GRUPO ELEKTRA ANNOUNCES 45% GROWTH IN EBITDA TO Ps.4,727 MILLION IN THE FOURTH QUARTER OF 2023
—Consolidated revenue increased 9%, to Ps.52,654 million, driven by firm dynamism in financial income—
—As a result of strategies that generate strong operational efficiencies, sales, administration and promotion expenses decreased 3%—
—Capitalization index of 15.01% and liquidity coverage ratio of 1,055%, confirm notable financial performance of Banco Azteca México—
MEXICO CITY, Feb. 20, 2024 /PRNewswire/ -- Grupo Elektra, S.A.B. de C.V. (BMV: ELEKTRA* Latibex: XEKT), Latin America's leading specialty retailer and financial services company, and the largest non-bank provider of cash advance services in the United States, today announced four quarter 2023 and 2023 results.
Fourth quarter results
Consolidated revenue grew 9%, to Ps.52,654 million in the period, compared to Ps.48,297 million in the same quarter of the previous year. Operating costs and expenses increased 6%, to Ps.47,927 million, from Ps.45,031 million in 2022.
As a result, EBITDA was Ps.4,727 million, 45% higher compared to Ps.3,266 million a year ago. Operating income was Ps.1,032 million, from Ps.897 million in the same period of 2022.
The company reported net income of Ps.773 million, compared to net income of Ps.1,411 million a year ago.
4Q 2022 | 4Q 2023 | Change | ||
Ps. | % | |||
Consolidated revenue | $48,297 | $52,654 | $4,358 | 9 % |
EBITDA | $3,266 | $4,727 | $1,461 | 45 % |
Operating profit | $897 | $1,032 | $135 | 15 % |
Net result | $1,411 | $773 | $(639) | (45) % |
Net result per-share | $6.36 | $3.50 | $(2.86) | (45) % |
Figures in millions of pesos
EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization.
As of December 31, 2022, Elektra* outstanding shares were 221.7 million and as of December 31, 2023, were 220.9 million.
Revenue
Consolidated revenue increased 9% in the period, as a result of 11% growth in financial income and a 6% increase in commercial sales.
The increase in financial income — to Ps.29,480 million, from Ps.26,456 million the previous year — reflects, to a large extent, a 15% growth in Banco Azteca México's income — which additionally strengthens its solid financial margin — in the framework of continuous growth of the gross credit portfolio, which promotes the well-being of millions of families and the development of businesses.
The increase in income from the commercial business — to Ps.23,174 million, from Ps.21,841 million a year ago — results largely from growth in sales of Italika motorcycles — which strengthen business productivity and the mobility of millions of people — as well as household items — that boost the quality of life of a growing number of families.
Costs and expenses
Consolidated costs for the quarter were Ps.29,567 million, compared to Ps.26,197 million the previous year. The growth is explained by a 40% increase in the financial cost — derived from greater creation of credit reserves, as well as higher interest paid, in line with increased market rates — partially offset by a 1% reduction in the commercial cost, as a result of lower costs related to the supply chain.
Sales, administration and promotion expenses decreased 3%, to Ps.18,360 million, from Ps.18,834 million a year ago, as a result of lower personnel and operating expenses, partially offset by an increase in advertising expenses.
The reduction in expenses in the period results from solid strategies that drive Grupo Elektra's operational efficiency, together with strict budgets and optimization of processes throughout the organization.
EBITDA and net result
EBITDA was Ps.4,727 million, from Ps.3,266 million the previous year. The company reported operating income of Ps.1,032 million, compared to Ps.897 million in the same quarter of 2022.
Relevant variations below EBITDA were the following:
Increase of Ps.1,378 million in other expenses, mainly due to impairment of intangible assets of Purpose Financial this period, consistent with the performance and financial perspectives of the company.
Negative variation of Ps.1,145 million in other financial results, which reflects a 2% capital gain this quarter in the market value of the underlying financial instruments that the company owns — and which does not imply cash flow — in comparison with capital gain of 7% a year ago.
Grupo Elektra reported net income of Ps.773 million, from a net income of Ps.1,411 million a year ago.
Unconsolidated balance sheet
A proforma balance sheet exercise of Grupo Elektra is presented, which allows knowing the non-consolidated financial situation, excluding the net assets of the financial business, whose investment is valued in this case under the participation method.
