logo-loader
viewCentralnic Group PLC

Interim Results to 30 June 2019

/**/ sup{font-size:80%}h1{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";letter-spacing:-.15pt;}h2{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:95%;font-size:10.0pt;font-family:"Times New Roman","serif";letter-spacing:-.15pt;}h3{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:95%;font-size:10.0pt;font-family:"Times New Roman","serif";letter-spacing:-.15pt;font-weight:normal;font-div:italic;}h4{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:13.0pt;font-family:"Arial","sans-serif";font-variant:small-caps;letter-spacing:-.15pt;}h5{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:13.0pt;font-family:"Arial","sans-serif";font-variant:small-caps;}ol{margin-bottom:0cm;}ul{margin-bottom:0cm;}link{ color: #0563C1 }visited{ color: #954F72 } .hw{size:595.45pt 841.7pt;margin:36.0pt 36.0pt 36.0pt 36.0pt;}div.hw{}p.avd{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 27.3pt; margin-top: 0cm; text-align: left; text-autospace: none}span.avb{font-family:"Calibri","sans-serif"}p.ave{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:27.3pt;margin-bottom: 10.0pt;margin-left:36.0pt}p.avf{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 27.3pt; margin-top: 0cm; text-align: center; text-autospace: none}p.avg{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 27.3pt; margin-top: 0cm; text-align: center; text-autospace: none}p.avh{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 27.3pt; margin-top: 0cm; text-align: left}p.avi{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 27.3pt; margin-top: 0cm; text-align: center}p.avj{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-div: italic; margin-bottom: 0cm; margin-left: 0cm; margin-right: 27.35pt; margin-top: 0cm; text-align: center} p.avk{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom: 0cm; margin-left: 0cm; margin-right: 27.35pt; margin-top: 0cm; text-align: center}p.avl{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-div: italic; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 27.3pt; margin-top: 0cm; text-align: center}span.aur{font-family:"Calibri","sans-serif"; color:black}span.auq{color:black}p.avm{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 27.3pt; margin-top: 0cm}p.avn{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:27.3pt; margin-bottom:0cm;margin-left:57.3pt;margin-bottom:.0001pt;text-indent:-21.3pt; text-autospace:none}span.auo{font-family:Symbol}p.avo{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:27.3pt; margin-bottom:0cm;margin-left:57.3pt;margin-bottom:.0001pt;text-indent:-21.3pt; text-autospace:none}p.avp{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:27.3pt; margin-bottom:0cm;margin-left:57.3pt;margin-bottom:.0001pt;text-indent:-21.3pt; text-autospace:none}p.avq{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:27.3pt; margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;text-autospace:none} p.avr{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 27.3pt; margin-top: 0cm; text-align: left; text-autospace: none}p.avs{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-div: italic; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 27.3pt; margin-top: 0cm; text-align: left; text-autospace: none}p.avt{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 27.3pt; margin-top: 0cm; text-autospace: none}p.avu{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; margin-bottom: 0cm; margin-left: 72.0pt; margin-right: 27.3pt; margin-top: 0cm; text-autospace: none; text-indent: -36.0pt}p.avv{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:27.3pt; margin-bottom:0cm;margin-left:54.0pt;margin-bottom:.0001pt;text-indent:-18.0pt; text-autospace:none}p.avw{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:27.3pt; margin-bottom:0cm;margin-left:90.0pt;margin-bottom:.0001pt;text-indent:-18.0pt; text-autospace:none}span.aug{font-family:"Courier New"}p.avx{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:27.3pt; margin-bottom:0cm;margin-left:54.0pt;margin-bottom:.0001pt;text-indent:-18.0pt; text-autospace:none}p.avy{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:27.3pt; margin-bottom:0cm;margin-left:54.0pt;margin-bottom:.0001pt;text-indent:-18.0pt; text-autospace:none}p.avz{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:12.0pt;font-family:"FGCCL L+ Helvetica Neue LT Std","sans-serif";color:black;margin-top:0cm;margin-right:27.3pt;margin-bottom:0cm; margin-left:54.0pt;margin-bottom:.0001pt;text-align:justify;text-indent:-18.0pt} span.aue{font-size:10.0pt;font-family:Symbol}span.aud{font-size:10.0pt;font-family:"Calibri","sans-serif"}p.awa{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 27.3pt; margin-top: 0cm; text-autospace: none}p.awb{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom: 0cm; margin-left: 54.0pt; margin-right: 27.3pt; margin-top: 0cm; text-align: left; text-autospace: none; text-indent: -18.0pt}span.aub{font-family: "Calibri","sans-serif"}p.awc{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:27.3pt; margin-bottom:0cm;margin-left:53.45pt;margin-bottom:.0001pt;text-indent:-18.0pt; text-autospace:none}p.awd{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:27.3pt; margin-bottom:0cm;margin-left:53.45pt;margin-bottom:.0001pt;text-indent:-18.0pt; text-autospace:none}p.awe{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:27.3pt; margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;text-autospace:none}p.awf{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:27.3pt; margin-bottom:0cm;margin-left:53.45pt;margin-bottom:.0001pt;text-indent:-18.0pt; text-autospace:none}p.awg{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; margin-bottom: 0cm; margin-left: 0cm; margin-right: 27.3pt; margin-top: 0cm} p.awh{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:27.3pt;margin-bottom: 0cm;margin-left:35.45pt;margin-bottom:.0001pt}p.awi{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-div: italic; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 27.3pt; margin-top: 0cm}span.atv{font-family:"Calibri","sans-serif";letter-spacing:-.2pt}p.awj{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 27.3pt; margin-top: 0cm; text-align: center}span.atu{font-size:9.0pt;line-height:115%;font-family:"Calibri","sans-serif"}p.awk{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; line-height: 106%; margin-bottom: 8.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm; text-align: left; text-indent: 35.45pt}table.awl{margin-left:-5.4pt;border-collapse:collapse}td.atq{width:246.6pt;padding:0cm 5.4pt 0cm 5.4pt}p.awm{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 27.3pt; margin-top: 0cm}td.ato{width:187.2pt;padding:0cm 5.4pt 0cm 5.4pt} p.awn{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 27.3pt; margin-top: 0cm; text-align: right}p.awo{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 27.3pt; margin-top: 0cm; text-align: left}span.awp{font-family:"Calibri","sans-serif"; color:black}tr.atj{height:21.95pt}td.atl{width:246.6pt;padding:0cm 5.4pt 0cm 5.4pt; height:21.95pt}span.atm{font-family:"Calibri","sans-serif";letter-spacing:-.4pt}td.atk{width:187.2pt;padding:0cm 5.4pt 0cm 5.4pt; height:21.95pt}span.awq{font-family:"Calibri","sans-serif";color:black}p.awr{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 11.0pt; margin-top: 0cm; text-align: left}p.aws{margin:0cm;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:27.3pt;margin-bottom: 0cm;margin-left:35.45pt;margin-bottom:.0001pt;line-height:115%} span.awt{color: black; font-family: "Calibri","sans-serif"; font-weight: bold}p.awu{margin-right:0cm;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:27.3pt;margin-bottom:0cm; margin-left:35.45pt;margin-bottom:.0001pt;line-height:106%}span.awv{font-size:10.0pt;line-height:106%;font-family:"Calibri","sans-serif"; color:black}span.aww{font-family:"Calibri","sans-serif"}p.awx{margin-right:0cm;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman","serif";line-height: 106%; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 27.3pt; margin-top: 0cm; text-align: right}span.awy{font-size:10.0pt;line-height:106%; font-family:"Calibri","sans-serif";color:black}span.ata{font-size:10.0pt;line-height:106%;font-family:"Calibri","sans-serif"}p.awz{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 27.3pt; margin-top: 0cm; text-align: left}p.axa{margin-right:0cm;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:27.3pt;margin-bottom:0cm; margin-left:35.45pt;margin-bottom:.0001pt;text-align:justify}span.axb{font-size:10.0pt;font-family:"Calibri","sans-serif";color:black} p.axc{margin-right:0cm;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:0cm;margin-bottom:0cm; margin-left:35.45pt;margin-bottom:.0001pt;text-align:justify}span.hs{}p.axd{margin-right:0cm;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman","serif";margin:0cm;margin-bottom:.0001pt;text-align:justify}p.axe{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; line-height: normal; margin: 0cm; margin-bottom: .0001pt; text-align: left; text-indent: 35.45pt}p.axf{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; margin-bottom: 0cm; margin-left: 1.0cm; margin-right: 27.3pt; margin-top: 0cm; text-align: left}p.axg{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 27.3pt; margin-top: 0cm; text-autospace: none}p.axh{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom: 0cm; margin-left: 1.0cm; margin-right: 27.3pt; margin-top: 0cm; text-align: left}table.axi{margin-left:auto;margin-right:auto;border-collapse:collapse;border:none}tr.ash{height:19.2pt}td.asn{width:180.45pt;border:dotted windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:19.2pt} p.axj{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin: 0cm; margin-bottom: .0001pt; text-align: left; text-autospace: none}span.asp{font-size:9.0pt; line-height:115%;font-family:"Calibri","sans-serif"}td.ask{width:53.4pt;border:dotted windowtext 1.0pt;border-left: none;padding:0cm 5.4pt 0cm 5.4pt;height:19.2pt}p.axk{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; margin: 0cm; margin-bottom: .0001pt; text-align: right; text-autospace: none}span.asm{font-size: 9.0pt;line-height:115%;font-family:"Calibri","sans-serif"}td.asj{width:52.5pt;border:dotted windowtext 1.0pt;border-left: none;padding:0cm 5.4pt 0cm 5.4pt;height:19.2pt}td.asi{width:52.95pt;border:dotted windowtext 1.0pt; border-left:none;padding:0cm 5.4pt 0cm 5.4pt;height:19.2pt}td.asg{width:180.45pt;border:dotted windowtext 1.0pt; border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:19.2pt}td.ase{width:53.4pt;border-top:none;border-left:none;border-bottom: dotted windowtext 1.0pt;border-right:dotted windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt; height:19.2pt}p.axl{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin: 0cm; margin-bottom: .0001pt; text-align: right; text-autospace: none} td.asd{width:52.5pt;border-top:none;border-left:none;border-bottom: dotted windowtext 1.0pt;border-right:dotted windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt; height:19.2pt}td.asc{width:52.95pt;border-top:none;border-left: none;border-bottom:dotted windowtext 1.0pt;border-right:dotted windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:19.2pt}tr.arv{height:20.4pt}td.arz{width:180.45pt;border:dotted windowtext 1.0pt; border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:20.4pt}p.axm{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; margin: 0cm; margin-bottom: .0001pt; text-autospace: none}span.asb{font-size:9.0pt;line-height:115%;font-family: "Calibri","sans-serif"}td.ary{width:53.4pt;border-top:none;border-left:none; border-bottom:dotted windowtext 1.0pt;border-right:dotted windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:20.4pt}td.arx{width:52.5pt;border-top:none;border-left:none; border-bottom:dotted windowtext 1.0pt;border-right:dotted windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:20.4pt}td.arw{width:52.95pt;border-top:none;border-left: none;border-bottom:dotted windowtext 1.0pt;border-right:dotted windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:20.4pt}td.aru{width:53.4pt;border-top:none;border-left:none; border-bottom:dotted windowtext 1.0pt;border-right:dotted windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:19.2pt} td.art{width:52.5pt;border-top:none;border-left:none; border-bottom:dotted windowtext 1.0pt;border-right:dotted windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:19.2pt}tr.aro{height:20.35pt}td.ars{width:180.45pt;border:dotted windowtext 1.0pt; border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:20.35pt}td.arr{width:53.4pt;border-top:none;border-left:none; border-bottom:dotted windowtext 1.0pt;border-right:dotted windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:20.35pt}td.arq{width:52.5pt;border-top:none;border-left:none; border-bottom:dotted windowtext 1.0pt;border-right:dotted windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:20.35pt}td.arp{width:52.95pt;border-top:none;border-left: none;border-bottom:dotted windowtext 1.0pt;border-right:dotted windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:20.35pt}tr.arj{height:18.7pt}td.arn{width:180.45pt;border:dotted windowtext 1.0pt; border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:18.7pt}td.arm{width:53.4pt;border-top:none;border-left:none; border-bottom:dotted windowtext 1.0pt;border-right:dotted windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:18.7pt}td.arl{width:52.5pt;border-top:none;border-left:none; border-bottom:dotted windowtext 1.0pt;border-right:dotted windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:18.7pt} td.ark{width:52.95pt;border-top:none;border-left: none;border-bottom:dotted windowtext 1.0pt;border-right:dotted windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:18.7pt}p.axn{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:27.3pt; margin-bottom:0cm;margin-left:35.45pt;margin-bottom:.0001pt;text-autospace: none}span.arg{font-size:9.0pt;line-height:115%; font-family:"Calibri","sans-serif"}p.axo{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:0cm;margin-bottom: 0cm;margin-left:35.45pt;margin-bottom:.0001pt;text-autospace:none}span.ard{line-height: 115%;font-family:"Calibri","sans-serif"}p.axp{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:27.3pt;margin-bottom: 0cm;margin-left:35.45pt;margin-bottom:.0001pt;text-autospace:none}p.axq{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 27.3pt; margin-top: 0cm; text-autospace: none}span.ara{font-size:10.0pt;line-height:115%;font-family:"Calibri","sans-serif"}br.arb{page-break-before:always}tr.aqm{height:17.8pt} td.aqx{width:208.95pt;padding:0cm 5.4pt 0cm 5.4pt; height:17.8pt}p.axr{margin:0cm;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold}span.aqz{font-size:9.0pt;font-family: "Calibri","sans-serif"}p.as,li.as,div.as{margin:0cm;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif";}td.aqu{width:17.55pt;padding:0cm 5.4pt 0cm 5.4pt; height:17.8pt}p.axs{margin:0cm;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; text-align: right}span.aqw{font-size:9.0pt;font-family:"Calibri","sans-serif"}td.aqt{width:3.35pt;padding:0cm 5.4pt 0cm 5.4pt; height:17.8pt}td.aqs{width:81.35pt;padding:0cm 5.4pt 0cm 5.4pt; height:17.8pt}td.aqq{width:3.4pt;padding:0cm 5.4pt 0cm 5.4pt; height:17.8pt} p.axt{margin:0cm;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; text-align: center}td.aqo{width:60.05pt;padding:0cm 5.4pt 0cm 5.4pt; height:17.8pt}p.axu{margin:0cm;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif";text-align: right}td.aqn{width:66.45pt;padding:0cm 5.4pt 0cm 5.4pt; height:17.8pt}tr.aqc{height:11.35pt}td.aqk{width:208.95pt;padding:0cm 5.4pt 0cm 5.4pt; height:11.35pt}span.aql{font-size:9.0pt;font-family: "Calibri","sans-serif";color:black}td.aqi{width:17.55pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:11.35pt}p.axv{margin:0cm;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; margin-right: -1.0pt; text-align: center}td.aqh{width:3.35pt;padding:0cm 5.4pt 0cm 5.4pt; height:11.35pt} td.aqg{width:81.35pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:11.35pt}td.aqf{width:3.4pt;padding:0cm 5.4pt 0cm 5.4pt;height: 11.35pt}td.aqe{width:60.05pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:11.35pt}td.aqd{width:66.45pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:11.35pt}td.aqb{width:17.55pt;padding:0cm 5.4pt 0cm 5.4pt; height:11.35pt}td.aqa{width:81.35pt;padding:0cm 5.4pt 0cm 5.4pt; height:11.35pt}td.apz{width:60.05pt;padding:0cm 5.4pt 0cm 5.4pt; height:11.35pt}td.apy{width:66.45pt;padding:0cm 5.4pt 0cm 5.4pt; height:11.35pt}p.axw{margin:0cm;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif";text-align: center}span.apx{font-size:9.0pt;font-family:"Calibri","sans-serif"; letter-spacing:-.1pt} span.apv{font-size:9.0pt;font-family:"Calibri","sans-serif";letter-spacing: -.1pt}tr.apn{height:11.9pt}td.apu{width:208.95pt;padding:0cm 5.4pt 0cm 5.4pt; height:11.9pt}td.apt{width:17.55pt;padding:0cm 5.4pt 0cm 5.4pt; height:11.9pt}td.aps{width:3.35pt;padding:0cm 5.4pt 0cm 5.4pt; height:11.9pt}td.apr{width:81.35pt;padding:0cm 5.4pt 0cm 5.4pt; height:11.9pt}td.apq{width:3.4pt;padding:0cm 5.4pt 0cm 5.4pt;height: 11.9pt}td.app{width:60.05pt;padding:0cm 5.4pt 0cm 5.4pt; height:11.9pt}td.apo{width:66.45pt;padding:0cm 5.4pt 0cm 5.4pt; height:11.9pt}td.apm{width:208.95pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:11.35pt} td.apl{width:3.35pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:11.35pt}td.apk{width:3.4pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:11.35pt}td.apj{width:208.95pt;border:none;border-left:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:11.35pt}td.api{width:17.55pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:11.35pt}td.aph{width:3.35pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:11.35pt}td.apg{width:81.35pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:11.35pt}td.apf{width:3.4pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:11.35pt}td.ape{width:60.05pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:11.35pt}td.apd{width:66.45pt;border:none;border-right:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:11.35pt}td.apc{width:66.45pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:11.35pt} td.apb{width:208.95pt;border-top:none;border-left:solid windowtext 1.0pt; border-bottom:solid windowtext 1.0pt;border-right:none;padding:0cm 5.4pt 0cm 5.4pt; height:11.35pt}td.apa{width:208.95pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:11.35pt}td.aoz{width:66.45pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:11.35pt}tr.aor{height:8.5pt}td.aoy{width:208.95pt;padding:0cm 5.4pt 0cm 5.4pt; height:8.5pt}td.aox{width:17.55pt;padding:0cm 5.4pt 0cm 5.4pt; height:8.5pt}td.aow{width:3.35pt;padding:0cm 5.4pt 0cm 5.4pt; height:8.5pt}td.aov{width:81.35pt;padding:0cm 5.4pt 0cm 5.4pt; height:8.5pt}td.aou{width:3.4pt;padding:0cm 5.4pt 0cm 5.4pt; height:8.5pt}td.aot{width:60.05pt;padding:0cm 5.4pt 0cm 5.4pt; height:8.5pt} td.aos{width:66.45pt;padding:0cm 5.4pt 0cm 5.4pt; height:8.5pt}td.aoq{width:3.4pt;padding:0cm 5.4pt 0cm 5.4pt; height:11.35pt}tr.aoi{height:3.7pt}td.aop{width:208.95pt;padding:0cm 5.4pt 0cm 5.4pt; height:3.7pt}td.aoo{width:17.55pt;padding:0cm 5.4pt 0cm 5.4pt; height:3.7pt}td.aon{width:3.35pt;padding:0cm 5.4pt 0cm 5.4pt; height:3.7pt}td.aom{width:81.35pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:3.7pt}td.aol{width:3.4pt;padding:0cm 5.4pt 0cm 5.4pt;height: 3.7pt}td.aok{width:60.05pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:3.7pt}td.aoj{width:66.45pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:3.7pt} td.aoh{width:81.35pt;padding:0cm 5.4pt 0cm 5.4pt; height:3.7pt}td.aog{width:60.05pt;padding:0cm 5.4pt 0cm 5.4pt; height:3.7pt}td.aof{width:66.45pt;padding:0cm 5.4pt 0cm 5.4pt; height:3.7pt}tr.anx{height:16.25pt}td.aoe{width:208.95pt;padding:0cm 5.4pt 0cm 5.4pt; height:16.25pt}td.aod{width:17.55pt;padding:0cm 5.4pt 0cm 5.4pt; height:16.25pt}td.aoc{width:3.35pt;padding:0cm 5.4pt 0cm 5.4pt; height:16.25pt}td.aob{width:81.35pt;padding:0cm 5.4pt 0cm 5.4pt; height:16.25pt}td.aoa{width:3.4pt;padding:0cm 5.4pt 0cm 5.4pt;height: 16.25pt}td.anz{width:60.05pt;padding:0cm 5.4pt 0cm 5.4pt; height:16.25pt} td.any{width:66.45pt;padding:0cm 5.4pt 0cm 5.4pt; height:16.25pt}td.anw{width:81.35pt;border:none; border-bottom:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16.25pt}td.anv{width:60.05pt;border:none; border-bottom:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16.25pt}td.anu{width:3.4pt;padding:0cm 5.4pt 0cm 5.4pt; height:16.25pt}td.ant{width:66.45pt;border:none; border-bottom:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16.25pt}p.axx{margin:0cm;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif";margin-left:36.0pt}td.anr{width:81.35pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:16.25pt}td.anq{width:60.05pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:16.25pt}td.anp{width:66.45pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:16.25pt}span.axy{font-size:9.0pt; font-family:"Calibri","sans-serif"} table.axz{margin-left:31.5pt;border-collapse:collapse}tr.ang{height:12.75pt}td.anm{width:200.4pt;padding:0cm 5.4pt 0cm 5.4pt; height:12.75pt}p.aya{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; line-height: normal; margin: 0cm; margin-bottom: .0001pt; text-autospace: none}td.anl{width:3.35pt;padding:0cm 5.4pt 0cm 5.4pt; height:12.75pt}td.anj{width:81.35pt;padding:0cm 5.4pt 0cm 5.4pt; height:12.75pt}span.ank{font-size:9.0pt;font-family:"Calibri","sans-serif";color:black}td.ani{width:60.1pt;padding:0cm 5.4pt 0cm 5.4pt; height:12.75pt}td.anh{width:67.2pt;padding:0cm 5.4pt 