Fuel cards by ADF was still identified as a separate
reporting segment up until this date, as fuel cards were sold in
the period to 30 June 2022.
Revenue from customers
Six months Six months
ended ended
30 June 30 June
2023 (unaudited) 2022 (unaudited)
GBP'000 GBP'000
----------------- -----------------
Hire of facilities
================= =================
Customer 1 3,059 2,431
================= =================
Customer 2 4,578 2,614
================= =================
Customer 3 2,378 234
================= =================
Customer 4 2,671 2,246
================= =================
Customer 5 3,037 1,449
================= =================
All other customers 6,054 3,646
----------------- -----------------
21,777 12,620
================= =================
Six months Six months
ended ended
30 June 30 June
2023 (unaudited) 2022 (unaudited)
Timing of transfer of goods or services GBP'000 GBP'000
----------------- -----------------
Services transferred over time 21,777 12,530
================= =================
At a point in time - 90
----------------- -----------------
21,777 12,620
================= =================
4 Segmental reporting
The Group has one reporting segment, being the hire of
facilities . During the comparative period, the Group had another
reporting segment, being fuel cards by ADF. At 30 June 2023 the
Group had ceased trading of fuel cards. Fuel cards by ADF was still
identified as a separate reporting segment up until this date.
Total assets and liabilities are not provided to the Chief
Operations Decision Maker (CODM) in the Group 's internal
management reporting by segment and therefore are not presented
below and information on segments is reported at a gross profit
level only. All non-current assets are held in the UK.
Six months ended Six months ended
30 June 2023 (unaudited) GBP'000 30 June 2022 (unaudited) GBP'000
--------------------------------- ---------------------------------
Revenue
Hire of facilities 21,777 12,530
Fuel by ADF - 90
--------------------------------- ---------------------------------
21,777 12,620
================================= =================================
Cost of sales profit
Hire of facilities (13,332) (8,372)
Fuel by ADF - (82)
--------------------------------- ---------------------------------
(13,332) (8,454)
--------------------------------- ---------------------------------
Gross Profit 8,445 4,166
================================= =================================
Revenue by geographical destination
Six months ended Six months ended
30 June 2023 (unaudited) GBP'000 30 June 2022 (unaudited) GBP'000
--------------------------------- ---------------------------------
United Kingdom 21,463 12,620
EU 314 -
--------------------------------- ---------------------------------
21,777 12,620
================================= =================================
5 Non-recurring expenses
The Group incurred GBP23,023 non-recurring expenses during the
period to 30 June 2023 (2022: GBPNil). The costs in the period
relate to additional expenditure in respect of the acquisition of
Location 1 Group Limited.
Six months Six months
ended ended
30 June 30 June
2023 (unaudited) 2022 (unaudited)
GBP'000 GBP'000
------------------ ------------------
Non-recurring expenses 23 -
================== ==================
6 Earnings per share
The calculation of the basic earnings per share (EPS) is based
on the results attributable to ordinary shareholders divided by the
weighted average number of shares in issue during the year. Diluted
EPS includes the impact of outstanding share options.
Six months Six months
ended ended
30 June 30 June
2023 (unaudited) 2022 (unaudited)
GBP GBP
------------------ ------------------
Profit used in calculating basic diluted
EPS 2,545,160 1,142,573
Weighted average number of shares 79,546,645 74,964,087
Diluted weighted average number of shares 85,497,418 80,910,717
Earnings per share 0.0320 0.0152
------------------ ------------------
Diluted earnings per share 0.0298 0.0141
================== ==================
7 Property, plant, and equipment
Computer Leasehold Assets
Plant Hire Motor equipment improvement under
and machinery Fleet vehicles GBP'000 GBP'000 construction Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------- ---------- ---------- ------------ -------------- ---------------- -----------
Cost
At 1 January
2022 -126 5,569 492 11 - - 6,198
Additions 33 1,984 221 - - 1,818 4,056
Additions on
acquisition - 2,524 560 - - 69 3,153
Transfers - 677 401 - - (1,078) -
Disposals - (91) (58) - - - (149)
--------------- ---------- ---------- ------------ -------------- ---------------- -----------
At 31 December
2022 159 10,663 1,616 11 - 809 13,258
--------------- ---------- ---------- ------------ -------------- ---------------- -----------
Depreciation
At 1 January
2022 58 1,951 48 4 - - 2,061
Charge for the
year 19 516 74 2 - - 611
Disposals - (63) (31) - - - (94)
--------------- ---------- ---------- ------------ -------------- ---------------- -----------
At 31 December
2022 77 2,404 91 6 - - 2,578
--------------- ---------- ---------- ------------ -------------- ---------------- -----------
Cost
At 1 January
2023 -159 10,663 1,616 11 - 809 13,258
Additions 75 1,098 180 5 95 1,002 2,455
Transfers - 1,114 368 - - (1,666) (184)
Disposals - (485) (173) - - - (658)
At 30 June 2023 234 12,390 1,991 16 95 145 14,871
--------------- ---------- ---------- ------------ -------------- ---------------- -----------
Depreciation
At 1 January
2023 77 2,404 91 6 - - 2,578
Charge for the
year 15 683 172 1 8 - 879
Disposals - (349) (138) - - - (487)
At 30 June 2023 92 2,738 125 7 8 - 2,970
--------------- ---------- ---------- ------------ -------------- ---------------- -----------
Net book amount
At 31 December
2022 82 8,259 1,525 5 - 809 10,680
=============== ========== ========== ============ ============== ================ ===========
At 30 June 2023 142 9,652 1,866 9 87 145 11,901
=============== ========== ========== ============ ============== ================ ===========
Depreciation is charged to administrative expenses within the
statement of comprehensive income.
