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Hermès International: 2022 Half year Results

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Hermès International
Hermès International

2022 FIRST HALF RESULTS

HERMES

Half-year information report as at the end of June 2022

Very strong growth and exceptional results in the first half

Revenue increased 29% at current exchange rates and 23% at constant exchange rates
Recurring operating margin reached 42% of sales
Net profit reached €1,641 million, up 40%

Paris, 29 July 2022

The group's consolidated revenue amounted to €5,475 million in the first half of 2022, up 29% at current exchange rates and 23% at constant exchange rates compared to the same period in 2021. Recurring operating income amounted to €2,304 million (42% of sales). Net profit (group share) reached €1,641 million (30% of sales).

Sales in the second quarter reached €2,710 million (+26% at current exchanges rates, and +20% at constant exchange rates), with a high level of activity in all the business lines.

Axel Dumas, Executive Chairman of Hermès, said: The very dynamic results over the first six months of the year testify to the growth across our 16 métiers and the strong desirability of our objects, designed by craftsmen with a sustainable approach, without compromising on quality. In a still unstable context, we are moving forward with confidence, faithful to our role as a responsible and committed company to our employees and our partners.”

Sales by geographical area at the end of June
(at comparable exchange rates, unless otherwise indicated)

Over the first half of 2022, all the geographical areas posted strong growth, with strong resilience from Asia despite the sanitary context in China. Sales in the group's stores (+23%) benefitted from the strengthening of the exclusive omnichannel network and online sales. Wholesale activities growth (+25%), resulted notably from the resumption of travel retail.

  • Asia excluding Japan (+15%) was driven by a high level of activity across the region and by sustained sales in Singapore, Australia and Korea. Greater China strongly bounced back in June after being penalised by sanitary restrictions and store closures in April and May, especially in Shanghai and Beijing. After the reopening of the renovated Pacific Place store in Hong Kong and One Central store in Macao at the beginning of the year, a new store was successfully launched in Zhengzhou at the end of March, in the Henan province in China.

  • Japan (+20%) posted a remarkable performance, thanks to the loyalty of local clients. In June, the first edition of the exhibition La Fabrique de la légèreté, based on the year’s theme, was held in Tokyo.

  • America (+34%) continued its strong momentum at the end of June. In the United States, a new store opened in Austin in April, the third store of the house in Texas. The Hermès in the Making exhibition, presenting the house’s artisanal know-how, was held in Detroit in June.

  • Europe excluding France (+34%) and France (+41%) recorded sustained growth, thanks to the loyalty of local clients and the return of tourists, particularly in France, the United Kingdom and Italy.

Sales by business line at the end of June
(at comparable exchange rates, unless otherwise indicated)

At the end of June 2022, all the business lines confirmed their high levels of sales, with a remarkable increase in Silk, Ready-to-wear and Accessories, Watches and Other Hermès Business Lines (Jewellery and Homeware) underlying the huge desirability of the house Hermès.

The growth of the Leather Goods and Saddlery division (+12%) is driven by sustained demand and the increase in production capacities, in line with the annual objective. The Rolling Mobility Suitcase (R.M.S), customisable and the result of exceptional know-how and multiple innovations, received a warm welcome. Five new workshops are in project for the next five years, with the Louviers (Eure) and Sormonne (Ardennes) sites in 2023 and the Riom (Puy-de-Dôme) site in 2024. The sites in L’Isle-d’Espagnac (Charente) and Loupes (Gironde) have been announced for 2025 and 2026. Hermès thus continues to strengthen its local presence in France and to create jobs.

The Ready-to-Wear and Accessories division (+36%) pursued its dynamic growth, thanks to the success of the ready-to-wear, fashion accessories and footwear collections. The women’s autumn-winter 2022 fashion show held in March at the Garde républicaine in Paris met with great success, as did the men's spring-summer 2023 collection revealed at the manufacture des Gobelins in June. New creations such as the Rivale micro bracelet, the single earing Olympe or the Enid sandal were very successful, alongside the house’s iconic creations with the Hapi, clic H bracelets and the Kelly belt.

The Silk and Textiles business line (+29%) achieved excellent growth, with collections combining diversity of materials, formats and new uses, and supported by the development of production capacities at the Pierre-Bénite site near Lyon.

