TIDMELCO
RNS Number : 7245E
Eleco PLC
15 May 2013
15 May 2013
Eleco plc
("Eleco" or the "Group")
The Construction Software and Building Systems Group
Preliminary Results for the Year Ended 31 December 2012
Group Performance
Continuing Operations
-- Revenue of GBP34.2m (2011*: GBP38.1m)
-- Operating loss of GBP0.3m before exceptional items of GBP1.6m
(2011*: profit of GBP0.2m before exceptional items of GBP0.1m)
-- Loss before tax of GBP2.4m (2011*: Loss of GBP0.3m)
-- Loss per share - basic and diluted of 3.9p (2011*: loss 1.0p)
Discontinued Operations
-- Loss for the financial period GBP0.4m (2011*: profit GBP0.4m
after taking into account profit of GBP5.4m from sale of
discontinued operations)
Group Borrowings
-- Net bank borrowings at 31 December 2012 of GBP6.5m (2011: GBP4.1m)
-- Deferred consideration receivable at 31 December 2012 held in Escrow: GBP0.8m (2011: GBP1.2m)
Segmental Performance
ElecoSoft(R)
-- Revenue of GBP15.8m (2011*: GBP16.2m)
-- Operating profit of GBP1.8m before exceptional items (2011*: GBP1.7m)
-- Profit before interest and tax of GBP1.6m (2011*: GBP1.7m)
-- Recurring maintenance revenue of GBP7.0m (2011*: GBP7.0m)
ElecoBuild(R)
-- Revenue of GBP18.4m (2011*: GBP22.9m)
-- Operating loss of GBP1.2m before exceptional items (2011*: GBP0.5m)
-- Loss before interest and tax of GBP2.2m (2011*: GBP0.4m)
-- Order book at 31 December 2012 improved to GBP6.3m (2011: GBP3.6m)
Corporate
-- Corporate costs of GBP0.9m before exceptional items (2011*: GBP1.0m)
-- Loss before interest and tax of GBP1.3m (2011*: GBP1.2m)
-- Net finance costs GBP0.5m (2011*: GBP0.4m)
*Prior year comparatives represent 12 months to December
2011.
Strategy and Outlook
-- Eleco has continued its strategy of seeking to bear down on
its exposure to the building products sector while restructuring
the management and cost base of its precast concrete interests
together with its efforts to reduce its risk profile by continuing
to invest in its profitable software interests
-- New bank facilities and a new deficit recovery plan for the
Eleco Retirement Benefit Scheme have now been agreed giving scope
for the Group's businesses to exploit their chosen markets in the
immediate future and benefit the financial position of the Group in
the current period.
Key Events
-- During the year under review Eleco restructured the
management and cost base of its precast concrete interests while
seeking to reduce costs and improve efficiency in our building
products business. At the same time we continued to invest in new
products and technologies for our profitable software interests and
maintained our development in such products at over GBP2m.
-- Eleco agreed new banking facilities with Lloyds Banking Group on 13 May 2013.
-- On 21 September 2012 Eleco plc discharged an obligation of
GBP595,000 to the Eleco Retirement Benefit Scheme under Section 75
of the Pensions Act and is no longer a Statutory Employer. As a
consequence it has been advised that it is no longer legally
obligated to the Scheme.
-- A new schedule of contributions and deficit recovery plan for
the Eleco Retirement Benefit Scheme was agreed with the Trustees of
the Scheme on 10 May 2013.
Executive Chairman, John Ketteley said:
"In the past five years our UK and international software
interests have made good progress, have grown substantially in
value and have been cash generative, while in the same period, our
UK building systems businesses have experienced extraordinarily
difficult trading and have consumed substantial cash resources.
This has unbalanced the Group and placed it under considerable
financial strain."
"However, I believe that the many difficult decisions that your
Board has had to take to deal with this situation are now beginning
to bear fruit and I am becoming increasingly confident that Eleco
will arrive at a position from which, in the absence of unforeseen
circumstances, it should be able to make a full recovery."
For further information please contact:
Eleco plc 0207 422 0044
John Ketteley, Executive Chairman http://www.eleco.com
Matthew Turner, Group Finance Director
Peckwater PR - Tarquin Edwards 0207 808 7340
Cenkos Securities plc - Adrian Hargrave 0207 397 8900
Chairman's Statement
I will comment separately on the performance of ElecoBuild(R) ,
ElecoSoft(R) , and the Eleco Group. For ease of comparison, the
comparative figures shown are those for the 12-month period ended
31 December 2011.
ElecoSoft
ElecoSoft maintained its profitability in the year under review,
which was a resilient performance given the general weakness in the
construction markets. I am also pleased to say that ElecoSoft has
begun the current year well.
Turnover of ElecoSoft in the year under review amounted to
GBP15.8m (2011: GBP16.2m) of which recurring maintenance revenue
amounted to GBP6,972,000 (2011: GBP7,016,000). The weakness of
Sterling against both the Euro and the Swedish Kronor in 2011, when
compared with 2012, accounted for the marginal reduction in both
turnover and recurring maintenance revenue.
EBITDA was higher at GBP2.2m (2011: GBP2.0m). Operating profit
for the year ended 31 December 2012 amounted to GBP2.0m (2011:
GBP1.9m) before exceptional costs of GBP152,000 (2011: GBPnil)
related principally to redundancy costs. The cost of software
product development in the year under review was GBP2.1m of which
GBP2.0m was written off as incurred, the same as last year.
Outlook for ElecoSoft
ElecoSoft has made a good start in 2013. It will be launching a
number of new software programs during the course of the year,
including the launch in Germany of ArconNG, the next generation of
its leading Arcon 3D Architectural Software, and an iPAD version of
ElecoSoft's "o2c" 3D compression and visualisation software.
ElecoSoft recently acquired the Wagemeyer stair software brand,
which will be exhibited with Consultec's Staircon software at the
LIGNA Fair in Hannover. The acquisition of Wagemeyer will
strengthen Consultec's already strong position in the European
stair software market.
ElecoSoft's leading brands now include:
Consultec(R) , StairCon(R) BidCon(R) StatCon(R) ElecoM@trix and
SiteCon(R) , which are all developed in Sweden;
Esign(R) , Arcon(R); ArconNG(R), Wagemayer(R), and o2c(R) , all
of which are developed in Germany; and
the Asta(R) Powerproject project management brand, which is
developed in the United Kingdom.
