REG-Fix Price Group PLC Fix Price Group PLC: Fix Price announces key operating and financial results for Q1 2024
26/04/2024 08:00
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Fix Price Group PLC (FIXP)
Fix Price Group PLC: Fix Price announces key operating and financial
results for Q1 2024
26-Apr-2024 / 09:50 MSK
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Fix Price announces key operating and financial results for Q1 2024
Keeping focus on unlocking the long-term potential of the business despite
market challenges
26 April 2024, Limassol, Cyprus – Fix Price Group PLC (LSE and MOEX:
FIXP, AIX: FIXP.Y, “Fix Price”, the “Company” or the “Group”), one of
the leading variety value retailers globally and the largest in Russia,
today announces its operating and IFRS financial results based on
management accounts for the first quarter (Q1 2024) ended 31 March 2024.
Operating AND FINANCIAL summary for Q1 2024
• Revenue grew by 8.8% y-o-y and reached RUB 71.7 billion
• Retail revenue increased by 9.0% to RUB 63.3 billion
• Wholesale revenue was RUB 8.3 billion, up 6.9% y-o-y
• LFL sales 1 1 dynamics turned positive increasing 0.4% y-o-y on
the back of LFL average ticket growth coupled with gradually
recovering LFL traffic. Macroeconomic headwinds continue to put
pressure on consumer demand, however, LFL sales growth kept
improving in Q2 and exceeded 2% for the first 24 days of April 2024
• During the reporting period, the Company opened 131 net new stores
(including 6 franchise stores). As of 31 March 2024, Fix Price was
operating a total of 6,545 stores
• In Q1 2024, 28.5 thous. sqm were added to the Company’s total
selling space, which reached 1,419.1 thous. sqm (+12.1% y-o-y) as of
the end of the quarter
• The total number of registered cardholders grew by 3.4 million 2 2
over the last 12 months to 26.4 million (14.6% increase y-o-y), with
loyalty-card transactions accounting for 61.0% of retail sales. The
average ticket for purchases made using a loyalty card was about 80%
higher than the average ticket for non-loyalty-card purchases
• Gross profit was up 6.7% to RUB 23.4 billion supported by revenue
growth. Gross margin stood at 32.7% on the back of an increase in
cost of goods sold due to devaluation of the rouble and rising
transportation costs, which were partially mitigated by a greater
share of higher-margin non-food items in retail sales
• SG&A costs (excl. LTIP expense 3 3 and D&A) as a percentage of
revenue was 19.0%, versus 16.2% in Q1 2023, due to growth in the
shares of staff costs, advertising and other expenses coupled with
the negative operating leverage effect. Pressure on the cost base
was partially mitigated by efficiencies gained in rental expenses
and security services as a percentage of revenue
• Adjusted EBITDA 4 4 under IFRS 16 amounted to RUB 10.0 billion on
the back of pressure on gross margin and growth of SG&A costs.
Adjusted EBITDA margin was 13.9%
• EBITDA under IFRS 16 amounted to RUB 9.8 billion. The EBITDA margin
stood at 13.6%
• Fix Price recorded a net profit of RUB 3.3 billion for the period,
with net profit margin at the level of 4.6%
• CAPEX as a percentage of revenue decreased to 1.9%, down from 3.2%
in Q1 2023 due to the completion of construction of distribution
centres (DCs) in 2023 as planned
“Since the beginning of 2024, we have noted signs of a recovery in
consumer confidence, driving our LFL sales into positive territory. At the
same time, amid high interest rates and inflation expectations, shoppers
are still showing a preference for savings and large non-food purchases,
limiting their spending on inexpensive items.
“Heightened competition in the labour market continues to put pressure on
our margins, and recruiting and retaining line personnel remains the main
challenge for the Company and for Russian retail as a whole. We expect
this factor to affect our financial performance in the medium term. For
our part, we remain committed to a conservative financial policy,
maintaining high liquidity reserves and low leverage. We are incorporating
digital solutions to improve our operational efficiency, including
artificial intelligence–based products that enable us to automate business
processes, reduce costs and increase our resilience to external
challenges.
“In a challenging operating environment, we continue to take steps to
bolster our long-standing leading position. During the reporting period,
we surpassed the 6,500-store mark and began operating in 29 new
communities, where Fix Price’s arrival was a long-awaited event for local
residents. I would also like to note the expansion of our international
presence: in Q1 2024, the share of international markets increased y-o-y
to 10.3% of our total number of stores.
