RNS Number:1283M
Cambium Global Timberland Limited
18 January 2008
Cambium Global Timberland Limited
Condensed Consolidated Interim Financial Statements
31 October 2007
(Unaudited)
Chairman's Statement
Dear Shareholders,
I am pleased to present the first unaudited interim Report and Accounts for the
Cambium Global Timberland Ltd ("The Company") for the period ended 31st October
2007. Following the successful placing by Landsbanki Securities (UK) Limited and
admission to AIM on 6th March 2007, the Company raised a total of £104,350,000
(net of expenses) to pursue its investment objective of acquiring a balanced and
diversified portfolio of global forestry interests.
The Company's investment Manager, CP Cogent Asset Management LP ("Cogent") has
been working to execute our strategy over the period since March and as at this
date has closed on three investments described more fully in the Investment
Manager's Report which follows. In addition, a strong pipeline of potential
investments has been identified and is being worked through. Cogent continues to
expand its team of timber professionals and to extend its search for
opportunities for the Company.
I am pleased to report that the final results of the period ended 31st October
2007 are in line with the expectations of the Board and reflects the relatively
early stage of the Company development.
The Company is, I believe, well positioned to provide investors with a balanced
exposure to the attractive asset class of Global timber and I look forward to
reporting further progress in the Annual Report and Accounts for the year ending
30th April 2008.
Shareholders may wish to visit our website at www.cambiumfunds.com for
additional information on the Company.
Donald L Adamson
Chairman
Investment Manager's report
We are pleased with the progress we have made for Cambium so far on the
development of the portfolio. Through 31 October, 2007 Cambium had committed
approximately 23% of its capital to three forestry properties. We continue to
expand our sourcing relationships and to see opportunities for investment that
are compatible with the original investment thesis for the vehicle. We have
investments in our pipeline in each geographical region of interest and expect
to complete due diligence on some of these opportunities late in 2007 or early
in 2008.
The first investment we completed for Cambium was a "greenfield" opportunity in
northern New South Wales, Australia. The investment highlights the
environmental optionality that is imbedded in owning timberland. The
reforestation project is designed to capitalize on revenue from timber in the
long term and carbon credits in the shorter term via the NSW Greenhouse Gas
Abatement Scheme (GGAS). In addition a grant was secured from the Local
Catchment Authority for biodiversity conservation and salinity control services
that are provided by the estate. We have begun reforestation and the first tree
was planted on the estate in October.
The second property consists of approximately 22,000 acres of mature pine
plantation that is located in the established wood markets of east Texas. The
timber on the property has a well balanced age distribution suited for
sustainable yield. Income will be derived from the property through sustainable
timber harvests, opportunistic land sales of tracts with higher value uses, and
hunting lease income.
The third investment is a leasehold interest located on the south east coast of
the Big Island of Hawaii. The estate consists of 3,700 acres of Eucalyptus
grandis plantation. A wood supply agreement for the timber on the property has
been negotiated with the developer of a sliced veneer mill. The investment
allows for Cambium to participate in the further development of the forest
products industry in Hawaii.
We have been expanding our networks of relationships into our targeted
geographic markets. Our pipeline of opportunities has continued to evolve and
we continue to find opportunities that are consistent with the initial Cambium
objectives. The progress we have made is consistent with the eighteen-month
initial investment period for the fund.
Lastly, we are pleased that we have been able to add to our timber investment
team. Richard Standeven joined the team from Temple-Inland, a large US timber
company. Rich brings 23 years of timber experience to us and was most recently
responsible for improving overall per acre cash performance of a 1.6 million
acre forest portfolio through acquisitions, trades and divestitures.
We are pleased with the progress that we have made to date and look forward to
updating you on the further development of the portfolio at our 30 April, 2008
year end.