Details of these brands are set out in the Operating and
Financial Review section of this report. As part of a BIM (Building
Information Modelling) initiative, plans are also underway to allow
ElecoSoft's range of construction software products to exchange
information with each other and third party products using an
industry standard data format.
Despite challenging market conditions in 2012, ElecoSoft's
businesses in Germany delivered improved operating profits. In the
UK, buyers were cautious, however a significant number of product
licences were reactivated by larger clients indicating an increase
in their project workload. In Sweden meanwhile, the demand for
ElecoSoft products and services remained positive.
In March 2013, ElecoSoft also opened an office in Bangalore,
India, in response to the number of enquiries for its software
programs that we received from that region.
ElecoBuild
The continued contraction of the UK Construction Industry, and
in particular that sector of the industry in which ElecoBuild
operates, meant that 2012 would inevitably be another difficult
year. Poor trading led to further redundancies and downsizing of
our precast concrete operations.
Following the major downsizing last year, ElecoBuild's precast
concrete operations now comprise Bell & Webster Concrete, which
is based in Grantham, Lincolnshire, and Milbury Systems, based in
Lydney, Gloucestershire. Its building products operations now
comprise SpeedDeck Building Systems, Downer Cladding, Stramit Panel
Products and Prompt Profiles, all of which are based in Yaxley,
Suffolk.
Turnover of ElecoBuild's continuing operations in the year under
review amounted to GBP18.4m (2011: GBP22.9m), and reflects the
elimination of our loss making precast custodial contract capacity,
the sale of our Hoveringham concrete manufacturing plant, and the
sale of our connector plate interests in the UK and South
Africa.
The loss of ElecoBuild's continuing operations in the year under
review, before exceptional costs, was GBP1.2m (2011: GBP0.4m).
Exceptional costs amounted to GBP1.1m (2011: GBP42,000),
principally due to goodwill impairment of GBP0.6m (2011: GBPnil)
and redundancy costs of GBP0.4m (2011: GBP 42,000) relating to
restructuring activities.
Outlook for ElecoBuild
The atrocious mix of ice, snow, rain and wind experienced in the
first quarter regrettably resulted in a poor start in 2013 for all
of ElecoBuild's operating units, the performance of which were
below budget in the first quarter. However, Bell & Webster
Concrete's orders are now significantly higher than they were at
this time last year. Orders for Milbury Systems' standard concrete
products are also higher. However, I regret to say that our
Building Products businesses have yet to experience an improvement
in trading conditions thus far.
Eleco Group
Group Trading Summary
Group Turnover of Continuing Operations for the year under
review amounted to GBP34.2m; (2011: GBP38.1m) with turnover of
ElecoSoft approaching that of ElecoBuild.
Group Operating Losses from continuing operations for the year
under review, before exceptional losses of GBP1.6m amounted to
GBP290,000 (2011: profit GBP236,000, before exceptional losses of
GBP130,000).
Group continuing operations sustained a loss before tax in the
period under review of GBP2.4m (2011: GBP0.3m) after Corporate
Costs of GBP0.9m (2011: GBP1.0m) and exceptional costs of GBP1.6m
(2011: GBP0.1m). Of the exceptional costs, GBP0.6m (2011: GBP0.1m)
related mainly to redundancy costs from operational restructuring
and GBP0.4m (2011: GBPnil) to Pension Scheme restructuring fees and
expenses. Most of the remaining exceptional costs relate to
goodwill impairment at ElecoBuild, GBP0.6m (2011: GBPnil).
The Group loss after tax for the year was GBP2.7m. (2011:
GBP2.1m) which is equivalent to a loss per share of 4.6p (2011:
3.6p loss per share).
Finance
The proceeds from the sale of the Hoveringham site together with
the deferred consideration received from the sale of our connector
plate businesses of GBP0.7m were allocated to ElecoBuild. However,
despite this and GBP1.3m of additional financial support provided
to ElecoBuild, Group bank borrowings at 31 December 2012 of GBP7.4m
were all attributable to activities related to ElecoBuild. Group
net bank borrowings on the same date amounted to GBP6.5m, after
taking account of cash balances of GBP0.9m attributable to
businesses that are part of ElecoSoft. Group net bank borrowings at
28 February 2013 were GBP6.4m compared with GBP6.4m at 28 February
2012.
GBP800,000 of the consideration for the sale of Gang-Nail
Systems and International Truss Systems will continue to be held in
escrow until 16 December 2013.
Disposals of assets and businesses, together with a reduction in
capital expenditure and with cash generated from the profitable
trading of our Software businesses, partially offset the adverse
cash impact of the poor performance of our concrete and timber
frame businesses. This outcome enabled the Group to restrict its
net bank borrowings at 31 December 2012 to GBP6.5m (2011: GBP4.1m),
despite having to finance the GBP595,000 cost of discharging a
Section 75 obligation to the Pension Scheme together with
GBP375,000 of related professional costs and was expenditure that
was clearly not incurred in the ordinary course of trading.
Lloyds Banking Group renewed the Group's banking facilities with
effect from 13 May 2013. The Directors are satisfied that the Group
has sufficient working capital for its present requirements and as
a consequence shareholders should be aware of the increase in the
rates of interest charged by the Bank on our renewed facilities and
the extent of the security required by the Bank and arrangement
fees charged by the Bank in agreeing to these facilities, details
of which are set out in the Operating and Financial Review section
of this report.
In the light of the continuing trading pressures, which continue
to be experienced by its ElecoBuild businesses, Eleco continues to
moderate its investment in new capital projects. Capital investment
for the year under review was reduced to GBP503,000 (2011:
GBP1.0m), however I am pleased to report that software product
development continued unabated at GBP2.1m (2011:GBP2.1m), of which
GBP0.1m (2011: GBP0.1m) was capitalised.
Actions taken by the Board during 2012 to maintain the financial
stability of the Group in a very difficult trading and financial
climate, inevitably gave rise to a substantial increase in legal,
banking and other professional fees, which doubled to GBP0.6m
(2011: GBP0.3m). This is more than we were able to invest in
capital equipment for our businesses. Unfortunately such costs
impact both our trading performance and our cash resources. We
anticipate that these pressures will ease as the Eleco Group
achieves a full recovery.
