Delaware (State or other jurisdiction of incorporation) | 333-185443 (Commission File Number) | 27-1539594 (IRS Employer Identification No.) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
ALERIS CORPORATION | ||
Date: May 16, 2014 | ||
/s/ I. Timothy Trombetta | ||
By: I. Timothy Trombetta | ||
Its: Vice President and Controller |
Exhibit No. | Description | |
99.1 | Press release dated May 16, 2014. | |
99.2 | May 16, 2014 Management Presentation Materials. |
▪ | Sequential Adjusted EBITDA improvement affirms recovering fundamentals |
▪ | Adjusted EBITDA of $59 million; Net loss of $18 million |
▪ | North American rolled products volumes down due to Midwest Premium volatility |
▪ | Harsh winter weather affected volume, scrap availability and natural gas costs in North America |
▪ | Year-over-year improvement in Specification Alloy metal spreads |
▪ | Liquidity of $497 million as of March 31, 2014 |
▪ | Sequential performance improvement expected; in line with prior year |
▪ | Automotive light weighting impact on aluminum demand expected to significantly exceed prior year |
▪ | Aerospace volumes continue to be impacted by customer destocking |
▪ | Building and construction volumes expected to exceed prior year |
▪ | Low LME prices continuing to pressure mill grade scrap spreads |
▪ | Specification Alloy metal spreads expected to exceed prior year |
▪ | Competitive imports negatively impacting margins for North American rolled products |
▪ | Nichols acquisition closed April 1; synergy capture/integration underway |
For the three months ended | ||||||||
March 31, 2014 | March 31, 2013 | |||||||
(Dollars in millions, metric tons in thousands) | (unaudited) | |||||||
Metric tons invoiced | 480 | 495 | ||||||
Revenue | $ | 1,054 | $ | 1,110 | ||||
Commercial margin | $ | 421 | $ | 421 | ||||
Segment income | $ | 81 | $ | 78 | ||||
Net (loss) income attributable to Aleris Corporation | $ | (18 | ) | $ | 11 | |||
Adjusted EBITDA | $ | 59 | $ | 65 |
▪ | lower volume in Rolled Products North America as a result of the high and volatile Midwest Premium and harsh winter weather reduced Adjusted EBITDA by approximately $4 million; |
▪ | recovering regional plate and coil pricing as a result of improved European economic activity increased Adjusted EBITDA by approximately $2 million; |
▪ | improved metal spreads and the benefit of lower priced inventory sold in a rising Midwest Premium environment, partly offset by tighter scrap spreads and higher costs for purchased aluminum slabs, resulting in an increase in Adjusted EBITDA of approximately $3 million; |
▪ | North American winter weather led to higher natural gas costs and operational inefficiencies, limiting productivity gains to $7 million while increasing inflation to $11 million; and |
▪ | a weaker U.S. dollar reduced Adjusted EBITDA by approximately $3 million. |
▪ | a $5 million increase in interest expense as the completion of our major capital investments resulted in less interest being capitalized; |
▪ | a $6 million increase in depreciation expense also related to the completion of our major capital investments; and |
▪ | a $20 million increase in unrealized losses on derivative financial instruments as a result of LME price movements and derivative settlements. |
▪ | a $2 million decrease in the provision for income taxes; and |
▪ | a $3 million decrease in start-up expenses. |
▪ | a 9 percent decline in shipped volume as a result of the harsh winter weather and customer uncertainty related to the Midwest Premium volatility decreased segment Adjusted EBITDA by $4 million; |
