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JD Group -
JD Group Limited
Registration number: 1981/009108/06
Share code: JDG
ISIN: ZAE000030771
("JD" or "the Group")
Reviewed interim results
for the six months ended 28 February 2003 ("the period under review")
Financial highlights
- Revenue up by 14% to R2,4 bn (2002: R2,1 bn)
- Total sale of merchandise up by 11% to R1,5 bn ( 2002: R1,4 bn)
- Operating income up by 43% to R305m (2002: R214m)
- Headline earnings up by 44% to R188m (2002 : R131m)
- Headline earnings per share up by 44% to 166,4c (2002: 115,9c)
- Distribution per share up by 24% to 42c (2002: 34c)
Operational highlights
- Operating margin improved from 10,1% to 12,6%
- Bad debts % down to 2,7% from 4,2%
- Price "n Pride successfully repositioned
- 32% growth in revenue
- Arrears % declined from 26,0% to 19,5%
Trading environment
- More stable interest rates and economic conditions in local durable credit
retail market
- Significant benefits from
- Proactive steps taken to reduce risk exposure
- Repositioning of Price "n Pride
Income statement
Audited Reviewed Reviewed
12 months 6 months 6 months
ended ended ended
31 August 28 28
February February
2002 2003 2002 Change
R million R R %
million million
2 583 Sale of 1 504 1 352 11
merchandise
750 Finance charges 443 384 15
earned
551 Financial 361 287 26
services
199 Other services 119 103 16
4 083 Revenue 2 427 2 126 14
1 706 Cost of sales 1 014 896 13
Operating
expenses before
the
1 890 following: 1 080 989 9
57 Depreciation 28 28
15 Goodwill 2 1
amortised
Surplus on
disposal of
(3) property, plant (2) (2)
and equipment
418 Operating income 305 214 43
(11) Investment income (3) (4)
130 Finance costs - 70 56 25
net
299 Income before 238 162 47
taxation
60 Taxation 52 32
239 Income after 186 130 43
taxation
Attributable to
outside
(2) shareholders (1) (1)
241 Income 187 131 43
attributable to
shareholders
Reconciliation of
headline earnings
241 Income 187 131
attributable to
shareholders
15 Goodwill 2 1
amortised
Surplus on
disposal of
(3) property, plant (2) (2)
and equipment
1 Taxation thereon 1 1
254 Headline earnings 188 131 44
Number of shares
in
112 730 issue (000) 112 730 112 730 -
Weighted average
number of
shares in issue
(000)
112 709 - basic 112 730 112 688 -
113 285 - diluted 113 696 113 560 -
Headline earnings
per share (cents)
225,2 - basic 166,4 115,9 44
224,1 - diluted 164,9 115,0 43
Earnings per
share (cents)
213,8 - basic 166,3 115,7 44
212,7 - diluted 164,8 114,8 44
Distribution to
56 shareholders 42 34 24
(cents)
34 - Interim 42 34
22 - Final
10,2 Operating margin 12,6 10,1 25
(%)
Abridged cash flow statement
Audited Reviewed Reviewed
12 months 6 months 6 months
ended ended ended
31 August 28 28
February February
2002 2003 2002
R million R million R million
489 Cash generated by 333 241
trading
(238) Increase in working (291) (122)
capital
251 Cash generated by 42 119
operations
11 Investment income 3 4
(146) Finance costs - net (68) (62)
(195) Taxation paid (31) (38)
Cash (utilised
by)/available from
(79) operating activities (54) 23
(80) Dividends paid (25) (42)
(159) Cash flows from (79) (19)
operating activities
(88) Cash utilised in (59) (64)
investing activities
(184) Cash utilised in (65) (91)
financing activities
(431) Net decrease in cash (203) (174)
and cash equivalents
Cash and cash
equivalents at
651 beginning of period 220 651
Cash and cash
equivalents at
220 end of period 17 477
67 Capital expenditure 42 38
incurred
Balance sheet
Audited Reviewed Reviewed
31 August 28 28
February February
2002 2003 2002
R million R million R million
Assets
355 Non-current assets 353 341
144 Property, plant and 144 146
equipment
54 Goodwill 51 53
10 Share incentive 10 10
trusts
110 Investments 110 110
37 Deferred taxation 38 22
3 898 Current assets 3 986 4 082
427 Inventories 455 444
3 231 Accounts receivable 3 493 3 147
13 Financial assets 9 1
5 Taxation 1 3
222 Bank balances and 28 487
cash
4 253 Total assets 4 339 4 423
Equity and liabilities
Equity and reserves
782 Share capital and 782 782
premium
24 Non-distributable 1 29
reserve
1 112 Retained income 1 252 1 027
25 Shareholders for 47 38
dividend
1 943 Shareholders" equity 2 082 1 876
21 Outside shareholders" - 17
interest
1 310 Non-current liabilities 1 206 1 410
1 049 Interest bearing long 929 1 155
term liabilities
261 Deferred taxation 277 255
979 Current liabilities 1 051 1 120
745 Non-interest bearing 748 785
219 Interest bearing 274 206
11 Financial liabilities 9 4
2 Taxation 9 115
2 Bank overdraft 11 10
4 253 Total equity and 4 339 4 423
liabilities
110 Directors" valuation of 110 110
unlisted investments
1 Capital expenditure - -
authorised and
contracted
Capital expenditure
authorised
94 but not yet contracted 50 21
920 Operating lease 919 845
commitments
The Group has no other
material
commitments or
contingent liabilities.