Employees
On behalf of shareholders and the Board, I would like to thank
all our employees for their hard work and dedication during the
period under review. Implementing the above changes has placed very
significant and stressful demands on them and unfortunately, 20
more employees became redundant in the downsizing of our building
businesses during the year.
Dividends
The Board does not propose to recommend the payment of a
dividend in respect of the period under review.
Outlook
In the past five years our UK and international software
interests have made good progress, have grown substantially in
value and have been cash generative, while in the same period, our
UK building systems businesses have experienced extraordinarily
difficult trading and have consumed substantial amounts of cash.
This unbalanced the Group and placed it under considerable
financial strain.
However, I believe that the many difficult decisions that your
Board has had to take to deal with this situation are now beginning
to bear fruit and I am becoming increasingly confident that Eleco
will arrive at a position from which, in the absence of unforeseen
circumstances, it will be able to make a full recovery. I can
assure you that I and all my colleagues will continue to do all we
can to achieve this objective.
John Ketteley
Executive Chairman
14 May 2013
Operating and Financial Review
Market Background
Eleco's operations serve the construction market in the UK,
Scandinavia, Germany, the rest of Europe and the world with revenue
exposure as set out in segmental information.
The physical operations of ElecoBuild are based solely in the
UK, whereas the major ElecoSoft offices are based in the UK,
Sweden, Germany and Belgium. In the year new distributors were
appointed in the USA and Estonia and in March 2013 ElecoSoft
established a sales office in India
The market for building products produced by the ElecoBuild
businesses in UK has continued to be affected by depressed
demand.
The demand for software across all ElecoSoft markets has also
been subdued.
Within this market environment the Group has continued to
restructure its operations to ensure that they are well placed to
profitably exploit markets in the future.
Group Strategy and Results
Given the continuing challenging market in the period the Group
has followed its strategy from the previous reporting period
to:
-- Reduce operational overhead and stop on-going trading losses;
-- Sell excess assets and operations where value can be achieved;
-- Limit increase in bank borrowings and enable renewal of
working capital facilities for continuing operations;
-- Strategically acquire incremental and complementary software activities; and
-- Actively manage the legacy pension liability.
The 2012 result has been a small operational loss for the
continuing businesses before exceptionals of GBP290,000 for the
year ended 31 December 2012 (2011 18 month period: profit
GBP143,000) and a loss for the period, before discontinued
activities of GBP2.3m (2011 18 month period: GBP1.2m). The prime
driver to this loss has been the major management restructuring of
the precast concrete activities of ElecoBuild and the costs
incurred on resolving legacy pension matters in the period.
Events in the year ended 31 December 2012 and post the balance
sheet date have been:
-- Renewal of Group working capital bank facilities with Lloyds TSB Bank in May 2013
-- Agreement reached in May 2013 to defer all contributions, and
scheme expenses payable to the Eleco Retirement Benefit Scheme by
the Statutory Employers of the Scheme (Bell & Webster Concrete
Limited, SpeedDeck Building Systems Limited, Stramit Panel Products
Limited and Eleco (GNS) Limited) until 1 March 2014. These total
cash costs were GBP1.2m per annum.
-- Disposal of excess land at Yaxley, Suffolk for GBP0.4m net of expenses in May 2013.
-- Acquisition of Wagemeyer GmbH, a CAD/CAM software supplier to
stair manufacturers, by Eleco Software GmbH in April 2013.
-- Opening of ElecoSoft office in Bangalore, India in March 2013.
-- Management re-structure at ElecoSoft's Asta UK operation in December 2012.
-- Winning of Reading student accommodation phase III contract in November 2012.
-- Settlement by Eleco plc of GBP0.6m obligation to the Eleco
Retirement Benefit Scheme under Sections 75 and 75A of the Pension
Act 1995 in September 2012.
-- Consolidation of ElecoBuild precast concrete management team
reducing top grade management from 6 to 2 people in May 2012.
-- A 34 employee reduction in the Group from 320 people at 1
January 2012 to 286 people at 31 December 2012.
-- Strategic acquisition of Novator Projeckstyrning, the Swedish
distributor of Asta Power Project, based in Stockholm, in March
2012.
-- Sale of the long leasehold precast site at Hoveringham and
associated plant in February 2012.
The Board continues to monitor the markets and operations of the
continuing businesses and will take further corrective action if
necessary.
An annual impairment review by the Group has resulted in
impairment charges against continuing businesses property, plant
and equipment and intangible assets totalling GBP687,000 for the
period under review (2011: GBP22,000).
Group Strategy and Results continued
Net interest costs from total operations excluding pension
related items was GBP211,000 (2011: GBP63,000). Under IAS19, a
finance charge of GBP0.3m (2011: GBP0.5m) is reported, being the
difference between the net investment return on assets of the Eleco
Retirement and Benefits Scheme expected at the outset of the year
and the unwinding of the discount during the year used to determine
the Scheme liabilities at the beginning of the year.
Segmental Results for Continuing Operations
ElecoSoft(R)
The ElecoSoft performance, using key ElecoSoft trading
performance measures is as follows:
Year 18 months
ended ended
31 December 31 December
2012 2011
GBP'000 GBP'000
Revenue 15,821 23,448
Operating profit before
exceptionals 1,793 2,214
Segment
result 1,641 2,203
Software comprises three main business areas; Project and
Resource Management software operating primarily from the UK;
Estimating, Site Control and Timber Engineering software operating
from Sweden and Visualisation software operating in Germany.
A BIM (Building Information Modelling) software team was
established in 2012 to develop a Cloud based data store for holding
common information that will be used throughout the lifecycle of a
construction project. The aim is that all ElecoSoft products will
be able to interact with this data store in order to share data in
a common industry standard format with each other and with other
third-party applications.
United Kingdom
Project and Resource Management Software
Based in Thame and Telford, Asta provides market-leading project
and resource management tools to an impressive list of construction
customers in the UK and in international markets. It accounted for
25% of total software sales in the period under review (2011: 23%).
Revenue amounted to GBP3.9m for the year ended 31 December 2012
(2011 18 months: GBP5.6m).
In 2012 Asta took steps to increase its international
distribution with success in Eastern Europe and growing interest
from specialist distributors the USA.
Asta's customers include 69 of the UK's top 75 main contractors
[source Building Magazine]. In addition to a very high software
maintenance renewal rate a significant number of dormant software
licences were reactivated by this group in 2012, a first sign that
business may be improving for many of these companies.
