TIDMAUTG
RNS Number : 4500Z
Autins Group PLC
25 January 2022
25 January 2022
Autins Group plc
(the "Company" or the "Group")
Full Year Results
Autins Group plc (AIM: AUTG), the UK and European manufacturer
of the patented Neptune melt-blown material and specialist in the
design, manufacture and supply of acoustic and thermal insulation
solutions, announces its results for the year ended 30 September
2021.
Financial Overview
-- Revenue increased by 8.9% to GBP23.4 million (FY20: GBP21.5 million)
-- Adjusted gross profit increased by 5.4% to GBP6.3 million (FY20: GBP6.0 million (1) )
-- Reported EBITDA maintained at GBP1.1 million (FY20: EBITDA (1) GBP1.1 million)
-- Cash flow from operations of GBP1.0 million (FY20: GBP1.5 million)
-- Operating loss reduced by 46.6% to GBP0.7 million (FY20: loss of GBP1.3 million)
-- Reported loss after tax reduced by 37.1% to GBP1.1 million (FY20: loss of GBP1.7 million)
-- Loss per share decreased by 37.1% to 2.74 pence (FY20: 4.35 pence)
-- Adjusted net debt (2) increased to GBP2.7 million (FY20: GBP1.9 million)
Operational Highlights
-- Revenue improvement reflected a marginal automotive recovery,
but mainly growth of GBP1.7 million in non-automotive revenue,
primarily in our flooring applications.
-- Neptune sales increased by 64% to GBP7.1 million (FY20:
GBP4.3 million) despite pandemic supply chain disruption.
-- Flooring sales grew 161% to GBP4.7 million (FY20: GBP1.8 million).
-- Gross margin reduced to 27.0% (FY20: 28.0% (1) ), 1.4%
reduction from cessation of transient sub-contract PPE sales.
-- Further operational efficiency improvements and Neptune
manufacturing yield gains bolstered automotive margins against
disrupted volume reductions and related cost increases.
-- Further strong performance seen in Germany; sales grew by 69%
to GBP7.5 million (FY20: GBP4.6 million) and EBITDA increased to
GBP0.9 million (FY20: GBP0.4 million).
-- Consistent EBITDA of GBP1.1 million achieved, despite
considerable pandemic and semi-conductor disruption challenges.
-- Operating cash inflow was GBP1.0 million (FY20: inflow of
GBP1.5 million) despite GBP0.5 million additional inventory,
primarily reflecting a strategic buffer investment for critical Far
East supplies.
-- GBP0.9 million of debt was repaid from the operating cash inflow.
-- Post period end, in December 2021, the Company raised GBP3.0
million (GBP2.8 million net) via the placing of 15 million new
ordinary shares at a price of 20 pence per share with new and
existing investors.
1 Adjusted gross profit for FY20 excludes a GBP0.2 million
exceptional inventory impairment, and a further GBP0.3 million of
exceptional restructuring costs are excluded from EBITDA. Gross
margin without adjustments in FY20 would be 27.3%. See note 2 for
reconciliation.
2 Cash less bank overdrafts, invoice discounting and hire
purchase finance, excluding IFRS16 lease liabilities.
Gareth Kaminski-Cook, Chief Executive, said:
" Despite the ongoing semi conductor challenges facing our UK
automotive market, the Group has grown 9% over the past year,
driven by ongoing success in Germany, in the flooring market and
sales of Neptune products . In the short term, our first priority
is to protect the business and ensure that we are in a strong
position to capture the automotive market recovery which will
surely come. Autins has a unique opportunity to establish a leading
position in the development of future Noise Vibration and Harshness
needs for EVs and other alternative fuels. "
For further information please contact:
Autins Group plc
Gareth Kaminski-Cook, Chief Executive Via SEC Newgate
Kamran Munir, CFO
Singer Capital Markets Tel: 020 7496 3000
(Nominated Adviser and Broker)
Mark Taylor / Asha Chotai
SEC Newgate Tel: 020 7653 9850
(Financial PR)
Bob Huxford
Max Richardson
About Autins
Autins is a UK and continental Europe based industrial materials
technology business that specialises in the design, manufacture,
and supply of acoustic and thermal products. Its key markets are
automotive, flooring, office furniture and commercial vehicles
where it supplies products and services to more than 160 customer
locations across Europe.
Autins is the UK and European manufacturer of the patented
Neptune melt-blown material and specialises in the design,
manufacture, and supply of acoustic and thermal insulation
solutions .
Chairman's Statement
Continued strategic progress despite automotive market
uncertainty
Despite making progress in key strategic areas and achieving
sales growth in FY21, the performance for the Group has been
constrained due to the global shortage of semi-conductors that
limited the ability of our key OEM customers to manufacture
vehicles to meet market demand.
Financial performance
Group sales for the year were up 8.9% to GBP23.4 million (FY20:
GBP21.5 million).
Sales in our core automotive business declined in the second
half of the year (compared to H1) due to a reduction in vehicle
production by OEMs caused by the global shortage of
semi-conductors. However, automotive sales in the second half were
still an improvement on the equivalent period of the prior year,
which was severely impacted by Covid disruptions.
Our German business continued its strong performance, growing
sales by 69% to GBP7.5 million (FY20: GBP4.65 million). This
reflected strong flooring sales and some additional automotive
revenues compared to FY20.
Adjusted gross margin reduced to 27.0% (FY20: 28.0%) primarily
due to cessation of PPE sales and raw material cost price increases
which were only partially offset by continued operational
improvements. EBITDA (after IFRS 16 adjustments) was stable at
GBP1.1m (FY20: GBP1.1m). The operating loss for the Group narrowed
to GBP0.7 million for the year (FY20: loss GBP1.3 million).
Net debt (excluding IFRS 16 debt) increased to GBP2.7 million
(FY20: GBP1.9 million) and cash equivalents reduced to GBP1.2
million (FY20: GBP2.8 million). With the reduced cash headroom and
the short-term uncertainty on the timing of recovery in the
automotive market, the Board decided to raise GBP3.0 million
(gross) via a placing of new shares to ensure the Company is in a
position to capitalise on market recovery. In addition, the Company
renegotiated certain of its banking obligations. These actions were
completed after the year end and are described further below.
Strategy
The business made good progress in key strategic areas in
FY21.
