Nokia Corporation Report for Q4 2015 and Full Year 2015
Continuation of strong operational performance in Nokia Networks
and solid growth in Nokia Technologies
This is a summary of the Nokia Corporation report for fourth
quarter 2015 and full year 2015 published today. The complete
fourth quarter 2015 and full year 2015 report with tables is
available at http://company.nokia.com/en/financials. Investors
should not rely on summaries of our interim reports only, but
should review the complete interim reports with tables.
Financial highlights for Nokia's continuing operations
- Net sales of EUR 3.6 billion in Q4 2015 (EUR 3.5 billion in Q4
2014) and EUR 12.5 billion in full year 2015 (EUR 11.8 billion in
full year 2014).
- Q4 2015 non-IFRS diluted EPS of EUR 0.15 (EUR 0.09 in Q4 2014),
an increase of 67% year-on-year. Q4 2015 diluted EPS of EUR 0.13
(EUR 0.08 in Q4 2014).
- Full year 2015 non-IFRS diluted EPS of EUR 0.36 (EUR 0.27 in
full year 2014), an increase of 33% year-on-year. Full year 2015
diluted EPS of EUR 0.31 (EUR 0.67 in full year 2014, benefitting
from the recognition of a deferred tax asset).
- Nokia's Board of Directors will propose a dividend of EUR 0.16
per share for 2015 and a special dividend of EUR 0.10 per share
(dividend of EUR 0.14 per share for 2014). Proposed dividend is
estimated to result in a maximum payout of approximately EUR 960
million in dividend and EUR 600 million in special dividend1.
Nokia Networks
- 5% year-on-year net sales decrease in Q4 2015 and 3% net sales
growth in full year 2015. On a reported basis, Greater China and
Middle East & Africa were the strongest regions. On a constant
currency basis, 12% year-on-year net sales decrease in Q4 2015 and
6% net sales decrease in full year 2015.
- Strong non-IFRS gross margin of 39.6% in Q4 2015 primarily due
to elevated levels of software in Mobile Broadband, partially
offset by the absence of non-recurring intellectual property rights
net sales which benefitted Q4 2014.
- Strong non-IFRS operating margin of 14.6% in Q4 2015. Nokia
Networks delivered full year financial results towards the high end
of its original 2015 targets, with a non-IFRS operating margin of
10.9% in full year 2015, through strong operational performance and
continued focus on execution excellence.
Nokia Technologies
- 170% year-on-year net sales growth in Q4 2015 and 77% net sales
growth in full year 2015. On a year-on-year basis, non-IFRS
operating profit grew 318% in Q4 2015 and 102% in full year 2015,
primarily related to the growth in net sales resulting from a
settled arbitration. This was partially offset by higher non-IFRS
operating expenses.
|
Reported fourth
quarter 2015 results2 |
|
Reported January-December 2015
results2 |
EUR
million (except for EPS in EUR) |
Q4'15 |
Q4'14 |
YoY change |
Q3'15 |
QoQ change |
|
Q1-Q4'15 |
Q1-Q4'14 |
YoY change |
Continuing operations |
|
|
|
|
|
|
|
|
|
Net sales - constant currency |
|
|
(3)% |
|
18% |
|
|
|
(2)% |
Net sales |
3 609 |
3 510 |
3% |
3 036 |
19% |
|
12 499 |
11 763 |
6% |
Nokia Networks |
3 210 |
3 365 |
(5)% |
2 877 |
12% |
|
11 490 |
11 198 |
3% |
Nokia Technologies |
403 |
149 |
170% |
162 |
149% |
|
1 024 |
578 |
77% |
Gross margin % (non-IFRS) |
46.4% |
40.8% |
560bps |
42.7% |
370bps |
|
43.3% |
41.7% |
160bps |
Operating profit (non-IFRS) |
734 |
503 |
46% |
475 |
55% |
|
1 949 |
1 600 |
22% |
Nokia Networks |
468 |
470 |
0% |
391 |
20% |
|
1 257 |
1 364 |
(8)% |
Nokia Technologies |
322 |
77 |
318% |
94 |
243% |
|
720 |
357 |
102% |
Group Common Functions |
(56) |
(43) |
|
(10) |
|
|
(28) |
(120) |
|
Operating margin % (non-IFRS) |
20.3% |
14.3% |
600bps |
15.6% |
470bps |
|
15.6% |
13.6% |
200bps |
Profit (non-IFRS) |
575 |
331 |
74% |
297 |
94% |
|
1 392 |
1 058 |
32% |
Profit |
499 |
325 |
54% |
188 |
165% |
|
1 194 |
2 718 |
(56)% |
EPS, EUR diluted (non-IFRS) |
0.15 |
0.09 |
67% |
0.08 |
87% |
|
0.36 |
0.27 |
33% |
EPS, EUR diluted |
0.13 |