0cm 5.4pt; height:12.75pt}span.ayb{font-size:9.0pt;font-family:"Calibri","sans-serif"} span.ano{font-size:9.0pt; font-family:"Calibri","sans-serif"}p.ayc{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";line-height: normal; margin-bottom: 0cm; margin-left: 0cm; margin-right: 27.3pt; margin-top: 0cm; text-align: left}span.ane{font-size: 9.0pt;font-family:"Calibri","sans-serif"}td.anc{width:43.48%;padding:0cm 5.4pt 0cm 5.4pt; height:12.75pt}td.ana{width:13.5%;padding:0cm 5.4pt 0cm 5.4pt;height:12.75pt}p.ayd{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold}span.anb{font-size:9.0pt;line-height: 115%;font-family:"Calibri","sans-serif";color:black}td.amz{width:2.62%;padding:0cm 5.4pt 0cm 5.4pt;height:12.75pt}td.amy{width:11.34%;padding:0cm 5.4pt 0cm 5.4pt; height:12.75pt}td.amx{width:2.6%;padding:0cm 5.4pt 0cm 5.4pt; height:12.75pt} td.amw{width:12.52%;padding:0cm 5.4pt 0cm 5.4pt; height:12.75pt}td.amv{width:13.5%;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:12.75pt}td.amu{width:11.34%;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:12.75pt}td.amt{width:12.52%;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:12.75pt}td.amr{width:13.5%;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:12.75pt}span.ams{font-size:9.0pt;font-family:"Calibri","sans-serif"; color:black}td.amq{width:11.34%;padding:0cm 5.4pt 0cm 5.4pt;height:12.75pt}td.amp{width:2.6%;padding:0cm 5.4pt 0cm 5.4pt;height:12.75pt}tr.amh{height:2.9pt}td.amo{width:43.48%;padding:0cm 5.4pt 0cm 5.4pt; height:2.9pt} td.amn{width:13.5%;padding:0cm 5.4pt 0cm 5.4pt;height:2.9pt}td.amm{width:2.62%;padding:0cm 5.4pt 0cm 5.4pt;height:2.9pt}td.aml{width:11.34%;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:2.9pt}td.amk{width:2.6%;padding:0cm 5.4pt 0cm 5.4pt;height:2.9pt}td.amj{width:2.6%;padding:0cm 5.4pt 0cm 5.4pt; height:2.9pt}td.ami{width:12.52%;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:2.9pt}td.amg{width:11.34%;padding:0cm 5.4pt 0cm 5.4pt; height:2.9pt}td.amf{width:12.52%;padding:0cm 5.4pt 0cm 5.4pt; height:2.9pt}td.ame{width:11.34%;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:2.9pt}td.amd{width:12.52%;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:2.9pt} tr.alv{height:2.85pt}td.amc{width:43.48%;padding:0cm 5.4pt 0cm 5.4pt; height:2.85pt}td.amb{width:13.5%;padding:0cm 5.4pt 0cm 5.4pt;height:2.85pt}td.ama{width:2.62%;padding:0cm 5.4pt 0cm 5.4pt;height:2.85pt}td.alz{width:11.34%;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:2.85pt}td.aly{width:2.6%;padding:0cm 5.4pt 0cm 5.4pt;height:2.85pt}td.alx{width:2.6%;padding:0cm 5.4pt 0cm 5.4pt; height:2.85pt}td.alw{width:12.52%;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:2.85pt}td.alu{width:11.34%;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:12.75pt}td.alt{width:12.52%;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:12.75pt} p.aye{margin-right:0cm;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:27.3pt;margin-bottom:0cm; margin-left:0cm;margin-bottom:.0001pt;text-align:justify}tr.all{height:78.0pt}td.alr{width:116.8pt;padding:0cm 5.4pt 0cm 5.4pt; height:78.0pt}td.alq{width:31.7pt;padding:0cm 5.4pt 0cm 5.4pt; height:78.0pt}td.alp{width:38.85pt;padding:0cm 5.4pt 0cm 5.4pt; height:78.0pt}td.alo{width:38.8pt;padding:0cm 5.4pt 0cm 5.4pt; height:78.0pt}td.aln{width:45.9pt;padding:0cm 5.4pt 0cm 5.4pt; height:78.0pt}p.ayf{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; line-height: normal; margin: 0cm; margin-bottom: .0001pt; text-align: right}tr.alc{height:14.15pt}td.alk{width:116.8pt;padding:0cm 5.4pt 0cm 5.4pt; height:14.15pt} td.alj{width:31.7pt;border:none;border-bottom: solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:14.15pt}td.ali{width:38.85pt;border:none;border-bottom: solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:14.15pt}td.alh{width:31.7pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:14.15pt}td.alg{width:38.8pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:14.15pt}td.alf{width:45.9pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:14.15pt}td.ale{width:38.85pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:14.15pt}td.ald{width:45.9pt;border:none;border-bottom: solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:14.15pt}tr.akw{height:3.65pt}td.alb{width:116.8pt;padding:0cm 5.4pt 0cm 5.4pt; height:3.65pt}td.ala{width:31.7pt;padding:0cm 5.4pt 0cm 5.4pt; height:3.65pt} td.akz{width:38.85pt;padding:0cm 5.4pt 0cm 5.4pt; height:3.65pt}td.aky{width:38.8pt;padding:0cm 5.4pt 0cm 5.4pt; height:3.65pt}td.akx{width:45.9pt;padding:0cm 5.4pt 0cm 5.4pt; height:3.65pt}td.akv{width:31.7pt;padding:0cm 5.4pt 0cm 5.4pt; height:14.15pt}td.aku{width:38.85pt;padding:0cm 5.4pt 0cm 5.4pt; height:14.15pt}td.akt{width:31.7pt;padding:0cm 5.4pt 0cm 5.4pt;height:14.15pt}td.aks{width:38.8pt;padding:0cm 5.4pt 0cm 5.4pt;height:14.15pt}td.akr{width:45.9pt;padding:0cm 5.4pt 0cm 5.4pt;height:14.15pt}td.akq{width:38.85pt;padding:0cm 5.4pt 0cm 5.4pt;height:14.15pt}td.akp{width:45.9pt;padding:0cm 5.4pt 0cm 5.4pt; height:14.15pt} tr.ake{height:7.5pt}td.akn{width:116.8pt;padding:0cm 5.4pt 0cm 5.4pt; height:7.5pt}p.ayg{margin:0cm;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; line-height: 115%; margin-bottom: 12.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 12.0pt; text-align: justify}td.akl{width:31.7pt;border:none;border-bottom: solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:7.5pt}p.ayh{margin:0cm;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; line-height: 115%; margin-bottom: 12.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 12.0pt; text-align: right}td.akk{width:38.85pt;border:none; border-bottom:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:7.5pt}td.akj{width:31.7pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:7.5pt}td.aki{width:38.8pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:7.5pt}td.akh{width:45.9pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:7.5pt}td.akg{width:38.85pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:7.5pt} td.akf{width:45.9pt;border:none;border-bottom: solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:7.5pt}tr.ajv{height:6.8pt}td.akd{width:116.8pt;padding:0cm 5.4pt 0cm 5.4pt; height:6.8pt}td.akc{width:31.7pt;border:none;padding: 0cm 5.4pt 0cm 5.4pt;height:6.8pt}td.akb{width:38.85pt;border:none; padding:0cm 5.4pt 0cm 5.4pt;height:6.8pt}td.aka{width:31.7pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:6.8pt}td.ajz{width:38.8pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:6.8pt}td.ajy{width:45.9pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:6.8pt}td.ajx{width:38.85pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:6.8pt}td.ajw{width:45.9pt;border:none;padding: 0cm 5.4pt 0cm 5.4pt;height:6.8pt} tr.ajm{height:24.85pt}td.aju{width:116.8pt;padding:0cm 5.4pt 0cm 5.4pt; height:24.85pt}td.ajt{width:31.7pt;padding:0cm 5.4pt 0cm 5.4pt; height:24.85pt}td.ajs{width:38.85pt;padding:0cm 5.4pt 0cm 5.4pt; height:24.85pt}td.ajr{width:31.7pt;padding:0cm 5.4pt 0cm 5.4pt;height:24.85pt}td.ajq{width:38.8pt;padding:0cm 5.4pt 0cm 5.4pt;height:24.85pt}td.ajp{width:45.9pt;padding:0cm 5.4pt 0cm 5.4pt;height:24.85pt}td.ajo{width:38.85pt;padding:0cm 5.4pt 0cm 5.4pt;height:24.85pt}td.ajn{width:45.9pt;padding:0cm 5.4pt 0cm 5.4pt; height:24.85pt}tr.ajd{height:21.45pt} td.ajl{width:116.8pt;padding:0cm 5.4pt 0cm 5.4pt; height:21.45pt}td.ajk{width:31.7pt;padding:0cm 5.4pt 0cm 5.4pt; height:21.45pt}td.ajj{width:38.85pt;padding:0cm 5.4pt 0cm 5.4pt; height:21.45pt}td.aji{width:31.7pt;padding:0cm 5.4pt 0cm 5.4pt;height:21.45pt}td.ajh{width:38.8pt;padding:0cm 5.4pt 0cm 5.4pt;height:21.45pt}td.ajg{width:45.9pt;padding:0cm 5.4pt 0cm 5.4pt;height:21.45pt}td.ajf{width:38.85pt;padding:0cm 5.4pt 0cm 5.4pt;height:21.45pt}td.aje{width:45.9pt;padding:0cm 5.4pt 0cm 5.4pt; height:21.45pt}tr.aix{height:6.75pt}td.ajc{width:116.8pt;padding:0cm 5.4pt 0cm 5.4pt; height:6.75pt} td.ajb{width:31.7pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:6.75pt}td.aja{width:38.85pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:6.75pt}td.aiz{width:38.8pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:6.75pt}td.aiy{width:45.9pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:6.75pt}tr.aio{height:19.6pt}td.aiw{width:116.8pt;padding:0cm 5.4pt 0cm 5.4pt; height:19.6pt}td.aiv{width:31.7pt;padding:0cm 5.4pt 0cm 5.4pt; height:19.6pt}td.aiu{width:38.85pt;padding:0cm 5.4pt 0cm 5.4pt; height:19.6pt}td.ait{width:31.7pt;padding:0cm 5.4pt 0cm 5.4pt;height:19.6pt}td.ais{width:38.8pt;padding:0cm 5.4pt 0cm 5.4pt;height:19.6pt} td.air{width:45.9pt;padding:0cm 5.4pt 0cm 5.4pt;height:19.6pt}td.aiq{width:38.85pt;padding:0cm 5.4pt 0cm 5.4pt;height:19.6pt}td.aip{width:45.9pt;padding:0cm 5.4pt 0cm 5.4pt; height:19.6pt}p.ayi{margin:0cm;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; margin-left: 14.2pt; text-align: right}tr.aih{height:4.35pt}td.aim{width:116.8pt;padding:0cm 5.4pt 0cm 5.4pt; height:4.35pt}td.ail{width:31.7pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:4.35pt}td.aik{width:38.85pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:4.35pt}td.aij{width:38.8pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:4.35pt}td.aii{width:45.9pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:4.35pt} tr.ahy{height:10.65pt}td.aig{width:116.8pt;padding:0cm 5.4pt 0cm 5.4pt; height:10.65pt}td.aif{width:31.7pt;padding:0cm 5.4pt 0cm 5.4pt; height:10.65pt}td.aie{width:38.85pt;padding:0cm 5.4pt 0cm 5.4pt; height:10.65pt}td.aid{width:31.7pt;padding:0cm 5.4pt 0cm 5.4pt;height:10.65pt}td.aic{width:38.8pt;padding:0cm 5.4pt 0cm 5.4pt;height:10.65pt}td.aib{width:45.9pt;padding:0cm 5.4pt 0cm 5.4pt;height:10.65pt}td.aia{width:38.85pt;padding:0cm 5.4pt 0cm 5.4pt;height:10.65pt}td.ahz{width:45.9pt;padding:0cm 5.4pt 0cm 5.4pt; height:10.65pt}tr.ahp{height:24.5pt} td.ahx{width:116.8pt;padding:0cm 5.4pt 0cm 5.4pt; height:24.5pt}td.ahw{width:31.7pt;padding:0cm 5.4pt 0cm 5.4pt; height:24.5pt}td.ahv{width:38.85pt;padding:0cm 5.4pt 0cm 5.4pt; height:24.5pt}td.ahu{width:31.7pt;padding:0cm 5.4pt 0cm 5.4pt;height:24.5pt}td.aht{width:38.8pt;padding:0cm 5.4pt 0cm 5.4pt;height:24.5pt}td.ahs{width:45.9pt;padding:0cm 5.4pt 0cm 5.4pt;height:24.5pt}td.ahr{width:38.85pt;padding:0cm 5.4pt 0cm 5.4pt;height:24.5pt}td.ahq{width:45.9pt;padding:0cm 5.4pt 0cm 5.4pt; height:24.5pt}td.aho{width:116.8pt;padding:0cm 5.4pt 0cm 5.4pt; height:20.35pt}td.ahn{width:31.7pt;padding:0cm 5.4pt 0cm 5.4pt; height:20.35pt} td.ahm{width:38.85pt;padding:0cm 5.4pt 0cm 5.4pt; height:20.35pt}td.ahl{width:31.7pt;padding:0cm 5.4pt 0cm 5.4pt;height:20.35pt}td.ahk{width:38.8pt;padding:0cm 5.4pt 0cm 5.4pt;height:20.35pt}td.ahj{width:45.9pt;padding:0cm 5.4pt 0cm 5.4pt;height:20.35pt}td.ahi{width:38.85pt;padding:0cm 5.4pt 0cm 5.4pt;height:20.35pt}td.ahh{width:45.9pt;padding:0cm 5.4pt 0cm 5.4pt; height:20.35pt}td.ahg{width:31.7pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:19.6pt}td.ahf{width:38.85pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:19.6pt}td.ahe{width:38.8pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:19.6pt}td.ahd{width:45.9pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:19.6pt} tr.agx{height:11.15pt}td.ahc{width:116.8pt;padding:0cm 5.4pt 0cm 5.4pt; height:11.15pt}td.ahb{width:31.7pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:11.15pt}td.aha{width:38.85pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:11.15pt}td.agz{width:38.8pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:11.15pt}td.agy{width:45.9pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:11.15pt}tr.agr{height:22.7pt}td.agw{width:116.8pt;padding:0cm 5.4pt 0cm 5.4pt; height:22.7pt}td.agv{width:31.7pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:22.7pt}td.agu{width:38.85pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:22.7pt} td.agt{width:38.8pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:22.7pt}td.ags{width:45.9pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:22.7pt}tr.agg{height:4.25pt}td.agp{width:116.8pt;padding:0cm 5.4pt 0cm 5.4pt; height:4.25pt}p.ayj{margin:0cm;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:12.0pt;margin-right:0cm;margin-bottom: 12.0pt;margin-left:0cm;line-height:115%}td.agn{width:31.7pt;padding:0cm 5.4pt 0cm 5.4pt; height:4.25pt}p.ayk{margin:0cm;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif";line-height: 115%; margin-bottom: 12.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 12.0pt; text-align: right}td.agm{width:38.85pt;padding:0cm 5.4pt 0cm 5.4pt; height:4.25pt}td.agl{width:31.7pt;padding:0cm 5.4pt 0cm 5.4pt;height:4.25pt}td.agk{width:38.8pt;padding:0cm 5.4pt 0cm 5.4pt;height:4.25pt} td.agj{width:45.9pt;padding:0cm 5.4pt 0cm 5.4pt;height:4.25pt}td.agi{width:38.85pt;padding:0cm 5.4pt 0cm 5.4pt;height:4.25pt}td.agh{width:45.9pt;padding:0cm 5.4pt 0cm 5.4pt; height:4.25pt}tr.aga{height:21.0pt}td.agf{width:116.8pt;padding:0cm 5.4pt 0cm 5.4pt; height:21.0pt}td.age{width:31.7pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:21.0pt}td.agd{width:38.85pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:21.0pt}td.agc{width:38.8pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:21.0pt}td.agb{width:45.9pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:21.0pt}tr.afr{height:20.95pt} td.afz{width:116.8pt;padding:0cm 5.4pt 0cm 5.4pt; height:20.95pt}td.afy{width:31.7pt;padding:0cm 5.4pt 0cm 5.4pt; height:20.95pt}td.afx{width:38.85pt;padding:0cm 5.4pt 0cm 5.4pt; height:20.95pt}td.afw{width:31.7pt;padding:0cm 5.4pt 0cm 5.4pt;height:20.95pt}td.afv{width:38.8pt;padding:0cm 5.4pt 0cm 5.4pt;height:20.95pt}td.afu{width:45.9pt;padding:0cm 5.4pt 0cm 5.4pt;height:20.95pt}td.aft{width:38.85pt;padding:0cm 5.4pt 0cm 5.4pt;height:20.95pt}td.afs{width:45.9pt;padding:0cm 5.4pt 0cm 5.4pt; height:20.95pt}td.afq{width:31.7pt;padding:0cm 5.4pt 0cm 5.4pt; height:21.0pt}td.afp{width:38.85pt;padding:0cm 5.4pt 0cm 5.4pt; height:21.0pt} td.afo{width:31.7pt;padding:0cm 5.4pt 0cm 5.4pt;height:21.0pt}td.afn{width:38.8pt;padding:0cm 5.4pt 0cm 5.4pt;height:21.0pt}td.afm{width:45.9pt;padding:0cm 5.4pt 0cm 5.4pt;height:21.0pt}td.afl{width:38.85pt;padding:0cm 5.4pt 0cm 5.4pt;height:21.0pt}td.afk{width:45.9pt;padding:0cm 5.4pt 0cm 5.4pt; height:21.0pt}td.afj{width:31.7pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 5.4pt 0cm 5.4pt;height:19.6pt}td.afi{width:38.85pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 5.4pt 0cm 5.4pt;height:19.6pt}td.afh{width:38.8pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 5.4pt 0cm 5.4pt;height:19.6pt}td.afg{width:45.9pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 5.4pt 0cm 5.4pt;height:19.6pt}p.co,li.co,div.co{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";letter-spacing:-.1pt;} p.ayl{margin:0cm;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif";margin-left:36.0pt;text-align:justify;text-indent: -18.0pt}span.aff{font-size:9.0pt;font-family:Symbol}span.afd{font-size:9.0pt;line-height:115%;font-family:"Calibri","sans-serif"; letter-spacing:-.1pt}.hx{size:595.3pt 841.9pt;margin:36.0pt 36.0pt 36.0pt 36.0pt;}div.hx{}table.aym{width:508.5pt;border-collapse:collapse}td.afc{width:238.4pt;padding:0cm 5.4pt 0cm 5.4pt; height:12.75pt}td.afb{width:1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:12.75pt}td.afa{width:7.2pt;padding:0cm 5.4pt 0cm 5.4pt;height:12.75pt}td.aez{width:2.0cm;padding:0cm 5.4pt 0cm 5.4pt; height:12.75pt} td.aey{width:2.7pt;padding:0cm 5.4pt 0cm 5.4pt; height:12.75pt}tr.aes{height:19.4pt}td.aex{width:238.4pt;padding:0cm 5.4pt 0cm 5.4pt; height:19.4pt}td.aew{width:1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:19.4pt}td.aev{width:7.2pt;padding:0cm 5.4pt 0cm 5.4pt;height:19.4pt}td.aeu{width:2.0cm;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:19.4pt}td.aet{width:2.7pt;padding:0cm 5.4pt 0cm 5.4pt;height: 19.4pt}td.aer{width:1.0pt;padding:0cm 5.4pt 0cm 5.4pt; height:12.75pt}td.aeq{width:7.2pt;padding:0cm 5.4pt 0cm 5.4pt; height:12.75pt}p.ayn{margin:0cm;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif";font-div: italic} p.ayo{margin:0cm;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif";font-div: italic; text-align: justify}td.aen{width:2.0cm;border:none;border-bottom: solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:12.75pt}td.aem{width:1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height: 12.75pt}td.ael{width:2.0cm;border:none;padding: 0cm 5.4pt 0cm 5.4pt;height:12.75pt}td.aek{width:2.0cm;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 5.4pt 0cm 5.4pt;height:12.75pt}td.aej{width:2.0cm;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:12.75pt}td.aei{width:2.7pt;padding:0cm 5.4pt 0cm 5.4pt;height: 12.75pt}td.aeh{width:2.0cm;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:12.75pt}td.aeg{width:238.4pt;padding:0cm 5.4pt 0cm 5.4pt; height:2.9pt}td.aef{width:1.0pt;padding:0cm 5.4pt 0cm 5.4pt; height:2.9pt} td.aee{width:7.2pt;padding:0cm 5.4pt 0cm 5.4pt; height:2.9pt}td.aed{width:2.0cm;padding:0cm 5.4pt 0cm 5.4pt; height:2.9pt}td.aec{width:2.7pt;padding:0cm 5.4pt 0cm 5.4pt; height:2.9pt}td.aeb{width:2.0cm;border:none;border-bottom: solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:2.9pt}h1.adz{margin-right:13.15pt}h1.ady{margin-top:0cm;margin-right:13.05pt;margin-bottom:0cm;margin-left: 25.1pt;margin-bottom:.0001pt;text-indent:-18.0pt;line-height:normal}p.ayp{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-right:13.0pt}p.ayq{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:13.05pt;margin-bottom: 0cm;margin-left:0cm;margin-bottom:.0001pt;text-indent:-.55pt;line-height:normal}p.ayr{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:13.05pt;margin-bottom: 0cm;margin-left:0cm;margin-bottom:.0001pt;line-height:normal}p.ays{margin:0cm;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif";margin-right:13.05pt;text-align:justify; text-indent:-.55pt} p.ayt{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:14.0pt;font-family:"Times New Roman","serif";font-variant:small-caps;letter-spacing:-.15pt;font-weight:bold;font-div: italic; line-height: normal; margin-bottom: 0cm; margin-left: 0cm; margin-right: 13.05pt; margin-top: 0cm; text-indent: -.55pt}span.adt{font-size:9.0pt;font-family:"Calibri","sans-serif";font-variant:normal !important}p.ayu{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:13.05pt;margin-bottom: 0cm;margin-left:0cm;margin-bottom:.0001pt;text-indent:-.55pt;line-height:normal; text-autospace:none}p.ayv{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:36.0pt;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; line-height: normal; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 13.15pt; margin-top: 0cm; text-autospace: none}p.ayw{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:36.0pt;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; line-height: normal; margin: 0cm; margin-bottom: .0001pt; text-indent: -.55pt}p.ayx{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; line-height: normal; margin: 0cm; margin-bottom: .0001pt}p.ayy{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin:0cm;margin-bottom:.0001pt;line-height:normal}p.a,li.a,div.a{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";}p.ayz{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:36.0pt;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; text-indent: -36.0pt}p.aza{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-left:18.0pt} p.azb{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:36.0pt;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-left:18.0pt;text-indent:-18.0pt}p.azc{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:36.0pt;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; line-height: normal; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-indent: -18.0pt}p.azd{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:36.0pt;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; line-height: normal; margin: 0cm; margin-bottom: .0001pt}p.aze{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin:0cm;margin-bottom:.0001pt;text-indent:-.55pt; line-height:normal}p.azf{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:36.0pt;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:0cm;margin-bottom: 0cm;margin-left:18.0pt;margin-bottom:.0001pt;text-indent:-18.0pt;line-height: normal}p.azg{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:0cm;margin-bottom:8.0pt; margin-left:0cm;text-indent:-.55pt;line-height:107%}span.adg{font-size: 9.0pt;line-height:107%;font-family:"Calibri","sans-serif"}td.ade{width:79.35pt;padding:0cm 5.4pt 0cm 5.4pt}td.add{width:122.75pt;padding:0cm 5.4pt 0cm 5.4pt}td.adc{width:36.0pt;padding:0cm 5.4pt 0cm 5.4pt} td.adb{width:393.2pt;padding:0cm 5.4pt 0cm 5.4pt}p.azh{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";line-height: normal; margin: 0cm; margin-bottom: .0001pt; text-align: right}td.acz{width:36.0pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.acy{width:36.0pt;border:none;padding:0cm 5.4pt 0cm 5.4pt}p.azi{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:0cm;margin-bottom:8.0pt; margin-left:0cm;line-height:107%}span.acx{font-size:9.0pt;line-height: 107%;font-family:"Calibri","sans-serif"}td.acv{width:259.65pt;padding:0cm 5.4pt 0cm 5.4pt}td.acu{width:279.8pt;padding:0cm 5.4pt 0cm 5.4pt}td.act{width:67.15pt;padding:0cm 5.4pt 0cm 5.4pt}td.acs{width:71.45pt;padding:0cm 5.4pt 0cm 5.4pt} td.acr{width:67.15pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.acq{width:71.45pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 5.4pt 0cm 5.4pt}td.acp{width:67.15pt;border:none;padding:0cm 5.4pt 0cm 5.4pt}td.aco{width:71.45pt;border:none;padding:0cm 5.4pt 0cm 5.4pt}p.azj{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:36.0pt;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:0cm;margin-bottom: 