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RNS Number : 2060O
Defenx plc
30 September 2019
 

 

 

30 September 2019

Defenx PLC

("Defenx" or the "Company" or the "Group")

Unaudited Interim Results for the six months ended 30 June 2019

 

 

Set out below are the interims results for Defenx for the six months ended 30 June 2019.

 

Chairman's Statement

 

Following our 2018 'reboot' year, there have been a number of positive developments at Defenx in 2019, which I detail below.

 

Sales

In April 2019, the Company entered into a software distribution agreement (the "Distribution Agreement") with BV Tech S.p.A. ("BV Tech"), the Company's majority shareholder.  Pursuant to the Distribution Agreement, BV Tech has paid the Company €1.0 million for the sole right to sell Defenx products into certain sectors in Italy and committed to purchase Defenx's products, with a minimum value of €1.2 million, to be received in a number of instalments during 2019 and 2020. 

 

The €1.0 million 'right-to-sell' under the Distribution Agreement has been recognised primarily in the first half of 2019, with a small percentage being carried forward to future years, in recognition of an element of future obligation to maintain the software.  

 

As a result, the Distribution Agreement has resulted in an upturn in revenues being recognised in the first half of 2019, though the Group still reported a small loss for the period.

 

The Board believes that investment in next generation products is also coming to fruition with products now available for sale to corporate and private users of computers and smartphones.  Marketing and sales to third parties are currently primarily being channelled through BV Tech, where several major contracts are being pursued, though these have not yet reached signature stage.  

 

The Board is also pleased to announce that it has identified a candidate to lead the sales operations for our Swiss subsidiary (covering sales to the core markets of Switzerland and Italy) and we look forward to keeping you updated in this regard.

 

Cash and going concern

As set out in the 2018 Accounts, the Group continues to be reliant on the financial support of BV Tech.  In addition to the €1.0 million received pursuant to the right-to-sell, of the eight quarterly minimum payments of €150k pursuant to the minimum purchase for 2019 and 2020, three have been paid on time and the Company has also received advance payment on a further three, leaving €300k of the of the €1.2 million still to be received.  

 

This demonstration of continuing financial support enables the Board to continue to view the Group as a going concern, whilst the Group seeks to builds its sales back to and beyond cash breakeven.

 

Other matters

The Swiss tax authorities have opened a tax investigation for 2016 in respect to our Swiss subsidiary.  It is possible that the outcome of this ongoing investigation will be a significant cash payment to the Swiss tax authorities for technical profits made in that year.  

 

As we have previously disclosed, the sales leading to those profits and local capital values subsequently proved to be illusory and were almost all written off. Swiss tax law does not enable the carry-back of losses in subsequent years, but nevertheless, the tax demand under negotiation is exceeded by the tax provisions made in past years and still held in the Accounts.

 

The Company also notes that the Swiss tax authorities have indicated that they will seek to review the subsidiary's 2017 and 2018 filings.

 

Resignation of Nominated Adviser

Strand Hanson has given the Company notice of its resignation as Nominated Adviser to the Company, such resignation to take effect at the close of business on 4 November 2019.

 

The Board is in talks with a number of potential replacement Nominated Advisers and will update the market in due course.

 

Pursuant to Rule 1 of the AIM Rules for Companies, in the event that the Company is unable to appoint a replacement Nominated Adviser on or before 4 November 2019, trading in the Company's ordinary shares on AIM will be suspended with effect from 5 November 2019.  Further, also pursuant to Rule 1 of the AIM Rules, should the Company subsequently be unable to appoint a replacement Nominated Adviser within one month of Strand Hanson ceasing to be the Company's Nominated Adviser, then the admission to trading of the Company's ordinary shares on AIM will be cancelled.

 

Board and senior management changes

Clive Eplett will be stepping down as the Group's interim CFO in October 2019 and will be undertaking an orderly handover to his successor, Paul Williams, who has been appointed as interim CFO in his stead.

Tony Reeves and Nic Hellyer are currently in discussions with the Board, with regard to resigning as directors of the Company, but wish to work with the Board to enact an orderly handover, both to any newly appointed Nominated Adviser and, potentially, to any new director(s) to be appointed to the Board. Further announcements will be made as required.