We continued to use our noise, vibration and harshness ("NVH")
expertise to diversify into new markets with European sales
increasing by 51% to GBP9.2 million. We also made progress
diversifying away from our core automotive market with
non-automotive revenue growing by 53% to GBP4.8 million. Flooring
sales were a particular highlight and we are also seeing success in
the emerging office pod market.
Neptune, our proprietary melt blown material, continues to be
attractive to both existing and new customers due to its specific
acoustic and thermal performance and its lighter weight. It was
pleasing to see Neptune product sales increase by 64% to GBP7.1
million in the year. We are undertaking investment projects to
increase the manufacturing capacity and operational efficiency of
our Neptune plant in anticipation of continued sales growth.
We remain committed to becoming a leading NVH specialist to
automotive manufacturers in Europe and continue to focus on
positioning Autins as an electric vehicle NVH solutions provider.
We are already supplying key brands in this space and are
concentrating our R&D efforts on increasing our electric
vehicle product solutions while enhancing the environmental
credentials of our Neptune material by increasing recycled
content.
In the short term, we have taken steps to protect the Group from
the reduced vehicle production caused by the global shortage of
semiconductors. We are well placed to benefit from the automotive
market recovery once these supply side issues are resolved.
Post year end placing and banking facilities
In December 2021, the Group completed a placing of 15 million
new ordinary shares raising GBP3.0 million (gross). The Board
intends to use these funds to provide the Group with a working
capital buffer while the automotive market recovers from the
semi-conductor supply issues and to fund increased working capital
for growth in Germany and for UK safety stocks. Part of the
proceeds will be allocated to invest in the Neptune manufacturing
facilities (to further increase capacity and profitability) and to
accelerate electric vehicle product development and other
commercial activities.
In addition, the Group has negotiated waivers of its banking
covenants to March 2023 and a six month deferral of capital
repayments.
The combination of these actions has significantly improved the
Group's liquidity position.
People
In all areas of our operations, the staff of Autins have shown
energy, initiative and loyalty throughout the year. We have had to
respond to the lower than expected demand from our core automotive
market by adjusting our staffing costs appropriately. As furlough
payments were phased out, we have looked at more flexible ways of
working and I would like to thank all of our staff for the support
and adaptability that they have shown.
Our people are our greatest asset and we remain committed to
providing a safe and rewarding environment for all of our
staff.
Ian Griffiths stepped down from the Board in March 2021 having
joined at its IPO in 2016. I would like to thank Ian for his
valuable contributions to our Board discussions and wish him well
for the future.
Environmental, Social and Governance
During the year we strengthened our ESG policy to include
commitment targets to be carbon neutral by 2050 in the UK and to
have achieved a 68% improvement by 2030. We continuously undertake
initiatives to improve the efficiency of our manufacturing
equipment so that we use less energy and water, whilst reducing
waste and increasing the proportion of renewable energy used. We
converted all lighting to LED in the UK and Sweden during the year.
Key areas for improvement in the short-term are continuing
reduction of our carbon footprint at our Tamworth Neptune facility
and a reduction in staff churn.
We are committed to playing our part in reducing emissions and
increasing the environmental benefits of our products and working
practices. Our future is about sustainable growth and Autins has
made ESG a central commitment of the business to support
decarbonisation and a better environment, promote our social
responsibilities and ensure fairness and promote diversity.
The Board remains committed to robust corporate governance and
risk management to ensure the delivery of our strategic ambitions
and the financial health of the Group. We apply the Quoted
Companies Alliance Corporate Governance Code (the "QCA Code"). The
Board is currently operating with two independent non-executive
directors. We consider this appropriate in the short term and in
keeping with the cost mitigation measures that have been applied to
all staffing costs in the year. We are committed to increasing the
number of independent non-executive directors on the Board as soon
as appropriate in the recovery cycle.
Dividend
No final dividend is proposed.
The Board will continue to monitor net earnings, debt levels and
expected capital requirements with a view to reinstating a
progressive dividend policy at the appropriate time.
Outlook
In the short term, automotive revenue performance will continue
to be constrained by the global shortage of semiconductors. The
Board anticipates improvement in the supply of semiconductors
during the second half of 2022 but, due to our financial year end
date, this is likely to have a limited impact on FY22 automotive
sales.
The outlook for our non-automotive sales remains strong in the
short-term and we will continue to focus on diversification of
customers and markets.
The medium term outlook remains positive. Retail demand for cars
remains good and this should result in a strong recovery in
automotive sales from current levels once the supply of
semiconductors has normalised. In addition, innovation in flooring
and demand for our Neptune technology is underpinning growth in new
markets and driving momentum for expansion in Europe.
The Board expects these factors to improve the sales growth of
the Group in the medium term.
Adam Attwood
Chairman
Chief Executive Officer's Review
Delivering operational improvements and accelerating
diversification
Our materials and solutions contribute to a quieter, safer,
cleaner and more energy-efficient world.
Autins is an industry-leading designer, manufacturer, and
supplier of acoustic and thermal management solutions. We apply our
expertise in material technologies to solve complex and challenging
problems to create better and more comfortable environments in a
wide range of industry applications including automotive, flooring,
workspace solutions and commercial vehicles. We manufacture a range
of technical materials, including our own patented material,
Neptune, in our facilities in the UK, Germany and Sweden, making us
a truly European business.
Growth in a challenging year
Modest market recovery at the beginning of the financial year
delivered some improvement in volumes, which, when combined with
improved overhead and operating cost control, led us to finish the
half year with a strong EBITDA, operating cash flow and net debt
position. UK automotive sales declined from April onwards as the
semi-conductor crisis deepened and this depressed financial
performance in the second half of the financial year resulting in a
consistent EBITDA for the full year.
Despite these headwinds, it is pleasing to report that we
finished the year with Group sales up 9% year on year at
GBP23.4million. German sales flourished, growing 69% to GBP7.6
million and we capitalised on significant project wins from the
previous year to deliver flooring sales growth of 161% to GBP4.7
million and Neptune based product growth of 64% to GBP7.1
million.
Delivering the growth strategy
The diversification strategy is progressing well, where
dedicated commercial resource has delivered non-automotive sales
growth of 60% which now represents 20% of our sales mix, up from 8%
last year (PPE sales excluded). European sales are now 39% of Group
sales, up from 25% last year.
