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RNS Number : 4777E Concurrent Technologies PLC 30 June 2023
30 June 2023
Concurrent Technologies Plc
("Concurrent" or the "Company" or the "Group")
Results for the year ended 31 December 2022 and Announcement of Annual General
Meeting
Concurrent Technologies Plc (AIM: CNC), a world leading specialist in high-end
embedded computer products for critical applications, is pleased to announce
its results for the year to 31 December 2022 ("FY22").
Financial Highlights
The global components shortage continued to constrain financial performance,
with management focused on supply chain management to deliver:
· Revenue for the year slightly ahead of market expectations at £18.3m
(2021: £20.5m)
· Gross profit at £8.9m (2021: £11.4m)
· Gross margin at 48.6% (2021: 55.9%)
· EBITDA at £2.1m (2021 restated: £4.9m)
· Profit before Tax at £0.4m (2021 restated: Profit £3.5m)
· Profit after Tax at £1m (2021 restated: £2.8m)
· EPS decreased to 1.35p (2021 restated: 3.84p)
· Cash in the business at year end £4.5m (2021: £11.8m)
· Deliberate use of cash for (i) increased component inventory to
mitigate supply chain issues, and (ii) increased cost base to create more
products and grow the business.
· Reverting to cash generative as revenues improve in line with
component availability and associated unwinding of inventory holdings.
· Prior Period Adjustment to 2020 closing reserves (opening 2021)
reduced by £1m (closing 2021 by £1.1m)
Operational Highlights
· 80% of order intake was for "new" and "current" products, whereas in
the year to 31 December 2021 ("FY21") 80% was for "last time buy" or "end of
life" products. This is a profound and necessary transformation, validating
the need to focus on enhanced product development and sales improvement.
· Eight new products launched.
· Achieved record order intake of £31.5m, surpassing the prior year of
£25.2m by 25%, providing excellent revenue visibility for the future as the
availability of components continues to improve.
· Received initial purchase orders for Systems.
Prior Period Adjustments
· Having thoroughly reviewed the application of accounting policies
with the FY22 audit team it has been identified that historically the Company
has over-capitalised development costs. The effect of this has resulted in
adjustments to capitalisation, amortisation and impairment, ultimately
affecting the Net Book Value of the development assets on the balance sheet.
This has also affected tax and retained earnings, which has resulted in a 2020
restatement of £1.1m.
· The effect of the revised capitalisation has had a minimal effect on
2021 (+£10k to retained earnings), and 2020 had a positive impact of £0.2m.
· Other Prior Period Adjustments are: leases (understated by an
extension) £0.1m; Dilapidations which have been missed previously £0.1m; EPS
restated due to incorrect share options previously included; Financial
Instruments note due to erroneous information previously.
Post Period Highlights
· Performance in the period to 30 June 2023 ("H1 FY23") is commensurate
with current market expectations and continues to be limited by key component
shortages, which are easing as the year progresses.
· Supply chain improvement is evident as the business transitions into
H2 FY23, strengthening confidence in reducing lead times to customers, and
correspondingly improved shipping volumes, albeit supply chain constraints
remain the largest risk to performance for the remainder of the year.
· Significant achievements delivered in line with the business strategy
in H1 FY23:
· Execution of a reseller agreement with Alpha Data Parallel Systems
Ltd, enabling the inclusion of their FPGA (Field Programable Gate Array) cards
alongside Concurrent Technologies SBS (Single Board Computer). Together with
the provision of GPGPU (General Purpose Graphical Processing Until) enabled by
the prior reseller agreement with Eizo Rugged, the Company can now offer a
full range of processing solutions within custom and COTS systems, enabling
access to larger markets and opportunity to more completely fulfil customer
requirements;
· Launch of the Hermes high-performance processor Plug In Card,
enabling the Company to continue to deliver leading-edge products to the
market, demonstrating the focus on releasing new products;
· Execution of a new distribution agreement with CoC-e, who have deep
TSN (Time Sensitive Networking) capability. TSN will now be a
differentiating technical capability in the Company's portfolio; and
· Successfully winning the first Systems win in excess of £1 million
in value since the launch of the revised business strategy.
· Order intake expected to be at least in line with prior year, and
therefore the Company will transition into growth as component supply further
improves.