 

Outlook

The results for the first half of 2019 benefited from the one-off payment from BV Tech in respect of the 'right-to-sell' that will not recur.

 

Accordingly, sales in the second half of 2019 are unlikely to reach the level of the first half and a further operating loss is likely to arise for the full year.

 

Anthony Reeves

Executive Chairman

30 September 2019

 

Raffaele Boccardo, Deputy Chairman of Defenx, commented:

 "I and BV Tech remain fully supportive of Defenx and I believe that the Company has made significant progress in recent months, particularly with its next generation products.  I look forward to providing further updates as matters develop."

 

Enquiries

Defenx PLC

Anthony Reeves - Interim Executive Chairman

Clive Eplett - Interim Chief Financial Officer

020 3769 0687

Strand Hanson Limited (Nominated and Financial Advisor)

Stuart Faulkner / Richard Tulloch / James Bellman

020 7409 3494

WH Ireland (Joint-Broker)

Adrian Hadden / Jessica Cave

020 7220 1666

IFC Advisory (Financial PR and IR)

Tim Metcalfe / Graham Herring / Florence Chandler

020 3934 6630

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.

 

About Defenx

Founded in 2009, Defenx is a cyber-security software group that offers a range of Security, Backup and Protection solutions for smartphones, PCs and networks.

 

Website

www.defenx.com/company/investors

 

Unaudited Interim Condensed Consolidated Statement of Comprehensive Income

 

 

 

6 months ended

6 months ended

Year ended

 

 

30 June 2019

Unaudited

30 June 2018

Unaudited

31 December 2018

Audited

 

Note

€000

€000

€000

 

 

 

 

 

Revenue

 

1,501

701

1,420

 

 

 

 

 

Cost of sales

5

(597)

(670)

(1,988)

 

 

----------------------

----------------------

----------------------

Gross profit/(loss)

 

904

31

(568)

 

 

 

 

 

Other operating income

5

27

101

853

 

 

 

 

 

Sales & marketing expenses

5

-

(182)

(7)

Research, development & operations' expenses

5

(99)

(514)

(198)

Administrative expenses

5

(741)

(947)

(2,250)

Impairment of trade receivables

5

(24)

-

(1,349)

Operating expenses before transaction costs

 

(864)

(1,643)

(3,804)

 

 

 

 

 

Profit/(loss) from operations

 

67

(1,511)

(3,519)

 

 

 

 

 

Finance income

 

-

-

 

Finance expense

 

(143)

(138)

(278)

 

 

----------------------

----------------------

----------------------

Loss before tax

 

(76)

(1,649)

(3,797)

 

 

 

 

 

Income tax (charge)/credit

 

(35)

5

11

 

 

----------------------

----------------------

----------------------

Loss for the period

 

(111)

(1,644)

(3,786)

 

 

----------------------

----------------------

----------------------

 

 

 

 

 

Attributable to:

 

 

 

 

Equity holders of the parent

 

(144)

(1,598)

(3,730)

Non-controlling interests

 

33

(46)

(56)

 

 

----------------------

----------------------

----------------------

Total comprehensive loss for the period

(111)

(1,644)

(3,786)

 

 

===========

===========

===========

Loss per share

 

 

 

 

Basic

6

(€0.004)

(€0.069)

(€0.154)

Diluted

6

(€0.004)

(€0.067)

(€0.150)

 

 

 

 

 

 

 

Unaudited Interim Condensed Consolidated Statement of Financial Position

 

 

 

30 June 2019

Unaudited

30 June 2018

Unaudited

31 December 2018

Audited

 

Note

€000

€000

€000

Non-current assets

 

 

 

 

Property, plant and equipment

 

88

136

104

Intangible assets

7

3,662

4,320

3,513

Government grant

 

1,096

1,522

1,149

 

 

----------------------

----------------------

----------------------

 

 

4,846

5,978

4,766

 

 

----------------------

----------------------

----------------------

Current assets

 

 

 

 

Trade and other receivables

8

280

1,218

600

Government grant

 

496

168

483

Cash and short-term deposits

 

252

791

95

 

 