Perfume and Beauty (+23%) gained from the successful launches of the new chapter of Beauty, Hermès Plein Air, dedicated to complexion, as well as of infused care oil for lips, Hermèsistibles. Perfume launched a fresh and powerful creation, Terre d’Hermès Eau Givrée and a new light and airy fragrance joined the colognes collection in June, Eau de Basilic Pourpre.

The Watches business line (+55%) achieved an outstanding performance thanks to the development of timepieces with exceptional know-how such as the watch Arceau Le temps voyageur, and the success of iconic models such as Heure H and Cape Cod.

The Other Hermès business lines (+33%) kept up their momentum, thanks to Homeware and Jewellery. Homeware was presented in June at the Milan Design Week, with textile new creations and the Soleil d’Hermès tableware collection. The seventh haute bijouterie collection called Les jeux de l’ombre, featuring innovative shapes and know-how pushed to the highest standard, was presented at the Faubourg Saint-Honoré store in Paris.

Outstanding results in the first half of 2022

Recurring operating income was up 34% and amounted to €2,304 million compared to
€1,722 million in the first half of 2021. Thanks to the leverage effect generated by the strong sales increase and the collections exceptional sell-through rates, the recurring operating margin reached an historical high of 42% compared to 41% at the end of June 2021.

Consolidated net profit (group share) amounts to €1,641 million (30% of sales) compared to €1,174 million in the first half of 2021.

Operational investments represented €190 million and adjusted free cash flow reached €1,421 million.

After distribution of the ordinary dividend (€837 million) and inclusion of share buybacks (€115 million for 103,368 shares excluding the liquidity contract), the restated net cash position increased by €615 million to €7,685 million compared to €7,070 million as at 31 December 2021.

A responsible, sustainable model

The Hermès group continued to recruit and added more than 800 people to its workforce over the first six months. At the end of June 2022, the group employed 18,400 people, including 11,500 in France. True to its commitment as a responsible employer, Hermès paid an exceptional €3,000 bonus in February 2022, in respect of 2021, to all employees of the group to reward them for their engagement, as well as a rise of €100 gross per month in January in France, on top of the usual rises. In June, a second rise of €100 gross per month was announced for all European employees, starting in July.

Hermès is stepping up its commitments in the areas of education and knowledge transfer with the launch of the École des Artisans de la Vente in April. The group continues to roll out the École Hermès des savoir-faire with the opening of a new Apprentice Training Centre in Charleville-Mézières, in the Ardennes division.

The employment of people with disabilities reached 6.4%, which reflects the house's commitment to inclusion.

On 4 July, Hermès International received the Grand Prix de la Transparence 2022 for all categories, now renamed Transparency Awards, which recognise the quality of regulated information of
SBF 120 companies.

Outlook

For 2022, the impacts of the health context are still difficult to assess. Our highly integrated craftsmanship model and balanced distribution network, as well as the creativity of the collections and clients' loyalty allow us to look to the future with confidence.

In the medium-term, despite the economic, geopolitical and monetary uncertainties around the world, the group confirms an ambitious goal for revenue growth at constant exchange rates.

Thanks to its unique business model, Hermès is pursuing its long-term development strategy based on creativity, maintaining control over know-how and singular communication.

Limited review procedures have been carried out on the condensed interim consolidated financial statements by the Statutory Auditors in accordance with applicable regulations.

The half-year financial report, the press release and the presentation of the 2022 half-year results are available on the group's website: https://finance.hermes.com

Upcoming events:

  • 20 October 2022: Q3 2022 revenue publication

  • 17 February 2023: 2022 full-year results publication

  • 14 April 2023: Q1 2023 revenue publication

  • 20 April 2023: General Meeting of Shareholders

FIRST HALF 2022 KEY FIGURES

In millions of euros

H1 2022

FY 2021

H1 2021

 

 

 

 

Revenue

5,475

8,982

4,235

Growth at current exchange rates vs. n-1

29.3%

40.6%

70.2%

Growth at constant exchange rates vs. n-1 (1)

23.2%

41.8%

76.7%

 

 

 

 

Recurring operating income (2)

2,304

3,530

1,722

As a % of revenue

42.1%

39.3%

40.7%

 

 

 

 

