TIDMSCS
RNS Number : 2100T
ScS Group PLC
19 March 2019
For Immediate Release 19 March 2019
ScS Group plc
("ScS" or the "Group")
Interim results for the 26 weeks ended 26 January 2019
CONTINUED PROFITABLE GROWTH IN AN UNCERTAIN RETAIL
ENVIRONMENT
ScS, one of the UK's largest retailers of upholstered furniture
and floorings, is pleased to announce its interim results for the
26 weeks ended 26 January 2019.
Financial Highlights:
-- Gross sales up 1.2% to GBP159.2m (2018: GBP157.4m)
-- Revenue up 1.1% to GBP151.4m (2018: GBP149.9m)
-- Gross profit increased 1.5% to GBP71.5m (2018: GBP70.4m)
-- Gross margin improved to 44.9% (2018: 44.7%)
-- Underlying EBITDA from continuing operations improved by GBP0.3m to GBP3.4m (2018: GBP3.1m)
-- Underlying operating profit improved by GBP0.3m to GBP0.8m (2018: GBP0.5m)
-- Operating profit from continuing operations of GBP0.4m (2018: GBP0.5m)
-- Underlying earnings per share of 2.2p (2018: 0.1p)
-- Statutory earnings per share of 0.4p (2018: 0.1p)
-- Strong cash inflow from operating activities of GBP20.7m (2018: GBP18.2m)
-- Strong balance sheet with cash of GBP62.5m (2018: GBP51.8m)
-- Interim dividend increased 3.8% to 5.50p per share (2018: 5.30p per share)
Operational Highlights:
-- Like-for-like order intake up 1.5%
-- Two year like-for-like order intake up 4.5%
-- Continued investment in our e-commerce offering has seen
online sales increase 30.0% to GBP7.8m (2018: GBP6.0m)
-- 5 star "Excellent" rating maintained on Trustpilot with over 135,000 reviews
-- Completed successful refurbishments of flooring department in every store
-- Implementation of technology for delivery and upholstery
teams, further enhancing our customer experience
-- Orderly exit from House of Fraser concessions completed in January 2019
Current trading and outlook:
-- Order intake up 2.9% on a like-for-like basis for the 33 weeks to 16 March 2019
-- Year to date trading in line with the Board's expectations
David Knight, Chief Executive Officer of ScS, commented:
"The Group continues to deliver profitable growth whilst
increasing its resilience. The Board is pleased with the Group's
year to date trading, which is in line with its expectations. For
the 33 weeks ended 16 March 2019, the Group achieved like-for-like
order intake growth of 2.9% and two-year like-for-like order intake
growth of 4.6%. Our focus on providing excellent choice, value and
quality for our customers, coupled with our commitment to
delivering against our strategic priorities, continues to prove
successful.
The retail market continues to suffer in the midst of the
uncertain economic and political environment. We therefore expect
the trading environment to continue to remain challenging in the
short to medium term, although the Board is confident that the
Group is well positioned to maximise opportunities as they
arise."
Enquiries:
ScS Group PLC c/o Buchanan +44 (0)20 7466
David Knight, Chief Executive Officer 5000
Chris Muir, Chief Financial Officer
Buchanan Tel: +44 (0)20 7466 5000
Richard Oldworth scs@buchanan.uk.com
Madeleine Seacombe
Tilly Abraham
Investor and Analyst Meeting
A meeting for analysts will be held at the office of Buchanan,
107 Cheapside, London, EC2V 6DN on 19 March 2019 commencing at 9am.
ScS Group plc's Interim Results 2019 are available at
www.scsplc.co.uk
A live audio webcast will be available for streaming at 9am via
the following link:
http://webcasting.buchanan.uk.com/broadcast/5c6bc16be6e1d92d38f4ed0f
Following the presentation a replay will be available from
midday via the same link.
Notes to Editors
ScS is one of the UK's largest retailers of upholstered
furniture and floorings, promoting itself as the "Sofa Carpet
Specialist", seeking to offer value and choice through a wide range
of upholstered furniture and flooring products. The Group's product
range is designed to appeal to a broad customer base with a
mid-market priced offering and is currently traded from 100
stores.
The Group's upholstered furniture business specialises primarily
in fabric and leather sofas and chairs. ScS sells a range of
branded products which are not sold under registered trademarks and
a range of branded products which are sold under registered
trademarks owned by ScS (such as Endurance and SiSi Italia). The
Group also offers a range of third party brands (which include
La-Z-Boy and G Plan). The Group's flooring business includes
carpets, as well as laminate and vinyl flooring.
BUSINESS REVIEW
The Group continues to deliver against its strategy for growth,
with further progress seen in the 26 weeks ended 26 January 2019,
resulting in the Group trading in line with the Board's
expectations.
Performance
The Group achieved like-for-like order intake growth from
continuing operations of 1.5% for the first half of the financial
year, with two year like-for-like order intake growth of 4.5%.
Trading over the key winter sales period, whilst impacted, as
expected, by the loss of one trading day in the week of Boxing Day,
was also in line with the Board's expectations.
Together with order intake growth, the business continues to
deliver increases in revenue, gross profit and profit margins.
Total gross sales grew from GBP157.4m to GBP159.2m, an increase of
1.2%, and gross profit improved from GBP70.4m to GBP71.5m, an
increase of 1.5%. Gross margin increased from 44.7% to 44.9%.
Further efficiencies and cost management resulted in a reduction
in operating costs as a percentage of revenue. Total administrative
expenses before exceptionals increased 0.6% from GBP61.8m to
GBP62.1m.
Financial and strategic objectives
The Company continues to pursue the same key objectives:
-- Deliver profitable and sustainable growth;
-- Improve the quality of earnings;
-- Improve business resilience through the economic cycle, and
-- Increase shareholder returns.
These objectives are underpinned by the Group's strategic
priorities, as published in its 2018 Annual Report.
Building and inspiring an outstanding team
The first half of the financial year has seen continued progress
in our efforts to ensure our people remain our key strength. The
Group has already started to benefit from the fresh insight and
experience brought to the Board by the new HR and Commercial
Directors appointed in the first half of the year. Our primary
focus is on how we improve the recruitment, retention, reward and
development of our people. Our new 'mobile first' recruitment
website and supporting applicant tracking systems are now fully
operational, and already proving successful, helping strengthen our
ability to attract and manage candidates throughout the recruitment
process.