“We are constantly focused on analysing trends in consumer preferences and
searching for intriguing new products for our customers. During the
reporting period, we observed a gradual recovery in demand for items in
non-food categories, with kitchenware, DIY as well as party and
celebration products leading the way.
“Our loyalty programme continues to offer tangible benefits to members,
and their number increased by 15% over the past year, reaching 26.4
million by the end of March 2024. The average ticket of loyalty
cardholders continues to be nearly double that of other shoppers, an
indication of the programme’s success.
“I am pleased to see that our team’s efforts were reflected in the high
rating that we received in a recent study by the independent research
company Romir. According to this research, we have consistently been among
the top three retail chains in Russia in terms of trust and visibility,
and 2024 was no exception.
I would like to thank all of the Group’s employees who have played a part
in creating a quality customer experience, and I have no doubt that
together we will be able to achieve our most ambitious goals and ensure
long-term growth in the value of our business.”
Dmitry Kirsanov, Fix Price CEO
Store base, geographical coverage and selling space
31 Mar 2024 31 Dec 2023 31 Mar 2023
Total number of stores 6,545 6,414 5,848
Russia 5,874 5,756 5,256
Belarus 299 292 273
Kazakhstan 287 280 246
Latvia 45 46 39
Uzbekistan 22 22 20
Georgia 7 7 6
Kyrgyzstan 6 6 6
Mongolia 3 3 2
Armenia 2 2 -
Number of Company-operated stores 5,836 5,711 5,206
Russia 5,277 5,166 4,721
Belarus 289 282 263
Kazakhstan 270 263 222
Number of franchise stores 709 703 642
Russia 597 590 535
Latvia 45 46 39
Kazakhstan 17 17 24
Uzbekistan 22 22 20
Belarus 10 10 10
Georgia 7 7 6
Kyrgyzstan 6 6 6
Mongolia 3 3 2
Armenia 2 2 -
Selling space (sqm) 1,419,120 1,390,611 1,266,268
Company-operated stores 1,261,559 1,234,312 1,123,997
Franchise stores 157,561 156,299 142,271
Development of Company-operated stores
Q1 2024 Q1 2023
Gross openings 164 198
Russia 143 169
Belarus 9 11
Kazakhstan 12 18
Closures 39 31
Russia 32 23
Belarus 2 1
Kazakhstan 5 7
Net openings 125 167
Russia 111 146
Belarus 7 10
Kazakhstan 7 11
Operating results
Store network expansion
• The total number of stores increased by 11.9% y-o-y to 6,545; the
share of franchise stores amounted to 10.8% of the total store count
(down 15 bps y-o-y)
• In Q1 2024 Fix Price added 131 net new stores, including 125
Company-operated stores and 6 franchise stores, compared to 185 net
new stores in Q1 2023, including 167 Company-operated stores and 18
franchise stores
• The Company closed 39 Company-operated stores in Q1 2024 (versus
31 stores in Q1 2023), focusing on further improvement of lease
terms
• 9.9% of net openings in Q1 2024 took place outside of Russia, as Fix
Price continued on its growth path in Russia and internationally.
