TIDMMCB
RNS Number : 0467Q
McBride PLC
07 September 2017
McBride plc ("McBride", the "Company" or the "Group")
Further margin progress in line with strategy; Prepare phase on
track
7 September 2017
McBride plc, the leading European manufacturer and supplier of
Co-manufactured and Private Label products for the Household and
Personal Care market, announces its results for the year ended 30
June 2017.
Constant
Reported Currency
GBPm unless otherwise stated 2017 2016 % Change % Change(1)
--------------------------------- ------ ------ ---------- -------------
Revenue 705.2 680.9 3.6% (5.9%)
Adjusted operating profit
(2) 41.5 36.2 14.6% 0.2%
Adjusted operating margin
(2) 5.9% 5.3% 0.6ppts 0.4ppts
Operating profit 39.8 32.9 21.0%
Operating margin 5.6% 4.8% 0.8ppts
Adjusted profit before taxation 34.6 29.4 17.7% 0.6%
Profit before taxation 19.2 25.8 (25.6%) (37.6%)
Diluted earnings per share 4.9p 9.3p (47.3%)
Adjusted diluted earnings
per share (3) 13.1p 11.1p 18.0%
Payment to shareholders
(per ordinary share) 4.3p 3.6p 19.4%
Cash flow from operations
(before exceptional items) 63.3 52.5
Net debt 75.7 90.9
Return on capital employed
(4) 27.7% 23.4%
-- Repair phase of our strategy complete, business now executing Prepare phase
-- Group re-financing completed successfully in June 2017, the last key Repair action
-- Growth strategy and associated asset plans completed
-- Capital expenditure accelerating, completion of a number of key projects as planned
-- Continued progress in business turnaround in PCA Asia;
conditions for PCA Europe remain challenging
-- Aerosols business; sale negotiations terminated, activities
to be retained in wider PCA organisation
-- Proposed acquisition of Danlind a/s, Danish producer of auto
dish-wash and laundry products, recently announced
-- Operating profit up 21.0%, underlying adjusted operating
profit, at constant currency, up 8.5%
-- Further progress on key financial metrics, in line with strategy
-- adjusted operating margin 5.9% (2016: 5.3%)
-- ROCE 27.7% (2016: 23.4%)
-- Reduction in net debt to GBP75.7m (2016: GBP90.9m) with net
debt cover ratio improving to 1.2x (2016: 1.7x)
-- Payment to shareholders up 19.4% to 4.3 pence (2016: 3.6p)
Rik De Vos, Chief Executive Officer, commented:
"We are pleased to have delivered another year of improved
financial performance in line with our strategy. Whilst revenues
have been under pressure in a number of territories, strong margin
management and cost control have delivered increased earnings.
We have successfully completed the first phase of our
three-phase strategy of 'Repair, Prepare, Grow' to restore McBride
to its core capability of manufacturing excellence. The 'Prepare'
phase is on track and we have now finalised the growth strategy and
associated capital expenditure plans to support the 'Grow'
phase.
Trading in the first few months of the new financial year has
been satisfactory and in line with the Board's expectations for the
full year. We are maintaining our focus on cost and efficiency
initiatives to mitigate the impact of any current pressures on
revenue. We anticipate financial performance weighted towards the
second half of the year as increases in revenues from our 'Grow'
strategy begin to benefit the business."
McBride plc
Rik De Vos, Chief Executive
Officer 020 3642 1587
Chris Smith, Chief Finance
Officer 020 3642 1587
FTI Consulting 020 3727 1017
Ed Bridges, Nick Hasell
(1) Comparatives translated at 2017 exchange rates.
(2) Adjustments were made for the amortisation of intangible
assets and exceptional items.
(3) Adjustments were made for the amortisation of intangible
assets, exceptional items, non-cash financing costs from unwind of
discount on initial recognition of contingent consideration; unwind
of discount on provisions and any related tax.
(4) Adjusted operating profit as a percentage of average
year-end net assets excluding net debt.
Strategy Progress
The Group's 'Manufacturing Our Future' strategy remains on track
with the conclusion of the 'Repair' phase during the past 12
months. The first of our three-phased approach of 'Repair',
'Prepare' and 'Grow' focused on transforming McBride to its core
capability of manufacturing excellence. Following our customer
simplification exercise and cost reduction initiatives, we have
been able to re-establish industry-leading service levels to our
customers, accelerate our innovation cycle and substantially
improve on our quality performance. In June 2017, the successful
re-financing of the Company marked the final key action of the
'Repair' phase and the completion of all of the transformation work
that has been diligently implemented in the past eighteen
months.
In February 2017, the Group launched the 'Prepare' phase of the
strategy implementation focusing on actions to establish a platform
for McBride's sustainable growth delivery.
The 'Prepare' phase is a period of bridging from where McBride
was and to where the Group aspires to be - moving the Company from
'Repair' to 'Grow.' It comprises four key objectives that will give
us the foundations to sustain our ambitions: first, building our
fundamental commercial growth aspirations, secondly, the supporting
asset base and related investment plans, thirdly, the
organisational structure and skills to deliver this overall
ambition, and finally, the resolution of our underperforming
business. All of the projects supporting these four objectives have
been launched and the business is busy with further change
programmes.
Group operating results
Full year Group revenues of GBP705.2 million were GBP24.3
million (3.6%) higher than the revenues reported for the prior
year, aided by the translation effect of a strong Euro. On a
constant currency basis, sales were lower by GBP44.5 million
(5.9%), with Household sales lower by 5.8% and Personal Care &
Aerosols (PCA) lower by 6.3%.
This time last year, the Group reported it had completed the
exercise to reduce the levels of complexity in our customer and
product portfolio (our "customer choices" project), the impact of
which would reduce revenues on an annualised basis by approximately
GBP20.0 million. This initiative commenced in the second half year
of the previous financial year such that in the 12 months to 30
June 2017, the project lowered revenues by GBP16 million, equating
to approximately 2.1% of the year on year reduction in Group sales
(at constant currency).
Excluding "customer choices", overall volumes were lower by a
further 2.8% across the Group as some of our markets became
increasingly competitive. The Group remained disciplined in its
approach to margin management ensuring its sales mix provides a
solid platform for future profitable growth. Price pressure
remained a feature in the year with 0.7% of the year on year
revenue decline a result of lower item prices.