As noted at the year end, the Group saw good progress in the
results from its 2018 employee culture survey results. The survey
provided further valuable insight and generated deliverable
actions, which will improve day-to-day performance and
wellbeing.
The Group continues to see an increase in staff retention rates,
up 4.7% in the period when compared to the position at the end of
January 2018.
Delivering an exceptional customer experience
The Group's key measure of success in delivering customer
experience is its Trustpilot rating. We are very proud of our
5-star 'Excellent' score and we actively share this feedback
in-store, on TV advertising, in newspapers and online. It gives new
and returning customers assurance that they can expect to receive
an excellent experience when shopping with us.
Our Trustpilot rating is a testament to the continued work and
efforts of our in-store staff, customer services advisors and our
delivery teams. A highlight of the first half of the 2019 financial
year has been the significant increase in the number of reviews.
Despite only recently celebrating being one of a handful of
businesses in the UK to have achieved over 100,000 reviews, we have
since had over 35,000 more reviews in the first half of 2019. This
highlights our ongoing focus and drive to gather further customer
insight on the sale and delivery process so we can continue to
improve our offering.
The start of 2019 has also seen the roll-out of mobile
technology to ensure that the customer receives an excellent
experience dealing with our delivery and aftercare teams, whilst
also improving the Group's efficiency. The benefits include
instantaneous smart route optimization, shorter service wait times,
delivery tracking notifications for our customers and the
electronic capture of key information such as photographs and
e-signatures to improve the quality and transfer of
information.
Optimising our product strategy
More than ever before, we are working with our suppliers to
improve our ability to give our customers outstanding value,
quality and choice. We have improved the quality of information
tracked on a per-supplier basis, and we share this as part of our
ongoing supplier meetings. Progress has been seen in this area with
a reduction in customer queries received post-delivery of 1.7% in
the period (when compared to the same period last year), and a 13%
improvement in the scheduling of inbound deliveries.
Driving sales densities in our ScS network
The big-ticket and tactile nature of our product offering, and
therefore the customers desire to come in-store and try before they
buy, means in-store sales remain the most significant element of
the Group's business, making up 95.1% (2018: 96.2%) of the Group's
gross sales. We also know that a proportion of our online sales are
completed after the customer has visited a store and conversely,
where the customer has started their journey online and visited a
store to complete their order.
In-store gross furniture sales fell 0.2% to GBP129.8m against
the same period in the prior year, although our continued progress
with flooring meant in-store sales increased 1.4% to GBP21.6m.
Sales density per square foot at our ScS stores for the period grew
slightly to GBP109 (2018: GBP108).
Average furniture order values fell 4.2% in the year to GBP1,543
(2018: GBP1,610), driven by our change in product mix, where we
continue to focus on the value end of the market and achieve a
lower promotional price point. The strategy has proved successful,
as despite a lower average order value, we have increased our gross
margin.
The Group continues to review a number of potential new store
locations across the UK, where we feel there are opportunities for
expansion with the right level of return on investment. We have
also identified a small number of our current stores where we would
consider a relocation or exit should the opportunity arise.
Creating a market leading website and digital awareness
Our online sales channel continues to be the fastest growing
area of the business, with gross sales in the period increasing
30.0% to GBP7.8m (2018: GBP6.0m). We continue to invest in this
area, strengthening our e-commerce team, online marketing and
website development, and the Group is pleased to see the positive
impact it has had on its performance. Website visitor traffic has
continued to rise, and whilst we've identified that this is largely
due to customers researching products prior to visiting a store,
our strong performance demonstrates an ever increasing number of
customers are confident to make purchases online. Although average
online order value is still below that achieved in-store, this has
also increased compared to the same period last year.
As we outlined in our 2018 Annual Report, we have committed to
the re-platforming of our website, and work on this project has
commenced. We continue to work closely with our partners to improve
the customer's online experience through increased speed,
functionality, look and feel, particularly on mobile devices.
Accelerating our flooring growth
2018 was a very successful period for the business in flooring,
and we are proud to have been awarded the coveted "Best Flooring
Retailer 2018" from Interiors Monthly, a leading industry magazine.
The current period has shown further growth, with in-store sales
rising 1.4% to GBP21.6m (2018: GBP21.3m). Flooring order values
have risen 3.1% to GBP697 (2018: GBP676).
We have completed a total refurbishment of the flooring
departments in every store, modernising the look and feel and
improving point of sale. We have also reviewed and refined the
flooring products we sell. To further enhance the customer
experience, work has commenced on improving the quality of the
teams our customers interact with. We are confident our offering
and market share can continue to grow in the medium and longer
term.
Improving our profitability
Increasing the Group's profits, margins and resilience, whilst
maintaining a flexible cost base, is a key focus. The Group again
improved on its key profitability measures, which saw the gross
profit margin increase to 44.9% (2018: 44.7%) and the underlying
EBITDA margin increase to 2.2% (2018: 1.9%). The increases in
profit margins were achieved despite a reduction in our overall
average order value, which was mainly driven by an increased
offering at the lower end of our price points.
Whilst the Group is pleased that its long established
relationships with suppliers, successful procurement procedures and
proactive tender programmes continue to ensure costs are minimised,
we remain conscious of the potential headwinds to this. Current
pressures on interest rates have recently increased the cost of
providing our customers with interest-free finance. This is a key
part of our offering, with approximately half of our customers
taking up this option, and this will therefore impact orders
delivered and gross margins in the second half of the year. As a
result, the Group expects that margins in the second half of the
year will be similar to those achieved in the first half of the
prior year.
We are mindful of the risk from the elevated political and
economic uncertainty that currently exists, and we continue to
build our resilience, to put our business in a strong position and
manage any impact on both our customers and suppliers.
House of Fraser concessions
As announced on 25 October 2018, the Group ceased trading from
its 27 concessions within House of Fraser at the end of January
2019 following House of Fraser entering into administration on 10
August 2018, and the subsequent purchase of its trade and assets by
Sports Direct International plc.
The Group successfully managed to retain and fulfil many of the
orders in the pre-administration order book. This, combined with
strong stock management, ensured a limited impact on the Group's
overall result.
