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INFRASORS HOLDINGS LIMITED - Reviewed condensed consolidated interim financial results for the six months ended 31 August 2013

Release Date: 30/10/2013 17:10
Code(s): IRA     PDF:  
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Reviewed condensed consolidated interim financial results for the six months ended 31 August 2013

INFRASORS HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration number: 2007/002405/06
Share code: IRA ISIN: ZAE 000101507
("Infrasors", "the Company" or "the Group")

REVIEWED CONDENSED CONSOLIDATED INTERIM FINANCIAL RESULTS
FOR THE SIX MONTHS ENDED 31 AUGUST 2013

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
                                                                                Restated           Restated           Restated
                                                               Reviewed        unaudited            audited            audited
R000's                                                   6 months ended   6 months ended    12 months ended    12 months ended
                                                  Note   31 August 2013   31 August 2012   28 February 2013   29 February 2012

Revenue                                                         164 540          144 232            282 605            272 744
Cost of sales                                                 (111 704)        (112 228)          (221 433)          (191 411)
Gross profit                                                     52 836           32 004             61 172             81 333
Other income                                                        237              296                530                882

Administration and other operating
expenses                                                       (25 668)         (17 272)           (52 060)           (34 663)
Depreciation and amortisation                                  (17 490)         (11 611)           (37 608)           (20 975)
Contribution/(loss) from operations                               9 915            3 417           (27 966)             26 577
Fair value adjustment on financial asset                              -                -           (43 365)                  -
Other fair value adjustments and                     3                                            (242 752)             10 015
impairments                                                     (5 275)                -
Operating profit before interest                                  4 640            3 417          (314 083)             36 592
Investment revenue                                                  339            1 974              6 869              5 635
Finance costs                                                   (6 695)          (4 903)           (13 470)           (12 549)
(Loss)/profit before tax                                        (1 716)              488          (320 684)             29 678
Taxation                                             4            2 254            (166)             15 076            (5 208)
Profit/(loss) for the period                                        538              322          (305 608)             24 470
Total comprehensive income/(loss) for the period                    538              322          (305 608)             24 470
Analysis of profit/(loss) and total comprehensive
income/(loss) for the period
Attributable to the equity holders of Infrasors                     122              111          (305 058)             24 680
Attributable to non-controlling interest                            416              211              (550)              (210)
                                                                    538              322          (305 608)             24 470
Earnings/(loss) per share (cents) 
Basic and diluted                                    1              0.1              0.1            (166.1)               13.4

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
                                                                          Restated           Restated        Restated   
                                                  Reviewed as at   unaudited as at      audited as at   audited as at   
R000's                                     Note   31 August 2013    31 August 2012   28 February 2013    1 March 2012
   
Non-current assets                                       250 415           608 789            281 996         596 475   
Property, plant and equipment                 5          220 741           336 544            242 381         327 071   
Investment property                                        3 040            98 333              3 040          98 089   
Mineral rights                                             2 672            92 464              2 690          92 464   
Goodwill                                                       -               129                  -             129   
Held to maturity investment                   7                -            49 596             11 676          49 596   
Other financial assets                        6           23 756            19 676             21 653          16 569   
Deferred tax assets                                          206            12 047                556          12 557   
Current assets                                            83 269            74 821             76 196          83 096   
Inventories                                               15 560            22 099             16 859          19 962   
Trade and other receivables                               48 633            43 779             38 593          46 068   
Cash and cash equivalents                                 19 076             8 943             20 744          17 066   
Total assets                                             333 684           683 610            358 192         679 571   
Capital and reserves                                                                                                    
Total equity                                             129 487           452 706            140 626         452 384   
Share capital                                                927               927                927             927   
Share premium                                            256 959           256 959            256 959         256 959   
Treasury shares                               7         (13 942)           (2 266)            (2 266)         (2 266)   
Net issued capital                                       243 944           255 620            255 620         255 620   
Revaluation reserve                                            -             6 150                  -           6 150   
Retained (loss)/earnings                      8        (116 237)           188 811          (116 358)         188 700   
Attributable to equity holders of parent                 127 707           450 581            139 262         450 470   
Non-controlling interest                                   1 780             2 125              1 364           1 914   
Non-current liabilities                                  127 331           165 950            147 739         169 361   
Borrowings                                                68 229            77 216             81 903          80 623   
Environmental rehabilitation                              25 009            23 178             26 747          23 178   
provision                                                                                                               
Deferred tax liabilities                                  34 093            65 556             39 089          65 560   
Current liabilities                                       76 866            64 954             69 827          57 826   
Borrowings                                                13 104            21 288             18 812          22 115   
Loans from holding company                                 6 433                 -                  -               -   
Trade and other payables                                  36 466            43 610             40 693          35 452   
Bank overdraft                                            19 275                 -              9 588               -   
Current tax liabilities                                    1 588                56                734             259   
Total Liabilities                                        204 197           230 904            217 566         227 187   
Total equity and liabilities                             333 684           683 610            358 192         679 571   
Net asset value per share (cents)                           80.1             245.3               75.8           245.2   