----------------------

----------------------

----------------------

 

 

1,028

2,177

1,178

 

 

----------------------

----------------------

----------------------

Total assets

 

5,874

8,155

5,944

 

 

===========

===========

===========

Current liabilities

 

 

 

 

Trade and other payables

 

(1,457)

(1,146)

(2,303)

Deferred revenue

 

(163)

(392)

(253)

Loans and borrowings

9

(145)

(379)

(396)

Income taxes payable

 

(66)

(389)

-

 

 

----------------------

----------------------

----------------------

 

 

(1,831)

(2,306)

(2,952)

 

 

----------------------

----------------------

----------------------

Non-current liabilities

 

 

 

 

Deferred revenue

 

(359)

(744)

-

Loans and borrowings

9

(1,403)

(1,423)

(1,392)

Deferred tax liabilities

 

(22)

(37)

(30)

 

 

----------------------

----------------------

----------------------

 

 

(1,784)

(2,204)

(1,422)

 

 

----------------------

----------------------

----------------------

Total liabilities

 

(3,615)

(4,510)

(4,374)

 

 

===========

===========

===========

Net assets

 

2,259

3,645

1,570

 

 

===========

===========

===========

Capital and reserves

 

 

 

 

Called up share capital

10

817

601

635

Share premium

10

13,064

12,329

12,446

Merger reserve

 

1,641

1,641

1,641

Convertible bond option reserve

 

164

164

164

Share based payment reserve

 

153

237

153

Retained earnings

 

(13,422)

(11,146)

(13,278)

 

 

----------------------

----------------------

----------------------

Attributable to equity holders of the parent

 

2,417

3,826

1,761

Non-controlling interests

 

(158)

(181)

(191)

 

 

----------------------

----------------------

----------------------

Total equity

 

2,259

3,645

1,570

 

 

===========

===========

===========

Unaudited Interim Condensed Consolidated Statement of Changes in Equity
 

 

 

Share capital

Share premium account

Merger reserve


Shares to be issued reserve

Convertible bond
option reserve

Share based payment reserve

Retained earnings

Total

Non-controlling interests

Total

 

€000

€000

€000

€000

€000

€000

€000

€000

€000

€000

 

 

 

 

 

 

 

 

 

 

 

As at 1 January 2019

635

12,446

1,641

-

164

153

(13,278)

1,761

(191)

1,570

Loss for the period

-

-

-

-

-

 

(144)

(144)

33

(111)

Shares issued

182

618

-

-

-

-

 

800

-

800

Share based payments

-

-

-

-

-

-

-

-

-

-

 

--------------------

--------------------

--------------------

--------------------

--------------------

--------------------

--------------------

--------------------

--------------------

--------------------

As at 30 June 2019

817

13,064

1,641

-

164

153

(13,422)

2,417

(158)

2,259

(unaudited)

==========

==========

==========

==========

==========

==========

==========

==========

==========

==========

 

 

 

 

 

 

 

 

 

 

 

As at 1 January 2018

287

11,370

1,641

37

164

210

(9,548)

4,161

(135)

4,026

Loss for the period

-

-

-

-

-

-

(1,598)

(1,598)

(46)

(1,644)

Shares issued

314

959

-

(37)

-

-

-

1,236

-

1,236

Share based payments

-

-

-

-

-

27

-

27

-

27

 

--------------------

--------------------

--------------------

--------------------

--------------------

--------------------

--------------------

--------------------

--------------------

-------------------

As at 30 June 2018

601

12,329

1,614

-

164

237

(11,146)

3,826

(181)

3,645

(unaudited)

==========

==========

==========

==========

==========

==========

==========

==========

==========

==========

 

 

 

 

 

 

 

 

 

 

 

As at 1 January 2018

287

11,370

1,641

37

164

210

(9,548)

4,161

(135)

4,026

Loss for the year

-

-

-

-

-

-

(3,730)

(3,730)

(56)

(3,786)

Shares issued

348

1,076

-

-

-

-

-

1,424

-

1,424

Shares to be issued

-

-

-

(37)

-

-

-

(37)

-

(37)

Share based payments

-

-

-

-

-

(57)

-

(57)

-

(57)

 