Asta's international revenue amounted to GBP0.8m for the year
ended 31 December 2012 (2011 18 months: GBP1.1m). Asta software
programs were used in a number of high profile international
projects including the strategic planning phase for the London
Olympic Games.
Sweden
Estimating, Site Control and Timber Engineering Software;
Architectural and Engineering Services
Headquartered in Skelleftea, Sweden, Consultec accounted for 55%
of total software sales in the period under review (2011: 54%).
Revenue amounted to GBP8.6m for the year ended 31 December 2012
(2011 18 months: GBP12.3m).
The Consultec group of companies provides design, estimation,
engineering and planning software and software-related services
primarily to the Scandinavian market and increasingly international
markets. The professional services branch of Consultec provides
architectural, engineering and design services to the construction
industry in Sweden. This combination of software and professional
services gives Consultec a strong market position, with many of the
top construction companies in Scandinavia listed among its
clients.
In March 2012 Consultec acquired the Swedish distributor of Asta
project management software to strengthen its portfolio of products
further and bring in-house the distribution of Asta Poweproject
from its sister company in the UK.
Germany
Visualisation Software, Marketing Software and Project and
Resource Management Software
Our Visualisation, Marketing Software and Project and Resource
Management Software in Germany accounted for 22% of total software
sales in the period under review (2011: 23%). Revenue amounted to
GBP3.4m for the year ended 31 December 2012 (2011 18 months :
GBP5.1m).
Visualisation Software
Eleco Software continued to distribute its well-established
design and visualisation software, Arcon(R) , which is popular with
architectural and design firms across Germany. The professional
version, supplied directly to businesses, is complimented by a
retail version of the product, which is sold through specialist
retail partners.
Development of a new generation of Arcon(R) software made good
progress and a retail version of the software will be available in
2013 with a new professional version to follow in 2014. The new
version of Arcon(R) will include an updated user interface, major
improvements to its graphics capabilities and improved data
exchange with other CAD and design tools.
Marketing and Visualisation Software
Esign(R) supplies a range of sophisticated marketing software
solutions for flooring manufacturers and retailers. At the heart of
Esign's solution is the Marketing Management System, a reference
database bringing together all marketing information relating a
customer's complete product range. By utilising only the highest
quality scanning techniques this provides a single-source of
information for the production of printed and on-line marketing
materials.
In addition to counting Europe's leading flooring companies
among its customers the company is now targeting door manufacturers
with its products. In response to positive feedback from customers
the Marketing Management System is being enhanced to become a
Product Information Manager, which is a complete repository for all
product related information.
Project and Resource Management Software
Asta Development GmbH is the former distributor of Asta products
in Germany, Austria and Switzerland, based in Karlsruhe. Revenue of
Asta Development GmbH amounted to GBP0.9m for the year ended 31
December 2012 (2011 18 months: GBP1.6m) and accounts for 7% of the
total Software sales in the period under review.
The company remains focussed on retaining the dominant market
position of Asta products in the German construction industry and
has also had some success at expanding into the machine-building
segment.
ElecoBuild(R)
Year 18 months
ended ended
31 December 31 December
2012 2011
GBP'000 GBP'000
Revenue 18,405 34,865
Operating loss before
exceptionals (1,152) (465)
Segment
result (2,235) (731)
ElecoBuild comprises the building products operations of
SpeedDeck(R) , Prompt, Stramit(R) , and Downer together with the
Group's precast concrete activities of Bell & Webster Concrete
and Milbury Systems.
The low demand market conditions in the UK construction sector
continued to represent a challenging environment for ElecoBuild,
especially the precast concrete operations, to return to
profit.
As a result of the prolonged down turn in demand in 2012, the
precast management team was restructured resulting in six senior
positions in Milbury Systems and Bell and Webster Concrete being
reduced to two. This inevitably resulted in weaker trading during
this necessary restructuring process and hence an increased
operating loss before exceptional costs over the period. A
significant one off cost of GBP0.4m occurred in 2012 to achieve
this restructuring. Trading at ElecoPrecast is beginning to recover
under the new management team and the ElecoPrecast order book at 31
December 2012 was GBP4.0m, up GBP1.5m, 38% compared to 31 December
2011.
Key Performance Indicators and Business Monitoring
Each business is monitored in detail by the Board using a range
of key performance indicators some of which are specific to the
particular business.
Business performance is monitored by the setting of budgets with
each management team, monthly review of delivery to budget with
reference to the following measures:
-- Order intake, reoccurring revenue and revenue trends
-- Project and product profitability;
-- Profitability and forecast profitability;
-- Historic and forecast cash flow;
-- Overhead control; and
-- Headcount.
Key Risks
The markets in which the Group operates, especially the
ElecoBuild markets, continue to be the key risk the Board. The
final return to profit of ElecoBuild by improved sales and
profitability is the main remaining element of the Turnaround Plan
reported in the 2010 annual review.
The continued fragility of the financial markets has a direct
impact on the flow of finance to construction projects which can
affect the Group's activities. Supply of finance to construction
development can either drive recovery in the sector and hence the
Group. However, should finance to such projects be further
restricted Group revenue is likely to decline further.
Suppliers to the Group's businesses are influenced by the credit
rating agencies views on sectors and operations as they change from
time to time. This is managed by maintaining the strong
relationships the Group's companies have developed with their
suppliers during the recent challenging trading period. Further,
with the current financial environment and the strains put on the
Group's customers, the risk of customer insolvency leading to loss
of business and potential bad debts is a concern. Credit insurance
is however maintained at all ElecoBuild businesses to mitigate such
bad debt events.
Sustaining profitable growth in all the Group's businesses is
determined by retaining our existing high quality team and
attracting new talent. This will become more challenging as any
recovery in the Groups' markets arises.
Capital and Financing
During the year the Group's capital structure changed
specifically in relation to the bank facilities. The term loan that
is due to be repaid by July 2016 continued. In March 2012 the
Group's other facilities were changed from a GBP10m revolving
credit facility to a GBP4.5m overdraft facility. This reduction was
achieved with the completion proceeds from the sale of Gang-Nail
Systems and International Truss Systems previously reported.