This presentation shows the debt of the company without considering Banco Azteca's immediate and term deposits, which do not constitute debt with cost for Grupo Elektra. Also, the pro forma balance sheet does not include the bank's gross loan portfolio.
This provides greater clarity about the different businesses that make up the company and allows financial market participants to make estimates of the value of the company, considering only the relevant debt for said calculations.
Consistent with this, the debt with cost as of December 31, 2023, was Ps.39,016 million, 4% lower compared to Ps.40,759 million of the previous year, mainly as a result of international bond amortizations, partially offset by issuance of Cebures and a bank loan.
The balance of cash and cash equivalents was Ps.9,507 million, from Ps.9,808 million the previous year. Net debt was Ps.29,509 million, 5% below Ps.30,951 million a year ago.
As of December 31, 2023, the company's stockholders' equity was Ps.91,053 million, and the stockholders' equity to total liabilities ratio was 1.1 times.
As of | As of | Change | ||||||
Ps. | % | |||||||
Cash and cash equivalents | $9,808 | $9,507 | (301) | (3 %) | ||||
Marketable financial instruments | 30,244 | 26,953 | (3,291) | (11 %) | ||||
Inventories | 18,244 | 16,703 | (1,541) | (8 %) | ||||
Accounts receivables | 45,387 | 50,540 | 5,153 | 11 % | ||||
Other current assets | 6,034 | 4,651 | (1,384) | (23 %) | ||||
Investments in shares | 38,389 | 42,315 | 3,927 | 10 % | ||||
Fixed assets | 10,189 | 9,224 | (966) | (9 %) | ||||
Right of use assets | 12,810 | 12,004 | (806) | (6 %) | ||||
Other assets | 2,402 | 3,115 | 713 | 30 % | ||||
Total assets | $1,73,507 | $1,75,011 | $1,505 | 1 % | ||||
Short-term debt | $7,736 | $5,648 | (2,088) | (27 %) | ||||
Suppliers | 6,551 | 9,374 | 2,822 | 43 % | ||||
Other short-term liabilities | 19,693 | 17,857 | (1,836) | (9 %) | ||||
Long-term debt | 33,023 | 33,368 | 345 | 1 % | ||||
Differed taxes | 975 | 2,903 | 1,929 | 198 % | ||||
Other long-term debt | 15,076 | 14,809 | (267) | (2 %) | ||||
Total liabilities | $83,053 | $83,958 | $905 | 1 % | ||||
Stakeholder´s equity | $90,453 | $91,053 | $599 | 1 % | ||||
Liabilities and equity | $1,73,507 | $1,75,011 | $1,505 | 1 % | ||||
Figures in millions of pesos.
Consolidated Balance Sheet
Loan Portfolio and Deposits
The consolidated gross portfolio of Banco Azteca México, Purpose Financial and Banco Azteca Latinoamérica, as of December 31, 2023, grew 6%, to Ps.176,587 million, from Ps.166,944 million the previous year. The consolidated delinquency rate was 5.6% at the end of the period, compared to 4.6% the previous year.
Banco Azteca México's gross portfolio balance increased 6% to Ps.171,248 million, from Ps.161,307 million a year ago. The Bank's delinquency rate at the end of the period was 5.1%, compared to 4.0% the previous year.
Grupo Elektra's consolidated deposits were Ps.216,880 million, from Ps.215,747 million a year ago. Banco Azteca México's traditional deposits were Ps.214,536 million, compared to Ps.215,137 million the previous year.
The ratio of deposits to gross portfolio of Banco Azteca México was 1.25 times, which allows solid growth of the Bank, with optimal funding costs.
The Bank's estimated liquidity coverage ratio — countable liquid assets / total net cash outflow — was 1,055%, an outstanding figure in the Mexican banking sector.
The capitalization index of Banco Azteca México was 15.01%.
Infrastructure
Grupo Elektra currently has 6,174 contact points, compared to 6,346 units the previous year; the decrease results from strategies that focus on maximizing the profitability of the company's contact points. In the United States, 107 Purpose Financial units closed, while in Mexico the net closure was 70 contact points. The above was partially offset by the opening of 5 units in Central America.