The share of international geographies increased to 10.3% of the
total store base, compared to 10.1% as of 31 March 2023
• Total selling space grew by 28.5 thous. sqm to 1,419.1 thous. sqm as
of the end of the quarter (a 12.1% increase y-o-y). The average Fix
Price store selling space was 217 sqm as of 31 March 2024
• In Q1 2024, the Company entered 29 new localities in its countries
of operations
LFL sales growth
• In Q1 2024, LFL sales turned positive, increasing 0.4% due to LFL
average ticket growth of 3.7% offsetting a 3.2% contraction in LFL
traffic, which was milder y-o-y on the back of gradually recovering
consumer sentiment. However, people still opted for food and big
non-food purchases rather than buying inexpensive items, or decided
to save money in an environment of record deposit interest rates
• LFL sales of Company-operated stores in Russia were down 1.1% in
Q1 2024. At the same time, the Group's LFL performance was supported
by rouble-denominated LFL sales dynamics in Kazakhstan and Belarus,
on the back of the currency conversion effect due to rouble
depreciation
• The positive LFL dynamics in national currencies for stores in
Belarus and Kazakhstan were a result of improved traffic thanks to a
highly compelling value proposition, while the average ticket in
both countries was impacted by the high base of the previous year
• LFL sales for the first 24 days of April 2024 grew by over 2%
Assortment and category mix 5 5
• In the reporting period the share of non-food in retail sales rose
to 48.7%, compared to 44.5% in Q1 2023 due to the Company’s strong
LFL performance of various non-food categories, such as kitchenware,
DIY, household and party and celebration products. The share of food
in retail sales decreased to 25.9% versus 26.8% last year. The share
of cosmetics, hygiene and household chemicals as a percentage of
retail sales declined to 25.5% in Q1 2024, compared to abnormally
high level of 28.7% in Q1 2023
• The share of imported goods in retail sales increased slightly to
23.4% in Q1 2024, versus 22.8% in Q1 2023
• The share of price points above RUB 100 in retail sales grew to
58.3% in Q1 2024, up from 40.1% in Q1 2023, which reflects the
increased share of more expensive non-food items and the
introduction of trendy new products at fractional price points above
RUB 100. The Company also continued to gradually move its assortment
mix to the mid- and higher price range. The share of price points
above RUB 200 in retail sales increased to 15.2% in Q1 2024, up from
14.2% in Q1 2023
• Average ticket for all Company-operated stores increased by 4.2%
y-o-y to RUB 344
Loyalty programme development 6 6
• During the quarter, the total number of registered loyalty
cardholders grew by 14.6% y-o-y, reaching 26.4 million. Advertising
campaigns and perks for loyalty programme members helped attract
3.4 million new registered cardholders over the year. The share of
active loyalty programme members 7 7 among the total number of
loyalty cardholders was 49%
• Transactions using loyalty cards accounted for 61.0% of total retail
sales for Q1 2024, compared to 63.4% in Q1 2023
• The average ticket of a loyalty cardholder was RUB 469, which was
80% higher than the average ticket of RUB 255 for non-loyalty-card
purchases
Financial results for Q1 2024
Statement of comprehensive income highlights
RUB million Q1 2024 Q1 2023 Change
Revenue 71,684 65,895 8.8%
Retail revenue 63,349 58,099 9.0%
Wholesale revenue 8,335 7,796 6.9%
Cost of sales (48,250) (43,929) 9.8%
Gross profit 23,434 21,966 6.7%
Gross margin, % 32.7% 33.3% (64) bps
SG&A (excl. LTIP and D&A) (13,599) (10,690) 27.2%
Other op. income and share of profit of 153 159 (3.8)%
associates
Adjusted EBITDA 9,988 11,435 (12.7)%
Adjusted EBITDA margin, % 13.9% 17.4% (342) bps
EBITDA 9,773 11,161 (12.4)%
EBITDA margin, % 13.6% 16.9% (330) bps
D&A (4,043) (3,574) 13.1%
Operating profit 5,730 7,587 (24.5)%
Operating profit margin, % 8.0% 11.5% (352) bps
Net finance income/(costs) 21 (337) n/a
FX gain, net 59 483 (87.8)%
Profit before tax 5,810 7,733 (24.9)%
Income tax expense (2,520) (1,880) 34.0%
Profit for the period 3,290 5,853 (43.8)%
Net profit margin, % 4.6% 8.9% (429) bps
Selling, general and administrative expenses 8 8
RUB million Q1 2024 Q1 2023 Change
Staff costs (excl. LTIP) 10,519 8,022 31.1%
% of revenue 14.7% 12.2% 250 bps
Bank charges 892 797 11.9%
% of revenue 1.2% 1.2% 3 bps
Rental expense 353 372 (5.1)%
% of revenue 0.5% 0.6% (7) bps
Security services 506 504 0.4%
% of revenue 0.7% 0.8% (6) bps
Advertising costs 303 204 48.5%
% of revenue 0.4% 0.3% 11 bps
Repair and maintenance costs 268 223 20.2%
% of revenue 0.4% 0.3% 4 bps
Utilities 272 238 14.3%
% of revenue 0.4% 0.4% 2 bps
Other expenses 486 330 47.3%
% of revenue 0.7% 0.5% 18 bps
SG&A (excl. LTIP and D&A) 13,599 10,690 27.2%
% of revenue 19.0% 16.2% 275 bps
LTIP expense 215 274 (21.5)%
% of revenue 0.3% 0.4% (12) bps
Depreciation of right-of-use assets 3,082 2,718 13.4%
% of revenue 4.3% 4.1% 17 bps
Other depreciation and amortisation 961 856 12.3%
% of revenue 1.3% 1.3% 4 bps
Total SG&A 17,857 14,538 22.8%
% of revenue 24.9% 22.1% 285 bps
The Group’s revenue was up 8.8% y-o-y and stood at RUB 71.7 billion in
Q1 2024, thanks to 9.0% growth in retail revenue and 6.9% growth in
wholesale revenue.