Operating income

2,304

3,530

1,722

As a % of revenue

42.1%

39.3%

40.7%

 

 

 

 

Net profit – Group share

1,641

2,445

1,174

As a % of revenue

30.0%

27.2%

27.7%

 

 

 

 

Operating cash flows

2,001

3,060

1,487

 

 

 

 

Investments (excluding financial investments)

190

532

214

 

 

 

 

Adjusted free cash flow (3)

1,421

2,661

1,236

 

 

 

 

Equity – Group share

10,259

9,400

8,024

 

 

 

 

Net cash position (4)

7,293

6,695

5,326

 

 

 

 

Restated net cash position (5)

7,685

7,070

5,521

 

 

 

 

Workforce (number of employees)

18,428

17,595

16,966

(1)   Growth at constant exchange rates is calculated by applying the average exchange rates of the previous period to the current period's revenue, for each currency.

(2)   Recurring operating income is one of the main performance indicators monitored by the group's General Management. It corresponds to the operating income excluding non-recurring items having a significant impact likely to affect the understanding of the group's economic performance.

(3)   Adjusted free cash flow corresponds to the sum of operating cash flows and change in working capital requirement, less operating investments and repayment of lease liabilities, as per IFRS cash flow statement.

(4)           The net cash position includes cash and cash equivalents on the asset side of the balance sheet, less bank overdrafts presented within the short-term borrowings and financial liabilities on the liability side of the balance sheet. It does not include lease liabilities recognised in accordance with IFRS 16.

(5)           The restated net cash position corresponds to the net cash position, plus cash investments that do not meet IFRS criteria for cash equivalents as a result of their original maturity of more than three months, minus borrowings and financial liabilities.

REVENUE BY GEOGRAPHICAL AREA (a)

 

 

First half

Evolution /2021

In millions of Euros

 

2022

2021

Published

At constant exchange rates

France

 

480

341

40.7%

40.7%

Europe (excl. France)

 

696

522

33.4%

33.8%

Total Europe

 

1,176

863

36.3%

36.5%

Japan

 

546

469

16.4%

20.4%

Asia-Pacific (excl. Japan)

 

2,665

2,153

23.8%

14.9%

Total Asia

 

3,211

2,622

22.5%

15.9%

Americas

 

982

668

47.0%

34.1%

Other

 

106

82

28.7%

28.0%

TOTAL

 

5,475

4,235

29.3%

23.2%


 

 

2nd quarter

Evolution /2021

In millions of Euros

 

2022

2021

Published

At constant exchange rates

France

 

266

188

41.5%

41.5%

Europe (excl. France)

 

369

294

25.7%

26.1%

Total Europe

 

636

482

31.9%

32.1%

Japan

 

269

228

17.9%

23.4%

Asia-Pacific (excl. Japan)

 

1,218

1,023

19.1%

9.6%

Total Asia

 

1,487

1,251

18.9%

12.2%

Americas

 

533

377

41.4%

26.3%

Other

 

55

42

32.0%

31.1%

TOTAL

 

2,710

2,151

26.0%

19.5%

(a) Sales by destination.

REVENUE BY SECTOR

 

 

First half

Evolution /2021

In millions of Euros

 

2022

2021

Published

At constant exchange rates

Leather Goods and Saddlery (1)

 

2,358

1,999

18.0%

12.1%

Ready-to-wear and Accessories (2)

 

1,458

1,025

42.3%

35.9%

Silk and Textiles

 

372

274

35.6%

29.0%

Other Hermès sectors (3)

 

648

462

40.2%

32.5%

Perfume and Beauty

 

230

184

24.9%

23.3%

Watches

 

262

159

65.2%

55.3%

Other products (4)

 

146

132

11.1%

9.1%

TOTAL

 

5,475

4,235

29.3%

23.2%


 

 

2nd quarter

Evolution /2021

In millions of Euros

 

2022

2021

Published

At constant exchange rates

Leather Goods and Saddlery (1)

 

1,162

1,011

14.9%

8.5%

Ready-to-wear and Accessories (2)

 

748

552

35.6%

29.0%

Silk and Textiles

 

174

126

38.4%

31.1%

Other Hermès sectors (3)

 

318

234

36.1%

27.8%

Perfume and Beauty

 