0.08 |
63% |
0.05 |
160% |
|
0.31 |
0.67 |
(54)% |
Discontinued operations2 |
|
|
|
|
|
|
|
Net sales |
242 |
298 |
(19)% |
283 |
(14)% |
|
1 075 |
3 427 |
(69)% |
Profit |
1 292 |
120 |
977% |
(37) |
(3 592)% |
|
1 274 |
758 |
68% |
EPS, EUR diluted |
0.33 |
0.03 |
1 000% |
(0.01) |
(3 400)% |
|
0.32 |
0.18 |
78% |
1 Estimated total dividend amounts of EUR 960 million payable as
dividend and EUR 600 million payable as special dividend are
calculated assuming full ownership of all Alcatel-Lucent
outstanding shares and conversion of all Alcatel-Lucent convertible
bonds, resulting in a total of approximately 6 billion Nokia
shares.
2 Results are as reported unless otherwise specified. The
results information in this report is unaudited. Nokia reports HERE
as part of discontinued operations from the third quarter 2015
until completion of the sale on December 4, 2015. Non-IFRS results
exclude the gains from both the sale of substantially all of
Nokia's Devices & Services business to Microsoft ("Sale of the
D&S Business"), as well as the sale of the HERE business net of
transaction and other related costs resulting from these
transactions. In addition, non-IFRS results exclude costs related
to the Alcatel-Lucent transaction. Furthermore, non-IFRS results
exclude goodwill impairment charges, intangible asset amortization
and purchase price related items, restructuring related costs, and
certain other items that may not be indicative of Nokia's
underlying business performance. For details, please refer to the
year to date discussion and the non-IFRS to reported reconciliation
note to the financial statements. A reconciliation of the Q3 2015
non-IFRS results to the reported results can be found on page 31 in
the complete Q3 2015 interim report with tables published on
October 29, 2015. A reconciliation of the Q4 2014 non-IFRS results
to the reported results can be found on pages 20-25 in the complete
report for Q4 2014 and full year 2014 with tables published on
January 29, 2015.
Nokia completes the sale of its HERE business in Q4
2015
Nokia completed on December 4, 2015 the sale of its HERE digital
mapping and location services business to a consortium of leading
automotive companies, comprising AUDI AG, BMW Group and Daimler
AG.
The transaction, which was originally announced on August 3,
2015, valued HERE at an enterprise value of EUR 2.8 billion,
subject to certain purchase price adjustments. Nokia received net
proceeds of approximately EUR 2.55 billion from the transaction,
which is consistent with Nokia's earlier estimated net proceeds of
slightly above EUR 2.5 billion. In Q4 2015 Nokia booked a gain on
the sale and a related release of cumulative foreign exchange
translation differences totaling approximately EUR 1.1 billion as a
result of the transaction. The gain was reported as part of
discontinued operations.
Subsequent event
On February 10, 2016, Nokia announced the results of its
successful reopened public exchange offer for Alcatel-Lucent
securities. Nokia will hold 91.25% of the share capital of
Alcatel-Lucent, following the settlement of the securities tendered
into the reopened offer, which is expected to occur on February 12,
2016. This equates to Nokia holding 88.07% of the share capital of
Alcatel-Lucent on a fully diluted basis.
Nokia confirmed that it will issue approximately 321 million new
shares as consideration for the Alcatel-Lucent securities that have
been tendered into the reopened public exchange offer. Nokia
expects to register these new shares with the Finnish Trade
Register on February 12, 2016. After the registration, the total
number of Nokia shares will equal approximately 5 769 million
shares.
Assuming the conversion of all remaining outstanding
Alcatel-Lucent shares and convertible bonds into Nokia shares at
the exchange ratio offered in the public exchange offers, the total
number of Nokia shares would equal approximately 6 billion
shares.