Full year adjusted operating profit was GBP41.5 million (2016:
GBP36.2m) with adjusted operating profit margin increasing to 5.9%
(2016: 5.3%), showing good progress towards our 7.5% ambition.
Based on full year adjusted operating profit return on capital
employed ratio (ROCE) improved to 27.7% (2016: 23.4%) firmly within
our 25% -30% ambition.
On a constant currency basis, adjusted operating profit improved
by 0.2% or GBP0.1 million. When adjusting for the impact of various
hedging activities underlying adjusted operating profit improved by
GBP3.5m or 8.5%.
In the year to June 2017, raw material prices increased by
approximately 2.2%. Of this, 1.2% was driven by foreign exchange
and the impact of weaker sterling and a strong US dollar. The Group
was favourably hedged for approximately 65% of the foreign exchange
impact through the year. These cost increases, both pricing and
currency, were more impactful in the second half year. Underlying
raw material prices have steadied in recent months however the
outlook is for some further increases, including the impact of
weaker sterling.
Supply chain and overhead efficiency initiatives enabled by our
'Manufacturing our Future' strategy underpinned our financial
results and more than offset the loss of margin from reduced
revenues and raw material price. Our focus on delivering scale
advantage through manufacturing and cost leadership delivered
supply chain saving initiatives of GBP10.9 million while overhead
saving initiatives, some of which were announced in previous years,
delivered a further GBP9.8 million in the year.
The usual lower second half sales run rate combined with the raw
material cost and currency impact mentioned above, led to a weaker
second half profit performance when compared to our first six
months of the year.
Full year operating profit increased by GBP6.9 million to
GBP39.8 million (2016: GBP32.9m). This includes an exceptional
charge of GBP1.0 million (2016: GBP2.4m) primarily due to the
restructuring of our Poland factory (GBP0.9m) and additional
charges in relation to our ongoing Italian factory legal case
(GBP0.2m).
Cash management in the year was strong with cash generated from
operations before exceptional items of GBP63.3 million (2016:
GBP52.5m). Capital expenditure cash flow increased during the year
to GBP17.7 million (2016: GBP12.8m) as our capital plans gain
momentum and we continue with our expected GBP100 million capital
expenditure objective over four years.
Exceptional items amounted to GBP14.0 million (2016: GBP2.4m),
the cash impact of which was GBP13.2 million (2016: GBP4.2m)
primarily reflecting the debt refinancing of the Group and the
restructuring of our Poland factory. The GBP13.0 million relating
to refinancing was matched by a GBP11.3 million inflow in working
capital from settlement of associated forward derivatives.
Net cash flow before payments to shareholders was GBP27.8
million (2016: GBP19.7m). Cash payments made to shareholders during
the year amounted to GBP6.6 million (2016: GBP5.8m). Consequently,
year end net debt decreased to GBP75.7 million (2016: GBP90.9m)
comprising a strong net cash flow of GBP21.2 million reduced by
GBP6.0 million of translation impact as a result of the weaker
Sterling exchange rates on Euro and USD denominated borrowings.
The Group's balance sheet remains robust with net assets of
GBP64.2 million (2016: GBP69.1m). Gearing improved further to 50%
(2016: 59%) and the debt cover ratio fell to 1.2x (2016: 1:7x).
Segmental performance
In line with prior year end reporting, we continue to separately
manage the Group's Household and PCA activities, and our segmental
reporting reflects this.
Corporate costs, which include the costs associated with the
Board and the Executive Leadership Team, governance and listed
company costs and certain central functions (mostly associated with
financial disciplines such as treasury), are reported separately to
Household and PCA.
Household
The Household activities are managed by four regional teams,
ensuring key organisational responsibility within our management
structure. Whilst revenues for the four regions are split, trading
profits are only measured and reported at the total segment
level.
Reported revenues increased by 3.9% to GBP555.7 million (2016:
GBP535.0m) but at constant currency revenues were lower by 5.8%. Of
this sales decrease, GBP11.5 million related to the in-year effect
of our "customer choices" project and GBP16.9 million due to a
reduction in underlying volumes. Additionally, GBP4.7 million of
the decline year on year was due to customer pricing.
In the UK, revenue of GBP155.4 million compared to revenue of
GBP164.9 million in 2016, a decline of 5.8%. Approximately GBP4.6
million of this lost revenue resulted from our "customer choices"
project. Additional decreases were seen as a number of UK retailers
delisted some secondary brands as they reduced their SKU ranges
offered to consumers. This secondary brand delisting now better
places the UK business to take advantage of the resulting higher
profile of our private label range in stores.
The UK business imports materials used for manufacturing from
the EU, for which the Group has been hedged at rates consistent
with prior year averages in the first half year of the 2017
financial year. In the second half, the UK business, along with our
competitors, faced imported inflation.
In the North region, overall sales were impacted by a very
competitive market, particularly in France. Volume decline of 3.8%
during the year was in part due to the "customer choices" project
of 0.8%, in addition to price deflation of 1.8% driven by an
increasingly competitive environment.
Our South region reported underlying flat sales at constant
currency. Our Iberia business continues to show significant
improvement with volumes up 2.6% on prior year following new
business wins at the end of last financial year. Within Italy,
revenue is down primarily driven by the impact from our "customer
choices" project.
The East region, covering Germany, Poland and other East
European countries, saw volumes down on prior year by 5.6%, of
which 2.1% was due to "customer choices". Germany has seen an
increasingly competitive environment and in Poland, sales were
weaker as key retailers shifted their business models towards
higher proportions of branded SKUs in store.
Headline profits in Household increased 17.8% (6.6% at constant
currency). In spite of lower revenues, further positive progress on
margins and costs resulted in trading profit margins in this
segment rising from 8.0% to 9.1%.
Personal Care & Aerosols (PCA)
The PCA division comprises the Personal Care liquids, Skincare
and Aerosols businesses of McBride's European operations and also
the activities of McBride in Asia.
On a reported basis, revenues for this division grew by 2.5% to
GBP149.5 million (2016: GBP145.9m). At constant currency, revenues
were lower by 6.3% of which GBP4.5 million of this decrease related
to the effect of our "customer choices" project in the year. Within
this segment revenues were significantly higher in Asia, up 12.7%
at constant currency. Our European businesses saw volumes lower by
7.9% overall at constant currency with the main markets for these
products, UK and France, continuing to see private label volumes
under pressure from branders and high levels of in-store
promotional activity.