1 723,9 Net asset value per 1 847,2 1 664,2
share (cents)
53,9 Gearing ratio (net) (%) 56,9 47,1
Notes
1. Accounting policies
The accounting policies used in the preparation of the interim profit
announcement are consistent with those applied in the previous period ended 31
August 2002 after adoption of IAS 39 (refer note 2). This announcement was
compiled in terms of AC127/IAS 34 - Interim Reporting.
2. Change in accounting policy
During the prior year, the Group changed its accounting policy relating to
financial instruments in accordance with IAS 39: Financial Instruments:
Recognition and Measurement (Revised 2000).
IAS 39 (Revised 2000) has introduced a comprehensive framework for accounting
for all financial instruments. The principal effect of the adoption of IAS 39
has been the recognition of additional impairment provisions for originating
loans and receivables based on the net present value of expected future cash
flows of delinquent accounts, and the recognition of the derivative financial
instruments on balance sheet at fair value with effect from 1 September 2001.
The effects on retained income and net income in the prior year are summarised
as follows:
Gross Taxation Net
Rm Rm Rm
Opening retained income 1
September 2001
Additional accounts (220) 67 (153)
receivable provision
Fair value of derivative (9) 3 (6)
instruments
Reduction in opening (229) 70 (159)
retained income
Prior year net income
movement
1 September 2001 to 28
February 2002
- Increase in accounts (22) 7 (15)
receivable provision
- Movements in fair value of 6 (2) 4
derivative instruments
Included as at 28 February (16) 5 (11)
2002
1 March 2002 to 31 August
2002
- Decrease in accounts 105 (32) 73
receivable provision
- Movements in fair value of 7 (2) 5
derivative instruments
Included as at 31 August 112 (34) 78
2002
Total movement for the year 96 (29) 67
3. Finance costs
Audited Reviewed Reviewed
12 months 6 months 6 months
ended ended ended
31 August 28 28
February February
2002 2003 2002
R million R million R million
176 Interest paid 83 82
(30) Interest received (17) (20)
Fair value
losses/(gains) on
financial
(16) assets and 4 (6)
liabilities
130 70 56
4. Diluted earnings and headline earnings per share
The diluted number of shares has been calculated after considering the dilutive
impact of share options and the cash value to be received in future, in respect
of unissued share options granted to employees.
Account has not been taken of the future impact of the inclusion of the Profurn
earnings and the increased number of shares in issue, issued subsequent to the
reporting date.
5. Accounts receivable
Audited Reviewed Reviewed
31 August 28 28
February February
2002 2003 2002
R million R million R million
3 972 Instalment sale 4 424 3 938
receivables
- Cash loans - 5
(915) Less: Provisions (1 077) (906)
(522) Unearned finance (679) (495)
charges
(137) IAS 39 impairment (156) (242)
provision
(256) Other (242) (169)
3 057 Net instalment sale 3 347 3 037
receivables
174 Other receivables 146 110
3 231 Total accounts 3 493 3 147
receivable
Provisions as a
percentage of
23,0 instalment sale 24,3 23,0
receivables (%)
Amounts due from instalment sale receivables after one year are included in
current assets. The credit terms of instalment sale receivables range from 6 to
24 months.
