TIDMFEVR
RNS Number : 3416G
Fevertree Drinks PLC
23 July 2019
23 July 2019
Fevertree Drinks plc
("Fever-Tree", the "Group" or the "Company")
Interim Results
Fever-Tree, the world's leading supplier of premium carbonated
mixers today announces its Interim Results for the period ended 30
June 2019.
Financial Highlights:
-- Revenue up 13% to GBP117.3m (H1 2018: GBP104.2m)
-- Gross margin of 51.9% (H1 2018: 53.2%)
-- Adjusted EBITDA(1) up 8% to GBP36.7m (H1 2018: GBP34.0m)
-- Net cash at period end of GBP104.1m (H1 2018: GBP56.4m)
-- Diluted EPS up 7% to 24.30 pence (H1 2018: 22.72 pence)
-- Interim dividend up 23% to 5.20 pence per share (H1 2018: 4.22 pence)
(1) Adjusted EBITDA is earnings before interest, tax,
depreciation, amortisation, share based payment charges and finance
costs
Operational Highlights:
-- Continued growth across all four regions
-- Strengthened our position as the no. 1 brand across the UK
mixer category, driving growth in both the Off and On-Trade*
-- Very encouraging momentum in the US with notable national
distribution gains in the first half of the year
-- Significant Off-Trade distribution wins secured in key European markets
-- Acceleration of growth in Australia and Canada, reflecting
the Group's growing global footprint
-- Ongoing investment in marketing and capability to support our growth across all regions
* (IRI - Total UK Retail Mixer Market value share - 13 weeks to
16/6/19). (CGA - Packaged Mixers 52 weeks to 18/5/19))
Tim Warrillow, CEO of Fever-Tree said:
"It has been an encouraging first half for the Group with growth
across all our four regions, most notably in the US, where we have
made significant distribution gains and operational progress. While
we have not been immune to the impact of the unseasonably poor
weather in the UK, we have further strengthened our market
leadership position within the UK and have seen positive momentum
in Europe and the rest of the world reflecting our increasingly
global footprint.
The move to long mixed drinks is gathering momentum and starting
to win share from beer and wine. Our broad range of high-quality
mixers, relationships with spirits companies, brand strength and
our growing international distribution network provide us with
confidence in the significant global opportunity that lies ahead
for the Group.
Whilst we remain mindful of the tough comparators over the
remainder of the summer in the UK, the Board anticipates that the
outcome for the full year will be in line with its
expectations."
For further information:
Fevertree Drinks plc +44 (0)20 7349 4922
Tim Warrillow, Co-founder and CEO
Andy Branchflower, Finance Director
Oliver Winters, Communications & IR Director
Numis Securities - Nominated Adviser and Joint Broker +44 (0)20 7260 1000
Garry Levin
Matt Lewis
Hugo Rubinstein
Investec Bank plc - Joint Broker +44 (0)20 7597 5970
David Flin
Alex Wright
David Anderson
Brunswick Group +44 (0) 20 7404 5959
Jonathan Glass
Fiona Micallef-Eynaud
Kate Pope
Notes to Editors:
Fever-Tree is the world's leading supplier of premium carbonated
mixers for alcoholic spirits by retail sales value, with
distribution to over 70 countries worldwide. Based in the UK, the
brand was launched in 2005 to provide high quality mixers which
could cater to the growing demand for premium spirits, in
particular gin, but also increasingly for vodka, rum and whisky.
The Company sells a range of carbonated mixers to hotels,
restaurants, bars and cafes ("On-Trade") as well as selected retail
outlets ("Off-Trade").
Chief Executive's report
It has been an encouraging half for the Group, with all of our
regions seeing continued growth despite lapping some exceptional
comparatives. Fever-Tree is now market leader across the whole UK
mixer category and we have continued to gain distribution. The US
delivered a very strong performance, building on the operational
changes made and infrastructure put in place since taking direct
management of our US operations in June 2018. We are increasingly
optimistic about the global opportunity for Fever-Tree and continue
to invest across all our regions, particularly the US and
Europe.
During the period, the Group delivered revenue of GBP117.3m,
representing growth of 13% on the first half of 2018.