Overall reported profitability for this segment reduced by
GBP3.4 million to a loss of GBP0.7 million (2016: profit GBP2.7m).
At constant currency, profitability reduced by GBP4.1 million
reflecting the volume challenges during the year within our
European business and increasing price pressures on raw
materials.
In Asia, the local teams have successfully turned a break-even
operation to one that now makes underlying profit margins close to
the Group average.
In its Half Year results on 22 February 2017, the Group said it
had received a number of approaches from external parties
expressing interest in acquiring the Group's Aerosols business,
which has production facilities in the UK and France. Following
several months of discussions, negotiations regarding a potential
sale of the business have been halted and at this time Aerosols is
to be retained within the wider PCA business.
Group Refinancing Exercise
As previously announced, in June 2017, the Group secured
replacement banking facilities from a panel of international banks
and using these increased facilities repaid its US Private
Placement Notes ("USPP"). These actions will lower the cost of the
Group's debt financing from the financial year starting on 1 July
2017 by approximately GBP2.0 million per year.
The EUR 140 million multi-currency revolving credit facility
("RCF") has been increased to a five year EUR 175 million facility
with a maturity of June 2022.
Features of the replacement facilities include:
-- a EUR 175 million RCF of which EUR 70 million is drawn at 30
June 2017, providing the Group with significant committed funding
headroom;
-- a 5 bps reduction in both margin and non-utilisation fees;
-- the addition of further borrowing entities and currencies,
increasing flexibility going forward; and
-- a EUR 75 million uncommitted accordion feature will provide
additional facilities for potential future acquisitions in support
of the Grow phase of our strategy.
The $50 million 5.51% 2020 USPP and $40 million 5.38% 2022 USPP
were repaid in full by drawing on the increased RCF. Under the
terms of the USPP arrangements, the Group paid a 'make-whole'
payment to existing USPP note-holders of GBP9.5 million. At the
same time the Group terminated the Euro/Dollar cross-currency
interest rate swaps relating to the existing USPP notes which had a
mark-to-market on close of GBP11.3 million in favour of the
Group.
The Group's overall ongoing average cost of debt, after the
repayment of the USPP, has reduced by approximately 310bps to
150bps. The total exceptional finance charge associated with this
transaction were GBP13.0 million.
Other financial information
Exceptional items
Exceptional items of GBP14.0 million were recorded during the
year (2016: GBP2.4m). The charge was made up primarily of the
following items:
-- Exceptional finance charges of GBP13.0 million incurred as
part of the refinancing of the Group;
-- During the year the Group's Italian business lost a
long-running legal case surrounding costs of reparation to a
property vacated by the Group in 2011 for which an additional
GBP0.2 million of costs has been accrued; and
-- The business reorganised its Poland site with significant
investment and upgrades to focus on Household activities. The
non-capital costs of this now completed project in the year were
GBP0.9 million.
Net finance costs
Net finance costs in the year were GBP20.6 million (2016:
GBP7.1m) with the increase mainly due to exceptional costs incurred
(GBP13.0m) as part of the debt refinancing of the Group. Underlying
costs were GBP7.6 million, the rise due to the effect of weak
sterling on Euro denominated interest costs.
Profit before tax and tax rate
Reported profit before taxation was GBP19.2 million (2016:
GBP25.8m) with adjusted profit before taxation totalling GBP34.6
million (2016: GBP29.4m). The tax charge on adjusted profit before
taxation for the year of GBP10.7 million (2016: GBP9.2m) represents
a 31% (2016: 31%) effective tax rate.
Earnings per share
On an adjusted basis, diluted earnings per share (EPS) increased
by 18.0% to 13.1 pence (2016: 11.1p) with basic EPS at 4.9 pence
(2016: 9.3p).
Payments to shareholders
In line with the policy on payments to shareholders implemented
in September 2015, the Group expects to distribute adjusted
earnings to shareholders based on a dividend cover range of 2x-3x,
progressive with earnings of the Group, taking into account funding
availability.
Following the interim payment of 1.4 pence declared in February
2017, the Board recommends a final payment of 2.9 pence (2016:
2.4p) to shareholders and it is intended this will be issued using
the Company's B Share scheme.
Covenants
The Group's funding arrangements are subject to covenants,
representations and warranties that are customary for unsecured
borrowing facilities, including two financial covenants: Debt Cover
(the ratio of net debt to EBITDA) may not exceed 3:1 and Interest
Cover (the ratio of EBITDA to net interest) may not be less than
4:1. For the purpose of these calculations, net debt excludes
amounts drawn under the invoice discounting facilities. The Group
remains comfortably within these covenants.
These covenants remain unchanged under the new banking
facilities completed in June 2017.
Pensions
During the year the Group commissioned a review of the IAS19
assumptions used in determining the closing liability of the Robert
McBride Pension Fund ("the Fund"), specifically focusing on
demographic assumptions. A medically underwritten mortality study
was carried to identify the current health of a sample group of
Fund members, assessed via a written health questionnaire and a
telephone interview with trained medical staff. This study was
targeted towards members with the most significant liabilities in
the Fund.
The output was interpreted by underwriters and then analysed
alongside the results from the postcode analysis used in the prior
year. This was translated into mortality assumptions for use in
calculating the IAS19 scheme liabilities.
The study reduced assumptions concerning average life
expectancies of Fund Members and as such an actuarial gain of
GBP3.1 million is recorded in the movement of defined benefit
obligations for the year. Overall the pension deficit for the UK
scheme increased in the year to GBP40.0 million from GBP31.1
million at the end of the previous year primarily due to the
effects of increases in the future inflation assumptions and a
decrease in the discount rate.
The Group also has other unfunded post-employment benefit
obligations outside the UK that amounted to GBP2.2 million (2016:
GBP1.8m).
Acquisition of Danlind a/s
On 4 September 2017, the Group announced the proposed
acquisition of the entire share capital of Danlind a/s, a supplier
of auto dish-wash and laundry products, based in Denmark. Danlind
provides McBride with access to accelerated growth in the key
strategic category of auto dish-wash tablets, through its well
invested capacity, technology platform and high quality product
range. Danlind has a significant range of retail and contract
customers along with a well-established position in the Nordic
region and in the commercial laundry and dish-wash markets. Danlind
will enable McBride to gain entry into growth segments where it is
currently under represented. Additionally, Danlind's strong
position in Ecolabel products can be developed further through
McBride's extensive European reach.