In Q1 2024, the Company reported retail revenue of RUB 63.3 billion,
mainly driven by store network expansion. Wholesale revenue rose to RUB
8.3 billion as the Company continued to open new franchise stores.
Wholesale revenue accounted for 11.6% of total revenue (20 bps decrease)
as a result of faster growth of retail revenue.
Gross profit reached RUB 23.4 billion (up 6.7% y-o-y) in Q1 2024
supported by revenue growth. Gross margin was down 64 bps y-o-y and
stood at 32.7% on the back of an increase in the cost of goods sold due
to the devaluation of the rouble and rising transportation costs, which
were partially mitigated by a greater share of higher-margin non-food
items in retail sales.
Transportation costs grew by 13 bps to 1.9% of revenue in Q1 2024 as a
result of tariff hikes in Russia, Kazakhstan and Belarus.
Inventory write-downs accounted for 0.8% of revenue, versus 1.1% in
Q1 2023, on the back of lower accruals based on the results of the FY
2023 inventory count.
Selling, general and administrative expenses (SG&A) excluding LTIP and
D&A expenses increased by 275 bps y-o-y to 19.0% of revenue mainly due
to growth in the shares of staff costs, advertising and other expenses
coupled with the negative operating leverage effect. Pressure on the
cost base was partially mitigated by efficiencies gained in rental
expenses and security services as a percentage of revenue.
Staff costs excluding LTIP grew by 250 bps y-o-y to 14.7% of revenue,
mostly due to salary indexation for store and DC employees caused by
continued labour shortages and persistently growing competition in the
market, and due to an increase in the number of employees as a result of
new DC openings.
LTIP expense was RUB 215 million in Q1 2024, versus RUB 274 million in
Q1 2023.
Depreciation and amortisation (D&A) expenses grew by 22 bps y-o-y to
5.6% of revenue. Depreciation of right-of-use assets increased by 17 bps
y-o-y to 4.3% of revenue due to an increase in the amount of
right-of-use assets caused by the expansion of the store network. The
share of other depreciation and amortisation expenses was stable y-o-y
at 1.3% of revenue.
Rental expense (under IFRS 16) decreased by 7 bps y-o-y to 0.5% of
revenue (down 8 bps to 0.6% of retail revenue), caused by a decline in
the share of the variable component in the lease payment structure due
to slower revenue growth.
Rental expense (under IAS 17) was up 15 bps y-o-y to 5.3% of revenue (up
16 bps to 6.0% of retail revenue), due to the growing influence of
fixed-rate contracts (34% of the total contract base), which do not
depend on store revenue performance, and the fixed component of variable
contracts. Increasing store and DC rent rates also added to the y-o-y
growth in rental expense.
Bank charges were generally flat at 1.2% of revenue, reflecting
gradually slowing growth of the share of bank card transactions in total
client payments.
Security costs were down 6 bps y-o-y to 0.7% of revenue as a result of
the Company’s ongoing optimisation efforts.
Repair and maintenance costs and utilities were generally stable y-o-y,
accounting for 0.4% of revenue each.
Advertising costs grew by 11 bps to 0.4% of revenue on the back of
enhanced promotional campaigns, while other expenses rose 18 bps to 0.7%
of revenue.
The Group’s total SG&A expenses amounted to 24.9% of revenue, up 285 bps
y-o-y, attributable mostly to 250 bps growth in the share of staff costs
and a 22 bps increase in the share of D&A expenses.
Other operating income and the share of profit of associates stayed flat
y-o-y at the level of 0.2% of revenue.