Bank borrowings are secured by a negative pledge of accounts receivable.
6. Comparative figures
Comparative figures have been restated where necessary in order to facilitate
more meaningful comparison and to give effect to the adoption of IAS 39 in the
prior period.
Comments
Introduction
JD Group continues to benefit from its focus on what the customer wants with
strong growth in revenue, operating margin and headline earnings. The
repositioning of Price "n Pride made a positive contribution, raising operating
income to R55 million from a loss of R15 million a year ago.
Operating environment
The period under review was characterised by higher interest rate levels and
high inflation, causing a slower growth in real disposable income. According to
Econometrix, these lower disposable income levels have resulted in reduced
private consumption expenditure ("PCE") and lower uptake in discretionary credit
extension. Sales in durables were hardest hit, with all categories experiencing
negative growth in the 4th quarter of 2002. The 1st quarter of 2003 has seen a
marked improvement, particularly in the sale of domestic appliances and
household furniture.
Interest expenditure as a percentage of total household income was fairly stable
over the period despite higher interest rates. The ratio of household debt to
disposable income has reduced from 54% in the comparable period to below 51% for
the period under review. On an international basis these levels are considered
low and indicate capacity for consumers to take up more debt in a responsible
way. JD Group is well positioned to benefit from this cyclical uptake in debt as
interest rates decline and PCE increases over the next six months.
Financial overview
Revenue increased by 14% to R2,4 billion, with sale of merchandise increasing by
11% to R1,5 billion. Southern African sale of merchandise rose 10% to R1,3
billion and foreign sales rose 21% to R171 million. Sale of merchandise
constituted 62% of total revenue.
Southern African revenue contributed 93% of total revenue. BoConcept grew
revenue by 114% to GBP3,7 million. Abra managed to grow revenue in Zloty terms
by 7% to Pln49 million. Total credit sales accounted for 73% of total sales, in
line with the corresponding period.
Cost of sales amounted to R1,01 billion (2002: R896 million). Had the effect of
currency movement been disregarded, cost of sales would have increased in line
with the increase in the sale of merchandise of 11%.
Finance charges earned increased by 15% to R443 million in a higher usury rate
environment. Financial services, which include all the Group"s insurance
offerings, increased by 26% to R361 million.
Operating costs grew by 9% to R1,1 billion. Expenses in the southern African
operations grew by 6% and by 50% in the European operations, in respective local
currencies. This was largely due to the opening of new stores. Salary increases
for union members are negotiated in terms of a two-year agreement, which is
currently in its second year.
Operating income grew by 43% to R305 million, with the operating margin
improving to 12,6% from 10,1%. Price "n Pride significantly improved its margin
from a negative 6,0% a year ago to the current positive 16,5%.
Headline earnings increased by 44% to R188 million, after goodwill amortisation
of R2 million (2002: R1 million) and surplus on disposal of property, plant and
equipment of R1 million (2002: R1 million) net of tax.
Net accounts receivable grew by 8% to R3,5 billion from R3,2 billion at 31
August 2002. Gross instalment sale receivables grew in line with credit sales by
12% to R4,4 billion from R4,0 billion at 31 August 2002, with the deposit rate
on credit sales declining marginally to 13,5% from 14,0%. Total provisions as a
percentage of gross instalment sale receivables were 24,3%, compared to 23,0% at
31 August 2002. The provision made in terms of IAS 39 increased to R156 million
from R137 million at 31 August 2002. The Group continues to insure its South
African instalment sale receivables.
Bad debts written off declined from R165 million a year ago to R120 million and
from 4,2% to 2,7% of gross receivables. These improvements were achieved across
all chains, most notably in Price "n Pride. Receivables in arrears amount to
R592 million (2002: R537 million) representing 13,4% of gross receivables down
from 13,6% a year ago. The average length of the book declined to 14,8 months
from 15,4 months a year ago.
Inventories rose by 2,5% to R455 million (2002: R444 million), after a R10
million mark down due to currency fluctuations and reduced store numbers.