8.0pt;margin-left:1.0cm;text-indent:-1.0cm;line-height:107%}span.acn{font-size:9.0pt;line-height:107%;font-family:"Calibri","sans-serif"}p.azk{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:36.0pt;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";line-height: normal; margin-bottom: 0cm; margin-left: 35.7pt; margin-right: 0cm; margin-top: 0cm; text-align: left; text-indent: -17.85pt}span.acl{font-family: Symbol}p.azl{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:0cm;margin-bottom:0cm; margin-left:35.7pt;margin-bottom:.0001pt;text-indent:-17.85pt;line-height:normal}table.azm{margin-left:-5.65pt;border-collapse:collapse} td.aci{width:88.85pt;padding:0cm 5.4pt 0cm 5.4pt}td.ach{width:1.0pt;padding:0cm 5.4pt 0cm 5.4pt}td.acg{width:48.65pt;padding:0cm 5.4pt 0cm 5.4pt}td.acf{width:69.85pt;padding:0cm 5.4pt 0cm 5.4pt}td.ace{width:71.4pt;padding:0cm 5.4pt 0cm 5.4pt}h1.acc{margin-top:0cm;margin-right:13.15pt;margin-bottom:0cm;margin-left: 25.1pt;margin-bottom:.0001pt;line-height:normal}h1.acb{margin-top:0cm;margin-right:13.15pt;margin-bottom:0cm;margin-left: 25.1pt;margin-bottom:.0001pt;text-indent:-18.0pt;line-height:normal}p.azn{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:12.0pt;font-family:"FGCCL L+ Helvetica Neue LT Std","sans-serif";color:black;text-align:justify}tr.abw{height:16.15pt}td.abz{width:202.1pt;padding:0cm 5.4pt 0cm 5.4pt; height:16.15pt} td.abx{width:242.95pt;border:none; border-bottom:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16.15pt}p.azo{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; line-height: normal; margin: 0cm; margin-bottom: .0001pt; text-align: center}tr.abq{height:22.45pt}td.abv{width:202.1pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:22.45pt}td.abu{width:45.9pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:22.45pt}td.abt{width:67.15pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 5.4pt 0cm 5.4pt;height:22.45pt}td.abs{width:53.0pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 5.4pt 0cm 5.4pt;height:22.45pt}td.abr{width:44.5pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 5.4pt 0cm 5.4pt;height:22.45pt}td.abo{width:202.1pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:14.15pt}p.azp{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; line-height: normal; margin: 0cm; margin-bottom: .0001pt; text-align: left} td.abn{width:67.15pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:14.15pt}td.abm{width:53.0pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:14.15pt}td.abl{width:44.5pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:14.15pt}p.azq{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";line-height: normal; margin: 0cm; margin-bottom: .0001pt; text-align: left}td.abj{width:67.15pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:22.45pt}td.abi{width:53.0pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:22.45pt}td.abh{width:44.5pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:22.45pt}td.abg{width:202.1pt;border-top:none;border-left: solid windowtext 1.0pt;border-bottom:solid windowtext 1.0pt;border-right: none;padding:0cm 5.4pt 0cm 5.4pt;height:22.45pt}td.abf{width:44.5pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:22.45pt}td.abe{width:202.1pt;border-top:none;border-left: solid windowtext 1.0pt;border-bottom:solid windowtext 1.0pt;border-right: none;padding:0cm 5.4pt 0cm 5.4pt;height:14.15pt} td.abd{width:44.5pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:14.15pt}td.abc{width:202.1pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:14.15pt}td.abb{width:45.9pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:14.15pt}td.aba{width:67.15pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:14.15pt}td.aaz{width:53.0pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:14.15pt}td.aay{width:44.5pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:14.15pt}tr.aav{height:18.75pt}td.aax{width:201.85pt;padding:0cm 5.4pt 0cm 5.4pt; height:18.75pt}td.aaw{width:244.35pt;border:none; border-bottom:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:18.75pt}td.aau{width:201.85pt;border:none;border-bottom: solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:22.45pt} td.aat{width:45.9pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 5.4pt 0cm 5.4pt;height:22.45pt}td.aas{width:201.85pt;border:none;border-bottom: solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:14.15pt}td.aar{width:201.85pt;border:none;border-bottom: solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:11.35pt}td.aaq{width:45.9pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:11.35pt}td.aap{width:67.15pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:11.35pt}td.aao{width:53.0pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:11.35pt}td.aan{width:201.85pt;border-top:none;border-left: solid windowtext 1.0pt;border-bottom:solid windowtext 1.0pt;border-right: none;padding:0cm 5.4pt 0cm 5.4pt;height:22.45pt}td.aam{width:45.9pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:22.45pt}td.aal{width:201.85pt;border-top:none;border-left: solid windowtext 1.0pt;border-bottom:solid windowtext 1.0pt;border-right: none;padding:0cm 5.4pt 0cm 5.4pt;height:14.15pt}td.aak{width:45.9pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:14.15pt} td.aaj{width:201.85pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:14.15pt}tr.aaf{height:17.0pt}td.aah{width:201.85pt;padding:0cm 5.4pt 0cm 5.4pt; height:17.0pt}p.azr{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:36.0pt;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:0cm;margin-bottom: 0cm;margin-left:36.0pt;margin-bottom:.0001pt;line-height:normal}td.aag{width:244.35pt;border:none; border-bottom:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:17.0pt}p.azs{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-div: italic; font-weight: bold; line-height: normal; margin: 0cm; margin-bottom: .0001pt}p.azt{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";line-height: 107%; margin-bottom: 8.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm; text-align: left}td.aac{width:209.7pt;padding:0cm 5.4pt 0cm 5.4pt; height:12.75pt}td.aab{width:9.7pt;padding:0cm 5.4pt 0cm 5.4pt; height:12.75pt}td.aaa{width:49.85pt;padding:0cm 5.4pt 0cm 5.4pt; height:12.75pt} td.zz{width:6.5pt;padding:0cm 5.4pt 0cm 5.4pt; height:12.75pt}td.zy{width:55.35pt;padding:0cm 5.4pt 0cm 5.4pt; height:12.75pt}td.zx{width:49.85pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:12.75pt}td.zw{width:55.35pt;border:none;border-bottom: solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:12.75pt}td.zv{width:6.55pt;padding:0cm 5.4pt 0cm 5.4pt; height:12.75pt}td.zu{width:53.0pt;padding:0cm 5.4pt 0cm 5.4pt; height:12.75pt}p.azu{margin:0cm;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; margin-left: 14.4pt}p.azv{margin:0cm;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif";margin-left:14.4pt}td.zr{width:53.0pt;border:none; border-bottom:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:12.75pt}td.zq{width:53.0pt;border:none;border-bottom: solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:12.75pt} tr.zk{height:14.9pt}td.zp{width:209.7pt;padding:0cm 5.4pt 0cm 5.4pt; height:14.9pt}td.zo{width:6.55pt;padding:0cm 5.4pt 0cm 5.4pt; height:14.9pt}td.zn{width:53.0pt;border:none;border-bottom: solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:14.9pt}td.zm{width:3.35pt;padding:0cm 5.4pt 0cm 5.4pt; height:14.9pt}td.zl{width:53.0pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:14.9pt}td.zj{width:53.0pt;border:none; padding:0cm 5.4pt 0cm 5.4pt;height:12.75pt}td.zi{width:53.0pt;border:none;padding: 0cm 5.4pt 0cm 5.4pt;height:12.75pt}td.zh{width:53.0pt;border-top: solid windowtext 1.0pt;border-left:none;border-bottom:solid windowtext 1.0pt; border-right:none;padding:0cm 5.4pt 0cm 5.4pt;height:12.75pt}td.zg{width:53.0pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 5.4pt 0cm 5.4pt;height:12.75pt} td.zf{width:209.7pt;padding:0cm 5.4pt 0cm 5.4pt; height:2.9pt}td.ze{width:6.55pt;padding:0cm 5.4pt 0cm 5.4pt; height:2.9pt}td.zd{width:53.0pt;border:none; border-bottom:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:2.9pt}td.zc{width:3.35pt;padding:0cm 5.4pt 0cm 5.4pt; height:2.9pt}td.zb{width:53.0pt;border:none;border-bottom: solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:2.9pt}td.za{width:53.0pt;padding:0cm 5.4pt 0cm 5.4pt; height:2.9pt}span.yz{font-size:9.0pt;font-family: "Calibri","sans-serif";letter-spacing:-.1pt}td.yy{border:none}span.yx{font-size:9.0pt; line-height:107%;font-family:"Calibri","sans-serif"}tr.ys{height:58.05pt} td.yw{width:177.45pt;padding:0cm 5.4pt 0cm 5.4pt; height:58.05pt}td.yv{width:38.8pt;padding:0cm 5.4pt 0cm 5.4pt;height:58.05pt}td.yu{width:53.0pt;padding:0cm 5.4pt 0cm 5.4pt; height:58.05pt}td.yt{width:3.35pt;padding:0cm 5.4pt 0cm 5.4pt; height:58.05pt}td.yr{width:177.45pt;padding:0cm 5.4pt 0cm 5.4pt; height:12.75pt}td.yq{width:38.8pt;padding:0cm 5.4pt 0cm 5.4pt;height:12.75pt}td.yp{width:53.0pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:12.75pt}tr.yi{height:6.35pt}td.yo{width:177.45pt;padding:0cm 5.4pt 0cm 5.4pt; height:6.35pt}td.yn{width:38.8pt;padding:0cm 5.4pt 0cm 5.4pt;height:6.35pt} td.ym{width:53.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:6.35pt}td.yl{width:3.35pt;padding:0cm 5.4pt 0cm 5.4pt;height:6.35pt}td.yk{width:53.0pt;padding:0cm 5.4pt 0cm 5.4pt; height:6.35pt}td.yj{width:3.35pt;padding:0cm 5.4pt 0cm 5.4pt; height:6.35pt}td.yh{width:38.8pt;padding:0cm 5.4pt 0cm 5.4pt; height:12.75pt}td.yg{width:177.45pt;padding:0cm 5.4pt 0cm 5.4pt; height:2.9pt}td.yf{width:38.8pt;padding:0cm 5.4pt 0cm 5.4pt; height:2.9pt}h1.ye{margin-top:0cm;margin-right:13.15pt;margin-bottom:0cm;margin-left: 0cm;margin-bottom:.0001pt;line-height:normal}table.azw{width:16.0cm;margin-left:-5.4pt;border-collapse:collapse}tr.xw{height:51.0pt} td.yd{width:39.7pt;padding:0cm 5.4pt 0cm 5.4pt; height:51.0pt}td.yc{width:78.7pt;padding:0cm 5.4pt 0cm 5.4pt; height:51.0pt}td.ya{width:45.9pt;padding:0cm 5.4pt 0cm 5.4pt;height:51.0pt}span.yb{font-size:9.0pt; font-family:"Calibri","sans-serif";color:black}td.xz{width:3.35pt;padding:0cm 5.4pt 0cm 5.4pt; height:51.0pt}td.xy{width:53.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:51.0pt}td.xx{width:10.45pt;padding:0cm 5.4pt 0cm 5.4pt; height:51.0pt}td.xv{width:39.7pt;padding:0cm 5.4pt 0cm 5.4pt; height:11.35pt}td.xu{width:78.7pt;padding:0cm 5.4pt 0cm 5.4pt; height:11.35pt}td.xt{width:10.45pt;padding:0cm 5.4pt 0cm 5.4pt; height:11.35pt} td.xs{width:45.9pt;padding:0cm 5.4pt 0cm 5.4pt; height:11.35pt}td.xr{width:53.0pt;padding:0cm 5.4pt 0cm 5.4pt; height:11.35pt}td.xq{width:230.2pt;padding: 0cm 5.4pt 0cm 5.4pt;height:11.35pt}td.xp{width:140.7pt;padding: 0cm 5.4pt 0cm 5.4pt;height:11.35pt}td.xo{width:90.2pt;padding: 0cm 5.4pt 0cm 5.4pt;height:11.35pt}td.xn{width:45.9pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 5.4pt 0cm 5.4pt;height:11.35pt}td.xm{width:53.0pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 5.4pt 0cm 5.4pt;height:11.35pt}p.s,li.s,div.s{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";}p.azx{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; margin-left: 25.1pt; text-indent: -18.0pt}td.xj{width:216.0pt;padding:0cm 5.4pt 0cm 5.4pt} td.xi{width:3.4pt;padding:0cm 5.4pt 0cm 5.4pt}td.xh{width:201.8pt;padding:0cm 5.4pt 0cm 5.4pt}td.xg{width:45.9pt;padding:0cm 5.4pt 0cm 5.4pt}td.xf{width:3.35pt;padding:0cm 5.4pt 0cm 5.4pt}td.xe{width:53.0pt;padding:0cm 5.4pt 0cm 5.4pt}td.xd{width:52.95pt;padding:0cm 5.4pt 0cm 5.4pt}td.xc{width:45.9pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.xb{width:53.0pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.xa{width:52.95pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.wz{width:216.0pt;padding:0cm 5.4pt 0cm 5.4pt; height:2.9pt} td.wy{width:3.4pt;padding:0cm 5.4pt 0cm 5.4pt; height:2.9pt}td.wx{width:45.9pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:2.9pt}td.ww{width:53.0pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:2.9pt}td.wv{width:52.95pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:2.9pt}td.wu{width:45.9pt;border:none;padding:0cm 5.4pt 0cm 5.4pt}td.wt{width:53.0pt;border:none;padding:0cm 5.4pt 0cm 5.4pt}td.ws{width:52.95pt;border:none;padding:0cm 5.4pt 0cm 5.4pt}td.wr{width:45.9pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:2.9pt}td.wq{width:53.0pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:2.9pt}td.wp{width:52.95pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:2.9pt} tr.wj{height:56.55pt}td.wo{width:250.0pt;padding:0cm 5.4pt 0cm 5.4pt; height:56.55pt}td.wn{width:51.3pt;padding:0cm 5.4pt 0cm 5.4pt;height:56.55pt}td.wm{width:3.35pt;padding:0cm 5.4pt 0cm 5.4pt; height:56.55pt}td.wl{width:55.35pt;padding:0cm 5.4pt 0cm 5.4pt;height:56.55pt}td.wk{width:60.05pt;padding:0cm 5.4pt 0cm 5.4pt;height:56.55pt}td.wi{width:250.0pt;padding:0cm 5.4pt 0cm 5.4pt}td.wh{width:51.3pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.wg{width:55.35pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.wf{width:60.05pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt} td.we{width:250.0pt;padding:0cm 5.4pt 0cm 5.4pt; height:2.9pt}td.wd{width:51.3pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:2.9pt}td.wc{width:55.35pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:2.9pt}td.wb{width:60.05pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:2.9pt}td.wa{width:51.3pt;padding:0cm 5.4pt 0cm 5.4pt; height:2.9pt}td.vz{width:55.35pt;padding:0cm 5.4pt 0cm 5.4pt; height:2.9pt}td.vy{width:60.05pt;padding:0cm 5.4pt 0cm 5.4pt; height:2.9pt}td.vx{width:51.3pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:2.9pt}td.vw{width:55.35pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:2.9pt}td.vv{width:60.05pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:2.9pt} td.vu{width:51.3pt;padding:0cm 5.4pt 0cm 5.4pt}td.vt{width:55.35pt;padding:0cm 5.4pt 0cm 5.4pt}td.vs{width:60.05pt;padding:0cm 5.4pt 0cm 5.4pt}tr.vm{height:3.35pt}td.vr{width:250.0pt;padding:0cm 5.4pt 0cm 5.4pt; height:3.35pt}td.vq{width:51.3pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:3.35pt}td.vp{width:3.35pt;padding:0cm 5.4pt 0cm 5.4pt; height:3.35pt}td.vo{width:55.35pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:3.35pt}td.vn{width:60.05pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:3.35pt}p.azy{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:6.0pt;margin-right:0cm;margin-bottom:6.0pt; margin-left:0cm;line-height:normal;text-autospace:none} p.azz{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:6.0pt;margin-right:0cm;margin-bottom:6.0pt; margin-left:0cm;text-indent:.55pt;line-height:normal;text-autospace:none}p.baa{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:6.0pt;margin-right:0cm;margin-bottom:6.0pt; margin-left:0cm;text-indent:.55pt;line-height:normal}span.vj{font-size:9.0pt;font-family:"Calibri","sans-serif";color:#0D0D0D}span.vh{font-size:9.0pt;font-family:"Calibri","sans-serif"; color:#0D0D0D}p.bab{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:36.0pt;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; line-height: normal; margin-bottom: 6.0pt; margin-left: 25.1pt; margin-right: 0cm; margin-top: 6.0pt; text-autospace: none; text-indent: -18.0pt}span.vg{color:#0D0D0D}td.ve{width:6.55pt;padding:0cm 5.4pt 0cm 5.4pt;height:12.75pt}td.vd{width:53.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:12.75pt}td.vc{width:3.35pt;padding:0cm 5.4pt 0cm 5.4pt;height:12.75pt}td.vb{width:53.0pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:12.75pt} h1.va{line-height: 107%; margin-bottom: 8.0pt; margin-left: 25.1pt; margin-right: 13.15pt; margin-top: 0cm; text-align: left; text-indent: -18.0pt}td.uz{width:173.5pt;padding:0cm 5.4pt 0cm 5.4pt; height:11.9pt}td.uy{width:60.05pt;padding:0cm 5.4pt 0cm 5.4pt;height:11.9pt}td.ux{width:45.9pt;padding:0cm 5.4pt 0cm 5.4pt;height:11.9pt}td.uw{width:53.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:11.9pt}td.uv{width:31.7pt;padding:0cm 5.4pt 0cm 5.4pt;height:11.9pt}td.uu{width:45.9pt;padding:0cm 5.4pt 0cm 5.4pt; height:11.9pt}td.ut{width:53.0pt;padding:0cm 5.4pt 0cm 5.4pt; height:11.9pt}td.us{width:31.7pt;padding:0cm 5.4pt 0cm 5.4pt; height:11.9pt}td.ur{width:60.05pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:11.9pt} td.uq{width:45.9pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:11.9pt}td.up{width:53.0pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:11.9pt}td.uo{width:31.7pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:11.9pt}td.un{width:60.05pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:11.9pt}td.um{width:45.9pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:11.9pt}td.ul{width:53.0pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:11.9pt}td.uk{width:31.7pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:11.9pt}td.uj{width:60.05pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 5.4pt 0cm 5.4pt;height:11.9pt}td.ui{width:45.9pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 5.4pt 0cm 5.4pt;height:11.9pt}td.uh{width:53.0pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 5.4pt 0cm 5.4pt;height:11.9pt} td.ug{width:31.7pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 5.4pt 0cm 5.4pt;height:11.9pt}td.uf{width:301.05pt;padding:0cm 5.4pt 0cm 5.4pt; height:11.9pt}p.bac{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";line-height: 107%; margin-bottom: 8.0pt; margin-left: 0cm; margin-right: 13.15pt; margin-top: 0cm; page-break-after: avoid; text-align: left}span.ue{font-size:9.0pt;line-height:107%; font-family:"Calibri","sans-serif";letter-spacing:-.15pt}span.uc{font-size:9.0pt;line-height:107%;font-family:"Calibri","sans-serif"; letter-spacing:-.15pt}table.bad{margin-left:1.7pt;border-collapse:collapse}td.ub{width:138.05pt;padding:0cm 5.4pt 0cm 5.4pt;height:11.9pt}p.bae{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; line-height: normal; margin-bottom: 0cm; margin-left: 0cm; margin-right: 2.85pt; margin-top: 0cm; text-align: right}td.tz{width:52.95pt;padding:0cm 5.4pt 0cm 5.4pt; height:11.9pt}td.ty{width:38.9pt;padding:0cm 5.4pt 0cm 5.4pt; height:11.9pt} td.tx{width:138.05pt;padding:0cm 5.4pt 0cm 5.4pt; height:11.9pt}td.tw{width:52.95pt;padding:0cm 5.4pt 0cm 5.4pt;height:11.9pt}p.baf{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";line-height: normal; margin-bottom: 0cm; margin-left: 0cm; margin-right: 2.85pt; margin-top: 0cm; text-align: right}td.tu{width:52.95pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 5.4pt 0cm 5.4pt;height:11.9pt}td.tt{width:38.9pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 5.4pt 0cm 5.4pt;height:11.9pt}td.ts{width:52.95pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:11.9pt}td.tr{width:38.9pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:11.9pt}td.tq{width:52.95pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:11.9pt}td.tp{width:38.9pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:11.9pt}td.to{width:53.0pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:11.9pt} td.tn{width:52.95pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:11.9pt}td.tm{width:45.9pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:11.9pt}td.tl{width:38.9pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:11.9pt}p.bag{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; margin: 0cm; margin-bottom: .0001pt}p.bah{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; margin-bottom: 0cm; margin-left: 0cm; margin-right: 2.85pt; margin-top: 0cm; text-align: right}span.ti{font-size: 9.0pt;font-family:"Calibri","sans-serif";letter-spacing:-.1pt}td.tf{width:188.95pt;padding:0cm 5.4pt 0cm 5.4pt}span.tg{font-size:9.0pt; font-family:"Calibri","sans-serif";letter-spacing:-.1pt}td.te{width:13.5pt;padding:0cm 5.4pt 0cm 5.4pt}td.td{width:52.05pt;padding:0cm 5.4pt 0cm 5.4pt} td.tc{width:3.05pt;padding:0cm 5.4pt 0cm 5.4pt}td.tb{width:56.4pt;padding:0cm 5.4pt 0cm 5.4pt}td.ta{width:2.4pt;padding:0cm 5.4pt 0cm 5.4pt}td.sz{width:53.2pt;padding:0cm 5.4pt 0cm 5.4pt}td.sy{width:52.05pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.sx{width:56.4pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.sw{width:53.2pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.sv{width:188.95pt;padding:0cm 5.4pt 0cm 5.4pt; height:2.9pt}td.su{width:13.5pt;padding:0cm 5.4pt 0cm 5.4pt; height:2.9pt}td.st{width:52.05pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:2.9pt} td.ss{width:3.05pt;padding:0cm 5.4pt 0cm 5.4pt; height:2.9pt}td.sr{width:56.4pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:2.9pt}td.sq{width:2.4pt;padding:0cm 5.4pt 0cm 5.4pt; height:2.9pt}td.sp{width:53.2pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:2.9pt}td.so{width:52.05pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:2.9pt}td.sn{width:56.4pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:2.9pt}td.sm{width:53.2pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:2.9pt}p.bai{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";line-height: normal; margin: 0cm; margin-bottom: .0001pt; text-align: center}p.baj{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; line-height: normal; margin-bottom: 0cm; margin-left: 0cm; margin-right: 13.15pt; margin-top: 0cm; page-break-after: avoid}span.sk{font-size:9.0pt;font-family:"Calibri","sans-serif"; letter-spacing:-.15pt} h1.si{line-height: normal; margin-bottom: 0cm; margin-left: 25.1pt; margin-right: 13.15pt; margin-top: 0cm; text-align: left; text-indent: -18.0pt}table.bak{width:447.65pt;margin-left:-5.4pt;border-collapse:collapse}td.sh{width:189.25pt;padding:0cm 5.4pt 0cm 5.4pt}td.sg{width:9.75pt;padding:0cm 5.4pt 0cm 5.4pt}td.sf{width:52.3pt;padding:0cm 5.4pt 0cm 5.4pt}td.se{width:3.2pt;padding:0cm 5.4pt 0cm 