We won 32 projects with 22 different customers during the year,
most of which are blue chip brands. 14 projects were won with
Neptune products. The project enquiry pipeline value for FY22 and
beyond remains healthy. Continuing our progress in diversification,
we began supply of Neptune to DAF trucks in September 2021 and post
year end have received our largest purchase order for the supply of
Neptune into the walls and ceilings of office pods to be delivered
to the US market.
Looking forward
In the short term, our first priority is to protect the business
during the ongoing semi-conductor crisis and ensure that we are in
a strong position to capture the automotive market recovery which
will surely come in due course. I would like to thank our
shareholders for supporting the recent GBP3.0 million equity raise,
which enables us to protect the interests of all our stakeholders
and enables the leadership team to focus on driving sales growth in
our core and new markets, whilst improving the profitability of the
operations.
Our Group strategy remains unchanged. We will continue to
leverage the superior properties of Neptune and our acoustic and
thermal expertise to win market share in automotive NVH and
accelerate growth in flooring, workspace solutions and commercial
vehicles. We will also continue to evaluate new, profitable markets
and maintain a laser focus on operating costs and margins.
Our core market is undergoing its biggest transformation ever
and Autins has a unique opportunity to establish a leadership
position in the development of future NVH needs for EVs and other
alternative fuels. We have extensive experience in EVs having
provided NVH solutions for JLR, AMG, LEVC and Polestar, but future
fully electric platforms will create a set of new NVH challenges
and we intend to be at the forefront of developing the
solutions.
Gareth Kaminski-Cook
Chief Executive Officer
Financial Review
Maintaining business fitness and improving resilience against
challenging market fundamentals
In H1, the Group saw partial recovery in automotive volumes and
strong growth in European flooring applications. Combined with
prior and continuing operations and cost structure improvements
this yielded an EBITDA of GBP1.1 million, a narrowly positive
profit after taxation, and an operating cash inflow of GBP1.0
million. With the Invoice Financing (IF) bank facility also
increasing with sales, cash headroom improved to GBP6.1 million.
This performance was encouraging (with the estimated UK volume
recovery being no better than 75%) and validated the Group's
ability to make significant returns once volumes recover nearer to
normal levels.
In H2, the semi-conductor supply disruption then caused
significant and unexpected continued monthly revenue reductions; as
measured against detailed communicated OEM twelve to sixteen week
operational rolling demand schedules. The mid-month and mid-week
reductions could be as high as 50%, with the lowest revenue points
being July and August (which also usually include holiday plant
shutdowns). This was seasonally unusual given that the H2 demand
profile is typically stronger than H1 driven by demand from new car
registrations. There has been steady revenue recovery since the
August lows and ongoing improvement is expected. Overall automotive
revenues in H2 were down almost 30% against H1. This drove EBITDA
to become negative in H2, with lower operating cash flow. Stock
buffering against supply chain disruption and repayment of the
GBP0.75 million CBILS bullet loan also impacted cash headroom.
To strengthen the balance sheet, increase working capital and
provide a market recovery buffer, in December 2021 the Group
completed a GBP3.0 million equity placing, largely from existing
shareholders, and also obtained further bank support in the form of
agreed capital payment deferments and covenant waivers which are
described more fully below.
Revenue
Automotive revenues remained disrupted throughout FY21. UK and
Sweden were the most impacted, with the disruption causing volume
reductions in excess of 50% at certain points in H2. UK Tooling
revenues reduced by 76% to GBP0.3 million (FY20 GBP1.3 million) as
OEMs also slowed new launch and development activities. Counter to
this, Germany experienced significant automotive growth overall
from additional contract volume wins, with the supply chain
disruption being less acute for the German market until very late
in FY21.
Revenues on PPE items in the UK declined from GBP1.2 million in
FY20 to GBP0.1 million in FY21.The PPE revenues should be
considered transient for the FY20 (prior year) peak pandemic
period. This was partially offset in the UK with revenues from
initial development and launch volumes demand of non-automotive
office pods and working space solutions. Both of these markets
remain target growth areas for the Group, with sales continuing to
increase in the period since the year end, associated with
favourable customer product performance feedback.
The most significant revenue growth for the Group in FY21 was in
flooring applications from Germany, which grew 161% year on year to
GBP4.6 million. Neptune sales grew 64% to GBP7.1 million in FY21
(FY20: GBP4.3 million), primarily within automotive end
applications.
Gross margin
Automotive margins were largely stable over the year. This was
the net result of a combination of adverse cost push and volume
reduction factors, being offset by improvements from operational
efficiency actions, improvements in Neptune processes and
manufacturing methods and the growth of Germany's non-automotive
flooring applications. This is explained further below.
UK Automotive margins had a slightly weaker mix than the prior
year, with some traditionally strong products having come to end of
life cycle with the OEMs. However, Neptune sales grew as noted
above by 64%, and this significantly improved the overall
absorption of manufacturing fixed costs in our Tamworth facility.
Despite cost push factors mainly relating to Far East container
shipments costs and scrim materials, other procurement improvements
were made to hold internal Neptune contribution margins steady. The
net result is an improved end to end margin on Neptune products,
which should continue to improve further with expected Neptune
volume increases over the longer term, with some new contract
volumes having already been won.
The gross margins on German flooring applications are consistent
with our mainstream automotive margins. However, given that the
follow-on costs are primarily sales commissions with very few
additional operational costs to serve, the net EBITDA margins from
flooring are significantly additive, which is illustrated further
below.
Revenue reduction on PPE items as noted above reduced overall
gross margin. Much of the FY20 work for face visors was on a
subcontract manufacturing basis having no materials costs, and face
mask revenues were a mix of sales to both resellers and end users
derived from our patented Neptune materials. This profile naturally
yielded above average margins. The PPE impact alone is the
equivalent of 1.4% gross margin reduction for the Group. With total
Group gross margins at 27.0% for FY21, compared with 28.0%
(adjusted gross margin) for FY20 , the intrinsic aggregate gross
margin across all non PPE products is an improvement of 0.4%. As
automotive volumes recover towards normalised levels, this should
yield further improved absorption of facility fixed costs and the
gross margin percentage would be expected to recover further.
EBITDA and operating profit
FY21 EBITDA was consistent at GBP1.1 million (FY20: GBP1.1
million) after adjusting for exceptional and non-recurring costs as
noted below. The reported statutory operating loss was GBP0.7
million (FY20: operating loss of GBP1.3 million), representing an
improvement of GBP0.6m.