Cash generated by operations amounted to R42 million (2002: R119 million),
though cash generated by trading increased to R333 million from R241 million
last year. Cash utilised in the increase in working capital amounted to R291
million (2002: R122 million), largely due to paying suppliers sooner and funding
the 12% increase in gross instalment sale receivables.
Net gearing rose to 56,9% from 47,1% a year ago, reflecting an increased
utilisation of cash, primarily in expansion and replacement capital. The Group
also redeemed R66 million of interest bearing debt (2002: R93 million). The
target gearing ratio remains between 35% and 50%, a range management is
confident will be attained by year end.
Operational Review
During the period under review there was a net reduction in the number of stores
from 695 to 683, predominantly in Price "n Pride closing 12 stores and Bradlows
closing three, resulting in higher trading densities in the remaining stores.
Improvements in efficiency were evident across all local chains, with revenue
per square metre and employee both increasing.
The benefits of the revised credit granting model are still being realised. Bad
debts written off as a percentage of gross receivables was significantly
reduced.
Efficiency improvements in Europe are mixed. Same store sales were up by 5% in
the UK and down by 6% in Poland in local currency terms.
Nedcor alliance
The number of in-store points of presence is currently 181 across all chains.
The alliance continues to follow a prudent approach in all product offerings to
its target market. The product offering has been expanded subsequent to the
reporting date, to incorporate home loans and term investment products. In line
with expectation, the operation did not contribute to operating income.
Poland
The macro-economic environment in Poland continues to be influenced by
relatively high interest rates and a strong Zloty which places pressure on the
country"s competitiveness in general. The planned admission of Poland into the
European Union, effective in May 2004, should ease these burdens, and have a
positive impact on economic activity. The number of stores increased to 24 and
our presence remains predominantly in the southern and central regions. The
Group intends to grow its presence nationwide, as opportunities arise. The
operating margin, though improving, currently stands at a negative 6,7%. Margin
improvements are expected when sales volumes increase to utilise current
infrastructural capacity. During the period under review the Group purchased the
outside shareholders" interest in Abra. A new CEO from Poland was appointed,
with a mandate to accelerate these growth initiatives, including further
investment in staff training and development.
United Kingdom
BoConcept increased revenue by 119% over the comparable period through opening
of an additional two stores, bringing the total number of stores to seven. The
depressed UK retail sector impacted the performance of the stores. We remain
confident that BoConcept will succeed within its niche market and it is
anticipated that an increase in the number of stores to 10 over the next 6
months should provide the necessary critical mass to ensure that the business is
profit generating.
The minority shareholders" 15% holding in BoConcept was acquired, for a sum of
R23,5 million. Linda Manson, formerly CEO of Bradlows, has been appointed as the
acting CEO. Linda has been with JD Group for many years and will be applying the
JD systems and management approach to the business.
Post Balance Sheet Event
The Scheme of Arrangement as proposed by JD Group between Profurn and its
shareholders in terms of Section 311 of the Companies Act, No 61 of 1973 as
amended, became operative on 22 April 2003. The purchase consideration of R990
million has been settled by the issue and listing of 53,7 million JD Group
shares. Profurn has become a wholly owned subsidiary of JD Group. The listing of
Profurn shares on the JSE Securities Exchange (SA), the Namibian Stock Exchange
and the Botswana Stock Exchange has been terminated.
The Profurn acquisition has the potential to enhance value for JD Group
shareholders by improving efficiency and at the same time preserving jobs and
the supply base of the industry, which are suffering from overtrading.
These expectations are being met with the Group"s management assuming managerial
control of the Profurn businesses. To date, no material issues have arisen,
which indicate that the trading position of the Profurn businesses is in any way
removed from that which was indicated in the due diligence process. It is
anticipated that ongoing synergistic savings of approximately R70 million per
annum will be realised. To date 164 stores have been closed in South Africa, and
38 closures are imminent in the BLNS countries. Negotiations are currently
underway to right size operations in the rest of Africa.
Strategic Review and Objectives
It is our intention to focus our strategic initiatives over the next six months
on the integration of the Profurn acquisition and the consolidation of our
offerings in the local market. The successful repositioning of Price "n Pride
will be replicated at Barnetts, in order to fulfil our stated strategy of
focusing on the middle market.