Condensed Consolidated Income Statement
for the period ended 31 October 2007
(Unaudited)
For the period from
19 January 2007 to
31 October 2007
Notes £
Revenue 15 322,219
Cost of sales (283,078)
Gross profit 39,141
Gain from fair value adjustments on land and plantations 5 2,719,236
Other income
247
Other expenses (434)
Administrative expenses (1,327,854)
Establishment expenses (3,391,375)
Results from operating activities (1,961,039)
Finance income 3,359,762
Finance expenses (2,567)
Net finance income 3,357,195
Net foreign exchange losses (555,033)
Loss from fair value adjustments on property, plant and 6 (257,064)
equipment
Gain from fair value adjustments on forward foreign currency 1,044,719
contracts
Profit for the period 1,628,778
Earnings per share - basic and diluted 2.67 pence
Condensed Company Balance Sheet
At 31 October 2007
(Unaudited)
31 October 2007
Notes £
Non current assets
Investments in special purpose entities 4 16,696,925
Current assets
Trade and other receivables 8 467,842
Inter-company advances 9 4,505,149
Available for sale investments 10 8,908,900
Forward foreign currency contracts 11 22,563,863
Cash and cash equivalents 12 72,950,616
109,396,370
Total assets 126,093,295
Current liabilities
Bank overdrafts (120)
Trade and other payables 13 (88,211)
Forward foreign currency contracts 11 (21,519,144)
(21,607,475)
Total liabilities (21,607,475)
Net assets
104,485,820
Equity
Stated Capital Account 14 2,000,000
Distributable reserve 14 102,350,000
Revaluation reserve (25,140)
Retained earnings 160,960
Total equity 104,485,820
Condensed Consolidated Balance Sheet
At 31 October 2007
(Unaudited)
31 October 2007
Notes £
Non current assets
Plantations 5
22,078,126
Property, plant and equipment 6
402,546
Intangible assets 7
115,535
22,596,207
Current assets
Trade and other receivables 8
477,629
Available for sale investments 10
8,908,900
Forward foreign currency contracts 11 22,563,863
Cash and cash equivalents 12 73,348,802
105,299,194
Total assets 127,895,401
Current liabilities
Bank overdrafts (120)
Trade and other payables 13 (357,751)
Forward foreign currency contracts 11 (21,519,144)
(21,877,015)
Net assets 106,018,386
Equity
Stated Capital Account 14 2,000,000
Distributable reserve 14 102,350,000
Revaluation reserve 45,958
Currency translation reserve (6,350)
Retained earnings 1,628,778
Total equity 106,018,386
Condensed Consolidated Statement of Changes in Equity
For the period ended 31 October 2007
(Unaudited)
Stated Distributable Translation Revaluation
Retained
Capital Reserve reserve reserve
Earnings Total
£ £ £ £
£ £
At 19 January 2007 - - -
- - -
Net profit for the period - - -
- 1,628,778 1,628,778
Issue of ordinary share capital,
net of issue costs 104,350,000 - -
- - 104,350,000
Reduction of stated capital account (102,350,000) 102,350,000 -
- - -
(note 14)
Currency translation differences - - (6,350)
- - (6,350)
Revaluation of intangible assets - - -
71,098 - 71,098
Revaluation of available for sale - - -
(25,140) - (25,140)
investments
At 31 October 2007 2,000,000 102,350,000 (6,350)
45,958 1,628,778 106,018,386
Condensed Consolidated Cash Flow Statement
For the period ended 31 October 2007
(Unaudited)
31 October
2007
£
Cash flows from operating activities
Operating profit for the
(1,961,039)
period
Adjustments for:
Gain on revaluation of land and plantations
(2,719,236)
Depreciation
141
(Increase) in trade receivables
(63,040)
Increase in payables
357,751
Foreign exchange loss
(561,384)
(2,985,767)
Net cash from operating activities
(4,946,807)
Cash flows from investing activities
Purchase of property, plant and equipment
(659,751)
Purchase of land and plantations
(19,274,668)
Reforestation costs
(84,222)
Purchase of intangible assets
(44,436)
Purchase of available for sale investments
(8,934,040)
Net cash used in investing activities
(28,997,117)
Cash flows from financing activities
Net proceeds from the issue of share capital
104,350,000
Interest received
2,945,173
Interest paid
(2,567)
Net cash from financing activities
107,292,606
Net increase in cash and cash equivalents
73,348,682
Represented by:
Cash balances
73,348,802
Overdraft balances
(120)
73,348,682
Notes to the Condensed Consolidated Financial Statements
For the period ended 31 October 2007
(Unaudited)
1 General Information
Cambium Global Timberland Limited (the 'Company') and its subsidiaries (the 'Group') was
established
to invest in a global portfolio of forestry based properties which can be managed on an
environmentally and socially sustainable basis. Assets will be managed for timber
production,
environmental credit production or both. The Group currently owns forestry assets located
in
Australia and the United States.