Germany sales were GBP7.6 million (FY20: GBP4.6 million) and the
associated EBITDA was GBP0.9 million (FY20: GBP0.4 million) being
12% of Group sales. This helped to offset the EBITDA reductions in
UK and Sweden. Sweden revenues were consistent with the prior year
at GBP1.6 million (FY20: GBP1.6 million) and yielded an EBITDA of
GBP0.2 million (FY20: GBP0.3 million). UK Revenues reduced to
GBP14.3 million (FY20: GBP15.4 million) given the automotive supply
disruption, and EBITDA reduced to GBP0.0 million (FY20: GBP0.4
million). These stated measures exclude the impact of management
recharges into Europe, and apply Group plc costs entirely against
the UK entities. UK EBITDA and operating profit also benefitted
from GBP0.1 million of release from provisions for bad and doubtful
debts, following an extended focus on debtor collection improvement
over the prior 18 months.
The Directors also note that GBP0.65 million (FY20: GBP1.0
million) of employment costs were met by income from the government
job retention scheme, in the relevant publicised support periods in
the UK, and their overseas equivalents in Sweden and Germany. There
were no other financial support grants during the year (FY20:
GBP0.1 million). In total, government financial support received
was approximately GBP0.45 million lower in FY21 than the prior
year.
The FY20 EBITDA is stated after excluding items that management
considered to be a result of significant one-off events, including
the restructuring costs associated with the detailed review of
operations, which followed the new CFO appointment in January 2020.
These included employee severance costs and the planned scrapping
of inventory to enable improved floor space utilisation with the
aim of reducing premises costs. Exceptional costs relating to
restructuring in FY20 were GBP0.3 million, and exceptional
inventory impairments were GBP0.2 million. Management information
used in running the Group is measured with a focus on the
underlying operational performance and, as such, these items were
excluded. There are no such adjustments or exceptional costs
recorded in FY21.
The Board acknowledge that these are alternative measures of
performance and are not GAAP (nor are they intended to be) but are
used to help illustrate underlying business performance and are
informative to users of the accounts.
Exceptional and adjusting items
There were no exceptional costs charged in FY21. As noted above,
in FY20 the Group incurred an exceptional cost of sales of GBP0.16
million relating to inventory rationalisation and exceptional
administrative costs of GBP0.29 million as a result of a change of
Chief Financial Officer.
To be consistent with analysts measure of the Group's
performance, amortisation of GBP0.2 million (FY20: GBP0.2 million)
in relation to acquired intangible assets recognised as a result of
the Group's conversion to IFRS at IPO (having previously been held
as non amortising goodwill) should be excluded to provide an
adjusted operating profit. Accordingly, the adjusted operating
loss, allowing for exceptional costs and amortisation, would be
GBP0.5 million (FY20: GBP0.6 million).
Joint venture
The Group's joint venture, Indica Automotive, is an acoustic
foam conversion business based in Northampton that supplies
components into the Group's UK operations (who remain the largest
customer) as well as its own automotive customer base. The joint
venture continues to leverage the access to low cost material and
finished component sources provided by its other parent, Indica
Industries PV, based in India.
Indica Automotive's turnover increased by 14% to GBP2.4 million
(FY20: GBP2.1 million). H1 21 revenues were GBP1.5 million (H1 20:
GBP1.5 million), and revenue declined by 40% in H2 as call offs for
existing parts were reduced, given an equivalent impact from the
semi-conductor supply constraints. Further margin and overhead cost
control actions were taken by management, and GBP0.05 million of UK
furlough income was received, helping to generate a profit after
tax of GBP0.1 million (FY20: GBP0.1 million). Sales overheads were
increased, as the sales organisation was expanded for future
growth.
Currency
The Group's overseas operations and certain key raw material
suppliers require the Group to trade in currencies other than
Sterling, its base currency. During the year, operational
transactions were conducted in US Dollar, Swedish Krona and Euro
and the retranslation of the results of the German and Swedish
operations were affected by currency fluctuations. The key raw
materials for Neptune production are currently imported from South
Korea with transactions conducted in US Dollars. The Group has
taken steps to mitigate this risk by establishing alternative
sources for non-patented product which could then also be
transacted in alternative currencies. The Group also has Euro based
purchases for materials and production, including equipment. As
Euro sales are expected to increase from our German business, this
would allow us to manage relative balances in British Pounds, Euros
and US Dollars.
The Group continues to benefit from natural hedging, arising
from its structure and trading balances, which means that the
Group's result in both FY20 and FY21 has only been impacted in a
limited way as a result of currency translations.
The Group held no forward currency contracting arrangements at
either year-end. Transactions of a speculative nature are, and will
continue to be, prohibited. As Neptune grows management will
continue to monitor the Group's US Dollar exposure and its impact
on the Group's results. Where the frequency and quantum of
purchases can support active currency management, we may implement
a formal hedging strategy.
Net finance expense
The finance expense remained consistent at GBP0.5 million (FY20:
GBP0.5 million) and under IFRS 16 includes GBP0.3 million of
financing charges derived primarily from property rental expenses.
Bank interest at GBP0.2 million (FY20: GBP0.2 million) is derived
almost entirely from the CBILS and MEIF term loans. The Group's
MEIF term loan is at a coupon rate of 7.5% and remained fully drawn
during FY21, with no capital repayments having been made under
agreed extension terms. The CBILS short term bullet loan of GBP0.75
million received in July 2020, at a net zero cash interest cost for
the first 12-month period, was repaid to agreed terms in August
2021. The CBILS 6 year term loan of GBP2.0 million remained
outstanding at 30 September 2021 (FY20: GBP2.0 million), and
attracts an interest rate of 3.99% above base rate.
The primary UK invoice financing facility remained undrawn
throughout FY21, in line with our strategy to optimise working
capital, with an extended focus on debtor collections yet
maintaining a timely payment cycle to trade creditors. Inventory
continued to be rationalised where possible, however an investment
of up to GBP0.5 million was made in strategic buffer stocks for
flooring business growth and protection against Far East supply
disruption. Modest short-term overdrafts only prevailed within our
Sweden operations and were reduced over the year to end FY21 at
GBP0.02 million (FY20: GBP0.15 million). Our key Far East suppliers
continued to extend the Group's direct open credit throughout FY21,
and so the bank trade finance facility was not utilised. Car and
equipment finance leases further reduced in FY21 as some agreements
completed during the year, with no renewals, which reduced interest
costs to GBP0.02 million (FY20: GBP0.03 million).