5.4pt}td.sd{width:55.65pt;padding:0cm 5.4pt 0cm 5.4pt}td.sc{width:2.55pt;padding:0cm 5.4pt 0cm 5.4pt}td.sb{width:59.35pt;padding:0cm 5.4pt 0cm 5.4pt}td.sa{width:52.3pt;border:none;border-bottom: solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt} td.rz{width:55.65pt;border:none;border-bottom: solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt}td.ry{width:59.35pt;border:none;border-bottom: solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt}tr.rq{height:15.0pt}td.rx{width:189.25pt;padding:0cm 5.4pt 0cm 5.4pt; height:15.0pt}td.rw{width:9.75pt;padding:0cm 5.4pt 0cm 5.4pt; height:15.0pt}td.rv{width:52.3pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:15.0pt}td.ru{width:3.2pt;padding:0cm 5.4pt 0cm 5.4pt;height: 15.0pt}td.rt{width:55.65pt;padding:0cm 5.4pt 0cm 5.4pt; height:15.0pt}td.rs{width:2.55pt;padding:0cm 5.4pt 0cm 5.4pt; height:15.0pt}td.rr{width:59.35pt;padding:0cm 5.4pt 0cm 5.4pt; height:15.0pt} td.rp{width:52.3pt;padding:0cm 5.4pt 0cm 5.4pt; height:15.0pt}tr.rh{height:3.0pt}td.ro{width:189.25pt;padding:0cm 5.4pt 0cm 5.4pt; height:3.0pt}td.rn{width:9.75pt;padding:0cm 5.4pt 0cm 5.4pt; height:3.0pt}td.rm{width:52.3pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:3.0pt}td.rl{width:3.2pt;padding:0cm 5.4pt 0cm 5.4pt;height: 3.0pt}td.rk{width:55.65pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:3.0pt}td.rj{width:2.55pt;padding:0cm 5.4pt 0cm 5.4pt; height:3.0pt}td.ri{width:59.35pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:3.0pt}td.rg{width:52.3pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:3.0pt} td.rf{width:55.65pt;padding:0cm 5.4pt 0cm 5.4pt; height:3.0pt}td.re{width:59.35pt;padding:0cm 5.4pt 0cm 5.4pt; height:3.0pt}td.rd{width:52.3pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:15.0pt}td.rc{width:55.65pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:15.0pt}td.rb{width:59.35pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:15.0pt}td.ra{width:55.65pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:15.0pt}td.qz{width:59.35pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:15.0pt}p.bal{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:36.0pt;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; line-height: normal; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 13.15pt; margin-top: 0cm; page-break-after: avoid}p.bam{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; line-height: normal; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 13.15pt; margin-top: 0cm; page-break-after: avoid}p.ban{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; line-height: normal; margin-bottom: 0cm; margin-left: 7.1pt; margin-right: 13.15pt; margin-top: 0cm; page-break-after: avoid} tr.qo{height:22.65pt}td.qv{width:182.15pt;padding:0cm 5.4pt 0cm 5.4pt; height:22.65pt}td.qu{width:8.95pt;padding:0cm 5.4pt 0cm 5.4pt; height:22.65pt}td.qt{width:65.0pt;padding:0cm 5.4pt 0cm 5.4pt; height:22.65pt}td.qs{width:2.65pt;padding:0cm 5.4pt 0cm 5.4pt; height:22.65pt}td.qr{width:51.7pt;padding:0cm 5.4pt 0cm 5.4pt; height:22.65pt}td.qq{width:2.0pt;padding:0cm 5.4pt 0cm 5.4pt;height: 22.65pt}td.qp{width:58.5pt;padding:0cm 5.4pt 0cm 5.4pt; height:22.65pt}tr.qg{height:16.45pt}td.qn{width:182.15pt;padding:0cm 5.4pt 0cm 5.4pt; height:16.45pt} td.qm{width:8.95pt;padding:0cm 5.4pt 0cm 5.4pt; height:16.45pt}td.ql{width:65.0pt;border:none;border-bottom: solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16.45pt}td.qk{width:2.65pt;padding:0cm 5.4pt 0cm 5.4pt; height:16.45pt}td.qj{width:51.7pt;border:none;border-bottom: solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16.45pt}td.qi{width:2.0pt;padding:0cm 5.4pt 0cm 5.4pt; height:16.45pt}td.qh{width:58.5pt;border:none;border-bottom: solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16.45pt}tr.py{height:13.3pt}td.qf{width:182.15pt;padding:0cm 5.4pt 0cm 5.4pt; height:13.3pt}td.qe{width:8.95pt;padding:0cm 5.4pt 0cm 5.4pt; height:13.3pt}td.qd{width:65.0pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:13.3pt} td.qc{width:2.65pt;padding:0cm 5.4pt 0cm 5.4pt; height:13.3pt}td.qb{width:51.7pt;padding:0cm 5.4pt 0cm 5.4pt; height:13.3pt}td.qa{width:2.0pt;padding:0cm 5.4pt 0cm 5.4pt;height: 13.3pt}td.pz{width:58.5pt;padding:0cm 5.4pt 0cm 5.4pt; height:13.3pt}tr.pq{height:15.05pt}td.px{width:182.15pt;padding:0cm 5.4pt 0cm 5.4pt; height:15.05pt}td.pw{width:8.95pt;padding:0cm 5.4pt 0cm 5.4pt; height:15.05pt}td.pv{width:65.0pt;padding:0cm 5.4pt 0cm 5.4pt; height:15.05pt}td.pu{width:2.65pt;padding:0cm 5.4pt 0cm 5.4pt; height:15.05pt}td.pt{width:51.7pt;padding:0cm 5.4pt 0cm 5.4pt; height:15.05pt} td.ps{width:2.0pt;padding:0cm 5.4pt 0cm 5.4pt;height: 15.05pt}td.pr{width:58.5pt;padding:0cm 5.4pt 0cm 5.4pt; height:15.05pt}td.pp{width:182.15pt;padding:0cm 5.4pt 0cm 5.4pt; height:8.5pt}td.po{width:8.95pt;padding:0cm 5.4pt 0cm 5.4pt; height:8.5pt}td.pn{width:65.0pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:8.5pt}td.pm{width:2.65pt;padding:0cm 5.4pt 0cm 5.4pt; height:8.5pt}td.pl{width:51.7pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:8.5pt}td.pk{width:2.0pt;padding:0cm 5.4pt 0cm 5.4pt;height: 8.5pt}td.pj{width:58.5pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:8.5pt}tr.pb{height:14.2pt} td.pi{width:182.15pt;padding:0cm 5.4pt 0cm 5.4pt; height:14.2pt}td.ph{width:8.95pt;padding:0cm 5.4pt 0cm 5.4pt; height:14.2pt}td.pg{width:65.0pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:14.2pt}td.pf{width:2.65pt;padding:0cm 5.4pt 0cm 5.4pt; height:14.2pt}td.pe{width:51.7pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:14.2pt}td.pd{width:2.0pt;padding:0cm 5.4pt 0cm 5.4pt;height: 14.2pt}td.pc{width:58.5pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:14.2pt}p.bao{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; line-height: normal; margin-bottom: 6.0pt; margin-left: 36.0pt; margin-right: 13.15pt; margin-top: 6.0pt; page-break-after: avoid}span.pa{font-size:9.0pt;font-family:"Calibri","sans-serif";letter-spacing:-.15pt}p.bap{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:6.0pt;margin-right:0cm;margin-bottom:6.0pt; margin-left:0cm;line-height:normal} tr.op{height:15.85pt}td.ox{width:187.1pt;padding:0cm 5.4pt 0cm 5.4pt; height:15.85pt}td.ow{width:11.9pt;padding:0cm 5.4pt 0cm 5.4pt; height:15.85pt}td.ov{width:50.25pt;padding:0cm 5.4pt 0cm 5.4pt; height:15.85pt}td.ou{width:1.35pt;padding:0cm 5.4pt 0cm 5.4pt; height:15.85pt}td.ot{width:46.15pt;padding:0cm 5.4pt 0cm 5.4pt; height:15.85pt}td.os{width:2.6pt;padding:0cm 5.4pt 0cm 5.4pt;height: 15.85pt}td.or{width:50.3pt;padding:0cm 5.4pt 0cm 5.4pt; height:15.85pt}td.oq{border:none;padding:0cm 0cm 0cm 0cm}td.oo{width:50.25pt;border:none; border-bottom:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:15.85pt} td.on{width:46.15pt;border:none;border-bottom: solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:15.85pt}td.om{width:2.6pt;padding:0cm 5.4pt 0cm 5.4pt; height:15.85pt}td.ol{width:50.3pt;border:none;border-bottom: solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:15.85pt}td.ok{width:50.25pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:15.85pt}p.baq{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-div: italic; line-height: normal; margin: 0cm; margin-bottom: .0001pt; text-align: left}tr.ob{height:3.15pt}td.oi{width:187.1pt;padding:0cm 5.4pt 0cm 5.4pt; height:3.15pt}td.oh{width:11.9pt;padding:0cm 5.4pt 0cm 5.4pt; height:3.15pt}td.og{width:50.25pt;border:none;border-bottom: solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:3.15pt}td.of{width:1.35pt;padding:0cm 5.4pt 0cm 5.4pt; height:3.15pt} td.oe{width:46.15pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:3.15pt}td.od{width:2.6pt;padding:0cm 5.4pt 0cm 5.4pt;height: 3.15pt}td.oc{width:50.3pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:3.15pt}td.oa{width:50.25pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:3.15pt}td.nz{width:46.15pt;padding:0cm 5.4pt 0cm 5.4pt; height:3.15pt}td.ny{width:50.3pt;padding:0cm 5.4pt 0cm 5.4pt; height:3.15pt}td.nx{width:50.25pt;border:none;border-bottom: solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:15.85pt}td.nw{width:46.15pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:15.85pt}td.nv{width:50.3pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:15.85pt}td.nu{width:45.4pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:3.15pt} td.nt{width:6.2pt;padding:0cm 5.4pt 0cm 5.4pt; height:3.15pt}td.ns{width:46.15pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:3.15pt}td.nr{width:84.3pt;padding:0cm 5.4pt 0cm 5.4pt; height:3.15pt}p.bar{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-left:36.0pt}p.bas{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; margin-bottom: 12.0pt; margin-left: 7.1pt; margin-right: 13.15pt; margin-top: 12.0pt; page-break-after: avoid}span.nq{font-size: 9.0pt;line-height:115%;font-family:"Calibri","sans-serif";letter-spacing:-.15pt}table.bat{width:446.5pt}td.no{width:43.78%;padding:0cm 0cm 0cm 0cm}td.nm{width:.82%;padding:0cm 0cm 0cm 0cm}span.nn{font-size: 9.0pt;font-family:"Calibri","sans-serif";color:black} td.nl{width:10.26%;padding:0cm 0cm 0cm 0cm}td.nk{width:.72%;padding:0cm 0cm 0cm 0cm}td.nj{width:14.28%;padding:0cm 0cm 0cm 0cm}td.ni{width:.22%;padding:0cm 0cm 0cm 0cm}td.nh{width:15.66%;padding:0cm 0cm 0cm 0cm}td.ng{width:14.04%;padding:0cm 0cm 0cm 0cm}span.nf{font-size: 9.0pt;font-family:"Calibri","sans-serif";color:black;letter-spacing:-.1pt}tr.mw{height:1.0pt}td.ne{width:43.78%;padding:0cm 0cm 0cm 0cm;height:1.0pt}td.nd{width:.82%;padding:0cm 0cm 0cm 0cm;height:1.0pt} td.nc{width:10.26%;padding:0cm 0cm 0cm 0cm;height:1.0pt}td.nb{width:.72%;padding:0cm 0cm 0cm 0cm;height:1.0pt}td.na{width:14.28%;padding:0cm 0cm 0cm 0cm; height:1.0pt}td.mz{width:.22%;padding:0cm 0cm 0cm 0cm; height:1.0pt}td.my{width:15.66%;padding:0cm 0cm 0cm 0cm; height:1.0pt}td.mx{width:14.04%;padding:0cm 0cm 0cm 0cm; height:1.0pt}td.mv{width:14.28%;padding:0cm 0cm 0cm 0cm;height:1.0pt}td.mu{width:.22%;padding:0cm 0cm 0cm 0cm;height:1.0pt}td.mt{width:15.66%;padding:0cm 0cm 0cm 0cm;height:1.0pt}td.ms{width:14.04%;padding:0cm 0cm 0cm 0cm;height:1.0pt} td.mr{width:10.26%;border:none;border-top:solid windowtext 1.0pt; padding:0cm 0cm 0cm 0cm;height:1.0pt}td.mq{width:.72%;border:none;border-top:solid windowtext 1.0pt; padding:0cm 0cm 0cm 0cm;height:1.0pt}td.mp{width:14.28%;border:none;border-top:solid windowtext 1.0pt; padding:0cm 0cm 0cm 0cm;height:1.0pt}td.mo{width:.22%;border:none;border-top:solid windowtext 1.0pt; padding:0cm 0cm 0cm 0cm;height:1.0pt}td.mn{width:15.66%;border:none;border-top:solid windowtext 1.0pt; padding:0cm 0cm 0cm 0cm;height:1.0pt}td.mm{width:14.04%;border:none;border-top:solid windowtext 1.0pt; padding:0cm 0cm 0cm 0cm;height:1.0pt}tr.md{height:25.3pt}td.ml{width:43.78%;padding:0cm 0cm 0cm 0cm;height:25.3pt}td.mk{width:.82%;padding:0cm 0cm 0cm 0cm;height:25.3pt}td.mj{width:10.26%;padding:0cm 0cm 0cm 0cm;height:25.3pt} td.mi{width:.72%;padding:0cm 0cm 0cm 0cm;height:25.3pt}td.mh{width:14.28%;padding:0cm 0cm 0cm 0cm;height:25.3pt}td.mg{width:.22%;padding:0cm 0cm 0cm 0cm;height:25.3pt}td.mf{width:15.66%;padding:0cm 0cm 0cm 0cm;height:25.3pt}td.me{width:14.04%;padding:0cm 0cm 0cm 0cm;height:25.3pt}td.mc{width:43.78%;padding:0cm 0cm 0cm 0cm;height:11.35pt}td.mb{width:.82%;padding:0cm 0cm 0cm 0cm;height:11.35pt}td.ma{width:10.26%;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 0cm 0cm 0cm;height:11.35pt}td.lz{width:.72%;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 0cm 0cm 0cm;height:11.35pt}td.ly{width:14.28%;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 0cm 0cm 0cm;height:11.35pt} td.lx{width:.22%;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 0cm 0cm 0cm;height:11.35pt}td.lw{width:15.66%;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 0cm 0cm 0cm;height:11.35pt}td.lv{width:14.04%;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 0cm 0cm 0cm;height:11.35pt}p.bau{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:6.0pt;margin-right:0cm;margin-bottom:6.0pt; margin-left:21.3pt;text-indent:.55pt;line-height:normal}h1.lr{line-height: 107%; margin-bottom: 8.0pt; margin-left: -10.9pt; margin-right: 13.15pt; margin-top: 0cm; text-align: left}span.ls{font-size: 9.0pt;line-height:107%;font-family:"Calibri","sans-serif";color:black; font-weight:normal}tr.lg{height:15.1pt}td.lq{width:2.2pt;padding:0cm 5.4pt 0cm 5.4pt; height:15.1pt}td.lp{width:61.25pt;padding: 0cm 5.4pt 0cm 5.4pt;height:15.1pt}td.lo{width:38.85pt;border:none; border-bottom:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:15.1pt} td.ln{width:38.8pt;border:none; border-bottom:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:15.1pt}td.lm{width:38.8pt;border:none;border-bottom: solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:15.1pt}td.ll{width:31.75pt;border:none; border-bottom:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:15.1pt}td.lk{width:45.9pt;border:none; border-bottom:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:15.1pt}td.lj{width:60.05pt;border:none; border-bottom:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:15.1pt}td.li{width:38.85pt;padding: 0cm 5.4pt 0cm 5.4pt;height:15.1pt}td.lh{width:28.65pt;padding:0cm 5.4pt 0cm 5.4pt; height:15.1pt}td.lf{width:67.15pt;border:none; border-bottom:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:15.1pt}td.le{width:71.2pt;padding:0cm 5.4pt 0cm 5.4pt; height:15.1pt}td.ld{width:31.75pt;padding:0cm 5.4pt 0cm 5.4pt; height:15.1pt} td.lc{width:38.85pt;border:none; padding:0cm 5.4pt 0cm 5.4pt;height:15.1pt}td.lb{width:38.8pt;border:none; padding:0cm 5.4pt 0cm 5.4pt;height:15.1pt}td.la{width:38.8pt;border:none;padding: 0cm 5.4pt 0cm 5.4pt;height:15.1pt}td.kz{width:31.75pt;border:none; padding:0cm 5.4pt 0cm 5.4pt;height:15.1pt}td.ky{width:45.9pt;border:none; padding:0cm 5.4pt 0cm 5.4pt;height:15.1pt}td.kx{width:67.15pt;border:none; padding:0cm 5.4pt 0cm 5.4pt;height:15.1pt}td.kw{width:74.25pt;padding: 0cm 5.4pt 0cm 5.4pt;height:15.1pt}td.kv{width:38.8pt;padding:0cm 5.4pt 0cm 5.4pt; height:15.1pt}td.ku{width:31.75pt;padding: 0cm 5.4pt 0cm 5.4pt;height:15.1pt}td.kt{width:45.9pt;padding:0cm 5.4pt 0cm 5.4pt; height:15.1pt} td.ks{width:67.15pt;padding: 0cm 5.4pt 0cm 5.4pt;height:15.1pt}td.kr{width:60.05pt;border:none; padding:0cm 5.4pt 0cm 5.4pt;height:15.1pt}td.kq{width:60.05pt;padding: 0cm 5.4pt 0cm 5.4pt;height:15.1pt}td.kp{width:492.45pt; padding:0cm 5.4pt 0cm 5.4pt;height:15.1pt}h1.ko{line-height: 107%; margin-bottom: 8.0pt; margin-left: 25.1pt; margin-right: 13.15pt; margin-top: 0cm; text-align: left}p.bav{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; line-height: normal; margin-bottom: 6.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 6.0pt; text-decoration: underline}p.baw{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:6.0pt;margin-right:0cm; margin-bottom:6.0pt;margin-left:54.0pt;text-indent:-18.0pt;line-height:normal}p.bax{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:6.0pt;margin-right:0cm; margin-bottom:6.0pt;margin-left:54.0pt;text-indent:-18.0pt;line-height:normal}p.bay{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:6.0pt;margin-right:0cm; margin-bottom:6.0pt;margin-left:54.0pt;text-indent:-18.0pt;line-height:normal}table.baz{width:446.65pt;margin-left:-5.4pt;border-collapse:collapse;border:none} tr.kf{height:1.0cm}td.kk{width:39.66%;border:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:1.0cm}p.bba{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; line-height: normal; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: left}td.ki{width:17.46%;border:solid windowtext 1.0pt; border-left:none;padding:0cm 5.4pt 0cm 5.4pt;height:1.0cm}p.bbb{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; line-height: normal; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: right}td.kh{width:28.12%;border:solid windowtext 1.0pt; border-left:none;padding:0cm 5.4pt 0cm 5.4pt;height:1.0cm}td.kg{width:14.76%;border:solid windowtext 1.0pt; border-left:none;padding:0cm 5.4pt 0cm 5.4pt;height:1.0cm}td.ke{width:39.66%;border:solid windowtext 1.0pt; border-top:none;padding:0cm 5.4pt 0cm 5.4pt}td.kc{width:17.46%;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}p.bbc{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";line-height: normal; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: right} td.kb{width:28.12%;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.ka{width:14.76%;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}p.bbd{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:0cm; margin-bottom:8.0pt;margin-left:21.3pt;text-indent:-18.0pt;line-height:107%}p.bbe{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:0cm; margin-bottom:8.0pt;margin-left:21.3pt;text-indent:-18.0pt;line-height:107%}p.bbf{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:0cm; margin-bottom:8.0pt;margin-left:21.3pt;text-indent:-18.0pt;line-height:107%}p.bbg{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:0cm;margin-bottom: 8.0pt;margin-left:0cm;line-height:107%}p.bbh{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:0cm;margin-bottom: 8.0pt;margin-left:0cm;line-height:107%}p.bbi{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; text-decoration: underline}span.jw{font-size:9.0pt;line-height: 115%;font-family:"Calibri","sans-serif"}p.bbj{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:36.0pt;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:0cm;margin-bottom: 8.0pt;margin-left:21.3pt;text-indent:-18.0pt;line-height:107%} td.js{width:41.24%;border:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}p.bbk{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; line-height: normal; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm}td.jr{width:36.84%;border:solid windowtext 1.0pt; border-left:none;padding:0cm 5.4pt 0cm 5.4pt}td.jq{width:21.92%;border:solid windowtext 1.0pt; border-left:none;padding:0cm 5.4pt 0cm 5.4pt}td.jp{width:41.24%;border:solid windowtext 1.0pt; border-top:none;padding:0cm 5.4pt 0cm 5.4pt}td.jo{width:36.84%;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.jn{width:21.92%;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}p.bbl{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:0cm; margin-bottom:6.0pt;margin-left:21.3pt;line-height:normal}p.bbm{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:0cm; margin-bottom:6.0pt;margin-left:21.3pt;text-indent:-18.0pt;line-height:normal}td.jk{width:47.6%;border:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt} td.jj{width:28.58%;border:solid windowtext 1.0pt; border-left:none;padding:0cm 5.4pt 0cm 5.4pt}td.ji{width:23.82%;border:solid windowtext 1.0pt; border-left:none;padding:0cm 5.4pt 0cm 5.4pt}td.jh{width:47.6%;border:solid windowtext 1.0pt; border-top:none;padding:0cm 5.4pt 0cm 5.4pt}td.jg{width:28.58%;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.jf{width:23.82%;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}table.bbn{width:451.6pt;margin-left:-5.4pt;border-collapse:collapse}td.je{width:65.8%;padding:0cm 5.4pt 0cm 5.4pt;height:15.0pt}td.jd{width:3.7%;padding:0cm 5.4pt 0cm 5.4pt;height:15.0pt}td.jc{width:12.28%;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:15.0pt}td.jb{width:3.74%;padding:0cm 5.4pt 0cm 5.4pt;height:15.0pt} td.ja{width:14.48%;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:15.0pt}td.iz{width:12.28%;padding:0cm 5.4pt 0cm 5.4pt;height:15.0pt}td.iy{width:14.48%;padding:0cm 5.4pt 0cm 5.4pt;height:15.0pt}td.ix{width:12.28%;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 5.4pt 0cm 5.4pt;height:15.0pt}td.iw{width:14.48%;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 5.4pt 0cm 5.4pt;height:15.0pt}p.bbo{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; line-height: 107%; margin-bottom: 8.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm}span.it{font-size:9.0pt;line-height:107%; font-family:"Calibri","sans-serif"}p.bbp{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";line-height:11.5pt}table.bbq{width:449.6pt;margin-left:-5.4pt;border-collapse:collapse}td.ir{width:66.24%;padding:0cm 5.4pt 0cm 5.4pt;height:12.75pt} td.iq{width:3.86%;padding:0cm 5.4pt 0cm 5.4pt;height:12.75pt}td.ip{width:13.48%;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:12.75pt}td.io{width:2.92%;padding:0cm 5.4pt 0cm 5.4pt;height:12.75pt}td.in{width:13.48%;padding:0cm 5.4pt 0cm 5.4pt;height:12.75pt}td.im{width:13.48%;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 5.4pt 0cm 5.4pt;height:12.75pt}td.il{width:13.5%;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 5.4pt 0cm 5.4pt;height:12.75pt}p.bbr{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight: bold; line-height: 107%; margin-bottom: 8.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm; text-align: left}table.bbs{width:523.3pt;margin-left:-5.4pt;border-collapse:collapse}td.ii{width:57.08%;padding:0cm 5.4pt 0cm 5.4pt;height:15.0pt}td.ih{width:3.48%;padding:0cm 5.4pt 0cm 5.4pt;height:15.0pt} td.ig{width:10.86%;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt;height:15.0pt}td.if{width:3.48%;padding:0cm 5.4pt 0cm 5.4pt; height:15.0pt}td.ie{width:10.86%;padding:0cm 5.4pt 0cm 5.4pt; height:15.0pt}td.id{width:10.86%;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 5.4pt 0cm 5.4pt;height:15.0pt}p.bbt{margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;line-height:115%;font-size:10.0pt;font-family:"Times New Roman","serif";margin:0cm;margin-bottom:.0001pt;line-height:11.5pt}td.ib{width:10.78%;padding:0cm 5.4pt 0cm 5.4pt;height:15.0pt}td.ia{width:10.86%;padding:0cm 5.4pt 0cm 5.4pt;height:15.0pt}span.hy{font-size:9.0pt;line-height: 107%;font-family:"Calibri","sans-serif";color:black}span.ati{font-family:"Calibri","sans-serif";color:black} /**/
RNS Number : 8004K
CentralNic Group PLC
02 September 2019
 