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

                                               Reviewed  Restated unaudited    Restated audited    Restated audited
R000's                                   6 months ended      6 months ended     12 months ended     12 months ended
                                         31 August 2013      31 August 2012    28 February 2013    29 February 2012

Cash inflow from operating activities             5 524              19 583              20 229              31 208
Cash outflow from investing activities          (3 930)            (23 346)            (16 001)            (38 455)
Cash outflow from financing activities         (12 949)             (4 360)            (10 138)               7 269
Net decrease in cash and cash
equivalents                                    (11 355)             (8 123)             (5 910)                  22
Cash and cash equivalents at the
beginning of the period                          11 156              17 066              17 066              17 044
Cash and cash equivalents at the
end of the period                                 (199)               8 943              11 156              17 066

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
                                                                 Restated           Restated          Restated   
                                                Reviewed        unaudited            audited           audited   
                                          6 months ended   6 months ended    12 months ended   12 months ended   
R000's                                    31 August 2013   31 August 2012   28 February 2013      1 March 2012 
  
Share capital                                        927              927                927               927   
Share premium                                    256 959          256 959            256 959           256 959   
Treasury shares                                 (13 942)          (2 266)            (2 266)           (2 266)   
Opening balance                                  (2 266)          (2 266)            (2 266)           (2 266)   
Retrieval of shares from Infrasors              (11 676)                -                  -                 -   
Empowerment Trust (refer note 7)                                                                                                
Revaluation reserve                                    -            6 150                  -             6 150   
Opening balance                                        -            6 150              6 150             6 150   
Change in deferred tax rate                            -                -              (340)                 -   
Loss on revaluation of land                            -                -            (7 151)                 -   
Deferred tax on loss on revaluation of                 -                -              1 341                 -   
land                                                                                                             
Retained (loss)/income                         (116 237)          188 811          (116 358)           188 700   
Original balance                               (103 566)          198 603            198 603           171 049   
Restatement                                     (12 793)          (9 903)            (9 903)           (7 029)   
Restated opening balance                       (116 359)          188 700            188 700           164 020   
Restated profit for the period in total                -              111          (305 058)            24 680   
comprehensive income                                                                                             
Profit for the period in total                       122                -                  -                 -   
comprehensive income                                                                                             
Non-controlling interest                           1 780            2 125              1 364             1 914   
Opening balance                                    1 364            1 914              1 914                 -   
Non-controlling interest arising from                  -                -                  -             2 124   
business combination                                                                                             
Profit for the period in total                       416              211              (550)             (210)   
comprehensive income                                                                                             
Balance at end of the period                     129 487          452 706            140 626           452 384   