In October 2012 the Group's bankers provided an increase of
GBP0.75m to the overdraft facility to enable the settlement of the
GBP0.6m demand from Trustees of the Eleco Retirement Benefit Scheme
under Sections 75 and 75a of the Pensions Act 1995 and associated
professional costs.
Subsequent to the year end, on 13 May 2013 the Group's bank
facilities were restructured with the Groups' existing bankers
Lloyds TSB Bank plc. The new facilities, which replaced the
remaining outstanding term loan balance of GBP2.9m and overdraft
facility of GBP5.25m that existed at 31 December 2012, totalled
GBP8.75m and comprised the following:
-- A new GBP4.0m term loan, with GBP2.0m amortising over 5 years
and a bullet repayment of GBP2m at the end of year 5, carrying an
interest rate of 4% over base; and
-- A new GBP4.75m overdraft for the period to 30 April 2014,
carrying a blended interest rate of 4.8% over base.
Security provided to the bank for the provision of these
facilities is:
-- First legal charge on property freeholds at Grantham, Lydney and Yaxley
-- Pledge on the shares of the software companies
The Group is committed to reducing the level of bank borrowing
and the bank has committed to release of certain elements of the
security provided on this refinance in the event of a material
reduction in bank debt.
Pension Strategy
As reported in the 2012 interim, following the payment by Eleco
plc of GBP0.6m to the Eleco Retirement Benefit Scheme the Group
companies who remain the Statutory Employers responsible for the
continued funding of the Scheme are Bell & Webster Concrete
Limited, SpeedDeck Building Systems Limited, Stramit Panel Products
Limited and Eleco (GNS) Limited.
As a result of this change and in co-ordination with the latest
tri-annual valuation the Trustees of the Scheme commissioned a
covenant review of the remaining Statutory Employers to assist in
making their proposal for future contributions and deficit recovery
payments.
In recognition of the weak trading environment the Trustees
proposed, and the Statutory Employers agreed, a contribution and
expenses deferral until 1 March 2014, with certain conditions, and
a subsequent recovery plan to eliminate the deficit by March 2028
under current actuarial assumptions. The annualised cash cost of
contributions and expenses under the previous arrangements was
GBP1.2m.
The next tri-annual valuation is due at 31 December 2013.
Loss Per Share and Dividend
The loss per share on continuing operations was 3.9p (2011 18
months: loss 2.0p).
The loss per share on total operations was 4.6p (2011 18 months:
loss 4.6p).
Having regard to the Company's current financial position and
performance, the Board is not in a position to recommend the
payment of a dividend in respect of the year ended 31 December 2012
but will consider a return to recommending dividend payments as and
when the Company's trading position and performance permits.
Shareholders' Equity and Net Assets
At 31 December 2012, shareholders' equity amounted to GBP8.9m
(2011: GBP14.2m), after recognising GBP4.6m (2011: GBP3.7m), net of
the related deferred tax asset, as a retirement benefits
liability.
2012 2011
--------------- ---------------
GBP'000 % GBP'000 %
Retirement benefits liability
(net of deferred tax) (4,646) -52% (3,670) -26%
Other net assets 13,496 152% 17,825 126%
Total net
assets 8,850 100% 14,155 100%
Summary Group Cash Flow
Year 18 months
ended ended
31 December 31 December
2012 2011
GBP'000 GBP'000
Cash flow from
operations (1,946) (7,076)
Net capital expenditure 87 (413)
Net interest
paid (205) 66
Tax
paid (396) (59)
Free cash
flow (2,460) (7,482)
Acquisitions and
disposals 208 5,818
Loan (repayments)/proceeds (5,900) 925
Finance lease
repayments (170) (456)
Net cash
flow (8,322) (1,195)
Exchange
difference (39) (66)
Decrease in net cash
balances (8,361) (1,261)
------------ ------------
The Group's cash position reflects trading performance, sale of
businesses and excess assets, and resulted in net bank debt at 31
December 2012 of GBP6.5m (2011: net bank debt GBP4.1m) Specifically
free cash flow included net cash payments relating to discontinued
operations of GBP0.8m (2011: GBP1.4m). There were only significant
sales of businesses in 2011. The cash from the sale of these
business assets in 2011 was used to repay bank loans in 2012 as set
out in the analysis above.
Summary
ElecoSoft is experiencing a marginal growth in operating
profits, but in a challenging European market. The profitable
recovery of all ElecoBuild businesses is still to be realised due
to the continuing weakness of demand in UK construction markets in
which ElecoBuild operate.
New bank facilities and a new deficit recovery plan for the
Eleco Retirement Benefit Scheme have now been agreed giving scope
for the Group's businesses to exploit their chosen markets in the
immediate future.