--------------------

--------------------

--------------------

--------------------

--------------------

--------------------

--------------------

--------------------

--------------------

-------------------

As at 31 December2018

635

12,446

1,641

-

164

153

(13,278)

1,761

(191)

1,570

(audited)

==========

==========

==========

==========

==========

==========

==========

==========

==========

==========

 

 

Unaudited Interim Condensed Consolidated Cash Flow Statement

 

 

6 months ended 30 June 2019

Unaudited

6 months ended 30 June 2018

Unaudited

Year ended

31 December 2018

Audited

 

€000

€000

€000

Cash flows from operating activities

 

 

 

Loss for the period after taxation

(111)

(1,644)

(3,786)

Income tax (credit)/expense

35

(5)

(11)

 

----------------------

----------------------

----------------------

Loss before tax

(76)

(1,649)

(3,797)

 

 

 

 

Net interest expense

143

138

278

Depreciation of property, plant and equipment

16

-

43

Amortisation of intangible assets

521

590

1,881

Impairment of trade receivables

24

-

1,349

Share based payments expense/(credit)

-

27

(94)

 

----------------------

----------------------

----------------------

Operating cash flows before movements in working capital

628

(894)

(340)

 

----------------------

----------------------

----------------------

Decrease)/(increase) in trade receivables

296

284

(706)

Increase/(decrease) in trade and other payables

(780)

75

1,452

(Decrease)/increase in deferred revenue

269

(457)

(1,255)

 

----------------------

----------------------

----------------------

 

(215)

(98)

(509)

 

----------------------

----------------------

----------------------

Interest paid

(71)

(84)

(278)

Tax paid

(3)

(6)

(243)

 

----------------------

----------------------

----------------------

Net cash flow from operating activities

339

(1,082)

(1,370)

 

----------------------

----------------------

----------------------

Investing activities

 

 

 

Purchase of property, plant and equipment

-

(1)

(12)

Development costs - internally developed

(670)

(6)

(490)

 

----------------------

----------------------

----------------------

Net cash used in investing activities

(670)

(7)

(502)

 

----------------------

----------------------

----------------------

Financing activities

 

 

 

Net proceeds from issue of share capital

800

1,377

1,424

Proceeds from borrowings

-

-

72

Repayment of borrowings

(312)

(426)

(458)

 

----------------------

----------------------

----------------------

Net cash from financing activities

488

951

1,038

 

----------------------

----------------------

----------------------

Net increase/(decrease) in cash and cash equivalents

157

(138)

(834)

Cash and cash equivalents at beginning of period

95

929

929

 

----------------------

----------------------

----------------------

Cash and net cash equivalents at end of period

252

791

95

 

===========

===========

===========

             

 

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

1.      General information

Defenx PLC is a public limited company incorporated in England and Wales, registration number 08993398, which is quoted on AIM.  Its principal activity is the design and sale of software solutions for the mobile, PC and network that provide privacy and security for an online world.  Management and control is exercised from the UK and its main countries of operation are Italy and Switzerland.

2.      Basis of preparation

The unaudited interim condensed consolidated financial statements for the six months ended 30 June 2019 have been prepared in accordance with IAS 34 Interim Financial Reporting and do not constitute statutory financial statements.  They do not include all the information and disclosures required for a complete set of IFRS financial statements, and should be read in conjunction with the Group's annual financial statements as at 31 December 2018.  However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last financial statements.

These unaudited interim financial statements were authorised for issue by Defenx's Board on 30 September 2019.

3.      Going Concern

As set out in the 2018 Accounts, the Group continues to be reliant on the financial support of BV Tech.  In addition to the €1.0 million received pursuant to the right-to-sell, of the eight quarterly minimum payments of €150k pursuant to the minimum purchase for 2019 and 2020, three have been paid on time and the Company has also received advance payment on a further three, leaving €300k of the of the €1.2 million still to be received.

This demonstration of continuing financial support enables the Board to continue to view the Group as a going concern, whilst the Group seeks to builds its sales back to and beyond cash breakeven.

 

4.      Accounting policies

There have been no changes to the accounting policies and methods of computation in these financial statements compared with those of the previous full year.