The Company is a closed-ended property company with limited liability, incorporated in
Jersey, Channel
Islands on 19 January 2007. The address of its registered office is PO Box 344, 5 Castle
Street, St
Helier, Jersey, JE4 8UW.
The Company has its primary listing on AIM, a market of the London Stock Exchange and a
dual listing
on the Channel Islands Stock Exchange.
These condensed financial statements have been approved by The Board of Directors on 18
January 2007.
2 Basis of accounting
Basis of preparation
The condensed financial statements have been prepared using accounting policies
consistent with
International Financial Reporting Standards and in accordance with International
Accounting Standard
34 'Interim financial reporting'.
The condensed financial statements do not include all of the information and disclosures
required in
annual financial statements.
Significant accounting policies
The condensed financial statements have been prepared under the historical cost
convention, except for
the revaluation of certain assets and financial instruments.
The following accounting policies have been applied consistently throughout the Group to
items that
are considered material in the accounts:
Property, plant and equipment
Property, plant and equipment (with the exception of motor vehicles) is initially
recognised at
purchase price plus any directly attributable costs. It is subsequently remeasured to
fair value.
The fair value of property, plant and equipment is determined on a six monthly basis by
independent
external appraisal. Revaluation gains are recognised in equity through the revaluation
reserve with
losses that offset previous gains of the same asset charged against the revaluation
reserve directly
in equity and all other revaluation losses recognised in the Income Statement.
Motor vehicles are recognised at purchase cost less accumulated depreciation.
Depreciation is
provided at the rate of 12.5% per annum on a diminishing balance basis.
Plantations
Plantations are measured on initial recognition and at each Balance Sheet date at fair
value plus
directly attributable costs. Any changes in fair values are recognised in the Income
Statement.
Plantations are derecognised on transfer of title, with any subsequent gains or losses
being recognised
in the Income Statement.
Intangible assets
Intangible assets are initially recognised at cost and subsequently remeasured to fair
value. Any
resultant gains are recognised in equity through the revaluation reserve. Any resultant
losses are
recognised directly in the Income Statement unless there has been previous gains on that
asset which
have been taken through the revaluation reserve, in which case these are cleared before
the balance is
taken to the Income Statement.
Inventories
Inventories, comprising of plantation produce processed after harvesting, are measured at
net
realisable value. Net realisable value is the estimated selling price, less point of
sale costs.
Changes in net realisable value are recognised in the Income Statement.
Available for sale investments
All quoted investments have been designated as available for sale. Available for sale
investments are
initially recognised on the date of purchase at cost being the fair value of purchase
consideration
paid plus any incremental transaction costs incurred as part of the purchase. They are
subsequently
adjusted to fair value with any unrealised gains or losses being recognised in equity,
through the
Statement of Changes in Equity. The fair value is determined by reference to their
quoted bid price at
the balance sheet date. Investments are derecognised on their sale or maturity date with
cumulative
gains and losses on derecognition being transferred to the Income Statement.
Purchases and sales of available for sale investments are recognised on the trade date,
the date on
which the Group commits to purchase or sell the asset.
The Group assess at each balance sheet date whether there is objective evidence that the
available for
sale investments are impaired. If any such evidence exists for available for sale
investments, the
cumulative loss, measured as the difference between the acquisition cost and the current
fair value,
less any impairment loss previously recognised in the Income Statement, is removed from
equity and
recognised in the Income Statement.
Forward foreign currency contracts
The Company uses forward foreign currency contracts to hedge it's exposure to foreign
exchange risk
arising from investing in assets held in foreign countries. Forward currency contracts
are recorded as
an asset and liability at the forward contract rate. The liability is subsequently
remeasured to fair
value with the resulting gain / loss being recognised in the Income Statement. Forward
foreign
currency contracts are derecognised on contract maturity, with any subsequent gains or
losses being
recognised in the Income Statement.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances held with banks and brokers. Bank
overdrafts
that are repayable on demand are included as a component of cash and cash equivalents for
the
purposes of the Cash Flow Statement.
Income and expenses
All income and expenses are accounted for on an accruals basis.