We would like to take this opportunity to thank all of our
colleagues who have worked in our House of Fraser concessions for
their dedication and hard work.
Current trading and outlook
The Group continues to deliver profitable growth whilst
increasing its resilience. The Board is pleased with the Group's
year to date trading, which is in line with its expectations. For
the 33 weeks ended 16 March 2019, the Group achieved like-for-like
order intake growth of 2.9% and two-year like-for-like order intake
growth of 4.6%. Our focus on providing excellent choice, value and
quality for our customers, coupled with our commitment to
delivering against our strategic priorities, continues to prove
successful.
The retail market continues to suffer in the midst of the
uncertain economic and political environment. We therefore expect
the trading environment to continue to remain challenging in the
short to medium term, although the Board is confident that the
Group is well positioned to maximise opportunities as they
arise.
FINANCIAL REVIEW
*Restated
26 weeks 26 weeks *Restated
ended ended 52 weeks
26 January 27 January ended
2019 2018 28 July 2018
GBPm GBPm GBPm
Gross sales 159.2 157.4 327.5
=========== =========== ===============
Revenue 151.4 149.9 312.8
=========== =========== ===============
Gross profit 71.5 70.4 147.2
----------- ----------- ---------------
Distribution costs (8.6) (8.1) (16.8)
Administration expenses before exceptionals (62.1) (61.8) (116.7)
----------- ----------- ---------------
Total operating expenses (70.7) (69.9) (133.5)
----------- ----------- ---------------
Underlying operating profit 0.8 0.5 13.7
Net finance income/(expense) 0.1 (0.1) -
Exceptional items (0.4) - -
Profit before tax from continuing
operations 0.5 0.4 13.7
Tax (0.2) (0.2) (2.7)
----------- ----------- ---------------
Profit after tax from continuing
operations 0.3 0.2 11.0
=========== =========== ===============
Loss from discontinued operation (0.1) (0.2) (0.3)
=========== =========== ===============
Profit after tax for the period 0.2 - 10.7
=========== =========== ===============
Underlying EBITDA from continuing
operations 3.4 3.1 19.1
----------- ----------- ---------------
*Results above have been restated to show continuing operations,
following the presentation of the House of Fraser concession
business as discontinued.
Gross sales and revenue
Gross sales increased by GBP1.8m (1.2%) to GBP159.2m (2018:
GBP157.4m) and is attributable to:
-- A decrease in upholstered furniture sales in ScS stores of
0.2% to GBP129.8m (2018: GBP130.1m);
-- An increase in flooring sales in ScS stores of 1.4% to GBP21.6m (2018: GBP21.3m), and
-- An increase in online sales of 30.0% to GBP7.8m (2018: GBP6.0m).
Revenue, which represents gross sales less charges relating to
interest free credit sales (see note 5 - Segmental Information),
increased by 1.1% to GBP151.4m (2018: GBP149.9m).
House of Fraser gross sales of GBP7.3m (2018: GBP11.0m) form
part of the result from the discontinued operations (see note
15).
Gross profit
The gross profit increase of GBP1.0m, or 1.5%, has been driven
both by the increases in the volume noted above, and by an increase
in gross margin.
Gross margin (gross profit as a percentage of gross sales)
increased to 44.9% (2018: 44.7%). This increase of 13 basis points
has benefitted from an improvement in the quality of selling in our
stores and an increased margin on stock sales.
Movements in LIBOR mean that the cost of providing our customers
with interest-free finance will increase and negatively impact
margin in the second half of the year. Consequently, the Group
expects that margins in the second half of the year will be similar
to those achieved in the first half of the prior year.
Distribution costs
Distribution costs comprise the total cost of the in-house
distribution function and includes employment costs, the cost of
leasing vehicles and related running costs and property costs
(principally rent, rates and utilities) for the nine distribution
centres, as well as costs of third party delivery services
contracted to support peak delivery periods.
Distribution costs increased 5.5% to GBP8.6m in the period
(2018: GBP8.1m). Whilst we have seen some property and staffing
cost pressure, the main reason for the increase in the period was
the volume of orders delivered. As a percentage of revenue for the
period, distribution costs were 5.7%, an increase of 0.3% over the
same period in the prior year.
Administrative expenses before exceptionals
Administrative expenses comprise:
-- Store operating costs, principally employment costs, property
related costs (rent and rates, utilities, store repairs and
depreciation);
-- Marketing expenditure; and
-- General administrative expenditure, which includes the
employment costs for the directors, senior management and all head
office-based support functions and other central costs.
Administration expenses for the period totalled GBP62.1m,
compared to GBP61.8m in the prior period. Administration expenses
as a percentage of revenue were 41.0%, compared to 41.2% in the
prior period.
The increase in expenses of GBP0.3m was driven by the
following:
-- A GBP0.4m increase in payroll costs, reflecting an increase
in basic pay levels (including the impact of the increased minimum
wage), a reduction in our vacancy rate, and the increased cost of
pension contributions due to auto-enrollment, offset by reduced
performance related pay;
-- A GBP0.2m increase in marketing spend, and
-- A reduction in property and other costs of GBP0.3m.
The control of costs remains a key focus area as does increasing
the level of flexibility in our cost base.
Flexible costs
The nature of the Group's business model, where almost all sales
are made to order, results in the majority of costs being
proportional to sales. This provides the Group with the ability to
flex its cost base as revenue changes, protecting the business
should there be wider economic pressures. As shown below, the
proportion of cost variability remained consistent
year-on-year.
Total costs before interest, tax, depreciation and amortisation
for the year were GBP155.8m (2018: GBP154.3m).
Of this total, 75% (2018: 75%), or GBP117.6m (2018: GBP116.5m),
are variable or discretionary, and are made up of:
-- GBP87.8m cost of goods sold, including finance and warranty costs (2018: GBP87.0m);
-- GBP8.6m distribution costs (2018: GBP8.1m);
-- GBP14.3m marketing costs (2018: GBP14.1m), and
-- GBP6.9m performance related payroll costs (2018: GBP7.3m).
Semi-variable costs totalled GBP20.0m, or 13% of total costs,
for the year (2018: GBP19.4m; 13%) and are predominantly other
non-performance related payroll costs and store costs. Rent, rates,
heating, and lighting make up the remaining GBP18.2m (12%) of total
costs (2018: GBP18.4m; 12%).