The number of Grupo Elektra contact points in the country, at the end of the period, was 4,920, in the USA 843 and in Central America 411. The important distribution network provides the company with proximity to the customer and close attention and generates superior market positioning in the countries in which it operates.
Twelve-month consolidated results
Consolidated revenue for 2023 grew 12%, to Ps.184,151 million, from Ps.164,691 million recorded in 2022, driven by 18% growth in revenues from the financial business and a 3% increase in sales from the commercial business.
EBITDA was Ps.21,361 million, 18% higher compared to Ps.18,139 million the previous year. The company reported operating income of Ps.9,288 million, 16% above Ps.7,976 million a year ago.
The company recorded net income of Ps.5,993 million, compared to a net loss of Ps.7,353 million a year ago. The change reflects superior operating results this year, as well as a capital gain in the market value of the underlying financial instruments that the company owns — and which does not imply cash flow — compared to a capital loss the previous year.
2022 | 2023 | Change | ||
Ps. | % | |||
Consolidated revenue | $164,691 | $184,151 | $19,460 | 12 % |
EBITDA | $18,139 | $21,361 | $3,222 | 18 % |
Operating profit Net result | $7,976 $(7,353) | $9,288 $5,993 | $1,312 $13,345 | 16% ---- |
Net result per-share | $(33.17) | $27.13 | $60.30 | ---- |
Figures in millions of pesos
EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization.
As of December 31, 2022, Elektra* outstanding shares were 221.7 million and as of December 31, 2023, were 220.9 million.
Company Profile:
Grupo Elektra is Latin America's leading financial services company and specialty retailer and the largest non-bank provider of cash advance services in the United States. The group operates more than 6,000 points of contact in Mexico, the United States, Guatemala, Honduras, and Panama.
Grupo Elektra is a Grupo Salinas company (www.gruposalinas.com), a group of dynamic, fast-growing, and technologically advanced companies focused on creating economic value through market innovation and goods and services that improve standards of living; social value to improve community well-being; and environmental value by reducing the negative impact of its business activities. Created by Mexican entrepreneur Ricardo B. Salinas (www.ricardosalinas.com), Grupo Salinas operates as a management development and decision forum for the top leaders of member companies. These companies include TV Azteca (www.TVazteca.com; www.irtvazteca.com), Grupo Elektra (www.grupoelektra.com.mx), Banco Azteca (www.bancoazteca.com.mx), Purpose Financial (havepurpose.com), Afore Azteca (www.aforeazteca.com.mx), Seguros Azteca (www.segurosazteca.com.mx), Punto Casa de Bolsa (www.puntocasadebolsa.mx), Total Play (irtotalplay.mx; www.totalplay.com.mx) and Total Play Empresarial (totalplayempresarial.com.mx). TV Azteca and Grupo Elektra trade shares on the Mexican Stock Market and in Spain's' Latibex market. Each of the Grupo Salinas companies operates independently, with its own management, board of directors and shareholders. Grupo Salinas has no equity holdings. The group of companies shares a common vision, values, and strategies for achieving rapid growth, superior results, and world-class performance.
Except for historical information, the matters discussed in this press release are concepts about the future that involve risks and uncertainty that may cause actual results to differ materially from those projected. Other risks that may affect Grupo Elektra and its subsidiaries are presented in documents sent to the securities authorities.