Danlind operates from three manufacturing sites in Denmark, and
has approximately 250 employees. For the year ended 31 December
2016, Danlind reported revenues of GBP58.4 million, EBITDA of
GBP1.6 million, a loss before tax of GBP1.3 million, and had gross
assets of GBP48.0 million as at 31 December 2016. For its financial
year ending 31 December 2017, on a standalone basis, Danlind is
currently expected to generate c. GBP2.5 million of EBITDA.
McBride expects to realise significant commercial, technical and
operational improvement synergies from the acquisition. The
acquisition is expected to be immediately earnings enhancing for
the Group. Post-tax return on invested capital is expected to meet
cost of capital in the third full year of ownership.
Consideration of GBP10.8 million will be payable to the
shareholder of Danlind, Lind Holdings ApS, and c. GBP28 million of
net debt in Danlind will be assumed by McBride at completion. The
acquisition will be funded from McBride's existing banking
facilities.
The acquisition, which is subject to customary regulatory and
closing conditions, is expected to complete in early October
2017.
On completion, Danlind, the management team and its employees
will form part of the Household products segment.
Current trading and outlook
Trading in the first few months of the new financial year has
been satisfactory and in line with the Board's expectations for the
full year. We are maintaining our focus on cost and efficiency
initiatives to mitigate the impact of any current pressures on
revenue. We anticipate financial performance weighted towards the
second half of the year as increases in revenues from our 'Grow'
strategy begin to benefit the business.
Principal risks and uncertainties
The Group is subject to risk factors both internal and external
to its business, and has a well established set of risk management
procedures. The following risks and uncertainties are those that
the directors believe could have the most significant impact on the
Group's business:
-- Consumer and customer trends;
-- Market competitiveness;
-- Change agenda;
-- Input costs;
-- Legislation;
-- Financial risks; and
-- Breach of IT security.
Cautionary statement
This announcement contains forward-looking statements that are
subject to risk factors associated with, among other things the
economic and business circumstances occurring from time to time in
the countries, sectors and markets in which the Group operates. It
is believed that the expectations reflected in these statements are
reasonable but they may be affected by a wide range of variables
which could cause actual results to differ materially from those
currently anticipated. No assurances can be given that the
forward-looking statements in this announcement will be
realised.
The forward-looking statements reflect the knowledge and
information available at the date of preparation of this
announcement and the Company undertakes no obligation to update
these forward-looking statements. Nothing in this announcement
should be construed as a profit forecast.
Consolidated income statement
For the year ended 30 June 2017
2017 2016
Adjusting Adjusting
items items
(see (see
note note
Adjusted 6) Total Adjusted 6) Total
Note GBPm GBPm GBPm GBPm GBPm GBPm
Revenue 3 705.2 - 705.2 680.9 - 680.9
Cost of sales (452.4) - (452.4) (437.1) - (437.1)
---------------------------- ----- --------- ---------- -------- --------- ---------- --------
Gross profit 252.8 - 252.8 243.8 - 243.8
Distribution costs (46.2) - (46.2) (46.5) - (46.5)
Administrative
costs (165.1) (1.7) (166.8) (161.1) (3.3) (164.4)
---------------------------- ----- --------- ---------- -------- --------- ---------- --------
Operating profit 3 41.5 (1.7) 39.8 36.2 (3.3) 32.9
Finance costs (6.9) (13.7) (20.6) (6.8) (0.3) (7.1)
Profit before
taxation 34.6 (15.4) 19.2 29.4 (3.6) 25.8
Taxation 5 (10.7) 0.4 (10.3) (9.2) 0.4 (8.8)
---------------------------- ----- --------- ---------- -------- --------- ---------- --------
Profit/(loss)
for the year attributable
to
the owners of
the Parent 23.9 (15.0) 8.9 20.2 (3.2) 17.0
---------------------------- ----- --------- ---------- -------- --------- ---------- --------
Earnings per ordinary
share 6
Basic 4.9p 9.3p
Diluted 4.9p 9.3p
---------------------------- ----- --------- ---------- -------- --------- ---------- --------
Operating profit 39.8 32.9
Adjusted for:
Amortisation of
intangible assets 0.7 0.9
Exceptional items 4 1.0 2.4
---------------------------- ----- --------- ---------- -------- --------- ---------- --------
Adjusted operating
profit 3 41.5 36.2
---------------------------- ----- --------- ---------- -------- --------- ---------- --------
Consolidated statement of comprehensive income
For the year ended 30 June 2017
2017 2016
GBPm GBPm
------------------------------------------------- ------- -------
Profit for the year attributable to owners
of the Parent 8.9 17.0
------------------------------------------------- ------- -------
Other comprehensive income/(expense)
Items that may be reclassified to profit
or loss:
Currency translation differences on foreign
subsidiaries 7.4 12.0
Loss on net investment hedges (7.8) (10.4)
Gain on discontinued cash flow hedges recycled
to exceptional items 1.8 -
Gain on cash flow hedges in the year 3.4 12.4
Loss on cash flow hedges transferred to
profit or loss (4.7) (10.3)
Taxation relating to items above 2.5 (0.6)
------------------------------------------------- ------- -------
2.6 3.1
Items that will not be reclassified to profit
or loss:
Net actuarial loss on post-employment benefits (11.0) (2.6)
Taxation relating to items above 1.4 (0.4)
(9.6) (3.0)
------------------------------------------------- ------- -------
Total other comprehensive income/(expense) (7.0) 0.1
------------------------------------------------- ------- -------
Total comprehensive income 1.9 17.1
------------------------------------------------- ------- -------
Consolidated balance sheet
As at 30 June 2017
2017 2016
Note GBPm GBPm
-------------------------------------- ----- ------- -------
Non-current assets
Goodwill 17.5 17.5
Other intangible assets 4.2 2.5
Property, plant and equipment 140.9 136.2
Derivative financial instruments 0.1 12.7
Deferred tax assets 12.0 9.3
Other non-current assets 0.6 0.5
-------------------------------------- ----- ------- -------
175.3 178.7
-------------------------------------- ----- ------- -------
Current assets
Inventories 78.8 75.7
Trade and other receivables 137.6 135.7
Derivative financial instruments 0.9 2.6
Cash and cash equivalents 26.0 24.8