The Group has continued to reduce the average remaining lease
tenure of its store portfolio. This has been achieved by targeting
lower tenures on existing lease renewals and on new stores, and
provides the Group with increased flexibility to exit or relocate
stores where required. The majority of recent leases entered into
are 10 years in length. Average remaining tenure length for the
Group has dropped from 8.4 years at the end of FY16 to 6.3 years at
the end of HY19 (FY18: 6.8 years; FY17: 7.6 years).
Underlying operating profit
The operating profit before exceptional costs was GBP0.8m for
the first half of the financial year, compared to an operating
profit of GBP0.5m for the same period last year, driven by the
increased gross margin, partially offset by the increased
distribution and administrative expenses.
Underlying EBITDA from continuing operations
An analysis of underlying EBITDA is as follows:
Restated
26 weeks 26 weeks Restated
ended ended 52 weeks
26 January 27 January ended
2019 2018 28 July 2018
------------ ----------- -------------
GBPm GBPm GBPm
Underlying operating profit from
continuing operations 0.8 0.5 13.7
Depreciation and amortisation 2.6 2.6 5.4
Underlying EBITDA from continuing
operations 3.4 3.1 19.1
Exceptional costs (0.3) - -
EBITDA from continuing operations 3.1 3.1 19.1
Exceptional costs
Exceptional costs relate to the unrealised acquisition of
Sofa.com. As announced in January 2019, the Group was in
discussions regarding a potential acquisition of the business and
assets of Sofa.com Limited. Ultimately this transaction did not
occur, and the professional fees relating to the due diligence
conducted have been classified as exceptional for the purposes of
providing relevant comparative information.
Discontinued operations
As announced on the 25 October 2018, the Group ceased trading
from its 27 concessions within House of Fraser at the end of
January 2019 following House of Fraser's administration on 10
August 2018, and the subsequent purchase of its trade and assets by
Sports Direct International plc.
As a consequence of ceasing to trade through the House of Fraser
concession, the associated revenue and costs have been shown
separately as a discontinued operation within the results contained
in this interim statement, and prior year comparatives have been
restated to show only the continuing ScS business. As the results
in note 15 show, for the 26 weeks ended 26 January 2019, the
operation made an underlying EBITDA profit of GBP0.4m, before
exceptional items of GBP0.4m. The same period in the prior year
resulted in an EBITDA loss of GBP0.2m, and for the full financial
year 2018, the operation generated an EBITDA loss of GBP0.3m. The
full year loss was impacted by the Group reviewing the
recoverability of monies owed from the House of Fraser business
that went in to administration and by a review of the carrying
value of stock in House of Fraser in light of the trading issues it
was facing at the time.
The underlying EBITDA generated in the current period was
largely as a consequence of the success of the Group to retain and
fulfil many of the orders in the pre-administration order book and
the timing benefit of delivering orders without the associated
advertising expense which would usually support future
deliveries.
Taxation
The tax charge is higher than if the standard rate of
corporation tax had been applied, mainly due to charges not
deductible for tax purposes, principally the exceptional
professional fees, share based payment charge, and depreciation on
capital expenditure that does not qualify for capital
allowances.
Cash and cash equivalents
A strong cash flow has been generated from operations reflecting
the negative working capital business model whereby:
-- For cash/card sales, customers pay deposits at the point of
order and settle outstanding balances before delivery;
-- For consumer credit sales, the loan provider pays ScS within
two working days of delivery, and
-- The majority of product suppliers are paid at the end of the
month following the month of delivery into the distribution
centres.
A summary of the Group's cash flows is shown below:
26 weeks 26 weeks
ended ended 52 weeks
26 January 27 January ended
2019 2018 28 July 2018
----------- ----------- -------------
GBPm GBPm GBPm
Cash generated from operating
activities 22.0 19.7 21.0
Net capital expenditure (2.2) (1.5) (2.9)
Net taxation and interest payments (1.0) (1.5) (2.9)
----------- ----------- -------------
Free cash flow 18.8 16.7 15.2
Dividends (4.4) (3.9) (6.0)
Purchase of own shares - (1.1) (1.2)
=========== =========== =============
Net cash generated 14.4 11.7 8.0
=========== =========== =============
Cash generated from operating activities increased in comparison
to the same period last year due to an increase in the working
capital inflow caused by a reduction in stock as a result of the
closure of the House of Fraser concessions. Net capital expenditure
in the period includes the flooring department refurbishments and
the deployment of new mobile technology.
Dividend
The Group has continued to generate strong cash flows, deliver
growth and build a balance sheet of increasing resilience. The
Board is confident the Group can build on its strong performance to
date and create sustainable value for its shareholders. As a
consequence, the Board is pleased to announce a further increase in
the interim dividend, to 5.50p per ordinary share (2018: 5.30p).
This reflects an anticipated one third and two thirds split between
the interim and final dividend respectively. Going forward, the
Group will target earnings per share cover in the range of 1.25x to
2.00x, and cash cover in the range of 1.75x to 2.25x through the
economic cycle.
This dividend will be payable on 9 May 2019 to shareholders on
the register on 23 April 2019. The ex-dividend date is 18 April
2019.
Principal risks and uncertainties
Save as set out below, the principle risks and uncertainties
which the group faces are unchanged from those detailed on pages 30
to 33 of the Annual Report for 2018, which is dated 1 October and
is available from the ScS Group plc website.
The Board considers that the uncertainty around the UK's
withdrawal from the EU has increased and has sought to mitigate
this risk by working closely with suppliers to ensure that they
have contingency plans in place. Notwithstanding this, the Group
could face reduced demand leading to lower sales, exchange rate
fluctuations leading to increased costs and border delays affecting
lead times.
David Knight
Chief Executive Officer
19 March 2019
STATEMENT OF DIRECTORS RESPONSIBILITIES
The directors confirm that these condensed consolidated interim
financial statements have been prepared in accordance with
International Accounting Standard 34, 'Interim Financial
Reporting', as adopted by the European Union and that the interim
management report includes a fair review of the information
required by DTR 4.2.7 and DTR 4.2.8, namely:
-- an indication of important events that have occurred during
the first 26 weeks and their impact on the condensed set of
financial statements, and a description of the principal risks and
uncertainties for the remaining 26 weeks of the financial year;
and
-- material related-party transactions in the first 26 weeks and
any material changes in the related-party transactions described in
the last annual report.