Investor Relations:
Bruno Rangel Grupo Salinas Tel. +52 (55) 1720-9167 | Rolando Villarreal Grupo Elektra, S.A.B. de C.V. Tel. +52 (55) 1720-9167 |
Press Relations:
Luciano Pascoe
Tel. +52 (55) 1720 1313 ext. 36553
[email protected]
GRUPO ELEKTRA, S.A.B. DE C.V. AND SUBSIDIARIES | ||||||||||
CONSOLIDATED INCOME STATEMENTS | ||||||||||
MILLIONS OF MEXICAN PESOS | ||||||||||
4Q22 | 4Q23 | Change | ||||||||
Financial income | 26,456 | 55 % | 29,480 | 56 % | 3,025 | 11 % | ||||
Commercial income | 21,841 | 45 % | 23,174 | 44 % | 1,333 | 6 % | ||||
Income | 48,297 | 100 % | 52,654 | 100 % | 4,358 | 9 % | ||||
Financial cost | 9,045 | 19 % | 12,629 | 24 % | 3,584 | 40 % | ||||
Commercial cost | 17,151 | 36 % | 16,938 | 32 % | (213) | -1 % | ||||
Costs | 26,197 | 54 % | 29,567 | 56 % | 3,371 | 13 % | ||||
Gross income | 22,100 | 46 % | 23,087 | 44 % | 987 | 4 % | ||||
Sales, administration and promotion expenses | 18,834 | 39 % | 18,360 | 35 % | (474) | -3 % | ||||
EBITDA | 3,266 | 7 % | 4,727 | 9 % | 1,461 | 45 % | ||||
Depreciation and amortization | 2,501 | 5 % | 2,450 | 5 % | (52) | -2 % | ||||
Other (income) expense, net | (132) | 0 % | 1,246 | 2 % | 1,378 | ---- | ||||
Operating income | 897 | 2 % | 1,032 | 2 % | 135 | ---- | ||||
Comprehensive financial result: | ||||||||||
Interest income | 332 | 1 % | 516 | 1 % | 184 | 56 % | ||||
Interest expense | (1,351) | -3 % | (1,480) | -3 % | (129) | -10 % | ||||
Foreign exchange loss, net | 164 | 0 % | 361 | 1 % | 197 | ---- | ||||
Other financial results, net | 1,983 | 4 % | 838 | 2 % | (1,145) | -58 % | ||||
1,128 | 2 % | 236 | 0 % | (892) | -79 % | |||||
Participation in the net income of | ||||||||||
CASA and other associated companies | 86 | 0 % | 117 | 0 % | 32 | 37 % | ||||
Income before income tax | 2,111 | 4 % | 1,385 | 3 % | (726) | -34 % | ||||
Income tax | (700) | -1 % | (603) | -1 % | 96 | 14 % | ||||
Income before discontinued operations | 1,411 | 3 % | 782 | 1 % | (629) | -45 % | ||||
Result from discontinued operations | 0 | 0 % | (9) | 0 % | (9) | -100 % | ||||
Consolidated net income | 1,411 | 3 % | 773 | 1 % | (639) | -45 % | ||||
GRUPO ELEKTRA, S.A.B. DE C.V. AND SUBSIDIARIES | ||||||||||
CONSOLIDATED INCOME STATEMENTS | ||||||||||
MILLIONS OF MEXICAN PESOS | ||||||||||
12M22 | 12M23 | Change | ||||||||
Financial income | 94,291 | 57 % | 1,11,292 | 60 % | 17,001 | 18 % | ||||
Commercial income | 70,400 | 43 % | 72,858 | 40 % | 2,459 | 3 % | ||||
Income | 164,691 | 100 % | 184,151 | 100 % | 19,460 | 12 % | ||||
Financial cost | 27,260 | 17 % | 40,852 | 22 % | 13,591 | 50 % | ||||
Commercial cost | 52,181 | 32 % | 53,621 | 29 % | 1,439 | 3 % | ||||
Costs | 79,441 | 48 % | 94,472 | 51 % | 15,031 | 19 % | ||||
Gross income | 85,249 | 52 % | 89,679 | 49 % | 4,429 | 5 % | ||||
Sales, administration and promotion expenses | 67,110 | 41 % | 68,317 | 37 % | 1,208 | 2 % | ||||
EBITDA | 18,139 | 11 % | 21,361 | 12 % | 3,222 | 18 % | ||||
Depreciation and amortization | 9,258 | 6 % | 9,657 | 5 % | 399 | 4 % | ||||
Other expense, net | 905 | 1 % | 2,416 | 1 % | 1,511 | ---- | ||||