As of the first quarter 2016, we expect to align our financial
reporting under two areas: the Networks business and Nokia
Technologies. The Networks business will be comprised of four
business groups: Mobile Networks, Fixed Networks, Applications
& Analytics and IP/Optical Networks. Nokia Technologies will
continue to operate as a separate business group, with a clear
focus on licensing and the incubation of new technologies, and will
include the licensing and intellectual property portfolio
management operations from Alcatel-Lucent. In addition, Nokia
expects to operate the undersea cables business, Alcatel-Lucent
Submarine Networks (ASN), and the antenna systems business, Radio
Frequency Systems (RFS), as separate entities and plans to report
ASN and RFS as part of Group Common Functions.
CEO STATEMENT
2015 was another year of dramatic transformation for Nokia and I
am pleased that in the midst of all this change we were able to
close the year with solid performances at both Nokia Networks and
Nokia Technologies.
Nokia Networks delivered on its commitments for the full year,
with a non-IFRS operating margin at the high end of the original
guidance range and net sales up three percent on a reported
currency basis. Pleasingly, both Mobile Networks and Global
Services capped off the year with good fourth quarter results.
Nokia Technologies saw its net sales and operating profit grow
considerably, based on strong licensing growth including a
contribution from the arbitration award related to our licensing
agreement with Samsung.
We have said consistently that we believe that our portfolio of
innovation and intellectual property is second to none in the
industry and that it has significant value that can be monetized.
We expect to have further discussions with Samsung related to
intellectual property and technology assets that were not covered
by the arbitration process and will continue to pursue new
licensing opportunities in a variety of sectors over the course of
2016 and beyond.
I was particularly pleased with our progress towards completing
the Alcatel-Lucent transaction in the fourth quarter, culminating
with the start of combined operations in early January. Our work as
a combined company has gotten off to a strong start. Teams are
preparing joint bids, we are working closely with our customers to
ensure we can make fast and effective decisions about overlapping
areas of our portfolio, and we are on target to deliver on our
previously announced synergy savings.
While the competitive environment in Networks remained generally
stable in the fourth quarter, we do expect some market headwinds in
2016 as 4G/LTE rollouts in China and some other markets start to
slow. The first quarter, in particular, looks quite challenging as
customers assess their CAPEX plans in light of increasing
macro-economic uncertainty. In this environment, we will continue
our sharp focus on operational and commercial discipline, ensure we
deliver synergies as quickly as possible, and focus our energy on
targeting the growth segments within the overall telecom
market.
Rajeev Suri President and CEO
NOKIA'S CONTINUING OPERATIONS IN Q4 2015
FINANCIAL DISCUSSION
The following discussion is of Nokia's continuing operations
reported results for the fourth quarter 2015, which comprise the
results of Nokia's two continuing businesses - Nokia Networks and
Nokia Technologies, as well as Group Common Functions. Comparisons
are given to the fourth quarter 2014 and third quarter 2015
results, unless otherwise indicated.
Net sales
Nokia's continuing operations net sales increased 3%
year-on-year and increased 19% sequentially. On a constant currency
basis, Nokia's continuing operations net sales would have decreased
3% year-on-year and would have increased 18% sequentially.
Year-on-year discussion
The year-on-year increase in Nokia's continuing operations net
sales in the fourth quarter 2015 was primarily due to growth in
Nokia Technologies, partially offset by lower net sales in Nokia
Networks.
Sequential discussion
The sequential increase in Nokia's continuing operations net
sales in the fourth quarter 2015 was primarily due to growth in
both Nokia Networks and Nokia Technologies.
Non-IFRS Operating profit
Year-on-year discussion
Nokia's continuing operations non-IFRS operating profit
increased 46% year-on-year in the fourth quarter 2015, primarily
due to higher non-IFRS operating profit in Nokia Technologies,
partially offset by higher non-IFRS operating loss in Group Common
Functions. Please see the Nokia Networks and Nokia Technologies
sections for the non-IFRS operating profit discussions. The higher
non-IFRS operating loss in Group Common Functions was primarily due
to a net negative fluctuation in other income and expenses,
partially offset by lower operating expenses.