111

85

30.7%

28.9%

Watches

 

128

81

59.0%

48.9%

Other products (4)

 

69

63

9.3%

7.1%

TOTAL

 

2,710

2,151

26.0%

19.5%

(1) The “Leather Goods and Saddlery” business line includes bags, riding, memory holders and small leather goods.
(2) The “Ready-to-wear and Accessories” business line includes Hermès Ready-to-wear for men and women, belts, costume jewellery, gloves, hats and shoes.
(3) The “Other Hermès business lines” include Jewellery and Hermès home products (Art of Living and Hermès Tableware).
(4) The “Other products” include the production activities carried out on behalf of non-group brands (textile printing, tanning…), as well as John Lobb, Saint-Louis and Puiforcat.

REMINDER – 1ST QUARTER 2022

REVENUE BY GEOGRAPHICAL ZONE (a)

 

 

1st quarter

Evolution /2021

In millions of euros

 

2022

2021

Published

At constant exchange rates

France

 

214

153

39.7%

39.7%

Europe (excl. France)

 

327

228

43.4%

43.9%

Total Europe

 

541

381

41.9%

42.2%

Japan

 

277

241

15.0%

17.4%

Asia-Pacific (excl. Japan)

 

1,447

1,130

28.0%

19.8%

Total Asia

 

1,724

1,371

25.7%

19.3%

Americas

 

449

291

54.3%

44.2%

Other

 

51

41

25.2%

24.7%

TOTAL

 

2,765

2,084

32.7%

27.1%

(a) Sales by destination.

REVENUE BY SECTOR

 

 

1st quarter

Evolution /2021

In millions of euros

 

2022

2021

Published

At constant exchange rates

Leather Goods and Saddlery (1)

 

1,197

988

21.1%

15.8%

Ready-to-wear and Accessories (2)

 

710

473

50.1%

44.1%

Silk and Textiles

 

198

148

33.3%

27.3%

Other Hermès sectors (3)

 

330

228

44.4%

37.4%

Perfume and Beauty

 

119

99

20.0%

18.4%

Watches

 

134

78

71.5%

62.0%

Other products (4)

 

77

69

12.8%

10.9%

TOTAL

 

2,765

2,084

32.7%

27.1%

(1) The “Leather Goods and Saddlery” business line includes bags, riding, memory holders and small leather goods.
(2) The “Ready-to-wear and Accessories” business line includes Hermès Ready-to-wear for men and women, belts, costume jewellery, gloves, hats and shoes.
(3) The “Other Hermès business lines” include Jewellery and Hermès home products (Art of Living and Hermès Tableware).
(4) The “Other products” include the production activities carried out on behalf of non-group brands (textile printing, tanning…), as well as John Lobb, Saint-Louis and Puiforcat.

APPENDIX – EXTRACT FROM FIRST HALF CONSOLIDATED ACCOUNTS

CONSOLIDATED INCOME STATEMENT

In millions of euros

H1 2022

2021 Financial year

H1 2021

Revenue

5,475

8,982

4,235

Cost of sales

(1,586)

(2,580)

(1,207)

Gross margin

3,889

6,402

3,028

Sales and administrative expenses

(1,178)

(2,137)

(935)

Other income and expenses

(406)

(734)

(371)

Recurring operating income

2,304

3,530

1,722

Other non-recurring income and expenses

-

-

-

Operating income

2,304

3,530

1,722

Net financial income

(35)

(96)

(47)

Net income before tax

2,270

3,435

1,675

Income tax

(647)

(1,015)

(511)

Net income from associates

25

34

13

CONSOLIDATED NET INCOME

1,647

2,454

1,177

Non-controlling interests

(6)

(8)

(3)

NET INCOME ATTRIBUTABLE TO OWNERS OF THE PARENT

1,641

2,445

1,174

Basic earnings per share (in euros)

15.69

23.37

11.22

Diluted earnings per share (in euros)

15.64

23.30

11.19

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

In millions of euros

H1 2022

2021 Financial year

H1 2021

 

Consolidated net income

1,647

2,454

1,177

 

Changes in foreign currency adjustments 1

182

141

35

 

Hedges of future cash flows in foreign currencies 1 2

10

(110)

(44)

 

  • change in fair value

(97)

(87)

(19)

 

  • recycling through profit or loss

107

(23)

(25)

 

Assets at fair value 2

-

87

87

 

Employee benefit obligations: change in value linked to actuarial gains and losses 2

1

9

-

 

Net comprehensive income

1,840

2,582

1,255

 

  • attributable to owners of the parent

1,833

2,573

1,252

 

  • attributable to non-controlling interests

7

9

3

 

(1) Transferable through profit or loss.
(2) Net of tax.