An analysis of the net finance expense is presented in the note
below.
Taxation
The effective tax rate in the year was below that expected based
on current UK corporation tax levels. Given the quantum of losses
compared to expected profitability in the next two years, the Group
has not recognised the majority of current year losses as a
deferred tax asset. The balance sheet asset has been reviewed and
is considered to be supportable based on the Group's expected
trading.
The Group's technical R&D and applications teams have, as in
prior years, continued to enhance materials applications, improve
processes and develop new products. The pandemic and semi-conductor
supply chain disruption to revenues has meant that significant net
losses continue to remain available. Accordingly, the Group
strategy remains to utilise the losses to obtain actual R&D tax
credit cash refunds to maximise liquidity. An R&D tax credit
claim will be submitted for FY21 in the usual course. R&D
claims for the years ended September 2019 and September 2020 were
submitted in FY21 with repayment having subsequently been received.
R&D activities continue and this, together with recognition and
use of available brought forward losses when profitability
increases, will mean that the effective tax rate will remain below
the UK statutory level for the short to medium term with an
unrecognised deferred tax asset of GBP0.95 million in the UK (FY20:
GBP0.77 million).
The Group's German subsidiary is expected to fully utilise its
remaining tax losses in FY21 which will result in a degree of tax
at a higher rate on future profits in Germany whilst brought
forward taxable losses available in Sweden will, in the short term,
at least partially offset expected trading profits. The Group has a
further GBP0.3 million (FY20: GBP0.03 million) unrecognised tax
asset in respect of Swedish tax losses.
Earnings per share
Loss per share was 2.74 pence (FY20: loss per share 4.35 pence)
reflecting the loss in the year. The weighted average number of
shares was 39,600,984 in the year (FY20: 39,600,984). Calculations
of earnings per share and the potential dilution arising from the
senior management share option scheme in future periods are
presented in the note below.
Dividends
The Board are not proposing a final dividend for the current
year (FY20: GBPnil) and no interim dividend was paid (FY20:
GBPnil).
Net debt and working capital
The Group ended the year with net debt of GBP2.7 million (FY20:
GBP1.9 million) excluding the IFRS16 calculated lease liabilities
of GBP5.6 million as disclosed in the reconciliation of movements
in cash and financing liabilities.
No additional borrowing facilities were obtained or utilised
during the year. In the prior year the Group secured a GBP1.5
million five-year term loan from MEIF, and GBP2.75 million of UK
CBILS loan funding. Of the CBILS funding GBP0.75 million was a
one-year bullet loan and was repaid to terms in August, with the
balance of GBP2 million outstanding as at the year end. Hire
Purchase liabilities were reduced by GBP0.1m. Total debt was
reduced by GBP0.9m.
The Group has GBP0.2 million (FY20: GBP0.3 million) of hire
purchase agreements in the UK. There were no new hire purchase
agreements in the year and the short-term trade import facility was
not utilised (FY20: GBP0.1 million was utilised).
The Group has continued with working capital optimisation in the
year, which has been partially described above. Trade debtors
improved in the year with a reduction of overdue balances from
additional focus and applied resource. There was a release from the
bad debt provision in the year of GBP0.1 million (FY20: GBP0.0
million). Some of the prior year's provision has been retained
against historic overdue invoices which the Group continues to
steadily resolve.
Trade creditors reduced in line with activity levels in the
year, with payments being made to terms, usually on a weekly cycle.
The net movement of debtors and creditors was a GBP0.2 million
inflow. Stocks were increased by GBP0.5 million, primarily owing to
additional buffers being held, as described earlier.
Going concern
The Board have concluded, on the basis of current and forecast
trading and related expected cash flows and available sources of
finance, that it remains appropriate to prepare these financial
statements on the basis of a going concern.
The Group completed an equity placing with gross proceeds of
GBP3.0 million (GBP2.8 million net) in December 2021, primarily
with the participation and support of its existing shareholders. In
addition dual lender support has been agreed in the form of
covenant waivers with testing to resume at the end of March 2023.
In light of the external trading environment the bank has also
indicated a willingness to revise the covenants to better reflect
the Group's forecasted trading levels once there is improved
visibility over the resolution of the semi-conductor disruption,
which is anticipated to occur in advance of the next covenant test
date in March 2023. The waivers are coupled with a minimum 6 month
capital deferment holiday on both the outstanding CBILS and MEIF
term loans. As at 14 January 2022, shortly before the reporting
date, the prevailing cash headroom for the Group is in excess of
GBP5.0 million (FY20: GBP5.6 million). This includes undrawn
balances on the UK invoice financing facility which has in excess
of GBP2 million available, with its operational limit currently
agreed at GBP3.5 million against relevant trade receivables.
Despite the Covid trading backdrop, the Group reported positive
operating cash flows of GBP0.9 million, and GBP0.75 million of
CBILS loans were repaid during the year.
Whilst the operating cash flows benefit from a combination of
improved working capital and cost management, they are also
impacted by significant decreases in revenues as a result of the
pandemic and semiconductor disruption. The Group has also made
further operational and overhead cost improvements, including
significant carefully considered headcount reductions which improve
the cost structure by more than GBP0.7 million per annum, with
continuing programmes in place to make additional cost and profit
improvements.
In undertaking their assessment of the future prospects for the
Group, the Directors have prepared trading and cash flow forecasts
for the period to 31 January 2023 for the purpose of assessing the
going concern basis of preparation, with further forecasts going
out to 30 September 2027. These take into consideration the current
and expected future impacts of the pandemic and semiconductor
supply recovery timelines, diversification and development of
customer product ranges and also have regard to the committed
business and enquiry levels from existing customers. The Directors
have also considered the impact of current and future demand levels
for new vehicles, the migration to EV's and publicly available
forward looking market information regarding market sizes and
dynamics. These forecasts have been compared, together with
considering a range of material but plausible downside
sensitivities, to the available bank facilities and the related
covenant requirements.
Notwithstanding the agreed deferments, the loan repayments and
interest costs are expected to be adequately covered by operating
cash generation over the period and the Group has significant
liquidity headroom within its facilities to accommodate all
reasonably foreseeable cash flow requirements in the event of
changes to its demand as a result of prevailing supply chain
conditions, or other economic factors, with further flexibility
also available to favourably manage the cost base in respect of
operating costs, should the need arise, or flex other payment
structures to increase cash headroom.