On a year-on-year basis Group Common Functions non-IFRS other
income and expenses was an expense of EUR 21 million in fourth
quarter 2015, compared to an expense of EUR 8 million in the fourth
quarter 2014. Within Group Common Functions, Nokia recorded a loss
of approximately EUR 20 million in fourth quarter 2015 related to
the sale of certain of Nokia's investments made through its venture
funds.
On a year-on-year basis, foreign exchange fluctuations had a
positive impact on non-IFRS gross profit, and a negative impact on
non-IFRS operating expenses, resulting in a slightly positive net
impact on non-IFRS operating profit in the fourth quarter 2015.
Sequential discussion
Nokia's continuing operations non-IFRS operating profit
increased 55% sequentially in the fourth quarter 2015, primarily
due to higher non-IFRS operating profit in Nokia Technologies and
Nokia Networks, partially offset by higher non-IFRS operating loss
in Group Common Functions. Please see the Nokia Networks and Nokia
Technologies sections for the non-IFRS operating profit
discussions. The higher non-IFRS operating loss in Group Common
Functions was primarily due to a net negative fluctuation in other
income and expenses and, to a lesser extent, higher operating
expenses.
On a sequential basis Group Common Functions non-IFRS other
income and expenses was an expense of EUR 21 million in the fourth
quarter 2015, compared to income of EUR 17 million in the third
quarter 2015. Within Group Common Functions, Nokia recorded a loss
of approximately EUR 20 million in the fourth quarter 2015 related
to the sale of certain of Nokia's investments made through its
venture funds. This compares to a gain of approximately EUR 10
million in the third quarter 2015.
On a sequential basis, foreign exchange fluctuations had a
slightly positive impact on non-IFRS gross profit, and a slightly
negative impact on non-IFRS operating expenses, resulting in a
slightly negative net impact on non-IFRS operating profit in the
fourth quarter 2015.
Non-IFRS Profit
Year-on-year discussion
Nokia's continuing operations non-IFRS profit increased 74% on a
year-on-year basis in the fourth quarter 2015, primarily due to
higher non-IFRS operating profit.
Nokia's continuing operations non-IFRS tax rate in the fourth
quarter 2015 was approximately 19%, compared to a rate of
approximately 27% in the fourth quarter 2014. In the fourth quarter
2015, non-IFRS tax expense benefitted from the utilization of
unrecognized deferred tax assets on previous losses related to
Nokia's ownership interests in certain unlisted technology-related
funds.
Sequential discussion
Sequentially, Nokia's continuing operations non-IFRS profit
increased 94% in the fourth quarter 2015, primarily due to higher
non-IFRS operating profit and a net positive fluctuation in
non-IFRS financial income and expenses.
The net positive fluctuation in non-IFRS financial income and
expenses was primarily due to lower foreign exchange related
losses, receipt of higher distributions from third party venture
funds and lower net interest expenses.
Nokia's continuing operations non-IFRS tax rate in the fourth
quarter 2015 was approximately 19%, compared to a rate of
approximately 24% in the third quarter 2015. In the fourth quarter
2015, non-IFRS tax expense benefitted from the utilization of
unrecognized deferred tax assets on previous losses related to
Nokia's ownership interests in certain unlisted technology-related
funds.