The directors of ScS Group plc are listed on pages 42 and 43 of
the Annual Report 2018 dated 1 October 2018.
A list of current directors is maintained on the ScS Group plc
website: www.scsplc.co.uk.
By order of the Board
Chris Muir
Company Secretary
19 March 2019
Independent review report to ScS Group plc
Report on the condensed consolidated interim financial
statements
Our conclusion
We have reviewed ScS Group plc's condensed consolidated interim
financial statements (the "interim financial statements") in the
Interim Results of ScS Group plc for the 26 week period ended 26
January 2019. Based on our review, nothing has come to our
attention that causes us to believe that the interim financial
statements are not prepared, in all material respects, in
accordance with International Accounting Standard 34, 'Interim
Financial Reporting', as adopted by the European Union and the
Disclosure Guidance and Transparency Rules sourcebook of the United
Kingdom's Financial Conduct Authority.
What we have reviewed
The interim financial statements comprise:
-- the condensed consolidated balance sheet as at 26 January 2019;
-- the condensed consolidated statement of comprehensive income for the period then ended;
-- the condensed consolidated cash flow statement for the period then ended;
-- the condensed consolidated statement of changes in equity for the period then ended; and
-- the explanatory notes to the condensed consolidated financial statements.
The interim financial statements included in the Interim Results
have been prepared in accordance with International Accounting
Standard 34, 'Interim Financial Reporting', as adopted by the
European Union and the Disclosure Guidance and Transparency Rules
sourcebook of the United Kingdom's Financial Conduct Authority.
As disclosed in note 2 to the interim financial statements, the
financial reporting framework that has been applied in the
preparation of the full annual financial statements of the Group is
applicable law and International Financial Reporting Standards
(IFRSs) as adopted by the European Union.
Responsibilities for the interim financial statements and the
review
Our responsibilities and those of the directors
The Interim Results, including the interim financial statements,
is the responsibility of, and has been approved by, the directors.
The directors are responsible for preparing the Interim Results in
accordance with the Disclosure Guidance and Transparency Rules
sourcebook of the United Kingdom's Financial Conduct Authority.
Our responsibility is to express a conclusion on the interim
financial statements in the Interim Results based on our review.
This report, including the conclusion, has been prepared for and
only for the company for the purpose of complying with the
Disclosure Guidance and Transparency Rules sourcebook of the United
Kingdom's Financial Conduct Authority and for no other purpose. We
do not, in giving this conclusion, accept or assume responsibility
for any other purpose or to any other person to whom this report is
shown or into whose hands it may come save where expressly agreed
by our prior consent in writing.
What a review of interim financial statements involves
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410, 'Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity' issued by the Auditing Practices Board for use in
the United Kingdom. A review of interim financial information
consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures.
A review is substantially less in scope than an audit conducted
in accordance with International Standards on Auditing (UK) and,
consequently, does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in
an audit. Accordingly, we do not express an audit opinion.
We have read the other information contained in the Interim
Results and considered whether it contains any apparent
misstatements or material inconsistencies with the information in
the interim financial statements.
PricewaterhouseCoopers LLP
Chartered Accountants
Newcastle upon Tyne
19 March 2019
a) The maintenance and integrity of the ScS Group plc website is
the responsibility of the directors; the work carried out by the
auditors does not involve consideration of these matters and,
accordingly, the auditors accept no responsibility for any changes
that may have occurred to the interim financial statements since
they were initially presented on the website.
b) Legislation in the United Kingdom governing the preparation
and dissemination of financial statements may differ from
legislation in other jurisdictions.
ScS Group plc
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Restated
Unaudited Unaudited Restated
26 weeks 26 weeks Audited
ended ended 52 weeks
26 January 27 January ended 28
Note 2019 2018 July 2018
---- ----------- ----------- ------------
GBP'000 GBP'000 GBP'000
Gross Sales 5 159,203 157,375 327,465
=========== =========== ============
Revenue 5 151,442 149,855 312,828
Cost of sales (79,992) (79,436) (165,590)
----------- ----------- ------------
Gross profit 71,450 70,419 147,238
Distribution costs (8,564) (8,118) (16,879)
Administrative expenses (62,475) (61,779) (116,691)
----------- ----------- ------------
Operating profit 411 522 13,668
----------- ----------- ------------
Analysed as:
Underlying operating profit 763 522 13,668
Exceptional items 6 (352) - -
------------------------------------- ---- ----------- ----------- ------------
Operating profit 411 522 13,668
------------------------------------- ---- ----------- ----------- ------------
Finance costs (48) (188) (228)
Finance income 182 80 205
----------- ----------- ------------
Net finance income/(costs) 134 (108) (23)
Profit before taxation 545 414 13,645
Taxation 10 (260) (193) (2,622)
----------- ----------- ------------
Profit from continuing operations 285 221 11,023
Loss from discontinued operations 15 (121) (180) (345)
Profit for the period 164 41 10,678
=========== =========== ============
Attributable to:
Owners of the parent 164 41 10,678
Profit attributable and total
comprehensive income for the period 164 41 10,678
----------- ----------- ------------
Underlying earnings per share:
Basic earnings per share (pence) 11 2.2p 0.1p 26.8p
----------- ----------- ------------
Diluted earnings per share (pence) 11 2.1p 0.1p 26.0p
=========== =========== ============
Statutory earnings per share:
Basic earnings per share (pence) 11 0.4p 0.1p 26.8p
----------- ----------- ------------
Diluted earnings per share (pence) 11 0.4p 0.1p 26.0p
=========== =========== ============
There are no other sources of comprehensive income.
The results above have been restated to show continuing
operations, following the presentation of the House of Fraser
concession business as discontinued (see note 15).