The most sensitive factor impacting the forecast period, and the
continued availability of the current facilities, is ensuring that
liquidity remains reliably positive for the Group, albeit the Board
has set a minimum target of GBP0.5 million. In the next financial
year, achievement of this minimum required UK (and group) liquidity
target, without significant further unplanned cost or efficiency
improvements, is predicated on minimum UK revenue levels of GBP9.4
million in FY22 and GBP14.4 million in FY23. These revenue levels
compare with UK revenues of GBP14.3 million in FY21, GBP16.8
million in FY20 and GBP21.3 million in FY19. This compares with UK
revenues of GBP14.3 million in FY21, GBP16.8 million in FY20 and
GBP21.3 million in FY19. New business continues to be won and,
accordingly, the Board are confident that the sales and liquidity
targets will be met, especially having regard to further additional
mitigating actions which remain available to the Group.
The Board continues to review the Group's banking and funding
arrangements with a view to ensuring that they remain appropriate
for the planned growth within mainland Europe and to allow for the
more volatile demand pattern in the current economic
environment.
Acquisitions, goodwill and intangible assets
There were no acquisitions made in the year, nor any adjustment
to fair values attributed to previous transactions.
The Board, acknowledging that this is a further year of reported
losses and that the Group's current market capitalisation is
currently less than the Group's net assets, has reviewed the
carrying value of goodwill and other intangible assets held at 30
September 2021 (both existing and generated in the year) by
reference to discounted cashflow forecasts for separately
identifiable cash generating units. These forecasts are based on
Board approved budgets, and extended forecasts where appropriate
considering an assessment of likely conversion from pipeline to
revenue.
Having considered the assumptions, headroom and a range of
reasonably foreseeable sensitivities indicated by these assessments
the Board are able to conclude that the carrying values are fully
recoverable.
Capital expenditure
Additions to tangible fixed assets were GBP0.4 million (FY20:
GBP0.2 million) in the year with no significant single items
acquired. The Group continues to benefit from investment in
equipment in recent years and therefore has capacity to address
current demand levels. Planning for additional investments designed
to improve operational performance is ongoing and the Board expects
expenditure to be incurred on an ongoing basis in FY22 in support
of further operational gains.
Research and development costs of GBP0.03 million (FY20: GBP0.13
million) have been capitalised in the period as the Board considers
they meet the Group's stated policy for recognition of internally
generated assets. The costs are focused on a range of projects
designed to further enhance the Group's current materials and
product ranges and improve production capabilities to derive volume
or cost reduction benefits.
Financial risk management
Details of our financial risk management policies are disclosed
in the Annual Report.
Kamran Munir
Chief Financial Officer
Consolidated income statement
For the year ended 30 September
2021 202 1 2020
GBP000 GBP000
Note
Revenue 1 23,431 21,517
Cost of sales excluding exceptional
costs (17,103) (15,472)
Exceptional cost of sales - (164)
Total cost of sales (17,103) (15,636)
------------------------------------ ---- --------- ---------
Gross profit 6,328 5,881
Other operating income 649 787
Distribution expenses (604) (650)
------------------------------------ ---- --------- ---------
Administrative expenses excluding
exceptional costs and amortisation (6,890) (6,780)
Exceptional administrative
expenses 2 - (292)
Amortisation of acquired intangible
assets 2 (173) (238)
Total administrative expenses (7,063) (7,310)
------------------------------------ ---- --------- ---------
Operating loss 2 (690) (1,292)
Finance expense 3 (542) (523)
Share of post-tax profit of
equity accounted joint ventures 53 55
Loss before tax (1,179) (1,760)
Tax credit 95 37
Loss after tax for the year (1,084) (1,723)
Earnings per share for loss
attributable to the owners
of the parent during the year
Basic (pence) 4 (2.74)p (4.35)p
Diluted (pence) 4 (2.74)p (4.35)p
========= =========
All amounts relate to continuing operations.
Consolidated statement of comprehensive income
For the year ended 30 September
2021 2021 2020
GBP000 GBP000
Loss after tax for the year (1,084) (1,723)
Other comprehensive income
Items that may be reclassified subsequently to
profit or loss
Currency translation differences 2 18
Total comprehensive expense
for the year (1,082) (1,705)
Consolidated statement of financial position
As at 30 September 2021 2021 2020
GBP000 GBP000
Non-current assets
Property, plant and equipment 9,636 10,082
Right-of-use assets 4,876 5,001
Intangible assets 3,059 3,322
Investments in equity-accounted
joint ventures 120 147
Deferred tax asset 95 149
Total non-current assets 17,786 18,701
Current assets
Inventories 2,433 1,938
Trade and other receivables 3,630 4,339
Cash and cash equivalents 1,262 2,974
Total current assets 7,325 9,251
Total assets 25,111 27,952
Current liabilities
Trade and other payables 2,584 3,151
Loans and borrowings 719 1,027
Lease liabilities 842 917
Total current liabilities 4,145 5,095
Non-current liabilities
Trade and other payables 111 117
Loans and borrowings 3,248 3,847
Lease liabilities 4,794 4,970
Deferred tax liability 46 74
Total non-current liabilities 8,199 9,008
Total liabilities 12,344 14,103
Net assets 12,767 13,849
Equity attributable to
equity
holders of the company
Share capital 792 792
Share premium account 15,866 15,866
Other reserves 1,886 1,886
Currency differences reserve (125) (127)
Profit and loss account (5,652) (4,568)
Total equity 12,767 13,849
Consolidated statement of changes in equity
For the year ended 30 September 2021
Share Share Other Cumulative Profit Total
capital premium reserves currency and loss equity
account differences account
reserve
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 30 September 2020 792 15,866 1,886 (127) (4,568) 13,849
Comprehensive income for the
year
Loss for the year - - - (1,084) (1,084)
Other comprehensive income - - - 2 - 2
Total comprehensive expense
for the year - - - 2 (1,084) (1,082)
At 30 September 2021 792 15,866 1,886 (125) (5,652) 12,767
-------- -------- --------- ------------ --------- -------