2 September 2019                                                                                                                                                      

 

CENTRALNIC GROUP PLC 

("CentralNic" or "the Company" or "the Group")

 

HALF YEAR RESULTS 2019 

Trading at the top end of market expectations for 2019:

Revenues and Adjusted EBITDA triple Year-on-Year 

 

CentralNic Group Plc (AIM: CNIC), the global internet platform that derives revenue from the subscription sales of domain names and web services, is pleased to announce its half year results for the six months ended 30 June 2019. Both revenues and Adjusted EBITDA have tripled year-on-year, driven by a combination of growth through acquisition and underlying organic growth of c.6%. As indicated in the 2018  year end results, the Directors were considering amending the Group's presentational currency to US Dollars and in H1 2019 concluded to revise the Group's presentational currency for all periods ending after 1 January 2019, bringing it in line with its principal trading currency and industry peers.

Financial Summary:

·       Revenue increased by 225% to $49.7m (H1 2018: $15.3m), which was virtually all subscription based

·       Gross profit increased by 127% to $19.7m (H1 2018: $8.7m)

·       Adjusted EBITDA* increased by 203% to $9.2m (H1 2018: $3.1m)

·       Operating profit increased by 266% to $2.4m (H1 2018: operating loss of $1.4m)

·       Cash balance increased 73% to $17.9m (H1 2018: $10.4m)

·       Net debt** was reduced by 47% to $6.0m (H1 2018: $11.3m)

 

*Excludes impact of share-based payments expense for options, premium domain sales, foreign exchange, and non-core operating costs

** Includes gross cash, debt and prepaid costs; please see section "Post half year end highlights"

 

Operational Highlights:     

·      Numerous notable client wins, including:

Automattic, the parent company of WordPress and of the .blog TLD

The Alpnames portfolio of c. 680,000 domain names assigned by ICANN

The Kingdom of Bahrain, for registry services

A major contract from a global luxury car manufacturer

A significant registry project from a South East Asian government

·      On track to make more than $1.0m of cost savings in the full year ending December 2019, from the integration of the KeyDrive acquisition, as demonstrated by strong H1 2019 performance

·      Completion of first stage of earn-out for the KeyDrive acquisition, which exceeded financial targets

·      Successful placing of the debut offering of a €50.0m oversubscribed senior secured bond, used to repay debt and to fund acquisitions

 

Post half year end highlights:

·      TPP Wholesale acquisition completed 1 August 2019 for a gross consideration of c. $16.6m

·      Hexonet acquisition completed 7 August 2019 after CentralNic paid an initial cash consideration of c.$7.8m for all Hexonet shares

·      Ideegeo acquisition completed 7 August 2019 for a total consideration of c.$3.4m

·      Settlement of the €50.0m senior secured bond issue on 3 July 2019 and repayment of the prior acquisition facility provided by Silicon Valley Bank on 30 July 2019

·      The debt markets have demonstrated confidence in our recurring business model and acquisition strategy by over subscribing to our debut bond offering

·      The cumulative annual adjusted EBITDA (including ongoing cost reductions of Hexonet) from the three newly acquired businesses, as per their latest completed financial years is $4.6m

·      Net Debt restated for the bond issuance and the three new acquisitions would be approximately $35m, assuming the simultaneous completion of all the transactions on 30 June 2019

 

               Outlook

·      Strong growth in the first half and three successful acquisitions, taking the Company to c. $130m revenues on a proforma annualised basis, demonstrate the successful execution of our buy and build strategy

·      Performance of last year's key acquisition, KeyDrive, demonstrates CentralNic's ability to generate network effect and economies of scale beyond initial hard cost synergies, thereby improving gross margin and adjusted EBITDA margin

·      This gives us confidence to continue with this consolidation strategy and we continue to assess a number of opportunities in what is a huge, fragmented and growing market

·      Having achieved strong results in the first half of 2019, management is confident that the full year result should be around the top end of the current range of analyst forecasts

 

Ben Crawford, CEO of CentralNic, commented: "In the first half of 2019 CentralNic's adjusted EBITDA exceeded our full year performance in 2018. These outstanding results not only demonstrate that CentralNic can source and complete transformative acquisitions, but that it can also integrate them successfully while continuing to deliver organic growth. Moreover, as we scale up rapidly, the underlying qualities of high recurring revenues and excellent cash conversion become increasingly meaningful.

 

"Our pipeline of future deals remains strong, while our net debt level remains comfortable particularly given the profitability of the existing CentralNic Group and the expected contribution from recent acquisitions. We are confident in continuing our trajectory towards joining the ranks of the global leaders in our industry." 

 

 

For further information:

 

CentralNic Group Plc

 

Ben Crawford, Chief Executive Officer

+44 (0) 203 388 0600

Don Baladasan, Group Managing Director

 

Michael Riedl, Chief Financial Officer

 

 

 

Zeus Capital - NOMAD and Joint Broker

 

Nick Cowles / Jamie Peel (Corporate Finance)

+44 (0) 161 831 1512

John Goold / Rupert Woolfenden (Institutional Sales)

+44 (0) 203 829 5000

 

Stifel - Joint Broker

 

Fred Walsh / Neil Shah / Alex Price

 

+44 (0) 20 7710 7600

Newgate Communications (for Media)

 

Bob Huxford

Tom Carnegie

Robin Tozer

 

+44 (0) 203 757 6880

[email protected]

 

 

Forward-Looking Statements

This document includes forward-looking statements. Whilst these forward-looking statements are made in good faith, they are based upon the information available to CentralNic at the date of this document and upon current expectations, projections, market conditions and assumptions about future events. These forward-looking statements are subject to risks, uncertainties and assumptions about the Group and should be treated with an appropriate degree of caution. 

 

About CentralNic Group Plc

CentralNic (AIM: CNIC) is a London-based AIM-listed company which drives the growth of the global digital economy by developing and managing software platforms allowing businesses globally to buy subscriptions to domain names, used for their own websites and email, as well as for protecting their brands online. Its core growth strategy is identifying and acquiring cash-generative businesses in its industry with annuity revenue streams and exposure to growth markets and migrating them onto the CentralNic software and operating platforms. 

 

CentralNic operates globally with customers in almost every country in the world. It earns recurring revenues from the worldwide sales of internet domain names and other services on an annual subscription basis. 

 

For more information please visit: www.centralnicgroup.com

 

 

CHIEF EXECUTIVE OFFICER'S STATEMENT

 

Introduction

CentralNic's acquisition of KeyDrive in August 2018 substantially increased the scale and capabilities of the Company. The effect of this is fully demonstrated in our H1 2019 results which show a transformational increase in revenues and adjusted EBITDA, both of which have more than tripled against the comparative period for 2018. Contributing to this strong performance in H1 2019, the Company is on track to make more than $1.0m of cost savings in 2019 from the integration of KeyDrive.

 

Our strategy to rapidly consolidate the recurring revenue domain name industry has continued apace with a further four acquisitions since KeyDrive. The three acquisitions post 30 June 2019 were funded through an oversubscribed €50.0m senior secured bond issue. Together, these acquisitions further increase our scale and global presence, improve our product set and competitive positioning, and are earnings enhancing. We are therefore confident of further strong growth with the support of both our investors and new bond lenders providing considerable financial flexibility over the medium term to continue to pursue accretive acquisitions.

 

 

Performance Overview     

The Company has performed strongly during the period with the key financial metrics listed below:

 

 

 

30 June

2019

30 June

2018

 

Change

 

$'000

$'000

%

Revenue

49,693

15,304

225%

Gross profit

19,731

8,703

127%

Adjusted EBITDA1

9,230

3,051

203%

Operating profit / (loss)

2,400

(1,442)

266%

Loss after tax

(2,995)

(1,499)

(100%)

EPS - Basic (cents)

(1.75)

(1.55)

(13%)

EPS - Adjusted earnings - Basic (cents) 2

4.25

3.19

34%

 

 

1 Excludes impact of share-based payments expense for options, premium domain sales, foreign exchange, and non-core operating costs

2 Please refer to note 11

 

 

The KeyDrive acquisition represented a significant proportion of the strong performance in the period, with the acquisition exceeding the first stage of its earn-out targets. As a result of this, the Company released additional consideration in cash and shares in respect of KeyDrive's FY2018 earn-out target on 14 June 2019. The Company grew by c.6% organically in H1 2019, as compared to H1 2018 performance on a proforma basis.

 

Soon after, on 24 June 2019, the Company announced the successful completion of its first senior secured bond issue of €50.0m, which was oversubscribed. The bond, which matures in July 2023, has a coupon of 7% above EURIBOR p.a., with quarterly interest payments. The bond settled on 3 July 2019 with the proceeds released on 30 July 2019 and used to repay incumbent debt and fund the acquisitions of TPP Wholesale, Hexonet and Ideegeo. Therefore, the bond debt was reflected in the financial statements post half year end.

 

The acquired businesses have similar patterns of recurring revenue and cash conversion as CentralNic's prior business, and hence recurring revenue and cash conversion are expected to remain in line with the long-term trend. This underpins the Company's financial stability and visibility of earnings. The decrease in average gross margin from 57% to 40% reflects the change in the business blend as a result of the KeyDrive acquisition, with the current rate, being the minimum expected rate, maintained throughout the first half.

 

 

 

Segmental Analysis

 

Reseller customers

We achieved significant scale in our reseller customer segment, with revenues increasing by $19.4m or 317%, from $6.1m to $25.5m, chiefly driven by the KeyDrive acquisition.

 

During the period, the Company successfully completed a number of key integration projects within its reseller segment, including the migration of KS Registry customers to CentralNic Registry and the migration of CentralNic EPP Gateway customers to the Key-Systems reseller platform.

 

At the same time, CentralNic continued to secure new reseller clients. Notable wins in the period include Automattic, the parent company of WordPress, for the provision of their domain names and the exclusive distribution of .blog, one of the top 25 new gTLD registries; exclusive registry back-end provision for the Kingdom of Bahrain; and major projects for middle Eastern and South East Asian ccTLDs.

 

These wins helped the Company to successfully maintain its position as the leading distributor of new Top-Level Domains to retailers, as well as supplier of the long tail of country code domain names to many of the world's leading domain resellers.

 

 

Small business customers

Revenue from our small business customers grew by $11.1m or 127%, from $8.7m to $19.8m, which was mainly driven due to the KeyDrive acquisition.

 

In addition, the Company was assigned the business of defunct domain registrar Alpnames at no consideration, resulting in the bulk transfer of 679,840 domain names onto the CentralNic platform. This followed a competitive application process with ICANN (the gTLD governance body), the winning of which was a clear endorsement of CentralNic's industry reputation and the quality of the Company's platform. Revenues from these are received when individual domain names are renewed.

 

Progress was also made within the small business customer segment in migrating the Instra websites to the Key-Systems retail platform.

 

 

Corporate customers

The fastest growing segment of CentralNic's business was from corporate customers where total revenues grew by $3.9m or 826%, from $0.5m to $4.4m through the KeyDrive acquisition.

 

Key wins in the corporate segment include exclusive domain name registration projects from a luxury car   manufacturer; a major fashion retailer and one of the world's largest online gaming organisations. CentralNic continues to expand its service offering in intellectual property management and protection for the biggest global brands.

 

 

Post half year end acquisitions

 

Acquisition of TPP Wholesale:

On 1 August 2019, CentralNic completed the acquisition of TPP Wholesale in an asset deal for a headline consideration of $24m AUD. TPP Wholesale is the leading platform for resellers of domain names and hosting in Australasia, with around 14,000 reseller customers and 840,000 domains under management. The acquisition highlights CentralNic's strategy as a rapidly growing global consolidator in the domain name industry. Further, it introduces new subscription revenue streams to CentralNic - selling Microsoft Office 365 and Amazon's AWS hosting, as well as increasing the Group's exposure to the soon-to-be-launched new .au country code domain for Australia.

 

TPP Wholesale's stand-alone revenues and Adjusted EBITDA for the financial year ended 31 December 2018 were determined to be $17.0m AUD ($11.7m) and $3.9m AUD ($2.7m) respectively on an unaudited basis.

 

 

Acquisition of Hexonet:

CentralNic completed the acquisition of Hexonet, with operations in Canada and Germany, on 7 August 2019. Hexonet sells domain name subscriptions directly and via more than a thousand resellers in over 110 countries, managing over 3.8 million domains on its proprietary software platforms. The acquisition increases CentralNic's domains under management by c.28%.

 

CentralNic paid €7.0m ($7.8m) on a net cash/debt free basis for all shares in Hexonet and will make a deferred payment of up to €3.0m ($3.3m) on the first anniversary of completion, payable in cash or CentralNic shares at prevailing market price, at the Company's discretion. In 2018 Hexonet's revenues were c.€16.5m (c.$19.4m), representing a CAGR of 8% on a US Dollar basis for the two preceding years, with an EBITDA of c.€0.8m (c.$0.9m). Hexonet was delivered by the seller with over €0.3m (c.$0.4m) of ongoing cost reductions compared to the 2018 cost base, which is materially completed, and CentralNic is filling staff vacancies budgeted at €0.3m (c.$0.4m) with staff from Hexonet.