Leasehold improvements in the period to 30 June 2023, are in
respect of improvements made to Kitsmead, Kitsmead Lane, Longcross
KT16 0EF. These have been depreciated using a 25% reducing balance
rate.
8 Leases
Right-of-use assets
Hire Fleet Assets
Leasehold Motor and Motor under
Property Leasehold Vehicles Equipment construction Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 1 January 2022 1,397 137 16,313 22 - 17,869
Additions 6,863 - 3,108 - 1,812 11,783
Business acquisitions 808 24 - 87 - 919
Transfers - - 1,085 - (1,082) 3
At 31 December
2022 9,068 161 20,506 109 730 30,574
---------- ----------- ----------- ------------ -------------- -----------
Depreciation
At 1 January 2022 840 57 1,871 6 - 2,774
Charge for the
period 251 38 1,602 8 - 1,899
At 31 December
2022 1,091 95 3,473 14 - 4,673
---------- ----------- ----------- ------------ -------------- -----------
Cost
At 1 January 2023 9,068 161 20,506 109 730 30,574
Additions 760 - 1,094 - 5,885 7,739
Transfers - - 5,005 - (4,821) 184
Disposals (17) - (14) - - (31)
At 30 June 2023 9,811 161 26,591 109 1,794 38,466
---------- ----------- ----------- ------------ -------------- -----------
Depreciation
At 1 January 2023 1,091 95 3,473 14 - 4,673
Charge for the
period 433 30 985 23 - 1,471
Disposal (17) - (2) - - (19)
At 30 June 2023 1,507 125 4,456 37 - 6,125
---------- ----------- ----------- ------------ -------------- -----------
Net book amount
At 31 December
2022 7,977 66 17,033 95 730 25,901
========== =========== =========== ============ ============== ===========
At 30 June 2023 8,304 36 22,135 72 1,794 32,341
========== =========== =========== ============ ============== ===========
Lease liabilities
Hire Fleet
Leasehold Motor and Motor
Property Leasehold Vehicles Equipment Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------- ------------ ----------- ------------ -----------
At 1 January 2022 583 91 11,574 17 12,265
Additions 6,770 - 4,165 - 10,935
Business acquisitions 808 24 - 87 919
Interest expense 106 3 585 1 695
Lease payments (including
interest) (172) (28) (3,376) (9) (3,585)
At 31 December 2022 8,095 90 12,948 96 21,229
---------- ------------ ----------- ------------ -----------
At 1 January 2023 8,095 90 12,948 96 21,229
Additions 759 - 6,007 - 6,766
Interest expense 224 1 399 1 625
Lease payments (including
interest) (425) (32) (2,186) (24) (2,667)
---------- ------------ ----------- ------------ -----------
At 30 June 2023 8,653 59 17,168 73 25,953
---------- ------------ ----------- ------------ -----------
9 Intangible assets
Software Goodwill Total
GBP'000 GBP'000 GBP'000
----------- --------- -----------
Cost
At 1 January 2022 - - -
Additions through business acquisitions - 7,211 7,211
Additions 81 - 81
-----------
At 31 December 2022 81 7,211 7,292
----------- --------- -----------
Amortisation
At 1 January 2022 - - -
Charge for the year 3 - 3
-----------
At 31 December 2022 3 - 3
----------- --------- -----------
Cost
At 1 January 2023 81 7,211 7,292
At 30 June 2023 81 7,211 7,292
----------- --------- -----------
Amortisation
At 1 January 2023 3 - 3
Charge for the period 9 - 9
----------- --------- -----------
At 30 June 2023 12 - 12
----------- --------- -----------
Net book amount
At 30 June 2023 69 7,211 7,280
=========== ========= ===========
At 31 December 2022 78 7,211 7,289
=========== ========= ===========
10 Capital commitments and contingencies
Capital and financial commitments
The Group commits to lease agreements in respect of hire
facilities over six months in advance, this is due to the nature of
the facilities leased.