OUTLOOK FOR THE COMBINED COMPANY
|
Metric |
Guidance |
Commentary |
Nokia |
Annual operating cost synergies |
Approximately EUR 900 million of net operating cost synergies to be
achieved in full year 2018 |
Compared to the combined non-IFRS operating costs of Nokia and
Alcatel-Lucent for full year 2015. Expected to be derived from a
wide range of initiatives related to operating expenses and cost of
sales, including: Streamlining of overlapping products and
services, particularly within the Mobile Networks business group;
Rationalization of regional and sales organizations;
Rationalization of overhead, particularly within manufacturing,
supply-chain, real estate and information technology; Reduction of
central function and public company costs; and Procurement
efficiencies, given the combined company's expanded purchasing
power. |
|
Annual interest expense reduction |
Approximately EUR 200 million of reductions in interest expenses to
be achieved on a full year basis in 2016 (update) |
Compared to the cost of debt run rate for the combined entity at
year end 2014. This is an update to the earlier annual interest
expense reduction target of approximately EUR 200 million of
reductions in interest expenses to be achieved on a full year basis
in 2017. |
Networks |
FY16 Net sales FY16 Non-IFRS operating margin |
Not provided |
Due to the very recent acquisition of Alcatel-Lucent, Nokia
believes it is not appropriate to provide an annual outlook for the
new combined Networks business at the present time, and intends to
provide its full year outlook in conjunction with its Q1 results
announcement. Q1 2016 net sales and non-IFRS operating margin are
expected to be influenced by factors including: A flattish capex
environment in 2016 for our overall addressable market; A declining
wireless infrastructure market in 2016, with a greater than normal
seasonal decline in Q1 2016; Competitive industry dynamics; Product
and regional mix; The timing of major network deployments; and
Execution of integration and synergy plans. |
Nokia Technologies |
FY16 Net sales |
Not provided |
Due to risks and uncertainties in determining the timing and value
of significant licensing agreements, Nokia believes it is not
appropriate to provide an annual outlook. |
RISKS AND FORWARD-LOOKING STATEMENTS
It should be noted that Nokia and its businesses are exposed to
various risks and uncertainties and certain statements herein that
are not historical facts are forward-looking statements, including,
without limitation, those regarding: A) Nokia's ability to
integrate Alcatel-Lucent into its operations and achieve the
targeted business plans and benefits, including targeted synergies
in relation to the acquisition of Alcatel-Lucent announced on April
15, 2015 and closed in early 2016 ("Acquisition"); B) Nokia's
ability to squeeze out the remaining Alcatel-Lucent shareholders in
a timely manner or at all to achieve full ownership of
Alcatel-Lucent; C) expectations, plans or benefits related to
Nokia's strategies; D) expectations, plans or benefits related to
future performance of Nokia's businesses; E) expectations, plans or
benefits related to changes in our management and other leadership,
operational structure and operating model, including the expected
characteristics, business, organizational structure, management and
operations following the Acquisition; F) expectations
regarding market developments, general economic conditions and
structural changes; G) expectations and targets regarding
performance, including those related to market share, prices, net
sales, income and margins; H) timing of the deliveries of our
products and services; I) expectations and targets regarding our
financial performance, results, operating expenses, taxes, cost
savings and competitiveness, as well as results of operations,
including targeted synergies; J) expectations and targets regarding
collaboration and partnering arrangements, as well as the expected
customer reach of Nokia following the Acquisition; K) outcome of
pending and threatened litigation, arbitration, disputes,
regulatory proceedings or investigations by authorities; L)
expectations regarding restructurings, investments, uses of
proceeds from transactions, acquisitions and divestments and our
ability to achieve the financial and operational targets set in
connection with any such restructurings, investments, divestments
and acquisitions; and M) statements preceded by or including
"believe," "expect," "anticipate," "foresee," "sees," "target,"
"estimate," "designed," "aim," "plans," "intends," "focus,"
"continue," "project," "should," "will" or similar expressions.
These statements are based on the management's best assumptions and
beliefs in light of the information currently available to it.
Because they involve risks and uncertainties, actual results may
differ materially from the results that we currently expect.
Factors, including risks and uncertainties, that could cause such
differences include, but are not limited to: 1) Nokia's inability
to achieve the targeted business and operational benefits and
synergies or disruption caused by the Alcatel-Lucent transaction,
including inability to integrate Alcatel-Lucent into Nokia
operations and any negative effect from the implementation of the
combination, for instance due to the loss of customers, loss of key
executives or employees or reduced focus on day-to-day operations
and business, or negative effects caused by delays or inability to
squeeze out the remaining Alcatel-Lucent shareholders; 2) our
ability to identify market trends and business opportunities to
select and execute strategies successfully and in a timely manner,
and our ability to successfully adjust our operations and operating
models; 3) our ability to sustain or improve the operational and
financial performance of our businesses and correctly identify or
successfully pursue new business opportunities; 4) our dependence