Government grants
Government grants are recognised on receipt of funds or earlier if there is reasonable
assurance that the conditions of the grant will be met. They are accounted for in the
Income
Statement to the extent that they compensate the Group for expenses incurred and
recognised in
the Income Statement.
Establishment expenses
Establishment expenses incurred on the launch of the Company have been accounted for in
the
Income Statement as incurred. As the Company was established as a Jersey nil par value
company
it does not have a share premium account against which establishment expenses can be
debited.
Investments in special purpose
entities
The Company has established a number of special purpose entities for investment
purposes.
Investments in special purpose entities are measured in the financial statements at
cost.
Annual impairment reviews are carried out with any subsequent write down in value of the
investment being recognised in the Income Statement.
Consolidation
The consolidated financial statements incorporate the financial statements of the Company
and
its subsidiaries (including special purpose entities which meet the requirements of
SIC-12 to
be treated as subsidiaries).
All intra-group balances are eliminated on
consolidation.
3 Segmental information
GB AUS US
Total
£ £ £
£
Total assets 104,868,356 6,785,425 16,241,620
127,895,401
Segment revenue - 65,734 256,485
322,219
Segment gross profit - 13,848 25,293
39,141
The Group operates in two distinctly separate geographical locations, with timberlands
located
in New South Wales, Australia, Texas and Hawaii (US).
The Group owns approx 21,163 acres of land known as Tarrangower in Ashford, Sydney,
Australia.
This land was previously being used for cattle grazing and is now being planted with
high
value commercial and non-commercial species with a view to longer term revenue from
plantations
and short term revenue from carbon credits. In addition to this, the Group has managed
to
secure a grant from the local Catchment Management Authority for biodiversity
conservation and
salinity control services provided by Tarrangower as a timber and carbon estate.
In Texas, the Group owns approximately 21,853 acres of land known as Corrigan of which
the
majority is established plantation with a balanced age distribution suitable for long and
short
term sustainable yield.
The Hawaiian plantation consists of a leasehold interest in 3,700 acres of mature
eucalyptus
trees known as the Pahala plantation. The plantation was acquired to provide for the
needs of a
veneer mill which is coming in to operation. This will generate higher value products
such as
veneer logs as opposed to commodity wood chips.
4 Investments in special purpose
entities
Total
cost
Entity Jurisdiction Activity % held
£
Cambium Jersey Trust Jersey Disc. Trust -
58,024
Cambium Corrigan LP Texas Plantations 100
13,816,625
Cambium Hungary Holdings Hungary Holding co 100
12,506
Corrigan Hungary Holdings Hungary Holding co 100
12,506
Cambium Pahala Inc Delaware Plantations 100
2,792,498
Cambium Pahala Hungary Holdings Hungary Holding co 100
4,766
16,696,925
Cambium Jersey Trust is a Jersey discretionary trust of which the Company is sole
beneficiary.
The Trust is sole investor in Cambium Australia Trust, a Unit Trust established in
Australia,
which owns the Tarrangower property.
5 Plantations Land
and
trees
£
Group
Land and standing timber acquired in the period
19,274,668
Reforestation costs
84,222
Fair value movement
2,719,236
Carrying value as at 31 October
22,078,126
2007
The land and plantations are carried at their fair value as at 31 October 2007, as
measured by
external independent valuers URS Australia Pty Ltd and Day Forest Management and
Appraisal Inc.
The valuations have been prepared using techniques approved under International
Financial
Reporting Standards.
6 Property, plant and equipment Motor
Buildings Improvements Vehicles
Total
£ £ £
£
Group
Cost
Assets acquired in period 585,450 62,211 12,091
659,751
Balance as at 31 October 2007 585,450 62,211 12,091
659,751
Depreciation and fair value
movements
Depreciation for the period - - (141)
(141)
Fair value movement (255,731) (1,333) -
(257,064)
(255,731) (1,333) (141)
(257,205)
Carrying value
As at 31 October 2007 329,719 60,878 11,950
402,546
The assets are carried at their fair value as at 31 October 2007, as measured by
external
independent valuers URS Australia Pty Ltd and Day Forest Management and Appraisal Inc
(in
conjunction with the external valuation of plantations). The valuations have been
prepared
using techniques approved under International Financial Reporting Standards.