Matthew Turner
Group Finance Director
14 May 2013
Consolidated Income Statement
for the year ended 31 December 2012
18 months
ended
31 December
2012 2011
Note GBP'000 GBP'000
--------------------------- ----- --------- -------------
Continuing
operations
Revenue 1 34,177 56,822
Cost of sales (16,053) (27,220)
Gross profit 18,124 29,602
Distribution
costs (1,894) (4,651)
Administrative
expenses (16,520) (24,808)
Operating (loss)/profit
before exceptionals 2 (290) 143
Exceptional
items 3 (1,612) (365)
Loss from operations (1,902) (222)
Finance income 4 19 96
Finance cost 4 (514) (804)
Loss before
tax (2,397) (930)
Tax 76 (279)
Loss for the financial
period from continuing
operations (2,321) (1,209)
Loss for the financial
period from discontinued
operations 5 (426) (1,528)
Loss for the financial
period (2,747) (2,737)
--------------------------- ----- --------- -------------
Attributable
to:
Equity holders of
the parent (2,747) (2,737)
--------------------------- ----- --------- -------------
Loss per share -
basic and diluted
Continuing
operations (3.9) p (2.0) p
Discontinued
operations (0.7) p (2.6) p
Total operations (4.6) p (4.6) p
--------------------------- ----- --------- -------------
Consolidated Statement of Comprehensive Income
for the year ended 31 December 2012
18 months
ended
31 December
2012 2011
GBP'000 GBP'000
---------------------------- -------- -------------
Loss for the
period (2,747) (2,737)
Other comprehensive
income
Actuarial (loss)/gain
on retirement benefit
obligation (2,475) 3,720
Deferred tax on retirement
benefit obligation 99 (1,461)
Other losses on retirement
benefit obligation (81) (493)
Translation differences
on foreign operations (101) (220)
Other comprehensive income
net of tax (2,558) 1,546
Total comprehensive income
for the period (5,305) (1,191)
----------------------------- -------- -------------
Attributable
to:
Equity holders of
the parent (5,305) (1,191)
----------------------------- -------- -------------
Consolidated Statement of Changes in Equity
for the year ended 31 December 2012
Share Share Merger Translation Other Retained
capital premium reserve reserve reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------- --------- --------- --------- ------------ --------- ---------- --------
At 1 January 2012 6,066 6,396 7,371 (113) (358) (5,207) 14,155
Transactions with
owners - - - - - - -
--------- --------- --------- ------------ --------- ---------- --------
Loss for the period - - - - - (2,747) (2,747)
Other comprehensive
income:
Actuarial loss on
defined benefit pension
scheme net of tax
and other scheme
losses - - - - - (2,457) (2,457)
Exchange differences
on translation of
foreign operations - - - (101) - - (101)
Total comprehensive
income for the period - - - (101) - (5,204) (5,305)
--------- --------- --------- ------------ --------- ---------- --------
At 31 December 2012 6,066 6,396 7,371 (214) (358) (10,411) 8,850
========= ========= ========= ============ ========= ========== ========
Share Share Merger Translation Other Retained
capital premium reserve reserve reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------- --------- --------- --------- ------------ --------- ---------- --------
At 1 July 2010 6,066 6,396 7,371 107 (358) (4,236) 15,346
Transactions with
owners - - - - - - -
--------- --------- --------- ------------ --------- ---------- --------
Loss for the period - - - - - (2,737) (2,737)
Other comprehensive
income:
Actuarial gain on
defined benefit pension
scheme net of tax
and other scheme
losses - - - - - 1,766 1,766
Exchange differences
on translation of
foreign operations - - - (220) - - (220)
Total comprehensive
income for the period - - - (220) - (971) (1,191)
--------- --------- --------- ------------ --------- ---------- --------
At 31 December 2011 6,066 6,396 7,371 (113) (358) (5,207) 14,155
========= ========= ========= ============ ========= ========== ========
Consolidated Balance Sheet
at 31 December 2012
2012 2011
GBP'000 GBP'000
----------------------------- --------- ---------
Non-current
assets
Goodwill 13,009 13,567
Other intangible
assets 1,904 2,338
Property, plant and
equipment 7,223 7,909
Deferred tax
assets 1,389 1,289
Other non-current
assets - 800
Total non-current
assets 23,525 25,903
----------------------------- --------- ---------
Current assets
Inventories 2,144 2,281
Trade and other receivables 6,905 8,394
Current tax
assets 5 -
Cash and cash equivalents 888 4,748
Other current
assets 800 400
Assets of disposal
group held for sale - 440
Total current
assets 10,742 16,263
----------------------------- --------- ---------
Total assets 34,267 42,166
----------------------------- --------- ---------
Current liabilities
Bank overdraft (4,501) -
Borrowings (900) (5,900)
Obligations under
finance leases (212) (141)
Trade and other payables (4,962) (6,618)
Provisions (256) (60)
Current tax
liabilities (56) (87)
Accruals and deferred
income (5,819) (6,355)
Total current
liabilities (16,706) (19,161)
----------------------------- --------- ---------
Non-current
liabilities
Borrowings (2,025) (2,925)
Obligations under
finance leases (319) (359)
Deferred tax
liabilities (170) (421)
Non-current
provisions (77) (73)
Other non-current
liabilities (85) (113)
Retirement benefit
obligation (6,035) (4,959)
Total non-current
liabilities (8,711) (8,850)
----------------------------- --------- ---------
Total liabilities (25,417) (28,011)
----------------------------- --------- ---------
Net assets 8,850 14,155
============================= ========= =========
Equity
Share capital 6,066 6,066
Share premium
account 6,396 6,396
Merger reserve 7,371 7,371
Translation
reserve (214) (113)
Other reserve (358) (358)
Retained earnings (10,411) (5,207)
Equity attributable to
shareholders of the parent 8,850 14,155
============================= ========= =========
Consolidated Statement of Cash Flows
for the year ended 31 December 2012
18 months
ended
31 December
2012 2011
GBP'000 GBP'000
-------------------------------- -------- -------------
Cash flows from operating
activities
Loss before tax (including
discontinued) (2,641) (7,691)
Net finance
costs 480 459
Depreciation and impairment
charge 1,004 3,078
Amortisation and impairment
charge 1,210 926
Profit on sale of property,
plant and equipment (114) (345)
Retirement benefit
obligation (803) (1,664)
Increase/(decrease)
in provisions 200 (987)
Cash used in operations before
working capital movements (664) (6,224)
Decrease in trade and
other receivables 3,438 5,586
Decrease in inventories
and work in progress 134 957
(Decrease) in trade
and other payables (4,854) (7,395)
Cash used in
operations (1,946) (7,076)
Interest
paid (239) (278)
Interest received 34 344
Income tax paid (396) (59)
Net cash outflow from
operating activities (2,547) (7,069)
-------------------------------- -------- -------------
Net cash used in investing
activities
Purchase of
intangible assets (149) (329)
Purchase of property,
plant and equipment (157) (992)
Acquisition of subsidiary
undertakings net of
cash acquired (192) (316)
Proceeds from sale
of property, plant,
equipment and intangible
assets 393 908
Sale of business net
of expenses 400 6,134
Net cash inflow from
investing activities 295 5,405
-------------------------------- -------- -------------
Net cash used in financing
activities
Proceeds from
new bank loan - 6,600
Repayment of
bank loans (5,900) (5,675)
Repayments of obligations
under finance leases (170) (456)
Net cash (outflow)/inflow
from financing activities (6,070) 469
-------------------------------- -------- -------------
Net Decrease in cash
and cash equivalents (8,322) (1,195)
-------------------------------- -------- -------------
Cash and cash equivalents
at beginning of period 4,748 6,009
Effects of changes
in foreign exchange
rates (39) (66)
Cash and cash equivalents
at end of period (3,613) 4,748
-------------------------------- -------- -------------
Cash and cash equivalents
comprise:
Cash and short-term
deposits 888 4,748
Bank overdrafts (4,501) -
(3,613) 4,748
-------------------------------- -------- -------------
Notes to the Consolidated Financial Statements
1. Revenue
Revenue from continuing operations disclosed in the income
statement is analysed as follows:
Year 18 months
ended ended
31 December 31 December
2012 2011
GBP'000 GBP'000
Sale of goods 20,645 30,583
Income from
services 11,476 15,615
Long-term
contracts 2,056 10,624
Total revenue 34,177 56,822
---------------- ------------ ------------
2. Segment information
Operating segments
For management purposes, the Group is organised into two
operating divisions based on the type of products and services
supplied by each business unit. The operating divisions are,
ElecoSoft and ElecoBuild. IFRS 8 requires operating segments to be
identified on the basis of internal reports about components of the
Group that are regularly reviewed by the chief operating decision
maker to allocate resources to the segments and to assess their
performance.