Operating income | 7,976 | 5 % | 9,288 | 5 % | 1,312 | 16 % | ||||
Comprehensive financial result: | ||||||||||
Interest income | 996 | 1 % | 1,818 | 1 % | 822 | 82 % | ||||
Interest expense | (4,538) | -3 % | (5,840) | -3 % | (1,302) | -29 % | ||||
Foreign exchange gain, net | 142 | 0 % | 711 | 0 % | 569 | ---- | ||||
Other financial results, net | (15,132) | -9 % | 2,301 | 1 % | 17,433 | ---- | ||||
(18,532) | -11 % | (1,009) | -1 % | 17,522 | 95 % | |||||
Participation in the net income of | ||||||||||
CASA and other associated companies | 279 | 0 % | 507 | 0 % | 229 | 82 % | ||||
(Loss) income before income tax | (10,277) | -6 % | 8,786 | 5 % | 19,063 | ---- | ||||
Income tax | 2,925 | 2 % | (2,788) | -2 % | (5,713) | ---- | ||||
(Loss) income before discontinued operations | (7,352) | -4 % | 5,998 | 3 % | 13,350 | ---- | ||||
Result from discontinued operations | (1) | 0 % | (5) | 0 % | (4) | ---- | ||||
Consolidated net (loss) income | (7,353) | -4 % | 5,993 | 3 % | 13,345 | ---- | ||||
GRUPO ELEKTRA, S.A.B. DE C.V. AND SUBSIDIARIES | ||||||||||
CONSOLIDATED BALANCE SHEET | ||||||||||
MILLIONS OF MEXICAN PESOS | ||||||||||
Commercial | Financial | Grupo | Commercial | Financial | Grupo | |||||
Change | ||||||||||
At December 31, 2022 | At December 31, 2023 | |||||||||
Cash and cash equivalents | 9,808 | 30,281 | 40,089 | 9,507 | 33,474 | 42,981 | 2,892 | 7 % | ||
Marketable financial instruments | 6,176 | 85,728 | 91,904 | 5,031 | 89,115 | 94,145 | 2,241 | 2 % | ||
Performing loan portfolio | - | 88,492 | 88,492 | - | 90,803 | 90,803 | 2,312 | 3 % | ||
Total past-due loans | - | 5,730 | 5,730 | - | 7,610 | 7,610 | 1,880 | 33 % | ||
Gross loan portfolio | - | 94,221 | 94,221 | - | 98,413 | 98,413 | 4,192 | 4 % | ||
Allowance for credit risks | - | 13,150 | 13,150 | - | 15,307 | 15,307 | 2,157 | 16 % | ||
Loan portfolio, net | - | 81,071 | 81,071 | - | 83,106 | 83,106 | 2,035 | 3 % | ||
Inventories | 18,244 | - | 18,244 | 16,703 | 0 | 16,703 | (1,541) | -8 % | ||
Other current assets | 19,906 | 12,825 | 32,731 | 21,216 | 13,184 | 34,400 | 1,669 | 5 % | ||
Total current assets | 54,134 | 209,906 | 264,039 | 52,457 | 218,879 | 271,336 | 7,297 | 3 % | ||
Financial instruments | 24,068 | 3 | 24,072 | 21,922 | 2 | 21,924 | (2,148) | -9 % | ||
Performing loan portfolio | - | 70,815 | 70,815 | - | 75,961 | 75,961 | 5,146 | 7 % | ||
Total past-due loans | - | 1,908 | 1,908 | - | 2,213 | 2,213 | 305 | 16 % | ||
Gross loan portfolio | - | 72,723 | 72,723 | - | 78,174 | 78,174 | 5,452 | 7 % | ||
Allowance for credit risks | - | 4,908 | 4,908 | - | 5,700 | 5,700 | 793 | 16 % | ||
Loan portfolio | - | 67,815 | 67,815 | - | 72,474 | 72,474 | 4,659 | 7 % | ||
Other non-current assets | 18,348 | 438 | 18,785 | 21,942 | 697 | 22,639 | 3,854 | 21 % | ||
Investment in shares | 2,171 | - | 2,171 | 2,670 | - | 2,670 | 500 | 23 % | ||
Property, furniture, equipment and | ||||||||||
investment in stores, net | 10,189 | 11,418 | 21,607 | 9,224 | 10,566 | 19,789 | (1,818) | -8 % | ||
Intangible assets | 777 | 8,536 | 9,313 | 685 | 7,224 | 7,909 | (1,404) | -15 % | ||