ScS Group plc
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Attributable to owners of the parent
Capital
Share Share redemption Treasury shares Retained
capital premium reserve Merger reserve earnings Total equity
-------- --------- ----------- -------------- ----------------- --------- ----------------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 30 July
2017 40 16 13 25,511 - 7,699 33,279
Profit for the
period - - - - - 41 41
Share-based
payment expense - - - - - 415 415
Treasury shares
(note 14) - - - - (661) (447) (1,108)
Dividend paid - - - - - (3,921) (3,921)
Balance at 27
January 2018 40 16 13 25,511 (661) 3,787 28,706
======== ========= =========== ============== ================= ========= ================
Balance at 28
January 2018 40 16 13 25,511 (661) 3,787 28,706
Profit for the
period - - - - - 10,637 10,637
Share-based
payment expense - - - - - 127 127
Treasury shares
(note 14) 393 (450) (57)
Dividend paid - - - - - (2,111) (2,111)
-------- --------- ----------- -------------- ----------------- --------- ----------------
Balance at 28 July
2018 40 16 13 25,511 (268) 11,990 37,302
======== ========= =========== ============== ================= ========= ================
Balance at 29 July
2018 40 16 13 25,511 (268) 11,990 37,302
Profit for the
period - - - - - 164 164
Share-based
payment expense - - - - - 139 139
Treasury shares
(note 14) - - - - 91 (91) -
Dividend paid - - - - - (4,349) (4,349)
-------- --------- ----------- -------------- ----------------- --------- ----------------
Balance at 26
January 2019 40 16 13 25,511 (177) 7,853 33,256
======== ========= =========== ============== ================= ========= ================
ScS Group plc
CONDENSED CONSOLIDATED BALANCE SHEET
Unaudited Unaudited
as at as at Audited
26 January 27 January as at
Note 2019 2018 28 July 2018
------ ----------- ----------- -------------
GBP'000 GBP'000 GBP'000
Non-current assets
Intangible assets 1,235 808 1,151
Property, plant and equipment 20,286 22,906 21,450
-----------
Total non-current assets 21,521 23,714 22,601
----------- ----------- -------------
Current assets
Inventories 19,230 23,423 21,865
Trade and other receivables 7,385 9,537 8,536
Cash and cash equivalents 62,518 51,840 48,162
----------- ----------- -------------
Total current assets 89,133 84,800 78,563
----------- ----------- -------------
Total assets 110,654 108,514 101,164
=========== =========== =============
Current liabilities
Current income tax liabilities 872 1,091 1,650
Trade and other payables 12 69,324 70,972 54,566
-----------
Total current liabilities 70,196 72,063 56,216
----------- ----------- -------------
Non-current liabilities
Trade and other payables 6,721 7,328 7,001
Deferred tax liability 481 417 645
-----------
Total non-current liabilities 7,202 7,745 7,646
----------- ----------- -------------
Total liabilities 77,398 79,808 63,862
----------- ----------- -------------
Capital and reserves attributable
to the owners of the parent
Share capital 40 40 40
Share premium 16 16 16
Capital redemption reserve 13 13 13
Merger reserve 25,511 25,511 25,511
Treasury shares 14 (177) (661) (268)
Retained earnings 7,853 3,787 11,990
----------- ----------- -------------
Equity attributable to the
owners of the parent 33,256 28,706 37,302
----------- ----------- -------------
Total equity 33,256 28,706 37,302
----------- ----------- -------------
Total equity and liabilities 110,654 108,514 101,164
=========== =========== =============
ScS Group plc
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
Restated Restated
unaudited audited
Unaudited 26 weeks 52 weeks
26 weeks ended ended ended
26 January 27 January 28 July
2019 2018 2018
--------------- ----------- ---------
Cash flows from operating activities GBP'000 GBP'000 GBP'000
Profit before taxation 545 414 13,645
Adjustments for:
Loss from discontinued operations
before tax (note 15) (149) (222) (426)
Depreciation of property plant
and equipment 2,618 2,185 5,035
Amortisation of intangible assets 149 373 518
Share-based payments 139 415 542
Finance costs 48 187 228
Finance income (182) (80) (205)
--------------- ----------- ---------
3,168 3,272 19,337
Changes in working capital:
Decrease/(Increase) in inventories 2,635 (1,339) 219
Decrease in trade and other receivables 1,150 161 1,163
Increase in trade and other payables 15,005 17,598 314
Cash generated from operating
activities 21,958 19,692 21,033
Interest paid (48) (188) (228)
Income taxes paid (1,174) (1,300) (2,896)
--------------- ----------- ---------
Net cash flow generated from
operating activities 20,736 18,204 17,909
--------------- ----------- ---------
Cash flows from investing activities
Purchase of property, plant and
equipment (1,962) (1,462) (2,306)
Payments to acquire intangible
assets (251) (79) (575)
Interest received 182 80 205
--------------- ----------- ---------
Net cash outflow from investing
activities (2,031) (1,461) (2,676)
--------------- ----------- ---------
Cash flows from financing activities
Dividends paid (4,349) (3,921) (6,032)
Purchase of own shares (note
14) - (1,108) (1,165)
Net cash flow used in financing
activities (4,349) (5,029) (7,197)
--------------- ----------- ---------
Net increase in cash and cash
equivalents 14,356 11,714 8,036
Cash and cash equivalents at
beginning of period 48,162 40,126 40,126
Cash and cash equivalents at
end of period 62,518 51,840 48,162
=============== =========== =========
Notes to the unaudited condensed consolidated financial
statements
1. General information
ScS Group plc (the "Company") is incorporated and domiciled in
the UK (Company registration number 03263435). The address of the
registered office is 45-49 Villiers Street, Sunderland, SR1 1HA.
The principal activity of the Company and its subsidiaries (the
"Group") is the provision of upholstered furniture and flooring,
trading under the name ScS.
The 2018 audited financial statements for the Group have been
filed with Companies House.
2. Basis of preparation
This interim report has been prepared in accordance with the
Disclosure and Transparency Rules of the Financial Conduct
Authority (previously the Financial Services Authority) and IAS 34
"Interim Financial Reporting" as adopted by the European Union. The
financial reporting framework used is the same as that of the full
annual financial statements of the Group, being the International
Financial Reporting Standards (IFRSs) as adopted by the European
Union.
The condensed consolidated financial statements for the 26 weeks
ended 26 January 2019 should be read in conjunction with the Annual
Report 2018 dated 1 October 2018 (the "Annual Report 2018").
The report of the auditors for the financial statements for the
52 weeks ended 28 July 2018, included in the Annual Report 2018,
was unqualified, did not contain an emphasis of matter paragraph
and did not include a statement under Section 498 of the Companies
Act 2006.