IFRS 16, Lease accounting, has been adopted in these accounts. No material impact arises when contrasted to the previous basis of accounting for leases.

The two sales agreements signed with BV Tech in April 2019, and that comprise the majority of revenue for the period, provide products on the same operating model is sales to third parties. Accordingly, the same revenue recognition policy has been applied to those sales.

 

 

 

 

5.      Loss from operations

 

6 months ended
30 June 2019
Unaudited

6 months ended
30 June 2018
Unaudited

Year ended
31 December 2018
Audited

 

The operating loss is stated after charging:

€000

€000

€000

 

 

 

 

 

 

Cost of sales

 

 

 

 

Amortisation of intangible assets

521

590

1,881

 

 

===========

===========

===========

 

 

 

 

 

 

Other operating income

 

 

 

 

Research & development tax credit income

(40)

(101)

(838)

 

 

 

 

 

 

Sales, marketing and administrative expenses

 

 

 

 

Impairment of trade receivables

24

-

1,349

 

Depreciation of property, plant and equipment

16

-

43

 

Staff costs

342

679

677

 

Share based payment expense

-

27

(57)

 

Lease payments - land and buildings

26

49

103

 

Lease payments - plant and machinery

6

-

10

 

AIM-related expenses

102

100

289

 

 

===========

===========

===========

 

 

 

 

 

 

 

6.      Loss per share (EPS)

Basic EPS amounts are calculated by dividing the profit for the period attributable to ordinary equity holders of Defenx by the weighted average number of ordinary shares outstanding during the period.

Diluted EPS amounts are calculated by dividing the profit attributable to ordinary equity holders of Defenx by the weighted average number of ordinary shares outstanding during the period plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive deferred shares, the exercise of options and crystallisation of the contingent share consideration.

The following reflects the income and share data used in the basic and diluted EPS computations:

 

6 months ended
30 June 2019
Unaudited

6 months ended
30 June 2018
Unaudited

Year ended
31 December 2018
Audited

 

€000

€000

€000

Loss attributable to ordinary equity holders of Defenx PLC for basic and adjusted EPS


(144)

 

(1,598)

 

(3,730)

 

===========

===========

===========

 

 

 

 

Weighted average number of Ordinary Shares for basic EPS (thousand)

36,956

22,905

23,812

Effect of:

 

 

 

- dilution from convertible bond

625

625

625

 

----------------------

----------------------

----------------------

Weighted average number of Ordinary Shares for

37,581

23,530

24,437

diluted EPS (thousands)

===========

===========

===========

 

 

 

7.      Intangible Assets

 

Goodwill

Development costs

Customer relationships

Total

 

€000

€000

€000

€000

Cost

 

 

 

 

At 1 January 2019

1,139

13,125

354

14,618

Additions - internally developed

-

670

-

670

Additions - purchased

-

 

-

-

 

----------------------

----------------------

----------------------

----------------------

At 30 June 2019

1,139

13,795

354

15,288

 

===========

===========

===========

===========

Accumulated amortisation

 

 

 

 

At 1 January 2019

1,139

9,612

354

11,105

Amortisation charge

-

521

-

521

 

---------------------

----------------------

----------------------

----------------------

At 30 June 2019 (unaudited)

1,139

10,133

354

11,626

 

===========

===========

===========

===========

Net book value

 

 

 

 

At 30 June 2019 (unaudited)

-

3,662

-

3,662

 

===========

===========

===========

===========

At 30 June 2018 (unaudited)

-

4,320

-

4,320

 

===========

===========

===========

===========

At 31 December 2018 (audited)

-

3,513

-

3,513

 

===========

===========

===========

===========

The intangible assets booked represent qualifying expenditure on the development of software for resale less accumulated amortisation and impairment costs.  The carrying value of these intangible assets is tested for impairment on a half yearly basis, or when there are indications that the value of the assets might be impaired.

The Directors have assessed development projects' individual net present value against forecasts of future sales of the related products, unit sales prices and costs over a five-year period.  No sales beyond five years have been included in the calculations.  The impairment tests are sensitive to changes in these forecasts and changes could result in impairment; however, the varying bases indicate a net present value in excess of the carrying value of the intangible assets at the balance sheet date.