7 Intangible assets
Water
license
£
Group
At initial cost
44,437
Fair value movement
71,098
Carrying value as at 31 October
115,535
2007
The Tarrangower property has approximately 4km of frontage to the Severn River and has
attached
to it a water license administered by the Department of Natural Resources in Australia
(DNR).
The 105 megalitre surface irrigation license (Number 90SL100620) has rights attached to
it
allowing an annual allocation of 48 Megalitres A class and 57 Megalitres B class from
Pindari
Dam which is located 11km further up stream. The license is renewable on a 5 yearly
basis and
at no further cost to the Group.
The license is measured at it's fair value as at 31 October 2007, as measured by
external
independent valuers URS Australia Pty Ltd.
8 Trade and other receivables
£
Company
Accrued interest on bonds
257,430
Bank interest receivable
157,159
Prepaid expenses
30,388
Other receivables
22,865
467,842
Group
Accrued interest on bonds
257,430
Bank interest receivable
157,159
Trade receivables
24,831
Prepaid expenses
38,209
477,629
9 Inter-company advances AU$
£
Company
Cambium Australia Trust 8,978,387
3,989,685
Cambium Jersey Trust 1,030,000
457,696
Cambium Jersey Trust 130,000
57,768
4,505,149
The loan with Cambium Australia Trust is unsecured, bears interest which is compounded at
2%
over the Australian Bank Base Rate calculated on the basis of 1 month interest periods
and is
repayable on demand.
The loans with Cambium Jersey Trust are unsecured, interest free and repayable on
demand.
10 Available for sale investments
£
Company and Group
UK Treasury stock 7.25% 07.12.2007
8,908,900
The UK Treasury stock is held as a margin account for the forward foreign currency
contracts
(see note 11). As the forward contracts have a strike date of 30 April 2008, it is the
intention of the Company to purchase more gilts once the Treasury stock has matured.
11 Forward foreign currency contracts
£
Company and Group
Forward foreign currency At forward rate
22,563,863
contracts:
At market rate
21,519,144
As at 31 October 2007 there were 3 forward foreign currency contracts in place. They are
used
to hedge against foreign exchange exposure arising from investing in assets held in
foreign
jurisdictions and foreign currencies.
All of the contracts have a strike date of 30th
April 2008.
12 Cash and cash equivalents
£
Company
Cash held at bank
72,831,333
Cash held at broker
119,283
72,950,616
Group
Cash held at bank
73,229,520
Cash held at broker
119,282
73,348,802
13 Trade and other payables
£
Company
Accrued liabilities
88,211
Group
Accrued liabilities
146,620
Taxes payable
29,107
Trade creditors
48,769
Advances held
133,255
357,751
14 Stated Capital Account
£
Net proceeds from issue of shares
104,350,000
Less: reduction in share
(102,350,000)
capital
2,000,000
The total authorised share capital of the Company is 250 million ordinary shares of no
par value
with 104,350,000 shares issued at 100p each on initial placement. Ordinary shares carry
no
automatic rights to fixed income but the Company may declare dividends from time to time
to
which ordinary shareholders are entitled. Each share is entitled to one vote at meetings
of the
Company.
On 22 February 2007 a special resolution was passed by the Company to reduce the stated
capital
account from £104,350,000 to £2,000,000. Approval was sought from the Royal Court of
Jersey and
permission was granted on 29th June 2007. The balance of £102,350,000 was transferred
to a
distributable reserve on that date.
15 Revenue £
Group
Sales - Timber
132,240
Lease income - Right of way
105,823
Lease income
23,334
Grant income
60,822
322,219
The grant income was received from Border Rivers-Gwydir Catchment Management Authority
(an
Australian Government Authority) on signature of a Property Vegetation Plan ('PVP') in
connection with the Tarrangower property. The PVP covers conservation management,
regeneration
of the area, natural revegetation and plantation and allows for income receipts of up to
a total
of AU$960,000 on certification of certain milestones having been achieved by the
landholder .
The PVP is for a term of 15 years and is governed by the laws of New South Wales.
16 Risk Management Policies
The Board of Directors and Investment Manager are responsible for overseeing the
measurement and
control of all aspects of risk management and hold regular meetings in order to do so.
Various risk management models are in place which help to identify and monitor key risks
both at
individual investment level and at a group level.