Gross profit margin remained strong at 51.9%, with the Group
delivering an adjusted EBITDA of GBP36.7m, representing an adjusted
EBITDA margin of 31.3%. This performance resulted in diluted
earnings per share in the six month period of 24.30p (H1 2018:
22.72p), up 7% on H1 2018. The Group's balance sheet remains robust
with net cash of GBP104.1m at the period end (H1 2018:
GBP56.4m).
Results
Half year Half year Constant Currency
ended 30 ended 30 Reported Movement
June 2019 June 2018 Movement
GBPm GBPm % %
--------------------- ----------- ----------- ---------- ------------------
Revenue 117.3 104.2 13% 12%
Gross Profit 60.8 55.5 10% 8%
Gross Profit margin 51.9% 53.2%
Adjusted EBITDA 36.7 34.0 8% 7%
Adjusted EBITDA
margin 31.3% 32.6%
--------------------- ----------- ----------- ---------- ------------------
Diluted EPS 24.30p 22.72p 7%
Interim Dividend 5.20p 4.22p 23%
Territory review
Revenue by territory
Half year Half year
ended 30 ended 30 Reported Share of
June 2019 June 2018 Movement Group revenue
GBPm GBPm % %
-------- ----------- ----------- ---------- ---------------
UK 60.7 58.0 5% 51%
USA 19.8 15.1 31% 17%
Europe 29.0 25.8 13% 25%
RoW 7.8 5.3 49% 7%
Total 117.3 104.2 13% 100%
UK
The UK is Fever-Tree's largest market and the Group has
consolidated its position as the no. 1 mixer by value across both
the Off-Trade, where we hold a 39% value share, and the On-Trade,
where we now hold a 45% value share. Over the last 15 years we have
delivered against our strategy of creating clearly differentiated
products with premium provenance, thus establishing a new premium
segment of the mixer market. In doing so, we have become the clear
market leader of a category that has doubled in size over recent
years to now be worth nearly GBP900m across both the Off and
On-Trade.
As expected, following several years of exceptional growth, the
first half of 2019 has seen a moderation in both Fever-Tree's and
the wider UK mixer category's underlying growth rates, to what
still remains strong levels but off a higher base. In addition, as
has been widely reported across many sectors, the poor weather in
the past quarter has had a dampening effect on growth rates in the
short term as we lap what was an incredibly strong period of
trading in summer 2018. However, despite this, the region delivered
revenue of GBP60.7m, up 5% compared to the first half of 2018.
As we have stated previously, we are widely penetrated across
the Off-Trade, but in the period continued to grow our
distribution, ending the first half with over 62,000 distribution
points. Our range of flavoured tonics now accounts for over half of
our total tonic sales at retail, and alongside the ongoing
evolution of the UK gin category, continues to stimulate consumers'
appetite for exploring different flavour combinations. The first
half also saw the launch of our first "ready to drink" gin and
tonic products. Comprising three variants and paired with craft
gins that were created exclusively for Fever-Tree, we believe it is
a category with potential over the longer term.
In the On-Trade, we have seen a good performance in the first
half, during which time we have become firmly established as no. 1
mixer by value and volume, with a 45% share of the category, a
significant achievement. The Group secured further distribution
gains as we continued to win new accounts across the UK. In
addition, we have had success in not only broadening our range in
our more established accounts but have focused on working closely
with our key accounts to drive incremental sales. While our
pioneering G&T menus continue to prove very popular, we have
also introduced broader long mixed drinks menus including spritz
serves, reflecting the growing popularity of lower alcohol
drinks.
The Group has built a very strong position in what is our
largest region. The Group's market leading position across both
channels, unrivalled support, relationships and expertise,
alongside the brand's now established bar call with consumers means
we are extremely well positioned to drive further growth in the UK
as drinking habits continue to evolve and momentum begins to build
in wider premium long mixed drink serves alongside the
well-established G&T trend.
USA
We have delivered a strong performance in the US in the first
half of 2019, building on the operational changes made by the team
since taking direct control of our operations in June 2018.
Revenue was GBP19.8m, with growth accelerating to 31% versus the
first half of 2018, which is growth of 24% on a constant currency
basis. Fever-Tree is firmly established as the no. 1 premium mixer,
delivering over half of the growth of the premium segment in what
is the world's most significant mixer market.