Assets classified as held for sale 1.3 1.2
-------------------------------------- ----- ------- -------
244.6 240.0
-------------------------------------- ----- ------- -------
Total assets 419.9 418.7
-------------------------------------- ----- ------- -------
Current liabilities
Trade and other payables 193.7 181.7
Borrowings 39.3 30.3
Derivative financial instruments 0.7 1.2
Current tax liabilities 5.8 2.9
Provisions 9 1.8 3.5
-------------------------------------- ----- ------- -------
241.3 219.6
-------------------------------------- ----- ------- -------
Non-current liabilities
Trade and other payables - 2.3
Borrowings 62.4 85.4
Derivative financial instruments 0.1 -
Pensions and other post-employment
benefits 8 42.2 32.9
Provisions 9 2.9 2.9
Deferred tax liabilities 6.8 6.5
-------------------------------------- ----- ------- -------
114.4 130.0
-------------------------------------- ----- ------- -------
Total liabilities 355.7 349.6
-------------------------------------- ----- ------- -------
Net assets 64.2 69.1
-------------------------------------- ----- ------- -------
Equity
Issued share capital 18.3 18.3
Share premium account 89.8 96.7
Other reserves 53.6 44.4
Accumulated loss (98.1) (90.9)
-------------------------------------- ----- ------- -------
Equity attributable to owners of the
Parent 63.6 68.5
-------------------------------------- ----- ------- -------
Non-controlling interests 0.6 0.6
-------------------------------------- ----- ------- -------
Total equity 64.2 69.1
-------------------------------------- ----- ------- -------
Consolidated cash flow statement
For the year ended 30 June 2017
2017 2016
Note GBPm GBPm
------------------------------------------- ----- -------- --------
Operating activities
Profit before tax 19.2 25.8
Net finance costs 20.6 7.1
Exceptional items 4 1.0 2.4
Share based payments charge 2.3 1.8
Depreciation of property, plant and
equipment 19.4 18.2
Amortisation of intangible assets 0.7 0.9
Operating cash flow before changes
in working capital 63.2 56.2
Decrease in receivables 4.9 11.0
Decrease/(increase) in inventories 0.5 (1.5)
Decrease in payables (2.3) (10.1)
------------------------------------------- ----- -------- --------
Operating cash flow after changes
in working capital 66.3 55.6
Additional cash funding of pension
schemes (3.0) (3.1)
------------------------------------------- ----- -------- --------
Cash generated from operations before
exceptional items 63.3 52.5
------------------------------------------- ----- -------- --------
Cash outflow in respect of exceptional
items (13.2) (4.2)
------------------------------------------- ----- -------- --------
Cash generated from operations 50.1 48.3
Interest paid (6.4) (5.2)
Taxation paid (6.4) (8.2)
------------------------------------------- ----- -------- --------
Net cash generated from operating
activities 37.3 34.9
------------------------------------------- ----- -------- --------
Investing activities
Proceeds from sale of non-current
assets 0.1 0.1
Purchase of property, plant and equipment (15.2) (11.5)
Purchase of intangible assets (2.5) (1.3)
Settlement of derivatives used in
net investment hedges 8.3 (2.5)
------------------------------------------- ----- -------- --------
Net cash used in investing activities (9.3) (15.2)
------------------------------------------- ----- -------- --------
Financing activities
Redemption of B Shares (6.6) (5.8)
Purchase of Own Shares (0.2) -
Drawdown of borrowings 137.2 131.2
Repayment of borrowings (158.0) (145.3)
Capital element of finance lease rentals (0.2) (0.1)
Net cash used in financing activities (27.8) (20.0)
------------------------------------------- ----- -------- --------
Increase/(decrease) in net cash and
cash equivalents 0.2 (0.3)
Net cash and cash equivalents at the
start of the year 24.8 23.3
Currency translation differences 1.0 1.8
------------------------------------------- ----- -------- --------
Net cash and cash equivalents at the
end of the year 26.0 24.8
------------------------------------------- ----- -------- --------
Reconciliation of net cash flow to movement in net debt
For the year ended 30 June 2017
2017 2016
GBPm GBPm
-------------------------------------------- ------- -------
Increase/(decrease) in net cash and
cash equivalents 0.2 (0.3)
Net repayment of bank loans and overdrafts 20.8 14.1
Capital element of finance lease rentals 0.2 0.1
Change in net debt resulting from
cash flows 21.2 13.9
Currency translation differences (6.0) (12.4)
Movement in net debt in the year 15.2 1.5
Net debt at the beginning of the year (90.9) (92.4)
---------------------------------------------- ------- -------
Net debt at the end of the year (75.7) (90.9)
---------------------------------------------- ------- -------
Consolidated statement of changes in equity
For the year ended 30 June 2017
Other reserves
-----------------------------------
Equity
attributable
to
Cash owners
Issued Share flow Currency Capital of Non-
share premium hedge translation redemption Accumulated the controlling Total
capital account reserve reserve reserve loss Parent interests equity
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
------------------- -------- -------- -------- ------------ ----------- ------------- ------------- ------------ --------
At 30 June 2015 18.3 102.4 (2.0) (4.6) 42.1 (99.3) 56.9 0.6 57.5
------------------- -------- -------- -------- ------------ ----------- ------------- ------------- ------------ --------
Year ended 30 June
2016
Profit for
the year - - - - - 17.0 17.0 - 17.0
Other
comprehensive
(expense)/income
Items that may be
reclassified to profit
or loss:
Currency translation
differences on
foreign subsidiaries- - - 12.0 - - 12.0 - 12.0
Loss on net
investment
hedges - - - (10.4) - - (10.4) - (10.4)
Gain on cash flow
hedges in the
year - - 12.4 - - - 12.4 - 12.4
Loss on cash flow
hedges transferred
to profit or loss - - (10.3) - - - (10.3) - (10.3)
Taxation relating
to items above - - (0.6) - - - (0.6) - (0.6)
------------------- -------- -------- -------- ------------ ----------- ------------- ------------- ------------ --------
- - 1.5 1.6 - - 3.1 - 3.1
Items that will not be reclassified
to profit or loss:
Net actuarial loss on post-employment
benefits - - (2.6) (2.6) - (2.6)
Taxation relating
to item above - - - - - (0.4) (0.4) - (0.4)
------------------- -------- -------- -------- ------------ ----------- ------------- ------------- ------------ --------
- - - - - (3.0) (3.0) - (3.0)
------------------- -------- -------- -------- ------------ ----------- ------------- ------------- ------------ --------