As at 30 June 2023 the Group committed to new fleet capital
expenditure orders of GBP6.2 million for 2023 and GBP0.6 million
for 2024.
The Group held no other additional capital, financial and or
other commitments at 30 June 2023.
11 Share capital
As at As at
30 June 31 December
2023 2022
(unaudited) (audited)
GBP'000 GBP'000
----------------- -------------
Allotted, called up and fully paid
Ordinary Shares of 1p each (2023: 79.4m; 2022: 45.5m) 794 455
30 million issued Ordinary Shares of 1p in respect of AIM listing - 300
1.2 million issued Ordinary Shares of 1p in respect of exercised options (2022: 0.5
million) 12 5
3.407 million issued Ordinary Shares of 1p in respect of business acquisition - 34
----------------- -------------
Ordinary Shares of 1p each 806 794
================= =============
All classes of shares have full voting, dividends, and capital
distribution rights.
On the 5 January 2022 the shares of the Company were admitted to
the London Stock Exchange trading on the UK AIM market. Admission
and dealings of the ordinary shares of Facilities by ADF Plc became
effective on this date. As part of the listing, and on this date,
30,000,000 new ordinary shares were placed at a price of 50p.
On 4 April 2022 500,000 new ordinary share were issued in
respect of options exercised. The options exercised were
outstanding prior to the Company's January 2022 IPO, as detailed in
the Company's Admission Document, with the majority having been
issued in 2016 as part of the Company's Enterprise Management
Incentive ("EMI") scheme.
On 30 November 2022, the Group completed the acquisition of 100%
of the share capital of Location 1 Group Ltd for consideration of
an initial cash payment of GBP4,429,646 and GBP1,879,575
consideration paid in shares, through Facilities by ADF Plc. The
shares were issued at the share price on the day of the transaction
being GBP0.55p, resulting in an issue of 3,407,400 Ordinary Shares
of 1p.
On 9 June 2023 1,200,000 new ordinary shares were issued in
respect of options exercised. The options exercised were
outstanding prior to the Company's January 2022 IPO, as detailed in
the Company's Admission Document, with the majority having been
issued in 2020 as part of the Company's Enterprise Management
Incentive ("EMI") scheme.
No other options were issued, exercised, or forfeited during the
period ending 30 June 2023.
12 Post balance sheet events
On 5 July 2023, a total of 300,000 share options over new
Facilities by ADF ordinary shares of GBP0.01 each were exercised.
The options exercised were outstanding prior to the Company's
January 2022 IPO, as detailed in the Company's Admission Document,
with the majority having been issued in 2020 as part of the
Company's Enterprise Management Incentive ("EMI") scheme.
The USA Writers (Writers Guild of America (WAG)) and Actors
(Screen Actors Guild - American Federation of Television and Radio
Artists (SAG-AFTR)) strikes have continued post the interim period
end to impact productions around the globe. As the strikes have
drawn on, several film and TV productions in the UK, on which ADF
is currently engaged, have seen stoppages or delays to productions
that were scheduled to start filming in autumn 2023, having now
been pushed into early 2024 commencement.
Notwithstanding the above effects on productions affected by the
USA strikes, revenues from the Group's unaffected productions and
pipeline are expected to generate revenues for the full year ending
31 December 2023 of no less than GBP35 million, assuming there is
no resolution to the strikes in the current financial year. ADF
continues to assess the impact on its planned work programme for
the remainder of the financial year in conjunction with its
production company contacts. Any alleviation of the prevailing
strike action will provide the potential for further upside in the
current financial year.
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END
IR FLFFIAVIDLIV
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