We are delivering against our strategy in the region and
continue to invest and build a very strong platform for future
success. The Off-Trade has seen good momentum, building on the
distribution wins that were secured towards the end of 2018
alongside further gains in the first half. The Group has seen
significant broadening of our footprint across major national
accounts such as Target, Kroger and Walmart, as well as regional
chains such as Publix in the Southeast.
In the On-Trade our anchor distribution network is firmly
established. The partnership with Southern Glazers Wines &
Spirits ("SGWS") continues to develop well with new account wins
secured in On-Trade outlets as part of a fast start initiative
implemented by both parties. During the period, Union Beer
Distributors were appointed in New York state, strengthening our
route to market in an influential state.
The trend towards spirits premiumisation continues, with all the
major spirits categories seeing positive growth at the premium end
of their portfolios, reflecting consumers' willingness to not only
trade up in their drinking choices but switch from beer and wine.
Our relationship with spirits companies, across both global and
local craft brands, has continued to strengthen, with a broad range
of co-promotional activity during the first six months of the
year.
We have seen good growth across both our Indian and flavoured
tonics, with Elderflower Tonic and Mediterranean Tonic increasing
distribution and sales by 50%. In addition, our Ginger Beer and
Ales are performing well; the first half saw the launch of our
Spiced Orange and Smoky Ginger Ales to a very positive response
across the trade and we remain excited about the longer term
opportunity for our ginger range in the US.
It is now a year since we established our wholly owned
operations in the US and we have been very pleased with the
progress to date. We have a great team in place with over 40 people
across the country. We have established a strong route to market,
are winning national distribution across both channels and continue
to drive the growth of the mixer category. Our marketing and
investment remain key areas of focus and the brand is building
awareness and recognition with both consumers and the trade.
Continental Europe
Europe has delivered a good performance with revenue growth of
13%, representing 14% on a constant currency basis in what is our
second largest market. As we have seen in previous years, our
weighting between the first half and second half growth can be
influenced by the phasing of order fulfillments around the half
year and we remain confident of seeing an acceleration in the
second half.
We have increased our investment in the region and are seeing
the benefits of having our own dedicated Fever-Tree team working
closer to our end markets. We have seen a positive performance
across a number of our markets with significant new listings
secured during the period across both the On and Off-Trade, notably
in Spain, France and Germany. Alongside this, we have changed and
improved our approach in Germany, transitioning from an importer
relationship to an agency arrangement with our local distribution
partner. This is a positive step which brings us closer to a market
with significant potential in the region.
Whilst well established in a small number of countries, the gin
and tonic trend is gathering momentum across much of Europe.
Premium gin is in strong growth across many of its markets and we
are well positioned to capitalise on and help drive this movement.
We also see significant opportunities across other spirits
categories, with multiple co-promotional campaigns taking place
this year. Meanwhile our Ginger Beer and Ginger Ales are seeing
strong growth in Italy, the Netherlands and Germany. We are
optimistic about the potential in Europe, not just within our tonic
products but also across our wider mixer portfolio and will
continue to invest to drive the growth in this region.
RoW
The Group delivered sales growth of 49% within the RoW region in
the first six months of the year. Australia and Canada saw an
acceleration in their growth during the period and are becoming
increasingly notable markets for the Group. Within the tonic
category we now have a 23% value share in both markets and in each
we are driving over two thirds of the category growth.
We have notably increased our personnel resource, adding
dedicated senior managers in Australia and Canada. We have also
recently appointed an experienced regional director for Asia, a
reflection of the significant potential we see within this region
over the medium to longer term.
Financial and Operational
Gross margin and operating expenses
Gross margin of 51.9% is in line with the full year 2018 gross
margin; however, as expected it has retracted from the 53.2% gross
margin reported in the first half of 2018. A full six months of the
pass through of the UK sugar tax had a dilutive impact on our
percentage gross margin compared to the first half of 2018.
Alongside this, there has been an increase in underlying UK glass
costs, as well as increased storage costs arising from elevated
levels of inventory in the UK and growing levels of inventory in
the USA as we underpin future growth in that region. These factors
have been partially mitigated by net positive foreign currency
movements, most notably a strengthening dollar, as well as the
release of a portion of our German returnable bottle deposit
provision following the change to an agency model in that
country.
Underlying operating expenses(1) were 20.6% of revenue during
the period, in line with the first half of 2018 (H1 2018: 20.6%).