Total other
comprehensive
income - - 1.5 1.6 - (3.0) 0.1 - 0.1
------------------- -------- -------- -------- ------------ ----------- ------------- ------------- ------------ --------
Total
comprehensive
income - - 1.5 1.6 - 14.0 17.1 - 17.1
------------------- -------- -------- -------- ------------ ----------- ------------- ------------- ------------ --------
Transactions with owners
of the Parent
Issue of B shares - (5.7) - - - - (5.7) - (5.7)
Redemption of
B shares - - - - 5.8 (5.8) - - -
Share-based
payments - - - - - 0.2 0.2 - 0.2
------------------- -------- -------- -------- ------------ ----------- ------------- ------------- ------------ --------
At 30 June 2016 18.3 96.7 (0.5) (3.0) 47.9 (90.9) 68.5 0.6 69.1
------------------- -------- -------- -------- ------------ ----------- ------------- ------------- ------------ --------
Year ended 30 June
2017
Profit for
the year - - - - - 8.9 8.9 - 8.9
Other
comprehensive
(expense)/income
Items that may be
reclassified to profit
or loss:
Currency translation
differences on foreign
subsidiaries - - 7.4 - - 7.4 - 7.4
Loss on net investment
hedges - - (7.8) - - (7.8) - (7.8)
Gain on
discontinued
cash flow hedges
recycled to
exceptional
items - - 1.8 - - - 1.8 - 1.8
Gain on cash flow
hedges in the
year - - 3.4 - - - 3.4 - 3.4
Loss on cash flow
hedges
transferred
to profit or loss - - (4.7) - - - (4.7) - (4.7)
Taxation relating
to items above - - 0.4 2.1 - - 2.5 - 2.5
- - 0.9 1.7 - - 2.6 - 2.6
Items that will not be reclassified
to profit or loss:
Net actuarial loss on post-employment
benefits - - (11.0) (11.0) - (11.0)
Taxation relating
to item above - - - - - 1.4 1.4 - 1.4
------------------- -------- -------- -------- ------------ ----------- ------------- ------------- ------------ --------
- - - - - (9.6) (9.6) - (9.6)
------------------- -------- -------- -------- ------------ ----------- ------------- ------------- ------------ --------
Total other
comprehensive
expense - - 0.9 1.7 - (9.6) (7.0) - (7.0)
------------------- -------- -------- -------- ------------ ----------- ------------- ------------- ------------ --------
Total
comprehensive
income - - 0.9 1.7 - (0.7) 1.9 - 1.9
------------------- -------- -------- -------- ------------ ----------- ------------- ------------- ------------ --------
Transactions with owners
of the Parent
Issue of B shares - (6.9) - - - - (6.9) - (6.9)
Redemption of
B shares - - - - 6.6 (6.6) - - -
Share-based
payments - - - - - 0.3 0.3 - 0.3
Purchase of Own
shares - - - - - (0.2) (0.2) - (0.2)
At 30 June 2017 18.3 89.8 0.4 (1.3) 54.5 (98.1) 63.6 0.6 64.2
------------------- -------- -------- -------- ------------ ----------- ------------- ------------- ------------ --------
Notes to the consolidated financial information
For the year ended 30 June 2017
1. Basis of preparation
The financial information is derived from the Group's
consolidated financial statements for the year ended 30 June 2017,
which have been prepared on the going concern basis in accordance
with International Financial Reporting Standards (IFRS) as adopted
for use in the European Union, IFRS Interpretations Committee and
those parts of the Companies Act 2006 ('the Act') applicable to
companies reporting under IFRS. The financial statements have been
prepared under the historical cost convention, modified in respect
of the revaluation to fair value of contingent consideration,
financial assets and liabilities (derivative financial instruments)
at fair value through profit or loss and assets held for sale.
The consolidated financial statements were approved by the
Directors on 7 September 2017.
The financial information does not constitute statutory accounts
within the meaning section 435 of the Companies Act 2006 or contain
sufficient information to comply with the disclosure requirements
of IFRS.
The Company's auditors, PricewaterhouseCoopers LLP, have given
an unqualified report on the consolidated financial statements for
the year ended 30 June 2017, which did not include reference to any
matters to which the auditors drew attention without qualifying
their report and did not contain any statement under section 498 of
the Companies Act 2006.
Subject to approval by the Company's shareholders, the
consolidated financial statements will be filed with the Registrar
of Companies following the Company's Annual General Meeting on 24
October 2017.
2. Accounting policies
The accounting policies adopted are consistent with those of the
annual financial statements for the year ended 30 June 2016, except
for:
-- Defined Benefit Plans: Employee Contributions (Amendments to
IAS 19); and
-- Annual Improvements Projects 2012.
All of the above changes to accounting policies had no financial
effect on the consolidated financial statements for the year ended
30 June 2017.
Adjusted results
The Group believes that adjusted operating profit, adjusted
profit before taxation and adjusted earnings per share provide
additional useful information to shareholders on the underlying
performance achieved by the Group. These measures are used for
internal performance analysis and short and long-term incentive
arrangements for employees. Adjusting items include amortisation of
intangible assets, exceptional items, any non-cash financing costs
from unwind of discount on initial recognition of contingent
consideration, unwind of discount on provisions and any related
tax.
Accounting standards issued but not yet adopted
The Group is currently assessing the impact of the following new
standards and interpretations that are not yet effective and will
provide a further assessment of the potential impact in future
years.
-- IFRS 9 - 'Financial Instruments' (effective 1 January 2018,
EU endorsed 22 November 2016);
-- IFRS 15 - 'Revenue from Contracts with Customers' (effective
1 January 2018, EU endorsed 22 September 2016); and
-- IFRS 16 - 'Leases' (effective 1 January 2019, not yet
endorsed by EU).
The standards and interpretations addressed above will be
applied for the purpose of the Group financial statements from the
date they become effective.
3. Segment information
Background
Financial information is presented to the Board by product
category for the purposes of allocating resources within the Group
and assessing the performance of the Group's businesses. It is
considered that Household Products have different market
characteristics to Personal Care & Aerosols in terms of
volumes, market share and production requirements. Accordingly, the
Group's operating segments are determined by product category.