The Company further confirms that its Annual General Meeting (AGM) will be
held on Thursday 24(th) August 2023 at the Company's offices at Building 1230
(Second Floor), Waterside Drive, Arlington Business Park, Theale, Berkshire,
RG7 4SA at 2:00 p.m. The Notice of General Meeting will be posted in due
course. Shareholders are encouraged to send in their votes using proxy cards
in advance of the AGM.
Miles Adcock, CEO of Concurrent Technologies Plc, commented: "2022 was a tough
year for the global electronics sector due to severe constraints on components
availability. We entered the year with a confident strategy for medium to
long term growth, and maintained our focus on targeted investment,
partnership, and transformation. I am proud that we did what we said we would
do, whether launching eight new products, initiating a systems business, or
partnering to enable us to manufacture in the USA. As a result, we are
anticipating a third record year for order intake in 2023.
The initial progress of our strategy can be seen in the quanta of order
intake, but also that it now contains products and systems hitherto not part
of our portfolio. Additionally, a healthy portion of our order intake is
'design wins', whereby we benefit from main production revenue in future
years. Our approach to, and appetite for, securing much larger design wins
is building us a solid base for year-on-year growth. The audit has been a
long process this year, and we have demonstrably resolved unfortunate historic
issues that have existed for some time. Our CFO, Kim Garrod, has done a
great deal to position us for transparent and well-governed execution in her
first year, and we look forward with confidence."
Enquiries:
Concurrent Technologies Plc
Miles Adcock, CEO
+44 (0)1206 752626
Kim Garrod,
CFO
+44 (0)1206 752626
SEC Newgate (Financial PR)
Bob Huxford
+44 (0)20 3757 6880
Alice Cho
concurrent@secnewgate.co.uk (mailto:concurrent@secnewgate.co.uk)
Cenkos Securities Plc (NOMAD)
Neil McDonald
+44 (0)131 220 9771
Peter Lynch
+44 (0)131 220 9772
Extracts from the Strategic Report
Financial Highlights 2022 2021 (Restated)
Revenue £18.3m £20.5m
Gross Profit £8.88m £11.43m
EBITDA £2.1m £4.9m
Profit before tax £0.4m £3.5m
Earnings per share 1.35p 3.84p
Dividend per share 0p 2.55p
Cash £4.5m £11.8m
Total Assets £32.6m £29.8m
Shareholders' Funds £23.2m £22.7m
The business generated Revenue for the year of £18.27m (2021: £20.45m). This
converted into Gross Profit of £8.88m (2021: £11.43m) whilst the gross
margin reduced to 48.6% (2021: 55.9%) reflecting the increased cost of
components, created through the challenges of component supply. We issue a
revised price book every 6 months (since 2022, previously once a year) to
adapt our pricing accordingly. We expect prices to start to stabilise again as
supply becomes more available.
Profit before tax was £0.38m (2021 restated: £3.45m). Earnings per share
was 1.35 pence (2021 restated: 3.84 pence), EBITDA (measured as Operating
Profit plus Depreciation and Amortisation) for the Group in 2022 was
£2.11m (2021 restated: £4.94m). The performance was significantly lower
than 2021 as a result of the constraint on our revenue created by the
component supply challenges. We continued to invest in R&D, talented
people and our strategy throughout 2022, and this, plus reduced gross profit
impacted profitability. However, our backlog is at record levels with a
substantial increase in 2022 order intake. Therefore, revenue will increase
once supply constraints are reduced.
Long-term commitment to R&D continues, spending £4.8m in 2022 (2021:
£3.5m), of which £3.7m was capitalised (2021 restated: £1.8m). Following
full review of all projects, two projects totalling £0.24m have been
impaired. Both were partially impaired in 2020, however on further review in
2022, a lack of future revenue stream to provide any returns to the
Group became clear and full impairment was undertaken. A further £0.09m
was also impaired across several small projects where future returns were
not apparent. These products are all older products and all costs now impaired
refer to historical costs.
The tax credit in 2022 of £0.6m (2021: tax charge £0.6m) is largely the
result of our significant investment in R&D. The Group continues to
benefit from R&D tax credits in the UK and does not anticipate being in a
UK cash tax paying position whilst this incentive continues.