The Group's interim condensed consolidated financial information
is not audited and does not constitute statutory financial
statements as defined in Section 434 of the Companies Act 2006.
These condensed interim financial statements were approved for
issue on 19 March 2019.
3. Going concern
The Group generates strong cash flows, reflecting the negative
working capital requirements of the business model. In addition,
the Group continues to build a strong cash position and has a
committed GBP12m revolving credit facility in place. The Group's
forecasts and projections show that the Group has adequate
resources to continue to operational existence for the foreseeable
future. After making enquiries, the directors have a reasonable
expectation that the Group has adequate resources to continue in
operational existence for the foreseeable future, being at least 12
months from the date of the approval of the Interim Results and did
not identify any material uncertainties to the Group's ability to
do so. The Group therefore continues to adopt the going concern
basis in preparing its condensed interim financial statements.
4. Accounting policies
The Group's principal accounting policies used in preparing this
information are as stated in note 2 to the Consolidated Financial
Statements on pages 78 to 82 of the Annual Report 2018. There has
been no change to any accounting policy from the date of the Annual
Report, apart from those noted below.
From 29 July 2018 the following standards, amendments and
interpretations were adopted by the Group:
-- IFRS 9 Financial Instruments, and
-- IFRS 15 Revenue from Contracts with Customers.
The adoption of the above has not had a significant impact on
the Group's profit for the period or equity.
IFRS 16 'Leases' will be effective for the year ending 25 July
2020 onwards and the impact on the financial statements will be
significant. IFRS 16 requires lessees to recognise a lease
liability reflecting future lease payments and a right-of-use asset
for all lease contracts. Therefore, the substantial majority of the
Group's operating lease commitments (GBP166,540,000 on an
undiscounted basis as at the previous year end, 28 July 2018) would
be brought on to the balance sheet. Depreciation of the right of
use asset will be recognised in the income statement on a
straight-line basis, with interest recognised on the lease
liability. This will result in a change to the profile of the net
charge taken to the income statement over the life of the lease.
Depreciation and interest charges will replace the lease costs
currently charged to the income statement and consequently there
will be a significant adjustment to the quoted unadjusted Group
EBITDA. There will be no impact on cash flows, although the
presentation of the cash flow statement will change significantly.
Management have modelled and quantified the expected impact using
the current lease portfolio and presented initial thoughts on the
expected impact to the Board, however the impact will greatly
depend on the facts and circumstances at the time of adoption and
upon transition choices adopted. It is therefore not yet
practicable to provide a reliable estimate of the financial impact
on the Group's consolidated results.
5. Segmental information
The directors have determined the operating segments based on
the operating reports reviewed by the senior management team (the
executive directors and the other directors of the trading
subsidiary, A. Share & Sons Limited) that are used to assess
both performance and strategic decisions. The directors have
identified that the senior management team are the chief operating
decision makers in accordance with the requirements of IFRS 8
'Segmental reporting'.
The directors consider the business to be one main type of
business generating revenue; the retail of upholstered furniture
and flooring. All segment revenue, profit before taxation, assets
and liabilities are attributable to the principal activity of the
Group and other related services. All revenues are generated in the
United Kingdom, and recognised at the point in time the goods and
any associated warranty contracts have been delivered to the
customer. Warranty services, once sold, are subsequently provided
by third parties. There have been no changes to the director's
determination of segments since those disclosed in the Annual
Report 2018.
Analysis of gross sales is as follows:
Restated Restated
26 weeks 26 weeks 52 weeks
ended ended ended
26 January 27 January 28 July
2019 2018 2018
----------- ----------- ---------
GBP'000 GBP'000 GBP'000
Sale of goods 148,232 147,033 305,702
Associated warranties 10,971 10,342 21,763
----------- ----------- ---------
Gross Sales 159,203 157,375 327,465
----------- ----------- ---------
Less: costs of interest
free credit (7,761) (7,520) (14,637)
----------- ----------- ---------
Revenue 151,442 149,855 312,828
=========== =========== =========
6. Exceptional items
In order to provide a clearer understanding of underlying
profitability, underlying operating profit excludes exceptional
items, which relate to costs that, either by their size or nature,
require separate disclosure in order to give a fuller understanding
of the Group's financial performance.
Exceptional costs disclosed within continuing operations relate
to the unrealised acquisition of sofa.com. As announced in January
2019, the Group were in discussions regarding a potential
acquisition of the business and assets of Sofa.com Limited.
Ultimately this transaction did not occur, and the professional
fees relating to the due diligence conducted have therefore been
deemed exceptional.
7. Estimates
The preparation of interim financial statements requires
management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported
amounts of assets and liabilities, income and expense. Actual
results may differ from these estimates.
The fair value of trade and other receivables is approximate to
their carrying value. The fair value of financial liabilities
approximates their carrying value due to short maturities.
In preparing these condensed interim financial statements, the
more important judgements made by management in applying the
Group's accounting policies and the key sources of estimation
uncertainty were the same as those that applied to the historical
financial information in the Annual Report.
8. Financial risk management
The Groups activities expose it to a variety of financial risks
which include funding and liquidity risk, credit risk, interest
rate risk and other price risk. The condensed interim financial
statements do not include all financial risk management information
and disclosures required in the annual financial statements and
they should be read in conjunction with the Annual Report 2018.
There has been no change to the risk management procedures or the
accounting policies from those included in the Annual Report
2018.
9. Seasonality of operations
Due to the seasonal nature of this retail segment, higher
revenues and operating profits are usually expected in the second
half of the year than the first half. In the 26 weeks ended 27
January 2018, 48% of revenues accumulated in the first half of the
year and an operating profit of GBP0.5m was generated. In the
second half of the 52 weeks ended 28 July 2018, 52% of total
revenue was earned and an operating profit of GBP13.2m was
generated.
10. Taxation
The tax charge from continuing operations for the 26 weeks ended
26 January 2019 is based on an estimated effective tax rate for the
period of 47.7% (26 weeks ended 27 January 2018: tax charge 46.6%;
52 weeks ended 28 July 2018: tax charge 19.2%). The tax charge is
higher than if the standard rate of corporation tax had been
applied, mainly due to charges not deductible for tax purposes,
principally the exceptional professional fees, share based payment
charge and depreciation on capital expenditure that does not
qualify for capital allowances. In line with previous years, we
expect the tax rate for the full year to be slightly higher than
the statutory rate.