The acquisition of Profurn presents an opportunity to secure our position in an
overtraded market. Our intention remains to diversify our exposure
geographically. In this regard, we intend to continue to grow our offshore
businesses in the UK and Poland.
Group Prospects and Outlook
Revenue growth should be sustained in the second half of the year, providing
current economic and trading conditions prevail. Likely interest rate cuts later
in the year will benefit consumer confidence.
The Group is well placed to benefit from the ongoing store rationalisation which
is necessitated by current overtrading in the local furniture market.
The growing AIDS epidemic will alter consumer spending patterns in the medium
term. This is taken into account in devising the Group"s optimal revenue mix and
store footprint.
JD Group is committed to exceed the expectations of its customers, through
innovative furniture retailing and the provision of financial services, both
locally and abroad.
Corporate Governance
JD Group complies in all material respects with the Code of Corporate Practices
and Conduct as set out in the King Report on Corporate Governance.
Triple Bottom Line
The Group"s commitment to support HIV/Aids interventions, sound labour
relations, enhanced skills training and the development of our people in an
environment which allows employees to develop to their fullest potential,
continues as scheduled. Black Economic Empowerment within our South African
communities is an integral part of the Group"s strategy.
I-PROXY
Shareholders are encouraged to register to receive shareholder information
electronically. This facility is made available following requisite changes
having been made to the Group"s Articles of Association. Shareholders are
encouraged to visit www.jdg.co.za to register and receive further information.
Dividend
Shareholders are referred to the announcement dated 3 April 2003, in which an
interim distribution of 42 cents per share (2002: 34 cents) was declared and
payment dates detailed.
Review by the independent auditors
The financial information has been reviewed, but not audited, by Deloitte &
Touche, whose unqualified review report is available for inspection at the
Company"s registered office.
For and on behalf of the board
David Sussman Gerald Volkel
Executive Chairman Financial Director
Johannesburg
5 May 2003
Statement of changes in equity
Share Share
capital premium
R million R million
Balance at 31
August 2001
- as 6 775
previously
reported
Change in
accounting
policy
Balance at 31
August 2001
- restated 6 775
Income
attributable
to
shareholders
Distributable
to
shareholders
Paid to
shareholders
Translation
of foreign
entities
Issue of 1
share capital
Balance at 28 6 776
February 2002
- restated
(note 2)
Income
attributable
to
shareholders
Distributable
to
shareholders
Paid to
shareholders
Translation
of foreign
entities
Issue of
share capital
Balance at 31 6 776
August 2002
Income
attributable
to
shareholders
Distributable
to
shareholders
Paid to
shareholders
Translation
of foreign
entities
Issue of
share capital
Balance at 28 6 776
February 2003
Statement of
changes in
equity
Non- Retained Shareholders
distributable
reserve income for dividend Total
R million R million R million R million
4 1 093 42 1 920
(159) (159)
4 934 42 1 761
131 131
(38) 38 -
(42) (42)
25 25
1
29 1 027 38 1 876
110 110
(25) 25 -
(38) (38)
(5) (5)
-
24 1 112 25 1 943
187 187
(47) 47 -
(25) (25)
(23) (23)
-
1 1 252 47 2 082
Segmental report - 6 months ended 28 February 2003
Joshua Price
Russells Doore Bradlows "n
Pride
Revenue Rm 801 599 335 332
Operating Rm 168 98 43 55
income
Depreciation Rm 1 1 1 1
Total assets Rm 1 356 980 560 659