Share Share Other Cumulative Profit Total
capital premium reserves currency and loss equity
account differences account
reserve
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 30 September 2019 792 15,883 1,886 (145) (2,313) 16,103
Effect of adoption of IFRS 16 - - - - (517) (517)
Comprehensive income for the
year
Loss for the year - - - - (1,723) (1,723)
Other comprehensive income - - - 18 - 18
Total comprehensive expense
for the year - - - 18 (1,723) (1,705)
Contributions by and distributions
to owners
Share issue expenses (re August
2019 placing) - (17) - - - (17)
Share based payment - - - - (15) (15)
Total contributions by and distributions
to owners - (17) - - (15) (32)
At 30 September 2020 792 15,866 1,886 (127) (4,568) 13,849
-------- -------- --------- ------------ --------- -------
Consolidated statement of cash flows
For the year ended 30 September 2021
2021 2020
GBP000 GBP000
Operating activities
Loss after tax (1,084) (1,723)
Adjustments for:
Income tax (95) (37)
Finance expense 542 523
Employee share based payment (credit)/charge - (15)
Non-cash element of other income - (109)
Depreciation of property, plant and
equipment 788 836
Depreciation of right-of-use assets 825 851
Loss on disposal of tangible fixed 25 -
assets
Amortisation and impairment of intangible
assets 282 317
Share of post-tax profit of equity
accounted joint ventures (53) (55)
1,230 588
Decrease in trade and other receivables 725 2,296
(Increase)/decrease in inventories (515) 23
Decrease in trade and other payables (538) (1,426)
(328) 893
Cash generated from operations 902 1,481
Income taxes received/(paid) 92 (5)
Net cash flows from operating activities 994 1,476
Investing activities
Purchase of property, plant and equipment (405) (154)
Purchase of intangible assets (30) (125)
Proceeds from disposal of tangible 8 -
fixed assets
Dividend received from equity-accounted
for joint venture 80 125
Net cash used in investing activities (347) (154)
Financing activities
Interest paid (380) (421)
Share issue expenses paid - (17)
Bank loans advanced - 4,523
Loan issue expenses paid - (66)
Bank loans repaid (753) (213)
Principal paid on lease liabilities (951) (549)
Hire purchase and finance leases
repaid (108) (168)
Decrease in invoice discounting - (3,716)
Net cash used in financing activities (2,192) (627)
Net (decrease)/increase in cash and
cash equivalents (1,545) 695
Cash and cash equivalents at beginning
of year 2,820 2,125
Foreign exchange movements (37) -
Cash and cash equivalents at end
of year 1,238 2,820
======== ========
2021 2020
GBP000 GBP000
Cash and cash equivalents comprise:
Cash balances 1,262 2,974
Bank overdrafts (24) (154)
-------- ---------
1,238 2,820
======== =========
Reconciliation of movements in net cash/financing
liabilities
Year ended 30 September Opening Cash flows Non-cash Closing
2021 GBP000 GBP000 movements GBP000
GBP000
Cash and cash equivalents
Cash balances 2,974 (1,675) (37) 1,262
Bank overdrafts (154) 130 - (24)
--------- ----------- ----------- ---------
2,820 (1,545) (37) 1,238
Financing liabilities
Bank loans (4,383) 753 (84) (3,714)
Hire purchase liabilities (337) 108 - (229)
Lease liabilities (5,887) 1,221 (970) (5,636)
--------- ----------- ----------- ---------
(10,607) 2,082 (1,054) (9,579)
(7,787) 267 (821) (8,341)
--------- ----------- ----------- ---------
Year ended 30 September Opening Cash flows Non-cash Closing
2020 GBP000 GBP000 movements GBP000
GBP000
Cash and cash equivalents 3,132 (158) - 2,974
Cash balances (1,007) 853 - (154)
Bank overdrafts 2,125 695 - 2,820
--------- ----------- ----------- ---------
Financing liabilities
Invoice discounting (3,716) 3,716 - -
Bank loans (216) (4,244) 77 (4,383)
Hire purchase liabilities (505) 168 - (337)
Lease liabilities - 854 (6,741) (5,887)
--------- ----------- ----------- ---------
(4,437) 494 (6,664) (10,607)
(2,312) 1,189 (6,664) (7,787)
--------- ----------- ----------- ---------
Material non cash transactions
Financing liabilities now include lease liabilities, primarily
in respect of property leases, following the adoption of IFRS 16
from 1 October 2019. Additions of GBP705,000 net of foreign
exchange movements of GBP5,000 are shown in non cash movements
together with financing charges of GBP270,000 (2020: The discounted
liability at the transition date of 1 October 2019 of GBP6,422,000
is shown in non-cash movements together with a GBP14,000 foreign
exchange movement and financing charges of GBP305,000).
Basis of preparation of financial statements
While the financial information included in this annual
financial results announcement has been prepared in accordance with
the recognition and measurement principles of International
Accounting Standards in conformity of the requirements of the
Companies Act 2008, this announcement does not contain sufficient
information to comply therewith.
The financial information set out above does not constitute the
Company's statutory accounts for the years ended 30 September 2021
or 2020 but is derived from those accounts. Statutory accounts for
the year ended 30 September 2020 have been delivered to the
Registrar of Companies and those for the year ended 30 September
2021 will be delivered following the Company's annual general
meeting.
The auditors have reported on those accounts; their reports were
unqualified and did not include references to any matters to which
the auditors drew attention by way of emphasis without qualifying
their reports.
Their reports for the year end 30 September 2021 and 30
September 2020 did not contain statements under s498 (2) or (3) of
the Companies Act 2006.
The consolidated financial statements are drawn up in sterling,
the functional currency of Autins Group plc. The level of rounding
for the financial statements is the nearest thousand pounds.
Changes in accounting policies
These financial statements have been prepared in accordance with
International Accounting Standards in conformity with the
requirements of the Companies Act 2006 for periods beginning on or
after 1 October 2020 with no new standards adopted in these
financial statements.
New accounting standards applicable to future periods
There are no new standards, interpretations and amendments which
are not yet effective in these financial statements, expected to
have a material effect on the Group's future financial statements.
After Brexit, the UK will continue to apply International
Accounting Standards in conformity with the requirements of the
Companies Act 2006.
