BAA Interim Results for the Six Months to September 30, 1999.LONDON--(BUSINESS WIRE)--Nov. 1, 1999-- BAA plc, the UK-based airport company, today announced its interim results for the six months to September 30, 1999: - STRONG UK AIRPORT TRAFFIC GROWTH, UP 5.1% - OPERATING PROFIT BEFORE EXCEPTIONALS (pound)364M, UP 3.7% ((pound)351M) - PROFIT BEFORE TAX AND EXCEPTIONALS (pound)306M ((pound)307M) - UK AIRPORT RETAIL - Impact of EU duty free abolition greater than expected - Outlook remains challenging although trend shows modest improvement month by month - WORLD DUTY FREE AMERICAS - Performance continues below expectations resulting in (pound)147m impairment of goodwill - STRONG PERFORMANCE FROM HEATHROW EXPRESS - INTERIM DIVIDEND UP 7.5% TO 5.7P BAA plc results for the six months to September 30, 1999 In millions, except 6 months to 6 months to Increase/ per share data US$(b) 9/30/99 9/30/98 (decrease) UK passengers 65.2 65.2 62.0 5.1% Total revenue (including share of joint venture) 1,838 (pound)1,146 (pound)1,028 11.5% Total operating profit (including share of JV) before 584 (pound)364 (pound)351 3.7% exceptionals Profit before tax and before exceptionals 491 (pound)306 (pound)307 (0.3)% Profit before tax and after exceptionals 261 (pound)163 (pound)307 (46.9)% Earnings per share before exceptionals 33.7(cents) 21.0p 22.7p (7.5)% Earnings per share 12.2(cents) 7.6p 22.7p (66.5)% Interim dividend 9.1(cents) 5.7p 5.3p 7.5% Segmental summary Revenue Operating Increase/ Profit/(loss) (decrease)in operating profit Total Airports (pound)699m (pound)321m (2.1 %) Rail (Heathrow Express) (pound)23m (pound)(1)m N.A. BAA share of BAA McArthurGlen (pound)32m (pound)19m N.A. BAA Lynton (pound)47m (pound)22m 29.4% World Duty Free (pound)342m (pound)(1)m(c) N.A. (c) before(pound)147m goodwill impairment charge Results for the second quarter of the year 1st 1st % Growth 2nd 2nd % Growth quarter quarter over quarter quarter over $m(b) (pound)m 1998/99 $m(b) (pound)m 1998/99 Total revenue 938 585 21 900 561 3 Total operating profit 292 182 14 292 182(a) (5) Profit before tax 244 152 8 247 154(a) (7) (a) before exceptionals (b) Dollar conversion provided for reader convenience only at the rate of (pound)1=$1.604. Financial Headlines BAA today announced profit before tax and exceptionals of (pound)306m for the six months to September 30, 1999 ((pound)307m). After exceptionals this was (pound)163m ((pound)307m) due primarily to the (pound)147m impairment of goodwill in World Duty Free Americas. Total operating profit before exceptionals increased by 3.7% to (pound)364m ((pound)351m). Earnings per share before exceptionals at 21.0p were down 7.5% on last year's 22.7p, following an increase in the effective tax rate to 25.75% (21.1%) and an increase in net interest payable to (pound)58m ((pound)44m). The interim dividend has been increased by 7.5% to 5.7p, reflecting the Board's confidence in the future of the business. Mike Hodgkinson, Chief Executive "Clearly I have taken over at a very challenging time. Despite difficulties with duty free, there are positive factors which put the problems in perspective. Passenger traffic growth was strong with a 5.1% increase on the same period last year, and has continued to be strong in October. Income from UK airport charges grew above the levels of volume growth as yields increased. Overall, despite the impact of abolition of EU duty free, the UK airports' operating profits declined by only 2.5%. Property disposal profits boosted both BAA Lynton and BAA McArthurGlen. Heathrow Express generated an operating profit in the second quarter and is well placed to deliver an operating profit for the full year. "However we recognize that much requires to be done in our duty free business. UK airport retailing, including duty free, is now clearly operating from a lower base than previously, but over 80% of net retail income on the airports has been retained, with non duty free categories growing in excess of passenger volumes. The UK duty free situation seems to have stabilized and is showing modest signs of improvement. This is a direct result of management action and a gradual improvement in passenger understanding of the price advantage which is still