▪ | tighter scrap spreads and availability were offset by sales of lower priced inventory in a rising Midwest Premium environment resulting in a $3 million increase to segment Adjusted EBITDA; and |
▪ | productivity-related savings partly offset inflation in employee costs, energy and paint. |
▪ | a volume decline of 4 percent driven by reduced shipments of semi-finished plate to our Zhenjiang rolling mill in China and reduced shipments from our Voerde, Germany cast house due to higher internal usage within RPEU. Excluding these shipments, RPEU volume increased 5 percent as auto body sheet volumes increased 43 percent, more than offsetting a 7 percent decline in aerospace volume. The combination of volume and mix changes resulted in increased segment Adjusted EBITDA of $1 million; |
▪ | recovering regional plate and sheet pricing as a result of improved European economic activity increased segment Adjusted EBITDA by $2 million; |
▪ | higher costs for aluminum slabs decreased segment Adjusted EBITDA by $3 million; |
▪ | unfavorable currency movements decreased segment Adjusted EBITDA by approximately $3 million as a weaker U.S. dollar reduced margins on the segment's U.S. dollar-based aerospace and heat exchanger business and more than offset the positive impact on the translation of the segment's results; and |
▪ | productivity-related savings and lower SG&A costs partially offset inflation in cash conversion costs. |
▪ | continued improvement in metal spreads increased segment Adjusted EBITDA by $3 million; |
▪ | a 5 percent decrease in overall volume resulted in a $1 million decrease in segment Adjusted EBITDA. The decrease in volume and segment Adjusted EBITDA was a result of the harsh winter weather and idling of production at our Saginaw, Michigan facility in the fourth quarter of 2013; and |
▪ | higher natural gas commodity and delivery prices as a result of the winter weather along with associated operational inefficiencies decreased segment Adjusted EBITDA by $3 million. |
▪ | typical seasonality and improved building and construction volumes; |
▪ | demand for auto body sheet is expected to continue to increase, which should drive further profitability and partially offset the impact of lower aerospace volume; |
▪ | improved metal spreads in specification alloys; and |
▪ | low LME prices, which will keep pressure on mill grade scrap spreads and competitive imports are negatively impacting margins in the second quarter of 2014. |
For the three months ended | ||||||||
March 31, 2014 | March 31, 2013 | |||||||
Revenues | $ | 1,054.2 | $ | 1,110.1 | ||||
Cost of sales | 979.1 | 1,021.1 | ||||||
Gross profit | 75.1 | 89.0 | ||||||
Selling, general and administrative expenses | 61.9 | 61.6 | ||||||
Restructuring charges | 0.5 | 0.9 | ||||||
Gains on derivative financial instruments | (0.5 | ) | (9.1 | ) | ||||
Other operating expense (income), net | 0.3 | (1.1 | ) | |||||
Operating income | 12.9 | 36.7 | ||||||
Interest expense, net | 26.3 | 21.0 | ||||||
Other income, net | (0.4 | ) | (1.9 | ) | ||||
(Loss) income before income taxes | (13.0 | ) | 17.6 | |||||
Provision for income taxes | 4.3 | 6.3 | ||||||
Net (loss) income | (17.3 | ) | 11.3 | |||||
Net income attributable to noncontrolling interest | 0.3 | 0.4 | ||||||
Net (loss) income attributable to Aleris Corporation | $ | (17.6 | ) | $ | 10.9 | |||
For the three months ended | ||||||||
March 31, 2014 | March 31, 2013 | |||||||
Segment income (loss): | ||||||||