The Group continues to have no debt and its cash balances at the year-end were
£4.5m (2021: £11.8m). The reduction in cash is a factor of reduced receipts
from revenue and increased investment in line with strategy. We are confident
of improvement in our cash flow in 2023 as stock unwinds (significant
investment in 2022 to de-risk component challenges), and cash receipts improve
from less constrained revenue. Stock grew considerably in 2022, with a closing
balance of £10m (2021: £6.4m), this was as a mitigation against the
component challenges, and has enabled us to be in a better position to deliver
revenue in 2023. This should unwind to a normal level in 2023.
Dividend The Board has agreed no dividend will be paid in 2022, due to the constrained
performance of the business, with a low profit performance and a significantly
reduced cash balance.
Operational Highlights During 2022 the Company started shipping several new rugged plug-in card
products that were based on the latest standards before competitive
alternatives. This enabled the Company to capitalise on the need for next
generation products in, especially, our home UK and USA markets. To augment
our plug in card products, the Company introduced rugged system level products
that are suitable for deployment in response to a need from key customers that
are looking for application ready platforms.
Concurrent Technologies Plc continues as an Intel Titanium Partner during the
year, providing the highest level of insight and product development
opportunity.
Future Plans and Outlook The new financial year of 2023 started with a healthy backlog of £26.7M
reflecting in part the long-term sales pipeline the Group enjoys but also in
part the willingness of our customers to order further in advance to provide
the maximum opportunity to manage the supply chain to meet delivery times.
The Group will maintain its policy of investing in R&D to expand its
current range of advanced technology products broadening out to include
deployable systems and integration of third-party products to complement the
hardware and software already developed internally.
The Board sees opportunities to grow the business organically by broadening
the range of both hardware, software and systems products within its existing
core markets of defence and telecommunications. In addition, the Board
continues to look to recruit key individuals and skills for both succession
and organic growth as well as for worldwide acquisition opportunities which
would assist the Group in introducing new skills and technologies
complementary and adjacent to its current product ranges. This is with the aim
of increasing the Group's potential share of the total available market.
Improved product development timescales and cadence, alongside the
introduction of increased production capacity, and development of system
capability, leads the Board to believe the Group is well positioned to deliver
material growth in its main markets over the coming years. Short term
uncertainty in supply chains will disrupt production in 2023, but the
medium-term outlook is strong, with some good progress milestones achieved in
2022.
Prior Year Restatement We have made certain prior year restatements within the accounts.
1) As a result of over capitalisation in previous years an adjustment
has been made to 2021 retained earnings of a £1.1m reduction, representing
the reduction in capitalisation of £2.1m with a resulting reduction in
accumulated amortisation of £0.7m and an overcharge to the P&L for
impairment of £0.3m, resulting in a £1.1m reduction in total net book value
(reduction as at 31/12/20 £1.1m, with only a minimal change in 2021).
2) An adjustment to increase the lease right of use asset and
liabilities of £0.2m and depreciation of £0.1m to correct the prior position
to account for the extension of the Colchester office lease and correct
charges. The impact to the 2021 profit is a reduction of £23k.
3) A dilapidation provision for the Colchester office has been added,
this has increased the PPE asset value and increased the provisions within the
account. The P&L impact in 2021 is an additional charge of £0.02m.
4) An adjustment to the weighted average of shares for EPS has been
made. This is a result of certain share options being included in the
calculation incorrectly.
5) Financial instruments have been restated as the total financial
liabilities at amortised cost figure was found to be erroneous, as it
contained items that it should not have contained and also missed balances
that should have been included..
The business generated Revenue for the year of £18.27m (2021: £20.45m). This
converted into Gross Profit of £8.88m (2021: £11.43m) whilst the gross
margin reduced to 48.6% (2021: 55.9%) reflecting the increased cost of
components, created through the challenges of component supply. We issue a
revised price book every 6 months (since 2022, previously once a year) to
adapt our pricing accordingly. We expect prices to start to stabilise again as
supply becomes more available.