Within this, whilst we continue to gain efficiencies on our central
overheads, we have increased our investment, particularly in Europe
and the US, most notably in marketing and staff costs. As a result,
the Group generated adjusted EBITDA of GBP36.7m representing a
margin of 31.3% (H1 2018: 32.6%).
Balance Sheet
The Group held cash of GBP104.1m at the period end (H1 2018:
GBP62.5m), following the repayment of GBP6.1m of bank loans during
the first half. Pre-tax operating cash flow in the period was 106%
of adjusted EBITDA (H1 2018: 60%). The increase in operating cash
flow conversion is a reflection of a reduced level of working
capital at period end.
The cash balance and high operating cash flow conversion
provides the Group with a strong platform, allowing for the
opportunity to increase investment at the appropriate stage whilst
also allowing the Group to remain agile and take advantage of
opportunities as they arise, providing further advantage over many
of our competitors globally.
From 1 January 2019 the Group has adopted IFRS 16. As a result,
at period end we are carrying GBP1.9m of right of use non-current
assets on our balance sheet, representing the leased offices in
London and New York as well as our leased vehicles. The
corresponding lease liability is GBP2.0m, with GBP0.6m held in
current liabilities and GBP1.4m held in non-current
liabilities.
Operational review
Reflecting the Group's growing global footprint, we have
continued to expand our outsourced production capabilities during
the period. Alongside this, further progress has also been made in
identifying a bottling partner in the US as we look to underpin
future growth in that region with a local bottling partner at the
appropriate stage.
The Group continues to monitor the potential impact and risks of
the UK's exit from the European Union, including leaving the EU
without a deal. Whilst the potential for short term disruption
remains, the Group's increasing European bottling footprint, having
added a fourth production partner in the region during the first
half of 2019, leaves the Group well placed to respond to and
mitigate the potential impacts of the different scenarios under
which the UK's exit from the EU could occur.
Dividend
The Directors are pleased to declare an interim dividend of 5.20
pence per share (H1 2018: 4.22 pence per share). The dividend will
be paid on 6 September 2019, to shareholders on the register on 9
August 2019.
([1]) Underlying operating expenses are defined as
administrative expenses less depreciation, amortisation and share
based payment charges
Outlook
We remain well positioned across all our key regions and our
broad range of high-quality mixers, global footprint, relationships
with key spirits companies and brand strength provide us with
confidence in the outlook and the significant global opportunity
that lies ahead for the Group. Whilst we remain mindful of the
tough comparators over the remainder of the summer in the UK, the
Board anticipates that the outcome for the full year will be in
line with its expectations.
Consolidated statement of comprehensive income
For the six months ended 30 June 2019
Unaudited Unaudited Audited
Six months Six months Year ended
ended ended
30 June 30 June 31 December
2019 2018 2018
Note GBP'000 GBP'000 GBP'000
Revenue 2 117,312.1 104,213.1 237,449.3
Cost of sales (56,465.3) (48,746.6) (114,489.2)
Gross profit 60,846.8 55,466.5 122,960.1
Administrative expenses (26,091.2) (22,872.5) (47,602.9)
Adjusted EBITDA 36,693.7 33,959.7 78,637.6
Depreciation (750.4) (322.3) (738.6)
Amortisation (360.0) (360.0) (720.0)
Share based payment charges (827.7) (683.4) (1,821.8)
----------------------------------- ----- ------------ ------------ ------------
Operating profit 34,755.6 32,594.0 75,357.2
Finance costs
Finance income 246.1 101.9 327.2
Finance expense (51.1) (43.5) (107.0)
Profit before tax 34,950.6 32,652.4 75,577.4
Tax expense (6,626.5) (6,188.6) (13,801.6)
Profit for the year/period 28,324.1 26,463.8 61,775.8
Items that may be reclassified
to profit or loss
Foreign currency translation
difference of foreign operations (5.1) 100.9 (110.3)
Comprehensive income attributable
to equity holders of the
parent company 28,319.0 26,564.7 61,665.5
Earnings per share for profit
attributable to the owners
of the parent during the
year
Basic (pence) 4 24.39 22.91 53.38
Diluted (pence) 4 24.30 22.72 53.19