The principal activities of each segment are as follows:
ElecoSoft: Developer and supplier of resource management
software, building project software, design and engineering
software and 3D design software.
ElecoBuild: Manufacturer and supplier of a range of building
products including, metal roofing, cladding systems, acoustic
flooring and floor joist webs. Manufacturer and supplier of precast
concrete rooms, retaining walls, terracing units and prestressed
and precast retaining structures.
Head office costs that cannot reasonably be allocated to the
operating segments and related assets and liabilities are reported
under the Corporate segment.
The accounting policies of the reportable segments are the same
as described in the Group's significant accounting policies.
Segment revenue represents revenue from external customers arising
from the sale of goods and services, plus inter-segment revenue.
Inter-segment transactions are priced on an arm's length basis.
Segment results, assets and liabilities include items directly
attributable to a segment as well as those that can be allocated on
a reasonable basis.
The structure of the reportable operating segments has changed
from those reported in the 2010/11 report and accounts as a result
of the disposal of various ElecoBuild operations during the 18
months to 31 December 2011. Consequently the prior year
comparatives have been restated on the revised basis.
12 months to 31
December 2012
Continuing
ElecoSoft ElecoBuild Corporate Elimination operations
---------- ----------- ---------- ------------ ------------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 15,779 18,398 - - 34,177
Inter-segment
revenue 42 7 - (49) -
Total segment
revenue 15,821 18,405 - (49) 34,177
------------------------- ---------- ----------- ---------- ------------ ------------
Adjusted operating
profit/(loss) 4,177 (1,025) (872) 2,280
Product development (2,024) (16) - (2,040)
Amortisation of
intangible assets (360) (111) (59) (530)
Operating profit/(loss)
before exceptionals 1,793 (1,152) (931) (290)
Impairment charges - (687) - (687)
Restructuring
costs (152) (396) (377) (925)
Segment result 1,641 (2,235) (1,308) (1,902)
Net finance cost (495)
Profit/(Loss)
before tax 1,641 (2,235) (1,308) (2,397)
Tax 76
------------------------- ---------- ----------- ---------- ------------ ------------
Loss after tax (2,321)
------------------------- ---------- ----------- ---------- ------------ ------------
Segment assets 16,612 14,239 1,134 31,985
Unallocated assets 2,282
Total Group assets 34,267
------------------------- ---------- ----------- ---------- ------------ ------------
Segment liabilities 6,471 3,870 858 11,199
Unallocated liabilities 14,218
Total Group liabilities 25,417
------------------------- ---------- ----------- ---------- ------------ ------------
Other segment
information
Capital expenditure:
Property, plant
and equipment 189 146 19 354
Intangible assets 133 16 - 149
Goodwill acquired 81 - - 81
Depreciation 218 779 - 997
18 months to 31
December 2011
Continuing
ElecoSoft ElecoBuild Corporate Elimination operations
---------- ----------- ---------- ------------ ------------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 23,047 33,775 - 56,822
Inter-segment revenue 401 1,090 (1,491) -
Total segment revenue 23,448 34,865 (1,491) 56,822
--------------------------- ---------- ----------- ---------- ------------ ------------
Adjusted operating
profit/(loss) 5,993 (288) (1,606) 4,099
Product development (3,027) (25) - (3,052)
Amortisation of
intangible assets (752) (152) - (904)
Operating profit/(loss)
before exceptionals 2,214 (465) (1,606) 143
Impairment charges (11) (11) - (22)
Restructuring costs - (255) (88) (343)
Segment result 2,203 (731) (1,694) (222)
Net finance cost (708)
Profit/(Loss) before
tax 2,203 (731) (1,694) (930)
Tax (279)
--------------------------- ---------- ----------- ---------- ------------ ------------
Loss after tax (1,209)
--------------------------- ---------- ----------- ---------- ------------ ------------
Segment assets 16,281 18,154 1,694 36,129
Unallocated assets 6,037
Total Group assets 42,166
--------------------------- ---------- ----------- ---------- ------------ ------------
Segment liabilities 6,223 5,632 1,364 13,219
Unallocated liabilities 14,792
Total Group liabilities 28,011
--------------------------- ---------- ----------- ---------- ------------ ------------
Other segment information
Capital expenditure:
Property, plant
and equipment 656 622 56 1,334
Intangible assets 271 31 27 329
Goodwill acquired 574 - - 574
Depreciation 320 1,826 - 2,146
The unallocated assets and liabilities represent cash and cash
equivalents, borrowings, tax (including deferred tax) and pension
scheme obligations. An analysis of the unallocated assets and
liabilities are as follows:
Unallocated assets
2012 2011
GBP'000 GBP'000
Deferred
tax assets 1,389 1,289
Current
tax assets 5 -
Cash and cash
equivalents 888 4,748
2,282 6,037
--------------- -------- --------
Unallocated liabilities
2012 2011
GBP'000 GBP'000
Bank overdraft and
borrowings 7,426 8,825
Obligations under
finance leases 531 500
Deferred tax
liabilities 170 421
Current tax
liabilities 56 87
Retirement benefit
obligation 6,035 4,959
14,218 14,792
-------------------- -------- --------
Geographical information
Revenue by geographical area represents continuing operations
revenue from external customers based upon the geographical
location of the customer.
Revenue by geographical destination:
Year 18 months
ended ended
31 December 31 December
2012 2011
GBP'000 GBP'000
UK 21,829 38,766
Scandinavia 8,209 11,866
Rest of
Europe 3,888 5,899
Rest of
World 251 291
34,177 56,822
------------- ------------ ------------
Non-current assets excluding deferred tax by geographical
segment represent the carrying amount of assets based on the
geographical area in which the assets are located.