available to them. "World Duty Free Americas is reporting a (pound)1m operating loss and is continuing to underperform the levels anticipated. Consequently it has been decided to reduce the carrying value of goodwill by (pound)147m. Despite these setbacks I am determined that the profitability of the World Duty Free business will be improved. I have decided that no part of the World Duty Free group will enter into any material risk bearing contracts until I am satisfied that it is making sustainable and profitable progress. "In this climate BAA has nonetheless been able to announce today profit before tax and exceptionals at broadly the same level as last year. I believe that this says much about the underlying strength of the business. "In addition to addressing the issues facing the retail businesses, we will be undertaking a review of all activities in order to ensure that BAA is taking full advantage of opportunities to maximize shareholder value." RESULTS FOR THE SIX MONTHS TO SEPTEMBER 30, 1999 1. OPERATING PROFIT BY AIRPORT 2. UK AIRPORT RETAILING 3. AIRPORT AND OTHER TRAFFIC CHARGES 4. WORLD DUTY FREE 5. HEATHROW EXPRESS 6. BAA McARTHUR GLEN 7. CAPITAL EXPENDITURE 8. TAXATION 9. YEAR 2000 COMPLIANCE (Y2K) 1. OPERATING PROFIT BY AIRPORT (including airports outside the UK) Airport operating profit decreased by 2.1% to (pound)321m ((pound)328m). This reflected the 5.1% growth in UK passenger traffic, the impact of abolition of EU duty free, the mitigating increase in airport charges and also higher than expected cost efficiencies including those achieved from improved productivity. 2. UK AIRPORT RETAILING (including World Duty Free Europe's UK airports' operating profit) Abolition of EU duty free is currently forecast to produce a deterioration for UK airport retailing profit of the order of (pound)25m over and above our original expectations. The full extent of the impact of the ending of EU duty-free was not predicted accurately by BAA, nor by the industry in general. There is customer confusion with regard to what may be purchased and the level of price advantage which is still available. The worse than expected impacts of abolition were in areas where there should have been little reduction in sales as the price advantage to passengers had not changed. In particular sales of perfume were significantly affected even though the prices were at levels broadly the same as prior to abolition. There is evidence to indicate that customer understanding of the new regime is increasing and that perceptions of value are beginning to improve, particularly as passengers travel through the airports for the second or third time after abolition. Extensive management action programs have been and continue to be implemented - actions which vary considerably depending on the passenger profile in each terminal. These include layout changes, advertising, personal advice to individual shoppers, product promotions (such as 40% off perfume with price guarantees), simpler more direct marketing messages, the introduction of arrivals shopping and arrivals pick up areas for EU passengers. Six Months to September 30, 1999 In the six months to September 30, 1999, UK airport net retail income decreased by 7% to (pound)242m. Second Quarter - Three Months to September 30, 1999 Following the abolition of EU duty free, the UK airport net retail income trend steadily improved being down on last year respectively (20%), (16%) and (13%) in each of the three months of the second quarter. Although the hardest hit lines as expected were liquor and tobacco, we significantly underestimated the impact on perfumes and gifts, net retail income from which was down on forecast by 35% and 12% respectively. Tax free specialist shops for the second quarter held up better, being down by 10% on last year. During the second quarter, compared with the same period last year, bookshops and specialist shops landside were up 14% to (pound)12m and bureau de change up 15% to (pound)11m. 3. AIRPORT AND OTHER TRAFFIC CHARGES UK airport charges These increased by 6.5% to (pound)316m, reflecting a passenger volume increase of 5.1% and increased yield per passenger. Other UK traffic charges These increased by 25.5% to (pound)17m