1. Revenue and segmental information
Revenue analysis
2021 2020
GBP000 GBP000
Revenue, recognised at a point in
time, arises from:
Sales of components 23,084 20,192
Sales of tooling 347 1,325
23,431 21,517
======= =======
Segmental information
The Group currently has one main reportable segment in each
year, namely Automotive (NVH) which involves provision of
insulation materials to reduce noise, vibration and harshness to
automotive manufacturing. Turnover and operating profit are
disclosed for other segments in aggregate, mainly flooring sales
together with Personal Protective Equipment ('PPE') in the prior
year, as they individually do not have a significant impact on the
Group result. These segments have no material identifiable assets
or liabilities.
Factors that management used to identify the Group's reportable
segments
The Group's reportable segments are strategic business units
that offer different products and services.
Measurement of operating segment profit or loss
The accounting policies of the operating segments are the same
as those described in the summary of significant accounting
policies.
The Group evaluates performance on the basis of operating
profit/(loss). Automotive remained the only significant segment in
the year although there has been investment and costs incurred in
the development and commissioning of equipment which can
manufacture both automotive and other products.
The Group's non-automotive revenues, including acoustic flooring
and personal protective equipment in FY20 are included within the
others segment.
Segmental analysis for the year ended 30 September 2021
Automotive Others 2021
NVH GBP000 Total
GBP000 GBP000
Group's revenue per consolidated
statement of comprehensive income 18,659 4,772 23,431
Depreciation 1,613 -
Amortisation 235 47
Segment operating (loss)/profit (971) 281 (690)
Finance expense (542)
Share of post-tax profit of equity
accounted joint ventures 53
Group loss before tax (1,179)
========
Additions to non-current assets 1,140 - 1,140
Reportable segment assets 24,991 - 24,991
Investment in joint ventures 120
Reportable segment assets/total
Group assets 25,111
Reportable segment liabilities/total
Group liabilities 12,344 12,344
=========== ======== ========
Segmental analysis for the year ended 30 September 2020
Automotive Others 2020
NVH GBP000 Total
GBP000 GBP000
Group's revenue per consolidated
statement of comprehensive income 18,446 3,071 21,517
Depreciation 1,600 -
Amortisation 301 16
Segment operating (loss)/profit (1,504) 212 (1,292)
Finance expense (523)
Share of post-tax profit of equity
accounted joint ventures 55
Group loss before tax (1,760)
========
Additions to non-current assets 279 - 279
Reportable segment assets 27,805 - 27,805
Investment in joint ventures 147
Reportable segment assets/total
Group assets - 27,952
Reportable segment liabilities/total
Group liabilities 14,103 - 14,103
=========== ======== ========
Revenues from one UK customer in FY21 total GBP9,991,000 and
GBP2,968,000 of revenue arose from another European customer (FY20:
one UK customer GBP10,895,000). This largest customer purchases
goods from Autins Limited in the United Kingdom and there are no
other customers which account for more than 10% of total
revenue.
External revenues by location of customers
2021 2020
GBP000 GBP000
United Kingdom 13,680 16,063
Sweden 680 322
Germany 6,753 3,197
Other European 2,318 1,913
Rest of the World - 22
23,431 21,517
The only material non-current assets in any location outside of
the United Kingdom are GBP900,000 (2020: GBP899,000) of fixed
assets and GBP540,000 (2020: GBP551,000) of goodwill in respect of
the Swedish subsidiary. GBP233,000 (2020: GBP775,000) of cash
balances were held in Germany which has been partly utilised to
repay intercompany debt owed to a UK group company.
2. Loss from operations
The operating loss is stated after charging/(crediting):
2021 2020
GBP000 GBP000
Foreign exchange losses 105 11
Depreciation of property, plant
and equipment 788 836
Depreciation of right-of-use
assets 825 851
Amortisation of intangible assets 282 317
Cost of inventory sold 15,663 14,573
Impairment of trade receivables (83) 17
Government job retention scheme
income (649) (672)
Other government assistance and
grants - (115)
Employee benefit expenses 6,499 6,822
Lease payments (short term leases
only) 109 120
Auditors' remuneration:
Fees for audit of the Group 90 85
Exceptional inventory provisions - 164
Exceptional restructuring costs
in respect of:
Restructuring programme, inc
severance costs - 132
Change of Chief Financial Officer - 160
------- -------
- 292
======= =======
Prior year exceptional costs
Overhead and operational restructuring programme
Following a detailed operational review initiated by the change
of Chief Financial Officer in January 2020 and in preparation for
the rationalisation of the UK premises, the Group reviewed its
inventory and identified GBP164,000, primarily in respect of
materials that were being held for development or aftermarket
service purposes, which are to be scrapped to allow floor space
rationalisation and an associated reduction in future premises
costs.
In the prior year, the Group also incurred exceptional
administrative costs of GBP160,000 in the year in respect of the
change of CFO, including recruitment fees and compensation costs.
As part of the operational review initiated by the new CFO and in
response to Covid, which necessitated further operational changes
and cost reductions, the Group incurred a further GBP132,000 of
severance related costs in FY20.
3. Finance expense
2021 2020
GBP000 GBP000
Bank interest 236 180
Amortisation of loan issue costs 14 7
Right-of-use asset financing charges 270 305
Interest element of hire purchase agreements 22 31
` 542 523
======= ========
4. Earnings per share
2021 2020
GBP000 GBP000
Loss used in calculating basic and
diluted EPS (1,084) (1,723)
Number of shares
Weighted average number of GBP0.02
shares for the purpose of basic earnings
per share ('000s) 39,601 39,601
Weighted average number of GBP0.02
shares for the purpose of diluted earnings
per share ('000s) 39,601 39,601
Earnings per share (pence) (2.74)p (4.35)p
Diluted earnings per share (pence) (2.74)p (4.35)p
========== ========
Earnings per share have been calculated based on the share
capital of Autins Group plc and the earnings of the Group for both
years. There are options in place over 2,523,648 (2020: 524,204)
shares that were anti-dilutive at the year end but which may dilute
future earnings per share.
5. Annual report and accounts
The annual report and accounts will be posted to shareholders
shortly and will be available to members of the public at the
Company's registered office at Central Point One, Central Park
Drive, Rugby, CV23 0WE and on the Company's website
www.autins.co.uk/investors .
6. Annual General Meeting
The Annual General Meeting of Autins Group plc will be held at
the Company's main offices at Central Point One, Central Park
Drive, Rugby, Warwickshire, CV23 0WE on 17 March 2022 commencing at
11.00am.
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END
FR SEMFALEESEIF
(END) Dow Jones Newswires
January 25, 2022 02:00 ET (07:00 GMT)
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