CONDENSED SEGMENT RESULTS
                                                                 Dolomite and                           
                                                        Silica      limestone       Other       Total   
R000's                                                                                                  
Reviewed six months ended 31 August 2013                                                                
Turnover from external customers                        46 611        117 929           -     164 540   
Inter-segment revenues                                       -              -      15 118      15 118   
Impairments and fair value adjustments                 (5 275)              -           -     (5 275)   
Depreciation and amortisation                          (6 605)        (9 282)     (1 603)    (17 490)   
Interest revenue                                             -            108         231         339   
Interest expense                                         (729)          (356)     (5 610)     (6 695)   
Contribution/(loss) from operations                      2 152         12 456     (4 693)       9 915   
Profit/((loss) before tax                              (3 852)         12 208    (10 072)     (1 716)   
Assets                                                  85 657        235 021      13 006     333 684   
Liabilities                                             30 591         97 725      75 881     204 197   
Restated unaudited six months ended 31 August 2012                                                      
Turnover from external customers                        46 230         98 002           -     144 232   
Inter-segment revenues                                       -              -       9 000       9 000   
Impairments and fair value adjustments                       -              -           -           -   
Depreciation and amortisation                          (4 650)        (6 618)       (343)    (11 611)   
Interest revenue                                           114            609       1 251       1 974   
Interest expense                                         (571)          (475)     (3 857)     (4 903)   
Contribution/(loss) from operations                      3 215          4 669     (4 467)       3 417   
Profit/(loss) before tax                                 2 758          4 803     (7 073)         488   
Assets                                                 169 143        249 605     264 862     683 610   
Liabilities                                             67 747         91 156      72 001     230 904   
Restated audited 12 months ended 28 February 2013                                                       
Turnover from external customers                        89 806        191 440       1 359     282 605   
Inter-segment revenues                                       -              -      22 425      22 425   
Impairments and fair value                           (150 990)        (3 576)   (131 551)   (286 117)   
adjustments                                                                                             
Depreciation and amortisation                         (16 450)       (20 710)       (447)    (37 607)   
Interest revenue                                             1            197       6 671       6 869   
Interest expense                                       (2 528)        (3 478)     (7 464)    (13 470)   
Contribution/(loss) from operations                   (11 556)          9 978    (26 388)    (27 966)   
Profit/(loss) before tax                             (141 085)          4 054   (183 653)   (320 684)   
Assets                                                  92 028        237 909      28 255     358 192   
Liabilities                                           (50 028)       (88 865)    (78 673)   (217 566)   

                                                               Dolomite and                          
                                                      Silica      limestone      Other       Total   
R000's                                                                                               
Restated audited 12 months ended 29 February 2012                                                    
Turnover from external customers                      85 661        185 205      1 878     272 744   
Inter-segment revenues                                     -              -     16 845      16 845   
Impairments and fair value                                 -              -     10 015      10 015   
adjustments                                                                                          
Depreciation and amortisation                        (8 406)       (11 692)      (877)    (20 975)   
Interest revenue                                           1            497      5 137       5 635   
Interest expense                                       (945)          (699)   (10 905)    (12 549)   
Contribution/(loss) from operations                   13 100         23 923   (10 446)      26 577   
Profit/(loss) before tax                              12 155         23 720    (6 197)      29 678   
Assets                                               108 855        249 248    321 468     679 571   
Liabilities                                         (46 905)       (84 814)   (95 468)   (227 187)   

NOTES TO THE REVIEWED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1. Earnings per share ("EPS") reconciliation  Basic and diluted

                                                              Restated                                 Restated   
                                             Reviewed        unaudited   Restated    audited            audited   
                                       6 months ended   6 months ended       12 months ended    12 months ended   
R000's                                 31 August 2013   31 August 2012      28 February 2013   28 February 2012 
  
Restated net profit/(loss)                        122              111             (305 058)             24 680   
Total shares in issue 000's                   185 521          185 521               185 521            185 521   
Treasury shares 000's                          26 137            1 812                 1 812              1 812   
Net shares in issue 000's                     159 384          183 709               183 709            183 709   
Weighted average number of shares in                                                                              
issue 000's                                   159 384          183 709               183 709            183 709   
Earnings/(loss) per share Cents                   0.1              0.1               (166.1)               13.4   

2. Headline earnings per share ("HEPS") reconciliation  Basic and diluted

                                                                      Restated           Restated           Restated   
                                                     Reviewed        unaudited            audited            audited   
                                               6 months ended   6 months ended    12 months ended    12 months ended   
R000's                                         31 August 2013   31 August 2012   28 February 2013   29 February 2012 
  