on general economic and market conditions, including the capacity
for growth in internet and technology usage; 5) our exposure to
regulatory, political or other developments in various countries or
regions; 6) our ability to invent new relevant technologies,
products and services, to develop and maintain our intellectual
property portfolio and to maintain the existing sources of
intellectual property related revenue and establish new such
sources; 7) our ability to protect our intellectual property rights
and defend against third-party infringements and claims that we
have infringed third parties' intellectual property rights ("IPR"),
as well as increased licensing costs and restrictions on our
ability to use certain technologies, and litigation related to IPR;
8) the potential complex tax issues, tax disputes and tax
obligations we may face, including the obligation to pay additional
taxes in various jurisdictions and our actual or anticipated
performance, among other factors, which could reduce our ability to
utilize deferred tax assets; 9) our ability to retain, motivate,
develop and recruit appropriately skilled employees, for instance
due to possible disruption caused by the Acquisition and related
operational and other changes; 10) the performance of the parties
we partner and collaborate with, as well as that of our financial
counterparties, and our ability to achieve successful collaboration
or partnering arrangements, including any disruption from the
transaction in obtaining or maintaining the contractual
relationships; 11) exchange rate fluctuations, particularly between
the euro, which is our reporting currency, and the US dollar, the
Japanese yen and the Chinese yuan, as well as certain currencies;
12) the impact of unfavorable outcome of litigation, arbitration,
contract-related disputes or allegations of health hazards
associated with our businesses; 13) any inefficiency, malfunction
or disruption of a system or network that our operations rely on or
any impact of a possible cybersecurity breach; 14 our ability to
achieve targeted benefits from or successfully implement planned
transactions, such as acquisitions, divestments, mergers or joint
ventures, and manage unexpected liabilities related thereto; 15)
our ability to manage our operating expenses and reach targeted
results through efforts aimed at improving our financial
performance, for instance through cost savings and other efforts
aimed at increased competitiveness; 16) Nokia's ability to optimize
its capital structure as planned and re-establish our investment
grade credit rating; 17) Nokia's ability to execute its strategy or
to effectively and profitably adapt its business and operations in
a timely manner to the increasingly diverse needs of its customers
in the information technology and communications industries and
related services market or to appropriately adapt to related
technological developments; 18) Nokia's ability to
effectively and profitably invest in new competitive high-quality
products, services, upgrades and technologies and bring them to
market in a timely manner; 19) Nokia's dependence on a
limited number of customers and large multi-year agreements and
adverse effects as a result of further operator consolidation; 20)
Nokia's ability to manage its manufacturing, service creation and
delivery, as well as our logistics efficiently and without
interruption; 21) Nokia's dependence on a limited number of
suppliers, who may fail to deliver sufficient quantities of fully
functional products and components or deliver timely services
meeting its customers' needs; 22) adverse developments with respect
to customer financing or extended payment terms Nokia provides to
customers; 23) Nokia Technologies' ability to maintain its existing
sources of intellectual property related revenue or establish new
sources; 24) Nokia Technologies' dependence on a limited number of
key licensees that contribute proportionally significant patent
licensing income, including the outcome of any pending arbitrations
or negotiations; 25) Nokia Technologies' dependence on adequate
regulatory protection for patented or other proprietary
technologies; 26) Nokia Technologies' ability to execute its plans
through business areas such as licensing the Nokia brand and other
business ventures, including benefits and plans related to
technology innovation and incubation; and 27) unexpected
liabilities or issues with respect to the Acquisition, including
pension and employee liabilities or higher than expected
transaction costs, as well as the risk factors specified on pages
74 to 89 of Nokia's latest annual report on Form 20-F under
"Operating and Financial Review and Prospects-Risk factors" as well
as in Nokia's other filings with the U.S. Securities and Exchange
Commission. Other unknown or unpredictable factors or underlying
assumptions subsequently proven to be incorrect could cause actual
results to differ materially from those in the forward-looking
statements. Nokia does not undertake any obligation to publicly
update or revise forward-looking statements, whether as a result of
new information, future events or otherwise, except to the extent
legally required.
The financial statements were authorized for issue by management
on February 10, 2016.
Media and Investor Contacts: Corporate Communications,
tel. +358 10 448 4900, email: press.services@nokia.com
Investor Relations Europe, tel. +358 4080
3 4080 email: investor.relations@nokia.com
- Nokia plans to publish its "Nokia in 2015" annual report, which
includes the review by the Board of Directors and the audited
annual accounts, in week 13 of 2016. The annual report will be
available at http://company.nokia.com/financials.
- Nokia plans to publish its first quarter 2016 results on May
10, 2016.
- Nokia's Annual General Meeting 2016 is scheduled to be held on
June 16, 2016.
Nokia Q4 2015 Interim Report
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