 

 

Acquisition of Ideegeo:

The acquisition of Ideegeo on 7 August 2019 was the Company's fifth in 12 months. CentralNic acquired Ideegeo, a privately owned domain name retailer registered in New Zealand serving an international customer base, for a purchase price on a net cash/debt free basis of $5.2m NZD (c.$3.4m), of which $520,000 NZD (c.$0.3m) constitutes a deferred payment, held in escrow until May 2021.

 

For the financial year ended 31 March 2019, Ideegeo's revenues were c. $6.2m NZD (c.$4.2m), with an EBITDA (adjusted for the emoluments of the shareholders leaving the business) of $0.9m NZD (c.$0.6m). The consideration represents a multiple of 5.8 times trailing adjusted EBITDA and is paid in cash.

 

The cumulative annual adjusted EBITDA (including ongoing cost reductions of Hexonet) from the three newly acquired businesses, as per their latest completed financial years is $4.6m.

 

 

Outlook

In the first half of 2019 CentralNic's adjusted EBITDA exceeded our full year performance in 2018. Having achieved strong results in the first half of 2019, management is confident that the full year result should be around the top end of the current range of analyst forecasts.

 

These outstanding results not only demonstrate that CentralNic can source and complete transformative acquisitions, but that it can also integrate them successfully while continuing to deliver organic growth. Moreover, as we scale up rapidly, the underlying qualities of high recurring revenues and excellent cash conversion become increasingly meaningful.

 

Our pipeline of future deals remains strong, while our net debt level remains comfortable particularly given the profitability of the existing CentralNic Group and the expected contribution from recent acquisitions. We are confident in continuing our trajectory towards joining the ranks of the global leaders in our industry. 

 

 

Ben Crawford

Chief Executive

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 

 

 

  Unaudited

Six months

ended 30 Jun 2019

 

 Restated(c) Unaudited

Six months

ended 30 Jun

2018(b)

 

  Restated(c) Audited

Year

ended 31 Dec 2018

 

Note

 

$'000

 

$'000

 

$'000

 

 

 

 

 

 

 

 

Revenue

8

 

49,693

 

15,304

 

55,991

Cost of sales

 

 

(29,962)

 

(6,601)

 

(30,080)

 

 

 

 

 

 

 

 

Gross profit

 

 

19,731

 

8,703

 

25,911

 

 

 

 

 

 

 

 

Administrative expenses

 

 

(17,303)

 

(9,867)

 

(29,053)

Share based payments expense

 

 

(28)

 

(278)

 

  (469)

 

 

 

 

 

 

 

 

Operating profit / (loss)

 

 

2,400

 

(1,442)

 

(3,611)

 

 

 

 

 

 

 

 

Adjusted EBITDA(a)

 

 

9,230

 

3,051

 

9,115

Depreciation

 

 

(576)

 

(48)

 

(326)

Amortisation of intangible assets

 

 

(3,598)

 

(2,210)

 

(5,600)

Fair value movement of investment

 

 

-

 

-

 

(1,265)

Non-core operating expenses(d)

 

 

(2,154)

 

(1,708)

 

(5,840)

Foreign exchange

 

 

(485)

 

(280)

 

788

Premium domain sales

 

 

11

 

31

 

31

Share of associate income

 

 

-

 

-

 

(45)

Share based payment expense

 

 

(28)

 

(278)

 

(469)

Operating profit /(loss)

 

 

2,400

 

(1,442)

 

(3,611)

 

 

 

 

 

 

 

 

Finance income 

 

 

5

 

18

 

3

Finance costs

9

 

(4,031)

 

(489)

 

(1,433)

 

 

 

 

 

 

 

 

Net finance costs

 

 

(4,026)

 

(471)

 

(1,430)

Share of associate income

 

 

-

 

-

 

45

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before taxation

 

 

(1,626)

 

(1,913)

 

(4,996)

Taxation 

10

 

(1,369)

 

414

 

(1,428)

Loss after taxation

 

 

(2,995)

 

(1,499)

 

(6,424)

 

 

 

 

 

 

 

 

Items that may be reclassified subsequently to profit and loss

 

 

 

 

 

 

 

Exchange difference on translation of foreign operation

 

 

                                (271)

 

(1,499)

 

                      (648)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive loss for the financial year

 

 

(3,266)

 

(2,998)

 

(7,072)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss is attributable to:

Owners of CentralNic Plc

Non-controlling interest

 

 

(2,995)

43

 

(1,499)

-

 

(6,424)

5

 

 

 

(2,952)

 

(1,499)

 

(6,419)

Total comprehensive loss is attributable to:

Owners of CentralNic Plc

Non-controlling interest

 

 

 

(3,266)

43

 

 

(2,998)

-

 

 

(7,072)

5

 

 

 

 

(3,223)

 

 

 

(2,998)

 

 

 

(7,067)

 

 

Earnings per share (note 11):

 

 

 

 

 

 

Basic (cents)

 

(1.75)

 

(1.55)

 

(5.04)

Diluted (cents)

 

(1.75)

 

(1.55)

 

(5.04)

 

 

 

 

 

 

 

Adjusted earnings - Basic (cents)

 

4.25

 

3.19

 

5.00

Adjusted earnings - Diluted (cents)

 

4.10

 

2.99

 

4.76

 

All amounts relate to continuing activities.

(a)Earnings before interest, tax, depreciation and amortisation, acquisition costs and non-cash charges

(b)H1 2018 numbers have been restated to reclassify salaries of $2.5m from cost of sales into administrative expenses, in line with the 2018 presentational change

(c)The comparative figures have been restated in respect of changes to the presentational currency as described in note 6 (b)

(d)  Non-core operating expenses include items related to acquisition and integration costs, which are not incurred as part of the underlying trading performance of the Business, and therefore adjusted for, in line with Group policy

 

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION      

 

 

 

 

Unaudited

30 Jun 2019

 

Restated (c)

Unaudited

30 Jun 2018

 

Restated(c)

Audited

31 Dec 2018

 

Note

 

$'000

 

$'000

 

$'000

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NON-CURRENT ASSETS

 

 

 

 

 

 

 

Property, plant and equipment

12

 

1,082

 

306

 

931

Right-of-use assets

12

 

3,875

 

-

 

-

Intangible assets

13

 

123,220

 

67,898

 

127,267

Deferred receivables

14

 

1,514

 

764

         

            1,106

Investments fair value through other comprehensive income

 

 

-

 

1,312

 

-

Investments

 

 

1,431

 

-

 

1,392

Deferred tax assets

 

 

1,705

 

2,020

 

1,625

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

132,827

 

72,300

 

132,321

CURRENT ASSETS

 

 

 

 

 

 

 

Trade and other receivables

15

 

24,872

 

18,484

 

24,382

Taxation receivable

 

 

-

 

1,068

 

             -

Inventory

 

 

3,876

 

3,814

 

3,906

Cash and bank balances

 

 

17,885

 

10,362

 

23,090

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

46,633

 

33,728

 

51,378

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

 

179,460

 

106,028

 

183,699

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EQUITY AND LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

Share capital

18

 

227

 

120

 

             216

Share premium

 

 

74,835

 

20,624

 

69,238

Merger relief reserve

 

 

2,314

 

2,314

 

2,314

Share based payments reserve

 

 

3,359

 

3,181

 

3,330

Foreign exchange translation reserve

 

 

3,880

 

3,300

 

4,151

Retained earnings

 

 

(4,073)

 

3,734

 

(1,186)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAPITAL AND RESERVES ATTRIBUTABLE TO OWNERS OF THE GROUP

 

 

80,542

 

33,273

 

78,063

 

 

 

 

 

 

 

 

Non-controlling interests

 

 

(49)

 

-

 

5

 

 

 

 

 

 

 

 

TOTAL EQUITY

 

 

80,493

 

33,273

 

78,068

 

 

NON-CURRENT LIABILITIES

 

 

 

 

 

 

 

Other payables

 

 

5,736

 

5,663

 

7,660

Lease liabilities

6

 

3,482

 

-

 

-

Deferred tax liabilities

 

 

12,138

 

6,814

 

12,595

Borrowings

19

 

-

 

19,310

 

22,933

 

 

 

 

 

 

 

 

 

 

 

21,356

 

31,787

 

43,188

CURRENT LIABILITIES

 

 

 

 

 

 

 

Trade and other payables and accruals

16

 

52,486

 

38,644

 

59,719

Taxation payable

 

 

825

 

-

 

             452

Lease liabilities

6

 

462

 

-

 

-

Borrowings(e)

19

 

23,838

 

2,324

 

2,272

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

77,611

 

40,968

 

62,443

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES

 

 

98,967

 

72,755

 

105,631

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL EQUITY AND LIABILITIES

 

 

179,460

 

106,028

 

183,699

 

(e)As at 30 June 2019, the SVB term loan has been reflected in short term due to its repayment in July 2019 from the Bond proceeds. In July 2019, this will be replaced with the €50.0m bond proceeds under long term borrowings category
 

CENTRALNIC GROUP PLC

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

 

 

 

 

Share capital

 

 

Share premium

 

 

Merger relief reserve

 

 

Share based payments reserve

 

Foreign

exchange

translation

reserve

 

 

 

Retained earnings

Equity attributable to owners of the Parent Company

Non-Controlling Interest

Total

 

$'000

$'000

$'000

$'000

$'000

$'000

$'000

$'000

$'000

 

 

 

 

 

 

 

 

 

 

Balance as at 1 January 2018

119

20,369

2,314

3,133

4,799

5,026

35,760

-

35,760

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit/(loss) for the period

-

-

-

-

-

(1,499)

(1,499)

-

(1,499)

other comprehensive income/(expense)

 

 

 

 

 

 

 

 

 

- translation of foreign operation

-

-

-

-

(1,499)

-

(1,499)

-

(1,499)

Total comprehensive income for the period

-

-

-

-

(1,499)

(1,499)

(2,998)

-

(2,998)

Transactions with owners

 

 

 

 

 

 

 

 

 

Issue of new shares

1

255

-

-

-

-

256

-

256

Share based payments

-

-

-

278

-

-

278

-

278

Share based payments - deferred tax asset

-

-

-

(23)

-

-

(23)

-

(23)

Share based payments - exercised and lapsed

-

-

-

 

(207)

 

-

 

207

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

Balance as at 30 June 2018

120

20,624

2,314

3,181

3,300

3,734

33,273

-

33,273

 

 

 

 

 

 

 

 

 

 

Loss for the period

-

-

-

-

-

(4,925)

(4,925)

5

(4,920)

other comprehensive income/(expense)

-

-

-

-

-

-

-

-

-

- translation of foreign operation

 

-                            

-

-

-

851

-

851

-

851

Total comprehensive income for the period

-

-

-

-

851

(4,925)

(4,074)

5

(4,069)

Transactions with owners

 

 

 

 

 

 

 

 

 

Shares issued

96

49,971

-

-

-

-

50,067

-

50,067

Share issue costs

-

(1,357)

-

-

-

-

(1,357)

-

(1,357)

Share based payments

-

-

-

191

-

-

191

-

191

Share based payments - deferred tax asset

-

-

-

(37)

-

 

-

 

(37)

-

(37)

Share based payments - exercised and lapsed

 

 

 

(5)

 

5

-

-

-

 

 

 

 

 

 

 

 

 

 

Balance as at 31 December 2018

216

69,238

2,314

3,330

4,151

(1,186)

78,063

5

78,068

 

 

 

 

 

 

 

 

 

 

Impact of IFRS 16

-

-

-

-

-

-

-

-

-

Loss for the period

-

-

-

-

-

(2,952)

(2,952)

(43)

(2,995)

Adjustment to non-controlling Interest

-

-

-

-

-

11

11

(11)

-

- translation of foreign operation

-

-

-

-

(271)

-

(271)

-

(271)

Total comprehensive income for the period

-

-

-

-

(271)

(2,941)

(3,212)

(54)

(3,266)

Transactions with owners

 

 

 

 

 

 

 

 

 

Issue of new shares

11

5,597

-

-

-

-

5,608

-

5,608

Share based payments

-

-

-

25

-

-

25

-

25

Share based payments - deferred tax asset

-

-

-

58

-

-

58

-

58

Share based payments - reclassify lapsed options                                                                                         

-

-

-

(54)

-

54

-

-

-

Balance as at 30 June 2019

227

74,835

2,314

3,359

3,880

(4,073)

80,542

(49)

80,493

 

·      Share capital represents the nominal value of the company's cumulative issued share capital.

·      Share premium represents the cumulative excess of the fair value of consideration received for the issue of shares in excess of their nominal value less attributable share issue costs and other permitted reductions.

·      Merger relief reserve represents the cumulative excess of the fair value of consideration received for the issue of shares in excess of their nominal value less attributable shares issue costs and other permitted reductions.

·      Retained earnings represent the cumulative value of the profits not distributed to shareholders but retained to finance the future capital requirements of the CentralNic Group.

·      Share based payments reserve represents the cumulative value of share-based payments recognised through equity.

·      Foreign exchange translation reserve represents the cumulative exchange differences arising on Group consolidation.

·      Foreign currency hedging reserve represents the effective portion of changes in the fair value of derivatives.

CONSOLIDATED STATEMENT OF CASH FLOWS

 

 

 

Unaudited

Six months

ended

30 Jun 2019

 

Restated(c)

Unaudited

Six months

ended

30 Jun 2018

 

Restated(c)

Audited

Year

ended 31 Dec 2018

 

 

 

$'000

 

$'000

 

$'000

Cash flow from operating activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before taxation

 

 

(1,626)

 

(1,913)

 

(4,996)

 

 

 

 

 

 

 

 

Adjustments for:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation of property, plant and equipment

 

 

576

 

48

 

326

Amortisation of intangible assets

 

 

3,598

 

2,210

 

5,600

Fair value movement of investment

 

 

-

 

-

 

1,265

Profit on investment in associate

 

 

-

 

-

 

(45)

Finance income/(cost) - net

 

 

4,026

 

471

 

1,430

Share based payments

 

 

28

 

278

 

469

(Increase)/Decrease in trade and other receivables

 

 

(685)

 

606

 

2,524

Increase/(Decrease) in trade and other payables (f)

 

 

(5,885)

 

1,522

 

8,894

(Increase)/Decrease in inventories

 

 

62

 

(3,539)

 

(3,635)

Cash flow from operations

 

 

94

 

(317)

 

11,832

 

 

 

 

 

 

 

 

Income tax paid

 

 

(1,479)

 

(1,529)

 

(3,015)

 

 

 

 

 

 

 

 

Net cash flow from operating activities

 

 

(1,385)

 

(1,846)

 

8,817

 

 

 

 

 

 

 

 

Cash flow used in investing activities

 

 

 

 

 

 

 

Purchase of property, plant and equipment

 

 

(449)

 

(96)

 

(399)

Purchase of intangible assets, net of cash acquired

 

 

-

 

(12)

 

(4,521)

Payment of deferred consideration

 

 

(1,024)

 

-

 

(680)

Acquisition of a subsidiary, net of cash acquired

 

 

-

 

-

 

(11,965)

 

 

 

 

 

 

 

 

Net cash flow used in investing activities

 

 

(1,473)

 

(108)

 

(17,565)

 

 

 

 

 

 

 

 

Cash flow used in financing activities

 

 

 

 

 

 

 

(Repayments) / Proceeds from borrowings (net)

 

 

(1,156)

 

(1,375)

 

3,124

Proceeds from issuance of ordinary shares (net)

 

 

43

 

14

 

32,263

Costs from share issue

 

 

-

 

-

 

(1,394)

Payment of liabilities arising from KeyDrive acquisition

 

 

-

 

-

 

(14,923)

Lease rentals

 

 

(180)

 

-

 

-

Lease interest

 

 

(50)

 

-

 

-

Interest paid

 

 

(311)

 

-

 

(682)

Net cash flow generated from / (used in) financing activities

 

 

(1,654)

 

(1,361)

 

18,388

 

 

 

 

 

 

 

 

Net (decrease)/increase in cash and cash equivalents

 

 

(4,512)

 

(3,315)

 

9,640

Cash and cash equivalents at beginning of the period/year

 

 

23,090

 

14,675

 

14,675

Exchange differences on cash and cash equivalents

 

 

(693)

 

(998)

 

(1,225)

 

 

 

 

 

 

 

 

Cash and cash equivalents at end of the period/year

 

 

17,885

 

10,362

 

23,090

Bank borrowings (excluding prepaid costs)

 

 

 (23,838)

 

(21,634)

 

(25,205)

Net (debt)/cash excluding issue costs of debts

 

 

(5,953)

 

(11,272)

 

(2,115)

 

 

 

 

 

 

 

 

 

(f) One off unwinding negative effect from delayed revenue share payment of $5.3m (full year 2018: positive impact)

NOTES TO THE FINANCIAL INFORMATION

1.   General information

CentralNic Group Plc is the UK holding company of a group of companies which are engaged in the provision of global domain name services. The company is registered in England and Wales. Its registered office and principal place of business is 4th Floor, Saddlers House, 44 Gutter Lane, London, England, EC2V 6BR.  

The CentralNic Group provides Wholesale ("registry"), Retail ("registrar") and Enterprise services and strategic consultancy for new Top Level Domains ("TLDs"), Country Code TLD's ("ccTLDs") and Second-Level Domains ("SLDs") and it is the owner and registrant for a portfolio of domain names, which it uses as SLD domain extensions and for resale on the domain aftermarket.

 

2.   Basis of preparation

The condensed interim financial information is unaudited and has been prepared on the basis of the accounting policies set out in the Group's 2018 statutory accounts in accordance with Accounting Standard IAS 34 Interim Financial Reporting.

The condensed interim consolidated financial statements do not represent statutory accounts within the meaning of section 435 of the Companies Act 2016. The financial information for the year ended 31 December 2018 is based on the statutory accounts for the year ended 31 December 2018. Those accounts, upon which the auditors issued an unqualified opinion, have been delivered to the Registrar of Companies and did not contain statements under section 498(2) or (3) of the Companies Act 2006.

 

The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, except for the estimation of income tax, and the adoption of new and amended standards and accounting policies as set out below.

 

As reflected in these financial statements, the Group has generated more than half of its adjusted EBITDA in the first half of the year, against the full year market consensus due to seasonality. 

 

3.   New and amended standards adopted by the Group

 

As described in the 2018 Annual Report, the Accounting Standard IFRS 16 has been adopted as of 1 January 2019. Directors have completed their detailed review of IFRS 16 and further guidance on this change in accounting policy is given in note 6 below.

 

A number of other new or amended standards became applicable for the current reporting period but did not have any impact on the Group's accounting policies and did not require retrospective adjustments.

 

4.   Critical accounting judgments and key sources of estimating uncertainty

 

In the application of the CentralNic Group's accounting policies, the Directors are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not apparent from other sources. The estimates and assumptions are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

 

The following are the key assumptions concerning the future and other key sources of estimation uncertainty at the statement of financial position date that have a significant risk of causing a significant adjustment to the carrying amounts of assets and liabilities in the financial statements:

 

Impairment Testing

 

The recoverable amounts of individual non-financial assets are determined based on the higher of the value-in-use calculations and the recoverable amount, or fair value less costs to sell. These calculations will require the use of estimates and assumptions. It is reasonably possible that assumptions may change, which may impact the Directors' estimates and may then require a material adjustment to the carrying value of tangible and intangible assets. 

 

The Directors review and test the carrying value of tangible and intangible assets when events or changes in circumstances suggest that the carrying amount may not be recoverable. For the purposes of performing impairment tests, assets are grouped at the lowest level for which identifiable cash flows are largely dependent on cash flows of other assets or liabilities. If there are indications that impairment may have occurred, estimates of expected future cashflows will be prepared for each group of assets. 

 

Expected future cash flows used to determine the value in use of tangible and intangible assets will be inherently uncertain and could materially change over time.

 

Estimation of useful life

 

The charge in respect of periodic amortisation and depreciation is derived after determining an estimate of an asset's expected useful life. The useful lives of the assets are determined by management at the time the asset is acquired and are reviewed continually for appropriateness.

 

Deferred Consideration

 

The fair value of the contingent deferred consideration arising on the business combination/acquisition is a key area of accounting estimate. Judgement was exercised in determining the fair value of the deferred consideration in the KeyDrive acquisition, as described in note 16.

 

5.   Significant accounting policy

 

a)      Revenue recognition

 

Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for services provided in the course of ordinary activities, net of discounts and sales related taxes.

Revenue from the sale of services is recognised when the performance obligations are met under the customer contract. In particular:

(i)            Sale of Reseller services for domain names to registrars

Reseller revenues are derived from their customer base, registrars, via the following three channels:

(a)   Registry channel - These revenues are being generated from the provision of services through the registry service provider mechanism. CentralNic operates as a back-end service provider for third party Top Level Domains on an exclusive basis, enabling the registrars to sell domain names to registrants.

(b)   Reseller channel - Revenues are derived by facilitating the sale of domain names to registrars by acting as a reseller platform provider.

(c)    Registry Operator channel - CentralNic is an asset holder for Country Code TLD .SK, and therefore generates revenues through sale of domain names of .SK extension to registrars.

In accordance with IFRS 15, each segment evaluates the representation of the underlying customer contracts with the registrars and identifies the performance obligation that are required to be met under the customer contract. Determining the transaction price and allocating the transaction price to the performance obligation is done is also considered, followed by the fulfilment of the performance obligation, therefore leading to the revenue recognition of the sale.

For the Registry revenues and Registry operator channels, upon evaluation of the customer contract, the registry channel has several performance obligations that need to be met over the term of the domain name sale. An invoice under these divisions could cover the sale of a domain name for a fixed term period which could vary between one and ten years, and the performance obligations are expected to be fulfilled over the course of this term on a straight-line basis. Revenues that relate to the period in which the services are performed are recognised in the income statement of that period, with the amounts relating to future periods being deferred into 'Deferred revenues'.