Net profit/(loss)                                         122              111          (305 058)             24 680   
Loss/(profit) on disposal of PPE                          721            (204)              2 987              (122)   
Fair value adjustments and impairments -                                                                               
Fair value adjustment on investment property                -                -             88 109           (10 015)   
Impairments of PPE                                      5 275                -             65 545                  -   
Impairments of mineral rights                               -                -             88 969                  -   
Impairments of goodwill                                     -                -                129                  -   
Total fair value adjustments and impairments            5 275                -            242 752           (10 015)   
Tax effect on headline adjustments                    (1 679)               57           (58 526)              1 436   
Headline earnings/(loss)                                4 439             (36)          (117 845)             15 979   
Weighted average number of shares in                                                                                   
issue 000's                                           159 384          183 709            183 709            183 709   
Headline earnings/(loss) per share Cents                  2.8                -             (64.2)                8.7   

                                                       Reviewed         Restated   Restated audited   Restated audited   
                                                 6 months ended      unaudited 6    12 months ended    12 months ended   
                                                 31 August 2013     months ended   28 February 2013   29 February 2012   
                                                         R000's   31 August 2012             R000's             R000's   
                                                                          R000's                                         
3. Other fair value adjustments and                                                                                      
impairments                                                                                                              
Fair value adjustment of investment property                  -                -           (88 109)             10 015   
Impairments of property, plant and equipment            (5 275)                -           (65 545)                  -   
Impairments of mineral rights                                 -                -           (88 969)                  -   
Impairments of goodwill                                       -                -              (129)                  -   
                                                        (5 275)                -          (242 752)             10 015  
Impairments of property, plant and equipment 
during the period relate to the 
Delf Sand Proprietary Limited plant and equipment 
impaired as the business is the nearing the end of 
its economic life 
4. Taxation                                               2 254            (166)             15 076            (5 208)   
Taxation reduction for the six months                                                                                    
ended 31 August 2013 due to deferred tax on the 
assessed loss of Delf Sand Proprietary Limited                                                                                    
5. Capital commitments                                                                                                   
Approved capital expenditure for the full year            6 000           19 169             19 169             16 455   
to be funded from surplus cash and bank                                                                                  
financing                                                                                                                
                                                    Reviewed   Restated unaudited   Restated audited   Restated audited   
                                              6 months ended       6 months ended    12 months ended    12 months ended   
                                              31 August 2013       31 August 2012   28 February 2013   29 February 2012   
                                                      R000's               R000's             R000's             R000's   
6. Other financial assets                                                                                                 
Opening balance                                       21 653               16 569             16 569             11 433   
Investment in environmental insurance                    551                1 703              2 277              2 798   
policies                                                                                                                  
Investment in guaranteed endowment policies            1 552                1 404              2 807              2 338   
Closing balance                                       23 756               19 676             21 653             16 569   
7. Movement in number of treasury shares                                                                                  
                                                      Shares               Shares             Shares             Shares   
Opening balance                                    1 811 927            1 811 927          1 811 927          1 811 927   
Retrieval of shares from Infrasors                                                                                        
Empowerment Trust                                 24 325 348                    -                  -                  -   
Closing balance                                   26 137 275            1 811 927          1 811 927          1 811 927   

24 325 348 Infrasors shares held as security on the held to maturity loan receivable from the Infrasors Empowerment Trust
amounting to R11.7 million was retrieved as the trust is unable to repay the debt.

8. Restatement of comparative periods

The following standards, amendments to published standards and interpretations which became effective for the period
commencing on 1 March 2013 were adopted by the Group:

IFRIC 20  Stripping costs in the production phase of a surface mine (effective date: 1 January 2013)

The transitional provisions of IFRIC 20 requires an entity to apply this IFRIC to production stripping costs incurred on or after the
beginning of the earliest period presented. The Group has adopted the IFRIC for the current accounting period, which commenced
on 1 March 2013. The IFRIC is therefore applied to production stripping costs incurred on or after 1 March 2012.