Non-current assets by geographical location:
2012 2011
GBP'000 GBP'000
UK 14,491 17,198
Scandinavia 6,310 6,186
Rest of
Europe 1,335 1,230
22,136 24,614
------------- -------- --------
Information about major customers
Revenues arising from sales to the Group's largest customer were
below the reporting threshold. (2011: Below reporting
threshold)
3. Exceptional items
Exceptional items represent costs considered necessary to be
separately disclosed by virtue of their size or nature:
Year 18 months
ended ended
31 December 31 December
2012 2011
GBP'000 GBP'000
Impairment of
intangible assets 680 11
Impairment of
tangible assets 7 11
Restructuring
costs 550 343
Pension scheme restructuring
costs 375 -
1,612 365
------------------------------ ------------ ------------
As a result of the annual goodwill impairment review required
under IAS 36 Impairment of Assets, an impairment of GBP510,000 has
been recognised in the accounts in respect of goodwill related to
Milbury Systems and GBP130,000 has been recognised in the accounts
in respect of goodwill related to Prompt Profiles. In addition, a
review of the intangible assets at Milbury Systems identified
certain intellectual property that was considered to have no future
value to the business. As such, the carrying value of GBP40,000 was
impaired at 31 December 2012.
Restructuring costs comprise cash and non-cash costs associated
with the Group restructuring programme, mainly in the UK, and
primarily relate to redundancy and business merger costs. Legal and
professional fees associated with the discharge of the parent
company as a statutory employer of the pension scheme are reported
under pension scheme restructuring costs.
4. Net finance income/(cost)
Finance income and costs from continuing operations is set out
below:
Year 18 months
ended ended
31 December 31 December
2012 2011
GBP'000 GBP'000
Finance income
Bank and other interest
receivable 19 96
Finance costs
Bank overdraft
and loan interest (221) (250)
Finance leases and hire
purchase contracts (24) (32)
Net return on pension scheme
assets and liabilities (269) (522)
Total net
finance cost (495) (708)
-------------------------------- ------------ ------------
5. Discontinued operations
Business disposal adjustments and costs associated with the sale
of the two connector plate businesses and the timber frame business
in 2011 that were not accrued are recognised in the consolidated
income statement under discontinued operations.
The results from discontinued operations which have been
included in the income statement are set out below:
Year 18 months
ended ended
31 December 31 December
2012 2011
GBP'000 GBP'000
-------------------------------- ------------ ------------
Revenue 28 27,039
Cost of sales (17) (22,924)
Gross profit 11 4,115
Distribution costs - (443)
Administrative expenses (404) (8,099)
Other operating income/(costs) 134 (1,902)
Loss on re-measurement - (681)
Operating loss (259) (7,010)
Finance income 15 249
Loss before tax (244) (6,761)
Taxation on discontinued
operations (182) (207)
Loss after tax on discontinued
operations (426) (6,968)
Profit on business disposals
after tax - 5,440
Net Loss for the period from
discontinued operations (426) (1,528)
-------------------------------- ------------ ------------
The results from discontinued operations which have been
included in the cash flow statement are set out below:
Year 18 months
ended ended
31 December 31 December
2012 2011
GBP'000 GBP'000
---------------------- ------------ ------------
Operating activities (780) (1,431)
Investing activities - (127)
Financing activities - (18)
Total cash flows (780) (1,576)
---------------------- ------------ ------------
The Hoveringham factory classified as held for sale at 31
December 2011 was sold at its carrying value of GBP440,000 on 3
February 2012. Proceeds received on completion were GBP290,000 and
included in the cash flow statement under proceeds on sale of
property, plant and equipment. Deferred consideration of GBP150,000
is payable monthly over a period of 30 months from completion.
Notes
1. The financial information in this announcement, which is
audited, does not constitute statutory accounts within the meaning
of section 435 of the Companies Act 2006. Statutory accounts of the
Company, on which the Auditors will report, will be delivered to
the Registrar of Companies. The comparative figures for the 18
months to 31 December 2011 have been taken from, but do not
constitute, the Company's statutory financial statements for that
financial year.
2. The Board has considered a number of factors in determining
the principle of going concern in the preparation of the Report and
Accounts for the year to 31 December 2012.
One of the key factors was the approval of a new day-to-day
working capital facility of GBP4.75m through the use of an
overdraft which was set up on 13 May 2013 for a period of one year.
The Directors have no reason to doubt that this facility cannot be
renegotiated beyond one year. This facility replaces the previous
overdraft facility that recently expired.
In addition, the Group has renegotiated its longer term debt
financing requirement with a GBP4.0m, 5 year term loan commencing
10 May 2013 repayable in equal quarterly instalments of GBP0.1m
with a bullet payment of GBP2.0m at the end of the term. This new
facility is secured against the Group's freehold properties and
replaces the previous term loan which was due to expire in July
2016. Further details of the security structure of the new
facilities are outlined in the Operating and Financial Review.
In setting the financial covenants the Directors have negotiated
appropriate headroom based on the Group's latest forecast to allow
a degree of flexibility were there to be a further downturn in
economic conditions. The new funding structure outlined above shows
sufficient headroom over the period of the overdraft
facilities.
The Group's activities, together with the factors likely to
affect its future development, performance and position are set out
in the Operating and Financial Review.
The Directors have reviewed the Group's borrowing requirements
for the next 12 months and the financial covenant tests set out in
the banking facilities agreement and confirm the Group has adequate
resources for the Group's current requirements. Thus they continue
to adopt the going concern basis of accounting in preparing the
annual financial statements.
3. The information herein has been prepared on the basis of the
accounting policies adopted for the year ended 31 December 2012,
set out in the Company's Annual Report and Accounts and as
previously disclosed in the Company's Annual Report and Accounts
for the 18 months ended 31 December 2011.
4. The calculation of the loss per share is based on the total
loss after tax attributable to ordinary equity shareholders of
GBP2,747,000 (2011: GBP2,737,000) and on 59,761,646 ordinary shares
(2011: 59,761,646), being the weighted average number of ordinary
shares in issue during the year.
5. The Annual General Meeting of Eleco plc will be held at
Brewers' Hall, Aldermanbury Square, London EC2V 7HR on 25 June 2013
at 12 noon.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR GGUAGAUPWGBC
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