Credit risk
Credit risk is the risk that the counterparty to a financial instrument will fail to meet
it's
obligations, causing a loss to the Company.
Cash and cash equivalents represent the majority of the Company's financial assets. The
credit
risk associated with the holding of cash and cash equivalents is managed under the
Company's
Cash Management Policy. The Cash Management Policy states that the Company must have a
minimum
of 5 bankers with each banker permitted to hold a maximum of £20,000,000 so as to spread
the
risk of default. The Cash Management Policy will be reviewed on an annual basis by The
Board
of Directors and the Investment Manager.
Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet it's financial
liability
obligations as they fall due. The Company's liquidity risk is managed by the Investment
Manager in accordance with policies and procedures established by the Board.
The forward foreign currency contracts have been put in place so as to manage the
potential
foreign exchange exposure arising from investing in assets in foreign jurisdictions.
Hedging will only be employed once timber assets are acquired. Therefore all hedging
liabilities are matched with an associated asset so as to keep risk to a minimum. The
hedging
policy is reviewed quarterly by the Board.
3
months
Contract maturities of financial < 1 month 1 - 3 months - 1
year
liabilities:
£ £
£
Forward foreign currency - -
21,519,144
contracts
Trade and other payables 357,751 - -
Bank overdrafts 120 - -
357,871 -
21,519,144
The forward foreign currency contracts have a strike date of 30
April 2008.
Market risk
Interest rate risk
The majority of the Company's financial assets are interest bearing in the form of cash.
Interest rate risk arises in the Company predominantly from the holding of cash and cash
equivalents. The Board have established a Cash Management Policy to ensure the best
return
from the Company's bankers and to mitigate interest rate risk arising from the holding of
cash.
Cash is predominantly held on short term deposit and the Board review interest rates on
a
quarterly basis.
Currency risk
The Company is exposed to currency risk through investing in assets held in currencies
other
than it's functional currency. As a result, the Company is exposed to the risk that the
exchange rate of its currency relative to other foreign currencies may fluctuate and have
an
adverse affect on the Company performance The Company manages the risk of loss due to
fluctuations in exchange rates through the use of forward foreign currency contracts.
The
forward foreign currency contracts are established and monitored in accordance with the
Company's Hedging Policy.
17 Events after the Balance Sheet
date
There have been no significant events after the balance sheet
date.
18 Related party transactions
Colin McGrady is a director of CP Cogent Asset Management LP who act as Investment
Manager. He
is also a director of the Company and has waived his director's fees for the period.
During the period £669,073 was paid to CP Cogent Asset Management LP in respect of
Management
fees.
19 Net Asset Value
£
Total assets
127,895,401
Total liabilities
(21,877,015)
Net Asset Value
106,018,386
Number of shares in issue as at 31 October 2007
104,350,000
Net Asset value per share at 31
October 2007
1.0160
Net Asset value per share at 31
0.9815
July 2007
Key Parties
Directors Registered Office of the Company
Donald Adamson 5 Castle Street
Richard Rickman St Helier
William Spitz Jersey
Martin Richardson JE2 3RT
Colin McGrady Telephone +44 (0)1534 512512
Registrar, Paying Agent and Transfer Agent Auditors
Capita Registrars (Jersey) Limited KPMG Channel Islands Limited
PO Box 378 PO Box 453
Jersey 5 St Andrews Place
JE4 0FF Charing Cross
St Helier
Jersey
JE4 8WQ
Nominated Adviser for AIM Sponsor to CISX Listing
Landsbanki Securities (UK) Ltd Carey Olsen Corporate Finance Limited
Beaufort House 44 Esplanade
15 St Botolph Street St Helier
London Jersey
EC3A 7QR JE1 0BD
Investment Manager Administrator and Company Secretary
CP Cogent Asset Management, LP Investec Trust (Jersey) Limited
100 Crescent Court 5 Castle Street
Suite 500 St Helier
Dallas Jersey
TX 75201 JE2 3RT
Property Valuers
Day Forest Management & Appraisal Inc
PO Drawer 1169
4711 North Wheeler / Highway 96 North
Jasper
Texas 75951
United States
URS Australia Pty Ltd
Level 6, 1 Southbank Boulevard
Southbank
Victoria 3006
Australia
This information is provided by RNS
The company news service from the London Stock Exchange
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