RPNA | $ | 26.9 | $ | 23.5 | ||||
RPEU | 38.1 | 38.5 | ||||||
RPAP | — | (0.3 | ) | |||||
Extrusions | 3.0 | 3.0 | ||||||
RSAA | 9.0 | 10.4 | ||||||
RSEU | 4.3 | 3.3 | ||||||
Total segment income | 81.3 | 78.4 | ||||||
Depreciation and amortization | (33.2 | ) | (27.2 | ) | ||||
Corporate general and administrative expenses, excluding depreciation, amortization, start-up expenses and other expenses | (15.0 | ) | (11.3 | ) | ||||
Restructuring charges | (0.5 | ) | (0.9 | ) | ||||
Interest expense, net | (26.3 | ) | (21.0 | ) | ||||
Unallocated (losses) gains on derivative financial instruments | (9.3 | ) | 10.2 | |||||
Unallocated currency exchange losses | (1.5 | ) | — | |||||
Start-up expenses | (8.4 | ) | (11.4 | ) | ||||
Other (expense) income, net | (0.1 | ) | 0.8 | |||||
(Loss) income before income taxes | $ | (13.0 | ) | $ | 17.6 | |||
For the three months ended | ||||||||
March 31, 2014 | March 31, 2013 | |||||||
Invoiced metric tons: | ||||||||
RPNA | 86.3 | 94.8 | ||||||
RPEU | 86.6 | 89.9 | ||||||
RPAP | 2.3 | 0.1 | ||||||
Extrusions | 19.1 | 17.4 | ||||||
RSAA | 206.3 | 217.2 | ||||||
RSEU | 95.7 | 94.8 | ||||||
Intersegment shipments | (16.6 | ) | (19.3 | ) | ||||
Total invoiced metric tons | 479.7 | 494.9 | ||||||
Revenues: | ||||||||
RPNA | $ | 261.3 | $ | 314.3 | ||||
RPEU | 354.8 | 369.2 | ||||||
RPAP | 10.0 | 0.7 | ||||||
Extrusions | 93.3 | 89.0 | ||||||
RSAA | 235.2 | 238.4 | ||||||
RSEU | 143.3 | 155.7 | ||||||
Intersegment revenues | (43.7 | ) | (57.2 | ) | ||||
Total revenues | $ | 1,054.2 | $ | 1,110.1 | ||||
Segment commercial margin: | ||||||||
RPNA | $ | 106.0 | $ | 116.5 | ||||
RPEU | 151.1 | 149.1 | ||||||
RPAP | — | (0.3 | ) | |||||
Extrusions | 42.1 | 38.5 | ||||||
RSAA | 71.0 | 69.8 | ||||||
RSEU | 50.3 | 46.9 | ||||||
Total segment commercial margin | $ | 420.5 | $ | 420.5 | ||||
Segment commercial margin per metric ton: | ||||||||
RPNA | $ | 1,228.4 | $ | 1,228.7 | ||||
RPEU | 1,744.4 | 1,657.9 | ||||||
RPAP | * | * | ||||||
Extrusions | 2,210.9 | 2,211.8 | ||||||
RSAA | 344.2 | 321.5 | ||||||
RSEU | 525.9 | 495.0 | ||||||
Segment Adjusted EBITDA: | ||||||||
RPNA | $ | 23.2 | $ | 23.4 | ||||
RPEU | 30.3 | 33.6 | ||||||
RPAP | — | (0.3 | ) | |||||
Extrusions | 2.6 | 2.4 | ||||||
RSAA | 9.0 | 10.4 | ||||||
RSEU | 4.3 | 3.3 | ||||||
Corporate | (10.2 | ) | (8.3 | ) | ||||
Total Adjusted EBITDA | $ | 59.2 | $ | 64.5 | ||||
Segment Adjusted EBITDA per metric ton: | ||||||||
RPNA | $ | 269.3 | $ | 246.3 | ||||
RPEU | 349.3 | 374.1 | ||||||
RPAP | * | * | ||||||
Extrusions | 133.9 | 137.1 | ||||||
RSAA | 43.4 | 48.0 | ||||||
RSEU | 45.3 | 34.3 | ||||||
Aleris Corporation | 123.5 | 130.4 | ||||||
* Result is not meaningful. |
ASSETS | March 31, 2014 | December 31, 2013 | ||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 51.3 | $ | 60.1 | ||||
Accounts receivable (net of allowances of $9.8 and $7.7 at March 31, 2014 and December 31, 2013, respectively) | 460.1 | 376.9 | ||||||
Inventories | 693.7 | 683.4 | ||||||
Deferred income taxes | 7.1 | 7.1 | ||||||
Prepaid expenses and other current assets | 28.6 | 31.5 | ||||||
Total Current Assets | 1,240.8 | 1,159.0 | ||||||
Property, plant and equipment, net | 1,144.5 | 1,157.7 | ||||||
Intangible assets, net | 43.0 | 43.5 | ||||||
Deferred income taxes | 45.2 | 45.2 | ||||||
Other long-term assets | 65.9 | 67.5 | ||||||
Total Assets | $ | 2,539.4 | $ | 2,472.9 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 381.3 | $ | 303.2 | ||||
Accrued liabilities | 197.2 | 200.9 | ||||||