CONSOLIDATED BALANCE SHEET

ASSETS

In millions of euros

30/06/2022

31/12/2021

30/06/2021

Goodwill

14

42

42

Intangible assets

204

258

236

Right-of-use assets

1,665

1,517

1,405

Property, plant and equipment

1,916

1,881

1,665

Investment property

8

9

75

Financial assets

648

617

431

Investments in associates

52

51

49

Loans and deposits

63

59

57

Deferred tax assets

636

546

539

Other non-current assets

25

22

23

Non-current assets

5,232

5,002

4,522

Inventories and work-in-progress

1,617

1,449

1,394

Trade and other receivables

464

333

298

Current tax receivables

8

58

11

Other current assets

288

257

228

Financial derivatives

179

53

80

Cash and cash equivalents

7,293

6,696

5,352

Current assets

9,850

8,845

7,362

TOTAL ASSETS

15,082

13,847

11,885

LIABILITIES

In millions of euros

30/06/2022

31/12/2021

30/06/2021

Share capital

54

54

54

Share premium

50

50

50

Treasury shares

(672)

(551)

(552)

Reserves

8,735

7,142

7,077

Foreign currency adjustments

359

178

72

Revaluation adjustments

93

83

149

Net income attributable to owners of the parent

1,641

2,445

1,174

Equity attributable to owners of the parent

10,259

9,400

8,024

Non-controlling interests

14

12

10

Equity

10,273

9,412

8,034

Borrowings and financial liabilities due in more than one year

24

24

18

Lease liabilities due in more than one year

1,705

1,529

1,405

Non-current provisions

29

26

21

Post-employment and other employee benefit obligations due in more than one year

224

220

284

Deferred tax liabilities

46

15

17

Other non-current liabilities

48

45

36

Non-current liabilities

2,076

1,860

1,781

Borrowings and financial liabilities due in less than one year

14

1

25

Lease liabilities due in less than one year

272

248

227

Current provisions

129

115

108

Post-employment and other employee benefit obligations due in less than one year

40

40

28

Trade and other payables

536

535

383

Financial derivatives

213

122

67

Current tax liabilities

468

347

311

Other current liabilities

1,063

1,168

920

Current liabilities

2,733

2,575

2,070

TOTAL EQUITY AND LIABILITIES

15,082

13,847

11,885

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

In millions of euros

Number of shares

Share capital

Share premium

Treasury shares

Consolidated reserves and net income attributable to owners of the parent

Actuarial gains and losses

Foreign currency adjustments

Revaluation adjustments

Equity attributable to owners of the parent

Non- controlling interests

Equity

Financial investments

Hedges of future cash flows in foreign currencies

As at 1 January 2021

105,569,412

54

50

(464)

7,732

(135)

38

100

5

7,380

11

7,391

Net income for the first half of 2021

-

-

-

-

1,174

-

-

-

 

1,174

3

1,177

Other comprehensive income for the first half of 2021

-

-

-

-

 

-

35

87

(44)

78

0

78

Comprehensive income
for the first half of 2021

-

-

-

-

1,174

-

35

87

(44)

1,252

3

1,255

Change in share capital and share premiums

-

-

-

-

-

-

-

-

-

-

-

-

Purchase or sale of treasury shares

-

-

-

(88)

(69)

-

-

-

-

(158)

-

(158)

Share-based payments

-

-

-

-

32

-

-

-

-

32

-

32

Dividends paid

-

-

-

-

(485)

-

-

-

-

(485)

(4)

(489)

Other

-

-

-

-

3

-

-

-

-

3

-

3

AS AT 30 JUNE 2021

105,569,412

54

50

(552)

8,386

(135)

72

188

(39)

8,024

10

8,034

Net income for the second half of 2021

-

-

-

-

1,272

-

-

-

-

1,272

5

1,277

Other comprehensive income for the second half of 2021

-

-

-

-

-

9

106

-

(66)