For the Reseller channel, upon evaluation of the customer contract, the registry channel has performance obligations that are met at point of sale of the domain name. An invoice under this division could cover the license to utilise the domain name for a fixed term period which could vary between one and ten years, however, all performance obligations are met at the point of sale, and therefore no revenue is deferred.

(ii)           Sale of Small business services for domain names to domain registrants

Small business revenues are generated from the provision of retail and similar services to domain registrants. The sub revenue streams would be those of new registrations and renewals. Revenue originates when a transaction is generated on the service registry platform by the customer.

For the small business division, upon evaluation of the customer contract, the registry channel has performance obligations that are met at point of sale of the domain name. An invoice under this division could cover the license to utilise the domain name for a fixed term period which could vary between one and ten years, however, all performance obligations are met at the point of sale, and therefore no revenue is deferred.

(iii)          Sale of Corporate services

Revenue from the provision of computer software to a customer is recognised when the Group has delivered the related software and completed all of the adaptions required by the customer for either the whole contract or for a specific milestone deliverable within the contract. The revenue is recognised at the point of fulfilment of the performance obligation, in line with the customer contract.

Revenue from strategic consultancy and similar services is recognised in profit and loss in proportion to the stage of completion of the performance obligation at the reporting date. The stage of performance obligation fulfilment is determined based on completion of work performed to date as a percentage of total services to be performed.

(iv)          Changes in previous year

By exception, due to the refund policy which has been amended on 1 November 2018 as part of the integration, revenues of Instra (Small business and Reseller segments) and UK (small business segments) billed before the 1 November 2018 have been recognised over the course fixed term period of domain name sale, with the amounts relating to future periods being deferred into 'Deferred revenues' which are effectively customer payments on account in advance of satisfaction of the performance obligations.

6.   Changes in accounting policy

 

a)     Adjustments recognised on adoption of IFRS 16

 

CentralNic has adopted the IFRS 16 modified retrospective approach from 1 January 2019 but has not restated comparatives for the 2018 reporting period, as permitted under the specific transitional provisions in the standard. The reclassifications and the adjustments arising from the new leasing rules are therefore recognised in the opening statement of financial position on 1 January 2019.

 

CentralNic previously classified leases as operating or finance lease based on its assessment of whether the lease transferred substantially all the risks and rewards of ownership. Under IFRS 16, CentralNic recognises right-of-use assets and the corresponding lease liabilities for most leases by recording them on the balance sheet.

 

In applying IFRS 16 on transition, the Group has used the following practical expedients permitted by the standard:

•      The Group has elected not to reassess whether a contract is or contains a lease as defined in IFRS 16 at the date of initial application. For contracts entered into before the transition date, the Group relied on its assessment made when applying IAS 17 and IFRIC 4.

•      For the majority of leases, reliance has been placed on previous assessments of whether leases are onerous under IAS 37 Provisions, Contingent Liabilities and Contingent Assets. For leases where the right-of-use asset has been determined as if IFRS 16 had been applied since the lease commencement date, this expedient has not been taken.

•      Accounting for operating leases with a remaining lease term of less than 12 months as at 1 January 2019 as short-term leases.

 

The Group has elected not to recognise the right-of-use assets and lease liabilities for short-term leases that have a term of 12 months or less or leases that are of low value ($5,000). Lease payments associated with these leases are expensed on a straight-line basis over the lease term.

 

At inception or on assessment of a contract that contains a lease component, CentralNic allocates the consideration in the contract to each lease and non-lease component based on their relative stand-alone prices. However, for leases of properties, CentralNic elected not to separate non-lease components and will instead account for the lease and non-lease component as a single lease component.

 

The Group's leases primarily relate to properties and motor vehicles. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Property leases will often include extension and termination options, open market rent reviews, and uplifts.  

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the individual lessee company's incremental borrowing rate taking into account the duration of the lease. 

 

The lease liability is subsequently measured at amortised cost using the effective interest method, with the finance cost charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability. It is remeasured when there is a change in future lease payments arising from a change in index or rate, or if the Group changes its assessment of whether it will exercise an extension or termination option. The lease liability is recalculated using a revised discount rate if the lease term changes as a result of a modification or re-assessment of an extension or termination option.  

 

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred, less any lease incentives received. The right-of-use asset is typically depreciated on a straight-line basis over the lease terms. In addition, the right-of-use asset may be adjusted for certain remeasurements of the lease liability, such as indexation and market rent review uplifts.

 

The table below summarises the IFRS 16 impact on transition for lease liabilities and the corresponding right-of-use assets along with the movement from 1 January 2019 to 30 June 2019:

 

 

Lease liabilities

 

 

 

$'000

Operating lease commitment disclosed as at 31 December 2018

1,317

Less short-term and low value lease

(309)

Exchange difference

(5)

Operating lease commitment at 31 December 2018 falls under IFRS 16

1,003

Discounted using borrowing incremental rate at initial application

(224)

 

 

Lease liabilities recognised at 1 January 2019

779

 

 

Current lease liabilities

779

Non-current lease liabilities

-

 

Lease liabilities movement from 1 Jan 2019 to 30 June 2019

 

$'000

At 1 January 2019

779

New leases in period

3,361

Prepaid and accrued lease payments

(231)

Interest charge

50

Exchange difference

(15)

Total lease liabilities at 30 June 2019

3,944

Current lease liabilities

462

 

 

Non-current lease liabilities

3,482

 

Right-of-use assets

$,000

$'000

 

30 June 2019

1 January 2019

Properties

3,792

683

Motor vehicles

75

96

Equipment

8

-

Total right-of-use assets

3,875

779

 

 

 

b)      Change of presentation currency - basis of presentation

In the 2018 Annual Report, CentralNic indicated that the Directors were considering amending the currency in which it presents its financial results from UK pounds sterling ('GBP') to US Dollars ('USD') for all financial years beginning after 1 January 2019. In 2019 the Directors concluded to change the presentational currency to US Dollars as the board believes that US Dollar financial reporting provides more relevant presentation of the Group's financial affairs given more than half its trade is in US Dollar and the industry in which it operates is predominantly trading in US Dollars.

 

To assist shareholders during this change, comparative financial information for the financial year ended 31 December 2018, interim financial report ended 30 June 2018 and financial year ended 31 December 2017 have been restated in US Dollars. For comparative purposes, only financial year ended 31 December 2018 and interim financial report ended 30 June 2018 have been presented in this report. 

 

The change in presentation currency represents a change in accounting policy in terms of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors requiring the restatement of comparative information. In accordance with IAS 21 The Effects of Changes in Foreign Exchange Rates, the following methodology was followed in restating historical financial information from Sterling into US Dollars:

 

·      Assets and liabilities were translated into US Dollars at closing rates of exchange at the end of the reporting period. Trading results were translated into US Dollars at average rates of exchange for the period. Differences resulting from the re-translation on the opening net assets and the results for the year have been taken to the foreign currency translation reserve;

·      The equity section of the Consolidated Statement of Financial Position, including share capital and premium, foreign currency translation reserve and other reserves, as appropriate, were translated at the historic rates prevailing at the dates of underlying transactions;

·      The effects of translating the Group's financial results and financial position into US Dollars were recognised in the foreign currency translation reserve; and

·      All exchange rates used were extracted from the Group's underlying financial records.

The exchange rates used were as follows:

GBP/US$ exchange rate

 

30 June 2019

31 December 2018

30 June 2018

31 December 2017

Closing rate

 

1.2693

1.2800

1.3129

1.3587

Average rate

 

1.2673

1.2681

1.3288

-

 

 

7.   Segment analysis

 

CentralNic is an independent global domain name service provider. It provides Reseller, Small business and Corporate services and is the owner and registrant of a portfolio of domain names. Operating segments are prepared in a manner consistent with the internal reporting provided to the management as its chief operating decision maker in order to allocate resources to segments and to assess their performance.

 

The Directors do not rely on segmental cash flows or analysis of segment assets and liabilities arising from the operating, investing and financing activities for each reportable segment for their decision making and have therefore not included them. There was a change in the composition in the segmental analysis and the comparatives have been updated. The segmental analysis is organised around the products and services of the business.

 

The Reseller division is a global distributor of domain names and provides consultancy services to retailers. The Small business division provides domain names and ancillary services to end users, also on a global basis. The Corporate division represents revenue generated by providing technical and consultancy services to corporate clients, licencing of the Group's in house developed registry management platform, and selling premium domain names.

 

Management reviews the activities of the CentralNic Group in the segments disclosed below:

 

 

 

Period to 30 June 2019

 

Reseller

$000

Small business

$000

Corporate

$000

Total

$000

Revenue

25,509

19,768

4,416

49,693

Gross profit

8,229

8,218

3,284

19,731

Total administrative expenses

Share based payments expense

 

 

 

(17,303)

(28)

Operating profit

 

 

 

2,400

 

 

 

 

 

Adjusted EBITDA

Depreciation

Amortisation of intangibles assets

Fair value movement of investment

Non-core operating expenses

Foreign exchange

Premium domain sales

Share of associate income

Share based payment expense

 

 

 

9,230

(576)

(3,598)

-

(2,154)

(485)

11

-

(28)

Operating profit

 

 

 

2,400

Finance cost (net)

 

 

 

(4,026)

Share of associate income

 

 

 

-

Loss before taxation

 

 

 

(1,626)

Income tax expense

 

 

 

(1,369)

Loss after taxation

 

 

 

(2,995)

 

  

 

 

Period to 30 June 2018

 

Reseller

$000

Small business

$000

Corporate

$000

Total

$000

Revenue

6,120

8,707

477

15,304

Gross profit

4,616

3,606

481

8,703

Total administrative expenses

Share based payments expense

 

 

 

(9,867)

(278)

Operating loss

 

 

 

(1,442)

 

 

 

 

 

Adjusted EBITDA

Depreciation

Amortisation of intangibles assets

Fair value movement of investment

Non-core operating expenses

Foreign exchange

Premium domain sales

Share of associate income

Share based payment expense

 

 

 

3,051

(48)

(2,210)

-

(1,708)

(280)

31

-

(278)

Operating loss

 

 

 

(1,442)

Finance cost (net)

 

 

 

(471)

Share of associate income

 

 

 

-

Loss before taxation

 

 

 

(1,913)

Income tax expense

 

 

 

414

Loss after taxation

 

 

 

(1,499)

 

 

 

 

Year to 31 December 2018

 

Reseller

$000

Small business

$000

Corporate

$000

Total

$000

Revenue

27,288

24,223

4,480

55,991

Gross profit

12,853

9,858

3,200

25,911

Total administrative expenses

Share based payments expense

 

 

 

(29,053)

(469)

Operating loss

 

 

 

(3,611)

 

 

 

 

 

Adjusted EBITDA

Depreciation

Amortisation of intangibles assets

Fair value movement of investment

Non-core operating expenses

Foreign exchange

Premium domain sales

Share of associate income

Share based payment expense

 

 

 

9,115

(326)

(5,600)

(1,265)

(5,840)

788

31

(45)

(469)

Operating loss

 

 

 

(3,611)

Finance cost (net)

 

 

 

(1,430)

Share of associate income

 

 

 

45

Loss before taxation

 

 

 

(4,996)

Income tax expense

 

 

 

(1,428)

Loss after taxation

 

 

 

(6,424)

 

 

8.   Revenue

The CentralNic Group's revenue is generated from the following geographical areas:

 

 

Unaudited 30 Jun 2019

 

Unaudited 30 Jun 2018

 

Audited

31 Dec 2018

 

 

$'000

 

$'000

 

$'000

 

 

 

 

 

 

 

Reseller domain sales

 

 

 

 

 

 

UK

 

305                 

 

           315

 

           660

North America

 

5,570                 

 

           881

 

        5,297

Europe

 

17,416                 

 

        3,167

 

     17,689

       ROW

 

2,218                

 

        1,757

 

        3,642

 

 

             25,509

 

        6,120

 

     27,288

       Small business domain sales

 

 

 

 

 

 

UK

 

1,233                 

 

           782

 

        1,919

North America

 

               5,368  

 

        1,792

 

        6,045

Europe

 

              6,850  

 

        2,669

 

        5,805

ROW

 

6,317                

 

        3,464

 

     10,454

 

 

            19,768  

 

     8,707

 

24,223

       Corporate sales

 

 

 

 

 

 

UK

 

               198  

 

               -  

 

           680

North America

 

               1,409  

 

              34

 

        1,431

Europe

 

               2,066  

 

           300

 

        2,265

ROW

 

743                 

 

           143

 

           104

 

 

               -  

 

           618

 

        4,523

 

 

 

 

 

 

 

 

 

4,416

 

477

 

4,480

Total revenue

 

49,693

 

15,304

 

55,991

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                   

 

Corporate sales including premium domain name sales by nature are subject to annual variation depending on customer demand.

No customer contributes greater than 10% or more of the Small business sales division.

The following table shows customers that represented 10% or more of the reseller domain division:

 

 

 

Unaudited

6 months ended

30 Jun 2019

 

 

Unaudited

6 months ended

30 Jun 2018

 

 

 

Audited

Year ended

31 Dec 2018

 

 

$'000

 

$'000

 

$'000

 

 

 

 

 

 

 

Customer A

 

2,777

 

1,137

 

-

Customer B

 

-

 

585

 

-

Customer C

 

-

 

-

 

-

Other customers

 

22,732

 

4,398

 

27,288

 

 

 

 

 

 

 

 

 

 

 

3.

 

 

 

 

25,509

 

6,120

 

27,288

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In the six months ended 30 June 2019, in the corporate sales division, one customer represented over 10% of the sector revenues totaling $710k. In the six months ended 30 June 2018, corporate sales revenues were principally driven by $140k of Dotbrand registry support, software licensing and consulting of $448k, and premium domain name sales of $30k. There were four customers representing over 10% of the revenues totaling $46k, $99k, $103k, and $186k. 

 

 

9.   Finance costs

 

 

 

 

 

Unaudited 6 months ended 30 Jun 2019

 

Unaudited 6 months ended 30 Jun 2018

 

 

Audited year ended 31 Dec 2018

 

 

 

 

$'000

 

$'000

 

$'000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impact of unwinding of discount on Net Present Value of deferred consideration

(273)

 

(80)

 

(117)

Reappraisal of deferred consideration

(3,173)

 

-

 

-

Arrangement fees on borrowings

(157)

 

(115)

 

(185)

Interest expense on loans from Shareholders

-

 

(3)

 

(6)

Interest expense on short-term borrowings

(38)

 

(44)

 

(84)

Interest expense on long-term borrowings

(340)

 

(247)

 

(1,041)

Interest expense on leases

 

(50)

 

-

 

-

 

 

 

(4,031)

 

(489)

 

(1,433)

Details on the impact of deferred consideration on the Finance costs is discussed in detail in note 16.

10.   Income tax expense

 

 

 

 

 

Unaudited

6 months ended

30 Jun 2019

 

Unaudited

6 months ended

30 Jun 2018

 

 

Audited

Year ended

31 Dec 2018

 

 

$'000

 

$'000

 

$'000

 

 

 

 

 

 

 

Current tax on profits for the period- UK and foreign

 

(1,886)

 

                    34

 

(1,641)

Adjustments in respect of previous periods

 

(20)

 

(78)

 

(500)

Current income tax

 

(1,906)

 

(44)

 

(2,141)

 

 

 

 

 

 

 

Deferred income tax

 

537

 

458

 

713

 

 

 

 

 

 

 

 

 

(1,369)

 

414

 

(1,428)

 

 

 

 

 

 

 

 

A reconciliation of the current income tax expense applicable to the profit before taxation at the statutory tax rate to the

current income tax expense at the effective tax rate of the CentralNic Group are as follows:

 

Unaudited

6 months end

30 Jun 2019

 

Unaudited

6 months ended

30 Jun 2018

 

 

Audited

Year ended

31 Dec 2018

 

$'000

 

$'000

 

$'000

 

 

 

 

 

 

(Loss)/profit before taxation

 

(1,913)

 

(4,996)

 

 

 

 

 

 

Tax calculated at domestic tax rates applicable to profits in the respective countries

 

441

 

 

576

 

 

830

 

 

 

 

 

 

Tax effects of:

 

 

 

 

 

Expenses not deductible for tax purposes

105

 

(475)

 

(1,721)

Profit set off against goodwill amortisation - SK-NIC

(245)

 

-

 

-

Adjustments in respect of previous periods

20

 

(145)

 

(325)

Effects of different jurisdictional tax rates

(226)

 

 

 

 

Tax loss movement 

(978)

 

-

 

(518)

Deferred consideration amounts capitalised in local entity

(1,016)

 

 

 

 

Deferred tax

Withholding tax

Other adjustments

537

(7)

-

 

458

-

-

 

713

(356)

(51)

 

 

 

 

 

 

Current tax credit/(expense) for the period/year

(1,369)

 

414

 

(1,428)

 

 

 

 

 

 

The Company estimates for income taxes in the condensed financial statements on the basis of its income for financial reporting purposes, adjusted for items that are not assessable or deductible for income tax purposes, in accordance with the regulations of domestic tax authorities.

The effective rate of tax for the period was 84% (Six months ended 2018: 21.6%), mainly driven by the different jurisdictions tax rate, local tax treatment of deferred consideration amounts, tax losses carried forward and the impact of SK-NIC's profits set off against amortisation of goodwill. As illustrated above the business incurs a high level of non-cash charges which are mainly not deductible for income taxes in the relevant jurisdictions and largely represent permanent differences between accounting and taxable profits. As a percentage of the adjusted EBITDA less non-core operating expenses, the tax charge was 19.4% for the six months ended 30 June 2019, which in the opinion of the Directors is a more appropriate measure of the tax cost to the business.

In the UK, the applicable statutory tax rate for 2019/20 is 19% (2018/19: 19%).

In the USA, federal taxes are due at 21% on taxable income. Under California tax legislation a statutory minimum of $800 of state tax is due.

In Germany, federal taxes are due at 15% on taxable income. With an additional 5.5% solidarity surcharge due on the income tax. A community business tax of 14%-c.17% is also levied with rates determined by the municipality taking the total effective tax charge to circa 30%-34%.

In Australia and New Zealand, income taxes are due at 30% and 28% respectively on taxable income.

In Slovakia, income tax is due at 21% of taxable income.

 

11.   Earnings per share

Earnings per share has been calculated by dividing the consolidated profit/(loss) after taxation attributable to ordinary shareholders by the weighted average number of ordinary shares in issue during the period.

Diluted earnings per share has been calculated on the same basis as above, except that the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares (arising from the Group's share option scheme and warrants) into ordinary shares has been added to the denominator. There are no changes to the profit (numerator) as a result of the dilutive calculation.

 

 

 

Unaudited

As at

30 Jun 2019

 

Unaudited

As at

30 Jun 2018

 

Audited

As at

31 Dec 2018

 

 

$'000

 

$'000

 

$'000

 

 

 

 

 

 

 

Loss after tax attributable to owners

 

(2,995)

 

(1,499)

 

(6,424)

 

 

 

 

 

 

 

Operating profit /(loss)

 

2,400

 

(1,442)

 

(3,611)

Depreciation

 

576

 

48

 

326

Amortisation of intangible assets

 

3,598

 

2,210

 

5,600

Fair value movement of investment

 

-

 

-

 

1,265

Non-core operating expenses

 

2,154

 

1,708

 

5,840

Foreign exchange

 

485

 

280

 

(788)

Premium domain sales

 

(11)

 

(31)

 

(31)

Share of associate income

 

-

 

-

 

45

Share based payment expense

 

28

 

278

 

469

Adjusted EBITDA

 

9,230

 

3,051

 

9,115

 

 

 

 

 

 

 

Finance costs (excluding deferred consideration related amounts - note 9)

 

 

(585)

 

 

(409)

 

 

(1,316)

Finance income

 

5

 

18

 

3

Taxation

 

(1,369)

 

414

 

(1,428)

Adjusted Earnings

 

7,281

 

3,074

 

6,374

 

 

 

 

 

 

 

 

Weighted average number of shares:

 

 

 

 

 

 

Basic

 

171,396,695

 

96,492,348

 

127,515,308

Effect of dilutive potential ordinary shares

 

6,224,426

 

6,450,928

 

6,371,914

Diluted

 

177,621,121

 

102,943,276

 

133,887,222

Earnings per share:

 

 

 

 

 

 

Basic (cents)

 

(1.75)

 

(1.55)

 

(5.04)

Diluted (cents)

 

(1.75)

 

(1.55)

 

(5.04)

 

 

 

 

 

 

 

Adjusted earnings - Basic (cents)

 

4.25

 

3.19

 

5.00

Adjusted earnings - Diluted (cents)

 

4.10

 

2.99

 

4.76

 

 

 

 

 

 

 

At 30 June 2018, 31 December 2018 and 30 June 2019, for the purposes of the unadjusted Earnings Per share calculation, the contingently issuable potential ordinary shares included within the share options are anti-dilutive and are not included in the calculation.