reflecting increased charges from new facilities not operational throughout the same period last year. 4. WORLD DUTY FREE Six Months to September 30, 1999 The combined World Duty Free businesses recorded a (pound)1m operating loss. World Duty Free Europe - UK Airports World Duty Free Europe's UK airports' business generated a profit before interest and tax of (pound)5m. In addition to the challenge of EU duty free abolition from July 1,World Duty Free Europe took over the remainder of the contracts previously managed by Nuance and Alpha Airports at Heathrow and Gatwick. World Duty Free Europe - Eurotunnel WDFE took over the contract from the previous operators on July 1 and during the initial three month period incurred an operating loss of (pound)4m. The challenge of taking over this new contract has been greater than expected, as a result of the confusion following abolition and passenger numbers being lower than forecast. The principal adverse effects have been lower than expected perfume sales and higher than expected start up costs. Subject to performance during the important Christmas season the contract is currently forecast to produce an operating loss of around (pound)8m in the full financial year. World Duty Free Americas Overall World Duty Free Americas' operating profit (before amortization of (pound)9m of goodwill) was (pound)8m ((pound)10m). The airports shops of World Duty Free Americas were negatively affected by major refurbishments of large US airports (including those at, Boston, JFK and La Guardia). The Northern Border business continues to suffer from the reduced numbers of border crossings. The Southern Border performed better with perfume sales up on last year. Overall these businesses together with the Export division increased sales from (pound)109m to (pound)113m, with operating profit up from (pound)7m to (pound)8m. The inflight business deteriorated further as airlines continued to reduce the number of Pacific routes and as the sales mix moved away from higher margin products. Inflight broke even at an operating profit level, having made a (pound)3m profit for the same period last year. World Duty Free Americas - Goodwill Impairment As we announced in early October, the trading of World Duty Free Americas has been disappointing in the last six months and in particular in the inflight business. This business has been adversely affected by both low levels of passengers flying to and from Asia and the effects of the cessation of EU duty free. In addition, the growth prospects for the American airport duty free business are not now as strong and competitor pressure on contract renewals is greater. As a result we consider that the future benefits of this business are likely to be longer term and carry a higher risk factor. For these reasons we have carried out an impairment review as at September 30, 1999. Accordingly we have written down goodwill by (pound)147m in respect of the inflight and airport divisions leaving remaining goodwill of (pound)159m. 5. HEATHROW EXPRESS Heathrow Express performed well during the period and experienced significant passenger growth of around 40% on last year. The operating loss for the six months was (pound)1m. In the context of the recent temporary closure of Paddington it should be noted that BAA has comprehensive business interruption insurance. The impact of the fare increase in mid-September was minimal on passenger numbers which continued to average around fourteen thousand per day. 6. BAA McARTHUR GLEN In addition to BAA's (pound)3m share of the trading profit from outlet malls, BAA also received (pound)16m of profit from the disposal of interests at Swindon, Bridgend and Ashford. This compares with a total of (pound)3m for the same period last year. 7. CAPITAL EXPENDITURE Total capital expenditure excluding capitalized interest was (pound)182m ((pound)262m). (pound)11m of capital expenditure was incurred on Terminal 5 during this period, bringing the cumulative Terminal 5 total to (pound)204m. Interest capitalized for the six months was (pound)14m ((pound)27m). 