Consolidated statement of financial position
30 June 2019
Unaudited Unaudited Audited
30 June 30 June 31 December
2019 2018 2018
GBP'000 GBP'000 GBP'000
Non-current assets
Property, plant and equipment 4,893.7 1,908.4 2,734.3
Intangible assets 41,330.7 42,075.9 41,690.7
Deferred tax asset 308.9 1,871.4 -
Other financial assets 2,243.2 - -
Total non-current assets 48,776.5 45,855.7 44,425.0
----------- ----------- -------------
Current assets
Inventories 30,353.3 18,488.8 28,322.2
Trade and other receivables 55,489.7 67,247.3 62,916.1
Cash and cash equivalents 104,096.7 62,504.5 89,721.1
Total current assets 189,939.7 148,240.6 180,959.4
----------- ----------- -------------
Total assets 238,716.2 194,096.3 225,384.4
----------- ----------- -------------
Current liabilities
Trade and other payables (29,921.5) (32,966.6) (33,033.2)
Loans and borrowings - (6,075.0) (6,075.0)
Corporation tax liability (5,917.5) (6,177.8) (2,607.7)
Derivative financial instruments (317.1) (13.1) (309.4)
Lease liability (568.2) - -
----------- ----------- -------------
Total current liabilities (36,724.3) (45,232.5) (42,025.3)
----------- ----------- -------------
Non-current liabilities
Deferred tax liability - - (193.6)
Lease liability (1,456.5) - -
Total non-current liabilities (1,456.5) - (193.6)
----------- ----------- -------------
Total liabilities (38,180.8) (45,232.5) (42,218.9)
----------- ----------- -------------
Net assets 200,535.4 148,863.8 183,165.5
----------- ----------- -------------
Equity attributable to equity
holders of the company
Share capital 290.3 288.8 290.3
Share premium 54,783.1 53,883.9 54,769.5
Capital Redemption Reserve 93.2 93.2 93.2
Translation Reserve (115.4) 100.9 (110.3)
Retained earnings 145,484.2 94,497.0 128,122.8
Total equity 200,535.4 148,863.8 183,165.5
----------- ----------- -------------
Consolidated statement of cash flows
For the six months ended 30 June 2019
Unaudited Unaudited Audited
Six months Six months Year ended
ended ended
30 June 30 June 31 December
2019 2018 2018
GBP'000 GBP'000 GBP'000
Operating activities
Profit before tax 34,950.6 32,652.4 75,577.4
Finance expense 51.1 43.5 107.0
Finance income (246.1) (101.9) (327.2)
Depreciation of property, plant
and equipment 750.4 322.3 738.6
Amortisation of intangible assets 360.0 360.0 720.0
Share based payments 827.7 683.4 1,821.8
36,693.7 33,959.7 78,637.6
(Increase)/Decrease in trade and
other receivables 7,455.3 (11,417.4) (7,301.0)
(Increase)/Decrease in inventories (2,031.1) (5,253.1) (16,414.0)
Increase/(Decrease) in trade and
other payables (3,111.7) 3,017.7 3,461.9
------------ ------------ ------------
2,312.5 (13,652.8) (20,253.1)
Cash generated from operations 39,006.2 20,306.9 58,384.5
Income taxes paid (3,709.8) (5,874.8) (12,744.1)
------------ ------------ ------------
Net cash flows from operating activities 35,296.4 14,432.1 45,640.4
------------ ------------ ------------
Investing activities
Purchase of property, plant and
equipment (701.4) (314.2) (1,477.3)
Interest received 246.1 101.9 327.2
------------ ------------ ------------
Net cash used in investing activities (455.3) (212.3) (1,150.1)
------------ ------------ ------------
Financing activities
Interest (paid) (51.1) (43.5) (107.0)
Issue of shares 13.6 195.2 1,082.2
Dividends paid (11,937.9) (8,826.5) (13,725.2)
Repayment of loan (6,075.0) - -
Issue of other financial assets (2,243.2) - -
Other financing activities (108.8) - -
------------ ------------ ------------
Net cash used in financing activities (20,402.4) (8,674.8) (12,750.0)
------------ ------------ ------------
Net increase in cash and cash equivalents 14,438.7 5,545.0 31,740.3
Cash and cash equivalents at beginning
of period 89,721.1 56,959.5 56,959.5
------------ ------------ ------------
Effect of movements in exchange
rates on cash held (63.1) - 1,021.3
Cash and cash equivalents at end
of period 104,096.7 62,504.5 89,721.1
------------ ------------ ------------
Notes to the consolidated financial information
For the six months ended 30 June 2019
1. Basis of preparation and accounting policies
The interim financial information has been prepared in
accordance with the recognition and measurement requirements of
International Financial Reporting Standards (IFRS) and IFRIC
interpretations issued by the International Accounting Standards
Board (IASB) adopted by the European Union.