Total Rm 219 173 86 74
current
liabilities
Capital Rm 1 1 - 1
expenditure
Operating % 21,0 16,3 12,7 16,5
margin
Total sale Rm 470 358 216 175
of
merchandise
Share of % 31,3 23,8 14,3 11,6
Group sale
of
merchandise
Credit sales Rm 398 281 171 164
Percentage % 84,7 78,5 79,2 93,7
of total
Cash sales Rm 72 77 45 11
Percentage % 15,3 21,5 20,8 6,3
of total
Deposit rate % 11,1 13,4 18,0 13,0
on credit
sales
Number of 194 147 90 109
stores
Revenue per R000 4 129 4 075 3 722 3 046
store
Retail 136 764 116 271 67 775 69 201
square
meterage
Revenue per Rand 5 857 5 152 4 943 4 798
square metre
Number of 2 811 2 268 1 431 1 740
employees
Revenue per R000 285 264 234 191
employee
Instalment Rm 1 593 1 140 608 776
sale
receivables
- gross
Bad debts Rm 44 28 13 31
written off
Bad debts
written off
as a
percentage % 2,8 2,5 2,1 4,0
of gross
receivables
Receivables" Rm 230 132 59 151
arrears
Receivables"
arrears as a
percentage % 14,4 11,6 9,7 19,5
of gross
receivables
Average Months 14,7 14,5 12,8 18,2
length of
the book
Segmental
report - 6
months ended
28 February
2003
Electric
Express Abra BoConcept Corporate Group
184 119 57 2 427
26 (8) (13) (64) 305
- 1 3 20 28
263 57 102 362 4 339
53 49 29 368 1 051
- 1 15 23 42
14,2 (6,7) (22,5) 12,6
114 117 54 1 504
7,6 7,8 3,6 100,0
78 1 092
68,4 72,6
36 117 54 412
31,6 100,0 100,0 27,4
17,8 13,5
112 24 7 683
1 643 4 958 8 143 3 553
17 630 24 638 5 191 437 470
10 437 4 830 10 981 5 548
644 385 74 320 9 673
286 309 770 251
307 4 424
4 120
1,3 2,7
20 592
6,5 13,4
13,1 14,8
Segmental report - 6 months ended 28 February 2002
Joshua Price
Russells Doore Bradlows "n
Pride
Revenue Rm 726 522 320 252
Operating Rm 130 70 44 (15)
income
Depreciation Rm 1 1 1 1
Total assets Rm 1 246 892 569 586
Total Rm 217 177 111 67
current
liabilities
Capital Rm 1 1 1 -
expenditure
Operating % 17,9 13,4 13,8 (6,0)
margin
Total sale Rm 442 325 208 131
of
merchandise
Share of % 32,6 24,1 15,4 9,7
Group sale
of
merchandise
Credit sales Rm 363 249 170 120
Percentage % 82,1 76,6 81,7 91,6
of total
Cash sales Rm 79 76 38 11
Percentage % 17,9 23,4 18,3 8,4
of total
Deposit rate % 11,9 13,1 17,4 15,0
on credit
sales
Number of 194 146 94 132
stores
Revenue per R000 3 744 3 578 3 399 1 907
store
Retail 132 735 115 353 67 027 71 116
square
meterage
Revenue per Rand 5 472 4 529 4 767 3 541
square metre
Number of 2 775 2 291 1 492 2 049
employees
Revenue per R000 262 228 214 123
employee
Instalment Rm 1 414 979 596 689
sale
receivables
- gross
Bad debts Rm 62 33 15 51
written off
Bad debts
written off
as a
percentage % 4,4 3,4 2,5 7,4
of gross
receivables
Receivables" Rm 172 106 63 179
arrears
Receivables"
arrears as a
percentage % 12,2 10,8 10,6 26,0
of gross
receivables
Average Months 14,8 14,8 13,6 19,5
length of
the book
Segmental
report - 6
months ended
28 February
2002
Electric
Express Abra BoConcept Corporate Group
163 117 26 2 126
23 (9) (3) (26) 214
- 1 1 22 28
242 81 154 653 4 423
46 40 22 440 1 120
- 4 4 27 38
14,1 (7,9) (12,5) 10,1
105 115 26 1 352
7,8 8,5 1,9 100,0
70 972
66,7 71,9
35 115 26 380
33,3 100,0 100,0 28,1
17,6 14,0
111 22 3 702
1 470 5 322 8 605 3 029
17 290 25 189 2 137 430 847
9 435 4 648 12 080 4 935
694 347 58 304 10 010
235 337 445 212
260 3 938
4 165
1,5 4,2
17 537
6,5 13,6
13,2 15,4
Segmental report - year ended 31 August 2002
Joshua Price
Russells Doore Bradlows "n
Pride
Revenue Rm 1 352 989 606 522
Operating Rm 243 133 74 37
income
Depreciation Rm 2 2 2 1
Total assets Rm 1 224 884 550 592
Total Rm 181 144 84 78
current
liabilities
Capital Rm 2 2 2 1
expenditure
Operating % 18,0 13,4 12,2 7,1
margin
Total sale Rm 807 608 395 278
of
merchandise
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