The Board uses adjusted operating profit to measure the
profitability of the Group's businesses. Adjusted operating profit
is, therefore, the measure of segment profit presented in the
Group's segment disclosures. Adjusted operating profit represents
operating profit before specific items that are considered to
hinder comparison of the trading performance of the Group's
businesses either year-on-year or with other businesses. During the
years under review, the items excluded from operating profit in
arriving at adjusted operating profit were the amortisation of
intangibles assets and exceptional items.
Analysis by reportable segment
Household
-------------------------------------------------
Personal
Total Care & Aerosols Total Corporate Total
UK North(1) South(2) East(3) Household (4) Segments (5) Group
2017 GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
----- -------- -------- --------- ----------- ---------------- --------- --------- ------
Segment revenue 155.4 192.8 76.4 131.1 555.7 149.5 705.2 - 705.2
----- -------- -------- --------- ----------- ---------------- --------- --------- ------
Adjusted
operating
profit/(loss) 50.3 (0.7) 49.6 (8.1) 41.5
Amortisation
of intangible
assets (0.7)
Exceptional items
(see note 4) (1.0)
----- -------- -------- --------- ----------- ---------------- --------- --------- ------
Operating profit 39.8
Net finance costs (20.6)
----- -------- -------- --------- ----------- ---------------- --------- --------- ------
Profit before
taxation 19.2
----- -------- -------- --------- ----------- ---------------- --------- --------- ------
Inventories 59.0 19.8 78.8 - 78.8
Capital expenditure 18.9 1.7 20.6 - 20.6
Amortisation
and depreciation 16.8 3.3 20.1 - 20.1
===== ======== ======== ========= =========== ================ ========= ========= ======
Household
-------------------------------------------------
Personal
Total Care & Aerosols Total Corporate Total
UK North(1) South(2) East(3) Household (4) Segments (5) Group
2016 GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
----- -------- -------- --------- ----------- ---------------- --------- --------- ------
Segment revenue 164.9 179.0 69.2 121.9 535.0 145.9 680.9 - 680.9
----- -------- -------- --------- ----------- ---------------- --------- --------- ------
Adjusted
operating
profit/(loss) 42.7 2.7 45.4 (9.2) 36.2
Amortisation
of intangible
assets (0.9)
Exceptional items
(see note 4) (2.4)
----- -------- -------- --------- ----------- ---------------- --------- --------- ------
Operating profit 32.9
Net finance costs (7.1)
----- -------- -------- --------- ----------- ---------------- --------- --------- ------
Profit before
taxation 25.8
----- -------- -------- --------- ----------- ---------------- --------- --------- ------
Inventories 56.9 18.8 75.7 - 75.7
Capital expenditure 10.6 2.2 12.8 - 12.8
Amortisation
and depreciation 16.0 3.1 19.1 - 19.1
===== ======== ======== ========= =========== ================ ========= ========= ======
(1) France, Belgium, Holland and Scandinavia
(2) Italy and Spain
(3) Germany, Poland, Luxembourg and other Eastern Europe
(4) Includes Asia
(5) Corporate represents costs related to the Board, the
Executive Leadership team and key supporting functions.
4. Exceptional items
Analysis of exceptional items
2017 2016
GBPm GBPm
------------------------------------------------ ------- -------
Reorganisation and restructuring costs:
- Supply chain restructuring 0.9 -
- 2015/16 reorganisation projects (0.1) (1.0)
- Customer choices - 2.2
- Legal case 0.2 1.2
------------------------------------------------ ------- -------
1.0 2.4
Write back of long-lived assets and inventory:
- Brno, Czech Republic - (1.7)
- (1.7)
Change in contingent consideration - 1.7
Total charged to operating profit 1.0 2.4
------------------------------------------------ ------- -------
Group refinancing:
- Group refinancing 13.0 -
------------------------------------------------ ------- -------
Total charged to finance costs 13.0 -
------------------------------------------------ ------- -------
Total charged to consolidated income statement 14.0 2.4
------------------------------------------------ ----- ----
During the year the Group reorganised its Poland site with
significant investment and upgrades to focus on Household
activities. The costs of this in the year were GBP0.9 million.
Exceptional finance charges of GBP13.0 million incurred as part
of the refinancing of the Group.
Exceptional provisions were made in the prior financial years
with regard to the UK restructuring project and the creation of a
functional structure with centralised support services. Work is now
complete on both projects resulting in the release of unused
provision of GBP0.2 million and GBP0.1 million charge
respectively.
In late June 2016, the Group's Italian business lost a
long-running legal case surrounding costs of reparation to a
property vacated by the Group in 2011. The Group is currently
following an appeal and an additional GBP0.2 million of costs has
been charged in relation to this matter.
In the prior year, the following costs were charged:
-- GBP2.2 million of costs in relation to the rationalisation of
our customer base down to 25% of our previous customer
portfolio;
-- GBP1.2 million for the settlement of a legal case surrounding
costs of reparation to a property vacated by the Group in 2011;
-- Release of GBP0.3 million and GBP0.7 million of unused
provisions relating the UK restructuring project and the creation
of a functional structure with centralised support services;
and
-- GBP1.7 million increase to contingent consideration in
relation to a prior year acquisition. This charge was materially
offset by a reversal of the impairment charges previously made in
relation to the acquisition.
5. Taxation
Income tax expense
2017 2016
------------------------- -------------------------
UK Overseas Total UK Overseas Total
GBPm GBPm GBPm GBPm GBPm GBPm
---------------------------- ------ --------- ------ ------ --------- ------
Current tax expense:
Current year 1.2 7.0 8.2 - 7.9 7.9
Adjustment for prior
years - 0.8 0.8 - (0.7) (0.7)
---------------------------- ------ --------- ------ ------ --------- ------
1.2 7.8 9.0 - 7.2 7.2
---------------------------- ------ --------- ------ ------ --------- ------
Deferred tax expense:
Origination and reversal
of temporary differences 1.0 0.4 1.4 1.1 0.2 1.3
Adjustment for prior
years (0.2) 0.1 (0.1) (0.1) 0.6 0.5
Impact of change in tax
rate - - - (0.2) - (0.2)
---------------------------- ------ --------- ------ ------ --------- ------
0.8 0.5 1.3 0.8 0.8 1.6
---------------------------- ------ --------- ------ ------ --------- ------
Total tax expense 2.0 8.3 10.3 0.8 8.0 8.8
---------------------------- ------ --------- ------ ------ --------- ------
6. Earnings per share
Basic earnings per ordinary share is calculated by dividing the
profit for the year attributable to owners of the Company by the
weighted average number of the Company's ordinary shares in issue
during the financial year. The weighted average number of the
Company's ordinary shares in issue excludes 0.7 million shares
(2016: 0.6m shares), being the weighted average number of own
shares held during the year in relation to employee share
schemes.