EBITDA IFRS 16 and IAS 17 reconciliation
RUB million Q1 2024 Q1 2023 Change
EBITDA (IFRS 16) 9,773 11,161 (12.4)%
EBITDA margin (IFRS 16), % 13.6% 16.9% (330) bps
LTIP expense 215 274 (21.5)%
Adjusted EBITDA (IFRS 16) 9,988 11,435 (12.7)%
Adjusted EBITDA margin (IFRS 16), % 13.9% 17.4% (342) bps
Rental expense (3,422) (2,999) 14.1%
Utilities (58) (53) 9.4%
Adjusted EBITDA (IAS 17) 6,508 8,383 (22.4)%
Adjusted EBITDA margin (IAS 17), % 9.1% 12.7% (364) bps
LTIP expense (215) (274) (21.5)%
EBITDA (IAS 17) 6,293 8,109 (22.4)%
EBITDA margin (IAS 17), % 8.8% 12.3% (353) bps
Adjusted EBITDA under IFRS 16 amounted to RUB 10.0 billion, versus
RUB 11.4 billion for Q1 2023 on the back of pressure on gross margin and
growth of SG&A costs. Adjusted EBITDA margin was 13.9%.
EBITDA under IFRS 16 declined by 12.4% y-o-y to RUB 9.8 billion. The
EBITDA margin was 13.6% versus 16.9% in Q1 2023.
Adjusted EBITDA under IAS 17 was RUB 6.5 billion. The IAS 17-based
adjusted EBITDA margin amounted to 9.1% in Q1 2024, while in Q1 2023 it
stood at 12.7%.
Net finance income amounted to RUB 21 million, compared to net finance
costs of RUB 337 million for Q1 2023. This growth was mainly driven by
an increase in interest income on Group deposits, partially offset by
rising costs of funding and lease liabilities on the back of growing
interest rates.
FX gain during the quarter amounted to RUB 59 million, as a result of
the mitigating effect of several FX-denominated balance-sheet factors.
Q1 2023 FX gain stood at RUB 483 million.
Income tax expense amounted to RUB 2.5 billion in Q1 2024, up 34.0%
y-o-y due to withholding tax accrued on intra-group dividends.
The Group recorded profit for the period of RUB 3.3 billion, down 43.8%
y-o-y. The net profit margin stood at 4.6%.
Statement of financial position highlights
RUB million 31 Mar 2024 31 Dec 2023 31 Mar 2023
Current loans and borrowings 10,026 10,024 15,022
Non-current loans and borrowings 4,765 4,675 4,432
Current lease liabilities 9,069 8,800 8,279
Non-current lease liabilities 4,731 4,974 4,502
Cash and cash equivalents (27,994) (37,343) (21,576)
Net debt / (Net cash) 597 (8,870) 10,659
Net debt / (Net cash) to EBITDA (IFRS 0.01x (0.2)x 0.2x
16) 9 9
Current lease liabilities (9,069) (8,800) (8,279)
Non-current lease liabilities (4,731) (4,974) (4,502)
IAS 17-based (net cash) (13,203) (22,644) (2,122)
IAS 17-based (net cash) to EBITDA (0.3)x (0.6)x (0.05)x
The Group’s current and non-current loans and borrowings were generally
stable compared to the beginning of the year and amounted to RUB 10.0
billion and RUB 4.8 billion respectively. As a result, total loans and
borrowings stood at RUB 14.8 billion (versus RUB 14.7 billion as of
31 December 2023). Lease liabilities also remained flat versus the start
of the year and totalled RUB 13.8 billion. As a result, total loans,
borrowings and lease liabilities amounted to RUB 28.6 billion as of 31
March 2024.
In Q1 2024 the Company announced and paid an interim dividend of RUB 8.4
billion, or RUB 9.84 per share/GDR, which resulted in a decrease in the
Company’s IAS 17-based net cash position to RUB 13.2 billion, down from
RUB 22.6 billion as of 31 December 2023. The IAS 17-based net cash to
EBITDA ratio was 0.3x versus 0.6x as of 31 December 2023.