8. TAXATION The effective rate of taxation on profits before exceptional items was 25.75% (21.1%). This has increased as a result of lower levels of capital allowances and of capitalized interest. World Duty Free Americas losses after interest have also been higher than expected and are not relievable against other profits. 9. YEAR 2000 COMPLIANCE (Y2K) By the end of September 1999, BAA systems were over 99% compliant, with the few remaining systems due for imminent completion. BAA has incurred (pound)47m to September 30, 1999 on the Year 2000 program, including (pound)35 million incurred in the prior years. It is estimated that a further (pound)4 million will be spent with approximately half of the total expenditure being capitalized. The main uncertainties remaining relate to BAA's reliance on the operation of the general national infrastructure and the continuity of all major operations within air transport. Whilst the year 2000 continues to represent some degree of risk, our intent remains to operate a safe and secure business without significant disruption. On October 28 the BAA Board determined that BAA is operationally ready for the millennium. The Board is satisfied that, to the best of its knowledge, BAA is able to operate over the millennium period and that group wide continuity plans exist. The Board is satisfied that the state of readiness of all business partners and suppliers has been assessed and that BAA has contingency plans in place to deal with the potential impacts on business. BAA ordinary shares trade on the London Stock Exchange; prices may be accessed on Bloomberg under the symbol BAA LN, on the Reuter Equities 2000 Service under BAA.L and on Quotron under BAANU.EU. BAA ADRs, each equal to one ordinary share, appear on the pink sheets under BAAPY. Additional information is available on BAA's home page: http://www.baa.co.uk. (Tables to follow) -0-
BAA plc RESULTS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1999
Consolidated profit and loss account for the
six months ended September 30, 1999
Sept. 30, Sept. 30, Year ended
1999 1998 March 31,
(unaudited) (unaudited) 1999
Before
exceptional Exceptional
items items Total Total
(pound)M (pound)M (pound)M $M(b) (pound)M (pound)M
Revenue - group
and share of
joint ventures 1,146 - 1,146 1,838 1,028 2,013
Less share of joint
venture revenue (32) - (32) (51) - (54)
Group revenue
- continuing
operations 1,114 - 1,114 (1,787) 1,028 1,959
Operating costs(a) (769) (147) (916)(1,469) (680) (1,383)
Group operating profit -
continuing operations 345 (147) 198 318 348 576
Share of operating
profit in
joint ventures 19 - 19 30 3 29
364 (147) 217 348 351 605
Profit on sale of investment
properties in continuing
operations - 4 4 6 - 9
Profit on ordinary
activities
before interest 364 (143) 221 354 351 614
Net interest
payable - group (55) - (55) (88) (42) (92)
Net interest
payable - joint
ventures (3) - (3) (5) (2) (6)
Profit on ordinary
activities
before taxation 306 (143) 163 261 307 516
Tax on profit on ordinary
activities (79) - (79) (126) (65) (115)
Profit on ordinary
activities
after taxation 227 (143) 84 135 242 401
Equity minority
interests (3) - (3) (5) (2) (3)
Profit for the period
attributable to
shareholders 224 (143) 81 130 240 398
Equity dividends (61 - (61) (98) (56) (159)
Retained profit
for the group
and its share
of joint ventures 163 (143) 20 32 184 239
Earnings per share 21.0p (13.4p) 7.6p 12.2(cent)22.7p 37.6p
Earnings per share before
exceptionals 21.0p 33.7(cent)22.7p 36.7p
Diluted earnings per share 7.6p 12.2(cent) 21.9p 36.4p
(a) Operating costs for the six months ended September 30, 1999 include
an exceptional goodwill impairment charge of (pound)147 million.
(b) Dollar conversion provided for reader convenience only at the rate
of (pound)1=$1.604. Statement of total recognized gains and losses for
the six months ended September 30, 1999
Year ended
Sept. 30, Sept. 30, March 31,
1999 1998 1999
$M(b) (pound)M (pound)M (pound)M
(unaudited)
Profit for the period
attributable to shareholders(a) 130 81 240 398
Unrealized revaluation surplus - - - 217
Total recognized gains and
losses relating to the 130 81 240 615
period
(a) Including joint ventures of (pound)9 million
(September 30, 1998:(pound)nil; March 31, 1999: (pound)13 million).
(b) Dollar conversion provided for reader convenience only at the rate
of (pound)1=$1.604.