A summary of the impact on the comparitive and previous years results is set out below:

                                                                           6 months                                    12 months                                12 months
                                                                        31 August 2012                             28 February 2013                         29 February 2012
                                                           As                                          As                                     As
                                                   previously      Restatement         As      previously    Restatement         As   previously      Restatement            As
R000's                                               reported     for IFRIC 20   restated        reported   for IFRIC 20   restated     reported     for IFRIC 20      restated
Balance sheet impact
Change in assets
Property plant and equipment
Mining assets and mine development costs:               17 34                -     17 344          22 337              -      22 337      14 767                -        14 767
Accumulated depreciation                                    -         (15 762)   (15 762)         (2 677)       (17 767)    (20 444)           -         (13 754)      (13 754)

Change in equity and liabilities
Retained earnings                                     200 159         (11 348)    188 811       (103 566)       (12 792)   (116 358)     198 603          (9 903)       188 700
Deferred tax liabilities                               69 970          (4 412)     65 556          44 064        (4 975)      39 089      69 411          (3 852)        65 559

Income statement impact
Increase in depreciation                              (9 604)          (2 007)   (11 611)        (33 595)        (4 013)    (37 608)    (16 984)          (3 991)      (20 975)
Decrease in taxation  deferred tax                     2 689              562      3 251           9 407          1 123      10 530       4 756            1 117         5 873
Decrease in net income for the period                 (6 915)          (1 445)    (8 360)        (24 188)        (2 890)    (27 078)    (12 228)          (2 874)      (15 102)

Effect on dolomite and limestone
segment report
Profit/(loss) before tax                                2 495          (2 007)        488       (316 671)        (4 013)   (320 684)      33 669          (3 991)        29 678
Total assets                                          699 372         (15 762)    683 610         375 959       (17 767)     358 192     693 325         (13 754)       679 571
Earnings/(loss) per share                                 0.8            (0.7)        0.1         (164.5)          (1.6)     (166.1)        15.0            (1.6)          13.4
Headline earnings/(loss) per share                        0.8            (0.8)          -          (62.6)          (1.6)      (64.2)        10.3            (1.6)           8.7

9. Related party transactions                                                                                                   
                                                          Reviewed   Restated unaudited   Restated audited   Restated audited   
                                                    6 months ended       6 months ended    12 months ended    12 months ended   
                                                    31 August 2013       31 August 2012   28 February 2013   29 February 2012   
                                                            R000's               R000's             R000's             R000's   
Management and consulting fees paid to                                                                                          
Afrimat Limited                                              4 868                    -                  -                  -   
Contributions made to the Infrasors                                                                                             
Environmental Rehabilitation Trust                             389                  519              1 072              1 038   
Rental recoveries from director controlled entity                -                  145                192                252   
Rent paid to Whirlprops 35 Proprietary Limited                 190                  675              1 492              1 137   

10. Events after reporting date

Bridge Capital Advisors Proprietary Limited has been appointed as sponsor with effect from 1 September 2013.

As part of the company's share buy-back campaign, 128 669 shares have been repurchased by the subsidiary Infrasors
Management Services Proprietary Limited at an average price of 79c per share since 1 September 2013.

11. Contingent liability

On 25 June 2013 SARS issued an adjusted income tax assessment claiming R9.7 million additional tax, R7.3 million penalties and
R2.4 million interest, relating to the activities of the subsidiary Lyttelton Dolomite Proprietary Limited for the tax years 2010, 2011
and 2012 based on the premise that the company is not a mining entity. The company has submitted an objection to SARS and is
of the opinion that the activities are of a mining nature.

COMMENTARY

Basis of preparation

The reviewed condensed consolidated interim results for the six months ended 31 August 2013 ("period") have been prepared in accordance 
with and containing the information required by IAS 34: Interim Financial Reporting, recognition and measurement requirements the 
International Financial Reporting Standards ("IFRS"), the SAICA financial reporting guides as issued by the Accounting Practices Committee,
and the South African Companies Act, No 71 of 2008 and comply with the JSE Listing Requirements. The accounting policies and methods of 
computation applied in the preparation of these interim results comply with IFRS and are consistent with those applied in the audited annual 
financial statements for the 12 months ended 28 February 2013, apart from the effect from the change in accounting policy related to the 
first time adoption of IFRIC 20.

The reviewed condensed consolidated interim financial statements have been prepared under the supervision of the Financial
Director, M. Potgieter CA (SA).