Deferred income taxes | 3.9 | 3.9 | ||||||
Current portion of long-term debt | 10.1 | 8.3 | ||||||
Total Current Liabilities | 592.5 | 516.3 | ||||||
Long-term debt | 1,238.2 | 1,229.1 | ||||||
Deferred income taxes | 4.8 | 4.4 | ||||||
Accrued pension benefits | 226.8 | 228.5 | ||||||
Accrued postretirement benefits | 40.7 | 40.9 | ||||||
Other long-term liabilities | 77.6 | 79.3 | ||||||
Total Long-Term Liabilities | 1,588.1 | 1,582.2 | ||||||
Redeemable noncontrolling interest | 5.6 | 5.7 | ||||||
Stockholders’ Equity | ||||||||
Common stock; par value $.01; 45,000,000 shares authorized and 31,245,325 and 31,229,064 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively | 0.3 | 0.3 | ||||||
Preferred stock; par value $.01; 1,000,000 shares authorized; none issued | — | — | ||||||
Additional paid-in capital | 405.9 | 401.9 | ||||||
Retained deficit | (65.3 | ) | (47.6 | ) | ||||
Accumulated other comprehensive income | 11.7 | 13.8 | ||||||
Total Aleris Corporation Equity | 352.6 | 368.4 | ||||||
Noncontrolling interest | 0.6 | 0.3 | ||||||
Total Equity | 353.2 | 368.7 | ||||||
Total Liabilities and Equity | $ | 2,539.4 | $ | 2,472.9 |
For the three months ended | ||||||||
March 31, 2014 | March 31, 2013 | |||||||
Operating activities | ||||||||
Net (loss) income | $ | (17.3 | ) | $ | 11.3 | |||
Adjustments to reconcile net (loss) income to net cash provided (used) by operating activities: | ||||||||
Depreciation and amortization | 33.2 | 27.2 | ||||||
Provision for deferred income taxes | 0.5 | 1.0 | ||||||
Stock-based compensation expense | 4.2 | 2.7 | ||||||
Unrealized losses (gains) on derivative financial instruments | 9.3 | (10.3 | ) | |||||
Currency exchange losses on debt | 0.3 | 0.4 | ||||||
Amortization of debt issuance costs | 2.0 | 1.9 | ||||||
Other | 1.1 | (2.1 | ) | |||||
Changes in operating assets and liabilities: | ||||||||
Change in accounts receivable | (83.5 | ) | (105.5 | ) | ||||
Change in inventories | (11.1 | ) | (14.1 | ) | ||||
Change in other assets | 2.3 | (12.0 | ) | |||||
Change in accounts payable | 90.3 | 52.2 | ||||||
Change in accrued liabilities | (3.5 | ) | (8.3 | ) | ||||
Net cash provided (used) by operating activities | 27.8 | (55.6 | ) | |||||
Investing activities | ||||||||
Payments for property, plant and equipment | (47.5 | ) | (96.9 | ) | ||||
Other | 0.5 | 1.6 | ||||||
Net cash used by investing activities | (47.0 | ) | (95.3 | ) | ||||
Financing activities | ||||||||
Proceeds from the ABL facility | 40.0 | — | ||||||
Payments on the ABL facility | (30.0 | ) | — | |||||
Proceeds from the Zhenjiang term loans | — | 0.2 | ||||||
Net proceeds from other long-term debt | 0.7 | 0.6 | ||||||
Other | (0.3 | ) | (2.3 | ) | ||||
Net cash provided (used) by financing activities | 10.4 | (1.5 | ) | |||||
Effect of exchange rate differences on cash and cash equivalents | — | (1.2 | ) | |||||
Net decrease in cash and cash equivalents | (8.8 | ) | (153.6 | ) | ||||
Cash and cash equivalents at beginning of period | 60.1 | 592.9 | ||||||
Cash and cash equivalents at end of period | $ | 51.3 | $ | 439.3 |
For the three months ended | ||||||||
March 31, 2014 | March 31, 2013 | |||||||
Adjusted EBITDA | $ | 59.2 | $ | 64.5 | ||||
Unrealized (losses) gains on derivative financial instruments | (9.3 | ) | 10.3 | |||||
Restructuring charges | (0.5 | ) | (0.9 | ) | ||||
Unallocated currency exchange losses on debt | — | (0.5 | ) | |||||
Stock-based compensation expense | (4.2 | ) | (2.7 | ) | ||||
Start-up expenses | (8.4 | ) | (11.4 | ) | ||||