Profit before tax was £0.38m (2021 restated: £3.45m). Earnings per share
was 1.35 pence (2021 restated: 3.84 pence), EBITDA (measured as Operating
Profit plus Depreciation and Amortisation) for the Group in 2022 was
£2.11m (2021 restated: £4.94m). The performance was significantly lower
than 2021 as a result of the constraint on our revenue created by the
component supply challenges. We continued to invest in R&D, talented
people and our strategy throughout 2022, and this, plus reduced gross profit
impacted profitability. However, our backlog is at record levels with a
substantial increase in 2022 order intake. Therefore, revenue will increase
once supply constraints are reduced.
Long-term commitment to R&D continues, spending £4.8m in 2022 (2021:
£3.5m), of which £3.7m was capitalised (2021 restated: £1.8m). Following
full review of all projects, two projects totalling £0.24m have been
impaired. Both were partially impaired in 2020, however on further review in
2022, a lack of future revenue stream to provide any returns to the
Group became clear and full impairment was undertaken. A further £0.09m
was also impaired across several small projects where future returns were
not apparent. These products are all older products and all costs now impaired
refer to historical costs.
The tax credit in 2022 of £0.6m (2021: tax charge £0.6m) is largely the
result of our significant investment in R&D. The Group continues to
benefit from R&D tax credits in the UK and does not anticipate being in a
UK cash tax paying position whilst this incentive continues.
The Group continues to have no debt and its cash balances at the year-end were
£4.5m (2021: £11.8m). The reduction in cash is a factor of reduced receipts
from revenue and increased investment in line with strategy. We are confident
of improvement in our cash flow in 2023 as stock unwinds (significant
investment in 2022 to de-risk component challenges), and cash receipts improve
from less constrained revenue. Stock grew considerably in 2022, with a closing
balance of £10m (2021: £6.4m), this was as a mitigation against the
component challenges, and has enabled us to be in a better position to deliver
revenue in 2023. This should unwind to a normal level in 2023.
Dividend
The Board has agreed no dividend will be paid in 2022, due to the constrained
performance of the business, with a low profit performance and a significantly
reduced cash balance.
Operational Highlights
During 2022 the Company started shipping several new rugged plug-in card
products that were based on the latest standards before competitive
alternatives. This enabled the Company to capitalise on the need for next
generation products in, especially, our home UK and USA markets. To augment
our plug in card products, the Company introduced rugged system level products
that are suitable for deployment in response to a need from key customers that
are looking for application ready platforms.
Concurrent Technologies Plc continues as an Intel Titanium Partner during the
year, providing the highest level of insight and product development
opportunity.
Future Plans and Outlook
The new financial year of 2023 started with a healthy backlog of £26.7M
reflecting in part the long-term sales pipeline the Group enjoys but also in
part the willingness of our customers to order further in advance to provide
the maximum opportunity to manage the supply chain to meet delivery times.
The Group will maintain its policy of investing in R&D to expand its
current range of advanced technology products broadening out to include
deployable systems and integration of third-party products to complement the
hardware and software already developed internally.
The Board sees opportunities to grow the business organically by broadening
the range of both hardware, software and systems products within its existing
core markets of defence and telecommunications. In addition, the Board
continues to look to recruit key individuals and skills for both succession
and organic growth as well as for worldwide acquisition opportunities which
would assist the Group in introducing new skills and technologies
complementary and adjacent to its current product ranges. This is with the aim
of increasing the Group's potential share of the total available market.
Improved product development timescales and cadence, alongside the
introduction of increased production capacity, and development of system
capability, leads the Board to believe the Group is well positioned to deliver
material growth in its main markets over the coming years. Short term
uncertainty in supply chains will disrupt production in 2023, but the
medium-term outlook is strong, with some good progress milestones achieved in
2022.
Prior Year Restatement
We have made certain prior year restatements within the accounts.
1) As a result of over capitalisation in previous years an adjustment
has been made to 2021 retained earnings of a £1.1m reduction, representing
the reduction in capitalisation of £2.1m with a resulting reduction in
accumulated amortisation of £0.7m and an overcharge to the P&L for
impairment of £0.3m, resulting in a £1.1m reduction in total net book value
(reduction as at 31/12/20 £1.1m, with only a minimal change in 2021).
2) An adjustment to increase the lease right of use asset and
liabilities of £0.2m and depreciation of £0.1m to correct the prior position
to account for the extension of the Colchester office lease and correct
charges. The impact to the 2021 profit is a reduction of £23k.