Right of use asset | 12,633 | 2,327 | 14,960 | 11,841 | 1,938 | 13,779 | (1,181) | -8 % | ||
Other assets | 1,624 | 523 | 2,148 | 2,429 | 8,049 | 10,479 | 8,331 | ---- | ||
TOTAL ASSETS | 123,944 | 300,966 | 424,909 | 123,171 | 319,828 | 442,999 | 18,089 | 4 % | ||
Demand and term deposits | - | 215,747 | 215,747 | - | 216,880 | 216,880 | 1,133 | 1 % | ||
Creditors from repurchase agreements | - | 18,031 | 18,031 | - | 34,311 | 34,311 | 16,281 | 90 % | ||
Short-term debt | 7,631 | 142 | 7,773 | 5,127 | 34 | 5,160 | (2,613) | -34 % | ||
Leasing | 1,945 | 965 | 2,911 | 1,959 | 819 | 2,778 | (133) | -5 % | ||
Short-term liabilities with cost | 9,576 | 234,885 | 244,461 | 7,086 | 252,044 | 259,129 | 14,668 | 6 % | ||
Suppliers and other short-term liabilities | 24,073 | 16,785 | 40,858 | 25,054 | 17,417 | 42,470 | 1,612 | 4 % | ||
Short-term liabilities without cost | 24,073 | 16,785 | 40,858 | 25,054 | 17,417 | 42,470 | 1,612 | 4 % | ||
Total short-term liabilities | 33,649 | 251,670 | 285,319 | 32,139 | 269,461 | 301,600 | 16,281 | 6 % | ||
Long-term debt | 30,353 | 0 | 30,353 | 30,512 | 1 | 30,513 | 160 | 1 % | ||
Leasing | 11,767 | 1,502 | 13,269 | 11,026 | 1,207 | 12,233 | (1,036) | -8 % | ||
Long-term liabilities with cost | 42,120 | 1,502 | 43,622 | 41,538 | 1,208 | 42,746 | (876) | -2 % | ||
Long-term liabilities without cost | 4,283 | 1,232 | 5,515 | 6,687 | 913 | 7,600 | 2,085 | 38 % | ||
Total long-term liabilities | 46,403 | 2,733 | 49,137 | 48,225 | 2,121 | 50,346 | 1,209 | 2 % | ||
TOTAL LIABILITIES | 80,053 | 254,403 | 334,456 | 80,364 | 271,582 | 351,946 | 17,490 | 5 % | ||
TOTAL STOCKHOLDERS' EQUITY | 43,891 | 46,562 | 90,453 | 42,807 | 48,246 | 91,053 | 599 | 1 % | ||
LIABILITIES + EQUITY | 123,944 | 300,966 | 424,909 | 123,171 | 319,828 | 442,999 | 18,089 | 4 % | ||
INFRASTRUCTURE | ||||||||
4Q22 | 4Q23 | Change | ||||||
Points of sale in Mexico | ||||||||
Elektra | 1,220 | 19 % | 1,226 | 20 % | 6 | 0 % | ||
Salinas y Rocha | 33 | 1 % | 33 | 1 % | - | 0 % | ||
Banco Azteca | 1,932 | 30 % | 1,928 | 31 % | (4) | 0 % | ||
Freestanding branches | 1,805 | 28 % | 1,739 | 28 % | (66) | -4 % | ||
Total | 4,990 | 79 % | 4,926 | 79 % | (64) | -1 % | ||
Points of sale in Central America | ||||||||
Elektra | 117 | 2 % | 122 | 2 % | 5 | 4 % | ||
Banco Azteca | 224 | 4 % | 230 | 4 % | 6 | 3 % | ||
Freestanding branches | 65 | 1 % | 67 | 1 % | 2 | 3 % | ||
Total | 406 | 6 % | 419 | 7 % | 13 | 3 % | ||
Points of sale in North America | ||||||||
Purpose Financial | 950 | 15 % | 873 | 14 % | (77) | -8 % | ||
Total | 950 | 15 % | 873 | 14 % | (77) | -8 % | ||
TOTAL | 6,346 | 100 % | 6,218 | 100 % | (128) | -2 % | ||
Floor space (m²) | 1,523 | 100 % | 1,532 | 100 % | 9 | 1 % | ||
Employees | ||||||||
Mexico | 64,301 | 88 % | 62,975 | 88 % | (1,326) | -2 % | ||
Central and South America | 5,949 | 8 % | 5,977 | 8 % | 28 | 0 % | ||
North America | 2,718 | 4 % | 2,629 | 4 % | (89) | -3 % | ||
Total employees | 72,968 | 100 % | 71,581 | 100 % | (1,387) | -2 % | ||
SOURCE Grupo Elektra, S.A.B. de C.V.
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