Statement of cash flow highlights
RUB million Q1 2024 Q1 2023
Profit before tax 5,810 7,733
Cash from operating activities before changes in working 10,550 12,146
capital
Changes in working capital (4,111) (4,283)
Net cash generated from operations 6,439 7,863
Net interest received/(paid) 114 (396)
Income tax paid (3,177) (2,270)
Net cash flows from operating activities 3,376 5,197
Net cash flows used in investing activities (1,364) (2,124)
Net cash flows used in financing activities (11,376) (5,276)
Effect of exchange rate fluctuations on cash and cash 15 195
equivalents
Net decrease in cash and cash equivalents (9,349) (2,008)
Net trade working capital 10 10 reached RUB 16.0
billion (5.4% of revenue) 11 11 as of 31 March
2024 compared to RUB 14.5 billion (5.0% of
revenue) as of 31 December 2023, while still
remaining on a comfortable and manageable level.
The Company is ordering and testing new assortment
to gauge consumer sentiment and find products that
resonate with our customers the most. On top of
that, an increase in inventories was associated
with uneven deliveries amid a reshuffling of
logistics routes, while revenue growth rates
remained subdued.
CAPEX decreased to RUB 1.4 billion compared to RUB
2.1 billion in Q1 2023, when Fix Price was
investing in the construction of new distribution
centres that started in 2022.
About the Company
Fix Price (LSE and MOEX: FIXP, AIX: FIXP.Y), one of the leading variety
value retailers globally and the largest in Russia, has been helping its
customers save money every day since 2007. Fix Price offers its customers
a unique and constantly updated assortment of non-food goods, including
personal care and household products, and food items at low fixed price
points.
As of 31 March 2024, Fix Price was operating 6,545 stores in Russia and
neighbouring countries, all of them stocking approximately 2,000 SKUs
across around 20 product categories. As well as its own private brands,
Fix Price sells products from leading global names and smaller local
suppliers. As of 31 March 2024, the Company was operating 13 DCs covering
81 regions of Russia and 8 neighbouring countries.
In 2023, the Company recorded revenue of RUB 291.9 billion, EBITDA of RUB
53.1 billion and net profit of RUB 35.7 billion, in accordance with IFRS.
Fix Price Investor Relations Fix Price Media Relations
Contacts Elena Mironova Ekaterina Goncharova
12 ir@fix-price.com pr@fix-price.ru
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13 1 Here and hereinafter, like-for-like (LFL) sales, average ticket
and number of tickets are calculated based on the results of stores
operated by Fix Price and that were open for at least 12 full calendar
months preceding the reporting date. LFL sales and average ticket are
calculated based on retail sales including VAT. LFL numbers exclude stores
that were temporarily closed for seven or more consecutive days during the
reporting period and/or comparable periods
14 2 Here and hereinafter, loyalty programme data is calculated for Fix
Price stores operating in Russia
15 3 LTIP expense – expense related to the long-term incentive
programme (LTIP)
16 4 EBITDA adjusted for LTIP expense. EBITDA is calculated as profit
for the respective period before income tax expense, net interest income /
(expense), depreciation and amortisation expense, and foreign exchange
gain / (loss)
17 5 Unless stated otherwise, the data in this section refers to
Company-operated stores in Russia
18 6 Loyalty programme data is calculated for Fix Price stores
operating in Russia
19 7 Members of the loyalty programme who make at least one purchase
per month
20 8 Total may not equal the sum of the components due to rounding
21 9 Here and hereinafter, the calculation of net debt / (net cash) to
EBITDA is based on EBITDA for the last 12 months
22 10 Net trade working capital is calculated as inventories plus
receivables and other financial assets minus payables and other financial
liabilities
23 11 The calculation of the percentage of net trade working capital in
revenue is based on revenue for the last 12 months
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Dissemination of a Regulatory Announcement that contains inside
information in accordance with the Market Abuse Regulation (MAR),
transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
══════════════════════════════════════════════════════════════════════════
ISIN: US33835G2057
Category Code: MSCU
TIDM: FIXP
LEI Code: 549300EXJV1RPGZNH608
OAM Categories: 2.2. Inside information
Sequence No.: 318050
EQS News ID: 1890097
End of Announcement EQS News Service
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17. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_NRSfrvxz.html#_ftnref5
18. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_NRSfrvxz.html#_ftnref6
19. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_NRSfrvxz.html#_ftnref7
20. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_NRSfrvxz.html#_ftnref8
21. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_NRSfrvxz.html#_ftnref9
22. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_NRSfrvxz.html#_ftnref10
23. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_NRSfrvxz.html#_ftnref11
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