Introduction

The reviewed condensed consolidated interim financial results for the period reflect the benefits from the turnaround initiatives that
commenced on 1 March 2013.

A majority shareholding of 50.7% of the Company was acquired by Afrimat Limited ("Afrimat") with effect from 1 March 2013. This
was followed by two offers by Afrimat to minorities at 35 cents and 65 cents per share, respectively. Afrimat's stake in Infrasors
now stands at 59.78%.

Financial results

Revenue for the period increased by 11.8% to R164.59 million (Aug 2012: R147.2 million). Contribution from operations increased by
190.2% to R9.9 million (Restated 2012: R3.4 million). Profit after tax amounts to R0.5 million (Restated 2012: R0.3 million) and
includes the costs of impairment to assets amounting to R5.3 million.

Cash generated from operating activities reduced to R5.5 million (Aug 2012: R19.6 million), mainly due to the increased working capital
of R13.5 million. The cash outflow from investing activities decreased to R3.9 million (Aug 2012: R23.3 million) as a result of reduced
plant and equipment additions. The net outflow of financing activities of R12.9 million (Aug 2012: R4.4 million) was an increase largely
attributable to settlement of borrowings payable to the IDC to the extent of R13.5 million.

Operational review

Silica segment activities were constrained due to the declining raw material reserve at Delf Silica and the delay in obtaining the
Delf Cullinan mining right. Dolomite segment benefited from higher demand from the construction sector, increased sales prices
and cost reduction initiatives which are beginning to show positive results. Limestone segment benefited from increased sales
prices and improved production throughputs.

The turnaround initiatives throughout the Group are progressing satisfactorily with improved plant availability, increased production
throughput and increased sales margins.

There has been no material change in the Group's mineral reserves during the periods.

Dividends
The directors have elected not to declare a dividend for the period ended 31 August 2013 (2012: R nil) until such time as the group's 
debt to equity ratio reach a level acceptable to its financiers.

Prospects

The Group expects to remain a key supplier to the local construction and metallurgical markets and should in future also benefit
from current cost reduction initiatives and its renewed focus on marketing.

Initiatives aimed at expanding volumes, reducing costs, improving efficiencies and developing the required skill levels of our
employees will be a key focus in all operations.

Auditor's Review

The condensed consolidated interim financial statements for the period have been reviewed by the company's auditors, Mazars.

Their unmodified review opinion is available for inspection at the company's registered office. Their review was conducted in
accordance with ISRE2410 "Review of interim financial information performed by the independent auditor of the entity".

On behalf of the board

M Noge                                                          LR Loubser
Chairman                                                        Managing Director

30 October 2013

ADMINSTRATIVE INFORMATION AT DATE OF THIS REPORT

Directors
M Noge# (Chairman), LR Loubser (Managing Director), M Potgieter (Financial Director), JCP Bekker# , T de Bruyn* ,
AJ van Heerden* , HP Verreynne* , PFC Ying#

All of the above directors are South African and resident in South Africa.

* Non-executive director's                              # Independent non-executive directors

Registered office
Lyttelton Dolomite Mine,
Botha Avenue, Lyttelton,
Centurion, 0157
(P.O. Box 14014, Lyttelton, 0140)

Sponsor
Bridge Capital Advisors Proprietary Limited
2nd Floor, 27 Fricker Road, Illovo, 2196
(PO Box 651010, Benmore, 2010)

Legal Advisers and Attorney
Webber Wentzel
10 Fricker Road, Illovo Boulevard, Johannesburg 2196
(P.O. Box 6771, Marshalltown, 2107)

Auditors
Mazars
2nd Floor Mazars House,
5 St David's Place, Parktown 2193
(P.O. Box 6697, Johannesburg, 2000)

Transfer Secretaries
Link Market Services South Africa Proprietary Limited
13th Floor, Rennies House,
19 Ameshoff Street, Braamfontein, 2001
(P.O. Box 4844, Johannesburg, 2000)

Company secretary
PGS de Wit
Tyger Valley Office Park No. 2,
Corner Willie van Schoor Avenue and Old Oak Road, Tyger Valley, 7530
(P.O. Box 5278, Tyger Valley, 7536)

www.infrasors.co.za
Date: 30/10/2013 05:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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