3) A dilapidation provision for the Colchester office has been added,
this has increased the PPE asset value and increased the provisions within the
account. The P&L impact in 2021 is an additional charge of £0.02m.
4) An adjustment to the weighted average of shares for EPS has been
made. This is a result of certain share options being included in the
calculation incorrectly.
5) Financial instruments have been restated as the total financial
liabilities at amortised cost figure was found to be erroneous, as it
contained items that it should not have contained and also missed balances
that should have been included..
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2022
Year to Year to
31 December 2022 31 December 2021
(restated)
£ £
Revenue 18,274,771 20,450,453
Cost of sales (9,397,449) (9,016,878)
Gross profit 8,877,322 11,433,575
Administrative expenses (8,390,682) (7,896,155)
Operating profit 486,640 3,537,420
Finance costs (104,505) (84,746)
Finance income 546 1,880
Profit before tax 382,681 3,454,554
Tax 604,344 (638,421)
Profit for the year 987,025 2,816,133
Other Comprehensive Income
Amounts which may be reclassified to profit or loss
Exchange differences on translating foreign operations 69,463 23,894
Other Comprehensive Income for the year, net of tax 69,463 23,894
Total Comprehensive Income for the year 1,056,488 2,840,027
Profit for the period attributable to:
Equity holders of the parent 987,025 2,816,133
Total Comprehensive Income attributable to:
Equity holders of the parent 1,056,488 2,840,027
Earnings per share
Basic earnings per share 1.35p 3.84p
Diluted earnings per share 1.35p 3.84p
Consolidated Balance Sheet
For the year ended 31 December 2022
31 December 2022 31 December 2021 31 December 2020
Restated Restated
£ £ £
ASSETS
Non-current assets
Intangible assets 8,807,290 6,621,166 6,124,291
Property, plant and equipment 2,685,107 1,618,463 1,922,991
Deferred tax assets 350,753 24,139 112,532
11,843,150 8,263,768 8,159,814
Current assets
Inventories 10,090,437 6,425,436 5,533,574
Trade and other receivables 5,439,912 2,988,633 2,356,157
Current tax assets 762,545 258,622 232,988
Cash and cash equivalents 4,512,720 11,839,758 11,765,974
20,805,614 21,512,449 19,888,693
Total assets 32,648,764 29,776,217 28,048,507
LIABILITIES
Non-current liabilities
Deferred tax liabilities 2,126,588 1,873,249 1,236,321
Trade and other payables 1,257,820 805,481 909,101
Long term provisions 304,336 223,940 213,792
3,688,744 2,902,670 2,359,214
Current liabilities
Trade and other payables 5,765,262 4,169,672 3,832,367
Short term provisions 18,256 19,300 16,354
Current tax liabilities - 4,817 26,504
5,783,518 4,193,789 3,875,225
Total liabilities 9,472,262 7,096,459 6,234,439
Net assets 23,176,502 22,679,758 21,814,068
EQUITY
Capital and reserves
Share capital 739,000 739,000 739,000
Share premium account 3,699,105 3,699,105 3,699,105
Capital redemption reserve 256,976 256,976 256,976
Cumulative translation reserve (27,936) (97,399) (121,293)
Profit and loss account 18,509,357 18,082,076 17,240,280
Equity attributable to equity holders of the parent 23,176,502 22,679,758 21,814,068
Total equity 23,176,502 22,679,758 21,814,068
Consolidated Cash Flow Statement
Year to Year to
31 December 2022 31 December 2021
(restated)
£ £
Cash flows from operating activities
Profit before tax for the period 382,681 3,454,554
Adjustments for:
Finance income (546) (1,880)
Finance costs 104,505 84,746
Depreciation 422,047 294,132
Amortisation 1,197,972 1,111,300
Impairment loss 327,526 509,955
Loss on disposal of property, plant and equipment (PPE) - 27,401
Share-based payment 219,363 12,963
Exchange differences 82,384 46,623
(Increase) in inventories (3,665,001) (891,862)
(Increase) in trade and other receivables (2,451,279) (632,476)
Increase in trade and other payables 2,222,123 354,297
Cash generated from operations (1,158,225) 4,369,753
Tax received / (paid) 267,884 (40,274)
Net cash generated from operating activities (890,341) 4,329,479
Cash flows from investing activities
Interest received 546 1,880
Purchases of property, plant and equipment (PPE) (1,480,394) (185,878)