 

12. Property, plant and equipment

 

Right of use assets

Motor vehicles

Computer equipment

Furniture and fittings

 

Total

 

$'000

$'000

$'000

$'000

$'000

Cost

 

 

 

 

 

At 1 January 2018

                       -  

                   -  

961

130

1,091

Additions

                       -  

                   -  

75

-

75

Exchange differences

                       -  

                   -  

(29)

(6)

(35)

At 30 June 2018

                       -  

                   -  

1,007

124

1,131

Additions

                       -  

-

302

8

310

Acquisition of subsidiary

-

29

468

140

637

Exchange differences

                       -  

1

(55)

(15)

(69)

At 31 December 2018

-

30

1,722

257

2,009

IFRS 16 adjustment on 1 January 2019

                    779

                   -  

                       -  

                       -  

779

Additions

                 3,406

-

273

176

3,855

Exchange differences

                      (15)  

-

(4)

(1)

(20)

At 30 June 2019

4,170

30

1,991

432

6,623

 

 

 

 

 

 

 

 

Accumulated depreciation

 

 

 

At 1 January 2018

                       -  

                   -  

720

88

808

Charge for the period

                       -  

                   -  

46

2

48

Exchange differences

                       -  

                   -  

(27)

(4)

(31)

At 30 June 2018

-

-

739

86

825

Charge for the period

                       -  

10

242

26

278

Exchange differences

                       -  

1

(23)

(3)

(25)

At 31 December 2018

-

11

958

109

1,078

Charge for the period

295

3

239

39

576

Exchange differences

                       -  

                 (1)  

13

                   -

12

At 30 June 2019

295

13

1,210

148

1,666

 

 

 

 

 

 

Property, plant and equipment- carrying value

 

 

 

 

 

At 30 June 2018

-

 

268

38

306

At 31 December 2018

-

19

764

148

931

At 1 January 2019 restated NBV

779

19

764

148

1,710

At 30 June 2019

3,875

17

781

284

4,957

 

The carrying value of property, plant and equipment excluding right of use assets recognised under IFRS 16 at 30 June 2019 was $1,082k.

 

 

13. Intangible assets

 

Domain Names

Patents & Trademarks

 

Software

Customer List

 

Goodwill

 

Total

 

$000

$'000

$'000

$'000

$'000

$'000

Cost or deemed cost

 

 

 

 

 

 

At 1 January 2018

1,550

-

5,170

33,069

39,413

79,202

Additions

-

-

12

-

-

12

Exchange Differences

(49)

-

(229)

(1,387)

(1,191)

(2,856)

At 30 June 2018

1,501

-

4,953

31,682

38,222

76,358

Additions

-

319

471

1,472

2,065

4,327

Acquisition of subsidiary

12

2,794

8,982

8,978

37,192

57,958

Exchange Differences

(41)

97

233

(186)

121

224

At 31 December 2018

1,472

3,210

14,639

41,946

77,600

138,867

Additions

-

-

-

-

-

-

Exchange Differences

(13)

(2)

(39)

(255)

(256)

(566)

At 30 June 2019

1,459

3,208

14,600

41,691

77,344

138,301

 

 

 

 

 

 

 

Amortisation

 

 

 

 

 

 

At 1 January 2018

299

-

2,284

3,982

-

6,565

Charge for the period

63

-

566

1,581

-

2,210

Exchange differences

(12)

-

(110)

(193)

-

(315)

At 30 June 2018

350

-

2,741

5,369

-

8,460

Charge for the period

59

89

1,050

2,192

-

3,390

Exchange Differences

(10)

(1)

(72)

(167)

-

(250)

At 31 December 2018

399

88

3,719

7,394

-

11,600

Charge for the period

54

111

1,135

2,298

-

3,598

Exchange Differences

(4)

-

(27)

(85)

-

(116)

At 30 June 2019

449

199

4,827

9,607

-

15,081

 

 

 

 

 

 

 

Carrying value

 

 

 

 

 

 

At 30 June 2018

1,151

-

2,212

26,313

38,222

67,898

At 31 December 2018

1,073

3,122

10,920

34,553

77,600

127,267

At 30 June 2019

1,010

3,009

9,773

32,084

77,344

123,220

 

Amortisation of intangible assets is included in administrative expenses in the combined and consolidated statement of comprehensive income.

 

 

 

14. Deferred receivables

 

 

Unaudited

As at

30 Jun 2019

 

Unaudited

As at

30 Jun 2018

 

Audited

As at

31 Dec 2018

 

 

$'000

 

$'000

 

$'000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred costs

 

1,414

 

664

 

1,006

Loans to related parties

 

100

 

100

 

100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,514

 

764

 

1,106

 

 

 

 

 

 

 

 

 

15. Trade and other receivables

 

 

Unaudited

As at

30 Jun 2019

 

Unaudited

As at

30 Jun 2018

 

Audited

As at

31 Dec 2018

 

 

$'000

 

$'000

 

$'000

 

 

 

 

 

 

 

Trade receivables

 

10,124

 

4,489

 

12,393

Accrued revenue

 

7,840

 

6,046

 

                5,141

Deferred costs

 

1,112

 

5,017

 

3,556

Prepayments and other receivables

 

2,803

 

1,338

 

1,742

Supplier payments on account

 

2,993

 

576

 

1,550

Amounts due from shareholders

 

-

 

1,018

 

-

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24,872

 

18,484

 

24,382

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16. Trade and other payables and accruals

 

 

 

Unaudited

As at

30 Jun 2019

 

Unaudited

As at

30 Jun 2018

 

Audited

As at

31 Dec 2018

 

 

$'000

 

$'000

 

$'000

 

 

 

 

 

 

 

Accounts payable

 

5,447

 

4,888

 

9,248

Accrued expenses

 

15,054

 

7,360

 

12,144

Other taxes and social security

 

262

 

228

 

327

Deferred consideration

 

5,838

 

-

 

7,581

Deferred revenue

 

6,852

 

13,766

 

9,992

Customer payments on account

 

18,393

 

11,935

 

19,693

Accrued interest

 

245

 

183

 

230

Other liabilities

 

395

 

284

 

504

 

 

 

 

 

 

 

 

 

52,486

 

38,644

 

59,719

 

 

 

On 2 August 2018 CentralNic Group completed the acquisition of the entire share capital of KeyDrive S.A. for an initial consideration of US$35.8m plus a performance based deferred consideration of US$10.5m (discounted at US$6.5m). It was agreed that if certain financial performance tests were met, CentralNic would pay inter.services a performance-based earn-out of up to US$10.5m, a minimum of 15% of which shall be settled in cash and up to 85% of which may be settled by the issue of additional consideration shares. As at 31 December 2018, the deferred consideration of US$10.5m was discounted to US$6.5m. The KeyDrive acquisition delivered a strong performance exceeding the first stage of its earn-out targets. As a result of this, the Company settled additional consideration in cash of $1,025k and in shares of $5,809k on 14 June 2019. The second stage of its earn-out is dependent on KeyDrive's 2019 financial performance, and payable in 2020. Due to the continual strong performance of the KeyDrive, in 2019, there was an upward reappraisal of the deferred consideration amounts for KeyDrive. These costs were recorded in the finance cost in the Consolidated Statement of Comprehensive Income as described in note 9. The deferred consideration and the finance costs also reflected the unwinding of the discount factor resulting from the passage of time.

17. Financial instruments

The CentralNic Group is exposed to market risk, credit risk and liquidity risk arising from financial instruments. The CentralNic Group's overall financial risk management policy focusses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the CentralNic Group's financial performance. The Group does not trade in financial instruments.

The principal financial instruments used by the CentralNic Group, from which financial instrument risk arises, are as follows:

 

 

Unaudited

As at

30 Jun 2019

 

Unaudited

As at

30 Jun 2018

 

 

Audited

As at

31 Dec 2018

 

 

 

$'000

 

$'000

 

$'000

 

Financial assets

 

 

 

 

 

 

 

Loan and receivables

 

 

 

 

 

 

 

Trade and other receivables

 

23,292

 

12,472

 

18,954

 

Cash and cash equivalents

 

17,885

 

10,362

 

23,090

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

41,177

 

22,834

 

42,044

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities measure at amortised costs

 

 

 

 

 

 

 

Trade and other payables

 

25,351

 

12,941

 

22,378

 

Loan and borrowings (short and long term)

 

23,838

 

21,634

 

25,205

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

49,189

 

34,575

 

47,583

 

 

 

 

 

 

 

 

                 

 

18. Share capital

 

 

Number

 

Share Capital

 

Share Premium

 

Merger Relief

 

 

 

 

$'000

 

$'000

 

$'000

 

 

 

 

 

 

 

 

 

At 1 January 2018

 

95,894,348

 

119

 

20,369

 

2,314

Options exercised on 1 February 2018

 

598,000

 

1

 

255

 

-

At 30 June 2018

 

96,492,348

 

120

 

20,624

 

2,314

Shares issued in respect of KeyDrive acquisition

 

74,160,454

 

96

 

49,971

 

-

Transactions costs

 

-

 

-

 

(1,357)

 

 

At 31 December 2018

 

170,652,802

 

216

 

69,238

 

2,314

Foreign exchange movement

 

-

 

-

 

-

 

-

Proceeds from shares issued in connection with the employee share option schemes

 

100,000

 

1

 

44

 

-

Shares issued to settle the deferred consideration in respect of KeyDrive acquisition

 

7,384,978

 

10

 

5,553

 

 

At 30 June 2019

 

178,137,780

 

227

 

74,835

 

2,314

 

 

On 1 April 2019, share options of 100,000 exercised at 35p each, resulted in additional share premium of $44k being recognised in the period.

On 14 June 2019, 7,384,798 shares were issued to settle the deferred consideration in respect of the Keydrive acquisition.

 

19. Borrowings

      At 30 June 2019, the contractual maturities of the Group's non-derivative financial liabilities were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

Less than 6 months

Less than 6-12 months

Between 1 and 2 years

Between 2 and 5 years

Over 5 years

Total contractual cash flows

Carrying amount (assets)/liabilities

 

 

 

$ 000

$ 000

$ 000

$ 000

$ 000

$ 000

$ 000

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade and other payables and accruals

25,351

-

-

-

-

25,351

25,351

 

 

Borrowings (include prepaid costs)

23,838

-

-

-

-

23,838

23,838

 

 

Lease liabilities

271

290

720

2,279

1,101

4,661

4,661

 

 

Total non-derivatives

49,460

290

720

2,279

1,101

53,850

53,850

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As at 30 June 2019, the SVB term loan has been reflected in short term due to its repayment in July 2019 from the Bond proceeds. In July 2019, this will be replaced with the €50.0m bond proceeds under long term borrowings category.

 

At 31 December 2018, the contractual maturities of the Group's non-derivative financial liabilities were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less than 6 months

Less than 6-12 months

Between 1 and 2 years

Between 2 and 5 years

Over 5 years

Total contractual cash flows

Carrying amount (assets)/liabilities

 

 

 

$ 000

$ 000

$ 000

$ 000

$ 000

$ 000

$ 000

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade and other payables and accruals

22,378

-

-

 

-

22,378

22,378

 

 

Borrowings (include prepaid costs)

1,137

1,137

2,274

20,657

-

25,205

25,205

 

 

Lease liabilities

-

-

-

-

-

-

-

 

 

Total non-derivatives

23,515

1,137

2,274

20,657

-

47,583

47,583

 

 

                                     

 

20. Events occurring after the reporting period

The below transactions are completed since 30 June 2019. The financial effects of the transactions below have not been brought into account at 30 June 2019. The operating results together with the assets and liabilities of the companies will be brought into the Group financial statements from the respective dates of acquisition. 

Senior Secured bond

On 23 May 2019, CentralNic mandated Pareto Securities to arrange a series of fixed income investor meetings to potentially issue a senior secured non-convertible bond of approximately €50.0m which was successfully completed on 24 June 2019 for c.$56.8m. The bond has a maturity of 4 years and a coupon rate of three-month EURIBOR plus 7% per annum with a quarterly interest payment.

On 30 July 2019, CentralNic received the disbursement of the Bond issue amounting to €50.0m less associated costs of €1.125m. Following the disbursement, the proceeds were used to repay the existing SVP interest bearing loan for an amount of €25.2m and fund the following acquisitions:

-       The Sydney-based business, TPP Wholesale for a total cash consideration amount of $21.3m AUD (Headline consideration of $24.0m AUD);

-       The Hexonet group of companies for an amount of €7.9m, including a purchase price adjustment and;

-       The Ideegeo transaction amounting to €3.4m.

The senior secured bond has been listed on the Open Market of Frankfurt Stock Exchange and an application made to list the bond on the Oslo Stock Exchange.

Share Awards and exercise of Options

On 1 August 2019, CentralNic awarded ordinary shares of £0.001 each ("Ordinary Shares") under the CentralNic Group Plc Long Term Incentive Plan and Share Option Plan (the "LTIP" and "SOP" and together, the "Plans") to Group employees including persons discharging managerial responsibilities ("PDMRs").  These awards were granted to regularise the position in relation to Awards previously agreed in principle by the Remuneration Committee and the options granted were as follows;

Awards granted

 

PDMR

 

Type of Award

No of Ordinary Shares subject to award

 

Exercise price

Ben Crawford

LTIP Award

2,500,000

Nil

Don Baladasan

LTIP Award

2,000,000

Nil

Stuart Fuller

LTIP Award

500,000

47p

Michael Riedl

LTIP Award

145,833

Nil

Conditions attached to the Awards Granted:

1.     The LTIP awards granted to Ben Crawford and Don Baladasan are subject to stretching performance targets for the share price and only on achievement of these targets and them remaining in employment with CentralNic, the LTIP will vest three years from the acquisition of KeyDrive S.A, i.e 16 July 2021.

2.     The LTIP Award granted to Stuart Fuller will vest on 27 February 2020, three years from the date of his recruitment as Group Commercial Director and subject to his continued employment with CentralNic.

3.     The LTIP Award granted to Michael Riedl will vest three years from the date issue subject to his continued employment with CentralNic.

The awards granted to the remaining PDMRs in the table above and to certain other employees were granted as nil-cost options under the terms of the LTIP and/or the SOP (as relevant) over a total of 1,893,276 Ordinary Shares. The Awards under the LTIP and SOP vest subject to the continued employment of the Award holder.

 

Issue of Ordinary Shares

On 1 August 2019, CentralNic issued and allotted 3,655,698 Ordinary Shares to satisfy:

1.     The exercise by certain employees of share options previously granted by the Company ("Options"), including to the following PDMRs:

 

PDMR

No of Ordinary Shares acquired on exercise of options

Date of grant options

52,083

1 June 2013

384,615

1 August 2019

 

2.     The awards previously granted, will be held jointly by the participant and RBC Cees Trustee Limited (''RBC''), the trustee of CentralNic Employee Benefit Trust ("EBT").  These Ordinary shares have no voting and dividend rights whilst unvested and the table below summarises the issue:

 

PDMR

Granted date of original option

No of Ordinary Shares subject to options

Don Baladasan

1 August 2019

1,600,000

Tom Pridmore

14 October 2019

88,000

Tom Pridmore

5 February 2016

350,000

Iain McDonald

5 February 2016

350,000

Please note that the resulting Ordinary Shares have been purchased by the EBT at a price of £0.59 per Ordinary Share from the Option holders and an application has been made to the London Stock Exchange for the admission of the Ordinary Shares which are expected to be admitted to trading on 8 August 2019.

Further on 1 August 2019, CentralNic has agreed to allow Ben Crawford to retain the 850,000 options which were previously announced to be cancelled in partial recognition of his performance in leading the Company over the 12 months since the acquisition of KeyDrive S.A.

A total number of 11,869,412 Ordinary Shares are held under options granted to all employees and Directors of the CentralNic Group.

Acquisitions

TPP Wholesale

 

On 1 August 2019, the Group completed the acquisition of TPP Wholesale, a carve out of certain trade and assets from ARQ Group Limited (ASX: ARQ) (''ARQ''), a company listed on the Australian Securities Exchange.  TPP Wholesale is Australasia's leading domain name and hosting reseller platform business with around 14,000 reseller customers and 840,000 domains under management, including 19% of all.com.au registrations. The total cash consideration for the acquisition comprises an initial purchase price of $22m AUD less the Purchase Price Adjustment of $0.7m AUD which is an estimated Working Capital Adjustment restated at the completion date representing a total gross consideration/headline consideration of $24.0m AUD including taxes. The initial purchase price of TPP Wholesale amounting to $22m AUD represent 4.5 x EBITDA, less $0.7m AUD of adjustment. Given the nature of the acquisition, the transition period is expected to stipulate a 2 years transition in order to migrate the customer base giving rise to a number of one-off costs of approximately $1.8m AUD, of which $0.7m AUD are expected to be incurred in CentralNic's financial year ending 31 December 2019.

 

The table below summarises the cash consideration paid and the total acquisition costs of the trade and business assets:

 

Cash consideration

 

$'000

 

AUD$'000

Purchase price

 

15,156

 

22,000

Purchase price adjustment

 

(504)

 

(732)

Total Cash Consideration

 

14,651

 

21,268

 

 

 

 

 

Acquisition costs

 

$'000

 

AUD$'000

Total cash consideration

 

14,651

 

21,268

Stamp Duty @ 5.5%

 

806

 

1,170

Customer's deposits

 

254

 

369

Deferred Revenue

 

855

 

1,241

Employee Liabilities

 

23

 

33

Total Gross Consideration/Headline Consideration

 

16,589

 

24,081

 

 

 

 

 

Fair value recognised on acquisition

 

$'000

 

AUD$'000

Trademarks

 

1,070

 

1,553

Intellectual property

 

1,558

 

2,262

Customer relationship

 

6,425

 

9,327

Goodwill purchased

 

5,598

 

8,126

Total identifiable intangible assets at fair value

 

14,651

 

21,268

 

Hexonet

On 7 August 2019, CentralNic Group completed the acquisition of the entire issued share capital of Mediasiren Advertising Inc. and Hexonet GmbH for 5.0m and €5.9m respectively, a privately-owned Group of companies with operations in Canada and Germany. The companies sell domain name subscriptions directly and via more than a thousand resellers in over 110 countries, managing over 3.8 million domains on its proprietary software platforms.  The acquisition increases the number of domains under management on CentralNic's reseller platforms by c.28%. The total consideration comprises a $7.8m (€7m) cash payment plus a purchase price adjustment of $0.9m at the completion date and a deferred consideration payment €3.0m on the first anniversary of the completion, either payable in cash or CentralNic shares at prevailing market price, at the Company's discretion.

The following table summarises the consideration paid for the share capital of Mediasiren Advertising Inc. and Hexonet GmbH and the provisional fair value of the assets and liabilities at the acquisition date on a combined basis:

Consideration

 

$'000

 

'000

Initial Cash consideration

 

7,834

 

7,029

Purchase price adjustment

 

1,038

 

931

Deferred consideration (in cash or shares)

 

3,310

 

2,970

Total consideration

 

12,182

 

10,930

 

 

 

 

 

Fair value recognised on acquisition

 

$'000

 

'000

Assets

 

 

 

 

Intangible assets

 

40

 

36

Property, plant & equipment

 

80

 

72

Other investments

 

201

 

181

Trade receivables

 

762

 

683

Other receivables

 

1,322

 

1,186

Cash

 

1,196

 

1,073

 

 

3,601

 

3,231

Liabilities

 

 

 

 

Trade payables

 

343

 

308

Other payables and accruals

 

1,403

 

1,259

Corporation and deferred tax liabilities

 

44

 

40

 

 

1,790

 

1,607

 

 

 

 

 

Total identifiable estimated net assets at fair value

 

1,811

 

1,624

 

 

 

 

 

Initial estimated goodwill arising on acquisition+

 

10,371

 

9,306

 

 

 

 

 

Purchase consideration

 

12,182

 

10,930

 

Ideegeo

On 7 August 2019, the Company completed the acquisition of Ideegeo Group Limited, a privately-owned domain name retailer serving an international customer base from New Zealand for a total consideration of $5.2m NZD (c.$3.4m), of which $0.5m NZD (c.$0.3m) constitutes a deferred payment which will be held in an escrow account until May 2021.  The total consideration represents a multiple of 5.8 times trailing adjusted EBITDA. Ideegeo Group Limited, sells domain name subscriptions directly to small business customers, with a high level of recurring revenues and excellent customer retention.  Further, CentralNic strongly believes that there would be cross selling opportunities by providing Ideegeo's existing 80,000 customers with CentralNic's extended product offering such as hosting, SSL certificates and other additional subscription products and services.

The following table summarises the consideration paid for the share capital of Ideegeo and the provisional fair value of the assets and liabilities at the acquisition date in line with Group accounting policies.

Consideration

 

$'000

 

NZD$'000

 

Cash

 

3,090

 

4,680

 

Deferred consideration (in cash or shares)

 

343

 

520

 

Total consideration

 

3,433

 

5,200

 

 

 

 

 

 

 

Fair value recognised on acquisition

 

$'000

 

'000

 

 

 

 

 

 

 

Assets

 

 

 

 

 

Intangible assets

 

-

 

-

 

Property, plant & equipment

 

11

 

17

 

Other investments

 

33

 

50

 

Trade receivables

 

4

 

6

 

Other receivables

 

7

 

10

 

Cash

 

349

 

528

 

 

 

404

 

611

 

Liabilities

 

 

 

 

 

Trade payables

 

10

 

16

 

Other payables and accruals

 

11

 

17

 

Deferred revenue

 

-

 

-

 

Corporation and deferred tax liabilities

 

56

 

85

 

 

 

77

 

118

 

 

 

 

 

 

 

Total identifiable estimated net assets and liabilities at fair value

 

327

 

493

 

 

 

 

 

 

 

Initial estimated goodwill arising on acquisition+

 

3,106

 

4,707

 

 

 

 

 

 

 

Purchase consideration

 

3,433

 

5,200

 

 

 

 

 

 

 

 

 

                   

+ The Company will be reviewing further the fair value of assets and liabilities acquired and to determine the Purchase Price Allocation for the acquisition of Hexonet and Ideegeo.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
IR UASWRKVAKRAR

Quick facts: Centralnic Group PLC

Price: 43.5

Market: LSE
Market Cap: £79.08 m
Follow

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: CentralNic triples revenue to 50m and lifts ebitda to 5m

CentralNic Group (LON:CNIC) has reported a tripling of underlying revenue and earnings and said it's confident that full-year results will be at around the top end of current market forecasts. CEO Ben Crawford dropped by Proactive London studios to also explain that the pipeline of future deals...

on 2/9/19