Favorable metal price lag | 12.0 | 5.6 | ||||||
Other | (2.6 | ) | 0.5 | |||||
EBITDA | 46.2 | 65.4 | ||||||
Interest expense, net | (26.3 | ) | (21.0 | ) | ||||
Provision for income taxes | (4.3 | ) | (6.3 | ) | ||||
Depreciation and amortization | (33.2 | ) | (27.2 | ) | ||||
Net (loss) income attributable to Aleris Corporation | (17.6 | ) | 10.9 | |||||
Net income attributable to noncontrolling interest | 0.3 | 0.4 | ||||||
Net (loss) income | (17.3 | ) | 11.3 | |||||
Depreciation and amortization | 33.2 | 27.2 | ||||||
Provision for deferred income taxes | 0.5 | 1.0 | ||||||
Stock-based compensation expense | 4.2 | 2.7 | ||||||
Unrealized losses (gains) on derivative financial instruments | 9.3 | (10.3 | ) | |||||
Currency exchange losses on debt | 0.3 | 0.4 | ||||||
Amortization of debt issuance costs | 2.0 | 1.9 | ||||||
Other | 1.1 | (2.1 | ) | |||||
Change in operating assets and liabilities: | ||||||||
Change in accounts receivable | (83.5 | ) | (105.5 | ) | ||||
Change in inventories | (11.1 | ) | (14.1 | ) | ||||
Change in other assets | 2.3 | (12.0 | ) | |||||
Change in accounts payable | 90.3 | 52.2 | ||||||
Change in accrued liabilities | (3.5 | ) | (8.3 | ) | ||||
Net cash provided (used) by operating activities | $ | 27.8 | $ | (55.6 | ) |
For the three months ended | ||||||||
March 31, 2014 | March 31, 2013 | |||||||
RPNA | ||||||||
Segment income | $ | 26.9 | $ | 23.5 | ||||
Favorable metal price lag | (3.7 | ) | (0.1 | ) | ||||
Segment Adjusted EBITDA (1) | $ | 23.2 | $ | 23.4 | ||||
RPEU | ||||||||
Segment income | $ | 38.1 | $ | 38.5 | ||||
Favorable metal price lag | (7.9 | ) | (4.8 | ) | ||||
Segment Adjusted EBITDA (1) | $ | 30.3 | $ | 33.6 | ||||
RPAP | ||||||||
Segment loss | $ | — | $ | (0.3 | ) | |||
Segment Adjusted EBITDA (2) | — | (0.3 | ) | |||||
Extrusions | ||||||||
Segment income | $ | 3.0 | $ | 3.0 | ||||
Favorable metal price lag | (0.5 | ) | (0.6 | ) | ||||
Segment Adjusted EBITDA (1) | $ | 2.6 | $ | 2.4 | ||||
RSAA | ||||||||
Segment income | $ | 9.0 | $ | 10.4 | ||||
Segment Adjusted EBITDA (2) | 9.0 | 10.4 | ||||||
RSEU | ||||||||
Segment income | $ | 4.3 | $ | 3.3 | ||||
Segment Adjusted EBITDA (2) | 4.3 | 3.3 |
For the three months ended | ||||||||
March 31, 2014 | March 31, 2013 | |||||||
RPNA | ||||||||
Segment revenues | $ | 261.3 | $ | 314.3 | ||||
Hedged cost of metal | (151.6 | ) | (197.7 | ) | ||||
Favorable metal price lag | (3.7 | ) | (0.1 | ) | ||||
Segment commercial margin | $ | 106.0 | $ | 116.5 | ||||
RPEU | ||||||||
Segment revenues | $ | 354.8 | $ | 369.2 | ||||
Hedged cost of metal | (195.8 | ) | (215.3 | ) | ||||
Favorable metal price lag | (7.9 | ) | (4.8 | ) | ||||
Segment commercial margin | $ | 151.1 | $ | 149.1 | ||||
RPAP | ||||||||
Segment revenues | $ | 10.0 | $ | 0.7 | ||||
Hedged cost of metal | (10.0 | ) | (1.0 | ) | ||||
Segment commercial margin | $ | — | $ | (0.3 | ) | |||
Extrusions | ||||||||
Segment revenues | $ | 93.3 | $ | 89.0 | ||||
Hedged cost of metal | (50.7 | ) | (49.9 | ) | ||||
Favorable metal price lag | (0.5 | ) | (0.6 | ) | ||||
Segment commercial margin | $ | 42.1 | $ | 38.5 | ||||
RSAA | ||||||||
Segment revenues | $ | 235.2 | $ | 238.4 | ||||
Hedged cost of metal | (164.2 | ) | (168.6 | ) | ||||
Segment commercial margin | $ | 71.0 | $ | 69.8 | ||||
RSEU | ||||||||
Segment revenues | $ | 143.3 | $ | 155.7 | ||||
Hedged cost of metal | (93.0 | ) | (108.8 | ) | ||||
Segment commercial margin | $ | 50.3 | $ | 46.9 |
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