Sale of property, plant and equipment (PPE) - 1,500
Capitalisation of development costs and purchases of intangible assets (3,711,617) (1,950,245)
Net cash used in investing activities (5,191,465) (2,132,743)
Cash flows from financing activities
Equity dividends paid (1,027,088) (1,907,447)
Repayment of leasing liabilities (94,842) (107,519)
Interest paid (104,505) (84,746)
Sale of treasury shares 2,425 -
Net cash used in financing activities (1,224,010) (2,099,712)
Effects of exchange rate changes on cash and cash equivalents (21,222) (23,240)
Net (decrease)/increase in cash (7,327,038) 73,784
Cash at beginning of period 11,839,758 11,765,974
Cash at the end of the period 4,512,720 11,839,758
Consolidated Statement of Changes in Equity
For the year ended 31 December 2022
Share capital Share premium Capital Redemption reserve Cumulative Translation reserve Profit and loss account (restated) Total Equity (restated)
£ £ £ £ £ £
Balance at 1 January 2021 (as previously stated) 739,000 3,699,105 256,976 (121,293) 18,271,819 22,845,607
Impact of prior period adjustments - - - - (1,031,539) (1,031,539)
Balance at 1 January 2021 (restated) 739,000 3,699,105 256,976 (121,293) 17,240,280 21,814,068
Profit for the period (restated) - - - - 2,816,133 2,816,133
Exchange differences on translating foreign operations - - - 23,894 - 23,894
Total comprehensive income for the period (restated) - - - 23,894 2,816,133 2,840,027
Share-based payment - - - - 12,963 12,963
Deferred tax on share based payment - - - - (79,852) (79,852)
Dividends paid - - - - (1,907,447) (1,907,447)
Balance at 31 December 2021 (restated) 739,000 3,699,105 256,976 (97,399) 18,082,077 22,679,759
As at 31 December 2021 (reported) 739,000 3,699,105 256,976 (97,399) 19,142,917 23,740,599
Prior year adjustment - - - - (1,060,841) (1,060,841)
Balance at 31 December 2021 (restated) 739,000 3,699,105 256,976 (97,399) 18,082,076 22,679,758
Profit for the period - - - - 987,025 987,025
Exchange differences on translating foreign operations - - - 69,463 - 69,463
Total comprehensive income for the period - - - 69,463 987,025 1,056,488
Share-based payment - - - - 219,363 219,363
Deferred tax on share based payment - - - - 245,555 245,555
Dividends paid - - - - (1,027,088) (1,027,088)
Sale/Purchase of treasury shares - - - - 2,425 2,425
Balance at 31 December 2022 739,000 3,699,105 256,976 (27,936) 18,509,357 23,176,502
NOTES
1. The Group financial statements consolidate those of the Company and
its subsidiaries (together referred to as the 'Group'). The financial
information set out in these preliminary results has been prepared in
accordance with international accounting standards in conformity with the
requirements of the Companies Act 2006. The accounting policies adopted in
this results announcement have been consistently applied to all the years
presented.
2. The financial information set out above does not constitute the
Group's statutory accounts for the years ended 31 December 2022 or 2021, but
is derived from those accounts. Statutory accounts for 2021 have been
delivered to the Registrar of Companies and those for 2022 are being delivered
today. The auditors have reported on 2022 accounts; their report includes a
qualified opinion and did not contain statements under section 498(2) or (3)
of the Companies Act 2006.
3. The calculation of basic earnings per share is based on the weighted
average number of Ordinary Shares in issue during 2022 of 73,363,490 (2021
restated: 73,363,490) after adjustment for treasury shares on the profit after
tax for 2022 of £987,025 (2021 restated: £2,816,133). The calculation of
diluted earnings per share is the same as for basic earnings per share.
4. The AGM will be held on Thursday 24 August 2023, at the Company's
offices at Building 1230 (Second Floor), Waterside Drive, Arlington Business
Park, Theale, Berkshire, RG7 4SA.
Copies of the Annual Report will be sent to Shareholders and will also be
available from the Company's Registered Office: 4 Gilberd Court, Newcomen Way,
Colchester, Essex, CO4 9WN, UK, and on the Company's website: www.gocct.com.
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