11. Earnings per share
Restated Restated
26 weeks 52 weeks
26 weeks ended ended ended
26 January 27 January 28 July
2019 2018 2018
-------------- ----------- ---------
pence pence Pence
a) Basic earnings per share
attributable to the ordinary
equity holders of the company
From underlying continuing operations 1.6p 0.6p 27.7p
From underlying discontinued
operation 0.6p (0.5p) (0.9p)
-------------- ----------- ---------
Total basic earnings per share
from underlying operations 2.2p 0.1p 26.8p
From exceptional costs (1.8p) - -
Total basic earnings per share 0.4p 0.1p 26.8p
============== =========== =========
b) Diluted earnings per share
attributable to the ordinary
equity holders of the company
From underlying continuing operations 1.5p 0.5p 26.9p
From underlying discontinued
operation 0.6p (0.4p) (0.9p)
-------------- ----------- ---------
Total diluted earnings per share
from underlying operations 2.1p 0.1p 26.0p
From exceptional costs (1.7p) - -
Total diluted earnings per share 0.4p 0.1p 26.0p
============== =========== =========
Restated Restated
26 weeks 52 weeks
26 weeks ended ended ended
26 January 27 January 28 July
2019 2018 2018
-------------- ----------- ---------
GBP'000 GBP'000 GBP'000
c) Reconciliations of earnings
used in calculating earnings
per share
Profit from continuing operations 285 221 11,023
- Add back exceptional costs
net of tax 352 - -
-------------- ----------- ---------
Profit from underlying continuing
operations 637 221 11,023
Loss from discontinued operation (121) (180) (345)
- Add back exceptional costs
net of tax 359 - -
-------------- ----------- ---------
Profit from underlying discontinued
operations 238 (180) (345)
Total profits from underlying
operations 875 41 10,678
============== =========== =========
Total profits from operations 164 41 10,678
============== =========== =========
d) Weighted average number of shares used
as the denominator
26 weeks
26 weeks ended ended 52 weeks
26 January 27 January ended 28
2019 2018 July 2018
Number Number Number
Weighted average number of shares
in issue for the purposes of
basic earnings per share 39,903,315 40,009,109 39,804,480
============== =========== ===========
Effect of dilutive potential
Ordinary shares:
* share options 1,816,364 1,430,667 1,220,656
Weighted average number of Ordinary
shares for the purpose of diluted
earnings per share 41,719,679 41,439,776 41,025,136
============== =========== ===========
12. Trade and other payables current
As at As at As at
26 January 27 January 28 July
2019 2018 2018
----------- ----------- ---------
GBP'000 GBP'000 GBP'000
Trade payables 24,703 26,181 26,294
Payments received on account 25,004 24,935 12,232
Other tax and social security
payable 7,407 7,853 4,492
Accruals 12,210 12,003 11,548
----------- ----------- ---------
69,324 70,972 54,566
=========== =========== =========
The fair value of financial liabilities approximates their
carrying value due to short maturities. Financial liabilities are
denominated in pounds sterling.
13. Dividend
The Board has declared an interim dividend of 5.50p (2018:
5.30p) per share. It will be paid on 9 May 2019 to shareholders on
the register on 23 April 2019. The interim dividend, amounting to
GBP2.2m has not been recognised as a liability in this interim
financial information. It will be recognised in shareholders'
equity in the year to 27 July 2019.
14. Treasury shares
During the 52 weeks to 28 July 2018, the Group's Employee
Benefit Trust purchased 544,154 ordinary shares of 0.1 pence each
in the Group at an average price of 214.2 pence per ordinary share
for the purposes of satisfying management share incentive awards.
As at 26 January 2019, 461,436 of these shares had been used to
satisfy awards, with the remainder held as treasury shares.
15. Discontinued operations
Following the closure of the final House of Fraser concession in
January 2019, in accordance with IFRS accounting standards, the
results of the House of Fraser concessions are now presented as
discontinued operations.
The income statement relating to the discontinued operations is
set out below:
Income statement of discontinued operations
Unaudited Unaudited
26 weeks 26 weeks Audited
ended ended 52 weeks
26 January 27 January ended 28
2019 2018 July 2018
----------- ----------- ------------
GBP'000 GBP'000 GBP'000
Gross Sales 7,279 10,984 24,852
=========== =========== ============
Revenue 7,193 10,817 24,485
Cost of sales (3,956) (5,913) (14,385)
----------- ----------- ------------
Gross profit 3,237 4,904 10,100
Distribution costs (575) (439) (994)
Administrative expenses (2,811) (4,687) (9,532)
----------- ----------- ------------
Operating loss (149) (222) (426)
----------- ----------- ------------
Analysed as:
Operating profit/(loss) before
exceptional items 294 (222) (426)
Exceptional items* (443) - -
----------- ----------- ------------
Operating loss (149) (222) (426)
----------- ----------- ------------
Loss before taxation (149) (222) (426)
Taxation 28 42 81
----------- ----------- ------------
Loss from discontinued operations (121) (180) (345)
=========== =========== ============
Attributable to:
Owners of the parent (121) (180) (345)
Loss attributable and total
comprehensive loss for the
period (121) (180) (345)
----------- ----------- ------------
Net cash inflow/(outflow)
from operating activities 1,492 (2,185) 706
Net increase/(decrease) of
cash generated from discontinued
operation 1,492 (2,185) 706
===== ======= ===
Underlying EBITDA
An analysis of underlying EBITDA is as follows:
Unaudited Unaudited
26 weeks 26 weeks Audited
ended ended 52 weeks
26 January 27 January ended
2019 2018 28 July 2018
----------- ----------- -------------
GBP'000 GBP'000 GBP'000
Operating profit/(loss) before
exceptional items 294 (222) (426)
Depreciation 86 15 81
Underlying EBITDA from discontinued
operations 380 (207) (345)
Exceptional items* (443) - -
----------- ----------- -------------
EBITDA from discontinued
operations (63) (207) (345)
----------- ----------- -------------
*Exceptional costs disclosed within discontinuing operations
comprise amounts payable for loss of office and other costs
incurred relating to the closure of the House of Fraser
concessions.
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 rns@lseg.com or visit www.rns.com.
END
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