Reference 2017 2016
------------------------------------------ ----------- ------ ------
Weighted average number of ordinary
shares in issue (million) a 182.1 182.2
Effect of dilutive LTIP awards (million) 0.8 0.4
------------------------------------------------------- ------ ------
Weighted average number of ordinary
shares for calculating diluted earnings
per share (million) b 182.9 182.6
------------------------------------------ ----------- ------ ------
Diluted earnings per share is calculated by adjusting the
weighted average number of ordinary shares in issue assuming the
conversion of all potentially dilutive ordinary shares.
During the year, the Company had equity-settled LTIP awards with
a nil exercise price that are potentially dilutive ordinary
shares.
Adjusted earnings per share measures are calculated based on
profit for the year attributable to owners of the Company before
adjusting items as follows:
2017 2016
Reference GBPm GBPm
-------------------------------------------- ----------- ------ ------
Earnings for calculating basic and
diluted earnings per share c 8.9 17.0
Adjusted for:
Amortisation of intangible assets 0.7 0.9
Exceptional items (see note 4) 14.0 2.4
Unwind of discount on contingent consideration 0.3 0.1
Unwind of discount on provisions (see note
9) 0.4 0.2
Taxation relating to the above items (0.4) (0.4)
--------------------------------------------------------- ------ ------
Earnings for calculating adjusted earnings
per share d 23.9 20.2
-------------------------------------------- ----------- ------ ------
2017 2016
pence pence
------------------------------------- ----- -------- -------
Basic earnings per share c/a 4.9 9.3
Diluted earnings per share c/b 4.9 9.3
Adjusted basic earnings per share d/a 13.1 11.1
Adjusted diluted earnings per share d/b 13.1 11.1
------------------------------------- ----- -------- -------
7. Payments to shareholders
Payments to ordinary shareholders are made by way of the issue
of B Shares in place of income distributions. Ordinary shareholders
are able to redeem any number of the B Shares issued to them for
cash. Any B Shares that they retain attract a dividend of 75 per
cent of LIBOR on the 0.1 pence nominal value of each share, paid on
a twice-yearly basis.
Payments to ordinary shareholders made or proposed in respect of
the year were as follows:
2017 2016
-------------- --------------
Pence Pence
per per
share GBPm share GBPm
-------------------- ------- ----- ------- -----
Interim 1.4 2.6 1.2 2.2
Final 2.9 5.3 2.4 4.4
-------------------- ------- ----- ------- -----
Total for the year 4.3 7.9 3.6 6.6
-------------------- ------- ----- ------- -----
The proposed final payment in respect of 2017 of 2.9 pence per
ordinary share is subject to approval by shareholders at the
Company's AGM and has therefore not been recognised in this
financial information.
8. Pensions and post-employment benefits
The Group operates a number of post-employment benefit
arrangements. In the UK, the Group operates a defined benefit
pension scheme and defined contribution pension schemes.
During the year the Group commissioned a review of the IAS19
assumptions used in determining the closing liability of the Robert
McBride Pension Fund ("the Fund"), specifically focusing on
demographic assumptions. A medically underwritten mortality study
was carried to identify the current health of a sample group of
Fund members, assessed via a written health questionnaire and a
telephone interview with trained medical staff. This study was
targeted towards members with the most significant liabilities in
the Fund.
The output was interpreted by underwriters and then analysed
alongside the results from the postcode analysis used in the prior
year. This was translated into mortality assumptions for use in
calculating the IAS19 scheme liabilities.
The study reduced assumptions concerning average life
expectancies of Fund Members and as such an actuarial gain of
GBP3.1 million is recorded in the movement of defined benefit
obligations for the year. Overall the pension deficit for the UK
scheme increased in the year to GBP40.0 million from GBP31.1
million at the end of the previous year primarily due to the
effects of increases in the future inflation assumptions and a
decrease in the discount rate.
9. Provisions
Reorganisation Leasehold Environmental
and restructuring dilapidations remediation Other Total
GBPm GBPm GBPm GBPm GBPm
---------------------------------- ------------------- --------------- -------------- ------ ------
At 30 June 2016 3.4 0.7 2.3 - 6.4
Charged to profit or loss 1.0 0.1 - 0.3 1.4
Unwind of discount - - 0.4 - 0.4
Utilisation (3.8) - - - (3.8)
Currency translation differences 0.1 - 0.2 - 0.3
---------------------------------- ------------------- --------------- -------------- ------ ------
At 30 June 2017 0.7 0.8 2.9 0.3 4.7
---------------------------------- ------------------- --------------- -------------- ------ ------
Analysis of provisions:
2017 2016
GBPm GBPm
------------- ------ ------
Current 1.8 3.5
Non-Current 2.9 2.9
Total 4.7 6.4
---------------- ------ ------
Reorganisation and restructuring provisions as at 30 June 2017
principally comprise of redundancies in relation to the Group
reorganisation and UK restructuring.
Environmental remediation provision relates to historical
environmental contamination at a site in Belgium.
10. Exchange rates
Closing
Average rate rate
2017 2016 2017 2016
Euro 1.16 1.34 1.14 1.21
US Dollar 1.27 1.48 1.30 1.34
Polish Zloty 5.02 5.74 4.81 5.37
Czech Koruna 31.30 36.19 29.79 32.83
Hungarian Forint 360.45 418.05 351.37 383.62
Malaysian Ringgit 5.43 6.14 5.57 5.36
Australian Dollar 1.68 2.04 1.69 1.81
Chinese Yuan 8.64 9.55 8.80 8.92
11. Date of payments to shareholders
Subject to shareholder approval at the Annual General Meeting,
payment to shareholders by means of the allotment of B Shares will
be made on 1 December 2017 to ordinary shareholders on the register
on 27 October 2017.
Note: This announcement contains inside information which is
disclosed in accordance with the Market Abuse Regulation which came
into effect on 3 July 2016.
-Ends-
This information is provided by RNS
The company news service from the London Stock Exchange
END
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