49

0

50

Comprehensive income
for the second half of 2021

-

-

-

-

1,272

9

106

-

(66)

1,321

5

1,327

Change in share capital and share premiums

-

-

-

-

-

-

-

-

-

-

-

-

Purchase or sale of treasury shares

-

-

-

1

-

-

-

-

-

1

-

1

Share-based payments

-

-

-

-

27

-

-

-

-

27

-

27

Dividends paid

-

-

-

-

-

-

-

-

-

-

(2)

(2)

Other

-

-

-

-

27

-

-

-

-

27

(2)

25

As at 31 December 2021

105,569,412

54

50

(551)

9,712

(125)

178

188

(105)

9,400

12

9,412

Net income for the first half of 2022

-

-

-

-

1,641

-

-

-

 

1,641

6

1,647

Other comprehensive income for the first half of 2022

-

-

-

-

-

1

181

-

10

191

1

193

Comprehensive income
for the first half of 2022

-

-

-

-

1,641

1

181

-

10

1,833

7

1,840

Change in share capital and share premiums

-

-

-

-

-

-

-

-

-

-

-

-

Purchase or sale of treasury shares

-

-

-

(120)

(0)

-

-

-

-

(120)

-

(120)

Share-based payments

-

-

-

-

27

-

-

-

-

27

-

27

Dividends paid

-

-

-

-

(845)

-

-

-

-

(845)

(6)

(850)

Other

-

-

-

 

(36)

-

-

-

-

(36)

-

(36)

AS AT 30 JUNE 2022

105,569,412

54

50

(672)

10,500

(124)

359

188

(95)

10,259

14

10,273

CONSOLIDATED STATEMENT OF CASH FLOWS

In millions of euros

H1 2022

2021 Financial year

H1 2021

CASH FLOWS RELATED TO OPERATING ACTIVITIES

 

 

 

Net income attributable to owners of the parent

1,641

2,445

1,174

Depreciation and amortisation of fixed assets

160

312

148

Depreciation of right-of-use assets

127

251

120

Impairment losses

71

65

41

Mark-to-Market financial instruments

-

(1)

(1)

Foreign exchange gains/(losses) on fair value adjustments

(24)

(46)

(12)

Change in provisions

22

28

17

Net income from associates

(25)

(34)

(13)

Net income attributable to non-controlling interests

6

8

3

Capital gains or losses on disposals and impact of changes in scope of consolidation

7

(4)

1

Deferred tax expense

(1)

(15)

(14)

Accrued expenses and income related to share-based payments

27

59

32

Dividend income

(11)

(10)

(10)

Other

(0)

(0)

(0)

Operating cash flows

2,001

3,060

1,487

Change in working capital requirements

(261)

346

65

Change in net cash position related to operating activities (A)

1,740

3,405

1,552

CASH FLOWS RELATED TO INVESTING ACTIVITIES

 

 

 

Operating investments

(190)

(532)

(214)

Acquisitions of consolidated shares

-

(0)

(0)

Acquisitions of other financial assets

(40)

(198)

(4)

Disposals of operating assets

0

3

2

Disposals of consolidated shares and impact of losses of control

-

-

-

Disposals of other financial assets

5

6

3

Change in payables and receivables related to investing activities

(18)

6

(30)

Dividends received

36

47

26

Change in net cash position related to investing activities (B)

(207)

(669)

(217)

CASH FLOWS RELATED TO FINANCING ACTIVITIES

 

 

 

Dividends paid

(850)

(490)

(489)

Repayment of lease liabilities

(128)

(212)

(102)

Treasury share buybacks net of disposals

(120)

(158)

(159)

Borrowing subscriptions

-

-

-

Repayment of borrowings

(0)

(8)

(8)

Change in net cash position related to financing activities (C)

(1,099)

(869)

(757)

Foreign currency translation adjustment (D)

151

110

32

CHANGE IN NET CASH POSITION (A) + (B) + (C) + (D)

585

1,978

609

Net cash position at the beginning of the period

6,695

4,717

4,717

Net cash position at the end of the period

7,280

6,695

5,326

CHANGE IN NET CASH POSITION

585

1,978

609

Attachment


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