Reconciliation of movements in shareholders' funds for the six months
ended September 30, 1999
Year ended
Sept. 30 Sept. 30, March 31,
1999 1998 1999
(pound)M (pound)M (pound)M
(unaudited)
Profit for the period attributable to 81 240 398
shareholders
Equity dividends (61) (56) (159)
Retained profit for the period 20 184 239
Other recognized gains
and losses relating to - - 217
the period
Scrip dividend adjustment 8 6 20
New share capital subscribed 2 7 19
Net addition to shareholders' funds 30 197 495
Opening shareholders' funds 4,234 3,739 3,739
Closing shareholders' funds 4,264 3,936 4,234
Consolidated balance sheet as at September 30, 1999
Sept. 30, Sept. 30, Sept. 30, March 31,
1999 1999 1998 1999
$M(a) (pound)M (pound)M (pound)M
(unaudited)
Fixed assets
Intangible assets 286 174 329 337
Tangible assets 10,105 6,133 5,758 6,059
Investments in
joint ventures:
Share of gross assets 295 179 117 161
Share of gross
liabilities (306) (186) (100) (156)
Loans 49 30 62 24
38 23 79 29
Investments 51 31 29 32
10,480 6,361 6,195 6,457
Current assets
Stocks 201 122 102 123
Debtors 408 248 257 209
Short-term investments 488 296 144 180
Cash at bank and in hand 109 66 66 42
1,206 732 569 554
Creditors: amounts falling
due within one (1,501) (911) (802) (790)
year
Net current liabilities (295) (179) (233) (236)
Total assets less
current liabilities 10,185 6,182 5,962 6,221
Creditors: amounts
falling due
after more than one year
Other creditors (2,405) (1,460) (1,576) (1,529)
Convertible debt (738) (448) (442) (452)
(3,143) (1,908) (2,018) (1,981)
Provisions for
liabilities and charges - - (1) -
Equity minority interests (17) (10) (7) (6)
Net assets 7,025 4,264 3,936 4,234
Share capital 1,755 1,065 1,058 1,064
Reserves 5,270 3,199 2,878 3,170
Equity shareholders' funds 7,025 4,264 3,936 4,234
Net asset value per share $6.59 (pound)4.00(pound)3.72(pound)3.98
(a) Dollar conversion provided for reader convenience only at the rate
of (pound)1=$1.6476.
Consolidated cash flow statement for the
six months ended September 30, 1999
Sept. 30, Sept. 30, Sept. 30,March 31,
1999 1999 1998 1999
$M(a) (pound)M (pound)M (pound)M
(unaudited)
Operating activities:
Operating profit 318 198 348 576
Depreciation 154 96 78 165
Amortization 14 9 9 18
Goodwill impairment charge 236 147 - -
Increase in stocks (2) (1) (10) (15)
(Increase)/decrease in debtors (50) (31) (10) 34
Increase/(decrease) in creditors 47 29 4 (4)
Net cash inflow from
operating activities 717 447 419 774
Dividends received from
joint ventures 35 22 - 20
Returns on investments and
servicing of finance:
Interest paid (139) (87) (67) (157)
Interest received 38 24 8 23
(101) (63) (59) (134)
Tax paid (18) (11) (12) (145)
Capital expenditure and
financial investment:
Additions to operational
assets (302) (188) (240) (473)
Additions to investment
properties (13) (8) (47) (9)
Sale of investment properties 43 27 - 46
(Additions to)/reductions
in long-term
investments (6) (4) 3 37
Loan made to joint venture
partner (11) (7) - (9)
(289) (180) (284) (408)
Equity dividends paid (152) (95) (86) (125)
Cash inflow/(outflow)
before use of liquid
resources and financing 192 120 (22) (18)
Management of liquid resources (186) (116) (95) (131)
Financing 32 20 143 151
Increase in cash in the period 38 24 26 2
(a) Dollar conversion provided for reader convenience only at the rate
of (pound)1=$1.604.