The principal accounting policies adopted in the preparation of
the interim financial information are unchanged from those applied
in the company's financial statements for the year ended 31
December 2018 except for those relating to IFRS 16 Leases, which is
applicable for periods starting on or after 1 January 2019. The
accounting policies applied herein are consistent with those
expected to be applied in the financial statements for the year
ended 31 December 2019.
IFRS 16 has introduced a single, on-balance sheet accounting
model for lessees, eliminating the distinction between operating
and finance leases. As a result, the Group has recognised a number
of right-of-use assets and corresponding lease liabilities. These
are included within property, plant and equipment and loans and
borrowings respectively on the balance sheet. Right of use assets
are initially measured at cost, and subsequently measured at cost
less any accumulated depreciation and accumulated impairment
losses, if applicable. Lease liabilities are initially measured at
the present value of the future lease payments discounted at the
incremental borrowing rate specific to that lease. Lease
liabilities are subsequently measured at amortised cost using the
effective interest rate method.
The Group has applied IFRS 16 using the modified retrospective
approach; accordingly, the comparative information presented for
2018 has not been restated - i.e. it is presented, as previously
reported, under IAS 17 and related interpretations. The Group
applied the practical expedients permitted by IFRS 16 of not
recognising right-of-use assets and liabilities for leases with
less than 12 months of lease term remaining, and of applying a
single discount rate to a portfolio of leases with reasonably
similar characteristics.
This report is not prepared in accordance with IAS 34. The
financial information does not constitute statutory accounts within
the meaning of section 435 of the Companies Act 2006. Statutory
accounts for Fevertree Drinks plc for the year ended 31 December
2018 have been delivered to the Registrar of Companies. The
auditor's report on those accounts was unqualified, did not draw
attention to any matters by way of emphasis and did not contain a
statement under Section 498 (2) or (3) of the Companies Act
2006.
Adjusted EBITDA has been calculated consistently with the method
applied in the financial statements for the year ended 31 December
2018. Operating profit is adjusted for a number of non-cash items,
including amortisation of the Fever-Tree brand intangible acquired
in March 2013, depreciation, and the share-based payment charge
which recognises the fair value of share options granted. The
intention is for adjusted EBITDA to provide a comparable, year on
year indicator of underlying trading and operational
performance.
2. Revenue
An analysis of turnover by geographical market is given
below:
Six months Six months
ended ended Year ended
30 June 30 June 31 December
2019 2018 2018
GBP'000 GBP'000 GBP'000
United Kingdom 60,664.5 58,042.6 134,172.9
United States of America 19,771.7 15,133.1 35,769.1
Europe 29,006.7 25,743.6 55,516.2
Rest of the World 7,869.2 5,293.8 11,991.1
117,312.1 104,213.1 237,449.3
=========== =========== ============
3. Dividends
The interim dividend of 5.20 pence per share will be paid on 6
September 2019 to shareholders on the register on 9 August
2019.
4. Earnings Per Share
Six months Six months
ended ended Year ended
30 June 30 June 31 December
2019 2018 2018
GBP'000 GBP'000 GBP'000
Profit
Profit used in calculating basic
and diluted EPS 28,324.1 26,463.8 61,775.8
Number of shares
Weighted average number of shares
for the purpose of basic earnings
per share 116,121,648 115,494,587 115,734,845
Weighted average number of employee
share options outstanding 427,211 966,337 396,350
------------ ------------ ------------
Weighted average number of shares
for the purpose of diluted earnings
per share 116,548,859 116,460,924 116,131,195
------------ ------------ ------------
Basic earnings per share (pence) 24.39 22.91 53.38
------------ ------------ ------------
Diluted earnings per share (pence) 24.30 22.72 53.19
------------ ------------ ------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
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of this information may apply. For further information, please
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END
IR KLLFLKDFZBBV
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