 

 

8.      Trade and other receivables

 

6 months ended
30 June 2019
Unaudited

6 months ended
30 June 2018
Unaudited

Year ended
31 December 2018
Audited

 

€000

€000

€000

Gross trade receivables

4,700

4,682

5,013

Offset deferred revenue

-

(454)

(194)

Provision for impairment

(4,590)

(3,217)

(4,566)

 

----------------------

----------------------

----------------------

Net trade receivables

110

1,011

253

Other receivables

170

207

347

 

----------------------

----------------------

----------------------

Total receivables

280

1,218

600

 

===========

===========

===========

Provisions for impairment

 

 

 

Opening balance

(4,566)

(3,217)

(3,217)

Net increase during the period

(24)

-

(1,349)

 

----------------------

----------------------

----------------------

Closing balance

(4,590)

(3,217)

(4,566)

 

===========

===========

===========

 

 

 

 

 

9.      Loans and borrowing

The book and fair value of interest bearing loans and borrowings was:

 

Ultimate
maturity

 

6 months ended
30 June 2019
Unaudited

6 months ended
30 June 2018
Unaudited

Year ended
31 December 2018
Audited

 

 

€000

€000

€000

Current

 

 

 

 

Overdrafts

On demand

-

-

-

 

On demand

-

-

-

Invoice discounting facility

Up to 120 days

-

-

149

Supply chain facility

Up to 90 days

-

-

-

Bank loans - unsecured

30/06/2019

-

203

102

Bank loans - unsecured

22/11/2021

130

123

130

Vendor loans from business combinations

31/07/2018

15

53

15

 

 

----------------------

----------------------

----------------------

 

 

145

379

396

 

 

----------------------

----------------------

----------------------

 

 

Non-current

 

 

 

 

Bank loans - unsecured

30/06/2019

-

-

-

Bank loans - unsecured

22/11/2021

177

306

238

Vendor loans from business combinations

31/07/2018

-

-

-

Convertible bonds

31/08/2020

1,226

1,117

1,154

 

 

----------------------

----------------------

----------------------

 

 

1,403

1,423

1,392

 

 

----------------------

----------------------

----------------------

Total loans and borrowing

 

1,548

1,802

1,788

 

 

===========

===========

===========

 

 

 

 

 

Overdrafts and other short term facilities, excluding the supply chain facility, attract variable interest at between 3% and 6% per annum.  The supply chain facility, denominated in Sterling, attracts a fixed rate of interest of 1.65% per month.  The bank and vendor loans, both denominated in Euros, attract interest at 3% over 3-month EURIBOR and at 8% fixed per annum respectively.

The average effective interest rate for the period ended 30 June 2018 was 8.3% (30 June 2018: 7.5%).

At 30 June 2019, the Group had available €70,000 (30 June 2018: €270,000) of undrawn committed borrowing facilities.

 

10.    Share capital

 

Number of shares

Share capital

Share premium

 

thousands

€000

€000

As at 1 January 2019

29,810

635

12,446

Issue of new ordinary shares - BV-Tech SpA

8,899

182

618

 

------------------------

------------------------

------------------------

As at 30 June 2019 (unaudited)

38,709

817

13,064

 

 

 

 

As at 1 January 2018

12,952

287

11,370

Issue of new ordinary shares - BV-Tech SpA

11,777

244

840

Issue of new ordinary shares - Open offer

3,186

66

227

Issue of new ordinary shares - MBooster

243

4

51

Equity issue costs

-

-

(159)

 

------------------------

------------------------

------------------------

As at 30 June 2018 (unaudited)

28,158

601

12,329

 

============

===========

===========

 

 

 

 

The ordinary shares of £0.018 carry the right to one vote per share at general meetings of the Company and the rights to share in any distribution of profits or returns of capital and to share in any residual assets available for distribution in the event of a winding up.  The shares are denominated in Sterling.

11.    Availability of the interims

The Interim Report will shortly be available on the Company's website at www.investors.defenx.com.

 

 


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
 
 
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Quick facts: Defenx PLC

Price: 0.75

Market: AIM
Market Cap: £211.19 k
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