Reconciliation of net cash flow to movement in net debt
Sept. 30, Sept.30,March 31,
1999 1998 1999
(pound)M (pound)M (pound)M
(unaudited)
Increase in cash in the period 24 26 2
Cash inflow from increase in debt (18) (136) (128)
Cash outflow from use of liquid resources
116 95 131
Foreign exchange translation differences
10 7 (18)
Decrease/ (increase) in net
debt in the period
132 (8) (13)
Opening net debt (1,844) (1,831) (1,831)
Closing net debt (1,712) (1,839) (1,844)
Segmental information
Revenue
Sept. 30, Sept. 30, March 31,
1999 1998 1999
(pound)M (pound)M (pound)M
(unaudited)
Airports
Heathrow 368 355 689
Gatwick 177 203 356
Stansted 46 36 64
Total UK regulated airports 591 594 1,109
Glasgow 35 33 57
Edinburgh 23 22 41
Aberdeen 13 14 26
Southampton 7 6 11
Total UK non-regulated airports 78 75 135
Total international airports 30 26 48
Total airports 699 695 1,292
World Duty Free 342 299 589
BAA Lynton 47 21 45
Rail 23 11 28
Other operations 3 2 5
Group 1,114 1,028 1,959
Share of joint ventures 32 - 54
Group and share of joint ventures
1,146 1,028 2,013
Analyzed between:
United Kingdom 947 841 1,645
North America 174 170 339
Other 25 17 29
1,146 1,028 2,013
Segmental information
Operating profit
Sept.30, Sept. 30, March 31,
1999 1998 1999
(pound)M (pound)M (pound)M
(unaudited)
Airports
Heathrow 186 185 341
Gatwick 81 89 132
Stansted 15 14 18
Total UK regulated airports 282 288 491
Glasgow 19 19 25
Edinburgh 9 9 15
Aberdeen 5 6 11
Southampton 1 2 2
Total UK non-regulated airports 34 36 53
Total international airports 5 4 6
Total airports 321 328 550
World Duty Free (1) 7 (1)
BAA Lynton 22 17 37
Rail (1) (2) (2)
Other operations 4 (2) (8)
Group - before exceptional items 345 348 576
Exceptional items (147) - -
Group - post exceptional items 198 348 576
Share of joint ventures 19 3 29
Group and share of joint ventures
217 351 605
Analyzed between:
United Kingdom 362 344 610
North America (148) 3 (7)
Other 3 4 2
217 351 605
NOTES 1. This interim financial statement has been prepared in accordance with the accounting policies used in the Annual Report 1998/99. 2. The Group's investment properties are included at March 31, 1999 valuations as adjusted for additions and disposals since that date. 3. The Group has applied one new accounting standard, FRS 15, during the period which has not had a significant impact on the Group's results for the period. 4. The information shown for the year ended March 31, 1999 does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985 and has been extracted from the full financial statements for the year ended March 31, 1999 which have been filed with the Registrar of Companies. The report of the auditors on these financial statements was unqualified and did not contain a statement under section 237 of the Companies Act 1985. 5. The interim financial statement is unaudited but has been formally reviewed by the auditors and their report to the company is reproduced below. 6. Operating costs for the six months ended September 30, 1999 include an exceptional goodwill impairment charge of (pound)147m following a review of the goodwill arising on the acquisition of World Duty Free Americas, Inc (formerly Duty Free International, Inc). 7. The interest charge is shown net of interest capitalized of (pound)14m (September 30, 1998: (pound)27m; March 31, 1999: (pound)46m). 8. The taxation charge for the six months ended September 30, 1999 on profits before exceptional items has been based on the estimated effective rate on profits before exceptional items for the full year of 25.75%. There is no tax charge attributable to exceptional items recognized in the period. The taxation charge for the six months ended September 30, 1998 was based on an estimated effective rate for the full year of 21.1% and the effective rate for the year ended March 31, 1999 was 22.25%. 9. Tangible fixed assets include (pound)204m representing expenditure to date on Terminal 5 (September 30, 1998: (pound)173m; March 31, 1999: (pound)192m). 10. Liabilities include net borrowings of (pound)1,712m (September 30, 1998: (pound)1,839m; March 31, 1999: (pound)1,844m). INTERIM DIVIDEND The directors have declared an interim dividend of 5.7p (1998/99: 5.3p) per share payable on January 21, 2000 to shareholders on the register on November 12, 1999. A scrip dividend alternative is offered in respect of the whole of this dividend. PUBLICATION OF HALF YEAR RESULTS The results for the six months ended September 30, 1999 will be published in the Financial Times on November 2, 1999. A copy of the results will also be sent to shareholders who have requested them. By order of the Board of BAA plc Rachel Rowson Company Secretary October 29, 1999 INDEPENDENT REVIEW REPORT TO BAA PLC Introduction We have been instructed by the company to review the financial information set out above and we have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by the directors. The Listing Rules of the London Stock Exchange require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board. A review consists principally of making inquiries of group management and applying analytical procedures to the financial information and underlying financial data and based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly, we do not express an audit opinion on the financial information. Review conclusions On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended September 30, 1999. Deloitte & Touche Chartered Accountants October 29,1999 |
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